COhlPANY REGISTRA TION 'U1¥[BER. 03300591 CIL41UTY REGISTRA TION NUMBER: 1060423 Peninsula Medical Foundation Research, Innovation & Education Charity No. 1060423 Peninsula Medical Foundation Company Limited by Guarantee Unaudited Financial Statements 31 December 2024
Peninsula Medical Foundatioll Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent examinegs report to the trustees Statement of fmancial activities (including income and expenditure account) Statement of financial position Notes to the fmancial statements 11
Peninsula Medical Foundatlon Company Limited by Guarantee Trustees, Annual Report Uncorporating the Director's Report) Year ended 31 December 2024 The trustees, who are also the directors for the poseS of company law, present their report and the unaudited fanCIal statements of the charity for the year ended 31 Decen]b¢r 2024. Reference and administrative details Registered Charity name Peninsula MedÈcal Foundation Charity registration number 1060423 Company regfistration number 03300591 Principal office and reglstered office Metherell Gard Old MemorÈal Hall MoTval Looe Cornwall PL13 IPN The trustees Mr D C WiIkins Prof J A Copplestone Ms R James Mr R H G MicbeImore MT M Plant Mr P Vosper Prof C T Lewis OBE Mr G Beak Dr E M Brooke Prof P C Whitfield Dr S R Wrigley (Resigned 31 OctobeT 2024) (Resied 3 June 2024) (Resigned 4 May 2025) (Resigned 3 June 2024) (Resigned 27 March 2025) (Appointed l June 2024) (Appointed 3 July 2024) (Appointed 18 June 2024) Independent examiner Guy Ian Northcott FCA DChA Northcott Tnllnfield Chartered Accountants Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conlIn) Year ended 31 December 2024 Structure9 governance and management The governing docum¢nt of the cbaTity is its Memorandum of Article5 ofAssociation. The Trustees meet Tegularly throughout the year and as one of their duties ensure that the charity remains in compliance. We use email consultation if needed for UTgent decisions. Bremin Dolphin Lin]ited. Vantage Point, Woodwater ParK Pynes Hill, Exeter, Devo EX2 5FD, maintained the investment portfolio for the charity during the period. Metherell Gard Old Memorial Hall, Morval, Looe, PL13 IPN, provided bookkeeping and accountancy services. Trustees Risk Assessment and Management he Trustees Tegularly discuss risk with particular attention to the risk of loss to investments, especially for restTtcted funds. This is difficult area in times when the investment falls in value, in relation to the financial commitment made by th¢ charity. A Directors, inswance policy is in force against claims of Mismanagement and Employers, Liability. Trustees TteeS ar¢ recruAted who bave an inter¢st in medical research and medical education and ar¢ representative of the community of Devon and Cornwall. Charity Commission publications on the duties of truste¢s are provided to prospective thte¢s. Dwing the 2024 year, th¢ following Trustees completed their tern15 of office: Denis Wilkin5 retired on 31st October 2024, having been a founder member of the CbaTity in 1997. He was the previous Chair of Trustees, and he was an active fiuKirai5er throughout his long service to PMF. Ms R James and Mr M Plant resign¢d on 3rd June 2024, and the TreasuTeT Mr G Beak r¢sig]ed on 27th March 2025. All three were friends and they felt the charity did not have an easily Tecognised single puOSe. In the achievement section below, the Charity has been involved in diverse PTojects which contribute to enhance the edical research in the Peninsula. On 4th May 2025, Hugh Mitchelmore died suddenly> and h¢ will be a loss to the board of tntees. He was always positive and gave wise Counsel and we miss his presence. Meetings During th¢ 2024 year theTe were 4 Board meetings: 19th March, 18th June which was also the AGM, 16th Septemb¢T and 25th November. In addition, theTe were email discussions and briefmgs. Objectives and activities The MemoranduTn and Articles of Association which is the goveming document states our objects as the relief of sickness generally and in particulaT to provide and promote foT the public ben¢fit education in, and research into, all aspects of ]nedicin¢ and healthcare and in particular but without prejudice to the generality of the foregoing to promote research into the causes and treatment of diseases to promote, undertake and publish the useful results of T¢s¢arch and researcb into otber &spects of healthcare.
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conlinued) Year ended 31 December 2024 Objectives and activities (contiM¥e4) Aims Our aim is to raise fldS to support medical and dentsl ethication and research and health care in the Southwest Peninsula. The TnteeS have had due regards to the Charity Commission guidance on public benefit. The Trustees have also continued to respect the wishes of donors and legacy prospects whose intentions were to support specific projects within the Medical and Dental Schools. The Trustees have broadened the scop¢ of health benefits to the public, by also Working closely with University Hospitals Plymouth NHS Trust. Strategic Development PMF h&s been working c105ely with the Peninsula Medical School in the Faculty of Health in the University of Plymouth. alongside Plymouth University Hospitals NHS Tnt (UFIP}. This is because clinical education and medical research is provided by people who wotk across both organisalions. Achievements and performance Achievements 2024 was a good year with several fimdraising events, mainly through the efforts of Denis Wilkins (Trustee and Lead for Fundraising) and our part-ttme administrator Louisa Gillett. Jn March we had a Fashion Show provided by Fiona Williams of Beau Boutique in Yelverton. Jeanette Thomas arranged a raffle the chief prize being a lawunower- quite a SUTprise for the ladies! In May, a team including some medical students, ran Èn the Great West Run in Exeter in memory of Tory Wren, a medical school colleague who died 19 months earlier. The money raised was used towards funding the Parkinson's disease PhD. In the summer, Vosper Motors held a Golf Day which raised money for local hospices and PMF. The money is being used to fund a PhD for brain tumour research. In the aulumn, Denis, Martin Brooke and Louisa organised a Gala Ball at the Eden Projecl. There was also a charity auction and raffle, again arranged by Jeanett¢ and her helper5. This was a huge success, raising over £25.000 for brain tumour research. It was well supported by the Cornish Community. The trustees of PMF are very gratefid to all the donors, sponsors and participants for their help and genetosity. In the p&st coupl¢ of years, we have been supporting the following research proje¢ts: Jesste Welbourne, a Critical Care Consultant, has an NIHR grdnt to study Wheth enteral feeding of critically ill ventilated patients is better to feed them continuously (which causes delirium) or just during the daytime. There are likely to be differences in circadian rhythm. The main study measures cortisol and temperature. PMF is funding new molecular markers as a better measure of disruplion of the circadian rhythm. Katie Bounsall is developing digitsI iools to monitor and help Parkinson's patients improve their self-management and monitor their progress remotely. This will hopefully lead to a widespread improvement of the care of this progressive and distressing disease. If shomm to be beneficial, it has the potential to be adopted throughout the county. Katie is studying for her PhD degree.
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report Uncorporating the Director's Report) (coiiiinued) Year ended 31 December 2024 Shahana Shaji, also a PhD stydenL is investigating ¢nhancing the effect of radiotherapy for meningioma tumours by the enhancing the effect with a HDAC inhibitor (LAQ824). She has used prol¢omi¢ analysis, which unveiled specific pathways impacted by the combination of the HDAC and radiation. Olivia Wakefield has been investigaling the Tole of NF2 mulations and hippo signalliT]g dy5regulation in ependymomas (a spinal nerve tumour) and is now writing up her PhD thesis. She has developed a n¢w model mouse using genetic knockout and defined the effects on ependymomas. She has also looked at th¢ effect of hyperbaric oxygen concentrations and radiation on posterior fossa ependymom&s. Sarah Robbins a PhD 5tudenL is investigating the factors which enable brain cancer stems cells enler or remerge from a dorniant state. This transition enables these cells to evade treatment and -.41 to later lead lo more aggressive tumour relapse5. She h&s d¢veloped a reversible dorniant culture syst¢m which can be used to investigate the mechanisms of this transition. Alex Bush, a trainee surgeon studying for his MD, is investigating the physical strain surgeons experience in the operating iheatre. especially using keyhol¢ and robotic surgery. Poor postur¢ during long operations can lead to pain, injury. and ¢ven early retirem¢nt. Using small wearable sensors and video recordings can make ergonomic assessments. and wilh trainin& help to prevent the injuries. His supervisor Mr Chan is shown on the righi wearing the sensors. Oliver Brow another MD studenL is developing ways to predict the unexpected presence of carcinoma of the gall bladder when adults have a routine cholecystectomy, by modelling data being collected. The study has been set up in Derriford Hospital and is being expanded in the South West Region. PMF h8s paid for some of the costs of the licences needed for the questiom]aires. Professors Matthew Cramp. Shilpa Chokshi & Dr John Beckley (Treliske) are investigating the impact of nano and micToplastic particles on the liver and guL using money from the Thomas Elwyn legacy. The technology is difficult due to small size of the particles and not allowing contamination by other plastics. We are all swallowing these products. It is very important to defme which mi¢ropla5tics are hann1 and which are not harn)ful in the liver, the centre of all our bodies, meLqbolism. The money for the F027aTd Bursary Fund w&s received. This restricted legacy is to enable a registered doctor to train as a denlist at the Peninsula Dental School. to enable that person to become a M&xillary Facial Surgeon. During 2024, w¢ have identified a suttsble candidate. We made a small grant to a medical student to make a presenlation at a national conference. Our major granl of Ihe y¢8r (£16,800) was for equipment to study different methods to prepare patients for major surgery. Unfortunately, due to changing circumstances of a partner malching the fimding. and illness in the research team, the applicant could not accept the fimding at the1&8t minut¢. Financially, we have opened a new bank account and sorted out the Gift Aid issues. From a Governance view poinL we have reviewed and increased our number of policies.
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Challenges It was disappointing to los¢ two Trustees in 2024 and ttvo further TnLSte¢s this year (2025). Three are close friends. so it was not a surprise. Two new TTUStees were appointed, but it is hard to fmd people who would like to take on the TesponsibiIities and at the same time have diversity of tsvstees who come from different backgrounds. We are a relatively small charity (in the number ofpersons) with relatively few volunfr¢rs. Althougb knowledge of tbe charity is not as widespread as w¢ would lÈke, we are proud to be able to invest in higb quality medical Tesearch to help develop a thriving academic environn]ent both in the local university and the hospitals in the Southwest PinSula. Public Benefit The Trustees have due regard to the Charity Cornnission guidanc¢ on public benefit. Having an excellent academic environment helps with recruitment and r¢t¢ntion of staff. It also ensures that lo¢al patients are likely to r¢ceive up-to-date treakn¢nt and be able to participate in new treatment trials. Supporting medical research (such as Brain & nerve tumouts & Parkinson's Disease (PD), Liver Disease & Diabetes) has clear benefits to the general population, Brain tumours are the biggest cancer killer in children and adults under 40 years old. The PD project is looking at how to monitor telemetrically PD patients in their home and prove medical help in a timely way. Where Clinical Research exists, it in]proves the standaTd of car¢ and enables patients in the Peninsula to have access to new dgS under development. Advances have wider benefit than simply the PeninsulA as the results ar¢ applicable to the rest of the UK and Oth countries. Financial review The assets of PMF incr¢ased from £533.7k to £602.8k. Investments are managed by Brewin Dolphin, based on medium risk with interest reinvested, increased by £37k (12Q/o). Donations decreased from £97.4k to £21.6k which 15 inlluenced by occasional legacies. Mucb of th¢ research equipment requested by the Universlty is expensive (over £IOOk) and the oost funding PhD students is at least £75L bence the need to build up Teserves. Totsl expenditllre in 2024 was £45,007. Some of th¢ fimds are expected to Cover long terni projects.. Elwyn Thomas Fund (Microplastics) l O years (£161k) and Fozzard Bursary Fund for 6 years (£80k) Reserves Po]icy The current level of reserves beld by the charity are £412,216 unrestricted and £190,561 restricted. Although there seems to be a high level of reserves, some projects are long terni as noted above. The trustees consider it pntdent to hold the charities reserves against its rLing costs and Consider it reckless to deliberately deplete resources to less than two years fLuming costs. Small company provisions This report h&s been prepaTed in accordance with the provisions applicable to companies entitled to the small cornpanies, exemption.
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report Oncorporating the Director's Report) (contlmtsed) Year ended 31 December 2024 The trust¢¢s' annual report was approved on 12th August 2025 and signed on behalf of the board of trustees by: PTof J A Copplestone, Chair of Trust
Peninsula Medical Foundation Company Limited by Guarantee Independent Exarniner's Report to the Trustees of Peninsula Medical Foundation ('the company,) Year ended 31 December 2024 I report to the trustees on my examination of th¢ accounts of the company for the year ended 31 December 2024, which are set out on pag¢s 8 to 22. Responsibilities and basis of report As th¢ tsustees of the con]pany (and also its directOTS for the purposes of company law) you 8r¢ r¢sponsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent exarnination, I report ill respect ofmy examination of the company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In caTrying out my examination I have followed the Directions given by the Charity Conllnis5ion under section 145(5)(b) of the 2011 Act. Independent eiaminer's statement I have completed my examination. I confirni that no matters have come to my attention in connection witb the exatnination giving me cause to believe: accounting Tecords were not kept in Tespect of the charity as requiTed by section 386 of the 2006 Act. or th¢ financial statements do not accord with those records. or the fmancial ststements do not comply with the accounting Teqllirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. or the fanCIal statements have not been prepared in accordance with the methods and PTinciples of d]e Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 71 Guy Ian North¢ott FCA DChA Northcott Tnunfield Chartered Accountants Independent Examiner Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE Date: 12th August 2025
Peninsula Medical Foundation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Restricted fimds Total funds 2023 Unrestricted fijnds Total funds Note Income and endowments Donations and legacies Other trading activities Investhient income 2,088 236 12,262 19,547 46,958 21,635 47,194 12,262 97,366 382 8,890 Total income 14,586 66,505 81,091 106,638 Expenditure Expenditure on raising ftjnds: Costs of raising dollatioD5 and legacies Inveslrnent management costs Expenditure on charitable activities Total eenditllre 1,613 3,042 18,355 17,982 19,595 3,042 22,370 1,511 2,860 33,748 io,ii 4.015 23,010 21,997 45,007 38,129 Net gains on investments 13 33,012 33,012 5,509 Net income 24,588 44,508 69,096 74,018 TTansfeTS between funds (33,584) 33,584 Net movement Sn funds (8,996) 78,092 69,096 74,018 Reconeiliation of fund5 Total fLmds brought forward 421,212 112,469 533,681 459,663 Total funds carried forward 24 412,216 190,561 602,777 533,680 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 11 to 22 form part of these financial statsments.
Peninsula Medical Foundation Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 18 19 1,000 343,667 267 306,283 344,667 306,550 Current assets Stocks D¢btors Investments Cash at bank and in hand 20 21 22 245 1,338 loo 258,106 1,600 84,637 142,624 259,789 228,861 Creditors: amounts falling due within one year Net current assets 23 1,680 1,730 258,109 227,131 Total assets less current ]iabilAties 602,776 533,681 Net assets 602,776 533,681 Funds of the charity Restiicted fimds Unrestricted fimds: Revaluation reserve Other unrestricted income funds 190,561 112,469 58,249 353,967 27,541 393,671 Total unrestricted funds 412.216 421,212 Total charity funds 24 602,777 533,681 For the year ending 31 December 2024, the charity was entided to exemption from audit under s¢¢tion 477 of the Companies Act 2006 r¢lating to small companies. DirectOTS' Tespon5ibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requir¢ments of the Act with Tespect to accounting record5 and the preparation of financial statements. These financial statements have been prepared in accordance with the pmvisions applicable to companies subject to the small companies, regiTne. The statement of financial position continues on the following page. The notes OJJ pages 11 to 22 form part of these fiDancial statements.
Peninsula Medical Foundation Company Limited by Guarantee Statement of Financial Position (continued) 31 December 2024 These financial statements were approved by the board of ttustees and authorised for issue on 12th August 2025 and are signed on bebaIf of the board by.. Prof J A Copplestone Chair of Trustees Company Registration Number- 03300591 The notes on pages 11 to 22 form part of these financial statements. io-
Peninsula Medical Foundatioll Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General iuforniatlon The charity is a public benefit entity and a private company limited by guatantee, registered in England and Wales and a registered charity in England and Wales. The address of tbe TegisteT¢d offi¢¢ is Metherell Gard, Old Memorial Hall, MorvaL Looe, Cornwall, PL13 IPN. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the RepubIic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢public of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Comparries Act 2006. Accountfing po]ieies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by th¢ revaluation of certain funcial assets and liabilities and investment properties measured at fair value through income oi expenditure. The fmancial statements are prepared in steTling, which is the fi]n¢tional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the fanCIal statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually Teviewed and are based on experience and other factors, including expectations of events that are believed to b¢ reasonable under the circumstances. Fund accounting Unrestricted fimds are available foruse at the discretion of the trustees to further any of the charity's purposes. Restricted fiu]ds are subjected to restrictions on theiT expenditure declared by the donor or through the ternis of an appeal. li-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements fcontinNÉd) Year ended 31 December 2024 Accounting policies (conlinued) Incoming resourc All incoming resources are included in the statement of fancial activities when entitlement has pass¢d to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the an]ount can be reliably me&suted. The following specific policie5 are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gitl Teceipt is probable and its amount can be measur¢d reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measur¢ reliably, in which case the value is deTived fron] the cost to the (ionor or the estimated resale value. Donated facilities and services are reCOlSed in the accounts when received if the value can be reliably measured. No amounts ar¢ included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted fwlds unless there is a Contractual requirement foT it to be spent on a particular PUTpose and returned if unspenL in which c&se it may be regarded as Testricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incued. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of fmancial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incutTed by a chaTity in undertaking activities that further its charttable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its ¢xpendittre on charitable activities. All costs are allocated to expenditure categories reflecting the use of the Tesow¢e. Direct costs attributable to a single activity are allocated directly to that actlvlty. Shared costs are apportioned b¢tw¢¢n th¢ activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaitment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated d¢pr¢ciation and subsequent accu]nulated impairn]ent losses. 12-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (conltnu¢d) Year ended 31 December 2024 Accounting policies (continued) Tangible assets (continued) An increase in th¢ carrying amount of an asset as a result of a revaluatioffj is recognised in other reCOLsed gains and loss¢s, unless it reverses a charge for impairment that has previously been recognised as expendiLlJre within the statement of financial activities. A decrease in the caTrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to wbich it offsets any Previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so &s to write off the cost OT valuation of an asset, less its residual value, over the eful economic life of that &sset &s follows: Equipment 250/ty reducing balance Investments Listed inveskn¢nts are measured at fair value with changes in fair value being recognised in income or expenditure. Debtors and creditors receivablelpayable within one year Debtors and creditOTS with no stated interest rate and receivable OT payable within one year are recorded at transaction price. Any losses arising from impairnient are recogntsed in expenditUTe. Cash at bank and in hand Cash at bank and cash in hand includes c&sh and short terni higbly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs ofpurchase, costs of conversion and other costs incutTed in bringing the stock to its present location and condition. 13-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (¢ontintsed) Year ended 31 December 2024 Accounting policies (tontsnuedj Financial instruments A financial asset or a financial liability is r¢¢ognis¢d only when the entity becomes apaty to the contractual provisions of the instrument. Basic financial instnllnents are initially recOlSed at th¢ amount receivable or payable including any related transaction costs, unless the aTrangement ConStiteS a financing transactio where it is recognised at the present value of the fitture payments discounted at a market rate of inteTest for a similar debt instrument. CuTTent assets and current liabilities are subsequently n]e&sur¢d at the cash or other consideration expected to be paid or received and not discounted. Debt instruwents are subsequ¢ntly measured at amortised cosL Limited by guarantee The company w&s incorporated in England and Wales on 9 January 1997 and is limited by guarantee (Company No. 03300591). The members liabilities are limited to £1 per member. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donations Gift Aid receivable 1.670 418 7,047 7,047 2,088 Grants Grants r¢c¢ivable 12,500 12,500 2,088 19,547 21,635 Unrestricted Funds Restricted Total Fund5 Funds 2023 Donations Donations Gift Aid received 12,928 2,438 12,928 2,438 Legacies Comiie White (nee Fozzard) Legacy 80,000 80,000 14-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements Icontillued) Year ended 31 December 2024 Donations and legacies {conllMMed) Unrestricted Funds Restricted Total Funds Funds 2023 Grants Grants Teceivable 2,000 2,000 15,366 82,000 97,366 Other trading activities UnTestricted Funds R¢stricted Total Funds Funds 2024 Fundraising events 236 46,958 47,194 UnrestTiCted Funds Restricted Total Funds Funds 2023 Fundraising events 382 382 Investment income Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Income from listed investm¢nts Bank interest receivable 6,991 5,271 6,991 5,271 7,160 1,730 7,160 1,730 12,262 12,262 8,890 8,890 Costs of raising donations and legacies Unrestricted Funds Restricted Totsl Funds Funds 2024 Costs of raising donations and lega¢i¢s - Donations Fundraising Costs Opening Stock C105ing stock Just giving fees Advertising 42 17,982 18,024 1,600 (245) 216 1,600 (245) 216 1,613 17,982 19,595 15-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 Costs of ralsfing donations and legacies (comlimued) Unrestricted Funds Restricted Total Funds Funds 2023 Costs of raising donations and legacies - Donations Fwidraising Costs Opening Stock Closing stock Just giving fees Advertising 540 540 1,800 (1,600) 216 565 1,800 (1,600) 216 565 1,521 1,521 Investment management tosts Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Portfolio managen]ent 3,042 3,042 2,860 2,860 10. Expenditure on charitable activities by fund t)ye UDrestricted Funds Restricted Total Funds Funds 2024 Research Grants to institutions Support costs 5,000 13,355 3,600 415 8,600 13,770 18,355 4,015 22,370 Unrestricted Funds Restricted Total Funds Funds 2023 Research Grants to institutions Support costs 5,000 17,630 11,118 16,118 17,630 22,630 11,118 33,748 11. endIture on charitable actlvlties by aetivity type Activities Undertaken Directly Support Costs Total Funds Total Funds 2024 2023 Research Grants, Bursaries & Prizes Donations 8,600 13,770 22,370 22,630 11,118 8,600 13,770 22,370 33,748 16-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (conlinugd) Year ended 31 December 2024 12. Analysis of support costs Analysis of support costs Total 2024 Totat 2023 Staff costs Secretarial Fees General office Insurance Accounts Administration Depreciation 2,800 9.035 795 171 4,677 64 88 6,873 1,880 173 4,510 6.873 1,880 173 4,510 334 334 13,770 13,770 17,630 13. Net gains on investments Unr¢stricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Gains/(losses) on It5ted investments 33,012 33,012 5,509 5,509 14. Net income Net income is stated after chargIn(Credi12llg): 2024 2023 Depreciation of tangible fed assets 334 88 15. Independent exallnatiOll fees 2024 2023 Fees payable to the independent examiner for . Independent examination o fanCIal statements 1,630 1,668 16. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and Salaries 2,800 The average head count of employees during the year was Nil (2023: 1). No employee received enLployee benefits of more than £60,000 dwing the year (2023: Nil). 17-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements fconlinued) Year ended 31 December 2024 17. Trustee remuneration and expenses No remuneration or other benefits from employment with the chaTity or a related entity were received by the trustees. 18. Tangible fixed assets Equipment Cost At l January 2024 Additions 879 1,067 At 31 December 2024 1,946 Depreciation At l January 2024 Charge for the yeaT At 31 December 2024 612 334 946 Carr)ryng amount At 31 December 2024 iooo At 31 December 2023 267 19. Investments Listed investments Market value at l January 2024 Additions Disposals Increase in market value Decrease in cash 306,283 86,893 (81,271) 32,912 (1.150) Market value at 31 December 2024 343,667 Equities Securities Cash 239,935 102,596 1,136 343,667 All investments shown above are held at valuation. Financi21 assets held at fair value All inv¢stsnents shown above are held at valuation. 18-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (conthiued) Year ended 31 December 2024 20. Stocks 2024 2023 Raw materials and consumables 245 1,600 21. Debtors 2024 2023 Prepayments and accrned income Other debtors 920 418 623 84,014 1,338 84,637 22. Investments 2024 2023 Other investh]ents loo 23. Creditors: amounts falling due within one year 2024 2023 AccnlS and deferred income 1,680 1,730 19-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financxal Statements (eonlinued) Year ended 31 December 2024 24. Analysis of charitable funds Restrtcted Funds Gains and At losses 31 Dec 2024 At l Jan 2024 Income ExpenditUTe Transfers General Funds Revaluation reserve DesÉgnated Fund- Microplastics Biobank 232,971 27,541 14,586 (23,010) (64,292) 30,708 33,012 193,267 58,249 160,700 160,700 421,212 14,586 (23,010) (33,584) 33,012 412,216 Gains and At losses 31 Dec 2023 At l Jan 2023 Income ExpenditLEre Transfers General Funds Revaluation reserve Designated Fund - Microplastics Biobank 236,LOI 21,275 24,638 (27,011) (6,266) 6,266 5,509 232,971 27,541 160,700 160,700 418,076 24,638 (27,011) 5,509 421,212 The general unrestricted fund repTesents the free funds of the charity which are not designated for particular purposes. The MicToplastics Biobank is for research in micro and nano plastic in hurnan health. -20-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (eollliMM¢d) Year ended 31 December 2024 24. Analysis of charitsble funds (conlinued) Restricted funds At Transfers 31 Dec 2024 At l Jan 2024 Income Expendi Parkinsons Appeal Brain Turnour Research Th¢ Fozzard Bursary Diabetes Plymouth Fund General Restricted 2,000 3,648 80,000 24,663 2,158 19,102 47,403 (1,078) (20,919) 29,976 5,766 50,000 35,898 80,000 24,663 (2,158) 112,469 66,505 (21,997) 33,584 190,561 At TrnferS 31 Dec 2023 At l JatL 2023 Income Expenditure Parkinsons Appeal Brain Tumour Research The Fozzard Bursary Dental Academic Prize Dental School Prizes Diabetes Plymouth Fund General Restricted 2,000 2,000 3,648 80,000 3,648 80,000 6,500 4,618 24,663 2,158 (6,500} (4,618) 24,663 2,158 41,587 82,000 (11,118) 112,469 The restricted funds represent income donated to fund research llded in University of Plymouth and NHS hospitals in the SW Peninsula (for the nano-ptastics project). Th¢ Dcntsl Prizes sum is in the PTocess of being trallsfeed to The Peninsula Dental School. The Diabetes Fund is to be used for research in Diabetes in the SW Peninsula. The remaining Prize Monies are in the process of being amalgamated into general funds with th¢ consent of donors, where applicable. 25. Contlllgent asset Tb¢ Charity has been advised it will receive a share of the residuary of an estate, where probate ha5 been granted, to be used for restricted PUTposes. However, the amount cannot be reliably calculated at the time of approval of these accounts. 21-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (eortliftued) Year ended 31 December 2024 26. Related prdrties Donations in the year were received from the following trustees: D WiIkins - £240 J Copplestone - £240 There were no other related paty transactions. -22-