COMPANY REGISTIL4Tiof4 NUMBER: 03300591 Peninsula Medical Foundation Research, Innovation & Education Charity No. 1060423 Peninsula Medical Foundation Company Limited by Guarantee UnaudRted Financial Statements 31 December 2025
Peninsula Medical Foundation Company Limited by Guarantee Financial Statements Year ended 31 December 2025 Page TTUStees' annual report (in¢orporating the directors, Teport) Independent examiner's report to the trustees Stat¢m¢nt of financial activities (including inc0e and expenditure account) Statement of financial position Notes to the financial statements li
Peninsula Medical Foundation Company Limited by Guarantee Truslees, Annual Report {Incorporating the Directors, Report) Year ended 31 December 2025 The trnstees. who are also the director$ for the puTr05es of wmpany law, present their report and the unaudited financial sthtements of the chaTity for the year ended 31 December 2025. Referenee alld administrAtive detail$ ReElstered eharlty name Peninsula Medical Foundation Charity regi$tratlOn Dumber 1060423 Compatty registrktioll number 03300591 Prineip#l office and registered offjce Metherell Gard Old Memorial Hall Morval Looe Cornwall PL13 IPN The trustees Prof J A Copplestone Mr P Vosper Prof C T Lewis OBE Dr E M Brooke Prof P C INltr1eld Dr S R Wrigley Mr D J Fitzgerald MrDKSwift Mr R H G Mi¢helmore MrGABeak (Appointed 02 June 2025) (Appointed 10 September 2025) (Resigned 04 May 2025) {Resign¢d 27 March 2025) IDdependent examiner Guy lan Northcott FCA DChA Northcott Ttumfield Chartered Accountsnts Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) feonrinutd) Year ended 31 December 2025 Structure. governance and mallagement The goveming document of the charity is its. MernorandLUll tsf Articles of knocsation. TheTrustees rneet regularly throughout the year and as one of their duties ensure that the charity rernains in compliance. We use email consultatiL¥n if needed for urgent decisions. RBC Brewin Dolphin Li]nited. Vantage Point, Woodwater ParL PyDes Hill, Exeter. Devts EX2 5FD. maintained Ihe investment portfolio for the charity during the period. Metherell Gard. Old Memorial Hall, Morvai, Looe, PL13 IPN, provided bookk¢eping alld accountancy services. Trustees Risk Assessment and Management The Trustees Tegularly discu&s risk with particular attention to the risk of loss t(Tr inv¢strn¢nts, especially for restTiCted funds.. This is dIl£U1t area in time5 when the investment fa115 in value, in relation to the fuwicial cOmmitent tnade by the charity. A Directors, insurdnce policy 15 in force against claims of Mismanagernent and Employers, Liability. TNstees Trnstees are recruited who hav¢ an interest in medical res¢ar¢h and medical education and are representative of the community of Devon and Cornwall. Charity Con1&510 publications on the duties of trustees are provi(kd to prospective trnsttts. During ihe 2025 year. two Trustees cornpleted their leS of office. The Treasurer Geofftey Beak re$igned o 27° Makn 2025. Sadly. on 4 May 2025, Hugh Mitcheltnore died suddenly, and b¢ is a gr¢at loss to the Board of Trustees. H¢ was always positive and gave wise Counsel and we miss his presence. We were pleased to welcome two new Trustees during th¢ 2025 year. Dav&d Fitzgerald was appointed as aTrustee oll 2nd June 2025 alld Duncall Swift was appointed as a Trustee and Treasurer on 10 S¢pt¢mb¢r 2025. Meetings During the 2025 year there wer¢ 4 Board rneetings.. 26th March, 2nd June which was a]50 the AGM, 10th September aud 8th December. In addition, there were email discussions and briefjngs. Objeetive$ aDd xctivitie$ The MemoralldutD alld Articles of Association which is the governing document states our objects as the Telief of Sickness generally and in particular to provide and promote for the public benefii education in, and research into, all aspect$ of medicine and healthcare and ill particular bui witbout prejudice to the generality of the foregoillg to promote re8eaTch inio the causes and treaettI of diseases io promote, undenake and publish the useful results of research and research into other aspects of bealthcare. As explained in this and the previous year's report achievements section {below}. the charity has been involved in diverse projects which Contribu to enhance tbe medical research in the Southwest Peninsula.
Peninsula Medical Foundation Company Limited by Guarantee Trn$tee8' Annual Report (Incorporating the Director's Report) {ti1lrlxAdj Y¢ar ended 31 December 2025 Objeetives and activities {conlinuedJ Aims Our aim is to raise funds to 5UPPOrt rnedical & dentsl education, research and health care in the Southwest Peninsula. The Trustees have had due regards to the Chariry Commission guidance on public benefii. The Trustee5 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 Tntsiees have broadened the scope of health benefits to the public. by a]so working closely with University Hospitals Pljrynouth NHS Trtl (UHP). Strategic Development PMF has also been working closely with the Peninsula Medical School in the Faculty of Health in the University of Plymouth, as well as and alongside UHP. This is because clinical education attd medical researcb is provided by people who work across both orgallisations. Achlevements and perfortllance Achievements During 2025 there was no large major fimdraising event, but a number of smaller events including the Vosper Golf Day, Rock Raise 4 Cancer, and Sponsored Run in Plymouth were held. The TNstees are planning another Ball in October 2026. In May, a team ran ill the Run Plymouth in the Half Marathon and IOK, in memory of Tory Wren. She was a tnedical school studellt who would have graduaied this year. Her family have also been raEsing money for PMF. The money raised was used towards fimding the research into brain tujnours. In the sumrner. Vospers Motors held a Golf Day which ratsed rnoney for local hospices and PMF. The money is being used to fulld a PhD for brain tumour reseawh. In the autumn, the generous people of Rock, Comwall and Surrounding area. raised money for research into brain tumours for PMF, in addition to other local causes. We are also very grdteful for the regular donors who contribute io PMF, and the donors who have kindly included PMF in their wills. The Tnjsiees of PMF are very grateful to all the donors, Sponso alld participants for their help and generosity. HoTrv Trve have spent the funds r4ised In the past coupl¢ of years, we have been supporting the followin8 research projects.. Jessie W¢lbourne, a Critical Care Consultant, ha5 an NIHR grallt to study whether enteral feeding of critically fftll vetitilated patients is better to feed them Continuously (which cau5e5 deIirÉuI or just durillg the daytime. There are lik¢ly to be differen¢es in circadian rhyth. The tnaitL study measures cortisol and ternperature. PMF is fvnding llew molecular markers as a better tneasure of disruption of tlLe circadian rhythm. Katie Bouttsall 15 (kveloping di8ltal tools to monitor and help Parkinson's patients improve their self-manauetnellt alld rnonitor their progress remotely. This will hopefvlly lead to a widespread improvement of the care of thi5 progressive and distressing disease. If shown to be beneficial, it has the potential to be adopted t1]UghoUt the country. Katie is in her second year studying for her PhD degree.
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (tgNllnMed) Year ended 31 December 2025 Shahana Shaji. also a PhD student. is investigating enhancing the effeci of radiotherapy for meningioma tumours by the enhancing the effect with a HDAC inhibitor (LAQ824). She has used proteomic analysis, which unveiled specific pathways impacted by ihe combination of the HDAC and radiation. At the year end, she submitted her thesis for examination. Olivia Wakefield has been investigating the role of NF2 mutations and hippo signalling dysregulation in ependymomas (a spinal nerve tumour) and is now writing up her PhD thesis. She has developed a new tnod¢l mouse using genetic knockout and defined the effects on epend>'momas. She has also looked at the efyeci of hypert)aric oxygen concentrations and radiation on posterior fossa ependymomas. Sarah Robbin5 a PhD studenL is investigating the factors which enable brain cancer stems cells to enfrr or Temerge from a domani stste. This transition enables these cells to evade treatment and to later lead to more aggressive tumour relapses. She has developed a reversible donnant clllture system which can be used io investigate (he mechanisms of this transition. She now completed her PhD. Amy Ockleton has just started her PhD studies. supervised by Dr Ming Li. The project will investigate the rol¢ of guanylate binding proteins in glioblastoma paihogenesis, exploring their roles in th¢ glioma st¢m ¢¢1] and the immune Cells of the tumour microenvironment. Alex Bush, a trainee surgeon studying forhis MD. is investigating the physical strain surgeons experienc¢ in the operating theatre. especially using keyhole and robotlc SUTgery. Poor posture during long operations can lead to pain. injury. and even early retirement. Using small wearable sensors and video recordings can make ergonomic asse5Stnents, and with training, help tg prevent the injuries. His supervisor Mr Chan is shown on the right wearing the sensors. olver Brown, another MD student, 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 smdy has been set up in Derriford Hospital and is being expanded in the South West Region. PMF has paid for some (Trf th¢ costs of the li¢ences needed for the questionnaires. In an ¢xciting project looking at the impact of plastic particles on the liver. Professors Matthew Cramp. Shilpa Chok5hi & Dr John Beckley {Treliske) are investigating the impact of nano and microplastic particles on the liver and gut. using money fmm the Thomas Elwyn le¥a¢y. Th¢ t¢chnology is difficult due to small size of the particles and not allowtng contamination by other plastics. W¢ are all swallowing these products. It is very 1mwrnt io dere which microplastics are hamful and which are not harn)ful in the liver. the centre of all our bodies. metabolism. The ¢xe¢utors have kindly allowed us to spend some of the legacy for Alex M¢ad, to undertak¢ a PhD. He is experi¢n¢ed in pyrolysis gas chromatography mass spectrometry, and this is needed to identify the evidence of plastic contamination and the distribution of plastic in the tissue samples. Prof Claire Bethune is invesiigating why some people develop severe allergic reacti0115. She is working wilh beekeepers in the Peninsula and will measure biomarkers to uncover the clues that will predict the severity of the reaction, wht¢h can Include anaphylaxis. Eleanor Walker is looking at the underlying cellular mechanisms by which a fluorescent dye, indocyanine green is taken up in liver tumours. Dr Daniel Fe]mlee is investigating resistance to Hepatitis C virus.
Peninsula Medical Foundation Company Limited by Guarantee Trustee5' Annual Report (Incorporating the Director's Report) (cvwÉivyed) Year ended 31 December 2025 Mr Edward Matthews is looking at genetic causes of incisional and parasiomal hernias. Prof Jonathan PinkTey and Dr Joanne Ho8king are l(x)king ai the daia at 20 years for the Early Bird Diabetes Study: an investigation of 346 Children from birth 10 20 years of age. and this analysis involves a swdy of IGF-I, and indirect measure for growth hornione secretion. Challenges Two new Trustees wer¢ appointed, but it is hard io fmd people who would like to take on the responsibilities and at tbe sae time have diversity of trnsiees who come from th"fferent backgrounds. We are a relatively small charity {in the number of persons) with relatively few volunteers. Although knowledge of the charity is not as widespread as we would like. we are proud to be able to invest in high quality medic&1 research to help develop a thriving academic environment both in tbe local university and the hospitals in the Soutbwest Peninsvla. Publie Bellefjt The Trustees have due regard to the Charity Commission guidance on public benefi¢. Having all excellent academic environment helps wiih recnjitsnent and retention of staff. It also ensures that local patients ar¢ lik¢ly to receive up-to-date treatment and be able to participate in new treatment trials. Supporting medical research (such as Brain & nerve rumours & Parkinson's Disease (PDI, Liver Disease & Diabetes) has clear benefits to the general populaiion. Brain Nmours are the biggest cancer kn"Iler in children and adults. under 40 years old. The PD project is looking at how to monitor telemetrically PD patients in their home aud prove medical help in a timely way. Where Clinical Research exists. it improves the standard of cate and etVdble5 patients in the Peninsula io have access to new thugs Lmder development. Advances have wider benefit than sitnply the PeniDsula, as the results are applicable (o the rest of the UK alld other countries. Flllaneial review The assets of PMF increased from £602.8k £944.5k. Investsnents managed by RBC Bremqn Dolphin, b&sed On edium risk with interest reinvested. increased by £26k18 /). Donations increased from £21.6k to £449.7k which is I[uenced by occasional legacies. Much of the research equipment requested by the University is expensive lover £IOOk} and the cost of fimding PhD swdents is at least £75k, hence the need to build up reserves. Total expenditure in 2025 was £156,112. Some of the fLuids are expected to cover long temi projects.. Elwyn Thom Fulld (Microplastics) for 10 years (£104k) and Fozzard Bursary Fund for 6 years {£142k). ReryeS Policy The Cuent level of reserves held by the charity are £356,058 unrestricted and £588,476 restri¢ted. Although there seems to be a high level of reseryes. some projects are long tem) as noted above. The Trustees cot]sider it prudent to hold the charity's reserves against its running costs and consider it reckles8 to deliberately deplete resources io less than two years njntiing cogts. Small company provlslons This report has been prepared in accordance with the provisions applicable io companies entided to the small companies. exemptitsn.
Peninsula Medical Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {ctsitlintsÈd) Year ended 31 December 2025 The trustees, annual report was approved on 15 June 2026 and signed on behalf of the board of trustees by: Prof J A Copplestone, Chair of Trust
Peninsula Medical Foundation Company Limited by Guarantee Independent Examiner's Report to the Trustees of Peninsula Medical Foundation ('the company,) Year ended 31 December 2025 I report to the trustees on my examination of the accounts 0£ the cornpally for the year ended 31 tkcember 2025, whi¢h are set out on pages 8 to 21. Re$ponsibilities and basis of report As the trnstees of the company {and also its directors for the Purposes of company law) you are responsible for the preparation of the fmancial statements in accordance with the requirements of the Cotnpanies Act 2006 {'the 2(X)6 Act,). Having satisfied myself (bat the ac¢oLmts of the cornpally are not required to be audited under Part 16 of the 2006 Actand are eligible for independent exallkination, I report in respect of my exarnination of the ¢onipany'$ accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 A¢t'). In carrying out my examination I have followed the Dire¢tiOttS givell by the Charity Commission under section 145{5llb) of the 2011 Act. Independellt examiner's stAtetThellt Since the Trust's gross incotlle exceeded £250,000, your examiner must be a member of a body listed in section 145 of the charities Act. I collfi that l am qualified to undertake the examination being amember of the Institute of Chartered Accountants in England alld Wales. I have completed tny examination. I co[]f that no matters have come to my aitention in cotThe¢tion with the examination giving me cause to believe.. accounting records were not kept in respeci of the eharity as required by sedion 386 of the 2006 A¢t; or the fmancial statelllellts do not accord with those records; or the fmancial statetnents dtr not comply with the accounting requirements of $e¢tion 396 of the 2(X)6 Act other than any requirement that the accounts giv¢ a 'true and faie view which is not a matter considered as part of an Indendent examination. or the fanCiaL statements. have not been pr¢par¢d in a¢¢ordance with the methods and principles of the Statement of Reconllnended Practi¢¢ for accounting and reponing by charities applicable to Charities PTeparing their accouDts in accordance with the Financial Reporting Stsndard applicable in the UK and Republtc of Ireland IFRS 102). I have no concerns and have come across no other mailers in connection with the examination to which attention should be drawi in this report in order to enable a proper undersianding of the accounis to be reached. Northcott FCA ChA orthcott Trumfield Chartered Accountants Independent Examiner Devonshire Villa 52 Stuart Road Stoke Plymouth PL3 4EE Date.. 15 June 2026
Peninsula Medical Foundation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2025 2025 ReStriCd funds Total funds 2024 Unrestricted funds Total funds Note ltleome endow[entS Donations and legaci¢s Other trading activities Investtnent income 2.384 447.326 12.100 3.969 449,710 12,231 13,910 21.635 47,194 12.262 9.941 Total iDe0e 12,456 463,395 475,851 81,091 Expenditure Expellditure ott raising funds.. Costs of raisiDg dollatiolls alld legacies Investtllellt rnatvd8eeI costs Expenditure on clLaritable activities 1,128 2,337 87,167 832 949 63,699 1,960 3,286 150,866 19,595 3,042 22,370 io,ii Total expendlture 90,632 65,480 156,112 45,007 Net gains on investments ij 22.018 22.018 33,012 Net llleomelexpenditure (56,158) 397,915 341,757 69,096 Trdnsfers between filnds Net movement in funds (56,158) 397.915 341,757 69,096 Reeoneiliation of funds Totsl funds brought forward Total fullds earried fOard 412,216 190.561 602,777 533,681 23 356,058 588,476 944,534 602,777 The statement of flnancial activities includeb all gain5 and losses recogni5ed ill the year. All income and expenditure deriye frolll contiUUiU8 activitie5. Tbe thotes on pages 11 to 21 form part of these finlljjcial 5tstement$.
Peninsula Medical Foundation Company Llmited by Guarantee St2t¢ment of Finaneial Position Year ¢nded 31 December 2025 2025 2024 Note Fixed assets Tangible fixed assets Investhjents 18 19 750 369.896 1.000 343,667 370.646 344,667 Current assets Stocks Debtors Cash at bank and ill hand 20 21 245 1.338 258,206 301.329 274.299 575,628 259,789 Creditor$'. amounts fallillg due Mulhin one year Net current assets 22 1,740 1.680 573,888 258,109 Tot21 Assets 1¢5$ current liablllties 944,534 602,776 Net a$set5 944,534 602,776 Funds of the charSty Restricted funds Unrestricted funds.. Revaluation reserve Other unrestricted income funds 588.476 190.561 72,894 283,164 58,249 353.967 Total unrestricted funds 356,058 412.216 Tot21 ebarity funds 23 944,534 602,777 For the year ending 31 December 2025. the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating small companies. Dire¢tor5' responsibilities.. The Members have not required the company to obtain an audit of its flltsncial statements for the year in question in accordance with section 476,. The directtsts acknowledge their responsibilities for cOPIyIg with tbe requirements of the Act with respect to accountin8 records and the preparation of fancial ststements. These fmallcial statements have been prepared iu accordance with the provisions applicable to comparties subject to the small companie, regime. The statement of financial position continues on the following pag¢. The notes on pages 11 to 21 form PArt of th¢¥¢ fin4Dcial statements.
Peninsula Medical Foundation Company Limited by Guarantee Statement of Flnancial Position (cone) Year ended 31 D¢cember 2025 These financial siaiements were approved by the Board of Trustees and authorised for issue on 15 June 2026 and are signed on behalf of the Boatd by-. Prof J A Copplesrone Chair of Trustees D K Swift FCA Treasurer Company Registration Number- 03300591 The DOte5 on geS 1110 21 form part of tb¢sè flth4n¢l#l $tatemeDts.
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Flnancial Statements Year ended 31 December 2025 General informAtlon The Charity is a public benefit entity and a private company limited by guardntee, registered in England and Wales and a registered charity in EnkFland and Wales. The address of the registered office is Metherell Gar Old Memorial Hall, Morval, Looe. Cornwall, PL13 IPN. Statement of complianee These financial statements have been prepared in cornpliance with FRS 102. 'The FitLqncial Reportit)g Standard applicable in the UK and the Republic of Ireland,, the Siatemeni of Recommended Practice applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable iti the UK and RUbliC of Ireland (FRS 102) (Charities SORP {FRS I021) and the Companies Act 2006. Aeeountill¥ policie5 Basls of preparatio The fthancial Statements have been prepared on the historical ¢ost basis. as modified by the revaluation of certaill f]nallcial assets and liabilities and investment properties ]neasured at faiT value through inc0e or expendibjre. The finallcial statements aff prepared in sterling rounded to the nearest £. which is the fiCtIOnal currency of the entity. Going Concern There are no rnaterial uncertainties about the charity's ability to continue. Judgements and key sour¢e8 of estim4tion uncertainty The preparation of the fanCIal statements requires management io make judgemertts, esti]nates and asSUIllPtion5 that affect the amounts reported. These estimates and judgetnents are continually reviewed and are based on experience and other factors, including eXptattonS of events tbat are beheved to be reasollable under tbe circumstances. Fund aceounting Unrestrlcd funds are available foruse at the discreiionof the ttus*es to fiwtherally ofthe charity's pUOSes. Restrscted fi]nds are subjected to restrictions on their expenditure dttlared by the donor or t1U8 the terms of an appeal. li
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (con&nued) Year ended 31 December 2025 Accounting poli¢ies (coutinyedl Intoming resollrce5 All incotning resources are included in the staternent of fu)CIal activities when entitlement has passed to the charity; it 15 pr(>bable that the economic benefits associated with the trdnsaction will flow to the charity and the aTnount can be reliably measured. The following specifJ¢ policies are applied io particular ¢ategoTies of income.. income from donaiions orgrants is wognised when there is evidence of entitlejnent to the gift, receipt is probable and ics amount can be m¢a5ured reliably. legacy income is wognised when recetpt is probable and entitlement is established. illcome from donated g<)ods is measured at the fair value of the gOS unless this is impractical tt) ¢Ure reliably, in which case the value 15 derived from the cost to the donor or the estimated resale value. Donated facilities and services are recogni5ed in the accounts when received if the value ¢an be reliably measured. No amounts are included for the ¢ontributiott of general voluner8. income from contracts for the supply of services is recognised with the delivery of th¢ Contracted service. This is classified as unrestri¢ted funds unless there is a contractual requirement for it to be spent on a particular purpose alld returned if unspenL in which case it ]nay be regarded as restricted. Rewurces expended Expenditure is recognised ortall accruals basis as a liability is incurred. Expenditure include.8 anyVAT which ca[0t be fully re¢overe(L and is classified UDder headws of the ststement of f]nancial activities to which it relates. expenditure on raising funds includes the costs of all fundraiging activities, events, aon-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity iti undertaking activities that further its chariiable aim5 for the benefit of its beneficiaries. including dLose support costs alld costs relating tg the governance of the charity apportioned to ¢haritsble activiiies. otherexpenditure includes all expenditure that is neither related to raising filnds for the charity nor part of its expendithre ort charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Dire¢1 cosLs attributable to a single activity are allocated directly to that aciivity. Shared costs are apportioned benveen the activities they contribute io on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are tnitially recorded at cost, and subsequently stated at cost less any accumulated depreciation and iTnpainnent losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluaiion less any subsequent accumulated depwiarion and subsequent accumulated impainnent 1055e.8. 12-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements leorthhMÉdJ Year ended 31 De¢ember 2025 Accounting poileles Tangible assets (eonilMied} An increase in the caTrying amount of an asset as a result of a revaluatiort, is recognised in other recognised gains and losses. unless it reverses a charge for impainnent that has previously been recognised expendiwre within the ststement of flnancial activities. A de¢rease in the carrying amount of an a55el as a result of revaluation, is recognised in other recognised gains and losses. eKcept to which it offsets any previous revaluation gain, in whi¢h case the loss is shown within other recognised gains and 1055e8 on the statement of financial activitie8. Depreelatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the seful economic life of that asset a8 follows.. Equipmetti 25 /0 reducing balance Investments Listed investments are measured at fair value with changes in fair value being recogni5ed in income or expenditure. Debtors and creditors re£eivgblelpayable withln Olle year Debiors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any loss¢$ arising from impairnient are recognised in expenditure. Cash at ballk and in hADd Cash at bat]k and cash in hand includes cash and short temi highly liquid investents. with a short atUrIty of three month5 or less from the dale oEacquisition or openitig of the deposit or SilIar accoullt. Stocks Stocks are measured at the lower of cost and estimad selling price less costs- to CopICte and sell. Cost illcludes all costs of purchase, costs of conversion alld odLer c05ts- incurred ill brillbFing tbe sto¢k to its present locatioll and condition. 13-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (cgNhnMed) Year ended 31 December 2025 Accounting poli¢ies (colltinueNf) Flnaneial ill5trlltn¢nts A financial asset or a financial liability is recognised only when the entity becorn¢s a paty to the Contractual provisions of the instrument. Basic fllwicial instwments are iniiially recognised at tlLe amount receivable or payable including any rela*d transaction costs, unless the arrangement constituies a fating trdnsaction, where it is recognised at (he preseDt value of the future payments discounted at a [arket rate of interest for a similar debt instrument. Current assets and Current liabilities are subsequently measured at tbe cash or other Consideration expected to be paid or ree¢ived and not discounted. Debt instyments are subsequently measured at amortid cost. Limited by guarantee The company was incorporated in England and Wales on 9 January 1997 and is limired by guarantee (Company No. 033005911. The members liabilities are lirnited to £1 per member. Don#tiotLS and legacies Unrestricted Funds Resrrtcted Total Funds Funds 2025 Donations Gift Aid receivable 2,006 378 6,320 1,006 8.326 1,384 Legacles Fozzard Sheila Harris 140,000 300,000 140.000 300.000 2,384 447,326 449.710 Unrestricted Fund5 Restracted Totsl Fun( Fund5 2024 Donations Donations Gift Aid re¢eivabl¢ 1,670 418 7,047 8,717 418 Grants Grants receivable 12,500 12,5 2,088 19,547 21,635 14-
Penlnsula Medical Foundation Company Lirnited by Guarantee Note$ to the Financial Statements fronlxNuv4) Year ended 31 December 2025 Other trading activities Unrestricted Funds Restricted Total Funds Fund5 2025 Fundraising eyents 131 12,100 12,231 Unrestricted Funds Restri¢ied Total Funds Funds 2024 Fundraising events 236 46.958 47.194 Investment Income Unrestrlcd Funds Restricted Total Funds Funds 2025 Income from listed investments Bank interest receivable 5,599 4,342 2,254 1,715 7,853 6,057 9,941 3.969 13.910 Ullrestricted Funds Restricted Total Funds Funds 2024 lttcome from listed invesllnents Bank interest rerxivable 6,991 5,271 6,991 5,271 12.262 12262 Costs of raislng donadons and legaeie$ Utjrestricted Funds Restricted Total FllDds FLukds 2025 Fundraising Costs Opening Stock Just giving fees Adverti5illg 720 720 245 328 667 245 216 667 112 1,128 832 1,960 15-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements Ccowtin4ed) Year ended 31 December 2025 Costs of ralsing donations and legacies (cotthAued) Unrestricied Fund Restri¢ied Total Funds Funds 2024 C05t5 of Taising donations and lega¢ies- Donations Opening Stock Closing stock Just giving fees 42 1,600 1245) 216 17,982 18.024 1.600 (245) 216 1,613 17,982 19.595 Investment management Costs Ullrestricted Fundb. Restricted Total Fullds Fuuds 202S Total Funds 2024 Portfolio Management 2.337 949 3,286 3,042 10. Expetlditllre ch&ritable actiiryties by fund t)ye Unrestricted Funds Restricted Total Funds Funds 2025 Research Grants to institutions Support costs 74,000 13,167 63,699 137.699 13,167 87,167 63,699 150,866 Unrestricted Funds Restricted Total Fund8 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 An21ysi$ of research grants by institutions Unrestricted Funds Restricted Total Funds Funds 2025 Total Funds 2024 Peninsula Medical School. University of Plymouth University Hospxtsls Plyrnouth NHS Tnt 6J,000 11.000 63,699 126,699 11,000 3,600 5,000 74,000 63,699 137.699 8.600 16-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (conÉiv¥ed) Yeydr ended 31 December 2025 Analysis of research grants by area of research Unrestricted Restricted Total Fllllds Total Funds Funds FLmds 2025 2024 Parkinson's research Brain Tumour researcb Effects of Microplastics in Liver Disease Study Feeding in ICU Study Cell Lines re%istance to HCV Study Ergonomics in Surgery Study Prediction of Incidental Gallbladder Cancer Smdy 23,000 40,699 23,000 40,699 60,000 5,000 3,000 6,000 3,600 60.000 5,000 3,000 6,000 5.000 74.000 63,699 137,699 8,600 Research Grants futurt toJDtThitment$ As of 31 December 2025, the charity had Collltted to but not yet paid a number of research grdnts. Amounts ullpaid relating to unrestricted fund5 were £34,570 {2024.. Nill. Amoullts unpaid relating to restricted funds were £24,135 (2024.. £25,(x)01. 11. Expendlture eharitable activities by actIty type Activities Undertaken Directly Support Costs Tol41 Fund5 2025 Totsl Funds 2024 Research Grallts, Bur5ari¢s & Prizes 137,699 13,167 150,866 22,370 137,699 13,167 150,866 22,370 12. Analysis of support COSts Total 2025 Total 2024 Secretarial Ftts Generdl offi¢e Insurance Accounts Legal & Profe$$ional DeprIatIon 4,965 1,535 177 4,680 1,560 250 6.873 1.880 173 4.510 334 13,167 13.770 17
Peninsula Medical Foundation Company Limited by Guarantee Note5 to the Financial Statements {ctsntsAtsed) Year ended 31 December 2025 13. Net gallls on Allvesttnents Unre.8tri¢ted Total Funds Funds 2025 Unrestricted Total Funds Funds 2024 Gglin{lO$ses) on listed investments 22,018 22,018 33,012 33,012 14. f+let Income Net income is stated after Chargin(CredIting)= 2025 2024 Depreciation of tangible red assets 250 334 IS. In(fependellt examination fe¢$ 2025 2024 Fees payable to the independent exatniner for.. Independent examination of financial siatements 1,800 1,630 16. Staff costs The total staff costs and etnployee benefits for the reporting period are analysed as follo5.. 2025 2024 Wages and salaries The averdge head Count of employees during the year was Nil (2024.. Nil). No ep10yee r¢¢eived employee benefiis of more than £60.000 during the year (2024.. Nill. 17. Trustee remuneratioD and expenses No remunerdlion, expenses or other beneflts frotll Cp10Y[nCllt with the charity or a related entity were received by the Trustees. 18-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements Yeydr ended 31 December 2025 18. TaDgible fixed assets Equipment Cost At l January 2025 Additions 1,946 At 31 December 2025 1,946 Depreciation At l January 2025 Charge for the year At 31 December 2025 946 250 1,196 Carrying aJDouDt At 31 December 2025 750 At 31 December 2024 1,000 19. Investments Listed inv¢stment$ Market value at l January 2025 AddiiioTJS Disposals Increase in market value Increase in cash 343,667 83,217 183,5431 22,018 4,537 Market value at 31 Deeember 2025 369,896 Eouities Securities Casb 246.540 117,684 5.672 369,896 Financi81 assets held at lair value All iDve8trnents Show above are held at valuation. 20. Stocks 2025 2024 Raw marials and consumables 245 19-
Peninsula Medical Foundation Company Limited by Guarantee Notes to the Financial Statements (¢tsitrtlA#d} Year ended 31 Deeember 2025 21. Debtors 2025 2024 Prepayments and acctued income Other debtors 300,556 773 920 418 301,329 1,338 22. Creditors: amounts falling due Mrythin one year 2025 2024 Accrual$ and deferred income l.740 1.680 23. Analy5l5 of chgritable fund$ Unrestricted Funds Gains and At losses 31 Dec 2025 At 13aD 2025 Income Expenditure Transfers Getteral FLmds Revaluatioll reserv¢ Designated Fund- Microplastics Biobank 193,267 58,249 8,597 (29.709) {14.6451 14.645 22.018 179.528 72.894 160,700 3,859 (60.923) (90,632) 103,636 412,216 12,456 22,018 356,058 Gains and losses At 31 Dec 2024 At l Jgn 2024 Income Expenditure Ttansfers General Funds Revaluation reserve Designated Fund- Micropla$ti¢s Biobonk 232,971 27,541 14,586 (23,010) 164,292} 30,708 33,012 193.267 58.249 160,700 421,212 160,700 14,586 (23,010} {33.584} 33.012 412.216 The general unrestricted fimd represents the free funds of the charity which are not destgnated for particular purposes. The Microplastics Biobank is for reseawh in n)i¢ro and nano plastic in human health. 20-
Peninsula Medical Foundation Company Limited by Guarantee Iyotes to the Financial Statement5 (coAhntsedJ Year ended 31 December 2025 23. Analysis of charitable fullds fcojtrlAth) Restrieted fund$ At Transfers 31 Dee 2025 At l Jan 2024 Income Expenditure Parkinson's Appeal Brain Tumour Research The Fozzard Bursary Diabetes Plynouth Fund 50,000 35,898 80,000 24,663 777 19,822 142,189 300,607 (23.186) (41.626) {523) {145) (65.480) 27,591 14,094 221,666 325,125 190,561 463,395 588,476 At Transfers 31 Dec 2024 At l Jan 2024 Incorne Expenditure Parkitison's Appeal Brain Tumour Research The Fozzatd Bursary Diabetes PloUtb 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 50.0(M) 35,898 80,000 24,663 (2,158) 112,469 66.505 (21,997) 33,584 190,561 The restrscted funds represent income to furtd medical research and health educaliL¥n in partnership with Utiiversily Hospitals Plyrnouth NHS Trugt and the Peninsula Medical School at the Univetsity of Plytnouth. The Diabetcs Fund is to be used for research in Diabetes in the SW Peninsula. The Foz7ard Bursary is to fund registered do¢tt)rs training in maxillofa¢ial surgery tn the South West Pen]u1a. 24. Related p4rtie$ Donations in the year were received from the following trnstees.. D C Wilkins- £240 J A Copplesione- £240 There were no other related paty transactiolls. 21