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 inc0￿e 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 IN￿ltr1eld
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 dI￿l£U1t area in time5 when the investment fa115 in value, in relation to the fuwicial
cOmmit￿ent 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 Con￿1&510￿ publications on the duties of trustees are provi(kd to
prospective trnsttts.
During ihe 2025 year. two Trustees cornpleted their le￿S of office. The Treasurer Geofftey Beak re$igned o
27° Ma￿kn 2025.
Sadly. on 4 May 2025, Hugh Mitcheltnore died suddenly, and b¢ is a gr¢at loss to the Board of Trustees. H¢
was always positive and gave wise Counsel and we miss his presence.
We were pleased to welcome two new Trustees during th¢ 2025 year. Dav&d Fitzgerald was appointed as aTrustee
oll 2nd June 2025 alld Duncall Swift was appointed as a Trustee and Treasurer on 10 S¢pt¢mb¢r 2025.
Meetings
During the 2025 year there wer¢ 4 Board rneetings.. 26th March, 2nd June which was a]50 the AGM, 10th
September aud 8th December. In addition, there were email discussions and briefjngs.
Objeetive$ 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 trea￿ettI 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) {ti1lrlxA￿dj
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 Trt￿l (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 deIirÉu￿I 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.
ol￿ver 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 1mwr￿nt io der￿e 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 sa￿e 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).
Re￿ryeS Policy
The Cu￿ent 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 Inde￿ndent examination. or
the f￿anCiaL 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
ReStriC￿d
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 iDe0￿e
12,456
463,395
475,851
81,091
Expenditure
Expellditure ott raising funds..
Costs of raisiDg dollatiolls alld
legacies
Investtllellt rnatvd8e￿e￿I 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 fO￿ard
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 cO￿PIyI￿g with tbe requirements of the Act with respect
to accountin8 records and the preparation of f￿ancial 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 (con￿￿￿e￿)
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 R￿UbliC 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 inc0￿e or
expendibjre.
The finallcial statements aff prepared in sterling rounded to the nearest £. which is the fi￿CtIOnal 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 f￿anCIal 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 eXp￿tattonS of events tbat are beheved to be
reasollable under tbe circumstances.
Fund aceounting
Unrestrlc￿d funds are available foruse at the discreiionof the ttus*es to fiwtherally ofthe charity's pU￿OSes.
Restrscted fi]nds are subjected to restrictions on their expenditure dttlared by the donor or t1￿U8￿ 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 gO￿S 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 volun￿er8.
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 invest￿ents. with a short ￿atUrIty
of three month5 or less from the dale oEacquisition or openitig of the deposit or Si￿lIar accoullt.
Stocks
Stocks are measured at the lower of cost and estima￿d selling price less costs- to Co￿pICte 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 f￿a￿ting 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 amorti￿d 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
Unrestrlc￿d
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 Tn￿t
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 Coll￿ltted 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 actI￿ty 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
Dep￿rIatIon
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$ses) on listed investments
22,018
22,018
33,012
33,012
14. f+let Income
Net income is stated after Chargin￿(CredIting)=
2025
2024
Depreciation of tangible r￿ed assets
250
334
IS. In(fependellt examination fe¢$
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 follo￿5..
2025
2024
Wages and salaries
The averdge head Count of employees during the year was Nil (2024.. Nil).
No e￿p10yee 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 C￿p10Y[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 ma￿rials 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 Pl￿oUtb 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