REGISTERED COMPANY NUMBER: 03716992 (England and Wales) REGISTERED CHARITY NUMBER: 1074732
Report of the Trustees and
Financial Statements for the Year Ended 31st March 2025
for
The Charles Hastings Education Centre (A Company Limited by Guarantee)
The Charles Hastings Education Centre
Contents of the Financial Statements for the Year Ended 31st March 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 5 |
| Report of the Independent Auditors | 6 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 22 |
The Charles Hastings Education Centre
Reference and Administrative Details for the Year Ended 31st March 2025
TRUSTEES Mr J Black Mr R Dudley (resigned 31.3.25) Mr A G Duncan Dr N Hudson Dr S King Dr J M Mather Dr L Tulloch Mrs D Nicol Mr A G Bramley Dr H Cartwright Dr R Khehar (appointed 12.11.24) COMPANY SECRETARY Mr P J Morris REGISTERED OFFICE The Charles Hastings Education Centre Worcestershire Royal Hospital Charles Hastings Way Worcester Worcestershire WR5 1DD REGISTERED COMPANY NUMBER 03716992 (England and Wales) REGISTERED CHARITY NUMBER 1074732 SENIOR STATUTORY AUDITOR Melissa Godwin ACA ACCA INDEPENDENT AUDITORS The Richards Sandy Partnership Ltd (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU SOLICITORS Hallmark Whatley Hulme 3,4 & 5 Sansome Place Worcester WR1 1UQ BANKERS Lloyds Bank Plc 4 The Cross Worcester WR1 3PY
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The Charles Hastings Education Centre (Registered number: 03716992)
Report of the Trustees for the Year Ended 31st March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Principal objects
The charity's objects are the advancement of education in matters relating to medicine and health care, with particular reference to:
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the education and training of doctors and other staff employed in the National Health Service (or any organisation that may replace it);
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the provision of library and information services for medical and health care staff;
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to provide a venue for meetings, conferences and lectures for doctors and other health care staff; and
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- to establish and maintain a museum which collects, documents, preserves, interprets and exhibits to a wider public material information relating to the history of medicine and health care in and around Worcester and in particular the books and artifacts relating to the founding of the British Medical Association in Worcester.
Public benefit
The Trustees confirm that they have complied with the duty in Section 17 (5) of the 2011 Charities Act to have due regard to guidance on public benefit, published by the Charity Commission when reviewing the charity's objectives and planning future activities.
Policy
To operate The Charles Hastings Education Centre to enable the advancement of education in matters relating to medicine and healthcare.
Objectives of the charity and strategies for achieving them
The primary objective of the charity is to maintain the infrastructure of the buildings and equipment within the buildings to a standard consistent with a leading educational institution.
The Centre continues to work closely with the local community to improve access to museum collections, to raise awareness of what the museum and other heritage organisations can offer people and to inspire people to learn more about their heritage and the history of medicine.
ACHIEVEMENTS AND PERFORMANCE
Review of charitable activities in the year
Essential building repairs and redecoration were completed and equipment replaced during the year under the annual Life Cycle Maintenance Programme.
The Infirmary Museum, a Heritage Lottery funded joint project with the University of Worcester, continued to be operated and open to the public during the year.
Fundraising activities
In the year under review the charity did not carry out any fundraising activities (as defined by section 162A of Charities Act 2011).
Plans for the future
The charity will continue to build financial reserves so that the equipment and facilities can be improved over time. The charity will continue to market the Centre so that any spare capacity can be used to generate income.
FINANCIAL REVIEW
Financial results
The charity's unrestricted incoming resources increased to £516,724 (2024 - £594,208). Unrestricted resources expended increased to £531,332 (2024 - £533,487). The charity made a net loss on listed investments of £19,941 (2024 - £nil). The net unrestricted incoming resources for the year amounted to a deficit of £34,549 (2024 - surplus of £60,721).
The charity prepares an annual budget which is monitored by the trustees. Variances from the budget are acted upon as appropriate. The charity's management accounts are discussed at regular trustee's meetings.
The principal source of funding sources is the letting of the charity's premises to its subsidiary, the Worcestershire Healthcare Education Company Ltd (WHEC) and, through WHEC, to the Worcestershire Acute Hospitals NHS Trust, acting as agent for all NHS bodies in the county.
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The Charles Hastings Education Centre (Registered number: 03716992)
Report of the Trustees for the Year Ended 31st March 2025
FINANCIAL REVIEW
Reserves policy
The charity's policy for the level of income reserves was reviewed in February 2018 and it was decided that a minimum reserve of £250,000 be maintained between The Charles Hastings Education Centre and its subsidiary, The Worcestershire Healthcare Education Company. The trustees believe that this level of reserves would be enough to cover any significant loss of income, or any large repairs to the centre. After deducting fixed assets and designated funds, unrestricted general reserves were £293,729 at 31 March 2025 (2024 - £323,900).
The designated development fund was established in the year ended 31 March 2018 in order to build reserves for future development projects, including a possible extension to the Charles Hastings Education Centre. The balance of this fund at 31 March 2025 was £154,000 (2024 - £154,000).
Restricted reserves
A restricted reserve was established in respect of the development and construction of the buildings to house The Charles Hastings Education Centre. That building was completed during the year ended 31 March 2003. The balance of that fund at 31 March 2025 was £1,743,690 (2024 - £1,804,714) representing the depreciated cost of the building.
A restricted reserve was established in respect of the provision of fixed assets for the Medical Museum and the development of educational resources. The balance of that fund at 31 March 2025 was £1,129,529 (2024 - £968,232), representing the depreciated cost of those assets and the grant income available to spend on future educational resources.
A restricted reserve was also established for the provision of an audio-visual link between operating theatres in the hospital and the lecture theatre in the Education Centre and for the provision of clinical skills equipment in the Centre. The fund balance of £nil (2024 - £4,437) represents the depreciated cost of those assets.
A further restricted fund was established in 2010 to develop a new museum exhibition within the former Worcester Royal Infirmary at Castle Street which has received Heritage Lottery Funding. The fund balance at 31 March 2025 was £13,660 (2024 - £18,588). The project was completed on 31 October 2014 and the balance of this fund relates only to the net book value of tangible fixed assets purchased from this fund.
Two further restricted funds were established from income received in 2020/21 for a Cardiology Educational Fund and a Paediatric Training Fund.
Each of the above restricted reserves relate to specific grants received from third parties and totalled £2,903,563 at 31 March 2025 (2024 - £2,812,900).
Investment Powers
The investment powers are governed by the Trustee Investment Act 1961 (as amended) and the Charities Act 2011.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is a company limited by guarantee which is governed by its Memorandum and Articles of Association. The charity is registered with the Charity Commission. The charity registration number is 1074732 and the limited company number is 03716992.
Recruitment and appointment of new trustees
The trustees, being eligible, offer themselves in rotation for re-election every three years at the Annual General Meeting. The appointment of the trustees is made by the members in the annual general meeting on the recommendation of existing trustees based on personal recommendations.
Organisational structure
The Charles Hastings Education Centre is a registered charity and a private limited company. There is a Board of Trustees/ Directors which manages the organisation at a strategic level. The conduct of the Board is governed by Standing Orders, a Scheme of Delegation of Interest and Standing Financial Instructions.
The Scheme of Delegation provides that the following powers are retained solely by the Board:
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Policy determination;
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Approval of business plan;
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Appointments of officers;
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Financial and performance monitoring;
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Approval of audit arrangements; and
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Approval of organisation structures, including committees and sub-committees.
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The Charles Hastings Education Centre (Registered number: 03716992)
Report of the Trustees for the Year Ended 31st March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Board has approved the committee structure as follows:
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Reporting to the Board is the Management Committee which has an agreed constitution covering membership and terms of reference; and
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Reporting to the Management Committee is one sub-committee that meets on the same cycle as the Board and Management Committee, i.e. at least three times per annum. This is the Museum Sub-Committee and as with the Management Committee, this sub-committee has prescribed membership and terms of reference. The decision-making of the Management Committee and the sub-committee is prescribed by the Scheme of Delegation and their terms of reference.
The Chairman, Secretary and Treasurer have prescribed duties and responsibilities under the Scheme of Delegation. The Secretary, P J Morris, is responsible for the day-to-day management of the organisation.
Induction and training of new trustees
Trustees are inducted by meeting with the Chairman and Secretary. Trustees' skills are regularly reviewed and updated where necessary.
Related parties
The Worcestershire Healthcare Education Company Limited is the wholly-owned subsidiary of The Charles Hastings Education Centre. It is a private limited company and exists to undertake the commercial activities of The Charles Hastings Education Centre. It has the same board of directors and the same officers and, as with The Charles Hastings Education Centre, the Secretary is responsible for the day-to-day running of The Worcestershire Healthcare Education Company Limited.
Any profit of The Worcestershire Healthcare Education Company Limited is gift aided to The Charles Hastings Education Centre. During the year ended 31 March 2025 £178,099 (2024 - £281,109) was gifted to the charity.
Risk assessment
The Trustees regularly assess the risks to which the charity is exposed and take appropriate action to mitigate these.
QUALIFYING THIRD PARTY INDEMNITY PROVISION
Per the charitable company's Articles of Association, subject to the provisions of the Act every trustee or other officer of the Charity shall be indemnified out of the assets of the Charity against any liability incurred by him in that capacity in defending any proceedings, whether civil or criminal, in which judgement is given in his favour or in which he is acquitted or in connection with any application in which relief is granted to him by the court from liability or negligence, default, breach of duty or breach of trust in relation to the affairs of the Charity.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Charles Hastings Education Centre for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Charles Hastings Education Centre (Registered number: 03716992)
Report of the Trustees for the Year Ended 31st March 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 11th November 2025 and signed on its behalf by:
Mr J Black - Trustee
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Report of the Independent Auditors to the Members of The Charles Hastings Education Centre
Opinion
We have audited the financial statements of The Charles Hastings Education Centre (the 'charitable company') for the year ended 31st March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31st March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 20 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
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Report of the Independent Auditors to the Members of The Charles Hastings Education Centre
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; and
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- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 (and related legislation), the Charities Act 2011 (and related legislation) and laws and regulation regarding VAT.
We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included reviewing the financial statement disclosures and reviewing the calculations of VAT returns, including testing a sample of income and expenditure transactions to ensure that VAT on such transactions have been correctly accounted for and considered the application of partial VAT exemptions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of The Charles Hastings Education Centre
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Melissa Godwin ACA ACCA (Senior Statutory Auditor) for and on behalf of The Richards Sandy Partnership Ltd (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
11th November 2025
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The Charles Hastings Education Centre
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31st March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 4 Charitable activities 6 The Charles Hastings Education Centre George Marshall Medical Museum Investment income 5 Total EXPENDITURE ON Charitable activities 7 The Charles Hastings Education Centre George Marshall Medical Museum Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 18 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted Restricted Total funds funds funds £ £ £ 178,734 178,266 357,000 304,296 3,766 308,062 1,667 - 1,667 32,027 - 32,027 516,724 182,032 698,756 494,580 82,149 576,729 36,752 7,783 44,535 531,332 89,932 621,264 (19,941) - (19,941) (34,549) 92,100 57,551 4,437 (4,437) - (30,112) 87,663 57,551 654,604 2,812,900 3,467,504 624,492 2,900,563 3,525,055 |
2024 Total funds £ 989,542 288,872 2,988 15,806 |
|---|---|---|
| 1,297,208 | ||
| 599,558 32,447 |
||
| 632,005 | ||
| - | ||
| 665,203 - |
||
| 665,203 2,802,301 |
||
| 3,467,504 |
The notes form part of these financial statements
Page 9
The Charles Hastings Education Centre (Registered number: 03716992)
Balance Sheet 31st March 2025
| Notes FIXED ASSETS Tangible assets 13 Investments 14 CURRENT ASSETS Debtors 15 Cash at bank and in hand CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 18 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 146,703 30,060 176,763 255,770 361,313 617,083 (169,354) 447,729 624,492 624,492 |
Restricted funds £ 2,010,780 250,000 2,260,780 395,000 244,783 639,783 - 639,783 2,900,563 2,900,563 |
2025 Total funds £ 2,157,483 280,060 2,437,543 650,770 606,096 1,256,866 (169,354) 1,087,512 3,525,055 3,525,055 624,492 2,900,563 3,525,055 |
2024 Total funds £ 2,270,824 1 2,270,825 680,974 722,521 1,403,495 (206,816) 1,196,679 3,467,504 3,467,504 654,604 2,812,900 3,467,504 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11th November 2025 and were signed on its behalf by:
Mr J Black - Trustee
The notes form part of these financial statements
Page 10
The Charles Hastings Education Centre
Cash Flow Statement for the Year Ended 31st March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 1 | 153,513 | 424,618 |
| Interest paid | (253) | - | |
| Net cash provided by operating activities | 153,260 | 424,618 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | - | (114,709) | |
| Purchase of fixed asset investments | (300,000) | - | |
| Interest received | 30,315 | 12,872 | |
| Net cash used in investing activities | (269,685) | (101,837) | |
| Change in cash and cash equivalents in | |||
| the reporting period | (116,425) | 322,781 | |
| Cash and cash equivalents at the | |||
| beginning of the reporting period | 722,521 | 399,740 | |
| Cash and cash equivalents at the end of | |||
| the reporting period | 606,096 | 722,521 |
The notes form part of these financial statements
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The Charles Hastings Education Centre
Notes to the Cash Flow Statement for the Year Ended 31st March 2025
| 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 £ Net income for the reporting period (as per the Statement of Financial Activities) 57,551 Adjustments for: Depreciation charges 113,341 Losses on investments 19,941 Interest received (30,315) Interest paid 253 Decrease/(increase) in debtors 30,204 (Decrease)/increase in creditors (37,462) Net cash provided by operations 153,513 |
2024 £ 665,203 120,758 - (12,872) - (438,338) 89,867 |
|---|---|
| 424,618 |
2.
| ANALYSIS OF CHANGES IN NET FUNDS | |||
|---|---|---|---|
| At 1.4.24 | Cash flow | At 31.3.25 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 722,521 | (116,425) | 606,096 |
| 722,521 | (116,425) | 606,096 | |
| Total | 722,521 | (116,425) | 606,096 |
The notes form part of these financial statements
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The Charles Hastings Education Centre
Notes to the Financial Statements for the Year Ended 31st March 2025
1. STATUTORY INFORMATION
The charity is a company limited by guarantee. The members of the company are the trustees named in the 'Reference and Administrative Details' on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
The charitable company's registered number and registered office address can be found on page 1.
2. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial information presented is for the charity alone and does not incorporate the results of the trading subsidiary undertaking The Worcestershire Healthcare Education Company.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about The Charles Hastings Education Centre as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 and under Section 139(2) of the Charities Act 2011 from the requirements to prepare consolidated financial statements.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Grants and donations receivable
Income from grants and donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income from grants is only deferred when the charity has to fulfil conditions not yet met before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Restricted grants and donations received for capital expenditure are shown as a Restricted Reserve and the expenditure to which they relate is capitalised as a tangible fixed asset and depreciated in accordance with accounting policy.
Legacy income
Legacies are recognised when probate is granted and there is sufficient information to measure them. Where there is insufficient information to reliably measure any outstanding legacies, these are instead treated as contingent assets (and details of any such legacies will be disclosed in the notes to these financial statements).
Letting income
Letting income is recognised of a straight line basis over the term of the lease.
Income from charitable activities
Course income and museum takings are recognised in the period in which the income relates to. Museum takings are recognised at point of sale. Course income is recognised in the period in which the course occurs.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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continued...
The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
2. ACCOUNTING POLICIES - continued
TANGIBLE FIXED ASSETS
Depreciation is provided on all tangible fixed assets, stated at cost, at the following annual rates in order to write off each asset over its estimated useful life. Assets are included at cost and any capital expenditure less that £100 is not capitalised.
Long leasehold buildings - 2% on cost Improvements to leasehold buildings - 2% on cost Plant and equipment - 15% on reducing balance Audio visual equipment - 12.5% on cost
Leasehold property rented out in furtherance of the charity's objects (and not primarily for the purpose of generating rental income) are classed as tangible fixed assets (and not as investment property). This includes leasehold property held by the parent chantry that is leased to its subsidiary.
TAXATION
The charity is exempt from corporation tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
DONATED SERVICES
The charitable company leases from Worcestershire Acute Hospitals NHS Trust the land upon which it has erected the premises known as the Charles Hastings Education Centre at Worcestershire Royal Hospital. The lease is for a period of 99 years from 8 March 2002 and a peppercorn rent is payable if demanded. The fair value of this donated service cannot be measured reliably and as such no value of the donated land has been included within the accounts.
INVESTMENTS
The investment in the subsidiary company, The Worcestershire Healthcare Education Company Limited, is included at cost.
FINANCIAL INSTRUMENTS
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The charity makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Depreciation
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on the technological advancement, future investment, economic utilisation and the physical condition of the assets.
Rates of depreciation are considered on a line by line basis and disclosed within the accounting policy for depreciation.
Legacy income
Legacy income includes an element of accrued income for future cash to be received by the charity after the year end as part of the total legacy receivable. The value of additional cash receivable by the charity under the legacy is based on information provided by the solicitor handling the estate of the deceased regarding the estimated value of the estate, including a number of assets to be sold included at their expected selling price, less an estimate of additional administration fees to be paid out of the estate, and the charity's expected share of this.
The total value of the legacy recognised in the year is £175,000 (2024 - £700,000) and accrued legacy income at the year end was £395,000 (2024 - £300,000).
DONATIONS AND LEGACIES
4.
| Legacies Donations Grants Gift Aid Donation - The Worcestershire Healthcare Education Company Limited Grants received, included in the above, are as follows: Arts Council England - National Lottery Project Grant INVESTMENT INCOME Bank interest receivable Other interest receivable |
2025 £ 175,000 635 3,266 178,099 357,000 2025 £ 3,266 2025 £ 32,027 - 32,027 |
2024 £ 700,000 5,933 2,500 281,109 |
2024 £ 700,000 5,933 2,500 281,109 |
|---|---|---|---|
| 989,542 | |||
| 2024 £ 2,500 2024 £ 15,802 4 |
|||
| 15,806 |
5. INVESTMENT INCOME
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
6. INCOME FROM CHARITABLE ACTIVITIES
| Letting to The Worcestershire Healthcare Education Company Limited Museum takings Course income 7. CHARITABLE ACTIVITIES COSTS The Charles Hastings Education Centre George Marshall Medical Museum 8. DIRECT COSTS OF CHARITABLE ACTIVITIES Rates and water Insurance Light and heat Telephone Sundries Estate maintenance Cleaning, security and associated costs Museum costs Company secretary fees Bookkeeper Repairs and renewals Audio visual equipment repairs Auditors remuneration Conference costs Accountancy fees Professional fees Bank charges Depreciation Interest payable and similar charges |
The Charles George Hastings Marshall Education Medical Centre Museum £ £ 303,396 - - 1,667 4,666 - 308,062 1,667 |
2025 2024 Total Total activities activities £ £ 303,396 288,872 1,667 2,988 4,666 - 309,729 291,860 Direct Costs (see note 8) £ 576,729 44,535 621,264 2025 2024 £ £ 13,469 11,771 17,774 16,911 179,839 183,187 347 447 403 259 114,173 109,452 84,771 81,277 46,297 32,447 13,750 13,500 1,664 1,228 5,117 45,792 4,425 4,125 3,170 3,040 4,031 2,594 2,064 1,135 16,377 4,106 - (25) 113,340 120,759 253 - 621,264 632,005 |
|---|---|---|
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 113,341 | 120,758 |
| Amounts payable to auditor for statutory audit | 3,170 | 3,040 |
| Amounts payable to auditor for other financial services | 2,064 | 1,135 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.
11. STAFF COSTS
There were no employees during the year ended 31 March 2025 nor during the year ended 31 March 2024.
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities The Charles Hastings Education Centre George Marshall Medical Museum Investment income Total EXPENDITURE ON Charitable activities The Charles Hastings Education Centre George Marshall Medical Museum Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 287,042 288,872 2,488 15,806 594,208 502,190 31,297 533,487 60,721 593,883 654,604 |
Restricted funds £ 702,500 - 500 - 703,000 97,368 1,150 98,518 604,482 2,208,418 2,812,900 |
Total funds £ 989,542 288,872 2,988 15,806 |
|---|---|---|---|
| 1,297,208 | |||
| 599,558 32,447 |
|||
| 632,005 | |||
| 665,203 2,802,301 |
|||
| 3,467,504 |
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
13. TANGIBLE FIXED ASSETS
| COST At 1st April 2024 and 31st March 2025 DEPRECIATION At 1st April 2024 Charge for year At 31st March 2025 NET BOOK VALUE At 31st March 2025 At 31st March 2024 |
Long leasehold buildings £ 3,730,109 1,640,491 74,603 1,715,094 2,015,015 2,089,618 |
Improvements to leasehold buildings £ 2,160 258 43 301 1,859 1,902 |
Plant & equipment £ 630,836 480,543 22,539 503,082 127,754 150,293 |
Audio visual equipment £ 351,625 322,614 16,156 338,770 12,855 29,011 |
Totals £ 4,714,730 2,443,906 113,341 2,557,247 2,157,483 2,270,824 |
|---|---|---|---|---|---|
Leasehold property is rented to the charity's subsidiary in furtherance of the charity's objects (and not primarily for the purpose of generating rental income).
14. FIXED ASSET INVESTMENTS
| Shares in group Listed undertakings investments £ £ COST At 1st April 2024 1 - Additions - 300,000 Revaluations - (19,941) At 31st March 2025 1 280,059 NET BOOK VALUE At 31st March 2025 1 280,059 At 31st March 2024 1 - |
Totals £ 1 300,000 (19,941) 280,060 280,060 1 |
|---|---|
The Worcestershire Healthcare Education Company Limited
The charity owns 100% of the ordinary shares of The Worcestershire Healthcare Education Company Limited (company number 03885017).
The registered office of The Worcestershire Healthcare Education Company Limited is The Charles Hastings Education Centre Worcestershire Royal Hospital, Charles Hastings Way, Worcester, Worcestershire, United Kingdom, WR5 1DD.
The principal activity of the subsidiary is that of letting the Charles Hastings Education Centre to the Worcester Acute Hospitals Trust and pharmaceutical companies.
The trading results of The Worcestershire Healthcare Education Company Limited was as follows:
2025 |
2024 | |
|---|---|---|
| £ | £ | |
| Turnover | 470,528 | 559,524 |
| Administrative expenses | (312,432) | (298,440) |
| Other operating income | 20,000 | 20,000 |
| Interest receivable | 3 | 25 |
| Profit for the financial year | 178,099 | 281,109 |
| Gift aid distributions | (178,099) | (281,109) |
| Net retained earnings for the year | - | - |
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
14. FIXED ASSET INVESTMENTS - continued
At the year end the balance sheet of The Worcestershire Healthcare Education Company Limited was as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Total current assets | 252,833 | 353,742 |
| Total current liabilities | (252,832) | (353,741) |
| 1 | 1 | |
| Share capital | 1 | 1 |
During the year the charity received from The Worcestershire Healthcare Education Company Limited rental income of £303,396 (2024 - £288,872) and gift aid distributions of £178,099 (2024 - £281,109). At the year end the charity had debtors owing from The Worcestershire Healthcare Education Company Limited of £235,672 (2024 - £338,681).
Cost or valuation at 31st March 2025 is represented by:
15.
| Shares in group Listed undertakings investments £ £ Valuation in 2025 - (19,941) Cost 1 300,000 1 280,059 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Trade debtors 1,009 The Worcestershire Healthcare Education Company Limited 235,672 VAT - Prepayments and accrued income 414,089 650,770 |
Totals £ (19,941) 300,001 280,060 2024 £ 152 338,681 23,528 318,613 680,974 |
|---|---|
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade creditors VAT Accruals |
2025 £ 68,813 20,256 80,285 169,354 |
2024 £ 37,256 - 169,560 |
| 206,816 |
17. LEASING AGREEMENTS
The charity leases the land upon which it has erected the premises known as the Charles Hastings Education Centre at Worcestershire Royal Hospital, Newtown Road, Worcester from Worcestershire Acute Hospitals NHS Trust. The lease is for a period of 99 years from 8 March 2002. A peppercorn rent is payable if demanded.
The charity leases the premises known as the Charles Hastings Education Centre at Worcestershire Royal Hospital, Newtown Road, Worcester to The Worcestershire Healthcare Education Company Limited. The lease is for a period of 25 years from 11 March 2004. The rent receivable in the first year of this lease was £183,750. Subsequent rent receivable is increased annually by reference to the Index of Retail Prices. Rent received during the year ended 31 March 2025 amounted to £303,396 (2024 - £288,872).
18. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||||
|---|---|---|---|---|---|---|
| At 1.4.24 £ Unrestricted funds General fund 500,604 Development Fund 154,000 654,604 Restricted funds Education Centre 1,804,714 Medical Museum 968,232 Audio Visual Equipment 4,437 HLF Museum 18,588 Cardiology Department Educational Fund 15,776 Paediatric Training Fund 1,153 2,812,900 TOTAL FUNDS 3,467,504 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 516,724 Restricted funds Education Centre 3,766 Medical Museum 178,266 HLF Museum - Cardiology Department Educational Fund - 182,032 TOTAL FUNDS 698,756 |
Net movement in funds £ (34,549) - (34,549) (61,024) 161,297 - (4,928) (3,245) - 92,100 57,551 Resources expended £ (531,332) (64,790) (16,969) (4,928) (3,245) (89,932) (621,264) |
Transfers between funds £ 4,437 - 4,437 - - (4,437) - - - (4,437) - Gains and losses £ (19,941) - - - - - (19,941) |
At 31.3.25 £ 470,492 154,000 |
|||
| 624,492 1,743,690 1,129,529 - 13,660 12,531 1,153 |
||||||
| 2,900,563 | ||||||
| 3,525,055 | ||||||
| Movement in funds £ (34,549) (61,024) 161,297 (4,928) (3,245) 92,100 57,551 |
||||||
| 92,100 | ||||||
| 57,551 |
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Development Fund Restricted funds Education Centre Medical Museum Audio Visual Equipment HLF Museum Cardiology Department Educational Fund Paediatric Training Fund TOTAL FUNDS |
At 1.4.23 £ 439,883 154,000 593,883 1,869,504 275,568 20,419 24,385 17,389 1,153 2,208,418 2,802,301 |
Net movement in funds £ 60,721 - 60,721 (64,790) 692,664 (15,982) (5,797) (1,613) - 604,482 665,203 |
At 31.3.24 £ 500,604 154,000 |
|---|---|---|---|
| 654,604 1,804,714 968,232 4,437 18,588 15,776 1,153 |
|||
| 2,812,900 | |||
| 3,467,504 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Education Centre Medical Museum Audio Visual Equipment HLF Museum Cardiology Department Educational Fund TOTAL FUNDS |
Incoming resources £ 594,208 - 703,000 - - - 703,000 1,297,208 |
Resources expended £ (533,487) (64,790) (10,336) (15,982) (5,797) (1,613) (98,518) (632,005) |
Movement in funds £ 60,721 (64,790) 692,664 (15,982) (5,797) (1,613) |
|---|---|---|---|
| 604,482 | |||
| 665,203 |
Unrestricted Funds
Unrestricted funds include a general fund and a designated fund. The total unrestricted fund balance at 31 March 2025 was £621,247 (2024 - £654,604), but after deducting fixed assets was £444,484 (2024 - £477,900) representing approximately 9 months operating costs.
General Fund
The general fund can be used for any charitable purpose within the charity’s objects and, per the reserves policy identified by the trustees, a minimum of £250,000 is to be held in this fund. At the year end the balance of the General Fund was £290,484 (2024 - £323,900) after deducting fixed assets.
Development Fund
In view of the considerable increase in demand, a designated Development Fund was established in 2018 in order to build reserves for future development projects (the exact timing of which is currently not known), including a possible extension to the Charles Hastings Education Centre. The balance of this fund at 31 March 2025 was £154,000 (2024 - £154,000).
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The Charles Hastings Education Centre
Notes to the Financial Statements - continued for the Year Ended 31st March 2025
18. MOVEMENT IN FUNDS - continued
Restricted Funds
Education Centre
The restricted fund re Education Centre was established in respect of the development and construction of the building to house The Charles Hastings Education Centre. That building was completed during the year ended 31 March 2003. The balance of that fund at 31 March 2025 was £1,743,690 (2024 - £1,804,714) and has arisen from restricted donations.
Medical Museum
The restricted fund re Medical Museum was established in respect of the provision of fixed assets for the Medical Museum and the development of educational resources. The balance of that fund at 31 March 2025 was £1,129,529 (2024 - £968,232). Again the fund has arisen from restricted donations.
Audio Visual Equipment
The restricted fund re Audio Visual Equipment was also established for the provision of an audio-visual link between operating theatres in the hospital and the lecture theatre in the Education Centre and for the provision of clinical skills equipment in the Centre. The balance of that fund at 31 March 2025 was £nil (2024 - £4,437).
Heritage Lottery Fund - Museum
The restricted fund re Heritage Lottery Fund (HLF) Museum was established in 2010 to develop a new museum exhibition within the former Worcester Royal Infirmary at Castle Street. The fund arose from a restricted fund grant from the Heritage Lottery Fund and the balance at 31 March 2025 was £13,660 (2024 - £18,588). The project was completed on 31 October 2014 and the balance of this fund relates only to the net book value of tangible fixed assets purchased from this fund.
Cardiology Department Educational Fund
The restricted fund re the Cardiology Department Educational Fund was established for the promotion of education throughout the Cardiology department by funding staff courses and scientific meetings. The fund balance as at 31 March 2025 was £12,531 (2024 - £15,776).
Paediatric Training Fund
The restricted fund re the Paediatric Training Fund was established for funding future paediatric training. The fund balance as at 31 March 2025 was £1,153 (2024 - £1,153).
TRANSFERS BETWEEN FUNDS
The audio visual tangible fixed assets with book value of £4,437 were transferred to general reserves in the year. These assets were fully depreciated by the year end.
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2025.
20. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.
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