company registration number 07986504 (England and Wales) Charlty r8glstratlon numbar 1149165 (England and Wales) MERSEY SCHOOL OF ANAESTHESIA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 MERSEY SCHOOL OF ANAESTHESIA LEGAL AND ADMINISTRATIVE INFORMATION Trustges Dr N Airey Dr N C Brooks Dr S Pedder Dr E A Djabatey Dr S Fisher (Appointed 15 July 20251 Secretary D M A Chèstnutt Ms K Gray (Resigngd 1 Seplember 2025) (Appointed 1 September 20251 Charity number (England and Wales) 1149165 Company number 07986504 Prlnclpal address Education & Training Centre Whlston Hospital Warrington Road PrescDt Mèrseyside L35 5DR Registered offjcè Education & Training Centre Whiston Hospit Warringlon Road Prescot Mers&yside L35 5DR Auditor Lonsdal& & Marsh 509 - 510 Cotton Exthange Bixteth Street Liverpool L3 9LQ Barhkèrs The &>operativg Bank PO Box48 1 Balloon St Manchester M60 1GP Sollcltors 8rabn8rs LLP Horton House Exchange Flags Liv6rpcy)I L2 3YL Inve5knenl advisors Charles Stanley & Co Lld Ropemaker Place 25 Ropemaker Street London EC2Y 9LY MERSEY SCHOOL OF ANAESTHESIA CONTENTS Pagg Trustees. report Independent auditorfs report Staternent of finanaal activities Balance sheet Slalement of cash flows Notes to the financial statements 10-19 MERSEY SCHOOL OF ANAESTHESIA TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Iruste8s present thair annual rèport and financial slalernents lor the year ended 31 March 2025. Thè financial statements have been prepared in aowrdance wilh the accounting poli¢itrs set out In note I to the financial slaternents and cottbply wilh the charity's goveming documènt, the Companies Ad 2006 and 'Accounting and Reporting by Charities.. Statement ol Recommended Practicé appllcable to ¢harities preparir)g their accounts in accordance wLh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (8ffective 1 January 2019}. Objoctives and activities The charity's objects are lo advance the educatlon of doctor5 in anacslhesia, intensive care medicine, and related speciallies,. lo promote research for the public ben¢fit in all aspècts of those fields.. and to publish useful resuts. The policies adopted in furtherance of these objeds are to provid& high-quality examination prepar8b.on courses for anae51helists and intensivi8ts, supporting candidates in preparation for thEir postgraduate examinations, and to dispense any surpluses generatéd by thè charity in accordan￿ with ils charitable objects. Public benefit The Iruslegs have paid du8 ragard to guidance issued by the Charity Cotnmission in decidiry what activitiés the charity should undertake. The Irusl8es have Complied with the duty in $eotion 17151 tsf the Charities Act 2011 to havè duè règard to ihe guidance published by the Charity Commi5sitsn on public benefit. Tho trustees consider that the charity's educational aGtivities provide 5i9iiEFicanl benefit to the public by enhancing the training and professional development of doctors, which in turn Irnpiov8s patiénl care and medical outcomes. Grgnl makin.qpolicy The charity makes grants to iniJwidua15 and organisations sharing similar objectives al the discretion Df the trustees. Achiev8m8nls and performance During the year, the Mersoy School of Anaeslhesia {MSAI d8liver6d 12 in-person courses and 4 onllne courses for candidates preparing for FRCA and FFICM examinations. Attendanco levels mel or exceeded targ8ts, with most Courses reaching fu51 capacity. FeedbaGk from d8lÈgates continues lo be highty positiv¢. n8W COUTSÈ was introduced to support candidates taking the FFICM written examination, following growing demand. This course is now establishéd as part of the regular programmè. The move to the Village Hotel has been a success. offering enhanced 18cililies and on-sitg accommodation for delegates, rotjtributing to a more professional experienc?. In total, th& charity awarded grants and don8llons totalllng £23,077 to a rang8 of ch8rit&ble instilulions. including: £5,000 to Alder Hey child￿n'S Hospital £3,50Q to Liverpool Society of Anaeslheti5ts £2,000 to Wirral Teaching Hospital All oth8r grants and donations made during the year were less than 21,000 each. Flnanclal revigw For the y&ar ended 31 March 2025. the charily generated a surplus of £25,51512024 £22,103) bafore unrealised gains on investments of £3,87012024 £33,2é91 from its charitabl¢ adivitieb, before the ¢harily mad8 donations and grants of £23.07712024 - £11,5291 and before bonusès of £11,460 {2024- £10,876). Rs5enios policy The ttstal value of free reserves, excluding tangible fixed assets, as at 31 March 2025 was £527.903 12024 £511.2121. The trust6es consider that maintaining rosorves equivalent to approximatèly twelve months ot annual expenditure18pproxim8tèly £400,000) is prudent and ensures financial resilien￿. MERSEY SCHOOL OF ANAESTHESIA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Prinopal funding sources The charity's pritn8ry sourcè ol income is course fees, repr8s8nling over 95Yo of lolal incDmÈ. Othèr income Includes interest and investments. Inweslm6nlpollcy On the basis that thé charity aims lo retain the equivalent of bNolve rnonths expenditure in reserves, ii has been agreed that a proportion ol said reseNes wlll be Invested in various stocks and sècurities as advised by the charity's investment manager. in order to maintsin the capital value of the monies invested and also generate a g¥ealei relurn thzn would be achieved from cash deposÈis. Thè trustees are satisfied that this investment objective has been met. The toial value offvnds heSd with Charles Stanley & Co. Limited al 31 March 2025 w8s £503,543 ofwhich £490,337 was Invested wSth the remaining £13,206 held as cash for rainvesiment. Major risks The trustees have identified the prIn￿paI risks as changes lo the FRCA or FFICM curriculum, a decline in delega18 numbers. and ieliance on key personnel_ These risks arè mitigated thiough monitoring updates 16leas6d by the Royal College of Arbaesthetists, maintaining reseNes, and succèssion planning for senior staff. Plans for future pèrlods The trustee5 IntBnd to conlinue delivering a comprehensiva range of FRCA and FFICM preparatory courses, both in-person and online, whilé adapting to forthcoming examination format changes. The chaiity will also explore enhanced digital tools and partnarships to Sireamline its processes. broaden its Téaeh, and its accessibility. Tha tmstèès conlirm that all fvture plans are consistent with the charity's objects and continue to provide public benefit through education and professional development. Structure, governance and tnanagement The charity Is a ¢ompany limited by guarantee and is gov8rned by thè Mémorandum and Articles ofAssoclation. None of the trustees has any beneficial interest in thè company. Al of the Iruslees are members of the company and guarantee to contnbute £10 in the event of a winding up. The trustees, who are also the directors loi the purtKJse of company law, and who sèrved during the year and up lo the da10 of sigrkalure of the linancAal slalemenls werg. Dr R S Ahearn {Reslgned 30 June 2025} Dr N ￿reY Dr N C Brooks Dr S Pedder Dr E A Djabatey Dr V M Blanchard Inée Nelsonl Dr S Fisher (Resigned 1 July 2024) (Appcynled 15 July 20251 Recrtiitment, gppointin&nl ènd ind£icbon of trustees New trustee5 may be elected al any time by the existing tnjstees al trustee board m88tings. New trustees are appoinled by the board to maintain a balance of skills and experience. Induction includes discussion ol governance responsibilities and en overvi&w of the charity's operations and finances. MERSEY SCHOOL OF ANAESTHESIA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ow8nisatsonal structure Day-to-day operations 8r& dèlègated to the following.. Ms KirstiÈ Gray, Chief Executive Officer and CDmpany Secretary Dr Kristianno Jones, Chief Operating Officer Dr Tushar Di￿t and Dr Beth Pettiti, ConsultantAdvisors CharityAGcounts"ng Partners ICAPI prtsvidos oulsour¢ed finanaal manag8m8nt, raporbng oversight, and governance support undèr tha sup6N(sion of the trusleg8. Rémuneralion polKy No trusteè received remuneration for Ihelr role during the year. R8imbursad expenses, if any. alp disdosed in the financial stat6menls. Statèmont of trustees. responsibilitlgs Thè trustees, who are also tho directors of Mers&y School Df An8èSthesia for the purpose of company law, aro responsiblÉ for preparing the Trustees, Report and th6 financial slalemenls in ac¢ordance with spplicablè law and United Kin9dom AGwunting Standards Iurjited Kingdom G8nerally AC￿pted Accounting Practice). Company law requires the Iruslees to prepare finan¢lal statements for each financial year which give a true and lair view of the state of sffairs ol the charity and of the incorning reSoU￿S and application of resources, including the income and expenditure, of tha charitable company for that yèar. In preparing these financial 5tatemènls, the trustee.% are rèquirèd to.. select suitable accour)ting poli¢ies and than apply them consistently., observe the tnEthods and principles in the Charities SQRP., makejudgements and Éstimates that are reasonable and prudent", state whèlh6r applicable UK Accounting Standards have been folltswèd, subject lo any rnaterial departures di.8clDsed and èxplained in the financial statements- and prepare the financial slalem¢nts on the going concern basis unless it is inappropriate to presume that the charfty will ¢ontinue in operation. The Iruslees arè responsiblè for keeping adequate accouthting records that disclose with reasonable accuracy at any timè the financia5 position of the charity and enable them lo ensure that the financial statements comply with the Companiés Act 2006. They are also rcspon8ible for safeguarding the assets ol the charity and h6ncé for taking reasonable steps IDr the prevention and detection of fraud and other irregularities. The Itustees ale rèsponsible for the mainlonan¢e and Integrity of the chanty and financial infomiation induded on the charity's websitè. Lègislation in the United Kingdom goveming the prep¥r8tion and dissemination of financial stat8msnts may differ from legislation in other jurisdictions. Auditor In accordance with tho ¢ompany's articles. a resolution proposing that Lonsdala & Marsh be reappointed as 8udiÉor of the charity will be put al a General MeEling. Disclosure of Infomialion to audltor Each of th*) trustees has conliimed that thgre is no Information of which they are aware which is rel8vant to the audit, but of which the auditor Is unaware. They have further confirmed that th8y hava laken appropriatè steps to identify such ￿levant information and to èstsblish that the auditor is aware of such information. The trusteès, report was approved by i)oard of trustees. Dr N C Brooks Trustee 1 December 2025 MERSEY SCHOOL OF ANAESTHESIA INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA Opinion We havé audited the financial statements of Mers&y School of Anaeslhesia Ilhe 'charity'l for the year ended 31 March 2025 which Comprise the statement of financial activities, the balance sheet, the slalement of cash flows and the notes lo tho financial statements, including a summary of significxnt accounting policies. The financial reporting framework that has been appli8d in thalr préparation is applicable law and United lthngdom Accounting Standards, including Financial Reporting Standard 102 The Fin8n¢l81 Raporting Stsndaro applicab18 in th8 UK and Republic of Ireland (United Kingdom Gènerally Accepted Accounting Praclicel. In our opinioTh, the financial statements.. giva a true and fair wew of the slato of the charitable company's affair3 as at 31 March 2025 and of its incoming resources and applicat￿n of resourfje8. including its income and expandilure, for the year then end8d', have bèén propèrfy prepared in accordanc& with United Kingdom Generally Acceptsd Accounting Practice,. and have been preparèd in accordance with the requirements of the Cotnpani6s Act 2006. Basis for oplnlon We conduoted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities undér those standards are further described in the Auditoffs responsibllffli&s br Ihe audlt of lh$ financial slalem8nls section ol our report. We are indepèndènt of the charity in acctsrdance with the elhioal requirèmonts that are relevant lo our audit of the financi81 statèments in the UK. iDGluding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in ac¢ordance with Ihese requirements. Wa believe thGIt the audit evidence we have obtain8d is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng eone•m In auditing the financial statements, we have concluded that the trustees. use of the going concèm basis of accounting in the preparation of the financial statements is appropriate. Based on the work w8 havo porfomed, we have not idenlif19d any material uncertainties ralaling ltr events or eonditions that, indwidually or collectively, rnay Cast significant doubt on the charity's ability lo conlir)ue as a goiTrg concarn for a period ol at least twelve months tom when th8 finaneial statèments are authorised for issue. Our responsibilities and the responsibilitiès of the trustees with respect to going eoncem are desN￿b￿d in the r818vant sèctions ol this report. Oth8r Information The other inform8tiDn compris8s the information included in the annual report other than th8 finan¢lal statements and our auditovs reFQrt Ihereon. The Iruslees aro iesponsiblè for the other information contained within the annu31 report. Our opinion on the financial statements does not CDV8r tha other inlormalion and, exEepl lo the extent otherwise expliciuy slated in our ieport, we do Mtst express any form of assuran￿ Conclusion thereon. Our responsibility is lo read the other infoirnation and, in doing so, consider whether the other information is rnatarizlly inconsistent with the financial statements or our know19dge obtained in the oours8 of th6 audit, or othewise app8ars to be materially rllisstated. 11 we identify such material inconsistencies or apparent material mlsstatements, we are required to delerTlline whethgr this gives rise to a malerial misstatement in the financial slalements thetnselves. If. bas$d on the work we have performed, we conclude that th8m is a material mi6staternenl of this other information, W8 are required to report that fact. We have nothing lo report in Ihls regard. Opinions on other matters prescribed by the Companles Act 2006 In our Opinion. based on the work undertaken in the course of our audit.. the infO￿n￿tIon given in the truslees, report IDr the financial year for which the fin3ncial sta16menls are prepared, which includes the diiectors, mport prepared for the purposes ol company law. is consistènt with the financial statemènts., and the d1￿clOr$, report included within th8 trust8es' report has been prepared in accordance with applicable legal requiretnents. MERSEY SCHOOL OF ANAESTHESIA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA Mattèrs on whlch we are requlred to rgport by 8xception In the sight of the knowledge and understanding of the chaiity and Its environment obtainèd in thè eourse of the audit, we have not idenlrfied material misstatomenls in the directors, report included within the Irusl¢es' ieport. We have nothing to report in respect of the followng matt8rs in r&lation lo which th8 Cornpanies Act 2006 requires U8 to report to you if. in our opinion.. adequate and proper accounting records hav8 not ￿èn kèpt, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreernent wth the accounting racords and retums; or certain disclosures of Iruslees. remuneration specified by law are nol made., or we have not r￿sived all the information and 6xp1anations we require lor our audit., or the trustees were not 8nlilled to prepare the financial statements in a¢cord8ncé with the small companies regime and take advantagg of the small cornpani8s' èxèmptions in preparbng the trustees, report and from thè requirement to prepare a strategic report. Rèsponsibilitiès of trustaas As explained MO￿ fully in the statement of trustees. responsibilities, the trustees, who are also the diieclors of the charity for th8 Putposè of company law, are responsible for the preparation of the financial statements and for being satisfied that they give 8 true and fair view, and for such internal control as the trustèes d6tem)ine is necessary lo ènable the preparation of financial statements Ihal ale free frorn material misstslement, whéthar due to fraud or error. In prepartng the financial statements. the trustees gr8 responsibl6 for assessing the charity's ability to continue as a going ooncem. disd05ing, as applicable. matters related lo going concern and using the gring con￿rn basis ol accounting unless thè tru$té8S eithar intend to liquidate the charitable company or to cease oper8tlDns, or have no realistic altemalive but to do so. Audltovs rasponsibilities for the audlt C*f the flnanclal statements Our objectives are to obtain reasonable assurancè about whether the financial statements as 2 whole are free from material tnisslatèmènt, whèthèr dué to fraud or error, and lo issue an audrftorfs ￿port that includes our opinion. Reasonable assurance is a high lov81 of assurance but is not a guarantee that an audit eonducted in accordanGe with ISAS IUKI will alway8 detect a material misstatement when it exists. Misslatemtrnls Can arise from fraud or 8rror and are considered m2terlal il, indivldually or in the aggregatè, thay could reasonably be sxpecled lo influence the 8conomic deGisK)ns of users taken orh tha basis of these financial slalémonts. Irr8gularities, including fraud, am instances of non-compliance with law5 and regulations. We design procedurès in line with our responsibilili&s, tsullinad above, to detect material mi55talem8nts In rèspect CTrf irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. MERSEY SCHOOL OF ANAESTHESIA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MERSEY SCHOOL OF ANAESTHESIA We Qblained an under8tsnding of thè lègal and regulatory frameworks thal are applicabl8 to the charity and determined that the most significant are thoso that relate lo IhE* laws and regulations that have a dirert irnpact on the financl81 stsl8mants Such as the CompaniesAd 2006 and the Charities SORP IFRS1021. Our approach to identifying and assessing the risks of mal&rlal mSsstatement in re8P8Ct of1rregularilies. including fraud and noTrcompliance with laws and regulations. included the followng.. the engagement partner ensured the engagement team cc>llectively had th8 approprlale compelene£, capabilities and skills to identrfy OT ￿cogn￿e non-compliance with applicable law8 and regulations-. ijlscusslons with senior management., identifjed laws and regulations were communi¢ated wilhln thg audit team who remained alert l01nslances of non-compliancè throughout the audit. W8 evaluated managernenl's incentive5 and OPPDrtunilie5 for fraudulent manipulation of thè financial slalgments (including override of conlrolsl and addressed the risk through.. making enquires of those charged with govemance as to their knowledge of actual, suspected and alleged instaneès of fraud.. considering the inlemal controls in place to mitigat8 thè risks of fraud. In response to the risk ol irregularities and non-complian￿ with laws and regulations, we dèsignod our audit procodures whiGh indudod, but was not limited to.. agraeing financial slalemenl disclosures to underlying supporbng documentatiLIn'. revlewing the minutes ol meetings of those chargèd with governance., reviewrbg correspondence with professional advi50rs', reviewing for any transactions und8rtakèn with related parties such as those charged with govemance andl or direetors., lesling and révièwing joumal entries., chseknng expenses are bona fide transactions of the charitablè company. Because of the inherent limitations of an audit, there 15 8 risk that we will not dolect all irregularities, including Ihtsse leading to a material missÉatement in the finanaal statements or non-compliance with regulations. The risk is also greater regarding irregularities occurring due lo fraud rather than 8rror, as fraud involves inlenlional concealment, forgery, collusion, omission or misrepresentation. A furthor d&scription ol our responsibili119s is availabla on the Financial Reporting Council's wèbsit& at". https-.11 www.frc.org.uklauditorsresponsibilities. This description forms part ol our auditorfs report. Use of our report This rèport is rnade solely lo tha charlfable company's membets. as a body. in accordance with Chapter 3 of Part 16 of thè Companies Act 2006. our audit work has been undertaken so that we might state to thÉ charitable company's members those mattels we are required to state to them in an auditor's report and for no other purpos¢. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the chztilable company and the charitable corrpany's members as a body, for our audit work. for this report, or for the opinions have formed. Elalne Frances McElroy (Sanlor tatutoryAuditor For and on behalf of Lonsdale & Marsh, StatutoryAuditor Chartered Accountantg 509- 510 Cotton Exchange Bixlelh Str601 Livetpool L3 9LQ 1 Decèmber 2025 MERSEY SCHOOL OF ANAESTHESIA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrletèd funds 2025 Unrestricted nd5 2024 Notes In￿me from: Charitablè aetivitiès Investmerhts 404,584 13,578 350,618 12.152 Total Incom• 418.162 362,770 Expenditure on: Raising funds Charitable activities 1,896 359,971 428,787 Total expanditur8 428,787 361.867 Nel gainslllossesl on investmants 12 5,473 32.065 Nèt Sncomellexpendlture} and movement in funds (5,1521 32.968 Rèconclllatlon of lunds: Fund balances at 1 April 2024 $54,898 521,930 Fund balances at 31 March 2025 549,746 554,898 The statement of financial activities includès all gains and lossos recognlsed In the year. All incom8 and 8xpanditure derive from continuirhg activities. MERSEY SCHOOL OF ANAESTHESIA BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notss Fixed as¥9ts Tangibl8 assets Irhvestments 14 15 21,843 503.543 43,686 492,173 525.386 535,859 Current assets Debtors Cash al bank and in hand 16 2,153 62.103 1,696 44,084 64,256 45,780 Creditors.. amounts falllng du• within one year 17 139,8961 126.741 } Net current assets 24.360 19,039 Total less current liabllltles 549.746 554,898 Thè funds of the charlty Unrestricted funds 19 549,746 554.898 549,746 554.898 The financial slalements were approved by the trustees on 1 De￿mber 2025 Dr N C Biooks Trust•& MERSEY SCHOOL OF ANAESTHESIA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash fl¢)ws from oporatlng aetlvEtios Cash generaled from operations 10,338 19,444 Inv85ting activities Purchase of inveslmer)ts Proceeds from dispos81 of investmgnls Investment income receiv8d {107,822} 101,925 13,578 124,6681 18.699 12,152 Net cash gèneratèd from Inv•stlng activities 7.681 6,183 Net ¢ash gènerated from fSnanclng actfvitlgs N¢t In¢rease In cash and cash equlvalgnts 18,019 25,627 Cash and cash equivalents al beginning of yoar 44.084 18,457 Cash and cash equivalent$ at end of y¢ar 62.103 44.084 MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Aeeaunting policies Charlty Informatlon M8rs8y School of Anaoslh¢sia is a private company limited by guarantaè ineorpc>rated in England and Wales. The registered office is Education & Training C8ntr8. Whislon Hospitsl, Warrlngton Road, Pre5COt, Mersey5ide, L35 5DR. 1.1 Basls of preparation The accounts have been prepared in aecord8nc6 with the charity's Mgrnorandum and Articles of Association, the Companiès Act 2006 and "Accounting and Reporting by Charities= Slatem8nt of R8ctsmmended Practice 8pplieabl& to charIt￿S preparing their accounts in aG￿rdanCe with the Financial R&pDrting Standard applicable in the UK and Republic ol Ireland IFRS 1021 185 arllend6d lor accounting pgriod5 comrnerKing fiom 1 January 20191. The cha￿tY is a Public 8enefrt Entity as defined by FRS 102. Thei financial stalements are prepared in sterling, which is the functional currency of the charity- McTrnètary amounts in these financial stslements are rounded to the nearest £. The accounts hava been prepared under the historical cost conventlDn modifi&d to include th8 revaluation financial investments to their market valu¢. The prineipal accounting polic4e$ adopted are set out below. 1.2 Golng concern At the lime of approving the financial Statements, the trustees have a raasortable expectation th31 the charity has adequale resources to continue in op8rzb.onal èxistence for the lores9eable future. Thus the trustees ntinue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltab19 funds Unreslricled funds are available for use at the discretion of th& trustèÈs in furtherance ol their charitable objectives. 1.4 In¢om* Inttom8 is recogniséd in the SOFA when thg charity is legally enlilled lo it. The incomè derived from the provision of courses is re¢ognised in the year in which the cours8 takès place. Investment income is accounted lor on the accruals basis. 1.5 Exp8nditUTe Expenditure is recognised On￿ there is a legal or constructive obligation to Iranster economlc benefit lo a third party. il is probable that a transfei of economic benefits will bè rèquired in setuemenl, and the amount of the obligab'on can be measured ieliabfy. Expendituré is classifièd by activity. The costs of each aclivity art made up rjf the total ol direct costs and shared costs, including support costs involved In undertaking 8ach aclivity. Direct costs allributable lo a 51ngle activity are allocated direGtly lo that activity. Shaied costs which conlnbvte lo more than one activity and 5UPPOrt COSt5 which f th8 asset, and is recognised in the statèment of financial activiti&s. 1.7 Flxed asset investments Fixed asset investments are initially m6asured al transaction price exGluding tiansaction costs, 8nd ara subsequenuy measured al fair value at e8¢h roporting date. Changes in fair v81u8 ara recognised in net incDmellèxpènditurèl lor the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assèts At each r9PQrting end dat6, th8 charity ￿vIewS the carrying amounts ol its tangible assets to détemine whether there is any indication that thosè assats have suffere(T an impai￿ent loss. If any such indicafjon exists, thè rÉcoverabl8 amount of the asset is gslimated order to dotemiine thè Èxtenl of the impairment loss (rf any). 1.9 Cash and cash gquivalents Cash and cash equivalents include cash Ix hand, deposits helcl al call with banks, other short-term liquid investsnenls with original maturities of three months or less. 1.10 Flnanclal instruments Th6 charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 lo all of it5 f5nancial instruments. Financial inslrum8nls are recognised in the charity's balance sheot when the charity bewme5 Party to the conlraclual provissons of the instrument. Baslc flnanc181 assets Basic financial assets, which include dèbtors and cash and bank balances, are initially m8asurod at transaction price including transaction costs and are subsequently carried at cost. Basic financial liabilities Basic financial liabilities, including trade and other creditors are inltially recognised 8t transaction pricè unless the arrangement constitutes a Iinallcing Iransaclion, where the debt instrument is measured at tho present valu8 ol the future payments discoun19d at a market rate of inlerest. Fin8ncial liabilities classified as payabl& within ong year a￿ nc>t aniortised. Trade creditors a￿ ubliyalions lo pay for goods or sèrvices that have been acquired in Ihè ordinary course of operations frorhi suppliers. Amounts payable are classified as currenl liabilities if payn*nt is due within one year or less. Dere¢ognltion of Ilnanclal Ilabllllles Fin8ncial Iiabiliti8s arè dèrecognised when Ihe charity's contiactual obligations expir8 or are discharged or cancelled. MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng pollelès Icontlnuedl 1.11 Employee benefits If material. th8 cost of any unused h￿IdaY gnlillernenl is recognlsad in the period in which the employee's s¢rvi¢es are received. 1.12 Retlrement benefits Payrnents to defined contribution retirement benefit schemes ara charged as an expense as they fèll due. riti¢al accounting estlmates and judgements In the application of the charty'8 accounting policies. the trustees are réquirèd to make judgements, estirr)ates and assumptions about the carying amount ol 8ss6ts and liabilities that are not r8adily apparent from other sourcos. The estimates and associatsd assumptions are basèd on historical exporience and Other factors that a￿ considered to be relévant. Actual lesults may differ from these e51imates. The estim8tÈs and underlying assumptions are ieviewed on an ongoing basis. Revisions to accounting estimates are récognised in the period in which the estimate is reviséd where the revision affects only that period, or in the period of tho revision and futu￿ pèriods where the rèvislon affects both current and futuré pe￿0d8. Income from charltable activities Unrestrietèd funds 202S Unrestricted funds 2024 Course fees 404,584 350,618 Income from investments Unrestricted Unr•strlct8d funds funds 2025 2024 Incotne frotn listed investments Interest receivable 12,609 969 11,963 189 13,578 12,152 Expendltur8 on raising funds Unrostricted Unrestricted funds funds 2025 2024 Fundralslng and publicity Staging fundraising events 1.896 12- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on eharltabl• activitios Cour88 Donations expendlture and grants 2025 2025 rotal Course Don*lon5 •xpgnditure and grants 2024 Total 2025 2024 2024 DINct costs Stsff costs Depreciation and impairment Course costs Rent Insurance Postage and Stationery IT costs Legal and profession81 fees Inveslrnenl management fees Sundry expenses 177,152 177.152 163,016 163.016 21,843 146,652 5.910 872 8,967 13.978 21,843 146,652 5,910 872 e,967 13,978 21,843 112,356 5.910 905 6.318 7,081 21,843 112.356 5,910 905 6,316 7.081 4,750 4,750 4,299 4,299 6,539 13,487 6,539 13,487 5.994 13.522 5,994 13,522 398,150 398,150 341,242 341,242 Grant funding of activities (see note 7} Share of support and governancè eosts (see note 81 Governancg 23,077 23,077 11,529 11,529 7.560 7,560 7,200 7,200 405.710 23.077 428,787 348,442 11,529 359,971 Analysls by fund Unrestricted funds 405.710 23,077 428,787 348,442 11,529 359,971 Grants payable Donatlons and grants 2025 Donatlons grants 2024 Grants lo institutions {14 grants).. Education and training Olhgr 384 3,467 12,718 12,718 3,851 Grants lo indivlduals (27 grants) 10,359 7,678 23,077 11,529 13- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activitles 2025 2024 GovernaneÈ costs 7.560 7,20 Analysed b¢twéèn: CoLtrsè 6xpanditur• 7,560 7,200 Net movem8nt in funds 2025 2024 The nal movement In funds Is stated after chargingl{credilingl'. Fe8s payabl¢ for the audit ofthe charity's financial stateménts Depreciation of owned tangible fixed assets 7,560 21,843 7.200 21,843 1 D Trustèès None of the trustees lor any pgrsons conneded with them) received any remuneration during the year, bul ne of them was reimbursed a total of £12512024- £1211 for trav6lling expenses. 11 Employees The average monthly number ol employtr8s during the year was.. 2025 Number 2024 Number Employm•nt costs 2025 2024 Wages and salaries Social security costs Other ponsion costs 121,483 9.651 2,025 117,844 8,752 1,461 133,159 128.057 2025 2024 In addition to the employment costs as abova, payments were made to se employ8d p8rsonnèl amounting to.. 43,993 34.959 14- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employ•es IContlnu•dl The Number of employeES whosè annual remuneration was moT8 than £60.000 is as follows.. 2025 Number 2024 Number £70,001 - £80.000 £80,001- £90.QOQ Remuneration ol key mana9om$nt p•rsonnel The r8muneratiDrh of key managèmènt perscmnel was as follows.. 2025 2024 Aggregalg ¢ompensalio 165,476 152,803 12 Galns and losses on Investment5 Unr•$trlcted Unrestrlcted funds fvnds 2025 2024 Gainsl(lossesl arising on.. RE>valualion of investments Sale of inve51menls 3.870 1,603 33,269 11,2041 5,473 32,065 3 Taxatlon Th& company is a registgr9d charity and Ès such is exempl from laxalion on its income so long as this is applied lor a charitable purpose. 15- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Tangible fixed assèts Flxturés, itttlng5 & ulpment Computor Total At 1 April 2024 4,527 109.215 113,742 Al 31 March 2025 4,527 109,215 113,742 Depreciation and Smpalrni•nt Al 1 April 2024 Depreciation charged in the year 4,527 65,529 21,843 70,056 21.843 At 31 March 2025 4,527 87,372 91.899 Carrying amount At 31 March 2025 21.843 21,843 At 31 March 2024 43,686 43.686 15 Fixed assèt inv•stmants Listed Investments Cash in porttolio Total Cost or valuation Al 1 April 2024 Additions Valuation changos Movomcnt in cash Disposals 474,617 107,822 3,870 17.556 492.173 107,822 3,870 {4,3501 195,9721 (4,3501 195,9721 Al 31 March 2025 490,337 13,206 503.543 Carrying amount At 31 March 2025 490,337 13,206 503,543 Al 31 March 2024 474.617 17,556 492,173 16 MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset investments (Continued) 2025 2024 Inv85tm&nts at fair value comprise.. UK fix8d UK equity Overseas equity Allemative Mixed 65,422 118,259 239,795 47,113 19,748 64,146 121,823 218,480 50,365 19,803 490.337 474,617 Flxèd assot investments revaluèd At the year end the investments had a cost of 2383,41212024- £371,666>. 16 Debtors 2025 2024 Amounts falling du¢ wlthln onè yèar: Prepaylnetts and arGtued income 2,153 1,696 17 Cr¢ditor$: amounts falllng due wlthln ong year 202S 2024 Other taxation and social security Other creditors Accruals and delerred inctsme 3,717 264 35,915 3,687 23,054 39.896 26,741 18 RdlrÈmenl beneflt sehamos 202S 2024 Deflnèd eontributlon schemes Chargè to profil or loss in respect of delined contribution schemes 2,025 1,461 The charity operates a dèfined contribution pension ￿h￿me for all qlialifying employees. The assets of the scheme are held separ8lely frorll thoso of the charity in an indep8nd8ntly administered fund. 17- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestricted funds The unrestricted fijnds ol thè eharity Compris8 the unexpended balances of donations and gffjnts which are not subject to specific conditions by donors 8nd grantor$ as lo how they may be used. At 1 Aprll 2024 Incomlng resources Resources èxpended Gains and At 31 March 10$$0$ 202S General funds 554,898 418,162 1428,787) 5,473 549,746 Prevlous year: At 1 Aprll 2023 lllcoming resourees Resources èxpèndèd Gains and At 31 March losses 2024 Genéol funds 521,930 362,770 1361,867) 32.065 554,898 20 Related party transactlons Transactions with related parties During the year the charity 8ntèrèd inlo tha following transactions with related part1es'. 202S 2024 Trustees Transactions relate to reimbursed travel expendllure for one of tha Trustees 125 121 Key management personnel Payments granted lo one individual for the purpose of their educalion31 advancement 1,686 1,078 21 Company Ilrnltgd by 9uarante8 The chaiity is a company limited by guarantee and does not have a shar¢ capital. Each of the members has undertakèn to contribute an amount not exceeding £10 towards meeting the charivs debts in th6 event of its bèing wound up. 18- MERSEY SCHOOL OF ANAESTHESIA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Cash generated from operations 2025 2024 {Deficrf(Vsurplus lor tha year 15,152} 32,968 Adjustment$ for.. Invcstrnent incoma racognised in slatgmenl of financial activities (Gainyloss on disposal of investments Fair value gains and losses on investment5 Depreciation and imp2irmènt (rf t8ngibla fixed assets 113.5781 11,6031 13,8701 21,843 112,152) 1,204 {33.2691 21,843 MovemeTrts in w¢rklng capltal: Ilnor8as81 in dabtors Increase in ueditors 1457) 13.155 11,1531 10,003 Cash g8nerated from operatlons 10,338 19,444 23 Analysls of changes In nel funds The charity had no material debt during the year. 24 Non.audit services provided by auditor In eommon with many businesstrs of our size 2nd nature we use wr auditor lo assist wlh the piepaiation Df the financial statements. 19-