Charity number: 1174620 NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report statement of financial activities Balance sheet Notes to the financial statements 7-10
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustegs Dr M B Sidery P R Norton J Clibbon Iresigned 19 December 20241 Dr X Coll Prof D G I Scott C Mukhlyar (appointed 19 Dember 2024} Charity rggistgred number 1174620 Principal office 1 Rimer Close Norwich Norfolk NR5 9HZ Accountants Larking Gowen LLP Chartered Accountants Prospect House Rouen Road Norwich NR1 1RE Page 1
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2024 10 31 March 2025. Objectives and activities Policies and objectives Under the charills constitution, the charity's object is the advancement of health by the promotion of medical and dental education and research amongst health care professionals based in and around Norfolk. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidan 'Public benefit.. running a charity IPB21'. b. Strategies for achieving objectives Since incorporation, the Trustees have acted lo effect the transfer to the charity of the assets and grantmaking activity of The Norfolk and Norwich Hospital Bicentenary Trust Icharity number 3112971 and NANIME Charitable Trust Icharilable number 10669651. An initial cash transfer look place in July 2019. The remaining assets have not been transferred al the time of signing. No grants have been awarded during the year. Review of activities Due to administrative difficulties the remaining assets and activities of The Norfolk and Norwich Bicentenary Trust have not been transferred, and therefore it was decided not lo award any grants during the year. Page 2
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going cOnM basis can be found in the accounting policies. b. Reserves policy Free reserves (consisting of the total funds) at 31 March 2025 amounted to £61,61912024 - £63,419). Funds to be received On 19th December 2024, the Trustees of Norfolk Medical and Dental Education and Research Trust, The Norfolk & Norwich Hospital Bicentenary Trust and Norfolk & Norwich Institute for Medical Education approved resolutions confirming authorisalion to complete the transfer of funds and investments from The Norfolk & Norwich Hospital Bicentenary Trust and Norfolk & NonNich Institute for Medical Education to Norfolk Medical and Dental Education and Research Trust. The details of this transfer are included in note 8. Structurei governance and management Constitution Norfolk Medical and Dental Education and Research Trust is a registered charity, number 1174620, and is governed under a CIO constitution dated 12 September 2017. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 3
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities irb England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent,. stale whether applic8ble UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statemgnts on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charitls tmnsaclions and disclose with re8sonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charitlgs Act 2011. the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention 8nd detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. P R Norton Trustee Date- 7 July 2026 Page 4
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Total income Expenditure on: Charitable activities.. Support costs 1,571 1,571 2,100 Total expenditure 1.571 1.571 2,100 Net movement in funds 11,571) (1,571) (2, 700) Reconciliation of funds.. Total funds brought forward Nel movement in funds 63.419 11.571) 63.419 11.571) 65,519 (2, 100) Total funds carried forward 61,848 61,848 63,419 The notes on pages 7 10 10 form part of these financial statements. Page 5
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Current assets Debtors Cash at bank and in hand Current liabilities 10,505 60,547 10,505 60,333 Creditors.. amounts falling due within one year (9,2041 (7,479) Net current assets 61.848 63,419 Total net assets 61,848 63,419 Charity funds Unreslricled funds 61.848 63,419 Total funds 61,848 63,419 The financial stsl8menls w8re approved and aulhorised for issue by the Trustees and signed on their behalf by.. P R Norton Trustee Dale.. 7 July 2026 The notes on pages 7 10 10 form part of these financial slatemenls. Page 6
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 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 IFRS 1021 (effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Norfolk Medical and Dental Education and Research Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Expgnditurg Expenditure is recognised once there is a legal or constrLJCtive obligation to transfer economic benefit to a third party, 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.3 Dgbtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.4 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acqLJisilion or opening of the deposit or similar account. 1.5 Liabilitigs and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount il has reiVed as advanced payments for the goods or services it must provide. 1.6 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qLJalify as basic financial instruments. Basic financial instruments are initially recognised al transaction valLJe and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effertive interest method. Page 7
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.7 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Page 8
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Support costs 2025 Total funds 2025 Total funds 2024 Support Costs 1,571 1,571 2,100 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NILJ. Debtors 2025 2024 Dug Within one year Trade debtors 10,505 10,505 10,505 70,505 Creditors: Amounts falling due within one year 2025 2024 Trade creditors 15 Accruals and deferred income 9,204 1,404 9,204 7,419 Page 9
NORFOLK MEDICAL AND DENTAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 statement offunds statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Expenditure Unrestricted funds General Funds - all funds 63.419 11,5711 61.848 Statement of funds - prior year Balance al 31 March 2024 Balan al 7 Apnl 2023 Expenditure Unrestrlcted funds General Funds - all funds 65,519 (2, 100) 63,419 Related party transactlons The Charity has not entered into any related paty transaction during the year, nor are there any oulstsnding balances owing between related parties and the Charity al 31 March 2025. Funds to be recelved On 19th December 2024, the Trustees of Norfolk Medical and Dental Education and Research Trust, The Norfolk & NoNich Hospital Bicentenary Trust and Norfolk & Nornich Institute for Medical Education approved resolutions confirming authorisalion lo complete the transfer of funds and investments from The Norfolk & Norwich Hospital Bicentenary Trust and Norfolk & Notwich Inslilule for Medical Education lo Norfolk Medical and Dental Education and Research Trust. At the dale of approval of these financial statements it has not proved possible lo complete those transfers. The latest financial stslemenls of The Norfolk & Norwich Hospital Bicentenary Trust prepared as at 31 December 24 included nel assets of £636,000. The Trustees estimate the assets lo be received from Norfolk & Norwich Institute for Medical Education at £203,000. Page 10