Torbay Medical Research Fund
For
31 December 2023
Charity Number 261932

Torbay Medical Research Fund
Financial Statements
Year Ended 31 December 2023
Contents
Pages
Members of the Board and Professional Advisers
Trustees, Annual Report
Independent Examiner's Report to the Trustees
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
9-13

Page 1
Torbay Medical Research Fund
Members of the Board and Professional Advisers
Charity number
261932
The Board of Trustees
Mrs S K Austen- Chairman
Mr C Siegle - Hon. Secretary
Dr J M Goldman
Mr C M Linton
Mr S MacDermott
Mr T G Parry
Independent Examiner
Bishop Fleming LLP
Chartered Accountants
Stratus House
Exeter Business Park
Emperor Way
Exeter
Devon
EX13QS
Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors
Kitsons
Minerva House
Orchard Way
Edginswell Park
Torquay
Devon
TQ17FA
Investment Managers
Brewin Dolphin
Vantage Point
Woodwater Park
Pynes Hill
Exeter
EX2 5FD

Page 2
Torbay Medical Research Fund
Trustees, Annual Report
Year Ended 31 December 2023
The trustees present their report along with the financial statements of the charity for the year ended 31
December 2023. The financial statements have been prepared in accordance with the accounting
policies set out in note 2 to the accounts and comply with the charity's governing document, the Charities
Act 2011 and the Charities Statement of Recommended Practice (SORP) (FRS 102) 2nd edition.
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing document
The Torbay Medical Research Fund (formerly known as Torbay Hospital Special Medical Projects &
Research Trust Fund) is constituted by deed of trust dated 21 October 1970 and is a registered charity,
number 261932.
The principal office of the charity: Sigma House
Oak View Close
Edginswell Park
Torquay
Devon TQ2 7F
Recruitment and training of trustees
The Deed of Trust provides that there shall always be a majority of trustees who are not medically
qualified. The trustees seek to achieve a balance on the board of trustees between professional
disciplines such as law and accountancy, business experience and medical qualification. Recruitment
has hitherto been conducted by way of personal contact and the induction of trustees is carried out by
the chairman and the secretary.
Organisational management
The Torbay Medical Research Fund is conducted and managed by the trustees who may exercise all
such powers of the fund.
The board of trustees consists of the chairman, secretary and several other trustees in order that the
total number of trustees shall not be less than five nor more than twelve.
Risk management
The trustees have established systems to investigate significant risks against the charity assets. The
trustees actively review, on a regular basis, all significant risks which could adversely affect the charity
in terms of its key assets, identified as investments, cash and bank balances. The trustees also
ensure that every research project is carefully reviewed by the trustees and the medical advisory
committee as well as being viewed by the Health Research Authority (HRA), an NHS Research Ethics
Committee where applicable and the Medicines and Healthcare products regulatory Authority (MHRA)
where applicable in accordance with HRA requirements and regulations. Funds are generally not
released for any particular project until the relevant approvals have been received.
OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
Charitable objects
The objects of the charity are the preservation and protection of health and the relief of sickness by the
furtherance of medical, dental, health and care research projects directed to that end by members of
the medical, dental, health and care professions practising under the auspices of the Torbay and South
Devon medical, dental, health and care community within the area administered by Torbay and South
Devon NHS Foundation Trust and the publication of the results of all such research.

Page 3
Torbay Medical Research Fund
Trustees, Annual Report
Year Ended 31 December 2023
Public benefit statement
The trustees confirm that they have referred to the guidance contained in the Charity Commission's
general guidance on public benefit when reviewing the trust's aims and objectives and in planning future
activities and setting the grant making policy for the year.
Aims and objectives
The trustees aim to finance medical, dental, health and care research projects by medical, dental,
health and care professionals working at Torbay Hospital or within the Torbay and South Devon
NHS Foundation Trust area and to generate a sound reputation for medical, dental, health and
care research at Torbay Hospital.
Strategies to achieve the year's objectives
The trustees have been working with Torbay and South Devon NHS Foundation Trust to promote the
work of the trust and to this end there is now:
Torbay Medical Research Fund website which provides updates of grants awarded, calls for
funding and the work of the trust. htt ://www.torba
mrf.info
Regular research calls out to Torbay and South Devon NHS Foundation Trust staff, primary
care clinicians working across Torbay and South Devon as well as local academic
organisations who may be working in partnership with health and care colleagues locally.
Three meetings per annum to enable timely consideration of applications.
Activities
During the year the trust was able to accept requests for two new research, amounting to
£112,771 in total, for which free reserves were available.
Grant making policy
The trust has established its grant making policy to achieve its objects for the public benefit to
preserve and protect health and the relief of sickness by the furtherance of medical, dental, health
and care research. The trustees will consider applications for amounts of any size. However,
applicants must confirm application will be made for ethics approval where applicable. Under
regulations relating to research involving the use of drugs, applicants will also have to comply
with the requirements of the Medical Health Care Products Regulatory Authority (MHRA).
All grants are recognised in the Statement of Financial Activities on the date of commitment.
Volunteers
All the trustees are volunteers. Honorariums are paid in respect of the secretarial and
accountancy services provided by non-trustees. The trust has no other volunteers or paid staff.
ACHIEVEMENTS AND PERFORMANCE
Review of activities
We are pleased to have been part of an ongoing project to better understand the high numbers of
children in care in Torbay, to understand how early help and community interventions can be delivered
to engage with and support families to reduce the need for statutory intervention and to identify how
communities and service providers can work more effectively together to support families at risk of
statutory intervention. The project completed during the year and resulted in a number of formal
recommendations that have been accepted by the local authority and a plan is now in place to implement
them. During the year we have awarded further funding in connection with an extension of this research.

Page 4
Torbay Medical Research Fund
Trustees, Annual Report
Year Ended 31 December 2023
During the year we have also approved funding for a project to conduct research into reasonable
adjustments to improve accessibility of general practice to neurodivergent doctors.
Some of the projects in progress have been delayed by constraints arising from Covid measures
and the ongoing impact on the healthcare system and this has delayed the payment of funds from
the charity.
Investment policy/performance
The investment portfolio is managed by Brewin Dolphin on a discretionary basis. The investment
objectives are income and capital growth, subject to a moderate degree of risk. The trust restricts
investments to exclude investment in companies which generate in excess of 5 % of turnover from
alcohol or tobacco. During the year the net gains on sales and increase in market value of
investments amounted to a net gain on investments of £190,657 (2022: net loss of £353,900).
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 concern basis can be found in the Accounting Policies.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023
Review
The income of the charity for the year comprised investment income of £75,642 (2022: £55,215).
During the year, the charity made 2 grants for medical, dental, health and care research totalling
£112,771 (2022: £184,074) following acceptance of the projects for that purpose by the relevant
committee. The trustees took the decision to write back to the Statement of Financial Activities £46,667
(2022: £10,920) in respect of grants previously committed which are no longer to be paid because the
projects involved will not be going ahead or have been completed.
The net outgoing resources before losses and gains on investments amounted to £24,123 (2022:
£143,656). The net increase in funds, after including the gains and losses on investments, amounted
to £166,534 (2022: decrease of £497,556) for the year. Unrestricted funds at the year-end amounted
to £1,231,804 (2022: £1,065,270).
Reserves policy
The trustees have a stated policy of retaining free reserves to ensure money will be available in the
immediate future to meet the annual administration costs and committed grant expenditure. Included
in free reserves are investments that can be realised at short notice and a sub fund of the investment
porffolio has been established to manage the risk of sudden drops in investment values in respect of
grants committed and expected to be paid in the short term.

Page 5
Torbay Medical Research Fund
Trustees, Annual Report
Year Ended 31 December 2023
ACCOUNTING AND REPORTING RESPONSIBILITIES
The trustees are responsible for preparing the Trustees, Annual 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 in England & Wales requires the trustees to prepare financial statements
for each financial year which give a true and fair view of the state of affairs of the charity and of the
incoming resources and application of resources of the charity for that period. In preparing these
financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP (FRS 102) 2nd edition
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the charity and enable them to ensure that the financial
statements comply with the Charities Act 2011 , the Charities (Accounts and Reports) Regulations 2008
and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on
and signed on their behalf by
SHARON AUSTEN
Mrs S K Austen - Chairman

Page 6
Torbay Medical Research Fund
Independent Examiner's Report to the Trustees
Year Ended 31 December 2023
I report to the charity trustees on my examination of the accounts of the charity for the year ended
31 December 2023 which are set out on pages 7 to 13.
Responsibilities and basis of report
As the charity s trustees you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act
and in carrying out my examination I have followed all the applicable Directions given by the Charity
Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any
requirement that the accounts give a 'true and fair view, which is not a matter considered as part
of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Mark Munro FCA
Bishop Fleming LLP
Chartered Accountants
Stratus House
Exeter Business Park
Emperor Way
Exeter
EX13QS
Date:

Page 7
Torbay Medical Research Fund
Statement of Financial Activities (incorporating income and expenditure account)
Year Ended 31 December 2023
Unrestricted Restricted Total Funds Total Funds
Funds
Funds
2023
2022
Note
Incoming resources
Donations and legacies
Investment Income
75,642
75,642
55,215
Total incoming resources
75,642
75,642
55,215
Resources expended
Costs of raising funds."
Investment management costs
19,085
19,085
16,103
Expenditure on charitable activities..
Charitable activities: Grants
Governance costs
67,829
12,851
67,829
12,851
173,154
9,614
Total resources expended
99,765
99,765
198,871
Net (outgoing) resources before transfers
and other recognised gains and losses
(24,123)
(24,123) (143,656)
Other recognised gains and losses:
Realised and unrealised gains / (losses)
on investments
190,657
190,657
(353,900)
Net movement in funds
166,534
166,534
(497,556)
Reconciliation of funds
Total funds at 1 January 2023
1,065,270
1,065,270
1,562,826
Total funds at 31 December 2023
1,231,804
1,231,804
1,065,270
All activities relate to continuing operations.
The notes on page 9 to 13 form part of these accounts.

Page 8
Torbay Medical Research Fund
Balance Sheet
31 December 2023
Note
2023
2022
Fixed assets
Investments
2,372,766
2,300,036
Current assets
Debtors
Cash at bank and in hand
9,007
23,092
116,247
32,099
116,247
Creditors: Amounts falling due
within one year
(994,450)
(1,028,202)
Net current (liabilities)
(962,351)
(911,955)
Total assets less current liabilities
1,410,415
1,388,081
Creditors: Amounts falling due
after more than one year
(178,611)
(322,811)
Net assets
1,231,804
1,065,270
Represented by:
Unrestricted reserves
10
1,231,804
1,065,270
These financial statements were approved by the members of the committee on
and
d on their behalf by:
SHAR
AUSTEN
Mrs S K Austen
Chairman
The notes on page 9 to 13 form part of these accounts.

Page 9
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2023
General information
Torbay Medical Research Fund is an unincorporated charity.
Accounting policies
(a) Basis of accounting
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements
have been prepared in accordance with the 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) (SORP) issued in October
2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
(b) Going concern
The charity had net assets of £1,231,804 at the year end. Full provision is made for funding
committed at the point an award is granted and many of these amounts are shown within
creditors falling due within one year. The nature of the projects funded means payments are
actually drawn over a longer period of time. In addition, the charity can liquidate holdings in its
investment portfolio at short notice as funds are required. As a result, although the charity
reports net current liabilities, it always has funds available to meet commitments as they fall
due.
(c) Income
i) Investment income
Investment income is recognised when the charity has entitlement to the funds and it is
probable that the income will be received.
ii) Donations and gifts
All monetary donations and gifts are credited to the Statement of Financial Activities when
the charity has entitlement to the funds and it is probable that the income will be received.
iii) Legacies
Legacies are credited to the Statement of Financial Activities when the charity is advised
by the personal representatives of an estate that probate has been granted, that payment
is probable and the amount can be quantified with reasonable certainty.
(d) Expenditure
Expenditure, is recognised when there is a legal or constructive obligation committing the
charity to that expenditure, it is probable that settlement will be required and the amount of the
obligation can be measured reliably.
Grants are recognised in the Statement of Financial Activities at the date they are committed.
(e) Investments
Investments are stated in the balance sheet at their market value at the balance sheet date.
The SOFA includes the net gains and losses arising on the revaluations and disposals
throughout the year.

Page 10
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2023
(fj Fund accounting
i) Unrestricted funds consist of those funds which the charity may use in the furtherance of
its charitable objectives at the discretion of the trustees.
ii) Restricted funds consist of those funds whose use is restricted by either the terms of the
appeal or by the terms of a bequest or similar donation specified by the donor.
(g) Taxation
The company is a registered charity and therefore is not liable for Income Tax or Corporation
Tax on income derived from its charitable activities, as it falls within the various exemptions
available to registered charities.
Investment income
2023
Total
2022
Total
Unrestricted Funds..
Dividends and interest from
investments
73,924
54,854
Bank interest
1,718
361
75,642
55,215
Charitable activities
2023
Total
2022
Total
Unrestricted Funds..
Grants committed
Grants written off
Medical lecture costs
112,771
(46,667)
1,725
184,074
(10,920)
67,829
173,154
Number of grants committed
The above grants of £67,829 (2022: £173,154) relate to funds committed for medical, dental, and
health and care research by medical, dental, health and care professionals working in the Torbay
Hospital or within the Torbay and South Devon NHS Foundation Trust area.

Page 11
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2023
Governance costs
2023
Total
2022
Total
Unrestricted Funds."
Sundry expenses
Honorariums
Legal and professional fees
71
10,800
1,980
84
8,450
1,080
12,851
9,614
Investments
Investments
Cash
2023
TOTAL
2022
TOTAL
Designated Funds
Market value at 1 January 2023
2,261,589
38,447
2,300,036 2,797,301
Disposal proceeds
(1,075,927)
(1,075,927) (377,326)
Investment additions
1,068,000
1,068,000
363,961
Realised and unrealised (loss)/gain
190,657
190,657 (353,900)
Cash withdrawn from the investments
(110,000)
(110,000) (130,000)
Net cash movement
5,722
(5,722)
Market value at 31 December 2023
2,340,041
32,725
2,372,766 2,300,036
The historical cost of the investments at 31 December 2023 was £1,946,604 (2022: 1,933,798).
Debtors
2023
2022
Investment income
9,007

Page 12
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors - amounts falling due within one year
2023
2022
Accruals
Grants
13,885
980,565
12,440
1,015,762
994,450
1,028,202
The grants are for commitments into future research in medical, dental, health and care advances.
Creditors - amounts falling due after more than one year
2023
2022
Grants
178,611
322,811
The grants are for commitments into future research in medical, dental, health and care advances.
10. Funds
Balance
Incomingl
at (outgoing)
1 January
for the
2023
year
Balance
at31
December
2023
Transfer
between
funds
Total general funds
1,065,270
166,534
1,231,804

Page 13
Torbay Medical Research Fund
Notes to the Financial Statements
Year Ended 31 December 2023
11. Analysis of net assets (between restricted and unrestricted funds)
Net
Long
Current
Term
Investments Liabilities Liabilities
Fund
Balances
Unrestricted funds
General funds
2,372,766
(962,351) (178,611)
1,231,804
12. Trustees, expenses
No trustees received any direct remuneration.
13. Related party transactions
Honorariums amounting to £7,200 per annum (2022: £7,200) in respect of the services of treasurer
are paid to Francis Clark, Chartered Accountants. Mrs S Austen, a trustee, is a partner in Francis
Clark.