2025-03-31-accounts

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Charity registration number: 313539

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Midland Institute of Otorhinolaryngology

Annual Report and Financial Statements

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for the Year Ended 31 March 2025

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Midland Institute of Otorhinolaryngology

Contents

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|||||| |---|---|---|---|---| |Reference|and|Administrative|Details|1| |Trustees’|Report|2| |Statement|of Trustees’|Responsibilities|3| |independent|Examiner's|Report|4| |Statement|of|Financial|Activities|5to6| |Balance|Sheet|7| |Notes to the|Financial|Statements|8 to 14|

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Midland Institute of Otorhinolaryngology

Reference and Administrative Details

Trustees Dr A V Kasbekar Professor O Judd Council Officers Mr M Weller, President Ms A McDermott, Past President Mr M Simmons, Honorary Treasurer Ms R Banga, Honorary Secretary

Other Council Members Mr N Giblet

Ms N Mistry Mr M Osborne Mr A Parmar Mr Y Ramakrishnan Mr B Sahota Ms S Tzortzis

Mr Alex Charlton and Mr Joshua Whittaker are co-opted to Council as trainee representatives, The media representative is Ms Emma Richards.

Principal Office c/o The Honorary Treasurer Mr M Simmons 26 Hill Village Road Sutton Coldfield B75 5BA

Charity Registration Number — 313539

Independent Examiner Ballards LLP Chartered Accountants 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH

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Midland Institute of Otorhinolaryngology

Trustees’ Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2025,

Objectives and activities

Objects and aims

The objectives of the Institute are the promotion and encouragement of the study of and research in otology, rhinology, laryngology and associated subjects, and the promotion of post-graudate teaching in these subjects, both clinical and academic.

Public benefit

The trustees confirm they have complied with the requirements of the section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commision of England and Wales. The charity meets these requirements by carrying out its normal activites.

Achievements and performance

Various awards and bursaries were made during this period totalling £9,500 (2024: £8,200). The charities primary source of income continues to be income from investments,

Financial review

Policy on reserves

The policy on reserves is io maintain them at roughly the same level year by year by closely matching income and expenditure. Any major fluctuations in reserves will therefore be due to fluctuations in the market value of investments.

Structure, governance and management

Nature of governing document

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The governing document of the Institute is the constitution as adopted on 12 December 1947, as amended on 21 October 1988 and 9 October 1998 and by the scheme of 28 July 1982.

Recruitment and appointment of trustees

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The recruitment and appointment of new trustees, council officers and members is at the discretion of the
existing trustees and council members.
The ty on 4 GolT 6 sane on ;
by: annual report was approved by the trustees of the charity on ...1."...22!." and signed on its behalf
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Profescor Oy fo Corr
Trustee
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Midland Institute of Otorhinolaryngology

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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:

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• select suitable accounting policies and then apply them consistently,

• observe the methods and principles in the Charities SORP;

• 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; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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 constitution. The trustees 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 of the charity. on ....7%...........Vc% fel Oeand signed on its; behalf by:

Trustee

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Midland Institute of Otorhinolaryngology

Independent Examiner's Report to the trustees of Midland Institute of Otorhinolaryngology

| report to the trustees on my examination of the accounts of Midland Institute of Otorhinolaryngology for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity trustees of Midland Institute of Otorhinolaryngology you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2014 (‘the Act’).

| report in respect of my examination of the Midland Institute of Otorhinolaryngclogy's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 1 45(5)(b) of the Act.

Independent examiner’s statement

| have completed my examination. | 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:

1. accounting records were not kept in respect of Midland Institute of Otorhinolaryngology as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting 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.

| 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.

MA Skala Ballards LLP Chartered Accountants ICAEW 11c Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH

pate:, ZUlALLe2X..

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Midiand Institute of Otorhinolaryngology

Statement of Financial Activities for the Year Ended 31 March 2025

		Unrestricted	Unrestricted	Endowment	Total
			funds	funds	2025
	Note		£	£	£
Incomeand Endowments from:
Donations and legacies			3,820	-	3,820
Othertrading activities			20,376	-	20,376
investment income	4		24,171	-	24,171
Totalincome			48,367	-	48,367
Expenditure on:
Raising funds			(5,254)	-	(5,254)
Charitable activities			(30,970)	-	(30,970)
Total expenditure			(36,224)	-	(36,224)
Gains/(losses) on investment assets			(10,915)	-	(10,915)
Net income			4,228	-	1,228
Net movement in funds			1,228	-	1,228
Reconciliation offunds
Total funds brought forward			642,727	6,000	648,727
Totalfunds carried forward	42		643,955	6,000	649,955
		Unrestricted		Endowment	Total
			funds	funds	2024
	Note		£	£	£
Income and Endowments from:
Donations and legacies			3,820	-	3,820
Other trading activities			9,325	-	9,325
Investment income	4		24,129	.	24,129
Total income			37,274	-	37,274
Expenditure on:
Raising funds			(5,039)	-	(5,039)
Charitable activities			(27,898)	-	(27,898)
Total expenditure			(32,937)	-	(32,937)
Gains/(losses) on investment assets			8,554	-	8,554
Netincome			42,891	:	42,894
Netmovement infunds			12,891	~	12,891
Reconciliation offunds
Totalfundsbrought forward		.	629,836	6,000	635,836 a
Totalfundscarriedforward	42		642,727	6,000	648,727

The notes on pages 8 to 14 form anPageintegral6 part of these financial statements.

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Midland Institute of Otorhinolaryngology

Statement of Financial Activities for the Year Ended 31 March 2025 (continued)

All of the charity's activities derive from continuing operations during the above two periods.

The notes on pages 8 to 14 form an integral part of these financial statements. Page 6

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Midland Institute of Otorhinolaryngology

(Registration number: 313539) Balance Sheet as at 31 March 2025

		2025	2024
	Note	£	£
Fixed assets
investments	9	518,198	534,154
Current assets
Cash at bank and in hand	10	433,977	119,673
Creditors: Amounts falling due within one year	11	(2,220)	(5,400)
Net current assets		434,757	114,573
Net assets		649,955	648,727
Funds of the charity:
Endowmentfunds		6,000	6,000
Unrestricted incomefunds
Unrestrictedfunds		643,955	642,727
Totalfunds	42	649,955	648,727

The financial statements on pages 5 to 14 were approved by the trustees, and authorised for issue on A. G6ME... and signed on their behalf by:

Professor’O Judd Trustee

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The notes on pages 8 to 14 form an integral part of these financial statements. Page 7

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Midland Institute of Otorhinolaryngology

Notes to the Financial Statements for the Year Ended 31 March 2025

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Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of freland (FRS 102) and the Charities Act 2011.

Basis of preparation

Midland Institute of Otorhinolaryngology meets the definition of a public benefit entity under FRS 102. The accounts (financial statements} have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

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Midland Institute of Otorhinolaryngology

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fixed asset investments

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Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date, Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

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.

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Midland Institute of Otorhinolaryngology

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

2 Income from donations and legacies

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Unrestricted

		Unrestricted
			Total	Total
		General	2025	2024
		£	£	£
Subscriptions		3,820	3,820	3,820
		3,820	3,820	3,820
3	Income from other trading activities
	:	Unrestricted
		General	Total 2025	Total 2024
		£	£	£
Sponsorship, meeting fees and other income		20,376	20,376	9,325
		20,376	20,376	9,325
4	Investment income
		Unrestricted
		funds	Total	Total
		General £	2025 £.	2024 £
Interest receivable and similar income:
	Interest receivable on bank deposits	902	902	723
Other income from fixed asset investments		23,269	23,269	23,406
		24,171	24,171	24,129

4 Investment income

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Midland Institute of Otorhinolaryngology Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

5 Expenditure on raising funds

a) Investment management costs

		Unrestricted funds General	Total 2025	Total 2024
Other investment management costs;
	Other portfolio management costs	5,254	5,254	5,039
		5,254	5,254	5,039
				Total
				costs
6	Expenditure on charitable activities
		Unrestricted funds General	Total 2025	Total 2024
		£	£	£
Research,educationandadministration		30,970	30,970	27898

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses from the charity during the year.

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Midland Institute of Otorhinolaryngology

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

8 Taxation

The charity is a registered charity and is therefore exempt from taxation.

9 Fixed asset investments

		2025	2024
		£	£
Other	investments	518,198	534,154
Other	investments

	Listed
	investments	Total
	£	£
Cost or Valuation
At 1 April2024	534,154	534,154
Revaluation Additions	(8,365) 89,772	(8,365) 89,772
Disposals	(97,363)	(97,363)
At 31 March 2025	518,198	518,198
Net book value
At 31 March 2025	518,198	518,198
At 31 March 2024	534,154	534,154
10 Cash and cash equivalents
'	2025	2024
	£	£
Cash at bank	133,977	119,673
11 Creditors: amounts falling due within oneyear
	2025	2024
	£	£
Accruals	2,220	5,100

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Midland Institute of Otorhinolaryngology

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

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||||||||| |---|---|---|---|---|---|---|---| |12 Funds| |Balance|at|;|Other|Balance|at| |1|April|Incoming|Resources|recognised|31|March| |2024|resources|expended|gains/(losses)|2025| |£|£|£|£|£| |Unrestricted funds| |General|642,727|48,367|(36,224)|(10,915)|643,955| |Endowment funds| |Expendable|6,000|-|-|-|6,000| |Total|funds|648,727|48|367|(36,224)|(10,915)|649,955| |Balance|at|Other|Balance|at| |1|April|Incoming|Resources|recognised|31|March| |2023|resources|expended|gains/(losses)|2024| |£|£|£|£|£| |Unrestricted|funds| |General|629,836|37,274|(32,937)|8,554|642,727| |Endowment|funds| |Expendable|6,000|-|-|-|6,000| |Total funds|635,836|37,274|(32,937)|8,554|648,727|

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Midland Institute of Otorhinolaryngology

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

13 Analysis of net assets between funds

	Unrestricted funds	Endowment funds	Totalfunds at 31 March
Fixed assetinvestments Currentassets Current liabilities	General £ 518,198 127,977 (2,220)	Expendable £ - 6,000 -	2025 £ 518,198 133,977 (2,220)
Total net assets	643,955	6,000	649,955
	Unrestricted funds	Endowment funds	Totalfunds at 31 March
	General	Expendable	2024
Fixed asset investments Current assets Current liabilities	£ 534,154 113,673 (5,100)	£ - 6,000 -	£ 534,154 119,673 (5,100)
Totalnetassets	642,727	6,000	648,727

14 Related party transactions

There were no related party transactions in the year.

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Midland Institute of Otorhinolaryngology

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

	Total	Total
	2025	2024
Income and Endowments from:
Donations and legacies (analysed below)	3,820	3,820
Other trading activities (analysed below)	20,376	9,325
Investment income (analysed below)	24,171	24,129
Total income	48,367	37,274
Expenditure on:
Raising funds (analysed below)	(5,254)	(5,039)
Charitable activities (analysed below)	(30,970)	(27,898)
Total expenditure	(36,224)	(32,937)
Gains/(losses) on investment assets (analysed below)	(10,915)	8,554
Net income	4,228	42,891
Netmovement infunds	4,228	12,891
Reconciliation offunds
Totalfunds brought forward	648,727	635,836
Totalfundscarriedforward	649,955	648,727

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Midland Institute of Otorhinolaryngology

Detailed Statement of Financial Activities for the Year Ended 31 March 2025 (continued)

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	Total	Total
	2025	2024
	£	£
Donations andlegacies
Subscriptions	3,820	3,820
	3,820	3,820
Othertrading activities
Sponsorship, meetings fees and otherincome	20,376	9,325
a	20,376	9,325
Investment income
{Incomefrom listed investments	23,269	23,406
Bank interest receivable	902	723
	24,171	24,129
Raising funds
Portfolio managementcosts	(5,254)	(5,039)
	(5,254)	(5,039)
Charitable activities
Meetings and conferences	(11,294)	(11,813)
Research, education and administration	(9,500)	(8,200)
Secretarial and office Accountancy fees	(7,956) (2,220)	(5,785) (2,100)
	(30,970)	(27,898)
Gains/losses on investment assets
Realised gain/(loss) on sale ofinvestments	(2,550)	81
Unrealisedgain/(loss)oninvestments	(8,365)	8,473

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