Company registration number 02660547 (England and Wales)
Charity registration number 1010238 (England and Wales)
THE GLOUCESTERSHIRE CHEST FUND LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE GLOUCESTERSHIRE CHEST FUND LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr. S. Message PhD., F.R.C.P.
Mrs K.E. Prior
Dr. A.J. White BSc., F.R.C.P.
Dr. A. Raghuram M.D., M.R.C.P.I., F.R.C.P
Dr. N.W. Roberts B.Sc, PhD, FRSB
Mrs M. Jefferies
Secretary
Dr. N. W. Roberts
Charity number
1010238
Company number
02660547
Principal address
68 Chamberlain Road
Llandaff North
Cardiff
CF14 2LX
Registered office
68 Chamberlain Road
Llandaff North
Cardiff
CF14 2LX
Independent examiner
P. J. Taylor F.C.A.
Pitt Godden & Taylor LLP
Unit 3 Ambrose House
Meteor Court
Barnwood
Gloucester
GL4 3GG
Bankers
Barclays Bank plc
18 Southgate Street
Gloucester
GL1 2DH
Scottish Widows Bank plc
PO Box 12757
67 Morrison Street
Edinburgh
EH3 8YJ
THE GLOUCESTERSHIRE CHEST FUND LIMITED
CONTENTS
Page
Chairman's statement
1
Trustees' report
2 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 12
THE GLOUCESTERSHIRE CHEST FUND LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

Another successful year for the chest fund.

We continue to support the training of healthcare staff via the John Prior bursary and organising training events for members of the multidisciplinary team. We have launched our flagship fund raising project in conjunction with colleagues in the trust. Our aim is to raise the money to provide a cardiopulmonary exercise bike to assess patient’s fitness for surgery. Currently patients need to travel to Bristol to be assessed, so this will mean assessments can be carried out in Gloucestershire.

My grateful thanks to all the trustees especially our Company Secretary and Treasurer Dr Roberts and to Mr Philip Taylor, of Pitt Godden and Taylor LLP for the independent examination of our accounts.

Dr. A. Raghuram M.D., M.R.C.P.I., F.R.C.P

Chairman
Date: 19 July 2026
THE GLOUCESTERSHIRE CHEST FUND LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
The Trustees present their report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The objects of the The Gloucestershire Chest Fund Limited are to relieve persons suffering from diseases of the chest and lungs and associated disorders in particular (but without prejudice to the generality of the foregoing) by the promotion of medical research into the prevention, treatment, alleviation and care of the said diseases and the dissemination of the useful results of such research for the benefit of the public.

Public Benefit

The Trustees have complied with the duty in section 17 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission on Public Benefit.

The Gloucestershire Chest Fund aims to buy medical equipment to give to Gloucestershire hospitals in order to improve the diagnosis and treatment of people suffering from chest diseases in the County. About half the Trustees are consultants working in Gloucestershire hospitals who, due to their position, can identify what equipment is needed and is most appropriate but may not necessarily be available from NHS funds. The fund has also set aside an Emergency Medical Equipment Fund; this is for relatively low-cost medical equipment which may be urgently required by patients in an emergency.

The Trustees are content with the Fund’s income of £1,745 (2024 : £2,950)

General donations and collections during the year amounted to £1,61 3 (2024: £2,867).

Collection tins in various locations, together with loose change boxes in supporters homes, continue to provide a useful stream of income for which the Trustees are most appreciative.

The Trustees once again wish to express their appreciation to our supporters including regular donors, Mrs Fiona Leathart and Mrs Merchant, and for bereavement donations from Dr Roberts in memory of Eric Veal the brother of the charity’s founder. Without their continued dedication, the activities of the Gloucestershire Chest Fund could not be fulfilled.

Dr. J. G. Prior Memorial Bursary

We continue to use the Prior Memorial bursary to organise training days for the multidisciplinary teams and to support attendance at educational meetings and other training opportunities.

Financial review

Income for the year amounted to £1,745 (20 2 4: £2,950). Expenses amounted to £1,36 2 (20 2 4: £507) including a grant given for the purchase of medical equipment of £773, resulting in net income of £383 (20 2 4: net income £2,443).

THE GLOUCESTERSHIRE CHEST FUND LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Reserves policy

It is the policy of the Charity to hold unrestricted funds which have not been designated for a specific use in order to maintain expenditure on medical equipment. The Trustees consider that a reserve of approximately £5,000 is appropriate. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funds, they will be able to continue the Charity's activities while consideration is given to ways in which additional funds may be raised. The total unrestricted reserves at 31 December 2025 are £19,740. The Trustees have designated some of these funds for a specific purpose - being £5,000 for the Emergency Medical Equipment Fund, and £9,357 for the CPET bike mentioned below.

The charity is working to raise enough funds for the purchase of a cardiopulmonary exercise bike for Gloucestershire and have now raised over £14,000.

Risk statement

The Trustees has assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

T he key elements of the Fund's procedures and internal financial controls are:

a) Expenditure on medical equipment, research and general overheads is approved by the Trustees with at least 2 Medical Trustees in attendance and approving the expenditure.

b) Expenditure by the Company Secretary/Treasurer is limited to £100 without the prior approval of the Trustees.

c) Regular review of accounts by the Trustees together with cashflow figures and medical equipment/research commitments.

Structure, governance and management

The governing instrument of The Gloucestershire Chest Fund Limited is its Memorandum and Articles of Association.

Specific operating restrictions and a summary of investment powers of The Gloucestershire Chest Fund Limited are contained in its Memorandum of Association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

Dr. S. Message PhD., F.R.C.P.
Mrs K.E. Prior
Dr. A.J. White BSc., F.R.C.P.
Dr. A. Raghuram M.D., M.R.C.P.I., F.R.C.P
Dr. N.W. Roberts B.Sc, PhD, FRSB
Mrs M. Jefferies

New Trustees are appointed by the board of Trustees.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £100 in the event of a winding up.

Trustee meetings

The Trustees held one meeting by telephone conferencing and held one trustees meeting followed by the AGM via Microsoft Teams in July.

The Trustees' r eport was approved by the Board of Trustees.

Dr. N.W. Roberts B.Sc, PhD, FRSB
Dr. A. Raghuram M.D., M.R.C.P.I., F.R.C.P
Trustee
Trustee
16 July 2026
THE GLOUCESTERSHIRE CHEST FUND LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE GLOUCESTERSHIRE CHEST FUND LIMITED
- 4 -

I report to the Trustees on my examination of the financial statements of The Gloucestershire Chest Fund Limited (the Charity) for the year ended 31 December 2025.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no 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 the Charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements to be reached.

P. J. Taylor F.C.A.
Unit 3 Ambrose House
Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG
Dated: 19 July 2026
THE GLOUCESTERSHIRE CHEST FUND LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
1,613
-
1,613
2,867
-
2,867
Investments
4
132
-
132
83
-
83
Total income
1,745
-
1,745
2,950
-
2,950
Expenditure on:
Charitable activities
5
1,362
-
1,362
507
-
507
Total expenditure
1,362
-
1,362
507
-
507
Net income and movement in funds
383
-
383
2,443
-
2,443
Reconciliation of funds:
Fund balances at 1 January 2025
19,357
5,874
25,231
16,914
5,874
22,788
Fund balances at 31 December 2025
19,740
5,874
25,614
19,357
5,874
25,231

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE GLOUCESTERSHIRE CHEST FUND LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 6 -
2025
2024
Notes
£
£
£
£
Current assets
Cash at bank and in hand
25,861
25,410
Creditors: amounts falling due within one year
8
(247)
(179)
Net current assets
25,614
25,231
The funds of the Charity
Restricted income funds
13
5,874
5,874
Unrestricted funds
12
19,740
19,357
25,614
25,231

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 16 July 2026
Dr. A. Raghuram M.D., M.R.C.P.I., F.R.C.P
Dr. N.W. Roberts B.Sc, PhD, FRSB
Trustee
Trustee
THE GLOUCESTERSHIRE CHEST FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
1
Accounting policies
Company information

The Gloucestershire Chest Fund Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 68 Chamberlain Road, Llandaff North, Cardiff, CF14 2LX.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees' continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Unrestricted funds comprise of donations and other income received available for the general use of the charity at the discretion of its Trustees. The Trustees have set up a designated fund for the purpose of buying special medical equipment needed in the event of an emergency. The Trustees will from time to time make transfers to this fund as necessary.

Restricted funds are subject to specific conditions by donors as to how they may be used. It comprises funds specifically made available for the purpose of purchasing medical equipment and research funding and also the Bursary set up for the purposes of assisting with the costs of add i tional training for nurses, physiologists and ph y siotherapists. Expenditure on these items is charged to the fund, together with a fair allocation of overheads and support costs.

1.4
Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE GLOUCESTERSHIRE CHEST FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 8 -

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

● Costs of raising funds comprise the salary for the fundraiser, and costs of running the Christmas draw, together with associated support costs.

● Expenditure on charitable activities includes the costs of purchasing medical equipment, and courses and training for nursing staff, and any supported costs.

● Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation
The company is a registered charity and the results of its normal activities are not liable to corporation tax.
THE GLOUCESTERSHIRE CHEST FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2
Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
1,613
2,867
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
132
83
5
Charitable activities
Medical equipment

Management & administration

Total
2025

Management & administration

2025
2025
2024
£
£
£
£
Grant for medical equipment
773
-
773
-

General office costs

-
589
589
507
773
589
1,362
507
773
589
1,362
507
One grant was given in the year to Gloucester Royal Hospital for the purchase of a suction unit.
6
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
THE GLOUCESTERSHIRE CHEST FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
7
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Total
0
0
There were no employees whose annual remuneration was more than £60,000.
8
Creditors: amounts falling due within one year
2025
2024
£
£
Accruals and deferred income
247
179
247
179
9
Financial commitments, guarantees and contingent liabilities
There were no contingent liabilities at 31 December 2025. (2024 - none).
10
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

11
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 December 2025:
Current assets/(liabilities)
19,740
5,874
25,614
19,740
5,874
25,614
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Current assets/(liabilities)
19,357
5,874
25,231
19,357
5,874
25,231
THE GLOUCESTERSHIRE CHEST FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
12
Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1 January 2025
Incoming resources
Resources expended
Transfers
At 31 December 2025
£
£
£
£
£
Purchase of emergency medical equipment
5,000
-
-
-
5,000
CPET fund
9,357
-
-
-
9,357
General funds
5,000
1,745
(1,362)
-
5,383
19,357
1,745
(1,362)
-
19,740
19,357
1,745
(1,362)
-
19,740
Previous year:
At 1 January 2024
Incoming resources
Resources expended
Transfers
At 31 December 2024
£
£
£
£
£
Purchase of emergency medical equipment
5,000
-
-
-
5,000
CPET fund
-
-
-
9,357
9,357
General funds
11,914
2,950
(507)
(9,357)
5,000
16,914
2,950
(507)
-
19,357
16,914
2,950
(507)
-
19,357

The first designated fund is an Emergency Medical Equipment Fund, for relatively low cost medical equipment which may be urgently required by one of the local hospitals.

The second designated fund is for the CPET (Cardiopulmonary exercise bike). The trustees confirmed during the year that they would allocate some of the unrestricted funds for this purchase.

THE GLOUCESTERSHIRE CHEST FUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
13
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Balance at
1 January 2024

Incoming resources

Balance at
1 January 2025

Incoming resources

Balance at
31 December 2025
£
£
£
£
£
Purchase of medical equipment
100
-
100
-
100
Bursary in memory of Dr. J.G. Prior
5,774
-
5,774
-
5,774
5,874
-
5,874
-
5,874

The Dr. J.G. Prior bursary is for funding training and courses for nursing staff at local hospitals.

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