Annual Accounts for the Year Ended 31st March 2026

Statement of Comprehensive Income

Other Comprehensive Income

Statement of Financial Position

Note: The notes on pages B6 to B43 form part of these accounts.

Statement of Changes in Taxpayers’ Equity for the Year Ended 31 March 2026

Statement of Changes in Taxpayers’ Equity for the Year Ended 31 March 2025

Information on Reserves

Public Dividend Capital

Public dividend capital (PDC) is a type of public sector equity finance based on the excess of assets over liabilities at the time of establishment of the predecessor NHS organisation. Additional PDC may also be issued to trusts by the Department of Health and Social Care.

A charge, reflecting the cost of capital utilised by the trust, is payable to the Department of Health and Social Care as the public dividend capital dividend.

Revaluation Reserve

Increases in asset values arising from revaluations are recognised in the revaluation reserve, except where, and to the extent that, they reverse impairments previously recognised in operating expenses, in which case they are recognised in operating income.

Subsequent downward movements in asset valuations are charged to the revaluation reserve to the extent that a previous gain was recognised, unless the downward movement represents a clear consumption of economic benefit or a reduction in service potential.

Other Reserves

Other reserves were created from public dividend capital following the dissolution and merger of the following ambulance trusts into West Midlands Ambulance Service NHS Trust:

• Hereford & Worcester Ambulance Service NHS Trust (30 June 2006)
• Coventry & Warwickshire Ambulance NHS Trust (30 June 2006)
• Staffordshire Ambulance Service NHS Trust (30 September 2007)

There have been no movements in these reserves during the current financial year.

Income and Expenditure Reserve

The balance of this reserve represents the accumulated surpluses and deficits of the trust.

Statement of Cash Flows

Notes to the Accounts

Note 1. Accounting policies and other information

Note 1.1 Basis of preparation

NHS England has directed that the Trust’s financial statements comply with the accounting requirements of the Department of Health and Social Care Group Accounting Manual (GAM), as agreed with HM Treasury.

These financial statements have therefore been prepared in accordance with the GAM 2025/26 issued by the Department of Health and Social Care. The accounting policies contained within the GAM follow International Financial Reporting Standards (IFRS) where these are considered appropriate for NHS bodies, as determined by HM Treasury with advice from the Financial Reporting Advisory Board.

Where the GAM permits a choice of accounting policy, the Trust has selected the policy considered most appropriate to provide a true and fair view of its financial position. These accounting policies have been applied consistently to all material items within these accounts.

Note 1.1.1 Accounting convention

These accounts have been prepared using the historical cost convention, modified where appropriate to reflect the revaluation of:

• Property, plant and equipment
• Intangible assets
• Inventories
• Certain financial assets
• Certain financial liabilities

Note 1.1.2 Going concern

These financial statements have been prepared on a going concern basis.

The financial reporting framework for NHS bodies, derived from the HM Treasury Financial Reporting Manual, considers the continued provision of the Trust’s public services to be sufficient evidence that the organisation remains a going concern.

The directors have a reasonable expectation that this will continue to be the case.

Note 1.2.1 Revenue from contracts with customers

Income arising from contracts with customers is accounted for in accordance with IFRS 15. The Group Accounting Manual extends the definition of a contract to include legislation and regulations that entitle an organisation to receive cash or another financial asset that is not classified as taxation by the Office for National Statistics (ONS).

Revenue is recognised when, or as, performance obligations are satisfied through the transfer of promised goods or services to the customer. Revenue is measured according to the transaction price allocated to those obligations.

At year end, the Trust recognises accrued income relating to performance obligations satisfied during the reporting period.

Depending on the circumstances:

• An unconditional entitlement is recognised as a contract receivable.
• A conditional entitlement is recognised as a contract asset.
• Income relating to future performance obligations is deferred and recognised as a contract liability.

Revenue from NHS contracts

The Trust’s principal source of income is from contracts with NHS commissioners for the provision of healthcare services. Funding envelopes are established at Integrated Care System (ICS) level.

Most NHS income is earned under the NHS Payment Scheme (NHSPS), which sets out the rules determining payments for NHS-funded secondary healthcare.

The Trust also receives income through the Best Practice Tariff (BPT) scheme. BPT forms part of the overall transaction price within NHS commissioner contracts and is treated as variable consideration under IFRS 15.

• Non-elective BPT is included within the fixed element of API contracts, with year-end adjustments for performance.
• Elective BPT is included within the variable element of API contracts and paid according to activity delivered.

NHS Injury Cost Recovery Scheme

The Trust receives income through the NHS Injury Cost Recovery Scheme, which enables the recovery of treatment costs where personal injury compensation has subsequently been paid, for example by an insurer.

Income is recognised once treatment has been provided, notification has been received from the Department for Work and Pensions Compensation Recovery Unit, the NHS2 form has been completed and any discrepancies have been resolved.

Income is measured using the agreed treatment tariff, less allowances for unsuccessful claims and expected credit losses in accordance with IFRS 9.

Note 1.2.2 Other forms of income

Grants and donations

Government grants received to fund revenue expenditure are recognised within the Statement of Comprehensive Income to match the related expenditure.

Grants received for capital expenditure are recognised once any attached conditions have been satisfied. Donations are accounted for using the same approach.

Apprenticeship service income

Benefits received from the Government’s apprenticeship service are recognised as income when training services are received.

Where payments are made directly to accredited training providers from the Trust’s apprenticeship account held by the Department for Education, a corresponding notional expense is recognised at the same time.

Note 1.3.1 Expenditure on employee benefits

Short-term employee benefits

Salaries, wages and employment-related costs, including National Insurance contributions and the apprenticeship levy, are recognised in the period in which employees provide their services.

Where material, annual leave earned but not taken at the end of the reporting period is recognised within the financial statements.

Pension costs

NHS Pension Scheme

Current and former employees are members of one of the two NHS Pension Schemes. These are unfunded defined benefit schemes covering NHS employers and certain other organisations in England and Wales.

As employers cannot identify their share of the schemes’ underlying assets and liabilities, the schemes are accounted for as defined contribution schemes.

Employer pension contributions payable during the accounting period are recognised as operating expenses when they become due.

Additional pension liabilities arising from early retirements are recognised in full when the Trust commits to the retirement, except where retirement results from ill-health and is funded through the pension scheme.

Note 1.4.1 Expenditure on other goods and services

Expenditure on goods and services is recognised when the goods or services have been received and measured at their fair value.

Expenditure is recognised within operating expenses unless it results in the creation of a non-current asset, such as property, plant and equipment.

Note 1.5 Discontinued operations

Discontinued operations arise where activities either cease without transferring to another organisation or transfer outside the Whole of Government Accounts boundary, such as to private or voluntary sector organisations.

These activities are accounted for in accordance with IFRS 5.

Activities transferred to organisations within the Whole of Government Accounts boundary are treated as machinery of government changes and continue to be reported as continuing operations.

Note 1.6 Property, plant and equipment

Recognition

Property, plant and equipment is recognised as a capital asset where all of the following criteria are met:

• It is held for use in delivering services or for administrative purposes.
• It is probable that future economic benefits or service potential will flow to the Trust.
• It is expected to be used for more than one financial year.
• Its cost can be measured reliably.
• The item has a cost of at least £5,000.
• Alternatively, a group of functionally interdependent assets with a combined value of at least £5,000 may be capitalised where:
  • each individual item costs more than £250;
  • the items were purchased at broadly the same time;
  • they are expected to be disposed of at similar times; and
  • they are managed under a single management arrangement.
• Items forming part of the initial equipping and setting-up costs of a new building or unit are capitalised regardless of their individual or collective value.

Where a significant asset, such as a building, contains components with substantially different useful economic lives (for example, plant and equipment), those components are treated as separate assets and depreciated over their own useful economic lives.

Subsequent expenditure

Expenditure incurred after an asset has been recognised is added to the carrying value of the asset where it is probable that additional future economic benefits or service potential will arise and the expenditure can be measured reliably.

Where a component of an asset is replaced, the replacement cost is capitalised if it meets the recognition criteria. The carrying value of the component being replaced is removed from the accounts.

Expenditure that does not provide additional economic benefits or service potential, such as repairs and routine maintenance, is charged to the Statement of Comprehensive Income in the period in which it is incurred.

Measurement

Initial valuation

Property, plant and equipment is initially measured at cost. Cost includes expenditure directly attributable to acquiring or constructing the asset and bringing it into the location and condition necessary for it to operate as intended.

Subsequent valuation

Following initial recognition, assets are measured at valuation.

• Operational assets held to deliver frontline or support services are measured at current value in existing use.
• Surplus assets that are no longer required for service delivery and where there is no intention to bring them back into operational use are measured at fair value, provided there are no restrictions on sale and they do not meet the definition of investment property or assets held for sale.

Property, plant and equipment is revalued regularly to ensure that carrying values do not differ materially from values at the end of the reporting period.

Current value in existing use is generally based on market value. Where an asset is highly specialised and no active market exists, valuation is based on a Depreciated Replacement Cost (DRC) model using a Modern Equivalent Asset (MEA) approach.

The DRC model estimates current value based on the remaining service potential of the asset, assuming that replacing that service potential would cost at least the same amount. The MEA approach assumes the asset would be replaced with a modern asset providing equivalent capacity and meeting the same location requirements.

Assets valued using the DRC method may be assessed on an alternative site basis where this would still satisfy the operational requirements of the services provided.

Valuations follow guidance issued by the Royal Institution of Chartered Surveyors (RICS) and are prepared net of VAT where the VAT is recoverable by the Trust.

Assets under construction

Properties under construction for operational or administrative purposes are carried at cost, less any impairment losses. Cost includes professional fees. Revaluation and depreciation begin when the asset is brought into operational use.

Low-value operational assets

IT equipment, transport equipment, furniture and fittings, and plant and machinery held for operational use are valued at depreciated historic cost where they have relatively short useful lives, low individual values, or both. This is considered to be a reasonable approximation of current value in existing use.

Depreciation

Property, plant and equipment is depreciated over its remaining useful economic life in a manner that reflects the consumption of its economic benefits or service potential.

Freehold land is considered to have an indefinite useful life and is therefore not depreciated.

Assets that have been reclassified as held for sale cease to be depreciated from the date of reclassification.

Assets under construction are not depreciated until they are brought into operational use or, where applicable, returned to the Trust.

Revaluation gains and losses

Revaluation gains are recognised within the Revaluation Reserve, except where they reverse a previous revaluation loss that was recognised in operating expenses. In those circumstances, the gain is recognised in operating expenditure to the extent of the previous loss.

Revaluation losses are charged against the Revaluation Reserve where a balance exists for the relevant asset. Any remaining loss is recognised in operating expenses.

Gains and losses recognised within the Revaluation Reserve are reported in the Statement of Comprehensive Income as Other Comprehensive Income.

Impairments

In accordance with the Department of Health and Social Care Group Accounting Manual (GAM), impairments resulting from a clear consumption of economic benefits or service potential are recognised within operating expenses.

Where appropriate, a corresponding transfer is made from the Revaluation Reserve to the Income and Expenditure Reserve. The amount transferred is the lower of:

• the impairment recognised in operating expenses; or
• the balance held within the Revaluation Reserve for that asset before the impairment.

Where the circumstances giving rise to an impairment are reversed, the impairment is also reversed where appropriate.

Impairment reversals are recognised in operating expenditure up to the amount that restores the asset to the carrying value it would have had if no impairment had occurred. Any remaining reversal is recognised within the Revaluation Reserve.

If an earlier transfer had been made from the Revaluation Reserve to the Income and Expenditure Reserve, an equivalent amount is transferred back to the Revaluation Reserve when the impairment reversal is recognised.

Other impairments are treated as revaluation losses, while reversals of those impairments are treated as revaluation gains.

De-recognition

Assets intended for disposal are reclassified as held for sale once the criteria set out in IFRS 5 have been met.

To qualify, the sale must be highly probable and the asset must be available for immediate sale in its current condition.

Following reclassification, assets are measured at the lower of:

• their existing carrying amount; or
• their fair value less costs to sell.

Depreciation ceases once an asset has been classified as held for sale. Assets are not revalued unless their fair value less costs to sell falls below their carrying amount.

Assets are de-recognised once all material conditions of the sale contract have been satisfied.

Property, plant and equipment that is to be scrapped or demolished does not qualify as held for sale. These assets remain classified as operational assets, with their useful economic lives adjusted where appropriate, and are de-recognised only when scrapping or demolition takes place.

Donated, government grant and other grant-funded assets

Property, plant and equipment acquired through donations or grants is capitalised at its fair value when received.

The corresponding donation or grant is recognised as income at the same time unless the donor has attached conditions specifying how the future economic benefits or service potential must be used.

Where conditions apply, the donation or grant is deferred and recognised as a liability until those conditions have been satisfied.

Donated and grant-funded assets are subsequently accounted for in the same way as all other property, plant and equipment.

Useful lives of property, plant and equipment

Useful lives represent the total expected life of an asset rather than its remaining life.

Note 1.7 Intangible assets

Recognition

Intangible assets are identifiable non-monetary assets without physical substance that are controlled by the Trust.

They may be capable of being sold separately from the Trust’s operations or arise from contractual or other legal rights.

Intangible assets are recognised only where:

• it is probable that future economic benefits or service potential will flow to the Trust; and
• the cost of the asset can be measured reliably.

Internally generated intangible assets

Internally generated goodwill, brands, mastheads, publishing titles, customer lists and similar items are not recognised as intangible assets.

Research expenditure is recognised as expenditure when incurred and is not capitalised.

Development expenditure is capitalised only where it meets the recognition requirements of IAS 38 – Intangible Assets.

Software

Software that is integral to the operation of hardware, such as an operating system, is capitalised as part of the related item of property, plant and equipment.

Software that is not integral to hardware, such as application software, is recognised as an intangible asset where it meets the relevant recognition criteria.

Measurement

Intangible assets are initially measured at cost, including all directly attributable costs required to create, produce and prepare the asset for its intended use.

From 1 April 2025, intangible assets are subsequently measured at cost less accumulated amortisation.

Before 1 April 2025, intangible assets were measured using a revaluation approach based on current value in existing use. Revaluation gains, losses and impairments were accounted for in the same way as property, plant and equipment.

On 1 April 2025, the carrying value of these assets became their deemed cost. Any associated balances held in the Revaluation Reserve were transferred to the Income and Expenditure Reserve.

Intangible assets classified as held for sale are measured at the lower of:

• their carrying amount; or
• their fair value less costs to sell.

Impairments

Where there are indicators that an intangible asset may be impaired, its recoverable amount is assessed as the higher of:

• its fair value; or
• the cost of replacing its service capacity.

Where the recoverable amount is lower than the carrying value, an impairment loss is recognised within expenditure.

Intangible assets under construction are tested for impairment annually, regardless of whether any indicators of impairment exist.

Amortisation

Intangible assets are amortised over their expected useful economic lives using a method that reflects the pattern in which their economic benefits or service potential are expected to be consumed.

Useful lives of intangible assets

Useful lives represent the total expected life of an asset rather than its remaining life.

Note 1.8 Inventories

Inventories are valued at the lower of:

• cost; or
• net realisable value.

Due to the high turnover of stock, this is considered to be a reasonable approximation of current cost.

Inventory costs are calculated using the weighted average cost method.

Note 1.9 Cash and cash equivalents

Cash comprises cash in hand and deposits held with financial institutions that can be withdrawn without penalty on no more than 24 hours’ notice.

Cash equivalents are short-term investments that:

• mature within three months of the date of acquisition;
• are readily convertible into known amounts of cash; and
• are subject to an insignificant risk of changes in value.

Within the Statement of Cash Flows, cash and cash equivalents are presented net of bank overdrafts that are repayable on demand and form an integral part of the Trust’s cash management arrangements.

Cash, bank balances and overdrafts are recorded at their current values.

Note 1.10 Financial assets and financial liabilities

Note 1.10.1 Recognition

Financial assets and financial liabilities are recognised when the Trust becomes a party to the contractual provisions of a financial instrument.

This gives the Trust either:

• a legal right to receive cash or another financial asset; or
• a legal obligation to pay cash or another financial instrument.

Trade receivables are recognised when goods or services have been delivered.

The Department of Health and Social Care Group Accounting Manual (GAM) extends the definition of a contract to include legislation and regulations that create arrangements which would otherwise meet the definition of a financial instrument and are not classified as taxation by the Office for National Statistics (ONS).

This also includes contracts for the purchase or sale of non-financial items, such as goods and services, entered into as part of the Trust’s normal operating activities. These are recognised as performance obligations are fulfilled through the receipt or delivery of the relevant goods or services.

Note 1.10.2 Classification and measurement

Financial assets and financial liabilities are initially measured at fair value, adjusted for any directly attributable transaction costs where appropriate.

Fair value is normally the transaction price. Where this is not appropriate, fair value is determined using quoted market prices or other recognised valuation techniques.

Financial assets and financial liabilities relating to leasing arrangements are recognised and measured in accordance with the Trust’s accounting policy for leases.

Financial assets are subsequently measured at amortised cost.

Financial liabilities are subsequently measured at amortised cost.

Financial assets and financial liabilities at amortised cost

Financial assets measured at amortised cost are those held with the objective of collecting contractual cash flows where those cash flows consist solely of payments of principal and interest.

This includes:

• Cash and cash equivalents
• Contract receivables and other receivables
• Trade and other payables
• Rights and obligations under lease arrangements
• Loans receivable and loans payable

The Trust’s financial assets comprise:

• Cash and cash equivalents
• NHS debtors
• Accrued income
• Other debtors

Following initial recognition, financial assets and financial liabilities are measured at amortised cost using the effective interest method, less any impairment losses for financial assets.

The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments over the expected life of the financial instrument to its gross carrying amount (for financial assets) or amortised cost (for financial liabilities).

Interest income and interest expense are calculated using the effective interest rate and recognised within the Statement of Comprehensive Income as financing income or financing expense.

Impairment of financial assets

The Trust recognises an allowance for expected credit losses on all financial assets measured at amortised cost, including:

• Lease receivables
• Contract receivables
• Contract assets

For contract receivables, contract assets, lease receivables and other receivables, the Trust applies the simplified impairment approach, measuring expected credit losses over the lifetime of the asset.

For all other financial assets:

• Stage 1: an allowance is recognised equal to 12-month expected credit losses.
• Stage 2: where credit risk has increased significantly since initial recognition, an allowance is recognised for lifetime expected credit losses.
• Stage 3: where a financial asset becomes credit impaired, expected credit losses are measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows, discounted using the original effective interest rate.

For financial assets measured at amortised cost, impairment losses are recognised as the difference between the carrying amount of the asset and the present value of revised future cash flows discounted using the original effective interest rate.

Impairment losses are recognised as operating expenditure within the Statement of Comprehensive Income and reduce the carrying value of the financial asset within the Statement of Financial Position.

HM Treasury has determined that central government bodies should not recognise Stage 1 or Stage 2 impairment allowances against:

• Other government departments
• Executive agencies
• The Bank of England
• Exchequer Funds and Exchequer Fund assets
• Organisations where repayment is guaranteed through primary legislation

In addition, the Department of Health and Social Care provides a guarantee of last resort for the liabilities of its arm’s length bodies and NHS organisations (excluding NHS charities). Consequently, the Trust does not recognise Stage 1 or Stage 2 expected credit loss allowances against these organisations.

Note 1.10.3 De-recognition

Financial assets are de-recognised when:

• the contractual rights to receive cash flows have expired; or
• the Trust has transferred substantially all of the risks and rewards of ownership.

Financial liabilities are de-recognised when the related obligation has been discharged, cancelled or has expired.

Note 1.11 Leases

A lease is a contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration.

Under HM Treasury’s adaptation of the accounting standard for the public sector, leases also include lease-like arrangements with other public sector organisations that do not take the legal form of a contract, together with peppercorn leases where the consideration is nil or nominal but the arrangement otherwise meets the definition of a lease.

The Trust does not apply lease accounting to new contracts for the use of intangible assets.

The lease term is determined by considering the non-cancellable period together with any extension or termination options that the Trust is reasonably certain to exercise.

Note 1.11.1 The Trust as lessee

Initial recognition and measurement

At the commencement of a lease, when the asset becomes available for use, the Trust recognises both:

• a right-of-use asset; and
• a lease liability.

The cost of the right-of-use asset includes:

• the initial lease liability;
• lease payments made before or at commencement;
• direct costs incurred by the Trust;
• less any lease incentives received; and
• estimated restoration costs where applicable.

The lease liability is initially measured at the present value of future lease payments, including:

• fixed lease payments;
• variable lease payments linked to an index or rate;
• amounts payable under residual value guarantees;
• purchase option payments where reasonably certain; and
• termination penalties where applicable.

Where the interest rate implicit in the lease cannot be readily determined, the Trust uses HM Treasury’s annual incremental borrowing rate.

The Trust does not recognise right-of-use assets or lease liabilities for leases with a term of 12 months or less or where the underlying asset has a value below £5,000 (excluding irrecoverable VAT). Payments relating to these leases are recognised as expenditure on a straight-line basis over the lease term.

Subsequent measurement

In accordance with HM Treasury guidance, right-of-use assets are generally measured using the revaluation model unless the cost model provides an appropriate approximation of current value in existing use or fair value.

Lease liabilities are subsequently measured by:

• adding finance costs;
• deducting lease payments made; and
• remeasuring the liability where lease terms or payments change.

Where lease terms or purchase options change, the remaining lease payments are discounted using an updated discount rate.

Note 1.11.2 The Trust as lessor

The Trust classifies leases granted to other parties as either finance leases or operating leases.

• Finance leases transfer substantially all the risks and rewards of ownership to the lessee.
• Operating leases include all other lease arrangements.

Where the Trust is an intermediate lessor, subleases are classified by reference to the right-of-use asset arising from the head lease.

Finance leases

Amounts receivable under finance leases are recognised as receivables equal to the Trust’s net investment in the lease. Finance income is recognised over the lease term to provide a constant periodic rate of return.

Operating leases

Income from operating leases is recognised on a straight-line basis, or another systematic basis where more appropriate, over the lease term.

Initial direct costs incurred in negotiating operating leases are added to the carrying value of the leased asset and recognised as expenditure over the lease term.

Note 1.12 Provisions

The Trust recognises a provision where:

• it has a present legal or constructive obligation;
• the obligation is of uncertain timing or amount;
• an outflow of economic resources is probable; and
• a reliable estimate of the obligation can be made.

Provisions are measured at the best estimate of the expenditure required to settle the obligation.

Where the time value of money is material, expected future cash flows are discounted using HM Treasury discount rates.

Expected future cash flows are adjusted for inflation before discounting.

Early retirement and injury benefit provisions use HM Treasury’s post-employment benefits discount rate of 2.95% in real terms (2024/25: 2.40%).

Clinical negligence costs

NHS Resolution administers a national risk pooling scheme under which it settles clinical negligence claims on behalf of the Trust. Although NHS Resolution manages claims, the legal liability remains with the Trust.

Clinical negligence provisions held by NHS Resolution are disclosed in Note 34.2 but are not recognised within the Trust’s Statement of Financial Position.

Non-clinical risk pooling

The Trust participates in NHS Resolution’s Property Expenses Scheme and Liabilities to Third Parties Scheme.

Annual contributions and any excesses payable in relation to claims are recognised as operating expenditure when the liability arises.

Note 1.13 Contingencies

Contingent assets are not recognised within the financial statements. Where an inflow of economic benefits is considered probable, they are disclosed in Note 35.

Contingent liabilities are also not recognised but are disclosed in Note 35.

A contingent liability is either:

• a possible obligation arising from past events that will be confirmed only by future uncertain events outside the Trust’s control; or
• a present obligation where either an outflow of economic benefits is not considered probable or the amount cannot be measured reliably.

Note 1.14 Public Dividend Capital

Public Dividend Capital (PDC) is a form of public sector equity financing based on the net assets of the predecessor NHS Trust at the time of its establishment.

HM Treasury has determined that PDC is not a financial instrument under IAS 32.

The Secretary of State may issue additional PDC to, or require repayment of PDC from, the Trust. PDC is recognised at the value received.

A Public Dividend Capital dividend is payable to reflect the cost of capital employed by the Trust. The dividend is currently calculated at 3.5% of the average relevant net assets during the financial year, in accordance with Department of Health and Social Care guidance.

The dividend is calculated using the pre-audit version of the annual accounts and is not subsequently adjusted following completion of the external audit.

Note 1.15 Value Added Tax

Most of the activities of the Trust are outside the scope of VAT and, in general, output tax does not apply and input tax on purchases is not recoverable. Irrecoverable VAT is charged to the relevant expenditure category or included in the capitalised purchase cost of fixed assets. Where output tax is charged or input VAT is recoverable, the amounts are stated net of VAT.

Note 1.16 Climate change levy

Expenditure on the climate change levy is recognised in the Statement of Comprehensive Income as incurred, based on the prevailing chargeable rates for energy consumption.

Note 1.17 Foreign exchange

The functional and presentational currencies of the Trust are sterling.

A transaction which is denominated in a foreign currency is translated into the functional currency at the spot exchange rate on the date of the transaction.

Where the Trust has assets or liabilities denominated in a foreign currency at the Statement of Financial Position date:

• monetary items are translated at the spot exchange rate on 31 March;
• non-monetary assets and liabilities measured at historical cost are translated using the spot exchange rate at the date of the transaction; and
• non-monetary assets and liabilities measured at fair value are translated using the spot exchange rate at the date the fair value was determined.

Exchange gains or losses on monetary items (arising on settlement of the transaction or on re-translation at the Statement of Financial Position date) are recognised in income or expense in the period in which they arise.

Exchange gains or losses on non-monetary assets and liabilities are recognised in the same manner as other gains and losses on these items.

Note 1.18 Third party assets

Assets belonging to third parties in which the Trust has no beneficial interest (such as money held on behalf of patients) are not recognised in the accounts. However, they are disclosed in a separate note (29.2) to the accounts in accordance with the requirements of HM Treasury’s FReM.

Note 1.19 Losses and special payments

Losses and special payments are items that Parliament would not have contemplated when it agreed funds for the health service or passed legislation. By their nature they are items that ideally should not arise. They are therefore subject to special control procedures compared with the generality of payments. They are divided into different categories, which govern the way that individual cases are handled. Losses and special payments are charged to the relevant functional headings in expenditure on an accruals basis.

The losses and special payments note is compiled directly from the losses and compensations register which reports on an accrual basis with the exception of provisions for future losses.

Note 1.20 Gifts

Gifts are items that are voluntarily donated, with no preconditions and without the expectation of any return. Gifts include all transactions economically equivalent to free and unremunerated transfers, such as the loan of an asset for its expected useful life, and the sale or lease of assets at below market value.

Note 1.21 Transfers of functions from/to other NHS bodies

For functions that have been transferred to the Trust from another NHS body, the transaction is accounted for as a transfer by absorption. The assets and liabilities transferred are recognised in the accounts using the book value as at the date of transfer. The assets and liabilities are not adjusted to fair value prior to recognition. The net gain corresponding to the net assets transferred is recognised within income, but not within operating activities.

For property plant and equipment assets and intangible assets, the cost and accumulated depreciation / amortisation balances from the transferring entity’s accounts are preserved on recognition in the Trust’s accounts. Where the transferring body recognised revaluation reserve balances attributable to the assets, the Trust makes a transfer from its income and expenditure reserve to its revaluation reserve to maintain transparency within public sector accounts.

For functions that the Trust has transferred to another NHS body, the assets and liabilities transferred are de-recognised from the accounts as at the date of transfer. The net loss/gain corresponding to the net assets/ liabilities transferred is recognised within expenses / income, but not within operating activities. Any revaluation reserve balances attributable to assets de-recognised are transferred to the income and expenditure reserve.

Note 1.22 Early adoption of standards, amendments and interpretations

No new accounting standards or revisions to existing standards have been early adopted in 2025/26.

Note 1.23 Standards, amendments and interpretations in issue but not yet effective or adopted

The DHSC GAM does not require the following IFRS Standards to be applied in 2025/26:

• IFRS 18 Presentation and Disclosure in Financial Statements – The Standard has been adopted by the UK Endorsement Board to be effective for accounting periods beginning on or after 1 January 2027. The Standard has not yet been adopted by the FReM and early adoption is not permitted. The expected impact of applying the standard in future periods has not yet been assessed.
• IFRS 19 Subsidiaries without Public Accountability: Disclosures – The Standard is effective for accounting periods beginning on or after 1 January 2027. The Standard is not yet UK endorsed and not yet adopted by the FReM. Early adoption is not permitted. The expected impact of applying the standard in future periods has not yet been assessed.

The following future changes to adaptations and interpretations of IAS 16 for the public sector are also not yet adopted:

Changes to valuation of property, plant and equipment (PPE) assets – The DHSC GAM for 2026/27 and associated consultation response document confirms future changes which will impact on the financial statements.

From 2026/27 NHS bodies’ valuation methodology will be a mandated quinquennial revaluation frequency (or rolling programme) supplemented by annual indexation in the intervening years. The requirement in IAS 16 to revalue an asset when its fair value differs materially from its carrying value is being withdrawn for the public sector. Given the variation in PPE valuations in any given year, and future changes in indices, it is not possible to quantify the impact of applying these changes in future periods. PPE and right of use assets currently subject to revaluation have a total book value of £27m as at 31 March 2026.

Note 1.24 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts 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 those estimates and the estimates and underlying assumptions are continually reviewed. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Note 1.24.1 Key Sources of estimation uncertainty

Critical judgements in applying accounting policies The following are the judgements, apart from those involving estimations (see below) that management has made in the process of applying the Trust’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements: The Trust procures Vehicle Insurance alongside all English Ambulance Services and the Scottish Ambulance Service via a fully tendered Self Insurance arrangement.  In addition to an Annual Premium paid to meet large value claims, the Trust makes payments each year into a ‘Claims Fund’ held by insurers to cover the cost of claims above an agreed excess level up to a maximum level for each claim.  This fund remains under the control of the insurers and remaining funds are returned to the Trust once all claims for a year are settled.  As in previous years, any potential return of funds are not accrued as an asset or income in the Trust’s accounts as in the Trust’s view it does not meet the definition of an asset, being controlled not by the Trust but by the insurer as a fund for the insurer to settle claims from.  An amount is recognised by the Trust only when released by the insurer and paid to the Trust as a confirmed settlement of a period which is closed and where the surplus balance is not required to settle claims.    The Trust has applied this approach consistently from one accounting period to the next.  The values involved have not required a separate accounting policy in the financial statements.  Note 1.24.2 Key sources of estimation uncertainty The following are assumptions about the future and other major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year: There is uncertainty around the future direction of commercial property prices. The Trust adopted a formal revaluation during 2024/25 and then intends to revalue every 5 years in line with IAS 16. Between valuations the Trust adjusts the values of its Land and Buildings assets by applying indexation provided by a company of professional valuers.

Note 2 Operating Segments

The Trust operated as one segment to provide an emergency healthcare service to the West Midlands area. The Trust considers that disclosure of separate segments should occur where that segment accounts for  more than 10% of total operating revenue. The chief operating decision maker for the Trust is the Trust Board which receives a financial report containing summarised financial results at each Trust Board meeting.

Note 3 Operating income from patient care activities

All income from patient care activities relates to contract income recognised in line with accounting policy 1.2.1

Note 3.1 Income from patient care activities (by nature)

**Increases to the employer contribution rate for NHS pensions since 1 April 2019 have been funded by NHS England. NHS providers continue to pay at the former rate of 14.38% with the additional amount being paid over by NHS England on providers’ behalf. The full cost of employer contributions (23.7%) and related NHS England funding (9.4%) have been recognised in these accounts.

Note 3.2 Income from patient care activities (by source)

Note 3.3 Overseas visitors (relating to patients charged directly by the provider)

The Trust does not receive income from overseas visitors.

Note 4 Other operating income

Note 5.1 Additional information on contract revenue (IFRS 15) recognised in the period

The Trust has no revenue recognised from performance obligations satisfied (or partially satisfied) in previous periods in either the current year or prior year.

Note 5.2 Transaction price allocated to remaining performance obligations

The Trust has no revenue recognised from existing contracts in either the current year or prior year.

Note 5.3 Income from activities arising from commissioner requested services

The trust is required to analyse the level of income from activities that has arisen from commissioner requested and non-commissioner requested services. Commissioner requested services are defined in the provider licence and are services that commissioners believe would need to be protected in the event of provider failure. This information is provided in the table below:

Note 5.4 Profits and losses on disposal of property, plant and equipment

During the year the Trust sold the Warwick Ambulance Station site. Alternative sites now provides these services. The net book value of the asset was £590k and the proceeds of sale were £615k.

Note 5.5 Fees and charges

The Trust does not have income from charges to service users.

Note 6 Operating leases – West Midlands Ambulance Service University NHS Foundation Trust as lessor

This note discloses income generated in operating lease agreements where West Midlands Ambulance Service University NHS Foundation Trust is the lessor.

The Trust does not have any operating lease agreements for which it is a lessor in either the current or prior year.

Note 7.1 Operating expenses

Audit services statutory audit – net of VAT £107k (2024/25 £104k)

Other expenditure in the prior year includes the release of a legal provision. This related to the settlement of the legal claim, lodged against the Trust and NHS England, following a legal mediation agreement in May 2024. HM Treasury approval was received in March 2025.

Note 7.2 Other auditor remuneration

The Trust did not pay any other auditor remuneration to the external auditor in the current or prior year.

Note 7.3 Limitation on auditor’s liability

The limitation on auditor’s liability for external audit work is £1,000k (2024/25: £1,000k).

Note 8 Impairment of assets

Note 9 Employee benefits

Note 9.1 Retirements due to ill-health

During 2025/26 there were 6 early retirements from the trust agreed on the grounds of ill-health (2 in the year ended 31 March 2025). The estimated additional pension liabilities of these ill-health retirements is £832k (£178k in 2024/25).

These estimated costs are calculated on an average basis and will be borne by the NHS Pension Scheme.

Note 10 Pension costs

Past and present employees are covered by the provisions of the NHS Pension Schemes. Details of the benefits payable and rules of the schemes can be found on the NHS Pensions website at www.nhsbsa.nhs.uk/pensions. Both the 1995/2008 and 2015 schemes are accounted for, and the scheme liability valued, as a single combined scheme. Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS body of participating in each scheme is taken as equal to the contributions payable to that scheme for the accounting period.

In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, the FReM requires that “the period between formal valuations shall be four years, with approximate assessments in intervening years”. An outline of these follows:

a) Accounting valuation

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2026, is based on valuation data as at 31 March 2024, updated to 31 March 2026 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.

The latest assessment of the liabilities of the scheme is contained in the Statement by the Actuary, which forms part of the annual NHS Pension Scheme Annual Report and Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office.

b) Full actuarial (funding) valuation

The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (considering recent demographic experience), and to recommend the contribution rate payable by employers.

The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2020. The results of this valuation set the employer contribution rate payable from 1 April 2024 at 23.7% of pensionable pay. The core cost cap cost of the scheme was calculated to be outside of the 3% cost cap corridor as at 31 March 2020. However, when the wider economic situation was taken into account through the economic cost cap cost of the scheme, the cost cap corridor was not similarly breached. As a result, there was no impact on the member benefit structure or contribution rates.

The 2024 actuarial valuation is currently being prepared and will be published before new contribution rates are implemented from April 2027

Note 11 Finance income

Finance income represents interest received on assets and investments in the period.

Note 12.1 Finance expenditure

Finance expenditure represents interest and other charges involved in the borrowing of money or asset financing.

Note 12.2 The late payment of commercial debts (interest) Act 1998

Note 13 Other gains / (losses)

Note 14 Discontinued operations

The Trust did not discontinue any operations in either the current or prior year.

Note 15.1 Intangible assets – 2025/26

* From 1 April 2025, the option to apply the revaluation model in IAS 38 to intangible assets has been withdrawn prospectively. Where assets were previously revalued, the carrying value at the transition date was carried forward as ‘deemed cost’.

Note 15.2 Intangible assets – 2024/25

Note 16.1 Property, plant and equipment – 2025/26

Note 16.1 Property, plant and equipment – 2025/26 (continued)

B26

Note 16.2 Property, plant and equipment – 2024/25

Note 16.2 Property, plant and equipment – 2024/25 (continued)

Note 16.3 Property, plant and equipment financing – 31 March 2026

Note 16.4 Property, plant and equipment financing – 31 March 2025

Note 16.5 Property plant and equipment assets subject to an operating lease (Trust as a lessor) – 31 March 2026

Note 16.6 Property plant and equipment assets subject to an operating lease (Trust as a lessor) – 31 March 2025

Note 17 Donations of property, plant and equipment

The Trust had no material donations of property, plant and equipment received during the year.

Note 18 Revaluations of property, plant and equipment

Freehold and leasehold properties owned by West Midlands Ambulance Service were valued as at 31 December 2024 by an external valuer, Newmark Gerald Eve LLP, a regulated firm of Chartered Surveyors. The valuations were prepared in accordance with the requirements of the RICS Valuation – Global Standards 2022 and the national standards and guidance set out in the UK supplement 2024, the International Valuation Standards and IFRS as adapted and interpreted by the Financial Reporting Manual (FReM). The valuation of the operational properties was in accordance with Existing Use Value with specialised properties valued using a Depreciated Replacement Cost (DRC) method because of the specialised nature of the asset means there are no market transactions of this type, except as part of the business or entity. Indexation on the 2024/25 valuation has been applied for the current year.

Note 19 Leases – West Midlands Ambulance Service University NHS Foundation Trust as a lessee

This note details information about leases for which the Trust is a lessee.

Leases are for vehicles, property occupied and IT equipment.

Note 19.1 Right of use assets – 2025/26

Note 19.2 Right of use assets – 2024/25

Note 19.3 Revaluations of right of use assets

The Trust has not used the revaluation model in IAS 16 in measuring right of use assets .

Note 19.4 Reconciliation of the carrying value of lease liabilities

Lease liabilities are included within borrowings in the statement of financial position. A breakdown of borrowings is disclosed in note 32.1.

Lease payments for short term leases, leases of low value underlying assets and variable lease payments not dependent on an index or rate are recognised in operating expenditure.

These payments are disclosed in Note 7.1. Cash outflows in respect of leases recognised on-SoFP are disclosed in the reconciliation above.

Income generated from subleasing right of use assets is £0k and is included within revenue from operating leases in note 4.

Note 19.5 Maturity analysis of future lease payments

Note 19.6 Leases – other information

The portfolio of short terms leases to which the Trust is committed at the end of the reporting period is not dissimilar to the portfolio of short term leases for which expense has been incurred in year. Therefore no further disclosure is provided.

Note 20 Investment Property

The Trust had no investment property in 2025/26 or 2024/25.

Note 20.1 Investment property income and expenses

The Trust had no investment property income and expenses in 2025/26 or 2024/25.

Note 21 Investments in associates and joint ventures

The Trust had no investments in associates or joint ventures in the current or previous accounting periods.

Note 22 Other investments / financial assets (non-current)

The Trust had no other non current investments or financial assets in the current or previous accounting periods.

Note 22.1 Other investments / financial assets (current)

The Trust had no other current investments or financial assets in the current or previous accounting periods.

Note 23 Disclosure of interests in other entities

The Trust held no interests in other entities at 31 March 2026 or 31 March 2025.

Note 24 Inventories

Inventories recognised in expenses for the year were £15,681k (2024/25: £17,574k). Write-down of inventories recognised as expenses for the year were £0k (2024/25: £0k).

Note 25.1 Receivables

Note 25.2 Allowances for credit losses

The provision for impairment of receivables is based on Non NHS debts outstanding over 3 months old. The provision also includes a provision of 24.62% (24.45% 31 March 2025) for doubtful recovery of the income from the NHS Injury Recovery Scheme, which amounts to £455k.

Note 25.3 Exposure to credit risk

Because the majority of the West Midlands Ambulance Service University NHS Foundation Trust’s income comes from contracts with other NHS bodies, the Trust has low exposure to credit risk. The maximum exposures as at 31 March 2026 are in receivables from customers.

Note 26 Finance leases (West Midlands Ambulance Service University NHS Foundation Trust as a lessor)

This note discloses future lease payments receivable from lease arrangements classified as finance leases where the West Midlands Ambulance Service University NHS Foundation Trust is the lessor.

The Trust had no finance lease arrangements as a lessor in either the current or previous accounting periods.

Note 27 Other assets

The Trust had no Other Assets in either the current or previous accounting periods.

Note 28.1 Non-current assets held for sale and assets in disposal groups

Warwick Ambulance Station was sold during the year. Navigation Point has been no longer classified as held for sale as the building is back in use during the year.

Note 28.2 Liabilities in disposal groups

Note 29.1 Cash and cash equivalents movements

Cash and cash equivalents comprise cash at bank, in hand and cash equivalents. Cash equivalents are readily convertible investments of known value which are subject to an insignificant risk of change in value.

Note 29.2 Third party assets held by the trust

West Midlands Ambulance Service University NHS Foundation Trust held cash and cash equivalents which relate to monies held by the Trust on behalf of patients or other parties and in which the trust has no beneficial interest. This has been excluded from the cash and cash equivalents figure reported in the accounts.

There were no third party assets or patients money held by the West Midlands Ambulance Service University NHS Foundation Trust in either the current or previous accounting periods.

Note 30.1 Trade and other payables

Note 30.2 Early retirements in NHS payables above

There were no early retirement payments.

Note 31 Other liabilities

Note 32.1 Borrowings

Note 32.2 Reconciliation of liabilities arising from financing activities

Note 33 Other financial liabilities

The Trust had no other financial liabilities in either the current or previous accounting periods.

Note 34.1 Provisions for liabilities and charges analysis

Pensions relating to staff represent the value of Pre:1995 early retirement cases capitalised as a prior year adjustment in 2002-03.

Legal claims represent outstanding employer’s liability.

Injury benefits represent outstanding injury benefit cases.

Other provisions include leased vehicle dilapidations, leased building dilapidations and HMRC review of VAT allowances.

Where the effect of the time value of money is significant, the estimated risk-adjusted cash flows are discounted using the Treasury’s discount rate as stated in note 1.12.

Note 34.2 Clinical negligence liabilities

At 31 March 2026, £53,735k was included in provisions of NHS Resolution in respect of clinical negligence liabilities of West Midlands Ambulance Service University NHS Foundation Trust (31 March 2025: £45,679k).

Note 35 Contingent assets and liabilities

Contingent Liabilities represent outstanding employer’s liability legal claims, as notified by NHS Resoution which, at this stage, are not deemed certain enough to include within the provision for liabilities and charges (note 34.1). The value of the uncertainty of the liability is determined by NHS Resolution according to the nature and details of each individual case.

Note 36 Contractual capital commitments

Capital commitments include commitments for fleet. Lease agreements are agreed as necessary and therefore there is no confimed lease commitment at present.

Note 37 Other financial commitments

The Trust had no other financial commitments.

Note 38 Defined benefit pension schemes

The Trust had no defined benefit pension schemes in either the current or previous accounting periods.

Note 39 On-SoFP PFI, LIFT or other service concession arrangements

The Trust had no on-SoFP PFI, LIFT or other service concession arrangements in either the current or previous accounting periods.

Note 40 Off-SoFP PFI, LIFT and other service concession arrangements

The Trust had no off-SoFP PFI, LIFT and other service concession arrangements in either the current or previous accounting periods.

Note 41 Financial instruments

Note 41.1 Financial risk management

Financial reporting standard IFRS 7 requires disclosure of the role that financial instruments have had during the period in creating or changing the risks a body faces in undertaking its activities. Because of the continuing service provider relationship that the West Midlands Ambulance Service University NHS Foundation Trust has with Integrated Care Boards and the way those Integrated Care Boards are financed, the Trust is not exposed to the degree of financial risk faced by business entities. Also, financial instruments play a much more limited role in creating or changing risk than would be typical of listed companies, to which the financial reporting standards mainly apply. The Trust has limited powers to borrow or invest surplus funds and financial assets and liabilities are generated by day-to-day operational activities rather than being held to change the risks facing the Trust in undertaking its activities.

The West Midlands Ambulance Service University NHS Foundation Trust’s treasury management operations are carried out by the Finance department, within parameters defined formally within the Trust’s Standing Financial Instructions and Policies agreed by the Board of Directors. Trust treasury activity is subject to review by the Trust’s internal auditors.

Currency risk

The West Midlands Ambulance Service University NHS Foundation Trust is principally a domestic organisation with the great majority of transactions, assets and liabilities being in the UK and sterling based. The Trust has no overseas operations. The Trust therefore has low exposure to currency rate fluctuations.

Interest rate risk

The West Midlands Ambulance Service University NHS Foundation Trust has no borrowings from government and therefore has low exposure to interest rate fluctuations.

Credit risk

Because the majority of the West Midlands Ambulance Service University NHS Foundation Trust’s income comes from contracts with other public sector bodies, the Trust has low exposure to credit risk. The maximum exposures as at 31 March 2026 are in receivables from customers, as disclosed in ‘Trade and Other Receivables’ (Note 25).

Liquidity risk

The West Midlands Ambulance Service University NHS Foundation Trust’s operating costs are incurred under contracts with Integrated Care Boards, which are financed from resources voted annually by Parliament . The Trust funds its capital expenditure from funds generated from operations, which is acknowledged by the Commissioners. The Trust is not, therefore, exposed to significant liquidity risks.

Note 41.2 Carrying values of financial assets

Note 41.3 Carrying values of financial liabilities

Note 41.4 Maturity of financial liabilities

The following maturity profile of financial liabilities is based on the contractual undiscounted cash flows. This differs to the amounts recognised in the statement of financial position which are discounted to present value.

Note 41.5 Fair values of financial assets and liabilities

Book value (carrying value) is a reasonable approximation of fair value.

Note 42 Losses and special payments

In the prior year, the ex-gratia payment for £1.5m relates to the settlement of a legal claim, lodged against the Trust and NHS England, following a legal mediation agreement in May 2024. HM Treasury approval was received in March 2025.

Note 43 Gifts

There were no gifts over £300k either as a total or individually for 2025/26 or 2024/25.

Note 44 Related parties

West Midlands Ambulance Service University NHS Foundation Trust is a body corporate authorised under section 35 on the National Health Service Act 2006

During the period none of the Board members or members of the key management staff or parties related to them has undertaken any material transactions with West Midlands Ambulance Service University NHS Foundation Trust.

All the Board members of West Midlands Ambulance Service University NHS Foundation Trust are trustees of the West Midlands Ambulance Service Charitable Fund. The Trust does not consolidate the charities accounts on the grounds of materiality.

The Department of Health and Social Care is regarded as a related party. During the period West Midlands Ambulance Service University NHS Foundation Trust has had a significant number of material transactions with the department and with other entities for which the Department is regarded as the parent Department including NHS England. The key entities are listed below:

Entities are listed below where values exceed £10m

• NHS Birmingham and Solihull ICB
• NHS Black Country ICB
• NHS Cheshire and Merseyside ICB
• NHS Coventry and Warwickshire ICB
• NHS Herefordshire and Worcestershire ICB
• NHS Shropshire, Telford and Wrekin ICB
• NHS Staffordshire and Stoke-on-Trent ICB

In addition, the Trust has had a number of material transactions with other government departments and other central and local government bodies. Most of these transactions have been with HM Revenue and Customs with regard to income tax, national insurance and VAT, the Department of Works and Pensions with regard to the injury allowance scheme and the NHS Pensions Agency with regard to both employee and employer pension contributions

Note 45 Transfers by absorption

There were no transfers by absorption in the year by the Trust.

Note 46 Prior period adjustments

There were no prior period adjustments in the year by the Trust for 2025/26 (nil, 2024/25)

Note 47 Events after the reporting date

There were no events of note after the current reporting period ends.