2023-09-30-accounts

ELLI FE CHARrrA LE RU CHAR RE RA 41

Page I R THEY LEGAL AND ADMINisfRATIVE DETAILS EllI￿-Cl1ffe Charitable Trust was establithed ty Deal in April 1997 to contlnue to SFonKsr the annual EllI￿n aiffe Lecture, to estsblish a Travelliw Fdk)wship, and to ath income or cakltal from Trust to such dwrital instituts￿$ or 0￿ritable obFcts as the Trurt think fit. TrUfftES Dr Mellts Irwng (l￿alr) Mr lan Balmer Mr Stephen &ILrt Prcles9)r Hwh I4￿nt9)Mery ty Jthn Scathjirfj (retired 24th May 2023) Mr &ibulal Seth Mr Ketish P(thliwam OFFICE ADDRESS: Royal SLW d Medldne I Wimtxde Street L￿thi WIG OAE INDEPEIIDENT EXAMINER: 65 L&idenhall Street EC3A 2AD BA14KERS', Bank PO Box 10 BX2 ILB

Page 2 RT OF THE TRU EE R THE YEAR ENDED TM ER2 PUBLIC BENEFrr The Trustees, cc￿firM that they have compli6J with the duty * out in seLtion 4 of the Charitie5 Act 2011 to have due regard to the cl￿rty CommissMJ1'5 general guida￿ on public tenefft when reV￿ing alms and obiectives. OBJECTIVES FOR THE YEAR ACTIVTfiES AND ACHIEVEMEpifs DURING THE YEAR The Travelling Fello¥￿11p$ were reestatlished 4 Travdlirrfj Felk)wships with a total Val￿ of £+I,000 belng awarded. Transfer of the funds W by Cazenove to Cazenove s gjstainable Multl Asset Fund. Transfer of £240,000 of the main fvnd into a fuTrts kY&lominatefy invesb'ng in cash or rwr cash assets cbsses. This is to manage the vokib'lity risk of withdrawing from the maln fijnd at a tlme when that fund andlor the markets a￿ urKlert8f(mlng. The transfer ￿K￿ntS 2 years budgeted expense the TrusL To maintaln lorKJ terni value of tr￿ ernknV￿t fund Trustees agreej to undertake an automatic revth of Investment p￿ICY If ￿ Ca￿ts1 value of tFE fund fell to £2.5 mlllion or less Estsbllshed a thre￿year cc￿tratt wlth the Royal koety of M&Jione to provlde administratlon and supEK)rt services. As a fitst Step in Improving the Trusvs prCfj￿ and raising awareness of Its work a logo deslgn was approved by Trustees. ObJe¢tlves fot 2023-2024 Conslder the recwitment of new Trustees: I medical Tr￿stee I non-medical Trustee Hoki a strategic rev￿ and tAanniThJ day Rev+ew the Trust Deed and determine rf a revis￿ is wvir￿j Review the Trusys FolicEs and Mjentify any additional t￿￿6eS which may be required Review options ￿ a Y￿r[e for the Trust Review Investment Managers Rewew the maxlmum amount awartsj to successful apFAicants for the Travelllng Fellowships.

Page 3 HARrrABLE T RE RT F THE TRusfEES F R THE YEAR ENDED EPTEMBER RESERVES POLICY Seeks to maintain a of reseNes whith provJe5 a sustainable future fLY Trust. INVEsfMENTS POLICY The underlyiThJ principle is to delfver a 5U5tainable income which also maintsir6, as far as Is rea9)nab￿, the capitsl value of the fund. The income ari￿ng using a totsl return caloJlath)n is eX[￿d to of ￿der of £130,fth per annum. The Investment Managers hdd a marKlate which aims to retum CPI + 4%. Twstees intend to Invest on a responsible Investment bas5. In reachiThJ this decigon the Trustee gave due consideration to the Charity Commission guidance for Trust￿ on Investing Charity N￿eY (CC14). IUSK ASSESSMENT The trustees have the risks to whlch d￿rity is expx)sed and systems have been estsbllshed to mlugate those dsks. GRANTS POLICf Trust makes annual awards for a Travelling Fellowshlp. The t￿C￿S Involves otm advertlsement vla the Royal Society of Medicine and such other channels as the trustee's feel Is apprc)rkts, the completlon of an appliCat￿n form, thort lisbng intwvlew. FINANCIAL REview The Trust has an erKiowment ReSe￿e as result of a legacy. This ha5 teen Invested vla Cazenove vla a discrthonary mandate. As at 30 Sq)temter 2023 the investment Fortfolio stood at £2.9 mllllon. The Reserves are split between £2.7 million in CaTrnove's Sustsinable Multi Asset FuThJ and E230K in Cazenove's Cash Fund. Durlng th15 per#J the Trust pakl out £44,fK(i in Travelling Fdloship& The Trust remains wdl-funthd and 5ustsinable as at the year eThJ.

Page 4 The trustees a￿ responsibk f(Y KYe￿n9 ￿ tr￿ee$. amual retMNt and the finanoal statements In aCcOrda￿e with appliCa￿e law and Unitsd Kirydom AccountirJ Stsr&rts (United ￿'1￿3th)m Genernl Chartty law r￿Ul￿$ the tru#￿$ to rKepare flnanclal ststen￿ts ts each fina￿la1 year that glve a tn and fair VEW of the #ate of affair5 of ￿ thirity arKI of the irKomiNJ re9)uw and application of reSCj￿ of the tharity for the year. In preparirwj those t7nd￿k1 statements tTUSttts a￿ requlr8Y seleLt 5ultable accwntifmj prAKles arKI t1￿ tIEm cThtsl#endy; CAY￿￿ methots and pri￿1[￿e5 In the Chanties SORP; make J￿Jgrrnts accountlng esumates that are reascrfwtle arKI ￿￿L￿t. txepare financial statements on the Co￿￿¢ ba ￿lesS It Is InaFvowlate to wewme that charlty ￿11 continue in Ixtg.r￿. The trustees are resE￿&ble fcr keerA'ThJ Kcwntbro rffords that are suflldent to Show and eX￿OIn the chartty's transactlons and dlxlose wlth ￿￿oble accurary at any tlrre ￿ fina￿la1 F4)sit￿ of the ctwrity ar¥J enat4e them to eJwe that ￿ flnancial statements compfy wlth the Charit￿ Act 2011 aTr regulations made thereunder. are al￿ re¥¥xsth fty $3fwrdir¥J the assets of the tharfty and I￿n￿ taklng rea9)nable steps for the p￿Vent￿l arKI d#&th)n of fro￿1 aTrJ other Irregukrltbes. Thls rqxvt was agr*1 on tel￿Lf of the Board d Trustee5 on 16 July 2024 Dr Mdlia Irvlng (Ch•lr)

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF - THE ELLISON CLIFFE CHARITABLE TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2023

I report on the accounts of the Charity for the year ended 30 September 2023, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees, as a body, for my examination for this report or for the opinions I have formed.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The Charity's Trustees are responsible for the preparation of the financial statements: The Charity's Trustees consider that an audit is not required for this year (under section 145 of the Charities Act 2011 (the Act) and that an independent examination is needed. It is my responsibility to examine the financial statements (under section 145(1)(a) of the Act); to follow procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act, and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER'S STATEMENT

In connection with my examination, no material matters have come to my attention which gives me cause to believe that in any material respect:

the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have 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.

16 July 2024

Kevin Lally FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD

Page 6 Unro•trltt•d Income Fuxl R••tri¢tsd Endo￿nt Travelllng Fund¥ F•110￿hlP Funds Tot•1 2023 Totsl 2022 INCOME FROM: Legades and donatlons 14,296 Investment income Bank Snterest Other income Totsl 127,865 127,865 60,535 128 127 865 EXPENDITURE ON: Investment rnanagement costs ChaAtsble activities 7,030 46,456 7,030 46,456 3,618 302,114 Totsl 305 732 Net incomel{exFenditure) before Investment gains 74,379 74,379 (230,773) Net galnsl(losses) on Investments - (113,966LL113 966L I218,555L Nrt Incomel(expendltur•) 39 587)_ I449 328 Transfers betwn fjJnds Fund balance brought forward 815 2,947.0% 2,947,911 3,397,239 NEf MOVEMErir IN FUNDS 815 2 833 130 2 908 324 2 947911 The detsiled CoMpara￿ve Ststement of fina￿la1 Aciivrbe5 is set out In Ncte 12.

Page 7 2023 2022 FIXED ASSETS Tangible Assets Investments 2,662,493 2,841,054 CURRENT ASSErs Bank Balances Investment Cash Fund Cash wlth Investment managers Debtors 13,941 231,362 2,113 815 248,231 54,973 57,045 815 112,833 Creditors: Amounts fallirvJ due within one year 245,831 106,857 NET ASSFrs 2,9)8,324 2,947,911 FUNDS Endowment Funds 2,833,130 2,947,096 Restrlrted Fur)ds'. Travelllng Fellowship Fund 815 815 U￿res￿rted Income fund 74,379 2,9J8,324 2,947,911 The financial ststements were apwoved by the Board of Trustees on 16 Juty 2024 and were sMJn&J on Its behalf by: Irv, Dr Melita Irvlng {Chalr)

FFE Page 8 ED BER2 ACCOUNTING POUCIES a. The financial stateffnts of the chanty, vthich is a put4ic entrty under FRS102, have teen p￿pared In aCtydan￿ with the Charities SORP (FRS1021 'Acc(yJnbng and RepKsrttng by CharitEs.' Ststement of Recommended practi￿ applicable to Chant￿ preparing their accounts In accordance with the Financ¢al Repcting Stsrthrd applicable in the UK and Rewblic of Ire￿nd (FRS102), Financial Reporting Standard 102, The Financ4al Rep)rting Stsndard aFflKzble in the UK and Rewblic of Ireland, and the Charities Act 2011. The financial statements have tken Fffepared uThJer the historical cost convention with the eX￿ption of investments whlch are Ind￿ at rna￿et value. The accounts have been pre￿ar￿ to give a falrf VÈW and have departed from the Charftles (Accounts and Rep)rts) Regulations 2[￿ only to the extent required to provide a Yrue and fair view". This departure involved following latest Charities SORP {FRS 102) issued in 2019 rather than the superseded Charlties SORP which was IsgRd in 2CK15 and whith is still referred to In ￿ regulat￿S. The fU￿11)nal currency15 the E sterliThJ. The Elllson-cllffe charItab￿ Trust meets the deflnitN)n of a public tenefft entity under FRSIO2. The trustees con&kder that tPwe are no material UrKertaInt￿S a￿ut the Charlvs aknlity to c(Ytlnue as a going CC￿Cern. Donatlons and Legacl¢s'. Donatlons are accounted for In the year In whith they a￿ receNed and lajacies are accounted for when the charlty become entitkd to the Income, when receipt is probatAe and the amount receNable can te sonably estsmated. Investment Income: Income from investments, t￿eth￿ any ass(Thted tsx (Yedit, is account8J for in ￿ year in which It Is due to be receNed. d. Grants to Beneficlarle•: Grants to beneficiarres are treatal as an application of income In t￿ in whkh they are approv•J for paymenL Admlnkntrntlon expenses Administration e¥￿Se$ are indusive of VAT. wtEre applICa￿e. f. Investments Investments are a form of basic finandal Inwment and are initially r￿niSed at their transattion value and 5ubso]uentty measured at fair value as at the balan￿ sheet date using the closing quoted market price. The ststement of finarK3al aclivttles indude5 the net gains and losses arisillg on revaluats'ons and disposals throughout the year. Realised gains and losses on investments are cakulated as the dIfferer￿ tetwn sales proce&Js and their opening caryirKJ value (x their wrchase value if acquired subwuent to the first day of the financial year. Unrealised gains aThJ losses are calculated as the differen￿ tEtw*n the fair value at the year end and their caryirKJ value.

Page 9 FF HA g. Funds General funds a￿ un￿StrICted funds wh￿h are available for L￿e at the disuetion of the Trustees In furtheran￿ of the general ct)Jects of the Charity arKI which haNE not been thygnated for other purpose. RestTiCted funds are funds which a￿ to be used in a¢tha￿e SFeJflc restrlctlons Imp)5ed by donors which have raised by the Charty for FQrticular purpxes. The cost of administering such fund5 are charged against the sreafic fund. The aim and use of eath restrirted fund is Set out In the notes to the finandal statements. ExFendable endowment hjncts are held by the charlty ar¥J inve&d to generate an Investment return. However, the capital may also be spent at the dLscrthon ￿ the trustees.

Page 10 ELU LIFF THEA R THEY EN DONATIONS AND LEGACY 2023 2022 Legacy,. Dr Cari￿ Elllson-clrffe 14,171 14,171 CHARITABLE AcfiviTJES 2023 2022 TravellirKJ Fellowship grants RSM Letture ftjnd donat￿ pFort Costs (Note 4) 45,000 250,000 7,114 2,456 46,456 302,114 4. SUPPORT COSTS 2023 2022 Independent examination - current year .overprovigon prior year Legal fees Bank charges 4,562 152 182 5. INVEsfMENTS 2023 2022 Market value at i (knber Addltions Disposals Gainsl{losses) on investments 2,841,054 2,984,668 (3,049,263) (113,966) 3,059,609 (218,555) ma￿ value at 30 Septemter 2,662,493 2,841,054 Investment at cost at 30 Septemb 3,216,1%9 3,059,609 At the teginning of the finandal year the d￿rity held S,107,054 units in the Cazenove Clwrity Multl-Asset Fund. t)uring the year the units were convwtd into 4,169,263 unit5 in the SLrrL Cazenove Charlty Sustslnable Multi- Ast FuTrJ. The charlty also holds 231,362 units in HSBC 13LknI LKru¥Jity Fund PLC, which are held as shcrt term investM￿t cash funds and are discbl on the Baknce Sheet swthin Current Assets.

Page 11 THEA DEBTORS 2023 2022 Amount due from the Royal W of M&licine 815 815 815 815 CREDITORS 2023 2022 Accruals ENDOWMENT FUNDS Balance 30109122 Galnl(Loss) on Balance 30109123 Endowm¢nt funds movement In the y￿r ExFendable Endowment 2,947,096 (113,966) 2,833,130 2,947,096 (113,966) 2,833,130 Balanc• Endowm¢nt funds- comparatlve 30109121 2022 G•inl(LoM) Net movement In the year Balance 30109122 Expendable Endowment 3,396,424 (218,555) (230,773) 2,947,096 3,396,424 (218.555) (230,773) 2,947,096

Page 12 THEA REsTricfED FUNDS B•l•n 30109122 Incomlng Rwource• Resourc•s Expended Balance 30109123 Restrkted Funds TravelliTrJ Felkjwshlp Fund 815 815 815 815 Restrlcted Funds -comparntlve 2022 Balance Incomlng 30109121 Re8our¢ Resources Expended Balance 30109122 Travelllng Fellowshlp Fund 815 815 815 815 10. SPLrr OF AsseTS BEfwEEN FUNDS Vnrestrfc￿ Restrkted Endowment• Income Fund Funds Total Investments CUr￿nt Assets Current ￿'abil￿[leS 2,662,493 170,637 2,662,493 248,231 {2,400) 76.779 (2,400) 815 74,379 815 2,833,130 2,908,324 Spllt of Assets Between Fund- at 30 September 2022 Totsl Incom Fund Funts Endowments Investments Current Assets Current Liabilities 2.841.054 112,018 (5,976) 2,841,054 112,833 (5,976} 815 815 2,947,096 2,947,911

Page 13 HARrrABLE TR PTEMBER 2 ii. TRusfEES REMUNERATION AND RELATED PARTY TRANSACTIONS There were no trustees. remunerat•Jn or ¢ts expenses for the yw ended 30 Septemtw 2023 (2022: no￿). Mr lan 8almer, a trustee, was the exerutor of the Elliscffl Cliffe estste from which a slgnificant legacy was r￿1Ved in 2020121 and 2021122. Dr. Mellta Irving is al￿ a trust￿ ofThe Royal of M8Jiane. At the year the￿ ts a balan￿ of £815 owed by The Royal Society of Medicine. The Royal of MedlcirE prowdes agreed administration tssks for which an administration fee is charged. The PSM has mt provided any Se￿￿ in the current finaKial year. 12. COMPARATIVE FIGURES FOR ThE sfATEMENT OF FINANCIAL ACllVITIES AS REQUIRED BY FRS 102 Unf•#tri¢t•d Incom• Fund Re8tr+eted EndoTh•nt Trav•lllng Funds F•lbow•hlp Fund• Totsl 2022 INCOME FROM: Legaaes and donations Investment income Bank interest 125 60,535 128 14,171 14,296 60,535 128 Total 60,788 EXPENDrruRE ON: Raising funds Charitable actlvlt 3,618 241,326 3,618 302,114 60,788 Total 244,944 305 732 Net Ir￿0￿(expend￿U￿) bef Investment galns {230,773} (230,773) Net galnsl(losses) on Investments 218,555 218 555 Net Income1(eXp￿dltUre) Tranrs btheen funds Fund balance brought forward 815 3,396,424 3,397,239 NEf MOVEMENT IN FUNDS 815 2,947,096 2,947,911