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 &IL*rt
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 prov*Je5 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 Fdlo*ship&
The Trust remains wdl-funthd and 5ustsinable as at the year eThJ.

Page 4
The trustees a￿ responsibk f(Y KYe￿n9 ￿ tr￿ee$. amual retMNt and the finanoal statements In
aCcOrda￿e with appliCa￿e law and Unitsd Kirydom Accountir*J Stsr&rts (United ￿'1￿3th)m Genernl
Chartty law r￿Ul￿$ 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
reSC*j￿ 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￿Jgrr*nts 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 Fu*xl
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 betw*n 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 stateff*nts 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
Repc*ting 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(Y*tlnue 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￿ tetw*n 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-
As*t 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 discb*l 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 Endo*Th•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)
Tran*rs btheen funds
Fund balance brought
forward
815 3,396,424
3,397,239
NEf MOVEMENT IN FUNDS
815
2,947,096
2,947,911