**Charity number: 200049**
## **The Peter Samuel Royal Free Fund**
## **Unaudited**
**Trustees' report and financial statements**
**for the year ended 5 April 2023**
**The Peter Samuel Royal Free Fund**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 3|
|**Independent examiner's report**|4|
|**Statement of financial activities**|5|
|**Balance sheet**|6|
|**Notes to the financial statements**|7 - 12|
**The Peter Samuel Royal Free Fund**
## **Reference and administrative details of the charity, its Trustees and advisers for the year ended 5 April 2023**
## **Trustees**
The Hon Michael John Samuel Professor Anthony Schapira D.Sc, M.D., F.R.C.P, F.Med.Sci (resigned 31 December 2023) The RT. Hon. The Viscount of Bearsted Professor Robert J Unwin Dr Christopher Streather (resigned 30 April 2023) Dr Jennifer Cross (appointed 4 January 2024) Professor Sandip Patel (appointed 1 January 2024)
## **Charity registered number**
200049
## **Principal office**
UCL Medical School Gower Street WC1E 6BT
## **Independent examiner**
Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA
## **Bankers**
Waverton Investment Management 21 St James' Square London SW1Y 4HB
Page 1
**The Peter Samuel Royal Free Fund**
## **Trustees' report for the year ended 5 April 2023**
The Trustees present their annual report together with the financial statements of the charity for the year to 5 April 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The Trustees believe they have had due regard to guidance published by the Charity Commission on public benefit.
The aim of the charity is to provide research funds to individuals on the Royal Free campus in the early stages of their careers.
## **b. Activities undertaken to achieve objectives**
During the year the charity committed to £41,064 (2022: £Nil).
The Trustees have agreed to change the way in which it awards its grants and has set up a new Peter Samuel Royal Free Scholarship which will be advertised and awarded to a student successful in the recruitment process.
## **Achievements and performance**
## **a. Review of activities**
There was a decrease in income from investments as compared to the previous year. As at the balances sheet date, there was an unrealised loss on the charity's investment portfolio of £13,334 (2022: unrealised gain of £106,275).
## **b. Investment policy and performance**
The investments held by the charity have been managed in accordance with the powers available to the Trustees.
The charity is vulnerable to any movements in the investment portfolio. Trustees review the performance of the Investment Managers on a regular basis.
The investment portfolio holds a certain amount of cash. This level is kept to a minimum as the return on the deposits is derisory. The Trustees feel that there are sufficient liquid assets in the portfolio if the need to provide additional funds were to arise.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **b. Reserves policy**
The charity maintains reserves so as to provide it with income from which it may fulfil its charitable objectives. The total funds of the charity decreased during the year to £1,563,246 (2022: £1,643,323). The value of the investment portfolio also decreased this year to £1,577,077 (2022: £1,609,869). The investment portfolio is largely made up of liquid securities that could be crystallized to provide funds if required.
Page 2
Th• P•t•r Samuel Royal Free Fund
Tmste&s' r•port (continued)
for the yèar ènded 5 April 2023
Structhre, govemance and management
a. Con5tltutlo
The charity is ¢onslituted under a Deed of Trust dated 6th April 1961.
b. Illethods of appointment or oloction of Trustoes
The management of the Gharity is the responsibility of the Trustees who are elected and CCtrOPted under Ihe
lems of the Trust deed.
Future developments
The Trustees have been reviewing the strategic direction of the charity and have approved the establishment of
the 'Peter Samuel Royal Free Scholarship, to support a PhD student studying al the Royal Free. The first round
of recruilmenl tor this scholarship has been completed and the successful student has been appointed to the
scheme.
Statement of Trusteos. responsibilities
The Trustees are responsible for preparing the Trustees, report and the financial ststements in accordance th
applicable law and United Kingdom AGcounb'ng Standards Iuniled Kingdom Generalty Ac¢epted Accounting
Practice).
The law applicable to charitTes in England & Wales requires the Trustees to prepare financial statements for
each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources
and application of resources, including its income and expenditure, for that P8ri0d. In preparing these financial
ststements, the Trustees are required to..
select suitable accounting polic*s and then apply them consistently,.
observe the methods and principles of the Charities SORP IFRS 1021,.
make judgments and accounting estimates that are reasonable and prudent..
state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material
departures disclosed and explained in the financial statements.,
prepare Ihe financial statements on the going concern basis unless it is inappropriate te presume that the
chaiity wll continue in business.
The Trustees are responsible for keeping a¢Jequate accounting records that are sufficient to show and explain
the charitys transactIS and disclose with reasonable accuracy at any time the financial position of the charTty
and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charty
(Accounts and Reports) Regulations 2008 and the Provisions of the Trust deed. They are also responsible for
safeguarding the assets of the charity and heKe for taking reasonable steps for the prevention and deleGb'on of
fraud and other irregularities.
Approved b order of the members ofthe
rd of Trustees and signed on their behalf by:
The RT. Hon. The Viscount of Boarsted
Trustee
Date.. 30 January 2024
Page 3
**The Peter Samuel Royal Free Fund**
## **Independent examiner's report for the year ended 5 April 2023**
## **Independent examiner's report to the Trustees of The Peter Samuel Royal Free Fund ('the charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2023.
## **Responsibilities and basis of report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do 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 no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 30 January 2024
Stephen Moss BSc (Hons) ACA
## **Kreston Reeves LLP**
Chartered Accountants London
Page 4
**The Peter Samuel Royal Free Fund**
## **Statement of financial activities for the year ended 5 April 2023**
|**Note**
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
4
**Total expenditure**
**Net (expenditure)/income before net (losses)/gains**
**on investments**
Net (losses)/gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**31,945**
**31,945**
**10,756**
**44,264**
**55,020**
**(23,075)**
**(57,002)**
**(80,077)**
**1,643,323**
**(80,077)**
**1,563,246**|**Total**
**funds**
**2023**
**£**
**31,945**
**31,945**
**10,756**
**44,264**
**55,020**
**(23,075)**
**(57,002)**
**(80,077)**
**1,643,323**
**(80,077)**
**1,563,246**|Total
funds
2022
£
31,601
31,601|
|---|---|---|---|
||||10,652
3,000
13,652|
||||17,949
127,428
145,377|
||||1,497,946
145,377
1,643,323|
The notes on pages 7 to 12 form part of these financial statements.
Page 5
The Peter Samuel Royal Free Fund
Balance sheet
a5 at 5 Aprtl 2023
2023
2022
Noto
Flxed assets
Investments
1,677,077
1,609,869
Current assets
Debtors
Cash at bank and in hand
2,057
31,376
3,485
32,969
33,433
36,454
Creditors.. amounts falling due wilhin one
year
147,2641
13.0001
Net current liabilitie6 1 assets
113,831)
33.454
Total net assets
1,563,246
1,643,323
Charlty funds
Unrestricted funds
1,563,246
1.643.323
Total funds
1,563,246
1,643,323
The financial statemènts were approved and authorised for issue by the Trustees and signed on their behalf by..
Viscount Bearstèd
Trustee
Date.. 30 January 2024
The notes on pages 7 to 12 fomi part of these financial statements.
Page 6
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements**
## **for the year ended 5 April 2023**
## **1. General information**
The charity is a public benefit entity which is incorporated in England and Wales. The address of its registered and principal office is UCL Medical School, Gower Street, WC1E 6BT.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Peter Samuel Royal Free Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in British Sterling and are rounded to the nearest Pound.
## **2.2 Going concern**
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Page 7
**The Peter Samuel Royal Free Fund**
**Notes to the financial statements for the year ended 5 April 2023**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
The Trustees have decided that cash held in the capital account of the investment portfolio is primarily used for re-investment and, as such, should be included in the investment value.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 8
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2023**
## **2. Accounting policies (continued)**
## **2.10 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **3. Investment income**
|**Unrestricted**
**funds**
**2023**
**£**
Dividends and Interest Received
31,945
Unrestricted
funds
2022
£
Dividends and Interest Received
31,601|**Total**
**funds**
**2023**
**£**
**31,945**|
|---|---|
||Total
funds
2022
£
31,601|
## **4. Analysis of expenditure by activities**
|Expenditure
Expenditure|**Grant costs**
**2023**
**£**
41,064|**Support**
**costs**
**2023**
**£**
3,200
Support
costs
2022
£
3,000|**Total**
**funds**
**2023**
**£**
**44,264**|
|---|---|---|---|
||||Total
funds
2022
£
3,000|
Page 9
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2023**
## **5. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £3,200 (2022 - £2,850).
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL).
## **7. Fixed asset investments**
|**Valuation**
At 6 April 2022
Additions
Disposals
Revaluations
Movement in cash
At 5 April 2023
**Net book value**
At 5 April 2023
At 5 April 2022|**Listed**
**investments**
**£**
**1,537,169**
**392,498**
**(375,480)**
**(13,334)**
**-**
**1,540,853**
**1,540,853**
1,537,169|**Cash held**
**for**
**investment**
**£**
**72,700**
**-**
**-**
**-**
**(36,476)**
**36,224**
**36,224**
72,700|**Total**
**£**
**1,609,869**
**392,498**
**(375,480)**
**(13,334)**
**(36,476)**
**1,577,077**
**1,577,077**
1,609,869|
|---|---|---|---|
## **Material Investments**
Included in the above is the following investments, which each represent greater than 5% of the total market value.
|**Cost**
**£**
Market value
£|**Cost**
**£**
Market value
£|**Cost**
**£**
Market value
£|
|---|---|---|
|Waverton Sterling Bond Fund A|**100,054**|88,431|
|Waverton Asia Pacific Fund'A'|**81,671**|88,113|
|Total|**181,725**|176,544|
Page 10
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2023**
## **8. Debtors**
|**Due within one year**
Other debtors
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**2023**
**£**
**2,057**
**2,057**
**2023**
**£**
**47,264**|2022
£
3,485|
|---|---|---|
|||3,485|
|||2022
£
3,000|
## **9. Creditors: Amounts falling due within one year**
## **10. Summary of funds**
## **Summary of funds - current year**
|General funds|**Balance at 6**
**April 2022**
**£**
**1,643,323**
Balance at
6 April 2021
£
1,497,946|**Income**
**£**
**31,945**
Income
£
31,601|**Expenditure**
**£**
**(55,020)**
Expenditure
£
(13,652)|**Gains/**
**(Losses)**
**£**
**(57,002)**
Gains/
(Losses)
£
127,428|**Balance at 5**
**April 2023**
**£**
**1,563,246**|
|---|---|---|---|---|---|
||||||Balance at
5 April 2022
£
1,643,323|
|**Summary of funds - prior year**||||||
|General funds||||||
## **11. Analysis of net assets between funds Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2023**
**£**
1,577,077
33,433
(47,264)
1,563,246|**Total**
**funds**
**2023**
**£**
**1,577,077**
**33,433**
**(47,264)**
**1,563,246**|
|---|---|---|
Page 11
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2023**
## **11. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2022
£
1,609,869
36,454
(3,000)
1,643,323|Total
funds
2022
£
1,609,869
36,454
(3,000)
1,643,323|
|---|---|---|
## **12. Related party transactions**
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 5 April 2023.
Page 12