**Charity number: 200049**
## **The Peter Samuel Royal Free Fund**
## **Unaudited**
**Trustees' report and financial statements**
**for the year ended 5 April 2024**
**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 2024**
## **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 (resigned 31 December 2024) Dr Christopher Streather (resigned 30 April 2023) Dr Jennifer Cross (appointed 4 January 2024) Professor Sandip Patel (appointed 1 January 2024) Professor Alan Salama (appointed 1 January 2025)
## **Charity registered number**
200049
## **Principal office**
UCL Medical School Gower Street WC1E 6BT
## **Bankers**
Waverton Investment Management 21 St James' Square London SW1Y 4HB
## **Independent Examiner**
Stephen Moss BSc (Hons) ACA Kreston Reeves 2nd Floor 168 Shoreditch High Street London E1 6RA
Page 1
**The Peter Samuel Royal Free Fund**
## **Trustees' report for the year ended 5 April 2024**
The Trustees present their annual report together with the financial statements of the charity for the year to 5 April 2024.
## **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 grants totalling £Nil (2023: £41,064).
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 increase in income from investments as compared to the previous year. As at the balance sheet date, there was an unrealised gain on the charity's investment portfolio of £200,619 (2023: unrealised loss of £13,334).
## **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 increased during the year to £1,804,862 (2023: £1,563,246). The value of the investment portfolio also increased this year to £1,778,007 (2023: £1,577,077). The investment portfolio is largely made up of liquid securities that could be crystallized to provide funds if required.
Page 2
The Peter Sarnu•l Royal Free Fund
Tru$tees' r•port lcontlnuedl
for the yèar ended S Aprll 2024
Structure. govomance and management
a. Constltutlon
The charity is constitutgd under a Deed of Trust dated 6th Aprll 1961.
b. Methods of appointment or alaction of Trustws
The rnanagemenl of the charity is th8 responsibility of the Trustees who are elected and Crpted under the
t&mis of Ihe Trust deed.
Future developmant$
Th8 Trustees have beèn reving the strategic dI¢t10n of the charty and have approved the establishment of
thfr 'Peler Samuel Royal Frge Scholarship, lo support a Pho sludenl studying al the Royal Free. The first round
of re¢ruitmenl for this scholarshlp has been completed and the successful student has been appointed lo the
scheme.
Statemont of Tntytse8' responsibilltles
The Trustee5 are responsible for preparing the Trustees, report and the finanrAal statements in accordance with
applic8ble law and United Kingdom Unting Standards {United Kingd7 Generalty Accepted Accounting
Pra¢licel.
The law appllcable to c*arilies in England & Wales requires thè TnJstÉes lo prepare financial statsmenls for
each financial which give a true and fair viaw of the slate of affairs of th8 charity and of its incoming resources
and application of resources. including its income and oxpenditure, for that period. In preparing these flnancoal
statements, the Trustees are required lo..
select suitsble accounting policies and then apply them con$istenUy.
observe thg methods and principles of the Charities SORP IFRS 1021..
make judgments and accounting eslimalgs th81 are reasonable and prudent.,
stsle ether applicable UK Accounling Slan¢Jards IFRS 102) have been followed, Subject lo any material
departures dis¢losed and explain8d in the financial slalemenls.-
prepar8 the financial slalèmenls on the golng concem basis unl8ss it is inappr(wriate lo presume that tho
charity will continue In business.
The Trustees are responsible for k8aping ad8quate accounting f8cords that are sufficient to show and explain
the charitys transactions and disclose wlh reasonabl8 accuracy al any time the financlal position of the charity
and enable them to ensure Ihal the financial stal8m8nls comply with the Charits"es Act 2011. th8 charlty
{Ac¢ounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also 18sponsibl8 for
saleguarding the assets of the charity arid hence for taking reasonable steps for the pr@v8ntiDn and detection of
fraud ond other irregularities.
App
rder of the mem
ersoft
ard of Trusle8s and signed on their behalf by-
The RT. Hon. Th• Wiscount of Bearsted
Trustee
Dale.. 30 January 2025
Page 3
**The Peter Samuel Royal Free Fund**
## **Independent examiner's report for the year ended 5 April 2024**
## **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 2024.
## **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 2025
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 2024**
|**Note**
**Income from:**
Investments
3
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
4
**Total expenditure**
**Net income/(expenditure) before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**34,748**
**34,748**
**11,155**
**4,100**
**15,255**
**19,493**
**222,123**
**241,616**
**1,563,246**
**241,616**
**1,804,862**|**Total**
**funds**
**2024**
**£**
**34,748**
**34,748**
**11,155**
**4,100**
**15,255**
**19,493**
**222,123**
**241,616**
**1,563,246**
**241,616**
**1,804,862**|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|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 12 form part of these financial statements.
Page 5
Tha Peter Samuel Royal Free Fund
Balance sheet
as at S April 2024
2024
2023
Note
Flxed assets
Inveslfflents
Current assets
1,778,007
1,577,077
Debtors
Cash al bank and in hand
2.910
27.345
2,057
31,376
30,255
33.433
Creditors.. amounts falling due within one
yoar
{3.400)
147,264)
Net Current assets I liabilites
26.855
(13.8311
Total net a¥¥ets
1.804.862
1.563.246
Charityfund$
Unrestricted funds
10
1.804.862
1,563,248
Total funds
1.804.862
1,563.246
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behaK by.
Vlscount Bearsted
Trus199
Dats: 30 January 2025
Th8 notes on pages 7 to 12 fomi part of these tinarla1 stslements.
Page 6
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2024**
## **1. General information**
The charity is a public benefit entity which is incorporated in England and Wales, with charity number 200049. 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 2024**
## **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 2024**
## **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**
|Dividends received
Bank interest
Dividends and Interest Received|**Unrestricted**
**funds**
**2024**
**£**
33,357
1,391
34,748
Unrestricted
funds
2023
£
31,945|**Total**
**funds**
**2024**
**£**
**33,357**
**1,391**
**34,748**|
|---|---|---|
|||Total
funds
2023
£
31,945|
## **4. Analysis of expenditure by activities**
||**Support**|**Total**|
|---|---|---|
||**costs**|**funds**|
||**2024**|**2024**|
||**£**|**£**|
|Expenditure|4,100|**4,100**|
Page 9
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2024**
## **4. Analysis of expenditure by activities (continued)**
||Grant|||
|---|---|---|---|
||funding of|Support|Total|
||activities|costs|funds|
||2023|2023|2023|
||£|£|£|
|Expenditure|41,064|3,200|44,264|
## **5. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £3,200 (2023 - £2,850).
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).
## **7. Fixed asset investments**
|**Valuation**
At 6 April 2023
Additions
Disposals
Revaluations
Movement in cash
At 5 April 2024
**Net book value**
At 5 April 2024
At 5 April 2023|**Listed**
**investments**
**£**
**1,540,853**
**147,065**
**(144,873)**
**200,619**
**-**
**1,743,664**
**1,743,664**
1,540,853|**Cash held**
**for**
**investment**
**£**
**35,954**
**-**
**-**
**-**
**(1,611)**
**34,343**
**34,343**
35,954|**Total**
**£**
**1,576,807**
**147,065**
**(144,873)**
**200,619**
**(1,611)**
**1,778,007**|
|---|---|---|---|
||||**1,778,007**
1,576,807|
Page 10
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2024**
## **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**|87,922|
|Total|**100,054**|87,922|
## **8. Debtors**
|**Due within one year**
Other debtors|**2024**
**£**
**2,910**
**2,910**|2023
£
2,057|
|---|---|---|
|||2,057|
## **9. Creditors: Amounts falling due within one year**
||**2024**|2023|
|---|---|---|
||**£**|£|
|Accruals and deferred income|**3,400**|47,264|
## **10. Summary of funds**
## **Summary of funds - current year**
|General funds|**Balance at 6**
**April 2023**
**£**
**1,563,246**
Balance at
6 April 2022
£
1,643,323|**Income**
**£**
**34,748**
Income
£
31,945|**Expenditure**
**£**
**(15,255)**
Expenditure
£
(55,020)|**Gains/**
**(Losses)**
**£**
**222,123**
Gains/
(Losses)
£
(57,002)|**Balance at 5**
**April 2024**
**£**
**1,804,862**|
|---|---|---|---|---|---|
||||||Balance at
5 April 2023
£
1,563,246|
|**Summary of funds - prior year**||||||
|General funds||||||
Page 11
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2024**
## **11. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
1,778,007
30,255
(3,400)
1,804,862|**Total**
**funds**
**2024**
**£**
**1,778,007**
**30,255**
**(3,400)**
**1,804,862**|
|---|---|---|
## **Analysis of net assets between funds - prior period**
|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|
|---|---|---|
## **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 2024.
Page 12