**Charity number: 200049**
## **The Peter Samuel Royal Free Fund**
## **Unaudited**
**Trustees' report and financial statements**
**for the year ended 5 April 2025**
**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 2025**
## **Trustees**
The Hon Michael John Samuel The RT. Hon. The Viscount of Bearsted Professor Robert J Unwin (resigned 31 December 2024) Dr Jennifer Cross Professor Sandip Patel Professor Alan Salama (appointed 1 January 2025)
## **Charity registered number**
200049
## **Principal office**
UCL Medical School Gower Street WC1E 6BT
## **Accountants**
Kreston Reeves LLP 2nd Floor 168 Shoreditch High Street London E1 6RA
## **Bankers**
Waverton Investment Management 21 St James' Square London SW1Y 4HB
## **Independent Examiner**
Stephen Moss BSc (Hons) ACA Kreston Reeves LLP 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 2025**
The Trustees present their annual report together with the financial statements of the charity for the year to 5 April 2025.
## **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 £82,128 (2024: £Nil).
The Trustees agreed to change the way in which it awards its grants and set up a Peter Samuel Royal Free Scholarship. This Scholarship was agreed upon and is now in its final year.
## **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 loss on the charity's investment portfolio of £83,661 (2024: unrealised gain of £200,619).
## **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 £1,694,526 (2024: £1,804,862). The value of the investment portfolio also decreased this year to £1,752,721 (2024: £1,778,007). The investment portfolio is largely made up of liquid securities that could be crystallized to provide funds if required.
Page 2
The Polor Samuol Royal Fr•a Fund
TTustses' r•port {¢ontlnued}
for the year ended 5 April 2025
Structure. governanGg and managgmgnt
. Constitution
The charity is Constituted under a D88d of Trust dated 6th April 1961.
b. Methods of appointment or e16¢tlon of Tru$t¢¢$
The management of the eharity is the responslbillty of the Trustees who are elected and COw(IPted under the
terms of the Trusl deed.
Futurn developments
The Trustees have been rewewing the slr8tagic direction of the charity and h8v& approved the ostablishment of
the 'Peler Samuel Royal Free Scholarship, lo support a PhD student studwng at the Royal Free. Tha first round
ol recruitment fo¥ this scholarship has been completed and the successful student has bèen appointed to the
schème.
Statement of Tntstees. responslbllltl88
The Twstees are responsible for preparing the Trustees, report and the financial slalements in accordance with
applicable law and United Kingdom AUnts.ng Stsndards (United Kingdom Generally Accepted Accounting
Practieel.
The law applicable to charities in England & Wales requires the Trusiees to prepare financial statements for
each financial which give a true and fair view of the stale of affairs of the charity and of ils incoming resources
ané application of resources, including its income and gxpendilure. for that riod. In preparing these financial
slat8menls, the Trustees are required lo:
$eSert suitable accounting policAes and then apply them consislenuy,
observe the methods and principles of the Charltles SORP IFRS 1021-
make judgments and accounting estimates that are reasonable and pnxlent..
slate whalhgr applicable UK Accounting Standards IFRS 1021 have b followed, subject to any material
departures disclosed and explained in the financlal slalements.,
prepare the financial statements on th& going concem basis unless il is inappropriate lo presume Ihal the
charity will continue in business.
The Truslees are responslble for keeplng adequate aOntIng records th81 are sufficient to show and explain
the charilvs transactions 8nd disclose with reasonabla accuracy at any time the finanoal position of the charity
and enab them lo ensure that the financial statements C(nplY with the Charrties Act 2011, the Charity
{Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
Safeguardi the assets of the charity and hence for laking reasonable steps for the prevention and deteOn of
fraL6d and other irre9ulartiies.
Approved by ord8r of th8 m8mbers of the board of Trustees and signed on their behalf by.
. Tho Viscount of Boar$l•d
Trustee
Dale.. 26 January 2026
Page 3
**The Peter Samuel Royal Free Fund**
## **Independent examiner's report for the year ended 5 April 2025**
## **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 2025.
## **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: 27 January 2026 Stephen Moss BSc (Hons) ACA
## **Kreston Reeves LLP**
London
Page 4
**The Peter Samuel Royal Free Fund**
## **Statement of financial activities for the year ended 5 April 2025**
|**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**
**2025**
**£**
**34,390**
**34,390**
**12,597**
**85,968**
**98,565**
**(64,175)**
**(46,161)**
**(110,336)**
**1,804,862**
**(110,336)**
**1,694,526**|**Total**
**funds**
**2025**
**£**
**34,390**
**34,390**
**12,597**
**85,968**
**98,565**
**(64,175)**
**(46,161)**
**(110,336)**
**1,804,862**
**(110,336)**
**1,694,526**|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|
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
Th• Poter Samuel Royal Free Fund
Balanco sheet
as 815 Aprll 2025
2025
2024
Nots
Fix•d assets
Investments
Current asset8
1,752.721
1,778,007
Debtors
Cash at bank and in hand
2,597
28,576
2,910
27.345
31.173
30,255
Credf(ors.' amounts falling due within one
{89,368
13.4001
Net current Ilabllltles l assols
158.1951
26.855
Total net ass8ts
1.694.526
1.804.862
Charfty funds
Unrestricted funds
10
1.694,526
1,804,862
Total funds
1,694,526
1,804,862
The financial statements were opproved and 8Uthorisgd for issue by the Trustees and signed on their behalf by.
Vi$count Boarst•d
Trustee
Date: 26 January 2026
Thg notes on pages 7 to 12 fom part of these financ4al $tslemenl$.
Page 6
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2025**
## **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 2025**
## **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 2025**
## **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 received
Bank interest|**Unrestricted**
**funds**
**2025**
**£**
32,226
2,164
34,390
Unrestricted
funds
2024
£
33,357
1,391
34,748|**Total**
**funds**
**2025**
**£**
**32,226**
**2,164**|
|---|---|---|
|||**34,390**|
|||Total
funds
2024
£
33,357
1,391|
|||34,748|
## **4. Analysis of expenditure by activities**
|||**Support**|**Total**|
|---|---|---|---|
||**Grant costs**|**costs**|**funds**|
||**2025**|**2025**|**2025**|
||**£**|**£**|**£**|
|Expenditure|82,128|3,840|**85,968**|
Page 9
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2025**
## **4. Analysis of expenditure by activities (continued)**
||Support|Total|
|---|---|---|
||costs|funds|
||2024|2024|
||£|£|
|Expenditure|4,100|4,100|
## **5. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £3,840 (2024 - £3,200).
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL).
## **7. Fixed asset investments**
|**Cost or valuation**
At 6 April 2024
Additions
Disposals
Revaluations
Movement in cash
At 5 April 2025
**Net book value**
At 5 April 2025
At 5 April 2024|**Listed**
**investments**
**£**
**1,743,664**
**275,729**
**(196,405)**
**(83,661)**
**-**
**1,739,327**
**1,739,327**
1,743,664|**Cash held**
**for**
**investment**
**£**
**34,343**
**-**
**-**
**-**
**(20,949)**
**13,394**
**13,394**
34,343|**Total**
**£**
**1,778,007**
**275,729**
**(196,405)**
**(83,661)**
**(20,949)**|
|---|---|---|---|
||||**1,752,721**|
||||**1,752,721**|
||||1,778,007|
Page 10
**The Peter Samuel Royal Free Fund**
## **Notes to the financial statements for the year ended 5 April 2025**
## **Material investments**
Included in the above is the following investments, which each represent greater than 5% of the total market value.
|Waverton Sterling Bond Fund B
Waverton Asia Pacific Fund 'A'|**Cost**
**£**
**109,160**
**91,042**
**200,202**|Market value
£
96,922
98,848|
|---|---|---|
|||195,770|
## **8. Debtors**
|**Due within one year**
Other debtors|**2025**
**£**
**2,597**
**2,597**|2024
£
2,910|
|---|---|---|
||||
|||2,910|
## **9. Creditors: Amounts falling due within one year**
|Other creditors
Accruals and deferred income|**2025**
**£**
**82,128**
**7,240**
**89,368**|2024
£
-
3,400|
|---|---|---|
||||
|||3,400|
## **10. Summary of funds**
## **Summary of funds - current year**
|General funds|**Balance at 6**
**April 2024**
**£**
**1,804,862**
Balance at
6 April 2023
£
1,563,246|**Income**
**£**
**34,390**
Income
£
34,748|**Expenditure**
**£**
**(98,565)**
Expenditure
£
(15,255)|**Gains/**
**(Losses)**
**£**
**(46,161)**
Gains/
(Losses)
£
222,123|**Balance at 5**
**April 2025**
**£**
**1,694,526**|
|---|---|---|---|---|---|
||||||Balance at
5 April 2024
£
1,804,862|
|**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 2025**
## **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**
**2025**
**£**
1,752,721
31,173
(89,368)
1,694,526|**Total**
**funds**
**2025**
**£**
**1,752,721**
**31,173**
**(89,368)**|
|---|---|---|
|||**1,694,526**|
## **Analysis of net assets between funds - prior year**
|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|
## **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 2025.
Page 12