OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

NORTHCOTT DEVON MEDICAL FOUNDATION

ANNUAL REPORT AND ACCOUNTS

YEAR TO 5TH APRIL 2021

Registered Charity Number 204660

NORTHCOTT DEVON MEDICAL FOUNDATION

YEAR TO 5TH APRIL 2021

Trustees : Mr J F Thompson (Deceased 25 February 2021)
Dr M S Morgan (Chair)
Dr R Haigh
Secretary : Mr R E T Borton
Registered address : Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
Independent Examiner : Mr S Cann
Bush & Co
2 Barnfield Crescent
Exeter
EX1 1QT
Bankers : Barclays Bank Plc
20 High Street
Exeter
EX4 3LL
Investment Advisors : Brewin Dolphin
Vantage Point
Woodwater Park
Pynes Hill
Exeter
EX2 5FD
Solicitors : Foot Anstey
Senate Court
Southernhay Gardens
Exeter
EX1 1NT

1

NORTHCOTT DEVON MEDICAL FOUNDATION

Registered Charity Number 204660

TRUSTEES' REPORT

The Trustees present their report and the accounts of the Foundation for the year ended 5 April 2021.

GOVERNING DOCUMENT

The Foundation was founded on 8 November 1961 and is constituted under a deed of trust by the late George Vernon Northcott, CBE. The charity’s registered office is given on page 1.

TRUSTEES AND PRINCIPAL ADVISERS

The names of the trustees and principal advisers are set out on page 1.

TRUSTEES' RESPONSIBILITIES

The trustees are responsible for the preparation of financial statements which give a true and fair view of the state of affairs of the Foundation at the end of each financial year and also of the financial activities for the year. In preparing these financial statements, the Trustees ensure that applicable accounting standards have been followed and that appropriate accounting policies supported where necessary by appropriate judgement and estimates, have been consistently applied.

The Trustees have also complied with the deed of trust by ensuring that administrative expenditure has been funded from income.

PRINCIPAL OBJECTS AND PUBLIC BENEFIT

The principal objects are to promote the improvement of medical practice, by supporting postgraduate medical education and medical research in the County of Devon.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The Trustees’ grant making policy is established in such a way that the Foundation achieves its objects for the public benefit, by seeking to improve medical practice.

ADMINISTRATIVE STRUCTURE

The Trustees are empowered by the deed of trust to appoint additional trustees and also to appoint persons to serve on an advisory committee which meets twice a year to consider grant applications.

The trustees and members of the advisory committee offer their services free of charge and are not remunerated for the expenses they incur. There are no other voluntary helpers.

The Secretary, Mr R E T Borton, is a partner in Bishop Fleming LLP, Chartered Accountants. That firm received £5,870 (2020: £5,770) exclusive of VAT by way of fees for secretarial and accounting services.

2

NORTHCOTT DEVON MEDICAL FOUNDATION

Registered Charity Number 204660

TRUSTEES' REPORT (Cont'd.)

REVIEW OF THE YEAR

As explained below, the Foundation's investment advisors are instructed to maximise total returns. During the year presented here, investment income decreased from £50,833 to £41,718. This is largely in line with the markets.

However, this has been more than offset by significant gains on the Foundation’s investments. After the losses of around £198,000 in 2019/20, again in line with markets at the start of the Coronavirus pandemic, the Foundation’s investment portfolio has increased significantly, from £1.594m at 5 April 2020 to £2.129m this year. The trustees are satisfied with the investment performance.

The Foundation receives a steady stream of worthy applications and the Trustees continue to balance the needs of current researchers with their objective to protect the time value of the charity’s funds for the future.

The grants awarded during the year were:-

£ Dr R Bescos 7,800 (University of Plymouth) The effect of bee propolis mouthwash on the composition and abundance of oral bacteria compared to chlorhexidine mouthwash in healthy humans Drs Coelho and Whatmore 6,720 (University of Exeter Medical School) An investigation into the role of the endothelial glycocalyx in the invasion of the brain by cryptococcus neoformans. Mr N Thomas 9,997 (University of Exeter Medical School) Can continuous glucose measures be used to predict insulin secretion in adult-onset diabetes? Mr J A Conway 5,982 (University of Plymouth) The influence of Nedd4 ligases on the dopaminergic midbrain and alpha synuclein in Parkinson’s Disease and Dementia with Lewy Bodies £ 30,499

Due to the coronavirus pandemic, a number of the studies that the Foundation is funding have had delayed starts or have had to be temporarily suspended. Accordingly, there have been fewer claims against grant awards than would have been expected during the year. Grants outstanding at the 5 April 2021 were £95,452.

3

NORTHCOTT DEVON MEDICAL FOUNDATION

Registered Charity Number 204660

TRUSTEES' REPORT (Cont'd.)

FINANCIAL POLICY (INVESTMENTS, RESERVES AND RISKS)

Whilst the Trustees have wide powers to make investments as they see fit, they maintain a medium risk balanced portfolio.

As the Trustees have the power to apply the capital of the fund to any of the charitable objects of the Foundation, since 2004, the Trustees have asked their investment adviser to try to maximise total return, without being concerned with the split between income and capital.

In the year reported here, having charged investment management costs to capital funds, there has been a small surplus on unrestricted income funds of £1.975 (2020 deficit £256), increasing the unspent income funds carried forward to £3,640.

Restricted funds of £365 remain for multiple sclerosis research and this amount will be used towards future grants for this purpose.

Overall, the Trustees’ aim is to maintain the value of capital in real terms and to apply income earned therefrom to award grants and to otherwise fulfil the charity’s objectives.

FUTURE COMMITMENTS

There were no commitments at the year-end that were not already recognised as liabilities in the accounts.

INDEPENDENT EXAMINER

A resolution proposing the re-appointment of Mr S Cann of Bush & Co will be put to a meeting of the Trustees.

SIGNED ON BEHALF OF THE TRUSTEES

R E T Borton Dr M S Morgan Secretary Trustee

4 February 2022

4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

NORTHCOTT DEVON MEDICAL FOUNDATION

I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2021 which are set out on pages 6 to 11.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material 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 Act; or 2. the accounts do not accord with those records; or

  2. 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.

S Cann FCCA ACA CTA Bush & Co Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT

4 February 2022

5

NORTHCOTT DEVON MEDICAL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 5TH APRIL 2021

Notes

INCOME
Income from UK quoted investments
2
Interest on cash deposits
Donations
Total income
EXPENDITURE
Raising funds
Investment management charges
Charitable activities
Grants and lectures
3
Administrative expenses
4
Total expenditure
Net income/(expenditure) before
gains and losses
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)

BALANCE BROUGHT
FORWARD

6 April 2020
BALANCE CARRIED
FORWARD
5 April 2021
9
Unrestricted
£

41,560
158
0

41,718
13,427
31,499
8,244
53,170
(11,452)
528,397
516,945


1,509,280
2,026,225
Restricted
£



0




0
0
0

365

365		 2021
Total
£
41,560
158
0


41,718
13,427

31,499
8,244
53,170

(11,452)
528,397
516,945

1,509,645 **



2,026,590**
2020
£
50,833
219
1,565
52,617
13,260
34,148
8,100
55,508
(2,891)
(204,301)
(207,192)
1,716,837
1,509,645

In 2020 £1,565 of income, £4,200 of expenditure and reserves carried forward of £365 related to restricted funds. The balance was unrestricted.

All activities were continuing activities.

6

NORTHCOTT DEVON MEDICAL FOUNDATION

BALANCE SHEET

5[TH] APRIL 2021

Notes
FIXED ASSETS
UK Quoted investments
7
CURRENT ASSETS
Brewin Dolphin Deposit
Cash at Bank
Debtors – accrued interest
Creditors: Amounts falling due within
8
one year
NET CURRENT
ASSETS/(LIABILITIES)
NET ASSETS
Represented by:-
UNRESTRICTED FUNDS
9
RESTRICTED FUNDS
9		 2021
£
£

2,069,446


59,993

59

486

60,538

(103,394)



(42,856)

2,026,590



2,026,225
365
2,026,590		 2020
£
£

1,478,490
115,463
388
581
116,432
(85,277)
31,155
1,509,645
1,509,280
365

1,509,645		 2020
£
£

1,478,490
115,463
388
581
116,432
(85,277)
31,155
1,509,645
1,509,280
365

1,509,645
1,509,645
1,509,280
365
1,509,645

The Accounts were approved by the Board of Trustees on 4 February 2022 and signed on its behalf by:-

Dr M S Morgan

7

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021

1. ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Foundation's Accounts.

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 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

Grants are accounted for when awarded.

8

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021 (Cont'd.)

(h) Preparation of the accounts on a going concern basis

2. INCOME FROM UK QUOTED INVESTMENTS

2.
INCOME FROM UK QUOTED INVESTMENTS
Dividends and interest received
3.
GRANTS AND LECTURES
Grants awarded
Grants released
Grant claim against previously released awards		 2021
£
41,560
2021
£
30,499

1,000
31,499		 2020
£
50,833
2020
£
36,289
(2,141)
34,148

Details of the recipients and purpose of grants are given in the Trustee's Report, under Review of the Year on page 3. All grants were awarded from unrestricted funds and none were awarded from restricted funds, (2020 £4,200 from restricted, with the balance from unrestricted).

4.
ADMINISTRATIVE EXPENSES
Secretarial and Accountancy
Independent Examination
Trustee Indemnity Insurance
Meeting expenses		 2021
£
7,044
768
408
24
8,244		 2020
£
6,924
750
408
18
8,100

5. TRUSTEES’ REMUNERATION AND EXPENSES

The Trustees act in a voluntary capacity. They receive no remuneration and are paid no expenses.

6. RELATED PARTY TRANSACTIONS

The Secretary, Mr R E T Borton, is a partner in Bishop Fleming LLP, Chartered Accountants. That firm received £5,870 (2020: £5,770) exclusive of VAT by way of fees for secretarial and accounting services.

9

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021 (Cont'd.)

7.
UK QUOTED INVESTMENTS
Balance brought forward
at valuation
Acquisitions at cost
Disposals at valuation
Revaluation at 5 April 2021
Balance carried forward at valuation
Quoted investments stated at historic cost
The following investments represent more than 5% of
J P Morgan American Investment Trust
Vanguard Funds S&P 500
8.
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Accrued expenses
Grants outstanding
9.
RESTRICTED FUNDS		 2021
2020
£
£
1,478,490
1,714,029
339,103
340,255
(234,950)
(365,931)
1,582,643
1,688,353

486,803
(209,863)
2,069,446
1,478,490
1,365,878
1,242,836
the investment portfolio:
4.0%
7.7%
6.6%
6.5%
2021
2020
£
£
7,942
7,973
95,452
77,304		 2020
£
1,714,029
340,255
(365,931)
1,688,353
(209,863)
1,478,490
1,242,836
103,394
85,277

During the previous year donations of £1,565 were received towards Multiple Sclerosis research. A grant was awarded during that year for £4,200, leaving £365 carried forward at the 5 April 2020 and 2021. All other funds stated below represent unrestricted funds.

UNRESTRICTED FUNDS
At cost
Revaluation surplus
Being:-
Capital
Income		 2021
£
1,322,657
703,568
2,026,225
2,022,585
3,640
2,026,225		 2020
£
1,273,626
235,654
1,509,280
1,507,615
1,665
1,509,280

10

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2021 (Cont'd.)

10.
FINANCIAL INSTRUMENTS
Financial assets measured at fair value through
income and expenditure
Investments
Financial assets measured at amortised cost
Accrued income
Cash at bank
Financial liabilities measured at amortised cost
Accrued expenses
Grants outstanding		 2021
£
2,069,446
486
60,052
2,129,984
(7,942)
(95,452)
**(103,394) **		 2020
£
1,478,490
581
115,851
1,594,922
(7,973)
(77,304)
(85,277)

11