OpenCharities

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

2024-10-05-accounts

NORTHCOTT DEVON MEDICAL FOUNDATION

ANNUAL REPORT AND ACCOUNTS YEAR ENDED 5TH OCTOBER 2024

Registered Charity Number 204660

NORTHCOTT DEVON MEDICAL FOUNDATION

PERIOD TO 5TH OCTOBER 2024

Trustees : Dr M S Morgan (Chair)
Dr R Haigh
Dr C D Sheldon
Secretary : Mr R E T Borton
Registered address : Kerry
Doddiscombsleigh
Exeter
EX6 7PW
Independent Examiner : Sunny Truran FCCA FCA
Streets Bush
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

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 October 2024.

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, PUBLIC BENEFIT AND GRANT MAKING POLICY

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.

When considering grant applications, the trustees give preference to pilot studies that enable researchers to go on to make subsequent applications for major funding from larger grant funders. They also like to see studies that can lead to direct clinical applications and improved patient outcomes.

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, was a partner in Bishop Fleming LLP, Chartered Accountants, until his retirement in May 2024. That firm received £2,030 in the 7 months to 30 April 2024 (2023: £6,749 – 12 months) exclusive of VAT by way of fees for secretarial and accounting services. For the rest of the year, secretarial and accounting services were provided by Scanniclift Limited at a cost of £2,500 (no VAT). Mr Borton is the sole director and shareholder of Scanniclift Limited.

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 was £74,286 compared to £47,798 for the previous year. This is largely in line with the markets, but also takes account of the legacy funds received at the end of 22-23 which earned income for the whole of 23-24. This represents a 55.4% increase on the previous year.

The trustees again awarded more by way of grants than in the previous period (by nearly £6,000). Also, as there weren’t any abandoned projects in this year, there was only £90 of grant released, compared to nearly £13k last year. Accordingly, the net cost of grants awarded this year was double the previous year, at nearly £37k.

The Foundation’s investment portfolio increased in value by £345k over the previous year to £2.66m, an increase of nearly 13%. 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:-

Ms R Moosavi
(University of Exeter)
An investigation into the effects of factors secreted from metastatic breast
cancer cells on the cerebral endothelial surface layer
Prof M Upton
(University of Plymouth)
Developing new therapeutic approaches for emerging bacterial
pathogens of the human respiratory tract
Dr T Joshi
(University of Plymouth)
Experimental evolutionary analysis of fidaxomicin resistance in the anaerobic
pathogen_Clostridioides dificile_
Dr S Gould
(University of Exeter Medical School)
Characterising subpopulations of senescent cells to safely target treatments for
age-mediated disease
£		 £
3,650
3,500
9,879
19,972
37,001

At £89.9k, grants outstanding at the 5 October 2024 were only £2.2k more than at the end of the previous year, with payments made during the year roughly in line with new grants awarded.

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 period reported here, having charged investment management costs to capital funds, there has been a surplus on unrestricted income funds of £30,325 (2023 £19,481), increasing the unspent income funds carried forward to £67,767 (2023 £37,442).

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. On this basis, the Trustees expect to have largely spent the charity’s income reserves at any one time. The reserves policy is to maintain a very minimum of unspent income reserves. The trustees have noted a slight reduction in the level of applications and they are considering ways to increase the number with the intention of awarding more grants.

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 Sunny Truran of Streets Bush will be put to a meeting of the Trustees.

SIGNED ON BEHALF OF THE TRUSTEES

R E T Borton Secretary

Dr C D Sheldon Trustee

1 August 2025

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 October 2024 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

  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.

Sunny Truran FCCA FCA Streets Bush Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT

4 August 2025

5

NORTHCOTT DEVON MEDICAL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 5TH OCTOBER 2024

Notes

INCOME

Income from UK quoted investments
2
Interest on cash deposits
Legacies received
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 October 2023
BALANCE CARRIED
FORWARD
5 October 2024
9
Unrestricted
£


73,721
565
10

74,296
16,573
36,911
7,050
60,534
13,762
308,086
321,848


2,255,219
2,577,067
Restricted
£
0
0
0
0
0


0

0
0
0
0
0
365
365		 2024
Total
£
73,721
565
10



74,296

16,573


36,911

7,050
60,534

13,762
308,086
321,848


2,255,584



2,577,432		 2023
£
47,184
614
318,855
366,653
13,822
18,428
9,889
42,139
324,514
40,685
365,199
1,890,385
2,255,584

In neither 2024 nor 2023 did any income or expenditure relate to restricted funds.

All activities were continuing activities.

6

NORTHCOTT DEVON MEDICAL FOUNDATION

BALANCE SHEET

5TH OCTOBER 2024

Notes
FIXED ASSETS
UK Quoted investments
7
CURRENT ASSETS
Debtors
8
Brewin Dolphin Deposit
Brewin Dolphin Income
Cash at Bank
Creditors: Amounts falling due within
one year
9
NET CURRENT
ASSETS/(LIABILITIES)
NET ASSETS
Represented by:
UNRESTRICTED FUNDS
10
RESTRICTED FUNDS
10		 2024
£
£

2,659,845


6,234

758

5,891

59

12,942

(95,355)


(82,413)

2,577,432



2,577,067
365
2,577,432		 2023
£
£

2,314,660
2,087
29,089
465
123
31,764
(90,840)
(59,076)
2,255,584
2,255,219
365
2,255,584		 2023
£
£

2,314,660
2,087
29,089
465
123
31,764
(90,840)
(59,076)
2,255,584
2,255,219
365
2,255,584
2,255,584
2,255,219
365
2,255,584

The Accounts were approved by the Board of Trustees on 1 August 2025 and signed on its behalf by:-

Dr C D Sheldon Trustee

7

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH OCTOBER 2024

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.

Other expenditure is accounted for on an accruals basis, including VAT which the Foundation cannot recover.

8

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS YEAR ENDED 5TH OCTOBER 2024 (Cont'd.)

(h) Financial instruments

2. INCOME FROM UK QUOTED INVESTMENTS

Dividends and interest received
GRANTS AND LECTURES

Grants awarded
Grants released		 2024
£
73,721

2024
£
37,001
(90)
36,911		 2023
£
47,184

2023
£
31,159
(12,731)
18,428

3. GRANTS AND LECTURES

2024 2023

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 for 2024 or 2023.

4. ADMINISTRATIVE EXPENSES

Secretarial and Accountancy
Independent Examination
Trustee Indemnity Insurance
Other administrative costs		 2024
£
4,936
1,310
735
69
**7,050 **		 2023
£
8,099
852
938
0
9,889

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, was a partner in Bishop Fleming LLP, Chartered Accountants until his retirement in May 2024. That firm received £2,030 in the 7 months to 30 April 2024 (2023: £6,749 – 12 months) exclusive of VAT by way of fees for secretarial and accounting services. For the rest of the year, secretarial and accounting services were provided by Scanniclift Limited at a cost of £2,500 (no VAT). Mr Borton is the sole director and shareholder of Scanniclift Limited.

9

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS YEAR ENDED 5TH OCTOBER 2024 (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
Fidelity US Income Fund
8.
DEBTORS
Prepayments
Accrued income
9.
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Accrued expenses
Grants outstanding		 2024
2023
£
£
2,314,660
1,909,324
722,979
567,187
(666,572)
(198,460)
2,371,067
2,278,051

288,778
36,609
2,659,845
2,314,660
2,037,874
1,873,490
the investment portfolio:
5.1%
4.6%
5.7%
5.2%
5.5%
5.2%

2024
2023
£
£
505
483
5,729
1,604		 2023
£
1,909,324
567,187
(198,460)
2,278,051
36,609
2,314,660
1,873,490
6,234
2,087
2024
2023
£
£
5,496
3,208
89,859
87,632
95,355
90,840

10

NORTHCOTT DEVON MEDICAL FOUNDATION

NOTES TO THE ACCOUNTS YEAR ENDED 5TH OCTOBER 2024 (Cont'd.)

10. RESTRICTED FUNDS

During previous years donations of £4,565 were received towards Multiple Sclerosis research. A grant was awarded during 2021 for £4,200, leaving £365 carried forward at the 5 April 2021 through to 5 October 2024. All other funds stated below represent unrestricted funds.

UNRESTRICTED FUNDS

At cost
Revaluation surplus
Being:-
Capital
Income
11.
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		 2024
£
1,955,096
621,971
2,577,067
2,509,300
67,767
2,577,067
2024
£
2,659,845
5,729
6,708
2,672,282
(5,496)
(89,859)
(95,355)		 2023
£
1,814,049
441,170
2,255,219
2,217,777
37,442
2,255,219
2023
£
2,314,660
1,604
29,677
2,345,941
(3,208)
(87,632)
(90,840)

11