The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the Year Ended 31 July 2021
(Registered Charity Number 269749)
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Contents
| Contents | |
|---|---|
| Page | |
| Trustees Annual Report | 2 |
| Trustees’ Responsibilities statement | 4 |
| Trustees, Officers and Academic Appointments | 5 |
| Report of the Independent Auditor to the Trustees | 6 |
| Accounting Policies | 10 |
| Statement of Financial Activities | 11 |
| Statement of Financial Position | 13 |
| Notes to the Financial Statements | 14 |
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Trustees’ Annual Report for the year ended 31 July 2021
Introduction
The trustees present their report along with the financial statements of the Charity for the year ended 31 July 2021. The financial statements have been prepared in accordance with applicable law as detailed in the accounting policies on page 9 of this report.
Objects of the Charity
The objects of the Charity are:
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a) to encourage the study and teaching of geriatrics and
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b) to foster research into the problems of ageing and to disseminate the results of this research and to improve the training of doctors in the care of the elderly
Organisational structure and Governance
The principal activity of the Charity, which was established in 1975, charity registration number 269749, is to contribute towards the costs of The Eleanor Peel Chair of Geriatrics at St George’s University of London (SGUL).
The portfolio is managed on behalf of the trustees as part of SGUL’s investment portfolio. Oversight of the investment of these funds is through SGUL’s Finance Committee, which in turn receives professional investment advice from Cazenove Fund Management.
There are no restrictions to the Charity’s powers to invest.
The Charity does not invite donations from members of the public.
Management
New trustees are appointed by existing trustees in accordance with Section 20 of the Trust Deed. There are no formal policies for the induction or training of new trustees, although the secretary does disseminate relevant information to new trustees including minutes.
The trustees meet at least once in each academic year. The usual place of meeting is SGUL. The Charity makes use of the resources and assets of SGUL in order to carry out its objects.
Review of financial activities, investment policy and future plans.
The Charity’s income is derived from a portfolio of investments, which, at the year-end, were valued at £1,959,361 (2020: £1,709,939). The fund generated income of £39,478 (2020: £47,351) and a gain on investments of £246,102 (2020: £141,083 loss). Endowment funds were £1,710,364 (2020: £1,464,263) and restricted funds were £287,108 (2020: £317,234).
The Charity’s investment return contributes towards the salary and emoluments of the Eleanor Peel Chair of Geriatrics to enable research into the problems of ageing and to improve and encourage the study and teaching of geriatrics and the care of the elderly.
As the portfolio is managed by SGUL its investment strategy is set as part of the overall portfolio strategy with the aim of maintaining capital whilst delivering sufficient income to contribute to the costs of SGUL.
There are no planned changes to the activities in the foreseeable future.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Trustees’ Annual Report for the year ended 31 July 2021 (continued)
Reserves policy
Reserves should be maintained at a minimum of one year’s expected salary costs for the Eleanor Peel Chair of Geriatrics.
The restricted income fund is currently four times the minimum required at £287k and total funds are £2.0m. There are no plans to actively reduce the reserves to get closer to the minimum.
Risk Management
The trustees have examined the main strategic, business and operational risks which the Charity faces.
The Eleanor Peel Chair of Geriatrics is recruited by management of SGUL who have relevant expertise in academic and clinical appointments.
Risks related to the fund investments, are mitigated by engagement of a professional firm of fund managers.
Public Benefit Statement
The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.
By contributing to the salary costs of the Eleanor Peel Chair of Geriatrics the Charity has achieved its objects of fostering research into the problems of ageing and disseminating the results of this research and encouraging the study and teaching of geriatrics.
Going Concern
The investment portfolio has recovered from the impact of the global pandemic Covid-19 experienced last year and the trustees are confident that the Charity will maintain net gains on its diverse portfolio investments in the foreseeable future and that the income generated from these will be sufficient to cover the Charity’s costs on an ongoing basis and maintain the reserves in line with the reserves policy. The Charity has expendable reserves (the restricted income fund) of £287,108. net current assets of £38,112 and sufficient cash to meet its obligations as they fall due, along with investments of over £1.9million. The trustees are therefore of the view that the Charity is a going concern.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Trustees’ Responsibilities Statement
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees confirm that:
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so far as each trustee is aware, there is no relevant audit information of which the charity’s auditor is unaware; and
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trustees have taken all of the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.
Susan McPheat Trustee
Date: 30 November 2021
St George’s, University of London Cranmer Terrace Tooting London SWI7 0RE
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Trustees, officers and academic appointments for the year ended 31 July 2021
Legal and administrative details
The Trust is a registered charity. Its registered number is 269749.
Trustees
The following Trustees have served during or subsequent to the financial year and to the date of these financial statements: -
Ms Cerys Ledger Dr Julie Leeming Ms Susan McPheat
Principal Office
The principal office of the charity is: St George’s, University of London Cranmer Terrace London SWI7 0RE
Auditor
BDO LLP City Place, 2 Beehive Ring Road, Gatwick RH6 0PA
Investment Manager
Cazenove Fund Management Limited 1 London Wall Place London EC2Y 5AU
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Independent auditor’s report to the trustees of The Eleanor Peel Chair of Geriatrics
Opinion on the financial statements
In our opinion, the financial statements:
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give a true and fair view of the state of the Charity’s affairs as at 31 July 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
We have audited the financial statements of The Eleanor Peel Chair of Geriatrics (“the Charity”) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions related to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Independent auditor’s report to the trustees of The Eleanor Peel Chair of Geriatrics
(continued)
report thereon. The other information comprises: The Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion;
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the information contained in the financial statements is inconsistent in any material respect with the Trustees’ Annual Report; or
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adequate accounting records have not been kept by the Charity; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Independent auditor’s report to the trustees of The Eleanor Peel Chair of Geriatrics (continued)
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Charity and the sector in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Charities Act 2011. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition the Charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Audit procedures performed included:
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discussions with trustees and management, including consideration of any known or suspected instances of non-compliance with laws and regulations and fraud;
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reading minutes of meetings of those charged with governance, and reviewing any correspondence with HMRC or the Charity Commission for England and Wales;
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verification of assumptions used by management in their significant accounting estimates in particular in relation to the valuation of investments; and
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in addressing the risk of fraud through management override of controls; testing the appropriateness of journal entries and other adjustments, in particular with unusual accounts combinations.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Independent auditor’s report to the trustees of The Eleanor Peel Chair of Geriatrics (continued)
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
BDO LLP, statutory auditor London, UK Date 10 December 2021
BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Accounting Policies
1. Basis of Preparation
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Dividends are included in the Statement of Financial Activities when receivable.
2. Going concern
The investment portfolio has recovered from the impact of the global pandemic Covid-19 experienced last year and the trustees are confident that the Charity will maintain net gains on its diverse portfolio investments in the foreseeable future and that the income generated from these will be sufficient to cover the Charity’s costs on an ongoing basis and maintain the reserves in line with the reserves policy. The Charity has expendable reserves (the restricted income fund) of £287,108. net current assets of £38,112 and sufficient cash to meet its obligations as they fall due, along with investments of over £1.9million. The trustees are therefore of the view that the Charity is a going concern.
3. Investments
Investment assets are valued at market value at the statement of financial position date.
Realised gains and losses on investments are arrived at by comparing the net sale proceeds with the market value at the end of the previous financial year; unrealised gains and losses represent the difference between the market value of investments still held at the end of the financial year with their value at the beginning of the year, or with their cost if purchased subsequently.
4. VAT
The Charity is not registered for VAT and accordingly, where applicable, all costs and expenditure incurred are inclusive of VAT.
5. Cash flow
The Charity has not prepared a cash flow statement for the year under review as required by FRS102. The exemption falls under para B.16 of the Charities SORP 2019 for small charities.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
6. Restricted and endowment funds
Restricted funds are those funds which are generated from endowment fund investments and which can be spent in accordance with the Trust deed. All endowment funds are permanent endowment funds, being funds in which the capital is maintained.
7. Expenditure
Expenditure is included on an accruals basis and comprise costs for the running of the Charity itself as an organisation and the payments to SGUL to support the Eleanor Peel Chair of Geriatrics.
8. Cash and cash equivalents
Cash comprises cash in hand, cash held in investments and deposits repayable on demand, less overdrafts payable on demand
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Statement of Financial Activities for the year ended 31 July 2021
| Notes Income Investment income Expenditure Expenditure on charitable activities 3 Other Costs 4 Net expenditure before net gains on investments Gains/(Losses) on investments 5 Net movement of funds for the year Total funds brought forward Total funds carried forward |
Restricted Income Permanent Endowments Total 2021 2021 2021 £ £ £ 39,478 - 39,478 (69,603) - (69,603) (1) - (1) (30,126) - (30,126) - 246,102 246,102 (30,126) 246,102 215,976 317,234 1,464,263 1,781,497 |
Restricted Income Permanent Endowments Total 2020 2020 2020 £ £ £ 47,351 - 47,351 (67,376) - (67,376) (1) - (1) |
|---|---|---|
| (20,026) - (20,026) - (141,083) (141,083) |
||
| (20,026) (141,083) (161,109) 337,260 1,605,346 1,942,606 |
||
| 287,108 1,710,365 1,997,473 |
317,234 1,464,263 1,781,497 |
The accounting policies on pages 10 to 11and the notes on pages 14 to 16 form part of these financial statements.
All incoming resources and resources expended derived from continuing activities.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021 Statement of Financial Position as at 31 July 2021
| Notes Fixed Assets Investments 5 Current Assets Debtors 6 Cash and cash equivalents Liabilities Creditors 7 Net Current Assets Net Assets Endowment Fund 10 Restricted Income Fund 10 Total Funds |
2021 £ 1,959,361 39,478 68,237 (69,603) 38,112 1,997,473 1,710,364 287,109 1,997,473 |
2020 £ 1,709,939 47,351 91,583 (67,376) |
|---|---|---|
| 71,558 | ||
| 1,781,497 | ||
| 1,464,263 317,234 |
||
| 1,781,497 |
The Financial Statements were approved by the trustees and authorised for issue on 30 November 2021
Susan McPheat
Registered Charity number 269749
The accounting policies on pages 10 to 11 and the notes on pages 14 to 16 form part of these financial statements.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
Notes to the Financial Statements
1. Emoluments
No emoluments were paid by the fund to any of the trustees and the charity does not have any employees. (2020: no emoluments paid and no employees)
2. Trustee’s expenses
No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year. (2020: nil)
3. Charitable Activities
£69,603 is due to SGUL, as a contribution towards the costs of the Eleanor Peel Chair of Geriatrics. (2020: £67,376)
4. Other Costs
Bank charges of £1 were incurred. The audit fees have been met by the parent undertaking.
5. Investments
| Market value brought forward Change in cash held in investment Realised gains on investments Unrealised gains/(losses) on revaluation Market value carried forward Balance consists of: UK Equities International Equities Bonds Multi-Asset Funds Hedge Funds Property Funds Others |
2021 £ 1,709,939 3,320 62,671 183,431 1,959,361 2021 £ 478,347 880,133 135,236 86,233 28,512 206,438 144,462 1,959,361 |
2020 £ 1,840,599 10,424 2,440 (143,524) |
|---|---|---|
| 1,709,939 | ||
| 2020 £ 486,067 644,124 134,263 81,578 38,089 213,137 112,681 |
||
| 1,709,939 |
The cash held as part of the investment is shown in the balance sheet as part of cash and cash equivalents. The investments are held in a pooled fund with the Parent Company SGUL, the split of this fund is a percentage split based on the initial value of the investment. The trustees have received confirmation from SGUL that they are entitled to the assets as detailed in the table above.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021 Notes to the Financial Statements (continued)
6. Debtors
| 6. Debtors | ||
|---|---|---|
| 7. Creditors St George's, University of London St George's, University of London |
2021 £ 39,478 |
2020 £ 47,351 |
| 2021 £ 69,603 |
2020 £ 67,376 |
8. Taxation
The Eleanor Peel Chair of Geriatrics is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of the Corporation Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes.
9. Connected Charity
The Eleanor Peel Chair of Geriatrics shares common premises and administration facilities with SGUL.
10. Analysis of Net Assets Between the Funds
| 2021 Permanent Endowment Fund Restricted Fund Total Funds 2020 Permanent Endowment Fund Restricted Fund Total Funds |
Investments Net current assets Total £ £ £ 1,694,361 16,003 1,710,364 265,000 22,109 287,109 |
|---|---|
| 1,959,361 38,112 1,997,473 |
|
| Investments Net current assets Total £ £ £ 1,444,940 19,323 1,464,263 264,999 52,235 317,234 |
|
| 1,709,939 71,558 1,781,497 |
The permanent endowment fund shall pay or apply the income in furthering the objects of the Trust, which are to encourage the study and teaching of geriatrics, to foster research into the problems of ageing and to disseminate the results of this research and to improve the training of doctors in the care of the elderly.
The restricted fund is applied primarily in providing or contributing towards the salary and emoluments of the Professor or the Deputy and the salary and emoluments of such staff that may be appointed to assist them in their work as set out in the deeds of the Eleanor Peel Chair of Geriatrics.
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The Eleanor Peel Chair of Geriatrics
Annual Report and Financial Statements for the year ended 31 July 2021
11. Ultimate Parent Company
The Charity is a subsidiary undertaking of SGUL, which is the ultimate parent company incorporated in the United Kingdom. SGUL is the UK’s only university dedicated to medical and health sciences education, training and research. SGUL exercise control by appointing the Trustees, Chair, and ensuring income is applied as set out in the deeds of the Eleanor Peel Chair of Geriatrics.
The largest and smallest group in which the results of the Charity are consolidated is that headed by SGUL. No other group financial statements include the results of the Charity. The consolidated financial statements of the group is available to the public and may be obtained from St George's, University of London, Cranmer Terrace, SW17 0RE
12. Related Party Transactions
There were no transactions recorded with any of the Trustees. There were transactions with SGUL in relation to covering the costs of the salary of the Eleanor Peel Chair of Geriatrics £69k (2020: £67k). SGUL also received income from the Investments which it passed on the Charity £39k (2020: £47k).
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