The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the Year Ended 31 July 2022 (Registered Charity Number 269749)
The Eleanor Peel Chair of Goriatrics Annual Report and Financial Statements for the year ended 31 July 2022 Contents Page Trustees Annual Report TTUStees' Responsibilities statement Trustees, Offi¢8rs and Acad8mic Appointments Report of the Independent Auditor to the Trustees Accounting Policies ststement of Fin8n¢ial Actsviti8s 10 st8lement of Fin8nd81 Posltion 13 Notes to the Financial Statemerrts 14
Tho Eleanor Peel Chalr of Gerlatrlcs Annual Reporl and Financlal Statements for tho year ended 31 Juty 2022 Trustees, Annual Report for tha year andod 31 July 2022 Introductlon The trustees present their report along wrth the financial statements of the Charity for the year ended 31 July 2022. The financial statements hav8 been prepared in accordance with applicable law as detailed in the accounting policies on page 10 and 11 of this report. Objects of tho Charlty The objects of the Charity are: 8) to encourage the study and teachlng of g8rl8lri¢s 8nd b) to foster research into the problèms of ageing and to disseminate the results of this research and to improve the training of doctors in the care of the elderly Organisational gtruclurn and Governan The prindpal actlvity ofttE Chaiity, 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 Universty of London {SGUL), The portfolio is managed on behalf of the trustees as part of SGUL'S investment portfolio. Oversighl of the investment of these funds is through SGUL'S Finance Commlttee, which in turn receives professional investment advice from Cazenove Fund Management. There are no restrictions to the Charf(y's powers to Invest. The Ch8rlty doés not invile donations from members of the public. Managemont New trust88s are appointed by existing trustees In accordancè with Section 20 of the Trust Deed. There are no fomial policies for the induction or training of new trustees, although th8 secretsry does disseminate relevant infomiation 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. Rovlew of financlal activiti•8, investment policy and future plans. The Charity's income is derNed from a portfolio of investments. which, at the year*nd, were valued at £1.260,435 (2021: £1.959,361). The fund generated income of £41.849 (2021: £39,478) and a gain on invéstments of £39,213 (2020: £246.102). End¢)wrnent funds were £1,749,578 (2021.. £1,710,364) and restricted funds were £257.06212021: £287.108). The Charity's investment retum contributes towards the salary and emoluments of the Eleanor Peel Chair of Geriatrics to 8nable research into the problems of ageing and to improve and encourage the study and téaching of geriatrics and the care of the elderfy. As the portfolio is managed by SGUL ils investment strategy is set as part of the overall porttolio strategy with the aim of maintaining caprtal whilst delivering suffirient income to ¢onlribute to the costs of SGUL. There are no planned changes to the activities in the foresee8ble future. The current Chair has resigned to take up a post elsewhere and will b8 replaced.
The Eleanor P801 Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2022 Trustees, Annual Report for the year ended 31 July 2022 (contlnued) Reserves pollcy Reserves should be maintained at a minimum of one yearfs expec*ed salary costs for the Eleanor Peel Chair of Geriatrics. The restricted income fund is currently four times the minimum requlred at £257,062 and totsl funds are £2,006,640. There ar8 no plans to actively redu the reseNés to get doser to the minimum. Rlsk Managom•nt The trustees have examined the rnain strategic, business and operational iisks which th8 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 thè fund Inv8Stm8nts, are mltlgated by engagement of a professional fim of fund managers. Publlc Bengfft Statsmgnt The trustees confirm that they have complied with the duty in section 4 of th8 Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commissron in detemining the activities undert8ken by the charity. By contributing to the salary costs of the Eleanor Peel Chair of Geriatrics the Charity has 8chieved Its objects of fostering research into the problems of ageing and dtssèmlnating the results of this research and encouraglng the study and teaching of geriatrics. Golng Concern The investmènt portfolio has racovered from the impact of the global pandemic Covid-19 and the trustees are confident th8t the Charity will maintain net gains on its diverse portfolio investments in the foreseeable future and that the income generated from these will be suffiaent to cover the Charity's costs on an ongoing basis and maintain the reserves in line with the reseNes policy. The Charty has expendable reserves (the restricted income fund) of £257,062. net current assets of £746,205 and sufficient cash to meet its obligations as they fall due, afong with inv8Stments of over £1.2m. The trnstees are therefore of the view that the Charity 16 a going concom.
The Eleanor Peel Chalr of Gerlatric8 Annual Report and Flnanclal Statemonts for the year ended 31 July 2022 Trustse8' Responsibilities Statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordanGe 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 financlal statements In 8ccordance wlth Unilod Kingdom Generally Accepted Accounting Practlce (United Kingdom Accounting Standards and applicable law). Under charity18W thé 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 arKI expenditure, of the charty for that period. In preparing these financial statements, the trustees are required to: select suitable accountlng policies and then appty them consistently: rnake judgments and accounting 6stimat88 that are reasonable and prudent state whether applicable UK Accounting Standards hav8 b88n followed. subj8Ct to any material departures disclosed and explained in the financial slatements: prepare the financial stat8m8nts on the going concem basis unles6 it is inapproprlate to presume that the charity will continue in businéss The trustees are responsible for keeping adequate accounting records that are Sufflent to show and explain the charity's transactions and disclose wrth 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 th8 assels of the charity and hence for taking reasonable stèps for the prevention and detection of fraud and other irregularities. The trustees confimi that: so far as each trustee is aware. there is no relevant audit information ofwhich the charity's auditor is unaware,. and 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 estsblish that the charity's auditor is aware of thal infomiation. Susan McPheat Trustee Date.. St George's, Universty of London Cranmer Terr8ce Tooting London SW17 ORE
Thg Eleanor Pwl Chalr of Goriatrics Annual R•port and Flnanclal Statements for thè year ended 31 July 2022 Trustees, offlcors and academic appointmonts for the year endgd 31 Juty 2022 Legal and admlnlstrativo detalls The Trust is a registered charity. Its registered numb8r is 269749. Trustees The following Trustaes have seNed during or subsequent to the financial year and to the date of these financial statements= _ Ms Cerys Ledgar Dr Julie Leeming Ms Susan McPheat Principal Offica The princlpal office of the charity is: Sl George's, Universty of London Cranmer Terra¢e London SW17 ORE Audltor BDO LLP Cty Place, 2 Beehive Ring Road, Galwick RH6 OPA Inveslment Manager Cazenove Fund Management Limited l London Wall Place London EC2Y SAU
The Eleanor Peel Chair of Geriatrlcs Annual Report and Financlal Statemonts for the year ended 31 July 2022 Independent audltorf$ report to the trusteas of The Eleanor Pool Chair of Gerlatrlc8 Opinlon on the flnancial statsmonts In our oplnlon, the financial statements.. give a true and falr view of the state of the Charity's affairs as at 31 July 2022 and of its incoming resourc8s and application of r8s0ur¢es for the year then ended. hav8 been properly prepared In 8ccordanee with United Kingdom Generally Acc8pted Accounting Practi¢e' and have been prepared in accordance with the requirements of the Charitles Act 2011. We have audited the financial stalements of The Eleanor Peel Chair of Geriatrics rthe Charity.) for the year ended 31 July 2022 which comprise the Statement of Flnancial Activities. statement of Flnancial Position and notes to the financial statements, includirvJ a 8ummary of Sb3nfficant accounting policie8. The financial reporbng framèwork that has been applied in thelr preparation is applicable law and United Kingdom Aocounting Stsndards, including Financial Reporting Standard 102 Th8 Fin8nc181 Reporting Standard applicable in the UK and Republic of Ireland (Unit8d Kingdom Generally Accepted Accounting Pra0t1). Ba$1$ for opinion We conducted our audit in accordance with Intemational Standards on Audlting (UK) (ISAS (UK)) and applicable law. Our spOnSibl11t1eS under those standards are further described in the Auditor's responsibiltties for the audit of the financial statements section of our report. We believe that the audit evidence we have obtsined is sufficient and appropfiale lo provide basis for our opinion. Independence We remaSn independent of the Chartty in a¢¢ordance 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. Conclu$ion6 related to golng Concern In auditing the financial statem8nts, we have concluded that the Trustees, use of the going concem basis of accountlng in the preparation of the financial statements is 8ppropriate. Based on the worf< have perfomed, 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 ¢oncem for a period of at least twelve months from whén th8 financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wlth r8spe¢t to going Conrn are descrfbed in the relevant sections of thls report. Other Inforniation The Trustees are responslble for the other informatlon. The other information comprises the information induded in the Annual Report, otherthan the financial statements and our auditor's
The Eloanor Po91 Chair of Goriatrics Annual Report and Finaneial Statsments for tho year ondod 31 July 2022 Ind8p8ndent auditoV8 report to the trustees of The Eleanor Peel Chalr of Geriatrlcs (continued) report thereon. The other infornation comprises.. The Trustees, Annual Report. Our opinion on th6 financial statements does not cover the other infomation and, except to the extent otherwiso explicitly stated in our r8port, we do not express any fom) of assurance conclusion thereon, Our responsibility is to read the olher information and. in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowl8dg8 oblained in the audit or otherwise appears to be materially misstated. If we identify such ma18rial inconsistencies or apparent material misstatemenls. we are rgquired 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 mat8r181 mlsst8tement of this other information, we are required to report that fact. We have nothing to réport In this regard. Matters on which we are required to roport by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities Acl 2011 requires us to r8Wrt to you if, in our opinion., the infomiation contained in the financial statements is inconsistent in any material respect wilh the Trustees. Annual Report,. or adequate accounting records have not been kept by the Charity; or the financial statements are not in agreement with the accounting records and retums: or we have not received all the infomiation and explanations we require for our audit. R•sponsibiliti•s of Trustoos As explained more fully in the Statement of trustees, responsibilbties. the Trusté8s are responsible for the preparation of the financial statements and for bèing satisfied that they giv8 a true and fair vièw, and for such inlemal control as the Trustees determines is neSSary to enable the pparatIOn of financial statements that are free from materlal mlsstatement. whether due to fraud or error. In preparfng the finandal statements, the Trustee5 are responsible for assessing the Charity's 8bility to contlnu8 as a going concern, disclosing. as applicable, mattèrs related to going ¢on¢8m and using the golng concern basis of accounting unless the Trustees either intend to liquidate the Charify or to ce8s8 oparatlons, or have no reallstic altsmative but to do so. Auditotrs responsibilities for tho audit of the flnanclal statements We have been appointed as auditor under sectlon 144 of the Charities Act 2011 and report In accordanc8 with th8 Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as who18 are fr88 from material misstslement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assuran, bul is not a guarante8 that an audrt conducted in accordance with ISAS (UK) will always éetect a matsrial misstatement when it exists. Missialements can arise from fraud or error and are
The Eleanor Peel Chair of Geriatric8 Annual Report and Financial Ststoments for the year ended 31 July 2022 Independent auditor's roport to Ihe trustees of The Eleanor Peel Chair of Geriatrics (contInd} considered material if, individually or in the aggregale, they could re8s0nably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was capable of detecting iff8gularities, induding fraud Irregularities. including fraud. are instances of non-compli8nc8 With18WS and regulations. We design procedures in Ilne with our responsibilities. outlined above. to detect material misslatements in respect of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularilies, 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 Ad 2011. We assessed the extent of complianc8 With these laws and regulations as part of our procedures on the relal8d financial stalement items. In addition the Charlty Is sublect to other laws and regulations where th8 consequenc88 of non-compllancé could have a material effect on amounts or dts¢losurés in th8 financial statements. for instance through th8 imposition of fines or litigation. Audit procedures perk>rmed included: discussions with Irus188s and management. including conslderation of any krM)wn or suspected instances of non-compliance with laws and regulations and fraud., reading minut8s of rn8etings of those charged wth govemanc£. and reviewlng any correspondence wlth HMRC or tha Charity Commission for England and W8les', verification of assumptions used by management In th8ir signtficant accounting estimates in parbcular in relation to the valuation of investments,. and in addressing the risk of fraud through managemenl ov8rrid8 of controls-, testing th8 appropriateness of journal enlrigs and other adjustments. in particular wth unusual accounts combinations. Our aLbJit procedures were designed to respond to rfsks of material mlsstatemant 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 Ulting from error, as fraud may involve dellberate Conalment by. for example, forgery, misr8pr8sentstions or through collusion. There are inherent limitations in the audit procedures perfomed and the further remov8d non- compliance with laws and regulations Is from the 8vents arKI transactions reflted in Ihe financial statements, lh8 less like we are to become aware of it. A further description of c>ur responsibilities for the audit of the financial statements is located at the Financial Reporting Council's ('FRC's°) website at: htt .'Ilwww.frc.or .uklauditorsres onsibilities. This description fomis part of our auditorfs report.
The Eleanor Poel Chair of Geriatrics Annual Report and Financial Slatsmonts for the yoar ondod 31 July 2022 Indèpendent audito9 report to tha trustees of The Eleanor Peel Chalr of Garlatrics {contlnuod) of our r•port This rèport is made solely to the Charity's trustees. as a b(hJy, in accordance with th8 Charilies 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 pemitted by law, we do not accept or assume responslblllty to anyone other than the Charity and the Charity's trustees as a body, for our audit VKsrk, for this report, or for the opinions we have formed. DocuSbJn•d by.. Stz) LL? 6FfsFEL3lD1fj7 BDO LLP, statutryy auditor London, UK Date 01 December2022 BDO LLP ts eligible for appointment a5 auditor of the charity by virtue of Its eligibilrty for appointment as aud(tor of a company under section 1212 of the Compantes Act 2006. BDO LLP is a limited liabilrty partnership reg15tered In England and Wales Iwith registered number OC3051271.
Tho Eleanor Peel Chalr of Gerlatrlc8 Annual Report and Flnanclal Statements for the year ended 31 Juty 2022 Aeeounting PolSclo8 1. Basis of Preparation The financial statements have been pr6P8r8d urKler the historical cost convention, wlth the exception of investments which ar8 included at market value. The financial statements have been prepar8d in accordance with the Statement of Recommendèd Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting StarKlard applicable in thè United Kingdom and Republic of Ireland (FRS102) and the Charf(ies Act 2011. Dividends are included in the Statement of Financial Aclivities when receivable. 2. Going concern The investment portfolio ha$ recovered from the impaGt of the global pandemic Covid-19 experienc8d last year and Irust88s are ¢onfident that the Charity will maintain net gains on its divérse portfolio invèstments in the ft)reseeable future and that the income genèrated from these will b8 sufficient to Gover the Charty's costs on an ongoing basis and maintain the reserves in line with the reseNes policy. The Charty has expendable reseeS (the restricted income fund} of £257,062. nel current assets of £746.205 and sufficient cash to meet its obligations as they fall due. along with investrnents of over £1.2m. The Iruste8S are therefore of the view that the Charity is a going concern. 3. Invtments Investment assets are valued at market value at the statement of financial position dale. R8alised gains and loss8s on investments are a1Ved at by comparing the net sale proceeds with the market value at the ènd of the previous finanaal year,. unrealised gains and losses represent the difference betsveen the market value of Invèstments still held at the end of the financial year with their value at the beginnlng 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 &XP8ndlture incurred are inclusive of VAT. 5. Cash flow The Charity has not prepared a cash flow statement for the year under review as r8quired by FRS102. The exemption falls under para B.16 of the Charities SORP 2019 for small charities. 6. Restrictgd and ondowment funds Restricted funds are those funds which are generated from endowment fund investments and which can be sp8nt in accordance with the Trust deed. All endowment funds are pemianent endowm8nt funds, being funds in which the capital is maintained. 7. Expondlture Expenditure is Induded on an accnJ8ls basis and comprlse costs for th8 running of the Charity Itself as an org8nisation and the payments to SGUL to support th& Eleanor Peel Chair of Geriatrlcs. 10
The Eloanor Peel Chair of Geriatrics Annual Report and Financial Statemorts for the yoar onded 31 July 2022 8. Cash and cash equlvalents Cash comprises cash in hand, cash held in Investments and deposits paYabl8 on demand, less overdrafts payable on demand
Tho Eleanor Peel Chalr of Geriatrlc6 Annual Report and Flnanclal Stat•m8nts for tho year onded 31 July 2022 Statement of Flnanclal Posltion as at 31 July 2022 2022 2021 Notes Fixgd Assets Investments 1,260,435 1.959,361 Current Assets Debtors Cash and cash equivalents 41.849 776.219 39.478 68.237 Liabllltlos Creditors Net Current Aets 71,863 746,205 69.603 38,112 Net Assets 2.006.640 1.997.473 Endowment Fund Restricted Income Fund 10 10 1.749,577 257,064 1,710.364 287,109 Total Funds 2.006.641 1,997,473 The Financial Slatements wer8 approved by the trustees and auth0ri5ed for issue on 29 November 2022 Susan McPheat Registered Charity number 269749 The accounting policies on pag8s 10 to 11 and the notes on pages 14 to 16 fomi part of these financial statements. 13
Tho Eleanor Poel Chair of Gerlatrics Annual Report and Flnanclal Statemènts for the year ended 31 July 2022 Notes to the Flnanclal Statemerts 1. Emoluments No 8moluments were paid by the fund to any of th8 trustees and the charity does not have any employees. (2021: no emolument5 paid and no employees) 2. Trustse'5 expenses No reimbursement of expenses has been made or Is due to be mad8 to any of the trustees in respect of the year. (2021: nil) 3. Charltable Actlvftlos £71,863 is due to SGUL, as a contribution towards the o)sts of the Eleanor Peel Chair of Geriatrics. (2021.. £69.603) Other Costs Bank charges of £31.62 were incurr8d. The audtt fees have been met by the parent undertaking. 5. Invostmonts 2022 2021 Market value brought forward Change in cash held in inv8slment Gainsl{losses) on revaluation 1.959.361 (738,139) 39.213 1.709,939 3,320 246,102 Market value carried fopNard 1,260,435 1,959.361 2022 2021 Balance consists of: UK Equities Intemational Equities Bonds Multi-Asset Funds Hedge Funds Property Funds Others 377,202 426,569 68,909 87,337 29,997 244,792 478,347 880,133 135,236 86,233 28.512 206,438 144,462 1,959.361 1.260.435 Thè cash held as part of the investment is shown in the balance sh88t as part of cash and cash equivalents. The investments are held in a pooled fund with the Parent Company SGUL, the splil of this fund is a percentage split based on Ihe initial value of the inv8stment The trustees have received confimiatron fri)m SGUL that they are entitled to the assets as detailed in the table above. 14
Tho Eloanor P••1 Chair of GerlatrfrA Annual Roport and Financlal Statements for tho year ondod 31 July 2022 Notes to the Financial Ststements (continuèd) 6. Debtors 2022 2021 St George's, University of London 41,849 39,478 41.849 7. Creditors 2022 2021 st George's, Universty of London 71,863 67.376 71.863 67.376 8. Taxation The Eleanor Peel Chair of Geriatrics is a registéred chaiity and is potentially exempt from taxation in respect of in(xJme 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 19g2 to the éxtent that such income or gains are applied to charitsbl8 pufFK)ses. 9. Connocted Charity The Eleanor Peel Chair of Geriatrics shares ccffirnon premises and administration f8cilItI8S with SGUL. 10. Analysls of Net A88ets Between the Funds 2022 Investments Net current assets Total Permanent Endowment Fund 995,436 264.999 754,142 1,749,578 17.937) 257,062 746,205 2,006,640 Restricted Fund Total Funds 1.260,435 2021 Investments Net current assets Total Pennanent Endowment Fund 1,694,361 265.000 1,959,361 16,003 1,710,364 22,109 287,109 38,112 1,997,473 Restricted Fund Total Funds The permanent endOTrent fund shall pay or appty tha income in furthering the objects of the Trust, which are to encourage the study and te8ching of gariatrics. 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. 15
The Eleanor P801 Chair of Geriatrics Annual Report and Financial Statements for the yoar endod 31 July 2022 The r8stricted fund is applied primarity in prowding or contrlbutlng towards the salary and emoluments of the Professor and the salary and 8moluments of such stsff that may be appointed to assist them In th8lr work as set out in the deeds of the Eleanor Peel Chair of Geriatrics. 11. Ultimato Paront Company The Charity is a subsidiary undertaking of SGUL, which is th8 ultimat8 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 tha Trustees. Chair, and ensuring income is applied as set out in the d88ds of the Eleanor Peel Chair of Geriatrics. The largest arKI smallest group in which the results of th8 Charity ar8 consolidated is that headed by SGUL. No other group financi81 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 ORE 12. Related Party Transactlons There were no transactlons recorded with any of Ihe Trustees. There were transactions with SGUL in relation to covering the costs of the salary of th8 Eleanor P881 Chair of Geriatrics £72k (2021.. £69k). SGUL also rec8iV8d income from the Investments which it passed on the Charity £42k (2021.. £39k). 16