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 Suff￿lent 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 Con￿rn 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 ne￿SSary to
enable the p￿paratIOn 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
(contIn￿d}
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 Con￿alment 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 refl￿ted 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 audito￿9 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?
6FfsFEL￿3lD1￿fj7
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 rese￿eS (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. Inv￿tments
Investment assets are valued at market value at the statement of financial position dale.
R8alised gains and loss8s on investments are a￿1Ved 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 A￿ets
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 endO￿Trent 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