The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the Year Ended 31 July 2023 (Registered Charity Number 269749)
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Contents Page Trustees Annual Report Trustees, Responsibilities stalement Trustees, Officers and Academic Appointments Report of the Independent Audilor to the Trustees Accounting Policies Statement of Financial Activities 10 Statement of Financial Position 13 Notes to the Financial Statements 14
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Trustees, Annual Report for the year ended 31 July 2023 Introduction The trustees present their report along with the financial statements of the Charity for the year ended 31 July 2023. The financial statements have been prepared in accordance with applicable law as detailed in the accounting policies on page 10 and 11 of this report. Objects of the Charity The objects of the Charity are.. a) to encourage the study and teaching of geriatrics and b) to foster research into the problems of ageing and to disseminale 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 eslablished 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 ofthe 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 secrelary does disseminate relevant infom)ation to new trustees including minutes. The trustee5 meet at least On in each academic year. The usual place of meeting is SGUL. The Charity makes use of the resources and assets of SGUL in orderto 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 £1,858,550 12022.. £1,260,435). The fund generated income of £62,419 {2022-. £41,849} and a loss on investments of £17,56412022.' gain of £39,213). Endowment funds were £1.732,015 {2022'. £1,749,578} and restricted funds were £295,411 (2022.. £257,062). The Charity's investment retum contributes towards the salary and emoluments ofthe 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. The Chair was vacant frorn 1 August 22 to 31 March 23, with Fran$Ga Morgante appainted in April.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statèmènts for the year ended 31 July 2023 Trustees, Annual Report for the year ended 31 July 2023 (continuedl Reserves policy Reserves should be maintained at a minimum of one yearfs expected salary costs for the Eleanor Peel Chair of Geriatric5. The restricted income fund is currently four times the minirnum required at £295,411 and total funds are £2,015,120. There are no plans to actively reduce the reseNes to get closer to the minimum. Risk Management The trustees have examined the main strategic, business and operational risks which the Charity fas. The Eleanor Peel Chair of Gerialrics is recruited by management of SGUL who have relevant expertise in academic and clinical appointments. Risks related to the fund investments, are mitigaled by engagement af 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 guidan 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 Charrty 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 trustees are confident that the Charity will maintain net gains on its diverse portfolio investments in the foreseeable future and Ihat the income generated from these will be sufficient to cover the Charity's Gosts on an ongoing basis and maintain the reserves in line with the reserves policy. The Charity has expendable reserves (the restricted income fund) of £295,411. net current assets of £170,527 and sufficient cash to meet its obligations as they fall due, along with investments of over £1.8m. The trustees are therefore of the view that the Charity is a going concern.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Ststements for the year ended 31 July 2023 Trustees, Responslbllltles Statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulalions. 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 ACpted Accounting Practi (United Kingdom Accounting Standards and applicable lawl. 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 charily forthat period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them Consistently., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Gharily will Gontinue in business The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transartions 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.. so far as each Irustee is aware, there is no relevant audit information of which 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 establish that the charity's auditor is aware of that inforniation. 54441 Susan MGPheat Trustee Date.. St George's, University of London Cranmer Terrace Tooting London SW17 ORE
The Eleanor Peel Chalr of Gerlatrlcs Annual Report and Financial Statements for the year ended 31 July 2023 Trustees, officers and academic appointments for the year ended 31 July 2023 Legal and administrative details The Trust is a registered charity. Ils registered number is 269749. Trustees The following Trustees have seNed during or subsequenl lo the financial year and to the date of these financial statements.. Ms Cerys Ledger (resigned 17t71231 Dr Julie Leeming Ms Susan McPheat Principal Office The principal office of the charity is.. St George's, University of London Cranmer Terrace London SW17 ORE Auditor BDO LLP City Place, 2 Beehive Ring Road, Gatwick RH6 OPA Investmenl Manager Cazenove Fund Management Limited 1 London Wall Place London EC2Y SAU
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Independent auditorfs report to the trustees of The Eleanor Peel Chair of Geriatrics Opinion on the financial statements In our opinion. the financial statements- give a true and fair view of the state of the Charity's affairs as at 31 July 2023 and of its incoming resources and application of resources for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and 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 March 2023 which comprise the Statement of Financial Activities, the 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 Intemational Standards on Auditing (UK) (ISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities far 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 Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions related to going Goncern 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 UnrtaInt]eS relating to events or conditions thal, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concem 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 infonnation The Trustees are responsible for the other information. The other infomation comprises the information included in the Annual Report, other than Ihe financial statements and our
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report, we do n()t express any form of assuran conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge oblained 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 themselves. If, based on the work we have performed, we Gonclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. pdtatters 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 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion., the information given in the Trustees, Report for the financial year for which the financial statements are prepared is inconsisterrt in any material respect with the financial statements., or adequate accounting records have not been kept by the Charity., or the financial statements are not in agreement with the accounting records and returns.. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, 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 determine 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 Chartty'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 lo liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities AGI 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditovs 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo Influen the economic decisions of users taken on the basis of these financial statements.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Extent to which the audit Was G8P8ble 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, lo 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= Non-compliance with laws and r8gulations Based on.. Our understanding of the Charity and the sector in which it operates., Discussion with management and those charged with governance., and Obtaining and understanding of the Charity's policies and procedures regarding compliance with laws and regulations. we considered the significant laws and regulations to be Charities Act 2011. The Charity is also subject to laws and regulations where the consequence of non- compliance could have a material effect on the amount or disclosures in the financial slatements, for example through the imposition of fines or litigations. Our procedures in respect ofthe above included.. Review of minutes of meeting ofthose charged with govemance for any instances of non-compliance with laws and regulations- Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations,. and Review of financial statement disclosures and agreeing to supporting documentation. Fraud We assessed the sUsptIbIlity of the financial statements to malerial misstatement, including fraud. Our risk assessment procedures included.. Enquiry with management and those charged with governance regarding any known or suspected instances of fraud., Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud., Discussion amongst the engagement team as to how and where fraud might occur in the financial statements", and Performing analytical procedures to identify any unusual ar unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the areas most susceptible to fraud to be the posting of manual joumals and estimation of market value of investments. Our procedures in respect of the above included.. Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation.,
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Ststements for the year ended 31 July 2023 Assessing significant estimates made by management for bias, including agreement of the investment balances to supporting evidence. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non- compliance wrth laws and regulations throughout the audit. 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 non-complian 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. A further description of our responsibilities for the audit of thé financial statements is located at the Financial Reporting Council's {"FRC's") website at.. https'.Ilwww.frc.org.uklauditorsresponsibilities. This description form5 part of our audilols report. Use of our report This report is made solely lo the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's trustees those rnatters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not acpt 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. Docu8nd. SFT5FEDC31Dt4¢7 Paula Willock BDO LLP, statutory auditor GaiCk, UK Date.. 30 November 2023 BDO LLP is eligible for appointment as auditor of the Chartty 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).
The Eloanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 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 accordan with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS1021 and the Charities Act 2011. Dividends are included in the Statement of Financial Activities when receivable. 2. Going concern 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 reserv8s (the restricted income fund) of £295,411, net current assets of £170,527 and sufficient cash to meet its ob5igations as they fall due, along with investments of over £1.8 m. The trustees are therefore of the view that the Charity is a going concern. 3. Investments Investment assets are valued at market value at Ihe statemenl of financial position date. Realised gains and losses on investments are arrived at by comparing the net sale proceeds with the markel value at the end of the previous financial year, unrealised gains and losses represent the difference beteen 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. S. Cash flow The Charity has not prepared a cash flow statement forthe year under review as required by FRS102. The exemption falls under para B.16 of the Chartties SORP 2019 for small charities. 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 10
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Staternents for the year ended 31 July 2023 Cash comprises cash in hand. cash held in investments and deposits repayable on demand, less overdrafts payable on demand
The Eleanor Peel Chalr of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Statement of Financial Position as at 31 July 2023 2023 2022 Notes Fixed Assets Investments 1,858,550 1,260,435 Current Assèts Debtors Cash and cash equivalents 62,419 160.541 41,849 776,219 Llabilities Creditors Net Current Assets 54,084 168,576 71,862 746,206 Net Assets 2 027 426 2,006,641 Endowment Fund Reslricted Income Fund 10 10 1,732,013 295,413 1,749,577 257.064 Total Funds 2,027,426 2,006,641 The Financial Statements were approved by the trustees and authorised for issue on 28 November 2023 Swtst/4 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. 13
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Notes to the Financial Statements 1. Emoluments No emoluments were paid by the fund to any of the Irustees and the charity does nol have any employees. (2022.. no emaluments paid and no employees) 2. Trustee's expenses No reimbursement of expenses has been made or is due to be made to any ofthe trustees in respect of the year. {2022.' nil) 3. Charitable Activities £24,070 is due to SGUL, as a contribution towards the costs of the Eleanor Peel Chair of Geriatrics. {2022'. £71.863) 4. Other Costs Audit fees have beèn met by the parent undertaking in the current and prior year. S. Inveslments 2023 2022 Market value brought forward Change in cash held in investment Gainsl(losses) on revaluation 1,260,435 615,680 {17,5641 1,959,361 1738,139) 39,213 Market value carried forward 1.858,551 1,260,435 2023 2022 Balance consists of.. UK Equities Intemational Equities Bonds Multi-Asset Funds Hedge Funds Prapety Funds Others 52,837 1,257,588 231,221 377,202 426,569 68,909 87,337 29,997 244,792 25,629 1,260,435 28,113 112,200 176,592 1,858,551 The cash held as part ofthe 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 splil 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. 14
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2023 Notes to the Financial Ststements (continued} 6. Debtors 2023 2022 St George's, University of London 62,419 41,849 62,419 41,849 7. Credltors 2023 2022 Sl George's, University of London 54,083 71,863 54,083 71,863 8. Taxatlon The Eleanor Peel Chair of Geriatrics is a registered charty 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. Connecled Charity The Eleanor Peel Chair of Geriatrics shares common premises and administration facilities with SGUL. 10. Analysls of Net Assets Between the Funds 2023 Investments Net current assets Total Permanent Endowment Fund 1,593,552 264,999 1,858,551 138,463 1,732,015 30,412 295,411 168,875 2,027.426 Restricted Fund Total Funds 2022 Investments Net current assets Total Permanent Endowment Fund 995,436 264,999 1,260,435 754,143 1,749,579 (7,9371 257,062 746,206 2,006,641 Restricted Fund Total Funds The pemianent endowment fvnd shall pay or apply the income in furthering the objects ofthe Trust, which are to encourage the study and teaching of geriatrics, to foster rèsearch into the problems of ageing and to disseminate the results of this research and to improv8 the training of doctors in the care of the elderly. 15
The ESeanor Peel Chair of Geriatrics Annual Report and Financial Ststements for the year ended 31 July 2023 The restricted fund is applied primarily in providing or Gontributing towards the salary and emoluments of the Professor 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. 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 ORE 12. Related Party Transactions There were no transactions recorded wilh 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 £24k12022'. £72kl. SGUL also received income from the Investments which it passed on the Charity £62k (2022.. £42k). 16