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 fa￿s.
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 AC￿pted 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 Un￿rtaInt]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 sUs￿ptIbIlity 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 ac￿pt 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.
Docu8￿n￿d￿.
SFT5FEDC31Dt4¢7
Paula Willock
BDO LLP, statutory auditor
Ga￿iCk, 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 bet￿een 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