The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the Year Ended 31 July 2025 (Registered Charity Number 269749)
Tho Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Contents Page Trustee's Annual Report Trustee's Responsibilities statement Trustees, Officers and Academic Appointments Report of the Independent Auditor to the Trustee Accounting Policies Slalement of Financial Activities Statement of Financial Position 12 Noles to the Financial Statements 13
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Trustee's Annual Report for the year ended 31 July 2025 Introduction The trustee present their report along with the financial statements of the Charity for the year ended 31 July 2025. The financial statements have been prepared in accordance with applicable law as detailed in the accounting policies on page 9 and 10 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 disseminate the results of this research and to improve the training of doctors in the care of the elderly Organisational structure and Governance The principal activity of thè Charity, which was established by Trust Deed on 15 April 1975. charity registration number 269749, is lo contribute towards the Costs of The Eleanor Peel Chair of Geriatrics at City St George's University of London ICSGI. The portfolio is managed on behalf of the trustee as part of CSG'S investment portfolio. Oversight ofthe investment ofthese funds is through CSG'S Finance Committee, which in turn reiVeS professional investment advice from Cazenove Fund Management. There are no restrictions to the Charity's powers to invest. The Charity does not invite donations from members of the public. Management New trustees are appointed by existing trustees in accordance with Section 20 of the Trust Deed. There are no formal policies for the induction or training of new trustees, although the secretary does disseminate relevanl information to new trustees including minutes. The trustees usual practice is to meet at least once in each academic year. The usual place of meeting is the Tooting campus of CSG. The Charily makes use ofthe resour$ and assets of CSG in order to carry out ils 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 £2,086,245 {2024'. £2,100,184) The fund generated income of £81,019 12024.. £86,435) and a gain on investments of £48,655 (2024.. gain of £104,960). Endowment funds were £1,885,62812024-. £1,836,973) and restricted funds were £295,168 (2024. £302,062). 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 elderfy. As the portfolio is managed by CSG 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 CSG There are no planned changes to the activities in th6 foreseeable future.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Trustee's Annual Report for the year ended 31 July 2025 (continued) Reserves policy Reserves should be maintained at a minimum of one year's expected salary costs for the Eleanor Peel Chair of Geriatrics. The restricted income fund is currently three times the minimum required at £295,168 and total funds are £2,180,796. There are no plans to actively reduce the reserves to get closer to the minimum. Risk Management The trustee has examined the main strategic, business and operational risks which the Charity faces. The Eleanor Peel Chair of Geriatrics is recruited by management of CSG who have relevant expertise in academic and clinical appointments. Risks related to the fund investments, are mitigated by engagement of a professional firm of fund managers. Public Benefit Statement The trustee confirms that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. Main achievements By contributing to the salary costs of Ihe Eleanor Peel Chair of Geriatrics the Charity has achieved ils objects of fostering research into the problems of ageing and disseminating the results of this research and encouraging the study and teaching of geriatrics. Details of the research carried out can be found at htl s'.11 rofiles.s ul.ac.uklfrancesca-mor ante Going Concern The trustee is 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 cosls on an ongoing basis and maintain the reseNes in line with the reserves policy. The Charity has expendable reserves (the restncted income fund) of £295,168, net current assets of £94,551 and Sufficient cash to meet its obligations as they fall due, along wilh investments of over £2m. The trustee is therefore of the view that the Charity is a going concern for at least 12 months from the date of signing the accounts as it has enough funds including the investments to cover the salary costs for approx. 20 years.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for thè year ended 31 July 2025 Trustee's Annual Report for the year ended 31 July 2025 (continued) Trustee's Responsibilities The trustee is responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charilies in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period In preparing these financial statements, the trustee are required to.. select suitable accounting policies and then apply them consislently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent-, stale whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless 5t is inappropriate to presume thal the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from Segislation in other jurisdictions. The list of trustees and other appointments described on page 5 fom part of this report. The Financial Stalements on pages 11-12 were approved by the Trustee and authorised for issue on 27 November 2025. ,S>4*t4 Susan McPheat Trustee Date.. | I I It City Sl George's, University of London Cranmer Terrace Tooting London SW17 ORE
The Eleanor Peel Chair of Geriatrics Annual Report and Flnanclal Statements for the year ended 31 July 2025 Trustees, officers and academic appointments for the year endod 31 July 2025 Legal and administrative details The Trust is a registered charity. Its registered number is 269749. Trustees The following Trustees have Seed during or subsequent to the financial year and to the date of these financial statements.. Ms Cerys Ledger Dr Julie Leeming Ms Susan McPheat until 617125 until 417125 Principal Office The principal office of the charity is.. City St George's, University of London Tooting Campus Cranmer Terrace London SW17 ORE Independent Auditor Pricewaterhousecoopers LLP 1 Embankment Place London WC2N 6RH Investment 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 2025 Independent auditor's report to the Trustee of The Eleanor Peel Chair of Geriatrics Report on the audit of the financial statements Opinion In our opinion, The Eleat]or Peel Chair of Geriatrics, financial statements (the financial statements,).. give a true and fairview of the state of the chariws affair5 as at 31 July 2025 and of its incoming reSoUrS and application of reSoUs, for the year then ended- hal'e been properly prepared sn aCcOrdarL Mith United Kingdom Generally Accepted Accounting Practice (United KingdoTn Accounting Standards, ¢omprising FRS 102"The Financial Reportin8 Standard applicable in the UK and Republic of Ireland-. and applicable lawl- And have been prepared in accordance with the requirements of the Charitie5 Act 2011 and Regulation 8 of The Charities (Account5 and Reports) Regulations 2008. We have audited the financial statetnent5, included within the ADnual Report and Financial Statetnenls (the "Annual Report"). w.hich coniprise.. the Statement of Financial Position as at 31 July 2025. the Statement of Financial Activities forthe year then ended. the Aecounting Policie5' and the Notes to the Finaneial Statenients. whieh include a description of the signifieant accounting policies. Basis for opinion We Cottducted our audit in accordance Mryth International Standards on Auditing (UK) I"ISA5 (UK)") and applicable law. Our responsibilities under ISA5 (UK) are further deseribed in the Auditois. re5ponsibilitie5 for the audit of the finaneial statements section of our report. We belieTre that the audit edence we have obtained is sufficient and appropriate to prowde a basi5 for our opinion. Independence We remained independent of the charlty in accordanee with the ethical requirements that are relei'ant to our audit of the financial 5tateTnent5 in the UK, w.hich itteludes the FRC'S Ethieal Standard and il'e haye fulfilled our other ethical responsibilities in aecordance with these requirements. Conclusions relating to going eoncern Based on the work we have perfortned. we have not identified any material uncertainties relating to events or conditions that, indiNTrdually or collectively, maj. cast significant doubt on the charity's ability. to eontinue as a going concei'n for a period of at least twelve TnOllth5 from the date on which the financial statements are authorised for issue. In auditing the financial Statements, we have concluded that the trustees, use of the going eoneern basi$ of accounting in the preparation of the financial statements is appropriate. IIowever, because not all tuture events or Conditions can be predicted. thi5 conclusion is not a guarantee as to the charity s abilityto continue as a going concern. Oui. responsibilities and the responsibilities of the trustees with respect to going concern are described in the relei'ant section5 of thi5 report. Reporting on other infomation The other infOrtion comprises all of the information in the Annual Report other than the financial statetnellts and our auditors. report thereon. The trustees are responsible for the other information. Our opinion on the finallcial Statements does not Cover the other information and, accordinglv, we do not express an audit opinion or n). forni of assurance thereon. In cortneciion th our audit of the financial statements, our responsibility is to read the other InforatIOn and, in doing $0, eonsider whether the other informatiori 15 Tnateriallv tnconsistent wÉth the finaiieial statenients or our knoivledge obtained in the audit, or otherw75e appears to be materiall5' misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude ivhether there is a material misstatement of the fjnancial 5tatement5 or a tnaterial mis%tatement of the other information. If, based on the work we have perfortned, M'e conclude that there is a materia] mi5Statement of this other 2nfortnation, we are required to report that fact. We have nothing to report based on these responsibilities.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Based on our work undertaken in the course of the audit, the Charities Act 2011 requÉres us also to report ttrtain opinions and matters as described below. Trustee s Annual Report Under the Charities Aet 2011 we are required to report to you if, in our opinion the information given in the Trustees, Annual Report is incon51Stent in any Tnaterial respect fflth the financiol statements. We have no exeeptions to report arising from this responsibility. Responsibilities for the financial statements and the audit Responsibilities of the Trusteesfor thefinall0I statements A5 explained ]nore fully in the Tru5tees' Re5ponsibilitie5 Statement, the trustees are responsible forthe preparation of the fiT)ancial stateTnents in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary. to ettable the preparatiott of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financia] statements, the trustees are responsible for assessing the charity's abilitv to continue as a going toneem. disclosEng as appli¢able, matters related to going toncern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charity or to cease operatlOlJ5, or have no realistic alternatiNc but to do so. Auditors respon5ibilitiesfor the audit of thefinoneial statements We are eligible to aet and have been appointed as auditors under section M4 of the Charitie5 Act 2011 and report in accordance the Act and relevant regulations rnade or having effect thereunder. Our objectii'e5 are to obtain reasonable aSSUtrdnce about whetherthe financial statements as a whole are t'ree from tnaterial misStateTnellt, whether due to fraud or error, and to 155ue an auditors, report that includes our opinion. Roasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Is {UK) i*ryll alwai's deteet a material misstatemellt when it exists. Misstatements can arise from fraud or error and are conssdered material if, indidUall}. or in the aggregate, they Could reasonablv be expected to influente the economic detisions of users taken on the basis of these financial statenients. Irregularitie5, including fraud, are instances of non-compliance th laws and regulations. We design procedures in line ivith our responsibilities, outlined above, to detect rnatei'ial n]isstatements in respect of iri'egularities, including fraud. The extrent to which our procedure5 are capable of detecting irregularities. including fraud, is detailed below. Based on our understanding of the charity/industry, Ive identifjed that the principal risks of non-complian wth laivs and regulatiot]s related to Charities A¢t ryoii and relevant regulations made or hawng an effect thereunder. includill8The Charities (Accoiints and Reports) Regulations 2008. and we considered the extrent to which non- compliance tnight have a material effect on the financial 5tatement5. We evaluated the ineentiyes and opportunities for fraudulent manipulation of the fillancial statemellts lillcliiding the risk of oi'erride of contro15) by the trustees and those responsible for, or ini'olved in. the preparation of the financial 5tatetnents, and determined that the principal risks ivere related to posting of inappropriate journal ejtries and the manipulation of key accounting judgments and estimates. Audit procedures perfonned ineluded.. Enquiry of tnanagement and trustees. including consideration of knoMry] or Suspected instances of non- compliance with laws and regulation and fraud., Reading minutes of meetitig5', Understanding and evaluating the charity'5 ¢ontrol enwronment,. Evaluating manageTnent'5 determination of the fairvalue of investments. Testing journals entries in ihe period, focusing on large value journals; and Assessing financial statement disclosures, and testing to supporting documentation, for compliance wth applicable law5 and regulations. There are inherent litnitations in the audit procedure5 described above. We are less likely to become aware of instances of non-cornpliance with laws and regulations that are not closely related to event5 and transactions L'eflected in the financial stateTnent5. Also, the risk of not detecting a material mi5Statement due to fraud is higher than the risk of not detecting one resulting from error. as frnud may involve delibernte concealment by, for example, forgery or intentional misrepresentations, orthrough collusion. Afurther description of our responsibilities for the audit of the financial statements is located on the FRC'S website at.. w¥%w.frc.or8.uk/auditorsresp)n$ibilities. This description forms part of our auditors. report.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Ststements for the year ended 31 July 2025 Use of this report This report, including the opinions. has been prepared for and onlj for the charity's trustees as a body in accordance with 5eetion 144 of the Charities Act 2011 and regulations made under Section 154 of that Act (Part 4 of The Charitics (Accounts and Reports) Regulations 20081 and for no other purpose. We do not, in giNing these opiiiions, aeeept or assume responsibility for any other purpose or to any other person to whom this report is shohm or into whose hand5 It Tnay come save where expressl}' agreed by our prior consent in ivriling. Other required reporting Charities Aet 2011 exeeption reporting Underthe Charities Act 2011 we are required to report to you if, in our opinion: we haye not received all the infortnation and explanations we require for our audit; or sufficient accounting records have not been kept by the charity., or the financial statements are not in agreement wth the accounting record5. We haye no exceptions to report arising from this responsibility- FriWaterh0Usec00pers LLP Chartered Accountants and Statutory Auditors London 27 November 2025
Tho Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for th8 year ended 31 July 2025 Accounting Policies 1. Basis of Preparation The accounts (financial statements) have been prepared to give a 'true and fair, view and have departed from the Charities {Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'true and fair view,. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended practi effective from 1 April 2005 which has since been withdrawn. Dividends are included in the Statement of Financial Activities when re1Vable. 2. Going concern The trustee is 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 reseNes in line with the reserves policy. The Charity has expendable resetves (the restricted income fund) of £295,168, net current assets of £94,551 and sufficient cash to meet its obligations as they fall due, along with investments of over £2m. The trustee is therefore of the view that the Charity is a going concem. 3. Investments Investment assets are valued at market value al the statement of financial position date. Realised gains and losses on investments are arrived at by comparing the net sale proceeds with the market value at the end of the previous financial year,. unrealised gains and losses represent the difference between the market value of investments still held at the end of the financial year with their value at the beginning of the year, or with their cost if purchased subsequently. 4. VAT The Charity is not registered for VAT and accordingly, where applicable, all costs and expenditure incurred are inclusive of VAT. S. Cash flow The Charity has nol prepared a cash flow statement for the year under review as required by FRS102. The exemption falls under para B.16 of the Charities SORP 2019 for small charities. 6. Restricted and endowment funds Restricted funds are those funds which are generated from endowment fund investments and which can be spent in accordan with the Trust deed. All endowment funds are permanent endowment ftjnds, 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 lo CSG to support the Eleanor Peel Chair of Geriatrics.
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 202S 8. Cash and cash equivalents Cash comprises cash in hand, cash held in investments and deposits repayable on demand, less overdrafts payable on demand 9. Income Recognition Income is recognised when the Charity is entitled to the income 10
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Statemènt of Financial Position as at 31 July 2025 2024 2024 Notes Fixed Assets Investments 2,086,245 2,100,184 Current Assets Debtors Cash al bank and in hand 81,019 101,445 86,435 32,202 Liabilities Creditors.. amounts falling due within one year Net Current Assets {87,913} 94,551 (79,7861 38,851 Net Assets 2.180,796 2,139,035 Endowment Fund Restricted Income Fund 10 10 1,885,628 295,168 1,836,973 302,062 Total Funds 2,180,796 2.139,035 The Financial Statements on pages 11-12 were approved by the Trustee and autharised for issue on 27 November 2025. thgé4A ltyk, Susan McPheat Trustee Registered Charity number 269749 The accounting policies on pages 9 -10 and the notes on pages 13-15 form part of these financial slalements. 12
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Notes to the Financial Ststements 1. Emoluments No emoluments were paid by the fund to any of the trustees and the charity does not have any employees.12024.' no emoluments paid and no employees) 2. Trustee's expenses No reimbursement of expenses has been made or is due to be made to any ofthe trustees in respect of the year. (2024.. nil) 3. Charitable Activities £87,913 is due lo CSG, as a contribution towards the costs of the Eleanor Peel Chair of Geriatrics. (2023.. £79,786) 4. Other Costs Audit fees have been met by the ultimate parent company as defined in note 11 in the current and prior year. S. Investments 2025 2024 Market value brought fOard Change in cash held in investment Gainsl(losses} on revaluation 2,100,184 162,5941 48,655 1,858,551 136,673 104,960 Market value carried forward 2,086,245 2,100,184 2025 2024 Balan consists of.. UK Equities International Equities Bonds Multi-Asset Funds Hedge Funds Property Funds Others 53,232 1,544,901 215,487 2,098,296 21,850 73,270 177,505 2,086,245 1,888 2,100.184 The cash held as part of the investment is shown in the balance sheet as part of cash and cash equivalents. The investments are held in a pooled fund with the Parent CSG, the split of this fund is a percentage split based on the initial value of the investment. The trustee has received confirmation from CSG that they are entitled lo the assets as detailed in the table above. 13
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 Notes to the Financial Statements {continued) 6. Debtors 2025 2024 Amounts due from City St George's, University of London 81,019 86,435 81,019 86,435 7. Creditors 2025 2024 Amounts due lo City St George's, University of London 87,913 79,786 79,786 8. Taxation The Eleanor Peel Chair of Geriatrics is a registered charity and is exempt from taxation in respect of income and capital gains received within the categories covered by Part 11 of Ihe Corporation Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes. 9. Connected Charity The Eleanor Peel Chair of Geriatrics shares common premises and administration facilities with CSG. 10. Analysis of Net Assets Between the Funds 2025 Investments Net current assets Total Permanent Endowmenl Fund 1,821,245 265,000 64,383 1,885,628 30,168 295,168 94,551 2,180,796 Restricted Fund Total Funds 2,086,245 2024 Investments Net current assets Total Permanent Endowment Fund 1,835,184 265,000 1,790 1,836,974 37,061 302,061 38,851 2,139.035 Restricted Fund Total Funds 2,100.184 The pemanenl endowment fund shall pay or apply the income in furthering the objects ofthe Trust, which are to encourage the study and teaching of geriatrics, to foster research into the 14
The Eleanor Peel Chair of Geriatrics Annual Report and Financial Statements for the year ended 31 July 2025 problems of ageing and lo disseminate the results of this research and to improve the training of doctors in the care of the eldedy. The restricted fund is applied primarily in providing or contributing towards the salary and emoluments of the Professor and the salary and emoluments of such staff that may be appointed lo 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 CSG, which is the ultimate parent company incorporated in the United Kingdom. CSG exercises control by appointing the Trustees, Chair, and ensuring income is applied as set OLJt in the deeds of the Eleanor Peel Chair of Geriatrics. The largest and smallest group in which the resuits of the Charity are consolidated is that headed by CSG, No other group financial statements include the results of the Charity. The consolidated financial statements of the group are available to the public and may be obtained from City St George's, University of London. Northampton Square, London, EC1V OHB or https.'Ilww.citystgeorges.ac.uklabouUgovernancelfinancial-statements 12. Related Party Transactions There were no transactions recorded with any of the Trustees. There were transactions with CSG in relation lo covering the costs of the salary of the Eleanor Peel Chair of Geriatrics £87,913 12024.. £79,735). CSG also received income from the Investments which it passed on the Charity £81,019 (2024.. £86.435). 13. Disclosure on City St George's Merger On 1, August 2024 St George's, University of London merged with City, University of London to become City St George's, University of London. The 2024 comparator figures for Debtors and Creditors were with St George's. University of London pre-merger. The administration of the Charity is unchanged. 15