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
re￿iVeS 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 Se￿ed 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
reSoUr￿S and application of reSoU￿s, 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 e￿dence 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 infOr￿￿tion 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 Infor￿atIOn 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 thefinall￿0I 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, indi￿dUall}. 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-
Fri￿Waterh0Usec00pers 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 re￿1Vable.
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 fO￿ard
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