**Charity registration number 292013**
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5TH APRIL 2024**
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **YEAR ENDED 5[TH] APRIL 2024**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and Administrative Information|1|
|Trustees' Annual Report|2-4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 -12|
**THE SOUTH WEST GENERAL PRACTICE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**YEAR ENDED 5[TH] APRIL 2024**
## **Trustees**
Prof R Jones Prof P Evans Prof J Campbell Prof J Macleod Prof K Turner Prof A Blythe Prof E Eley
Chairman Honorary Treasurer
## **Administrator**
Kate Jardine-Brown
**Charity number** 292013
## **Address**
c/o University of Exeter Medical School (Primary Care) Smeall Building St Luke's Campus Exeter EX1 2LU
## **Bankers**
HSBC Bank Plc 250 - 251 High Street Exeter EX4 3PZ
## **Independent Examiner**
Mrs S Truran FCCA FCA Streets Bush Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT
1
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5[TH] APRIL 2024**
The trustees present their report along with the financial statements of the charity for the year ended 5[TH] April 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 8, and 9 and comply with the charity's trust deed, applicable law and the requirements of the Statement of Recommended Practice "Accounting and Reporting by Charities" Financial Reporting Standard 102 (FRS 102).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The South West General Practice Trust is constituted under a trust deed dated 22 May 1985 and amended by supplemental deed dated 11 February 2010 which deals with the potential removal of Trustees and is a registered charity number 292013.
A Board of Trustees who meet half yearly administer the charity. The power of appointing new Trustees is vested in the surviving or continuing Trustees. When the number of trustees falls to less than four then one or more new trustees shall be appointed to bring the number up to at least four.
The trustees who served during the year and up to the date the report was approved are as follows:
Prof R Jones Chairman Prof P Evans Honorary Treasurer Prof J Campbell Prof J Macleod Prof K Turner Prof A Blythe Prof E Eley
## **Administrator**
Kate Jardine-Brown
## **OBJECTIVES AND ACTIVITIES**
The objects of the charity are:
- a) The further education, research and teaching for entry to and amongst the medical profession and professions allied to medicine and others working in association with general practitioners in the provision of primary healthcare in the South Western Region.
- b) To provide financial support and assistance to the development of general practice in the respective Universities of Bristol and Exeter.
- c) To support such academic and educational activities in each of the departments in the said Universities as are approved by the head of the department or other proper person concerned.
- d) Such other charitable objects or purposes as the Trustees may from time to time determine to be appropriate and ancillary to the main purposes.
## **Public Benefit**
The Trustees have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. The trustees consider that the activities described in this report provide benefit to all those working in primary healthcare in the SW region and the general public.
2
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5[TH] APRIL 2024**
During this year, 2023-24, Trustee activities have continued to focus on restructuring in the light of various trustee issues and reviewing the focus and future direction of the Trust. The Trust remains a valuable resource and asset to academic primary care in the South West.
## **Trustees**
We remain very grateful to those trustees who give voluntarily of their time and effort to support the SWGPT, although this has been a difficult year for trustees. Professor Roger Jones, the chair of the SWGPT, became seriously unwell during this year in July 23 and has been unable to fulfil his duties in the light of the severity of his condition. We wish him all the best for a speedy recovery but will need to review his ability to continue to lead the Trust as he recovers from his illness. We were also saddened to hear of the illness of Professor John McLeod and wish him all the best for a full recovery. The Trust has therefore had to manage during this year with a limited number of trustees and hence held a reduced number of meetings (one in this year in November 23).
## **Success of primary care research in the southwest**
Both Universities of Bristol and Exeter remain members of the NIHR School of Primary Care Research (SPCR), this membership reflecting their substantial status and profile as leading centres of Primary Care academic thinking and activity in England. Membership continues to provide staff at many levels in the individual departments with academic and career-related opportunities.
## **Allocating Trust Resource**
Given the availability of internal resource within the departments in both Exeter and Bristol, there has been no substantial call on SWGPT resources to support academic activity in the departments in the past year. However, there has been support for Severn Deanery activities including funding for the Regional Educators’ meeting, held in Exeter in October 23.
Considering these observations, Trustees noted a need to allocate relevant resource and specific proposals were made regarding support for educational activities supporting academic general practice in the Southwest, with a proposed expenditure of £50k (total) across Trust funds. It was hoped that this allocation might be made within the following year (to 5 April 2025).
## **Conclusions**
Despite this year of considerable change, the main bodies represented within the SWGPT body are presently in good heart, with substantial high quality educational and research activity being associated with the individual departments represented. The opportunity to extend the scope and interest of the Trust beyond the present core membership remains an ambition of present Trustees and in addition, Trustees are keen to ensure relevant spend to support the overall ambitions of the Trust in Southwest England.
The Trust remains grateful to Kate Jardine-Brown (administrator) for her activities in support of the Trust within the past year, and her support of the honorary Treasurer in particular.
3
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **TRUSTEES’ ANNUAL REPORT**
## **YEAR ENDED 5[TH] APRIL 2024**
## **FINANCIAL REVIEW**
During the year, the Trust made a surplus including investment profits of £73,662 (2023: deficit £20,570). The Trust continued to spend its resources in research support and by providing financial support to cover conference costs/course fees and awards. At the year-end the Trust carried forward £830,673 in restricted funds and £21,631 in unrestricted funds.
## **RESERVES POLICY**
At the year-end the Trust’s reserves totalled £852,304.
The charity holds reserves to generate income that can be distributed in accordance with the objectives of the Trust. Administration costs are very small and where expenditure exceeds annual income this leads to a reduction in the capital balances which will generate income in the future.
This report was approved by the trustees on 31/01
2025 and signed on their behalf by:
Dr P Evans Honorary Treasurer
4
IP*WEP4DENT EXAMKA'8 REPORTTO THÈ ThU8TEE8 OF
8oimi IhE8T OENEHAL PIIACTICE TIIU8T
I r•portoTr th• xcounts ol th• Tfubt for th• y••r •nd8d 5TH Apill 2024, whlch •re Aet 00 p•g8B 8t0
12.
A• th• charfty tru#to•• of the Trust you ore vtsponsiblè for th• pr8por8tion of the ac£ounts in
•ecoftl•ncewth thè requlrem8nt$ ol the Ch8rltSes Act 20111-the Act'l.
I4•vir satthd myseff that the xcounts of the Twst ore requir to b8 8udited and 8r8 eligible
for ind8p8ndent examination. I r¥port in re8Pert ol my examinotioTr of your charl¥ atcounts a•
carried out under section 145 of the Charities Act 2011 1.the 2011 Ad"). In carryirvJ out my
•xaminètlon I havefollowed the dirottbnsgNen8 by th8 Charity Comml$slon undgr Mction 1461511bl
ofthe2011 Art.
I hwe mleted my examination. I confiTm that nD material matters hav8 come to my attention fjn
cnnknOn the 8x8minatloft giving m8 caus8 to bell6vethat in amy m8terial raSpl
Arx4wnting recordswere not kept in respeu of iho Trust as reqtsir8d by sl0n 1$ of the ACL"
or
The actnts do not accord ihose rwrd$', or
The accounts do ¢K)t comply with the 4ppli¢¥ble r8qulr8ments ¢onc8rning the fomi and
contsnt of accounts set out in the Charities IAG¢ount$ and Reptsrtsl R8gulations 2008 other
than any reqU1ment that the 8¢tounts glve a 'true and 1811 view which is not a matter
con8sd8red part of an independent examination., or
The accounts have not been prepaTed in accordance with ihe methods arsd principle5 of the
Statement of RMMended Pra¢tice for accounting and reporting by charit188 lapplicable to
¢harities preparing their account$ in accordance with ihe Financial 118POrting &aw¥Jard
8pplicable in the UK and Ropublic or Ireljnd IFRS 10211.
I hJv0 ho cor*cern$ and havo com8 8cro88 no other mattars in cOnntIon with the examin•tion to
vknich attention should b8 draNvn in this report in order to 8nab18 a prop6r understanding of tho
accounts to b& reached.
2 Bamfi¢ld Cfa5c•nt
EX11QT
3 Febf
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 5[th] APRIL 2024**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Note**
**£**
**£**
**INCOME FROM:**
Donations & Grants
**-**
**42,885**
Investments
**-**
**20,903**
**________**
**________**
**TOTAL**
**-**
**63,788**
**________**
**________**
**EXPENDITURE ON:**
Charitable activities
5
**1,195**
**14,569**
**________**
**________**
**TOTAL**
**1,195**
**14,569**
**________**
**________**
**NET (LOSS)/GAINS ON INVESTMENTS**
**-**
**25,638**
**________**
**________**
**NET INCOME/(EXPENDITURE)**
**(1,195)**
**74,857**
**TRANSFERS BETWEEN FUNDS**
**-**
**-**
**________**
**________**
**NET MOVEMENT IN FUNDS**
**(1,195)**
**74,857**
**________**
**________**
**RECONCILIAITON OF FUNDS**
**TOTAL FUNDS BROUGHT FORWARD**
**22,826**
**755,816**
**________**
**________**
**TOTAL FUNDS CARRIED FORWARD**
**21,631**
**830,673**
**________**
**________**|**Total**
**Funds**
**Unrestricted**
**Restricted**
**2024**
**Funds**
**Funds**
**£**
**£**
**£**
**42,885**
100
-
**20,903**
-
9,015
**________**
________
________
**63,788**
100
9,015
**________**
________
________
**15,764**
1,438
18,421
**________**
________
________
**15,764**
1,438
18,421
**________**
________
________
**25,638**
-
(9,826)
**________**
________
________
**73,662**
(1,338)
(19,232)
**-**
5,178
(5,178)
**________**
________
________
**73,662**
3,840
(24,410)
**________**
________
________
**778,642**
18,986
780,226
**________**
________
________
**852,304**
22,826
755,816
**________**
________
________|**Total**
**Funds**
**2023**
**£**
100
9,015
________
9,115
________
19,859
________
19,859
________
(9,826)
________
(20,570)
-
________
(20,570)
________
799,212
________
778,642
________|
|---|---|---|
6
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **BALANCE SHEET**
## **AS AT 5[th] APRIL 2024**
|**Note**
**£**
**FIXED ASSETS**
Investments
2
**CURRENT ASSETS**
Debtors
3
**-**
Cash at bank
**558,356**
________
**558,356**
**TOTAL CURRENT ASSETS**
Creditors: Amounts falling due within one year
4
**(11,095)**
**________**
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**FUNDS**
Restricted Income Funds
6
Unrestricted Funds
**TOTAL FUNDS**|**2024**
**£**
**£**
**305,043**
2,580
507,643
________
510,223
(10,986)
________
**547,261**
**_________**
**852,304**
**_________**
**830,673**
**21,631**
**_________**
**852,304**
**_________**|**2023**
**£**
279,405
499,237
_________
778,642
_________|
|---|---|---|
|||
755,816
22,826
_________
778,642
_________|
The notes on pages 8-12 form an integral part of these accounts.
31/01/2025
These accounts were approved by the trustees on ……………………………….. and signed on their behalf by:
.............................................
**Chair of Trustees** Dr P Evans, Hon Treasurer on behalf of Chair of Trustees
7
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 5[TH] APRIL 2024**
## **1. ACCOUNTING POLICIES**
## **a) Basis of Accounting**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st] January 2019) and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The financial statements have also been prepared with the Charities Act 2011 and the Charities Act 2022 amendments.
The South West General Practice Trust meets the definition of a public benefit entity under FRS 102.
## **b) Fixed Asset investments**
Investments are included at current market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
## **c) Cash at bank**
Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **d) Creditors**
Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
## **e) Income**
All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.
Donations are recognised when received by or on behalf of the charity.
Grant income is credited in the period in which it is receivable and any amounts relating to future periods are shown under creditors.
## **f) Expenditure**
Expenditure is included on an accruals basis.
Charitable activities are costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
8
**THE SOUTH WEST GENERAL PRACTICE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 5[TH] APRIL 2024**
## **1. ACCOUNTING POLICIES (continued)**
## **g) The Funds of the Charity**
Funds held by the charity are:
## **Unrestricted Funds**
These are funds that are not subject to any restrictions regarding their use and are available for application within the charitable objects for the general purposes of the charity.
## **Restricted Income Funds**
These are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular purposes.
## **h) Financial Instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **i) Going Concern**
The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern.
## **2. FIXED ASSET INVESTMENTS**
## **Investments – Fidelity Funds Network**
|Balance Brought Forward
(Loss)/Gain on Revaluation
Balance Carried Forward
**DEBTORS**
Other Debtors
**CREDITORS: Amounts falling due within one year:**
Other Creditors
Accruals and Deferred Income|**2024**
**£**
**279,405**
**25,638**
_______
**305,043**
______
**2024**
**£**
**-**
______
**-**
______
**2024**
**£**
**9,986**
**1,109**
**_______**
**11,095**
**_______**|**2023**
**£**
289,231
(9,826)
_______
279,405
______
**2023**
**£**
2,580
______
2,580
______
**2023**
**£**
9,986
1,000
_______
10,986
_______|
|---|---|---|
## **3. DEBTORS**
## **4. CREDITORS: Amounts falling due within one year:**
9
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 5[TH] APRIL 2024**
## **Detailed Statement of Expenditure**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Note**
**£**
**£**
**EXPENDITURE ON**
**5.**
**Charitable activities**
Research Support
**-**
**2,980**
Conference costs/Course fees
**-**
**11,479**
Bank Charges
**60**
**110**
Sundries
**18**
**-**
Accounting and Independent examination fee
8
**1,117**
**-**
**________**
**________**
**1,195**
**14,569**
**________**
**________**|**Total**
**Funds**
**Unrestricted**
**Restricted**
**2024**
**Funds**
**Funds**
**£**
**£**
**£**
**2,980**
-
7,406
**11,479**
-
10,895
**170**
-
-
**18**
570
120
**1,117**
868
-
**________**
________
________
**15,764**
1,438
18,421
**________**
________
________|**Total**
**Funds**
**2023**
**£**
7,406
10,895
-
690
868
________
19,859
________|
|---|---|---|
10
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 5[TH] APRIL 2024**
## **6. RESTRICTED FUNDS/TRANSFERS BETWEEN FUNDS**
|**Fund**
**Balances**
**B/Forward**
**£**
Bristol
199,635
Exeter
294,217
Michael Lennard
4,777
Registrar
24,501
PGEA
41,599
Severn Deanery
62,657
Dorset Centre
128,430
________
**Total Funds**
755,816
**________**|**Transfers**
**Fund**
**Income**
**Expenditure**
**Net profit**
**Between**
**Balances**
**From**
**On**
**On Investments**
**Funds**
**C/Forward**
**£**
**£**
**£**
**£**
**£**
2,228
(55)
12,819
-
214,627
5,926
(3,035)
12,819
-
309,927
238
-
-
-
5,015
1,219
-
-
-
25,720
2,070
-
-
-
43,669
45,717
(11,479)
-
-
96,895
6,390
-
-
-
134,820
________
________
________
________
________
63,788
(14,569)
25,639
-
830,673
**________**
**________**
**________**
**________**
**________**|
|---|---|
Bristol and Exeter funds can only be used for the University in question. These funds include Fidelity Funds Network investment which is held equally. The balance of these reserves and all other reserves are held in cash funds.
The Michael Lennard fund can only be used for the award of a Michael Lennard prize.
The Registrar fund is restricted to the provision of bursaries for GP trainees/registrars.
The PGEA fund is for the professional development of general medical practitioners in the South West.
The Severn Deanery fund is to be used to support, develop and research postgraduate training in general practice, within the counties of Gloucestershire, Wiltshire, Avon (Bristol, Bath and Weston) and Somerset. A donation of £42,885 was received in the year.
The Dorset Centre fund is to be used to support, develop and research postgraduate training in general practice, within the county of Dorset.
||**Restricted**|**Unrestricted**|**Total**|
|---|---|---|---|
||**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|
|Fixed Assets|305,043|-|305,043|
|Current Assets|535,616|22,740|558,356|
|Current Liabilities|(9,986)|(1,109)|(11,095)|
||______|______|______|
|**Net Assets**|830,673
______|21,631
______|852,304
______|
11
## **THE SOUTH WEST GENERAL PRACTICE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 5[TH] APRIL 2024**
## **6. RESTRICTED FUNDS/TRANSFERS BETWEEN FUNDS**
## **Previous Year**
|**Fund**
**Balances**
**B/Forward**
**£**
Bristol
212,939
Exeter
299,673
Michael Lennard
4,680
Registrar
24,005
PGEA
40,757
Severn Deanery
72,343
Dorset Centre
125,829
________
**Total Funds**
780,226
**________**|**Transfers**
**Fund**
**Income**
**Expenditure**
**Net loss**
**Between**
**Balances**
**From**
**On**
**On Investments**
**Funds**
**C/Forward**
**£**
**£**
**£**
**£**
**£**
1,106
(60)
(4,913)
(9,437)
199,635
2,424
(7,466)
(4,913)
4,499
294,217
97
-
-
-
4,777
496
-
-
-
24,501
842
-
-
-
41,599
1,449
(10,895)
-
(240)
62,657
2,601
-
-
-
128,430
________
________
________
________
________
9,015
(18,421)
(9,826)
(5,178)
755,816
**________**
**________**
**________**
**________**
**________**|
|---|---|
## **Analysis of Funds**
|**sis of Funds**||||
|---|---|---|---|
||**Restricted**|**Unrestricted**|**Total**|
||**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|
|Fixed Assets|279,405|-|279,405|
|Current Assets|486,397|23,826|510,223|
|Current Liabilities|(9,986)|(1,000)|(10,986)|
||______|______|______|
|**Net Assets**|755,816
______|22,826
______|778,642
______|
## **7. TRUSTEES’ REMUNERATION AND EXPENSES/RELATED PARTY TRANSACTIONS**
No remuneration directly or indirectly out of the funds of the Trust was paid or is payable for the year to any of the trustees or to any other person or persons known to be connected to any of them.
There were no trustee expenses paid for the year 5[th] April 2024.
There were no related party transactions during the year.
## **8. ACCOUNTING AND INDEPENDENT EXAMINATION**
£1,117 was paid for the charity’s independent examination for the year (2023: £1,008). This included the preparation of the financial statements.
12