OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

Charity Number : 312920

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

INDEX

Page Number
1 - Legal and Administrative Information
2 - 5 - Trustees' Report
6 - Independent Examiner's Report
7 - Statement of Financial Activities
8 - Balance Sheet
9 - 12 - Notes to the Accounts

Page 1

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

LEGAL AND ADMINISTRATIVE INFORMATION OF THE CHARITY, TRUSTEES AND ADVISORS

Charity name Whipps Cross University Hospital
Medical Education and Research Trust
Charity number 312920
Charity offices Medical Education Centre
Whipps Cross University Hospital
Leytonstone
London
E11 1NR
Trustees who served during the year Dr J Green
Dr S Hoque
Dr K Kugathas
Dr S Chaudhri
Council who served during the year Dr S Hoque
Dr S Thamban
Dr S Chaudhri
Dr K Kugathas
Dr J Green
Dr S Zaman
Dr S Graham
Independent examiner Ms J A Rickler
Alwyns LLP
Crown House
151 High Road
Loughton
Essex
IG10 4LG
Bankers C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
Clerk D R Gadsby
181 High Street
Epping
Essex
CM16 4BQ
Investment advisers Investec Wealth & Investment Limited ("Investec")
30 Gresham Street
London
EC2V 7QN

Page 2

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their report and accounts for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the Accounting Policies set out in Note 1 to the accounts and comply with the Charity's governing document, the Charities Act 2011, and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (effective 1 January 2019).

1 OBJECTS AND ACTIVITIES

The primary object of the Charity is to encourage, assist and extend the academic and research activities of all members of the medical, dental and allied professions practicing within the catchment area served by Whipps Cross University Hospital (the hospital) and in particular but without prejudice to the generality of the foregoing:-

2 STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is administered and managed subject to and in conformity with the provisions of a Trust Deed dated 4 October 1969 (the Trust Deed) and of a Scheme dated 2 August 1991 (the Scheme), approved and established by the Charity Commission. The accounts have been prepared to conform with the requirements of the governing documents, current statutory requirements and the requirements of The Charities (Accounts and Reports) Regulation 2008.

Council of the Charity

The Council comprises nine members of which six are Ex-Officio Members and three are Nominated Members. The six Ex-Officio Members are all members for the time being holding their respective offices. The three Nominated Members are appointed by the Waltham Forest Clinical Commissioning Group or Barts Health NHS Trust for a term of office ending on the date of appointment of their respective successor.

The following persons have acted as Council members during the year:-

Dr S Hoque Dr S Thamban ( resigned 30 November 2022) Dr S Chaudhri Dr K Kugathas Dr J Green Dr S Zaman Dr S Graham (appointed 1st December 2022)

Page 3

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

Council of the Charity (continued)

Trustees

The following persons have acted as Trustees during the year:-

Dr S Hoque - Appointed by the Council Dr S Chaudhri - Appointed by the Council Dr K Kugathas - Appointed by the Council Dr J Green - Appointed by the Council (appointed 30th November 2022)

Appointed Trustees are appointed by the Council of the Charity for a period of five years. The Nominated Trustee is appointed by Barts Health NHS Trust for an unspecified period to cease on the date of appointment of his successor.

Management of the Trust

The Council, which meets twice a year, acts as an advisory body to put forward suggestions and recommendations to the Trustees. The Trustees, who meet four times a year, are responsible for the day-to-day management and administration of the Charity.

3 PUBLIC BENEFIT

The Trustees are mindful of the need to meet the Public Benefit requirement and have been made aware of the guidance given to Trustees by the Charity Commission. They consider that the onus upon them to meet the Public Benefit requirement is discharged by the promotion of academic and research activities and the granting of awards to members of the medical, dental and allied professions practicing within the area served by the hospital thereby improving the advancement of health of the population of the area served by the hospital.

4 RISK POLICY

The major risks to which the Trust is exposed are reviewed regularly and systems updated to mitigate those risks.

Course Income

The Trustees regularly review the content and viability of courses put on in the name of the Trust. They are aware that a fall in the standard of the courses or the net income generated will directly impact on the finances of future courses. They are also aware that the ability of the Trust to continue is dependent on the net fee income generated from each course. Trustees have during the year received regular reports from the Course Administrator and both the structure and management of courses run by the Trust are kept under review.

Investments

At every quarterly meeting the Trustees consider the capital value of the Trust's investments and the income generated. The Trust's advisers Investec Wealth & Management Limited ("Investec") attend the meetings of Trustees yearly when investment strategy is discussed and agreed. Trustees are aware that any fall in income will jeopardise the ability of the Trust to make grants and that any fall in capital value will impact on the long term viability of the Trust.

5 ACHIEVEMENT AND PERFORMANCE

During the year the Charity:-

Page 4

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

6 INVESTMENT POWERS AND POLICY

The investment powers of the Charity vest with, and are at the discretion of the Trustees. The Trustees have delegated the maintenance of the investment portfolios to Investec. Investec have instructions to produce a regular income whilst producing capital growth. During the year, the investment funds decreased in value by £66,326 (2022£38,863) (see note 6 to the accounts).

7 FINANCIAL REVIEW

Whilst the Charity reported a loss for the year ended 5 April 2023, due largely to the unrealised loss on the revaluation of the investments at the year end, nevertheless the financial position at 5 April 2023 will allow the Charity to continue its activities. Both the Council and the Trustees favour encouraging areas that will promote multidisciplinary education.

The income of the Trust came primarily from courses and from investment income received. It had been agreed that the charity would first invest in the new infrastructure, re-establishment of old courses and new courses which would require an outlay which would not be recouped in the shorter term. From the 4th year of running a course unless it is able to break even or make a profit, more cost effective ways of running the courses or viability of the course would need to be reassessed.

Reserves policy - in the short term the reserves of the Charity's main fund have been invested to develop a new infrastructure and fulfil it's remit in line with changes in healthcare and education provision in the 21st Century.

The De Jode Fund is invested to produce an income from which grants to doctors & dentists in training are made. These grants enable papers of research carried out at the hospital to be presented at professional conferences outside the UK. During the year there were no grants made for the above reasons.

8 PLANS FOR THE FUTURE

Since the merger in 2012 of several hospitals, including Whipps Cross Hospital, under the title Barts Health NHS Trust, this Charity has continued and intends to carry on the objects of the Charity to provide education and research benefitting the population as set out in paragraph 1. However, since the cessation of the SLA with Barts Health Education, which has developed since the merger, there is no longer support to the Charity which benefits the population in a mutually acceptable manner. The Charity will therefore support education and research where there is currently a lack of support and will not necessarily invest in supporting Barts Health Education Academy, who are funded to run the Trust's educational departments to an acceptable standard. The charity has started to see some benefits of its investments from the courses and the hope is that this will grow stronger.

9 STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable 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 Charity for that period.

In preparing these financial statements, the Trustees are required to:

Page 5

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

9 STATEMENT OF TRUSTEES RESPONSIBILITIES (CONTINUED)

The Trustees are responsible for keeping sufficient accounting records that 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, 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.

Approval

This report was approved by the Trustees on 3 February 2024 and signed on their behalf.

Dr J Green

On behalf of the Committee of Trustees

Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

I report to the Trustees on my examination of the financial statements of the Charity for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work, for this report, or for the opinions I have formed.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination, I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Ms J A Rickler, FCA Alwyns LLP Chartered Accountants Crown House 151 High Road Loughton Essex IG10 4LG

5 February 2024

Page 7

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

INCOME :
Notes
Charitable activities
Investments
Other income
Total
EXPENDITURE ON:
Raising funds
Charitable activities
Other
2
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfer between funds
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses) on revaluation of investment assets
6
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
97,206
20,701
145		 Restricted
Funds
£
-
2,907
-
2,907
1,068
-
-
1,068
(64)
1,775
(3,735)
(1,960)
95,630
93,670		 2023
Total
Funds
£
97,206
23,608
145		 2022
Total
Funds
£
137,764
20,261
-
118,052 120,959 158,025
10,751
80,134
25,759		 11,819
80,134
25,759		 12,435
82,916
24,889
116,644 117,712 120,240
(8,797) (8,861) (8,861)
(7,389)
(45,238)		 (5,614)
(48,973)		 44,474
-
46,085
(52,627)
964,154		 (54,587)
1,059,784		 90,559
969,225
911,527 1,005,197 1,059,784

The notes on pages 9 to 12 form part of these financial statements.

Page 8

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
£
£
Fixed Assets
Investments
6
893,568
Development cost
7
1
893,569
Current Assets
Debtors
8
86,120
Short term deposits
23,128
Cash in hand and at bank
39,817
149,065
Creditors falling due within one year
9
37,437
Net current assets
111,628
Total assets less current liabilities
1,005,197
Represented By:
12 & 14
911,527
13 & 14
93,670
Total trust funds
12,13 &14
1,005,197
Unrestricted funds
Restricted funds
2023		 £
£
959,894
11,550
971,444
57,413
25,522
23,211
106,146
17,806
88,340
1,059,784
964,154
95,630
1,059,784
2022		 £
£
959,894
11,550
971,444
57,413
25,522
23,211
106,146
17,806
88,340
1,059,784
964,154
95,630
1,059,784
2022
971,444
88,340
1,059,784
964,154
95,630
1,059,784

The financial statements were approved by the Board of Trustees on 3 February 2024 and were signed on their behalf by

Dr J Green On behalf of the Committee of Trustees

The notes on pages 9 to 12 form part of these financial statements.

Page 9

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

1. ACCOUNTING POLICIES

Basis of preparation of accounts

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 these accounts.

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland "(FRS102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" (effective 1 January 2019).

The trust constitutes a public benefit entity as defined by FRS 102.

The Trustees have considered the consequences of COVID-19 and other events and conditions, and have determined that they do not create a material uncertainty that casts significant doubt upon the trust's ability to continue as a going concern.

Reconciliation with previous Generally Accepted Accounting Practice

In preparing these accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required.

Investments

Investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities and are calculated on a first in first out basis.

Website development cost

Depreciation is provided at the rate of 25% on straight line basis.

Income

Income generated from courses and voluntary income and donations are accounted for when receivable by the Charity.

Expenditure

All expenses are accounted for on an accruals basis. Direct charitable expenditure represents the total cost of running courses. All costs including management and administration are clearly identified, so do not need apportioning. The irrecoverable element of VAT is included in the item of expense to which it relates.

Grants and donations

Grants and donations made are recognised in the accounts on a payable basis. Grants represent payments made to Whipps Cross University Hospital NHS Trust as contributions to student welfare and other support costs.

Value added tax

Value added tax is not recoverable by the Charity, and as such is included in the relevant cost in the Statement of Financial Activities.

Charitable activities

The expenditure on charitable activities includes hire of rooms, catering, payments to consultants, staff coordinators and sundry expenses

Funds structure

Unrestricted funds are available for use at the discretion of the Trustees and in furtherance of the general objectives of the Charity.

Restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor imposed conditions.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are shown separately in the Statement of Financial Activities.

Page 10

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

2.
Other costs
GRANTS
Grants made to Whipps Cross University Hospital and their personnel
Other office costs (note 3)
Governance costs (note 4)
Depreciation (note 7)
3.
OTHER OFFICE COSTS
Insurance
Financial charges
Website hosting
Telephone		 2023
£
3,992
10,218
11,549
25,759
2023
£
1,172
1,740
1,080
-
~~.~~
3,992		 2022
£
5,145
8,194
11,550
24,889
2022
£
910
2,507
1,080
648
5,145

The Trustees were not paid any remuneration or reimbursed any expenses during the year.

4. GOVERNANCE COSTS

Accountancy and independent examiner's fees
VAT on accountancy fees and legal fees
Secretarial fees- Open Audience
Staff Numbers
Average monthly number during the year		 2023
£
7,565
1,513
1,140
10,218
-		 2022
£
5,691
1,138
1,365
8,194
-

5. TRUSTEES' REMUNERATION AND BENEFITS

There was no Trustees' remuneration or other benefits for the year ended 5 April 2023, nor for the year ended 5 April 2022.

Trustees' Expenses

There were no Trustees' expenses paid for the year ended 5 April 2023, nor for the year ended 5 April 2022.

Page 11

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

6.
FIXED ASSET INVESTMENTS
UK listed investments
Market value at 6 April 2022
Additions
Disposals
Net unrealised investment gains/(losses)
Market value at 5 April 2023
Investments at fair value
Equities
Fixed interest equities
7
Website development cost
Net book value at 6 April 2022
Depreciation
Net book value at 5 April 2023
8
DEBTORS
Dividends receivable & prepayments
Sundry debtors
9
Accruals
CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR		 2023
£
959,894
102,033
(48,973)
(119,386)
893,568
2023
£
811,996
81,572
893,568
2023
£
11,550
(11,549)
1
2023
£
2,331
83,789
86,120
2023
£
37,437		 2022
£
921,027
29,189
(36,407)
46,085
959,894
2022
£
874,044
85,580
959,624
2022
£
23,100
(11,550)
11,550
2022
£
121
57,292
57,413
2022
£
17,806

10 CONTINGENT LIABILITIES

The Trust has agreed with the Research & Develoment Department of Whipps Cross University Hospital that the trustees, for a rolling two-year period, would underwrite any MHRA inspection costs which may occur to a figure not exceeding £15,000.

11 CONTROLLING PARTY

The Trustees believe that the Trust does not have a controlling party.

12 UNRESTRICTED AND DESIGNATED FUNDS

Unrestricted - Reserves

The balance on Unrestricted Funds after the following designation represents the Charity's investment portfolio and reserves held as "working capital" for general purposes.

Designated - Forest Plus Fund

This is a designated fund established in 1999 with the receipt of an initial grant of £10,000 which has been added to over the years. The funds are earmarked for the improvement of education and research opportunities for Doctors within the area of benefit. During the year to 5 April 2018 the fund was merged with the main fund.

Page 12

WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

13 RESTRICTED FUNDS - De Jode Fund

The initial grant was received in the 1970s from Mr De Jode. This long standing specific fund provides support for Doctors and Dentists in training in Waltham Forest to present research papers outside the United Kingdom. The fund value at 5 April 2023 was £93,670* (2022 - £95,630).

14 TOTAL TRUST FUNDS - ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted funds - De Jode
Unrestricted funds		 Fixed
Assets
£
95,630
964,154
1,059,784		 Net Current
Assets/
(Liabilities)
£
(1,960)
(52,627)
(54,587)		 Total
£
93,670
911,527
1,005,197

15 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

INCOME:
Notes
Charitable activities
Investments
Total
EXPENDITURE ON:
Raising funds
Charitable activities
Other
2
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfer between funds
OTHER RECOGNISED GAINS/(LOSSES)
Gains on investment assets
6
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
137,764
17,750
155,514
11,346
82,916
24,889
119,151
5,785
42,148
(457)
42,640
84,331
879,823
964,154		 Restricted
Funds
£
-
2,511
2,511
1,089
-
-
1,089
904
2,326
457
3,445
6,228
89,402
95,630		 Total
Funds
£
137,764
20,261
158,025
12,435
82,916
24,889
120,240
6,689
44,474
-
46,085
90,559
969,225
1,059,784