WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Charity Number . 312920
WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS INDEX Page Number Legal arKI Administrative Infonnation Trustees. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet 9-12 Notes to th8 Accounts
Page 1 WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST LEGAL AND ADMINISTRATIVE INFORMATION OF THE CHARITY, TRUSTEES AND ADVISORS Charty name Whipps Cross Unlversity Hospttal Medical Education and Research Trust Charity number 312920 Charity offi$ Medical Education Centre Whipps Cross Universty Hospital Leytonstone London E111NR 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 Chaudhri Dr K Kugathas Dr J Green Dr S Zaman Dr S Graham Independent examiner Ms J A Rickler An$ LLP Crown House 151 High Road Loughton Essex IG10 4LG Banker5 C Hoare & Co 37 Fleet Street London EC4P 4DQ Clerk D R Gadsby 181 High Street Epping Essex CM16 4BQ Investment advisers Rathbones 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 2024 The Trustees present their report and accounts for the year ended 5 April 2024. 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 CharÉties: Slatement of Recommended Practice applicable to Charities preparing their accounts in accordance wtth 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 Universty Hospital (the hospitsl) and in particular but without prejudice to the generaif(y of the foregoing-. 1) The improvement of the library at present used in connection wth the Charity and at present situated at the Medical Education Centre at Whipps Cross University Hospital and for that purpose the provision of further storage area and rooms for reading, study and research and the provision of additional books equipment and furnishings. 2) The engagement and payment of remuneration to secretary librarians and such assistants as from time to time may be required for the purposes of the said library and for the purpose of assisting in the organisation of post graduate and medical education and research. 3) To asslst generally with medical and dental research and the post graduate education of consultant and juntor hospital staff and general practitioners and in connection therewith to provide acMMOdatIOn and equipment to remunerate asslstants and to provide for lectures. symposia and clinical demonstrations. 4) To pay or contribute towards the expenses of any rnedl or dental practitioners to inspect and r8POrt upon any new or speci£l medical or dental equipment or methods thich may result in publication in any professional joumal or magazine appropriate to 8 particular specFalty the results of any research, or otherwise the dissemination of these results through any media normally employed for such purpose. 5) To provide equipment and maintain a building or buildings providing facilities for medical meetings. lectures, clinical demonstrations, symposia, tape-recorded talks, films, ststic demonstrations, research and the like. 6) Such objects ancillary to or of a nature similar to the foregoing objects as the Trustees shall from time to time determine subject to the powers of the Council hereinafler contained in dause 5 of this Scheme provid8d always that the same shall be charttable. 2 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is administered and managed subject to and in confonnity wi(h the provisions of a Trust Deed dated 4 October 1 %9 (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 goveming dcruments, current statutory reqU1MentS and the r6yuirements of The Charities {Accounts and Reports) Regulation 2008. Council of the Charity The Council comprises nine members of which six are EX-off10 Members and three are Nominated Members. The six Ex-officio Members are all members for the time being hokjing 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 folknving persons have acted as Council members during the year:_ Dr S Hoque (resigned 16 April 2024) Dr S Chaudhri Dr K Kug8thas Dr J Green Dr S Zaman Dr S Graham
Page 3 WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 Council of the Charity (continued) Truste•s The following persons have acted as Trustees during the year: Dr S Hoque Dr S Chaudhri Dr K Kugathas Dr J Green Appointed by the Council {resigned 16 April 2024) - Appointed by the Council Appointed by the Council Appointed by the Council 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 Ihe 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 BENEFrr The Trustees are mindful of the need to meet the Public 8eneflt 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 wilhin the area served by the hospital thereby improving the advancement of health of the population of the area served by the hospitsl. 4 RISK POLICY The major risks to which the Trusl is exposed are reviewed regularly and systems updated to mitigate those risks. Course Income The Trustees regularly review the content and viability of courses pul 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 th8t 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 Ihe Trust's investments and the income generated. The Trust's advisers Ralhbones attend the meeting5 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: Provided a limited range of courses based upon availability of administration sUPPOrt. All other courses were put on hold until the restructuring, reassessment of goals and operation of courses agreed previously, have been implemented and made available on the new web51te." Provided assistance for research training and methodology by funding prize awards to encourage research projects for the reasons above-, Maintained the independent webslte for the Charty to better advertise its courses, grant giving and other activitles. The limitation of courses has been related to a) the lack of continuty which occurred when the SLA with the now Education Academy came to an end and putting into place a new infrastructure. This has been compounded by a change in the governing members of the charity, updating the charity so that it is fit for purpose In the 21st Century and the limitations in time that can be invested during the ongoing changing clinical commitments needed to reflect post COVID related illness and post COVID backlogs, in patients and staff. arKI the consequential delays to 'usual' medical care.
Page 4 WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 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 Rathbones. Rathbones have instructtons to produce a regular income whilst producing capital grobV(h. Durlng the year, the investment funds increased in value by £77.144 (2023 - reduction of £66,326) (see note 6 to the accounts). 7 FINANCIAL REVIEW Whilst the Charty reported a profit for the year ended 5 April 2024, due largely to the unrealised profit on the revaluation of the investments at the year end, nevertheless the financial position at 5 April 2024 will allow the Charity to continue its activities. Both the Council and the Trustees favour encouraging areas that will promote multi- disciplinary 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*stablishment of old courses and new courses which would require an outlay which would not be recouped in the shorter term. From the 5th year of running a course unless it is able to break even or make a profit, more cost effedNe ways of running the courses or viabllity of the course would need to be reassessed. Reserves policy - in the short term the reserves of the Charitys 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 21 st 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 presented at professional conferences outside the UK. During the year there was one grant made for the above reasons. 8 PLANS FOR THE FUTURE Since the merger in 2012 of several hospitals, includlng Whipps Cross Hospital, under the tltle Barts Health NHS Trust, this Charity has continued and intends to carry on the objects of the Charity to provide education and reSe8h 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 supp)rt to the Charity which benefits the population in a mutually acceptable manner. The Charity will therefore support educatlon 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 acceptsble 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 Twstees 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, includlng the income and expenditure, of the Charity for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles In the Charities SORP,. make judgments and accounting estimates that are reasOnale and prudent: state whether applicable UK accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless it is inappropriate to psume that the Charlty will continue to operate.
Page 5 WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 9 STATEMENT OF TRUSTEES RESPONSIBILITIES (CONTINUED) The Trustees are responsible for keeping sufficient accounting records that disdose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial ststements Comply with the Charities Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charty and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approval This report was approved by the Trustees on 4 February 2025 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 UNIVERsrrY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST I report to the Trustees on my examinatlon of the financial statements of the Charity for the year ended 5 April 2024 which Comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the CharItS Trustees, as a body. in accordance wrth section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the CharitVs Trustees those matters l 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 responsibilty to anyone other than the Charity and the CharitS 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 Charty's financial statements carried out under section 145 of the Act and in arrying 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 examinatlon does not involve gathering all the eviden 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 limlted assurance that an independent examination can provide. Consequently l 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 ststement. 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: accounting records were not kept in respect of the charity as required by section 130 of the Act. or the financial statements do not accord with those records,. or the financial ststements do not comply with the applicable requirements conMIng the form and content of accounts set out in the Charities (Accounts and Reports) Regulakn'ons 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. 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 Alws LLP Chartered Accountants Crown House 151 High Road Loughton Essex IG10 4LG 5 February 2025
WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Page 7 2024 Total Funds 2023 Total Funds Unrestrfcted Restrlct•d Funds Funds INCOME . Notss Charitable activities Investments other income 105,751 21,509 610 105,751 24,840 610 97,206 23,608 145 3,131 Total 127,870 3,131 131,001 120,959 EXPENDITURE ON: Raising funds Charitable activities Oth8r 9.402 67,163 14,818 921 10,323 67.163 15,049 11,819 80.134 25,759 231 Total 91,383 1,152 92,535 117.712 Net gainsl(bsses) on investments (3,919) (1.275) (8,861) NET INCOMEI(EXPENDITURE) 32.568 4,623 37.191 (5,614) Transfer between funds OTHER RECOGNISED GAINSI(LOSSES) GBinsl(losses) on revaluation of Investment assets 75,479 75,939 (48,973) NET MOVEMENT IN FUNDS 108.047 5,083 113.130 (54,587) RECONCILIATION OF FUNDS Total funds brought forward 911,527 93,670 1,005,197 1,059,784 TOTAL FUNDS CARRIED FORWARD 1,019.574 98,753 1,118,327 1,005,197 The notes on pages 9 to 12 fom part of these financial statements.
WHIPPS CROSS UNIVERSITY HosprrAL MEDICAL EDUCATION AND RESEARCH TRUST BALANCE SHEET Page 8 AS AT 5 APRIL 2024 2024 2023 Notes Fixed Assets Investments Development cost 970,712 893.568 970,713 893,569 Current A86ets Debtors Short tem deposits Cash in hand and al bank 93.589 11.610 62.334 86,120 23.128 39.817 167,533 149.065 Creditors falling due within one year 19,919 37,437 Net current as8et8 147,614 111.628 Total 888ets less current Ilabllltl•s 1,118,327 1.005,197 Represented By: Unrestricted funds Restricted funds 12&14 13&14 1.019,574 98,753 911,527 93,670 Total trust funds 12,13 &14 1,118,327 1,005.197 The financial statements were approved by the Board of Twstees on 4 February 2025 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 2024 ACCOUNTING POLICIES 8asls of preparatlon of accounts The financial statements have been prepared under the historical cost convention with items ognIsed at cost or transaction value unless otheNilse stated in the relevsnt not8S to these accounts. The financial statements have been prepared in accordano with the charitls 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 publlc benefit entty as defined by FRS 102. Reconclllatlon wlth previous Generally Accepted Accountlng PractlC8 In preparing these accounts, the Trustees h8ve consKlered whether in applying the accounting policies required by FRS 102 and the Chartties 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. Webslte 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 8ccounted for when recetvable by the Charity. Expenditure All expenses are accounted for on an accruals basis. Direct charitable expenditure r8pre8ents the total cost of running courses. All costs including management and administration are clearly identrfied, so do not need apportioning. The irrecoverable element of VAT is included in the item of expense to which It relates. Grants and donatlons Grants and donations made are COgnised in the accounts on a payable basis. Grants represent Payments made to Whipps Cross Univ8rsity H08Pital NHS Trust as contributions to student weware and other support costs. Value added tax Value added tax is not recoverable by the Charty. and as such is included in the relevant cost In the Statement of Financial Activities. Charitabl• activltles The expenditure on charitable activities includes hire of r(K*llS, catering, payments to consultants, staff co ordinators and sundry expenses Funds structur8 Unrestricted funds are available for use at the discretion of the Trustees and in furth8rance 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 condf(ions. Realised gains and Ios888 All gains and losses are taken to the Statement of Financial Activities as Ihey arise. Realised gains and b&ses on investments are calculated as the difference b8iween sales proceeds and their opening carrying value or their purchase value tf 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 St8t8ment of Financial Activities.
WHIPPS CROSS UNNERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS Page 10 FOR THE YEAR ENDED 5 APRIL 2024 2. Other costs GRANTS Grants made to Whipps Cross Universlty Hospitsl and their personnel 2024 2023 Grants awarded - De Jod8 Fund 231 Other offe costs (note 3} Governance costs (note 4) Depreciation (note 7) 3,358 11.460 3,992 10.218 11,549 14,818 25,759 3. OTHER OFFICE COSTS 2024 2023 Insurance Financial charges Website hosting 1.172 2,186 1,172 1,740 1.080 3.358 3,992 The Trustees were not paid any remuneration or reimbursed any expenses during the year. 4. GOVERNANCE COSTS 2024 2023 AKountancy and independent examin8rfs fees VAT on accountancy fees and legal fees Secretarial fees- Open Audien 6,450 1.290 3.720 11,460 7,565 1,513 1.140 10,218 Staff Number Average monthly number during the year 5. TRUSTEES. REMUNERATION AND BENEFITS There was no Trustegs, remuneration or other benefits for the year ended 5 April 2024, nor for the year ended 5 April 2023. Trustees. Expenses There were no Trustees, expenses Paid for the year ended 5 April 2024, nor for the year ended 5 April 2023.
WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS Page 11 FOR THE YEAR ENDED 5 APRIL 2024 FIXED ASSET INVESTMENTS 2024 2023 UK listed Investments Market value at 6 April 2023 Additions Disposals Net unrealised investment gainsl(losses) 893,568 363,985 (362,780) 75,939 959,894 102.033 (119,386) (48.973) Market value at 5 April 2024 970.712 893,568 2024 2023 Investments at fair value Equities Fixgj interest equiiies 742,732 227,980 708,759 184,809 970,712 893,568 7 Webslte development cost 2024 2023 Net book value at 6 April 2023 Depreciation Net book value at 5 April 2024 11.550 {11,549} DEBTORS 2024 2023 Dividends receivable & prepayments SuThJry debtors 2,249 91,340 93,589 2,331 83,789 86,120 9 CREDITORS AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Accruals 19,919 37,437 10 CONTINGENT LIABILITIES The Trust has agr8ed with the Research & Develoment Departsnent of Whipps Cross Universty Hospital that the trustees, for a rolling tw&year perh)d, would underwrite any MHRA inSttIon costs which may occur to a figure not exceeding £15,000. 11 CONTROLUNG PARTY The Trustees believe that the Trust do8s not have a controlling party. 12 UNRESTRICTED AND DESIGNATED FUNDS Unrestrlcted - Reservès The balance on Unrestricted Funds after the following designation repr&sents the Charivs investment portfolD and resenRs held as knrking 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,OIXI which has been added to over the years. The funds are eamiarked for the improvement of education and research opportunities for Doctors within the area of benefrt. During the year to 5 April 2018 the fund was merged with the main furbd.
Page 12 WHIPPS CROSS UNIVERSITY HOSPITAL MEDICAL EDUCATION AND RESEARCH TRUST NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 5 APRIL 2024 13 RESTRICTED FUNDS - De Jode Fund The initial grant was reiVed in the 1970s from Mr De Jode. Thls long standing specific fund provKles support for Doctors and Dentists in training in Waltham Forest to present research papers outside the United Kingdom. The fund value at 5 April 2024 was £98.753 (2023 - £93,670). 14 TOTAL TRUST FUNDS- ANALYSIS OF NET ASSEfs BETWEEN FUNDS Net Current Assetsl (Liabilities) Fixed Assets Total Restricted funds - De Jode Unrestricled funds 84,705 886.008 14.048 133,566 98,753 1.019.574 970,713 147,614 1,118,327 15 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestrlcted Restrfcted Funds Fund8 Total Funds INCOME: Notes Charitable activTrties Investments Oiher income 97,206 20,701 145 97,2[ 23,608 145 2,907 Total 118,052 2,907 120,959 EXPENfATURE ON.. Raising funds Charitable activities Other 10,751 80,134 25,759 1,068 11,819 80,134 25,759 Total 116,644 1,C68 117,712 Net gainsl{losses) on investments (8,797) (64) <8,861) NEf INCOMEI(EXPENDITURE) (7.389) 1,775 (5,614) OTHER RECOGNISED GAINSIILOSSES) Gainsl(bsses) on revaluation of investment assets (45.238) (3,735) (48,973) NET MOVEMENT IN FUNDS {52,627) {1,960) (54.587) RECONCILIATION OF FUNDS Total funds brought forward 964,154 95,630 1,059,784 TOTAL FUNDS CARRIED FORWARD 911.527 93,670 1,005,197