OpenCharities

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

← Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund

2025-03-31-accounts

s Cheltenham Bum Gloucester O HOSPITALS CHARITY

ts he io, L "7 7] = ~

Trustees’ Annual Report and Accounts Year End 31* March 2025

Contents

Foreword by the Chair of the Charitable Funds Committee 3
Legal, Governance and Administrative Information 4
Financial Review and Fundraising Highlights 7
Our Future Plans 10
Our Grant making Policy 11
Investments 12
Reserves Statement 13
Statement of Trustee responsibilities 14
Auditors Report 15
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash Flow 21
Notes to the Financial Statements 22
Glossary 32

2

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25

Foreword

Foreword by the Chair of the Charitable Funds Committee

Welcome to our Annual Report for 2024/25.

Our supporters help us to fund projects that make hospital life better for local patients, families, carers, and our dedicated NHS staff - from state-of-the-art equipment and pioneering research to artwork, environmental improvements, and mental health and wellbeing initiatives.

This year the community have given more support to our work than ever before, and we could not be more grateful. From schools raising funds and people taking part in events and challenges to companies sponsoring our Lions at Large, volunteers giving their time, and the generosity of those who donate or kindly choose to leave a gift in their will - every contribution makes a difference. Each act of support is deeply appreciated by the charity, our NHS colleagues and the patients, loved ones and carers who benefit from funded projects.

Those projects address a diverse range of needs across the hospitals and our community, and this year included:

Many more projects were funded across the hospitals, ranging from more comfortable patient seating and artwork to enhance the environment, to imaging technology to sensory aids that improve the experience for patients with neurodiversity or learning disability. Projects funded in previous years, such as CT scanners, also continue to make an impact for thousands of patients each year.

We also launched The Big Space Cancer Appeal to the public, and we could not be more grateful for the way the local community have embraced this. Our vision is to transform the facilities at Cheltenham General Hospital and create a better home for cancer care. The first phase involves extending the current cancer centre with a new building, followed by a later phase to improve the existing facilities. This will create a soothing environment filled with natural light, quiet areas for patients to decompress, easy access to guidance and support, and calming artwork and garden spaces.

Thanks to the thousands of gifts already received, we are well on the way to making this vision a reality for local cancer patients, and we are truly grateful for each and every gift received – both to this appeal and the many other projects we have been able to fund.

Thank you for your kind support.

Marie-Annick Gournet Chair, Charitable Funds Committee

3

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Legal, Governance and Administrative Information

Legal, Governance and Administrative Information

1 Registered Charity No. 1051606 2 Address Charitable Fund Office Cheltenham General Hospital Cheltenham, Gloucestershire GL53 7AN 3 Objects For any charitable purpose or purposes relating to the National Health Service, wholly or mainly for the Service provided by the Gloucestershire Hospitals NHS Foundation Trust 4 Status The Charity is an NHS Charity. The organisation was established under a Declaration of Trust dated 27 Nov 1995 which established the objects and the powers of the organisation and was amended by Supplemental Deeds dated 28 July 2003 and 15 Oct 2004. 5 Trustee Gloucestershire Hospitals NHS Foundation Trust (GHNHSFT) is the Corporate Trustee. A list of the individual members of the Trust board can be found on the Trust website. In accordance with the charity’s declaration of Trust, the members of the NHS Trusts board of Directors acted as ex-officio Trustee of the Charitable funds. The Trustee has delegated, within the written terms of reference, day to day management of the funds to the Charitable Funds Committee 6 Bankers Nat West 7 Auditors Deloitte LLP Halo, Counterslip, Redcliffe, Bristol, BS1 6GD 8 Investment Advisors RBC Brewin Dolphin RBC Brewin Dolphin is a trading name of RBC Europe Limited. RBC Europe Limited is registered in England and Wales No. 995939. Registered Address: 100 Bishopsgate, London EC2N 4AA RBC Brewin Dolphin operates on a discretionary client basis, i.e. they are permitted to buy and sell investments without the ongoing concurrence of the Charity (subject to annual ongoing review). All investment transactions must be in accordance with the investment policy, (see Page 10). RBC Brewin Dolphin has formally signed up to this policy.

9 Fund Structure

The charity has a number of individual charitable funds, each designated for a specific ward or service within GHNHSFT. Whilst the charity acknowledges the receipt and the intended use for donated monies within a designated fund, this does not place the charity in any legal trust to do so. Trustees have decided that all designated funds are therefore to be classified for specific purpose within the overall unrestricted fund balance. Where legal restrictions are placed upon them, donations, legacies, grants and bursary funds, are accounted for as restricted funds.

The Gloucestershire Hospitals NHS Foundation Trust (GHNHSFT) General Charitable Fund is an independent registered charity (registered number 1051606). Cheltenham and Gloucester Hospitals Charity is the registered working name for the charity. The Charity provides a public benefit by raising funds, donations and grants for the benefit of local patients.

4

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Legal, Governance and Administrative Information

10 Governance Arrangements

The charity is considered a subsidiary of Gloucestershire Hospitals NHS Foundation Trust as the Board of the Trust is, as a corporate body, the trustee of the charity. There are no other connected organisations. The Department of Health is considered the parent entity of Gloucestershire Hospitals NHS foundation Trust.

The Trustee delegates responsibility for the charity to the Charitable Funds Committee, chaired by a Non-Executive Director. Charitable Funds Committee has an Investment Committee to oversee investment strategy and policy and monitor the charity’s investments. The Charity Director meets with new members of the Committee to induct them to the Charity and keeps in touch with members throughout the year.

The Charity operates within the overall governance arrangements of GHNHSFT, and the Charitable Funds are consolidated as part of the Trust’s Annual Accounts. Whilst the charity shares the same financial systems as the Gloucestershire Hospitals NHS FT, a separate bank account is maintained for the charity.

The Charity operates within the overall governance arrangements of The Trust, and the Charitable Funds are consolidated as part of the Trust’s Annual Accounts. Whilst the charity shares the same financial systems as the Gloucestershire Hospitals NHS FT, a separate bank account is maintained for the charity.

Gloucestershire Hospitals NHS Foundation Trust’s purpose is to improve the health, wellbeing and experience of the people we serve by delivering outstanding care every day, and the Charity and Trust have a shared vision to provide the ‘Best Care for Everyone’.

Gloucestershire Hospitals NHS Foundation Trust’s consolidated Annual Report and Accounts are available by writing to their address: Trust Headquarters, Sandford Road, Alexandra House, Cheltenham, United Kingdom, GL53 7AN or at www.gloshospitals.nhs.uk

The charity team are responsible for ensuring that expenditure is in accordance with the charity’s governing documents and policy and is made in accordance with donor wishes. Copies of the accounts can be obtained from the Charity Commission.

All of the Charity team are employees of GHNHSFT and are part of agenda for change salary banding and pay grades. The banding of all roles and pay grades are considered by GHNHSFT HR Department prior to recruitment, to identify the correct salary level.

Charity Objectives and Strategic Aims

11 Cheltenham and Gloucester Hospitals Charity has a shared vision with Gloucestershire Hospitals NHS Foundation Trust, “Best care for everyone”, with the aim of raising funds to create the best possible experience for patients, their families and staff by funding programmes which deliver exceptional care, support innovative capital schemes to supply new equipment, help to deliver Trust innovations in patient treatment and ensure colleagues are supported in their duties.

The Charity's objectives are such that the area of intended benefit relates to the NHS, wholly or mainly for the service provided by Gloucestershire Hospitals NHS Foundation Trust, to include patients and colleagues. By virtue of these objectives the patient benefit is inherently considered in all activities undertaken.

5

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Legal, Governance and Administrative Information

By raising funds and through careful management of our existing funds, Cheltenham and Gloucester Hospitals Charity provides a public benefit by making grants to Gloucestershire Hospitals NHS Foundation Trust and the other organisations it works with in order to support patients and colleagues. This is ‘for any charitable purpose or purposes relating to the National Health Service’, which includes funding facilities, equipment and research and to support associated healthcare and complementary services for patients of Gloucestershire Hospitals NHS Foundation Trust.

12 Risk Management

The charity’s systems and protocols are aligned to those of the Trust. Accordingly, the Trust’s risk system has been utilised to track and mitigate risk for the charity. Risks and associated mitigations are reported on a quarterly basis to the Charitable Funds Committee. There are no significant risks affecting the charity. Risks monitored with mitigations reported include the risk of reputational damage, cyber security, fraud prevention and financial shortfall.

6

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Financial review and Fundraising Highlights

Financial Review

While the UK economy showed signs of growth with a rise in GDP in the first three months of 2025, inflation and economic uncertainty continue to have an impact on the charity sector and public. Despite this challenging environment the Charity has continued to receive incredible support and was in receipt of income totalling £2,701k (£1,940k 2023/24),

The overall fund balance of the Charity stands at £4,208k (£3,509k 2023/24) Of this, £2,506k has been committed by the charity for future expenditure, including the funds held for the transformation of our cancer facilities (Big Space Cancer Appeal).

The Charity’s investments are carrying an unrealised gain of £8k (unrealised gain of £29k 2023/24).

Charitable Expenditure

A number of varied projects were funded during the year to make a wide impact across the hospitals, a total of £1,981k (£2,458k 2023/24) was spent in the year. £1,004k (£1,804k 2023/24) was spent on projects to meet charitable purposes, including the purchasing of equipment, support for medical research, staff welfare and training and items to enhance the patients experience during their stay in hospital. The amount spent in 23/24 was significantly higher as it included the enabling works for the Charity funded Scanners at Cheltenham General hospital

Key projects included:

 A haematology microscope to enable medical teams to analyse blood cells, platelets and plasma to help diagnose conditions such as leukaemia, anaemia and lymphoma.

 ‘IOL Master’ technology at Cheltenham General and Tewkesbury Hospitals to enable accurate measurements of the eye during cataract surgery, thanks to the kindness of Gloucestershire Eye Therapy Trust.

 The charitably funded Cancer Support Team who are there to give advice, guidance and support for local cancer patients during every step of their treatment.

 Innovative wearable technology was funded for the Care of the Elderly service, with benefits including reduction in admission of patients with Parkinson’s disease, as well as a reduction in length of stay.

----- Start of picture text -----
Analysis of Charitable Expenditure 2023/24 Analysis of Charitable Expenditure 2024/25
Patients Welfare & 1%
Amenities Patients Welfare
10% & Amenities
Staff Welfare and 6%
1% 12% Development Staff Welfare
4% 29% and
Buildings and Development
Outdoor spaces Buildings and
(inc Artwork) 36% Outdoor spaces
26% Equipment (inc Artwork)
Equipment
13%
46% Research
15% Research
Community Project
----- End of picture text -----

A key element of the year was the public launch of our £17.5M ‘Big Space Cancer Appeal’ to transform the facilities in our oncology centre, the public launch followed a private phase of fundraising to secure gifts and pledges and resulted donations and grants which will be spent in future years when the project progresses to the construction phase.

The cost of charity management, grant making and administration in the year was £182k (£152k 2023/24), and the cost of fundraising in the year was £787k (£502k 2023/24). The charity’s expenditure on fundraising and income generation increased with investment in the charity team to raise the funds needed for the Big Space Cancer Appeal – including investment in our ‘Lions at Large’ sculpture trail, which will take place in 2025/26, with thanks to the kind sponsorship of local businesses and organisations, and further investment in the hospital lottery.

7

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Financial review and Fundraising Highlights

Going Concern

The Corporate trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. Fundraising income is almost back to pre-pandemic levels but continues to be affected by the cost-of-living crisis. As a grant making charity with few on-going commitments, reduced income will impact on the level of new grants that can be made in the short term rather than affecting the charity’s ability to continue as a going concern. The key risks to the Charity’s continuing going concern status are a fall in income from donations or investment income but the charity and trustee has arrangements in place to mitigate those risks (see the risk management and reserves sections of the annual report, for more information). After making enquiries, the Trustee has concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future, the Charity therefore continues to adopt the going concern basis in preparing its annual statements. The Trustee has made this assessment for a period of at least one year from the date of approval of the financial statements.

2024/25 Fundraising Highlights

Whether a charitably funded project takes place on the neonatal unit, the cancer centre, on care of the elderly wards or any other hospital area they all have one thing in common – without our supporters they would not be possible! Our sincere thanks to the local community who have again shown their dedication to make a difference for local patients, carers and loved ones, and our NHS staff.

We are immensely grateful to all those who so kindly give support, donations to the charity totalled £1082k (£639k 23/24) while the support of people taking part in our lottery grew to £90k (1k 23/24). The generosity of those who choose to remember our work in their will is greatly appreciated, enabling us to fund projects which make an impact for future patients in our hospitals. £766k (£369k 23/24) was received from gifts in wills during the year, funding a range of projects in our hospitals.

The commitment of all those who take part in challenges or take time to organise fundraising events continues to inspire us, from ultra-marathons to sponsored walks, cake sales to community events, head shaves to charity of the year support, our thanks to all who went the extra mile to help us do even more in the hospitals.

People have supported the charity’s general work, and also given to areas across the hospitals including our Big Space Cancer Appeal, to scanning and imaging technology, our baby loss remembrance garden and our Focus Fund which provides support for local cancer patients and specialist equipment for the Gloucestershire Oncology Centre. The support of those who give in-kind gifts to help us make an impact, or give their time to volunteer for the charity, is also greatly appreciated.

The Charity continues to be extremely grateful for the support we receive from partner charities who raise funds on our hospital sites, with our patients benefiting from grants to fund projects such as new IOL Master Technology to benefit cataract surgery patients funded by Gloucestershire Eye Therapy Trust, and Clinical Psychologist roles to benefit both blood cancer patients funded by Linc Charity and young people with cancer funded by the Emily’s Gift campaign run by The Pied Piper Appeal.

Our thanks to all the charitable trusts and other organisations who kindly give grants, donations and sponsorship to support projects across the hospitals. Without our donors, supporters, partner charities, and those who so kindly choose to remember the hospitals in their will, the projects we fund would not be possible, and we are grateful for every gift which helps us make an impact for local patients and NHS staff.

8

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Financial review and Fundraising Highlights

Our Fundraising Practices

Members of the charity’s fundraising team support the many people who so kindly choose to raise funds for the charity and communicate how their support is making a difference. Our Fundraising team also organise events and activities and fundraising appeals for the charity.

The fundraising department has signed up to the Fundraising Regulator’s Code of Fundraising Practice. All fundraising guidance and working practices are compliant with that code. The charity is also a member of NHS Charities Together, modelling best practice for NHS charities. No complaints were received by the Fundraising Regulator or Charity Commission during the period, and no formal complaints about our fundraising activity or failures of the charity or by any person acting on its behalf, were received by the charity this year

The fundraising team are responsible for co-ordinating fundraising activity and our Head of Income Generation is responsible for monitoring their activities against the requirements of the Fundraising Regulator’s Code. All new fundraisers representing the charity are given an induction and briefing before raising funds and are given annual updates / reminders. A member of the fundraising team will attend events run by the charity and will ensure that they are appropriately and professionally run.

All direct marketing and fundraising is undertaken by the fundraising department to ensure that it is not unreasonably intrusive or persistent. All marketing material contains clear instructions on how a person can be removed from mailing lists.

Our Fundraising Performance

During the year the total donations, legacies and other income came to £2,701k against a target of £2,750k (£1,935k against a target of £2,150k in 23/24). We closely monitor our targets and performance and the external factors such as inflation which might impact on this. A key part of our planning is to focus on income streams which will be resilient and sustainable, to mitigate for the potential impact of any external factors which could otherwise impact on our income.

We benchmark our fundraising activity with our peers through the NHS Charities Together membership network and monitor the comparative success of campaigns, areas of income and overall fundraising cost to income ratios. We particularly work closely with other NHS charities who are of a similar size or share similar objectives, which enables us to compare our performance.

Gloucestershire has an ageing population compared with other areas of the UK which are anticipated to require more support from health services, and while the county is relatively affluent there are also areas of economic deprivation where there is a higher percentage of unemployment. The charity therefore seeks to support the ageing population of the local area by growing our work and funding key facilities such as the new cancer build which support their healthcare and also aims to support those experiencing inequality who are more likely to need healthcare support. To facilitate this, we aim to continue to increase our fundraising profile so that those people who have benefitted from healthcare in our hospitals or have loved ones or friends who have received care, can see how they can support and choose to make a donation if they are able to.

9

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Our Future Plans

Our Future Plans

The charity’s annual plan for 2025/26 aims to develop priority areas of work in order to further support the services of Gloucestershire Hospitals NHS Foundation Trust, the NHS and the local community in line with our charity’s mission. Significant activities planned for the year are:

The public launch of The Big Space Cancer Appeal in 2024/25 motivated the local community to raise funds for a new facility on the Cheltenham General Hospital site. Through key initiatives such as our ‘Lions at Large’ public art trail we aim to increase momentum and raise further income in 2025/26. The Lions at Large trail is planned to raise £300,000 income for the charity in the year through public support and an auction of sculptures, with 100,000 people anticipated to engage with the trail. The new facility will significantly improve the experience of local cancer patients, and this is anticipated to be our most significant area of grant making in future years as the project progresses to construction.

In 2025/26 we also plan to work in partnership with Gloucestershire Hospitals NHS Foundation Trust and other key stakeholders to develop a new future strategy for the charity, which will maximise the impact we can make for local patients and NHS staff and build further on our achievements as our work continues to help the NHS to do even more.

Without our supporters, these plans would not be possible, and we are grateful for each and every donation which helps us to meet our objectives.

Case Study – The Big Space Cancer Appeal

This important appeal has launched to transform the experience for local patients receiving cancer care. Working in partnership with Gloucestershire Hospitals NHS Foundation Trust, the first phase of the project is to raise funds to build a planned new facility at Cheltenham General Hospital. There will be modern consulting rooms, space for patients to decompress or absorb difficult news, a new therapeutic garden and patient support area. Existing facilities in the current Oncology Centre will be upgraded as part of a planned second phase.

10

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Our Grant Making Policy

Our Grant Making Policy

The charity makes grants from both its unrestricted and restricted funds, with grant making a key part of our mission to support the services of Gloucestershire Hospitals NHS Foundation Trust and the NHS by helping them to do even more for local patients, their families and NHS staff. Within our unrestricted funds, grants are made from general funds, and designated (earmarked) funds:

General funds. These funds are received with no particular preference expressed by donors. The charity works proactively with NHS staff members who can apply for small grants of under £10K at any time to support projects across the Trust, which need to fit the charity’s grant criteria and are considered on a fortnightly basis by the Charity’s Operations team and approved by the Associate Director.

The Charitable funds committee meets on a quarterly basis to consider grants of over £10K. Detailed bids are presented to the committee and thoroughly considered to assess their fit with the charity’s objectives and grant making policy. The Associate Director of Charity and the Operations Team work proactively with staff to identify and discuss the impact of these projects prior to submission.

Designated (earmarked) funds. These are unrestricted funds which reflect the wishes of a donor who has expressed a preference to support a particular service or area. The Operations Team works closely with staff in these areas to identify projects which best fit our donors wishes, and the sign off process is identical to those for general funds when a project has been identified.

Restricted funds are used for specific areas of grant making. Restricted gifts are those where a legally binding restriction is placed on a donation for a particular purpose. We operate in line with Charity Commission guidance and the operations team work closely with NHS staff to identify projects which fit the legal restriction. The sign off process is identical to those for general funds when a project has been identified.

Case Study – Supporting learning and innovation

Thanks to our generous supporters, a new high-tech haematology microscope has been funded to support local cancer patients.

“We are incredibly grateful to everyone who has donated to help make this advanced technology a reality. This modern microscope will greatly benefit our clinical staff, enhancing the accuracy of clinical result reporting and improving training. High-quality teaching in the Haematology Department is essential for supporting junior doctors, particularly registrar trainees on their pathway to become senior doctors in the speciality.”

Josh Peett, General Manager of Oncology, Haematology, Palliative Care and Immunology

11

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Investments

Investments

The Charitable Funds Investment Committee reports to the Charitable Funds Committee. Our Investment Policy includes an Ethical Investment Policy, which attempts to ensure that all investments are ethically and environmentally sound and are not opposed to the purpose of the charity.

The Investment Mandate sets out the investment objectives for the charity, which are for total return (income and capital growth) ahead of the prevailing rate of inflation in real terms over the long term with a diversified approach at a low to moderate risk level. Short term dividend income is of secondary concern. The level of investment risk taken is reviewed regularly and has been appropriately mitigated by apportioning approximately half of the funds in a low-risk portfolio, with the other half in a balanced portfolio.

The following investment objectives have been agreed:

The investment portfolio grew modestly over the year. Market momentum came from a resilient US economy, strong gains in technology stocks, and a series of interest rate cuts. The US election result further bolstered sentiment, driven by hopes for pro-business tax and regulatory reforms. After Trump’s inauguration, however, attention shifted to widespread tariff rollouts, creating trade barriers and heightening policy uncertainty. As the year ended, escalating trade tensions weighted on markets, reflecting concerns over cross-border commerce and the unclear outlook for future trade arrangements.

The Charity regularly reviews the performance and the level of risk taken with our investment managers, to ensure we are comfortable with the degree of market volatility that it is exposed to, and it takes a long-term view over its investments.

The amount the Charity will hold in cash will vary depending on the cash flow and spending plans. The charity chooses to hold funds in cash for its capital projects being funded, rather than it being invested.

Helping Hearts: A new ECG machine to improve care

“Our department would not routinely have their own ECG machine, but we identified that by having our own we could reduce delays, decrease wait times and improve the service flow to surgery. Many of our team were already trained to use this equipment so it was a great way to make use of their knowledge to support our patients.” “Without the need for additional appointments, it also helped to cut down on patient’s travel time, parking and time spent at the hospital. We are incredibly grateful to the supporters of the hospitals charity for funding this equipment Thank you!” Sheeba David, Trauma and Orthopaedics Outpatients Sister

12

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Reserves Statement

Reserves Statement

The Charitable Funds Committee review the Charity reserves policy and statement annually, through which we aim to minimise the risk of a reduction in charitable income to ensure that the charity can cover its ongoing operational costs whilst maintaining expenditure to meet charitable purpose. The charity holds a fixed reserve created by the realisation of investment gains in 2017. It is agreed that the fixed reserve held should be sufficient to cover the charity’s costs for minimum of 3 months to include salaries, redundancy and core charitable administration expenditure. The fixed reserve is reviewed annually and agreed by CFC to ensure it would cover the calculated costs

The realised gains on investments held at 31 March 2025 is £318k (£318k 2023/24), which is a fixed reserve held in a designated fund. The charity’s expenditure on salaries and operational costs for 3 months is £72k, which together with redundancy costs of £234k means there is sufficient in the fixed reserve to cover the winding down of the charity should that be necessary.

Any surplus generated through investments, agreed as over 20% of investments, can be realised by the Trustee and used to fund future charitable activity or to increase the fixed reserve if required.

The Charitable funds committee calculate the free reserves as that part of the charity’s unrestricted income funds that is freely available after taking account of designated funds that have been earmarked for specific projects.

Free reserves currently stand at 55k (28k 2023-24) and are calculated as follows

Funds Funds
2024-25 2023-24
£000 £000
Total unrestricted Funds 880 1,722
Less designated funds 825 1,694
Total 55 28

Charitable funds committee considers the balance of the free reserves before approving grant applications, if insufficient free reserves are available, grants will be deferred until funding is available The Trustee is mindful that donated monies require utilisation and should not be accumulated over time. As a general guide, the Trustee aims in any one year to spend at least the equivalent amount that has been raised through fundraising activity. The Trustee reviews the balances held in all funds, in accordance with the provision of the NHS Acts relating to charitable funds, to determine whether these funds are likely to be committed in the near future, and if not the reasons for this. During the early stages of the Big Space Cancer appeal the Trustee recognises that the funds held by the charity may increase until costs are expended once construction starts.

Case Study – Bringing Comfort and Calm: How charity-funded sensory aids are supporting patients

Being admitted to hospital can be a worrying time for anyone, but for patients with sensory challenges, the experience can be particularly overwhelming. The bright, clinical setting and unpredictable noise levels can heighten anxiety and discomfort.

To make these moments easier, the charity has funded a range of sensory aids designed to create a calmer, more supportive environment - for both patients and staff - helping to turn a difficult experience into one of greater comfort and care.

13

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Statement of Trustee Responsibilities

Statement of Trustees’ Responsibilities

The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

The law applicable to charities 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 is required to:

• select suitable accounting policies and then apply them consistently

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustee is responsible for keeping proper 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.

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 legislation in other jurisdictions.

Statement as to disclosure to our auditor

In so far as the Trustee is aware at the time of approving our Trusts annual report:

• the Trustee, having made enquiries of fellow directors and the group’s auditor that they ought to have individually taken, has each taken all steps that he/she is obliged to take as a Director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approval of Trustees report

The Trustees report and Statement of Trustees’ responsibilities have been signed and approved on behalf of the trustees.

Name: Deborah Evans (Chair of Trustee)

Date: 14 January 2026

14

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Auditors Report

Independent auditor’s report to the trustees of Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund (the ‘Charity’):

We have audited the financial statements which comprise:

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

15

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Auditors Report

Other information

The other information comprises the information included in the annual report , other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material

misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the charity’s industry and its control environment, and reviewed the charity’s documentation of their policies and procedures relating to fraud and compliance with laws

16

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Auditors Report

and regulations. We also enquired of management and the trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the charity’s business sector.

We obtained an understanding of the legal and regulatory framework that the charity operates in, and identified the key laws and regulations that:

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or noncompliance with laws and regulations in the following area, and our procedures performed to address it are described below:

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

17

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Auditors Report

Report on other legal and regulatory requirements

Matters on which we are required to report by exception

Under the Charities (Accounts and Reports) Regulations 2008, we are required to report in respect of the following matters if, in our opinion:

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Deloitte LLP

Statutory Auditor Bristol, United Kingdom 15 January 2026

Deloitte LLP is eligible for appointment as auditor for the charity by virtue of its eligibility for appointment as audit of a company under section 1212 of the Companies Act 2006.

18

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Statement of Financial Activities

Gloucestershire Hospitals NHS Foundation Trust Charitable Fund Statement of Financial Activities For the year ending 31 March 2025

Note
Incoming Resources		 Restricted
Funds
2024-25
£000		 Unrestricted
Funds
2024-25
£000		 Total
Funds
2024-25
£000		 Restricted
Funds
2023-24
£000		 Unrestricted
Funds
2023-24
£000		 Total
Funds
2023-24
£000
From :
Donations & Legacies
2
Lottery and Sponsorship of
Charitable Activities
3
Investment Income
4
Total Incoming Resources		 1,891 341 2,232 1,223 512 1,735
213 90 303 - 1 1
49 116 165 - 204
717		 204
2,153 547 2,700 1,223 1,940
Expenditure on
Raising Funds
5
Charitable Activities:
6,7		 - (875) (875) - (535) (535)
-
Community Projects		 (3) - (3) (192) - (192)
-
Medical research		 (58) - (58) (28) - (28)
-
Purchase of new equipment		 (327) (75) (402) (400) (107) (507)
-
Building /refurbishment of buildings		 (52) (111) (163) (867) (11) (878)
-
Staff education and welfare
-
Patient education and welfare		 (34)
(183)		 (104)
(159)		 (138)
(342)		 (62)
(110)		 (21)
(125)		 (83)
(235)
Total expenditure (657) (449) (1,106) (1,659) (264) (1,923)
(657) (1,324) (1,981) (1,659) (799) (2,458)
Net gains/(losses) on investment assets
8		 - (21) (21) - 67 67
Net income /(expenditure)
Transfer between funds		 1,496
44		 (798)
(44)		 698
-		 (436)
131		 (15)
(131)		 (451)
-
Net Movements in funds
Reconciliation of Funds		 1,540 (842) 698 (567) 116 (451)
Total Funds brought forward 1,787 1,722 3,509 2,354 1,606 3,960
Total Funds carried forward 3,327 880 4,207 1,787 1,722 3,509

The notes at pages 22 to 31 form part of these financial statements.

All income and expenditure is derived from continuing activities

19

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Balance Sheet

Gloucestershire Hospitals NHS Foundation Trust Charitable Fund

Balance Sheet as at 31 March 2025

Note Total Total
Fund Fund
2024-25 2023-24
£000 £000
Fixed Assets
Investments 8 1,790 1,944
Total Fixed Assets 1,790 1,944
Current Assets
Debtors 9 146 119
Cash at bank and in hand 10 2,752 1,680
Total Current Assets 2,898 1,799
Liabilities
Creditors falling due within one year 11 (481) (234)
Net Current Assets 2,417 1,565
Total assets less current liabilities 4,207 3,509
Creditors falling due after more than one yea - -
Total net assets 4,207 3,509
The Funds of the Charity
Restricted income funds 3,327 1,787
Unrestricted income funds 880 1,722
Total Funds 4,207 3,509

The notes on pages 22 to 31 form part of these financial statements

Signed

Deborah Evans – Chair of Trustee

Karen Johnson – Director of Finance

Date 14 January 2026

20

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Statement of Cash Flow

Gloucestershire Hospitals NHS Foundation Trust Charitable Fund Statement of Cash Flow For the year ending 31 March 2025

Note
Cash flow from operating activities:
Net cash provided by / (used in) operating activities
12
Cash flow from investing activities:
Dividends, interest and rents from investment
4
Proceeds from sale of investments
8
Purchases of investments
8
Net cash provided by / (used in) investing activities
10
10
Analysis of cash and cash equivalents
Cash at bank
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the reporting
period
Cash and cash equivalents at the end of the reporting period
Change in cash and cash equivalents in the reporting period		 Total Total
Funds
2023-24
£000
(732)
Funds
2024-25
£000
774
204
439
(432)
165
563
(430)
298 211
(521)
2,201
1,072
1,680
2,752
1,680
1,680
2,752
2,752
1,680

21

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

Notes to the Financial Statements

1 Accounting Policies

1.1 Accounting Convention

The financial statements have been prepared under the historic cost convention, as modified for the revaluation of certain investments.

The accounts (financial statements) have been prepared in accordance 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) issued on October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

1.2 Incoming Resources

The policies followed which deal with income, voluntary assistance and donations, are:

a) Cash donations and gifts in kind are included in full in the Statement of Financial Activities (SOFA) as soon as they are received. Legacies are accrued for as soon as the conditions for receipt have been met and there is probable assurance of receipt.

b) Cash collected from fund raising events is included in the SOFA as soon as it is received by the Trustee.

c) Donations in kind (e.g., donated stock or facilities and voluntary assistance) are not valued for accounting purposes as they are not considered to be material.

d) Investment income dividends are included in the SOFA when they are received at an amount which includes tax credits recoverable from the Inland Revenue.

e) Grants income received from grant making organisation is recognised once the conditions associated with the grant have been met.

g) No Government grants were received in 24/25

1.3 Resources expended

The funds held on trust accounts are prepared in accordance with the accruals concept. All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party.

a) Cost of generating funds

The cost of generating funds are the costs associated with generating income for the funds held on trust. This includes the costs associated with running the Hospital Lottery.

b) Charitable Activities

Payments are made to third parties (including NHS bodies) in the furtherance of the funds held on trust's charitable objectives to relieve those who are sick. They are accounted for on an accrual’s basis where the conditions for their payment have been met or they will receive the grant. This includes grants paid to NHS bodies where a third party has a reasonable expectation that they will receive the grant.

c) Governance and Support costs

Support costs are those costs which do not relate directly to a single activity. These include some staff costs, costs of administration and audit costs. The support costs have been apportioned between raising funds and charitable activities and apportioned across restricted and unrestricted funds in line with the SORP. The analysis of support costs and the basis of apportionment applied are shown in note 6.2

22

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

1.4 Structure of funds

Where there is a restriction on the purpose to which a fund may be put, the fund is classified in the accounts as a restricted fund, all other funds are classified as unrestricted. Where an unrestricted fund is designated for a specific purpose, this is included within designated funds which forms part of the unrestricted reserves.

1.5 Fixed Assets

No fixed assets were owned by the charity during the financial year.

1.6 Investment Fixed Assets

Investment fixed assets are shown at market value.

1.7 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 opening market value (or date of purchase if later). Unrealised gains and opening market value or date of purchase (if later) losses are calculated as the difference between market value at the year end.

1.8 Debtors

Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount.

1.9 Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

1.10 Going Concern

The Corporate trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. Fundraising income is almost back to pre-pandemic levels but continues to be affected by the cost-of-living crisis. As a grant making charity with few on-going commitments, reduced income will impact on the level of new grants that can be made in the short term rather than affecting the charity’s ability to continue as a going concern. The key risks to the Charity’s continuing going concern status are a fall in income from donations or investment income but the charity and trustee has arrangements in place to mitigate those risks (see the risk management and reserves sections of the annual report, for more information). After making enquiries, the Trustee has concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future, the Charity therefore continues to adopt the going concern basis in preparing its annual statements. The Trustee has made this assessment for a period of at least one year from the date of approval of the financial statements.

1.11 Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies the trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The trustee made no critical accounting judgements in the period covered by this report.

There are no key assumptions concerning the future, or other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year.

23

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

2
3
4
5
6		 Analysis of voluntary income
Restricted Unrestricted
Total

Funds
Funds
Funds
2024-25
£000
£000
£000		 Restricted
Funds
£000		 Unrestricted
Total

Funds
Funds
2023-24

£000
£000
Donations from individuals
Corporate donations
Charities and Non Corporate Bodies
Grants
Legacies		 339
239
578
-
6
6
401
96
497
385
-
385
766
-
766		 53
2
72
727
369
450
503

39
41

23
95

-
727

-
369
Total 1,891
341
2,232		 1,223
512
1,735
Donations from individuals are gifts from
members of the public, relatives of patients
and staff.
Lottery and Charitable Sponsorship
Restricted Unrestricted
Total

Funds
Funds
Funds
2024-25
£000
£000
£000		 Restricted
Funds
£000		 Unrestricted
Total

Funds
Funds
2023-24

£000
£000
Sponsorship
Hospital Lottery		 213
-
213
-
90
90		 -
-
-
-

1
1
Total 213
90
303		 -
1
1
Restricted
Funds		 Unrestricted
Total

Funds
Funds
Restricted Unrestricted
Total

Funds
Funds
Funds
Gross investment income 2024-25 2023-24
£000
£000
£000
Quoted investments (fixed asset investments)
-
70
70
Interest on cash held on deposit (current asset
49
46
95
Total
49
116
165		 £000
-
-		 £000
£000

73
73

131
131
-
204
204
Analysis of expenditure on raising funds Restricted Unrestricted
Total

Funds
Funds
Funds
2024-25
£000
£000
£000
-
787
787
-
8
8
-
80
80
-
875
875
Grant
funded
activity
Support cost
Total		 Restricted
Funds
£000		 Unrestricted
Total

Funds
Funds
2023-24

£000
£000
Fundraising Office
Investment management
Support costs		 -
-
-
494
494

8
8

33
33
-
535
535
Grant
funded
activity		 Support
cost
Total
2023-24

£000
£000

6
110

4
62

54
867

25
400

2
28

12
192
Analysis of charitable expenditure
2024-25
£000
£000
£000		 £000
Restricted funds
Patient education and welfare
Staff education and welfare
Building /refurbishment of buildings
Purchase of new equipment
Medical research
Community Projects		 166
17
183
31
3
34
47
5
52
297
30
327
53
5
58
3
-
3		 104
58
813
375
26
180
Total 597
60
657		 1,556
103
1,659
Grant
funded
activity
Support cost
Total		 Grant
funded
activity		 Support
cost
Total
2024-25
£000
£000
£000		 £000 2023-24

£000
£000
Unrestricted Funds
8
125

1
21

1
11

6
107

-
-

-
-
Patient education and welfare
Staff education and welfare
Building /refurbishment of buildings
Purchase of new equipment
Medical research
Community Projects		 144
15
159
94
10
104
101
10
111
68
7
75
-
-
-
-
-
-		 117
20
10
101
-
-
Total 407
42
449		 248
16
264

24

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

6.1 Institution recieving grant support

GHNHSFT
Gloucestershire VCS Alliance
Gloucestershire Health and Care NHS FT
NHS Gloucestertshire CCG
Total		 Total
Amount
Paid
2024-25
£'000
1,004
-
-
-		 Total
Amount
Paid
2023-24
£'000
1,670
54
26
54
1,004 1,804

The charity did not undertake any direct charitable activities on its own account during the year. All of the charitable expenditure was in the form of grant funding. Grants were approved in favour of the partner organisation, Gloucestershire Hospitals NHS Foundation Trust (GHNHSFT) to carry out activities that will benefit their patients and staff. The Charity received a grant from NHS Charities together (NHS CT) as the lead organisation of a group of Gloucestershire organisations. The Charity distributed the funds to the organisations by way of grants in 2023/2024 when the NHS Ct terms and conditions were met. The charity incurred expenditure with third parties in pursuance of those grants or reimbursed expenditure incurred by them. The funding ended March 2024 therefore no grants were distributed to organisations other than GHNHSFT in 2024/2025. The Charity does not give grants to individuals.

6.2 Allocation of Governance and support costs

Allocation of Governance and support costs
Raising Charitable
Funds activities Total
2024-25
£'000 £'000 £'000
External Audit (Governance) 18 24 42
Administration (Governance) 16 20 36
Financial administration(Support) 38 49 87
Bank Charges(Support) 1 - 1
Miscellanous(Support) 7 9 16
Total 80 102 182
Raising Charitable
Funds activities Total
2023-24
£'000 £'000 £'000
External Audit (Governance) 9
32		 41
Administration (Governance) 7
26		 33
Financial administration(Support) 16
59		 75
Bank Charges(Support) -
-		 -
Miscellanous(Support) 1
2		 3
Total 33
119		 152

Governance and support costs are apportioned on the basis of the level of expenditure of each type of activity.

7 Analysis of Staff costs

The charity has no direct employees; Staff are employed by the Gloucestershire Hospitals NHSFT which handles all personal tax transactions and HR issues, employee costs are recharged as set out in note 13. These are:

2024-25 2023-24
Number of Staff in the Charity Supprt and
fundraising team 11 11

25

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

8
Fixed asset investments
Market value brought forward
Add additions to investments at cost
Less disposals at carrying value
Add net (Loss)/Gain on revaluation
Market value as at 31 March
Fixed asset investments by type
Bond Funds
UK Equity Funds
Overseas Equity Funds
Other Investments
Property Funds
Total Listed Investments
Cash on interest bearing deposits
Total		 Total Total
2024-25
£000
1,944
430
(563)
(21)
1,790		 2023-24
£000
1,885
432
(440)
67
1,944
Total Total
2024-25
£000
540
222
650
272
87
1,771
19
1,790		 2023-24
£000
588
213
725
334
67
1,927
17
1,944

The Trustee sets 5% of market value as at 31 March as the threshold for the reporting of material investments. As at 31 March 2025 the investments below were considered material.

Investments held with a value >5% of total investment as at 31st March 2025

Description
£000
Fidelelity UCITS ICAV
113
J P Morgan Funds Ltd US Equity
96
ISHARES II PLC USD
82
Investments held with a value >5% of total investment as at 31st March 2024
Description
£000
Fidelity UCITS ICAV
143
Vangard Investment Series
113
JP Morgan Funds Ltd
94

The main risk from financial instruments lies in the combination of uncertain investment markets and volatility in yield.

Gloucestershire Hospitals Charities manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes.

Investments carried a loss of £21k over the financial year (gain of 67k in 2023/24)

Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and the market regulators has continued to provide for orderly trading in the markets and so the ability to buy and sell quoted equities and stock is anticipated to continue. Gloucestershire Hospitals Charites investments are mainly traded in markets with good liquidity and high trading volumes. Gloucestershire Hospitals Charities have no material investment holdings in markets subject to exchange controls or trading restrictions.

Gloucestershire Hospitals Charities does not make use of and derivatives or similar complex instruments as it has a long-term time horizon for its investments and aims to weather short-term volatility in order to meet its long-term objectives. The level of investment risk taken is reviewed regularly and has been appropriately mitigated by apportioning approximately half of the funds in a low risk portfolio, with the other half in a balanced portfolio.

26

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

9
10
11
12		 Analysis of current debtors
Debtors under 1 year		 Total
2024-25
£000		 Total
2024-25
£000		 Total
2023-24
£000

VAT
Owed by parent entity
a)
Other Debtors
Total		 2
13
131
146		 1
12
106
119
Analysis of cash
Total
Total
2024-25
2023-24
a) The parent entity raises invoices on behalf of the Charitable Funds. This balance is repayable on
demand and does not accrue interest.
Cash at bank and cash in hand
Total		 £000
2,752
2,752		 £000
1,680
1,680
Analysis of current liabilities Total
2024-25
£000		 Total
2023-24
£000
Creditors less than one year
Trade Creditors
Accruals
Total
Reconciliation of net income/(expenditure) to net cash flow from
operating activities		 439
42
481
67
167
234
Total
Funds		 Total
Funds
2024-25 2023-24
£000
(451)
(67)
(204)
56
(67)
(733)
£000
699
21
(165)
(28)
247
774
(Losses)/Gains on investment
Dividends and interest from investment
Net cash flow from/(to)operating activities
Net income / (expenditure) as per Statement of Financial Activities:
(Increase)/Decrease in Debtors
Increase/(Decrease) in creditors
Net cash provided by / (used in) operating activities

27

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

13 Analysis of staff costs and remuneration of key management personnel

2024-25 2023-24
Salaries and Wages
Social Security Costs
Employers Pension Contribution
Total		 £000
392
41
54
487		 £000
343
35
44
422

As set out in note 6 Analysis of staff costs, the charity has no direct employees. The above staff costs have been recharged by Gloucestershire Hospitals NHSFT.

Employees Paid over £60k 2024-25 2024-25 2023-24
Number of Pay Number of
Pay Band Employees Band Employees
£000 £000
70-80 1 70-80 1

The Charity considers its key management personnel comprises the Trustee, the Associate Director of the Charity, Head of Operations and the Head of Fundraising. The Trustee receives no remuneration from the Charity. The total employment benefits including pension contributions of the key management personnel were £185,449 for the year (2023/24 £177,717).

14 External Audit Fee Disclosure

External Audit fee for the year 2024/25 is £42k (2023/24 £41k). The fee comprises the annual audit charge, there were no other services provided.

15 Related Party Transactions

During the year none of the Trustees or members of the key management staff or parties related to them has undertaken any transactions with Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund or received any benefit from the charity in payment in kind. The Trustees received no honoraria, emoluments or expenses in the year from the charity.

Board members and other senior staff take decisions both on charity and exchequer matters but endeavour to keep the interests of each discreet and do not seek to benefit personally from such decisions. Declarations of personal interest have been made in both capacities and are available to be inspected by the public.

During the year the Charitable Trust made capital purchases of £309k(£400k in 2023/24)and a cash grant of £21k(£71 in 2023/24k) was given to GHNHSFT where the Trustees are all members of the Trust board.

Staff costs detailed in note 13 are paid by the GHNHSFT and recharged to the charity.

The charity does not have its own debtor system GHNHSFT raises invoices on the charity's behalf. The amount outstanding for these invoices is shown as a debtor in note 9.

16 Transfers

Transfers include a charge made to funds for the cost of fundraising. The transfer between restricted and unrestricted funds relates to the transfer of spending of unrestricted funds on areas where there is restricted income, in order to reflect the correct carried forward balance of restricted funds.

28

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

17 Analysis of charitable funds

17.1 Analysis of restricted fund mov ement

Gain/(Loss)
Balance on Fund
B/fwd Income Expenditure Transfers Inv estments C/fwd
01.04.24 31.03.25
£000 £000 £000 £000 £000 £000
Battledown Ward General Purposes 110 6 (14) (88) - 14
Big Plus 28 5 (12) (1) - 20
Cardiology 1/2 103 - - - - 103
CT Scanner Appeal 42 214 (6) 74 - 324
Dementia 22 - - - - 22
Diabetes C/F 64 - (6) - - 58
Edward Jenner Clinic/Haem CF 108 1 (26) - - 83
Endoscopy Dept C/F 19 - - - - 19
FOCUS 108 245 (52) - - 301
General Purposes 591 273 (5) (437) - 422
Glos Urology fund 75 - (8) - - 67
Gloucestershire Heart Appeal 25 - - - - 25
Neurology Brainwav e 29 - (4) - - 25
Oncology Capital Appeal 140 898 (21) 528 - 1545
Paediatric Wards C/F 10 - - - - 10
Palliativ e Care Team C/F 16 27 (2) - - 41
Pied piper 57 67 (67) - - 57
Richards Bursary 79 - (6) - - 73
Surgical Laser C/F 84 - (56) - - 28
W & C General Purposes 26 - (14) - - 12
Other Restricted Funds 51 417 (358) (32) - 78
1,787 2,153 (657) 44 - 3,327
Gain/(Loss)
Balance on Fund
B/fwd Income Expenditure Transfers Inv estments C/fwd
01.04.23 31.03.24
£000 £000 £000 £000 £000 £000
Battledown Ward General Purposes 96 14 - - - 110
Big Plus 11 28 (5) (6) - 28
Cardiology 1/2 103 - - - - 103
CGH League of Friends 82 - (10) 5 - 77
CT Scanner Appeal 511 116 (567) (18) - 42
Dementia 22 - - - - 22
Dermatology 15 - (1) - - 14
Diabetes C/F 69 - (5) - - 64
Edward Jenner Clinic/Haem CF 108 - - - - 108
Endoscopy Dept C/F 19 - - - - 19
FOCUS 224 51 (55) (112) - 108
General Purposes 435 263 (84) (23) - 591
Glos Urology fund 75 0 - - - 75
Gloucestershire Heart Appeal 24 1 - - - 25
Neurology Brainwav e C/F 34 - (5) - - 29
Oncology Capital Appeal 268 - (128) - - 140
Paediatric Wards C/F 13 - (3) - - 10
Palliativ e Care Team C/F 23 - (7) - - 16
Pied piper (4) 142 (81) - - 57
Richards Bursary 9 75 (5) - - 79
Special Care Baby Unit C/F 12 54 (53) - - 13
Surgical Laser C/F 116 0 (32) - - 84
W & C General Purposes 26 - - - - 26
Other Restricted Funds 63 479 (618) 23 - (53)
2,354 1,223 (1,659) (131) - 1,787

29

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

17.2 Analysis of unrestricted and designated fund mov ement 17.2 Analysis of unrestricted and designated fund mov ement 17.2 Analysis of unrestricted and designated fund mov ement
Gain/(Loss)
Balance on Fund
B/fwd Income Expenditure Transfers Inv estments C/fwd
01.04.24 31.03.25 31.03.25
£000 £000 £000 £000 £000 £000
A & E Dept 5 7 - - - 12
Breast Care Fund 31 7 - (1) - 37
Cardiac Ward 11 4 - (1) - 14
Colorectal Fund 33 5 (6) (1) - 31
Cotswold Dialysis Fund C/F 19 - - (1) - 18
FOCUS 88 107 (150) (23) - 22
Fund Management 175 198 (919) 551 - 5
General Purposes 28 151 (191) 67 - 55
Glos Urology fund 11 2 (2) (1) - 10
Maternity Unit C/F 31 10 (2) (2) - 37
Medical General Purposes 27 - (3) (11) - 13
Optometry 12 - - (1) - 11
Oncology Capital Appeal 606 - - (606) - -
Paediatric Diabetes C/F 9 3 - (1) - 11
Paediatric Epilepsy 21 6 (2) (1) - 24
Realised Gains 319 - - - - 319
Stroke Serv ices 12 4 (4) (1) - 11
X-Ray Dept 10 3 - (1) - 12
Mov ement on inv estments 29 - - - (21) 8
Other designated funds under 10k 245 40 (45) (10) - 230
1,722 547 (1,324) (44) (21) 880
Gain/(Loss)
on Fund
Balance B/fwd Income Expenditure Transfers Inv estments C/fwd
01.04.23 31.03.24
£000 £000 £000 £000 £000 £000
Breast Care Fund 32 1 - (2) - 31
Cardiac Ward 13 - (1) (1) - 11
Colorectal Fund 31 4 - (2) - 33
Cotswold Dialysis Fund C/F 19 1 - (1) - 19
FOCUS 61 210 (162) (21) - 88
General Purposes 25 60 (43) (14) - 28
Glos Urology fund 10 2 - (1) - 11
ITU 12 2 - (1) - 13
Lillybrook Ward 10 - (5) - - 5
Maternity Unit C/F 33 5 (5) (2) - 31
Medical General Purposes 28 - - (1) - 27
Oncology Capital Appeal 596 126 (1) (115) - 606
Optometry 58 1 - (47) - 12
Paediatric Epilepsy 15 9 (2) (1) - 21
Paediatric Oncology C/F 18 - (2) - - 16
Realised Gains 319 - - - - 319
Stroke Serv ices 11 3 (1) (1) - 12
X-Ray Dept 10 1 - (1) - 10
Mov ement on inv estments (39) - - - 67 28
Other designated funds under 10k 344 292 (577) 342 401
1,606 717 (799) 131 67 1,722

Other designated Fund balances include all unrestricted funds which have a balance of less than £10k at year end.

30

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Notes to the Financial Statements

18 Purpose of restriction

Description Restriction
Battledown Ward General Purposes Funds to be used for the benefit of patients and staff of Battledown Ward and CGH paediatrics
Big Plus General funds through 'Big Plus' appeal to be used for the benefit of patients and staff
Cardiology 1/2 Funds to be used for the benefit of cardiology patients and staff in Cardiology
CT Scanner Appeal Funds to be used for imaging technology
Dementia Funds to be used for the benefit of patients with Dementia
Diabetes C/F Funds to be used for the benefit of patients and staff with diabetes
Edward Jenner Clinic/Haem CF Funds to be used for the benefit of haematology patients and staff
Endoscopy Dept C/F Funds to be used for the benefit of patients and staff of Endoscopy Dept
FOCUS Funds to be used for the benefit of patients and staff in the oncology centre
General Purposes General funds to be used for the benefit of patients and staff
Glos Urology fund Funds to be used for the benefit of patients and staff of Urology dept
Gloucestershire Heart Appeal Funds to be used for the benefit of patients and staff of heart departments
Neurology Brainwav e C/F Funds to be used for the benefit of patients and staff of Neurology Brainwav e units
Funds to be used for the benefit of patients and staff of the oncology dept through capital appeal to
Oncology Capital Appeal transform facilities Oncology Capital Appeal
Paediatric Wards C/F Funds to be used for the benefit of patients and staff of Paediatric Wards
Palliativ e Care Team C/F Funds to be used for the benefit of patients and staff of Palliativ e Care Team
Funds to be used for the benefit of patients and staff of the Childrens Centre as granted by The Pied Piper
Pied piper Appeal Pied piper
Richards Bursary Funds to be used for the benefit of nursing staff through the Richards Bursary
Surgical Laser C/F Funds to be used for the benefit of patients and staff of surgical research dept.
W & C General Purposes Funds to be used for the benefit of patients and staff of Womens and Children div ision

31

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

Glossary

Glossary

Donations Represent money given by grateful patients
or relatives and other third parties.
Investment Income Includes dividend income as well as interest
received from cash held on deposit.
Management and Administration
Grants Payable		 Includes the recharge of staff costs
involved in the administration of the funds
by GHNHSFT staff and the Finance Shared
Service.
Encompasses expenditure on the purchase
of medical equipment and provision for
expenditure on patients and staff amenities.
Carrying Value The market value of an investment at the
beginning of the financial year or at the
time of the last revaluation.
Realised gains/losses on investments On disposal of an investment represents the
difference between the sale proceeds and
its carrying value.
Unrealised gains/losses on investments Represents the increase/decrease in the
value of investments (not disposed in the
year), i.e. difference between market values
1 April to market values 31 March.

32

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Trustees’ Annual Report and Accounts Year ended 31.3.25.

ms Cheltenham gam Gloucester NM) HOSPITALS CHARITY

Gloucestershire Hospitals NHS Foundation Trust General Charitable Fund Registered Chanty Number 1051406.