OpenCharities

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

2022-03-31-accounts

Whittington Hospital NHS Trust Charitable Funds

(Working name: Whittington Health Charity) Annual Report for the year ending 31 March 2022

Whittington Health NHS Trust Magdala Avenue London N19 5NF

Statement and welcome from the Chair

The past year has seen the Charity invest heavily in psychological support for the thousands of staff who’s mental health was adversely affected by the Covid-19 pandemic. The year has also seen the Charity shift the emphasis of its grant-making back towards patient-focused projects, after several years of primarily supporting staff in response to the pandemic.

Significantly, the Charity has put significant energy and investment into growing its capacity to enhance the lives and experiences of patients and staff in the future. We have fully rebranded the Charity, following extensive consultation with patients, staff and donors, and launched an independent website with full online giving functionality.

We have also restructured our charitable funds, working with charity lawyers to derestrict dormant funds and consolidate multiple low-value funds into a smaller number of high-value funds, thus enabling the Charity to engage in more impactful grant-making and better ensure that donated funds are directed to where the need is greatest.

As we head into 2022-23, the Charity is well-placed to build a sustainable public fundraising programme, complemented by high-impact opportunities for major donors, with a primary focus on enhancing the care Whittington Health NHS Trust is able to provide for its patients.

On behalf of everybody at Whittington Health NHS Trust, thank you for your support.

Tony Rice

Chair of the Whittington Health Charitable Funds Committee

Whittington Heath Charity Annual Report Page 2 of 36

About the Trust

Whittington Health occupies a unique place in North London – as an integrated care organisation providing hospital and community services, we have a clear vision to help local people live longer, healthier lives. We serve the communities of Islington and Haringey as well as Camden, Hackney, Enfield, Barnet and other parts of North West London. This might be through patients coming to our hospital for planned or emergency care, patients coming to appointments at one of our community centres or by our staff, such as health visitors, district nurses or community pharmacists coming into their homes. Providing such a range of care is what makes us a truly integrated care organisation.

About the Charity

Whittington Health Charity (working name of The Whittington Hospital NHS Trust Charitable Funds) exists for any charitable purposes associated with the Whittington Health NHS Trust and for the advancement of medical education facilities.

The Charity supports and funds care that the NHS is not able to provide, in particular medical equipment and support for patients and staff. By spending money on additional equipment, better facilities, a more comfortable environment and research and education projects, we can offer patients the highest standards of care in the best possible surroundings.

The Charity focuses its support on projects in the following areas:

For a project to receive funding, it must demonstrate clear additionality; we do not fund projects that should be covered by NHS budgets. This ensures that donations from our supporters go towards projects that provide a clear and demonstrable positive impact, with a preference for funding transformational initiatives. Our ultimate aim is for donated funds to go further.

Fundraising

The Charity raised £285,000 from donations, £152,000 from grants (NHS Charities Together), £30,000 from legacy gifts and £26,000 from investment activity, which with some merchandise sales included, makes for a total in excess of £493,000 raised in the year ending 2022.

Whittington Heath Charity Annual Report Page 3 of 36

Examples of projects funded in 2021-22

The Charity funded more than £940,000 worth of grants in the year, with a particular emphasis on staff support in the early part of the year (in response to Covid), which was followed by a transition to more patient-focused projects as the year progressed.

Staf psychological support

Thanks to the generous support of donors, including grants from NHS Charities Together, the Charity has been able to fund a comprehensive programme of psychological support for staff in an effort to address the emotional trauma that has resulted from the pandemic. A range of provisions, including one-to-one therapy, group reflective practice sessions and supported peer-to-peer therapy was delivered throughout the year. Approximately 50% of all Whittington Health staff had accessed some form of support since the programme was created in 2020 in response to the pandemic.

Improvements in ITU

Using funds from a legacy gift, the Charity invested more than £14,000 in improving family facilities in the Trust’s ITU department, as well as improvements to ‘humanise’ ITU for the benefit of staff and patients, including noise-monitoring equipment.

Artwork rental

The Charity funded artwork rental from Paintings in Hospitals. The immediate focus was Simmons House Adolescent Unit - an in-patient psychiatric unit for young people aged between 13 & 18 years of age.

Patient-beneftting music projects

Classically trained musicians visited wards, once infection control rules permitted it, and Sing for Your Lungs continues to support patients with long-term respiratory conditions.

Antenatal counselling room

The Charity funded the complete refurbishment of a counselling room in Whittington Hospital’s antenatal ward. The room, which is commonly used for giving pregnant women difficult news, was equipped with comfortable sofas, a coffee machine, artwork, soft lighting and other improvements.

Other projects included:

News and structural changes

The Charity, working with BDP Pitmans LLP, began the process of de-restricting a significant number of restricted funds.

Whittington Heath Charity Annual Report Page 4 of 36

The Charity worked with Creative Concern, a charity-focused design agency that has worked with Barts Charity and King’s College Hospital Charity, to fully rebrand. An extensive consultation phase was followed by the launch of an independent website in January 2022.

Whittington Heath Charity Annual Report Page 5 of 36

Charity Contact

To find out how you can get involved and support the Charity, please visit www.whittingtonhealthcharity.org, email fundraising/whitthealth@nhs.net or call the Charity team on 020 7288 3402.

Corporate Trustee

The Board of Whittington Health NHS Trust acts as corporate trustee of the charitable funds and is accountable to the Charity Commission. Following the transfer of services from the Royal Northern Hospital, the main consolidated hospital funds were formally established by model declaration of trust in 1996, for any charitable purposes relating to the Trust. In 2001, The Whittington Hospital Medical Education Charitable Fund, which had been a separate entity, was brought under the same corporate trustee as the main funds. In July 2011 Statutory Instrument SI 2011 no.1552 transferred the former Haringey and Islington PCT funds held on trust from Camden PCT to the Whittington Hospital NHS Trust.

Delegation to Fund-Holders

The Corporate Trustee delegates day-to-day administration of funds to relevant senior Whittington Health employees or people with joint contracts of employment with the health organisation and the university. These fund holders work within a framework of rules and policies set down by the Corporate Trustee. Fund holders are responsible for ensuring that the funds are used in accordance with the donors’ wishes and the objectives of the Charity.

Corporate Trustee Board Members

----- Start of picture text -----
Baroness Julia Neuberger Chair
Siobhan Harrington Chief Executive
Clare Dollery Medical Director
Michelle Johnson Chief Nurse and Director of Allied Health
Professionals
Kevin Curnow Chief Finance Officer
Carol Gillen Chief Operating Officer
Norma French Director of Workforce
Jonathan Gardner Director of Strategy and Corporate Affairs
Sarah Humphrey Integrated Care Medical Director
Tony Rice Non-Executive Director
Anu Singh Non-Executive Director
Prof. Naomi Fulop Non-Executive Director
Amanda Gibbon Non-Executive Director
Rob Vincent Non-Executive Director
----- End of picture text -----

Junaid Bajwa Associate Non-Executive Director

The Chair of Corporate Trustee for 2021-22:

 Baroness Julia Neuberger

The Chair of Charitable Funds Committee for 2021-22:

Charity’s principal address:

Bankers:

Investment Managers:

Independent Examiner:

Income & Expenditure – overview of 2021-22

Fund Balances

The Charity holds the following fund balances as at 31 March 2022, divided in the following service areas:

----- Start of picture text -----
Fund Type Total funds (£000)
Endowment 20
Restricted – Other 1,205
Restricted – Post 49
Graduate
Restricted – Investment 544
Un-Restricted – General 294
Un-Restricted – Specific 58
TOTAL 2,170
----- End of picture text -----

Income

The Charity raised incoming resources of £493k (2020-21 £858k). This is split across the following income headings (with prior year comparisons)

The increased donations were a direct result of the public’s response to the Covid 19 pandemic and donations were secured from both corporate and private donors. 2021-22 income is further analysed by in the chart below.

----- Start of picture text -----
21/22 Income by Category
DONATIONS
6.09%
5.27% LEGACIES
OTHER TRADING
ACTIVITIES
INVESTMENTS
88.64%
----- End of picture text -----

Expenditure

Total expenditure for the year was £1,033k (2020-21: £775k). This is split across the following expenditure headings with prior year comparatives.

The increased expenditure was primarily linked to the Charity’s response to the global pandemic and supporting a multitude of bids in support the Trust’s staff throughout the year. The 2021-22 expenditure is illustrated in the chart below.

The Charity does not hold reserves specifically, although it does have funds of approximately

£2.170m as at 31 March 2022. Funds can support the Charity’s operations for the foreseeable future, and there are no going concern uncertainties in relation to the Charity. There are no individual funds in deficit.

Investment Review

The combined value of the investment portfolio as at 31 March 2022 was £1.125m. This balance consisted mostly of a combination of stocks and high interest deposits. Over the course of the year, no cash withdrawal was made from the investment portfolio, but some high interest deposits expired and were reinvested.

Investec Portfolio

This portfolio is made up of an acute fund and a community fund. The total combined value of the portfolio was £1.125m, of which 95.2% was held in equities and fixed interest; in addition the portfolio included a cash balance of £54k.

Of this combined portfolio value, £431k relates to community funds and £694k relates to the acute funds.

Investments – Acute

The value of the investment portfolio as at end of March 2022 is £694k (2020-21: £676k) of which less than 5.9% of the portfolio was held as cash.

Table - Acute Portfolio

Fund Growth Actual Growth Benchmark Variance
(%) Growth (%) (%)
Financial Year 2.6 6.6 (4.0)
Asset Allocation by Actual Holding Benchmark Variance
Category (%) Holding (%) (%)
UK Fixed Interest 18. 25 (6.7)
3
UK Equities 34. 50 (15.7)
3
Overseas Equities 33. 20 13.3
3
Property & Other 8. 0 8.2
2
Cash 5 0.9
5.9

Investments – Community

The value of the investment portfolio as at 31 March 2022 is £431k (2020-21: £424k) of which 4.2% of the portfolio was held as cash.

Table - Community Portfolio

Table - Community
Portfolio
Fund Growth Actual Growth Benchmark Variance
(%) Growth (%) (%)
Financial Year 1.7 6. (5.1)
8
Asset Allocation by Actual Holding Benchmark Variance
Category (%) Holding (%) (%)
UK Fixed Interest 10. 16 (6.0)
0
UK Equities 33. 45 (11.5)
5
Overseas Equities 32. 21 11.2
2
Property & Other 20. 13 7.1
1
Cash 4.2 5 (0.8)

Investec’s Investment Outlook

Investec has pro-actively continued to minimise the unprecedented impacts of both Brexit and Covid 19 on the Charity’s investment portfolio. Their approach continues to be planned and proactive as they seek build on the growth achieved in 2021-22 and mitigate ongoing risks created by the pandemic, combined with global economic and geopolitical challenges.

Risk Management

The financial controls of the Trust also apply to the Charity; the only major area of financial risks for charitable funds is the performance of the investments.

The aim of the investment portfolio structure is to provide both long term growth in capital values and income to maintain those values in real terms. This is achieved through a balance between fixed assets securities, UK equities and collective funds such as unit trust, investment trusts and high interest deposits. Based on financial market history where significant drawbacks have happened in the last few years, it has been necessary to take a gradually lower risk profile with our assets, to mitigate such risks of investment performance the trustees have adopted a medium risk policy to the management of the Charity’s assets. The current account balance is also being monitored as part of achieving the overall strategy.

The objects of the Charity portfolio are to be met by way of a prudent investment strategy based on a diversified range of bonds and equities which are quoted on a recognised investment exchange, and unit trusts which are authorised under the Financial Services and Markets Act 2000. The type of each investment and the individual investments themselves is suitable to meet the Charity’s purposes.

Financial Statements

The principal financial statements (Statement of Financial Activities and Balance Sheet) for 2021/22 are set out overleaf. The full accounts are available from the Charity Commission’s website https://register-of- - - charities.charitycommission.gov.uk/charity search/ /charity details/1056452/accounts-and-annual-returns

Statement of Financial Activities for the year ended 31 March 2022

Income and endowments
from -
Donations
Legacies
Other trading activities
Investments
Total Income
Expenditure on -
Raising funds
Charitable activities
Governance costs
Total expenditure
Net Income / (Expenditure)
Net Gains / (Losses) on
Investments
Net movement in funds
Reconciliation of Funds
Funds brought forward
Total funds carried forward*		 Unrestricte
d
Funds
(£000)
415
17
-
26		 Unrestricte
d
Funds
(£000)
415
17
-
26		 Restricte
d
(£000)
Endowmen
t
(£000)
22
-
13
-
-
-
-
-		 2021/22
Total
(£000)
437
30
0
26
493
(58)
(940)
(35)
(1,033)
(540)
21
(519)
2,689
2,170		 2021/21
Total
(£000)
767
62
1
28
458
(41)
(930)
(30)		 35
0
(15)
(2)
(10)
-
(5)
-		 858
(52)
(694)
(29)
(1,001) (30)
(2)		 (775)
(543)
0
(543)
895
352		 5
(2)
21
0
26
(2)
1,772
22
1,798
20		 83
153
236
2,453
2,689

Balance Sheet at 31 March 2022

Unrestricte
d
Funds
(£000)
Fixed Assets
Investments
0
Total fxed assets
0
Current Assets
Debtors
4
Cash
740
Stock
0
Total current assets
744
Liabilities
Creditors due within one
year
(392)
Net current assets /
liabilities
352
Total assets less current
liabilities
352
The funds of the Charity
Endowment funds
0
Restricted income funds
0
Unrestricted income funds
352
Total funds carried forward
352
 Restricte
d
(£000)
Endowmen
t
(£000)
1,125
0
1,125
0
0
0
722
20
10
0
732
20
(59)
(-)
673
20
1,798
20
0
22
1,772
0
0
0

1,798
22		 2021/22
Total
(£000)
1,125
1,125
4
1,482
10
1,496
(451)
1,045
2,170
22
1,768
1,043
2,170		 2020/21
Total
(£000)
1,104
1,104
5
1,923
14
1,580
(357)
1,502
2,689
23
1,724
706
2,689

Whittington Hospital NHS Trust Charitable Funds

(Working name: Whittington Health Charity) Annual Accounts for the year ending 31 March

2022

Statement of Trustee's responsibilities in respect of the Trustee's annual report and accounts

Under charity law, the Trustee is responsible for preparing the Trustee's Annual Report and accounts for each financial year which show true and fair view of the state of affairs of the charity and of the excess of expenditure over funds raised for that period. • In preparing these financial statements, generally accepted accounting practice entails that the Trustee:

The trustees are required to act in accordance with the trust deed and the rules of the charity, within the framework of trust law. The trustees are responsible for keeping proper accounting records, sufficient to disclose at any time with reasonable accuracy, the financial position of the charity at that time, and enable the trustees to ensure that, where any statements of accounts are prepared by the trustees under section 132(1) of Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. The trustees have general responsibility for taking such steps as are reasonably open

to the trustees to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Signed on behalf of the Trustees:

Helen Brown, Chief Executive Officer

21s[t ] November 2022

Independent Examiners Report to the Trustees of the Whittington Hospital NHS Trust Charitable Funds

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022, which are set out on pages 6 to 17.

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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees, as a body, for my work or for this report.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

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

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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 (FRS 102) in preference to Accounting and Reporting by Charities: Statement of Recommended Practice issued in 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

Independent Examiners Report to the Trustees of the Whittington Hospital NHS Trust Charitable Funds continued

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 accounts to be reached.

Robert Smith ACA

Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street London WC1N 3GS

Dated: 21s[t ] November 2022

Statement of Financial Activities for the year ended 31 March 2022

Note
Income and endowments
from:
Donations
4
Grant Income
4
Legacies
4
Other trading activities
5
Investments
7
Total Income
Expenditure on:
Raising funds
8
Charitable activities
9
Governance costs
9
Total expenditure
Net Income/ (Expenditure)
Net Gains / (Losses) on
16
Investments
Net movement in funds
Reconciliation of Funds
Funds brought forward
21
**Total funds carried forward **		 Unrestricte
d
Funds
(£000)
Restricted
(£000)
Endowme
nt
(£000)
2021/2
2
Total
(£000)
2020/
21
Total
(£000)
263
22
285
648
152
152
119
17
13
30
62
1
26
26
28
458
35
0
493
858
(41)
(15)
(2)
(58)
(52)
(930)
(10)
(940)
(694)
(30)
(5)
(35)
(29)
(1,001)
(30)
(2)
(1,033)
(775)
(543)
5
(2)
(540)
83
0
21
0
21
153
(543)
26
(2)
(519)
236
895
1,772
22
2,689
2,453

352

1,798
20
2,170
2,689		 Unrestricte
d
Funds
(£000)
Restricted
(£000)
Endowme
nt
(£000)
2021/2
2
Total
(£000)
2020/
21
Total
(£000)
263
22
285
648
152
152
119
17
13
30
62
1
26
26
28
458
35
0
493
858
(41)
(15)
(2)
(58)
(52)
(930)
(10)
(940)
(694)
(30)
(5)
(35)
(29)
(1,001)
(30)
(2)
(1,033)
(775)
(543)
5
(2)
(540)
83
0
21
0
21
153
(543)
26
(2)
(519)
236
895
1,772
22
2,689
2,453

352

1,798
20
2,170
2,689		 Unrestricte
d
Funds
(£000)
Restricted
(£000)
Endowme
nt
(£000)
2021/2
2
Total
(£000)
2020/
21
Total
(£000)
263
22
285
648
152
152
119
17
13
30
62
1
26
26
28
458
35
0
493
858
(41)
(15)
(2)
(58)
(52)
(930)
(10)
(940)
(694)
(30)
(5)
(35)
(29)
(1,001)
(30)
(2)
(1,033)
(775)
(543)
5
(2)
(540)
83
0
21
0
21
153
(543)
26
(2)
(519)
236
895
1,772
22
2,689
2,453

352

1,798
20
2,170
2,689
458
(41)
(930)
(30)		 35
(15)
(10)
(5)
(1,001) (30)
(543)
0		 5
21
(543)
895		 26
1,772
352
 1,798

Balance Sheet at 31 March 2022

Not
e
Fixed Assets
Investments
16
Total fxed assets
Current Assets
Debtors
17
Cash
18
Stock
Total current assets
Liabilities
Creditors due within one
year
19
Net current assets/
liabilities
Total assets less current
liabilities
The funds of the Charity
Endowment funds
21
Restricted income funds
21
Unrestricted income funds
21
Total funds carried
forward		 Unrestricte
d
Funds
(£000)
Restricte
d
(£000)
0
1,125		 Unrestricte
d
Funds
(£000)
Restricte
d
(£000)
0
1,125		 Endowmen
t
(£000)
2021/22
Total
(£000)
2020/2
1
Total
(£000)
0
1,125
1,104
0
1,125
4
0
740
722
0
10		 0
1,125
1,104
0
4
5
20
1,482
1,923
0
10
14
744
732
(392)
(59)		 20
1,496
1,942
0
(451)
(357)
352
673		 20
1,045
1,585
352
1,798
0
0
0
1,798
352
0
20
2,170
2,689
20
20
22
0
1,798
1,772
0
352
895
352
1,798		 20
2,170
2,689

On behalf of the Whittington Hospital NHS Trust Charitable Funds

Kevin Curnow Chief Finance Officer

21[st ] November 2022

Notes to the accounts for the year ended 31 March 2022

1. Accounting Policies

Basis of preparation

The financial statements have been prepared under the historic cost convention, with the exception of investments, which are included at market value. Furthermore, the financial statements have been rounded to the nearest (£000) and the presentation currency is GBP.

The 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 16th July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts have been prepared to give 'true and fair view and have departed from the Charities Regulations 2008 only to the extent required to provide a 'true and fair view'.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.

In future years, the key risks to the Charity are a fall in income from donations or investment income but the trustees have arrangements in place to mitigate those risks.

The Charity meets the definition of a public benefit entity under FRS 102.

Funds structure

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified either as an endowment fund, where the donor has expressly provided that only the income of the fund may be expended, or as a restricted income fund where the donor has provided for the donation to be spent in furtherance of a specified charitable fund.

The Trust has one endowment fund, where the capital is held to generate income for charitable purposes.

Unrestricted income funds which are sub analysed between designated funds where the trustees have set aside amount to be used for specific purposes, often reflecting the non-binding wishes of the donors and unrestricted funds which are applicable for any purpose of the charity.

Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Where there are terms and conditions attached to incoming resources, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point.

Incoming resources from legacies

Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is virtually certain: this will be once confirmation has been received from the representatives of the estate(s) that payment of the legacy will be made or property transferred and once all conditions have been fulfilled and it is virtually certain that the amount of incoming resources is known.

Incoming resources from endowment funds

The incoming resources received from the invested endowment fund are wholly restricted.

Resources expended and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities.

Expenditure is recognised when the following criteria are met:

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Grants are only made to related or third party NHS bodies and non NHS bodies in furtherance of the charitable objects of the funds. A liability of such grants is recognised when approval has been given by the trustee.

Allocation of overhead and support costs

Overhead and support costs are those costs which do not relate directly to a single activity. These include some staff costs, costs of administration, internal and external audit costs and IT support. Support costs have been apportioned between fundraising costs and charitable activities on an appropriate basis. The analysis of support costs and the basis of apportionment applied are shown in note 12. Where costs are shared by two or more charitable activities, support costs have been apportioned between categories, for example, financial administration costs, on the basis of fund value.

Expenditure on raising funds

The expenditure on raising funds are those costs attributable to generating incoming resources for the charity including fundraising and investment management costs.

Expenditure on charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objectives of the charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure therefore include support costs and an apportionment of overheads, as shown in note 9.

Governance Costs

Governance costs comprise all costs attributable to ensuring the public accountability of the charity and its compliance with regulation and good practice. These costs include

those related to statutory audit and are included in expenditure on 'charitable activities'.

Fixed asset investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposal throughout the year.

Quoted stocks and shares are included in the balance sheet at mid-market price, excluding dividend.

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

Accounting for trade receivables and trade payables

Current assets and current liabilities arising from contractual rights or obligations (for example trade debtors or trade liabilities) are carried in the balance sheet at the cash amount or other consideration expected to be received or paid in their settlement.

Pensions

All staff members recharged to charitable funds are on the payroll of the Whittington Health NHS Trust, which deducts any pension contributions due. The gross cost including pension contributions is charged to charitable funds.

Risk

Acceptable risk - A "medium risk" approach is to be adopted in the management of the charity's investment assets. This is noted on the Trust Risk Register.

Investment strategy

The aim of the portfolio structure is to provide both long term growth in capital values and income to maintain those values in real terms. This is achieved through a balance between fixed assets securities, UK equities and collective funds such as unit trust and investment trusts. As there have been significant draw-downs over the years, it's been necessary to take a gradually lower risk profile with the remaining assets.

The Trustee has made the following ethical provisions within their instructions to the investment managers such as no investment in tobacco (nor vaping) companies, no investment in businesses whose primary role is the manufacture of armaments and investments in alcohol producers and related companies should be kept in moderation. The trustee aims to maintain sufficient liquid cash resources available to meet six months' estimated payment commitments.

Consolidation of Charity accounts with linked NHS body

As charitable income during the year is less than 1% of the Trust's revenue (£1m compared to

£350m), the funds are not considered sufficiently material for consolidated accounts to be prepared. The position will be reviewed annually to confirm whether or not the charity's funds are material enough for consolidation to be appropriate.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. Prior year comparatives by type of fund

Paragraph 4.2 of the SORP states that FRS102 requires that comparative information must be provided for all amounts in the Statement of Financial Activities (SoFA). The SORP requires that comparative information for the total funds of a charity must be provided on the face of the SoFA and comparative information for each class of funds can be provided either on the face of the SoFA or in a note to the accounts.

The primary statements provide prior year comparatives in total; this note provides prior period comparatives for the SoFA and the Balance Sheet for each of the three types of funds that Whittington Charity manages.

The prior year comparatives have been restated to reflect the transfer of two former restricted funds to the unrestricted funds category, on review of their purposes. This has not impacted the overall value of funds, but how they are categorised on the balance sheet.

Income and endowments
from•
Donations
Grant Income
Legacies
Other trading activities
Investments
Total Income
Expenditure on-
Raising funds
Charitable activities
Governance costs
Total expenditure
Net Income/ (Expenditure)
Gains / (Losses)
Net movement in funds
Reconciliation of Funds
Funds brought forward
Total funds carried forward		 Unrestricte
d
Funds
(£000)
633
119
62
1		 Restricted
(£000)
15
28		 Endowme
nt
(£000)		 2020/21
Total
(£000)
648
119
62
1
28		 2019/2
0
Total
(£000)
156
82
79
39		 2019/2
0
Total
(£000)
156
82
79
39
815
(23)
(589)
(14)		 43
(28)
(105)
(15)		 0
(1)		 858
(52)
(694)
(29)		 356
(73)
(397)
(45)
(626) (148) (1) (775) (515)
189 (105)
153		 (1) 83
153		 (159)
(127)
189 48 (1)
23		 236
2,453		 (286)
2,739
706 1,724
895 1,772 22 2,689 2,453

3. Related party transactions

The corporate Trustee consisted of either employees of the Whittington Health NHS Trust or non executive directors of Whittington Health NHS Trust.

During the year none of the employees or non-executive directors acting as Corporate Trustees or members of the key management staff or parties related to them has undertaken and transactions with Whittington Hospital NHS Trust Charitable Funds.

4. Income from donations and legacies

Donations from individuals are gifts from members of the public, relatives of patients and staff.

Unrestricted
Funds
(£000)
Corporate & personal donations
263
Legacies
17
Grants
152
Total
432		 Unrestricted
Funds
(£000)
Corporate & personal donations
263
Legacies
17
Grants
152
Total
432		 Unrestricted
Funds
(£000)
Corporate & personal donations
263
Legacies
17
Grants
152
Total
432		 Restricted
Funds
(£000
)
22
13		 Total
2022
(£000)
285
30
152		 Total
2021
(£000
)
648
62
119
432 35 467 829

5. Analysis of income from other trading activities

Paragraph 4.42 of the SORP requires that the notes to the accounts provide an analysis of the material components of income included within each analysis heading of the Statement of Financial Activities (SoFA).

Merchandising
Total		 Unrestricted Restricted
Total
Total Funds
Funds
2022
2021
(£000)
(£000)
(£000)
(£000)
0
0
0
1
0
0
0
1

6. Role of volunteers

Like all charities, Whittington Charity is reliant on a team of volunteers for our smooth running. Our volunteers provide two key roles, Fund advisors and Fund Raisers.

7. Gross investment income

Unrestricte
d
Funds
(£000)
Fixed Asset Equity
26
Cash Deposit
Total
26		 Restricted Endowment
(£000)
(£000)		 2021/22
Total
(£000)
26		 2020/21
Total
(£000)
27
1
26 28

8. Analysis of expenditure on raising funds

Fundraising ofce
Fundraising events
Total		 2021/22
(£000)
47
11
58		 2020/2
1
(£000)
53
(1)
52

9. Analysis of charitable and governance expenditure

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. The expenditure below includes governance costs in the 2021-22 year of £35k; these costs were £28k in 2020-21.

Patients
Equipment
Staf (training, research and other)
Support staf costs
Consultancy
Statutory independent examination fees
Total		 2021/2
2
(£000
)
473
96
314
86
3
3
975		 2020/21
(£000)
57
284
298
80
1
3
723

10. Analysis of grants

The Charity did not make any grants to individuals for 2021/22 or 2020/21.

11. Movement in funding commitments

As at 31 March 2022, there were no funding commitments (2020/21: Nil)

12. Allocation of support costs and overheads

Support and overhead costs are allocated between fundraising activities and charitable activities. Governance costs are those support costs that relate to the strategic and day to day management of a charity.

Unrestricted
Funds
(£000)
Raising funds
41
Governance Costs
30
Total
71		 Restricte
d
Funds
(£000)
17
5		 Total
Total
2022
2021
(£000)
(£000)
58
51
35
24
93
75
22

13.Trustees' remuneration, benefits and expenses

The Charity's trustees give their time freely and receive no remuneration for the work that they undertake as trustees. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties.

Please note that none of the trustees are employed full time by the

Whittington Charity. No expenses were reimbursed to Trustees in 2021/22

(2020/21 Nil).

14. Analysis of staf costs and remuneration of key management personnel

The Whittington Charity does not employ any staff directly.

There are five contracted employees of Whittington Health NHS Trust who provide day to day management and administration services for the Charity. Their salaries are paid by Whittington Health NHS Trust and are charged to the Charity on a pro-rata basis, depending upon their time spent involved with charity duties.

Further Note 13 above, it is noted that none of the Whittington Health NHS Trust staff who comprise the Corporate Trustee are charged to the Charity.

The total staff costs recharged to the Charity for 2021/22 was £133.1k (2020/21 £131.2k).

15.Independent examiners fees

The independent examiners fee of £3k for 2021/22 (2020/21: £3k) related solely to the review with no additional work being undertaken.

16. Fixed asset investments

All investments are carried at fair value. The significance of financial instruments to the ongoing financial sustainability of Whittington Charity is considered in the risk analysis section of the trustees' annual report.

Fixed asset investments
UK equities
Overseas
equities
Bonds and fxed interest
Property
Other (including cash held by
managers)
Total Listed investments
Cash on interest bearing deposit
Total		 2021/
22
(£00
0)
382
370
182
113
78
1,125
0
1,125		 2020/
21
(£00
0)
434
362
194
60
54
1,104
0
1,104

Reconciliation of fixed


asset investments
UK Equities
Overseas Equities
Bonds and fxed interest
Property
Other (incl cash)
Listed investments
1,104
Cash on interest bearing
deposit
Total
Bfwd
Balance
at01/04/2021
434
362
194
60
54
0
1,104		 Transfers
Net
Gains/
(Losses
)
0
(52)
0
8
0
(12)
0
53
0
24
0
21
0
0
0

21
 Cfw
d
Balance
at
31/03/20
22
382
370
182
113
78
1,125
0
1,125

The main risk from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Due to "quantitative easing" and the market favouring lower risk investments, the yield on bonds has been low giving rise to a significant downside risk of a fall in capital values when interest rates return to "normal" levels.

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

17. Analysis of current debtors

2021/22
Debtors under 1 year
(£000)
Trade debtors
4
Total
4		 2020/21
(£000)
5		 2020/21
(£000)
5
5
18.
Analysis of cash and cash equivalents
2021/22
(£000)
Cash in hand
1,482
Total cash and cash equivalents
1,482		 2020/21
(£000)
1,923		 2020/21
(£000)
1,923		 2020/21
(£000)
1,923
1,923

The notice deposits are sums held on interest bearing deposit with any bank and represent restricted appeals to fund specific equipment or funds to facilitate cash-flow. The funds are held on a 90 day notice account and therefore classified as liquid and therefore cash and cash equivalent.

No cash or cash equivalent were held in non-cash investments or outside of the UK.

All of the amounts held on interest bearing deposit are available to spend on charitable activities.

19.Analysis of liabilities

Creditors under 1 year
Charitable activities
Recharges for staf salaries
Deferred Income
Independent Examination Fees
Total		 2021/22
2020/2
1
(£000)
(£000)
423
25
206
148
3
3
451
357

Whittington Charity does not have any creditors greater than 1 year (2020/21: Nil)

20. Transfer between funds

There has been no transfer between funds during 2021/22; (2020/21: Nil)

21. Analysis of charitable funds

(a) Analysis of fund movements for 2021/22

Fund type
Restricted
Unrestricted
Endowment
Total		 Bfwd
(£000)
1,772
895
22		 Income
Expenditure
Transfers
Gain
/
(Loss
)
C/fwd
(£000)
(£000)
(£000)
(£000)
(£000)
35
(30)
21
1,798
458
(1,001)
0
352
(2)
0
20
493
(1,033)
0
21
2,170		 Income
Expenditure
Transfers
Gain
/
(Loss
)
C/fwd
(£000)
(£000)
(£000)
(£000)
(£000)
35
(30)
21
1,798
458
(1,001)
0
352
(2)
0
20
493
(1,033)
0
21
2,170
2,689 (1,033)
0
21
2,170

(b) Analysis of fund movements for 2020/21

Fund type
Restricted
Unrestricted
Endowment
Total		 Gain/
Bfwd
Income
Expenditur
e
Transfers
(Loss)
C/fwd
(£000)
(£000)
(£000)
(£000)
(£000)
(£000)
1,724
43
(148)
0
153
1,772
706
815
(626)
0
0
895
23
(1)
0
0
22
2,453
858
(775)
0
153
2,689
2,453
858
(775)

The trustees set an opening or closing balance of £100,000 or above as the threshold for the separate reporting of material designated (earmarked) funds. In the interest of accountability and transparency a complete breakdown of all such funds is available upon written request.

There are three funds with balances classed as material and these are included in the following table.

----- Start of picture text -----
Material Fund Name Balance Purpose
at
31/03/20
22
(£0001
The Kanitz Beauest 511 Earmarked for Trusts ITU unit.
General Restricted Fund 128 These funds are ring-fenced and ear
marked for allocation across Restricted
funds.
Andre Kanitz Beauest 109 Earmarked for cancer research.
----- End of picture text -----