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2024-03-31-accounts

Royal United Hospital Charitable Fund

Annual Report & Financial Statements 2023/24

Contents

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Introduction from our Chair of the Charity Committee 3
A message from the Chair and the Chief Executive of the hospital 4
About Us 5
Our Impact: Redevelopment 10
Our Impact: Research 12
Our Impact: Patients’ welfare and amenities 14
Our Impact: Staff welfare and amenities 19
Our Impact: Staff costs for charitable activitie s 19
Financial review 20
Funds 24
Our people 26
Structure and management 28
Governance and compliance 30
Risk management 32
Further details 35
Annual accounts 2022/23 36
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2 Annual Report & Financial Statements 2023/24

Introduction from our Chair of the Charity Committee

It gives me great pleasure to present the Annual report and Financial Statements of RUHX for 2023/24.

During the year the charity raised £3,067,000 which was up against the previous year as a result of an overall uplift in all income areas. In a year in which the economy has had its problems and we have been in a cost-of-living crises, I would like to thank each and every person who has donated or left a gift in their Will helping achieve this amount.

This continued support allows us to do extraordinary things at the hospital and this year has been no different. During the year we spent £5,380,000 in total, with £4,616,000 on charitable activities which have allowed us to purchase a new Gamma-CT camera for the Dyson Cancer Centre, introduce Robotic assisted surgery, create a Wellbeing Garden for patients and staff, continue to fund Research projects, purchase smaller pieces or medical equipment, support staff training and much more.

In addition to Robotic Surgery and the Gamma-CT camera, our investment in Cancer Treatment at the RUH also came to fruition with The Dyson Cancer Centre opening its doors to its first patients on the 22nd April 2024. Throughout its three-year construction, the centre has been an extraordinary collaborative project. More than 11,000 amazing RUHX supporters helped raise £10 million pounds to help secure its development, in addition to the £40 million in government funding, as part of its New Hospitals Programme.

As we look forward to 2024/25, we have set a number of overarching objectives for the charity as well as a few specific ones, such as:

Once again thank you to each and every one of you who have helped make a very real and significant difference to the staff and patients at the RUH Bath during 2023/24.

My fellow Trustees and I would like to extend a sincere and very grateful thank you to every family, company, school, charitable trust and individual whose support and commitment has continued to make an extraordinary difference to our community.

Sumita Hutchison

Chair of the Charities Committee

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A message from the Chair and the Chief Executive of the hospital

Caring for people is at the heart of everything we do at the RUH:

And for yet another year RUHX has added “extra” to the care we are able to give.

We know cancer affects many lives and so we are thrilled that the newly completed Dyson Cancer Centre is now open, transforming the care we provide for patients and their loved ones, as well as providing an exceptional working environment for our dedicated staff. This is a major milestone for our community which has supported the project loyally for many years raising £10m through a RUHX fundraising campaign, which included a £4m donation from the James Dyson Foundation and £1m from the Medlock Charitable Trust. The use of these charitable funds added to £40m Government funding (as part of the New Hospital Programme) has allowed the building to become an extraordinary centre for cancer care and research for the community that we serve.

The RUHX contribution allowed us, together with patients, staff and those with an interest in cancer services, to look at every aspect of the care we provide and the surroundings we provide it in. We’ve worked to create a place where excellent clinical care is matched by a healing environment. Thoughtful interior design, the use of natural light and over 100 artworks and art installations – many of which are influenced by the local environment – create a soothing and welcoming space, to balance the high tech facilities housed in the new centre. We’re grateful to everyone who has helped us create this amazing building which will benefit so many and who have helped to fund the state-ofthe-art equipment within.

Whilst it is easy to talk of such an extraordinary building, this doesn’t take away from the many other impactful things you will read about in this report. Research, clinical development, patient amenities, outreach and training are all key components of wonderful care and it is all thanks to the ongoing support from our kind supporters that we are able to continue to build, buy and develop life changing services for the 500,000 people in our community.

We are both inspired and humbled when we meet our supporters at events and want to take this opportunity to thank you for your encouragement and generosity and to promise you we will do our best to use both wisely.

Cara Charles-Barks Chief Executive

Alison Ryan RUH Chair

4 Annual Report & Financial Statements 2023/24

About Us

At RUHX, we’re more than a hospital charity.

We go further to give every patient the extra extraordinary care they deserve, while supporting our staff to do what they do best and furthering innovation within our hospitals. We’re out there in our community, collaborating with the people and organisations who drive real change. And we’re making sure that every penny we raise goes towards improving health, happiness and wellbeing for everyone in Bath and beyond. Because together, we have the power to do more.

Our Purpose

We’re here to make our place healthier, happier and stronger for the future. And we do that by supporting the extra extraordinary work that leads to exceptional care for everyone.

Our Values

RUHX has 4 values, which are the heartbeat of our charity:

Our 2023 - 2028 Vision

These values align with the Royal United Hospitals values of Everyone Matters, Working Together and Making a Difference.

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Our 2023 - 2028 Goals

Our RUHX people groups and goals align with and support the delivery RUH You Matter Strategy 2023-28 in addition to ensuring that our activity aligns with our charitable purpose and ambitions.

The people we care for

The people we work with

The people in our community

Funding projects that deliver innovation, research and extra-extraordinary care for all.

Supporting our people to be extra-extraordinary through health and wellbeing initiatives.

Growing our charity recognition and support within our community to achieve sustainable growth.

Enabling the people we care for and their loved ones to invest, say thank you and give back to their RUH and community healthcare.

Supporting our strong motivated RUHX Team to deliver together on our ambitions.

Growing, engaging, listening, inspiring and thanking new and existing supporters and volunteers.

Supporting the people we care for and their loved ones through their journey of receovery and in bereavement.

Collaborating with our teams across the RUH to maximise the impact of charitable funding.

Collaborating with community partners to drive real change and tackle health inequalities.

How we will deliver

Our Values

RUH Improving Together

Key RUHX Programmes

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Charitable Objectives

We’re the official NHS charity of the Royal United Hospitals Bath NHS Foundation Trust – but there’s more to us than events and fundraisers. We’re dedicated to putting the ‘extra’ in extraordinary care for everyone who needs it – whether that means funding innovative new technologies or collaborating with groups tackling health inequalities. We’re supporting our staff to do what they do best, taking care of the people who take care of you. We’re helping more people to live healthier, happier lives, reducing the pressure on our hospitals by empowering positive change. And we’re working closely with community partners to ensure the most positive future for Bath and beyond..

We achieve this by working with the Royal United Hospitals Bath NHS Foundation Trust to go further to give every patient the extra extraordinary care they deserve:

Objectives

How our work will meet the objectives

Objective 1: We will put the extra in extraordinary care for all those needing our care

Objective 2: We will push the boundaries of healthcare: enabling faster/further/broader innovation

Objective 3: We will support our people to be extraordinary – taking care of those who take care of you

Objective 4: We will work together to create sustainably healthier communities: Tackling health inequalities and drivers of ill health

Objective 5: We will help to keep people out of hospital – through prevention and early discharge support

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2023/24 highlights and challenges

Highlights

Challenges

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2024/25 Plans & Challenges

Plans

Challenges

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Our Impact: Redevelopment

In 2023/24, there was no expenditure on redevelopment (2022/23: £3,050,000). This was due to the finalising the Dyson Cancer Centre building works and payments held until completion of contract. All redevelopment projects which benefit from charitable funding are undertaken by the Royal United Hospitals Bath NHS Foundation Trust once funding has been secured by the charity.

Dyson Cancer Centre b>eee

At the end of the financial year the Dyson Cancer Centre was completed and ready for commissioning by the hospital, before welcoming its first patients in late April 2024.

Throughout its three-year construction, the centre has been an extraordinary collaborative project. More than 11,000 amazing RUHX supporters helped raise £10 million pounds to help secure its vital foundation, in addition to the £40 million in government funding, as part of its New Hospital Programme. For the community by the community, the centre is a vision of the future and a world-class cancer services hub for local cancer patients in need of extra-special care.

For the first time, the majority of the RUH’s cancer services, including research, oncology, chemotherapy, and radiotherapy, and a 22-bed inpatient ward, are united in one central location. All non-surgical cancer services are in the same place too, a fact that will greatly assist a patient’s journey to recovery and increase efficiency for staff.

There is also a Wellbeing Hub too, a tranquil and therapeutic environment that reduces the stress and anxiety of rehabilitation by inviting relaxation for the mind, body, and spirit. The hub includes space for group sessions, a hairdresser to help patients, family rooms and drop in facilities that absolutely anyone with cancer care concerns can visit.

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The Dyson Cancer Centre is so much more than a state-of-the-art new cancer centre. It is home to many amazing contemporary works of art, including its own structure, a masterpiece of modern engineering.

Providing a nurturing and therapeutic environment by making innovative use of art and design, natural light, open spaces, and noise reduction technology to reduce stress and anxiety, the Dyson Cancer Centre is a masterstroke of genius inside and out. But it’s not just the building that’s beautiful. Take a closer look inside and you’ll find 83 art locations, with more than 100 awe-inspiring artworks, all united by a stunning ‘Land, Water and Sky’ theme.

Opposite page: The new Dyson Cancer Centre.

This page, clockwise from top left: Main atrium reception of the new centre. The Medlock Unit. Wellbeing Hub. Sculptor Hamish Mackie’s ‘Swifts’ sculpture, an 80-kilo bronze sculpture created as a symbol of hope and optimism, forms the focal point of the first-floor courtyard. Light artist Bruce Munro created the light installation ‘Time and Again’, situated in an outdoor courtyard, where 19 stainless steel lilies form a convex dome that bring light into the centre.

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Our Impact: Research

In 2023/24, we spent £63,000 (2022/23: £52,000) towards research.

The increase in expenditure was due to a continued upturn in activity within the research division.

Staff costs relating to research can be found on page 19.

Research is a valuable part of NHS healthcare, and crucial to drive real change and enhance the care, happiness and wellbeing of our patients, here at the RUH and beyond. The more we learn, the more we can help.

Exploring Telerehabilitation for Rheumatic and Musculoskeletal Diseases (RMDs)

LRMDs such as rheumatoid arthritis, osteoarthritis and spondylarthritis are a complex, diverse group of chronic conditions often associated with immune dysfunction, inflammation, and gradual deterioration of joints, muscles, and bones. Many of these conditions result in significant pain and disability, which can greatly impact a person’s quality of life. Right now, the only effective management for RMDs is rehabilitation to support people to feel confident in living with their condition, and to be as independent as possible in their everyday life and activities. This can be achieved primarily through education, self-management strategies, and teaching people how to modify their home to suit their needs. Rehabilitation therefore often requires input from a variety of healthcare professionals, including nurses, occupational therapists, physiotherapists, and psychologists.

A Revolution in Rehabilitation

Telerehabilitation is rehabilitation at a distance. It uses technology, such as a telephone, computer, tablet, or smartphone, and allows people living with RMDs to receive therapy and treatment without having to leave the comfort of their home. It has become a critical feature of RMD healthcare in recent years and boasts many advantages to previous avenues of hospital treatment, such as greater accessibility to care for patients unable to make it to a clinic; maintaining strong continuity of care for outpatients; and reducing burden on health system resources and staff. However, for those who lack the access, capacity, skills, motivation and/ or trust to confidently go online, telerehabilitation currently has limitations, hence the demand for further research and funding. The target population for telerehabilitation therefore needs to be carefully assessed; with safety-nets in place to prevent widening of existing health inequalities.

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Research = Results

This research project has set objectives to identify and summarise how telerehabilitation interventions are currently being delivered and evaluated for people living with RMDs. This work will provide an up-to-date collation of the research to date and identify gaps for future research.

It may have important implications for the future development and evaluation of such interventions, and to hopefully improve care for patients with RMDs. Over 100 research publications have currently been identified for inclusion in the literature review, and results are being summarised for communication later in 2024.

Centre of Excellence for treating Paget’s disease

The Royal National Hospital for Rheumatic Diseases (RNHRD) has been recognised as the first Centre of Excellence in the South West for its treatment of patients with Paget’s disease and its research into the condition.

The coveted honour, from the Paget’s Association, recognises the RNHRD’s diagnostic and treatment facilities, the clinical expertise of its staff, the number of patients cared for and its involvement in Paget’s disease research which has been funded by the charity. Paget’s disease affects the normal repair and renewal process of bone and in some cases can cause chronic pain.

At the RNHRD, patients with suspected Paget’s disease, and those with a known diagnosis, are seen in a monthly metabolic bone disease clinic supervised by specialist consultants. Scans, x-rays and other necessary investigations such as blood tests can all be done on site, and patients who need treatment receive it on the centre’s dedicated infusion unit. The team also includes a nurse specialist and physiotherapy and occupational therapy teams, all of whom help to provide support to patients.

Dr Sarah Hardcastle, Consultant Rheumatologist at the RNHRD, part of the Royal United Hospitals Bath NHS Foundation Trust, said: “We are extremely pleased to be receiving this award in recognition of the care we provide to our patients with Paget’s disease, and our involvement in Paget’s disease research.

“Our recent research efforts have been supported thanks to a generous legacy donation that was left to the department in 2020. This has been used to fund staff research time and is one of the key reasons we have received this Centre of Excellence accolade.

“We look forward to working with the Paget’s Association to continue to improve the outlook for patients with this condition in the future.”

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Our Impact: Patients’ welfare and amenities

In 2023/24, we spent £3,966,000 (2022/23: £485,000 excluding redevelopment expenditure of £3,050,000) towards patients’ welfare and amenities. The increase in expenditure is largely due to a couple of high value purchases including Robotic assisted surgery equipment, a new Gamma Camera for the Dyson Cancer Centre and the grants funding for the NHS Charities Together Community Partnership.

During the year funds were spent on:

Robotic assisted surgery

In May 2023, the RUH’s first Da Vinci Surgical Robot was plugged in and powered up on the Cancer ward, all thanks to the fundraising efforts by our fantastic supporters. Its arrival ushered in a new age at the hospital, replacing more than 400 complex surgical operations across the RUH, saving time, resources and lives in an instant. With decreased readmissions, reduced health inequalities, reduced recovery time and improved cancer-specific survival rates, this robot is more than just a machine – it’s a real chance to revolutionise cancer treatment in Bath and beyond.

“My patients have really benefited from the precision and dexterity of robotic surgery with the DaVinci Xi. We anticipate this will translate into quicker recovery times and shorter hospital stays for patients undergoing major abdominal surgery.”

Dr Marc Bullock, RUH Surgeon

“In June, we successfully launched the robotics program for Colorectal and General Surgery and have now completed 10 cases with great success,” Surgeon Mark Bullock told us. “In July, colleagues in other surgical specialties followed suit, launching their own programs in Urology and Gynaecologic Oncology, extending these benefits to a far wider community of patients. With the robotic program up and running, I am now focused on building collaborations with local research institutions, and capitalising on the hospital’s investment in industry leading surgical simulation to help train the next generation of RUH surgeons in robotic surgery. The entire team at RUH is grateful to the commitment to better healthcare by all the RUHX supporters… and what the future may bring thanks to the Da Vinci.”

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Gamma Camera ~~ee~~

A SPECT-CT Scanner, or Gamma Camera as it’s known, is a specialised medical imaging device that combines the strengths of a SPECT scanner and a Computed Tomography (CT) scanner.

The SPECT imaging camera utilises

radiopharmaceuticals to trace specific physiological processes (or target specific tissues or organs) and generates photography that highlights areas of abnormality, such as tumours, blood flow irregularities, or organ dysfunction. The CT imaging provides the detailed anatomical information, such as the structure and morphology of organs, tissues, and bones. By seamlessly integrating the two imaging techniques together into one, a clearer picture of the patient’s condition will be revealed, resulting in a much faster diagnosis. At the Dyson Cancer Centre, this device will play a crucial role in enabling staff to precisely pinpoint a tumour’s location, evaluate its size, assess its spread, and enable better targeted and more effective treatment strategies.

“We’re very excited to install the Gamma Camera – a much-needed state of the art imaging system. The high-definition and superior quality images will significantly assist our radiologists to diagnose a wide range of clinical conditions. I would like to thank the RUHX for their incredible generosity in funding this equipment. Their support, as ever, is greatly appreciated.”

Martyn Evans, Consultant Medical Physicist

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Wellbeing garden

At RUH Bath, we know how profoundly hard-working our members of staff are. To give something back to their dedication, and to provide extra support for patients and carers, RUHX, and NHS Charities Together, came together to fund our Wellbeing Garden. This peaceful outside place is a space to pause, breathe fresh air, and connect the mind, body, and spirit with a tranquil, all-natural environment to help combat the rising stress that can come with caring for the community . “We believe that we need to rekindle our connection with nature and the sense of wellbeing this provides, and to reinvigorate a sense of community with people and the planet around us,” Nickie Jakeman, Emergency Department (ED) Consultant, the driving force behind this project, and the champion of the hospital’s green social prescribing, told us.

Maintained by community volunteers, thanks to the Friends of the RUH, and open in time for the start of summer, the Wellbeing Garden offers not only valuable headspace away from the worries of hospital life, it also includes several essential features, such as a safe and accessible walkway away from traffic; picnic furniture and benches for external dining; a range of wildflowers and plants chosen for their aesthetic, multi-sensory qualities; and newly turfed areas to sit upon and relax.

The RUH community Wellbeing Garden is an opportunity for us to work together to develop a food-producing landscape that sustains the environment and benefits the community. It will undoubtedly have a massively positive impact on our staff, patients, and their families”.

Nickie Jakeman ED Consultant

16 Annual Report & Financial Statements 2023/24

NHS Charities Together Community Partnerships

Launched in October 2022, the partnership unites 13 organisations to benefit from more than £400,000 raised by the NHS’s Charities Together COVID-19 Appeal with £286,000 spent in 2023/24 (2022/23: £100,000). The continuing objective of the programme is to reduce health inequalities worsened by the coronavirus pandemic, and to support our local NHS community.

Age UK

Recruited six new Digital Champion volunteers as part of their Digital Champion Programme 20222026. These IT-experts deliver 48 hours of volunteer support for older people to improve their digital and online skills, as well as loaning technology to the elderly without access.

Alzheimer’s Support

We are already seeing a huge improvement of care across these organisations thanks to the essential funds.

A dedicated Alzheimer’s Support Dementia Adviser is now working alongside the Southwest Memory Service in Wiltshire. This allows them to take referrals of people with dementia and provide them with much-needed post-diagnostic advice and support.

Bath City Farm

The Farm’s Roots to Health Programme is now able to provide community mental health support to more than 150 people facing ongoing mental health and wellbeing challenges and other complex neurological issues.

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Care Home Volunteers

The Community Partnerships Programme funded Care Home Volunteers’ co-ordinator to recruit and match volunteers with the best elderly resident with whom they may share interests. They operate throughout Swindon, Wiltshire and Bath and Northeast Somerset and volunteers give an hour each week to a local care home and spend time with elderly people struggling with loneliness.

Cross Point

Cross Point Westbury kindly provided the use of their premises at the White Horse Health Centre, Westbury, for the newly appointed Social Prescriber Link Worker whose role is to connect people in need to community-based support, including activities and services that meet practical, social, and emotional needs that affect their health and wellbeing.

Off the Record

Off the Record Bath and North East Somerset now offers more listening and counselling support to young people. These include wellbeing group workshops, creative therapies, LGBTQ+ networks and stress management, and a whole lot more.

Sporting Family Change

Bath’s Sporting Family Change now promise three fortnightly sessions of football, walking and gym workouts for adults.

Swindon Careers Centre

Swindon Careers Centre’s new support worker, Becky, has responded to 1,571 calls from 610 carers struggling to cope with their caring responsibilities. Her role is essential – and now possible thanks to the Community Partnerships Programme.

We Hear You

Ipsum

Swindon-based charity Ipsum have trained an additional 12 counsellor psychotherapists. This enables 36 extra one-on-one sessions per week, as well as an additional six hours of therapeutic creative arts and 12 hours of therapeutic music counselling.

Frome-based We Hear You’s Cancer Counselling now provides 10 sessions of free, professional counselling each week to people affected or bereaved by cancer or other life-threatening conditions.

Wiltshire Council

Working alongside its charity partners, Spurgeons and Health Watch Wiltshire, Wiltshire Council now delivers four sessions of outreach work to families with Eastern European heritage.

Wiltshire Mind

Working proactively with a local doctors’ surgery, Wiltshire Mind now delivers an adult counselling service with all available sessions fully-booked.

Root Connections

Somerset’s Root Connections are now providing essential and additional weekly Support and Counselling sessions in new locations, such as Radstock, Keynsham and Bath.

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Our Impact: Staff welfare and amenities

In 2023/24, we spent £185,000 (2022/23: £114,000) towards staff welfare and amenities.

During the year funds were spent on:

The increase is due to an uplift in staff education. Helping fund conferences, travel or one-off courses ensuring our staff maintain the most up to date knowledge. The charity does not fund Masters degrees or further education.

Our Impact: Staff costs for charitable activities

In 2023/24, we spent £325,000 (2022/23: £175,000) towards staff costs associated with charitable activities. The increase is due to an uplift in activity and associated costs.

The main activities in year are:

Redeploying a clinical psychologist for two years to implement a programme to support our staffs’ mental wellbeing funded by NHS Charities Together.

The charity is funding a trainee Consultant Radiographer for 2 years, enabling the RUH to develop and pilot new Breast Consultant Radiographer roles addressing the long-term challenges of the national and local shortages in the Breast Radiology Workforce.

Staff research time for on-going programme of Lupus research within the RNHRD.

Funding the Super Rehab programme that aims to halt the progression of heart disease, help patients feel better, and potentially turn the clock back and reverse the disease. Helping to alleviate the need for ongoing drugs or even surgery.

Funded through NHS Charities Together for its initial year to introduce an internal grant making process for implementation for 2024/25.

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Financial review

Our income sources

Income to the charity is derived from donations and fundraising activities, classified under six main streams:

The six streams ensure diversity of income across a wide supporter base and help provide resilience against changing market dynamics in one or more fundraising streams.

Our total income for the year 2023/24 was £3,067,000 (2022/23: £2,108,000).

Donations increased during the year to £1,275,000 (2022/23: £925,000) as a result of launching a new fundraising campaign to bring Robotic Surgery to the RUH Bath.

Legacies, the income for which we recognise when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably, increased against the previous year to £893,000 (2022/23: £532,000) as a result of a number of high value bequests recognised.

Trading activities, which includes income from events increased during the year to £263,000 (2022/23: £197,000) as in person events participation continues to increase following the pandemic.

Charitable Activities – Other Income which includes grants increased during the year to £344,000 (2022/23 £296,000) which includes £286,000 spent in 2023/24 (2022/23: £100,000) income from the NHS Charities Together Community Partnerships.

Donations: £1,275,000

Legacies: £893,000

Investments: £291,000

Other trading activities: £263,000

Charitable Activities – Gifts in Kind: £0

Income from Charitable Activities: £344,000

Other income: £1,000

Total income: £3,067,000

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How our money was spent

Total charitable expenditure in 2023/24 was £4,616,000 (2022/23: £3,945,000).

Funding is provided for research, medical equipment and systems, patients, family and staff support on an annual basis. However, commitments are made to the hospital’s redevelopment programme and systems and equipment projects when they are ready to proceed and usually extend over a number of years. These large commitments give rise to significant variations in expenditure from one year to the next, with some years requiring large amounts to be held in redevelopment funds.

Charitable activities expenditure

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Use of funds Total 2023/24 £’000 Total 2022/23 £’000
Patients’ welfare and amenities 3,966 485
Staff welfare and amenities 185 114
Staff costs for charitable activities 325 175
Research 63 52
-
Redevelopment 3,050
Support costs – admin fees and audit fee 77 69
Total Charitable Activities 4,616 3,945
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**Patients’ welfare and amenities has had redevelopment costs separated for transparency.

During 2023/24 there were no direct redevelopment costs due to the finalising the Dyson Cancer Centre building works and payments held until completion of contract.

Patients’ welfare and amenities saw a large increase due to the purchase and implementation of Robotic assisted surgery equipment and other equipment for the Dyson Cancer Centre in year.

Charitable activities expenditure 2023/24

Patients’ welfare and amenities*: £3,966,000

Staff welfare and amenities: £185,000

Staff costs for charitable activities: £325,000

Research: £63,000

Redevelopment*: -

Support costs – admin fees and audit fee: £77,000

Total Charitable Activities: £4,616,000

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Fundraising, support and governance expenditure

The total costs of raising funds and operating the charity decreased to £767,000 (2022/23: £861,000).

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Expenditure on operation and raising funds Total 2023/24 £’000 Total 2022/23 £’000
Fundraising Staffing 568 592
Fundraising costs 182 233
Investment costs 14 24
Other 3 12
Total expenditure on raising funds 767 861
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The decrease was mainly attributed to staff turnover resulting in a reduction in activity in some areas of the charity.

Cost: income ratio

To ensure we maintain the trust and support of our donors, it is very important that the charity optimises the amount of donated funds available for charitable activity, whilst also investing in income growth strategies for the future.

Investment policy and performance

The investment policy of the charity is risk averse, with the Trustees’ first priority being to preserve capital in order to meet existing and future commitments on capital programmes and other expenditure.

In line with the approach taken to measuring cost ratio’s and Return on Investment by many other charities. The ratio is calculated as follows:

Cost: expenditure on raising funds and governance £767,000 less costs not directly related to fundraising £17,000.

Income: income allocated to the charity before gains on investments £3,067,000 less realised investment gains £291,000.

The resultant calculation is £750,000/£2,776,000 = 27.0% or an ROI 3.7:1 meaning £3.70 is raised per every £1 spent (2022/23: 42.3% or an ROI 2.4:1).

Investment Portfolio

The portfolio can be made up of a mixture of bonds, equities, alternative assets and cash, the combination of which in the portfolio is managed by the Investment Manager. Any significant changes to the portfolio are ratified by the Charity Committee.

The charity invests through Barclays Wealth & Investment Management (UK) Limited.

Investment portfolio includes:

22 Annual Report & Financial Statements 2023/24

Certain investments are avoided to ensure an ethical portfolio suitable for NHS charitable funds i.e. companies that derive the majority of their revenue from alcohol sales, tobacco sales or the armaments industry will be excluded along with companies that have a poor human rights record.

As part of the portfolio, a cash account will be held with an agreed minimum cash balance to allow for automatic dis-investments of funds when needed and to ensure the liquidity of the charitable funds is not put at risk. The current agreed minimum cash balance to be held is £250,000.

Surplus funds are pooled and invested in order to maximise income while minimising risk for the Charity. Income and cash, gains and losses of the investments are distributed across the Charitable Funds.

Risk Level of Investments

The investments held by the Charity are subject to fluctuations in the stock market. Excessive volatility in market risk is managed through the diversification of the portfolio in terms of geographical, industry sectors, individual securities, and the investment mandate guidelines set by Barclays Wealth & Investment Management (UK) Limited.

The Charity reviews and agrees on a yearly basis the risk level for the investments. This is decided in consultation with the Investment Managers and takes account of cash flow needs in the short, medium and longer term. The overall aim is to maximise total return whilst balancing risk. In 2023/24 the risk level was medium risk (2022/23: medium risk).

Barclays Wealth & Investment Management provide monthly valuation reports, and these are shared with the Charities Committee at their quarterly meetings.

During the financial year the investments generated £291,000 (2022/23: £155,000) of income and unrealised gains of £230,000 (2022/23: an unrealised loss of £345,000).

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Total 2023/24 £’000 Total 2022/23 £’000
Carrying value at 1 April 6,488 10,157
Purchases 1,165 869
Sales (1,102) (4,185)
Cash withdraw (1,917) -
Cash movement in year (36) (8)
Net movement in year (1,890) (3,324)
Losses/Gain in year 230 (345)
Carrying value at 31 March 4,828 6,488
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Funds

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General Fund
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Designated Funds
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Restricted Funds
Royal National
Shelagh McBrien RUH 2001 (Forever
RUH Research Hospital for
Coronary Care Unit Friends) Appeal
Rheumatic Diseases
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Restricted

These are a number of different funds subject to specific restrictions imposed by donors, which fall within the wider objectives of the Charity. There is currently £5,842,000 (2022/23: £7,974,000) in restricted funds which has mainly decreased due to the purchase of Robotic assisted surgery equipment. This includes a large balance currently of £4,157,000 being held towards the Dyson Cancer Centre project and payments held until completion of contract.

Unrestricted including designated reserves

Total unrestricted reserves including designated reserves total £2,677,000 (2022/23: £2,628,000).

Unrestricted funds are expendable at the discretion of the Trustees to further the charity’s objectives. The charity’s general funds held within unrestricted funds at 31 March 2024 were £694,000 (2022/23: £868,000). Each year, the Trustees review the need to designate unrestricted funds raised to existing assets, the redevelopment of the hospital or to other specific projects to be committed and spent in future years. This helps to provide financial stability and confidence in the charity’s ability to fund vital areas of work within the hospital.

Designated funds are where a ward or department receives a donation, the trustees have set up designated funds that remain part of the unrestricted funds of the charity. These funds are overseen by Fund Managers who can make recommendations on how to spend the money within the designated area. The charity’s designated funds at 31 March 2024 were £1,983,000 (2022/23: £1,760,000).

24 Annual Report & Financial Statements 2023/24

The Trustees are keen to ensure that funds donated to the charity are not only used on the highest priorities delivering substantial impact but also that these funds are promptly used so that impact and benefits can be realised as soon as practical.

Review and revision to charity’s reserves

The Trustees are keen to ensure that funds donated to the charity are not only used on the highest priorities delivering substantial impact but also that these funds are promptly used so that impact and benefits can be realised as soon as practical. At the same time, the Trustees need to balance this objective with the need to maintain financial prudence and ensure the long-term financial viability of the charity.

This is particularly important following the pandemic and the large-scale capital expenditure due over the coming years reducing the total balances held by the charity. To support this approach, the charity follows internal guidelines that requires the funds to keep reserves which are at least sufficient to cover known future commitments, including at least 6 months of organisation operating costs. This is a prudent measure to avoid the costs and risks of having insufficient cover for future expenditure.

Going concern

The Trustees have assessed the Charity’s ability to continue as a going concern and have considered possible events or conditions, including the cost-ofliving crisis, that might cast significant doubt on the ability of the charity to continue as a going concern.

The Trustees have considered the charity’s forecasts and cashflow projections and have factored in pressures on donations, legacy and investment income with the situation being kept under constant review. After making enquiries the trustees have 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 financial statements.

The charity holds free reserves (general and designated funds) that amount to £2,677,000, which the Trustees consider is prudent when considering the scale of operations and the charity’s liabilities.

Unrestricted reserves include £1,983,000 of designated funds which leaves a balance of £694,000 (2023/24: £868,000) which is classified as general unrestricted.

ruhx.org.uk 25

Our people

Trustees Representatives during the year

The RUH Bath NHS Foundation Trust acts as a Corporate Trustee. The members of the Charitable Funds Sub-Committee during 2023/24 were:

We are very fortunate to have passionate and dedicated staff and volunteers, who are committed to doing their very best to help the staff, patients and their families who rely on the hospital. It is critical that they feel valued and recognised for the work that they do.

Charity Staff

As at the 31st March the following staff were in post:

Rhyannon Boyd: Head of RUHX

Sumita Huchison

Non-Executive Director/Chair Charity’s Committee

Alison Ryan

RUH Chair

Libby Walters

Chief Financial Officer, Deputy Chief Executive (until November 2023)

Antonia Lynch Chief Nursing Officer

Richard Gyde: Deputy Head RUHX

Laura Snell: Events & Community Manager (PT)

Ellie Wilkinson: Events Officer

Ruby Guymer-Parker: Community & Volunteer Officer

Laura Piner: Events & Community coordinator (PT)

Tanisha Fair: Events & Community coordinator

Jan Witt: Legacy & Tribute Manager

Charlotte Foott: Legacy and Project Co-ordinator

Simon Thexton: Marketing & Communications Manager

Anna Barton: Marketing & Communications coordinator (PT)

Matteo Russo: Marketing & Digital Officer

Martine Fitt: Grants Manager

Jessie Naish: Partnerships Officer (Corporate)

Dawn Morgan: Finance & Admin Assistant

Adam Venson: Supporter Experience Assistant

The following Board members were not Trustee Representatives during the year and up to the date of signing unless otherwise stated below.

Cara Charles-Barks , RUH Chief Executive Officer Andrew Hollowood , Chief Medical Officer, Deputy Chief Executive (from November 2023)

Jocelyn Foster , Chief Strategic Officer

Simon Seth i, Chief Operating Officer (until May 2023)

Niall Prosser , Interim Chief Operating Officer (from May – October 2023)

Paran Govender , Chief Operating Officer (from 2nd October 2023)

Alfredo Thompson , Chief People Officer

Brian Johnson , Director of Estates and Facilities (until February 2024)

Christopher Brooks-Daw , Director of Governance & Chief of Staff (from January 24)

Nigel Stevens , Non-Executive Director

The Charity team members are employed by the Royal United Hospitals Bath NHS Foundation Trust to raise funds, promote and administer RUHX (RUH Charitable Fund) on behalf of the Trustee. Whilst employed by the Royal United Hospitals Bath NHS Foundation Trust, employment costs of these staff are charged to the charity.

Ian Orpen , Non-Executive Director

Anthony Durbacz , Non-Executive Director

Paul Fairhurst , Non-Executive Director Hannah Morley , Non-Executive Director Paul Fox , Non-Executive Director

26 Annual Report & Financial Statements 2023/24

The Trustee Representatives maintain independence from the Trust in making decisions which affect the Charity. In order to ensure this:

Safeguarding

Charity staff and Trustees come into direct and indirect contact with children, patients of the hospital, patient families and members of the public through delivery of a range of services and activities. Safeguarding is a critical area of importance to us and our primary concern, at all times, is to promote the welfare and safety of children, vulnerable adults and young people. The charity follows the hospitals safeguarding policy which is regularly reviewed, and all staff have undergone mandatory safeguarding training to ensure they can respond appropriately should a safeguarding issue arise.

Volunteering

We are fortunate to have a diverse volunteer workforce making a considerable contribution to both the hospital and the charity. We simply could not do what we do without them, and we are truly grateful for the continued commitment and tireless support.

The impact of volunteers on the charity is not considered to be material to the operations of the charity and cannot be calculated reliably.

ruhx.org.uk 27

Structure and management

Statement of confirmation compliance with SORP

The accounts to which this report relate have been prepared under the provisions of Section 154 of the Charities Act 2011, which allows the accounts to be prepared and filed at an overall Charitable Fund level which includes a number of funds. This annual report has been prepared to comply with the Statement of Recommended Practice (SORP FRS 102) “Accounting and Reporting by Charities”.

The Royal United Hospital Charitable Fund has been formed under an RUH Deed dated 10 September 1996 as amended by a Supplemental Deed dated 9 December 2009. It is registered with the Charity Commission in England and Wales (Registered number 1058323). RUHX is the working name of Royal United Hospital Charitable Fund as registered with the Charity Commission in 2022.

Related parties

The Royal United Hospitals Bath NHS Foundation Trust is viewed as a connected organisation by virtue of its position as Trustee of the Charity. There are no other connected organisations.

Related party transactions and Trustee expenses and remuneration

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. There were no expenses reimbursed to the trustee in 2023/24 (£nil in 2022/23). There have also been no donations received in 2023/24 from the Trustee (£nil in 2022/23).

The Charitable Trust made revenue and capital payments to the NHS Foundation Trust where the Trustees representatives are also members of the Trust Board.

Trustee Representative Recruitment

The Royal United Hospitals NHS Foundation Trust is the sole Corporate Trustee for the Charity, under a declaration of trust. Each voting Trust Board member is a Trustee Representative which carries similar responsibilities to those of a Trustee.

The Board of Directors is constituted of a Chair, five Non-Executive Directors and eight Executive Directors, including the Chief Executive. The Chair and Non-Executive Directors are appointed through a selection process and have the skills and attributes to act as advocates for their communities and provide leadership for the NHS. The Council of Governors approves these appointments.

The Chief Executive is appointed by the Chair, NonExecutive Directors with approval from the Council of Governors. A committee consisting of the Chair, the Chief Executive and the other Non-Executive Directors appoints Executive Directors.

New appointees to the Charity’s Committee are provided with training in their role by the Director of Finance and the Chair of the Committee. The level of training and induction is dependent on the experience and background of each member.

Administrative support for the operation of the Charity is provided by the Finance Department of the Royal United Hospitals Bath NHS Foundation Trust.

28 Annual Report & Financial Statements 2023/24

The Charity’s objectives and activities ensure that patients, relatives and staff of the Royal United Hospitals Bath NHS Foundation Trust benefit directly or indirectly by the work of the Charity.

Trustee responsibilities

The Charity’s Committee meets at four times per year and is responsible for providing governance for, and leadership to, the Charity. It agrees strategic plans for fundraising and other operations and approves the allocation of charitable expenditure. The Committee also sets operating plans and budgets and determines the risk appetite and tolerances acceptable in achieving the Charity’s purpose and strategy. A review of operating and financial performance is undertaken at each Committee meeting (unless an ad hoc meeting, called to deal with matters of special interest).

The Charity’s Committee has delegated responsibility for management of individual funds to designated fund managers who must provide an annual expenditure forecast for approval. When undertaking charitable expenditure, the Trust’s normal procedures for procurement, tendering and capital expenditure apply. All expenditure transactions are referred to the Head of Financial Services who ensures that the correct level of authorisation is obtained.

Public benefit statement

The Trustees have taken regard of the Charity Commission’s guidance on public benefit. All Charities are required by the Charities Commission to demonstrate how they pass the ‘public benefit test’:

  1. There must be an identifiable benefit;

  2. The benefit must be to the public or a section of the public.

The Charity’s objectives and activities ensure that patients, relatives and staff of the Royal United Hospitals Bath NHS Foundation Trust benefit directly or indirectly by the work of the Charity.

Generally, spending directly benefits patients through new equipment, facilities or skills which also benefits relatives and staff through enabling the Trust to provide improved care. Sometimes, spending directly benefits staff or relatives, through improved training and facilities, but this will also benefit patients.

ruhx.org.uk 29

Governance and compliance

We feel very privileged to have the support of many generous individuals and organisations. We always endeavour to exercise high standards and great governance, continually reviewing and improving our resources and practices across all our activities, including how we fundraise.

Fundraising controls and regulation

As a fundraising charity, we are acutely aware of just how critical it is to maintain the trust of our donors and aim to always adhere to the highest standards in all that we do. The Charity has an Ethical Fundraising Policy, which ensures that donations are received only from those individuals and organisations whose objectives are not incompatible with those of the Charity or with whom association would damage the standing of the Charity.

Principal fundraising activities

The charity benefits from a very broad and diverse supporter base. Supporters donate in a wide variety of ways. In 2023/24 these included:

During the year fundraising activities are monitored to ensure they are meeting fundraising objectives as agreed by the Trustees.

Code of Fundraising Practice

We are always conscious of how important it is to maintain the trust of our donors. We know it matters to people not just how we spend their money, but also how we raise funds.

We are committed to high standards of great governance. We regularly review our compliance with the Code of Fundraising Practice and implement actions to ensure we remain fully compliant. We are registered with the Fundraising Regulator as well as individual staff being members of the Institute of Fundraising. To the best of the Charity’s knowledge there has not been any failure by the Charity or those acting on its behalf during the year.

During the year we have not received any requests for the cessation of communications up to 31 March 2024 from the Fundraising Preference Service.

We have continued to uphold our Supporter Commitment to always strive for sector-leading standards in fundraising practice.

30 Annual Report & Financial Statements 2023/24

Our Supporter Promise

Our Supporter Promise is a commitment to always strive for sector-leading standards in fundraising practice. That’s why we created our six-point Supporter Promise.

As a fundraising charity, we are acutely aware of just how critical it is to maintain the trust of our donors and aim to always adhere to the highest standards in all that we do.

Commitment

We will continue to closely monitor all fundraising activities by our staff and the public to ensure they remain at the highest standards and reflect the wishes and preferences of all our generous supporters. This is done through risk assessments, due diligence, close monitoring of fundraising practice internally and externally against the fundraising code and other regulations and continued contact with all our supporters.

We welcome any feedback or comments you may have and would ask that you forward them to the email or postal address on the last page of this report.

Complaints

We take every complaint we receive seriously and make sure that each one gets prompt attention and is appropriately investigated. In the 2023/24 financial year, the charity received 2 complaints (2022/23: No complaints).

ruhx.org.uk 31

Risk management

All activities undertaken by the Charity are monitored closely by the Charity’s Committee and the risk register is reviewed and updated on a quarterly basis.

The Royal United Hospitals Bath NHS Foundation Trust also has a series of policies and procedures which the charity adopts to ensure that risk is managed to within acceptable levels.

All policies and procedures are regularly reviewed and audited to ensure their effective operation. Charitable Funds are governed in such a way as to make best use of these procedures so that the Trustees can gain assurance that risks are minimised.

Principles

Our risk management approach sets out the overall boundaries within which the charity aims to operate but we also need practical guidance that charity staff can use on a day-to-day basis. We have therefore established guiding principles in respect of our appetite for risk and the level of risk we are prepared to accept.

In the following table, we have identified key risk themes and for each theme set out the charity’s risk tolerance and guiding principle. These are used to aid day-to-day decision making when considering activities, internal and external occurrences which may impact those activities, and the standards the charity wants to uphold.

32 Annual Report & Financial Statements 2023/24

----- Start of picture text -----
Risk area Risk Principle
Legal and regulatory Low We aim to be legally compliant in all aspects of our operations and
achieve high sector standards.
Data loss or unplanned/ Low We aim to ensure all data is compliant and all staff have regular
unauthorised disclosure information governance training.
Financial Medium We aim to maintain a credible ongoing financial model that delivers an
acceptable cost/income ratio, but we recognise that on occasion we
may need to take a certain amount of risk in order to realise potential
rewards e.g. innovation in fundraising to seek new sources of income and
optimising income over the longer term from our investment portfolio.
Fundraising – only using Low We always strive to fully comply with all regulations and guidelines and
methods and practices achieve high standards in all our fundraising activities. Innovation in
that meet consistent fundraising carries some risk as highlighted below.
high standards
Reputational Medium The charity’s reputation is fundamental to realising the charity’s purpose
and is integrally linked to the hospital’s reputation and activities. We
always aim to minimise risks to our reputation and to that of the hospital.
Positive risks should be taken in line with fundraising policies. Fundraising
always carries some risks and these risks are managed on a business
case basis, depending on the degree of risk and size of donation/income
stream and always with a reputational management consideration.
Charitable activities Low The charity aims to minimise risks associated with its charitable delivery
activities, including reputational risks and to also ensure financial
sustainability of activities is considered prior to commitment.
Innovation Medium We invest in new activities within acceptable financial and reputational
constraints recognising that not all new or novel activities will deliver an
immediate return, but ensuring they adhere to high standards.
People Low We seek to provide an engaging and rewarding environment, with
competitive benefits and opportunities to empower and enable our
people and consider the impact on our staff of all our key decisions.
----- End of picture text -----

Identification of key risks

Strategic priorities and impact

The risks overleaf, relevant at the date of approval of this Annual Report, have been identified as the key risks of the charity and could interfere or disrupt our strategic priorities and enablers. We have set out the actions we are taking to mitigate or offset these risks. The risks/events are categorised according to the priorities and enablers that they could principally disrupt. We have then applied the appropriate tolerance and principles as set out above to determine the residual net risk the charity is bearing, after applying all existing controls and mitigating actions. We have noted any planned further actions and mitigations required to reduce the net residual risk in future.

ruhx.org.uk

33

----- Start of picture text -----
Risk Mitigation Net Risk Level
Projects and appeals not being Future projects to be fully signed off with agree timelines and targets Medium/High
delivered in a timely manner and for delivery on income and completion of projects.
donor expectations leading to
Wording of future appeals to comply with fundraising regulations and
loss of donor confidence and
best practices to enable reasonable alternative use where necessary.
withdrawal of funds.
Economic environment puts Margin for inflation to be worked into the costings of fundraising Medium
pressure of charity project costs projects.
leading to increasing costs for
Work with the estates team to robustly identify costs and to ensure
capital and equipment.
reasonable cost savings where possible.
Review expenditure on internal cost eg: estate project and design costs.
Insufficient unrestricted income Continued review of levy system and implementation of new model to Medium
to cover fundraising costs cover fundraising costs and admin fees.
and/or Insufficient investment
Implementation of new regular giving and individual acquisition
income to cover governance and
programme focused on unrestricted income.
admin costs.
RUHX is not always seen as part Align the RUHX strategy with the RUH You matter strategy. Low/Medium
of the RUH.
Clearly communicate on our channels how we are part of the RUH.
RUHX leadership team to integrate with RUH leadership structure.
Attending RUH leadership meetings and training.
Some RUH staff are nervous Clear communications to staff that RUHX is part of the RUH. Low/Medium
and reluctant to introduce RUHX
Clear communication about our RUHX strategy and how it aligns to the
to patients.
RUH You matter strategy.
Launch of internal Ambassadors Programme.
Staff health & wellbeing support programmes help build trust.
Continued unspent funds, risks of We will simplify the ward fund structure and ensure that charitable Medium
loss of donor confidence. funds are spent promptly to maximise impact and meet donor
expectations by March 2024.
Staff turnover in fundraising Annual Market Review of salary levels to ensure charity remains Low/Medium
team lead to loss of continuity in competitive and attracts/retains experienced/skilled staff
donor relationships and reduced wherever possible.
income.
Ongoing team development activities to ensure that staff feel
empowered, informed and resourced to do their jobs well.
Pressure on RUH capital funding Clear communication to supporters on the added value of charitable Low/Medium
programme reduces or delays donations over and above NHS funding.
the number of large projects
Develop a range of projects to match donor interests and motivations.
RUHX can fund.
Clear communication to supporters about the change in the capital
funding environment.
Development of a pipeline of equipment projects aligned to the
MEC priorities.
Failure to measure and report Creation of a new impact framework for recording, measuring and Low/Medium
on impact of charitable funds reporting on impact of all charitable funds by September 2023.
leading to donor attrition.
Development of a story bank to tell donors inspiring and impactful
stories about how funds have been used.
----- End of picture text -----

34 Annual Report & Financial Statements 2023/24

Further details

The principal address and Finance Office of the RUH Charitable fund are:

RUHX Royal United Hospital Combe Park, Bath Royal United Hospitals BA1 3NG Tel: 01225 825691 www.ruhx.org.uk

Finance Department Malvern House Royal United Hospitals Combe Park, Bath BA1 3NG Tel: 01225 825601 www.ruh.nhs.uk

Legal information

The accounts to which this report relate have been prepared under the provisions of Section 154 of the Charities Act 2011, which allows the accounts to be prepared and filed at an overall Charitable Fund ‘umbrella’ level. This annual report has been prepared to comply with the Statement of Recommended Practice (SORP FRS 102) “Accounting and Reporting by Charities”.

Charity name

Registered name:

Royal United Hospital Charitable Fund

Working name: RUHX

Charity number

Consolidated accounts for the Royal United Hospitals Bath NHS Foundation Trust can also be requested at these addresses.

Registered with the Charity Commission for England and Wales. Charity No. 1058323.

Bankers

Government Banking Service 7th Floor, Southern House Croydon Solicitors Bevan Brittan Solicitors 35 Colston Avenue Bristol BS1 4TT

Auditor

Deloitte LLP Statutory auditor 3 Rivergate Temple Quay Bristol BS1 6GD

Investment Advisors

Barclays Wealth & Investment Management 1 Churchill Place London E14 5HP

ruhx.org.uk 35

Royal United Hospital Charitable Funds Annual Accounts 2023/24

Foreword

These accounts have been prepared by the Trustee to comply with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP FRS102). The Royal United Hospital Bath NHS Foundation Trust is the Corporate Trustee of the charitable fund.

Statutory background

The Royal United Hospital Charitable Fund held on trust is registered with the Charity Commission, Registration Number 1058323.

Main objectives of the funds held on Trust

The Charity is a public benefit entity with the main objective of the charitable fund to raise money to further any charitable purpose relating mainly to the services provided by the Royal United Hospitals Bath NHS Foundation Trust (RUH) but also relating to the National Health Service as a whole as the Trustees see fit.

36 Annual Report & Financial Statements 2022/23

Statement of Trustee’s 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:

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:

Chair Alison Ryan Date: 24 October 2024

Chief Executive and Trustee’s Representative Cara Charles-Barks Date: 24 October 2024

ruhx.org.uk 37

Independent Auditor’s Report to the Trustees of Royal United Hospital Charitable Fund

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Royal United Hospital Charitable Fund (the ‘charity):

We have audited the financial statements which comprise:

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.

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 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.

38 Annual Report & Financial Statements 2023/24

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the trustees of the charity for the purpose of charity law) 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 auditor 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 and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory frameworks 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.

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.

ruhx.org.uk 39

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

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.

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.

Report on other legal and regulatory requirements

Deloitte LLP

Statutory Auditor Bristol, United Kingdom Date: 24 October 2024

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.

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.

40 Annual Report & Financial Statements 2023/24

Statement of Financial Activities for the year ended 31 March 2024

Income from
Donations
2.1
Legacies
2.1
Total Income from donations and legacies
Investments
2.2
Other Trading Activities
2.2
Charitable Activities-Other Income
2.2
Total Income from Charitable Activities
Other Income
2.2
Total income
Expenditure on
Raising Funds
3
Charitable Activities-Other
3
Total Expenditure from Charitable Activities
Other Expenditure
3
Total Expenditure
Net income before investment gains/(losses)
Net gains/(losses) on investments
6.4
Transfer between funds
Net movement in funds
5
Fund balances brought forward at 1 April
Fund balances carried forward at 31 March
Note		 226
629
855
55
108
9
9
1
1,028
(8)
(357)
(357)
0
(365)
663
45
(659)
49
2,628
2,677
Unrestricted Funds
£000		 1,049
264
1,313
236
155
335
335
0
2,039
(759)
(4,259)
(4,259)
3
(5,015)
(2,976)
185
659
(2,132)
7,974
5,842
Restricted Funds
£000		 1,275
893
2,168
291
263
344
344
1
3,067
(767)
(4,616)
(4,616)
3
(5,380)
(2,313)
230
0
(2,083)
10,602
8,519
2023-24 Total Funds
£000		 221
272
493
21
90
38
38
3
645
(41)
(290)
(290)
0
(331)
314
(48)
(186)
80
2,548
2,628
Unrestricted Funds
£000		 703
260
963
134
107
258
258
1
1,463
(820)
(3,655)
(3,655)
9
(4,466)
(3,003)
(297)
186
(3,114)
11,088
7,974
Restricted Funds
£000		 924
532
1,456
155
197
296
296
4
2022-23 Total Funds
£000
2,108
(861)
(3,945)
(3,945)
9
(4,797)
(2,689)
(345)
0
(3,034)
13,636
10,602

The notes at pages 44 to 58 form part of this account.

There were no other recognised gains or losses other than those listed above and the net surplus. All income and expenditure derives from continuing activities.

ruhx.org.uk 41

Balance Sheet as at 31 March 2024

Note Unrestricted Funds
£000		 Restricted Funds
£000		 Total at 31 March 2024
£000		 Unrestricted Funds
£000		 Restricted Funds
£000		 Total at 31 March 2023
£000
Fixed assets
Investments 6 1,517 3,311 4,828 1,608 4,880 6,488
Total fixed assets 1,517 3,311 4,828 1,608 4,880 6,488
Current assets
Cash at bank and in hand 1,255 2,740 3,995 1,246 3,781 5,027
Debtors: amounts receivable within one year 7.1 271 561 832 63 192 255
Prepayments: payable within one year 7.2 1 1 2 2 7 9
Total current assets 1,527 3,302 4,829 1,311 3,980 5,291
Liabilities
Creditors & accruals: amounts falling due within one year 7.3 367 771 1,138 291 886 1,177
Net current assets 1,160 2,531 3,691 1,020 3,094 4,114
Total assets 2,677 5,842 8,519 2,628 7,974 10,602
Funds of the Charity
Income funds:
Restricted 8.1 0 5,842 5,842 0 7,974 7,974
Unrestricted 8.3 2,677 0 2,677 2,628 0 2,628
Total funds 2,677 5,842 8,519 2,628 7,974 10,602

The notes at pages 44 to 58 form part of this account.

The financial statements on pages 41 to 58 were approved by the Trustee’s on 24 October 2024 and signed on its behalf by:

O.0N

Signed: ……………………………..…………………..……………..……………..………

Cara Charles-Barks

Chief Executive of the Corporate Trustee and Trustee’s Representative Date: 24 October 2024

42 Annual Report & Financial Statements 2023/24

Statement of Cash Flows for the year ended 31 March 2024

2023/24
£000
Cash fows from operating activities:
Net cash provided by/(used in) operating activities
(3,200)
Cash fows from investing activities:
Interest income
251
Cash generated from investing activities
1,917
Net cash provided by investing activities
2,168
Change in cash and cash equivalents in the reporting period
(1,032)
Cash and cash equivalents at the beginning of the reporting period
5,027
Cash and cash equivalents at the end of the reporting period
3,995
Analysis of cash and cash equivalents
Cash in hand
3,995
Total cash and cash equivalents
3,995
Reconciliation of net income/(expenditure) to net cash fow from operating activities
Net income/(expenditure) for the reporting period(as per the statement of fnancial activities)
(2,083)
Adjustments for:
Loss/(Gains) on investments
(230)
Dividends from investments
(40)
Interest income
(251)
Management fees deducted from investments
13
(Increase)/Decrease in debtors
Note 7.1
(577)
(Increase)/Decrease in prepayments
Note 7.2
7
Increase/(Decrease) in creditors
Note 7.3
(39)
Net cash provided by/(used in) operating activities
(3,200)
Breakdown of cash generated from investing activities
Cash withdrawn from investment discretionary portfolio to cash account
1,917
Cash generated by investment portfolio activity
(36)
Cash from payments reinvested in discretionary portfolio
36
1,917		 2022/23
£000
(1,576)
65
3,376
3,441
1,865
3,162
5,027
5,027
5,027
(3,034)
345
(91)
(65)
30
267
0
972
(1,576)
3,384
(241)
233
3,376

ruhx.org.uk 43

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, and 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) (effective 1 January 2019) and the Charities Act 2011.

The Charity has irrevocably elected to measure the following equity instruments at fair value through other comprehensive income. All gains and losses arising from investment funds held by The Royal United Charitable Fund will be measured at fair value through Other Comprehensive Income. The investment fund does not meet the criteria set out in the accounting standards to be recognised as a gain or loss through income and expenditure.

The Charity is a public benefit entity whose primary objective is to provide goods or services for the general public, community or social benefit and where any equity is provided with a view to supporting the entity’s primary objectives rather than with a view to providing a financial return to equity providers, shareholders or members’.

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern for the foreseeable future. There are no known material uncertainties affecting the current year’s accounts. Whilst COVID-19 pandemic has had an impact on the Charity’s income over the last couple of years it has a good level of reserves to ensure it is not such a significant impact as to affect the Charities ability to continue as a going concern.

1.2 Income

b) Legacies

Legacies are recorded in the statements according to the date on which they become receivable. Any legacy notified as receivable by the executors but not paid in the accounting period is treated as an adjusting event and accrued as income if receipt is probable. This is consistent with the rules as above.

c) Grants

Grants are recognised when performance conditions associated with the grant have been met and recorded as income in accordance with the same rules as expressed above.

d) Pledges

Pledges are recognised in the year they are received, even if the actual contribution will be received in instalments over future accounting periods, as consistent with the rules above. Unless there are performance related donations, with the donation linked to the individual milestones, the pledge will be recognised as the individual stages are completed as there is no contractual obligation to pay the pledge before this point.

e) Gifts in kind

The amount at which gifts in kind are recognised is either at fair value of the cost to the donor or the amount actually realised as appropriate dependent on the gift.

iii) No gifts in kind have been converted to cash.

44 Annual Report & Financial Statements 2023/24

1.3 Expenditure

1.4 Structure of funds

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified in the accounts as a restricted fund. Other funds are classified as unrestricted funds. Funds which are not legally restricted but which the Trustee has chosen to earmark for set purposes are designated funds. The major funds held within these categories are disclosed in notes 8.1, 8.2, 8.3 and 8.4.

1.5 Investment fixed assets

The total amount invested on behalf of the Charity is considered a fixed asset as the Charity is not anticipating drawing from these investments within the next 12 months. The Investment Managers have delegated responsibility from the Charity to invest all of the funds transferred in appropriate investments as and when they see fit to achieve maximum returns as per the Charity’s current policy.

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

1.7 Pension contributions

The cost of employer pension contributions to the NHS Superannuation Scheme and other schemes is charged to the Statement of Financial Activities as they fall due.

Past and present employees are covered by the provisions of the NHS Pensions Scheme. Details of the benefits payable under these provisions can be found on the NHS Pensions website at www.nhsbsa. nhs.uk/pensions. The scheme is an unfunded, defined benefit scheme that covers NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. The scheme is not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities.

Therefore, the scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS Body of participating in the scheme is taken as equal to the contributions payable to the scheme for the accounting period.

In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, approximate assessments are completed in intervening years between the four-yearly actuarial valuation. An outline of these follows:

ruhx.org.uk 45

a) Accounting valuation

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2023 is based on valuation data as 31 March 2022, updated to 31 March 2023 with summary global member and accounting data.

b) Full actuarial (funding) valuation

The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (taking into account recent demographic experience), and to recommend contribution rates payable by employees and employers.

The last published actuarial valuation undertaken for the NHS Pension Scheme was completed for the year ended 31 March 2012. The Scheme Regulations allow for the level of contribution rates to be changed by the Secretary of State for Health, with the consent of HM Treasury, and consideration of the advice of the Scheme Actuary and employee and employer representatives as deemed appropriate.

1.8 VAT

Irrecoverable VAT is included in resources expended, and the historic cost of fixed assets.

1.9 Change in the basis of accounting

There has been no change in the basis of accounting during the year.

1.10 Pooling scheme

A pooling scheme is in operation for investments relating to all funds. Gains and losses, both realised and unrealised, are apportioned to the charitable funds as per the current Charitable Funds Policy.

1.11 Financial risk management

Credit risk

The Charity’s revenue is recognised upon receipt unless it is a pledge or legacy where it is then recognised as set out in note 1.2. The Charity has low exposure to credit risk.

Liquidity risk

The Charity’s assets are all liquid investments made up of cash and other financial assets tradeable on the open market. The Charity does not need to fund its own capital expenditure. The Charity is not, therefore, exposed to significant liquidity risks.

Market risk

The investments held by the Charity are subject to fluctuations in the stock market. In general, excessive volatility in market risk is managed through the diversification of the portfolio in terms of geographical, industry sectors, individual securities, and the investment mandate guidelines with Barclays Wealth. The Charities Committee also receives regular monitoring updates from the Investment Managers and monitors the performance of the fixed asset investments quarterly.

1.12 Financial instruments

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Debtors are measured at at their recoverable amount (i.e the amounrt the charity anticipates it will receive from a debt). Cash balances include cash in hand and cash at bank. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that it is probable will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are measured at their settlement amount after allowing for any trade discounts due.

46 Annual Report & Financial Statements 2023/24

Cash and cash equivalents are made up of cash held in high liquidity bank accounts. This maybe bank current accounts or bank savings accounts. Any money held In savings accounts will not be held in accounts that restrict access to the money for more than 3 months at a time.

1.13 Critical accounting judgements

In the application of the Group’s 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 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Legacy income is recognised when three criteria are met. Entitlement is established, receipt of the income is probable and it can be reliably measured. Entitlement is established when we receive notification of an interest in an estate and a copy of the will. Income receivable is probable and measurement criteria is considered met when the statement of assets and liabilities is received. Only when these criteria have been met is income from legacies recognised in the financial statements. See note 2.1.

The financial position of the Charity is evaluated at the quarterly Charity Committee meetings and reported to the Trusts Board of Directors. The Board of the Trustee considers that there are sufficient cash resources for at least the next 12 months from the date of signature of the financial statements to manage any foreseeable downturn in the UK and global economy.

1.14 Key sources of estimation uncertainty

1.15 Going concern

The Trustee continues to assess the Charity’s ability to continue as a going concern following the financial impact of COVID-19 and the current economic situation. The Trustee has considered several factors when forming their conclusions as to whether the use of the going concern basis is appropriate when preparing these financial statements including liquidity, cash resources and liabilities.

In light of the economic crisis triggered by COVID-19, the Trustee has carried out further financial modelling based on various scenarios. After assessing the impact of the continuation of possible income reduction scenarios, the Trustee has concluded that the Charity has a reasonable expectation that there are adequate resources to continue to operate for at least 12 months from the date of signing of the financial statements and have continued to prepare the financial statements on a going concern basis.

1.16 Future commitments

In March 2023 the Charity entered into an agreement with Intuitive Surgical Ltd for the purchase of a Da Vinci Robot, to be paid in three instalments over 12 months, total cost £1,917,000

1st instalment due June 23: £1,000,000 2nd instalment due November 2023: £458,500 3rd instalment due May 2024: £458,500

Due to a successful fundraising campaign the 3rd instalment was paid early in March 2024 to complete the purchase of the Robot in 2023-24.

The Charity is due to pay the balance from the fundraising for the Cancer Centre in 2024-25, totalling £3,640k.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty to disclose.

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47

2 Analysis of Income Unrestricted Funds £000 Restricted Funds £000 Total 2023-24 Funds £000 Unrestricted Funds £000 Restricted Funds £000 Total 2022-23 Funds £000
2.1 Details of Donations and Legacies
Material donations, legacies and gifts
Legacies 629 264 893 272 260 532
Number of material legacies 6 6 12 10 4 14
Largest legacy 400 82 112 85
Smallest material legacy 13 10 10 10
Charitable Trusts
Number of material donations 0 9 9 0 5 5
Largest donation 0 156 0 200
Smallest material donation 0 10 0 10
Individuals
Number of material donations 2 5 7 1 12 13
Largest donation 18 100 12 102
Smallest material donation 10 13 12 10
Companies and other organisations
Number of material donations 0 0 0 0 0 0
Largest donation 0 0 0 0
Smallest material donation 0 0 0 0

Material donations and legacies have been defined as amounts in excess of £10,000 over a single financial year actually received.

48 Annual Report & Financial Statements 2023/24

2.2 Details of Income
Other income received
Other income
Total
Income from investment
Investments listed on Stock Exchange
Cash held as part of the investment portfolio
Bank interest
Total
Other trading activities
Fundraising income
Sale of bought in goods
Course/conference income
Lottery
Total
Income from charitable activities
Grants with conditions
Company sponsored income
Gifts in Kind
Total		 1
1
7
0
48
55
108
0
0
0
108
3
6
0
9
Unrestricted Funds
£000		 0
0
33
0
203
236
135
0
0
20
155
335
0
0
335
Restricted Funds
£000		 1
1
40
0
251
291
243
0
0
20
263
338
6
0
344
Total 2023-24 Funds
£000		 3
3
12
0
9
21
90
0
0
0
90
28
10
0
38
Unrestricted Funds
£000		 1
1
78
0
56
134
91
1
0
15
107
255
3
0
258
Restricted Funds
£000		 4
Total 2022-23 Funds
£000
4
90
0
65
155
181
1
0
15
197
283
13
0
296

ruhx.org.uk 49

3.1 Expenditure
Expenditure on Raising Funds
Fund raising costs, publicity and adverts
Staff costs for raising funds
Investment management costs
Other expenditure
Total
Expenditure on Charitable Activities
Patients’ welfare and amenities
Staff costs for charitable activities
Staff welfare and amenities
Research
Admin fees and audit fee
3.2
Total
Other Expenditure
Other expenditure
Total
3 Analysis of Expenditure
Note		 4
0
3
1
8
241
13
79
0
24
357
0
0
Unrestricted Funds
£000		 178
568
11
2
759
3,725
312
106
63
53
4,259
(3)
(3)
Restricted Funds
£000		 182
568
14
3
767
3,966
325
185
63
77
4,616
(3)
(3)
Total costs
2023-24
£000		 33
0
3
5
41
191
6
73
2
18
290
0
0
Unrestricted Funds
£000		 200
592
21
7
820
3,344
170
41
50
50
3,655
(9)
(9)
Restricted Funds
£000		 233
592
24
12
Total costs
2022-23
£000
861
3,535
176
114
52
68
3,945
(9)
(9)
There was no gifts in kind (expenditure) in 2023-24 (none also in 2022-23
3.2 Support Costs
Administration
21
Audit fees
3
Total
24		 included in staff welfare and amenities)
43
64
16
41
10
13
2
8
53
77
18
49		 57
10
67

50 Annual Report & Financial Statements 2023/24

4.1 Category of Expenditure
Staff
Governance Cost-Auditors’ remuneration:
Statutory Auditors – Audit fee
Internal Auditors
Investment management costs
Direct costs
Total
4.2 Staff Costs
Salaries and wages
Social security costs
Other pension costs
Total emoluments of employees
(remuneration plus benefts for
tax purposes)
Staff Numbers split by Activity
Fundraising activities
Charitable activities
Average monthly number of
employees in the year:
4 Analysis of Expenditure		 567
0
0
14
186
767
Expenditure on
Raising funds
£000		 325
10
3
0
4,278
4,616
Expenditure on
Charitable activities
£000		 0
0
0
0
(3)
(3)
Other Expenditure
£000		 892
10
3
14
4,461
5,380
458
45
64
567
14.23
0.41
14.64
Total 2023-24
£000		 592
0
0
24
245
861
Expenditure on
Raising funds
£000		 175
7
3
0
3,760
3,945
Expenditure on
Charitable activities
£000		 0
0
0
0
(9)
(9)
Other Expenditure
£000		 767
7
3
24
3,996
Total 2022-23
£000
4,797
483
49
68
600
14.75
0.50
15.25

The analysis above represents amounts charged to the Charity for staff employed by the NHS Foundation Trust who work solely on behalf of the Charity. All staff are on standard NHS terms and conditions and are contracted to work for the NHS Foundation Trust.

There were no redundancy or terminations benefits in 2023/24 (£nil in 2022/23). One employee, employed by the NHS Foundation Trust who works solely on behalf of the Charity, received employee benefits (excluding employer pension contributions) of more than £60,000, within band £60,000-£70,000 (one in 2022/23, within Band £60,000-£70,000).

The Charity’s Trustee receives no remuneration for the work that they undertake as trustee. There were also no expenses reimbursed to the Trustee in 2023/24 (£nil in 2022/23). The Charity also has no key management personnel.

The RUH Charity is reliant on a team of volunteers. There are at any one time over 100 local volunteers who actively fundraise for the Charity as well helping out at events run by the Charity.

ruhx.org.uk 51

Net movement in funds for the year
Net movement in funds available
for future activities
6 Analysis of fxed asset investments
6.1 Fixed Asset Investments
Carrying value at 1 April
Purchases
Sales
Cash withdraw
Cash movement
Net movement in year
Gains/(Losses) in Year
Carrying value at 31 March
6.2 Market value at 31 March
Investments listed on the Stock Exchange
Barclays Wealth Investments
5 Changes in Resources Available
for Charity Use		 49
49
Unrestricted Funds
£000		 (2,132)
(2,132)
Restricted Funds
£000		 (2,083)
(2,083)
Total 2023-24 Funds
£000
6,488
1,165
(1,102)
(1,917)
(36)
(1,890)
230
4,828
2023-24
£000
31 March 2024
£000
4,828
4,828		 80
80
Unrestricted Funds
£000		 (3,114)
(3,114)
Restricted Funds
£000		 (3,034)
Total 2022-23 Funds
£000
(3,034)
10,157
869
(4,185)
0
(8)
(3,324)
(345)
2022-23
£000
6,488
31 March 2023
£000
6,488
6,488

52 Annual Report & Financial Statements 2023/24

Level 1 Level 1
31 March 2024 31 March 2023
£000 £000
6.3 Investments fair value hierarchy
Bonds 715 450
Equities 1,284 1,071
Alternative Assets & Other Investments 392 631
Cash 2,437 4,336
4,828 6,488
Investments are measured at fair value through proft or loss (FVTPL)
The fair value hierarchy consists of the following three levels:
Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs other than quoted prices included within Level 1 that are observable
for the asset or liability either directly or indirectly.
Level 3 inputs for the asset or liability that are not based on observable market
data (unobservable inputs).
All RUH Charitable Funds investments are classed as Level 1.
6.4 Analysis of investment loss		 Unrestricted Funds £000 Restricted Funds £000 Total 2022-23
Funds £000
Unrealised Gains 45 185 230
31 March 2024 31 March 2023
7 Analysis of debtors, prepayments and creditors £000 £000
7.1 Analysis of debtors
Other debtors – receivable in less than one year 78 42
Accruals – receivable in less than one year 754 213
Total debtors due in less than one year 832 255
7.2 Analysis of prepayments
Prepayments – payable in less than one year 2 9
Total prepayments payable in less than one year 2 9
7.3 Analysis of creditors
Amounts falling due within one year:
Other creditors 1,055 61
Accruals 83 1,116
Total creditors 1,138 1,177

The Charitable Trust made payments to the NHS Foundation Trust in 2023/24 for a total of £4,396k (2022/23 £4,221k) of which reimbursement for salaries and fees was £959k (2022/23 £827k) and donated capital, both equipment and cash, was £3,310k (2022/23 £3,281k). The remaining £127k (2022/23 £113k) relates to recharges between Charity and the NHS Foundation Trust. The Charity received £4k in income from the NHS Foundation Trust (£12k in 2022/23).

ruhx.org.uk 53

8.1 Resticted Funds
RUH Research
Shelagh McBrien Coronary Care Unit
RUH 2001 Appeal (Forever Friends)
Royal National Hospital for Rheumatic Diseases
Total
8 Restricted Funds
RUH Research
Shelagh McBrien Coronary Care Unit
RUH 2001 Appeal (Forever Friends)
Royal National Hospital for Rheumatic Diseases
Total		 680
47
7,162
85
7,974
746
52
10,172
118
11,088
Balance
2022-23
£000
Balance
2021-22
£000		 0
0
0
0
0
Movements
between
Divisions in Year
0
0
0
0
0
Movements
between
Divisions in Year		 (1)
6
675
(21)
659
Transfers
£000
0
0
198
(12)
186
Transfers
£000		 25
2
1,925
87
2,039
Income
£000
66
1
1,394
2
1,463
Income
£000		 (189)
(12)
(4,804)
(10)
(5,015)
Expenditure
£000
(112)
(5)
(4,329)
(20)
(4,466)
Expenditure
£000		 17
1
163
4
185
Gains and
Losses
£000
(20)
(1)
(273)
(3)
(297)
Gains and
Losses
£000		 532
44
5,121
145
Balance
2023-24
£000
5,842
680
47
7,162
85
Balance
2022-23
£000
7,974

8.2 Details of Restricted Funds

Name of resricted funds

RUH Research

Shelagh McBrien Coronary Care Unit

RUH 2001 Appeal (Forever Friends)

Royal National Hospital for Rheumatic Diseases

Description of the nature and purpose of each fund

Contributions towards NHS Research projects in partnership with other NHS organisations and various Universities

To benefit and support patients, staff and visitors to Coronary Care Department

Contributions to the redevelopment of the RUH site along with provision of equipment for the hospital and fund raising expenses connected to these projects

To benefit the patients, staff and visitors of RNHRD Services

54 Annual Report & Financial Statements 2023/24

8.3 Unresticted Funds
RUH – General
RUH – Medical
RUH – Surgical
RUH – Family and Specialist Service
Total
RUH – General
RUH – Medical
RUH – Surgical
RUH – Women’s and Children’s
Total		 868
778
409
573
2,628
790
724
433
601
2,548
Balance
2022-23
£000
Balance
2021-22
£000		 0
0
0
0
0
Movements
between
Divisions in Year
0
0
0
0
0
Movements
between
Divisions in Year		 (618)
(19)
(7)
(15)
(659)
Transfers
£000
(110)
(61)
(6)
(9)
(186)
Transfers
£000		 486
54
27
461
1,028
Income
£000
318
190
92
45
645
Income
£000		 (87)
(74)
(113)
(91)
(365)
Expenditure
£000
(82)
(75)
(110)
(64)
(331)
Expenditure
£000		 45
0
0
0
45
Gains and
Losses
£000
(48)
0
0
0
(48)
Gains and
Losses
£000		 694
739
316
928
Balance
2023-24
£000
2,677
868
778
409
573
Balance
2023-24
£000
2,628

Designated funds are defined as those designated to specific departments within the RUH. Note: Movements between Division in Year relates to departments moving to a new Division within RUH Ward Structure.

8.4 Details of designated Funds

Name of fund

RUH – General RUH – Medical

RUH – Surgical

RUH – Family and Specialist Services

Description of the nature and purpose of each fund

Any charitable purpose relating to NHS, mainly for RUH services

Any charitable purpose relating to RUH Medical wards/ departments Any charitable purpose relating to RUH Surgical wards/ departments

Any charitable purpose relating to RUH Family and Specialist Services wards/departments

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55

8.5 Transfers between Funds

Transfers between funds are made up of:

A percentage is taken from all income to cover fundraising costs as per the Charity’s current policy. This amount is transferred monthly from the fund receiving the income to the main RUHX admin fund.

Some projects may be funded from several funds. To ensure consistency and clarity on costs expenditure for the project is taken from one of the funds and money transferred from the other funds to cover costs as agreed.

Within the Fundraising Team there are different teams for different areas of fundraising. These teams use their own fund to control costs for events etc. At the end of the year these funds are amalgamated into the main fundraising admin code to give the overall full cost of fundraising.

Coding corrections.

9 Contingencies

There were no contingent losses/gains at 31 March 2024 (31 March 2023: nil).

10 Provisions

There was no provision for future liabilities at 31 March 2024 (31 March 2023: none).

11 Trustees and Connected Persons Transactions

There were no reimbursements of Trustee expenses and no Trustee remunerations were paid in 2023/24 (2022/23: nil).

12 Loans or Guarantees Secured against Assets of the Charity

No loans or guarantees were secured against the Charity’s assets as at 31 March 2024 (31 March 2023: nil).

13 Liability Insurance

The Charity has taken out public and products liability insurance to ensure cover for all fundraising events.

14 Parent Company Information

The Royal United Hospitals Bath NHS FT is the parent company of the RUH Charitable Fund and is its Corporate Trustee.

The Trust, including Sulis Hospital, serves a population of approximately 500,000 residents across Bath and North East Somerset, West Wiltshire, Somerset and South Gloucestershire as well as tourists , students and overseas visitors. It is an acute hospital which provides NHS services. These services include medical and surgical treatment as well as family and specialist services.The Trust also works in partnership with local universities and colleges participating in research and education health projects.

The principle address of the Royal United Hospitals Bath NHS FT is Combe Park, Bath BA1 3NG.

56 Annual Report & Financial Statements 2023/24

15 Related party transactions

During the year, there have been no transactions between the members of key management of the Trustee nor parties related to them and the Royal United Hospital Charitable Fund.

Board members (and other senior staff) take decisions on both the Charity and NHS Foundation Trust matters but endeavour to keep the interests of each discrete 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.

The Charity’s Trustee give their time freely and receive no remuneration for the work that is undertaken as a trustee. However, they can claim expenses to reimburse them for costs that they incur in fulfilling their duties. There were no expenses reimbursed to the trustee in 2023/24 (£nil in 2022/23). There have also been no donations received in 2023/24 from the Trustee (£nil in 2022/23).

The Charitable Trust made donations to the NHS Foundation Trust in 2023/24 where the Trustees’ representatives (whose names are listed below) are also members of the Trust Board. In 2023/24 this totalled £4,396k (2022/23 £4,221k) of which reimbursement for salaries and fees was £959k (2022/23 £827k) and donated capital (equipment and cash) was £3,310k (2022/23 £3,281k). The remaining £127k (2022/23 £113k) relates to recharges between Charity and the NHS Foundation Trust. The Charity received £4k in income from the NHS Foundation Trust (£12k in 2022/23).

The RUH Bath NHS Foundation Trust acts as a Corporate Trustee. The Board members of the NHS Foundation Trust were:

Alison Ryan* Chair
Cara Charles-Barks Chief Executive
Libby Walters* Chief Finance Offcer, Deputy Chief Executive (until November 2023)
Andrew Hollowood Chief Medical Offcer, Deputy Chief Executive (from November 2023)
Simon Sethi Chief Operating Offcer (until May 2023)
Niall Prosser Chief Operating Offcer (from May-October 2023)
Paran Govener Chief Operating Offcer (from October 2023)
Antonia Lynch* Chief Nursing Offcer
Alfredo Thompson Chief People Offcer
Brian Johnson Director of Estates & Facilities (until February 2024)
Jocelyn Foster Chief Strategic Offcer
Christopher Brooks-Daw Director of Governance and Chief of Staff (from January 2024)
Nigel Stevens Non-Executive Director
Sumita Hutchison* Non-Executive Director
Paul Fox Non-Executive Director
Hannah Morley Non-Executive Director
Ian Orpen Non-Executive Director
Those marked * were
Anthony Durbacz Non-Executive Director
Trustee’s Representatives of
Paul Fairhurst Non-Executive Director
the Charity during the year.

The members of the Charitable Funds Sub-Committee during 2023/24 were the Chair, Chief Nursing Officer, Chief Finance Officer and Non-Executive Director Sumita Hutchison.

The Royal United Hospitals Bath NHS Foundation Trust is viewed as a connected organisation by virtue of its position as Trustee of the Charity. There are no other connected organisations.

The Department of Health is considered the parent entity of the Royal United Hospitals Bath NHS Foundation Trust and the Charity is a subsidiary of the Trust.

ruhx.org.uk 57

16 Non-adjusting post balance sheet events

The Trustee has concluded that the Charity has a reasonable expectation that there are adequate resources to continue to operate for at least twelve months from the date of signing of the financial statements and there are no identified post balance sheet adjustments to show.

58 Annual Report & Financial Statements 2023/24

The principal address and Finance Office of the RUH Charitable fund is:

Finance Department Malvern House Royal United Hospitals Combe Park, Bath BA1 3NG

Tel: 01225 825601

www.ruh.nhs.uk

For donations or fundraising enquiries, please contact:

RUHX

Royal United Hospital Combe Park Bath. BA1 2NG

Tel: 01225 825691 Email: hello@ruhx.org.uk

ruhx.org.uk

Follow us on social media @RUHXcharity

RUHX is the working name of Royal United Hospital Charitable Fund. Registered with the Charity Commission for England and Wales. Charity number 1058323.

Annual Report & Financial Statements 2023/24