NHS
Herefordshire and Worcestershire
Health and Care
NHS Trust
Charitable
Funds
Annual Report
2024/2025
Working
Together for
Outstanding
Care

Contents
Foreword
1. Charity Governance, Structure and Management Arrangements
2. Goals, Objectives and Activities
3. Grant Making Policy
4. Financial Policy
10
5. Plans for future periods
13
Financial Accounts
Independent Examiners Report
16
Statement of Financial Activities
17
Balance Sheet
18
Statement of Cashflow
19
Accounting Policies
20
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Foreward
This document records the activities and Financial Accounts for the financial year l April 2024 to 31
March 2025.
The Charity's report and accounts include all the separately established funds administered for the
public benefit by Herefordshire and Worcestershire Health and Care NHS Trust on behalf of the
Charity. All the charitable funds held are for the benefit of patients and staff, their carers and the
communities served. The patients of Herefordshire and Worcestershire Health and Care NHS Trust
are the main beneficiaries of the Charity.
The Charity has a corporate trustee, Herefordshire and Worcestershire Health and Care N HS Trust.
The members of the NHS Trust Board who sen4ed during the financial year were as follows:
Mr M. Yates
Mrs S. Dugan
Mr R. Mackie
Dr J. Devapriam
Mr M. Hall
Ms D. Lewis
Ms N. Willetts
Ms V. Allison
Ms J. Clarke
Ms C Cumino
Ms S. Hincks
Mr C. Horwarth
Mr B. Parmar
Chair
Chief Executive (left the Trust 14 April 2024)
Director of Finance and Interim Chief Executive (effective 14 April 2024)
Medical Director
Chief Operating Officer
Interim Director of Finance (effective 14 April 2024)
Director of Nursing and Quality
Non-Executive Director
Non-Executive Director
Non-Executive Director
Associate Non-Executive Director
Associate Non-Executive Director
Non-Executive Director
The Charity is registered with the Charity Commission (No.1060335) in accordance with the Charities
Act 2011.
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Reference and administrative details
The Charity was registered on the Central Register of Charities on the 23 January 1997 under
its predecessor name Worcestershire Mental Health Partnership NHS Trust Charity. The Charity
comprises of a single fund following the consolidation of 10 linked charities as at 12 July 2017. For
administrative purposes the notes to the accounts distinguish the types of fund held and disclose
separately all material funds.
In April 2020 the Trust took over responsibility for mental health and learning disability service5 in
Herefordshire, and in turn the charity has updated its name in line with the Trust which better reflects
the broader services we provide and the wider community we serve.
Charitable funds received by the Charity are accepted, held and administered as funds and property
held on trust relating to the health service in accordance with the National Health Service Act 1977, and
the National Health Service and Community Care Act 1990 and these funds are held on trust by the
Corporate Trustee.
Trustee
Herefordshire and Worcestershire Health and Care NHS Trust is the Corporate Trustee of the Charity
governed by the law applicable to Trusts, principally the Trustee Act 2000 and the Charities Act 2011.
The NHS Trust Board has delegated the authority for the management of the Charity to the Trust's
Charitable Funds Committee which administers the funds on behalf of the Corporate Trustee. This
committee was formed in January 1997 to increase the profile of the charitable funds within the
organisation and to enhance the management structure of the Charity. The Committee meets at
least three times a year to review and agree:
Performance of investments
Spending priorities
Fundraising requests
Use of legacies received
Governance arrangements
Regular reports to the Trust Board on activity, performance and risks of the
Charity
The names of those people who served as agents for the Corporate Trustee, as permitted under
regulation 16 of the NHS Trusts (Membership and Procedures) regulations 1990 were as follows:
Ms S. Hincks - Associate Non-Executive Director (appointed as Committee Chairl
Ms C. Cumino - Associate Non-Executive Director
Ms D Lewis- Director of Finance
Mr R Haslam- Deputy Director of Finance
Mr C. Lavalette- Head of Finance (Systems, Reporting and Planning)
Ms K. Stanbra - Associate Director of Countywide Community Services
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Attendance at the Charitable Funds Committee in the financial year was as below:
May
2024
July
2024
November
February
2025
2024
S Hincks
C Cumino
D Lewis
R Haslam
C Lavalette
K Stanbra
H Wilson.
E Caswell
W Papirnik
H Wahiwala
**
***
****
Observer
Mr E. Caswell- Royal Bank Canada Brewin Dolphin (Investment Advisor)
***
Mr W. Papirnik- Royal Bank Canada Brewin Dolphin (Investment Advisor)
****
Ms H. Wahiwala- Royal Bank Canada Brewin Dolphin (Investment Advisor)
Principal Charitable Fund adviser to the Board
The Chair of the Charitable Funds Committee, under a scheme of delegated authority approved by
the Corporate Trustee, has day-to-day responsibility for the management of the charitable funds and
must personally approve, on behalf of the Corporate Trustee all expenditure above £2,000 using
their delegated authority and will seek approval from the Committee for any expenditure in excess of
£7,500.
The Charitable Funds Committee advises the Trust Board about the use of the charitable funds and
oversees the day-to-day operation of those funds.
Legal and Administrative
The principal office for the Charity is:
Finance Department, Herefordshire and Worcestershire Health and Care NHS Trust
2 Kings Court, Charles Hastings Way. Worcester. Worcestershire WR5 IJR
Legal Advisors
Mills and Reeve
78-84 Colmore Row
Birmingham
B3 2AB
Bankers
Lloyds Bank PLC
The Cross
Worcester
Worcestershire
WRI 3PY
Investment Advisors
Royal Bank of Canada
Brewin Dolphin
9 Colmore Row
Birmingham
B3 2BJ
Independent Examiners
Deloitte
2 New Street Square,
London,
EC4A 3BZ
Internal Auditors
Assurance 360
Wayside House
Wilsons Lane
Coventry
CV6 6NY
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1. Charity governance, structure and
management arrangements
The Charity was established using the statutory remit contained within the NHS Act 2006 and all
funds held on trust as at the date of registration were part of this Charity. Subsequent donations
and gifts received by the Charity which are attributable to the original funds are added to those fund
balances within the existing Charity. In line with our charitable objectives, our purpose is to support any
charitable activity relating to the NHS, applying donations to improve patient care throughout the Trust,
particularly in areas not otherwise funded by core NHS budgets.
The Corporate Trustee fulfils its legal duty by ensuring that funds are spent in accordance with the
objectives of each fund. By designating funds, the Trustee respects the wishes of our generous donors
to benefit patient care and advance the good health and welfare of patients, their carers and the
Staff who look after them. Where funds have been received which have specific restrictions set by the
donor, a restricted fund will be established.
Members of the Trust Board and the Charitable Funds Committee are not individual trustees under
charity law but act as agents on behalf of the Corporate Trustee. Non-Executive members of the
Trust Board are appointed by the NHS England, Executive members and Associated Non-Executive
Members of the Board are subject to recruitment by the NHS Trust Board.
Acting for the Corporate Trustee, the Charitable Funds Committee is responsible for the overall
management of the charitable funds. The Committee is required to:
i) Control, manage and monitor the use of the Charit(s resources for the public benefit, having
regard for the guidance issued by the Charity Commission.
ii) Provide support, guidance and encouragement for all its income raising activities whilst managing
and monitoring the receipt of all income.
iii) Ensure that 'best practice" is followed in the conduct of all its affairs fulfilling all of its legal
responsibilities.
iv) Ensure that the Investment Policy approved by the Corporate Trustee is adhered to and that
performance is continually reviewed whilst being aware of ethical considerations.
v) Keep the Trust Board fully informed on the activity, performance and risks of the Charity.
The Corporate Trustee has complied with the duty in section 4 of the Charities Act 2011 to have due
regard to public benefit guidance published by the Charity Commission.
The Charity does not employ any staff and in order to keep transaction costs to a minimum and
to simplify the process, the Charity relies upon staff employed by the Trustee to identify the
appropriateness of funding requests.
The charity ha5 not taken exemption from disclosure of any governance or management detail5.
The charitable funds available for spending are allocated to specialities within the NHS Trust's Service
Delivery Unit management structure. Each allocation is managed by use of designated funds within
the Charity.
The accounting records and the day-to-day administration of the funds are dealt with by the Finance
Department located at Herefordshire and Worcestershire Health and Care NHS Trust, 2 Kings Court,
Charles Hastings Way, Worcester, Worcestershire. WR5 IJR.
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1.1 Training and development
The Charity takes an active role in the training and development of Trust Board members. Where
new Board Members are appointed they receive individual induction training and are provided with
information about the Charity, including:
the governing documents;
the Charitable Funds Committee terms of reference;
the Charity's latest annual report and accounts;
investment principles-
policies and procedures; and
information about trusteeship, including the Charity Commission's 'Charity trustee welcome
pack, and other Charity Commission guidance specific to NHS Charities.
Additionally, the Charitable Funds Committee will arrange further training as appropriate.
1.2 Risk management
The Charitable Funds Committee reviews the performance of the fund on a quarterly, year to date
and annual basis. Items reported to the Committee include the value of the investments compared
with the previous quarter, the balance of cash reserves held throughout the year, the amount of
income and expenditure for the quarter and future spending plans. Any potential risks arising from
the report are highlighted in the meeting and discussed.
After each meeting of the Charitable Funds Committee, the Chair presents a report to the Board of
Directors to update it on the most recent work of the Committee providing assurances and escalating
matters for further discussion as necessary.
The most Significant risk to the Charity is possible losse5 from a fall in the value of the investments
it holds and the level of reserves available to mitigate the impact of such105ses. This has been
carefully considered and there are procedures in place to review the Investment Policy, ensuring
that investment risks are kept to an acceptably low level and to ensure that both spending and firm
financial commitments remain in line with income.
1.3Wider networks and related parties
Herefordshire and Worcestershire Health and Care NHS Trust is a related party by virtue of being the
Corporate Trustee of the Charity.
The Charity works closely with the Trust as nearly all of the expenditure is to provide services and
facilities to the Trust's service users, carers, visitors and members of staff.
By working in partnership, the charitable funds are used to best effect for the benefit of service users,
carers, visitors and staff. When deciding upon the most beneficial way to use charitable funds, the
Corporate Trustee has regard to both the objectives of the Charity and also the activities, objectives,
Strategies and plans of the Trust.
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2. Goal, objectives and activities
2.1 Goal
The Charity's goal is to help the service users. their families and carers, and visitors to the NHS Trust,
by enhancing the care the NHS Trust can offer through new equipment, research and investment
in people and by creating a caring environment for the service users receiving care, along with their
families and visitors. During the year, the funds continued to support a wide range of charitable and
health related activities benefiting service users, carers, visitors and staff.
2.2 Objectives
The Charitable Trust's governing document, the Declaration of Trust, incorporates the object or
purpose of the Charity which is that:
'The trustee shall hold the trust fund upon trust to apply income, and at their discretion, so far as
may be permissible, the capital, for any charitable purpose or purposes relating to the National Health
Service (hereinafter referred to as "the objects")
The Trustee has made the following statement to focus on the objectives:
'Through donations received we will further improve the provision of high-quality patient care
throughout the Trust, focusing on areas not covered or fully supported by central NHS funds"
The Charity has referred to the guidance contained in the Charity Commission's general guidance on
public benefit when reviewing our aim and objectives and in planning our future activities.
2.3 Activities
The focus of our charitable work is for public benefit and to advance patient care, firstly by funding
therapies, equipment and facilities and secondly through supporting service users, their carers, visitors
and NHS staff. During the year, the charitable funds continued to support a wide range of health
related activities benefiting service users, their carers and the staff who care for them with highlights set
out on section 4.2. In general, the Trustee's approach is to use charitable funds to purchase additional
goods and services which enhance the senlice users, experience and environment.
In addition to funds intended to meet the needs of patients directly, our charitable funds often
receive donations specifically to thank the nursing staff who care for the service users. These funds,
by helping the staff either by way of training or morale boosting facilities and amenities, strengthen
the NHS Trust's staff capacity to serve their patients and their visitors well. The charitable funds also
enable consultants and other medical staff to attend courses not funded by the NHS, which will
update them on new ideas and modern techniques in their specialties.
During the year 2025/26, the Charitable Funds Committee will carry out its annual review of fund
balances and the overall future objectives and direction of the Charity.
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3. Grant making policy
Applications may be made for items which the NHS would not normally fund and if they can be
classified as charitable activities. The Charity make5 grants from both its unrestricted and restricted
funds.
Restricted funds represent money which is held by the Trustee which can only be used for specified
purposes.
Unrestricted funds are funds available to be spent within the objects of the charity which can
legally be spent wholly at the discretion of the Trustee. These funds have been apportioned
between a trust-wide general fund and four other funds aligned with the services delivered by the
Herefordshire and Worcestershire Health and Care NHS Trust:
l. General fund where the Charity has invited the Trust's employees to submit plans for specific
projects with a Trust-wide benefit or providing further financial support to specific Service
Delivery projects.
2. Service Delivery funds represent four separate funds which the Trustee has created to
accord with sections 90 and 91 of the National Health Service Act 1977 which require that
the Trustee respects, as far as practicable, the specific intentions of the gifts received through
wards, departments and specialties. The Trustee ensures that those gifts are channelled
towards charitable purposes in those areas. Each fund is managed by the associated Service
Delivery Lead, who can make recommendations on how to spend the money within their
designated area. As long as the request meets the objects of the Charity, the Fund managers,
recommendations are generally accepted, subject to a review process and confirmation that
funds are available.
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4. Financial performance
The net assets of the Charitable Funds as at 31 March 2025 were £1,038,463 (31 March 2024 were
£1,120,314}. Overall net assets have reduced by £81,851 which includes a reduction of £7,145 on
investment assets. These assets have reduced in-year due to the funding to several significant one-
off projects as set out in note 4.2. The charity remains fully sustainable as it has no long-term
commitments and can scale spend in line with income availability.
The Charity continues to rely on donations, legacies and investment income as the main sources of
revenue, amounting to £134,225 in 2024/251£91.782 - 2023/24).
The following pie chart shows the split between the main sources of income.
Sources of Incoming Resources 2024125
24%
25%
Donations from
indwiduals
Corporate donations
FurKls f rom other
Charities
1%
Funds from other NHS
Charities
Legacies
18Yo
Investment income
4.1 Incoming resources
Donations from individuals1£33,7351- from a few pence in a collecting box to several hundred
pounds from grateful relatives, we are fortunate to receive thousands of generous gifts each year.
Corporate Donations {£1,5001 many companies adopt charities as a way of putting something back into
the community. The Charity is grateful to the companies that have donated over the year and to their
employees who have given their time and money to maximise the corporate sUPPOrt we receive.
Funds from other Charities {£21,745) This year the Trust received donations from local League of
Friends charities in support of the purchase of medical equipment.
Funds from other NHS Charities {£21,149) This year the Trust received a further grant from NHS
Charities Together to support of the wellbeing of staff.
Legacies {£23,950) a gift in a will or a collection in memory of a loved one is a valued way of donating
to charity.
Investment Income (£32,176) - by prudent management of fund5 not immediately required for use,
the Charity earns interest and dividends.
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4.2 Resources expended
During the year a variety of grant-based expenditure took place; this is summarised below and also
shown in the pie chart:
Expenditure Summary2024125
staff education and welfare
22¥0
41% ll Patients, welfare -
entertain￿￿nt & recreation
3Yo
Patients, welfare - furniture
nd equipment
Patients, welfare medical
and no[F￿diCal equipmetbt
Patients, edu(3tion and
welfare
14%
Investment man38ement
costs
7%
11%
Fl Govemance costs
Staff education and welfare (£89,078):_ included £38,815 Spent on team-building and reconnecting
events, including Christmas events bringing staff together; £30,947 enhancing outdoor staff areas
including the Evesham Musculoskeletal Outpatient Physiotherapy Team Courtyard, along with £16,968
on external courses to fund training requests for staff developing the support they offer service users; with
smaller amounts spent on books, manuals and enhancing team rest areas.
Patients, Welfare (entertainment and recreation (£24,434)) ranged from new artwork and TVS in wards to
help enhance service users areas. Other examples of spend in-year have included purchasing sensory toy5
for the Moor Street Clinic, and sports hall hire for services users, badminton sessions.
Patients, Welfare (furniture and equipment (£15,367)) which has included purchases ranging from small
items of furniture and equipment through to new bedside lockers at the Malvern Community Hospital.
Patients, Welfare (medical and non-medical equipment (£29,776)) which includes new equipment making a
vital and valuable contribution to enhanced provision of clinical care.
Patients, education and welfare (£3,621) the purchase and printing of leaflets to support service users and
their carers.
Investment Management Costs (£7,161) - relating to investment broker fees.
Support Costs {£47,6951- including a total of £34,209 on administrative support Costs, £7,080 on
independent examiner fees, £3,184 on software maintenance, £1750 on membership fees along with
printing and stationery, and bank charges.
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4.3 Reserves
Reserves are calculated as being the Charity's income funds which are freely available after taking
account of restricted funds which have been designated by the donor for specific building or major
equipment purchases, research and other projects.
The Trustee intends that restricted and designated funds are spent within a reasonable period of
receipt and therefore foresees a need only to maintain reserves sufficient to provide certainty of
funding for general grant making. The restricted funds total £287k, whi15t unrestricted funds currently
Stand at £751k.
The Trustee has established a Reserves Policy with the intention of avoiding major fluctuations in the
amounts of income available for distribution and for unforeseen contingencies by retaining £50k of
cash reserves in exce55 of known expenditure commitments. When the amounts of cash held deviate
from the Charity's reserve's policy a transfer between cash and investments held is made.
The Trustee continues to review the balances held in restricted and designated funds, in accordance
with the provisions of the NHS Acts relating to charitable funds, to determine whether these funds are
likely to be committed in the near future and the extent to which there is a continuing need identified
for any particular designated fund. All existing funds are reviewed annually to identify activity recorded
and to encourage their utilisation.
4.4 Investments
The Charity's Fixed Assets Investments are managed by Royal Bank of Canada Brewin Dolphin Ltd on a
discretionary basis with reference to a formal Statement of Investment Principles.
The performance figures of the portfolio are set out below on a total return basis in comparison against
other key indices:
Year ended
31 March 2025
Year ended
31 March 2024
Investment Portfolio:
PIMFA Private Investors Balanced Index:
FTSE All Share Index:
FTSE 100 Index:
2.37%
4.58%
6.58%
11.52%
12.20%
8.43Y.
8.380
The Statement of Investment Principles is reviewed annually as are the investment portfolio objectives
and attitude to risk.
The breakdown of the investment portfolio by type was:
31 March 2025
31 March 2024
Portfolio
Value (£)
173,739
23,647
26,545
146,714
532,381
35,664
Value (£)
163,371
26,959
28,947
161,121
526,337
{%)
Fixed Interest
17.68%
Property Investments
Structured Products
2.410
2.70%
UK Equities
Overseas Equity Funds
Absolute Return Fund
14.93%
16.28%
54.17%
3.63%
2.93°
Other alternatives
Portfolio Total
4.480
£982 760
100.0%
£989 906
100.0%
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The following pie chart shows the split between the main sources of income.
At the year end, the geographical spread of the portfolio was as follows:
Area
UK
USA
Japan
Asia Pacific
Other European markets
Emerging Markets
General global investments
2025
33.73°
35.19%
3.31°
5.82%
6.39Y.
0.99Y.
2024
21.60Yo
32.72Yo
3.43°
5.17°
5.80°A
0.99%
5. Plans for future periods
The many changes in the NHS, including efficiency review5, continue to shape the environment in
which the Charity operates and the priorities of the Charity are affected by changes in the NHS. The
reconfiguration of services and the plans for redesigning patient care to meet the needs of the future
will continue to influence the priorities for spending of the charitable funds.
The Trustee does not expect any significant changes in the objectives of the Charity in the forthcoming
year.
Thank you
On behalf of the staff and patients who have benefited from improved services and facilities due to
donations and legacies, the Corporate Trustee would like to thank all patients and relatives and staff
who have made charitable donations. Your donations, no matter how small, make a real difference to
the lives to the people who come to us for help.
Approved on behalf of the Corporate Trustee;
Sue Hincks
Chair Charitable Funds Committee
Herefordshire and Worcestershire Health and Care NHS Trust
Date: 28th January 2026
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STATEMENT OF TRUSTEE RESPONSIBILITIES IN RESPECT OF THE TRUSTEE'S REPORT AND THE
FINANCIAL STATEMENTS
The trustees are responsible for preparing the Trustees. Annual Report and the financial statements
in accordance with applicable law and United Kingdom Accounting Standard5 (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 trustees 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 trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP.
make judgments and estimates that are reasonable and prudent.
state whether applicable accounting standards have been followed; and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in busine55.
The trustees are 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
irregu larities.
The trustees are 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.
Signed on behalf of the Trustee:
Sue Hincks
Chair Charitable Funds Committee
Herefordshire and Worcestershire Health and Care NHS Trust
Date: 28th January 2026
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Charitable Funds case study
Evesham Community Hospital's Courtyard: A Space for Staff Well-being
When the Trust was awarded a grant from NHS Charities Together, it opened the door to a much-
needed redevelopment of staff areas. One of the most exciting projects funded by this grant was the
redevelopment of the Musculoskeletal Outpatient Physiotherapy Team Courtyard-a space designed to
support the well-being of this team.
By May 2024, the project was completed, and the results have been overwhelmingly positive. The
newly refurbished patio area, once overgrown and neglected, the new space has already become a
favourite spot to unwind during lunch breaks, particularly on those rare but cherished sunny days of the
summer.
The Physiotherapy Team Leader shared their enthusiasm, saying,"Everyone in the team is delighted
with the new area. It gives all of us a chance to grab some fresh air between our morning and afternoon
clinics, and it's the perfect place to catch up with colleagues. It's become a great, healthy way to
recharge and feel energised for the second half of the day."
Before the makeover, the courtyard had become an overgrown and underused space, as captured in
the photos below. But now, it's a bright, welcoming area that truly serves the needs of the busy
physiotherapy team.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HEREFORDSHIRE AND WORCESTERSHIRE
HEALTH AND CARE NHS TRUST CHARITABLE FUNDS
I report to the trustees on my examination of the accounts of Herefordshire and Worcestershire Health
and Care NHS Trust Charitable Funds {'The Trust") for the year ended 31 March 2025 which comprise
the income and expenditure account, the balance sheet and the related notes I to 17.
This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the
Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken
so that I might state to the charity's trustees those matters l am required to state to them in an
independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do
not accept or assume responsibility to anyone other than the charity and the charity's trustees as a
body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 2011 ("the 2011 Act}. You are satisfied that your charity is not
required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of your charitrfs accounts as carried out under section 145 of the
2011. In carrying out my examination I have the applicable Directions given by the Charity Commission
under Section 145(5}(b) of the 2011.
Independent examiner's statement
I confirm that l am qualified to undertake the examination because l am a member of the Institute of
Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Trust as required section 130 of the 2011 Act. or
2. the accounts do not accord with those records. or
3. the account5 do not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and fair view, which is not a matter considered as part of an
independent examination.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
LLf
Craig Wisdom
for and on behalf of Deloitte LLP
London, United Kingdom
January 28,2026
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Statement of Financial Activities for the year ended 31 March 2025
2024/25
Total
2024/25 2024/25
Total
Total
funds
2023124
Total
Funds
Note
unrestrirted
Funds
£'ooo
restricted
Funds
£'ooo
£'ooo
£'ooo
Income from:
Donations and legacie5
Investments
59
43
102
58
24
32
36
Total income
51
134
94
Expenditure on:
Raising funds
Cha rita ble activities:
Patient welfare
Staff education and welfare
Total expenditure
(53)
{2)
{55)
(53)
(37)
61
(36)
27
{73)
88
{214)
132
(151)
(65)
{216)
(399)
Net gains/llossesl on investments
12
81
Net expenditure
(68)
(14)
(82)
(224)
Transfers between funds
Net movement in funds
14
224
Reconciliation of funds
Total funds brought fonmard
Total funds carried forward
813
307
1,120
1,344
745
293
The notes on pages 20 to 30 form part of these accounts.
17 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

Balance Sheet as at 31 March 2024
Total un-
Total
restrirted
restricted
funds
funds
31 March 31 March 31 March
2025
2025
2025
£'ooo
£'ooo
£'ooo
Total
funds
Total
funds
Note
31 March
2024
£'ooo
Fixed Assets:
Investments
12
709
274
983
990
Total fixed assets
709
274
983
990
Current assets:
Debtors
Cash at bank and in hand
Total current assets
13
14
49
19
68
132
55
19
74
136
Liabilities:
Creditors- Amounts falling due
within one year
15
19
19
Net current assets
36
19
55
130
Total net assets
745
293
The funds of the charity
Restricted income fund5
Unrestricted funds
16
293
293
307
745
745
813
Total funds
745
293
The notes at pages 20 to 30 form part of these accounts.
Sue Hincks
Chair Charitable Funds Committee
Herefordshire and Worcestershire Health and Care NHS Trust
Date: 28th January 2026
18 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

Statement of Cash Flows for the year ending 31 March 2025
2024125
Total
funds
£'ooo
2023124
Total
Funds
Note
£'ooo
Cash flows from operating activities:
Net cash used in operating activities:
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from the sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
17
103
343
32
34
12
108
101
639
358
12
39
315
Change in cash and cash equivalents in the reporting
(64)
(28)
Cash and cash equivalents at the beginning of the reporting
period
132
160
Cash and cash equivalents at the end of the reporting period
14
132
19 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

1. Accounting policies
(al Basis of preparation
The financial statements have been prepared under the historical cost convention, with the exception of
investments which are included at fair value.
The accounts (financial statements) have been prepared in accordance with the Statement of
Recommended Practice:
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2019;
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102)-
the Charities Act 2022; and
UK Generally Accepted Practice as it applies from l January 2015.
(b)Funds structure
Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified
either as:
a restricted fund where the donor has provided for the donation to be spent in furtherance of a
specified charitable purpose.
Endowment funds, where the capital is held to generate income for charitable purposes, are sub-
analysed between those where the Trustee has the discretion to spend the capital, expendable
endowment, and those where there is no discretion to expend the capital, permanent endowment.
The Charity has no permanent endowment funds and no expendable endowment funds.
Those funds which are neither endowment nor restricted income funds, are unrestricted income
funds which are sub analysed between designated (earmarked) funds where the Trustee has set aside
amounts to be used for specific purposes, often reflecting the wishes of donors and unrestricted funds
which are at the Trustee's discretion, including the general fund. The major funds held in each of these
categories are disclosed in note 16.
(cl Incoming resources
All incoming resources are included in the Statement of Financial Activities once the Charity has
entitlement to the resources, it is probable that the resources will be received and the monetary value
of incoming resources can be measured with suff icient reliability.
Where there are terms or conditions attached to incoming resources, particularly grants, then these
terms or conditions must be met before the income is recognised as the entitlement condition will not
be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as
to whether they can be met then the relevant income is not recognised in the year but deferred and
shown on the balance sheet as deferred income.
Distribution of Investment Income to individual Charitable Funds is made quarterly, based on the
number of shares each individual fund has within the investment portfolio.
20 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

(dl Incoming resources from legacies
Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy
15 probable.
Receipt is probable when:
Confirmation has been received from the representatives of the estate(s} that probate has been
granted;
The executors have established that there are sufficient assets in the estate to pay the legacy; and
All conditions attached to the legacy have been fulfilled or are within the charity's control.
If there is uncertainty as to the amount of the legacy and it cannot be reliably estimated then the legacy
is shown as a contingent asset until all of the conditions for income recognition are met.
(e) Resources expended and Irrecoverable VAT
All expenditure is accounted for on an accrua15 basis and has been classified under headings that
aggregate all costs related to each category of expense shown in the Statement of Financial Activities.
Expenditure is recognised when the following criteria are met-
There is a present legal or constructive obligation resulting from a past event;
It is more likely than not that a transfer of benefits {usually a cash payment) will be required in
settlement; and
The amount of the obligation can be measured or estimated reliably.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
(f) Recognition of expenditure and associated liabilities as a result of grant
Grants payable are payments made to linked, related party or third party NHS bodies and non NHS
bodies, in furtherance of the charitable objectives of the funds held on trust.
Grant payments are recognised as expenditure when the conditions for their payment have been met
or where there is a constructive obligation to make a payment.
A constructive obligation arises when:
We have communicated our intention to award a grant to a recipient who then has a reasonable
expectation that they will receive a grant;
We have made a public announcement about a commitment which is specific enough for the recipient
to have a reasonable expectation that they will receive a grant. and
There is an established pattern of practice which indicates to the recipient that we will honour our
commitment.
The Trustee has control over the amount and timing of grant payments and consequently where
approval has been given by the Trustee and any of the above criteria have been met then a liability is
recognised. Grants are not Usually awarded with conditions attached. However, when they are then
those conditions have to be met before the liability is recognised.
Where an intention has not been communicated, then no expenditure is recognised but an appropriate
designation is made in the appropriate fund. If a grant has been offered but there is uncertainty as
to whether it will be accepted or whether conditions will be met then no liability is recogni5ed but a
contingent liability is disclosed.
(g) Allocation of support costs
Support costs are those costs which do not relate directly to a single activity. These include some
recharged staff costs, costs of administration, internal and independent examiner costs and IT support.
Support costs have been apportioned between fundraising costs and charitable activities on an
appropriate basis. The analysis of support costs and the bases of apportionment applied are shown in
note 9.
21 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

(h) Costs of raising funds
The costs of raising funds includes all expenditure associated with generating incoming resources from
all sources other than from undertaking charitable activities. This includes cost5 of fundraising, trading
and associated costs and costs of managing investments as shown in note 6.
(i I Cha ritable activities
Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of
the charity. These costs, where not wholly attributable, are apportioned between the categories of
charitable expenditure in addition to the direct costs. The total costs of each category of charitable
expenditure include an apportionment of support Costs as shown in note 7.
-) Fixed asset investments
Investments are a form of basic financial instrument. Fixed asset investments are initially recognised
at their transaction value and are subsequently measured at their fair value (market value) as at the
balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on
revaluation and disp05als throughout the year. Quoted stocks and shares are included in the Balance
Sheet at the current market value quoted by the investment analyst, excluding dividend. Other
investments are included at the Trustee's best estimate of market value.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment
markets due to wider economic conditions, the attitude of investors to investment risk, and changes in
sentiment concerning equities and within particular sectors or sub sectors. Further information on the
Charity's investments can be found in note 12.
(kl Debtors
Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount.
(11 Cash and cash equivalents
Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due.
Cash equivalents are short term, highly liquid investments, usually in notice interest bearing savings
accounts.
(ml Creditors
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects
to have to pay to settle the debt.
The Charity does not owe any amounts due over one year.
(nl 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 carrying
value (purchase date if later). Unrealised gains and losses are calculated as the difference between the
market value at the year end and the opening carrying value (or purchase date if later).
(ol Pensions
The Charity does not employ any staff and therefore does not have a pension liability.
(pl Critical judgements in applying accounting policies
There were no critical judgements in the application of the accounting policies within these financial
statements.
(ql Sources of estimation uncertainty
There were no sources of estimation uncertainty within the preparation of these financial statements.
22 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

2. Prior year comparatives by type of fund
The primary statements provide prior year comparatives in total; this note provides prior period comparatives
for the Statement of Financial Activities and the Balance Sheet for both type5 of fund that the Charity
manages.
2a. Unrestricted funds - Statement of Financial Activity for the year ended 31 March 2025
2024125
202312024
£'ooo
£'ooo
Income
Donations and legacies
Investments
59
24
24
36
Total income
83
60
Expenditure
Raising funds
Cha rita ble activities
Total expenditure
Net gains/{losses) on investments
Net expenditure
(53)
98
{52)
228
151
280
81
(139)
(68)
Transfer between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
813
952
745
813
Unrestricted funds - Balance Sheet as at 31 March 2025
2024125
£'ooo
2023124
£'ooo
Fixed Assets
Investments
709
760
Total fixed assets
Current assets
Debtors
Cash at bank and in hand
49
55
Total current assets
Liabilities
Creditors: Amounts falling due within one year
19
Net current assets
36
53
Total net assets
745
813
Total unrestricted funds
745
813
23 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

2b. Restricted funds- Statement of Financial Activity for the year ended 31 March 2025
2024125
£'ooo
2023124
£'ooo
Income
Donations and legacies
Investments
43
34
Total income
51
34
Expenditure
Raisingfunds
Cha ritable activities
Total expenditure
{2)
63
{1)
118
65
119
Net gains/(losses) on investments
Net expenditure
{65)
(85)
Transfer between funds
Net movement in funds
14
85
Reconciliation of funds
Total funds brought forward
Total funds carried forward
307
293
392
307
Restricted funds- Balance Sheet as at 31 March 2025
2024125
£'ooo
2023124
£'ooo
Fixed Assets
Investments
274
230
Total fixed assets
274
Current assets
Debtors
Cash at bank and in hand
Total current assets
19
77
19
77
Liabilities
Creditors: Amounts falling due within one year
Net current assets
19
77
Total net assets
Total unrestricted funds
293
307
24 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

3. Related party transactions
Herefordshire and Worcestershire Health and Care NHS Trust is the sole Corporate Trustee and
beneficiary of the Charity. The charity has made revenue and capital grant payments to the Trust for
the benefit of NHS patients and these are detailed in note 7.
During the year none of the members of the NHS Trust Board or parties related to them has
undertaken any transactions with the Charity or received any benefit from the Charity in payment or
kind. The Trustee received no honoraria, expenses or emoluments in the year.
The Trust makes a number of clerical and transaction sepiices available to the charity, by agreement
with the Trustee. These include administrative services at a cost of £34,2091£34,288 in 2023/24} in
support of the charity's grant making activities which are included within support cost5 - see note 9.
The amounts paid for administrative services are due under a service level agreement and are set at an
amount which allows the Trust to recover its costs.
4. Income from donations and legacies
Unrestrirted
funds
£'ooo
Re5trirted
Total
funds 2024125
£'ooo
£'ooo
Total
2023124
£'ooo
Donations from individuals
33
33
24
Corporate Donations
Funds from other Charities
22
22
Funds from other NHS Charitie5
21
21
34
Legacies
Total
24
24
59
43
102
58
Legacy income is only included in incoming resources where receipt Is probable and the amount is
known with certainty, or the legacy has been received.
5. Gross income from investments
Unrestricted
funds
£'ooo
Restricted
Total
funds 2024125
£'ooo
£'ooo
Total
2023124
£'ooo
Investments listed on UK
Stock Exchange
Total
24
24
6. Analysis of expenditure on raising funds
Unrestricted
funds
£'ooo
Restricted
Total
funds 2024125
£'ooo
£'ooo
Total
2023124
£'ooo
Investment management cost
Support costs
Total
48
48
45
53
55
53
25 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

7. Analysis of charitable activities
The charity did not undertake any direct charitable activities on its own account during the year.
All of the charitable expenditure was in the form of grant funding.
Total
2024125
Total
2023124
£'ooo
£'ooo
Patient welfare
Staff education and welfare
74
214
87
132
161
8. Analysis of grants
The charity does not make grants to individuals. All grants are made to the Trust to provide for
the care of NHS patients in furtherance of our charitable aims. The grant support was given to
Herefordshire and Worcestershire Health and Care N HS Trust. The total cost of making grants,
including support costs, is disclosed on the face of the Statement of Financial Activities and the actual
funds spent on each category of charitable activity, is disclosed in note 7.
The Corporate Trustee operates a scheme of delegation for all of the charitable funds, through which
all grant funded activity is managed by fund advisers responsible for the day-to-day disbursements on
their projects, in accordance with the directions set out by the Trustee's charity standing orders and
financial instructions.
9. Allocation of support costs
Support costs have been allocated between raising funds and charitable activities on the basis of direct
al location.
Raising
funds
Charitable
Total
activities 2024125
£'ooo
£'ooo
Total
2023124
£'ooo
Independent examiner
Internal audit
Governance
Administration costs
Miscellaneous
Total
12
22
34
34
26
22
45
10. Analysis of administration costs
The Charity does not employ any staff, but the Charity was charged £34,20912023/24 £34,288} by
Herefordshire and Worcestershire Health and Care NHS Trust. This represented the recovery of the costs
of relevant NHS Trust employees who administered the charitable funds during the year.
26 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

11. Independent Examiner
The independent examinerfs fee for 2024/25 was £7,080 {2023124 £6,264). This fee relates solely to
examination, with no other additional work undertaken.
12. Fixed asset investments
2025
Total
£'ooo
2024
Total
£'ooo
Movement in fixed asset investments
Market value bought forward
Add: additions to investments at cost
990
1,190
358
101
Less: disposals at carrying value
Add: net gain / (loss) on revaluation
Market value at year end
(108)
(639)
81
983
990
Fixed asset investments by type
2025
£'ooo
2025
2024
£'ooo
2024
Fixed interest
174
17.7
164
16.5
Property investments
Structured products
UK equities
Overseas equity funds
Absolute return funds
23
27
27
29
147
14.9
161
16.3
532
54.2
526
53.2
36
29
Other investments
Total
27 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

All investments are carried at their fair value.
The Trustee set 5% of market value as of 31 March as the threshold for reporting material
investments. As of 31 March 2025, the following investments were considered material: Vanguard
Funds PLC S&P500 UCITS ETF USD DIS {9.68°A of portfolio).
The significance of financial instruments to the ongoing financial sustainability of the Charity is
considered in the risk analysis section of the Trustee's annual report.
The main risk from financial instruments lies in the combination of uncertain investment markets and
volatility in yield. Owing to 'quantitative easing, and the market favouring lower risk investments,
the yield on bonds has been low giving rise to a significant downside risk of a fall in capital values if
interest rates return to normal levels.
Although the stronger economy should result in improving dividend yields, there is concern that the
market conditions will change and this may not be the case.
The default rate on fixed interest securities is expected to improve with a strengthening economy.
The high current demand for high quality corporate bond and government stock continues to depress
the yield.
Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention
by central banks and market regulators has continued to provide for orderly trading in the markets
and so the ability to buy and sell quoted equities and stock is anticipated to continue. The Charity's
investments are mainly traded in markets with good liquidity and high trading volumes. The Charity
has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Charity manages these investment risks by retaining expert advisors and operating an investment
policy that provides for a high degree of diversification of holdings within investment asset classes.
All investments were made in companies listed on a UK stock exchange or incorporated in the UK
or European Union and therefore all investments are treated as investment assets in the UK/EU.
Restricted appeals to fund specific equipment or assets are held on notice deposit or overnight on the
money markets in accordance with the Trustee's investment policy.
The Charity permits the use of derivatives (or investments that use derivatives) to diversify income
streams and protect against market volatility, rather than to speculate or use leverage to enhance
returns.
28 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

13. Analysis of current debtors
Debtors under l year
2025
£'ooo
2024
£'ooo
Debtors
Prepayments
Total
14. Analysis of Cash at bank and in hand
2025
£'ooo
2024
£'ooo
Cash in hand
Short term investments
Total
54
120
14
12
132
All cash is held in a current account. No cash or cash equivalents or current asset investments were
held in non-cash investments or outside of the UK.
15. Analysis of Liabilities
Creditors under l year
2025
£'ooo
2024
£'ooo
Accruals
19
Total
19
29 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335

16. Analysis of fund movements charitable funds
The Trustee sets a closing balance of £50,000 or above as the threshold for the separate reporting of
material funds. In the interests of accountability and transparency a complete breakdown of all funds is
available upon written request.
Fund B/fwd
In- Expenditure
come
Gains
and
losses
Fund Fund
Trf C/fwd
Restricted Funds:
Malvern Hospital
Other restricted funds
Unrestricted funds:
General Trust-wide
Other unrestricted funds
Unrestricted Service funds:
Mental Health & Learning
Disabilities
238
(14)
(49)
229
70
43
64
(14)
(65)
{8)
(26)
262
91
132
(38)
14
108
Integrated Community
Care
133
{7)
130
Countywide Community
Care
131
(12)
125
Children's and Specialist
132
17
120
134
216
17. Reconciliation of net income/(expenditure) to net cash flow
from operating activities
2024125
2023124
£'ooo
£'ooo
Net income/{expenditure)
{as per the Statement of Financial Activities)
Adjustments for:
IGains}/losses on investments
Dividends, interest and rents from investments
Ilncrease)/decrease in debtors
Increase/ldecrease) in creditors
Net cash provided by (used in) operating activities
(82)
(224)
(81)
(34)
{32)
(2)
13
103
343
30 | Herefordshire and Worcestershire Health & Care NHS Trust Charitable Fund5 Annual Report and Account5 2024125 Registration
number- 1060335