2021-12-31-accounts

TheKingsFund> Ideas that change health and care Trustees. annual report and accounts For the year ended 31 December 2021 June 2022

Twustee5' annual reshNtandzccountsforthe Jwrtndtd 31 D*cember2021 Contents Message f rom the Chair and the Chief Executive Objectlves and actlvities Achievements Plans for 2022 Is Our commitment to diversity and inclusion Flnanclal revlew 19 22 How the Fund Is constltuted and governed 27 Reference and administrative details 36 Statement of Trustee< responslbllities Auditorfs report and accounts Independent Auditorfs Report to the Trustees of The Kin<s Fund Consolidated statement of financial activities 41 43 44 48 Balance sheets 49 Consolidated cashflow statement 50 Notes to the accounts 51 Contents

T￿￿1￿•¢an￿jal rWrtandattI￿htsIortr￿VrWd¢d 31 OrfeDthr2021 Message from the Chair and the Chief Executive 2021 began with England - includin8 The lfjnls Fund - once again in full lockdown as the Alpha variant of Covid-19 took hold. As the year progressed we witnessed the roll-out of vaccines at an unprecedented pace but still ended 2021 with renewed restrictions on daily life as the Omicron variant spread across the country. For those parts of the Fund that are dosely finked to its Cavendish Square building. not least ourvenue and facilities teams it has been anotheryear of uncertainty and we pay credit to the professional and positive way in whith they handled the yearfs stsrts and stOP5. Of course. Covid-19 also continued to influence our extemal work programme. and in 2021 this included analysis of the UK'S record on outcomes and the development of framework to support the assessment of the UK'S response to Covid-19 in the round. Despite Covid-19. the Fund made major contribution5 across its ft)ur programmes of work. Under the Healthier places and communities pro8ramme this included publishing the ￿sults of our research on developing pl3ce-based partnerships and working with leaders to support system working lat ICS. Pla￿ or primary care network level) alongside a range of explainers. practical resources and. of course. a I￿sY conference programme. For Tackling the worst health outcome5 we provided dats analysis, published vAth the NHS Ra￿ and Health Observatory and in Febnjary launched Healthy Communities Together. our partnership with The National Lottery Community Fund rfNLCF). which supports areas in developin8 effective partnerships locally to improve health and wellbeing. reduce inequalities and empower communities. In our Supporting people and leaders programme. we continued to deliver leadership and organisation31 development IODI support indudin8 in the voluntsry and community sector (VCS). Th15 included developing our use of digitsl technology and the launch of 3 new self-directed learning programme. An introduction to leading with kindness and compassion in health and social care. in Ottober forwhich 2,(X)O people ￿gIStered in the first five week5. Work also began in ￿sponSe to the Messenger Review for health and care leadership in England.

TfUStees' anryJal repwtandaccountsfortheyejr eTrJed 31 DeternbEr 2021 Many elements of our work came together in our fourth area. the Foundations of health and care. which look5 acro55 the health and care landscape and enables US to tske a whole-system perspective. In partÉcul3r. in 2021. the government brought forward its Health and Care Bill, the most substsntial health legislation in a decade. The Bill enshrined a new approach to integration and population health and so is of strategic interest to the Fund. We provided extensive briefing and analysis of the Bill and the changes that would make it work better. It Wa5 also 3 busy time in other areas of government policy, notably on social care funding lalso in the Bill) where we took a leading part in the debate. A5 the damage done by Covid-19 to health and care Servi￿ becomes Inc￿as1nglY clear we hwrfe also undertaken work on the access challenge facing the system with our work on deprivation and waiting times getting wide coverage. Across most of our programmes in 2021. we combined working with policy-makers with working alongside those tasked with implementing change5 On the ground. With the venue closed for significant part5 of the year, 2021 continued to witness considerable turbulence in our ability to generate income. Yet despite this turbulence, we saw a sharp ￿COVery in our finances. This was attributsble to hard work in manv a￿aS of the Fund. but in particular. the Leadership and Organisational Development team succeeded in delivering a major expansion in high-quality v•ork. thereby supporting the system at 3 time of great need but also supportin8 the Fund's financial good health. Inside the Fund. we continued to evolve our approach to hybrid workin8 and this included investing in new digital facilities for Cavendish Square. The ￿peated waves of Covid-19 did mean that some of thi5 work was delayed as use of the building was restricted but is now back under way. We have also continued to make progress on diversity and inclusion both within the Fund but also as part of our extemal work programme. 2021 saw significant changes in ourTrustees. Very sadty, our Treasurer Simon Fraser passed away on 9 August 2021. This came as a d￿adful shock to everyone at the Fund. Simon first joined us as a member of the Investment Committee in 2015 before becoming a Trustee in 2017 and T￿aSurer in 2018. He made an enornious contribution, leading fundamentsl changes to the management of our endowment 3nd was deeply engaged in the external and internal work of the Fund. He was a great pleasure to work with and is sorely missed. Me5576efrom ttre Char and Ihecluef Execut.ve

TruM*es' anThualropNtand a￿￿K￿￿rthe yearwded 31 2021 In other changes, Sir Jonathan Michael came to the end of his third th￿e-Year term as a Trustee in March 2021. Sir Jonathan had chaired the Audit and Risk Committee since 2016 and W￿ are very grateful for his lon8 contribution to the Fund. Dr Aseem Malhotra came to the end of his second three-year term in July 2021. Aseem brought valuable insi8ht as a practising dinioan and his input to our internal Developing Leaders pro8ramme. in particular, extremely helpful. Finally. after a rigorous recruitfflent exercise. we welcomed four new Trustees at the end of 2021 and a fifth in early 2022. Alan Brown, Richard Clark. Professor Kamila Havrthorne. Dr Annalisa Jenkins and Dr Stephanie Kuku all bring excellent skills and experience, and we look forward to working with them in the future. We hwrfe a busy 2022 ahead of us across all our a￿a$ of work At a time when landmark refoms are being passed that xcord with longstanding Fund prioritie5. With a workforce and leadership crisis and a renewed drive to tackle health inequalities, our strate8ic priorities will continue to 8uide our extemal workplan. Our intem31 priorities will also be building on solid foundations as we ￿deSIgn our vnrking environment keeping the best of digitsl working and, with our plans now in place. 2022 will be a year of delivery on our diversity and inclusion commitments. rtLL Lord Kakkar Chair Richard Murray Chief Executive Messagefr￿ thechairand Thechiel Execut',ve

Tr￿￿tt$.an￿ua1 rep￿tand*ccthtrttsft¥they•altndèd 31 December ZOZI Objectives and activities Our vision and values Our vision is that the best possible health and care is available to all. We aim to be a catatyst for change and to inspire improvements in health and care by: generating and sharing ideas and evbdence offerin8 ri8wous analysi5 and independent thallen8e bringing people together to discuss. share and leam 5UPPOrting and developing people. teams and organisations helping people to make sense of the health and Ca￿ system. Our values underpin the w{￿k we do: We are committed to our purpose and Independence We will focus on making the greatest Possible Impact to achieve our vision of better health and care for all. always contributing from a posltion of independeno. We will be honesL bold and challengin& seeking diverse perspertives and experience5. engaging in con5twctive dialogue and calling out injustice. We act with integrity We are collaborative and inclusive We will ensure that everyone feels respected. valued and supported. recognislne that we will achieve more by v￿rkIng together and collal)orating with olhers. We are positive and engaged We will celebrate success. value learning and promote positive cultures that support people to work at their best. We strlve for excellence Ipje will strive to produce vlork of the highest quality, continuously learnin8 to improve everythin8 we do. ObiecDve5 al￿ acti￿DeS

Tru5tee5' annual reP￿anda￿D￿ntsIOl the>*arerhlod 31 DKewthr2021 Our 20ZO-24 strategic prlorltles Our work spans the breadth of health and care policy and practi￿, giving us a unique understandin8 of the strategic context for health and care now and in the futu￿. Within this, we focus our resources Whe￿ we believe we can maximise our impact. Our current strategy identifies three 5trate8ic priorities which forn the basis for our work programmes: healthy places and communities tackling the V￿rst health outcomes supportin8 people and leaders. In addition to our three stratewc priorities. our work on the Foundations of health and care uses our knowled8e of the health and care 5yStem and the relationships we hold. to provide independent analysis, respond to key developments and make sense of the complex and changin8 landscape. The best possible health and care for all Obieciives and aciivities

Tru5tees'annual repwt and accountsforthe yearended 31 December 20ZI Our impact It can be challenging for an organisation that is not directly involved in service delivery or policy-making to rneasure its impacL Nevertheles& we are committed to evaluating and reporting on our impacL We use several levers to bring about change. We explain policy and make sense of the health and care system to support people working in and with the 5y5tem. We shine a light on issues where change is needed throu8h our research and analysis prompting and informing policy change locally and nationally. We offer new thinkin& sharing ideas and examples to infom and inspire the future of health and care. We v•ork directly wtth people. teams and organisations to help them develop rn0￿ effective ways of working and grow the leadership capabilities they need. We bring together people with different backgrounds. experiences and perspectives through our events. programmes and networks. using our buildin8 to provide safe and stimulating spaces where people can leam and build relationship We advise, support and challen8e local and national leaders. applying our thinking, knowledge and understanding to the issues they are facin& In the next 5ecti¢)n. we outline our athievements during 2021 and how we hwe used these levers to deliver impact through our work 014ectives and aciiviiies

Tru5tee<anThJ reportand acctyjnts fortheyearended ai De￿11￿￿ 2021 Achievements Despite the impact of the Covid-19 pandemic. 2021 was a busyyear in ternis of new policy derfelopments and change5 at the heart of the health and care ￿Stern. This included publication of a White Paper and Bill setting out the next steps in the development of integrated care. changes to social care funding and a White Paper on social care reforni, significant changes to the public health system and a review of health and care leadership. Much of our time was therefo￿ spent feeding into and sponding to these developments. A large part of our Ivork continued to focus on integrated care. both in terms of shaping national policyand working locally to support the development of integrated care systems IICSSI. The pandemic highlighted deep health inequalities and we used our voice to focus attention on this. We also adapted our leadership and organisational development work in response to the pandernio using digitsl technology to deliver more of our client work and expand our online offer. Healthier places and communities Health and wellbein8 are profoundly influenced by what happens in places and communities and by how the services operating in a pla￿ interconnecL Health and care organisations. local govemment and other local agencies need to work more closely together. co-ordinating the services they deliver to people. They also need to work in partnership with citizens and communities, and harness the vital contribution of the VCS. These principles are at the heart of a population health approach. which aims to improve health outcome& promote wellbeing and reduce health inequalitie5 across local populations. The Kin¢s Fund has been at the fo￿front of developing integrated care. population health and place-based workin& building the evidence base, influencing policy and supporting local implementstion. We will build on this work. bringing together our unique combination of skills and expertise in policy and leadership development to shape healthier place5 and communities. We will help th05e working to improve health and wellbeing in the places in which they live and work by supporting them to collaborate across different organisations. and to draw on the diversity and St￿ngth5 of their communities. Acf¥eveffnts

Tru5tqe< annual r•pNtand accountslor th*y•ar•ndod 31 DKenthr Z021 Key objectives The Healthier pla￿ and communities tXO8ramme identified the following objectives for this strate8y period: supporting local or8anisations and communities to work together to improve health arKI wellbeing helping people in the health and care SYSt￿n to de¥Elop the relational skills needed to work collectively across organisational boundaries ensuring the role of local government the VCS. and patients u5er5 in improving health and care is fully recognised and harne55ed understanding the role that digitsl tethnolo8ies play in joining up services and giving people greater control over their health and wellbeing infiuenun8 rK)licy and legislation to support the development of doser partnership-vffjrking locally and remove the barriers that can prevent this from happening. A major priority for the Healthier places and communities programme in 2021 was to influence the development of ICS5 and other ftxms of pla￿baSed partnership-working. We did this in a numberof way& We worked with leaders in ICSS. place-ba5ed p3rtner5hip5 and primary Ca￿ networks. increasingly by bringing together a cross-Fund team with representstion from members of our poliry. leadership and communications directorates, combinin8 our expertise and developing 'One Fund, offers that can support system change. Our report on Developing place-based partnerships argwl that ICSS need to be built up from partner5hip5 at a more local level and had a significant influence on the guidan￿ document Thriving places subsequently published by NHS England. We hdd two virtual conferences on ICSS. the first of which re3ched almost 800 participants - more than any previous paid-for The lfjng's Fund cOnfe￿nCe. We hosted roundtsble discussions with invited experts to explore specific issues in ICS development such as the role of social Ca￿ providers in ICSS. Other outputs included an explainer on ICSS. research ￿ the development of ICS5 in London. and a digital toolkit aimed at primary care networks. ACh￿eMentS

Trusi¢•¢anThJal r•wtandaccountslorthe year•nW 31 D*embÈr20ZI One of the key objectives of the Healthier places and communities programme 15 to support health and care or8anisations to work with local people in that empower communities- and to act on the insights they have to offer. In 2021 ourwork on this included: a practical resource. Understanding integration. that aims to help ICSS listen to and leam from people and communities work with Derbyshire ICS to provide support for putting the insights from the Under5tondin8 integration work into practice. a virtual conference on Community is the best medicine. Our work aim5 to support health and care organisations to understsnd how they can have a positive impact on population health. Ourwork on this in 2021 included: work on the role of health and care organisations as 'anchor institutions,, including practical support to local leaders. a virtual conference and a long read a research report examining the roles that directors of public health played during the first year of the pandemic and describing what is needed for a strong public health response a5 part of recovery a virtual conference on Navigating the future of population health. Tackling the worst health outcomes It is well known that some groups in the population have si8nificantty poorer health outcomes and worse experiences of using health and care senrfices than other& This is a longstsnding injustice and one that has been brought to the fore by the Covid-19 pandemiG which had an impact on different 8roups in different ways with some groups experiencin8 much higher mortality rates than others. Within this context the health and care system is giving g￿ater priority to tackling the worst health outcomes, with reducing heaFth inequalitTes emer8in8 35 clear focus in ￿0very plans. The ovwarching purpose of the Tackling the worst health outcorne5 priority is to work th people with lived experience. communities and services to improve health and care for people with the worst health outcomes. Achievemwt5

Tru51ee5'annual report fr1￿Year ￿ded 31 December 2021 Key oblectlves To deliver this purpose. the Tackling the worst heath outcome5 programme identified the following three ￿JectiveS for this strate8y period: health and care policy and practice are shaped bythe lived experiences of those with the worst health Ixrtcomes widespread adoption of health and care pdicy and practices that improve the health and wellbeing of people with the worst health outcomes betterjoint w0￿1n8 between the health and care system and its partners to improve the health and wellbeing of people with the worst health txrtcomes. In 2021. the Fund was an important voice in the national debate on tsckling the worst he31th outcomes. y￿th health inequalities a key theme in our response to the pandemic. Our concise analyses of key dats sources. such as our analyses of life expectancy and mortality data. helped focus attention on health inequalitie& We also provided advice to central government in its work to tsckle health inequalities. for example. adwsin8 the Department of Health and Social Care Strategy Unit on its work on 'levellin8 UP,. We supported the NHS in developin8 a stronger role in addressing health inequalities through our research, analysis and sense-makin& This included some key publications such a5 a joint report with the NHS Race and Health Observatory on the NHS'S role in tackling ethnic health inequalities and a briefin8 on the NHS'S role in tackling obesity. Our sUPPOrt also included working directly with health and care systems locally, for example, workin8 Wth Yorkshire and West Harrogate ICS to design health inequalities training for leadets acros5 their system. In February we launched Healthy Communitie5 Together. our partnership with The National Lottery Community Fund ffNLCF). which supports area5 in developing effective partnership5 locally to improve health and wellbeing, reduce inequalities and empower communities. The first phase involved supporting six areas to develop plans and in November, four sites were selerted to receive £450,000 each in 8rant fundin8 from TNLCF plus support from The Kinls Fund. spread over three years la fifth site was added in February 2022). We made progress in our ambition to incorporate lived experience in More of our work for ex3mple initiating work on disabled people's experience of health and ca services, co-designed with Disability Rights UIL Ache¥errnts io

Trullee¥anrN rewtand acctyjmslorlheswrended 31 DttenwZ021 Supportlng people and leaders The worlrforce crisis in health and care poses the single greatest risk to acce55 to and quality of care. The aim of this strategic priority is to create a healthier, more inclusive, and effettive workforce. Addressing staff shortages will require a transftjrmation in the way care is delivered and the development of new roles and capabilities. It will also mean making health and care organisations better places to worl creating supportive, compassionate and inclusive cultures, and addressing the unacceptable leve15 of stre55. bullying and discrimination that currently exisL We will work alon8side health and care leaders to ensure there are enough people with the right skills to deliver high-quallty. perS0n-￿ntred care, now and in the future. Key objectives To deliver this purpose, the ￿pportIng people and leaders programme identified the following oiyectives for this strnte8y pml: promotin8 a wholtrsystem view of the Wfxkf￿ health and care, realising the full ccthrtriiwJtion that can be made by people using ser¥ices volunteers and others SUPPOrting people working in health and care to embed colective. compassionate armd inclusive leadership wactices and create enabling. Supporti￿ organisati(X￿l cultures supporting leaders cK8anisations and Wems to deliverthe transfomiational d)anges needed across health and care proNllding evidence and insights to enable people working in health and care to make best use of digitsl technologies under5tsrKlin8 Staff sh(￿ta￿ the driving behind them and how they can be ad(kessed. In 2021 during a very difficult time in NHS and social care history. we continued to deliver leadership and organisational development support to people and leaders, including in the VCS. Through our range of open programmes. client commissions and grant programffles. our skilled team continued to adapt our support offers. This included developing our use of digitsl technology and the launch of a new self-directed learning programme on An introduction to leading with kindness and compassion in October. for which 2.QK)O people across the UK and globally registered in the first five weeks. A(heVe￿ntS li

Trustee5' annual remandaccounts forthe wded 31 December2021 The 2021 GSK IMPA￿ award winners were announced at the end of April. and the GSK Network with 95 charity members continued to recetve leadership development support through the year. GSK sUPPOrted a new pilot grant and leadership programme. GROW. for smaller charities. with a particular focus on reaching organisations led by people from ethnic minority communtties or people with disabilities. We provided evidence and thought leadership to hdp infiuence the national workforce agenda, including as members of the People Plan knisory Group (England): new research on flexible Y￿rkIng for NHS Engla￿1. oral evidence to the House of Commons Health and Social Care Committee inquiry on workforce bumout and ￿$111ence in the NHS and social care: and worked within a new coalition of health and care profe55ional bodies and orsanisations that have come together to speak with one voice on the need to prioritise the wellbein8 of health and care stsff. We delivered support to Health Education and Improvement Wales on tts strate8y for compassionate leadership and succession planni￿ We completed an intemational inte8rated care pro8ramme for ICS senior teams and collaborated with our network partners within the IHI Health Improvement Alliance Europe. In partnership with Imperial Healthcare NHS Trust. we co-hosted a monthly conversation on kindness in health Ca￿ with expert international health and care contributors. At the beginning of October, the Secretary of State for Health and Social Ca announced a new review of health and social care leadership in England led by the fomierwice Chief of the Defence Staff, General Sir Gordon Messenger. and Dame Linda Pollard. We drew ¢Jn our leadership practice and published research to offer evidence and perspectives to the review. Foundations of health and care Our broad knowledge of the health and care system and the relationships we hold across the system fomi the foundation of our work We know that our 5tskeholders and audiences highly value the work that ¥￿ do to provide independent analysis. explain key issues and respond to developments across the breadth of health and ca￿. Current a￿aS of focus include shaping and influencing the extemal debate on access to services. the health and care White Paper and Bill: the funding envelope for the health and care systern. ar￿ social care funding refonn. We have maintained our high profile on these issues in 2021 through our responsive work. proactive reports and sense.making contenL Aclyewements 12

TrU$tee¢annu￿ Thp￿tand a(￿Irt5 for1hey￿reTrded al Do(offlber ZOZI Key objectlves The purpose of our work wo8rdmme on the Ftyjndations of health and care 15 to: help us uThlerstand the t(xitext within whidb V￿ are tying to achieve our strate8ic priorities. ensuring theytske aCc￿nt of in how the health and care systan is structured and funded maintsin our relevance and rewtstion as InfiUence￿ of policy and practice. by seeking to shape and 1ftfiuen￿ extemal debate on important topical issues that have a profound impact on the health and care gthem directly influence improvements to the buildin8 blocks that make ft)r good health and care. In 2021, the Fund played an important role in helping our aurfience make sense of the changes to the health and care system. while also continuing to influence the developing system to support our overall strategic objective Throughout the YearV￿ updated our popular exp13iner and sense-making content on how the health and care system 15 organised. ran updated version5 of our highly successful Health and care explained virtual conference and The NHS explained online course. and published our Social care 360 report on the W trends In the adult social Ca￿ sector in England. Access to care has been 3 dominant focus in the external environmenL Our work on the relationship between deprivation and waits for planned NHS care w35 widely cited in the media, by politicians and in key policy documents. Ourwork on explaining the impact of the government's social care funding reforms has also been pri2ed by policy- rnakers, parliamentsrians and the media. Our commentary and briefin85 on the health and care White Paper, changes to adult social care funding. and other policy reforms have also been widely used by national bodies, parliamentarians and the press. The Fund ha5 also played a key n)le in re5pondin8 the govemrnent's legislative reform5 for the health care System lthe Health and Care Bill). We have provided detailed and strategic advice to national bodies. stskeholders and parliamentsrians on how the proposals could be enhanced to support better workforce planning. acc<>untsbility and governance. and a 8reater focus on health inequalities. A(￿￿e￿￿nIS 13

Trustees. anrtual rewtand actr￿fits fortheY￿leftded 31 Decomber2021 We continued our work on Covid-19, with popular an3￿15 exploring the data on deaths from Covid-19. and how the UK perfomiance compared intemationally. We published research on the international experience of recovery from disasters to inforrn the recovery from Covid-19. Ahead of the govemment's commitment to a public inquiry into Covid-19. we published a framework on how to assess the 80vemment's preparation for. and restM)nse to. the cri51& Internal change 2021 was the second year of our five-year strategy and of Y￿rkIng through programme groups. The programme groups were set up to support the input of diverse views and insight in ￿der to increase impact. We are currently reviewing pro8ramme working to improve this way of working for the futu￿. 2021 VRS a150 the second year of adopting new ways of working in response to Covid-19. We have leamt much about hybrid working and will look to develop these skills. tools and ways of workin8 for the future. We have invested in making changes to our office in Cavendish Square to enable improved hW)rid vrforking including installing audio-visual eouipment and improvements to our wi-fi. We hwrfe also made adjustments to ensure that our offices follow best practice relating to managin8 the risks of Covid-19. Diversity and inclusion Y￿5 a key focu5 during 2021 and the progress in this area is outlined below tsee p19-211. Aclu￿￿)entS L4

Trullees. annual reportand accoums lortheyearended 31 Ile¢ember ZOZI Plans for 2022 2022 marks the 125th anniversary of The Kin8's Fund and the mid-point of our five- year strategy. Our work this year will support the health and care system as it emerges from the pandemic under Unpre￿dented strain and in the rnidst of significant change. Four key themes will run through our work programmes: a focus M the health and wellbeing of the workforce and access to care for patients shaping and explaining reft)nns to help people navigate the new S￿ern supporting local leaders and improving pathetship-working strengthening our focus on the worst health outcomes by addressing inequalities and promoting diversity and inclusion. Internally. we will focus on stren8thening our cornmitrnent to becoming a rno diverse and inclusive organisation. adapting ourways of working in the post-pandemic context and accelerating our use of digital technology. We will also continue to focus on mana8in8 the financial impact of the pandemic and seek new to generate income. In this section, we describe what our pro8rammes aim to achieve in 2022. Healthier places and communities 2022 will be a critical year in the development of ICSS and placfrbased partnerships, with ICSS expected to become ststutory or8anisations from July. A key focus for the Fund will be 5upportin8 local leaders to work thrixJ8h the complexity of the new arrangements. particularly in terms of the leadership behaviours and new ways of working that need to be developed within and betsyeen different parts of the reformed system. We will also w(xk to influence the imklementstion of the ￿orniS to ensu￿ local System leaders are able to give sufficient emphasis to shared. local priorities for improvin8 population health. including by ensuring that local govemment and VCS organisations are core to decision-makin& Building on the important role played by communities during the pandemic. we will support health and care orpnisations to become better equipped to work with communities and learn from community insights. including by clarifying the system changes that would be needed to enable community-centred approaches to become more Widesp￿ad. Pkn5 fur 2022 15

Tmsthes, annual reportandac¢ountsforthe s*ar wded 31 0¢w￿ber ZOII Specific cornrnitments for 2022 indude: beginning vmrk to assess whether ICSS are being implementsd in a way that lives up to the original vision for the refom)s conducting research to understand how VCS sector organisations. public health leaders social care woviders and other stakeholders can be meaningfully included as partners within ICSS publishing 3 report on taking a strate8ic approach to volunteering in NHS trusts sharing insights and lessons leamt from the success of the Covid-19 vaccination programme. including the Importan￿ of joint working acr055 the NHS, local government and the VCS. and with local communitie& Tackling the worst health outcomes With reducing health inequalities high on the agenda for the health and care system in 2022. we will continue to strengthen our voice in this area, providin8 SUPPOrt to national and local leaders in their efforts to tackle the worst health outcomes. We will initiate work with specific population groups that experience the worst health outcomes. providing further focus to the programme. We will also tske forward plans for some longitudinal work in 3 srnall number of sites to explo￿ in-depth approaches to tsckling the worst health outcome5. We will continue working to ensure that lived experience is included in V￿rk across the Fund. and champion this externally. Specific commitments for 2022 include: continuing to support partnerships between the VCS. NHS and local authorities through the Healthy Cornmunities Together programme and beginning to share learning from this work a long read drdwing out lessons from previous attempts to prioritise health inequalities joint research with Disability Rights UK on improvin8 disabled people's experiences of health and care seNices research and sense-making that explo￿5 how digitsl technologies can exclude some groups and how to minimise the risks of this improwng health outcomes and reducing irwualities by supporting policy-makers and ICSS in tackling cardiovascular disease. Ppl￿5 lot 2022 16

Trullee<annual reportand accountsforiheyearended 31 DecembÈr2021 Supportlne people and leaders With the Covid-19 pandemic exacerbating longstsnding issues such as staff shortages. burnout and inequalitres experienced by Black and ethnic minority staff. we will support the recovery of services through increased focus on the need for compassionate. inclusive, and diverse Workpla￿ cultures and the conditions required to address the health and wellbeing needs of the WO￿orCe. Le8islative and policy changes to promote integrated care are likely to present both opportunities and additional pressures for leaders and their teams in 2022 and beyond. We will seek to influence implementstion with a view to delivering the transformational change5 needed acr055 health and care. We will continue to focus our leadership and organisational development IODI practice work on the conditions required for leaders and their tearn5 to 5uccessfullv operate within and across organisational and system boundaries through a range of commissioned work and open programmes. and our work supporting development of leaders in the VCS. These will be deliVe￿d through faCe-tO-fa￿ and digttal channels to strengthen our reach to wider and more diverse audiences acr05S the health and care 5y5tem. Specific commitments for 2022 indude: developing a new OD offer to support improved health and wellbeing for stsff. drawin8 on the research publication The courage of compassion and analysis and commentary on 2021 NHS Staff Survey leveraging the opportunity presented by the publication of the Messenger Review in 2022 by: publishing a thought leadership series on current and future leadership and organisational development practice within the health and care system sharing national and intemational insights and innovations on what other nations. systems and or8anisation5 are doing to grow and 5UStain their health and care workforces delivering and leamin8 from the new GSK Grow programme for small VCS organisations workin8 in the health and care sector deliverin8 a new explainer on compassionate leadership. Foundatlons of health and care We will continue our work to provide independent ana￿515, explain key i55ue5 and respond to developments Kr055 the breadth of health and care. Plan5 IOF 2022 17

Trustees. wnyal report ￿da(CO￿Trts the Jparended 31 D￿rnI)er 2021 Specific commitments in 2022 include: continuing our v40rk to infiuence fflajor reform programmes. incI￿ling the Health and Care Bill and the govemment's refomis to adult social care updating our popular How the NHS works animation to reflect and Make Sense of the changes that are due to be brought into effect by the Health and ca￿ Bill continuing our work to help our audien￿$ make sense of the health and care system, including our Health and care explained events, our online course The NHS explained and our Social care 360 report on key trends in adult social care delivering an externally funded explainer on how provider collaboratives fit into the emerging health and care system. Further commitments subject to funding include: developing a new health and care 360-branded pro8ramme, bringing together data analysis and expert commentsry on the state of health and care to replace our quarterly monitoring ￿pOrt sense-making, commentsry and ￿searCh on tsckling the backlog of ca￿, including the impact on ac￿55 to services across the system. Internal change We have th￿e internal priorities for 2022. Relmaelnlng ow workplace 2022 will see us continue to adapt to newway5 of w0￿1n8 followin8 the pandemic We will leam from our experiences and those of others during the past two years so that we Lwild on the positive change5 al￿adY rnade as we Inc￿se the time we spend in the office, develop our approach to hy￿ bvothing and increase our use of digitsl technology. Dlgltal and systems The pandemic has ac￿lerated our internal use of digitsl technology and we need to continue to develop our systems to improve our ways of working and use of digital technology. Develo&xng our systems also means developing our culture and ways of working with each other and with our partners. For example, digital technolo￿ can support our ambition5 to improve ¥￿Ilbeing. if used effectively. Dlversliy and Incluslon Our wor* in this area is highlighted below. Rans fu 2022 18

Trusiees'annual report and acrounts ended YI De￿[1*Mr 2021 Our commitment to diversity and inclusion The Kin8's Fund is 5tron8ly committed to becomin8 an or8anisation vthere diversity is welcomed, embraced and valued and all people are able to be themselves and thrive. We have 3 wide-ranging programme of work to support us in becoming a more diverse and inclusive organisation. In 2021. we recrutted our first Head of Diversity and Indusion to manage this work and provide strategic leadership and direction. Measurlng progress We are keen to be transparent about the progress we a￿ rn3￿n8 on our joumey to becoming 3 more diverse and indusive organisation. We measure our progre55 against tsr8ets we hwrfe set. by monitorin8 the (fNersity of our staff and by usin8 external benchmarking tools to track our performance. Targets We have committed to publishing progress against tsrgets we have set to inC￿aSe diversity among our Board and committee5. General Advisory Council and senior decision-makers. and to publish dats on the diversity of our staff. (￿r targets are: 50150 gender balance among the Board and committees, senior decision-makers and the General Advisory Council from the end of 2020 20 per cent Black and ethnic minority representstion across the same 8roup5 by 2022 no all-male committees. The position at the end of 2021 is below. rornThthl161 rdg3) Femak 60% (241 Blxkard ethnK minmty batkyuThl 20a 19%13) 18% 39x19) l The5￿￿?.de(..9QnyTrkersvfAp(ur￿ry(￿￿,5e$tsu5Iees.12I roFtiJsieecoTrniTee ￿￿￿￿5(4, an024 se)(x staff Ourcomrrntment io di¥ersiiy and inclusKJn Ig

T￿Stees.annUaI reportand ￿￿jnts fOrthe￿ended 31 De￿nbel ZOZI The dats shows that we met all our targets for gender diversity. We exceeded our tsrget for ethnic diversity among our General Advisory Council but narrowly missed the targets for our Board and committees and the senior decision-makers 8roup. We do not have any all-male committees. Our staff We collect data from our staff to enable us to track the diversity of the organi53tion over time. We have not ￿ updated this for 2021. The dats for 2020 can be found in last year's ￿porL External benthmarklng To help benchmark where we are on our indusion joumty. we use two extemal assessments: The Employers Network for Equality and Inclusion's Talent Inclusion and Diversity Evaluation (TIDE) Stonewall's UK Workplace Equality Index (WEII. TIDE TIDE assesses organisational performance and progress acr055 multiple categories of diversity including race and disability. In 2021, we completed our first TIDE submission. Overall, we were placed l(X)th out of 136 participating organisations and assessed at the 'realise' level. This highlights that. while V￿ are makin8 good pro8ress. we still have a gi)od deal of work to do to achieve our ambitions. WEI The WEI measures progress on lesbian, gay, bi and trans inclusion in the workplace. In 2021, we completed our second WEI submission. We were placed 239th out of 403 participatin8 or8anisations. a marked improvement on our previous submission. This resulted in us receimng a Bronze EmployerAward. Again. this indicates we are making Bood progress but have some way to go to achieve our ambition. Our work programme We have a wide-ranging programme of work to support us in becoming a more diverse and inclusive organisation. ¢)Jr cofffftitff￿nt tod1￿51tyaTrj IrKIus 20

T￿￿lee< annual repon and xcountsforiheyearwded 31 OffeFrxr 2021 Key objectlves Building ￿ our previous we identified four key priorities for 2021: recruithng a more diverse workfor￿. ongoing Myk to imwove recnmtment practices and become a more indusive employer increasing Black reWes￿On and equalitr. meeting our anti-rdcism commitinents and supporting (￿[ Black Staff Netwo developing 0urw￿k on allyship: a mre irKlusive W￿kpla￿ by supportin8 our staff to become allies becoming a platfrxm for diverse Vol￿$. amplifying Under￿epresented voices through ourwork and developin8 a diverse speakers IISL whlch we hope to launch on ourwebsite in 2022. Our commitment to diversty and indusion is also refiected in our extemal VI￿rk programme. Forexample. we were commissioned bythe NHS Race and Health Observatory to produce a report on ethnic health inequalities (published in June 20211. We a￿ a150 w￿rkIn8 With the equalities and hurnan rights charity brap to address racism and race inequalities in the London health systern by providin8 development in anti-racist thinkin8 and practice to NHS leaders across the capitsl. We will build on this work in 2021 focusing on: continuing to develop our approath to measuring pro8￿$5 and ensuring that we represent a diverse range of voice5 in our work empowering our staff by fornialising our employee staff networks.2 launching a mediation scheme. finalising our diversity and indusion policy and refreshing other HR policies embedding our work on allyship and extending this to indude mandatory anti- racism training for all our staff continuing ourwork to improve our recruitinent practices and become a mo Inclusive employer. ThesÈnei¥YtskScknryfi￿a ?',at¢Staff Ne".kwrL LC￿ Siaff le[h￿ik anoDis3bi Ily LorYd.Term F*alth[o￿1I￿S Ourcorrrntment iodwer51tyand i￿1￿￿On 21

Trusiee5'anThJal Tepon and accountsforiheyearended 31 Decen*u 2021 Financial review Review of income and expenditure for the year ended 31 December 2021 Totsl income for the year increased to £11.4 rnillion1£8.3 million in 20201. of which £5.8 million1£3.7 million in 2020) was generated from charitsble activities and £5.6 million1£4.6 million in 20201 was derived from other sources, namely investments. donations and legacies. and other trading activities. In 2021. income started to ￿COVer from the impact of the Covid-19 pandemic. aiaritable income increased by £2.1 million to £5.8 million due to a significant income drive from our work around developing individuals. teams and organisations lour Leadership and Or8anisational Development work). While tradin8 income increased by £0.4 million to £2.2 million driven by conference and catering (running ourvenuel income increasin8 to £l.O million I£0.5 million in 20201. However. this remains significantly lower than £2.5 million in 2019 as ourvenue only really started receivin8 bookings in Autumn 2021. Investment income ￿Mained ￿lativelY stsble. Costs increased in 2021 as income increased but remained tightly managed, given it was known that income would be lower than pre Covid-19 leve15. to minimi5e the withdrawal from the endowment. Totsl expendiknre of the Fund in 2021 was £15.7 million {£14.3 million in 2020). Expenditure on charitsble activities increased slighdy in 2021 to £13.0 million. 1£12.5 million in 20201, viith the main increase in costs from the developin8 individuals, tsams and or8anisations aw as%xiated with the additional income. Expenditure on other trading attivities Inc￿Sed to £1.7 million (£1.2 million in 20201 a5 a ￿SuIt of the increased activity to generate income. The average number of staff employed by the Fund during the yearwas 141, a decrease of 2 from 2020. This was primarily due to a decrease in fixed-temi stsff recruited for Maternity cover. Total staff costs after final-salary pension adjustments during the year were £IO.I million. an increase of 1.9 per ￿nt compared with 2020. Further analysis is shown in note 9 to the account& We budget for operating deficits whith are set at a level with a vTrew to maintaining the long-term value of the investment capitsl in real temis. The Fund'5 operating deficit for the year was £4.4 million. decreased from the £6.0 million operating deficit in 2020 a5 result of the impacts described above. Fina￿laIr@¥ieW 22

Th15tee< annual report and ac(tyJnts forthes*ar ended 31 De￿￿￿1 2021 The withdrawal in 2021 was £12 million below our budget because the levels of SUC￿55 in the developin8 individuals. teams and organisations work was not predicted. Net gains on investments during the year were £18.1 million,1£6.6 rnillion in 20201. Further detsils on investment perfOrn￿n￿ are set out below. Net assets at 31 December 2021 The Fund's consolidated net assets at 31 December 2021 were £229.5 million. This represents an increase of £23.0 million111.I per ￿nt) compared with the net a55ets at 31 December 2020. The inC￿aSe is due to the Fund's net income durin8 2021 of £13.8 million (comprising the net gain on investments of £18.1 million less the operatin8 deficit of £4.4 million) and the actuarial gain of £9.2 million on the defined benefit pension scheme. Net assets at 31 December 2021 comprise fixed assets of £250.4 million. net current assets of £0.7 million and a defined benefit pension Scheme liability of £1.6 million. Fixed assets comprise tsngible fixed assets of £53.4 million and fixed asset investments of £197.0 million including assets held because of the £20 million lon8-term loan. During the year. the book value of tangible fixed assets decreased by £0.6 million due to dep￿CIatiOn of £l.O million exceeding capital expenditure of £0.4 million. The main item5 of capital spend during the yearwere to upgrade the network and laptops. The value of fixed asset investments Inc￿Sed during the year by £33.1 million. This is due to the addition of the £20 million loan plus net valuation gains of £18.1 million, offset by £5.0 million of capital being withdrawn during the year to cover the Fund's cashflow needs as set out in note 13 to the accounts. Loan In December 2020 the Board of Trustees discussed the merits of accessing lon8- term borrowing to invest in the Fund's portfolio to boost long-term retums. They considered the modellin& which showed low le%Els of risk. and agreed to take advantsge of a strong asset base and historical￿ low interest rates in order to generate retums. In May 2021 Trustee5 agreed to borrow £20 million over 30 years and signed 2 Notes Purchase Ag￿ernent with Metlrfe. The loan was invested in the Fund's portfolio according to the current asset allocation (which is a8reed by Trustees on the recommendation of the investment committee). FinarKial ieview 23

Tru￿t￿ armal report acr0untsforthe￿arended 31 Derfflber2021 Investment performance The strategic allocation and the actual allocation at the end of the financial year are shown below. A%5et da5S Adu a•D[￿lOn % dlotatk+n % zozi 20ZO Cash a3 CNwaie bonds 40 Tot41 cJsh ind bu ia UK equil￿S 30 2A0 25.5" 30 315 31.2 Erne￿rI mwlet eqult5 15 12 18 164 F4tvaie equlty T•1¥ eq 75 77 7fjA 75.1 15 12 13.7 1&3 Total altunaiprts 15 lJ.7 1&3 TOT 100.0 100.0 TkÈportfc4owa5￿￿￿y￿l5Aletrry￿￿MnI1v ItyLKeruisthto￿re1a1￿￿wt*e[UKrnW&ei wfLYWCe 202kn lndths wasredressed Ill h's-. warier of i021. The value of the Fund's totsl investments at 31 December 2021, comprising publlcly quoted equityand bonds. private equity and property. was £197.0 million (£163.8 million in 2020). including the investment of the £20 million loan. These investments produced income. net of investment management fees and loan interest, of £1.7 million during the year and thi5 income, together with £S.O million of investment capital. was withdrawn during the year to cover the Fund's c3shflow needs. After allowin8 for these withdrawals, the investments 8enerated a total gain of £18.1 million 19.9 per cent. which is al)ove the Fund's long-term objective as set out in the Financial strategy and ￿ServeS section below). financkil le￿￿￿ 24

Trusiees'anThJal Teport and accourrtsforthe swrerthd 31 Decefflber 2021 Donations and legacies The Fund gratefully acknowledges donations andlor legacies received from the following during the past year: Her MajestyThe (J*en. C Tilby. D Emmerson and anonymous donors. Financial strategy and reserves The Fund's financial Strategy is guided by its policies on expenditure, re5erve5 and investments. The Fund's policy on expenditure is to ensure that it has sufficient resources to meet its charitable objettives over the medium temi. The Fund generates money from a variety of activities that support or are complementary to its core purpose and make best use of its assets. As the money the Fund generates is insufficient to cover its total expenditure, a proportion is drawn f rom investment capital. In agreeing the level of resources. Trustee5 are mindful of their responsibility for the stewardship of the Fund's long-term mission. Trustees tske a ri5k-based approach. which aims to balance the Fund's ambition in meeting its charitsble objectives: its ability to generate income: and its capacity to spend from investments. now and in the future. The Fund's totsl reserves at 31 December 2021 were £229.5 million. As set out in note 19 to the accoun& £152.2 million of this represents the expendable endowment (all of which is included in fixed asset investments). restricted funds have a deficit of £13.000 (a deficit of £25.000 in 20201 and the remaining £77.3 million represents unrestricted funds. £53.4 million of which could only be realised by disposing of fixed assets that are currently used by the Fund in its activities. The Fund's policy on reserves is based on recognising the long-terni nature of its work and the continuing need for financial supporL The expendable endowrnenL restricted funds and the unrestricted reserves are managed as a pooled investment with the intention of providing financial support today and for the foreseeable futu￿. After taking into account the ￿serveS set aside to match the £1.6 million deficit on the defined benefit pension scheme. the Trustee5 consider reserrfes to be at an appropriate level. The Fund'5 policy on investments 15 to take a long-terni approach. investing globally across a range of assets with the intention of preserving their value in real terms after allowing for expenditure. As a charity committed to improving health we do not have any direct or indirert investments in the tobacco industry. Fina￿la1 rewew 25

Trustees'annual rewtand accountsforthty ended 31 OttewthrZOZI The Fund's investment strategy is to mana8e the portfolio based on a total return, ie. income and capital combined. The Fund ha5 an asset allocation that IS geared towards equities because of their higher expected returns in the lon8 temi. while maintsinin8 an appropriate level of liquidity to meet expenditure commitments in the near futu￿. The ￿ference date for the purpose of assessing the real value of the investments is l October 2019. Trustees review the amount that they spend from investments periodically. balancing the expected demand for re50urce5 With the likelihood of future investment returns. The Trustees recognise that each year the Fund will need to withdraw the investment incorne and some of the investment capital to bridge the gap between its annual income and expenditure. and they set the budget accordingly. Between l October 2019 (the reference date) and 31 December 2021, after income and capitsl withdrawals and removing the loan the value of the Fund's investments has increased in ￿31 terms (above the retail prices index) by £14.4 million. rewe 26

Tnisioos. annual wand accountsfortheyearondod 31 December ZOZI How the Fund is constituted and governed The King's Fund is incorporated by Royal Charter and is govemed by the provisions and byelaws of the Charter. The Charter sets out the charitable objects of the Fund. which are the prornotion of health and the alleviation of sid(ness for the benefit of the public. by working with and for health care org3nisations, provided that such work will confer benefiL whether directly or indirectly, on health care in London. In this contert 'health care or8anisations' means those or8anisations involved in the commissioning, monitoring w supply and provision of health care. Ourvision that the best possible health and care is available to all ensures that we work for the benefit of the public. We aim to deliver our vision and mission through a 5trate8ic plan and annual operational plans. vthich are approved by the Fund's Trustee In approving these plans. the Trustees are mindful of the Charity Commission's general guidance on public benefit and their duty to ensure the Fund is carrying out its purpose in relation to this. In particular. the Trustees consider how activities will contribute to the aims and objectives they have set The Board of Trustees agrees the organisation's overall strategic direction. in line with its charitsble objectives. and 5crutinises management funrtions delegated to the Senior Management Team. A framework sets out the authority delegated to the Chief Executive by the Board of Trustees. The Board of Trustees meets six times a year. One of the meetings is desi8nated the Annual General Meeting. at which the Trustees, Annual Report and Accounts for the p￿CedIng year are considered and approved. The Board of Trustees also delegates some of its work to sub-committees as outlined below and set out on pa8e 38. Non-Trustee members of the Investment Committee (Robert Holmes and John McLau8hlinl and the Facilities and Estates Committee (Andy Doyle and Anna Rule) bring valuable expertise in the specific areas vthich these two committees are responsible for.

Trumtts. annual repNtandaccounts for1heyear ended 31 December2OZI Board of Trustees General Advisory Council IGACI Audit and Risk Committee Investment Committee Remuneration Committee Norninalions Committee RevitS th•wJrk ot Ihe Fund and piavides advice to tthÈTru5toes v4thie5pe(t ilihe irtvtstfftntand se￿￿￿￿￿￿f41rIh ef Ex￿ti¥ea￿d olhuFundSLIN aTrd appthtment Fevièirt itsttmalttsn1￿S d rtsft 5y51ern and fr￿d pl9(ty￿and9¥erseOS re"appointment Jf Tiu5tets The General Council (known as the General Advisory Council or GACI established in accordance with the Royal Charter meets twice a year. Members act as a source of intelligence on the key issues and challenges in the health system and use their collective expertise to refiect on the Fund's activities and impacL The members of the GAC are appointed by the President on the recommendation of the Chief Executive for a period of up to three years which can be extended to further three-year terms. Detsils of the current members of the GAC, and those who served during the year. are set out on page 36. Trading subsidiary KEHF Ltd is a wholly owned trading subsidiary of The King's Fund. The principal activities of the company include those that are not the primary purpose of or within the Fund's charitsble objectives, includin8 the lettin8 of conference facilities owned by The King's Fund and related catering sery1￿. sponsorship for some of the Fund's events and income froffl corporate partner5 and supporters. 100 per cent of the taxable profits of KEHF Ltd are paid to The King's Fund. under the Gift Aid scheme. A list of directors, who are appointed byThe King's Fund, is included on page 39. Details a￿ included on page 62 of the financial statements. How Fwd 15CODStituted aDd8oveiT 28

Trustee<annual reportand accourrtsfor ts￿are￿Ied 31 DÈcembÈr2021 Recrultment and appolntment of Trustees Trustees a￿ appointed in Ilne with the byelaws set out in the Charter. They serve for an initial terni of three years and may be re-appointed for a second temi and. exceptionally. a third term. Appointment as a Trustee is open to any 5UTtably qualified member of the public. A skills audit carried out by the Nomination5 Committee at the stsrt of the year informed a round of Trustee recruitment which concluded in December 2021 with the appointment of five new Trustees. Vacancies We￿ advertised widely, and a large number of candidates expressed their interest Recruiting to the vacancies also provided an opportunity to improve the diversity of the Board. Historically. the Nomination5 Comrnittee met on an ad hoc basis when vacancies arose. but it was agreed durin8 the year that the Committee would meet annually to review forthcoming exits from the Board. compare this to a skslls audit and take decisions on any necessary ￿crUItMent Newly appointed Trustees are provided with an induction programme, which sets out the activities of the Fund and their ￿ponsIbIlitieS as a Trustee. They a￿ invited into the Fund to meet collea8ues and get to know our work and our building. The Chair of Trustees usually meets with each Trustee annually to review perfonnance in the past year and to discuss the year ahead. Details of the FurKI's current Trustees, and those who served during the year. are set out on page 37. Board revlewlevaluatlon The Board usually reviews its perf0rrnan￿ annual￿ at an awayday when Trustees reflect on how well they are fulfilling their duties. Trustees consider the Board's balance of skills. experience and knowledge. its diversity in the widest sense. how the board works tO8ether and other factors relerfant to its effectiveness. They use the principles of organisational purpose, leadership. integrity. decision-makin8, board effectiveness. diversity. openness and accountsbility as included in the Charity Governance Code to ensure high stsndards of govemance and to support continuous improvement. Trustees ag￿ed that this could not be done effectively while meetings had to be hdd virtually and so decided to defer the Board effective￿ discussion to 2022. the Fundiscon5tiiuted arxj ￿¥eme￿ 29

Trustee5'anThJal ￿ portand accounts fwthe ￿al ended 31 Dttefflber2021 Organisational structure and how decisions are made The Trustees appoint a Chief Execulive. who is responsible for delivering the strategic direction and day-to-day management of the Fund. The Chief Executive. together with the Senior Management Team, develops strate8y. plan% programmes and policies for the Fund. which the Board approves. The framework for the Chief Executive. sets out the authority delegated to the Chief Executive. It is reviewed by the Board of Trustees every three years and when a new Chief Executive is appointed. New internal governance arrangements were introduced at the start of the 2020 to support and deliver the strategic priorities for 2020-24 and achieve the 8reatest impact via our programme. business and 00 priorities. Senlor Management Tearn The Senior Management Team works within the framework set by the strategic plan and the annual operational plan. which sets out the detailed VKtrrk wosramme using a list of strategic priorities as headings. The SMT monitors reviews and takes action to ensure performance against strategic goals and on risks and issues escalated by the Portfolio Board and the Operations Committee. Details of the current members of the Senior Management Team. and those served durin8 the year, are set out on page 39. Portfollo Board PortFolio Board provide5 strategic oversight of the Fund'5 four pro8ramme5: Supportin8 people and leaders Tackling the worst health outcomes Healthier places and communitie5 Foundations of health and care. The board ensures that a high-impact portfolio of work is developed and delivered. Operallons Commlttee The Operations Committee oversees projects ￿Tated to systems. processes and infrastructu￿. It is supported by a Busines5 Improvement Forum and helps the Fund achieve the greatest impact using our business systems and ways of working. How the Fund iscon51ituiedand8thwned 30

Tw51ee5' annual repLYland ac(¢)ufft5fortheyeirended 31 Decerrthr 2021 Risk management The King's Fund is unwrfoidably exposed to risk either due to factors in the extemal environmenL or through the opportunities we thoose to pursue and the activities we carry out that enable us to deliver ourvision. mission and strategic goals. Our Risk Management Policy sets out how we identify and acttvely mana8e the risks we are exposed to and our approach all0v￿ us visibility and control over the key corporate risks that affect the organisation as a whole. We use a process that categorise5 and scores eath risk by considering its cause. likelihood. impact and mitigation. Based on this we deterniine whether further action needs to be tsken. Risks a￿ grouped according to whether their impact will be on our strategic focus. ability to influence. reputation. internal capability or ¢)ur financial sustainability as outlined in the fi8ure below. Key corporate risks tryths to do? Deliver impact through charitable objectives via strategy 2020-24 t t t t t Whrtenables us to do thls? Strategic fLKU5 3rHI prioriti5ati At*lttyto influence Frnancial sustainabillty reputstion affert thb? terni k)5sof xcessbJhYh8to How the Fund Iscon5TllUted andsow 31

T￿stee$, annual reportand a((tyJntsforthe yearonded 31 Docoffts ZOZI The ongoing impact of Covid-19 on all five risk areas was dosely monitored during the year using a Coronavirus Finance Artion Plan alongside the Corporate Risk Register. During 2021 we commissioned an internal audit to asse55 whether our risk management controls are desi8ned appropriatety and are operating effectively. The review concluded the Fund has appropriate governance structures in place over risk, and policies and processes for the management, reportin8 and oversi8ht of risk ali8n with recommended practic Suggested a￿3$ for development that are bein8 taken forward include C￿ating separate risk registers for the Investment Committee and the Facilitie5 and E5tstes Committee to use as tools to monitor and manage these specific area5 of risk. We will continue to evolve the Corporate Risk Register and our risk management pro￿55 to ensure that it supports the Fund with effective strategic and operational management. particularly when it comes to mana8ing un￿rtainty. Members of the Audit and Risk Committee and the Board of Trustees are satisfied with the procedures that a￿ in place to review the risks ratings. controls and actions to mitigate the Fund's exposure to risk Rlsk ¥ea Strategic fatu$ There 15 a ri5kthat our 5trateKyla&5 15 diffi¢￿tt&d￿l%tr￿d falsto and prioritisation ThpatL Aswe implement wrstrategy for 2020-24 sought to rnanlan the h￿h ol visitrflity erygernent that staff had during its d￿￿lopment. Internal gO¥ernar￿arrangernents ¥e all8n￿ to ourstraw. TIM5 indude5 overslBht of Atility to influence knpacL Fbexitrflityis delTri eratdy kft in the CPerabth￿ Fkn each ￿t0 alow the to re5PDnd to newor additima okyortunibe duri￿ the Cowd.19 pand￿1¢ arnl retryrty. VleaW￿thal%Ir c￿nUet0 an apwowate ¥dume ofhigh4JU31itypJlirywork, rnaintain a high rnedia profile and ccffthnueto track d* 3iKxrtwrreth a¥J impaEL (￿rreP￿tstr0n There i5• risk th•tweloxawrewrt•tl￿ forcredlMlty¥KI quaityandthat our The keeps up to dale with all k8al and re&da￿ requirements and recorThnended acknce. make disd05LWE5 abwt ¢JJr ifKome sourc4 knyon-makin8 and PolKie5. aBree￿￿ts aThJ contracts set out the Furrfs POSTtion. ensure thE qualityof tyJr tNrts, address ethical issues recoBnise the origin of fundiw staff and Trustees are encouraged to understand ￿here to ihevaw ethK5 and Cultu￿ of tl k%)w theFU￿ ￿(On$￿tuteOand

Tru5tee5' annualremand accountsfof theyearended 31 De£enthr 2021 Rlsk area ManaYm￿l ofrlsk Intsrnal tapability Staff vrtllbein8 %%qs •Jentified as a w￿ltyarea for2021. We habEvKrked on de¥Eloping kYOacti¥ea￿I trwwert intemal COrNr6ftt￿ftl0n V•tlknin& Feedback from staff is hered via questionnaires ￿l¥e¥S * S$￿larISt 5UPWt alrea¢tyin pla￿ ￿￿.a staff counsellor3nd netrth of health first aiders) is highlighted freqUen￿y. Vrfe Thst in builthn8Lwr Intemal uplities thrnryh Sukwt¥￿ amin8 ar de¥elopffnL aswdl a5￿uln8 and wxtisin8 open￿. Collat￿?tiQn a￿1 indusmty. There 15 a cros5.FurKI fcKu5 on Conti￿OU5 inyovernentand the d￿VMertof Alxjgness ¢￿tInuIty pkn is in plxe to enwre thatthe Fund can cmtinue operntin8 after a rnaior incl￿¢ or external Thtnt Iwth a5 Co¥id-19X e¥En rfthe ￿lildIng is inactewble fora prolon8ed period.The ￿InfraSt￿jctUre is degr￿￿ to maxirni5e aTrJ ￿liCleS xe h) ￿t0 apwowlate seojrlty of data. Fin￿la1 sustslnabllty The Fund'5 irThvtr￿rrts￿e actith rnanaged arvj byan IrNestment Comrnittee. ich set5 a stratryc a55et ahxztion and ISX￿1ated puformarKe benchrnark and balances risk axainst berthrnark WEbJrn5￿th a dThzrstfied plxtfo1￿ of a55et da55e5. In￿stment Ferform¥Ke isItysAe to Try￿tee$ and sen)r man•8ement in tr rI￿nthlY review offin•ces Sl¥)rt. and lthy.temi finarthl ￿artS e maints1￿1 prc8ress is monitored regLlarty Iythe Seniof Mana8ert￿tTe¥n and Trust￿ tknitht oftre defird benefft penslon stheme is maintsined, and this liability is congdered akjnggde other finanoal risk& The Cororuvirus Plan Fund was debtlry>ed to mitiBe the fin￿£141 risks of ￿ parnlemic on tt ry8anisatkni ar￿ fixus on supptytin8 sustsinable income 8erTrtion frwjn a r•y of source5 dwin82021 and b￿J. Risk appellte The amount and type of risk that the Fund is willing to take in order to meet its strategic objectives is detennined by the Trustees and is usually reviewed annually using a framework based on the five key risk areas summarised above. Our approach to risk appetite and man38ement aids decision-makin8 as it hi8hli8hts areas of opportunity and concem. supports understsnding and challenge of the risk controls in place and helps to detemine how muth fiirther efftjrt is ￿qUired to mitigate key risks in the risk register. HrA¥ the Fund i5constiiutedaTrl gcNemed 33

Tru5*e¢ annual repwtand aciountsloriheyearended 31 Decernber 20ZI Maintaining our independence Our indeperrflentt is important to ¢￿Ir reputstion is founded on the objectivity of our worK independence from outside interests and freedom to determine our ¢)wn priorithes. We protect this independence in a number of ways. Our tundlng Our funding comes from a diverse range of wrces. protecting us against dependence on any particular source of income. As a charitsble foundation, we have an endowment funds maintsined and invested since we were estsblished in 1897 - which generates an annual income. As set out in our financial strategy. we draw on this each year to provide a consistent st￿arn of fundlng to support our work. In 2021. the charity had no fundraising actiwties requiring di5dosure under S162A of the Charities Act 2011. Our remaining fundin8 mainly comes from a mixture of income-8eneratin8 charitable activity (including leadership and organisational development services. our events and funded research and policy analysis), and commeraal actiwties lincludin8 hiring our venue and rentin8 office space in our building). The income from these activities comes from a diverse range of sources including commercial organisations. national and local NHS organisations. the voluntary sector and national and local govemment. Mo detsil is provided in the Consolidated Statement of Financial ActTrvitie Further detai15 of how we are funded can be found on our website. How we set poll¢y We have robust arrangements in place to assure the qualtty and independence of our research, policy analysis and other published work vthich a￿ described on our website. Responsibility for our public positioning rests with the Chief Executive who works closely with directors and other colleagues to agree our position on relevant issues. The Board discusses our public positioning with the Senior Management Team on a regular basis but is not involved in deterniining our position on individual poliry issue5. Ixir partnerships We maintsin partnerships with a range of organisations through our Corporate Partners and Supporters scheme. These relationships are govemed by our ethical collaboration policy which includes provisions to protect our independence. How the Fund ￿ ion5tituted go¥e[￿l 34

TNllee<aMual rewtand ac￿￿nts fortheyoarendod 31 Decerrd)er ZOZI Confilcls of Intor•st polky Trustees. committee members and senior members of stsff are required to reco8nise and deal appropriately conflicts of interesL Our Conflicts of Interest Policy. v4hich is reviewed annually by the Audit and Risk Committee. sets out our approach. We recognise that even the perception that there is a conflict of interest could damage our reputation. Trustees, members of committees estsblished by the Board of Trustees members of the board of KEHF Ltd. senior members of stsff (the Senior Management Team) and any other people as requested by the Trustees complete dedarations of all interests annually. All interests. rather than just those vthich the person completing the declaration considers relevan( are declared. This avoids the exclusion of any Inte￿$ts that others may perceive to be wtential contlicts. The Fund's Register of all Interests is reported to the Audit and Risk Committee and to the Board of Trustees annually. It is made availabk to the Fund's auditors and is publlshed on the Fund's website. Remuneratlon pollcy The King's Fund believes that to attract and retsin the calibre of staff we need to deliver our charitable objectives our remuneration policy should provide salaries that are competitive in our sector, be considered fair, equitsble and transparent; allow for pay progression over time: and deliver arrdngements that a￿ sustsinable within the available resources. The Fund operates an incrementsl pay scale for most of its staff. underpinned by a factors-based job evaluation system. The scale comprises grades from I to 8c. each with a minimum and maximum point and norrnally five incrementsl points in between. Salaries are reviewed annually, and the Fund has the option to increase scale points by an a8reed percentsge. Any such increase tskes effect from the following l January. The Board of Trustees has delegated responsibility for determining matters of pay and pay- related benefits to its Remuneration Committee. The Committee meets routinely in the winter to agree the following year's percentsge increase and arrangements for executive pay. In agreeing the pay award. the Committee considers indicators in the wider economy, the levels of award that have been made by or8anisations the Fund cOmpa￿S itself with; and affordability. At the meeting held in October 2021, the Comrnittee was mindful of higher Ivrfels of inflation than in the pre4ious year. and the impact on net pay of the planned increase to National Insurance contributions in April 2022. As a result. it recommended a phased InC￿3$e of I per cent in January 2022 and a further 1.25 per cenc refiecting higher National Insurance contribution rate5. in April 2022. whith Trustees agreed. How the Furx1 iS(￿S￿l￿ted and8ovwn 35

TnJMee5'annual reM and a((ountsfortheyearerthd 31 De￿mber Z021 Reference and administrative details Registered office The King's Fund 11-13 Cavendish Square London WIG OAN Charity number 1126980 Company number RCLKK)826 Patron Her MajestyThe Queen President His Royal Highne55 The Prince of Wales General Council The members who ser41ed during the year are: Dr Kamran Abbasi, Executive Editor. The BMJ Lord Wictor Adebowale CBE. Chair, NHS Confederation Samantha Allen. Chief Executive. North East and North Cumbria Integrated Ca System Professor Kate Ardem. Director of Public Health. Wigan Metropolitan Borough Council Samira Ben Omar. Independent Consultsnt (community collaboration) Kay Boycott. Non-Executive Dirertor. Imperial College Healthcare NHS Trust Stephen Chandler. Corporate Director for Adult Services. Oxfordshire County Council Professor Yvonne Doyle CB. Regional Director. Public Health Engtand Dr Navina Evans CBE. Chief Executive, Health Education En8land Hannah Farrar. Chief Executive, Camall Farrar ReferenceoTr1adffMnisirat*ve detals 36

Truslees'anThJal report andaccourrtsfor the yearended 31 Detefflber 2021 Ceinwen Gile5. Director. Shine Cancer Support Professor Nick Harding OBE. Chief Medical Officer. Operose Health Jatinder Harchow31 MBE. Chief PharmacisL University College London Hospitsls NHS Foundation Trust Angela Helleur. Chief Nurse. Lewi5ham and Greenwith NHS F￿ndation Twst John James OBE. Chief Executive. Sickle Cell Society Fatima Khan-shah, Senior Responsible Officer. Carers Worksteam, West Yorkshire and Harrogate Health and Care Partnership Dr Nikita Kanani MBE. Medical Director of Primary Car< NHS England Jonathan Mcshane, Chair. Terrence Higgins Trust Professor Nicholas Mays. Professor of Health Policy. London School of Hygiene and Tropical Medicine Ben Pa8e. Chief Executive. Ip505 Sarah Pickup OBE, Deputy Chief Executive. Local Government Association Charlotte Ram5den. Strategic Director for Children and Adult Service5. Salford City Council Martin Reeves. Chief Executive, Coventry City Cwncil Hardevvirdee. Group Chief Financial Officer. Barts NHS Foundation Trust Board of Trustees The Trustees who sen￿1 during the year and since the year end are: Dr Mark Britnell Alan Brown Ffreasurer from December 2021] Richard Clark Ifrom December 20211 Dame Ruth Carnall DBE Dr Jane Collins Dominic Dodd Simon Fraser rrreasurer to August 20211 Professor Kamila Hawthome MBE [from February 2022] DrAnnalisa Jenkins Ifrom December 20211 Rt Hon Professor Lord Kakkar KBE PC (Chair of the Board of Trustees) Dr Stephanie Kuku [from December 2021] Dr Aseem Malhotra Ito July 20211 Sir Jonathan Michael Ito March 20211 Rt Hon Jacqui Smith Profe550r carol￿ Wilkins OBE [from April 2020 to December 2021 and from February 20221 RefelelKea￿ athTinistrative de￿￿S 37

TNrttts' annual rtportand accountsforthe swrwmjed 31 December 2021 Sub committees The committee rnember5 5eTring during the year and since the year end are as follows. lnvestfflent Commlttee Alan Brown Icommittee Chair from December 20211 Richard Clark lfrom December 20211 Simon Fraser Icommittee Chair to August 20211 Robert Holmes Rt Hon Professor Lord Kakkar KBE PC Dr Stephanie Kuku lfrom December 20211 John McLaughlin Remunefatlon Commlttee Alan Brown Ifrorn December 20211 Dame Ruth Camall (Committee Chair) Dominic Dodd Ifrom October 20211 Simon Fraser Ito August 20211 Rt Hon Professor Lord Kakkar KBE PC Sirjonathan Michael Ito March 20211 Nornlnatlons Commlttee Alan Brown lfrom December 20211 Dame Ruth Carna51 Simon Fraser [to August 20211 Rt Hon Profe550r Lord Kakkar KBE PC (Committee Chairl Sir Jonathan Michael Ito March 20211 Audlt and R15k Cofflmlttee Drjane Collins Dominic Dodd Icommittee Chair from April 20211 Professor Kamila Hawthome MBE [from February 20221 Dr Annalisa Jenkin5 Ifrorn December 20211 Sirjonathan Michael Icommittee Chair to Marth 20211 Facllllles and Éstates Commlltee Alan Brown Ifrom December 20211 Richard Clark Icommittee Chair from December 20211 Andy Doyle Simon Fraser Icommittee Chair to Au8USt 2021] Rt Hon Professor Lord Kakkar KBE PC Anna Rule REfEYEfjCE afjdaStlliTrsiiati¥e det 38

TFu5tees' annual repurt and a¢cwntsforihe yearended 31 Detefflber2021 KEHF Ltd Board of Directors Alan Brown Ichair from February 2022] Dominic Dodd Ifrom April 20211 Simon Fraser Ichair to August 20211 Sir Jonathan Michael [to March 20211 Richard Murray Anna Rule Matthew Tolchard Senior Management Team Richard Murray. Chief Executive Sally Warren. Director of Policy Paul CIou8h, Director of Finance and Operations Suzie Bailey. Director of Leadership and Organi53tional Development Patrick South, Direttor of Communications and InfOrn￿tion Shirley Collier. Director of HR Key advlsers Bankers National Westrninster Bank PIC 250 Re8ent Street London WIB 3BN Sollcllors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Actuarles 8uck Consultants Limited 160 Queen Victoria Street London EC4V 4AN Audltor Haysmacintyre LLP 10 Queen Street Pl London EC4R IAG Investment Advlser5 Stsnhope Capitsl LLP 35 Portman Square London WIH 6LR Reference{￿ adrrir￿5tiallyedeIa1 39

Trustees, ￿n￿?1 repwt and accwnts for1he yearended 31 December ZOZI Inveslm•nt Pmperty Manager Savills plc 33 Margaret Street London WIG OJD Old 8asln8 Éstale Monllorfng Agent Bidwells 25 Old Burlington Street London WIS 3AN Ref￿￿[eand a￿￿￿SiTatIve deiads 40

Trust8e<anrvJal repon and ac(•x￿10Ttr￿byarenthd 31 De￿￿￿1 2021 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and Accounts in accordance with applicable law and regulation5. Under charity law the Trustee5 must not approve the accounts unless they are satisfied that they gi￿ a true and fairmew of the stste of affairs of the charity and the group and of their net outgoing resources for that period. In preparing these accounts. the Trustees are required to: select suitsble accounting policies and then apply them consistently observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent stste whether applicable accounting stsndards have been followed. subject to any material departures disclosed and explained in the accounts prepa￿ the accounts on the goingfoncem basi5 unle55 it is inappropriate to presume that the charity will continue to operdte. The Trustees are responsible for keeping proper accountin8 records that are sufficient to show and explain the tharitvs transactions and disclose with reasonable accura at any time the finanaal position of the charity and enable them to ensure that the accounts complywith the Charities Act 2011. They are a150 responsible for safeguardin8 the assets of the charity and hen￿ ft)r tsking reasonable steps for the prevention and detection of fraud and other irregularitie& Signed on behalf of the Trustees Dame Ruth Carnall VI￿-Chair 14 June 2022 Siatementof Trusiees. iesrX)ns￿l(￿S 41

TwsieÈ￿ anrvjalrepwtand a(countsfwthe￿afInd￿ 31 DKofflborZOZI AUDITOR'S REPORT AND ACCOUNTS AJdiior'sreporrand ￿lO￿nIS 43

Tr￿￿Èes. annual rer#xt and ¥¢(K￿ts lorthe5wrthded 31 Dec•￿2021 Independent auditorfs report to the Trustees of The King's Fund We have audited the financial statements of The King's Fund for the year ended 31 December 2021. which comprise the Consolidated Statement of Financial Activities. the Consolidated and Charity Balance Sheets. the Consolidated Cash Flow ststement. and notes to the financial ststements. including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, includin8 Financial Reporting Stsndard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Irefand (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the 5tste of the group'5 and of the pa￿nt charity's ffairs as at 31 December 2021 and of the group's net movement in funds for the year then ended have been properly prepared in accordance United ICingdc¥n Generally Accepted Accountin8 Practic& and have been prepared in accordance with the requirements of the aiarities Act 2011. Basis for opinion We h3ve been appointed as auditor under section 144 of the Charities Act 2011 and port in accordance the Act and relevant ￿gulationS made or having effect thereunder. We conducted our audit in accordance with Snternational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those stsndards a￿ further described in the Auditorfs ￿sponSIbl11beS for the audit of the financial ststements section of our reporL We are independent of the group in accordance V￿th the ethical ￿QUI￿rnents that a￿ ￿levant to our audit of the financial ststements in the UTr( including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical ￿SponsIbl11ties in accordance with these requirements. We believe that the audit ebidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Trullee<annual reportand accounts fortheyearendod 31 DuemberZ021 Conclusions relating to going concern In auditing the financral ststements. we have concluded that the Trustees, use of the 80in8 concern basis of accounting in the p￿paration of the financial ststements is appropriate. Based on the work we performed. we have not identified any material uncertainties relatin8 to events or conditions tha( individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twdve month5 from when the finanaal 5tstements are authori5ed for issue. Our responsibilities and the responsibilities of the Trustees wth ￿SpeCt to going concem are described in the ￿le￿ant sections of this reporL Other information The Trustees a￿ ￿sponSible for the other information. The other information comprises the information included in the Trustees. Annual Report. Our opinion on the financial ststements doe5 not cover the other information and. except to the extent othenvise explicitly ststed in our repor( we do not express any forrn of assuran conclusion thereon. In connection wth our audit of the financial ststement& our responsibility is to read the other infomiation and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misststements, we a￿ required to determine whether there is a material misststement in the financial statements or a material misstatement of the other inforniation. If. based on the work we have performed, we conclude that there 15 a rnaterial misstement of this other information. we are required to report that facL We have nothing to ￿port in this regard. Matters on which we are required to report by exception We have nothing to ￿port in ￿spect of the followin8 matters in relation to which the Charities (Accounts and Reports) Re8ulations 2008 requi￿ us to report to you rf. in our opinion- adequate accounting records have not been kept bythe parent charity or sufficient accwnting records have not been kept or the parent charity financial statements a￿ not in a8reement with the accounting records and returns or we have not received all the information and explanations we require for our audiL Ir¥I￿ndEnT a￿11[￿1 s rqNJt lo i1￿ Tiusis olThèKlrfsF￿d 45

Twstees'anrtual report irtd a¢¢wnts fortheye¥rertdpd 31 De¢eD*w 20ZI Responsibilities of Trustees for the financial statements As explained MO￿ fvlly in the Trustees, responsibilities statement set ¢)ut on pa8e 41, the Trustees are ￿Sponsible for the prEpaf3tion of the financial ststements and for being satisfied that they give a true and fair view. and for s￿h internal control as the Trustees determine is necessary to enable the preparation of financial ststements that are free from fflateri31 mi55tatemenL vthether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concem. disclosing. as applicable, matters ￿lated to going concern and using the 8oin8 concern basis of accounting unles5 the Trustees either intend to liquidate the group or the parent charity or to cease operations or have no realistic altem3tive but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives a￿ to obtsin reasonable assurance about whether the financial ststements as a whole are free from materkal mi55tstemenL 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 alw￿ detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could ￿asOnablY be expected to influence the economic decisions of users tsken on the basis of these financial ststements. Ir￿Su13r1tieS. including fraud. are instsnces of non-compliance with laws and re8ulatrons. We design procedures in line with our responsibilities. outlined above. to detect material misststements in respect of irregularities. indudin8 fraud. The extent to which our procedures are capable of detecting irregularities. includin8 fraud is detsiled below. Based on our understsnding of the group and the environment in which it operates. Y￿ identified that the principal risk of non-cornpliance with13ws and regulations lated to charity law, tax legislation. employment law and health and safety, and we considered the extent to which non-compliance might have 3 materi31 effect on the financial ststements. We also considered those laws and regulations that have a direct impact on the preparation of the financial ststements such as the Charities Act 2011. the Charities SORP and FRS 102. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial ststements (including the risk of override of controls), and detennined that the principal risk5 were related to the valuation of investment property. the sts8e of completion of contracted work. and the valuation of the defined benefit pension scheme liability. Audit procedures perfomied by the engagement team included: InOeFendeni ￿￿tOrs1e￿1t 10 the Trusiees ol Tbe ￿ng$F{ 46

Thulle￿ annual reportandaccountsfortheyeaf erthd 31 De¢ernbw 2021 discussions wth management including consideration of known or suspected InStsn￿ of n￿-Complian￿ with laws and ￿gulationS and fraud iewing the controls and procedures of the Charity to ensure these were in pla￿ throughout the year. including during the Covid-19 remote working period evaluating management's controls designed to prevent and detect irregularities reviewing and testin8 joumal entries made in the year, particularly those made as part of the year-end financial reporting process challenging assumptions and judgements made by management in their critical accountin8 estimates induding the valuation of investment property and the sts8e of completion of contracted work reviewing the assumptions and judgements used by the profe55ional actuary in relation to the defined benefit pension liability. A further de5CriPtion of our responsibilities for the audit of the financial statements is located on the Financial Reporhng Council's website. This description forms part of our audito¢s reporL Use of our report This report is made solely to the chariws Trustees. as a body. in accordance with section 144 of the Charities Act 2011 and ￿8UlationS made Under section 154 of that Act. Our audit work has been undertaken so that W￿ might state to the charity's Trustees those matters we are required to stste to them in an Auditor's report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume sponsibility to anyone other than the tharitV5 trustees as a body for our audit work. for thi5 reporL or for the opinion5 we have formed. Haysmaclntyre LLP ststutory Auditors 10 Queen Street Pla London EC4R IAG Date: 16 June 2022 Hwffimacintyre LLP is ell￿ble to act as an auditor in tems of section 1212 of the Companles Act 2(X)6. InderEMentauthtor'srqJort ro t1￿ Trust￿￿$01 TheKin8'5 FUKJ 47

Tr￿￿ee$, nual report and x¢tyJntsftythe ￿arende￿ 31 Oerembef 2021 Consolidated statement of financial activities for the year ended 31 Decembef 2021 Totsl 2020 Ecoo It￿1S 20ZI £000 OonaiJonsandle8arie5 Ch¥Altatle Re5e•th ènOanay515 De¥dorinÉ Irthiithjals tean5 O[¥an￿t￿￿5 Pl￿n0￿r unde¥stèndin8 nwn8 t4Èther Tow chwitiNe Othw trad 5tment5 629 1.058 4337 4J93 2.285 117 276 12 5546 2203 ZSI 23 797 3.736 1.791 749 Z226 ZAO Totsi IIA05 274 IL379 &287 Exp•1￿]lu1•￿ CharitaNe xlwi￿eS Research a￿j￿alysL5 De¥dopln8 l￿d￿Ste•r 182 (190 4.461 450 53 30 4.261 837 gD4 P￿0￿nE ￿derSt￿ Brln8ln8 peotye tO8et Total charitat4e anlvide5 Othertradng artlNlle5 Ra￿￿n8 fLThts rosts li 12 U64 LO4Z 11741 L719 263 23 13.004 1.742 997 IL463 1.208 592 229 IS228 229 1743 14.Z63 Op¥aln8 Idefioii Net Eain cffjir￿slnnts Netinc(ffillexpeTrMurel TransFersbEtwEerbftmd5 Actuaria ¢anlUossl M defined benefit pen9lln sthèm N•t In fund5 12291 15.212 15.9761 la116 02191 IZ41 1121 24 14.983 Il752 670 IB 9.199 199 16.1631 7.956 12 14.983 2l951 15.49ai R•con¢llaiign of IwMI&' Total fund5 t￿U￿1 fiTrHd TO￿ fundscarrd 19 1251 1131 137.214 206.575 212,068 19 77.342 15LI97 229.526 2C6.575 Th? note5 ￿ p3ee5 51 ID 71 fm pwtofiiwlnancial 51eriEr Ca*501idaiEd staterent of fiwKiai aitiwtses 48

Trusteps'annualfeport and ac¢oumsfortheyearended 31 December ZO21 Balance sheets as at 31 December 2021 Cwfj¢4hJaied Charity 2020 2021 2020 £000 £ocrf> 2021 £000 Flyad •ss•t&' Tan8ible a55ets Intan8lNe assets 1rwE5tment5 li 51415 31 1954 54n45 73 163M35 53AIS 31 197M14 54.045 73 163.885 Iz 13 Totsl flxed a55e15 ISOAOO 217.953 250.4511 218.003 Currnffl xsts: Is J06 3J131 2m? IA03 2.080 106 992 Cash albank￿d in h￿d Total cuNent assets %337 3.690 U•blllW•& CTEdhors amountsfal¥ry 16 145771 18B71 Z17.066 (3.9951 696 14.038) 19401 217.063 74 Z51.149 Z51.146 CrEditDrs ￿oUnts1O1Iin1 thje aftermrrfEkn owjwr Net 155ets exdudhy pEnstqn Malthy Dthned benefit P•lsk>) sch•rn14blllty 17 120.0001 21L149 12QOOO} 231.146 217.066 217.063 {L623J ZZ9.526 IlQ4911 Z06.575 IL62J) Z29JZJ 110,4911 2C6,572 Th• fund• ol Ilch•rly. Expendatq? En&yThefttfthts Restricted fur15 1Sl197 (131 7•.%5 {L6231 77.341 137.214 1251 79￿77 0.4911 152.197 iij) 7&9SZ {L6Za} 77.339 137,211 1251 79,877 110.4911 69,386 UNesiiicted fthds Perth ie5er¥e 19 69.386 Totsi lunds 19 ZZ9.5Z6 206,575 229￿2> 206.572 App[rp￿d ¢n he￿It￿lI1 8¢arf of lty6￿0n I4￿re IOZ2. Al•n Bm TreasU￿r The pa8¢$ 51 ts 71 forni￿n¢t￿** flTrarKlal stalen￿ty Balance sheets 49

TNsiees' nual repwt and acctyJnt5ft¥the year erKled 31 De￿￿thr2021 Consolidated cashflow statement for the year ended 31 December 2021 2021 £000 (U•71 2020 £000 15.6081 Nrtuth{uMd th) opwallryadl¥lO (ash Ir•m ITh¥osiiw •rii¥l Di4lderés intLYe5t and rai15fiw Inb5rment manwewnt lee5 Jicha5eof tan&tAe)Ixed assets NetprrLeed5 frorn sae of kn¥esbmthts Net p￿tha$¢•IrI￿SfftThts I￿12 16631 136 640 15921 11931 4,064 114.9341 5.919 ¥h fIn￿artI¥l￿•& (ash inllowsfrcffj new boriurin8 Interest onlo {1341 19.666 (ash yo¥lded tyfmrnlni a(iMlles 31L 2121 EIIOD 2020 Net iKome fi¥theWng pwtyj Iu5trnenis fry. Instfflentknccff 13.751 670 {2.6001 (1&116) 663 la7491 1&6461 592 Insstrnent M￿a8￿rn￿￿t fee5 Intve5tcffj the Dewedètlrffi 3TrJ ar¥Mtisation(haTge5 L¢ss on diskwl Of fix¢d 4SS¢ts 0lher1na￿t cost of the pen5ic• stheme CuNent sw¥lce cost Iesscontrlt￿rtsknthepens￿ sd*rne Iln(rea5eydecrea5e in dpbtt¥S Inuease kn uethttys 3J4 L038 L116 12 140 190 152 166 1.000 li Illi t•sh lumd In) opuathy xll% {4M71 15,6(81 At31 December 2021 ThJ#y 2021 Mwn•it Éooo L4l8 Sh •t ￿n￿ and kn h•bJ c￿S011da[ed cashfiow sialemeni 50

TrulleÈs' annual rewtanda¢cwntslNtheye¥rendEd 31 De(enthr 2021 Notes to the accounts for the year ended 31 December 2021 Charity information The Charity I￿81$tered number 11269801 is incorporated by Royal Charter and is governed by the provisions and bye1aV￿ of the charter, any revocation, alteration or additions to the byelaws must be approved by the Privy Council. The charity has a wholly owned subsidiary tradin8 company. KEHF Limited {company registration number 27546971. The address of the registered office of both The ICin¢s Fund and KEHF Limited is 11-13 Cavendish Squa￿. London WIG OAN. Accounting policies The principal accountin8 fM)licie5 adopted and critical areas of judgements are as follows: 8asi5 of preparatlon The accounts have been prepared to 8ive a 'true and fair view and have departed from the Charities (Accounts and Reports) Re8ulations 2(K18 only to the extent required to provide a 'true and fairview.. This departure has involved following Accountin8 and Reporting by charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land IFRS 102) issued on 16 July 2014 rather than the Accountin8 and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The King's Fund meets the definition of a public benefit entity under FRS 102. Asset5 and liabilities are initially ￿c08n1sed at historical c05t or tran5actron value unless otherwise stated in the relevant accountin8 policy note(sl. The accounts of The Kin¢s Fund and KEHF Limited are consolidated, on a line-by- line basis, to produce the Consolidated Accounts. No separate Statement of Financial Activities has been presented forThe King'5 Fund but the tharitvs total income and net movement in funds in the year are set out in note 14. The charity has taken advantage of the exemptions in FRS 102 from the requirements to present a charity only Cash Flow Ststernent and certain rf15ck)5ure5 about the charity's financial instruments. Notes to theaccounis 51

Tru5tees'annual w and ac(tyJms forlhe swrerKled 31 Deceffkn2O2I Accounting policies (continued) Golng concern The Fund's planning process. including financial prDiections take5 into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. The Fund has a reasonable expectation that its resour￿ are adequate to continue in operational existen￿ for the foreseeable future and that there are no material uncertainties that call into doubt the charitvs ability to continue. The accounts have. therefore. been prepared on the basis that the charity is a going concern. Crftlcal accountlng Judgements and key sources of estlmatlon un￿rtaInty In the application of the charivs xcounting policies. whidi are desuibed ￿lOw. Trustees are required to make judgement% estimates and a55umptions about carrying values of assets arKI liabilities that are not readily apparent from other sourc& The estimates and underlyin8 assumptions are based on historical experierKe and other factors that are considered to be relevanL Actual results may differ from these estimate5. The estimates and underlying assumptions a￿ mfjewed on an on-80in8 basi Revisions to accounting estimate5 a￿ ￿cOgnised in the period in which the estimate is revised if the revision affects only that period. or in the period and future periods if the revision affects the current and futu￿ periods. The key sources of estimation uncertainty that have a significant effect on the accounts reco8nised in the financial statements are sumrnarised below. Pension liabilities- The charity recognises the liability to its defined benefit pension scheme which Invol￿ a number of estimations as disclosed in note 18. Valuation of investment properties-. The chariws Basing investment propertie5 are ststed at their fair values. These are based on an extemal valuation as at the 31 December 2020 with a management update 35 disclosed in note 13. The Deans Mews investment property is ststed at ￿alUatiOn as at July 2019 with a management update as disclosed in note 13. Private equity investments are valued at the most recent investment manager valuations. Income recognition: When accounting for project income in line with the percentage completion basis set out below. the percentage of completion of a project is estimated using the actual costs incurred, including time 5pen( as a proportion of total planned costs. N0te5 to the3cc￿ntS 52

Tru￿¢*$. annual reportand a¢countsfry the ended 31 De￿￿thr 2021 Accounting policies (continued) Other accountlng pollcle5 Donatlons and legacles Donation5 and legacies are recognised in the Ststement of Financial Activities when they become receivable, that is when it 15 reasonably certain that they will be recelved and where the value can be measured with Sufficient reliability. Grants recelvablÈ Grants receivable are recognised in the Ststement of Fin3noal Activities in full in the year in which they become receivable. that is when the conditions for receipt have been meL Investment income Income from investments is accounted forwhen dividends and interest are receivable and includes recoverable tsxation. Income received. but not distributed, by pooled funds is included as part of the net gainsllosses on investment assets in the Statement of Financial Activities. Other Income recognftlon Project income is reco8nised on a percents8e completion basis in relation to actual costs spent at the Balance Sheet date 35 a proportion of totsl planned costs over the life of the projecL Projected losses on projects are provided as soon as they can be reasonably foreseen. All other income is included in the Ststement of Financial Activities when The King's Fund is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expendlture All expenditure is accounted for on an accruals basi5 and has been classified under headings that ag8regate all costs reLgted to the category. The costs of certain support departments are allocated to the principal activities on the bas15 Set out in note 4. Penslon costs The King's Fund Stsff Pension and Life Assurance Plan (the PLin) is a defined benefit scheme. The cUr￿nt seNce costs of the Plan. together with the net interest on the net defined benefit liabilty (calculated at the discount rate). a￿ charged to the Statement of Financial Activities within stsff co$￿ The actuarial gains and losses on the Plan are recogni5ed immediately as other reco￿lSed gains and losses. Note5 to I￿at1￿￿t5 53

Trumees'annual repon and a(CO￿ts loriheyealerthd 31 DecerrthrZOZI Accouniing policies (continued) Penslon costs (continuèd) The assets of the Plan are rneasu￿d at fair value at the Balance ￿eet date. Liabilities are measured on an actuarial basis at the Balance Sheet date using the projected unit method and discounted at a rate equivalent to the cUr￿nt rate of ￿urn on a high-quality corporate bond of equivalent tem to the scheme liabilities. The resulting defined benefit asset ty liability is presented separately on the fa￿ of the Balance Sheet The NHS Pension Scheme is a multi-employer defined benefit scheme. Contributions have been accounted for in the period to which they relate. as if it were a defined contribution scheme as it is not possible to identify our share of the underlying assets and liabilitie5. The King's Fund Csoup Personal Pension Han is a defined contribution scheme and contributions have been accounted for in the period to Ythich they relate. Intan8lble assets Intsngible a55ets relate to the enterprise resource planning tKoject. on￿ brought into use. they are amortised on a straight-line basis over the anticipated life of the benefits arising from the completed project. The anticipated life has been taken as five years. Tangible assets Tangible assets costing more than £S,(m. including any incidental expenses of acquisition. are capitslised and recorded at cost Depreciation is calcvlated so as to write off the cost of the tsngible assets on a strai8ht-line basis over the expected useful economic lives of the assets concemed which are taken as: Plant and machlnery. Electrical installations Mechanical instsllations Lifts 3 to 30years 5 to 30 years 30 years Furniture. fittings and equipmenL' Catering equipment Fumiture and fittings I￿ hardware and software Office equipment Freehold buildin8S 3 to 20 year5 5 to 20 years 2 to 5 years 3 to 10 years SO years Freehold land is not dep￿cIated. tes to the accwnis 54

Trumees'annual roportand Kcounts forthe yeai ended 31 DerewA￿2O21 Accounting policies (continued) Flnanclal Instruments The King's Fund has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments a￿ initially ￿COgnised at transaction value and subsequently measured at the present value of future cash flows lamortised cost). Financial assets held at amortised cost comprise cash at bank and in hand. together with trade and other debtors. Financial liabilthes held at settlement value or amorti5ed cost comprise trade and other creditor% and fixed Inte￿$t loan. Investments induding bond5 arKI cash held as part of an investment portfolio, are held at fair value at the Balance Sheet date. with gains and l¢)sses being recognised within income and expenditu￿. Investments in subsidiary undertakings are held at cost less impaimient. Forelgn currencles Transactions denominated in foreign currencies during the year are translated at prevailing rates. Assets and liabilities are translated at rates applying at the Balance Sheet date. All differences a￿ tsken to the Ststement of Financial Activities. Funds Expendable endowment: The expendable endowment is m3intained to generate income for the benefit of The Kin8'5 Fund. The capitsl sum rnay be spent at the discretion of the Trustee5. Restricted fund5: Funds received in relation to a restricted grant that can On￿ be used for that purpose. Unrestricted fvnds- Unrestricted funds include the net book value of the tangible fixed a55ets, the intangible fixed a55ets of the charity. investments and net current assets, le55 the pension reserve. The split between these categories is shown in note 19. The King's Fund has the power to spend its unrestricted funds within its objects as it see5 fiL Taxation No corporation tsx 15 p￿￿ble by The ICin8'5 Fund as it is able to make use of the tax exemptions on income and capital gains available to charities. No corporation tsx is payable by the subsidiary company. KEHF Limited. as it is expected that each year an amount equal to its tsxable profits will be paid to The King's Fund under the Gift Aid scheme. NDie5 to the accoLmts 55

TrUMe￿annUal rlportand accountsft the 31 December 2021 Income and expenditure on charitable activities and team5 ar¥J pec(4e Total 2020 1021 £000 1174 2SI £0 629 £oc 2526 56 19 12 2m5 662 Granis CourseF4aces ￿e¥effl Other 496 65 810 4.393 96 5.797 1736 lect expeTrYlture SLVPOrt(partments14al Toral exp￿ditL11 43Z 1.446 1.418 687 7J29 5.175 &903 S560 1,758 355 4A90 I￿2 13 12.463 4a. Support departments Fxllts111 CorNTrUnicathY￿{ Othprsw)pprt13) Total t05tolsWWYt depwu 415 335 150 933 L232 sio 3.413 L313 426 1821 174 Ll57 261 L758 L644 L418 355 5J75 S560 111 Fatlities (Osts h￿trttn amvti(x￿bISed ￿ o¥era8e ￿¥￿￿jUS dep¥￿entS ¢&urythe JEar. 121 Cornrnuniratyonc05ts havebeen ap￿t￿ne￿ based on ￿laBe hea(krMmtof the Vall(￿ dep￿ID￿lS duin8 the s•. 131 Othersupm deprnts Ifi0￿le Chief fxeoity'sOffict Finarft. HR. Orerntirms and Inftymatim Technolo8y. reDation i5a+5D i￿￿ed thiS￿e8￿y. TramrAffl ￿bY the iradng gJb5pth'wy via è manaRerreni charge iseyduded ind hastttn alkKated to eXpendit￿e ￿￿ther tradm8 actithtks PAwir4thsts ha¥e teen ap￿rtioned The cornparatives for 2020 can be seen in note 23. Income f rom other trading activities 2021 £000 2020 EODO Inowe from othEr1￿￿E4Cli¥1f￿s ￿p11 Extem71 confweKe ￿d￿te[ingsQI￿eS IrKome ftom spOr￿Orsh¥ IKorne fmm tenants IrthmefM rwrfhari￿e cmyjlmf 971 $39 832 356 64 Joz 1,791 Notes io UTrEaccwnts 56

Tws1eÈs' annual repwtand acctyjnts fortheyearended 31 Decefflber2021 Income from investments zozi 2020 frofft o5hasset&' Equ￿e$ B￿￿$ Cash L762 301 616 749 Expenditure on other tradlng activities 2021 2020 EOOO Ewendtwe on 0thEftrad￿ff attiwte5 mnv Emtrrnal ￿nference andcaterkn8 5￿CeS C05t a55cdated wlth SporsD￿￿ and p3rtrth¥s Cost assocfjètedwlth ten C05t a55¢Kiatedwith rthitsblt£LXWJttarrty 37Z Z77 22 41 66 L74l L208 Raising funds Costs zozi 2020 £0 EMpendIt￿e on rakin8 f￿d5 c05t5 corn￿1 Fees pald to M￿a8er% cu5tLth'J￿ thIn￿t￿sarIlathknI0F Df thelr dut￿ In(on￿¢t￿￿th ￿ lrt4wts￿Tht wriolktaThY Imerestexwse M the I PrDperty repai￿ aryj rnakntenarKp 450 334 Z13 422 170 997 59Z Employees zo21 000 7.744 90J LIX3 2D20 Wa8os and salarfes Sockl Se￿Ity(05￿ IhlwJlnB akventke5hip levyl pen￿On costs Iwore Tfnal salary &1jusumtsl Toial ernoluffnts befo￿fina salary adftLtsDIWS 7.597 L190 *7611 9668 F￿al sI￿Y p￿51￿ ad￿￿tments Total emduments aftErflnal adjustwiis 3Jl 233 IQ091 9.901 Included in the above pension costs is £348,(YJ)12020: £305.0001 ￿lating to the current employer serrfice costs of the defined benefit pension scheme and £56.000 latin8 to settlement agreement payments (2020: £0). NO￿5 10 the￿[O￿nIS 57

Tru5tees' annual repwraThJ acwunts foriheyearended 31 Deceffthr Z021 Ernployees (continued) Avw4e numterof 5ts1. zo21 Z020 Re5eaKh anaiysls Dewoplw1Th1r¥Klua& tean5 arbJ0¥￿S0I￿ Prcffioon8undEts14nthr InBill8 loMtr OthErtr•Jwv¥ ￿ti¥ll[es Facilues Comfflun￿alk1rts Olhersupkxwt dEpw¢wth5 Total 31 32 25 24 Iz io 13 li 23 25 141 143 The nurntw ofen¥Aryee5 with IL4mr40sw tenefits exclud￿ eryAosr penskn c05ts1 eyxeethr4 £6QCfAj¥￿'. 2020 io io É60.0￿>E6g.g9g 70.OL4>E79.999 B0.0￿E99.99g E90.oofkE99.999 £lOo.￿(mI09.999 £IIO.(XJ(K11%999 £120.0]￿l29.g9g £19Qw￿l99.999 io Contributions were made to The King's Fund Staff Pension and Life Assurance Plan. which is a defined benefit scheme. for four12020: four) higher-paid employees and to the NHS Pension Scheme. which is also a defined benefit scheme. for four (2020: six) hi8her-paid employees. Contributions totslling £415.CKrf)I202￿. £403,000) were made to The King's Fund Group Personal Pension Plan. which is a defined contribution scheme. for 2912020: 291 higher-paid ernployees. The total employee benefits. including employer pension costs. ￿ceiVed by the Chief Executive in 2021 were £216.92912020: £216.9411. The key management personnel of the charity comprise the Trustee5 and the Senior Management Team. None of the Trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity. No Trustee was reimbursed for expenses incurred12020: none). The totsl employee benefits, including employer pension costs and Nalional Insurance. received by the key management personnd in 2021 were £l.CQ8.(YJO12020: £1.fX)9.OLX)). Not?5 to theaccounr5 58

Tru51ee5' annualreportand accountsf¢rthèyear endod ai Do(ernber 2021 10. Governance costs zozi fQQQ 2020 Audithfs rmwrntkjn External wthtlee5 (Charityl External audt fees IKEHF Ltrnited) zz 21 Z7 26 Fee5 totalling £1.2￿ (2020: £1.0501 were payable to the auditors for tsxation serrfices. 11. Tanglble fixed assets Fumlu arml ffttin8s and mact¥nery Equipment 20ZI Tot1 d￿￿ Éots) At Ilanu Addirlon5 DISP￿15 At 31 Dec￿+Jer 55350 4.777 3IJ91 366 IZ311 3226 6218 366 Il64) 61320 1331 4.744 5&350 At Ilanuary Char8e for the year tIspDsaLs At 31 December 3.40Z 3,541 192 2230 321 173 996 {1641 P31 3,7rJ) IZ311 2.320 X15 Net book value Al >1 D¢c•ffthr SL465 L1144 SaA15 Previous y SL948 1236 54,045 Freehold land and buildin8s represent the Fund's offices at 11-13 Cavendish Square. London WIG OAN. When adopting FRS 102. the Fund has chosen to use the fair value of the freehold land and buildin8s as its deemed cost as at l January 2014. Within the above totsl, the amount attributable to the freehold land is £33.61XI.000 based on the valuation completed by Savills plc. As at 31 December 2021 The King'5 Fund had no capitsl commitments12020: £0). Note5 to Ir*accounts Sg

Trustees.￿nUal repLrtand a￿ount5 forthe 5arended 31 Decenthr ZO21 12. Intangible tixed assets zuzi £fjoo 2020 fcKJo At I lar¥Jary dit?n5 918 918 At 31 Decert 91 918 At I lanuwy Chaige fty tlyear At 31 Oecenthr •45 751 8B7 845 Wetbook 31 D1￿mb•r 31 73 73 167 Intangible assets relate to Costs experKled on the Fund's enterprise resource planning projecc website and other software. 13. Fixed a55et investments zozi Toial £000 zozo Total Sttuittie5 Equitie5 Index-lithd bO￿tt 147.417 yo0 8x123 3x116 5.140 970 I19￿03 4,448 5fj94 3217 4￿14 26fj59 Pl￿al¢ ewltyknd5 Cash aTrJ cash ewwer Thestment prtyoris C•ns•lld•tsd f•ial Sharthldkn8 In gJ)slthwy(tyTyrry thaFltytotsi 1954 163M35 so 197m4 163.885 Nutes ia the￿{OUntS 60

TruSteE5'an￿oI report and attourrts fw swrendod 31 De(ember2021 13. Fixed asset investments (continued) A loan of £20.0(K).(KK) was tsken out in 2021. this has been fully invested in the securities portfolio and has helped to increase the value of the investments held. For more information ab(xJt the loan see note 17. Within the totsl securities. £161.820.(XK) is classified as Level l as defined by IFRS 7, that 15 'the investment is quoted in an active market and measured at the unadjusted quoted price at the reporting date.. The ￿MainIng £3,016,000 is classified as Level 3, that is 'the investment is measured using unobsenrfable inputs at the reporting date,. The Level 3 amount comprises two Private Equity Funds of Funds. No readily identifiable market price is available for these unquoted funds and therefore they are included at the most recent valuations provided bythe manager. In respect of the above Private Equity funds the manager5 have cOnfiM￿ that all future commitments to both funds have been vraived and hwrfe therefore deemed the shares to be fully paid. One of the funds will continue to retum cash to investors prior to their final closure in 2023, the other has now fully c105ed and is in liquidation with final payments due once this pnxess has been completed. The Fund has freehold interest in two investment properbes. The Old Basin8 Estste is a mixed agricultural estate extendin8 to approximately 981 acre5 and ha5 been included at Fairvalue of £1S.570.(KK)12020: £15.259.0(YJl based on a manasement update to the valuation by Savills as at 31 December 2020. In 2015 the Fund purchased a freehold interest in properties at 7-10 Dean's Mews which adjoin the Fund's office5 at 11~13 Cavendish Square, they have been induded at market value of £11,400.(XX) from the valuation in July 2019 as management assessment indicates there has not been a significant change in markets trends over the past couple of years 12020: £11.400,(KiOI. A reconciliation of the movemerrt in the market value of the Fund's investments during the year is as tollows: 2021 2020 OpenSn8 ba￿Cell I lar Net￿￿￿e5 Inves￿11¢15￿rfft$¢¢ffj IrKreaselldKrea5el on wvAluth 161.•35 1&710 iuoi 16L143 13.9541 19&9S4 50 163.835 50 Shweholdln8 In W)5fllay￿￿ Closing b3￿nCE at 31 Decembet 197x104 163,885 Noie5tD theaccount5 61

T￿stee5. annual and a¢wnts ttytheyear4nded 310ecenkn2021 14. Subsidiary company KEHF Limited, a company registered in England number 2754697, began trading on 2 August 2(YJ7 having previously been ￿ported as a donnant company. The authorised share capitsl of the company is 50,(MX) shares of £1 each. The King's Fund owns all the shares and is therefore the sole member of the company. The company has five directors comprisins two The lfjn8'5 Fund trustee& a The King's Fund Facilities and Estste committee rnember and two The King's Fund employees. The activitie5 undertaken by the company comprise the letting of conference space within the premises of The Kin8's Fund to third partie% along with the provision of catering and other related services. In addition. KEHF Limited manages sponsorship arrangements including with partner5 and 5UPPOrters. and consulting activities that are outside the tharitable objects. These activities have increased in 2021 but remain below pre-Covid-19 levels from 2019. In the year to 31 December 2021. the company had income of £1.952.(XX) 12020: £1.405.OCK)) and incurred expenditure of £1.565,(NX112020: £I.083.C￿l thereby generating an operating profit of £387.CMJ) (2020: £322.OCK)). The d1￿CtorS have made donations in the year of £387.462 to The Kin¥s Fund through Gift Aid. The ￿SuItsnt accumulated surplus of KEHF knmited at 31 December 2021 15 £3.IX)O 12020: £3.0001. Excluding KEHF Limited's result% the Charivs totsl income in 2021 wa5 £10,313.OCX) 12020.. £7.430,0(X)) and the Charivs net increase in funds was £22,875,000 12020: net decrease of £5.607.In)). 15. Debtors Ch311ty 2020 EDJO Z021 2020 Z021 Tlade debtCI5 1364 L355 L037 141 L160 ioi Amowts owed byKEHF iirnited 447 495 Other debtors andaccruetj >D(ome Donal￿5 liom KÉHF Lirrited 513 523 114 2.306 2.Ce7 106 Nbies io the￿£tyj￿ts 62

Trullees'annual report and accountsforiho saronded 310ecenthr2021 16. Creditors: amounts falling due within one year Charfty 2020 EODO 419 2•21 £000 2020 EIXID 425 zozi £000 Trade credliNs Amounts to KEHF Lintred Defe￿ed irtL•ne.see aThafysis Taxatic￿ andsocial secur Other atuuals 31JlO 292 •17 796 282 L074 lJ49 292 Z.276 282 I.OS7 4.588 4.577 X9J5 4￿3B Ba1￿ceat liarwJary 2021 lknirrf Molt￿1 31 O•cember ytar 2021 000 2.549 D•f•rr•d •ftys Pro&ram￿￿ fees reow kn •rliytstsi £000 2549 276 R2761 112761 276 1.54Y Otrttdeferred IrK0rneknd￿g KEHF LThted Comolldthd i•i•l 520 Iszoi 461 461 1796 3mO 3.010 17. Creditors: arnounts falling due after more than one year Charfly Z020 £000 20ZI 2020 £(xJo iozi £000 ZQIXID lo￿ from MetLifefallir inv4v5 ye￿5 2QOOO zoooo A 30-year loan ￿?5 tsken out on 14 May 2021 to enhance the long-term value of The King's Fund investments and has been invested in line with the strategic asset allocation. The loan is repayable in full at the end of the loan period in May 2051. in the interim the interest is payable in November and May. The future interest payable 15 as follows: zozi Éooo 534 2.136 11016 2020 Not later than (rfEyear Lerthan fft year ThXIxert￿ fl¥e5V5 Later than ffi¥e 15AOfj Note5 fo the￿(O￿ntS 63

T￿Mee5'annual report and atttAwrts forthe>Yarended 31 DeCeW￿20Z1 18. Pension scheme5 The Kino's Fundstoff Pension ond Llft A55uronce Plon The King's Fund Stsff Pension and knfe Assurance Plan (the Plan) is a defined benefit scheme. The Plan was open to all employees of The King's Fund who were not members of another scheme until it was closed to new members on 28 February 21X)8. as at 31 December 2021 there were 14 active members12020: 14). 20Zi ZD20 The 7Th1thts ￿￿1$ed In IIE BarKe Slet•E asfrJl¢y Favau¢tyf V•thèSStts Pre$Mtv￿of plan Ilabllils N•tPN•n IbWty 65.031 165A541 qL61¥ 5982 17Q4731 IlQ4911 zozi 2020 The TrThwntlndefined LnÈfil ttts18atians Pre5ent¥alueof ￿OSati￿￿ aisiart•f ye CuirenteryloJv5eThict(ost Errwtyee tontritoJthJn5 lfftteESt tosts iuaTlal18afjnsylosses 8enetits Pa 7i473 64.067 305 7> L254 7A73 12.7081 70.473 {1611 {ZX1171 6&654 (loslryvalue otthppwb 20ZI 2020 The the larval￿ otossdstrfvtht yw¥R5a5 fclc Openingfalr value of #an a55etS Return onOan a55et5in exe55 ofl0vAvth￿I￿rterell I Ini(Ye5tlrKome ￿ ￿an[das5ets EMp￿￿Te contdbjtknns EmploYerccffit￿UllLMs EeThthts pad a￿1n8 l•lr¥A ol•kn as5•ts 5912 oy• 59,971 L310 L17S 73 IS7 IU1171 6%031 152 12,7081 59.982 The Plan has pension liabiltties which are insured with a value of approximately £23,000 12020: £110,000). The value of these liabilities h35 been excluded from both the assets and the liabilities since the liability is matched di￿tlY by an asset of equal value. Kbte5 10 the ￿(oU￿t5

TnJ5tee< innual rwtand atcMntsYortheswronded 31 D•coffllxr2021 18. Pension schemes (continued) zozi zozo Tut lexpersel rEcoBnised ￿ the SMerrffl of Fknandal Acttr4ltie&' Current emr4oJv 5er¥Ke wsi NrtintÈreston the detinett benefitoNiRathn Retuinon P1anassttstKl￿Jw intwest ir￿@ I￿Uar￿1 8alnslV055e51 ari51n6 frrm thanF n a5yJWw> (34ffj P401 6JJ>• 13051 1791 L310 17A731 16.5471 711 2020 PropDrtianof total Pknnassets tyassetda5 Équhles OrKluJln6wopertyl Bon¢15 Index-llnked Cash and ewivalwrt5 6VA 26% 6216 29% 9YS 0% The overall expected rate of retum on the Plan assets is determined by applying each asset type's expeded long-term rate of return to that asset type's market value and calculating a weighted average rate of return over all a55et types. zozi £000 36 2020 000 2.485 The prlnclpal ￿￿jartaI ￿e￿at￿bIl￿e5l¢tOale scount rate (%) Roteof ￿(￿aSt in saari￿rA) General ￿te infiall￿ (%) Rateof knC￿aSe kn pensbn payn￿tr. Service to i wii 2fKX) ( 5ervlce after l Awil 2Cth 1%) Lltstxpectawai 65 for. ma aged 65 fernale aged 65 male aftd45 fem*ea8e¢J45 1.35 2.40 2.20 2.85 2.65 425 320 415 2AS 22.8 Z47 22.Z 3.8 23.6 25.1 The King's Fund expects contributions of £161.WO to be made to the Plan in the year ending 31 December 2022 lexduding contributions rnade by employees). Notes to the ￿cOuntS 65

TNsttes'annual re[￿aThd a(c￿￿ts￿l￿e ended 31 Z021 18. Pension schemes (continued) NHS Pension Scheme The Fund contributes to the NHS Pensi¢Jn Scheme. a defined benefit scherne. for 8 (2020: 111 eligible members of staff as at the 31 December. In 2021 The Fund contributed É92.CMX)1202Tr. £104.lJ￿)) to the scheme. The employerfs contribution rate is set by the Government Actuary at 14.6 per cent. The King'5 Group Personol Pension Scheme The Fund contributes to the Group Personal Pension Scheme. a defirEd contribution scheme established in 2008. for 112 (2020: 1051 members of staff as at 31 De￿rnber. The Fund contributed £864.[￿12020: £776.IXJOI to the scheme. TFE employer's contribution rates are double each individual employee's contribution rate within the range from 6 per cent to 12 per ￿nt of pensionable salary. The pension charges for the period are shown below. 2021 EI>DO 2020 The ￿￿¢S Fund Staff pe￿￿N iné LtlEAs5wafKe F NHS Pen￿￿ Scwe The King5 Pen5ionsCh￿ 157 152 104 776 1.113 IX132 19. Split of assets between funds Total luThdJ zozi £000 53A15 31 169.9•4 26.970 749 hjrxts 2020 ÉOC#J 54,045 73 137.176 26,659 (8871 Tan8ible assets Int￿￿tsIE a55ers InvestM￿ts se(w51ie5 Investment& [￿￿rtY Net currthita55etsllliatiiitie51 -term liatilitie5 Pen51M I￿] rese 53.415 31 3U66 12B91 762 IX118 14ffj79 3) 120,0001 .6231 77.34Z IL6ZJI 229,525 110.4911 ?￿,575 Totsi fvnds 151197 113) The £20.CKK),OtXI loan has been treated a5 unrestricted fundin& hen￿ the significant increase in unrestricted investment assets and liabilities. To see the comparatives for 2020 please see note 23a. Notes to ibe4ccc￿lS

Trumees. annual fewtand I￿￿nts(al th• swrended 31 Decembw2021 20. Movements In funds At the 5tsrt At the end of th￿￿ar aThJ8akns aTrJ losse5 Tran5fw5 Otthi yt £Tr)o EIJOQ R•stikt•d Iwd&' Dep31tment ol Health Un￿r￿ty of Yryk The Na￿onal Lottery ConThJnlty FUNI (o￿oulY 818 LDtteryl t￿*M￿ent furf OthEr 1251 173 11731 18 1501 1481 41 12861 121 Total rp5tikted luftds 1251 274 24 113) Our contract - run jointly with the University of York - to provide a fast-response research and analvtical faciltty to the Department of Health and Social Care v￿5 renewed for a further five years in April 2020. Durin8 2021. we undertook ei8ht pieces of work. The biggest research projects We￿ into the primary care Additional Roles Reimbursement Scheme. evaluation of care and treatment reviews for people with learning disabilities or autism followin8 any instances of long-terrn Segregation {Ic￿R51. changing pattems of abortion and sector-led improvement In 2018 a new 8rant of £449.357 was awarded byThe National Lottery Community Fund to extend the Cascading Leadership programme. In August 2019. we received a top-up grant of £15,411 from The National Lottery Community Fund, bringing the total budget for this project to £464.768 and in 2021 VR received another top-up grant of £29,500 bringing the total of the project to £494.268 and this included an extension of the project to 2022 recognising the Covid-19 delays. The programme stsrted in 2018 and £444.423 of funding had been r￿1Ved by 31 De￿mber 2020. In 2021 received £49.847, bringing the total income to £494,847. of which we have recognised £404,0(X). The remaining income will be recognised in 2022. The Fund continued to utilise the govemment furlou8h scheme to reduce losses in area5 where 5tsff who could not undertake their duties as a ￿SuIt of the Covid-19 pandemic. To see the comparatives for 2020 please see rK)te 23b. Noies to the￿(o￿nIS 67

TnjS¢ee￿ann￿al andaccountstr the yearended 31 Decembef 2021 21. Related party transactions There have been no re13ted party transactions that require disclosure other than transactions with the sub&diary company. KEHF Limited. as set out below. In 2021 the Charity charged KEHF Limited management fee5 totalling £196.(XX) 12020: £59.￿1. This is calculated as a percentsge of external income. In 2021 the Charity char8ed KEHF Limited licence fees totalling £280.000 12020.. £150,(M)01. Thi5 is calculated as a percentage of room hire income from external Confe￿nCe and catering services. In 2021 KEHF knmited charged the Charity administration fees totslling £18.lYJJ 12020.. £15.1￿1. This is calculated as a percentage of internal room hire costs. As at the 31 December 2021 KEHF owed the Charity £76.OQK) of additional gift aid12020: £114.CKJO). For the total gift aid payable in the year see note 14 above. 22. Lessor operating leases The future minimum lease payments under non-cancellable operating leases for each of the following periods are set out below: 2021 2020 Notlater than 5 Laier than ofte￿r nLrt laterthan fl¥EJ er than 815 511 144 71 1614 i.lss Operating lease commitments ￿late to the minimum future rental incorne ft)r both investment and non-inve5tment wopertie& 23. Comparative statements 23a. Comparative split of assets between funds fuTrJ5 EOC 54.045 73 14029 12.592 18621 110,4911 20ZO £000 45 T)OblE a55ets Inibte a55ets In¥esthont* seavtDe5 Investment& pr(pwty Net currentassetsiiiiablitiesl 123.147 14.067 137.176 Z6.659 I￿7) 110.4911 1251 Toui fvnds 137214 1251 69.386 106.575 Noies io the &CQLllTS

Trustee<anThJal report and a¢rounts fryth¢￿alendOd 31 December2OZI 23. Comparative statements (contlnued) 23b. Comparative movements in funds At th• Ind Transfe￿ otlh¢ ye4r of the year aThJ gans oThJ1055e5 £000 R•stdrt•d Cepartr*nt of Health￿th un￿￿rsIty of Yuk The NatlNèl Lottery c(￿j1￿ty Fund (P￿￿¢￿SlY Bi8 iDtteryi 419 14441 {Z51 IM IS3 441 (1531 Other n6 17411 IZ5) Our contract - run jointlywith the University of York - to provide a fast-response search and analytical facility to the Department of Health and Social Care was renewed for a further five years in April 2020. During 2020. V￿ undertook 11 pieces of work - the highest number ft)r any year to date, because of the Departrnent'5 increased need for rapid research during the Covid-19 pandemic. In addition to projects to look specifically at Covid-19 (most notab￿ in changes to general practi￿. and lessons for recovery from other emergency situations). we delivered research projects in diverse areas of health and Ca￿ polivi including supported housin& tobacco packaging, drug treatment services and health seNices for people who sleep rough. In 2018. a new grant of £449.357 was awarded byThe National Lottery Community Fund to extend the Cascading Leadership programme. In August 2019. we ￿ceiVed a top-up grant of £15,411 from The National Lottery Community Fund, bringing the total budget for this project to £464.768. The programme stsrted in 2018 and £326.(XX) of funding had been received by 31 December 2019. In 2020 we ￿CeiVed £119.IXKI, bringing the totsl income to É445.OCQ, of which we have reco8nised £355.000 in total. The remaining income will be recognised in 2021. The Fund utilised the govemment furlough scheme to reduce losses in areas where staff who could not undertake their duties as a result of the Covid-19 pandemic. Notes io ￿[au￿15 69

Trusts•s'annual rep￿tand a(countsforthe>taierthd 31 De￿￿￿2021 23. Comparative statements (continued) 23c. Comparative consolidated statement of financial activities Total zozo Éooo EOOO lftc•me•nd endowm￿ lrn OODatirKts￿d le83cies Reseaich and 3ny5i t¥eSopin8 IndivNluai& tr•Y6 andABw lfynoiinB Underm￿dIng ne peL¥4e tcfe 612 116 100 246 446 1,050 1.285 117 Z76 169 17 30 CharitaNe xuvitles 1074 L737 1749 662 3.73fj 1.791 Z.749 Othw trathn8 a(￿￿tieS lthstments Olh 7.571 716 287 Research and analy5 1930 4x192 a8?0 874 471 169 4A61 4.Z61 Z.037 904 Prnrnring￿d￿St3ThJng 8rfneinE 17 tharitable actiViT6es Other trathn8 tI￿ties IL776 Ll54 371 IZ.463 1.208 59Z 2ZI Tffj•l 13.301 741 221 14.Z63 Operafjn8ldelthii Net 8alns on investm￿ NÈt ii(¢rffiellt¥perpSturel Transler5tthEen l￿d5 Aciuari¥ Ilosslon definod btnellt sd*me N¢t mo¥ernem Inlwds IS7301 12211 4.643 15.9761 6.646 {3.72n 1251 4.422 1&1631 (9,8911 16.1631 15.4931 1241 4,422 T•t41 brow fllrwxd 79277 132,79Z lii.068 Total knds tarrl•l t￿10 69.386 1251 137,214 206.575 NDtes io aciwnis 70

Trus1eos'annual rnport arKI accounts forthehThreDded 31 Oecoth2021 Z3. Comparative statements (continued) 23d. Comparative consolidated statement of financial activities Bm8kn8 peq>le Toial ZQ20 £000 CcrnlssknTdwThk Grants C￿￿trIaceS or fjckets Other 61Z L375 169 741 Z,1105 66Z 17 246 ez Tutal in¢Dme L058 2.285 117 276 3.736 Dlrerttxpefylltuie Support departments123el Totsl 1404 a057 a6S4 1.607 L294 L543 551 353 6.9)3 5.560 4.461 4.261 ZM37 12.463 23e. Support departments De￿￿O￿￿r I￿￿(￿JaI& Re5eJth team5 arbj 2020 Eoc#) FxHitle5 Pl Communkations (21 OlhEf9Jpport Pl Totri f05Lof 5upr#Nt (Wrunents 377 1.313 426 169 131 126 1.405 1,054 Z63 2fjS7 1.543 353 5.560 111 F￿111t￿sCo5ts aryLYtbJrd based on a¥va8e heathWrtofthevar￿thp￿tr￿[rt5 th? Jwi. IZ) CtyTrmw￿I)n costs hht b￿73r￿￿￿e￿ba￿￿ •￿a8￿h￿￿(rthtOf1h￿ var101￿ deprnis d￿1￿ the￿r. ia) Othersuppjrtdepartments in(lude. ch￿ f xttuti￿s ofh"ce. fv"narKe. OpeTrttons3nd Infrxrrwtion Technolo￿. Oepredation 15 a150 inclU￿d withfft this Caterni. Tr￿ aThiurrt paid bytt* tradiw subsKliaryvia a Th￿n38￿Ment(ha8È Is exchjded ènd has been allc<ated tOeX￿dIwre(ffi other trad￿8 a[v¥1￿ Remainln8 t05ts hm beenaKvith)ned ba5e¢J On hEaltfA•ttof thÈVam￿S￿Epartrnthitrth￿r1WthQ Nores io theaccounts 71