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¥eveff*nts

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 fr*1￿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¥err*nts
io

Trullee¥anrN* rewtand acctyjmslorlheswrended 31 Dtten*wZ021
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 OffeFr*xr 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 Der*fflber2021
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 eqult*5
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￿l5Aletr*ry￿￿MnI1v ItyLKerui*sth*to￿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
Revit*S th•wJrk ot
Ihe Fund and piavides
advice to tthÈTru5toes
v4thie5pe(t il*ihe
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$￿larISt 5UPWt alrea¢tyin pla￿ ￿￿.a staff
counsellor3nd netrth of health first aiders) is highlighted freqUen￿y.
Vrfe Th*st in builthn8Lwr Intemal up*lities thrnryh Sukwt¥￿ *amin8 ar
de¥elopff*nL aswdl a5￿uln8 and wxtisin8 open￿. Collat￿?tiQn a￿1 indusmty.
There 15 a cros5.FurKI fcKu5 on Conti￿OU5 inyovernentand the d￿VMertof
Alxjgness ¢￿tInuIty pkn is in plxe to enwre thatthe Fund can cmtinue operntin8
after a rnaior incl￿¢ or external Thtnt Iwth a5 Co¥id-19X e¥En rfthe ￿lildIng is
inactewble fora prolon8ed period.The ￿InfraSt￿jctUre is de*gr￿￿ to maxirni5e
aTrJ ￿liCleS xe h) ￿t0 apwowlate seojrlty
of data.
Fin￿la1
sustslnabllty
The Fund'5 irThvtr￿rrts￿e actith rnanaged arvj byan IrNestment Comrnittee.
ich set5 a stratryc a55et ahxztion and ISX￿1ated puformarKe benchrnark and
balances risk axainst berthrnark WEbJrn5￿th a dThzrstfied plxtfo1￿ of a55et da55e5.
In*￿stment Ferform¥Ke isItys*Ae to Try￿tee$ 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 defir*d benefft penslon
stheme is maintsined, and this liability is congdered akjnggde other finanoal risk&
The Cororuvirus Plan Fund was debtlry>ed to mitiB*e the fin￿£141
risks of ￿ parnlemic on tt* ry8anisatkni ar￿ fixus on supptytin8 sustsinable income
8er*Trtion 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 misst*ement 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￿ Tiusi*s 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
4*50
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
1*743
14.Z63
Op¥aln8 Idefioii
Net Eain cffjir￿sln*nts
Netinc(ffi*llexpeTrMurel
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￿ fundscarr*d
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 51*eriEr
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
1*954
54n45
73
163M35
53AIS
31
197M14
54.045
73
163.885
Iz
13
Totsl flxed a55e15
ISOAOO 217.953
250.4511
218.003
Currnffl xs*ts:
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 Il*ch•rly.
Expendatq? En&y*Thefttfthts
Restricted fur*15
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
Inb*5rment manwew*nt 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 boriu*rin8
Interest onlo
{1341
19.666
(ash yo¥lded tyfmrnlni a(iMlles
31L
2121
EIIOD
2020
Net iKome fi¥theWng pwtyj
Iu5trnenis fry.
In*stfflentknccff
13.751
670
{2.6001
(1&116)
663
la7491
1&6461
592
Ins*strnent 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
Fxllt*s111
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 p3rtr*th¥s
Cost assocfjètedwlth ten
C05t a55¢Kiatedwith r**th*itsblt£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% cu5tL*th'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 ernoluff*nts 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 loMt*r
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￿ eryAos*r 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
Tot*1
d￿￿
Éots)
At Ilanu
Addirlon5
DISP￿15
At 31 Dec￿+Jer
55350
4.777
3IJ91
366
IZ311
3226
6*218
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 5*arended 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 tl*year
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 eww*er
Thestment prtyori*s
C•ns•lld•tsd f•ial
Sharthldkn8 In gJ)slthwy(tyTyrry
thaFltytotsi
1*954
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 s*aronded 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 •ft*ys
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
L*erthan 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$ed In IIE B*arKe Sl*et•E asfrJl¢y*
Fa*vau¢tyf V•thèSStts
Pre$Mtv*￿of plan Ilabllil*s
N•tPN•n Ib*Wty
65.031
165A541
qL61¥
5*982
17Q4731
IlQ4911
zozi
2020
The TrThw*ntlndefined L*nÈfil 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
5*912
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 SMerr*ffl 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
In*ibte 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 3n*y5i
t*¥eSopin8 IndivNluai& tr•Y6 and*ABw
l*fynoiinB 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
lth*stments
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
CcrnlssknT*dwThk
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
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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
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Nores io theaccounts
71