CENTRE FOR HEALTH AND THE PUBUC INTEREST (CHPI)
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31ST MARCH 2025
(not subject to statutory audit)
Company Reglstratlon No. 8047440 (England & Wales)
Charity Commlssion Registered Charity No. 1157077
*AE121VF7*
2411212025
COMPANIES HOUSE
A55
#143

CENTRE FOR HEALTH AND THE PUBLIC INTEREST (CHPD
(A ¢ompany limit¢d by guarant¢¢)
Company No. 8047440
Charity No. 1157077
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31ST MARCH 2025
(not subject to statutory audit)
CONTENTS
Legal and Administrative
Information
Trustees Re
ort
Inde
endent Examiner's Re
ort
statement of Financial Activities
Balance Sheet
Notes to the Flnancial Statements
10
11

CENTRE FOR HEALTH AND THE PUBLIC INTEREST (CHPI)
(A company limit¢d by guarante¢)
Company No. 8047440
Charity No. 1157077
LEGAL AND ADMINISTRATIVE INFORMATION
other Names Used:
CHPI, The Centre
status:
CHPI is a charitable company limited
by guarantee, Incorporated on 26"
April 2012. On 16° May 2014 CHPI
was entered onto the Charity
Commlssion Register of Charities.
Registered Offlce:
Pelican House, 144 Cambridge Heath
Road. London, E1 SQJ, UK
Bankers:
Unity Trust Bank PIC
Nine Brindley Place, Birmingham 81
2HB
Trustee8 (also Company
Directors):
Trustees who have acted during Ihe
period of thls report were:
Dr Jonathon Tomllnson (Chalr)
Prof Colin Ley8 (resigned April 2026)
Dr Guddl Singh (reslgned April 2025)
Ms Sue Charteris
Ms Lois Rogers
Prof Davld Evans
Ms Emma Watkin3 (resigned August
2025)
Executlve Dlrector:
The day.to4lay.management of CHPI
is delegated to the Executive
Director:
Mr David Rowland
Independent Examiner:
Edward Tombs

CENTRE FOR HEALTH AND THE PUBLIC INTEREST (CHPD
(A company limited by guarant¢¢)
Company No. 8047440
Charity No. l 157077
TRUSTEES REPORT
FOR THE YEAR ENDING 31ST MARCH 2025
The Trustee8 present thelr report and financial statements for the year ending
31# March 2025.
Structure Governance and Management
CHPI is constituted as a company limited by guarantee and 18 govemed by a
Memorandum and Article6 of Association. In the event of the company being
wound up, all Trustees have guaranteed to contribute to the assets of the
company as may be required to an amount not exceeding £10. The Trustee8
have no beneficial interest in the company nor its activitie8 and are not
remunerated.
New Trustees are appointed by way ol a decision by the existing Trustees.
Objectives and Actlvitles
Objects
The objects of CHPI as set out in the company articles of assoclation are".
to advance the education of the publlc In health and social care policie8
to promote informed debate and research for the public benefrt in all
aspects of that subject and to publish the useful results
Principal Activlties. Achievements and Perfonnance
During the year CHPI contlnued its work as an independent health policy think
tank, carrying out research and analy616 into health and social care In the UK
with a particular focus on the impact of privatisation, the role of private equlty,
confllct6 of interest and the development of a two tier healthcare system. The
alm of th16 work Is to inform public debate and policy and to help ensure that
decisions affecting health and care are taken In the public interest.
Over the past year CHPI has made the publlc, the medla and pollcy makers
aware of a number of public interest issues.
In the early part of the year CHPI worked with a national newspaper to
investigate the growing involvement of private equity backed companies in NHS
funded Sexual Assault Referral Centres. These centres provlde essential
support for victims of rape and sexual assault, including children. CHPI'S
analysis showed that private equity owned finns now run a substantial proportlon
of these seNices and that significant dividends have been paid to Investors from
income that is largely funded by the taxpayer. This raised serious questions
about the approprlateness of profit making in such sensitlve servlces and helped
to prompt further public and parliamentary scrutiny.

CENTRE FOR HEALTH AND THE PUBLIC wfEREST (CHPD
(A Company limited by guar8nts¢)
Company No. 8047440
Charity No. 1157077
CHPI also continued its progrdmme of work on the outsourcing of NHS funded
eye care to private companies. Earlier research, which vras covered by BBC
Newsnight and the national press, had shown a rapid shift of catsract work from
NHS hospitals to for profit provlders and had highlighted the impact of thls
change on NHS eye departments, Including the loss of staff and income and the
knock on effects for patients wlth more complex condltion8 and for the training of
future specialists.
During the year CHPI developed further analysls on outsourced cataract care. In
the final quarter of the year the organisatlon was working on a thlrd, more
detailed report in its cataract serSes, which wrds published shortly after the year
end. This report examined in depth the profits being generated from NHS funded
cataract surgery and the confllcts of interest arlslng from financial link8 between
Some NHS consultants and private cataract providers, using contract data and
company account8 to show the Scale of profft extractlon from this area ol care.
CHPI al80 contlnued It8 long standlng work on patient safety risks In the prlvate
hospital sector. During the year this work was featured on a national CUfTent
affairs television programme, which drew on CHPI'S evidence about systemic
shortcoming6 In the way care Is dellvered In prlvate hospitals. In particular, the
programme highlighted concems about inadequate arrangements for post
operntlve care and the reliance on Junior doctor8 working long hours wtth limited
supervision. CHPI and others have linked these issues to avoidable patient
hami. The renewed coverage helped to maintain pressure for reform8 at a tlme
when proposals to make 9reater use of private hospitals for NHS patients were
again under discussion.
The organisation's work on the care home sector was brought to a wider
audience through partlclpation In a European documentary examlnlng the cr1818
in care homes for older people. CHPI contributed evidence on the Impact of
profit extrBctlon and complex financial structures on the stability and quality of
care homes in the UK. This helped to show that the problems identified by.CHPI
are part of a wider pattern across Europe arKI underlined the need for more
sustainable models of care for older people.
Alongslde these maln areas of work, CHPI contlnued to contrlbute to the UK
Covid 19 Public Inquiry and was granted "core participanf, status by the Inquiry
as part of a collaboration with a number of other public interest organisations
During the year CHPI submitted evidence on the use of the private hospital
sector during the pandemic, drawing on contracts, activty data and company
accounts to assess how the arrangements operated. The analysis suggested
that the contracts did not make full use of available capacity for NHS patients
and that financial Incentlves allowed private providers to continue or expand fee
paying work, rather than focusing solely on supporting the NHS. CHPI'S
contribution added an independent perspective on the use of public funds, but

CE￿￿RE FOR HEALTH AND THE PUBLIC INTEREST (CHPD
(A company limited by guarantee)
Company No. 8047440
Charity No. 1157077
this work formed one part of a wider programme rather than the main locus of
the year.
Acros8 its activities CHPI continued to highlight the risk of a two tier healthcare
system, in which those who can afford to pay privately have increasingly different
options from those who cannot. Its analysis drew attention to rlsing levels of self
funded Social care, a decllne in the proportion of fertility treatment funded by the
NHS, and growlng numbers of people paying for operations from thelr own
resources. The eye care worf( in particular showed how Outsourcing can leave
the NHS with fewer staff and resource$ to care for more complex cases,
reinforcing these trends over time.
Engagement with the public and wlth profe88lona18 remained an Important part
of CHPI'S work durlng the year. CHPI organised public events In Manchester and
Birmingham to dlscuss the gr0￿h of for proflt healthcare and the r18ks ol a two
tler 8yStem. These events brought together academics, healthcare professlonal8,
campaigners and members of the public and were attended by over two hundred
people in total. They provided a space for informed discussion and helped to
broaden the organlsatlon's network of 8UPPOrters and collaborators.
CHPI'S research and commentary continued to receive coverage in the national
medla, Includlng television, radlo and the press. Staff and Trustees were
regularly invited to brief parliamentarlans, professional bodies and other
8takeholders on issues such as outsourcing, private equity in health and care,
patient safety and the fvture of publicly funded seNices.
Future plans and activlties
In the coming year CHPI plans to bulld on this work by continuing to examine the
impact of outsourcing and private finance on NHS and social care servlce8,
purBuing further research into the role of private equity and other investors in
sensitive areas of health and care, malntaining it8 focus on patient safety in the
private hospital sector and on conflicts of interest in clinical decision making,
expanding it8 programme of publlc events and outreach acro86 the UK, and
contributing evidence and analysls to formal Inquiries and pollcy processes
where its expertise is relevant.

CENTRE FOR HEALTH AND THE PUBLIC INfEREST (CHP
(A company limited by guarante¢)
Company No. 8047440
Charity No. 1157077
FINANCIAL REVIEW
Income
Voluntary Income 01 £44,927 represents unrestricted donations from indlviduals
through the year, a small decrease from the previous years, total of £57,682.
Gift Ald Income of £4,818 was the total amount claimable from HMRC for
donations in the period from donors who have provided CHPI with a Gift Aid
Declaratlon, down from the prevlous year's total of £6,726.
Income from charitable actlvlties of £99,684 Includes grant Income recelved
towards two grant-funded research projects. This represents a significant
Increase from the prevlou6 years, total of £51,8CQ in income from grants and
contracts.
Expendltu re
Expenditure was primarily made up of stsffing c08t8 for the Centre'8 Executlve
Director and Fundrnising Coordinalor.
Reserves
The Trustees recognise the need to hold reserve8 to protect the financlal securty
of CHPI in the event ol Income shortfalls.
A Re8erves Pollcy adopted In August 20218et8 Qut the Intentlon to maintaln a
minimum 013 months expenditure in reserve, and allocate additlonal funds
avallable to furtherlng CHPI'8 charitable work, or Investlng In future Income
generation.
At 31° March 2025 the general reserve held £99,733, an Increase of £23,907
from 31st March 2024. This reserve represents just under 11 months of
operating expenditure, above the minimum 3 months. As such Trustees wlll
consider the posslbility of running a managed budget deficit over the course of
the coming year.
The report has been prepared in accordance wlth the speclal provlsions of Part
15 of the Companies Act 2006 relating to small companles.
Approved by the board of Trustees on 1 Oth December and slgned on Its behalf
by:
Jonathon Tomlinson
Chair

CENTRE FOR HEALTH AND THE PUBLIC INfEREST (CHPD
(A company limitd by guarantcc)
Company No. 8047440
Charity No. 1137077
Independent Examiner's report to the Trustees
I report on the accounts for the year 31 March 2025.
Respectlve responsibilities of Trustees and examiner
The Charity's Trustees (who are also the Directors for the purpose of company
law) are responsible for the preparation of the accounts. The charity's trustees
. consider that an audit is not required for this period (under Section 144 (2) of the
Charltles Act 2011 (the 2011 Act)) and that an Independent examination 18
requlred. l am quallfied to undertake the examination.
Havlng satlsfled myself that the charity Is not sublect to audlt under company law
and is eligible for independent examination, it is my responsibility to:
examine the accounts under Section 145 of the 2011 Act
to follow the procedures laid down in the General Dlrectlons glven by the
Charity Commlssion (under Section 145(5) of the 2011 Act); and
to state whether partlcular matters have come to my attention.
Basls of the Independent examiner's report
My examination was carried out In accordance with the General Directlons given
by the Charlty Commission. An examination includes a review of the accounting
records kept by the charity and a comparlson of the accounts presented with
those records. It also includes consideration of any unusual items or disclosures
In the accounts, and seeking explanations from you as trustees concernlng any
such matter8. The procedures undertaken do not provide all the evidence that
would b.e required In an audit, and consequently no opinion 18 given as to
whether the a¢￿unt6 present a 'true and falr vlew, and the report Is Ilmlted to
those matters set out in the statements below.
Independent examlner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that, in any material respect, the
requirements
to keep accounting records in accordance with Section 386 and 387 of the
Companies Act 2006; and
to prepare accounts which accord with accounting records, comply with the
accounting requirements of Sections 394 and 395 of the Companies Act
2006 and with the methods and princlples of the Statement of Recommended
Practice: Accounting and Reporting by Charities
Have not been met; or
(2) to which, in my opinion, attentlon should be drawn In order to enable a proper
understanding of the accounts to be reached.
Edward Tombs CIMA.. Certificate of busirnss accountlng
1 Williams Terrace, Bethesda Gwynedd, LL57 3NH .
DATE.. 17-12-2025

CENTRE FOR HEALTH AND THE PUBLIC INfEREST (CHPD
(A company limited by guarantee)
Company No. 8047440
Charity No. 1157077
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR TO 31ST MARCH 2025
. (not subject to statutory audit)
Restricted U nrestrlctèd
Funds
Funds
Tolal
2025
Total
2024
Note
Incomlng
Resources
Voluntary Income
44,927 44,927 57,682
Income from
charitable activities
99,684
99,684 51,800
Gift Ald
4,818
4,818 6,726
Other Income
70
Total Incomlng
Resources
Resources
Expended
Fundraising
-5,276
-5,276 -42,599
Charltable
activities
46,243
-15,560 -101,804 -78,924
Governance
-5,001
-5,001 -11,938
Total Resources
Expended
Net Incoming
Resources
13
37
28 .171
.Transfers
Net movement in
funds
The ststement of financial activities includes all gains and108ses in the year. All
incoming resourc'es and resources expended derive from continuing activitie8.

CE￿RE FOR HEALTH AND THE PUBLIC INtEREST (CHP
(A oompany limited by guarant¢¢)
Company No. 8047440
Charity No. 1157077
BALANCE SHEET
AS AT 31" MARCH 2025
(not subject to statutory audlt)
31 Mar
2025
31 Mar
2024
Notes
Current Assets
Cash at bank and in hand
Accrued Gift Aid Recoverable
Total Cu rrent Assets
111,974
3,969
115,943
75,638
2,805
78.443
Creditors
Amounts falllng due wlthin one year
2,769
2,617
Net Current A88els
113,174
76,826
The funds of the charlty
Restricted Funds
Deslgnated Funds
General Funds
Total Charlty Funds
13,441
10
99,733
113,174
75,826
75,826
For the year ending 3110312025 the company was entitled to exemption from
audit under section 477 of the Companie8 Act 2006 relating to small companies.
Trustees, responsibllities..
the member6 have not required the company to obtaln an audlt of its
accounts for the year in question in accordance with section 476,
the Trustees acknowledge their responsibilities for complylng with the
requirement6 of the Act with respect to accounting records and the preparation
of accounts, these accounts have been prepared in accordance with the
provisions applicable to companies subject to the small companies regime.
Approved by the board of Trustees on 1 Oth December and Signed on its behalf
by:
Jonathon Tomlinson
Chair
10

CENTRE FOR HEALTH AND THE PUBLIC INTEREST (CHPD
(A Company limited by guarantee)
Company No. 8047440
Charity No. 1157077
NOTES TO tHE FINANCIAL STATEMENTS
FOR THE YEAR TO 31ST MARCH 2026
(not subject to Statutory audit)
1. Accounting Policles
(a) Basls of Accounting
The financial statements have been prepared under the historical cost
convention In accordance wlth the Companies Act 2006 and the Statement
of Recommended Practice: Accounting arKI Reporting by Charities issued
in April 2013.
(b) Fund Accountfjng
Unrestricted funds are avallable for the use at the d18cretlon of the Tru8tee8
in the furtherance of the company's charitable objectives.
Designated fund8 are unrestricte(4 fund8 earmarked by Tru8tee8 for a
particular purpose.
Re8trlcted funds are subjected to restrlctions on their expenditure imposed
by the donor.
(e) Incomlng resource
All incoming resources are included In the statement of financlal actlvlties
when CHPI is entitled to, and vlrtually. certain to receive, the income and
the amount can be quantiried with rea80nable accuracy.
(d) Re8ource8 Expended
Expenditure Is recogni8ed on an accrual basis as a Ilabllity is Incurred.
Expenditure includes any VAT which cannol be recovered, and is reported
as part of the expendlture to which it relates:
Costs of generating funds comprise c06ts a86ociated wlth attracting
voluntary and contract income.
Charitable expenditure comprlses those costs Incurred In the delivery of
CHPI'S charitable object6. It includes both costs that can be allocated
directly to such activitie8 and co8t8 of an Indirect nature necessary to
support them.
Governance costs include costs associated with meeting the constitutional
and statutory requirements of CHPI.
11

CENTRE FOR HEALTH AND THE PUBLIC INTEREST (CHPI)
(A company limit¢d by guarante¢)
Company No. 8047440
Charity No. 1157077
2. Voluntary Income
Unrestf icted
2025
Restricted
2025
Total
2025
Total
2024
Tinsley Charitable Trust
25,000
25,000
25,000
Charles Clarke
4,458
Other Individual Donations <
£2.5k
19,927
19,927
28,244
44,927
44,927
67,682
In the interests of transparency, CHPI ha8 adopted a pollcy of Individually
identifying all donations over £2,500 durlng the course of the year.
3. Income from Gharitable Actlvltles
U nrestricted Restricted
2025
2025
Total
2025
Total
2024
Joseph Rowntroa Charltabl•
Trust
64,684
64,684
41,800
Frlends Provldent
Foundation
35,000
35,000
Amiel & Melbum TNst
5,000
Scurrah Wainwright
Charitable Trust
5,000
99,684
99.684
61,800
12

CENTRE FOR HEALTH AND THE PUBLIC IwfEREST (CHPD
(A company limited by guarantee)
Company No. 8047440
Charity No. 1157077
4. Resources Expended
Allocation by fund
Direct expendlture rtems are allocated by fund according to the purpose of the
expense.
Staffing & overhead costs are re-allocated to the restricted lund8 according to
agreed project budgets.
Expenditure
Total
JRCT . After the
pandemic
Frlend8 Provident
Mapping profit
extraction
General funds
Direct expenses
14716
3,905
3,947
6,864
Staffing
Overheads
90,219
48,994
29,397
10,653
8,321
5,476
Total
expendi1￿re
allocation
112,081
62,899
33,344
26,838
Allocation of expenditure to fundraising, charltable activities and
governance
Direct expenditure items are allocated to expendilure categorles for fundralslng,
charitable activitie8 and governance according to the nature of the expense.
staffing & overhead eo8t8 a￿ re-allocated to the8e categories on the bas18 of
estimated proportion of staff time spent on each activity: 50h fundraising, 900A
charitable actlvities, and 50A govemance.
Expenditure
Total
Fundraising
Charitable
Activities
Governance
Direct expenses
14,716
14,176
133
Staffing
90,219
4,452 (5%)
80,139 (90%)
4,452 (5%)
Overheads
6,866
416 (5%)
7,489 {90%)
418 (5%)
Total expenditure
allocation
111.802
29,534
72,427
9,842
13

CENfRE FOR HEALTH AND THE PUBLIC Tr￿EREST (CHP
(A ￿MpanY limit¢d by guarantee)
Company No. 8047440
Charity No. 1157077
5. Trustee Remuneratlon. Expenses & Related Party Transactions
No Trustees received any remuneration for their services.
£102.50 in expenses was reimbursed to Trustees for food or travel costs during
the period (2024: £0).
No Trustee or other person related to the charity had any personal interest In any
contract or transaction entered into by the charity during the year.
6. Taxation
No tax charges have arl8en In CHPI,
The vast majority of income18 from grants, donations or contracts for public
interest research and is applied for charitable purposes.
7. Gift A5d Recoverable
An estimated £3,969 of accrued Gift Aid was claimable on received donatlons at
31st March 2025.
8. Creditors: amounts falllng due within one year
£2,769 was owed across a number of unpaid invoice8, expense claims and
PAYE Ilabllities at 31st March 2025. All amounts owed have now been pald.
9. Purpose of Restricted Fund
There were two restricted lund8 In the year:
JRCT
Funds recelved from Joseph Rowntree Charltable Trust for a 24-month project
titled After the pandemlc.. The long term Impact of COVID 19 on the
provlslon of healthcare free a¢ the polnt of need.
Frlends Provident
Funds received from the Friends Provident Foundation for a project titled
Mapping profit extraction from state funded health services In England.
Expenditure for each project was assigned to the fund in accordance with the
agRed project budget - including allocations for tstaff time.
10. Purpose of Designated Funds
There were no deslgnated funds in the year.
11. Staff Costs and Numbers
The Centre employed a full time Executive Dlrector and part-time Fundraising
Co-ordinator throug1￿Ut the year.
14

CENfRE FOR HEALTH AND THE PUBLIC INfEREST (CHPD
(A Company limited by guarant¢¢)
Company No. 8047440
Charity No. 1157077
12. Funds of the charity
8alance at 31
March 2024
Total Income
FY 2026
Total expendlture
FY 2026
Balance at 31
March 2025
Restricted funds
JRCT- Aft8rth•
pandemlc: The
long term
impact of COVID
19 on the provlsion
of healthcare free
at the point of need
Friends Provident-
Mapping profrt
extraction from
state lunded heatth
services In England
Total restricted
fund8
64,684
52,
11,785
35,0
33,344
1,656
86,243
13.441
Designated funds
Unrestricted
funds
75,826
49,745
25,838
99,733
Total fundg
75,826
149,429
112,081
113,174
13