Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 


**Bupa Foundation** 

**(Company registered number 9524970) (Registered Charity number 1162759) Report and financial statements Year ended 31 December 2025** 

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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


|**Contents**|**Page**|
|---|---|
|Officers and Professional Advisors|3|
|Trustee’s Report (including Strategic Report and Statement of Trustees Responsibilities)|4-11|
|Independent auditor’s report to the members of the Bupa Foundation|12-15|
|Statement of financial activities (incorporating the income and expenditure account)|16|
|Balance Sheet|17|
|Cash flow Statement|18|
|Notes to the Financial Statements|19-25|



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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Officers and professional advisers** 

## **Trustees (Directors)** 

S Brown (Chair)* S Narayan J O’Reilly N Sullivan (Resigned 31 March 2026) A Waker M Smith Y Mahfouz Neil Sikka (Appointed 14 April 2026) Zelina Harrington-Greenwood (Appointed 14 April 2026) 

## **Director of Bupa Foundation** 

A Russell 

## **Registered office** 

1 Angel Court London EC2R 7HJ 

## **Banker** 

HSBC Client Management 62-76 Park Street London SE1 9DZ 

## **Auditor** 

Menzies LLP 1 George Leigh Street Manchester M4 5DL 

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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Trustees’ report** 

The Trustees of Bupa Foundation (the “Charity”), who are also Directors of the company for the purposes of the Companies Act 2006, present their annual report on the affairs of the Charity, together with the financial statements and auditor’s report for the year ending 31 December 2025. 

## **1. Introduction** 

The Charity was incorporated in the UK on 2 April 2015 with the Registrar of Companies and registered with the Charity Commission on 21 July 2015. Since being established, the main focus of the Charity has been grant-making, and in 2020 the charity also started running its own programmes. 

## **2. Objectives and activities** 

## **Objects and purpose** 

The Charity’s objects, as defined in its governing document, are to advance health or prevent or relieve suffering. 

The Charity does this by funding practical projects that improve both people’s health and the planet’s health. 

## **Programmes** 

In 2025 the Charity marked its 10[th] year and continued to run programmes and help fund practical projects to make people and places healthier. 

The Charity has continued to focus on the core three areas: Healthier Communities, Healthier Futures and Healthier Cities offering support to: 

- A range of small and large charitable projects with grants and in-kind help from Bupa people 

- Projects which enable climate change education and action and for better health outcomes 

- Children, young people and the most vulnerable people in our communities who are at risk of deprivation and ill health due to the climate crisis. 

## **Grant making** 

The Bupa Foundation is committed to supporting impactful projects that improve both people and planet health, in line with its strategy. The grant-making process ensures transparency, fairness, and accountability in distributing funds to eligible organisations. 

The Charity predominantly works with organisations it has existing relationships with or has proactively reached out to. The organisation needs to meet specific eligibility criteria and due diligence checks. Once passed, initial conversations are held with the Bupa Foundation team or Bupa Foundation Community Committee members (for smaller grants) to establish the types of projects and work the organisation is seeking funding to support. Projects need to deliver on the Charity's purpose and strategy, helping to build healthier communities and support people/planet health. If criteria are met, a funding proposal is submitted and reviewed by the Bupa Foundation Director before being shared with the Bupa Foundation trustees for a funding decision. 

In 2025 to speed up decisions and get funds working sooner, the virtual decision trustee review window was shortened from ten to five working days. 

The Charity demonstrates who the programmes have impacted and the difference they make to people’s lives in an annual impact report and through regular communications internally and externally on social media. Grant recipients also share impact reports with the Charity. 

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**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Trustees’ report (continued)** 

A summary of the Charity’s focus areas and some of the projects it supported in 2025 are as follows: 

## **Healthier Communities** 

_This pillar focuses on local, practical projects with short and long-term impact in areas of need, supported by Bupa employees._ 

## _Local community grants_ 

The Charity continued to support the work of its nine Community Committees which are made up of Bupa employees who volunteer their time. Community Committees recommend local causes for grants and add to this by volunteering their time, providing in-kind donations, and fundraising. 

Some of the grants nominated by Bupa Foundation’s Community Committees in 2025 included funding for an apprentice at the charity CATCH which gave a young person in one of Leeds’ most deprived areas training, mentoring, and hands-on community project experience. The programme builds confidence, skills, and future employment pathways while supporting wellbeing and environmental care across the CATCH site. In London, the Community Committee continued its support for Felix Project rescuing surplus food and redistributing meals to families and community groups across London. In Manchester, the Community Committee supported outdoor wellbeing initiatives including gardening, wellbeing walks and community clean ups for LGBTQ+ people across Greater Manchester. 

## **Healthier Futures** 

_This pillar focuses on climate action and education to help create healthier futures for young people and their supporters._ 

## _Eco-Schools_ 

In Spring 2025 the Bupa Foundation confirmed support for a third academic year (Sept 2025 – July 2026) for climate education and action work run by the charity Eco-Schools who are part of Keep Britain Tidy. Across the 2025-2026 academic year Eco-Schools aims to continue helping young people and teachers feel confident about delivering environmental action in their school and local community. This includes free training for 1,500+ educators, engaging 2,000+ nurseries and schools to ‘Cut Your Carbon’ and to continue the development of a healthy living topic and eco-project. 

## _Asthma & Lung UK_ 

In Summer 2025 the Charity confirmed continuation funding for Asthma + Lung UK’s Clean Air Champions programme, to run in 100 new schools nationwide, while supporting existing schools in year 2 and targeted schools recruitment in Wales and North East England where need is greatest. The programme includes offering schools in areas of high deprivation and high air pollution air quality monitoring materials and education about lung health and clean air to promote action to improve local air quality. 

## _National Literacy Trust_ 

In Spring 2025 the Charity continued to support the National Literacy Trust programme “Reading for the Planet”, which aims to educate about people and planet health as well as break the link between low literacy and poverty providing a positive intergenerational experience for Bupa care home residents and primary school pupils living in areas of deprivation. In 2025 the programme worked with 10 Bupa Care Homes and 10 Local primary schools, supporting 300 children across 30 events. In addition, it gifted 1,000+ books to build reading enjoyment and climate understanding. 

## **Healthier Cities** 

_This pillar focuses on larger scale projects in urban areas of greatest need, with opportunities to educate and inspire a wide audience._ 

In June 2025, the Charity continued to work with Groundwork UK and ran a £500,000 ‘Green Community Grants’ programme. This helped 271schools, local charities, and community groups across the UK to regenerate local green spaces. 

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**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


**Trustees’ report (continued)** 

## **Healthier Cities (continued)** 

The Charity also continued its partnerships with Trees for Cities and City of Trees planting thousands of trees in urban parks, schools, and housing estates in London and Greater Manchester to help improve access to green space, air quality and prevent surface flooding. 

The Charity started a new partnership with Intelligent Health supporting their Beat the Street programme in Salford, a city-wide, interactive physical activity and green space engagement programme delivered with Salford City Council and the Canal and River Trust. Beat the Street Salford reached 18,000 residents and increased physical activity. 

The Charity started a new relationship with Swechha, a charity in India, on a ‘Bridge the Gap’ programme – supporting education and environmental projects in 20 schools in Delhi, and a national opportunity across India to support 10 fellows to receive funding and a mentor to bring their environment/health idea to life. 

To mark 10 years of activity, the charity undertook several activities to celebrate the milestone and give back to communities including: an ABC of Sustainability book donated to all Bupa Clinics, Care Homes and Bupa Dental Care sites to share with young visitors in waiting rooms and receptions; supporting the Lifecare Better Together Mara Medical Camp in Kenya by taking a group of volunteers to support the camp in June 2025; and encouraging all Bupa Foundation Community Committees to hold ‘decade of donations’ parties, enabling local charities to promote their causes and encourage fundraising and volunteering. 

## **Project Portfolio** 

The Charity focuses its work on its three pillars (Healthier Communities, Healthier Futures and Healthier Cities). During the period, relationships, and funding with 72 organisations were confirmed. Details of all organisations who received grants are on the Charity’s website: www.bupafoundation.org. 

## **3. Achievements and Performance for Public Benefit** 

During the year, the Charity granted a total of £1,980,890 (2024: £1,800,495) to 72 organisations (2024:61), bringing the total level of funding awarded in grants, since the Charity was established in 2015, to £12.8 mil. 

To ensure donations are used for their intended purpose, due diligence is undertaken before grants are awarded. Organisations receiving grants from the Charity are asked to report regularly on how the funds have been used and on the progress of their project as stated in grant agreements/letters. 

The Charity has developed and documented controls to prevent financial crime and controls to ensure appropriate income recognition and application of funds. 

The Trustees confirm that in carrying out the objectives of the Charity, due regard has been paid to the Public Benefit Guidance published by the Charity Commission. 

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**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Trustees’ report (continued)** 

## **4. Financial Review** 

The level of the maximum guaranteed annual donation is agreed between the Charity and Bupa and is confirmed in a letter. It is available for grant funding approved by the Trustees in the financial year. Once agreed, the funds are held by Bupa on behalf of Bupa Healthcare Services Limited on trust, for and on behalf of the Charity and then paid to the Charity’s bank account upon request. Any additional donations beyond the Annual Committed Expenditure made by Bupa to the charity are confirmed in writing and paid directly to the Bupa Foundation bank account. 

Total income during the year was £3,046,334 (2024: £2,105,241), comprising £2,718,402 (2024: £1,800,000) in donations, £23,605 (2024: £8,292) in bank interest and £304,328 (2024: £296,949) in contributions of donated services in-kind. The costs of the charitable operations in 2025 amounted to £2,285,217 (2024: £2,097,444). These costs comprised the agreement of the payment of grants to institutions in the sum of £1,980,890 (2024: £1,800,495) operational, administration and governance costs of £304,327 (2024: £296,949) and direct activity costs totalling nil (2024: £nil). The cost of other ad hoc costs such as bank charges finalise the expenses although this is considered by the Trustees to be immaterial. 

## **5. Reserves Policy and Going Concern** 

The Charity holds reserves to cover the amount required to fund approved grants in full. The level of reserves retained ensures that adequate funds are available to cover all future commitments and planned expenditure including any future expenditure which may not otherwise be covered by income. At the balance sheet date, the Charity remained in a good liquid position with cash reserves totalling £786,300 (2024: £25,492). The level of unrestricted reserves, excluding designated funds, totalled £706,300 (2024: £25,492). This was available to cover the Charity’s planned future expenditure. The level of restricted reserves totalled £80,000 at the balance sheet date. 

The Charity is dependent upon receiving funding from Bupa, which is committed annually in advance of each accounting period. Grants awarded are only approved within the funds available under the Annual Grant Agreement or 2025 additional funds and are not committed beyond the level of confirmed funding. 

The Charity is not reliant on fundraising or public donations and is solely funded by Bupa who have confirmed their funding commitments for 2026. This provides the Charity with a secure future for supporting the realisation of the intended charitable aims and objectives and committed future costs. 

Trustees have considered budget plans and financial outlook in considering the sustainability of the Charity. The Trustees have secured 100% of the donation income for the year 2026 upon receiving confirmation of the annual committed expenditure and 2026 additional funds. 

The Trustees have also reviewed the cash position of the charity and the reserves as at the date of signing the financial statements and are satisfied that the charity will be able to meet all its financial commitments for at least twelve months from the date of signing the financial statements. 

Therefore, the Trustees believe that the charity is well placed to manage its financial risks successfully. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements. 

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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Trustees’ report (continued)** 

## **6. Strategic plans** 

The Charities funding principles for 2025 were: 

- To support practical projects which create healthier communities that improve both people and planet health 

- To help the most vulnerable people who are at risk of worsened deprivation and ill health as a result of the climate crisis, especially in deprived communities where Bupa has a presence in 

- the UK and some international funding in Dubai, Egypt, Kenya and Dublin so that the Charity can harness the time and skills Bupa employees who volunteer for these causes. 

- To ensure all causes supported strive to be inclusive in their approach. 

- To ensure all causes supported aim to have a positive impact on the environment. 

- • Ensuring the charity’s due diligence criteria are met. 

At the end of 2025 the Charity undertook a review of its strategy. It has been agreed by the Trustees that from 2026 the charity will focus on helping to create healthier communities and will do this through three main focus areas: Healthy Cities, Inclusive Sports and a Healthier Communities Fund. 

## **7. Risk management** 

The Trustees work to an established risk management process to assess risks and implement risk management strategies.  This involves identifying the types of risks faced, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. Risks are logged in the Charity’s Risk Register which the Trustees review on a regular basis. 

## The Charity’s Risk Register considers risks relating to the following: 

- Laws and regulations, particularly ensuring compliance with regulatory requirements. 

- Operational risks, such as succession planning for Trustees and the Director of Bupa Foundation. 

- Financial risks, particularly inappropriate use of grant funding by an institution. 

- Reputational risks, for example by association with an institution that is perceived to be, or found to be, mismanaged or incompetent. 

Key controls used and mitigating actions undertaken include: 

- Seeking advice from specialist advisers in managing the Charity to ensure compliance with laws and regulations governing charities and companies. 

- Discussing Governance issues and succession planning at Board meetings. 

- Ensuring Trustees receive an induction, which includes specific guidance from the Charity Commission on corporate foundations, information on their role and responsibilities as Trustees and on the Charity’s governance policies, including the Conflicts of Interest policy. 

- Undertaking due diligence for all grant recipients, including ensuring funding given is not more than 10% of a charity’s overall income and their online presence. 

- Operating a programme of relationship management with grant recipients, establishing proactive and open communication, undertaking visits, and requirements for reporting and reviewing progress and impact. 

- Reviewing and developing policies and procedures to support the Charity’s programmes and grant-making. 

## **8. Charity organisation** 

Bupa Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. There are currently 7 trustee directors, and the sole member is Bupa Healthcare Services Limited who has undertaken to contribute to the assets in the event of winding up a sum not exceeding £1. The Foundation is a registered charity.  The registered office is given on page 3. 

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**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Trustees’ report (continued)** 

**9. Governance and Management** 

The Charity is governed by its Articles of Association. In accordance with the Articles of Association, there must be at least seven Trustees, including no less than two Independent Trustees (which are defined as not being connected with Bupa and its subsidiaries (the “Bupa Group”)). 

In 2025 there were no changes to Trustee structure, with a total of seven Trustees: two independent and 5 Bupa Connected Trustees. Review of term and any agreed appointment of new Trustees will take place in 2026. 

The following people served as either an Independent or Bupa Connected Trustee during 2025: 

Independent Trustees: 

- S Narayan 

- • Y Mahfouz 

Bupa Connected Trustees: 

- S Brown (Chair)* 

- J O’Reilly 

- N Sullivan 

- A Waker 

- M Smith 

The recruitment and appointment of Trustees is managed by the Chair and the Director of the Bupa Foundation and approved by the sole member, Bupa Healthcare Services Limited. When recruiting Trustees, attention is given to the balance of skills, diversity and experience of the Board. 

The Chair of Trustees, together with the Director of Bupa Foundation, is responsible for the induction of new Trustees. Trustee induction involves raising awareness of Trustees to their duties and responsibilities under the Charities Act 2011 and Companies Act 2006, as well as an introduction to the governing documents of the Charity and its policies. At an induction meeting all new Trustees are taken through a detailed Induction Presentation, including links to essential reading material and guidance from the Charity Commission (The Essential Trustee and A Guide to Corporate Foundations) and have the opportunity to ask any questions. Trustees are asked from time to time to familiarise themselves with their responsibilities using the materials provided by Charity Commission. For example, videos on trustee responsibilities and essential trustee guides. 

The Trustees meet a minimum of 3 times a year to agree the strategic direction of the Charity, review programme performance and approve grants.  Programmes are run and grants awarded in line with the Charity’s Articles of Association and Grant Agreement. The Trustees have delegated authority to the Bupa Foundation Director for grants totalling no more than £25,000 in any month, provided five working days’ notice is given to Trustees for input. While there is no maximum, grants are generally between £2,000 - £30,000 for Community Committees, and between £10,000 - £150,000 for larger grants. 

The Charity has a Conflicts of Interest policy, under which all Trustees must declare any interest (transactional or situational) in a matter to be decided by the Trustees and will be managed in accordance with the Charity’s Conflicts of Interest policy and Articles of Association. 

The Charity does not have any direct employees. On a day-to-day basis, the Charity is administered by the Director of the Bupa Foundation, supported by the Head of Community and ESG Advocacy & Engagement Manager, Senior Bupa Foundation Manager (3 days per week) and Bupa Foundation Executive. Associated costs are borne by Bupa. The Senior Bupa Foundation Manager and Foundation Executive roles are solely dedicated to the Bupa Foundation and are recorded as donated services in the financial statements. In addition to this, costs for the remaining employees are recorded as donated services on a time proportionate basis. 

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**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


**Trustees’ report (continued)** 

## **10.  Relationships with related parties** 

Details of transactions with related parties are set out in note 8 to the financial statements. 

## **11. Auditor** 

Menzies have indicated their willingness to continue in office and have been reappointed for 2025 pursuant to Section 487(2) of the Companies Act 2006. 

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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Statement of Trustees’ responsibilities** 

The Trustees (who are also Directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK General Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: 

- there is no relevant audit information of which the charitable company's auditor is unaware; and 

- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

The Trustees’ Report was approved by the Board of Trustees and authorised for issue. 

Signed on its behalf by 


## **Michelle Smith** 

Trustee 16 July 2026 

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**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Independent auditor’s report to the members of Bupa Foundation** 

## **Opinion** 

We have audited the financial statements of Bupa Foundation (“the Charitable Company”) for the year ended 31 December 2025 which comprise the Statement of Financial Activities (incorporating the income and expenditure account), the Balance Sheet, the Cash Flow Statement and the related notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the Charitable Company’s affairs as of 31 December 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Emphasis of matter – going concern** 

We draw your attention to the going concern paragraph in note 1.2 of the financial statements which describes the basis for going concern.  The charity is dependent on receiving funding from Bupa, which is committed annually in advance of each accounting period.  Grant awards are only approved within the funds available under the Annual Grant Agreement and are not committed beyond that level of confirmed funding.   Bupa has confirmed its 2026 funding of £1m to the charity.  The 2027 £1m annual committed expenditure from Bupa is likely to be confirmed later this year and, although not yet known, this is expected to be at a level similar to previous years. Our opinion is not modified in respect of this matter. 

## **Other information** 

The other information comprises the information included in the annual report including the Trustees’ report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Independent auditor’s report to the members of Bupa Foundation** 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees’ report, which includes the Directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ report included within the Trustees’ report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report included within the Trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Trustees** 

As explained more fully in the Trustees’ Responsibilities Statement set out on page 11, the Trustees (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so **.** 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: 

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## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Independent auditor’s report to the members of Bupa Foundation** 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 

In identifying and addressing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: 

- We obtained an understanding of laws, regulations and guidance that affect the Charitable Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.  Key laws, regulations and guidance that we identified included the Companies Act 2006 and Charities Act regulations. 

- We enquired of the Trustees and reviewed correspondence and Trustees meeting minutes for evidence of non-compliance with relevant laws and regulations.  We also reviewed controls the Trustees have in place, where necessary, to ensure compliance. 

- We gained an understanding of the controls that the Trustees have in place to prevent and detect fraud. We enquired of the Trustees about any incidence of fraud that had taken place during the accounting period. 

- The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. 

- We reviewed the financial statements disclosures and supporting documentation to assess compliance with relevant laws and regulations. 

- We enquired of the Trustees about actual and potential litigation and claims. 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud due to management override of controls we tested the appropriateness of journal entries and assessed whether the judgments made in making accounting estimates were indicative of a potential bias. 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.  For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

14 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Independent auditor’s report to the members of Bupa Foundation** 

## **Use of our report** 

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Sue Hutchinson FCCA (Senior Statutory Auditor) For and on behalf of Menzies LLP 1 George Leigh Street Manchester M4 5DL United Kingdom 

Date: 27-Jul-2026 

15 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Statement of financial activities (incorporating the income and expenditure account)** 

|**For the year ended 31 December**<br>**2025**<br>Note<br>**Income from:**<br>Donations<br>3<br>Investment income<br>4<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>6<br>**Total expenditure**<br>Net income for the year before and<br>after tax<br>**Total funds brought forward**<br>**Net movement in funds**<br>**Funds balances carried forward**|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total Funds**<br>**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Total Funds**<br>**2025**<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>2,222,729<br>800,000<br>**3,022,729**<br>1,296,949<br>800,000<br>**2,096,949**<br>23,605<br>-<br>**23,605**<br>8,292<br>-<br>**8,292**|
|---|---|
||2,246,334<br>800,000<br>**3,046,334 **<br>1,305,241<br>800,000<br>**2,105,241**|
||(309)<br>-<br>**(309)**<br>(255)<br>-<br>**(255)**<br>(1,565,217)<br>(720,000)<br>**(2,285,217)**<br>(1,297,444)<br>(800,000) **(2,097,444)**|
||(1,565,526)<br>(720,000)<br>**(2,285,526)**<br>(1,297,699)<br>(800,000) **(2,097,699)**|
||680,808<br>80,000<br>**760,808**<br>7,542<br>-<br>**7,542**|
||25,492<br>-<br>**25,492**<br>17,950<br>-<br>**17,950**<br>680,808<br>80,000<br>**760,808**<br>7,542<br>-<br>**7,542**|
||706,300<br>80,000<br>**786,300**<br>**25,492**<br>-<br>**25,492**|



16 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


|**Balance sheet**<br>**As at 31 December 2025**<br>**2025**<br>Note<br>**£**<br>**Current assets**<br>Cash at bank and in hand<br>**786,300**|**2024**<br>**£**<br>**25,492**|
|---|---|
|**Net Current Assets**<br>**786,300**|**25,492**|
|**Net assets**<br>**786,300**|**25,492**|
|**Funds**<br>Unrestricted funds:<br>General fund<br>10<br>**706,300**<br>Restricted funds<br>10<br>**80,000**|**25,492**<br>-|
|**Total funds**<br>**786,300**|**25,492**|



All income and expenditure derive from continuing activities. 

The financial statements were approved by the Board of Trustees and authorised for issue on 16 July 2026 and were signed on its behalf by: 


**Michelle Smith Trustee 16 July 2026** 

Charity number: 1162759 Registered company number: 952497 

17 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


|**Cash flow statement**<br>**For the year ended 31 December 2025**<br>**2025**<br>Note<br>**£**<br>Net cash from/(used) in operating activities<br>7<br>**737,512**<br>Net cash from financing activities<br>7<br>**23,296**|**2024**<br>**£**<br>**17,950**<br>**7,542**<br>**2024**<br>**£**<br>**(495)**<br>**8,037**<br>**7,542**|
|---|---|
|**Net Cash inflow**<br>**760,808**||
|**Analysis of the movement in cash**<br>**2025**<br>**£**<br>Cash at bank and in hand at beginning of year<br>**25,492**<br>Cash inflow<br>**760,808**||
|**Cash at bank and in hand at end ofyear**<br>**786,300**|**25,492**|



18 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements** 

## **1. Summary of significant accounting policies** 

The principal accounting policies applied in the preparation of these financial statements are set out below. 

Bupa Foundation, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having a share capital. There are currently 8 trustee directors, and the sole member is Bupa Healthcare Services Limited who has undertaken to contribute to the assets in the event of winding up a sum not exceeding £1. The Foundation is a registered charity.  The registered office is given on page 3. 

## **1.1 Basis of accounting** 

The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with FRS 102 and the Companies Act 2006. 

The particular policies adopted by the Trustees are described below and have been applied throughout the current year and preceding year. 

## **1.2 Preparation of Financial Statements – Going Concern basis** 

At the balance sheet date, the Charity remained in a strong liquid position with cash reserves totalling £786,300 (2024: £25,492). 

The Charity is dependent upon receiving funding from Bupa, which is committed annually in advance of each accounting period. Grant awards are only approved within the funds available under the Annual Grant Agreement and are not committed beyond the level of confirmed funding. 

Bupa has confirmed its 2026 funding of £1m annual committed expenditure to the Charity. This provides the Charity with a secure future for supporting the realisation of the intended charitable aims and objectives and its committed future costs. In addition to this Bupa has committed £1.5m of restricted funds in relation to Healthy Cities. The annual expenditure from Bupa for 2027 is likely to be committed later in 2026 and, although not yet known, is expected to be at a level similar to previous years. 

Based on this, the Trustees have assessed that there is no material uncertainty surrounding the going concern of the Charity for the foreseeable future being at least 12 months from the date of approval of these financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

## **1.3 Income** 

All income is recognised in the statement of financial activities when the conditions for receipt have been met and receipt is probable. The following accounting policies are applied to income: 

## **a) Donation income** 

Donation income is accounted for on the date when it becomes receivable. 

## **b) Donated goods and services** 

Gifts in kind and donated services are included at the lower of their value to charity and their estimated market value. A corresponding amount is then recognised in expenditure in the period of receipt. 

## **c) Investment Income** 

Investment income relates to bank interest receivable. 

## **1.4 Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to expenditure.  All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 

19 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements (continued)** 

## **a) Charitable activities - grants payable** 

Grants are included in the statement of financial activities when approved by the Trustees and agreed with the recipient organisation by way of a grant agreement.  If a grant is awarded that is dependent on certain conditions being met, it is treated as expenditure and a liability of the Charity if those conditions fall outside of the control of the Charity. Grants are disclosed as commitments, but not provided for, if they are approved but not payable until certain conditions of the grant agreement are met. 

## **b)   Charitable activities – direct costs** 

Direct costs are costs directly associated with furthering the Charity’s flagship programmes. These costs are recognised within charitable activities and accounted for an accruals’ basis. 

## **c) Support costs** 

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Charity. All support costs are allocated to charitable activities since no fundraising activities are undertaken by the Charity, see note 6. These costs are allocated on a time spent by activity basis. 

## **d)  General** 

The charity relies on the contribution of unpaid general volunteers to carry out some activities. The general volunteering work includes individuals volunteering their time to assess funding applications made to the charity. The cost of other ad hoc support provided by Bupa is deemed not to be easily identifiable and is considered by the Trustees to be immaterial. 

## **e) Raising funds** 

These costs relate only to bank interest paid on the charities bank account. 

## **1.5 Taxation** 

The Charity is a registered charity and has no liability to corporation tax on its charitable activities. 

## **1.6 Fund accounting** 

Unrestricted funds represent funds which are expendable at the discretion of Trustees in furtherance of the objects of are unrestricted funds which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity. Designated funds are amounts that have been put aside at the discretion of the Trustees. 

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. 

See note 10 for further information on funds and funds utilisation. 

## **1.7 Financial instruments** 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## **a) Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **b) Creditors and provisions** 

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. 

## **c) Accrued Income/Debtors** 

Accrued income is recognised when the Charity has met the contractual conditions required to receive donation income and is recognised at the settlement amount due. 

20 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements (continued)** 

## **2. Critical accounting judgements and key sources of estimation uncertainty** 

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

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

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure. 

## **3. Donations** 

|Donated Income<br>Donated Services<br>**. Investment income**<br>Bank interest received|**Unrestricted**<br>**Restricted**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**2025**<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>1,918,402<br>800,000<br>**2,718,402**<br>1,000,000<br>800,000<br>**1,800,000**<br>304,327<br>-<br>**304,327**<br>296,949<br>-<br>**296,949**|
|---|---|
||2,222,729<br>800,000<br>**3,022,729**<br>1,296,949<br>800,000<br>**2,096,949**|
||**Unrestricted**<br>**Restricted**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**2025**<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>23,605<br>-<br>**23,605**<br>8,292<br>-<br>**8,292**|
||23,605<br>-<br>**23,605**<br>8,292<br>-<br>**8,292**|



## **4. Investment income** 

## **5. Expenditure on raising funds** 

|Bank charges|**Unrestricted**<br>**Restricted**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**2025**<br>**2025**<br>**2025**<br>**2024**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>309<br>-<br>**309**<br>255<br>-<br>**255**|
|---|---|
||309<br>**309**<br>255<br>-<br>**255**|



21 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements (continued)** 

## **6. Expenditure on charitable activities** 

The Trustees committed to a total of 80 grants to 72 organisations in 2025 (2024: 61 organisations), for which funds were allocated from the 2025 annual commitment of funds and additional donated funds.  Grants recognised in expenditure, recognised on receipt of a signed grant agreement where there are no further conditions to be met, are split in the following funding programmes: 

|**2025**<br>**Programme**<br>Healthier Cities<br>Healthier Futures<br>Local Community Grants|**Activities**<br>**undertaken directly**<br>**Grant funding of**<br>**activities**<br>**Support costs**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>-<br>1,091,260<br>101,442<br>**1,192,702**<br>-<br>350,000<br>101,443<br>**451,443**<br>-<br>539,630<br>101,442<br>**641,072**<br>-<br>1,980,890<br>304,327<br>**2,285,217**|
|---|---|



|**2024**<br>**Programme**<br>**Activities**<br>**undertaken directly**<br>**Grant funding of**<br>**activities**<br>**Support costs**<br>**£**<br>**£**<br>**£**<br>Healthier Cities<br>-<br>1,008,110<br>98,983<br>Healthier Futures<br>-<br>257,750<br>98,983<br>Local CommunityGrants<br>-<br>534,635<br>98,983|**Total**<br>**£**<br>**1,107,093**<br>**356,733**<br>**633,618**|
|---|---|
|-<br>1,800,495<br>296,949|**2,097,444**|



The total expenditure above of £2,285,217 (2024: £2,097,444) includes £1,980,890 (2024: £1,800,495) relating to actual grants paid in the year. Activities undertaken directly totalled £nil (2024: £nil) whilst the accrued expenditure at year end was £nil (2024: £nil). Throughout 2025 there were ad hoc bank charges totalling £309 which completes the expenditure total of £2,285,526. 

The Charity’s charitable activity is providing free, practical resilience programmes and funding of activities by way of grants to institutions for the purposes set out in the Trustees’ Report. 

Donated services included above, represent the support costs borne by Bupa and recorded as donated services within donations.  These costs represent the costs of managing and administering the Charity. This is an approximate value based on separately identifiable costs and includes the cost of staff providing day to day administration and management of the Charity. Support costs have been allocated on an apportionment basis. Also included within the support costs are auditor remuneration costs £14,322 (2024: £14,082), cost of impact reporting £nil (2024: £12,000). The cost of other ad hoc support provided by Bupa is deemed not to be easily identifiable and is considered by the Trustees to be immaterial. The Charity does not have any employees. 

Grant management process: 

- Large grants, which relate to funding of over £25,000, are dealt with at board meetings (either in person or virtually) of the Trustees. 

- Small – Medium grants, which relate to funding of up to £25,000 are dealt with either at board meetings (either in person or virtually) of the Trustees or under delegated powers. 

The value of grants included in expenditure range from £2,000 to £545,000. A selection of institutions receiving grants for each programme in 2025 are listed on our website as referenced in the trustee’s report. No Trustees received remuneration during the current year or preceding year. 

22 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements (continued)** 

**Recipients of Institutional Grants 2025** 

|**Recipients of Institutional Grants**<br>**2025**||
|---|---|
||**Total of**|
||**Grants**|
||**£**|
|Groundwork|584,000|
|Trees for Cities|180,000|
|Intelligent Health|150,000|
|Keep Britain Tidy Eco-Schools|110,000|
|Swechha|102,260|
|Asthma and Lung UK|100,000|
|Dentaid Ltd|80,000|
|National Literacy Trust|80,000|
|City of Trees|70,000|
|Career Ready|60,000|
|Global generation|50,000|
|Other grant recipients not individually significant|414,630|
||1,980,890|



|**2024**<br>Groundwork Federation<br>UK's Groundwork Federation<br>Trees for Cities<br>Eco-Schools<br>Asthma and Lung UK<br>Emirates Nature Association<br>Eden Project<br>City of Trees<br>Other grant recipients not individually significant|**Total of**<br>**Grants**<br>**£**<br>378,400<br>231,000<br>170,000<br>110,000<br>85,000<br>75,000<br>72,208<br>70,000<br>608,887|
|---|---|
||1,800,495|



## **7. Reconciliation of net income to net cash inflow from operating and financing activities** 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|**Net cash outflow from operating activities**|||
|Net income/(expenditure) for the year|760,499|(495)|
|(Decrease) in creditors/accrued expenditure|-|-|
|Net cash in/(used in)operatingactivities|760,499|(495)|
|**Net cash outflow from financing activities**|||
|Bank interest received|23,605|8,292|
|Bank charges paid|(309)|(255)|
|**Net cash in financing activities**|23,296|8,037|



23 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

**Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements (continued)** 

## **8. Related party transactions** 

During the year, the Charity received donated income of £2,718,402 (2024: £1,800,000) and donated services to the value of £304,327 (2024: £296,949) from Bupa. Included in direct costs are employee costs relating to a staff member of Bupa who was invoiced to the Bupa Foundation during the year.  At the balance sheet date there was accrued expenditure of £nil (2024: £nil) relating to costs borne by Bupa to be reimbursed by the Bupa Foundation. There was no outstanding income between the Charity and Bupa at the balance sheet date. A number of the Trustees are also directors of various entities within the Bupa Group (listed in the Trustees’ Report as Bupa Connected Trustees). No Trustees received remuneration. One Trustee (Non connected) received a reimbursement for travel expenses to Mara Medical Camp (Kenya) totalling £1,245 (2024: £nil) in the year. 

## **9. Funds** 

|**01 Jan 2025**<br>**Income**<br>**Expenditure**<br>**£**<br>**£**<br>**£**<br>**Unrestricted funds**<br>General Fund<br>25,987<br>2,246,334<br>(1,565,526)<br>**Restricted funds**<br>Healthy Cities<br>(495)<br>800,000<br>(720,000)|**31 Dec**<br>**2025**<br>**£**<br>**706,795**<br>**79,505**|
|---|---|
|**Total Funds**<br>25,492<br>3,046,334<br>(2,285,526)|**786,300**|



The Healthy Cities programme focused on larger scale projects in areas of greatest need, with opportunities to educate and inspire a wide audience. The programme engaged with Bupa employees, local schools, local charities, and community groups across the UK. 

## **Prior year comparative:** 

|**01 Jan 2024**<br>**Income**<br>**Expenditure**<br>**£**<br>**£**<br>**£**<br>**Unrestricted funds**<br>General Fund<br>17,950<br>1,305,241<br>(1,297,204)<br>**Restricted funds** <br>Healthy Cities<br>-<br>800,000<br>(800,495)|**31 Dec**<br>**2024**<br>**£**<br>**25,987**<br>**(495)**|
|---|---|
|**Total Funds**<br>17,950<br>2,105,241<br>(2,097,699)|**25,492**|



24 



Docusign Envelope ID: 08268799-B045-8BD5-80FD-D706756FE89FDocusign Envelope ID: 6694D018-795D-8F46-804B-702E3209B54D 

## **Bupa Foundation Report and financial statements Year ended 31 December 2025** 


## **Notes to the financial statements (continued)** 

## **10. Analysis of net assets between funds** 

|**Unrestricted**<br>**Restricted**<br>**2025**<br>**2025**<br>**£**<br>**£**<br>Cash at bank<br>706,300<br>80,000<br>Liabilities<br>-<br>-|**Total**<br>**2025**<br>**£**<br>**786,300**<br>**-**|
|---|---|
|706,300<br>80,000|**786,300**|
|**Prior year comparative:**<br>**Unrestricted**<br>**Restricted**<br>**2024**<br>**2024**<br>**£**<br>**£**<br>Cash at bank<br>25,492<br>-<br>Liabilities<br>-<br>-|**Total**<br>**2024**<br>**£**<br>**25,492**<br>**-**|
|25,492<br>**-**|**25,492**|



25