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2025-03-31-accounts

Annual Report and Accounts 2024/25

King’s College Hospital Charity Registered charity number: 1165593 Company number: 09987908

Contents

Trustees’ report
Trustees’ report 3
King’s College Hospital Charity: Changing lives, pioneering care 3
Welcome from our Chair of Trustees and Chief Executive 4
How did we do? 6
•Improving our patient and visitor experience 8
•Better treatments and care for more people 14
•Building support for the best care 20
•Being the best in all we do 22
2025–27: Our future focus 24
Thank you to all our donors 26
Financial review 28
Summary financial information 29
Governance 36

Independent auditor’s report to the members of King’s College Hospital Charity 41 Financial statements 44 Statement of financial activities for the year ended 31 March 2025 45 Balance sheet as at 31 March 2025 46 Statement of cash flows for the year ended 31 March 2025 47 Notes to the financial statements 48 Trustees 65 Charity contact details and advisers 67

Pictured right: Michael, a dedicated volunteer at King’s College Hospital, has contributed over 700 hours to helping and guiding patients, a role proudly supported by grant funding from the Charity.

Changing lives, pioneering care

King’s College Hospital Charity is here to support life-changing care at King’s College Hospital NHS Foundation Trust.

Across King’s, people face some of the most challenging moments of their lives. For patients and their families, it can be a time of uncertainty, fear or hope. And every day, NHS staff give their all to provide expert care and compassion in the face of those challenges.

We’re here to help take that care even further – raising funds to support projects and initiatives that the NHS alone can’t provide. From funding worldleading research and state-of-the-art technology, to creating spaces that support healing and wellbeing, we work hand in hand with the Trust to make a real difference for patients, their families, and staff.

Our work is about creating meaningful change. Whether that’s making the hospital environment as comfortable as possible for patients, or advancing research into life-changing treatments, everything we do is focused on making a lasting impact.

And it’s only possible because of the generosity and dedication of our amazing supporters like you.

Thank you.

KING’S COLLEGE HOSPITAL CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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Welcome

Welcome

Welcome

from our Chair of Trustees and Chief Executive

Building on the success of the music therapy programme we launched for Critical Care patients, we’re delighted to have expanded this initiative to support stroke, haematology, and neurological rehabilitation patients at Denmark Hill and Orpington. For patients facing long and often difficult hospital stays, music therapy provides comfort, eases anxiety, supports pain management, and fosters vital human connection.

At King’s College Hospital Charity, our mission is simple but powerful: to help make the best care possible at King’s. We focus on areas where we are uniquely placed to have the greatest impact – enhancing patient and visitor experience, powering research and innovation, and advancing treatments and care.

By bringing together clinical staff and generous supporters, we enable projects that directly benefit King’s patients, their families, and staff. We are proud to report that we raised a total amount of £4.3 million in the 2024/25 financial year, with Fundraising income (Donations, in kind donations, Lottery & Other Income) excluding legacies of £2.95 million, matching the previous year’s £2.94 million.

Our world-first Outdoor Critical Care Centre Garden – set to open in October – will be a transformative rooftop space for healing and rehabilitation, made possible thanks to the generosity of our supporters. The rooftop garden will be accessible to even the most seriously ill patients, offering fresh air, nature, and a peaceful space – important for both physical and emotional recovery, while ensuring continued care.

Our work supports our strategic priorities by making a real difference to the patient environment. From transforming an unused space to a brand-new playroom on the Princess Elizabeth and Lion Ward, to creating a comforting place for parents of sick children to unwind or speak with clinicians in private, these spaces provide joy and comfort when it is needed most.

Innovation remains at the heart of our mission. This year, we’re proud to continue supporting King’s as a world-leading centre for liver care and research. Thanks to a generous gift from Pallak and Faiza Seth, we have funded a state-of-the-art bioprinter, enabling researchers to explore new treatments for liver failure that could reduce the need for transplants – and potentially save countless young lives.

Our commitment extends beyond the hospital estate and into the heart of our communities. That’s why we fund projects that help reduce health inequalities, such as a new Home Ventilation Service designed to bring care directly to vulnerable patients with respiratory failure, particularly those unable to travel due to disability or poor physical and mental health.

We also know that recognition matters. This year, we proudly supported Thank You Week – a celebration of King’s staff. The week included drop-in wellbeing activities such as glass painting and art sessions, along with a special recognition wall showcasing those who consistently go above and beyond.

Pictured left: A staff member in the newly refurbished Quiet Room on Princess Elizabeth and Lion Ward, a space for parents to relax or talk privately with clinicians.

Our supporters remain the beating heart of our Charity. In April 2024, we were thrilled to have our largest-ever team take part in the London Landmarks Half Marathon. Together with the Great Hospital Hike, these fundraising events successfully raised over £164,000. We also welcomed over 2,000 new regular donors this year – a vital source of unrestricted funding that allows us to respond swiftly to emerging needs. Our King’s Lottery – launched in 2021 – passed a major milestone this year, raising £430,000.

We’d like to extend our sincere thanks to our dedicated Board of Trustees, whose commitment underpins our success. A special thank you goes to Alison Lewzey, Alan Bolchover and Rachel Barton, who all completed six-year terms as trustees in March 2025. We are sad to see them go and thank them for everything

Pictured right: Gail Scott-Spicer, CEO of King’s College Hospital Charity, and Adrian Williams, Chair of Trustees.

they have done for the Charity. We are pleased to welcome two new trustees, Katharine Taylor and Shira Schnitzer, who will help guide the next phase of our journey.

We’d also like to say thank you to our incredible donors, supporters and staff who make our mission possible. Thank you for being part of our community.

Together, we’re making a lasting difference.

Adrian Williams Gail Scott-Spicer Chair of Trustees Chief Executive 17 July 2025 17 July 2025

KING’S COLLEGE HOSPITAL CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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How did we do?

How did we do?

How did we do?

In 2024/25, we focused our strategy on the following areas:

1 2 3 4 Improving Better Building Being our our patient treatments and support for best in all and visitor care for more the best care we do experience people

Across King’s College Hospital Foundation Trust, there were:

c.200K 442 199 236 patients admitted robot assisted liver patients landed to hospital surgeries transplants via helipad

King’s College Hospital Charity was proud to help King’s take care further:

£319K £271K supporting staff to deliver advancing better the very best care treatments and care

£2.6M

net grants awarded

£844K enhancing patient and visitor experience

£1.3M advancing innovation through research

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£3.4M
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funds raised from Donations donations, legacies and in kind donations 1,450 one-off donors

6,441 regular donors 18%*

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supporters did a ‘do it
yourself fundraiser’ 340%
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141

Growing our impact online 172%

growth in social impressions

38%

growth in LinkedIn followers

10%

growth in Instagram followers

Lottery

£430,000 raised through the King's Lottery

9,917 King’s Lottery players 25%

Challenge events

runners joined our 2024 96 London Landmarks Half Marathon team and raised

£90,757

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£4.3M
£2.3M Donations
£131K In kind donations
£505K Lottery and other income
£416K Legacies
£912K Investment income
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Income 2024/25

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Expenditure
2024/25
£5.9M
£2.6M Grant awards
£983K Direct fundraising cost
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For more information see the full, audited accounts from P28 onwards.

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How did we do?

Improving patient and visitor experience

Improving our patient and visitor experience

Reducing stress and creating a more comfortable and supportive environment for patients is central to our goal of making the best care possible at King’s. That’s why we fund a huge range of projects to enhance patient experience, creating a calmer environment for everyone.

Funding highlights

Music Therapy

We’re proud to fund a music therapy programme which aids recovery and rehabilitation for patients with varying conditions, aiming to improve their quality of life when experiencing long and often challenging hospital stays.

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A comforting space for parents with sick children

Outdoor Critical Care Centre Garden

Our world-first £2 million Outdoor Critical Care Centre Garden’ will offer patients in critical conditions a powerful sanctuary for rehabilitation, with a healing planting scheme aiming to transform patients’ physical and mental wellbeing, revolutionising recovery.

Page 10

The newly refurbished Quiet Room on the Princess Elizabeth & Lion Children’s Ward gives parents a calm, soothing environment to hear difficult news about their children’s health.

Page 12–13

£844K to enhance patient and visitor experience, including:

£36K

towards music therapy across four departments

£200K

towards growing our King’s volunteer programme

£50K

towards a new space for young people with brain tumours

SUPPORTKINGS.ORG.UK

How did we do?

Improving patient and visitor experience

Helping patients feel calm and cared for

For all patients facing serious conditions and difficult treatment programmes, it is important to help them feel calm, supported and cared for, giving them an improved chance of a long-term recovery, and improving their quality of life in hospital.

Dementia Clocks

Creating a relaxing and caring environment for young people with brain tumours

Many patients living with dementia or delirium have difficulty remembering the day and date. We are proud to have funded specialised clocks to support dementia and delirium patients.

An area on the Murray Falconer Ward has been transformed into a calm and relaxing environment for young patients to unwind, many of whom have terminal brain tumours. The space has been fitted with a PlayStation, snug area (pictured above), and colourful art to create a soothing and joyful environment during this very difficult time in their lives.

Music Therapy

Building on the success of the Charity-funded music therapy programme for Critical Care patients at Denmark Hill, we’re delighted to have funded the expansion of this service to stroke and haematology patients at Denmark Hill and neurological rehab patients at Orpington.

Passionate about giving his young brain tumour patients the best care they deserve, King’s Consultant Paediatric and Adult Neurosurgeon Bassel Zebian has gone to great efforts to fundraise for the new space by conquering an ice-climb of the magnificent Italian Dolomites.

For patients experiencing long and often challenging hospital stays, music therapy offers a moment of relief – whether it’s easing anxiety, helping to manage pain, or simply bringing comfort through connecting with other people. Working one-to-one or in small groups, music therapists tailor sessions to each patient’s needs, using music to lift spirits, improve well-being, and support recovery.

The Outdoor Critical Care Centre Garden

A world-first £2 million project, the Outdoor Critical Care Centre Garden Garden will offer the sickest patients in critical care conditions a powerful resource for rehabilitation, with a healing rooftop garden aiming to transform patients’ physical and mental wellbeing. The garden is designed to be accessible to patients who are connected to medical gases, drips and power supplies, providing even the most critically ill patients the opportunity to experience the healing power of fresh air and nature.

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Improving end of life care

It’s very rewarding, I’m a caring person.

A homely, comforting environment has been created for patients spending the last few days of their lives in hospital, providing them with privacy, comfort and peace thanks to 2022-23 Crown Fund programme.

Being at King’s, with nurses I know

so well, is a big comfort to me. It helps me feel connected to my husband.”

By collaborating with hospices and drawing on feedback from family and friends, previously sterile, clinical environment side rooms have been transformed into tranquil, soothing spaces for patients as they move towards the end of their life. The Crown Fund enables King’s staff to apply for grants in their department to bring about small changes that make a big difference to how patients feel in hospital

– Sandra, volunteer

Volunteer programme

We are proud to support the King’s volunteer programme of nearly 2,000 individuals, who support patients and families across our hospital sites. From guiding visitors and assisting at mealtimes, to offering emotional support, their presence brings warmth and care throughout the hospital.

Volunteer stats

1,800

In total, volunteers gave over 76,779 hours of their time this year – valued at £1m of donated time – and we’ve renewed our funding for the next two years which will deepen the impact volunteers can have in the hospital.

volunteers

76,779

Volunteers like Sandra offer remarkable support. After losing her husband on the Marjory Warren Ward, she now helps palliative care patients there, knitting small gifts and offering calm, kindness, and comfort.

volunteer hours

£1million

Others, like Cathy, ease stress in the Emergency Department by staying with patients through anxious moments. Our most popular volunteers – therapy dogs – bring smiles and reassurance to those who need it most.

value of donated time

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It’s the highlight
of my week.”
– Patient visited by the therapy dogs
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Therapy
dogs are just
pure magic!”
– Patient visited by the
therapy dogs
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KING’S COLLEGE HOSPITAL CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25
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How did we do?

Bringing comfort and joy to young patients and their families

For children and their families, the hospital environment can be stressful and overwhelming, compounding what can often be a challenging time in their lives– or perhaps just a particularly dreaded appointment. Making life a little easier, brighter, and more comfortable, several projects committed to in previous years have come to fruition in 2024-25. They bring calm, safety and joy to those going through the worst of times or having the most stressful of days.

This room is a fantastic area, and my son is really enjoying the space, especially interacting with the play features on the walls.

We are grateful he does not have to wait in the noisy waiting room, as he would be very overwhelmed.”

– Parent of child sensory room user

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Improving patient and visitor experience
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The newly opened Paediatric Dentistry Sensory Room at King’s College Dental Institute, Denmark Hill

Bringing fun and play to the children’s wards

For children in hospital, incorporating fun, play and joy into their day is a necessity – to boost morale, aid recovery and relaxation, and to just let children be children.

That’s why we’ve transformed the playroom on the Princess Elizabeth and Lion Children’s Ward at King’s, giving sick children the space to unwind and play away from the clinical environment – which is especially crucial for children spending months at a time in hospital.

The space was transformed from a cramped, cluttered and tired room that was particularly uninspiring to older teens, to an airy space suitable for all children and young people on the ward. It was fitted with a bespoke play table as well as a cosy cupboard where children can sit and take some time out.

Kevin Farrell, Matron on the Princess Elizabeth & Lion Ward said:

Play is an extremely important part of a child’s recovery when in hospital.

The playroom is now a great space for children, young people and their families to use when needed, to get away from their bed spaces and play.”

The room encourages children and families to participate in play by providing stimulation through colour and light. The colourful hand-painted mural brings some much-needed brightness to children’s days. It was designed particularly with the needs of neurodivergent children in mind, making it an inclusive space for all. Designers also incorporated feedback from patients, parents, ward staff and play specialists.

Scarlett, a young patient pictured below, enjoying the newly decorated playroom

A comforting space for parents with sick children

Receiving bad news about your child’s health is the most horrible thing imaginable to most parents. For parents with children in hospital for days, weeks, or enduring months of uncertainty, a private, suitable space in which news like this can be broken was desperately needed at King’s.

Thanks to the generosity of grateful parents whose children spent time on the ward, the newly refurbished Quiet Room on the Princess Elizabeth and Lion Children’s Ward has been transformed from a tiny, overlooked space into a serene and calming haven for these families. Here, clinicians and parents can discuss their child’s care and, for some parents, start to process the most difficult and heartbreaking news.

Families on the ward selected soft, muted colours to go with the furnishings and gentle dimmable lighting was used, creating a calming environment. Families and staff spoke of the importance of touch and parents being able to hold each other, so a small sofa was purchased instead of individual chairs to allow parents and families to sit together.

A calming space for children visiting the dentist

For children with learning disabilities, autism and ADHD, visiting the dentist can be highly stressful, with busy waiting areas leading to overstimulation and anxiety. Funded by our 2022-23 Crown Fund programme, the newly opened Paediatric Dentistry Sensory Room at King’s College Dental Institute, Denmark Hill, provides a safe de-escalation space for children to calm down away from the noise of the waiting room. When the waiting area is busy, the room also provides a much-needed space for clinically vulnerable and immunosuppressed children to wait away from other children and reduce the risk of unnecessary contact.

This project was made possible by our Crown Fund grant scheme.

This room is a testament to the strength of families and the compassion of those who care for them.

Thanks to our incredible supporters, we’re giving families a space to find solace, strength, and comfort when they need it most.”

– Kevin Farrell, Paediatric Matron

The newly refurbished Quiet Room on the Princess Elizabeth and Lion Children’s Ward

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SUPPORTKINGS.ORG.UK
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Better treatments and care for more people

How did we do?

Better treatments and care for more people

From strengthening King’s world-leading specialist research and cutting-edge treatments to funding innovative new projects, our support is helping to take care further – especially for some of King’s most frail and vulnerable patients.

Funding highlights

3D bioprinter for paediatric liver care

Taking research further

Research into liver cirrhosis

A state-of-the-art 3D bioprinter installed this year will help researchers explore new treatments for paediatric liver failure, aiming to save many young lives.

We have funded pioneering research across a wide range of specialisms to keep care advancing.

A major clinical trial looking into slowing the progression of liver cirrhosis (liver scarring) continues to show progress thanks in part to three major contributions over several years.

Page 16–17

Page 16

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Ageing well with Sickle Cell

The £150,000 project to improve current care pathways for patients living with sickle cell disease is well under way.

Page 17

The helipad at Denmark Hill, pictured here, provides a vital lifeline for critical care patients needing urgent care 24/7.

Supporting staff

We remain dedicated to supporting and celebrating our incredible King’s staff, offering ongoing psychological and wellbeing support, alongside yearround rewards and recognition for their hard work and dedication.

Page 17

A thank you to our donors

The generosity of our donors allows us to drive forward our ambitious research, innovative treatments and world-class care.

Page 18–19

£1.89m invested to improve patient outcomes and treatments, including:

£271K

towards advancing treatments and care

£1.3M

£319K

towards supporting towards research from staff to deliver the paediatric liver to best care respiratory conditions

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SUPPORTKINGS.ORG.UK

Better treatments and care for more people

How did we do?

Funding world-class research

Funded fellowships

The new 3D bioprinter revolutionising paediatric liver care

We previously part-funded two 12-month fellowships focused on developing and sharing expertise in specialist clinical areas. These fellowships, one on epilepsy and metabolic diseases; the other on behavioural neurology and neuropsychiatry with South London and Maudsley NHS Foundation Trust, helped the Fellows grow professionally and also directly impacted patients and colleagues. We have now committed funding for two more fellowships including one in HIV neurology and one in neuro-oncology.

A state-of-the-art 3D bioprinter, which was purchased thanks to generous donations from Pallak and Faiza Seth, will allow researchers at the King’s paediatric liver research MowatLabs to look into treatments for liver failure beyond liver transplants with the aim of saving many young lives. Transplants require patients to take immunosuppressants for the rest of their lives, which impacts their quality of life and reduces their life expectancy.

Dr Jessica Nulty, Senior Liver Cell Scientists at the King’s MowatLabs, said: “The 3D bioprinter opens up a lot of new avenues for us, not just for acute liver failure but for a wider range of diseases.”

Hope for patients with liver cirrhosis

Thanks to donations from people like you, we are continuing to support a major clinical trial looking into slowing the progression of liver cirrhosis (liver scarring). For those who are living with this life-threatening condition, there are currently no drugs proven to treat it or prevent it worsening. This ground-breaking clinical trial, led by Dr Vishal Patel and Dr Mark McPhail at the Institute of Liver Studies, aims to change that.

Our research will hopefully enable children with liver failure to leave the hospital completely cured without the need for any other medication.”

Dr Mark McPhail said: “ Cirrhosis is increasingly common and one of the top five causes of death in the UK. Our research tries to understand how we can start to treat the condition, which is a major step forward.”

The research looks into creating advanced therapeutic medicinal products (ATMPs) that can temporarily fulfil the function of the liver, allowing more time for patients to receive a liver transplant, or for their livers to recover on their own. The 3D bioprinter creates a 3D biological environment that mimics the liver, which will help develop the next generation of therapies for children with liver disease.

This research brings together 760 patients with liver disease across the UK, making this the biggest trial of its type globally. It also places King’s liver unit in a strong position to help researchers around the world answer important questions about future diagnostics and therapies, to give patients with cirrhosis the chance of a better, healthier future.

Landmark donations from Tim Flynn, The Mowat Family and Rishi and Milan Khosla mean that the next big step in our paediatric liver research programme is now underway, with the recruitment of a team including post-doc students and PhD fellowships to support it.

A study on the role of DNA in organ failure

Dr. Vishal Patel and his team are researching how a specific type of DNA found in the blood, known as cellfree DNA, affects patients with chronic liver disease. In 2024/25, we were proud to support this work by co-funding a study alongside the Foundation for Liver Research into where cell free DNA comes from and how it contributes to organ failure in its early stages. This research will have far reaching benefits not only for local King’s patients but also globally, given the increasing prevalence of cirrhosis and acutechronic liver failure around the world.

Improving access to care

In 2023/24 we committed £300,000 to two innovative projects as part of the Strategic Crown Fund. These projects are now well underway.

Ageing Well with Sickle Cell

Tackling health inequality for patients with chronic respiratory failure

The innovative £150,000 project with King’s College Hospital and King’s Health Partners Haematology to better understand and support the unique needs of people living with sickle cell in our local community – most commonly affecting those with African or Caribbean heritage – started in earnest with a big patient event.

Respiratory diseases disproportionately impact people from deprived and vulnerable communities due to factors like poor quality housing. The new Home Ventilation Service aims to tackle this health inequality by improving access to specialist healthcare for patients with respiratory failure who are housebound and unable to attend hospital appointments. This may be due to disability, poor physical or mental health.

Thanks to advances in care, more people are living longer with the condition. But many face complex health challenges that often go unrecognised in standard care pathways. By listening to patients and their families, the team is working to create more thoughtful, holistic care – supporting their physical, emotional and social wellbeing, and helping them plan confidently for the future.

Our project aims to reduce the risk of deterioration and emergency hospital admissions, as well as improve patients’ symptoms, overall quality of life, and mental health.

The wellbeing hub at the Princess Royal University Hospital (PRUH), pictured right, attended by staff members during Thank You Week at King’s

Supporting staff

King’s Stars

Thank You Week

Support and recognition mean that committed, hard-working staff feel appreciated and motivated. That’s why it’s an honour to reward staff who go the extra mile every day to give their patients exceptional care by supporting the quarterly King’s Stars Awards. Staff and patients alike can nominate hard-working members of the King’s team, allowing their dedicated care to be recognised and rewarded!

We are proud to have funded Thank You Week at King’s, where we take the time to celebrate our staff in the King’s community and thank them for all their hard work. We are delighted to have funded some great initiatives, including drop-in wellbeing sessions from glass painting to art sessions and a recognition wall celebrating staff who go above and beyond in their work.

Staff receiving their awards at the King’s Stars presentation, pictured left

Staff training and conferences

In 2024/5 we spent over £100,000 on Staff Conferences and Training, supporting the professional development of staff and ensuring their knowledge and skills are up to date.

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How did we do?

A thank you to our donors

Our generous donors help us provide the best care possible through world-class treatment and research at King’s, and what we do would not be possible without them.

From funding world-leading research to prevent neonatal deaths, to investigating a cure for rare brain tumours, their generosity funds excellence. Here is a snapshot of the work they make possible.

Bill Griffiths

In 2021, Bill Griffiths donated £5,000 to buy toys and comfort items for children on the King’s hepatology ward. He then donated another £5,000 sum in 2022 to the Princess Royal University Hospital (PRUH) stroke unit after his wife had a stroke and her life was saved there. The donation was a thank you to the PRUH staff for taking such good care of her. His generous contribution funded a staff room on the stroke unit.

Bill has recently made another £5,000 donation to fund ground-breaking liver research at King’s, after he himself received life-saving care there. A retired detective, Bill was stabbed in the neck while making an arrest in 1973 and almost died after losing 3 litres of blood and needing a transfusion. Two decades later, he found out he had contracted Hepatitis C, which led to life-threatening liver damage. Since then, he’s received impeccable care at the Denmark Hill Hepatology Department. We are so grateful Bill decided to give back. Thank you for your generosity!

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Bill Griffiths,
pictured here,
has donated over
£15,000 to King’s
College Hospital
Charity over the
past five years
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Pictured above: Alex Eades and her son Miles

Alex and Miles Eades

After the heartbreaking loss of her daughter Charlotte at just 19-years-old to Glioblastoma, a rare form of brain cancer, Alex Eades and her son Miles (pictured above) chose to honour Charlotte’s memory by turning their grief into a force for good.

Driven by the need to improve outcomes for patients with this rare form of brain tumour, Alex and Miles partnered with King’s College Hospital to establish Charlotte’s BAG – a Charity in Charlotte’s name dedicated to advancing research into Glioblastoma. ‘BAG’ stands for Battle Against Glioblastoma. So far, Charlotte’s BAG has raised over £300,000 for research into Glioblastoma at King’s, where Charlotte was cared for.

Alex explains: “We decided to work directly with King’s so that when we raised funds, we would know exactly how they are being spent. Charlotte kept a YouTube channel documenting her experience and it’s the reason so many people find us and want to donate. It’s also why we don’t need to spend any money on marketing, meaning every penny goes into research.”

The funds raised by Charlotte’s BAG are currently being used for scientific research, based at Charlotte’s Lab in the neuropathology department at King’s College Hospital. The research carried out will result in the faster diagnosis of brain tumours, leading to better outcomes that could be transformative to patients.

Once the donations are received by Charlotte’s BAG, these are then transferred to King’s College Hospital Charity for careful stewardship. The Grants and Finance teams work with the Trust research team to support with the administration of the grants and procurement of vital research equipment and consumables to enable the research to progress smoothly.

One of the reasons it feels so special to us is the close ties we have with the hospital.

Charlotte was treated by the same people we are working with, which makes it feel like we are doing it in a way that is not only meaningful to us but meaningful to Charlotte.”

– Alex Eades

Sue and Jerry Symonds

Sue and Jerry’s story of King’s care began in 1987, when Sue’s life was saved following an emergency liver transplant. Sue recalls, “Remembering that time, it was all very fuzzy. I had arrived at King’s in a coma, and I was completely confused as to what had happened, at one point I remember thinking I had travelled all the way to Australia! The one thing I did know for certain, was that I was in safe hands.”

A few years later, after experiencing further complications, Sue had another liver transplant at King’s, this time with a better blood match, which made a significant difference in her recovery. Despite the challenges she has faced, Sue has gone on to live an active and full life. She’s even participated in the World Transplant Games, the largest sporting event for organ transplant recipients in the world. Proudly competing for Great Britain, Sue brought home three silver and two bronze medals!

As a way of showing gratitude for the amazing care Sue has received over the years, Sue and Jerry have kindly given back to King’s College Hospital Charity. Their generous donations have helped to purchase transplant-related equipment for the liver department; neurology research into the correlation between neurological issues and other issues exhibited by patients, and dermatology equipment connected with Mohs surgery, providing feedback to patients in a single visit.

No one wants to be ill, but if you are, it’s lucky to be under the care of the NHS, and even luckier to be under the care of King’s. Giving back is the very least you can do.”

– Jerry Symonds, Sue’s husband

Right: Liver transplant recipient Sue Symonds competing in the World Transplant Games following her successful operation

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Better treatments and care for more people
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Pictured right: Daniel and Kristina’s twin boys

Daniel and Kristina Ogunmade

Daniel and Kristina Ogunmade give every year towards the NICU research fund after their twin boys were born prematurely and spent a lot of time in hospital in their early days.

The fund supports research focused on preventing infant deaths through breathing issues. The research also aims to develop less invasive techniques to help babies breathe through a tube.

Niten and Reshma Vekaria

Niten and Reshma have raised over £30,000 for King’s College Hospital in memory of their beautiful baby daughter Dhvani, who was lovingly taken care of in the Paediatric Intensive Care Unit at King’s College Hospital. Dhvani was admitted to King’s College Hospital at seven weeks old, where she was treated for acute liver failure. After eleven weeks of resilience in PICU, Reshma and Niten’s baby sadly died.

Niten and Reshma have raised over £30,000 for the PICU and Liver Unit at King’s College Hospital in Dhvani’s memory. Their work has funded significant research into immune function for children with chronic liver disease which, if successful, will contribute towards better treatment for these patients.

Pictured right, Niten, Reshma, Dhvani and her twin brother Dhru

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Building support for the best care

How did we do?

Building support for the best care

We are bringing hospital staff, patients, families and supporters together to raise the funds and awareness we need to make the best care possible.

Building our supporter network

Celebrating our brilliant supporters

Whether they be grateful patients, families of loved ones, or our extraordinary King’s staff, our supporters always go above and beyond to fundraise for our cause.

During 2024/25, we recruited over 2,000 new regular donors. This crucial source of unrestricted income enables us to direct funds wherever the need is greatest.

Growing our unrestricted income

Our supporters include incredible people like Jon, who was admitted to King’s College Hospital in June 2023 with a traumatic brain injury after fracturing his skull in an accident.

In 2024/25 we continued to focus our efforts on growing our sustainable, unrestricted income.

Jon was only given a 33% chance of survival, but thanks to the surgeons at King’s in the Critical Care Unit, he underwent four major surgeries that eventually brought hope into view. After intensive occupational therapy, Jon left King’s after 35 days and is now living a normal life. Jon took part in last year’s Great Hospital Hike and raised over £8,000!

The King’s Lottery started in 2021 and reached new heights this year. It raised £430,000 in 2024/25 and recruited 9,917 new players. After reaching £250k in income, we successfully applied for our Gambling Commission licence, giving us the scope for further growth.

Recruitment for the London Landmarks Half Marathon continues to thrive. In 2024, 96 runners took to the streets of London for Team King’s and raised an incredible £90,757!

Pictured left: Jon and his team taking on the Great Hospital Hike in 2024

Pictured below: Mel and Carin, part of our biggest ever team taking part in the London Landmarks Marathon in 2024.

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There was a big chance that I wasn’t going to survive – King’s staff, especially in the CCU, are very high-achieving.

The technology there is class-leading and the staff were very good.”

– Jon, fundraiser and Great Hospital Hiker

Jo’s story

Our amazing and dedicated supporters also include people like Jo. Jo has run the London Landmarks Half Marathon twice to give back to the hospital after her son received incredible and life-saving care, raising over £1,000 for us!

Jo’s son Arthur became ill with a rare genetic disorder called OTM (Ornithine Transcarbamylase Deficiency) shortly after he was born. His dad, Jo’s husband James, donated 20% of his liver to save his son’s life on his first birthday.

Jo spent a month with Arthur at King’s College Hospital and is deeply grateful for the compassionate care and facilities they offered the family during that time. King’s doctors were able to intervene and completely cure Arthur’s condition. Arthur, now aged 2, is fully recovered and healthy.

Leaving a lasting legacy

We are grateful to all our generous donors who pledge a gift in their Will. Legacy gifts can be vital to making the best patient care possible at King’s, from the moment of diagnosis to discharge.

King’s will forever mean so much for us. The treatments that Arthur had there were the best in the world.

They still take such great care of us with all of our check-ins and overseeing Arthur’s health. We are constantly grateful for everything they did.”

– Jo, fundraiser

Jo added: “To run for King’s College Hospital Charity is the best thing ever because they are wonderful and they have made such a difference to my life. It’s something so small that we could do to give back for everything they did for us.”

Barbara and Duncan’s generous gift

In 2012, the lives of Barbara and her husband Duncan changed dramatically when Duncan was suddenly diagnosed with liver cancer caused by Hepatitis C.

For five years, the exceptional team at King’s supported Duncan through three rounds of cancer treatment. With their dedication, Duncan was well enough to receive a life-saving liver transplant in December 2015. Barbara said:

We’ve been so inspired by their life-saving work that we’ve become committed supporters of King’s College Hospital Charity.

With no family of our own, Duncan and I are leaving all we have to this incredible Charity. This is our way to give back after everything Duncan received and ensure future patients can benefit from the same extraordinary care.

We are so grateful for everything King’s did for us and encourage others to join us in leaving a legacy in their Will. It could give new hope to more patients, just like Duncan.”

– Barbara Deacon

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How did we do?

Being our best in all that we do

Being our best in all we do

We’re continuing to build a strong foundation that empowers our people to support King’s patients and staff to the very best of our ability.

Leveraging technology

Technology is central to our operations, driving efficiency and security. We have a three-year IT strategy, including a new IT provider for better system support and AI tools like Co-Pilot to boost productivity. Our enhanced cybersecurity measures protect the Charity from threats, ensuring confident and resilient digital operations.

Empowering our people

Our people are central to our operations. This year, we have enhanced our HR strategy with a new outsourced HR adviser and introduced three benefits during the year. Salary sacrifice, death in service and critical illness cover. We streamlined the 2024 Staff Survey, launched a new HR hub, and digitised PDR and 360 feedback processes. Additionally, we updated our Staff Handbook to ensure our policies reflect our values and priorities.

Pictured above: Staff member using Co-Pilot, an advanced AI tool which helps to streamline our processes

Enhancing governance

Strong governance is crucial for the Charity’s success. This year, we introduced a procurement policy for responsible financial management and clear decisionmaking. We also set guidelines for ethical AI use.

Our new trustees Shira Schnitzer (left) and Katharine Taylor (below)

We implemented policies on Designated Fund levies and internal transfers to enhance financial transparency and conducted a GDPR internal audit to ensure data protection compliance.

Additionally, we welcomed two new Trustees with expertise in Fundraising and Legal Compliance, who will guide our strategic direction and long-term sustainability.

Strengthening financial operations

We delivered an anti-fraud training workshop and conducted a procurement audit to enhance our financial management. By outsourcing payroll processes, we improved efficiency and compliance. These initiatives strengthen our financial stability, allowing us to better support King’s patients and staff. Our ongoing investment in people, technology, and governance ensures operational excellence and meaningful impact daily.

Pictured below: Staff member supporting runners at the London Landmarks Half Marathon

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Our future focus

Our future focus

2025-27: Our future focus

Strategy principles:

Rooted in local communities

In our new three-year strategy, we will focus on four key objectives to guide our efforts, each aimed at making the greatest possible impact on King’s patients, their families, and staff.

Leaving no one behind

Aligned with national, regional, local priorities

Focused where we’re uniquely placed to act

1

Enhancing patient and visitor experience

How we’ll get there...

Help patients feel more connected , facilitating communication with their loved ones, hospital staff, and the outside world through volunteers, digital tools, and other supportive resources.

Help to enhance patients and visitors’ journeys through hospital, reducing stress and creating a more comfortable and supportive environment.

Invest in projects that prioritise the most

Work with the Trust to enhance hospital facilities and services that support patients through their recovery pathway.

vulnerable, disadvantaged, and frail patients , helping to ensure they have the very best support for a better hospital experience.

Support Trust staff with their wellbeing , helping them to have the best working environment and interaction with patients.

Invest in the best support and care for patients during their time in hospital and for their long-term health.

Advancing treatments and care through research and innovation

2

How we’ll get there...

We’ll enhance patient care by investing in technology-driven projects that lead to better results and treatment outcomes for patients.

disadvantaged and the most vulnerable patients, shaped by their input.

We’ll support King’s staff to develop new ways and access to of delivering effective treatment care through encouraging grant applications and sponsoring training.

We’ll invest in research projects to help King’s patients receive the best care, focusing on the most pressing needs in our local community and specialised care areas.

We’ll invest in additional training and tools for staff to help them deliver the very best care for their patients.

We’ll prioritise inclusivity, supporting projects that provide accessible treatments for

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Raising funds to support the best possible care

How we’ll get there...

Continue to work towards securing stable

funding that we can use flexibly , providing greater opportunities for strategic decisionmaking and enhancing our impact for patients and the Trust.

Aim to significantly grow our fundraising , enhancing support for patients and improving their care.

Grow our Philanthropy programme by focusing on major gifts, a Capital Appeal, and building strong clinician relationships to secure impactful donations and pledges.

Build awareness of our cause across our

hospitals and beyond by developing clear and compelling stories and cases for support that engage and inspire our key audiences, demonstrating our impact.

4

Achieving our full potential to thrive

How we’ll get there...

Explore new revenue opportunities to support our core objectives and ensure long-term benefits for King’s patients and staff.

Build a strong foundation that drives excellence and growth within our team, empowering us to support King’s staff and patients to the very best of our ability, while helping King’s continue to excel in its areas of expertise.

Continue to uphold our values, fostering a

culture that empowers our team . By increasing employee engagement by 3% annually, we will better serve our patients and community with excellence and compassion.

Use technology and other tools such as AI to help the Charity deliver our core objectives.

Build a sustainable income base and strengthen our financial reserves, ensuring we can continue to support vital programmes that directly benefit our patients and communities and meet donor expectations.

Continue to operate with honesty,

accountability and transparency , striving to surpass charity governance standards through continuously refining our policies and maintaining strict compliance and regular audits.

Supporting the most vulnerable

The central theme of supporting the most vulnerable will guide our key objectives and all the work we do.

Through our grants programme, we will prioritise projects that meet the needs of the most vulnerable, ensuring that equality, diversity and inclusion are embedded in every grant we

We will work closely with the Trust to create opportunities that address the needs of the most vulnerable, with the goal of ‘Leaving no one behind.’ In this context, ‘the most vulnerable’ refers to patients who are particularly frail or at risk due to the complexity of their needs, the severity of their illness, or other factors that hinder their access to necessary care.

award. We will also support the most vulnerable members of Trust staff.

supportkings.org.uk/our-strategy

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Thank you to all our donors

Thank you to all our donors

Thank you to all our donors

We are incredibly grateful to our amazing supporters, whose generosity has allowed us to go beyond what the NHS can provide for King’s – transforming patient care, supporting staff, and funding vital research, innovation, and equipment. Their impact is felt every single day across our hospitals.

Claire and Olive’s story

King’s were incredible from the first moment we walked into A&E until the minute we left and all the aftercare since.

Claire ran the London Landmarks Half Marathon, raising over £3,000 after King’s saved her daughter’s life.

In January 2024, Claire’s two year-old daughter Olive was diagnosed with a brain tumour. A parent’s worst nightmare, what followed was eight weeks in hospital and five procedures including a 10-hour major operation to remove the tumour. Thanks to King’s care, Olive has made a strong recovery. Claire explains how:

Olive is now almost back to her old self. She’s having regular MRIs to monitor her, as well as physio sessions. She’s back to laughing, chatting and playing and her walking is almost back to normal.”

Anything we can raise to help make other families in horrible situations feel looked after and cared for in the way we did would be amazing.”

– Olive’s mum, Claire

Pictured left: Olive

With special mention and thanks

Louise ran the London Landmarks Half Marathon to say thank you for the incredible care her son Jamie, below, has received at King’s. Born with bilateral talipes (clubfoot), Jamie has been treated at King’s since birth. Thanks to the expert care of his physio Jill and the wider team, his condition is now barely noticeable – and today, he’s an active, happy nine-year-old. The family will always be grateful.

• Rishi and Milan Khosla

Pictured right: Sue who completed the July Steps Challenge to raise money for her late husband, who sadly died from myeloma after being treated and cared for by King’s for five years

They always spent time chatting to him and really couldn’t have done more, not one second during the whole time.

That’s why it’s a very special place to me now.” – Sue

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2024/25 Financial Review

Summary financial information

In fiscal year 2025, the Charity’s income decreased by 8% to £4.3 million (2024: £4.7 million) due to uncertain legacy income and lower investment returns.

Expenditure was reduced by 2.6% to £5.9 million (2024: £6.1 million) through effective fundraising management, achieving a higher return on investment.

The operating deficit was £1.6 million (2024: deficit £1.4 million), with a notable improvement in the deficit on unrestricted general funds, which decreased to £0.2 million, down by £0.4 million from the previous year (2024: deficit £0.6 million).

Grant commitments improved, accounting for 80% (2024: 68%) of fundraised income. Despite inflationary pressures, operating costs were reduced by 7.5%.

2024/25 Financial Review

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Operating financial summary 2024/25 2023/24
£5,000
£4,658
£4,279
£4,000
£3,595
£3,325
£3,000
£2,582
£2,464
£2,000
£1,000
Operating deficit
£0
Income Grant awards Operating cost
-£1,000
-£1,401
-£1,628
-£2,000
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2024/25 Financial Review

2024/25 Financial Review

Income: Money received and sources of funds

The charts below show the primary sources of income for the last two years.

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2024/25 Income 2023/24
£4.3M £4.7M
£’000 £’000
2,315 Donations 2,451
131 In kind donations 110
505 Lottery and other income 376
416 Legacies 673
912 Investment income 1,048
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The Charity funds its grant-making activities through diverse fundraising efforts, ensuring a broad supporter base and income from legacies and investments. In 2025, total income was £4.3 million (2024: £4.7 million), with notable changes in key income sources:

Increasing fundraising and unrestricted general income remains a priority for the Charity’s future. Further details in income sources are provided in Note 3.

Expenditure: What the money was spent on

The charts below show the main expenditure categories for the last two years.

2024/25
£5.9M
£’000		 Expenditure 2023/24
£6.1M
£’000
Activities
2,582 Grant awards 2,464
983 Direct fundraising cost 1,058
1,632 Salary cost 1,648
85 HR 57
167 Estates and facilities 158
123 Technology 141
229 Legal andprofessional 256
47 Comms and marketing 47
53 Other costs 81
6 Financingcosts 151

Total expenditure was £5.9 million (2024: £6.1 million), marking a £156k decrease from the previous year. This spending featured a more strategic allocation towards grant commitments of £2.58 million (2024: £2.46 million), accounting for 80% of total fundraised income (2024: 68%). Fundraising costs of £1.91 million

(2024: £2.14 million) delivered a higher return on investment, generating £1.72 in fundraised income for every £1 spent (2024: £1.63). Support costs of £1.42 million were kept in line with previous year, despite inflationary pressures on the cost base. Further details on expenditure can be found in Note 4.

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2024/25 Financial Review

2024/25 Financial Review

Net (deficit) surplus

The net deficit for the year was £2.8 million (2024: surplus £126k) after accounting for an unrealised revaluation loss on investments of £1.1 million (2024: gain £1.5 million).

Reserves of the Charity

The Charity’s reserves decreased by £2.8 million. The movement of funds over the last two years is illustrated in the chart below.

The purposes of these funds are detailed in the Reserves section and Note 2 of the financial statements.

Net assets

Reserves

Net current liabilities stood at £6.5 million (2024: £6.4 million), primarily making up the Foundation Trust commitments of £7.5 million (2024: £7.9 million). Total investments can be liquidated at short notice, and trustees believe that in a worst-case scenario, the Charity’s investments would cover all liabilities due.

The chart below shows a decrease in the Charity’s net assets by £2.8 million (2024: increase £126k). The value of investments dropped by £2.3 million, including investment revaluation losses of £1.1 million (2024: Investment gain of £1.5 million) and a £1.2 million drawdown of liquidity funds during the year to fund the operational deficit.

Net assets

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At 31 March 2025 At 31 March 2024
£29,997
£30,000
£27,702
£25,000
£20,000
£15,000
£10,000
£5,000
Net current Loan term
liabilities liabilities
£26 £41
£0
Tangible assets Investments -£875 -£474
-£5,000
-£6,514 [-£6,447]
-£10,000
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At 31 March 2025 At 31 March 2024
£14,774
£15,000
£12,730
£12,000
£9,000
£6,000
£5,068
£4,691
£3,275
£2,918
£3,000
£0
Unrestricted Unrestricted Restricted
general designated
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2024/25 Financial Review

2024/25 Financial Review

Investments

The trustees maintain a long-term view on investment returns, forming the basis for the investment strategy with CCLA, the Charity’s investment advisers and managers.

Investment strategy

Our objective is to generate a consistent and sustainable return from our investment portfolio to finance grants and running costs while maintaining the purchasing power of the underlying investments over the long term. The funds are invested in the COIF Charities Ethical Investment Fund. The Finance, Audit, Investment, and Remuneration Committee (FAIRC) regularly reviews the portfolio to ensure alignment with the Charity’s commitments and future funding expectations.

The strategy is to balance return and volatility by delivering CPI plus 5% over the long term and to pay a sustainable distribution from the total return.

Investment performance

During the year, the Charity’s investments generated income of £0.9 million (2023/24: £1.1 million) and there was a £1.1 million reduction in the revaluation of the investment portfolio (2023/24: gain of £1.5 million), reflecting the uncertainty and falls in investment markets following the announcement of Tariffs by the US government.

Reserves

A) Unrestricted general funds

The Board annually reviews its unrestricted general funds (free reserves) policy, ensuring alignment with the Charity’s strategy. The objectives include safeguarding financial sustainability, supporting strategic grants, and complying with accounting principles (FRS102 Charities SORP) and donor requirements.

The target level for free reserves is reviewed each year by evaluating potential risks from the Charity’s risk register that could affect its long-term financial outlook. These risks include:

  1. Income Risks: Potential for a significant and prolonged decrease in income over the next three years.

  2. Expenditure Risks: Possibility of unexpected expenses that were not included in the budget.

  3. Investment Risks: The risk of a decrease in global investment values, which could impact the Charity’s financial stability.

Our policy mandates that we maintain free reserves within a range of 25% above or below the target amount. This target is reviewed annually. For the current year, the target for free reserves is set at £4.6 million (compared to £4.7 million in 2023/24).

This target consists of two main components:

  1. Operating Risk Component: £2.5 million (2024: £2.7 million), which covers nine months of budgeted expenses for the year 2025/26.

  2. Investment Risk Component: £2.1 million (2024: £2.0 million), calculated by applying the average volatility of equity (12.0%) over the past three years to the value of the Charity’s investments.

The actual value of the general reserve is £4.7 million (2024: £5.1 million), which represents 102% of the target (2024: 104%). This is within the acceptable range set by our policy.

B) Unrestricted designated funds

As of March 31, 2025, £12.7 million (2024: £14.8 million) was held in designated funds, allocated for specific purposes as advised by Designated Fund Advisors.

£8.2m (2024: £9.0m) was held in designated funds set aside for named clinical specialties or hospital wards, where the donor has indicated they wish the funds to be used for that purpose. The Trustees expect these funds to be spent within a reasonable timeframe – there is a process in place for closing funds where there is no further planned activity and transferring any remaining balance back to general funds.

Spending takes place with advice from ‘Designated Fund Advisors’, subject to compliance with the Charity’s policy and procedures. Funds are available for spending in full, with no reserves figure set.

Designated Fund Advisors are encouraged to fundraise to replenish funds for future developments.

A further £2.4m (2024: £3.4m) is designated as strategic grant funds. We wish to develop our capability to support the Foundation Trust in delivering major strategic and transformation projects. These projects typically have an extended lead time and require time and resources before progressing for approval and fundraising. The value of the reserve is based on the Charity’s mediumterm grant-making plan, with the expectation that further funds would be raised from fundraising appeals to fund a series of strategic projects. The value of this fund reflects the amount required over the next three years to support the Charity’s strategy and allow regular and sustained investment in growing the Charity and increasing its ability to support its beneficiaries.

A further fund to support the pump priming of pipeline capital projects was established in 2018/19, and an initial sum of £1m was transferred. Capital projects, by their nature, require a large amount of funding to be raised over a relatively short period. The trustees believe that in order to support King’s progress in projects currently at the planning stage, funds should be set aside for this purpose. The fund was not drawn down during the year, although several capital projects are now being evaluated.

C) Restricted funds

At March 31, 2025, restricted funds were valued at £2.9 million (2024: £3.8 million). These funds comply with donor requirements and are held until suitable spending plans are approved – the name and value of each fund above £100,000 is provided in Note 2.1. For these funds, we will comply with the specific requirements of donors and spend their donations on the restricted purpose specified.

A further £1.2m (2024: £nil) is designated as Investment Revaluation Reserve. During the year an investment revaluation reserve of £2.3m was set up, of which £1.1m investment revaluation losses during the year were offset.

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Governance

Governance

Governance

Constitution and governance processes

The Charity is registered with the Charity Commission (number 1165593) and has been established as a company limited by guarantee (number 09987908). Its governance arrangements are set out in its memorandum and articles of association.

The Trustees are, therefore, both charity trustees as a matter of charity law and company directors as a matter of company law.

The Charity came into being on Apr 1, 2016, when it received a transfer of the assets and funds of a previous charity with the same name regulated by the Department of Health. The mission remains the same as that of its predecessor: to work for the benefit of patients and service users of King’s across all its sites and for the Trustees and staff to continue to work closely with the Board, managers, and clinical staff across King’s to develop and deliver our plans.

A legally binding deed between King’s and the Charity recognises Charity’s independence and confirms that all charitable donations received by King’s will be transferred to the Charity. A memorandum of understanding between the two organisations sets out the partnership principles that underpin our collaboration in the interests of NHS patients and service users.

The Trustees’ activities are principally governed by the Charities Act 2011 and the Companies Act 2006, some provisions of both Acts being replaced by the Charities Act 2022.

The Trustees confirm that they have taken into account the Charity Commission’s guidance on ‘public benefit’ (including the guidance “Public benefit: running a charity (PB2)”) in reviewing Charity’s strategic objectives, setting their grant-giving policies for 2025, and planning their future activities. The Trustees are committed to ensuring that NHS patients are the ultimate beneficiaries of their grant giving.

King’s College Hospital Charity (KCHC) owns 100% of the issued ordinary share capital of KCHC Trading.

Limited is incorporated in England and Wales (company registration no. 11881179). The company was incorporated on Mar 13, 2019. The principal activity of the subsidiary is to manage the trading

activities of King’s College Hospital Charity. The subsidiary has been dormant since incorporation and throughout 2025.

The Trustees

During the year, the number of trustees on the Board were twelve, with twelve being the maximum number provided in the Articles. Trustees may serve up to two terms of three years, with the possibility of three by exception. The Charity has three officer roles: Chair, Vice-Chair, and Treasurer, all appointed by the Board.

The following members served on the Board during 2024/25:

Florence Akende

Jane Bailey Rachel Barton (Resignation 18th March 2025) Alan Bolchover (Resignation 18th March 2025) Gillian Burgess Jonathan Cohen James Downing Alison Lewzey (Resignation 18th March 2025) Ian McKetty Stephen Peel Shira Schnitzer (Appointed 18th March 2025) Katharine Taylor (Appointed 18th March 2025) Adrian Williams Bernadette Thompson (Resignation 30th May 2025)

Under the terms of the Charity’s memorandum and articles of association, two Trustees may be nominated by King’s College Hospital NHS Foundation Trust.

The Board of Trustees met four times during the year. In addition, there are three sub- committees of Trustees: the Finance, Audit, Investment & Remuneration Committee (FAIRC), which met four times; a Governance, Nominations and People Committee (GNPC), which met three times; and a Grants Committee (GC) which met twice during the year.

All new Trustees are given appropriate induction into their responsibilities (as laid out in the Charity Commission’s guidance) and are also provided with information on the Charity and the Foundation Trust. Trustees give their time freely, and no remuneration was paid to them, nor were any expenses claimed by them in the year. Trustees are required to declare all relevant interests and withdraw from decisions where

a conflict of interest arises. The Board keeps a register of interests for Trustees and senior staff, and the details of related party transactions are disclosed in Note 6 of the financial statements.

Responsibility for managing the Charity daily is delegated to the Chief Executive. The Charity’s governance framework sets out how these powers are delegated and defines limits of authority for approval of financial transactions.

Governance framework

The Charity’s governance framework sets out:

The Trustees recognise that good governance in charities is fundamental to success. It also enables compliance with the law and relevant regulations, and it believes that it has robust governance processes appropriate for the size and activities of the organisation. The “Charity Governance Code for larger charities” outlines best practice principles and recommended practices. The Board will continue review its governance processes by referencing the Code as it develops and grows its activities per its strategy.

The Board reviews their effectiveness annually with an independent view every five years. In 2025, a specific review of the Committee structure, membership, and effectiveness governance was carried out. The outcomes of these reviews were shared with the committees and

reported to the Board. Actions are being taken through the Charity’s operating plan, and the new strategy is being implemented.

There are a number of priorities agreed in the Charity’s strategic plan that will also address recommended practice set out in the Code. These are:

  1. Ensuring the Charity’s key policies and procedures continue to support, and are adequate for, the delivery of the Charity’s aims and, in particular, the development of its fundraising activities.

  2. Evaluating the Charity’s impact by measuring and assessing results, outputs and outcomes.

  3. Developing a more comprehensive process for ensuring regular communication with the Charity’s stakeholders, including its beneficiaries.

The Board recognises the benefits to the Charity of taking further actions to establish a more diverse and inclusive organisation in addition to increasing the diversity of the Board. There are actions in place within the Charity to embed the principles of equality, diversity, and inclusion throughout the Charity’s people strategy and processes.

This consists of implementing a ten-point plan to ensure that our staff, volunteers, and those applying for such roles are treated fairly and with respect, are recognised as individuals, and are valued for their contribution. In addition, we wish to ensure that they will all receive fair access to training, development, reward, and progression opportunities.

Pay policy for senior staff

Members of the FAIRC approve the salary levels of senior staff. They are based on reviews of comparable positions in other London-based voluntary organisations of similar scale and complexity.

The Charity also makes pension contributions up to a defined level into personal pension funds. Reviews of salary levels are carried out annually, and the annual inflation award is determined using relevant benchmarking information. The Chair determines the remuneration of the Chief Executive in conjunction with the Vice-Chair and the Treasurer. The key management personnel pay disclosures are included in Note 4.5 to the financial statements.

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Governance

Governance

Risk management

The Charity’s risk register includes the significant risks to which the Charity is exposed. The Board is provided with the Charity’s risk register at every meeting, and updates on risks are supplied through various agenda items. The FAIRC is responsible for a quarterly detailed risk register review, including a deep-dive review of a specific risk at each meeting. It is also responsible for reviewing the effectiveness of the risk management process.

The risk register is structured along best practice lines, identifying the risks, the Board’s risk appetite, existing mitigating controls, and proposed control improvements, and allocating a calculated current and residual risk exposure score based on the impact and likelihood of each risk causing a loss to the Charity. The details contained in the risk register are then grouped and summarised into a risk map, identifying whether each risk is rising, stable, or falling, allowing the Board to focus its attention on the high and rising risks.

The Board and the Committee monitored the top risks below during the year. This included how risk mitigation plans needed to be adapted to address the changing influences on the risks arising from external changes.

Risk 1: NHS Restructuring

The ongoing restructuring within the NHS presents its risks to the Trusts. We closely follow these changes to ensure our operations remain aligned with the evolving Foundation Trust’s healthcare landscape. By maintaining open communication with Foundation Trust, our key stakeholder, and adapting our activities as necessary, we aim to mitigate potential disruptions and continue delivering impactful services for our beneficiaries.

Risk 2: Local Economic and Geopolitical Uncertainty

The current local economic and geopolitical landscape presents several challenges, including economic instability and an ongoing cost of living crisis. The departure of high net worth individuals from the UK is further compounding these issues, adversely affecting our growth and fundraising efforts. These factors, along with significant geopolitical events such as the “Liberation Day” impact, have introduced substantial uncertainty in both local and global markets, leading to a decline in investment values, with capital values falling below their initial costs.

To mitigate these risks, we are actively stewarding our donors, and with our investment advisers to manage our investment portfolios effectively. We are committed to continuously monitoring both local economic and geopolitical developments. This vigilance allows us to swiftly adapt our strategies, ensuring resilience in the face of these challenges.

Risk 3: Cybersecurity Risk

Cybersecurity risk has been elevated due to increasing threats from cyber attacks in the marketplace, which can lead to data breaches, financial loss, and damage to the Charity’s reputation. To mitigate this risk, we will appoint a Data Protection Officer during the early part of 2026 to oversee data protection strategies and implement the internal audit recommendations to reduce our cybersecurity risk.

The Board is satisfied that systems are in place and control improvements are underway to mitigate the Charity’s exposure to risk. Furthermore, it is committed to keeping the identification and mitigation of risk under continual review.

Audit

The Trustees are responsible for the appointment of the independent auditors. Moore Kingston Smith was re-appointed during the year for the 2025 audit.

Internal audit

Four internal audits were undertaken during the year, covering Procurement controls and GDPR. Planning for one review and follow up reviews in 2026 was approved.

Fundraising governance

The Charity benefits from a loyal supporter base, principally individuals or groups who have benefitted from the care delivered by King’s College Hospital NHS Foundation Trust. Income is received across a broad spectrum, including individual donations, regular donations from committed supporters, proceeds of fundraising events, sponsored events (principally sporting activities), and legacies.

We are committed to providing the highest possible level of supporter care to our individuals and organisations who are generous enough to support our work. We aim to achieve best practices in fundraising by complying with a range of codes of practice and standards. The Charity is a member of the Institute of Fundraising and is registered with the Fundraising Regulator, adhering to its Code of Fundraising Practice, Fundraising Promise, and Fundraising Preference Service. The Trustees are not aware of any failure by the Charity, or by any person acting on its behalf, to comply with fundraising standards or scheme for fundraising regulation that the Charity has voluntarily subscribed to.

We are committed to making decisions that are in the Charity’s best interests and, ultimately, our beneficiaries. Our ethical fundraising relationships policy ensures we do not compromise on our purpose and values when raising income. It is reviewed every two years.

The Charity uses agencies to help us with some aspects of our fundraising, including door-to-door, private site, and telephone fundraising, as well as the processing of donations to our website and the collection of regular donations. We also benefit from a charity lottery administered by a third party. The agencies we use are thoroughly vetted and briefed on the purpose of the Charity and the need for them to comply with and meet the standards set out in the Code of Fundraising Practice. Agency staff receive training about the hospital’s work, the Charity’s values, and our expectations regarding the standards to be maintained. Oversight of their activities is carried out through a combination of methods, including meetings and mystery shopping.

We aim to ensure that supporters and members of the public are afforded the highest levels of support, respect, and protection. All fundraising staff are trained in the Charity’s fundraising policies, which include the following:

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Independent auditor’s report to the members of King’s College Hospital Charity

Governance

Statement of Trustees’ responsibilities

The Trustees (who are also directors of King’s College Hospital Charity for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Each of the Trustees confirms that:

Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

In preparing these financial statements, the Trustees are required to:

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.

Adrian Williams

Florence Akende

Chair of Trustees 17 July 2025

Treasurer 17 July 2025

The Trustees are responsible for keeping proper 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.

Independent auditor’s report to the members of King’s College Hospital Charity

Opinion

Conclusions relating to going concern

We have audited the financial statements of King’s College Hospital Charity (‘the company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In our opinion the financial statements:

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

Basis for opinion

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.

We have nothing to report in this regard.

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Independent auditor’s report to the members of King’s College Hospital Charity

Independent auditor’s report to the members of King’s College Hospital Charity

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 40, 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance 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.

The objectives of our audit in respect of fraud, are; to

identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is

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Statement of financial activities for the year ended 31 March 2025

Independent auditor’s report to the members of King’s College Hospital Charity

Financial statements

higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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 any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Fullerton

Senior Statutory Auditor

For and on behalf of Moore Kingston Smith LLP Statutory Auditor

6th Floor 9 Appold Street London EC2A 2AP

17 July 2025

Statement of financial activities for the year ended 31 March 2025 (incorporating an income and expenditure account)

----- Start of picture text -----
Year Ended 31 March 2025 Year Ended 31 March 2024
Total Total
funds funds
Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income
Donations and legacies 3.1 2,314 548 2,862 2,585 649 - 3,234
Other activities 3.2 505 - 505 250 126 - 376
Income from investments 3.3 912 - 912 1,048 - - 1,048
Total income 3,731 548 4,279 3,883 775 4,658
Expenditure
Cost of raising funds 4.1 2,252 - 2,252 2,599 - - 2,599
Expenditure on charitable 4.3 2,553 1,102 3,655 2,127 1,333 - 3,460
activities
-
Total expenditure 4,805 1,102 5,907 4,726 1,333 6,059
Net gains/(loss) on investments 5.2 (1,151) - (1,151) 1,527 - - 1,527
Net (deficit) / surplus income (2,224) (554) (2,778) 684 (558) 126
Transfers between funds 2.1 (197) 197 - 97 3 (100) -
Net movement in funds (2,421) (357) (2,778) 781 (555) (100) 126
Reconciliation of funds
Total funds brought forward
2.1 19,842 3,275 23,117 19,061 3,830 100 22,991
(as restated)
Total funds carried forward 2.1 17,421 2,918 20,339 19,842 3,275 - 23,117
Unrestricted funds Restricted funds Unrestricted funds Restricted funds Endowment funds
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities. Further details of the restatement of the comparatives is provided in Note 2.3.

The notes on pages 48-67 form part of these financial statements.

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Statement of cash flows for the year ended 31 March 2025

Balance sheet as at 31 March 2025

Balance sheet as at 31 March 2025

----- Start of picture text -----
Unrestricted Restricted At 31 March As restated at
funds 2024 funds 2023 2025 31 March 2024
Notes £’000 £’000 £’000 £’000
Fixed assets
Tangible assets 5.1 26 - 26 41
Investments 5.2 22,137 5,565 27,702 29,997
Total fixed assets 22,163 5,565 27,728 30,038
Current assets
Debtors 5.3 783 - 783 944
Cash at bank and in hand 249 - 249 537
Total current assets 1,032 1,032 1,481
Creditors: amounts falling
5.4 (5,575) (1,971) (7,546) (7,928)
due within one year
Net current (liabilities) (4,543) (1,971) (6,514) (6,447)
Total assets less current liabilities 17,620 3,594 21,214 23,591
Creditors: amounts falling due
5.5 (199) (676) (875) (474)
after one year
Total net assets 17,421 2,918 20,339 23,117
Funds of the Charity
-
Unrestricted – general 2.1/2.3 4,691 4,691 5,068
-
Unrestricted – designated 2.1/2.3 12,730 12,730 14,774
Restricted 2.1/2.3 2,918 2,918 3,275
Total funds 17,421 2,918 20,339 23,117
----- End of picture text -----

The notes on pages 48-67 form part of these financial statements.

Approved and authorised for issue by the Trustees on and signed on their behalf by:

Adrian Williams

Florence Akende

Chair of Trustees Treasurer 17 July 2025 17 July 2025

Statement of cash flows for the year ended 31 March 2025

----- Start of picture text -----
2024/25 2023/24
£’000 £’000
Cash flow from operating activities:
Net cash (used in) operating activities (2,334) (2,038)
Cash flows from investing activities
Income from investments 912 1,048
Proceeds of sale of investments 369 30,899
Purchase of investments (369) (32,201)
Movement in cash held within investment portfolio 1,144 2,472
Capital expenditure (10) (34)
Net cash provided by investing activities 2,046 2,184
Net cash provided by financing activities – –
(Decrease) / Increase in cash and cash equivalents in the year (288) 146
Cash and cash equivalents at the beginning of the year 537 391
Total cash and cash equivalents at the end of the year 249 537
----- End of picture text -----

Reconciliation of net movement in funds to net cash (used in) operating activities

----- Start of picture text -----
2024/25 2023/24
£’000 £’000
Net (deficit) / surplus for the year (2,778) 126
Loss/ (gains) on investments 1,150 (1,527)
Deduct investment income (912) (1,048)
Depreciation 26 26
Fees deducted from investment funds - 117
(Increase)/ decrease in debtors 161 (547)
Increase/(decrease) in creditors 19 815
Net cash (used in) operating activities (2,334) (2,038)
----- End of picture text -----

Company registration number: 09987908

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Notes to the financial statements

Notes to the financial statements

Notes to the financial statements

They are accounted for on an accruals basis where the conditions for their payment have been met or where a third party has a reasonable expectation that they will receive the grant and when the liability can be quantified with reasonable certainty.

Depreciation

The IT equipment and software are depreciated over the expected economic life of three years. Furniture, fixtures and fittings are depreciated over the expected economic life of five years.

c) Support costs

1. Accounting policies

1.1. Basis of preparation

a) General

These financial statements have been prepared, under the historical cost convention, as modified by the revaluation of investments being measured at fair value within the statement of financial activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit group for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities (the FRS 102 Charities SORP) and the Companies Act 2006 and Charities Act 2022.

The results of the Charity’s subsidiary, KCHC Trading Limited, have not been consolidated ,as the entity is not material to the Group, as permitted under Section 402 of the Companies Act 2006, and it was dormant during the year.

The financial statements are prepared in sterling and monetary amounts are rounded to the nearest pound.

b) Going concern basis

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern, including recent changes in economic factors affecting the UK and on the charity sector. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the Charity’s budgets, forecasts and long range projections and have taken account enquiries, the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

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

1.2. Income

a) Recognition

All income, including legacies, is included in full in the statement of financial activities as soon as the following three factors can be met:

b) Donated services and facilities

In 2024/25 gifts in kind reflect the value of office facilities received free of charge from King’s College Hospital Foundation Trust.

1.3 Expenditure

The financial statements are prepared in accordance with the accruals concept. All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party.

a) Cost of raising funds

The costs of raising funds are the costs associated with generating income for King’s College Hospital Charity.

b) Expenditure on charitable activities

Expenditure on charitable activities includes grants payable as well as other costs including support costs. Grants payable are payments made to third parties, primarily King’s College Hospital NHS Foundation Trust, in the furtherance of the Charity’s objectives.

Support costs, which include governance costs, relate to those functions that assist the work of the Charity but are not directly undertaking fundraising or charitable activities. These costs have been apportioned between the cost of raising funds and expenditure on charitable activities based on the estimated proportion of staff time engaged in these activities.

d) Irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.4. Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense..

1.5. Pensions contributions

Pension costs for all staff are charged to the statement of financial activities when they become due. All contributions are to defined contribution schemes.

1.6. Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.7. Tangible fixed assets

Capitalisation

Assets are capitalised at cost if they individually or collectively, if purchased in a group, cost more than £1,000. The only assets capitalised comprise furniture, fixtures and fittings, IT equipment and software.

As at the balance sheet date, there was no indication that the recoverable amount of any fixed asset was below its net book value.

Where fixed assets have been revalued, any excess between the cost and the revalued amount would be shown in a revaluation reserve.

1.8. Investments

Investment fixed assets are shown at market value. Valuation gains and losses are recorded in the statement of financial activities as they arise with the balance sheet reflecting the re-valued amounts.

Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or date of purchase if later). Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value (or date of purchase if later).

Apportionment of investment management costs between funds (where this information is not provided by the investment manager) is done pro rata according to the respective market values.

1.9. Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other financial institutions, other short-term liquid investments with original maturities of three months or less.

1.10. Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity’s balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

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Notes to the financial statements

Notes to the financial statements

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

• The allocation of grant commitments between amounts falling due within one year and falling due in more than one year; and

2. Analysis of funds and movements on funds

With the exceptions of prepayments and deferred income, all other debtor and creditor balances together with investments are considered to be basic financial instruments under FRS 102.

Estimates used in the financial statements, particularly with respect to the value of listed investments, where values are subject to global market forces, are subject to a greater degree of uncertainty and volatility.

2.1. Movements in funds between the beginning and end of the financial year

During 2024/25, the value of the total funds held by the Charity decreased by £2.8m (2023/24: increased by £126k). Expenditure in the year was £1.6m higher

than income (2023/24: £1.4m higher), resulting in an operating deficit of £1.6m (2023/24 deficit £1.4m) before an investment loss of £1.15m (2023/24 £1.5m gain) resulting from the decrease (2023/24 increase) in investment values.

1.11. Fund accounting

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified either as:

Restricted funds are those where the donor has provided for the donation to be spent in furtherance of a specified charitable purpose.

Endowment funds arise when the donor has expressly provided that the gift is to be invested and only the income of the fund may be spent.

Unrestricted funds represent those monies which are available for application towards achieving any charitable purpose that falls within the Charity’s charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the Trustees and designated for particular purposes.

1.12. Critical accounting estimates and areas of judgement

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Trustees to have most significant effect on amounts recognised in the financial statements:

In the view of the Trustees in applying the accounting policies adopted, no other judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

1.13. Linked charities

Each of the following charities is registered separately with the Charity Commission under the umbrella registration for the main Charity:

Prior to Apr 1 2016, the Charity’s operations were carried out through a registered charity of the same name (charity number 230729), and the financial information relating to the predecessor charity is consolidated within these financial statements.

----- Start of picture text -----
At
As restated Gains/ 31 March
1 April 2024 Income Expenditure (Losses) Transfers 2025
£’000 £’000 £’000 £’000 £’000 £’000
Restricted funds
Paediatric Liver Laboratories 135 112 (124) - - 123
- -
David Hughes Special Trust 2,009 (217) 1,792
Transforming Liver Care (TLC) Appeal 168 81 (47) - (3) 199
Renal Legacy – Spratt 571 - (9) 562
Retinal Research - - - - 212 212
Other funds less than £100k 392 355 (714) - (3) 30
Total restricted funds 3,275 548 (1,102) - 197 2,918
Unrestricted funds
Designated
Clinical Funds 8,897 862 (1,335) - (256) 8,168
- -
Fund for Strategic Grants 4,870 (165) (2,300) 2,405
Development of capital projects 973 - - - 973
Investment Revaluation - - - - 1,150 1,150
Office Fixtures and Fittings 34 - - - 34
Total designated funds 14,774 862 (1,500) - (1,406) 12,730
General funds 5,068 2,869 (3,305) (1,150) 1,209 4,691
Total unrestricted funds 19,842 3,731 (4,805) (1,150) (197) 17,421
Total funds 23,117 4,279 (5,907) (1,150) - 20,339
----- End of picture text -----

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Notes to the financial statements

Notes to the financial statements

2023/24 comparatives

----- Start of picture text -----
As
As restated restated at
at 1 April Gains/ 31 March
2023 Income Expenditure (Losses) Transfers 2024
£’000 £’000 £’000 £’000 £’000 £’000
Endowment funds 100 - - - (100) -
Restricted funds
Paediatric Liver Laboratories 345 98 (308) - - 135
- - -
David Hughes Special Trust 2,309 (300) 2,009
Transforming Liver Care (TLC) Appeal 189 454 (345) - (130) 168
Renal Legacy – Spratt 571 - - - - 571
Parkinson's Research - 116 (115) - - 1
Paediatric Liver Research (Flynn) - - - - 133 133
Other funds less than £100k 416 107 (265) - - 258
Total restricted funds 3,830 775 (1,333) - 3 3,275
Unrestricted funds
Designated
Clinical Funds 8,971 1,020 (957) - (137) 8,897
- -
Fund for Strategic purpose 3,500 (130) 1,500 4,870
Development of capital projects 1,000 - (27) - - 973
Office Fixtures & Fittings 33 - - - 1 34
-
Total designated funds 13,504 1,020 (1,114) 1,364 14,774
General funds 5,557 2,863 (3,612) 1,527 (1,267) 5,068
Total unrestricted funds 19,061 3,883 (4,726) 1,527 97 19,842
-
Total funds (as restated) 22,991 4,658 (6,059) 1,527 23,117
----- End of picture text -----

Transfers include an internal allocation to each designated and restricted fund equivalent to interest

earned based on the average value of the fund during the year.

2.2. Analysis of net assets between funds

The net assets that back these funds are as follows:

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
Total Total
funds funds
£’000 £’000 £’000 £’000 £’000 £’000
Fixed assets – tangible 26 – 26 41 - 41
Fixed assets – investments 22,137 5,565 27,702 24,022 5,975 29,997
Debtors 783 – 783 944 - 944
Cash 249 – 249 537 - 537
Total assets 23,195 5,565 28,760 25,544 5,975 31,519
Net current liabilities (5,575) (1,971) (7,546) (5,579) (2,349) (7,928)
Long-term liabilities and
(199) (676) (875) (123) (351) (474)
provisions
Total net assets 17,421 2,918 20,339 19,842 3,275 23,117
Unrestricted funds Restricted funds Unrestricted funds Restricted funds
----- End of picture text -----

2.3. Prior year adjustment

The previously reported balance on the general fund and designated funds are restated to reflect the balance transfer of legal costs from the general fund to the Ryan Legacy – Primary Biliary Cirrhosis and

Liver designated fund. This is to reflect the correct treatment of legal fees pertaining to Susan Ryan Legacy Estate negligence claim.

----- Start of picture text -----
Summary of the prior year adjustment £’000
General funds previously reported at 1 April 2024 4,929
Adjustment increase in brought forward general funds 139
As restated general funds at 1 April 2024 5,068
Designated funds previously reported at 1 April 2024 14,913
Decrease in brought forward designated funds (139)
As restated designated funds at 1 April 2024 14,774
----- End of picture text -----

The above adjustment has no impact at April 1 2023 and on the reported SOFA of the Charity for the year ended 31st March 2024.

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Notes to the financial statements

Notes to the financial statements

2.4. Description and structure of funds

a) Restricted funds

Restricted funds are made up of funds where the income was restricted by the donors for specific use. This includes income from specific fundraising appeals. The funds with balances over £100,000 are listed below:

c) Unrestricted funds

Unrestricted funds are made up of clinically designated funds, a designated fund for strategic grants, development of capital projects, investment revaluation reserve and general funds.

Donations and legacies are allocated to designated funds where the donor has given an indication that they wish the funds to be used for a particular purpose. There are over 230 clinical designated funds held by the Charity for different medical specialties and service areas within the hospital. The value of the individual funds range from under £1,000 to over £800,000.

At Mar 31 2025, £2.4m (2024: £4.87m) was held in a designated fund for strategic grants. The value is equivalent to the projected level planned to be invested in strategic projects over the three year period of the Charity’s strategy

In addition, a fund of £0.97m (2024: £1m) has been set aside for pump priming major capital projects.

During the year, the Charity transferred £1.15m loss on investment revaluation to Designated funds Revaluation Reserve (2024: gain on investment revaluation of £1.53m), and £139k from Designated Clinical Funds in respect of Designated Fund Levy (2024: £nil).

3. Analysis of income

3.1. Income from donations and legacies

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£’000 £’000 £’000 £’000 £’000 £’000
Donations
Over £10,000 372 520 892 578 584 1,162
Under £10,000 1,414 9 1,423 1,225 64 1,289
1,786 529 2,315 1,803 648 2,451
Donations in kind 131 - 131 110 - 110
Legacies and endowments 397 19 416 672 1 673
Total 2,314 548 2,862 2,585 649 3,234
----- End of picture text -----

3.2. Other activities

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£’000 £’000 £’000 £’000 £’000 £’000
Activities for generating funds 5 - 5 10 126 136
Lottery income 430 - 430 240 - 240
Other income 70 - 70 - - -
Total 505 - 505 250 126 376
----- End of picture text -----

3.3. Investment income

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£’000 £’000 £’000 £’000 £’000 £’000
Equities 708 - 708 592 - 592
Fixed income 334 - 334 165 - 165
Bank and other interest 6 - - - - -
Total 912 - 912 1,048 - 1,048
----- End of picture text -----

Although no investment income has been allocated directly to the restricted fund, as stated in Note 2.1, transfers between funds (shown in Note 2.1) include an

allocation equivalent to interest from the general fund to the designated and restricted funds.

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Notes to the financial statements

Notes to the financial statements

4. Analysis of expenditure

4.1. Costs of raising funds

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£’000 £’000 £’000 £’000 £’000 £’000
Staff costs 559 - 559 485 - 485
Lottery costs 471 471 395 395
Other direct fundraising costs 648 - 648 981 - 981
Support costs of fundraising 531 - 531 551 - 551
activities (Note 4.4)
Governance costs of fundraising 75 - 75 70 - 70
activities (Note 4.4)
- -
2,284 2,284 2,482 2,482
Investment management fees (32) - (32) 117 - 117
- -
2,252 2,252 2,599 2,599
----- End of picture text -----

4.2. Expenditure on charitable activities

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£’000 £’000 £’000 £’000 £’000 £’000
Net grant expenditure (Note 4.3) 1,480 1,102 2,582 1,131 1,333 2,464
Direct support costs 257 – 257 250 - 250
General support costs (Note 4.4) 741 – 741 676 - 676
Governance costs (Note 4.4) 75 – 75 70 - 70
Total expenditure on
2,553 1,102 3,655 2,127 1,333 3,460
charitable activities
----- End of picture text -----

4.3. Grant expenditure

----- Start of picture text -----
2024/25 2023/24
Unrestricted Restricted Total Total
£’000 £’000 £’000 £’000
Enhancing patient experience
British Transplant Games 2025 - 40 40
Volunteer Service 2025-27 - 200 200
Dementia Clocks in Denmark Hill 65 - 65
Quiet room refurbishment servicing Princess Elizabeth & Lion Wards - 25 25
Teenage & Young adults designated area on Murray Falconer neuro ward 50 - 50
Accommodation for parents with children in paediatric intensive care 46 - 46
Breast Unit environment upgrade 50 - 50
Other grants of less than £20,000 282 86 368
493 351 844 754
Enhancing patient treatment
Seed funding for set up of Academy for Diabetes, endocrinology and 33 - 33
obesity training
Specialist training fellowship for clinician in neuro-oncology 45 - 45
Device to help assess lung function of infants in neo-natal settings 30 - 30
Device to aid 'cross-linking' treatment for cornea abnormalities in 24 - 24
eyes (Queen Mary hospital)
Stroke Unit rehabilitation gym for patients 27 - 27
Multiple Breath Washout device to detect respiratory infection in children 28 - 28
Other grants of less than £20,000 82 2 84
269 2 271 444
Advancing innovation through research
Pioneering rapid diagnosis/classification of tumours of the Central 46 - 46
Nervous System
Post-doctoral research project to formulate 'bioinks' for research into - 292 292
paediatric liver disease using 3D bioprinter
PhD post to develop 'organoids' for conducting research into - 123 123
paediatric liver disease using 3D bioprinter
Pioneering robotic arm attached to CT scanner for the ablation of 66 - 66
liver and other tumours
Study of cell-free DNA (cause of clotting) in advanced liver disease 50 - 50
Study of perfusion (ie storage) of livers donated for transplantation 30 - 30
How to optimise respiratory support for babies in neonatal intensive care - 440 440
Role of diet in immune-related liver disease 125 - 125
Proteomic analysis of liver, bile duct and pancreatic tumours to 33 - 33
identify early detection markers or target treatments
Consumables for the Dhawan Labs researching paediatric liver 48 - 48
Other grants of less than £20,000 97 - 97
495 855 1,350 1,003
----- End of picture text -----

Table continued

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Notes to the financial statements

Notes to the financial statements

4.3. Grant expenditure (continued)

----- Start of picture text -----
2024/25 2023/24
Unrestricted Restricted Total Total
£’000 £’000 £’000 £’000
Supporting staff in delivering the highest possible care
Clinical Supervision for Emergency Department staff at PRUH 25 - 25
Thank You Week' for staff across all sites 50 - 50
Other grants of less than £20,000 231 14 245
306 14 320 336
Capital projects
Other grants less than £20,000 0 0 0
0 0 0 27
Total grants awarded 1,562 1,222 2,784 2,564
Grants returned, undrawn or written back (82) (120) (202) (100)
Net grant expenditure 1,480 1,102 2,582 2,464
----- End of picture text -----

conference). All such payments must comply with the Charity’s procedures, which include authorisation by the relevant designated fund advisor and provision of appropriate documentary evidence of payment (for example, receipts).

All grants in 2024/25 and 2023/24 were made either to King’s College Hospital NHS Foundation Trust or King’s College London (with the exception of low-value patient welfare grants, which are made in exceptional circumstances directly to patients in need).

An analysis of the 2023/4 grant awards into their constituent grant components is set out in the 2023/24 Annual Report of the Charity, which is available on the Charity’s website.

Some grants made to the Foundation Trust are in practice paid directly to members of staff, where they have incurred relevant costs personally (for example, travel costs relating to a grant enabling the Foundation Trust to send a member of staff to a medical

4.4. Allocation of general support and governance costs

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
General Total General Total
support Governance funds support Governance funds
£’000 £’000 £’000 £’000 £’000 £’000
Staff costs 770 70 840 854 77 931
Non-staff costs 502 46 548 373 30 403
Audit fee – external – 21 21 – 24 24
Audit fee – internal – 13 13 – 9 9
1,272 150 1,422 1,227 140 1,367
Raising funds 531 75 606 551 70 621
Charitable activities 741 75 816 676 70 746
1,272 150 1,422 1,227 140 1,367
----- End of picture text -----

Staff costs of £840K (2023/24: £931K) have been allocated based on an estimate of the proportion of time worked by each staff member with respect to the categories listed above.

Non-staff costs of 548K (2023/24: £403K) have been allocated in proportion to the staff costs allocated. This allocation fairly reflects the activities of the staff team.

4.5. Staff costs and the cost of key management personnel

----- Start of picture text -----
Year ended 31 March 2025 Year ended 31 March 2024
General Total General Total
support Governance funds support Governance funds
£’000 £’000 £’000 £’000 £’000 £’000
Salaries and wages 1,312 – 1,312 1,286 – 1,286
Social security costs 146 – 146 146 – 146
Other pension costs 92 – 92 70 – 70
1,550 – 1,550 1,502 – 1,502
Contracts for services 82 – 82 146 – 146
1,632 – 1,632 1,648 – 1,648
----- End of picture text -----

During the year, a number of staff were engaged through agencies to fill temporary vacancies and provide additional project support.

The average number of employees for the year, including full-time equivalents (FTE), was 26.5 (2024: 23.9) members of staff on terms and conditions approved by the Board, including pension arrangements in line with auto-enrolment requirements. In addition, during the year, the Charity employed four members of staff on a temporary contract (2024: three).

Seven employees had employee benefits, excluding pension costs, in excess of £60,000 (2024: four); their benefits fall within the following range.

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Notes to the financial statements

Notes to the financial statements

4.5. Staff costs and the cost of key management personnel (continued)

Staf banding 2024/25 2023/24
£60,000–£69,999 3 2
£80,000–£89,999 – 1
£90,000–£99,999 2 1
£100,000–£109,999 1 –
£120,000–£129,999 – 1
£130,000–£139,999 1 –

The total amount of employee benefits received by the four key management personnel for their services to the Charity were as follows:

Key management personnel include the Trustees, the Chief Executive, the Director of Fundraising and Communications, the Director of Grants and Insight, and the Director of Finance and Resources. No Trustee received any benefits or remuneration.

----- Start of picture text -----
2024/25 2023/2024
£’000 £’000
Salary 421 366
Pension benefits 37 33
National insurance 52 46
Tax-free home allowance 2 2
Total emoluments 512 447
----- End of picture text -----

5. Balance sheet

5.1. Tangible fixed assets

----- Start of picture text -----
Fixtures, fittings and equipment 2024/25 2023/2024
£’000 £’000 £’000
Cost or valuation
At the start of the year 108 108 74
Additions in year 11 11 34
At the end of the year 119 119 108
Depreciation
At the start of the year 67 67 41
Charge for the year 26 26 26
At the end of the year 93 93 67
Net book value at the end of the year 26 26 41
----- End of picture text -----

5.2. Investments

The changes in investment values during the year ended Mar 31 2025 are analysed as follows:

----- Start of picture text -----
As at 31 March 2025 As at 31 March 2024
Movement in fixed asset investments £’000 £’000
Market value brought forward 27,148 24,436
Add: additions to investments at cost 369 32,201
Less: disposals
– Proceeds (369) (30,899)
– Realised gain / (loss) (5) 345
Less: fees – (117)
Add net unrealised gain (loss) on revaluation (1,146) 1,182
Market value as at 31 March 2025 25,997 27,148
Cash held for reinvestment 1,705 2,849
Total market value as at 31 March 2025 27,702 29,997
----- End of picture text -----

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Notes to the financial statements

Notes to the financial statements

5.2. Investments (continued)

----- Start of picture text -----
As at 31 March 2025 As at 31 March 2024
Investments by type £’000 £’000
Alternatives – 372
COIF ethical investment fund 25,997 26,773
Uninvested cash – 3
25,997 27,148
Cash funds
Sterling liquidity funds 1,705 2,849
Total 27,702 29,997
----- End of picture text -----

The market value of the investments as at 31 March 2025 was £27,702,179. The underlying holdings in the COIF Charities Ethical Investment Fund are well diversified across a range of asset classes.

During the year, the Charity’s investments generated income of £912k (2023/24:£1,048k) and there was a net reduction of £1.15m (2023/24: gain of £1.53m) in the value of the investment portfolio.

5.3. Debtors

As at 31 March 2025
As at 31 March 2024
Unrestricted
funds
Restricted
funds
Total
Total
£’000
£’000
£’000
£’000
Prepayments and accrued income 781
-
781
914
Other debtors 2
-
2
30
783
-
783
944

5.5. Creditors falling due after one year

As at 31 March 2025
As at 31 March 2024
Unrestricted
funds
Restricted
funds
Total
Total
£’000
£’000
£’000
£’000
Grants payable 199
676
875
474
199
676
875
474

Grants payable comprises a number of grants to King’s College Hospital NHS Foundation Trust where the Trustees have committed to expenditure and costs are expected to fall due in future years.

As at 31 March 2025, grants payable falling due after more than one year included £676K relating to restricted funds (2024: £349K).

5.6. Reconciliation of grants payable

----- Start of picture text -----
2024/25 2023/24
£’000 £’000
At 1 April 2024 7,800 7,155
Grants awarded in the year 2,785 2,539
Grants paid in the year (2,879) (1,820)
Grants cancelled in the year (203) (75)
7,503 7,799
----- End of picture text -----

5.7. Commitments

The Charity had NIL commitments at 31 March 2025 (2024: NIL), which do not yet satisfy all conditions for recording as a grant payable.

5.4. Creditors falling due within one year

As at 31 March 2025
As at 31 March 2024
Unrestricted
funds
Restricted
funds
Total
Total
£’000
£’000
£’000
£’000
Grants payable 4,658
1,971
6,629
7,323
Accruals 565
-
565
373
Other creditors 352
-
352
232
5,575
1,971
7,546
7,928

As at 31 March 2025, grants payable included £1,102,021 relating to restricted funds (2024: £2,298,000).

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Charity contact details and advisors

Trustees

6. Related party transactions

The number of Trustees at 31 March 2025 was eleven (2024: twelve). None of the Trustees received remuneration for their services to the Charity (2023/24: £nil) and no Trustees (2023/24: £nil) were reimbursed for costs necessarily incurred on Charity business.

A total of £5,443 (2024: £6,153) donations were made to the Charity by individual Trustees. Indemnity cover is provided for Trustees by the Charity.

The Charity provides the majority of its grants by number and value to the Trust (see note 4.3). It also receives services from King’s free of charge including offices and facilities management (see note 3.1).

7. Subsidiary

King’s College Hospital Charity owns 100% of the issued ordinary shares of KCHC Trading Limited, a company incorporated in England and Wales (company registration number 11881179. The principal activities of the subsidiary are to manage the trading activities of King’s College Hospital Charity. KCHC Trading Limited was dormant throughout the current year and prior year.

8. Post balance sheet event

Following the financial year ended 31st March 2025, The Friends of Princess Royal University Hospital (FoPRUH) charity has decided to close due to the retirement of key trustees and significant challenges in recruiting new leadership. On 17th June 2025, a resolution was passed by the Friends of PRUH to transfer the charity’s remaining assets, valued at £114,006, to Kings College Hospital Charity. This includes £95,170 in unrestricted funds and £18,836 in restricted funds. The FoPRUH is anticipated to complete the transfer by December 2025.

Trustees

Adrian Williams Chair

Appointed 22 March 2023

Alison Lewzey Vice Chair

Appointed 18 March 2019 Retired 18 March 2025

Florence Akende

Treasurer

Appointed 22 September 2022

Jane Bailey Trustee

Appointed 22 March 2024

Rachel Barton Trustee

Appointed 18 March 2019 Retired 18 March 2025

Alan Bolchover Trustee

Appointed 18 March 2019 Retired 18 March 2025

Shira Schnitzer Trustee

Appointed 18 March 2025

Gillian Burgess Trustee

Appointed 24 March 2022

Jon Cohen

Trustee

Appointed 29 September 2020

Jim Downing

Trustee

Appointed 19 September 2023

Ian McKetty

Trustee

Appointed 1 June 2022

Stephen Peel Trustee

Appointed 19 September 2023

Bernadette Thompson OBE Trustee

Appointed 19 September 2023 Retired 30 May 2025

Katharine Taylor Trustee Appointed 18 March 2025

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Trustees

During 2024/25, the following Trustees were also members of the Governance, Nominations and People Committee (GNPC):

Alison Lewzey (Chair of Committee)

Florence Akende

Jon Cohen

Bernadette Thompson Adrian Williams

During 2024/25, the following trustees were also members of the Finance, Audit, Investment and Remuneration Committee (FAIRC):

Florence Akende (Chair of Committee)

Alan Bolchover

Alison Lewzey Ian McKetty Adrian Williams

During 2024/25, the following trustees were also members of the Grants Committee (GC):

Jon Cohen (Chair of Committee)

Rachel Barton

Gillian Burgess Adrian Williams

Non-trustee GC members:

Jane Allberry Professor K. Ray Chaudhuri Kate Gregory

Charity contact details and advisors

Offices located at King’s College Hospital and registered company office

Telephone and email contact:

Address:

Coldharbour Lane London SW9 8RR

T 020 4526 8050 E info@supportkings.org.uk supportkings.org.uk

Senior management team

Gail Scott-Spicer Chief Executive Iona Joy Director of Grants and Insight Salah Mirza Director of Finance and Resources Reta Robinson Director of Fundraising and Communications

Professional advisers

Bankers

Lloyds Bank plc 25 Camberwell Green London SE5 7AB

External auditors

Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

Legal advisers

Internal auditors

Withers LLP 16 Old Bailey London EC4M 7EG

Price Bailey

7[th] Floor, Dashwood House 69 Old Broad Street London EC2M 1QS

Investment strategy advisers and managers

CCLA

8 Finsbury Circus London EC2M 7AZ

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King’s College Hospital Charity, Coldharbour Lane, London SW9 8RR Registered charity number: 1165593 Company limited by guarantee registered in England and Wales number: 09987908