**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

**King’s College Hospital Charity** Trustees’ Report and Financial Statements 

## **For the year ended 31 March 2026** 

Registered Charity Number: 1165593 Company limited by guarantee: 09987908 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Contents** 

Reference and Administrative Information .............................................................................................. 3 Trustees’ Report ...................................................................................................................................... 4 Structure, Governance and Management ............................................................................................ 4 Objectives and Activities ...................................................................................................................... 4 Strategic Report and Achievements .................................................................................................... 5 Overview ........................................................................................................................................... 5 Fundraising ....................................................................................................................................... 5 Grant-Making .................................................................................................................................... 6 Principal Risks and Uncertainties ..................................................................................................... 6 Financial Review .................................................................................................................................. 7 Investment Policy and Performance .................................................................................................... 9 Reserves Policy .................................................................................................................................10 Future Plans .......................................................................................................................................11 Trustees’ Responsibilities ..................................................................................................................12 Independent Auditor’s Report ................................................................................................................14 Statement of Financial Activities ............................................................................................................17 Balance Sheet .......................................................................................................................................18 Statement of Cash Flows.......................................................................................................................19 Notes to the Financial Statements ................................................................................................... 20-31 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Reference and Administrative Information** 

## **Trustees** 

The following Trustees served on the Board during 2025/26: 

- Adrian Williams – Chair 

- Florence Akende – Treasurer 

- Gillian Burgess 

- Jonathan Cohen – Vice Chair 

- James Downing 

- Ian McKetty 

- Stephen Peel 

- Shira Schnitzer 

- Katharine Taylor 

- Roy Clarke (appointed 26 September 2025) 

- Bernadette Thompson OBE (resigned 30 May 2025) 

- Jane Bailey (resigned 5 December 2025) 

- Jane Fryer (appointed 27 March 2026) 

## **Senior Management Team** 

- Alan Bolchover – Chief Executive (from 10 November 2025) 

- Gail Scott-Spicer served as Chief Executive until 7 August 2025. 

- Reta Robinson – Director of Fundraising and Communications 

- Iona Joy – Director of Grants and Insight 

- Salah Mirza – Director of Finance and Resources 

|**Registered Office**|King’s College Hospital Charity, Coldharbour Works, 245A Coldharbour Lane,<br>London SW9 8RR|
|---|---|
|**External Auditors**|Moore Kingston Smith LLP, 6th Floor, 9 Appold Street, London EC2A 2AP|
|**Internal Auditors**|Price Bailey, 7th Floor, Dashwood House, 69 Old Broad Street, London EC2M<br>1QS|
|**Bankers**|Lloyds Bank plc, 25 Camberwell Green, London SE5 7AB|
|**Investment strategy**<br>**advisers and managers**|CCLA, 8 Finsbury Circus, London EC2M 7AZ|
|**Solicitors**|Withers LLP, 16 Old Bailey, London EC4M 7EG|



## **Abbreviations used in the report** 

FAIRC — Finance, Audit, Investment and Remuneration Committee GNPC — Governance, Nominations and People Committee GC — Grants Committee KCHC — King’s College Hospital Charity Foundation Trust — King’s College Hospital NHS Foundation Trust PRUH — Princess Royal University Hospital SORP — Statement of Recommended Practice (Accounting and Reporting by Charities) 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Trustees’ Report** 

The Trustees, who are also directors for the purposes of company law, present their report and the audited financial statements of King’s College Hospital Charity (‘the Charity’) for the year ended 31 March 2026. 

## **Structure, Governance and Management** 

## **Organisational Structure** 

The Trustees have ultimate responsibility for all aspects of the work of the Charity. Day-to-day management is delegated to the Chief Executive. Gail Scott-Spicer served as Chief Executive until August 2025. Alan Bolchover was appointed as Chief Executive in November 2025. The Board of Trustees met four times during the year. Three sub-committees support the Board’s work: 

- Finance, Audit, Investment and Remuneration Committee (FAIRC) — met five times during the year 

- Governance, Nominations and People Committee (GNPC) — met three times during the year 

- Grants Committee (GC) — met three times during the year 

## **Governing Document** 

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 both charity trustees as a matter of charity law and company directors as a matter of company law. 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. 

## **Trustee Appointment, Induction and Training** 

During the year, twelve Trustees served on the Board, with twelve being the maximum number provided in the Articles. The Board comprised eleven positions at 31 March 2026, with one vacancy. 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. Under the terms of the Charity’s articles of association, the Foundation Trust has the right to nominate individuals to two places on the Board: one executive director and one non-executive director of the King’s College Hospital NHS Foundation Trust (the Foundation Trust). In nominating any individual, the Foundation Trust must have regard to the skills, knowledge, and experience required for the effective administration of the Charity. All new Trustees receive appropriate induction into their responsibilities in line with Charity Commission guidance. Trustees give their time freely, and no remuneration was paid to them, nor were any expenses claimed in the year. 

## **Key Management Personnel** 

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. See Note 4.5 for further detail. 

## **Related Parties** 

The Charity provides the majority of its grants, by both number and value, to the Foundation Trust. It also receives services from the Foundation Trust free of charge, including office accommodation and facilities management. KCHC owns 100% of the issued ordinary share capital of KCHC Trading Limited (company registration number 11881179), which was dormant throughout the year. Further details of related party transactions, including a significant transaction with the Friends of Princess Royal University Hospital, are set out in Note 6 to the financial statements. 

## **Objectives and Activities** 

## **Aims and Objectives** 

The Charity’s objects, as set out in its articles of association, are: any charitable purpose or purposes relating to the general or any specific purposes of the Foundation Trust or the purposes of the health service; the promotion, protection, preservation or advancement of all or any aspects of the health and welfare of the 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

patients and service users of the Foundation Trust; and the advancement and promotion of knowledge and education in medicine, including by engaging in and supporting medical research and the dissemination of the useful results. 

## **Public Benefit** 

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 the Charity’s objectives and activities. The Charity’s principal beneficiaries are the patients, service users and staff of the Foundation Trust, who benefit directly from the projects, equipment, research and care improvements funded through charitable grants. The Trustees are satisfied that the Charity’s activities continue to deliver demonstrable public benefit in accordance with the Charity’s objects. 

## **Strategic Report and Achievements** 

## **Overview** 

In 2025/26, the first year of the Charity’s 2025–2027 strategy, KCHC reached an important milestone: total income exceeded £5 million for the first time in the Charity’s history (2024/25: £4.28 million). The strategy focuses on four priorities — enhancing patient and visitor experience, advancing treatments and care through research and innovation, raising funds to support the best possible care, and achieving our full potential to thrive — guided throughout by the central principle of leaving no one behind and supporting the most vulnerable. 

The year saw a significant leadership transition. Gail Scott-Spicer stepped down as Chief Executive in August 2025 after steering the Charity over seven years through a period of substantial strategic and financial growth. Alan Bolchover was appointed as Chief Executive in November 2025. He will lead the delivery of the Charity's current strategy through to March 2027 and oversee the development of the refreshed strategy for the period beyond. 

## **Major Achievements in the year** 

The Outdoor Critical Care Roof Garden — a £2.0 million project funded entirely through charitable donations — reached practical completion during 2025/26, with construction of the 170 square metre rooftop space finishing in November 2025. The garden officially opened to critical care patients in May 2026, following completion of final commissioning and clinical safety checks. The garden gives critically ill patients access to outdoor space during their recovery, supporting the wellbeing of patients, families and staff. 

A further milestone was reached in January 2026, when surgeons at King’s performed their 1,000th case of robotic-assisted surgery — a milestone made possible by the Charity’s £1 million grant for the Da Vinci Xi Robot Assisted Surgical System. Patients benefit from shorter hospital stays, reduced pain, faster recovery and reduced blood loss. One surgeon reported being able to treat twice as many patients in the same time, directly easing pressure on waiting lists. 

## **Fundraising** 

2025/26 was a strong year for fundraising, with total fundraising income reaching £4.38 million — a 35% increase on the prior year (2024/25: £3.24 million). General Fund income represented 48% of total income, with Unrestricted Designated Income and Restricted Income at 26% each. All income streams grew year on year. Philanthropy and Partnerships delivered £1.83 million (2024/25: £1.00 million), driven by transformational gifts. The King’s Lottery grew strongly to £0.72 million (2024/25: £0.43 million). Individual Giving reached £1.01 million (2024/25: £0.87 million), supported in part by continued investment in regular giving. Legacy income delivered £0.21 million, down from £0.49 million the previous year. Fundraising return on investment improved significantly to £2.22 for every £1 spent (2024/25: £1.70:£1). 

||||||
|---|---|---|---|---|
|**▲  £4.38m**<br>Total Fundraising<br>Income<br>Prior year: £3.24m|**▲  £1.83m**<br>Philanthropy &<br>Partnerships<br>Prior year: £1.00m|**▲  £1.01m**<br>Individual Giving<br>Prior year: £0.87m|**▲  £716k**<br>King’s Lottery<br>Prior year: £430k|**▲  £2.22:£1**<br>Fundraising ROI<br>Prior year: £1.70:£1|
||||||



Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Grant-Making** 

**£2.68m 57 £7.24m Net Grants Awarded Large Grants (£5k+) Total Grant Creditor** 71% of charitable expenditure Totalling £2.36 million 274 active clinical funds Prior year: £2.58m Prior year: 54 Prior year: £7.50m 


**Grants in action £179,000** Retinal Research **£176,000** Neonatal Research **£2.0m  Outdoor Critical Care Roof Garden — construction complete; opened Spring 2026** 

## **Friends of the Princess Royal University Hospital** 

In December 2025, the Charity received a significant gift of residual funds from the Friends of the Princess Royal University Hospital (Farnborough, Kent) (registered charity no. 231071). See Note 6 for detail. 

## **Principal Risks and Uncertainties** 

The Board conducts an annual risk assessment of the Charity’s organisational risk register, reviewing the risk environment and noting any emerging risks. The Finance, Audit, Investment and Remuneration Committee (FAIRC) conducted quarterly detailed risk reviews at each meeting. The following three principal risks were confirmed by FAIRC as the most significant for the year ended 31 March 2026. 

|**1Fundraising Income**|**2Investment Strategy**|**3Grant Project Delivery**|
|---|---|---|
||**Transition**||
|**RISK**||**RISK**|
|Economic pressures and the cost-|**RISK**|Our impact depends on effective|
|of-living crisis may reduce donor|Following the CCLA liquidation,|delivery within the Foundation|
|giving and slow income growth.|funds are held in cash. This|Trust, which can be affected by|
|**HOW WE MANAGE IT**<br>Diversified activity, strong<br>stewardship, close performance|protects capital from further<br>market falls, but means the<br>Charity does not participate in<br>market recoveries and, over time,|NHS operational pressures.<br>**HOW WE MANAGE IT**<br>Active grant governance, regular|
|monitoring and Trustee oversight<br>at every committee meeting.|cash is exposed to real-terms<br>erosion in an inflationary<br>environment.|engagement with Trust leadership<br>and milestone-based monitoring<br>of all significant grants.|
||**HOW WE MANAGE IT**||
||The Board is actively overseeing||
||the reinvestment decision through||
||FAIRC. The Charity is engaged in||
||a formal investment strategy||
||review.||



The Board is satisfied that appropriate systems and controls are in place to mitigate the Charity’s principal risks, and remains committed to keeping the identification, assessment and mitigation of risk under continual review. 

## **Financial Review** 

## **Summary** 

The Charity reports a net deficit of £3.24 million for 2025/26 (2024/25: deficit of £2.78 million). The key elements and an explanation are set out below. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

|**Key element**|**Reason**|**Ongoing or exceptional?**|**Our futureplans**|
|---|---|---|---|
|£0.44m General<br>Fund deficit|The Charity’s<br>operating costs<br>exceed unrestricted<br>income.|Strategic decision to invest<br>in growing the Charity’s<br>platform to build medium-<br>term income streams.|Grow unrestricted income and<br>control costs; the Charity aims<br>to reach breakeven within 12–<br>24 months.|
|£0.53m<br>Designated,<br>Restricted &<br>Endowment<br>Funds net deficit|Timing mismatch<br>between the receipt of<br>donations and the<br>making of grants (can<br>be positive or<br>negative).|Ongoing feature of our<br>operation; grants typically<br>lag the receipt of<br>donations.|No change planned.|
|**£0.97m**<br>**Operating deficit**||||
|£2.27m<br>Investment<br>Portfolio loss|Valuation movement<br>on the investment|Ongoing investment risk;<br>the one-off liquidation this|We are implementing a lower-<br>risk investment policy that<br>prioritises income and capital<br>preservation above capital<br>growth (at least until we reach<br>a General Fund surplus).|
||portfolio (can be|year saw a realised||
||positive or negative).|valuation loss.||
|**£3.24m Net**<br>**deficit**||||



_Note: The operating result is stated after the designated fund levy, which charges £0.32m of central costs to the designated funds, and after the transfer of a 20% share of Lottery income to a designated fund._ 

Before the one-off investment loss, the underlying operating result improved year on year, reflecting disciplined cost management and continued income growth. Overall, the deficit reflects the planned use of the Charity’s reserves and the impact of the one-off investment loss. 

Total income reached £5.24 million (2024/25: £4.28 million), exceeding £5 million for the first time in the Charity’s history. The growth was broad-based across all fundraising streams. Investment and other income of £0.85 million (2024/25: £1.04 million) represents a full year of the CCLA portfolio prior to liquidation and gift in kind for use of premises at Coldharbour Works. 

Total expenditure, excluding the investment loss, was £6.21 million (2024/25: £5.91 million). Grant awards of £2.68 million represented 71% of charitable expenditure (2024/25: £2.58 million), reflecting the Charity’s continued commitment to directing the majority of its resources to King’s patients and staff. Fundraising costs of £2.04 million generated a return on investment of £2.22 for every £1 spent (2024/25: £1.70), reflecting improved fundraising efficiency. Support costs of £1.49 million were broadly stable year on year (2024/25: £1.42 million). 

Total net assets at 31 March 2026 were £17.10 million (2024/25: £20.34 million), with the reduction driven primarily by the investment loss. Designated funds stood at £10.88 million (2024/25: £12.73 million), comprising 274 active clinical funds and strategic reserves. Restricted funds were £2.96 million (2024/25: £2.92 million), including £106,000 received from the Friends of the Princess Royal University Hospital. Free reserves (the General Fund) closed at £3.16 million (2024/25: £4.69 million), above the Board’s policy target of £2.89 million and within the upper policy band of £3.61 million, confirming the Charity’s compliance with its reserves policy notwithstanding the exceptional investment loss in the year. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Income and Expenditure** 



_Figure 1  ·  Income and expenditure by category — 2025/26_ 



_Figure 2  ·  Income and expenditure by category — 2024/25 (prior year)_ 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Net Assets and Fund Position** 



_Figure 3  ·  Net assets and fund position — 2025/26 vs 2024/25_ 

## **Investment Policy and Performance** 

## **Investment Policy** 

Following a review of the Charity’s investment strategy during 2025/26, the Trustees resolved to liquidate the Charity’s investment portfolio with CCLA Investment Management in full at 31 March 2026. The decision reflected significant global market volatility during the year, driven in part by global developments, including the impact of US trade tariffs and geopolitical tensions on equity and fixed income valuations, and the potential impact of continued volatile asset values on our unrestricted reserves (and consequently our ability to execute our operating plan). 

The previous investment objective — to generate a consistent and sustainable return sufficient to finance grant commitments and running costs while maintaining the purchasing power of the underlying investments over the long term, targeting CPI plus 5% — applied for the duration of the CCLA mandate. Following the liquidation, the Board is conducting a review to determine the appropriate long-term investment strategy for the Charity. 

## **Investment Performance** 

For the majority of 2025/26, the Charity’s funds remained invested in the COIF Charities Ethical Investment Fund managed by CCLA. Investment income for the year was £705,000 (2024/25: £912,000). Following the full liquidation, £2.13 million of cash held for reinvestment remained at 31 March 2026 (total investment portfolio at 31 March 2025: £27.70 million). 

Following the investment strategy review, the Trustees resolved to liquidate the full CCLA portfolio. The disposal was completed on 30 and 31 March 2026, generating proceeds of £23.8 million. 

A net realised loss of £2.27 million was recognised on disposal, reflecting the difference between the disposal proceeds and the opening market value of the portfolio. Of this loss, £1.15 million was absorbed by releasing the Designated Investment Revaluation Reserve — a reserve established from historical investment gains specifically to absorb investment valuation movements. 

Following the liquidation, proceeds are held in the LGIM STG Liquidity Plus Fund and short-term bank deposits earning approximately 3.9% per annum. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Reserves Policy** 

## **A) General Fund (Free Reserves)** 

The Charity’s free reserves policy requires the Board to maintain the General Fund within a range of 25% above or below a target level, reviewed annually. The target is set at nine months of budgeted operating expenditure for the following financial year. 

For 2025/26, following the liquidation of the investment portfolio, the investment volatility component applied in prior years (2024/25: £2.1 million) no longer applies in the same form. The target for 2025/26 is accordingly based on nine months of budgeted operating expenditure: £2.89 million (2024/25 target: £4.60 million). 

Free reserves serve as the Charity’s primary financial safety net for operational continuity. They are not used for grant making — grants are funded entirely through Designated and Restricted funds. 

Free reserves enable the Charity to maintain its operations during periods of unforeseen income shortfall — whether from a downturn in donations, a delay in legacy receipts, or a reduction in investment returns. They also allow the Charity to respond to emerging opportunities to support King’s patients and staff without the need to seek additional funding at short notice, and to absorb unexpected costs or one-off expenditure items not provided for in the annual budget. 

|**Level**|**Amount**|**Position at 31 March 2026 (£3,157k)**|
|---|---|---|
|**Upper band (+25%)**|**£3,613k**|**Within band**|
|**Policy target (9 months of budgeted**<br>**operating spend)**|**£2,890k**|**Above target by £267k**|
|**Lower band / minimum (-25%)**|**£2,167k**|**Above minimum by £990k**|
|**Projected at base budget 31 March 2027**|**£2,923k**|**Only £33k above target after 2026/27 UR General**<br>**deficit of £234k**|



Free reserves at 31 March 2026 stand at £3.16 million (2024/25: £4.69 million), above both the policy target and the policy minimum. The Charity is compliant with its reserves policy. During the year the Board approved the de-designation of up to £3 million from the Designated fund as a one-off backstop to support free reserves if income underperforms in 2026/27. This facility was not required in 2025/26 and remains available to be drawn down if needed. 

## **B) Unrestricted Designated Funds** 

At 31 March 2026, £10.9 million (2024/25: £12.7 million) was held in Designated funds. The principal designated funds are: 

- Clinical Funds: £7.66 million net of designated fund levy (2024/25: £8.17 million), held in 274 active funds for named clinical specialties and hospital wards. 

- Strategic Funds: £2.35 million (2024/25: £2.41 million), designated to support the Foundation Trust in delivering major strategic and transformation projects. 

- Development of Capital Projects: £0.63 million (2024/25: £0.97 million), set aside for major capital projects at the planning stage. 

- Other designated funds: £0.25 million, comprising the Lottery fund and fund for fixtures and fittings. 

The Designated Investment Revaluation Reserve (opening balance £1.15 million) was released in full during the year to absorb a portion of the realised investment loss. The reserve no longer exists at 31 March 2026. 

## **C) Restricted Funds** 

At 31 March 2026, restricted funds were valued at £2.96 million (2024/25: £2.92 million). The principal restricted funds include the David Hughes Special Trust (£1.66 million), the Renal Legacy fund (£0.48 million), the Transforming Liver Care Appeal (£0.16 million), and four funds totalling £106,000 received from the Friends of the Princess Royal University Hospital to benefit PRUH patients and services The Charity holds and applies all restricted funds in compliance with donor requirements. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **D) Endowment Fund** 

During the year, the Charity received a gift of £100,000, designated as an endowment fund to support liver research at King’s. This fund is held in accordance with the donor’s wishes. The capital is to be preserved with income applied to support liver research projects. 

## **Future Plans** 

Over the next two years, we aim to build a stronger foundation that increases our capacity to deliver greater impact for the hospitals, patients and communities we support. In previous years we have pursued a strategy of planned investment, deliberately allocating more to grants and fundraising activity than our annual income in order to maximise immediate benefit. 

Looking ahead, our objective is to return to a sustainable financial footing: we aim to bring the General Fund back to breakeven in short term and to achieve an overall surplus across all funds in medium term, creating a more sustainable platform for future growth and enabling higher levels of grant-making in the years ahead. Our partnership with the Foundation Trust remains central to this ambition, with shared strategic priorities and a commitment to directing funds where they are needed most. 

These objectives are underpinned by the Charity's strategy for the period to 2027/28, which is currently being refreshed to reflect the ambitions of our Leadership Team, supported by the Board, with the detailed plans to be developed through 2026/27. 

The foundations are already in place: this year the operating deficit before investment movements narrowed materially, reflecting disciplined cost management, and fundraising return on investment continued to improve. The Charity aims to build on this through sustained fundraising growth and by streamlining a complex portfolio of funds into a smaller number of strategic funds — reducing administration, improving efficiency and maximising the impact of every pound raised. 

Over the coming period we aim to grow our overall income and, in the longer term, to realise our ambition to increase our impact for King’s. Together, these plans are intended to create a more focused, ambitious and influential organisation — better equipped to inspire support, seize opportunities and increase our impact. 

## **Governance and Internal Controls** 

## **Governance Framework** 

The Trustees recognise their responsibility for the overall system of internal controls and risk management within the Charity. The Board has approved a governance framework that delegates day-to-day management to the Chief Executive while retaining oversight of strategic decisions, significant financial commitments, risk and compliance. The framework is reviewed annually. 

Key elements of the governance framework include: formal delegated authorities for expenditure and grant commitments; a schedule of matters reserved to the Board; quarterly reporting by management to FAIRC on financial performance, risk and compliance; and an annual self-assessment of Board effectiveness. The Charity maintains a conflicts of interest policy and register, updated at every Board meeting. 

## **Remuneration Policy for Senior Staff** 

The remuneration of the Chief Executive and other key management personnel is set by FAIRC and benchmarked annually against comparable roles in London-based voluntary organisations of similar size and complexity. No Trustee received any remuneration for their services. 

## **Internal Audit** 

The Charity appointed Price Bailey as its internal auditors. During 2025/26, the internal audit programme covered financial controls, payroll, grant management, data protection and cyber security. All reports were submitted to FAIRC at each of its meetings. Management implemented all agreed recommendations within the timescales set. No significant control failures were identified during the year. 

## **Fundraising Governance** 

The Charity is registered with the Fundraising Regulator and complies with the Code of Fundraising Practice. The Charity adopted the Fundraising Regulator’s updated Code in 2024, which reflects evolving best practice in supporter care, data protection and transparency. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

The Charity uses professional fundraising agencies for face-to-face donor recruitment (Appco UK Ltd) and face-to-face lottery recruitment (Burden and Burden). Both operate under written agreements ensuring compliance with the Code of Fundraising Practice, and the Charity conducts regular performance reviews including monitoring of complaint rates, cancellation rates and safeguarding compliance. During the year the Charity received 11 complaints relating to its regular giving fundraising activity (2024/25: 4) and 17 relating to its lottery. The year-on-year movement in regular giving complaints reflects improved recording and feedback capture, including a new complaints-logging process and a dedicated feedback route with hospital PALS teams, rather than a change in fundraising standards. All 28 complaints were investigated and resolved at the first stage of the Charity's complaints process, and none were referred to the Fundraising Regulator. 

## **The King’s Lottery** 

The Charity operates The King’s Lottery, a large subscription-type, society, non-remote, low-frequency lottery licensed by the Gambling Commission. In line with the conditions of that licence, the following information is disclosed. 

## **Chances of winning** 

Based on average lottery ticket sales, the likelihood of winning a prize is: 

- First prize – a 1 in 13.9 million chance. 

- Second prize – a 1 in 55,200 chance. 

- Guaranteed prizes (third, fourth and fifth) – a 1 in 494 chance, based on the current lottery size of circa 17,200 chances and 35 prizes. 

## **Proceeds** 

In the 12 months from 4 April 2025 to 27 March 2026, £716,441 was received in lottery proceeds, applied as follows: 

- 2% of the proceeds was spent on guaranteed prizes; the first and second prizes are insured and are included within the expenses of running the lottery. 

- 20% of the proceeds was spent on expenses relating to promoting and running the lottery. 

- 78% of the proceeds was applied directly to the purposes of the society from all tickets sold. 

## **Trustees’ Responsibilities for the Financial Statements** 

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

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

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP (FRS 102); 

- make judgements and estimates that are reasonable and prudent; 

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

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

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. 

Each of the Trustees confirms that: 

- So far as the trustee is aware there is no relevant audit information of which the charitable company’s auditor is unaware; and 

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

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

This report, including the Strategic Report, was approved by the Board of Trustees on 23 July 2026 and signed on its behalf by: 



## **Adrian Williams** 

Chair of Trustees 23 July 2026 

**Florence Akende** Treasurer 23 July 2026 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Independent Auditor’s Report** 

## **TO THE MEMBERS OF KING’S COLLEGE HOSPITAL CHARITY** 

## **Opinion** 

We have audited the financial statements of King’s College Hospital Charity (‘the company’) for the year ended 31 March 2026 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 our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

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

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

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

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. 

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. 

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 have nothing to report in this regard. 

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

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

- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees’ annual report has been prepared in accordance with applicable legal requirements. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **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: 

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

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

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

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

- the trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report. 

## **Responsibilities of trustees** 

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

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

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

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

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

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

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: 

- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. 

- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. 

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. 

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 

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 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 

6[th] Floor 9 Appold Street London EC2A 2AP 

Date: 24/07/2026 

Registered Charity No. 1165593  |  Company No. 09987908 

16 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Statement of Financial Activities** 

For the year ended 31 March 2026 

|**Year Ended 31 March 2026**<br>Year Ended 31 March 2025|**Year Ended 31 March 2026**<br>Year Ended 31 March 2025|
|---|---|
|**Notes**<br>**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Funds**<br>**Total**<br>**Funds**<br>Unrestricted<br>Funds<br>Restricted<br>Funds<br>Endowment<br>Funds<br>Total<br>Funds||
|**_£'000_**<br>**_£'000_**<br>**_£'000_**<br>**_£'000_**<br>_£'000_<br>_£'000_<br>_£'000_<br>_£'000_||
|**_Income_**||
|Donations and<br>legacies<br>3.1<br>2,642<br>1,065<br>100<br>3,807<br>2,314<br>548<br>–<br>2,862<br>Other activities<br>3.2<br>724<br>–<br>–<br>724<br>505<br>–<br>–<br>505<br>Income from<br>investments<br>3.3<br>705<br>–<br>–<br>705<br>912<br>–<br>–<br>912||
|**Total income**<br>**4,071**<br>**1,065**<br>**100**<br>**5,236**<br>**3,731**<br>**548**<br>**–**<br>**4,279**||
|||
|**_Expenditure_**||
|Costs of<br>raising funds<br>4.1<br>2,427<br>–<br>–<br>2,427<br>2,252<br>–<br>–<br>2,252<br>Expenditure on<br>charitable<br>activities<br>4.3<br>2,841<br>937<br>–<br>3,778<br>2,553<br>1,102<br>–<br>3,655||
|**Total**<br>**expenditure**<br>**5,268**<br>**937**<br>**–**<br>**6,205**<br>**4,804**<br>**1,102**<br>**–**<br>**5,906**||
|Net<br>gains/(losses)<br>on investments<br>5.2<br>(2,272)<br>–<br>–<br>(2,272)<br>(1,151)<br>–<br>–<br>(1,151)||
|**Net income**<br>**(expenditure)**<br>**(3,469)**<br>**128**<br>**100**<br>**(3,241)**<br>**(2,225)**<br>**(554)**<br>**–**<br>**(2,779)**||
|Transfers<br>between funds<br>2.1<br>88<br>(88)<br>–<br>–<br>(197)<br>197<br>–<br>–||
|**Net**<br>**movement in**<br>**funds**<br>**(3,381)**<br>**40**<br>**100**<br>**(3,241)**<br>**(2,422)**<br>**(357)**<br>**–**<br>**(2,779)**||
|**_Reconciliation_**<br>**_of funds_**||
|Total funds<br>brought<br>forward<br>2.1<br>17,421<br>2,918<br>–<br>20,339<br>19,842<br>3,275<br>–<br>23,117||
|**Total funds**<br>**carried**<br>**forward**<br>**2.1**<br>**14,040**<br>**2,958**<br>**100**<br>**17,098**<br>**17,421**<br>**2,918**<br>**–**<br>**20,339**||
||All income and expenditure is derived from continuing activities. The notes on pages 20 to 31 form part of these<br>financial statements.|



All income and expenditure is derived from continuing activities. The notes on pages 20 to 31 form part of these financial statements. 

Registered Charity No. 1165593  |  Company No. 09987908 

17 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Balance Sheet** 

As at 31 March 2026 

|||**Unrestricted**||**Restricted**|**Restricted**||**Endowment**||**At 31**||At 31|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Funds**||**Funds**|||**Funds**||**March**||March|
||||||||||**2026**||2025|
||**Notes**|**_£'000_**||**_£'000_**|||**_£'000_**||**_£'000_**||**_£'000_**|
|**_Fixed assets_**||||||||||||
|Tangible assets|5.1|14|||–||–||14||26|
|Investments|5.2|2,128|||–||–||2,128||27,702|
|||||||||||||
|**Total fixed assets**||**2,142**|||**–**||**–**||**2,142**||**27,728**|
|||||||||||||
|**_Current assets_**||||||||||||
|Debtors|5.3|412|||–||–||412||783|
|Cash at bank and in hand||16,599||5,796|||100||22,495||249|
|||||||||||||
|**Total current assets**||**17,011**||**5,796**|||**100**||**22,907**||**1,032**|
|||||||||||||
|Creditors: amounts falling due|5.4|(4,965)||(2,366)|||–||(7,331)||(7,546)|
|within one year||||||||||||
|||||||||||||
|**Net current assets/(liabilities)**||**12,046**||**3,430**|||**100**||**15,576**||**(6,514)**|
|||||||||||||
|||||||||||||
|||||||||||||
|**Total assets less current**||**14,188**||**3,430**|||**100**||**17,718**||**21,214**|
|**liabilities**||||||||||||
|||||||||||||
|Creditors: amounts falling due|5.5|(148)||(472)|||–||(620)||(875)|
|after one year||||||||||||
|||||||||||||
|**Total net assets**||**14,040**||**2,958**|||**100**||**17,098**||**20,339**|
|**_Funds of the Charity_**||||||||||||
|Unrestricted – general|2.1/2.3|3,157|||–||–||3,157||4,691|
|Unrestricted – designated|2.1/2.3|10,883|||–||–||10,883||12,730|
|Restricted|2.1/2.3|–||2,958|||–||2,958||2,918|
|Endowment|2.1/2.3|–|||–||100||100||–|
|||||||||||||
|**Total funds**||**14,040**||**2,958**|||**100**||**17,098**||**20,339**|



The financial statements were approved and authorised for issue by the Board of Trustees on 23 July 2026 and signed on their behalf by: 



## **Adrian Williams  –  Chair of Trustees** 

23 July 2026 

**Florence Akende  –  Treasurer** 

23 July 2026 

Registered Charity No. 1165593  |  Company No. 09987908 

18 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Statement of Cash Flows** 

For the year ended 31 March 2026 

||||
|---|---|---|
||**2025/26**|**2024/25**|
||||
|**Reconciliation of net movement in funds to net cash (used in)**<br>**operating activities**|**£’000**|**£’000**|
||||
||||
|Net (deficit) for the year|(3,241)|(2,779)|
|Loss on investments|2,272|1,150|
|Deduct investment income|(705)|(912)|
|Depreciation|26|26|
|(Increase) / decrease in debtors|371|161|
|(Decrease) / increase in creditors|(470)|19|
|**Net cash (used in) operating activities**|**(1,747)**|**(2,334)**|
||||
||||
|**Cash flows from investing activities**|||
||||
|Investment income received|705|912|
|Proceeds from disposal of investments|23,825|369|
|Purchase of investments|(100)|(369)|
|Purchase of tangible fixed assets|(14)|(10)|
|Movement in cash held within investment portfolio|(523)|1,144|
|**Net cash generated from investing activities**|**23,893**|**2,046**|
|**Cash flows from financing activities:**|||
|Receipt of endowment|100|–|
|**Net cash provided by financing activities**|**100**|**–**|
||||
||||
|**Net increase / (decrease) in cash and cash equivalents**|**22,246**|**(288)**|
||||
|**Cash and cash equivalents at beginning of year**|**249**|**537**|
|**Cash and cash equivalents at end of year**|**22,495**|**249**|



Registered Charity No. 1165593  |  Company No. 09987908 

19 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Notes to the Financial Statements** 

For the year ended 31 March 2026 

## **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 entity 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 thousand pounds. 

## **b) Going Concern** 

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: 

**I. Entitlement** : Arises when a particular resource is receivable or control over the rights or other access to economic benefit has passed to the Charity; 

**II. Probable** : It is more likely than not that the economic benefits associated with the transaction or gift will flow to the Charity; and 

**III. Measurement** : When the monetary value of the income can be measured reliably and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. 

## **b) Donated services and facilities** 

In 2025/26, gifts in kind reflect the value of office facilities received free of charge from King’s College Hospital Foundation Trust. 

## **c) Legacy income** 

Legacy income is recognised when all three conditions — entitlement, probability of receipt and reliable measurement — are met. For residuary legacies, entitlement is established at the earlier of: (i) the date the executors notify the Charity that a distribution will be made; or (ii) six months after the grant of probate, to allow for potential claims under the Inheritance (Provision for Family and Dependants) Act 1975. Receipt is considered probable where there is evidence of sufficient assets in the estate to settle liabilities and pay the legacy in full. 

Where a residuary estate includes property assets, those property assets are excluded from the measurement calculation until exchange of contracts has taken place. This reflects the inherent uncertainty in property valuations and the potential for renegotiation after an offer has been accepted. Where a reliable 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

estimate of the Charity’s share cannot otherwise be determined, a provision is applied to reflect likely administration and legal costs: 7% where no property is included in the calculation, or 11% where property is included. Once formal estate accounts are received, values are updated to reflect actual costs. Where the value of a legacy cannot be measured reliably at the reporting date, it is disclosed as a contingent asset in the notes to the financial statements. Where a legacy is subject to a life interest, income is not recognised until the life interest expires. 

## **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. 

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. 

## **c) Support costs** 

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. 

## **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. 

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. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **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 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. 

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. 

## **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: 

A restricted fund; or 

An endowment fund. 

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: 

The basis on which legacies are recognised in the year (recognition takes place when receipt is probable); 

The point at which grants payable from designated funds are recognised as constructive obligations; 

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

Estimating the value of gifts in kind. 

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. 

Registered Charity No. 1165593  |  Company No. 09987908 

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**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

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: 

Cancer Treatment and Research Special Trust King’s College Hospital Patient’s Trust King’s College Hospital Fund The David Hughes Special Trust Fund 

Prior to 1 April 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. 

## **1.14 Designated Fund Levy** 

A levy is applied to all Designated Funds held by the Charity to cover the management and administrative costs associated with maintaining these funds. It does not apply to funds controlled by the Charity, which are unrestricted funds. The levy of 3.5% is reviewed annually and calculated  retrospectively on the average of closing quarterly balances of the Designated Funds after any undrawn commitments. 

## **2. Analysis of Funds** 

## **2.1 Movements in Funds — year ended 31 March 2026** 

|**Fund**|**At 1 Apr**<br>**2025**|**Income**|**Expenditure**|**Gains/**<br>**(Losses)**|**Transfers**|**At 31 Mar 2026**|
|---|---|---|---|---|---|---|
|**Restricted funds**|||||||
|Retinal Research|212|–|–|–|(7)|205|
|Paediatric Liver<br>Laboratories|123|127|–|–|–|250|
|David Hughes Special<br>Trust|1,792|–|(146)|–|–|1,646|
|Transforming Liver Care<br>(TLC)Appeal|198|51|(21)|–|(6)|221|
|Paediatric Liver Research<br>(Flynn)|(16)|152|–|–|–|136|
|Renal Legacy|562|–|(67)|–|(18)|477|
|Friends of PRUH|–|112|–|–|–|112|
|Neonatal Fund|–|250|(335)|–|(20)|(105)|
|Other funds less than<br>£100k|47|374|(368)|–|(36)|17|
|**Total restricted funds**|**2,918**|**1,065**|**(937)**|**–**|**(88)**|**2,958**|
|**Unrestricted –**<br>**Designated**|||||||
|Clinical Funds|8,168|1,165|(1,350)|–|(115)|7,868|
|FundforStrategic Grants|2,405|–|(60)|–|–|2,345|
|Development of capital<br>projects|973|–|–|–|(202)|771|
|Investment Revaluation<br>Reserve|1,150|–|–|–|(1,150)|–|
|Designated Capital –<br>POWR|–|–|(337)|–|202|(135)|
|Office Fixtures and<br>Fittings|34|–|–|–|–|34|
|**Total designated funds**|**12,730**|**1,165**|**(1,747)**|**–**|**(1,265)**|**10,883**|
|**General funds**|**4,691**|**2,906**|**(3,521)**|**(2,272)**|**1,353**|**3,157**|
|**Total unrestricted funds**|**17,421**|**4,071**|**(5,268)**|**(2,272)**|**88**|**14,040**|
|**Endowment fund**|||||||
|Liver Research<br>Endowment|–|100|–|–|–|100|
|**Total funds**|**20,339**|**5,236**|**(6,205)**|**(2,272)**|**–**|**17,098**|



Registered Charity No. 1165593  |  Company No. 09987908 

23 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Movements in funds – year ended 31 March 2025 (prior year comparative)** 

|**Fund**|**At 1 Apr**<br>**2024**|**Income**|**Expenditure**|**Gains/**<br>**(Losses)**|**Transfers**|**At 31 Mar 2025**|
|---|---|---|---|---|---|---|
|**Restricted funds**|||||||
|Paediatric Liver<br>Laboratories|135|112|(124)|–|–|123|
|David Hughes Special<br>Trust|2,009|–|(217)|–|–|1,792|
|Transforming Liver Care<br>(TLC)Appeal|168|81|(47)|–|(3)|199|
|Renal Legacy–Spratt|571|–|–|–|(9)|562|
|Retinal Research|–|–|–|–|212|212|
|Other funds less than<br>£100k|392|355|(714)|–|(3)|30|
|**Total restricted funds**|**3,275**|**548**|**(1,102)**|**–**|**197**|**2,918**|
|**Unrestricted –**<br>**Designated**|||||||
|Clinical Funds|8,897|862|(1,335)|–|(256)|8,168|
|FundforStrategic Grants|4,870|–|(165)|–|(2,300)|2,405|
|Development of capital<br>projects|973|–|–|–|–|973|
|Investment Revaluation<br>Reserve|–|–|–|–|1,150|1,150|
|Office Fixtures and<br>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**|



## **2.2 Analysis of Net Assets between Funds** 

|||||**31**||||**31**|
|---|---|---|---|---|---|---|---|---|
|||||**March**||||**March**|
|||||**2026**||||**2025**|
||**_Unrestricted_**|**_Restricted_**|**_Endowment_**|**_Total_**|**_Unrestricted_**|**_Restricted_**|**_Endowment_**|**_Total_**|
||**_Funds £'000_**|**_Funds_**|**_Funds_**|**_Funds_**|**_Funds £'000_**|**_Funds_**|**_Funds_**|**_Funds_**|
|||**_£'000_**|**_£'000_**|**_£'000_**||**_£'000_**|**_£'000_**|**_£'000_**|
|Fixed assets –|14|–|–|14|26|–|–|26|
|tangible|||||||||
|Fixed assets –|2,128|–|–|2,128|22,137|5,565|–|27,702|
|investments|||||||||
|Debtors|412|–|–|412|783|–|–|783|
|Cash|16,599|5,796|100|22,495|249|–|–|249|
|**Total assets**|**19,153**|**5,796**|**100**|**25,049**|**23,195**|**5,565**|**–**|**28,760**|
|Current|(4,965)|(2,366)|–|(7,331)|(5,575)|(1,971)|–|(7,546)|
|liabilities|||||||||
|Long-term|(148)|(472)|–|(620)|(199)|(676)|–|(875)|
|liabilities|||||||||
|**Total net**|**14,040**|**2,958**|**100**|**17,098**|**17,421**|**2,918**|**–**|**20,339**|
|**assets**|||||||||



## **2.3 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: 

- The Paediatric Liver Research Laboratories Fund consists of money donated to enable King’s College Hospital to build, equip and fund research of the brand new state-of-the-art laboratories and learning facilities; 

- The David Hughes Special Trust Fund is restricted to spending on a strategic grants programme established by the Trustees to support major developments at King’s College Hospital NHS Foundation Trust; 

Registered Charity No. 1165593  |  Company No. 09987908 

24 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

- The Transforming Liver Care Fund was established to raise funds for transforming the care of children with acute liver disease; 

- Renal Legacy from Spratt; and 

- The Retinal Research Fund was established to support retinal research. 

## **b) Endowment funds** 

During 2025/26 the Charity received an endowment of £100,000 and is held as a permanent endowment. The income arising from the endowment fund will be applied for charitable purposes in accordance with the terms of the transfer. 

## **c) Unrestricted designated funds** 

Unrestricted funds are made up of clinically designated funds, a designated fund for strategic grants, a fund for the development of capital projects, an investment revaluation reserve and general (free) 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 274 active clinical designated funds held by the Charity for different medical specialties and service areas within the hospital. The value of the individual funds ranges from under £1,000 to over £800,000. 

At 31 March 2026, £2.35 million (2025: £2.41 million) was held in a designated fund for strategic grants. In addition, a fund of £0.6 million (2025: £1.00 million) has been set aside for pump-priming major capital projects. 

During the year, the Charity released £1.15 million from the Designated Investment Revaluation Reserve to offset the realised loss arising on the full liquidation of the CCLA COIF Charities Ethical Investment Fund portfolio on 30 and 31 March 2026. In addition, £323k was transferred from Designated Clinical Funds in respect of the Designated Fund Levy (2025: £139k). 

## **3. Analysis of Income** 

## **3.1 Donations and Legacies** 

||**Unrest.**<br>**£’000**|**Rest.**<br>**£’000**|**Endow.**<br>**£’000**|**Total 25/26**<br>**£’000**|**Total 24/25**<br>**£’000**|
|---|---|---|---|---|---|
|Donations over £10,000|717|974|100|1,791|892|
|||||||
|Donations under £10,000|1,592|71|–|1,663|1,423|
|||||||
|**Total donations**|**2,309**|**1,045**|**100**|**3,454**|**2,315**|
|||||||
|Donations in kind|143|–|–|143|131|
|||||||
|Legacies|190|20|–|210|416|
|||||||
|**Total**|**2,642**|**1,065**|**100**|**3,807**|**2,862**|
|||||||



## **3.2 Other Activities** 

||**Unrest. £’000**|**Rest. £’000**|**Total 25/26**<br>**£’000**|**Total 24/25 £’000**|
|---|---|---|---|---|
|Activities for generating funds|8|–|8|5|
|Lottery income|716|–|716|430|
|Other income|–|–|–|70|
|**Total**|**724**|**–**|**724**|**505**|



Registered Charity No. 1165593  |  Company No. 09987908 

25 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **3.3 Investment Income** 

||**Unrest. £’000**|**Rest. £’000**|**Total 25/26**<br>**£’000**|<br>**Total 24/25 £’000**|
|---|---|---|---|---|
|Investment income from CCLA<br>portfolio|569|–|569|809|
|Bank and short-term deposit interest|136|–|136|103|
|**Total**|**705**|**–**|**705**|**912**|



## **4. Analysis of Expenditure** 

## **4.1 Costs of Raising Funds** 

||**2025/26 £’000**|**2024/25 £’000**|
|---|---|---|
|Staff costs|617|559|
|Lottery costs|524|471|
|Other direct fundraising costs|679|648|
|Support costs|536|531|
|Governance costs|71|75|
|**Gross fundraising costs**|**2,427**|**2,284**|
|Investment management fees|–|(32)|
|**Total cost of raising funds**|**2,427**|**2,252**|



## **4.2 Expenditure on Charitable Activities** 

||**2025/26 £’000**|**2024/25 £’000**|
|---|---|---|
|Net grant expenditure (Note 4.3)|2,685|2,582|
|Direct support costs|264|257|
|General support costs|758|741|
|Governance costs|71|75|
|**Total expenditure on charitable activities**|**3,778**|**3,655**|



## **4.3 Grant Expenditure** 

Net grant expenditure of £2,685k (2024/25: £2,582k) represents 71% of total charitable expenditure (2024/25: 71%). The majority of our grants are for KCH FT. In some instances the work we fund may be subcontracted by KCHFT to partners, such as King’s College London, or other organisations closely associated with KCHFT activities. 

|ith KCHFT activities.|||||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**2025/26**|**2024/25**|
||**£'000**|**£'000**|**£'000**|**£'000**|
|**Enhancing patient experience,**|||||
|**treatments & welfare**|||||
|Enhanced Comfort and Support for||30|30||
|Patients and their Families|||||
|Donor Memorial Garden|26||26||
|Wet Room||28|28||
|Princess Elizabeth & Lion Parent Day Beds|29||29||
|Neonatal recliner chairs & kwik screens|29||29||
|Liver Transition Youth Worker||80|80||



Registered Charity No. 1165593  |  Company No. 09987908 

26 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

||**Unrestricted**|**Restricted**|**2025/26**|**2024/25**|
|---|---|---|---|---|
||**£'000**|**£'000**|**£'000**|**£'000**|
|Paediatric Palliative Care CNS||166|166||
|British Transplant Games 2026|50||50||
|Other grants of less than £20,000|177|28|205||
||**311**|**333**|**643**|**1,107**|
|**Enhancing patient treatment with new**|||||
|**equipment**|||||
|Improve physio spinal cord injury||22|22||
|Equipment to optimise Neonatal Care|60|45|<br>105||
|Pain & Anaesthetic Dept Portable|33|20|<br>53||
|Ultrasound|||||
|Ultrasound Scanner||30|<br>30||
|Ophthalmology Equipment|142||142||
|Parkinson's Dashboard App||30|30||
|Other grants of less than £20,000|49|35|<br>84||
||**283**|**182**|<br>**466**|**–**|
|**Advancing innovation through research**|||||
|Optimising Neonatal Care||272|<br>272||
|Parkinson's Disease and the GI tract|30||30||
|Vitrectomy, subretinal TPA & Intravitreal|179||179||
|Gas|||||
|The effect of MSCs on Biliary Atresia (BA)|23||23||
|Supervision for Research Fellow Neonatal|78||78||
|PhD Immunosenescence, Liver Disease,||90|90||
|Transplant|||||
|MiRNA Signatures from ATMP for|50||50||
|Paediatric ALF|||||
|Designing differentiation therapy for|30||30||
|lymphoma|||||
|Other grants of less than £20,000|83|18|<br>101||
||**472**|**380**|<br>**852**|**1,350**|
|**Supporting staff in delivering the**|||||
|**highest possible care**|||||
|King's Recognition Programme 2025|20|–|20||
|Staff Survey Voucher Incentives|36|–|36||
|Emergency Dept. Meeting Pods|22|–|22||
|Other grants of less than £20,000|265|8|273||
||**343**|**8**|**351**|**328**|
|**Capital Projects**|||||
|Relocation of Renal Outpatients to Unit 6||34|34||
|Paediatric Outpatients Waiting|338|32|370||
|Refurbishment|||||
|PICU Ella Parent Accommodation||30|30||
|Refurbishment|||||
|Other grants of less than £20,000|–|–|–||
||**338**|**96**|**434**|**–**|
|**Grants awarded**|**1,747**|**998**|**2,745**|**2,785**|
|Grants returned, undrawn or written back|–|(61)|(61)|(203)|
|**Net Grants award**|**1,747**|**937**|**2,685**|**2,582**|



Registered Charity No. 1165593  |  Company No. 09987908 

27 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **4.4 Allocation of general support and governance costs** 

||**Year ended 31**|||**Year ended 31**|||
|---|---|---|---|---|---|---|
||**March 2026**|||**March 2025**|||
||**_General_**|**_Governance_**|**_Total_**|**_General_**|**_Governance_**|**_Total_**|
||**_Support_**<br>**_£'000_**|**_£'000_**|**_Funds_**<br>**_£'000_**|**_Support_**<br>**_£'000_**|**_£'000_**|**_Funds_**<br>**_£'000_**|
|Staff costs|743|67|810|770|70|840|
|Non-staff costs|552|46|598|502|46|548|
|Audit fee – external|–|22|22|–|24|24|
|Audit fee – internal|–|7|7|–|9|9|
||**1,295**|**142**|**1,437**|**1,272**|**150**|**1,422**|
|Raising funds|536|71|607|531|75|606|
|Charitable activities|759|71|830|741|75|816|



## **4.5 Staff Costs** 

||||**2025/26 £’000**|**2025/26 £’000**|**2024/25 £’000**|
|---|---|---|---|---|---|
|Salaries and wages|||1,380||1,312|
|Social security costs|||175||146|
|Pension costs|||119||92|
|**Total employed staff**|||**1,674**||**1,550**|
|Contracts for services|||-||82|
|**Total staff costs**|||**1,674**||**1,632**|
|||**2025/26**||**2024/25**||
|Number of staff (average<br>head count)||30||26.5||
|Number of seconded staff||-||–||



The average number of employees for the year, including full-time equivalents (FTE), was 30 (2025: 26.5) 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 (2025: nil). 

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

Seven employees had employee benefits excluding pension costs in excess of £60,000 (2025: seven); their benefits fall within the following ranges: 

|**Staff banding**|**2025/26**|**2024/25**|
|---|---|---|
|£60,001–69,999|2|<br>3|
|£70,000–79,999|2|–|
|£80,000–89,999|–|–|
|£90,000–99,999|1|2|
|£100,000–109,999|2|1|
|£110,000–119,999|–|–|
|£120,000–129,999|–|–|
|£130,000–139,999|–|<br>1|



Key Management Personnel include the Trustees, the Chief Executive, and the Director of Fundraising & Communications, the Director of Grants & Insight and the Director of Resources. No Trustee received any benefits or remuneration. 

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

||**2025/26**|**2024/25**|
|---|---|---|
||**£'000**|**£'000**|
|Salary|415|421|
|Pension benefits|43|37|
|National insurance|59|52|
|Tax free home allowance|1|2|
|**Total emoluments**|**518**|**512**|



Registered Charity No. 1165593  |  Company No. 09987908 

28 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **5. Balance Sheet Notes** 

## **5.1 Tangible Fixed Assets** 

|**Fixtures, fittings and equipment**|**2025/26 £’000**|**2024/25 £’000**|
|---|---|---|
|Cost at start of year|119|108|
|Additions in year|14|11|
|**Cost at end of year**|**133**|**119**|
|Depreciation at start of year|93|67|
|Charge for the year|26|26|
|**Depreciation at end of year**|**119**|**93**|
|**Net book value at end of year**|**14**|**26**|



## **5.2 Investments** 

|**Movement in investments**|**31 Mar 2026 £’000**|**31 Mar 2025 £’000**|
|---|---|---|
|Market value at start of year|25,997|29,997|
|Additions at cost|100|369|
|Disposals – proceeds|(23,825)|(369)|
|Disposals – realised gain/(loss)|(2,272)|(5)|
|Net unrealised gain/(loss) on revaluation|–|(1,146)|
|**Market value of investments**|**–**|**25,997**|
|Cash held for reinvestment|2,128|1,705|
|**Total market value at end of year**|**2,128**|**27,702**|



The CCLA COIF Charities Ethical Investment Fund was fully liquidated on 30/31 March 2026 for proceeds of £22.125 million. Following the liquidation, realised investment proceeds are held in short-term bank deposits. A net realised loss of £2.272 million was recognised. Of this, £1.150 million was offset against the Designated Investment Revaluation Reserve, with £1.122 million borne by the Unrestricted General fund. 

## **5.3 Debtors** 

||||||**As at 31 March 2026**|**As at 31 March 2025**|
|---|---|---|---|---|---|---|
||**_Unrestricted_**||**_Restricted_**||**_Total_**|**_Total_**|
||**_Funds £'000_**||**_Funds £'000_**||**_£'000_**|**_£'000_**|
|Prepayments and accrued||410||–|410|781|
|income|||||||
|Other debtors||2||–|2|2|
|**Total**||**412**||**–**|**412**|**783**|



## **5.4 Creditors falling due within one year** 

||||**As at 31 March 2026**|**As at 31 March 2025**|
|---|---|---|---|---|
||**_Unrestricted_**|**_Restricted_**|**_Total_**|**_Total_**|
||**_Funds £'000_**|**_Funds £'000_**|**_£'000_**|**_£'000_**|
|Grants payable|4,250|2,366|<br>6,616|6,629|
|Accruals|97|-|<br>97|128|
|Deferred income|362|–|<br>362|437|
|Other creditors|256|-|256|352|
|**Total**|**4,965**|**2,366**|**7,331**|**7,546**|



The deferred income balance of £362,000 at 31 March 2026 comprises £270,000 received from King's Medical Research Trust in 2023/24 towards a five-year clinical lectureship, representing the three years still to be released to income in future periods, and £92,000 of London Landmarks Half Marathon income received in advance, the event taking place after the year end. 

Registered Charity No. 1165593  |  Company No. 09987908 

29 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **5.5 Creditors falling due after one year** 

||||**As at 31 March 2026**|**As at 31 March 2025**|
|---|---|---|---|---|
||**_Unrestricted_**|**_Restricted_**|**_Total_**|**_Total_**|
||**_Funds £'000_**|**_Funds £'000_**|**_£'000_**|**_£'000_**|
|Grants payable|148|472|620|875|
|**Total**|**148**|**472**|**620**|**875**|
|**5.6 Reconciliation of Grants Payable**|||||



||**2025/26 £’000**|**2024/25 £’000**|
|---|---|---|
|**At 1 April**|**7,503**|**7,800**|
|Grants awarded in the year|2,745|2,785|
|Grants paid in the year|(2,945)|(2,879)|
|Grants cancelled in the year|(61)|(203)|
|**At 31 March**|**7,242**|**7,503**|



## **5.7 Commitments** 

The Charity had NIL commitments at 31 March 2026 (2025: NIL), which do not yet satisfy all conditions for recording as a grant payable. 

## **6. Related Party Transactions** 

## **King’s College Hospital NHS Foundation Trust** 

The Charity’s primary related party is KCHFT, to which the majority of grants are paid and from which the Charity receives services free of charge, including office accommodation and facilities management. Net grants awarded to the KCHFT during the year were £2,685k (2024/25: £2,582k). 

## **Friends of the Princess Royal University Hospital** 

During the year, the Charity received a gift of residual funds from the Friends of the Princess Royal University Hospital (Farnborough, Kent) (registered charity no. 231071) under a Deed of Gift executed on 19 December 2025 and completed on 31 December 2025. The Friends of PRUH resolved to cease operations and distribute its remaining assets to KCHC, to be applied solely for the benefit of the PRUH, which forms part of KCHFT. 

The total assets gifted at completion were £105,505. These are held by KCHC as restricted funds under four separate fund codes, in accordance with the restrictions specified in the Deed of Gift: 

|**Fund**|**Restriction**|**Balance at**<br>**Completion**|
|---|---|---|
|Children’s Ward|For the benefit of the Children’s Ward at the<br>PRUH|£13,893|
|Donations|For the benefit of learning disabled patients<br>treated at the PRUH|£2,760|
|Surgical 7 Ward|For the benefit of the Surgical 7 Ward at the<br>PRUH|£595|
|PRUH General Fund|For the benefit of the PRUH, without restriction<br>as to area or programme|£88,257|
|**Total**||**£105,505**|



KCHC has not assumed any liabilities of the Friends of PRUH, all of which were settled prior to the completion date. The transfer is not a merger for accounting or legal purposes. The funds are recognised as restricted income in 2025/26 and are held as special trusts for the benefit of PRUH. KCHC maintains separate ledger codes for each fund and will report on movements in future financial statements. The Friends of PRUH also resolved on 7 October 2025 that any future legacies made in favour of the Friends of PRUH be directed to KCHC for the benefit of PRUH. 

Registered Charity No. 1165593  |  Company No. 09987908 

30 



**King’s College Hospital Charity** 

Trustees’ Report and Financial Statements — Year ended 31 March 2026 

## **Trustee Transactions** 

During the year, Trustees made donations to the Charity totalling £23,124 (2024/25: £5,443). No Trustee received any remuneration or reimbursement of expenses during the year. No Trustee had any beneficial interest in any contract with the Charity during the year. 

The family of a trustee, Stephen Peel, committed a total donation of £190,000 towards the Paediatric Outpatient Waiting Room project during the year. Of this, £22,000 was received during 2025/26 (2024/25: £nil), on which the Charity is entitled to claim Gift Aid, and is included within the total trustee donations figure above. The remaining £168,000 has been pledged and is expected to be received in 2026/27. This amount has not been recognised as income in these financial statements, as no unconditional written commitment existed at 31 March 2026. 

## **7. Subsidiary** 

KCHC owns 100% of the issued ordinary shares of KCHC Trading Limited (company registration number 11881179). The subsidiary was dormant throughout the current and prior year and has not been consolidated on grounds of immateriality. 

## **8. Post Balance Sheet Events** 

The following non-adjusting post-balance sheet events are noted: 

- Wood Estate (Roger James Wood): KCHC is entitled to a one-half share of the residue of the estate, the principal asset being a residential property that had not been sold at 31 March 2026. In accordance with the Charity’s legacy recognition policy, no legacy income is recognised in these financial statements. Interim estate accounts received after the year-end indicate KCHC’s estimated share is approximately £193,319 subject to the final sale price and remaining administration costs. 

- Outdoor Critical Care Roof Garden: In May 2026 the garden at the Denmark Hill site opened to patients, completing the largest capital project in the Charity’s history. The £2.0 million charitable investment is already recognised in these financial statements. 

- Paediatric Outpatient Waiting Room (POWR) grant: The Board approved on 3[rd] July 2026 an uplift from £347,560 to £554,000 to reflect an expanded scope, including two additional treatment rooms. 

Registered Charity No. 1165593  |  Company No. 09987908 

31