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2024-03-31-accounts

ANNUAL RCPOR I +.. 2023-2024 nAI ILI, rRII "yr

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Message from the chair 1
Highlights of our year 2
Message from the chief executive 7
Every Moment Matters
For cancer patients 8
14
For patients and NHS staff
For researchers 22
How we did it 26
Looking ahead to 2024-25 34
Trustees' report 36
Financial commentary 38
Financial summary 44
Statement of trustees' 48
responsibilities
Structure, governance and 49
management
Independent auditor's report 52
55
Statement of financial activities
Balance sheet 56
57
Cashflow
Notes to the accounts 58
Thank you 72
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Welcome to our annual report, giving us the opportunity to look back on the past year and show where we’re heading. You will notice a sense of urgency in this year’s report. That’s because we know that the hospitals of the Royal Free London NHS Foundation Trust (RFL) need our help more than ever. And if we are to ensure that the generosity of our supporters has the maximum impact in our four hospitals* and many satellite sites, we need to move fast.

This is particularly true when it comes to the treatment and care of people needing cancer treatment, whose numbers have grown sharply and are set to increase even more significantly over the next few years.

This is why we have embarked on the biggest fundraising appeal in our history to create a dedicated cancer centre for north London.

We also know that the cost of living crisis has led many more patients, already coping with serious illness, to seek our help with sourcing welfare benefits and managing housing issues. We are also acutely aware that our NHS colleagues have come to rely on not only the grants we give them for equipment, the refurbishment of rest areas and research into treatments, but also our affordable accommodation, massage therapy and the hard work and dedication of our volunteers working across all our hospitals.

We see ourselves as a solution provider for patients, carers and staff of the RFL, as well as the wider population across north London, and we do this by funding, influencing, partnering and collaborating.

We also help provide solutions for the future by seeking to influence still more widely – for example around the role that philanthropy can play alongside the NHS – be they local or national policy makers or philanthropists themselves.

Of course, we can do none of this without our supporters: those who make donations, organise fundraising events, leave us a gift in their wills or give their precious time as volunteers in our hospitals, and for this we are extremely grateful.

I would also like to acknowledge and thank our trustees, who give their time, and the charity’s staff. Together, we are making every moment matter.

Thank you.

Judy Dewinter, chair

*On 1 January 2025, North Middlesex University Trust Hospital joined the RFL.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2023-2024

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New cancer scanner ʻCrucialʼ role for RFL in cancer is UK first

providers in the UK and a major contributor to global research – essential to treating and curing cancer in the future.

Cancer patients at the Royal Free London are the first in the UK to benefit from a revolutionary new scanner delivering more accurate and faster diagnoses.

The RFL has a crucial role to play in the global response to the challenges of treating and curing cancer, according to the former head of the NHS in London. Sir David Sloman, who gave the 2023 Marsden Lecture in honour of the founder of the Royal Free Hospital, said the RFL was one of the biggest cancer care

Pictured: Jon Spiers, chief executive, Royal Free Charity, Sir David Sloman and Judy Dewinter, chair of trustees, Royal Free Charity

The £8 million positron emission tomography (PET) scanner, funded by the Royal Free Charity, is 30 times more powerful than standard machines and will allow scans of the whole body to be completed in a fraction of the time they do currently and with less radiation. See page 8

Nearly £52,000 was the amazing sum raised by our intrepid 2023 London Marathon runners.

Study points to amyloidosis breakthrough

Mileto milestone

Our new authentic Italian café, which opened in the main reception area of the Pears Building, next to the Royal Free Hospital, is proving popular with locals, hospital staff and users of the building.

A new study, funded by the Royal Free Charity, has provided the first evidence that cardiac amyloidosis can be reversed.

Three men who had heart failure caused by the build-up of sticky, toxic proteins are now free of symptoms after their condition spontaneously reversed in an unprecedented case described by a team at UCL and the Royal Free Hospital. See page 25

Mileto Caffé is run by Federica Federico who learned her trade in her family’s café in Rome. Federica uses speciality coffee, sourced ethically from her network of suppliers around the world.

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Seeking cures and TV star honours NHS staff new treatments and volunteers

patient conversations across services, to ensure that not only do we hear a balanced view of feedback, but also that staff at Barnet Hospital can be responsive to any issues as they arise."

Bradley Walsh, actor and TV presenter (far left), was the guest compere for the annual Royal Free London staff awards, where he spoke of his admiration and gratitude for the NHS.

Our nearest neighbours again took up our invitation to hear more about the scientific research at the UCL Institute of Immunity and Transplantation which occupies most of the Pears Building.

The charity is proud to sponsor the awards, which ensure that outstanding contributions by staff and volunteers are recognised and celebrated.

Presenting the group volunteer of the year award to the winning team, Jon Spiers, our chief executive, (far right) said: “Our volunteers conduct peer-to-peer

About 40 people heard the latest on research into a cure for type 1 diabetes from Professor Lucy Walker. She said that the current 8.4 million people worldwide living with the disease was expected to increase to 13-17 million by 2034. The reality of living with the disease was described by a patient, Kirsty, in conversation with Dr Sarah Ali, her Royal Free Hospital consultant.

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Art and about

Architectural awards for the Pears Building

Radio therapists

A guided tour of the charity’s art collection at the Royal Free Hospital was launched for patients.

The Pears Building, which houses UCL’s Institute of Immunity and Transplantation, patient accommodation and the charity offices, won two prestigious accolades.

Three volunteers won lifetime A guided tour of the charity’s achievement awards from art collection at the Royal Enfield Council for their work Free Hospital was launched broadcasting to Chase Farm, for patients. the Royal Free and North Middlesex University (the North Three volunteers, Karina, Lynn Mid) hospitals. and Joanna, deliver the “Art as Medicine” tour, guiding patients Joe Forster (left) , Tom Delaney through a selection of artwork on (centre) and Colin Dye have the seventh floor of the hospital more than 100 years of voluntary in the hope of accelerating service between them. patients’ recovery with physical and mental stimulation.

It was highly commended at the Civic Trust Awards, which celebrate excellence in sustainable and accessible architecture that makes a positive civic contribution.

“Being recognised for doing something I have always enjoyed is an incredible feeling,” said Colin, a volunteer for 54 years.

Adil Hameed (above) was one of the first patients to take part in the tour with volunteer Lynn.

The Royal Institute of British Architects also made it a London Award winner for 2023, praising the way it improved the area, its “impeccably designed” laboratories and diverse breakout spaces designed to facilitate ad hoc communications.

Joe, broadcasting for 44 years, said: “I told my children about the award. They were proud of me for something I’d achieved.”

'We do what we do for the love of it, we don’t expect to get any awards for doing it' Tom, show host for 33 years

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As one of the nation’s leading NHS charities, we work tirelessly to support patients, families and NHS staff across north London. This report offers just a snapshot of the many innovative ways we helped your local hospitals go further, faster, for all, this year. From our sector-leading direct services to major new grants, thanks to your support, we’re able to help patients from their first days of life to their final years.

But our crucial work isn’t just limited to what goes on each day in our four hospitals and many satellite sites. We all know that preventing ill health and supporting people to live longer, happier and healthier lives is critical in ensuring the NHS can cope with the demands of tomorrow. That’s why we’re proud to be investing in vital public health projects in your communities.

This year saw the culmination of our COVID recovery programme in some of north London’s most deprived communities, working with other grassroots charities to deliver much-needed interventions to support the mental health of young Black men, to tackle digital exclusion which prevents many of us accessing healthcare online and

supporting people with long COVID in marginalised communities.

We made large-scale new investments this year to improve access to cancer screening for local people with learning disabilities and to pump-prime an exciting new project to train our NHS colleagues in promoting healthy living advice in every interaction with their patients. We also invested further in the facilities of our much-loved Recreation Club in Hampstead which offers affordable health and fitness facilities to local residents, schools and patients.

The Royal Free Charity is now actively working to tackle the cancer challenge across prevention, screening, diagnostics, surgery, patient care and research. It’s only by taking this joined-up approach across the whole cancer pathway that we will support the Royal Free London as they tackle the rising tide of cancer cases. A new surgical robot campaign and our plans to build a new cancer centre for north London lie at the heart of our response and we’re incredibly grateful to the supporters who have already joined us on this journey.

Jon Spiers, chief executive

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The RFL is one of the busiest cancer centres in London and one of the largest providers of cancer care in the UK. An explosion in the number of cancer cases in the coming decade is predicted by experts worldwide. Working in partnership with the world-leading university UCL, and championed by our supporters, we are committed to helping the RFL rise to this challenge.

At the centre of the strategy will be the co-location of treatment and research in a new RFL cancer centre, funded by a major campaign over the next four years.

Focused on advancing – and aligning – innovation, treatment and care, the centre will:

As well as laying the foundations for the centre, over the past year we have supported cancer patients in several practical ways.

Charity funds NHS first

We made a crucial donation that enabled the RFL to buy a revolutionary scanner delivering more accurate and faster diagnoses – the first of its kind in the NHS.

The Quadra positron emission tomography scanner is 30 times more powerful than standard machines, allowing scans of the whole body to be completed much faster. And because it’s more sensitive, it uses less radiation, which is safer for patients.

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Cancer research legacy

Miranda Filmer

A new research laboratory at the Royal Free Hospital, set up to improve treatment for patients with a rare and sometimes aggressive type of cancer, is to be named after a young woman whose inspiration has raised nearly £500,000.

Miranda Filmer died aged 30 of neuroendocrine cancer in 2022 and soon after her family set up a research fund for neuroendocrine tumours.

This is now supporting

groundbreaking research into why some cancer cells are more aggressive, why they change structure and how they respond to treatment. The aim is to increase understanding of which treatments work better on which patients.

Miranda's legacy has led to a huge fundraising drive for neuroendocrine cancer research.

…and another NHS cancer fi rst

Wendy, our fi rst microblading patient

The donor 'I could see how busy the staff were, was very grateful to them and I wanted to help. That’s why I now volunteer on the wards.'

The Royal Free London has become the first NHS trust to offer an in-house eyebrow microblading service to patients treated for cancer, thanks to funding from the Royal Free Charity.

Patients attending the Royal Free Hospital’s breast clinic for chemotherapy can now be referred to the charity for microblading to help with the effects of eyebrow hair loss. Microblading, a semi-permanent technique, uses pigment to create a hair-like appearance on the skin which can last up to three years.

Robyn Althasen, the therapist, offers the treatment either in the charity’s on-site complementary

therapy rooms or at her clinic in Harley Street.

Wendy, from Muswell Hill, was the first patient to receive the service. She said she had heard of microblading but hadn’t considered it before learning that she would probably lose her eyebrows during chemotherapy.

“I think going through cancer treatment is such a challenge to anyone’s sense of identity that anything that can be done to retain something akin to ‘normality’ is good to try. I’m really glad I had the microblading done before chemo, and really grateful for the support from the Royal Free London breast cancer nursing team and the Royal Free Charity. “

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Funding projects

● The Royal Free Charity is funding London’s first one-stop NHS lung cancer diagnostic service, based at the Royal Free Hospital, thanks to the support of local residents and community groups. ● Charity funds are also expanding a digital mammography service to Barnet Hospital so that people with suspected breast cancer can have a quicker and more accurate diagnosis.

● A project funded by the Royal Free Charity is set to make it easier for people with learning disabilities in Camden and Islington to access cancer screening. The £350,000 grant will help tackle the barriers that often prevent or deter people with learning disabilities from getting important health checks that can detect cancer at an early stage.

● A grant worth nearly £10,000 has funded surgical magnification technology at Barnet and Chase Farm hospitals which will result in more precise removal of cancerous skin lesions, leading to reduced hospital stays and faster recovery times.

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Our volunteers, massage therapists, welfare benefit advisers and pet therapy dogs and their owners are constantly on hand in our hospitals, helping patients find their way, easing the stresses of treatment and providing expert help with money and housing worries.

Many have been trained to provide support to patients with particular needs and these roles are unique to our charity. They include volunteers with particular digital skills which reduce missed appointments and help ease staff stress, companions for dementia patients, artists, musicians and massage therapists who have had training in treating particular conditions.

Volunteers keep patients moving

One of our newer volunteer roles is part of a programme to encourage patients on our wards, particularly older people, to be as mobile as possible during their stay.

A 10-day stay in hospital can cause an elderly person to age 10 years in lost muscle tone, increased fatigue, low self-esteem and loss of confidence. They are also more likely to fall and to develop pressure sores.

But during the year we drew up plans for our charity volunteers to join a hospital project called MOVE at the Royal Free Hospital.

Currently, on average 36% of patients are in bed for lunch, even though most don’t need to be. The project will aim for 75% of patients to be out of bed at lunchtime during the first year of the project.

There are also plans to create activities and communal meal sessions.

Our volunteers service this year

Our volunteers around the trust

Just a few of the ways our volunteers helped patients and NHS staff during the year:

Barnet Hospital

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The hospital clinician

' As a clinician, knowing I can refer to the support hub to help with social issues really has helped. Patients value having a case worker and a named person they can speak to and getting the appropriate help, guidance and support.'

Chase Farm and Finchley Memorial hospitals

Royal Free Hospital

Support hub hailed in mayorʼs report

The charity’s unique in-hospital support hub helps some of our most vulnerable patients. This year we helped 460 people struggling to make ends meet and in unstable housing situations.

During the year, the service supported several people with benefit applications and appeals which led to awards totalling more than £800,000 for vulnerable patients. We supported

almost 100 people with housing, including preventing several from becoming homeless, and supported 39 NHS staff.

In a survey of hub users, 80% said they felt less stressed about their finances, 78% said their wellbeing improved and 88% said they found talking about their challenges was therapeutic.

Our service was highlighted in a report, funded by the Mayor of London, which called for a more collaborative approach across the health and care systems.

Liz Fowler, who manages the support hub, said: “Most patients were referred by a hospital clinician who had concerns about the impact on their health of their living conditions and financial situation.

“Patients dealing with life-threatening or lifechanging conditions have enough challenges without the added complexity of the UK’s housing system or a bureaucratic struggle to access benefits to which they are entitled."

See the full report on the Bromley By Bow Centre website: https://www.bbbc.org.uk/

The hub also hosts a support group for patients who have required an amputation as part of their treatment and during the year made plans

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A staff member at Barnet Hospital enjoys some virtual quiet time in the Oasis

support of the Royal Free Charity, our staff have dedicated services and technology that focus on their physical, emotional and mental wellbeing and, crucially, in a bespoke space that was designed to be an oasis of calm and serenity.”

to develop a new group for patients with inflammatory bowel disease.

Hands-on help for the patients

Our much-loved complementary therapy team had another very busy year working alongside our NHS colleagues directly delivering a range of therapies to patients. The small team of part-time therapists delivered 13,420 treatments across the three hospitals which formed the trust during the year, giving care on wards and in the team’s specialist treatment rooms. Some of the therapies offered, such as acupuncture and specialist massage of scar tissue, are thought to be unique among charities in NHS hospitals.

Providing grants

As well as providing services ourselves such as volunteers, therapists and welfare advisers, our generous supporters enable us to make grants to enable RFL staff to do more than NHS funding can alone.

During the year we committed funds to these areas as follows:

Research and innovation £3.4m
Clinical services £773,000
Patient experience £1.2m
NHS staf experience £970,900
Total £6.4m

A highlight was the opening of the Oasis staff wellbeing space at Barnet Hospital, following an extensive refurbishment project funded by the charity. The Oasis has facilities for clinical massage sessions - delivered by our complementary therapy team - and therapy sessions using virtual reality headsets to reduce stress and anxiety. There’s also a safe space for referrals to the trust’s emotional and mental wellbeing support services.

We are also exploring the difference our funding can make to the health of the communities served by our hospitals.

Deborah Sanders, chief executive of Barnet Hospital, said: "Thanks to the

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Members of the gardening volunteer team on the Pears Building terraces

Among the grants we awarded were:

£8000 for an education strategy for children and young adults with asthma

£360,000 for the Faculty of Population Health, which aims to improve patient health by helping patients make healthier choices

£35,700 for improvements to cancer care gained from patient insights

£8,560 for training to improve HIV knowledge and reduce stigmatising attitudes in healthcare workers

£352,172 to improve access to cancer screening for people with learning disabilities in Camden and Islington

Nurturing our surroundings

Year two of a three-year plan to revitalise the planting saw our gardening volunteers carrying a lorryload of compost in wheelbarrows and trugs to the Pears Building terraces. Colourful perennials were planted 12:08 among the ornamental grasses, including

yellow rudbeckias, orange heleniums, purple echinaceas, asters, verbena bonariensis, pink penstemons and scabious.

Outside the Rec Club, tall wooden fencing was removed to reveal the lovely trunks of the birch and rowan trees and flowering shrubs were planted around the edges. More than 10 years’ worth of rubbish was picked out of the soil. In the gardens in front of the Royal Free Hospital, gaps were filled with flowering shrubs and perennials, using a mixture of evergreens and deciduous plants.

Every Saturday, the volunteers maintain these areas, doing all the pruning, weeding, deadheading, soil improvement, litter picking and autumn leaf collecting, as well as redesigning and replanting where plants have outgrown their space.

The hospital clinician 'I am so thankful to you and your staff team who provide such a valuable service to patients who otherwise would not know how to navigate some very difficult processes.'

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How does research help patients?

Evidence shows that patients treated at hospitals which undertake research have more confidence in staff, lower death rates and better cancer survival rates – even if the patient isn’t directly taking part in a study.

Participation in a clinical trial can bring:

outcomes

Over the past four years, the charity has significantly increased support and funding for clinical research and now contributes to key stages of the research cycle.

● The creation of the Pears Building, the new home of the UCL Institute of Immunity and Transplantation, next door to the Royal Free Hospital, has made it easier for researchers to collaborate with clinicians and patients over the design of research.

● With funding from the charity, the RFL established the Faculty of Population Health which aims to use evidence to improve the quality of clinical care through embedding secondary prevention throughout the healthcare system.

The researcher 'Gene editing is revolutionising many medical treatments. With the charity’s funding we’ve been able to erase a mutation that causes diseases of the immune system – and a lifelong cure for these patients is now closer to reality'

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Gifts in wills help us to make a difference to patients, staff and research. If you are considering supporting us with a gift in your will, visit www.royalfreecharity.org to find out more.

● And we have continued our journey towards full membership of the Association of Medical Research Charities, which will provide reassurance to donors of our high standards of transparency, accountability and responsible and ethical research.

We awarded our first research scholarships to healthcare professionals to enable them to start developing their research careers. One study will look at the parent experience of a child being treated for clubfoot; another will study the need for a pregnancy loss support clinic.

We awarded a grant to develop colouring and comic books for children coming to our eye clinic to explain what will happen, reassure them and make attending less daunting. Other hospital trusts have expressed an interest in developing the idea.

“Coming into hospital is scary even for adults but particularly for kids. A large part of that is a fear of the unknown, “ said consultant ophthalmologist Saurabh Jain. “We designed this leaflet to make the journey a little bit easier.”

He added: “It takes us on a journey with a patient, who is about to have an eye operation at the hospital, describing the various steps

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Total research spend £1.69m £1.69m
Total awarded in £702K
research grants
Total invested in cancer £614K
research
Number of active grants 122
(41 research)
PhD students funded (all time)
Research grant applications
received
Research grants awarded
Success rate (research)		 42
36
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28%

The fundraiser

'I decided to fundraise for the Royal Free Charity to show gratitude for the help and support my husband and I received from medical teams at the Royal Free Hospital, after his diagnosis with liver cancer and subsequent liver transplant.'

involved, demystifying the process and hopefully making it a bit easier for the patient.”

Long-term legacy

A gift in the will of a grateful patient led to the opening of a research centre at the Royal Free Hospital where discoveries made in laboratories are tested in patients for safety and effectiveness.

Family and friends of the late Laurence Isaacson CBE, entrepreneur and restaurateur, visited the hospital’s clinical research facility (CRF), where a plaque was unveiled in honour of his £315,000 gift.

Simon Lomas, the executor of Mr Isaacson’s

L-R: Nia Voase, CRF manager; Professor Tim Meyer, CRF director; Natasha Isaacson, niece of Laurence Isaacson and Simon Lomas, family friend and executor of Mr Isaacson’s will

The consultant 'Coming into hospital is scary even for adults but particularly for kids. We designed this leaflet to make the journey a little bit easier.'

will, said: “It was enlightening to visit and exactly how Laurence would have wanted his legacy to be used. I am grateful to all at the Royal Free that have helped use the money so wisely.”

Study gives hope to amyloidosis patients

A charity-funded study has provided the first evidence that cardiac amyloidosis can be reversed.

Three men who had heart failure caused by the build-up of sticky, toxic proteins are now free of symptoms after their condition spontaneously reversed in an unprecedented case described by a team at UCL and the Royal Free Hospital, which houses the National Amyloidosis Centre.

The condition, a form of amyloidosis affecting the heart, is progressive and has until now been seen as irreversible, with half of patients dying within four years of diagnosis. Professor Marianna Fontana, lead author of the paper, said: “We have seen for the first time that the heart can get better with this disease.

That has not been known until now and it raises the bar for what might be possible with new treatments.”

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Getting the funds in…

Introducing a UK-first revolutionary scanner Philanthropists, charitable trusts, and legacy donors collectively gave £1.5m to enable the Royal Free Hospital to become the first in the UK to bring the benefits of a Quadra PET-CT scanner to patients. Since March 2024, patients have had access to faster, more accurate scans at significantly reduced radiation risk. See page 8.

Celebrating your commitment

We launched our first patron programme to recognise the tremendous impact of those giving £3,000 or more annually. Designed to celebrate the many ways that their giving improves the hospital community, patrons have access to special updates, events and public recognition in our hospitals.

Ba an ambassador

Our new volunteer ambassador programme welcomes engaged and motivated fundraisers. They support us by promoting our appeals, introducing us to their networks and attending events as representatives of the Royal Free Charity.

Learn more about either of these

programmes: fundraising@royalfreecharity. org or 020 7317 7772

The fundraiser

' The Royal Free Charity provided specialist care for our aunt through the National Amyloidosis Centre. We are truly indebted to them. It would be amazing to achieve my fundraising goal and give back to the Royal Free Charity. We are on track to beat our target.'

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Kay, one of our volunteers, who lives with an amputation, visits patients very soon after they have had similar surgery. She can share her experience and talk about what she found helped her in the early days.

Challenging activities

Our dedicated supporters tackled a range of challenge events to raise money for their local hospitals, including our brand-new A&E Shift Challenge, which raised over £25,400. Supporters walked, cycled or ran 10km or 10,000 steps every week, simulating the distance some A&E staff members cover during their busiest shifts.

Funds raised by this and our wider winter appeal, which reached almost £122,000, are being used to support critical investments in A&E, including improved seating, signage and communication in patient waiting areas, and resources for those with additional support needs, such as autistic people and those with acute mental health concerns, or dementia.

The importance and value of legacy gifts Legacy gifts provide a crucial, sustainable source of income, helping us to plan confidently for the future. We currently receive around £1 million each year, enabling us to fund new projects, support our services and make a lasting difference in the communities we serve.

You can find out more about leaving us a donation in your will by searching for “gifts in wills” on our website: www.royalfreecharity.org.

The dementia support volunteer

' Being in hospital can be very frightening for patients with dementia. I think without the volunteers, they would close down completely, Volunteering is about time and care.'

…passing the funds on

We give grants to support four areas:

More details on pages 18-21.

We are also evaluating the difference our funding can make to the health of the communities served by the trust.

To support our grant process, developments during the year included:

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The hospital worker ' Chase Farm hospital is very grateful to the volunteers for their willingness to give time, energy and talent to support our staff and patients. You are all truly part of the team.'

Faculty of Population Health which aims to improve access to healthcare and reduce health inequalities by identifying the causes of ill health and the populations most affected.

Supporting the charity’s staff

The focus of our staff much of the time is, rightly, the welfare of NHS staff. But support for our own staff is vital too and that’s where our human resources team plays a big part.

Key projects during the year were:

Finding out how our staff feel about working for us is absolutely key to our ability to identify areas for improvement. We were delighted that 85% of our staff took part in the 2023 staff survey.

Three members of staff were placed in apprenticeships and we recruited our

Robin's story

“I want to keep my daughters’ names alive and I want to thank the NHS staff who cared for them so well. It’s time to give something back,” said Robin Das, father of Ratna and Heera, who died following complications with the autoimmune disease they both had. Ratna and Heera, who both had kidney transplants at the Royal Free Hospital, died in their 30s.

Robin and his wife, Tripti, donated a statewho has been involved of-the-art massage with the care that chair to staff at the my two daughters centre. The chair received over the years, boasts several types of especially those who full body massages, all are still here caring perfect for a moment for people today. They of relaxation before still remember Ratna finishing a busy shift. and Heera. Robin said: “I’m forever “Being able to give grateful to everyone something that will

benefit the staff here, Right to left: Robin and to be able to treat Tripti Das, Catherine them to something that Sykes, Royal Free Charity, helps is important for pictured with Raymond me, especially after and Benny from the the compassion and renal unit. treatment we received.

If you can afford to give even a small gesture of appreciation, then why not? They deserve it!”

first apprentice to a business administration course.

We created an equality, diversity and inclusion (EDI) board which comprises staff across different teams, levels and backgrounds. It meets quarterly to plan, strategise and oversee the implementation of initiatives that promote inclusivity across the charity.

In addition to ensuring that all staff receive the proper training, the board is also responsible for reviewing our policies, developing new programmes and fostering partnerships with external organisations. The goal is to ensure that we consistently meet the needs and expectations of our customers, supporters, colleagues and partners, while also monitoring progress and addressing any gaps in our EDI practices.

Recent initiatives include anti-racism training for senior leaders, LGBTQ training for staff, investing in accessibility initiatives in our Rec Club and setting up an internal menopause group.

Telling our stories

The engagement and communications team is constantly looking for new ways to reach the people who would like to support the work of the charity and this year we nearly

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The volunteer

' Everyone should volunteer: you get so much more out of it than you put in.'

tripled the number of people signing up to receive our communications from 22,000 to more than 65,000. Initiatives included promoting an easy way to sign up via our hospitals’ wifi system and a social media campaign through Facebook and Google Ads to support our Winter Appeal.

We partnered with a new provider, DotDigital, for our email marketing activity. This choice has allowed us to better segment our audiences and provide personalised welcome journeys for new supporters. This ensures they feel appreciated and valued from the moment they join our community.

We also commissioned William Joseph, a leading provider of accessible digital services and a Certified B Corp organisation (which indicates high social and environmental performance) to deliver our new website.

This investment will mean better integration of data and finance systems, improved data security, better site performance and reduced carbon production.

Our annual event for local people to come and hear about the work of the scientists working in the Pears Building was once again well attended and we continued to

spread the word about our authentic Italian offer at our Mileto Caffe, open to all.

Protecting the environment

Our head office is in the Pears Building, awarded a rating of “excellent” under the BREEAM scheme, which provides assurance around its energy efficiency

and sustainability. But it is just as important that the way we work within it helps to protect the environment.

Among the things we did to improve our sustainability, we:

Plans for next year include:

A volunteer with a therapy dog visits patients.

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Our ambitions for our new cancer centre and our work with our local population to prevent illness will complement our daily support in the wards, clinics and other areas of what will soon be our four hospitals.*

Key to all our ambitions, whether for each day or for the future, will be the continued development of our close relationships with our NHS colleagues so that we ensure that we are off ering support exactly where they need it.

Next year we will:

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34

I kusi Ils, RIPOR I

Alex Jarvis, director of finance, property and operations

This year the charity faced the same economic challenges as the country. Our financial position continued to improve, but demand for our grants and services remained high.

The charity spent £14.1m million during the year on grants and directly-provided services for patients and staff.

Voluntary income

Fundraising has remained a challenge in the context of wider economic hardship and other global crises competing for donors’ funds. But funds raised have increased our voluntary income to £8.6m, of which £1.1m was unrestricted. We are allowed to use these funds for the greatest possible benefit for all, rather than limiting them to specific groups. We will continue to prioritise our fundraising to support our core operations, including sector-leading volunteering, complementary therapy and support hub services provided directly by the charity.

Grants income

Last year, the charity received a grant from the Royal Free London NHS Foundation Trust (RFL) to spend on long-term priorities for patients, staff and researchers. This one-off grant was not repeated this year, so our total income has reduced.

Properties

All three of our properties are now generating a net income for the charity, supporting our work at our four hospitals.

The Pears Building, in Hampstead, houses UCL’s

Institute of Immunology and Transplantation, patient accommodation, the charity’s offices and the Mileto café, a social hub for the building and the local community.

Occupancy of our patient accommodation is more than 70% overall, with demand during the week at capacity and improving at the weekends.

As a result, RFC Enterprises Ltd, our whollyowned subsidiary which manages the building for us, made a profit for the charity of £589,000 for the year.

Graseby House provides office space and short-term, affordable accommodation for Barnet Hospital staff. Demand for our 63 residential units remains high, with occupancy rates of over 99%. The building generated a net income of around £917,000 for the benefit of the charity.

The Armoury on Pond Street, leased to the Jubilee Hall Trust, a charity with objectives aligned to the charity’s, made a net income

The charity spent £14.1m million during the year on grants and directly-provided services for patients and staff.

of £69,000 for the charity this year. It was independently valued at £2.5m on 31 March 2024, up from £1.4m a year earlier.

The lease was renegotiated on a full repairing basis and renewed for 10 years from March 2023.

The charity’s other fully-owned subsidiary, the RFC Recreation Club Ltd (“Rec Club”) operates an affordable fitness facility for hospital staff and the local community. It generated a profit of £65,000 for the charity. Following refurbishment of the changing facilities, further renovation works are planned for 24/25, with a focus on the building’s structure, heating and electrics, funded by the North Central London Integrated Care Board.

Investments

We consolidated our investment portfolio with a single provider, Cazenove, allowing us to focus on ethical and sustainable investment products with an appropriate balance of yield and risk.

Our financial investment holdings totalled £20.2m at 31 March 2024. We also generated income of £697,000 on our investments and £1.2m on cash deposits, taking advantage of high interest rates on our cash balances, which are temporarily high due to receipt of a number of substantial grants.

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39

Processes

During year, we took the first steps towards the implementation of a new finance system which will enable stronger financial management and more efficient operations. There is extensive further work to be done on streamlining our processes and ways of working in order to respond to the increased scale of the demand for our grants and services.

Recruitment and retention

Like the rest of the charity sector, we have staff recruitment and retention issues. We continue to prioritise making the charity a rewarding place to work, as the commitment and engagement of our staff is central to the delivery of our essential work.

Reserves

The charity’s reserves provide funding for financial commitments and a contingency against unforeseen circumstances. The trustees review the reserves levels regularly to ensure the charity has adequate funds. The charity holds three main categories of reserves:

charity. Restricted funds at the year-end were £30.0m (2022/23: £28.0m).

● Unrestricted, designated funds are donations or legacies which come with an expression of wish from the donor, but no binding restriction, to benefit specific activities of a department in any of our three hospitals. Unrestricted, designated funds at the year-end were £11.3m (2022/23: £13.0m).

Target and minimum levels of unrestricted free reserves have been established to ensure the charity has adequate funds to operate, allowing for unexpected events. In line with accounting standards for the sector, free reserves are calculated based on general funds, adjusted for fixed assets excluding pure investment properties, and are compared against the minimum reserves requirement stipulated by the policy.

The free reserves at the year-end were negative £3.1m (2022/23: negative £5.2m). This improvement in the free reserves position is attributed to movements in the charity’s investment holdings,

We will continue to prioritise our fundraising to support our core operations, including sectorleading volunteering, complementary therapy and support hub services provided directly by the charity.

the revaluation of an investment property, transfers between funds and our income and expenditure for the year. The charity has had negative free reserves since 2020, primarily driven by three separate challenges posed by the pandemic:

  1. Very challenging financial investment performance as a result not only of the pandemic but also the war in Ukraine.

  2. The immense impact on the NHS and the consequential need for the charity to increase our support for our beneficiaries.

  3. Additional capital required to complete the Pears Building following unavoidable cost overruns.

This position of negative free reserves does not pose liquidity or solvency issues due to our comfortable cash balances.

The trustees have considered a target level of reserves would be six months of net operating costs and a minimum level of reserves would be four months of net operating costs. Based on 2022/23 net operating costs of £5.1m, this equates to £2.6m and £1.7m respectively.

We are on track to achieve compliance with this policy within five years, through a combination of investment growth and income, increased unrestricted fundraising and savings on operational costs.

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41

COMPLEMEif4 il

Breakdown of total expenditure (£'000)

----- Start of picture text -----
Breakdown of total income (£'000)
Donations, legacies
and conference fees
£8,146
£14.8m
Total income
12% increase on
2022-23
Other income
£318
Events
£291 Donations
Rec Club £6,314 (48%)
trading income
£538
Financial investments Property operations
£2,041 £3,482
----- End of picture text -----

Rec Club trading income Income generated by the Rec Club, which provides health and wellbeing facilities to hospital staff and members of the local community.

Income for the year totalled £14.8m. This was split across fundraised income (donations, legacies and conference fees), events income, property operations, income from the Rec Club, income and capital growth on our financial investments and other income.

Donations, legacies and conference fees

Voluntary gifts and donations received by the charity from individuals, corporations, charities and charitable trusts and foundations. This includes speaking and training fees donated to the charity by NHS staff.

Financial investments

Income and capital growth on our financial investments and cash deposits.

Events

Other income

Income received in connection with events such as the London Marathon and the Vitality London Half Marathon.

This income relates principally to technical adjustments to income previously recognised.

Property operations

Income generated by our properties.

----- Start of picture text -----
Governance Research and development
£5,776
£132
Clinical services &
equipment
£1,423
Raising funds
£1,415 £15.7m
Total expenditure
30% decrease on
Staff experience 2022-23
£1,772
Rec Club
trading income Patient experience
£538 £5,149
----- End of picture text -----

of NHS staff and to provide them with opportunities for professional training and development further to that funded by the NHS.

Expenditure for the year was £15.7m. Expenditure was split across the four key areas of our work: patient experience, staff experience, research and development and clinical services and equipment, as well as raising funds (both through donations and our investments) and governance.

Patient experience

(previously 'Patient welfare and facilities')

The cost to provide grants and services to improve patient welfare and facilities, including our volunteer services, our support hub service and our complementary therapy services.

Clinical services and equipment

(previously 'medical equipment') Expenditure on new, improved and additional treatment and diagnostic equipment to improve patient care.

Research and development

Grants for medical research into new and transformative medical treatments across a wide range of specialities, including researcher salaries, research equipment and materials and other associated research costs.

Raising funds

The cost of generating our income, including investment management fees, fundraising staff, events costs and other related costs.

Governance

The regulatory, audit and assurance costs which ensure that the charity's funds are spent and reported in an appropriate, compliant and efficient way.

Staff experience

(previously 'staff training and development') Expenditure to improve the welfare

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Risks and risk management

3

2

1

The trustees recognise their duty to anticipate, manage and mitigate the risks to which the charity’s activities could be exposed. They acknowledge that risk is inherent in all activities

and that its management is crucial to achieving the charity’s objects. The trustees take a systematic approach to managing risk, with the executive team regularly monitoring and reporting risks to the board as well as prioritising actions. Risks are rated by multiplying a score for the likelihood of a risk by a score for its severity on a scale from 1-25. Scores before and after mitigation are calculated using a risk matrix. Risk areas with a pre-mitigation score of eight or above are reported to the trustees through the committee and board governance structure.

The board considers the following as the key risks for the organisation...

Fundraising: Impact on donors of economic downturn means the fundraising function fails to meet its financial targets and deliver satisfactory returns.

The trustees agreed to increase fundraising capacity and improve fundraising infrastructure during the year. The war in Ukraine, the cost-of-living crisis, recruitment of staff and major economic pressures have posed challenges for voluntary income fundraising. The board and the executive team continued to closely manage and monitor fundraising performance through in-year reporting against targets.

Finance resourcing and systems, leading to potential risk around internal controls

The trustees agreed to invest in a new finance system to replace an inflexible and outdated previous system, which came into use in 2024. Finance processes have been reviewed and streamlined to make them more robust and additional qualified staff have joined the finance team to

increase capacity and capability. Control items identified in the prior year’s audit have been resolved. Cyber security risks have been assessed and trustees are satisfied with the charity’s position.

Negative unrestricted ("free") reserves

The trustee board has focused on eliminating the charity’s ‘negative’ free reserves position and the financial strategy is aimed at ensuring a surplus on the operational income and expenditure account in future. At worst, this risk would mean the charity was unable to meet current financial commitments and to support the RFL with future needs. This could lead to the

trust’s disillusionment with the charity and affect our reputation with donors, leading to a drop in income.

Free reserves are a key metric regularly reported to the board and the finance, property and investments committee and have also been the main driver for the financial strategy. In addition to a number of policy reviews such as asset classification, the levy applied to certain funds for administrative and management fees, a review of historical restricted funds and use of the charity’s asset holdings to generate additional unrestricted income, the charity has reviewed its investment strategy and implemented the recommendations during 2023/24. Furthermore, a review of the cost base has been undertaken as part of financial planning. This exercise provided substantial savings, directly contributing to improving the free reserves position.

The trustees fully support the inclusion of freehold properties as part of free reserves, as long as operationally the charity delivers a balanced income and expenditure performance. Financial planning continues to place an emphasis on generating more unrestricted and budgetrelieving income.

Trustees are confident that the charity’s unencumbered property holdings fully negate the negative free reserves position at the end of the financial year and the measures in place for mitigating risks provide confidence in the charity’s future operations.

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Statement of trustees' responsibilities

Structure, governance and management

The trustees (who are also directors of the Royal Free Charity 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) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the company and

of the incoming resources and application of resources, including the income and expenditure of the company for that period. In preparing those financial statements, the trustees are required to:

(a) select suitable accounting policies and apply them consistently;

(b) comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial

statements;

c) state whether a statement of recommended practice applies and has been followed, subject to any material departures which are explained in the financial

statements;

(d) make judgements and estimates that are reasonable and prudent; (e) prepare the financial statements on a going-concern

basis unless it is inappropriate to presume that the company will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with

reasonable accuracy at any time the financial position of

the 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Insofar as the trustees are aware:

(a) there is no relevant audit information of which the company's auditor is unaware; and

(b) 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 auditor is aware of that information.

The trustees' annual report is approved by the trustees of the charity. The strategic report, which forms part of the annual report, is approved by the trustees in their capacity as directors in company law of the charity.

By order of the trustees

Judy Dewinter Chair of Trustees

Valerie Jolliffe

Trustee and Chair of the

Finance, Property and Investments

Committee

Date: 29 January 2025

Legal structure

On 1 April 2016, the Royal Free Charity reconstituted as an independent charity (no. 1165672), solely regulated by the Charity Commission and no longer subject to NHS legislation. This status establishes the charity’s independence from the Department of Health and, by virtue of becoming a company limited by guarantee (no 09987907), limits the trustees’ liability. The charity operates under a Charity Commission scheme dated 1 April 2016 and its objects, as stated in its articles of association, encompass not only the support of patients of the RFL, but also and more generally the promotion of health and medical research, particularly within the catchment area of the foundation trust.

Trustees

Following the reconstitution of the charity, new trustees are appointed by the trustee board after open competition. One trustee who was previously a trustee of the former NHS charity is now a trustee of the incorporated charity (Russell Brooks); in addition, the RFL has the right to appoint and remove one trustee. During the year Dr Gillian Smith, group chief medical director at the RFL, fulfilled this role. The chair of trustees aims for new and existing trustees to be fully briefed on the key issues facing the Royal Free Charity, including Charity Commission information on trustee responsibilities, aspects of charity law pertinent to the Royal

Free Charity and timely copies of reports, accounts and other key documents. Board members declare all relevant interests in other bodies, especially bodies closely connected with the RFL. The trustees and their four sub-committees – people and governance; finance, property and investments (supported by an investments sub-committee); grants and services; and fundraising, campaigns and communications committees – meet quarterly.

Powers of investment

The charity’s powers of investment are principally derived from its articles of association and the Companies Act 2006. In exercising these powers, the trustees must act in accordance with their duties as charity trustees and as company directors as set out in the Charities Act 2011 and the Companies Act 2006. They must also act in accordance with the Trustee Act 2000. These powers of investment are wide, allowing the trustees to invest in such stocks, funds, shares, equities or other investments as they see fit.

Remuneration

The remuneration of senior staff is agreed by the trustees, following a comparison of their posts with similar positions in the charity sector.

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Reference and administrative detail

Public benefit statement

The Royal Free Charity’s purpose is to support the Royal Free London NHS Foundation Trust’s three hospitals - Barnet Hospital, Chase Farm Hospital and the Royal Free Hospital (with North Middlesex Hospital joining the group in 2025) – as well as many satellite sites across north London. We focus our support on three groups:

● Patients and their families,

Patients and their families,

whether local or from further away, needing to use the trust’s specialist services. We enhance the experience of patients throughout their hospital journey, through the services we provide directly and the projects and equipment we fund on the wards.

● Researchers Researchers

working in the hospitals and partner institutes, helping them have not only local impact but also the potential to improve healthcare nationally and globally.

The public benefits that flow from our support for these three groups:

1. Patients

Evidence shows that improving the experience of patients leads to better patient safety and clinical outcomes and a better quality of life, particularly for patients facing a poor prognosis; improves

patient involvement in, and understanding of, their care; leads to fewer demands for unnecessary treatment; and can expose important system challenges, leading to improvement of care for all.

2. NHS staff

Evidence shows that improving the experience of NHS staff leads to better retention of staff, crucial at a time of chronic staff shortages in the NHS; relieves long-term anxiety caused by work stresses; makes staff feel better prepared for the future; and improves patient outcomes and satisfaction. In addition, improvements to the working environment and the specialist equipment staff use encourage a more holistic approach to treatment, health and wellbeing, and improve morale.

3. Researchers

Healthcare research can provide important information about different forms of treatment and outcomes, disease risk factors and trends, public health interventions and healthcare costs, among many other benefits to the public. The Royal Free Charity funds primarily support two aspects of research – clinical trials and translational research. This takes laboratory discoveries and turns them into treatments and interventions that directly benefit human health. The charity led the funding and construction of the Pears Building, a new home for the UCL Institute of Immunity and Transplantation, and supplied seed funding for the trust’s clinical

research facility which in 2022 secured state funding worth £5m.

No harm arose from our work. Our beneficiaries were patients, NHS staff, the general public and locally based community and voluntary organisations. No private benefit arose from these purposes.

Governing document

Financial statements

The audited consolidated The Royal Free Charity is financial statements comply with governed by its articles of the Statement of Recommended association dated 4 February Practice ‘Accounting and 2016, reviewed and updated in Reporting by Charities’ FRS 102 January 2023. including Update Bulletin 2, the Charities Act 2011 and the Company number Companies Act 2006. 09987907 in England and Wales

09987907 in England and Wales

Charity number

Charity status

1165672 in England and Wales

The charity is a company limited by guarantee. Its members are the trustees of the charity, of whom there may be a maximum of 14. Each member guarantees to contribute up to one pound sterling (£1) to the charity’s debts, liabilities and costs in the event of the charity being wound up and for one year after ceasing to be a member.

Registered office

Royal Free Charity Pears Building London NW3 2PP

Charity objects

(c) advance and promote knowledge and education in medicine, including by engaging in and supporting medical research.

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Independent auditor's report to the members of the Royal Free Charity

Opinion

Basis for opinion

We have audited the financial statements of the Royal Free Charity for the year-ended 31 March 2024 which comprise the consolidated statement of financial activities, the comparative statement of financial activity, the consolidated and company balance sheets, the consolidated cash flow statement and notes to the financial

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 group and charitable company, in accordance with the ethical

statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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

In our opinion, the financial statements:

Conclusions relating to

going concern

In auditing the financial

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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover

the other information and, except

to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

specified by law are not made; or

Responsibilities of trustees

In preparing the financial

statements, the trustees are responsible for assessing the group and 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 group and 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

is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and taxation legislation.

We identified the greatest risk of

material impact on the financial statements from irregularities, including fraud, to be income recognition with respect to events and legacies, ensuring recharges have been applied appropriately; the Pears Building being accounted

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Independent auditorʼs report to the trustees of the Royal Free Charity (continued)

description forms part of our auditor’s report.

for appropriately; and the override of controls by management. Our audit procedures to respond to these risks included testing of income on a sample basis, recalculation of recharges on a sample basis, review of Pears Building accounting and enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases.

Use of our report

This report is made solely to the group and 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 group and charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and charitable company and the group and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Alastair Lyon (Senior Statutory Auditor)

These inherent limitations

are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

For and on behalf of Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading RG1 1AZ

Date: 29 January 2025

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org. uk/auditorsresponsibilities. This

Consolidated statement of financial activities

Year ended 31 March 2024 Year ended 31 March 2024 Year ended 31 March 2023 Year ended 31 March 2023
Note Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2023/24 funds funds 2022/23
£000 £000 £000 £000 £000 £000
Income and endowments from:
Donations and legacies 2 2514 5,573 8,087 3,349 16,056 19,406
Charitable activities 59 59 101 - 101
Trading activities
Property operations 838 838 1,889 - 1,889
Other trading operations 538 538 443 - 443
Other 2,645 2,645 925 925
Investments 8.4 1,990 51 2,041 1,857 32 1,889
Other 2 2
Events 282 9 291 261 1 262
Other income 315 315 175 - 175
Total income 9,184 5,633 14,817 9,001 16,089 25,090
Expenditure on:
Raising funds
Fundraising expenditure 1,380 1,380 2,416 - 2,416
Trading expenditure 132 132 395 - 395
Investment/ 34 34 2,868 - 2,868
property management
Charitable activities 3 11,337 2,780 14,117 8,168 8,525 16,693
Total expenditure 12,883 2,780 15,663 13,847 8,525 22,371
Net gains/(losses) on investments 8.6 1,906 212 2,118 (738) (51) (789)
Net income / (expenditure) (1,792) 3,065 1,273 (5,584) 7,513 1,929
Transfers between funds 11 977 (977) - (574) 574 -
Gains on tangible fxed assets - - - - - -
Net movement in funds (815) 2,088 1,273 (6,157) 8,086 1,929
Reconciliation of funds:
Total funds brought forward 80,628 27,952 108,581 86,786 19,866 106,653
Total funds carried forward 79,813 30,040 109,852 80,628 27,952 108,583

The notes on pages 58-70 form part of these accounts

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Consolidated charity balance sheet

Group Charity Group Charity
March 2024 March 2024 March 2023 March 2023
Note £000 £000
£000		 £000
Intangible assets 119 99
Fixed assets
Tangible assets 6 30,825 30,709 31,367 31,359
Investments 8 22,663 22,802 21,229 21,368
Social investments 8 41,302 41,302
41,872		 41,872
Total fxed assets 94,790 94,814 94,468 94,599
Current assets
Debtors 9 3,574 3,678 19,908 20,764
Cash at bank and in hand 26,389 25,668 15,771 15,550
Total current assets 29,963 29,345
35,679		 36,314
Creditors falling due within one year 10.1 (15,020) (14,259) (21,566) (21,890)
Net current assets 14,943 15,086 14,112 14,424
Creditors falling due after more - - - -
than one year
Proft and loss reserves
Total net assets 109,852 109,999
108,582		 109,023
Income funds
Unrestricted 11.1 79,811 79,958
80,628		 81,069
Restricted 11.2 30,040 30,040 27,953 27,953
Total funds 109,852 109,999 108,582 109,023

Consolidated cash flow statement

Cash infow/(outflow) from operating activities 2023/24
£000		 2022/23
£000
Net cash provided by/(used in)
operating activities		 8,056 (6,527)
Cash fows from investing activities
Investment income and interest received
Proceeds from disposal of fxed asset investments
Acquisition of fxed asset investments
Acquisition of tangible fxed assets by charity
Acquisiton by subsidiary companies of:
Tangible fxed assets
Intangible assets
Net cash fow from investing activities		 2,041
17,751
(16,967)
(31)
(113)
(119)
2,562		 1,889
6,548
(11,603)
(1,042)
(10)
0
(4,218)
Cash fow from financing activities
Repayment of loan		 -
-
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
10,618

15,771
26,389		 (10,745)
26,516
15,771
Reconciliation of net income to cash fow from operating activities
2023/24
£000
Net income/(expenditure) including endowments
1,269
Adjustments for:
Depreciation and amortisation charges
1,255
Net (gains)/losses on investments
(1,143)
Investment income
(2,041)
Revaluation of tangible fxed assets
(1,074)
(Increase)/decrease in debtors
16,334
Increase/(decrease) in creditors
(6,544)
Net cash provided by/(used in)
8,056
operating activities		 2022/23
£000
1,929
1,265
789
(1,889)
0
(15,020)
6,399
(6,527)
Analysis of net cash
Short-term deposits
Cash at bank and in hand		 01 April 2023
Cashfows
£000
£000
-
-
15,771
10,618
15,771
10,618		 31 March 2024
£000
-
26,389
26,389

As permitted by section 408 of the Companies Act 2006, the parent charity's gross income and results have not been included in the financial statements.

Judy Dewinter Date: 29 January 2025 Chair of Trustees Valerie Jolliffe Trustee and Chair of the Finance, Property and Investment Committee Company registration no: 09987907 The notes on pages 58-70 form part of these accounts.

The notes on pages 58-70 form part of these accounts

EVERY. MOMENT. MATTERS.

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56

57

Notes to the accounts for the year ended 31 March 2024

Notes to the accounts for the year ended 31 March 2024 (continued)

1 Accounting policies

Basis of preparation These financial statements are prepared on a going-concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value via income and expenditure within the statement of financial activities.

They are prepared in accordance with the financial reporting standard applicable in the UK (FRS 102). The charity is a public benefit group for the purposes of FRS 102, therefore it also prepared its financial statements in accordance with the statement of recommended practice (SORP) applicable to charities preparing their accounts in accordance with the financial reporting standard applicable in the UK (FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

They are prepared in GBP sterling, which is the charity's functional currency. Monetary amounts in the financial statements are rounded to the nearest one thousand pounds.

Going concern

The trustees assessed the suitability of the use of the goingconcern basis and considered possible events due to conditions, including impact of rising inflation, interest rates and cost of living, that might significantly affect the charity's ability to continue as a going concern. In making this assessment, for a period of at least a year from the date of approval of the financial statements, they considered the charity's financial plans, forecasts

and projections and noted the pressures on donation, legacy and investment income. After making enquiries and considering the available cash balances and funds within the investment portfolio, the trustees believe that the charity has adequate resources to continue to operate and deliver on its objectives for the foreseeable future. It therefore adopts the ‘going-concern basis’ in preparing its financial statements.

Estimates and judgements

Works of art are valued in the balance sheet at £361,000 (2022/23: £361,000), a figure which the trustees believe fairly reflects their value.

Investment properties are valued in the balance sheet at £2,475,000 (2022/23: £1,401,000), a figure which the trustees believe fairly reflects their value. Mixed-motive investment (MMI) represents a property valued in the balance sheet at £13,783,116 (2022/23: £13,770,000), a figure which the trustees believe fairly reflects its value. See the accounting policy for investment properties, which explains how the valuation has been arrived at.

Financial instruments

The charity has applied the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all its financial instruments. They 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 offset the recognised amounts, and an intention to settle on a net basis, or to realise the assets and settle the liability simultaneously.

Apart from prepayments, deferred income and balances with HM Revenue & Customs under statute,

all other debtor and creditor balances, as shown in notes 9 and 10, are considered to be basic financial instruments under FRS 102.

Consolidation

These financial statements consolidate on a line-by-line basis the financial statements of the company (the Royal Free Charity) and its subsidiaries RFC Developments Ltd, RFC Enterprises Ltd, RFC Recreation Club Ltd and RFC Overage Ltd.

Cash and cash equivalents

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

Fund structure

Restricted funds are funds for

which a legal restriction exists over their use, as determined by the donor. This could be a restriction to a particular department of the hospital, such as cardiac or renal, or to a particular sphere of activity, for example research or equipment.

General funds may be used at the trustees' discretion for any general purpose of the charity.

Income

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

(a) entitlement - arises when a particular resource is receivable or the charity's right becomes legally enforceable.

(b) probability - when it is probable that the incoming resources will be received.

(c) measurement - when the monetary value of the incoming resources can be measured with sufficient reliability.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the charity recognises the associated costs for which the grant is intended to compensate.

Gifts in kind

Gifts in kind are recognised as income and expenditure in the year the gifts are received by the charity. The amount at which gifts in kind are recognised is either value of the cost to the donor or the fair value determined by the charity. The gifts are then directed to the relevant hospital department or ward. Total value of gifts in kind for 2023/24 was £nil (2022/23: £nil).

Expenditure

Liabilities are recognised as expenditure if the charity has a legal or constructive obligation that commits it to the expenditure, or if there is a constructive obligation to make a transfer of value to a third party.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the particular category.

Governance costs comprise the costs of complying with statutory requirements.

Allocation of overhead and

support costs

Overhead costs have been

divided into the categories shown in note 4, and apportioned between those categories (raising funds and charitable expenditure), on the basis of their relevance to each category. In 2023/24, as in 2022/23, a direct charge was made to restricted and designated funds in recognition of the overhead and support costs relating to those funds. The salaries of the charity's staff are apportioned individually across these expense categories, reflecting the time spent by each individual on the relevant activities.

Grants

Grants are accrued in full when there is a binding commitment by the charity to transfer the amounts involved to a third party.

VAT and partial exemption

The charity is in a VAT group with its subsidiary RFC Enterprises Ltd. It is entitled to recover part of the net VAT incurred as a cost. The recovered proportion is small and changes from one accounting period to another, subject to the VAT status of income generated. The irrecoverable element of VAT is expensed through the statement of financial activities

as a charge. Where the VAT is in relation to an asset, the irrecoverable VAT is capitalised along with the net amount of the asset cost.

Investments

Investments are shown in the balance sheet at market value. The investment property was valued in 2024/25 by Cluttons, chartered surveyors, and this valuation is reflected in these accounts. The MMI property was valued in 2020/21 by Montagu Evans, chartered surveyors. The trustees are satisfied that these valuations reflect the properties’ fair value.

Social investments

Programme-related investments relate to parts of the Pears Building leased to third parties that are used to help to fulfil the charity's charitable objectives. The programme-related investments are held at cost.

MMIs relate to a property used to help to fulfil the charity's charitable objectives as well as generating investment return.

Tangible fixed assets

Tangible fixed assets are stated at cost, less depreciation. Depreciation is calculated to write off the cost, less estimated residual value of each asset over its expected useful life (as per table below).

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or changes in circumstances indicate

EVERY. MOMENT. MATTERS.

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59

Notes to the accounts for the year ended 31 March 2024 (continued)

Notes to the accounts for the year ended 31 March 2024 (continued)

that the carrying value may The website is recognised as an not be recoverable, then the intangible asset in accordance carrying values are reviewed for with the relevant accounting impairment. standards and the charity’s accounting policy.

The amortisation expense will be charged to the statement of financial activities within the expenditure category most relevant to its use.

Properties held as pure

Recognition and measurement

Impairment

investment or MMI, or properties including parts MMI, are not to be depreciated. The Armoury (pure investment property) and Graseby House (MMI) will not be depreciated. The Pears Building is amortised over its lease period and the charge to the statement of financial activities is classed as charitable expenditure.

The website is initially recognised at cost, which includes all directly attributable costs incurred during its development. These costs include design, programming and content creation expenditures but exclude administrative or general maintenance expenses.

The website will be reviewed by management annually for impairment or whenever there is an indication that the carrying value may not be recoverable. Any impairment loss is recognised immediately in the statement of financial activities.

Amortisation

Revaluation and disposals

The website is amortised on a straight-line basis over its estimated useful life of five years. This is comparable to the approach taken in depreciating software held as a fixed asset.

The charity does not adopt a revaluation model for its intangible assets. Therefore, the website is carried at cost, less accumulated amortisation and impairment losses.

Intangible assets

The Royal Free Charity’s intangible asset comprises a website developed to facilitate donor engagement and donations, as well as to support its activities and provide information to stakeholders.

Amortisation will begin when the website is available for use.

Disposals of the website, or parts of it, are accounted for by

~~Asset type~~
~~Capitalisation threshold~~
~~Depreciation~~
Building - leasehold
£10,000
Lease period
(egPears Building50years)
Building- freehold
£10,000
100years(freehold)
Computer equipment
£2,500 individually or
3 years
exceeding£5,000 in aggregate
Computer systems development
£25,000 in aggregate
5years
Software
£25,000
5 years or expected life, if shorter
(purchased or developed)
Computer development
£2,500 individually or
5 years
exceeding£5,000 in aggregate
Recreation equipment
£1,000 individually or exceeding
5 years
£1,000 in aggregate
ShopEPOS system
£5,000
5years
Shopft-outs
£5,000
Lease term
Furniture and fttings
£2,500 individually or exceeding
5 years
£5,000 in aggregate
Asset under construction
Cost
Not depreciated
Works of art
Market value
Not depreciated		 ~~Asset type~~
~~Capitalisation threshold~~
~~Depreciation~~
Building - leasehold
£10,000
Lease period
(egPears Building50years)
Building- freehold
£10,000
100years(freehold)
Computer equipment
£2,500 individually or
3 years
exceeding£5,000 in aggregate
Computer systems development
£25,000 in aggregate
5years
Software
£25,000
5 years or expected life, if shorter
(purchased or developed)
Computer development
£2,500 individually or
5 years
exceeding£5,000 in aggregate
Recreation equipment
£1,000 individually or exceeding
5 years
£1,000 in aggregate
ShopEPOS system
£5,000
5years
Shopft-outs
£5,000
Lease term
Furniture and fttings
£2,500 individually or exceeding
5 years
£5,000 in aggregate
Asset under construction
Cost
Not depreciated
Works of art
Market value
Not depreciated
Building- freehold £10,000
Computer equipment £2,500 individually or
exceeding£5,000 in aggregate
Computer systems development £25,000 in aggregate
Software
(purchased or developed)		 £25,000
Computer development £2,500 individually or
exceeding£5,000 in aggregate
Recreation equipment £1,000 individually or exceeding
£1,000 in aggregate
ShopEPOS system
 £5,000
Shopft-outs
 £5,000
Furniture and fttings £2,500 individually or exceeding
£5,000 in aggregate
Asset under construction Cost
Works of art Market value

derecognising the carrying value and recognising any gain or loss on disposal in the statement of financial activities.

Leasehold – Pears Building

The Pears Building is classified as social investment for all areas occupied by (and shared with) other entities, which are UCL, the charity, the NHS trust and RFLPS.

Freehold property

Freehold property and part of a freehold property that is in operational use and not a pure investment nor MMI would be depreciated over 100 years.

Realised gains and losses

Gains and losses are reported in the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market values (or date of purchase if later). Unrealised gains and losses are calculated as the difference between

~~Intangible assets~~
Cost
£120,189
Accumulated
£708
Amortisation
(or impairment)
Net Book Value
£119,481
as at 31st March
2024

market value at the year end and opening market value (or date of purchase if later).

Pooling scheme

A pooling scheme for all funds held under the auspices of the Royal Free Charity is contained within a Charity Commission Scheme dated 1 April 2016. It covers all funds formerly held by the Special Trustees for The Royal Free Hospital, the Royal Free Hampstead Charities, the Dresden Assistance Fund for the Royal Free Hospital and the Kitty Cookson Memorial Fund. It does not distinguish between the different types of

funds (unrestricted, designated, restricted), which are pooled together.

Pension costs

Staff who were formerly employed by the Royal Free Hampstead NHS Trust (the predecessor of the Royal Free London NHS Foundation Trust) participate in the NHS Pension Scheme. Some current staff remain in that pension scheme, but new employees participate in personal pension schemes to which the employer's contribution matches that of the employee up to a maximum of 9%. Staff of the charity's trading subsidiary, RFC Recreation Club Ltd, also participate in personal pension schemes. The NHS Pension Scheme is a multi-employer defined benefit scheme but under SORP 28.11, this is accounted for in these financial statements as if it was a defined contribution scheme.

Operating lease

Rentals paid under operating leases are charged to the statement of financial activities or the profit and loss account (depending on the relevant legal entity), evenly over the period of the lease.

EVERY. MOMENT. MATTERS.

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60

61

Notes to the accounts for the year ended 31 March 2024 (continued)

2 Donations and legacies income

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2023/24 funds funds 2022/23
£000 £000 £000 £000 £000 £000
Donations – capital appeal 0
0
0
0
0		 0
Donations 1,677
5,078
6,755
2,342
15,871		 18,213
Legacies 838
495
1,332
1,007
186		 1,193
Total 2,515
5,573
8,087
3,349
16,056		 19,406

3 Charitable expenditure

3 Charitable expenditure
Grants
Activities
Social
Support
Total
expenditure undertaken investment
costs
2023/24
directly
costs		 Grant
Activities
Social
Support
Total
expenditure undertaken investment
costs 2022/23
directly
costs
£000
£000
£000
£000
£000

198
863
606
609
2,275

111
392
363
866

992
4,539
494
920
6,945

6,006
532
68
6,607

7,308
6,326
1,100
1,960 16,693
£000
£000
£000
£000
£000
Patient welfare
810
2851
747
741
5,149
and facilities
Staf training and 258
1194
0
320
1,772
development
Research
114
4117
478
1067
5,776
Medical
0
1104
0
319
1,423
equipment
Total
1,182
9,266
1,225
2,444
14,117

All grants were made to institutions. There were no grants to individuals.

4 Analysis of support costs by activity

Governance
Raising Charitable
Total
funds
activities
2023/24		 Governance
Raising Charitable
Total
funds
activities
2022/23
£000
£000
£000
£000

20
1,668
701
2,389

0
234
0
234

0
2,868
81
2,949

0
161
0
161

0
0
0
0

39
0
0
39

7
135
20
163

0
74
4
78

0
34
30
64

0
238
0
238

0
37
24
61

3
231
1,030
1,264

70
5,679
1,890
7,639
(70)
70

(0)
5,679
1,960
7,639
£000
£000
£000
£000
Salaries – charity
0
1,047
1,837
2,884
Salaries – trading subsidiary
0
0
0
0
Investment/
0
34
0
34
property manangement
Other trading subsidiary costs
0
0
0
0
Charity trading costs
0
0
0
0
Statutory auditor's
131
0
0
131
remuneration
Legal and other professional fees 0
89
161
250
Event and marketing costs
0
121
0
121
Consultancy/recruitment services 0
0
0
0
Publicity materials
0
3
25
28
Capital appeal costs
0
0
0
0
Others
1
120
422
543
Total support costs
132
1,414
2,445
3,991
Governance costs reallocated (132)
132
Total support costs
0
1,414
2,577
3,991
4.1 Analysis of staf costs
Charity
Subsidiary
Total
Charity
Subsidiary
Total
2023/24
2022/23
£000
£000
£000
£000
£000
£000		 4.1 Analysis of staf costs
Charity
Subsidiary
Total
Charity
Subsidiary
Total
2023/24
2022/23
£000
£000
£000
£000
£000
£000
Salaries and wages
Social security costs
Other pension costs
Total
No employee of any subsidiary co
The number of such
employees of the charity
were:
Pension contributions
were made for these
employees as follows:		 3156
223
3379
2,600
203
2,803
340
19
359
285
18
303
169
9
178
135
13
148
3665
251
3916
3,020
234
3,254
mpany received emoluments exceeding £60,000.
2023/24
2022/23
£60,001-£70,000
8
8
£70,001-£80,000
-
-
£80,001-£90,000
1
2
£90,001-£100,000
2
-
£100,001-£110,000
1
2
£110,001-£120,000
-
1
£120,001-£130,000
1
-
£130,001-£140,000
1
-
£000
£000
£60,001-£70,000
28
27
£70,001-£80,000
-
-
£80,001-£90,000
4
7
£90,001-£100,000
11
-
£100,001-£110,000
4
13
£110,001-£120,000
11
11
£120,001-£130,000
-
-
£130,001-£140,000
8
-

There was an average monthly number of 75 staff in 2023/24 (2022/23: 70). RFC Recreation Club Ltd had an average number of 11 staff (2022/23: 8), and RFC Developments Ltd did not employ any staff.

The key management personnel during the year were Jon Spiers, chief executive; Robin Meltzer, deputy chief executive and director of engagement and communications; David Cheesman, interim director of strategy from 9 May 2023; Yusuf Firat, director of finance, property and operations until 29 February 2024; Laura James, assistant director of innovation; Alex Jarvis, director of finance from 1 March 2024; Sharron Grant, director of HR and OD; Alison Kira, director of grants and services; Paul Stein, executive director of income generation; and Jenny Todd, assistant director of services.

The total salary cost of the key management personnel (including social security and employer pension costs) was £1,024,114 (2022/23: £747,651). During the year, the charity made total termination payments of £19,116 (2022/23: £40,126)

5 Analysis of net assets between funds

5 Analysis of net assets between funds 5 Analysis of net assets between funds
Group
Unrestricted
Restricted
Total
funds
funds
2023/24
£000
£000
£000
Fixed assets/
30,944
-
30,944
intangible assets
Investments
61,586
2,379
63,965
Current assets
2,301
27,662
29,963
Liabilities
(15,020)
-
(15,020)
Long-term liabilities
-
-
-
79,811
30,041
109,852
Charity
Unrestricted
Restricted
Total
Funds
Funds
2023/24
£000
£000
£000
 Unrestricted
Restricted
Total
funds
funds
2022/23
£000
£000
£000
31,367
-
31,367
61,035
2,066
63,101
9,792
25,887
35,679
(21,566)
-
(21,566)
-
-
-
80,628
27,953
108,581
Unrestricted
Restricted
Total
Funds
Funds
2022/23
£000
£000
£000
Tangible fxed assets
Investments
Current assets
Short-term liabilities
Long-term liabilities		 30,808
-
30,808
61,725
2,379
64,104
1,684
27,662
29,345
(14,259)
-
(14,259)
-
-
-
79,957
30,041
109,998		 31,359
0
31,358
61,174
2,066
63,240
10,427
25,887
36,314
(21,890)
-
(21,890)
-
-
-
81,070
27,953
109,022

EVERY. MOMENT. MATTERS.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2023-2024

63

62

Notes to the accounts for the year ended 31 March 2024 (continued)

6.1 Fixed assets - group


Recreational
Furniture &
Artworks
Asset
Computer
Properties
Total
equipment
fxtures
under
equipment
construction
Cost
£000
£000
£000
£000
£000
£000
£000
Recreational
Furniture &
Artworks
Asset
Computer
Properties
Total
equipment
fxtures
under
equipment
construction
Cost
£000
£000
£000
£000
£000
£000
£000
Brought forward at 1 April 2023
Additions
Revaluation
Transfer
Carried forward at 31 March 2024
Accumulated depreciation
Brought forward at 1 April 2023
Charge for the year
Carried forward at 31 March 2024
Net book value at 1 April 2023
Net book value at 31 March 2024
6.2 Fixed assets - charity

Cost		 101
55
361
-
65
31,594
32,176
113
26
-
4
143
-
-
-
-
-
-
-
-
-
-
-
-
(13)
(13)
213
81
361
-
69
31,581
32,306
91
21
-
-
24
672
808
7
10
-
-
13
641
671
98
31
-
-
37
1,313
1,480
10
33
361
-
41
30,922
31,368
115
49
361
-
32
30,268
30,827
Furniture &
Artworks
Asset
Computer
Properties
Total
fxtures
under
equipment
construction
£000
£000
£000
£000
£000
£000
£000
Brought forward at 1 April 2023
Additions
Transfer to programme -
related investments (note 8)
Carried forward at 31 March 2024
Accumulated depreciation
Brought forward at 1 April 2023
Charge for the year
Carried forward at 31 March 2024
Net book value at 1 April 2023
Net book value at 31 March 2024		 55
361
13
65
31,581
32,075
26
4
30
(13)
(13)
-
81
361
-
69
31,581
32,092
21
-
-
23
672
716
10
13
641
664
-
31
-
-
36
1,313
1,381
-
33
361
13
42
30,909
31,359
-
49
361
-
33
30,268
30,711

7 Subsidiary companies

Details of the charity's subsidiary undertakings are set out below. All the subsidiary undertakings are incorporated in England and Wales and operate in the United Kingdom.

Company Shares held Shares held Principal activity
Class %
RFC Recreation Club Ltd Ordinary 100 Provision of recreational services
RFC Developments Ltd Ordinary 100 Design, construction and building services
RFC Enterprises Ltd Ordinary 100 Management of Pears Building
RFC Properties Ltd Ordinary 100 Company dormant and not yet trading
RFC Overage Ltd (previously called: Ordinary 100 Management of intangible assets
RFC Properties (CF Holdings) Ltd) from disposal of a property
7 Subsidiary companies (continued)
The results of the subsidiaries, and their assets and liabilities, are as follows:
Year ended 31 March 2024
Year ended 31 March 2023
RFC
RFC
RFC
RFC
RFC
RFC
RFC
RFC
Overage
Enterprises Recreation Developments
Overage Enterprises
Recreation Developments
Ltd
Ltd
Club Ltd
Ltd
Ltd
Ltd
Club Ltd
Ltd
£000
£000
£000
£000
£000
£000
£000
Turnover
0
2,645
538
2
2,345
444
3,285
Expenditure
-
(2,055)
(473)
(1)
(1)
(2,192)
(395)
(2,290)
Result for the year
-
590
65
2
(1)
153
49
995
Total assets
50
2,074
317
5
-
2,093
257
1,122
Total liabilities
(52)
(2,183)
(164)
(6)
(1)
(2,202)
(104)
(1,122)
Net funds at the end of the year
(2)
(109)
153
(1)
(1)
(109)
153
0
The charity's other subsidiary companies (see note 16) did not trade during 2023/24.
8 Analysis of investment portfolio
Group
Charity
Group
Charity
2023/24
2023/24
2022/23
2022/23
£000
£000
£000
£000
Market value as at 1 April
63,101
63,240
59,441
61,015
Less: disposals at carrying value
(18,335)
(18,335)
(7,154)
(8,589)
Add: acquisitions at cost
17,081
17.081
11,603
11,603
Transfer from fxed assets (note 6)
-
-
-
Net gain/(loss) on revaluation
2,118
2,118
(789)
(789)
Market value as at 31 March
63,966
64,104
63,101
63,240		 7 Subsidiary companies (continued)
The results of the subsidiaries, and their assets and liabilities, are as follows:
Year ended 31 March 2024
Year ended 31 March 2023
RFC
RFC
RFC
RFC
RFC
RFC
RFC
RFC
Overage
Enterprises Recreation Developments
Overage Enterprises
Recreation Developments
Ltd
Ltd
Club Ltd
Ltd
Ltd
Ltd
Club Ltd
Ltd
£000
£000
£000
£000
£000
£000
£000
Turnover
0
2,645
538
2
2,345
444
3,285
Expenditure
-
(2,055)
(473)
(1)
(1)
(2,192)
(395)
(2,290)
Result for the year
-
590
65
2
(1)
153
49
995
Total assets
50
2,074
317
5
-
2,093
257
1,122
Total liabilities
(52)
(2,183)
(164)
(6)
(1)
(2,202)
(104)
(1,122)
Net funds at the end of the year
(2)
(109)
153
(1)
(1)
(109)
153
0
The charity's other subsidiary companies (see note 16) did not trade during 2023/24.
8 Analysis of investment portfolio
Group
Charity
Group
Charity
2023/24
2023/24
2022/23
2022/23
£000
£000
£000
£000
Market value as at 1 April
63,101
63,240
59,441
61,015
Less: disposals at carrying value
(18,335)
(18,335)
(7,154)
(8,589)
Add: acquisitions at cost
17,081
17.081
11,603
11,603
Transfer from fxed assets (note 6)
-
-
-
Net gain/(loss) on revaluation
2,118
2,118
(789)
(789)
Market value as at 31 March
63,966
64,104
63,101
63,240		 7 Subsidiary companies (continued)
The results of the subsidiaries, and their assets and liabilities, are as follows:
Year ended 31 March 2024
Year ended 31 March 2023
RFC
RFC
RFC
RFC
RFC
RFC
RFC
RFC
Overage
Enterprises Recreation Developments
Overage Enterprises
Recreation Developments
Ltd
Ltd
Club Ltd
Ltd
Ltd
Ltd
Club Ltd
Ltd
£000
£000
£000
£000
£000
£000
£000
Turnover
0
2,645
538
2
2,345
444
3,285
Expenditure
-
(2,055)
(473)
(1)
(1)
(2,192)
(395)
(2,290)
Result for the year
-
590
65
2
(1)
153
49
995
Total assets
50
2,074
317
5
-
2,093
257
1,122
Total liabilities
(52)
(2,183)
(164)
(6)
(1)
(2,202)
(104)
(1,122)
Net funds at the end of the year
(2)
(109)
153
(1)
(1)
(109)
153
0
The charity's other subsidiary companies (see note 16) did not trade during 2023/24.
8 Analysis of investment portfolio
Group
Charity
Group
Charity
2023/24
2023/24
2022/23
2022/23
£000
£000
£000
£000
Market value as at 1 April
63,101
63,240
59,441
61,015
Less: disposals at carrying value
(18,335)
(18,335)
(7,154)
(8,589)
Add: acquisitions at cost
17,081
17.081
11,603
11,603
Transfer from fxed assets (note 6)
-
-
-
Net gain/(loss) on revaluation
2,118
2,118
(789)
(789)
Market value as at 31 March
63,966
64,104
63,101
63,240
Turnover
0
2,645
538
2
Expenditure
-
(2,055)
(473)
(1)
Result for the year
-
590
65
2
Total assets
50
2,074
317
5
Total liabilities
(52)
(2,183)
(164)
(6)
Net funds at the end of the year
(2)
(109)
153
(1)
The charity's other subsidiary companies (see note 16) did not trade during 2023/24.
8 Analysis of investment portfolio
Group
Charity
2023/24
2023/24
£000
£000
(1)
153
49
995
-
2,093
257
1,122
(1)
(2,202)
(104)
(1,122)
(1)
(109)
153
0
Group
Charity
2022/23
2022/23
£000
£000
59,441
61,015
(7,154)
(8,589)
11,603
11,603

-
-
(789)
(789)
Market value as at 1 April
Less: disposals at carrying value
Add: acquisitions at cost
Transfer from fxed assets (note 6)
Net gain/(loss) on revaluation
Market value as at 31 March		 63,101
63,240
(18,335)
(18,335)
17,081
17.081
-
2,118
2,118
63,966
64,104
63,101
63,240

8.1 Investments - market value at 31 March

Held
Held
2023/24
in UK
overseas
Total
£000
£000
£000		 Held
Held
2022/23
in UK
overseas
Total
£000
£000
£000
1,401
-
1,401
-
39
39
19,477
-
19,477
312
-
312
Investment properties
2,475
-
2,475
Investments portfolio
Investments listed on London Stock Exchange
39
39
Investments in common investment funds
20,042
20,042
Cash held within the investment portfolio
106
106
20,148
39
20,187
Social Investments
Mixed-motive investment (see note 8.2)
13,783
-
13,783
Programme-related investment (see note 8.3)
27,519
27,519
41,302
0
41,302
Total investments - group
63,925
39
63,964
Investments in subsidiary companies
139
0
139
Programme-related investment (see note 8.3)
-
-
Total investments - charity
64,065
39
64,104
8.2 Mixed-motive investment
Group
Charity
2023/24
2023/24
19,789
39
19,828
13,770
-
13,770
28,102
-
28,102
41,872
-
41,872
0
63,062
39
63,101
139
-
139
-
0
63,201
39
63,240
Group
Charity
2022/23
2022/23
£000
£000
13,770
13,770
-
-
-
-
Market value as at 1 April
Add: acquisitions at cost
Add: gain on revaluation
Market value as at 31 March		 £000
£000
13,783
13,783
-
-
-
-
13,783
13,783
13,770
13,770

Mixed-motive investments relate to a property used to help to fulfil the charity's charitable objectives as well as generating investment income. A Red Book valuation of that property, using a sector specific valuation toolkit (PodPlan), was performed during the 2020/21 financial year and resulted in a value of £13.8m.

EVERY. MOMENT. MATTERS.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2023-2024

64

65

Notes to the accounts for the year ended 31 March 2024 (continued)

8.3 Programme-related investments
Group Charity Group Charity
2023/24 2023/24 2022/23 2022/23
£000 £000 £000 £000
Market value as at 1 April
Transfer from fxed assets		 28,102 28,102 28,708 30,143
Management cost for the Pears Building (1,435)
development expense
Amortisation for theyear (583) (583) (606) (606)
Market value as at 31 March 27,519 27,519 28,102 28,102
Programme-related investments relate to the Pears Building, leased to third parties that are used to help to fulfl
the charity's charitable objectives.

8.4 Analysis of investment income

8.4 Analysis of investment income
Held Held 2023/24 Held Held 2022/23
in UK Overseas Total In UK Overseas Total
£000 £000 £000 £000 £000 £000
Investment properties 88 - 88 788 - 788
Mixed motive investment 57 - 57 665 - 665
Investments in common investment funds 697 - 697 337 - 337
Cash held outside the investmentportfolio 1,198 - 1,198 99 - 99
Total investment income 2,040 - 2,040 1,889 - 1,889

8.5 Details of material investment holdings

At the end of the financial year, the charity had one investment manager, Cazenove. Our investments held with M & G were sold within the year. Investments exceeding 5% of the respective manager's portfolio were:

Holding Value Value
2024 2023
£000 £000
M&G Charibond 6,415
Cazenove Majedie Asset Management UK Equity -
Charity Equity Value Fund 322
Findlay Park American Fund 250
UBS ETF - MSCI World Socially 691
Trojan Ethical Fund -
BlackRock iShares Developed World 728
Vanguard S & P 500 UCITS ETF 444
Neuberger Berman 266
Schroder Alpha 295
Sustainable Multi-Asset Fund 15,942
J P Morgan 4,207 5,056
Total 20,149 14,467

9 Analysis of debtors

Group
Charity
2024
2024
£000
£000		 Group
Charity
2023
2023
£000
£000
14
5
-
1,101
-
44
-
-
50
19,894
19,565
Prepayments
44
38
Due from subsidiary undertakings:
RFC Developments Ltd
-
RFC Recreation Club Ltd
19
RFC Enterprises Ltd
457
RFC Overage Ltd
52
Other debtors
3,530
3,111
Total debtors
3,574
3,678
19,908
20,764

In 2013/14, the charity made a loan of £500,000 to its subsidiary, RFC Developments Ltd, at a premium of 6% above base rate, regarding a major development project on the Royal Free Hospital site. The loan was increased to £1 million in January 2016. The completion of the development including successful resolution of snagging issues was finally agreed in March 2023. RFC Developments Ltd repaid £975k of the £1m loan by the end of March 2023 and the remaining balance of £25k in April 2023.

10 Analysis of creditors

10.1 Creditors falling due within one year

10 Analysis of creditors
10.1 Creditors falling due within one year
Group
Charity
2024
2024
£000
£000		 Group
Charity
2023
2023
£000
£000
20,753
19,595
0
0
0
0
1,598
814
696
21,566
21,890
Group
Charity
2023
2023
£000
£000
-
-
-
-
-
-
Grant and other accruals
14,776
12,443
Due to subsidiary undertaking - RFC Developments Ltd
0
Due to subsidiary undertaking - RFC Enterprises Ltd
0
0
Intercompany with RFC Enterprises Ltd
0
1,571
Other creditors
245
245
Total creditors falling due within oneyear
15,021
14,258
10.2 Creditors falling due after more than one year
Group
Charity
2024
2024
£000
£000
Grant accrual
Other creditors
-
-
Total creditors falling due after more than one year
-
-

8.6 Gains/losses on investments

The 2023/24 net gain of £1,143k relates to the realised/unrealised gain on investment in common investment funds.

EVERY. MOMENT. MATTERS.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2023-2024

67

66

Notes to the accounts for the year ended 31 March 2024 (continued)

11 Analysis of material funds

11.1 Unrestricted funds

11 Analysis of material funds
11.1 Unrestricted funds
2023/24 2022/23
£000 £000
Designated funds:
'Friends' Fund - transferred from the formerly separate charity, 16
15
Friends of the Royal Free Hospital
Departmental funds - Royal Free Hospital*
Clinical biochemistry 450 837
HIV/AIDS 1,327 1,369
Infammation services: amyloidosis 901 784
Haematology: training, research and patient welfare 629 816
Simulation centre 258 242
Nuclear medicine 428 429
RFC medical equipment fund 320 0
Others 6,983 8,503
Total designated funds 11,313 12,994
Othergeneral funds(undesignated) 68,498 67,636
Total unrestricted funds 79,811 80,630

*These funds derive from donations and legacies made by grateful patients and their relatives over many years and are under the day-to-day control of fundholders in specific areas of the Royal Free London NHS Foundation Trust (cardiac, renal, etc) for use on appropriate projects as they arise.

11.2 Restricted funds

11.2 Restricted funds
Restricted funds 2023/2024 Opening Income Expenditure Restricted Gains Closing
balance transfers (loss) balance
£000 £000 £000 £000 £000 £000
Trust infrastructure fund 12,000 - - (120) 11,880
RFL fund 8,610 1,170 (1,048) (613) 8,119
Patient experience funds
Staf experience funds		 -
-		 -
-		 -
-		 -
-		 -
-
Restricted grants 545 434 (187) (234) 559
NAC capital fund 3,486 3,944 (1,224) - 6,207
Peter Costin Memorial 572 - (18) (10) 544
St Peter's Trust 222 33 (88) - 168
Kitty Cookson Memorial 109 - (109) - -
J F Moorhead 2,058 263 (32) - 2,289
Dr Janet Owens Fellowship 350 - (75) - 275
Total restricted funds 27,953 5,845 (2,780) (977) 0 30,041
Restricted grants consist of individual funds, which are kept under one fund.
The funds are distributed as per the contractual terms and conditions. .
Restricted funds 2022/2023 Opening Income Expenditure Restricted Gains Closing
balance transfers (loss) balance
£000 £000 £000 £000 £000 £000
Trust infrastructure fund - 12,000 - - 12,000
RFL fund 16,000 (7,390) 8,610
Patient experience funds
Staf experience funds		 20
13		 (20)
(13)		 -
-
Restricted grants 257 363 (681) 607 545
NAC capital fund 3,563 (77) 3,486
Peter Costin Memorial 572 - - 572
St Peter's Trust 218 130 (125) 222
Kitty Cookson Memorial 112 - (3) 109
J F Moorhead 2,143 (33) (51) 2,058
Dr Janet Owens Fellowship 564 (215) 350
Total restricted funds 19,866 16,089 (8,524) 574 (51) 27,953

11.3 Details of the restricted funds

RFL infrastructure fund To fund clinical infrastructure improvements RFL fund To fund various projects and contribute to development of cancer centre Patient experience funds To fund enhancement of experience of NHS patients Staff experience funds To fund enhancement of experience of NHS staff Capital appeal To fund the construction of the Pears Building NHS Charities Together community partnership To fund a number of local community projects Restricted grants To fund individual projects as described in the contracts Peter Costin Memorial To provide bursaries to medical students St Peter's Trust To support kidney, bladder and prostate research Kitty Cookson Memorial To support an oncology fellowship J F Moorhead To support renal research Dr Janet Owens Fellowship To support research into Parkinson's disease

12 Contingent liabilities

There were no contingent liabilities at either 31 March 2024 or 31 March 2023.

13 Post-balance sheet events

On 1st May 2024, the charity merged with the North Middlesex University Hospital Charity. This involved taking on one full-time staff member and £532,000 of cash and assets.

14 Trustees and connected persons transactions

No trustee or member of the key management staff, or person related to them, undertook any material transactions with the charity in either 2023/24 or 2022/23.

Judy Dewinter (trustee) was reimbursed travel and subsistence expenses for £562.12 (£413 in 2022/23).

Trustees of the charity (and their families) made donations to the charity totalling £373,395.

15 Related party interests

RFL trustees of the charity: Caroline Clarke, group chief executive (until April 2023); Julie Hamilton, group chief nurse (from April 2023); Peter Landstrom, group chief executive (from January 2024); Akta Raja, non-executive director; Dr Gillian Smith, group chief medical officer (from April 2023).

The charity has five subsidiary companies, in all of which it is sole shareholder, as follows:

RFC Recreation Club Ltd (company no 7686541):

Company directors and employees of the charity: Yusuf Firat, director of finance, property and operations (resigned 29 February 2024); Laura James, assistant director of innovation, (appointed 18 April 2023); Alison Kira, director of grants and services; Mark Tanton, head of property and operations (appointed 18 April 2023); Jenny Todd, assistant director of services (resigned 18 April 2023), are employed by the charity and are also company directors. Company director and charity trustee: Melanie Sherwood.

In 2023/24, RFC Recreation Club Ltd reimbursed the charity £250,850 in respect of staff salaries (2022/23: £220,659).

The company also made a gift aid donation to the charity of £65,473.40 (2022/23: £49,152).

The charity paid the company £nil (2022/23: £nil) in respect of the use of facilities. None of this was outstanding at 31 March 2024.

The intercompany balance at year end owed to the Charity was £19,444.53 (2022/23: £130.02)

EVERY. MOMENT. MATTERS.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2023-2024

68

69

Notes to the accounts for the year ended 31 March 2024 (continued)

15 Related party interests (continued)

RFC Developments Ltd (company no 8729267):

Company director and employee of the charity: Jonathan Spiers, charity chief executive. Company director and trustee: Judy Dewinter (appointed 6 April 2023).

In 2023/24, the transactions between RFC Developments Ltd and the charity were:

There were no costs and build services by the charity from RFC Developments Ltd in 2023/24 (2022/23: £3,285,475). £nil was due to RFC Developments Ltd at 31 March 2024 (2022/23: £918,847).

The remaining £25,000 of the historic £1m loan from the charity to RFC Developments Ltd was repaid in April 2023 (see note 10). RFC Developments Ltd was charged £nil interest (2022/23: £62,141).

Provision of administrative services by the charity to RFC Developments Ltd - RFC Developments Ltd was charged £nil (2022/23: £12,000).

During the year RFC Developments Ltd made a gift aid distribution of £nil to the charity (2022/23: £995,147).

RFC Enterprises Ltd (company no 8729268):

Company director and charity trustee: Judy Dewinter. Company director and employee of the charity: Jonathan Spiers, chief executive.

In 2023/24, the transactions between RFC Enterprises Ltd and the charity were:

The charity re-charged to RFC Enterprises Ltd total costs, net of VAT, of £543,458 (2023: £1,666,232) in respect of Pears Building expenditure paid on the company's behalf. At the year-end £nil (2023: £nil) was owed to the charity by RFC Enterprises Ltd.

RFC Enterprises Ltd charged the charity £1,555,288 (2023: £2,687,963) in respect of services provided at the Pears Building.

At the year-end the charity owed £1,571,031 (2023: £1,597,549) to RFC Enterprises Ltd. RFC Enterprises Ltd also owed £457,136 (2023: £nil) to the charity.

During the year RFC Enterprises Ltd made a gift aid distribution of £589,465 to the charity (2022/23: £nil).

RFC Properties Ltd (company no 10609331):

There were no transactions between the charity and the subsidiary during 2023/24 (2023: none).

There were no outstanding balances from either party at 31 March 2024 (31 March 2023: none).

RFC Overage Ltd (company no 10699295):

Company directors and charity employees: Jonathan Spiers, chief executive; and Yusuf Firat, director of finance, property and operations (resigned 29 February 2024).

The charity loan balance of £50,000 to the subsidiary remains in 2023/24 (2023: £50,000). The subsidiary owes £50,000 to the charity for the rights of a sold property (2023: £50,000).

There were outstanding balances between both parties for £51,620 at 31 March 2024 (31 March 2023: £50,000).

16 Operating leases

At the reporting date, the charity had outstanding minimum future payments in respect of non-cancellable operating leases, which fall due as follows:

2023/23 2022/23 £000 £000 Due in less than a year - - Due in 1-2 years - - Due in 2-5 years - -

17 Members' liability

The charitable company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the charitable company on winding up, such amounts as may be required not exceeding £1.

EVERY. MOMENT. MATTERS.

70

Our trustees

Judy Dewinter Chair of Trustees Akta Raja Vice-Chair of Trustees (resigned 30 September 2024) Russell Brooks Caroline Clarke (resigned 1 January 2024) Nicola Grinstead (resigned 11 June 2023) Oritseweyinmi Guate (appointed 28 January 2023, resigned 24 November 2023) Julie Hamilton (appointed 3 April 2023) Valerie Jolliff e (appointed 28 January 2023) Peter Landstrom (appointed 2 January 2024) Michael Luck (retired 1 January 2024) Simon Lyons (appointed 28 January 2023) Avani Metha Brown (appointed 12 March 2024) Katie Morrison Nnenna Osuji (appointed 21 May 2024, resigned 28 January 2025) Melanie Sherwood Gillian Smith (appointed 3 April 2023) Chris Streather (retired 31 March 2023) Alistair Summers (retired 22 March 2024)

Senior leadership team

Jon Spiers

Chief Executive Robin Meltzer Deputy Chief Executive, Director of Engagement and Communications Paul Stein Executive Director of Fundraising David Cheesman Interim Director of Strategy (appointed May 2023) Alison Kira Director of Grants and Services Sharron Grant Director of Human Resources Laura James Interim Assistant Director of Services (maternity cover from February 2022 to February 2023); Assistant Director of Innovation (appointed February 2023) Jenny Todd Assistant Director of Services (on maternity leave until February 2023) Yusuf Firat Director of Finance, Property and Operations and Company Secretary

Professional advisors

BANKERS

Lloyds Bank PLC 140 Camden High Street London NW1 0NG

Handelsbanken

2nd Floor 6A Hampstead High Street London NW3 1PR

INVESTMENT MANAGERS

Cazenove Capital Management 1 London Wall Place London EC2Y 5AU

M&G Investments 10 Fenchurch Avenue London EC3M 5AG

AUDITORS Crowe UK LLP R+ Building 2 Blagrave Street Reading RG1 1AZ

SOLICITORS AND LEGACY ADVISERS Withers LLP 20 Old Bailey London EC4M 7AN

----- Start of picture text -----
Thank you
On behalf of the staff and patients of the
Royal Free London NHS Foundation Trust
and everyone at the Royal Free Charity,
we off er our heartfelt thanks to all our
supporters, including those who choose to
give anonymously. Our generous network
has raised funds, increased awareness of our
charity and enabled us to respond fl exibly to
the evolving needs of our hospitals, patients
and staff during the past year.
Michael Abraham and family
Aja Aguirre
In memory of Dita Athanassoulia
Barnet & District Cancerlink
Biss Davies Charitable Trust
Pat Bonner
The Cecil Rosen Foundation
Robert de Segundo
Fairview New Homes Limited
Antonia and Charles Filmer, and all those who
supported the Miranda Filmer Fund
Garfi eld Weston Foundation
Golden Bottle Trust
Goldman Sachs Gives
Heathside Charitable Trust
Family and friends of Ian Lauderdale
Family and friends of Jeanie McAfee Jones
NHS Charities Together
Pears Foundation
R S Hoff man
Legends Tour
The Mahboubian Family
In memory of Roger Mills
Jeff rey Modell Foundation
Kate O'Neill
Pembridge Hall School
The Rose Family
Tania Shaw
Susie and Ben Whitmore
Patrons
The Bloom Foundation
Judy and Paul Dewinter
Sally and Steven Dyson
David Edwards
Gemma and Simon Lyons
Peter Oppenheimer and Joanna Myers
Elizabeth and Daniel Peltz
Rob and Claire Randall
Nina and Roy Sandler
Noam and Ruth Tamir
----- End of picture text -----

Design: Adam Brown_01.02 Photography: Gianluca Fontana Printed by Pureprint

72

royalfreecharity.org @royalfreecharity RoyalFreeCharity E info@royalfreecharity.org Charity no. 1165672 Company registration no. 09987907