2023-03-31-accounts

Trustees’ Annual Report and Accounts 1 April 2022 – 31 March 2023

Company limited by guarantee registered in England and Wales No 10410134

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Contents

Foreword	3
About CW+	4
Achievements, performance and impact	4-10
The year ahead	11-13
Financial review	14
Policies and procedures	15-18
Structure, governance and management	19-20
Reference and administrative details	21
Statement of Trustees’ responsibilities	22-23
Independent auditor’s report	24-28
Statement of fnancial activities	29
Balance sheet	30
Statement of cash fows	31
Notes to the accounts	32-47

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Foreword

Welcome to our 2022/23 Annual Report and Accounts. Its publication marks the end of another busy year for CW+, but also the end of a chapter as we wind down one set of priorities and look ahead to exciting new opportunities and challenges.

As we launched our last strategic plan in early 2020, the healthcare landscape was beginning to feel the seismic effects of a global pandemic that propelled all of us into uncharted territory. As we now begin to implement our 2023-26 strategic plan, the challenges faced by our hospital colleagues – and the NHS more widely – are still significant, but they have moved on from those we faced collectively at the height of COVID-19.

Chelsea and Westminster Hospital NHS Foundation Trust, which comprises Chelsea and Westminster Hospital, West Middlesex University Hospital and a range of community-based clinics, is already tackling these challenges head on. Our role is not only to continue to support it in delivering outstanding care for patients today, but actively to design and seek out innovative solutions to future challenges. We remain one of the leading Trusts in the country, and this is testament to the NHS colleagues we are so proud to work alongside.

Over the past year we have once again been overwhelmed by the generosity of our community, which remains committed to supporting our patients, families and staff. This generosity has enabled us to deliver a number of new and exciting projects, some of which are highlighted in the pages that follow.

During 2022/23 we also consolidated our CW+ workforce, backfilling empty positions and creating several new ones, and put in place the building blocks to launch Thirty at Thirty, our most ambitious fundraising campaign to date.

As a result of this campaign – and many more innovative and transformational projects – the year ahead promises to be a busy and exciting one. At this pivotal point in our evolution, we look forward to meeting the challenges ahead and working with our Trust to create an outstanding health and care environment for our patients, staff and community.

We would like to extend our sincere thanks to all the supporters, partners and friends who make our work possible.

Tony Bourne Chairman

Chris Chaney Chief Executive

Tuesday 19 September 2023

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About CW+

Our vision is to enable every patient to receive outstanding care, in Chelsea and Westminster Hospital NHS Foundation Trust’s community of more than a million people and beyond.

Our mission is to work with our Trust to create world-class facilities, drive innovation and research, and enhance patient and staff wellbeing. Using our expertise in partnership building, arts in health and healthcare innovation, we develop creative solutions to support an evolving NHS.

Our work would not be possible without the wonderful generosity of our supporters, to whom we are immensely grateful.

Achievements, performance and impact

The report section to follow highlights some of the achievements over the past year across all areas of our work: fundraising, patient environment and experience (incorporating our Arts in Health and Arts for All programmes), Best For You, CW Innovation, grants, HIV and sexual health, Neonatal Palliative Care and Digital Inclusion.

Fundraising

CW+ aims to be the principal provider and coordinator of capital and revenue fundraising for the Trust. Our goal is to generate over £6m per year in fundraised income at a 5:1 income-tocost ratio. We came close to achieving this goal in the final year of our threeyear strategy, having raised a total of £5.4m at a 5:1 ratio.

In 2022/23 we continued to focus on fundraising for our Best For You programme. Thanks to the unwavering support of our generous donors, we have secured more than £6.5m in gifts and pledges since the appeal began.

In addition, we were delighted to receive legacy gifts totalling £474,000 in the year, as well as a transformational pledge of £1,905,000 from the Khoo Teck Puat UK Foundation, and grant instalments from NHS Charities Together of £542,000.

We have also raised funds to support our Arts in Health and Grants programmes, as well as projects supporting our community, our region and the national care agenda, which include our Innovation, Digital Inclusion and Neonatal Palliative Care programmes.

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We would like to extend our thanks to all those who have supported us throughout the past year, without whom our work would not be possible.

Patient environment and experience

Our award-winning CW+ Arts in Health programme encompasses visual art, participatory workshops and performances, film screenings at the CW+ MediCinema, and a design and environment programme that enhances clinical and non-clinical spaces, reducing stress and anxiety for patients and staff and improving wellbeing and outcomes. The charity also continues to support several research projects exploring the impact of arts in health.

Significant improvements to the design and environment in both hospitals have been made this year, including new artwork commissions and installations, enhancements at Chelsea and Westminster’s Paediatric Ambulatory Care Clinic, and a new playroom in the Cheyne Child Development Service.

Illustrator and printmaker Melissa North created artworks for the Nell Gwynne Ward

Activities that took place as part of the CW+ Arts for All programme included lunchtime performances and Pets as Therapy volunteers at both hospital sites. Music and dance continued to feature prominently throughout the year, with visits from community partners including the Royal Academy of Music, Opera Holland Park and the English National Ballet School.

The bespoke, multifunctional CW+ Studio also ran a full timetable of activities for the benefit of patients, staff and community groups, including collaborations with our Arts for All artists, Age UK, Sing Out London and Macmillan.

In April, the charity unveiled a new exhibition – NHS 70th Anniversary Print Portfolio – on the ground floor of Chelsea and Westminster Hospital. The display celebrated 70 years of the NHS and the vital role it plays in people’s lives.

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The Heritage Exhibition, which celebrates the 100th birthday of West Middlesex University Hospital, opened in July. Former and current hospital staff and local residents came to celebrate. In the same month, photographer Ejatu Shaw began her residency at the hospital. Her work, which captures the sense of family at West Mid, is now on display in the main atrium as part of the wider heritage project.

Left: Ejatu Shaw’s images capture and celebrate the workforce at West Middlesex

Best For You

Best For You is a new approach to mental health care designed for – and in consultation with – young

people and their families. It is run in partnership by Central and North West London NHS Foundation Trust, Chelsea and Westminster Hospital NHS Foundation Trust, West London NHS Trust, and CW+. It is being evaluated by academic experts at Imperial College.

Over the course of 2022/23, Best For You reached 50,000 people through its website. It has recruited a network of more than 70 local and national delivery partners and secured £6.5m towards its £8m fundraising target.

CW+ has partnered with YouTube, which is supporting the creation of 20 videos (and 20 YouTube Shorts). Videos released so far cover topics including anxiety, depression and schizophrenia. Young people have been involved in the development of these videos in a variety of ways, from helping us identify animators and animation styles to sharing their experiences and perspectives.

Plans are also underway for a new day service opening in late 2023. Run by Central and North West London NHS Foundation Trust, it will treat some of the most acutely unwell young people in north-west London, reducing unnecessary inpatient admissions and supporting young people to recover in the community, supported by friends and family.

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CW Innovation

Led jointly by CW+ and Chelsea and Westminster Hospital NHS Foundation Trust, CW Innovation paves the way for new ideas – and new ways of using existing ideas – that will improve patient care, patient experience and the way our hospitals and clinics are run.

In 2022/23, the CW Innovation programme went from strength to strength. Its growing portfolio of innovative solutions and models of care has generated national recognition for the Trust as an emerging leader in innovation and an early adopter and designer of transformative, nextgeneration services and care tools. We celebrated three years of CW Innovation in September with an Anniversary Expo that brought together partner groups and showcased projects from our flagship programme.

This year’s project highlights included the successful pilot of a virtual reality

Kiin uses VR in EDI training

(VR) technology to provide immersive learning experiences for staff in equality, diversity and inclusion (EDI) training in partnership with leading VR company Kiin; and extending our use of mixed reality Microsoft HoloLens glasses, which are used by consultants and facilitators to teach medical students. Both of these began as RADICAL-funded projects.

At the Trust’s Staff Awards in

September, our special CW Innovation Award was presented to Dr Lucy Thomas (right) for her pioneering work with Skin Analytics.

In early 2023, we hosted the first two CW Innovation New Horizons roadshow events, one at each hospital site, to help Trust staff learn more about the CW Innovation programme and how it can provide the funding, business support and test-and-scale environment to make their ideas a reality.

The first year of the Horizon Fellowship

Programme, run by CW Innovation in partnership with DigitalHealth.London, came to a conclusion in February. A showcase event was held at Chelsea and Westminster Hospital to celebrate the achievements and learnings of the first cohort of Fellows and discuss the importance of digital innovation in healthcare.

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Other CW Innovation projects this year include:

• establishing a portfolio of virtual wards across the Trust, supporting patients with heart failure, chronic obstructive pulmonary disease, atrial fibrillation, hyperemesis and frailty

• continuing our work with DBm-Health – a mobile app co-developed with our partner Sensyne – to include the monitoring of patients at high risk of steroid-induced hyperglycaemia

• the launch of a brand-new version of the award-winning Hand Therapy app, which provides patients with treatment information and a therapist-tailored exercise programme to aid recovery from hand and wrist injuries.

• working with Skin Analytics to establish and bring into service an AIsupported teledermatology service

• successfully deploying Concentric e-consenting technology for patients on surgical pathways, which avoids the risks and inefficiencies of paper-based consent processes and allows patients to share their consent journey with their families

• launching Project Eirene, which uses a Smileyscope virtual reality (VR) headset to support people who experience loss during the early stages of pregnancy. It provides an alternative to pain relief during gynaecological procedures, reducing pain and decreasing stress

We have also expanded the team working on innovation, to enable us to deliver more innovative projects and partnerships, both at our Trust and throughout north-west London.

Grants

The CW+ grants programme awards funding to Trust staff for a wide range of projects, ranging from ‘quick fixes’ that help to improve patient experience and care to large-scale service development and transformation projects.

Up to £100,000 is available for any single major project, which in 2022 included the expansion of the Burns Laser Service, and the creation of a new role for a Specialist Palliative Care and End of Life Care Clinical Fellow.

RADICAL (Rapid Adoption Digital Innovation Call), in partnership with the Rosetrees Trust and Kusuma Trust, took place for the second consecutive year. The winner was Hospital at Home, which builds on the development of virtual wards to enable more people to be cared for at home. The winner of the annual Nurses, Midwives and Allied Health Professionals Call was a proposal to enhance the Haematology/Oncology Day Unit at West Middlesex University Hospital with digital screen intervention and artworks.

The first-ever Green Funding Call, for projects that help deliver the Trust’s Sustainability Plan, will fund a pilot to allow operating rooms to capture 99% of anaesthetic gases, thereby reducing carbon footprint.

Alongside these large-scale projects, CW+ awarded more than £63,000 in small grants to staff across the Trust for applications including a baby food blender for a paediatric ward and a mobile ophthalmoscope and otoscope for use with

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neurological patients; and more than £19,000 in grants for staff training and wellbeing. Staff seeking support for postgraduate education or research projects were invited to apply for a grant via the annual Joint Research Committee, which is jointly funded by CW+ and the Westminster Medical School.

As part of its grants programme, the charity also funds the Trust Volunteer Service, which provides invaluable support every day to our staff and patients. This year, the service launched a new end-of-life care volunteering scheme. Eight specialist Butterfly Volunteers have begun working alongside the ward teams and Palliative Care Team at West Middlesex University Hospital.

Grants and charitable programme funding (including support costs) totalling £3.3m was made during the 2022/23 period. A breakdown of funding is shown in note 3.1 to the accounts.

HIV and sexual health

CW+ continued to support the Trust’s HIV and sexual health services and successfully applied for various funding opportunities throughout the year, as well as awarding grants to a variety of projects.

The charity supported HIV PrEP Awareness Week 2022; Desi POV, a project designed to remove barriers to healthcare, improve understanding of sexual risk and enhance sexual health and wellbeing among South Asian people in the UK; Project Respond, a patient study into the effects of COVID-19 in ethnically diverse and ethnic minority women living with HIV; and Project BootCamp, a programme of health, wellbeing and practical support for trans women living in London.

The first of two conferences brought together leading HIV practitioners from around the world to discuss a new era in HIV. The second focused on supporting the professional development of HIV and sexual health clinicians from across the UK.

Neonatal Palliative Care

The Neonatal Palliative Care programme is jointly funded by CW+, the True Colours Trust and Chelsea and Westminster Hospital NHS Foundation Trust. It gives neonatal healthcare professionals the skills, support, and resources they need to ensure that babies and their families receive the best possible care at an incredibly challenging time. The programme was rolled out nationally in 2021.

During 2022/23 we ramped up the provision of essential training and support for professionals working in this vital area. We are delighted with the number of professionals who have attended our training sessions, which is testament to the very real need for support, information and training for neonatal healthcare professionals.

Digital inclusion

Our Digital Inclusion programme, funded by NHS Charities Together, has developed and grown this year. The programme involves CW+ leading

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partnerships with three north-west London organisations providing equitable digital access to health, care and community resources. Originally aimed at people shielding from COVID-19, the Digital Inclusion programme is now available to any socially isolated individuals.

Special funds

In addition to specific appeals and projects, CW+ also holds special purpose funds to support a range of activities across the Trust. These are detailed in notes 10.1 and 10.3. CW+ awarded £365,000 from these funds in 2022/23. These supported a wide range of activities, including staff and patient welfare, medical equipment, education and training. Fund advisers, who are hospital specialists in the relevant fields, advise CW+ on the best use of the funds.

Ensuring we have resources to meet our aims

Our goal is to have maintained our asset base represented by our long-term capital fund to support CW+ programmes and its workforce.

The financial strategy and investment policy continue to deliver a sound asset base to generate the resources to enable the delivery of our key strategic workstreams:

• An excellent and productive fundraising team

• A unique Arts in Health programme to transform the experience and wellbeing of our patients

• The sum of £500,000 per annum to invest in discretionary grants

• The CW Innovation programme

Development and investment in resources

Constitution and governance

Key to our success is the goal to develop and embed new governance procedures for CW+ in our partnership with the Trust. Since 1 January 2017, when CW+ became a newly constituted charity independent of the Department of Health, our constitution, Trustee Board representation and positioning as the Trust’s official charity have helped to successfully coordinate our objectives, outputs and communications in true partnership with the Trust.

Investment in new and existing staff

During the year, we have invested in new staff members to deliver our ambitions. We have recruited a new Director of Communications and Marketing to developing effective messaging and communication strategies, a Grants Manager to run our grants programme, and a Head of Impact and Innovation to evaluate outcomes.

We have formalised a hybrid model of working in the office and remotely.

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The year ahead

2023-26 strategic plan

In the 2023/24 financial year we will begin to implement our new 2023-26 strategic plan, focusing on four key themes – creating world-class facilities; driving innovation and research; enhancing patient and staff wellbeing; and supporting our community, our region and the national care agenda. Each area focuses on two key questions: where can we draw on our unique skills and expertise as a charity to add value, and where can we work with our Trust to test and scale innovations and new ways of working that may resonate way beyond our immediate community.

The strategy is underpinned by a series of team-specific operational plans that outline the details of implementation and provide metrics for evaluation.

Fundraising: Thirty at Thirty

May 2023 sees the launch of our most ambitious fundraising campaign to date, to coincide with the 30th birthday of Chelsea and Westminster Hospital. Over the next three years, Thirty at Thirty aims to raise £30m at an income-to-cost ratio of at least 5:1, enabling us to deliver across the themes outlined above.

Best For You

We look forward to expanding our community partnerships to offer mental health support for young people in more locations which they frequent.

We will develop the digital platform further to offer young people, their families and professionals advice, support, signposting and information about mental health. The platform will also provide young people with a resource of engaging, relatable and supportive content to offer support and reassurance about mental health and challenges young people face today.

We will celebrate a huge project milestone with the opening of our brand-new day service, which will provide a specially designed environment for young people and their families to access support following inpatient treatment.

We will also continue developing our plans and raising funds for the creation of a Young People’s Rapid Assessment Unit at Chelsea and Westminster Hospital that will integrate, for the first time, physical medical care with mental health care to quickly and seamlessly assess, transfer and treat young people.

As one of YouTube’s UK Health Partners we will continue working towards our target of 40 videos (including 20 YouTube Shorts) on a range of priority mental health conditions.

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Arts in Health

We will continue to refine and develop our award-winning Arts in Health programme to ensure that it is consistently relevant in the current climate for our patients, visitors, staff and local community.

Drawing on consultations with key stakeholders, Arts for All will focus on more quantifiable clinical outcomes and the Trust’s strategic priorities. The aims of the programme will be:

• to significantly and positively contribute to patients’ physical and psychological wellbeing through engagement with the arts, and to evidence this impact through robust methods of evaluation

• to support staff wellbeing and retention by providing opportunities for engagement with the arts programme

• to effectively use resources such as the CW+ Studio and CW+ MediCinema for patients and local community groups

• to make a significant contribution to the development of arts in health practice nationally and internationally

We are also working with the Trust on two new world-class facilities for surgery and diagnostics: a new, larger Treatment Centre at Chelsea and Westminster Hospital that will improve efficiency and support swift recovery, and an Ambulatory Diagnostic Centre at West Middlesex University Hospital – the Trust’s first standalone major capital project – which will house oncology, renal and dialysis treatment, monitoring and diagnostics, as well as a new education and training facility.

CW Innovation

Research and innovation will continue to form a key part of our work, ensuring that our Trust remains at the forefront of delivering the best possible care to patients, and supporting its world-class workforce to develop and thrive.

We will look to build on the success of the CW Innovation programme and deliver more innovative projects and partnerships, both at our Trust and throughout north-west London. Following on from the success of the inaugural Horizon Fellowship Programme, we will recruit a second cohort of innovators, incorporating learnings from the first cohort.

There are also plans to create an Ideas Hub in Chelsea and Westminster Hospital, a dedicated space for our expanded team, clinicians and external partners to develop innovative projects, further establishing the Trust as a leader in health innovation. Our partnership with DigitalHealth.London will also continue.

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Grants

Plans for the coming year include increasing our efforts to engage with all patient-facing staff, from HCAs to senior consultants, making funding quicker and easier to access. Focused grants calls, including our Nurses, Midwives and Allied Health Professionals Call, will target different staff groups and themes. We will evaluate the impact of all grants over £2,000, and will follow up all small grants with feedback surveys.

We will also complete the NHS Charities Together Stage 2 Community Partnership Grants programme and provide an expert independent evaluation of its outcomes.

HIV and sexual health

We will continue to expand our Global HIV exchange and networking programme, which welcomes clinicians from across the globe to learn from our world-renowned HIV care, research and innovation. Alongside our existing conference programme in the UK, we hope to hold a Women and HIV conference.

We will also support the aspirations of the Trust’s research team to expand the current Clinical Research Facility at the St Stephen’s Centre and add a further three centres at Dean Street, Hammersmith and West Middlesex. Further projects will focus on reducing stigma.

National care agenda

There is a growing need in the NHS for trusts to collaborate and share learning and best practice, both regionally and nationally. CW+ has already adopted this approach with Best For You and our Innovation, Digital Inclusion and Neonatal Palliative Care programmes, all of which reach further than the immediate geography of our Trust. Over the coming year, we plan to start building on these successes by supporting neighbouring trusts and national programmes wherever we can add value, expertise and leadership.

We will be announcing a national programme in partnership with NHS England and NHS Charities Together, capitalising on the successful adoption of volunteering across the NHS during the COVID-19 pandemic. CW+ will administer the grant process for a programme of pilot projects across the country to test and, where appropriate, scale volunteering in healthcare settings. With our partners we will then manage the governance, reporting and evaluation of the work.

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Financial review

Total income for year ended 31 March 2023 was £6.2m (2022: £6.2m) and represented another successful year for the charity. £5.4m of this income was from donors, including £474,000 from legacies. In 2022, CW+ income included a gift of a freehold property worth £1.8m, which was sold in the current year. Investment income for the year ended 31 March 2023 was £751,000 (year ended 31 March 2022: £436,000). This was boosted by the income from a new lease on one of the charity’s freehold properties. Net losses on investment assets amounted to £599,000 (£1.7m gain in the year ended 31 March 2022).

Fundraising costs were £1.1m for the year ended 31 March 2023 (year ended 31 March 2022: £978,000).

Charitable activities are divided between Best For You, our Grants and Innovation programmes and our Art and Design programme. In the year ended 31 March 2023, expenditure on Grants Payable including support costs was £3.3m (year ended 31 March 2022: £3.5m).

Included in the above are Best For You delivery costs of £352,000 (year ended 31 March 2022: £307,000) and CW Innovation delivery costs of £380,000 (year ended 31 March 2022: £304,000).

Art and Design funding totalled £1.0m (£1.3m in 2022).

Support costs, including governance, for the year ended 31 March 2023 were £750,000 (year ended 31 March 2022: £564,000), a rise of circa 33% on the previous year. These costs are apportioned against the area of activity to which they related and are therefore included in the figures quoted above. CW+ continues to be satisfied that such costs are being appropriately controlled.

Total charity funds were £45.0m at 31 March 2023 (£44.9m at 31 March 2022). £4.8m (2022: £3.4m) is held in restricted funds.

After designations, Free Reserves stood at £1.8m at 31 March 2023 (31 March 2022: £1.6m).

Investment performance

The return on the portfolio for the year ended 31 March 2023 was -1.6%. This return was driven by general market weakness (MSCI World Index -0.69%). In the longer term, over the 13 years since inception of the current investment strategy, the annualised return to 31 March 2023 of the total portfolio was 7.9%, ahead of the long-term target of 7.4% (a target of 4.5% plus inflation).

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Policies and procedures

Fundraising Policy

Our approach to fundraising rests on positive supporter engagement in order to attract, steward and maintain support, while respecting the wishes of our donors. To help us achieve this, we store and segment supporter information using the Donorfy Customer Relationship Management database.

The charity is registered with the Fundraising Regulator and contributes to the Fundraising Regulator Levy on fundraising charities. We adhere to the Fundraising Regulator’s Code of Practice and to Charity Commission guidance. Trustees are aware of the Commission’s six fundraising principles and ensure adherence by charity staff:

1. Planning effectively

2. Supervising your fundraisers

3. Protecting your charity’s reputation, money and other assets

4. Identifying and ensuring compliance with laws and regulations

5. Identifying and following recognised standards

6. Being open and accountable

Trustees and staff are aware of the need to protect the public, and especially vulnerable people; hence no cold calls, telephone or street fundraising is carried out, and no inducements are made to staff or volunteers. No professional fundraisers or commercial participators carried out any fundraising activities on behalf of the charity.

The charity has a Fundraising Governance Committee, which reports directly to the Board of Trustees. The committee meets quarterly and its remit includes (but is not limited to) considering, approving, recommending, deferring or declining offers of grants or donations of £100,000 or above. The committee ensures all fundraising activity complies with the charity’s fundraising policies and wider aforementioned legislation.

Failures to comply with the Code of Practice will be reported to the Fundraising Regulator if they occur, as will complaints, for which there is guidance for the public on our website and an internal process to follow if any are received. There have been no complaints nor any recorded failures to comply with fundraising standards in the last financial year, nor since the Fundraising Regulator was introduced.

Our privacy policy covers how we use our donors’ data and provides opportunities for all donors to opt out of contact with us or make a complaint at any point.

We provide website links to our privacy policy on fundraising materials, including leaflets, ward donation forms and electronic newsletters, which are sent using MailChimp®.

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Risk Management Policy

In order to meet their obligations for risk management in relation to the charity, the Trustees have adopted a framework under which they identify and monitor risks. The charity carries out a formal risk assessment, resulting in the preparation of a detailed risk register. The procedures consist of the following:

• Development of a clear link between the Trustees’ business plan, objects of CW+ and the identification of risks

• Preparation of an impact analysis if risks are identified

• Quarterly review of existing and proposed business activities to ensure that new risks are identified, and that existing documented risks are revised or removed if no longer appropriate

Using this process, the Trustees have carefully examined the major strategic and operational risks faced by the charity.

These are as follows:

• The principal risk is maintaining and protecting the value in real terms of its long-term capital funds. There are calls on long-term capital to provide for the current needs of the hospital. The Trustees need to carefully balance these needs with the needs of future generations. This risk is managed by developing a clear long-term investment policy with the advice of expert investment consultants Cambridge Associates, with regular monitoring through the Finance and Investment Committee, which meets quarterly. The portfolio is structured to help it withstand economic and market shocks by incorporating significant asset allocations to absolute return strategies and bonds.

• The charity’s current flagship programme is Best for You, a child and adolescent mental health programme. The project is complex, working with a number of NHS and other external partners. The project encompasses a digital and community programme as well as major capital elements including a new day service and a new Adolescent Unit at Chelsea and Westminster Hospital. The Project is the subject of a major fundraising appeal to finance.

• A major appeal of this nature will rely on the careful identification of financial supporters and their generosity. The capital elements of the appeal are still in the planning stage and there is a risk that the increasing inflation and construction costs will put financial pressure on the programme. In order to control the risk, the charity has a dedicated executive team in place to manage the programme and a governance structure incorporating all partners with review committees managing different project strands. The Trustees have established funding ‘gateways’ that must be reached before major project elements of the programme commence to ensure sufficient funds will be available.

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Grants and Distribution Policy

Grant applications and other awards of up to £250,000 each are considered at the Grants Committee. Larger awards are considered by the Board of Trustees. The Trustees have agreed to proactively focus on the initiatives described in this report. These are in the long-term interests of the hospital’s beneficiaries – the patients.

Reserves Policy

The charity normally plans the distribution or designation of all its free reserves through its charitable activities. It therefore does not plan the long-term retention of undesignated free reserves. Free reserves stand at £1.8m at 31 March 2023 (31 March 2022: £1.6m). This reflects the sale proceeds from the receipt of an unrestricted £1.8m property gift.

Unrestricted funds:

The charity holds £40.2m in unrestricted funds. It has designated the majority of these for different purposes. The breakdown and projected timescales for application of these funds is shown in notes 10.2 to the accounts.

Designated funds:

Long-term capital

The Long-Term Capital Fund has been established over many years to provide for both current and future needs of patients and communities served by the Trust and the charity. The £32.4m Long-Term Capital Fund is invested to provide stability and liquidity for the charity’s activities in the long term.

Arts assets:

This £3.3m fund represents the art on display and other fixtures and fittings in and around the Trust’s property. It is not readily realisable and therefore does not constitute free reserves.

Other designated funds:

The charity holds 92 funds totalling £2.7m which are designated to support activity at different parts of the Trust. A full list of the funds is available from the charity on request.

Restricted funds:

Restricted funds are reserved for specific purposes. Details of the funds are shown in note 10.1.

Investment Policy

Our Long-Term Capital Fund delivers the resources to enable the charity to increase considerably its impact and fundraising capacity. This allows voluntary income to be delivered directly to support our charitable priorities in art and design, research and clinical innovations. The charity invests its Long-Term Capital Fund in accordance with its Investment Policy Statement (IPS). This is summarised below.

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The financial objectives of the overall portfolio are to:

• preserve and enhance the real (inflation-adjusted) purchasing power of the portfolio, and

• provide a stream of relatively predictable, stable and constant earnings in support of annual budgetary needs

The long-term investment objectives of the portfolio are to:

• preserve real value. The portfolio is targeted to achieve an average annual real total return (net of investment management and consultancy fees) in excess of the annual spending rate. A real return performance target of 4.5% per annum has been identified over the long-term (defined as a period of 20+ years)

• attempt to achieve these objectives within acceptable risk. Over the long term, it is expected that portfolio risk (volatility), as measured by the standard deviation of annual returns, will be in the range of 10-13%

The charity recognises the importance of environmental, social and governance (ESG) investing as part of investment strategy. The policy acknowledges the charity’s ethical responsibilities and aligns with its ethical approach to accepting donations. The charity ensures that a consideration of ESG factors is a standard part of the selection process when appointing new fund managers. In applying this approach, the charity aims to avoid increasing portfolio risk or compromising investment returns. The charity reviews the ESG strategy of its existing managers at least annually.

Equality, Diversity and Inclusion Policy

CW+ is committed to the principles of the Equality Act 2010. Our workforce is diverse across many spectrums including gender mix, culture, religion, sexuality, race and disability.

We have taken active steps over the past few years to ensure our Trustee Board is more diverse and now have five females and five males on our Board. While we have diversity in terms of gender, nationality and work experience, we are working towards more inclusion across other spectrums and will continue to proactively focus on this over the next few years, as and when new Trustee positions become available.

We have reviewed our policies to ensure they reflect the most recent Charity Commission guidance.

Spending Policy

The charity will target a spending rate of 4.0% of long-term capital. To preserve the portfolio’s long-term value, the target spend rate is smoothed over a threeyear period to ensure that spending volatility is managed within an acceptable range. The Trustees have discretion to increase this spending rate in any one year. 4.25% was allocated to spending in 2022/23 to allow the charity to sustain its fundraising capacity for the future.

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Structure, governance and management

Objects

The objects of the charity are set out in its governing document, the Articles of Association of the company, dated 4 October 2016. The objects of the charity are for any charitable purposes relating to the general or specific purpose or purposes of the Trust or the purposes of the health service (as described in Section 1 of the NHS Act 2006 or any statutory modification of that section).

The Trustees also held other charitable funds on trust for specific purposes connected with the Trust and the wider NHS, a number of which are registered with the Charity Commission as part of the Trustees’ group.

Governance

The charity has an independent Board (currently 10 Trustees). The Chairman is elected from among the Trustees by the Trustees. The Trustees are appointed by a Nominations Committee established under its Articles of Association. Trustees can be reappointed for a second four-year term. The Trustees shall normally consist of the following:

• At least 7 but not more than 13 natural persons who are over the age of 18

• All of whom must be Members, support the Objects and have signed a written declaration of willingness to act as a charity Trustee of the charity

• A minority of whom (being one-half of the total number of Trustees at any time excluding the Chairman) shall be appointed from Trust candidates; and

• A majority of whom (being one-half of the total number of Trustees at any time, plus one) shall be independent of the Trust

The Trust shall identify candidates to constitute one-half of the Trustees (not counting the Chairman) at any time. The Trust shall give details of its proposed candidates for Trusteeship to the Nominations Committee, and such candidates shall then (if, after review, they are recommended for appointment by the Nominations Committee) be appointed as Trustees, by the Trustees. If the Nominations Committee declines to recommend a candidate of the Trust as Trustee, the Trust shall propose further candidates until the post is filled.

Apart from candidates proposed by the Trust, all other Trustees shall be appointed by the Trustees via the operation of a Nominations Committee. The Nominations Committee will review potential candidates against the Trustees’ criteria and make recommendations for appointment, subject always to the Trustees’ final approval.

The Chairman must be appointed by the Trustees from the independent Trustees. New Trustees receive an induction pack and have a series of induction meetings. All Trustees are updated on current issues and are invited to attend relevant seminars and conferences.

In addition to attending quarterly meetings of the Board of Trustees, each Trustee is a member of at least one of these committees listed below:

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• Art and Design Committee

• Finance and Investment Committee

• Grants Committee

• Fundraising Governance Committee

The committees meet at least four times a year and make decisions under delegated authority and make recommendations to the Board of Trustees. Each committee must include at least two Trustees. The minutes of the committees are formally recorded and submitted to the Board of Trustees.

Pay and remuneration arrangements

The Board of Trustees has specific responsibility for remuneration matters. It will agree final recommendations on annual increases to the salary budget at its March meetings through the budget-setting process for the forthcoming financial year.

The Chief Executive and Senior Management Team will make recommendations on starting salaries for new staff. They will make recommendations on increases and performance-related bonuses for existing staff, subject to approval by the Board. The Board of Trustees will agree remuneration matters for the Chief Executive.

The charity has a flexible salary structure. Each individual’s remuneration will be fair and appropriate with reference to prevailing market rates for similar roles and responsibilities. There are no salary scales or set incremental rises.

There will be an annual review of salaries each year. The annual review will not guarantee an increase in salary. The review will take into consideration changes in the cost of living and prevailing market rates for comparable work and performance in the year under review.

Management

Day-to-day operations of the charity are managed by the Chief Executive, who reports to the Board of Trustees. The heads of the charity’s functional departments all report to the Chief Executive. These individuals form the Senior Management Team.

Related parties

None of the Trustees receive remuneration or any other benefit from their work with the charity. Any connection between a Trustee or senior management of the charity with providers of services to the charity must be disclosed to the full Board of Trustees. There were no such connections reported in the period ended 31 March 2023.

Volunteers

The Trustees would like to pay tribute to the volunteers who have played a key role in delivering our art and design programme. We would also like to thank our committee and advisory panel members, who volunteer their time to provide the charity with valuable advice, guidance and fundraising support.

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Reference and administrative details

Name

The official name of the Charity is CWPLUS. CW+, Chelsea and Westminster Health Charity and CWHC are also working names on the Charity Commission’s register.

Registered office

4 Verney House, 1B Hollywood Road, London SW10 9HS

Members of the Board of Trustees Tony Bourne, Chairman Jonathan Callaway Marina Lobanov Rostovsky Sarah Waller CBE Edwin Wulfsohn Roger Chinn Nicholas Gash Angela Henderson Elizabeth Shanahan Lesley Watts CBE* Fiona D’Silva (resigned December 2022)

*Trustees appointed from candidates proposed by the Trust

Chief Executive Chris Chaney

Senior Management Team

Trystan Hawkins, Director of Patient Environment Sarah Holland, Head of Communications (resigned September 2022) Kerry Huntington, Fundraising Director (resigned March 2023) Sarah McCullough, Fundraising Director (joined September 2023) James Porter, Director of Campaigns and Major Programmes Safi Schlicht, Director of Communications and Marketing (joined August 2022) James Varley, Finance Director

Bankers

CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ

Auditor

Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP

Solicitors

Withers LLP, 20 Old Bailey, London EC4M 7AN

Investment Consultants

Cambridge Associates Limited, 62 Buckingham Gate, London SW1E 4QW

21

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

• select suitable accounting policies and then apply them consistently

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

• state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements

• make judgements and estimates that are reasonable and prudent

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

The Trustees are responsible for the preparation of the annual report and accounts. It is best practice for both documents to be approved by the Trustees as a body, in accordance with their usual procedure (for example, at a quorate Trustees’ meeting).

In so far as the Trustees are aware:

• There is no relevant audit information of which the charitable company’s auditor is unaware; and

• The Trustees have taken all 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

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The Trustees’ Annual Report is approved by the Trustees of the Charity.

Signed on behalf of the Trustees on: 19 September 2023

Tony Bourne, Chairman

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Independent auditor’s report to the Members of CWPLUS

Opinion

We have audited the financial statements of CWPLUS (‘the company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees’ annual report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

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

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Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 22, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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

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

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the

26

financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

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

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

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

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

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

Our approach was as follows:

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

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

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

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

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and

27

regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

12 October 2023 Date:

28

Statement of financial activities for the year ended 31 March 2023

The notes at pages 32-47 form part of these accounts. All activities derive from continuing operations.

29

Balance sheet as at 31 March 2023

Signed: Anthony Bourne Date: 19 September 2023 Chairman The notes at pages 32-47 form part of these accounts. All activities derive from continuing operations.

Company registration number 10410134

30

Statement of cash flows for the year ended 31 March 2023

31

Notes to the accounts ACcO￿￿tIn1pol1cSeS sofpreparatloTr Th￿efin8￿cl￿l stements8repreparedonaBoinBconcern underthehistori£8l£v5t ronvwtion, asmodified bythEreY3luion ofinve51mwts8ndsometan8ibleand int8nwble855ets bwngme45uredtsirv4lue through intttmÈandtxpÈnditurtwithintheStstementtsfFinantial ktivitieL Thefinancial staternenishavebeen prepared in accordancewlththeFinancial Reportlngstandard applScablelntheUKand Republlcof Irdand IFRS 1021.TheCharlty Isa publlc benefitentltyforthepurpose50f FRS 102 and thereforeihechariiyalso prepared Itsfinancial staremen15in accordancewithihe51emaii ofRecomrnended Pracriceapplicableio chariiiespreparin8theiraccoun15in accordancewithiheFinancial Reportin851andard pplicableintheUKand Republicof IrdandttheFR5 102 Charitie550RPI. theCharitie5kt2011 and theCornpanie5Act 2006. Thefinantièl statemÈntsarÈp¢epaed in rterlin&which isthtfvnttional currtncyofthecharity. MonÈtaryamtsuntSinthesefinancial statementsare¢oundedtothentèr&onethousand po￿Thd Theprincipal attOuntingpDliCiÈsadopted in theprtparation Dfthefinancialstatementsaresetout bdtsw. Income JI Incomeisincluded in full Inihestatemeni ofFinancialktivitiesa5500na5thefollowin8threefactor5can bemet.. entitlement-ar15e5when a particularre50urcei5recwvableorthecharitv5ri8ht becorne51e8allywforceablw. prabability-whEn it15probablethattheincomewill berEtEivd,.3nd * measurement-whenthem0netary￿luÈtrfthelnc0metan beMe3￿redwlth ￿￿tl￿tr￿labl11ty. Lryarre5 LegacSe4areaccountedforaslncomeoncethere£dptofthel¥cybecomesmeasurable, re£elpt Isprobableandthecharltyhasantltlanenttolncome. Donat￿900&$/0rrtSQle Doned good5forr￿learereCQBnis?1 on re£eipt. ENpèndlturÈ ThefinaTrclal staterneTrisareprepared accordancewlththeaccrualsconcept. Al expendlturelsrecognlsed oncetherelsa legal orcoTrstructlveoblliatlon to makeapaymenttoathlrd party. C05tsareSnc1u￿veOflrre£overab1e VAT. E¥pttJdltureonrolslnofvnds Thecostof rai%n8fvndsareihecost5as50ciated with8eneringincomeforthecharity'5fuDds. Th15wiII 1ncludetheco￿5assoc1dtedWI1h inve￿rn￿t actions. ¢bryrrt¢bleqrtlvltle5 Grantspayablearepayment4 maletothlrd partlesin thefurthttanceofthecharftableoblettive& Thtyarea¢¢ountedforon an8ccru￿sba￿swherethÈcondItIonsforthebr payment havebeen mÉtorwherethe8rantshave beencommunScatedtotherttlplentand thethlrd partyha5a r&sonableexpectatlon thalth￿wIll recdvethegrant. ThlslncludesgrantspaldtoNHS bodies. OpEmtlpglEry5e¢o5ts Rentalsundervperatinglea5e5¥echar8* an astraight4inebays¢)vertheterrn afthelea58 32

Notes to the accounts (continued> The afflountthargedtothe 5tstsmemofFiwryialAthinesin ￿5P￿¢t0[per￿￿￿C￿tst￿the defI￿d rmTrMthn5themesisthptotrloftFe¢vnthbubwsp8y¥Ne ￿th￿Year. L4 StrIKthoJft The tharity'sfund5 areth55￿Ed ￿r￿erv￿re5tyKtedlUr￿5 IirKI￿l￿s de5yn4tedfur￿51Jrdre5trrtedfu￿￿5.The mpNYfurd5 held withintt￿5e￿le8orieS3￿dwl￿5p￿in note lo. Unrestritsedfund5 e4tmprkedtytsTnJ5tse5forp8rtKuL4rpuryweSinthefutsxe4￿Clas5￿ed￿5dpsvSn3tsdknd5 Wherethpre ￿ a re5tricDononthepurw5eiowhKh8fundrn¥y tepu¢thefUnd￿￿w$sfv￿ inthe8cLvuntsasa restri11edknd. LS Fthedassets Intanglble andtar6kartsas5ets are hehjasfunc￿1a$SetsIoPr4￿Idea ser¥ke tots benefidarfes. The¥¥orksofa¢se￿¢1edt0TdspIay.a￿stted1n w￿l¢areasWhe￿kn canbeenjwedbythe p3lents.vlsftor5.StafFandthegeneral NDdep[Eaatiun￿Charw￿daStt￿rpSmjUa1v31u￿O[arts3Ssets 15 ILYllP3rablEwiththebll￿V3I￿e3ndthe￿0rE any dep[EaatiUnd￿￿￿etott￿3SSets ￿￿n51de￿dt￿beiMrnate[I3l. camputsr5DftwarpandfLth￿5a[￿￿brySat￿e4uipM￿nt3￿c￿￿￿lISed atCU5ta[￿dPp￿DatrdO￿aStr3Vht1lneb￿s￿at2OX perannLYn. The costof refu￿1$hmentOfthe￿ase￿ prern15esat4Verrw HQuse.IbHc4tywx￿ Foad 5W109HS i5Writtenoff cwerthee¥pecredlrfelrneof ￿leaSe. Attheendof eachrepjrtlng period.theresldualvaluesandweful Ir4esof assetsare revlewed aThladlusted ff necessary. Inad¢ltknn.Weventsortha￿elTrC1rCum5lar￿e5 Sndlcatethatthecaryin8 vabje may notberecGyernt4ethenthe rywval￿5Ofts￿8lb1e r￿eda5Setsare ￿vIeWed1￿rimpalTh￿nt Th￿Tr￿te@S haVerev￿￿dthevalUati￿oI tt￿fUnLt￿1a5S￿ts In1022-2023 ar￿dD￿tL￿n5Iderthe￿tahaye been a matenalChan8eandtr￿￿f￿erK53dl￿5ts￿e￿ttOth@v31uthn hasts￿en math. The tharityonty raprtali%e5 iteM5C￿ty￿8 rnopth8n£5W. Htyvever. rfcoMp￿llts ¢YeqUipmen¢5wh35C￿P￿teuS?￿d1Urrdtyre.￿re 8¢Vui￿￿WrthY￿￿C0Ststse￿wESAMK).thenthe5es￿￿ of85sets4￿crl￿e￿C?PfyI￿ed8tthe time tsfputhase. L6 IrNe$th￿￿thedas$ets InvÈsknentfixedèsSetsa￿sho￿rt3tMd￿ÈtVaIuÈ. P￿pertY￿ssets pre￿IdeP￿rI?1edb￿t￿￿5h[&W￿4lm3rketV4￿wts￿n. TheTnJ5teesre¥aluedthe1rpToper￿eS at3lmarth2o22andfurtherrev￿wedtheYaIu3l0nas3 Tesuttof a ma￿r￿aSe Tenegofjakn. TNsvaluatknnwascathed wttyGeR￿J EveLLP.CharteredSuryey￿.seenOte7.L. otFerinve5tments3re 1ntheba18rKe5heet¥trn3rketw￿. L7 Styth'.+knatedassetslc¢re53 Stotk tEP￿Sentsf[EehoIdp￿pertYa￿darta$setshÈldWthtt￿i￿teth￿ tsf ￿$￿Ill￿￿thIn rffiÈyÈar.ThÈfreÈhL4d wtyrtywas donatedtothÈ inthÈyearandiS held atfaifvaluÈ. T￿p￿￿￿waS¥aIUed ￿j(S Pw ma￿SeMentLtd0n 20January 2022. TheTNsteesdOnotc￿$￿Jerthe valuatknn at31 Mèrch2022tobe Materfal￿ d￿fe￿nI. The freeh￿￿ woperty wassoldlnthe year. 33

Notes to the accounts (continued> Re￿Ised￿s1nd10Ss JI ￿InSand lossesèretaken tothestatementof Flnancial kti¥lllesasthry3rise. fteallsed gainsènd lowon Investmentsarecalculated asthedIfferencebetw￿ sèlesproceedsand opthlnimarketluelorvalueon dateof purcha5eiflwl Unrwli5edyin5and1055esarec¥lcul¥ted ¥sthedifferencebetween marketv¥lueateach period end and opwingrnarketV41uelorvalueon dateofpurcha5eiflerl- Ernploy•e bBn&ffts Thecostsofshort-term employeebenefitsarerecognlseddsd liabllltydnd an Èypense. 1.10 Allacatlaffl of5UPPOrtEO5t5 support cO￿$havebeen allocated betweene1p￿dltUre0nrai9n8fUndS.IhecharI13b1eactl￿11es.The5upP0rt C05tsareallocated toiherdewantaciivitycosrcatwrytheysupportontheba5esdetail•l in note4.1. 1.11 GOI￿¢0￿¢+r￿ TreTrUM￿haYe455e5Sedwherhertheuseoft￿e8OI￿8CoTrcer￿ ba51S15appropriateand havecon51dered pO￿1b1eeVent5QrcOndItIOn5thOtThi8htCa5t5i8niffic￿rt doubtoniheabilityofthecharitytocontinuea5a8oinB concern.TheTruSteÈshavemadethisassessmentforèperiodofat least oneyearfromthedèteofippro￿l ofthÈfindncial staiements. In parti£ulartheTruSteeshdvecoAdÈredtheCharity'sforecastsand projectionsind have takai account olpre5wre50n Incorne.AftermakingenquirI￿theTr￿lleUhaYeCOncI￿dedihatthereIsare?S0n￿bIeQKPecrlonthdtthe(h￿rl1yhaS?deqUeres0UrcesiO¢Ont1nUeI￿ operional e￿i￿enceforthelore5eeats1e future.ThÈCharitytherÈf0recoAtinuesttsadoptthe￿iThlCQrtcerTh b￿sIN pre￿nn￿1t5￿nanLlal statement 1.12 Flnanclal Instrnments TheCh4rity ha$ele￿￿tO3pP1ythepro￿190￿sofSertion Il'BagcFinancial In5trumentl and 5ertion 12'0therFinancial InstruM￿t515￿eg ofFR5102to all ofitsfinanci41 in5trument> Financial in5trument5arereEogn15ed in thecompany'sbalèncesheetwhenthecompany be£omespartyto thecontrxtudl provionsoftheinstrument. Financial assetsand lièbilitie4areoffset, Yéith Ihenetamounispresented In thefinanclal statem￿t5, whenthere is4legallywforceableri¥hiiowoff therecogni5ed4mount5andihwei5?ninteniion105ettleon anet b4950rtoreali5eihea55etand5etrleiheliabilitygmultaneou51v. WiththeeKception50f prepwrfment5and deferred Incorneall oiherd&toraDd cr•lit0rbalancwarecoDyde￿iO bebd￿cffinanclal inMrurnenisunderFR5102. Seenote58and 9forthed&toraDd cr￿ltOr￿0teS. 1.13 CAshand¢th4lll¥44hts ta5h andcash4uivalent5includeEa5h in hand, dep051t5hdd atcall with banks other5hortETmliquid inve5tment5With oriwnal maturitiE5Dfthreemonth50rle5 1.14 ¢rlticd xcountiffliireas￿dth￿U￿eDIjudI0rnènts In preparingfinancial 5tatementsit isntte55aryio makecwralnSudtsYnents estlrnatesand a5surnptlonsthataffectthearn0unt5rl￿O￿1Sed in thefinanclalstarem￿tS.ThefoII0WIn8JudseMentIscoDs￿d￿edbyIhelrusteeslG haVE[nD5t￿8￿lfic￿nteI[ectO￿ amauntsreco8nisd inthefinanci31 statefflent5. Artworka5pernote6 15in¢lvded * avaluionb¥5edon reportsproyided bythird partyvaluer5.Thelate5tv4luionw05pro¥ided byChri5tie'5a5at LO Febru￿¥2020¥ndtheTrUstee5belleWetherehasbeen no material chan8e itlvaluesnteth date. Subse4uentadditionshivebeen includedètcostwhich 1sdth￿ed toilsobetharmirkd value. 1.15 K8yo&tlmato pallcy TheCharIt￿$sn¥e5IMent propertylslncluded In thefinanclal statemaitsatvaluatloTrasdescrSbed Sn note7.1 lothefinanclal 5taiements.ThlslsconsSdwedto beacrStlcal account1ngtstlmate1n￿ewoIfheamOunIslnVO1yj nd theiudgementsapp11￿ inthEirvaluationi particularlyin Iightofuncertaintie&d￿rlts￿ in note7.1. 34

Notes to the accounts (continued> 1 0tykn5andLe8a(s Ye¥end Urrqslrknd 31Marth 2023 R5trktsd Yewe Ufirtstr&d 31Mwth 2022 Rtslrklvd LknaliDn&fromwwjw￿Ual5a￿dLTh￿mWlty TruStsatsdl¢ur￿tioA$ c￿ted0n￿lIon4Jndsp￿sQ￿P Lega(Es 6yemment8iahts 715 274 ¥163 &475 175 474 155 2J17 243 141 315 U29 120 1432 1572 261 3201 117 574 Iss io Jo Yexnd Urrq￿d 31Marth 2023 R•5trktRd 31Marth 2022 Rt5trklrd Titsl Unrt5trttd C(KV5E5 Ottrlnc¢mefrom chafftatleathlies 21 15 15 37 92 Yearnd UrrqWtqd 31Marth 2023 RR5trKted ¥￿ Unrt5tr*d 31 March 2022 fte51rthd Titsl PrfrtonSa￿l￿artwotk JJ 17 17 35

Notes to the accounts (continued> 31M41th 1023 RE51rklEd 31 Mor<h 2022 Re5trkted Tolal Unre5tr1£ted Grarttspty4blè'. DE4er1¥pèthrt￿htred¢1l Ctr¥id-191An0Yat￿)￿.e9￿lpMertand$l￿rtf￿pafjen1¢a NHSthèdtlesTo8ethet(Ngitalfte¢overy PKeYamrne. 1nntyatsona￿1$erOk¢ Imvtyement Small thange B Impart Inthatlves 5LwvtythÈTruJtJv￿￿￿rts prqrarn 72 1069 74 35 35 418 J9 342 546 31 J35 179 39 135 235 35 271 85 74 io Rq5wrth Covid 19 Re5eath other￿se1￿￿￿￿t5 676 36 576 252 116 52 272 Cthid-19SupwrtiKStsffellbeing Othersuprthforstaff 71 Jo 71 71 139 145 61 142 223 1,155 565 z,ui 115 88 4831 TLtslir&rt5pHyabk CW+ tharkatlefv¥L¥rnrM estfrrfY¢JlthildandAdoks¢eotMental Heamhl CWlnnovaknpro8r4mMe del￿ery 352 175 352 Jo 246 297 58 3Q7 205 27S L567 2fj1 128 4493 1,727 3D3 PwrammEL*lpiery co1￿￿D￿mana￿erne￿t DP51Bnèndenvwt￿￿eTrt ikntslcate SkyGa￿￿ Sun&stsrs Reubenmètemtycentye CW+Stvdo OtherDts18n andeThvknnmÈnr Art5farAII Fiiiixe Ha5wal 320 65 320 65 49 49 17 21 195 114 104 18 25 25 76 71 76 35 97 23 32 49 71 36 37 J87 123 187 24 24 46 J43 Q32 46 SJ 138 142 I,oai 23 375 36

Notes to the accounts (continued> 3.2 Grants MadÈknirdluknAffidlnthWu Y•A¥erdr¥ 31 Mwrth 2023 Totsl YetsrtJth4 31 Mqrdj 2022 elsÈa andWeskninsterHosphal NHS FoundatiMTruSt We5tLondon NHSTrv5t Open Age Hryos Medianema 1601 333 35 369 85 Z.Z81 Z75rf Totalexper￿￿ffe 4.1 SLWPtyttasts Yèar 31Marth 2023 31Mtsrth 2022 EXP￿￿￿k￿r¢¢In IharhablÈ Expet)trTrwet Toial Vmestrkted Stsffin8 Eosts OtheroffKe LD5ts G0Veman￿costsIft￿e4.2I 149 417 153 107 12 272 171 142 26 317 124 22 414 iY3 io 267 731 $39 Re5trted General admkntstrntion io 14 37

Notes to the accounts (continued> 2 Gw4rrdrK•t&si Yeavth31 M•rth2023 Totrl Auditfee5 T￿tee5'llaL￿1rtY i￿L￿a[￿e Leg3lfee5 othEr 21 18 21 The31￿1￿￿Of$￿pportc0Sts hasbeenmadeknlne%¥lththetharty5svaregtob￿Cy¥es. Where Jpyottsre.ehVeThl￿utehaS beendI￿rty¥1th￿Ifedtoa¢c5I(ate80ry.whereth14ha5rnIbeefip0$$￿etvnd￿￿￿5beenallQts¢e onanes￿m)redJme bas￿. ¥eareTh*31 M•r<h2023 olemphy￿S Nty¢Jlempbyffts YeweAth¥31 Band £I20A1￿13OA £BOIW É9D.( £70J￿H). É80.( £SOJ￿.£70ts CorthbUbLYkSfLY￿p[u¥￿Kj￿of￿￿MentbE￿er￿￿VjErder￿￿￿￿trknj￿nsCheMeS Ill ￿5￿￿￿O1th23￿ve3rn￿edlo£44￿22 Inthpyearended 31 Math2Q23 lye3rEnded31 M3th2022 £a4WI. 38

Notes to the accounts (continued> 4 AnO￿5￿01ernK￿JvrnefflroSts YeAer￿￿¥ 31 Mar<h2023 YeweJ¥dy31 Mw£h2022 5¥L3ry costs Natillna1insuranEe￿5ts Pertsions ÈOStsldÈfined tClknbuti￿sCh￿È$j 1384 164 1.136 127 L656 353 Yeare￿￿ 31 MJr¢hZ023 N￿oI￿rnF&￿￿e5 11.7 13.3 Yeurenthy31 Mprth292Z Na dernpkryoB5 Fu￿￿nis1n1 Admlnlstratlon andlnance 22.0 The S￿sen￿r￿ana8eMentIeaM membeL4arethetharfty'5 key mana8ementpersonnel. Thelrtctsl Temunerntknnandem￿ryee benefft5fortheyearended 31 March 2023was£648,761 Iyearended 31Marth 2022 £5565981. Ft%edA55e15'. IMar¥thlEAssets Toial A55etC(0rvak￿U BabrKe ￿0￿8hIlOrW?rdJt LApri12022 Add￿an5 Inth￿V￿ar Dsp05a15 Lèrte tarrfÈdforwardat31 March 2023 50 21 71 21 71 AwJm￿ateddeEIed3 BakrKe broughtfoTh¥ardai LAprf12022 (h?pdef¢wtheye?r carriedfo￿Vard8t31 Ma￿h 2023 8¥￿￿r￿rrw[0mrd4t3Im¥r¢h2OlJ 17 The artassÈtiS a di$tsiwfxk.5tLYlÈS a8ainstD&4m0r￿S.IY Isaatlulien. Filmeddeepwithintheremote$ktialtsves tsf l£Èland, IsaacJUl*rt￿S t￿ated3 uniquÈfnfÈ S¢￿enWO￿f0r￿￿￿S￿￿i. 39

Notes to the accounts (continued> FLxedAssets:TarfAÈAssÈts Ft(￿res. fftdr¥5 arrtjequlpmert em15e5 ImW￿¢ments ssettostor Artassets T¢x•I Balance br￿ghtforward atlApri12022 Additv)ns in theyear 2068 383 227 3.478 Balance ¢arriedftrward at31 Marttt 2023 227 3,478 ACCUM￿le￿￿eVth Balance broughtfLvwaTd atlApri12022 Chargeforthe year 11751 11981 Balance cathed fcward èt31 Marth 2023 12461 12921 BalJrKe (arr1EdfOr￿rdJtJl￿ar(h 2023 137 181 BUknre¢4rrWAorwd￿3I MwdJ1022 3.280 The artassets were revalued asatlo Fetr￿ary 2020by ch￿1&e$,8 ￿nE StreeLLondon SWIY 6QTand thetrystees aresatL%fled thatthe ¥aluaJon at31 Marth 20231$ normaterfalty dffterenL Anatyskof IrNe5tments 7.1 Iresb￿mm￿eMethts 31 Maith 2023 31 2022 As 3tlApril 2022.. Less.. DsposalsatcaffyinB value Add.. Acquisitk?ns atcost Netgainllosson re¥aluatv)n 40.732 13A691 5.261 16011 14,1401 4,750 42.313 40

Notes to the accounts (continued> Inve5trnentpwrties- he￿ ￿theUK lnvestrnents1￿tedonst￿k EXcha￿e- he￿ intheVK Inve5trnents Ininvesimentfund5- We￿a5 Cash hew aspartofthe Irwe5trnemprfolio 11.950 1.861 22.954 5.558 12J40 1.843 23.853 Investsmentprtyety was re-valued by EveLLP 31 M3rth2022 in aCcordan￿￿￿the prAth￿stateMents3r￿G￿￿3n￿ NDtsscontainedintheValu3tiDnstsnd3rdsofthe Wal InstitutirAnof tharte￿dSU￿ÈV0r$l￿cSl6th Edrtth. Thesevaluatitinswe￿ b35edonthÈ Ma￿etW3￿e ofthe tharity's inte￿$ts5￿bttt0thÈe￿Stin￿te￿Tht￿S asat31 March 2022. One ofthÈ inve$trhÈnipropertiesc￿dUded a a new￿3$e. As a ￿$￿￿Ge￿IdEWÈgavefurther onthevaluÈ aSat3DJanuary2023vJhKhts renetted inthefigures. 31Marth 2023 31M(trth2022 UnI5ted Heath InnovatiDninvesimentsin RetVasLtd ￿tinaliMagIr(dE%ita1sLIu￿Ons IheNI in im) 7.3 Nmafysbofir055 hKornefr￿(1e$D￿e￿s Year eTrJed31Marth2023 Unt•strkiÈd Rstrktsd YecrendEé31Mt7rch202Z UNstrkted Rtstrkted Inve5trnentpwrties Cash hew aspartDfthe invethentprytroli 436 67 67 751 751 AN￿s￿orde 31 MarthZOZS 31MowthZ02Z .1 AmwM5lalh¥d￿V4thkn￿￿ye1f'. PrepaymentsaThl accnjed income Otherdebto 519 230 1.105 353 41

Notes to the accounts (continued> 3IM4rth ZQZ3 31Alwth 3022 7rddecredrtar5 Acuua153thdEferrEd￿EQrn￿ 0￿r(redit￿5 242 57 1.977 JG6 33 2,035 '1ndL￿Én1lnro￿￿CtOf￿￿￿￿II￿bawS3￿l1kfjafth2021￿aIA￿arth2o22..£nI1j 10.1 Re51rthdhwKts 31Mpith BÈstForY TecklBe51forYoul TayknEalÈslRtsMtttéd A K$￿I￿anF￿r Pl￿￿tS￿ppOrtFund 1375 1,7Bg 970 1301 174 1361 124 JeanEvetynBathYlnLe81 51hafftliÈsTtgÈthÈt 105 toMÈrttotarÈ w¥￿￿.Th￿r￿sonC(￿V ￿rd￿￿TrUSt. HFFF ViiWtsnKalOb5eNa HOnE￿Fel?￿ShIp5 ThÈ ￿￿itT￿$t 0*151￿ll￿￿￿IJI￿4rthlOz51 Tal 1491 1751 1541 113881 133 336 717 Z40 42

Notes to the accounts (continued> 10.1 Restrktedfvnds 31 Mur 2022 2021 Tr￿rt￿frrS P￿￿erFUnd 8estforYou A KSuWwxnFufr)d TaylotE¢7le5 FuFJd VWClinicolObseMtlon FeNtswships rhe BuJVettTwst PoVentStspportFuJ)d JenFJyrCGrdior Fund Jeon E¥ElwyBold¥wn Legocy NHS Choittes ftsgetherstoge 3fvfr)dthg Moternitylnnowtion Fund Ww)ne-Thomos Oncology 675 675 38Z 174 12701 121 1561 (21 11031 176 224 137 50 133 91 126 125 125 96 1601 JZ7 (li 124 J24 103 103 (521 91 01he￿1481un￿s0t3I Murch 20221 4476 3.474 727 IZ,U661 1513 12321 2.764 3.441 eestforyou KhoDTEtk TaylorEales Fund A KsUll￿an Fund Pat￿ntSUPport Fund Jennercardiac Fund Jean Evetyn Ba￿￿1Th Le8ary NHS tharitsesT(v6ether A Helplnl Hand nÈtitoCarÈ Tosupwrtchlld ar￿addes￿ntMental Heath Tosupwrtchild andadolestÈntmÈntsi HÈahh Formedical equipmentaiwe51 Midd￿SeX un￿e￿it¥ Hoswtsl Forresearch on HIV and stsff developmentatsexual heathseNkes Forthe relief and assistan￿Of patients Tosupwrtthe heart unit ForcArttrÈ4uipmÈntarKJtreatment Furd5 to 5UPPOrt NH5 staflwellbelng Tosupwrtmedital ￿Search Covnmunity partner5hipprojentOSuPpDrtpeop￿ I￿1rewith HIV Tosupwjrttheworft ofthe oncdogy un Tofund a Nut5ing Innovatian Fellow Tosupwrt fellowships in digital innovation TosupwrtHIV Clinical Observation Programme Heartfailure with P￿S￿r¥ed EiÈctR)n FractK)n IHFpEFI TosuppDrtCOVlD-19 research Tosupwrtinnovati¥È Wojèttg in matemty SÈfvitÈs. Forchikjren's 5eNice5atWestMiddlesex UnIve￿ity H05Prtal TOSupwrt￿rns Un¢ Tofund tllnlcal leadershlptralnlr Top¥vvidefv be5tp0551b￿Ca￿e duriT￿the 19outt)reak acrD55 (yJrc(¥nmunit Wynne-Thomas Oncokjgv The &urdettTru5t Viiv ainicalOb5ervation Horizon Fellowships The BUrdettTry￿t- HFpEF eerFund MatÈmty InnoVat￿n Fund 5unand 5tsr5 Appeal rn5 Unrft Legacy Ea8les & Spam>ws cov1￿19 RapKI Re5PQn5e Fu￿1 43

Notes to the accounts (continued> 10.1 Unrestrktedfr￿s IAprM 2021 31 Marth 2023 Iryjme Trjrnlers LYe5nadfvTh i￿TE[M Qpital Art." Assets Otherdesi8natsdfund5 InotelO.31 34283 3.126 2526 99.935 1564 499 15991 a2fv27 3278 2.712 ¥417 1.757 152 559 S59 2.068 15221 1956} 1.196 240 Freere5er¥es TotslUnreJtrktedlLm 3.593 31 M¢rch 2021 Trffjr5 Long re￿ CGpyttil Art."Assets DthefdesigMtedfvnd5 fnDte1114J 33,979 3.192 3256 39.427 103 (1237) 1661 IJZ6 1526 39,935 $61 522 522 3.920 {241J 13581 13.058J f&314J 1.599 Narneoffur TErm Capital ArtAssets OexrWffjoftrnweandwrpO5edeathl￿d AssetsinvestedttsWOvide è￿￿1￿ld￿forthethè￿lty'sAth￿Ès witheltyp8-tÈmi Imorethantenyearsl. Repre5entsd by artondI5￿?Y inaThYarouThlthe hospital. It￿ nOtread1￿ real￿abl¢andtherefQredUeSTh￿¢onS￿￿1efree re5erye5. If15aknheldforthe l(178ternlrnore thantEnyear51. 44

Notes to the accounts (continued> 10.3 Other desn8tedfuN BalBnte IAprll 10 3IMarth 2013 Expenthre TrI￿fEr% John Kaftdzas le8acy The ￿rn9 Un 56 Dean Street RonJohn50n W3rd Fund Mum & 8aby app Day Care Koblercentre Fund NetrNatsl Unrt & Hary FreedmanTNst Fund C&W Hospital Postgraduate Centre Chelsea INfectK)U5 0isEases Researchfund IONDERI North We5tThames HistopathdLV Fund Haematobgy Fund Kensingtonwing Ward Fund TrdUrn3 3ndorth0paed￿FUnd Bums Reseach Fellowship Neonatal projertmanèÉer Otr*r$177fund5 a131 Marth20231 Totsl 938 154 938 158 81 13 24 66 26 116 116 29 iii 93 75 62 52 72 29 47 Z5 si 41 41 37 667 63 136 559 718 526 351 22 IAPFI 2021 31 Morch 2022 Expenkne John Komdzus leqary The Bums Unit RonJohFJ50n WurdFund Mum undBobyopp C&WHosPitolPost4mduore CenrtE Ujelseo INfectyousD¥EGses ReseorchfundlONDERI North West Thomes ￿￿t0path0￿yFu￿d We5tMiddlE5exGenit0U￿n￿rymedJcine IGUMfvFJdJ Kensinoton Wino W0￿F￿nd 56 Deonstreet Tmumo ondOrthopoedKfvnd Buffl5 Re5eanh Fellowship W. London CentrefvrSexuulHeolih HtsemotologyFtsnd Doycore Kthrcentre Fund othe￿ (96fundsot31 March20221 Towl 24 135 46 50 (51 {21 1581 154 Iiii 123 86 {21 (61 1171 73 io 47 23 61 1251 (31 47 121 (li 11181 649 ith) 636 521 li 45

Notes to the accounts (continued> rkne offvTrd John Karadza51egacy TheBurn5Unit 56 Dean sireEt Ron johnson Ward Fund Mumand Babyapp DayCareKobler CentreFund Neo-Natal Unit & Harry FreedmanTrust Fund C&W Hosplt31 PostAraduateCentre Chelsea INfectiOUS DisEasesR￿earchfUThd ICINDERI North W&ThamesHiStopatholo8yFund Haematology Fund Kensington Win4Ward Fund Traum3 and Orthopadicfund urn5Rewrch F4Iow5hip Ne(Trnatal Palliativerareprojett rnanIr￿torS.. Le51wWatt5 Ro8wChinn.A5theprincipal ob1￿tOftherhlrltvl5tO benefittheTru5t.thebulkoftran5attion5intheaccountswtherindirectlyordireEtIy5UPPOrtthator8ani5ation15eenote3.2 fortotal 8r8nt5awardgJ totheTru5tl. 46

Notes to the accounts (continued> As8r%15twedch¥rityJ CW+i5POtentiallyeKernptfrorn taxationof IncornEand84in5ts11ingwithin 5505 IncorneandQ>rpor4tionTuE5Act 19888nd 5256T4xion pfCh8rge4blefj4in5Prt 1992. Not8x¢h3r8eh858r15en in wth oftheyearthded 31 March 2023ortheyearended 31 Mdr¢h2022. 15 Lea5¢0mmltm•nts Atthebal3nce5heÉtdatÈthÈchar1tyh￿thf&lloW1nsaThnUal ItaSecommitmtntSwhichkll duÈaS follows-. Ptoyrt¥ t4 •lulp￿fvt 31 M¥chZ023 31 Morch2021 £000 É00 31 M¥ch 2013 31 March2022 Wiihinoneyear-for landand buildin85andofficeequiprnent Withintwotofiveyears-ftsrland and buildintsand Dfficeequipment 139 278 417 139 416 555 16 Members. Ilablllty ThecoMp￿¥1S1iMlted byguarantee, not hiwngash3recapitdl andconse4uthtlythellabilityofthemtthberslslimited, wble£tto an undtttaklngbyeath membertocontributetothenÉtastsorliabllltlesofthecompanyon windingupsuch asarnounr5a5mwberequired noi exce•ling£l. 47

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