**Charity number** 1171195 **Company number** 10565339 Registered in England and Wales **Report and Financial Statements 2023-2024** - Annual Report and Financial Statements for the period ended 31 March 2024 ## **Contents** |WELCOME: CHAIR & CEO................................................................................................................. 3| |---| |MESSAGE FROM TRUST GROUP CEO............................................................................................ 5| |WHO WE ARE...................................................................................................................................... 6| |WHAT WE DO...................................................................................................................................... 6| |STRUCTURE, GOVERNANCE & MANAGEMENT........................................................................... 7| |OUR IMPACT........................................................................................................................................ 9| |RISK MANAGEMENT........................................................................................................................ 14| |FINANCIAL REVIEW.......................................................................................................................... 16| |PLANS FOR THE FUTURE................................................................................................................ 17| |......................................................................... 19| |REPORT OF THE INDEPENDENT AUDITOR........................................................................................ 20| |REFERENCE & ADMINISTRATIVE DETAILS.................................................................................. 24| |FINANCIAL
..
25| |NOTES TO THE FINANCIAL STATEMENTS
28| 2 - Annual Report and Financial Statements for the period ended 31 March 2024 ## WELCOME: CHAIR & CEO As we reflect on the past year, it is clear our Charity has risen to meet significant challenges with resilience and commitment. The communities we serve continue to face pressures that demand not only exceptional healthcare services, but a supportive network to enhance patient experiences and support staff wellbeing. Throughout 2023/24, we have embraced this mission wholeheartedly, awarding £1.5 million across our charitable activities and engaging with our partners to ensure that we remain a vital resource for those in need. From funding capital projects such as child and dementiabeautiful outdoor spaces, everything we do is designed to enhance the patient journey. We are proud that 70% of hospital staff report that we improve the hospital experience for patients and visitors. We also recognise the importance of supporting staff themselves who are working under increasing stress as patient numbers reach record highs. We fund a variety of initiatives focused on staff welfare, education, and training, and we are delighted that 65% of staff reported this year that these interventions have improved their satisfaction and wellbeing. With the support of our fundraisers, the grants funded by the Charity to advance research and innovation can create lasting change in the healthcare landscape. For example, thanks to the very generous Joan Russell Davies legacy, we have awarded £675,000 over 5 years to employ a Senior Lecturer who will develop a research programme of cutting-edge computer science in healthcare by employing Artificial Intelligence (AI). The programme will promote research that will benefit those with heart disease, both at S patients, families, visitors and staff. Our Resident Artist Programme has reached over 3,000 people this year. Patients, from children in the hospital classroom to those in intensive care, have benefitted from visual arts, storytelling and music. Their incredible work was celebrated at an exhibition as part of Wandsworth Arts Fringe. We were thrilled that our Staff Choir was invited to perform their song celebrating NHS 75 at a national event. Our National Health Stories brought together 19 Trusts at Aviva Studios in Manchester to celebrate the role of arts in hospitals. newly refurbished maternity bereavement suite is now a calming space for patients and their families -19 commemoration art commission created by award winning design practice Wayward was designed with staff who worked through the pandemic. The beautiful outdoor pavilion will give staff space to pause and take a break in nature. Measuring the impact of our arts and grants programme is crucial to ensuring we continue delivering high-quality outcomes for the community we serve. This year we have continued to apply our robust Theory of Change and Monitoring, Evaluation and Reporting (MER) System and plan to publish our second Impact Report to highlight the positive outcomes of our funding. We were proud to share our MER framework with other NHS charities, fostering a sense of shared learning and collaboration across the sector. We could not achieve the impact we have without the support of our community. In 2023/24, we raised £2.55 million, a 20% increase from the previous year despite the economic challenges all our supporters are facing. We are actively growing our public donor base through our successful face to face fundraising initiative. Thanks to our fundraisers and the amazing support from hospital staff, 1,500 local people have signed up to give monthly donations, illustrating the depth of appreciation the community has for its hospitals. Our fundraising efforts were bolstered by the continued success of the Time for a Change Appeal, our - £1.65 million through corporate events, trust and found based initiatives. We have raised just under 45% of our £5 million target, and with your continued support, we are confident in achieving this goal. 3 - Annual Report and Financial Statements for the period ended 31 March 2024 We are pleased to announce the appointment of Katy Vaughan as our new CEO and Pascale Nicholls as our new Director of Finance and Operations, both in post by March 2024. Davina Metters will be joining the Charity in September 2024 as our new Director of Fundraising and Communications. We extend our gratitude to Alex Botha for his interim leadership and commitment during the period of transition which oversaw investment in new systems and processes to enhance our efficiency and effectiveness. One million patients were treated by the Trust in 2023/24 and the pressures on healthcare services is ever growing. Our partnership with the Trust is strong and there is a great deal we wish to deliver together. Our new strategy for 2024-29, Healthier Together, demonstrates our vision of building a healthier tomorrow for our communities. The 5-year strategy outlines our ambition to raise £11 million to deliver our objectives of advancing research and innovation, working with patients and staff to drive solutions on the ground, address health inequalities and build links with the many communities which need our support. We are deeply grateful to our dedicated Trustees, passionate Charity staff, and the wide range of supporters and generous donors who give their time, money, and energy to further our joint vision of outstanding care for our communities. Your partnership is invaluable, and together, we will continue to make a significant impact. Thank you for your unwavering support. ~~**Anna Walker CB**~~ **Katy Vaughan Chair Chief Executive** 4 - Annual Report and Financial Statements for the period ended 31 March 2024 ## MESSAGE FROM TRUST GROUP CEO Everyone knows just how challenged the NHS has been over the last year, and it is no different at St working under immense pressure in a difficult financial environment. I am so incredibly proud of our 9,000 wonderful staff, without whom our care would simply not be possible. Downs, Sutton, Merton and Wandsworth each year. Helping to make a difference to every patient and every health worker at our Trust is our incredible St In 2023-24, the generosity of people in our community, local businesses, trusts and foundations, have helped to raise more than £2.55 million to enhance our care and transform our services. Throughout the year, the Charity has funded new medical equipment and grants to enhance the hospital environment, improving the overall hospital experience for our staff and patients. Our Charity has invested £997,000 for medical research and clinical innovation to bring world-class care to our community. Supporting staff well-being is crucial, and the charity offers numerous initiatives, including arts activities, training and development opportunities, and peer support programmes. The Charity has also brought our staff networks together to celebrate our diversity and promote inclusivity in everything we do. It truly is a testament to the dedication of our Charity team that when asked, 70% of staff have said that the charity improved the hospital experience for patients and visitors, with 65% reporting an improvement in staff satisfaction and wellbeing. r , continues to make It is an exciting time for the Charity, and we look forward to collaborating closely with the team to healthcare experience for our community. I am consistently inspired by the enthusiasm, determination, and resilience of our fundraisers, who have once again gone above and beyond from running, cycling, and skydiving to engaging their local communities to raise money for the Charity. On behalf of our patients and staff, I want to extend a heartfelt thank you to the Charity and to everyone who so generously supports us. With best wishes, ## **Jacqueline Totterdell** ## **Group** 5 - Annual Report and Financial Statements for the period ended 31 March 2024 ## WHO WE ARE We are the official C the local area. The Trust serves a population of 1.3m across Southas neurosciences and paediatric medicine, also cover significant populations from Surrey and Sussex, totalling around 3.5m people. We also partner with University of London, which is collocated with the Trust. The university trains a wide range of healthcare professionals from across the region and undertakes advanced medical research, bringing benefits to patients locally, nationally and internationally. was created in 2021. Epsom and St Helier University Hospitals NHS Trust but with one executive team enabling them to work closely together for the benefit of local people. ## WHAT WE DO Our mission is to enhance the healthcare experience for patients, families, staff and people in our local communities who are served by St George's University Hospitals NHS Foundation Trust. - To further any charitable purpose or purposes relating to the general or any specific purposes of the Foundation Trust or the purposes of the Health Service; - To promote, protect, preserve and advance all or any aspects of the health of the public; and - To advance and promote knowledge and education in healthcare, including by engaging in and supporting health related research (and the dissemination of the useful results) University of London, and our local community to fund major improvements to hospital facilities, research and medical equipment, schemes that make a real difference to the experience of patients, families and staff, as well as projects within the community that support the reduction of health inequalities and preventable hospital admissions. Our activity can be divided into three key areas: ## **Grants** We fund ideas and projects, above and beyond routine NHS funding, to enable outstanding care to improve the lives of patients, their families, staff and those in the wider community. Our grants support: patient and family experience; staff development and welfare; research and transformation; capital projects and infrastructure; community welfare and medical equipment. ## **Arts** Enabling arts and culture to thrive in our hospitals provides opportunities for everyone connected with the Trust to engage in creative activities and enjoy cultural experiences to support the recovery and wellbeing of patients. Throughout the year we work with experienced artists, cultural organisations and our healthcare colleagues to offer a range of activities including creative workshops, live music, and art exhibitions. 6 - Annual Report and Financial Statements for the period ended 31 March 2024 ## **Fundraising** The work that we do to support our hospitals and make a difference to patients and staff is underpinned by our ability to raise valuable funds from our supporters. We generate income through a diverse range of fundraising activities including major gifts, corporate partners, trusts and foundations, individual giving, legacies, and community and events. ## STRUCTURE, GOVERNANCE & MANAGEMENT ## **Legal structure and governing documents** h full independence from the Department of Health and converted to a charitable company on 27 March 2017. Member liability is capped at £1. 3481144). The issued share capital of the company is £5. This company is being retained as it might be used to facilitate future trading activities, the profits from which would be donated to the Charity. As at 31 March 2024, there were nine Trustees (2022/23: nine). Trustees are appointed to serve for a period of four years. They can be reappointed, but no Trustee may serve for longer than ten years. The Trustees are the Directors of the Charitable Company for the purposes of company law. All new Trustees are given appropriate induction into their responsibilities as a Trustee, as laid down in the Charity turn evaluated by fellow Trustees. Members of the Board have individual areas of expertise. All Trustees give of their time freely and no Trustee remuneration was paid during the year nor were any expenses claimed by Trustees. The Board of Trustees meets five times per year, including a strategic Away Day, and is responsible for governance of the Charity. It agrees strategic plans for Fundraising, Grants and Arts, reviews and discusses the major risks the Charity is exposed to and discusses and approves operating plans and budgets. There is a review of progress against corporate objectives and financial performance at every meeting. The Senior Leadership Team is invited to attend meetings of the Trustees and other managers are invited to attend for presentations and discussions of specific relevant topics. While most of the business of the Board is conducted at the scheduled Trustee meetings, there are occasional ad-hoc meetings to deal with matters of special interest as the need arises. The Board has established a series of Sub-Committees so that much of the detailed governance work can be conducted by the group of Trustees on these; during the year under review these were: - Finance and Risk - Fundraising and Communications - Grants and Impact - People and Nominations. A meetings register is recorded at every Board and Committee meeting. Trustee attendance at the 2023/24 Board and Committee meetings can be seen below: 7 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ||**Full**
**Board**|**Finance and**
**Risk**
**Committee**|||**Fundraising &**
**Communications**
**Committee**| |---|---|---|---|---|---| ||||**Grants &**|**People &**|| ||||**Impact**|
**Nominations**|| ||||
**Committee**|**Committee**|| |**Anna Walker (Chair)**|4/5|3/6|n/a|2/3|n/a| |**Sarah Wilton (Treasurer)**|4/5|6/6|n/a|2/3|n/a| |**Georgina Greenspan**|2/5|n/a|n/a|n/a|1/3| |**Paul Hayward**|5/5|n/a|n/a|n/a|3/3| |**Schellion Horn**|3/5|4/6|n/a|n/a|3/3| |**Renuka Jeyarajah-Dent**|4/5|n/a|2/3|2/3|n/a| |**Mike Rappolt**|5/5|5/6|3/3|n/a|n/a| |**Paul Sarfaty**|5/5|5/6|n/a|3/3|n/a| |**Tim Wright**|3/5|n/a|3/3|n/a|n/a| In addition, the Board is supported by advisory groups, which must include at least one Trustee but may also include advisers who provide additional expert advice. Advisory groups in operation during the year under review are: - **Hayler Legacy Committee** enable it to distribute the substantial bequest by Mr Hayler, for research into neuro intensive care, to monitor its appropriate use and to report back to the Board on its impact. This one-off, special Committee was created due to the size of the bequest. - The **Advisory Group for Research** , its research funding. , - It is highlighted that **the Arts Advisory Group** is to be re-formed in financial year ending 31 March 2025. Terms of reference and membership of the Advisory Groups are approved by the Board of Trustees. We would like to thank all those who give their time and expertise so generously. ## **Charity Governance Code** The Board of Trustees considers the Charity to have sound governance arrangements in place. The Board monitors its governance practices against the Charity Commission Governance Code on a regular basis and is pleased to report high levels of compliance against this framework. Monitoring is ongoing and the Board will act where there are gaps. A full Code is being undertaken in the financial year ending 31 March 2025. ## **Day to Day Management** Responsibility for day-to-day management and administration of the Charity is delegated to the Chief Executive and the Senior Leadership Team. The Chief Executive reports to the Trustees and leads the Senior Leadership Team, comprising of five posts shown on page 24. ## **Pay Policy for Key Management** The ultimate responsibility for setting pay levels sits with the Board of Trustees, with the People and Nominations Committee being responsible for proposing to the Board the salary of the CEO and the salaries of the Senior Leadership Team members on the advice of the CEO. ## **Fundraising Governance and Our Supporter Commitment** supporters. We know that it matters not just how the money they give is spent, but also how we go about raising funds. 8 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 We abide by best practice in relation to fundraising, taking our responsibility towards vulnerable people seriously. We follow best practice guidance and regulation from the Fundraising Regulator and the Code of Fundraising Practice, and closely monitor our compliance to these standards. professionalism and knowledge. Our staff will guide supporters through the choices available to them, will advise on when specific support is possible towards specific items, and be intermediaries between the wishes of the supporter and the departments within the hospitals. This guidance ensures that fundraising is compliant with governance and regulatory requirements. ## **Meeting the Public Benefit Test** The Trustees confirm they have referred to the guidance issued by the Charity Commission on public benefit when charitable objectives and the public benefit requirement as defined in Section 17 of the Charities Act 2011. ## **Complaints** The Charity records complaints received from the public as required by the Fundraising Regulator. This covers feedback that we receive from those with whom we have direct fundraising contact, those who observe something taking place in our name with which they are unhappy, or occasionally where supporters feel we did not meet the standards they expected. In this reporting period, the Charity received two complaints related to Face to Face fundraising activities which were resolved according to our best practice policies and to the satisfaction of the complainants. Our approach to complaints is that we assess the complaint, escalate it if required to a senior staff member, assess what we could have done better or differently, change our practices or procedures in light of the learning, respond to the complainant and report this to our Trustees at quarterly intervals. We take complaints and/or feedback seriously and aim to maximise our learning from any complaint made to us. We are set up to receive requests via the Fundraising Preference Service through which members of the public can ask for contact from any charity to be suppressed. Together with the changes to data privacy, including the General Data Protection Regulations that came into force in May 2018, we endeavour to communicate only with people who wish to hear from us and whose details we are permitted to hold. ## **Grant Making** - The Board of Trustees governs the C Grant- - -making by setting the: - Grant-making criteria which publicly state via its strategy the activities the Board of Trustees wish to support in furtherance of its objects. The Board of Trustees reserve the right on occasion to approve grants which from time Grant-making processes which explain how grant applications, grant assessments and grant decisions take place ## OUR IMPACT Our impact is mainly achieved through our grants and arts programmes. With our grants we fund ideas and projects above and beyond routine NHS funding to improve the lives of patients, their families, staff and those in the wider community. With our arts programme we enable arts and culture to thrive in the hospitals, providing opportunities for everyone connected with the Trust to engage in creative activities and enjoy cultural experiences to support the recovery and wellbeing of the patients. ## **Grantmaking** ## _**Overview**_ The core charitable activity of the Charity is the provision of grants. Through the generosity of our supporters, we are able to fund ideas and projects to enable outstanding patient care in a variety of ways across the Trust. Throughout our grant making, we have supported four key cross-cutting themes: innovation; equality, diversity and inclusion; cost-saving for the NHS Trust, and environmental sustainability. These are in addition to our main charitable 9 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 categories: capital projects, patient welfare and family experience, medical equipment, staff welfare and development and research. ## _**Monitoring & Evaluation**_ in the current year, our first full year of data has been collected by using these new systems. This work has enabled us funding, which is intended to be an annual publication going forward. In 2023/24 the Charity awarded 183 grants with a combined value of £1,508,000. This funding is split according to our five main charitable categories as summarised below: ## _**Capital Projects**_ In 2023/24 we awarded 11 grants for capital projects (building or IT infrastructure projects), with a collective value of £140,000. A number of these grants were for the essential preliminary planning of two major capital projects currently underway by the Trust Appeal. The second project focuses on converting the balconies of the Neuro Intensive Care Unit and the William Drummond Ward for stroke patients into attractive outdoor garden spaces. These gardens are intended to provide patients and staff with fresh air, a change of scenery, and hopefully a boost in spirits. -ray rooms. The radiology service caters to a diverse group of patients, including those with dementia and children, both of whom may find the procedure stressful. Research has shown that 'softening' the space by introducing images and appropriate lighting can help distract patients, allowing them to relax and creating a more welcoming environment. With a grant of £21,921, LED panels that project a programmable choice of pleasing images and scenes, will be installed in four X-ray rooms. They will enable a bespoke environment in each room that can be tailored to individual patient needs. ## _**Community projects**_ During 2023/24 the Charity supported four community projects worth £23,000. Three of these projects were for the continuation of funding for Young Onset Dementia groups, both for those living with dementia and for carers. Separately, the Charity gave its support to the Heart and Lungs Singing Group with a grant of £3,120. This is a fun and friendly therapeutic community singing group for cardiac and respiratory patients to help them enjoy the benefits of singing as a way to support the management of their condition. In assessing funding for this group, we considered a survey administered to group participants which found that: 100% of respondents reported enjoying the social aspects of the group. 91% of respondents reported feeling uplifted and more confident. 73% of respondents reported feeling less breathless when speaking. 55% of respondents reported feeling less breathless when walking. 55% of respondents reported feeling less isolated. 10 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## _**Medical Equipment**_ In 2023/24 we awarded 12 grants for the purchase of medical equipment, with an aggregate value of £58,000. One such grant of £31,108 marks a remarkable milestone in paediatric surgery at the hospital, enabling the purchase of the revolutionary Sonoca 300, an ultrasonic aspirator that transforms how we approach the removal of intraventricular tumours in children. The Sonoca 300 is more than just cutting-edge technology; it represents hope for young patients and their families. With its unique ability to be used with an endoscope, surgeons can now reach the deeper parts of the brain with unparalleled precision. This means less invasive surgeries, reduced risk to surrounding vital areas, and faster recovery times for our children. This incredible advancement would not have been possible without the support of the John King Brain Tumour Foundation, who raised funds for this equipment. ## _**Patient & Visitor Experience**_ In 2023/24, we were delighted to award 35 grants totaling £72,000 to enhance patient and visitor experiences. These grants, though often modest in amount, have a profound impact on the lives they touch. One significant grant of £6,364 was allocated to a major hospital project to open a command room and implement a live digital system for faster bed allocation. This grant specifically funded portable radios, enabling staff to communicate in real-time and reduce delays in identifying and sharing bed availability, ensuring quicker patient admissions. We also supported Redthread, an independent charity renowned for its Youth Violence Intervention Programme, which develop care packages for young patients, including toiletries, eye masks, notepads, and phone chargers, to support them during their hospital stay. These grants exemplify how targeted funding can create meaningful and lasting positive changes in people's lives, reinforcing our commitment to improving patient and visitor experiences in impactful ways. ## _**Research**_ In 2023/24, we awarded 14 grants for clinical and social research, totaling an impressive £996,000. These grants are driving groundbreaking research and fostering innovation in various medical fields. One notable project is focused on Corticobasal Syndrome (CBS), a neurodegenerative condition that can manifest with motor difficulties, behavioral changes, or language impairments. In 2020, Professor Garrard and his team at the St E), a tool that detects subtle changes in language fluency, offering critical clues for CBS diagnosis. However, the MLSE was initially designed for English speakers. With a grant of £21,525, Professor Garrard hosted a conference in October 2023, bringing together clinical scientists worldwide to discuss adapting the MLSE for different languages while maintaining its diagnostic accuracy. This successful conference laid the groundwork for future global collaboration, aiming to make this valuable diagnostic tool accessible to non-English speakers everywhere. The Charity also prioritised Lymphoedema research, awarding £69,950 for a study using magnetic resonance lymphangiography to investigate lower limb lymphoedema. This area of medicine is often overlooked due to the s University are now exploring the potential of MRI to provide new insights into this elusive system, thanks to this critical funding. A significant portion of our research funding this year was made possible by a generous legacy from Joan Russell Davies, dedicated to cardiology. Her legacy funded a multi-year grant of £675,000 to appoint a senior lecturer who will lead a cutting-edge research programme in computer science and healthcare at the Cardiovascular and Genomics Research Institute (CGRI) at City me will harness artificial intelligence (AI) to tackle key areas in cardiovascular research, fostering collaboration between the Trust and the University. The aim is to benefit ity is eager to see the advancements that this innovative AI research will bring to the field of cardiology. 11 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 These grants exemplify our commitment to supporting impactful research that can transform patient care and improve lives. We are excited about the future breakthroughs that will arise from these important projects. ## _**Staff Development & Welfare**_ In 2023/24, we awarded 107 grants totaling £219,000 for staff development and welfare, demonstrating our commitment to enhancing the skills, knowledge, and well-being of hospital staff. Among these, 22 grants specifically funded staff development, including training opportunities and attendance at key conferences and symposia. One standout example is the £950 grant awarded to send two Tissue Viability Clinical Nurse Specialists (CNSs) to the European Pressure Ulcer Advisory Panel conference in September 2023. Pressure ulcers are particularly challenging to diagnose in patients with darker skin tones, often leading to delayed treatment and more severe cases. At the conference, the CNSs attended lectures and panel discussions focused on wound management and the nuances of skin tone. Equipped with this enhanced knowledge, they are now better prepared to assess and treat pressure ulcers in patients with diverse skin tones. This benefits the 2,000 patients they treat annually and the 1,000 staff members they train and collaborate with. These grants highlight our dedication to fostering a supportive and enriching work environment, ensuring our staff have the tools and support they need to provide exceptional care. opportunities for patients, families, staff and the wider community to engage in creative activities and enjoy cultural experiences, helping improve the experience of being in hospital. This work divides broadly into heritage collection. A selection of our activities is outlined below: ## _**Participatory arts**_ involved with creative workshops, performances and activities led by visiting partners and artists. We presented a new exhibition of artworks from our collection and launched a film, accompanied by an exhibition and event, celebrating our Resident Artist Programme as part of Wandsworth Arts Fringe. ## **Resident Artists** In July our first cohort of Resident Artists, Josh Bilton (visual arts), Jelly Cleaver (music) and Emily Stapleton-Jefferis (visual arts) came to the end of their time on site. In October, we introduced our second cohort of Resident Artists to the hospital community Phoebe Kaniewska (visual arts) and Heather McClelland (music), both of whom have considerable experience of working in healthcare settings and saw Throughout the year, our resident artists worked with 3,360 people through a range of activities spanning visual arts, storytelling and music, working with a range of patients including children in the hospital classroom, patients undergoing neurorehabilitation or in the General Intensive Care Unit. ## **Staff Choir** 19 Trusts to celebrate creativity in hospitals. The Staff Choir wrote a song for the NHS 75th birthday which they performed at the birthday event on 5 July and then as part of the national event culminating in an onstage performance and live stream event in Manchester. We also professionally filmed and edited the choir singing their song, as a lasting record of their work. event. 12 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## **Staff Arts Club** Our Staff Club had 1,137 members by March 2024. The monthly workshops run as part of the initiative have proved extremely popular over the past year and we have introduced a ballot system for staff to randomly be assigned a place or be added to the waiting list. Festive garland, lino printed wall hangings and candle lantern making workshops all proved particularly popular with our members. We also shared monthly tickets to cultural events or exhibitions for staff to attend free of charge, including trips to the Tate, Battersea Arts Centre and the Design Museum. ## **Our National Health Stories** team led by Kwame Kwei-Armah (Artistic Director of the Young Vic). It was designed to highlight the incredible and diverse work of the National Arts in Hospitals Network (NAHN). relay across the 19 Trusts on 22 November and then at the finale onstage event at Aviva Studios in Manchester on 23 November. The live stream of the onsite event was viewed over 4,000 times and the finale event was viewed by 550 people in the audience with over 2,000 watching the live stream of the event. We also worked with artist Hannah Coulson who designed cards inviting people to respond to prompts about the NHS and create collages during workshops at Arts Week and the NHS 75th birthday event. 10-week creative engagement project with to choose a theme for the project and suggest which artforms they wanted to explore. To conclude the project, we hosted a celebration event in the dining hall of the ward, inviting staff and patients to showcase the work they had created during the project. We created a pamphlet to share with the participants, which included images of their artwork, lyrics and photos of their workshops with the visiting creatives. These were posted to discharged patients and distributed on the ward to those who remained inpatients. ## **Art and Heritage Collection** several locations around our hospitals, including the Lanesborough corridor, Ingredients restaurant, the newly refurbished Macmillan welcome space, HOOP quiet room, Trevor Howell treatment room and the A&E corridor of St James Wing, to make the spaces more welcoming for patients, staff and visitors. ## **Maternity Bereavement Suite** the Trust estates team and a freelance interior designer, Goose Studio, who volunteered their time for the project. Working collaboratively the team selected flooring, wall colours, furniture, artwork, accessories and fittings to create a coherent suite, offering a more sensitive, calming space for patients and their families at a difficult and distressing time. The refurbished space was officially opened on 10 October by the family who raised the funds to make the project possible. ## **Mortuary family waiting room** Trust staff to select new furniture and accessories to coordinate with specially purchased artworks to create a better environment in the mortuary family waiting area. This newly refurbished space was officially opened in October 2023. ## **Covid-19 Commemoration Art Commission** Award-winning design practice Wayward was selected by a staff steering group to work on a new arts commission designed for, and with, staff who worked throughout the COVIDThe commission will explore and reflect upon the profound impact of COVID-19 on our hospital community and will highlight the important role that the arts play in recovery and wellbeing. The becoming th -19. 13 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 Over 6,452 People engaged. (3,412 active participants) 70+ Events 20+ Artists 5 Partners 1,137 Staff Arts Club Members ## **FUNDRAISING** Our supporters helped us to raise an incredible total of £2.5 million in 2023/24, against a target of £2.9 million. Launched in 2021, our Time for a Change appeal gathered pace with fundraising continuing towards our £5 million target. Throughout the year funds were raised through our outstanding gala evening at AFC Wimbledon as well as various events and challenges undertaken by families, schools, local companies and community organisations raising money in wonderfully creative ways. For example, we enjoyed fantastic Oktoberfest that seamlessly led into the Christmas season where we benefitted from an innovative Christmas gift wrapping service, staffed by loyal volunteers, energetic ice skaters on the rink at Wimbledon Quarter and a beautiful carol concert. Our pa Other fundraising highlights during 2023/24 included brave fundraisers completing a skydive, runners taking on marathons and half marathons, as well as many bake sales, pub quizzes and community events. Our Christmas fundraising activity for 2023 included a successful Christmas direct marketing campaign Thanks to our supporters, funds were raised for other key projects at the hospital, such as our gardens and specific research funds including neurology, lymphoedema and maternity. Every supporter played a huge role in helping the charity to continue its vital work for the hospital and we are proud of all their efforts. ## RISK MANAGEMENT The Charity has a robust risk management strategy that is embedded across the organisation. The Board regularly reviews and discusses the major risks to which the Charity is exposed, as detailed on the organisational risk register. The Senior Leadership Team regularly review the organizational risk register and consider emerging risks. Individual Sub-Committees of the Board are responsible for relevant thematic risk management and identification of the main strategic risks to be considered by the Board. actions to be implemented and assigns a risk rating to each risk, based on impact and likelihood of occurrence. Where appropriate, systems and procedures have been established to manage risks, and these are regularly reviewed. The key risks faced by the Charity during 2023/24 and the management actions taken to mitigate either the likelihood of a risk occurring or its possible impact, are as follows: 14 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 |**Risk**|**Mitigations**| |---|---| |**_Financial Performance_**
Unrestricted income and
reserves insufficient to
sustain the organisation|Regular timely review of financial reports and early intervention to address
adverse variances.
Regular review and challenge of the fundraising income pipeline and key
performance indicators.
Regular forecasting in collaboration with the Fundraising Team.
Planned audit and strategic review of fundraising activity scheduled to ensure
sufficient capacity and expertise to deliver 2024/25 budgeted income| |**_Fundraising Performance_**
Fundraising not operating at
optimal level|Regular team planning and fundraising income forecasting
Fundraising review to be completed in Q2 2024/25 to determine capacity and
skill requirements.
Managers supported by HR to identify and intervene if workload is
inappropriate.| |**_Fundraising Performance_**
not achieved|Maintenance and regular review of the Appeal risk register
Establishing and stewarding the Appeal Peer Development Group
Development and delivery of the Appeal Fundraising Strategy.| |**_Charitable Activities_**
Inability to effectively deliver
the mission if awarded grants
are less than budget due to
the reliance on high-value
Trust projects proceeding as
planned.|Regular engagement with Trust clinicians to agree timetable for receiving and
reviewing grant applications for research projects.
Regular engagement with Trust Estate Team to progress major grant funded
capital projects.| |**_Charitable Activities_**
funding expectations due to
lack of unrestricted reserves|Maintenance of the effective working relationship between Charity staff and
Trust and Trustees and the Trust Strategy team and senior management.
Ensure approval of strategic grant awards where possible in response to Trust
requests.| ## **Reserves Policy** line with Charity Commission guidance. They recognise the need to ensure that the reserves held enable financial commitments against fluctuation in income levels and volatility in the financial markets. In particular, the Trustees wish to ensure that sufficient unrestricted reserves are available to guarantee that operations can continue over the short-term and that all financial commitments can be met. Total reserves at 31 March 2024 are £11.9 million (2022/23: £12.3 million) of which unallocated general reserves or free reserves are £1.7 million (2022/23: £2.1 million). In March 2024, the Board approved a new minimum value for unrestricted general reserves as part of the 24/25 budget approval process. This was set at £1.2 million, a value equal to the average annual charge to unrestricted general reserves over the next five years. The Board and Management recognise that exceptional circumstances may arise that warrant the temporary use 15 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 The Charity has various funds available to finance its activities: ## _**Endowment fund**_ The Charity holds one endowment fund, which has been granted in order to generate funds to support a specific charitable purpose. At 31 March 2024, the value of the endowment fund was £166,000 (2023: £160,000). ## _**Restricted funds**_ Restricted funds consist of the unexpended balance of income received where the donor has defined what the money must be used for, or in response to a specific appeal or fundraising event. At 31 March 2024, the value of restricted funds was £5.8 million (2023: £5.3 million). ## _**Unrestricted funds**_ Unrestricted funds are expendable at the discretion of the Trustees for general charitable purposes relating to the following: ## _**General funds (Free reserves)**_ These are funds available for general use. They are held at a level to protect the core work of the Charity, effectively manage risk and to enable to Charity to pursue appropriate opportunities, within Charity Commission guidelines, in accordance with the Reserves Policy described above. At 31 March 2024, the value of general funds was £1.7 million (2023: £2.1 million). ## _**Designated funds**_ Designated funds are funds held where the donor may have expressed a preference as to how the funds are to be allocated but have allowed the Trustees discretion to use for general purposes. At 31 March 2024, the value of designated funds was £3.5 million (2024: £4.0 million). ## _**Special purpose funds**_ where the donor has allowed funds to be designated at the discretion of the Trustees in accordance with Charity Commission requirements. At 31 March 2024, the value of designated special purpose funds was £2.4 million (2023: £2.9 million). ## FINANCIAL REVIEW ## **Overview** The Charity has continued to invest in both systems and people in the current year to ensure the successful - 2029. The net assets of the Charity at 31 March 2024 were £11.9 million compared to £12.3 million in 2022/23. The decrease of £0.4 million is attributable to this investment and hence the planned deficit, offset by the increase in the value of the investment portfolio. The net expenditure for the year before investment gains/losses was £1.1 million (2022/23: £1.5 million) has been influenced by the Trustees' decision to budget for charitable expenditure in excess of income for the year as detailed above. The investment gain for 2023/24 was £0.7 million (2022/23 £1.2 million loss) owing to the recovery of equity markets. ## **Income** In the year to 31 March 2024, total income increased to £2.9 million (2022/23: £2.5 million). The uplift in fundraising income is largely due to a continuation of Time for a Change appeal campaign (a capital campaign launched to raise funds for the paediatric services at St George's) and the growth of new philanthropy and partnerships income streams including Corporates and Trust and Foundations. 16 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 The principal funding sources of the Charity of the last three years are shown below: ## **Expenditure** Total expenditure for the year was £4.06 million (2022/23: £4.0 million). Of this £2.6 million (2022/23: £2.7 million) has been spent on, or committed to, charitable activities (including an allocation of support costs) with the increase being largely due to Research grants of £1.8 million. Our largest award in 2023/24 of £0.7 million is the Joan Russell Davies legacy for the Cardiology and Cardiac Surgery Research Programme. A detailed analysis of the direct cost of charitable activities by type over the past three years is provided below: ## **Investment Policy and Performance** The Charity investment objectives are to generate a real return from capital with a target of CPI+3.5%. The fund is operated under a balanced mandate and a medium risk profile with a long-term investment time horizon of over 10 years. The investment fund managed by Investec Wealth and Investment Ltd generated a gross return for the year ended 31 March 2024 of 8.61%, below the benchmark return of 13.89%, reflecting continued volatility in equity markets. ## PLANS FOR THE FUTURE As we reflect on the achievements of the past year, St George's Hospital Charity is excited to launch our new strategy, "Healthier Together," which will guide us over the next five years. This strategy is anchored in our vision of building a healthier tomorrow for our communities and our mission to collaborate with partners to build excellence in care, advance research and innovation, and enrich the healthcare experience. ## **Strategic Objectives and Key Initiatives** 17 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## _**Driving Solutions on the Ground**_ Our strategy emphasises the importance of supporting workforce wellbeing and empowering Trust staff to identify needs and drive solutions on the ground. By providing grants for initiatives directly proposed by those closest to the challenges, we aim to create tangible impacts for staff, patients, and their families. Examples of such initiatives include: Staff wellness programmes to promote mental and physical health. - Patient-centred care projects to address immediate healthcare needs. Environmental enhancements within the hospital to improve overall patient and staff experiences. ## _**Advancing Research & Innovation**_ We are committed to advancing medical research and innovation taking place across Hospitals and City University of London. Through targeted grants, we will support pioneering research projects focused on developing new treatments and cures. Our investments will include: Clinical trials exploring novel therapies. Research collaborations that push the boundaries of healthcare. Initiatives that drive the next generation of healthcare solutions. ## _**Bridging the Gap**_ To address health inequalities, we will fund comprehensive initiatives that meet the diverse health needs of our communities. Our efforts will focus on: - Funding a health inequalities lead to identify the good work that is taken place and key areas of need. - Supporting initiatives that target those from the community facing the greatest barriers to healthcare. - Engaging and collaborating with community organisations and networks to empower and support those closest to the challenges. ## _**Improving the Hospital Experience**_ Enhancing the hospital experience remains a cornerstone of our strategy. We aim to deliver a highquality, innovative experience programme through arts, creative engagement, and improvements to the built environment, while also showcasing our Art & Heritage Collection. The first two years will focus on our children's appeal to transform wards for pediatric patients and their families, including: - Creating child-friendly spaces to make hospital visits less intimidating for young patients. Improving facilities for families to stay close to their hospitalised children. Delivering a comprehensive arts programme that supports the wellbeing of patients, staff and the community. ## _**Raising Awareness**_ We will enhance our engagement with a broader range of stakeholders, ensuring their input shapes our work. Transparent communication and measurable outcomes will be key to demonstrating our impact. Our initiatives will include: Hosting community forums to gather feedback and ideas. - Conducting stakeholder surveys to align our efforts with community needs. Publishing regular impact reports to highlight progress and successes. ## _**Financial Projections and Sustainability**_ Our financial strategy is designed to grow our income. This growth will be achieved through: - Gradual annual income increases, to build a model that creates long-term sustainability. Controlling operational cost increases. Building a reserve to manage potential income fluctuations and ensure financial stability. In conclusion, "Healthier Together" sets a clear and ambitious path for the next five years. By focusing on driving solutions on the ground, advancing research and innovation, bridging health gaps, improving the hospital experience, and raising awareness, we are committed to making a significant impact on our communities. Together, we can create a brighter, healthier future for all. 18 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 The Trustees (who are also the Directors for the purposes of company law) are responsible for preparing the law and regulations. In prepari requirement to prepare a strategic report. Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Applicable in the UK and Republic of applicable law. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity, including income and expenditure for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently; - Make judgments and estimates that are reasonable and prudent; - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the 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. The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on statements may differ from legislation in other jurisdictions. - there is no relevant information, being information needed by the auditor in connection with preparing - individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. By order of the Trustees Signed .................................................................... Anna Walker Chair of Trustees Date: 19 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## REPORT OF THE INDEPENDENT AUDITOR ## **Opinion** ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United an In our opinion the financial statements: - 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 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 al 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** of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, other than the financial 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. 20 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - report for the financial year for which the financial - statements are prepared is consistent with the financial statements; and ## **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 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 - we have not received all the information and explanations we require for our audit; or the trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report. ## **Responsibilities of trustees** 9, 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. 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. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 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 trol. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 21 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 - based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable - going concern. If we conclude that a material uncertainty exists, we are required to draw attention are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained 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 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. 22 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## **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 purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Adam Fullerton (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6[th] Floor 9 Appold Street London EC2A 2AP Date: 10 October 2024 23 Hospital Charity - Annual Report and Financial Statements for the period ended 31 March 2024 ## REFERENCE & ADMINISTRATIVE DETAILS ## **Registered address** ## **Professional Advisors** Blackshaw Road London SW17 0QT **Charity number** 1171195 ## **Company number** 10565339 Registered in England and Wales ## **Trustees as at 31 March 2024 and as at date of approval except as noted** Anna Walker (Chair) Sarah Wilton (Treasurer) Georgina Greenspan Paul Hayward Schellion Horn Renuka Jeyarajah-Dent Michael Rappolt Paul Sarfaty Tim Wright Katie Mantell (resigned 6 April 2023) Suzanne Hudson (appointed 1 July 2024) Dr Rachna Upadhya (appointed 1 July 2024) ## **Investment Managers and Advisors** Investec Wealth and Investment Ltd 30 Gresham Street London EC2V 7QN ## **Bank** National Westminster Bank PLC 282 London Road Mitcham London CR4 2ZP ## **Independent Auditor** Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP ## **Solicitors** Withers LLP 16 Old Bailey London EC4M 7EG ## **Senior Leadership Team as at 31 March 2024** Katy Vaughan, Chief Executive Vivienne Gunn, Head of Grants Sarah Grainger-Jones, Head of Arts Pascale Nicholls, Director of Finance and Operations Alice Reynolds, Interim Director of Fundraising and Communications ## **Senior Leadership Team as at date of approval** Katy Vaughan, Chief Executive Davina Metters, Director of Fundraising and Communications Vivienne Gunn, Head of Grants Sarah Grainger-Jones, Head of Arts Pascale Nicholls, Director of Finance and Operations 24 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospitalcharity Statement of Financial Activities Forthe year ended 31 March 2024 UnrestTlcted Restrlcted Endowmenl Fund5 Funds Funds £'ooo £'ooo £'ooo Total 2024 Total2023 £'ooo £'ooo Notes INCOMEAND ENDOWMENTS: Oonatlons and legacies Charitable activities Investment incorne 497 2,057 2,554 1,997 150 356 142 237 379 Total Income and Endowments 639 2,294 2,933 2,503 EXPEDNITURE ON: Raisingfunds 11,4621 1281 11.4911 11,2491 Chariiable Activilles.. Patient and Family Experien¢e Staff development and welfare Research Capital Projects Nedical Equipment Community Arts Charltable actlvltles 11271 11821 12401 11341 15221 11.5081 12081 1871 1321 1791 12,5701 13511 14821 18181 92 11,0501 13401 11,2681 120ei 1561 1321 1311 1721 16521 11,9181 11151 12,7241 Total Expenditure 12,1151 11,9461 14,0611 13,9731 Net gains I Ilossesl on investments 516 188 709 11,2041 Net Income I (Expendlturel 19611 536 14191 12,6731 Reallocatlon between lunds 14 11151 Other recognised gains Revaluation gainslllossesl on Fixed Assets 461 Net movement in funds 18451 421 14191 12,2121 RECONCILATION OF FUNDS: Fund balances broughtforwaid at l April 6,781 5,337 160 12,278 14.491 Fund balances carried forward at31 March 5.936 5,758 166 11,859 12,279 Notes I to 19form part of Ihese accounts. All income relates to coniinulng activities. There is no material difference between the net income of the year and the histori¢alcost eouivalents. 25 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltal Charlty Balance Sheet as at 31 March 2024 Total at 31 March 2024 £'ooo Total at 31 March 2023 £'ooo Notes FIXED ASSEts: Tangible fixed assets Intangible fixed asseis Investments 1.750 1,749 13,491 15,241 14,167 15,916 Total Fixed Assets CURRENT ASSETS- Debtors.. atnounts falllng duewlthln one year Cash at bank and in hand Total Current Assets io 123 225 348 41 410 451 LIABILITIES: Creditors- amounts falling due within one year li 3.730 4.090 Net Current Llabllltles 13,3821 13,6391 TotalAssets Less Current Llabllltles 11,859 12,278 Total net assets 11,859 12,278 THE FUNDS OF THE CHARITY.. Endowment Funds Funds.. 14.1 166 180 Restricied Unrestricted General Designated Revaluation Reserve Toial Funds 14.2 5.758 5,337 14.3 14.3 14.3 1,723 3,488 724 11.859 3,9 724 12,278 The financial statements on pages 26 to 41 were approved bythe Board ofTrustees and signed on its behalf by.. 2&1?DdfJ￿llÉF Anna WaLker Chair Date 08 October 2024 26 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltal Charlty Statement of Cash Flows Forthe year ended 31 March 2024 Total 2024 £'ooo Total 2023 £'ooo Net lexpendfturel I Income forthe flnanclal year Adjustments for.. (Gain) l Losses on investments Dividends and interest from investments Decrease I Ilncreasel in debtors (Decrease) I Increase in creditors Net cash (used inl I provided by operating activities 14191 12,6741 17091 13791 1821 13581 11,9471 1,204 13561 16 662 11,1481 Proceeds from sale of investments 11,379 3,635 Purchase of langible and intangible assets Purchase of Investments Dividends and interest from investments Net cash provlded by Investlngactlvltles 19.9951 379 12,9221 356 1,762 1,069 change In cash and cash equlvalents In the rèportlng pèrlod 11851 1791 Cash and cash equivalents at beginning of reporting period 410 Cash and cash equlvalents at end of year 225 410 The Charity has no net debt and accordingly no net debt note is presented. 27 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospital Charity Notes to the flnanclal statements fortheyearended 31 March 2024 I.ACCOUNTINGPOLICIE5 1.1. Bas1sOI PrepatètlonAndAssessmentOIGoingConcein Investmentsandthpirtcollectionsmea5ured*fairvaiue. Theaccountshavebeen piesentedin poundssterllngand areiounded tothenearestÉl.000. l.l.l.Golngconcem Th¢Trustreswllonlyagi¢¢tocommittofundchaiitableactivitiesandoth¢rcapitalproieot5wh¢nthff¥ir£rQTrfiOEntth?tIhCSc gblig4tions¢an Demei. l.l.I Criticalaccauntingjudggments and EStimatiDnuncertainty e5tirn*ionuncertaintyonlhe acctued leg3cyincDtneof£nill2022123'.£nillJueiotheiudgement3ln3tureof deterrniTringihee¥3ctamounlto 1.2.LIn¢ornere£ognl￿OTh lundsCaDbe￿[iéb1YmeasureO. Giftsin kindareiecognisedartheilvaluetothechai￿when received3nd equ￿alentamoun1lSi￿C1UdedI Iheappropiialec*egoryof exppn¢iture. 2B DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospital Charity Notes to the flnanclal statements fortheyearended 31 March 2024 I.ACCOUNTINGPOLICIE5 1.2.2. EXpendIt￿re recogn￿ltsn Onmru￿iveobI18atlQDtQMakeP3y[ne￿IfQa1hI1d party. ShOMm aSinveitmeThtmanagèmentcosts. Expendituie tsncharitablÈactfv￿*S 1.2.3. Allocatlon and apportlonment oleostsandincome based rnainlyonth¢ ¢stim¥ted proportion Trfstaff tim¢engaged IntheseactMtieS.In￿SErn8llt Inoome andgains¥n¢ lossesai¢?ppgrtionedto 1.2A. Fundaccounting Charity. Theyaiediwded betweenGener31funds.whereihere ale no con5tiaintson howtheTrustee5 mayuspthesefund5. andDesignateO lundswheiefund>havebeÈn set alidÈtythÈTrusieèa,whoneedtOh2veduerÈgaidtordonor5'vviihes. DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospital Charity Note5 to thefinancial statements forthe yearended31 March 2024 I.ACCOUNTINGPOLICIES 1.2.5.Flxtd 05s8t5 Intangiblea$5et531e measurel at¢o$ties5¥ccumulatedamorti$ption¥nd¥nya¢¢uThui*e¢ Impaiiment105se5. methDd.S0ftw31edpvplDpmpntCDSts areamortised Dver4yearstDmatchtheiiusefulpEonamK Iifp. TheonlytangibielixedassetscuNentlyneid bythecnaiityarewoiksolart. Theseareconsideied a5 heNtage assetsand IncIDJedatesknmated the HeldofAits3ndthen rev3luèdin3ccoid3n¢èwiihthÈabove pabty. 12.6.FixEda55etinveslrnentS which Iti$ rKeive¢ bytheinvestmentrnana8ers.Qash hel¢ bytheinvestmentm¥na8ersforthe puiposeofieiThvestmflltisin¢lude¢ In hxed¥55et Invesrffjeni5. 1.2.7. Debtors 1.2.8.Cashai bankandlnhand 1.2.11. 5ub5idi3rycomp3ny TheChainyi>wnsallthesharps In adoThnamcompary.St Geoige's HosprtalTiadingLimited ICompaThyNumbei34811441 Theissuedshaie Empwesaie membersofadefined cDntri￿t1on pensiOThSCheme.ContiibutiDnsarechaige3bietotheSt2tementotFinancialACtivitiesin thè Pènodtowhiththeyietste. 1.2.13.Tax3tiun StGeorge'5HospitslCh3Tty, as3 rèOsteièdChaTty, ISÈxemptfromintomèt3MunderpartlOofthÈ IntomeTaxAtt20070ISÈetiOn2560fthe T￿atIOn DftheChargeabieGalnsAct1992.tDthee￿entIhatsu￿1U5e88re appliedta ItscharitablEpufpDSes. TheChaTtyisnotTegiSteiedf0TVaiueAdd￿T1A. AtyiireC(fftiabieVa￿?Arfaed1aX IschaigedtotheStatementolFinancialActi¥ities3sacost 1.2.14. Revaluatlon reserve reduced wnenasSetsswthaccuM￿13ted gaifisaieievaiued dowm3idsor1m￿lled,orWhe￿1heassetsa1elosI0rd1sp0se1 ol. 30 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltal Charlty Notes to the flnanclal statements for the year ended 31 March 2024 2. Income Totalat 31 March 2024 Totalat 31 March 2023 Llnrestricted Funds Restricted Endowment Funds Funds £000 £000 £000 £000 2.1 Donatlons and legacles Direct gifts from Individuals and trusts Legacies Communityfundraising Corporate, catnpaign5, event5 and other incorne Total income from donatlOll5 and legacie5 211 248 882 379 548 2,057 1,218 451 328 96 98 92 497 979 477 2,554 1,997 2.2 Charsiabie aciivllles Gianis Total Income from charltable actlvltles 150 150 2.3 Investmerrt income Dividends and interest ieceivable Total income fvom investme￿$ 142 142 237 379 379 356 356 Total Income and endowments 639 2,933 2,503 31 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltal Charlty Notes to the financial slatements forthe yearended 31 March 2024 3. Expenditure Dlre¢i costs Alio¢a*d support co#$ £000 Totalat 31ma￿h 2024 £000 Totalat 31ma￿h 2023 £000 3.1 Ralslngfunds £000 856 576 1.432 1.189 60 Investment managementcosis Total¢o$iof ral$lnglund$ 59 915 $76 IA91 Direct Allocated TDtaiat TDtalat Costs Otheradlustrnents £000 support Casts £000 31March 2024 31March 2023 3.2Charltableactlvities £000 £000 Arts 47 149 23 31 78 115 Communrty Medit31 Èouipmeni 31 28 55 468 174 1.050 351 818 482 134 1,507 524 Research Staff development andwelfare TDtai¢haiitabieactivities 1,038 350 1.744 825 2,57D 2,724 oineiadlusiments IfflCludeba￿n￿aeCrUed In previ0￿5ye3rsthatarefft￿￿notoWingbYlheCh21l1￿.és￿el1ésthe ret￿rn0t£rantspIe￿o￿s1y3WaIded ￿￿thaven01tseen 3.3Ailvcateiisupport¢o$ts ITand Totalat Totalat staff costs communlcatlons Other 31March 2024 31March 2023 £'ooo £'ooo £'ooo £'ooo £'ooo 577 31 60 20 io 19 Communrty Medical equipment IB 35 303 iio 28 478 132 125 178 18 145 55 Research Staff development andwelfare Totalallocated 5UPPOrtcost5 20 468 174 IA02 IA99 SUPPDrtcastsh3ve beenapportionpdovprDtherrpsaurcesexpendedon thebasisof5tatttime. ApropDttian gfsuppDrtcostswerealloEatedtothpCDStofra151ngfunds,whichwasappDrtioned onthebasisofstafftimpsppntsuppornn£thisactivity.In Iinewith FRS 102. 3AGo¥ernan¢6tost$ Totalat Totalat 31March 2024 31March 2023 £'ooo £'ooo Auditors iemuneralionforauditsetvices inthe currentyeai 17 15 li DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltal Charlty Notes to the flnanclal statements forthe year ended 31 March 2024 4. Grant funded activities Grantfunded actiwties Includescharitable activitiesa5 5etbelow. Totslal Totalat 31 Marth2024 31 Marth 2023 £000 £000 Nameof reclpl8nt'. St. George's University Hospitals NHS Foundation Trust St. GeorEe'5, University of London 610 1,517 302 898 Total 1,508 1,819 5. Analysis of staff numbers. staff costs and remuneration of key management personnel 5.151aff number5 ZOZ4 No. of 5tsff 2023 E. No. of staff FTE. The. FTE average nufflber of employees 15 split 35 follows.. 14 13 io io 15 25 Management and administration Total FTE full time equivalent li 13 5.2Analy5is of staff costs Total Totalat 31 March2024 31 March 2023 £wo £0 Salaries and wages Social security costs Pension costs Total emolument5 01 employee5 948 105 40 1,093 934 104 52 1.091 All membersof st8fl ar&enrolled In a deflned contrlbutlon penslon schemethai Is comp118ntwith autfrenrolment. Staff costs in the current financial year include emoluments relatingto one former employee of £32k. 5.3 Key management personnel Thesenior Le3deTshipTe3m cons15ts of thefive posts shown on p3ge 24. The tot31 retnunerationforthese post5 In 2023124was £620k12022123'. £415kl. The increase In remuneratlon refiècisthe use of consultants In seniorlèadershlp positlons In2023124. Thefollowlng numberof senloremployees recelved emolumenisfallingwithlnth&folLowlng r8nge'. 2024 Number of Staff 2021 Number of Staff £80.00O-£89.￿9 £100.000- £109.9 £IIO,000- E119,9 33 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospital Charity Notes to the financial statements fortheyearended 31 March 2024 6.Trustees expenses and remuneration None ol the Trustees received any remuneration from the Charity duringthe current linancialyear12022123.. £nill. No Trustees were reimbursed for expenses incurred while carrying outtheir responsibilities for the Charity duringthe year 12022123- £nill. 7. Tangible lixed assels Herltage Assets 31 March 31 March 2024 2023 £'ooo £'ooo Cost and valuaiion Balance as at l April 1,749 1,288 Addlllons Disposals Revaluations 461 Net Bookvalue at 31 March 1,750 1,749 The Charity undertakes a lull independent professional valuation of the Art Collections everyfive years, with impairment reviews undertaken as necessary in accordance with the Statement ol Recommended Practice 2015. Afull valuation was performed in April 2023 byTim Ritchie &Associates Ltd, acting as independent valuers. The assets were revalued to their lairvalue, which was assessed as the retail replacement value lor purchased artworks and the open market value for heritage items. 7.1 Five year financial summary of heritage assets transactions 2023124 £'ooo 2022123 £'ooo 2021122 £'ooo 2020121 £'ooo 2019120 £'ooo Additions: Purchases Donations Revaluation TotalAdditions 461 461 14 Di5P05als: Carryvalue Sales proceeds The Jrtworks are held entirely in pursuance ol the charitable objects of the Charity-for the benefit ol patients and staff in St George's University Hospitals NHS Foundation Trust and also the staff and students at St George's, University of London. In accordance with our accounting policy depreciation has not been charged. DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospital Charity Notes to the financial statements fortheyearended 31 March 2024 8. Intangible fixed assets 31 March 2024 £'ooo 31 March 2023 £'ooo Cost Balance as at l April Disposals Balance as at 31 March 155 1601 95 155 Iss Accumulated depreciation Balance as at l April Disposals Balance as at 31 March Net Bookvalue at 31 March 11551 60 1951 11551 11551 35 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospital Charity Notes to the financial statements forthe year ended 31 March 2024 9. Fixed asset investments 9.1 Movement In flxed asset Investments 31 March 2024 Total £'ooo 31 March 2023 Total £'ooo Fixed asset investments: Marketvalue at l April Less.. Disposal pioceeds 14,167 16,087 111,3791 13,6351 Add= Acquisitions at cost Net cash reinvested I Iwithdrawnl Net galn I Ilossl Dn revaluatlon 9,943 52 3,738 18161 11,2071 709 Market value at 31 March 13,491 14,167 Historic costat31 March 12.829 12,717 9.2 Market value 31 March 2024 £'ooo 31 March 2023 £'ooo Investmems assets in the UK Investments assets outsidethe UK 3,729 9.763 7,606 6,561 Total fixed a55ei investments 13,492 14,167 9.3 Investment portfolio 31 March 2024 Total Total £'ooo 31 March 2023 Total Total £'ooo Fixed interest bonds UK equiiies Overseas equities Propertyand alternative assets Cash 2,645 1,033 7,515 2,106 193 19.6 2.130 3,120 5,643 3.275 15.0 22.0 55.7 15.6 39.8 23.1 13,492 loo.00 14.167 ioo.o 9.4. Investment powers The Charity Commission Scheme dated 18 August 1998 gives the Charity unrestricted Investment powers to manage its own porttolio. 36 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC StGeorge's Hospital Charity Notes to the flnanclal statements fDrtheyearended 31March2024 10. Debtors 31 Mirch 20Z4 2025 PrepAymEnl Attrued In¢oM• (xherdebtar5 41 11.Credftors.' arnoums fa1uTh8duÈ¥￿th1n oneyear 31 Mirch 20Z4 2025 DEfErred inEorne 37 TotalCréditorsfalbrtÈduèwthinOhÈyèar 3.13D IIGrants ¥wardpd Total 2024 T(ttl 2023 l?blitie5* IWI 3.W5 1.5Q8 IPffj31 12211 3.530 a.805 3.605 Total 3.530 3.805 rotracted. 13.Analysls Df netassets betr4eÈn funds RÈ&tActsd 31 Mar(h ToL)IFunds rfy)o £'ofyTr £'ofy) £yJfy) £ryJ FuThdbatsncesa131Mar¢h2024art Epre5enWby". 1.750 1,750 1.963 4.BOO 12.¥91 4312 166 L2Wi 13W31 TotalnelasgetS 1.7ZJ 5,76¥ I&Analysls of netassets bett¥een funds-compar3tlvefl￿reS at31 March 2023 lknr•slrtcl•d R•strtct•d Éndowrnnt Imarth 2023 lotslFuMds G•nttal 0ésl￿atsd vD]o E'OM rooD FuThdb31ahcesa131March2Q2331P rtprcsemtedby.. 1.5eo 4,893 12,8281 2.946 210 6,167 1832 L4.166 13A4BI Totalnela59et5 2.087 4.718 ¥35 X2.276 37 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospitslcharity Notes tothe flnanclal ststements foriheyearended 31st March 2024 14. CharIty￿n￿$ Tiansfers between Balance31 March2023 Income Galnsand Balance31 losses March 2024 Expe￿d1ture Funds £'ooo £'ooo £￿0 £'ooo rooo £'ooo 14.IEndowmentlunds William AAmanerBequesr 160 166 TotalendowrnentfuDd5 léo 166 SpeclalPurp05eFund5'. Cancerand oncolog Caidlology Childien andwomen CofflmuTrityand nursing 15 327 221 14 176 421 427 52 65 127 20 18 24 432 401 455 120 23 Outpatients Research" 78 65 408 53 16 391 io 55 $eFund$ 474 1755 144 3,236 OtheiAwards 52 22 15 616 9S 14 59 31 Is 622 Granis Legacy ppeals 881 17941 1,259 830 io 1,797 Total restrictedfunds 5,337 I,￿9 115 5,758 'Fundbalancessat31 Mafch2024includes£117kfoilhe LynTrphoedenTraRes8afcThFund 14.8Unresiri¢tedfyAdS GÈnerAlfunds 2.0è2 92 11.W41 772 391 LX3 Deslgnatedlunds.. SpeclalPurposeFunds'. Cancerand oncology CaidiOiO¥y ChildieTr andwomen CornmuTrityand nursing COVID-19appeal and NHSCTfundinÉ 82 124 li 27 86 iio 228 192 39 16 258 184 112 529 189 394 359 215 539 192 122 33 27 Research 35 42 201 Thankyouappeal SIB 221 TotalSpecialPurposeFund$ 547 124 2A39 otherdes18matedfunds'. Fixed aSS*funds 1,049 Revaluation reStr￿e 724 T24 TOt£1￿￿restr1ettd1undS 6,781 639 1933 115 515 5,935 11,859 14,0611 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltalcharlty Note5 to thefinancial statements forthe yearended 315tMarch 2024 14. Cha￿ty1unds B?tynce31 Mai¢h2022 bett¥een Funds Galn$and Balance31 losses March2023 £'ooo Income £￿0 vooo 14.1 Endowmenifunds WllllamAAmaneiBeguesr 243 1691 Totaiendowmentfynds 1691 14.2Re5tricted fund5 SpeclalPuip05eFunds'. Canceiand ontology 470 274 567 512 21 ies 27 35 11291 11951 11&51 222 421 423 Childienandwome CommuDityandllur51Dg N¢uros¢ienoe5 OuwtlBnts eS￿rth 135 io I,IBD 35 48 12541 1971 Ini 78 &.25 53 ose Funds 408 1.013 Oth¢iAw?Id$ Arts 51 22 37 1441 15621 417 15 Legacy als 1,273 874 1941 119 927 1.265 lotalrestrfciedlunds 8.sls la88 2.065 500 5.337 14.3uniÈStilttedfundX GenÈr8llund$ 200 2,t*2 Speclal Puip05eFunds'. Can¢eian¢ oll£oLogy 152 178 241 17 83 19 46 ehildienzndwome Community2ndnur5ing 221 22B 121 67e li 1291 195 79 $38 S9 24 11501 Neuroscienc 164 43 532 405 202 67 Sl8 915 615 194 olherdeslgnaiedlunds.. 1,049 1,049 1.049 1,049 IotsiotheiDe$ignatedFundS Revaiu3tlDll respnie 263 461 724 IotsiuniÈstiiCtedlunds lotallunds 7.733 14.491 1.115 1503 11.839 3.¥fd 229 743 $.781 12.278 ThefiKe¢ assetfunl iepie5ent$thevalu¢ofgen¢ralfun¢sinv¢sted Inthpartcollrftlgll5whi¢har¢not, bYnptur¢offiHedas5ets.i¢a¢ily aV3ilaWefoivse*orotherpuw5es 39 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospilalcharity Notes to the financial statements for the year ended 31 March 2024 14. Charlty Funds Icontlnuedl Endowmentfunds Name offund Description of the nature and puwoseof eachfund Capitsl in perpetuitybequests for specific research purposes. wil￿aM AAmanet Bequest Restricted funds Details of fund5 Description of the nature and purpose of each lund To support development of cancer and oncology treatments. To 5LJpport all areas of the cardiology departtnentto benefit patients. Cancerand oncolo Cardiology Children and women Community and nursing Medical Neuroscience Outpatients Research To providefundsfoifamily support and children's playsetvices. To support community services including Queen Mary's Hospi181. To support all areas of medicine not underthe othei directorates. To a(Jvance neurosciences atSI George's Hospital. To support staff and ourpatients and facllitate servlce impiovemenr. To fund medical research projects. To support patients, expeiience and sraff developmeni forsurEicaland Icu. To supportthe therapytreaiments and rehabilitation of patienis. Surgical and ICU Theiapy and rehabilitation Unrestricted and designated funds The Fixe¢ asseifund includes the value of general funds invested in the art ¢olle¢iion and other asseis of the Charity which are noi, by nature of fixed assets, readilyavailablefoi u5efor other purposes. The Revaluation reserve iepre5entsthe incie3se in the value of the art Collectlon atthe lastformal valuatlon. Transfers between funds represent.. Where subsequent instructions are received from a donor restiicting Income thatwas originallyreceived with no restrictions. Wheretwo restricted fLJnds haveè common purpose. tiansfeis may be madeto support an individuèl piojectwhich matchestheir Wherethere has been a change In policyto prioryear allocations of supportcosts, investment Income and Investmentgains or losses. DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC StGeorge's Hospltalcharhy Notes tothe financial statements fortheyearended 31 March 2024 15. Commitments, liabilities provision$ 16. Related partyiransa￿IonS Duringtheyeai nDneoftheTiuSteesoi membèrs Dfthèkeyman3gemèntStsffOI partieSiei3tÈdtothem has been InvOlvedin3nymatèri31 C•nneetea party 2024 2023 Re￿Ie0partY Rewlonshlp £'OOO £'OOO Detallsoftran7xtloD SIGeorge'sUnNersity rimottywrighi rimDttyWrightcurrentlysetvesasa Non- ExecuiiveDirectoriorStGeorge's university 610 1.517 GiantsmadetoStGeoige's 2.379 2.291 StGeoige'sHospltaicredltors outstanding 302 GiantSmadÈtoStGèOigÈ's SIGÈOigè's.UnNeiSitytsf ￿rahWi1t0n Lonoo 1.078 1.514 StGpoige'5 UTriversityolLonOo OctODer20201 st. G¢org¢'s Ho5Pltal TheChaityovm5¥11th¢shar¢sin¥ dormantcompany.St. G¢o¢¢'sHo5PltalTiadingLtdlCotnwny Nurnb¢i 34811441. Tnelssuei shaiecapltaiolthecompany IsÈ5. Th15company15 belngretsiTrellasiimWt De useoto ficibt¥t¢futui¢tia¢in%¥ctMti¢s.theprofitsfiomwhichwould b¢don¥t¢¢ tgth¢Gharity. ThetotaiAmountOTdonationsreceivei rromieiaied partles,Vviinoutconoitlons.was£i.30212022123'. £4.3991. 17. Contingentas5el In2019120, Ihe Becht FamllyChaihableTrustawaidaJagrafjrof El.25mtothe chailtytortheAdvancedVefimcu￿rArrhylhM1aTIainIng3nd ÈppiovalOfe2ch tranthe. Sofar, thecharity ha5 r￿elV￿d£6o0k0fWhich£nll￿a5 rÈtÈivÈd In 202312412022123.-£150kl. 18. PostBalance Sheet Events SIGeorge's.UnwersityolLondoDandCW.UnlversityoILondonlomallyand legallymeigedon iAugust2024toloim'cnygtGeoige's, unive151tyOfLondon'. SGHC IgwOrkingwthCityStGpOigÈ'5, UThivÈrsityOf London'tonovatÈÈxisting gtantagreÈmÈnt5 bebNÈenthèChaiityand SIGeorge's.unNersityoILondontotnemerged Unfversity. 41 DoGusign Envelope ID." E814B92>687444E6-B6AE.15D849EE78FC St George's Hospltal Charlty NOTE 19 Statement of Financial Activities Forthe year ended 31 March 2023 Unrestricted Restricted Endowment Funds Funds Funds £'ooo £'ooo £'ooo Total 2023 £'ooo Total 2022 £'ooo Notes INCOMEAND ENDOWMENTS: Donations and legacies Charitable activities 893 1,104 150 1,997 Iso 1.567 160 Other trading activities Investment income 19 222 134 356 Total Income and Endowments 1,115 1,388 2,503 2,090 EXPEDNITUREON: Rai5ingfunds 1,192 57 1,249 789 Charitable Activities.. Patient and Family Experience Staff wellaie and motivation 243 108 351 576 289 193 241 Research Capital Projects Medical Equipment Comtllunity Arts Charltable actlvltles 151 11781 52 598 69 818 1921 I,oso 1,651 1421 58 86 998 1421 35 2,519 90 647 25 2,008 115 2,724 69 Total Expenditure 1,839 2,065 69 3,973 2,519 Net gains I Ilossesl on investrnents 16901 15001 1141 11,2041 675 Net Income I IExpenditurel 11,4141 11,1781 1831 12,6731 Other recognlsed galns Revaluation gain51llos5esl on Fixed Assets 461 Net movement In fund$ 19531 11.1781 1831 12.2121 15431 RECONCILATION OF FUNDS: Fund balances brought forward at l Aprll Fund balances carrled forward ai 31 March 7,733 6,781 6,515 5,337 243 14,491 160 12,278 15,036 14,491 All Income relates to continuing actlvltles. There is no material difference bebween the net income ol the year and the historical cost eouivalents. 42