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← St George's Hospital Charity

2025-03-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Charity number 1171195 | Company number 10565339

CONTENTS

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WELCOME: CHAIR & CEO 03
MESSAGE FROM THE TRUST GROUP CEO 04
WHO WE ARE 05
WHAT WE DO 06
OUR IMPACT 08
DRIVING SOLUTIONS ON THE GROUND 09
ADVANCING RESEARCH AND INNOVATION 12
IMPROVING THE HOSPITAL EXPERIENCE 14
BRIDGING THE GAP 16
STRUCTURE, GOVERNANCE & MANAGEMENT 23
FUNDRAISING 28
RISK MANAGEMENT 29
RESERVES POLICY 30
FINANCIAL REVIEW 32
PLANS FOR THE FUTURE 34
THANK YOU TO OUR SUPPORTERS 36
STATEMENT OF TRUSTEES’ RESPONSIBILITIES 37
REPORT OF THE INDEPENDENT AUDITOR 38
REFERENCE & ADMINISTRATIVE DETAILS 63
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2 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

WELCOME: CHAIR AND CEO

Reflecting on Katy’s first full year as Chief Executive, it’s been a time of real energy and ambition for the Charity.

We launched our new strategy, Healthier Together, with the aim to raise £11 million over five years to improve health outcomes and hospital experiences for patients, families, and staff. The strategy sets out our plan for sustained, long-term growth, designed to build the Charity’s impact over time. And we’re already seeing that ambition in action.

Working closely with our partners at St George’s University Hospitals NHS Foundation Trust, City St George’s, University of London and the communities around them, this year we awarded £1.5 million across 181 projects that are helping us deliver on the four strategic pillars of our Healthier Together strategy.

Frontline staff are the driving force of the NHS, and our first strategic pillar puts them front and centre. We’re working closely with hospital teams to deliver real solutions on the ground. Whether it’s upgrading communication tools that help staff turn around beds ten times faster or creating calmer staff spaces for them to rest and recharge, it’s been so inspiring to see how well-placed funding is making such a real and immediate difference.

From our flourishing arts programme to major capital projects that are improving the hospital environment, our final strategic pillar is improving the hospital experience for patients and staff. You can discover more about this work, and the progress across all four of our strategic priorities, throughout this report. We’re so proud of the impact already being made.

We couldn’t achieve any of this without the incredible support of our community. In 2024/25, our supporters helped us raise an outstanding £2.7 million. Of that, £0.4 million was raised for our Time for a Change appeal to transform children’s services at St George’s. Thanks to the generosity of individuals, companies and community groups, we’ve now passed the halfway mark for this appeal, and we’re thrilled that work to refurbish the first children’s ward will begin next year.

We are delighted to have launched our ambassador programme in the current year and since its launch, we have welcomed Cllr Max Austin, Stephen Hammond, Lorraine Kelly, Gemma Levine and Tymal Mills as ambassadors for St George’s Hospital Charity. Each of them brings a powerful personal connection to St George’s, and their willingness to share their stories and lend their voices to our cause is deeply appreciated. We look forward to working with them to grow our reach, galvanise support, and champion our hospitals.

Through our second strategic pillar, we’re investing in research and innovation that has the potential to transform healthcare, at St George’s and beyond. From the world-leading AVATAR project tackling life-threatening heart rhythm disorders, to pioneering neuro research funded through the Hayler Legacy, we are supporting areas where the Trust and University already have recognised clinical and academic strengths to accelerate breakthroughs in cardiac care, neurosciences, traumatic brain injury, and lymphoedema.

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.

Our third strategic pillar focuses on health equity and tackling the wider factors that shape people’s health. We want to help people stay well, access support sooner, and manage their health in the community beyond hospital walls. We are doing this by funding grassroots projects, supporting vulnerable patients, and partnering with local groups.

Anna Walker CB Chair

Katy Vaughan Chief Executive

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MESSAGE FROM THE TRUST GROUP CEO

Looking back on the past year, I feel incredibly proud of what our hospitals have achieved.

Like many NHS trusts, we’ve faced rising demand and stretched resources, but thanks to the dedication of our over 9,500 brilliant staff, we continue to deliver “Outstanding care, together” for over one million people across Surrey Downs, Sutton, Merton and Wandsworth.

Helping to make a difference to every patient and every health worker at our Trust is our incredible St George’s Hospital Charity. This year, we’ve been working closely with the Charity to begin delivering their new ‘Healthier Together’ strategy. It’s fantastic to see real progress in supporting staff and patients, advancing research and innovation, promoting health equity, and improving our hospital environments.

families have already helped shape the refurbishment plans, and we’re really looking forward to seeing work begin on the first ward next year.

But it’s not just about the big projects. Some of my favourite stories are from where small Charity grants are making a huge difference to an individual’s hospital experience – from new walkers helping amputee patients at Queen Mary’s regain their independence, to sensory and orientation items that are easing psychological distress on St George’s Major Trauma Ward. You can read more about the projects that are making an impact across our hospitals in this report.

Looking ahead, I’m excited to see the work of our new Health Equity Lead begin, thanks to funding from the Charity. This role will help identify key health inequalities experienced by the local community and lead on projects designed to tackle these.

Staff wellbeing continues to be a top priority, and it’s no surprise that 95% of staff surveyed said the Charity helps them feel more supported. A highlight for me this year was attending the opening of Pause, our beautiful new COVID-19 commemoration funded by the Charity. Created by and for our staff, it’s a space to rest, reflect and remember. The ceremony, held on the NHS’s 76th birthday, was both moving and uplifting, with a brilliant performance from our Staff Choir and powerful reflections from staff members and Professor Sir Stephen Powis, National Medical Director of NHS England. It’s a lasting tribute to the extraordinary efforts of our hospital community during the pandemic.

This year also saw the Time for a Change appeal reach the halfway mark, with exciting progress towards transforming two of our children’s wards. Staff and

Finally, a huge thank you to everyone who supported the Charity this year. From abseils and sponsored runs to community events and comedy nights, your generosity raised £2.7 million and continues to make an incredible impact on patients and staff.

To the whole team at St George’s Hospital Charity, thank you. Your energy, commitment and compassion

really do make a difference every day.

Jacqueline Totterdell Group Chief Executive Officer

4 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

WHO WE ARE We are the official charity of St George’s University Hospitals NHS Foundation Trust (‘St George’s NHS Trust’ or ‘the Trust’), supporting St George’s Hospital, Queen Mary’s Hospital and the wider community.

We fund vital improvements to facilities, pioneering research, and innovative projects that enhance the experience of patients, families, and staff. Working closely with St George’s University Hospitals NHS Foundation Trust, City St George’s, University of London (‘City St George’s University’) and our local community, we’re committed to building a healthier tomorrow for everyone we serve.

The Trust is part of the GESH Group which is the St. George's, Epsom and St. Helier University Hospitals and Health Group. It's a hospital group formed by St. George's University Hospitals NHS Foundation Trust and Epsom and St Helier University Hospitals NHS Trust. Epsom and St Helier Hospitals Charity is the official registered charity for Epsom and St. Helier University Hospitals NHS Trust.

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WHAT WE DO

St George’s Hospital Charity (‘SGHC’ or ‘the Charity’) raises funds to support projects that improve the experience for staff, patients and their families accessing St George’s NHS Trust services.

Our vision is to build a healthier tomorrow for our communities.

Our mission is to build excellence in care, advance research and innovation and enrich the healthcare experience.

Our activity can be divided into three key areas:

GRANTS

Our work impacts the 1 million patients who access St George’s NHS Trust services every year. Our projects also support the over 9,500 hardworking NHS staff who care for these patients every year.

We fund ideas and projects to enable outstanding care that improves 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, medical equipment, and health equity.

We have supported over 180 projects this year that align with our strategic objectives:

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.

a 3 Improving the Hospital Experience

Our goal is to ensure everyone who visits our hospitals has the best possible experience. Through our arts programme, engagement activities, and enhancing hospital spaces, we're making every visit more positive and welcoming.

a 4 Bridging the Gap

We fund projects to support health equity and initiatives that address the diverse needs of our communities.

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.

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OUR YEAR IN NUMBERS

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THE DIFFERENCE WE MADE £2.7 MILLION was raised by our incredible supporters in financial year 2024/25

We awarded £1.5 MILLION across 181 projects

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£85K

22,079 people benefitted from a one-off project or grant* (as opposed to multi-year or recurring annual grant awards)

111,754

people a year will continue to benefit from the projects we supported this year (estimated)*

of medical equipment was provided*

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77

projects increased staff satisfaction and wellbeing*

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25 projects directly improved clinical outcomes*

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30

projects improved the non-clinical experience for patients and visitors*

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47 projects improved patient and visitor wellbeing*

Several grants awarded in prior years remain active across multiple reporting periods. We have highlighted some of these to demonstrate the long-term value of our funding, showing how earlier commitments continue to deliver impact and contribute to the Charity’s objectives.

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OUR IMPACT

Thanks to the incredible support of our donors, we raised £2.7 million last year to help provide services over and above what the NHS funds. We supported 181 projects that are making a real difference to staff, patients and the wider community we serve.

From staff-led improvements to major capital and research projects, we are driving impact across our four strategic pillars:

DRIVING SOLUTIONS ON THE GROUND

ADVANCING RESEARCH AND INNOVATION

BRIDGING THE GAP

IMPROVING THE HOSPITAL EXPERIENCE

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DRIVING SOLUTIONS ON THE GROUND

Frontline staff are the driving force of the NHS. They know better than anyone what patients need and where challenges lie. That’s why we are empowering Trust staff to help us shape where our support goes. Together, we are delivering targeted grants that drive real solutions on the ground, improving care for patients and wellbeing for staff.

I’ve got to say having the orientation board and clock were an absolute game-changer. When I was hallucinating and feeling scared, particularly at night, being able to look at them and remind myself where I am… what time of day it is… what day it is… Oh it made a world of difference!

SMALL ITEMS CREATING A BIG IMPACT FOR MAJOR TRAUMA PATIENTS

Working with the Major Trauma Ward team, we funded simple but powerful tools to ease psychological distress for around 250 patients during their hospital stay and beyond. From sensory tools for grounding, to activity kits for distraction, and clocks and dry-wipe boards for orientation, these items are supporting recovery and reducing pressure on mental health services.

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£376K funded across 118 projects

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95 % of staff surveyed said the Charity helped them feel more supported

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61 % of staff surveyed said that the Charity helped to make the Trust a better place to work

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60 % of staff surveyed said the Charity improved the non-clinical experience for patients and visitors

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CELEBRATING STAFF AT THE GESH CARE AWARDS

INNOVATION IMPROVING REHABILITATION

It is so important to take time to recognise and £40k funded an anti-gravity treadmill for St George's celebrate the work of our dedicated NHS staff. That’s Physiotherapy Gym. The treadmill reduces the gravity why we funded the GESH Care Awards- an evening experienced in the lower body, giving patients with to shine a spotlight on the exceptional individuals and limited mobility or difficulty bearing weight the chance teams across all our hospitals. Hosted by Myleene Klass, to walk or run safely. This means they can begin the event brought together 400 attendees to honour rehabilitation earlier and improve recovery time. The 36 inspiring nominees and 12 category winners who team estimates that up to half of their patients will go above and beyond to deliver outstanding care. The benefit from the treadmill- including patients with night was a resounding success, with 94% of attendees neurological conditions and lower limb amputationssaying it made them feel truly valued. and already, 70% have noticed a positive difference. I found it hugely enjoyable I ruptured my Achilles and and inspiring and I know thought I would never the rest of my colleagues be able to run again, the feel the same way. treadmill allowed me to start jogging with less body weight. Eventually I was able to run 15 minutes with my full body 400 weight. It was a vital piece attendees to GESH of kit for my recovery. Care Awards - 10 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

CREATING A SPACE FOR STAFF TO RECHARGE

369 staff members rely on the staffroom in St George’s busy Emergency Department, a space that was long overdue for refurbishment. Thanks to £9k in Charity funding, damaged furniture was replaced with new tables and chairs, transforming the room into a space where staff can properly rest, recharge and step away from the pressures of their role.

IMPROVING AMPUTEE MOBILITY

A great example of working with a team on a small, targeted grant with huge impact is the £135 funding for two 4-wheeled walkers for the Amputee Therapy Team at Queen Mary’s Hospital. Unlike standard frames, these walkers provide greater stability both indoors and outdoors, helping patients build confidence and regain independence more quickly. Already, 98% of those who trialled one have gone on to purchase their own, with over a third now able to access outdoor spaces that were previously out of reach. This small investment is now supporting up to 30 new amputees each year to move more freely, safely and confidently. Grant awarded in 2023/24.

FASTER BED ALLOCATION REDUCES PATIENT WAITING TIMES

The hospital site team previously had to walk to each ward to check if a bed was vacant before allocating it to a patient. This manual process led to delays and longer waiting times. With £6k from the Charity, the team purchased portable radios, chargers, and earpieces, improving communication across the hospital. This resulted in the time to turn around a bed dropping from 624 minutes to just 10–30 minutes. The time between a bed being requested to one being allocated is also now 10 times quicker! Grant awarded in 2023/24.

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ADVANCING RESEARCH AND INNOVATION

Research and innovation are vital to the future of the NHS, and the Trust and University are leading the way in many clinical areas with national and global impact. We’re proud to work alongside them to support the development of future treatments, drive forward world-class research, and bring cutting-edge innovations to our community.

£240K funded across 11 projects

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research projects worth £1.2 million submitted reports this year (relating to both current and prior year grant awards)

STATE-OF THE-ART EQUIPMENT IMPROVING BRAIN TUMOUR DIAGNOSIS

This year we awarded £112k to fund a state-of-theart Stealth Autoguide™ robot guidance platform for neurology patients. The technology will be used for procedures including operating on brain tumours and diagnosing cranial conditions. The precision of the Stealth Autoguide™ is known to improve biopsy accuracy and diagnosis and will dramatically improve clinical outcomes for around 100 patients a year.

832 study participants

47

publications publishing results (including academic journals, books, manuals and book chapters)

£3.6 MILLION

secured in further external funding (over £3 of funding further secured for every £1 invested by the Charity)

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LEADING THE WORLD IN VENTRICULAR TACHYCARDIA RESEARCH

Our flagship AVATAR research project (Aortic Valve Replacement Versus Conservative Treatment in Asymptomatic Severe Aortic Stenosis) is leading the world in research into ventricular tachycardia (VT), a rare and life-threatening heart rhythm disorder. Led by Dr Saba, the project is enabling him to share his expertise with other clinicians in this field and pioneering the use of MRI scans to improve our understanding of the condition and enable better treatment for patients. This led to the first 3D wideband MRI scanning of patients with implantable cardiac devices in the UK at St George’s Hospital. Dr Saba is now exploring how emerging technologies can further enhance our understanding and treatment of VT. Multi-year grant award.

The experience that I have gained during the AVATAR program will undoubtedly allow me to treat more patients with a wider spectrum of pathologies during my career.

FUNDING FASTER, SAFER SCANS

£19k has funded a new MRI Safe Cage which allows the safe transfer and scanning of patients on lifesaving infusions who were previously unable to be scanned. This specialist equipment speeds up diagnosis, prognosis and treatment for around 100-150 patients each year. Grant awarded in 2023/24.

BREAKTHROUGH IN MELANOMA RESEARCH

We funded a £74k research project investigating p16, a protein which plays an important role in protection against cancer, especially melanoma. This project could be the first step, not only in providing a crucial tool in diagnosing melanoma, but also shedding light more widely on the processes involved in the body’s defence against cancer. By making an important breakthrough in understanding p16 production, Dr Abdelaal and her colleagues have attracted a further £44k grant from City St George's University to continue this line of work. Grant awarded in 2023/24.

This could shed light on the broad processes of defence against cancer and human ageing.

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BRIDGING THE GAP

Good health is shaped not only by access to services, but by where people live, work, and grow. We are aligning our work with the NHS Long Term Plan; focusing on prevention, reducing inequalities, and supporting the shift of care into community settings.

£77K funded across 15 projects

2,250

people were reached by networks that received funding from the Charity

oe 26 community partners undertook work supported by the Charity

LIVING WITH AND BEYOND CANCER

Shaped by patient feedback, our Charity funded ‘Living With and Beyond Cancer’ programme continues to support people through and after cancer treatment. From self-management resources and pre-treatment physiotherapy, to training over 400 staff and students, the programme is making a lasting difference. One project, supporting patients with cancer-related lymphoedema, was nationally recognised by NHS England.

I had treatment years ago and there was never an approach like this. It is so reassuring to see there is holistic care and a big team of people to support you. ”

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COMMUNITY DAY REDUCES WAITING LISTS

A Charity funded Musculoskeletal Community Engagement Day gave patients waiting for physiotherapy the chance to access tailored advice, connect with local services, and get the help they need sooner. As well as reducing waiting lists, the event helped people feel more confident about managing their condition- with one attendee describing the day as “friendly” and “fantastic.” The team are also using the insights gathered to explore ways to reduce health inequalities across our local communities.

SUPPORTING OUR SOCIAL WORK TEAM

We work with our Social Work team year-round to help vulnerable patients return home from hospital safely, funding items they need to look after themselves such as food, bedding and toiletries. Having these basic items available reduces the chance of returning to hospital and speeds up the process of discharge.

In one case, a fridge freezer, bedding and food were bought for a man with no next of kin and no means to purchase them himself. Without this help, he may have stayed in hospital for one to two extra weeks, at great cost to the NHS.

Every £1 spent on items such as this is estimated to save £20–£30 by reducing delays and preventing readmission.

YOUNG-ONSET DEMENTIA GROUP

For several years, we’ve proudly funded the Young Onset Dementia Carers Group, supporting people diagnosed before age 65 and those who care for them. Youngonset dementia brings unique challenges, often affecting careers, relationships and finances. This group offers both online sessions for carers and in-person meetings for carers and patients at the hospital. Carers tell us they feel better informed and more confident managing their diagnosis at home, leading to fewer GP and nurse visits.

NEW EQUITY LEAD AT ST GEORGE’S

As part of our mission to address the health needs of all the communities we serve, we awarded £60k to create a Health Equity Lead role within the Trust. The role will identify health inequalities within the Trust’s services and establish projects and initiatives to address these, in addition to advising senior leadership on how health inequalities can be addressed at the strategic level. Dr. Nkem Onyeador was appointed to this role in April 2025 and is already laying the groundwork for a number of projects across St George’s.

Meeting others in a similar situation to me has made me feel less isolated and I have learned so much about myself and how strong I still am.

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IMPROVING THE HOSPITAL EXPERIENCE

We want everyone who visits our hospitals to have the best possible experience. Through our arts programme, engagement activities, and improving hospital spaces, we are making the hospitals more welcoming, and more effective for delivering high-quality care. Projects that help people feel better and get better.

ST GEORGE’S IN BLOOM

St George’s is known for its beautiful green spaces, and spending time outdoors is proven to boost wellbeing. We’re supporting the team year-round to create calming, accessible outdoor areas for patients, visitors and staff to enjoy.

Some of the areas we have funded this year include:

£822K funded across 37 projects

21 indoor spaces and 51 outdoor spaces revitalised

55 % of staff surveyed said the Charity make the Trust a better place to receive care or treatment (an increase from 52% in 2023/24).

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It is a joy to pass the borders of the gardens. There are always small changes as if the gardens show the passing of time. In the spring the yellow narcissus emerge, followed by the tulip and on my last visit to be treated there was a display of Alliums. (...) I have had sandwiches in the courtyards next to the main corridor. It is pure bliss to spend time in.

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TRANSFORMING OUR ROOF TERRACES

Our £538k project to refurbish the roof terraces outside the Neuro Intensive Care Unit and William Drummond Ward is now well underway. The transformation will turn bare, unused spaces into welcoming terraces filled with plants, seating, and areas for patient beds, creating a welcoming place for neurology patients and staff to relax and enjoy some fresh air. The works are due to complete in early 2026 and have been made possible thanks to a generous donation from the John King Brain Tumour Foundation.

LED PANELS EASING ANXIETY IN X-RAY PATIENTS

Thanks to Charity funding, x-ray rooms now feature calming LED ceiling panels that fill the space with soft, soothing light. Designed to ease anxiety, especially for children, patients with dementia, and those with learning disabilities, the panels offer a welcome distraction during procedures. Staff have already seen a difference, with patients feeling more relaxed, helping make x-rays quicker, smoother, and more comfortable for around 8,500 people each year. Grant awarded in 2023/24.

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ARTS ST GEORGE'S

Arts St George’s, the arts programme for St George’s University Hospitals NHS Foundation Trust, continues to bring creativity to life across the hospitals by offering patients, families, staff and the wider community, opportunities to engage in creative activities and cultural experiences.

Here are just some of the ways the programme has helped improve the hospital experience for patients, staff and visitors in 2024/25:

7915 , people engaged in our arts activities with over 3,900 active participants

1000+ staff arts club members

ARTISTS IN RESIDENCE

100+ events hosted by Arts St George’s

100 % of people who responded to our survey reported better wellbeing through the arts activity or event.

28 artists involved

Our Resident Artist Programme has reached over 5,450 people this year. This year we welcomed singer songwriter Heather McClelland back to our hospitals, alongside visual artist Joshua Bilton. Our Queen Mary’s resident artists Monique Jackson and Beth Hopkins both brought moments of joy through music and craft.

I’m blown away by the experience of a personal musical interaction. Activities like this bring a slice of joy to a patient in difficult circumstances and uplifts their moods.

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PAUSE: COVID COMMISSION

We were delighted to work with award-winning design practice Wayward on a new arts commission designed for, and with, staff who worked throughout the COVID-19 pandemic at St George’s Hospital. The final commission, 'Pause', is a beautiful outdoor pavilion giving staff a space to pause, rest, reflect and talk.

The launch event, held on the NHS 76 birthday and the finale of Arts Week, saw a performance by St George’s Staff Choir, along with moving tributes from staff members, the hospital's Chief Executive Jacqueline Totterdell and Professor Sir Stephen Powis, National Medical Director of NHS England.

‘SEEKING SOLACE’ DURING ARTS WEEK 2024/25

St George’s Arts Week is an annual celebration of arts and culture across the Trust. Over four days, we showcased live performances and arts workshops across St George’s and Queen Mary’s sites. Our 2024/25 theme ‘Seeking Solace’ was chosen to reflect the positive impact enjoying creative activities can have on our wellbeing. Arts week also saw the opening of a new exhibition of photographic prints donated from the Wildlife Photographer of the Year Exhibition at the Natural History Museum for St George’s Arts Week.

Just what I needed, a great distraction for a tough day.

We often talk about preCOVID and post-COVID but today is recognition of what happened between those two times - the dedication and the absolute selflessness that so many NHS staff, including many of you here today, showed to make sure that we saved as many patients as we possibly could.

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STAFF ARTS CLUB

Our Staff Arts Club offers creative escapes, from free cultural events to monthly workshops. This year we offered a range of free creative workshops for staff to enjoy, including gelli printing, wreath making, African Drumming and Clay Pot Making, as well as free tickets to the Wildlife Photographer of the Year exhibition to coincide with our new exhibition onsite at the hospital.

Staff Arts Club enables me to turn off, it gives me something positive to associate with work when things are becoming harder. Coming to staff arts club encourages me to spend more time being creative outside of work too. It gives me a space to connect with colleagues about something not work related to form a better bond and relationship.

STAFF CHOIR STAR ON GOOD MORNING BRITAIN!

The St George’s Hospitals Staff Choir were invited to perform their original song ‘Who Cares For The Carers’ on the extra-special Christmas Day broadcast of ITV’s Good Morning Britain. The song was written by the group, led by choir leader Georgia Duncan, to mark the 75th Year of the NHS in 2023. The choir provides an opportunity to socialise with colleagues, improve wellbeing and take time for themselves aside from busy work environments.

Yesterday's ITV studios recording was just amazing, loved the whole experience and it was just a great opportunity to be part of.

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OUR HOSPITAL: CONSERVING, CURATING AND RESPONDING TO ST GEORGE'S ART AND HERITAGE COLLECTION

A generous donation from The National Lottery Heritage Fund is enabling our Arts Team to embark on a multi-year programme to conduct audit, restoration and interpretation work on our Art and Heritage Collection, as well as engaging our hospital community and the public through temporary exhibitions and creative heritage activities.

In the first year of the project, we partnered with Bounce Theatre to engage over 40 Fircroft Primary School pupils with our Art & Heritage Collection, using drama, poetry, and collage to explore St George’s history. Their collaborative artwork was exhibited in the hospital restaurant in November.

We also welcomed our first Creative Heritage Resident, Ruan Murphy, who led creative workshops with staff, patients, visitors, and local residents in partnership with Balham & Tooting Community Association. Their work culminated in a winter exhibition displayed in the hospital. Ruan led workshops for members of the Trust's LGBTQ+ Network co-curating artworks from our Collection as well as creating their own creative responses. These will be displayed at St Georges from Summer 2025. We've also begun work on digitising the Collection to make it more accessible to the public.

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STRUCTURE, GOVERNANCE & MANAGEMENT

Legal structure and governing documents

Trustees’ responsibilities

St George’s Hospital Charity (Charity number 1171195) is a Company Limited by Guarantee (Company number 10565339). Following the guidance published by the Department of Health on “How NHS charities can convert to independent status” it was incorporated with full independence from the Department of Health and converted to a charitable company on 27 March 2017. Member liability is capped at £1.

The Charity owns all the shares in a dormant company, St George’s Hospital Trading Limited (Company Number 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.

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, discusses, and approves operating plans and budgets. There is a review of progress against strategic 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.

Trustees’ appointment

As at 31 March 2025, there were twelve Trustees (2023/24: 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 set out in the Charity Commission’s guidelines. The Board refreshed its Trustee appointment and induction processes during 2024/25.

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. During 2024/25, Working Groups were convened to drive the implementation of the new strategy.

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:

Each member of the Board receives an annual appraisal and the Chair’s performance is in 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.

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A meetings register is recorded at every Board and Committee meeting. Trustee attendance at the 2024/25 Board and Committee meetings can be seen below:

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----- Start of picture text -----
Full Finance & Risk Fundraising & Grants, Arts & People &
Board Committee Communications Impact Nominations
Committee Committee
Anna Walker (Chair) ** 5/5 4/6 3/4 n/a 3/4
Sarah Wilton (Treasurer) 4/5 6/6 n/a n/a 3/4
Pankaj Davé 2/2 n/a 1/2 n/a n/a
(Appointed 1 Feb 2025)
Georgina Greenspan 2/2 n/a 1/2 n/a n/a
Paul Hayward 4/5 n/a 4/4 n/a n/a
Schellion Horn 4/5 6/6 3/4 n/a n/a
Suzanne Hudson 2/3 n/a n/a n/a 0/2
(Appointed 1 Jul 2024)
Renuka Jeyarajah-Dent 5/5 n/a n/a 3/3 3/4
Derek Macallan 4/5 4/5 4/5 4/5 3/4
(Appointed 1 Dec 2024)
Mike Rappolt 4/5 6/6 n/a 3/3 n/a
Paul Sarfaty 5/5 5/6 n/a n/a 4/4
Rachna Upadhya 2/3 1/2 0/1 n/a n/a
(Appointed 1 Jul 2024)
Tim Wright 4/4 n/a n/a 3/3 n/a
(Resigned 31 Jan 2025)
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[Anna Walker attended Fundraising & communications in an Ex-Officio capacity]**

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:

of the bequest. Now that research has started, the Hayler Legacy Committee has concluded its work and monitoring of the project has been transferred to the Advisory Group for Research.

24 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

the voices of service users and beneficiaries inform the design and implementation of arts activities and to support the Charity in maintaining and enhancing the quality, inclusivity, and reach of its arts initiatives.

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.

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 63.

Pay Policy for Key Management

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 Governance Code on a regular basis.

Monitoring is ongoing and the Board will act where there are gaps. A full assessment of the Board’s practices against the Code was undertaken in the financial year ending 31 March 2025. The Board is pleased to report high levels of compliance against this framework.

The Charity is meeting recommended practice for principles Organisational Purpose, Leadership. Integrity, Decision-making risk and control and Openness and Accountability.

The Charity is working towards full compliance with recommended practice for the Governance Code Principles of Board Effectiveness and Equality, Diversity & Inclusion.

A small number of recommended enhancements have been identified and an action plan is in place to address these. The priorities for financial year 2025/26 include:

In accordance with SGHC’s updated Remuneration Policy approved in March 2025, 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.

Salary benchmarking is used to provide guidance on salaries in the market but SGHC will determine individual salary levels for staff as outlined above.

Fundraising Governance and Our Supporter Commitment

As a fundraising charity, we rely upon the generosity of our donors to help raise funds for St George’s Hospital, Queen Mary’s Hospital, and the communities they serve. We are acutely aware of how important it is to maintain the trust of our supporters. We know that it matters not just how the money they give is spent, but also how we go about raising funds.

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.

Our commitment to our supporters is that their desire to assist the Charity will be matched by our staff’s 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

WWW.STGEORGESHOSPITALCHARITY.ORG.UK 25

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 reviewing the Charity’s activities, plans and objectives and are satisfied we undertake all of our work within our 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.

During the financial year ended 31 March 2025 we received one complaint. This complaint was made in person and related to Face-to-Face fundraising activity, such activity being conducted by an external agency commissioned by the Charity. The complainant chose not to provide their details.

The Charity logged this complaint on the Face-to-Face fundraising agency’s feedback portal. The Face-to-Face fundraising agency’s complaints team investigated the complaint and responded to the Charity within three working days. The outcome was that the Face-to-Face fundraising agency would complete additional training with fundraisers and introduce additional guidance. Following this report and actioning of the outcomes by the Face-to-Face fundraising agency, the complaint was closed by the Charity.

Handling Complaints

In relation to the complaint disclosed above, as the complainant chose not to provide their details it was not possible to follow in full the Charity’s complaint handling process.

Confidentiality

We treat all complaints in confidence and only share information as necessary with those involved in resolving the issue. Personal information will be managed according to our Privacy Policy.

Learning from Complaints

We log all complaints and review them regularly to identify any trends or areas for improvement. Where necessary, we will update our policies and procedures to address issues raised through complaints.

In line with our Complaints Policy, our approach to complaints is as follows:

26 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Volunteers

The Trustees are very grateful to the volunteers who have helped carry out fundraising on our behalf and provide support for fundraising administration.

Grant Making

The Board of Trustees governs the Charity’s grantmaking by setting the:

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FUNDRAISING

Our supporters helped us raise an incredible £2.7 million in 2024/25, against a target of £2.4 million (final financial year forecast).

Monies raised for the Children’s Appeal “Time for a Change” in 2024/25 amounted to £0.4 million, bringing the total Children’s Appeal income as at 31 March 2025 to £2.6 million. Together with amounts pledged and estimated amounts raised from the gala in June 2025, total Time for a Change income raised is £3.3 million.

In 2024/25 the Charity invested £271k into the Face-to-Face fundraising appeal. This is run through a fundraising agency and is an investment made to grow the regular individual giving programme. The Charity recruited 1,555 new regular donors in 2024/25 and is aiming to recruit an additional 1,600 donors in 2025/26. The Charity is projecting to raise £284k in 2025/26 from Face-to-Face regular donors.

The direct costs of fundraising (including fundraising staff employee costs) totalled £935k in 2024/25 (2023/24: £856k). As such total fundraising return on investment was 2.9 for 2024/25 (2023/24: 3.0).

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28 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25
ye PS pee
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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 and the related mitigation strategies, as detailed on the organisational risk register.

The Finance & Risk Committee assesses the scope and effectiveness of the system in place to identify, assess, manage and monitor significant risks. All SubCommittees of the Board are responsible for relevant thematic risk management and identification of the main strategic risks to be considered by the Board.

The Charity’s risk management methodology identifies key risks, any existing mitigating controls, additional 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 2024/25 and the management actions taken to mitigate either the likelihood of a risk occurring or its possible impact, are as follows:

The Senior Leadership Team regularly reviews the organisational risk register and considers emerging risks, in addition to reviewing the effectiveness of risk management/mitigation arrangements.

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----- Start of picture text -----
Risk Mitigation
1. Mission delivery • Strong governance controls in place: regular project management meetings and steering
(capital grants group meetings where risks are monitored and discussed.
awarded less than • Senior Trust colleagues involved in both steering group and project management group
budget)
2. Failure to raise • Children's Appeal Project Risk Register regularly reviewed
full amount for • Children's Appeal Project Working Group established
Children's Appeal • Children' Appeal Steering Group established with senior members of Trust and Charity
•
Monthly approaches to new Trusts and Foundations
• Children's Appeal case for support created.
•
Improved stewardship of Time For a Change champions with introduction of quarterly updates.
3. Stakeholder • Charity staff and Trustees’ relationship with Trust Strategy team and more broadly Trust
expectations senior management
re grant awards • Ensure some strategic awards are made where possible in response to requests
due to lack of
unrestricted
funding
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RESERVES POLICY

The Trustees review the Charity’s reserves policy and the level of free reserves required on an annual basis, in line with Charity Commission guidance.

Trustees recognise the need to ensure that the reserves held enable financial stability, are adequate to meet working capital requirements and can safeguard the Charity’s current 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 in the short-term and that all financial commitments can be met.

The Board approved the updated Reserves and Withdrawals Policy in March 2025. The reserves target has been recalculated based upon the methodology that considers both the financial impact of risks crystallising, in addition to reserves required to cover core operations (steady state).

The updated unrestricted reserves target is £1.6 million (an increase of £0.4 million from the previous target). Trustees have determined that this amount is sufficient to provide adequate cash flow and unrestricted funds to meet a reasonable range of contingencies and risks.

The Board and Management recognise that exceptional circumstances may arise that warrant the temporary use of the organisation’s unrestricted general reserves, which may be above these amounts.

Reserves Held

The Charity has various funds available to finance its activities:

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£'000 2024/25 2023/24
Endowment funds 166 166
Restricted funds 4,461 5,759
General unrestricted funds 1,370 1,723
Designated SPF funds 3,353 2,439
Other designated funds 1,049 1,049
Revaluation reserve 724 724
Total 11,127 11,859
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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 2025, the value of the endowment fund was £166k (2023/24: £166k)

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 2025, the value of restricted funds was £4.5 million (2023/24: £5.8 million) £1.2 million of this decrease relating to reserves reclassifications (see below).

Unrestricted funds

Total reserves at 31 March 2025 are £11.1 million (2023/24: £11.9 million) of which unallocated general reserves or free reserves are £1.4 million (2023/24: £1.7 million). Unrestricted general funds held will be aligned with the target level of funds in 2025/26 through delivery of the unrestricted fundraising income target and continuation of cost efficiency review.

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,

30 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

effectively manage risk and to enable the Charity to pursue appropriate opportunities, within Charity Commission guidelines, in accordance with the Reserves Policy described above. At 31 March 2025, the value of general funds was £1.4 million (2023/24: £1.7 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 2025, the value of designated funds was £5.1 million (2023/24: £3.5 million), £1.2 million of this increase relating to reserves reclassifications (see below).

Special purpose funds

Designated special purpose funds have been donated for a specific usage within the Charity’s objects, where the donor has allowed funds to be designated at the discretion of the Trustees in accordance with Charity Commission requirements. At 31 March 2025, the value of designated special purpose funds was £3.3 million (2023/24: £2.4 million).

Fund Transfers

The Charity has reviewed its Special Purpose Funds (“SPFs”) classified as restricted in line with the Charity Commission’s guidance and the Association of NHS Charities Briefing note: Management of restricted and unrestricted funds.

Following this review, the Board has agreed to reclassify 89 SPFs as unrestricted designated, as either the funds were originally incorrectly classified as restricted or as all historic restricted donations recorded in these funds have now been fully expended. This reclassification will ensure the correct management and use of NHS charitable funds.

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WWW.STGEORGESHOSPITALCHARITY.ORG.UK 31

FINANCIAL REVIEW

Overview

Expenditure

The Charity has continued to invest in both systems and people throughout the current year to ensure the successful delivery of the Children’s Appeal and the implementation of its growth strategy for 2023/24–2029/2030.

As of 31 March 2025, the Charity's net assets stood at £11.1 million, compared to £11.9 million in 2023/24. The £0.8 million decrease is attributable to a planned increase in charitable giving.

The net expenditure for the year, before accounting for investment gains or losses, was £0.7 million (2023/24: £0.4 million). This reflects the Trustees' decision to budget for charitable spending that exceeds income, as outlined above. The investment gain for 2024/25 was £0.02 million, compared to a gain of £0.7 million in 2023/24 due to poor performance of equity holdings in the final quarter of 2024/25.

Total expenditure for the year was £3.8 million (2023/24: £4.1 million). Of this £2.4 million (2023/24: £2.6 million) has been spent on, or committed to, charitable activities (including an allocation of support costs) with the decrease being largely due to a deferral of Children's Appeal related grants, amounting to £2.1 million to 2025/26.

Our largest awards in 2024/25 included:

A detailed analysis of the direct cost of charitable activities by type over the past three years is provided below:

Income

In the year to 31 March 2025, total income increased to £3.0 million (2023/24: £2.9 million). The increase in fundraising income is primarily driven by the continued strength of high-value partnership income streams.

The principal funding sources of the Charity of the last three years are shown below:

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£3,500k Investment income
Legacies
£3,000k
Donations
£2,500k
£2,000k
£1,500k
£1,000k
£500k
£k
2025 2024 2023
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Type of activity Direct costs Direct costs Direct costs
2024/25 2023/24 2022/23
£'000 £'000 £'000
Arts 87 47 71
Capital Projects 815 149 171
Community 12 23 1
Medical Equipment 229 58 572
Patient and Family 170 79 220
Experience
Research 132 1,038 693
Staff Development 357 350 304
and Welfare
Total 1,803 1,744 2,032
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Under the Charity’s new strategy that was formally launched in September 2024, charitable activities are now classified by strategic objective as opposed to thematic area. Presentation of spend on charitable activities will be aligned with the strategic objective classification for year ending 31 March 2026.

32 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

The reconciliation of charitable spend by thematic area to spend by strategic objective for 2024/25 is below:

Strategic Objectives

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Driving Advancing Bridging Improving Total
Solutions on research and the Gap hospital
the Ground innovation experience
Thematic area
Arts - - - 87 87
Capital projects - - - 815 815
Community - - 12 - 12
Medical equipment 68 161 - - 229
Patient and family experience 109 - 61 - 170
Research 53 79 - - 132
Staff Development and Welfare 357 - - - 357
Total charitable activities 588 240 73 902 1,803
Composed of:
Grants awarded 376 240 77 822 1,516
SPF expenditure and adjustments 212 - 4 7 200
Arts delivery - - - 87 87
588 240 73 902 1,803
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Direct fundraising costs (that include fundraising department employee costs) totalled £0.9 million (2023/24: £0.9 million). Of this, £0.3 million related to investment in the Charity’s Face-to-Face programme.

Investment Policy and Performance

The investment fund managed by Rathbones generated a net return of -2.3% for the year ended 31 March 2025. Whilst the return is disappointing and below the Charity’s target, it is slightly above the performance of the benchmark index of -2.6%. This reflects ongoing volatility and performance in equity markets and the profile of cash draw-downs from the portfolio to meet increased working capital requirements.

The Charity’s 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.

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PLANS FOR THE FUTURE

As we move into the second year of delivering our five-year strategy, Healthier Together , St George's Hospital Charity remains firmly committed to building a healthier tomorrow for our communities. Our mission continues to centre on collaborating with partners to drive excellence in care, advance research and innovation, and enrich the healthcare experience for patients, families, and staff.

Our aim

Looking ahead, we aim to make significant contributions across the Trust’s areas of specialism, including cardiac care, neurosciences and brain trauma, lymphoedema, cancer and paediatrics. We will continue to improve the hospital environment to support wellbeing, dignity, and recovery, and to deliver on priorities aligned with the Trust strategy and NHS 10-Year Plan; investing in innovation, supporting workforce development, and strengthening community-focused health initiatives. Our approach balances larger strategic projects with smaller grants that have immediate, tangible impact. This combination is central to achieving our aims: strategic projects drive systemic change and innovation, while smaller, focused initiatives ensure benefits are felt directly by patients, staff, and communities.

Strategic Objectives and Key Initiatives

Driving Solutions on the Ground

In the year ahead, we will continue to empower Trust staff to identify challenges and implement locally driven solutions that improve patient care and staff wellbeing. For example, Balint therapy sessions (£1k) for junior doctors in the Emergency Department

will provide structured support for managing the emotional demands of patient care, while Domestic Abuse Simulation training (£1k) will equip healthcare professionals to recognise and respond to patients experiencing abuse. Celebrating International Nurses Day (£2k) will motivate and recognise the dedication

of our nursing teams. These initiatives, alongside other locally led projects, exemplify how smaller, responsive grants can make a real difference on the ground, complementing the impact of larger, strategic investments in workforce and patient care.

Advancing Research & Innovation

We will continue to fund pioneering translational research that has the potential to transform patient care. Strategic projects, such as supporting a Trainee and Research Fellow for the Advanced Ventricular Arrhythmia Training and Research programme (£105k), will strengthen cardiac expertise, while research into machine learning for Generalised Lymphatic Dysplasia (£96k) demonstrates our commitment to innovative approaches in rare conditions. These projects illustrate how investment in research and early-stage innovation translates directly into improved diagnostics, treatments, and clinical pathways, complementing smaller-scale initiatives that nurture innovation at a local level.

Bridging the Gap

Addressing health inequalities remains a priority. We will continue to fund initiatives that support equitable access to healthcare and improve wellbeing for those most affected by poor health outcomes. For instance, the ICU resident musician programme (£1k) will enhance patient experience and emotional recovery, and the continuation of the Young-Onset

34 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

Dementia carers Zoom group (£6k) provides peer support for families navigating complex care needs. These grants, alongside strategic health equity projects led by our Health Equity Lead, ensure that our approach tackles both immediate needs and systemic barriers to health.

Improving the Hospital Experience

Creating environments that support healing and human connection remains central to our plans. In 2025/26, we will continue to deliver flagship projects that transform patient care spaces, with a particular focus on paediatric areas and the Neuro Intensive Care Unit and William Drummond ward roof terraces. These projects will provide vibrant, restorative spaces that enhance wellbeing for young patients, their families, and staff, creating calming sanctuaries within the hospital. Alongside these flagship initiatives, smaller but equally important projects such as upgrades to the rehabilitation reception desk at Queen Mary’s Hospital (£14k) and electronic door buttons for wheelchair access at the Vitali clinic (£8k), will continue to improve accessibility, comfort, and dignity in day-to-day hospital interactions. By combining strategic flagship projects with targeted, high-impact interventions, we ensure that all aspects of the hospital experience are enhanced for patients and staff alike.

Raising Awareness

Maximising the impact of our work relies on engagement, transparency, and partnership. In 2025/26, we will continue to increase opportunities for community and staff input into funding decisions, share outcomes through digital storytelling, and provide clear updates to donors on the difference their support makes. We are also exploring, in collaboration with the Trust, how best to support their volunteering programme, focusing on strategic volunteering that adds value, enhances care, and frees up clinically trained staff to focus on patient care. This is a work in progress, but it aligns closely with our broader aim of raising awareness: by investing in programmes that extend the hospital’s capacity and visibility, we demonstrate how targeted support, whether through funding, volunteer engagement, or communication, translates into tangible benefits for patients, staff, and the wider community.

Financial Projections and Sustainability

Our financial strategy will continue to underpin these priorities. In 2025/26, we will grow unrestricted income, manage costs carefully, and strengthen our reserves, enabling us to invest strategically in both large-scale initiatives and smaller, high-impact grants. This approach ensures resilience, flexibility, and sustainable delivery of our mission, maximising the benefit to patients, staff, and the wider community.

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THANK YOU TO OUR SUPPORTERS

We are thrilled with the impact we have made this year, and we extend our sincere gratitude to the numerous individuals and organisations whose generous support sustains our Charity.

We are greatly appreciative of our anonymous donors and those who contribute through gifts in kind.

Your generosity is deeply valued, and we remain profoundly thankful to each and every one of you.

We are hugely grateful to our Giving Circles (that provide an appropriate level of recognition for our supporters based upon donations in any financial year) as specified below:

Benefactors

Becht Foundation John King Brain Tumour Foundation The Friends of St George’s Hospital

Visionaries

The late Miss Daphne Butler

Heroes

Dr Joan R. Davies National Lottery Heritage Fund

Pioneers

Adrian Rawlinson Charles Wolfson Charitable Trust Newland House School Parents Association Pelican London Hotel and Residence Rahul Moodgal The Izzy Wilson Smile Fund The P F Charitable Trust The Estate of Oscar M Lewisohn Wimbledon Foundation

Fundraisers

Alderman Family – Jimmy’s Cuddle In Loving Memory of Richard Read

We also extend our sincere thanks to our Ambassadors: Cllr Max Austin Gemma Levine Lorraine Kelly Stephen Hammond Tymal Mills

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36 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the Directors for the purposes of company law) are responsible for preparing the Trustees’ annual report (including the strategic report) and the financial statements, in accordance with applicable law and regulations. In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided in part 15 of the Companies Act 2006 in preparing the directors’ report and from the requirement to prepare a strategic report.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have prepared the financial statements in accordance with FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice) and applicable law.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions, and to disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

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:

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

By order of the Trustees Signed

Anna Walker CB , Chair of Trustees 12 September 2025

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REPORT OF THE INDEPENDENT AUDITOR

We have audited the financial statements of St George’s Hospital Charity (‘the company’) for the year ended 31 March 2025 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 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:

Basis for opinion

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

requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify

38 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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:

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 23, 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.

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

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

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

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

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

Our approach was as follows:

40 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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

Use of our report

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

Adam Fullerton (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor

9 Appold Street London EC2A 2AP

Date:

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

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Notes Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2025 2024
INCOME AND ENDOWMENTS:
Donations and legacies 2.1 1.179 1.500 - 2.678 2.554
Investment income 2.2 220 112 - 332 379
Total Income and Endowments 1.399 1.612 - 3.011 2.933
EXPENDITURE ON:
Raising funds 3.1 (1.362) (11) - (1.374) (1.491)
Charitable Activities:
Patient and Family Experience (109) (260) - (369) (134)
Staff development and welfare (280) (286) - (566) (522)
Research (59) (153) - (212) (1.508)
Capital Projects (80) (818) - (898) (208)
Medical Equipment (12) (217) - (229) (87)
Community - (22) - (22) (32)
Arts (65) (32) - (97) (79)
Charitable activities 3.2 (604) (1.788) - (2.392) (2.570)
Total Expenditure (1.966) (1.800) - (3.766) (4.061)
Net gains / (losses) on investments 18 5 23 709
Net Income / (Expenditure) (550) (183) - (733) (419)
Other recognised gains
Transfers between funds 14 1.113 (1.113) - - -
Net movement in funds 563 (1.296) - (733) (419)
Reconcilation of funds:
Fund balances brought forward at 1 April 5.935 5.758 166 11.859 12.278
Fund balances carried forward at 31 March 6.500 4.461 166 11.127 11.859
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Notes 1 to 17 form part of these accounts. All income relates to continuing activities There is no material difference between the net income of the year and the historical cost equivalents.

42 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

BALANCE SHEET

AS AT 31 MARCH 2025

Notes Total at 31
March 2025
£’000		 Total at 31
March 2024
As restated
£’000
1
FIXED ASSETS:
Tangible fixed assets 7 1.754 1.750
Intangible fixed assets 8 - -
Investments 9 12.283 13.491
Total Fixed Assets 14.037 15.241
CURRENT ASSETS:
Debtors: amounts falling due within one year 10 72 123
Cash at bank and in hand 1.762 225
Total Current Assets 1.834 349
LIABILITIES:
Creditors: amounts falling due within one year 11 (4.303) (3.165)
Net Current Liabilities (2.470) (2.817)
Total Assets Less Current Liabilities 11.569 12.423
Creditors: amounts falling due after more than one year 11 (442) (565)
Total net assets 11.127 11.859
THE FUNDS OF THE CHARITY:
Endowment Funds 14.1 166 166
Funds:
Restricted 14.2 4.461 5.758
Unrestricted
General 14.3 1.370 1.723
Designated 14.3 4.406 3.488
Revaluation Reserve 14.3
ee		 724
~~eee~~		 724
~~eee~~
Total Funds
~~ee~~		 ~~ee~~
ee		 11.127
~~ee~~
~~eee~~		 11.859
~~ee~~
~~eee~~

The financial statements on pages 42-62 were approved by the Board of Trustees on 12 September 2025 and signed on its behalf by

Crnde. Woke” Anna Walker Chair

Company registration number: 10565339

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STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

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Total Total
2025 2024
£’000 £’000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (expenditure) / income for the financial year (733) (419)
Adjustments for:
(Gains) / Losses on investments (23) (709)
Donated tangible fixed assets (4) -
Dividends and interest from investments (332) (379)
Decrease / (increase) in debtors 51 (82)
Increase / (decrease) in creditors 1.013 (357)
Net cash (used in) / provided by operating activities (27) (1.946)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments 4.677 11.379
Purchase of tangible and intangible assets - (1)
Purchase of investments (3.446) (9.995)
Dividends and interest from investments 332 379
Net cash provided by investing activities 1.564 1.762
Change in cash and cash equivalents in the reporting period 1.537 (184)
Cash and cash equivalents at beginning of reporting period 225 410
Cash and cash equivalents at end of year 1.762 225
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The Charity has no net debt and accordingly no net debt note is presented.

44 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting Policies

1.1. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN

This reclassification has been accounted for as a prior year restatement and the comparative figures for the previous financial year have been restated accordingly. The impact of the adjustment is as follows:

The financial statements are prepared in accordance with the Charities Act 2011, the ‘Accounting and Reporting by Charities: Statement of Recommended Practice 2015’ (‘Charities SORP’) published in July 2014, applicable accounting and reporting standards in the United Kingdom, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006. The particular accounting policies adopted by the Board of Trustees are applied consistently year on year and are described herein.

At 31 March 2024, liabilities falling due within one year have been reduced by £565k and liabilities falling due after more than one year have been increased by £565k.

There is no impact on total net assets or the Statement of Financial Activities.

Trustees consider this restatement to provide more reliable and relevant information about the Charity’s financial position and obligations.

The financial statements are prepared on a ‘going concern’ basis, under the historical cost convention as modified by the revaluation of investments and the art collections measured at fair value.

The Charity meets the definition of a public benefit entity under FRS 102.

The accounts have been presented in pounds sterling and are rounded to the nearest £1,000.

1.1.2. Going concern

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

The Trustees have reviewed the financial position of the Charity, including its net current liabilities of £2,470k, forecast cash flows, liquidity position and existing and potential funding commitments for the next eighteen months.

1.1.1. Prior year restatement

During the year, the Charity undertook a review of the classification of its grant creditors in accordance with the requirements of the Charities SORP. As a result of this review, it was determined that certain grant creditors previously recorded as falling due within one year more appropriately reflect the contractual obligations by being presented as falling due after more than one year. See notes 11 and 12.

The Charity has invested to diversify its income streams and in particular the establishment of new high value income streams including Corporates and Trust and Foundations.

The Trustees will only agree to commit to fund charitable activities and other capital projects when they are confident that these obligations can be met.

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As a consequence, the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

The net current liabilities include grant commitments of £3.4 million which are payable on demand, although in reality many will be settled in more than 12 months time and these payments will be funded accordingly. The Charity has free reserves of £1.4 million at the balance sheet date, including investments of £1.5 million (note 13.1).

the Charity when received and an equivalent amount is included in the appropriate category of expenditure.

1.2.2. Expenditure recognition

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

Expenditure on raising funds

1.1.3. Critical accounting judgements and estimation uncertainty

In the application of the Charity’s accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are continually reviewed. Revisions to accounting estimates are recognised in the period to which they relate.

The key source of estimation is summarised below:

Expenditure on raising funds includes the cost of generating voluntary income and the cost of managing the Charity's investment portfolios, shown as investment management costs.

Expenditure on charitable activities

Expenditure on charitable activities includes all costs incurred in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the Charity apportioned to its charitable activities.

Charitable activities consist of grants payable to third parties in furtherance of the charitable objectives. They are accounted for on an accruals basis where the conditions for their payment have been met or where a third party has a reasonable expectation that they will receive the grant. Contributions to the St George's University Hospitals NHS Foundation Trust's capital programme are recognised on the same basis.

The Charity’s policy is that if a grant is not spent within 2 years then it will be written back.

1.2.3. Allocation and apportionment of costs

1.2. ACCOUNTING POLICIES

1.2.1. Income recognition

Income, including legacies, is recognised in the statement of financial activities when all of the conditions for receipt have been met: there is entitlement to the funds, any performance conditions attached to the grants have been met, it is probable the funds will be received and the funds can be reliably measured. Gifts in kind are recognised at their value to

and income

Support costs, which include governance costs, relate to those functions that assist the work of the Charity but are not directly undertaking charitable activities or fundraising. These costs are apportioned between the cost of raising funds and expenditure on charitable activities based mainly on the estimated proportion of staff time engaged in these activities. Investment income and gains and losses are apportioned to each fund on the basis of the average balances of the underlying assets.

46 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

1.2.4. Fund accounting

Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. They are divided between General funds, where there are no constraints on how the Trustees may use these funds, and Designated funds where funds have been set aside by the Trustees, who need to have due regard for donors’ wishes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for specific purposes.

The Charity holds one endowment fund, in which the capital is held in perpetuity, where any related investment gains or losses generated may be used to support a specific charitable purpose.

1.2.5. Fixed assets

depreciation charge would not be material and would not contribute to an understanding of the Charity’s financial position.

1.2.6. Fixed asset investments

Investments are included at closing mid-market value at the balance sheet date. Any realised and unrealised gains and losses on revaluation are combined in ‘net gains and losses on investments’ within the Statement of Financial Activities. Income from investments is included in the year in which it is received by the investment managers. Cash held by the investment managers for the purpose of reinvestment is included in fixed asset investments.

1.2.7. Debtors

Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. Software development costs are amortised over 4 years to match their useful economic life.

Tangible assets

The only tangible fixed assets currently held by the Charity are works of art. These are considered as heritage assets and included at estimated market value. The latest valuation was made in April 2023 by Tim Ritchie and Associates, Fine Arts Valuers and Consultants. Any works of art purchased subsequently are included at cost until the next valuation. Donations of works of art received are included at a valuation provided by the Head of Arts and then revalued in accordance with the above policy.

Depreciation has not been charged because the assets, being works of art, generally have very long useful lives and their residual value cannot be estimated to differ materially from their carrying amount. Thus any

1.2.8. Cash at bank and in hand

Cash at bank includes amounts paid in before the year end but credited to the bank account after the year end.

1.2.9. Liabilities

Liabilities include amounts owing to third party creditors and accruals, and constructive obligations to one of the beneficiary organisations in the form of an agreement to pay a grant.

Creditors and provisions are normally recognised at their settlement amount.

1.2.10. Financial instruments

Basic financial instruments are recognised at transaction value and subsequently measured at settlement value. The Charity does not hold any bank loans at the year end.

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1.2.11. Subsidiary company

The Charity owns all the shares in a dormant company, St. George's Hospital Trading Limited (Company Number 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.

The Charity is not registered for Value Added Tax. Any irrecoverable Value Added Tax is charged to the Statement of Financial Activities as a cost against the activity for which the expenditure was incurred, or capitalised as part of the related asset, where appropriate.

1.2.14. Revaluation reserve

1.2.12. Pension contributions

Employees are members of a defined contribution pension scheme. Contributions are chargeable to the Statement of Financial Activities in the period to which they relate.

1.2.13. Taxation

St George’s Hospital Charity, as a registered Charity, is exempt from income tax under part 10 of the Income Tax Act 2007 or Section 256 of the Taxation of the Chargeable Gains Act 1992, to the extent that surpluses are applied to its charitable purposes.

The revaluation reserve contains the gains made by the Charity arising from increases in the fair value of its tangible fixed assets. The balance is reduced when assets with accumulated gains are revalued downwards or impaired, or when the assets are lost or disposed of.

The reserve contains only revaluation gains accumulated since 1 April 2016, the date of transition to FRS 102, as the Charity elected to use transition provision permitted by section 35 of FRS 102 to use fair value as at 31 March 2016 determined under old UK GAAP as the deemed cost on transition.

48 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

2. Income

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Unrestricted Restricted Endowment Total at Total at
Funds Funds Funds 31 March 2025 31 March 2024
£’000 £’000 £’000 £’000 £’000
2.1. DONATIONS AND LEGACIES:
Direct gifts from individuals and trusts 334 918 - 1.252 459
Legacies 584 244 - 828 979
Community fundraising 188 228 - 416 477
Corporate, campaigns, events and other income 72 111 - 183 640
Total income from donations and legacies 1.179 1.500 - 2.678 2.554
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2.2. CHARITABLE ACTIVITIES:
Dividends and interest receivable 220 112 - 332 379
Total income from charitable activities 220 112 - 332 379
Total income and endowments 1.399 1.612 - 3.011 2.933
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3. Expenditure

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Direct Allocated Total at Total at
costs support costs 31 March 2025 31 March 2024
£’000 £’000 £’000 £’000
3.1. RAISING FUNDS:
Donations, legacies and grants 935 382 1.317 1.432
Investment management costs 57 - 57 59
Total cost of raising funds 991 382 1.374 1.491
Direct Other Allocated Total at Total at
costs adjustments support costs 31 March 2025 31 March 2024
£’000 £’000 £’000 £’000 £’000
3.2. CHARITABLE ACTIVITIES:
Arts 87 - 10 97 78
Capital projects 815 (13) 96 898 209
Community 12 (6) 16 22 31
Medical equipment 229 (22) 23 229 86
Patient and family experience 170 (1) 200 369 134
Research 132 (31) 110 212 1.507
Staff development and welfare 357 (11) 220 566 524
Total charitable activities 1.803 (84) 674 2.392 2.570
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Other adjustments include balances accrued in previous years that are now not owing by the Charity, as well as the return of grants previously awarded that have not been fully used.

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IT and Total at Total at
Staff costs communications Other 31 March 2025 31 March 2024
£’000 £’000 £’000 £’000 £’000
3.3. ALLOCATED SUPPORT COSTS:
Cost of raising funds 160 12 210 382 577
Arts 9 1 1 10 31
Capital projects 81 9 6 96 60
Community 13 1 1 16 9
Medical equipment 19 2 1 23 28
Patient and family experience 168 19 13 200 55
Research 93 10 7 110 468
Staff development and welfare 185 21 14 220 174
Total allocated support costs 728 75 253 1.056 1.402
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Allocated support costs include the costs of the following departments: Finance, Information Technology, Human Resources, Administration and Business Support. Total support costs have been apportioned over other resources expended on the basis of staff time.

A proportion of support costs were allocated to the Cost of raising funds, which was apportioned on the basis of staff time spent supporting this activity, in line with FRS 102.

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Total at Total at
31 March 2025 31 March 2024
£’000 £’000
3.4. GOVERNANCE COSTS
Auditors remuneration for audit services in the current year 22 17
Auditors remuneration for audit services in the prior year 7 11
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4. Grant funded activities

Grant funded activities includes charitable activities as set out below.

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Total at Total at
31 March 2025 31 March 2024
£’000 £’000
NAME OF RECIPIENT:
St George's University Hospitals NHS Foundation Trust 1.477 610
St George's, University of London 34 898
Communities 4 -
Total 1.515 1.508
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50 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

5. Analysis of staff numbers, staff costs and remuneration of key management personnel

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2025 2024
No. of staff FTE No. of staff FTE
5.1 STAFF NUMBERS:
The * FTE average number of employees is split as follows:
Fundraising 14 12 14 13
Management and administration 13 11 11 10
Total 27 23 25 23
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*FTE = full time equivalent

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5.2 ANALYSIS OF STAFF COSTS
Total at Total at
31 March 2025 31 March 2024
£’000 £’000
Salaries and wages 1.036 948
Social security costs 109 105
Pension costs 59 40
Total emoluments of employees 1.204 1.093
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All members of staff are enrolled in a defined contribution pension scheme that is compliant with auto-enrolment.

Staff costs in the current financial year include emoluments relating to four former employees of £4k.

5.3 KEY MANAGEMENT PERSONNEL

The Senior Leadership Team consists of the five posts shown on page 63. The total remuneration for these posts in 2024/25 was £380k (2023/24: £620k). The decrease in remuneration reflects the use of consultants in senior leadership positions in the prior year and one vacant position in the current year that has now been filled.

The following number of senior employees received emoluments falling within the following range:

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2025 2024
Number of Number of
Staff Staff
£80,000-£89,999 1 -
£90,000-£99,999 1 -
£110,000 - £119,999 - 1
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6. Trustees expenses and remuneration

None of the Trustees received any remuneration from the Charity during the current financial year (2023/24: £nil). No Trustees were reimbursed for expenses incurred while carrying out their responsibilities for the Charity during the year (2023/24 - £nil).

7. Tangible fixed assets

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31 March 31 March
2025 2024
£’000 £’000
HERITAGE ASSETS - Cost and Valuation:
Balance as at 1 April 1.750 1,749
Additions 4 1
Disposals - -
Revaluations - -
Net Book Value at 1 April and 31 March 1,754 1,750
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The Charity undertakes a full independent professional valuation of the Art Collections every five years, with impairment reviews undertaken as necessary in accordance with the Statement of Recommended Practice 2015. A full valuation was performed in April 2023 by Tim Ritchie & Associates Ltd, acting as independent valuers. The assets were revalued to their fair value, which was assessed as the retail replacement value for purchased artworks and the open market value for heritage items.

7.1 FIVE YEAR FINANCIAL SUMMARY OF HERITAGE ASSETS TRANSACTIONS

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2024/25 2023/24 2022/23 2021/22 2020/21
£’000 £’000 £’000 £’000 £’000
Additions:
Purchases - 1 - 8 -
Donations 4 - - 6 -
Revaluation - - 461 - -
Total Additions 4 1 461 14 -
Disposals:
Carry value - - - - -
Sales proceeds - - - - -
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The artworks are held entirely in pursuance of the charitable objects of the Charity – for the benefit of patients and staff in St George’s University Hospitals NHS Foundation Trust and also the staff and students City St George’s University. In accordance with our accounting policy depreciation has not been charged.

52 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

8. Intangible fixed assets

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----- Start of picture text -----
31 March 2025 31 March 2024
£’000 £’000
Cost
Balance as at 1 April 95 155
Disposals - (60)
Balance as at 31 March 95 95
Accumulated depreciation
Balance as at 1 April (95) (155)
Disposals - 60
Balance as at 31 March (95) (95)
Net Book Value at 31 March - -
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9. Fixed asset investments

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----- Start of picture text -----
31 March 2025 31 March 2024
Total Total
£’000 £’000
9.1 MOVEMENT IN FIXED ASSET INVESTMENTS:
Fixed asset investments:
Market value at 1 April 13.492 14.167
Less:
Disposal proceeds (4.677) (11.379)
Add:
Acquisitions at cost 4.064 9.943
Net cash reinvested / (withdrawn) (618) 52
Net gain / (loss) on revaluation 23 709
Market value at 31 March 12.283 13.491
Historic cost at 31 March 11.597 12.829
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31 March 2025 31 March 2024
Total Total
£’000 £’000
9.2 MARKET VALUE:
Investments assets in the UK 3.575 3.729
Investments assets outside the UK 8.708 9.763
Total fixed asset investments 12.283 13.491
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31 March 2025 31 March 2024
Total Total Total Total
£’000 % £’000 %
9.3 INVESTMENT PORTFOLIO
Fixed interest bonds 2.596 21% 2.645 20%
UK equities 842 7% 1.033 8%
Overseas equities 7.090 58% 7.515 56%
Property and alternative assets 1.444 12% 2.106 16%
Cash 312 3% 193 1%
Total 12.283 100% 13.491 100%
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9.4. INVESTMENT POWERS

The Charity Commission Scheme dated 18 August 1998 gives the Charity unrestricted investment powers to manage its own portfolio.

10. Debtors

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----- Start of picture text -----
31 March 2025 31 March 2024
£’000 £’000
Trade debtors 18 -
Prepayments 27 46
Accrued income 26 77
Total debtors falling due within one year 72 123
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11. Creditors: amounts falling due within one year

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----- Start of picture text -----
31 March 2025 31 March 2024
£’000 £’000
Trade creditors 38 59
Grant creditors 3.434 2.965
Deferred income 678 2
Other creditors 154 139
Total Creditors falling due within one year 4.303 3.165
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Deferred income includes £650k received from the Becht Family Charitable Trust in November 2024 being the remaining balance of the grant awarded of £1.25m to the Charity for the Advanced Ventricular Arrhythmia Training and Research programme.

The donation is being used to fund various research and training posts under grants awarded by the Charity.

The income will be released in alignment with the phasing of grant awards in future years.

54 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

12. Grants awarded

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----- Start of picture text -----
Notes Total 2025 Total 2024 as
£’000 restated
£’000
Outstanding liabilities at 1 April 3.530 3.805
Awarded during the year 4 1.515 1.508
Paid during the year (1.085) (1.784)
Adjustments in the year 3 (84) 1
Outstanding liabilities at 31 March 11 3.876 3.530
Grant amounts falling due within one year 11 3.434 2.965
Grant amounts falling due after more than one year 442 565
Total 11 3.876 3.530
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Liabilities for grants awarded represent the unpaid balance on grants awarded by the Charity as at the balance sheet date. They relate to current activities funded by the Charity to which it is firmly committed. Adjustments in the year relate to grants retracted.

13. Analysis of net assets between funds

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13.1 ANALYSIS OF NET ASSETS BETWEEN FUNDS - FIGURES AT 31 MARCH 2025
Unrestricted Restricted Endowment 31 March 2025
General Designated Total funds
£’000 £’000 £’000 £’000 £’000
FUND BALANCES AT 31 MARCH 2025 ARE REPRESENTED BY:
Tangible fixed assets - 1.754 - - 1,754
Intangible Assets - - - - -
Investments 1.515 4,870 5,732 166 12.283
Current assets and liabilities (145) (2,219) (829) - (2.470)
Long term liabilities - - (442) - (442)
Total net assets 1.370 4.406 4.461 166 11,127
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13.2 ANALYSIS OF NET ASSETS BETWEEN FUNDS - COMPARATIVE FIGURES AT 31 MARCH 2024
Unrestricted Restricted Endowment 31 March 2024
General Designated Total funds
£’000 £’000 £’000 £’000 £’000
FUND BALANCES AT 31 MARCH 2025 ARE REPRESENTED BY:
Tangible fixed assets - 1.750 - - 1.750
Intangible Assets - - - - -
Investments 1.963 4.800 6.561 166 13.490
Current assets and liabilities (240) (2.339) (238) - (2.817)
Long term liabilities - - (565) - (565)
Total net assets 1.723 4.212 5.758 166 11.859
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55

14. Charity funds

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Balance Gains and Transfers Balance
31 March 2024 Income Expenditure losses between Funds 31 March 2025
£’000 £’000 £’000 £’000 £’000 £’000
14.1 ENDOWMENT FUNDS:
William A Amanet Bequest 166 - - - - 166
Total endowment funds 166 - - - - 166
14.2 RESTRICTED FUNDS:
Special Purpose Funds:
Cancer and oncology 327 21 (28) 1 (154) 167
Cardiology 176 9 (10) - (41) 134
Children and women 432 57 (71) - (132) 286
Community and nursing 401 27 (134) - (119) 174
Medical 455 102 (97) - (57) 403
Neurosciences 134 7 (53) - (64) 24
Outpatients 6 - (1) - (6) (0)
Research 860 50 (85) - (324) 502
Surgical and ICU 391 148 (222) - (180) 136
Therapy and rehabilitation 55 5 (10) - (39) 11
Total Special Purpose Funds 3.236 425 (711) 1 (1.113) 1.836
Other Awards 59 1 (7) - - 52
Arts 31 50 (31) - - 49
Grants 15 - - - - 15
Legacy 622 274 (185) - - 711
Appeals 1.797 862 (865) 4 - 1.798
Total restricted funds 5.759 1.612 (1.800) 5 (1.113) 4.461
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** Fund balance as at 31 March 2025 includes £160k for the Lymphoedema Research Fund.

56 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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14.3 UNRESTRICTED FUNDS
Balance Gains and Transfers Balance
31 March 2024 Income Expenditure losses between Funds 31 March 2025
£’000 £’000 £’000 £’000 £’000 £’000
General funds 1,723 1,148 (1,513) 13 - 1,370
DESIGNATED FUNDS:
Special Purpose Funds:
Cancer and oncology 86 12 (8) - 154 243
Cardiology 110 29 (44) - 41 137
Children and women 258 28 (18) - 132 400
Community and nursing 184 8 (18) - 119 294
Covid appeal and
NHSCT funding 112 - (86) - - 26
Legacy - 58 (5) - - 53
Medical 529 65 (89) - 57 562
Neurosciences 189 11 (107) 5 64 162
Outpatients - - - - 6 6
Regular Giving project 394 - - - - 394
Research 359 17 (37) - 324 662
Surgical and ICU 215 19 (42) - 180 373
Therapy and
rehabilitation 2 - - 39 41
Total Special Purpose
Funds 2.439 247 (454) 5 1.113 3.353
Other designated funds:
Fixed asset funds 1.049 4 - - - 1.053
Total Other
Designated Funds 1.049 4 - - - 1.053
Revaluation reserve 724 - - - - 724
Total unrestricted funds 5.935 1.399 (1.966) 18 1.113 6.500
Total funds 11,859 3,011 (3,766) 23 - 11,127
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The fixed asset fund represents the value of general funds invested in the art collections which are not, by nature of fixed assets, readily available for use for other purposes.

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14. Charity funds

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Balance Transfers Gains and Balance
31 March 2023 Income Expenditure between Funds losses 31 March 2024
£’000 £’000 £’000 £’000 £’000 £’000
14.1 ENDOWMENT FUNDS:
William A Amanet Bequest 160 - - - 6 166
Total endowment funds 160 - - - 6 166
14.2 RESTRICTED FUNDS:
Special Purpose Funds:
Cancer and oncology 332 39 (59) - 15 327
Cardiology 221 14 (62) - 3 176
Children and women 421 52 (62) - 20 432
Community and nursing 427 65 (109) - 18 401
Medical 493 127 (189) - 24 455
Neurosciences 120 23 (16) - 7 134
Outpatients 5 2 (1) - - 6
Research 893 78 (149) - 38 860
Surgical and ICU 408 65 (98) - 16 391
Therapy and rehabilitation 53 9 (10) - 3 55
Total Special Purpose Funds 3.373 474 (755) - 144 3.236
Other Awards 52 95 (89) - 1 59
Arts 22 14 (5) - - 31
Grants 15 - (0) - - 15
Legacy 616 881 (794) (115) 33 622
Appeals 1.259 830 (305) - 10 1.797
Total restricted funds 5.337 2.294 (1.949) (115) 188 5.758
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** Fund balance as at 31 March 2024 includes £117k for the Lymphoedema Research Fund.

58 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

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14.3 UNRESTRICTED FUNDS
Balance Transfers Gains and Balance
31 March 2023 Income Expenditure between Funds losses 31 March 2024
£’000 £’000 £’000 £’000 £’000 £’000
General funds 2.062 92 (1.594) 772 391 1.723
DESIGNATED FUNDS:
Special Purpose Funds:
Cancer and oncology 82 11 (11) - 4 86
Cardiology 124 27 (47) - 6 110
Children and women 228 39 (14) - 5 258
Community and nursing 192 16 (33) - 9 184
Covid appeal and 79 - (5) - 38 112
NHSCT funding
Medical 539 122 (159) - 27 529
Neurosciences 192 33 (47) - 11 189
Regular Giving project 394 - - - - 394
Research 395 35 (83) - 12 359
Surgical and ICU 201 42 (39) - 12 215
Thank You appeal 518 221 (83) (657) - -
Therapy and
rehabilitation 1 1 - - - 2
Total Special Purpose
Funds 2.946 547 (521) 124 2.439
Other designated funds:
Fixed asset funds 1.049 - - - - 1.049
Total Other
Designated Funds 1.049 - - - - 1.049
Revaluation reserve 724 - - - - 724
Total unrestricted funds 6.781 639 (2.115) 115 515 5.935
Total funds 12.278 2.933 (4.061) 0 709 11.859
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The fixed asset fund represents the value of general funds invested in the art collections which are not, by nature of fixed assets, readily available for use for other purposes.

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ENDOWMENT FUNDS:
Name of fund Description of the nature and purpose of each fund
William A Amanet Bequest Legacy bequest for specific research purposes. The legacy is to be held on
trust and invested. The beneficiary has absolute discretion to use both the
income and capital of the fund for the stated purposes.
RESTRICTED FUNDS:
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ENDOWMENT FUNDS:
Name of fund		 Descripton of the nature and purpose of each fund
William A Amanet Bequest
RESTRICTED FUNDS:		 Legacy bequest for specifc research purposes. The legacy is to be held on
trust and invested. The benefciary has absolute discreton to use both the
income and capital of the fund for the stated purposes.
Details of funds Descripton of the nature and purpose of each fund
Cancer and oncology To support development of cancer and oncology treatments.
Cardiology To support all areas of the cardiology department to beneft patents.
Children and women To provide funds for family support and children's play services.
Community and nursing To support community services including Queen Mary’s Hospital.
Medical To support all areas of medicine not under the other directorates.
Neuroscience To advance neurosciences at St George’s Hospital.
Outpatents To support staf and outpatents and facilitate service improvement.
Research To fund medical research projects.
Surgical and ICU To support patents' experience and staf development for surgical
and ICU.
Therapy and rehabilitaton To support therapy treatments and rehabilitaton of patents.
Unrestricted and designated funds

The Fixed asset fund includes the value of general funds invested in the art collection and other assets of the Charity which are not, by nature of fixed assets, readily available for use for other purposes. The Revaluation reserve represents the increase in the value of the art collection at the last formal valuation.

Transfers between funds represent:

Fund Transfers

The Charity has reviewed its Special Purpose Funds (“SPFs”) classified as restricted in line with the Charity Commission’s guidance and the Association of NHS Charities Briefing note: Management of restricted and unrestricted funds.

Following this review, the Board has agreed to reclassify 89 SPFs as unrestricted designated, as either the funds were originally incorrectly classified as restricted or as all historic restricted donations recorded in these funds have now been fully expended. This reclassification will ensure the correct management and use of NHS charitable funds.

60 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

15. Commitments, liabilities and provisions

The Charity does not have any other commitments, liabilities or provisions requiring disclosure other than those included in the financial statements (2023/24: £nil).

16. Related party transactions

During the year none of the Trustees or members of the key management staff or parties related to them has been involved in any material transactions with St. George’s Hospital Charity. Board members (and other senior staff) take decisions on both policy and financial matters, but do not seek to benefit personally from such decisions. Declarations of personal interest have been made in both capacities and are available to be inspected by the public. There were no transactions with other entities in which either Trustees or senior employees of the Charity hold positions of authority other than as described below.

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2025 2024 Details of
Related party Connected party Relationship £'000 £'000 transaction
St George’s Timothy Wright Timothy Wright served as a Non 1.477 610 Grants made
University and Pankaj Davé Executive Director for St George's to St George's
Hospitals NHS University Hospitals Foundation Trust Hospital
Foundation Trust (resigned 31 January 2025).
Pankaj Davé serves as a Non Executive
Director for St George's University 2.110 2.379 St George's
Hospitals Foundation Trust (appointed 1 Hospital
February 2025). Creditors
outstanding
City St George’s, Sarah Wilton Sarah Wilton currently serves as an 34 898 Grants made to
University of and Professor Independent Member of the Council City St George’s
London Derek Macallan of St George’s, University of London. University
Professor Derek Macallan is an employee
of City St George's, University of London.
1.753 1.078 Grants made to
City St George’s
University
St George’s The Charity owns all the shares in a dormant company, St. George’s Hospital Trading Ltd (Company Number 3481144).
Hospital Trading The issued share capital of the company is £5. This company is being retained as it might be used to facilitate future
Limited trading activities, the profits from which would be donated to the Charity.
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The total amount of donations received from related parties, without conditions, was £1,115 (2023/24: £1,302).

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17. Statement of Financial Activities For the year ended 31 March 2024

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Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2024 2023
Notes £’000 £’000 £’000 £’000 £’000
INCOME AND ENDOWMENTS:
Donations and legacies 2.1 497 2.057 - 2.554 1.997
Charitable activities 2.2 - - - - 150
Investment income 2.3 142 237 - 379 356
Total Income and Endowments 639 2.294 - 2.933 2.503
EXPENDITURE ON:
Raising funds 3.1 (1.462) (28) - (1.490) (1.249)
Charitable activities:
Patient and Family Experience (127) (8) - (135) (351)
Staff welfare and motivation (182) (340) - (522) (482)
Research (240) (1.268) - (1.508) (818)
Capital Projects - (208) - (208) 92
Medical Equipment (31) (56) - (87) (1.050)
Community - (32) - (32) -
Arts (72) (7) - (79) (115)
Charitable activities 3.2 (652) (1.919) - (2.571) (2.724)
Total Expenditure (2.114) (1.947) - (4.061) (3.973)
Net gains / (losses) on investments 516 188 6 709 (1.204)
Net Income / (Expenditure) (959) 535 6 (419) (2.673)
Reallocation between funds 115 (115) - - -
Other recognised gains
Revaluation gains/(losses) on Fixed Assets 7 - - - - 461
Net movement in funds (844) 420 6 (419) (2.212)
RECONCILIATION OF FUNDS:
Fund balances brought forward at 1 April 6.781 5.337 160 12.278 14.491
Fund balances carried forward at 31 March 5.936 5.758 166 11.859 12.279
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All income relates to continuing activities. There is no material difference between the net income of the year and the historical cost equivalents.

62 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024/25

REFERENCE & ADMINISTRATIVE DETAILS

Registered Address

St George’s Hospital Charity

St George’s Hospital Blackshaw Road London SW17 0QT

Professional Advisors

Investment Managers and Advisors

Rathbones (previously Investec Wealth and Investment Limited) 30 Gresham Street London EC2V 7QN

Trustees as at 31 March 2025 and as date of approval (or as otherwise stated) Anna Walker (Chair) Sarah Wilton (Treasurer) Pankaj Davé (appointed 1 February 2025) Georgina Greenspan Paul Hayward Schellion Horn Suzanne Hudson (appointed 1 July 2024) Renuka Jeyarajah-Dent Prof Derek Macallan (appointed 1 December 2024) Michael Rappolt Paul Sarfaty Rachna Upadhya (appointed 1 July 2024) Tim Wright (resigned 31 January 2025)

Bank

National Westminster Bank plc 282 London Road Mitcham London CR4 2ZP

Auditors

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

Senior Leadership Team as at 31 March 2025 and as at date of approval (or as otherwise stated) 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 (resigned 17 May 2024) Davina Metters, Director of Fundraising and Communications (appointed 2 September 2024)

Solicitors

Withers LLP 20 Old Bailey London EC4M 7AN

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www.stgeorgeshospitalcharity.org.uk

@givingtogeorges @stgeorgeshospitalcharity @givingtogeorges @stgeorgeshospitalcharity 020 8725 4522 giving@stgeorges.nhs.uk

Registered Charity No. 1171195 | Registered Company No. 10565339