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2024-03-31-accounts

barts. CHARITY Annual report and accounts * 2023-2024

Contents

Contents
Chair and Chief Executive’s introduction 1
Trustees’ Report
Who we are and what we do 2
Review of 2023/24 4
Aims for 2024/25 7
Equity, Diversity and Inclusion 8
Finance Review 11
Risk Management 14
Structure, Governance and Management 15
Statement of Trustees’ Responsibilities 18
Auditor’s Report 19
Financial Statements 2023/24
Statement of Financial Activities 22
Statement of Financial Position 23
Cash Flow Statement 24
Notes to the accounts 25

Chair and Chief Executive’s introduction

The 2023/24 financial year was another year of strong performance, reflected both in the level of our grant-making and prudent management of our investment portfolio.

We were delighted to award £33.1m in funding, split between our three partners: £21.2m to Barts Health NHS Trust (Barts Health), £11.4m to the Faculty of Medicine and Dentistry (FMD) at Queen Mary University of London (QMUL) and £0.5m to the School of Health and Psychological Sciences at City, University of London (now City St George’s).

Our investment portfolio has grown to £520m with available reserves significantly in excess of the minimum level required to meet our operational and funding commitments and preserve the real-terms value of the portfolio.

We continue to support a broad range of research and healthcare projects through a number of targeted funding schemes. Our largest awards this year have included:

disease; implementing a new patient pathway for unaccompanied asylum-seeking children in Northeast London; and providing phone charging stations in emergency departments. Thanks to our Clinical Research Training Fellowships, health professionals are funded to take a formal break from clinical training or clinical work in order to undertake health-related research. We were delighted that having broadened the eligibility criteria for these Fellowships to provide greater equity of access to our funding, we saw a broader range of applicants than ever before, including GPs for the first time.

Our fundraising has also seen a successful year. In 2023, we celebrated the 900[th] anniversary of St Bartholomew’s Hospital. It was a year of celebration of the history of one of the world’s oldest medical institutions. It included events on a large scale like the special service in St Paul’s Cathedral and reception in the Guildhall in May, to the smaller and more personal fundraising events led by former staff and patients. At the heart of all the celebrations was a focus on the people who work and have worked in the Hospital to deliver great care to those who need it most. During FY2022/23 we announced our support for the creation of a brand-new Clinical Research Facility at The Royal London Hospital. In the last year, each of The Wolfson Foundation and The Charles Wolfson Charitable Foundation has pledged £1m to this important project, which aims to give the people of East London greater access to potentially life-changing treatments.

You can find out more about how we are making a difference to the health of people in East London in our impact report (available on our website). We could not have achieved so much in the last year without our highly talented and engaged staff, Board and advisers, partners and supporters. We feel very fortunate to have their support and would like to extend our thanks for all they do.

In addition, our funding schemes for medical research, healthcare delivery and Everyday Impact have supported projects as diverse as research to protect blood vessels from cardiovascular

Andy Bruce Fiona Miller Smith Chair of Trustees CEO

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Annual Report 2023 – 2024

Trustees’ Report

The Trustees present their report, incorporating the strategic report, and the audited financial statements for the year ending 31 March 2024. The introduction from the Chair and Chief Executive on page 1, and the Statement of Trustees’ Responsibilities on page 18 form part of this report.

The financial statements as at 31 March 2024 and for the year then ended have been prepared under the historical cost convention in accordance with applicable United Kingdom Accounting Standards comprising the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) including Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland - (second edition effective 1 January 2019) (Charities SORP (FRS 102)), Charities Act 2011, and the Companies Act 2006.

Who we are and what we do

Vision

Life changing improvements to health for the people of East London.

Mission

A charity with its roots in East London, dedicated to supporting improvements to healthcare and transformative research for local health benefit.

We work in partnership with the NHS, local research institutes and others who can help us achieve our goals and maximise our impact.

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Annual Report 2023 – 2024

Barts Charity 2022–2027 strategic objectives

We wanted our vision and mission to provide the strategic context for each area of our charitable activity and we have used them to frame five strategic objectives for 2022–2027.

Research

We fund high quality and innovative research that enhances our understanding of health and illness and has the potential to improve and/or save lives in East London.

Endowment

We manage our endowment to ensure we take full advantage of potential opportunities to deliver our mission, now and in the future.

How we work

Healthcare

We facilitate transformation to patient care and support for our dedicated NHS staff, primarily focusing our efforts at Barts Health.

We set ourselves high standards for how we operate and aim to maximise the impact we make with our resources.

Fundraising and communications

We are transforming our approach to fundraising to significantly grow revenue and enable us to achieve our ambitions for our mission.

We aim to inspire greater support by communicating about the people and projects we fund and the impact they make.

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Annual Report 2023 – 2024

Our funding principles and focus

To achieve our funding and impact strategic objectives, we will focus our funding:

Our primary focus is on our funding being relevant to, and having an impact in, East London. We expect that much of the activity we support will also have a wider health benefit, both across the UK and potentially globally.

We adhere to robust funding processes to make sure our resources can improve healthcare and transformative research. We also strive to ensure that our funding processes and policies are inclusive and unbiased. We are a member of the Association of Medical Research Charities and can demonstrate high standards of governance around decision processes and monitoring involved in funding.

Our values

We are proud of the work we do. We have created a set of values that express who we are as a charity, the way we want to work and the culture that we want to live and breathe every day.

One Team

We work collaboratively as one team, supporting and respecting each other and embracing diverse experiences and perspectives.

Ambitious

We care passionately about Barts Charity’s mission, empowering each other to constantly improve and achieve our best.

Open

We are honest and transparent, sharing information willingly and encouraging the giving and receiving of constructive feedback.

Accountable

We take pride in doing the right thing and acting with integrity. We take ownership of our actions and learn from our mistakes.

Review of 2023/24

In our 2023 Annual Report we set out our strategic targets for 2023/24. Here, we summarise the progress we’ve made against these:

Maintain a significant funding programme in research and healthcare, outside of the Barts 900 Campaign.

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Annual Report 2023 – 2024

Maintain a potential pipeline of high-quality
research and healthcare funding applications.		 •High quality pipeline of short and long term
as well as small and larger opportunities for
funding research and healthcare applications
and initiatives developed.
Fundraising and communications
Invest in our fundraising infrastructure to
make sure we have the right resources in
place to deliver our strategy for the Barts 900
Campaign. Identify all lead gifts for the Clinical
Research Facility and build a pipeline for the
next stage of the campaign.		 •13 major gifts secured for the Clinical Research
Facility totalling >£2.4m.
•Partnership with Barts Health and FMD
strengthened through joint delivery of new
funding partnerships for Clinical Research
Facility.
•Pipeline for Breast Cancer Centre developed
to deliver fundraising target, in readiness for
project approval.
Amplify our message for our Public Fundraising
strategy which will build a broad and sustained
base of support from community donors.
Develop in memory, in celebration and legacy
offerings.		 •New umbrella fundraising proposition
developed and rolled out into hospitals via
leafets, vinyls and digital screens and built
into all public fundraising materials.
•In Memory plans have expanded and include
tribute fund stewardship and promotion.
•Mid-value and legacy fundraising developed
and embedded.
Further develop our partnership with the City
of London Corporation to increase support
from key city institutions.		 •900th anniversary celebration event hosted
by City of London Corporation at the Guildhall
and St. Paul’s Cathedral and attended by 1500
guests including Barts Health staff, former staff
and city representatives.
•3 key events hosted at the Mansion House
during the anniversary year by two successive
Lord Mayors.
•Barts 900 Campaign supported fnancially by
19 livery companies.
Identify a successor campaign to the Barts 900
Campaign.		 •Delays to the Breast Cancer Centre project
have meant that identifcation of a successor
campaign was postponed.
Endowment
Continue to implement revised asset allocation
under our investment strategy, including
developing responsible investing principles.		 •Continuing to progress strategic reallocation
of assets from public to private markets. ESG
considerations and stewardship considerations
are integrated in the investment process.
Develop a risk register for fnancial investment
operations.		 •Risk Register for investment operations
created. The Register is reviewed quarterly
by Investment Committee and annually by
Finance & Audit Committee.

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Annual Report 2023 – 2024

Develop a real estate investment strategy.

How we work

Improve cyber security and information governance, achieving Cyber Essentials Plus accreditation.

Consolidate and rationalise a proportion of our restricted funds.

Engage with staff to prioritise People & Culture projects (e.g. refresh of learning & development programme) and deliver them making more use of cross-team working groups led by non-SMT members.

Challenges

There have been a number of challenges across the year, and these have helped to inform some of our aims for 2024/25:

Managing the endowment

The management of the endowment is designed to provide financing, alongside voluntary income, for our funding programme. The assets in the portfolio are selected based on the prospects of value accretion in the long run. A managed approach to risk is taken and the Trustees and management work with a number of advisers to provide an appropriate balance of risk against a targeted return.

The Trustees have delegated investment decision-making to the Investment Committee. The Investment Committee appoints and monitors investment advisers to assist them in managing both financial and property elements of the portfolio. It meets quarterly and reports back to the Trustee board after each meeting.

The Investment Committee has been working with Mercer as its financial investment adviser for more than three years. Based on a review of our investment beliefs, a new investment strategy was formulated in 2022. The strategy aims to further diversify the overall sources of risk and return. A number of investments were made in new funds during 2023/24 as part of the transition to the target allocation. The Investment Committee appointed Swiss Life Asset Managers as strategic property advisers in April 2023 to advise on direct and indirect property holdings.

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Annual Report 2023 – 2024

Strategic aims for 2024/25

Funding

Fundraising and communications

Endowment

How we work

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Annual Report 2023 – 2024

Commitment to Equity, Diversity and Inclusion (EDI)

We believe that our commitment to EDI is best demonstrated through action. Our EDI Commitment, Priorities and Definitions are available in full on our website .

Barts Charity’s EDI commitment

We want everyone connected with Barts Charity to feel valued and respected. We will create and sustain a truly inclusive culture where everyone feels they can contribute. We know that this will take action and we must keep working at it.

We recognise that a diverse Barts Charity is not just the right thing to be but will also make us better at what we do. Embracing a breadth of perspectives and experiences will help us to make better decisions and be more effective and impactful in our activity.

We will be transparent about how we deliver on this commitment. We will publish our objectives and report our progress (or lack of it) so that our colleagues, supporters, beneficiaries and stakeholders can hold us to account.

Barts Charity’s EDI priorities

Culture

Governance

Data/insight

Funding

Personnel

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Annual Report 2023 – 2024

During 2023/24 we have:

Annual personnel diversity survey

We ran our second annual diversity survey in autumn 2023, looking at the diversity characteristics of our staff and non-executives. The survey is based on guidelines issued by the organisation Equality, Diversity & Inclusion in Science & Health (EDIS) which draw upon a wealth of studies and research data. The questions and response categories are designed to follow the 2021 census so that we can benchmark the results. These covered age, disability/long-term health condition/impairment, ethnic group, gender, sexual orientation, and religion/belief.

We had a response rate of 78% (64 responses out of 86, comparing to 81% in 2022) with very low use of the ‘prefer not to say’ option. This suggests respondents felt comfortable confirming their personal details in the survey. For reasons of information governance, we do not store the responses, and so the survey is a snapshot of the Charity’s personnel diversity at a single point in time. As a small organisation, it can be challenging to report data about diversity in case it compromises anonymity for those who report in minority groups. Therefore, we do not publish the results in full.

Although this year’s survey showed some improvement in ethnic diversity compared to last year’s, the Charity remains most unrepresentative for people identifying as Black/ African/Caribbean/ Black British. There is also very low representation of people reporting a disability/long term health condition.

We are very conscious of the importance of diversity and inclusion across our personnel and want to ensure that our recruitment processes are not acting as a block to wider representation. We will undertake a formal review of our recruitment process using an external EDI adviser during this year (see below).

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Annual Report 2023 – 2024

2024/25 EDI plan

Our plans for 2024/2025:

ACTION

Culture

Data/Insight

Funding

Personnel

The above actions involve all teams and will be incorporated into their delivery plans. These will be assessed mid-year (October) and year end (March), and we will report our progress against each action.

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Annual Report 2023 – 2024

Finance Review

Review of financial performance

Our financial strategy is to manage and grow our investment assets and voluntary income to support annual grant giving and operating activities for the long term. The net assets as of 31 March 2024 increased by £10.3m to £412m (2023: £401m).

In reviewing the performance of our investments, we consider the total return of the portfolio, both income and capital. By showing the total return, which combines both income generated by our assets and the associated capital gains/losses, as opposed to separating these out, we see the full picture of our finances.

We use this concept as a basis for addressing the two basic principles of our financial strategy:

The Statement of Financial Activities (on page 24) shows that, during the financial year, the charity received income of £14.0m, (2023: £11.9m), of which £10.9m was unrestricted (2023: £10.2m). Though the charitable expenditure decreased over the same period to £36.5m (2023: £45.4m) the charity is on track to grant £150m over the five-year period 2022-27. The proportion of non-charitable activities spending relative to total expenditure increased to 10.5% (2023: 8.5%). The increase in the ratio was primarily on account of the reduction in charitable expenditure during the year compared to the previous year.

Two prior year reclassifications have been made in the financial statements for the year: cash with our global custodians, Northern Trust, has been reclassified as ‘investments’ (from ‘cash at bank and in hand’ in prior year) and all grant creditors are now reflected as amounts falling due within one year.

As stated above, and as shown in the Statement of Financial Position, the charity’s net assets were £412m (2023: £401m). The endowment funds increased in value due to realised and unrealised gains. Restricted funds reduced in value partly because we used some for charitable expenditure and partly in line with the charity’s wish to consolidate and close a number of low value funds.

In terms of assets and liabilities, the charity’s fixed assets reflect office refurbishments and capitalised software.

Investment review

The value of the charity’s investments increased by £19m to £520m over the 12-month period to 31 March 2024.

The majority of equity markets experienced strong, positive returns over the 12-month period to 31 March 2024, led by the US equity market and, in particular, a number of large US technology companies. Returns within fixed income markets, however, were more mixed. The second quarter of 2023 saw the orderly resolution of some highprofile bank failures in the US, declining inflation and increased geopolitical tensions. During the third quarter of 2023, headline inflation continued to slow, core inflation fell in most regions and inflation expectations continued to decline. Developed market central bank actions were mixed, with some deciding to pause hiking interest rates, and others continuing to increase policy rates.

The fourth quarter of 2023 began with low expectations, owing to high long-term interest rates and renewed geopolitical tensions in the Middle East. However, slowing inflation in the US and other regions raised hopes that interest rates may have peaked, thereby boosting investor confidence towards the end of 2023. Positive investor sentiment continued during the first quarter of 2024, buoyed by resilient economic data and expectations of interest rate cuts later in the year.

The long-term target for the portfolio is an average total return of Consumer Price Index (CPI) +4.5% per year (net of fees) over a rolling threeyear period and an annualised return in excess of the portfolio’s blended benchmark.

The Charity performed well relative to the broader market during the financial year with the portfolio returning 8.2%, net of fees.

Though the long-term target for the portfolio is a total annualised return of CPI +4.5% over rolling three-year periods, the Investment Committee recognises that, given the current high inflationary environment, this will be a challenging target to achieve over the shorter term.

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Annual Report 2023 – 2024

Target Target
All fgures are in % per annum Return achieved CPI+4.5% Blended Benchmark
3-year period to 31 March 2024 5.2 11.5 6.9
3-year period to 31 March 2023 8.0 10.6 10.0
Since inception to 31 March 2024 8.5 7.5 6.5

Investment performance is monitored quarterly by our Investment Committee with the assistance of our investment advisors, Mercer, who provide advice and monitoring services for the financial portfolio.

Reserves

The Charity holds assets in funds, each type of which dictates how the funds may be disbursed:

Endowment funds: there are a number of

segregated individual personal endowments which are usually created in the form of a trust that limits the use of both the original capital and any investment gains attached to them. There is also an aggregated expendable endowment fund – these funds, and gains arising from them, can be applied generally by the Trustees to deliver the Charity’s objectives. The value of the aggregated expendable endowment, as at 31 March 2024, was £385.6m (2023: £349.5m).

Restricted funds are amounts given with a restriction agreed between the donor and the Charity that specifies the area of the Charity’s work that will be supported. Barts Charity has a large number of these funds supporting the many areas of Barts Health NHS Trust’s work.

All other funds held by the Charity form the general funds. However, Trustees may choose (and have chosen) to set aside designated funds to make sure a particular objective is given prominence. Trustees may remove a designation if they choose.

Reserves policy

Given the nature of the Charity’s activities and our grant-making strategy the Trustees have determined that the reserves policy, taken in conjunction with spending and long-term investment policies, is intended to deliver the following objectives:

For these objectives, the Trustees have determined that the value of reserves should be deemed to be the amount(s) held in the Charity’s investment portfolio.

The Charity annually sets a minimum reserve level it considers necessary to maintain in order to achieve this balance between current and future activity. As at 31 March 2024, this minimum reserve level is £392m (2023: £378m).

The level of total reserves as at 31 March 2024 was £520m (2023: £501m) therefore the Trustees consider that the Charity has sufficient funds to continue its charitable activities into the future.

If reserves go below or are projected to come within 5% of the minimum level, Trustees will consider the level of spending and grant-giving in light of the prevailing market conditions and outlook. It is not expected that the Charity would react to short term volatility. The reserve, spending and long-term investment policies are reviewed at least annually and adjusted if necessary.

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Annual Report 2023 – 2024

Responsible investing

Barts Charity believes that it is right to consider environmental, social, and governance (ESG) factors in investment decisions, in order to identify material risks as well as to earn sustainable, longterm returns. The Charity also recognises that long-term sustainability issues, including climate change, present risks and opportunities that increasingly may require explicit consideration. We believe that it is possible to invest with a positive impact without reducing investment returns. Areas of particular interest include improving societal health care outcomes.

As a result, ESG (including but not limited to climate change) and stewardship considerations are integrated in the investment process. This includes selecting new investment managers and monitoring the existing ones, and an ongoing review of the portfolio’s ESG characteristics compared to relevant benchmarks and peers. During the year under review, Barts Charity also reviewed the voting and engagement activities of the listed equity managers. When we appoint new investment managers, the Charity believes it is important to consider the level of diversity, including (but not limited to) gender across the manager’s investment team. The Charity has no direct investments in tobacco stocks. The Charity monitors exposure to tobacco through pooled funds, including passive index trackers as well as actively managed strategies, aiming to have less than 1% of equities in tobacco companies (i.e. approximately half or less vs the aggregated equity benchmark).

We have a strategic equity exposure achieved through investment in pooled equity funds. The Charity has made an allocation to a Sustainable Global Equity Fund. This aims to provide a positive tilt across a broad range of ESG factors, including reducing carbon emissions, relative to investment in a traditional global equity fund. We follow the principles set out in the Charity Commission’s guidance document CC14 and ensure our investment decisions align with our ethical standards.

Charity is expected to hold sufficient assets to meet its reserve policy levels, as set out above. Our portfolio is sensitive to movements in investment values, but it still has sufficient liquidity to enable the charity to meet its obligations and is able to meet its planned grant commitments without being a forced seller of assets. Based on these assessments, the Trustees have determined the Charity to be a going concern and the basis of the preparation of the annual report and accounts on a going concern basis is therefore appropriate.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Barts Charity’s aims and objectives and in planning future activities and setting the grant-making policy for the year. The Trustees consider that our charitable activities for the improvement of healthcare are all for the public benefit.

Fundraising policy

We are very grateful to our supporters, who contribute significantly to our work. They give generously in terms of donations and carrying out fundraising activities in our community.

We aim to fundraise in a way that is compelling, respectful and in-keeping with our values.

The Charity is registered with the Fundraising Regulator and is committed to adhering to the Code of Fundraising Practice. We are also members of the Institute of Fundraising and refer to their best practice guidance. Our own practice and policies make sure that no individual, including vulnerable people, are put under undue pressure to make a donation. In the year to 31 March 2024, more than 1,200 people and organisations supported us through donations or fundraising and we received no complaints related to fundraising. We have refreshed our privacy statement in line with the UK General Data Protection Regulation (UK GDPR). This and our complaints policy are freely available on our website.

Going concern statement

The preparation of the accounts for the year ending 31 March 2024 has been undertaken on the basis that Barts Charity is a going concern.

As part of the assessment of the going concern basis of the Charity, scenario analysis and a multi-year projection of reserve levels has been undertaken. This has demonstrated that the

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Annual Report 2023 – 2024

Risk Management

Our Trustees have adopted a Risk Management Policy and regularly review the major risks to which Barts Charity is exposed. Risks are assessed by their likelihood and impact, and also their velocity (speed to impact). Where appropriate, systems and procedures have been established to mitigate risks, and these are also reviewed regularly. The risks and mitigations are recorded in risk registers which are reviewed regularly by the senior management team and the Finance and Audit Committee.

The major strategic risks and principal mitigations on 31 March 2024 are set out below.

----- Start of picture text -----
Risk Actions to manage the risk
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Risk Actions to manage the risk
Funding
Impact of infation on signifcant capital
projects under development.		 •Include contingency in costs surrounding capital builds
and potential infationary increases in costs both
before and after tender.
•Expert review of signifcant capital projects under
development. Charity representation on relevant
project and design boards to ensure we have early
sight on arising risks.
Fundraising
Economic environment and a number
of competing healthcare capital appeals
make it harder to achieve our fundraising
targets.		 •Investment in campaign strategy, team and resources
to optimise chances of meeting targets.
•Healthy pipeline of major donors means we are on
course to meet target.
Fundraising and communications
A more politicised environment around
healthcare funding and cost pressures
may cause us reputational risk by
association.		 •Regular communications with Barts Health NHS Trust
senior team.
•Close relations with Barts Health’s communications
teams.
•Regular dialogue with potential major donors.
Endowment
Period of infation means that the
endowment does not generate the target
annual return and potentially results in a
fall in value of the portfolio.		 •Asset allocation includes assets which are infation-
resilient, such as property and equities (including listed
infrastructure).
•Allocations have been made to asset classes with focus
on contractual income, such as property, private debt
and growth fxed income.
•Investments are made with a long-term view. The
charity has a signifcant buffer above the minimum
reserve level and can withstand periods of lower
return without impacting the operations or funding.
How we work
We suffer fnancial/reputational loss as
a result of a cyber security incident/data
breach.		 •Additional IT security has been put in place
in partnership with our IT partners.
•During the year, we obtained Cyber Essentials
Plus status.

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Annual Report 2023 – 2024

Structure, Governance & Management

Constitution

Barts Charity is a company limited by guarantee (registration number 07168381) and a registered charity in England and Wales (registration number 212563). It is governed by Articles of Association most recently updated on 12 December 2016. It is fully independent of the Department of Health and Social Care and regulated only by the Charity Commission.

The Board has assessed its governance against the Charity Commission’s Governance Code for larger charities and is pleased to report high levels of compliance against the suggested standards. An area of continued focus for the Board is to ensure that the Charity is representative of its grantees and the communities it serves across both staff and non-executives.

Charitable purposes

Our charitable purposes relate to hospital services (including research), or to any other part of the health service associated with any hospital as our Trustees think fit. In practice, we focus our support for improvement and innovation in healthcare on the Barts Health group of hospitals and FMD. We also support School of Health and Psychological Sciences at City, University of London. We carefully consult with representatives of our grantee organisations to make sure they are aligned with our strategic priorities and to secure the greatest impact from our funding. But we retain our independence to act in the best interests of Barts Charity and the community we serve.

Non-executives and committees

Barts Charity acts through its Board of Directors (who are known as Trustees). As of 31 March 2024, there were 11 Trustees. Since then, one Trustee has stepped down. All Trustees give of their time freely and no Trustee remuneration is paid. Details of Trustee expenses and related transactions are disclosed in Notes 12 and 13 to the accounts. Trustees are required to disclose all relevant interests and register them with the Company Secretary and, in accordance with the Charity’s policy, withdraw from decisions where a conflict of interest arises.

Power to appoint new Trustees lies with the existing Board, in accordance with the provisions

of our Articles of Association. All Trustees are appointed for a fixed term of not more than three years, renewable to a maximum of nine years in total. Exceptionally, the Board may decide to extend this maximum term for a Trustee in appropriate circumstances.

The Board has established a series of committees so that much of the Charity’s detailed governance work can be conducted by groups of Trustees and specialist members with the most relevant experience and expertise. Committee membership is confirmed annually. Specialist committee members who aren’t Trustees are appointed annually, renewable up to a total term of five years. All new Trustees and committee members have an induction programme which enables them to become familiar with key constitutional and operating documents, meet senior Trustees and management, and tour the hospitals that we work with.

The Board and each committee conduct an annual review of their performance in accordance with the Charity’s Performance Review Policy against a checklist of questions. These cover matters such as objects, terms of reference, relationship with executive, documentation, conduct of meetings and skill set.

The Board has established a Scientific Review Panel to supplement the peer review of research grant applications. We are fortunate to be able to call on a team of eminent scientists from across the UK with appropriate expertise relative to the subject matter of the applications. They meet to discuss the full applications and submit their views and recommendations to the Grants Committee for its consideration. Final decision-making authority rests with the Grants Committee for funding requests up to £650,000 and with the Board for requests over this amount. In addition, the Charity Executive has established Everyday Impact and Advancing Healthcare Panels comprising Barts Health staff members to support our Everyday Impact Grant and Advancing Healthcare Small Grant funding schemes. The Panels provide real world experience and review of healthcare applications under these schemes which provide grants of up to £50,000. Final decision-making authority rests with the Executive for funding requests.

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Annual Report 2023 – 2024

Management arrangements

The Trustees delegate the management of the charity to the staff team led by the Chief Executive and the Senior Management Team (SMT). The Chief Executive has been in place since May 2016.

Reference and administrative details for Barts Charity

Registered and principal office

12 Cock Lane London EC1A 9BU

Staff remuneration

Staff remuneration is closely scrutinised to ensure that we can attract and retain the best talent, while keeping salaries aligned with the market. When we introduce a new role or undertake a mid-year pay review, we use a live salary database run by specialist reward consultants to reference the benchmark salary range for the role. The benchmark is compiled using a number of factors. These include comparable sectors, the nature and seniority of the role (job rank), our location, number of employees and turnover. We use the range from median to upper quartile mean.

We review all staff salaries every year taking into consideration inflation and data from comparable foundations and the wider third sector. We check the proposed increase against the benchmark for each role to ensure that annual pay awards stay in line with the market. Increases are applied from 1 April each year. The Charity reserves the discretion not to award an increase, especially when an employee’s salary is already at the top of their benchmark range. The same principles apply to the pay of the SMT, which is approved by the Appointments and Remuneration Committee.

Pension

The Charity operates a non-contributory individual money-purchase scheme for all eligible members of staff, contributing the equivalent of 8% of pensionable salary to each employee’s fund (10% for SMT members). Employees can additionally choose to make employee contributions to their pension as a deduction from their salary. The scheme is fully compliant with auto-enrolment regulations.

Company registered number : 07168381

Charity registered number: 212569

Non-executives - includes changes up to date of signing

Trustees

Andy Bruce, Chair Sally Flanagan Professor Catherine Godson Ian Hart, Deputy Chair Professor Dame Parveen Kumar (to 31 May 2024) Dr Richard Lewis Jean Murphy Nimesh Patel Dr Thomas Round Adam Sharples (ex officio Trustee, Acting Chair of Barts Health NHS Trust from 5 July 2024) Rt Hon Jacqui Smith (ex officio Trustee, Chair of Barts Health NHS Trust to 5 July 2024) Dr Lorna Williamson OBE

Board Adviser

Moira Gitsham (communications) (to 30 September 2023)

Appointments and Remuneration Committee

Andy Bruce, Chair Sally Flanagan Ian Hart Nimesh Patel (from 1 November 2023)

Finance and Audit Committee

Nimesh Patel, Chair Ian Hart Dr Richard Lewis Mohammad Memon

Grants Committee

Dr Lorna Williamson OBE (Chair) Professor Mirela Delibegovic Professor Adrian Dixon (to 30 September 2023) Professor Catherine Godson Professor Sarah Purdy OBE Professor Kanchan Rege Thrasher Dr Thomas Round Dr Ultan McDermott

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Annual Report 2023 – 2024

Investment Committee

Sally Flanagan, Chair Andy Bruce Philip Glaze Ian Hart Jean Murphy

Senior Management Team

Fiona Miller Smith, Chief Executive Fiona Bickley, Chief Operating Officer Victoria King, Director of Funding and Impact Ilia Ralphs, Director of Fundraising Prabhakar Sundaresan, Director of Finance and Resources

Advisors

Bank

National Westminster Bank plc 1 Princes Street London EC2R 8BP

Auditor

Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP

Property Advisors

Swiss Life Asset Managers UK Ltd 55 Wells Street London W1T 3PT

Workman LLP 80 Cheapside London EC2V 6EE

Investment Advisor

Mercer 1 Tower Place West Tower Place EC3R 5BU

Global Custodian

The Northern Trust Company 50 Bank Street Canary Wharf London E14 5NT

Insurance Broker

Willis Towers Watson Ltd 51 Lime Street London EC3M 7DQ

Legal Advisors

BDB Pitmans LLP 50 Broadway Westminster London SW1H OBL Taylor Wessing LLP 5 New St Square Holborn London EC4A 3TW Hogan Lovells International LLP Atlantic House Holborn Viaduct London EC1A 2FG

Anderson Financial Management Ltd Saville Court 11 Saville Place Bristol BS8 4EJ

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Annual Report 2023 – 2024

Statement Of Trustees’ Responsibilities

The charity trustees (who are also the directors of Barts Charity for the purposes of company law) are responsible for preparing a trustees’ annual report, strategic report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Statement as to disclosure to our auditors

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

This Trustees’ report, incorporating the Strategic Report, was approved by the Board of Trustees of Barts Charity on 4 July 2024 and signed on its behalf.

Andy Bruce

Chair Date: 4 July 2024

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Annual Report 2023 – 2024

Independent auditor’s report to the members of Barts Charity

Opinion

We have audited the financial statements of Barts Charity (the charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, 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 related 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

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Annual Report 2023 – 2024

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease

operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

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

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

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Annual Report 2023 – 2024

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

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.

requirements by discussions with management and those charged with governance.

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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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.

Our approach was as follows:

Luke Holt (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6th Floor 9 Appold Street London EC2A 2AP

Date: 9 July 2024

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Annual Report 2023 – 2024

Statement of Financial Activities

(incorporating an income and expenditure account)

for the financial year ended 31 March 2024

Unrestricted Restricted Endowment 2024 2023
funds funds funds Total funds Total funds
Note £’000 £’000 £’000 £’000 £’000
Income and endowments
from:
Donations and legacies 2.1 1,966 3,067 - 5,033 2,717
Investments 2.2 8,968 - - 8,968 9,182
Total income 10,934 3,067 - 14,001 11,899
Expenditure on:
Raising funds 3.1 8,078 - - 8,078 7,156
Charitable activities 3.1 29,876 5,543 1,057 36,476 45,393
Total expenditure 37,954 5,543 1,057 44,554 52,549
Net expenditure before
gains/(losses) on
investments (27,020) (2,476) (1,057) (30,553) (40,650)
Gains/(Losses) on
investment assets		 7.2 2,753 - 36,305 39,058 (7,394)
Net (expenditure)/income (24,267) (2,476) 35,248 8,505 (48,044)
Transfers between funds 10 686 (686) - - -
Gains on revaluation of
heritage assets		 6 - - 1,770 1,770 -
Net movement in funds (23,581) (3,162) 37,018 10,275 (48,044)
Fund balances brought
forward at 1 April 2023		 27,548 15,767 358,009 401,324 449,368
Fund balances carried
forward at 31 March 2024		 3,967 12,605 395,027 411,599 401,324

All activities relate to continuing activities. The Notes on pages 25 to 43 form part of these financial statements.

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Annual Report 2023 – 2024

Statement of Financial Position

as at 31 March 2024

2023
Unrestricted Restricted Endowment 2024 As Reclassifed
funds funds funds Total funds Total funds
Note £’000 £’000 £’000 £’000 £’000
Fixed assets
Tangible fxed assets 5a 99 - - 99 143
Intangible fxed assets 5b - - - - 58
Heritage assets 6 - - 17,313 17,313 16,600
Investments 7 129,610 12,605 377,714 519,929 500,689
Total fxed assets 129,209 12,605 395,027 537,341 517,490
Current assets
Debtors 8.1 1,696 - - 1,696 2,341
Cash at bank and in hand 8.2 77 - - 77 504
Total current assets 1,773 - - 1,773 2,845
Creditors: amounts falling
due within one year		 9 (127,515) - - (127,515) (119,011)
Net current liabilities (125,742) - - (125,742) (116,166)
Total net assets 3,967 12,605 395,027 411,599 401,324
Funds
Endowment funds 10.1 - - 395,027 395,027 358,009
Restricted income funds 10.2 - 12,605 - 12,605 15,767
Unrestricted funds
Designated funds 10.3 122 - - 122 366
General funds 10.3 3,845 - - 3,845 27,182
Total funds 3,967 12,605 395,027 411,599 401,324

Company registration number 07168381.

The Notes on page 25 to 43 form part of these financial statements.

Andy Bruce Nimesh Patel Chair of Trustees Chair of Finance and Audit Committee

Date: 4 July 2024

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Annual Report 2023 – 2024

Cash Flow Statement

for the year ended 31 March 2024

2023
2024 As Reclassifed
Note £’000 £’000
Cash fows from operating activities:
Net cash used in operating activities 11.1 (9,959) (13,626)
Cash fows from investing activities:
Dividends, interest and rents from investments 8,968 9,182
Payments to acquire tangible fxed assets - (166)
Payments to acquire investment assets (41,223) (177,367)
Receipts from sales of investment assets 44,346 178,900
Net withdrawals from/(receipts into) investments (2,559) 2,590
Net cash provided by investing activities 9,532 13,139
Change in cash and cash equivalents in the year (427) (487)
Cash and cash equivalents at the beginning of the year 504 991
Cash and cash equivalents at the end of the year 11.2 77 504

The Notes on page 25 to 43 form part of these financial statements.

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Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

1 Accounting policies

Barts Charity is a private company limited by guarantee and does not have share capital. The liability of members is limited to £1.

It is a charitable company registered in England (company number 07168381, charity number 212563) and its registered office is 12 Cock Lane, London, EC1A 9BU.

The following accounting policies have been used consistently in dealing with items which are considered material to the charity’s financial statements.

A. Accounting convention

The financial statements have been prepared under the historic cost convention, with the exception of investments and heritage assets, which are included at market value.

The financial statements have been prepared in accordance with the Statement of Recommended Practice (2nd edition): Accounting and Reporting by Charities issued in October 2019, the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102.

These financial statements are presented in pounds sterling (GBP), as that is the currency in which the majority of the charity’s transactions are denominated. The financial statements are presented to rounded to the nearest thousand pounds.

B. Going concern

The preparation of the accounts for year ended 31 March 2024 has been undertaken on the basis that Barts Charity is a going concern. The Charity currently meets day to day working capital requirements through its existing cash facilities. In conjunction with the Charity’s investment advisors modelling has been undertaken incorporating expected asset values of the portfolio in stressed scenarios and net spending over the next 10 years.

This has demonstrated that the Charity is expected to hold suffcient assets to meet its reserve policy levels. Whilst the Charity’s portfolio is sensitive to movements in investment values, it still has suffcient liquidity to meet its obligations and can meet its planned grant commitments without being a forced seller of assets.

Based on these assessments the Trustees have not identified any material uncertainties relating to going concern. The Trustees have therefore determined the Charity to be a going concern and the basis of the preparation of the annual report and accounts on a going concern basis is therefore appropriate.

C. Accounting estimates and judgements

In preparing the financial statements, the Trustees have made judgements, estimates and assumptions that affect the application of the Charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. These estimates and judgements are continually reviewed and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key judgements and estimates are:

a. Valuation of property

A full property valuation is undertaken tri-annually with an annual desktop valuation in the years between. A full property valuation was completed for 2023/24 by Knight Frank LLP, Chartered Surveyors, (refer to Note 1, Section J). The valuation has been prepared using a fair value basis, being the price that would be received to sell an asset, in an orderly transaction, between market participants at the measurement date.

b. Valuation of private equity and private credit investments

Due to the nature of private investments, there is no quoted market price for the funds. The value at the balance sheet date is deemed to be the most recent valuation from the private investment group, adjusted for those cashflows up to and

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Annual Report 2023 – 2024

including the balance sheet date. This is then reviewed in light of valuations which become available post the balance sheet date up to the date the financial statements are approved.

c. Allocation of income, expenses and gains / losses to restricted and endowment funds

Expenses are charged on an actual basis for restricted and endowment funds.

Donation income is charged to restricted funds on an actual basis. Investment income is charged to the relevant restricted and unrestricted funds in relation to the endowments funds on a proportionate basis.

Gains and losses are allocated across all funds types on a proportionate basis on the value of the funds at the start of the year.

c. Unrestricted funds

These funds and their related income are available for use at the discretion of the Trustees for general charitable purposes relating to the following:

i. General

Sections 220(3) and 220(5) and paragraph 10(1) of Schedule 4 of the National Health Service Act 2006: To hold the property on trust for such purposes relating to hospital services (including research), or to any other part of the health service associated with any hospital, as the person holding the property thinks fit.

ii. Designated

The Trustees have chosen to earmark these funds for specific areas within the general charitable purposes.

E. Income

d. Valuation of accrued dividend income

Dividend income from the Charity’s investments is accrued at the year-end, in line with historical and commercial expectations.

e. Heritage assets

Heritage Assets are not depreciated but are revalued every five years. The last valuation was completed by Gurr Johns in January 2024. Any surplus or deficit on revaluation is credited or debited to the Statement of Financial Activities.

D. Fund structure

a. Restricted funds

These are funds for which a legal restriction exists over their use and related income is restricted to the purpose of the fund.

b. Endowment funds

(i) Permanent endowment funds

These are funds where the capital is held in perpetuity, but the related income may be used for unrestricted or restricted purposes, as specified by the donor.

(ii) Expendable endowment:

These funds represent donations received by the hospitals of Barts Health NHS Trust prior to 5 July 1948 (the date on which the NHS was established). The income and capital are available for such expenditure related to sections 220(3) and 220(5) and paragraph 10(1) of Schedule 4, of the National Health Service Act 2006 (see c(i) below).

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donations are accounted for as income when received.

Legacy income is recognised when three criteria are met: entitlement is established, receipt of the income is probable and it can be reliably measured. Where legacies have been notified to Barts Charity and the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed, if material.

Rental income from investment properties is reported as operating leases and the lease incentives are amortised on a straight-line basis.

Dividend income from the Charity’s investments is accrued in line with historical and commercial expectations.

F. Expenditure

All expenditure is accounted for on an accruals basis. Direct costs of raising funds, charitable activities and support costs are charged to the relevant category or activity, according to the area to which the expenditure relates. Support costs incurred that relate to more than one cost category are apportioned, based on full time equivalent staff numbers in each area. Charitable activities include grants that have been approved during the year.

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Annual Report 2023 – 2024

G. Grant commitments

Grant commitments are recognised when the following conditions have been fulfilled: (1) the receipt of necessary approvals for the grant from the Trustees, and (2) the communication of the approval to the grant recipient. Grants are discounted to reflect the time value of money, if this is considered material to the financial statements.

H. Fixed assets

Fixed assets (tangible or intangible) are capitalised when a separable asset can be identified with a value of £10,000 or more (exclusive of irrecoverable VAT), and where the estimated useful life of the asset (without the need for additional spend) can be estimated as three years or more.

a. Tangible fixed assets

Tangible fixed assets are included in the Statement of Financial Position at cost less accumulated depreciation. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and any impairments are shown as reducing both the initial cost and brought forward depreciation.

Depreciation is charged on a straight line basis to support costs over their estimated useful lives. Fixtures, fittings and equipment are depreciated over the shorter of five years or the remaining lease term for the office premises.

b. Intangible fixed assets

Intangible fixed assets are included in the Statement of Financial Position at cost less accumulated amortisation. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and any impairments are shown as reducing both the initial cost and brought forward amortisation.

Amortisation is charged on a straight line basis to support costs over their estimated useful lives. IT software is considered to have a useful life of five years.

I. Heritage Assets

Heritage assets are capitalised and include: art collections, historic archives, sculptures, ceramic surgical instruments, uniforms, teaching materials, and other items.

They are reported on the balance sheet at their insured values, which are based on replacement values in the retail market or, where appropriate,

in the second-hand retail market with items of a similar nature, age, condition and quality.

They are not depreciated but are revalued every five years, with the last valuation completed by Gurr Johns in January 2024.

Any surplus or deficit on revaluation is credited or debited to the Statement of Financial Activities. Assets are reviewed regularly for significant damage and appropriate remedial works are carried out wherever possible to preserve the assets or prevent further deterioration.

J. Investments

Quoted investments are stated at market value at the year-end date. Asset purchases and sales are recognised at the date of trade. Unquoted pooled financial investments are valued based on the number of units held and the price per unit provided by the custodian or fund manager.

These net asset valuations are calculated independently by third party administrators and are subject to annual audit. Private investments are held through funds managed by private investment groups. As there is no identifiable market price for private investment funds, these funds are included at the most recent valuations from the private investment groups and adjusted for cash flows if the valuation is not available at the balance sheet date.

The annual market valuation of Barts Charity’s investment properties has been carried out in accordance with the current editions of the Royal Institution of Chartered Surveyors (RICS) Valuation – Global Standards, incorporating the International Valuation Standards and the RICS UK National Supplement. The valuations were carried out by Knight Frank LLP, Chartered Surveyors, who have been instructed as our external valuer to value Barts Charity’s freehold and long leasehold interests at 31 March 2024. They have reported their opinion of the aggregate of the values of Barts Charity’s interest in the individual buildings.

K. Realised and unrealised gains and losses on investment assets

Realised and unrealised gains and losses on investment assets are included in ‘gains and losses on investment assets’ within the Statement of Financial Activities.

L. Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at their fair value, net of transaction costs, and are measured subsequently

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Annual Report 2023 – 2024

at amortised cost, using the effective interest method, less any impairment.

Long term debtors are defined as fully recoverable amounts outstanding for more than 12 months at the balance sheet date.

M. Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

N. Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of a change in value.

O. Financial instruments

Basic financial instruments are initially recognised at their transaction value and subsequently measured at their fair value, as at the balance sheet date using the closing quoted market price.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments directly. Where individual investment managers have discretion to use financial instruments, valuation is in line with market practice.

P. Pension contributions

The cost of employer contributions to the NHS Pension Scheme and the Defined Contribution Scheme are charged to the Statement of Financial Activities.

Certain past and present employees are covered by the provisions of the NHS Pensions Scheme. Details of benefits payable under these provisions can be found on the NHS Pensions Website (www. nhsbsa.nhs.uk/nhs-pensions). The scheme is an unfunded, defined benefit scheme, preparing its own statements, that covers NHS employers, general practices and other bodies allowed under the direction of the Secretary of State, in England and Wales. The Scheme is not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contributions one: the cost to an NHS body of participating in the scheme is taken as equal to the contributions payable to the scheme. Applicable rates for employee contributions for the NHS Pension Scheme were 13.5% for both 2023/24 and 2022/23. Employer contributions were 14.38% for both 2023/24 and 2022/23.

Employees employed after 1 April 2011 can choose to belong to a Defined Contribution Scheme which is a Group Personal Pension Scheme. For the year ended 31 March 2024, the rates of employer contribution for the Defined Contribution Scheme were 10% for SMT and 8% for other staff (unchanged from the year ended 31 March 2023). Employee contributions are voluntary.

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Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

2. Income

2.1. Income from donations and legacies

2024
Year ended 31 March 2024 Unrestricted Restricted Endowment Total
income income income income
£’000 £’000 £’000 £’000
Donations 483 1,609 - 2,092
Legacies 1,483 687 - 2,170
Government grants - 771 - 771
Total 2024 1,966 3,067 - 5,033

Government grants received during the year relates to income received from the Medical Research Council in support of our Fellowship Programme. All conditions of the grants have been fulfilled. The income has been fully spent in the year.

In addition to the legacy income recognised above, Barts Charity is aware of legacies totalling approximately £405k which do not meet the SORP recognition criteria at the year end, but are expected to become receivable in future years.

2023
Year ended 31 March 2023 Unrestricted Restricted Endowment Total
income income income income
£’000 £’000 £’000 £’000
Donations 433 777 - 1,210
Legacies 631 876 - 1,507
Total 2023 1,064 1,653 - 2,717

2.2. Income from investments

2024
Year ended 31 March 2024 Unrestricted Restricted Endowment Total
income income income income
£’000 £’000 £’000 £’000
Investment properties 3,220 - - 3,220
Investments listed on stock
exchanges		 2,976 - - 2,976
Private investments 2,521 - - 2,521
Interest on cash held as part of the
investment portfolio		 251 - - 251
Total 2024 8,968 - - 8,968
2023
Year ended 31 March 2023 Unrestricted Restricted Endowment Total
income income income income
£’000 £’000 £’000 £’000
Investment properties 3,602 - - 3,602
Investments listed on stock
exchanges		 4,146 - - 4,146
Private investments 1,273 - - 1,273
Interest on cash held as part of the
investment portfolio		 161 - - 161
Total 2023 9,182 - - 9,182

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Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

3. Expenditure

3.1. Total expenditure

2024
Costs of raising Charitable Total
funds expenditure Support costs expenditure
£’000 £’000 £’000 £’000
Direct expenditure
Grants – Research - 13,116 - 13,116
Grants – Service delivery - 20,845 - 20,845
Grants written back – Research - (294) - (294)
Non-grant charitable expenditure - (7) - (7)
Costs of generating income
Financial and property investment 4,905 - - 4,905
Fundraising 300 - - 300
Total direct expenditure 5,205 33,660 - 38,865
Staff and support costs
Salaries, social security and pension costs 920 699 1,225 2,844
Other staff and related costs 36 4 177 217
Marketing and communications - - 191 191
Legal, accounting and IT - - 421 421
Offce costs - - 554 554
Grant administration - 60 - 60
Loss on disposal of operational fxed assets - - - -
Loss on disposal of heritage assets - 1,057 - 1,057
Irrecoverable VAT 345 - - 345
Subtotal staff and other costs 1,301 1,820 2,568 5,689
Allocation of staff and overheads 1,572 996 (2,568) -
Total 8,078 36,476 - 44,554
2024
Unrestricted Restricted Endowment Total
expenditure expenditure expenditure expenditure
£’000 £’000 £’000 £’000
Costs of raising funds 8,078 - - 8,078
Charitable expenditure 29,876 5,543 1,057 36,476
Total 2024 37,954 5,543 1,057 44,554

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Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

2023
Costs of raising Charitable Total
funds expenditure Support costs expenditure
£’000 £’000 £’000 £’000
Direct expenditure
Grants – Research - 31,124 - 31,124
Grants – Service delivery - 11,581 - 11,581
Grants written back – Research - (303) - (303)
Non-grant charitable activity - 1,206 - 1,206
Costs of generating income
Financial and property investment 4,196 - - 4,196
Fundraising 369 - - 369
Total direct expenditure 4,565 43,608 - 48,173
Staff and support costs
Salaries, social security and pension costs 770 630 1,138 2,538
Other staff and related costs 35 3 264 302
Marketing and communications - - 210 210
Legal, accounting and IT - - 498 498
Offce costs - - 571 571
Grant administration - 20 - 20
Loss on disposal of operational fxed assets - - 19 19
Irrecoverable VAT 218 - - 218
Subtotal staff and other costs 1,023 653 2,700 4,376
Allocation of staff and overheads 1,568 1,132 (2,700) -
Total 7,156 45,393 - 52,549
2023
Unrestricted Restricted Endowment Total
expenditure expenditure expenditure expenditure
£’000 £’000 £’000 £’000
Costs of raising funds 7,156 - - 7,156
Charitable expenditure 27,340 18,053 - 45,393
Total 2023 34,496 18,053 - 52,549

Although Barts Charity maintains regular contact with grant-holders, there are occasions when planned expenditure is not achievable and the related grant accrual is reversed.

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Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

3.2. Direct charitable expenditure by institution

3.2. Direct charitable expenditure by institution
2024 2023
Total Total
£’000 £’000
Barts Health NHS Trust 21,218 32,190
Faculty of Medicine & Dentistry at Queen Mary University
London		 11,404 9,340
School of Health and Psychological Sciences at City,
University of London		 478 335
Grant funded activity 33,100 41,865
Direct other spending 560 1,743
Total grants awarded 33,660 43,608

4. Employees

4.1. Analysis of staff costs

2024 2023
Total Total
£’000 £’000
Salaries and wages 2,362 2,105
Social security costs 274 261
Other pension costs 208 172
Total 2,844 2,538
Average monthly number of full-time equivalents 42 37
Average head count 43 38

Staff costs include termination payments of £Nil to zero employees (£28,523 to two employees in 2022/23). Of the above, termination payments to key management personnel totalled £Nil to zero employees in 2023/24 (£21,328 to one employee in 2022/23).

32

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

4.2. Higher paid employees

The following number of employees received emoluments falling within the ranges indicated:

2024 2023
2024 2023 £’000 £’000 2024 2023
Number of employees Value of pension contributions Number of staff in receipt
of pension contributions
£60,000 to £70,000 5 4 24 21 5 4
£70,001 to £80,000 1 - 6 - 1 -
£80,001 to £90,000 1 1 6 11 1 1
£90,001 to £100,000 - 1 - 14 - 1
£100,001 to £110,000 2 2 30 21 2 2
£110,001 to £120,000 2 - 23 - 2 -
£170,001 to £180,000 - 1 - 17 - 1
£180,001 to £190,000 1 - 19 - 1 -

Key management personnel (the senior management team of the charity) received aggregate employee benefits of £777,922 in 2023/24 (£841,454 in 2022/23).

5. Operational fixed assets

5a. Tangible operational fixed assets

5b. Intangible operational fixed assets

Offce
equipment Software
At Cost £'000 At Cost £'000
As at 1 April 2023 166 As at 1 April 2023 214
Additions - Additions -
Disposals - Disposals -
Balance at 31 March 2024 166 Balance at 31 March 2024 214
Depreciation: Amortisation:
As at 1 April 2023 23 As at 1 April 2023 156
Charge for the year 44 Charge for the year 58
Disposals in the year - Disposals in the year -
Balance at 31 March 2024 67 Balance at 31 March 2024 214
Net book value at: Net book value at:
31 March 2024 99 31 March 2024 -
31 March 2023 143 31 March 2023 58

33

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

6. Heritage assets

2024 2023 2022 2021 2020
£’000 £’000 £’000 £’000 £’000
Valuation at start of the year 16,600 16,600 16,600 16,600 16,600
Additions – purchases - - - - -
Additions – donations - - - - -
Disposals (1,057) - - - -
Impairment - - - - -
Revaluation 1,770 - - - -
Valuation at end of year 17,313 16,600 16,600 16,600 16,600
Type of heritage assets:
Antique furniture 796 1,253 1,253 1,253 1,253
Paintings, prints and drawings 10,840 8,792 8,792 8,792 8,792
Books and manuscripts 2,669 3,003 3,003 3,003 3,003
Other 3,008 3,552 3,552 3,552 3,552
Total 17,313 16,600 16,600 16,600 16,600

Paintings, prints and drawings include two William Hogarth paintings which have been valued at £4m and £3.5m respectively (£3m and £2.6m in 2022/23). Other heritage assets include clocks, barometers, works of art, sculptures, ceramics, glass, silver and gold. Heritage Assets are not depreciated but are revalued every five years with the last valuation completed by Gurr Johns, auctioneers and valuers, in January 2024.

All heritage assets at 31 March 2024 are included within the endowment fund (31 March 2023: all heritage assets are included within the endowment fund).

34

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

7. Investments

2023
2024 As Reclassifed
Property Financial Total Total
£’000 £’000 £’000 £’000
Fixed asset investments
Market value at 1 April 2023 71,560 429,129 500,689 522,607
Less: Disposals proceeds (1,610) (42,736) (44,346) (178,900)
Add: Acquisitions at cost - 41,223 41,223 177,367
Net (loss)/gain on investments (7,050) 26,854 19,804 (17,795)
Net receipts into/(withdrawals from)
investments		 - 2,559 2,559 (2,590)
Total 62,900 457,029 519,929 500,689
2023
2024 As Reclassifed
Total Total
£’000 £’000
Market value at 31 March:
Investment properties 62,900 71,560
Investments listed on stock exchanges 362,894 344,943
Private investments 87,201 79,917
Short term investments 6,934 4,269
Total 519,929 496,746

Short term investments are held within the investment portfolio, predominantly to fund private investment capital calls and are shown separately in the table above, to distinguish from other investments.

Financial investments held at 31 March 2024 include 16 unit trust funds, representing 81% of the total value, and 39 separate private investments (in 2022/23 16 unit trust funds representing 81% and 35 separate private investments).

At the year end, Barts Charity had undrawn commitments to private equity funds of £80.3m, which are expected to be called at various future dates, whilst the current investments in private equity funds will be expected to be realised by a return of capital. The carrying value of the private equity investments of £87.2m reported above represents the valuations of the funds at 31 March 2024, as provided by relevant fund managers and/or as computed by our global custodian. However, it is not possible for the Trustees to liquidate these investments prior to the future return of capital.

35

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

7.2. Analysis of gains and losses on revaluation and disposal of investment assets

Year ended 31 March 2024 Unrestricted Restricted Endowment 2024
Funds Funds Total Total
£’000 £’000 £’000 £’000
(Losses)/Gains on revaluation and disposal
of fnancial investments		 3,195 - 42,123 45,318
(Losses)/Gains on revaluation and disposal
of property investments		 (442) - (5,818) (6,260)
Subtotal: gains and losses 2,753 - 36,305 39,058
Other currency gains - - - -
Total 2,753 - 36,305 39,058
Year ended 31 March 2023 Unrestricted Restricted Endowment 2024
Funds Funds Total Total
£’000 £’000 £’000 £’000
(Losses)/Gains on revaluation and disposal
of fnancial investments		 (474) - (2,596) (3,070)
(Losses)/Gains on revaluation and disposal
of property investments		 (705) - (3,860) (4,565)
Subtotal: gains and losses (1,179) - (6,456) (7,635)
Other currency gains 37 - 204 241
Total (1,142) - (6,252) (7,394)

An analysis of gross income arising from the property assets is set out in Note 2.2.

8. Current assets

8.1. Analysis of debtors

2024 2023
£’000 £’000
Trade debtors 444 1,204
Prepayments 205 63
Accrued income 1,036 1,035
Other debtors 11 39
Total 1,696 2,341

All debtors at 31 March 2024 relate to unrestricted funds (31 March 2023: all debtors relate to unrestricted funds).

Accrued income largely relates to income on financial investments and amortisation of a rent free period for related leases (see Note 1, Section E).

Included within accrued income is an amount of £0.3m which relates to rent amortisation due to be released after more than one year (31 March 2023: £0.7m).

36

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

8.2. Cash at the bank and in hand

2023
2024 As Reclassifed
£’000 £’000
Cash in UK clearing bank accounts 77 504

9. Creditors due in one year

9. Creditors due in one year
2023
2024 As Reclassifed
£’000 £’000
Amounts falling due within one year as at 31 March:
Trade creditors 67 35
Other creditors 115 210
Taxation and social security 108 101
Grant accruals 126,321 116,189
Accruals and deferred income 904 2,476
Total 127,515 119,011

As our grant awards do not give us an unconditional right to defer disbursements, all grant creditors are shown as due within one year. However, based on past experience, the grants are active for longer than one year.

2024 2023
£'000 £'000
Deferred income brought forward 670 578
Released (2,867) (2,777)
Deferred 2,738 2,869
Deferred income at 31 March 541 670

37

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

10. Funds

10.1. Funds – Year ended 31 March 2024

Balance as at Gains and Balance as at
1 April 2023 Income Expenditure Transfers (losses) 31 March 2024
£’000 £’000 £’000 £’000 £’000 £’000
Endowment funds
Aylwen Bursaries 3,175 - - - 322 3,497
Edward Hewlett 2,607 - - - 265 2,872
Hannington 1,027 - - - 105 1,132
Hamblen Thomas 320 - - - 33 353
MacCredady Mann 315 - - - 33 348
Levy Family 273 - - - 27 300
MAEL Jones 253 - - - 26 279
Funds < £200k 512 - - - 52 564
Expendable endowments 349,527 - (1,057) - 37,212 385,682
Total endowment funds 358,009 - (1,057) - 38,075 395,027
Restricted funds
Cardiac 2,117 96 (1,869) - - 344
Margaret Centre 993 14 (56) - - 951
Gastroenterology 645 - - - - 645
IBD Research 821 - 84 - - 905
St Barts Hospital 574 251 (500) - - 325
Funds <£500k 10,617 2,706 (3,202) (686) - 9,435
Total restricted funds 15,767 3,067 (5,543) (686) - 12,605
Unrestricted funds
Designated funds
Cardiac funds 122 - - - - 122
Funds < £100k 244 - (210) (34) - -
Total designated funds 366 - (210) (34) - 122
General funds 27,182 10,934 (37,744) 720 2,753 3,845
Total unrestricted funds 27,548 10,934 (37,954) 686 2,753 3,967
Total funds 401,324 14,001 (44,554) - 40,828 411,599

38

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

10.2 Funds – Year ended 31 March 2023

Balance as at Gains and Balance as at
1 April 2022 Income Expenditure Transfers (losses) 31 March 2023
£’000 £’000 £’000 £’000 £’000 £’000
Endowment funds
Aylwen Bursaries 3,230 - - - (55) 3,175
Edward Hewlett 2,653 - - - (46) 2,607
Hannington 1,045 - - - (18) 1,027
Hamblen Thomas 326 - - - (6) 320
MacCredady Mann 321 - - - (6) 315
Levy Family 278 - - - (5) 273
MAEL Jones 257 - - - (4) 253
Funds < £200k 521 - - - (9) 512
Expendable endowments 355,630 - - - (6,103) 349,527
Total endowment funds 364,261 - - - (6,252) 358,009
Restricted funds
Cardiac 2,358 170 (411) - - 2,117
Margaret Centre 1,044 17 (68) - - 993
Covid-19 response 586 - (586) - - -
Gastroenterology 645 - - - - 645
East London Foundation
Trust General Fund		 1,012 23 (1,035) - - -
IBD Research 1,123 - (302) - - 821
Trauma 733 58 - (350) 441
Funds <£500k 8,629 1,385 (15,651) 16,387 - 10,750
Total restricted funds 16,130 1,653 (18,053) 16,037 - 15,767

Unrestricted funds

Designated funds

Designated funds
Cardiac funds 122 - - - - 122
Whipps Cross General fund 128 - (49) - - 79
Funds < £100k 184 - (19) - - 165
Total designated funds 434 - (68) - - 366
General funds 68,543 10,246 (34,428) (16,037) (1,142) 27,182
Total unrestricted funds 68,977 10,246 (34,496) (16,037) (1,142) 27,548
Total funds 449,368 11,899 (52,549) - (7,394) 401,324

39

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

10.3 Funds (additional)

Endowment funds

Note 1, Section D provides further details of the endowment fund structure. There were no other income, expenditure or transfers in 2023/24. Expenses have not been charged to the endowment funds. Due to the historic nature of these, there is no certainty that the terms of the trust of the endowed gift would allow this. In conjunction with ongoing works to consider the provenance of these funds, we continue to review this methodology.

Restricted funds

Note 1, Section D provides further details of the restricted fund structure. There was no allocation of investment income or expenses to the funds in 2023/24, given that they are funded from readily available cash. The Charity is continuing a review of its restricted funds at hospital sites. The target is to consolidate these into fewer funds with more flexible purposes at each site in order to promote more effective expenditure. This work is ongoing.

Details of significant funds

Name of fund Nature and purpose of fund
Cardiac Treatment of and research into cardiac disease
Margaret Centre Provision of palliative care at the Margaret Centre (Whipps Cross Hospital)
St Barts Hospital Any purposes within St Bartholomew’s Hospital
Gastroenterology Gastroenterology unit (Whipps Cross Hospital)
IBD Research Research into Crohns' disease

Transfers between funds

Transfers between funds represent:

40

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

10.4 Prior year distribution of net assets

Unrestricted 2023
funds Restricted Endowment Total funds
As Reclassifed funds funds As Reclassifed
£’000 £’000 £’000 £’000
Tangible assets 143 - - 143
Intangible assets 58 - - 58
Heritage assets - - 16,600 16,600
Investments 143,513 15,767 341,409 500,689
Total fxed assets 143,714 15,767 358,009 517,490
Debtors 2,341 - - 2,341
Cash at bank and in hand 504 - - 504
Total current assets 2,845 - - 2,845
Creditors: amounts falling due within one year (119,011) - - (119,011)
Net current liabilities (116,166) - - (116,166)
Total net assets 27,548 15,767 358,009 401,324

11. Notes to the cash flow statement

11.1 Net cash used in operating activities

11.1 Net cash used in operating activities
2024 2023
£’000 £’000
Net (expenditure) / income for the year 8,505 (48,044)
Adjustments for:
Losses/(Gains) on revaluation and disposal of investment assets (19,804) 17,795
Investment income (8,968) (9,182)
Depreciation charges 102 106
Loss on disposal of fxed assets - 19
Loss on disposal of heritage assets 1,057 -
Change in debtors 645 829
Change in creditors 8,504 24,851
Cash outfow from operating activities (9,959) (13,626)

41

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

11.2 Analysis of changes in cash and cash equivalents

2023
As Reclassifed Movement 2024
£’000 £’000 £’000
Cash in hand and at the bank 504 (427) 77
12. Trustee transactions 2024 2023
As Restated
£ No £ No
Trustee travel, subsistence and hospitality expenses 5,656 11 4,434 14

Premiums for Trustee indemnity insurance were paid by the Charity on the part of Trustees totalling £11,194 (2022/23: £9,017).

13. Related party donations

The total amount of related party donations made, without conditions, was £7,260 (2022/23: £4,680).

The total amount of related party donations made with conditions was £2,356 (2022/23: £Nil).

During the year Barts Charity made revenue and capital grants to Barts Health NHS Trust of £21.2m (2022/23: £32.2m).

14. Operating leases

14.1 Operating lease income

Barts Charity generate income from leasing out space within its investment properties. The future minimum lease payments receivable under non-cancellable operating leases are:

2024 2023
£’000 £’000
Not later than one year 2,010 3,204
Later than one year and not later than fve years 1,696 3,903
Later than fve years 24 413
Total 3,730 7,520

14.2 Operating lease commitments

Barts Charity was committed to making the following payments under non-cancellable operating leases:

2024 2023
£’000 £’000
Not later than one year 245 244
Later than one year and not later than fve years 367 123
Total 612 367

42

Annual Report 2023 – 2024

Financial statements

for the year ended 31 March 2024

Notes to the accounts

15. Net (expenditure) / income for the year

15. Net (expenditure) / income for the year
2024 2023
£'000 £'000
This is stated after charging:
Auditors’ remuneration – audit fees 71 58
Auditors’ remuneration – non-audit fees - 4
Amortisation 58 63
Depreciation 44 43
Loss on disposal of fxed assets - 29
Operating lease payments 244 244

16. Prior year reclassifications

The following reclassifications have been made in the statements relating to the year ended 31 March 2023:

There has been no impact on the net assets or the surplus / deficit for the year as a result of the above changes.

Reconciliation of Balance Sheet and Reserves at 31 March 2023

2023 2023
As previously stated Prior year adjustment As restated
Note £’000 £’000 £’000
Tangible assets 5a 143 - 143
Intangible assets 5b 58 - 58
Heritage assets 6 16,600 - 16,600
Investments 7 496,746 3,943 500,689
Total fxed assets 513,547 3,943 517,490
Debtors 8.1 2,341 - 2,341
Cash at bank and in hand 8.2 4,447 (3,943) 504
Total current assets 6,788 - 2,845
Creditors: amounts falling due
within one year		 9 (26,387) (92,624) (119,011)
Net current liabilities (19,599) - (116,166)
Creditors: amounts falling due in
more than one year		 (92,624) 92,624 -
Total net assets 401,324 - 401,324

43

Barts Charity Ground Floor 12 Cock Lane London EC1A 9BU

E: hello@bartscharity.org.uk

T: 020 7618 1717

Registered charity no. 212563 Registered company no. 07168381

www.bartscharity.org.uk