# **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

**Registered Charity Number: 264150** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 



**THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees’ Report|1 - 5|
|Independent Auditors’ Report|6 - 8|
|Consolidated Statement of Financial Activities|9|
|Consolidated and Charity Balance Sheets|10|
|Notes to the Financial Statements|11 - 17|
|Gifts Schedule|18|





1 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **TRUSTEES’ REPORT** 

The Trustees are pleased to present the annual report together with the financial statements of the Charity for the year ended 30[th] September 2025. 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives** 

The Charity raises money in order to provide extra amenities, comforts and special equipment for patients and staff of Guy’s Hospital and St. Thomas’ Hospital which the National Health Service is unable to supply. Substantial grants are made for works of improvement which benefit patients, staff and visiting relatives. 

The Charity organises and maintains The Friends of Guy’s and St Thomas’ Hospital Shop (‘the shop’), which operates from the St. Thomas’ Hospital site, and arranges other services for the benefit of patients and staff. 

## **Gift and grant making policy** 

The Friends of Guy’s and St. Thomas’ Hospital invites applications for gifts and grants from the Wards and Departments of both hospitals for medical equipment and amenities to benefit patients, staff and visiting relatives and research.  The applications are considered at Committee meetings. 

## **Activities** 

The strategy of maintaining a high profile for the Friends within both hospitals and therefore to maximise incoming resources was achieved by various fundraising activities during the year. In addition, income is received from subscriptions, donations and the investment portfolio. 

The charity continues to run the shop through its subsidiary undertaking, The Friends of Guy’s and St. Thomas’ Hospital Shop Limited. The results of that company are consolidated in the accounts of the charity and the profit is gift aided to the charity. 

The Trustees are very grateful to the many volunteers who help with these activities and to the hospitals who donate the necessary facilities from which the charity and shop carry out their operations. 

The Trustees have paid due regard to the Charity Commission guidance on public benefit when reviewing the charity’s objectives and activities. They are satisfied that the information given in this report and in the attached accounts, particularly regarding the nature of the activities undertaken when read in conjunction with the objectives of the charity, demonstrates that the requirements to identify public benefit have been met. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Review of activities** 

The main fundraising activities of the charity at Guy’s Hospital are the hire of the galleria to outside traders, running stalls at the Christmas Fair and other events at the hospital, as well as the automaton. The charity receives a share of the rental income generated from the use of the former Friends of Guy’s shop: the charity is entitled to annual rental income of £37,500 for 10 years, starting from 26 January 2019, with no financial input from the day of opening. 

The shop has again made a substantial contribution to the income of the charity. 

The charity continues to be able to make a substantial number of gifts to various Wards and Departments at both hospitals. 

## **Plans for future periods** 

The Trustees are planning to continue to with their fundraising activities and provision of charitable gifts and grants for the general benefit of the patients, staff and the activities of Guy’s Hospital and St. Thomas’ Hospital in accordance with the objectives of the charity and regarding the guidance of the Charity Commission concerning public benefit. 



2 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **TRUSTEES’ REPORT (continued)** 

## **FINANCIAL REVIEW** 

## **Results for the year** 

The financial statements for the year ended 30[th] September 2025 show net incoming resources of £270,713 (2024: £349,130). The Trustees closely monitor the financial position of the Charity throughout the year. 

During the year voluntary income of £10,580 (2024: £45,105) was raised, including donations of £7,671 (2024: £7,912) and legacies of £222 (2024: £34,842). The Trustees invest significant legacies while they consider how to apply those funds for the benefit of the charity. These investments include a legacy of £486,911 which has remained in investments since 2017 while the Trustees consider how those funds can be applied for the benefit of the Ear, Nose and Throat (Oncology) Department in accordance with the terms of the Will of the deceased. 

Charitable activities, excluding unutilised grants written back, raised £11,731 (2024: £11,412), rental income amounted to £37,500 (2024: £37,500) and investment income amounted to £92,379 (2024: £96,115). £74,552 (2024: £71,548) was committed to grants. 

The results for the year incorporate a gross profit of £24,255 (2024: £14,068) from the operations of the shop. 

## **Reserves policy** 

The general reserves policy of the charity is, subject to requests, to spend on charitable gifts in any one financial year such amounts approved by the Trustees, subject to retaining a sufficient amount to pay the administrative and other costs for the current year. 

In calculating the level of free reserves, tangible assets and investments are excluded. The free reserves of the charity at 30 September 2025 are £169,965 (2024: £356,392). 

## **Investment policy** 

Under the Articles of Constitution, the charity has the power to make any investment which the Trustees see fit. Investments are held mainly to generate a dependable part of the annual income, but where necessary, relevant gains are used as additional income. 

The Trustees long term investment policy is to generate sufficient income from a permanent unrestricted reserve holding of stock market investments to meet the whole of its unrestricted costs of administration. They consider this a more reliable income stream than the charity’s other fund raising activities to meet the charity’s substantial, mostly statutorily unavoidable, annual running costs. The current portfolio, with a valuation of £4,187,848 will ensure that the charity will have sufficient income to remain in existence in perpetuity as befits a hospital which was founded in the 12[th] century. The balance of its reserves beyond this permanent core will always be available to maximise the benefit the charity is able to provide to both hospitals and the Medical and Dental Faculty of the embedded University. This, together with the need to retain sufficient cash to meet the charity’s working capital requirements, fully accounts for the charity’s unrestricted funds of £3,724,922. 

The trustees are sufficiently satisfied with the performance of the investments during the year, bearing in mind the global economic situation. Our investments are managed by TrinityBridge Fund Management Limited. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Constitution** 

The Friends of Guy’s and St. Thomas’ Hospital is an unincorporated charity, registered number 264150. The Charity was formed by a merger of The Friends of Guy’s Hospital and The Friends of St. Thomas’ Hospital on 2[nd] July 2016. 

The Friends of Guy’s Hospital was formed by an amalgamation of The Guild of Ex-Patient and Friends of Guy’s Hospital, and Guy’s Hospital Ladies Association, and traces its origin back to 1895. The Friends of St. Thomas’ Hospital was originally founded in 1880 as The Ladies’ Guild of St. Thomas’ Hospital. 

The Charity’s governing document is its Articles of Constitution. The Constitution was amended at the AGM (and again at a subsequent EGM in December 2024) for reasons including to bring us into line with latest Charity Commission recommended best practice. The up to date version of the constitution is attached to this report and is published on the Charity’s website. 



3 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **TRUSTEES’ REPORT (continued)** 

## **Induction and Training of Trustees** 

Trustees are recruited from members of the charity and elected at the Annual General Meeting. Most new Trustees are members of the hospital staff or retired staff and therefore already have background knowledge of the charity. They are expected to learn by practical experience how the charity operates and are provided with the following key information as required: 

- Mission Statement and Policy 

- Key Contacts 

- Role Description 

- Duties and Responsibilities 

## **Organisational Structure** 

The Trustees who served on the Executive Committee during the year are listed on page 4. Associate members of the Committee are appointed by the Executive Committee. The Committee meets regularly during the year to administer the charity and at each Annual General Meeting one third of committee members retire from office and may be reappointed. A Charity Executive Assistant is appointed by the Committee to manage the day-today operations of the charity. 

No Committee members had any contract or arrangement of a material nature with the charity during the year under review. 

## **Risk Management** 

The Trustees are aware of the major strategic, business and operational risks which the charity faces and confirm systems are in place to manage these risks. These are reviewed annually. The Trustees consider that the principal risks to which the charity is exposed are as follows: 

- lack of suitable administrator; 

- shortfall of funds to meet the costs of the charity’s statutory obligations; 

- failure to make donations of medical equipment through the Hospital Trust; 

- inability to obtain an adequate number of volunteers to carry out fundraising duties; 

- losing the goodwill of the Hospital Trust; 

- inability to recruit an effective Chairman with knowledge of the workings of the hospital; 

- inability to recruit sufficient suitable Trustees with the range of relevant skills required; 

- fraud and non-compliance with Charity Commission rules and regulations; and 

- • systems failure or malfunction. 

## **Statement of Trustees’ Responsibilities** 

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.  In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustees to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s Articles of Constitution. The Trustees 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. 



4 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

**TRUSTEES’ REPORT (continued)** 

## **EXECUTIVE COMMITTEE** 

## **President:** 

Lord Harris of Peckham 

## **Vice Presidents:** 

Sir Barry Jackson Lady Harris Mrs. D. Cockett MBE Mr. G. Haynes 

## **Co-Chairs:** 

Professor M. Gleeson (appointed July 2016) Professor S. Challacombe (appointed July 2016) 

## **Vice Chair:** 

Mrs. C. Mayor (appointed July 2016) 

## **Hon. Treasurer:** 

Mr. K. Jeremiah (appointed July 2016) 

## **Other Trustees:** 

Mr. R. Beardon (appointed July 2016) Miss S. Cooksey (appointed July 2016) Mr. W. Edwards (appointed July 2016) Mrs. N. Harman (appointed July 2016) Professor R. Hughes (appointed December 2024) Sir Simon Hughes (appointed July 2016) Mrs. P. McMahon (appointed December 2024) Miss G. Moore (appointed July 2018) Ms. F. Nimmo (appointed September 2023) Dr. M. O’Brien (appointed July 2016) Dr. S. Rankin (appointed July 2016) Mr. M. Sharma (appointed December 2020) Ms. M. Stewart (appointed September 2023) Miss N. Tiddy (appointed July 2016) Mrs. A. Whitehorn (appointed July 2016) Mrs. P. Young (appointed July 2016) 



5 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

**TRUSTEES’ REPORT (continued)** 

## **Principal Offices** 

_Guy’s Hospital Office:_ Level 2, Southwark Wing Guy’s Hospital St. Thomas Street London SE1 9RT 

_St. Thomas’ Hospital Office:_ 2[nd] Floor, Gassiot House St. Thomas’ Hospital Westminster Bridge Road London SE1 7EH 

## **Auditor** 

Azets Audit Services 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN 

## **Bankers** 

National Westminster Bank Plc London Bridge Branch 10 Southwark Street London SE1 1TT 

## **Investment Managers** 

TrinityBridge Wigmore Yard, 42 Wigmore Street London W1U 2RY 

## **Charity Registration Number** 

264150 

The Trustees declare that they have approved the Trustees’ Report above. 

Signed on behalf of the charity’s Trustees: 

Professor M. Gleeson Co-Chair 

Date: 



6 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FRIENDS OF GUY’S AND ST. THOMAS’ HOSPITAL** 

## **Opinion** 

We have audited the financial statements of The Friends of Guy’s and St. Thomas’ Hospital (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 30 September 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 30 September 2025 and of the group’s and of the parent charity’s incoming resources and application of resources, for the year then ended; 

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

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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 charity 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 group’s or the parent charity’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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 



7 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FRIENDS OF GUY’S AND ST. THOMAS’ HOSPITAL** 

## **Opinions on other matters** 

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

- the information given in the trustees’ report is consistent with the financial statements; and 

- the trustees’ report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

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

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

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

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

A further description of our responsibilities is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 



8 

## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FRIENDS OF GUY’S AND ST. THOMAS’ HOSPITAL** 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud. 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: 

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

- Reviewing minutes of meetings of those charged with governance; 

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the charity through enquiry and inspection; 

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increased the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

J Howard (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor 

2[nd] Floor, Regis House, 45 King William Street, London EC4R 9AN 

## Date: 

Azets Audit Services is eligible for appointment as auditor by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 



9 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

|||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|---|
|||**funds**|**funds**|**funds**|**Funds**|
||**Note**|||**2025**|**2024**|
|**INCOMING RESOURCES**||||||
|**Income from:**||||||
|Donations and legacies||10,580|-|**10,580**|45,105|
|Charitable activities||50,737|-|**50,737**|33,023|
|Commercial trading activities (shop)||40,481|-|**40,481**|36,844|
|Other trading activities||37,500|-|**37,500**|37,500|
|Investments||80,176|12,203|**92,379**|96,115|
|||__________|__________|**__________**|__________|
|**Total Incoming Resources**|**(2)**|219,474|12,203|**231,677**|248,587|
|||__________|__________|**__________**|__________|
|**RESOURCES EXPENDED**||||||
|**Expenditure on:**||||||
|Raising funds||95,831|2,792|**98,623**|97,900|
|Charitable activities||56,970|17,582|**74,552**|71,548|
|Commercial trading activities (shop)||16,226|-|**16,226**|22,776|
|||__________|__________|**__________**|__________|
|**Total resources expended**|**(3)**|169,027|20,374|**189,401**|192,224|
|||__________|__________|**__________**|__________|
|**Net income/(expenditure) before**||50,447|(8,171)|**42,276**|56,363|
|**investment gains**||||||
|Net gain on investments||197,846|30,591|**228,437**|292,767|
|||__________|__________|**__________**|__________|
|**NET MOVEMENT IN FUNDS**||248,293|22,420|**270,713**|349,130|
|**Reconciliation of funds:**||||||
|Total funds brought forward||3,494,211|592,889|**4,087,100**|3,737,970|
|||__________|__________|**__________**|__________|
|**TOTAL FUNDS CARRIED FORWARD**||£3,742,504<br>__________|£615,309<br>__________|**£4,357,813**<br>__________|£4,087,100<br>__________|



The notes on pages 11 to 17 form part of these financial statements. 



10 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **CONSOLIDATED AND CHARITY BALANCE SHEETS** 

## **AS AT 30TH SEPTEMBER 2025** 

|||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|---|
||**Note**|**2025**|**2024**|**2025**|**2024**|
|**Fixed assets**||||||
|Tangible assets|**(8)**|**-**|-|**-**|-|
|Investments|**(10)**|**4,187,848**|3,730,708|**4,188,848**|3,731,708|
|||**__________**|__________|**__________**|__________|
|**Total fixed assets**||**4,187,848**|3,730,708|**4,188,848**|3,731,708|
|||**__________**|__________|**__________**|__________|
|**Current assets**||||||
|Stocks||**39,943**|33,095|**-**|-|
|Debtors|**(11)**|**8,068**|50,680|**47,441**|83,428|
|Cash at bank and in hand||**214,076**|364,055|**210,946**|361,002|
|||**__________**|__________|**__________**|__________|
|**Total current assets**||**262,087**|447,830|**258,387**|444,430|
|**Creditors:**amounts falling due within one year|**(12)**|**(92,122)**|(91,438)|**(89,422)**|(89,038)|
|||**__________**|__________|**__________**|__________|
|**Net current assets**||**169,965**|356,392|**168,965**|355,392|
|||**__________**|__________|**__________**|__________|
|**Total net assets**||**£4,357,813**|£4,087,100|**£4,357,813**|£4,087,100|
|||**__________**|__________|**__________**|__________|
|**Funds of the charity**||||||
|Restricted funds|**(13)**|**632,891**|592,889|**632,891**|592,889|
|Unrestricted funds||**3,724,922**|3,494,211|**3,724,922**|3,494,211|
|||**_________**|_________|**__________**|__________|
|**Total funds**||**£4,357,813**<br>**__________**|£4,087,100<br>__________|**£4,357,813**<br>__________|£4,087,100<br>__________|



Signed on behalf of the Trustees by: 

........................................ 

Professor M. Gleeson – Co-Chair 

....................................... 

Mr. K. M. Jeremiah – Hon. Treasurer 

Date: 

The notes on pages 11 to 17 form part of these financial statements. 



11 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

## **1. Accounting policies** 

## **(a) Basis of accounting** 

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1[st] January 2019. 

The group’s financial statements consolidate those of the charity and its subsidiary undertaking The Friends of Guy’s and St. Thomas’ Hospital Shop Limited. 

The financial statements are prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments. The use of the going concern basis of accounting is appropriate because the Trustees believe there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the charity to continue as a going concern. 

The financial statements are presented in United Kingdom pound sterling which is the functional currency of the charity and rounded to the nearest £. 

## **(b) Incoming resources** 

These are included in the Consolidated Statement of Financial Activities when the charity becomes entitled to the resources; it is more likely than not that the Trustees will receive the resources; and the monetary value can be measured with sufficient reliability. The following specific policies are applied to particular categories of income: 

- Voluntary income including subscriptions, donations and legacies is included in full in the Consolidated Statement of Financial Activities when receivable. In accordance with this policy, legacies are recognised when advice is received from a representative of an estate that a payment will be made and the amount involved can be quantified. Legacies of uncertain timing or amounts that have been advised at the year-end are not recognised, but disclosed in a note to the accounts. 

- Charitable activities are accounted for on an accruals basis in the period in which the related event takes place. 

- Commercial trading activities represent shop turnover and is accounted for in the period when the sale is made. 

- Rental income is accounted for on an accruals basis in the period in which the rent is due. 

- • Investment income and interest is included when receivable. 

## **(c) Resources expended** 

Expenditure is accounted for on an accruals basis. 

- Expenditure on raising funds represents costs incurred in attracting voluntary income. 

- • Charitable activities comprise gifts and grants made to facilitate the purchase of medical and surgical equipment by both hospitals, and for works of improvement which benefit patients, staff and visiting relatives. Gifts are charged to the Consolidated Statement of Financial Activities in full when pledged. 

Support costs which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities. 



12 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

## **(d) Tangible fixed assets** 

Tangible assets are stated at cost. 

Depreciation is provided on tangible assets to write down their value over their estimated useful life. The following rates have been applied: 

Land and buildings -  10% straight line Office equipment -  20% straight line Plant and machinery -  20% straight line 

## **(e)** 

## **Fixed asset investments** 

Investments are shown at market value. Unrealised gains and losses are recorded in the Consolidated Statement of Financial Activities as they arise. 

## **(f)** 

## **Stocks** 

Stocks are valued at the lower of cost and net realisable value. 

## **(g) Debtors and creditors receivable / payable within one year** 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. 

## **(h) Funds accounting** 

Unrestricted funds can be used in accordance with the charitable objects at the discretion of the Trustees. 

Restricted funds are funds that can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

## **(i) Judgements and key sources of estimation uncertainty** 

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. 

The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the estimates of the useful economic lives and residual values of tangible fixed assets and their impact on the annual depreciation charge. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 

## **(j) Taxation** 

The Friends of Guy’s and St. Thomas’ Hospital is a registered charity and therefore is not liable to Income Tax or Corporation Tax on income derived from its charitable activities. 



13 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

|**2.**|**Incoming Resources**|**2025**|**2024**|
|---|---|---|---|
|**2.1**|**Donations and legacies**|||
||Donations|**7,671**|7,912|
||Legacies|**222**|34,842|
||Gift aid and other income|**2,687**|2,351|
|||**__________**|__________|
|||**£10,580**|£45,105|
|||**__________**|__________|
||Included in donations were restricted funds of £Nil (2024: £Nil). Included in legacies were||restricted fund|
||of £Nil (2024: £Nil).|||
|**2.2**|**Charitable activities**|||
||Hire of galleria|**1,695**|4,727|
||Automaton|**5,534**|4,016|
||Markets and raffles|**3,530**|2,014|
||Book sales|**972**|655|
||Unutilised grants written back|**39,006**|21,611|
|||**__________**|__________|
|||**£50,737**|£33,023|
|||**__________**|__________|
|**2.3**|**Commercial trading activities (shop)**|||
||Sales|**£40,481**|£36,844|
|||_______|_______|



Included in donations were restricted funds of £Nil (2024: £Nil). Included in legacies were restricted funds of £Nil (2024: £Nil). 

The Friends’ shop is staffed by volunteers and is operated by facilities donated by St. Thomas’ Hospital. During the year £14,000 (2024: £14,000) was transferred from the shop bank account to other bank accounts of the charity. 

|**2.4**|**Other trading activities**|||
|---|---|---|---|
||Coffee shop rental income|**£37,500**|£37,500|
|||**__________**|__________|
|**2.5**|**Investments**|||
||Income from listed investments|**91,122**|94,630|
||Interest on deposit accounts|**1,257**|1,485|
|||**__________**|__________|
|||**£92,379**|£96,115|
|||_______|_______|
||**Total Incoming Resources**|**£231,677**|£248,587|
|||_______|_______|



Included in income from listed investments were restricted funds of £12,203 (2024: £13,784), generated by restricted listed investments with a historical cost of £486,911. The restricted listed investments also generated net gains of £30,591 (2024: £42,645). Investment management fees of £2,792 (2024: £2,911) were paid out of restricted funds, being the estimated cost of administering the restricted listed investments. 



14 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

|**3.**|**Resources Expended**|**Direct**|**Support**|**Total**|**Total**|
|---|---|---|---|---|---|
|||**Costs**|**Costs**|**2025**|**2024**|
|**3.1**|**Raising funds:**|||||
||Staff costs|**50,274**|**5,586**|**55,860**|52,080|
||Investment management fees|**-**|**20,846**|**20,846**|19,987|
||AGM and trustee meeting expenses|**-**|**1,707**|**1,707**|2,534|
||Insurance|**-**|**622**|**622**|1,908|
||Postage, printing and stationery|**-**|**144**|**144**|757|
||Christmas and mini market costs|**-**|**165**|**165**|-|
||Other support costs|**-**|**165**|**165**|914|
||Audit fee|**-**|**12,000**|**12,000**|9,600|
||Accountancy|**-**|**3,360**|**3,360**|5,010|
||Website and internet costs|**-**|**3,754**|**3,754**|5,110|
|||**__________**|**__________**|**__________**|__________|
|||**50,274**|**48,349**|**98,623**|97,900|
|||**__________**|**__________**|**__________**|__________|
|**3.2**|**Charitable activities:**|||||
||Grants and donations payable|**74,552**|**-**|**74,552**|71,548|
|||**__________**|**__________**|**__________**|__________|
|**3.3**|**Commercial trading (shop):**|||||
||Cost of sales|**16,226**|**-**|**16,226**|22,776|
|||**__________**|**__________**|**__________**|__________|
||**Total Resources Expended**|**£141,052**|**£48,349**|**£189,401**|£192,224|
|||**__________**|**__________**|**__________**|__________|
|**4**|**Governance costs**|||**2025**|2024|
||AGM and trustee meeting expenses|||**1,707**|2,534|
||Audit fee|||**12,000**|9,600|
||Accountancy|||**6,060**|5,010|
|||||**__________**|__________|
|||||**£19,767**|£17,144|
|||||**__________**|__________|
|**5.**|**Staff costs**|||**2025**|2024|
||Wages and salaries|||£55,860|£52,080|
|||||_____|_____|
||The average number of people, excluding Trustees,|||||
||employed by the charity during the year was|||1|1|
|||||____|____|



None of the employees received remuneration exceeding £60,000 in the year (2024: none). 

## **6. Trustees’ and key management personnel remuneration and expenses** 

The charity considers its key management personnel to be the Trustees. 

During the year there were no payments made to Trustees for remuneration (2024: £Nil) and no expenses were reimbursed to the Trustees (2024: £Nil). 



15 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

|**7.**|**Grants and donations payable**|**Total**|**Total**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
||Research grants|**18,095**|21,808|
||Amenities grants|**47,882**|38,160|
||Christmas grants|**8,575**|11,580|
|||______|______|
|||**£74,552**|£71,548|
|||______|______|



In 2025, grants included £17,582 (2024: £19,550) made from restricted funds. 

During the year, unclaimed grants amounting to £39,006 were written back (2024: £21,611). These include grants that are over 2 years old which are not expected to be claimed. 

||**Reconciliation of grants payable**|||||
|---|---|---|---|---|---|
|||||**2025**|**2024**|
||Commitments at beginning of year|||**68,912**|104,306|
||Commitments made in the year|||**74,552**|71,548|
||Utilised grants written back in the year|||**(39,006)**|(21,611)|
|||||______|______|
||**Grants payable for the year**|||**104,458**|154,243|
||Grants paid during the year|||**(35,219)**|(85,331)|
|||||______|______|
||**Commitments at end of year**|||**£69,239**|£68,912|
|||||______|______|
|**8.**|**Tangible fixed assets: group**|**Land and**|**Plant and**|**Office**||
||**and charity**|**Buildings**|**Machinery**|**equipment**|**Total**|
||**Cost**|||||
||At beginning and end of year|75,000|16,900|7,981|99,881|
|||__________|__________|__________|__________|
||**Depreciation**|||||
||At beginning and end of year|75,000|16,900|7,981|99,881|
|||__________|__________|__________|__________|
||**Net book value**|||||
||**At 30th September 2025**|**£-**|**£-**|**£-**|**£-**|
|||__________|__________|__________|__________|
||At 30thSeptember 2024|£-|£-|£-|£-|
|||__________|__________|__________|__________|





16 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

## **9. Investment in subsidiary undertaking** 

The charity (via nominee shareholders) has a 100% interest in The Friends of Guy’s and St Thomas’ Hospital Shop Limited, a company which is registered in England, registered number 05619857. The registered office address is 2[nd] Floor, Gassiot House, St. Thomas’ Hospital, Westminster Bridge Road, London SE1 7EH. The principal activity of the company is retail. The results of the company have been consolidated with those of the charity as shown on page 9. The results of the company for the year ended 30[th] September and its balance sheet as at that date are summarised below:- 

||**Results**|**2025**|**2024**|
|---|---|---|---|
||Sales|**40,481**|36,844|
||Cost of sales|**(16,226)**|(22,776)|
|||______|______|
||Gross profit|**24,255**|14,068|
||Administrative expenses|**(2,813)**|(3,396)|
|||______|______|
||Net profit for the year|**21,442**|10,672|
||Gift aid|**(21,442)**|(10,672)|
|||______|______|
|||**£-**|£-|
|||______|______|
||**Balance sheet**|||
||Current assets|**43,073**|36,148|
||Less: current liabilities|**(42,073)**|(35,148)|
|||______|______|
|||**£1,000**|£1,000|
|||______|______|
||Share capital|**£1,000**|£1,000|
|||______|______|
|**10.**|**Fixed asset investments**|**2025**|**2024**|
||Market value at beginning of year|**3,730,708**|3,497,812|
||Addition|**1,189,207**|651,054|
||Disposal proceeds|**(960,504)**|(710,925)|
||Net gain|**228,437**|292,767|
|||______|______|
||Market value at end of year|**4,187,848**|3,730,708|
||Investment in subsidiary undertaking at cost (note 9)|**1,000**|1,000|
|||______|______|
||Charity total|**£4,188,848**|£3,731,708|
|||______|______|



The cost of investments held at 30[th] September 2025 was £3,635,985 (2024: £3,528,259). 



17 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

|**11.**|**Debtors: amounts falling due within one year**|**Group**|**Group**|<br>**Charity**|**Charity**|
|---|---|---|---|---|---|
|||**2025**|**2024**|<br>**2025**|**2024**|
||Prepayments and accrued income|**8,068**|50,680|**8,068**|50,680|
||Amount due from subsidiary undertaking|**-**|-|**39,373**|32,748|
|||_______|_______|_______|_______|
|||**£8,068**|£50,680|**£47,441**|£83,428|
|||_______|_______|_______|_______|
|**12.**|**Creditors: amounts falling due within one year**|**Group**|**Group**|<br>**Charity**|**Charity**|
|||**2025**|**2024**|<br>**2025**|**2024**|
||Grants payable|**69,239**|68,912|**69,239**|68,912|
||Accruals|**22,883**|22,526|**20,183**|20,126|
|||_______|_______|_______|_______|
|||**£92,122**|£91,438|**£89,422**|£89,038|
|||_______|_______|_______|_______|
|**13.**|**Restricted Funds**|**1 Oct**|**Income**|**Expenditure**|**30 Sept**|
|||**2024**|**and gains**||**2025**|
||ENT (Oncology)|**582,522**|**42,794**|**(20,374)**|**604,942**|
||Evelina Hospital|**150**|**-**|**-**|**150**|
||Alexandra Ward|**210**|**-**|**-**|**210**|
||Doulton Ward|**500**|**-**|**-**|**500**|
||NorthumberlandWard|**200**|**-**|**-**|**200**|
||Page Ward|**87**|**-**|**-**|**87**|
||Guy’s (Dr. R. Jones)|**310**|**-**|**-**|**310**|
||Urology|**70**|**-**|**-**|**70**|
||Cardiology|**1,000**|**-**|**-**|**1,000**|
||Dermatology|**1,000**|**-**|**-**|**1,000**|
||Elderly Care|**500**|**-**|**-**|**500**|
||Cardiac|**5,020**|**-**|**-**|**5,020**|
||Eye Clinic|**250**|**-**|**-**|**250**|
||Neurology|**500**|**-**|**-**|**500**|
||Spiritual Care and Chaplaincy|**270**|**-**|**-**|**270**|
||Blood Cancer|**300**|**-**|**-**|**300**|
|||_______|_______|_______|_______|
||Totals|**£592,889**|**£42,794**|**£ (20,374)**|£**615,309**|
|||_______|_______|_______|_______|



Restricted funds of £574,010 (2024: £543,419) held at the year-end are included within fixed asset investments, and restricted funds of £41,299 (2024: £49,470) are included within current assets. All other fixed assets, current assets and current liabilities are unrestricted funds. 

## **14. Charity results** 

The charity’s individual incoming resources for the year amounted to £212,638 (2024: £222,415) including receipts under gift aid of £21,422 (2024: £10,672) from the Friends of Guy’s and St. Thomas’ Hospital Shop Limited and a net gain on investments of £228,437 (2024: £292,767). The charity’s individual resources expended for the year amounted to £170,362 (2024: £166,052). The net movement in funds was an increase of £270,713 (2024: £349,130). 

## **15. Related party transactions** 

There are no related party transactions that require disclosure during the year. 



18 

## **THE FRIENDS OF GUY'S AND ST. THOMAS’ HOSPITAL** 

## **GIFTS SCHEDULE** 

## **FOR THE YEAR ENDED 30TH SEPTEMBER 2025** 

Individual research, medical equipment and amenities grants committed for the year ended 30th September 2025 are as follows: - 

**2025** 

|**Amenities grants**|**Amenities grants**||
|---|---|---|
|-|Women's Services: Refurbishment of O&G doctors offices|3,500|
|-|Tissue Viability Office: Coffee vouchers for staff draw prizes|150|
|-|Mark Ward: Reading service for stroke patients|5,000|
|-|Pre-Op Assessment Clinic: A patient information leaflet holder|350|
|-|Women's Services: To fund the cost of antenatal swimming classes|4,260|
|-|Sedation & Special Care: Sensory equipment for the patient waiting room|6,300|
|-|Nightingale Ward: Furniture for the Day Room|3,977|
|-|Children's Day Nursery: Solar reflective film, music sessions and instruments|<br>1,100|
|-|Colorectal ERP Office: To print patient information leaflets|3,550|
|-|Obstetrics & Gynaecology: Furniture for the patient waiting room|4,260|
|-|Anaesthetics: Refurbishment of the staff room|2,100|
|-|Head & Neck Cancer Team: Videos for mouth opening & shoulder exercises|<br>4,000|
|-|Head & Neck Cancer Team: Creation of an introductory video to the service|4,500|
|-|Refreshments for a staff well-being away day|100|
|-|Refreshments for a one-off patient support group|15|
|-|Cost of submitting an audit article to "Oral Oncology Reports"|895|
|-|To print patient communication cards|270|
|-|Fish tank maintenance|3,555|
|||______|
|||**£47,882**|
|||______|
|**Christmas grants**|||
|-|Christmas grants|8,575|
|||______|
|||**£8,575**|
|||______|
|**Research grants**|||
|-|Centre for Oral, Clinical and Translational Sciences: Assessing the||
||effect of deletion in OPHN1 on gene expression|6,585|
|-|Medical & Molecular Genetics: Cost of publishing a case report in NPJ||
||Genomic Medicine|3,708|
|-|Diabetes & Endocrinology: Identifying drivers in carotid body tumours|7,802|
|||______|
|||**£18,095**|
|||______|