2024-03-31-accounts

friends of University College London Hospitals reg. charity no. 266669 Annual Report and Accounts for the year ended 31 March 2024 Contents 1. Legal and administrative information 2. Structure, governance and management 3. Objects and activities 4. Achievements, performance and plans 5. Financial review 6. Statement of Trustees, responsibilities 7. Independent Examiner's report 8. Statement of financial activities 9. Balance sheet 10. Notes to the financial statements

funding extras for patients and staff 1. Legal and administrative information Name ofthe Charity The ftjll name of the charity is the Friends of University College London Hosprtals ('the friends'l The charity is registered with the Charity Commission for England and Wales. registration number 266669. Trustees and Officers During the year, Gillian Vaughan Hudson was President of the friends, Diana Scarrott was Chair and Jo Baktis was Honorary Treasurer. The Trustees holding office during the year wefe-. Jo 8aktls (Treasurer) Darrell Barnes luntyl January 20241 Le51ie Brantingham Graham Cooper (from September 20231 Peter Harries Greg Hughes Ros jacobs (Vice Chairl Diana Scarrott (Chairl John Sparrowhawk Angela Wedgwcx)d Office The Charity's office is at Trust Headquarters. 2 Floor Central. 250 Euston Road, London NW12PG. The address for correspondence is Friends of UCLH, c/0 UCLH Charity. 5 Floor EasL 250 Euston Road, London NW12PG. Advisors The Charity's bankers are Coutts and Co, 440 Strand, Lotmlon WC2R OQS. The Independent Examiner is Geoffrey Frost Bsc (Honsl FCA, Blue Spire Limited, ca￿eY Priory, South Pallant, Chichester, West Sussex PO19 ISY. The Charity's Investment adwsor is Tim Laws, working with- CCLA Investment Management Limited, Senator House, 85 Queen Victoria Street London EC4V 4ET Schioders Investments Limited. 31 Gresham StreeL London EX2V 7QA Black Rock Fund Nlanager5 Limited, 12 Throgmorton Avenue, London EC2N 2D M&G Securities Limited. 10 Fenchurch Avenue. London EC3M SAG

1. Structure. governance and management The charity is an unincorporated association of members governed by a constitution first approved by the Charity Commission on 19 November 1973 arKI most recently amended and adopted on 11 November 2013. The constitution is currently under review to ensure that it meets the need of the charity as it evolves. Decisions are made by the Trustees acting in committee. New trustees are proposed by the Committee of Trustees and elected by the Members at an Annual General Meeting. Additional Trustees may be co- opted by the Committee of Trustees at any time. The friends, financial activities are administered on behalf of the Tnjstees by the accounting staff of University College London Hospitals Charity (charity registrab.on number 116S398). The Trustees are very grateful to UCLH Charity for this help. especially as friends grants have increased in number and complexity. The friends are also indebted to UCLH NHS Foundation Trust which provides offi'ce and IT suppory including space on the Trust website and central filing on the Trust network. This help is especially valued as we are a charity run mainW by volunteers_
2. Objects and activities With the aim of helping the hospitals, their patients and staff, by prowding facilities and amenities which are not available from the National Health SeNice. the object5 of the frieThds, as set out in its constitution, are to 'relieve potients, fvrmer potients, stoff and fvrmer staff of the hospltals within the UCLH NHS Fo(Jndation Trust and otherperson5 in the community who ore sick convolescent, disabled, hondicapped, infirm or in need of finonciol 05SiStance and, generally, to support the charitoble work of the hospitals,. In pursuing these objerts. the Trustee5 have regard to the guidarKe of the Charity Commission on public benefit. The friends are registered with the UCLH Trusys Charitsble Funds Managernent Committee, as one of the Trusvs 'asso(iated' charities. The friends invite requests for grants from hospital staff at all levels and across all UCLH hospital sites. Grants must fall within the objects and powers of the friends as specified in the constitution. In practice, the only restriction is that 9rants are not given for individual staff or patient use. The frierKls would no¢ for example, give a grant to a staff member for attendance at a conference. Reliance on the imagination of staff continues to be one of the friends. key messages, so important that two prizes are awarded each year for imaginative grant applications.
3. Achievements. performance and plans The statement of fi'nancial activities Ipage 7 arKJ accompanwng chart on page 41 show a substantial fall in spending on charitable actr"vities in 2023-24_ This is mainly because a large grant decision - to restore chapel organ in the National Hospital for Neurology and Neurosurgery which was reported in the 2022- 23 accounts, even though the spending would not be incurred until later. If spending in 2022-23 and 2023-24 is averaged it is close to the level in the previous three years (see chart). An additional factor in 2023-24 is that some unspent grants from prior years were written back in 2023-
4. Sometimes applicants decide not to 90 ahead wth a granL or they may find funding from a different source without telling us. We have now tightened up how each grant is 'mirKled' by a friends trustee.

This ensures that a grant is still needed and that costs are being charged to us correctly. As well as being a necessary control this helps our trustees understand the hospital's needs arKI processes and we are gratefu1 to applicants for working wth us in this way. We are pleased to report that the organ project was successfully completed this year, ¥Mth an inaugural recital held in April. We record our thanks to the National Brain Appeal who shared the cost equally with us, the restoration would not have been possible without this help. We afe also grateftjl to members wkK) contributed to a special appeal which raised £15.248 towards the friends contribution of £59,500 We acknowledge especially generous donations froTn the Murley Family Foundatyon (£5,0(Xii and the Purcell Club of Westminster Abbey l£1,5001. Looking ahead, current plan5 are focused on updating our constitution and examining options for running the friends as an independent charity in the longer term. We will also be encouraging grants which benefit patients. Note 6 on page 12 s￿wS that only 12% of charitable spending in 2023-24 went towards improving patient experience. As a charity providing extras for patients and staff, we will be looking harder for patient extras in the year ahead, while still supporb.ng staff where we can. 5. Financial At £67,070, income in 2023-24 shows a small irKrease {2022-23 £64,773). The organ appeal contributed, generating £13,848 by the end of 2023-24. Other donations to general fund5 included £5,000 from the Astor Foundation, a regular and generous SUPFX)rter. and £5,000 from the UCLH Charity. The balance sheet shows that the value of the charitys investments reduced this year, because of sales needed to pay for the organ. A5 a result dividends decreased slightly to £31,074 {£33,588 in 2022-231. Sales included £30,000 from Black Rock arKJ £30,(tKJ from Schroders in July 2023_ The Black Rock fund was closed in March 2024. Second hand book sales resumed in February 2023 and generated £1.599 in 2023-24. This chart uses statements of fi'nancial actiwty over nine years to show the long-term picture on spending and income. As h35 3lready been explained. accoLJnts for 2022-23 and 2023-24 are best read together. The underlying plan is to increase income rather than to reduce expenditure.

£180,( £160,& £140,IJXI £120,(U> •lncome £ioo,IK £80,1 Expenditure £60,1 £40.LMJ) f20.(MK) EO 2015116 2016117 2017118 2018119 2019120 2020121 2021122 2022123 2023124 The Trustees aim to maintain a level of reserves sufficient to meet the charivs ongoing commitments, allowing for fluctuations in the returns that these generate. 2023-24 was the charity's fourth year without staff and therefore without ongoing salary commitments. The friends is now run entirely by volunteers, apart from the financial management help provided by UCLH Charity. This increases the opportunity for charitable sPend￿n9. Spending on administration arKI fund-raising rose slightty in 2023-24, to £3,912 12022_23 £3,393) but was still at a low level. Donations to the friends go almost entirely into charitable activity, a message that we want to be more wdely understood_ A formal review of the friends, investments is made once a year, overseen by the Honorary Tre3surer and the charity's independent adwsor. The balance sheet on page 8 shows that at 31 March 2024. £685,659 was held in investment fijnds and £97,509 in cash1£832,014 and £48,125 a year earlier). Creditors1£69,6941 represent accrued grants awarded. trade creditors and other accruals1£170,534 in 2023} The TfUStees hold units in common investment funds which meet two key requirement5 of the reserves policy outlined above.. provision of a regular income to supplement donation i￿Ome, and protection of the capital value of the investments consistent with policies on grant givir¥J. 6. Statement of Trustees. responsibilities The law applicable to charities in England and 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 Sultable occounting policies and then oppty them consistentty," Observe the methods andprinciples ￿ the Charitie5 SORP.. Makejudgements ond estimotes that are reasonable and prudent," State whether applicable occounting standards have been followed, subjert to any material departures disclosed and explained ￿ the financial statements,.

Prepare the finonciol statements on the going concern basis unless it is inappropriote to presume that the ch(3rity will contt.nue in operation. The Trustees are responsible for keeping proper accounting re(ord5 that disclose with reasonable accurary at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitses Act 2011. the Charity {Accounts and Reports) Re9ulations 2008 and the provisions of the constitution. They are also responsible for safe9uarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustee5 on and signed on their behalf ty. Chair

1. Independent examiner's report to the Trustees of the Friends of University College London Hospitals I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 arch 2024 which are set out on pages 7 to 13 Responsibilibes and basis of report As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charibes Act 20111.the Act,). I report in respect of my examination of the charitys accounts carried out under sertion 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)Ibl of the Act_ Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the charity as required by section 130 of the A¢
2. the accounts do not accord with those r￿Ords.. or

3. the accounts do not comply with the applicable requirements corKerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a 'true and fair v7ew' which is rKJt a matter considered as part of an inspection. 5 have no concerns and have come acros5 rK) other matters in cOnr￿ctIon wth the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Geoffrey Frost BSC (Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex P019 1SY 23 september 2024

4. Statement of financial activities for the year ended 31 March 2024 Note Unrestricted total funds 2023-24 Unrestricted total funds 2022-23 Income and endowments from: Donations and leg3cies Investments Other income Total 31.788 33,683 1.599 67.070 30,219 34,261 293 64,773 Expenditure on: Raising funds - office costs Promotiorvfundraising Charitable activities Total 2.098 1,814 74,940 78.852 2,025 1.368 167,688 171,081 Net income/(expendtture) (11,782) 1106,3081 Net gains1llosses) on investments 22,084 {48,1981 Net incoMe/(expendi￿re) movement in fijnds 10.302 1154,5061 Reconciliation of fiJnds'. Total funds brought forward at stsrt of year 717,505 872.011 Totsl fijnds carried forward at end of year 727.807 717,505

5. Balance sheet Note Unrestricted total fund5 31 Mar 2024 Unrestricted total funds 31 Mar 2023 Fixed assets Investments 685,659 832,014 Current assets Debtors Cash at bank and in hand Total current assets 14,333 97,509 111,842 7,900 48,125 56,025 Creditors.. amounts falling due wthin one year 10 169,694} 1170,5341 Net ojrrent assets 42.148 1114,509) Net assets 727,807 717,505 Funds General funds 727,807 727,807 717,505 717,505 The notes numbered 1-11 form part of these accounts. Approved by the Trustees on IPIQ 2oYg and signed on their behalf ty. D_ Qa- Chair

6. Notes to the financial statements l. Accountiro policies 1.1 Basis of accounting The friends of UCLH is an unirKorporated charity registered in EnglarKJ ar￿ governed by a constitution. The charity's operations and principal actiwties are set out in the Trustees. report. 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 wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019 the Financial Reporting Standard applicable in the United Kir¥Jdom and Republic of Ireland IFRS 1021 the Charities Act 2011 UK Generally Accepted Prartice The financial statements are prepared on a goiry corKern basis under the historical cost convention, modified to include certain items at fair value. The financial statement5 are presented in steding which is the functional currency of the charity arKI rounded to the nearest £. 1.2 Statement of cash flows The charity does not include a cash flow statement on the grounds that it is applyiry FRS 102 Section 1A. 1.3 Income recOgn￿on All incoming resources are included in the Statement of FinarKial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met the amount can be measured reliably, and it is probable that the income will be received. Investment income is earned through holding assets for investment purposes such as shares. It includes dimdends and interest. Where it is not practicable to identify investment management costs irKurred within a scheme with reasonable accuracy the invesbnent income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised usirvj the effective interest method and dividend and rent income is reccyjnised because of the charity's right to receive payment. 1.4 ReCogn￿on of expendbture All expenditure is accounted ft)r on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, where it is probable that the settlement wll be required and where the amount of the obligation can be measured reliably. It is categorised under expenditure on charitable activities arKI includes upkeep of the charity's properties and the cost of administering the activity of the charity. Support costs are those that assist the work of the charity but do not directly represent charitable activities. They include office costs and governance costs irKurred direcdy in support of expenditure on

the objects of the charity and on raising funds for the charity. SuptK)rt costs are allocated to expenditure on charitable activities and raisirHJ fvjnds on a basis consistent with the use of those ftjnds. 1.5 VAT The charity is not registered for VAT atTrJ is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA. 1.6 Fix￿1 asset investments Investments are recognised inib'ally at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/llossesl on investments, in the SOFA where investment5 are publicly traded, or their fair value can otherwise be measured reliably. 1.7 Debtors recewable creditors payable Y￿thin one year Debtors and creditors wth no stated interest rate arKI receivable or payable wthin one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.8 Taxation The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2(K)7 (ITA 20071. As such. no income tax 15 payable on the charity's activities. 1.9 Funds structure Unrestricted income funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are a portion of unrestricted funds set aside by the Trustees for a particular purpose and represent the investment assets of the charity. 1.10 GoirKJ concem The h'nancial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of ￿ndS held and the expected level of incotne and expenditure for 12 months from authorisirKJ these financial ststements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to continue as a goin9 concern. 2. Donations and legacies Unrestncted total funds 2023-24 Unrestricted total funds 2022-23 Donations and subscriptions Legacies Grant from UCLH Charity Grant from Astor Foundation Donated professional services 18,958 10,810 1,917 10,000 5,000 2,492 30,219 2,830 31,788 Page | 10

C)onated professional services are accountancy services prowded by UCLH Charity. The equivalent amount is allocated to the 'supFK)rt' costs, the costs of generats.ng voluntary income - see note 5. 3. Investment irKome Unresthcted total fiJnds 2023-24 Unrestricted total funds 2022-23 Common investment funds wthin the UK Bank deposit income 31,074 2,609 33,683 33,588 673 34,261 4. Analysis of support Costs Spending on raising funds in the SOFA £2,0981£2,025 in 2022-23) is based on the following apportionment. Experlditure type 2023-24 Basis of apportionment total costs Raising ftjnds offi'ce costs Charitable activities Office costs 1.154 Split equally, other than specific items 660 Split equally, other than specific items 212 Split equally. other than specific items 2,831 All(Kated on time 577 577 Independent examiner 330 330 Insurance 106 106 Donated accountancy 1,085 1,746 4.857 2,098 2,759 5. Analysis of charitsble e￿nd[tUre Grant fijnded activity SupFXIrt costs {note 41 Unrestricted totsl fiJnds 2023-24 Unrestricted total funds 2022-23 Improwng environment Improving patient experience Support for staff activities Equipment for staff use Grants written back 30,QKK) 8.952 68,632 4.876 140.2791 72,181 736 220 1683 120 30,736 9,172 70,315 4,996 (40,279) 74,940 94,082 12,582 65,275 5,058 19,0391 167,688 2,759 Page | 11

1. Grants awarded durirYJ the year 2023-24 Number of grants 2022-23 Number of grants Aggregate amount paid Aggregate amount paid Improving environment Improving patient experience Support for staff activities Equipment for staff use Grants written back 30,0(X) 8.952 68,632 4,876 140,2791 72,181 92,702 12,397 64,317 4,984 (9,3091 165,091 12 116 133 132 The friends approved grants of £72,181 during the year, ranging in size from £50 to £30,OIXJ. All grants SUPFX)rted patients or staff of the UCLH NHS Four)datson Trust_ In 2022 the trustees agreed to make an annual grant of £30,(K)O for the three years to 31" March 2025 towards the ULCH Trust Arts and Heritage Fund_ This is conts"ngent on an equivalent grant being made in those years by UCLH Charity.
2. Staff costs and trustee remuneration No staff are currently employed 12022-23: none)_ None of the charity's trustees received remuneration. Trustees were reimbursed £120 in expenses during the year under review.12022-23: £1711

3. Fixed asset investments 2024 2023 Market value at start of year Additions at cost Disposals at market value Net gain/llossl on revaluation Market value at end of year 832,014 880,212 072,335) 26,CQO 685,659 148,1981 832,014 Historic cost 527.282 633,192 All investrnents are held in the UK in common irwestment funds.. Market value at 31 Aarch 2024 COIF Charities Investment Fund Income Units Schroder Charity Equity Fund Income Units COIF Charities Propety Fund Units COIF Global Equity Income Fund Incoffle Units hA&G Charifund Income Units 177,838 132,210 132,992 126,166 116,453 685,659

4. Debtors 2024 Totsl fijnds 2023 Total funds Prepayments and accrued income M,333 7.900 14,333 7,900

5. Creditors: amounts fallirKJ due wthin ore year 2024 Totsl ￿Jnd5 2023 Total Jnds Trade creditors Grant creditors Other grant creditors - Organ restoration Accruals 158 59,125 9,569 517 108,859 60,CK)O 1,158 170,534 69.694
6. Analysis of unresthcied fiJnds Balance at 31 March 2023 Incoming resources Resource Transfers Gains and losses Balance at 31 March 2024 expended General funds 717,505 67.070 178,852) 22.084 727,807 717.505 67,070 178.852) 22,084 727,807 Page | 13