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

2. 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_
3. 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.
4. 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-
24. 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

7. 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

8. 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

9. 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

10. 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

6. 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.
7. 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
8. 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

9. Debtors
2024
Totsl fijnds
2023
Total funds
Prepayments and accrued income
M,333
7.900
14,333
7,900
10. 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
11. 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