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2020-12-31-accounts

Contents
Introduction
from the Chief Executive and Chair..
Legal and administragve
information .....
Strategic report
The Health Foundation's
objectives.
Activities and achievements
in 2020..
Our plans for2021. 16
Financial review: results for2020.
Financial strategy and resenres ..
Stakeholder
engagement
—s.172statement.
Risk management. 32
Trustees
report..
Structure,
governance
and management
Principal activities and development. 36
Statement of governor'
responsibilities		 37
Declarations
and conflicts ofinterest policy		 36
Independent
auditor's
report to the members ofthe Health Foundation. .		 39
Financial Statements . ..42
Consolidated
statement ofRnancial activities for the year ended 31December 2020		 ...............42
Consolidated
balance sheet for the year ended 31December 2020......		 .......43
Charity balance sheet for the year ended 31 December 2020.
Consolidated
statement ofcash flows forthe year ended 31December 2020....
Notes tothe Inancial statements
forthe year ended 31December 2020............		 ....46
Appendix:
Investment
Fund Managers.		 ..70

l and ad l and ad ministrati ve
information		 ve
information
Governors Sir Hugh Tayhr (Chair)
Sir David Dalton
Eric Gregory
Loraine Hawkins
Ruth Hussey
Martyn Hole (stepped down 15July 2021)
Branwen Jeffreys
Shannila
Nebhrajani
Melloney Poole
David Smart
Rosalind
Smyth
David Zahn (stepped down 9July 2020)
Katie Blacklock (appointed 12March 2021)
Dawn Edge (appointed 12March 2021)
Ravi Gurumurth a inted 12March 2021
Charity number 286967
Company number Ot714937
Registered offfce 8Salisbury Square
London
EC4Y 8AP
External Auditor UHY Hacker Young
Quadrant
House
4Thomas
More Square
London
E1W1YW
Solicitors Bircham Dyson Bell LLP
50 Broadway
London
SW1H OBL
Bates Wells
10Queen Street Place
London
EC4R 1BE
Investment Fund SeeAppendix
Man rs
Custodian and Northern
Trust
Performance 50 Bank Street
Measurement Canary Wharf
London
E14SNT
Investment Advisers Cambridge
Associates		 Limited
80Victoria Street
London
SW1ESJL
Redington
(from 1		 January 2021)
6th Floor
1Angel Court
London
EC2R7HJ

Analysis ofexpenditure
on charitable sctlviBes		 Analysis ofexpenditure
on charitable sctlviBes		 Analysis ofexpenditure
on charitable sctlviBes		 2020 2019 Year~~sr
movement
(Rm)
Grant Funding —Promoting healthy lives for sll
Healthy
lives for s8		 1.73 5.47 (3.74)
Grant Funding —Improving health snd care services
Data snalyfics for better health 2.20 3.78 (1.56)
Supporting
health care improvement		 8.04 5.39 2.65
Health snd care sustsinsbiliiy 0.47 (1.03)
Improving
national
health and		 care poBcy 1.41 1.41
Grant funding snd donation —Other
Governor
grants		 0.22 0.25 (0.03)
COVID-19 donations
COVID-19 grants 3.61 3.61
Total grant funding
and donation		 20.18 18.37 3.81
Direct costs 12.75 11.81 1.14
Share support costs 9.71 0.35
Share ofgovernance
costs		 0.12 0.04 0.08
Total charfiable sctlvlfiss 42.76 37.38

Figure 1:Split in charitable
exp		 enditure
Total F42.76m
Im
rovi		 health and cars services F27.6m
Data anal 'cs for better health ES.Om
Health snd care sustainabili E1.1m
Su
rtin		 health cars im rovement f18.3m
Im
rovi		 national
health and cars		 lic E3.2m
Health
lives for afi
E11.2m

Fund values at 31December 2020{Rm)
Year Amount
2015
2016
2017 61,039
2018 6980
2019 61,076
2020 Et,125
Actual
Listed uities 57%
Alternative
assets		 2896 279S
Pro and infrastructure
Fixed income strategies
Cash

Carbon
Consumption emission
Mile e kwh tCO2e
Scope 2
Gas 188,209 30
Electricky 144,733 34
Scope 3
Travel (train and air travel) 24,184
Total gross emisslons in tonnes Cow 24 184 309942
Intensity ratio:
tcnnes CO2e per sqm 0.027

Stakeholder Stakeholder K
consideration		 K
consideration		 K
consideration		 K
consideration		 Howween
a e
Through our webinars,
podcast and
newsletter,
which ara pubficly
available.
We have an active social media
presence.
We have well&efined
communications
strategies
around
our strategic aims and targeting our
key audiences.
We deliver an ongoing programme
ofevents, podcasts, publications,
blogs, and long reads, which are all
available to anyone, free ofcharge.
Partners, we work closely Maximising the impact ofour We engage with our grant holders
with a wide range of work. via ongoing management
oftheir
partners to deliver our awards, complemented,
in our
strategy. We work with a wide range of competitive
award programmes,		 by
slakeholders
to		 deliver our events that enable them to
mission to build better health maximise the effecbveness ofthe
and health care —from national projects that we are funding.
and local government, to the
health and care sector, to We cooperate actively with other
public heafih, to the third key organisafions
in our field to
sector. influence
policy and practice.
We work with other key
Ensuring the effectiveness
of		 organisations
in some ofour major
the programmes and projects areas ofactivity and engage with
that the Foundation supports them dosely
in the ongoing
with grants orcontracts and/or management
and direction ofthese
staff time. e.g. in our Q programme
and our
Improvement
Analytics
Unit
Building and maintaining
networks ofpeople engaged in We have over 4,000 members
in
improving the quality ofhealth, our Q programme,
for whom we
health care and social care in create a programme
that is highly
the UK. active and interactive
Sharing information about the We have an alumni
programme
for
work ofthe Foundation. previous award~lders
in our
fellowship
programmes
We have a wide variety ofuseful,
practical resources on our website
available at no charge, aimed at
people and organisabons
working
in health,
health care and social
Stakeholder Stakeholder K
consideration		 K
consideration		 K
consideration		 Howween
a e
Opportunities
for award-holders		 to
meet with governors
at board
meetings
Employees, including all Ensuring that employees enjoy Regular staff surveys
with rigorous
secondees, interns, working at the Foundation and follow-up ofactions
fellows, longer term are motivated to help us deliver
temporary staff, etc. our mission. Systematic and comprehensive
approach to health and safety, and
Providing opportunities to wellbeing
overseen
by a staff team
develop and grow at the
Foundation. Diversity and Inclusion
programme
board with representation
from
Working to improve health and across the organisation
and direct
wellbeing ofall who work at the reporting
line to the senior team
Foundation.
Active organisational
support for
Working to improve diversity initiatives
like Black History Month,
and inclusion at the Pride and Mental Health Week.
Foundation.
Learning
and development
programme
for all staff, both
corporate and mdrnduak
Suppliers, including the That our key suppliers are As an accredited
living wage
Foundation's investment operating ethically as well as employer,
ensure that our
managers providing value for money contracted staff earn at least the
real living wage
Regular contact with our
investment
managers
to ensure
that they remain properly engaged
on ethical and social governance.

Key risk Nature ofrisk ofrisk ofrisk Management
ofrisk
Investment risk Failure to provide The Investment
Committee
ensures that
adequate funding forthe the Foundation's
investments
are suitably
Foundation's planned diversified,
supported
by an internal
team,
activIes due toa major external advisers and external
correcbon in market value benchmarking.
The committee ensures
and/or insufficient liquidity there is enough
continuing
liquidity to meet
the Foundation's
cash requirements,
in the
event ofa sudden
market correction. The
Investment
Committee oversees
investment
risks and the Audit Committee
oversees
rational
risks.
Cyber security The Foundation's The directors team supports a framework
defences are inadequate, to ensure employees
are aware ofthe
rendering it vulnerable to need for information
security.
cy bar-attack. Management
tests the Foundation's
security regularly
and the results are
reviewed
independently.
The Foundation
has a cyber-security
service agreement		 to
monitor the networks
and facilitate
recovery. Two-factor authentication
is in
lace for remote access.
Data security e suffer loss of data as a Sensitive data is managed
within a
suit ofa breach in our secure data environment
(SDE) with
ecuriiy. physical
and technical
isolation from the
office environment.
The SDE is
accredited to ISO27001,with oversight
from a dedicated
management
group.
An internal
working
group oversees
compliance
with the Data Protection Act
2018,supported
by a data protection
officer'.
Strategic The Foundation fails to We have the processes
in place to ensure
address important or we can respond appropriately.
For
emerging issues or example,
in 2020we set up a COVID
achieve a desired level of steering and planning
group to prioritise
impact. and coordinate
our work and we
responded to urgent requests for key
individuals
and fundin .
Key risk Nature of risk Management
ofrisk
Quality Our work lacks sufRcient We have clear governance
frameworks		 for
rigour, accuracy, quality awards, contracts snd research. We have
and objectivity. a quality assurance
process for the
release ofsll published
material.
When we work with others, our controls in
the case ofwork ofinsufficient
quality ara
to manage the contract deliverables
diligently.
Where the quality is sufficiently
high, but we have concerns
over the
message derived
from it, our controls are
to have a memorandum
ofunderstanding
outlining
how communications
will work.
Where we have strategic partnerships, we
ensure there is 'oint oversi
ht
Business disruption The Foundation fails to An incident management
plan wss
take adequate care ofthe invoked
with a decision-making
spine to
safety snd wellbeing ofits rapidly assess and respond to the crisis
employees and loses and remained
active throughout.
We
operational effecbveness, adapted
our HR policies with 'high trust
as a result ofdisruption and high suppoK. We committed
to
caused by the pandemic. support the wellbeing
ofour people. We
invested
in skills, training
and support for
everyone. We had dear criteria for
reopening
the ofRce safely. We tested
our internal
controls
in the light ofthe
sudden
shiR to remote workin .

Name Member/ Audit Investment Investment Remuneration
governor Committee Committee and
Governance
Committee
Hugh Taylor Chair
Davkl Dalton
Martyn
Hole
sts
down 15Ju		 2021
Ruth Hussey
Sharmila
Nebhrsjani		 Chair
Melloney Poole Chair
Davkl Zshn Chair (until
(stepped down 9July 2020) December
2019)
Branwen Jeffreys
Rosalind Smyth
Lorsine Hswklns
Edc Gregory
Davkl Smart Chair
Kaae BlacNock
(appointed
12March		 2021)
Ravl Gurumurthy
(appointed
12March		 2021)
Dawn Edge
(appointed
12March		 2021)
Name Audit Committee Investment
Committee
Miokola Wilson (slapped down 24 February
2021
Ingeborg Dybdal Hie
Robert Beveridge
Mark Chaloner (appointed 22 September 2020)
Andrew Milligan (appointed 23September
2020

Unrestricted
fund		 Restricted Endowment
Fund		 Total
2020		 Restated
Total
2019
lr ON 6' NO 8'000 8'000 Ir NO
lttggmh
Charitable
activities		 3 169 769 930 1,233
Investments
Capital applied to Income
Total Income		 4
5		 15,440
26 624
~42 33		 756 ~23624
~26524		 15,440
15379		 14,881
16114
~565
Fund Management
charitable
activities		 8
7		 ~42 33 522 14,654 14,654
42 755		 12,878
37399
Total resources
expended 42433 522 14,654 57,400 50,258
Operating
protltl(deficit)		 247 (41,278) (41,031) (34,144)
Net gain on Investments 11 93716 53716 136795
Net Income forthe year 247 52,438 52,685 102,854
Fund balances ssat
1 January 2020 477 1,053,443 1,053,920 951,266
Fund balances as at
31 December 2020 724 1,105,881 1,106,605 1,053,920

Notes 2020 2619
6'NO O'ON
6'ON		 O'NO
Fixed assets:
Intangible
Oxed assets		 12 2,777 3,253
Tangible 1xed assets 13 4,994 5,566
Investments 14 1,124,866 1,076,139
Programme-rebated investment 14 526 526
1,133,163 1,085,484
Cunsnt assets:
Debtors 16 1,945 731
Cash and short-term deposOs 0222 ~ 221
Total cunent assets 8,217 4,952
Cunsnt liabilities:
Amounts
falling due		 within one year 17 ~24 M1 ~22 265
Net cunent liabilities: 16684 17313
Total assets less current
Ilabilldes: t,«6,479 1,068,171
Cmditors: amounts falgng due
alter more than one year (9,227) (13,624)
Provisions for liabOIOes 20 (647) (627)
Net assets: 1 1M005 1 053020
Capital funds
Endowment
funds general		 1,105,881 1,053,443
Income funds
Unrestncted
fund
Restricted fund 724
Total funds 1,106,605 1,053,920

2020 2010
lr000 6'000 0'000 6'000
Fixed assets:
Intangible
0xed assets		 12 2,777 3,253
Tangible lixed assets 13 4,994 5,560
Investments 14 779,326 784,638
Other Investments 14 346,066 292,027
1,133,163 1,085,484
Current assets:
Debtors 16 1,778 557
Cash and short-term deposits 6,272 4,220
Total cunent assets 8,050 4,777
Current Iiabltlses:
Amounts
falling due within one year		 17 (24,901) (22W5)
Net cunent Ilabltldes: (16,851) (17,488)
Total assets less current liabilities 1,116,312 1,067,990
Creditors: amounts
after more than one		 falling due
year		 (9,227) (13,624)
Provisions for liablllaes 20 (647) (627)
Net assets: 1,106,438 1,053,745
Capital funds
Endowment
funds general		 1,105,714 1,053,268
Income funds
Unresidcted
fund
Restricted
fund		 724 477
Total funds 1,106,438 1,053,745

2020 2010
Notes 8'000 8 '000 6 '000
Cash Sown from operallng actlvkles:
Cash absorbed by operations 27 (43,189) (37,475)
Invesbnent
activities:
Cost ofdeveloping
intangible		 assets (267) (451)
Purchase oftangible fixed assets (288) (5,767)
Invesbnent
proceeds convected		 (15,408) (13,325)
Withdrawals
from investments		 60,395 53,711
Investment
management
fees		 (14,654) (12,878)
Invesbnent
income		 15,440 14,881
Net cash generated
from Investing
activities		 45@30 38,171
Net Increase/(decrease)
in
cash equivalents		 cash and 2,051 (1,304)
Cash and cash equivalents
beginning
ofyear		 at 4g21 5,525
Cash and cash equivalents
)rear		 at end of 6472 4,221

Share ofprofit In
B8fJOusffly 8
Ssfbty Other Income Total Total
2020 201$
8 '000 68000 6 '000 8 '000
Other income 169 769 838 1 233
Analysis by funds:
Unrestricted
funds		 169 169
Restricted funds 769 769
169 769
Foryear ended 31
December 2019:
Unrestricted
funds		 175 175
Restricted funds 1,058 1,058
175 1,058 1,233

4.0
Investmenls
2020
6 '000
Income from listed investments 10,139 9,102
Fixed interest income 377 956
Property fund income 3,993 4,260
Income from alternative investments 931 563
18443 14881

5.0
 Capital applied to inc ome
Endowment
Unrestricted funds
funds general Total Total
2020 2019
E'000 E'000 E'000 E'000
Released from endowment
funds 26624 26624
Forthe year ended 31
December 2019		 21.240 ~21.240
6.0
Fund management
2020 Restated 2019
E'000 E'000
Cost offund management:
Invesbnent advisory costs 95 95
Staff costs 283 243
Custodian fees 189 171
Investment managers' fees 14,087 12,389
14664 12626

Improving health Promoting
and care healthy lives Total 2020 Total 2019
services for all
f '000 f 'NO f 'ON f 'ON
Grant funding ofactlvtBes
(see Note 29) 12,116 1,733 6,325 20,174 16,388
Direct costs 8,740 1,250 2,760 12,750 11,612
Share support costs 6,659 952 2,102 9,713 9,357
Share ofgovernance
costs
81 12 25 118 43
27 585 3947 11 212 42755 37388
See Note 8
Analysis
by		 fund:
Unrestricted funds 27,074 3,947 11,212 42,233
Restricted funds 522 522
27 598 3947 11 212 42755

Improving health Promoting
and care healthy lives Dthers Total
services for all
f '000 f '000 f '000 f '000
Unrestricted funds 23,229 12,500 567 38,298
Restricted funds 1084 1 M4
24313 12500 37380

8.0
Support		 and direct costs
Direct Support Governance
costs costs costs 2020 2019
E 'MO E '000 E '000 E 'MO E '000
Staffcosts 10,319 1,729 12,048 10,181
Dopreciason 1,600 1,600 1,146
Property costs 1,657 1,057 2,407
Technology costs 7 2,510 2,517 1,748
Other direct/support costs 2,424 2,200 4,624 5,464
Audit fees 27 27
Legal and professional 17 47 25
Internal
audit		 29 29 3
Other governance costs 15 15 8
12,750 9,713 118 22,581 21,012

10.0
Employment
costs
2020 2019
f '000 f '000
Wages snd salaries 10,173 8,551
Social security costs 1,129 997
Other pension costs 914 823
Olher costs 103 37
12,319 10,408
The number ofemployees
whose annual
remuneration		 was f60,000or more were:
2020 2019
f80,001-f70,000
f70,001—f80,000		 15
7		 7
6
f80,001-f90,000 9 10
f90,001-f100,000
f100,001&110,000
f110,001&120,000
f130,001&140,000
f150,001&160,000
f180,001&170,000		 1
3
2
1		 1
2
2
1
2
1
f240,001~50,000 1
11.0
Net gains on investments
2020 Restated 2019
f 'NO f 'NO
Revaluation ofinvestments 93716 13679$
Net revaluation of investments comprises:

12.0
Intangible
fixed assets
Software Total
6 '000 6 '000
Cost:
At 1 January 2020 1,831 2,188 4,017
Addltkrns —Internally
developed		 267 287
At 31December 2020 2,098 2,188 4,284
Amordssfion
and impairment:
At 1 January 2020 452 312 764
Amortlsstion
charge
in the year		 431 312 743
At 31December 2020 624 1,507
Csnylng
amount:
At 31December 2020 1,215 1,562 2,777
At 31December 2019 1,379 1,874 3,253

Fbdures and Computer
Ittlngo equipment Total
8 '000 6 '000 8 '000
Cost:
At 1 January 2020 5,302 1,264 6,566
Addlbcns 61 227 288
At 31 December 2020 5353 1 491 8894
Depreciation:
At 1 January 2020 252 748 1,000
Depreciatke charge in the year 620 240 860
At 31 December 2020 872 988 1 999
Canylng amount:
At 31 December 2020 4491 5D3 4984
At 31 December 2019 5959 519 5585

14.0
Fixed a		 ssets investments
Investments
Group Portfolio Total
0 '000 8 '000
Valuation:
At 1 January 2019 1,076,139 526 1,076,665
Valuation changes 93,716 93,718
Income 15,407 15,407
Investment
management		 costs induded in the fund (11,772) (11,772)
Net withdrawals
from porffolio		 (48,624) (48,624)
At 31 December 2020 1,124,866 526 1,125,392
Cost:
At 31 December 2020 899257 526 899783
At 31 December 2019 879,235 526 879,761
2020 2019
ONer lnvestmenls ccmprfse: Notes 8 '000 6 '000
Programme-related investments 526 526
lnv»stmenis
al fair		 value comprfse:
Property funds 96,106 99,377
Equ(5es 637,591 611,908
Fixed Interest 50,977 51,593
Alternatives 311,035 283,427
Cash 29157 29839
1124888 1076139
Investments
Charity Portlollo Other Total
f '000 f 'NO f '000
Valuation:
At 1 January 2019 784,838 292,027 1,076,685
Valuation changes 32,738 60,980 93,716
Income 12,354 3,053 15,407
Invesknent
management		 costs induded in the fund (1,778) (9,994) (11,772)
Net withdrawals
from portfolio		 (48,624) (48,624)
At 31December 2020 779326 348DM 1 125392
Cost:
At 31December 2020 886Ml 232M2 999783
At 31December 2019 677418 202343 879761
2020 2019
Other investments compifsei f 'NO f 'NO
Investment
In subsidiaries		 345,540 291,501
Programme-related investments 526 528
Investment
In subsidiaries		 26 3MDM 282 D27
investments
at fair		 value compr/aei
Property funds 96,106 99,377
Equises 637,590 611,906
Fixed interest 19Jt14 44231
Alternatives
Cash		 474
25942		 893
~28
31
779328 784638
Less than 6
months		 6-12months More than 12
months		 Longkerm lock
up'
6 '000 6 '000 6 'NO 6 'NO
Total non-current
assets		 176,764
Total current assets 155,063 15,331
Total current liabilities 1,618

18.0
Creditors		 : Amoun ts
falling du		 e after more than 1year e after more than 1year
Group Charity
2020
f%00		 2010
f '000		 2020
f 'ON		 201$ f '000
Grants payable —in 2to5years 9227 13624 9227 13624
10.0
Grants payable
2020
f '000		 201$ f 'NO
As at 1 January 32,450 35476
Grants committed in the year 19,506 17215
Paid during the year (22,746) (20,043)
As at31December ~20
10		 32490
Split into:
Grants payable —due within 1 year 19,963 16,626
Grants payable —In 2to5years 9227 13,624
As at31December ~29
10		 32490
20.0
Provisions for liabilities
2020
f 'NO		 201$ f 'ON
Pension obligations 570 594
DilspidaUons 77 33
627
Movement
on provisions:
Pension
obligations
f '000		 Dgspldatlon
f '000		 Total
f '000
At 1 January 2020
Adjustment		 594
~24		 33 627
At 31 December2020 570

Expendable
Unrestricted Restricted Endowment
Fund Fund Fund Total
E '000 E' '000 E '000 E '000
Fund balances at31December 2020era
represented by:
Intangible fixed assets 2,777 2,777
Tangible assets 4,994 4,994
Programme related 526 526
Investment 18,271 1,105,595 1,124,866
Current (liabtlifies)/assets (16,694) 724 (714) (16,684)
Long term liabilities (9,227) (9,227)
Provisions 647 647
724 1 105881 1 106605
Charity
Expendable
Unrestricted Restricted Endowment
Fund Fund Fund Total
E '000 E '000 E '000 E '000
Fund balances et31December 2020am
represented by:
Intangible fixed assets 2,777 2,777
Tangible assets 4,994 4,994
Investment 18,964 760,362 779,326
Investment in subsidiary 346,066 346,066
Current (liabtlifiesyassets (16,861) 724 (714) (16,851)
Long term liabilities (9,227) (9,227)
Provisions 647 647
724 1 105714 1 106438

Land snd Machinery
bufidlngs
2626 2619 2020 2019
f' 000 f' OOO f' 060 f'000
Expiry date:
Within
1year		 1,650 276 25 25
Between 2snd 5years 6,605 6,605 15 40
Over 5years 4539 6 189

Board member Role in associated organisation Associated organisation Associated organisation
Association ofNHS Groups (induding
Salford Royal FT; Guys 8 StThomas FT
and University Hospitals Bristol &Weston
Sir David Dalton Chair Grou
Guys and St Thomas'
Hospital		 Foundation
Sir Hugh Taylor Chair Trust
Interim Chair Ki
's Coll		 e London
David Smart Trustee Best Eatin
Disorders
Ruth Husse Honors Professor Univers'
of		 Live
ol
Will Wsrburton Honors Research Fellow Im
rial Coll		 e London

rem uneration
of		 this group
in the year, w		 as as follows:
2020 2010
Key management personnel E'000
~116		 E'ON
1 1M

Class of %Held
shares Direct
Name of undertaking Registered office Nature of business held Indirect
Medtrust Innovations Limited England and Wales Intellectual property Ordinary 100.00
The Victoria Fund LP Investment fund
Incorporated Guernsey vehicle

2020 2010
8 '000
Surplus for the year 52,685 102,654
Adjustments
for:
Investment
Income recognised		 in profit or loss (15,440) (14,881)
Cost ofraising funds 14,654 12,878
Fair value gains and losses on investments (93,716) (136,796)
Depreciafion,
amorfisafion
and		 impairment offixed assets 1,603 1,146
Movements
in working capital:
(Decrease)fincrease ln debtors (1,214) 204
Decrease in creditors
Increase/(Decrease)
ln provisions
Cash absorbed
by operations		 (1,761)
(2,544)
36~134
~43,16 ~637476,

ead reci ient for Im rovin
health		 ead reci ient for Im rovin
health		 ead reci ient for Im rovin
health		 ead reci ient for Im rovin
health		 and and care care services Total
ublic Health Wales 950979
cart n Soul 498,742
he B
stowe Pro ect		 483697
rohn's 6Colitis UK 477585
rch Health CIC 417590
uflield Foundation 292,236
niversi
ofManchester		 279104
CEPOD 261340
SRS 152562
niversi
ofOxford		 91,728
o al Coll
eofGeneral Practitioners		 78629
niversi
Hos
' als Bristol		 and Weston NHS Foundation Trust 75000
o al Berkshire Hos itals NHS Trust 74977
ealthier T
ther
Bristol,		 North Somerset and South Gloucestershire STP 74,937
outhem
Health NHS Foundation		 Trust 74910
ottin
hamshire
Healthcare		 NHS Foundation Trust 73879
eathrow
Medical Centre		 73250
cede Teachin
Hos itals NHS		 Trust 72,579
ealth Data Research UK 65086
essex Academic
Health Science Network		 AHSN
urre
and Borders Partnershi		 NHS Trust
anor Communi 60,000
o al Menca
Socie		 59420
rent Council 58725
eads On Sussex Partnershi NHS Foundation Trust's Cha ' 53763
uf8eld Trust 50,000
on ev'
International		 50000
ulation and Qual'
lm		 rovement Author'
uture Care Ca ital 44537
he Centre for Sustainable Healthcare
ew NHS Alliance
ational Voices 28400
m
th
Museum		 26625
niversi
ofShef8eld		 20,000
Innovation
nc
Academic Health		 Science Network for North West Coast 18385
urre
Heartlands
Clinical		 Commissioni Grou 15000
omwall Partnershi
NHS		 Foundation Trust 10150
ealth Innovation
Network		 HIN South London 5,502
ead reci ient for Promotin health lives for all Total
sociation for Youn
P		 le's Health 60726
hat Works Centre for Wellbein 57623
airshare
Educational
Foundation		 43,965
esolution
Foundation
ational Voices
la rave Trust 15864
usiness for Health 10,000
ead reci ient for Other COVID-19 rants Total
ational Eme
ncies Trust		 1,500,000
ead reci ient for Other ead reci ient for Other COVID-19 COVID-19 COVID-19 rants Total
lo ds Bank Foundation 500000
russell Trust 250000
niversi
ofEssex		 207,875
veen Ma
Univers'		 ofLondon 199429
redford Teachin
Hos		 itals NHS Foundation Trust 198680
ondon School of H
iene		 &Tro ical Medicine 187122
ublic Health Wales 179,687
ewcastle Univers' 171176
niversi
ofGla
ow		 164 471
in 's Coll
e London		 163760
niversi
ofAberdeen		 153,683
he Point ofCare Foundation 109091
cele Univers' 106824
niversi
ofSurre		 94663
ite Back2030 94,583
o al Economic Socie 90000
ceE uali
Foundation		 74513
a
les		 60000
niversi
ofSalford		 39,475
he Forward
Institute		 39400
esolution
Foundation		 37607
he Alan Turin
Institute		 30059
he Bi
Issue		 30,000
he Care Workers' Chari 30000
eat Eatin
Disorders		 30000
ew Philanthro
Ca 'tal		 30000
HS Confederation 29,975
owan Hos ice 25000
irmi
ham St Ma
s Hos ice		 25000
illowbrook
Hos ice		 25000
os ice ofthe Valle s 25,000
ew NHS Alliance 9900
rand Total 10,466,246
djustments
to awards		 made in previous years (refer to note 7,explanation on
HIS institute ofE3,190k) 4,122,387
ervices provided
by third		 parties to support award holders and further the work of
he Foundation 5,368,984
rants and donalons
awarded		 to charities b ovemors 216667
otal Grants 20174 84

nvesbnent Fund Managers BlackRock Investment Managers Managers (UK) Ltd
12Throgmorton
Avenue
Drapers Gardens
London EC2N 2DL
United Kingdom
Colchester Global Investors
Heathcoat House
20 Savile Row
London W1S3PR
United Kingdom
Goldman Sachs Asset Management
25Shoe Lane
London, EC4A 4AU
United Kingdom
MFS Investment
Management
One Carter Lane
London EC4V5ER
United Kingdom
M&G Investments
Governors
House,
5Laurence Pountney Hill
London EC4R OHH
United Kingdom
Mondrlan
Investment		 Partners Limited
10Gresham Street
London EC2V7JD
United Kingdom
Ninety-one
Asset Management
55Gresham Street
London EC2V7JD
United Kingdom
River &Mercantile Asset Management LLP
30Coleman Street
London EC2R SAL
United Kingdom
Graham
Capital Management		 Graham
Capital Management
55Baker Street
Marylebone
London W1U 6EW
United
Kingdom
Grantham,
Mayo, Van Otterloo &		 Co.LLC
40 Rowes Wharf, Boston
MA 02110
United States ofAmedca
Greenspring
Associates
100Painters
Mill Rd¹700
Owlngs
Mills
MD 21117
United States ofAmerica
Harbourvest
One Finandal
Harbor
Boston
MA 02111
United States ofAmedca
Henglstbury
Investment		 Partners LLP
34Brook Street
London W1K 5DN
United
Kingdom
Investlndustrial
16Palace St.,
London SW1E5JD
United
Kingdom
Junto Offshore c/o Maples Corporate Services
450 Park Avenue
New York
NY 10022
United States ofAmedca
Laurlon Capital Management LP
360Madison Avenue
Suite 1900&2000
New York
NY 10017
United States ofAmerica