# 



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





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|l and ad|l and ad|ministrati|ve<br>information|ve<br>information||
|---|---|---|---|---|---|
|Governors|||Sir Hugh Tayhr (Chair)|||
||||Sir David Dalton|||
||||Eric Gregory|||
||||Loraine Hawkins|||
||||Ruth Hussey|||
||||Martyn Hole (stepped down 15July 2021)|||
||||Branwen Jeffreys|||
||||Shannila<br>Nebhrajani|||
||||Melloney Poole|||
||||David Smart|||
||||Rosalind<br>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<br>House|||
||||4Thomas<br>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<br>Trust|||
|Performance|||50 Bank Street|||
|Measurement|||Canary Wharf|||
||||London|||
||||E14SNT|||
|Investment||Advisers|Cambridge<br>Associates||Limited|
||||80Victoria Street|||
||||London|||
||||SW1ESJL|||
||||Redington<br>(from 1|January 2021)||
||||6th Floor|||
||||1Angel Court|||
||||London|||
||||EC2R7HJ|||





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|Analysis ofexpenditure<br>on charitable sctlviBes|Analysis ofexpenditure<br>on charitable sctlviBes|Analysis ofexpenditure<br>on charitable sctlviBes|2020|2019|Year~~sr<br>movement|
|---|---|---|---|---|---|
||||||(Rm)|
|Grant Funding —Promoting|healthy|lives for sll||||
|Healthy<br>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<br>health care improvement|||8.04|5.39|2.65|
|Health snd care sustsinsbiliiy|||0.47||(1.03)|
|Improving<br>national<br>health and|care poBcy||1.41||1.41|
|Grant funding snd donation|—Other|||||
|Governor<br>grants|||0.22|0.25|(0.03)|
|COVID-19 donations||||||
|COVID-19 grants|||3.61||3.61|
|Total grant funding<br>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<br>costs|||0.12|0.04|0.08|
|Total charfiable sctlvlfiss|||42.76|37.38||





## 

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



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|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<br>assets||2896|279S|
|Pro|and infrastructure|||
|Fixed|income strategies|||
|Cash||||



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## 

|||||||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<br>consideration|K<br>consideration|K<br>consideration|K<br>consideration||||Howween<br>a e||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Through our webinars,<br>podcast and||
||||||||||newsletter,<br>which ara pubficly||
||||||||||available.||
||||||||||We have an active social media||
||||||||||presence.||
||||||||||We have well&efined||
||||||||||communications<br>strategies<br>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<br>oftheir||
|partners|to deliver our||||||||awards, complemented,<br>in our||
|strategy.||We work|with a||wide range of||||competitive<br>award programmes,|by|
|||slakeholders<br>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<br>in our field to||
|||sector.|||||||influence<br>policy and practice.||
||||||||||We work with other key||
|||Ensuring|the effectiveness<br>of||||||organisations<br>in some ofour major||
|||the programmes|||and projects||||areas ofactivity and engage with||
|||that the Foundation||||supports|||them dosely<br>in the ongoing||
|||with grants||orcontracts|||and/or||management<br>and direction ofthese||
|||staff time.|||||||e.g. in our Q programme<br>and our||
||||||||||Improvement<br>Analytics<br>Unit||
|||Building|and maintaining||||||||
|||networks|ofpeople engaged|||||in|We have over 4,000 members<br>in||
|||improving||the quality ofhealth,|||||our Q programme,<br>for whom we||
|||health care and|||social care in||||create a programme<br>that is highly||
|||the UK.|||||||active and interactive||
|||Sharing|information|||about the|||We have an alumni<br>programme<br>for||
|||work ofthe Foundation.|||||||previous award~lders<br>in our||
||||||||||fellowship<br>programmes||
||||||||||We have a wide variety ofuseful,||
||||||||||practical resources on our website||
||||||||||available at no charge, aimed at||
||||||||||people and organisabons<br>working||
||||||||||in health,<br>health care and social||





|Stakeholder|Stakeholder|||K<br>consideration|K<br>consideration|K<br>consideration||||Howween<br>a e||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||Opportunities<br>for award-holders|to|
|||||||||||meet with governors<br>at board||
|||||||||||meetings||
|Employees,||including|all|Ensuring|that employees||||enjoy|Regular staff surveys<br>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<br>overseen<br>by a staff team||
|||||develop|and|grow at the||||||
|||||Foundation.||||||Diversity and Inclusion<br>programme||
|||||||||||board with representation<br>from||
|||||Working|to improve||health||and|across the organisation<br>and direct||
|||||wellbeing|ofall who||work||at the|reporting<br>line to the senior team||
|||||Foundation.||||||||
|||||||||||Active organisational<br>support for||
|||||Working|to improve||diversity|||initiatives<br>like Black History Month,||
|||||and inclusion||at the||||Pride and Mental Health Week.||
|||||Foundation.||||||||
|||||||||||Learning<br>and development||
|||||||||||programme<br>for all staff, both||
|||||||||||corporate and mdrnduak||
|Suppliers,||including|the|That our|key|suppliers are||||As an accredited<br>living wage||
|Foundation's||investment||operating|ethically as well||||as|employer,<br>ensure that our||
|managers||||providing|value for||money|||contracted staff earn at least the||
|||||||||||real living wage||
|||||||||||Regular contact with our||
|||||||||||investment<br>managers<br>to ensure||
|||||||||||that they remain properly engaged||
|||||||||||on ethical and social governance.||





## 

|Key risk||Nature|ofrisk|ofrisk|ofrisk||||Management<br>ofrisk||
|---|---|---|---|---|---|---|---|---|---|---|
|Investment|risk|Failure|to|provide|||||The Investment<br>Committee<br>ensures that||
|||adequate||funding|||forthe||the Foundation's<br>investments<br>are suitably||
|||Foundation's|||planned||||diversified,<br>supported<br>by an internal<br>team,||
|||activIes due|||toa major||||external advisers and external||
|||correcbon||in market value|||||benchmarking.<br>The committee ensures||
|||and/or|insufficient||||liquidity||there is enough<br>continuing<br>liquidity to meet||
||||||||||the Foundation's<br>cash requirements,<br>in the||
||||||||||event ofa sudden<br>market correction. The||
||||||||||Investment<br>Committee oversees||
||||||||||investment<br>risks and the Audit Committee||
||||||||||oversees<br>rational<br>risks.||
|Cyber security||The Foundation's|||||||The directors team supports a framework||
|||defences||are|inadequate,||||to ensure employees<br>are aware ofthe||
|||rendering||it vulnerable||||to|need for information<br>security.||
|||cy bar-attack.|||||||Management<br>tests the Foundation's||
||||||||||security regularly<br>and the results are||
||||||||||reviewed<br>independently.<br>The Foundation||
||||||||||has a cyber-security<br>service agreement|to|
||||||||||monitor the networks<br>and facilitate||
||||||||||recovery. Two-factor authentication<br>is in||
||||||||||lace for remote access.||
|Data security||e suffer||loss of||data as a|||Sensitive data is managed<br>within a||
|||suit ofa||breach|||in our||secure data environment<br>(SDE) with||
|||ecuriiy.|||||||physical<br>and technical<br>isolation from the||
||||||||||office environment.<br>The SDE is||
||||||||||accredited to ISO27001,with oversight||
||||||||||from a dedicated<br>management<br>group.||
||||||||||An internal<br>working<br>group oversees||
||||||||||compliance<br>with the Data Protection Act||
||||||||||2018,supported<br>by a data protection||
||||||||||officer'.||
|Strategic||The Foundation||||fails to|||We have the processes<br>in place to ensure||
|||address|important||||or||we can respond appropriately.<br>For||
|||emerging||issues||or|||example,<br>in 2020we set up a COVID||
|||achieve|a desired||||level|of|steering and planning<br>group to prioritise||
|||impact.|||||||and coordinate<br>our work and we||
||||||||||responded to urgent requests for key||
||||||||||individuals<br>and fundin .||





|Key risk|Nature of|risk|||Management<br>ofrisk||
|---|---|---|---|---|---|---|
|Quality|Our work lacks sufRcient||||We have clear governance<br>frameworks|for|
||rigour, accuracy,||quality||awards, contracts snd research. We have||
||and objectivity.||||a quality assurance<br>process for the||
||||||release ofsll published<br>material.||
||||||When we work with others, our controls|in|
||||||the case ofwork ofinsufficient<br>quality ara||
||||||to manage the contract deliverables||
||||||diligently.<br>Where the quality is sufficiently||
||||||high, but we have concerns<br>over the||
||||||message derived<br>from it, our controls are||
||||||to have a memorandum<br>ofunderstanding||
||||||outlining<br>how communications<br>will work.||
||||||Where we have strategic partnerships,|we|
||||||ensure there is 'oint oversi<br>ht||
|Business disruption|The Foundation||fails|to|An incident management<br>plan wss||
||take adequate care ofthe||||invoked<br>with a decision-making<br>spine to||
||safety snd|wellbeing||ofits|rapidly assess and respond to the crisis||
||employees|and loses|||and remained<br>active throughout.<br>We||
||operational|effecbveness,|||adapted<br>our HR policies with 'high trust||
||as a result|ofdisruption|||and high suppoK. We committed<br>to||
||caused by|the pandemic.|||support the wellbeing<br>ofour people. We||
||||||invested<br>in skills, training<br>and support for||
||||||everyone. We had dear criteria for||
||||||reopening<br>the ofRce safely. We tested||
||||||our internal<br>controls<br>in the light ofthe||
||||||sudden<br>shiR to remote workin .||





## 

## 

|Name||Member/|Audit|Investment|Investment|Remuneration|
|---|---|---|---|---|---|---|
|||governor|Committee|Committee||and|
|||||||Governance|
|||||||Committee|
|Hugh Taylor||Chair|||||
|Davkl Dalton|||||||
|Martyn<br>Hole|||||||
|sts<br>down 15Ju|2021||||||
|Ruth Hussey|||||||
|Sharmila<br>Nebhrsjani|||Chair||||
|Melloney Poole||||||Chair|
|Davkl Zshn||||Chair|(until||
|(stepped down 9July|2020)|||December<br>2019)|||
|Branwen Jeffreys|||||||
|Rosalind Smyth|||||||
|Lorsine Hswklns|||||||
|Edc Gregory|||||||
|Davkl Smart||||Chair|||
|Kaae BlacNock|||||||
|(appointed<br>12March|2021)||||||
|Ravl Gurumurthy|||||||
|(appointed<br>12March|2021)||||||
|Dawn Edge|||||||
|(appointed<br>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||||



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|||Unrestricted<br>fund|Restricted|Endowment<br>Fund|Total<br>2020|Restated<br>Total<br>2019|
|---|---|---|---|---|---|---|
|||lr ON|6' NO|8'000|8'000|Ir NO|
|lttggmh|||||||
|Charitable<br>activities|3|169|769||930|1,233|
|Investments<br>Capital applied to Income<br>Total Income|4<br>5|15,440<br>26 624<br>~42 33|756|~23624<br> ~26524|15,440<br>15379|14,881<br>16114|
|~565|||||||
|Fund Management<br>charitable<br>activities|8<br>7|~42 33|522|14,654|14,654<br>42 755|12,878<br>37399|
|Total resources|||||||
|expended||42433|522|14,654|57,400|50,258|
|Operating<br>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<br>6'ON|O'NO|
|Fixed assets:|||||||
|Intangible<br>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<br>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<br>funds general|||||1,105,881|1,053,443|
|Income funds|||||||
|Unrestncted<br>fund|||||||
|Restricted fund|||||724||
|Total funds|||||1,106,605|1,053,920|





## 

||||2020||2010||
|---|---|---|---|---|---|---|
||||lr000|6'000|0'000|6'000|
|Fixed assets:|||||||
|Intangible<br>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<br>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<br>after more than one|falling due<br> year|||(9,227)||(13,624)|
|Provisions for liablllaes||20||(647)||(627)|
|Net assets:||||1,106,438||1,053,745|
|Capital funds|||||||
|Endowment<br>funds general||||1,105,714||1,053,268|
|Income funds|||||||
|Unresidcted<br>fund|||||||
|Restricted<br>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<br>activities:|||||||
|Cost ofdeveloping<br>intangible|assets||(267)||(451)||
|Purchase oftangible fixed assets|||(288)||(5,767)||
|Invesbnent<br>proceeds convected|||(15,408)||(13,325)||
|Withdrawals<br>from investments|||60,395||53,711||
|Investment<br>management<br>fees|||(14,654)||(12,878)||
|Invesbnent<br>income|||15,440||14,881||
|Net cash generated<br>from Investing<br>activities||||45@30||38,171|
|Net Increase/(decrease)<br>in <br>cash equivalents|cash and|||2,051||(1,304)|
|Cash and cash equivalents<br>beginning<br>ofyear|at|||4g21||5,525|
|Cash and cash equivalents<br>)rear|at end of|||6472||4,221|





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||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<br>funds|169||169||
|Restricted funds||769|769||
||169|769|||
|Foryear ended 31<br>December 2019:|||||
|Unrestricted<br>funds|175|||175|
|Restricted funds||1,058||1,058|
||175|1,058||1,233|



## 

|4.0<br>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<br>|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<br>December 2019||21.240|~21.240|||
|6.0<br>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<br>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<br>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<br>audit||||29|29|3|
|Other governance|costs|||15|15|8|
|||12,750|9,713|118|22,581|21,012|



## 



## 

|10.0<br>Employment<br>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<br>whose annual<br>remuneration|was f60,000or more were:||
|---|---|---|
||2020|2019|
|f80,001-f70,000<br>f70,001—f80,000|15<br>7|7<br>6|
|f80,001-f90,000|9|10|
|f90,001-f100,000<br>f100,001&110,000<br>f110,001&120,000<br>f130,001&140,000<br>f150,001&160,000<br>f180,001&170,000|1<br>3<br>2<br>1|1<br>2<br>2<br>1<br>2<br>1|
|f240,001~50,000||1|
|11.0<br>Net gains on investments|||



|||||2020|Restated 2019|
|---|---|---|---|---|---|
|||||f 'NO|f 'NO|
|Revaluation|ofinvestments|||93716|13679$|
|Net revaluation||of investments|comprises:|||





## 

|12.0<br>Intangible<br>fixed assets||||
|---|---|---|---|
||Software||Total|
||6 '000||6 '000|
|Cost:||||
|At 1 January 2020|1,831|2,188|4,017|
|Addltkrns —Internally<br>developed|267||287|
|At 31December 2020|2,098|2,188|4,284|
|Amordssfion<br>and impairment:||||
|At 1 January 2020|452|312|764|
|Amortlsstion<br>charge<br>in the year|431|312|743|
|At 31December 2020||624|1,507|
|Csnylng<br>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<br>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<br>management||costs induded|in the fund|(11,772)||(11,772)|
|Net withdrawals<br>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<br>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<br>management||costs induded|in the fund|(1,778)|(9,994)|(11,772)|
|Net withdrawals<br>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<br>In subsidiaries|||||345,540|291,501|
|Programme-related|investments||||526|528|
|Investment<br>In subsidiaries||||26|3MDM|282 D27|
|investments<br>at fair|value|compr/aei|||||
|Property funds|||||96,106|99,377|
|Equises|||||637,590|611,906|
|Fixed interest|||||19Jt14|44231|
|Alternatives<br>Cash|||||474<br>25942|893<br> ~28<br>31|
||||||779328|784638|





|||Less than 6<br>months|6-12months|More than 12<br>months|Longkerm|lock<br>up'|
|---|---|---|---|---|---|---|
|||6 '000|6 '000|6 'NO||6 'NO|
|Total|non-current<br>assets||||176,764||
|Total|current assets|155,063|15,331||||
|Total|current liabilities|1,618|||||






## 


## 




## 

|18.0<br>Creditors|: Amoun|ts<br>falling du|e after more than 1year|e after more than 1year|||
|---|---|---|---|---|---|---|
||||Group|||Charity|
||||2020<br>f%00|2010<br>f '000|2020<br>f 'ON|201$ f '000|
|Grants payable —in 2to5years|||9227|13624|9227|13624|
|10.0<br>Grants payable|||||||
||||||2020<br>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<br>10|32490|
|Split into:|||||||
|Grants payable —due within||1 year|||19,963|16,626|
|Grants payable —In 2to5years|||||9227|13,624|
|As at31December|||||~29<br>10|32490|
|20.0<br>Provisions for liabilities|||||||
||||||2020<br>f 'NO|201$ f 'ON|
|Pension obligations|||||570|594|
|DilspidaUons|||||77|33|
|||||||627|
|Movement<br>on provisions:|||||||
|||||Pension|||
|||||obligations<br>f '000|Dgspldatlon<br>f '000|Total<br>f '000|
|At 1 January 2020<br>Adjustment||||594<br>~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<br>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'<br>Hospital||Foundation|
|Sir Hugh Taylor|Chair||Trust||||
||Interim|Chair|Ki<br>'s Coll|e London|||
|David Smart|Trustee||Best Eatin<br>Disorders||||
|Ruth Husse|Honors|Professor|Univers'<br>of|Live<br>ol|||
|Will Wsrburton|Honors|Research Fellow|Im<br>rial Coll|e London|||





## 

|rem|uneration<br>of|this group<br>in the year, w|as as follows:||
|---|---|---|---|---|
||||2020|2010|
|Key|management|personnel|E'000<br>~116|E'ON<br>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<br>for:||||||
|Investment<br>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,<br>amorfisafion<br>and||impairment|offixed assets|1,603|1,146|
|Movements<br>in working capital:||||||
|(Decrease)fincrease|ln debtors|||(1,214)|204|
|Decrease in creditors<br>Increase/(Decrease)<br>ln provisions<br>Cash absorbed<br>by operations||||(1,761)<br>(2,544)<br>36~134<br>~43,16 ~637476,||



## 



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





## 

|nvesbnent|Fund|Managers|BlackRock Investment|Managers|Managers|(UK)|Ltd|
|---|---|---|---|---|---|---|---|
||||12Throgmorton<br>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<br>Management|||||
||||One Carter Lane|||||
||||London EC4V5ER|||||
||||United Kingdom|||||
||||M&G Investments|||||
||||Governors<br>House,|||||
||||5Laurence Pountney|Hill||||
||||London EC4R OHH|||||
||||United Kingdom|||||
||||Mondrlan<br>Investment|Partners|Limited|||
||||10Gresham Street|||||
||||London EC2V7JD|||||
||||United Kingdom|||||
||||Ninety-one<br>Asset Management|||||
||||55Gresham Street|||||
||||London EC2V7JD|||||
||||United Kingdom|||||
||||River &Mercantile Asset Management||||LLP|
||||30Coleman Street|||||
||||London EC2R SAL|||||
||||United Kingdom|||||





|Graham<br>Capital Management|Graham<br>Capital Management|||
|---|---|---|---|
|55Baker Street||||
|Marylebone||||
|London W1U 6EW||||
|United<br>Kingdom||||
|Grantham,<br>Mayo, Van Otterloo &|||Co.LLC|
|40 Rowes Wharf, Boston||||
|MA 02110||||
|United States ofAmedca||||
|Greenspring<br>Associates||||
|100Painters<br>Mill Rd¹700||||
|Owlngs<br>Mills||||
|MD 21117||||
|United States ofAmerica||||
|Harbourvest||||
|One Finandal<br>Harbor||||
|Boston||||
|MA 02111||||
|United States ofAmedca||||
|Henglstbury<br>Investment|Partners||LLP|
|34Brook Street||||
|London W1K 5DN||||
|United<br>Kingdom||||
|Investlndustrial||||
|16Palace St.,||||
|London SW1E5JD||||
|United<br>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||||