GSTC Annual Report 1617

01 Strategic Report
Annual Report
and Accounts
2016/17
Registered Charity Number: 1160316

Company Number: 9341980
Were an MESSAGE FROM OUR CHAIRMAN
MESSAGE FROM OUR CHIEF EXECUTIVE

02
03
independent, TRUSTEES REPORT
Strategic report 06
place-based

Achievements and performance
Priorities we set for the year

06
07
foundation.
Transforming health
Our funding 08
12
The charity of Guys and St Thomas NHS Foundation Trust 16

Our purpose is to work with Guys and St Thomas NHS Foundation Trust
and other partners to improve the health of people in the London boroughs Our impact through the Health Innovation Fund 20
of Lambeth and Southwark.
A new focus 24
For over 500 years we have been based in and focused on improving peoples health
in Lambeth and Southwark, two of the UKs most diverse and deprived areas. We do Our plans for 2017/18 26
this in a number of ways:
Financial review 28
Working with a range of partners both within and outside of Lambeth and
Southwark to identify, test and scale new approaches to health and healthcare.
Principal risks and their management 32
Through a combination of fundraising and our own philanthropic support, we
help Guys and St Thomas NHS Foundation Trust provide exceptional care and Structure, governance and management 34
a world-class environment for patients and staff at Guys, St Thomas and Evelina
London Childrens Hospital, as well as in community health services across AUDITORS REPORT AND FINANCIAL STATEMENTS 42
the boroughs.
Guys and St Thomas Charity Annual Report 2016/17

02 Message from our Chairman 03 Message from our Chief Executive
Although I have been a Trustee for seven years, 2016/17 has been my first full year For over 500 years, Guys and St Thomas Charity has worked to improve peoples
as a chairman of the Charity. health. The challenge, throughout all that time, has been how to be most relevant for
this time. That is, to see clearly the challenges facing our beneficiaries and to ask how
And there is much to be proud of. I was privileged to see the new Cancer Centre at best we can help.
Guys Hospital open to patients. Together with our partners at the Trust, I believe
we have created a true centre of excellence to transform how we support those And it is in that light that 2016/17 has been a year of transition for the Charity, as
facing cancer. we have finalised our groundbreaking Health Innovation Fund, and undertaken a
comprehensive review of our goals for the next ten years.
This year we also marked the end of our Health Innovation Fund after five
years nurturing hundreds of innovative ideas. The achievements of the Health Innovation Fund bear repetition. Over a five year
period we awarded 130m of grants to catalyse new ideas, from small arts-led health
The Fund achieved breakthroughs in healthcare transformation, population health, interventions to major capital developments and large modernisation projects. We
and outstanding cancer care. Crucially, it helped nurture an appetite for health developed a new wave of GP leaders across Lambeth and Southwark; made crucial
innovation locally. As we saw particularly strongly this year, projects we started steps towards better integrating health and social care; revolutionised access to
through our Health Innovation Fund were taken up and grown by other funders and sexual healthcare; modernised diabetes management; created new social enterprises;
organisations. The legacy of the Fund will continue for years to come. and supported breakthroughs at Guys and St Thomas NHS Foundation Trust.
In many ways this was a year of evolution. We welcomed on board Kieron Boyle as The final year of the Fund was amongst its most ambitious yet, focusing on
our new Chief Executive and developed a new strategy while bringing our Health challenging issues such as improving mental health outcomes in black communities;
Innovation Fund to an end. We have taken time to redefine our purpose based on caring for children with long-term conditions; and accelerating digital innovation
an analysis of what our communities need. We have looked at how we can make an within healthcare. We provided nearly 17m of funding to over 100 partners - a 40%
even greater impact, not just nationally but internationally. And we have considered increase on 2015/16.
how best to leverage resources even larger than our own. I am incredibly proud
of how the team at the Charity has embraced the challenge and powered through Our strategic review looked to build upon these achievements, and channel
the inevitable uncertainty in pursuit of an exciting goal - all at the same time as the our energies to where they will have the biggest impact on the most urgent
normal demands of the organisation. challenges.
It has been an extraordinary year for our endowment, with its value reaching 693 Im grateful to the very many organisations who helped us in this review, the key
million, and securing resources to improve health today and in many decades outcome of which is a more focused and intentional strategic plan.
to come. Performance in the investment markets and good management by the
Charity and our advisors has allowed us to achieve this position. Nevertheless, we The challenges of our time are clear: health is not distributed equally; progress
remain watchful as investment markets around the world have had a long period of on health is increasingly complex; and, in very practical terms, we are asking our
growth which may not be sustained. national health services to do much more with less.
It was also a fantastic year for donations, with public generosity surpassing our And so our new priorities reflect that. Over this next phase we plan to use our unique
expectations. This allows us to have an even greater impact in the delivery of position, firstly, as one of the UKs largest place-based funders, to address complex
outstanding healthcare, working with our partners at Guys and St Thomas NHS health issues of urban, diverse and deprived areas; and secondly, as the fundraising
Foundation Trust. charity for Guys and St Thomas NHS Foundation Trust, to maximise our support for
patients and staff. To achieve this we are investing in our people, in our systems and
This year has been a fitting end to our previous strategy and a strong start to our processes, and in our partnerships.
new one. I believe that together with our partners we have the drive and potential to
achieve a real shift in local health outcomes. In short, we look with pride to what has been achieved, and with energy and ambition
to what lies ahead. I congratulate our Trustees, staff and partners on an important
- and impressive - year.
Wol Kolade
Chairman
Kieron Boyle
Chief Executive
Guys and St Thomas Charity Annual Report 2016/17 Guys and St Thomas Charity Annual Report 2016/17
05
Trustees report
06 Strategic report - Achievements and performance 07 Strategic report - Achievements and performance
Priorities we set
Strategic report for the year
Achievements
In 2016/17, alongside our business as usual activities, our business plan
identified three key areas of focus. This is what we did on each:
and performance
1. Maintaining core delivery in a year of transition
What we did
Recruited and inducted a new Chief Executive
Introduced a new company secretarial process, following our reconstitution
as an independent charity and a registered company limited by guarantee
Our work in the year responded to our strategy to identify and act on
key issues in health and care in the London boroughs of Lambeth and eviewed our fundraising activity and created a new Trust Engagement team
R
Southwark. Over the past five years, we have worked with others to achieve to give added focus to this work
radical, lasting change for people who live, work or are treated in our area.
During that time we concentrated much of our effort on a few strategic priorities:
2. Managing our assets effectively to support our long-term strategy
improving the health of our local population, transforming the healthcare system and
providing outstanding cancer care.
What we did
In the year ended 31 March 2017, we supported a range of exciting new ideas and
ontinued to work with our partners to plan the redevelopment of agreed plans
C
saw some of the projects we backed over recent years reach major milestones. All in
at London Bridge and Westminster campuses to renew and expand clinical
support of better health and care for people in Lambeth and Southwark.
and academic facilities and realise the commercial value of our land holdings
2016/17 was also an important year of transition to a new organisational strategy, stablished Health Foundry, a co-working space to support the growth of
E
with a new focus, leadership and ways of working. innovation in digital health
upported the completion of Ronald McDonald House Evelina London, a
S
home away from home for families of children being treated in hospital
Managed the Endowment effectively, generating a return of 22% in the year
3. Ensure we can improve the health of people who live, work or are
treated in Lambeth and Southwark
What we did:
Introduced a new strategic direction and budget for the Charity, following a
review of our existing activities and programmes
inished our Health Innovation Fund, after five years of supporting hundreds
F
of innovations in health
orked with our partners to open the Cancer Centre at Guys and to
W
progress the construction of Science Gallery London
hared the impact and lessons learned through the Southwark and Lambeth
S
Integrated Care (SLIC) through a public final project report
08 Strategic report 09 Strategic report - Achievements and performance
Our funding
In 2016/17, we continued to drive change through our grants
and investments, working with partners in the NHS and outside.
In this period, we contributed 16.7 million in charitable
expenditure (compared with 11.7m the previous year), which
takes our charitable expenditure over the past five years to
more than 130.3 million. This year we awarded 166 grants to
tackle pressing and wide-ranging issues, including:
2.3m to continue testing and embedding new ways of improving the health
and care for every child and young person in our area
1.8m for a new centre to treat rare diseases at Guys and St Thomas NHS
Foundation Trust
162,884 to improve mental health outcomes for people from black communities
in Lambeth
26,228 to reduce loneliness and poor health in older men
149,106 to help reduce the high incidence of the eating disorder bulimia nervosa
Alongside supporting projects at the local trusts and university part of Kings Health
Partners, we also backed initiatives by the health commissioners and non-profit
organisations in our area. As part of our new strategy, we plan to continue nurturing
ideas from within the formal healthcare sector and well beyond.
In 2016/17 we contributed 16.7m

to new ideas in health, including 166
grants for innovative projects
Our funding Our funding

Our charitable expenditure in 2016/17 Our charitable expenditure in 2012/13 - 2016/17
Total: 16,710,000 Total: 130,307,000
By recipient partner: By recipient partner:
Guys and St Thomas outh London and

S Guys and St Thomas outh London and
S
NHS Foundation Trust Maudsley NHS NHS Foundation Trust Maudsley NHS
Foundation Trust Foundation Trust
9,711,000 73,037,000
560,000 7,029,000
Kings College Hospital

NHS Foundation Trust
Kings College London ther (eg healthcare
O Kings College London
1,422,000 commissioners and
19,607,000 247,000
charities)
ther (eg healthcare
O
5,017,000 commissioners and
charities)
30,387,000
By strategic priority: By strategic priority:

Research and
development Research and
development
688,000
System Transformation
System Transformation 11,216,000
57,518,000
8,746,000 Cancer
(including Special Purpose Funds)
Cancer
(including Special Purpose Funds) 31,115,000
518,000
Population health
Population health Other Special Purpose Funds
1,615,000 Other Special Purpose Funds 10,251,000 at Guys and St Thomas
at Guys and St Thomas NHS NHS Foundation Trust
Foundation Trust 14,787,000
3,888,000
Other funding for Guys Other funding for Guys
and St Thomas NHS and St Thomas NHS
Foundation Trust* Foundation Trust*
1,255,000 5,420,000
* Includes support for staff welfare, arts and improving healthcare environments * Includes support for staff welfare, arts and improving healthcare environments
Transforming health
A strong focus of our work in 2016/17 was on helping develop
and mainstream digital health solutions.
In June 2016, we opened Health Foundry, the first co-working space for digital health
in England which is helping to incubate dozens of innovative ideas (see page 15 for
more). We funded research into online patient communities and supported early
stage digital health companies through a partnership with the accelerator programme
Bethnal Green Ventures.
In the year we also awarded nearly 2 million to continue building on the success of
the Lambeth Living Well Hub. The Hub provides early and holistic support for around
400 people every month with their mental health issues and has helped reduce
unnecessary hospital admissions.
As part of our efforts to transform healthcare, we also helped train the next generation
of medical professionals on caring for people with long-term conditions, using arts-
based methods focused on compassion.
This year our Primary Care Development programme reached an end after successfully
nurturing a new cohort of local leaders in general practice (see page 23 for more).
Much of our work this past year was shaped by the makeup of our communities and
some of the poorest health outcomes we see locally.
Establishing our area as a digital health hub

This year we created the first co-working space in England dedicated solely to
digital health. Through Health Foundry, were making our area a prime centre to
grow digital health solutions. The Foundry draws from its connections with a top UK
hospital (it is located opposite St Thomas) to connect start-ups and entrepreneurs
with NHS clinicians. The opening of Health Foundry follows our partnership with
DigitalHealth.London the year before to help boost the capitals reputation as a hub
for digital health, and our investment in digital health companies including OpenPlay.
Improving mental
health in black
communities
Despite efforts to reduce inequalities,
few black people with mental health
issues are treated early enough
through primary care in Lambeth, more
end up in hospital and their recovery
is often poor. This year we awarded
funding to Black Thrive, a partnership Better everyday
to bring together communities and
people in the healthcare system to health for our
break down the barriers and help
reduce long-standing inequalities.
youngest residents
Health outcomes for children and
young people are poor across the
two boroughs. The past few years
have seen a 10% rise in emergency
admissions and 13% in paediatric
outpatient appointments. In 2016/17,
we gave further support to the multi-
partner Children and Young Peoples
Health Partnership to continue
its ambitious plans of improving
everyday health and care for long-term
conditions. The programme is testing
and embedding improved ways of
working across community, primary
and secondary care.
Overcoming cultural differences to care for

long-term conditions
With our support, the Lambeth Living
Well Hub has seen 43% fewer referrals
We have a significant population of West African origin in our boroughs. When they
have diabetes and cardiovascular disease, data shows they experience particularly
to hospital for people with mental

poor outcomes. In 2016/17 we provided funding to a GP in Lambeth to share best
practice with clinicians in Ghana through a skills exchange programme, and to
health issues
develop culturally-appropriate education materials for these patients in the UK.
The charity of Guys

and St Thomas NHS
Foundation Trust
Alongside our work as an independent foundation, we worked
with Guys and St Thomas NHS Foundation Trust to help
improve the experience and welfare of patients and staff, in
our role as the Trusts charity.
In the year we saw generous public donations and legacies received for the Trust
total 7.3 million (compared to 5.1 m previous year). 4.5 million from these and
previous donations was used this year to back developments such as Snow Leopard,
a special new unit for children with long-term ventilation needs.
This year the Charity supported the Trust with 9.7 million in grants and other
funding. This included 5 million from our Health Innovation Fund to support new
ideas from staff to transform health and care for local people.
Working with the Trust this year we:
pened the 160m Cancer Centre at Guys, a state-of-the-art facility to treat

o
and research cancer
s aw the UKs first fully robotic kidney transplant performed at Guys Hospital,
with support from one of our grants
elcomed the first families into the new Ronald McDonald House we provided
w
land for opposite Evelina London
r aised more than 1.1 million from generous donors who crossed the River
Thames on a zip wire in a unique fundraising event to support new research in
childrens health
warded 13 grants from our Health Innovation Fund to support improvements

a
across community and hospital services as well as 38 awards for staff for
professional development
Zipping across
Funding for the Trust this year will the Thames
help build a unique centre for rare In December 2016, 20 fearless
diseases, improve ambulatory services fundraisers took to the sky and raised
more than 1.1 million for Evelina
through digital technologies, improve London by flying across the River
wayfinding and more

Thames on a zip wire - the first time
this has been attempted. The funds
went towards the 2.7 million needed
to build a dedicated Clinical Research
Facility at the childrens hospital. The
new facility will allow vital research to
improve treatments for many conditions
including autism, epilepsy and
congenital heart disease.
Cancer Centre Examination of lymph nodes to reduce

at Guys opens chances of cancer returning
to patients This year we have continued to support the Trust to improve early diagnosis and
management of cancer. We are funding Dr Cara Baker to go to South Korea, a
The award-winning new cancer care world leader in the management of gastric cancer, to learn a new technique called
and research centre at Guys Hospital gastric sentinel nodal mapping. This is when the path from a tumour to other parts
opened its door to the first patients on of the body is mapped to detect if there is spreading. Dr Baker will learn first-hand
26 September 2016, after more than the methods used, share and teach colleagues and assess how they can be applied
10 years of planning and building work. to patients at Guys and St Thomas hospitals. The mapping of lymph nodes can
Bringing together care that used to be reduce the chances of cancer returning and improve long-term survival rates.
provided in 13 locations across eight
different buildings, the new Centre is
set to treat 6,500 patients per year and
deliver 80,000 radiotherapy treatments
- almost 70% more than before. We New centre for
supported the Trust with 26.7 million
for the state-of-the-art centre, including
rare diseases
a comprehensive programme of arts.
This year we provided support to
create a unique new centre to care for
adults and children from across the UK
living with harmful rare conditions. The
new Rare Diseases Centre will ensure
that patients with skin conditions which
also affect other organs in the body
will be seen in one place by different
specialists, saving time and improving
the experience of patients. It will be the
only facility of its kind in the UK to care
for people of all ages.
Our impact through the

Health Innovation Fund
The Health Innovation Fund, our main funding programme
to support local health innovation, closed in 2016/17.
Over the past five years, we awarded grants with a value of 101.3 million. These
supported a range of exciting new ideas, from small arts-led health interventions
to major capital developments and large modernisation projects.
The analysis of nearly 80 projects funded through the Fund which were completed
by March 2016 showed that, of these, 65% achieved or exceeded their goals, 46%
said they learned important lessons and 48% had strong plans for sustainability.
This amounted to 17.5 million of funded projects.
Today, others including Big Lottery Fund and Health Foundation are growing and
scaling up local innovations we kicked off through our Fund.
Ideas we helped to kick off through

the Fund are being grown and
scaled up by national bodies
Championing new entrepreneurs

Supporting Between 2013 and 2016, a pioneering programme with Design Council and the
two local authorities saw us supporting 25 new entrepreneurs to develop their
breakthroughs at innovative ideas to improve the health of local children under five. Through the
Knee High Design Challenge, we backed one-year pilots of three entrepreneurial
Guys and ideas including pop up playgrounds and a mobile app directory of local services for
St Thomas
children. The impact recorded included reducing parental stress by 37% and getting
1 in 5 of the participating children to play more outdoors. In 2017, lessons from the
programme inspired a new national initiative by Design Council to improve peoples
The Health Innovation Fund has backed experience of later life.
hundreds of ideas borne out of our
partner Guys and St Thomas NHS
Foundation Trust. The award-winning
Transforming Outcomes and Health
Economics Through Imaging (TOHETI)
project is using imaging technology
and expertise in new ways to speed
Building primary care leaders
up diagnosis. In 2015, we supported
With 90 per cent of patient contacts taking place in general practice, primary care
our partners to achieve the worlds first
plays a fundamental role in keeping people well. The Primary Care Development
adult-to-child kidney transplant assisted
programme grew the leadership skills and confidence of a group of GPs and practice
by 3D printed models. During the life
managers across Lambeth and Southwark through a mix of practical training,
of the Fund, continued improvements
mentoring as well as funding to free participants from some of their day to day duties.
to robotic surgery meant that in 2016,
An independent evaluation found that the programme, run in partnership by the two
Guys clinicians were able to perform
local NHS CCGs, gave general practice a voice in the local healthcare system. It
the countrys first kidney transplant
helped create a cohort of new local leaders who enabled the successful development
using keyhole surgery from start to end.
of five GP federations and the delivery of seven-day primary care access.
Modernising diabetes management Growing the evidence of arts in health

There are around 24,000 people in Lambeth and Southwark living with diabetes. The Alchemy Project helped young adults with an early diagnosis of psychosis to
Local mortality rates caused by the condition are almost double the national manage their condition and improve their symptoms using the expressive nature
average. Our Diabetes Modernisation Initiative ran from 2011-2014. It helped reduce of dance, and disciplines found in professional dance training. Led by professional
hospital caseloads by nearly 20% and cut one third of diabetes-related emergency dancers and the early intervention team at South London and Maudsley NHS
admissions across the two local trusts. In that time, nearly 4,000 more people Foundation Trust, over the two pilot projects, it achieved clinically significant
received all nine care processes set out in best practice guidelines and detection improvements in wellbeing, self-belief, confidence and trust in others.
of diabetes increased by 16%.
Lessons on integrating health and care Revolutionising sexual healthcare

Our award-winning Southwark and Lambeth Integrated Care programme (SLIC) was SH:24 is a pioneering and award-winning service that is transforming how sexual
an ambitious partnership across the local NHS trusts, local authorities and CCGs. It health advice and testing is delivered. Rates of sexually transmitted infections (STIs)
aimed to deliver better coordinated, holistic health and social care for people in the are much higher in Lambeth and Southwark than the national average. With our
two boroughs, and older residents in particular. During its life from 2012 until 2016, support, a partnership between local authorities, CCGs and NHS Trusts started
SLIC saw hospital admissions and bed days stabilised against a national increase; SH:24 in the two boroughs, offering access to free and confidential testing for STIs,
and residential and nursing home placements reduced by 61%. For the first time, getting more people tested and alleviating pressure on clinics. The service is now
GPs and trusts could share all local patient records, leading to 75% fewer calls from available in six regions across the UK. In 2016/17, SH:24 became the first in the
GPs to hospitals and improving the service for patients treated at different locations. country to deliver oral contraception online.
Of the 27 projects associated with SLIC, 24 have been mainstreamed or chosen for
continued testing.
24 Strategic report 25 Strategic report - A new focus
A new focus
Over the past year we completed a review of our strategic
priorities and ways of working, building on the foundations
and progress of our previous strategies.
Through our new plan, which was unveiled in March 2017, we look closely at our
boroughs and the complex environment in which local people live. Like much of
London, Lambeth and Southwark are exciting, vibrant places but they are also two
of the UKs most deprived areas. Despite great work and improvements, there are
still important pockets of deep deprivation and ill health.
Our new strategy involves working with partners to develop new approaches that
can help improve some of the poorest health outcomes we see locally - which also
affect people living in similarly urban, diverse and deprived areas. We are adopting a
programmatic approach to tackling difficult health issues. Working alongside others
and leveraging our convening power and ability to bear risk we plan to learn and
share what works, with the hope of catalysing action nationally and beyond.
The first two programmes will tackle childhood obesity and multiple long-term
conditions. These are two areas where we see particularly bad outcomes for
local people. They are also highly complex issues where we believe our long-term
perspective and multi-layered approach could make a significant difference.
Our new strategy also involves strengthening our role as the fundraising charity for
Guys and St Thomas NHS Foundation Trust. In particular, by changing our approach
to collecting and deploying fundraised income, we aim to improve patient experience,
drive innovation in clinical care and service delivery, and support staff welfare at the
Trust. Working in close partnership with the Trust and with other organisations we plan
both to maximise and modernise our support.
To meet our ambitious goals, over the year we invested in people, systems and more
flexible ways of working. We also approved a new budget for our activities for the
following five years.
Under our new focus, we plan to tackle

some of the biggest health issues in our
world today, including childhood obesity
and multiple long-term conditions
26 Strategic report 27 Strategic report - Our plans for 2017/18
Our plans
for 2017/18
We have developed a new strategic plan for 2017-22. This is an ambitious plan that
looks to position the Charity as a leading international voice on urban health, one of
the top hospital fundraising charities and a national leader on impact through our
endowment.
Through this, and over the life of our new strategy, we aim both to achieve meaningful
impact on complex local health issues and to influence activity nationally and
A new strategy internationally.
Our core strategic goals for 2017/18 reflect these priorities. Our planned activities
Our strategic plan for 2017-2022 includes focusing on the major include work to:
health challenges facing people living in urban, diverse and
deprived areas developing new approaches to health and
sharing what we learn. Our first two programmes will tackle Gain a better understanding of health through the combined
childhood obesity and improve the health and care of people lens of urban environment, diversity and deprivation
with multiple long-term conditions. We also aim to increase we plan to explore and interrogate evidence on how the urban environment
fundraised income for Guys and St Thomas NHS Foundation impacts on complex health issues.
Trust to help provide exceptional healthcare through
supporting a world-class environment for patients and staff. Make a successful transition to a programmatic approach for
deploying Charity funds
we plan to transition to a programmatic approach, to increase the focus of
our funding. This will involve us working in partnership with a wider group of
Download our new strategy and Theory of Change stakeholders, to leverage greater funds and resources towards our priorities.
www.gsttcharity.org.uk
Generate evidence of impact, providing insights to share with

others, and leverage as new strategic partners contribute
resource alongside us
we plan to develop comprehensive theories of change and evaluation
frameworks to guide our activities and measure our impact. We also plan
to develop new strategic partnerships to help amplify our impact.
Scale up our ambition and commitment to staff welfare, patient

experience and innovation in clinical care at Guys and St
Thomas NHS Foundation Trust
e plan to increase the amounts fundraised for the Trust, as well as the rate
w
of spending of donated funds on improvements for patients and staff. This will
involve developing a deeper fundraising culture at the Trust.
Take steps to deliver greater impact through the assets within

the endowment
we plan to progress the property masterplans that we are developing with
Guys and St Thomas NHS Foundation Trust and Kings College London for the
London Bridge and Westminster Bridge campuses.
we plan to invest for health impact through the Endowment. This will involve
identifying funds that deliver good risk adjusted financial returns and that will
lead to a positive impact on health in the UK.
Develop our capacity to be at the cutting-edge

we plan to create a more enterprising, collaborative and delivery-minded culture.
This will involve investing in people, strengthening our approach to learning and
development and supporting new ways of working.
28 Strategic report - Financial review 29 Strategic report - Financial review
Charitable activities
Payments against prior grant commitments remained significant. We paid out 33.0m
in 2016/17, compared with 36.9m last year.
Financial review
Grants commitments and other charitable expenditure increased slightly from 11.7m
to 16.7m in 2016/17. Grant commitments and other charitable expenditure are
managed in two streams representing the Restricted and Unrestricted Funds. In the
Unrestricted Fund, a five-year budget was established starting from 1 April 2013,
amounting to 97m.
Four years of this period have now been completed and expenditure is below budget
Financial Key Performance Indicators with 74% of the budget spent. This is because we conducted a strategic review
during the year and decided our focus should change.
Measure Key Performance Key Indications Consistent with our new strategic direction, we invested in additional staff resources
and one-off advisory and analytical resource. As a result, total support costs
Cumulative total 73.3m or 76% committed The Charity was expecting to commit increased by 15% to 3.0m.
unrestricted by the fourth year of our c80% in the four year period. However,
charitable 97m five-year budget cycle with a new strategy being developed,
expenditure commitments slowed as the year
committed from
1 April 2013
progressed. Investments
Return on the 18.9% return on endowment The performance of the Charitys This year we saw Endowment returns of 18.9%, ahead of the Charitys benchmarks.
endowment for 2016/17 compared to endowment investments, net of The makeup of our investment portfolio was affected this year by a partial switch from
compared to benchmark return of 14.1% management and other costs, is ahead of
benchmark the Charitys composite benchmark global equity exposure to hedged equity. This move was designed to access skill-
based returns with around half of the risk of equity markets in place of passive equity
Total support costs 3.0m compared to 2.6m in The increase in the Charitys total support market exposure.
2014/15, an increase of 15% costs was due to the one-off costs
associated with developing a new strategy
and additional investment in staff resource
TABLE 1 - Guys and St Thomas Charity Performance Summary: April 2016 March 2017
Strategic Strategic / Allocation Allocation

Overview asset asset as at Actual Benchmark as at
allocation allocation 31 March perfor- perfor- 31 March
Asset class band (%) (%) 2017 (%) mance (%) mance (%) 2016 (%)
Over the last four years we have committed 85.4m to improving the health Global Equities 17-35 21 29.0 24.2 17.0 35.9
and wellbeing of people in Lambeth and Southwark. This year is the fourth Private Equity 5-17 14 7.9 11.7 13.7 7.6
year of our five-year budget cycle for charitable commitments.
Hedged Equities 0-14 10 8.7 14.7 8.4 0.8
Absolute Return 0-12 6 5.8 2.9 5.2 7.2
Donations continued to grow this year 7.3m compared with 3.9m last year. This
included a 1m one off event, the Evelina Zip. Legacy income reduced from 2.3m Credit 3-12 6 5.9 9.4 5.6 3.6
to 1.4m. Commodities 0-5 - - N/A 8.4 0.0
Fixed Income 0-10 3 - N/A 1.6 0.0
Returns on our Endowment this year were significantly ahead of markets. Returns Cash 0-10 1 1.5 0.1 0.1 2.2
on the financial asset portfolio were 17.2% (Benchmark 11.9%) with equity markets in
Composite financial
particular having a successful year. 2016/17 was another strong year for our property asset class
portfolio, with returns of 12.0% (Benchmark 3.6%). performance
local currency 17.2 11.9
The Charity strengthened its overall financial position during the year as a result of Property 30-50 40 41.3 12.0 3.6 42.7
the strong investment returns. Net assets increased by 19% to 754m. Composite asset
class performance
local currency 15.0 8.5
The Charity is in a strong financial position. However, we recognise that we may
be entering a phase of lower and more volatile returns. Nevertheless, we plan to Currency gain/(loss) 4.7 5.6
maintain our wide exposure to global investment markets to ensure that over the long Fees and other
expenses (0.8)
term we can continue to achieve our goals of spending around 4% of the value of the
Endowment each year whilst ensuring that the Endowments remaining value keeps Return on gross
investment assets 18.9 14.1
pace with inflation.
Effect of loans 2.9
Return on the
Endowment Equity 21.7
All performance figures are net of management costs. The relevant benchmarks are identified in the
Charitys Distribution Rule and Investment Policy.
30 Strategic report - Financial review 31 Strategic report - Financial review
Returns on the financial asset portfolio were strong and ahead of markets generally. Ethical and health-related investment
Equity markets, in particular, had a good year; 29.0% of the Endowment is invested
in equities. Private equity, comprising 7.9% of the Endowment, had a poor year with During the year, the Investment Committee and the Board revised the Charitys
returns of only 11.7% against its benchmark of 13.7%. 41.3% of the Endowment is approach to ethical and health-related investment within the Endowment. A new
invested in property and this part of the portfolio saw returns of 12.0% (compared to policy was agreed - click here to view.
19.1% in 2016). We confirmed that our investments should meet recognised ethical and
governance standards and that our investments need to be consistent with both
The costs of managing our investments in the Endowment increased from 6.1m to our ethical values as a UK charity and our financial return requirements. We
10.2m. This sharp increase was due to the first full year of interest cost on our 60m surveyed our managers, covering 80% of our financial investments. 74% of capital
30 year Private Placement debt and higher performance fees. in public funds have a policy with regard to voting public shares. 49% of capital
consider Environmental, Social and Governance (ESG) issues when making
investment decisions. 14 out of 32 managers have a formal Socially Responsible
Longer-term performance Investing (SRI) policy. We will continue to monitor these issues.
We also agreed to consider the potential direct and indirect health impacts, both
The Distribution Rule and Investment Policy sets out the Charitys approach to negative and positive, when making investments. We confirmed that we would
maintaining the value of the Endowment over the long term. This is defined as not make any direct investment in tobacco-related shares, bonds or property. In
keeping the value of the Endowment in line with the UKs Retail Prices Index (RPI), addition, we agreed to monitor the level of indirect tobacco ownership through
holdings in externally managed funds to ensure that this level does not rise above
measured over rolling 15-year periods.
a de minimis level (defined as 0.25% of the Endowment). We moved our passive
global equity investments into a fund that excludes tobacco (and controversial
The Endowment was recognised in the accounts in March 1999 so its performance
weapons); this incurs a higher management fee. This helped to reduce indirect
history can be traced back 17 years. The graph below illustrates that, over that period tobacco exposure to 0.12% of the Endowment.
and thanks to recent performance, the Endowments value is now 171m higher
than its indexed starting value. The Investment Committee undertook an analysis of In addition, we agreed to consider investment opportunities to achieve positive
various positive and negative scenarios and concluded that, whilst the surplus in the health impacts in addition to commercial returns. Such investments should have an
Endowment is significant, it is not excessive given the risks that returns will be lower expectation of a return commensurate with the risks being taken. The Charity will
also consider opportunities, through engagement, to influence health issues in the
in future.
UK that arise from its position as an institutional investor. The Charity will work with
other investors in this regard. The Investment Committee approved, in principle,
that up to 5% of the Endowment could be invested in funds that provide positive
TABLE 2 - Endowment V RPI
health impact as well as appropriate risk-adjusted returns. We are addressing how
800 this policy should be implemented.
700
Reserves policy
During the year our total Unrestricted Funds increased from 30.5m to 46.4m. As
600 at 31 March 2017, 29.5m of these funds were designated in the form of properties
and other assets that are used in the provision of our charitable activities. This
leaves the Charity with free reserves of 16.8m (2016: 3.4m), which are managed
Net Asset Value ( millions)
500 through a Distribution Account.

The Charity plans the distribution of its Unrestricted Funds through a five-year
400 budget. The first such budget was approved by Trustees for the period 1 April
2013 to 31 March 2018. Performance against the budget is reviewed annually
and a new budget is normally established after three financial years to ensure
300 that an adequate long-term planning horizon is maintained for the Charitys grants
programmes. The budget is based on the distribution of all available resources
projected to arise in the five-year period covered by the budget. In view of the
200 change of leadership of the Charity, it was decided to delay the formulation of a
new five-year grants budget by a year to commence on 1 April 2017.
100 The Charity maintains the ability to transfer funds from the expendable Endowment if
necessary to meet its disbursement targets.
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Endowment - actual
Endowment - indexed to UK RPI
32 Strategic report - Principal risks and their management 33 Strategic report - Principal risks and their management
Funding
ailure to design and deliver effective programmes resulting in insufficient
F
number or value of high quality grant applications or other charitable
projects. Mitigation actions include designing an effective programme
operating model, recruitment of an expanded funding team, understanding
the evidence base, and developing systems to share insights with and to
learn from partners.
Principal risks
oor decision-making in the assessment and award of grant applications or
P
other funding. Mitigation includes establishing new strategy and programme
committees that are well staffed and run effectively. We make use of information
from the evaluation of grant outcomes to inform the decision-making process.
and their
ailure to effectively manage and monitor progress of grants and other
F
charitable activities. We avoid this by having robust grant management
processes in place and playing an active role in the governance of larger
projects. In addition, we are investing in new processes, IT systems, people
management
and training to enhance our effectiveness.
Investment
oor selection and management of investment advisors. We annually review
P
the performance of managers and advisers and adjust where needed.
We believe we have appropriate procedures and controls to identify and ailure to maintain investment risk levels. We discuss how to react when markets
F
mitigate against risks we are exposed to. Systems include: are volatile to ensure we are willing to hold our investments in such circumstances.
long-term strategic plan, a five-year budget for charitable support and an

A ailure to correctly evaluate, plan and execute high value property projects.
F
annual budget for all income and expenditure all of which are approved by We rigorously appraise projects and monitor progress regularly. Professional
the Trustees. advisers are used as appropriate. The Investment Committee reviews
appraisals and progress reports.
egular consideration by the senior management team and Trustees of
R
financial results and performance indicators.
eriodic review of systems and controls by the Finance and Audit Committee
P Operations
supported by internal audit reports.
ailure to develop succession plans and recruit effectively for key staff.
F
Identification, management of ongoing review of risks. Our risk register is We maintain succession plans and facilitate senior staff involvement in the
reviewed regularly to ensure these are managed appropriately and promptly. strategic development of the Charity, and an open culture within the senior
e have identified the following principal areas of risk, and ways to manage
W management team.
them. These were updated during the year to reflect the new strategy and its alicious cyber attacks resulting in data security breaches or corruption/
M
implementation: destruction of data held in the Charitys IT systems. We have conducted a
review of cyber security and are addressing the recommendations including
improved awareness, policies, training, passwords and testing. This will also
cover the need to respond to forthcoming new IT regulations, with General
Protection of Data Regulations coming into effect in May 2018.
Reputation
ailure of major grants, or other charitable or investment projects. We ensure
F
that stakeholders understand that innovative projects, by their very nature,
dont always succeed, and we encourage an open culture between the
Charity and its partners to help avoid concealment of problems.
ctions or statements by the Charitys outsourced fundraising partner conflict
A
with the Charitys policies, create bad publicity or contravene legislation. We
are developing a new contractual framework to clarify roles, responsibilities
and reporting requirements. A new Trust Engagement Director role has
been created to ensure better Charity involvement with and oversight of our
fundraising activities.
34 Structure, governance and management 35 Structure, governance and management
Powers of investment
The Charitys powers of investment in its own right are principally derived from its
Articles of Association and the Companies Act 2006; in exercising these powers, the
Trustees must act in accordance with their duties as charity trustees and as company
directors as set out in the Charities Act 2011 and the Companies Act 2006 and as
Structure, governance and management derived from case law.
The Charitys powers of investment in its capacity as corporate trustee of the Guys
and St Thomas Endowed Charity and the other linked charities are principally
derived from the revised Scheme approved by the Charity Commission in 2015 and
the Trustee Act 2000; in exercising these powers, the Charity must act in accordance
with its duties as set out in the Scheme and the Trustee Act 2000.
Charitys object
In each case, these powers of investment are wide, allowing the Trustees and the Charity
Guys and St Thomas Charity is an independent charitable company. Our charity in its capacity as corporate trustee of the Endowed Charity and the other linked charities
number is 1160316 and the charity is registered as a company limited by guarantee to invest in such stocks, funds, shares, securities or other investments as they see fit.
with number 9341980. Our registered office is Francis House, 9 Kings Head Yard,
London, SE1 1NA.
Public benefit
The charitable company is the trustee of Guys and St Thomas Endowed Charity and
a number of other linked charities. Unrestricted Funds and those Restricted Funds The Trustees confirm that they have complied with the duty in section 4 of the
that are not separate charities linked to us are part of the charitable company. Charities Act 2011 and that they have considered the Charity Commissions guidance
on public benefit in shaping the Charitys objectives and planning future activities.
The object of Guys and St Thomas Charity is any charitable purpose or purposes
relating to the general or any specific purposes of Guys and St Thomas NHS The Trustees are conscious of the need to ensure that the activities of the Charity
Foundation Trust or the purposes of the health service (as described in section 1 of comply with the public benefit requirement and they believe that all the charitable
the NHS Act 2006 or any statutory modification of that section). activities, most of which are described in this report, are for the public benefit.
Funding policy Remuneration

We work with many partners and fund projects and initiatives that will make a positive The governing principles of the Charitys remuneration policy are:
contribution to our strategic goals. All spend is reviewed by the Charity against our
criteria for quality and value for money. Ongoing projects are monitored to ensure To ensure delivery of the Charitys objectives.
that they are achieving their milestones and are formally evaluated.
o attract and retain a motivated workforce with the skills and expertise
T
necessary for organisational effectiveness.
Appointment of Trustees That remuneration should be equitable and coherent across the organisation.
Following our reconstitution on 1 April 2015, Trustee appointments are made by the To take account of the purposes, aims and values of the Charity.
Trustees after open competition. Guys and St Thomas NHS Foundation Trust has
the right to appoint and remove one Charity Trustee. Trustees are given a thorough o ensure that pay levels and pay increases are appropriate in the context of
T
induction to the Charity and its staff and operations when they join our Board, and the interests of our beneficiaries.
training needs are also addressed.
Senior executive remuneration

Trustee changes
In relation to deciding remuneration for the Charitys senior executives, the Charity
Sir Ron Kerr was appointed as a Trustee in December 2016 at the request of Guys considers the potential impact of remuneration levels and structures of senior executives
and St Thomas NHS Foundation Trust. Sue Gallagher retired as a Trustee in July 2017 on the wider Charity workforce and will take account of the following additional principles:
having completed two four year terms of office. Ian Dalton resigned as a Trustee in July
nsuring that the Charity can access the types of skills, experiences and
E
2017 following his appointment as Chief Executive of Imperial College Healthcare NHS
competencies that it needs in its senior staff.
Trust. Helen Bailey and Duncan Selbie joined as Trustees in July 2017.
he nature of the wider employment offer made to senior employees, where pay
T
is one part of a package that includes personal development, personal fulfilment
and association with the public benefit delivered. The Charity recognises that it is,
on occasion, possible to attract senior executives at a discount to public sector or
private sector market rates.
The Charity was able to hire a number of senior executives during the year in line with these Trustees responsibilities
policies and in line with existing pay levels at the Charity. However, the Charity also chose
to respond to competition for talent with particular skill sets so that these skills are retained The Trustees (who are also directors of Guys and St Thomas Charity for the
within the Charity. purposes of company law) are responsible for preparing the Trustees Annual Report
(including the Strategic Report) and the financial statements in accordance with
Remuneration for the year ended 31 March 2017 comprised salary and pension applicable law and regulations.
contributions. There are no other pecuniary benefits for senior or other staff at the Charity.
Company law requires the Trustees to prepare financial statements for each
The following table sets out the remuneration of the Charitys Executive Committee financial year. Under that law the Trustees have prepared the financial statements in
and other staff paid at a commensurate level. accordance with United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under company law the
TABLE 3 - Remuneration for the year ended 31 March 2017 Trustees must not approve the financial statements unless they are satisfied that they
give a true and fair view of the state of the affairs of the charitable company and the
Annual salary Actual salary Pension Total Increase in annual
Name
(Full Time Equivalent) payments contributions remuneration salary over 2015/16 Group and of the incoming resources and application of resources, including the
income and expenditure, of the Group for that period. In preparing these financial
Current employees
statements, the Trustees are required to:
Kieron Boyle
Chief Executive 132,000 128,616 15,900 144,516 n/a
(from 11 April 2016) select suitable accounting policies and then apply them consistently
David Renton observe the methods and principles in the Charities SORP
113,436 113,436 16,534 129,970 2.5%
Director of Finance and Investment
Jon Siddall make judgements and estimates that are reasonable and prudent
Director of Funding 103,000 15,318 1,838 17,156 n/a
(from 6 February 2017)
s tate whether applicable UK Accounting Standards have been followed,
Gayle Willis subject to any material departures disclosed and explained in the financial
Director of Communications
92,020 44,106 7,504 51,610 2.5% statements
(3 days a week - maternity leave
from 17 November 2016)
repare the financial statements on the going concern basis unless it is
p
Catherine Cullen
Director of Communications inappropriate to presume that the charitable company will continue in
88,000 33,733 4,321 38,054 n/a
(4 days a week - maternity cover business.
from 10 October 2016)
Gail Macdonald 17.0%

The Trustees are responsible for keeping adequate accounting records that are
105,000 105,000 15,015 120,015 sufficient to show and explain the charitable companys transactions and disclose
Property Director
with reasonable accuracy at any time the financial position of the charitable company
Former employees
and the Group and enable them to ensure that the financial statements comply with
Peter Hewitt the Companies Act 2006. They are also responsible for safeguarding the assets of
Chief Executive 133,704 16,284 2,329 18,613 2.5% the charitable company and the Group and hence for taking reasonable steps for the
(until 13 May 2016)
prevention and detection of fraud and other irregularities.
Oliver Smith
Director of Strategy and Innovation 96,420 43,884 6,275 50,159 2.5% The Trustees are responsible for the maintenance and integrity of the charitable
(until 14 September 2016)
companys website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Contributions were made by the Charity to the NHS Pension Scheme at the Scheme rate of 14.3% of pay in relation to
In so far as the Trustees are aware, there is no relevant audit information of which
their membership of that scheme for Gayle Willis, Gail Macdonald, Peter Hewitt and Oliver Smith. Contributions were
the companys auditors are unaware and they have taken all the steps that they
made to the Charitys defined contribution pension scheme for Kieron Boyle, Jon Siddall and Catherine Cullen. David
ought to have taken as a Trustee in order to make themselves aware of any relevant
Renton received payment in lieu of the pension contribution and payments were made for life/critical illness cover.
audit information and to establish that the companys auditors are aware of that
information.
Below we include information on staff compensation by salary band. This covers staff who were on payroll at 31
March 2017 and shows the full time equivalent pay to help compare rates of pay better.
Signed on behalf of the Trustees
Salary band Number of staff
20,000 - 60,000 15
60,000 - 100,000 5
100,000 - 140,000 4
Barbara Moorhouse
24
27 September 2017
All staff were awarded a pay increase of 2.5% on 1 April 2016. In 2016/17 the Charity
was certified as a London Living Wage employer.
Organisation
Our staff Professor David Colin Thom brings with him extensive experience of primary
care as a GP for more than 30 years, as well as significant knowledge of national
Our Executive Team is made up of: policy as the Department of Healths National Clinical Director for Primary Care from
2001-10. He also chaired the Long Term Conditions Board and co-chaired and led
Kieron Boyle, Chief Executive the Primary and Community Care Strategy (PCSS) for the NHS Next Stage (Lord
Darzis) Review, published in 2008. He subsequently chaired the PCSS Clinical
David Renton, Director of Finance and Investment Advisory Group and co-chaired the Transforming Community Health Services board.
Gayle Willis, Director of Communications (on maternity leave since November 2016)
Barbara Moorhouse brings a wealth of strategic, operational and financial
Catherine Cullen, Director of Communications (maternity cover from October 2016) leadership experience built up over a career in both the private and public sectors.
After spending most of her career as Chief Operating Officer/Chief Finance Officer
Jon Siddall, Director of Funding (since February 2017) in international quoted companies, she then held senior positions in the Ministry of
Justice, Department for Transport and Westminster City Council. Her current non-
Details of our Executive Team and a full list of our staff members are available on our website. executive roles include Balfour Beatty plc, Microgen plc, IDOX plc, Agility Trains and
the Lending Standards Board. Barbara chairs our Finance and Audit Committee.
Trustee Board Tom Joy began his career as a graduate trainee at Royal Sun Alliance Investment
Management. He then joined Schroders and held a variety of different roles
Wol Kolade is the Managing Partner of private equity investor Livingbridge. Wol culminating in becoming Head of Investment Multi-Manager. He then joined RMB
holds a number of non-executive positions and he is a former Chairman of the Asset Management as Chief Investment Officer. In 2009, he became Director of
British Private Equity and Venture Capital Association. He has been a Governor at Investments at the Church Commissioners for England, where he has refocused
the London School of Economics and Political Science since 2002. He became the investment strategy and diversified the portfolio. Tom chairs our Investment
Chairman of the Charity in October 2015. Committee and is also a Board member of the Pension Protection Fund.
Sally Tennant brings many years experience in the banking and investment sectors. Sir Ron Kerr joined Guys and St Thomas NHS Foundation Trust as Chief Executive
She is currently Chairman of Duncan Lawrie, Chair of Style Research, a Director of in 2007. He stepped down on 1 October 2015 after 30 years in senior NHS leadership
Ledunfly and vice-Chairman of the Advisory Board of Paladin Capital Group. Sally roles remaining with the Trust as Executive Vice Chairman. His first CEO appointment
was previously Chief Executive of Lombard Odier (UK) Ltd, after four years as Chief was in 1985 and his other roles have included Regional General Manager for North
Executive of Schroders Private Banking. Her early career was spent at Morgan Thames Regional Health Authority, Chief Executive of the National Care Standards
Grenfell Asset Management and at S.G. Warburg & Co. Sally is a trustee of the Commission, Chief Executive of United Bristol Healthcare NHS Trust, Deputy Director
STARS Foundation. of Financial Management for the NHS Executive, and Chief Executive of the South
East London Commissioning Agency.
Sue Gallagher has held a number of senior roles in the NHS and was Chief
executive of Merton, Sutton and Wandsworth Health Authority from 1997 to 2002. Helen Bailey is an experienced public sector leader. She has most recently worked
More recently she has worked with the Department of Health as a consultant in an advisory capacity with iMPOWER and as Chief Executive of a London Borough,
and with many individuals and organisations in the public and third sectors as an a senior treasury official and the Chief Officer of the Mayors office for Policing and
executive coach, facilitator and development consultant. Sue is lay member on Crime. She was a member of the Board of Clarion Housing Group. Helen joined the
Lambeth Clinical Commissioning Group and a stakeholder governor of Guys and Charity in July 2017.
St Thomas and Kings College Hospital NHS Foundation Trusts. Sue stepped down
from her role as trustee in July 2017.
Duncan Selbie is the Chief Executive of Public Health England. Prior to joining PHE
on its formation in 2013, he was Chief Executive of Brighton and Sussex University
Ian Dalton CBE is Chief Executive of Imperial College Healthcare NHS Trust. Hospitals, the regional teaching hospital for the south east of England. From 2003 to
Prior to that he was President, Global Government and Health, at BT plc. Ian has 2007 he was the Director General of Programmes and Performance for the NHS and
many years of experience in the NHS and social care, and is one of Englands most subsequently the first Director General of Commissioning. Prior to this, he was Chief
senior healthcare leaders. Before BT, he was Chief Operating Officer and Deputy Executive of South East London Strategic Health Authority and before that Chief
Chief Executive Officer for NHS England. He has held many senior roles in the NHS Executive of the South West London and St Georges Mental Health NHS Trust. He
including CEO of NHS North of England, MD of Provider Development, National joined the Charity in July 2017.
Director of NHS Flu Resilience and CEO of NHS North East. He has also been CEO
of two hospital trusts and worked on the reconstruction of civilian health services in
Iraq. Ian stepped down from his role as trustee in July 2017.
Committees Cancer Funds Committee

This committee meets three times a year and is responsible for overseeing Special
We have a number of committees who report to the Trustee Board, and funding Purpose Funds benefiting cancer services and considering applications for funding
committees who advise the Board on charitable expenditure. to improve cancer care at Guys and St Thomas NHS Foundation Trust. It reports to
the Trust Engagement Committee.
Our committees are made up of experts in their respective fields. In April 2017, we
reorganised our committees to help us implement our new strategy.
Relationship with other charities
Funding decisions are now made either by the Trustee Board or by the executive
leadership team. Unless a Programme Committee requests otherwise, charitable
Newcomen Collett Foundation
spending of up to 2m is approved by the Charitys executive leadership.
The Charity has the right to appoint a representative governor to serve on the
Newcomen Collett Foundation Board of Trustees. Ms Helen Cockerill was
Board Committees re-appointed in 2013 for four years.
Investment Committee
This committee takes responsibility for investment strategy and management. It St Olaves & St Saviours Schools Foundation
reports to the Trustee Board. The Charity has the right to appoint a representative to serve on the Foundation
Court of Governors of St Olaves & St Saviours Schools Foundation.
Finance and Audit Committee
Mr Malcolm Edwards is serving as Foundation Court Governor (Trustee) for
This committee takes responsibility for overseeing financial governance and all
St Olaves & St Saviours Schools Foundation until February 2018.
matters relating to the internal and external audit. It reports to the Trustee Board.
Mrs Elizabeth Edwards is serving as Foundation Court Governor (Trustee) for
Remuneration Committee St Olaves and St Saviours Schools Foundation until May 2018.
This committee develops policy on staff remuneration and approve overall spending
on staff remuneration and benefits. The committee also approves senior executive
remuneration.
Advisors
Strategy Committee
Until December 2016, this committee advised the Board on funding decisions of Auditors (Statutory) Land Agents
above 2 million and had responsibility to oversee and monitor the grants strategy.
Kingston Smith LLP Savills
The committee was reorganised in April 2017 and today it is made up of multi-
Devonshire House Eastgate House
disciplinary, national experts who help us to focus on impact, to derive insight and
60 Goswell Road Eastgate Street
lessons from our work and to effectively influence others to act.
London EC1M 7AD Winchester SO23 8DZ
Programme Committees Auditors (Internal) Property Managers

Programme Committee - Childhood Obesity KPMG LLP Allsop Letting and Management
Since May 2017, this committees experience provides unique perspectives to our 15 Canada Square Princes House
childhood obesity programme. It includes members from social enterprise, school, Canary Wharf 53-54 Queens Road
public health, corporate and philanthropic backgrounds, all with experience working London E14 5GL Brighton BN1 3XB
to support children and young people. Fresh Student Living
Bankers Third Floor
Programme Committee - Multiple long-term conditions
NatWest 7-9 Swallow Street
Since it was set up in May 2017, the multiple long-term conditions committee London W1B 4DE
challenges and advises us on how to maximise impact, capture insights and 91 Westminster Bridge Road
effectively influence on this complex issue through our new programme of activity. London SE1 7HT Lambert Smith Hampton
UK House
Insurance Brokers 180 Oxford Street
Trust focused Committees London W1D 1NN
H W Wood Limited
Trust Engagement Committee
The Baltic Exchange
Since its constitution in April 2017, this committee oversees our role as the Trusts 38 St Mary Axe Solicitors
Charity and ensures we maximise the impact of dedicated funding streams and London EC3A 8BH Withers LLP
fundraising. It reports to the Trustee Board. 16 Old Bailey
Investment Advisors London EC4M 7EG
Evelina Childrens Fund Committee
This committee meets quarterly and is responsible for considering applications Partners Capital LLP Macfarlanes LLP
for funding from the Evelina Childrens Fund. It reports to the Trust Engagement 5 Young Street 20 Cursitor Street
Committee. London W8 5E London EC4A 1LT
42 Strategic report 43 Strategic report
Auditors report and

financial statements
44 Auditors report 45 Auditors report
Independent Auditors Report to the Members of Guys Opinion on financial statements

and St Thomas Charity In our opinion, the financial statements:
We have audited the financial statements of Guys and St Thomas Charity for the ive a true and fair view of the state of the groups and the parent charitable
g
year ended 31 March 2017 which comprise the Consolidated Statement of Financial companys affairs as at 31 March 2017 and of the groups incoming resources
Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash and application of resources, including its income and expenditure, for the
Flow Statement, and the related notes. The financial reporting framework that has year then ended;
been applied in their preparation is applicable law and United Kingdom Accounting
ave been properly prepared in accordance with United Kingdom Generally
h
Standards (United Kingdom Generally Accepted Accounting Practice) including FRS
Accepted Accounting Practice; and
102 The Financial Reporting Standard Applicable in the UK and Ireland.
ave been prepared in accordance with the requirements of the Companies
h
This report is made solely to the charitable companys members, as a body, in Act 2006.
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work
has been undertaken so that we might state to the charitable companys members
and trustees those matters which we are required to state to them in an auditors Opinions on other matters prescribed by the Companies
report and for no other purpose. To the fullest extent permitted by law, we do not Act 2006
accept or assume responsibility to any party other than the charitable company and
charitable companys members as a body for our audit work, for this report, or for the In our opinion, based on the work undertaken in the course of the audit:
opinions we have formed. the information given in the strategic report and the trustees annual report
for the financial year for which the group financial statements are prepared
is consistent with the financial statements; and
Respective responsibilities of trustees and auditor the strategic report and the trustees annual report have been prepared in
accordance with applicable legal requirements.
As explained more fully in the Trustees Responsibilities Statement, the trustees (who
are also the directors of the charitable company for the purposes of company law) are
responsible for the preparation of the financial statements and for being satisfied that Matters on which we are required to report by exception
they give a true and fair view.
In the light of the knowledge and understanding of the company and its environment
Our responsibility is to audit and express an opinion on the financial statements in obtained in the course of the audit, we have not identified material misstatements in
accordance with applicable law and International Standards on Auditing (UK and the strategic report or the trustees annual report.
Ireland). Those standards require us to comply with the Auditing Practices Boards
e have nothing to report in respect of the following matters where the Companies
W
Ethical Standards for Auditors.
Act 2006 requires us to report to you if, in our opinion:
the parent charitable company has not kept adequate accounting records,
Scope of the audit of the financial statements or returns adequate for our audit have not been received from branches not
visited by us; or
An audit involves obtaining evidence about the amounts and disclosures in the the parent charitable companys financial statements are not in agreement
financial statements sufficient to give reasonable assurance that the financial with the accounting records and returns; or
statements are free from material misstatement, whether caused by fraud or error. certain disclosures of trustees remuneration specified by law are not made;
This includes an assessment of: whether the accounting policies are appropriate to the
Charitys circumstances and have been consistently applied and adequately disclosed; or
the reasonableness of significant accounting estimates made by the trustees; and e have not received all the information and explanations we require for
w
the overall presentation of the financial statements and to identify any information our audit.
that is apparently materially incorrect based on, or materially inconsistent with, the
knowledge acquired by us in the course of performing the audit. In addition we read
all the financial and non-financial information in the Annual Report to identify material
inconsistencies with the audited financial statements. If we become aware of any Nicholas St. J. Brooks (Senior Statutory Auditor)
apparent material misstatements or inconsistencies we consider the implications for
our report. for and on behalf of Kingston Smith LLP, Statutory Auditor
27 September 2017
Devonshire House, 60 Goswell Road, London EC1M 7AD
Guys and St Thomas Charity Annual Report 2016/17 Guys and St Thomas Charity company limited by guarantee registered in England and Wales No. 9341980
47 Financial Statements
Consolidated Statement of Financial Activities

(incorporating an Income and Expenditure Account)
For the year ended 31 March 2017

2017 2016
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total

Funds Funds Funds Funds Funds Funds Funds Funds
Notes 000 000 000 000 000 000 000 000
Income from:
Investments 2 2,042 45 16,264 18,351 1,969 68 11,159 13,196
Release from endowment funds 3 21,141 197 (21,338) - 19,902 215 (20,117) -
Donations, legacies and other 4 1,378 7,374 - 8,752 1,058 5,188 - 6,246
Total income 24,561 7,616 (5,074) 27,103 22,929 5,471 (8,958) 19,442
Expenditure on:
Raising funds
Investment costs 5 571 2 10,234 10,807 (105) - 6,091 5,986
Fundraising cost 5 481 - - 481 467 - - 467
1,052 2 10,234 11,288 362 - 6,091 6,453
Charitable activities
Grants 5 13,326 2,491 - 15,817 8,912 1,449 - 10,361
Other charitable activities 5 1,471 2,024 - 3,495 1,371 2,285 - 3,656
14,797 4,515 - 19,312 10,283 3,734 - 14,017
Total expenditure 7 15,849 4,517 10,234 30,600 10,645 3,734 6,091 20,470
Net income/(expenditure) before

gains and losses on investments 8,712 3,099 (15,308) (3,497 ) 12,284 1,737 (15,049) (1,028)
Net gains on revaluation
and disposal of investments 9 8,013 - 119,165 127,178 3,585 - 11,194 14,779
Net income/(expenditure) 16,725 3,099 103,857 123,681 15,869 1,737 (3,855) 13,751
Transfers between funds 19 (189) 189 - - (193) 193 - -
Other recognised (losses)/gains

(Loss)/gain on revaluation of
tangible fixed assets 8 (701) - - ( 701) 46 - - 46
Net movement in funds 15,835 3,288 103,857 122,980 15,722 1,930 (3,855 ) 13,797
Reconciliation of funds
Total funds brought forward 30,546 11,328 589,388 631,262 14,824 9,398 593,243 617,465
Total funds carried forward 46,381 14,616 693,245 754,242 30,546 11,328 589,388 631,262
The notes on pages 51 to 75 form part of these financial statements
48 Financial Statements 49 Financial Statements
Consolidated Balance Sheet Balance Sheet
As at 31 March 2017 As at 31 March 2017

2017 2016 2017 2016
Unrestricted Restricted Endowment Total at Unrestricted Restricted Endowment Total at Unrestricted Restricted Endowment Total at Unrestricted Restricted Endowment Total at
Funds Funds Funds 31 March Funds Funds Funds 31 March Funds Funds Funds 31 March Funds Funds Funds 31 March
Notes 000 000 000 000 000 000 000 000 Notes 000 000 000 000 000 000 000 000
Fixed assets Fixed assets
Tangible assets 8 3,793 - - 3,793 4,438 - - 4,438 Tangible assets 8 3,793 - - 3,793 4,438 - - 4,438
Investments 9 25,927 - 786,493 812,420 22,828 - 685,634 708,462 Investments 9 21,500 - 785,521 807,021 22,842 - 684,694 707,536
29,720 - 786,493 816,215 27,266 - 685,634 712,900 25,293 - 785,521 810,814 27,280 - 684,694 711,974
Current assets Current assets

Debtors 10 952 376 2,297 3,625 3,557 347 1,101 5,005 Debtors 10 945 376 3,273 4,594 3,557 347 2,041 5,945
Inter-fund loan 11 39,500 - (39,500) - 50,000 - (50,000) - Inter-fund loan 11 39,500 - (39,500) - 50,000 - (50,000) -
Cash and short term deposits 12 9,349 19,091 10,406 38,846 2,133 14,865 15,815 32,813 Cash and short term deposits 12 9,319 19,091 10,396 38,806 2,073 14,865 15,808 32,746
49,801 19,467 (26,797) 42,471 55,690 15,212 (33,084) 37,818 49,764 19,467 (25,831) 43,400 55,630 15,212 (32,151) 38,691
Creditors: Amounts falling Creditors: Amounts falling due

due within one year within one year:
Grant creditors 6 21,476 3,765 - 25,241 35,660 2,886 - 38,546 Grant creditors 6 21,476 3,765 - 25,241 35,660 2,886 - 38,546
Other creditors 13 4,121 797 6,451 11,369 3,354 740 3,162 7,256 Other creditors 13 4,118 797 6,445 11,360 3,287 740 3,155 7,182
25,597 4,562 6,451 36,610 39,014 3,626 3,162 45,802 25,594 4,562 6,445 36,601 38,947 3,626 3,155 45,728
(33,248) (36,246) ( 7,984) Net current assets 24,170 14,905 (32,276) 6,799 16,683 11,586 (35,306) ( 7,037)
Net current assets 24,204 14,905 5,861 16,676 11,586
Total assets less current liabilities 53,924 14,905 753,245 822,074 43,942 11,586 649,388 704,916 Total assets less current liabilities 49,463 14,905 753,245 817,613 43,963 11,586 649,388 704,937
Creditors Amounts falling Creditors: Amounts falling

due after one year due after one year
Grant creditors 6 7,543 280 - 7,823 13,396 - - 13,396 Grant creditors 6 7,543 280 - 7,823 13,396 - - 13,396
Other creditors - 9 - 9 - 258 - 258 Other creditors - 9 - 9 - 258 - 258
Private placement loan 14 - - 60,000 60,000 - - 60,000 60,000 Private placement loan 14 - - 60,000 60,000 - - 60,000 60,000
7,543 289 60,000 67,832 13,396 258 60,000 73,654 7,543 289 60,000 67,832 13,396 258 60,000 73,654
Total net assets 46,381 14,616 693,245 754,242 30,546 11,328 589,388 631,262 Total net assets 41,920 14,616 693,245 749,781 30,567 11,328 589,388 631,283
Funds of the charity Funds of the charity

Income funds Income funds
Unrestricted 26,038 - - 26,038 14,382 - - 14,382 Unrestricted 26,367 - - 26,367 14,665 - - 14,665
Unrestricted - revaluation reserve 18 20,343 - - 20,343 16,164 - - 16,164 Unrestricted revaluation reserve 18 15,553 - - 15,553 15,902 - - 15,902
15 46,381 - - 46,381 30,546 - - 30,546 15 41,920 - - 41,920 30,567 - - 30,567
Restricted 16 - 14,616 - 14,616 - 11,328 - 11,328 Restricted 16 - 14,616 - 14,616 - 11,328 - 11,328
46,381 14,616 - 60,997 30,546 11,328 - 41,874 41,920 14,616 - 56,536 30,567 11,328 - 41,895
Capital funds Capital funds
Endowment funds - - 372,597 372,597 - - 357,154 357,154 Endowment funds - - 373,507 373,507 - - 358,064 358,064
Endowment funds - revaluation reserve 18 - - 320,648 320,648 - - 232,234 232,234 Endowment funds revaluation reserve 18 - - 319,738 319,738 - - 231,324 231,324
17 - - 693,245 693,245 - - 589,388 589,388 17 - - 693,245 693,245 - - 589,388 589,388
Total funds 46,381 14,616 693,245 754,242 30,546 11,328 589,388 631,262 Total funds 41,920 14,616 693,245 749,781 30,567 11,328 589,388 631,283
Approved by the Trustees and signed on their behalf: Approved by the Trustees and signed on their behalf:
Barbara Moorhouse
27 September 2017
Barbara Moorhouse
27 September 2017
Consolidated Statement of Cash Flows Notes to the Financial Statements
For the year ended 31st March 2017 1. Accounting Policies

31 March 31 March
2017 2016 1.1 General
Notes 000 000
The financial statements have been prepared under the historical cost convention, with the exception of: investments and works of art which are included at
Cash flows from operating activities: market value; and grant creditors payable after more than one year which are included at their present value. The financial statements have been prepared
in accordance with Financial Reporting Standard 102 (FRS 102), the Statement of Recommended Practice for Accounting and Reporting by Charities
Net cash used in operating activities (35,386) (43,552)
issued in January 2015 (Charity SORP), and applicable United Kingdom law and accounting standards. The Charity is a Public Benefit Entity as defined by
FRS 102.
Cash flows from investing activities:
Rents, dividends and interest from investments 18,351 13,196
1.2 Going concern
Proceeds from sale of investments 182,657 167,357
Purchase of investments (160,637) (210,917) The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast
Net cash provided by/(used in) investing activities 40,371 (30,364) significant doubt on the ability of the Charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from
the date of approval of the financial statements. In particular the trustees have considered the Charitys forecasts and projections and have taken account
of pressures on income. After making enquiries the trustees have concluded that there is a reasonable expectation that the Charity has adequate resources
Cash flows from financing activities: to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial
Cash inflows from new borrowing - 60,000 statements.
Net cash provided by financing activities - 60,000
1.3 Fund accounting

Change in cash and cash equivalents in the reporting period 4,987 (13,916)
Cash and cash equivalents at the beginning of the reporting period 12 32,813 46,685 The Charity maintains various types of funds and descriptions of these funds are provided in notes 15 to 17. Income and expenditure on these funds is shown
Change in cash and cash equivalents due to exchange rate movements 1,048 44 separately within the Statement of Financial Activities and analysed into their main components also in notes 15 to 17.
There are three main types of funds as follows:
Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the Charity.
Cash and cash equivalents at the end of the reporting period 12 38,846 32,813 Restricted funds represent funds where the grants and donations are requested by the donor to be spent on a specific purpose.
Endowment funds are funds which are held as the long term capital of the Charity to provide an on-going income to expend in furtherance of the Charitys
objects. The Charity has two types of endowment funds; those expendable at the Trustees discretion (expendable endowment funds) and those which
must be permanently held as capital (permanent endowment funds). A total return approach to investment has been adopted for both types of endowment
fund under which the funds are invested to produce an investment return without regard to whether that return is in the form of income or capital
Reconciliation of net income to net cash flow from operating activities appreciation. The Charity has developed a distribution rule which is designed to produce a consistent and sustainable amount to be transferred annually to
the unrestricted fund whilst maintaining the value of the endowments in real terms over the long term (see note 3).
31 March 31 March
2017 2016
000 000
1.4 Critical accounting estimates and judgements
Net income for the reporting period 123,680 13,751 The Charitys management is required to make judgements, estimates and assumptions that affect the application of policies and reported amounts of
Adjustments for: assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that
are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets
Depreciation charges 38 44 and liabilities that are not readily apparent from other sources. There is one judgement which has a significant risk of causing a material adjustment to the
Gains on investments (127,177) (14,779) carrying amount of assets and liabilities, which is that relating to the discount rate applied to the calculation of the present value of grant creditors payable
Programme related investments written off 58 128 after more than one year. The Charity has assessed the most appropriate discount rate to be the interest rate of the inter-fund loan from the unrestricted
Rents, dividends and interest from investments (18,351) (13,196) fund to the endowment fund, as described in note 11, as this best reflects the opportunity cost of income foregone.
Donated fixed assets - (35)
Decrease/(increase) in debtors 1,380 (1,736) 1.5 Incoming resources
Decrease in grants payable (18,878) (27,207)
(522) All incoming resources received or receivable are brought into account and allocated as appropriate to one of the three types of fund unrestricted,
Increase/(decrease) in other creditors 3,864
restricted or endowment.
Net cash used in operating activities (35,386) (43,552) Donations, gifts, legacies and investment income are accounted for when received or when due and receipt is probable.
Dividends and interest are brought into account gross of recoverable UK and overseas taxation.
Decrease in grants payable comprises:
Grants awarded 13,851 9,066
1.6 Resources expended
Grants paid out (33,029) (36,880)
Change in fair value 300 607 All expenditure is accounted for on an accruals basis. The majority of costs are attributable directly to specific activities. Shared costs are apportioned
(18,878) (27,207) to activities based on an estimate of the proportion of staff time spent on each of these areas of work. Expenditure in the accounts is analysed into the
following activities:
E xpenditure on raising funds comprise costs incurred in managing the Charitys investment portfolio and maintaining the Charitys investment properties
The notes on pages 51 to 75 form part of these financial statements as well as the amount charged to the Charity for fundraising services.
G rants awarded are brought into account when a constructive obligation exists for the Trustees to make the grant.
O ther charitable activities relate to expenditure in support of beneficiaries which is not made as part of the normal grants programme. It includes
expenditure on Arts in the hospitals and day to day beneficiary expenditure incurred through special purpose funds.
1.7 Pensions contributions and employee benefits
The cost of employer contributions to the NHS Pension Scheme and other schemes is charged to the Statement of Financial Activities. The NHS Pension
Scheme is an unfunded defined benefit scheme that covers NHS employers, GP practices and other bodies allowed under the direction of the Secretary
of State. The Scheme is not designed to be run in a way that would enable employer bodies to identify their share of the underlying Scheme assets and
liabilities. Therefore the Scheme is accounted for as a defined contribution scheme. Employer contributions to the NHS Scheme are based on 14.3% of
gross salaries.
Notes to the Financial Statements (continued) Notes to the Financial Statements (continued)
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee 2. Income from investments
through, for example, redundancy, or to provide termination benefits.
2017 2016
1.8 Allocation and apportionment of costs Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Staff costs are considered on a person by person basis and allocated between expense headings on the basis of an estimate of time spent on activities in 000 000 000 000 000 000 000 000
each area. Other overheads which are not directly attributable to one particular area of activity are apportioned in the same ratios as salary costs. Details of Financial investments
expenditure are provided in the notes to the accounts. Financial investments
Dividends, distributions and interest
1.9 Tangible fixed assets Global equity - - 988 988 - - 1,413 1,413
Private equity - - 108 108 - - 68 68
Capitalisation: Credit - - - - - - 114 114
L
easehold improvements and fixtures, fittings and equipment which are capable of being used for more than one year and have a cost equal to or greater
than 5,000 are capitalised. Programme related financial investments
W
orks of art which are included in the Charitys art collection are capitalised without reference to a minimum cost. Royalties and interest 11 - - 11 5 - - 5
Valuation: 11 - 1,096 1,107 5 - 1,595 1,600
L
easehold improvements and fixtures, fittings and equipment are included at cost less depreciation where applicable.
Property investments
W
orks of art which are included in the Charitys art collection are included at open market value where such a market exists for a particular asset.
Assets for which there is no ready open market and for which the original cost is not available are included at a nominal value. The entire collection was Property investments
professionally valued as at 31 March 2017. Rents - - 14,974 14,974 - - 9,634 9,634
Depreciation: Other income - - 1,183 1,183 - - 888 888
L
easehold improvements and fixtures, fittings and equipment are depreciated on a straight line basis. Leasehold improvements are depreciated over 10
Programme related property investments
years or the term of the lease if shorter. Furniture and equipment is depreciated over 5 years. Computers and other IT hardware is depreciated over 3
years. Rents 988 - - 988 761 - - 761
T
he art collection is not depreciated as the residual value of works of art is considered to be at least equal to the book value. Other income 6 - - 6 - - - -
Impairment: 994 - 16,157 17,151 761 - 10,522 11,283
A
s at the balance sheet date there was no indication that the recoverable amount of any functional fixed asset was below its net book value.
Interest
Cash and short term deposits 22 45 26 93 95 68 150 313
1.10 Fixed asset investments Inter-fund loan (see note 11) 1,015 - (1,015) - 1,108 - (1,108) -
1,037 45 (989) 93 1,203 68 (958) 313
P
roperty assets are included at market valuation. Investment properties are professionally valued annually and the last valuation was as at 31 December
2016. The Charity also has holdings in two pooled property funds; these funds are included at their net asset value as at 31 March 2017.
L
isted investments are included in the Balance Sheet at market value. 2,042 45 16,264 18,351 1,969 68 11,159 13,196
U
nlisted Investments are valued with reference to the most recent valuations provided by the fund managers, all of which were as at 31 March 2017.
The net gains and losses arising on revaluation and disposals throughout the year are included in the statement of financial activities. 3. Release from endowment funds
1.11 Financial instruments 2017 2016

Financial instruments are contracts that give rise to a financial asset in one entity and a financial liability or equity instrument of another entity. Financial Funds Funds Funds Funds Funds Funds Funds Funds
instruments are classified as either basic financial instruments or other financial instruments. 000 000 000 000 000 000 000 000
Basic financial instruments are recognised in the accounts as follows:
For disbursement under the
C ash and cash equivalents, which includes cash at banks and in hand and short term deposits with a maturity date of three months or less, are carried at
Charitys distribution rule 21,141 - (21,141) - 19,902 - (19,902) -
the value of the cash so held.
T rade and other exchange transaction debtors and creditors receivable or payable within one year of the reporting date are initially recognised at their Permanent endowments total return
settlement amount and subsequently measured at the cash or other consideration expected to be paid or received. allocated to income - 197 (197) - - 215 (215) -
O ther debt instruments subject to a market rate of interest are initially recognised at the amount of principal advanced less material arrangement or
similar fees and subsequently measured at amortised cost using the effective interest method.
21,141 197 (21,338) - 19,902 215 (20,117) -
F ixed asset financial investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet
date as described in note 1.10 above.
Other financial instruments comprise forward dated contracts for the purchase and sale of foreign currencies (forward FX contracts) which are both
The Charity aims to release 4% of the value of the expendable endowment on a smoothed basis annually to the unrestricted fund for charitable and other
initially recognised and subsequently measured at their fair value.
expenditure, whilst maintaining the value of the endowment in line with the level of the Retail Prices Index over the long term. The Charity aims to release
approximately 4% of the value of the permanent endowments annually for charitable spending in accordance with their objects by way of transfers to
appropriate restricted funds.
1.12 Grant creditors
Grant creditors are amounts committed under grant awards but not yet paid. They are non-contractual in nature and therefore not financial instruments. 4. Income from donations, legacies and other
Grant creditors that are estimated as payable after more than one year are measured at the present value of the expected future payments discounted at a
market rate of interest.
2017 2016
1.13 Consolidation Funds Funds Funds Funds Funds Funds Funds Funds
000 000 000 000 000 000 000 000
The consolidated financial statements include the results of the Charity and its wholly-owned subsidiary undertakings, GSTC Health Innovations Limited Donations and legacies
and GSTC Property Investments Limited. The Charity has not presented its unconsolidated income and expenditure account in accordance with the Donations 687 6,658 - 7,345 278 3,587 - 3,865
exemption under Section 408 of the Companies Act 2006.
Legacies 677 691 - 1,368 762 1,558 - 2,320
1,364 7,349 - 8,713 1,040 5,145 - 6,185
Charitable activities - 17 - 17 - 37 - 37
Other 14 8 - 22 18 6 - 24
1,378 7,374 - 8,752 1,058 5,188 - 6,246
5. Total expenditure
2017 2016
Other Total Other Total

charitable charitable Invest- Fund- charitable charitable Invest- Fund-
Grants Art activities activities ments raising Total Grants Art activities activities ments raising Total
000 000 000 000 000 000 000 000 000 000 000 000 000 000
Unrestricted funds
Direct expenditure - - - - 411 - 411
Property investments 11,402 - - 11,402 - - 11,402 - - - - (241) - (241)
Grants awarded - 187 828 1,015 - 481 1,496 7,699 - - 7,699 - - 7,699
Other direct 11,402 187 828 12,417 411 481 13,309 - 177 364 541 - 467 1,008
7,699 177 364 8,240 (241) 467 8,466
Support costs
Salary and other payroll 948 151 122 1,221 96 - 1,317 387 320 218 925 88 - 1,013
Other support 655 98 79 832 62 - 894 208 164 113 485 46 - 531
Depreciation 21 3 3 27 2 - 29 11 9 6 26 2 - 28
1,624 252 204 2,080 160 - 2,240 606 493 337 1,436 136 - 1,572
Change in fair value
Grants creditors 300 - - 300 - - 300 607 - - 607 - - 607
Total unrestricted funds 13,326 439 1,032 14,797 571 481 15,849 8,912 670 701 10,283 (105) 467 10,645
Restricted funds
Direct expenditure
Grants awarded 2,449 - - 2,449 - - 2,449 1,367 - - 1,367 - - 1,367
Other direct - - 1,844 1,844 - - 1,844 - - 2,091 2,091 - - 2,091
2,449 - 1,844 4,293 - - 4,293 1,367 - 2,091 3,458 - - 3,458
Support costs
Salary and other payroll 25 - 103 128 - - 128 52 - 116 168 - - 168
Other support 16 - 75 91 2 - 93 29 - 74 103 - - 103
Depreciation 1 - 2 3 - - 3 1 - 4 5 - - 5
42 - 180 222 2 - 224 82 - 194 276 - - 276
Total restricted funds 2,491 - 2,024 4,515 2 - 4,517 1,449 - 2,285 3,734 - - 3,734
Endowment funds
Direct expenditure
Financial investments - - - - 4,831 - 4,831 - - - - 964 - 964
Property investments - - - - 2,672 - 2,672 - - - - 3,736 - 3,736
- - - - 7,503 - 7,503 - - - - 4,700 - 4,700
Support costs
Salary and other payroll - - - - 296 - 296 - - - - 359 - 359
Other support - - - - 197 - 197 - - - - 397 - 397
Depreciation - - - - 6 - 6 - - - - 11 - 11
- - - - 499 - 499 - - - - 767 - 767
Interest costs
Private placement loan - - - - 2,232 - 2,232 - - - - 624 - 624
Total endowment funds - - - - 10,234 - 10,234 - - - - 6,091 - 6,091
15,817 439 3,056 19,312 10,807 481 30,600 10,361 670 2,986 14,017 5,986 467 20,470
Of which:
Total direct expenditure 13,851 187 2,672 16,710 7,914 481 25,105 9,066 177 2,455 11,698 4,459 467 16,624
5. Analysis of total expenditure (continued) 6. Grants awarded
The Charitys fundraising activities have been undertaken since February 2011 by a Kings Health Partners consolidated unit within Kings College
London and the Charity pays a contribution to the consolidated units costs based on a fixed formula. By recipient
Total expenditure includes auditors remuneration of 28,506 (2016: 28,348) in respect of the external audit of the statutory accounts.
Unrestricted Restricted Unrestricted Restricted Unrestricted Restricted
Awarded Awarded Awarded Awarded Creditors Creditors Payments Payments Creditors Creditors
Direct charitable expenditure Total Unrestricted Restricted Total 31 March 31 March Made Made 31 March 31 March
2017 2017 2017 2017 2016 2016 2017 2017 2017 2017
Number 000 000 000 000 000 000 000 000 000
Total Total Total Total Total Total

2013 2014 2015 2016 2017 2013-2017
Guys and St Thomas NHS
000 000 000 000 000 000
Foundation Trust 67 5,005 2,384 7,389 27,387 2,718 (21,281) (1,212) 11,111 3,890
By activity - five year profile
Other Kings Health Partners:
Grants
Unrestricted 40,086 25,005 17,088 7,699 11,402 101,280 Kings College London 20 1,407 15 1,422 14,595 93 (4,075) - 11,927 108
Restricted 843 734 1,804 1,367 2,449 7,197 South London and
Maudsley NHS
40,929 25,739 18,892 9,066 13,851 108,477
Foundation Trust 2 560 - 560 3,853 - (1,839) - 2,574 -
Art 126 130 106 177 187 726 Kings College Hospital NHS
Foundation Trust - (28) - (28) 32 - (3) - 1 -
22 1,939 15 1,954 18,480 93 (5,917) - 14,502 108
Other charitable activities
Special purpose funds 2,427 2,065 1,357 2,091 1,844 9,784

Others:
Donations and other charitable support 826 626 417 - 436 2,305
Breathe Arts Health 1 165 - 165 484 - (289) - 360 -
Charity commissioned research/convening 477 187 223 155 224 1,266
London Citizens - - - - 538 - (279) - 259 -
Value of asset contribution to new
Ronald McDonald House - - 6,993 - - 6,993 London South Bank University 1 675 - 675 - - - - 675 -
Other 156 65 158 209 168 756 Redthread Youth 1 313 - 313 - - - - 313 -
3,886 2,943 9,148 2,455 2,672 21,104 SH24 - 104 - 104 686 - (604) - 186 -
Southwark CCG 1 20 - 20 159 - (159) - 20 -
44,941 28,812 28,146 11,698 16,710 130,307 Thames Reach 1 1,957 - 1,957 959 - (1,933) - 983 -
Other 33 1,184 50 1,234 909 75 (1,245) (78) 848 47
By recipient - five year profile 38 4,418 50 4,468 3,735 75 (4,509) (78) 3,645 47
Guys and St Thomas NHS Foundation Trust 33,213 10,691 12,554 6,868 9,711 73,037 Individuals 39 40 - 40 30 - (32) - 38 -
Kings College London 6,567 6,757 3,154 1,707 1,422 19,607 Fair value adjustments 166 11,402 2,449 13,851 49,632 2,886 (31,739) (1,290) 29,295 4,045
South London and Maudsley NHS (576) - (276) -
Foundation Trust 1,932 2,349 725 1,463 560 7,029
Kings College Hospital NHS Foundation Trust 49 76 150 - (28) 247 49,056 2,886 29,019 4,045
8,548 9,182 4,029 3,170 1,954 26,883
Ronald McDonald House Charities - - 6,993 - - 6,993

Other organisations 3,180 8,939 4,570 1,660 5,045 23,394
3,180 8,939 11,563 1,660 5,045 30,387
44,941 28,812 28,146 11,698 16,710 130,307
By strategic priority five year profile
Cancer 27,700 231 849 1,817 518 31,115

Public health 1,126 5,777 790 943 1,615 10,251
Research & development 629 6,906 1,507 1,486 688 11,216
System transformation 11,598 9,865 21,941 5,368 8,746 57,518
Other 3,888 6,033 3,059 2,084 5,143 20,207
44,941 28,812 28,146 11,698 16,710 130,307
6. Grants awarded (continued) 6. Grants awarded (continued)
By recipient - Five year profile By strategic priority
Awarded Awarded Awarded Awarded Awarded Awarded Unrestricted Restricted Unrestricted Restricted Unrestricted Restricted
Total Total Total Total Total Total Awarded Awarded Awarded Awarded Creditors Creditors Payments Payments Creditors Creditors
2013 2014 2015 2016 2017 2013-2017 Total Unrestricted Restricted Total 31 March 31 March Made Made 31 March 31 March
000 000 000 000 000 000 2017 2017 2017 2017 2016 2016 2017 2017 2017 2017
Number 000 000 Number 000 000 000 000 000 000
Guys and St Thomas NHS Foundation Trust 29,895 7,964 10,747 4,733 7,389 60,728
Cancer 12 (18) 130 112 13,632 195 (11,743) (49) 1,871 276
Public health 11 1,615 - 1,615 2,353 - (1,303) - 2,665 -
Kings College London 6,560 6,757 3,145 1,702 1,422 19,586
South London and Maudsley NHS Foundation Trust 1,927 2,341 719 1,463 560 7,010 Research & development 12 688 - 688 6,657 - (1,902) - 5,443 -
Kings College Hospital NHS Foundation Trust 49 76 150 - (28) 247 System transformation 34 8,746 - 8,746 24,045 - (15,952) - 16,839 -
8,536 9,174 4,014 3,165 1,954 87,572 Other 97 371 2,319 2,690 2,945 2,691 (838) (1,241) 2,478 3,769
Other organisations:
Age Exchange 595 - 13 - - 608 166 11,402 2,449 13,851 49,632 2,886 (31,738) (1,290) 29,296 4,045
Breathe Arts Health Research 349 1,073 - - 165 1,587 Fair value adjustments (576) - (277) -
Design Council 203 1,195 - - - 1,398
London Citizens 50 - 714 - - 764 49,056 2,886 29,019 4,045
London South Bank University - - 19 - 675 694
MAC-UK 833 - - - (12) 821 Five year profile
Mens Health Forum 258 - - - - 258
Awarded Awarded Awarded Awarded Awarded Awarded
Participle - 844 - - - 844 Total Total Total Total Total Total
Reader Organisation - 467 - - - 467 2013 2014 2015 2016 2017 2013-2017
Redthread Youth - - 20 (1) 313 332 000 000 000 000 000 000
SH24 - 3,054 - - 104 3,158
Southwark CCG 8 231 478 585 20 1,322 Cancer 26,739 104 713 1,252 113 28,921
Thames Reach - 1,377 1,959 - 1,957 5,293 Public health 1,126 5,777 790 943 1,615 10,251
Other 124 313 881 535 1,246 3,099 Research & development 629 6,906 1,507 1,486 688 11,216
2,420 8,554 4,084 1,119 4,468 20,645 System transformation 11,562 9,861 14,948 5,368 8,746 50,485
Other 873 3,091 934 17 2,689 7,604
Individuals 78 47 47 49 40 261
40,929 25,739 18,892 9,066 13,851 108,477
40,929 25,739 18,893 9,065 13,851 108,477
Number Number Number Number Number Number
Number Number Number Number Number Number
Cancer 7 7 8 15 12 49
Guys and St Thomas NHS Foundation Trust 56 43 41 39 67 246 Public health 8 8 7 9 11 43
Other Kings Health Partners: Research & development 16 19 21 13 12 81
Kings College London 23 24 16 20 20 103 System transformation 39 27 29 28 34 157
South London and Maudsley NHS Foundation Trust 5 3 3 4 2 17 Other 96 82 70 62 97 407
Kings College Hospital NHS Foundation Trust 1 1 3 - - 5
29 28 22 24 22 125 166 143 135 127 166 737
Other organisations 25 23 25 23 38 134
Individuals 56 49 47 41 39 232 Amounts awarded are shown net of write backs and other adjustments.
166 143 135 127 166 737
Amounts awarded are shown net of write backs and other adjustments.
Grants to individuals are awarded to staff members of Guys and St Thomas NHS Foundation Trust, Kings College London and South London and the Maudsley
NHS Foundation Trust.
7. Staff costs 9. Fixed asset investments
2017 2016
Analysis of total staff costs Key management personnel
Programme Programme
2017 2016 The total employment costs of key management personnel during the year related related
000 000 were 504,000 (2016: 494,000), of which 395,000 (2016: 390,000) Investments investments Total Investments investments Total
was salaries, 55,000 (2016: 50,000) employers National Insurance 000 000 000 000 000 000
contributions and 54,000 (2016: 54,000) pension contributions. Group
Salaries and wages 1,416 1,262
Unrestricted funds
Social security costs 164 132 Remuneration of senior employees
The following number of senior employees received salaries falling within the Financial investments 10 7,229 7,239 10 1,598 1,608
Other pension costs 161 146
following ranges: Property investments - 18,688 18,688 - 21,220 21,220
1,741 1,540
10 25,917 25,927 10 22,818 22,828
2017 2016 Endowment funds
During the year non-contractual payments of 35,000 were Number Number
made to former employees following the termination of their Financial investments 459,409 - 459,409 387,888 - 387,888
employment in settlement of any claims or potential claims by Property investments 327,084 - 327,084 297,746 - 297,746
60,001 to 70,000 2 3
those employees against the Charity. 786,493 - 786,493 685,634 - 685,634
70,001 to 80,000 2 1
Total funds
80,001 to 90,000 - 1
Number of employees Financial investments 459,419 7,229 466,648 387,898 1,598 389,496
90,001 to 100,000 - 1
2017 2016 Property investments 327,084 18,688 345,772 297,746 21,220 318,966
100,001 to 110,000 1 -
Number Number
110,001 to 120,000 1 1
786,503 25,917 812,420 685,644 22,818 708,462
120,001 to 130,000 1 -
Company
Average monthly number of 130,001 to 140,000 - 1
employees in the year 25 23 Unrestricted funds
No senior employee received any taxable benefits in kind in addition to their Financial investments 10 2,802 2,812 10 1,612 1,622
salaries as shown above.
Property investments - 18,688 18,688 - 21,220 21,220
Pension Creditor 10 21,490 21,500 10 22,832 22,842
2017 2016 Endowment funds
Pension contributions for senior employees
000 000 Financial investments 459,409 - 459,409 387,888 - 387,888
The following pension contributions were made for senior employees:
Property investments 326,112 - 326,112 296,806 - 296,806
Pension contributions due but not 785,521 - 785,521 684,694 - 684,694
yet paid 15 20 Total value of Total funds
contributions Number of
000 staff Financial investments 459,419 2,802 462,221 387,898 1,612 389,510
Property investments 326,112 18,688 344,800 296,806 21,220 318,026
Defined benefit schemes 70 6
Personal pension allowance 17 1 785,531 21,490 807,021 684,704 22,832 707,536
8. Tangible fixed assets
Fixtures,
Art Leasehold Fittings and
Collection Improvements Equipment Total
000 000 000 000
Group and Company
Cost or valuation
Balance at 31 March 2016 4,316 125 174 4,615
Acquistions - 67 27 94
Disposals - - - -
Revaluation (701) - - ( 701)
Balance at 31 March 2017 3,615 192 201 4,008
Depreciation
Balance at 31 March 2016 - 37 140 177
Disposals - - - -
Charge for the year - 19 19 38
Balance at 31 March 2017 - 56 159 215
Net book value at 31 March 2017 3,615 136 42 3,793
Net book value at 31 March 2016 4,316 88 34 4,438
9.1 Investments 9.1 Investments (continued)
Market Market
Analysis of market value and historic cost
Value Disposals Net Gains Value
31 March at Carrying Acquisitions on 31 March
2016 Value at Cost Revaluation 2017 Listed Listed Unlisted Unlisted 2017 2016
000 000 000 000 000 UK Overseas UK Overseas Total Total
Group 000 000 000 000 000 000
Unrestricted funds Group

Financial investments Global equity 10 230,263 - - 230,273 249,684
Global equity 10 - - - 10 Hedged equity - 7,193 - 61,397 68,590 5,464
Endowment funds Private equity - - 1,686 60,592 62,278 52,670
Financial investments Absolute return - 20,125 - 26,150 46,275 50,143
Global equity 249,674 (109,590) 36,503 53,676 230,263 Credit - - - 46,834 46,834 25,212
Hedged equity 5,464 - 55,497 7,629 68,590 Multi-asset class - 5,209 - - 5,209 4,725
Private equity 52,670 (9,985) 7,713 11,880 62,278 Forward FX contracts - - - (40) (40) -
Absolute return 50,143 (36,716) 32,500 348 46,275 Property - - 325,878 1,206 327,084 297,746
Credit 25,212 (3,200) 19,473 5,349 46,834 Market value at 31 March 2017 10 262,790 327,564 196,139 786,503
Multi-asset class 4,725 (91) - 575 5,209
Forward FX contracts - - - (40) (40) Market value at 31 March 2016 91,528 229,456 296,851 67,809 685,644
387,888 (159,582) 151,686 79,417 459,409
Property investments 297,746 (702) 8,750 21,290 327,084
685,634 (160,284) 160,436 100,708 786,493 Historic cost at 31 March 2017 - 167,868 141,940 156,036 465,843
Historic cost at 31 March 2016 90,241 183,149 132,844 47,166 453,400
685,644 (160,284) 160,436 100,708 786,503
Company Company
Unrestricted funds Global equity 10 230,263 - - 230,273 249,684
Financial investments Hedged equity - 7,193 - 61,397 68,590 5,464
Global equity 10 - - - 10 Private equity - - 1,686 60,592 62,278 52,670
Endowment funds Absolute return - 20,125 - 26,150 46,275 50,143
Financial investments - Credit - - - 46,834 46,834 25,212
Global equity 249,674 (109,590) 36,503 53,676 230,263 Multi-asset class - 5,209 - - 5,209 4,725
Hedged equity 5,464 - 55,497 7,629 68,590 Forward FX contracts - - - (40) (40) -
Private equity 52,670 (9,985) 7,713 11,880 62,278 Property - - 324,906 1,206 326,112 296,806
Absolute return 50,143 (36,716) 32,500 348 46,275 Market value at 31 March 2017 10 262,789 326,592 196,138 785,531
Credit 25,212 (3,200) 19,473 5,349 46,834
Multi-asset class 4,725 (91) - 575 5,209 Market value at 31 March 2016 91,528 229,456 295,911 67,809 684,704
Forward FX contracts - - - (40) (40)
387,888 (159,583) 151,686 79,417 459,409
Property investments 296,806 (702) 8,750 21,258 326,112 Historic cost at 31 March 2017 - 167,868 141,936 156,036 465,840
684,694 (160,285) 160,436 100,675 785,521 Historic cost at 31 March 2016 90,241 183,149 132,814 47,166 453,370
684,704 (160,285) 160,436 100,675 785,531
9.2. Programme related investments 9.3 Net gains on revaluation and disposal of investments
Market Market 2017 2016

Value Disposals Net Gains Value
31 March at Carrying Acquisitions Written on 31 March
2016 Value at Cost off/back Revaluation 2017 Programme Programme
000 000 000 000 000 000 related related
Investments investments Total Investments investments Total
Group
000 000 000 000 000 000
Unrestricted funds
Group
Property 21,220 (4,000) 29 - 1,439 18,688
Unrestricted funds
Health innovations investments 1,598 (9) 172 (106) 5,574 7,229
Unrealised gains
Financial investments - 5,574 5,574 - 120 120
22,818 (4,009) 201 (106) 7,013 25,917
- 7,013 7,013 - 2,860 2,860
Historic cost at 31 March 2017 4,526
Realised gains
Property investments - 1,000 1,000 - 725 725
- 1,000 1,000 - 725 725
Company
Total gains
Unrestricted funds
Financial investments - 5,574 5,574 - 120 120
Property 21,220 (4,000) 29 - 1,439 18,688
Health innovations investments 1,612 (6) 150 - 1,046 2,802
- 8,013 8,013 - 3,585 3,585
22,832 (4,006) 179 - 2,485 21,490

Endowment funds
Unrealised gains/(losses)
Historic cost at 31 March 2017 4,888 (6,649) (6,649)
Financial investments 79,418 - 79,418 -
100,708 - 100,708 17,041 - 17,041
All programme related investments were unlisted and held in the United Kingdom. Realised gains/(losses)
Programme related investments are investments made directly in pursuit of the Charitys charitable purposes.
Financial investments 17,364 - 17,364 (6,056) - (6,056)
Property investments - - - 165 - 165
17,364 - 17,364 (5,891) - ( 5,891)
Other gains 1,093 - 1,093 44 - 44
Total gains/(losses)
Financial investments 96,782 - 96,782 (12,705) - (12,705)
Other 1,093 - 1,093 44 - 44
119,165 - 119,165 11,194 - 11,194
Total funds
Total gains/(losses)
Financial investments 96,782 5,574 102,356 (12,705) 120 (12,585)
Property investments 21,290 2,439 23,729 23,855 3,465 27,320
Other 1,093 - 1,093 44 - 44
119,165 8,013 127,178 11,194 3,585 14,779
9.4. Subsidiary undertakings 10. Debtors
The Charity owns 100% of the following subsidiary undertakings. 2017 2016
GSTC Property Investments Limited (registered in England and Wales number 7369879). The principal activity of this company is investment in land
000 000 000 000 000 000 000 000
and buildings with long-term development potential. The company made a loss of 32,388 for the year ended 31 March 2017 and its net assets at that
date amounted to 2,279,916. Its accounts have been consolidated into the Group accounts. The value of the Charitys investment in this subsidiary Group
undertaking has been estimated at the net asset value and is included in direct property investments in the Charitys accounts. Debtors falling due within one year 942 376 2,297 3,615 3,111 347 1,101 4,559
GSTC Health Innovations Limited (registered in England and Wales number 6852696). The principal activities of this company are investment in Debtors falling due after one year 10 - - 10 446 - - 446
healthcare technology innovations arising out of Kings Health Partners (and the wider entrepreneurial community in Lambeth and Southwark) and
commercialisation of these innovations. The company made a profit of 4,481,795 for the year ended 31 March 2017 and its net assets at that date 952 376 2,297 3,625 3,557 347 1,101 5,005
amounted to 5,958,495. Its accounts have been consolidated into the Group accounts. The value of the Charitys investment in this subsidiary
undertaking has been estimated at 1,497,434.
Company
GSTC Health Investments Limited (registered in England and Wales number 6861110). This company is dormant and did not make a profit or loss Debtors falling due within one year 935 376 2,298 3,609 3,112 347 1,098 4,556
for the year ended 31 March 2017. Its net assets at that date were 1. The value of the Charitys investment in this subsidiary undertaking has been
Debtors falling due after one year 10 - 975 985 446 - 944 1,390
estimated at 1.
Summary accounts for the active subsidiaries are shown below: 945 376 3,273 4,594 3,558 347 2,042 5,946
GSTC Property Investments Ltd

Summary Income and Expenditure account Summary Balance Sheet 10.1. Debtors falling due within one year
for the year ended 31 March 2017 as at 31 March 2017
2017 2016
000 000 000 000 000 000 000 000
Gross income 12,810 Tangible fixed assets 3,252,150
(45,198) Group
Expenditure Net current assets 2,642
Prepayments 137 - 202 339 145 - 169 314
(32,388) Accrued income 530 198 262 990 779 277 425 1,481
Net loss Total assets less net current liabilities 3,254,792
(974,877) Other debtors 275 178 1,833 2,286 2,187 70 507 2,764
Creditors due after one year
942 376 2,297 3,615 3,111 347 1,101 4,559
Company
Net assets and shareholders funds 2,279,915
Prepayments 137 - 202 339 145 - 169 314
Accrued income 529 198 273 999 778 277 436 1,492
GSTC Health Innovations Ltd
Amount due from
Summary Income and Expenditure account Summary Balance Sheet
subsidiary undertakings - - - - - - 5 5
for the year ended 31 March 2017 as at 31 March 2017
Other debtors 269 178 1,824 2,271 2,188 70 487 2,745
935 376 2,298 3,609 3,112 347 1,098 4,556

Gross income 11,496 Tangible fixed assets 5,924,932

Expenditure (58,543) Net current liabilities 33,563
10.2. Debtors falling due after one year
Net expenditure (47,047) Total assets less net current liabilities 5,958,495 2017 2016
Investment gains 4,528,842
Net assets and shareholders funds 5,958,495 Funds Funds Funds Funds Funds Funds Funds Funds
Net profit 4,481,795 000 000 000 000 000 000 000 000
Group
Charitable loans 10 - - 10 446 - - 446
10 - - 10 446 - - 446
Company
Loan to subsidiary undertaking - - 975 975 - - 944 944
Charitable loans 10 - - 10 446 - - 446
10 - 975 985 446 - 944 1,390
The loan to a subsidiary undertaking is a loan to GSTC Property Investments Ltd. It is drawn down under a facility of 9,000,000, is secured by a fixed and
floating charge over the assets of that company, bears interest at a rate of 4.5% per annum, and is repayable by 9 December 2018.
Charitable loans comprise long term loans to Guys and St Thomas NHS Foundation Trust and South London and Maudsley NHS Foundation Trust. The
loans are unsecured, non-interest bearing and have no fixed repayment date. In December 2016 loans to Guys and St Thomas NHS Foundation Trust
amounting to 436,000 were forgiven.
11. Inter-fund loan 13. Other creditors falling due within one year
Within the unrestricted fund, the Charitys policy is to closely match grant liabilites with cash or cash equivalents. In order to enable the unrestricted fund to 2017 2016
obtain a better return on this cash than would be available in the money market without incurring additional market risk, on 9 April 2013 the unrestricted fund Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
lent 50,000,000 to the endowment fund. The unrestricted fund receives interest on this loan at a rate of 12 month sterling LIBOR + 1.25% fixed annually on the Funds Funds Funds Funds Funds Funds Funds Funds
anniversary of the commencement of the loan which is paid by transfers from the endowment fund to the unrestricted fund. During the year ended 31 March 2017 000 000 000 000 000 000 000 000
10,500,000 was repaid and the remainder of the loan is repayable at the option of the unrestricted fund at any time up to and including 9 April 2018. The final Group
repayment date may be extended at the option of the unrestricted fund with the approval of the Chartiys Investment Committee up to and including 8 April 2023.
Purchase creditors 3,451 - 2,462 5,913 777 - - 777
Accruals 71 - 1,832 1,903 62 - 1,093 1,155
Deferred investment property income 199 - 2,157 2,356 137 - 2,069 2,205
Tax and social security 61 - - 61 58 - - 58
12. Cash and short term deposits Other creditors 339 797 - 1,136 2,320 740 - 3,060
2017 2016 4,121 797 6,451 11,369 3,354 740 3,162 7,256
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total Company
000 000 000 000 000 000 000 000 Purchase creditors 3,451 - 2,462 5,913 777 - - 777
Group Accruals 71 - 1,832 1,903 62 - 1,093 1,155
Short term deposits Deferred investment property income 197 - 2,151 2,356 137 - 2,062 2,199
within one month 4,069 9,091 8,840 22,000 - 3,015 - 3,015 Amount due to subsidiary undertakings - - - - 1 - - 1
between one month Tax and social security 61 - - 61 58 - - 58
and three months - 2,500 - 2,500 - - 5,000 5,000 Other creditors 338 797 - 1,135 2,252 740 - 2,992
between three months
and one year - 7,500 - 7,500 - - - - 4,118 797 6,445 11,360 3,287 740 3,155 7,182
4,069 19,091 8,840 32,000 - 3,015 5,000 8,015
Cash at bank and in hand 5,280 - 1,566 6,846 2,133 11,850 10,815 24,798 Deferred investment property income represents rent received in advance of the period to which it relates and generally arises where, under the terms of a property
lease, rent is due to be paid in advance at the commencement of a quarterly or half-yearly rental period. For the years ended 31 March 2016 and 2017, no income
was deferred for more than six months and all amounts included in deferred income at the end of each year were released to the statement of financial activities
9,349 19,091 10,406 38,846 2,133 14,865 15,815 32,813 during the subsequent year.
Company
14. Private placement loan
Short term deposits
within one month 4,069 9,091 8,840 22,000 - 3,015 - 3,015
The private placement loan is a 60,000,000 loan advanced to the Charity by way of a senior loan note issued on 21 December 2015. The loan bears interest at a
between one month fixed rate of 3.72% per annum and is repayable on 21 December 2045 unless previously repaid.
and three months - 2,500 - 2,500 - - 5,000 5,000
between three months
and one year - 7,500 - 7,500 - - - - 15. Unrestricted funds
4,069 19,091 8,840 32,000 - 3,015 5,000 8,015
Cash at bank and in hand 5,250 - 1,556 6,806 2,073 11,850 10,808 24,731 Balance Balance
1 April Gains and 31 March
2016 Income Expenditure Transfers Losses 2017
9,319 19,091 10,396 38,806 2,073 14,865 15,808 32,746 000 000 000 000 000 000
Group
Programme-related investment funds
Charitable property fund 21,220 - - (4,971) 2,439 18,688
Health innovations investments fund 1,598 - (58) 115 5,574 7,229
22,818 - (58) (4,856) 8,013 25,917
Art collection fund 4,316 - - - (701) 3,615
Distribution account 3,412 24,561 (15,791) 4,667 - 16,849
30,546 24,561 (15,849) (189) 7,312 46,381
Company
Programme-related investment funds
Charitable property fund 21,220 - - (4,971) 2,439 18,688
Health innovations investments fund 1,612 - - 145 1,045 2,802
22,832 - - (4,826) 3,484 21,490
Art collection fund 4,316 - - - (701) 3,615
Distribution account 3,419 24,550 (15,791) 4,637 - 16,815
30,567 24,550 (15,791) (189) 2,783 41,920
The distribution account represents the free reserves of the Charity.
16. Restricted funds 17. Endowment funds
Balance Balance
Balance Balance
000 000 000 000 000 000
Group and Company 000 000 000 000 000 000
Material funds Group
The Evelina Children's Hospital Appeal 2,097 4,537 (2,151) - - 4,483 Permanent endowments
(405) Guys and St Thomas Samaritan Fund 1,511 (60) (12) - 179 1,618
The Integrated Cancer Centre Fund 746 571 - - 912
(92) The Leak Trust 1,177 (47) (9) - 141 1,262
Masterstroke - Polycythaemia 440 130 - - 478
(52) The Guys and St Thomas Patients Amenities Fund 1,095 (44) (9) - 130 1,172
LFRUPA 485 15 - - 448
(104) S J Lam Legacy Fund 686 (28) (5) - 81 734
Guys and St Thomas Samaritan Fund 386 122 - - 404
(18) Dr Reginald Curle Trust 448 (17) (4) - 53 480
Neonatal Unit 239 115 - - 336
(150) 4,917 (196) (39) - 584 5,266
Translational Oncology & Urology Research Fund 74 387 - - 311
Breast Cancer Research Fund 145 115 - - - 260 Expendable endowment
(127) General fund 584,471 (4,878) (10,195) - 118,581 687,979
Guys and St Thomas Hospitals Nurses League Benevolent Fund 351 26 - - 250
MPN Voice Fund 149 174 (79) - - 244
(5) 589,388 (5,074) (10,234) - 119,165 693,245
Cardiac Intervention Research Fund 199 4 - - 198
St Thomas' Wegener's Trust Fund 130 154 (96) - - 188 Company
Teenage & Young Adult Haematology/Oncology Unit 227 7 (51) - - 183 Permanent endowments
Rare Diseases Centre - 175 - - - 175 Guys and St Thomas Samaritan Fund 1,511 (60) (12) - 179 1,618
Janet James Fund 177 - (2) - - 175 The Leak Trust 1,177 (47) (9) - 141 1,262
Others (186) 5,483 1,084 (1,185) 189 - 5,571 The Guys and St Thomas Patients Amenities Fund 1,095 (44) (9) - 130 1,172
S J Lam Legacy Fund 686 (28) (5) - 81 734
(4,517 ) Dr Reginald Curle Trust 448 (17) (4) - 53 480
11,328 7,616 189 - 14,616
4,917 (196) (37) - 584 5,266
A full list of all financial transactions on restricted funds is available from the Charity. Expendable endowment
General fund 584,471 (4,847) (10,193) - 118,548 687,979
Details of material funds at 31 March 2017:
589,388 (5,043) (10,232) - 119,132 693,245
Name of fund Description of the nature and purpose of each fund
The Evelina Children's Hospital Appeal For the benefit of the health and well being of children and families accessing In October 2014 the Trustees resolved (i) to adopt a total return approach to investment to the five permanent endowment funds shown above pursuant to the
childrens services at the Guys and St Thomas NHS Foundation Trust. power contained in the Charities Act 2011, and (ii) that the provisions in the Charities (Total Return) Regulations 2013 would regulate the trustees use of the
total return approach on an ongoing basis. The Charity received advice from its legal advisors Withers LLP with regard to the use of the power. Consequently,
The Integrated Cancer Centre Fund For the relief of sickness amongst people with cancer. effective from 1 January 2015, these funds are invested to maximise total return and the Charity aims to release 4% of their value annually for charitable
spending in accordance with their objects by way of transfers of portions of the unapplied total return to income of appropriate restricted funds. Until the
Masterstroke - Polycythaemia To support polycythaemia research. power to make transfers is exercised, the unapplied total return remains invested as part of the relevant permanent endowment.

LFRUPA For the relief of people receiving care at the Lane Fox Respiratory Unit. The table below sets out the dates that the values of the initial endowments (or the valuations at the nearest dates for which the information is available) were
established. The initial values of the unapplied total return (in practice, the capital profits arising from the investment of the endowments) were established as
Guys and St Thomas Samaritan Fund For the relief of patients and former patients of the hospitals operated by the at 31 December 2015.
Guys and St Thomas NHS Foundation Trust, preference being given to those
in need of financial assistance.
Guys and St Thomas Samaritan Fund 31 March 2004
Neonatal Unit To benefit the Neonatal Unit. The Leak Trust 31 March 1998
The Guys and St Thomas Patients Amenities Fund 31 March 2001
Translational Oncology & Urology Research Fund To support research to into treatment for prostate and other urological cancers.
S J Lam Legacy Fund 31 March 2013
Breast Cancer Research Fund To support translational breast cancer research associated with the Dr Reginald Curle Trust 31 March 1998
Breakthrough Breat Cancer Research Unit at Guys Hospital.
Guys and St Thomas Hospitals Nurses League Benevolent Fund For relief of nurses, midwives or nursing assistants or former nurses of Guys The following note shows the opening unapplied total return and fund transfer in the year.
and St Thomas NHS Foundation Trust in need, hardship or distress.
MPN Voice Fund To provide medical information and emotional support to MPN patients and
their families; educate the wider community about myeloproliferative disease;
support MPN research, education and patients in the NHS.
Cardiac Intervention Research Fund To support research into heart disease.
St Thomas Wegeners Trust Fund To improve patient education and fund research in the field of Wegeners
vasculitis.
Teenage & Young Adult Haematology/Oncology Unit To support the Teenage and Young Adult Haematology/Oncology Unit.
Rare Diseases Centre To hold funds raised for the Rare Diseases Centre at Guys and St Thomas
NHS Foundation Trust.
Janet James Fund To support research into rheumatism, rehabilitation or diabetes.
17. Endowment funds (continued) 18. Revaluation reserves
Permanent endowments - statement of total return 2017 2016

Group and Company
Total Funds Funds Funds Funds Funds Funds Funds Funds
Trust for Unapplied endow- 000 000 000 000 000 000 000 000
investment total return ments
000 000 000 Group
Balance at 31 March 2016
At 1 April 2016 Financial investments 405 - 69,326 69,731 285 - 99,890 100,175
Gift components of the permanent endowments 2,329 - 2,329 Property investments 16,117 - 162,908 179,025 14,926 - 143,105 158,031
Art collection (358) - - (358) (404) - - (404)
Unapplied total return - 2,588 2,588
2,329 2,588 4,917 16,164 - 232,234 248,398 14,807 - 242,995 257,802
Movements during the period Revaluation gain/(loss) for the year
Financial investments (see note 9) 5,574 - 79,418 84,992 120 - (6,649) (6,529)
Investment return
Realised and unrealised gains - 584 584 Property investments (see note 9) 1,439 - 21,290 22,729 2,740 - 23,690 26,430
Art collection (see note 8) (701) - - ( 701) 46 - - 46
- 584 584
Allocated to income during the period - (235) (235) 6,312 - 100,708 107,020 2,906 - 17,041 19,947
Net movements during the period - 349 349 Disposals during the year
Financial investments - - (12,899) (12,899) - - (23,915) (23,915)
Property investments (2,133) - 605 (1,528) (1,549) - (3,887) ( 5,436)
At 31 March 2017
(2,133) - (12,294) (14,427) (1,549) - (27,802) (29,351)
Gift components of the permanent endowments 2,329 - 2,329
Unapplied total return - 2,937 2,937
Balance at 31 March 2017
Balance at 31 March 2017 2,329 2,937 5,266 Financial investments 5,979 - 135,845 141,824 405 - 69,326 69,731
Property investments 15,423 - 184,803 200,226 16,117 - 162,908 179,025
Art collection (1,059) - - (1,059) (358) - - (358)
20,343 - 320,648 340,991 16,164 - 232,234 248,398

Details of funds at 31 March 2017: Company
Name of fund Description of the nature and purpose of each fund Balance at 31 March 2016
Financial investments 144 - 69,327 69,471 122 - 99,890 100,012
Guys and St Thomas Samaritan Fund For the relief of patients and former patients of the hospitals operated by Property investments 16,116 - 161,997 178,113 14,926 - 142,228 157,154
the Guys and St Thomas NHS Foundation Trust, preference being given to Art collection (358) - - (358) (404) - - (404)
those in need of financial assistance.
15,902 - 231,324 247,226 14,644 - 242,118 256,762
Revaluation gain/(loss) for the year
The Leak Trust For medical research.
Financial investments (see note 9) 1,046 - 79,418 80,464 22 - (6,649) (6,627)
Guys and St Thomas Patients Amenities Fund For the benefit of in or out patients who are or have been treated at hospitals Property investments (see note 9) 1,439 - 21,290 22,729 2,740 - 23,656 26,396
operated by the Guys and St Thomas NHS Foundation Trust. Art collection (see note 8) (701) - - ( 701) 46 - - 46
1,784 - 100,708 102,492 2,808 - 17,007 19,815
S J Lam Legacy Fund To provide bursaries for medical students. Disposals during the year
Financial investments - - (12,899) (12,899) - - (23,914) (23,914)
Dr Reginald Curle Trust For providing extra comforts for the patients at hospitals operated by the
Property investments (2,133) - 605 (1,528) (1,550) - (3,887) ( 5,437)
Guys and St Thomas NHS Foundation Trust; and for the provision of
accommodation for the use of relations. (2,133) - (12,294) (14,427) (1,550) - (27,801) (29,351)
General Fund No restrictions on expenditure of income. Capital may be expended at Balance at 31 March 2017
Trustees discretion. Financial investments 1,190 - 135,846 137,036 144 - 69,327 69,471
Property investments 15,422 - 183,892 199,314 16,116 - 161,997 178,113
Art collection (1,059) - - (1,059) (358) - - (358)
15,553 - 319,738 335,291 15,902 - 231,324 247,226
19. Gross transfers between funds 21. Trustee and connected person transactions
2017 2016 Trustee expenses reimbursed Trustees indemnity insurance

2017 2016 2017 2016
Funds Funds Funds Funds Funds Funds Funds Funds 000 000
000 000 000 000 000 000 000 000
Group and Company Travel and subsistence 2,843 3,873 Trustees and officers liability 28 16
Restricted funds net support costs (178) 178 - - (201) 201 - -
Other transfers (11) 11 - - 8 (8) - -
Number of Trustees receiving 2017 2016
(189) 189 - - (193) 193 - - reimbursement Number Number
2 3
The transfer from unrestricted to restricted funds of 178,000 (2016: 201,000) represents the balance of the support costs incurred by the Charity in
administering the restricted funds after taking account of the interest income earned on restricted fund cash balances.
Trustees remuneration Transactions with trustees or connected persons

No person received remuneration as a Trustee of Guys and During the year ended 31 March 2017 none of the Trustees, key members
20. Financial instruments St Thomas Charity in either the current year or the previous of the Charitys management or parties related to them has undertaken any
year. material transactions with Guys and St Thomas Charity.
The financial statements include the following financial instruments:
Number of trustees
2017 2016 2017 2016
Number Number
000 000 000 000 000 000 000 000 Total number of Trustees 8 7
Group
Financial assets measured at fair value through
statement of financial activities
Fixed asset financial investments 7,239 - 459,409 466,648 1,608 - 387,888 389,496
22. Commitments
Financial assets that are debt instruments
measured at amortised cost
There was no capital expenditure contracted or provided for at 31 March 2017 (2016 nil).
Sales and other debtors 234 - 1,833 2,067 2,169 - 507 2,676
The Group has no commitments for future lease payments (2016 nil).
Accrued income 3 - 262 265 128 2 425 555
237 - 2,095 2,332 2,297 2 932 3,231
Financial liabilities measured at amortised cost

Purchase and other creditors 3,525 - - 3,525 2,899 - - 2,899
Accruals 71 - 4,294 4,365 62 - 1,093 1,155
Private placement loan - - 60,000 60,000 - - 60,000 60,000
3,596 - 64,294 67,890 2,961 - 61,093 64,054
Company
Financial assets measured at fair value through
statement of financial activities
Fixed asset financial investments 2,812 - 459,409 462,221 1,622 - 387,888 389,510
Financial assets that are debt instruments
measured at amortised cost
Sales and other debtors 229 - 1,824 2,053 2,169 - 488 2,657
Accrued income 1 - 273 274 125 2 435 562
Loans due from subsidiary undertakings - - 975 975 - - 949 949
230 - 3,072 3,302 2,294 2 1,872 4,168
Financial liabilities measured at amortised cost

Purchase and other creditors 3,525 - - 3,525 2,830 - - 2,830
Accruals 71 - 4,294 4,365 62 - 1,093 1,155
Private placement loan - - 60,000 60,000 - - 60,000 60,000
3,596 - 64,294 67,890 2,892 - 61,093 63,985
Registered Office
Guys and St Thomas Charity
Francis House
9 Kings Head Yard
London SE1 1NA
Registered Charity Number

1160316
Company limited by guarantee

registered in England and Wales
9341980
This report was published in September 2017
www.gsttcharity.org.uk
@GSTTCharity

GSTC Annual Report 1617

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

GSTC Annual Report 1617

Hochgeladen von

Copyright:

Verfügbare Formate

01 Strategic Report

Registered Charity Number: 1160316

MESSAGE FROM OUR CHIEF EXECUTIVE

independent, TRUSTEES REPORT

Priorities we set for the year

The charity of Guys and St Thomas NHS Foundation Trust 16

Guys and St Thomas Charity Annual Report 2016/17

26,228 to reduce loneliness and poor health in older men

In 2016/17 we contributed 16.7m

Our funding Our funding

Total: 16,710,000 Total: 130,307,000

By recipient partner: By recipient partner:

Guys and St Thomas  outh London and

Kings College Hospital

By strategic priority: By strategic priority:

Establishing our area as a digital health hub

Overcoming cultural differences to care for

to hospital for people with mental

The charity of Guys

Working with the Trust this year we:

 pened the 160m Cancer Centre at Guys, a state-of-the-art facility to treat

 warded 13 grants from our Health Innovation Fund to support improvements

wayfinding and more

Cancer Centre Examination of lymph nodes to reduce

Our impact through the

Ideas we helped to kick off through

Championing new entrepreneurs

Modernising diabetes management Growing the evidence of arts in health

Lessons on integrating health and care Revolutionising sexual healthcare

Under our new focus, we plan to tackle

Generate evidence of impact, providing insights to share with

Scale up our ambition and commitment to staff welfare, patient

Take steps to deliver greater impact through the assets within

Develop our capacity to be at the cutting-edge

Strategic Strategic / Allocation Allocation

500 through a Distribution Account.

 long-term strategic plan, a five-year budget for charitable support and an

Funding policy Remuneration

Senior executive remuneration

Gail Macdonald 17.0%

Committees Cancer Funds Committee

Programme Committees Auditors (Internal) Property Managers

Auditors report and

Independent Auditors Report to the Members of Guys Opinion on financial statements

Consolidated Statement of Financial Activities

For the year ended 31 March 2017

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total

Net income/(expenditure) before

Transfers between funds 19 (189) 189 - - (193) 193 - -

Other recognised (losses)/gains

The notes on pages 51 to 75 form part of these financial statements

Consolidated Balance Sheet Balance Sheet

As at 31 March 2017 As at 31 March 2017

Current assets Current assets

Creditors: Amounts falling Creditors: Amounts falling due

Creditors Amounts falling Creditors: Amounts falling

Funds of the charity Funds of the charity

Consolidated Statement of Cash Flows Notes to the Financial Statements

For the year ended 31st March 2017 1. Accounting Policies

1.3 Fund accounting

1.7 Pensions contributions and employee benefits

1.11 Financial instruments 2017 2016

1,378 7,374 - 8,752 1,058 5,188 - 6,246

Guys and St Thomas outh London and

pened the 160m Cancer Centre at Guys, a state-of-the-art facility to treat

warded 13 grants from our Health Innovation Fund to support improvements

long-term strategic plan, a five-year budget for charitable support and an