Barts Charity Annual Report 2025-2026 by Barts Charity

Annual Report 2025/26 For healthy East London lives

Contents Chair and Chief Executive’s Introduction

Trustees’ Report Who we are and what we do

Review of 2025/26

Aims for 2026/27

Equity, Diversity and Inclusion

Finance review

Risk management

Structure, governance and management

Statement of Trustees’ Responsibilities

Auditor’s Report

Financial Statements 2025/26 Statement of Financial Activities

Statement of Financial Position

Cash Flow Statement

Notes to the accounts

Chair and Chief Executive’s Introduction The 2025/26 financial year was another year of strong performance for both grant-funding and investment stewardship. In total we were delighted to award £36.1m in funding, across our three partners Barts Health NHS Trust (Barts Health), Faculty of Medicine and Dentistry (FMD) at Queen Mary University of London (QMUL) and the School of Health and Medical Sciences at City St George’s, University of London. A particular highlight was the award of £16.63m to facilitate the creation of a state-of-the-art Breast Cancer Centre at St Bartholomew’s Hospital, the fulfilment of a vision to transform breast cancer care in East London which formed part of our Barts900 campaign in 2023. This was just one of a broad range of research and healthcare projects which we support through a number of targeted funding schemes. Some key awards this year have included: • £4.85m to fund a Barts Charity Doctoral Training Programme to support the development of the next generation of researchers focussed on health inequalities and health needs of people living in East London

As we enter the final year of our 2022-27 strategy, we remain on course to give £150m across the five-year period. You can find out more about how we are making a difference to the health of people in East London in our impact report (available on our website, renewed in September) and the What We Fund pages of our website. Thanks to prudent management and strong investment performance during the year, the investment portfolio closed at £504m despite geo-political headwinds during March 2026. The Charity’s available reserves remained comfortably within the range required to support operational and grant expenditure commitments. We could not have achieved so much in the last year without our highly talented and engaged staff, Board and advisers, partners and supporters. We feel very fortunate to have their support and would like to extend our thanks for all they do.

• £529,083 to understand how communitybased, joined-up care can better engage young people with complex needs, improve health outcomes and reduce inequalities for children and young people in East London • £350,000 to continue the Healthcare Horizons initiative which supports young people from our East London community into NHS careers helping to reduce health and employment inequalities while building a skilled local workforce for the future

Fiona Miller Smith Chief Executive Officer

Stephen Bonnard Chair of Trustees

• £191,962 to introduce a new type of heart scan at Barts Health that gives doctors a clearer picture of heart valves when standard scans don’t work well, allowing more people with leaky heart valves to benefit from less invasive treatments

Who we are and what we do Vision Life changing improvements to health for the people of East London.

Mission A charity with its roots in East London, dedicated to supporting improvements to healthcare and transformative research for local health benefit. We work in partnership with the NHS, local research institutes and others who can help us achieve our goals

Barts Charity Strategy 2022–2027 strategic objectives Research We fund high quality and innovative research that enhances our understanding of health and illness and has the potential to improve and/or save lives in East London.

Healthcare We facilitate transformation to patient care and support for our dedicated NHS staff, primarily focusing our efforts at Barts Health.

Fundraising and communications We are transforming our approach to fundraising to significantly grow revenue and enable us to achieve our ambitions for our mission. We aim to inspire greater support by communicating about the people and projects we fund and the impact they make.

Endowment We manage our endowment to ensure we take full advantage of potential opportunities to deliver our mission, now and in the future.

How we work We set ourselves high standards for how we operate and aim to maximise the impact we make with our resources.

Our funding principles and focus To achieve our funding and impact strategic objectives, we focus our funding: • where we can create transformational change • where we can leverage further support for our funded projects • on projects which cannot be covered by other funders or revenue sources Our primary focus is on our funding being relevant to, and having an impact in, East London. We expect that much of the activity we support will also have a wider health benefit, both across the UK and potentially globally. We adhere to robust funding processes to make sure our resources can improve healthcare and support transformative research. We also strive to ensure that our funding processes and policies are inclusive and unbiased. We are a member of the Association of Medical Research Charities and can demonstrate high standards of governance around decision processes and monitoring involved in funding.

Our values We are proud of the work we do. We have created a set of values that express who we are as a charity, the way we want to work and the culture that we want to live and breathe every day.

One Team We work collaboratively as one team, supporting and respecting each other and embracing diverse experiences and perspectives.

Ambitious We care passionately about Barts Charity’s mission, empowering each other to constantly improve and achieve our best.

Open We are honest and transparent, sharing information willingly and encouraging the giving and receiving of constructive feedback.

Accountable We take pride in doing the right thing and acting with integrity. We take ownership of our actions and learn from our mistakes.

Review of 2025/26 In our 2025 Annual Report we set out our strategic targets for 2025/26. Here, we summarise the progress we’ve made against these: Strategic aims FY2025/6

Progress made

Funding – Research/Healthcare delivery Progress the creation of a Clinical Research Facility at The Royal London Hospital and consider additional ways to support improved breast cancer outcomes for Barts Health patients

• Contributed £16.63m to support the creation of the Barts Breast Cancer Centre at St Batholomew’s Hospital and

Maintain a significant funding programme in research and healthcare

• £36.1m granted to healthcare and research projects

Maintain a pipeline of high-quality research and healthcare funding applications beyond this financial year

• High-quality pipeline of short- and long-term, as well as small and larger, opportunities for funding research and healthcare applications and initiatives developed.

Develop a new open-access dissemination policy and refresh a policy outlining the expected standard of conduct for those involved in funded activities and implement associated processes

• Open Access Outputs Sharing Policy and Expected Standard of Conduct Policy launched and associated processes implemented.

• Clinical Research Facility building approvals reached a milestone to enable progression of build

Fundraising and communications Create ongoing, targeted major gift fundraising portfolio from Funding & Impact pipeline, including the Breast Cancer Centre subject to approval

• Fundraising and Marcomms functions became a single Fundraising & Comms team from November 2025 • Work has been undertaken to clarify the FR&C 2027-32 strategy • Planning undertaken for a Breast Cancer Centre campaign to test some strategic propositions prior to 2027

Strengthen fundraising operations to ensure that our data and systems work

• A new fundraising operations function has been created within the Fundraising and Comms team

Grow supporter database through targeted lead generation activity including introduction of WiFi portal acquisition at all hospital sites and rollout of My ThankYou.

• My ThankYou rolled out across the five hospital sites • Launch of Barts Charity gateway to hospital WiFi portal link targeted in early FY2026/27

Endowment Continue to implement asset allocation under our investment strategy, including following responsible investing principles

• Continued to progress the revised asset allocation, with further private market commitments and enhanced oversight of undrawn commitments and liquidity • Responsible investing, including ESG integration and stewardship considerations remain integrated into the investment process

Develop a new Reserves Policy

• Developed a new reserves policy, including the introduction of Net Asset Value (NAV) as the metric along with tier-based monitoring.

How we work Commence planning for the 2027-32 strategy

• Full review of existing 2022-27 strategy undertaken • On track to have 2027-32 strategy approved at October 2026 Board

Consider how we resource and use technology, data management and data analysis including deployment of AI tools

• Systems, data and digital (incl Artificial Intelligence) centralised within the People and Operations team • Digital Landscape Review launched, reporting June 2026

Replace current payroll service providers and pension providers

• Group pension scheme moved from Aegon to Standard Life from January 2026 • Payroll service provider review deferred

Continue to foster a fair and supportive workplace culture, underpinned by robust governance

• Recruitment of new non-execs at Board, Grants Committee and Investment Committee • Strong staff survey results

Some events took place during FY2025/26 which had an impact upon whether/how we fulfilled some of our key aims: • We took the decision to merge our fundraising and marcomms teams into a single Fundraising & Comms team under new leadership. The year has been spent in effecting the merger and putting the right leadership structure in place, as well as planning for a combined fundraising and marcomms strategy in the next strategic cycle. • The opportunity arose to support Barts Health in the buy-back of private hospital facilities on the St Bartholomew’s site to create the Barts Breast Cancer Centre. This was completed in December 2025 and became operational in March 2026. A fundraising campaign will launch in 2026/27. • Delays to the building works for the new Clinical Research Facility at The Royal London Hospital continued into 2025/26, relating to requirements under the Building Safety Act. Compliance with Gateway Two of the Building Safety Act 2022 was secured in March 2026, enabling the project to progress to the next stage of approvals. Subject to these approvals, works are now expected to commence later in 2026. • The pace of capital deployment in private markets has been slower than planned, with a significant proportion of committed capital not yet called by General Partners, which has delayed progress towards the target allocation in our investment portfolio. In response, enhanced governance measures were introduced during the year, including the development of a framework for monitoring undrawn commitments and liquidity to support a controlled transition towards the target asset allocation.

Strategic aims for 2026/27 Funding

Endowment

• Confirm the funding strategy for 2027-32 and make operational changes in readiness for launch

• Continue to implement revised asset allocation under our investment strategy, including following responsible investing principles

• Maintain a significant funding programme in research and healthcare for the last year of the 2022-27 strategy

• Review the 5-year performance of Investment advisers

• Build and maintain a pipeline of high-quality funding applications aligned to the new strategy • Progress the build of a Clinical Research Facility at The Royal London Hospital

Fundraising and communications • Confirm a fundraising and communications strategy for 2027-32 which complements the funding strategy • Stabilise the leadership structure of the Fundraising & Comms team

How we work • Secure Board approval for the 2027-32 strategy and implementation plan • Review values and EDI commitment in readiness for new strategy • Complete the Digital Landscape Review, agree a multi-year implementation plan and commence delivery • Continue to foster a fair and supportive workplace culture, underpinned by robust governance

• Strengthen fundraising operations to enable more data-informed decision-making • Launch of a Breast Cancer Centre campaign 8

Commitment to Equity, Diversity and Inclusion (EDI) We remain committed to EDI initiatives because we believe that they make us a stronger organisation. We believe that our commitment to EDI is best demonstrated through action. Our EDI Commitment, Priorities and Definitions and our action plans are available in full on our website. We ran our annual diversity survey, looking at the diversity characteristics of our staff and non-executives. The survey is based on guidelines issued by the organisation Equality, Diversity & Inclusion in Science & Health (EDIS) which draw upon a wealth of studies and research data. The questions and response categories are designed to follow the 2021 census so that we can benchmark the results. These covered age, disability/long-term health condition/impairment, ethnic group, gender, sexual orientation, and religion/belief.

There is also very low representation of people reporting a disability/long-term health condition. About half of the staff have some form of caring responsibility. We are very conscious of the importance of diversity and inclusion across our personnel and want to ensure that our recruitment processes are not acting as a block to wider representation. A new inclusive recruitment process has been in place since January 2025 and we are monitoring whether it has the effect of increasing staff diversity over time.

We had a high response rate of 89%. For reasons of information governance, we do not store the responses, and so the survey is a snapshot of the Charity’s personnel diversity at a single point in time. As a small organisation, it can be challenging to report data about diversity in case it compromises anonymity for those who report in very low numbers. Therefore, we do not publish the results in full. The Charity remains most unrepresentative for people identifying as Black/African/Caribbean/ Black British, especially amongst nonexecutives, although this is improving.

Finance review Review of financial performance Our financial strategy is to manage and grow our investment assets and voluntary income to support annual grant giving and operating activities for the long term. The net assets as of 31 March 2026 increased by £12m to £427m (2025: £415m). In reviewing the performance of our investments, we consider the total return of the portfolio, both income and capital. By showing the total return, which combines both income generated by our assets and the associated capital gains/losses, as opposed to separating these out, we see the full picture of our finances. We use this concept as a basis for addressing the two basic principles of our financial strategy: • To provide for long-term stability and liquidity sufficient for the funding of the charity’s annual grant-making and other operating activities.

Managing the endowment The management of the endowment is designed to provide financing, alongside voluntary income, for our funding programme. The assets in the portfolio are selected based on the prospects of value accretion in the long run. A managed approach to risk is taken and the Trustees and management work with advisers to provide an appropriate balance of risk against a targeted return. The Trustees have delegated investment decision-making to the Investment Committee. The Investment Committee appoints and monitors investment advisers to assist them in managing both financial and property elements of the portfolio. It meets quarterly and reports back to the Trustee board after each meeting. Based on a review of our investment beliefs, a revised investment strategy was formulated in 2022. The strategy aims to diversify the overall sources of risk and return and includes selling down the directly owned property portfolio.

• To largely maintain the value of the charity’s portfolio in real terms so that it can make funding awards in the long term. The Statement of Financial Activities shows that, during the financial year, the charity received income of £13m, (2025: £12.9m), of which £9.8m was unrestricted (2025: £10.7m). Gains on investment assets were £40m (2025: £19.2m). Total Charitable expenditure increased over the same period to £35.4m (2025: £21.4m) . The proportion of non-charitable activities spending relative to total expenditure decreased to 11.66% (2025: 17.96%). The decrease in the ratio was primarily on account of the increase in charitable expenditure during the year compared to the previous year. As stated above, and as shown in the Statement of Financial Position, the charity’s net assets were £427m (2025: £415m). The endowment funds increased in value due to realised and unrealised gains during the year. General funds have decreased due to charitable expenditure in the year. Restricted funds have remained stable year on year.

Investment review The Investment portfolio recorded gains of £40m during the year. The value of the charity’s investments decreased by £2.4m to £504m over the 12-month period to 31 March 2026 primarily due to withdrawal to fund charitable expenditure. The majority of equity markets delivered strong positive returns over the 12-month period to 31 March 2026, with emerging market equities outperforming developed market equities. Returns within fixed income markets were also positive despite the volatility in yields during the period. At the beginning of the second quarter of 2025, US tariff uncertainty fuelled concerns regarding both the growth and inflation outlook, as well as the potential impact on fiscal and monetary policy. However, these tariff-related concerns eased during May and June. In the third quarter, some central banks were prompted to cut interest rates as markets were driven by the resilience of economic growth, with equities continuing to rally. In the fourth quarter, economic resilience and ongoing AI led optimism drove financial markets, supported by abating risks from tariffs and trade, and despite uncertainty resulting from regional politics. However, in the first quarter of 2026 economic optimism was offset by geopolitical tensions between US and Iran. Escalation of the war led to a sharp spike in energy prices over March, which increased inflation expectations and stoked fears of other second-round effects.

During the month of March, equity and bond markets produced negative returns on account of geopolitical tensions in the Middle East. Despite that, returns for the twelve-month period to 31 March 2026 remained healthy. The long-term target for the portfolio is an average total return of Consumer Price Index (CPI) +4.5% per year (net of fees) over a rolling three-year period and an annualised return in excess of the portfolio’s blended benchmark. The Charity underperformed the broader market during the financial year, with the portfolio returning 8.3% net of fees, versus the blended benchmark return of 13.0%. The blended benchmark has a higher allocation to public market equities than the actual portfolio, and public market equities returned 17.8% over the last 12 months. Though the long-term target for the portfolio is a total annualised return of CPI +4.5% over rolling three-year periods, the Investment Committee recognises that, given the high inflationary environment over recent years, this will be a challenging target to achieve over the shorter term. Investment performance is monitored quarterly by our Investment Committee with the assistance of our investment advisors, Mercer, who provide advice and monitoring services for the financial portfolio.

All figures are in % per annum

Return achieved

Target

CPI+4.5%

Blended Benchmark

3-year period to 31 March 2026

7.3%

7.7%

• 10.6%

3-year period to 31 March 2025

4.1%

10.0%

• 4.6%

Since inception to 31 March 2026

8.3%

7.6%

• 6.6%

Reserves The Charity holds assets in funds, each type of which dictates how the funds may be disbursed: Endowment funds: there are a number of segregated individual permanent endowments which are usually created in the form of a trust that limits the use of both the original capital and any investment gains attached to them. There is also an aggregated expendable endowment fund – these funds, and gains arising from them, can be applied generally by the Trustees to deliver the Charity’s objectives. The value of the aggregated expendable endowment, as at 31 March 2026, was £367m (2025: £329.6m). Restricted funds: are amounts given with a restriction agreed between the donor and the Charity that specifies the area of the Charity’s work that will be supported. Barts Charity has a large number of these funds supporting the many areas of the Barts Health NHS Trust’s work. All other funds held by the Charity form the general funds. However, Trustees may choose (and have chosen) to set aside designated funds to make sure a particular objective is given prominence. Trustees may remove a designation if they choose.

Reserves policy Given the nature of the Charity’s activities and our grant-making strategy, the Trustees have determined that the reserves policy, taken in conjunction with spending and long-term investment policies, is intended to deliver the following objectives:

For these objectives, the Trustees consider reserves to be best reflected by the Charity’s net asset value (NAV), incorporating both the investment portfolio and outstanding grant commitments. This provides a more complete measure of the Charity’s available financial capacity and long-term sustainability. The Charity sets a tiered reserves target, updated annually for inflation, which is intended to maintain the real value of the portfolio over time rather than on a strict year-by-year basis. This approach allows the Charity to absorb short to medium-term market volatility without requiring reactive changes to grant-making. The Trustees monitor performance against this target using a range-based framework to support decision-making over time. As at 31 March 2026, the inflation-adjusted reserves target was £415m (2025: £401m). The level of total reserves (on a NAV basis) as at 31 March 2026 was £427m (2025: £415m). The Trustees therefore consider that the Charity has sufficient resources to continue its charitable activities into the future. In addition, the Trustees monitor liquidity to ensure that the Charity can meet its obligations as they fall due. The policy requires that at least 50% of the investment portfolio is held in liquid assets, supporting the timely funding of grant commitments and reducing the need for asset sales in adverse market conditions. The reserve, spending and long-term investment policies are reviewed at least annually and adjusted if necessary.

• Provide for long-term stability and liquidity sufficient for the funding of the charity’s annual grant-making and other operating activities, without jeopardising broader investment objectives. • Largely maintain the value of the Charity’s portfolio in real terms so that it can continue to make funding awards in the long term. The Trustees wish to ensure the right balance between funding transformational projects over the next five-ten years and ensuring a meaningful role for the long term.

Responsible investing Barts Charity believes that it is right to consider environmental, social, and governance (ESG) factors in investment decisions, in order to identify material risks as well as to earn sustainable, long-term returns. The Charity also recognises that long-term sustainability issues, including climate change, present risks and opportunities that increasingly may require explicit consideration. We believe that it is possible to invest with a positive impact without reducing investment returns. Areas of particular interest include improving societal healthcare outcomes. As a result, ESG (including but not limited to climate change) and stewardship considerations are integrated in the investment process. This includes selecting new investment managers and monitoring the existing ones, and an ongoing review of the portfolio’s ESG characteristics compared to relevant benchmarks and peers. During the year under review, Barts Charity also reviewed the voting and engagement activities of the listed equity managers.

Going concern statement The preparation of the accounts for the year ending 31 March 2026 has been undertaken on the basis that Barts Charity is a going concern. As part of the assessment of the going concern basis of the Charity, scenario analysis and a multi-year projection of reserve levels has been undertaken. This has demonstrated that the Charity is expected to hold sufficient assets to meet its reserve policy levels, as set out above. Our portfolio is sensitive to movements in investment values, but it still has sufficient liquidity to enable the charity to meet its obligations and is able to meet its planned grant commitments without being a forced seller of assets. Based on these assessments, the Trustees have determined the Charity to be a going concern and the basis of the preparation of the annual report and accounts on a going concern basis is therefore appropriate.

When we appoint new investment managers, the Charity believes it is important to consider the level of diversity, including (but not limited to) gender across the manager’s investment team. The Charity has no direct investments in tobacco stocks. The Charity monitors exposure to tobacco through pooled funds, including passive index trackers as well as actively managed strategies, aiming to have less than 1% of equities in tobacco companies (i.e. approximately half or less vs the aggregated equity benchmark). We have a strategic equity exposure achieved through investment in pooled equity funds. The Charity has made an allocation to a Sustainable Global Equity Fund. This aims to provide a positive tilt across a broad range of ESG factors, including reducing carbon emissions, relative to investment in a traditional global equity fund. We follow the principles set out in the Charity Commission’s guidance (CC14) and ensure our investment decisions align with our ethical standards.

Public benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Barts Charity’s aims and objectives and in planning future activities and setting the grant-making policy for the year. The Trustees consider that our charitable activities for the improvement of healthcare are all for the public benefit.

Fundraising policy We aim to fundraise in a way that is compelling, respectful and in keeping with our values. The Charity is registered with the Fundraising Regulator and is committed to adhering to the Code of Fundraising Practice. We are also members of the Institute of Fundraising and refer to their best practice guidance. Our own practice and policies make sure that no individual, including vulnerable people, are put under undue pressure to make a donation. In the year to 31 March 2026, 1,627 people and organisations supported us through donations or fundraising and we received no complaints related to fundraising. We regularly review our privacy statement in line with the UK General Data Protection Regulation (UK GDPR). This and our complaints policy are freely available on our website.

Risk management Our Trustees have adopted a Risk Management Policy and regularly review the major risks to which Barts Charity is exposed. The risks and mitigations are recorded in risk registers which are reviewed regularly by the senior management team and the Finance and Audit Committee and by Investment Committee and Board as appropriate. The major strategic risks and principal mitigations on 31 March 2026 are set out below.

Risk

Actions to manage risk

Funding Financial and demand pressures, alongside changing strategic focus and external environments, for NHS and University research sector impacts partner ability to develop funding cases for support and, in the longer term, support sustainability of projects supported.

• Strong stakeholder and sector engagement to understand impact and likelihood of pressures, how they affect funding programme and maintain open dialogue and partnership with Barts Health, QMUL and others as plans and strategies develop and the external environment shifts.

Fundraising Economic pressures, with continued cost of living challenges and investment volatility – individuals/corporations may be less able or willing to give

• Introduce new philanthropy proposition supported by new Fundraising & Comms Advisory Committee

Communications A more politicised environment around healthcare funding and cost pressures may cause us reputational risk by association.

• Regular communications with Barts Health NHS Trust senior team.

• Move to develop relationships based upon funding pipeline, supported by multi-year campaigns

• Close relations with Barts Health’s communications teams. • Regular dialogue with potential major donors.

Risk

Actions to manage risk

Endowment Period of market volatility means that the endowment does not generate the target annual return and potentially results in a fall in value of the portfolio.

• Investments are spread across diverse asset classes, reducing risk and strengthening the portfolio against market fluctuations. • Part of the portfolio has been allocated to property, private debt, and fixed income that provide steady contractual income • Investments are made with a long-term view. The charity has a buffer above the minimum reserve level and can withstand periods of lower return without impacting the operations or funding.

How we work We suffer financial/reputational loss as a result of a cyber security incident/data breach.

• Cyber Security Review led by external consultant being undertaken in FY2026/27 • Additional cyber security safeguards have been put in place in partnership with our Technology partners. Penetration testing of technology infrastructure is carried out regularly • Information Governance framework review completed and strengthened • Ongoing organisation-wide approach to adoption of AI tools

Structure, governance and management Constitution Barts Charity is a company limited by guarantee (registration number 07168381) and a registered charity in England and Wales (registration number 212563). It is governed by Articles of Association most recently updated on 12 December 2016. It is fully independent of the Department of Health and Social Care and regulated only by the Charity Commission. The Board has assessed its governance against the Charity Commission’s Governance Code for larger charities and is pleased to report high levels of compliance against the suggested standards. An area of continued focus for the Board is to ensure that the Charity is representative of its grantees and the communities it serves across both staff and non-executives.

Charitable purposes Our charitable purposes relate to hospital services (including research), or to any other part of the health service associated with any hospital as our Trustees think fit. In practice, we focus our support for improvement and innovation in healthcare on the Barts Health group of hospitals and FMD. We also support the School of Health & Medical Sciences at City St George’s, University of London. We carefully consult with representatives of our grantee organisations to make sure they are aligned with our strategic priorities and to secure the greatest impact from our funding. But we retain our independence to act in the best interests of Barts Charity and the community we serve.

Non-executives and committees Barts Charity acts through its Board of Directors (who are known as Trustees). As of 31 March 2026, there were 10 Trustees. Since then, one Trustee has reached the end of their term, one has stepped down and one has joined. All Trustees give of their time freely and no Trustee remuneration is paid. Details of Trustee expenses and related transactions are disclosed in Notes 12 and 13 to the accounts. Trustees are required to disclose all relevant interests and register them with the Company Secretary and, in accordance with the Charity’s policy, withdraw from decisions where a conflict of interest arises. Power to appoint new Trustees lies with the existing Board, in accordance with the provisions of our Articles of Association. All Trustees are appointed for a fixed term of not more than three years, renewable to a maximum of nine years in total. Exceptionally, the Board may decide to extend this maximum term for a Trustee in appropriate circumstances. The Board has established a series of committees so that much of the Charity’s detailed governance work can be conducted by groups of Trustees and specialist members with the most relevant experience and expertise. Committee membership is confirmed annually. Specialist committee members who aren’t Trustees are appointed annually, renewable up to a total term of five years. All new Trustees and committee members have an induction programme which enables them to become familiar with key constitutional and operating documents, meet senior Trustees and management, and tour the hospitals that we work with.

The Board and each committee conduct an annual review of their performance in accordance with the Charity’s Performance Review Policy against a checklist of questions. These cover matters such as objects, terms of reference, relationship with executive, documentation, conduct of meetings and skill set. The Board has established a Scientific Review Panel to supplement the peer review of research grant applications. We are fortunate to be able to call on a team of eminent scientists from across the UK with appropriate expertise relative to the subject matter of the applications. They meet to discuss the full applications and submit their views and recommendations to the Grants Committee for its consideration. Final decision-making authority rests with the Grants Committee for funding requests up to £650,000 and with the Board for requests over this amount. In addition, the Charity Executive has established Everyday Impact and Advancing Healthcare Panels comprising Barts Health staff members to support our Everyday Impact Grant and Advancing Healthcare Small Grant funding schemes. The Panels provide real-world experience and review of healthcare applications under these schemes which provide grants of up to £50,000. Final decision-making authority rests with the Executive for funding requests in these schemes.

We review all staff salaries every year taking into consideration inflation and data from comparable foundations and the wider third sector. We check the proposed increase against the benchmark for each role to ensure that annual pay awards stay in line with the market. Increases are applied from 1 April each year. The Charity reserves the discretion not to award an increase, especially when an employee’s salary is already at the top of their benchmark range. The same principles apply to the pay of the SMT, which is approved by the Appointments & Remuneration Committee.

Pension The Charity operates a non-contributory individual money-purchase scheme for all eligible members of staff, contributing the equivalent of 10% of pensionable salary to each employee’s fund. Employees can additionally choose to make employee contributions to their pension as a deduction from their salary with a salary sacrifice option. The scheme is fully compliant with autoenrolment regulations.

Management arrangements The Trustees delegate the management of the charity to the staff team led by the Chief Executive and the Senior Management Team (SMT). The Chief Executive has been in post since May 2016.

Staff remuneration Staff remuneration is closely scrutinised to ensure that we can attract and retain the best talent, while keeping salaries aligned with the market. When we introduce a new role or undertake a mid-year pay review, we use a live salary database run by specialist reward consultants to reference the benchmark salary range for the role. The benchmark is compiled using a number of factors. These include comparable sectors, the nature and seniority of the role (job rank), our location, number of employees and turnover. We use the range from median to upper quartile mean.

Reference and administrative details for Barts Charity Registered and principal office

Appointments and Remuneration Committee

12 Cock Lane London EC1A 9BU

Ian Hart

Company registered number: 07168381 Charity registered number: 212563

Non-executives

Includes changes up to date of signing Trustees Stephen Bonnard, Chair Ian Hart, Deputy Chair (to 31 December 2025), Senior Independent Trustee (from 1 January 2026) Prof Sarah Purdy OBE, Deputy Chair (from 1 January 2026)

Stephen Bonnard, Chair Nimesh Patel (to 31 March 2026) Prof Sarah Purdy OBE (from 1 May 2026) Finance and Audit Committee Nimesh Patel, Chair Davoud Amel-Azizpour (Chair Elect, from 1 April 2026) Ian Hart Dr Richard Lewis Mohammad Memon Ayo Ajayi (from 1 May 2026) Dr Naila Nielsen (from 1 May 2026)

Davoud Amel-Azizpour (from 1 April 2026)

Grants Committee

Sally Flanagan (to 31 May 2025)

Dr Lorna Williamson OBE, Chair (to 31 March 2026)

Prof Catherine Godson Dr Richard Lewis Dr Ultan McDermott (from 1 June 2026) Jean Murphy Nimesh Patel (to 31 March 2026) Frances Prenn (from 1 January 2026)

Prof Sarah Purdy OBE, Chair (from 1 April 2026) Prof Theodoros Arvanitis (from 1 January 2026) Dr Shera Chok (from 1 January 2026) Prof Mirela Delibegovic Prof Catherine Godson

Dr Lorna Williamson OBE (to 31 March 2026)

Dr Ultan McDermott

Prof Ian Jacobs (ex officio Trustee, Chair of Barts Health NHS Trust)

Prof Kanchan Rege Thrasher

Prof Elizabeth Sapey (from 1 January 2026) Investment Committee Sally Flanagan, Chair (to 31 May 2025) Ian Hart, Chair (from 1 June 2025) Stephen Bonnard Andy Bruce (to 31 March 2025) Philip Glaze (to 30 November 2025) Jean Murphy Nikhil Chandra (from 1 September 2025) Will Riley (from 1 September 2025) Julian Sinclair (from 1 September 2025)

Senior Management Team Fiona Miller Smith, Chief Executive Fiona Bickley, Chief Operating Officer Victoria King, Director of Funding & Impact Jay Longworth, Director of Fundraising & Communications (from 1 November 2025) Ilia Ralphs, Director of Fundraising (to 25 June 2025) Prabhakar Sundaresan, Chief Financial Officer Advisers Bank National Westminster Bank plc 1 Princes Street London EC2R 8BP Auditor Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Legal Advisers Broadfield UK LLP One Bartholomew Close London EC1A 7BL

Property Advisers Swiss Life Asset Managers UK Ltd 55 Wells Street London W1T 3PT Workman LLP 80 Cheapside London EC2V 6EE Investment Advisers Mercer 1 Tower Place West Tower Place EC3R 5BU Global Custodian The Northern Trust Company 50 Bank Street Canary Wharf London E14 5NT Insurance Brokers Willis Towers Watson Ltd 51 Lime Street London EC3M 7DQ

Taylor Wessing LLP 5 New St Square Holborn London EC4A 3TW Hogan Lovells International LLP Atlantic House Holborn Viaduct London EC1A 2FG Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY HR Beneﬁts Advisers Anderson Financial Management Ltd Saville Court 11 Saville Place Bristol BS8 4EJ

Statement of Trustees’ responsibilities The charity trustees (who are also the directors of Barts Charity for the purposes of company law) are responsible for preparing a trustees’ annual report, strategic report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP; • make judgements and estimates that are reasonable and prudent; • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees’ annual report: • there is no relevant audit information needed by the auditor in connection with preparing their report, of which the Auditor is unaware; and • the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This Trustees’ report, incorporating the Strategic Report, was approved by the Board of Trustees of Barts Charity on 6 July 2026 and signed on its behalf. Stephen Bonnard Chair of Trustees Date: 6 July 2026

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent auditor’s report to the members of Barts Charity Opinion We have audited the financial statements of Barts Charity (’the charitable company’) for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘’The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the charitable company’s affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 21

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the strategic report and the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the strategic report and the trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of trustees’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees As explained more fully in the trustees’ responsibilities statement set out on page 20, 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 they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. • Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through

designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. • We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report This report is made solely to the charitable company’s members, as a body, in 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 company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP Date: 23/07/2026

Statement of Financial Activities (incorporating an income and expenditure account) for the financial year ended 31 March 2026

Note

Unrestricted Restricted Endowment funds funds funds £'000 £'000 £'000

2026 Total funds £'000

2025 Total funds £'000

Income and endowments from: Donations and legacies

2.1

713

3,214

3,927

3,201

Investments

2.2

9,084

9,693

9,797

3,214

13,011

12,894

Total income Expenditure on: Raising funds

3.1

5,878

7,521

Charitable activities

3.1

34,178

1,227

35,405

21,404

Total expenditure

40,056

1,227

41,283

28,925

Net expenditure before gains/(losses) on investments

(30,259)

1,987

(28,272)

(16,031)

6,756

33,283

40,039

19,227

(23,503)

1,987

33,283

11,767

3,196

Gains/(losses) on investment assets

7.2

Net income/ (expenditure) Transfers between funds

2,320

(1,972)

(348)

Gains/(losses) on revaluation of heritage assets

180

Net movement in funds

(21,183)

32,935

11,767

3,376

Fund balances brought forward at 1 April 2025

67,324

11,905

335,746

414,975

411,599

Fund balances carried forward at 31 March 2026

46,141

11,920

368,681

426,742

414,975

All activities relate to continuing activities. The Notes on pages 28 to 47 form part of these financial statements.

Statement of Financial Position as at 31 March 2026

Note

Unrestricted Restricted Endowment 2026 Total 2025 Total funds funds funds funds Funds £'000 £'000 £'000 £'000 £'000

Fixed assets Tangible fixed assets

Intangible fixed assets

Heritage assets

17,489

Investments

140,921

11,920

351,192

504,033

506,480

140,942

11,920

368,681

521,543

524,029

Total fixed assets Current assets Debtors

8.1

2,050

2,206

Cash at bank and in hand

8.2

268

2,106

2,474

(96,907)

(111,528)

(94,801)

(109,054)

46,141

11,920

368,681

426,742

414,975

Total current assets Creditors: amounts falling due within one year

Net current liabilities Total net assets Funds Endowment funds

10.1

368,681

335,746

Restricted income funds

10.2

11,920

11,905

Designated funds

10.3

122

General funds

10.3

46,019

67,202

46,141

11,920

368,681

426,742

414,975

Unrestricted funds

Total funds

Steve Bonnard Chair of Trustees

Nimesh Patel Chair of Finance and Audit Committee

Date: 6 July 2026 Company registration number 07168381. The Notes on page 28 to 47 form part of these financial statements.

Cash Flow Statement for the year ended 31 March 2026 Note

2026 £'000

2025 £'000

11.1

(27,346)

21,049

9,084

9,693

Payments to acquire investment assets

(135,049)

(129,333)

Receipts from sales of investment assets

140,596

108,811

Net withdrawals from/(receipts into) investments

12,503

(10,029)

Net cash provided by / (used in) investing activities

27,134

(20,858)

Change in cash and cash equivalents in the year

(212)

191

Cash and cash equivalents at the beginning of the year

268

Cash flows from operating activities: Net cash generated by / (used in) operating activities Cash flows from investing activities: Dividends, interest and rents from investments

Cash and cash equivalents at the end of the year

11.2

The Notes on page 28 to 47 form part of these financial statements.

Financial statements for the financial year ended 31 March 2026 Notes to the accounts

1. Accounting policies Barts Charity is a private company limited by guarantee and does not have share capital. The liability of members is limited to £1. It is a charitable company registered in England (company number 07168381, charity number 212563) and its registered office is 12 Cock Lane, London, EC1A 9BU. The following accounting policies have been used consistently in dealing with items which are considered material to the charity’s financial statements. A. Accounting convention The financial statements have been prepared under the historic cost convention, with the exception of investments and heritage assets, which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities issued in October 2019, the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. These financial statements are presented in pounds sterling (GBP), as that is the currency in which the majority of the charity’s transactions are denominated. The financial statements are presented rounded to the nearest thousand pounds. B. Going concern The preparation of the accounts for year ended 31 March 2026 has been undertaken on the basis that Barts Charity is a going concern. The Charity currently meets day to day working capital requirements through planned liquidation of investments.

In conjunction with the Charity’s investment advisors modelling has been undertaken incorporating stable asset values and net spending over the next three years. This has demonstrated that the Charity is expected to hold sufficient assets to meet its liquidity requirements. Whilst the Charity’s portfolio is sensitive to movements in investment values, it still has sufficient liquidity to meet its obligations and can meet its planned grant commitments without being a forced seller of assets. Based on these assessments the Trustees have not identified any material uncertainties relating to going concern. The Trustees have therefore determined the Charity to be a going concern and the basis of the preparation of the annual report and accounts on a going concern basis is therefore appropriate. C. Accounting estimates and judgements In preparing the financial statements, the Trustees have made judgements, estimates and assumptions that affect the application of the Charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. These estimates and judgements are continually reviewed and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgements and estimates are: a.Valuation of property A full property valuation is undertaken triannually with an annual desktop valuation in the years between. A full property valuation was completed for 2023/24 by Knight Frank LLP, Chartered Surveyors, (refer to Note 1, Section J). The valuation has been prepared using a fair value basis, being the price that would be received to sell an asset, in an orderly transaction, between market participants at the measurement date.

b. Valuation of private equity and private credit investments Due to the nature of private investments, there is no quoted market price for the funds. The value at the balance sheet date is deemed to be the most recent valuation from the private investment group, adjusted for those cashflows up to and including the balance sheet date. This is then reviewed in light of valuations which become available post the balance sheet date up to the date the financial statements are approved. c. Allocation of income, expenses and gains/losses to restricted and endowment funds Expenses are charged on an actual basis for restricted and endowment funds. Donation income is charged to restricted funds on an actual basis. Investment income is charged to the relevant funds in relation to the endowment funds on a proportionate basis. Gains and losses are allocated across all funds types on a proportionate basis on the value of the funds at the start of the year. d. Heritage assets Heritage Assets are not depreciated but are revalued every five years. The last valuation was completed by Gurr Johns in January 2024. Any surplus or deficit on revaluation is credited or debited to the Statement of Financial Activities. D. Fund structure a. Restricted funds These are funds for which a legal restriction exists over their use and related income is restricted to the purpose of the fund. b. Endowment funds i.Permanent endowment funds

These are funds where the capital is held in perpetuity, but the related income may be used for unrestricted or restricted purposes, as specified by the donor.

c. Unrestricted funds These funds and their related income are available for use at the discretion of the Trustees for general charitable purposes relating to the following: i. General

Sections 220(3) and 220(5) and paragraph 10(1) of Schedule 4 of the National Health Service Act 2006: To hold the property on trust for such purposes relating to hospital services (including research), or to any other part of the health service associated with any hospital, as the person holding the property thinks fit. ii. Designated

The Trustees have chosen to earmark these funds for specific areas within the general charitable purposes. E. Income Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations are accounted for as income when received. Legacy income is recognised when three criteria are met: entitlement is established, receipt of the income is probable and it can be reliably measured. Where legacies have been notified to Barts Charity and the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed, if material. Rental income from investment properties is reported as operating leases and the lease incentives are amortised on a straight-line basis. Investment income is accrued at the year-end where dividends or distributions have been declared in relation to the reporting period but not received.

ii.Expendable endowment funds

These funds represent donations received by the hospitals of Barts Health NHS Trust prior to 5 July 1948 (the date on which the NHS was established). The income and capital are available for such expenditure related to sections 220(3) and 220(5) and paragraph 10(1) of Schedule 4, of the National Health Service Act 2006 (see c(i) below). 29

F. Expenditure

brought forward amortisation.

All expenditure is accounted for on an accruals basis. Direct costs of raising funds, charitable activities and support costs are charged to the relevant category or activity, according to the area to which the expenditure relates. Support costs incurred that relate to more than one cost category are apportioned, based on full time equivalent staff numbers in each area. Charitable activities include grants that have been approved during the year.

Amortisation is charged on a straight line basis to support costs over their estimated useful lives. IT software is considered to have a useful life of five years.

G. Grant commitments

They are reported on the balance sheet at their insured values, which are based on replacement values in the retail market or, where appropriate, in the second-hand retail market with items of a similar nature, age, condition and quality.

Grant commitments are recognised when the following conditions have been fulfilled: (1) the receipt of necessary approvals for the grant from the Trustees, and (2) the communication of the approval to the grant recipient. Grants are discounted to reflect the time value of money, if this is considered material to the financial statements. H. Fixed assets Fixed assets (tangible or intangible) are capitalised when a separable asset can be identified with a value of £10,000 or more (exclusive of irrecoverable VAT), and where the estimated useful life of the asset (without the need for additional spend) can be estimated as three years or more. a. Tangible fixed assets Tangible fixed assets are included in the Statement of Financial Position at cost less accumulated depreciation. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and any impairments are shown as reducing both the initial cost and brought forward depreciation. Depreciation is charged on a straight line basis to support costs over their estimated useful lives. Fixtures, fittings and equipment are depreciated over the shorter of five years or the remaining lease term for the office premises. b.Intangible fixed assets Intangible fixed assets are included in the Statement of Financial Position at cost less accumulated amortisation. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and any impairments are shown as reducing both the initial cost and

I. Heritage Assets Heritage assets are capitalised and include: art collections, historic archives, sculptures, ceramic surgical instruments, uniforms, teaching materials, and other items.

They are not depreciated but are revalued every five years, with the last valuation completed by Gurr Johns in January 2024. Any surplus or deficit on revaluation is credited or debited to the Statement of Financial Activities. Assets are reviewed regularly for significant damage and appropriate remedial works are carried out wherever possible to preserve the assets or prevent further deterioration. J. Investments Quoted investments are stated at market value at the year-end date. Asset purchases and sales are recognised at the date of trade. Unquoted pooled financial investments are valued based on the number of units held and the price per unit provided by the custodian or fund manager. These net asset valuations are calculated independently by third party administrators and are subject to annual audit. Private investments are held through funds managed by private investment groups. As there is no identifiable market price for private investment funds, these funds are included at the most recent valuations from the private investment groups and adjusted for cash flows if the valuation is not available at the balance sheet date. Market valuations of Barts Charity’s investment properties were carried out in accordance with the current editions of the Royal Institution of Chartered Surveyors (RICS) Valuation – Global Standards, incorporating the International Valuation Standards and the RICS UK National Supplement.

The valuations were carried out by Knight Frank LLP, Chartered Surveyors, who were instructed as our external valuer to value Barts Charity’s freehold and long leasehold interests at 31 March 2024. They reported their opinion of the aggregate of the values of Barts Charity’s interest in the individual buildings. For the years ended 31 March 2025 and 31 March 2026 a desktop valuation was completed by Barts Charity with advice from our property advisors.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

K. Realised and unrealised gains and losses on investment assets

P. Pension contributions

Realised and unrealised gains and losses on investment assets are included in ‘gains and losses on investment assets’ within the Statement of Financial Activities. L. Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at their fair value, net of transaction costs, and are measured subsequently at amortised cost, using the effective interest method, less any impairment. Long term debtors are defined as fully recoverable amounts outstanding for more than 12 months at the balance sheet date. M. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. N. Cash Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of a change in value.

The Charity does not acquire put options, derivatives or other complex financial instruments directly. Where individual investment managers have discretion to use financial instruments, valuation is in line with market practice.

The cost of employer contributions to the NHS Pension Scheme and the Defined Contribution Scheme are charged to the Statement of Financial Activities. Certain past and present employees are covered by the provisions of the NHS Pensions Scheme. Details of benefits payable under these provisions can be found on the NHS Pensions Website (www.nhsbsa.nhs.uk/nhs-pensions). The scheme is an unfunded, defined benefit scheme, preparing its own statements, that covers NHS employers, general practices and other bodies allowed under the direction of the Secretary of State, in England and Wales. The Scheme is not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contributions one: the cost to an NHS body of participating in the scheme is taken as equal to the contributions payable to the scheme. Applicable rates for employee contributions for the NHS Pension Scheme was 12.5% for 2025/26 (unchanged for 2024/25). Employer contributions were 14.38% for both 2025/26 and 2024/25. Employees employed after 1 April 2011 can choose to belong to a Defined Contribution Scheme which is a Group Personal Pension Scheme. For the year ended 31 March 2026, the rates of employer contribution for the Defined Contribution Scheme were 10% for all staff (10% for SMT and 8% for other staff from the year ended 31 March 2025). Employee contributions are voluntary.

O. Financial instruments Basic financial instruments are initially recognised at their transaction value and subsequently measured at their fair value, as at the balance sheet date using the closing quoted market price.

Financial statements for the financial year ended 31 March 2026 Notes to the accounts

2. Income 2.1 Income from donations and legacies Year ended 31 March 2026

Unrestricted income £'000

Restricted income £'000

Endowment income £'000

2026 Total income £'000

Donations

456

1,409

1,865

Legacies

257

643

900

Trading income

Government grants

1,153

713

3,214

3,927

Total 2026

In addition to the legacy income recognised above, Barts Charity is aware of legacies totalling approximately £25k (£237k in 2024/25) which do not meet the SORP recognition criteria at the year end, but are expected to become receivable in future years. Government grants received during the year relates to income received from the Department for Health and Social Care in support of Early Career Researchers. All conditions of the grants have been fulfilled. The income has been fully spent in the year. Year ended 31 March 2025

Unrestricted income £'000

Restricted income £'000

Endowment income £'000

2025 Total income £'000

Donations

563

1,337

1,900

Legacies

461

836

1,297

1,024

2,177

3,201

Year ended 31 March 2026

Unrestricted income £'000

Restricted income £'000

Endowment income £'000

2026 Total income £'000

Investment properties

942

Investments listed on stock exchanges

3,774

Private investments

3,915

453

9,084

Trading income Total 2025

2.2 Income from investments

Interest on cash held as part of the investment portfolio Total 2026

Year ended 31 March 2025

Unrestricted income £'000

Restricted income £'000

Endowment income £'000

2025 Total income £'000

Investment properties

2,886

Investments listed on stock exchanges

3,491

Private investments

2,930

386

9,693

Interest on cash held as part of the investment portfolio Total 2025

3. Expenditure 3.1 Total expenditure Costs of raising funds £'000

Charitable expenditure £'000

Support costs £'000

Total Expenditure 2026 £'000

Grants – Research

15,239

Grants – Service delivery

21,345

Grants written back – Research

(1,913)

Grants written back – Service delivery

(1,712)

Non-grant charitable expenditure

2,878

194

3,072

33,009

36,081

Salaries, social security and pension costs

941

837

1,587

3,365

Other staff and related costs

108

Marketing and communications

207

Legal, accounting and IT

508

551

Office costs

554

Grant administration

159

218

379

Subtotal staff and other costs

1,132

918

3,152

5,202

Allocation of staff and overheads

1,674

1,478

(3,152)

Total

5,878

35,405

41,283

Unrestricted expenditure £'000

Restricted expenditure £'000

Endowment expenditure £'000

2026 Total expenditure £'000

Costs of raising funds

5,878

Charitable expenditure

34,178

1,227

35,405

Total 2026

40,056

1,227

41,283

Year ended 31 March 2026

Direct expenditure

Costs of raising funds Financial and property investment Fundraising Total direct expenditure Staff and support costs

Irrecoverable VAT

3. Expenditure 3.1 Total expenditure (continued) Costs of raising funds £'000

Charitable expenditure £'000

Support costs £'000

Total Expenditure 2025 £'000

Grants – Research

17,333

Grants – Service delivery

4,867

Grants written back – Research

(1,480)

Grants written back – Service delivery

(1,525)

Financial and property investment

4,364

Fundraising

240

4,604

19,195

23,799

1,015

863

1,480

3,358

Other staff and related costs

129

Marketing and communications

167

Legal, accounting and IT

527

579

Office costs

558

Grant administration

Loss on disposal of heritage assets

171

140

318

Subtotal staff and other costs

1,227

956

2,943

5,126

Allocation of staff and overheads

1,690

1,253

(2,943)

Total

7,521

21,404

28,925

Year ended 31 March 2025

Direct expenditure

Costs of raising funds

Total direct expenditure Staff and support costs Salaries, social security and pension costs

Irrecoverable VAT

Unrestricted expenditure £'000

Restricted expenditure £'000

Endowment expenditure £'000

2025 Total expenditure £'000

Costs of raising funds

7,521

Charitable expenditure

20,999

401

21,404

Total 2025

28,520

401

28,925

Although Barts Charity maintains regular contact with grant-holders, there are occasions when planned expenditure is not achievable and the related grant accrual is reversed.

3.2 Direct charitable expenditure by institution 2026 Total £'000

2025 Total £'000

Barts Health NHS Trust

22,170

5,010

Faculty of Medicine & Dentistry at Queen Mary University London

13,388

16,615

554

Grant funded activity

36,112

21,711

Direct other spending

523

489

Writebacks

(3,625)

(3,005)

Total direct charitable expenditure

33,010

19,195

2026 Total £'000

2025 Total £'000

Salaries and wages

2,679

2,753

Social security costs

417

365

Other pension costs

270

240

3,366

3,358

Average number of full-time equivalents

Average head count

School of Health and Medical Sciences at City St George's, University of London

4. Employees 4.1 Analysis of staff costs

Total

Staff costs include termination payments of £104,344 to 4 employees (£78,274 to 5 employees in 2024/25). Of the above, termination payments to key management personnel totalled £54,867 to 1 employee in 2025/26 (£Nil to zero employees in 2024/25).

4.2 Higher paid employees The following number of employees received emoluments falling within the ranges indicated: Number of employees

Value of pension contributions

Number of staff in receipt of pension contributions

2026

2025

2026 £'000

2025 £'000

2026

2025

£60,000 to £70,000

£70,001 to £80,000

£80,001 to £90,000

£90,001 to £100,000

£100,001 to £110,000

£110,001 to £120,000

£120,001 to £130,000

£130,001 to £140,000

£210,001 to £220,000

Key management personnel (the senior management team of the charity) received aggregate employee beneﬁts of £876,268 in 2025/26 (£867,625 in 2024/25).

5. Operational fixed assets 5a. Tangible fixed assets

At cost As at 1 April 2025

5b. Tangible fixed assets Office equipment £’000 166

At cost As at 1 April 2025

Software £’000 214

Additions

Disposals

Balance at 31 March 2026

166

Depreciation: As at 1 April 2025

Balance at 31 March 2026

214

Amortisation: 106

As at 1 April 2025

214

Disposals in the year

Charge for the year

Balance at 31 March 2026

145

Balance at 31 March 2026

Net book value at:

214

Net book value at:

31 March 2026

31 March 2025

6. Heritage assets 2026 £'000

2025 £'000

2024

2023

2022

17,489

17,313

16,600

Additions – donations

180

Disposals

(4)

(1,057)

Revaluation

1,770

17,489

17,313

16,600

792

796

1,253

Paintings, prints and drawings

11,020

10,840

8,792

Books and manuscripts

2,669

3,003

Other

3,008

3,552

Total

17,489

17,313

16,600

Valuation at start of the year

Valuation at end of year Type of heritage assets: Antique furniture

Paintings, prints and drawings include two William Hogarth paintings which have been valued at £4m and £3.5m respectively (£4m and £3.5m in 2024/25). Other heritage assets include clocks, barometers, works of art, sculptures, ceramics, glass, silver and gold. Heritage Assets are not depreciated but are revalued every five years with the last valuation completed by Gurr Johns, auctioneers and valuers, in January 2024. All heritage assets at 31 March 2026 are included within the endowment fund (31 March 2025: all heritage assets are included within the endowment fund).

7. Investments 7.1 Analysis of ﬁxed asset investments Fixed asset investments

Property £'000

Financial £'000

2026 Total £'000

2025 Total £'000

Market value at 1 April

41,585

464,895

506,480

519,929

Less: Disposals at cost

(11,000)

(129,596)

(140,596)

(108,811)

135,049

129,333

Net gain/(loss) on revaluation or disposal of investment assets

(2,500)

18,103

15,603

(44,000)

Net cash receipts into/ (withdrawals from) the portfolio

(12,503)

10,029

28,085

475,948

504,033

506,480

2026 Total £'000

2025 Total £'000

Investment properties

28,085

41,585

Investments listed on stock exchanges

347,001

340,776

Private investments

124,647

107,535

4,300

16,584

504,033

506,480

Add: Acquisitions at cost

Total

Market value at 31 March:

Short term investments Total

Short term investments are held within the investment portfolio, predominantly to fund private investment capital calls and are shown separately in the table above, to distinguish from other investments. Financial investments held at 31 March 2026 include 12 unit trust funds, representing 74% of the total value, and 40 separate private investments (in 2024/25 14 unit trust funds representing 76% and 38 separate private investments). At the year end, Barts Charity had undrawn commitments to private equity funds of £80.4m, which are expected to be called at various future dates, whilst the current investments in private equity funds will be expected to be realised by a return of capital. The carrying value of the private equity investments of £125m reported above represents the valuations of the funds at 31 March 2026, as provided by relevant fund managers and/or as computed by our global custodian. However, it is not possible for the Trustees to liquidate these investments prior to the future return of capital. 7.2 Analysis of gains and losses on revaluation and disposal of investment assets Unrestricted Funds £'000

Restricted Funds £'000

Endowment Funds £'000

2026 Total

Gains/(losses) on revaluation and disposal of financial investments

6,998

34,476

41,474

Gains/(losses) on revaluation and disposal of property investments

(242)

(1,193)

(1,435)

6,756

33,283

40,039

Year ended 31 March 2026

Other currency gains Total

£'000

Unrestricted Funds £'000

Restricted Funds £'000

Endowment Funds £'000

2025 Total

Gains/(losses) on revaluation and disposal of financial investments

166

16,924

17,090

Gains/(losses) on revaluation and disposal of property investments

2,116

2,137

Other currency gains

187

19,040

19,227

Year ended 31 March 2025

Total

£'000

An analysis of gross income arising from the investment assets is set out in Note 2.2.

8. Current assets 8.1 Analysis of debtors 2026 £'000

2025 £'000

Trade debtors

125

630

Prepayments

313

190

Accrued income

1,473

1,310

Other debtors

139

2,050

2,206

Total

All debtors at 31 March 2026 relate to unrestricted funds (31 March 2025: all debtors relate to unrestricted funds). Accrued income largely relates to income on financial investments and amortisation of a rent free period for related leases (see Note 1, Section E). Included within accrued income is an amount of £0.1m which relates to rent amortisation due to be released after more than one year (31 March 2025: £0.1m). 8.2 Cash at the bank and in hand

Cash in UK clearing bank accounts

2026 £'000

2025 £'000

268

9. Creditors due in one year

2026 £'000

2025 £'000

Trade creditors

188

Other creditors

258

124

120

96,185

110,134

501

828

96,907

111,528

Amounts falling due within one year:

Taxation and social security Grant accruals Accruals and deferred income Total

As our grant awards do not give us an unconditional right to defer disbursements, all grant creditors are shown as due within one year. However, based on past experience, the grants are active for longer than one year. Deferred income represents rent billed to tenants in advance for the ﬁrst quarter of the following ﬁnancial year. 2026 £'000

2025 £'000

Deferred income brought forward at 1 April

298

541

Income deferred during the year

452

1,869

Income released during the year

(689)

(2,112)

298

Deferred income carried forward at 31 March

10. Funds 10.1 Funds – Year ended 31 March 2026 Balance as at 1 April 2025

Income Expenditure

Transfers Gains and (Losses)

Endowment funds

£'000

Balance as at 31 March 2026 £'000

Edward Hewlett

3,012

(3,012)

Hannington

1,187

(1,187)

Hamblen Thomas

370

407

MacCready Mann

365

402

Levy Family

315

347

MAEL Jones

293

322

Ablett

207

(207)

Funds < £200k

384

(237)

162

Expendable endowments

329,613

4,295

33,133

367,041

Total endowment funds

335,746

(348)

33,283

368,681

Margaret Centre

917

(58)

881

Gastroenterology

645

(105)

540

IBD Research

631

643

Whipps Cross General

552

(164)

398

9,160

3,188

(912)

(1,978)

9,458

11,905

3,214

(1,227)

(1,972)

11,920

Designated funds Cardiac funds

122

Total designated funds

122

General funds

67,202

9,797

(40,056)

2,320

6,756

46,019

Total unrestricted funds

67,324

9,797

(40,056)

2,320

6,756

46,141

Total funds

414,975

13,011

(41,283)

40,039

426,742

Restricted funds

Funds <£500k Total restricted funds Unrestricted funds

10.2 Funds – Year ended 31 March 2025 Balance as at 1 April 2024

Income Expenditure

Transfers Gains and (Losses)

Endowment funds

£'000

Balance as at 31 March 2025 £'000

Aylwen Bursaries

3,497

(3,497)

Edward Hewlett

2,872

140

3,012

Hannington

1,132

1,187

Hamblen Thomas

353

370

MacCready Mann

348

365

Levy Family

300

315

MAEL Jones

279

293

Funds < £200k

564

591

Expendable endowments

385,682

(4)

(75,000)

18,935

329,613

Total endowment funds

395,027

(4)

(78,497)

19,220

335,746

Margaret Centre

951

(50)

917

Gastroenterology

645

IBD Research

905

(274)

631

Funds <£500k

10,104

2,161

(77)

(2,476)

9,712

Total restricted funds

12,605

2,177

(401)

(2,476)

11,905

122

(10)

122

(10)

122

General funds

3,845

10,717

(28,530)

80,983

187

67,202

Total unrestricted funds

3,967

10,717

(28,520)

80,973

187

67,324

411,599

12,894

(28,925)

19,407

414,975

Restricted funds

Unrestricted funds Designated funds Cardiac funds Funds <£100k Total designated funds

Total funds

10.3 Funds - additional Endowment funds Note 1, Section D provides further details of the permanent endowment fund structure. There were no other income, expenditure or transfers in 2025/26. Expenses have not been charged to the permanent endowment funds. Due to the historic nature of these, there is no certainty that the terms of the trust of the endowed gift would allow this. In conjunction with ongoing works to consider the provenance of these funds, we continue to review this methodology. Restricted funds Note 1, Section D provides further details of the restricted fund structure. There was no allocation of investment income or expenses to the funds in 2025/26, given that they are funded from readily available cash. The Charity is continuing a review of its restricted funds at hospital sites. The target is to consolidate these into fewer funds with more flexible purposes at each site in order to promote more effective expenditure. This work is ongoing. Details of significant restricted funds Name of fund Margaret Centre Gastroenterology IBD Research Whipps Cross General

Nature and purpose of fund Provision of palliative care at the Margaret Centre (Whipps Cross Hospital) Gastroenterology unit (Whipps Cross Hospital) Research into Crohn’s disease Any purpose at Whipps Cross Hospital

Details of significant designated funds Name of fund Cardiac

Nature and purpose of fund Investigation and treatment of heart diseases including the advancement of scientific and medical education and research

Expenditure will be made from a restricted or designated fund when a grant award is made that meets the criteria of the relevant restriction or designation. Transfers between funds Transfers between funds represent: • a release of permanent endowment funds to restricted or unrestricted funds as approved by the Charity Commission or the Board of Trustees; • transfers between restricted, general and designated funds to utilise grant writebacks on restricted or designated funds against other awarded grants which meet the relevant restrictions or designations; • transfers from general funds to restricted funds to cover overspends on restricted funds; and • the reversal of prior year transfers from general funds to restricted funds where overspends have subsequently been covered by receipt of restricted income.

10.4 Prior year distribution of net assets Unrestricted funds £'000

Restricted funds £'000

Endowment funds £'000

£'000

Tangible assets

Intangible assets

Heritage assets

17,489

Investments

176,318

11,905

318,257

506,480

Total fixed assets

176,378

11,905

335,746

524,029

2,206

Cash at bank and in hand

268

Total current assets

2,474

Creditors: amounts falling due within one year

(111,528)

Net current liabilities

(109,054)

67,324

11,905

335,746

414,975

Amounts falling due within one year:

2026 £'000

2025 £'000

Net (expenditure) / income for the year

11,767

3,376

(15,603)

44,000

(180)

(9,084)

(9,693)

Depreciation charges

Loss on disposal of heritage assets

Change in debtors

156

(510)

Change in creditors

(14,621)

(15,987)

Cash outflow from operating activities

(27,346)

21,049

2025 £'000

Movement £'000

2026 £'000

268

(212)

Debtors

Total net assets

Total

11. Notes to the cash flow statement 11.1 Net cash used in operating activities

Adjustments for: Losses/(Gains) on revaluation and disposal of investment assets Losses/(Gains) on revaluation and disposal of heritage assets Investment income

11.2 Analysis of changes in cash and cash equivalents

Cash in hand and at the bank

12. Trustee transactions 2026

Trustee travel, subsistence and hospitality expenses

2025

4,153

2,088

Premiums for Trustee indemnity insurance were paid by the Charity on the part of Trustees totalling £8,400 (2024/25: £11,194).

13. Related party transactions The total amount of related party donations made without conditions was £3,240 (2024/25: £7,767). The total amount of related party donations made with conditions was £50,000 (2024/25: £Nil). During the year Barts Charity made revenue and capital grants (net of writebacks) to Barts Health NHS Trust of £20.0m (2024/25: £3.1m).

14. Operating leases 14.1 Operating lease income Barts Charity generates income from leasing out space within its investment properties. The future minimum lease payments receivable under non-cancellable operating leases are: 2026 £'000

2025 £'000

Not later than one year

237

881

Later than one year and not later than five years

236

566

Later than five years

246

719

1,447

14.2 Operating lease commitments Barts Charity was committed to making the following payments under non-cancellable operating leases: 2026 £'000 Not later than one year Later than one year and not later than five years

2025 £'000

122

245

124

369

15. Net income for the year 2026 £'000

2025 £'000

Auditors' remuneration – audit fees

Auditors' remuneration – non-audit fees

Amortisation

Depreciation

Operating lease payments

246

This is stated after charging:

Barts Charity Ground Floor 12 Cock Lane London EC1A 9BU

E: hello@bartscharity.org.uk T: 020 7618 1717 Registered charity no. 212563 Registered company no. 07168381