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2024-2025

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Ho H H Front cover: Ravi Barod, consultant urological surgeon, with one of the surgical robots at the Royal Free London NHS Foundation Trust, where Mr Barod has led the robotic programme.

Introduction 1 Message from our chair and 2

chief executive Highlights of our year 4 Caring Today, Changing Tomorrow Transforming cancer care 6 For patients and staff 10 Welcome North Mid! 14 For researchers 16 How we did it 18 Looking ahead to 2025-26 22 Trustees' report 24 Financial commentary 26 Financial summary 32 Statement of trustees' 36 responsibilities Structure, governance and 37 management Independent auditor's report 40 Statement of financial activities 43 Balance sheet 44 Cashflow 45 Notes to the accounts 46 Thank you inside back cover

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Powering breakthroughs £15m in grants to improve care and research, including: £2m surgical robot – faster recovery, fewer complications UK's first Quadra PET-CT scanner – earlier, more accurate diagnosis Research grants into cancer, kidney and liver disease

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We exist to support patients – and the staff who care for them – at Barnet, Chase Farm, North Middlesex and the Royal Free hospitals. Our year at a glance:

Past investments paying off £60m Pears Building – worldleading immune system research Clinical research facility – cutting-edge trials for patients

• •

Tackling cancer Major cancer centre appeal launching in 2026 – combining best-in-class care with research which will mean:

diagnosis • earlier and better treatments • new outcomes • improved patients taking part in • more clinical trials

Caring for patients and NHS staff Welfare and benefits advice Complementary therapies to relieve symptoms and stress Volunteer-led companionship and practical help Specialist training and development

• • • •

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This year, we’ve grown bigger, bolder and even

– described by an independent RFL review as a

and fundraising environment. Following the

enquiries, supported almost 300 patients and

more ambitious despite a challenging economic merger with North Middlesex University Hospital (North Mid) and its community services, we’ve

expanded our reach and impact. Our first step

at our newest site will be to welcome North Mid’s dedicated volunteers into our volunteering

programme – extending the warmth, skill and

dedication that our volunteer family brings to every patient’s experience.

trailblazer for the NHS – handled nearly 500 new secured £660,000 in benefits for some of our

most deprived patients. Our complementary

therapy team has added acupuncture, reflexology and lymphoedema massage to their specialist skills and our volunteer numbers have risen from 400 to 500, with a renewed Investing in

Volunteers UK accreditation confirming the quality of our programme.

Our supporters have once again helped us

The challenge of cancer has never been greater.

a £2m Da Vinci surgical robot, giving the Royal

any other NHS trust and cases are rising fast.

achieve the extraordinary. Together, we bought Free London NHS Foundation Trust’s (RFL)

world class surgeons their second set of the

most modern tools for even more patients. The

The RFL receives more cancer referrals than almost That’s why we’re preparing our most ambitious

campaign yet: to create a pioneering cancer centre.

technology revolution we began last year with

We’ve strengthened our fundraising team, making

is delivering results: faster, more accurate

the NHS through us. Donor numbers are climbing

the NHS’s first Siemens Quadra PET-CT scanner cancer diagnoses and fresh insights into lifesaving treatments.

We’ve continued to grow our direct services,

delivering practical, emotional and financial support where it’s needed. Our support hub

CARING TODAY, CHANGING TOMORROW

it easier for grateful patients to give back to

and we’re growing our core income alongside the cancer campaign – a vital task in a tough fundraising climate.

This year, we had £15m invested in projects across five key areas, including an even greater focus on

awareness and advance research into conditions like liver cirrhosis.

We’ve been a strong voice for NHS philanthropy – engaging with the media, policymakers and politicians to argue for stronger government backing for the role of philanthropy in

healthcare, with greater incentives for donors. The future is changing fast. The NHS’s 10-

year plan will mean radical changes to our

health service. Technology, including artificial

intelligence, has the potential to transform how we deliver our mission. We’re building

a new long-term strategy that puts us at

the forefront of this change – with cancer as a key focus – and we will continue to

strive to be an employer of choice for the exceptional charity colleagues who make our work possible. population health so we can keep more people out of hospital. We launched our

first five-year research strategy, achieved full membership of the prestigious Association of Medical Research Charities and funded

projects to boost staff wellbeing, raise cancer

Judy Dewinter

Jon Spiers

Chair

Chief Executive

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

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Robotic surgery, faster recovery

Service fit for a king

Dancing again

Faster answers and treatment

When a scan for

Evelyn Blumenthal, a Royal

After breast cancer

Early in the year the charity

pneumonia revealed

Free Charity volunteer

treatment left her with

was delighted to enable

kidney cancer, 70-year-

since 2018, was awarded a

painful lymphoedema,

the RFL to receive the

old Eliese Gray (above)

British Empire Medal for

Margherita Serpagli (below)

UK’s first Siemens Quadra

received surgery using the

her exceptional service to

feared she’d never dance

PET-CT scanner. This

new robot funded by our

hospital volunteering and

again. Six charity-funded

revolutionary machine, up to

supporters. She was back

dementia care.

lymphatic drainage sessions

35 times more sensitive than

home just two days after

restored her movement —

standard NHS equipment,

her operation — walking,

After retiring from hospice

and her joy on the dance

means patients can now

climbing stairs and

work, Evelyn (below)

floor. “The therapists are

experience faster, more

healing faster than anyone

dedicated over more

so important to the whole

accurate scans, at

expected. “If someone

than 2,000 hours leading

hospital system,” she said.

a much lower radiation

were thinking of having

dementia support and

dose. Since the

robotic surgery I would

training volunteers to care

scanner become

recommend it highly,”

for vulnerable patients.

operational:

she said.

During the COVID-19

has lowered from

vital emotional support

20 minutes to

through the charity’s

just 10

virtual check-in and chat

• scanning time

pandemic, she provided

• the typical

programme. Evelyn also

turnaround for

contributes ethical insights

scans, previously

to the hospital’s biobank

13–14 days, is now

research.

just eight

Kim Lee ran the 2024 London Marathon for us to say thank you for the treatment his mother received at the Royal Free and Barnet hospitals.

Braving new heights for others

Marsden’s legacy to health philanthropy

Patient-centred research

In February 2025, the

A group of patients talking

hear about the work of the

Royal Free Charity

about how their experiences

UCL Institute of Immunity

launched our first abseil,

have influenced research

and Transplantation, housed

inviting supporters to

into diseases was the

in the building, and the close

brave the heights of the

highlight of our 2024

links between research and

70-foot Pears Building

neighbourhood event at the

treatments for patients.

over two dates in May in

Pears Building in Hampstead.

aid of our vital work. This

Those who attended also

marked a new chapter in our fundraising – bringing together colleagues, NHS and charity staff, patients and members of our community under the expert oversight of Royal Marines instructors. Supporters were encouraged to raise sponsorship in aid of the charity and 116 brave participants went on to raise almost £60,000 for our work supporting patients and NHS staff.

Each year we invite local

saw a film about the stunning

The role of philanthropy

residents, scientists and RFL

sculpture which hangs over

in healthcare was the

clinicians to come and

the Mileto Caffe, open to all.

cornerstone of the 2024 Marsden Lecture, delivered by Paul Ramsbottom OBE, chief executive of the Wolfson Foundation. Paul highlighted the enduring legacy of the founder of the Royal Free Hospital, William Marsden, explored modern challenges to gift giving and paid tribute to the transformative role of philanthropy in driving innovation in health services and research.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

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The RFL runs one of the busiest cancer services in

scanners, the Quadra captures a three-

And the need is growing fast – experts predict a

scan. Its remarkable sensitivity slashes scan

the NHS, receiving around 50,000 referrals a year.

rise of more than 40% in people living with cancer in the next five years.

dimensional image of the whole body in a single times and radiation exposure, leading to faster, safer diagnosis and earlier treatment.

The charity’s vision is bold: to make the RFL

And with its lower radiation levels, the Quadra

outstanding patient experience. In a new

imaging – including pregnant women.

a centre of world class cancer treatment and cancer centre, we will harness the power of

can scan those previously excluded from such

innovation to deliver truly personalised care,

In September 2024, the Rt Hon Wes Streeting MP,

turn pioneering ideas into reality and offer

praised the scanner as the kind of innovation

give clinicians and researchers the tools to

the best wraparound support for every patient. It will stand as a national beacon for both discovery and compassion.

But we’re not waiting for the future to arrive –

thanks to our supporters, we’re also changing lives right now.

An NHS first

In March 2024, the Royal Free Hospital became the first NHS site to install the revolutionary Siemens Quadra PET-CT scanner – made possible by the generosity of Royal Free Charity supporters.

Up to 30 times more powerful than standard

CARING TODAY, CHANGING TOMORROW

the secretary of state for health and social care, the NHS needs: “Patients are seen days, not

weeks after being referred, cutting delays in

diagnosis that can be the difference between life and death.”

The Quadra's remarkable sensitivity slashes scan times and radiation exposure, leading to faster, safer diagnosis and earlier treatment.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Robotic surgery and a faster recovery for Eliese When 70-year-old Eliese Gray went into hospital with pneumonia, scans revealed a more

serious problem – kidney cancer. “With kidney cancer you don’t get a lot of symptoms, so

I wouldn’t have known I had it without catching pneumonia,” she said.

Her surgery was performed using a new

robot funded by our supporters. Although

naturally anxious, Eliese was also fascinated by the technology she had seen in

documentaries. Both she and her surgeon,

Abhishek Reekhaye, were astonished at how quickly she bounced back – one of the key benefits of robotic surgery.

“The consultant came round the day after

the operation and saw I was sitting up in the chair. He was surprised and thought that was really good.

“I was just two days in hospital after the

operation and on the first day home I was

walking up and down the stairs and walking around a bit. The more I walked around the better I felt.”

Eliese added: “If someone were thinking of

having robotic surgery I would recommend it highly. It’s definitely less invasive and the recovery time is much shorter.”

'If someone were thinking of having robotic surgery I would recommend it highly. It's definitely less invasive and the recovery time is much shorter.'

CARING TODAY, CHANGING TOMORROW

More ways we helped cancer patients this year

∙

A £350,000 grant is boosting cancer screening

among people with learning disabilities

in Camden and Islington. The programme supports patients through appointments,

trains caregivers, builds peer support networks and raises awareness of human papillomavirus

∙

vaccination to prevent certain cancers. Surgical magnification technology has

been introduced at Barnet and Chase Farm hospitals, thanks to a £10,000 grant. This will

mean more precise removal of cancerous skin lesions, reduced hospital stays and faster

∙

recovery times.

In partnership with the North Central London

Cancer Alliance, we granted £230,000 for the

development of a cancer champion network across north central London. The aim is to

reduce cancer inequalities through increasing awareness and understanding of early cancer symptoms.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

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The Royal Free Charity makes a daily difference to patients – and to the NHS staff who care for them

We provide...

∙ ∙ ∙ ∙

welfare and benefits advice

complementary therapies to relieve symptoms

and stress

specialist training and development

companionship and practical help from our

incredible volunteers.

In the past year...

∙ ∙ ∙

our complementary therapists delivered

13,150 treatments to patients with a range of conditions

our support hub managed 493 new enquiries

and helped nearly 300 patients secure benefits worth almost £660,000

nearly 600 volunteers gave 52,111 hours of their

time, supporting 277,702 patients and visitors

and 34,930 staff. We have 25% more volunteers than the previous year.

Our goal is simple: to ensure every patient feels cared for, not just treated. 10

CARING TODAY, CHANGING TOMORROW

Changing attitudes People living with HIV are benefiting from

improved care, thanks to training funded by us for NHS staff. The sessions, developed by Dr Linda Vaccari, address HIV awareness, stigma reduction and use of respectful

language. Dr Vaccari said, “HIV is now a

chronic infection that is very manageable. We should reduce stigma by increasing knowledge and empowerment.”

Post-training surveys showed significant

gains in staff knowledge and confidence.

Dr Vaccari added, “It was really amazing that the charity supported this work...ultimately benefiting patients.”

Dancing again, thanks to our supporters After breast cancer treatment in 2018,

Margherita Serpagli developed lymphoedema – painful swelling of her arm that restricted movement. Dancing, one of her great joys, was impossible.

Six sessions of manual lymphatic drainage (MLD), funded and delivered by the Royal Free Charity, changed everything. While charity therapists

worked to restore movement, volunteers were

also on hand throughout her visits, ensuring she felt cared for beyond the treatment room. “You relax the minute you lie down,” said

Margherita. “The therapists are so important to the whole hospital system.”

MLD can be life changing, but the NHS

struggles to deliver it to all in need. Our charity service meant Margherita could get help quickly – and return to the dance ﬂoor.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

'You don’t know how much of a difference you’re making' Diagnosed with ulcerative colitis at 13, Bhavisha has been a Royal Free Hospital patient for

12 years. After emergency surgery and a long hospital stay, she was supported by three charity-funded services.

Volunteers brought comfort, conversation and refreshments – small moments of normality during a difficult time. A complementary

therapist offered a massage that eased her

pain and lifted her spirits. Later, she joined our inﬂammatory bowel disease support group – a safe space to share experiences and learn from others.

“For over 30 years I’ve been suffering and didn’t know some of the things I’ve learned in the

group,” said Bhavisha. “If you support the charity, you don’t know how much of a difference you’re

making. On the other side, receiving the support, you can’t describe it.”

Rozalia, a charity therapist, delivering training to ease patients' lymphodema symptoms.

CARING TODAY, CHANGING TOMORROW

The virtual tour complements our weekly in-person guided tours by volunteers at the Royal Free Hospital.

Art for health’s sake We have created a virtual guided tour,

The virtual tour complements our weekly

from our extensive art collection. Narrated

Royal Free Hospital. These physical tours

offering a fresh way to experience highlights by broadcaster and journalist Andrew Marr,

who has donated one of his paintings to the collection, the online tour allows patients,

staff and the public to explore the artworks at their own pace, whether from home or

a hospital bed. Mr Marr provides personal reﬂections and insights into each piece, bringing the collection to life.

in-person guided tours by volunteers at the not only introduce patients to remarkable works by artists such as Noelle Sandwith, Maggie Hambling and Ed Grey, but also

encourage gentle physical activity, aiding rehabilitation and recovery. Both tours help ensure that art is accessible to

everyone, offering inspiration and moments of reﬂection.

No one left behind Staff across our hospitals are benefiting

More than 400 staff attended an

wellbeing and inclusivity. The charity-funded

a four-day course involving reﬂection,

from a wide-ranging programme of

freedom from racism programme offers

anti-racism training to help staff challenge

both overt and subtle acts of racism, making our hospitals better places for everyone.

introductory course, while over 130 joined discussion and activities. Participants

learned about practical ways to advocate for racial equality, creating a more inclusive, empowered workforce.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

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For patients, the merger with North Mid will

mean faster access to specialist care, shorter waits and more opportunities for research

and innovation. The Royal Free Charity and

North Mid Charity joined forces several months before the trusts’ merger, allowing early work

on plans to improve the patient experience and boosts support for staff.

In 2026, we will welcome North Mid

volunteers into our volunteering family, making a difference to patients during a stay on the wards and offering extra support for both patients and staff.

Thanks to the generosity of our supporters, we’ve been able to hit the ground running

at North Mid with a number of exciting and impactful projects:

“Staff felt listened to. They felt better when

working with patients.” These are the words of Rhian Chitambo (right), learning and

engagement lead at North Mid, following her

charity-funded training to support colleagues after traumatic or otherwise challenging

situations at work. The training helps teams

CARING TODAY, CHANGING TOMORROW

'Staff felt listened to. They felt better when working with patients.' Rhian Chitambo

The outdoor gym at North Mid

process difficult experiences and reduce the

Wellbeing support for staff

risk of long-term effects.

One of the first projects to be delivered following

Communications box

outdoor wellbeing and fitness area (above) within

the merger was the charity’s refurbishment of an

North Mid now has a communications

box to help staff connect with patients in the emergency department. It includes a

whiteboard, magnifying sheets, a portable hearing loop and visual aids, supporting, among others, people who don’t speak

English, neurodivergent people and patients

the hospital. It includes a gym with a boxing bag, chin-up bars and a table tennis table, as well as

other equipment. And the space can be used for a range of activities when the weather allows,

including yoga and Zumba sessions funded by the charity.

with learning disabilities. These tools reduce anxiety and make patients more likely to seek care when needed.

Staying close

Relatives and carers of patients at North Mid can now stay with their loved ones if

they require close support overnight or are receiving end-of-life care.

Thanks to funding from the Royal Free Charity, 27 portable beds are available for use in

wards across the hospital. They are designed

for convenience and comfort, ensuring family members can rest without compromising clinical care.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

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From investing in the latest equipment to funding multimillionpound infrastructure like the Pears Building, we create the strong foundations researchers need to secure national and international funding.

Turning generosity into impact Highlights include £2m for a surgical

robot, £230,000 to train “cancer champions”

tackling inequalities in screening and early

diagnosis and £360,000 for a new education and training faculty promoting preventive health

Making every contact count

A £360,000 charity grant has helped to create a new population health faculty serving our

across our communities. Smaller but equally

four hospitals. The

hats and refurbished counselling rooms to

count" initiative aims

meaningful grants ranged from reusable theatre

"making every contact

creative writing sessions for cancer patients.

to reduces cancer

The charity was delighted to gain full

membership of the Association of Medical Research Charities – a hallmark of quality

and governance – and we launched our first

and cardiovascular disease among north London residents by using patient-

five-year research strategy. Involving people

staff interactions to

standard, ensuring funds go where they

choices. Emphasising

with lived experience in grant reviews is now

promote healthier

matter most.

prevention over treatment, it aims to reduce health inequalities and save lives, particularly in deprived communities.

CARING TODAY, CHANGING TOMORROW

∙ In hope for a future cure

A gift in his will for research is Robin Das’s tribute to his

daughters, Ratna and Heera, who both died in their 30s

from chronic kidney disorders at the Royal Free Hospital.

Grateful for their care, Robin and his wife, Tripti, hope his legacy will advance kidney

research and inspire others to support future generations.

research ∙ Amyloidosis Community events, including a golf day fundraiser, raised thousands to support

Robin and Tripti Das with their daughters, Ratna and Heera

a rare but serious disease

is investigating potential

the key to breakthroughs.

fibrosis, offering hope for

research into amyloidosis, where early phase studies hold Pradip ∙ Honouring The Patel family raised over

£26,000 in memory of Pradip, whose kidney transplant

rejection inspired them to

fund research into preventing graft failure. Their gift is

enabling scientists at the

UCL Institute of Immunity

and Transplantation in the Pears Building to explore new ways to harness the

£10m funding 56 different research projects

immune system and improve transplant outcomes.

lung scarring ∙ Tackling Charity-funded research

new treatments for lung

people with currently limited options.

gives early warning ∙ Test The Ian Charleson Day Centre now has a simple digital tool to check if people with HIV

are getting weaker, thanks to

the charity. It works by timing

a short walk to see who might fall or become frail. Now

everyone over 50 is tested

regularly and those who are flagged get personal care

plans. The tool’s popularity

has led to the clinic doubling

its clinics and patients missing far fewer appointments.

The Patel family

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Behind every story of a patient helped, a life saved or an NHS colleague supported are the people, processes and assets working tirelessly to make it possible. This year, that “engine room” of our charity has been running at full power, finding new ways to fund our work, make every pound count and ensure our hospitals have what they need to deliver outstanding care.

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Raising the funds

Supporting our people

broadened our fundraising approach and

its people strategy this year. A successful

In a challenging economic climate, we

deepened connections with our community.

Our first face-to-face fundraising campaign secured more than 550 new regular

supporters, each giving an average of £10.40 a month.

Across our hospitals, charity staff worked with local groups – from golf clubs to care homes

The charity has made significant strides in staff transfer was completed in May 2024, while recruitment remained a key focus

– 30 campaigns were launched between

April 2024 and March 2025, filling 19 roles, mainly in fundraising and finance. A new,

streamlined recruitment website enhanced the candidate experience.

– generating £15,000 through stalls alone.

We achieved reaccreditation as a mindful

ever, raising almost £57,000, while our first

disability confident employer programme,

Challenge events proved more popular than “thankathon” – calling every active donor during the NHS’s 76th birthday – not only strengthened relationships but also raised extra funds.

We listened closely to supporters too, with

more than 700 people sharing why they give

and how they want us to keep in touch. And we kept our ambitions high – launching a

£2.2m appeal for a second surgical robot,

alongside major improvements to NHS staff

facilities, including a sky garden for intensive care teams and a refurbished restaurant at the Royal Free Hospital.

employer and progressed to Level 2 of the both national initiatives, reinforcing our commitment to staff wellbeing.

Employee engagement remained strong

with 129 nominations in the second annual award event which celebrates success

and an 87% participation rate in the staff survey. Our new CEO-led lunches for

starters encouraged open dialogue, while

equality, diversity and inclusion initiatives promoted awareness through events

focusing on Diwali, Black History Month and neurodiversity.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Our gardening volunteers have transformed the area outside the Royal Free Hospital

Apprenticeships supported career

development and management training

strengthened leadership capability. A refreshed performance review process, combined

with succession planning, is shaping future growth and development.

Overall, the charity continues to invest in its people, culture and wellbeing to build a resilient, inclusive workforce.

Protecting the environment

Communicating our impact

Our communications shifted from reactive

updates to proactive storytelling, designed to engage, inform and inspire. The launch of our new, accessible website improved

supporter journeys and user experience,

while moving away from X, formerly Twitter, and investing in Bluesky has helped us grow a more relevant, engaged social media audience. From securing major gifts to managing

complex grants, from supporting staff wellbeing

We know our supporters expect us to act

to embedding sustainability in every decision,

committed to reducing our carbon

about one thing: making sure the generosity

fully divested our investments to fossil fuel

possible impact for patients, staff and our

responsibly on sustainability – and we’re

the work behind the scenes this year has been

footprint. Over the past 18 months we’ve

of our supporters translates into the greatest

producers, switched to 100% renewable

wider community.

our website to cut its carbon output by 70%,

We plan to keep building the partnerships,

and embedded sustainability criteria in

lasting change. By innovating, listening and

achieved a BREEAM “Excellent” rating

– ensuring patients, staff and communities

just as focused on how we work within it

pioneering research and healthier futures for

electricity across all our buildings, redesigned increased our use of recycled materials

systems and skills that turn generosity into

our grant-making. The Pears Building

acting sustainably, we’ll strengthen our impact

testifying to its sustainability, but we’re

continue to benefit from world-class care,

to reduce our footprint.

years to come.

CARING TODAY, CHANGING TOMORROW

By innovating, listening and acting sustainably, we’ll strengthen our impact – ensuring patients, staff, and communities continue to benefit from world-class care, pioneering research, and healthier futures for years to come.

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We see the year ahead as an exciting time of change, driven by the launch of our innovative cancer centre campaign and the expansion of hospital support through North Mid. Alongside these advances, we remain committed to our daily work, delivering essential services, grants and cutting-edge equipment that directly support patients and staff. This balance ensures we continue to innovate while providing practical, compassionate care every day.

CARING TODAY, CHANGING TOMORROW

Next year’s milestone

With North Mid joining the Royal Free

London group in January 2025, we now

stand alongside four hospitals, each with its own character and community, yet

united by a shared vision: healthier lives, exceptional care and a future where no one is left behind.

Our ambitions are bold

The new cancer centre we are working

towards will set new standards for care and outcomes, while our growing investment in prevention will help stop illness before it

starts. These big goals will sit alongside the everyday support we provide on wards, in

clinics and in countless other spaces where patients, staff and families need us most.

Partnerships will guide us

By working closely with our NHS colleagues, we’ll make sure every pound, every project and every service is directed where it will

make the greatest difference – whether that’s pioneering research, new patient services or facilities that boost staff wellbeing.

We will:

∙ ∙ ∙ ∙

shape the detailed plans for a

world-class cancer centre that will transform care for people across north London.

grow our fundraising income,

with a focus on flexible funds

∙

that can support grants and

strengthen our community

connections, giving local

people more ways to support their hospitals.

raise the profile of NHS

philanthropy, using

on our work this year

with articles, meetings

Medical Research Charities.

innovations.

beyond hospital walls.

incentives – building

member of the Association of

wellbeing programmes to digital

projects that improve lives

case for greater donor

building on our status as a full

develop new services to

population health, funding

engagement to make the

continue to invest in research,

support patients and staff,

champion better

the media and policy

services across all our hospitals.

from expanded advice and

∙

and conversations with decision-makers.

keep sustainability as

a priority, from greener

procurement to low-carbon technology, reflecting our responsibility to

protect the environment for future generations.

With North Mid now part of our charity family, our reach is greater than ever – and so is our responsibility. Together with our supporters, partners and NHS colleagues, we will make 2025-2026 a year of progress, innovation and hope for the communities we serve.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

There is a wealth of clinical evidence that petting a dog for even a few minutes can significantly reduce stress levels and our patients and staff give us plenty of positive feedback when they come into contact with our therapy pets. ʻHospital staff often work long shifts and a visit from the therapy dogs during their break makes such a difference to their day.ʼ

‘The hospital's outpatients have fed back to us regarding how much a therapy dog visit helps them during what can be an anxious visit to the hospital.ʼ

‘Patients in the recovery wards really enjoy a visit from the therapy dogs, especially those who have their own pets at home, who they miss.ʼ

‘Some patientsʼ relatives aren't able to visit them in hospital if they live far away, RFC Stencil RFC RFCand Stencil Stencil RFC Stencil a visit from a pet volunteer can RFC Stencil break up their day and put a smile won their face.ʼ

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Alex Jarvis, director of finance

The charity’s core operating performance was

patient and staff experience across our hospital

unrestricted fundraising income and strong

more information about our services earlier in

positive this year, supported by increased

performance in treasury management. We are beginning to see the benefits of our efforts

sites and operating our buildings. There is this report.

to strengthen fundraising and property

Voluntary income

efficiency savings.

donations, grants and legacies, of which £0.9m

management, alongside a programme of

We faced challenges toward the end of the financial year, particularly from the impact

of US tariffs on our market investments, and

some issues with our properties. As a result, our unrestricted general fund decreased. We are

confident that these challenges are temporary and that our long-term financial outlook is

positive. Our investments have already begun to

We raised £4m of voluntary income, including

was unrestricted. We have invested in fundraising to support the services we provide directly – our

core operations – including grants, sector-leading volunteering, complementary therapy and

support hub services. These investments began

to pay dividends during the 2024-25 financial year and we expect that their true value will become even clearer during 2025-26.

recover at the time of writing.

Properties

This report provides further detail on our

while generating income for the charity.

income, expenditure, and assets over the year. Charitable expenditure

Although our statutory accounts show

charitable expenditure of £12.6m, this reflects

a rebate of £1.2m following our resolution of a

VAT case with HM Revenue & Customs (HMRC) regarding our previous purchase of a PET-CT scanner, the first of its kind in the NHS. This rebate enables us to deliver even more for

We use our properties to deliver social impact The multi-award-winning Pears Building, in

Hampstead, houses UCL’s Institute of Immunology

and Transplantation, patient accommodation, the charity’s offices and the Mileto café, a social hub for the building and the local community.

Occupancy of our patient accommodation

remains strong at 74%; during the week we are

at capacity and we continue to look for ways to optimise our use of the facility at weekends.

our beneficiaries but artificially reduces our

During the year, negotiations with our tenants

this rebate, our charitable expenditure would

service charges from previous years; as a result,

reportable expenditure. Excluding the effect of be even higher at £13.8m. It includes our patientfacing volunteering, complementary therapy

and support hub services, improvements to the

CARING TODAY, CHANGING TOMORROW

led to the charity needing to repay overpaid

RFC Enterprises Ltd, our wholly-owned subsidiary which manages the building for us, made a loss

of £594,000. However, excluding this provision, the

The charity spent £14.1m during the year on grants and directly-provided services for patients and staff.

subsidiary would have made a profit of £85,000, so we are confident that this represents a one-

off loss and that the subsidiary remains a viable profit-making asset in the medium term.

Graseby House provides NHS office space and short-term, affordable accommodation for

Barnet Hospital medical staff. Demand for our

63 residential units remains high, with occupancy rates of over 99%. The building generated net income of around £450,000 for the charity. An updated independent valuation reduced the

building's value by £3.1m to £10.7m, largely due to increased interest rates since the 2021

valuation. At present, there are no plans to

crystallise these losses by selling the building, although in future we may choose to do so if our strategic position changes.

The Armoury on Pond Street, leased to the Jubilee Hall Trust, a charity with objectives aligned to

the charity’s, made a net income of £91,000 for the charity this year. The property is valued at £2.5m. The Rec Club The charity’s other fully-owned

subsidiary, the RFC Recreation Club Ltd (“Rec Club”), operates an affordable fitness facility

for hospital staff and the local community. In

December 2024 a fire damaged part of the roof

and that of the neighbouring property. Works are underway to repair this damage. Despite some business disruption, the Rec Club generated a profit of £74,000 for the charity. Investments

Our investment portfolio is held with Cazenove

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Capital in a Sustainable Multi Asset Fund.

remain additional areas to improve in terms of

sustainable investment products with an

to respond to increasing demand for our grants

This fund focuses on diversified ethical and appropriate balance of yield and risk. The fund

targets growth of the consumer price index (CPI) +

streamlining our processes and ways of working and services.

4% (of which the charity takes 4% as income). With

Reserves

makes for a total target of 6.6%. Against this, our

reserves:

CPI at 2.6% for the 12 months to March 2025, this

The charity holds three main categories of

This is largely due to the impact of US tariffs on

Restricted funds are made up of gifts, donations ∙ and grants with strict spending conditions and

of the financial year. Our investments have since

from other charitable organisations through

investments provided an overall return of 1.2%.

the value of our investment holdings at the end reversed these losses.

covenants attached, as well as funds inherited

merger with the charity. Restricted funds at the year-end were £30m (2023-24: £28m).

investment managers, we remain confident that

designated funds are donations ∙ orUnrestricted, legacies which come with an expression of

long-term view of our investment holdings and we

to benefit specific activities of a department in

Having reviewed the performance of our

their approach is right for us. Trustees take a

are confident that the quality-driven investment strategy underpinning our investment fund will support a sustainable recovery.

At 31 March 2025 we held £15.6m in the

Sustainable Multi Asset Fund, £4m in next-day cash deposits managed by Cazenove Capital

and £22m in fixed term cash deposits managed

by Handelsbanken. Over the year, we generated income of £572,000 on our investments and

£1.4m on cash deposits, which supported our charitable activities. Processes

During the year, we transitioned to our new

finance system, which enabled us to manage

our finances in a more efficient and accurate way. Despite substantial progress, there

CARING TODAY, CHANGING TOMORROW

wish from the donor, but no binding restriction, one or more of our four hospitals. Unrestricted, designated funds at the year-end were £11.3m (2023-24: £13.0m).

Unrestricted, general funds carry no stipulation ∙ from the donor but must be spent in line with the charity’s objects, which is the legal responsibility of the trustees. Unrestricted, general funds at the year-end were £68.7m (2023-24: £67.6m). Reserves targets

Trustees are required to ensure that we hold sufficient reserves for the charity to meet

its financial commitments and respond to

unforeseen circumstances. To do this, trustees

have established three reserve targets, based on

their evaluation of a series of challenge scenarios relating to expenditure and income.

Short-term liquidity reserve target

To ensure sufficient ready cash to meet our

immediate needs, for 2024-25 trustees have set a minimum balance of cash to be held in instantaccess cash facilities at £2m.

Purpose

Target level

31 March 2025

Short-term

£2m

£5m

Medium term

£1m

Negative £4.6m

Long-term

£2.8m

£6.1m

liquidity reserves ‘free reserves’

Medium-term ‘free reserves’ target

To address potential medium-term financial

challenges, for 2024-25 the charity has a target

strategic reserves

level of ‘free reserves’ at £1.0m. In line with

position and our ability to respond to systemic

strategic reserve is calculated based on general

However, we are falling short on our medium-term

regulatory requirements, the current level of the funds, adjusted for fixed assets excluding pure investment properties.

Long-term strategic reserve target

We recognise that some challenges faced by

the charity may be longer-lasting and require

a more strategic repositioning of the charity’s operations. To address these, trustees have

agreed that the charity would deploy a long-term

or strategic risks which might arise in future.

free reserves target. Although we have a high

value of unrestricted reserves, once the value

of our properties is deducted, we have negative

free reserves. We do not think that this measure of free reserves accurately reflects the financial

resilience of the charity, which is why we examine short-term liquidity and our long-term strategic asset base in assessing our resilience.

strategic reserve. For 2024-25, the target level

During the year, our free reserves deteriorated

reserve is underpinned by our mixed-motive

This deterioration is due to the impact of US

of this strategic reserve is £2.8m. The strategic investment property, Graseby House, which could be sold if required by the strategic position.

This reserve is therefore calculated as our ‘free reserves’ plus the value of this property. Performance against reserves targets

All reserves targets and our performance against them are regularly reviewed by trustees.

We are exceeding our short-term liquidity target

and our long-term strategic reserve target, which gives us confidence in both the charity’s cash

to negative £4.6m (31 March 24: negative £3.1m). tariffs on our investment holdings in the runup to the end of the financial year, as well as financial adjustments relating to buildings

income (see above). Nevertheless, we are on

track to achieve our medium-term free reserves target within four years. At the time of writing,

our investments have already recovered their losses and we have a robust financial plan in

place to improve our free reserves position with

a combination of investment growth and income, increased unrestricted fundraising and savings on operational costs.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

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Breakdown of total income (£'000)

Property operations £2,541

Donations, legacies and conference fees £4,048

£9.4m

Total income Other income £151

Donations £6,314 (48%)

Rec Club trading income £629

Financial investments £2,019

Income for the year

Donations, legacies and

Financial investments

was £9.4m. Income was

conference fees

Income and capital growth on

derived from voluntary

Voluntary gifts and donations

our financial investments and

donations, properties,

received by the charity from

cash deposits.

financial investments,

individuals, corporations,

operation of the Rec Club

charities and charitable trusts

Other income

and other sources.

and foundations. This includes

Income relating to other activities

speaking and training fees

and technical adjustments.

donated to the charity by NHS staff. Property operations Income generated by our properties. Rec Club trading income Income generated by the Rec Club which provides health and wellbeing facilities to hospit al staff and members of the local community.

CARING TODAY, CHANGING TOMORROW

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Breakdown of total expenditure (£'000) Patient experience £5,230

Governance £70 Population health £377 Clinical services & equipment £1,436

£14.6m

Staff experience £1,813

Total expenditure

Research and development £3,731

Raising funds £1935

Expenditure for the year was

Patient experience

Clinical services and equipment

£14.6m split across the five

The cost of grants and services

Expenditure on new, improved and

key areas of our work: patient

to improve patient welfare and

additional treatment and diagnostic

experience, staff experience,

facilities, including our volunteer,

equipment to improve patient care.

research and development,

support hub and complementary

clinical services and equipment

therapy services.

Population health Expenditure that uses data analysis

and population health, as well as raising funds (through

Research and development

to target specific population groups,

donations and investments)

Grants for medical research into

address inequalities, prevent health

and governance.

new and transformative medical

issues and identify problems earlier.

treatments across a wide range of specialities, including researcher

Raising funds

salaries, research equipment and

The cost of generating our income,

materials and other associated

including investment management

research costs.

fees, fundraising staff, events costs and other related costs.

Staff experience Expenditure to improve the welfare

Governance

of NHS staff and to provide them

The regulatory, audit and assurance

with opportunities for professional

costs which ensure that the charity's

training and development in

funds are spent and reported in

addition to those funded by

an appropriate, compliant and

the NHS.

efficient way.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Risks and risk management

The trustees recognise their duty to anticipate, manage and mitigate the risks to which the charity’s activities could be exposed. They acknowledge that risk is inherent in all activities and that its management is crucial to achieving the charity’s objects. The trustees take a systematic approach to managing risk, with the executive team regularly monitoring and reporting risks to the board as well as prioritising actions. Risks are rated by multiplying a score for the likelihood of a risk by a score for its severity on a scale from 1-25. Scores before and after mitigation are calculated using a risk matrix. Risk areas with a pre-mitigation score of eight or above are reported to the trustees through the committee and board governance structure.

CARING TODAY, CHANGING TOMORROW

The board considers the following as the key risks for the organisation...

Fundraising: risk that the

Finance: risk that the charity is

People: risk that the charity

charity fails to hit its fundraised

unable to generate sustainable

is unable to recruit or retain

income targets

unrestricted surpluses

talented staff

Roughly half of the charity’s

The charity relies on unrestricted

We have been working towards

annual income is thanks to the

income from fundraising,

generous support of our donors,

investments and property

large and small. To drive growth

to fund much of our mission

in voluntary income, the charity

and operational costs.

invested in increased fundraising

Underperformance in any of

capacity and improved fundraising

these areas, for example due to

infrastructure during the year. In

market downturns or the difficult

common with with the entire charity

fundraising landscape mentioned

sector, difficulties for voluntary

above, necessitates cost savings

income include UK and global

and can increase pressure on

economic pressures on donors,

our reserves.

a very challenging recruitment market for fundraisers and political uncertainty. The board and the executive team continue to closely manage and monitor fundraising performance through in-year reporting against targets.

Our new finance system and investment in finance personnel and processes have improved visibility of our unrestricted position and our ability to

becoming an employer of choice for some time and continue to prioritise hiring and retaining the best people to help us achieve our mission. We operate in a highly competitive employment market and need to keep remuneration, benefits and development opportunities for staff under constant review. Our staff survey indicates that we outperform our peers on virtually every measure of staff engagement and satisfaction, but we are not complacent and continue to improve our offer to staff wherever we can.

respond to budget variances. While market investments were adversely affected by the impact of US tariffs at the year-end, they had more than recovered their losses halfway through the subsequent financial year. The charity has improved its treasury management to maximise returns from our large cash balances. We continue to work closely with our property contractors to reduce costs and increase income across our property portfolio. Financial planning continues to place an emphasis on generating more unrestricted income and cost savings exercises have led to expenditure reductions across all areas of the business.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Statement of trustees' responsibilities The trustees (who are also

basis unless it is inappropriate

directors of the Royal Free Charity

to presume that the company will

for the purposes of company law)

continue in business.

are responsible for preparing the trustees' report and the financial

The trustees are responsible for

statements in accordance with

keeping adequate accounting

applicable law and United

records that disclose with

Kingdom Accounting Standards

reasonable accuracy at any

(United Kingdom Generally

time the financial position of

Accepted Accounting Practice)

the company and enable them

including FRS 102 "The Financial

to ensure that the financial

Reporting Standard applicable in

statements comply with the

the UK and Republic of Ireland".

Companies Act 2006. They are

Company law requires the trustees

also responsible for safeguarding

to prepare financial statements

the assets of the charity and

for each financial period that give

taking reasonable steps for the

a true and fair view of the state

prevention and detection of fraud

of affairs of the company and

and other irregularities.

of the incoming resources and application of resources, including

As far as the trustees are aware:

the income and expenditure of the company for that period.

(a) there is no relevant audit

In preparing those financial

information of which the company's

statements, the trustees are

auditor is unaware

required to: and (a) select suitable accounting policies and apply them

(b) the trustees have taken all the

consistently

steps that they ought to have taken to make themselves aware

(b) comply with applicable

of any relevant audit information

accounting standards, including

and to establish that the auditor is

FRS 102, subject to any material

aware of that information.

departures disclosed and

The trustees' annual report is

explained in the financial

approved by the trustees of the

statements

charity. The strategic report, which forms part of the annual report, is

approved by the trustees in their

recommended practice applies

capacity as directors in company

and has been followed, subject

law of the charity.

to any material departures which are explained in the financial statements (d) make judgements and estimates that are reasonable and prudent (e) prepare the financial statements on a going-concern

CARING TODAY, CHANGING TOMORROW

By order of the trustees Judy Dewinter

Chair of Trustees Stephen Craig Trustee and Chair of the Finance, Property and Investments Committee Date: 11 December 2025

Structure, governance and management Legal structure On 1 April 2016, the Royal Free Charity reconstituted as an independent charity (no 1165672), solely regulated by the Charity Commission and no longer subject to NHS legislation. This status establishes the charity’s independence from the Department of Health and, by virtue of becoming a company limited by guarantee (no 09987907), limits the trustees’ liability. The charity operates under a Charity Commission scheme dated 1 April 2016 and its objects, as stated in its articles of association, encompass not only the support of patients of the RFL, but also and more generally the promotion of health and medical research, particularly within the

closely connected with the RFL. The trustees and their four sub-committees meet quarterly. The committees are: people and governance; finance, property and investments (supported by an investment sub-committee); grants and services; and fundraising, campaigns and communications committees. Powers of investment The charity’s powers of investment are principally derived from its articles of association and the Companies Act 2006. In exercising these powers, the trustees must act in accordance with their duties as charity trustees and as company directors as set out in the Charities Act 2011 and the

catchment area of the RFL.

Companies Act 2006. They must

Trustees

Trustee Act 2000. These powers of

Following the reconstitution of the charity, new trustees are appointed by the board after open competition. One trustee who was previously a trustee of the former NHS charity is now a trustee of the incorporated charity (Russell Brooks); in addition, the RFL has the right to appoint and remove one trustee. During the year Dr Gillian Smith,

also act in accordance with the investment are wide, allowing the trustees to invest in such stocks, funds, shares, equities or other investments as they see fit. Remuneration The remuneration of senior staff is agreed by the trustees, following a comparison of their posts with similar positions in the charity sector.

group chief medical director at the RFL, fulfilled this role. The chair of trustees aims for new and existing trustees to be fully briefed on the key issues facing the charity, including Charity Commission information on trustee responsibilities, aspects of charity law pertinent to the charity and timely copies of reports, accounts and other key documents. Board members declare all relevant interests in other bodies, especially bodies

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Public benefit statement The Royal Free Charity’s purpose

1. Patients

directly benefit human health.

is to support the RFL’s four

Evidence shows that improving

The charity led the funding and

hospitals – Barnet Hospital,

the experience of patients leads

construction of the Pears Building,

Chase Farm Hospital, the Royal

to better patient safety and

a new home for the UCL Institute

Free Hospital and North Middlesex

clinical outcomes and a better

of Immunity and Transplantation

University Hospital (which joined

quality of life, particularly for

and supplied seed funding for

the group in 2025), as well as

patients facing a poor prognosis;

the RFL’s clinical research facility

many satellite sites across north

improves patient involvement

which in 2022 secured state

London. The trustees, in making

in, and understanding of, their

funding worth £5m.

decisions about our mission,

care; leads to fewer demands

have had due regard to the

for unnecessary treatment;

No harm arose from our work.

Charity Commission's public

and can expose important

Our beneficiaries were patients,

benefit guidance when exercising

system challenges, leading to

NHS staff, the general public

any powers or duties to which

improvement of care for all.

and locally-based community and voluntary organisations.

the guidance is relevant. 2. NHS staff

No private benefit arose from

We focus our support on three

Evidence shows that improving

these purposes.

groups:

the experience of NHS staff leads to better retention of staff,

● Patients and their families,

crucial at a time of chronic staff

whether local or from further

shortages in the NHS; relieves

away, needing to use the trust’s

long-term anxiety caused by

specialist services. We enhance

work stresses; makes staff feel

the experience of patients

better prepared for the future;

throughout their hospital

and improves patient outcomes

journey, through the services

and satisfaction. In addition,

we provide directly and the

improvements to the working

projects and equipment we

environment and the specialist

fund on the wards.

equipment staff use encourage a more holistic approach to

● The staff of the hospitals

and satellite sites, so they

treatment, health and wellbeing and improve morale.

can deliver the best possible 3. Researchers

healthcare.

Healthcare research can provide ● Researchers working in the

important information about

hospitals and partner institutes,

different forms of treatment

helping them to have not

and outcomes, disease risk

only local impact but also the

factors and trends, public health

potential to improve healthcare

interventions and healthcare

nationally and globally.

costs, among many other benefits to the public. Our charity primarily

The public benefits that flow

supports two aspects of research

from our support for these three

– clinical trials and translational

groups:

research. This takes laboratory discoveries and turns them into treatments and interventions that

CARING TODAY, CHANGING TOMORROW

Reference and administrative detail Financial statements

Governing document

The audited consolidated

The Royal Free Charity is

financial statements comply with

governed by its articles of

the Statement of Recommended

association dated 4 February

Practice ‘Accounting and

2016, reviewed and updated

Reporting by Charities’ FRS 102

in January 2023.

including Update Bulletin 2, the Charities Act 2011 and the

Company number

Companies Act 2006.

09987907 in England and Wales

Charity status

Charity number

The charity is a company limited

1165672 in England and Wales

by guarantee. Its members are the trustees of the charity, of

Registered office

whom there may be a maximum

Royal Free Charity

of 14. Each member guarantees

Pears Building

to contribute up to one pound

London

sterling (£1) to the charity’s debts,

NW3 2PP

liabilities and costs in the event of the charity being wound up and for one year after ceasing to be a member. Charity objects (a) further any charitable purpose or purposes relating to the general or any specific purposes of the foundation trust or the purposes of the health service (b) promote, protect, preserve and advance all or any aspects of the health and welfare of the public, particularly within the catchment area of the foundation trust (c) advance and promote knowledge and education in medicine, including by engaging in and supporting medical research.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Independent auditor's report to the members of the Royal Free Charity Other information

Opinion

accordance with International

We have audited the financial

Standards on Auditing (UK) (ISAs

statements of the Royal Free

(UK)) and applicable law. Our

Charity for the year-ended 31

responsibilities under those

March 2025 which comprise

standards are further described

the consolidated statement

in the auditor’s responsibilities

of financial activities, the

for the audit of the financial

comparative statement of

statements section of our report.

financial activity, the consolidated

We are independent of the

and company balance sheets, the

group and charitable company,

consolidated cash flow statement

in accordance with the ethical

and notes to the financial

requirements that are relevant

statements, including a summary

to our audit of the financial

of significant accounting policies.

statements in the UK, including

The financial reporting framework

the FRC’s Ethical Standard,

that has been applied in their

and we have fulfilled our

preparation is applicable law

other ethical responsibilities

and United Kingdom Accounting

in accordance with these

Standards, including Financial

requirements. We believe that

Reporting Standard 102, the

the audit evidence we have

Financial Reporting Standard

obtained is sufficient and

applicable in the UK and Republic

appropriate to provide a basis

of Ireland (United Kingdom

for our opinion

statements or our knowledge

Conclusions relating to

otherwise appears to be

Generally Accepted Accounting Practice).

going concern In our opinion, the financial

In auditing the financial

statements:

statements, we have concluded that the trustees’ use of

● give a true and fair view of the

state of the group’s and the

accounting in the preparation

parent charitable company’s

of the financial statements is

affairs as at 31 March 2025

appropriate. Based on the work

and of the group’s incoming

we have performed, we have

resources and application of

not identified any material

resources, including its income

uncertainties relating to events

and expenditure for the year

or conditions that, individually

then ended;

or collectively, may cast

● have been properly prepared

significant doubt on the group

in accordance with United

and charitable company’s

Kingdom Generally Accepted

ability to continue as a going

Accounting Practice guidelines

concern for a period of at

(UKGAAP);

least 12 months from when

● have been prepared in

accordance with the requirements of the Companies Act 2006.

the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees

the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 obtained in the audit, or materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit:

with respect to going concern are described in the relevant

Basis for opinion We conducted our audit in

the going concern basis of

The trustees are responsible for

sections of this report.

CARING TODAY, CHANGING TOMORROW

● the information given in the

strategic report and the

trustees’ annual report for

financial statements and for

the financial year for which

being satisfied that they give a

the financial statements are

true and fair view, and for such

prepared is consistent with

internal control as the trustees

the financial statements; and

determine is necessary to enable

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

● the trustees’ report and the

the preparation of financial

strategic report have been

statements that are free from

prepared in accordance with

material misstatement, whether

A further description of our

applicable legal requirements.

due to fraud or error.

responsibilities for the audit of the financial statements is located on the Financial Reporting

Matters on which we are

In preparing the financial

required to report by exception

statements, the trustees are

In the light of the knowledge

responsible for assessing the

and understanding of the group

group and charitable company’s

and charitable company and

ability to continue as a going

its environment obtained in the

concern, disclosing, as applicable,

course of the audit, we have not

matters related to going concern

Extent to which the audit was

identified material misstatements

and using the going concern

considered capable of detecting

in the directors’ report.

basis of accounting unless the

irregularities, including fraud

Council’s website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our auditor’s report.

trustees either intend to liquidate

Irregularities, including fraud, are

We have nothing to report

the group and charitable

instances of non-compliance with

in respect of the following

company or to cease operations,

laws and regulations. We identified

matters in relation to which the

or have no realistic alternative

and assessed the risks of material

Companies Act 2006 requires us

but to do so.

misstatement of the financial statements from irregularities,

to report to you if, in our opinion: Auditor’s responsibilities for the ● adequate accounting records

audit of the financial statements

have not been kept by the

Our objectives are to obtain

charitable company, or

reasonable assurance about

returns adequate for our audit

whether the financial statements

have not been received from

as a whole are free from material

branches not visited by us; or

misstatement, whether due to

● the financial statements are

fraud or error, and to issue an

whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

not in agreement with the

auditor’s report that includes our

accounting records and

opinion. Reasonable assurance

We obtained an understanding

returns; or

is a high level of assurance, but

of the legal and regulatory

is not a guarantee that an audit

frameworks within which the

directors' remuneration

conducted in accordance with

charitable company and group

specified by law are not made;

ISAs (UK) will always detect a

operates, focusing on those laws

material misstatement when it

and regulations that have a direct

exists.

effect on the determination of

● certain disclosures of

● we have not received all the

material amounts and disclosures

information and explanations we require for our audit.

Misstatements can arise from fraud or error and are considered

Responsibilities of trustees As explained more fully in the trustees’ responsibilities statement set out on page 48, the trustees are responsible for the preparation of the

material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

in the financial statements, including financial reporting legislation and the Charities SORP (FRS 102), and tax regulations. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Independent auditorʼs report to the trustees of the Royal Free Charity (continued) In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the group’s ability to operate or to avoid a material penalty. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and

required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and

legal correspondence, if any.

regulations.

We also considered the

Use of our report

opportunities and incentives that may exist within the group for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be management override of controls. Our audit procedures to respond to this risk included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, and reading minutes of meetings

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 anyone other than the charitable company and the charitable

of those charged with governance.

company’s members as a body, for

Owing to the inherent limitations

for the opinions we have formed.

our audit work, for this report, or

of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have

Alastair Lyon

properly planned and performed

(Senior Statutory Auditor)

our audit in accordance with auditing standards. For

For and on behalf of

example, the further removed

Crowe U.K. LLP

non-compliance with laws and

Statutory Auditor

regulations (irregularities) is from

R+ Building

the events and transactions

2 Blagrave Street

reflected in the financial

Reading RG1 1AZ

statements, the less likely the inherently limited procedures

Date: 22 December 2025

CARING TODAY, CHANGING TOMORROW

Consolidated statement of financial activities Year ended 31 March 2025 Year ended 31 March 2024 Note Unrestricted Restricted Total Unrestricted Restricted Total funds funds 2024/25 funds funds 2023/24 £000 £000 £000 £000 £000 £000 Income and endowments from:

Donations and legacies 2 2,511 1,537 4,048 2,514 5,573 Charitable activities 33 0 33 59 Trading activities Property operations 908 908 838 629 629 538 1,633 1,633 2,645 Investments 8.4 1,919 100 2,019 1,990 51 7 6 13 2 Other Events 6 6 282 9 Other income 98 98 315 Total income 7,745 1,644 9,389 9,184 5,633

8,087 59 838 538 2,645 2,041 2 291 315 14,817

Expenditure on: Raising funds Fundraising expenditure 1,906 1,906 1,380 1,380 Trading expenditure 70 70 132 132 Investment/ 29 29 34 34 property management Charitable activities 3 10,024 2,543 12,567 11,337 2,780 14,117

Total expenditure 12,029 2,543 14,572 12,883 Net gains/(losses) on investments 8.6 (3,480) (69) (3,549) 1,906

2,780

15,663

212

2,118

Net income / (expenditure) (7,764) (968) (8,733) (1,792) 3,065 Transfers between funds 11 929 (929) - 977 (977)

1,273 -

Gains on tangible fixed assets

Net movement in funds (6,766) (1,897) (8,663) (815) 2,088 1,273 Reconciliation of funds: Total funds brought forward 79,813 30,040 109,852 80,628 27,952 108,581 Total funds carried forward

73,048

28,143

101,187 79,813

30,040

109,852

The notes on pages 46-58 form part of these accounts

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Consolidated charity balance sheet Note

Group March 2025 £000

Charity Group March 2025 March 2024 £000 £000

Intangible assets 142 125 Fixed assets Tangible assets 6 30,315 30,195 Investments 8 21,940 22,080 Social investments 8 37,636 37,636

30,825 22,663 41,872

30,709 22,802 41,872

Total fixed assets

89,910

94,790

94,814

Current assets Debtors 9 2,523 2,347 Cash at bank and in hand 23,019 22,738

3,574 26,389

3,678 25,668

Total current assets

25,542

25,085

29,963

29,345

Creditors falling due within one year

(14,388)

(13,099)

(15,020)

(14,259)

14,943

15,086

102,022 109,852

109,999

10.1

89,890

Net current assets 11,154 11,986 Creditors falling due after more - than one year Profit and loss reserves Total net assets

101,187

119

Charity March 2024 £000

Income funds Unrestricted 11.1 73,044 73,879 79,811 Restricted 11.2 28,143 28,143 30,040 Total funds 101,187 102,022 109,852

79,958 30,040 109,999

As permitted by section 408 of the Companies Act 2006, the parent charity's gross income and results have not been included in the financial statements. Judy Dewinter Date: 11 December 2025 Chair Stephen Craig Trustee The notes on pages 46-58 form part of these accounts

CARING TODAY, CHANGING TOMORROW

Company registration no: 09987907

Consolidated cash flow statement Cash inflow/(outflow) from operating activities 2024/25 2023/24 £000 £000 Net cash provided by/(used in) (5,510) 8,056 operating activities Cash flows from investing activities Investment income and interest received 2,019 2,041 Proceeds from disposal of fixed asset investments 1,832 17,751 (1,575) (16,967) Acquisition of fixed asset investments Acquisition of tangible fixed assets by charity (93) (31) Acquisiton by subsidiary companies of: tangible fixed assets (20) (113) intangible assets (23) (119) Net cash flow from investing activities 2,140 2,562 Cash flow from financing activities Repayment of loan - (Decrease)/increase in cash and cash equivalents (3,370) 10,618 26,389 15,771 Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 23,019 26,389 Reconciliation of net income to cash flow from operating activities 2024/25 2023/24 £000 £000 Net income/(expenditure) including endowments (8,733) 1,269 Adjustments for: Depreciation and amortisation charges 1,276 1,255 Net (gains)/losses on investments 3,549 (1,143) Investment income (2,019) (2,041) Revaluation of tangible fixed assets 0 (1,074) (Increase)/decrease in debtors 1,050 16,334 Increase/(decrease) in creditors (633) (6,544) Net cash provided by/(used in) (5,510) 8,056 operating activities Analysis of net cash 1 April 2024 Cashflows 31 March 2025 £000 £000 £000 Short-term deposits - - Cash at bank and in hand 26,389 (3,370) 23,019

26,389

(3,370)

23,019

The notes on pages 46-58 form part of these accounts

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Notes to the accounts for the year ended 31 March 2025 1 Accounting policies Basis of preparation These financial statements are prepared on a going-concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value via income and expenditure within the statement of financial activities. They are prepared in accordance with the financial reporting standard applicable in the UK (FRS 102). The charity is a public benefit group for the purposes of FRS 102, therefore it also prepared its financial statements in accordance with the statement of recommended practice (SORP) applicable to charities preparing their accounts in accordance with the financial reporting standard applicable in the UK (FRS 102 Charities SORP), the Companies

pressures on donation, legacy and investment income. After making enquiries and considering the available cash balances and funds within the investment

offset the recognised amounts, and an intention to settle on a net basis, or to realise the assets and settle the liability simultaneously.

portfolio, the trustees believe that the charity has adequate

Apart from prepayments, deferred

resources to continue to operate

income and balances with HMRC

and deliver on its objectives for

under statute, all other debtor

the foreseeable future. It therefore

and creditor balances, as shown

adopts the ‘going-concern

in notes 9 and 10, are considered

basis’ in preparing its financial

to be basic financial instruments

statements.

under FRS 102.

Estimates and judgements

Consolidation

Works of art are valued in

These financial statements

the balance sheet at £430,950

consolidate on a line-by-line

(2023/24: £361,000), a figure which

basis the financial statements

the trustees believe fairly reflects

of the company (the Royal Free

their value.

Charity) and its subsidiaries RFC Developments Ltd, RFC

Investment properties are valued in the balance sheet at £2,475,000

Enterprises Ltd, RFC Recreation Club Ltd and RFC Overage Ltd.

(2023/24: £2,475,000), a figure

Act 2006 and the Charities Act 2011.

which the trustees believe fairly

Cash and cash equivalents

reflects their value. Mixed-motive

Cash and cash equivalents include

They are prepared in GBP sterling,

investment represents a property

cash in hand, deposits at call

valued in the balance sheet at

with banks and other short-term

£10,700,000 (2023/24: £13,783,116),

liquid investments with original

a figure which the trustees

maturities of three months or less.

which is the charity's functional currency. Monetary amounts in the financial statements are rounded to the nearest one

believe fairly reflects its value.

thousand pounds.

See the accounting policy for

Fund structure

investment properties, which

Restricted funds are funds for

Going concern

explains how the valuation has

which a legal restriction exists over

been arrived at.

their use, as determined by the

The trustees assessed the suitability of the use of the going-concern basis and considered possible events due to conditions, including impact of rising inflation and cost of living, and falling interest rates, that might significantly affect the charity's ability to continue as a going concern. In making this assessment, for a period of at least a year from the date of approval of the financial statements, they considered the charity's financial plans, forecasts and projections and noted the

donor. This could be a restriction Financial instruments

to a particular department of

The charity has applied the

the hospital, such as cardiac or

provisions of Section 11 "Basic

renal, or to a particular sphere

Financial Instruments" of FRS 102

of activity, for example research

to all its financial instruments.

or equipment.

They are recognised in the charity's balance sheet when

General funds may be used at the

the charity becomes party to

trustees' discretion for any general

the contractual provisions of

purpose of the charity.

the instrument. Financial assets and liabilities are offset, with the

Income

net amounts presented in the

All income is included in full in

financial statements, when there

the statement of financial

is a legally enforceable right to

activities as soon as the following

CARING TODAY, CHANGING TOMORROW

Notes to the accounts for the year ended 31 March 2025 (continued) three factors can be met:

Governance costs comprise

along with the net amount of the

(a) entitlement – arises when a

the costs of complying with

asset cost.

particular resource is receivable

statutory requirements.

or the charity's right becomes legally enforceable.

Investments Allocation of overhead and

Investments are shown in the

support costs

balance sheet at market value.

(b) probability – when it is

Overhead costs have been

probable that the incoming

divided into the categories

resources will be received.

shown in note 4, and apportioned between those

categories (raising funds and charitable expenditure), on the basis of their relevance

sufficient reliability.

to each category. In 2024/25,

Government grants

was made to restricted and

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the charity recognises the associated costs for which the grant is intended to compensate. Gifts in kind Gifts in kind are recognised as income and expenditure in the year the gifts are received by the charity. The amount at which gifts in kind are recognised is either value of the cost to the donor or the fair value determined by the charity. The gifts are then directed to the relevant hospital department or ward. Total value of gifts in kind for 2024/25 was £nil (2023/24: £nil). Expenditure Liabilities are recognised as expenditure if the charity has a legal or constructive obligation that commits it to the expenditure, or if there is a constructive obligation to make a transfer of value to a third party. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the particular category.

as in 2023/24, a direct charge designated funds in recognition of the overhead and support costs relating to those funds. The salaries of the charity's staff are apportioned individually across these expense categories, reflecting the time spent by each individual on the relevant activities. Grants Grants are accrued in full when there is a binding commitment by the charity to transfer the amounts involved to a third party. VAT and partial exemption The charity is in a VAT group with its subsidiary

The investment property was valued in 2024/25 by Nick Sullivan Chartered Surveyors, and this valuation is reflected in these accounts. The mixed-motive investment property was valued in 2020/21 by Montagu Evans, chartered surveyors. The trustees are satisfied that these valuations reflect the properties’ fair value. Social investments Programme-related investments relate to parts of the Pears Building leased to third parties that are used to help to fulfil the charity's charitable objectives. The programme-related investments are held at cost. Mixed-motive investments (MMI) relate to a property used to help to fulfil the charity's charitable objectives as well as generating investment return. Tangible fixed assets Tangible fixed assets are stated

RFC Enterprises Ltd. It is

at cost less depreciation.

entitled to recover part of the

Depreciation is calculated to

net VAT incurred as a cost.

write off the cost less estimated

The recovered proportion

residual value of each asset over

is small and changes from

its expected useful life (see table

one accounting period to

on page 48).

another, subject to the VAT

status of income generated.

At the end of each reporting

The irrecoverable element of

period, the residual values and

VAT is expensed through the

useful lives of assets are reviewed

statement of financial activities

and adjusted if necessary. In

as a charge. Where the VAT

addition, if events or changes

is in relation to an asset, the

in circumstances indicate

irrecoverable VAT is capitalised

that the carrying value may

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Notes to the accounts for the year ended 31 March 2025 (continued) not be recoverable, then the

as an intangible asset in

The amortisation expense is

carrying values are reviewed

accordance with the relevant

charged to the statement of

for impairment.

accounting standards and

financial activities within the

the charity’s accounting policy

expenditure category most

Properties held as pure

(see table opposite).

relevant to its use.

investment or MMI, or properties including parts

Recognition and measurement

Impairment

MMI, are not to be depreciated.

The website is initially recognised

The website is reviewed by

The Armoury (pure investment

at cost, which includes all

management annually for

property) and Graseby House

directly attributable costs

impairment or whenever there

(MMI) will not be depreciated.

incurred during its development.

is an indication that the carrying

The Pears Building is amortised

These costs include design,

value may not be recoverable.

over its lease period and the

programming and content

Any impairment loss is recognised

charge to the statement of

creation expenditures but

immediately in the statement of

financial activities is classed

exclude administrative or

financial activities.

as charitable expenditure.

general maintenance expenses.

Intangible assets

Amortisation

The charity does not adopt

The Royal Free Charity’s

The website is amortised on

a revaluation model for its

intangible asset comprises

a straight-line basis over its

intangible assets. Therefore, the

a website developed to facilitate

estimated useful life of 5 years.

website is carried at cost less

donor engagement and

This is comparable to the

accumulated amortisation and

donations, as well as to support

approach taken in depreciating

impairment losses.

its activities and provide

software held as a fixed asset.

information to stakeholders.

Amortisation began when the

Disposals of the website, or

The website is recognised

website was available for use.

parts of it, are accounted for by

Asset type

Capitalisation threshold

Depreciation

Building - leasehold

£10,000

Lease period

Revaluation and disposals

(eg Pears Building 50 years)

Building - freehold

£10,000

100 years (freehold)

Computer equipment

£2,500 individually or

3 years

exceeding £5,000 in aggregate Computer systems development

£25,000 in aggregate

5 years

Software

£25,000

5 years or expected life, if shorter

(purchased or developed) Computer development

£2,500 individually or

5 years

exceeding £5,000 in aggregate Recreation equipment

£1,000 individually or exceeding

5 years

£1,000 in aggregate Shop EPOS system

£5,000

5 years

Shop fit-outs

£5,000

Lease term

Furniture and fittings

£2,500 individually or exceeding

5 years

£5,000 in aggregate Asset under construction

Cost

Not depreciated

Works of art

Market value

Not depreciated

CARING TODAY, CHANGING TOMORROW

Notes to the accounts for the year ended 31 March 2025 (continued) derecognising the carrying value

funds (unrestricted, designated,

and recognising any gain or loss

restricted), which are pooled

on disposal in the statement of

together.

financial activities.

Pension costs

Leasehold – Pears Building

Staff who were formerly

The Pears Building is classified

employed by the Royal Free

as social investment for all areas

Hampstead NHS Trust (the

occupied by (and shared with)

predecessor of the Royal Free

other entities, which are UCL, the

London NHS Foundation

charity, the NHS trust and RFLPS.

Trust) participate in the NHS

Pension Scheme. Some current

Freehold property

staff remain in that pension

Freehold property and part of

scheme, but new employees

a freehold property that is in

participate in personal pension

operational use and not a pure

schemes to which the employer's

investment nor mixed-motive

contribution matches that of the

investment would be depreciated

employee up to a maximum of

over 100 years.

9%. Staff of the charity's trading subsidiary, RFC Recreation

Intangible assets Cost

£168,858

Accumulated

£27,099

Amortisation (or impairment)

Realised gains and losses

Club Ltd, also participate in

Gains and losses are reported

personal pension schemes. The

in the statement of financial

NHS Pension Scheme is a multi-

activities as they arise. Realised

employer defined benefit scheme

gains and losses on investments

but under SORP 28.11, this is

are calculated as the difference

accounted for in these financial

between sale proceeds and

statements as if it was a defined

opening market values (or date

contribution scheme.

of purchase if later). Unrealised

gains and losses are calculated

Operating lease

as the difference between

Rentals paid under operating

market value at the year end

leases are charged to the

and opening market value

statement of financial activities

(or date of purchase if later).

or the profit and loss account

(depending on the relevant legal

Pooling scheme

entity), evenly over the period of

A pooling scheme for all funds

the lease.

held under the auspices of the Royal Free Charity is contained within a Charity Commission scheme dated 1 April 2016. It covers all funds formerly held by the Special Trustees for The Royal Free Hospital, the Royal Free Hampstead Charities, the Dresden Assistance Fund for Net book value

£141,759

as at 31 March 2025

the Royal Free Hospital and the Kitty Cookson Memorial Fund. It does not distinguish between the different types of

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Notes to the accounts for the year ended 31 March 2025 (continued)

2 Donations and legacies income

Unrestricted funds £000 Donations 2,143 Legacies 368 Total 2,511

Restricted funds £000 1,417 120 1,537

Total Unrestricted 2024/25 funds £000 £000 3,560 1,677 488 838 4,048 2,514

Restricted funds £000 5,078 495 5,573

Total 2023/24 £000 6,755 1,332 8,087

2.1 Contingent assets (pipeline legacies income)

The charity has been notified of 13 legacies which have not been included within the financial statements, as some or all the criteria for recognition have not been satisfied. Of these, 31% are pecuniary legacies which have an average value of £7,600 and the remaining 69% are residuary and residuary (reversionary bequest) which have an average value of £61,000. The charity does not have any indication of when these monies are expected to be received.

3 Charitable expenditure Grants Activities Social Support Total Grant Activities Social Support Total expenditure undertaken investment costs 2024/25 expenditure undertaken investment costs 2023/24 directly costs directly costs £000 £000 £000 £000 £000 £000 £000 £000 £000 £000 Patient experience 257 3,258 758 938 5,211 810 2,851 747 740 5,148 Staff experience 560 796 456 1,812 258 1,194 - 319 1,771 Research and 598 1,861 485 788 3,732 114 4,117 478 1,066 5,775 development Clinical services 926 91 419 1,436 1,104 - 319 1,424 and equipment Population health 267 110 377 Total 2,608 6,006 1,243

2,711

12,567

1,182

9,266

1,225

2,444

14,117

All grants were made to institutions. There were no grants to individuals.

4 Analysis of support costs by activity Governance Raising Charitable Total Governance Raising Charitable Total funds activities 2024/25 funds activities 2023/24 £000 £000 £000 £000 £000 £000 £000 £000 Salaries 1,242 1,952 3,194 1,047 1,837 2,884 Investment management 29 4 33 34 34 Statutory auditor's 66 66 131 - 131 renumeration Legal and other professional fees 4 205 365 574 89 161 250 Event costs 12 4 16 121 121 Publicity materials 313 45 358 3 25 28 Others 133 341 474 1 120 422 543 70 1,934 2,711 4,715 132 1,414 2,445 3,991 Total support costs (132) 132 Governance costs reallocated Total support costs 70 1,934 2,711 4,715 1,414 2,577 3,991

CARING TODAY, CHANGING TOMORROW

4.1 Grant-funded activities Royal Free London NHS Foundation Trust University College London London Borough of Barnet Rani Rawji Studentship Committee Total

£000 2,838 315 230 9 3,392

No. awarded 28 14 1 1 44

4.2 Analysis of staff costs Charity Subsidiary £000 £000 Salaries and wages 3,472 244 369 19 Social security costs Other pension costs 262 6 Total 4,103 269

Total Charity Subsidiary 2024/25 £000 £000 £000 3,716 3,156 223 388 340 19 268 169 9 4,372 3,665 251

No employee of any subsidiary company received emoluments exceeding £60,000.

Total 2023/24 £000 3,379 359 178 3,916

2024/25 2023/24 The number of such £60,001-£70,000 4 8 employees of the £70,001-£80,000 2 charity were: £80,001-£90,000 1 1 £90,001-£100,000 2 2 £100,001-£110,000 1 £110,001-£120,000 2 £120,001-£130,000 1 1 £130,001-£140,000 1 £000 £000 Pension contributions £60,001-£70,000 24 28 were made for these £70,001-£80,000 3 - employees as follows: £80,001-£90,000 7 4 £90,001-£100,000 11 11 £100,001-£110,000 4 £110,001-£120,000 41 11 £120,001-£130,000 2 £130,001-£140,000 8

There was an average monthly number of 75 staff in 2024/25 (2023/24: 75). RFC Recreation Club Ltd had an average number of 10 staff (2023/24: 11), and RFC Developments Ltd did not employ any staff. The key management personnel during the year were Jon Spiers, chief executive; Robin Meltzer, deputy chief executive and director of engagement and communications; Laura James, director of services and innovation; Alex Jarvis, director of finance; Sharron Grant, director of HR and OD; Alison Kira, director of grants and impact; Russell Delew, director of fundraising and campaigns. The total salary cost of the key management personnel (including social security and employer pension costs) was £864,783 (2023/24: £1,024,114). During the year, the charity made total termination payments of £109,942 (2023/24: £19,116).

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Notes to the accounts for the year ended 31 March 2025 (continued) 5 Analysis of net assets between funds

Group Unrestricted Restricted Total Unrestricted funds funds 2024/25 funds £000 £000 £000 £000 Fixed assets/ 30,456 30,456 30,944 intangible assets Investments 55,571 4,005 59,576 61,586 1,404 24,138 25,542 2,301 Current assets Liabilities (14,388) (14,388) (15,020) 73,044 28,143 101,187 79,811 Charity Unrestricted Restricted Total Unrestricted funds funds 2024/25 Funds £000 £000 £000 £000 Tangible fixed assets 30,321 30,321 30,808 55,710 4,005 59,715 61,725 Investments Current assets 947 24,138 25,085 1,684 Short-term liabilities (13,099) (13,099) (14,259)

Restricted funds £000 -

Total 2023/24 £000 30,944

2,379 27,662 30,041

63,965 29,963 (15,020) 109,852

Restricted Funds £000 2,379 27,662 -

Total 2023/24 £000 30,807 64,104 29,345 (14,259)

30,041

109,998

Furniture and Artworks Computer Properties fixtures equipment £000 £000 £000 £000 81 361 69 31,581 92 - 70 - 173 431 69 31,581

Total

73,879

28,143

102,022 79,957

6.1 Fixed assets – group

Recreational equipment Cost £000 Brought forward at 1 April 2024 213 Additions 20 Revaluation - Transfer - Carried forward at 31 March 2025 233

£000 32,306 113 70 32,487

Accumulated depreciation Brought forward at 1 April 2024 98 31 - 36 1,313 1,479 Charge for the year 16 20 - 13 643 692 Carried forward at 31 March 2025 114 52 - 49 1,957 2,171 Net book value at 1 April 2024

115

361

30,268

30,828

Net book value at 31 March 2025

119

121

431

29,624

30,315

Furniture and Artworks Computer Properties fixtures equipment Cost £000 £000 £000 £000 £000 Brought forward at 1 April 2024 81 361 69 31,581 Additions 92 - Revaluation 70 -

Total

£000 32,092 92 70

Carried forward at 31 March 2025

32,254

6.2 Fixed assets – charity

173

431

31,581

Accumulated depreciation Brought forward at 1 April 2024 31 - 36 1,313 1,381 Charge for the year 20 13 643 676 Carried forward at 31 March 2025 - 52 - 49 1,957 2,057 Net book value at 1 April 2024

361

30,267

30,711

Net book value at 31 March 2025

121

431

29,624

30,196

CARING TODAY, CHANGING TOMORROW

6.3 Intangible fixed assets – group

RFC Charity RFC Recreation Club Cost £000 £000 At 1 April 2024 99 21 49 - Additions

Carried forward at 31 March 2025

148

Total £000 120 49 169

Depreciation and impairment At 1 April 2024 - 1 1 Amortisation charge for the year 22 4 26 Carried forward at 31 March 2025

Carrying amount at 31 March 2024

119

Carrying amount at 31 March 2025

125

142

7 Subsidiary companies

Details of the charity's subsidiary undertakings are set out below. All the subsidiary undertakings are incorporated in England and Wales and operate in the United Kingdom. Company Shares held Shares held Principal activity Class % RFC Recreation Club Ltd Ordinary 100 Provision of recreational services RFC Developments Ltd Ordinary 100 Design, construction and building services RFC Enterprises Ltd Ordinary 100 Management of Pears Building RFC Properties Ltd Ordinary 100 Company dormant and not yet trading RFC Overage Ltd (previously called: Ordinary 100 Management of intangible assets RFC Properties (CF Holdings) Ltd) from disposal of a property The results of the subsidiaries, and their assets and liabilities, are as follows: Year ended 31 March 2025 Year ended 31 March 2024 RFC RFC RFC RFC RFC RFC RFC RFC Overage Enterprises Recreation Developments Overage Enterprises Recreation Developments Ltd Ltd Club Ltd Ltd Ltd Ltd Club Ltd Ltd £000 £000 £000 £000 £000 £000 £000 Turnover 1,633 629 - 2,645 538 2 Expenditure (2,321) (555) - (2,055) (473) (1) Result for the year (687) 75 - 590 65 2 Total assets 50 863 439 6 50 2,074 317 5 Total liabilities (52) (1,567) (286) (6) (52) (2,183) (164) (6) Net funds at the end of the year (2) (704) 153 - (2) (109) 153 (1) The charity's other subsidiary companies did not trade during 2024/25.

8 Analysis of investment portfolio

Group 2024/25 £000 Market value as at 1 April 63,966 Less: disposals at carrying value (2,415) Add: acquisitions at cost 1,575 Transfer from fixed assets (note 6) Net gain/(loss) on revaluation (3,549) Market value as at 31 March 59,577

Charity 2024/25 £000 64,104 (2,415) 1,575 - (3,549) 59,715

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Group 2023/24 £000 63,101 (18,335) 17,081 2,118 63,966

Charity 2023/24 £000 63,240 (18,335)) 17,081 2,118 64,104

Notes to the accounts for the year ended 31 March 2025 (continued)

8.1 Investments – market value at 31 March

Investment properties

Held in UK £000 2,475

Held overseas £000 -

2024/25 Total £000 2,475

Held in UK £000 2,475

Held overseas £000 -

2023/24 Total £000 2,475

Investments portfolio Investments listed on London Stock Exchange 39 39 39 39 Investments in common investment funds 19,407 19,407 20,042 20,042 19 19 106 106 Cash held within the investment portfolio 19,425 39 19,464 20,148 39 20,187 Social Investments Mixed-motive investment (see note 8.2) 10,700 10,700 13,783 13,783 Programme-related investment (see note 8.3) 26,936 26,936 27,519 27,519 37,636 37,636 41,302 41,302 Total investments – group 59,536 39 59,575 63,925 39 63,964 139 139 139 139 Investments in subsidiary companies Total investments – charity 59,675 39 59,715 64,065 39 64,104

8.2 Mixed-motive investment

Group 2024/25 £000 Market value as at 1 April 13,783 Add: acquisitions at cost Less: loss on revaluation (3,083) Market value as at 31 March 10,700

Charity Group 2024/25 2023/24 £000 £000 13,783 13,783 - (3,083) 10,700 13,783

Charity 2023/24 £000 13,783 13,783

Mixed-motive investments relate to a property used to help to fulfil the charity's charitable objectives as well as generating investment income. A Red Book valuation of that property, using a sector specific valuation toolkit (PodPlan), was performed during the 2024/25 financial year and resulted in a value of £10.7m. .

8.3 Programme-related investments

Group Charity Group Charity 2024/25 2024/25 2023/24 2023/24 £000 £000 £000 £000 Market value as at 1 April 27,519 27,519 28,102 28,102 Amortisation for the year (584) (584) (583) (583) Market value as at 31 March 26,936 26,936 27,519 27,519 Programme-related investments relate to the Pears Building, leased to third parties that are used to help to fulfil the charity's charitable objectives.

8.4 Analysis of investment income

Held in UK £000 Investment properties (11) Mixed motive investment 10 Investments in common investment funds 871 Bank deposit interest 1,148 Total investment income 2,019

Held overseas £000 - - - - -

CARING TODAY, CHANGING TOMORROW

2024/25 Held Total In UK £000 £000 (11) 88 10 57 871 697 1,148 1,198 2,019 2,040

Held overseas £000 -

2023/24 Total £000 88 57 697 1,198 2,040

8.5 Details of material investment holdings

At the end of the financial year, the charity has one investment manager, Cazenove. Investments exceeding 5% of the respective manager's portfolio are: Value Value 2025 2024 £000 £000 Cazenove Sustainable Multi-Asset Fund 15,402 15,942 J P Morgan 4,005 4,207 Total 19,407 20,149

8.6 Gains/losses on investments

The 2024/25 net loss of £397,000 relates to the realised/unrealised loss on investment in common investment funds.

9 Analysis of debtors

Group 2025 £000 Prepayments 133 Due from subsidiary undertakings: RFC Developments Ltd RFC Recreation Club Ltd RFC Enterprises Ltd RFC Overage Ltd Other debtors 2,391 Total debtors 2,523

Charity Group 2025 2024 £000 £000 97 44 - 174 397 52 1,628 3,530 2,347 3,574

Charity 2024 £000 38 - 19 457 52 3,111 3,678

10 Analysis of creditors 10.1 Creditors falling due within one year Group 2025 £000 Grant and other accruals 12,196 Trade creditors 1,466 Due to subsidiary undertaking - RFC Rec Club Due to subsidiary undertaking - RFC Enterprises Ltd Intercompany with RFC Enterprises Ltd Other creditors 726 Total creditors falling due within one year 14,388

Charity Group Charity 2025 2024 2024 £000 £000 £000 11,134 14,118 10,244 1,222 658 2,198 51 - - - 1,571 692 245 245 13,099 15,021 14,258

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Notes to the accounts for the year ended 31 March 2025 (continued)

11 Analysis of material funds 11.1 Unrestricted funds Designated funds (2024/25) Opening balance £000 Friends' Fund – transferred from the formerly separate charity, Friends of the Royal Free Hospital departmental funds* 16 Clinical biochemistry 450 1,327 HIV/AIDS Inflammation services: amyloidosis 901 629 Haematology: training, research and patient welfare Simulation centre 258 428 Nuclear medicine RFC medical equipment fund 320 150 HPB fund Meena Raja Kidney Cancer Foundation 82 North Middlesex University Hospital 6,751 Others Total designated funds Other general funds (undesignated) Total unrestricted funds

Income Expenditure Restricted transfers £000 £000 £000

Gains (loss) £000

Closing balance £000

2 8 - 370 92

- (192) (37) (79) (224)

(19) (10) (32) (28) (13)

256 1,258 1,166 483

17 45 - (2) 301 215 581

(4) (7) (72) (10) - (23) 139 (79) (7) (123) 0 (1,229) (491)

(1) -

264 391 320 264 298 92 5,612

11,313 68,501 6,277 (10,059) 1,406 (3,480)

10,404 62,644

79,813

73,048

*These funds derive from donations and legacies made by grateful patients and their relatives over many years and are under the day-to-day control of fundholders in specific areas of the Royal Free London NHS Foundation Trust (cardiac, renal, etc) for use on appropriate projects as they arise.

11.2 Restricted funds

Restricted funds 2024/2025 Opening balance £000 Trust infrastructure fund 11,880 RFL fund 8,119 Patient experience funds Staff experience funds Restricted grants 559 NAC capital fund 6,207 Peter Costin Memorial 544 St Peter's Trust 168 Kitty Cookson Memorial J F Moorhead 2,289 Dr Janet Owens Fellowship 275 North Middlesex University Hospital Surgical robot Other Total restricted funds 30,041

Income Expenditure Restricted Gains transfers (loss) £000 £000 £000 £000 - - (1) 6 70 (290) - 1 - 764 (935) (498) - (57) (154) - (11) 9 (199) - 109 (2) 100 (44) (69) - (28) (6) 368 (44) (7) 397 (2,011) 5 10 27 1,644 (2,539) (929) (69)

Closing balance £000 11,880 8,498 1 (110) 5,996 533 (22) 107 2,277 241 318 (1,614) 40 28,143

Restricted grants consist of individual funds, which are kept under one fund. The funds are distributed as per the contractual terms and conditions. .

CARING TODAY, CHANGING TOMORROW

11.2 Restricted funds (continued) Restricted funds (2023/2024) Opening

balance £000 Trust infrastructure fund 12,000 8,610 RFL fund Patient experience funds Staff experience funds 545 Restricted grants NAC capital fund 3,486 572 Peter Costin Memorial St Peter's Trust 222 Kitty Cookson Memorial 109 2,058 J F Moorhead Dr Janet Owens Fellowship 350 27,953 Total restricted funds

Income Expenditure Restricted Gains transfers (loss) £000 £000 £000 £000 - - (120) 1,170 (1,048) (613) - - - 434 (187) (234) 3,944 (1,224) - (18) (10) 33 (88) - (109) 263 (32) - (75) 5,845 (2,780) (977) -

Closing balance £000 11,880 8,119 559 6,207 544 168 2,289 275 30,041

Restricted grants consist of individual funds, which are kept under one fund. The funds are distributed as per the contractual terms and conditions. .

11.3 Details of the restricted funds

Trust infrastructure fund To fund clinical infrastructure improvements RFL fund To fund various projects and contribute to development of cancer centre Patient experience funds To fund enhancement of experience of NHS patients Staff experience funds To fund enhancement of experience of NHS staff Restricted grants To fund individual projects as described in the contracts NAC capital fund To support amyloidosis research Peter Costin Memorial To provide bursaries to medical students St Peter's Trust To support kidney, bladder and prostate research Kitty Cookson Memorial To support an oncology fellowship J F Moorhead To support renal research Dr Janet Owens Fellowship To support research into Parkinson's disease North Middlesex University Hospital To fund individual projects at North Mid Surgical robot To fund the purchase of a new surgical robot at RFH

12 Contingent liabilities

There were no contingent liabilities at either 31 March 2025 or 31 March 2024.

13 Trustees and connected persons transactions

No trustee or member of the key management staff, or person related to them, undertook any material transactions with the charity in either 2024/25 or 2023/24. Judy Dewinter (trustee) was reimbursed expenses of £717 (£562 in 2023/24). Trustees of the charity (and their families) made donations to the charity totalling £7,519.69 (£373,395 in 2023/24). Indemnity cover is provided for the trustees by the charity. The charity provides the majority of its grants by number and value to the trust (see Note 3).

ROYAL FREE CHARITY ANNUAL REPORT + ACCOUNTS 2024-2025

Notes to the accounts for the year ended 31 March 2025 (continued)

14 Related party interests

RFL employees who are also trustees of the charity: Julie Hamilton, group chief nurse; Peter Landstrom, group chief executive; Akta Raja, non-executive director (to September 2024); Dr Gillian Smith, group chief medical officer. The charity has five subsidiary companies, in all of which it is sole shareholder, as follows:.

RFC Recreation Club Ltd (company no 7686541): Company directors and employees of the charity: Laura James, director of services and innovation; Alison Kira, director of grants and impact; Mark Tanton, head of property and operations (to July 2025); David Bulbeck, finance business partner (appointed 4 October 2024), are employed by the charity and are also company directors. Company director and charity trustee: Melanie Sherwood. In 2024/25, RFC Recreation Club Ltd was recharged by the charity £268,071 in respect of staff salaries (2023/24: £250,850). The company made a gift aid distribution to the charity of £74,504.60 (2023/24: £65,473.40). The company owed £99,374 in invoices to the charity (2023/24: £20,624) The charity paid the company £nil (2023/24: £nil) in respect of the use of facilities. None of this was outstanding at 31 March 2025. The intercompany balance at year end owed by the charity was £51,003.69 (2023/24: £19,444.53). RFC Developments Ltd (company no 8729267): Company director and employee of the charity: Jon Spiers, chief executive. Company director and trustee: Judy Dewinter. Provision of administrative services by the charity to RFC Developments Ltd - RFC Developments Ltd was charged £nil (2023/24: £nil). During the year RFC Developments Ltd made a gift aid distribution of £78.46 to the charity (2023/24: £nil). RFC Enterprises Ltd (company no 8729268): Company director and charity trustee: Judy Dewinter. Company director and employee of the charity: Jon Spiers, chief executive. In 2024/25, the transactions between RFC Enterprises Ltd and the charity were: The charity recharged to RFC Enterprises Ltd total costs, net of VAT, of £1,058,525 (2023/24: £543,458) in respect of Pears Building expenditure paid on the company's behalf. At the year-end £397,335 (2023/24: £nil) was owed to the charity by RFC Enterprises Ltd. RFC Enterprises Ltd charged the charity £88,950 (2023/24: £1,555,288) in respect of services provided at the Pears Building. At the year-end the charity owed £nil (2023/24: £1,571,031) to RFC Enterprises Ltd. During the year RFC Enterprises Ltd made a gift aid distribution of £nil to the charity (2023/24: £589,465). RFC Properties Ltd (company no 10609331): There were no transactions between the charity and the subsidiary during 2024/25 (2023/24: none). There were no outstanding balances from either party at 31 March 2025 (31 March 2024: none). RFC Overage Ltd (company no 10699295): Company director and charity employee: Jon Spiers, chief executive. Company director and trustee: Judy Dewinter (from July 2025). The charity loan balance of £50,000 to the subsidiary remains in 2024/25 (2023/24: £50,000). The subsidiary owes £50,000 to the charity for the rights of a sold property (2023/24: £50,000). There were outstanding balances between both parties for £51,620 at 31 March 2025 (31 March 2024: £51,620).

15 Members' liability

The charitable company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the charitable company on winding up, such amounts as may be required not exceeding £1.

CARING TODAY, CHANGING TOMORROW

Our trustees

Professional advisors

Judy Dewinter Chair of Trustees Akta Raja (resigned 30 September 2024) Vice-Chair of Trustees to 30 September 2024 Simon Lyons Vice-Chair of Trustees from 1 October 2024 Russell Brooks Stephen Craig (appointed 10 June 2025) Julie Hamilton Valerie Jolliffe Peter Landstrom Avani Mehta (appointed 12 March 2024, resigned 12 March 2025) Katie Morrison Alison Munday (appointed 1 April 2025) Nnenna Osuji (appointed 21 May 2024, resigned 28 January 2025) Melanie Sherwood Gillian Smith

BANKERS Lloyds Bank PLC 140 Camden High Street London NW1 0NG

Senior leadership team

SOLICITORS AND LEGACY ADVISERS Withers LLP 20 Old Bailey London EC4M 7AN

Jon Spiers Chief Executive Robin Meltzer Deputy Chief Executive, Director of Engagement and Communications David Cheesman Interim Director of Strategy (contract ended 9 May 2024) Russell Delew Director of Fundraising and Campaigns (previously Director of Campaigns, appointed interim Director of Fundraising and Campaigns 1 August 2024, appointed Director of Fundraising and Campaigns 1 January 2025) Sharron Grant Director of People and Culture Alex Jarvis Director of Finance and Company Secretary Laura James Director of Services and Innovation (previously Assistant Director of Innovation, appointed in current role 30 August 2024) Alison Kira Director of Grants and Impact Paul Stein Executive Director of Fundraising (resigned 31 July 2024) Jenny Todd Assistant Director of Services (resigned 29 August 2024)

Handelsbanken 2nd Floor 6a Hampstead High Street London NW3 1PR INVESTMENT MANAGERS Cazenove Capital Management 1 London Wall Place London EC2Y 5AU AUDITORS Crowe UK LLP Thames Valley Aquis House 49-51 Blagrave Street Reading RG1 1PL

Charles Russell Speechlys 5 Fleet Place London EC4M 7RD

RFC Stencil

On behalf of the staff and patients of the Royal Free London NHS Foundation Trust and everyone at the Royal Free Charity, we offer our heartfelt thanks to all our supporters, including those who choose to give anonymously. Our generous network has raised funds, increased awareness of our charity and enabled us to respond flexibly to the evolving needs of our hospitals, patients and staff during the past year. The Apax Foundation Mark Astaire

Peter Oppenheimer and Joanna Myers, Goldman Sachs Gives

The Roy Bard Charitable Foundation

Pears Foundation

Claire and Robert Beecham

Elizabeth and Daniel Peltz

Blandford Capital

The Pink Ribbon Foundation

The Bloom Foundation

Sarit Raja-Shah

The Bluston Charitable Settlement,

Vladislav Rodimov

in honour of Lily and David Bluston

The Cecil Rosen Foundation

Michael Bond

The Basil Samuel Charitable Trust

Bottoms Up bowel cancer charity

Friends and family of Lisa Shannon

The Manny and Brigitta Davidson

Paul Symes

Charitable Foundation Judy and Paul Dewinter

Ruth and Noam Tamir and the Tamir-Sternberg Foundation

Sally and Steven Dyson

Neethi and Sundeep Vyas

Antonia and Charles Filmer, and all those

Susie and Ben Whitmore

who supported the Miranda Filmer Fund

The Charles Wolfson Charitable Trust

Jill and Norman Franklin Trust, in honour of Norman Franklin. The Robert Gavron Charitable Trust, in honour of Nicky Gavron

Legators

Gould Charitable Trust

Jeremy Berkoff

The Grace Trust

Ishwar Choithram Daryanani

Hampstead Garden Suburb Residents

Barrie E Dack

Association

Elizabeth B Davies

Philip W Hinchliff

Mr Paul Edwards

R S Hoffman

Kenneth Frederick Feakins

Neil Hyman

Nicola Goodman

Integrated Design Limited

Nicole Homa

Kusuma Trust

John R MacDonald

Ladies Kidney Research Darts League

Philippe G Phillippides

Family and friends of Ian Lauderdale

Mr Ken Smart

Family and friends of Jeanie McAfee Jones

Roger C Sullam

Michael McHale

John James Leon Varney Will Trust

Clive and Pauline Mishon

Thomas W Waine

Mosselson Charitable Trust Logan and Abi Naidu

royalfreecharity.org @royalfreecharity RoyalFreeCharity info@royalfreecharity.org Charity no. 1165672 Company registration no. 09987907