Annual Report
2013 / 14
Chairman’s Statement
James Nicholson
Chairman of the
Section 11 Trustees
of Oxford Radcliffe
Hospitals Charitable
Funds
Welcome to the 2013/14 Annual Report
for the Oxford Radcliffe Hospitals Charitable Funds.
Throughout the past year Oxford Radcliffe Hospitals
Charitable Funds (ORH Charitable Funds) has been
working to support the Oxford University Hospitals
NHS Trust (the OUH Trust).
Thanks to this charity’s supporters, we are able to
improve our patients’ experience through funding
innovative equipment, treatments and research as
well as creating more comfortable and welcoming
areas for them and their families.
The Oxford Transplant Centre, the Children’s
Hospital and cancer research at the Churchill all
received very significant donations through the
generosity of gifts in Wills. Cardiac causes were
particularly well supported, receiving over £450,000
through legacies.
The charity is made up of around 600 individual
funds, covering almost every corner of the four
hospitals within the OUH Trust. Donors are able
to support the individual ward or hospital area they
care about most, as well as the larger departments
and general hospital funds.
As we look ahead to the remainder of 2014 there
will be a further focus on bequests to mark the
tercentenary of the death of Dr John Radcliffe,
physician to Queen Anne. It was Radcliffe’s foresight
and generosity that funded Oxford’s first hospital,
the Radcliffe Infirmary, created with the help of
£4,000 from his Will. We hope that his inspiring
story will encourage others to consider leaving a gift
in their Will to the causes supported by this hospital
charity.
We are grateful that the support from the
community and beyond continues to be strong and
during the 2013/14 financial year income remained
steady with £5.4 million received.
During the year £4.7 million was spent in support
of the OUH Trust, with particular focus on the new
Cardiac Imaging Centre. You can read more about
some of these areas on page 3.
We are pleased to see that donations to the charity
reached £2.4 million, and once again legacies have
been one of the cornerstones of our charity, this
year surpassing all previous totals, adding another
£2 million in income.
The Trustees of the charity have continued to focus
on maintaining good governance and effective
administration. They have also given consideration as
to how future fundraising can be put on a solid basis.
Page 1 Annual Report 2013/14
As Chairman of the Trustees of the charity I can
confirm that the Trustees have due regard to the
Charity Commissions’ guidance on public benefit.
Considerations of how best to achieve public
benefit through contributing to improvements in
health care in the area served by the NHS Trust
are constantly part of the deliberations of the
Trustees.
On behalf of the Trustees I would like to extend
our thanks to all those who have worked so hard
to support this hospital charity. The impact of your
support is felt every day across all corners of our
hospitals.
Thank you
James Nicholson – Chairman of the S11 Trustees
of the Oxford Radcliffe Hospitals Charitable Funds
Mission Statement
Oxford Radcliffe Hospitals (ORH)
Charitable Fund and Other Related
Charities (reg charity 1057295) exists
to support the work of the Oxford
University Hospitals NHS Trust in
providing the best possible healthcare
for its catchment area of around 2
million people from across the region
and beyond, raising standards above the
level that NHS funding alone allows.
ORH Charitable Funds helps to enhance
the hospital environment, purchase
equipment that will make a real
difference for patients and contribute to
research, staff development and training.
The hospitals that we support are:
■
Churchill Hospital, Oxford –
including the Oxford Cancer and
Haematology Centre.
■
Horton General Hospital,
Banbury – including the Brodey
Cancer Centre.
■ John Radcliffe Hospital, Oxford,
which includes the Oxford Children’s
Hospital and the Oxford Heart
Centre.
■
The Nuffield Orthopaedic Centre,
Oxford.
Annual Report 2013/14 Page 2
Activities and achievements
This year the charity succeeded in completing the final phase of the £2.4 million
campaign for the Oxford Heart Centre. Work at the new Cardiology Outpatient and
Imaging Centre, which has been jointly funded with the Trust, began in earnest this
Spring and it is hoped that the high tech facilities will be open by the end of 2014.
Patients will now be treated in one area, instead
of three separate areas across the hospital, and
appointments should be both quicker and more
comfortable. Thanks to the charitable support of
many individuals the department will be equipped
with the very latest cardiac imaging technology
available and staff will be able to perform more
scans, collaborate further in leading research and
perform more complex assessments and lifesaving
procedures. A donation of £72,000 also enabled
the purchase of innovative heart bypass surgery
equipment.
Several other areas across the hospitals have
also seen major developments. New head and
neck cancer facilities opened at the Cancer
and Haematology Centre, bringing inpatient and
outpatient care to one location at the Churchill.
Donations have helped equip the new area to a high
standard.
At the John Radcliffe site parents welcomed the
opening of the extended Newborn Intensive
Care Unit, commenting on the spacious modern
design and improved privacy and natural light. The
extension was funded jointly by the OUH Trust and
the Department of Health, with ORH Charitable
Funds providing artwork and comfortable
furnishings for the space, and a major donation of
£100,000 providing a breast milk bank.
Younger people with cancer also saw improvements
to their areas, with both Kamran’s Ward at the
Children’s Hospital and the Teenage and Young
Adult area at the Cancer Centre receiving stylish
refurbishments with more age appropriate facilities,
funded by the charity.
Page 3 Annual Report 2013/14
Research continues to be well supported. Work
into rarer childhood, head and neck and lymphoma
cancers, as well as epilepsy, neurosurgery,
interventional cardiology and preeclampsia – and
many other medical areas – is taking place across
the Trust thanks to charitable support.
Our Hospital Innovation and Enhancement Fund
(HIEF for short) continues to support fresh ideas
across the Trust. Funding from HIEF can be applied
for by any Trust department, enabling important
projects and state-of-the-art equipment to be
supported, often in areas that don’t traditionally
receive charitable donations. HIEF grants agreed
during the year included:
■ £87,000
to improve asthma treatment and
management
■ £41,000 to introduce telemedicine for monitoring
patients at home with long-term conditions such
as cystic fibrosis,
■ £ 29,000 for piloting innovative treatments for
facial palsy
■ £32,000 for advanced diagnostic and biopsy
equipment for patients with head and neck cancer
■ A breastfeeding workshop for maternity support
workers at the John Radcliffe
Making sure that the equipment, research and areas
we fund have a positive and lasting impact on our
patients and their families is key. In this year’s annual
report we have included an Impact Assessment of
several very different areas that we have funded
in recent years. From the high tech computer
interactive technology for cancer surgery to ground
breaking research into sleep apnoea – the support
is both wide – ranging and life-changing.
Looking forward to next year
Effective promotion of the charity continues to
be a priority. During this year the Trustees and
fundraising team worked on branding strategy
and market researched name options. The interim
branding initially introduced on the newly designed
website has been extended to the charity literature
including the fundraising magazine TORCH, posters
and donation leaflets.
Ensuring that spending continues to be focused on
the areas which give the greatest patient benefit and
that support is gained for a diverse range of causes
across all areas of the Trust remains a key focus of
the charity.
Key objectives for the charity for the coming year
include:
■ R aising
the profile of the charity in the areas
served by the Trust.
■ Continued promotion of legacies, in conjunction
with marking the tercentenary of the death of
John Radcliffe.
■ Promotion of General Funds across the Trust.
■ Working with clinical partners to identify and
develop new projects across the Trust.
■ Continue the review of the charity’s branding.
Annual Report 2013/14 Page 4
Fundraising News
Supporting Your Hospital Charity
Behind the financial figures and complicated names of equipment found within this annual
report are the lives of thousands of people touched by our hospitals and this charity.
We know that most people are inspired to support
one of our hospital causes because they, or their
loved one, have been treated here. Along the way
someone – a nurse, doctor, surgeon, healthworker
– has made an extra special impact upon their lives.
This charity aims to build on that very special
relationship as well as inspiring wider support from
the local community and beyond. Unlike many
health charities our supporters are able to donate
to the exact area they care about most – be it
a ward, research project or broader fund that
supports a whole department or hospital.
Page 5 Annual Report 2013/14
We see this as your charity – here to make a
difference for you and your loved ones at their time
of need.
Groundbreaking medical research, innovative
equipment and providing more cosy and
comfortable areas for patients are all achieved
thanks to the incredible support this charity
receives. We are extremely grateful for continued
support: from those taking part in our events,
those organising their own events, people making
donations and leaving a legacy in their Will and
from all those who volunteer their time, share their
stories and work tirelessly to promote and support
the charity.
Here are a few highlights from the year:
During this year the fundraising team has seen an increase in the number of participants in our
events and has recruited many new supporters as well as raising significant sums.
The Oxford Mail OX5RUN, in aid of the Children’s
Hospital and children’s causes across the Trust,
broke all records this March with 1,465 people
signing up for the five mile fun run, raising an
unprecedented £113,000. Abseils also continued to
be popular, raising over £80,000.
These events also generate a lot of media interest,
further helping to raise awareness of the charity with
the community and key stakeholders.
2013’s London Marathon saw an impressive £50,000
raised for numerous causes across our hospitals,
including the Horton General’s Maternity Ward,
the Haematology Ward at the Churchill, the John
Radcliffe’s Newborn Intensive Care Unit, the Oxford
Eye Hospital, Silver Star, I.M.P.S. and Head’s Up.
The Heartfelt Appeal continued to be a major focus
with several large donations across the year from
benefactors as well as hundreds of smaller gifts.
Alexandra Williams raised £80,000 for the appeal
by hosting an art auction and other events, following
her husband’s treatment at the Heart Centre.
All this support has enabled us to purchase the
very latest echocardiography machines as well as
co-funding a new Cardiology Outpatients and
Imaging Unit.
At the Cancer and Haematology Centre the audio
library continued to grow, providing entertainment
and comfort to patients across many wards. The
needs of teenagers and young adults with cancer
were also recognised and an area next to the
Oncology Ward at the Churchill was given a fresh
new look, complete with a chill-out area, TV,
computer games and a jukebox.
Younger teens with cancer at the Children’s Hospital,
also received a boost with the creation of both
indoor and outdoor chill-out spaces on Kamran’s
Ward. Two state-of-the-art open incubators were
purchased for babies in the Paediatric Intensive
Care Unit, along with an ultra sound machine for
minimally invasive surgery, high tech equipment to
help research childhood meningitis and septicaemia
and items such as an interactive 3D TV to bring
some extra fun on to the Children’s Wards.
Christmas 2013 saw a wonderful Carols and Canapés
event for the Cancer Care Fund and Urology Fund
at beautiful Ditchley Park. Our Christmas tags appeal
received an unprecedented £26,000 in donations for
almost every corner of our hospitals.
We are very grateful to everyone who
supports the hospital causes with such generosity
and enthusiasm and all those colleagues across the
Trust who join our events and promote fundraising
in their areas.
To find out how you can get involved with fundraising for the OUH hospitals visit
www.hospitalcharity.co.uk email: charity@ouh.nhs.uk, or telephone 01865 743444.
Annual Report 2013/14 Page 6
Impact Report
Sometimes the impact of our funding is not seen instantly – so in this year’s annual report we
are including a few examples of how funding raised several years ago is still working hard to
benefit patients today. It is interesting to note how many of these areas have been helped by
the gift of legacies.
Sleep research advances
Imagine waking up throughout the night, not
once or twice, but hundreds of times. Imagine the
impact that would have on your quality of life – the
overwhelming sleepiness, loss of concentration,
impact on work and the increased risk of having
a car accident – not to mention the effect on
partners.
Sleep apnoea is a serious disorder that occurs when
a person’s breathing is repeatedly interrupted,
stopping the flow of oxygen, and causing one to
gasp for air with loud snorts and snoring, continually
disrupting deep sleep.
15% of middle-aged men and 5% of women suffer
with some degree of sleep apnoea and of these
around 3% require treatment. This Trust alone
treats over 9,000 people with the disorder.
Those who are diagnosed with severe sleep apnoea
can be helped with a simple breathing device called
a CPAP, which, via a mask, gently blows air into
the nose during sleep, reopening the airway and
stopping the obstruction which causes the sudden
recurrent awakenings.
In the ancient depths of the Churchill hospital,
innovative research into the condition is taking
place, led by Professor John Stradling and funded
initially by this hospital charity through its Sleep
Research Fund.
John explains: ‘We have been investigating sleep
apnoea for many years, trying to understand how it
is linked to other well-known conditions. The sleep
research project is also trialling different treatments,
to work out which are most effective, and has
designed ways to safely study the physical effects
on the body when treatment for sleep apnoea is
temporarily removed.
Page 7 Annual Report 2013/14
This work has already shown that some new forms
of treatment are actually not very effective –
potentially saving the NHS large sums.
It has also highlighted links between sleep apnoea
and, in some cases, dramatically increased blood
pressure, heart rate and deterioration of the
cardiovascular system. This information indicates
other potential forms of treatment for the adverse
effects of sleep apnoea.
Our work is also investigating a link between sleep
apnoea and diabetic retinopathy – which in extreme
cases can cause blindness. A large trial is in progress
to see if successful treatment for sleep apnoea can
halt, and in some cases even reverse, the harm
caused to eyesight.
The support from the hospital charity provided
an invaluable stepping stone to get this innovative
research started. Indeed it was a substantial legacy
left to the department some years ago, together
with other donations, that got us going. Year on year
we have been able to help pay for our researchers
and also buy some of the research equipment
thanks to continued charitable support.
Once you begin to get interesting results it is easier
to get other funding, but this first rung on the ladder
is essential. We know other departments have also
now followed this model of working as it proves so
effective in getting things moving. Projects are also
often funded in conjunction with the University and
other funding agencies, such as The Wellcome Trust
and British Heart Foundation.
We are incredibly grateful for the support that
allows us to move this important research forward
to help the hundreds of thousands of people
affected by sleep apnoea.’
A lasting legacy
A £9,000 legacy left to the Gynaecology Ward
Fund in 2010 has made a huge difference to patients
and staff.
Ward Sister Liz Barber has found this donation
invaluable as it has allowed her to purchase
superior patient motoring equipment and make
improvements to the Day Surgery area.
Liz explains: ‘After surgery we want to keep a very
close eye on our patients’ blood pressure, oxygen
and pulse rates. When I joined the team we had
standard equipment to do this, but thanks to this
legacy I was able to purchase new monitors, which
have more sophisticated technology.
They can also be used when we are moving a very
poorly patient between areas in the hospital which
again is very important. On top of this a little of
the legacy was used to make the area where our
patients have to wait for surgery, sometimes for
many hours at a time, more homely.’
‘To think that someone remembered us in their will
means a tremendous amount to me and all the team
here. We are a passionate bunch and really care
about what we do, so when we know that a patient
and their family have shown their gratitude in such
an incredible way it really means the world to us.’
Professor John Stradling
of the Oxford Centre for
Respiratory Medicine
is pictured with respiratory
research nurse, Beverly
Langford and patient,
Roger Tamplin.
Annual Report 2013/14 Page 8
Computerised Cancer Surgery
Three Computer Integrated Operating Theatres
– high-tech equipment used during surgery for
gynaecological and gastrointestinal cancers – were
purchased in 2009/10. The £1 million cost of these
was entirely funded through the donations from
individuals, fundraising events and grants from
external charities, trusts and foundations. Once
again legacy gifts were also key.
Nick Maynard (pictured below), consultant surgeon
in upper gastrointestinal surgery explains: ‘We
relied very heavily on ORH Charitable Funds and
fundraising from patients and friends and without
their support, hard work and generosity, we
wouldn’t have this equipment, so we are fantastically
grateful. These are the latest, hi-tech facilities and
allows us to carry out safer, more accurate and
more advanced surgery for cancer patients.
Page 9 Annual Report 2013/14
The equipment gives high-definition images
broadcast from inside patients’ bodies during
keyhole surgery, guiding the surgeon more
accurately and reducing recovery time and the risk
of infection.’
Annual Report 2013/14 Page 10
About us
How we are Structured
Oxford Radcliffe Hospitals Charitable Funds is an
independent registered Charity (Registered charity
number 1057295), which exists to raise, receive, manage
and distribute donations for the benefit of the Oxford
University Hospitals NHS Trust.
The Charity was established by Declaration of Trust in July
1996. In April 2003 an independent board of Trustees was
appointed under Section 11 of the NHS & Community Care
Act 1990. These independent Trustees manage the assets of the
Charity and comply with all current statutory requirements, the
requirements of the Charity’s governing document and of SORP
2005.
The Charity is made up of around 600 different funds and each
has a specific purpose. This may be to benefit a particular area of
the hospital or medical service, to support a research project or
to fund certain training and development services for clinical staff.
All money received by the Charity is placed in these individual
funds and held on trust by the Trustees to ensure that the wishes
of our donors are honoured.
Each fund has a Fund Advisor (usually a member of staff with
specialist knowledge in the relevant area) who is responsible for
managing the fund on behalf of the Trustees and ensuring that
the money is spent appropriately, in accordance with charity law
and in line with the wishes of the donor and for public benefit.
The Fund Advisors liaise with the central ORH Charitable Funds
Department and receive monthly financial statements, guidance
information and ongoing support and advice from the ORH
Charitable Funds team.
HOW TO
CONTACT US
Our main address is:
Oxford Radcliffe Hospitals
Charitable Funds,
Manor House,
Headley Way,
Headington,
Oxford, OX3 9DZ.
Tel: 01865 743432
Email: charity@ouh.nhs.uk
www.hospitalcharity.co.uk
For fundraising queries,
please call 01865 743444.
Registered charity number
1057295
‘The Charity is
made up of nearly
600 different funds,
which each have a
specific purpose’
‘All money received
by the Charity is
placed in these
individual funds and
held on trust by the
Trustees to ensure
that the wishes
of our donors are
honoured.’
Page 11 Annual Report 2013/14
Annual Report 2013/14 Page 12
Our Trustees
The Charity is managed by independent Trustees appointed by the Department of Health Appointments Commission.
These Trustees have ultimate responsibility for all activity within the Charity and meet to make recommendations and
decisions.
When new Trustees are appointed, they receive a comprehensive induction and training programme, which includes
spending time with the operational staff who administer the Charity and manage fundraising activity. Our Trustees are
appointed for a period of four years, a term which may be renewed for up to 10 years, and meet quarterly. They are:
Mr James Nicholson (Chairman)
James brings to the Charity benefits arising from his considerable commercial and business
background over many years and specifically an expertise in investment management. He is currently
a Director of Baring Hedge Select Fund Limited.
Ms Julie Bond
Julie has over 35 years experience of commercial litigation and specialises in large cases involving
long-term projects, together with crisis management issues. She advises both commercial and notfor-profit organisations of all sizes. Julie lives in central Oxford with her two children, and has been a
Trustee since 2003.
Mr Alan Chant
Alan has over 40 years’ business experience in large national consumer-focused companies, including
22 years at director level, being principally responsible for marketing and corporate development.
Companies included Sainsbury’s, Beecham, United Biscuits, Lyons, Seagram and the Advertising
Standards Authority. He was also a member of the Government regulator that established the
National Lottery in 1994 and was responsible for regulating all commercial aspects of Camelot plc.
Over the last 2 years he has been a patient of OUH Trust and is also a member of a NICE Guideline
Development Group, a Cancer Research UK Advisory Group and Thames Valley CRN. He has a
Business Studies degree, an MBA from Henley Business School and a Post-graduate Diploma in
Marketing. He became a Trustee in 2013.
Mr Michael Doherty
Michael is an entrepreneur and currently Chairman of ehouse Ltd, a digital marketing company he
founded. He has previous experience in finance and industry, working both in the city and then in
senior positions for Hanson PLC, a FTSE100 industrial group. Michael studied History at Cambridge
University and has an MBA from INSEAD business school in France. He moved to the Banbury area
with his wife and young twins in 2009. He became a Trustee in 2011 and sits on the Audit Committee.
Page 13 Annual Report 2013/14
Ms Caroline Langridge
Caroline has extensive knowledge of working in the public sector, and has been part of the NHS
since 1975. She has a master’s degree in Public Policy Studies and is a trained Executive Coach.
Caroline joined the Department of Health in 1989 where she was a founder member of the NHS
Trust Unit, and moved in 1991 to take on a new role as Head of the NHS Women’s Unit, responsible
for a major equality programme for women delivering Opportunity 2000 in the NHS. In 1998, she
established her own independent consultancy, dealing with health-related matters. Caroline has been
a Trustee since 2003 and was also a non-executive director on the ORH Trust Board until October
2009. She also chairs the HIEF Committee. Caroline retired as a Trustee on 31st October 2013.
Mrs Helen Morton
Helen was the Treasurer (Finance and Estates Bursar) of Somerville College until December 2012.
She was responsible for the College’s finances and investments including legacies, building projects
and maintenance, commercial property, human resources, health and safety and gardens. Helen has a
background in civil engineering, the oil industry, finance and the charity sector and her experience in
the health sector includes being Director of Finance & Administration at Trinity Hospice and a nonexecutive director of the Oxfordshire Ambulance NHS Trust. Helen became a Trustee in 2011 and
sits on the Audit Committee.
Mrs Anne Tutt
Anne is a qualified Chartered Accountant with 25 years of experience as an executive and nonexecutive director. Anne was appointed as non-executive director of the Oxford University Hospitals
NHS Trust in 2009. Her portfolio currently includes acting as a non-executive director of the Social
Investment Business Foundation Ltd, the Vice Chair of Social Investment Business Limited and
trustee & Chair of the Audit Committee of the International Network for the Availability of Scientific
Publications. She is a non-executive member of the Audit Committees of the Home Office and
DEFRA and works in the private sector as a financial consultant. Anne has led successful finance and
management teams in many different sized organisations from small owner-managed companies to
large, multinational organisations in the public, private and social enterprise sector. Anne chairs the
Audit Committee of the Charity and the Oxford University Hospitals NHS Trust.
Professor Andrew Wilkinson
Andrew first came to work at the John Radcliffe in 1973, when only the Maternity block and the
Institute were open. After training in Perinatal Medicine in San Francisco, he was appointed as
the first consultant specialist in neonatology in Oxford in 1981. In 1992 he joined the University
Department of Paediatrics. His contribution to the Charity as a Trustee brings expertise and advice
from the perspective of a medical clinician and researcher. He has been a Trustee since 2005 and is
the Chair of the Hospital Innovation & Enhancement Fund.
Volunteers
We are greatly assisted in our work by the generous support of all our volunteers, and supporting committees
would like to thank everyone who has made a contribution of any kind. This ranges from the small army
of dedicated helpers who put together mailings and ensure that our newsletters reach our database of
supporters, to those who sit on the charity supporting committees. We are also indebted to those volunteers
who help to run regular table sales at the John Radcliffe, or help with street collections, fundraising events,
publicity, updating our notice boards and many other tasks.
Annual Report 2013/14 Page 14
How to contact us
Our main address is:
Oxford Radcliffe Hospitals Charitable Funds
Manor House
Headley Way
Headington
Oxford, OX3 9DZ
Tel: 01865 743444
Email: charity@ouh.nhs.uk
www.hospitalcharity.co.uk
For fundraising queries, please call 01865 743444.
Registered charity number 1057295
Page 15 Annual Report 2013/14
Financial review
The following figures are taken from the 2013/14 Accounts which carry an unqualified audit report. The Accounts may
be viewed in more detail on the Charity Commission website (www.charity-commission.gov.uk). This part of the Trustees’
Annual Report comments on the key features from these Accounts. Copies of the full accounts entitled Oxford Radcliffe
Hospitals Charitable Funds Accounts 2012/13 are also available from the Charitable Funds Department, Manor House,
Headley Way, Oxford, OX3 9DZ.
Sources of funds received in
the year (£5.4m)
The major categories of incoming resources were:
Donations received (£2.4m)
Donations in the year amounted to £2.4 million
compared to £2.3 million in the previous year. We
are very grateful for the thousands of donations that
are received each year from members of the public
(including many grateful patients and relatives) and
from the many companies which support the Charity
as part of their commitment to the community.
Legacies (£2.0m)
A gift in your Will is a valuable way of investing in
the future of the health service in Oxfordshire. The
many legacies the Charity receives each year make a
huge difference to our ability to introduce the best
modern techniques and equipment. Please see
page 8 of this report for further information about
how a legacy has helped support the hospitals and
patients within this Trust.
Grants from external organisations (£327k)
Grants received in this year have been less than
previous due to changes in the way grants are now
received from Sobell House Hospice Charity. In
addition the charity has no current campaign to
expand hospital services, and is concentrating on
generating donations for designated and general
funds.
Income from Charitable Activities (£418k)
Income is received from activities undertaken to
further the charity’s objectives (such as research
and education. This includes income from courses of
£370k, compared to course income of £455k in the
previous year. Many departments run courses and
conferences enabling the exchange of information
and best clinical practice. Different Funds run
different courses each year, and courses may not be
repeated on an annual basis.
The majority (£320k) of the course income related
to the Sobell House Study Centre.
Investment Income (£95k)
Investment income amounted to £95k (£389k in
the previous year). This reflected the change of
investments held to an Absolute Return Fund in
order to help protect the value of the investments
held.
Expenditure (£4.7 Million)
The total expenditure for the year on charitable
activities in support of patients staff, research and
education which benefits patients at the OUH Trust
was £4.7 million. A selection of some of the projects
supported appear on pages 3 to 4 of this report.
Activities for Generating Funds (£43k)
This mainly arises from sales of fundraising
merchandise and a staff lottery which has been
running for many years.
Annual Report 2013/14 Page 16
Investments
The Trustees continue to seek investment returns
which can be used to defray the costs of the charity
and to provide additional funding for charitable
projects. However, they recognise that, particularly
in a volatile market, avoiding downside-risk must
be a key concern and so the view of the Trustees
is that the aim of earning investment returns has
to be within an overriding aim of minimising the
risk of a significant overall fall in the capital value of
the investments. Following a review of how funds
are invested and the investment management
arrangements in 2012/13, the Trustees decided to
move the investment assets from Cazenove Capital
to Blackrock Investment Management (for cash)
and Ruffer LLP (for non-cash) to be invested in
an absolute return portfolio. All the assets were
transferred from Cazenove to Ruffer and BlackRock
by the end of August 2013.
As of March 31st 2014 the value of investments held
by Ruffer was £11 million.
The Trustees aim to ensure that funds are invested
both prudently and profitably over the long-term. In
order to protect funds against market fluctuations
an investment buffer is held, created from past
investment returns and not distributed to individual
funds. In the event of a significant fall in the market
this buffer would be available to cushion individual
charitable funds from this fall and to enable them to
continue to meet their commitments. The medium
term aim is to hold a sum equivalent to at least
15% of the overall investment at Ruffer (or 10% for
endowment funds). At 31st March 2014 the level of
the buffer was 12% (21% for endowment funds).
In the 12 months to 31st March 2014 the Ruffer
portfolio showed a total negative return of -0.3%.
At 31st March 2014, £4m was held in cash funds at
BlackRock Asset Management Ltd. In October 2013
the Trustees reviewed the investment of cash within
the portfolio and decided to pursue a policy of
moving cash deposits from Blackrock to UK clearing
banks.
Page 17 Annual Report 2013/14
The Charity’s primary concern in investing cash
is security, and accordingly it was decided to limit
exposure to any particular institution by spreading
the deposits between several clearing banks. These
new accounts will be opened in 2014/15 and the
cash held at BlackRock transferred across. It is
anticipated that the process of moving cash away
from Blackrock will be completed in 2014/15.
Risk Management Policy
A key role of the Trustees is the management of the
risks which inevitably arise in running a substantial
charity. The Trustees aim to have controls to
monitor risk, to reduce risk as far as practical and
appropriate, and to have measures in place to deal
with any residual risks which may crystallise. The
Trustees maintain a risk register which is subject
to an overall review at least annually. This review
includes the controls in place to manage risks and
the measures taken to mitigate their impact. Actions
are agreed to further minimise risk and progress on
these is regularly reviewed by the Trustees.
The Trustees are aware that there are some risks
which are less easy to deal with via a risk log, either
because they arise from circumstances which are
essentially not foreseeable or because the likelihood
of the risk crystallizing is so low as to make specific
planning for the risk not cost effective. The best
approach to dealing with risks of this kind is to
have decision making processes which are good
at evaluating the new and unexpected, where
there are clear arrangements for making decisions
and where there is a culture of flexibility and
responsiveness. The Trustees continue to review
the management arrangements and culture of the
charity to ensure that these characteristics are
maintained.
The administrative services for the charity are
provided by the Oxford University Hospitals
NHS Trust and are covered by the internal audit
arrangements of the Trust.
Reserves Policy
Under SORP 2005, charitable reserves are
identified as income which becomes available to the
Charity and is to be spent at the Trustees’ discretion
in furtherance of any of the Charity’s objects, but
which is not yet spent, committed or designated.
The definition of ‘reserves’ should exclude:
■ Endowment
Funds
Funds
■ Designated Funds
■ Restricted
In terms of Unrestricted Income Funds, the policy
of the Trustees is to transfer the majority of
income into Designated Funds in order to ensure
that donations are utilised in accordance with the
donor’s wishes.
These funds are administered by Fund Advisors
in accordance with policies and procedures set by
the Trustees. The funds are closely and regularly
monitored in terms of expenditure plans, ensuring
they are spent within a reasonable period of time.
In line with the Commission’s Guidance, a separate
Reserves Policy is not required for these Designated
Funds.
The Trustees do, however, have a requirement
to hold funds in order to support various general
purpose expenditures, including general staff
benefits. However, it should be noted that generally
where the Trustees choose to hold funds to
support future expenditure, this does not constitute
a commitment of the funds and the Trustees retain
discretion in deciding future expenditure.
In the light of this requirement the Trustees hold
general funds related to the various hospitals
managed by the Oxford University Hospitals NHS
Trust and related to the purposes of the NHS Trust
generally.
The reserve funds need to be sufficient to cover
any expenditure directly from those funds, to
provide a safety net to cover any problems
encountered in the management of the Charity’s
designated and restricted funds and to ensure that
a modest amount of funds are available to cover
any unanticipated needs or take advantage of new
opportunities. On the other hand it would be
inappropriate to hold larger reserve funds than are
necessary as this would reduce the amount that
could be spent on charitable activities.
The Trustees have therefore agreed a target range
for reserves. The lower limit of the range is the
aggregate of one year’s average expenditure from
the general purpose funds, plus 1% of the average
annual expenditure on the designated and restricted
funds plus £100k to cover unanticipated needs and
new opportunities. The maximum limit of the range
is twice the lower limit.
General Funds Balance at 31 March 2014:
£645,688 (£750,865 in 2012/2013)
12 Months’ Average Expenditure:
£153,185 (£264,701 in 2012/2013).
Grant Making Policy
Grants are normally only made to Oxford
University Hospitals NHS Trust or bodies associated
with it, with the aim of benefiting (directly or
indirectly) the patients of the Trust or the NHS
generally, and where the funding supports the
provision of services, equipment or other activities
over and above the normal level of NHS provision.
The Trustees seek to prioritise spending which has
a demonstrable impact upon patient outcomes and
experience.
Annual Report 2013/14 Page 18
CO-OPTED ADVISERS
Charitable Funds Committee meetings are held
at least 4 times a year. Co-opted advisors (and
Investment Managers) are invited by the Trustees
to attend these meetings and are chosen in order
to either represent the different hospitals across the
Trust or their particular profession, thus assisting the
Trustees in effective and informed decision making.
Professor John StradlingMedical Staff and
Research
Dr Chris Wait
Medical Staff and
Horton General Hospital
John Reynolds Medical Staff
PROFESSIONAL ADVISERS
Lloyds TSB Bank plc
87 London Road
Headington
Oxford
OX3 9AB
Ernst & Young
Apex Plaza
Forbury Road
Reading
RG1 1YE
Ruffer LLP
80 Victoria Street
London
SW1E 5JL
Withers LLP
16 Old Bailey
London
EC4M 7EG
Principal Office
Oxford Radcliffe Hospitals Charitable Funds
Department
Manor House
Headley Way
Oxford
OX3 9DZ
Page 19 Annual Report 2013/14
S U P P O RTING
Your Hospital Charity
OXFORD RADCLIFFE HOSPITALS
Charitable Funds
Manor House, Headley Way,
Oxford, OX3 9DZ
Tel: 01865 743432
Tel: 01865 743444 (Fundraising)
Fax: 01865 222469
or email: charity@ouh.nhs.uk
www.hospitalcharity.co.uk
Registered Charity Number 1057295