S U P P O RTING
Your Hospital Charity
Annual Report
2012 / 13
Chairman’s Statement
James Nicholson
Chairman of the
Section 11 Trustees
of Oxford Radcliffe
Hospitals Charitable
Funds
Welcome to the 2012/13 Annual Report for the
Oxford Radcliffe Hospitals Charitable Funds.
The year reflected the move from the large-scale
fundraising campaigns of recent years, based around
major expansions of the hospitals’ work, towards
concentrating on ensuring that the Charitable Funds
are in a strong position to move forward and
expand their work in the face of current challenges.
Much of the work of the Trustees over the year has
concentrated on ensuring that the charity spends
its money as effectively as possible, that systems of
control and risk management are robust, that prudent
arrangements are in place to deal with turbulence
in the financial markets, and that the position of
the Charitable Funds is strengthened as one of the
principal fundraising charities in the areas served by
the hospitals.
During the 2012/13 financial year the charity’s income
was £5.7 million. This compared to £6.4m in the
previous year. However, £0.7 million of this reduction
arose because grants from the Sobell House Hospice
Charity Ltd for the payments of nursing salaries,
which were previously made to the charity, are now
made directly to the Oxford University Hospitals
NHS Trust. The change in the handling of Sobell
House grants also removed £0.7m from charitable
expenditure compared to the previous year.
However, having allowed for this, there was still a
modest reduction in income in all categories other
than legacies (which are very variable year on year.
For example, donations fell from £2.5 million to £2.3
million – a reduction of 8%.
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Annual Report 2012/13
This is not unusual in the experience of charities of
all kinds in the current difficult economic climate. In
addition, the charity is not currently conducting major
fundraising campaigns of the kind that supported the
creation of the Children’s Hospital and the Cancer
and Haematology Centre, and this inevitably means
that income levels are moving back to what may be
considered more normal levels.
Income through legacy gifts was strong this year,
however, with £1.8 million donated, compared to
£0.84 million in the previous year. Areas across the
Trust benefitted from these most generous bequests,
including a £350,000 gift to the Children’s Hospital,
£250,000 to the Oxford Transplant Centre and gifts
totalling over £250,000 to the Oxford Hospitals
General Fund.
The Fundraising Team had another busy year with
community events proving particularly successful,
building in terms of both participants and income.
You can read more about these on page 5.
Much of the work of the Trustees over the last
year has been to ensure that the charity has robust
arrangements in place to deal with any external
challenges.
■ The
Trustees conducted a review of the charity’s
investment arrangements. Following this review
it was decided to move the investments from a
portfolio primarily of equities and bonds to an
absolute return fund at Ruffer LLP. Funds of this
type are designed to minimise downside risk
and given market volatility and that the primary
concern is to preserve capital rather than maximise
returns, the Trustees consider that this change is an
appropriate defensive measure.
■ Expenditure
has been scrutinised to achieve an
increased focus on areas of which produce direct
patient benefit. There are always more possible
ways of using charitable funds than funds available,
and therefore the Trustees want to ensure that
they prioritise those areas of spending which have
the greatest impact on patients.
Considerable work was done during the year on
the charity’s risk register. This revealed no major
gaps in our controls, but it did identify a number of
areas where controls could be further strengthened
and appropriate measures were put in place.
■ A
key area for discussion for the Trustees has
been reputational risk. In a year that has seen
the reputation of a number of charities and NHS
bodies tarnished by association with particular
individuals, the Trustees have been concerned to
review how relationships with external bodies and
individuals are managed and to ensure that these
are handled appropriately.
This work has provided a solid basis on which to
move forward. The challenge to the Trustees over the
coming year will be establish how best the charity can
support the strategic objectives of the Trust now that
the era of major building projects is over and how we
can raise the profile of the charity in the communities
which we serve.
Spending by the charity continues to make a major
positive impact on services to the Trust’s patients
during the year. Inevitably charitable spend is a
relatively small amount compared to NHS spending.
However because the charity can focus on the extras,
the things that are over and above what the NHS
would provide, we are often able to provide that
key additional resource, that radically innovative new
technology, or that spending on the more intangible
parts of the patient experience that would otherwise
not be funded.
Charitable Expenditure during the year amounted
to £4.9 million. Spending on patient welfare and
amenities (which includes equipment used in providing
care) formed the largest part of this at £1.9 million. A
further £1.3 million was spent on research and £1.2
million on education. £0.5 million was spent on staff
welfare and amenities. Much of the latter relates to
monies which have been specifically given by grateful
patients and their relatives for staff welfare. The
Trustees are keen to ensure that such spending is
directed to areas where it can make the most impact
upon staff morale and thereby also benefit patients.
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:
■John Radcliffe Hospital, Oxford,
which includes the Oxford Children’s
Hospital and the Oxford Heart
Centre.
■Churchill Hospital, Oxford,
including the Oxford Cancer and
Haematology Centre.
■Horton General Hospital,
Banbury, including the Brodey
Cancer Centre.
■ The Nuffield Orthopaedic Centre
Annual Report 2012/13
Page 2
During the year a further £76,000 was awarded
by the Hospital Innovation and Enhancement Fund
(HIEF). This is one of the key mechanisms through
which the Trustees aim to ensure that charitable
funds are invested in developments which create the
greatest impact on standards of medical care. Any
hospital department is able to bid for funding from
HIEF and bids are subject to a rigorous process of
evaluation and prioritisation. During the four years
that HIEF has been active, it has invested over £1
million pounds in new developments. Projects wholly
or partly funded through HIEF in the year included
cardio-pulmonary testing equipment for pre-operative
assessment at the Churchill Hospital, digital ultrasound
for ophthalmology and training to equip maternity
staff with the skills required to encourage and support
new mothers in breastfeeding. The Trustees are
particularly keen to encourage donations and legacies
for HIEF, given its effectiveness in enabling charitable
input to be used to best effect.
Not everything that the charity spends is invested in
high-tech equipment. The Trustees are also keen to
see that the overall patient experience is positive, and
sometimes this can be achieved by relatively low cost
and low-tech initiatives. The charity continues to fund
the work of the Trust’s art-coordinator. Arts initiatives
during the year included a series of concerts at the
Cancer Centre at the Churchill and improvement of
the exhibition areas at the John Radcliffe and Churchill
hospitals. A charitably-funded project continued
during the year to increase the awareness of staff to
issues of deafness and visual disability. By the end of
the year 385 staff had attended the training sessions.
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Annual Report 2012/13
The work of the charity depends upon many people:
from the fund-advisors who help the Trustees decide
on local priorities, to the volunteers who send out
fundraising mailshots, to the staff of the fundraising
and charitable funds teams, and not least to the army
of people who give up their time and effort to raise
money because they want to see their local hospitals
providing care that is technically excellent and patientcentred.
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.
James Nicholson – Chairman of the S11 Trustees
of the Oxford Radcliffe Hospitals Charitable Funds
Activities and achievements
During the year the governance arrangements and control systems of the charity
have been strengthened further. Three strategy meetings were held to enable the Trustees
to set time aside to consider the general direction of the charity. A detailed review of risk
was completed and various measures put in place to further ameliorate risk. Reporting
arrangements were strengthened with more formal arrangements for the minutes of
subsidiary committees or working groups to come back to the Trustees for review.
In the year 2012/13 our strategic aims
included diversifying support to Funds right across
the Trust for example encouraging participation
in: THE Abseil, Open Days such as for the Eye
Hospital, a campaign with the Breast Imaging Service
and helping more modest Funds such as the Adult
Sarcoma Fund maximise their income.
We planned to focus on inspiring supporters and
colleagues at every level during the year and
re-launched the website TORCH. The fundraising
magazine continues to reach an increasingly large
and supportive audience. Traditional forms of media
coverage have remained positive and frequent and
our social media programme has also been very
successful in helping to inspire and motivate, at
minimal cost to the charity. Communication with
staff has increased with more targeted global emails
and outreach work including new staff inductions
for all staff. We have worked to highlight the
importance of regular and legacy giving through the
website and promotional materials.
Looking forward to next year
Key objectives for the charity for the coming year
include:
■ Raising
the profile for the charity in the area
served by the Trust.
■ Launching a fundraising campaign specifically to
support the Hospital Innovation and Enhancement
fund.
■ Ensuring that spending continues to be focused on
the areas which give the greatest patient benefit.
Annual Report 2012/13
Page 4
Fundraising News
Supporting your hospital charity
Thanks to this charity’s supporters, we are able to make the hospital experience that bit easier
for patients and their families – funding ground-breaking research, the very latest equipment
and creating more comfortable and welcoming areas for patients of all ages.
our hospital causes. The important contribution of
hospital volunteers, patients and supporters was
recognised in style across the region with the Olympic
torch relay – a highlight of the summer of 2012.
We are delighted that this was another very busy
year, which started in style when 19 runners took
part in April’s Virgin London Marathon, raising an
incredible £35,000 between them for causes across
the Trust. Many were running in memory of loved
ones, including Angela Nicholls who ran for Adult
Sarcoma research in memory of her husband, and
Steven Radley, who continued his fundraising for
Newborn Intensive Care, to remember his baby boy,
William.
Endurance events of all kinds proved popular
throughout the year – with staff and supporters
tackling increasingly demanding challenges whilst
cycling, running or climbing. Heart consultant Tim
Betts ran 100 miles (non-stop) along the Thames on
one of the coldest days of the year, adding another
£8,000 to his fundraising for the Heartfelt Appeal.
The three charity abseil events also proved popular,
raising £80,000 between them for fifteen separate
causes at the Trust.
Across the year hundreds of individuals and groups
organised their own events from summer balls to
belly dances, concerts to canoe rides. We cannot
thank them enough for their incredible dedication to
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Annual Report 2012/13
Another special moment in the year was the
Dorchester Abbey Christmas concert in support of
the Children’s Hospital, with the celebrity readers
and world class choir attracting an audience of 600
and raising £60,000. A similarly prestigious event
took place at Merton College, where a black tie
dinner raised £25,000, helping the Heartfelt Appeal
nudge closer to its final goal of creating a brand new
Cardiac Imaging Unit.
Support from the business community continued,
with local law firm Darbys taking part in an Oxford
to Paris bike ride and completing their pledge to
raise £50,000 for the Cancer Centre.
It is recognised across the sector that funds available
from Trusts and Foundations are generally lower in
the current economic climate. We are therefore
particularly grateful for the generous donation of
£50,000 (part of a £100,000 pledge) from the PF
Charitable Trust towards the Heartfelt Appeal,
£15,000 from the Friends of Kennington supporting
cancer research and Nuffield Oxford Hospital Fund
donating £80,000 to support projects across the
Trust.
The annual Oxford Mail OX5RUN for the Children’s
hospital rounded off an excellent year, attracting
1,000 runners and raising over £90,000 – topping
the previous year’s total by £30,000.
The determination and positive spirit we see from
all our supporters can only be described as inspiring.
We are incredibly grateful for all their efforts.
Other Projects
ORH Charitable Funds supports nearly 600 individual funds, which allow people to donate
to very specific causes, projects and needs. These vary from individual ward funds to large
department funds and ground-breaking research funds.
The Fund for Children supports Children’s
Services across the Trust, including the Oxford
Children’s Hospital, children’s intensive care wards
and the Horton Children’s Ward. £400,000 was
raised for this Fund including the successful Oxford
Mail OX5RUN and Dorchester Abbey Christmas
Concert that enable the Trust to projects including a
chill-out room for teenagers with cancer to relax in
and furnishing and toys in the Children’s Emergency
Department. The Fund also supported a play
specialist in Children’s Specialist Surgery Outpatients,
an ultrasound scanner for Children’s Radiology
and a monitor for children with complex breathing
problems. Working with the Eye Hospital Fund the
Fund for Children also helped to purchase a state-of
the-art paediatric retinal scanner.
The Heartfelt Appeal raised £177,000 from major
donations and community support moving closer to
the target of funding a new Cardiac Imaging Unit. A
new Phillips IE33 ultrasound system has already been
purchased and it is hoped that work will begin to
create this new hub for patient care and research at
the end of 2013.
The Cancer Care Fund, one of our many cancer
funds, also continued to receive support with an
income of £94,000. The funds helped to purchased
innovative clinical equipment including a nerve
stimulator for head and neck patients, an ablation
system for endoscopy and a very powerful surgical
microscope. In partnership with the HIEF (Hospital
Innovation and Enhancement Fund), the Cancer
Care Fund also supported the digitalisation of breast
screening equipment as well as creating many more
comfortable areas for patients with cancer across the
Trust.
Three funds that have great community support are
Oxford I.M.P.S. (the Injury Minimization Programme
for Schools), the Silver Star Society (supporting
mothers through more difficult pregnancies) and
Heads Up (funding head and neck cancer research).
Research remained a popular area of support, with
causes such as the Julian Starmer-Smith Lymphoma
Fund, the Adult Sarcoma Fund, Childhood Cancer
Research Fund, the Oxford Vaccine Group and the
Cardiology Research Fund all able to continue their
important work thanks to the support of donors.
HIEF – the Hospital Innovation and Enhancement
Fund – was again instrumental in providing support
for a variety of pioneering projects across the
Trust, including funding of a maternal and neonatal
birthing simulator and an ultrasound system for the
respiratory day unit
Annual Report 2012/13
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Annual Report 2012/13
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, the Trustee
at that time being a corporate body. 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 nearly 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 Charitable Funds
Department and receive monthly financial statements, guidance information
and ongoing support and advice from the Charitable Funds team.
"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."
The Oxford Radcliffe Hospitals NHS Trust merged with the Nuffield
Orthopaedic Centre NHS Trust on 1st November 2011 to become the
Oxford University Hospitals NHS Trust. The ORH Charitable Funds charity
and NOC General Charity merged on 21st March 2012 under the name of
Oxford Radcliffe Hospitals Charitable Funds.
Annual Report 2012/13
Page 8
Our Trustees
The Charity is managed by independent ‘Section 11’ 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
chairman of Alpha Portfolios plc, a Director of JP Morgan Russian Securities plc and also a Director of
Baring Hedge Select Fund Limited. He has been a Trustee since 2005. He succeeded Mr Peter Bagnall
as Chair of the Committee in March 2011.
Ms Julie Bond
Julie is a Partner and Head of Litigation at solicitors Manches LLP. She has over 30 years experience
of commercial litigation and specialises in large cases involving long-term projects, together with crisis
management issues. She advises both commercial and not-for-profit organisations of all sizes. Julie
lives in central Oxford with her two children, and has been a Trustee since 2003.
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 Masters 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.
Mrs Anne Tutt
Anne Tutt is a qualified Chartered Accountant with 25 years of experience as an executive and nonexecutive director. Anne was appointed as a non-executive director of the OUH in 2009 for a period
of four years. Her portfolio currently includes acting as a non-executive director of the Adventure
Capital Fund Limited, the Vice Chair of Social Investment Business Limited and Her Majesty’s Passport
Office, where she also chairs the Audit Committee. 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, multi-national organisations in the public, private and social
enterprise sector. Anne chairs the Audit Committee for the Charity and the OUH NHS Trust.
Page 9 Annual Report 2012/13
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 an active medical clinician and researcher. He has been a Trustee since 2005.
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.
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.
Volunteers
We are greatly assisted in our work by the generous support of all our volunteers, and 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
fundraising campaign 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 2012/13
Page 10
The team
Charitable Funds Department
Kirsten Bailey
Lorraine Irwing
Group Finance Manager (ORH Charity)
Financial Accountant (Other Charities)
Income Section
Yaima Bacallao
Roland Panavia
Angela Williams
Finance Manager
Income Officer
Income Officer
Payments Section
Michele Tombs
Margaret Slater
Elaine Burden
Janine Marriott
Payments Manager
Deputy Payments Manager
Payments Officer
Payments Officer
Fund and Legacy Management
Pat Newbold
Fund & Legacy Manager
Fundraising Department
Graham BrogdenDeputy Director of Fundraising and
Head of Community Fundraising
Andrew HouseDeputy Director of Fundraising and
Head of Major Gifts
Janet Sprake
Andrew Styles
Penny Hambridge
Cynthia Charlett
Sarah Vaccari
Marianne Julebin
Yolanda Jacob
Fundraising Manager
Outreach & Gift Processing Admin. Asst.
Children’s Development Officer
Outreach/Gift Processing Manager
Communications Manager
Major Gifts Manager
Fundraising Project Manager (Horton)
CONSULTANT
Philip BonnierProject Manager working with the Oxford University
Hospitals Charitable Funds Department
Annual Report 2012/13
Page 11
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
Financial review
The following figures are taken from the 2012/13 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 (£5.7m)
The major categories of incoming resources were:
Donations received (£2.3m)
Donations in the year amounted to £2.3 million compared
to £2.5 million in the previous year. Although this was a
reduction of 8%, this was a creditable performance given
that the economic situation is making fundraising difficult
for most charities and that the Charity currently has no
campaigns underway for major expansions of hospital
services. 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.
Legacy (£1.8m)
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. The legacies received in 2012/13 are listed
opposite. However, particular mention should be made
of the bequest of £350,000 for the Children’s Hospital
and £271,500 shared between cardiac research, cancer
research and cardiac, thoracic and vascular care. These
two very large legacies, along with a large number of
smaller ones, led to legacy income rising to £1.8 million
compared to £0.8 million in the previous year.
Listed below are the legacies gratefully received between
1 April 2012 and 31 March 2013, showing the areas
which have benefited:
Phyllis AbsalomOxford Hospital General Fund
Betty Adams
Renal Unit Fund
Sheila Barber
Oxford Hospital General Fund
Dorothy Bone
Oxford Hospital General Fund
Tom Bowling Osler Chest Unit (Respiratory
Research) Fund Legacies continued:
Brian Brocklehurst
Jane Ashley Unit Fund
Lillian Burtenshaw Oxford Hospital General Fund
Viola Busby Gibson Fund
Marianne Calmann
Oxford Transplant Centre
Terence Chipperfield Renal Medical Ward Fund
Dennis Cooper Oncology Ward Fund
Annie Copley Oxford Hospital General Fund
Edward Cox
Neurological Surgery Fund
Ernest Craddock
Audiology Department Fund
Irene Curzon Haematology Ward Fund & Cancer
& Haematology Day Treatment Unit
Fund
Cyril Dashwood Heart/Lung Bypass Damage Fund
John Davies Clinical Diabetes & Metabolism
Research Fund
Derek Enock Oxford Hospital General Fund
Paul Eriksen
Horton Hospital General Fund
Maud Hallam Oncology Research Fund
Edward Harris Children’s Hospital (Footprint) Fund
Rita Hobbs The Brodey Centre Horton Hospital
Fund
Mary Hector
Oxford Eye Hospital Fund
Dennis Hooper Haematology Research Fund
William Hunwick Medical Oncology Cancer Research
Fund
Pamela Marshall
Transplant Unit Fund
Stephen MilnesCancer & Haematology Day
Treatment Unit
Jonathan SewellMedical Oncology Cancer Research
Fund
Valerie Shirley
Endocrinology Research Fund
Mary Stockford
Oxford Hospital General Fund
James SummerlyJulian Stammer-Smith Lymphoma
Fund
Elisabeth Thomas
Lung Disease Research Fund
Beryl TimmsThe Brodey Centre Horton Hospital
Fund
Ronald TyleeSpecialist Surgery Inpatients Ward
Fund
Marjorie Upton Nuffield Orthopaedic Centre
Nurses Fund
William WardleCardiac Research Fund, Cancer
Research (Medical Oncology) Fund
& Cardiac, Thoracic & Vascular Fund
Casseres Williams Oxford Hospital General Fund
Hugh Williams
Oxford Hospital General Fund
Annual Report 2012/13
Page 12
Grants from external organisations (£0.6m)
This heading is significantly lower than the £1.8 million
for the previous year. £0.7 million of this reduction
arises because of a change in the way grants from the
Sobell House Hospice Charity Ltd were dealt with part
way through the year. Grants to fund nursing salaries,
previously routed via the Charity, are now paid directly
to Oxford University Hospitals NHS Trust. There is a
corresponding reduction of £0.7 million in charitable
expenditure.
Activities for Generating Funds (£48k)
This mainly arises from sales of fundraising merchandise
and a staff lottery which has been running for many years.
Income from Charitable Activities (£520k)
Income is received from activities undertaken to further
the charity’s objectives (such as research and education).
This includes income from courses of £455k. This
compared to course income of £553k in the previous year.
Many departments run courses and conferences enabling
the exchange of information and best clinical practice. The
income from these events is available to support charitable
purposes related to the particular specialty or department.
The majority of the course income (£328k) related to the
Sobell House Study Centre.
Investment Income
Investment income amounted to £389k (£504k in the
previous year). This reflected reductions in holdings of
bonds as part of the restructuring of the investment
portfolio.
Expenditure
The principal change in expenditure was the reduction of
expenditure on charitable activities to £4,909k (£6,673k
in the previous year), a reduction of £1,764k. As noted
elsewhere £700k of this arose because grants for staffing
costs from the Sobell House Charity Ltd are now made
directly to the Oxford University Hospitals NHS Trust.
£507k reflected the reduction in spending on the Heart
Centre as that campaign came towards its end.
Investments
During the year the Trustees conducted a fundamental
review of the investment portfolio with the assistance of
PiRho Investment Consulting Ltd. The aim of the review
was to determine the investment strategy appropriate to
Page 13 Annual Report 2012/13
the charity’s needs and to assess proposals from potential
investment managers. This exercise led to a reassessment
of the investment approach. The Trustees continue to
seek investment returns which can be used both 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.
Previously the investments consisted of a portfolio
of equity funds, bonds and other investments, with
the investment managers aiming to ensure that these
performed at least in line with the market indices for the
appropriate class of asset. One of the problems with this
approach is that if the values of those classes of asset
generally fall, it is possible for the portfolio to outperform
the market and still to see the charity’s funds reduced. As
a result of the investment review it was decided to move
to an absolute return fund managed by Ruffer LLP. Ruffer
were chosen as the investment managers as a result of a
competitive tender and on the basis both of their track
record in managing funds of this kind and the clarity and
coherence of their investment approach.
At the year end the process of transferring the portfolio
from the previous investment managers to Ruffer was
underway, but not yet complete. Investments valued
at £2,282k remained with the previous managers, and
£7,713k had been invested with Ruffer. The process of
transferring assets depends upon the period of notice
required to liquidate existing investments, but this will have
been completed fully by the end of August 2013.
In addition, at 31st March 2013 £5.2m was held in cash
funds at BlackRock Asset Management Ltd. Up to June
2013 (after the end of the financial year) these monies
were held at BlackRock on the instruction of the previous
investment managers as part of their overall portfolio.
From that date these funds remained at BlackRock, but
were held directly on the instruction of the Charity
In the nine months to 31st December 2012 the existing
investment portfolio showed a total return of 5.24% which
exceeded the overall benchmark of 3.49%. This reflected
tactical decisions by the investment managers, Cazenove
Capital Management. In the following quarter the bulk of
the Cazenove portfolio was liquidated and across the year
as a whole there were net gains of £467k.
During the year the charity maintained two investment
pools (excluding the restricted investments for the Bellamy
Fund). These were the ‘cash funds’ invested solely in cash
or fixed interest securities for small, ward, new or appeal
funds, and the ‘stock exchange’ for large, non-appeal funds
which had not opted for the ‘cash fund’ option.
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 both their contractual
and their moral commitments. Under the previous
investment arrangement the aim was for this buffer to
be 20% of equity investments and no buffer was held in
respect of bond investments. Under the new investment
arrangements it is not possible to make this clear
distinction between equities and bonds and accordingly
the aim is to hold a sum equivalent to at least 15% of the
overall investment via Ruffer (without seeking to distinguish
between classes of investment asset).
residual risk were brought back to the Trustees after
the balance sheet date and the register will be reviewed
and updated on a regular basis throughout the year.
b)The Trustees also considered those risks that 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.
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.
During the year the Trustees comprehensively reviewed the
risks faced by the Charity and acted to further strengthen
the control framework in this area. This review had two
elements:
a)A fresh risk log was compiled identifying the various
known risks (and drawing upon the experience of
Trustees and staff to ensure that this list was as
comprehensive as possible) and evaluating these for
their likelihood and potential impact. On the basis
of this scoring, risks were identified where mitigating
actions were required and necessary workplans were
established to achieve these. In practice the issues
identified as requiring attention were relatively minor,
but a number of actions were put in place to reduce
risk. The updated risk register with estimations of the
Annual Report 2012/13
Page 14
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
■ Restricted Funds
■ Designated Funds
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.
At 31 March 2013 the balances on these funds and their
average 12 months’ expenditure, was as follows:
General Funds’ Balance at 31 March 2013 £750,865
12 months’ average expenditure £264,701.
The charity recognises the importance of undesignated
unrestricted funds, providing the flexibility to support the
OUH Trust’s strategic plans, and therefore the Charity
is encouraging more generic giving. This policy will be
reviewed periodically. The Trustees review the balance of
the OUH General Funds on an annual basis.
CO-OPTED ADVISERS
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.
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.
The Trustees do, however, have a requirement to hold
funds in order to support various charitable purpose
expenditure, including general staff benefits, but it should
be noted that this expenditure is not guaranteed.
Professor John Stradling
Dr Chris Wait
John Reynolds In order to meet this expenditure, the Trustees hold
General Purpose Funds for the Oxford University
Hospitals – John Radcliffe Hospitals, Churchill Hospitals,
Horton General Hospital and Nuffield Orthopaedic
Centre – and a minimum level of reserve for these funds is
considered to be 12 months’ average expenditure.
Page 15 Annual Report 2012/13
Medical Staff and Research
Medical Staff and
Horton General Hospital
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
Annual Report 2012/13
Page 16
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