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2021/22 Financial Review
Overview
The Charity reported a net operating surplus before investment losses of £0.4m as a result of income of £3.6m
exceeding expenditure of £3.2m. The key reason for this was the lower than planned commitments to grant funding
due to delays in finalisation of some major grants; this is reflected in expenditure on charitable activities, which fell
from £3.1m to £1.8m.
Income
Expenditure
The Charity funds its grant making activity from
voluntary funding. This is raised through a wide
range of fundraising activities, which ensures
diversity across a wide supporter base, and from
legacies.
Expenditure, including grant commitments, amounted
to £3.2m (2020/21: £4.3m), £1.1m lower than in the
previous year 2020/21. This reduction was primarily
due to the consequences of the pandemic on the
development of high value grants being different in the
two years.
● Funding for enhancing patient experience and
treatment reduced from £0.8m to £0.5m;
● Grants in support of King’s staff reduced from £1.0m
to £0.1m; and
● Research grants reduced from £1.0m to £0.3m.
Income in 2021/22 was £3.6m (2020/21: £3.7m), £0.1m
lower than in the previous year but this was the net
effect of changes across each key source of income:
● Fundraising income at £1.8m was £0.5m
(excluding Gifts in Kind) lower than in 2020/21,
which was a record year due to the amazing
response from individuals who wanted to support
their local NHS hospitals during the COVID-19
pandemic;
● Legacy income increased from £0.6m to £1.3m
primarily due to the receipt of a small number of
legacies of high value; and
● Investment income fell from £0.7m to £0.5m due
to an increased level of cash within the portfolio
and historically low interest rates.
Continuing to grow fundraising income and the
number of our supporters are both vitally important
to the Charity’s future.
In 2020/21, the Charity gave significant support for
new grants, some for more than one year, aimed at
providing rapid support for patients and staff during
the pandemic. In contrast, in 2021/22 the hospital
teams were refocusing on restoring the services that
had been adversely affected by the pandemic and this
resulted in timescales to complete grants requiring
collaboration between the Charity and the hospital
being extended. But we finished the year on a positive
note with an active pipeline of high-value grants.
Costs of fundraising and investment management
increased from £1.2m to £1.4m as the Charity invests
for future growth.
Further details are provided in Note 3.
Further details are provided in Note 4.
Donations and other funding
49.8%
Direct costs of charitable
activities
56.7%
Legacies
35.7%
Investment income
14.5%
34
Fundraising and investment
management costs
43.3%
£3,617,000
£3,231,000
2021/22 Income
2021/22 Expenditure
S U P P O R T K I N G S .O R G .U K
