THE ROYAL FREE CHARITY
We support the Royal Free London NHS Foundation Trust at the Royal Free Hospital, Barnet Hospital, Chase Farm Hospital and North Middlesex University Hospital through four key strategic priorities: enhancing the experience of patients, supporting NHS staff, investing in innovation and research, and securing the best available technology and equipment for our clinicians.
Financial health, per its FY2025 accounts
The accounts state that unrestricted general funds decreased to £68.7m due to investment losses from US tariffs and property financial adjustments, resulting in negative medium-term free reserves of £4.6m. However, the trustees report that investments have recovered these losses and the charity maintains strong short-term liquidity of £5m against a £2m target. The long-term strategic reserve target of £2.8m is exceeded, supported by the value of investment properties.
What the accounts disclose
“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.” — page 60
“Judy Dewinter (trustee) was reimbursed expenses of £717 (£562 in 2023/24).” — page 59
“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.” — page 60
“Judy Dewinter (trustee) was reimbursed expenses of £717 (£562 in 2023/24).” — page 59
“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.” — page 60
“Judy Dewinter (trustee) was reimbursed expenses of £717 (£562 in 2023/24).” — page 59
“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.” — page 60
“Judy Dewinter (trustee) was reimbursed expenses of £717 (£562 in 2023/24).” — page 59
Property (HM Land Registry)
Structured financials (annual return, FY ending 31/03/2025)
Register events
- Received assets from another charity (07/07/2025)
- Received assets from another charity (24/06/2025)
- Received assets from another charity (16/05/2025)
- Received assets from another charity (06/12/2024)
- Received assets from another charity (12/08/2024)
- Received assets from another charity (15/03/2024)
Trustees
- Alison Munday
- Gillian Louise Smith
- Judy Frances Dewinter
- Julie Ann Hamilton
- Melanie Laura Sherwood
- Peter Landstrom
- RUSSELL BROOKS
- Simon Lyons
- Stephen John Craig
- Valerie Celia Jolliffe
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/03/2025 | £9.4m | £14.6m |
| 31/03/2024 | £14.8m | £15.7m |
| 31/03/2023 | £25.1m | £22.4m |
| 31/03/2022 | £25.3m | £12.2m |
| 31/03/2021 | £8.5m | £14.6m |
Common questions
Is THE ROYAL FREE CHARITY financially healthy?
Per its FY2025 accounts: The accounts state that unrestricted general funds decreased to £68.7m due to investment losses from US tariffs and property financial adjustments, resulting in negative medium-term free reserves of £4.6m. However, the trustees report that investments have recovered these losses and the charity maintains strong short-term liquidity of £5m against a £2m target. The long-term strategic reserve target of £2.8m is exceeded, supported by the value of investment properties. Its FY2025 accounts were audited by Crowe U.K. LLP.
Who funds THE ROYAL FREE CHARITY?
Funders whose own accounts filings name THE ROYAL FREE CHARITY as a grant recipient include PINK RIBBON FOUNDATION, KUSUMA TRUST UK, THE BRIDGE RENEWAL TRUST, THE BLUSTON CHARITABLE SETTLEMENT, ENFIELD LIONS CLUB (CIO).
Known funders
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| The National Lottery Community Fund | 16/12/2022 | £10k | Check In and Chat at the Royal Free Hospital Support Hub |
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| THE THOMPSON FAMILY CHARITABLE TRUST | 2 | £750k |
| COUNTY AIR AMBULANCE TRUST | 2 | £413k |
| JOHN SWIRE 1989 CHARITABLE TRUST | 2 | £109k |
| SANDRA CHARITABLE TRUST | 2 | £11k |
| DENISE COATES FOUNDATION | 1 | £1.3m |
| THE PENNIES FOUNDATION | 1 | £1.1m |
| LADY GARDEN FOUNDATION | 1 | £1.0m |
| THE DORFMAN FOUNDATION | 1 | £667k |
Charities like this
- UNIVERSITY COLLEGE LONDON HOSPITALS CHARITY
- West Hertfordshire Teaching Hospitals NHS Trust Charity
- ROYAL BERKSHIRE NHS FOUNDATION TRUST CHARITY
- THE ROYAL MARSDEN CANCER CHARITY
- ROYAL DEVON UNIVERSITY HEALTHCARE NHS FOUNDATION TRUST CHARITY
- STOCKPORT NHS FOUNDATION TRUST GENERAL FUND
Side by side with its peers
| Charity | Income | Top pay band | Staff >£60k | Reserves vs policy | Fundraising cost | Going concern |
|---|---|---|---|---|---|---|
| THE ROYAL FREE CHARITY | £9.4m | — | — | unclear | — | no doubt |
| UNIVERSITY COLLEGE LONDON HOSPITALS CHARITY | £24.7m | — | — | unclear | — | no doubt |
| West Hertfordshire Teaching Hospitals NHS Trust Charity | £967k | — | 0 | unclear | — | no doubt |
| ROYAL BERKSHIRE NHS FOUNDATION TRUST CHARITY | £1.3m | — | 0 | unclear | — | no doubt |
| THE ROYAL MARSDEN CANCER CHARITY | £34.0m | £149,102 | — | above | 27.0% | no doubt |
| ROYAL DEVON UNIVERSITY HEALTHCARE NHS FOUNDATION TRUST CHARITY | £1.9m | — | 0 | above | — | no doubt |