How we raise and spend our money

In 2022, The King’s Fund’s expenditure was £17.8 million and we generated external income of £13.3 million. The balance of the funding (£4.5 million) was covered by drawing down capital from our investments, in line with our financial strategy of maintaining the long-term value of our investments in real terms.

View the 2022 Trustees' annual report. 

Our funding comes from a variety of sources including:

• capital withdrawals and income generated by our investments
• charitable activities relating to health and care, which include research, analysis and partnerships; leadership and organisational development work; and events
• commercial activities including hiring our venue and renting office space in our building.

Investments: 44 per cent of our total income

The funds raised when The King’s Fund was founded in 1897 have been invested and maintained ever since, guaranteeing funding to support our charitable activities. This endowment helps safeguard our independence by reducing our reliance on public and private sector funding. 

Health and care-related activities: 39 per cent of our total income

We undertake a range of health and care-related activities to deliver our vision of ensuring that the best possible health and care is available to all.

Research, analysis and partnerships: 11 per cent

In addition to the work paid for from our charitable funds, we undertake research and analysis, which is funded by third parties. We also run a Corporate Partners and Supporters programme through which we develop relationships with businesses looking to support our work and engage in the health and care debate through events, briefings and networking opportunities. The income we receive for this work is set out in more detail below. 

All this work is governed by our ethical collaboration policy and all the written outputs we publish are editorially independent. 

We note here it is not possible to track all the sources of the income we obtain from our leadership and organisational development work, our events or our commercial activities without incurring disproportionate cost.

Leadership and organisational development: 25 per cent

Our work to provide leadership support to individuals, teams and organisations in the health and care sector. This includes funding from GSK for the IMPACT Awards and other work to support leadership in small and medium-sized voluntary, community and social enterprise sector organisations.

Events: 3 per cent

Our events programme generates income from ticket sales and sponsorship.

Commercial activities: 17 per cent of our total income

We raise income from commercial activities in two main ways.

Venue services: 14 per cent

We use our building to run a venue services business for a wide range of clients. 

Tenants: 3 per cent

Tenants occupy some of the additional capacity in our building, generating rental income.

All the income raised through our commercial activities is reinvested in our charitable work or supports our activity to generate income.

• 1National NHS includes NHS England, CQC and other national arm’s-length bodies

Out of the £17.8 million total expenditure in 2022, £13.5 million (76 per cent) was on charitable activities to deliver our vision, with the remaining £4.3 million (24 per cent) was used to generate income through commercial activities and managing our investments. 

Research and analysis 33 per cent

In 2022, 33 per cent of charitable expenditure was on research and analysis to inform policy, practice and debate.

Developing teams, individuals and organisations 39 per cent

In 2022, 39 per cent of our charitable expenditure was on leadership and organisational work to support individuals, teams and organisations working in health and social care.

Promoting understanding 22 per cent

In 2022, 22 per cent of our charitable expenditure was on activities to promote understanding and make sense of the health and care system.

Bringing people together 6 per cent

In 2022, 6 per cent of our charitable expenditure was on bringing people together through events, networks and meetings to discuss, debate and share learning.

Download our trustees' reports and financial statements and past annual reviews below. You can also see our staff pension and life assurance plan: statement of investment principles.