How we raise and spend our money

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In 2016, the Fund generated external income of £8.5 million and expenditure was £15.3 million. The balance was covered by income from our investments and drawing down capital, in line with our financial strategy of maintaining the long-term value of our investments in real terms.

View our annual report for 2020

For more information about our income sources and investments please see our trustees' annual report and accounts or contact Paul Clough, Director of Finance and Operations:

How we are funded

Our funding comes from a variety of sources including:

  • capital withdrawals and income generated by our investments
  • our charitable activities, which include research and policy analysis, leadership and organisational development, and events
  • commercial activities including hiring our venue and renting office space in our building.
How we are funded


Investments 44 per cent

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 – which generated more than two-fifths of our funds in 2016 – helps safeguard our independence by reducing our reliance on public and private sector funding. More information about our financial and investment strategies can be found in our trustees' annual report and accounts.

Commercial organisations 24 per cent

In 2016, just under a quarter of our funding came from commercial organisations. More than half of this was from companies hiring our venue. This also includes revenue from companies who rent office space in our building, and income from our corporate partners and supporters which accounted for just under 5 per cent of our income. The biggest single payment we received from a commercial organisation was from GSK for the IMPACT awards, which support the work of small and medium-sized charities.

Local NHS organisations 10 per cent

Around a tenth of our funding in 2016 came from local NHS organisations. Much of this was generated by our leadership and organisational development work with individuals, teams and organisations. A significant contribution also came from attendance at our events.

Voluntary, community and social enterprise sector organisations 8 per cent

In 2016, nearly 8 per cent of our funding came from organisations in the voluntary, community and social enterprise sector. This includes not-for-profit organisations that rent office space in our building, grants from charitable funders, and research and policy analysis commissioned by charities.

National NHS bodies 6 per cent

Around 6 per cent of our funding in 2016 came from national NHS bodies. More than half of this was generated by a small number of projects commissioned by NHS England, NHS Improvement, Health Education England and the Care Quality Commission. These projects included work to support the vanguard areas developing new models of care; leadership development and quality improvement programmes; and input in developing practical tools to assist NHS organisations in their work.

Central government 2 per cent

In 2016, less than 2 per cent of our funding came directly from central government. More than half of this was for independent research commissioned by the Department of Health and Social Care through the National Institute for Health Research1 .

Other 6 per cent

The remainder of our funding in 2016 included money from local government to provide leadership development and consultancy services, research funding and income from people who hired space in our venue for receptions, weddings and other social occasions.

  • 1This work is undertaken under a contract in partnership with the University of York.

How we spend our money

Nearly four-fifths of our expenditure in 2016 was on our charitable activities, with the remaining 21 per cent used to generate income through commercial activities and managing our investments. We spent £11.7 million on our charitable activities (see figure below).

How we spend our money


Research and analysis 39 per cent

Nearly two-fifths of our charitable expenditure in 2016 was on research and analysis to shape policy, influence practice and inform debate.

Developing teams, individuals and organisations 34 per cent

Just over a third of our charitable expenditure in 2016 was on leadership and organisational work to support individuals, teams and organisations working in health and social care.

Promoting understanding 21 per cent

Just over a fifth of our spending on charitable activities was to promote understanding and make sense of the health and care system.

Bringing people together 6 per cent

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