Barts Charity- Chief Financial Officer

Chief Financial Officer Appointment brief October 2018

Welcome Barts Charity’s vision is extraordinary healthcare for all. We develop and fund ground-breaking medical research, state-of-the-art equipment and innovative healthcare projects not otherwise funded by the NHS. Whilst our projects are based in North and East London, they often have national and international impact.

We are fortunate to have significant funds to make a difference. Barts Charity is one of the UK’s oldest and largest foundations, with an endowment of £464m. Working with our partners, we identify the best and most exciting projects that will have the greatest impact on patients’ lives.

We are at an important and exciting moment in the Charity’s history. Two years ago we embarked on a new and ambitious strategy to increase our grant giving to £30m p.a. to 2020. Since then we have seen a demand for our support from the highest quality projects and have therefore taken

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the decision to extend this level of giving to 2022. Our ambition is to maintain this level of giving from 2023 onwards, however to do this we need to maximise income both from our investment portfolio and from our voluntary fundraising activities.

We now want to recruit an outstanding CFO who can help develop and deliver the next stage of our financial and broader Charity strategy. We are building on strong foundations and a track record of astute financial management which has seen our portfolio grow from £250m in 2008 to its current level. Reporting directly to the Chief Executive, you will lead a team that will safeguard the Charity’s assets and fulfil regulatory requirements, but as importantly, will strive to use the assets that we are so fortunate to have – our endowment, expertise and people – to further the Charity’s strategic goals. You will be an important member of the senior team and will bring strategic vision and the ability to

build close working relationships with the Charity’s finance and investment advisers, as well as with the senior teams within our key partners. You will work directly with our Finance and Investment Committees which comprise senior and experienced City and Finance professionals.

We are at the start of the next chapter for our 900 year old Charity. If you think you have what it takes to build something that will change lives, and help take our work to the next level, then we would love to hear from you. I encourage you to read the information in this appointment brief, visit our website, and contact our consultants at Prospectus for a conversation about the position.

I look forward to meeting you.

Fiona Miller Smith Chief Executive

Chief Financial Officer | Barts Charity | October 2018

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About us and the communities we serve Barts Charity is an endowed place-based foundation that has been supporting healthcare in East London for over 900 years. We are fortunate to have an asset portfolio of ÂŁ464m which, thanks to careful management, produces income to fund both operating costs and surpluses which we can use for our grant funding (FY17/18 total income ÂŁ19.6m). We look to increase our granting capability by actively fundraising across the hospital trust and its communities, with the aim of awarding ÂŁ30m per annum in grants to promote improvements in patient care, medical research and health education, which fall outside NHS funding.

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Our Communities Our primary beneficiaries are the patients served by Barts Health NHS Trust. Made up of five hospitals, Barts Health’s hospital and community services reach a population of some 2.5 million people across North and East London – residents of some of the most economically deprived and ethnically diverse communities in the UK. Many health conditions show a strong association with poverty. Communities in North and East London are badly affected by cardiovascular disease and metabolic conditions such as diabetes. Levels of childhood obesity are among the highest in the country. Air quality is poor, and levels of respiratory disease and asthma are well above national averages.

Ethnic background also has a significant influence on health. East London is home to many people of South Asian heritage, who are at particular risk of cardiovascular disease and diabetes.

Our funding is helping to ensure that these disadvantaged communities receive the highest possible standards of healthcare.

Much of the research we fund is tailored to the needs of local communities and improves the care and services they receive.

In addition, the results of this research often have much wider implications – feeding into improved medical practice nationally and internationally.

Our communities at a glance

2.5m

Population served by Barts Health covering City of London, Tower Hamlets, Hackney, Newham, Waltham Forest, Redbridge, Barking and Dagenham

300

Number of languages spoken in London

41.4%

Proportion of Tower Hamlets population of Asian ancestry

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Position of Tower Hamlets in national ‘index of multiple deprivation’

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Our Partners We work closely with two main partners to co-develop and fund innovative and transformative projects in healthcare. These partners are Barts Health NHS Trust, and the Barts and the London School of Medicine and Dentistry (SMD), part of Queen Mary University of London.

Barts Health Every year, Barts Health, one of the UK’s largest acute NHS Trusts, delivers care to tens of thousands of patients – residents of East London and patients from elsewhere in the UK benefiting from its specialist services.

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Across its five hospitals – St Bartholomew’s Hospital, The Royal London Hospital, Mile End Hospital, Newham University Hospital and Whipps Cross University Hospital – Barts Health provides services for people of every age, from newborns to those nearing the end of their lives. Its hospitals are the first port of call for local communities, and in many fields are also nationally important centres pioneering new approaches to care and treating patients from much further afield. In a multitude of areas, from cardiac care to children’s orthopaedics, Barts Health delivers unrivalled levels of care.

Barts Health at a glance • One of the UK’s largest NHS Trusts, with a turnover of around £1.4bn • Employs around 16,000 people • Provides care to some 2.5 million people in East London and beyond • Nationally recognised expertise in multiple fields, including cardiac care, paediatrics, cancer, children’s orthopaedics and trauma

Chief Financial Officer | Barts Charity | October 2018

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Barts and the London School of Medicine and Dentistry (SMD) Part of Queen Mary University
of London, SMD aims to improve the health and wellbeing of people throughout the UK and beyond through research and teaching excellence. It is home to scientists working on a range of conditions affecting local populations such as heart disease, cancer, TB, asthma, diabetes, HIV and high blood pressure. In multiple areas, SMD researchers are nationally and internationally recognised experts in their fields. As well as working to understand disease and develop innovative new treatments, they are also exploring practical matters such as how healthcare can best be delivered to patients.

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SMD at a glance • One of the UK’s leading medical and dental schools, training new doctors and undertaking groundbreaking research, diving forward changes in clinical practice • More than 3,200 students and 1,500 members of staff • Ranked as one of the top five medical schools nationally in the latest Research Excellence Framework (REF) exercise

Chief Financial Officer | Barts Charity | October 2018

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How we work and our competitive advantage We work closely with, and provide the bulk of our funding to, Barts Health NHS Trust and Barts and The London School of Medicine and Dentistry (SMD). Our unique collaboration delivers outstanding developments in healthcare owing to a number of factors: Building on excellence: Our funding goes to two of the UK’s leading healthcare institutions, enabling them to build upon nationally and internationally renowned levels of care and world-leading research.

Local relevance, global impact: Barts Health serves a highly ethnically diverse population. This has important implications for the nature of ill-health experienced and how it is treated. SMD research provides key insight into these issues to improve care for local people. But the ethnic diversity also means the findings of research are relevant to many other populations around the world.

Strategic support: Our primary goal is to enhance the health and wellbeing of the many millions of people served by Barts Health. To maximise the impact of our funding we focus upon areas of excellence which reflect the joint strategic priorities of Barts Health and SMD.

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Integrating research and clinical care: SMD research is tightly integrated with Barts Health services. This ensures that research addresses the key issues facing local populations, helps clinicians contribute to research, enables more patients to take part in studies, and provides a pathway for advances in research to feed rapidly into clinical practice.

Catalytic funding: Our ‘pump-priming’ of research enables researchers to generate preliminary data to support funding applications to major funding bodies – bringing in millions of extra pounds for research. Furthermore, our funding enables Barts Health to pilot innovative models of care delivery, paving the way for their wider adoption in the NHS. Unrivalled population health data: North East London benefits from a groundbreaking collaboration across Barts Health hospitals and local primary care, creating a shared data infrastructure going back 30 years and spanning 1.2 million people – a globally unique platform supporting research and improved patient care.

Chief Financial Officer | Barts Charity | October 2018

How we make a difference Some of the grants we awarded in 2017/18: • £6.8m for a complete remodelling of the Women’s and Neonatal unit at Whipps Cross Hospital, including the creation of dedicated research space • £5.1m funding a state-of-the-art surgical robot for each of The Royal London Hospital and St Bartholomew’s Hospital • £5m at Barts Cancer Institute to create capacity in two innovative fields of cancer research: targeting the tumour at the cellular/ molecular level, and targeting the tumour microenvironment • £2.2m for REAL Health, exemplar projects to demonstrate that better use of health data can help clinicians make real time decisions to improve care in in the fields of child health, respiratory disease and cardiovascular disease • £1.3m to establish an international academic liver unit at Barts Health/QMUL to address liver disease in East London

A funding success story Funded by a £6.8m grant in 2015 the new Rainbow Centre opened its doors in spring 2017 and is providing outstanding care to a population of some 80,000 local children. It has united and integrated children’s inpatient, day-care and outpatient services and has also significantly upgraded clinical facilities.

It includes extra beds and new clinical equipment, including a state-of-the-art stabilisation centre. There are also new areas for doctors and for team meetings, all close to patients should emergencies arise. As well as outstanding clinical spaces, it also includes indoor and outdoor play areas, a dedicated space for adolescents, a school resource room, and a parents’ room. Staff are visibly happier in the new surroundings, which will undoubtedly help the hospital both recruit and retain highly sought-after skilled nursing staff.

• £496,000 to examine genetic causes of Crohn’s disease and whether symptoms can be targeted with drugs instead of repeated surgery • £458,000 for a programme of drama performances and workshops in secondary schools to educate adolescents about the condition and promote better self-management in teenage sufferers For further information on our approach and funding of innovative and impactful projects, please see our 2018 annual report here: https://www.bartscharity.org.uk/about-us/ourpublications/annual-report/annual-report-2018/

Chief Financial Officer | Barts Charity | October 2018

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Chief Financial Officer

Systems Manager

Finance Manager

Finance Planning & Reporting Manager

Financial Controller

Income Processing Officer

Chief Executive

Director of Grants

Grants Advisor

Grants Advisor

Grants Advisor

Manager

Grants Operations

Grants Assistant

Director of Engagement &

Intern

Community Fundraising

Intern

Community Fundraising

Community Fundraiser

Community Manager

Manager

Supporter Care

Manager

Events and Fundraising

Community Fundraising

Organisation Chart Chief Operating Officer Marketing &

Communications Manager

Marketing &

Communications Officer Marketing &

Communications Intern

Finance Officer

Receptionist & Finance Assistant

Grants Intern

Director of Major Gifts

Manager

Senior Major Gifts

Major Gifts

Manager

Major Gifts

Manager

Manager

Major Gifts

Major Gifts Intern

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Background to the role Competence at leading a finance function will be a given, but we are looking for someone truly exceptional who sees the CFO role as an opportunity to help shape, drive and deliver the Charity’s strategy and mission. What will single out our preferred candidate will be their ability to: • Understand the key strategic drivers for the Charity and the role that the CFO and wider team play in delivering them, creating a finance function that acts as an enabler for internal and external stakeholders.

• Have an intuitive feel for numbers and financial data and the key messages that they contain.

• Craft and deliver solutions, rather than just be an efficient implementer.

• Form opinions and provide thoughtful and robust challenge to external advisers, SMT colleagues and where appropriate, Trustees.

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• Build strategic relationships with their senior Finance equivalents at Barts Health and SMD. Whilst optimising the endowment investments plays an important part of the role, prior experience of investment management or managing an endowment is not necessary, nor is experience of Charity accounting.

Job Description Job Purpose

Key Working Relationships

• Strategic leadership of the finance and investment functions in support of corporate goals

• Chief Executive • Chair • Chair of the Finance and Audit Committee • Chair of Investment Committee • Senior Management Team

• Daily management of functions including financial management, treasury management, accounting and management reporting, manage investments (property and financial) and manage transactional activities.

• Manage Finance Team (direct reports all qualified accountants)

Chief Financial Officer | Barts Charity | October 2018

Key advisers to the Charity: • Auditors • Bank • Financial investment adviser • Custodian • Fund managers • Property investment adviser

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Key Responsibilities Strategic: • To provide inspirational leadership and take overall responsibility for the financial management and direction of Barts Charity, including supporting the development of strategy and long-term financial forecasts as part of the Senior Management Team.

• Operate as a business partner to the CEO and the SMT by providing financial insight and analytics to support and inform decision making and drive business performance.

• Manage Barts Charity finances and related systems and processes to the highest standards, ensuring the organisation remains financially strong and with the financial capability to deliver on its strategic goals.

• Position finance function and team as key enabler of delivering on Charity’s strategy.

• Manage investment and property advisers to ensure delivery of Charity’s strategy and revenue targets and lead annual review of endowment strategy for both property and financial investment portfolios.

• Lead and evaluate investment manager selection and performance.

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• Ongoing assessment of key strategic risks and the Charity’s responses in mitigation.

• Lead the annual operating and budget process to develop a three to five year strategic plan and budget.

• Develop and monitor appropriate structure for the finance function.

Daily Management: • Responsible for internal control procedures and processes for the safeguarding of all assets.

• Responsible for the production of accurate, useful and timely management information for the management of daily activities.

• Provision of agenda papers for meetings of the Board, Finance & Audit Committee and Investment Committee.

• Supporting SMT in the provision of financial information for other Committees of the Board (eg. Grants Committee).

• Through business partnering, support the Grants, Community Engagement, Major Gifts and Corporate Services functions to ensure financial issues are addressed on a timely and proactive

Chief Financial Officer | Barts Charity | October 2018

basis, and in line with corporate strategy and the respective Director’s requirements.

• Responsible for timely delivery of transactional activities - invoice and income processing.

• Responsible for compliance to finance related statutory requirements - to include direct/ indirect taxation and year end statutory reporting.

• Responsible for managing financial year-end audit and additional assurance audits for Barts Charity.

• Responsible for payroll processing and all related staff benefit matters such as pensions, expenses, season ticket loans etc.

• Overseeing annual placement of insurance.

Chief Financial Officer | Barts Charity | October 2018

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Person Specification Essential or Desirable

Post

Chief Financial Officer

Education / Qualifications

University Degree

Skills / Abillities

An entrepreneurial or commercial attitude with a focus on raising performance to achieve ambitious objectives.

Essential

Qualified Accountant ACA or equivalent Essential

Intellectual rigour with the ability to absorb complex information and communicate this succinctly and effectively to expert and non-expert audiences.

Skilled and clear written and verbal communicator demonstrating a clear grasp of subjects and audiences.

Building positive relationships – fostering and maintaining constructive and professional relationships with colleagues and external stakeholders.

Enjoy working at a high pace.

Strong negotiator, able to build personal authority and credibility and successful relationships at all levels.

Excellent verbal and written communication skills and the ability to engage at all levels within an organisation, including ability to adjust communication style to changing situations and to respond to stakeholder concerns.

Ability to successfully interact with the Board and other key stakeholders.

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Chief Financial Officer | Barts Charity | October 2018

Essential or Desirable Experience

Operating at a senior leadership level and proactively contributing to the broader strategic direction for an organisation.

Essential

Leading teams and successful leadership in an outcome focused environment.

Line management of financial functions, including managing fast growth and scale.

Has improved control environment, identifying processes and/or systems to improve productivity and/or make the business more efficient.

Managing significant budgets with diverse income streams and expenditure.

Exposure to charity specific financial regulations, including to charity SORP and statutory accounting, budgeting, forecasting and cash management.

Desirable

Financial investment markets, either directly in finance sector or via managing an organisation’s investments.

Financial investment transactions.

Management of investment advisers.

Chief Financial Officer | Barts Charity | October 2018

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How to Apply To apply in confidence to become Chief Financial Officer of Barts Charity, please forward your CV together with a 1-2-page supporting statement outlining why you are interested in the opportunity and how your application addresses the requirements for the role and person specification.

Applications should be made via the Prospectus website at: https://prospect-us.co.uk/jobs/details/ hq00173754

Please ensure that you have included mobile, work and home telephone numbers, as well as any dates when you will not be available or might have difficulty with the indicative timetable.

Finally, please do not supply any reference details on your CV at this stage, these will be requested as required.

Timetable Published advert closing date: 11 November 2018 Preliminary interviews at Prospectus: 14-28 November 2018 Panel interviews: 6 December 2018 Second interview: 11 December 2018 These dates may be subject to change and candidates will be advised in advance should this happen.

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Chief Financial Officer | Barts Charity | October 2018

Recruitment Process If you have any questions on any aspect of the appointment process, need additional information or wish to have an informal discussion, please contact Ami Jenick and Eva Farina on 020 7691 1920 or via email at: ami.jenick@prospect-us.co.uk eva.farina@prospect-us.co.uk

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