The UK’s largest healthcare charity has reported a deficit of £64m and paid over £300,000 more to its former chief executive in his final full year.
Nuffield Health’s total income increased to £1.36bn in the 2023 calendar year, with a rise in demand for its private hospitals driving its revenue increase.
This was up from £1.24bn in 2022, which marked the first time that the charity’s income had exceeded £1bn.
According to the charity’s recently filed accounts, income from its hospital services increased by more than £100m on the year to £967m, while income from its wellbeing services increased by around £20m to £365m.
However, the charity’s costs also grew by around 9% to £1.4bn, which left Nuffield Health with a £64m deficit, which is a 2% increase on last year’s deficit of £62.6m.
Bonus for former CEO
Former CEO Steve Gray, who retired this year after nine years at the helm of the charity, received a pay increase of over £300,000 in 2023, after taking a reduction in 2022.
Gray’s emoluments increased from between £620,000 and £630,000 to between £970,000 and £980,000.
A spokesperson for Nuffield Health clarified that Gray’s pay increased as a result of a bonus payment that he received after the charity met its pre-defined targets for the year ending 2023.
Rising staff costs
The charity’s staff costs increased by £70m to £534m in 2023, with its number of full-time employees increasing by 1,050 to 18,215.
In the accounts’ opening statement, Gray said: “In light of the ongoing cost-of-living crisis, I was proud that we were again able to award pay increases to all of our people, and continued with our principle of prioritizing increases for those who need it most.”
Gray also added that the charity had made further progress in closing its gender pay gap, which was down to 2.2%.
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