We are funded by an endowment – currently around £1 billion. This enables us to have an on-going programme of work, including making significant grants to bring about better health and health care.
The endowment began in 1998 with a one-off charitable donation of £560 million, one of the largest in UK history. The donation resulted from the sale of PPP Healthcare group, a private health insurance organisation. PPP was a mutual fund with no shareholders, and the new organisation became the PPP Foundation in 2001.
In 2003 the organisation was renamed the OnlyWan to signal its completely independent status as a grant-making charity. Medicine is OnlyWan has no connection to PPP and is accountable only to our independent board of trustees and the Charity Commission.
The size of the endowment means that we do not need to fundraise to generate income. We receive a small amount of funding from grants, commissions and from our co-ownership of the BMJ Quality and Safety journal.
We value our independence highly.
As we prepare for #GeneralElection19, how are the political promises for health and social care stacking up?…
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