The redevelopment of Great Ormond Street Hospital is the greatest logistical and financial challenge of our history.
Over the last 150 years, the hospital and its research partner, the Institute of Child Health, have undergone frequent but partial modernisation.
Until now, this has been enough to ensure that working environments remained conducive to the delivery of optimal care and fast-paced research progress.
It is now clear, however, that much of our site needs to be redeveloped. Phase 1 of the redevelopment is now complete.
Phase 2 of the redevelopment is taking place over an eight-year period and it is expected to cost £321 million to complete.
We have planned for years towards this. The children's charity has raised £201 million over a number of years and we will spend all of this on the redevelopment.
In addition, the NHS announced a fantastic contribution of £75 million in July 2004, to help the project succeed.
However, this still leaves us a fundraising challenge of securing the remaining £45 million by 2016, to give us the hospital our patients deserve.
A number of very generous individuals, grant-making trusts and corporate partners have already pledged their support.
Some wish to remain anonymous, while others allow us to recognise their generosity in many ways including the naming of buildings, wards, rooms or equipment.
All can be certain that their contribution will make a concrete difference to the health of children today and that of future generations.
This is the biggest logistical and financial challenge that the hospital has ever faced and we really need the support of anyone who is able to help.