Letters Patent in 1702/3 created an independent Board of five members for the hospital. Originally all the Commissioners were appointed by name, but now eight hold their appointments by virtue of their office (three Government ministers, the Governor and Lieutenant Governor and three serving officers or officials from the Ministry of Defence). There are also up to ten “Specially Appointed” Commissioners, who are distinguished individuals selected because of their experience and expertise in areas relevant to the Royal Hospital’s work, These members serve for up to six years. The Board of Commissioners meets quarterly in the Council Chamber.

The early funding of the Royal Hospital was made from deductions from army pay, with occasional funding from other sources (such as the sale of commissions). This continued to be the Royal Hospital’s main source of revenue until 1847. Since then the Hospital has been supported by Government ‘Grant-in-Aid’. This is supplemented by a small income derived from legacies, donations and the Army Prize Fund. The last element comes from shares of money allocated as the prize money for battles and campaigns in the 19th Century. Those that were unclaimed went to the Royal Hospital.

In 1688, The Earl of Ranelagh persuaded Wren to build him a house to the east of the South Terrace. He then leased 23 acres of Royal Hospital land for a period of 99 years at a rental of £5, as recompense for lands lost in his native Ireland. The land thus acquired included the whole of the east side of the current Royal Hospital plus the site now occupied by Chelsea Barracks. After his fall from power and death in poverty in 1712 his daughter Lady Catherine Jones, continued to live in Ranelagh House with the help of influential friends. At her death in 1730 all the land was sold off, in ten lots, in 1733.

In 1739 a speculative builder bought Ranelagh House and its grounds and in 1741, in partnership with the owner of the Drury Lane Theatre, built the Rotunda and associated pleasure grounds (against much objection from the Royal Hospital) Opening in 1742 the wooden Rotunda, designed by William Jones. With an external diameter of 185 feet (56 metres - slightly smaller than the Albert Hall), it was regarded as an engineering masterpiece. The Rotunda was the venue of much public entertainment, including breakfasts, concerts, masquerades and fireworks. The gardens were described as having winding paths, ornamental canals, water features and groves. It eventually went out of favour and both the Rotunda and Ranelagh House were demolished in 1805.

When Robert Walpole became Paymaster General in 1714 he appropriated (in the style of the Earl of Ranelagh) 4½ acres of Royal Hospital land (from the entrance gate to the River Thames) and enlarged the rear part of Wren’s stable block to provide himself with a house. Walpole, who is generally acknowledged as the first Prime Minister from 1721 to 42 maintained the property until his death in 1745.