Queenscourt Hospice (Registered company number 2102320)Notes to the Financial StatementsFor the year ended 31 March 20241Accounting policiesBasis of preparing the financial statementsThe financial statements of the group and parent charitable company, which is a public benefitentity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)'Accounting and Reporting by Charities: Statement of Recommended Practice applicable tocharities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019)', FinancialReporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republicof Ireland' and the Companies Act 2006. The financial statements have been prepared underthe historical cost convention with the exception of investments which are included at marketvalue. The financial statements are presented in sterling which is the functional currency of thecharity.The statement of financial activities (SOFA) and balance sheet consolidate the financialstatements of the Charity and its subsidiary undertakings. The results of the subsidiaryundertakings are consolidated on a line by line basis.The Charity is a company limited by guarantee. The members of the company include thetrustees named in the report of the trustees. In the event of the Charity being wound up, theliability in respect of the guarantee is limited to £1 per member of the Charity.IncomeAll income is recognised in the Statement of Financial Activities once the charity has entitlementto the funds, it is probable that the income will be received and the amount can be measuredreliably. Legacies and grants are recognised in the Statement of Financial Activities when theybecome receivable and it is reasonably certain that they will be received and can be measuredwith sufficient reliability.Income tax is recoverable monthly on completion of thedocumentation. Income is deferred only when the Charity has to fulfil conditions beforebecoming entitled to it. Gifts in kind are included at valuation, with the exception of food wherethe total involved is not material. Goods donated for resale are included as income when sold.No amounts are included in the financial statements for services donated by volunteers.ExpenditureLiabilities are recognised as expenditure as soon as there is a legal or constructive obligationcommitting the charity to that expenditure, it is probable that a transfer of economic benefits willbe required in settlement and the amount of the obligation can be measured reliably.Expenditure is accounted for on an accruals basis and has been classified under headings thataggregate all cost related to the category. Where costs cannot be directly attributed to particularheadings they have been allocated to activities on a basis consistent with the use of resources.The expenses of operating the Charity shops including depreciation of fixed assets employedin the shops relate entirely to fundraising. Also included in fundraising are separatelyidentifiable expenses incurred at the main hospice building and in local support groups inconnection with specific fundraising activities.Tangible fixed assetsAll assets costing more than £5,000 are capitalised. Assets costing less than this are written offwithin 12 months.Depreciation is provided at the following annual rates in order to write off each asset over itsestimated useful life.P a g e | 24
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