Notes to the financial statementsNotes to thefinancial statements1. Accounting policies1.1. Basis of preparationa) GeneralThese financial statements have been prepared,under the historical cost convention, as modified bythe revaluation of investments being measured at fairvalue within the statement of financial activities.The financial statements have been prepared inaccordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102).The Charity is a public benefit group for the purposesof FRS 102 and therefore the Charity also prepared itsfinancial statements in accordance with the ‘Statementof Recommended Practice’ applicable to charities (theFRS 102 Charities SORP) and the Companies Act 2006and Charities Act 2022.The results of the Charity’s subsidiary, KCHC TradingLimited, have not been consolidated as the entity is notmaterial to the group, as permitted under Section 402of the Companies Act 2006 and it was dormant duringthe year.The financial statements are prepared in sterling andmonetary amounts are rounded to the nearest pound.b) Going concern basisThe Trustees have assessed whether the use ofthe going concern basis is appropriate and haveconsidered possible events or conditions that mightcast significant doubt on the ability of the Charity tocontinue as a going concern, including recent changesin economic factors affecting the UK and the charitysector. The Trustees have made this assessment for aperiod of at least one year from the date of approvalof the financial statements. In particular, the Trusteeshave considered the Charity’s budgets, forecasts andlong-range projections and have taken account of thepotential pressures on income. After making enquiries,the Trustees have concluded that there is a reasonableexpectation that the Charity has adequate resources tocontinue in operational existence for the foreseeable48S U P P O R T K I N G S .O R G .U Kfuture. Although the Charity has net current liabilitiesof £6,447K at the balance sheet date due to the grantcommitments it has made, the timing of the paymentof those grants is determined by a variety of factorsthat enable the Charity to manage its cash flow andto draw down from the investment portfolio if andwhen necessary. The Charity therefore continues toadopt the going concern basis in preparing its financialstatements.The principal accounting policies adopted in thepreparation of the financial statements are set outbelow.1.2. Incomea) RecognitionAll income, including legacies, is included in full inthe statement of financial activities as soon as thefollowing three factors can be met:I.Entitlement: Arises when a particular resource isreceivable or control over the rights or other accessto economic benefit has passed to the Charity;II. Probable: It is more likely than not that theeconomic benefits associated with the transactionor gift will flow to the Charity; andIII. Measurement: When the monetary value of theincome can be measured reliably and the costsincurred for the transaction and the costs tocomplete the transaction can be measured reliably.b) Donated services and facilitiesIn 2023/24, gifts in kind reflect the value of officefacilities received free of charge from King’s CollegeHospital Foundation Trust.1.3 ExpenditureThe financial statements are prepared in accordancewith the accruals concept. All expenditure is recognisedonce there is a legal or constructive obligation to makea payment to a third party.
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