KCHC Annual Review 2023-24 WEB Singles - Flipbook - Page 54
Notes to the financial statements
2.4. Description and structure of funds
a) Endowment funds
During 2023/24, the Charity Commission agreed to lift
the restriction on the £100K received from the will of
Virginia Rowbotham, which was transferred to general
funds. At 31 March 2024, the value of the endowment
fund was NIL (2023: £100K).
b) Restricted funds
Restricted funds are made up of funds where the
income was restricted by the donors for specific
use. This includes income from specific fundraising
appeals. The funds with balances over £100,000 are
listed below:
• The Cancer Treatment and Research Fund is
restricted to spending on cancer treatment and
research activities;
• The Paediatric Liver Research Laboratories Fund
consists of money donated to enable King’s College
Hospital to build and equip brand new state-ofthe-art laboratories, learning facilities and research
activities conducted at the laboratories;
• The D E Hughes Special Trust Fund is restricted
to spending on a strategic grants programme
established by the Trustees to support major
developments at King’s College Hospital NHS
Foundation Trust;
• The Transforming Liver Care Fund was established to
raise funds for transforming the care of children with
acute liver disease;
• Renal legacy (Spratt); and
• Paediatric liver research (Flynn).
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c) Unrestricted funds
Unrestricted funds are made up of clinically
designated funds, a designated fund for strategic
grants, development of capital projects and general
funds.
Donations and legacies are allocated to designated
funds where the donor has given an indication
that they wish the funds to be used for a particular
purpose. There are over 230 clinical designated funds
held by the Charity for different medical specialties
and service areas within the hospital. The value of the
individual funds range from under £1K to over £800K.
At 31 March 2024, £4.87M (2023: £3.5M) was held in
a designated fund for strategic purpose. The value
is equivalent to the projected level planned to be
invested in strategic projects over the three-year
period of the Charity’s strategy.
In addition, a fund of £0.97M (2023: £1M) has been set
aside for pump priming major capital projects.
During the year, the Charity transferred £1.5M (2023:
£3.4M) to (2023: from) designated funds from (2023:
to) unrestricted general funds to support the Fund for
strategic purpose.
