KCHC-AR-2023 Final Signed - Flipbook - Page 46
2022/23 Financial Review
C) Restricted Funds
At 31 March 2023, the value of restricted funds was
£3.7m (2022: £3.5m) – the name and value of each fund
above £100,000 is provided in Note 2.1. For these funds,
we will comply with the specific requirements of donors
and spend their donations on the restricted purpose
specified. Donations are held in restricted reserves
until suitable spending plans have been identified and
approved.
D) Endowment Funds
At 31 March 2023, we have recorded a receipt of £100k
received from the will of Virginia Rowbotham to be
treated as a permanent endowment fund. Details of
which are provided in Note 2.3a.
Governance
Constitution and governance
processes
The Charity is registered with the Charity Commission
(charity number 1165593) and has been established in
the form of a company limited by guarantee (company
number 09987908). Its governance arrangements are
set out in its memorandum and articles of association.
The Trustees are therefore both charity trustees as
a matter of charity law and company directors as a
matter of company law.
The Charity came into being on 1 April 2016 when
it received a transfer of the assets and funds of a
previous charity with the same name regulated by the
Department of Health. The mission remains the same
as that of its predecessor: to work for the benefit of
patients and service users of King's across all its sites,
and for the Trustees and staff to continue to work
closely with the Board, managers and clinical staff
across King's to develop and deliver our plans.
A legally binding deed between King's and the Charity
recognises the Charity’s independence and confirms
that all charitable donations received by King's will
be transferred to the Charity. A memorandum of
understanding between the two organisations sets
out the partnership principles that underpin our
collaboration in the interests of NHS patients and
service users.
The Trustees’ activities are principally governed by the
Charities Act 2011 and the Companies Act 2006, some
provisions of both Acts being replaced by the Charities
Act 2022.
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S U P P O R T K I N G S .O R G .U K
The Trustees confirm that they have taken into account
the Charity Commission’s guidance on ‘public benefit’
(including the guidance “Public benefit: running a
charity (PB2)”) in reviewing the Charity’s strategic
objectives, setting their grant-giving policies for
2022/23, and planning their future activities. The
Trustees are committed to ensuring that NHS patients
are the ultimate beneficiaries from their grant giving.
King’s College Hospital Charity (KCHC) owns 100%
of the issued ordinary share capital of KCHC Trading
Limited, a company incorporated in England and Wales
(company registration no. 11881179). The company was
incorporated on 13 March 2019. The principal activity
of the subsidiary is to manage the trading activities of
King’s College Hospital Charity. The subsidiary has been
dormant since incorporation and throughout 2022/23.
The Trustees
During the year the number of Trustees on the Board
was either ten or twelve, twelve being the maximum
number provided for in the Articles. Trustees may serve
up to two terms of three years, with possibility of three
by exception. The Charity has three officer roles: Chair,
Vice-Chair and Treasurer, all appointed by the Board.
Under the terms of the Charity's memorandum and
articles of association, two Trustees may be nominated
by King’s College Hospital NHS Foundation Trust.
On 22 March 2023 the Trustees approved Adrian
William’s appointment as Trustee with immediate effect
and Chair of the Board with effect from 1st June 2023.
