Notes to the financial statementsb) Expenditure on charitable activitiesExpenditure on charitable activities includes grantspayable as well as other costs including support costs.Grants payable are payments made to third parties,primarily King’s College Hospital NHS FoundationTrust, in the furtherance of the Charity’s objectives.They are accounted for on an accruals basis where theconditions for their payment have been met or wherea third party has a reasonable expectation that theywill receive the grant and when the liability can bequantified with reasonable certainty.c) Support costsSupport costs, which include governance costs,relate to those functions that assist the work of theCharity but are not directly undertaking fundraisingor charitable activities. These costs have beenapportioned between the cost of raising funds andexpenditure on charitable activities based on theestimated proportion of staff time engaged in theseactivities.d) Irrecoverable VATIrrecoverable VAT is charged as a cost against theactivity for which the expenditure was incurred.1.4. Employee benefitsThe costs of short-term employee benefits arerecognised as a liability and an expense.1.5. Pensions contributionsPension costs for all staff are charged to the statementof financial activities when they become due. Allcontributions are to defined contribution schemes.1.6. TaxationThe Charity is considered to pass the tests set outin Paragraph 1 Schedule 6 of the Finance Act 2010and therefore it meets the definition of a charitablecompany for UK corporation tax purposes. Accordingly,the Charity is potentially exempt from taxation inrespect of income or capital gains received withincategories covered by Chapter 3 Part 11 of theCorporation Tax Act 2010 or Section 256 of the Taxationof Chargeable Gains Act 1992, to the extent that suchincome or gains are applied exclusively to charitablepurposes.58S U P P O R T K I N G S .O R G .U K1.7. Tangible fixed assetsCapitalisation:Assets are capitalised at cost if they individually orcollectively, if purchased in a group, cost more than£1,000. The only assets capitalised comprise furniture,fixtures & fittings, IT equipment and software.Depreciation:The IT equipment and software are depreciated overthe expected economic life of three years. Furniture,fixtures & fittings are depreciated over the expectedeconomic life of five years.As at the balance sheet date, there was no indicationthat the recoverable amount of any fixed asset wasbelow its net book value.Where fixed assets have been revalued, any excessbetween the cost and the revalued amount would beshown in a revaluation reserve.1.8. InvestmentsInvestment fixed assets are shown at market value.Valuation gains and losses are recorded in thestatement of financial activities as they arise withthe balance sheet reflecting the re-valued amounts.Realised gains and losses on investments are calculatedas the difference between sales proceeds and openingmarket value (or date of purchase if later). Unrealisedgains and losses are calculated as the differencebetween market value at the year end and openingmarket value (or date of purchase if later).Apportionment of investment management costsbetween funds (where this information is not providedby the investment manager) is done pro rata accordingto the respective market values.1.9. Cash and cash equivalentsCash and cash equivalents include cash in hand,deposits held at call with banks and other financialinstitutions, other short-term liquid investments withoriginal maturities of three months or less.
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