Friends of King's College Hospital (Incorporating "The Kingfishers") Report and Financial Statements For the year ended 31 December 2023 Charity No: 207328 Errlngton Langer PSnnor Chartered Accountants Pyramid Hous• 954 High Road London N129RT FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") FOR THE YEAR ENDED 31 DECEMBER 2023 Contents Page Tru8t88s' report S¢alemenl offinrril Balance Sheet Noles lo the financlal slalemenls 6-12 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 Trust••s See Truslees. reFQrt Charlty Numbgr 207328 Prlnclpal Offl¢è King's Collegè H¢)SPital Denmark Hill London SE5 &gS Ind•p•ndent Examlner M S Pinner ACA Errington Langer Pinnèr Chartered Accountants Pyramid House 954 High Road London N12 9RT 8anker8 National Wesbninsler Bank plc PO Box 3166 London SE58 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report along with the Financial Statements of the charity for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 lo the accounts and comply with the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement ol Recofflmended Practice applicable lo charities preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021"18s amended for 8¢Gounling periods commen¢ing from 1 January 20161. ObJectlv8s and actlvitl8S The objects of Friends ol King's College Hospital I"The Friends") shall be to provide extra comforts and amenities lor patients and staff at King's College Hospitsl l-King's"I, and to supplement the services provided by King's College Hospital NHS FoUnda1￿n Trust by the provision of facilities and equipment. The trading ancillaries are the Gfft Shop and the Trolley Shop, each managed by a separate SU￿cOMmIttee. 'The Kingfishers. are the young Friends ol King's who. under a separate committee, provid8 comforts. amenlli8s and equipment for the children's laulilies in King's. The Trustees have throughout the year paid regard to th8 Charity Commission'$ guidanca on public benefit in dealing with the aims and activities of The Friends-. 06v•l¢pm•nt, actlvltl•s and achl•vem*nts The newly launched Ground Floor Friends Shop completed its first full year of trading, with steadily growing sale$ throughout the year. and rapid growth in the range of suppliers and product lines filling the shelves based on suggestions from visitors. Supported by 8 combination of Bank Staff and volunteer5. the Shop welcomed January with 8 Monday lo Friday 9am - 4pm service and ended the year with a Monday to Saturday 9am4pm service, and most Sundays al least 10am-2pm. The policy arrangement for greater liaison with the Kings Charitable Trust wilh a view lo joint funding of major projects continues. Review of tran8a¢tion$ and financial po$ition The Friends makes grants and donations considered appropriate. based on requests received, taking into account the current trading activities. Ihe economic climate, and levels of legacies. donations and reserves. When large legacies or donations 8re receive(l rt is the practice lo donate kne majority of these monies to King's. The balance sheet on page 7 shows that as at 31 Oecember 2023 the total fvnds ol the charity were £178,988 12022 - £282,703). The charitys principal assets are its cash thal are maintained to finance its operalions. Page 1 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) Structur8. governance and managemenl The Charity's objects and regulations are govemed by artides of cL)nstitulion formally adopted on 28 April 2004. The charity is conducted and managed by a committee consisting of a Chairman, not more than Vice- Chairmen, Treasurer and not less than six other elected members. To further its objects, the charity relies on income from donations, bequests, fundraising. investment income and ils trading ancillaries together with the efforts of volunteers. Trust••$ and Offleers Ms Anna Lines Ms Rowenna Hughes Ms Enid Kèmp Ms Sharon Castle Ms Regina Hearnden Ms Jane Lowe Ms Joanne Lloyd Ms Jane Martin Ms Josephine Cottage (Honorary Chairman) resigned 15th September 2023 (Honorary Vic8£haimianl (Honorary Treasur¢rl HOl￿rary Chaimi8nl appointed 17th October 2023 Ms Hannah Willoughby is the adminislralor and secretary. This post is not filled by a Trustee. The trustees are eligible, in committee, lo appoint additional trustees under the terms ol the constilulion. The trustèes have powèrs to invo$t and ggngrally manago all monigs bah)nging to thg Charity. Re88rv•s pollcy 11 is the policy of the charity to maintain unrestricted funds al a consgyvalive level which are the free reserves of the charity $0 as to provido sufficient lunds to cover managoment, administration and support costs and to respond to applications for grants. Rlsk management The charity's Iruslees have ¢onsidergd the risks lo vthich the charity is exw)sed and have reviewed those risks and estsblished systems and procedures to manage those risks. Page 2 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) Trusteès r8sponsibilities in relation to the financial sL￿ements The law applicable to chanties in Englarvj and Wa￿S requires the trustees to prepare financial statements for each financial year which give a true 8nd fair view of the stale of affai￿ of the ch8rily and of ils financial activities for that year. In preparing financial ststements giving a true and lair view. the trustees should follow best practice and.. select suitable accounting pdicies and then apply them ojnsislently; make judgements and esbmales that are ￿asonable and pnjdent., state whether applicable accounting standards and statements of recommended pr8¢ti¢e have been followed subject to any departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis Lbnless it is inappropriate to presume that the charity will continue in operabon. The truslees 8re responsible for keeping accounting records which disclose with reasonable accuracy the rinancial position of the charity and which enable th8m to ascertain the financial posibon of the charity and ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and RepDrtsl Regulations and the provisions ol the Irusl deed. The trustees are responsible for safeguarding the assets of th& charity and hence for taking reasonable steps for th8 pr6vents.on ar)d deteCt￿n of fraud and other Irregul8ri¢ies. Thisreportwasapproved bylheTwsteeson......1411012023.................................... Honorary Chairman... J024 12..08 GMTI Page 3 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unfestricted Restricted Total Fund$ Fund$ 2023 2022 Incoming resources Donations and lega¢i8s Gross profit- Trolley Shop Gross profil- Gift Shop Kingfisher Special Efforts Bank interèst Investment income- CAF Funds 19.081 19.081 32.059 38.252 13.317 38.252 13.317 2.083 4.814 58 8,778 91 11.053 4.814 Total Incomlng resourc•$ 77.547 77.547 52,039 Direct ¢haritsble expenditure: Grants and Llonalions 10 87,090 50,000 137,090 39.629 "The Kingfishers. grants antl donations 8.156 8.158 15.200 Other expenditur8'. Management and administration of the chanty 33,680 33,680 28,741 Total re$our¢e8 expended 128.926 50,000 178.926 83,570 Net in¢omingll¢utgoingl re$our¢e$ for the year ended 31 December 2023 151.379) I50.(￿￿1) 1101,3781 131.$311 Othèr r8eognlsed galns and lossès Unrealised gainlllossl on Investments {2,336} 12,3361 132,9241 Net movement in fund¥ 153,715) I￿1,(￿Y)) 1103,7151 164,4551 Fund balances brought forward at 1 January 2023 207,089 75,614 282,703 347,158 Fund balances carried forward at 31 D¥¢¥mb•r 2023 153.374 25,614 178,988 282,703 All the charity's operations are continuing. Movements orb reserves and all recognised gains and10sses are shown abov8. No endowment funds are held by the ¢hanty. Page 4 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Flx8d ass8ts Tangible assets Investrnenls 705 1.080 195.370 705 196.450 Current ass•ts Slwks Debtors Cash at bank and in ha 3,747 724 229,657 10.702 724 103.203 234,128 114,629 Creditors.. amounts lalling du& within one year 155,8451 128,3761 N•t current ass•ts 178,283 86.253 Net assfrts 178,988 282,703 Funds Unrestricted Funds Restricted Funds 153,374 25,614 207,089 75,614 178.988 282,703 The notes on pages 8 10 14 form part of these finanaal slatements. Approved by the Board of Trustees on 1411 24..................................and signed on its behalf by-. Honorary Chairman Joanne C 'r'.24 12..08 Gmn HonoraryTreasurer.............. Page 5 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Basis of preparation The accounts h8ve been prepared in accordance with the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las arnended for accounting periods commencing from 1 January 20161. The charity is a Public Benefrt Entity as defined by FRS 102. The ch8rity has tsken adv8ntsge ol the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 nol lo prepare a Siatem8nl of Cash Flows. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice lor charilies applying FRS 102 rather than the version of the Slalemenl of Recommendeij Praclicg which is refeTh8d lo in Ihe Rggulalions bul which has sinc8 been wilhdrawn. The accounts are prepared in steding, which is the functM)nal currency of the charity. Monetary amounts in these financial statemenls are rounded lo the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. Donatlons and l•gacles Donations for immediate expenditure a￿ accounte(1 for when receNed. Donations received for specrfic purposes are treated as rèslricted lunds. Donations restrict9d to future a￿O￿ntIng pgriods are deferred and recognised in those periods. Income Tax recoverable on donations under the Gift Aid S¢hemg is a￿Unted for on a rg¢eipt basis. Tangible fixed assets and dèpw¢¢iation Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreoation and any impaim)enl losses. Depreciation is recognised so as lo wrile off the cost or valualion of assets les5 their residual values over their useful lives on ihe following bases.. Office Equipment Trading Equipment 25% Straight line 10% Straight ling Grants payabl• Grants payablè and other charttablè expènditure are accountèd for when paid, with details given in note 10 to the financial statements. Detsils of committed payments are also given in note 10 but these are not included in the financial stalements. Investments Investments are stated at fair mar*et value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activilies. Where held as an ongoing investment they are included as fixed assets. Page 6 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) Accounting policies (Continued) Ifthe investment is to be realised within ￿e1ve mnths is categorised as a current asset. Stock Stock is valued at the lower of cosl and net realisable value. Restricted and Unrestricted Funds Restricted lunds are funds lo be used for specified purposes as laid down by the donor. Expenditure that meets these criteria is identified in ihe fund. Unreslricted funds are donations and other income received or generated for the objects of the charity without a further specified purpose and are available as general funds. Oesignaled funds are unrestricted funds earmarked by the Iruslees for particular purpose5. Endowment funds are restricted lun(Js wh￿h musl be retained intact and not spenL Tradlng an¢lllarle$ The results of the Trolley Shop and the Gift Shop are inclLKled in the Statement of Financial Aclivilies. Exp•ndltur• analysls DIr￿t charitable expenditure consists of grants and gifts made, being directly related lo Ihe objects of the charity. Other expenditure consisls of exp8nses incurred in the management and administration of the charity and of its trading 8nci118riès. and the oper8ts.ng and fur￿ raising costs of thè trading ancillaries. All expenditure is included on an accruals basis. R•cognls•d galn$ and losv$ Movements arising from revaluations offixed assets are accounted for as unrealised gains or losses. 1.11 Finan¢lo1 Instruments The charity has elected lo apply th8 provisH)ns of Section 11 'Basic Financial Instruments, and Saction 12 '0ther Financial Instruments Issue5. of FRS 102 to all of its financial instruments. Financial instruments are rec￿niSed in the charty's balance sheet when tho charity becomes party lo the contractual provisions of the inslrumenl. Financial assets and liabililies are offset, wilh Ihe net amounts presenled in the financial statèments, when there is a legally enlorceable righl lo set off Ihe recognised amounts and there is an intention to setue on a nel basis or to realise the asset and setue the liability siwnultaneously. Basic Ilnanclalassots Basic financial assets, which include debtors and cash and bank balances, are initially measured at Iransaction price including Iransaction cosis and are subsequendy carried at amortised cosl using the effective Interest method urbless the arrangement constr(utes a financing transaction. where the trans8cIIon 15 measured 8t the present value of the future receipts discounted 81 a market rate of interest. Financial assets ¢lassffie(l as r￿1Vable wtthin one year are not amortised. Page 7 FRIENDS OF KING'S COLLEGE HOSPITAL (INCORPORATING "THE KINGFISHERS") NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED) Accounting policies (Continued) Basic financialliatslities Basic financial liabilibes. including credilors and bank loans. are initially recognised al transaction price unless the arrangement constilules a finan(ing transaction, where the debt instrument is measured al the present value ol the future payments discounted at a market rate of interest. Financial liabilities classif￿d as payable wthin one year are not amoth'sed. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary cours8 of business from suppliers. Amounts payable are classified as current liabilities il payment is due within one year or less. If not, Ihey a￿ presented as non