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THE FRIENDS OF GUY'S HOSPITAL
Charity Registration No: 264150
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
CONTENTS
Legal and Administrative Information
Executive Committees’ Report
Independent Auditors’ Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts
WILKINS KENNEDY CHARTERED ACCOUNTANTS BRIDGE HOUSE LONDON BRIDGE LONDON SE1 9QR
THE FRIENDS OF GUY'S HOSPITAL
LEGAL AND ADMINISTRATIVE INFORMATION
Executive committee
President: Lord Harris of Peckham
Vice Presidents: Mrs. B.H. Cooper MBE K. Glendinning MBE Lady Harris Hon Mrs. J. McBeath Lady Robens Mr. W. White
Chairman: O.H. Shaheen MS FRCS
Vice Chairman: M. Watson
Treasurer: K.M. Jeremiah (appointed January 2003)
Other Members: Dr. A. Campbell Her Honour Judge S. Coates Mrs. D. Hay Professor R. Hay P. Hiscock Dr. G. Mack Mrs. M. Roberts (resigned August 2003) A.J. Roles Professor J. Rowe C. Saunders Dr. G.W. Scott MD FRCP (resigned April 2003) J.R. Simpson Dr. T. Mant (appointed July 2003) Mrs. A. Franklin co-opted member
Principal office
Level 2, Thomas Guy House, Guy’s Hospital, St. Thomas’ Street, London, SE1 9RT.
Auditors
Wilkins Kennedy, Bridge House, London Bridge, London SE1 9QR.
Bankers
National Westminster Bank Plc, London Bridge Branch, 10 Southwark Street, London, SE1 1TT.
THE FRIENDS OF GUY'S HOSPITAL
executive COMMITTEES’ REPORT
The Executive Committee are pleased to present their report together with the financial statements of the charity for the year ended 30th September 2003.
Legal and administrative information set out on page 1 forms part of this report. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity’s Articles of Constitution, current statutory requirements and the Statement of Recommended Practice -Accounting and Report by Charities.
Constitution
The Friends of Guys Hospital is a registered Charity number 264150. The Charity was formed by an amalgamation of The Guild of Ex-Patient and Friends of Guy’s Hospital, and Guy’s Hospital Ladies Association, and traces its origin back to 1895. The Charity’s governing documents are its Articles of Constitution.
Objects and activities
The Charity provides amenities for patients and staff. Medical research is also supported and substantial grants are made for works of improvement which benefit patients, staff and visiting relatives. The Charity is able, from time to time, to purchase medical and surgical equipment which Guy's Hospital is not able to buy from its own budget. The Charity's wholly owned subsidiary, The Friends of Guy's Trading Company Limited, operates a shop in the grounds of Guy's Hospital selling flowers, gifts and sundry items in order to raise funds for the Charity.
Organisation The Executive Committee who served during the year are set out in the Charity’s Legal and Administrative Information. Members of the committee are appointed by Executive Committee. At each annual general meeting one third of committee members retire from office and may be reappointed.
Review of activities
The financial statements for the year ended 30th September 2003 show net incoming resources of £102,600 (2002 outgoing resources £141,219).
Subscriptions and donations amounted to £51,914 (2002 - £99,410). £15,000 (2002 £15,000) was donated from The Friends of Guy’s Trading Company Limited, the Charity’s subsidiary, which runs the flower shop in the grounds of Guy’s Hospital.
Legacies receivable for the year were £80,418 (2002 - £17,250) and investment and deposit account interest £21,190 (2002 - £19,831).
Reserves policy
The Executive Committee have examined the requirement to maintain unrestricted funds which are the free reserves of the charity. The Executive Committee consider that, given the nature of our work, this should be at least £400,000, which gives flexibility to make grants while ensuring adequate working capital exists for our support, management and administration costs. Unrestricted funds were £509,054 at the year end.
THE FRIENDS OF GUY'S HOSPITAL
executive COMMITTEES’ REPORT
(continued) Investment powers
Under the Articles of Constitution, the Charity has the power to make any investment which the Executive Committee sees fit.
Risk management
The Executive Committee actively review the major risks to which the Charity is exposed on a regular basis and confirm that systems have been established to mitigate those risks.
Responsibilities of members of the Executive Committee
The Articles of Constitution requires the members of the Executive Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements the members of the Executive Committee are required to:
The members of the Executive Committee are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
Since the last Annual General Meeting, the charity’s auditors, W.H. Payne & Co. have merged with Wilkins Kennedy.
A resolution will be proposed at the Annual General Meeting that Wilkins Kennedy be appointed as auditors to the charity for the ensuing year.
Approved by the Executive Committee and signed on their behalf by:
O.H. Shaheen MS, FRCS Chairman Guy's Hospital, St. Thomas Street, London, SE1 9RT.
THE FRIENDS OF GUY'S HOSPITAL
INDEPENDENT AUDITORS’ REPORT
TO THE EXECUTIVE COMMITTEE OF
THE FRIENDS OF GUY'S HOSPITAL
We have audited the financial statements of The Friends of Guy’s Hospital for the year ended 30th September 2003 which comprise the Statement of Financial Activities, the Balance Sheet and the Related Notes numbered 1 to 17. These financial statements have been prepared under the historical cost convention as modified by the revaluation of investments and the accounting policies set out therein.
This report is made solely to the company’s members as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of members of the Committee and auditors
The members of the Executive Committees’ responsibilities for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards are set out in the statement of Executive Committees’ responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Charities Act 1993. We also report to you if, in our opinion, the Executive Committees’ report is not consistent with the financial statements, if the Charity has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Executive Committees’ remuneration and transactions with the Charity is not disclosed.
We read the Executive Committees’ Report and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the members of the Committee in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Charity's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
THE FRIENDS OF GUY'S HOSPITAL
INDEPENDENT AUDITORS’ REPORT
TO THE EXECUTIVE COMMITTEE OF
THE FRIENDS OF GUY'S HOSPITAL
(continued)
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Charity as at 30th September 2003 and of the incoming resources and application of resources, in the year then ended and have been properly prepared in accordance with the Charities Act 1993.
Wilkins Kennedy Chartered Accountants and Registered Auditors Bridge House London Bridge London, SE1 9QR
THE FRIENDS OF GUY'S HOSPITAL
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
Restricted Unrestricted Total Total funds funds funds funds Note 2003 2003 2003 2002
Incoming resources Subscriptions and donations - 51,914 51,914 99,410 Legacies - 80,418 80,418 17,250 Grants receivable (2) 16,900 - 16,900 - Activities for generating funds: - Hire of galleria - 17,758 17,758 17,330 - Other income (3) - 9,002 9,002 500 - Fete/raffle income - 3,080 3,080 3,038 - Christmas and other stalls income - 1,973 1,973 2,509 Investment income and interest (4) - 21,190 21,190 19,831 ______ ______ ______ ______
Total incoming resources 16,900 185,335 202,235 159,868
Less: Costs of generating funds: - Fete/raffle/stall expenses - (1,035) (1,035) (1,602) - Depreciation of plant and machinery - (3,380) (3,380) - ______ ______ ______ ______ Net incoming resources available for charitable application 16,900 180,920 197,820 158,266 ______ ______ ______ ______ Charitable expenditure - Grants and donations payable (5) - 48,755 48,755 263,479 - Support costs (6) - 31,803 31,803 28,837 - Managing and administering the charity (7) - 12,327 12,327 10,584 ______ ______ ______ ______
Total charitable expenditure - 92,885 92,885 302,900 ______ ______ ______ ______
______ ______ ______ ______ Net incoming/(outgoing) resources before revaluations 16,900 88,035 104,935 (144,634)
Other recognised gains and losses - Unrealised gain/(loss) on investment - (2,391) (2,391) 3,415 - Realised gain on sale of investment - 56 56 - ______ ______ ______ ______ Net incoming/(outgoing) resources before transfers c/fwd. 16,900 85,700 102,600 (141,219)
THE FRIENDS OF GUY'S HOSPITAL
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
Restricted Unrestricted Total Total funds funds funds funds Note 2003 2003 2003 2002
Net incoming/(outgoing) resources before transfers b/fwd. 16,900 85,700 102,600 (141,219)
Gross transfers between funds (3,380) 3,380 - - ______ ______ ______ ______
Net movement in funds (9) 13,520 89,080 102,600 (141,219)
Total funds brought forward - 419,974 419,974 561,193 ______ _______ _______ ______
Total funds carried forward £13,520 £509,054 £522,574 £419,974 ______ _______ _______ ______
The Statement of Financial Activities includes all gains and losses recognised in the year.
None of the charity’s activities were acquired or discontinued during the above two financial years.
The notes on pages 7 to 15 form part of these financial statements.
THE FRIENDS OF GUY'S HOSPITAL
BALANCE SHEET
AS AT 30TH SEPTEMBER 2003
Note 2003 2002
Fixed assets Tangible assets (10) 14,655 1,346 Investment in subsidiary (11) 2 2 _____ ____
14,657 1,348 _____ ____ Current assets Investments (12) 121,186 163,521 Debtors (13) 29,742 17,017 Cash on deposit 402,718 463,759 Cash at bank and in hand 10,667 54,370 ______ ______
564,313 698,667
Creditors: amounts falling due within one year (14) (56,396) (280,041) ______ ______
Net current assets 507,917 418,626 ______ ______
Net assets £522,574 £419,974 ______ ______ Funds Unrestricted surplus (15) 509,054 419,974 Restricted surplus (15) 13,520 - ______ ______
£522,574 £419,974 ______ ______
Approved by the committee on and signed on their behalf by:
........................................
O.H. Shaheen MS, FRCS - Chairman
.......................................
K.M. Jeremiah - Treasurer
The notes on pages 7 to 15 form part of these financial statements.
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
1. Accounting policies
The principal accounting policies, which have been consistently applied, are:-
(a) Basis of accounting
The financial statements are prepared under the historical cost convention modified to include the revaluation of investments, in accordance with applicable accounting standards and the Statement of Recommended Practice “Accounting by Charities”.
(b) Basis of consolidation
The Charity has taken advantage of the exemption provided by the Statement of Recommended Practice “Accounting by Charities” not to prepare group financial statements. The financial statements present information about the Charity as an individual undertaking and not about its group.
(c) Incoming resources
Income from donations and grants, including capital grants, is included in incoming resources when these are receivable, except as follows:-
· when donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. · when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met.
When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlements, this income is included in incoming resources of restricted funds when receivable.
(d) Resources expended
Resources expensed are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
(e) Tangible fixed assets
Fixed assets are stated at original historical cost less aggregate depreciation.
Depreciation is provided at rates calculated to write off the cost of each asset on a straight line basis over its estimated useful life as follows:-
Office equipment - 20% per annum Plant and machinery - 20% per annum
(f) Investments
Investments are shown at market value. Unrealised gains and losses are recorded in the statement of financial activities as they arise.
(g) Fund accounting
Funds held by the charity are either:
Unrestricted funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Executive Committee.
Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
(h) Cash flow statement
The Charity has taken advantage of the exemption in Financial Reporting Standard 1 from producing a cash flow statement on the grounds that it is a small Charity.
2. Grants receivable Restricted Unrestricted funds funds Total funds Total funds 2003 2003 2003 2002
Guy’s and St. Thomas’ Charitable Foundation £16,900 £- £16,900 £- ______ ____ ______ ___
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
3. Other income Restricted Unrestricted funds funds Total funds Total funds 2003 2003 2003 2002
Income from automation - 3,913 3,913 - Concert and CD income - 4,127 4,127 - Sale of cook books - 462 462 - Advertising income - 500 500 500 ____ _____ _____ ____
£- £9,002 £9,002 £500 ____ _____ _____ ____
4. Investment income Restricted Unrestricted funds funds Total funds Total funds 2003 2003 2003 2002
Income from investments - 8,353 8,353 8,500 Interest on deposit account - 12,837 12,837 11,331 ___ ______ ______ _____
£- £21,190 £21,190 £19,831 ___ ______ ______ _____
5. Grants and donations payable Restricted Unrestricted funds funds Total funds Total funds 2003 2003 2003 2002
Research grants - 28,066 28,066 8,021 Medical committee - 22,260 22,260 245,055 Amenities grants - (3,545) (3,545) 8,393 Christmas grant - 1,974 1,974 2,010 ____ ______ ______ ______
£- £48,755 £48,755 £263,479 ____ ______ ______ ______
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
5. Grants and donations payable - (continued)
Individual research, medical committee and amenities grants committed/(unutilised/recovered) for the year ended 30th September 2003 are as follows:-
Research grants Oral medicine and pathology 2,048 Oral medicine and pathology 136 Paediatric intensive care (18) Chemical pathology (50) Thoracic research fund 5,000 Cardiovascular biology 2,500 Stem cell transplant laboratory 2,500 Rheumatoid arthritis 800 Microbiology laboratory 1,400 Dental biomaterials and prosthodontics 2,500 Biomaterials department 2,000 Department of palliative care 2,500 Department of craniofacial development 2,500 Newcomen child development centre 2,500 Department of urology 1,500 Department of partnership and planning 250 ______
£28,066 ______ Medical Committee Main theatre orthopaedics - 1 Stat analyser 3,683 Dorcas ward - 2 volumetric infusion pumps 6,132 Conservative dentistry - surgical microscope 6,983 Orthopaedic department 5,462 ______
£22,260 ______ Amenities grants Nuclear medicine - TV/video (149) Radiotherapy - upgrade facilities for patients (4,170) Rheumatology department - 2 couches (1,486) Guy’s nursery - toys (503) Anticoagulations clinic - pictures 358 Chapel flowers 800 Radiotherapy - plants 200 Paediatric bereavement - duvets and pillows 250 Guy’s nursery - curtains 1,155 ______
£(3,545) ______
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
5. Grants and donations payable - (continued)
Reconciliation of grants payable 2003 2002
Commitments at beginning of year 272,773 34,968
Commitments made in the year 55,131 284,475
Grants recovered or not requested by grantee within one year of date granted (6,376) (20,996) ______ ______
Grants payable for the year 48,755 263,479
Grants paid during the year (280,395) (25,674) ______ ______
Commitments at end of year £41,133 £272,773 ______ ______
6. Support costs Restricted Unrestricted funds funds Total funds Total funds 2003 2003 2003 2002
Staff costs (direct costs of fundraising) - 29,590 29,590 27,330 Printing and stationery - 934 934 436 Postage - 57 57 54 Telephone - 272 272 374 Depreciation of tangible fixed assets - 950 950 643 ___ _____ _____ _____
£- £31,803 £31,803 £28,837 ___ _____ _____ _____
Part of the charity’s administrative, overhead and staff costs have been allocated to support costs on the basis of a proportional allocation of such expenditure where they are identifiable as an integral part of the cost of activities in furtherance of the charity’s objects.
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
7. Managing and administering the Restricted Unrestricted charity funds funds Total funds Total funds 2003 2003 2003 2002
Staff costs (general administration) - 3,288 3,288 3,037 Printing and stationery - 104 104 49 Postage - 6 6 6 Accountancy - 5,788 5,788 4,506 Telephone - 30 30 42 Bank charges /interest - 606 606 640 Sundry expenses - 2,188 2,188 2,090 Depreciation of tangible fixed assets - 317 317 214 ___ _____ _____ _____
£- £12,327 £12,327 £10,584 ___ _____ _____ _____
8. Staff costs and Executive Committees’ remuneration 2003 2002
Total staff emoluments for the year were as follows:
Wages and salaries 29,450 27,751 Social Security costs 3,428 2,616 _____ _____
£32,878 £30,367 _____ _____
The average number of staff excluding members of the Executive Committee, employed during the year was 2 2 ____ ____
Members of the Executive Committee received no remuneration (2002 - £nil) and were reimbursed £140 (2002 - £260) of their expenses in the year.
9. Net movement in funds 2003 2002
Net movement in funds is arrived at after charging:- £ £
Depreciation 4,647 857 Auditors’ remuneration 5,788 4,506 _____ _____
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
10. Tangible fixed assets Plant and Office machinery equipment Total Cost At beginning of year - 13,333 13,333 Additions 16,900 1,056 17,956 Disposals - (7,465) (7,465) _____ _____ _____
At end of year 16,900 6,924 23,824 _____ _____ _____ Depreciation At beginning of year - 11,987 11,987 Charge for the year 3,380 1,267 4,647 Disposals - (7,465) (7,465) _____ _____ _____
At end of year 3,380 5,789 9,169 _____ _____ _____ Net book value At end of year £13,520 £1,135 £14,655 _____ _____ _____
At beginning of year £- £1,346 £1,346 _____ _____ _____
11. Fixed asset investments Subsidiary undertaking
At beginning and end of year £2 ___ Subsidiary undertaking
Subsidiary undertakings and the proportions of share capital held by The Friends of Guy's Hospital are as follows:- 2003 2002
The Friends of Guy's Trading Company Limited 100% 100%
The above subsidiary undertaking is incorporated in Great Britain and registered in England and Wales.
The company runs a shop in the grounds of Guy's Hospital selling flowers, gifts and confectionery and second hand clothes.
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
11. Fixed asset investments - (continued)
Profit and loss account 2003 2002
Turnover 55,499 54,895 Cost of sales (22,338) (23,543) _____ _____
Gross profit 33,161 31,352
Administrative expenses (17,911) (15,932) Donation to The Friends of Guy’s Hospital (15,000) (15,000) Exceptional items: Refurbishment grant repaid - (5,000) Reversal of refurbishment expenditure accrual - 4,965 _____ _____
Profit on ordinary activities before interest and taxation 250 385 Interest receivable and similar income 44 - _____ _____
Profit on ordinary activities before taxation 294 385
Tax on profit on ordinary activities - (28) _____ _____
Retained in subsidiary £294 £357 _____ _____
At 30th September 2003, the aggregate of the share capital and reserves of The Friends of Guy's Trading Company Limited amounted to £3,781 (2002 - £3,487).
12. Current asset investments 2003 2002
Market value at beginning of year 163,521 160,106 (Loss)/gain in the year (2,335) 3,415 Disposals (40,000) - ______ ______
Market value at end of year £121,186 £163,521 ______ ______ Investments at market value comprise: Quoted UK Government securities £121,186 £163,521 ______ ______
Historical cost £87,756 £116,006 ______ ______
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
13. Debtors 2003 2002
Amounts due from group undertakings 10,680 15,255 Prepayments and accrued income 19,062 1,762 _____ ______
£29,742 £17,017 _____ ______
14. Creditors: amounts falling due within one year 2003 2002
Grants payable 41,133 272,773 Accruals 15,263 7,268 ______ _____
£56,396 £280,041 ______ _____
15. Funds Other recognised At start of Incoming Outgoing gains and At end of year resources resources losses Transfers year Unrestricted General 419,974 185,335 (97,300) (2,335) 3,380 509,054 Restricted Automaton - 16,900 - - (3,380) 13,520 _______ ______ ______ ______ _____ ______
£419,974 £202,235 £(97,300) £(2,335) £- £522,574 _______ ______ ______ ______ _____ _______
Automaton represents a grant made to the charity by Guy’s and St. Thomas’ Charitable Foundation for the purchase of an automated coin slot donations box for Guy’s Hospital. The restricted fund reduces annually by the amount of depreciation associated with the asset originally acquired.
16. Analysis of net assets between funds Restricted Unrestricted funds funds Total
Tangible fixed assets 13,520 1,135 14,655 Investment in subsidiary - 2 2 Cash on deposit - 402,718 402,718 Cash at bank and in hand - 10,667 10,667 Other net current assets - 94,532 94,532 ______ ______ ______
£13,520 £509,054 £522,574 ______ ______ ______
THE FRIENDS OF GUY'S HOSPITAL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2003
(continued)
17. Related party transactions
(i) Lord Harris of Peckham, the Charity’s President indicated in the previous year that he would make donations to the Charity over a period of three years to cover half the cost of two medical grants made in the year. The grants, totalling £249,500 were included in grants payable last year.
Donations totalling £42,000 were received last year and donations totalling £83,000 are expected to be received in the future. No asset has been recorded for the future donations which will be recorded in the financial statements when received.
(ii) During the year the Charity received a donation of £15,000 from The Friends of Guy’s Trading Company Limited.
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