WELSH AMBULANCE SERVICES NHS TRUST CHARITY

Transcription

1 WELSH AMBULANCE SERVICES NHS TRUST CHARITY The accounts for Funds Held on Trust. FOREWORD The full annual accounts have been prepared in accordance with the Charities Act (1993), the Charities (Accounts and Reports) Regulations (1995) and the Statement of Recommended Practice STATUTORY BACKGROUND The NHS Trust is the corporate trustee of the funds held on trust under paragraph 16c of Schedule 2 of the NHS and Community Care Act The Trustees have been appointed under s11 of the NHS and Community Care Act The Welsh Ambulance Services NHS Trust charitable funds held on trust are registered with the Charity Commission and include funds in respect of Ambulance services throughout Wales. MAIN PURPOSE OF THE FUNDS HELD ON TRUST The main purpose of the charitable funds held on trust is to apply income for any charitable purposes relating to the National Health Service wholly or mainly for the services provided by the Welsh Ambulance Services NHS Trust. 1

2 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2010 Restricted Unrestricted Income Endowment funds funds funds Total Total Incoming resources Incoming resources from generated funds Voluntary income Donations Legacies Grants receivable Activities for generating funds Investment income Incoming resources from charitable activities Other incoming resources Total incoming resources Resources expended Costs of generating funds Costs of generating voluntary income Fundraising trading: costs of goods sold and other costs Investment management costs Charitable activities Governance costs Other resources expended Total resources expended Net incoming/(outgoing) resources before transfers (24) 0 0 (24) (1) Gross transfer between funds Net incoming/(outgoing) resources before other recognised gains and losses (24) 0 0 (24) (1) Other recognised gains and losses Gains / (losses) on revaluation of fixed assets for charity's own use Gains / (losses) on investment assets (21) Actuarial gains / (losses) on defined benefit pension schemes Net movement in funds (1) 0 0 (1) (22) Fund balances brought forward as at 1 April Transfer of funds between health bodies Fund balances carried forward as at 31 March

3 BALANCE SHEET AS AT 31 MARCH 2010 Total Total Fixed assets Intangible assets 0 0 Tangible assets 0 0 Heritage assets 0 0 Investments: Investments Programme related investments 0 0 Total fixed assets Current assets Stocks and work-in-progress 0 0 Debtors 2 2 Investments Cash at bank and in hand Total current assets Liabilities Creditors: Amounts falling due within one year Net current assets / (liabilities) Total assets less current liabilities Creditors: Amounts falling due after more than one year 0 0 Provisions for liabilities and charges 0 0 Net assets / (liabilities) excluding pension asset or liability Defined benefit pension scheme asset / (liability) 0 0 Net assets / (liabilities including pension asset liability Funds of the charity: Endowment Funds 0 0 Restricted income funds 0 0 Unrestricted income funds Unrestricted income funds Revaluation reserve 0 0 Unrestricted income funds excluding pension asset / liability Pension reserve 0 0 Total unrestricted funds Total funds Director of Finance... Chairman Date Date

4 NOTES TO THE ACCOUNTS 1. Accounting policies 1.1 Accounting convention The financial statements have been prepared under the historic cost convention, with the exception of investments and fixed assets which have been included at market value, or best estimate. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2005) issued in March 2005 and applicable UK Accounting Standards and the Charities Act Funds structure Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor. Where the restriction requires the gift to be invested to produce income, but the trustees have the power to spend the capital, it is classed as expendable endowment, if the trustees do not have the power to spend the capital, it is classed as permanent endowment. Unrestricted income funds comprise those funds which the Trustee is free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds, where the donor has made known their non binding wishes or where the trustees, at their discretion, have earmarked for specific purposes. 1.3 Incoming resources a) Incoming resources - both for income and endowment funds - should be recognised in the Statement of Financial Activities when the effect of a transaction or other event results in an increase in the charity's assets. This will be dependent on the following three factors being met: (i) entitlement normally arises when there is control over the rights or other access to the resource, enabling the charity to determine its future application; certainty when it is virtually certain that the incoming resource will be received; measurement when the monetary value of the incoming resources can be measured with sufficient reliability. b) Legacies Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is virtually certain; this will be once confirmation has been received from the representatives of the estate(s) that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled. c) Gifts in kind (i) Assets given for distribution by the charity are included in the Statement of Financial Activities only when distributed. For any undistributed assets at the year end, a description of the items involved and an estimate of their value is shown in a note in the accounts; Assets given for use by the charity (e.g. property for its own occupation) are included in the Statement of Financial Activities as incoming resources when receivable; Gifts made in kind but on trust for conversion into cash and subsequent application by the charity are included in the accounting period in which the gift is sold. In all cases the amount at which gifts in kind are brought into account is either a reasonable estimate of their value to the charity or the amount actually realised. The basis of the valuation is disclosed in the annual report. 4

5 1. Accounting policies (continued) d) Intangible income Intangible income (e.g. the provision of free accommodation) is included in the accounts with an equivalent amount in outgoing resources, if there is a financial cost borne by another party. The value placed on such income is the financial cost of the third party providing the resources. 1.4 Resources expended a) Expenditure is recognised when and to the extent that a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities. In accounts prepared on the accruals basis, liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure as described in Financial Reporting Standard 5 and 12. A liability will arise when a charity is under an obligation to make a transfer of value to a third party as a result of past transactions or events Grants are only made to related third party NHS bodies and non NHS bodies in furtherance of the charitable objectives of the funds. A liability for such grants is recognised when approval has been given by the Trustee. b) Support Costs In Undertaking any activity there may be support costs incurred that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. Similarly, costs will be incurred in supporting income generation activities such as fundraising, and supporting governance of the charity. Support costs do not, in themselves, constitute an activity, instead they enable output-creating activities to be undertaken. Support costs are therefore allocated to the relevant activity cost category they support on the basis as described in note 10 to the accounts. c) Governance costs Governance costs comprise all costs incurred in the governance of the charity. These costs include cost related to statutory audit together with an apportionment of overhead and support costs. 1.5 Investment fixed assets Investment fixed assets are shown at market value. (i) Property assets are not depreciated but are shown at market valuation. Valuations are carried out by a professional valuer at five yearly intervals. The last such valuation was at 30th April 2007 Between valuations trustees' make a best estimate of market value. Valuation gains and losses are recorded in the Statement of Financial Activities with unrealised gains for prior years separately identified. The balance sheet reflects the revalued amounts; Quoted stocks and shares are included in the balance sheet at mid-market price, ex-div; Other investment fixed assets are included at trustees' best estimate market value. 5

6 1. Accounting policies (continued) 1.5 Investment fixed assets cont Disclosure of additional information is required when assets are revalued (i) (iv) (v) (vi) (vii) The name and qualification of the valuer(s) or the valuer's organisation and a description of its nature; The basis or bases of valuation (including whether notional directly attributable acquisition costs have been included or are expected to be included or expected selling costs have been deducted); The date and amounts of the valuations; Where historical cost records are available, the carrying amount that would have been included in the financial statements had the investment assets been carried at historical cost less depreciation; Whether the person(s) carrying out the valuation is (are) internal or external to the entity; Where the trustees are not aware of any material change in value and therefore the valuation(s) have not been updated, a statement to that effect; and Where the valuation has not been updated, or is not a full valuation, the date of the last full valuation. 1.8 Change in the basis of accounting There has been no change in the basis of accounting during the year. 6

7 2. Details of incoming resources from generated funds Restricted Unrestricted Income Endowment funds funds funds Total Total Material grants receivable A B C D E Sub-total grants receivable Material other voluntary income A B C D E Sub-total other voluntary income Material activities for generating income A B C D E Sub-total activities for generating income Analysis of gross investment income Restricted Unrestricted Income Endowment funds funds funds Total Total Investment properties Investments listed on stock exchange Unlisted securities Cash held as part of the investment portfolio Investments in connected bodies Investments in a common deposit/investment fund Other fixed asset investments Current asset investments Total gross income