Charity Annual Report and Accounts 2021-22

The Christie Charitable Fund - 2021/22 Financial Statements

Notes to the Financial Statements 1. Accounting Policies for 2021/22

1.1 a. Accounting Policies The following accounting policies have been applied consistently for all years in dealing with items that are considered material in relation to the financial statements of the Charity. 1.1 b. Basis of Preparation These financial statements have been prepared on a going concern basis, under the historic cost convention, with the exception of listed investments and investment properties which are included at fair value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice. Management has prepared, and the Trustees have reviewed, a detailed going concern assessment for the year-ending 31 March 2022. This analysis indicates that throughout the 12 month period to 31 December 2023 there is sufficient headroom on resources available to the Charity. Consequently, after making appropriate inquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements. The Trustees continue to monitor the situation closely. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern and that there are no material uncertainties affecting the current year’s financial statements. 1.2 Income a) All incoming resources are recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Where there are terms or conditions attached to incoming resources, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income. b) Legacies Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable. Receipt is probable when: - Confirmation has been received from the representatives of the estate(s) that probate has been granted - The executors have established that there are sufficient assets in the estate to pay the legacy and - All conditions attached to the legacy have been fulfilled or are within the charity’s control. If there is uncertainty as to the amount of the legacy and it cannot be reliably estimated then the legacy is shown as a contingent asset until all of the conditions for income recognition are met, none have been required or noted for the financial year ending 31st March 2022. c) Donations Donations are accounted for upon receipt of the income. d) Gifts in kind The amount at which gifts in kind are brought into account is either a reasonable estimate of their value to the funds or the amount actually realised. Where applicable the basis of valuation would be disclosed in the Notes to the financial statements. Donations of investments listed on the Alternative Investments Market and other secondary markets are not recognised until the shares are sold. This is due to the AIM donated shares typically having a time restriction placed upon them which prevents their sale for a minimum period after the donation is made and the difficulty of attributing a value in advance of the sale of the shares listed on such exchanges. e) Intangible income Assistance in the form of donated facilities, beneficial loan arrangements, donated services or services from volunteers need only be recorded when they are provided at a financial cost to a third party and the benefit is quantifiable and measurable. Volunteers do bear costs but these are regarded as personal and are not quantified. There is no intangible income to the Charity in this year, nor in the prior year.

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