Registered Number 08384963
KURDISTAN CHILDREN'S HOSPITAL FOUNDATION
Abbreviated Accounts
31 December 2015
Notes | 2015 | 2014 | |
---|---|---|---|
$ | $ | ||
Fixed assets | |||
Tangible assets | 3 |
|
|
|
|
||
Current assets | |||
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
( |
|
|
Total assets less current liabilities |
( |
|
|
Creditors: amounts falling due after more than one year | 4 |
|
|
Provisions for liabilities |
|
|
|
Accruals and deferred income |
|
|
|
Total net assets (liabilities) |
( |
|
|
Reserves | |||
Revaluation reserve |
|
|
|
Other reserves |
|
|
|
Income and expenditure account |
( |
|
|
Members' funds |
( |
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Consequently, the Financial Statements of the Kurdistan Children’s Hospital Foundation (the “Foundation”) have been prepared on a basis other than a going concern. The Foundation's balance sheet has been presented on the basis that the assets will be liquidated within one year of the Foundation’s Board of Directors approving these Financial Statements. The Foundation’s tangible fixed assets are presented on the Balance Sheet as at December 31, 2014 at their amortized historical cost.
Except as described above, the Financial Statements have been prepared in accordance with applicable UK accounting standards (UK Generally Accepted Accounting Practice). In particular, they comply with the Companies Act 2006, Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (FRS 102) effective 1 January 2015 (the “SORP”) in all material respects.
Accounting policies
Accounting policies have been reviewed in accordance with FRS 18 “Accounting Policies”.
Tangible assets depreciation policy
Tangible fixed assets, excluding land, held by the Foundation are stated at cost less accumulated depreciation. Land is stated at cost. They are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs.
Depreciation is calculated using the straight-line method to allocate the cost of each asset less its residual value over its estimated useful life. Depreciation commences from the date an asset is available for use. No depreciation is charged on assets in the course of construction.
The useful lives for depreciation purposes for the principal categories of assets are:
Buildings 20 years
Furniture, fixtures and fittings 3-15 years
Motor vehicles 5 years
Medical equipment 5 years
Other accounting policies
Incoming resources are recognised in the period in which the Foundation is entitled to receipt, any conditions are met and where the amount can be quantified with reasonable certainty. Donations in kind are recognised when they are certain and measurable.
Resources expended
All resources expended are recognised on an accruals basis. Support costs are those costs that do not produce or consitute the output of the charitable activity. Governance costs include the costs of governance arrangements that relate to the general running of the Foundation as opposed to those costs associated with charitable activities. These costs include such items as external audit and legal advice for those charged with governance and costs associated with constitutional and statutory requirements.
Provisions
Provisions are recognised when the Foundation has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the
obligation and the amount has been reliably estimated. Provisions are discounted to present
value where the effect is material.
Foreign currencies
The functional currency of the Foundation is the United States (USD) dollar. Transactions
denominated in foreign currencies are translated into US dollars at the exchange rates ruling at
the date of transactions. Monetary assets and liabilities denominated in foreign currency are
translated into US dollars at the rate ruling at the balance sheet date. All foreign exchange gains
and losses, realised and unrealised are recognised in the Statement of Financial Activities.
Taxation
As a registered charity the charity is exempt from taxation on its income and gains falling
within part 11 of the Corporation taxation Act 2010 or section 256 of the Taxation of
Chargeable Gains Act 1992 to the extent that they are applied for charitable purposes. Legal
advice taken points to the charity being exempt from taxation in the Kurdistan Region of Iraq.
2
Company limited by guarantee
$ | |
---|---|
Cost | |
At 1 January 2015 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 December 2015 |
|
Depreciation | |
At 1 January 2015 |
|
Charge for the year |
|
On disposals |
|
At 31 December 2015 |
|
Net book values | |
At 31 December 2015 | 0 |
At 31 December 2014 | 52,244,457 |
2015
$ |
2014
$ |
|
---|---|---|
Non-instalment debts due after 5 years |
|
|
5 Transactions with directors
Name of director receiving advance or credit: |
|
|
---|---|---|
Description of the transaction: |
|
|
Balance at 1 January 2015: |
|
|
Advances or credits made: | $ |
|
Advances or credits repaid: |
|
|
Balance at 31 December 2015: | $ |