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REGISTERED COMPANY NUMBER: 02646693 (England and Wales)
REGISTERED CHARITY NUMBER: 1004606












REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE KNEE FOUNDATION
(A COMPANY LIMITED BY GUARANTEE)

THE KNEE FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Reference and Administrative Details 1

Report of the Trustees 2 to 3

Statement of Financial Activities 4

Statement of Financial Position 5 to 6

Notes to the Financial Statements 7 to 12

THE KNEE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2023



TRUSTEES Mr S J Checkley Director
Prof A J Wilson Director
Dr R S Khakha Director


REGISTERED OFFICE Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES


REGISTERED COMPANY
NUMBER
02646693 (England and Wales)


REGISTERED CHARITY NUMBER 1004606


ACCOUNTANTS Acuity Professional LLP
Unit 2.02
High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

THE KNEE FOUNDATION (REGISTERED NUMBER: 02646693)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023



The trustees present their report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's deed of trust, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective from 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objectives and its principal activities continue to be related to knee surgery and rehabilitation and include:

- Funding a fellowship programme for young surgeons
- The education of patients and medical colleagues
- Financial support for patients in exceptional need;

The Charity's mission statement is:

"To keep all people of all ages physically active through research and education in degenerative disease of the knee, knee injury and knee injury prevention and rehabilitation."

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitable company's aims and objectives and in planning future activities and setting the grant making policy for the year.

ACHIEVEMENTS AND PERFORMANCE
Charitable activities
Due to lack of staff resources, the charity has been unable to fulfil its planned activities in the past year.

FINANCIAL REVIEW
Principal funding sources
The Statement of Financial Activities shows funds at the start of 2023 of £19,376. Total incoming resources for the year were £368 and total resources expended were £828 . The result of 2023's activities leaves funds to be carried forward of £18,916.

Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit. No such investments were held during the year ended 31st December 2023.

Reserves policy
The trustees have established a policy whereby the unrestricted funds should be maintained at a level commensurate with planned requirements for the next financial year.

Future plans
The Knee Foundation has recruited new trustees and committee members whose job will be to revive and expand the charities work with new impetus.


THE KNEE FOUNDATION (REGISTERED NUMBER: 02646693)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Dr R S Khakha
Prof. A J Wilson
Mr S J Checkley

Recruitment and appointment of new trustees
The directors of the company are also trustees of the charity.

Members of the executive committee may be adopted by the trustees during the year. Membership is confirmed at the following AGM. The board has power to appoint trustees if it considers it necessary to do so.

Organisational structure
The Foundation team includes clinic advisory board as well as the executive committee.

The trustees meet regularly to manage its affairs.

The executive committee manages routine matters.

Related parties
No related party transactions recorded in the year.

Approved by order of the board of trustees on 22 October 2024 and signed on its behalf by:





Mr S J Checkley - Trustee

THE KNEE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM

Investment income 2 368 77

EXPENDITURE ON
Charitable activities
General 828 849

NET INCOME/(EXPENDITURE) (460 ) (772 )


RECONCILIATION OF FUNDS
Total funds brought forward 19,376 20,148

TOTAL FUNDS CARRIED FORWARD 18,916 19,376

THE KNEE FOUNDATION (REGISTERED NUMBER: 02646693)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Cash at bank 19,649 20,824

CREDITORS
Amounts falling due within one year 6 (733 ) (1,448 )

NET CURRENT ASSETS 18,916 19,376

TOTAL ASSETS LESS CURRENT
LIABILITIES

18,916

19,376

NET ASSETS 18,916 19,376
FUNDS 7
Unrestricted funds 18,916 19,376
TOTAL FUNDS 18,916 19,376

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


THE KNEE FOUNDATION (REGISTERED NUMBER: 02646693)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 22 October 2024 and were signed on its behalf by:





Mr S J Checkley - Trustee

THE KNEE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
Charity information
The Knee Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Fifth Floor, 11 Leadenhall Street, London, England, EC3V 1LP.

Accounting convention
The accounts have been prepared in accordance with the charity's deed of trust, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE KNEE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


1. ACCOUNTING POLICIES - continued

BASIS OF PREPARING THE FINANCIAL STATEMENTS

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course
of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Deracination of financial liabilities
Financial liabilities are deerhounds when the charity's contractual obligations expire or are discharged or cancelled.

Taxation
The charitable company is a registered charity and as such is currently exempt from corporation tax on its charitable activities.

CRITICAL ACCOUNTING ESTIMATION AND JUDGEMENTS
In the application of the charity's accounting policies, the trustees are required to make judgements, stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

COMPANY STATUS
The company is limited by guarantee. The members are listed in the trustees report. In the event of the company being wound up, every member is liable to contribute a sum not exceeding £10.

THE KNEE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. INVESTMENT INCOME
31.12.23 31.12.22
£    £   
Interest income 368 77

3. SUPPORT COSTS
Governance
costs
£   
General 720

Support costs, included in the above, are as follows:
31.12.23 31.12.22
Total
General activities
£    £   
Accountancy fees 720 720

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.


TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.


There were no employees with emoulments above £60,000.

5. AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was Nil.


THE KNEE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Accruals and deferred income 733 1,448

7. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£    £    £   
Unrestricted funds
Charitable activity costs 19,376 (460 ) 18,916

TOTAL FUNDS 19,376 (460 ) 18,916

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
Charitable activity costs 368 (828 ) (460 )

TOTAL FUNDS 368 (828 ) (460 )


Comparatives for movement in funds

Net
movement At
At 1/1/22 in funds 31/12/22
£    £    £   
Unrestricted funds
Charitable activity costs 20,148 (772 ) 19,376

TOTAL FUNDS 20,148 (772 ) 19,376

THE KNEE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
Charitable activity costs 77 (849 ) (772 )

TOTAL FUNDS 77 (849 ) (772 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/1/22 in funds 31/12/23
£    £    £   
Unrestricted funds
Charitable activity costs 20,148 (1,232 ) 18,916

TOTAL FUNDS 20,148 (1,232 ) 18,916

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
Charitable activity costs 445 (1,677 ) (1,232 )

TOTAL FUNDS 445 (1,677 ) (1,232 )


THE KNEE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.