Progress Educational Trust - Notes to the Accounts for the year ended 31 March 2009

Annual
report 2009

This document is part of the Progress Educational Trust (PET)'s reports and accounts for the year ended 31 March 2009, as submitted to the Charity Commission.

The charity's 2008 and 2007 reports and accounts are also available on this website.


Notes to the Accounts for the year ended 31 March 2009

1.	Accounting policies
	1.	Basis of preparation of accounts
		The accounts are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, issued in March 2005.
	2.	Tangible Fixed Assets for use by the charity and depreciation
		Tangible fixed assets are stated at cost less depreciation.
		Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value, on a straight line basis, over their expected useful lives as follows:
		Computer equipment: over 4 years
	3.	Income
		Fees, voluntary income and donations are accounted for as received by the charity during the period.
	4.	Value Added Tax
		Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.
	5.	Grants
		1.	Grants are credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable.
		2.	Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities.
	6.	Operating Leases
		Rentals payable under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities in the year in which they are incurred.

2.	Grants

		Unrestricted Grants	Restricted Grants	2009 Total	2008 Total
		£	£	£	£

	Department of Health	-	30,000	30,000	-
	Wellcome Trust	-	63,000	63,000	23,792
	Medical Research Council	20,000	-	20,000	-

		£20,000	£93,000	£23,792	£23,792

3.	Staff costs
	No remuneration was paid to Trustees in the year, nor were any Trustees' expenses reimbursed. The staff costs were:

				2009	2008
				£	£

	Wages and salaries			76,261	67,688
	Social security costs			7,021	1,305

				£83,282	£68,993
	The average number of employees during the year was 3. (2008 - 3.5)

4.	Tangible fixed assets

					Computer equipment
					£

	Cost
	At 1 April 2008				6,458
	Additions				6,940
	At 31 March 2009				13,398

	Depreciation
	At 1 April 2008				6,310
	Charge for year				1,735
	At 31 March 2009				8,045

	Written Down Values At 31 March 2009				£5,353

	At 31 March 2008				£148
	Tangible fixed assets are all used directly for charitable purposes.

6.	Debtors (due within one year)

				2009	2008
				£	£

	Trade			2,227	1,075
	Prepayments			1,933	1,858
	Other debtors			2,158	2,288

				£6,318	£5,221

6.	Current liabilities (amounts falling due within one year)

				2009	2008
				£	£

	Trade creditors			827	2,122
	Social Security and other taxes			1,674	2,494
	Other creditors			488	-
	Accruals			2,162	1,736

				£5,151	£6,352

7.	Restricted funds
	Movement on restricted funds was as follows:

		Debates	BioNews expansion	BioNews overhaul	Total
		£	£	£	£

	Incoming Resources
	Grants

	Department of Health	-	30,000	-	30,000
	Wellcome Trust	-	-	63,000	63,000
	Total income	-	30,000	63,000	93,000

	Expenditure

	Personnel and support costs	7,122	8,802	17,452	33,376
	BioNews publishing costs	-	-	5,688	5,688
	Conferences and events	517	-	-	517
	Rent and rates	-	1,975	349	2,324
	Heat and light	-	90	90	180
	Telephone and internet	447	130	765	1,342
	Stationery and photocopying	188	190	190	568
	Postage and courier	13	42	82	137
	Total Expenditure	8,287	11,229	24,616	44,132

	Surplus/(deficit) for year	(8,287)	18,771	38,384	48,868
	Fund balances brought forward	8,287	-	-	8,287
	Fund Balances carried forward	-	£18,771	£38,384	£57,155
	The residual balance of £18,771 on the Department of Health funding is to be carried forward and spent on the upgrading of the BioNews website in 2009/10.
	The residual balance of £38,384 on the Wellcome Trust funding is to be carried forward and spent on the redesign and overhaul of the BioNews weekly email and associated archive and website in 2009/10.