Page URL: https://www.progress.org.uk/notestoaccounts2007
This document is part of the Progress Educational Trust (PET)'s reports and accounts for the year ended 31 March 2007, as submitted to the Charity Commission.
The charity's 2014, 2013, 2012, 2011, 2010, 2009 and 2008 reports and accounts are also available on this website.

Notes to the Accounts for the year ended 31 March 2007


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 2005) 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 5 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
2007 2006
All restricted
£ £
Department of Health 20,000 -
Wellcome Trust 5,138 -
£25,138 -

3. Staff costs
No remuneration was paid to Trustees in the year, nor were any Trustees' expenses reimbursed. The staff costs were:
2007 2006
£ £
Wages and salaries 50,895 81,534
Social security costs 4,733 7,932
Redundancy pay 4,350 -
£59,978 £89,466
The average number of employees during the year was 2.5. (2006 - 4)

4. Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2006 6,458
Additions -
At 31 March 2007 6,458
Depreciation
At 1 April 2006 6,310
Charge for year -
At 31 March 2007 6,310
Written Down Values At 31 March 2007 £148
At 31 March 2006 £148
Tangible fixed assets are all used directly for charitable purposes.

6. Debtors (due within one year)
2007 2006
£ £
Trade 671 545
Prepayments - 62
Other debtors 7,710 4,138
£8,381 £4,745

6. Current liabilities (amounts falling due within one year)
2007 2006
£ £
Trade creditors 1,096 13,539
Social Security and other taxes 609 2,289
Accruals 5,792 1,672
£7,497 £17,500

7. Restricted funds
Movement on restricted funds was as follows:
Debates BioNews Guide to Genetics Total
£ £ £ £
Incoming Resources
Grants
Department of Health - 20,000 - 20,000
Wellcome Trust 5,138 - - 5,138
Total income 5,138 20,000 - 25,138
Expenditure
Personnel and support costs 3,500 612 - 4,112
BioNews publishing costs - 442 - 442
Conferences and events 1,638 - - 1,638
Telephone and internet - 122 - 122
Stationery and photocopying - 101 - 101
Total Expenditure 5,138 1,277 - 6,415
Surplus for year - 18,723 - 18,723
Fund balances brought forward - - 3,586 3,586
Transfers between funds - - (3,586) (3,586)
Fund Balances carried forward - £18,723 - 18,723
The balance of £3,586 on the Guide to Genetics restricted fund was spent on publishing costs which were accrued for in the year 2005/6. A transfer has therefore been made to unrestricted fund for this amount. The grant from the Department of Health was received at the end of the year to enable BioNews to continue publication.