Page URL: https://www.progress.org.uk/notestoaccounts2008
This document is part of the Progress Educational Trust (PET)'s reports and accounts for the year ended 31 March 2008, as submitted to the Charity Commission.
The charity's 2014, 2013, 2012, 2011, 2010, 2009 and 2007 reports and accounts are also available on this website.

Notes to the Accounts for the year ended 31 March 2008


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, .pdf 548KB) 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 (5 years prior to 1 April 2007)
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
2008 2007
All restricted All restricted
£ £
Department of Health - 20,000
Wellcome Trust 23,792 5,138
£23,792 £25,138

3. Staff costs
No remuneration was paid to Trustees in the year, nor were any Trustees' expenses reimbursed. The staff costs were:
2008 2007
£ £
Wages and salaries 67,688 50,895
Social security costs 1,305 4,733
Redundancy pay - 4,350
£68,993 £59,978
The average number of employees during the year was 3.5. (2007 - 2.5)

4. Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2007 6,458
Additions 6,940
At 31 March 2008 13,398
Depreciation
At 1 April 2007 6,310
Charge for year 1,735
At 31 March 2008 8,045
Written Down Values At 31 March 2008 £5,353
At 31 March 2007 £148
Tangible fixed assets are all used directly for charitable purposes.

6. Debtors (due within one year)
2008 2007
£ £
Trade 1,075 671
Prepayments 1,858 -
Other debtors 2,288 7,710
£5,221 £8,381

6. Current liabilities (amounts falling due within one year)
2008 2007
£ £
Trade creditors 2,122 1,096
Social Security and other taxes 2,494 609
Accruals 1,736 5,792
£6,352 £7,497

7. Restricted funds
Movement on restricted funds was as follows:
Debates BioNews Total
£ £ £
Incoming Resources
Grants
Wellcome Trust 23,792 - 23,792
Total income 23,792 20,000 23,792
Expenditure
Personnel and support costs 11,350 14,229 25,579
BioNews publishing costs - 3,927 3,927
Conferences and events 1,521 - 1,521
Telephone and internet 1,460 219 1,679
Stationery and photocopying 1,130 276 1,406
Postage and courier 44 72 116
Total Expenditure 15,505 18,723 34,228
Surplus/(deficit) for year 8,287 (18,723) (10,436)
Fund balances brought forward - 18,723 18,723
Fund Balances carried forward £8,287 - £8,287
The balance of £8,287 is to be carried forward and spent on debates in 2008/9.