Page URL: https://www.progress.org.uk/notestoaccounts2012
This document is part of the Progress Educational Trust (PET)'s reports and accounts for the year ended 31 March 2012, as submitted to the Charity Commission. | ||||||
The charity's 2014, 2013, 2011, 2010, 2009, 2008 and 2007 reports and accounts are also available on this website. | ||||||
Notes to the Accounts for the year ended 31 March 2012 |
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1. | Accounting policies | |||||
1. | Basis of preparation | |||||
The accounts have been prepared under the historical cost convention. | ||||||
The accounts of the charitable company are prepared on a going concern basis which is dependent on the continued support of major funders including Wellcome Trust. | ||||||
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice Accounting and Reporting by Charities, issued in March 2005 and the Companies Act 2006. | ||||||
2. | Incoming resources | |||||
Fees, voluntary income and donations are accounted for as received by the charity during the period. | ||||||
Grants are credited to the Statement of Financial Activities on the earlier date of when they are received or when they are receivable. | ||||||
Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities. | ||||||
All other income is included on an accruals basis. | ||||||
3. | Resources expended | |||||
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable element of VAT is included in the expenses to which it relates. | ||||||
Charitable expenditure relates to those costs incurred directly in achieving the main aims and objectives of the charitable company. | ||||||
Governance costs are represented by expenditure involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those incurred with regard to strategic planning, legal and audit fees and meeting its statutory obligations. | ||||||
4. | Leasing and hire purchase commitments | |||||
Rents payable under operating leases where substantially all 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 payable. | ||||||
5. | Accumulated funds | |||||
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 accounts. | ||||||
2. | Donations and legacies | |||||
Unrestricted funds | Restricted funds | Total 2012 | ||||
£ | £ | £ | ||||
Unrestricted Friends donations | 21,011 | - | 21,011 | |||
Other donations (from previous charity) | 9,043 | - | 9,043 | |||
£30,054 | - | £30,054 | ||||
3. | Investment income | |||||
2012 | ||||||
£ | ||||||
Interest receivable | 46 | |||||
£46 | ||||||
4. | Incoming resources from charitable activities | |||||
Unrestricted funds | Restricted funds | Total 2012 | ||||
£ | £ | £ | ||||
Gift In charity | ||||||
Transfer of restricted funds | - | 8,523 | 8,523 | |||
Grants receivable | ||||||
Wellcome Trust | - | 23,497 | 23,497 | |||
Merck Serono | - | 17,500 | 17,500 | |||
- | £49,520 | £49,520 | ||||
Other incoming resources | ||||||
Sponsorship | 5,750 | - | 5,750 | |||
Conferences and events income | 9,612 | - | 9,612 | |||
Consultancy income | 37,168 | - | 37,168 | |||
Advertising income | 2,582 | - | 2,582 | |||
Other income | 1,108 | - | 1,108 | |||
£56,220 | - | £56,220 | ||||
Total | £56,220 | £49,620 | £97,217 | |||
5. | Total resources expended | |||||
Staff costs | Other costs | Total 2012 | ||||
£ | £ | £ | ||||
Charitable expenditure | 91,428 | 20,293 | 111,721 | |||
Governance costs | - | 2,200 | 2,200 | |||
£91,428 | £22,493 | £113,921 | ||||
Governance costs includes payments to the auditors of £61,440 for their fees and £6,760 for other services provided. | ||||||
6. | Expenses arising on charitable activities | |||||
Unrestricted | Restricted | 2012 | ||||
£ | £ | £ | ||||
Salaries | 52,816 | 38,612 | 91,428 | |||
Conferences and events | - | 4,718 | 4,718 | |||
Legal fees | 14 | - | 14 | |||
Rent, rates and service charge | 5,807 | - | 5,807 | |||
Heat and light | 500 | - | 500 | |||
Insurance | 471 | - | 471 | |||
Telephone and internet | 241 | 3,673 | 3,914 | |||
Stationery and photocopying | - | 1,132 | 1,132 | |||
Bank charges | 325 | - | 325 | |||
Office equipment | 1,725 | - | 1,725 | |||
Sundry | 302 | 1,385 | 1,687 | |||
£62,201 | £49,520 | £111,721 | ||||
7. | Trustees | |||||
None of the Trustees (or any persons connected with them) received any remuneration during the year. | ||||||
8. | Employees | |||||
Number of employees | ||||||
The average monthly number of employees during the year was: | ||||||
2012 number | ||||||
Administrative | 5 | |||||
Employment costs | ||||||
2012 | ||||||
£ | ||||||
Wages and salaries | 84,261 | |||||
Social security costs | 7,147 | |||||
£91,428 | ||||||
There were no employees whose annual remuneration was £60,000 or more. | ||||||
9. | Taxation | |||||
PET is exempt from corporation tax on its activities because of its charitable status. | ||||||
10. | Debtors | |||||
2012 | ||||||
£ | ||||||
Trade debtors | 5,916 | |||||
Prepayments and accrued income | 1,600 | |||||
£7,516 | ||||||
11. | Creditors: amounts falling due within one year | |||||
2012 | ||||||
£ | ||||||
Taxes and social security costs | 2,109 | |||||
Other creditors | 342 | |||||
Accruals | 2,000 | |||||
4,451 | ||||||
12. | Restricted funds | |||||
Movement on restricted funds was as follows: | ||||||
'Maximising Potential' project | 'Genes, Race and Ancestry' project | Merck Serono | Total | |||
£ | £ | £ | £ | |||
Transfer from previous charity | - | 7,023 | 1,500 | 8,523 | ||
Grants | ||||||
Wellcome Trust | 15,000 | 8,497 | - | 23,497 | ||
Merck Serono | 15,000 | 15,520 | 19,000 | 49,520 | ||
Total income | 15,000 | 11,112 | 12,500 | 38,612 | ||
Expenditure | ||||||
Personnel and support costs | - | 1,385 | - | 1,385 | ||
Travel | - | 3,023 | 650 | 3,673 | ||
Telephone and internet | - | - | 1,132 | 1,132 | ||
Stationery and photocopy | - | - | 4,718 | 4,718 | ||
Conferences and events | 1,800 | - | - | 2,280 | ||
Total Expenditure | 15,000 | 15,520 | 19,000 | 49,520 | ||
Surplus/(deficit) for year | - | - | - | - | ||
Fund balances brought forward | - | - | - | - | ||
Fund Balances carried forward | - | - | - | - | ||
13. | Share capital | |||||
The company has no share capital being limited by guarantee. The guarantors will contribute a maximum of £10 in the event of liquidation. | ||||||