Notes to the Accounts for the year ended 31 March 2012
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
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.