Page URL: https://www.progress.org.uk/notestoaccounts2014
This document is part of the Progress Educational Trust (PET)'s reports and accounts for the year ended 31 March 2014, as submitted to the Charity Commission and Companies House.
The charity's 2013, 2012, 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 2014


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.
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 2014 Total 2013
£ £ £ £
Donations and gifts 54,708 - 54,708 48,347
£54,708 - £54,708 £48,347
Donations were received by the way of the provision of services free of charge during the year totalling £2,800. No provision has been made in the accounts for this amount.

3. Investment income
2014 2013
£ £
Interest receivable 61 20
£61 £20

4. Incoming resources from charitable activities
Unrestricted funds Restricted funds Total 2014 Total 2013
£ £ £ £
Grants receivable - 25,978 25,978 17,382
- £25,978 £25,978 £17,382
Other incoming resources
Sponsorship 8,000 - 8,000 15,334
Conferences and events income 14,549 - 14,549 7,460
Consultancy income 25,530 - 25,530 52,716
Advertising income 11,333 - 11,333 7,265
Other income 1,100 - 1,100 2,465
£60,512 - £60,512 £85,240
Total £60,512 £25,978 £86,490 £102,622

5. Total resources expended
Staff costs Other costs Total 2014 Total 2013
£ £ £ £
Charitable expenditure 95,606 25,978 121,584 118,364
Governance costs 2,500 - 2,500 2,250
£98,106 £25,978 £124,084 £120,614
Governance costs includes payments to the auditors of £1,500 for their fees and £1,000 for other services provided.

6. Expenses arising on charitable activities
Unrestricted Restricted 2014 2013
£ £ £ £
Salaries 81,729 16,229 97,958 95,827
Conferences and events 467 6,279 6,746 5,020
Rent, rates and service charge 7,207 - 7,207 7,179
Heat and light 1,021 - 1,021 710
Insurance 838 - 838 537
Telephone and internet 2,258 750 3,008 3,531
Stationery and photocopying - 1,200 1,200 1,182
Bank charges 303 - 303 300
Office equipment 1,616 - 1,616 1,550
Sundry 167 1,520 1,687 2,528
£95,606 £25,978 £121,584 £118,364

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:
2014 number 2013 number
Administrative 5 5
Employment costs
2014 2013
£ £
Wages and salaries 90,575 88,295
Social security costs 7,383 7,532
£97,958 £95,827
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
2014 2013
£ £
Trade debtors 2,690 2,100
Other debtors 10,639 8,691
Prepayments and accrued income 1,603 1,600
£14,932 £12,391

11. Creditors: amounts falling due within one year
2014 2013
£
Taxes and social security costs 1,920 2,378
Other creditors 1,603 1,600
Accruals 2,000 2,000
5,523 5,978

12. Restricted funds
Movement on restricted funds was as follows:
£
Grants
Trusts and foundations 17,382
Total income 17,382
This grant was for a project concerning the public and professional understanding of donor conception.
Expenditure
Personnel and support costs 12,436
Telephone and internet 1,185
Stationery and photocopy 945
Conferences and events 2,816
Total expenditure 17,382
Surplus/(deficit) for year -
Fund balances brought forward -
Fund Balances carried forward -

13. Commitments under operating leases
At 31 March 2014 the company had annual commitments under non-cancellable operating leases as follows:
Land and buildings
2014 2013
£ £
Expiry date: between two and five years 6,000 6,000

14. 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.

15. Related parties
During the year, the Trustees made donations to the charity as follows.
Marcus Pembrey
John Galloway
Tony Hickinbotham
John Parsons
Laura Riley