Charity registration number 10514961England and Wales) Company registration number 03071174 THE IJURR FOUNDATION LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE IJURR FOUNDATION LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr T Goodfellow Dr E Jackson Professor Dr T Tasan Kok Professor B Lipietz DrLWan Dr C Rajagopal DrDAgbiboa DrAAruska De Souza Santos (Appointed 1 February 2024) (Appointed 16 November 2024) Secretary Mrs S Daisy Administrator Mrs S Daisy Charity number (England and Wales) 1051496 Company numbèr 03071174 Rggistered office % Professor Tom Goodfellow Department of Urban Sludie8 and Planning Room F16, Geography and Planning Building Winter Slreet Sheffièld S3 7ND Auditor Kingston Burrowes Audil Lld 308 Ewell Road Surbiton Surrey Iff6 7AL Bankers HSBC Bank plc 6 High Street Bishops Castle Shropshire SY9 5BJ
THE IJURR FOUNDATION LTD CONTENTS Page Trustees report Independent 8uditor's report Statement of financial aclivities 10 Balance sheet 11 Notes to the financial statements 12-17
THE IJURR FOUNDATION LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act, present their report along wtth the financial statements of the charity for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the 's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities,. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" Objectives and activities The aims of IJURR are to 'promote and improve social scientific research, education and scholarship in the field of urban, rural and regional studies,. To this end it may= 1. publish joumals, books, articles, bulletins, reports and other malèrials in any media. 2. arrange and host or support courses. workshops, seminars and other educational activities. 3. provide for individuals to participate in conferences, courses, workshops, seminars and other educational aclivities, and 4. arrange or support research and activities related to research Consistent with these aims. the Trustees have kept in mind the Charriy Commission's guidance on public benefit_ The Foundation focuses its activities on encouraging the training and career development of young researchers in the field of urban and regional studies, mainly those from low and middle-income countries as defined by the world bank. It thus aims to provide public benefils by increasing the educational opportunities for young researchers and by increasing Ihe capacity of Ihe5e young researchers to contribute to internationally recognised rese8rch in the field of Uan and regional studies, thereby enhancing this field of research. Currently, it does this by supporting studentships and writing up grants, as well as grants to attend irbtemalional conferenGe5. Details of Ihese are discussed below.
THE IJURR FOUNDATION LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Grant making pollcy The trustees allocate funds to four main types of activities in support of its objectives.. 1. Studenlships 2. Writing up grants 3. Conference travel grants 4. Other training events in urban studies studentships to contribute to educational public benefit, support for postgraduate research degrees are offered lo students who are within the field of urban and regional sludies. The Foundation is Gonrned to promote urban and regional research and within this broad field it is particularly keen to encourage an understanding of the interconnection belween social, economic and political processes and of the broader causes and effects of these processes. This means for example Ihal research whiGh examines policies ritically and focuses on their unintended. as well as intended. consequences is more likely to be supported than research on managerially defined questions. Conversely research which takes a 'technical' approach to urban and regional questions and does not place them within wider contexts of understanding is unlikely lo be given priority. Although these CDncerns are likely to lead to social scientisls such as sociologists, political scientists. geographers, economists and town planners predominating among applicants, olhers suGh as lawyers, cultural theorists, anthropologists and hislorians are not discouraged from applying. Studentships are intended to pemiit students, generally from low and middle-income countries, to pursue postgraduate research degrees. In rècent years studenlships have been awarded to students from countries including Turkey, Lebanon, China, India, Pakistan, Kenya, Brazil and Ethiopia. Since 2005. only applicants whose nationality falls into the countries listed as low and middle-income by the World Bank classification have been eligible to apply. The value of the studenlships is normally up to £12000 per annum and Ihey will be for one years, duration (in ent years more smaller grants have been awarded). The Trustees have the discretion lo increase Ihis in the light of special circumstances or hardship. The studentship can be spent on living expenses or fees but is not intended to cover the full costs of being a student. and applicants will need to apply to other sources of funding. IJURR Foundalion studentships may be held in any department where the Trustees are satisfied with supervisory arrangements for research on urban and regional subjecis. In general, these will be departments with a tradition of supervision in these areas, but applicants may supply other evidence of the appropriateness of the department. All studentships are conditional on acceptance by the university department. Achievements and performance Significant aCtivitS and achievements against objectives studentship: studentship awards were paused for the year 2024. Writing-up gTants- 136 applications were received from 34 countriés (compared with 70 from 27 Gountries in 2023.) 11 awards totslling £46, 162 (grants valued between £1000 and £50001 were awarded to applicants from the Indonesia, Brazil {3),Ethiopia. Egypt, Lebanon, India, China, South AfriGa and Peru. Confvrencg travel grants: contributed £20,000 to RC21 Summér School in Chile held summer 2024 (paid in year ending June 2025} Other Training activities,. Two majority regions workshops funded at £5,000 each to support early career researchers lo publish in aGademic journals. Held in Thailand and Ghana.
THE IJURR FOUNDATION LTD TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Financial review The Foundation is reliant on income from Ihe Intemational Journal of Urban and Regional Research which is run by a wholly owned subsidiary of the Foundation. The income for 2023124 was £137,769 (2022123.. £98,096). This is supplemented by interest from the Foundation's COIF account where Ihe annual incorne is invesled. The Foundation does not hold investments. The Foundation spent £67,454 in 2023124 (2022123.. £181,123>. Administrative cosls are kept to a reasonable minimum tsking account of the international scope of the Foundation. Investment policy and perfornian¢e The investment policy of the Foundation 15 simple. Income is reiVed from URP and all the income is invested in the COIF account. This generates a small amount of interest per annum. Funds are drawn down through the yèar as needed. The Foundation does not use investment advisors Sin il does not hold long term balances of sufficient size lo make this worlhwhile. Given these factors the Foundation has not considered the need for an ethical investment policy. Reserves policy The Foundation reiVed a one-off payment from URP as well as significant increase in the expected annual Income. The increased income allowed The Foundation to expand ils programme of grants and bursaries. The Foundation responds to applications for grants after ils annual income has been received. In this way Ihe Foundation is able to plan and maximise its annual expenditure. Where commitments are made beyond the academic year in question, the Foundation retains reserves to cover these commitments. Unrestricted reserves at 30 June 2024 amounted to £360,386 (2023.. £286,372).
THE IJURR FOUNDATION LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Structuro. governance and management The IJURR Foundation Ltd (formerly FURS) was set up in 1995 as a chariiy under the Companies Act. Its main source of income is the surplus generated by the Intemational Joum81 of Urban and Regional Research, the leading critical urban and regional studies journal established in 1977 and published by Wiley Publishing. IJURR is run by Urban Research Publications. a wholly owned subsidiary ofthe Foundation. The affairs of the Foundation are managed by a governing body of Trustees. Trustees are appointed at General Meetings of the Foundation. Members of the Foundation consist of.. 1. Trustees appointed or elecled at general meetings. 2. Members of the Editorial Board of the Inlernational Journal of Urban and Regional Research. 3. Other persons elected at an Ordinary meeting of the Foundation, up to a maximum of five. The articles of associalion of Ihe Foundation provide that Ihere should be a minimum of five trustees and a maximum of ten. They also specify that at each Annual General Meeting of the Foundalion two trustees should resign. They may be re-elected at this point. All Trustees give their time on a voluntary basis and receive no remuneration or benefrts beyond reasonable expenses for attending Trustees. meetings. Members of the Editorial Board of the Intemational Joumal of Urban and Regional Research who are paid any remuneration by the Journal are not eligible to be Trustees, but in order lo mainlain links between the Joumal and the Foundalion,. it is practice to include amongst the Trustees two unremunerated members of the Editorial Board. The articles of association provide that such members should be a minority of Truslees. The Trustees meet On a year to consider the award of grants for the following year and to consider the progress of the Foundation in meeling tts objectives to promote and improve social scientific research, education and scholarship in the field of urban, rural and regional studies. At this meeting they also consider reports on the progress and outcomes of studentships and other grants awarded by the foundation. Trustees are appointed on the basis of their expertise in this area and in order lo reflect the international nature of the studies, which fall within the scope of the Foundalion. The Administrator manages the processes of application for funding from the Foundation as well as maintaining its website Ihttp'.Ilvvww.ijurr.orglijurr-foundationl) and much ol the communication with recipients of funding. Risk Management The Foundation has negligible risks and no liabilities beyond its annual expenditure. The Foundation neither owns nor rents premises and does not hold any investments. The Administrator is paid by honorarium, but is nol an employee. The Trustees allocate grant funds annually. These allocalions are made afier recèipt of. and well within, the annual income. The release of the main funds for studenlships is made two times a year to coincide with university terms. Oiher funds are released at the start of Ihe academiG year for research travel and related costs. Additional expendilure is made on other academic activities and there are trustees. expenses. These items are modest. The main risk occurs where commFtmenls are made beyond Ihe academic year in question, for example for bi- annual support to the RC21 summer school. In these casès the Foundation relains funds in its COIF accounl to cover these commitments in the case Ihat income for the following year falls below expectations.
THE IJURR FOUNDATION LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial staternents were- Professor J Boudreau (Resigned 14 January 2024> Professor C Lemanski (Resigned 6 September 2024) Dr T Goodfellow Dr E Jackson Professor G Feltran Professor Dr T Tasan Kok Professor B Lipietz DrLWan Dr C Rajagopal Dr D Agbiboa Dr AAruska De Souza Santos (Resigned 15 November 2024) (Appointed 1 February 2024) (Appointed 16 November 2024) Recrutiment and appointment ol trustees None of the trustees has any beneficial interest in the COTnpany. All of the trustee5 are members of the company and guarantee to Gontribute £1 in the event of a winding up. Statement of Trustees responsibilitles The trustees, who are also the directors of The IJURR Foundation Ltd for the purpose of company law, are responsible for preparing ihe Trustees Report and the financial statements in accordan wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accour)ting Practice). Corr7pany law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, Ihe trustees are required to: In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles iri the Charities SORP.. make judgements and estimates that are reasonable and prudent- and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial posilion of the and enable them to ensure that the financial statements comply with the Companies Act 2Q06. They are 8lso responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: thère is no relevant audit information of which the charitable company's auditor is unaware and the trustees have taken all steps that they ought to have laken lo make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that informalion The trustees are responsible for the maintenance and integrily of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing Ihe preparation and dissemin8tion of financial statements may differ from legislation in other jurisdictions.
THE IJURR FOUNDATION LTD TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Audltor In accordance with the company's articles, a resolution proposing that Kingston Burrowes Audit Ltd be reappointed as auditor of the company will be put at a General Meeting. Dlsclosure of information to audltor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomiation and to establish that the auditor is aware of such information. The Trustees report was approved by the Board of Trustees. Dr T Goodfellow Trustees 28 March 2025
THE IJURR FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE IJURR FOUNDATION LTD Opinion We have audited the financial statements of The IJURR Foundation Ltd {the ") for the year ended 30 June 2024 which comprise the statement of financial activities. the balance sheet and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied i n their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Thg Financial Repothng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PracticE}. In our opinion, the financial slatements= give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with Ihe requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK}l and applicable law. Our responsibilitie5 under those standards are further described in the Auditorfs responsibilities for the audrf ol the financial statements section of our report. We are independent of the in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material UnrtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the 's abilily lo continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevanl sections of this report. other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the olher information contained within the annual report. Our opinion on the financial statements does not cover the other informalion and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial slatements or our knowledge obtained in the course of the audil, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statemenls themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit". the information given in the Trustees report for the financial year for which the financial statements are prepared, which includes the directors, repori prepared for the purposes of company law, is consislent with the financial statements., and the directors, report induded within the Trustees réport has been prepared in accordance with applicable legal requirements.
THE IJURR FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE IJURR FOUNDATION LTD Matters on which we are roquired to report by exception In the light of the knowledge and undèrstanding of the and its environment obtained in the course of the audit, we have not identified material misstatements in the direclors, report included within the Trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires US to report to you if, in our opinion.. adequate accounting records have not been kepl, or returns adequate for our audit have nol been received from branches not visited by us- or the financial statements are not in agreement with the accounting CordS and returns,. or certain disclosures of trustees, remuneration specified by law are not made., or we have nol received all the informalion and explanations we require for our audit., or the trustees wère not entitled to prepare the financial ststements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Truslèes report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of Trustees responsibilities, the trustees, who are also the directors of the for the purpose of company law, are responsible for the preparation of the financial slatements and for being Satisfied that they give a true and fair view, and for such internal Control as the Irustees delermine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the truslees are responsible for assessing the 's ability lo continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the Irustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilltles for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstslement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled lo influence the economic decisions of users taken on the basis of these financial statements. Irregularilies, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irreg ularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management, Ihose charged with govemance about actual and potenlial litigation or claims and identification of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls. including through testing joumal entries and other adjustments for appropriatenes5. Performing analytical procedures to identify any unusual or unexpected r91alionships that may indicate risks of material misstatement due lo fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitalions of an audit. there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statement5 Qr non-compSiance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatements, as we will be less likely to become aware of InStanS of nortrcompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlation.
THE IJURR FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE IJURR FOUNDATION LTD A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=/l www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitatrje company's members those matters we are reqUId lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Gharitsble company and the charitable company's members as a body, for our audit work, forlhis report. or for the opinions we have formed. Kèvin Fisher BA FCA CTA (Senior Statutory Auditor) For and on behalf of Kingston Burrowes Audit Ltd, Statutory Auditor 308 Ewell Road Surbiton Surrey KT6 7AL 28 March 2025
THE IJURR FOUNDATION LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income from: Donations and legacies Snvestments 137,769 3,699 98,096 1,855 Total income 141,468 99,951 Expenditure on: Charitable activities 87,454 181,123 Total expenditure 67,454 181,123 Net incomel{expenditure) and movement in funds 74.014 (81,172) Reconciliation of funds.. Fund balances at 1 July 2023 286.372 367,544 Fund balances at 30 June 2024 360,386 286,372 The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
THE IJURR FOUNDATION LTD BALANCE SHEET ASAT30 JUNE 2024 2024 2023 Notos Fixed assets Investments 10 100 100 Current assets Debtors Cash at bank and in hand 11 96,644 268,747 83,875 204.287 365,391 288.162 Creditors: amounts falling due within one year 12 (5,105} {1,890) Net current assets 360,286 286,272 Total assets less current liabilities 360,386 286,372 Tha funds ot the Unrestricted funds 13 360,386 286,372 360,386 286,372 283-2025 The financial statements were approved by the trustees on ......................... Professor Dr T Tasan Kok Trustees Company registration number 03071174 {England and Wales) 11
THE IJURR FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charlty information The IJURR Foundation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is C/0 Professor Tom Goodfellow, Department of Urban Studies and Planning, Room F16, Geography and Planning Building, Winter Street, Sheffield, S3 7ND. 1.1 Accountlng Convention The tinancial statemerrts have been prepared in accordance with the 's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in thè UK and Republic of Ireland" and the Chartties SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" The is a Public Benefit Entily as defined by FRS 102. The has taken advantage of the provisions in the SORP for Gharities nol to prepare a statement of cash flows. The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost convenlion. Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valvel. The principal accounting policies adopted arè set out below. 1.2 Going concern At the lime of approving Ihe financial statements, the Irustees have a reasonable expectation thal the has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discrets'on of the trustees in furtheran of their charitable objertives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the . 1.4 Income Income is recognised when the is legally entitled lo it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once Ihe has been nolified of the donation, unless perfomiance conditions require deferral of Ihe amount. Income tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenanl is recognised at the time of the donation. Legacies are recognised on reIpt or othewse if the has been notified of an impending distribution, the arnount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 12-
THE IJURR FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each aclivity are made up of the lolal of dir* costs and shared costs, including support Costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more Ihan one activity and support costs which are not attributable to a single aclivily are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of tirne spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Flxèd asset investments The charity has one wholly owned subsidiary. The subsidiary undertaking is valued at cost less any cumulalive impairmenl losses in the charity's acKounts 1.7 Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure. Income from donations and legacies Unrestricted Unrestricted funds funds 2024 2023 Donations and gifts 137,769 98,096 Donations and glfts Covenanted donation 137,769 98,096 137,769 98,096 Incoma from investments Unrestricted Unrestricted funds funds 2024 2023 Bank interest 3,699 1,855 13-
THE IJURR FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Expenditure on charitable activities Cost of charitable activitles 2024 Cost of charitable activities 2023 Direct costs Sponsorship and fellowships Workshops 41,481 7,302 161,540 3,245 48,783 164,785 Share of support and governance costs (see note S) Support Governance 13,447 5,224 13,496 2,842 67,454 181,123 Analysis by fund Unrestricted funds 67,454 181,123 Support costs allocated to activities 2024 2023 Secretarial honorarium Bank charges Other expenses Governance costs 12,500 454 493 5,224 12,500 874 122 2,842 18.671 16,338 Analysed betweon: Cost of charitable activities 18,671 16,338 2024 2023 Govemanee costs comprise: Audit fees Trustees, expenses 1,980 3,244 1,890 952 5.224 2,842 14-
THE IJURR FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting}'. Fees payable for the audit of Ihe charity's financial statements 1,980 1,890 Trustees None of the trustees {or any persons connected with them) received any remuneration or benefits from the during the year. Travelling and subsistence expenses reimbursed to 8 (2023.. 4) trustees totalled £3,244 {2023= £952). Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneralion was more than £60.000. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 10 Fixed asset investments other invostments Cost or valuation At 1 July 2023 & 30 June 2024 100 Carrying amount At 30 June 2024 100 At 30 June 2023 100 2024 2023 Other investments comprise.. Notes Investments in subsidiaries 14 100 100 15-
THE IJURR FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 11 Debtors 2024 2023 Amounts falling due within one year: Other debtors 96,644 83,875 12 Creditors: amounts falling duo within one year 2024 2023 Accruals and deferred income 5,105 1,890 13 Unrestrlctod funds The unrestricted funds of the charity comprise the unexpended balances of donalions and grants which arg not subject to specific ¢onditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 July 2023 Incoming resources Resources expended At 30 June 2024 General funds 286,372 141,468 (67,454) 360,386 Previous year: At 1 July 2022 Incorning resources Resources expended At 30 June 2023 General funds 367,544 99,951 (181,123} 286,372 14 Subsidiaries Delails of the 's subsidiaries at 30 June 2024 are as follows- Name of undertaklng Registered office Nature of business Class of shares held % Held Direct Indirect Urban Research Publications Limited UK Publication Ordinary 100.00 The aggregate capital and reserves and the result for Ihe year of subsidiaries excluded from consolidation was as follows.. Name of undertaking Profrtl(Loss) Capital and R8s8rves Urban Research Publications Limited 10.885 16-
THE IJURR FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 15 Related Party Transactions The Urban Research Publications Limited produ$ the Intemational Journal of Urban and Regional Research, and covenants all of its tsxable profits transferred to the charity included in donations reIved. A summary of their tradin9 results is shown below. 2024 2023 Turnover Cost of Sales 350.388 325,670 350,388 325,670 LOLS: Overheads 212,619 227,574 Net Profit 137,769 98,096 Amount Covenanted lo the Charity 137,769 98,096 Less= Taxation Retained in Subsidiary £Nil £Nil Net Assets at 30 June 2024 £10,885 £10,885 16 Future Financial Commitments At 30 June 2024 the company had agreed to provide sponsorship and workshops of £ 24.792 (2023.. £ Nil) 17-