CHARITY REGISTRATION NUMBER: 1161043 A.R.l.C.D. (CIO) Unaudited Financial Statements Year ended 31 March 2025 HENRY MURRAY & CO. Chartered accountants 23 Church Place Lurgan Go. Armagh BT66 6EY
A.R.l.C.D. (CIO) Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities 12 13 Statement of financial position Notes to the financial statements 14 15 The following pages do not form part of the financial ststements Detailed statement of financial activities 25 Notes to the detailed statement of financial activities 26
A.R.l.C.D. {ClO) Trustees, Annual Report Year ended 31 March 2025 The trustees present their report and the unaudited financial statements of the charty for the year ended 31 March 2025. Reference and administrative details: Registered charity name A.R.l.C.D. {ClO) Charity registration number 1161043 Principal office Hill Dickinson LLP 50 Fountain Street Manchester M2 2AS During the year ended 31st March 2025, ARICD operated within the governance and structures of a Chartered Incorporated Organisation {CIO). ARICD was allowed to become a CIO in March 2015 (Registration No.. 1161043). MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS The Trustees Dr S Bloomfield Bsc Hons, MBChB, MD, FRCPCH, FRCPE, DCH Dr P McAlinden, MBBCh, BAO, DCH, DRCOG, DA, MRCGP, FRCPCH, Msc Ms Hilary Lane BA, MA, C.Clin.Psychol. PSSI, AFPSSI Professor Louise Stroud B.Cur- BA Hons (Psych),. MA (Clin.Psychl', D.Phil {Psychology) Ms Solange Femandes Fale Clinical and Health Psychologist,. Superior Health Technician Assistant_ Ms Marta Kalas MA, MBA, MRSPH Mr Louis Coke Chartered FSCI Dr Brad Jongeling, MMBS, FRACP. Dr. Paul O'callaghan, Bsc, HDipEd, Bacc, DECAP Independent Examiners Henry MuTray & Co. Ltd Chartered Accountants & Registered Auditors 23 Church Place Lurgan Craigavon. B T66 6EY Bankers Lloyds TSB Bank PIC 27-31 White Hart Street High Wycombe Bucks, HPI12HL Insurers Markel (UK) Limited, Th¢ Markel Building, 49 Leadenhall Street London, EC3A 2EA
A.R.l.C.D. (CIO) Trustees. Annual Report (contlnued) Year ended 31 March 2024 Web Master Andy Moore Creative Services 15 Baroness Road London E2 7PW Statistical Consultant Dr Johan Cronje Nelson Mandela University (NMU) Port Elizabeth South Africa Dr Bri Farragher Liverpool School of Tropical Medicine Pembroke Place LS 5QA Website Address www.aricd.ac.uk Facebook page www.facebook.com/ iffiihs Follow us on Twitter ricd2
A.R.l.C.D. (CIO) Trustees, Annual Report (tontinuèd) Year ended 31 March 2025 A.R.l.C.D. (CIO) Trustees, Annual Report (eontlnued) Year ended 31 March 2025 Structure> governance and management The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. The trustees present the full year accounts in the report for the CIO (Registration No.. 1161043) REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements. Trustees and Principal Officers The following are in place following the AGM in October 2024 S. Bloomfield (President) Vacancy Ivice President) Hilary Lane Isecretsry) P. McAlinden (Treasurer) Solange Fernandes Fale Prof. Louise Stroud Marta Kalas Louis Coke Brad Jongeling Paul O'callaghan Structure, Governance & Management A Board of Trustees of unpaid members administers the Association. The honorary officers of the Board oversee the day-to-day activities of the Association as 'Holding Trustees. and are responsible to the Board of Trustees for the overall administration of the Association. The post of Vice President is vacant since the last AGM but posts of Treasurer and Secretary were filled so there are three officers. a) Committees The main Association committees are.. Training Education and Equipment Committee Research Committee ITI website Committee Each committee reports to the Board of Trustees, which approves major decisions and has overall responsibility for all the Association's activities. A Griffiths Scales Board of ARICD Officers and test development team members continues to provide a focus for discussion between ARICD and Hogrefe UK, the publishers of Grrfriths 111 and GDS-C. The Griffiths Scales Board reports to the Board of Trustees. b) Tnisteé S816Ction. appointment and competence
The Truslees are elected at the Annual General Meeting by members of the Association from amongst their number, following submission of nominations prior to the meeting. According to the CIO Constitution, the minimum number of Trustees is 6, the maximum is 12 which shall include all officers. In addition, the Trustees can nominate 3 further charity trustees having the requisite skills to further the objects of the CIO. At every AGM one third of the charity trustees shall retire from ofFice if practicable to do so while maintaining the minimum number of trustees. In the best interests of the CIO, the 3 year term of Officers shall be maintained, also ensuring not all Officers or Trustees retire at the same time. The trustees to retire by rotation shall be those who have been longest in office. Vacancies so arising may be filled by the decisions of the members at the AGM. The Board of Trustees monitors its membership to ensure an adequate level of skills and expertise relating to the dtfferent areas of the Association's activities, as well as maintaining a balance between medical practitioners and psychologists. Representatives of different areas of the world where the Griffiths Scales are used, are encouraged. The officers are constantly alert to identify potential new membets with appropriate background and skills to replace retiring members and fill other vacancies. New Twstees receive individual tuition from the Officers and current Trustees to acquaint them with the Association's aims and activities, policies and practices, management and governance. Regular updates are provided to all Trustees, via committee meetings and through the website. In addition, Holding Trustees {Officers of the Association) are infomied of their responsibilities under charity law with particular reference to Charity Commission guidan publications. Training opportunities are linked with regular reviews of strategy and objectives. The Annual General meeting took pla virtually in October 2024. Dr Elizabeth Green and Dr. Kavitha stepped down as a Trustees. Dr Brad Jongeling and Dr Paul O'callaghan were voted in as new Trustees The three offirS continued their appointment. c) Trust Deed The governing instrument for the CIO charity No 1161043 is the CIO Constitution for ARICD which was approved by the Charity Commission in March 2015. This contains the purpose and constitution ofARICD. Objectives, Benefits & Activities Objectives The aims of the Association are". To promote and maintain standards of work in the diagnostic testing of babies and young children using the Griffiths scales. 2. To foster studies and research designed to increase knowledge and understanding of mental development problems in very young children. 3. To organise meetings for the exchange of ideas and the furtherance of activities designed to help both typically and atypically developing children of all groups b) Benefits Public benefit to children's health by ensuring that the Griffiths Mental Development Scales remain up to date and valid for their application in the country of use. 2. Public benefit by education to Tutors and other health professionals in the field of child development and disability. Tutors, meetings are restricted to Tutors but educational meetings are open to all relevant professionals. 3. Public benefit by education, by fostering studies and research with maintenance of the validity of the Griffiths Mental Development 6Gales through Gourse6 and étudy days.
Activities The Association fulfils its objectives through three main activities: The maintenance of the relevance of the Griffiths Scales to today's children by constant research to re-standardise the Scales and investigate their relevance against appropriate nomiative populations. 2. Regular educational opportunities are offered to the Tutors of the Scales. Support and advice are provided in the running of Courses to train successive generations of paedialrician5 and psychologists in child development, and the use of the Scales in particular, in many parts of the world. 3. An International Scientific Meeting and other educational meetingslworkshops take place with lecturers of internationally high standard to foster understanding of child development. Participants attend from many parts of the world. Activities durlng 2024-2025: a) 2024 was an exciting year as ARICD celebrated the 70th Anniversary since the launch of the initial Griffrths Scales in 1954. A celebratory International Scientific event was held at the Royal Society of Medicine in October 2024. The meeting was opened by Professor Steve Turner, President of the Royal CoSlege of Paediatrics and Child Health. An international panel of speakers addressed the Iheme of 'Who is the Child of 2024?, to both an in-house and a worldwide online audience. Poster presentations, displays of present and older Grifriths kits and a video loop of Ruth Grrfiths also made the day special. b) Work continued on invesligating ways of streamlining and scaling the ever expanding work of ARICD. It was agreed that a Business Advisor was required and following interviews with six candidates, Sarah Geoghan, a freelance consultant was appointed on a rolling contract. She was introduced to the Board at the July meeting and work continues on the transfomiation of the work of the association. c) ARICD continues to look for new Trustees from wilhin the organisation as well as extemal candidates. A skills audit was carried out with existing Trustees. Advertisements were drawn up and placed on the NCVO website and on Linkedln. d) Two new Trustees were appointed, Dr Brad Jongeling a paediatrician from Perth Westem Australia and Dr Paul O'callaghan a psychologist currently working in Saudi Arabia. New Trustees are encouraged to join a committee and Brad Jongeling joined the IT committee and Paul O'callaghan the Research commlee. Laura Jellins, a tutor from Australia joined the Training committee. e) The association's Strategic Objectives for the next 5 years were addressed by the Board. Five main areas were highlighted.. Goals for ARICD as an organisation., Financial Stability., Research., Expanding the use of the Griffith scales worldwide and Education. Towards the end of 2024, it was felt that we had sufficient funds to consider investments to increase our retum whilst keeping sufficient reseNes for the projected costs as bank accounts yielded a low return. The money invested would be used specifically for the charitable aims of ARICD including research and furthering the development of the Griffiths Scales. A specific Trustee board meeting for investment decisions was held on November 6th 2024 with subsequent discussions at Board meetings later in November 2024 and February 2025. From a charity regulation perspective we agreed to follow government and charity commission advice, which includes only choosing only banks with a UK banking license and not more than £85k to be invested per institution to remain wtthin FSCS protection levels. Presentations were made on investment platforms versus individual investments plus engaging a business advisor.
Following discussion the decisions made were.. 1) That we will hold sufficient reseNes to cover immediate and annual expenditure. 2) The money to be invested will be a resource to be used specifically for advancing our charitable purposes which includes research and furthering the development and use of the Griffiths scales. All Trustees gave unanimous approval for the proposal to engage Insignis Asset Management which had been narrowed down as the best option for ARICD. The majority of Trustees present agreed that an adviser (Dohety PIC) should be engaged (very small additional costl to help Trustees decide on best options for investment. The need for a ReseNe and Investment Policy was agreed, which would be a work in progress. A number of investments were made towards the end of March 2025 of 3, 6 and 12 month fixed term to allow easy access but with the best return. The Trustees will be vigilant to ensure the best return on investment and this will be reviewed at every Trustee Board meeting. g) Dialogue continues beeen LIH, the distribution and training organisation in China, and ARICD with meetings in July and November. LIH reported that COVID and the economic downturn plus tightening of Govemment legislation in China had caused some issues which meant they needed to restructure their business model. Links continue to need to be strengthened between ARICD and the academics and paediatricians who are the users in China. h) Biannual GrifFrths Board meetings with our publisher, Hogrefe continued over this time period with some interim meetings taking pla on key issues. A response from the BPS (Psychological Society) is due on accreditation of the Griffiths111 which would confirm that the test meets rigorous professional standards for validity, reliability, and ethical use, in line with the European Federation of Psychologists, Associations (EFPA) test review model . Development of the short form of Griffiths111 (currently referred to as the Griffiths Developmental Gauge GDG) is continuing with discussions ongoing about the future development of the Griffiths IV. The expansion of the Griffrths into the US market is moving ahead with Hogrefe planning on carrying out a standardisation project with US children. A Guide to Administration was produced to help people administer the test items in sequential fashion. This is available in the Tutor Pack to use on training courses. Th& Wheel of Interpretation is finalised and will be of help to clinicians in the interpretation and reporting of the test results of the Griffiths111. i) The Research Committee continues its vast and important work under Chair Dr Elizabeth Green and lead researcher Professor Louise Stroud. Its work is to the forefront of what we do, rt takes us forward, infomis our practice and is the basis of our organisation. A new framework is required and support is vital. To this end it was agreed to employ an Administrative Assistsnt on a contractual basis to help with the work of the committee. j} In May 2024, it was noted that translation and script requests were growing worldwide, with at least 12 or 13 ongoing at the time. Contracts need to be set up between ARICD, Hogrefe UK our publisher and those requesting translations. k) The WHO requested an online scoring version of the Griffiths111 for use of their major project. Hogrefe has developed a "Quick score" specifically for Ihe WHO, who are testing well over 3,000 children, a huge undertaking for their study. It is an online programme using the Hogrefe digital platform. Griffiths111 is being used as the gold standard and being matched against a screening tool worldwide for big populations in low income Countries to see if it is robust in picking up children with developmental difficulties. l) The topics of IP, copyright and Al remain areas under discussion in relation to all our work, and research in particular_
m) The paper published in Springerfs Joumal of Autism and Developmental Disorders which used the Griffiths name in its title has been changed and the supplemental material, which is where most of our copyright material was found, has been removed. The amended article was published early in 2025 is now litled the Developmental Autism Early Screening Test. At the end of the article they made a declaration lo say this article is entirely their own work and is in no way an extension of ARICD'S ongoing work. n) In Line with ARICD'S strategic objective on expanding the audience for the Grffiths Scales, especially in the US, the Board of Trustees agreed to support ARICD member and Tutor from India, Dr. Ezhilmangai Ravichandran Poorani's poster presentation at the Society of Developmental Behavioural Paediatrics Conference in Washington DC in September 2024. o) The TEEC chaired by Dr Paula McAlinden continues to receive requests from around the world for training in the use of the Griffiths Scales. There were 24 Practical Griffrths courses around the world in the last year. Places included the following.. UK 3 (London, Oxford, Edinburgh), Ireland 2 (Dublin, Co. Meath) Israel {2}, Portugal 3 {Lisbon, Porto, Coimbra). Australia 10 ( Perth 3. Brisbane 1, Sydney 3, Adelaide 1, Queensland 2), New Zealand 1 (Rotorual, Indonesia (Bandung 1} and Kuwait 1. New users are reported to have doubled over the last few years. There are now approximately 200 new registrations annually and there are now 2793 Griffiths111 registered users on our database. Over the past year, the Portuguese tutors worked on a Portuguese version of the video training course and will run their full courses of both the online and face-to-face modules. The KIND Centre for Neurodevelopmentsl Disorders at the Karolinska Institute in Stockholm now run a Grrffiths111 training package as a part of their suite of training materials for psychologists in Sweden where there is a complete Griffiths111 translation. They reported that they have 65 psychologists signed up for the course. Appointment of Tutors continues to be monitored by the training committee with a clear pathway to become approved. 6 new tutors were appointed and a further 10 are at various stages of training. Tutor recertrfication was implemented for active tutors and is valid for 3 years. Guidelines are being drawn up for consider on-line training options for those in remote areas. Planning is taking place for an International Tutorworkshop in May 2025. p) The ITMlebsite committee was chaired by Dr Emi Okamoto until the end of March 2025 and it is proposed Solange Fale will take over this remit. The committee is in the process of reviewing its terms of reference. work plan and drawing up a list of wort<streams. prioritie5 and tasks. They are working hard on transforming work processes to streamline operations including a new email system for the organisation being implemented in November 2024. Along with our Business Advisor, they are exploring implementation of a CRM system. Financial Review The Association is reliant on its royalty income, together with its income from sales of tutorial materials, books and videos, conference fees and members, subscriptions received plus investment income. Reserves Policy The Trustees aim to maintain free reseNes in unrestricted funds at a level that equates to at least 6 months unrestricted expenditure. The Trustees consider that this level will provide sufficient funds to support research and ensure there are also sufficient funds available to cover support and govemance costs.
Charity Commission Governance Code Guidelines have been produced to enable charities to ensure they are following their aims with due diligence. They are not a legal or regulatory requirement (this should already be in place) but tt sets out 7 principles which are deliberately aspirational and are a tool aiming towards continuous improvement of the charity. l. Organisational purpose These are clearly stated in our Objects, Benefits and Activities as above and continue to be our guiding principles. Our Strategy days in 2019 and recently in early 2024 helped us re-focus on this. 2. Leadership - We have a clear structure of committees and chairs. The challenge is to recruit from new members of ARICD to keep membership of committees up to full complement with those who have appropriate skills. A Schedule of Delegation is now in place 3. Integrity - We require all new trustees to sign a declaration that they have no previous actions or conflicts of interest which would bar them from office 4. Decision making, risk and control we have a committee structure with all reporting to the Trustee Board for final decisions where appropriate We have a risk register which is updated regularly and work-plan which is in process of being updated. We have both an accountsnt and lawyer for our organisation who are available and responsive. We have worked towards data protection compliance with a privacy policy and management of data. 5. Board effectiveness - we have reporting structures in place to help make decisions, with a hard-working group. The Board of Trustees, chaired by the President, meets at least quarterly and are in regular contact. We realise however all members of committ5 have constraints on their time and are worldwide. Electronic communication has helped including the implementation of the Trust Governor system for meeting management. 6. Diversity - ARICD has worldwide membership and we are endeavouring to include a wider group into the Trustee Board and committee membership 7. Openness and Accountability all minutes are available to members and accounts are transparent Performance compared to last year's plans a) ARICD worked to ensure continued compliance with the Charity Commission Govemance Code. b) Regarding the ongoing plan to secure a sound financial base which can support the development of the short form of the Griffrths, the Griffiths IV and other areas of research, it was agreed to invest some funds, whilst keeping sufficient reserves for the projected costs, for the next 6 months. A number of investments of beeen 3-9 months fixed tem have been made. c) Accreditation of the Griffiths111 by the BPSIEFPA is due over the next few months. d) Translations of the Griffiths111 script and validations of the test continued in many countries. e) The Strategic Plan for ARICD for the next 5 years was updated with targets and action planning to ensure the association meets its mission. The day-to-day work of the association is in the process of being streamlined with the appointment of a Business Consultant, to ensuring efficient operations, using up to-date, secure, structured data systems to manage research, finances, ARICD communty engagement, risk management, and govemance. A new email system is now in place. g) Systems of policies and procedures are in place to guide decipion making. h) Training in the Griffiths111 continued to expand in countries around the world. i) To further the use of the Griffith scales, a US standardisation of the test, in conjunction with Hogrefe is underway. j) International educational meetings, tutor workshops and tutor reaccreditation maintained the profile of the Griffiths Scales and educational standards. Plans for Future Periods for ARICD number 1161043 (CIO) a) To continue to be financially sustainable to run the organisation, to support research development and expand ARICD and the Griffiths Scales community worldwide. Also to prepare for and support the development of Griffrths IV. io
b) To have active, dynamic Board of Trustee and Committees to take forward ARICD into the next decade c) Planning for the Board and committees to have at least one Trustee with each of the following skills as identified by the Board i.e. Clinicians/ Tutors, governance, management, financial and marketing. d) To continue to develop automated pathways to reduce manual workloads and consider moving to a djfferent business model for the charity. e) To minimise identified risk exposure across all areas ( Privacy, IT, IP, Financial) and ensure compliance. To develop a strategic research framework to ensure our research will be to the forefront of the work of the association and maintain high academic and research standards in today's world. g) In line with ARICD'S vision statement, to continue to grow the use of the Griffith Scales worldwide. h) To maintain good stsndard of teaching in current child development and assessment processes and keeping up to date with educational theory Insurance The Trustees are covered by technical insurance to protect them from any liability assumed by their duties for the Charity which is allowed under The Charities Act 2006. ARICD has employee cover. Trustees, Responsibilities Charity law requires the Trustees to prepare the financial statements for each financial year, which gives a true and fair view of the state of affairs of the charlty and of its financial activities for that period. In preparing those financial statements the Trustees are required to= Select suitable accounting policies and then apply them consistently- b. Make judgements and estimates that are reasonable and prudent., State whether the Statement of Recommended Practice, Accounting by Charities and the Financial Reporting Standard for Smaller Entities have been followed subject to any material departures disclosed and explained in the financial statements., d. Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue to operate. Association for Research in Infant and Child Development The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charilies Act 2006, the Charity {Accounts and Reports) Regulations and the provisions of the CIO Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other iegular1ties. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in othtrr jurisdictions. Statement of disclosure of information to auditors We, the Trustees of the charity who held office at the date of approval of these financial statements, as set out above, each confirm so far as we are aware, that: there is no relevant audit information of which the charity's auditors are unaware.. and we have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit infomiation and to establish that the charity's auditors are aware of that infomiation
The trustees, annual report was approved on trustees by-. 7- 8- ?.Y........ and signed on behalf of the board of Dr Susan Bloomfield President
A.R.l.C.D. (CIO) Independent Examiner's Report to the Trustees of A.R.l.C.D. (CIO) Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of A.R.l.C.D. (CIO) ('the charity,) for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charrty's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5}(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fail view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Peter Gogarty FCA Independent Examiner &Chartered Accountsnt For and on behalf of Henry MUaY & Co Ltd 23 Church Place Lurgan Co. Amiagh BT66 6EY 12-
A.R.l.C.D. (CIO) ststement of Financial Activities Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Donations and legacies Other trading activities Investment income Other income 20 167,409 4,185 3,194 131,548 4,862 4,388 131,548 4,903 4,388 41 Total income 140,798 41 140,839 174,808 Expenditure Expenditure on charitable activities Total expenditure 88,768 88,768 74,216 88,768 88,768 74,216 Net gains on investments 10 790 790 159 Net income and net movement in funds 52,820 41 52,861 100,751 Reconciliation of funds Total funds brought fotward Total funds carried forward 523,067 3,779 526,846 426,094 575,887 3,820 579,707 526,845 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 to 23 fomi part of these financlal ststements. 13-
A.R.l.C.D. (CIO) Ststement of Financial Position 31 March 2025 2025 2024 Note Flxed assets Tangible fixed assets Investments 15 16 3N20 2,801 6.221 4,560 2,011 6,571 Current assets Debtors Cash at bank and in hand 17 26,999 558,885 585,884 28,264 496,510 524,774 Creditors.. amounts falling due within one year Net Current assets 18 12,398 4,500 573,486 579,707 520,274 Total assets less current liabilities Net assets 526,845 526,845 579,707 Funds of the charity Restricted funds Unrestricted funds 3,820 576,887 3,778 523,067 526,845 Total charity funds 20 579.707 These financial statements were approved by the board of twstees and authorised for issue on l-.fr.- Z S......., and are signed on behalf of the board by.. Dr S Bloomfield Trustee Dr P McAlindÉn Trustee The notes on pages 15 to 23 forni part of these flnancial statoments.
A.R.l.C.D. (CIO) Notes to the Financial Statements Year ended 31 March 2025 General informatlon The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Hill Dickson, 50 Fountain Street, Manchester, M2 2AS. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)} and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modtfied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charty's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charty's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or Gommitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 15-
A.R.l.C.D. (CIO) Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classtfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned rf unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that adivity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 16-
A.R.l.C.D. (CIO) Notes to the Financial Ststements (continued) Year ended 31 March 2025 Accounting policies (contsnued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been cognised as expenditure within the statement of financial activities. A decrease in the carying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to wrrte off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Office Equipment 250/0 reducing balance Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impaimient. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible VerSal at each reporting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impaiment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are iniiially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 17-
A.R.l.C.D. (CIO) Notes to the Financial Statements (continu8dJ Year ended 31 March 2025 AGGounting pollcles (contlnuedj Financial instruments {contlftued) Where investments in shares are publicly traded or their fair value Can otheise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaiment at the end of each reporting date. If there is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk Gharacteristics. Any reversals of impaimient are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Donations Received 20 20 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Course Income Royalties Received 82,746 48,802 82,746 48.802 109,159 58,250 109,159 58,250 131,548 131,548 167,409 167,409 18-
A.R.l.C.D. (CIO) Notes to the Financial Statements (continued) Year ended 31 March 2025 Investment income Unrestricted Funds Restricted Total Funds Funds 2025 Bank interest receivable Bank interest receivable - Asia Bank interest receivable - Treasurers accoLbnt 499 499 41 4.363 41 4,363 4,862 41 4.903 Unrestricted Funds Restricted Total Funds Funds 2024 Bank interest receivable Bank interest receivable - Asia Bank interest receivable - Treasurers account 515 515 56 3,614 4,129 3,614 56 4,185 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Other income Membership & Subscriptions 4,388 4,388 3,194 3,194 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Research & Training Activities Support costs 36,189 52,579 36,189 52,579 88,768 88,768 Unrestricted Funds Restricted Total Funds Funds 2024 Research & Training Activities Support costs 31,344 40,872 31,344 40,872 72,216 72,216 19-
A.R.l.C.D. (CIO) Notes to the Financial Ststements (continued) Year ended 31 March 2025 Expenditure on charitable actlvltles by activity type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Research & Training Activities Govemance costs 36,189 36,189 52,579 31,344 40,872 52,579 36,189 52,579 88,768 72,216 10. Net gains on investments Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl(losses) on other investment assets 790 790 159 159 11. Net income Net income is stated after chargingl(crediting)'. 2025 2024 Depreciation of tangible fixed assets 1,140 1,520 12. Independent examination fees 2025 2024 Fees payable to the independent examiner for-. Independent examination of the financial statements Other financial services 3,515 4,366 3,354 1,800 7,881 5,154 13. Staff costs There was one part-time administrative employee during the year who was not a trustee. 14. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees During the year a total amount of £7.255 was paid to 5 trustees in respect of travel and subsistence expenses (£11,450 to 6 trustees in 2024). All Trustees are members of the Association,. some have lifetime membership while others pay an annual subscription of £25. 20-
A.R.l.C.D. (CIO) Notes to the Financial Statements (continuedj Year ended 31 March 2025 15. Tangible fixed assets Fixtures and frttings Total Cost At 1 April 2024 and 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 8,307 8,307 3,747 1,140 3,747 1,140 4,887 4,887 Carrying amount At 31 March 2025 3,420 3,420 At 31 March 2024 4,560 4,560 16. Investments Listed investments Cost or valuation At 1 April 2024 Additions Fair value movements 2,011 790 At 31 March 2025 2,801 Impaimient At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 2,801 At 31 March 2024 2,011 All investments shown above are held at valuation. Financial assets held at fair value The fair value of the shareholding is based on the open market share price. 17. Debtor 2025 2024 Trade debtors Prepayments and accrued income 17,115 9,884 26,999 16,803 11,461 28,264 21
A.R.l.C.D. {ClO) Notes to the Financial Statements (Continued) Year ended 31 March 2025 18. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes 8,148 4,232 18 4,500 12,398 4,500 19. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £231 (2024.. £90}. 20. Analysis of charitable funds Unrestricted funds At 1 April 2024 Income Gains and losses At 31 March 2025 Expenditure General funds 523,067 140,798 (88.768) 790 575,887 At 1 April 2023 Income Gains and losses At 31 March 2024 Expenditure General funds 420,372 174.752 (72,216) 159 523,067 Restricted funds At 1 April 2024 Income Expenditure Gains and losses At 31 March 2025 Restricted Fund - Asia Fund 3,779 41 3,820 At 1 April 2023 Income Expenditure Gains and At losses 31 March 2024 Restricted Fund - Asia Fund 5,722 56 (2,000) 3,778 -22-
A.R.l.C.D. (CIO) Notes to the Financial Statements (continuedj Year ended 31 March 2025 21. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 3,420 2,801 582,064 {12,398) 575,887 3,420 2,801 585,884 (12,398) 579,707 3,820 3,820 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 4,561 2,011 520,995 (4,500) 523,067 4,561 2,011 524,773 (4,500) 526,845 3,778 3,778 23-
A.R.l.C.D. {ClO) Management Information Year ended 31 March 2025 The following pages do not form part of the financial statements. -24-
A.R.l.C.D. {ClO) Detsiled Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacies Donations ReiVed 20 Other trading activities Course InGome Royalties Received 82,746 48,802 109,159 58,250 131,548 167,409 Investment income Bank interest receivable Bank interest receivable - Asia Bank interest receivable - Treasurers account 499 41 4,363 4,903 515 3,614 4,185 Other income Other income Membership & Subscriptions 4.388 3,194 Totsl income 140,839 174,808 Expenditure Expenditure on charitable activities Purchases Wages and salaries Pension costs Insurance Legal and professional fees Other office costs Depreciation Other interest payable and similar charges 36,189 13,934 231 1,356 21,436 12,053 1,140 2,429 31,344 10.196 90 1,167 12,913 11,940 1,520 3,046 88,768 72,216 Total expenditure 88,768 74,216 Net gains on investments Gainsl(losses) on other investment assets 790 159 Net income 52,861 100,751 -25-
A.R.l.C.D. (CIO) Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expenditure on charitable activities ReSeah & Training Activities Activities undertaken d1CtlY Research & Training Expenses Governance costs Governance costs - wageslsalaries Governance costs - pension costs Governance costs- insurance Governance costs - accountancy fees Governance costs - legal and other professional fees Governan costs - costs of trustees, meetings Governance costs - other office costs Governance costs - depreciation Governance costs - bank fees 36,189 31,344 13,934 231 1,356 7,880 8,355 5,201 12,053 1,140 2,429 10,196 90 1,167 5,154 4,627 3,132 11,940 1,520 3,046 40,872 52,579 Expenditure on charitable activities 88,768 74,216 -26-