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Annull Report & Financlal Ststrments Fgr the ye•r ¢nded 29 Febru•ry 1024 ReGISTEPED CfrIARIIY No. 1204472
Forth• end•d 29 I•u*V 2024 cowrENTS •nd MInISt11t¢ O¢tJlls ststem•nis of tNrt••s itsponJlbSllti d•wnd•nt EMrnlnw> Il•wrt Rec•lpts Ind P•¥7n•nts Attourt B•l•nc• Jh••t Natu to the flnwhl st•t•merf
Soberistas CIO Note5 to the Accounts Research and development Eypenditure on research and development 15 written off in the year in which it is incurred. Forelgn currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are considered in terms of arrival at net incomelexpendrture. Leased assets Where the charity enters a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially 311 the risks and rewards of ownershlp to charity are classified as operating leases. Assets held under finance leases are initially recognized as a55ets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the rninimum lease payment5. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation 50 as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recogntsed immediately, unle55 they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowlng costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are Tecognised as an expense on a straight-line ba515 over the lease term. If lease incentives are received io enter operating leases, 5L*ch incentive5 are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rèntal expense on J 5traiEht-Ilne basis. Pension costs The charity operate5 a defined contribution plan for its employees. A defined contribution plan is pension plan under which the charity pays flxed contributions into a separate entity. Once the contribution5 have been made the charity ha5 no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently admrnistered funds. Re¢eipt of donated goods, facllities and services All donated goods, facilities and services received are recognised within incoming resource5 and expenditure at an estimate of value to the charity. Page 9
Soberlstas CIO Notes to the Accounts For the year ended 29 February 2024 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Att 2011. Chan8e in basi5 of accountln8 or to previous accounts There has been no change to the accounting politie5 Ivaluation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountin8 Income Recognition of income Income is included in the Statement of Financial Activities1SoFAI when the tharity becofnes entitled to, and virtually certain lo receive, the income and the amount of the income can be meastsred with sufficient reliabilitv. Income with related Where income has related expendTture the income and related expenditure is expenditure reported gr055 in the SOFA. Donations and legacies Voluntary income received by way of Érant5, donation5 and gifts is included in the SOFA when receivable and only when the Charity ha5 ur>conditional entitlement to the income. Income from tax reclaims is included in the SOFA at the same time as the giftldonation to which it relates. These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable. measurable and material. Volunteers help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/l10s5esl on This include5 any gain or loss re5ultinB from revaluing investments to market value revaluation of fixed al the end of the year. assets Gains1llos5esl on investment assets Tax reclaims on donation5 and gifts Donat@d services and fatilities This includes any gain or loss on the sale of investments. Page 7
Soberlstas CIO Notes to the kcounts Expenditure Recognition of expenditure Expenditure is recognised on an atcrual basis. Expenditure includes any VAT whith cannot be fully recovered and 15 reported as part of the expenditure to which it relates. These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. These comprise the costs incurred by the Charity In the delivery of it5 activities and seNices in the furtherance of its objects. including the making of 8rants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for Brants that have been approved by the trustees at the end of the year but have not yet been paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audivindependent examination fees. Costs linked to the strategic management of the Charity, together with a share of other administration cost5. Expenditure on raising funds Expenditure on charitable activities Grants payable Governance costs Other expenditure These are support costs not allocated to a particular activity. Taxatlon The charity is exempt from tax on its charitable activities. Freehold investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stock5 stock is included at the lower cost or net realizable value. Donated items of stock are reco8nised at fair value. which Is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayrnents are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at the bank and on hand. demand deposits with bank5 and other short-term highly liquid investments wf(h original maturities of three months or less and bank overdrafts. In the staternent of financial positlon, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company'5 ¢a5h management. Trade and other creditors Short-term creditor5 are measured at the transaction price. oiher creditors and provisions are recognised as where the charity has a present obligation resulting from 3 past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 8