SOCIETY FOR ETHNOGRAPHIC THEORY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Society for Ethnographic Theory is a private company limited by guarantee and is registered and incorporated in England and Wales. The registered office is Bush House C/O Dr Kriti Kapila, School of Global Affairs, King's College London, Bush House, London, WC2B 4BG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The Directors have assessed whether the use of going concern assumption is appropriate. This assessment includes the consideration of journal subvention income from the University of Chicago Press, a contract which is valid until 2027, and subvention income from Knowledge Unlatched, a contract which is valid until 2025. Both contracts are renewable thereafter. Furthermore the directors have moved to reduce costs by merging the roles of managing editor and editorial officer and placing an embargo on travel expenses. Therefore the directors are satisfied that the company can continue in operational existence for a period of at least one year from the date of authorisation of these financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Income and expenditure are included in the financial statements as they become receivable or due.
Expenditure includes VAT where applicable as the company cannot reclaim it.
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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