Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09842677 2022-11-01 2023-10-31 09842677 2021-11-01 2022-10-31 09842677 2023-10-31 09842677 2022-10-31 09842677 c:Director1 2022-11-01 2023-10-31 09842677 d:Buildings d:ShortLeaseholdAssets 2022-11-01 2023-10-31 09842677 d:Buildings d:ShortLeaseholdAssets 2023-10-31 09842677 d:Buildings d:ShortLeaseholdAssets 2022-10-31 09842677 d:PlantMachinery 2022-11-01 2023-10-31 09842677 d:PlantMachinery 2023-10-31 09842677 d:PlantMachinery 2022-10-31 09842677 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09842677 d:MotorVehicles 2022-11-01 2023-10-31 09842677 d:MotorVehicles 2023-10-31 09842677 d:MotorVehicles 2022-10-31 09842677 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09842677 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09842677 d:CurrentFinancialInstruments 2023-10-31 09842677 d:CurrentFinancialInstruments 2022-10-31 09842677 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09842677 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09842677 c:FRS102 2022-11-01 2023-10-31 09842677 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 09842677 c:FullAccounts 2022-11-01 2023-10-31 09842677 c:CompanyLimitedByGuarantee 2022-11-01 2023-10-31 09842677 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Registered number: 09842677












IDA FOUNDATION LTD
(A company limited by guarantee)





UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023








 
IDA FOUNDATION LTD
(A company limited by guarantee)
REGISTERED NUMBER:09842677

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,605
53,107

Investments
 5 
391,547
351,499

  
432,152
404,606

Current assets
  

Cash at bank and in hand
 6 
20,161
175,765

  
20,161
175,765

Creditors: amounts falling due within one year
 7 
(452,313)
(580,371)

Net current liabilities
  
 
 
(432,152)
 
 
(404,606)

Net assets
  
-
-


Capital and reserves
  

  
-
-


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A D Karenowska
Director

Date: 25 October 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
IDA FOUNDATION LTD
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

IDA Foundation Limited is a private company, limited by guarantee and incorporated in England and Wales. 
The Company's registered office is 2 Chawley Park, Cumnor Hill, Oxford, Oxfordshire, OX2, 9GG.
The principal activity of the Company is to promote the fusion of new digital imaging technologies and traditional archaeological techniques as a means of preserving and restoring cultural heritage artifacts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 
IDA FOUNDATION LTD
(A company limited by guarantee)
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to property
-
6 years
Exhibits
-
20%
Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.6

Heritage assets

Heritage assets are considered to have an unlimited useful life. These assets are in the form of museum-quality objects (antiquities, books, and items of historical interest) purchased for study and public display as part of IDA Foundation's academic and educational programming. These are objects that will remain the property of the Company and that have a market value that can reasonably be expected to appreciate with time. The Directors consider, therefore, that it is reasonable to assess such assets for impairment on an annual basis.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
IDA FOUNDATION LTD
(A company limited by guarantee)
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
Page 4

 
IDA FOUNDATION LTD
(A company limited by guarantee)
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022: 2). No remuneration was received by the Directors during the period.

Page 5

 
IDA FOUNDATION LTD
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Improvements to property
Exhibits
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 November 2022
66,369
87,411
7,200
160,980



At 31 October 2023

66,369
87,411
7,200
160,980



Depreciation


At 1 November 2022
18,062
87,411
2,400
107,873


Charge for the year on owned assets
11,062
-
1,440
12,502



At 31 October 2023

29,124
87,411
3,840
120,375



Net book value



At 31 October 2023
37,245
-
3,360
40,605



At 31 October 2022
48,307
-
4,800
53,107


5.


Heritage assets





Study and exhibition collection

£



Cost or valuation


At 1 November 2022
351,499


Additions
40,048



At 31 October 2023
391,547





6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,161
175,765

20,161
175,765


Page 6

 
IDA FOUNDATION LTD
(A company limited by guarantee)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Accruals and deferred income
452,313
580,371

452,313
580,371




8.


Company status

The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.


9.


Controlling party

The Company is controlled by the Directors.

Page 7