| 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.
During the financial period, the Company received grant income totalling £81,819. This amount has been recognised as Other Operating Income in the Statement of Profit and Loss and the recognition aligns with the accruals concept, reflecting the period in which the related costs were incurred. |