The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Incorporation, the Companies Act 2006 and "Accounting and Reporting by Charities: 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)" (effective 1 January 2019).
Purposes and Aims
The SCE’s main purpose, as set out in the Objects and Powers in its Memorandum and Articles of Association, is to promote on the principles of democracy, human rights, and the rule of law.
SCE understands the importance of raising awareness and expanding public space for civil society activists and representatives of NGOs, educational, scientific and cultural communities and the media, as well as engaging with the international expert community on topics critical to the development of civil society.
The main objectives of SCE are the following :
To promote the principles of democracy, human rights, the rule of law and civic engagement for young leaders and activists.
To facilitate networking among the alumni, the exchange of knowledge and experience, and capacity development of prominent public and civic leaders.
To provide free online resources to support constructive dialogue and wide outreach for relocated participants and those inside Russia and across the region.
To contribute to the formation of a vision for the democratisation of Russian society and conditions for sustainable peace in the region.
To meet these objectives SCE annually develops and implements a comprehensive educational programme consisting of the following key directions of its activities:
A cycle of seminars for new participants;
Freedom of Speech, Media, and Society for journalists and media professionals;
Law and Democracy Programme for lawyers and human rights defenders;
Advanced Programme for alumni;
Resilience Building Workshop;
Issue-Based workshops in partnership with and hosted by SCE’s academic partners;
Sapere Aude media projects.
Activities Delivered During the Reporting Period
1)The Programme on Fundamentals of Democracy and Civic Engagement
An annual cycle of the programme included three four-day-long seminars held in Prague, Riga and Vilnius. In total, over 190 young people, including civic activists, journalists and media professionals, human rights activists, representatives of NGOs as well as educators participated in the programme. The carefully designed curriculum of the seminars included lectures by renowned speakers, capacity-building sessions and interactive activities to facilitate networking and improve the participants' knowledge and ability to engage actively in the processes of enhancing democratic governance and the rule of law. The programme also aimed to empower participants to be active agents of democratic transformation, both in exile and in their home countries. A high-quality, stimulating and interactive educational environment fostered engagement within the framework of civic and professional activities.
More than 90% of participants of all seminars reported that they were fully and quite satisfied with the participation in the seminar; around 90% of respondents reported on recommending candidates to the SCE programme, and over 90% of respondents noted that they are interested in the participation in further educational programmes for alumni.
2) The seminar for journalists and media professionals
In April, a four-day-long seminar was held in Riga, Latvia, attended by 36 journalists and media professionals. The participants were from Eastern Europe, the South Caucasus and Central Asia, including those working in exile, as well as renowned experts from all over the world.
The seminar aimed to enhance journalistic skills and introduce new perspectives on addressing complex issues through professional, ethical, legal and philosophical approaches. The programme included masterclasses, interactive discussions on professional and ethical choices and sessions on the use of artificial intelligence. Given the central context of the war in Ukraine, a significant part of the agenda was devoted to journalism in times of war. The participants reported that they had established new professional links between the countries. The workshop also contributed to building a sense of solidarity and mutual understanding among media professionals working under increasing pressure.
3) Law and Democracy Programme for lawyers and human rights defenders
Over the course of 2024, two workshops on Human Rights Defenders for Peace and Justice were held in Vilnius and Prague, each attended by over 30 representatives from the human rights communities of Russia, Belarus, and Ukraine, as well as international organisations, diplomats, and experts. Offline meetings were complemented by online activities and networking. A key outcome of the programme has been the formation of a sustainable community where human rights defenders and lawyers not only network but also collaborate on projects — offering legal aid, sharing expertise, verifying information, seeking funding and supporting advocacy. The final meeting focused on impunity, documenting war crimes and crimes against humanity, and the use of universal jurisdiction as a legal tool to counter injustices. Recommendations developed during the session showed strong support within the legal community for strengthening universal jurisdiction mechanisms and forming a working group to promote the issue across professional and civil society circles — not only in Russia, Ukraine, and Belarus, but also in Europe and the United States. This work could lead to more training initiatives for legal professionals and stronger advocacy for adapting EU national legislation to enable universal jurisdiction, advancing efforts toward fair and just trials in response to war crimes.
4) Advanced Programme for alumni
Over the course of 2024, four four-day long seminars were successfully held in various European cities for 29 prominent alumni from across Eastern Europe, the South Caucasus and Central Asia, including those working in exile. A year-long curriculum of the Advanced Programme ensured a highly qualitative, stimulating and interactive educational environment for socially active young people. The format of each seminar included a combination of keynote speeches on key global issues delivered by renowned experts and public figures, along with interactive workshops aimed at strengthening the skills necessary for participants to develop civic projects. Close communication during and between the seminars, as well as work on joint projects, facilitated networking and reconnection among civically active people across the countries. SCE recorded 21 social projects and initiatives developed and launched by alumni. The projects were designed for a wide range of target groups, including projects focused on anti-war efforts and anti-propaganda.
5) Resilience Building Workshop for alumni
From September 16-18, 2024, a seminar titled " Systemic Transformation and the Crisis of Rule of Law, Democracy and Human Rights : Lessons from Poland " was held in Warsaw. This event, a joint initiative between the Helsinki Foundation for Human Rights in Poland and SCE, revived the tradition of holding seminars in Poland and aimed to strengthen long-standing ties with the country's intellectual and civic leaders. The seminar provided participants with a deeper understanding of the significance of the Polish elections for both Poland and Europe, and explored how Polish society has demonstrated that democracy can endure even amid global challenges.
Thirty-two alumni from different cohorts of the School were invited, representing various Eastern European countries and neighboring regions. The seminar successfully reinforced the alumni community, laying the foundation for future collaboration on joint projects, initiatives and advocacy efforts in support of democratic transformation and human rights.
6) Issue-based workshops in partnership with and hosted by SCE’s academic partners
Forty five SCE alumni took part in various issue-based workshops organised by SCE partners:
The seminar What makes society work? was organised in Stockholm by the Stockholm School of Transition Economics. The workshop programme was designed to give 26 young civil activists some theoretical background on the role of institutions in solving problems of cooperation, as well as to give some examples of how some organisations in different sectors in Sweden work.
The World Forum for Democracy 2024, held in Strasbourg and organised by the Council of Europe, was attended by 13 SCE alumni. The event hosted more than 1300 civic leaders representing over 20 countries of Central and Eastern Europe. The Forum was entitled Democracy and Diversity - Can we transcend the divides?” with a focus of raising understanding among citizens of the risks posed by populism for their fundamental rights and freedoms. The Forum actively fostered the creation of networks and communities of practice, serving as incubators for turning ideas into action.
Six SCE alumni benefited from participating in the thematic seminar titled "Innovations in Research Methodologies: Exploring New Methods in Economics, Energy, and Climate Change," which focused on addressing climate change challenges and natural resource management. The seminar was organized and hosted by SCE’s Norwegian academic partners. As a result, the alumni have got a better understanding and greater exposure to innovative research methodologies relevant to Eurasia and beyond. They are now better equipped to launch and implement field projects related to climate, energy and economics, using both new and traditional methods of data collection, processing, analysis and interpretation.
7) Sapere Aude media projects
The School regularly updated its Sapere Aude YouTube channel with expert interviews and produced weekly podcasts where alumni discussed their anti-war and social initiatives. In addition, we translated and shared the works of leading thinkers, offering global perspectives on current events. Our Civic Life Herald magazine and books were available for free download, providing access to Russian speaking readers.
To expand our reach, the School established over 30 media partnerships, including prominent outlets such as Echo of Moscow, which had a monthly audience of 1.4 million. Our content was shared across multiple platforms—Telegram, YouTube, Instagram, TikTok, and Facebook. This wide distribution amplified our impact, engaging a diverse Russian-speaking audience and fostering important discussions on democracy, human rights, and global issues.
How The SCE’s activities deliver public benefit
SCE has operated successfully since 2016 to promote the principles of democracy, rule of law, civic education, and civic engagement in the Russian context. SCE is a unique organisation due to its extensive network of Russian civil society actors and academic experts. In very demanding circumstances, SCE has managed to find innovative ways to maintain and expand its activities. Demonstrating remarkable flexibility in adapting to increasingly repressive politics in Russia and the ongoing war in Ukraine, SCE continues to support its commitment to promote civic education and empower socially active citizens through the implementation of its seminars and online development.
Programme Management and Evaluation
SCE programmes are supervised and directed by the Board of Directors on a regular basis, and in accordance with the practices and procedures set out in UK legislation applicable to companies with charitable status.
Checks and balances are ensured by a clear division of responsibilities between the following persons: the Finance Committee, the Finance Director and independent accountants. The general audit of SCE’s accounts is conducted annually by external auditors. This ensures internal control of the SCE administration and eliminates the risk of potential conflict of interest or corruption.
With regard to measuring the effectiveness and efficiency of the Objects, SCE monitored and evaluated programme deliverables in accordance with set targets, collected relevant data, prepared reports and organised evaluation meetings. The evaluation process included the collection of data, feedback from participants and the development of relevant questionnaires/templates, along with the collection of information on local projects/ initiatives implemented by programme participants.
The Statement of financial activities and the balance sheet are presented on pages 12 and 13, respectively.
Principal Funding Sources
SCE works to strengthen its financial sustainability and diversify its sources of core and project-related funding.
The main sources of funding for the charity are grants made by governmental institutions and private foundations in different countries. The donor institutions that supported SCE’s activities during the reporting period were as follows: Stockholm Institute of Transition Economics (SITE); Stockholm School of Economics in Riga, Ministry of Foreign Affairs of Finland; The Council of Europe; Supporters of Civil Society (USA); Prague Civil Society Centre, Open Society Foundation (OSF).
Plans for the Future
SCE will continue to fulfil its mission of building a network of civic actors open to dialogue and ways of strengthening the fundamental principles that support civil society. These principles include the rule of law, sound legal frameworks, well-functioning civic institutions and the support for human rights, all of which are crucial to the sustainable prosperity and success of modern states and democratic institutions.
With this in mind, SCE works to search for new donors and establish new partnerships with leading think tanks and academic institutions in order to benefit from additional funding and sound expertise. SCE continues to engage current and potential donors through accurate, targeted, and timely communication, taking into account the specific interests and requirements of individual donors.
Governing Documents
SCE is a company limited by guarantee, incorporated on 19th January 2016 and registered as a charity on 29th June 2017. It was established under a Memorandum of Association which sets out its Objects and Powers, and is governed by its Articles of Association. In the event of the company being wound up, each member is required to contribute an amount not exceeding £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Under the requirements of the Memorandum of Articles of Association the members of the Board of Directors are elected to serve for a period of three years , after which they may be re-elected at the next Annual General Meeting.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Risk Management
Risk assessment and management is an important priority for the SCE Board of Trustees and management in order to identify and address risks or factors that may threaten the achievement of SCE objectives. In 2024, the SCE Board of Trustees observed a systematic approach to risk assessment and management
Organisational Structure
The SCE’s Board of Directors meets a minimum of three times a year to decide on the strategic direction SCE should follow, and to assess the effectiveness of its risk management and policy. Led by two co-chairpersons, the SCE Board of Trustees consists of 11 members from different countries and with various professional backgrounds.
The Finance Committee assists the Board in fulfilling its functions in terms of internal control and financial reporting, and also with respect to monitoring compliance with the Charity Commission’s legal and regulatory requirements and assessing the effectiveness of the internal audit function.
The Trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of School of Civic Education for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 other jurisdictions.
Opinion
We have audited the financial statements of School of Civic Education (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of Trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the Charity sector
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, but not limited to, the Companies Act 2006, Charities Act 2011 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
understanding the charitable objectives as part of the control and operating environment;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
School of Civic Education is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Incorporation, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All gains / losses are recorded in income or expenditure as appropriate
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Other debtors include grants receivable of £78,183 (2023 £128,313).
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2023 - none).
The charity had no material debt during the year.