AnnualReportfor2024Final2025 - Flipbook - Page 33
Notes to the Financial Statements
for the year ended 31 December 2024
1 General Information/2 Accounting Policies
1 General Information
2.3 Income
Vincent Wildlife Trust is an incorporated charitable
company, limited by guarantee, incorporated in England
and Wales, Scotland and the Republic of Ireland. The
registered of昀椀ce is 3-4 Bronsil Courtyard, Eastnor,
Ledbury, Herefordshire, HR8 1EP. The principal activity
of the Charity is detailed in the Trustees’ Report.
All income is recognised once the Charity has
entitlement to the income, it is probable that the
income will be received and the amount of income
receivable can be measured reliably.
2 Accounting Policies
2.1 Basis of preparation of 昀椀nancial statements
The 昀椀nancial statements have been prepared in
accordance with the Charities SORP (FRS 102)
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 Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS 102) and the
Companies Act 2006.
The Vincent Wildlife Trust meets the de昀椀nition of
a public bene昀椀t entity under FRS 102. Assets and
liabilities are initially recognised at historical cost
or transaction value unless otherwise stated in the
relevant accounting policy.
2.2 Going Concern
The Trustees assess whether the use of the going concern
basis of preparing the 昀椀nancial statements is appropriate
,ie, whether there are any material uncertainties related
to events or conditions that may cast signi昀椀cant doubt on
the ability of the Charity to continue as a going concern,
including the impact of macroeconomic events.
The Trustees make this assessment in respect of a period
of one year from the date of authorisation for issue of
the 昀椀nancial statements and have concluded that the
Charity has adequate resources to continue in operational
existence for foreseeable future and there are no material
uncertainities about the Charity’s ability to continue as
a going concern, thus they continue to adopt the going
concern basis of accounting in preparing the 昀椀nancial
statements.
Income from grants is recognised at fair value when
the charity has entitlement after any performance
conditions have been met, it is probable that the
income will be received and the amount can be
measured reliably. If entitlement is not met then these
amounts are deferred.
For donation income to be recognised, the charity
has to be noti昀椀ed of the amounts and the settlement
date in writing. If there are conditions attached to the
donations, income is deferred until those conditions are
fully met or the ful昀椀lment of those conditions is within
the control of the charity and it is probable that they
will be fu昀椀lled.
Investment income is earned through holding assets for
investment purposes. Investment income is reported
gross as investment management costs are separately
reported. Income is included when the amount can be
measured reliably.
Income from trading activities includes training and
education workshops, and the sale of bat boxes.
Income is received in exchange for supplying goods and
services in order to raise funds and is recognised when
entitlement has occurred.
2.4 Expenditure
Expenditure is included in the statement of 昀椀nancial
activities when incurred and includes any attributable
VAT, which cannot be recovered.
Resources expended include the following:
a The cost of generating funds compromises of
investment manager fees payable;
b Charitable activities — mammal conservation
charitable expenditure includes direct project costs
together with the 昀椀eld of昀椀ce costs of the 昀椀eld of昀椀cers
located across England, Wales and Ireland.
Vincent Wildlife Trust Annual Report and Financial Statements 2024 33
