AnnualReportfor2024Final2025 - Flipbook - Page 34
Notes to the Financial Statements
for the year ended 31 December 2024
2 Accounting Policies continued
Support costs include all overhead expenditure relating
to head of昀椀ce. The basis for allocating Non project-funded
conservation team costs and support costs between
projects and surveys and bat reserves re昀氀ects staff
time spent on each area of activity. Support costs
also include governance costs which compromise the
Trust’s legal and other professional fees relating to the
governance of the charity and premiums relating to
Trustees’ indemnity insurance.
2.5 Interest Receiveable
Interest on funds held on deposit is included when
receivable and the amount can be measured reliably
by the Charity; this is normally upon noti昀椀cation of the
interest paid or payable by the institution with whom
the funds are deposited.
2.6 Foreign Currencies
Assets and liabilities in foreign currencies are translated
into Pound Sterling at the rates of exchange ruling at
the balance sheet date.
2.7 Taxation
The Charity is exempt from corporation tax on its
charitable activities.
2.8 Tangible Fixed Assets and Depreciation
Tangible 昀椀xed assets costing £2,500 or more are
capitalised and recognised when future economic
bene昀椀ts are probable and the cost or value of the asset
can be measured reliably.
with initial expenditure on the reserve is written off to the
Statement of Financial Activities over the life of the lease.
The bat reserves are protected sites under British, Irish
or European wildlife legislation and as a result, their
use is restricted.
Tangible 昀椀xed assets are initially recognised at cost.
After recognition, under the cost model, tangible
昀椀xed assets are measured at cost less accumulated
depreciation and any accumulated impairment losses.
All costs incurred to bring a tangible 昀椀xed asset into its
intended working condition should be included in the
measurement of cost.
Depreciation is charged so as to allocate the cost of
tangible 昀椀xed assets less their residual value over their
estimated useful lives.
Depreciation is provided on the following bases:
Freehold property — no depreciation where uninhabited
and the Net Book Value re昀氀ects that of the land. Capital
Enhancements are depreciated over 50 years’ or 10 years’
straight line basis depending on the longevity of those
improvements
Leasehold property — over the life of the lease
Motor vehicles — 4 years’ straight line basis
Computer and IT equipment — 3 years’ straight line basis
Other 昀椀xed assets — 10 years’ straight line basis.
2.9 Investments
Bat reserves
The Charity operates 36 bat reserves, which are either
freehold, leasehold or controlled on licence.
Freehold bat reserves are capitalised at their purchase
cost. Cost is the amount paid to acquire the freehold,
together with initial expenditure on the reserve. For
these reserves, the majority of the costs relating to
the purchase of the sites relates to the land. Land
is not depreciated. The depreciation charge for any
buildings which are deliberately left in a condition un昀椀t
for human habitation is considered to be immaterial.
Carrying values of the bat reserves are reviewed
annually and provision is made, if necessary, for any
impairment value..
When sites are acquired under lease, all expenditure,
including lease rentals and any premium paid, together
Listed investments are stated at their market value at the
period end. Realised gains equal the difference between
sale proceeds and the market value at the beginning of
each accounting quarter. Realised and unrealised gains
and losses are dealt with in the statement of 昀椀nancial
activities within the fund to which the investment
disposed of or revalued belongs.
2.10 Stocks
Stocks of publications for resale are valued at the lower
of cost and net realisable value.
2.11 Debtors
Trade and other debtors are recognised at the
settlement amount after any trade discount offered.
Pre-payments are valued at the amount prepaid net of
any trade discounts due any trade discounts due.
34 Vincent Wildlife Trust Annual Report and Financial Statements 2024
