AnnualReportfor2024Final2025 - Flipbook - Page 35
Notes to the Financial Statements
for the year ended 31 December 2024
2 Accounting Policies continued
2.12 Cash at Bank and In Hand
Cash at bank and in hand includes cash and short-term
highly liquid investments with a short maturity of three
months or less from the date of acquisition or opening
of the deposit or similar account.
2.13 Liabilities and Provisions
Liabilities are recognised when there is an obligation
at the Balance Sheet date as a result of a past event,
it is probable that a transfer of economic bene昀椀t will
be required in settlement, and the amount of the
settlement can be estimated reliably.
The aim and use of each designated fund is set out in
the notes to the 昀椀nancial statements.
Restricted funds are funds which are to be used in
accordance with speci昀椀c restrictions imposed by donors
or which have been raised by the Charity for particular
purposes. The costs of raising and administering such
funds are charged against the speci昀椀c fund. The aim
and use of each restricted fund is set out in the notes
to the 昀椀nancial statements.
Liabilities are recognised at the amount that the
Charity anticipates it will pay to settle the debt or the
amount it has received as advanced payments for the
goods or services it must provide.
Provisions are measured at the best estimate of the
amounts required to settle the obligation. Wherethe
effect of the time value of money is material, the
provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that
re昀氀ects the risks speci昀椀c to the liability. The unwinding
of the discount is recognised in the Statement of
Financial Activities as a 昀椀nance cost.
2.14 Financial Instruments
The Charity only has 昀椀nancial assets and 昀椀nancial
liabilities of a kind that qualify as basic 昀椀nancial
instruments. Basic 昀椀nancial instruments are initially
recognised at transaction value and subsequently
measured at their settlement value with the exception
of bank loans, which are subsequently measured at
amortised cost using the effective interest method.
2.15 Pensions
The Charity operates a de昀椀ned contribution pension
scheme and the pension charge represents the amounts
payable by the Charity to the fund in respect of the year.
2.16 Fund Accounting
General funds are unrestricted funds which are
available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity
and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have
been set aside by the Trustees for particular purposes.
Vincent Wildlife Trust Annual Report and Financial Statements 2024 35
