upReach Annual Report 2023-24 - Report - Page 50
Notes To The Financial Statements
For The Year To 31 July 2024
1. Accounting Policies
1.1 Basis of Preparation of Accounts
upReach Charitable Company is an incorporated charitable company registered in England
and Wales. In the event of the charity being wound up, the liability in respect of the guarantee
is limited to £1 per member of the charity. The address of the registered of昀椀ce is given in the
legal and administrative information on page 1 of these 昀椀nancial statements. The nature of the
charity’s operations and principal activity is to address the inequality of access to top jobs for
those from less-advantaged backgrounds.
The charity constitutes a public bene昀椀t entity as de昀椀ned by FRS 102. The 昀椀nancial statements
have been prepared in accordance with the 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) - (Charities SORP (FRS 102)),
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and
the Companies Act 2006.
The 昀椀nancial statements are prepared on a going concern basis under the historical cost
convention, modi昀椀ed to include certain items at fair value. The 昀椀nancial statements are
presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The signi昀椀cant accounting policies applied in the preparation of these 昀椀nancial statements
are set out below. These policies have been consistently applied to all years presented unless
otherwise stated.
1.2 Basis of Consolidation
These 昀椀nancial statements consolidates the results of upReach Services Ltd., a wholly
owned subsidiary of the charitable company.
All intra-group transactions and balances between group companies are eliminated
on consolidation.
1.3 Going Concern
The trustees have reviewed the circumstances of the charitable company and consider that
adequate resources continue to be available to fund its activities for the foreseeable future.
The trustees consider that there are no material uncertainties about the charitable company’s
ability to continue as a going concern for at least 12 months from the date the 昀椀nancial
statements are approved.
1.4 Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion
of the trustees. Restricted funds can only be used for particular restricted purposes within the
objects of the charity. Restrictions arise when speci昀椀ed by the donor or when funds are raised
for particular restricted purposes. Further explanation of the nature and purpose of each fund is
included in note 15.
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