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OUR PLACE IN THE WORLD
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Company's legal form is that of a company limited by guarantee incorporated in England and Wales with its registered office at 38 Berkeley Square, London, W1J 5AE. The trading address of the Company is at Suite 110, 19 -21 Crawford Street, London, W1U 7AL.
The Company's principal activity is that of an investment company.
The functional and presentational currency of the Company is £ sterling.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes the continued financial support of the shareholders. In the opinion of the directors, the company will continue to receive such financial support as may be required to enable it to meet its liabilities for at least 12 months following approval of the financial statements and on this basis the directors have prepared the financial statements on a going concern basis.
The directors have considered the impact of recent worldwide events in relation to the Covid-19 pandemic and the ongoing impact on the company's operations and are taking all necessary action to ensure that the company continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements. Based on their current assessment of the situation and available financial resources, including government support, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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