CELESTIAL CHURCH OF CHRIST UK DIOCESE
Report and Accounts
Contents
| Page | ||
|---|---|---|
| Charity Information | 1 | |
| Trustees’ Annual Report | 2 | |
| Independent Examiner’s Report | 3 | |
| Funds Statements:- | ||
| Statement of Financial Activities | 4 | |
| Statement of Total Recognised Gains and Losses | 5 | |
| Movements in Funds | 6 | |
| Income and Expenditure Account | 7 | |
| Balance Sheet | 8 | |
| Notes to the Accounts | 9-11 |
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Company Information
Registered Charity Number 1056627
Company Registration Number 3217294
Registered Office
20 Billington Road London SE14 5DG
Secretary
Reverend Emmanuel Adeolu Oloyede
Accountants
Colinson and Company Ltd Unit 3 Regent 88 210 Church Road London E10 7JQ
BANKERS
HSBC 90Deptford High Street London SE8 4RQ
1
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Trustee’s Annual Report for the year ended 30 June 2021
The Trustees present their Report and Accounts for the year ended 30 June 2021, which also comprises the Directors’ Report required by the Companies Act 2006.
Legal structure of the charity
The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.
By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.
The registered office of the charity for Companies Act purposes is the same as the operating address shown above.
The Trustees in office on the date the report was approved were:-
-
Pastor Emmanuel Mobiyina Oshoffa (Chairman)
-
Reverend Amos Fatusin (Deputy Chairman)
-
Reverend Julius B Olaleye (DHOD)
-
Reverend John Baptist Maforikan (DHOD - Admin)
-
Reverend Benjamin Fadoju
-
Reverend John Akin Bakare
-
Reverend Emmanuel Adeolu Oloyede (Secretary)
-
Reverend Emmanuel Ayoola Osho (Treasurer)
-
Reverend Christopher James Oteh
-
Reverend David Agunbiade
-
Reverend Festus Ipoola Okelola
-
Reverend Anthony Onome Emmanuel
-
Reverend Adebayo King
-
Reverend Tunji Bakare
-
Reverend Olayimika Sobodu (Financial Secretary)
-
Reverend Dennis Olumide Lawson
-
Reverend Sunday Onabanjo
-
Mother Celestial Funmi Awosika
-
Mother Celestial Elizabeth Olufunke Clarke
Financial Review and Investment Policy
The charity’s sources of funds are pastoral returns, tithes, donations, gifts (faith seed) and thanksgiving offerings, which can be used in accordance with its aims and objectives. There are no restrictions on the church to invest. The investment strategy is set by the Trustees, taking into account, the demand for funds and the quality of investments.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level considered only sufficient to cover a reasonable period of expenditure. This
provides sufficient funds to cover management and administration and support costs and to respond to applications for grants which may arise from time to time. Unrestricted funds were maintained at this level throughout the year.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
On behalf of the Board:
Reverend Emmanuel Ayoola Osho Reverend Olayinka Sobodu Trustee Trustee 26[th] March 2022 26[th] March 2022
2
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Report of the Independent Examiner to the Trustees of the Charitable Company on the Accounts for the Year Ended 30 June 2021
I report on the financial statements of the charitable company on pages 4 to 11 for the year ended 30 June 2021 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1[st] January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW), effective January 2015 (The SORP), under the historical cost convention and the accounting policies set out on page 9.
Respective responsibilities of Trustees and Independent Examiner
As described on page 2, the charitable company’s Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The trustees consider that the audit requirement of section 144(1) of the Charities Act 2011 (the Act) does not apply and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
The Trustees are also responsible for the contents of the Trustees’ report, and the statutory responsibility of the Independent Examiner in relation to the Trustees’ report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
I planned and performed my examination so as to satisfy myself that the objectives of the independent Examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
Colinson and Company Ltd Regent 88 Unit 3 210 Church Road London E107JQ
This report was signed on 26 March, 2022
3
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Notes to the Accounts for the year ended 30 June 2021
1. Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1[st] January 2016) and FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016 published by the Charity Commission in England & Wales (CCEW) effective January 2016, (The SORP), and in accordance with all applicable law in the charity’s jurisdiction of registration, except that the charity has prepared the financial statements in accordance with FRS 102 SORP (Statement of Recommendation Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact the extant statutory regulations, the charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Policies relating to categories of income and income recognition
Nature of income
Incoming resources are accounted for on a receivable basis.
Income recognition
Income, whether from exchange or non-exchange transactions is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs
Membership subscriptions
The income from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Tangible fixed assets
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
Freehold Premises 0% straight line
9
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2021
| SORP Ref Income Donations & Legacies Investment Income Other Income Total Income Expenditure Cost of Raising Funds Expenditure on Charitable Activities Tax on Surplus on Ordinary Activities Total Expenditure Net Income For The Year Net Income After Transfers Net Movement In Funds Reconciliation of Funds:- Total Funds Brought Forward Total Funds Carried Forward |
Current Year Current Year Current Year Prior Year Unrestricted Restricted Total Total Funds Funds Funds Funds 2021 2021 2021 2020 £ £ £ £ 37,784 - 37,784 53,889 0 - 0 0 0 - 0 1,612 |
|---|---|
| 37,784 - 37,784 55,501 |
|
| 0 - 0 0 76,797 - 76,797 57,665 0 |
|
| 76,797 - 76,797 57,665 |
|
| -39,013 - -39,013 -2,164 |
|
| -39,013 - -39,013 -2,164 |
|
| -39,013 - -39,013 -2,164 608,368 608,368 610,532 |
|
| 569,355 569,355 608,368 |
All prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
The notes attached on pages 9 to 11 form an integral part of these accounts.
A statement of Total Recognised Gains and losses is included in these accounts as a separate statement
4
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2021
Statement of Total Recognised Gains and Losses for the year ended 30 June 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Surplus for The Year:- | ||
| Net Excess of Expenditure Over Income from Operations before Tax | -39,013 | -2,164 |
| Income from Operations Before Tax in The Statement of Financial Activities | -39,013 | -2,164 |
| Taxation Arising in The Year | 0 | 0 |
| Funds Generated in The Year as shown on Statement of Financial Activities | -39,013 | -2,164 |
| The Notes attached on pages 9 to 11 form an integral part of These Accounts | ||
| Celestial Church of Christ U. K. Diocese - Resources Applied in The Year Ended 30 June 2021 | ||
| Towards Fixed Assets for Charity use:- | ||
| 2021 | 2020 | |
| £ | £ | |
| Funds Generated in The Year as Detailed in The SOFA | -39,013 | -2,164 |
| Net Resources Available to Fund Charitable Activities | -39,013 | -2,164 |
The Notes attached on pages 9 to 11 form an integral part of These Accounts
5
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2021
Movements in The Revenue and Capital Funds for The Year Ended 30 June 2021
Revenue Accumulated Funds
| Accumulated Funds Brought Forward Recognised Gains and Losses Before Transfers Closing Revenue Funds Summary of Funds Revenue Accumulated Funds |
Unrestricted Restricted Total Prior Year Funds Funds Funds Total Funds 2021 2021 2021 2020 £ £ £ £ 608,463 - 608,463 610,627 -39,013 - -39,013 -2,164 |
|---|---|
| 569,450 - 569,450 608,463 |
|
| 569,450 569,450 608,463 |
|
| Unrestricted Restricted Total Prior Year and Designated Funds Funds Total Funds Funds 2021 2021 2021 2020 £ £ £ £ 569,450 - 569,450 608,463 |
The Notes attached on pages 9 to 11 form an integral part of These Accounts
6
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2021
Income And Expenditure Account For The Year Ended 30 June 2020 As Required By The Companies Act 2006
| Income Income From Operations Investment Income Income from Investments other than Interest Receivable Gross Income in The Year Before Exceptional Items Gross Income in The Year including Exceptional Items Expenditure Charitable Expenditure, excluding Depreciation and Amortisation Depreciation and Amortisation Funding Costs Governance Costs Total Expenditure in The Year Net Income Before Tax in The Financial Year Tax on Surplus on Ordinary Activities Net Income After Tax in The Financial Year Retained Surplus for The Financial Year All Activities Derive from Continuing Operations |
2021 2020 £ £ 37,784 55,501 0 0 |
|---|---|
| 37,784 55,501 |
|
| 37,784 55,501 |
|
| 64,250 44,334 0 0 12,547 13,331 |
|
| 76,797 57,665 |
|
| -39,013 -2,164 0 0 |
|
| -39,013 -2,164 |
|
| -39,013 -2,164 |
|
In accordance with the provisions of the Companies Act 2006, the headings and sub-headings used in the Income an Expenditure Account have been adapted to reflect the special nature of the Chariry's activities.
The Notes attached on pages 9 to 11 form an integral part of These Accounts
7
Celestial Church of Christ U. K. Diocese Balance Sheet as at 30 June 2021
| Notes | 2021 | 2020 | |||
|---|---|---|---|---|---|
| Fixed Assets | £ | £ | |||
| Tangible assets | 4 | 540,000 | 540,000 | ||
| Current Assets | |||||
| Cash at Bank and in Hand | 31,334 | 69,448 | |||
| Rent Receivable | 0 | 0 | |||
| Creditors | |||||
| Amount falling due within one year | 5 | -1,884 | -985 | ||
| Net Current Assets | 29,450 | 68,463 | |||
| Net Assets | 569,450 | 608,463 | |||
| Net assets are funded by the funds of the charity as follows:- | |||||
| Unrestricted Funds | |||||
| Unrestricted Reserve Funds | 6 | 569,450 | 608,463 | ||
| Unrestricted Revaluation Reserve | - | - | |||
| 569,450 | 608,463 | ||||
| Total Charity Funds | 569,450 | 608,463 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit unde section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The diresctors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation and the report of the examiner is on pag
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicab companies subject to the small companies regime.
REVD EMMANUEL AYOOLA OSHO
Trustee Approved by the Board of Trustees on 26 March 2022
REVD OLAYINKA SOBODU
Trustee
Approved by the Board of Trustees on 26 March 2022
The Notes attached on pages 9 to 11 form an integral part of These Accounts.
8
Celestial Church of Christ U. K. Diocese Notes to the Accounts For The Year Ended 30 June 2021
| 2021 | 2020 | ||
|---|---|---|---|
| 2 | Taxation | £ | £ |
| U K Corporation Tax | - | 2,501 |
3 Trustee's Expenses
The Expenses reimbursed to Trustees, or paid directly to third parties, in the current or prior year, was as show
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Pastoral Allowance | 7,150 | 6,600 |
| Payments to Head of Diocese (HoD) to cover his Travel Expenses |
No Trustee or persons connected with them received any Remuneration from the Charity, or any related Entit
4 Tangible Fixed Assets
| Cost At 1 July 2020 Additions At 30 June 2021 Depreciation At 1 July 2020 At 30 June 2021 Net Book Value At 1 July 2020 At 30 June 2021 |
Land and Plant and Motor Total Buildings Machinery Vehicles Funds £ £ £ £ 540,000 - - 540,000 - - - - |
|---|---|
| 540,000 - - 540,000 |
|
| - - - - |
|
| - - - - |
|
| 540,000 - - 540,000 |
|
| 540,000 - - 540,000 |
10
Celestial Church of Christ U. K. Diocese
Notes to the Accounts For The Year Ended 30 June 2021
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| 5 | Creditors: Amounts falling due | within one Year | £ | £ | |||
| Accruals | 1,704 | 805 | |||||
| Estate Agent's Commission | |||||||
| Corporation Tax | 0 | 0 | |||||
| VAT | 180 | 180 | |||||
| 1,884 | 985 | ||||||
| 6 | Particulars of how particular funds are represented by assets and liabilities | ||||||
| At 30 June 2021 | Unrestricted Designated | Restricted | Total | Prior Year | |||
| Funds | Funds | Funds | Funds | Total Funds | |||
| £ | £ | £ | £ | £ | |||
| Tangible Fixed Assets | 540,000 | - | - | 540,000 | 540,000 | ||
| Investments at Valuation | - | - | - | - | - | ||
| Current Assets | 31,334 | - | - | 31,334 | 69,448 | ||
| Current Liabilities | -1,884 | - | - | -1,884 | -985 | ||
| 569,450 | 0 | 0 | 569,450 | 608,463 | |||
| At 1 July 2020 | Unrestricted Designated | Restricted | Total | Prior Year | |||
| Funds | Funds | Funds | Funds | Total Funds | |||
| £ | £ | £ | £ | £ | |||
| Tangible Fixed Assets | 540,000 | - | - | 540,000 | 540,000 | ||
| Investments at Valuation | - | - | - | - | - | ||
| Current Assets | 69,448 | - | - | 69,448 | 76,714 | ||
| Current Liabilities | -1,080 | - | - | -1,080 | -6,182 | ||
| 608,368 | 0 | 0 | 608,368 | 610,532 |
| 7 | Analysis of Movements in Funds over | the Year | ||||
|---|---|---|---|---|---|---|
| Income | Expenditure | Other Gains | Movement | Movement | ||
| & Losses | in Funds | in Funds | ||||
| 2021 | 2021 | 2021 | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted and Designated Funds:- | ||||||
| Unrestricted Revenue Funds | 37,784 | 76,797 | - | -39,013 | -2,164 | |
| 37,784 | 76,797 | -39,013 | -2,164 |
8 The purposes for which the Funds as detailed are held by the Charity are:-
Unrestricted and Designated Funds:-
Unrestricted funds
These funds are held for meeting the objectives of the charity and to provide reserves for the future activities and, subject to charity legisla are free from all restrictions on their use.
11
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Report and Accounts
Contents
| Page | ||
|---|---|---|
| Charity Information | 1 | |
| Trustees’ Annual Report | 2 | |
| Independent Examiner’s Report | 3 | |
| Funds Statements:- | ||
| Statement of Financial Activities | 4 | |
| Statement of Total Recognised Gains and Losses | 5 | |
| Movements in Funds | 6 | |
| Income and Expenditure Account | 7 | |
| Balance Sheet | 8 | |
| Notes to the Accounts | 9-11 |
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Company Information
Registered Charity Number 1056627
Company Registration Number 3217294
Registered Office
20 Billington Road London SE14 5DG
Secretary
Reverend Emmanuel Adeolu Oloyede
Accountants
Colinson and Company Ltd Unit 3 Regent 88 210 Church Road London E10 7JQ
BANKERS
HSBC 90Deptford High Street London SE8 4RQ
1
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Trustee’s Annual Report for the year ended 30 June 2021
The Trustees present their Report and Accounts for the year ended 30 June 2021, which also comprises the Directors’ Report required by the Companies Act 2006.
Legal structure of the charity
The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.
By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.
The registered office of the charity for Companies Act purposes is the same as the operating address shown above.
The Trustees in office on the date the report was approved were:-
-
Pastor Emmanuel Mobiyina Oshoffa (Chairman)
-
Reverend Amos Fatusin (Deputy Chairman)
-
Reverend Julius B Olaleye (DHOD)
-
Reverend John Baptist Maforikan (DHOD - Admin)
-
Reverend Benjamin Fadoju
-
Reverend John Akin Bakare
-
Reverend Emmanuel Adeolu Oloyede (Secretary)
-
Reverend Emmanuel Ayoola Osho (Treasurer)
-
Reverend Christopher James Oteh
-
Reverend David Agunbiade
-
Reverend Festus Ipoola Okelola
-
Reverend Anthony Onome Emmanuel
-
Reverend Adebayo King
-
Reverend Tunji Bakare
-
Reverend Olayimika Sobodu (Financial Secretary)
-
Reverend Dennis Olumide Lawson
-
Reverend Sunday Onabanjo
-
Mother Celestial Funmi Awosika
-
Mother Celestial Elizabeth Olufunke Clarke
Financial Review and Investment Policy
The charity’s sources of funds are pastoral returns, tithes, donations, gifts (faith seed) and thanksgiving offerings, which can be used in accordance with its aims and objectives. There are no restrictions on the church to invest. The investment strategy is set by the Trustees, taking into account, the demand for funds and the quality of investments.
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level considered only sufficient to cover a reasonable period of expenditure. This
provides sufficient funds to cover management and administration and support costs and to respond to applications for grants which may arise from time to time. Unrestricted funds were maintained at this level throughout the year.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
On behalf of the Board:
Reverend Emmanuel Ayoola Osho Reverend Olayinka Sobodu Trustee Trustee 26[th] March 2022 26[th] March 2022
2
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Report of the Independent Examiner to the Trustees of the Charitable Company on the Accounts for the Year Ended 30 June 2021
I report on the financial statements of the charitable company on pages 4 to 11 for the year ended 30 June 2021 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1[st] January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW), effective January 2015 (The SORP), under the historical cost convention and the accounting policies set out on page 9.
Respective responsibilities of Trustees and Independent Examiner
As described on page 2, the charitable company’s Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The trustees consider that the audit requirement of section 144(1) of the Charities Act 2011 (the Act) does not apply and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
The Trustees are also responsible for the contents of the Trustees’ report, and the statutory responsibility of the Independent Examiner in relation to the Trustees’ report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
I planned and performed my examination so as to satisfy myself that the objectives of the independent Examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
Colinson and Company Ltd Regent 88 Unit 3 210 Church Road London E107JQ
This report was signed on 26 March, 2022
3
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Notes to the Accounts for the year ended 30 June 2021
1. Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1[st] January 2016) and FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016 published by the Charity Commission in England & Wales (CCEW) effective January 2016, (The SORP), and in accordance with all applicable law in the charity’s jurisdiction of registration, except that the charity has prepared the financial statements in accordance with FRS 102 SORP (Statement of Recommendation Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact the extant statutory regulations, the charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
Policies relating to categories of income and income recognition
Nature of income
Incoming resources are accounted for on a receivable basis.
Income recognition
Income, whether from exchange or non-exchange transactions is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs
Membership subscriptions
The income from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Tangible fixed assets
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.
Freehold Premises 0% straight line
9