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 90 Deptford High Street London SE8 4RQ
1
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Trustee’s Annual Report for the year ended 30 June 2023
The Trustees present their Report and Accounts for the year ended 30 June 2023, 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 Emmanuel Adeolu Oloyede (Secretary)
-
Reverend John Baptist Maforikan
-
Reverend Emmanuel Ayoola Osho (Treasurer)
-
Reverend Julius Dale Olaleye
-
Reverend Sunday Onabanjo
-
Reverend Abayomi Oni
-
Mother Celestial Madinat Aduke Oyenuga
-
Mother Celestial Mary Salu
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
Trustee
28 March 2024
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 2023
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 18 March, 2024
3
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Notes to the Accounts for the year ended 30 June 2023
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 2023
| 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 Unrestricted Restricted Funds Funds 2023 2023 £ £ 59,931 - 21,467 - 0 - |
|---|---|
| 81,398 - |
|
| 0 - 34,553 - |
|
| 34,553 - |
|
| 46,845 - |
|
| 46,845 - |
|
| 46,845 - 569,450 |
|
| 616,295 |
All prior year transactions were unrestricted items, and no further analysis i
All activities derive from continuing operations
The notes attached on pages 9 to 11 form an integral part of these accou
4
A statement of Total Recognised Gains and losses is included in these accou
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2023
Statement of Total Recognised Gains and Losses for the year ended 30 June
Surplus for The Year:-
Net Excess of Expenditure Over Income from Operations before Tax
Income from Operations Before Tax in The Statement of Financial Activiti Taxation Arising in The Year
Funds Generated in The Year as shown on Statement of Financial Activiti
The Notes attached on pages 9 to 11 form an integral part of These Accou
Celestial Church of Christ U. K. Diocese - Resources Applied in The Year E Towards Fixed Assets for Charity use:-
Funds Generated in The Year as Detailed in The SOFA Net Resources Available to Fund Charitable Activities
The Notes attached on pages 9 to 11 form an integral part of These Accou
5
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2023
Movements in The Revenue and Capital Funds for The Year Ended 3
Revenue Accumulated Funds
| Unrestricted | Restricted | |
|---|---|---|
| Funds | Funds | |
| 2023 | 2023 | |
| £ | £ | |
| Accumulated Funds Brought Forward | 605,315 | - |
| Recognised Gains and Losses Before Transfers | 46,845 | - |
| 652,160 | - | |
| Closing Revenue Funds | 652,160 | |
| Summary of Funds | Unrestricted | Restricted |
| and Designated | Funds | |
| Funds | ||
| 2023 | 2023 | |
| £ | £ | |
| Revenue Accumulated Funds | 652,160 | - |
The Notes attached on pages 9 to 11 form an integral part of These Accou
6
Celestial Church of Christ U. K. Diocese Statement of Financial Activities For The Year Ended 30 June 2023
Income And Expenditure Account For The Year Ended 30 June 2023 As Required By The
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
In accordance with the provisions of the Companies Act 2006, the headings the income and Expenditure have been adapted to reflect the special nature of th
The Notes attached on pages 9 to 11 form an integral part of These Accou
7
----- Start of picture text -----
Celestial Church of Christ U. K. Diocese
Balance Sheet as at 30 June 2023
Notes 2023
Fixed Assets £
Tangible assets 4 540,000
Current Assets
Cash at Bank and in Hand 114,944
Rent Receivable 0
Creditors
Amount falling due within one year 5 -1,980
Net Current Assets 112,964
Net Assets 652,964
Net assets are funded by the funds of the charity as follows:-
Unrestricted Funds
Unrestricted Reserve Funds 6 652,964
Unrestricted Revaluation Reserve -
652,964
Total Charity Funds 652,964
----- End of picture text -----
The directors are satisfied that the company is entitled to exemption from th an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance w
The diresctors acknowledge their responsibilities for complying with the requi Act 2006 with respect to accounting records and the preparation of account
The charity is subject to Independent Examination under charity legislation examiner is on page 3.
The accounts have been prepared in accordance with the provisions in Part 2006 applicable to companies subject to the small companies regime.
REVD EMMANUEL AYOOLA OSHO
Trustee
Approved by the Board of Trustees on 28 March 2024
The Notes attached on pages 9 to 11 form an integral part of These Accou
8
Celestial Church of Christ U. K. Diocese Notes to the Accounts For The Year Ended 30 June 2023
2 Taxation
U K Corporation Tax
3 Trustee's Expenses
The Expenses reimbursed to Trustees, or paid directly to third parties, was as shown below.
Pastoral Allowance
Payments to Head of Diocese (HoD) to cover his Travel Expenses
No Trustee or persons connected with them received any Remuneratio related Entity.
4 Tangible Fixed Assets
| Cost At 1 July 2022 Additions At 30 June 2023 Depreciation At 1 July 2022 At 30 June 2023 Net Book Value At 1 July 2022 At 30 June 2023 |
Land and Plant and Buildings Machinery £ £ 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 2022
5 Creditors: Amounts falling due within one Year
Accruals Estate Agent's Commission Corporation Tax VAT
6 Particulars of how particular funds are represented by assets and lia
| At 30 June 2023 | **Unrestricted ** | Designated | Restricted |
|---|---|---|---|
| Funds | Funds | Funds | |
| £ | £ | £ | |
| Tangible Fixed Assets | 540,000 | - | - |
| Investments at Valuation | - | - | - | ||
|---|---|---|---|---|---|
| Current Assets | 114,944 | - | - | ||
| Current Liabilities | -1,980 | - | - | ||
| 652,964 | 0 | 0 | |||
| At 1 July 2022 | **Unrestricted ** | Designated | Restricted | ||
| Funds | Funds | Funds | |||
| £ | £ | £ | |||
| Tangible Fixed Assets | 540,000 | - | - | ||
| Investments at Valuation | - | - | - | ||
| Current Assets | 31,334 | - | - | ||
| Current Liabilities | -1,884 | - | - | ||
| 569,450 | 0 | 0 |
7 Analysis of Movements in Funds over the Year
| Income | Expenditure | Other Gains | |
|---|---|---|---|
| & Losses | |||
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Unrestricted and Designated | Funds:- | ||
| Unrestricted Revenue Funds | 81,398 | 34,553 | - |
| 81,398 | 34,553 |
- 8 The purposes for which the Funds as detailed are held by the Charity
Unrestricted and Designated Funds:-
Unrestricted funds
These funds are held for meeting the objecti provide reserves for the future activities and tion are free from all restrictions on their use 11
| Current Year | Prior Year |
|---|---|
| Total | Total |
| Funds | Funds |
| 2023 | 2022 |
| £ | £ |
| 59,931 | 66,266 |
| 21,467 | 13,366 |
| 0 | 0 |
| 81,398 | 79,632 |
| 0 | 0 |
| 34,553 | 43,768 |
| 0 | |
| 34,553 | 43,768 |
| 46,845 | 35,865 |
| 46,845 | 35,865 |
| 46,845 | 35,865 |
| 569,450 | 569,450 |
| 616,295 | 605,315 |
s required
nts.
unts as a separate statement
| e 2023 2023 2022 £ £ 46,845 35,865 |
|
|---|---|
| 46,845 35,865 0 0 |
|
| 46,845 35,865 |
unts
nded 30 June 2023
| 2023 | 2022 |
|---|---|
| £ | £ |
| 46,845 | 35,865 |
| 46,845 | 35,865 |
unts
30 June 2023
| Total | Prior Year |
|---|---|
| Funds | Total Funds |
| 2023 | 2022 |
| £ | £ |
| 605,315 | 569,450 |
| 46,845 | 35,865 |
| 652,160 | 605,315 |
| 652,160 | 605,315 |
| Total | Prior Year |
|---|---|
| Funds | Total Funds |
| 2023 | 2022 |
| £ | £ |
| 652,160 | 605,315 |
unts
e Companies Act 2006
| 2023 | 2022 |
|---|---|
| £ | £ |
| 59,931 | 66,266 |
| 21,467 | 13,366 |
| 81,398 | 79,632 |
| 81,398 | 79,632 |
| 19,580 | 29,322 |
| 0 | 0 |
| 14,973 | 14,445 |
| 34,553 | 43,768 |
| 46,845 | 35,865 |
|---|---|
| 0 | 0 |
| 46,845 | 35,865 |
| 46,845 | 35,865 |
and sub-headings used in e Chariry's activities.
unts
2022 £ 540,000 67,019 0 -900
66,119 606,119
606,119 - 606,119 606,119
he requirement to obtain
with section 476 of the Act.
rements of the Companies
ts.
and the report of the
15 of the Companies Act
unts.
2023 2022 £ £ - -
in the current or prior year,
| 2023 | 2022 |
|---|---|
| £ | £ |
| 7,800 | 7,800 |
n from the Charity, or any
| Motor | Total | |
|---|---|---|
| Vehicles | Funds | |
| £ | £ | |
| - | 540,000 | |
| - | - | |
| - | 540,000 | |
| - | - | |
| - | - | |
| - | 540,000 | |
| - | 540,000 |
| 2023 | 2022 |
|---|---|
| £ | £ |
| 1,980 | 900 |
| 0 | 0 |
| 0 | 0 |
| 1,980 | 900 |
abilities
| Total | Prior Year |
|---|---|
| Funds | Total Funds |
| £ | £ |
| 540,000 | 540,000 |
| - | - |
|---|---|
| 114,944 | 67,019 |
| -1,980 | -900 |
| 652,964 | 606,119 |
| Total | Total |
| Funds | Funds |
| £ | £ |
| 540,000 | 540,000 |
| - | - |
| 31,334 | 31,334 |
| -1,884 | -1,884 |
| 569,450 | 569,450 |
| Movement | Movement |
| in Funds | in Funds |
| 2023 | 2022 |
| £ | £ |
| 46,845 | 35,865 |
| 46,845 | 35,865 |
y are:-
ves of the charity and to d, subject to charity legislae.
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 90 Deptford High Street London SE8 4RQ
1
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Trustee’s Annual Report for the year ended 30 June 2023
The Trustees present their Report and Accounts for the year ended 30 June 2023, 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 Emmanuel Adeolu Oloyede (Secretary)
-
Reverend John Baptist Maforikan
-
Reverend Emmanuel Ayoola Osho (Treasurer)
-
Reverend Julius Dale Olaleye
-
Reverend Sunday Onabanjo
-
Reverend Abayomi Oni
-
Mother Celestial Madinat Aduke Oyenuga
-
Mother Celestial Mary Salu
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
Trustee
28 March 2024
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 2023
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 18 March, 2024
3
CELESTIAL CHURCH OF CHRIST UK DIOCESE
Notes to the Accounts for the year ended 30 June 2023
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