Ch•rity R•giitration No. 1170048 C(bmpany Reglstsatlon No. 10343035 IEngland and Wal•8) LEICESTER CHINESE CHRISTIAN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 LEICESTER CHINESE CHRISTIAN CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Trust• Mrp Chan MrKMTang MrSWIp Pffjlessor G AN9 MrPKWChaLS (Appolnted 15 Nov¢m￿r 20201 (Appointod 15 Nove 20201 MrKFMH c￿￿ty numb•r 1170¢)46 Comp•ny numb•r 10343035 Prfnel￿l •ddm• 84 c￿T9ndOn Park Ro•d L8K•sler LE2 3AD R•gl•t•r•d offl 64 clo￿ndon Park R￿d L•tesler LE2 14D Ind•pgnd•nt •x•mln•r T•xAssislA¢countants ILoughborrMJghl Ltd 10 Fi•ld Str•ot Shep•hod Loughborough L•K•sler¥hirg LE12 #AL LEICESTER CHINESE CHRISTIAN CHURCH CONTENTS P•9• Trustè•8' ￿Port Indop8nd8nt examinerf¥ rgwt Stat•menl ofllnandal actMY•8 8818nce sheet Not•8 to thè financial stalert￿ 7-12 LEICESTER CHINESE CHRISTIAN CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The trustees prèsént thelr report and IIMTh>al 8tstements for the year ended 31 Marc* 2021. Thè Itnanclgl qt2tèm￿t1 h#vo prèpgrod in 8eeordgneo wrylh Ihè aeetsunting polve$ g•t out IA nottt I to the flnantial slatements and Corn￿ wilh Ihe chanils Memorandum and Artth of Associati￿, the Companles Act 20Ce and 'A¢¢ountlng and R•portlng by Chwities". Stattrment of Recommende¢J Practice appllcable lo charl#e8 p￿paring th8ir 8¢eknunts in accordancè wth the Finanaal R•porting Slondard apFdicable in th8 VK d Repubk of Ireland IFRS 102). {88 Jrrwded for accountr"n9 perhyl$ commgntsng from 1 January 2016) Obl•¢t1V￿ •nd a¢tbvltl•• The chBrty¥ objectfve$ •re.' The churth advan￿$ the Christkln fwlh via its 8oryke$ and 9roup$ whlch meet IhroughoLrt the we•k. At it8 seivKe8 the church gryes twne to the pr•achlng of th• 81ty￿ gnd the central Chri¥lian lene18 of fakh. Durlng the week the ¢hur¢h h88 many sub groupi ¥•thfjch meet to study lh• blbl8 and to ha￿ tsIIN8hip. These ar8 opèn lo •ll who ale willin9 to •ttènd. The Irusle88 have paiu due rg98nl lo guklance ty the Charty ConwYthh)n kn doddlng vthat a¢tWe• the charty should undertake. A¢hhv•m•nt• and performance The Board of Trusto¢s has lollowed and compled with Ihe Governrnenl gUhIelh￿ to C4Jmbat tho vlrus ol C￿￿19. The Church rA)ntlnues to updat8 th* membern wth th• lat•8t G¢)v•mm&nt 8dvl¢•. Durthg Iho Y￿r, because of Ihe pandemK of Cowd-19 all seNkes We￿ Onli￿ ¥1• Zoom Mtreling. Sunday Worship for both En91i8h 8er4ic•110..30aml gnd Bih'ngual IC8nlone8eNandaTinl 8eivice111.'008ml resumed •v•ry Sunday. l Home GTOUP meetings. ￿ble $ludle$. Iv•y•f me•ling and both stud8nl8' f8knwshlps conllnued to rnn vla Zoom Meeting. Children Mini5ty was pul on hold due lo Co￿￿19. Lel¢ester Chinese Christian Chur¢h hekj 4 trilingual s•rvicas IEngNsh, M8ndwin ond Canton•sel durfng the year. TheBe 8eryke8 were Eastef Sunday servw. Annual Mission Conference, Chrsstmas Sunday C•l•brallon i•M¢e ond Christmas Day There wai no baptfj6m Sar¥1￿ to Co￿1￿ the Bogrd ofTiuth¥8 •grn•d to posW• tho b•ptlBm unlll the last quarter 012021. Leic4sler Ghlnese Chnstwn Church annu81 general meeting was hebj on Zoom due lo Covld-19, phy8lcal meeung was not adequa￿ the Board ofTrustee$ agreed thi$ 15 best way to conduct the m8eling. Wg would Ilke to thank al the volunteers who work so hard to make OUT church run smoothty on Zoom Meèting during Ihis hard Yme of co￿19. Flnanelal r￿1•￿ Current ca8hbotsk And bank account indicale the Church has suffiuent fund¥. Thefe •r¢ no (￿ditOryd and the Church had 8 slonrflcant drop w) offerwws due to Covkk1# wthore the chwch was ¢Ywd. It 15 the poliq of the (*5afity that unrestrkled fund$ which have not been deswn*ied for a specific use should be rnaintsined at a level equNalent to trAo month'3 expenditure. The trustees consideTS that reserves at thts lovel wdl ensure that. in the event of a shJnifir2nt drop in ftjnding. they will be able lo continue the charfty's current activities while ￿nSi{1eraI10n 15 gNen to ways in Ithkh addlttonal fvnd$ may be ralsed. Thls le¥el of seNe$ has been maintsined thToughout the year. LEICESTER CHINESE CHRISTIAN CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORD (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 The Iru8tees has assessed the mahy rfsk3 to whth the cjwity 15 exposed. and are Satisfied that systems are in pla￿ lo nyl*Jaltt exposu￿ to the mapr risks. StN¢tur•, gov•manc• and manag•m•nt The d)arity i¥ 8 o)nyany IHnited ty 9uawteè wlth no share capAal. Th8 trustees, who are also th¢ directors lor lh& purp08e of IAW. 8emd duthg th• yoar and up to Ihe date of 819nalur• of th• financial statebmlts were.. Mr P Chan Mlss S M Ch¢)W MrCKFun9 R•verend E S H Gwn• Jame8 MrsKMLam MrKMTang MrSWIp MrHPLa Profe88OT G A Ng Mr K C Tsang MrPKWChau MrKFMHui (Resryned 15 November 20201 IR•swnwt IS November 20201 IResNJned 29 Juty 20211 {R¢8vJned 15 No¥anknr 2020} (Roslgned 15 NO￿nts 20201 IRe6ryn8d 15 November 20201 (Appointed 15 Nov8mb8r 20201 (Apwrthl 15 November 20201 Ac￿rdIng lo the ￿￿￿o￿ndUm and &￿IdeS ofA8toclthn the number oflnjstees shan not be le$3 than three persons. All the InJstee8 mvsl be members of th* Church. no￿nall0n of tW81tr88 shall be made by the Chuch and after velllng. they sh811 bé $ublected to th• ratthcal*on by ¥ majorty of mombers attèndlng the mèeting IAGMIEGMI. Those new tru8t••$ shall be elected by h8N mahoiities of members 8ttendinu Ihts M￿11n9. None of Iho trustaes h8$ 8ny benef￿81 Interg8t in Ihg coThwany. All oflh• trustw •r• m•mb•r• of th• company and gu•rantee to contrfbutè E1 in the event of • MrtdirvJ up. The company's current policy eonceming the yyrrenl oftrade ueditors is to follow the C81,8 Prompt Pay8rs Code Icoples are av8i18ble from the CBI, Centre P￿nI. 103 Néw Oxford Street. London WC1A 1 DUI. The company's CUTrwrt pow ¢onceming the paymgnt of tr¥de uedltorn18 to.. 80tll8 the terms of payment with suppliern when agreeing the temis of &8ch tran￿tiOn.. ' ensure that supp¥eAs are made aware ofthe teffl￿ of payment by iThJusion of the roJevAnt teNr* In contracts,. and ' pay in aco)rdance wNh the ¢>JnpanYs contradu81 and tsthèr *1 oblgallons. Trade cred￿or8 ofthe o)mpany at the y•8r end were equNalont to 14 dty$ wrthages, b88ed on the av￿9¢ d•ity amount inVo￿ed by suppkn durin9 lh8 year. LEICESTER CHINESE CHRISTIAN CHURCH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR TME YEAR ENDED 31 MARCH 2021 Within th• Boaryl ofTru¥lee¥, •nd vhpwtrnont h•ad8. 11 Spilllual Leadership la so kn¢y•m as Pastordl Team)". memiws are Rev Esther Wnn&James, Prof G Amdre Ng and Mf IAan Tar¥J. w'ritual leadership of tha Churth 8hall r86t vAth the Splrftual Le8der8hSp. 21 The TTusts88 wllo are ménknrn of It* Splrltsjal Le8der*)Ip oro respon81tJl8 for m•nagomont gnd admlnl8tratlon of the Church's property and funds In xtordarKo thoArbdes. Departmonls and FoY(linator v. Spec181 Projoctor Co-ordlngtor vt. Malnlenance Ccwrdlnator vll. Prayer Secret8ry No prnf•rnrKa dI￿d8ndS were pald. dlroctorn do rnt rgcomm8nd p#ymenl of o firbal dlvkl8nd. The trustees, réport was approved by the 808ft1 of Tmstees. ¥arK ang MrSWIp Tnjsioe Dated.'2 DtrArrthr 2021 TnJst88 Datgd.. 2 DKember 2021 LEICESTER CHINESE CHRISTIAN CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEICESTER CHINESE CHRISTIAN CHURCH I wport to the trustee$ on my examinallon of the fKHndo15tatements of Lekèsier Chin￿0 Chii8tian Church (th8 charftyl for Ihe y￿r ended 31 March 2021. R￿Pon91b1lll10* and b*•3• ol rnport As lh9 trustees of tt)e charsty land also rts director• frji the puw8 of aJThpony 18w) you are re$ponJlble for the preparation of tha financ4al stat•tYwts with th• rIqU￿ements of tho Companies Act Uhe 2￿8A¢ll. Having sattsllod ry8eH, th•1 the finarKial atatsmants of ts thwity arn not r•qulred to be audlt•d under Part 18 of the 2006 Act and arè 811pible for independent examinst￿n, I r6POrt in r8sp8ci of my examination of the thafty's financial slat(>n*nls carried out under se¢b"on 145 of thè Charities Ad 2011 lthe 2011 Actl. In carryin9 Out my oxamiiiatN)n I havo all the appICab￿ Dtrecfjons gpien by the Charity Commisskjn under 6eclon 145151101 of the 2011 Act. Ind•pondgnt •xamln•rf• •tatem•nt I hov¥ completed my i)X8mlnats"on. I confimi that no m)tter¥ have corTh4 to nyy •ttention In conn•ctlon ￿th the examinadon gi￿ng me ¢au$e to believe that in any material respect.. a£￿U￿ting r•¢ordB w•r• not kopt In r•8p•d of tho ¢horty A• by *?￿0n 386 01 th• 2008 Act.. 2 th9 fln8ncSal 8t8teirt¢nt8 do not accord wilh those recordi", thé flnanci818t8ternents do not compty with the ac¢ounting r8quirgm8nts of $ocVon 398 of th8 20CI8 Act other Ihan any requlfemenl Ihai the accounts giv8 8 true and fair vi8w is not a matter Cons￿Or0d as pari of an independenl examlnalk)n. or thè financial 8tatein•nt8 have not be￿ pr•parvd bn t*lth tho method8 and prfndpkn of the stsiement 01 Recnmmended Prnctice lor 8ceounling rèFOrting by charities applicabbe to ehanties pr•p4ring Ih•ir acLoun16 in accoTdan¢g wNh tha Flnanryal Repo￿"n9 Standard appts'cable in the UK and Republk of Ireland IFRS 102). I have no e4ne•m$ and have com8 a¢ro$8 no other matt•rn in ¢>)nM¢knn with the &x•mln8Uon lo whkh &tlenllon shouk1 be drawn In Ihls report In older to enable a propèr undgr¥l•ndlng of the flnandal statemgnts lo be reached. COJ TaxAssl3tAccounthnts (Loughboroughl Ltd 10 Fleld Strtht Sh8psh8d Loughbor0￿h Lelce$t¥rshire LE12 9AL Daled.. 2 Decemb¢r 2021 LEICESTER CHINESE CHRISTIAN CHURCH STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AIARCH 2021 Totsl 1021 Totsl zozo fvnd• lund• DonatkJn¥ •nd legwifrs 56.371 15.006 71.377 108,284 Chorilable activrti 46,12S 17.89) 63.77S 95,213 N•t Incom￿{0X￿ndItrjr•> fw th• Nèt movèmènt In funds 10246 12,6441 7,602 13,071 Fund b•lancw at 1 April 2020 382.837 87,152 469.989 456,918 Fund balancm at 31 M•r¢h 2021 393.083 477.591 489,989 The sl•temnl of finandal actlvlues al galn8 and108￿ rttsjgnlsed In the year. I Incom& and expenflllure dertr¥e from Gontknulng actmkn. Thè 81alemenl of financ481 actlvlties I￿0 C4Mpl￿ with the requwements for an IncoTh and eXp￿d￿ure a¢￿Unt under the CorryJanie8Act 2LMI8. LEICESTER CHINESE CHRISTIAN CHURCH BALANCE SHEET ASAT31 MARCH2021 2020 Flx•d ass•ts Tangible 8S5ets Currnnt a•s•ts Dgbtors Cash at bank arKI in harKI 315.125 325,122 9.195 136,672 154.886 163,466 145,867 Cr•dltorn: amounts f•lllng duo wlthln 10 I1,0￿) {1,000} Nat currant 888et8 162,466 144,867 T¢)tsl ••••l• l••• curr•nt IlabS1111•• 477.591 489,989 In¢om• fvnd* Restricted funds Unrestricted lund8 84.508 393,083 87,152 382,837 477.591 469,989 Tho eompany Is on￿￿0d to the exemp￿On from th• audit requIreTh￿t contairwd in section 477 of th8 Companies A¢t 20C6, for the year enced 31 M8Tth 2021. No mèmber ol the company h88 depositsd a nole8, pursuant to 88ctSon 478. reqUI￿n9 8n aud￿ of the89 flnondal st8t6menis. Th• trustses a¢kn(vled90 th¢ir rngporAibilikn08 for 8nsuiing that tho d￿rity k88P8 ¥Ctounttng records whlch comply wsiti sectton 386 01 the Act 8nd Fwaring finandal Statements give a true and fair view of thè slate of aff8irs of the c(Anpary as at the end ofthe IlnancAa year and of ils inc¥ming re80Lwces 8n¢J applicatr'on ol resources, induding it8 in¢xime and gxp9ndituTr. for the financial year in actord8nc8 with the requlrem8nts of sections 394 an¢J 395 and otheNrise compty wth the reqUIr￿ts of the Companies Act 2(4)6 relating lo flnancial stslemenls, so f8r as appl￿ble to the (#)mpany. Thes8 flnanc1818t81emenls hove b00n Fxepared in acL¥xdanco the appllcable to companle8 subJ'eGt to the small companies regirrE. Tho finandal stateFn8nts were opprDvèd by Ihe Tru81ees on 2 Dec￿￿er 2021 rKMTang MrSWIp Trust•• Company Reglstratlon ND. 10343035 LEICESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng poli¢1 Charity Snforni*tioTh Leicester Chinesv Chrislian Chun* 15 a pn¥at8 Conyry Imited by guarantee I￿OrpO￿ted in EngLgnd and Wal8s. Th& regl8ter•d office 1$ 64 Ckqrgndon Part Road, LeTh8ter, LE2 3AD. 1.1 Accountlng eonvenllon The ffinanclal statamonts havo begn prepared in accordance *Mth the chariivs M•morandum and Artiele ¢*f Assocl8lh)n. the CompanEs Act 20C￿ and "Arxountkng and Rep￿fig by ChartNes.' Stalement of Recommermled Practice apph'cable to ¢harits"e8 preparin9 Ihelr ¥¢xounts In ¥c¢ordance with the Finan￿￿1 Rèportlng Stsndard apP￿rab￿ in the UK and Répul￿ of Irèland IFRS 1021.18$ 8m8nd8d for aL¥oun￿ng pertod$ commnclng from 1 January 20181. The chanty 1$ a Public Beneffit Enb"ty a$ defined by FRS 102. Th¢ tharty h*¢ lak•n *dvantago of th• provi8kryn6 in th& SORP fiy ehariti•s OP￿Ing FRS 102 Updoto BUIWI 1 not to PT•pore a siaiemenl ol Ca8h Fknvs. The financial statpments are prepared In $t*rting. whlch ts the ffunth)n￿ ¢urr•nry ol th• ¢h•ity. Monetary amounts In Ih660 financlal statoments 4r¢ rounded to th8 nearest £. Th• Ilnand*l 6tat8ments have been prepared und8r the hist￿ICal cost convention, modified lo indude the revaluation of frev.hobJ propert*s and lo indude investment propeities and certaln finandal Snslrumenls at falr value. Th• prftt4pal a¢¢ountkng poMdts• adopt•d 8r• bot out bolow. 1.2 Gotng conc•rn At the lime ol aFiproving the finanaal 6talem8nts. th8 trustees have a rea50nBble expectsuon that th charity hai 8d•qii81• r•$ourc•s to continu• wi ¢)pvati¢)nal •xtstone• for lh• forèswablo futur•. Thus th• trustees conllnue to adopt Ihe going Wlfxm bgsls of 8c£ounlSng In preparing Ihe ffinar￿aI statenxnts. 1.3 Charft41)l• fund• Unrestrided fiTrnds are availabFe lor usa at tha disCr￿10n ol lh• truste￿ in furlhèrancè of thèir charitablè obl9￿¥*$ unl¥$$ thg fvfid$ h￿fj d¢sign8t¢d for othor purpo80$. Reslrf¢ted fvnd8 are Subject lo $peuk eondltions by donNg as lo how they may be u8ed. The PLYPO￿$ and uses ollhe fe3tricted funds are 3et in the note3 lo the finanrAal 3taterrEnts. Endowmenl fundG are subjed to Bpedfic condllknns by donorn that the caPtt￿ rThJst ￿ maintained by th• charity. 1.4 In¢omlng rn•ourc Income is recogn sed when Ihe charity is *alty entilled lo it after any perf0m￿nCe condFb'ons have been mel, Ihe amounts c4n be ￿*88u￿d reliabty. and it i8 wobable Ihat In1>)ff￿ will be recei￿d. Cash donatior¢s reco9nised on reC￿pl Olher donat*)ns arn recognised once the tharity has been nots.fièd of the dDnat￿n, unletsts ￿rr0￿ManCe condrtvJns reqiwro dofewr81 ol the amount. Income tax recoverable in relat￿n to donat*)ns receNed under Grft Aid or deeds of ¢ovtsn*nt 1$ recognised at the time ofthe donation. Legaues are reccsnised on roceipt or otherwise rf the d￿rty ho$ bgen notified of an Impending distributmin. the amount is kntr*m. and r￿lpt is expÈctÈd. Ifthe amount is r￿1 kr￿￿￿, the 14 treated as a contlngenl asseL Tumover is Measu￿ at the fair value of the ¢on*deralion rKeived or r8C8NablE and represents amounts re￿Nable for goods and 8er4ke8 pmoded In the nom191 c¢U￿8 of bus1r￿ss. of do8￿unts, VAT 8nd olher sales reLaled taxes. LEICESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EAIDED 31 MARCH 2021 Accountlng poll¢l {ContlnLwd) 1.6 R••oure•# tsxp•nd•d Liabtlitio$ arts8 from1è991 or ty)n¥tructrvo obl[g•1*￿ that C4Jfflmit the to expendlure. A l￿bil￿ and related expendilure must be recogni5ed when all of thg folh)wing critarta are met Obligation- 8 pres&nt legal or consInXti￿ c*h3•tK¥n exists at the reporbng date a5 a iesult ol a past event. Prob8ble- il 13 more likety than r#)t that ¥ trnn¥fer of 8C4MKJrnk b8n•fits. often ca8h, w¢ll be requir￿ in selllement. M8aBurem8nt- th• amount ol the oblryalkjn can b• m•a8ur•J estimated relsabfy A l•gAI obllg8tKJn wh•n a ¢h•rity ent•r8 into • blndhlg eontr•d or th•r• l• • 8talulory requiren)ent to mak• a payrrerrt. ￿en a chanty ent•ts into a contrdct for the suppty of good8 or 8eNce¥. gxpendrtuie18 recognisgd once the suppl￿[ of the good8 or seThkes has Ferformed their port of lh• contra AconBtnKUve obdgayon ar1¥￿ as 8 resutt of a charvs acVon• t*h•n It Indkatos to other parties that rt attepts partiCU￿r respon8itshb'e8 and Iherety c¥èat•8 a valld ¢XPoctslion on their part that tha chaiity will meet them. 1.8 T•nglbl• fix•d aB••ts Tanglble fixed a668ts grg InNlgty mg08ured ai c•#t arKI #uhequenty mea8ured •1 coll or v4luatyon, not of depTed81ion and Impalmxnt losstt. Oepreciatt'on 1$ r￿onI￿a to off colt or Wa￿•110n of a88•ts l•ss th•ir resid￿1 v•lu•$ ov•r thelr useful Ilve8 un the lolo%thg b38¢8.' FTeehold land and bulldlng8 Flxtuffs and frtb'n9S 2% ¥tr•yht li 12.5% stralght Ilne The gain or los¥ 4ri¥ing on the dispo￿ of an auet 18 detemiined as the diff&r&nce between the sale prots•ds And Ihe carwng valug of the 8$8el. ond 5$ recognised in net incomellexpenditufel for the year. 1.7 Impalmi•nt of fix•d a•Mts Al t8¢h repofbng end date, Ihe thwlty revlm th• carykng STr￿UnIS of tt8 tsnglble 8850ts to d6terrT*ne whether there is any indkayon thal those assets have suffered an Impalmwnl h)ss. If any such Indlcatron •xists, the recovera￿0 amount of the asset is estimated in order to dete￿Ine the extent of the impairment 1088 Ilf any). Intangible as8et8 With indefinbt8 I￿9 8nd ktsngible 888•ts not yat 8val8bl8 for use are te8l•d for Inwalmient annualty, and whenever thero Is an Indlcalkn Ihat th• ass￿ may bo Inyalf•d. 1.1 Cash •nd u•h •qulv•l•nl• Cash and e.4uNalents indude cash in hand, deposrt5 hekl at call wth banks, other Sh￿4ern Ihiuid Invastmènts oriu1n￿ maturiliè$ ol thr•• month8 or #nd bank ovorfrnftÈ. Bank ovordrAftÈ Ar• withm boffcwings in ojrrent liabilrfies. LEICESTER CHINESE CHRISTIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢countlng polleio• ICgnllnu•dl l.• FlnanelAI In•trum•b)t• The charlty has $1gcted to appty the p￿￿$￿1￿* of Secbon 11 'Ba8lc Flnandal Inslwm•nt¥' and Secltr)n 12 'other Finanaal 1nStruff￿nts 18sues' of FRS 102 to al ol its finonLxal In8truments. Fin*ncig1 instruments are recogni50d In th? thaiW8 balance 81wt vth•n th8 tharlty becomes paity to th& contractual pro￿s￿n8 ofthg In8trumonL Flnancial assgls and labllitie8 8re offset. Y￿1h the nel amounts presented in the financial statem¢nl¥, when there is a legalty anforc•able nghl Its sel off the rgccgni6ed amounts and tharè is an intention to sewe C￿ a not ba816 or lo r68118e the 888et ond ￿ the1Sabllty 3knthneou3ty. Basic ffnanwl 98s01s. which Indude debtys and ¢88h and l)ank ba￿The•s, art initialty measured al Iransactlon prk• indudln9 transacllon costs and ale subs8qu•nty earrl•d at am0￿$&￿ eo#t u¥ing the effectlve inter8St m8thod unless the arrangement consytvtès a ffinanang transathon, wh•r• th• Ir8n88¢lon 15 measured al the rKesent value of the fvbjre ￿￿ipts discounted al a market rale ol Intèrè$l. Finan¢ial a¥8?t8 claB8rfied a8 r•c8fvabk• w6thln one year are noi am￿8•d. 8Mlc Iln•ncl•l Il*blll*•• Bas￿ finanual liabilrties, Indvding credilovs and bank loans ar8 inrfiaty recogn¢sed al Iransaclhin prfc8 Un￿8• the 8rransement cAJnsttluta8 a ffinan￿ng tran8gctl)n, where the debt 1Tr8trument 18 mea8Ufed at the present valu• of :he luturt payment8 discounted al • rna￿81 rnle of knlefest. Flnandgl IlablllJe6 da68lfltsd as payable W￿1h1n one year are not al￿r￿s0￿. Debt inslruments are Subsequenlty carried at aM￿lSed cost. using the effective wrteresl rate m8thod. Tfade uedilor5 are Obl￿atiOnS lo pay lor goods or seThlces Ihal have been acqulred In ihe ordlnary cour68 ol operalions from suppliers. An￿￿ntS pay8blÈ ar• d&$srf*d •$ ¢urn*nt liabllths 11 payment 4$ du¢ wllhln on¢ year or less. If not, they are presented as non