ST YOUTH EI NTR INAN IAL ST TE 023 Accounting eonvention and BASIS of Accounting The financial statements have been prepared under the historical cost convention. These financial statement5 have been prepared in accordance with Accounting and Reporting by Cliarities.. Statement of Recommended Practice applicable lo charities preparing their accounts the Financial Reporting Standard wliich applies to UK and Republic of Ireland (FRS 102) (effective 1st January 2015) - (Charities SORP (FRS 102)). and the Companies Act 2006. Reconciliation witli previous Generally Accepted Accounting Practice Inpreparing the accounts, tlie Trustees liave considered wliether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, the restatement of comparative items was required. No r¢5tatements were required Income Recognltlon Income is recognised when tlie cliarity has tlie entitlement to the fijnds, any performance conditions atlaclied to the item(s) of income have been met, it is probable tlie income will be received and the amount ineasured reliably. Interest Recelvable Interest on the funds lield when receivable and tlie amount can be measured reliablyi this is nonnally upon notification of the interest paid or payable by the bank. Resources Expended All expenditure is accounted for on an Accruals basis and is classifed under headings that aggregate all costs related to tliat category, Fundraising costs iiiclude the costs of advertising, producing publication5, printing and mailing fundraising material and staff costs in these areas. Costs of charitable activites include direct expenditure incurred through operational activities. Governance costs represent the costs associated to the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity Flxed Assets All tangible fixed assets are recorded at cost Page 4
SAINTS YOUTH FINANCIAL ST NT Depreciatlon Depreciation is calculated lo write off the cost of flxed assets over Ihelr esllmaled useful lives al tho following rate& COMPUTER EQUIPMENT 33% SL Repalrs and renewals All rep8lrs and renèwals are written off as incurred Debtors and Prepayrnents Trade debtor5 and other debtors are r&cognised at the settlement amount due aftgr any discount offered. Prepayments are valued al the amount prepald nel of any disGounls due. Credltors and Provislons credito and provisions are r8cognlsed wh8re the charfty has a present obligatlon resulting from past event that will probale result in thè Iransfar of fund$ lo a Ihlrd party and the amount due to settlè Ihe obllgalion Can be measurè rolaibly FlnanGial In8truments The charity only ha5 flnanclal Instruments and financl81 Ilablilles of a kind that qualify a$ baslc flnancial instrument. Baslc financial in$lrum8n18 are Inllially r8¢ognised at Iransa¢lion value and subsqu8ntely measure at their settlemnl value with the excepllon of bank loans which a18 sub3quenUy me88ured at amortised ¢osl using the effective interest method. Prior year adJu8tmonts After completing checks and verifying tha accounts of tho prevSous accounlanllsl, it has been established that there has been a mis-statmeent of the Items held within the Fixed Asset Regisler. It has been conflrmed with the ¢enlr8 and the Diocese {who actually own the landl that no such valu¢5 should be stated wilhin Saints Youth Cenlre's balan 8heel. As 6uch, Rlevant and appfoplale adjustm•nl$ have been made lo this year and trospe¢lIvelY to the prevlou5 year to fix this error. This in turn has removed the "Capital Grants" liability which was also incoireclly staled within previous yoars accounts. Page 5
SAINTS YOUTH Cll NTR FINAN IAL STA STATEMLNT ofi ACCI)UNTING POLICIES Coiitliiiied Fund accounting Unrestricted funds comprise donations and other Income that are available for the use at the Trustees, discretion in furtherance of the objectives of the Charity, Designated funds may be used as unreslrlcted funds set aslde by the trustees for specific future purposes Reslricled funds represent income received whiGh is subject to specific purposes, the us8 of which is restrlcted to that area or purpose The Income recived from fundeis depends on the Charity meeting detailed crilerla on the expenses plans. Grants given under such conditions are also subject to them being obtalned for in connection with the furtherance of the Charity's aims and objectives. Such income can be repayable to the funder if such expenses plans and criteria are not rnet. Such incorne can only be deferred inf the donor specifies that the grantldonalion must only be used in future a¢¢ounting periods; of the donor has imposed conditions which musl be met before the charity ha5 unconditional entitlement. Income from charitable activiles includes income received under contract or where entitlement to grant funding is subject to specific performance Conditions is recognised as earned as the related goodslservlces are provlded, Grant income included In this category provldes fundlng to support funding activies and is recogn15ed where there is entitlement, certainty of receipt and the amount can be measure reliably. Income is deferred when.. feesl performance related grants are received in advance of the performancelevent to which they relate. Reserves Poli¢y Unrestricted funds are needed to provide funds which can be applled to specific projects and to enable these projects to be undertaken at short notice and to cover the running costs ofthe Charity for a limited period, should there be a slgnificanl shortfall in projected Income. The Trustees consider il prudent that unrestricted reserves should be sufficent to avoid the necesslty of reallslng fixed assets held for the Charity's use. Page 6