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
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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.
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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.
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