Neighbours United Notes to the Financial Statements
For year ended 9th May 2025
1. Accounting Policies
a. Accounting convention The financial statements are prepared under the historical cost convention and are prepared in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015) and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (issued March 2005).
The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.
b. Income Resources
Income from donations, fundraising and grants is included in incoming resources when these are received.
When donors specify that donations and grants are for a particular restricted purpose, which do not amount to preconditions regarding entitlement, this income is included in incoming resources of restricted funds when received.
c. Interest Receivable
The charity has received no income from interest.
d. Resources expended
Resources expended are included in the Statement of Receipts and Payments on a payable basis.
e. Fund accounting
Unrestricted funds relate to general funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are meant to be used in accordance with specific restrictions imposed by funders/donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charges against the specific fund.
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f. Taxation The group is not registered for taxation purposes and there has been no tax charges arisen for the group for the year ended 8th May 2025.
- Fundraising
The charity has raised no funds through fundraising.