St Elizabeths Centre Annual Report End Dec 2022 FINAL - Flipbook - Page 47
Statement of accounting policies 31 December 2022
DRAFT
Debtors
Debtors are recognised at the settlement amount, less any provision for non-recoverability.
Prepayments are valued at the amount paid in advance.
Creditors
Creditors and provisions are recognised when there is an obligation at the balance sheet
date as a result of a past event, it is probable that a transfer of economic benefit will be
required in settlement, and the amount of the settlement can be estimated reliably.
Creditors and provisions are recognised at the amount St Elizabeth’s Centre anticipates it
will pay to settle the debt.
Pension costs
St Elizabeth’s Centre operates a defined contribution pension scheme. The amounts
charged represent the employers’ contributions payable to the scheme in the year.
The Centre contributes to the Teachers’ Pension Scheme which is an unfunded scheme
and members contribute on a pay as you go basis. The Centre is unable to identify its
share of the underlying net assets and liabilities of the scheme and accounts for its
contributions as if it were a defined contribution scheme.
St Elizabeth’s Centre
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