Ufton Court Annual Report SPREADS - Page 38



THE UFTON COURT EDUCATIONAL TRUST
(A company limited by guarantee)
THE UFTON COURT EDUCATIONAL TRUST
(A company limited by guarantee)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
2. ACCOUNTING POLICIES (CONTINUED)
2. ACCOUNTING POLICIES (CONTINUED)
d) Fund Accounting
Unrestricted funds are net incoming resources generated for expenditure on the general objects
of the Trust.
j) Financial instruments
The company holds only financial assets and financial liabilities of a kind that qualify as basic
financial instruments. Basic financial instruments include debtor and creditors.
Restricted funds are to be used in accordance with the restriction placed by the donor.
e) Expenditure
Expenditure is accounted for on an accruals basis. Overheads and other costs not directly
attributable to particular functional activity categories are apportioned over the relevant categories
on the basis of management estimates of the amount attributable to that activity in the year, either
by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is
included with the item of expense to which it relates.
Governance costs are those relating to the Trust itself, not its objects and include external audit,
any legal advice for the Trustees and any costs associated with complying with constitutional and
statutory requirements, e.g. the cost of Trustees’ meetings and preparing statutory accounts.
f) Tangible fixed assets and depreciation
Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided at rates
that reflect the anticipated useful lives of the assets and their estimated residual values as follows:
Leasehold improvements - 4% - 20% straight line
Plant and Machinery
- 20% straight line
Office equipment
- 33% straight line
Fixtures and fittings
- 10% reducing balance
Items costing less than £200 are written off as expenses as acquired.
g) Pension costs
The Trust operates a defined contribution pension scheme and the pension charge represents the
amount payable by the Trust to the fund in respect of the period.
h)
Debtors
Short term debtors are measured at transaction price, less any impairment.
i) Creditors
Short term creditors are measured at the transaction price. Other financial liabilities including loans,
are measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method.
38
Note 18 provides more information on financial instruments where future cash flows are
anticipated with financial assets referring to fixed asset investments and debtor balances excluding
prepayments, and financial liabilities referring to all creditor balances excluding deferred income
and social security and other taxes.
3.JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF
ESTIMATION UNCERTAINTY
In the application of the charity’s accounting policies, which are described in note 2, Trustees are
required to make judgements, estimates and assumptions about the carrying values of assets
and liabilities that are not readily apparent from other sources. The estimates and underlying
assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period or in the period of the revision and future periods if the revision affects the
current and future periods.
The trustees consider that there are no material judgements in applying accounting policies or key
sources of estimation uncertainty.
4. NET INCOME
2019
£
2018
£
Is stated after charging:
Depreciation of tangible assets
Auditors remuneration
- audit

- other services
110,773
117,701
10,735
10,425
7,752
7,853
39

Paperturn



Powered by


Full screen Click to read
Paperturn flip book
Search
Overview
Download as PDF
Print
Shopping cart
Full screen
Exit full screen