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Notes to the accounts
1. Accounting policies
1.1 Basis of preparation
The accounts have been prepared under the historical cost convention unless otherwise stated.
The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity constitutes a public benefit entity as defined under FRS102.
In preparing the accounts the trustees have considered whether in applying the accounting policies required by FSR102 and the Charities SORP FRS102 a restatement of comparative items was needed. No restatements were required.
1.2 Incoming resources
Core funding revenue grants are credited to the income and expenditure account as and when receivable.
Revenue grants for specific projects are credited to the income and expenditure account as and when receivable and unspent amounts are carried forward as part of the restricted funds in the balance sheet.
1.3 Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries.
Governance costs includes those costs associated with meeting the constitutional and statutory requirement of the charitable company.
All costs are allocated between the expenditure categories on the SOFA on a basis designed to reflect the use of the resource.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:-
Fixtures and fittings 5 years straight line
Computers and equipment 3 years straight line
It is the policy of the charitable company to only include on the balance sheet individual items of a capital nature which cost £1,500 or more and only relates to those items that can be used for more than one year.