Children's Book Project - Signed 2025 Accounts - Flipbook - Page 25
Notes to the Financial Statements (continued)
Year Ended 30 June 2025
1.Accounting Policies
Resources Expended
All expenditure is accounted for on an accruals basis and includes VAT as the charity is not VAT registered. The majority of
costs are attributable to specific charitable activities. Governance costs are associated with the governance arrangements of
the charity.
Tangible fixed assets
TIndividual fixed are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated
impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less
any subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life
of that asset as follows:
Motor Vehicles - 20% straight line
Equipment - 50% straight line
Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors
Creditors are recognised when the charity has a present obligation arising from a past event that will probably result in the
transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors
are normally recognised at their settlement amount.
Operating leases
The cost of and income from operating leases is charged and credited to the profit and loss account on a straight-line basis
over the lease term.
Funds accounting
Funds held by the charity are either:
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of
the trustees.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity.
Taxation
As the Association is a charity, it is exempt from taxation - other than VAT, which is included in the relevant costs in the
Statement of Financial Activities - to the extent that any income and gains are applied to its charitable objectives.
Annual Report & Financial Statements for year ended 30 June 2025 |
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