The Salisbury Bursary Fund - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02087542 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

THE SALISBURY BURSARY FUND

(A COMPANY LIMITED BY GUARANTEE)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R C James

Mrs V C James

SECRETARY:

R C James

REGISTERED OFFICE:

Windover House

St. Ann Street

Salisbury

SP1 2DR

REGISTERED NUMBER:

02087542 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Investment property

4

83,493

83,493

CURRENT ASSETS

Debtors

5

12,041

12,781

Cash at bank

60,678

54,798

72,719

67,579

CREDITORS

Amounts falling due within one year

6

292

257

NET CURRENT ASSETS

72,427

67,322

TOTAL ASSETS LESS CURRENT LIABILITIES

155,920

150,815

RESERVES

Income and expenditure account

155,920

150,815

155,920

150,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issues by the Board of Directors on 18 September 2019 and were signed on its behalf by:

R C James - Director

1.	STATUTORY INFORMATION

The Salisbury Bursary Fund is a private company, limited by guarantee , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is

the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the

amounts reported for turnover and expenses during the year. However, the nature of estimation means that

actual outcomes could differ from those estimates. The following judgements (apart from those involving

estimates) have had the most significant effect on amounts recognised in the financial statements.

Revaluation of investment property

The company carries its investment property at fair value. Any fair value gains arising are not realised profits

and therefore are transferred to a separately designated non-distributable fair value reserve. The method and

significant assumptions used to determine the fair value of investment property are further explained in Note 4.

Investment property

Investment property represents the company's long leasehold ground rents. It is initially recognised at cost,

which includes purchase cost and any directly attributable expenditure.

Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair

value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred

to a separate designated non-distributable fair value reserve. Any loss arising from revaluation is also

recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an

individual investment property is expected to be permanent, in which case it is recognised in profit or loss for

the year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting 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 and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

83,493

NET BOOK VALUE

At 31 December 2018

83,493

At 31 December 2017

83,493

Investment property represents the company's long leasehold ground rents. The fair value (open market basis)

of investment property was assessed by the directors and in their opinion this remains unchanged at 31

December 2018. The directors took into account the quality of the investment property together with an

allowance for future lease extensions. It is not the intention of the directors to dispose of the company's

investment property in the foreseeable future.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

12,041

12,781

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

98

63

Other creditors

194

194

292

257

7.	RELATED PARTY DISCLOSURES

At 31 December 2018 £14 (2017: £14) was owed to R C James and is included in other creditors.