Abbreviated Company Accounts - WALLED CITY MUSIC TRUST
Abbreviated Company Accounts - WALLED CITY MUSIC TRUST
Registered Number NI072077
WALLED CITY MUSIC TRUST
Abbreviated Accounts
31 March 2015
WALLED CITY MUSIC TRUST Registered Number NI072077
Abbreviated Balance Sheet as at 31 March 2015
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For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
WALLED CITY MUSIC TRUST Registered Number NI072077
Notes to the Abbreviated Accounts for the period ended 31 March 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Other accounting policies
The financial statements are prepared in accordance with Statement of Recommended Practice “Reporting for Charities” and applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3 Incoming Resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
The following specific policies are applied to particular categories of income:
(i) Incoming resources from charitable activities
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charity, are recognised when the charity becomes unconditionally entitled to the grant.
(ii) Incoming Resources from Generated Funds
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.
(iii) Other Income
This includes all other income received and receivable during the year.
1.4 Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred.
(i) Charitable Expenditure
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
(ii) Cost of Generating Funds
Costs of generating funds comprise the costs associated with attracting voluntary/fundraising income.
(iii) Governance Costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the accountancy fees and costs linked to the strategic management of the charity.
1.5 Fund Accounting
Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity.
Restricted funds are funds donated for use in a particular area or for specific purposes, the use of which is restricted by the funder to that area or purpose.
1.6 Taxation
The company is a charity and is recognised as such by HM Revenue and Customs for taxation purposes under the charity tax reference XT 20573. As a result there is no liability to taxation on any of its income.
2Company limited by guarantee