Sense, The National Deafblind and Rubella Association Council’s report and accounts for the year ended 31 March 2006
Fundraising proceeds Voluntary income is accounted for when received. Non-cash donations, other than goods donated for sale through our shops, are stated at an estimate of their value to the Association.
Fundraising events and activities Fundraising costs are accrued when incurred.
Depreciation Using the following methods, depreciation is calculated so as to write off the cost of tangible fixed assets over their estimated useful economic lives at the following annual rates: In equal annual instalments: Freehold buildings
- 2%
Short leasehold properties and long leasehold improvements
- over the remaining life of the lease
Furniture, fixtures and fittings - 25% Motor vehicles
- 25%
Freehold land is not depreciated. Individual fixed assets costing £500 or more are capitalised at cost.
Leases Assets acquired under finance leases and hire purchase contracts are included under fixed assets in the balance sheet and depreciated as indicated above. The related liability for the capital element is included in creditors and the interest element, which is calculated on the basis of the amount of borrowing outstanding, is charged to the statement of financial activities in the period to which it relates. Operating lease rentals are charged to the statement of financial activities in the period in which they are incurred.
Stocks Stocks are stated at the lower of cost and net realisable value and consist of craftworks produced by the association’s service users, collection bags for donated goods and new goods bought for resale.
Recognition of liabilities Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.
sense annual report & accounts 2006
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