Statement of Financial Activity 2010/11 - St Mary the Virgin, Aylesbury
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Financial statements for the year ending 31st December 2010
Basis of preparation The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, the Charities act 199, accounting standards and the Statement of Recommended Practice “Accounting and Reporting by Charities” (revised 2005), using Financial Coordinator Software deigned specifically for this purpose.
Accounting policies Funds Unrestricted funds are general funds available for the general objectives of the church. Designated funds are unrestricted funds that have been set aside by the PCC for a particular purpose. Restricted funds can only be used for the purpo9ses for which they have been given, within the objectives of the PCC. Endowment funds are restricted funds which must be held permanently and the capital maintained while the income is restricted.
Incoming resources All incoming resources are included in the SOFA when the church becomes legally entitled to the income. Collections are recognised when received by or on behalf of the PCC. Planned giving is recognised only when received. Income Tax recoverable on gift aid donations is accounted for when the gift is received, not when the tax refund is received.
Resources expended Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for goods or services. All expenditure is shown inclusive of VAT.
Notes: 1. Sums listed in 'Endowment Funds' are restricted and can only be spent for the purposes for which they were given. 2. During the previous financial year, St. Mary the Virgin Aylesbury succeeded in paying £18,000 against a Parish Share responsibility of £48,000. Whilst this falls short, by a considerable amount, it represents a considerable step forward from the previous year where no such payment could be made. The Finance Committee and the District Council is committed to meeting its responsibilities in this regard and look forward to a greater controubtion in the next year 3. These accounts do not include anticpated tax-refunds from the HMRC. Such payments are expected to be recieved during the course of the next financial year, together with any other refunds that have accrued in the intervening period. 4. These accounts have been audited and accepted by the District Council for presentation to the wider Parish on April 10th 2011 |
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