EC Meeting May 2018

General Federation of Trade Unions Notes to the Accounts for the year ended 31 December 2017

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Motor vehicles

25% reducing balance

Fixtures, fittings and equipment

33% straight line

Investments

Investment income is accounted for on a receivable basis advised where necessary by the fund managers. Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Taxation

Corporation tax is liable on investment income only. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2 Audit information

The audit report is unqualified.

Senior statutory auditor:

David Goodwin

Firm:

Sturgess Hutchinson (Leicester) Limited

……………………

Date of audit report:

3 Investment income

2017

2016

£

£

Dividends received

175,274 476,746

67,125 267,421 14,717

Gain on disposal of investments

Exchange rate movements on investments

363

652,383

349,263

9