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City of Glasgow College Annual Report & Accounts 2019-20

CITY OF GLASGOW COLLEGE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 JULY 2020

3 STATEMENT OF ACCOUNTING POLICIES

Basis of Accounting

Going Concern

Recognition of Income

Grant Funding

The financial statements are prepared in accordance with the historical cost convention modified

by the revaluation of certain fixed assets.

Government revenue grants including the funding council block grant are recognised in income

over the periods in which the College recognises the related costs for which the grant is intended

to compensate. Where part of a government grant is deferred it is recognised as deferred income

within creditors and allocated between creditors due within one year and more than one year as

appropriate.

Grants from non government sources are recognised in income when the College is entitled to

the income and performance related conditions have been met. Income received in advance of

performance related conditions being met is recognised as deferred income within creditors on

the balance sheet and released to income as the conditions are met.

Although Covid-19 has has a significant impact on the College's finances the Board of

Management is satisfied that it has adequate resources to continue in operation for the

foreseeable future, for this reason the going concern basis continues to be adopted in the

preparation of the financial statements.

Income from tuition fees and from short-term deposits are credited to the Statement of

Comprehensive Income in the period in which they are earned. Income from specific

endowments and donations is included to the extent of the relevant expenditure incurred during

the period, together with any related contributions towards overhead costs.

Income from contracts and other services rendered is included to the extent of completion of the

contract or service concerned. This is generally equivalent to the sum of the relevant expenditure

incurred during the period and any related contributions towards overhead costs.

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