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
Liquid resources included sums on short term deposits with recognised banks.
All material amounts of trade receivables and other current assets due at 31 July 2020 have been
brought into the Statement of Comprehensive income irrespective of when actual payments were
All material amounts of trade payables and other current liabilities outstanding at 31 July 2020
have been brought into the Statement of Comprehensive income irrespective of when actual
payments were made.
Contributions to the Fund are calculated so as to spread the cost of pensions over employees'
working lives with the College. The contributions are determined by an actuary on the basis of
triennial valuations using the Age Attained Method. The actuaries also review the progress of the
scheme in each of the intervening years. Variations from regular cost are spread over the
expected average remaining working lifetime of members of the Fund, after making allowances
for future withdrawals. The expected cost of providing staff pensions to employees contributing to
the Fund is recognised in the income and expenditure account on a systematic basis over the
expected average remaining lives of members of the funds in accordance with FRS102 and
recognises retirement benefits as the benefits are earned and not when they are due to be paid.
Full provision is made in these financial statements for future pension contributions in respect of
employees who have been permitted to take early retirement without any reduction in their
Short term employment benefits such as salaries and compensated absences are recognised as
an expense in the year in which the employee render service to the College. Any unused benefits
are accrued and measured as the additional amount the College expects to pay as a result of the
Employee termination benefits must be in accordance with the Glasgow Colleges Regional Board
policy. Costs are recognised as an expense when the liability is contractually incurred.
The College does not hold any complex financial instruments. The only financial instruments
included in the financial statements are financial assets in the form of cash and cash equivalents
as well as trade payables and other current assets and financial liabilities in the form of trade
receivables and other current liabilities.