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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

Pension Schemes

Employee Benefits

Liquid resources

Liquid resources included sums on short term deposits with recognised banks.

Financial Instruments

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

received.

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

pension entitlements.

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

unused entitlement.

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.

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