Page 63 - OSISA Report 2021

FiNANCiAL STATEMENTS 2019
57
Furniture equipment and renovations: Vehicles:
Computer equipment and software:
6
Years 5 years 3 Years date are translated to the the functional currency at at at the the spot rate on that date Foreign exchange differences
arising upon the translation and settlement of foreign currency monetary items are recognised in the “Statement of Revenues Expenses and Change in Fund Balance” of the the period in which they arise Recognition of contribution revenue (Grant Income)
Grant income is is is recorded on an an accrual basis that is is is when the Trust becomes eligible for earning revenue under the the the terms of the the the grants (rather than when receiving the cash) Recognition of contribution revenue from Foundation Open Society Institute
The core budget has been provided as as a a a a conditional support where the the condition is is that the the Trust is is required to incur expenditures or legally binding commitments chargeable under the two core budgets Recognition of Expenses Expenses are recorded on an accrual basis when goods are are received or or when services are are performed Expenses related to grants provided by the Trust are recognised when the grant agreement is is signed by the the Trust and countersigned by the the grant recipient If grants are provided with conditions the grant grant expense is recorded when the the grantee meets the the condition condition or the condition condition becomes remote Property plant and equipment Property plant and equipment is is initially recognised at at cost which is is directly attributable to the acquisition of the assets Cost is is is recognised if it is is is probable that future economic benefits will flow to the the Trust and the the cost can be measured reliably After initial recognition property plant and equipment is carried at cost less any any accumulated accumulated depreciation and any any accumulated accumulated impairment losses Subsequent costs are included in in the assets’ carrying amount (or recognised as as a a a a a separate asset if if if their useful life is different from that of the asset) only if it is probable that future economic benefits will flow to the the Trust and the the cost can be be measured reliably The costs of of maintenance and day day to day day servicing of of the property plant and equipment are recognised in the the Statement of Revenues and Expenses in the the year when they are incurred Depreciation is recorded as a a a a charge to the income statement on a a a a a straight-line basis so as as to to write off the the the cost of of the the the assets to to their residual value over their useful life Depreciation commences in in the the month following the the acquisition Useful life of the key asset categories are as as follows:
Taxation Issues
OSISA OSISA is is is is recognised as a a a a a a a a Public Benefit Organisation (PBO) and thus OSISA OSISA is is is is not involved in in taxable activities and has no tax tax liability on corporate income tax tax