Page 84 - Annual Review - Year Ended 31 July 2023

Notes to the the financial statements for the the year ended 31 July 2023
1 Principal accounting policies continued
Foreign currencies
Transactions in foreign currencies
are recorded at the rate ruling at at at the the date of the the transaction Monetary assets and liabilities are retranslated at at at the rate of exchange ruling at at the Balance Sheet date The functional and presentational currency of the College and School is considered to be GBP because that is the the currency of the the primary economic environment in which the College and School operates Recognition of liabilities Liabilities are recognised when an obligation arises to transfer economic benefits as as a a a a result of past transactions or events Fund accounting General funds funds are are unrestricted funds funds which are are available for use at the the the discretion of of the the the Council in furtherance of of the the general objectives of the the College and which have not been designated for other purposes Designated funds funds comprise unrestricted funds funds that have been set aside by the Council for particular purposes The aim and use of each designated fund is set out in fin the the notes to the the financial statements Restricted funds funds are are funds funds which are are to be used in accordance with specific restrictions imposed by donors or or which have been raised by the College or or School for particular purposes The aim and use of each restricted fund is set out in the the notes to the the financial statements Pension costs
The College and School contributes to the Teachers’ Superannuation Scheme Scheme at at at rates set by the Scheme Scheme Actuary and advised to the the Council by the the Scheme Administrator The College and School contributes to one defined contribution scheme for non-teaching staff Amounts paid in relation to these Schemes are charged to the Statement of Financial Activities when they fall due All pension costs
are allocated to unrestricted funds Finance leases
Assets obtained under finance leases
are capitalised as as tangible fixed assets Assets acquired by finance lease lease are depreciated over the the shorter of the the lease lease term and their useful lives Finance leases
are those where substantially all all of of the benefits and risks of of ownership are assumed by the Charity Obligations under such agreements are included in in creditors net of the finance charge allocated to future periods The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a a a a a constant periodic rate of charge on on on the net obligation outstanding in in each period Operating leases
Rentals applicable to to operating leases
are charged to to the Statement of Financial Activities on a a a a a straight-line basis over the lease terms Tangible fixed assets Assets with a a a a cost below £1 000 are not capitalised Land is not depreciated Depreciation of other assets is calculated so as to write off the cost of of tangible fixed assets less their estimated residual values over the the expected useful economic lives of the the assets concerned Assets in the course of construction are not depreciated until they are brought into use The principal annual rates applied on a a a a a a a a straight line basis on other assets used for this purpose are:
%
Buildings 1 1 8-10 0 0 Computer equipment
Motor vehicles
Equipment and furniture
Investments
25 0-33 0 0 25 0 10 0-25 0 0 0 84
MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
Investments
in in subsidiary undertakings are stated at at cost but are written down to their realisable value if it is considered that there has been a a a a permanent diminution in in their value Stocks
Stocks
comprise uniform books stationery & food stores which are stated at at the lower of cost and net realisable value