YUTE Annual Report 2014
A round up of our activities during the years 2013 - 2014. Take a look at our organisational growth and the impact it has had on the communities we serve. #YUTE
A round up of our activities during the years 2013 - 2014. Take a look at our organisational growth and the impact it has had on the communities we serve. #YUTE
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
YOUTH UPLIFTMENT THROUGH EMPLOYMENT LIMITED (<strong>YUTE</strong>)<br />
Page 11<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
31 DECEMBER <strong>2014</strong><br />
3. SIGNIFICANT ACCOUNTING POLICIES (CONT’D):<br />
(d) Financial instruments (cont’d) -<br />
Loans and receivables<br />
Loans and receivables are non-derivative financial assets with fixed or determinable<br />
payments that are not quoted in an active market.<br />
The company’s loans and receivables comprise receivables and cash and cash<br />
equivalents in the statement of financial position.<br />
(e) Cash and cash equivalents -<br />
Cash and cash equivalents are carried in the statement of financial position at cost. For<br />
the purposes of the cash flow statement, cash and cash equivalents comprise cash at<br />
bank, in hand, deposits and short term highly liquid investments with original<br />
maturities of three months or less, net of bank overdraft.<br />
(f) Payables -<br />
Payables are stated at amortized cost.<br />
(g) Revenue recognition -<br />
Contributions and grants are recognised when received.<br />
Grants and contributions to specific programmes/projects are recorded in specific<br />
project fund accounts and bank accounts when received.<br />
Interest income is recognised in the income statement for all interest bearing<br />
instruments on a cash basis.
Change language