BRITISH FASHION COUNCIL FOUNDATION
Definitions for assets and liabilities
These are assets, other than investments, which are held for more than 12 months and used to run and administer the charity such as buildings, offices, exhibits and fixtures and fittings.Long term Investments
Investments are assets held by the charity with the sole aim of generating income which will be used for their charitable purposes such as deposit accounts, shares, rental property and unit trusts.
Investment assets are re-valued every year and included in the balance sheet at their current market value.
Long term investments are held for more than 12 months.
These are assets held generally for less than 12 months such as cash and bank balances, debtors, investments to be sold within the coming year and trading stock.Defined benefit pension scheme asset or liability
This is a surplus or deficit in any defined benefit pension scheme operated and represents a potential long-term asset or liability.Total liabilities
These are all the amounts owed by the charity at the balance sheet date to third parties such as bills due but not yet paid, bank overdrafts and loans and mortgages.
|Asset / Liability||31/03/2020|
||Own use assets||£0|
||Defined benefit pension scheme asset or liability||£0|