CGE ANNUAL REPORT

2022/23 ANNUAL REPORT

Financial Statements for the year ended 31 March 2023

Accounting Policies

1.5 Revenue from exchange transactions Measurement Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts and volume rebates.

1.5.1 Interest Interest is recognised in surplus or deficit using the effective interest rate method.

1.6 Revenue from non-exchange transactions Measurement Revenue from a non-exchange transaction is measured at the amount of the increase in net assets recognised by the entity. When, because of a non-exchange transaction, the entity recognises an asset, it also recognises revenue equivalent to the amount of the asset measured at its fair value as at the date of acquisition, unless it is also required to recognise a liability. Where a liability is required to be recognised it will be measured as the best estimate of the amount required to settle the obligation at the reporting date, and the amount of the increase in net assets, if any, recognised as revenue. When a liability is subsequently reduced, because a condition is satisfied, the amount of the reduction in the liability is recognised as revenue. 1.6.1 Gifts and donations, including goods and services in-kind Gifts and donations, including services in kind, are recognised as assets and revenue when received. 1.6.2 Transfers The entity recognises an asset in respect of transfers when the transferred resources meet the definition of an asset and satisfy the criteria for recognition as an asset. 1.7.1 Measurement The cost of an item of Property, Plant and Equipment is recognised as an asset if, and only if, it is probable that future economic benefits or service potential associated with the item will flow to the entity, and if the cost or fair value of the item can be measured reliably.Property, plant and equipment comprise of computer equipment, furniture and fittings, office equipment and motor vehicles and are stated at historical costs less accumulated depreciation. Cost includes expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. 1.7 Property, plant and equipment

When parts of item of property, plant and equipment have different useful lives, they are accounted for as separate components of property, plant and equipment and depreciated accordingly.

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