EC Meeting Papers July 2018

General Federation of Trade Unions Pension Scheme

Notes to the Financial Statements

Year Ended 31 December 2017

1

Basis of preparation

The Financial Statements have been prepared in accordance with the Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, Financial Reporting Standard 102 – the Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and with the guidance set out in the Statement of Recommended Practice (SORP) (revised November 2014). The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The Scheme adopted FRS 102 in the current year and an explanation of how transition to FRS 102 has affected the Scheme is given in note 12.

2

Accounting policies

Investments Investments are stated at fair value on the final working day of the accounting year.

Units in managed funds and pooled investment vehicles are stated at bid price or where bid prices are unavailable stated at the closing price quoted by the fund managers.

Investment management fees are accounted for on an accruals basis and are separately disclosed in the notes. These fees and acquisition costs are included in the purchase cost of investments.

Contributions Contributions are accounted for on an accruals basis at rates agreed by the trustees.

Benefits Benefits represent all valid claims in respect of the scheme year.

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