CTFA Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 11. Operating lease liabilities 11.1 Accounting policies Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of the benefit obtained. 11.2 Operating lease liabilities comprise: Operating lease payable 100,684 60,149 100,684 60,149 11.3 Future minimum lease payments Not later than one year 3,245 29,671 Later than one year and not later than five years 97,439 30,478 100,684 60,149 12. Deferred income 12.1 Accounting policies Deferred income are recognised at their fair value in profit or loss where there is a reasonable assurance that the deferred income will be received and the association has complied with all attached conditions. Deferred income received where the association has yet to comply with all attached conditions are recognised as a liability and released to income when all attached conditions have been complied with. Deferred incomes received is included in profit or loss. 11.2 Operating lease liabilities comprise: 391,733 148,701 Annual memberships fees received in advance - 172,205 Summit income received in advance 391,733 320,906 FIGURES IN R 2020 2019 FIGURES IN R 2020 2019 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 18