A charity is running a fundraising event in which you pay a registration fee and you receive a t shirt and entry into the event. The t shirts have been purchased before year end and some entries have also been received. The event does not take place until the summer so I think both these items should be shown in the balance sheet at year end and accounted into next years income and expenditure. Charity accounts is new to me and the SORP does not clearly define how this should be treated. I think it is an exchange transaction but I wondered if anyone would share their experience?
Thank you in advance.