Abbreviated Company Accounts - THE HUDDERSFIELD PHILHARMONIC SOCIETY

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention in accordance with the Companies Act 2006, The Statement of Recommended Practice on Accounting and Reporting by Charities (SORP - revised 2005) and applicable accounting standards.

Turnover policy
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.
Investment income is included when receivable.

Tangible assets depreciation policy
Depreciation of tangible fixed assets is based on cost and is applied on a straight line basis using asset lives of ten and twenty years. Sheet music is written off when purchased.

Other accounting policies
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the examination fees and costs linked to the strategic management of the charity.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked for particular purposes.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. No value is placed on the stocks of books and recordings. Tax recoverable on income received under Gift Aid is brought into account as and when received.
Listed investments are stated at market value as at the balance sheet date.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

4Fixed assets Investments
Money not required in the immediate future is deposited with COIF Charities Fund. There is an investment of nominal £1,397.58 in 3 1/2% War Loan Stock which is revalued at each year end.