Abbreviated Company Accounts - SURREY ARCHAEOLOGICAL SOCIETY

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared to comply with current statutory requirements, principally being the Companies Act 2006, the Charities Act 2011 and Charities (Accounts and Reports) Regulations 2008. They have been prepared under the historical cost convention, except as modified for the revaluation of fixed asset investments and heritage assets, and in accordance with United Kingdom Generally Accepted Accounting Practice. The recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) issued by the Charity Commission in March 2005 have been followed. The accounting policies have been applied consistently for prior years.

Certain of the charitable company's assets have been reclassified during the year and the comparatives have been restated accordingly.

Turnover policy
Members' subscriptions, donations and other similar types of voluntary income are brought into account when received, or when there is a reasonable expectation or likelihood of receipt, except that voluntary income is included net of any tax recoverable where relevant. Donations given for specific purposes are treated as restricted income.
Investment income and any tax recoverable on interest income are accounted for on a receivable basis.
All other types of incoming resources are also accounted for on a receivable basis and recognised as income when earned by the charitable company.

Tangible assets depreciation policy
All tangible assets purchased that have a cost that exceeds £1,000 and an expected useful economic life that exceeds one year are capitalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its residual value evenly over its expected useful life, as follows:
Archaeological equipment - 25% reducing balance
Computer equipment - 25% straight line basis
Other equipment - 25% reducing balance

Valuation information and policy
The charitable company is the custodian of certain heritage assets in the form of research material, maps, prints and artefacts. This collection is carried in the balance sheet at its current insurance valuation.
The charitable company's investments are included in the balance sheet at their market value. The gains or losses arising upon their annual revaluation are included in the statement of financial activities.
The statement of financial activities does not recognise any value in respect of publications held for resale. The costs of production are written-off as incurred and any proceeds generated thereon by way of sales are credited through the statement of financial activities when received.

Other accounting policies
Resources expended are allocated directly to the charitable company's principal activities or are recognised as governance and investment management costs.
Grants payable are recognised in the period in which the grants are approved by the charitable company's directors and the approval is conveyed to the claimant, except in those cases where the offer is conditional, such grants being recognised only when the conditions attaching to the grants are fulfilled.

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

Tangible assets include Heritage assets which comprise research material, maps, prints and artefacts which have been re-valued to estimated market value based upon their current insurance value

4Fixed assets Investments
£
Market value at 1 April 2013 2,085,437
Additions at cost 306,485
Disposal proceeds (407,080)
Realised gains 16,076
Unrealised gains 18,320
Market value at 31 March 2014 2,019,238