Abbreviated Company Accounts - THE HABERDASHERS' MILLENNIUM TREASURES TRUST

Abbreviated Company Accounts - THE HABERDASHERS' MILLENNIUM TREASURES TRUST

THE HABERDASHERS' MILLENNIUM TREASURES TRUST - Company Information

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Registered Number 03237369

THE HABERDASHERS' MILLENNIUM TREASURES TRUST

Abbreviated Accounts

31 March 2014

THE HABERDASHERS' MILLENNIUM TREASURES TRUST Registered Number 03237369

Abbreviated Balance Sheet as at 31 March 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 3 573,903 449,860
573,903 449,860
Current assets
Stocks 11,055 11,939
Debtors 57,899 2,715
Cash at bank and in hand 114,547 123,456
183,501 138,110
Creditors: amounts falling due within one year (100,913) (900)
Net current assets (liabilities) 82,588 137,210
Total assets less current liabilities 656,491 587,070
Total net assets (liabilities) 656,491 587,070
Reserves
Other reserves 587,070 582,746
Income and expenditure account 69,421 4,324
Members' funds 656,491 587,070
  • For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 1 July 2014

And signed on their behalf by:
JEN BATES, Director

THE HABERDASHERS' MILLENNIUM TREASURES TRUST Registered Number 03237369

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities”, revised in 2005 (SORP 2005) and applicable accounting standards. The particular accounting policies adopted by the trustees are described below.

Turnover policy
All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable.
Gifts in kind are shown in the Statement of Financial Activities at the Council’s best estimate of value on acquisition.

Tangible assets depreciation policy
Treasures (tangible fixed assets in the form of works of art, documents and artefacts which the Trust intends to retain indefinitely) are capitalised at cost and are not depreciated because they have indefinite useful lives and high residual values. The Council conducts an annual impairment review.
Display cabinets are depreciated at the rate of 10% per annum on a straight line basis

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

3Tangible fixed assets
£
Cost
At 1 April 2013 466,376
Additions 124,193
Disposals -
Revaluations -
Transfers -
At 31 March 2014 590,569
Depreciation
At 1 April 2013 16,516
Charge for the year 150
On disposals -
At 31 March 2014 16,666
Net book values
At 31 March 2014 573,903
At 31 March 2013 449,860

Tangible asset treasures include silverware, works of art and historical documents acquired in pursuit of the object of the charity.