Abbreviated Company Accounts - THE CITY OF LONDON PHONOGRAPH AND GRAMOPHONE SOCIETY LIMITED

THE CITY OF LONDON PHONOGRAPH AND GRAMOPHONE SOCIETY LIMITED - Company Information

Registered Number 03124250

THE CITY OF LONDON PHONOGRAPH AND GRAMOPHONE SOCIETY LIMITED

Abbreviated Accounts

31 July 2015

THE CITY OF LONDON PHONOGRAPH AND GRAMOPHONE SOCIETY LIMITED Registered Number 03124250

Abbreviated Balance Sheet as at 31 July 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	3	4,155	3,500
		4,155	3,500
Current assets
Stocks		8,128	7,182
Debtors		-	743
Cash at bank and in hand		40,204	38,504
		48,332	46,429
Creditors: amounts falling due within one year		(2,350)	(1,835)
Net current assets (liabilities)		45,982	44,594
Total assets less current liabilities		50,137	48,094
Total net assets (liabilities)		50,137	48,094
Reserves
Income and expenditure account		50,137	48,094
Members' funds		50,137	48,094

For the year ending 31 July 2015 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 25 April 2016

And signed on their behalf by:
A.V. Smith, Director

THE CITY OF LONDON PHONOGRAPH AND GRAMOPHONE SOCIETY LIMITED Registered Number 03124250

Notes to the Abbreviated Accounts for the period ended 31 July 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Companies Act 2006.

Turnover policy
Income resources represent the total received by way of subscriptions, book sales, advertising revenue, interest and other income from the company's ordinary activities. Subscriptions are accounted for on a received basis and all other sources on a receivable basis.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer equipment - 33% straight line
Other assets - no provision as value exceeds cost

Valuation information and policy
All fixed assets are initially recorded at cost. Certain assets will be re-valued periodically in order to reflect their true market value.

Other accounting policies
Charitable expenditure

Expenditure on charitable purposes is analysed into its main cost components.

Administration expenditure

Administration expenditure includes all expenditure not directly attributable to the charitable expenditure within the accounts.

Voluntary help

A certain amount of time is expended on the company's activities which is donated free of charge. It is not possible to quantify the value of the time given and accordingly it is neither recorded as donated income nor as an expenses within the accounts.

Taxation

The company is a registered charity. There is no liability for corporation tax.

Fund accounting

All income is classed as income from unrestricted sources unless there is a specific condition attached to the income as to its use by the charity when it is reflected as restricted funds within the financial statements.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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

3Tangible fixed assets

	£
Cost
At 1 August 2014	4,000
Additions	655
Disposals	-
Revaluations	-
Transfers	-
At 31 July 2015	4,655
Depreciation
At 1 August 2014	500
Charge for the year	-
On disposals	-
At 31 July 2015	500
Net book values
At 31 July 2015	4,155
At 31 July 2014	3,500

The directors have identified assets which have been acquired in the past and which have no cost value recorded within the Society's Balance Sheet. In order that their existence is not lost to the Society, the directors have re-valued these assets and included them within the current financial statements under the heading "other assets".

The assets concerned and the directors valuations are:

a) a "Bust of Edison" value £2,000
b) an "Expert Minor Gramophone" value £1,500