Abbreviated Company Accounts - MANCHESTER INCORPORATED LAW LIBRARY SOCIETY(THE)

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents the total receivable value of subscriptions, fines, use of the internet, photocopier and e-mail and any donations in the year excluding value added tax, with any irrecoverable items being charged against income in the appropriate accounting year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset
over its expected useful life, as follows:

Fixtures and fittings - 10% straight line
Computer equipment and microfilm reader - 20% straight line

The land and buildings are in use as a Law Library. In view of the nature of the Society's main
activities and the further classification of the buildings as being of historical and architectural
importance, the application of depreciation is not considered appropriate. This also applies to the
costs of renovation to the building.

By virtue of the society's main activity, books are classified as fixed assets with a base value of
£3,500 which was established over 50 years ago and is retained. Expenditure on additions (less
amounts realised on sales) is charged against income in the accounting year in which it was
incurred. Accordingly, depreciation of books is not applicable.

Other accounting policies
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

2Company limited by guarantee
Under paragraph 7 of the Society's Memorandum every member undertakes to contribute to any
shortfall of the Society in the event of it being wound up during a period of membership, or within one year afterwards, in respect of debts and liabilities of the Society contracted before the time when membership ceases. Such contribution as may be required is not ordinarily to exceed £5 per member.