1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention, comply with the appropriate legislation and with the Housing Act 1996, the accounting requirements of the Registered Social Landlords General Determination 2006 and with the Statements od Recommended Practice for registered housing associations.

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:-
Land & buildings- No depreciation is charged on land. 2% per annum on the reducing balance of the cost of buildings except that portion of the cost which qualified for a social housing grant.
Fixtures & fittings- 30% per annum on a straight line basis for items costing over £2000, with 10% residual asset value.

Other accounting policies
Pensions
The company operates a UK-based defined contribution stakeholder pension scheme. The assets of the scheme are held separately from those of the Society.
Taxation Status
The Society has charitable status and is exempt from corporation tax on the income it receives.
The Society is not registered for Vat , accordingly no Vat is charged to residents and all expenditure in the financial statements includes the relevant Vat element.
Cyclical repairs and maintenance
The Society is obliged to provide on a continuing basis for the repairs and maintenance of its properties on a planned programme of works.

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