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Accounting for Heritage Assets
The new Financial Reporting Standard 30: Heritage Assets comes into effect for accounting periods beginning on or after 1st April 2010. Heritage assets are "those tangible assets with historical, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture".
While the FRS does not apply to unincorporated charities preparing receipts and payments accounts, the Charity Commission recommends that in this case the scale and nature of any significant heritage assets held and the public's access to them should be explained in the annual report.
Charity Commission background at http://www.charitycommission.gov.uk/investigations/sorp/acc_heritage.asp or go to SORP Information Sheet 3 http://www.charitycommission.gov.uk/investigations/sorp/infosheet3.asp.
