The Charities SORP Committee has prepared an information sheet on heritage assets (Information Sheet 3).
New accounting disclosures will apply to charities holding heritage assets for accounting periods commencing on or after 1 April 2010. Additional disclosures on the nature and scale of heritage assets held and on the charity's policies for their acquisition, preservation, management and disposal are required by the new accounting standard FRS 30 'Heritage Assets'.
The new disclosures only apply to charities preparing true and fair accounts in accordance with the Charities SORP and do not apply to charities preparing their accounts on a receipts and payments basis.
FRS 30 defines heritage assets as "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". Therefore, any tangible fixed assets held by a charity with historical, artistic, scientific, technological, geophysical or environmental qualities which are not held and maintained principally for their contribution to culture fall within the scope of FRS 15 'Tangible Fixed Assets' and not within the scope of FRS 30 'Heritage Assets.'
The Information Sheet and details about the status of the guidance contained in the information sheet can be accessed via the Charity Commission website: Information Sheet 3
FRS 30 is available in its entirety: FRS 30 Heritage Assets - PDF [253 KB]