Abbreviated Company Accounts - AMISFIELD PRESERVATION TRUST

1Accounting Policies

Basis of measurement and preparation of accounts
(a ) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended)

The trust constitutes a public benefit entity as defined by FRS 102.

The Directors consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

(b) Funds structure
Unrestricted income funds comprise those funds which the Directors are free to use for any purpose in furtherance of the charitable objects.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.

(c) Income recognition
Donations and Grants Income from donations and grants is included in incoming resources except as follows:
• When donors specify that donations and grants must be used for future accounting periods, the income is deferred until those periods.
• When donors impose conditions which have been fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions for use have been met.
• When donors specify that donations and grants are for particular restricted purposes which do not amount to pre-conditions to entitlement, this income is included in incoming resources of restricted funds when receivable.

Intangible Income Intangible income which comprises donated services is included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable. No income is recognised when there is no financial cost borne by a third party.

Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Tangible assets depreciation policy
Individual fixed assets costing £500 or more are capitalised. Tangible fixed assets are depreciated on a straight line basis over the estimated useful lives (5 years for plant and machinery and 50 years for the septic tank and the costs associated with the multi-purpose building). Depreciation is not charged in the year of acquisition.

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