Heritage assets relate to thematic works of art in a variety of media including some that are donated or commissioned by contemporary artists. These assets will be made available for public viewing, research and educational study on a regular basis. The assets will be held at a number of premises accessible by the public either as part of a public collection or by appointment. The company maintains a list of all the artwork, their individual value and where each item is currently held.
When the committee considers a potential acquisition, it takes into account the quality of the work and its suitability as part of the collection. It is also guided by Birth Rites Collection's responsibility to ensure adequate conservation, documentation and proper use, and also takes into account limitations imposed by such factors as staffing, storage, conservation resources and display space.
In the event of a decision to dispose of a work the Committee will contact the artist, giving details of the work involved and allowing a period of at least two months for interest in the return of the work to be expressed. The assets are stated at fair value and a corresponding entry has been made in the donated asset reserve. This will be reviewed annually by the directors and any impairment will be taken into account.
The company includes within fixed assets two heritage artworks with a combined valuation of £280,000. Although these works are on long-term loan from third parties, the company has determined it exercises control over the assets. The company is responsible for their safekeeping and insurance, and holds the rights to reproduce and exploit the works for educational and commercial purposes.
These assets are recognised in accordance with FRS 102 as they are deemed to provide future economic benefits and are under the company’s control.