1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, with the exception of properties held for investment purposes which are included at market value. The financial statements were prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Companies Act 2006 and the requirements of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" published in 2005 and applicable accounting standards.

Turnover policy
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Entitlement to legacy income is the earlier of the charity being notified of an impending distribution or the legacy being received.

Incoming resources from the provision of examinations are accounted for as earned.

Tangible assets depreciation policy
Tangible fixed assets costing more than £750 are capitalised and included at cost including any incidental expenses of acquisition.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:

 Land and buildings - 100 years
 Office fittings, syllabus development and ICT - 33% on cost

Development costs which relate to future syllabuses are capitalised and depreciated over three years.

Valuation information and policy
Properties which are not used for functional purposes are included as investment properties and stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Other accounting policies
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes irrecoverable value added tax.

Fund accounting
Unrestricted funds which have not been designated for specific purposes can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

4Fixed assets Investments
Investment property relates to a property no longer being held as a functional asset. This property was rented out during the year and rental income is shown in note 3. The trustees consider there to be no material change in valuation.