Assets
 
1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been applied all investments must be clearly allocated to their appropriate fund;

2) Unauthorised investments held under a power of postponement should be separately shown;

3) The book value of investments will be as follows:

• Devolving on trustees as part of deceased's estate - PROBATE VALUE;
• Part of a gift by a living settlor - MARKET VALUE at date of gift;
• Purchased by trustees - COST

4) Revaluation of investments will normally take place in the following circumstances;

• Where trustees decide to apply provisions of Trustee Act;
• Distribution to a beneficiary under the trust instrument.

 
 5) Cash and bank balances should be distinguished between income and capital.