Annual Report & Accounts 2007-2008 - Historic Scotland

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useful lives. The depreciation periods for the principal categories of assets are: - Land Buildings and dwellings Plant and motor vehicles Office equipment Computer equipment Development costs Antiques and works of art (non-heritage) Not depreciated On an individual basis not exceeding 60 years 5 years 5 years 3 years On an individual basis not exceeding 7 years Up to 60 years Assets in the course of construction are not depreciated until the asset is brought into use. Archives, which comprise maps, plans, photographs and books, are not depreciated, as the annual costs incurred in their maintenance and updating are sufficient to maintain their value. Additions to historic collections are not depreciated as the length of their anticipated useful economic life is such that depreciation is not considered to be material. (f) Donated assets Donated tangible fixed assets are capitalised at their current value on receipt, and this value is credited to the donated asset reserve. Subsequent revaluations are also taken to this reserve. Each year an amount equal to the depreciation charge on the asset is released from the donated asset reserve to the income and expenditure account. (g) Intangible fixed assets Purchased computer software licences are capitalised as intangible fixed assets where expenditure of £1,000 or more is incurred. Software licences are amortised over the shorter of the term of the licence and the useful economic life. Intangible assets are stated at cost. (h) Realised element on depreciation of revaluation reserve Depreciation is charged to the income and expenditure account on the revalued amount of the relevant assets. An element of the depreciation arises from the increase in valuation and is in excess of the depreciation that would be charged on the historic cost of the relevant assets. The amount relating to this excess is the realised gain on revaluation and is transferred from the revaluation reserve to the general fund. (i) Stocks All stocks held are stated at the lower of cost and net realisable value. (j) Capital charge A charge, reflecting the cost of capital utilised by the agency, is included in the operating costs. The charge is calculated at the government’s standard rate of 3.5 per cent (2006/07: 3.5 per cent) on the average carrying amount of all assets less liabilities, except for donated assets, where the charge is nil. (k) Pension costs Past and present employees of Historic Scotland are covered by the provisions of the Principal Civil Service Pension Scheme which are described in the remuneration report. Full superannuation costs are an expense of Historic Scotland at rates determined by HM Treasury. REPORT & ACCOUNTS 58
(l) Early departure costs Historic Scotland is required to meet the additional costs of benefits beyond the normal PCSPS benefits in respect of employees who retire early. The agency provides in full for these costs when the early retirement has been agreed. (m) Operating leases Rentals applicable to operating leases are charged to the income and expenditure account as incurred. (n) Changes in accounting policy The valuation policy on motor vehicles and plant and machinery has been amended to reflect a Depreciated historic cost as a proxy for the current value of furniture and fittings, transport and plant and machinery. (o) Changes in estimation techniques There have been no material changes in estimation techniques which were introduced in 2007/08. REPORT & ACCOUNTS 59
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HISTORIC eport SCOTLAND Annual & AC
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1. To care for, protect and enhance
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We continued to support conservatio
Page 7 and 8: Chief Executive Head of communicati
Page 9 and 10: environment sector, and the prepara
Page 11 and 12: Ancient Monuments Grants 2007-8 Not
Page 13 and 14: ScapaMAP2: Enhancing the protection
Page 15 and 16: Review Review Policy Lucy Blackburn
Page 17 and 18: ound of this scheme was launched in
Page 19 and 20: Grants Awarded 2007-08 Property Gra
Page 21 and 22: Completed Grants cases 2007-08 Prop
Page 23 and 24: “Defender of the Nation” Edinbu
Page 25 and 26: TOP 10 SITES PERFORMANCE 2007/08 Vi
Page 27 and 28: Review Review Review N Technical Co
Page 29 and 30: Through Minutes of Agreement TCRE G
Page 31 and 32: Review Review Finance H Laura Petri
Page 33 and 34: Review Review Human resources Brian
Page 35 and 36: Annual Report & Accounts Authorised
Page 37 and 38: Additional information on salary an
Page 39 and 40: Equal opportunities and diversity H
Page 41 and 42: Environmental matters and social an
Page 43 and 44: Part 2: Audited Information Salarie
Page 45 and 46: Civil Service Pensions Pension bene
Page 47 and 48: Statement of agency’s and chief e
Page 49 and 50: Historic Scotland’s audit committ
Page 51 and 52: I review whether the Statement on I
Page 53 and 54: Income and expenditure account For
Page 55 and 56: Cash flow statement for the year en
Page 57: The sources of information and assu
Page 61 and 62: 4. Commercial trading account 2007/
Page 63 and 64: (ii) Average number of employees Th
Page 65 and 66: 10. Palace of Holyroodhouse costs H
Page 67 and 68: (ii) Revaluations The Valuation Off
Page 69 and 70: 15. Debtors - Amounts falling due a
Page 71 and 72: 20. Leasing commitments Operating l
Page 73 and 74: 24. Notes to the cash flow statemen
Page 75 and 76: The Historic Scotland Foundation is
Page 77 and 78: HISTORIC SCOTLAND DIRECTION BY THE
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Annual Report & Accounts 2007-2008 - Historic Scotland

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