Annual Report 2011 - Fai

Notes to the financial statements
Structure and content
Villa Della Porta Bozzolo 1,403
Villa Balbianello 2,497
Villa Panza 408
Total 9,198
There were decreases and/or disposals of € 2,989 during
the year, and thus at the balance sheet reference date, net of
depreciation, this item amounted to € 142,562. Depreciation
for the year amounted to € 37,651, and has been charged to
the Financial Statements – Operating Section in the amount
of € 32,722, and to the Reserve for Contributions to Specific
Tangible Assets, in the amount of € 4,929.
Equipment
There were acquisitions of € 32,576 in total in 2011, for the
following assets:
Castello della Manta 325
Abbazia di San Fruttuoso 1,255
Villa Balbianello 780
Castello di Masino 4,817
Villa Panza 180
Giardino della Kolymbetra, Agrigento 6,000
Villa Necchi Campiglio 6,552
Villa dei Vescovi 8,645
Negozio Olivetti 1,830
Cà Mocenigo 1,848
Offices in Milan 344
Total 32,576
There were decreases and/or disposals of € 15,554 during
the year, and thus at the balance sheet reference date, net of
depreciation, this item amounted to € 70,713.
Depreciation for the year amounted to € 36,490, and has
been charged to the Financial Statements – Operating
Section in the amount of € 28,568, and to the Reserve for
Contributions to Specific Tangible Assets, in the amount of €
7,922.
Photo library and photographic equipment
Acquisitions amounted to € 1,198 in 2011.
After charging depreciation for the year of € 160 to the
Financial Statements – Operating Section, this item
amounted to € 1,301 as at the balance sheet reference date.
Motor vehicles
The depreciation charge of € 676 was charged entirely to the
Financial Statements – Operating Section, in its full amount.
Accordingly this item amounted to € 338 as at the balance
sheet reference date.
Furniture and office furnishings
There were acquisitions of € 47,670 in total in 2011, for the
following assets:
Castello di Masino 2,904
Castello della Manta 452
Cà Mocenigo 10,918
Villa Della Porta Bozzolo 2,511
Negozo Olivetti 19,003
Villa Panza 653
Bosco di San Francesco 191
Villa dei Vescovi 10,480
Offices in Milan 558
Total 47,670
There were decreases and/or disposals of € 8,072 over the
course of the year, and thus at the balance sheet reference
date, net of depreciation, this item amounted to € 123,236.
Depreciation for the year amounted to € 18,215, of which
€ 18,205 was charged to the Financial Statements –
Operating Section and € 10 to the Reserve for Contributions
to Specific Tangible Assets.
Office equipment
There were acquisitions of € 93,860 in total in 2011, for the
following acquisitions:
Offices in Milan 53,432
Regional Offices 1,041
Villa Panza di Biumo 457
Castello di Avio 996
Castello della Manta 212
Abbazia di San Fruttuoso 1,810
Villa Della Porta Bozzolo 1,464
Giardino della Kolymbetra, Agrigento 251
Villa Necchi Campiglio 1,110
Villa dei Vescovi 16,833
Bosco di San Francesco 11,932
Negozio Olivetti 4,322
Total 93,860
There were decreases and/or disposals of € 52,569 over the
course of the year, and thus at the balance sheet reference
date, net of depreciation, this item amounted to € 172,882.
Depreciation for the year amounted to € 61,298, and has
been charged to the Financial Statements – Operating
Section in the amount of € 60,448, and to the Reserve for
Specific Contributions, in the amount of € 850.
All assets that are fully depreciated are measured at a value
of € 1. Depreciation is calculated on the basis of rates
considered representative of the possibility of further useful
life. The rates applied are as follows:
Plant and machinery 12%
Equipment 25%
Photo library and camera equipment 18%
Motor vehicles 20%
Furniture and office furnishings 10%
Office equipment 18%
FINANCIAL INVESTMENTS
Equity participations
The investment in the property firm La Fonte (in liquidation),
in an amount of € 1, was reduced to zero during 2011,
following the company’s liquidation.
Amounts receivable from subsidiaries
The amount of € 181,842 has been netted against the
appropriate liability reserve following liquidation of the
property firm La Fonte.
CURRENT ASSETS
CLOSING BALANCE
This mainly relates to various books and other items at the
shops within the Foundation’s Properties. As at the balance
sheet reference date, they amounted to € 158,488, an
increase of € 8,705 compared to the same date in 2010.
The book value is in any event less than the estimated
realizable value, and takes into consideration a partial
writedown, to € 35,676, of those inventory items identified as
slow-moving.
RECEIVABLES
The amount of receivables as at the balance sheet
reference date was lower than on the same date in 2010,
by € 88,943.
The most significant changes comprised:
Receivables from customers 226,014
Sundry receivables 43,574
Specific contributions (resolved upon) (380,912)
This item amounted to € 6,942,386, and comprised:
Amounts due from customers 1,101,161
Reserve for writedowns of receivables (85,000)
Non-performing receivables 41,160
Prepaid expenses 17,236
Tax receivables 46,971
Guarantee deposits 38,698
Reserve for writedowns Guarantee deposits (22,803)
Receivables from tenants 91,211
Receivables from credit cards and postal accounts 68,603
Operating contributions (resolved upon) 716,022
Specific contributions (resolved upon) 4,287,440
Sundry receivables 641,687
Total 6,942,386
The allowance for doubtful accounts decreased as follows:
As at 1 January 2011 118,612
Use in current year (68,938)
Provision made in current year 35,326
Total 85,000
The decision was made in the preparation of these financial
statements to write off the deposit made in relation to the
rent of the Milan office, because, as stated in the Report on
Operations, the Board has decided to transfer the operational
headquarters from Viale Coni Zugna 5/a to Via Carlo Foldi 2,
and instructed the General Manager to reach an arrangement
with the offices’ owners. Operating and specific contributions
(resolved) regard certain payments that are to be received in
subsequent years. That part of receivables that do not relate
to the current year is matched in part by entries among the
liabilities, under the Restricted Reserves. The item Sundry
receivables comprised the following:
Advances to Suppliers 64,509
Concert tickets awaiting receipt of funds 29,410
Recharges to be made 1,424
Contributions to be received 491,234
Sundry receivables 6,365
Insurance payments receivable 48,745
Total 641,687
The item Contributions to be received comprised € 238,063
receivable from the mobile and fixed telephony operators,
in relation to the SMS fundraising campaign carried out
in October; and € 12,471 receivable from private firms
and individuals in relation to that same campaign; and
the remaining € 105,515 consisted of various accrued
contributions that were received in early 2011.
SECURITIES
These amounted to € 11,269,379, a net increase over the
previous year, with € 466,592 arising out of the investment
of the donation that accompanied Villa Flecchia, of €
1,500,000; and divestments to meet liquidity needs. They
comprised € 6,534,574 from alienable and € 1,047,630 from
inalienable assets, the latter being bonds serving as collateral
for bank guarantees, and additionally Generali shares to
a value of € 3,687,185, part of the Boso Roi gift restricted
by testamentary provisions and currently the subject of
negotiations with the executor, with the Foundation seeking
to convert the shares into bonds or similar securities.
Securities were measured at the lower of their purchase price
and their market price as at the balance sheet reference
date, with the exception of inalienable securities serving as
collateral, whose value corresponded to that at which they
were previously measured.
CASH AND CASH EQUIVALENTS
These amounts decreased by € 240,617 from the previous
year. This item comprised as follows:
Bank and postal deposits 222,224
Cash on hand 65,487
The Cash Flow Statement (Schedule B) summarizes the cash
flow in the year (both in relation to the securities concerned,
and their alienability).
PREPAYMENTS AND ACCRUED INCOME
The amount of € 247,144 comprised:
Interest on securities, 2011 70,076
2011 membership fees, for receipt in 2012 20,000
Cost of goods and services, accruing in 2012 157,068
Total 247,144
BALANCE SHEET – LIABILITIES
Equity - (Schedule C)
Equity increased by € 6,256,993, as follows:
Recapitalisation contributions 747,688
Specific contributions 4,081,384
Donations 1,969,043
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