Annual Report and Accounts 11/12 - Glasgow School of Art

More documents

Recommendations

Info

THE GLASGOW SCHOOL OF ARTINCOME AND EXPENDITURE ACCOUNTFor the year ended 31 July 2012Notes Year Ended Year Ended31 July 2012 31 July 2011£000 £000INCOMEFunding Council Grants 1 10,511 11,008Tuition fees and education contracts 2 6,803 6,306Research grants and contracts 3 2,625 2,451Other income 4 3,090 2,613Endowment and Investment income 5 274 166Total income 23,303 22,544EXPENDITUREStaff pay costs 6 13,772 13,335Exceptional restructuring costs 142 181Pension revaluation 16 290 -Depreciation 11 1,824 2,057Other operating expenses 8 7,360 7,031Interest payable 9 53 147Total expenditure 23,441 22,751(Deficit)/surplus on continuing operations afterdepreciation of assets at valuation (138) (207)(Loss) on impairment on demolition of assets 11 - (596)Taxation - -(Deficit)/surplus on continuing operations afterdepreciation of assets at valuation and taxation (138) (803)Accumulated income retained within specific endowments 18 (17) (9)(Deficit)/surplus for the year retained within general reserves (155) (812)The income and expenditure account is in respect of continuing activities.STATEMENT OF HISTORICAL COST SURPLUSES AND DEFICITSFor the year ended 31 July 2012Notes Year Ended Year Ended31 July 2012 31 July 2011£000 £000(Deficit)/surplus on continuing operations afterdepreciation of assets at valuation (138) (803)Difference between an historical cost depreciation chargeand the actual depreciation charge for the year calculated onthe re-valued amount 20 322 378Historical cost surplus/(deficit) before and after taxation 184 (425)The accompanying accounting policies and notes form part of these financial statements20
THE GLASGOW SCHOOL OF ARTSTATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFor the year ended 31 July 2012Notes Year Ended Year Ended31 July 2012 31 July 2011£000 £000(Deficit)/surplus on continuing operations afterdepreciation of assets at valuation and taxation (138) (803)Appreciation / (depreciation) of endowment asset investments 18 11 140Actuarial gain / loss in respect of pension scheme (3,164) (2,635)Reduction in asset valuation on disposal - (1,037)New endowments 18 - 365Total recognised losses relating to the period (3,291) (3,970)ReconciliationOpening reserves and endowments 11,744 15,714Total recognised losses for the year (3,291) (3,970)Closing reserves and endowments 8,453 11,744The accompanying accounting policies and notes form part of these financial statements21
Page 1 and 2: 11-12Annual Report andAccounts 2011
Page 3 and 4: A COMPANY LIMITED BY GUARANTEE (Com
Page 5 and 6: Chairman’s StatementDespite the c
Page 7 and 8: Chairman’s Statement continuedRea
Page 9 and 10: Operating and Financial ReviewResul
Page 11 and 12: Operating and Financial Review - co
Page 13 and 14: Corporate Governance Statement - co
Page 15 and 16: Governors’ BiographiesMr Philip R
Page 17 and 18: Governors’ Biographies continuedM
Page 19 and 20: Responsibilities of the Board of Go
Page 21: Independent auditor’s report to t
Page 25 and 26: THE GLASGOW SCHOOL OF ARTCASH FLOW
Page 27 and 28: Statement of Principal Accounting P
Page 29 and 30: NOTES TO ACCOUNTS - continued6 Staf
Page 31 and 32: NOTES TO ACCOUNTS - continued8 Othe
Page 33 and 34: NOTES TO ACCOUNTS - continued12 End
Page 35 and 36: NOTES TO ACCOUNTS - continued18 End
Page 37 and 38: NOTES TO ACCOUNTS - continued26 Ana
Page 39: NOTES TO ACCOUNTS - continuedRecogn

Annual Report and Accounts 11/12 - Glasgow School of Art

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?