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

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THE GLASGOW SCHOOL OF ARTBALANCE SHEETAs at 31 July 2012SCO 22712012 2011Notes £000 £000Fixed AssetsTangible assets 11 37,485 27,023Endowment Assets 12 2,865 2,836Current AssetsStocks 56 83Debtors 13 2,946 1,199Cash at bank and in hand 5,125 5,1508,127 6,432Creditors: amounts falling due within one year 14 (10,343) (7,455)Net current assets (2,216) (1,023)Total assets less current liabilities 38,134 28,836Creditors: amounts falling dueafter more than one year 15 (1,604) (1,528)Provisions for liabilities and charges 16 (1,248) (1,059)Net assets excluding pension liability 35,282 26,249Net pension liability 28 (5,824) (2,692)Net assets including pension liability 29,458 23,557Deferred capital grants 17 21,005 11,813EndowmentsSpecific 18 2,572 2,543General 18 293 2932,865 2,836ReservesRevaluation reserve 19 9,807 10,129Income and expenditure account excluding pension reserve 20 1,605 1,471Pension reserve 21 (5,824) (2,692)Total reserves 5,588 8,908Total 29,458 23,557The accompanying accounting policies and notes form part of these financial statementsThe financial statements on pages 20 to 37 were approved on 17 December 2012 and signed on behalf of the Board by:Philip Rodney, ChairmanProfessor Seona Reid, Director22
THE GLASGOW SCHOOL OF ARTCASH FLOW STATEMENTFor the year ended 31 July 2012Notes Year Ended Year Ended31 July 2012 31 July 2011£000 £000Cash flow from operating activities 22 1,972 2,278Returns on investments and servicing of finance 23 188 76Capital expenditure and financial investment 24 (2,165) 605Financing 25 (76) (44)Increase/(decrease) in cash in the year (81) 2,915Reconciliation of net cash flow to movement in net funds/(debt)Increase/(decrease) in cash in the period (81) 2,915Movement in capital debt 76 44Change in net debt (5) 2,959Net debt at 1 August4,160 1,201Net funds/(debt) at 31 July 26 4,155 4,160The accompanying accounting policies and notes form part of these financial statements23
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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
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Page 19 and 20: Responsibilities of the Board of Go
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Page 23: THE GLASGOW SCHOOL OF ARTSTATEMENT
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Annual Report and Accounts 11/12 - Glasgow School of Art

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