Annual Report 2007-8 - The British School at Rome

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F INANCIAL S TATEMENTSfor the year ended 31 March 2008FINANCIAL REVIEWThe financial statements should be read inconjunction with the reports on pages 3 to 36.The School’s normal activity, disclosedunder ‘unrestricted funds’ in the statement offinancial activities, ended the financial yearwith a surplus of £30,000 (2007 surplus of£10,000).Restricted income includes the majorgrants from the Packard Humanities Institute,principally to fund conservation work atHerculaneum, and grants from the GettyFoundation for Library projects. Themovements in restricted funds are disclosedin note 18.The fall in investment values in the currentyear resulted in a decrease in reserves of£125,000. Council may invest in any securitiesapproved by law for the investment of trust orcharitable monies, or such other securities asthe Council may from time to time approve.Council has appointed investment advisers tomanage the School’s investment portfolio,with the objective of maintenance of incomeand growth. Both the income and growthobjectives were achieved.Unrestricted reserves decreased at yearend by £82,000 to £2,411,000 mainly as aresult of the valuation losses on investments.The level of unrestricted reserves isconsidered by Council to be adequate to meetthe immediate needs of the School. Thebalance on restricted funds may only be usedfor the purposes described in note 18 and isnot available for the general purposes of theSchool.The School’s reserves comprise generalfunds, designated funds, and restricted funds.Council’s policy is that:- designated funds and restricted fundsshould be retained for the specificpurposes for which they were set up- the level of general funds, aftereliminating all unrealised revaluationsurpluses, should not fall below three, norexceed twelve months’ core running costsof the School.STATEMENT OF TRUSTEES’RESPONSIBILITIESThe Trustees are responsible for preparing theAnnual Report and financial statements inaccordance with applicable law and UnitedKingdom Generally Accepted AccountingPractice.The Trustees are required to preparefinancial statements for each financial yearwhich give a true and fair view of the state ofthe School’s affairs at the end of the financialyear and of the School’s activities for thefinancial year. In preparing those financialstatements, the Trustees are required to:- select suitable accounting policies andapply them consistently- make judgements and estimates that arereasonable and prudent- state whether applicable accountingstandards and statements of recommendedpractice have been followed, subject to anydepartures disclosed and explained in thefinancial statements- prepare the financial statements on thegoing concern basis unless it isinappropriate to presume that the Schoolwill continue in operation.The Trustees are responsible for:- keeping proper accounting records thatdisclose with reasonable accuracy at anytime the financial position of the Schooland which enable them to ascertain thefinancial position of the School and toensure that the financial statements complywith Charities Act 1993- safeguarding the assets of the School andhence for taking reasonable steps for theprevention and detection of fraud and otherirregularities.The Trustees confirm that, so far as they areaware, there is no relevant audit information ofwhich the School’s auditors are unaware. Theyhave taken all the steps that they ought to havetaken as Trustees in order to make themselvesaware of any relevant audit information and toestablish that the School’s auditors are awareof that information.By order of the Council (Trustees) 23 June 2008Signed on its behalf byM.N. Higgin — Honorary Treasurer42
F INANCIAL S TATEMENTSfor the year ended 31 March 2008INDEPENDENT AUDITORS’ REPORTTO THE TRUSTEES OF THE BRITISHSCHOOL AT ROMEWe have audited the financial statements ofthe British School at Rome for the year ended31 March 2008 on pages 44 to 50. Thesefinancial statements have been prepared underthe accounting policies set out therein.This report is made solely to the charity’sTrustees, as a body, in accordance withSection 43 of the Charities Act 1993 and withregulations made under Section 44 of that Act.Our audit work has been undertaken so that wemight state to the charity’s Trustees thosematters we are required to state to them in anauditors’ report and for no other purpose. Tothe fullest extent permitted by law, we do notaccept or assume responsibility to anyoneother than the charity and the charity’sTrustees as a body, for our audit work, for thisreport, or for the opinions we have formed.RESPECTIVE RESPONSIBILITIES OF TRUSTEES ANDAUDITORSAs described in the Statement of Trustees’Responsibilities, the charity’s Trustees areresponsible for the preparation of the financialstatements in accordance with applicable lawand United Kingdom Accounting Standards(United Kingdom Generally AcceptedAccounting Practice).We have been appointed as auditors underSection 43 of the Charities Act 1993 and reportin accordance with regulations made underSection 44 of that Act. Our responsibility is toaudit the financial statements in accordancewith relevant legal and regulatory requirementsand International Standards on Auditing (UKand Ireland).We report to you our opinion as to whetherthe financial statements give a true and fairview and are properly prepared in accordancewith the Charities Act 1993. We also report toyou if, in our opinion, the Trustees’ Report is notconsistent with the financial statements, if thecharity has not kept proper accounting records,or if we have not received all the informationand explanations we require for our audit.We read other information contained in theAnnual Report and consider whether it isconsistent with the audited financialstatements. We consider the implications forour report if we become aware of any apparentmisstatement or material inconsistencies withthe financial statements. Our responsibilitiesdo not extend to any other information.BASIS OF AUDIT OPINIONWe conducted our audit in accordance withInternational Standards on Auditing (UK andIreland), issued by the Auditing PracticesBoard. An audit includes examination, on a testbasis, of evidence relevant to the amounts anddisclosures in the financial statements. It alsoincludes an assessment of the significantestimates and judgements made by theTrustees in the preparation of the financialstatements and of whether the accountingpolicies are appropriate to the charity’scircumstances, consistentIy applied andadequately disclosed.We planned and performed our audit so asto obtain all the information and explanationswhich we considered necessary in order toprovide us with sufficient evidence to givereasonable assurance that the financialstatements are free from material misstatement,whether caused by fraud or otherirregularity or error. In forming our opinion wealso evaluated the overall adequacy of thepresentation of information in the financialstatements.OPINIONIn our opinion the financial statements:- give a true and fair view, in accordancewith United Kingdom Generally AcceptedAccounting Practice, of the state of theSchool's affairs as at 31 March 2008 and ofits incoming resources and application ofresources, including its income andexpenditure, in the year then ended; and- have been properly prepared in accordancewith the Charities Act 1993.HLB Vantis Audit plcChartered AccountantsRegistered Auditor82 St John StreetLondon EC1M 4JN17 September 200843
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