Annual Report 2007-8 - The British School at Rome

More documents

Recommendations

Info

N OTES TO THE FINANCIAL STATEMENTSfor the year ended 31 March 20081. ACCOUNTING POLICIESBasis of PreparationThe financial statements have been prepared in accordance with the Statement ofRecommended Practice ‘Accounting and Reporting by Charities’ (SORP 2005),applicable accounting standards and the Charities Act 1993. The accounts havebeen prepared on a going concern basis, under the historical cost convention asmodified by the revaluation of certain fixed assets and using the following policies.a) Incoming ResourcesAll income is gross without deduction for related expenditure.Legacies, including payments on account of legacies, are recognised in theaccounts when there is reasonable certainty of receipt and the amount can beascertained. Grants for general support, research, scholarships or fixed assetsare recognised on a receivable basis and are deferred only when the donor hasimposed pre-conditions on the use of the grant.The School recognises the intangible value of accommodation provided torecipients of awards and scholarships as a credit to residential income and acharge to grants and scholarships.b) Resources ExpendedLiabilities for expenditure are recognised in accordance with the accruals concept.Grants payable for research and scholarship fall due only when suchresearch is undertaken or upon attendance at the School and accordingly areaccounted for over the period of research or attendance. More details on thenature of awards are shown in the Annual Report. Expenditure for researchand academic studies, residential research programmes, library andpublications disclosed within charitable activities includes departmentalsalaries. A proportion of salary costs is allocated to governance costs based onthe approximate time expended on such activities.Support costs are allocated in full to expenditure incurred on charitableactivities. The majority of costs are allocated on a pro rated basis over thedifferent activities undertaken by the School, excluding activities which arefinanced by restricted funds. Support costs which are related to a specificactivity are allocated to that activity in full. The Trustees consider this to bethe most appropriate method of allocation.c) PensionsThe School contributes to the UK Universities Superannuation Scheme forcertain of its employees. The Universities Superannuation Scheme is adefined benefit scheme which is externally funded. The assets of the schemeare held in a separate trustee-administered fund. It is not possible to identifyeach institution’s share of the underlying assets and liabilities of the schemeand hence contributions to the scheme are accounted for as if it were adefined contribution scheme in accordance with FRS 17. The chargerecognised within the Statement of Financial Activities is equal to thecontributions payable to the scheme for the year.d) Staff Termination FundThe School provides for deferred pay which is due to Italian employees whenthey leave the employment of the School. The amount payable is calculated inaccordance with existing Italian legal requirements and the Italian nationallabour contract. The charge is recognised within the Statement of FinancialActivities.e) Fixed AssetsFixed assets other than library books are disclosed at cost. Depreciation isprovided by the School to write off the cost less the estimated residual valueof tangible fixed assets over their useful economic lives as follows:Computers25% straight lineMotor vehicles25% straight lineOffice equipment20% straight lineFurniture and fittings20% straight lineThe Library is considered to be a heritage asset and is stated in the balancesheet at an attributed value based on its insured value. The annual cost ofadditions to the Library, which is equivalent to an annual depreciation rate ofapproximately 10% straight line, is charged to the Statement of FinancialActivities to represent the notional write down in the useful economic life ofthe Library.f) InvestmentsInvestments are carried at market value with any unrealised gains and lossesbeing included in the Statement of Financial Activities allocated betweenrestricted and unrestricted funds.The proportion of investment income relating to restricted funds is retainedfor use within restricted funds.g) Foreign CurrencyForeign currency conversion for the balance sheet is at year-end rates,except where the balances are covered by forward contracts to meet knownfuture liabilities, when the contract rate is used. During the year thetranslation is at average rates on a month to month basis, or forwardcontract rate as applicable. Exchange gains or losses are treated as otherincome or expenditure in the Statement of Financial Activities where theycannot be directly related to individual activities. Where exchange gains orlosses can be directly related to individual designated or restricted projectsthe gain or loss is attributed to the relevant fund.h) Cash Flow StatementThe School is exempted by FRS 1 (revised) from preparing a cash flowstatement.i) FundsDetails of the funds of the School, how they have arisen and their use aregiven in notes 17 and 18.46
N OTES TO THE FINANCIAL STATEMENTSfor the year ended 31 March 20082. OTHER GRANTS, DONATIONS AND LEGACIESUnrestricted Restricted Total TotalFunds Funds 2008 2007£’000 £’000 £’000 £’000Other grants 347 3,088 3,435 2,340Donations and legacies 3 33 36 63. APPEAL INCOME350 3,121 3,471 2,346Appeal income primarily relates to funds raised to preserve some of theLibrary’s rare books.4. INVESTMENT INCOMETotal Total2008 2007£’000 £’000Dividends — UK equities 49 45Interest — UK fixed interest securities 15 17Interest on cash deposits 28 175. RESIDENTIAL INCOME92 79Total Total2008 2007£’000 £’000Residential income includes the intangiblevalue of accommodation provided torecipients of grants and scholarships of: 140 1206. COSTS OF GENERATING FUNDSCosts of generating funds comprise sundry expenses incurred in raising funds.7. CHARITABLE ACTIVITIESExpenditure on charitable activities is made up as follows:Direct Support Total TotalExpenses Costs 2008 2007£’000 £’000 £’000 £’000Research and academic salaries 551 203 754 715Residential research programmes 530 178 708 651Research projects 106 35 141 -Library 294 102 396 426Publications 11 4 15 46Herculaneum Conservation Project 1,407 - 1,407 1,849Fasti on line project 118 - 118 773,017 522 3,539 3,764Included within charitable expenditure is the following restricted expenditure:Total Total2008 2007£’000 £’000Herculaneum Conservation Project 1,407 1,849Fasti on line project 118 77Scholarships (within residential research programmes) 6 13Getty Library project (within Library costs) 17 -Library appeal fund (within Library costs) 11 -PHI Library project (within Library costs) 8 -Murray project (within Library costs) 10 -British Academy Grant — collaborative project(within residential research programmes) 5 -1,582 1,9398. GRANTS AND SCHOLARSHIPSCharitable activities include the cost of grants and scholarships awarded. Grantsand scholarships comprise £329,000 (2007 — £277,000) awarded to 57 (2007 —51) individuals. There were no grants payable to Institutions (2007 — none).TotalTotal2008 2007No. £’000 No. £’000Grants paid:Research 17 74 13 54Scholarships 40 115 38 103Intangible value of accommodation 140 12057 329 51 27747
Page 1 and 2: T HE B RITISH S CHOOL AT R OMEPatro
Page 3 and 4: C HAIRMAN’ S F OREWORDIt’s a pa
Page 5 and 6: D I R E C T O R ’ S R E P O R Tma
Page 7 and 8: D I R E C T O R ’ S R E P O R Tte
Page 9 and 10: D I R E C T O R ’ S R E P O R TFo
Page 11 and 12: H ERCULANEUM C ONSERVATION P ROJECT
Page 13 and 14: Right: Herculaneum, ancientand mode
Page 15 and 16: H UMANITIES AWARDSBalsdon FellowDr
Page 17 and 18: H U M A N I T I E S A C T I V I T I
Page 19 and 20: E VENTSCONFERENCES, WORKSHOPS AND R
Page 21 and 22: A RCHAEOLOGYThis year saw the devel
Page 23 and 24: A R C H A E O L O G YPhD student cu
Page 25 and 26: A R C H A E O L O G YPrevious page,
Page 27 and 28: F INE A RTS AWARDSAbbey Fellows in
Page 29 and 30: F I N E A R T S S C H O L A R S ’
Page 31 and 32: FACULTY OF THE F INE A RTSIt is alw
Page 33 and 34: C O N T E M P O R A R Y A R T S P R
Page 35 and 36: L IBRARY AND A RCHIVEAll Library an
Page 37 and 38: P UBLICATIONS AND E XHIBITIONS BY S
Page 39 and 40: S TAFFCore StaffDirectorAssistant D
Page 41 and 42: T R U S T E E S ’ R E P O R TThe
Page 43 and 44: F INANCIAL S TATEMENTSfor the year
Page 45: B ALANCE SHEETas at 31 March 200820
Page 49 and 50: N OTES TO THE FINANCIAL STATEMENTSf
Page 51 and 52: S UBCOMMITTEES AND H ONORARY F ELLO
Page 53 and 54: B S R P U B L I C A T I O N I N P R
Page 55 and 56: S U B S C R I B E R SHare; Ms D. Ha

Annual Report 2007-8 - The British School at Rome

Create successful ePaper yourself

Delete template?

Save as template?