Annual Report 2007-8 - The British School at Rome

N OTES TO THE FINANCIAL STATEMENTSfor the year ended 31 March 2008Under an agreement dated 25 April 1912 between the Comune di Roma and the BritishAmbassador at that time, the British School at Rome was granted, for an annual rentalof one Italian lira, the use in perpetuity of the land on which the School is built, providedthat the land is used exclusively for study and research in the humanities, archaeologyand fine arts. Should the land not be used for such purposes, it has to be surrendered tothe Comune without any compensation for its cost or value. On this basis, no value isascribed to the School building in the accounts or to any additions or improvements tothe building. Such expenditure is written off to the Statement of Financial Activities inthe year of expenditure.The Trustees consider that it is not possible to ascribe a meaningful value to theintangible benefit of the use of the land on which the School is built.The Trustees consider the Library of books, papers, manuscripts and pictures to be aheritage asset within the definition of SORP 2005. Many of the contents are consideredto be irreplaceable. On this basis, the Trustees have ascribed the insured value of theLibrary as its value to the School. The Library's holdings consist of approximately 60,000volumes of which 50,000 are monographs and 10,000 periodicals. 600 currentperiodicals are taken. Specialisms include: Mediterranean archaeology, prehistory,ancient history and texts, the history of ancient religions, ecclesiastical and medievalhistory, Italian topography, history of art and architectural history, and the writings oftravellers in Italy. The open-shelf reference Library provides the bibliographic resourcesand services necessary to support the research activities of the School. The Library aimsto complement UK academic libraries through its holdings of local Italian publicationsand periodicals, and welcomes all scholars, undergraduates and graduates studying inany field relevant to its collections.13. INVESTMENTS2008 2007£’000 £’000UK quoted investments 1,917 2,102Cash on deposit 231 1732,148 2,275Historical cost at 31 March:Quoted investments 1,725 1,761The following investments individually comprise the investments held:2008 2007£’000 £’000Cazenove Unit Trust Management:Growth Trust for Charities 610 680Income Trust for Charities 283 280Absolute Return Trust for Charities 366 320Equity Income Trust for Charities 535 686European Fund 28 27Property Trust 95 109The movement on quoted investments comprises:2008 2007£’000 £’000Market value at 1 April 2,102 2,040Additions at cost 18 390Disposal proceeds (78) (441)2,042 1,989Realised gains on disposals 24 59Unrealised (losses)/gains (149) 54Market value at 31 March 1,917 2,10214. DEBTORS2008 2007£’000 £’000Other debtors and prepayments 67 1615. CREDITORS: amounts falling due within one year2008 2007£’000 £’000Other creditors and accruals 362 476362 47616. PROVISIONS2008 2007£’000 £’000Provision for staff termination pay 232 167This liability represents deferred pay due to employees at 31 March 2008,payable when they leave the School. The amount payable is calculated inaccordance with existing Italian legal requirements and the Italian nationallabour contract.The movements on the provision in the year are as follows:2008 2007£’000 £’000Balance at 1 April 167 151Increase in provision for the year 38 24Payment to existing employee - (8)Exchange loss 27 -Balance at 31 March 232 16749