THE BRITISH SCHOOL AT ROME
FINANCIAL STATEMENTS
AS AT 31 MARCH 2021
Table of Contents
THE TRUSTEES. REPORT..........................,.......,..... ....................,......................,.....................................,........
Fintsncè und Personnel Subcommittee..
Foculty of the Fine Arts.............,...................,....,.........,.
F(TcuIty of Archagology, History and L•tt•rs,.. .....................-.,.-................................,.....................,.............
Auditors.......,.......
Piofessional Advisers.......-.............
Investment Monoger5,.. ......................,.........-...........,.......
Bankers .. .
Achi•vements. Performonce ond Futur8 Plans............-..,..,.....
Donated Goods. Facilities ond Services Including Volunteer5.........-..-..,...
Financial Revlew......,.......
.10
British Academy Gronts...................-......................,.........,................................-.,..............................,........,.
Inveslments and Cash Resources.....................................,..........,...........,...
Going Concern ond ReseNeB PDIicy........,....,.......,......,..,....,......,.......... ......................-......,.... ..................
Fundraising .
THE STATEMENT OF TRUSTEES, RESPONSIBILITIES.....................,...................,............
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BRITISH SCHOOL AT ROME................ ...
STATEMENT OF FINANCIAL ACTivrriES.........................,...,.... ......................................,............,......... ......
BALANCE SHEET.......,..........,.......,....,.......,....,............................................
STATEMENT OF CASH FLOWS..................................,........,...........................................,............,...,...
NOTES TO THE FINANCIAL STATEMENTS..,.......,.....,... .. . .... .........................,...........................................
ACCOUNTING POLICIES...............................,....,...........,...,...,..............................,.........................
2. JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION
UNCERTAINTY..............................................,.........,.....................................,..,.........................................
DONATIONS AND LEGACIES......... ..
21
,34
CHARITABLE INCOME........,.......,....,.......,....,...,.....,.....................................-..-.............
INVESTMENT INCOME....
CHARITABLE ACTIVITIES...............-.,................,.....,......
CHARITABLE ACTWITIES_ RESTRICTEL) EXPENDITURE........,............,...,.......,.
SUPPORT COSTS..
.36
GOVERNANCE... ....... .......................................... .............................,...............................................36
10. GRANTSAND SCHOLARSHIPS.................,..........................,.............................,.......,....,.......,.....,...
37
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|11.|TRUSTEES AND EMPLOYEES.||""37|
|---|---|---|---|
|12.|FIXED ASSETS.||39|
|13.|INVESTMENTS ..||, .40|
|14.|DEBTORS..|||
|15.|CREDITORS: AMOUNTS
FALLING|DUE WITHIN ONE YEAR.||
|16.|PROVISIONS FOR POST EMPLOYMENT BENEFITS.||.. ..42|
|17.|COMMITMENTS.
.|||
|18.|RESTRICTED FUNDS .||45|
|19.|UNRESTRICTED FUNDS...||.. .46|
|20.|NET INCOME TO NET CASH-FLOW||47|
|21.|ANALYSIS OF CASH AND CASH|EQUIVALENTS ..|47|
|22.|FINANCIAL
INSTRUMENTS.||"47|
|23.|ANALYSIS OF NET ASSETS BETWEEN FUNDS..||....48|
|24.|CONTROLLING
PARTY||.48|
|25.|RELATED PARTY TRANSACTIONS.||.48|
|26.|PRIOR YEAR COMPARATIVES.||49|
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|TATEMENT OF FINANCIAL ACTIVI|TIES|||||
|---|---|---|---|---|---|
||UNRESTRICTED|RESTRICTED|2021TOTAL|2020 TOTAL|NOTES TO|
||FUNDS|FUNDS|FUNDS|FUNDS|THE|
|||||(NOTE 26)|ACCOUNTS|
||E,OOO|E,OOO|E,OOO|E,OOO||
|INCOME FROM||||||
|DONATIONS
AND LEGACIES||||||
|DONATIONS
AND VOLUNTARY|193|51||||
|INCOME||||||
|LEGACIES||||230||
|BRITISH ACADEMY GRANT||1,165|1,165|1,101||
|OTHER GRANTS|14||14|78||
|CHARITABLE ACTIVITIES||||||
|EXCHANGE
RATE GAINS|13||13|||
|CHARITABLE ACTIVITIES|53||53|335||
|INVESTMENTS|41|||93||
|TOTAL INCOME|314|1,219|1,533|2,371||
|EXPENDITURE||||||
|RAISING FUNDS|66|||103||
|EXCHANGE
RATE LOSSES||||12||
|CHARITABLE ACTMTIES|561|1,250|'1,811|2,014|6—9|
|CHARITABLE ACTIVITIES EXCEPTIONAL|541||541|173||
|TOTAL EXPENDITURE|1,168|1,250|2,418|2,302||
|OPERATIONAL
SURPLUS/(DEFICIT)|(854)|(31)|(885)|||
|NET INVESTMENT GAINS / (LOSSES)|449|27|476|(358)||
|NET MOVEMENT IN FUNDS|(405)|(4)|(409)|(289)|18-19|
|RECONCILIATION
OF FUNDS||||||
|TOTAL FUNDS BROUGHT FORWARD|3,028|451|3,479|3,768||
|TOTAL FUNDS CARRIED FORWARD|2,623||3,070|3,479||
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|BALANCE SHEET|||||||
|---|---|---|---|---|---|---|
|||UNRESTRICTED|RESTRICTED|2021 TOTAL|2020 TOTAL|NOTES TO|
|||FUNDS|FUNDS|FUNDS|FUNDS|THE|
|||f,000|f,000|f,000|f,000|ACCOUNTS|
|FIXED ASSETS|||||||
|TANGIBLE ASSETS||73||73|91|12|
|HERII'AGE ASSETS||567||567|567|12|
|INVESTMENTS||2,876|397|3,273|2,968|13|
|TOTAL FIXED ASSETS||3,516|397|3,913|3,626||
|CURRENT ASSETS|||||||
||DEBTORS|39||39|182|14|
|CASH AT BANK AND|IN HAND|208|50|258|761|21|
|TOTAL CURRENT ASSETS||247|50|297|943||
|LIABILITIES|||||||
|CREDITORS. AMOUNTS|FALLING||||||
|DUE WITHIN ONE YEAR||628||628|583|15|
|NET CURRENT ASSETS/UABIUlTES||(381)|50|(331)|360||
|TOTAL ASSETS LESSCURRENT|||||||
|LIABILITIES||3,135||3,582|3,986||
|PROVISION FOR LIABILITIES||512||512|507|16|
|TOTAL NET ASSETS||2,623|447|3,070|3,479||
|THE FUNDS OF THE BSR|||||||
|RESTRICTED INCOME FUNDS|||447||451|18|
|UNRESTRICTED FUNDS||2,623||2,623|3,028|19|
|TOTAL CHARITY FUNDS||2,623||3,070|3,479||
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|STATEMENT OF CASH|STATEMENT OF CASH|STATEMENT OF CASH|FLOWS|FLOWS||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2021TOTAL|2020 TOTAL|NOTES TO THE|
||||||||||FUNDS|FUNDS|ACCOUNTS|
||||||||||f,000|f,000||
|Cash|flows from operating||actlvkles:|||||||||
|Net cash provided||by (used|ln) operating||activities||||(720)|(I8)|20|
|Cash|flows from Investing||actMtles:|||||||||
||||||||Income from|Investments|44|93||
|||||Proceeds|||from sale of|Investments|1,470|443|13|
||||||||Purchase of|Investments|(1,229)|(667)|13|
|Net cash provided||by (used In) Investing||||actlvlttes:||||(131)||
|Change
In cash and cash|||equivalents||In|the|reporting|period|(435)|(149)||
|Cash|and cash equivalents||at the beginning|||of|the reporting|period||979|21|
|Change
in cash and cash equivalents||||due to exchange rate movemenis||||||||
|Cash|and cash equivalents||at the|end|rd the reporting|||period||837|21|
|ANALYSIS OF CHANGES
IN||||NET CASH||||||||
||||||||||AT fa APRIL|NET CASH|AT 31a MARCH|
||||||||||2020|FLOW|2021|
||||||||||E,000|E,000|f,000|
|Cash:||||||||||||
|Bank|balances||||||||761|(503)|258|
|Cash|In Investment|accounts|||||||76|70|146|
|Totalcash||||||||||(433)|404|
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||||Unrestricted|Restricted|Tota I|Total|
|---|---|---|---|---|---|---|
||||funds|funds|2021|2020|
||||f'000|f'000|f'000|f'000|
|Donations|and voluntary|income|89|51|140|181|
|Legacies||||||230|
|BA Grant||||1,165|1,165|1,101|
|Grants|||14||14|78|
|Scholarship|sponsorship||'I04||104|353|
||||207|1,216|1,423|1,943|
##
|ome from|charitabl|e
activities:|||
|---|---|---|---|---|
||||Total|Total|
||||2021|2020|
||||f'000|f'000|
|Residence|income||7|200|
|Course fees|||9|65|
|Other charitable||activities|37|70|
||||53|335|
|VESTMEN|T INCOME||||
||||2021|2020|
||||f'000|f'000|
|Dividends —UK equities|||44|93|
|Interest|on cash deposits||||
||||44|93|
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|penditure
on charitable
a|ctivities
is made up|as follows:||||
|---|---|---|---|---|---|
|||Direct|Support|Total|Total|
|||expenses|costs|2021|2020|
|||f'000|f'000|f'000|f'000|
|Research and Residential|Programmes|654|755|1,409|1,640|
|Library||255|62|317|331|
|Publications||22|63|85|43|
|||931|880|1,811|2,014|
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||||2021|2020|
|---|---|---|---|---|
||||f'000|f'000|
|British Academy||main grant|994|930|
|British Academy||BDFgrant|172|171|
|P. Smith|||36|77|
|Rometrans|||38|2|
|Fellowships|and|scholarships|10|9|
|Other||||12|
||||1,250|1,201|
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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||f'000|f'000|
|Support|staff|salaries||and related|staff costs|383|367|
|Building|maintenance|||and utilities|costs|206|196|
|IT and equipment|||maintenance|||100|52|
|Depreciation||||||18|12|
|Consultants'||fees||||56|29|
|Other||||||117|118|
|||||||880|774|
##
||||2021|2020|
|---|---|---|---|---|
||||f'000|f'000|
|Support staff|salaries and related staff costs||218||
|Consultants'|fees||10||
|Other —including||legal costs|235||
|Building|||78|173|
||||541|173|
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|All|governance|expenditure|relates to unrestricted|relates to unrestricted|funds and|is Included|In support costs above.||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||||||||f'000|f'000|
||Salaries|and related|costs||||11|8|
||Auditors'|remuneration|||||16|17|
||Annual|Review|||||4|4|
||Council|and committee||meetings|||51|8|
||||||||82|37|
##
|iduals.
There were no grants payable t|o institutions
(2020. none).||||
|---|---|---|---|---|
|||2021|2020||
|Grants paid:|No.|E'000|No.|E'000|
|Research|I|28|5|23|
|Scholarships|17|55|41|74|
||18|83|46|97|
##
||2021|2020|
|---|---|---|
|Aggregate
staff costs comprise.|E'000|f'000|
|Wages and salaries|668|701|
|Taxes, social security and related costs|320|347|
|Pensions (note 16)|28|25|
|Staff deferred
pay (note 16)|44|36|
||1,060|1,109|
|e number|o|f employees
earning
more than f60,000|is as follows:||
|---|---|---|---|---|
||||2021|2020|
||||No.|No.|
|f60,001|to|f70,000|1||
|f70,001|to|f80,000|||
|f110,001|to|f120,000|||
##
|The average|number|number|of employees|analysed|by function was as follows'.|||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|||||||No.|No.|
|Research and||residential||||17|20|
|Publications||||||1|1|
|Library||||||5|5|
|Support||||||5|3|
|Development|||||||1|
|Management||and|administration|of the charity|||1|
|||||||29|31|
|Other benefits:||||||||
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|||||2021|2020|
|---|---|---|---|---|---|
|||||f'000|f'000|
|Quoted|investments|||3,127|2,892|
|Cash on|deposit|||146|76|
|||||3,273|2,968|
|Historical|cost|at 31 March:||||
|Quoted|investments|||2,959|2,778|
|The quoted
investments|||comprise:|||
|||||2021|2020|
|||||f'000|f'000|
|UK equities||||390|808|
|International||equities||1,911|1,053|
|UK bonds||||379|239|
|Global|bonds||||36|
|Portfolio funds||||74|191|
|Property
funds|||||313|
|Other||||373|252|
|||||3,127|2,892|
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||The movement
on quoted|investments|comprises:|||
|---|---|---|---|---|---|
|||||2021|2020|
|||||f'000|f'000|
||Market value at
1 April|||2,892|3,025|
||Additions
at cost|||1,229|667|
||Disposal proceeds|||(1,470)|(443)|
||Foreign exchange gains|(losses)||||
||Realised gains (losses)|||218|(6)|
||Unrealised
gains (losses)|||258|(351)|
||Market value at 31 March|||3,127|2,892|
||Movements
on Cosh Held|||||
|||||2021|2020|
|||||f'000|f'000|
||Cash held at
1 April|||76|223|
||Sales|||1,470|443|
||Dividends
and interest|||44|93|
||Disbursements
for purchases|||(1,229)|(667)|
||Withdrawals|||(200)||
||Fees and charges|||(15)|(16)|
||Balance at 31 March|||146|76|
|14.|DEBTORS|||||
|||||2021|2020|
|||||f'000|f'000|
||Charitable
activities debtors|||16|55|
||Prepayments|||11|12|
||Accrued
income|||12|115|
|||||39|182|
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||||||2021|2020|
|---|---|---|---|---|---|---|
||||||f'000|f'000|
|Provision|for|staff|deferred|pay|466|471|
|Provision|for|USS|deficit||46|36|
||||||512|507|
|he movem|ents
in t|he|staff deferred
pay provision
for the y|ear are as follows:||
|---|---|---|---|---|---|
|||||202'I|2020|
|||||f'000|f'000|
|Balance|at 1 April|||471|418|
|Increase|in provision||for the year|44|36|
|Provision|released|||(29)|0|
|Exchange|(gain)/|loss||(20)|17|
|Balance|at 31 March|||466|471|
|The movement
in the liability during|The movement
in the liability during|the year was as follows:|||
|---|---|---|---|---|
||||2021|2020|
||||f'000|f'000|
|Balance at 1 April|||36|35|
|Increase / (decrease)|in provision|for the year|10|1|
|Balance at 31 March|||46|36|
|Pension|increases (CPI)|increases (CPI)|Term dependent
rates
in line with the difference
between
the|Term dependent
rates
in line with the difference
between
the|
|---|---|---|---|---|
||||Fixed Interest and Index Linked yield curves, less 1.3% p.a.||
|Discount|rate (forward|rates)|Years 1-10:CPI —0.14% reducing|linearly to CPI —0.73%|
||||Years 11-20:CPI + 2.52% reducing|linearly to CPI + 1.55% by|
||||year 21||
||||Years 21+:CPI+1.55%||
##
|current
life expectancies
on retirement
at age|65 are:||
|---|---|---|
||2021|2020|
|Males currently
aged 65 (years)|24.6|24.4|
|Females currently
aged 65 (years)|26.1|25.9|
|Males currently
aged 45 (years)|26.6|26.3|
|Females currently
aged 45 (years)|27.9|27.7|
||||2021|2020|
|---|---|---|---|---|
|Discount|rate||2 00%|2 59%|
|Pension|increases|(CPI)|3.00%|4.20%|
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||||General|Library|Designated|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|fund|funds|2021|2020|
||||f'000|E'000|K'000|E'000|E'000|
|At 1 April|||745|567|1,716|3,028|3,534|
|Net resources|in / (out)||(828)||(26)|(854)|(180)|
|Gross transfers|between|funds|767||(767)||14|
|(Losses)/gains|on investments||291||158|449|(340)|
|At 31March|||975|567|1,081|2,623|3,028|
##
||Reconciliation|o|f net|incom|e|/(expend|i|ture)
to ne|t|cash-fl|o|w|from operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||||2021|2020|
|||||||||||||||E'000|E'000|
||Net income/(expenditure)|||||for the reporting||||period (as per the||||||
||statement|of|financial||activities)|||||||||(409)|(289)|
||Adjustments||for:|||||||||||||
||||||||||Depreciation||||charges|18|12|
|||||Foreign exchange difference||||||on banks|||accounts|(2)|(7)|
|||||||||(Gains) /|losses on|||investments||(476)|357|
|||||Dividends,|||interest
and rents from|||||investments||(44)|(93)|
|||||||||(Additions)|||to|fixed assets|||(84)|
|||||||||Decrease / (increase)|||||in debtors|143|(72)|
|||||||||(Decrease)|/|increase||in creditors||45|104|
|||||||||Increase/(decrease)||||in|provisions|5|54|
||Net cash provided|||by (used ln)|||operating
actlvltles|||||||(720)|(18)|
|21.|ANALYSIS OF CASH AND CASH EQUIVALENTS|||||||||||||||
|||||||||||||||2021|2020|
|||||||||||||||E'000|E'000|
||Cash in hand|||||||||||||||
||Notice deposits (less than three|||||||months)||||||258|761|
||Cash In Investment|||accounts||||||||||146|76|
||Total cash|and cash equivalents||||||||||||404|837|
|22.|FINANCIAL
INSTRUMENTS|||||||||||||||
|||||||||||||||2021|2020|
|||||||||||||||E'000|E'000|
||Financial assets|||||||||||||||
||Financial assets measured|||||at fair|value through||the SoFA|||||3,127|2,892|
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||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|
||||||f'000|E'000|E'000|
|Fund balances at 31|||March 2021 are represented|by.
'||||
|Tangible||and heritage|fixed assets||640||640|
|Investments|||||2,876|397|3,273|
|Cash|||||208|50|258|
|Other current assets|||||39||39|
|Current|liabilities||||(628)||(628)|
|Long-term||liabilities|||(512)||(512)|
|Total net||assets|||2,623|447|3,070|
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|||UNRESTRICTED|RESTRICTED|2020 TOTAL|
|---|---|---|---|---|
|||FUNDS|FUNDS|FUNDS|
|||f,000|f,000|f,000|
|INCOME FROM|||||
|DONATIONS|AND LEGACIES||||
|DONATIONS
AND VOLUNTARY||478|56||
||INCOME||||
||LEGACIES||230|230|
||BRITISH ACADEMY GRANT||1,101|1,101|
||OTHER GRANTS|20|58|78|
|CHARITABLE ACTIVITIES|||||
||EXCHANGE
RATE GAINS||||
||CHARITABLE ACTIVITIES|335||335|
|INVESTMENTS||88||93|
|TOTAL INCOME||921|1,450|2,371|
|EXPENDITURE|||||
||RAISING FUNDS|103||103|
||EXCHANGE
RATE LOSSES|12||12|
||CHARII'ABLE ACTIVITIES|813|1,201|2,014|
|CHARITABLE|ACTIVITIES EXCEPTIONAL|173||173|
|TOTAL EXPENDITURE||1,101|'1,201|2,302|
|NET GAINS/(LOSSES)
ON|||||
|INVESTMENTS||(340)|08)|(358)|
|NET INCOME/(EXPENDITURE)||(520)|231|(289)|
|TRANSFERS BElWEEN FUNDS||14|(14)||
|NET MOVEMENT
IN FUNDS||(506)|217|(289)|
|RECONCILIATION
OF FUNDS|||||
|TOTAL FUNDS|BROUGHT FORWARD|3,534|234|3,768|
|TOTAL FUNDS|CARRIED FORWARD|3,028|451|3,479|
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|||||General|Library|Designated|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||funds|fund|funds|2020|2019|
|||||f'000|f'000|f'000|f'000|f'000|
|At
1 April||||1,190|567|1,777|3,534|3,748|
|Net incoming/|(outgoing)|||(175)||(5)|(180)|(280)|
|resources|||||||||
|Gross transfers|between||funds|(32)||46|14|(8)|
|(Losses)/gains|on investments|||(238)||(102)|(340)|74|
|At 31March||||745|567|1,716|3,028|3,534|
|RICTED FUNDS|2O20||||||||
|Fund||At|1 April|Total|Total|Gains on|Transfers|At 31|
|||||Incoming|resources|investmen||March|
|||||resources|expended|ts|||
||||f'000|f'000|f'000|f'000|f'000|f'000|
|P. Smith|||45|37|(77)|||5|
|Cary|||89|3|P)|(10)||75|
|Shortland-Jones||||230||||230|
|Marshall|||13|||||13|
|Rometrans||||44|(2)|||42|
|British Academy||||1,101|(1,101)||||
|RoMP||||14|||(14)||
|Brunswick|||5||(2)|||3|
|Walker|||17|||||17|
|Webb|||58|||(8)||52|
|Other|||7|19|(12)|||14|
|Tota I2020|||234|1,450|(1,201)|(18)|(14)|451|
##
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||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||f'000|f'000|f'000|
|Fund balances at 31|March 2020 are represented|by:||||
|Tangible and heritage|fixed assets||658||658|
|Investments|||2,841|127|2,968|
|Cash|||495|266|761|
|Other current assets|||124|58|182|
|Current
liabilities|||(583)||(583)|
|Long-term
liabilities|||(507)||(507)|
|Total net assets|||3,028|451|3,479|