Escolar Documentos
Profissional Documentos
Cultura Documentos
Contents
TRUSTEES REPORT Background and objects Structure, governance and management Risk management Aims and objectives Activities Collections care Learning and access Exhibitions during 2011/12 Achievements and performance Financial review Plans for the future Trustees responsibilities in relation to the accounts
Page
5 5 5 6 6 7 8 9/10 10 11 12 13 14
AUDITORS REPORT
15
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2011
16
17
NOTES TO ACCOUNTS
18
HRH The Prince of Wales, Duke of Cornwall The Rt. Hon Viscount Falmouth Colonel E T Bolitho, Lord Lieutenant of Cornwall The Rt. Rev. The Lord Bishop of Truro Mrs B B Spring Professor A C Thomas CBE MA FBA FSA Sir Ferrers Vyvyan
Trustees
B M M Biscoe (Hon. Secretary) D Bishop (Appointed 26/11/2011) M Chanter (Appointed 22/03/12) B Deacon J Dunstan (Retired - 26/11/2011) V Hendra Mrs M Leavitt-Bourne Mrs L Le Grice G I Mayhew BA (Hon.Treasurer, retired 26/11/2011) B D Preston R Robinson (Hon Treasurer, appointed 26/11/2011) Mrs B B Spring (Retired 26/11/2011) P C Stethridge (Chairman) P Tunstall-Behrens
Director Custodian trustee Principal office Website Bankers Solicitors Investment advisers Auditors
Ms H Bracegirdle BSc MBA Barclays Bank Trust Company Limited Royal Cornwall Museum, 25 River Street, Truro, Cornwall www.royalcornwallmuseum.org.uk Lloyds TSB plc, 7 Boscawen Street, Truro, Cornwall Foot Anstey, High Water House, Malpas Road, Truro, Cornwall Charles Stanley & Company Ltd, 65 Lemon Street, Truro, Cornwall Francis Clark LLP, Chartered Accountants, Lowin House, Tregolls Road, Truro, Cornwall
Charity number
221958
TRUSTEES REPORT
Risk management
The major risks to which the RIC is exposed have been reviewed and systems have been
developed to monitor and control those risks in order to mitigate any impact that they may have on the RIC in the future. Risk management overall is ultimately the responsibility of the Trustees and Director. Financial, building and business risks are monitored by the Director and the Trustees Finance and General Purposes sub-committee. Risks to the collections are monitored by the Director and the Head of Collections Management and covered by a suite of policies and procedures including an emergency plan. Risks to visitors, staff and volunteers are covered by the RICs Health and Safety policy and procedures.
Activities
This financial year was the final year of funding from the Museums, Libraries and Archives
Council, a transition period to a new funding landscape. Staff and trustees were tasked with reviewing and exploring opportunities for developing membership, new income generation activities and collections and access through new technologies. Key recommendations from these reviews were considered and incorporated in to a new structure for the organisation which will be implemented in the new financial year. Activities in this financial year included launching a new membership offer, planning the introduction of a simple and low admissions rate which complies with HMRC Gift Aid regulations, planning a new retail offer with procurement of an EPOS system and the development of services that can be commissioned by other organisations such as Cornwall Council. Another key activity in the charitys transition was the development of significant partnerships with the British Museum and Truro Cathedral. In both cases our programmes team has built up relationships with these organisations that have resulted in very successful learning activities for children and adults. With Truro Cathedral, Cornwall Record Office and local advanced skills teachers we developed a programme of local history research for secondary school pupils focusing on the Civil War. In the style of The Apprentice children were challenged to collect information through activities at the three locations and then return to their schools to teach the remainder of their school group. 60 pupils from 6 secondary schools were involved in this project. As with many of our activities this did not simply teach history, but also empowered these teenagers and developed vital life skills that they can continue to use beyond the classroom. This partnership continued to develop activities for junior and senior school students extending research to Victorian and Edwardian periods. Partnership with the British Museum supported our successful application to the Heritage Lottery Fund for 233,000 towards a 300,000 project to redisplay our Egyptian, Greek and Roman archaeology and create a vibrant learning space for children and adults of all ages. Funding was secured in October 2011 and work began on site in January 2012 with opening of the new gallery on Friday 8 June 2012. This was our first significant lottery investment in a decade and confirmed that the RIC is a charity with huge potential and expertise. The partnership will see star loans from the British Museum on display for the first time in Cornwall. The RIC continues to seek financial support from trusts, foundations and philanthropists for project funding and the endowment set up in 2010/11. We are grateful to the generous individuals who have made donations, pledged legacies and co-ordinated fundraising activities, as well as the trusts that have supported project work. In particular we thank His Royal Highness the Prince of Wales, Duke of Cornwall, The Foundation for Sports and the Arts, The Heritage Lottery Fund, the estate of Mr M Howarth, the estate of Mr P Brierley, Miss M M Williams, Mr Brooks, Mr Stericker, Mrs Le Grice, Mr Insoll, Mr Tyrell and Mrs Lim. Trustee subcommittees continue to meet. The accounts demonstrate that the Director and Trustees have fulfilled their responsibilities with regard to transparency, liquidity and financial control.
Collections care
The RIC holds extensive collections of Cornish and European archaeology and social history
as well as world cultures. The fine and decorative art collections hold work by Cornish artists, designers and makers but also contain significant works by nationally and internationally important artists from other parts of the world. The geological collections comprise substantial numbers of mineral, fossil and rock specimens. The collection of South West England mineralogy is one of the finest in the world. The flora and fauna of the South West are represented in the biological collection and are complemented by UK and world mineral material. The Courtney Library and Archive holds approximately 150,000 books, periodicals and archive material relating to Cornwall and the South West. In addition, there is an extensive photographic collection which records the history of Cornwall from 1845 to date. 2011 saw the completion of a 5 year programme of conservation of artefacts in our Ancient Egyptian, Greek and Roman collections ready for display in a new gallery. A significant part of this was the conservation of the coffins of Iset-tayef-nakht the RICs unwrapped Egyptian mummy. Our specialist archaeology conservator spent 9 months removing old varnish and filler from the coffins as well as restoring some parts of the panels. Containing scenes of Isettayef-nakht and his journey to the afterlife, the outer coffins can now be displayed upright and make a magnificent centrepiece to the exhibition. Behind the scenes a team of volunteers was working on a very delicate collection. Featuring clothes from 1950s cocktail dresses to the painting shirt of artist Bryan Pearce as well as tapestries and quilts, the textile collection needed repackaging and rehousing to protect it from dust and atmospheric pollutants. The volunteers created conservation grade bags and padded hangers and assisted with the move of the collection to its new storage location. The RIC now jointly manages the Cornwall Council Schools Art Collection in partnership with the Leach Pottery. With funding from Cornwall Council and the Tanner Trust, in 2010 the RIC was able to upgrade its art store to take receipt of the paintings and drawings. Collected at a time when the county was known for progressive and advanced art the collection was created for use in schools. Now, 50 years on, it has formed a 10 month hang which opened at the museum on Members Day in November and has been used in our outreach work with schools as part of a project funded by the Princes Foundation for Children and the Arts. As conservation work progresses, more of the works will be brought back into use for learning activities with schools.
A partnership with the RIC, Plymouth Museum and Art Gallery and The Royal Albert Memorial Museum, funded by the Heritage Lottery Fund created a touring exhibition for community museums around the South West called Treasures from the Earth. Aiming to reach new audiences and provide training and involvement that can increase understanding of archaeology, the exhibition came to Cornwall in 2011/12. Using archaeology from the partners collections, objects from the host museums and loans from the British Museum and Victoria and Albert Museum, it toured Cornwall in 2011/12. Finds Liaison Officers from the Portable Antiquities Scheme provided identification sessions and the RIC funded a special education programme that helped host museums run activities for schools and develop learning resources that they could use beyond the life of the project. Over the three year project 28,000 people visited the exhibitions in Devon, Somerset and Cornwall and 684 people participated in associated learning events. None of these activities could be completed without the willing help of volunteers. In 2011/12, 90 people contributed over 6000 hours of their time and expertise to the museum and library. Documenting and repacking collections, digitising photographs, helping with holiday activities, assisting with exhibitions, compiling mailings and assisting with visitor enquiries are just some of the areas volunteers support.
10
11
Financial review
Review of the year Incoming resources were at a similar level to that achieved in 2010/11. In total, incoming resources on ordinary activities amounted to 1,235,000. Resources expended on ordinary activities decreased by 355,000 to 938,000 due primarily to capitalisation of funding for the new Ancient Civilisations gallery. Net incoming resources for the year amounted to 297,000. Investments The trustees investment of the RICs funds is governed by the Trustee Investment Act 2000. The policy of the trustees is to ensure that the RICs investment funds are professionally managed to provide returns which are at least in line with the relevant indices and the trustees are satisfied that the investments performance has met the objectives set. Total investments now stand at 2,727,000 (Note 12). Reserves The Trustees of the Royal Institution of Cornwall maintain a reserves policy giving due regard to the risks, financial and other, faced at any given time. It is reviewed at least annually. Currently the policy is to maintain reserves that are at least equivalent to three months normal (unrestricted) operating expenditure. At 31 March 2012 unrestricted funds were 920,000, and (after deducting funds of 556,000 and 7,000 which could only be realised by disposing of fixed assets held for charity use) free reserves were 357,000. This takes into account a pension asset of 14,000, which is not expected to result in short term cash inflows. If the pension liability is left out of account, free reserves stood at 343,000, equivalent to approximately one years unrestricted expenditure. The remainder of the charitys reserves comprise restricted funds totalling 2,298.000 which are funds relating to the acquisition of assets or given for a specific purpose and endowment funds totalling 2,625.000 which are invested to produce an income for the charity and cannot be used for any other purpose. The principal endowment fund is the Hawkins Galsworthy Permanent Endowment which was created with the proceeds from the sale of two paintings in the previous financial year. The capital is not expendable and the income is restricted to expenditure for the maintenance of the RICs collection.
12
13
14
AUDITORS REPORT
We have audited the group and parent charity financial statements of The Royal Institution of Cornwall for the year
ended 31 March 2012, which comprise the consolidated statement of financial activities, the group and parent charity balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitys trustees, as a body. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of the trustees and auditor As explained more fully in the statement of trustees responsibilities set out on page 14, the trustees are responsible for the preparation of financial statements which give a true and fair view. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Boards (APBs) Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charitys circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: G give a true and fair view of the state of the group and parent charitys affairs as at 31 March 2012 and of the groups incoming resources and application of resources, for the year then ended; G have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and G have been prepared in accordance with the requirements of the Charities Act 2011. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: G the information given in the Trustees report is inconsistent in any material respect with the financial statements; or G sufficient accounting records have not been kept; or G the financial statements are not in agreement with the accounting records and returns; or G we have not received all the information and explanations we require for our audit. Michael Bentley ACA DChA Senior Statutory Auditor Francis Clark LLP Lowin House, Tregolls Road, TRURO TR1 2NA Registered Auditor Date: 19 October 2012 Francis Clark LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
15
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2012
2010/11 Note Unrestricted funds 000s Incoming resources Incoming Resources from generated funds: Voluntary income Grants Donations & legacies Activities for generating funds Retail activities Rental income Other Investment Income Incoming resources from charitable activities: Learning Members subscriptions Other Total incoming resources Resources expended Costs of generating funds: Generating voluntary income Retail activities Investment property costs Investment management Charitable activities: Sustainability programme Learning & access Collections care Governance costs: Total resources expended Net incoming resources before exceptional item Exceptional item Net incoming/ (outgoing) resources before net transfers NET INCOMING RESOURCES Gains on sale of fixed assets Transfer between funds Gains/(losses) on investment assets Actuarial gains/(losses) on defined benefit pension scheme Net movement in funds for the year Funds brought forward at 1st April Funds carried forward at 31st March 15 17 Restricted funds 000s Endowment funds 000s Total funds 000s
000s
1,051 52 15 12 75 30 9 7 1,251
172 12 19 42 7 9 19 15 23 318
6 6
6 6
16
10 12
13
Creditors: amounts falling due within one year Net current assets Total assets less current liabilities
14
5,552 55 5,607
5,549 55 5,604
Net assets excluding pension (liability)/asset Pension (liability)/asset Net assets Represented by
Unrestricted funds, excluding pension reserve Unrestricted pension reserve Total unrestricted funds Restricted funds, excluding pension reserve Restricted pension reserve Total restricted funds Endowment funds Total funds
15
15 15 16
The accounts were approved by the Board of Trustees on 15th October 2012 and were signed on its behalf by:
17
NOTES TO ACCOUNTS
1. Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the accounts. (a) Basis of preparation The accounts have been prepared in accordance with the Charities Act 2011, applicable UK accounting standards and under the historical cost accounting rules, as modified by the inclusion of fixed asset investments at market value, and they follow the recommendations of Statement of Recommended Practice: "Accounting and Reporting by Charities" (SORP 2005) issued in March 2005. The consolidated accounts comprise those of the Royal Institution of Cornwall (RIC) and its wholly owned subsidiary, RIC Museum Limited. The results of the subsidiary are consolidated on a line by line basis. (b) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the RIC's charitable objectives. Unrestricted funds include a fund designated by the Trustees for the acquisition of objects. Restricted funds are funds subject to specific trusts declared by the provider or created through legal process. The endowment funds capital is required to be retained in perpetuity. (c) Incoming resources Incoming resources are recognised on a receivable basis, as soon as the RIC has entitlement to the income, there is reasonable certainty of receipt and the amount is quantifiable. The value of services provided by volunteers is not included in the accounts. (d) Resources expended Expenditure is recognised on an accruals basis, inclusive of irrecoverable VAT. Provisions are recognised when there is a present obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Contractual arrangements are recognised as goods and services are supplied. Non-performance related grants are recognised when a constructive obligation arises which results in the payment being unavoidable. Costs of generating funds are those costs incurred in attracting voluntary income, including grants, together with those costs incurred in trading activities that raise funds. Charitable activities comprise expenditure associated with learning, access and collections care activities, and include both the direct costs and support costs relating to these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Support costs include central functions and are allocated to activity cost categories on the basis of management review of estimated usage. (e) Operating leases Rentals payable under operating leases are recognised on a straight line basis over the term of the lease. (f) Exceptional items Items which derive from events or transactions which fall within the RICs ordinary activities, and which need to be disclosed by virtue of their size or incidence in order for the accounts to give a true and fair view, are disclosed as exceptional items in the Statement of Financial Activities.
18
(g) Heritage assets Heritage assets are tangible fixed assets which are of historical, artistic or scientific importance that are held and maintained principally for their contribution to knowledge and culture. Heritage assets are not capitalised, due to the difficulty and cost involved in ascertaining reliable details of their historical cost or current valuation. (h) Tangible fixed assets (other than heritage assets) Tangible fixed assets costing more than 1000 are capitalised and included at cost including any incidental costs of acquisition. With effect from 2004, the RIC's freehold land and buildings have not been depreciated, as they are maintained in good working order and are considered to have a residual value at least equal to the cost of the asset. Depreciation of other assets is provided to write off the cost less residual value on a straight-line basis as follows: Computer equipment 4 years Other equipment and furniture 5 - 10 years (i) Investments Investment assets other than properties and unlisted shares are included in the balance sheet at market value. Investment properties are included in the balance sheet at the Trustees' estimate of market value. Unlisted shares are valued at net asset value as shown by the companys accounts. Unrealised gains and losses on revaluation and realised gains and losses on disposal are included in the Statement of Financial Activities and dealt with in the relevant fund. (j) Intangible assets Intangible fixed assets are capitalised at cost. No depreciation is charged in respect of intangible assets regarded as having an indefinite useful life. (k) Pension costs: Defined benefit schemes In accordance with the provisions of Financial Reporting Standard 17 Retirement Benefits (FRS 17), current service costs and gains and losses on settlements and curtailments are included within Resources Expended in the Statement of Financial Activities. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. Actuarial gains and losses are recognised immediately and shown separately within the Statement of Financial Activities. The pension asset or liability, based upon actuarial valuation, is presented separately, after other net assets, in the balance sheet. A pension asset is allocated to unrestricted funds unless the economic benefit of the asset will accrue to a particular fund through reduced contributions or refunds, in which case it is allocated to that fund. A pension liability is allocated to unrestricted funds unless a constructive liability arises to fund the deficit and could properly be met from a particular fund, in which case it is allocated to that fund. Defined contribution schemes Contributions payable in respect of defined contribution schemes are charged to the Statement of Financial Activities in the year in which they are payable.
19
Gross incoming resources Resources expended Exceptional item Gain on sale of fixed assets Net gain/(loss) on investment assets Actuarial gain/(loss) on pension scheme Net movement in funds for the year Total funds brought forward Total funds carried forward Represented by: Unrestricted funds (including pension reserve) Restricted funds (including pension reserve) Endowment funds
3. Subsidiary undertakings
The RIC's wholly owned subsidiary, RIC Museum Limited, undertakes a limited amount of trading activities. Its results and net assets are summarised below.
2011 000s 4 4 4 2012 000s 4 4 4
Turnover Cost of sales Gross profit Expenses Net profit/(loss) retained Current assets Current liabilities Net assets Share capital & reserves
20
4. Incoming resources
Total 2011 000s 173 737 141 53 (1) 15 38 32 5 30 9 19 1,251 Grants: Cornwall Council MLA (Renaissance) HLF Other grants Donations Legacies Sale of goods Property income and event hire Listed investment income Deposit interest Fees from workshops and other learning activities Members subscriptions Other 991 70 Voluntary income 000s 261 572 104 36 17 1 21 49 111 2 Activities for generating funds 000s Charitable activities 000s Investment & other income 000s Total 2012 000s 261 572 104 36 17 1 21 49 111 2 19 15 27 1,235
19 15 27 61
113
5. Resources expended
Total 2011 000s 56 6 6 958 243 24 1,293 Costs of generating funds: Generating voluntary income Retail activities Investment property costs Investment management Charitable activities: Sustainability programme Learning & access Collections care Governance costs: Direct costs 000s 28 6 20 6 205 228 262 7 762 Apportioned support costs 000s 7 1 5 1 48 53 60 1 176 Total 2012 000s 35 7 25 7 253 281 322 8 938
21
Generating voluntary income Retail activities Investment property costs Investment management Sustainability programme Learning & access Collections care Governance
Employers pension contributions for the year totalled 64,000. However, FRS 17 adjustments of 64,000 for the defined benefit scheme negated the cost. This adjustment is not a realisable inflow of funds. No employees earned more than 60,000.
8. Auditors remuneration
2011 000s 4 Audit services 2012 000s 4
22
9. Intangible assets
Intangible fixed assets comprise copyrights relating to the literary work of A L Rowse.
124 124
407 34 441
531 34 565
2,351 2,281
230 114
2,581 2,395
23
12. Investments
2011 000s 2,616 11 2,627 Group (all in the UK) Listed investments Unlisted investments Bank and other deposits Unrestricted 000s 147 147 2012 Restricted Endowment 000s 000s 2,569 11 2,580 Total 000s 2,716 11 2,727
2,627 1 2,628
2,727 1 2,728
Movement in investment assets: At 1st April 2012 Additions at cost Disposals at carrying value Net gain/(loss) on revaluation At 31st March 2012 Fixed and current asset investments: Fixed asset investments Current asset investments
13. Debtors
Charity 2011 000s 87 14 151 10 262 Group 2011 000s 87 14 151 10 262 Trade debtors Prepayments and accrued income Grants receivable Legacies receivable Value added tax Other debtors Charity 2012 000s 54 24 150 22 250 Group 2012 000s 54 24 150 22 250
24
15. Funds
Note (i) Unrestricted Funds: General fund General fund asset reserve General fund pension reserve Balance 1 April 2011 000s 328 551 81 960 Incoming resources 000s 300 18 318 Resources expended 000s (270) 57 (213) Transfers, gains/losses 000s (15) 12 (142) (145) Balance 31 March 2012 000s 343 563 14 920
(a)
(a) The general fund pension reserve relates to the defined benefit pension scheme asset/liability referred to at note 17.
Note (ii) Restricted Funds: Buildings Renaissance Hub HC Cardew-Rendle DCMS Wolfson Reverend Selkirk PAS Restormel MDS Winston Graham Hawkins Galsworthy Heritage Lottery Fund Other Renaissance Hub pension reserve (a) (b) (c) (d) (e) (f) (g) (h) (i)
Resources expended 000s (518) (32) (3) (25) (68) (1) (85) (732) 7 (725)
Balance 31 March 2012 000s 1,642 241 181 20 48 8 12 2 103 76 2,333 (35) 2,298
(j)
(a) The buildings fund represents funding received for capital building projects. (b) The Renaissance Hub fund comprises funding received from the Museums, Libraries and Archives Council (MLA), via the South West Regional Museum Hub, as part of the Renaissance in the Regions programme. The programme aims to provide leadership in museum practice and to improve standards in the sector. (c) The H C Cardew-Rendle income fund comprises income generated by the H C Cardew-Rendle endowment fund which can be applied to advancing the education of the public in the history of Cornwall and the Stanneries. (d) The DCMS/Wolfson fund represents grant funding received for the acquisition of display cases. (e) The Reverend Selkirk fund relates to a legacy to be used for the purchase of materials and equipment for the RICs Courtney Library. (f) The PAS fund relates to funding received under the Portable Antiquities Scheme. The resulting deficit in 2011/12 has been written off to Unrestricted funds. (g) The Restormel MDS fund relates to the provision of support for museums in the Restormel district of Cornwall. (h) The Winston Graham fund relates to a historical prize competition. (i) The Heritage Lottery Fund relates to the capital expenditure for the installation of the Ancient Civilisations exhibition in the De Pass gallery. (j) The Renaissance Hub pension reserve arises from the pension asset/liability referred to at note 18(i).
25
Note (iii) Endowment Funds: HC Cardew-Rendle Winston Graham Bi-centennial appeal Hawkins-Galsworthy (a) (a) (b) (c)
(a) The HC Cardew-Rendle and Winston Graham endowment funds represent permanent endowments, from legacies, to be held indefinitely and the income used for the purposes set out at note 15(ii)(c) and 15(ii)(h) respectively. (b) The Bi-centennial Appeal fund represents permanent endowment arising from donations in respect of the RICs bicentenary in 2018. (c) The Hawkins-Galsworthy endowment was created following the sale of two paintings and the investment proceeds are to be used for the care of the RICs collections.
26
2011 2.8% 5.1% 6.8% 5.5% Financial assumptions: Inflation/pension increase rate Salary increase rate Expected return on assets Discount rate Breakdown of the expected return on assets by category: Equities Bonds Property Cash
Mortality: Life expectancy was based on the funds Vitacurves with improvements from 2007 in line with the medium cohort and a 1% p.a. underpin. Based on these assumptions, the average future life expectancies at age 65 are summarised:
Expected return on assets The expected return on assets was based on the long-term future expected investment return for each asset class as at the beginning of the period (i.e. 31 March 2009 or date of joining the fund if later). The assumed returns are net of investment expenses. Allowance was included in the cost of accruing benefits for administration expenses. Balance sheet
2011 000s 858 167 83 83 1,191 The fair value of the assets in the scheme was as follows: Equities Bonds Property Cash Total The amounts recognised in the balance sheet were as follows: Fair value of scheme assets Present value of funded liabilities Net asset/(liability) Amount in the balance sheet Liabilities Assets Net asset/(liability) 2012 000s 889 209 92 118 1,308
1,191 (1,136) 55
55 55
(21)
(21)
27
Changes in the present value of scheme assets were as follows: Opening fair value of scheme assets Expected return on assets Contributions by members Contributions by the employer Actuarial gains/(losses) Benefits paid Closing fair value of scheme assets
Fair value of scheme assets Present value of defined benefit obligation Surplus/(deficit) Experience gains/(losses) on assets Experience gains/(losses) on liabilities Surplus/(deficit) Experience gains/(losses) on assets Experience gains/(losses) on liabilities
Estimated contributions for the year ending 31 March 2013 The estimated employer contributions for the year ending 31 March 2013 are approximately 41,000
28
Defined contribution scheme Membership of the defined benefit scheme was closed to new entrants during the year ended 31 March 2008, and new employees are now instead offered membership of a Standard Life Group Personal Pension Plan, which is a defined contribution scheme. Contributions payable during the year in respect of the new scheme amounted to 20,050 (2011: 16,403). The contributions outstanding at 31 March 2012 amounted to 2,989 (2011: 1,377).
18. Taxation
The RIC is a registered charity and no provision is considered necessary for taxation.
29
ROYAL INSTITUTION OF CORNWALL ROYAL CORNWALL MUSEUM COURTNEY LIBRARY River Street, Truro, Cornwall TR1 2SJ Telephone: 01872 272205 Fax: 01872 240514 www.royalcornwallmuseum.org.uk