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The Museum is not at present open to the public due to lack of suitable premises in which to display the collection, but its work continues by maintaining and supplementing the numerous specimens we hold and by publishing information on the geological sciences both in print and through our website www.stonemuseum.org.uk

Our income was up 5.0% over 2006/2007 while expenditure increases were kept to only 4.1%. Fixed assets, together with assets held in trust, continue to grow with a year-on-year increase of 8.0%.

The percentage of our income used to acquire specimens rose from 43% last year to 62% due to an opportunity to acquire a copy of the Treatise on Invertebrate Palaeontology. This increase was offset by our deferral of investment in plant and equipment to the 2008/09 financial year resulting in a drop in this expenditure from 26% of income in 2006/07 to a basic maintenance level of 4% in 2007/08.

Decreases in the Museums running costs by transferring our website access from dial-up to Broadband was offset by one-off advertising costs for the Museum website during June 2007. Running costs therefore represented 22% of total income this year, up from 18% in 2006/07.

Fixed assets, together with assets held in trust, continue to grow with a year-on-year increase of 8.0%.

Key developments this year included the mounting of an expedition to the Gibraltar peninsular to examine the marine limestones of this area.

	Brian R J Glover Curator

Department of Palaeontology

Acquisitions by Field Trip

The Museum acquired a number of gastropod specimens from the western slopes of the Rock of Gibraltar.

Acquisitions by Purchase

A major purchase this year was 32 volumes of the Treatise on Invertebrate Palaeontology from The Geological Society of America and from a number of antiquarian book-sellers in the United Kingdom and United States.

A fine specimen of a horseshoe crab – the last living relative of the trilobite – was purchased from Beachcomber of Bridlington, Yorkshire.

Department of Geology

Acquisitions by Field Trip

A number of specimens of limestone, calcite and dolomite were brought back from the western slopes of the Rock of Gibraltar.

Acquisitions by Purchase

An excellent fulgarite from Algeria along with a fine specimen of Quartz from Morocco was acquired from Burhouse Minerals of Manchester, also, two meteorites - one a nickel-iron meteorite from the Bassikounou fall in Mauritania, the other a Ureilite from Algeria - were purchased from Mr Abdelfattah Gharrad of Agadir, Morocco.

The Museum Web-Site - http://www.stonemuseum.org.uk

The website contains descriptions of the Museum, its aims and the scope of its collection, but more importantly, contains sections on where to go to see geological and palaeontological attractions and sites, where to go to collect rocks and fossils and also lists world news of earthquakes, volcanic activity, mining developments and major fossil finds.

There are special pages devoted to background and reference information on geology and pages including write-ups of Museum field trips and expeditions together with reports on the research that we undertake.

The website also contains numerous useful links to museums, institutions and commercial organisations around the world that display, exhibit, promote or exploit the science of geology.

Library & Resource Centre

Our library holdings continue to be the fastest growth area of the Museum with materials currently available including:-

Books	183
Information Leaflets	267
Scientific Papers	28
Magazines & Publications	388
Maps	40
U.K. Newspaper Extracts	146
Video & Audio Tapes	13
College Prospectuses	76
Newsfiles (held electronically)	8421
Miscellaneous	2
TOTAL	9566

Electronic Newsfiles

We are grateful to the various news agencies around the world that supply us with up to the minute information on fossil finds, volcanic eruptions and earthquakes, including Reuters, Associated Press, PR Newswire, Cable News Network, and the Kyodo, Français and Deutsche Press Associations.

Looking to the Future

The Trustees top priority remains the acquisition of new premises and as a first step towards this goal will be continue to actively seek partnership funding from grant-in-aid sources and from local concerns over the coming year.

Our appeal will continue to run for funds to acquire a dinosaur fossil from the United States and we will be looking at acquiring those remaining volumes of the Treatise of Invertebrate Palaeontology that are currently out-of-print.

Notes to the Accounts

1. Museum Expenditure

As a non profit making organisation, the Museum aims to spend the minimum possible on administration and overheads so that funds can be channelled into curation of the collection and the acquisition of display equipment and new specimens.

2. Tangible fixed assets and depreciation

Fixed assets at 31st March 2008 are stated at the lower of (a) cost, less provision for depreciation - if originally purchased by the Museum, or (b) net realisable value, less provision for depreciation - if the asset was originally donated free of charge.

Depreciation is provided on a straight line basis, and is calculated on historical amounts, after providing for any permanent diminution in value. The period of depreciation being the estimated life of the asset subject to the maxima shown below and commencing when the capital expenditure was incurred or on acquisition of the asset by donation.

Type of asset	Maximum period
Computer equipment	10 years
Laboratory and display equipment	20-40 years

Estimated lives and residual values of individual items are reviewed periodically and amended when circumstances change. Asset values shown represent the estimated replacement cost of the collection with specimens of similar quality and size.

3. Disposals

No specimen in the collection is considered to be a disposable asset - the Museum's charter provides strict safeguards and restrictions on disposals of the specimens themselves.

4. Interest Receivable

Interest is received gross of tax each June.

Balance Sheet

Position as at 31st March 2008

EXPENDITURE
Acquisitions	1291.23	822.78
Purchase of Fixed Assets	81.46	496.97
Operating Costs	449.25	429.86
TOTAL	1821.25	1749.61

BALANCE

1152.48

1080.81

WORKING CAPITAL
Interest Received	1.67	0.83
Cash in Hand	403.46	252.63
Stock in Hand	747.35	747.35
TOTAL	1152.48	1080.81

STATEMENT OF ASSETS

Position as at 31st March 2008

OPENING BALANCE	3056.11	2807.80
plus Acquisitions	81.46	496.97
less Depreciation	247.67	248.66
CLOSING BALANCE	2889.90	3056.11

Working Capital	1152.48	1081.81
Value of Collection	18859.74	16976.51
Current Assets	124.11	124.75
Fixed Assets	2889.90	3056.11
TOTAL ASSETS	23026.20	21238.18