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Operations

Our active acquisition of fossil, rock and mineral specimens has now been concluded and the Museum is concentrating on the expansion of our display departments and Living Fossil collection in readiness for our opening to the public by 2017.

2013 saw the fulfilment of a major project that we had been planning for some time, the construction of a complete Western Atlantic Marine Biotope for two horseshoe crabs – the last relatives of the extinct Trilobites.

Full details of this project can be found on the 'Living Fossils' pages of the Museum website.

The number of visitors to our website now stands at 15,714 and feedback from users, particularly students in the United States, has been very complimentary.

Our library holdings now total over 1000 books, magazines and leaflets and our news archive contains over 14,000 articles.

The number of private benefactors to the Museum stands at 70.

Finance

Donations decreased by 20.2% over 2012/13 but costs decreased by also increased by 35.7% Total assets showed growth of 3.3%.

Administration costs decreased by only 23.9% and represents only 11% of our gross expenditure.

Brian R J Glover
Curator

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 2014 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

Current account interest is received gross of tax each quarter. Investment interest is received gross of tax each June.

Balance Sheet

Position as at 31st March 2014

EXPENDITURE
Acquisitions	676.32	2696.75
Purchase of Fixed Assets	630.40	49.98
Operating Costs	237.74	312.23
TOTAL	1544.46	3089.91

BALANCE

2277.07

2251.40

WORKING CAPITAL
Interest Received	1.22	1.23
Cash in Hand	1222.53	1204.30
Stock in Hand	1002.32	1028.87
TOTAL	2207.07	2251.40

STATEMENT OF ASSETS

Position as at 31st March 2014

OPENING BALANCE	3057.40	3144.83
Acquisitions	630.40	49.48
Depreciation	194.22	136.92
CLOSING BALANCE	3493.58	3057.40

Working Capital	2277.07	2251.40
Value of Collection	29731.17	29056.09
Current Assets	202.38	212.58
Fixed Assets	3493.58	3057.40
TOTAL ASSETS	35704.20	34577.47