Financial Statements 2011 - Royal Holloway, University of London

Notes to the Financial Statements(continued)19 Endowments (continued)Founders Endowment FundIn May 1992 the Charity Commissioners authorised the sale of certain pictures, the proceeds of which were to be administered andmanaged as a separate charity as the Founder’s Endowment Fund. The income of the Fund is applied by College in the following order ofpriority:a – maintenance, security and upkeep of the pictures and picture gallery of the Collegeb – in the maintenance and improvement of the original buildings and grounds of the Collegec – in any other way which will further the general charitable purposes of the College for which provision is not made out of governmentfunds or by other usual university funding sources.£000Balance brought forward 29,736Income 740Expenditure (740)Appreciation of investments 2,797Balance carried forward 32,53320 Revaluation ReserveConsolidatedCollege2011 2010 2011 2010£000 £000 £000 £000RevaluationsAt 1 August and 31July 34,198 34,198 34,198 34,198Contributions to depreciationAt 1 August 8,309 7,987 8,309 7,987Released in year (note 13a and 21) 319 322 319 322Net revaluation amountAt 1 August and 31 July 25,570 25,889 25,570 25,88921 Movement on General ReservesIncome and Expenditure Account ReserveAt 1 August 51,780 45,569 50,833 44,613Surplus for the year transferred to general reserves 5,676 5,889 6,574 5,898Transfer from revaluation reserve (note 20) 319 322 319 322Balance at 31 July 57,775 51,780 57,726 50,83332