NOTES TO THE ACCOUNTS
NOTE 13 – INVESTMENT Group
University
2011 £’000
2010 £’000
2011 £’000
2010 £’000
Fine art collection
1,811
1,511
1,811
1,511
Library special collection
2,728
2,354
2,728
2,354
Listed investments
5,831
4,949
5,831
4,949
–
–
210
2,039
77
77
77
77
10,447
8,891
10,657
10,930
Subsidiary undertakings Other investments
The University’s fine art collection of paintings, drawings, sculptures, furniture, silverware and ceramics were professionally valued during the year ended 31 July 2011 by external Fine Art Auctioneers and Valuers, Messrs. Bearnes Hampton and Littlewood, on an open market value basis. The amount of the valuation, plus a piano valued separately at £75,000 (2010: £75,000) is included above. The University’s library special collections were also professionally valued during the year ended 31 July 2011 by external Fine Art Auctioneers and Valuers, Messrs. Bearnes Hampton and Littlewood, on an open market value basis. The amount of the valuation is detailed above. Heritage Assets The group holds at the Bill Douglas Centre for the History of Cinema and Popular Culture one of the largest public collections of books, prints, artefacts and ephemera relating to the history and pre-history of cinema. The initial collection was donated to the Exeter University Foundation in 1991 but since then other collections have also been donated. No value is reported in the group’s balance sheet as no reliable cost or valuation can be attributed to this unique and irreplaceable collection. These assets are managed by the curator and her staff to ensure their cataloguing, safe keeping and preservation and are insured against accidental damage or loss at the University’s expense. The museum was opened to the public in 1997 and is open, free of charge, each weekday. The investment in subsidiary undertakings, as consolidated in these financial statements comprises the following: Name Exeter Enterprises Limited Exeter ISC Limited
Shareholding 60,110 Ordinary £1 100 Ordinary £1 and 149,900 Redeemable preference £1
Principal business activity Consultancy activities Holding company
The Exeter Northcott Theatre Company
Limited by Guarantee
Theatre company
The University wholly owns and controls the above holdings and all companies are registered in England and Wales. The investment in subsidiary undertakings as at 31 July 2010 also included 2,000,002 ordinary £1 shares in Dartvale Limited, a property development company. This company ceased to operate and was struck off during the year ended 31 July 2011.
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UNIVERSITY OF EXETER:
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