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  2. Statement of Principal Accounting Policies_

    https://www.fitz.cam.ac.uk/sites/default/files/mi-client/media/accounts/Accounts2006.pdf
    1 Dec 2006: External properties are stated at historical cost. All freehold buildings are depreciated on a straight line basis over their expected useful economic life of 50 years. ... Maintenance of premises The cost of major refurbishment is capitalised and

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