Heide Museum of Modern Art 2010 Annual Report

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13. Financial Statements STATEMENT OF CASH FLOWS For the year ended 31 December 2010 Cash from operating activities: Heide Museum of Modern Art 2010 Annual Report Note 2010 $ 2009 $ Receipts from customers donations and sponsorships 1,882,681 1,633,980 Payments to suppliers and employees (3,521,121) (3,687,359) Grant receipts 1,698,592 2,535,537 Dividends received 72,626 53,231 Interest received 7,461 96,957 Interest paid – (29) Net cash provided by (used in) operating activities 16 140,239 632,317 Cash flows from investing activities: Proceeds from sale of investments – 289,994 Acquisition of property, plant and equipment (166,437) (2,083,719) Acquisition of other non-current assets (57,118) (7,945) Acquisition of other investments – (737,817) Net cash provided by (used in) investing activities (223,555) (2,539,487) Cash flows from financing activities: New short term borrowings drawn (2,761) 1,655 Net cash provided by (used in) financing activities (2,761) 1,655 Net increase (decreases) in cash held (86,077) (1,905,515) Cash and cash equivalents at beginning of year 190,885 2,096,400 Cash at end of financial year 4 104,808 190,885 56
14. Notes to the Financial Statements Note 1: Accounting policies 14. NOTES TO THE FINANCIAL STATEMENTS NOTE 1: ACCOUNTING POLICIES a General information The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The financial report covers Heide Park & Art Gallery as a company limited by guarantee, incorporated and domiciled in Australia b Basis of preparation Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and financial liabilities for which fair value basis of accounting has been applied. The following is a summary of the material accounting policies adopted by the company in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. Heide Museum of Modern Art 2010 Annual Report c Income taxes No current or deferred income tax assets or liabilities have been raised by the company as it is exempt from income tax under Division 50 of the Income Tax Assessment Act. The company has sought and received confirmation of its income tax exempt status from the Australian Taxation Office under the Charitable Institution rules outlined in the Act. d Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis. e Property, plant and equipment Land and buildings Freehold land and buildings are shown at cost less subsequent depreciation of buildings. In the current period, an independent market valuation was conducted by Wilson Pride Valuations. The land and buildings were valued at $2,958,000 on 4 February 2011. It is the policy of the company to have an independent valuation every three years, with annual appraisals being made by the directors. The company’s directors review the depreciated replacement cost of the buildings and leasehold improvements on an annual basis to ensure that the carrying values are not in excess of the valuation, as required by AASB 136 Impairment of Assets. 57
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Heide Museum of Modern Art 2010 Ann
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1. Statement of Purpose & Values ST
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3. Chairman & Director's Report 3.
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Page 9 and 10: 4. Cultural Programming In 2010 Hei
Page 11 and 12: 4. Cultural Programming 4.1 Exhibit
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Page 17 and 18: 4. Cultural Programming 16 Art acti
Page 19 and 20: 5. Commercial Operations 5.2 VISITO
Page 21 and 22: 6. Collection 6.1 Acquisitions 6.1
Page 23 and 24: 6. Collection 2010.30 Penelope Davi
Page 25 and 26: 6. Collection 2010.60 Domenico de C
Page 27 and 28: 7. Facilities 7.2 Gardens 26 Heide
Page 29 and 30: 8. Communications & Marketing 28 Co
Page 31 and 32: 9. Graphic Design 9. GRAPHIC DESIGN
Page 33 and 34: 10. Development Heide Foundation Co
Page 35 and 36: 10. Development 10.2 2010 Partnersh
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Page 39 and 40: 11. Governance 11.1 Board 11.1 BOAR
Page 41 and 42: 11. Governance 11.2 Heide Board Sub
Page 43 and 44: 11. Governance 11.3 Board Directors
Page 45 and 46: 12. Staff & Volunteers Visitor Serv
Page 47 and 48: 12. Staff & Volunteers 33 guests at
Page 49 and 50: 13. Financial Statements 13. FINANC
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Page 55 and 56: 13. Financial Statements STATEMENT
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Page 79 and 80: Directors’ Declaration DIRECTORS
Page 81: Independent Audit Report Independen
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Heide Museum of Modern Art 2010 Annual Report

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