Heide Museum of Modern Art 2010 Annual Report

14. Notes to the Financial Statements
This Standard makes a number of
editorial amendments to a range of
Australian Accounting Standards and
Interpretations, including amendments
to reflect changes made to the text of
IFRSs by the IASB. The Standard also
amends AASB 8 to require entities to
exercise judgment in assessing whether
a government and entities known to be
under the control of that government
are considered a single customer for the
purposes of certain operating segment
disclosures. The amendments are not
expected to impact the company.
- AASB 2009–13: Amendments to
Australian Accounting Standards
arising from Interpretation 19 [AASB 1]
(applicable for annual reporting periods
commencing on or after 1 July 2010).
This Standard makes amendments
to AASB 1 arising from the issue of
Interpretation 19. The amendments
allow a first-time adopter to apply the
transitional provisions in Interpretation
19. This Standard is not expected to
impact the company.
The company does not anticipate early
adoption of any of the above reporting
requirements and does not expect these
requirements to have any material effect
on the company’s financial statements.
Note 1: Accounting policies
Note 2: Revenue
NOTE 2: REVENUE
Operating activities
Heide Museum of Modern Art
2010 Annual Report
2010
$
2009
$
sale of goods 501,971 354,510
admissions 479,942 283,865
government grants 1,728,885 1,659,741
donations and sponsorship (including gifts in kind) 1,045,987 469,722
interest and dividends 80,087 98,964
other 318,866 115,388
Total Revenue from Operating Activities 4,155,738 2,982,190
(a) Dividend revenue from other corporations 72,626 53,231
(b) Interest revenue from other persons 7,461 96,957
Significant Revenue
The following significant revenue items are
relevant to explaining the financial performance:
Donated works of art (at market value) 505,909 945,500
Triennial State Funding 1,370,277 1,336,856
VIC State Grants 315,930 255,097
Commonwealth Government Grant – 29,720
Local Government Grants 42,677 38,068
Donations and sponsorship (including gifts in kind) 1,045,987 469,722
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