Heide Museum of Modern Art 2010 Annual Report

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14. Notes to the Financial Statements NOTE 8: PROPERTY PLANT AND EQUIPMENT (cont) Movements in Carrying Amounts 31 December 2010 Freehold land $ Buildings $ Leasehold improvements $ Plant and Equipment $ Heide Museum of Modern Art 2010 Annual Report Capital works in progress $ Computer software $ Balance at the beginning of year 500,000 907,500 11,632,920 807,689 – 14,955 13,863,064 Additions – – 83,532 82,906 – – 166,438 Transfers – – (142,939) 142,939 – – – Depreciation expense – (27,500) (319,798) (253,676) – (6,188) (607,162) Carrying amount at the end of year 500,000 880,000 11,253,715 779,858 – 8,767 13,422,340 31 December 2009 Note 8: Property plant and equipment Balance at the beginning of year 500,000 935,000 9,805,553 723,910 277,370 21,143 12,262,976 Additions – – – 258,253 1,825,466 – 2,083,719 Transfers – – 2,102,836 – (2,102,836) – – Depreciation expense – (27,500) (275,469) (174,474) – (6,188) (483,631) Carrying amount at the end of year 500,000 907,500 11,632,920 807,689 – 14,955 13,863,064 Total $ 66
14. Notes to the Financial Statements Note 9: Other Assets Note 10: Trade and other payables Note 11: Borrowings NOTE 9: OTHER ASSETS Current Heide Museum of Modern Art 2010 Annual Report 2010 $ 2009 $ Other current assets 58,157 61,228 Non-Current Works of art 41,138,175 41,138,175 The directors have based their value of Works of Art on an independent valuation performed as at 31 December 2008. In addition to the works of art owned by the company or subject to enduring stewardship arrangement disclosed above, the value of works of art on long-term loan to the company or subject to non-enduring stewardship arrangements total $7,993,875 which has not been recorded as an asset of the company. NOTE 10: TRADE AND OTHER PAYABLES Current Unsecured liabilities 2010 $ 2009 $ Trade payables 527,959 565,444 Deferred income - government grants 781,022 686,803 Other payables 113,877 80,815 NOTE 11: BORROWINGS Current 1,422,858 1,333,062 2010 $ 2009 $ Credit card amounts payable 6,418 9,179 6,418 9,179 67
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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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3. Chairman & Director's Report Hei
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4. Cultural Programming In 2010 Hei
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4. Cultural Programming 4.1 Exhibit
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4. Cultural Programming 4.1 Exhibit
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4. Cultural Programming 4.2 Public
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
Page 37 and 38: 10. Development 10.2 2010 Partnersh
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
Page 51 and 52: 13. Financial Statements Informatio
Page 53 and 54: 13. Financial Statements Members’
Page 55 and 56: 13. Financial Statements STATEMENT
Page 57 and 58: 13. Financial Statements STATEMENT
Page 59 and 60: 14. Notes to the Financial Statemen
Page 67: 14. Notes to the Financial Statemen
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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