Heide Museum of Modern Art 2010 Annual Report
Heide Museum of Modern Art 2010 Annual Report
Heide Museum of Modern Art 2010 Annual Report
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14. Notes to the Financial Statements<br />
Note 12: Provisions<br />
Note 13: Reserves<br />
NOTE 12: PROVISIONS<br />
Employee Entitlements<br />
<strong>Heide</strong> <strong>Museum</strong> <strong>of</strong> <strong>Modern</strong> <strong>Art</strong><br />
<strong>2010</strong> <strong>Annual</strong> <strong>Report</strong><br />
<strong>2010</strong><br />
$<br />
Opening balance at 1 January 105,899 72,749<br />
Additional provisions 95,901 105,023<br />
Utilised during the period (82,706) (71,873)<br />
Balance at 31 December 119,094 105,899<br />
Analysis <strong>of</strong> Total Provisions<br />
Current 119,094 105,899<br />
NOTE 13: RESERVES<br />
a Asset Revaluation Reserve<br />
119,094 105,899<br />
The asset revaluation reserve records revaluations <strong>of</strong> non-current assets. The balance <strong>of</strong><br />
the Asset Revaluation Reserve at 31 December <strong>2010</strong> was $24,381,329.<br />
b Financial Asset Revaluation Reserve<br />
The financial asset revaluation reserve records the unrealised gain on financial<br />
investments. The balance <strong>of</strong> the Financial Asset Revaluation Reserve at 31 December<br />
<strong>2010</strong> was $449,218.<br />
c Donated <strong>Art</strong>works Reserve<br />
This reserve represents the value <strong>of</strong> works <strong>of</strong> art donated or bequeathed to the company.<br />
The balance <strong>of</strong> the Donated <strong>Art</strong>works Reserve at 31 December <strong>2010</strong> was $18,925,043.<br />
Subsequent revaluations <strong>of</strong> the Works <strong>of</strong> <strong>Art</strong> are recognised in the Asset Revaluation<br />
Reserve.<br />
2009<br />
$<br />
68
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