Heide Museum of Modern Art 2010 Annual Report

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14. Notes to the Financial Statements Note 18: Financial Risk Management Sensitivity Analysis Heide Museum of Modern Art 2010 Annual Report The following table illustrates sensitivities to the company’s exposures to changes in interest rates and equity prices. The table indicates the impact on how profit and equity values reported at balance date would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables. Year Ended 31 December 2010 Profit $ Equity $ +/- 2% in interest rates 804 804 +/- 10% in listed investments 116,268 116,268 Year Ended 31 December 2009 +/- 2% in interest rates 184 184 +/- 10% in listed investments 123,540 123,540 Net Fair Values The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below. Where possible, valuation information used to calculate fair value is extracted from the market, with more reliable information available from markets that are actively traded. In this regard, fair values for listed securities are obtained from quoted market bid prices. Where securities are unlisted and no market quotes are available, fair value is obtained using discounted cash flow analysis and other valuation techniques commonly used by market participants. Differences between fair values and carrying values of financial instruments with fixed interest rates are due to the change in discount rates being applied by the market since their initial recognition by the company. Most of these instruments which are carried at amortised cost (i.e., trade receivables, loan liabilities) are to be held until maturity and therefore the net fair value figures are the same as the carrying amount. 74
14. Notes to the Financial Statements Note 18: Financial Risk Management Note 19: Interests of Key Management Personnel Note 20: Members’ Guarantee Financial Assets Carrying amount $ Heide Museum of Modern Art 2010 Annual Report 2010 2009 Net Fair value $ Carrying amount $ Net Fair value $ Cash and cash equivalents 104,808 104,808 190,885 190,885 Trade and other receivables 857,885 857,885 696,482 696,482 Available for sale financial assets: Listed investments 1,162,683 1,162,683 1,235,400 1,235,400 Financial Liabilities 2,125,376 2,125,376 2,122,767 2,122,767 Trade and other payables 1,422,858 1,422,858 1,333,062 1,333,062 Borrowings 6,418 6,418 9,179 9,179 NOTE 19: INTERESTS OF KEY MANAGEMENT PERSONNEL 1,429,276 1,429,276 1,342,241 1,342,241 The totals of remuneration paid to key management personnel of the company during the year are as follows: 2010 $ 2009 $ Short-term employee benefits 426,050 401,382 NOTE 20: MEMBERS’ GUARANTEE 426,050 401,382 The company is limited by guarantee. If the company is wound up, the Constitution states that each member is required to contribute a maximum of $50 each towards any outstanding obligations of the company. At 31 December 2010 the number of members was 27 (2009: 27). 75
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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
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4. Cultural Programming 16 Art acti
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5. Commercial Operations 5.2 VISITO
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6. Collection 6.1 Acquisitions 6.1
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6. Collection 2010.30 Penelope Davi
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Page 27 and 28: 7. Facilities 7.2 Gardens 26 Heide
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Page 39 and 40: 11. Governance 11.1 Board 11.1 BOAR
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Page 55 and 56: 13. Financial Statements STATEMENT
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Page 59 and 60: 14. Notes to the Financial Statemen
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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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