Western Australian Museum Annual Report 2003-2004

More documents

Recommendations

Info

Accounts and Financial Statements 1. Significant accounting policies (continued) Assets costing less than $1,000 are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total). Assets have been included as non-current assets if the acquisition cost is $1,000 or more. (f) Depreciation of non-current assets All non-current assets having a limited useful life are systematically depreciated over their useful lives in a manner that reflects the consumption of their future economic benefits. Depreciation is calculated on a straight-line basis, using the following rates, which are reviewed annually. Buildings 2% Computer Equipment 25% Plant & Equipment 10% Furniture & Fittings 10% Scientific Equipment 10% Transport 15% Leasehold Improvements 1-2% Depreciation for capital works in progress is provided for upon completion. Works of art controlled by the WA Museum are classified as heritage assets. They are anticipated to have very long and indeterminate useful lives. Their service potential has not, in any material sense, been consumed during the reporting period. As such, no amount for depreciation has been recognised in respect of them. (g) Revaluation of Land and Buildings The WA Museum has a policy of valuing land, buildings and infrastructure at fair value. The annual revaluations of the WA Museum’s land and buildings undertaken by the Valuer General’s Office are recognised in the financial statements. (h) Leases The WA Museum has entered into a number of operating lease arrangements for motor vehicles and buildings where the lessor effectively retains all of the risks and benefits incident to ownership of the items held under the operating leases. Equal instalments of the lease payments are charged to the Statement of Financial Performance over the lease term, as this is representative of the pattern of benefits to be derived from the leased property. (i) Cash For the purpose of the Statement of Cash Flows, cash includes cash assets and restricted cash assets. These include short-term deposits that are readily convertible to cash on hand and are subject to insignificant risk of changes in value. (j) Inventories Inventories are valued at the lower of costs and net realisable value. Costs are assigned by the method most appropriate to each particular class of inventory, with the majority being valued on a first in first out basis. Inventories not held for resale are valued at cost unless they are no longer required, in which case they are valued at net realisable value. (k) Receivables Receivables are recognised at the amounts receivable, as they are due for settlement no more than 30 days from the date of recognition. Collectability of receivables is reviewed on an ongoing basis. Debts, which are known to be uncollectible, are written off. A provision for doubtful debts is raised where some doubt as to the collection exists. (l) Payables Payables, including accruals not yet billed, are recognised when the WA Museum becomes obliged to make future payments as a result of a purchase of assets or services. Payables are generally settled within 30 days. 92 WESTERN AUSTRALIAN MUSEUM ANNUAL REPORT 2003–2004
Accounts and Financial Statements 1. Significant accounting policies (continued) (m) Employee Benefits The liability for annual leave and long service leave was taken up by the Department of Culture and the Arts in 1997/1998. (n) Superannuation Staff may contribute to the Pension Scheme; a defined benefits pension scheme now closed to new members or to the Gold State Superannuation Scheme, a defined benefit lump sum scheme now also closed to new members. All staff who do not contribute to either of these schemes become non-contributory members of the West State Superannuation Scheme, an accumulation fund complying with the Commonwealth Government’s Superannuation Guarantee (Administration) Act 1992. All of these schemes are administered by the Government Employees Superannuation Board (GESB). The Pension Scheme and the pre-transfer benefits for employees who transferred to the Gold State Superannuation Scheme are unfunded and the liabilities for future payments are provided for at reporting date. The liabilities for superannuation charges under the Gold State Superannuation Schemes and West State Superannuation Scheme are extinguished by payment of employer contributions to the GESB. As all the staff of the Culture and Arts portfolio agencies, including the WA Museum, are staff of the Department for Culture and the Arts, the WA Museum has no liabilities in relation to their superannuation, other than for superannuation payments incurred under the Superannuation and Family Benefits Act pension scheme. (o) Accrued Salaries Accrued salaries represent the amount due to staff but unpaid at the end of the financial year, as the end of the last pay period for that financial year does not coincide with the end of the financial year. The WA Museum considers the carrying amount approximates net fair value. (p) Resources Received Free of Charge or For Nominal Value Resources received free of charge or for nominal value which can be reliably measured are recognised as revenues and as assets or expenses as appropriate at fair value. (q) Foreign Currency Translation Transactions denominated in a foreign currency are translated at the rates in existence at the dates of the transactions. Foreign currency receivables and payables at reporting date are translated at exchange rates current at reporting date. Exchange gains and losses are brought to account in determining the result for the year. (r) Comparative Figures Comparative figures are, where appropriate, reclassified so as to be comparable with the figures presented in the current financial year. (s) Rounding Amounts in the financial statements have been rounded to the nearest thousand dollars, or in certain cases, to the nearest dollar. 2004 2003 $000 $000 2. Employee expenses Wages and salaries 10,869 10,077 Superannuation 1,387 1,320 Workers compensation premium 0 85 Fringe Benefits Tax 60 62 Other related expenses 168 192 93 12,484 11,736 WESTERN AUSTRALIAN MUSEUM ANNUAL REPORT 2003–2004
Page 1 and 2:
Western Australian Museum Annual Re
Page 3 and 4:
contents 3 Public Access 4 Letter t
Page 5 and 6:
5 Letter to the Minister The Hon Sh
Page 7 and 8:
PART 1 Introduction 7 Minister for
Page 9 and 10:
9 The Museum’s Vision, Mission, F
Page 11 and 12:
11 Executive Director’s Review As
Page 13 and 14:
13 Relocation The move from the Fra
Page 15 and 16:
Visitors to Western Australian Muse
Page 17 and 18:
17 Trustees, Boards and Committees
Page 19 and 20:
19 Trustees, Boards and Committees
Page 21 and 22:
21 Western Australian Museum Founda
Page 23 and 24:
23 Friends of the Western Australia
Page 25 and 26:
PART 2 The Year Under Review 25 WES
Page 27 and 28:
27 Western Australian Museum- Scien
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42: Western Australian Maritime Museum
Page 43 and 44: 43 Western Australian Maritime Muse
Page 55 and 56: 55 Western Australian Museum-Albany
Page 57 and 58: 57 Western Australian Museum-Gerald
Page 63 and 64: 63 Western Australian Museum- Kalgo
Page 65 and 66: 65 Visitor Services EDUCATION AND L
Page 67 and 68: 67 Visitor Services • Armadale Re
Page 69 and 70: 69 Visitor Services Visitor Service
Page 71 and 72: 71 Visitor Services Sight Unseen: T
Page 73 and 74: 73 Museum Services The work of Dr I
Page 75 and 76: 75 Museum Services preservation of
Page 77 and 78: Corporate Operations 77 WESTERN AUS
Page 79 and 80: 79 Corporate Operations With the op
Page 81 and 82: 81 Corporate Operations tour materi
Page 83 and 84: 83 Corporate Operations EMPLOYMENT
Page 85 and 86: PART 3 Compliance Requirements 85 W
Page 87 and 88: Accounts and Financial Statements 8
Page 89 and 90: Accounts and Financial Statements S
Page 91: Accounts and Financial Statements N
Page 107 and 108: 107 Outcomes, Outputs and Performan
Page 113 and 114: appendix A Our grateful thanks to t
Page 115 and 116: appendix B Volunteers The Trustees
Page 117 and 118: appendix C Staff List Terrestrial V
Page 119 and 120: appendix C Geoff Wall Moya Sharp Gr
Page 121 and 122: appendix D S. Anstey • Member, Ad
Page 123 and 124: appendix D • Editorial board, Jou
Page 125 and 126: appendix F RESEARCH PUBLICATIONS 12
Page 127 and 128: appendix F 127 Publications List Mo
Page 129 and 130: appendix F 129 Publications List De
show all

Western Australian Museum Annual Report 2003-2004

Create successful ePaper yourself

Delete template?

Save as template?