<strong>Library</strong> Board <strong>of</strong> <strong>Victoria</strong> and Controlled Entity Financial Report for the Financial Year Ended 30 June 2008 84/85 <strong>Library</strong> Board <strong>of</strong> <strong>Victoria</strong> Annual Report O7—O8
Consolidated <strong>State</strong> <strong>Library</strong> <strong>of</strong> <strong>Victoria</strong> 2008 2007 2008 2007 BALANCE SHEET AS AT 30 JUNE 2008 Note $’000 $’000 $’000 $’000 Current assets Cash and cash equivalents 2 604 1,315 392 1,115 Receivables 3 2,187 1,538 2,190 1,564 Other financial assets 4 26,253 28,540 13,000 13,500 Other 5 652 763 652 763 Total current assets 29,696 32,156 16,234 16,942 Non-current assets Property, plant and equipment 6 434,967 440,646 434,968 440,646 <strong>Library</strong> collections 7 334,847 333,011 334,847 333,011 Deferred expenditure 8 1 1 1 1 Total non-current assets 769,815 773,658 769,816 773,658 Total assets 799,511 805,814 786,050 790,600 Current liabilities Payables 9 2,482 3,047 2,482 3,047 Interest-bearing liabilities 10 22 39 22 39 Provisions 11 4,992 4,387 4,992 4,387 Total current liabilities 7,496 7,473 7,496 7,473 Non-current liabilities Provisions 11 312 1,236 312 1,236 Interest-bearing liabilities 10 72 68 72 68 Total non-current liabilities 384 1,304 384 1,304 Total liabilities 7,880 8,777 7,880 8,777 Net assets 791,631 797,037 778,170 781,823 Equity Contributed capital 1(b), 12(a) 551,610 552,728 551,610 552,728 Asset revaluation reserve 12(c) 198,150 198,150 198,150 198,150 General reserve 12(d) 1,000 1,000 1,000 1,000 Donations and bequests reserve 12(e), 13 14,391 14,116 1,696 1,830 Specific purpose grants reserve 12(f), 14 10,325 8,921 9,442 7,854 Financial assets valuation reserve 12(g) (117) 1,861 – – Accumulated surplus 12(b) 16,272 20,261 16,272 20,261 Total Equity 791,631 797,037 778,170 781,823 The above Balance Sheet should be read in conjunction with the accompanying notes. OPERATING STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2008 Revenue Grants from government —Current nature 15 35,058 34,092 35,058 34,092 —Depreciation equivalent 1,118 7,556 1,118 7,556 —Capital asset charge 1(c) 41,403 40,459 41,403 40,459 Trading 16 2,817 2,775 2,806 2,766 Externally funded projects 17 6,754 3,439 6,754 3,439 Donations and bequests 18 3,100 2,204 3,173 1,786 Investment revenue 19(a) 1,590 1,511 894 785 Realised capital gains 19(b) 69 – – – Total Revenue 91,909 92,036 91,206 90,883 Expenses Salaries and related expenses 20 28,096 26,132 27,859 25,886 Buildings and facilities 21 5,685 5,950 5,685 5,950 Bad and doubtful debts 1(e) – 2 – 2 Pr<strong>of</strong>essional and finance 22 1,124 1,029 1,055 983 Borrowing costs 23 7 6 7 6 Grants distributed 24 789 649 789 649 Government capital assets charge 1(c) 41,403 40,459 41,403 40,459 Other expenses from ordinary activities 25 8,532 6,956 8,430 6,867 Realised capital losses 19(b) 69 – – – Loss on sale <strong>of</strong> assets 394 1 394 1 Total Expenses 86,099 81,184 85,622 80,803 Net result for the year Before capital and specific items 5,810 10,852 5,584 10,080 Capital and specific Items Depreciation 1 (i) 8,119 7,053 8,119 7,053 Net result for the year (2,309) 3,799 (2,535) 3,027 The above Operating <strong>State</strong>ment should be read in conjunction with the accompanying notes. Consolidated <strong>State</strong> <strong>Library</strong> <strong>of</strong> <strong>Victoria</strong> 2008 2007 2008 2007 STATEMENT OF CHANGES IN EQUITY FOR THE Note $’000 $’000 $’000 $’000 FINANCIAL YEAR ENDED 30 JUNE 2008 Total equity at beginning <strong>of</strong> the financial year 797,037 741,625 781,823 729,044 Equity contributed from government (1,118) 3,887 (1,118) 3,887 Asset revaluation – 45,865 – 45,865 Unrealised capital gains / (losses) (1,979) 1,861 – – Net result for the year (2,309) 3,799 (2,535) 3,027 Total Equity at End <strong>of</strong> the Financial Year 12(b) 791,631 797,037 778,170 781,823 The above <strong>State</strong>ment <strong>of</strong> Changes in Equity should be read in conjunction with the accompanying notes. CASH FLOW STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2008 Cash flows from operating activities Receipts from government Government appropriation – Current nature 35,058 34,092 35,058 34,092 Receipts from other entities 1,517 2,204 1,590 1,156 Donations (other than in kind) and bequests 3,065 3,052 3,053 3,043 Trading receipts 6,394 3,783 6,394 3,783 Grants 798 1,745 798 1,745 Asset replacement grants 831 1,511 820 785 Dividends and interest 991 1,035 991 1,035 GST recovered from the ATO 69 – – – Realised capital gains (69) – – – Realised capital losses (47,909) (44,356) (47,540) (43,269) Payments to suppliers and employees Net cash flows provided from operating activities 29(b) 745 3,066 1,164 2,370 Cash flows from investing activities Proceeds from / (payments for) investments 832 1,130 500 – Proceeds from sale <strong>of</strong> property, plant and equipment 29 2 29 – Payment for equipment (525) (608) (525) (608) Payment for <strong>Library</strong> collection (2,384) (2,365) (2,384) (2,362) Net cash used in investing activities (2,048) (1,841) (2,380) (2,970) Cash flows from financing activities Repayment <strong>of</strong> finance lease (7) (6) (7) (6) Net cash used in financing activities (7) (6) (7) (6) Net increase / (decrease) in cash held (1,310) 1,219 (1,223) (606) Cash and cash equivalents 20,141 18,922 14,615 15,221 at beginning <strong>of</strong> the year Cash and cash equivalents at end <strong>of</strong> the year 29(a) 18,831 20,141 13,392 14,615 The above Cash Flow <strong>State</strong>ment should be read in conjunction with the accompanying notes.
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