foundation annual report 2009â10 - National Gallery of Australia

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NATIONAL GALLERY OF AUSTRALIA FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2010 Notes 2010 2009 $ $ CASH FLOW FROM OPERATING ACTIVITIES Interest received 72,219 55,242 Donations and other receipts 5,949,877 1,341,363 Donations to the NGA (861,622) (1,087,821) Payments to suppliers and employees (7,800) (7,550) Net cash provided by operating activities 12 5,152,674 301,234 Net increase in cash held 5,152,674 301,234 Cash and cash equivalents at beginning of the financial year 1,145,686 844,452 Cash and cash equivalents at the end of year of the financial 4year 6,298,360 1,145,686 The accompanying notes form part of these financial statements. 70 national gallery of australia
NATIONAL GALLERY OF AUSTRALIA FOUNDATION FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2010 NOTES TO THE FINANCIAL STATEMENTS 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The National Gallery of Australia Foundation (the Foundation) is a company limited by guarantee, incorporated and domiciled in Australia. The significant policies which have been applied in the preparation of the financial report are: (a) Basis of Preparation The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Act 2001. The financial report is presented in Australian dollars. The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The accounting policies set out below have been applied consistently to all periods presented in the financial report and have been applied consistently by the Foundation. Comparative figures have been adjusted to conform to changes in presentation in these financial statements where required. (b) Revenue Recognition Interest revenue is recognised as it accrues. Donations and resources received free of charge are recorded as income at the date received. Donations and bequests are recognised as revenue when received. All revenue is stated net of the amount of goods and services tax (GST). (c) Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (ie trade date accounting is adopted). Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed to profit or loss immediately. Classification and subsequent measurement Financial instruments are subsequently measured at either fair value, amortised cost using the effective interest rate method or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is calculated as: i. the amount at which the financial asset or financial liability is measured at initial recognition; ii. less principal repayments; iii. plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and iv. less any reduction for impairment. The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss. Fair Value Fair value is determined based on current market values. FOUNDATION ANNUAL REPORT 2009–10 71
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FOUNDATION ANNUAL REPORT 2009-10
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Clement Meadmore Australia 1929 - U
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Ray James Tjangala Pintupi people b
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Chairman’s Report tapestry work b
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Chairman’s Report Bequest Circle
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Mirdidingkingathi Juwarnda (Sally G
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Contributors DONATION American Frie
Page 22 and 23: Contributors Kaely Woods and Mike W
Page 24 and 25: Contributors LF Gillard Michael Gil
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Page 28 and 29: Khai Liew born Malaysia 1952 to Aus
Page 32 and 33: Albert Namatjira Western Arrernte p
Page 34 and 35: Membership Studio One Inc Ken Teagu
Page 36 and 37: Membership Marcia Rankin Reader’s
Page 38 and 39: Membership Bob Bradley John Bradley
Page 40 and 41: Membership Sue Gazal Diana Gaze W G
Page 42 and 43: Membership Manfred Mackenzie Mouli
Page 44 and 45: Membership Carmen Scott Peter Scott
Page 46 and 47: Stephen Dupont born Australia 1967
Page 48 and 49: Alick Tipoti born Australia 1975 Th
Page 50 and 51: Robert Dowling England 1827-1886 Au
Page 52 and 53: George Baldessin Italy 1939 - Austr
Page 56 and 57: Tetum people, East Timor or Indones
Page 60 and 61: NATIONAL GALLERY OF AUSTRALIA FOUND
Page 82 and 83: Mawalan Marika Rirratjingu people A
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foundation annual report 2009â10 - National Gallery of Australia