foundation annual report 2009â10 - National Gallery of Australia

More documents

Recommendations

Info

NATIONAL GALLERY OF AUSTRALIA FOUNDATION FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2010 NOTES TO THE FINANCIAL STATEMENTS Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expired. The difference between the carrying value of the financial liability, which is extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss. (d) Cash and cash equivalents Cash and cash equivalents includes notes and coins held and any deposits in bank accounts with an original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Cash is recognised at its nominal amount. (e) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of any investing and financing activities, which are disclosed as operating cash flows. (f) Receivables Receivables include accrued interest income on term deposits where accrued interest represents interest income to be received. (g) Trade and Other Payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. (h) Impairment of Financial Instruments Financial assets are assessed for impairment at each balance date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For the year ending 30 June 2010 there was no evidence of impairment. (i) New Australian Accounting Standards Adoption of New Australian Accounting Standard Requirements During the current year the company adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory. No accounting standard has been adopted earlier than the application date as stated in the standard. The new standards, revised or amended standards or interpretations issued prior to the signing of the statement by the Chairman and Director, and were applicable to the current reporting period, do not have a material financial impact on the Foundation. Future Australian Accounting Standards Requirements Other new standards, revised or amended standards or interpretations that were issued prior to the signing of the statement by the Chairman and Director and are applicable to the current reporting period did not have a financial impact, and are not expected to have a future financial impact on the Foundation. 72 national gallery of australia
NATIONAL GALLERY OF AUSTRALIA FOUNDATION FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2010 NOTES TO THE FINANCIAL STATEMENTS 2. TAXATION 3. NATIONAL GALLERY OF AUSTRALIA (a) The Foundation received significant donations in 2009/10 compared to 2008/09. (b) The Foundation is exempt from income tax by virtue of Section 50-5 of the Income Tax Assessment Act 1997 but not from Fringe Benefit Tax and the Goods and Services Tax (GST). Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or part of the item of the expense. Certain expenditure incurred by the National Gallery of Australia on behalf of the Foundation has been recharged to the Foundation. The Foundation has received services from the National Gallery of Australia free of charge, for which a monetary value has been determined at $425,317 in 2009/10 (2008/09: $254,692). These services were generally administrative in nature and included employee and superannuation expenses estimated at $185,863. All employee provisions are reflected in the National Gallery of Australia’s Financial Statements. (c) The Foundation donated $861,622 in 2009/10 (2008/09: $1,087,821) to the National Gallery of Australia to develop the national collection of works of art and to support the National Gallery of Australian and its travelling exhibition program. 4. CASH AND CASH EQUIVALENTS Cash on hand or on deposit Term deposits Total cash and cash equivalents 2010 2009 $ $ 54,605 31,433 6,243,755 1,114,253 6,298,360 1,145,686 5. TRADE AND OTHER RECEIVABLES (CURRENT) Bank interest accrued Term deposit interest accrued Total trade and other receivables No provision is required for impairment. 2010 2009 $ $ - 92 15,597 1,401 15,597 1,493 6. TRADE AND OTHER PAYABLES Other payables Total trade and other payables 2010 2009 $ $ 7,600 7,800 7,600 7,800 7. REMUNERATION OF DIRECTORS The directors of the Foundation did not receive any remuneration from any source in connection with the management of the Foundation, nor did they receive any remuneration from the Foundation in connection with the management of any other entity. FOUNDATION ANNUAL REPORT 2009–10 73
Page 1:
FOUNDATION ANNUAL REPORT 2009-10
Page 4 and 5:
2 national gallery of australia
Page 6 and 7:
Page 8 and 9:
Clement Meadmore Australia 1929 - U
Page 10 and 11:
Ray James Tjangala Pintupi people b
Page 12 and 13:
Chairman’s Report tapestry work b
Page 14 and 15:
Chairman’s Report Bequest Circle
Page 16 and 17:
Page 18 and 19:
Mirdidingkingathi Juwarnda (Sally G
Page 20 and 21:
Contributors DONATION American Frie
Page 22 and 23:
Contributors Kaely Woods and Mike W
Page 24 and 25: Contributors LF Gillard Michael Gil
Page 26 and 27: 24 national gallery of australia
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
show all

foundation annual report 2009â10 - National Gallery of Australia

Create successful ePaper yourself

Delete template?

Save as template?

foundation annual report 2009â10 - National Gallery of Australia