Wellington Museums Trust Annual Report 2006

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FINANCIAL STATEMENTS WELLINGTON MUSEUMS TRUST INCORPORATED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2006 11. Accruals and Provisions 2006 2005 $ $ Included in accruals and provisions are the following: Provision for holiday pay 95,787 81,803 Provision for ACC 9,684 10,550 12. Term Liabilities The term loan with the National Bank was taken out on 8 July 2000 for a period of ten years. The current interest rate is 9.39% and is reviewed quarterly based on the 90 day commercial bill rate. The next review is in July 2006. This loan is guaranteed by the Wellington City Council. 13. Capital Commitments Capital commitments which are not included within the normal accruals and provisions were $nil (2005: $141,787). 14. Commitments under Building Lease On 8 June 1999, the Wellington Museums Trust signed a 12 year lease agreement with a further 12 year right of renewal with the Wellington City Council for the rental of the Bond Store premises. The current and non-current lease commitments under this agreement are for $1,538,120 (2005: $322,466) and $1,656,685 (2005: $1,612,330) respectively. Under the funding deed between the Wellington Museums Trust and the Wellington City Council, the Trust is reimbursed for these costs. 15. Reconciliation of Operating Surplus to Net Cash Flows from Operating Activities 2006 2005 $ $ Operating Deficit for the Year (98,277) (99,945) Adjustments: Add Non-Cash Items: Depreciation 443,023 425,102 Movements in Working Capital: Decrease/(Increase) in Other Current Assets 117,670 (58,585) (Decrease)/Increase in Trade Creditors 74,969 (39,603) (Decrease)/Increase in Accruals and Provisions (224,860) 170,837 (32,221) 72,649 Net Cash Inflow from Operating Activities 312,525 397,806 16. Other Grants, Sponsorship & Donations Included in other grants, sponsorships and donations are the following grants towards Capital E National Theatre for Children’s visit to the following centres, during the year ended 30 June 2006, as part of the national tour: 2006 2005 $ $ Eastern & Central Community Trust (Gisborne, Palmerston North and Napier) 3,000 3,000 The Community Trust – 8,000 The Community Trust of Otago – 3,000 Trust House Charitable Trust 1,462 1,067 The Community Trust of Southland – 4,274 The Southern Trust 2,163 10,000 New Zealand Community Trust 5,000 15,000 Pub Charity 22,541 – Pelorus Trust 2,000 – Century Foundation 3,786 – 17. Events after Balance Date There have been no significant events after balance date that have affected the accuracy of these financial statements. 18. Statement of Intent - Adoption of New Zealand International Financial Reporting Standards The Trust intends to adopt NZ IFRS for external reporting purposes for the accounting period commencing 1 July 2006. This is one year earlier than the 1 July 2007 deadline. This timeline is in accordance with the adoption date for the Wellington City Council, which the Trust is consolidated into for reporting purposes. As at balance date the Trust had not yet commenced a project to identify the differences between existing NZ GAAP and NZIFRS. 30
OUR SUPPORTERS The Trust and its facilities enjoy significant support from a wide range of individuals and organisations, whether through the partnerships, membership of friends or other interest groups, through volunteer service or through sponsorship, donations, financial grants and other assistance. We gratefully acknowledge the support of the following: Capital E McKenzie Theatre The Roy McKenzie Foundation Capital E National Theatre for Children Vehicle sponsor: Booker Spalding Limited Major national funding: Creative New Zealand Writers’ commission: Playmarket Inc National tour of Farm at the End of the Road and On Our Street CAPITAL E Pub Charity; Pelorus Trust; Southern Trust; Eastern & Central Community Trust; New Zealand Community Trust; Trust House Charitable Trust; Century Foundation Events and workshop programme Winton & Margaret Bear Charitable Trust; Asia New Zealand Foundation; Asia Events Trust; World of Wearable Art; Wellington Improvisation Troupe; Wellington Circus Trust; Wellington Fringe Festival Trust; Accident Compensation Corporation; Young & Hungry Arts Trust; Embassy of Indonesia; Teacher Direct Creative Technology at Capital E Ministry of Education; CanWest; Avalon Studios; Selecon Ltd; NZ Drummer CITY GALLERY WELLINGTON City Gallery Wellington Foundation Corporate principal benefactors Ernst & Young; Telecom New Zealand; Saatchi & Saatchi Corporate benefactors Montana Wines Ltd; Simpson Grierson; Designworks Enterprise IG Individual patrons John Allen and Janie Pack; Paul and Sheryl Baines; Deborah and Peter Cutfield; Dr Roderick and Gillian Deane; The Hon Justice Lowell Goddard and Christopher Hodson QC; Michael and Hannah Holm; Johan and Jenny Klisser; Lloyd Morrison and Julie Nevett; Bill Patterson and Robyn Hopkins, Patterson Hopkins Barristers & Solicitors; Richard Riddiford; Justin Smith; Justine Olsen; Nigel Williams and Rae-ann Sinclair Friends of City Gallery Wellington Exhibition sponsors, supporters and partners Small World, Big Town: Contemporary Art from Te Papa Simpson Grierson; Te Papa; Saatchi & Saatchi Noel McKenna: Sheltered Life Australia Business Arts Foundation’s Australia Cultural Fund Jeffrey Harris Telecom New Zealand; Dunedin Public Art Gallery Gretchen Albrecht: Returning Telecom New Zealand; Dunedin Public Art Gallery Yuk King Tan: Overflow Telecom New Zealand; Asia NZ Foundation; Creative New Zealand; Sue Crockford Gallery; Chartwell Trust Patricia Piccinini: In Another Life Ernst and Young; Saatchi and Saatchi; Roslyn Oxley9 Gallery Michael Smither: The Wonder Years Ernst and Young; Auckland Art Gallery; Saatchi and Saatchi Events and openings Montana Wines Public programmes Principal sponsor: Montana Wines Te Papa; Muka Youth Prints; Designers Institute of New Zealand; British Council, New Zealand; Montana Wines Ltd; ARTSPACE; Creative New Zealand; Goethe Institut; The Physics Room; Litmus; Massey University of Wellington; Radio Active 89FM; Victoria University of Wellington Art History Department; Victoria University of Wellington International Institute of Modern Letters; Friends of City Gallery; Nikau Café; Wellington City Council Community Liaison Team; Wellington City Council Recreation Wellington; Wellington City Council Treaty Relations Team; Steele Roberts Publishers; Asia New Zealand; Asian Events Trust; Tawata Productions; Huia Books; Maori Writers Festival; Te Wiki o te Reo Maori; Ministry of Women’s Affairs; Mei Hill; Wingnut Films; New Zealand Film Commission; Roadshow nontheatrical, Sydney; Warner Bros. Pictures International; Palace Films, Australia; Morgan Creek Productions, Los Angeles; Aro St Video; Footnote Dance; Flight and Dutchman; Waiwhetu Cultural Centre; St Joseph’s Church; Te Koki New Zealand School of Music; New Zealand Oral History Archive; Alexander Turnbull Library; NZSL Interpreters; Oceania Audio 31
Page 1 and 2: ANNUAL REPORT 2006
Page 3 and 4: HIGHLIGHTS Wellington Cable Car Mus
Page 5 and 6: CHAIRMAN’S REPORT With over 700,0
Page 7 and 8: CHIEF EXECUTIVE’S REPORT This has
Page 9 and 10: CHIEF EXECUTIVE’S REPORT and prof
Page 11 and 12: THE YEAR’S HIGHLIGHTS Across the
Page 13 and 14: THE YEAR’S HIGHLIGHTS Capital E a
Page 15 and 16: THE YEAR’S HIGHLIGHTS In June and
Page 17 and 18: THE YEAR’S HIGHLIGHTS production,
Page 19 and 20: THE YEAR’S HIGHLIGHTS Podcasts fo
Page 21 and 22: STATEMENT OF PERFORMANCE KEY OBJECT
Page 23 and 24: STATEMENT OF PERFORMANCE MUSEUM OF
Page 25 and 26: AUDIT REPORT TO THE READERS OF WELL
Page 27 and 28: FINANCIAL STATEMENTS WELLINGTON MUS
Page 29 and 30: FINANCIAL STATEMENTS WELLINGTON MUS
Page 31: FINANCIAL STATEMENTS WELLINGTON MUS
Page 35 and 36: DIRECTORY Trustees Bill Brien, Chai

Wellington Museums Trust Annual Report 2006

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