OTAGO MUSEUM

OTAGO MUSEUM TRUST BOARD
NOTES TO THE FINANCIAL STATEMENTS (Cont.)
For the Financial Year Ended 30 June, 2015
17. CAPITAL
2015 2014
$ $
Accumulated Surplus/(Deficit)
Balance at Beginning of Year 13,213,667 13,935,230
Plus Exhibits & Equipment Purchased from:
Restricted and Museum Reserves 1,162,319 363,145
Net Surplus/(Deficit) (1,129,257) (984,226)
Transfers from/(to) Reserves:
Restricted and Museum Reserves (151,545) (100,482)
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Balance at End of Year $13,095,184 $13,213,667
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18. COMMITMENTS FOR EXPENDITURE
(a)
Capital and Other Expenditure Commitments
Capital and other expenditure commitments at 30 June 2015 were $821,046 (30 June 2014: $Nil). These affect the following
asset classes:
Buildings $821,046
The Otago Museum Trust Board entered into a 33 year lease with the Dunedin City Council on 19 October 2010 for the Old
Post Office building located on the Museum Reserve. The initial yearly rental was set at $12,000 plus GST and is subject to
yearly rental reviews.
The Otago Museum Trust Board entered into an agreement for insurance covering the next financial year at the end of June
2015. The amount due for payment is $161,783.
19. CONTINGENT LIABILITIES & CONTINGENT ASSETS
2015 2014
$ $
Contingent Liabilities
ATA Carnet 19,930 19,930
A Customs document to facilitate the temporary duty free admission of goods into the Republic of China. A carnet acts like an
insurance policy in that should a custom’s duty arise, the Museum’s liability is limited to $19,930.
Contingent Assets
There were no contingent assets at 30 June, 2015 (2014: Nil).
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