Royal Botanic Gardens Victoria Annual Report 2018-19

2. FUNDING DELIVERY OF OUR SERVICES
2. FUNDING DELIVERY OF OUR SERVICES
Introduction
The Board's overall objective is to nurture an
understanding of the scientific, environmental, social,
economic, cultural and spiritual importance of plants
to our existence, and provide our community with
opportunities to prosper from a deep connection with
plants.
Structure
2.1 Summary of income that funds the delivery of our services…........ 85
2.2 Income from transactions.……..……..…......……..……………………………………
85
To enable the Board to fulfil its objective, it receives
income from the Parks and Reserves Trust Account,
supplemented by income generated through grants,
donations, programs, business operations and
investment.
2.1 Summary of income that funds the delivery of our services
Notes
Grants 2.2.1 22,242,712
Sponsorships and donations 2.2.2 2,201,485
Sale of goods and services 2.2.3 2,174,511
Fair value of assets and services received free of charge or for nominal consideration 2.2.4 1,143,110
Interest 2.2.5 343,397
Other income 2.2.6 1,619,495
Total income from transactions 29,724,710
2019
$
2018
$
24,318,867
2,757,102
2,038,762
699,819
216,737
1,784,732
31,816,019
Income is recognised to the extent it is probable the economic benefits will flow to the Board and the income can be reliably measured at
fair value. Where applicable, amounts disclosed as income are net of returns, allowances, duties and taxes.
2.2 Income from transactions
2.2.1 Grants
Parks and Reserves Trust Account grants 20,827,000
Other grants 1,415,712
Total grants 22,242,712
2019
$
2018
$
23,069,814
1,249,053
24,318,867
Income from grants (other than contributions by owners) is recognised when the Board gains control over the contribution.
Parks and Reserves Trust Account Grant. The annual Parks and Reserves Trust Account grant received from the Department of
Environment, Land, Water and Planning is recognised when the Board gains control over the funds. The Parks and Reserves Trust
Account derives its funding from the rate levied on metropolitan properties under the provisions of the Water Industry Act 1994 and is
provided to the Board for the purposes of conservation, recreation, leisure and tourism within the metropolitan area.
Other Grants. For reciprocal grants (ie equal value is given back by the Board to the provider), the Board is deemed to have assumed
control when the Board is satisfied its performance obligations under the terms of the grant have been met. For non-reciprocal grants, the
Board is deemed to have assumed control when the grant is receivable or received. Conditional grants may be reciprocal or nonreciprocal
depending on the terms of the grant.
2.2.2
Sponsorships and donations
Cash donations and gifts 2,201,485
Total Sponsorships and donations 2,201,485
2019
$
2018
$
2,757,102
2,757,102
Sponsorships and donations are non-reciprocal in nature and the Board is deemed to have control when the monies are received from the
provider.
ROYAL BOTANIC GARDENS BOARD VICTORIA — ANNUAL REPORT 2018–19 85
Royal Botanic Gardens Board Victoria 2018-19 Financial Report Page 8