Annual Report 2001-2002 - Western Australian Museum - The ...

Accounts and Financial Statements
The Pension Scheme and the pre-transfer benefits for employees who transferred to the Gold State Superannuation
Scheme are unfunded and the liabilities for future payments are provided for at reporting date.
The liabilities for superannuation charged under the Gold State Superannuation Schemes and West State
Superannuation Scheme are extinguished by payment of employer contributions to the GESB.
As all the staff of the Culture and Arts portfolio agencies, including the WA Museum, are staff of the Department for
Culture and the Arts, the WA Museum has no liabilities in relation to their superannuation, other than for superannuation
payments incurred under the Superannuation and Family Benefits Act pension scheme.
(n) Accrued Salaries
Accrued salaries represent the amount due to staff but unpaid at the end of the financial year, as the end of the last
pay period for that financial year does not coincide with the end of the financial year. The WA Museum considers the
carrying amount approximates net fair value.
(o) Resources Received Free of Charge or For Nominal Value
Resources received free of charge or for nominal value which can be reliably measured are recognised as revenues
and as assets or expenses as appropriate at fair value.
(p) Foreign Currency Translation
Transactions denominated in a foreign currency are translated at the rates in existence at the dates of the transactions.
Foreign currency receivables and payables at reporting date are translated at exchange rates current at reporting
date. Exchange gains and losses are brought to account in determining the result for the year.
(q) Comparative Figures
Comparative figures are, where appropriate, reclassified so as to be comparable with the figures presented in the
current financial year.
(r) Rounding
Amounts in the financial statements have been rounded to the nearest thousand dollars, or in certain cases, to the
nearest dollar.
2002 2001
$000 $000
2. Employee expenses
Wages and salaries 8,360 7,687
Superannuation 1,170 466
Workers compensation premium 6 46
Fringe Benefits Tax 50 32
Other related expenses 200 177
81
9,786 8,408
3. Supplies and services
Consultants and contractors 607 618
Advertising 63 58
Electricity and gas 432 423
Freight and cartage 63 87
Insurance premiums 116 111
Printing 260 223
Legal fees 17 33
Water 37 22
Sundry equipment 259 171
Travel 272 305
Other supplies and services 1,515 1,633
3,641 3,684
WESTERN AUSTRALIAN MUSEUM ANNUAL REPORT 2001–2002