Annual Report 2001-2002 - Western Australian Museum - The ...
Annual Report 2001-2002 - Western Australian Museum - The ...
Annual Report 2001-2002 - Western Australian Museum - The ...
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Accounts and Financial Statements<br />
<strong>2002</strong> <strong>2001</strong><br />
$000 $000<br />
10. Trading Profit<br />
Sales<br />
Cost of Sales:<br />
950 825<br />
Opening inventory 604 537<br />
Less recoup of WST 0 (16)<br />
Purchases 474 438<br />
1,078 959<br />
Closing inventory 634 604<br />
Less provision for write off (17) 0<br />
Final Closing Inventory 617 604<br />
Cost of Goods Sold 461 355<br />
Trading Profit 489 470<br />
11. Revenues (to)/from Government<br />
Appropriation revenue received during the year:<br />
Output Appropriations 9,773 3,604<br />
Capital Appropriations - 1,610<br />
83<br />
9,773 5,214<br />
<strong>The</strong> following assets have been assumed /<br />
(transferred from) other government<br />
agencies during the financial year: (IV) 7,284 0<br />
Total assets assumed/ transferred 7,284 0<br />
Resources received free of charge<br />
determined on the basis of the following<br />
estimates provided by agencies:<br />
- Office of the Auditor General 11 18<br />
- Department of Culture and the Arts 9,153 7,162<br />
9,164 7,180<br />
26,221 12,394<br />
(I) Output appropriations are accrual amounts as from 1 July <strong>2001</strong>, reflecting the full price paid for outputs purchased<br />
by the government. <strong>The</strong> appropriation revenue comprises a cash component and a receivable (asset). <strong>The</strong> receivable<br />
(holding account) comprises the depreciation expense for the year and any agreed increase in leave liability during<br />
the year.<br />
(II) Capital appropriations were revenue in 2000 (year ended 30 June 2000). From 1 July 2000, capital appropriations,<br />
termed Capital Contributions, have been designated as contributions by owners and are credited straight to equity in<br />
Statement of Financial Position.<br />
(III) Where assets or services have been received free of charge or for nominal consideration, the WA <strong>Museum</strong> recognises<br />
revenues equivalent to the fair value of the assets and/or the fair value of those services that can be reliably determined<br />
and which would have been purchased if not donated, and those fair values shall be recognised as assets or expenses,<br />
as applicable.<br />
(IV) Where the non-reciprocal transfer of assets/liabilities is not a consequence of the restructuring of administrative<br />
arrangements, the transfer is disclosed here.<br />
WESTERN AUSTRALIAN MUSEUM ANNUAL REPORT <strong>2001</strong>–<strong>2002</strong>