AGNSW_AnnRep_00 full.pdf - Parliament of New South Wales ...

ART GALLERY OF NEW SOUTH WALES TRUST
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
ACTUAL ACTUAL
2000 1999
$’000 $’000
15 CURRENT ASSETS – RECEIVABLES
All trade debtors are recognised at balance date. Collectability of trade debtors is reviewed on an ongoing basis.
Debts which are known to be uncollectable are written off. A provision for doubtful debts is raised when some
doubt as to collection exists. The credit risk is the carrying amount (net of any provision for doubtful debts).
No interest is earned on trade debtors. The carrying amount approximates net fair value. Sales are made on 30 day terms.
44
Sale of goods and services 236 218
Less provision for doubtful debts 15 15
221 203
Accrued income 365 165
Other debtors 373 923
Prepayments 597 91
Total receivables 1,556 1,382
16 CURRENT ASSETS – INVENTORIES
Inventories consist of goods to adequately stock and ensure the commercial viability of the Gallery’s Bookshop and
the sale of publications produced by the Art Gallery of New South Wales.
Finished goods 1,385 1,139
Total inventories 1,385 1,139
17 INVESTMENTS
The Gallery has placed funds in Trustee approved bank deposits and can be placed “at call” or for a fixed term.
The interest rate payable on such deposits is negotiated initally and is fixed for the term of the deposit.
Government securities - 1,959
Term Deposits 13,038 7,500
Total Investments 13,038 9,459
Classified as
Current Assets 7,548 6,959
Non-Current Assets 5,490 2,500
TOTAL INVESTMENTS 13,038 9,459
Included in cash and investments are restricted use assets: (refer also to note 22)
Current Assets 1,841 7,091
Non-Current Assets 8,238 2,500
10,079 9,591
These funds represent donations and bequests held by the Gallery to be used in accordance with the deed of trust or other documents
governing these funds.