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
19 CURRENT LIABILITIES – ACCOUNTS PAYABLE
The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or
not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out
in Treasurer’s Direction 219.01. If trade terms are not specified, payment is made not later than the end of the
month following the month in which an invoice or a statement is received. Treasurer’s Direction 219.01 allows
the Minister to award interest for late payment. No Ministerial direction was given, nor did the Gallery incur any
interest expense in relation to the late payment of invoices for the financial years ended 1999 and 2000.
46
Trade Creditors 1,513 1,177
Capital Creditors 947 703
2,460 1,880
20 CURRENT LIABILITIES – EMPLOYEE ENTITLEMENTS
Recreation Leave 657 674
Accrued Salaries and Wages 296 197
953 871
21 CHANGES IN EQUITY
(a) Accumulated funds
Surplus for year as per operating statement 8,576 7,261
Valuation of Library Collection
Transfers (to) from Reserves
- 9,074
Special reserves – capital (203) (1,168)
Special reserves – Expendable (285) (763)
Total transfers (488) (1,931)
8,088 14,404
Balance at beginning of year 533,297 518,893
Accumulated funds at end of year 541,385 533,297
(b) Asset revaluation reserve
Revaluation of Collection (Refer Note 1(h) (ii)) 57,602 9349
Land 3,925 -
Library 825 -
62,352 9,349
Balance at beginning of year 98,959 89,610
Asset revaluation reserve at end of year 161,311 98,959