AGNSW_AnnRep_00 full.pdf - Parliament of New South Wales ...
AGNSW_AnnRep_00 full.pdf - Parliament of New South Wales ...
AGNSW_AnnRep_00 full.pdf - Parliament of New South Wales ...
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ART GALLERY OF NEW SOUTH WALES TRUST<br />
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS<br />
ACTUAL ACTUAL<br />
2<strong>00</strong>0 1999<br />
$’<strong>00</strong>0 $’<strong>00</strong>0<br />
19 CURRENT LIABILITIES – ACCOUNTS PAYABLE<br />
The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or<br />
not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out<br />
in Treasurer’s Direction 219.01. If trade terms are not specified, payment is made not later than the end <strong>of</strong> the<br />
month following the month in which an invoice or a statement is received. Treasurer’s Direction 219.01 allows<br />
the Minister to award interest for late payment. No Ministerial direction was given, nor did the Gallery incur any<br />
interest expense in relation to the late payment <strong>of</strong> invoices for the financial years ended 1999 and 2<strong>00</strong>0.<br />
46<br />
Trade Creditors 1,513 1,177<br />
Capital Creditors 947 703<br />
2,460 1,880<br />
20 CURRENT LIABILITIES – EMPLOYEE ENTITLEMENTS<br />
Recreation Leave 657 674<br />
Accrued Salaries and Wages 296 197<br />
953 871<br />
21 CHANGES IN EQUITY<br />
(a) Accumulated funds<br />
Surplus for year as per operating statement 8,576 7,261<br />
Valuation <strong>of</strong> Library Collection<br />
Transfers (to) from Reserves<br />
- 9,074<br />
Special reserves – capital (203) (1,168)<br />
Special reserves – Expendable (285) (763)<br />
Total transfers (488) (1,931)<br />
8,088 14,404<br />
Balance at beginning <strong>of</strong> year 533,297 518,893<br />
Accumulated funds at end <strong>of</strong> year 541,385 533,297<br />
(b) Asset revaluation reserve<br />
Revaluation <strong>of</strong> Collection (Refer Note 1(h) (ii)) 57,602 9349<br />
Land 3,925 -<br />
Library 825 -<br />
62,352 9,349<br />
Balance at beginning <strong>of</strong> year 98,959 89,610<br />
Asset revaluation reserve at end <strong>of</strong> year 161,311 98,959