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 />
23 UNCLAIMED MONIES<br />
All amounts unclaimed are forwarded to the Treasury for credit <strong>of</strong> Special Deposits Unclaimed Monies Account and are available for refund<br />
from that account. No unclaimed amounts have been held in the accounts <strong>of</strong> the Art Gallery <strong>of</strong> <strong>New</strong> <strong>South</strong> <strong>Wales</strong> in excess <strong>of</strong> two years.<br />
24 BUDGET REVIEW<br />
Net cost <strong>of</strong> services<br />
The Net Cost <strong>of</strong> Services Before Bequest and Special Funds was higher than budget by $0.9 million. This was due to lower revenues<br />
generated by the Gallery’s commercial activities; including bookshop, functions and exhibitions.<br />
Asset and Liabilities<br />
Net assets increased by $66 million against budget. Art works increased significantly through<br />
– the acquisitions from gifts, tied donations and purchases from commercial activities<br />
– the revaluation <strong>of</strong> the Gallery’s art collection<br />
– the revaluation <strong>of</strong> the library reference collection<br />
– and a small variance from prior year acquisitions received after the forward estimates had been submitted.<br />
Cash Flows<br />
(i) Operating<br />
Operating cash outflows was higher than planned by $1.4 million, due to receipts from donations and bequests being higher than<br />
planned. Lower trading revenue and expenses also contributed to the net result.<br />
48<br />
(ii) Investing<br />
Investing cash flows were $3.1 million higher due to a better than expected level <strong>of</strong> bequests and special funds receipts directed<br />
towards the acquisition <strong>of</strong> art works, and timing <strong>of</strong> capital creditor payments.<br />
25 RECONCILIATION OF NET COST OF SERVICES TO<br />
NET CASH FLOWS FROM OPERATING ACTIVITIES<br />
Cash provided by operating activities (7,614) (6,058)<br />
Sale <strong>of</strong> Non-Current Assets (9) (25)<br />
Depreciation 1,719 1,984<br />
Gifts <strong>of</strong> works <strong>of</strong> art (2,914) (2,097)<br />
Recurrent appropriation 13,630 13,577<br />
Capital appropriation 2,320 1,058<br />
Acceptance by Crown Entity <strong>of</strong> Trust Liabilities 1,153 1,185<br />
Increase (decrease) in accounts payable 580 (824)<br />
(Increase) decrease in receivables (174) (479)<br />
(Increase) decrease in inventories (246) 78<br />
Increase (decrease) in employee entitlements 82 160<br />
Net cost <strong>of</strong> services after bequest and special funds 8,527 8,559
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