<strong>NGV</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2003</strong>/<strong>04</strong> <strong>Report</strong> 129Five Year Financial PerformanceOperating revenueNotes20<strong>04</strong>$ ‘000s<strong>2003</strong>$ ‘000s2002$ ‘000s2001$ ‘000s2000$ ‘000sGovernment grant 1 34,906 31,653 16,351 13,665 10,901Other revenue 10,144 4,499 8,075 8,414 5,015Operating expenses45,050 36,152 24,426 22,079 15,916Employee costs 17,202 12,561 9,731 9,785 7,947Other supplies and services 34,666 18,099 12,610 11,983 16,60351,868 30,660 22,341 21,768 24,550Operating (deficit)/surplus before net depreciationand similar charges(6,818) 5,492 2,085 311 (8,634)Net depreciation and similar charges 2 (1,968) 4,022 (247) 0 0Operating (deficit)/surplus before fundraising (8,786) 9,514 1,838 311 (8,634)Income from fundraising 3Gifts and donations 4 32,221 10,422 15,810 9,330 4,877Net investment income 2,069 1,571 1,622 2,229 1,628Capital grants and similar income 4,562 14,552 6,886 3,000 3,00038,852 26,545 24,318 14,559 9,505Net reported result 30,066 36,059 26,156 14,870 871Notes1 Excludes Government grants for depreciation, Capital Assets Charge and capital works.2 Comprises charges for depreciation and Capital Assets Charge, net <strong>of</strong> respective Government grants, and other adjustments to the values<strong>of</strong> non-current assets.3 Represents funding streams dedicated to the purchase <strong>of</strong> works <strong>of</strong> art or the St Kilda Road redevelopment.4 Includes gifts <strong>of</strong> works <strong>of</strong> art, most notably in <strong>2003</strong>/<strong>04</strong> the gift <strong>of</strong> the Joseph Brown Collection valued at $21 million.
130 <strong>Report</strong> <strong>NGV</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2003</strong>/<strong>04</strong>