NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria

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NGV Annual Report 2003/04 Report 1391. Summary of significant accounting policies CONTINUEDo. The impact of adopting AASB equivalents to IASB standardsFor interim and annual reporting periods ending on or after 30 June 2004, AASB 1047, Disclosing the Impacts ofAdopting Australian Equivalents to International Financial Reporting Standards (IFRS), requires an explanation of howthe transition process is being managed and a narrative explanation of the key differences in accounting policies thatare expected to arise from the adoption of the Australian equivalents to IFRS. Refer to Note 24 for further details.2. Revenue from ordinary activitiesRevenue from ordinary activities2.1 Grants from GovernmentNotes2004$ '000s2003$ '000sState -recurrent 34,384 31,276State -depreciation equivalent and Capital Asset Charge 11,417 8,530State - other 522 377Commonwealth 2,062 10,0522.2 Resources received free of charge48,385 50,235Premises at the Public Records Office occupied without financial consideration 641 1,199Contribution from Federation Square Management Pty Ltd in respect of fit out of the IanPotter Centre: NGV Australia2.3 Other revenueGeneral activities- 2,000641 3,199Gross sales of goods 3,379 963Less: cost of goods sold (2,009) (550)Gross trading margin 1,370 413Exhibition and program admissions 2,324 130Sponsorship 3,526 2,955Contra sponsorship 1(f) 426 328Membership 1,277 845Catering and venue hire income 1,303 193Other revenue 1,068 393Gifts11,294 5,257Bequests and donations 5,621 5,940Donated cultural assets 26,600 4,482Investment income32,221 10,422Dividends 1,713 930Interest and other investment income 322 2,111Market value appreciation previously expensed 299 -Proceeds on sale of securities and shares 15,504 29,863Other17,838 32,904Proceeds on sale of property, plant and equipment 10 9 129 1261,362 48,595
140 Report NGV Annual Report 2003/043. Employee benefitsEmployee benefitsNotes2004$ '000s2003$ '000sSalaries and associated costs 15,701 11,527Provision for annual leave 1(i) 1,200 938Provision for long service leave 1(i) 301 9617,202 12,5614. Resources provided free of chargeResources provided free of charge2004$ '000s2003$ '000sPremises at the Public Records Office occupied without financial consideration 641 1,1995. Other expenses from ordinary activitiesOther expenses from ordinary activities2004$ '000s2003$ '000sBook value of securities sold 12,447 15,146Book value of shares sold 2,450 15,068Investment expenses 172 58815,069 30,8026. ReceivablesReceivablesNotes2004$ '000s2003$ '000sDebtors 890 280Less: provision for doubtful debts (42) (11)Net debtors 848 269GST receivable 926 713Other debtors 3,026 58816 4,800 1,5707. InventoriesInventories2004$ '000s2003$ '000sGoods held for resale 1,910 872
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NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria

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