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

NGV Annual Report 2003/04 Report 1418. Other financial assetsOther financial assetsInvestments at market valueCurrent assetsNotes2004$ '000s2003$ '000sFixed interest securities - 2,414Equities - 14,273Unit Trust Managed Funds 918 -Non-current assets918 16,687Fixed interest securities - 16,175Unit Trust Managed Funds 23,167 -23,167 16,175Investments at market value 16 24,085 32,862Investments at cost 22,124 32,1962004Equities$ '000sFixed InterestSecurities$ '000sUnit TrustManagedFunds$ '000sTotal$ '000sCarrying amount at start of year 14,273 18,589 - 32,862Transfers (14,273) (18,589) 32,862 -Additions - - 4,508 4,508Disposals - - (14,897) (14,897)Revaluation increase / (decrease) - - 1,612 1,612Carrying amount at end of year - - 24,085 24,0859. Cultural assetsCultural assets2004$ '000s2003$ '000sCultural assets at cost or donated value 37,478 6,591Library independent valuation: 2003 2,217 2,217Works of art independent valuation: 2002 1,790,516 1,790,5162004Libraryacquired anddonated$ '000sLibraryvaluation$ '000sWorks of artacquired anddonated$ '000s1,830,211 1,799,324Works of artvaluation$ '000sTotal culturalassets$ '000sCarrying amount at start of year - 2,217 6,591 1,790,516 1,799,324Additions 64 - 30,823 - 30,887Carrying amount at end of year 64 2,217 37,414 1,790,516 1,830,211Revaluation of the National Gallery of Victoria’s library collection was performed by Sainsbury’s Books Pty Ltd(member of the Antiquarian Booksellers Association) on a fair value basis. The valuation was completed as at 23May 2003, resulting in a total valuation of $2,217,300.Revaluation of the National Gallery of Victoria’s works of art collection was performed on a fair value basis by SimonStorey valuers as at 30 June 2002 and resulted in a total valuation of $1,790,516,000. Mr Simon Storey, a directorof Simon Storey Valuers is an approved valuer under the Commonwealth of Australia Taxation Incentives for theArts Scheme.