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

NGV Annual Report 2003/04 Report 14514. Equity and movements in equity CONTINUEDEquity and movements in equity14.1 Movement in contributed capitalContributed capitalNotes2004$ '000s2003$ '000sOpening balance 156,545 156,446Net capital contribution by State Government 2,800 5,642Repayment of contributed capital to State Government - (5,543)Closing balance 159,345 156,54514.2 Movement in reservesGeneral reservesOpening balance - 7,803Transfer to accumulated surplus 14.3 - (7,803)Closing balance - -Bequests and donations reserveOpening balance 34,589 28,262Transfer from accumulated surplus 14.3 29,637 12,963Transfer to cultural assets donation reserve (2,651) (6,636)Closing balance 61,575 34,589Cultural assets donation reserveOpening balance 58,273 51,637Transfer from bequests and donations reserve 2,651 6,636Closing balance 60,924 58,273Asset revaluation reservesLand and BuildingsOpening balance 2,150 -Increment during the year 5,296 2,150Closing balance 7,446 2,150Cultural assetsOpening balance 1,741,051 1,740,684Increment during the year - 367Closing balance 1,741,051 1,741,051Asset revaluation reserves 1,748,497 1,743,202Investment revaluation reserveOpening balance - -Increment during the year 1,058 -Closing balance 1,058 -1,872,054 1,836,06414.3 Accumulated surplusOpening balance 44,605 13,706Transfer from general reserve 14.2 - 7,803Result for the year 30,066 36,059Transfer to bequests and donations reserve 14.2 (29,637) (12,963)Closing balance 45,034 44,605