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

146 Report NGV Annual Report 2003/0414. Equity and movements in equity CONTINUEDSummary of reservesAt 30 June2003$ '000sMovements$ '000sAt 30 June2004$ '000sContributed capital 156,545 2,800 159,345Bequests and donation reserve 34,589 26,986 61,575Cultural assets reserve 58,273 2,651 60,924Asset revaluation reserves 1,743,202 5,296 1,748,497Investment revaluation reserve - 1,058 1,0581,836,064 35,990 1,872,054Accumulated surplus 44,605 429 45,034Total equity 2,037,214 39,219 2,076,43315. Audit feesAudit fees2004$ '000s2003$ '000sAudit fees payable to the Victorian Auditor-General's Office 36 1816. Financial instruments(i) Accounting policiesThe accounting policies and terms and conditions of each class of financial asset and financial liability at balancesheet date are as follows:InvestmentsInvestments are managed in a Unit Trust Managed Fund, which includes equities and fixed interest securities.Investments on the stock exchange and market securities are brought to account at market value. Interest anddividend income is recognised in the Statement of Financial Performance when received.ReceivablesTrade debtors are carried at nominal amounts due, less any provision for doubtful debts. A provision for doubtfuldebts is recognised when collection of the full nominal amount is no longer probable. Credit sales are generally on30-day terms.PayablesPayables represent liabilities for goods and services provided to the entity prior to the end of the financial year andwhich are unpaid. The amounts are unsecured and usually paid within 30 days of recognition.(ii) Net fair valueUnless otherwise stated each class of financial asset and financial liability is recognised in the Statement ofFinancial Position at book value, which approximates net fair value.(iii) Credit riskThe maximum credit risk on financial assets of the economic entity, which have been recognised in the Statementof Financial Position, is generally the carrying amount less any provision for doubtful debts. The total credit riskexposure of the entity could also be considered to include the difference between the carrying amount and therealisable amount.