NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria
NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria
NGV Annual Report 2003/04 Report 14716. Financial instruments CONTINUED(iv) Interest rate risk2004Financial assetsNotesFloatinginterestrate$ '000s1 year orless$ '000sFixed interest maturing in:Over 1year to 5years$ '000sMore than5 years$ '000sNon-interestbearing$ '000sTotal$ '000sCash 22 4,184 - - - 2,795 6,979Receivables 6 - - - - 4,800 4,800Other financial assets 8 - - - - 24,085 24,0854,184 - - - 31,680 35,864Weighted average interest rate 3.79% N/A N/A N/A N/A N/AFinancial liabilitiesTrade and other creditors 11 - - - - (11,186) (11,186)Loan from Government 12 - - - - (7,000) (7,000)Finance lease 12, 20 (135) (135)- - - - (18,321) (18,321)Weighted average interest rate N/A N/A N/A N/A N/A N/ANet financial assets/(liabilities) 4,184 - - - 13,359 17,5432003Financial assetsCash 22 12,056 - - - 1,772 13,828Receivables 6 - - - - 1,570 1,570Other financial assets 8 - 2,414 7,482 8,693 14,273 32,86212,056 2,414 7,482 8,693 17,615 48,260Weighted average interest rate 4.24% 7.24% 6.97% 7.30% N/A N/AFinancial liabilitiesTrade and other creditors 11 - - - - (5,641) (5,641)Loan from Government 12 - - - - (8,750) (8,750)Finance lease 12, 20 (157) (157)- - - - (14,548) (14,548)Weighted average interest rate N/A N/A N/A N/A N/A N/ANet financial assets/(liabilities) 12,056 2,414 7,482 8,693 3,067 33,71217. SuperannuationThe National Gallery of Victoria has several staff who are members of the public sector superannuation schemeslisted below. As at 30 June 2004, these schemes were carrying total liabilities, including liabilities for members’benefits, in excess of the value of the schemes’ assets. In line with Government policy, the unfunded superannuationliabilities have been reflected in the financial statements of the Department of Treasury and Finance.Superannuation contributions for the reporting period are included as part of employee benefits in the Statement ofFinancial Performance.There were no contributions outstanding at the year end (2003 – nil).
148 Report NGV Annual Report 2003/0417. Superannuation CONTINUEDThe details of the major employee superannuation funds and contributions made by the National Gallery of Victoriaare as follows:FundEmployeeContributionRate%EmployerContributionRate%Contribution forthe year 2004$Contribution forthe year 2003Government Superannuation Office (Revised Scheme) 9–9.5 15.5 138,593 231,913$Government Superannuation Office (New Scheme) - 93 9 124,175 168,7305 9.57 10VicSuper Pty Ltd - 9 936,275 650,201Various other - 9 34,461 52,248Total 1,233,504 1,103,09218. Responsible persons disclosuresResponsible personsDuring the reporting period the following people held a position designated as a “responsible person”, as defined bythe Financial Management Act 1994:MinisterThe Hon. M Delahunty MLATrustees who served during the year:Mr C Brown (retired 14 May 2004)Dr A Inglis (retired 14 May 2004)Mr S Vizard (retired 16 June 2004)Mr R DewhurstMr V FitzGeraldMs M KelsallMs N MilgromMr A MyersMs M PalmerMs M PlavsicMs S SmartDirectorDr G VaughanNo benefits or remuneration were paid to responsible persons other than to the Accountable Officer, the Director ofthe National Gallery of Victoria.Amounts relating to the Minister are reported in the financial statements of the Department of Premier and Cabinet.
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148 <strong>Report</strong> <strong>NGV</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2003</strong>/<strong>04</strong>17. Superannuation CONTINUEDThe details <strong>of</strong> the major employee superannuation funds and contributions made by the <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Victoria</strong>are as follows:FundEmployeeContributionRate%EmployerContributionRate%Contribution forthe year 20<strong>04</strong>$Contribution forthe year <strong>2003</strong>Government Superannuation Office (Revised Scheme) 9–9.5 15.5 138,593 231,913$Government Superannuation Office (New Scheme) - 93 9 124,175 168,7305 9.57 10VicSuper Pty Ltd - 9 936,275 650,201Various other - 9 34,461 52,248Total 1,233,5<strong>04</strong> 1,103,09218. Responsible persons disclosuresResponsible personsDuring the reporting period the following people held a position designated as a “responsible person”, as defined bythe Financial Management Act 1994:MinisterThe Hon. M Delahunty MLATrustees who served during the year:Mr C Brown (retired 14 May 20<strong>04</strong>)Dr A Inglis (retired 14 May 20<strong>04</strong>)Mr S Vizard (retired 16 June 20<strong>04</strong>)Mr R DewhurstMr V FitzGeraldMs M KelsallMs N MilgromMr A MyersMs M PalmerMs M PlavsicMs S SmartDirectorDr G VaughanNo benefits or remuneration were paid to responsible persons other than to the Accountable Officer, the Director <strong>of</strong>the <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Victoria</strong>.Amounts relating to the Minister are reported in the financial statements <strong>of</strong> the Department <strong>of</strong> Premier and Cabinet.
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