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 14918. Responsible persons disclosures CONTINUEDRemuneration benefits of executive officers (including the Accountable Officer)The numbers of executive officers are shown below in their relevant income bands:Remuneration bands$120,000 - $129,999 2 1$130,000 - $139,999 1 2$150,000 - $159,999 1 0$200,000 - $209,999 1 0$220,000 - $229,999 0 1$230,000 - $239,999 0 1Total 5 5Total remunerationTotal remuneration 740,284 851,134Being:Base remuneration 683,985 626,413Other remuneration including bonuses, long service leave, redundancy and retirement benefits 56,299 224,7212004No.2004$2003No.2003$Related party transactionsThere were no related party transactions during the year (2003: Nil).19. Contingent assets and contingent liabilitiesAs at 30 June 2004 the National Gallery of Victoria had no known contingent assets or contingent liabilities(2003: Nil).20. Commitments for expenditureOperating leasesOperating leasesExpenditure contracted for is payable as follows:2004$ ‘000s2003$ ‘000sWithin one year 500 274Later than one year but not later than five years 697 413Total operating lease expenditure commitments 1,197 687Representing:Cancellable operating leases 965 455Non-cancellable operating leases 232 2321,197 687The National Gallery of Victoria leases certain plant and equipment under operating leases. Leases of plant andequipment generally provide a right of renewal at which time all terms are renegotiated. In 2004 a one-yearextension was agreed for the non-cancellable operating lease.
150 Report NGV Annual Report 2003/0420. Commitments for expenditure CONTINUEDFinance leasesFinance leasesCommitments in relation to finance leases are payable as follows:Notes2004$ ‘000s2003$ ‘000sWithin one year 32 26Later than one year but not later than 5 years 123 161Minimum lease payments 155 187Less: future finance charges (20) (30)Recognised as a liability 135 157Total lease liabilities 135 157Representing lease liabilities:Current 1(e), 12 24 22Non-current 1(e), 12 111 135135 158Quantifiable commitmentsThe fixed interest rate implicit in the lease is 7.1%. Under the terms of the lease, the National Gallery of Victoria willacquire the leased asset for $51,000 on expiry of the lease.Capital CommitmentsCapital commitments2004$ ‘000s2003$ ‘000sNot later than one year - 4,65021. Events occurring after reporting dateThere were no significant events occurring after the reporting date (2003- Nil).22. Cash assetsFor the purposes of the Statement of Financial Position and Statement of Cash Flows, cash assets include cash onhand, cash at bank and investments in short term deposits.Cash assets2004$ '000s2003$ '000sCash at bank and on hand 2,795 1,772Short term deposits 4,184 12,0566,979 13,828Short term depositsThe deposits are bearing floating interest rates between 3.5% and 4.00% (2003 – 2.05% and 5.18%).
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150 <strong>Report</strong> <strong>NGV</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2003</strong>/<strong>04</strong>20. Commitments for expenditure CONTINUEDFinance leasesFinance leasesCommitments in relation to finance leases are payable as follows:Notes20<strong>04</strong>$ ‘000s<strong>2003</strong>$ ‘000sWithin one year 32 26Later than one year but not later than 5 years 123 161Minimum lease payments 155 187Less: future finance charges (20) (30)Recognised as a liability 135 157Total lease liabilities 135 157Representing lease liabilities:Current 1(e), 12 24 22Non-current 1(e), 12 111 135135 158Quantifiable commitmentsThe fixed interest rate implicit in the lease is 7.1%. Under the terms <strong>of</strong> the lease, the <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Victoria</strong> willacquire the leased asset for $51,000 on expiry <strong>of</strong> the lease.Capital CommitmentsCapital commitments20<strong>04</strong>$ ‘000s<strong>2003</strong>$ ‘000sNot later than one year - 4,65021. Events occurring after reporting dateThere were no significant events occurring after the reporting date (<strong>2003</strong>- Nil).22. Cash assetsFor the purposes <strong>of</strong> the Statement <strong>of</strong> Financial Position and Statement <strong>of</strong> Cash Flows, cash assets include cash onhand, cash at bank and investments in short term deposits.Cash assets20<strong>04</strong>$ '000s<strong>2003</strong>$ '000sCash at bank and on hand 2,795 1,772Short term deposits 4,184 12,0566,979 13,828Short term depositsThe deposits are bearing floating interest rates between 3.5% and 4.00% (<strong>2003</strong> – 2.05% and 5.18%).
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