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Note 12: Reserves

Note

2019 $

2018 $

ACF Donations Reserve

12A

3,722,651

1,520,740

Richard Pratt Arts Scholarship Reserve

12B

-

-

Small Arts and Business Development Fund Reserve

12C

48,388

48,388

Asset Revaluation Reserve

12D

1,041

1,041

3,722,080

1,570,169

Note 12A: ACF Reserve Movements during the year

Opening balance

1,520,740

1,094,471

Surplus for the year

4

2,201,911

426,269

Closing balance

3,722,651

1,520,740

ACF donations received are held in the ACF Reserve pending the grant verification process. The balance of the reserve at the end of the financial year represents unexpended ACF donations recorded as income.

Note 12B: Richard Pratt Arts Scholarship Reserve Movements during the year

Opening balance

-

18,706

Movement in reserve

-

(18,706)

Closing balance

-

-

The Pratt Foundation made donations to be used for masterclasses and workshops to support skills development in the arts. This reserve has been fully utilised in the financial year 2018 to support the masterclasses.

Note 12C: Small Arts and Business Development Fund Reserve Movements during the year

Opening balance

48,388

48,388

Transfers from (to) retained surplus

-

-

Closing balance

48,388

48,388

Dame Elisabeth Murdoch made donations to start the "Small Arts and Business Development Fund" to be used to develop and pilot new programs and activities for the benefit of small arts and business.

Note 12D: Asset Revaluation Reserve Movements during the year

Opening balance

1,041

-

Movement in reserve

-

1,041

Closing balance

1,041

1,041

This reserve recognises the revaluation of leasehold improvements.