Note 12: Reserves
|
Note |
2019 $ |
2018 $ |
|
|---|---|---|---|
|
ACF Donations Reserve |
3,722,651 |
1,520,740 |
|
|
Richard Pratt Arts Scholarship Reserve |
- |
- |
|
|
Small Arts and Business Development Fund Reserve |
48,388 |
48,388 |
|
|
Asset Revaluation Reserve |
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 |
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.
Visit
https://www.transparency.gov.au/annual-reports/australia-business-arts-foundation-ltd/reporting-year/2018-2019-50