Note 12: Reserves
2020 | 2019 | ||
ACF Donations Reserve | 12A | 1,800,817 | 3,722,651 |
Small Arts and Business Development Fund Reserve | 12C | 48,388 | 48,388 |
Asset Revaluation Reserve | 12D | 1,041 | 1,041 |
Closing Balance | 1,850,246 | 3,772,080 |
Note | 2020 | 2019 | |
Note 12A: ACF Reserve | |||
|---|---|---|---|
Movements during the year | |||
Opening balance | 3,722,651 | 1,520,740 | |
Surplus/Deficit for the year | 4 | (1,921,834) | 2,201,911 |
Closing balance | 1,800,817 | 3,722,651 | |
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.
2020 | 2019 | |
Note 12B: Small Arts and Business Development Fund | ||
|---|---|---|
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 to be used to develop and pilot new programs and activities for the benefit of small arts and business.
2020 | 2019 | |
Note 12C: Asset Revaluation Reserve | ||
|---|---|---|
Movements during the year | ||
Opening balance | 1,041 | 1,041 |
Transfers from (to) retained surplus | - | - |
Closing balance | 1,041 | 1,041 |
The reserve recognises the revaluation of leasehold improvements.
Visit
https://www.transparency.gov.au/annual-reports/australia-business-arts-foundation-ltd/reporting-year/2019-20-44