Other information
5.1 Aggregate Assets and Liabilities |
Note 5.1: Aggregate Assets and Liabilities | |||
Note 5.1A: Aggregate Assets and Liabilities | |||
2020 | 2019 | ||
$'000 | $'000 | ||
Assets expected to be recovered in: | |||
No more than 12 months | 89,872 | 80,284 | |
More than 12 months | 1,401,495 | 1,371,610 | |
Total assets | 1,491,367 | 1,451,894 | |
Liabilities expected to be recovered in: | |||
No more than 12 months | 8,405 | 8,927 | |
More than 12 months | 4,603 | 4,405 | |
Total liabilities | 13,008 | 13,332 | |
5.2 Assets Held in Trust |
The following monies are not available for other purposes of the Memorial and are not recognised in the financial statements. | |||
Note 5.2A: Florance Foundation Trust Fund - monetary asset | |||
During 1979-80 an amount of $3,000 was provided by Mrs D Florance of Bowral, NSW, on condition that it is invested and the interest used to bring disadvantaged children to the Memorial. To this, the Memorial added $5,000, bringing the total of the Florance Foundation to $8,000. In 1985-86 the Australian War Memorial Fund paid a further $10,000 into the Florance Foundation so that sufficient interest is generated to ensure the purpose of the Florance Foundation can continue. The Florance Foundation's current financial position, which is reported on a cash basis, is as follows: | |||
2020 | 2019 | ||
$'000 | $'000 | ||
Donations and bequests | |||
As at 1 July | 21 | 21 | |
Receipts | - | - | |
Payments | - | - | |
Total as at 30 June | 21 | 21 | |
Total monetary assets held in trust | 21 | 21 | |
Non-monetary assets | |||
The current policy is for the trust fund to contribute the interest earned on the account towards the costs of fares associated with the transportation of disadvantaged children to the Memorial, as part of Anzac Day commemorations. The Legacy Coordinating Council and the Memorial together meet the balance of the fares' cost. | |||
Note 5.2B: Australian War Memorial Krait Fund - monetary asset | |||
In April 1985, the Memorial received the MV Krait and $50,000 from the Z Special Unit Association Krait Public Museum Fund. The monies, together with interest, are held in a separate bank account, as provided for in the agreement with the trustees of the Krait Fund. These funds are for the conservation of the MV Krait. The interest earned is transferred to the National Maritime Museum of Australia for maintenance work on the MV Krait. The financial position of the Fund, which is reported on a cash basis, is as follows: | |||
2020 | 2019 | ||
$’000 | $,000 | ||
Donations and bequests | |||
As at 1 July | 40 | 40 | |
Receipts | 1 | 1 | |
Payments | - | (1) | |
Total as at 30 June | 41 | 40 | |
Total monetary assets held in trust | 41 | 40 | |
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https://www.transparency.gov.au/annual-reports/australian-war-memorial/reporting-year/2019-20-40