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Financial statements

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 June 2019

Original Budget

2019

2018

20191

Note

$’000

$’000

$’000

NET COST OF SERVICES

Expenses

Employee benefits

A1.1

25,019

19,091

18,937

Supplier expenses

A1.2

31,700

28,369

25,547

Depreciation and amortisation

28,929

28,529

29,836

Impairment loss allowance

A1.3

3

32

-

Write-down and impairment of other assets

A1.4

1,519

371

50

Other expenses

33

-

5

Total expenses

87,203

76,392

74,375

Own-source revenue

Sale of goods and rendering of services

A2.1

12,202

11,033

9,495

Contributions

A2.2

10,226

7,586

10,000

Interest

1,242

739

385

Works of art - gifts

5,277

7,023

-

Other revenue

A2.3

2,411

9,542

2,815

Total own-source revenue

31,358

35,923

22,695

Gains

Gains on sale of assets

12

-

-

Other gains

A2.4

115

46

2,500

Total gains

127

46

2,500

Total own-source income

31,485

35,969

25,195

Net cost of services

(55,718)

(40,423)

(49,180)

Revenue from Government

C1.1

45,010

30,787

30,610

Deficit on continuing operations

C2.1

(10,708)

(9,636)

(18,570)

OTHER COMPREHENSIVE INCOME

Revaluation increment

-

7,222

-

Total other comprehensive income

-

7,222

-

Total comprehensive income

(10,708)

(2,414)

(18,570)

The above statement should be read in conjunction with the accompanying notes.

1. Budget reported in Portfolio Budget Statements 2018-19, published on 8 May 2018.

STATEMENT OF FINANCIAL POSITION

As at 30 June 2019

Original Budget

2019

2018

20191

Note

$'000

$'000

$’000

ASSETS

Financial assets

Cash

B1.1

34,079

19,652

9,723

Investments

B1.2

20,983

1,677

2,632

Trade and other receivables

B1.3

1,052

828

1,223

Other financial assets

479

241

-

Total financial assets

56,593

22,398

13,578

Non-financial assets

Heritage and cultural assets

B2.1

5,979,796

5,988,807

5,980,707

Land and buildings

B2.1

303,538

307,450

312,640

Plant and equipment

B2.1

4,226

5,083

2,653

Computer software

B2.1

369

396

447

Inventory

B2.2

507

737

-

Prepayments

414

334

362

Total non-financial assets

6,288,850

6,302,807

6,296,809

Total assets

6,345,443

6,325,205

6,310,387

LIABILITIES

Payables

Supplier payables

B3.1

4,946

3,656

2,167

Other payables

B3.2

1,465

1,633

1,749

Total payables

6,411

5,289

3,916

Provisions

Employee provisions

B4.1

6,006

5,051

5,070

Total provisions

6,006

5,051

5,070

Total liabilities

12,417

10,340

8,986

Net assets

6,333,026

6,314,865

6,301,401

EQUITY

Contributed equity

345,104

316,235

338,904

Asset revaluation reserve

5,391,355

5,391,355

5,384,135

Retained surplus

596,567

607,275

578,362

Total equity

6,333,026

6,314,865

6,301,401

The above statement should be read in conjunction with the accompanying notes.

1. Budget reported in Portfolio Budget Statements 2018-19, published on 8 May 2018.

NATIONAL GALLERY OF AUSTRALIA AND ITS CONTROLLED ENTITIES

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2018

Original Budget

Note

2019

2018

20191

$’000

$’000

$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

316,235

299,607

316,235

Contributions by owners

Collection Development Acquisition Budget

C1

16,605

16,628

22,669

Capital injection

C1

12,264

-

-

Closing balance as at 30 June

345,104

316,235

338,904

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

5,391,355

5,384,134

5,384,135

Comprehensive income

Revaluation increment

-

7,222

-

Closing balance as at 30 June

5,391,355

5,391,355

5,384,135

RETAINED SURPLUS

Opening balance

Balance carried forward from previous period

607,275

616,911

596,932

Comprehensive income

Deficit for the period

(10,708)

(9,636)

(18,570)

Closing balance as at 30 June

596,567

607,275

578,362

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

6,314,865

6,300,651

6,297,302

Comprehensive income

Deficit for the period

(10,708)

(9,636)

(18,570)

Revaluation increment

-

7,222

-

Total comprehensive income

(10,708)

(2,414)

(18,570)

Transactions with owners

Contributions by owners

Collection Development Acquisition Budget

C1

16,605

16,628

22,669

Capital injection

C1

12,264

-

-

Closing balance as at 30 June

6,333,026

6,314,865

6,301,401

The above statement should be read in conjunction with the accompanying notes.

1. Budget reported in Portfolio Budget Statements 2018-19, published on 8 May 2018.

CASHFLOW STATEMENT

For the year ended 30 June 2019

Original Budget

Note

2019

2018

20191

$’000

$’000

$’000

OPERATING ACTIVITIES

Cash received

Receipts from Government

45,010

30,787

31,275

Goods and services

12,917

11,829

9,490

Contributions

9,791

7,586

8,000

Net GST received

2,138

1,458

1,912

Interest

1,145

739

385

Other

2,868

4,941

2,238

Total cash received

73,869

57,340

53,300

Cash used

Employees

23,980

22,852

18,937

Suppliers

34,043

30,602

25,463

Total cash used

58,023

53,454

44,400

Net cash from operating activities

15,846

3,886

8,900

INVESTING ACTIVITIES

Cash received

Proceeds from buildings, plant and equipment

12

-

-

Investments

55,789

1,001

-

Total cash received

55,801

1,001

-

Cash used

Payments for buildings, property, plant and equipment

5,008

4,563

12,964

Purchase of computer software

231

95

-

Payments for collection development acquisitions

5,872

11,886

16,605

Investments

74,978

-

-

Total cash used

86,089

16,544

29,569

Net cash used by investing activities

(30,288)

(15,543)

(29,569)

FINANCING ACTIVITIES

Cash received

Collection Development Acquisition Budget

16,605

16,628

16,605

Capital funding grants

-

4,958

-

Capital

12,264

-

6,064

Total cash received

28,869

21,586

22,669

Cash used

Other

-

-

2,000

Total cash used

-

-

2,000

Net cash from financing activities

28,869

21,586

20,669

Net (decrease)/increase in cash held

14,427

9,929

-

Cash at the beginning of the reporting period

19,652

9,723

9,723

Cash at the end of the reporting period

B1.1

34,079

19,652

9,723

The above statement should be read in conjunction with the accompanying notes.

1. Budget reported in Portfolio Budget Statements 2018-19, published on 8 May 2018.