Note 6.3: Trust Money Not Controlled by the NLA
The NLA has established a trust account for the receipt of a donation and due to the application of the donation, the NLA does not control these funds. The fund operates under formal trust arrangements; are only able to be used in accordance with the terms of the trust and require approval by the beneficiaries of the trust in relation to expenditure of funds. These funds are not recognised in the primary financial statements.
The Nora Heysen Trust Account is a specific bequest from the late Nora Heysen for the provision of scholarships for the study of aspects of the art of Hans Heysen or his contribution to the artistic culture of Australia; or to further the study of the art of Hans Heysen; or to promote and perpetuate the standing of Hans Heysen.
Balance carried forward from previous year
Receipts during the year
Available for payments
Balance carried forward to next year