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Resources, estimates and outcomes

Financial outcome for 2005–06

The Museum's financial statements disclose an operating deficit of $0.457 million. The Minister for Finance and Administration approved the Museum incurring an operating deficit.

The Museum's appropriation for 2005–06 was $39.784 million. The Museum also received a capital appropriation of $1.071 million in 2005–06 which related to the implementation of the Carroll Review: Review of Exhibitions and Public Programs (2003).

Income statement

Revenue from non-government sources increased by $1.083 million. The main increases were in donated assets ($0.932 million) and interest ($0.373 million). The main donated asset recognised was the Springfield gift ($0.766 million).

Interest as a percentage of non-appropriation revenue was 40.5 per cent (2004–05: 41.8 per cent). The reduction in appropriation revenue was due to a decrease in the indexation factor used to adjust annual appropriations.

Total expenses increased by $5.238 million. This was due to both increased employee expenses and increased supplier expenses for exhibition costs.

Balance sheet

The balance sheet discloses an increase in the Museum's net assets of $55.752 million. This was due to an increase in the asset revaluation reserve following an independent valuation of collection assets of $50.232 million and buildings of $4.906 million.

Cash as at 30 June 2006 totalled $0.820 million (30 June 2005: $0.787 million) and investments totalled $37.436 million (30 June 2005: $35.972 million). The investments primarily comprise reserves for depreciation and employee provisions.

Statement of cash flows

Net cash received from operating activities decreased by $2.949 million. This was due to increased employer payments.

During 2005–06, the Museum received an equity injection of $1.071 million to implement the recommendations of the Carroll Review: Review of Exhibitions and Public Programs (2003).

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