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Resources, Estimates and Outcomes

Financial outcome for 2002-2003

The Museum's financial statements disclose an operating surplus for 2002-2003 of $32,173,480 (2001-2002: $25,591,596). This result includes income from Government for the Capital Use Charge of $28.233 million (which is repaid to Government). If the Capital Use Charge income is removed, the Museum delivered an underlying operating surplus of $3.940 million in 2002-2003 (compared to an underlying deficit in the prior year of $3.721 million).

The Museum's appropriation for 2002-2003 was $67.565 million, which was provided by the Government to continue the development of the Museum's operations following opening of the new Acton facility in 2001. The Museum also received a capital appropriation of $1.971 million in 2002-2003 which represents supplementation for unfunded depreciation in the prior year.

The table below indicates the estimates approved by the Minister for the Museum and the outcome in terms of actual expenditures for 2002-2003.

Budget
2002-2003
$'000

Actual
2002-2003
$'000

Employee Expenses 11,652 13,197
Administrative and other operating Expenses 29,714 26,710
Capital Use Charge 28,233 28,233
Less Revenue from Independent Sources -2,104 -4,516
Net Resources Used from Government 67,495 63,624

Statement of financial performance

Appropriation revenues from Government increased by $5.013 million from $62.552 million in 2001-2002 to $67.565 million in 2002-2003. The additional appropriation resulted from the Government's decision to increase resources to the Museum following the completion of the National Museum of Australia Funding Review in 2001-2002.

Revenues from non-government sources increased substantially (by 41 per cent) to $4.516 million (2001-2002: $3.205 million). This included an 11 per cent increase in gross revenues from the sale of goods and services, a 145 per cent increase in investment income and a 98 per cent increase in other revenues.

Total expenses showed a slight decrease over the past two years, moving from $40.165 million in 2001-2002 to $39.908 million in 2002-2003.

Graph displaying operating revenues
Graph displaying operating expenses

Statement of financial position

The statement of financial position discloses an increase in the Museum's net assets of $13.098 million, from $256.608 million in 2001-2002 to $269.706 million in 2002-2003.

A full revaluation of the National Historical Collection was conducted in 2002-2003. The revaluation resulted in an increase in the asset revaluation reserve of $7.187 million.

Cash at bank as at 30 June 2003 totalled $2.726million (2001-2002:$3.534m) and investments totalled $22.920million (2001-2002:$12.153m). The investments primarily comprise reserves for depreciation and employee provisions.

Statement of cash flows

Net cash received from operating activities increased by 8 per cent in 2002-2003. This was primarily due to the increased Commonwealth Appropriation.

Cash used for operating activities rose slightly from the prior year due to increased cash payments for salaries, which moved from $10.876 million to $12.417 million.

Capital Use Charge paid during the year totalled $29.048 million, which comprised the payout of the accrual for 2001-2002 of $0.815 million, and payment for the 2002-2003 year of $28.233 million in June 2003.