Financial outcome for 2004-2005
The Museum's financial statements disclose an operating surplus for 2004-2005 of $4.032 million, compared to a $0.764 million surplus in 2003-2004.
The Museum's appropriation for 2004-2005 was $40.132 million. The Museum also received a capital appropriation of $1 million in 2004-2005 which related to the implementation of the Review of Exhibitions and Public Programs (2003).
Statement of Financial Performance
Revenues from non-government sources decreased by $0.455 million. This was mainly due to a decrease in revenue from temporary exhibitions but was offset with an increase in investment income and the value of donated assets.
Total expenses were 8.7 per cent lower than the prior year, moving from $45.054 million in 2003-2004 to $41.130 million in 2004-2005. This was due to lower supplier expenses and reduced depreciation and amortisation.
Statement of Financial Position
The Statement of Financial Position discloses an increase in the Museum's net assets of $23.846 million, from $270.521 million in 2003-2004 to $294.367 million. The main increase was due to an increase to the asset revaluation reserve following an independent valuation of non-collection assets and in particular the value of buildings.
Cash at bank as at 30 June 2005 totalled $0.787 million (30 June 2004: $3.270 million) and investments totalled $35.972 million (30 June 2004: $26.734 million). The investments primarily comprise reserves for depreciation and employee provisions.
Statement of cash flows
Net cash received from operating activities increased by 43 per cent. This was primarily due to lower supplier payment.
Net cash used from investing activities increased significantly due to the purchase of additional investments during 2004-2005.
During 2004-2005, the Museum retired a loan from the Department of Communications, Information Technology and the Arts that was used when the Museum opened to assist in funding capital purchases.