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).
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.
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).