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National Museum of Australia Annual Report 15–1666

67Part four: Audited financial statements


fortheyearended30June2016

Actual ActualOriginalBudget

2016 2015 2016Notes $'000 $'000 $'000

NETCOSTOFSERVICESExpenses

Employeebenefits 1.1A 21,634 21,576 21,099Suppliers 1.1B 18,179 17,993 17,263Depreciationandamortisation 2.2A 8,446 8,320 8,477Inventorywrite‐offs 16 94 ‐Losses(gains)fromassetsales 51 (6) ‐Subsidies 44 221 ‐

Totalexpenses 48,370 48,198 46,839Own‐SourceIncome

Own‐sourcerevenueSaleofgoodsandrenderingofservices 1.2A 3,102 2,906 2,519Interest 1.2B 1,421 1,594 1,552Otherrevenue 1.2C 1,286 395 200

Totalown‐sourcerevenue 5,809 4,895 4,271Gains

Donatedassets 1.2D 453 271 ‐Totalgains 453 271 ‐Totalown‐sourceincome 6,262 5,166 4,271Netcostofservices (42,108) (43,032) (42,568)RevenuefromGovernment 1.2E 40,819 41,590 41,441Surplus/(Deficit)attributabletotheAustralianGovernment (1,289) (1,442) (1,127)

OTHERCOMPREHENSIVEINCOMEItemsnotsubjecttosubsequentreclassificationtonetcostofservices

Changesinassetrevaluationsurplus 3,391 7,606 ‐Totalothercomprehensiveincome 2,102 6,164 (1,127)Theabovestatementshouldbereadinconjunctionwiththeaccompanyingnotes.

StatementofComprehensiveIncome


BudgetVariancesCommentary

TheNationalMuseumofAustraliahasasingleOutcomethatisreportedintheOverview.

Employees

Suppliers

Saleofgoodsandrenderingofservices

Otherrevenue

Donatedassets

RevenuefromGovernment

Changesinassetrevaluationsurplus

Explanationofmajorvariancesareprovidedbelow.Variancesareconsideredmajorwherethevariancebetweenbudgetandactualisgreaterthan10%or$300,000

Theoriginalbudgetaspresentedinthe2015‐16PortfolioBudgetStatements(PBS)isprovidedforcomparisonofthefinalfinancialoutcomeinaccordancewiththeAustraliaAccountingStandards.ThebudgetisnotauditedanddoesnotreflectchangestothebudgetannouncedbytheCommonwealthGovernmentintheMid‐YearEconomicandFiscalOutlook(MYEFO).

VarianceduetoareductioninfundingfromsavingsannouncedbytheCommonwealthGovernmentatMYEFO.Actualresultsincludeimpactofassetrevaluationsconductedatyear‐end,whicharedifficulttopredictforbudgetpurposesandthereforenoallowancewasmadewithinthebudget.

Varianceisdueadditionalpaymentstodefinedbenefitssuperannuationschemesfollowinganactuarialreviewandanincreaseinleaveexpensescausedbyadecreaseinbondratesovertheperiodusedtocalculatethediscountrateapplicabletolongserviceleaveliabilities.Varianceisduetohigherthanexpectedexpenditureontemporaryandtouringexhibitionsfundedbyhigherthanestimatedgrantrevenue.Varianceisduetohigherthanestimatedreturnsoncommercialactivitiesasaresultofvisitationnumbersbeinghigherthanforecast.GrantsreceivedfromCommonwealthandStateGovernmentsforexhibitionshigherthanbudgetexpectations.

RelatestodonatedobjectsfortheNationalHistoricalCollection.Donatedassetsarenotincludedinbudget.


asat30June2016


2016 2015 2016Notes $’000 $’000 $’000

ASSETSFinancialassets

Cashandcashequivalents 2.1A 1,766 2,439 1,033Tradeandotherreceivables 2.1B 1,052 1,100 729Held‐to‐maturityassets:TermDeposits 41,000 40,000 35,500

Totalfinancialassets 43,818 43,539 37,262Non‐financialassets

Land 2.2A 6,306 6,306 6,306Buildings 2.2A 101,403 100,466 99,586Heritageandcultural 2.2A 270,488 268,183 261,468Plantandequipment 2.2A 53,398 54,329 60,790Computersoftware 2.2A 916 1,065 768Otherintangibles 2.2A 1,567 317 331Inventoriesheldforresale 510 471 559Prepayments 442 621 439

Totalnon‐financialassets 435,030 431,758 430,247Totalassets 478,848 475,297 467,509LIABILITIESPayables

Suppliers 2.3A 1,509 2,068 2,024Otherpayables 2.3B 405 919 132

Totalpayables 1,914 2,987 2,156Provisions

Employeeprovisions 4.1A 6,329 5,751 5,618Totalprovisions 6,329 5,751 5,618Totalliabilities 8,243 8,738 7,774Netassets 470,605 466,559 459,735EQUITY

Contributedequity 27,352 25,408 27,352Assetrevaluationreserve 183,662 180,271 172,666Retainedsurplus 259,591 260,880 259,717

Totalequity 470,605 466,559 459,735Theabovestatementshouldbereadinconjunctionwiththeaccompanyingnotes.

StatementofFinancialPosition



Cashandcashequivalents,Held‐to‐maturityassets

Tradeandotherreceivables

Buildings,Heritageandcultural

PlantandEquipment

Computersoftware,Otherintangibles

Employeeprovisions

Assetrevaluationreserve

Explanationofmajorvariancesareprovidedbelow.Variancesareconsideredmajorwherethevariancebetweenbudgetandactualisgreaterthan10%or$700,000.

Theoriginalbudgetaspresentedinthe2015‐16PortfolioBudgetStatements(PBS)isprovidedforcomparisonofthefinalfinancialoutcomeinaccordancewiththeAustraliaAccountingStandards.ThebudgetisnotauditedanddoesnotreflectchangestothebudgetannouncedbytheCommonwealthGovernmentintheMid‐YearEconomicandFiscalOutlook(MYEFO).

Thevarianceisduetoahigherthanexpectedchangeinbondratesovertheperiodusedtocalculatethediscountrateapplicabletolongserviceleaveliabilities.Actualresultsincludeimpactofassetrevaluationsconductedatyear‐end,whicharedifficulttopredictforbudgetpurposesandthereforenoallowancewasmadewithinthebudget.

Varianceisduetodelaysinreplacementofmajorplantandequipmentscheduledfor2015‐16.Thismeantcashandtermdepositswerehigherthanexpectedatyearend.Budgetissetwithreferenceto2014‐15actuals.Actualsexceedbudgetduetohighlevelofreceiptsowingfromvenuehiretowardstheendoftheyearthataredifficulttopredictwithaccuracy.Theoutstandingamountsarenotoverdue.

Budgetissetwithreferenceto2014‐15actualswithadjustmentsforknownmovementsatthattime.Actualresultsincludeimpactofassetrevaluationsconductedatyear‐end,whicharedifficulttopredictforbudgetpurposes,andthereforenoallowancewasmadewithinthebudget.Varianceisfromdelaysinmajorprojectsassociatedplantreplacement,galleryrefurbishmentandinfrastructureredevelopment.ActualsincludedevelopmentoftheinteractivegameKspace.PlantandequipmentandComputerSoftwareandintangibleswerecombinedforbudgetarypurposes.



2016 2015 2016$’000 $’000 $’000

CONTRIBUTEDEQUITY

Openingbalance 25,408 23,444 25,408TransactionswithownersContributionsbyownersEquityinjection 1,944 1,964 1,944

Totaltransactionswithowners 1,944 1,964 1,944Closingbalanceasat30June 27,352 25,408 27,352

RETAINEDEARNINGS

Openingbalance 260,880 262,322 260,844Comprehensiveincome

Surplus/(Deficit)fortheperiod (1,289) (1,442) (1,127)Totalcomprehensiveincome (1,289) (1,442) (1,127)Closingbalanceasat30June 259,591 260,880 259,717

ASSETREVALUATIONRESERVEOpeningbalance 180,271 172,665 172,666Comprehensiveincome

Othercomprehensiveincome 3,391 7,606 ‐Totalcomprehensiveincome 3,391 7,606 ‐Closingbalanceasat30June 183,662 180,271 172,666

TOTALEQUITYOpeningbalance 466,559 458,431 458,918Comprehensiveincome

Surplus/(Deficit)fortheperiod (1,289) (1,442) (1,127)Othercomprehensiveincome 3,391 7,606 ‐

Totalcomprehensiveincome 2,102 6,164 (1,127)TransactionswithownersContributionsbyownersEquityinjection 1,944 1,964 1,944

Totaltransactionswithowners 1,944 1,964 1,944Closingbalanceasat30June 470,605 466,559 459,735Theabovestatementshouldbereadinconjunctionwiththeaccompanyingnotes.

AccountingPolicyEquityInjections


AssetRevaluationReserve‐othercomprehensiveincome

Assetrevaluationsconductedatyear‐endaredifficulttopredictforbudgetpurposesandthereforenoallowancewasmadewithinthebudget.

fortheperiodended30June2016StatementofChangesinEquity

Theoriginalbudgetaspresentedinthe2015‐16PortfolioBudgetStatements(PBS)isprovidedforcomparisonofthefinalfinancialoutcomeinaccordancewiththeAustraliaAccountingStandards.ThebudgetisnotauditedanddoesnotreflectchangestothebudgetannouncedbytheCommonwealthGovernmentintheMid‐YearEconomicandFiscalOutlook(MYEFO).Explanationofmajorvariancesareprovidedbelow.Variancesareconsideredmajorwherethevariancebetweenbudgetandactualisgreaterthan10%and$200,000.

Amountsappropriatedwhicharedesignatedas‘equityinjections’forayeararerecogniseddirectlyincontributedequityinthatyear.

Original



2016 2015 2016Notes $’000 $’000 $’000

OPERATINGACTIVITIESCashreceived

ReceiptsfromGovernment 40,819 41,590 41,441Saleofgoodsandrenderingofservices 2,920 2,938 2,562Interest 1,479 1,578 1,404NetGSTreceived 2,591 2,150 2,811Other 1,207 369 300

Totalcashreceived 49,016 48,625 48,518Cashused

Employees 21,668 21,106 21,715Suppliers 18,535 18,145 17,221NetGSTpaid 2,316 2,274 ‐Other 44 221 2,812

Totalcashused 42,563 41,746 41,748Netcashfromoperatingactivities 3.2 6,453 6,879 6,770INVESTINGACTIVITIESCashreceived

Proceedsfromsalesofproperty,plantandequipment 4 9 ‐Investments 57,000 50,000 50,000

Totalcashreceived 57,004 50,009 50,000Cashused

Purchaseofproperty,plantandequipment 6,415 6,389 11,863Purchaseofintangibles 1,659 346 ‐Investments 58,000 51,000 47,000

Totalcashused 66,074 57,735 58,863Netcashusedbyinvestingactivities (9,070) (7,726) (8,863)FINANCINGACTIVITIESCashreceived

Other 1,944 1,964 1,944Totalcashreceived 1,944 1,964 1,944Netcashfromfinancingactivities 1,944 1,964 1,944Netincrease/(decrease)incashheld (673) 1,117 (149)Cashandcashequivalentsatthebeginningofthereportingperiod 2,439 1,322 1,182Cashandcashequivalentsattheendofthereportingperiod 2.1A 1,766 2,439 1,033Theabovestatementshouldbereadinconjunctionwiththeaccompanyingnotes.

CashFlowStatementfortheyearended30June2016



ReceiptfromGovernment

Saleofgoodsandrenderingofservices

Othercashreceived

Suppliers

NetGSTreceived,Other

Investments

Purchaseofproperty,plantandequipment

Purchaseofintangibles

Varianceisduetohigherthanestimatedmaturityandre‐investmentinshorttermdepositsfollowingdelaysinmajorprojectsassociatedplantreplacement,galleryrefurbishmentandinfrastructureredevelopment.Varianceisduetodelaysininmajorprojects,associatedplantreplacement,galleryrefurbishmentandinfrastructureredevelopment.

Varianceisduetohigherthanexpectedexpenditureontemporaryandtouringexhibitionsfundedbyhigherthanestimatedgrantrevenue.

Purchaseofintangiblesandproperty,plantandequipmentwerecombinedforbudgetarypurposes.

GrantsreceivedfromCommonwealthandStateGovernmentsfortemporaryandtouringexhibitionshigherthanbudgetexpectations.

Theoriginalbudgetaspresentedinthe2015‐16PortfolioBudgetStatements(PBS)isprovidedforcomparisonofthefinalfinancialoutcomeinaccordancewiththeAustraliaAccountingStandards.ThebudgetisnotauditedanddoesnotreflectchangestothebudgetannouncedbytheCommonwealthGovernmentintheMid‐YearEconomicandFiscalOutlook(MYEFO).Explanationofmajorvariancesareprovidedbelow.Variancesareconsideredmajorwherethevariancebetweenbudgetandactualisgreaterthan10%and$200,000.

VarianceisprimarilyduetoimplementationofefficiencysavingsannouncedinMYEFOVarianceisduetohigherthanestimatedreturnsoncommercialactivitiesasaresultofvisitationnumbersbeinghigherthanforecast.

ThebudgetfornetGSTreceivedwasinadvertantlyrecordedasOthercashused.HencethebudgetfornetGSTusediszeroandthebudgetforothercashusedisoverstated.


ObjectivesoftheNationalMuseumofAustralia

Outcome1:ToincreaseawarenessandunderstandingofAustralia'shistoryandculturebymanagingtheNationalMuseumofAustralia'scollectionsandprovidingaccessthroughpublicprogramsandexhibitions.

a)PublicGovernance,PerformanceandAccountability(FinancialReporting)Rule2015 (FRR)forreportingperiodsendingonorafter1July2015;and

TheNationalMuseumofAustraliaisanAustralianGovernmentcontrolledentity.Itisanot‐for‐profitentity.TheobjectiveoftheNationalMuseumofAustraliaistopromoteanunderstandingofAustralia'shistoryandanawarenessoffuturepossibilitiesby:‐developing,preservingandexhibitingasignificantcollection;‐takingaleadershiproleinresearchandscholarship;‐engagingandprovidingaccessforaudiencesnationallyandinternationally;and‐deliveringinnovativeprograms.

Thefinancialstatementshavebeenpreparedinaccordancewith:

ThecontinuedexistenceoftheNationalMuseumofAustraliainitspresentformandwithitspresentprogramsisdependentonGovernmentpolicyandoncontinuingfundingbyParliamentfortheNationalMuseumofAustralia'sadministrationandprograms.

TheNationalMuseumofAustraliaisstructuredtomeetthefollowingoutcome:

TheBasisofPreparationThefinancialstatementsaregeneralpurposefinancialstatementsrequiredbythePublicGovernance,PerformanceandAccountabilityAct2013.

b)AustralianAccountingStandardsandInterpretationsissuedbytheAustralianAccountingStandardsBoard(AASB)thatapplyforthereportingperiod.

AdoptionofNewAustralianAccountingStandardRequirementsNoaccountingstandardhasbeenadoptedearlierthantheapplicationdateasstatedinthestandard.

Nonew,revisedoramendingstandardsandinterpretationsareapplicabletothecurrentreportingperiod.

NewAccountingStandards

Thefinancialstatementshavebeenpreparedonanaccrualbasisandinaccordancewiththehistoricalcostconvention,exceptforcertainassetsandliabilitiesatfairvalue.Exceptwherestated,noallowanceismadefortheeffectofchangingpricesontheresultsorthefinancialposition.ThefinancialstatementsarepresentedinAustraliandollars.

Overview


Standard/Interpretation

ApplicationdatefortheNationalMuseumofAustralia1

Natureofimpendingchange/sinaccountingpolicyandlikelyimpactoninitialapplication

AASB9FinancialInstruments

Thestandardincorporatestheclassificationandmeasurementrequirementsforfinancialliabilities,andtherecognitionandde‐recognitionrequirementsforfinancialinstruments,inadditiontotheclassificationandmeasurementrequirementsforfinancialassets.

AASB15RevenuefromContractswithCustomers

1July2018 Thestandardestablishesprinciplesforreportinginformationaboutthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromanentity’scontractswithcustomers.ThecoreprincipleofAASB15isthatanentityrecognisesrevenuetodepictthetransferofpromisedgoodsorservicestocustomersinanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.

AASB16Leases Thenewstandardrequireslesseestorecognisearight‐of‐useassetandaleaseliabilityforallleaseswithatermofmorethan12months,unlesstheunderlyingassetisoflowvalue.

Therearenoeventsafterthereportingperiodthatwillmateriallyaffectthefinancialstatements.EventsAftertheReportingPeriod

1July2019

TheNationalMuseumofAustraliaisexemptfromallformsoftaxationexceptFringeBenefitsTax(FBT)andtheGoodsandServicesTax(GST).

Taxation

1.TheNationalMuseumofAustralia’sexpectedinitialapplicationdateiswhentheaccountingstandardbecomesoperativeatthebeginningoftheentity’sreportingperiod.Allothernew,revisedandamendingstandardsandinterpretationsthatwereissuedpriortothesign‐offdateandareapplicabletofuturereportingperiodsarenotexpectedtohaveafuturematerialimpactontheNationalMuseumofAustralia’sfinancialstatements.

1July2018

FutureAustralianAccountingStandardRequirementsThefollowingnew,revisedandamendingstandardsandinterpretationswereissuedbytheAustralianAccountingStandardsBoardpriortothesigningofthestatementbytheCouncil,DirectorandChiefFinanceOfficer,and,apartfromAASB16Leases, arenotexpectedtohaveamaterialimpactontheNationalMuseumofAustralia'sfinancialstatementsforfuturereportingperiodsbutwillaffectdisclosure:

Overview


ThissectionanalysesthefinancialperformanceoftheNationalMuseumofAustraliafortheyearended2016.

1.1Expenses2016 2015$’000 $’000

1.1A:EmployeebenefitsWagesandsalaries 16,021 16,534SuperannuationDefinedcontributionplans 1,585 1,293Definedbenefitplans 1,719 1,687

Leaveandotherentitlements 2,173 2,014Separationandredundancies 136 48Totalemployeebenefits 21,634 21,576

1.1B:SuppliersGoodsandservicessuppliedorrendered

Costofgoodssold 956 851ITServicesandCommunications 1,464 1,422PropertyServices 6,730 7,107ProfessionalServices 846 1,163Travel 559 648ExhibitionsandCollectionManagement 1,953 1,440StaffSupportServices 1,081 610Other 1,607 1,452

Totalgoodsandservicessuppliedorrendered 15,196 14,693Goodssupplied 4,361 4,905Servicesrendered 10,835 9,788Totalgoodsandservicessuppliedorrendered 15,196 14,693Othersuppliers

OperatingleaserentalsinconnectionwithMinimumleasepayments 2,304 2,252Contingentrentals (57) 49

Workerscompensationexpenses 736 999Totalothersuppliers 2,983 3,300Totalsuppliers 18,179 17,993

SignificantAccountingPolicy

Accountingpoliciesforemployeerelatedexpensesarecontained inthePeopleandRelationshipsSection.

FinancialPerformance


Leasingcommitments

Within1year 987 1,069Between1to5years 15 929Morethan5years ‐ ‐

Totaloperatingleasecommitments 1,002 1,998

TheNationalMuseumofAustraliainitscapacityaslesseehasleasearrangementsforofficeaccommodation,warehousefacilitiesandmotorvehicles.Accommodationandwarehouseleasesaresubjecttoannualincreasesaccordingtothetermsoftheleaseagreement.IncreasesarebasedonmovementsintheConsumerPriceIndexormarketreviews.LeasesmaybereneweduptofiveyearsattheMuseum'sdiscretion.Nocontingentleasesorpurchaseoptionsexistformotorvehicleleases.Commitmentsforminimumleasepaymentsinrelationtonon‐cancellableoperatingleasesarepayableasfollows:


Adistinction ismadebetweenfinanceleasesandoperatingleases.Financeleaseseffectivelytransferfromthelessortothelesseesubstantiallyalltherisksandrewardsincidentaltoownershipofleasedassets.Inoperatingleases,thelessoreffectivelyretainssubstantiallyallsuchrisksandbenefits.TheNationalMuseumofAustraliahasnofinanceleases.Operatingleasepaymentsareexpensedonastraight‐linebasiswhichisrepresentativeofthepatternofbenefitsderivedfromtheleasedassets.



1.2Own‐SourceRevenueandgains2016 2015$’000 $’000

Own‐SourceRevenue1.2A:SaleofgoodsandrenderingofservicesSaleofgoods 1,863 1,635Renderingofservices 1,239 1,271Totalsaleofgoodsandrenderingofservices 3,102 2,906

1.2B:InterestDeposits 1,421 1,594Totalinterest 1,421 1,594

1.2C:OtherrevenueDonations 75 49Sponsorshipandgrants 1,211 346Totalotherrevenue 1,286 395

Gains

1.2D:DonatedassetsDonatedassets 453 271

Totalothergains 453 271

1.2E:RevenuefromGovernmentAppropriations

CorporateCommonwealthentitypayment item 40,819 41,590TotalrevenuefromGovernment 40,819 41,590


Revenuefromthesaleofgoodsisrecognisedwhen:a)therisksandrewardsofownershiphavebeentransferredtothebuyer;andb)theentityretainsnomanagerialinvolvementoreffectivecontroloverthegoods.

Revenuefromrenderingofservicesisrecognised byreferencetothestageofcompletionofcontractsatthereportingdate.Thestageofcompletionofcontractsatthereportingdateisdeterminedbyreferencetotheproportionthatcostsincurredtodatebeartotheestimatedtotalcostsofthetransaction.Receivablesforgoodsandservices,whichhave30dayterms,arerecognisedatthenominalamountsduelessanyimpairmentallowance.Collectabilityofdebtsisreviewedatendofthereportingperiod.Allowancesaremadewhencollectabilityofthedebtisnolongerprobable.

AccountingPolicy

Interestrevenueisrecognisedusingtheeffectiveinterestmethod.

Significant AccountingPolicy

Cash receivedthroughsponsorship arrangementsarerecognisedasrevenuewhenacontractualobligationforpaymentexists.Resourcesreceivedfreeofchargethrough sponsorshiparrangementsarerecognisedasrevenuewhen theresourcesarereceivedandwhenafairvaluecanbereliablydetermined.Useofthoseresourcesisrecognisedasanexpense.Grantsareassessedforrevenuerecognition inaccordancewithAASB118Revenueand AASB1004Contributions.Grantssatisfyingthecriteriaarerecognisedasrevenuebyreferencetotherequirementsofthegrantagreement.Grantsnotsatisfyingthecriteriaarerecognisedasrevenuewhencashisreceived.


Contributionsofassetsatnocostofacquisitionorfornominalconsiderationarerecognisedasgainsattheirfairvaluewhentheassetsqualifyforrecognition.


Fundingreceivedorreceivablefrom Attorney‐General'sDepartmentandDepartmentofCommunicationsandtheArts isrecognisedasRevenuefromGovernmentbytheNationalMuseumofAustralia unlessthefundingisinthenatureofanequityinjectionoraloan.



EmployeerelatedinformationisdisclosedinthePeopleandRelationshipssection.2.1FinancialAssets

2016 2015$’000 $’000

2.1A:CashandcashequivalentsCashonhandorondeposit 1,766 2,439Totalcashandcashequivalents 1,766 2,439

2.1B:TradeandotherreceivablesGoods and services receivablesGoodsandservices 374 93Totalgoodsandservicesreceivables 374 93Otherreceivables

Interest 475 533GSTreceivablefromtheAustralianTaxationOffice 203 474

Totalotherreceivables 678 1,007Totaltradeandotherreceivables(gross) 1,052 1,100Tradeandotherreceivables(net)expectedtoberecovered

Nomorethan12months 1,052 1,100Morethan12months ‐ ‐

Totaltradeandotherreceivables(net) 1,052 1,100Goodsandservicesreceivables(gross)agedasfollowsNotoverdue 367 87Overdueby

0to30days 4 631to60days 2 ‐61to90days 1 ‐Morethan90days ‐ ‐

Totalgoodsandservicesreceivables(net) 374 93

Credittermsforgoodsandserviceswerewithin30days(2015:30days).

ThissectionanalysestheNationalMuseumofAustralia'sassetsusedtoconductitsoperationsandtheoperatingliabilitiesincurredasaresult.


Cashisrecognisedatitsnominalamount.Cashandcashequivalentsincludes:a)cashonhand;andb) demanddepositsinbankaccountswithanoriginalmaturityof3monthsorlessthatarereadilyconvertibletoknownamountsofcashandsubjecttoinsignificantriskofchangesinvalue.

FinancialPosition



LoansandReceivables

Tradereceivables,loansandotherreceivablesthathavefixedordeterminablepaymentsandthatarenotquotedinanactivemarketareclassifiedas'loansandreceivables'.Loansandreceivablesareintitiallymeasuredandsubsequentlyatamortisedcostusingtheeffectiveinterestmethodlessimpairment.Receivablesforgoodsandservices,whichhave30dayterms,arerecognisedatthenominalamountsduelessanyimpairmentallowance.Collectabilityofdebtsisreviewedatendofthereportingperiod.Allowancesaremadewhencollectabilityofthedebtisnolongerprobable.ImpairmentofFinancialAssets

Financialassetsareassessedforimpairmentattheendofeachreportingperiod.Financialassetsheldatamortisedcost‐ ifthereisobjectiveevidencethatanimpairmentlosshasbeenincurredforloansandreceivablesorheld‐to‐maturityinvestmentsheldatamortisedcost,theamountofthelossismeasuredasthedifferencebetweentheasset’scarryingamountandthepresentvalueofestimatedfuturecashflowsdiscountedattheasset’soriginaleffectiveinterestrate.Thecarryingamountisreducedbywayofanallowanceaccount.ThelossisrecognisedintheStatementofComprehensiveIncome.

AccountingJudgementsandEstimates

CreditRisk

TheMuseumisexposedtominimalcreditriskasthemajorityofloansandreceivablesandheld‐to‐maturityinvestmentsarecashdepositsheldwithfinancialinstitutions.Themaximumexposuretocreditriskistheriskthatarisesfrompotentialdefaultofatradedebtor.TheNationalMuseumofAustraliahasnosignificantexposurestoanyconcentrationsofcreditriskandhaspoliciesandprocedureswhichoutlineinvestmentofsurpluscashanddebtrecoverytechniques.MarketRisk

Interestraterisk

Interestrateriskreferstotheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketinterestrates.NationalMuseumofAustraliaisexposedtointerestrateriskprimarilyfromheldtomaturityinvestments.A30basispointchangeisdeemedtobereasonablypossibleandisusedwhenreportinginterestraterisk.Themethodusedtoarriveatthepossibleriskof30basispointswasbasedonbothstatisticalandnon‐statisticalanalysis.ThestatisticalanalysishasbeenbasedonthecashrateforthepastfiveyearsissuedbytheReserveBankofAustralia(RBA)astheunderlyingdataset.Thisinformationisthenrevisedandadjustedforreasonablenessunderthecurrenteconomiccircumstances.TheNational MuseumofAustralia'ssensitivityanalysisoftheinterestrateriskexposurefor2016is$123,000(2015:$160,000basedon40basispoints)

FinancialPosition


2.2Non‐FinancialAssets

2.2A:ReconciliationoftheOpeningandClosingBalancesofProperty,PlantandEquipmentandIntangibles

Reconciliationoftheopeningandclosingbalancesofproperty,plantandequipmentfor2016

Land

Buildings

Heritage

and

cultural1

Plantand

equipm

ent

Computer

Software

Purchased

Other

Intangibles

Total

$’000

$’000

$’000

$’000

$’000

$’000

$’000

Asat1July2015

Gross

bookvalue

6,306

101,952

268,183

59,605

1,591

1,582

439,219

Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

(1,486)

‐(5,276)

(526)

(1,265)

(8,553)

Totalasat1July2015

6,306

100,466

268,183

54,329

1,065

317

430,666

Addition

sPurch

ase‐

‐1,977

4,434

137

‐6,548

Intern

allyd

evelo

ped

‐‐

‐‐

‐1,522

1,522

Donation/Gift

‐‐

453

‐‐

‐453

Revalua

tionsandimp

airme

ntsrecog

nisedinothercom

prehensi

veincom

e‐

2,413

978

‐‐

‐3,391

Depre

ciationa

ndam

ortisation

‐(1,476)

(1,103)

(5,309)

(286)

(272)

(8,446)

Disposals

‐Gross

bookvalue

‐‐

‐97

‐‐

97

Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

‐‐

(41)

‐‐

(41)

Totalasat30June2016

6,306

101,403

270,488

53,398

916

1,567

434,078

Totalasat30June2016representedb y

Gross

bookvalue

6,306

102,094

270,488

63,942

1,728

3,104

447,662

Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

(691)

‐(10,544)

(812)

(1,537)

(13,584)

Totalasat30June2016

6,306

101,403

270,488

53,398

916

1,567

434,078

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FinancialPosition


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bala

nces

of p

rope

rty,

pla

nt a

nd e

quip

men

t for

201

5

Land

Building

s

Heritage

and

cultur

al1Pla

ntand

equip

ment

Comp

uter

software

Other

intangib

lesTotal

$’000

$’000

$’000

$’000

$’000

$’000

$’000

Asat1July2

014

Gross

bookvalue

6,306

101,7

33

259,1

58

55,70

210,98

91,5

82

435,4

70

Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

‐‐

‐(10

,039)

(1,051)

(11,09

0)Totalasat1July2

014

6,306

101,7

33

259,1

58

55,70

2950

531

424,3

80

Addition

sPurch

ase‐

226

979

5,183

345

‐6,7

33

Donation/Gift

‐‐

271

‐‐

‐271

Revalua

tionsandimp

airme

ntsrecog

nisedinothercom

prehensi

veincom

e‐

(7)8,8

50

(1,238)

‐‐

7,605

Depre

ciationa

ndam

ortisation

‐(1,486)

(1,075)

(5,315)

(230)

(214)

(8,320)

Othermo

veme

ntsGross

bookvalue

‐‐

‐‐

(486)

‐(48

6)Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

‐‐

‐486

‐486

Disposals

Gross

bookvalue

‐‐

‐(3)

(9,257)

‐(9,260)

Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

‐‐

‐9,2

57

‐9,2

57

Totalasat30

June20

156,3

06

100,4

66

268,1

83

54,32

91,0

65

317

430,6

66

Totalasat30

June20

15repre

sented

byGross

bookvalue

6,306

101,9

52

268,1

83

59,60

51,5

91

1,582

439,2

19

Accum

ulated

depre

ciation,a

mortisat

ionan

dimp

airme

nt‐

(1,486)

‐(5,276)

(526)

(1,265)

(8,553)

Totalasat30

June20

156,3

06

100,4

66

268,1

83

54,32

91,0

65

317

430,6

66

1.Land,b

uildin

gsando

therprop

erty,p

lantandeq

uipme

nttha

tmetthe

definitio

nofahe

ritage

andcultura

litem

weredis

closed

intheh

eritag

eandculturalasset

class.

FinancialPosition


2016

2015

$'00

0$'

000

Non

-fin

anci

al a

sset

s La

nd6,306

6,306

Level

3

Bui

ldin

gs o

n fr

eeho

ld la

nd101,403

100,4

66

Level

3

Leas

ehol

d im

prov

emen

ts2,463

2,802

Level

3

Her

itage

and

cul

tura

l270,488

268,1

83

Level

3

Oth

er p

rope

rty p

lant

and

equ

ipm

ent

53,398

54,32

9Level

3

1. N

o ch

ange

in v

alua

tion

tech

niqu

es o

ccur

red

durin

g th

e pe

riod.

The

high

est a

nd b

est u

se o

f all

non-

finan

cial

ass

ets i

s the

sam

e as

thei

r cur

rent

use

.

Depre

ciated

repla

cementco

stbase

done

stima

tedusefu

llife

Marke

tapproa

chusi

nglocalan

dinte

rnationalse

condaryma

rketsf

orartan

dcollect

ablesan

dprov

idence

forobje

ctsDepre

ciated

repla

cementco

stusin

gacqu

isition

costs,ABSindic

esand

estimate

dusefullife

FairValueMeasurement

Level

3:Un

obser

vablei

nputs

forth

easse

torliability.

Level

2:Inputso

therth

anqu

otedp

ricesinc

ludedwi

thinL

evel1thatare

obser

vablef

orthe

asset

orlia

bility,eithe

rdirectlyo

rindir

ectly.

Level

1:Qu

otedp

rices(un

adjus

ted)in

activem

arkets

forid

enticala

ssetso

rliabilitiesthatthe

entity

cana

ccessatme

asurem

entdate

.Thed

ifferen

tlevel

softh

efairvalue

hiera

rchyaredefinedbe

low.

2.2BFairValueMeasurement

Fair

val

ue m

easu

rem

ents

at

the

end

of th

e re

port

ing

peri

odC

ateg

ory

(Lev

el 1

, 2

or 3

) ValuationTechnique(s)

1 andInputsUsed

Marke

t/Directc

omparisonap

proach

using

salesevide

ncean

dunitof

valueby

comp

arativeb

asis($p

erm2)

20%gro

ssval

uationa

sane

stima

teofrisk

Actua

lconst

ructioncost

sandAIQSbu

ilding

codeindic

esDepre

ciated

repla

cementco

stbase

done

stima

tedusefu

llife

Actua

lconst

ructioncost

s,ABSIndic

esandA

IQSbu

ilding

codeindic

es

Thefollow

ingtable

provide

sana

nalysiso

fasse

tsandlia

bilitie

sthatare

meas

ureda

tfairv

alue.T

herema

iningasset

sandlia

bilitie

sdisclosedinthestatem

entoffinanci

alpositiond

onotapply

thefairvalue

hie

rarchy

.

InputsandValuationTechniques

TheM

useum

procu

resvalua

tionserv

icesfr

omindependentvalu

ers.TheMuse

umteststhev

aluationat

least

onceevery

12months

.Thevalue

rspro

videw

ritten

assur

ancetothe

Muse

umthatthe

val

uationisin

comp

liancew

ithAA

SB13

.Thesign

ificantunobse

rvable

inputsuse

dinthefairv

aluem

easure

mentofthe

Muse

um’sb

uildin

gs,lea

sehold

impro

veme

ntsan

dothe

rprop

erty,p

lantandeq

uipme

ntare

relev

antin

dustryin

dices.

Significant

increa

ses(decr

eases)

ofthein

diceswo

uldresul

tinas

ignific

antlyhigher(lowe

r)fairvalu

emeas

ureme

nt.

Thesign

ificantunobse

rvable

inputsuse

dinthefairv

aluem

easure

mentofthe

Muse

um’sh

eritag

eandculturalasset

sarepri

vatesale

sofsimilarartwork

,antiquesandcollecta

blesandprofe

ssional

appra

isalso

fsimilarite

ms.Signific

antin

crease

s(decre

ases)inanyo

fthose

inputsi

nisol

ationwo

uldresul

tinas

ignific

antlyhigher(lowe

r)fairvalu

emeas

ureme

nt.



Assetsarerecordedatcostonacquisitionexceptasstatedbelow.Thecostofacquisitionincludesthefairvalueofassetstransferredinexchangeandliabilitiesundertaken.Assetsacquiredatnocost,orfornominalconsideration,areinitiallyrecognisedasassetsandincomeattheirfairvalueatthedateofacquisition.AssetRecognitionThreshold

Assetpurchasescostinglessthan$2,000areexpensedintheyearofacquisition(otherthanwheretheyformpartofagroupofsimilaritemswhicharesignificantintotal).Revaluations

Followinginitialrecognitionatcost,property,plantandequipmentarecarriedatfairvaluelesssubsequentaccumulateddepreciationandaccumulatedimpairmentlosses.Valuations areconductedwithsufficientfrequencytoensurethatthecarryingamountsofassetsdonotdiffermateriallyfromtheassets’fairvaluesasatthereportingdate.Theregularityofindependentvaluationsdependeduponthevolatilityofmovementsinmarketvaluesfortherelevantassets.Revaluationadjustmentsaremadeonaclassbasis.Anyrevaluationincrementiscreditedtoequityundertheheadingofassetrevaluationreserveexcepttotheextentthatitreversesapreviousrevaluationdecrementofthesameassetclassthatwaspreviouslyrecognisedinthesurplus/deficit.Revaluationdecrementsforaclassofassetsarerecogniseddirectlyinthesurplus/deficitexcepttotheextentthattheyreverseapreviousrevaluationincrementforthatclass.Anyaccumulateddepreciationasattherevaluationdateiseliminatedagainstthegrosscarryingamountoftheassetandtheassetrestatedtotherevaluedamount.Depreciation

Depreciableproperty,plantandequipmentassetsarewritten‐offtotheirestimatedresidualvaluesovertheirestimatedusefullives,inallcases,thestraight‐linemethodofdepreciation.Depreciationrates(usefullives),residualvaluesandmethodsarereviewedateachreportingdateandnecessaryadjustmentsarerecognisedinthecurrent,orcurrentandfuturereportingperiods,asappropriate.

Depreciationratesapplyingtoeachclassofdepreciableassetarebasedonthefollowingusefullives:

Impairment

Allassetswereassessedforimpairmentat30June2016.Whereindicationsofimpairmentexist,theasset’srecoverableamountisestimatedandanimpairmentadjustmentmadeiftheasset’srecoverableamountislessthanitscarryingamount.Therecoverableamountofanassetisthehigherofitsfairvaluelesscostsofdisposalanditsvalueinuse.Valueinuseisthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Wherethefutureeconomicbenefitofanassetisnotprimarilydependentontheasset’sabilitytogeneratefuturecashflows,andtheassetwouldbereplacediftheentityweredeprivedoftheasset,itsvalueinuseistakentobeitsdepreciatedreplacementcost.Derecognition

Anitemofproperty,plantandequipmentisderecognisedupondisposalorwhennofurtherfutureeconomicbenefitsareexpectedfromitsuseordisposal.

Buildingsonfreeholdland 100years

Leaseholdimprovements LeaseTerm

Plant andequipment 4‐100years

Heritageandcultural 50‐5,000years

FinancialPosition


HeritageandCulturalAssets

TheNationalMuseumofAustralia collects,managesanddisplaysheritageandculturalassetsofAustralianhistory.Thecollectionisheldintrustforthenation.AkeyobjectiveoftheNationalMuseumofAustralia ispreservationofthecollection.DetailsinrelationtotheNationalMuseumofAustralia'scuratorialandpreservationpoliciesarepostedontheNationalMuseumofAustralia'swebsiteatwww.nma.gov.au/about_us/ips/policies/collection_care_and_preservation_policy.Intangibles

TheNationalMuseumofAustralia's intangiblescompriseinternallydevelopedmultimedia applications forinternaluse.Theseassetsarecarriedatcostlessaccumulatedamortisationandaccumulatedimpairmentlosses.Softwareisamortisedonastraight‐linebasisoveritsanticipatedusefullife.Theusefullivesoftheentity'ssoftwarearefourtoeightyears(2015:fourtoeightyears).

AccountingJudgementsandEstimates

Thefairvalueoflandhasbeentakentobethemarketvalueasassessedbyanindependentvaluereverythreeyears.Thefairvalueofland,buildings,leaseholdimprovementsandotherproperty,plantandequipmenthasbeentakentobethedepreciatedreplacementcostsasassessedbyindependentvaluerseverythreeyears.On30June2016,amanagementvaluationwasconductedforland,buildings, leaseholdimprovementsandotherproperty,plantandequipment.Thefairvalueofheritageandculturalassetsisbasedonmarketobservations.TheNationalMuseumofAustralia’scollectionsarediversewithmanyobjectsbeingiconicwithlimitedmarketsforcomparison.TheNationalMuseumofAustraliahasmadesignificantestimatesinmeasuringtheimpactofprovidencetothevalueofcollectionobjects.Asamplingmethodologyisadoptedforvaluationwithasampleofobjectsselectedfromeachcollectioncategory.Valuesforthesamplearedeterminedbyreferencetoart,antiquesandcollectablemarketsandanaveragevalueappliedtotheentirecollectioncategory.IndependentvaluationsareconductedeverythreeyearsbyavaluerontheapprovedlistofvaluersfortheCulturalGiftProgramadministeredbytheMinistryfortheArts.Intheyearsbetweenvaluations,adviceisreceivedfromthevaluerofestimatedmovementsinmarketsthatmayimpactthevalueofthecollections.Amanagementrevaluationoccurswhenthereisevidenceofasignificantvariationtoprices.In2015‐16heritageandculturalassetswerevaluedbyanindependentvaluer.

FinancialPosition


2.3Payables

2.3A:SuppliersTradecreditorsandaccruals 1,486 1,988Operatingleaserentals 23 80Totalsuppliers 1,509 2,068Suppliersexpectedtobesettled

Nomorethan12months 1,509 2,068Morethan12months ‐ ‐

Totalsuppliers 1,509 2,068

Significant Accounting Policy

Financialliabilities

LiquidityRisk

2.3B:OtherpayablesSalariesandwages 164 686Superannuation 13 104Prepaymentsreceived/unearnedincome 228 129Totalotherpayables 405 919

Otherpayablestobesettled

Nomorethan12months 405 919Morethan12months ‐ ‐

Totalotherpayables 405 919

Thematuritiesfornon‐derivativefinancialliabilitiesin2016is$1,508,624(2015:$2,067,872)

Financialliabilitiesareclassifiedaseitherfinancialliabilities‘atfairvaluethroughprofitorloss’orotherfinancialliabilities.Financialliabilitiesarerecognisedandderecognisedupon‘tradedate’.

LiquidityriskistheriskthattheNationalMuseumofAustraliawillnotbeabletomeetitsobligationsastheyfalldue.TheNationalMuseumofAustralia'sfinancialliabilitiesaretradecreditors.TheexposuretoliquidityriskisbasedontheprobabilitythattheNationalMuseumofAustraliawillencounterdifficultyinmeetingitsobligationsassociatedwithfinancialliabilities.Thisriskisminimalduetoappropriationfundingandcontinuousmonitoringofcashflows.

Settlementisusuallymadewithin30days.

FinancialPosition


ThissectionidentifiestheNationalMuseumofAustralia'sfundingstructure.3.1CashFlowReconciliation

Net(costof)/contributionbyservices (42,108) (43,032)RevenuefromGovernment 40,819 41,590

Adjustmentsfornon‐cashitemsDepreciation/amortisation 8,446 8,320Netwritedownofnon‐financialassets 16 94Loss(Gain)ondisposalofassets 51 (6)Donatedassets (453) (271)

MovementinassetsandliabilitiesAssetsDecrease/(Increase)innetreceivables 48 (120)Decreaseininventories (55) (4)Decrease/(Increase)inprepayments 179 (182)

LiabilitiesIncrease/(Decrease)inemployeeprovisions 578 379Increase/(Decrease)insupplierspayables (554) 10Increase/(Decrease)inotherpayables (514) 101

Netcashfrom/(usedby)operatingactivities 6,453 6,879

Reconciliationofnetcostofservicestonetcashfrom/(usedby)operatingactivities

FundingThis section identi�ies the National Museum of Australia’s funding structure.


4.1EmployeeProvisions

2016 2015$’000 $’000

4.1A:EmployeeprovisionsAnnualLeave 1,955 2,007LongServiceLeave 4,374 3,744Totalemployeeprovisions 6,329 5,751EmployeeprovisionsexpectedtobesettledNomorethan12months 1,882 1,885Morethan12months 4,447 3,866

Totalemployeeprovisions 6,329 5,751

Thissectiondescribesarangeofemploymentandpostemploymentbenefitsprovidedtoourpeopleandourrelationshipswithotherkeypeople.

Significant Accountingpolicy

Liabilitiesforshort‐termemployeebenefitsandterminationbenefitsexpectedwithintwelvemonthsoftheendofreportingperiodaremeasuredattheirnominalamounts.Otherlong‐termemployeebenefitsaremeasuredasnettotalofthepresentvalueofthedefinedbenefitobligationattheendofthereportingperiod.Leave

Theliabilityforemployeebenefitsincludesprovisionforannualleaveandlongserviceleave.Theleaveliabilitiesarecalculatedonthebasisofemployees’remunerationattheestimatedsalaryratesthatwillbeappliedatthetimetheleaveistaken,includingtheentity’semployersuperannuationcontributionratestotheextentthattheleaveislikelytobetakenduringserviceratherthanpaidoutontermination.Theliabilityforlongserviceleave(LSL)foremployeeshasbeendeterminedbyreferencetotheshorthandmethodassetoutintheResourceManagementGuideNo.125CommonwealthEntitiesFinancialStatementsGuide.Superannuation

TheNational MuseumofAustralia'sstaffaremembersoftheCommonwealthSuperannuationScheme(CSS),thePublicSectorSuperannuationScheme(PSS),thePSSaccumulationplan(PSSap),orothersuperannuationfundsheldoutsidetheAustralianGovernment.TheCSSandPSSaredefinedbenefitschemesfortheAustralianGovernment.ThePSSapisadefinedcontributionscheme.TheliabilityfordefinedbenefitsisrecognisedinthefinancialstatementsoftheAustralianGovernmentandissettledbytheAustralianGovernmentinduecourse.ThisliabilityisreportedintheDepartmentofFinance’sadministeredschedulesandnotes.TheNationalMuseumofAustraliamakesemployercontributionstotheemployees'definedbenefitsuperannuationschemesatratesdeterminedbyanactuarytobesufficienttomeetthecurrentcosttotheGovernment.TheNational MuseumofAustralia accountsforthecontributionsasiftheywerecontributionstodefinedcontributionplans.Theliabilityforsuperannuationrecognisedasat30Junerepresentsoutstandingcontributions.

PeopleandRelationships


4.2SeniorManagementPersonnelandCouncilMembersRemuneration

2016 2015$’000 $’000

Short‐termemployeebenefitsSalary 991 1,075Performancebonuses 45 44Motorvehicleandotherallowances ‐ 21

Totalshort‐termemployeebenefits 1,036 1,140

Post‐employmentbenefitsSuperannuation 123 165

Totalpost‐employmentbenefits 123 165

Otherlong‐termemployeebenefitsAnnualleave 83 67Long‐serviceleave 47 22

Totalotherlong‐termemployeebenefits 130 89

Totalseniorexecutiveremunerationexpenses 1,289 1,394

Therewerenootherrelatedpartytransactionsduringtheyear.

Financial statement audit services were provided to the National Museum of Australia by the Australian National Audit Office (ANAO).

Fees paid and payable to the ANAO for the audit of the financial statements 57 5657 56

No other services were provided by the ANAO.

4.4AuditorsRemuneration

Thetotalnumberofseniormanagementpersonnelthatareincludedintheabovetablearefour(2015:five)andparttimeCouncilMembersten(2015:ten).

4.3RelatedPartyTransactions

ACouncilmemberisadirectorofanotherentitythattransactedwiththeNationalMuseumofAustralia.Thesetransactionsamountedto$31,400(2015:$14,300)occurredontermsandconditionsnomorefavourablethanthosewhichitisreasonabletoexpecttheNationalMuseumofAustraliawouldhaveadopted,ifdealingwithanythirdpartyonnormalcommercialterms.Councilapprovedthecontract.ThedirectortooknopartintherelevantdecisionsofCouncil.

PeopleandRelationships


6.1AssetsHeldintheNationalMuseumofAustraliaFund

2016 2015$’000 $’000

Asat1July 255 208Receipts 75 52Payments ‐ (5)

Totalasat30June 330 255

The National Museum of Australia Fund is set up under section 34 of the National Museum of Australia Act 1980 , for the receipt of gifts and bequests (otherwise than on trust) of monies, or monies received from the disposal of property given, devised, bequeathed or assigned to the Museum. These monies are recognised as revenue and expenses in the Statement of Comprehensive Income.

Otherinformation

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