To the Minister for the Arts and the Centenary of Federation
Scope
I have audited the financial statements of the National Library of Australia for the year ended 30 June 2000. The financial statements comprise:
The Council Members are responsible for the preparation and presentation of the financial statements and the information they contain. I have conducted an independent audit of the financial statements in order to express an opinion on them to you.
The audit has been conducted in accordance with Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards, to provide reasonable assurance as to whether the financial statements are free of material misstatement. Audit procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial statements, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial statements are presented fairly in accordance with Australian Accounting Standards, other mandatory professional reporting requirements and statutory requirements in Australia so as to present a view of the entity which is consistent with my understanding of its financial position, the results of its operations and its cash flows.
The audit opinion expressed in this report has been formed on the above basis.
Audit Opinion
In my opinion,
(i) the financial statements have been prepared in accordance with Schedule 2 of the Finance Minister's Orders; and
(ii) the financial statements give a true and fair view, in accordance with applicable Accounting Standards, other mandatory professional reporting requirements and Schedule 2 of the Finance Minister's Orders, of the financial position of the National Library of Australia as at 30 June 2000 and the results of its operations and its cash flows for the year then ended.
Australian National Audit Office
Puspa Dash (signed)
Senior Director
Delegate of the Auditor-General
Canberra
22 August 2000
In our opinion, the attached financial statements give a true and fair view of the matters required by Schedule 2 of the Finance Ministers Orders made under the Commonwealth Authorities and Companies Act 1997 for the year ended 30 June 2000.
Signed in accordance with a resolution of the Council of the National Library of Australia.
Signed at Canberra this 21st day of August 2000.
............................................. .............................................
| James Bain Chairman |
Jan Fullerton Director-General |
For the year ended 30 June 2000
| NOTES | 2000 $'000 |
1999 $'000 |
|
| Operating revenues | |||
| Revenues from Government | 4A | 214 523 | 35 005 |
| Sales of goods and services | 4B | 8 598 | 8 613 |
| Interest | 4C | 4 739 | 241 |
| Net gains from sale of assets | 4D | - | 9 |
| Other | 4E | 3 341 | 3 376 |
| Total operating revenues | 231 201 |
47 244 |
|
| Operating expenses | |||
| Employees | 5A | 25 000 | 24 032 |
| Suppliers | 5B | 19 958 | 19 461 |
| Depreciation and amortisation | 5C | 5 761 | 5 003 |
| Write-down of assets | 5D | 79 | 309 |
| Net losses from sale of assets | 5E | 34 | - |
| Grants | 6 | 138 | 97 |
| Interest | 7 | - | 1 |
| Total operating expenses | 50 970 |
48 903 |
|
| Operating surplus/(deficit) | 180 231 |
(1 659) |
|
| Net surplus/(deficit) attributable to the Commonwealth | 180 231 | (1 659) | |
| Accumulated surpluses at beginning of the reporting period | 1 361 388 |
1 363 047 |
|
| Total available for appropriation | 1 541 619 | 1 361 388 | |
| Capital Use provided for or paid | 11 | 176 604 | - |
| Accumulated surpluses at end of reporting period | 11 | 1 365 015 |
1 361 388 |
| The above statement should be read in conjunction with the accompanying notes. | |||
As at 30 June 2000
| Notes | 2000 $'000 |
1999 $'000 |
|
| ASSETS | |||
| Financial assets | |||
| Cash | 8A | 7 828 | 3 377 |
| Receivables | 8B | 1 676 | 971 |
| Total financial assets | 9 504 |
4 348 |
|
| Non-financial assets | |||
| Land and buildings | 9A, D, H | 133 551 | 136 210 |
| Infrastructure, plant and equipment | 9B, C, D | 1 334 424 | 1 331 077 |
| Inventories | 9E | 733 | 672 |
| Intangibles | 9F, D | 4 469 | 5 481 |
| Other | 9G | 1 423 | 1 632 |
| Total non-financial assets | 1 474 600 |
1 475 072 |
|
| Total assets | 1 484 104 |
1 479 420 |
|
| LIABILITIES | |||
| Provisions and payables | |||
| Capital Use | 25 | - | |
| Employees | 10A | 8 345 | 7 218 |
| Suppliers | 10B | 1 229 | 496 |
| Other | 10C | 241 | 90 |
| Total provisions and payables | 9 840 |
7 804 |
|
| Total liabilities | 9 840 |
7 804 |
|
| EQUITY | |||
| Capital | 11 | 1 030 | - |
| Reserves | 11 | 108 219 | 110 228 |
| Accumulated surpluses | 11 | 1 365 015 | 1 361 388 |
| Total equity | 1 474 264 |
1 471 616 |
|
| Total liabilities and equity | 1 484 104 |
1 479 420 |
|
| Current liabilities | 4 690 | 3 311 | |
| Non-current liabilities | 5 150 | 4 493 | |
| Current assets | 9 819 | 6 378 | |
| Non-current assets | 1 474 285 | 1 473 042 |
The above statement should be read in conjunction with the accompanying notes.
For the year ended 30 June 2000
| Notes | 2000 $'000 |
1999 $'000 |
|
| OPERATING ACTIVITIES | |||
| Cash received | |||
| Appropriations | 4A | 214 523 | 34 982 |
| Sales of goods and services | 7 867 | 8 941 | |
| Interest | 4 739 | 241 | |
| Other | 617 | 658 | |
| Total cash received | 227 746 |
44 822 |
|
| Cash used | |||
| Grants | (136) | (97) | |
| Employees | (24 006) | (23 769) | |
| Suppliers | (17 232) | (18 224) | |
| Interest and other financing costs | - | (1) | |
| Total cash used | (41 374) |
(42 091) |
|
| Net cash from operating activities | 13 | 186 372 |
2 731 |
| INVESTING ACTIVITIES | |||
| Cash received | |||
| Proceeds from sales of property, plant and equipment | 11 |
222 |
|
| Total cash received | 11 | 222 | |
| Cash used | |||
| Purchase of property, plant and equipment | (6 383) |
(10 316) |
|
| Total cash used | (6 383) | (10 316) | |
| Net cash from investing activities | (6 372) |
(10 094) |
|
| FINANCING ACTIVITIES | |||
| Cash received | |||
| Equity appropriation | 1 030 |
- |
|
| Total cash received | 1 030 | - | |
| Cash used | |||
| Capital Use paid | (176 579) | - | |
| Repayment of debt | - |
(7) |
|
| Total cash used | (176 579) | (7) | |
| Net cash from financing activities | (175 549) |
(7) |
|
| Net increase/(decrease) in cash held | 4 451 | (7 370) | |
| Cash at the beginning of the reporting period | 3 377 | 10 747 | |
| Cash at the end of the reporting period | 8A | 7 828 |
3 377 |
The above statement should be read in conjunction with the accompanying notes.
As at 30 June 2000
| 2000 $'000 |
1999 $'000 |
|
| BY TYPE | ||
| Capital Commitments | ||
| Buildings | - | - |
| Plant and equipment | 7 | 48 |
| Collections1 | 57 | 179 |
| Other capital commitments | - | 984 |
| Total capital commitments | 64 |
1211 |
| Other commitments | ||
| Operating leases2 | 8 977 | 9 886 |
| Other commitments3 | 9 248 | 8 844 |
| Total other commitments | 18 225 |
18 730 |
| Total commitments payable | 18 289 | 19 941 |
| Commitments receivable | 909 | - |
| Net commitments | 17 380 |
19 941 |
| BY MATURITY | ||
| All net commitments | ||
| One year or less | 5 472 | 4 870 |
| From one to two years | 3 076 | 3 555 |
| From two to five years | 4 966 | 7 005 |
| Over five years | 3 866 | 4 511 |
| Net commitments | 17 380 |
19 941 |
| Operating lease commitments | ||
| One year or less | 1 293 | 1 446 |
| From one to five years | 3 035 | 3 929 |
| Over five years | 3 847 | 4 511 |
| Net operating lease commitments | 8 175 |
9 886 |
NB: All 19992000 commitments are GST inclusive where relevant. The comparatives have not been adjusted to reflect the GST.
1 Collections commitments represent contracts for the purchases of collection items.
2Operating leases included are effectively non-cancellable and comprise:
3 Other commitments primarily consist of the provision of computer services, security, cleaning and building maintenance.
As at 30 June 2000
| 2000 $'000 |
1999 $'000 |
|
| Contingent Losses | ||
| Claims for damages1 | 150 |
500 |
| Total contingent losses | 150 | 500 |
| Net contingencies | 150 |
500 |
1 As at 30 June 2000 an ex-employee and an employee of a Library contractor have unresolved claims for damages relating to injuries sustained while working in the Library building.
As at 30 June, the Library had an unquantifiable legal claim by an employee of a Library contractor against it for damages relating to injuries sustained while working in the Library building.
The above schedule should be read in conjunction with the accompanying notes.
For the Year Ended 30 June 2000
The financial statements are required by clause 1(b) of Schedule 1 to the Commonwealth Authorities and Companies Act 1997 and are a general purpose financial report.
The financial statements have been prepared in accordance with:
The statements have been prepared having regard to:
The financial statements have been prepared on an accrual basis, except for trust accounts where cash accounting is employed, and are in accordance with historical cost convention, except for certain assets which, as noted, are at valuation. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.
Changes in accounting policy have been identified in this note under appropriate headings.
A comparison of Budget and Actual Figures by outcome specified in the Appropriation Acts relevant to the Library is presented in note 2. Any material intra-Government costs included in the figure 'net cost to Budget outcomes' are eliminated in calculating the actual budget outcome for the Government overall.
From 1 July 1999, the Commonwealth Budget has been prepared under an accrual framework. Under this framework, Parliament appropriates money to the Library as revenue appropriations and as equity injections.
Revenue appropriations
Revenues from Government are revenues
of the core operating activities of the Library. Appropriations for outputs are
recognised as revenue to the extent they have been received into the Library's
bank account or are entitled to be received by the Library at year-end.
Non-revenue appropriations
Appropriations to the Library for
capital items are recognised directly in equity, to the extent that they have
been received into the Library's bank account or are entitled to be received by
the Library at year-end.
Resources received free of charge
Services received free of
charge are recognised in the Operating Statement as revenue when and only when
a fair value can be reliably determined and the services would have been
purchased if they had not been donated. Use of those resources is recognised as
an expense.
Contributions of assets at no cost of acquisition or for nominal consideration are recognised at their fair value as revenue and an asset when the Library gains control over the contributed asset and the asset qualifies for recognition.
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
Revenue from disposal of non-current assets is recognised when control of the asset has passed to the buyer.
Revenue from the rendering of a service is recognised by reference to the stage of completion of contracts or other agreements to provide services to Commonwealth bodies. The stage of completion is determined according to the proportion that costs incurred to date bear to the estimated total costs of the transaction.
Core operations
All material revenues described in this note
are revenues relating to the core operating activities of the Library. Details
of revenue are given in note 4.
The Library recognises grant liabilities as follows.
Library grant agreements require the grantee to undertake specific tasks or utilise the funding in a specific way. In these cases, liabilities are recognised only to the extent that the grantee has complied with the grant agreement, and where grant moneys are paid in advance, a prepayment is recognised.
Leave
The liability for employee entitlements includes
provisions for annual leave and long service leave. No provision has been made
for sick leave as all sick leave is non-vesting and the average sick leave
taken by employees is less than the annual entitlement for sick leave.
The liability for annual leave reflects the value of total annual leave entitlements of all employees as at 30 June 2000 and is recognised at its nominal value.
The non-current portion of the liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at 30 June 2000. In determining the present value of the liability, attrition rates and pay increases through promotion and inflation have been taken into account.
Separation and redundancy
Provision is also made for
separation and redundancy payments in cases where positions have been formally
identified as excess to requirements, the existence of an excess has been
publicly communicated and a reliable estimate of the amount payable can be
determined.
Superannuation
Employees contribute to the Commonwealth
Superannuation Scheme and the Public Sector Superannuation Scheme. Employer
contributions amounting to $3 141 503 (199899: $2 876 777) for the
Library in relation to employee superannuation has been expensed in these
financial statements. No liability is shown for superannuation in the Balance
Sheet as the employer contributions fully extinguish the accruing liability
which is assumed by the Commonwealth.
A distinction is made between finance leases, which effectively transfer from the lessor to the lessee substantially all the risks and benefits incidental to ownership of leased non-current assets, and operating leases under which the lessor effectively retains substantially all such risks and benefits.
Where a non-current asset is acquired by means of a finance lease, the asset is capitalised at the present value of minimum lease payments at the inception of the lease and a liability for the lease payments recognised at the same amount. Leased assets are amortised over the period of the lease. Lease assets are allocated between the principal component and the interest expense.
Operating lease payments are expensed on a basis which is representative of the pattern of benefits derived from the leased assets. The net present value of future net outlays in respect of surplus space under non-cancellable lease agreements is expensed in the period in which the space becomes surplus.
Lease incentives taking the form of 'free' leasehold improvements and rent holidays are recognised as liabilities. These liabilities are reduced by allocating lease payments between rental expense and reduction of the liability.
All borrowing costs are expensed as incurred except to the extent that they are directly attributable to qualifying assets, in which case they are capitalised. The amount capitalised in a reporting period does not exceed the amounts of costs incurred in that period.
The Library has no qualifying assets for which funds were borrowed specifically.
Cash includes notes and coin held and any deposits held at call with a bank or financial institution.
Accounting policies for financial instruments are stated at note 20.
Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Assets acquired at no cost or for nominal consideration are initially recognised as assets and revenues at their fair value at the date of acquisition.
Asset recognition threshold
Purchases of property, plant and
equipment are recognised initially at cost in the Balance Sheet, except for
purchases costing less than $1500, which are expensed in the year of
acquisition (other than where they form part of a group of similar items which
are significant in total). The threshold for the recognition of software assets
is $2000. The purchase of library material regardless of the amount, other than
serials, are capitalised as part of the National Collection.
Revaluations
Schedule 2 requires that buildings,
infrastructure, plant and equipment be progressively revalued in accordance
with the 'deprival' method of valuation in successive three-year cycles. Land
is to be valued annually on the basis of its highest and best use, unless
disposal is restricted by legislation, zoning or Government policy. In the
latter cases, the deprival basis should be used and the valuation at highest
and best use shown in a note.
The requirements of Schedule 2 are being implemented as follows:
Assets in each class acquired after the commencement of the progressive revaluation cycle are reported at cost for the duration of the progressive revaluation then in progress.
Land is recognised at its current market buying value because disposal is restricted by legislation, zoning or Government policy. Highest and best use (current market selling price) valuations, where different to current market buying prices, are disclosed in note 9.
Property, plant and equipment, other than land, is recognised at its depreciated replacement cost.
Any assets, which would not be replaced or are surplus to requirements, are valued at net realisable value. At 30 June 2000, the Library had no assets in this situation.
All valuations are independent.
The valuation of land every year is a change of accounting policy required by a change in the Finance Minister's Orders in 19992000. In the preceding period, land was subject to revaluations over a three-year cycle. The new policy is being applied from 1 July 1999.
The valuation of land at highest and best use in the circumstances described above is a change in accounting policy required by a change in the Finance Minister's Orders in 19992000. In the preceding valuation cycle, land was valued at its existing use value (i.e. current market buying price). The new policy is being applied from 1 July 1999.
Recoverable amount test
The carrying amount of each item of
non-current property, plant and equipment assets is reviewed to determine
whether it is in excess of the asset's recoverable amount. If an excess exists
as at the reporting date, the asset is written down to its recoverable amount
immediately. In assessing recoverable amounts, the relevant cash flows,
including the expected cash inflows from future appropriations by the
Parliament, have been discounted to their present value.
The application of the recoverable amount test to the not-for-profit property plant and equipment of the Library is a change of accounting policy required by the Finance Minister's Orders in 19992000. The new policy is being applied from the beginning of 19992000. No write-down to recoverable amount has been made in 19992000 as a result of the change in policy.
Depreciation and amortisation
Depreciable property, plant
and equipment is written off to its estimated residual values over their
estimated useful lives to the Library, using in all cases the straight-line
method of depreciation. Leasehold improvements are amortised on a straight-line
basis over the lesser of the estimated useful life of the improvements or the
unexpired period of the lease.
Depreciation/amortisation rates (useful lives) and methods are reviewed at each balance date and necessary adjustments are recognised in the current or current and future reporting periods, as appropriate. Residual values are re-estimated for a change in prices only when assets are revalued.
Depreciation and amortisation rates applying to each class of depreciable assets are based on the following useful lives:
| 2000 | 1999 | |
| Building | 20 to 100 years | 20 to 100 years |
| Plant and equipment | 5 to 20 years | 5 to 20 years |
| National Collectionprinted material | 50 years | 50 years |
The aggregate amount of depreciation allocated for each class of asset during the reporting period is disclosed in note 5C.
Inventories held for resale are valued at the lower of cost and net realisable value. Inventories not held for resale are valued at cost, unless they are no longer required, in which case they are valued at net realisable value.
Costs incurred in bringing each item of inventory to its present location and condition are assigned as follows:
The carrying amount of each non-current intangible asset is reviewed to determine whether it is in excess of the asset's recoverable amount. If an excess exists at the reporting date, the asset is written down to its recoverable amount immediately. In assessing recoverable amounts, the relevant cash flows, including the expected cash inflows from future appropriations by the Parliament, have been discounted to their present value.
The application of the recoverable amount test to intangible assets of the Library is a change of accounting policy required by the Finance Minister's Orders in 19992000. The new policy is being applied from the beginning of 19992000. No write-down to recoverable amount has been made in 19992000 as a result of this change in policy.
Intangible assets are amortised on a straight-line basis over their anticipated useful lives. Useful lives are:
| 2000 | 1999 | |
| Computer software | 2 to 10 years | 2 to 10 years |
The Library is exempt from all forms of taxation except Fringe Benefits Tax and the Goods and Services Tax.
A Capital Usage Charge of 12 per cent is imposed by the Commonwealth on the net assets of the Library. The charge is adjusted to take account of asset gifts and revaluation increments during the financial year.
Transactions denominated in a foreign currency are converted at the rate of exchange at the date of the transaction. Foreign currency receivables and payables are translated at exchange rates as at the balance date. Associated currency gains or losses are brought to account in the Operating Statement.
Comparative figures have been adjusted to conform to changes in presentation in these financial statements where required.
Comparative figures are not presented in notes dealing with the reporting on outcomes, due to 1999-2000 being the first year of the implementation of accrual budgeting.
Amounts are rounded to the nearest $1000 except in relation to:
Reporting by segments
The Library is a not-for-profit
organisation which operates predominantly in the field of library and
information services within Australia, providing information and reference
services to support the needs of Government, education, research, business and
the public and maintaining a collection of library materials of national
significance.
The Library is structured to meet one outcome:
Outcome 1: Australians have access, through the National Library of Australia, to a comprehensive collection of Australian library material and to international documentary resources.
Reporting by outcomes for 19992000
| Outcome 1 | ||
| Budget $000 |
Actual $000 |
|
| Net cost of Library outputs | 38 403 | 34 292 |
| Net cost to budget outcome | 38 403 | 34 292 |
| Total assets deployed as at 30/6/00 | 1 481 040 | 1 484 104 |
| Net assets deployed as at 30/6/00 | 1 472 646 | 1 474 264 |
Reporting by outcomes by funding source for 19992000
| Outcomes | Outputs $000 |
Total Appropriations $000 |
Total Expenses $000 |
||||
| Expenses against revenue from Government (appropriations) (B) | Expense against revenue from other sources | Total expenses against outputs | (D) = (B) | ||||
| Special appropriation | Annual appropriation Acts | Total | |||||
| Outcome 1 | |||||||
|
- | (1) | (1) | (1) | 50 970 | (1) | 50 970 |
|
- | 38 403 | 38 403 | 12 390 | 50 793 | 38 403 | 50 793 |
| Total | |||||||
|
- | (1) | (1) | (1) | 50 970 | (1) | (1) |
|
- | 38 403 | 38 403 | 12 390 | 50 793 | 38 403 | 50 793 |
| Appropriation Act 2 Capital |
|||||||
|
(1) | ||||||
|
1 030 | ||||||
| Total Appropriations | |||||||
|
(1) | ||||||
|
39 433 | ||||||
(1) It is not possible to identify expenses incurred against specific funding sources in all cases.
The National Library of Australia was established by Section 5 of the National Library Act 1960 and is controlled by the Commonwealth of Australia.
The Library is dependent on appropriations from the Parliament of the Commonwealth to carry out its normal activities.
Revenues from independent sources arise from both core and non-core activities of the Library.
| 2000 | 1999 | |
| $000 | $000 | |
Note 4A. - Revenues from Government |
||
| Appropriationsoperating expenses | 38 403 | 34 982 |
| AppropriationsCapital Use Charge | 176 120 | - |
| Resources received free of charge | - | 23 |
| Total | 214 523 |
35 005 |
| Under the Commonwealth accrual accounting framework, agencies are funded for the Capital Use Charge. This charge is levied on an agency's net departmental assets (i.e. assets controlled by the entity). It is designed to mirror the private sector concept of a return on investment. Consequently, in 19992000 the Library received additional funding of $176 120 000 in order to fund the Capital Use Charge, which is paid to the Commonwealth. | ||
4B. Sales of goods and services |
||
| Goods | 1 153 | 1 048 |
| Services | 7 445 | 7 565 |
| Total | 8 598 |
8 613 |
4C. Interest |
||
| Deposits | 4 739 |
241 |
4D. Net gains from sale of assets |
||
| Plant and equipment | - |
9 |
4E. Other revenues |
||
| Resources received free of charge from sources other than the Government | 2 891 | 2 404 |
| Grants and other non-reciprocal payments by other entities | 246 | 658 |
| Other | 204 | 314 |
| Total | 3 341 |
3 376 |
5A. Employee Expenses |
||
| Remuneration (for services provided) | 24 378 | 23 045 |
| Separation and redundancy | 304 |
631 |
| Total remuneration | 24 682 | 23 676 |
| Other employee expenses | 318 | 356 |
| Total | 25 000 |
24 032 |
| The Library contributes to the Commonwealth Superannuation (CSS) and the Public Sector (PSS) Superannuation schemes, which provide retirement, death and disability benefits to employees. Contributions to the scheme are at rates calculated to cover existing and emerging obligations. Current contribution rates are 18.9% of salary (CSS) and 10.1% salary (PSS). An additional 3% is contributed for employer productivity benefits. | ||
5B. Supplier's expenses |
||
| Supply of goods and services | 18 626 | 17 722 |
| Operating lease rentals | 1 332 | 1 739 |
| Total | 19 958 |
19 461 |
5C. Depreciation |
||
| Depreciation of property, plant and equipment | 4 535 | 4 631 |
| Amortisation of leased assets | - | 3 |
| Amortisation of leasehold improvements | 31 | 5 |
| Amortisation of intangible assets | 1 195 | 364 |
| Total expense | 5 761 |
5 003 |
| The aggregate amounts of depreciation or amortisation expensed during the reporting period, for each class of depreciable assets are as follows: | ||
|
2 088 | 2 000 |
|
31 | 5 |
|
2 447 | 2 634 |
|
1 195 | 364 |
| Total allocated | 5 761 |
5 003 |
5D. Write-down of assets |
||
| Financial assets: | ||
| Receivables for goods and services | 20 | - |
| Non-financial assets: | ||
| Inventories | 59 | 309 |
| Total | 79 |
309 |
5E. Net loss from disposal of assets |
||
| Non-financial assets: | ||
| Plant and equipment | 29 | - |
| Intangibles | 5 | - |
| Total | 34 |
- |
The Library makes grants to support Australian community organisations to preserve significant documentary heritage collections. The Harold White Fellowships are grants provided to established scholars and writers to work on materials held in the National Collection.
| Non-profit institutions | 107 | 70 |
| IndividualsHarold White Fellowships | 31 | 27 |
138 |
97 |
| Finance charges on lease liabilities | - |
1 |
8A. Cash |
||
| Cash at bank | 5 587 | 2 247 |
| Deposits at call | 2 158 | 1 051 |
| Term deposit | 80 | 77 |
| Cash on hand and petty cash floats | 3 | 2 |
7 828 |
3 377 |
|
| Balance of cash as at 30 June shown in the Statement of Cash Flows | 7 828 |
3 377 |
| An amount of $80 000 held in a term deposit is not available for use by the Library as it represents a security deposit lodged by a supplier. | ||
8B. Receivables |
||
| Goods and services | 1 669 | 986 |
| Provision for doubtful debts | (27) |
(15) |
| 1 642 | 971 | |
| Other debtors | 34 | - |
| Total | 1 676 |
971 |
| Receivables (gross) which are overdue are aged as follows: | ||
| Not overdue | 1 603 | 902 |
| Overdue by | ||
| - less than 30 days | 58 | 71 |
| - 30 to 60 days | 33 | 8 |
| - 60 to 90 days | 3 | 3 |
| - more than 90 days | 6 |
2 |
| 100 |
84 |
|
| Total receivables (gross) | 1 703 |
986 |
9A. Land and building |
||
| Land at June 1997 valuation | - | 7 600 |
| Land at June 2000 valuation | 6 500 | - |
6 500 |
7 600 |
|
| Building at June 1997 valuation | - | 128 000 |
| Accumulated depreciation | - | (3 657) |
- |
124 343 |
|
| Building at June 2000 valuation | 171 000 | - |
| Accumulated depreciation | (44 000) | - |
127 000 |
- |
|
| Building improvementsat cost | - | 4 411 |
| Accumulated depreciation | - | (227) |
- |
4 184 |
|
| Leasehold improvementsat cost | 88 | 88 |
| Accumulated amortisation | (37) | (5) |
51 |
83 |
|
| Total building | 127 051 | 128 610 |
| Total land and building | 133 551 |
136 210 |
| The National Library building and land were revalued as at 30 June 2000 in accordance with the policy stated at note 1. The valuation was completed by the Australian Valuation Office and the officer responsible for the valuation project was Mr. J. Armstrong AAPI. The Australian Valuation Office has determined that the value of land based on its existing use is the same as its highest and best use. | ||
| Revaluation decrements of $1 100 000 for land and $909 000 for the Library building were made to the asset revaluation reserve. | ||
9B. Plant and equipment |
||
| Plant and equipmentat June 1999 valuation | 6 493 | 6 542 |
| Accumulated depreciation | (744) | - |
5 749 |
6 542 |
|
| Plant and equipmentat cost | 860 | - |
| Accumulated depreciation | (52) | - |
808 |
- |
|
| Total plant and equipment | 6 557 |
6 542 |
9C. National Collection |
||
| National Collectionat June 1998 valuation | 1 318 405 | 1 318 405 |
| Accumulated depreciation | (3 028) | (1 514) |
1 315 377 |
1 316 891 |
|
| National Collectionat cost | 12 714 | 7 738 |
| Accumulated depreciation | (224) | (94) |
12 490 |
7 644 |
|
| Total National Collection | 1 327 867 |
1 324 535 |
| Table A - Movement Summary 19992000 for all assets irrespective of valuation basis | ||||||
| Item | Land $'000 |
Buildings $'000 |
Total land and buildings $'000 |
Other infrastructure, plant and
equipment $'000 |
Computer software total
intangibles $'000 |
Total $'000 |
| Gross value as at 1 July 1999 | 7 600 | 132 499 | 140 099 | 1 332 685 | 6 071 | 1 478 855 |
Additions:
|
- | 1 469 | 1 469 | 4 806 | 188 | 6 463 |
|
- | - | - | 1 030 | - | 1 030 |
| Revaluations: write-ups/(write-downs) | (1 100) | 37 120 | 36 020 | - | - | 36 020 |
| Disposals | - | - | - | (49) | (55) | (104) |
| Other Movements | - | - | - | - | - | - |
| Gross value as at 30 June 2000 | 6 500 | 171 088 | 177 588 | 1 338 472 | 6 204 | 1 522 264 |
| Accumulated depreciation/amortisation as at 1 July 1999 | n/a | 3 889 | 3 889 | 1 608 | 590 | 6 087 |
| Depreciation/amortisation charge for assets held 1 July 1999 | n/a | 2 082 | 2 082 | 2 366 | 1 180 | 5 628 |
| Depreciation/amortisation charge for additions | n/a | 37 | 37 | 81 | 15 | 133 |
| Revaluations | - | 38 029 | 38 029 | - | - | 38 029 |
| Disposals | - | - | - | (7) | (50) | (57) |
| Accumulated depreciation/amortisation as at 30 June 2000 | n/a | 44 037 | 44 037 | 4 048 | 1 735 | 49 820 |
| Net book value at 30 June 2000 | 6 500 | 127 051 | 133 551 | 1 334 424 | 4 469 | 1 472 444 |
| Net book value at 1 July 1999 | 7 600 | 128 610 | 136 210 | 1 321 077 | 5 481 | 1 472 768 |
| Table B - Summary of balances of assets at valuation as at 30 June 2000 | ||||||
| Item | Land $'000 |
Buildings $'000 |
Total land and
buildings $'000 |
Other infrastructure,
plant and equipment $'000 |
Computer
software total intangibles $'000 |
Total $'000 |
| As at 30 June 2000 | ||||||
| Gross value | 6 500 | 171 000 | 177 500 | 1 324 898 | - | 1 502 398 |
| Accumulated depreciation/amortisation | n/a | (44 000) | (44 000) | (3 772) | - | (47 772) |
| Net book value | 6 500 | 127 000 | 133 500 | 1 321 126 | - | 1 454 626 |
| As at 30 June 1999 | ||||||
| Gross value | 7 600 | 128 000 | 135 600 | 1 324 947 | - | 1 460 547 |
| Accumulated depreciation/amortisation | n/a | (3 657) | (3 657) | (1 514) | - | (5 171) |
| Net book value | 7 600 | 124 343 | 131 943 | 1 323 433 | - | 1 455 376 |
| 2000 $'000 |
1999 $'000 |
|
9E. Inventories |
||
| Inventories held for sale (at cost) | 438 | 576 |
| Inventories held for sale (at realisable value) | 127 | 36 |
| Work in progress (at cost) | 131 | 16 |
| Inventories held for sale | 696 |
628 |
| Inventories not held for sale (at cost) | 37 | 44 |
| Total | 733 |
672 |
| The value of inventories that are non-current assets is $285 994. | ||
9F. Intangible assets |
||
| Computer software - purchased | 6 204 | 6 071 |
| Accumulated amortisation | (1 735) | (590) |
| Total | 4 469 |
5 481 |
9G. Other non-financial assets |
||
| Prepayments | 1 423 |
1 632 |
9H. Special categories of assets |
||
| The National Library building and land are categorised as restricted assets under Schedule 2 of the Finance Minister's Orders. Restricted assets include those assets which cannot be redeployed or disposed because of legal or Government policy constraints. Specifically, the Library does not have the power to dispose of either the Library building or land upon which it stands. The value of the building and land is fully disclosed in note 9A. | ||
10A. Liabilities to employees |
||
| Salaries and wages | 645 | 532 |
| Leave | 7 627 | 6 581 |
| Superannuation | 73 | 56 |
| Separations and redundancies | - | 49 |
| Aggregate employee entitlement liability | 8 345 |
7 218 |
10B. Suppliers |
||
| Trade creditors | 1 065 | 481 |
| Operating lease rentals | 164 | 15 |
1 229 |
496 |
|
10C. Other |
||
| Goods and Services Tax payable | 4 | - |
| Non-trade creditors | 194 | - |
| Prepaid income | 43 | 90 |
241 |
90 |
| Item | Capital $'000 |
Accumulated
Results $'000 |
Asset Revaluation
Reserve $'000 |
Total
equity $'000 |
||||
| 2000 | 1999 | 2000 | 1999 | 2000 | 1999 | 2000 | 1999 | |
| Balance as at 1 July 1999 | - | - | 1 361 388 | 1 363 047 | 110 228 | 107 288 | 1 471 616 | 1 470 335 |
| Operating result | - | - | 180 231 | (1659) | - | - | 180 231 | (1659) |
| Net revaluations increase/(decreases) | - | - | - | - | (2 009) | 2 940 | (2 009) | 2 940 |
| Transfers to/(from) reserves | - | - | - | - | - | - | - | - |
| Injection of capital | 1 030 | - | - | - | - | - | 1 030 | - |
| Capital Use Charge | - | - | (176 604) | - | - | - | (176 604) | - |
| Changes in accounting policies | - | - | - | - | - | - | - | - |
| Balance as at 30 June 2000 | 1 030 | - | 1 365 015 | 1 361 388 | 108 219 | 110 228 | 1 474 264 | 1 471 616 |
| 2000 $'000 |
1999 $'000 |
|
| The net revaluation increase in the asset revaluation reserve comprises: | ||
|
(2 009) | - |
|
- | 2 940 |
(2 009) |
2 940 |
|
| The Asset Revaluation Reserve contains unrealised gains from revaluation of assets. On realisation, these amounts would be transferred to a General Reserve. | ||
| 2000 $'000 |
1999 $'000 |
|
| National Collection material received free of charge | 1 110 |
563 |
Reconciliation of operating surplus to net cash provided by operating activities:
| Operating surplus (deficit) before extraordinary items | 180 231 | (1 659) |
| Extraordinary items | - | - |
| Operating surplus/(deficit) | 180 231 |
(1 659) |
| Bad and doubtful debts | 12 | (9) |
| Depreciation and amortisation | 5 761 | 5 003 |
| Loss/(gain) on disposal of fixed assets | 34 | (9) |
| Resources received free of charge : non-Government | (2 891) | (2 427) |
| Notional expenditure library materials | 1 577 | 1 841 |
| Write-off of non-current assets | 59 | 309 |
| Changes in assets and liabilities | ||
| (Increase)/decrease in receivables | (717) | 359 |
| (Increase)/decrease in other assets | 270 | (430) |
| (Increase)/decrease in other liabilities | 151 | (16) |
| Increase in Capital Use Charge | 25 | - |
| (Increase)/decrease in liability to suppliers | 733 | (221) |
| (Increase)/decrease in accrued salaries and wages | 130 | 53 |
| (Increase)/decrease in employee provisions | 997 | (63) |
| Net cash provided by operating activities | 186 372 |
2 731 |
| Total remuneration received or due and receivable by the Council members of the Library | $ 85 885 |
$ 64 795 |
| The number of Council members whose total remuneration was within the following band are as follows: | ||
| $0$9999 | 9 | 10 |
| $10 000$19 999 | 2 | 2 |
11 |
12 |
|
| The above disclosure excludes the Director-General, who is an executive member of the Council and the remuneration is disclosed in note 16. These payments are determined by the Remuneration Tribunal and paid in accordance with Sections 13 and 17A of the National Library Act 1960. | ||
Members of the Council during the year were:
The aggregate remuneration of Council members is disclosed in note 14.
Transactions with Council members or Council member-related entities
No members of the Council have, since the end of the previous financial year, received or become entitled to receive a benefit (other than a benefit included in the aggregate amount of remuneration received or due and receivable by Council members shown in the financial statements) by reason of a contract made by the National Library with the Council member or an entity in which she/he has a substantial financial interest.
| 2000 $ |
1999 $ |
|
| Income received or due and receivable by officers | 1 106 103 | 925 126 |
| The number of officers included in these figures are shown below in the relevant income bands | ||
| $100 000$109 999 | - | 2 |
| $110 000$119 999 | - | 1 |
| $120 000$129 999 | 4 | 1 |
| $130 000$139 999 | 1 | - |
| $140 000$149 999 | 2 | 1 |
| $150 000$159 999 | - | 1 |
| $170 000$179 999 | 1 | 1 |
8 |
7 |
|
| The officer remuneration includes all officers concerned with or taking part in the management of the Library during 19992000 provided that their remuneration equals or exceeds $100 000 and includes the Director-General. A superannuation contribution of $22 299 (199899 $16 408) was paid in respect of the Director-General. Performance pay has been included in the calculation of officer remuneration. The aggregate amount of performance pay received or due and receivable, by officers was $74 708 (199899 $66 375). | ||
| Remuneration to the Auditor-General for auditing the financial statements for the reporting period | ||
| 40
500 |
40 500 |
|
| No other services were provided by the Auditor-General during the reporting period. | ||
The Library operates a number of trust funds to account for donations and income from the application of donated funds. These funds operate under formal trust arrangements and funds are only expended in accordance with the terms of trusts, accordingly these moneys are not recognised in the financial statements. The following is a brief comment on each fund currently in operation:
| 2000 $ |
1999 $ |
|
| (a) The Morris West Trust Fund was funded by the author Morris West. The fund is used for the publication of material owned by the Library. | ||
| Balance 1 July | 493 | 459 |
| Deposits during the year | 5 | 11 |
498 |
470 |
|
| Interest received | 32 | 23 |
530 |
493 |
|
| Expenditure during the year | - | - |
| Balance at 30 June | 530 |
493 |
| (b) The General Trust Fund comprises donations received for general purposes or where no purpose is specified by the donor. | ||
| Balance 1 July | 431 | 418 |
| Deposits during the year | 14 | 13 |
445 |
431 |
|
| Interest received | 26 | 22 |
471 |
453 |
|
| Expenditure during the year | (18) | (22) |
| Balance at 30 June | 453 |
431 |
| (c) The Kenneth Baillieu Myer Trust is a bequest from the late Kenneth Baillieu Myer for the purposes of the Kenneth Myer Annual Oration as held by the Library and for such other purpose as may be considered appropriate by the Director-General. | ||
| Balance 1 July | 101 | 159 |
| Deposits during the year | - | - |
101 |
159 |
|
| Interest received | 6 | 7 |
107 |
166 |
|
| Expenditure during the year | (10) | (65) |
| Balance at 30 June | 97 |
101 |
| (d) The E.A. & V.I. Crome Trust is a bequest by the late E.A. Crome for the maintenance and addition to the E.A. and V.I. Crome Collection. | ||
| Balance 1 July | 155 | 147 |
| Deposits during the year | - | - |
155 |
147 |
|
| Interest received | 9 | 8 |
164 |
155 |
|
| Expenditure during the year | - | - |
| Balance at 30 June | 164 |
155 |
| (e) The Acquisition Trust Fund comprises donations received specifically for the acquisition of library material. | ||
| Balance 1 July | 51 | 58 |
| Deposits during the year | - | - |
51 |
58 |
|
| Interest received | 2 | 2 |
53 |
60 |
|
| Expenditure during the year | - | (9) |
| Balance at 30 June | 53 |
51 |
| (f) The H.S. Williams Trust is a bequest from the late Harold S. Williams for the maintenance and addition to the H.S. Williams Collection. | ||
| Balance 1 July | 25 | 45 |
| Deposits during the year | - | - |
25 |
45 |
|
| Interest received | 1 | 2 |
26 |
47 |
|
| Expenditure during the year | (3) | (22) |
| Balance at 30 June | 23 |
25 |
| (g) The Dame Mary Gilmore Trust Account is a specific bequest from the late Dame Mary Gilmore. | ||
| Balance 1 July | 8 | 8 |
| Deposits during the year | - | - |
8 |
8 |
|
| Interest received | 1 | - |
9 |
8 |
|
| Expenditure during the year | - | - |
| Balance at 30 June | 9 |
8 |
The Library received the following appropriations during the year out of the Consolidated Revenue Funds.
| 2000 $'000 |
1999 $'000 |
|
| Annual Appropriation Acts No. 1, 3basic appropriations | 214 523 | 34 982 |
| Annual Appropriation Act No. 2equity injection | 1 030 | - |
| Total | 215 553 |
34 982 |
| Financial instrument | Notes | Accounting policies and
methods (including recognition criteria and measurement basis) |
Nature of underlying instrument (including significant terms and conditions affecting the amount, timing and certainty of cash flows) |
| Financial assets | Financial assets are recognised when control over future economic benefits are established and the amount of the benefit can be reliably measured. | ||
| Deposits at call | 8A | Deposits are recognised at their nominal amounts. Interest is credited to revenue as it accrues. | Temporary surplus funds, mainly from revenue and monthly drawdowns of appropriations, are placed on deposit at call with the Library's bankers. Interest is earned on the daily balance at the prevailing daily rate for money on call and is paid at month-end. |
| Receivables for goods and services | 8B | These receivables are recognised at the nominal amounts due less any provision for bad and doubtful debts. Provisions are made when collection of debt is judged to be less rather than more likely. | Credit terms are net 30 days (199899: 30 days). |
| Other debtors | 8B | As for receivables for goods and services. | As for receivables for goods and services. |
| Term deposit | 8A | Term deposits are recognised at cost. Interest is credited as it accrues. | Term deposits are with the Library's bank and interest is paid annually. The effective rate of interest is 4.1%. |
| Financial liabilities | Financial liabilities are recognised when a present obligation to another party is entered into and the amount of the liability can be reliably measured. | ||
| Trade creditors | 10B | Creditors and accruals are recognised at their nominal amounts, being the amounts at which liabilities will be settled. Liabilities are recognised to the extent that the goods or services have been received ( and irrespective of having been invoiced). | Settlement is usually made net of 30 days. |
| Financial Instrument | Notes | Floating Interest Rate | Fixed Interest Rate | Non-Interest bearing | Total | Weighted Average Effective Interest Rate | |||||||||||
| 1 year or less | 1 to 2 years | 2 to 5 years | >5 years | ||||||||||||||
| 9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
9900 $'000 |
9899 $'000 |
||
| Financial assets (recognised) | |||||||||||||||||
| Cash at bank | 8A | 5 587 | 2 247 | - | - | - | - | - | - | - | - | - | - | 5 587 | 2 247 | 4.41 | 4.14 |
| Cash on hand | 8A | - | - | - | - | - | - | - | - | - | - | 3 | 2 | 3 | 2 | n/a | n/a |
| Deposits at call | 8A | 2 158 | 1 051 | - | - | - | - | - | - | - | - | - | - | 2 158 | 1 051 | 4.87 | 4.64 |
| Receivables for goods and services | 8B | - | - | - | - | - | - | - | - | - | - | 1 642 | 971 | 1 642 | 971 | n/a | n/a |
| Other debtors | 8B | - | - | - | - | - | - | - | - | - | - | 34 | - | 34 | - | n/a | n/a |
| Term deposit | 8A | - | - | - | - | 80 | 77 | - | - | - | - | - | - | 80 | 77 | 5.58 | 4.1 |
| Total financial assets (recognised) | 7 745 | 3 298 | - | - | 80 | 77 | - | - | - | - | 1 679 | 973 | 9 504 | 4 348 | n/a | n/a | |
| Total assets | 1 484 104 | 1 479 420 | |||||||||||||||
| Financial liabilities (recognised) Trade creditors |
10B | - | - | - | - | - | - | - | - | - | - | 1 065 | 481 | 1 065 | 481 | n/a | n/a |
| Total financial liabilities (recognised) | - | - | - | - | - | - | - | - | - | - | 1 065 | 481 | 1 065 | 481 | n/a | n/a | |
| Total liabilities | 9 840 | 7 804 | |||||||||||||||
| 1999-00 | 1998-99 | ||||
| Note | Total carrying amount $'000 |
Aggregate net fair value $'000 |
Total carrying amount $'000 |
Aggregate net fair value $'000 |
|
| Financial assets | |||||
| Cash at bank | 8A | 5 587 | 5 587 | 2 247 | 2 247 |
| Cash on hand | 8A | 3 | 3 | 2 | 2 |
| Deposits at call | 8A | 2 158 | 2 158 | 1 051 | 1 051 |
| Receivables for goods and services | 8B | 1 642 | 1 642 | 971 | 971 |
| Other debtors | 8B | 34 | 34 | - | - |
| Term deposit | 8A | 80 | 80 | 77 | 77 |
| Total financial assets | 9 504 | 9 504 | 4 348 | 4 348 | |
| Financial liabilities (recognised) | |||||
| Trade creditors | 10B | 1 065 | 1 065 | 481 | 481 |
| Total financial liabilities (recognised) | 1 065 | 1 065 | 481 | 481 | |
Financial assets
The net fair values of cash, deposits on call and non-interest bearing monetary financial assets approximate their carrying amounts. None of the classes of financial assets are readily traded on organised markets in standardised form.
Financial liabilities
The net fair values for trade creditors, which are short-term in nature, are approximated by their carrying amounts. None of the classes of financial liabilities are readily traded on organised markets in standardised form.
The Library's maximum exposures to credit risk at reporting date in relation to each class of recognised financial assets is the carrying amount of those assets as indicated in the Statements of Assets and Liabilities. The Library has no significant exposures to any concentrations of credit risk. The Library does not hold collateral or other security and therefore the figures for credit risk represent the maximum credit risk exposure.
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