NLA 35th Annual Report 1994-95
Appendix 6: Financial Statements
- Independent Audit Report
- Certificate
- Operating Statement for the Year Ended 30 June 1995
- Statement of Financial Position as at 30 June 1995
- Statement of Cash Flows for the Year Ended 30 June 1995
- Notes to and Forming Part of the Financial Statements
NOTE: Figures in the Annual Report continue to be presented on a cash basis, and are not subject to audit. They cannot, therefore, be reconciled directly with figures in the financial statements which are prepared on an accrual basis.
Australian National Audit Office
GPOO Box 707
Canberra ACT 2601
Ref: NATIONAL LIBRARY OF AUSTRALIA INDEPENDENT AUDIT REPORT
Scope
I have audited the financial statements of the National Library of Australia for the year ended 30 June 1995. The statements comprise:
- Statement by Council Members
- Operating Statement
- Statement of Financial Position
- Statement of Cash Flows, and
- Notes to and forming part of the Financial Statements.
The members of the Council are responsible for the preparation and presentation of the financial statements and the inforamtion contained therein. I have conducted an independent audit of the financial statements in order to express an opition on them to the Minister for Communications and the Arts.
The audit has been conducted in accordance with the 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 text basis, of evidence supporting the amounts and other disclosures in the financial statments, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respoects, the financial statements are presented fairly in accordance with Australian Accounting Concepts and Standards, other mandatory professional reporting requirements and statutory requirements so as to present a view which is consistent with my understanding of the Library's 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 accordance with sub-section 63M(2) of the Audit Act, 1901, I now report that the statements are in agreement with the accounts and records of the National Library of Australia, and in my opinion:
(1) the statements are based on proper accounts and records
(ii) the statements show fairly in accordance with Statements of Accounting Concepts, applicable Accounting Standards, and other mandaroty professional reporting requirements, the financial transactions and results, and cash flows for the year ended 30 June 1995 and the state of affairs of the Library at that date
(iii) the receipt, expenditure and investment of moneys, and the acquisition and disposal of assets, by the Library during the year have been in accordance with the National Library Act, 1960, and
(iv) the statements are in accordance with the Guidelines for Financial Statements of Commonwealth Authorities.
Australian National Audit Office
..........................................................
Graham
Koehne
Executive Director
for the Auditor-General
Canberra
6 September 1995
In our opinion the accounts of the National Library of Australia are drawn up so as to show fairly:
(a) the operating result for the financial year ended 30 June 1995;
(b) the financial position as at 30 June 1995; and
(c) the statement of
cash flows for the financial year ended 30 June 1995.
These statements have been made out in accordance with the Guidelines for Financial Statements of Commonwealth Authorities issued by the Minister for Finance and applicable accounting concepts and standards.
Signed in accordance with a resolution of the Council of the National Library of Australia.
Signed at Canberra this th day of September 1995.
..............................................
Sir Anthony
Mason
Chairman
...............................................
Warren Horton
Director-General
OPERATING STATEMENT for the Year Ended 30 June 1995
NET COST OF SERVICES
Operating expenses
Note 1995 1994
$A $A
Employee expenses 2, 25 23 501 641 21 817 259
Purchase of library materials 3 6 763 638 6 164 511
Administrative expenses 4 13 460 966 13 089 427
Depreciation expense for non-current 1(d) 3 059 653 2 978 605
assets
Leasehold improvements amortisation 1(d) 50 414 20 227
expenses
Lease amortisation expenses 1(j) 19 460 25 241
Long service leave expenses 1(f) 354 499 296 826
Recreation leave and bonus expenses 1(f) 1 259 831 1 568 064
Net loss on disposal of non-current assets 26 48 760 112 243
Total operating expenses 48 518 862 46 072 403
Operating revenues from independent sources
Note 1995 1994
$A $A
Revenue from sales and user charges 5 9 254 173 8 437 992
Interest 336 781 199 453
Other National Library revenue 6 1 286 570 821 007
Total operating revenues from independent 10 877 524 9 458 452
sources
Net cost of services 37 641 338 36 613 951
REVENUES FROM GOVERNMENT
Note 1995 1994
$A $A
Parliamentary appropriations received 7 33 218 000 34 580 000
Liabilities assumed by government 1(n) 3 302 211 3 390 594
Resources received free of charge 11 058 11 280
Total revenue from government 36 531 269 37 981 874
Surplus or deficit of net cost of services
over revenues from government (1 110 069) 1 367 923
EQUITY INTERESTS
Note 1995 1994
$A $A
Accumulated surpluses at
beginning of reporting period 39 807 267 38 439 344
Adjustment resulting from adoption of
new accounting standard 1(c) 68 089 -
Accumulated surpluses at the end of 38 765 287 39 807 267
reporting period
The accompanying notes form an integral part of these statements.
STATEMENT OF FINANCIAL POSITION as at 30 June 1995
CURRENT ASSETS
Note 1995 1994
$A $A
Cash 8, 9 4 915 495 4 772 619
Receivables 10 1 731 966 1 278 629
Inventories 1(e), 11 669 971 614 026
Other 1(h), 12 1 987 565 2 263 674
Total current assets 9 304 997 8 928 948
NON-CURRENT ASSETS
Note 1995 1994
$A $A
Property, plant and equipment 1(d), (j), 134 887 177 134 728 751
(o), 13,
30
Total non-current assets 134 887 177 134 728 751
Total assets 144 192 174 143 657 699
CURRENT LIABILITIES
Note 1995 1994
$A $A
Creditors 9, 14 1 945 729 881 819
Leases 1(j), 21 29 806 26 332
Provisions 1(f), 15 1 797 982 2 879 155
Other 9, 16 1 057 468 749 839
Total current liabilities 4 830 985 4 537 145
NON-CURRENT LIABILITIES
Note 1995 1994
$A $A
Leases 1(j), 21 33 075 -
Provisions 1(f), 17, 4 843 913 3 594 373
25
Total non-current liabilities 4 876 988 3 594 373
Total liabilities 9 707 973 8 131 518
Net assets 134 484 201 135 526 181
EQUITY
Note 1995 1994
$A $A
Reserves 18 95 718 914 95 718 914
Accumulated surpluses 38 765 287 39 807 267
Total equity 134 484 201 135 526 181
The accompanying notes form an integral part of these statements.
STATEMENT OF CASH FLOWS for the Year Ended 30 June 1995
CASH FLOWS FROM OPERATING ACTIVITIES
Note 1995 1994
$A $A
Inflows:
Revenue from operations 9 445 515 8 686 957
Special purpose grants 758 300 207 266
Interest received 336 781 199 453
10 540 596 9 093 676
Outflows:
Payments to suppliers (18 574 315) (19 498 672)
Payments to employees for salaries and
in the nature of salary (21 265 528) (21 177 316)
Payments from special purpose grants (439 386) (392 838)
Payments for finance lease interest (4 933) (8 365)
(40 284 162) (41 077 191)
Net cash used by operating activities (29 743 566) (31 983 515)
CASH FLOWS FROM INVESTING ACTIVITIES
Note 1995 1994
$A $A
Inflows:
Proceeds from the sale of non-current 26 19 055 15 226
assets
Outflows
Payment for the purchase of property, (3 290 041) (2 015 411)
plant and equipment
Net cash used by investing activities (3 270 986) (2 000 185)
CASH FLOWS FROM GOVERNMENT
Note 1995 1994
$A $A
Inflows:
Parliamentary appropriations received 7 33 218 000 34 580 000
Net cash provided from government 33 218 000 34 580 000
CASH FLOWS FROM FINANCING ACTIVITIES
Note 1995 1994
$A $A
Outflows:
Finance lease principal repaid (61 432) (78 951)
Exchange variation 860 415
Net cash used by financing activities (60 572) (78 536)
Net increase in cash held 142 876 517 764
Cash at beginning of reporting period 4 772 619 4 254 855
Cash at end of reporting period 1(m), 8 4 915 495 4 772 619
The accompanying notes form an integral part of these statements.
Notes
Reconciliation of operating result with cash flows from
operations
Note 1995 1994
$A $A
Operating result (1 110 069) 1 367 923
Bad and doubtful debts 5 506 5 226
Depreciation and amortisation 3 129 527 3 024 073
Proceeds on sale of non-current assets (19 055) (15 226)
Book value of non-current assets disposed 67 816 127 469
Exchange variation (860) (415)
Parliamentary appropriations received 33 218 000)(34 580 000)
Liabilities assumed by government (3 302 211) (3 390 594)
Notional superannuation expense 3 302 211 3 390 594
Resources received free of charge from government (11 058) (11 280)
Notional computer services expense 11 058 11 280
Resources received free of charge: (660 200) (454 974)
non-government
Notional library materials expenditure 651 632 430 258
Notional contractor/consultant expenditure - 22 292
Non-current assets donated 8 568 2 424
Changes in assets and liabilities
Trade debtors (245 482) (32 153)
Accrued revenue (256 131) (64 648)
Sundry debtors 42 770 44 076
Prepaid revenue 17 758 (130 565)
Inventories (55 945) (91 375)
Prepaid expenses 276 109 (392 855)
Trade creditors 84 150 (89 833)
Other creditors and accruals 1 012 013 (1 183 266)
Employee provisions 236 456 203 558
Unexpended special purpose funds 289 871 (175 504)
Cash flow from operations (29 743 566)(31 983 515)
Notes To and Forming Part of the Financial Statements
1. STATEMENT OF ACCOUNTING POLICIES
The significant accounting policies adopted by the National Library of Australia are stated to assist in a general understanding of these financial statements. These policies have been consistently applied except as otherwise indicated.
(a) Statutory requirements
These financial statements have been prepared in accordance with all applicable Australian accounting standards and the Guidelines for Financial Statements of Commonwealth Authorities (Guidelines) issued in March 1995. However, the Library applied for and received an exemption for the financial year ending 30 June 1995 from the requirement under the Guidelines to bring to account in the accounting records and statement of financial position the value of the Library's national collection. The Library's accounting treatment of the national collection is disclosed at note 1(g).
(b) Basis of accounting
The accounts are prepared in accordance with the historical cost convention and do not take account of changing money values. The accounts are prepared on an accrual accounting basis except for trust accounts where cash accounting is employed.
(c) Changes in accounting policies
The Library's accounting policies are consistent with those of the previous year except for the accounting policy with respect to certain employee entitlements, the recognition criteria for software assets and the recognition as an asset of the Library's office requisites store.
In accordance with the new accounting standard AAS 30: Accounting for Employee Entitlements, the Library has altered the method of calculating long service leave entitlements as from 1 July 1994. Previously long service leave was calculated from the commencement of the sixth year of service. AAS 30 requires that the provision for long service leave be measured as the present value of the estimated future cash outflows to be made by the employer in respect to services provided by employees up to the reporting date. The effect of the new policy has been to increase accumulated results of operations at the beginning of the financial year by $A68 089. The effect of this change in accounting policy for the 1994-95 financial year has been to reduce the net cost of services by $A124 909.
From 1 July 1994 the Library altered its capitalisation policy to recognise software assets with a capitalisation threshold of $A2000, previously these items were expensed. This change in capitalisation policy was required as a result of the development of the National Document and Information Service (NDIS) and the requirement to comply with AAS 4: Depreciation of Non-Current Assets and AAS 5: Materiality in Financial Statements. The effect of the new policy has been to reduce the net cost of services for the 1994-95 reporting period by $A1 636 990.
To comply with the revised Guidelines the Library has from 30 June 1995 recognised the value of stocks of Library supplies and office requisites which are not held for sale. These items had previously been expensed in the year incurred. The effect of the new policy has been to reduce the net cost of services for the 1994-95 financial year by $A58 054.
(d) Property, plant and equipment
Property, plant and equipment including software (other than land) is depreciated using the straight line method over their estimated useful life. Pro-rata depreciation is provided for items held less than one year. Leasehold improvements are amortised over the period of the lease term. The physical asset capitalisation threshold is $A1000 and for software assets the threshold is $A2000. The gains and losses on disposal of property, plant and equipment are taken into account in determining the result for the year.
Internally developed software is capitalised in accordance with the Department of Finance Guidance Release No. 8-Accounting for Computer Software. All direct costs including staff time are capitalised during the development and implementation phases of internally developed software. Depreciation over the useful life of the asset commences after implementation.
Non-current assets on hand as at 30 June 1983 other than land and building were valued by professional valuers employed by the Australian Taxation Office. The basis used for the valuation was 'value equals replacement cost less physical depreciation'. As required by the Guidelines, the National Library building and land were revalued by the Australian Valuation Office as at 30 June 1994.
(e) Inventories
Inventories are valued at the lower of cost or net realisable value where cost is determined using the 'first in-first out' basis.
(f) Employee benefits
The provision of long service leave has been calculated in accordance with the Department of Finance Guidance Release No. 7-Employee Entitlements. The Guidance Release requires the provision to be calculated using a methodology provided by the Australian Government Actuary for the Commonwealth Public Service as a whole. The methodology provides for the probability of all staff with three or more years service reaching ten years service and qualifying for the payment of long service leave and also takes into account those elements that will increase the estimated future cash outflows attaching to the notional liability.
Based on past patterns of long service leave expenditure, 4% of the total liability is classified as current and the balance as non-current.
The provision for recreational leave is based on the value of actual entitlements at balance date and includes a leave loading component. Based on past patterns of recreation leave and bonus expenditure, 65% of the total liability is classified as current and the balance as non-current.
A provision for non-vested sick leave is not provided for, as the Library has adopted, in accordance with the Guidance Release, the 'last in-first out' method of attribution which means that, where on average the value of sick leave taken is less than the total entitlement, no liability exists.
Expenditure on the purchase of, or donation of, library material which add to the national collection is not capitalised as an asset of the Library. Purchases are charged to expenditure in the year they occur and donations of such material are also brought to account as other revenue.
(h) Subscriptions
The value of prepayments for subscriptions on journals and magazines purchased by the Library is a projection based on a detailed sampling method carried out in 1984-85 to estimate this item. Percentages based on the sampling technique are applied to each month's expenditure to determine the amount of prepayment. The statistical sampling methods employed are determined by the Australian Bureau of Statistics and were revalidated in 1990-91.
(i) Workers' compensation
Workers compensation cover is provided by COMCARE under the Commonwealth Employees Rehabilitation and Compensation Act 1988. The National Library is charged an annual premium and this is expensed in the year in which it occurs.
(j) Leased assets
Assets acquired under finance leases are included as property, plant and equipment in the statement of financial position. Finance leases effectively transfer from the lessor to the lessee substantially all the risks and benefits incidental to ownership of the leased property. Where assets are acquired by means of finance leases, the present value of the minimum lease payments is recognised as an asset at the beginning of the lease term and amortised on a straight line basis over the expected useful life of the leased asset. A corresponding liability is also established and each lease payment is allocated between the liability and interest expense.
(k) Foreign currency
Amounts outstanding in foreign currencies are converted at exchange rates current at balance date. Realised exchange gains or losses on foreign currency transactions only occur on sundry debtors. These transactions are reflected in the operating statement.
(l) Receivables
A provision is raised for any doubtful debts of approximately 2% of the total debtor balance. Bad debts are written off during the period in which they are identified.
(m) Cash flows
For the purpose of the statement of cash flows, cash includes cash at bank, cash on hand and petty cash floats.
(n) Liabilities assumed by Government
In accordance with the Guidelines, Public Sector Superannuation Scheme and Commonwealth Superannuation Scheme contributions are brought to account as a liability assumed by Government and offset by a notional expenditure item contained within the salaries expenditure. The financial effect of this requirement is disclosed in the operating statement and at note 2.
(o) Joint venture
Interests in the joint ventures are brought to account by including in the respective classifications, the share of the individual assets employed, and the liabilities and expenses incurred (refer note 30).
1995 1994
$A $A
Salary and related payments 19 643 109 17 872 131
Superannuation expenses assumed by 3 302 211 3 390 594
government
Employer productivity superannuation 556 321 554 534
contribution payments
23 501 641 21 817 259
3. PURCHASE OF LIBRARY MATERIALS
1995 1994
$A $A
Book collection 5 381 990 5 200 292
Manuscript collection 486 864 199 020
Film collection 206 579 258 520
Pictorial collection 349 160 246 492
Copying of Australian historic records 39 712 36 324
Oral history program 225 168 157 063
Music collection 23 666 32 309
Map collection 50 499 34 491
6 763 638 6 164 511
4. ADMINISTRATIVE EXPENSES
1995 1994
$A $A
Building services and maintenance 3 783 386 3 395 832
Computer services and supplies 1 773 238 1 816 535
Communications 1 715 777 1 674 526
Consultants contract work etc. 1 496 474 1 271 540
Printing of publications 791 817 904 232
Office services 356 019 483 451
Travelling and subsistence 591 949 580 361
Freight and cartage 317 655 299 347
Compensation and employee costs 716 868 584 614
Furniture equipment and shelving 276 300 239 453
Preservation of the collection 214 101 259 077
Promotion of library services 432 361 475 964
Reproduction services 303 362 300 692
Training and conference fees 301 625 321 066
Sundry expenses 187 958 187 789
International cooperation 78 309 165 669
Council-fares and allowances (refer note 29) 111 270 107 410
Lease financing interest 4 933 8 365
Bad debts 2 058 8 278
Doubtful debts 5 506 5 226
13 460 966 13 089 427
5. REVENUE FROM SALES AND USER CHARGES
1995 1994
$A $A
Australian Bibliographic Network 7 080 600 6 249 068
Information services 222 291 212 094
Publications and other merchandise 876 534 879 781
Service charges 718 508 745 288
Reproduction services 356 240 351 761
9 254 173 8 437 992
6. OTHER REVENUE
1995 1994
$A $A
Resources received free of charge from 660 200 454 974
sources other than the government
Sundry receipts 625 510 365 618
Exchange gain 860 415
1 286 570 821 007
7. PARLIAMENTARY APPROPRIATIONS
Appropriation from Consolidated Revenue was received from the following divisions:
1995 1994
$A $A
Government Appropriation Division 161 31 247 33 797
(Running Expenses) 000 000
Government Appropriation Division 201.1 - 153 000
(Running Expenses)
Government Appropriation Division 810.3 1 971 000 630 000
(Capital Works)
33 218 000 34 580 000
8. CASH
1995 1994
$A $A
Cash at bank
-General account 2 733 985 2 999 980
-Cash management account 1 453 105 1 362 477
-Special purpose account 720 765 401 850
Cash on hand and petty cash floats 7 640 8 312
4 915 495 4 772 619
9. SPECIAL PURPOSE GRANTS
The Library operates a Special Purpose account for monies provided to the Library by external organisations for specific purposes. These monies relate to grants which cover a variety of Library activities. The receipt and expenditure of these monies was as follows:
1995 1994
$A $A
Balance brought forward 410 656 586 160
Revenue 749 280 210 771
Expenditure (459 409) (386 275)
Unexpended funds 700 527 410 656
This is represented by:
1995 1994
$A $A
Cash at bank 720 765 401 850
Add: Sundry debtors and accruals 1 000 10 020
Add: Prepayments 200 -
Less: Sundry creditors and accruals (21 438) (1 214)
700 527 410 656
10. RECEIVABLES
1995 1994
$A $A
Trade debtors 881 058 635 576
Accrued revenue 826 748 570 617
Sundry debtors 48 592 63 833
Amounts receivable from the Commonwealth 5 492 33 021
1 761 890 1 303 047
Provision for doubtful debts (29 924) (24 418)
1 731 966 1 278 629
The value of receivables which are overdue are as follows:
1995 1994
$A $A
Less than 30 days 20 764 20 657
Greater than 30 and less than 60 days 2 804 3 939
Greater than 60 days 1 565 2 477
25 133 27 073
11. INVENTORIES
1995 1994
$A $A
Stock of:
-Publications and other merchandise 611 916 614 026
-Library supplies and office requisites 58 055 -
669 971 614 026
12. OTHER CURRENT ASSETS
1995 1994
$A $A
Prepaid subscriptions 1 381 144 1 843 905
Other prepaid expenses 606 421 419 769
1 987 565 2 263 674
13. PROPERTY, PLANT AND EQUIPMENT
1995 1994
$A $A
(a) Furniture, equipment and shelving
includes:
Furniture, equipment and shelving
-at independent valuation 3 136 608 3 175 798
Accumulated depreciation (2 031 663) (1 922 223)
1 104 945 1 253 575
Furniture, equipment, software and 11 897 350 11 267 198
shelving-at cost
Accumulated depreciation (6 877 758) (6 103 287)
5 019 592 5 163 911
Software under development-at cost 1 636 990 -
(b) Leased assets include:
Equipment 97 980 172 867
Accumulated amortisation (11 435) (84 993)
86 545 87 874
(c) Building and land include:
Building-at independent valuation 120 000 000 120 000 000
Accumulated depreciation (1 621 622) -
118 378 378 120 000 000
Land-at independent valuation 8 000 000 8 000 000
Building improvements-at cost 491 625 -
Accumulated depreciation (6 644) -
Leasehold Improvements-at cost 246 387 243 618
Accumulated amortisation (70 641) (20 227)
660 727 223 391
Land and building 127 039 105 128 223 391
Total property, plant and equipment 134 887 177 134 728 751
14. CREDITORS
1995 1994
$A $A
Trade creditors
-Library material 119 294 142 137
-Other expenditure 367 374 260 381
486 668 402 518
Other creditors
-Special Purpose account 21 048 1 214
21 048 1 214
Accruals
-Accrued expenses 1 003 466 325 326
-Salaries 434 158 152 761
-Special Purpose account 389 -
1 438 013 478 087
1 945 729 881 819
15. CURRENT PROVISIONS
1995 1994
$A $A
Recreational leave and bonus 1 632 786 2 479 780
Long service leave 165 196 399 375
1 797 982 2 879 155
16. OTHER CURRENT LIABILITIES
1995 1994
$A $A
Prepaid revenue 356 941 339 183
Unexpended special purpose funds 700 527 410 656
1 057 468 749 839
17. NON-CURRENT PROVISIONS
1995 1994
$A $A
Recreational leave and bonus 879 192 -
Long service leave 3 964 721 3 594 373
4 843 913 3 594 373
18. RESERVES
1995 1994
$A $A
Asset revaluation reserve 95 718 914 95 718 914
95 718 914 95 718 914
19. TRUST MONEY
The National Library operates a number of trust funds to account for donations and income from the application of donated funds. Interest is earned on the daily balance of all accounts. The following is a brief comment on each fund currently in operation:
(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.
1995 1994
$A $A
Balance 1 July 330 396 316 324
Deposits during year 29 468 11 915
359 864 328 239
Interest received 25 910 13 781
385 774 342 020
Expenditure during the year (840) (11 624)
Balance at 30 June 384 934 330 396
(b) The General Trust Fund comprises donations received for general purposes or where no purpose is specified by the donor.
1995 1994
$A $A
Balance 1 July 290 521 284 733
Deposits during year 12 103 18 749
302 624 303 482
Interest received 21 333 12 190
323 957 315 672
Expenditure during the year (14 250) (25 151)
Balance at 30 June 309 707 290 521
(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.
1995 1994
$A $A
Balance 1 July 153 951 -
Deposits during year - 150 000
153 951 150 000
Interest received 10 434 3 951
164 385 153 951
Expenditure during the year - -
Balance at 30 June 164 385 153 951
(d) The E.A. & V.I. Crome Trust is a bequest by the late E.A. Crome for the maintenance of and additions to the E.A. & V.I. Crome collection.
1995 1994
$A $A
Balance 1 July 114 462 108 358
Deposits during year 1 030 1 391
115 492 109 749
Interest received 8 770 4 713
124 262 114 462
Expenditure during the year - -
Balance at 30 June 124 262 114 462
(e) The Acquisition Trust Fund comprises donations received specifically for the acquisition of library material.
1995 1994
$A $A
Balance 1 July 45 195 82 607
Deposits during year - -
45 195 82 607
Interest received 3 419 2 588
48 614 85 195
Expenditure during the year (1 660) (40 000)
Balance at 30 June 46 954 45 195
(f) The H.S. Williams Trust is a bequest from the late Harold S. Williams for the maintenance of and additions to the H.S. Williams collection.
1995 1994
$A $A
Balance 1 July 41 182 39 275
Deposits during year - 179
41 182 39 454
Interest received 3 178 1 728
44 360 41 182
Expenditure during the year - -
Balance at 30 June 44 360 41 182
(g) The Dame Mary Gilmore Trust Account is a specific bequest from the late Dame Mary Gilmore.
1995 1994
$A $A
Balance 1 July 5 950 5 700
Deposits during year 33 -
5 983 5 700
Interest received 462 250
6 445 5 950
Expenditure during the year - -
Balance at 30 June 6 445 5 950
(h) The Austin Edward Byrne Trust Account is a specific bequest from the late Austin Edward Byrne.
1995 1994
$A $A
Balance 1 July 1 751 -
Deposits during year - 1 751
1 751 1 751
Interest received - -
1 751 1 751
Expenditure during the year (1 751) -
Balance at 30 June 0 1 751
20. AUDITORS' REMUNERATION
The Australian National Audit Office provided auditing resources to the National Library for auditing the financial statements at a cost of $A66 500 (1993-94 $A64 000).
21. AGREEMENTS EQUALLY PROPORTIONATELY UNPERFORMED
1995 1994
$A $A
(a) Capitalised finance leases
(i) Lease commitments payable in the:
-First year 34 796 27 242
-Second year 34 587 -
Minimum lease payment 69 383 27 242
Deduct: Future finance charges (6 502) (910)
Provided for in the accounts 62 881 26 332
(ii) Representing lease liabilities
-Current 29 806 26 332
-Non-current 33 075 -
62 881 26 332
(b) Operating leases
(i) Rental charged to operating statement 975 205 964 869
(ii) Lease commitments payable in the:
-First year 89 200 71 642
-Second year 71 290 79 642
-Third to fifth years 16 324 61 930
-Sixth and subsequent years - 15 714
176 814 228 928
(c) At 30 June the estimated amount of
expenditure contracted for that is payable
in the:
-First year 7 890 642 1 492 619
-Second year 2 665 136 317 442
-Third to fifth years 533 252 56 150
-Sixth and subsequent years 37 445 37 445
11 126 475 1 903 656
22. ECONOMIC DEPENDENCY
The Library is dependent on annual appropriations from Parliament to carry out the functions as specified in Section 6 of the National Library Act 1960.
23. SPECIAL CATEGORIES OF ASSETS
The National Library building and land are categorised as restricted assets under the Guidelines for Financial Statements of Commonwealth Authorities. Restricted assets include those assets which cannot be redeployed or disposed because of legal or government policy constrains. 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 13(c).
24. REMUNERATION OF EXECUTIVES
The number of executive officers whose total remuneration was within the specified bands are as follows:
1995 1994
$A $A
$A120 000-$A129 999 1 1
$A140 000-$A149 999 1 1
The aggregate of the remuneration of the executive officers whose total remuneration was within the above specified bands is $A265 710 (1993-94 $A266 003). A superannuation contribution of $A23 318 (1993-94 $A22 347) was paid in respect of the Director-General.
25. SUPERANNUATION
Staff at the Library contribute to either the Public Sector Superannuation Scheme or the Commonwealth Superannuation Scheme. Employer contributions are met by the Commonwealth; these amounts have been brought to account as Liabilities assumed by Government in the Operating Statement. As disclosed in note 2 (Employee expenses), the National Library under the Superannuation (Productivity Benefit) Act 1988 is required to meet the cost of the employer productivity superannuation contribution payments.
26. NET LOSS ON DISPOSAL OF NON-CURRENT ASSETS
1995 1994
$A $A
Net assets written off:
Furniture, equipment and shelving 8 332 10 567
Net assets sold:
Furniture, equipment and shelving 59 483 116 902
Total net assets sold and written off 67 815 127 469
Proceeds from sale (19 055) (15 226)
Net loss on disposal 48 760 112 243
27. FUNCTIONS OF THE LIBRARY
The National 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 National Library is also responsible for the administration of the National Portrait Gallery, which while an integral part of the National Library is housed in a leased area within the Old Parliament House.
28. DIRECTORS' INTERESTS IN CONTRACTS
As required by the Guidelines for Financial Statements of Commonwealth Authorities the members of the Library Council were required to disclose any contracts made with the National Library by the Council member or firm of which she/he was a member or any company, business or firm during the 1994-95 financial year in which the Council member had a substantial financial interest or a body of which the director takes part in the management of its affairs. The Council members listed below are regarded as having an interest in any contract that may be made with the entities listed below only by virtue of their directorship of those entities.
Name Organisation Warren Horton, AM AIMA Training and Consultancy Services Ltd
In addition, no members of the National Library 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 entity or a related body with the Council member in which she/he has a substantial financial interest.
29. REMUNERATION OF DIRECTORS
The number of Council members whose total remuneration was within the following bands are as follows:
1995 1994
$A $A
$A0 4 3
$A1-$A9 999 8 7
$A10 000-$A19 999 - 1
The above disclosure excludes the Director-General, an executive member of Council, whose remuneration is disclosed in note 24. Included in Council-Fares and Allowances is $A60 873 (1993-94 $A59 575) paid to part-time Council members for annual allowance. These payments are determined by the Remuneration Tribunal and paid in accordance with Sections 13 and 17A of the National Library Act 1960. Included in the annual allowance figure are payments totalling $A2 609 (1993-94 $A2 822) for contribution to superannuation as required by the Superannuation Guarantee (Administration) Act 1992. The name of each person who has been a member of Council during the 1994-95 financial year appears on pages 9-10.
30. INTEREST IN JOINT VENTURE ACTIVITIES
The Library has a 50% interest in a joint venture agreement with IDP Education Australia to market Australian library services to the international market. The joint venture, Australian Library and Information International Service, was established in May 1995. As at 30 June 1995 there were no interests in joint venture assets, no liabilities had been incurred and there had been no expenditure by the Library.
The Library has a 50% interest in the assets, liabilities and output of a joint venture for the National Document and Information System (NDIS). This joint venture is in association with the National Library of New Zealand and aims to undertake the development and operations of both libraries' computer-based retrieval systems.
1995 1994
$A $A
(a) Interests in joint venture assets
The interest of the Library in the assets of
the NDIS joint venture is as follows:
Non-current assets-at cost 162 066 -
Building improvements-at cost 160 420 -
322 486 -
(b) Joint venture liabilities
At 30 June the Library has liabilities for
the NDIS joint venture as follows:
Liabilities 467 954 -
(c) Agreements equally proportionally
unperformed
At 30 June the Library has agreements
equally proportionally unperformed for the
NDIS joint venture payable in the:
-First year 4 728 059 -
-Second year 2 567 734 -
-Third to fifth years 477 102 -
7 772 895 -
31. CONTINGENT LIABILITIES
Two ex-employees commenced legal action during 1993-94 for claims for damage totalling $A420 000 relating to injuries sustained while employees of the Library. As at 30 June 1995 these claims remain unresolved.
Return to the Index or Continue to the next section ...
| About This Site | Copyright | Privacy | Accessibility | Site Map | Site Search | Content A-Z | Contact Us |