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2010
|
11 FINANCIAL STATEMENTS
III
VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF FINANCIAL POSITION
June 30, 2011, with comparative figures for 2010
GENERAL ACQUISITIONS BUILDING
TOTAL
TOTAL
FUND
FUND
FUND
2011
2010
(restated—note 3)
ASSETS
Current assets:
Cash and cash equivalents
$ 36,510 $ — $ 52,417,150 $ 52,453,660 $ 52,260,577
Grants, pledges, interest and
accounts receivable
1,085,011
100,850
32,933
1,218,794
1,446,530
Prepaid expenses and exhibition costs
1,606,086
1,606,086
1,976,310
Inventories
1,245,824
1,245,824
1,279,800
3,973,431
100,850
52,450,083
56,524,364
56,963,217
Capital assets (note 5)
1,173,329
1,173,329
1,203,688
$ 5,146,760 $ 100,850 $ 52,450,083 $ 57,697,693 $ 58,166,905
LIABILITIES AND NET ASSETS
Current liabilities:
Bank indebtedness (note 6)
$ 1,835,000 $ — $ — $ 1,835,000 $ 1,470,000
Outstanding cheques
188,864
188,864
185,293
Accounts payable and accrued liabilities
2,395,682
258,800
10,308
2,664,790
2,509,533
Obligations under capital lease—
current portion (note 8)
67,695
67,695
81,332
Deferred memberships revenue
366,766
366,766
414,695
Deferred contributions (note 7)
258,838
103,000
50,980,034
51,341,872
51,919,265
Interfund balances
470,716
(472,147)
1,431
5,583,561
(110,347)
50,991,773
56,464,987
56,580,118
Obligations under capital lease (note 8)
17,050
17,050
69,722
Net assets:
Unrestricted
(453,851)
211,197
(242,654)
792,335
Internally restricted
1,458,310
1,458,310
724,730
(453,851)
211,197
1,458,310
1,215,656
1,517,065
Commitments (note 14)
$ 5,146,760 $ 100,850 $ 52,450,083 $ 57,697,693 $ 58,166,905
See accompanying notes to financial statements.
Approved on behalf of the Board:
Trustee
Trustee