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VI
VANCOUVER ART GALLERY ASSOCIATION
VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF CASH FLOWS
Year ended June 30, 2011, with comparative figures for 2010
2011
2010
(restated—note 3)
Cash provided by (used in):
OPERATIONS
Excess (deficiency) of revenue over expenses
$ (301,409) $ 81,829
Amortization of capital assets, an item not involving cash
230,345
219,223
Net change in non-cash operating working capital:
Grants, pledges, interest and accounts receivable
227,736
(336,506)
Prepaid expenses and exhibition costs
370,224
92,066
Inventories
33,976
(105,602)
Accounts payable and accrued liabilities
155,257
302,713
Deferred memberships revenue
(47,929)
(60,367)
Deferred contributions
(577,393)
(411,856)
90,807
(218,500)
INVESTING
Purchase of capital assets
(182,067)
(391,340)
FINANCING
Increase (decrease) in bank indebtedness
365,000
(70,000)
Repayment on obligations under capital lease
(84,228)
(54,844)
Decrease in long-term liability
(100,000)
280,772
(224,844)
Increase (decrease) in cash position
189,512
(834,684)
Cash position, beginning of year
52,075,284
52,909,968
Cash position, end of year
$ 52,264,796 $ 52,075,284
Cash position is defined as cash and cash equivalents less outstanding cheques.
Non-cash investing and financing activity:
Purchase of capital asset under capital lease
$ 17,919 $ 77,300
See accompanying notes to financial statements.