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Interior_Annual Report 13-10-30 4:32 PM Page 69








VANCOUVER ART GALLERY ASSOCIATION
STATEMENTS OF FINANCIAL POSITION

June 30, 2013, June 2012 and July 1, 2011

GENERAL ACQUISITIONS BUILDING OPERATING TOTAL TOTAL TOTAL
FUND FUND FUND CAPITAL FUND 2013 2012 2011
(schedule 1) (schedule 2)
ASSETS
Current assets:
• Cash and cash equivalents $ 379,680 $ 309,187 $ 33,548,353 $—$34,237,220 $ 33,430,637 $ 32,144,091
• Short-term investments ——21,048,442 — 21,048,442 20,645,793 20,309,569
• Grants, pledges, interest and
accounts receivable (note 2) 1,367,497 134,529 28,407 — 1,530,433 1,323,992 1,085,042
• Prepaid expenses and
exhibition costs 1,422,216 ———1,422,216 1,255,655 1,606,086
• Inventories 788,462 ———788,462 852,874 1,245,824
3,957,855 443,716 54,625,202 — 59,026,773 57,508,951 56,390,612

Capital assets (note 3) 1,050,373 ———1,050,373 1 ,177,874 1,173,329

$ 5,008,228 $ 443,716 $ 54,625,202 $—$60,077,146 $ 58,686,825 $ 57,563,941

LIABILITIES AND NET ASSETS
Current liabilities:
• Bank indebtedness (note 4) $ 1,480,000 $—$—$—$1,480,000 $ 1,515,000 $ 1,835,000
• Outstanding cheques 103,265 ———103,265 74,861 188,864
• Accounts payable and
accrued liabilities (note 5) 1,901,905 ———1,901,905 1,954,074 2,531,038
• Obligations under capital lease
— current portion (note 6) 58,562 ———58,562 34,625 67,695
• Deferred memberships revenue 323,984 ———323,984 328,777 366,766
• Deferred contributions (note 7) 397,709 — 51,319,499 — 51,717,208 51,929,919 51,341,872
• Interfund balances 399,169 57,248 48,583 (505,000) ———
4,664,594 57,248 51,368,082 (505,000) 55,584,924 55,837,256 56,331,235

Obligations under capital lease
(note 6) 155,977 ———155,977 129,182 17,050
Net assets:
• Unrestricted 187,657 386,468 ——574,125 (93,092) (242,654)
• Internally restricted ——3,257,120 — 3,257,120 2,308,479 1,458,310
• Externally restricted
(note 1(a)(iv)) ———505,000 505,000 505,000 —
187,657 386,468 3,257,120 505,000 4,336,245 2,720,387 1,215,656
Commitments (note 14)
$ 5,008,228 $ 443,716 $ 54,625,202 $—$60,077,146 $ 58,686,825 $ 57,563,941

See accompanying notes to financial statements.

Approved on behalf of the Board:


Trustee Trustee




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