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Interior_Annual Report 13-10-30 4:32 PM Page 71








VANCOUVER ART GALLERY ASSOCIATION
STATEMENTS OF OPERATIONS (continued)

Years ended June 30, 2013 and 2012

GENERAL ACQUISITIONS BUILDING OPERATING TOTAL TOTAL
FUND FUND FUND CAPITAL FUND 2013 2012

Excess of revenue over expenses
before the undernoted 580,021 362,663 ——942,684 414,755
Amortization of capital assets (275,467) ———(275,467) (265,193)
Excess of revenue over expenses
before the undernoted 304,554 362,663 ——667,217 149,562
Investment income —
Building Fund (note 7(c)) 948,641 ———948,641 850,169
Excess of revenue over expenses 1,253,195 362,663 ——1,615,858 999,731

Balance, beginning of year (116,897) 23,805 2,308,479 505,000 2,720,387 1,215,656
Operating Capital Fund
contributions (note 1(a)(iv)) —————505,000
Interfund transfers (note 7(c)) (948,641) — 948,641 ———

BALANCE, END OF YEAR $ 187,657 $ 386,468 $ 3,257,120 $ 505,000 $ 4,336,245 $ 2,720,387

See accompanying notes to financial statements.

VANCOUVER ART GALLERY ASSOCIATION
STATEMENTS OF CHANGES IN NET ASSETS

Years ended June 30, 2013 and 2012

INTERNALLY EXTERNALLY
JUNE 30, 2013 UNRESTRICTED RESTRICTED RESTRICTED TOTAL

Balance, beginning of year $ (93,092) $ 2,308,479 $ 505,000 $ 2,720,3875
Excess of revenue over expenses 1,615,858 ——1,615,858)
Interfund transfers (note 7(c)) (948,641) 948,641 ——

BALANCE, END OF YEAR $ 574,125 $ 3,257,120 $ 505,000 $ 4,336,245

INTERNALLY EXTERNALLY
JUNE 30, 2012 UNRESTRICTED RESTRICTED RESTRICTED TOTAL

Balance, beginning of year $ (242,654) $ 1,458,310 $—$1,215,656
Excess of revenue over expenses 999,731 ——999,731
Operating Capital Fund contributions
(note 1(a)(iv)) ——505,000 505,000
Interfund transfers (note 7(c)) (850,169) 850,169 ——

BALANCE, END OF YEAR $ (93,092) $ 2,308,479 $ 505,000 $ 2 ,720,3876

See accompanying notes to financial statements.




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