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Interior_Annual Report 13-10-30 4:32 PM Page 72








VANCOUVER ART GALLERY ASSOCIATION
STATEMENTS OF CASH FLOWS

Years ended June 30, 2013 and 2012

2013 2012

Cash provided by (used in):
OPERATIONS
Excess of revenue over expenses $ 1,615,858 $ 999,731
Amortization of capital assets, an item not involving cash 275,467 265,193
Net change in non-cash operating working capital:
• Grants, pledges, interest and accounts receivable (206,441) (238,950)
• Prepaid expenses and exhibition costs (166,561) 350,431
• Inventories 64,412 392,950
• Accounts payable and accrued liabilities (52,169) (576,964)
• Deferred memberships revenue (4,793) (37,989)
• Deferred contributions (212,711) 588,047
1,313,062 1,742,449
INVESTING
Purchase of capital assets (54,141) (97,495)
Purchase of short-term investments (402,649) (336,224)
(456,790) (433,719)
FINANCING
Decrease in bank indebtedness (35,000) (320,000)
Repayment of obligations under capital lease (43,093) (93,181)
Operating Capital Fund contributions received — 505,000
(78,093) 91,819

Increase in cash 778,179 1,400,549
Cash, beginning of year 33,355,776 31,955,227
Cash, end of year $ 34,133,955 $ 33,355,776

Cash is defined as cash and cash equivalents less outstanding cheques:
• Cash and cash equivalents $ 34,237,220 $ 33,430,637
• Outstanding cheques (103,265) (74,861)
Cash, end of year $ 34,133,955 $ 33,355,776

Non-cash investing and financing activity:
• Acquisition of capital asset under capital lease $ 93,825 $ 172,243

See accompanying notes to financial statements.



















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