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Interior_Annual Report 13-10-30 4:32 PM Page 79








VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF FINANCIAL POSITION

As at June 30, 2012 SCHEDULE 1

GENERAL ACQUISITIONS BUILDING OPERATING
FUND FUND FUND CAPITAL FUND TOTAL

ASSETS
Current assets:
• Cash and cash equivalents $ 408,345 $—$33,022,292 $—$33,430,637
• Short-term investments ——20,645,793 — 20,645,793
• Grants, pledges, interest and
accounts receivable (note 2) 1,135,846 152,355 35,791 — 1,323,992
• Prepaid expenses and exhibition costs 1,255,655 ———1,255,655
• Inventories 852,874 ———852,874
3,652,720 152,355 53,703,876 — 57,508,951

Capital assets (note 3) 1,177,874 ———1,177,874

$ 4,830,594 $ 152,355 $ 53,703,876 $—$58,686,825

LIABILITIES AND NET ASSETS
Current liabilities:
• Bank indebtedness (note 4) $ 1,515,000 $—$—$—$1,515,000
• Outstanding cheques 74,861 ———74,861
• Accounts payable and accrued liabilities (note 5) 1,652,074 302,000 ——1,954,074
• Obligations under capital lease —
current portion (note 6) 34,625 ———34,625
• Deferred memberships revenue 328,777 ———328,777
• Deferred contributions (note 7) 536,303 — 51,393,616 — 51,929,919
• Interfund balances 676,669 (173,450) 1,781 (505,000) —
4,818,309 128,550 51,395,397 (505,000) 55,837,256

Obligations under capital lease (note 6) 129,182 ———129,182
Net assets:
• Unrestricted (116,897) 23,805 ——(93,092)
• Internally restricted ——2,308,479 — 2,308,479
• Externally restricted (note 1(a)(iv)) ———505,000 505,000
(116,897) 23,805 2,308,479 505,000 2,720,387

$ 4,830,594 $ 152,355 $ 53,703,876 $—$58,686,825



















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