Page 75 - Vancouver Art Gallery 2014
P. 75
Interior_Annual Report 14-10-24 4:52 PM Page 73








VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF FINANCIAL POSITION

June 30, 2014, with comparative information for 2013

GENERAL ACQUISITIONS BUILDING OPERATING TOTAL TOTAL
FUND FUND FUND CAPITAL FUND 2014 2013

ASSETS
Current assets:
• Cash and cash equivalents $ 606,823 $ 350,466 $ 54,678,631 $ —$55,635,920 $ 34,133,955
• Short-term investments 204,625 ———204,625 21,048,442
• Grants, pledges, interest and
accounts receivable (note 2) 1,799,590 210,024 3,256 — 2,012,870 1,530,433
• Prepaid expenses and
exhibition costs 1,197,960 ———1,197,960 1,422,216
• Inventories 731,949 ———731,949 788,462
4,540,947 560,490 54,681,887 — 59,783,324 58,923,508

Capital assets (note 3) 873,091 ———873,091 1,050,373

$ 5,414,038 $ 560,490 $ 54,681,887 $ —$60,656,415 $ 59,973,881

LIABILITIES AND NET ASSETS
Current liabilities:
—$$
• Bank indebtedness (note 4) $ 1,375,000 $ —$ —$1,375,000 1,480,000
• Accounts payable and
accrued liabilities (note 5) 1,649,034 ———1,649,034 1,901,905
• Obligations under capital lease—
current portion (note 6) 79,796 ———79,796 58,562
• Deferred memberships revenue 361,755 ———361,755 323,984
• Deferred contributions (note 7) 1,063,616 — 50,253,663 — 51,317,279 51,717,208
• Interfund balances 235,606 (14,734) 284,128 (505,000) ——
4,764,807 (14,734) 50,537,791 (505,000) 54,782,864 55,481,659

Obligations under capital lease
(note 6) 147,720 ———147,720 155,977
Net assets:
• Unrestricted 501,511 575,224 ——1,076,735 574,125
• Internally restricted ——4,144,096 — 4,144,096 3,257,120
• Permanently restricted for working
capital purposes (note 1(a)(iv)) ———505,000 505,000 505,000
501,511 575,224 4,144,096 505,000 5,725,831 4,336,245
Commitments (note 14)
$ 5,414,038 $ 560,490 $ 54,681,887 $ —$60,656,415 $ 59,973,881

See accompanying notes to financial statements.

Approved on behalf of the Board:

Trustee Trustee






2013|14 FINANCIAL STATEMENTS 73
   70   71   72   73   74   75   76   77   78   79   80