annual report 2009–2010 - western australian...

Western AustrAliAn MuseuM FoundAtion

AnnuAl report 2009–2010

Western Australian Museum Foundation The Western Australian Museum Foundation The Foundation is an independent, not-for-profit organisation established in 1995 to encourage investment in the Western Australian Museum. The Foundation supports the six metropolitan and regional museums and the Collections and Research Centre that comprise the Western Australian Museum in order to help realise a range of exciting initiatives beyond the scope of normal Government funding. The Foundation is governed by the Board of Governors. Board of Governors Prof. Tracey Horton MAICD BEc (Hons) MBA Hon. Julie Bishop MP, Deputy Leader of the Opposition Hon. Richard Court AC Mr Geoff Duncan COMM Michael Gangemi OAM JP Mr Tim Ungar BEc MAICD FAIM (Chairman, WA Museum Board of Trustees) Mr Alec Coles OBE (ex-officio) Cover Image: Bacchus, Ariadne with Silenus looking on. Copyright : Soprintendenza Speciale per i Beni Archeologici di Napoli e Pompei.

WAMF Annual Report 2009- 2010

Western Australian Museum Foundation Contents WA MUSEUM FOUNDATION - CHAIRMAN’S REPORT 2

Prof Tracey Horton WA MUSEUM – CHAIR OF TRUSTEES’ REPORT 3

Mr Tim Ungar FINANCIAL STATEMENTS 4 FOUNDATION PARTNERS 14

WAMF Annual Report 2009 - 2010

Western Australian Museum Foundation Chairman’s Report

WAMF Annual Report 2009 – 2010

Prof Tracey Horton, Chairman, WA Museum Foundation

In March 2010 the Western Australian Museum and Foundation welcomed the arrival of Mr Alec Coles OBE, to the role of Chief Executive Officer for the Western Australian Museum. Alec came to us with extensive experience in the UK’s museums and arts sector and worked closely with the Western Australian Museum on arrangements for the international touring exhibition ‘A Day in Pompeii’ prior to his arrival in Australia. This exhibition has assisted in revitalizing the Perth site of the Museum and has given the Museum Foundation a wonderful opportunity to form 20 new partnerships with organisations. New partners we are delighted to acknowledge are Lotterywest, The West Australian, Channel 7, 720 ABC, Chevron, D’Orsogna, Hawaiian, Singapore Airlines, KPMG, Apache Energy, University of Western Australia and Saracen Estate. We are delighted to be working with the Friends of the WA Museum and would like to thank the Friends for their unstinting support of the Museum. Unfortunately I am not able to list all of our numerous supporters who have assisted the Museum this year but wish to express our sincere thanks to them all. In addition to the Pompeii campaign and other Museum projects, a comprehensive review of the Western Australian Museum Foundation was commissioned in 2009 benchmarking the Foundation against other national collecting institution models. The review findings supported our Foundation and provided recommendations on how the Museum and Foundation can collaborate on a cohesive and successful future. Much progress has been made in 2010 and the Foundation is working closely with the Museum to maximize all opportunities. Once again I would like to thank all our partners and donors for their ongoing support of the Museum as without their support, the museum’s diverse programme of activities would not be possible. I would also like to commend the Foundation Board of Governors and staff for their hard work and commitment during the past year. Professor Tracey Horton Chairman, WA Museum Foundation

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Western Australian Museum Chairman of Trustees


Mr Tim Ungar, Chair of Trustees, WA Museum

On behalf of the Board of Trustees and the staff of the Western Australian Museum I take great pleasure in welcoming Mr Alec Coles OBE to our Museum to take up the role of Chief Executive Officer. Alec comes to Western Australia from his former position as Director Tyne & Wear Archives and Museums in the United Kingdom. Alec’s extensive experience and service to museums was recognised earlier this year in the Queen’s Birthday Honours list when he was awarded an Officer of the Order of the British Empire (OBE) for his services to museums. Alec’s experience will assist the Western Australian Museum to achieve its long sought after goal, a new and fitting museum for our remarkable State. In addition to Alec’s arrival in March 2010, the Museum secured the world class touring exhibition ‘A Day in Pompeii’ which opened to much acclaim at the Perth site in May. The achievement of opening an exhibition of the size and significance of ‘A Day in Pompeii’ within the constrained time frame, exemplified the many strengthens of the Museum staff. The Museum worked together as a team to achieve a remarkable outcome and I believe this was reflected by the success of this acclaimed exhibition. I would also like to acknowledge and thank Ms Diana Jones for her dedication and commitment over the past two years during her role as the Museum’s Acting Chief Executive Officer. Diana led the Museum through a difficult and challenging period, marshalling the diverse skills and talents of the Museum’s dedicated staff to ensure we delivered outstanding service. Diana can be justifiably proud of her achievements. On behalf of the Board of Trustees I would like to thank the Western Australian Museum Foundation’s Board of Governors and staff. Their commitment has enabled us to form a significant number of new corporate partnerships over the year. Finally my sincere thanks must go to the Museum’s many sponsors and supporters whose contributions continue to greatly assist the Museum to provide programs and activities beyond the limits of our core Government funding. We look forward to working closely with you all in years to come. Mr Tim Ungar Chair of Trustees, WA Museum

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Western Australian Museum Foundation Financial Statements

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WAMF Annual Report 2009 - 2010 5



THE WESTERN AUSTRALIAN MUSEUM FOUNDATION

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010 NOTE 2010 2009 $ $ CURRENT ASSETS Cash at Bank 3 177,006 469,533 Managed Investments (Market Value) 5 2,678,135 2,140,498 Other Receivables 6 33,958 17,165 _ _ TOTAL CURRENT ASSETS 2,889,099 2,627,196 _ _ TOTAL ASSETS 2,889,099 2,627,196 _ _ CURRENT LIABILITIES Other Payables 6 -- _ _ TOTAL LIABILITIES - - _ _ NET ASSETS 2,889,099 2,627,196 _ _

TRUST FUNDS Opening Retained Surplus 2,627,196 2,799,541 Operating Surplus (Deficit) – Current Year (94,683) 133,877 Financial Assets Reserve 5 356,586 (306,222) _ _ 2,889,099 2,627,196 _ _

To be read in conjunction with the attached notes.

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STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2010

NOTE 2010 2009 $ $ INCOME Tied Sponsorships 489,396 544,310 Dividends/Distributions 98,848 197,698 Gain/(Loss) on Sale of Investments (152,624) (246,281) Admin Levy 20,765 17,037 Interest Income 17,194 16,878 General Donation 9,100 23,628 _ __________ TOTAL INCOME 482,679 553,270 _ _

EXPENDITURE Bank Fees 248 316 Legal and Accounting 3,636 3,455 Tied Sponsorship & General Donation Exps 417,277 239,211 Maintenance 5,012 5,031 Printing/Copying 662 894 Superannuation 10,301 10,142 Salaries & Allowances 114,653 134,415 Investment Fees 19,677 17,078 Staff Amenities - 4,506 Sundries 5,896 4,345 _ _ TOTAL EXPENDITURE 577,362 419,393 _ _ TOTAL OPERATING SURPLUS/(DEFICIT) (94,683) 133,877 Other Comprehensive Income Revaluation of Investment Portfolio 662,806 231,826 _ _ TOTAL COMPREHENSIVE INCOME 568,123 365,703

To be read in conjunction with the attached notes.

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STATEMENT OF CASHFLOW


NOTE 2010 2009 $ $ CASH FLOW FROM OPERATING ACTIVITIES Cash receipts in the course of operations 519,261 567,939 Cash payments in the course of operations (611,319) (436,817) Interest Received 17,194 16,878 Dividends/Distributions Received 98,848 214,735 Gain/(Loss) on Sale Of Investment (152,624) (246,281) _ _ Net Cash (Used in) / Provided by Operating Activities 4 (128,640) 116,454 _ _ CASH FLOW FROM INVESTING ACTIVITIES Sale/(Purchase) of Investment (163,887) 60,479 _ _ Net Cash (Used in) / Provided by Investing Activities (163,887) 60,479 _ _ CASHFLOW FROM FINANCING ACTIVITIES - - NET INCREASE / (DECREASE) IN CASH HELD (292,527) 176,633 CASH AT THE BEGINNING OF THE YEAR 469,533 292,600 _ _ CASH AT THE END OF THE FINANCIAL YEAR 3 177,006 469,233 _ _

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS


1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are a general purpose financial report that has been prepared

in accordance with Australian Accounting Standards and other mandatory professional reporting requirements and the requirements of the Trust Deed.

The financial report is prepared on an accruals basis and is based on historical costs

and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. The accounting policies have been consistently applied, unless otherwise stated.

The following is a summary of the material accounting policies adopted by the

Foundation in the preparation of the financial report:

(a) Income Tax

The Western Australian Museum foundation is exempt from income tax.

(b) Cash

For the purposes of the Statement of Cash Flows, cash includes cash on hand, at banks and on deposit.

(c) Revenue

Revenue from sponsorships, donations and grants are recognised when the

Foundation has established that it has a right to receive a sponsorship, donation or grant. Investment revenue is recognised when realised.

(d) Financial Instruments

Recognition Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. Financial assets at fair value through profit and loss A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial Instruments. Derivatives are also categorised as held for trading unless they are designated as hedges. Realised and unrealised gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.

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FOR THE YEAR ENDED 30 JUNE 2010 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES – continued

Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the effective interest rate method. Available-for-sale financial assets

Available-for-sale financial assets include any financial assets not included in the above categories. Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity. Fair Value Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models. Impairment

At each reporting date, the Foundation assess whether there is objective evidence that a financial instrument has been impaired. In the case of available -for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether impairment has arisen. Impairment losses are recognised in the income statement.

2. DATE OF ESTABLISHMENT The Western Australian Museum Foundation was established on 22 September 1995. 3. RECONCILIATION OF CASH For the purposes of this statement of cashflows, cash includes cash on hand and at

bank and short term deposits at call, net of outstanding bank overdrafts. Cash at the end of the year is shown in the statement of financial position as: 2010 2009 $ $ Cash at Bank 176,706 469,233 Cash in hand 300 300 _ _ 177,006 469,533 _ _

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4. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO OPERATING SURPLUS:

2010 2009 $ $ Operating Surplus / (Deficit) (94,683) 133,878 Add / (Less) non cash items: - - _ _ Net Cash Provided by Operating Activities (94,683) 133,878 (Increase)/Decrease in Other Receivables (33,957) (17,165) Increase/(Decrease) in Creditors (259) _ _ Net Cash Provided by / (Used in) Operating Activities (128,640) 116,454 _ _ 5. MANAGED INVESTMENTS Managed Investments comprise of a diversified portfolio managed by an independent

fund manager. The holding is represented by investments in wholesale managed funds and direct cash.

Managed investments are classified as Available for Sale Financial Assets and recorded

at fair value, with changes in market value of the investments recognised in the Balance Sheet under Financial Assets Reserve.

Managed Investments 2010 2009 $ $ At Market Value 2,678,135 2,140,498 __________ _________ 2,678,135 2,140,498 _ _

6. OTHER RECEIVABLES/PAYABLES

GST (Payable)/Receivable 33,958 17,165 _ _

33,958 17,165 _ _

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7. FINANCIAL INSTRUMENTS

(a) Financial Risk Management The Foundation’s financial instruments consist mainly of cash at bank and a portfolio of managed investments. The Foundation does not have any derivative instruments at 30 June 2010 and does not speculate in any type of financial instrument. Financial Risks The activities of the Foundation expose it primarily to the financial risks, associated with its financial instruments, of interest rate risk, liquidity risk and credit risk. The Board of Governors are responsible for monitoring and managing the financial risk of the Foundation. They monitor these risks through quarterly board meetings where quarterly management and investment accounts are presented and analysed. Any changes indentified are communicated to the finance and administration team who implement the changes. Interest Rate Risk The Foundation’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates, is limited only to its cash holdings with banks. The level of exposure to interest rate risk is not significant. Liquidity Risk Liquidity risk is the risk that the Foundation will not be able to meet its financial obligations as they fall due. The Foundation has surplus cash reserves which enable sufficient cash to be available to settle obligations as they fall due. The Foundation Director manages liquidity risk by monitoring forecast cash flows on a regular basis and ensuring that adequate cash reserves are maintained. All financial liabilities are expected to be paid out at their carrying amounts, within a period of less than 12 months. Price Risk Market price risk arises from available for sale investments held by the Foundation in the form of a managed portfolio of investments. The portfolio of investments is managed by an external portfolio manager. The investment value and returns are reported to the Investment Committee, comprised of members of the Foundation Board, on a regular basis. The Investment Committee monitors the effective return and goes back to the fund managers if any changes are required. Minutes of all Investment Committee meetings are provided to the Board of Governors at the quarterly board meetings.

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7. FINANCIAL INSTRUMENTS continued

To demonstrate the Foundation’s sensitivity in changes to market prices a movement in the value of the managed portfolio of investments of plus or minus 10% at the reporting date would have increased/decreased the Trust Funds by $289,000. (b) Net Fair Values Aggregate net fair values of financial assets and financial liablilities at balance date approximate their carrying values.

The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the balance sheet and in the notes to the financial statements.

8. RELATED PARTY TRANSACTIONS During the year there were no transactions with Board of Governor related entities and no remuneration was paid to any member of the Board of Governors.

9. ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS

During the year the Australian Accounting Standards Board revised AASB 101 and as a result there have been changes to the presentation and disclosure of certain information within the financial statements. An overview of the changes is as follows’ Terminology changes – The revised version of AASB 101 contains a number of terminology changes including the amendement of the names of the primary financial statements. Other Comprehensive Income – The revised version of AASB 101 introduces the concept of “other comprehensive income” which comprises other income and expenses that are not recognised in profit or loss as required by other accounting standards, such as non owner changes in equity.

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Western Australian Museum Foundation Foundation Partners

Join the Western Australian Museum There are three key areas in which the Western Australian Museum particularly welcomes support. They are: acquisitions to the Museum’s extensive collections of geological samples, ancient fossils, wildlife, Indigenous culture and pioneering history; research in the fields of marine biology, terrestrial zoology, earth and planetary sciences, history and anthropology; and the development of public programs including exhibitions and educational activities. We invite you to contact the Acting Foundation Director, Karen Bassett, for further information and to discuss the range of privileges available to our supporters. Telephone 08 9212 3766 or email [email protected]. Foundation partners The Western Australian Museum Foundation gratefully acknowledges the following partners and supporters: Patron Lotterywest Woodside Energy Limited Friends of the Western Australian Museum Ungar Mr Tim Benefactor West Australian Regional Newspapers North West Shelf Shipping Service Company Pty Ltd

Founder Member 720 ABC Perth All Seasons Hotel Alcoa Foundation Apache Energy Alcoa of Australia Fini Olives Channel 7 Horton Prof Tracey East Perth Redevelopment Authority Italian Chamber of Commerce & Industry Kailis Bros Pty Ltd KPMG Kailis Consolidated Pty Ltd Little Creatures Brewing Kailis and France Holdings Pty Ltd Mercure Hotel MG Kailis Group Mosmans Restaurant The West Australian Moore Stephens Water Corporation Osborn Mr Wayne WMC - Sir Lindesay Clark Trust Fund Phelps Mrs Rosalind - Ruth Saracen Estate Donor Singapore Airlines D’Orsogna Skywest Airlines Discus Print Slayter Mrs Mary Josephine Hawaiian Vmoto Motorcyles Italo-Australian Welfare & Cultural Centre Inc

University of Western Australia

The Western Australian Museum Foundation would also like to thank the many additional supporters who assisted the Museum with their kind contributions of up to $1,000.

WAMF Annual Report 2009 – 2010 14

Western Australian Museum Foundation

The Western Australian Museum Foundation 49 Kew Street Welshpool, Western Australia, 6106 Postal Address The Western Australian Museum Foundation Locked Bag 49 Welshpool DC WA 6986 Tel: +61 8 9212 3766 Fax: +61 8 9212 3882 Email: [email protected] Web: www.museum.wa.gov.au For further information contact The Director Western Australian Museum Foundation Locked Bag 49 Welshpool DC WA 6986

WAMF Annual Report 2009 - 2010 15

http://www.museum.wa.gov.au/

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