TABLE OF CONTENTS · 1 TABLE OF CONTENTS Strategic approach chairperSoN’S ForeWorD 2 Director’S...

1

TABLE OF CONTENTS

Strategic approach

chairperSoN’S ForeWorD 2

Director’S revieW oF the Year 3

appeNDiceS

otago Museum trust Board and committees 5

otago Museum Staff 6

Māori advisory committee 8

honorary curators 8

acknowledgements 8

association of Friends of the otago Museum 9

publications 2012–2013 9

Strategic initiatives, outcomes, indicators and performance Measures 11

StateMeNt oF Service perForMaNce 19

FiNaNcial StateMeNtS 26

2

CHAIRPERSON’S FOREWORDit is my pleasure as chairperson to report on behalf of the Board on another eventful year at the otago Museum. this annual report sets out our performance for the year and we can take some pride in the outcomes reported given the significant changes in our organisation.

the major change this year has been the appointment of Dr ian griffin to the role of Director. ian’s appointment followed a comprehensive search resulting in a very strong field of candidates from around the world. his background and experience, along with his vision for the future of the Museum resulted in him clearly standing out in the appointment process. ian started full-time just prior to the end of the financial year and is already making a positive impact on the organisation.

the Board would like to record our appreciation for the staff who maintained the Museum operations during the period of change.

a second key project this year was the development of the former Dunedin North post office building. this facility opened after balance date slightly later than we intended but has already become a focal point for our organisation. the Board were delighted that the facility has been named the otago Museum h D Skinner annex recognising an individual who had a significant influence on our organisation.

We, like all institutions, continue to operate in a difficult financial environment at present.

We greatly appreciate the support of our contributing local authorities: central otago District council, clutha District council, Waitaki District council and Dunedin city council. We are planning to operate in a similar

environment for the foreseeable future and are focusing on strategies to produce positive outcomes within our resource constraints. We appreciate the positive relationship we have with our contributing local authorities and look forward to working productively with them in the future.

this year we are reporting a break-even position which is significantly below previous years and is not sustainable for us. the result is supported by strong unrealised investment returns. our trading operations have performed well in a difficult environment and we are continuing to focus on ensuring we are operating in a sustainable manner.

i would also like to reflect my thanks for the work of the management team and all staff at the otago Museum. the commitment and dedication shown to the institution is significant and most appreciated.

My appreciation also goes to my fellow Board members. the Board has worked well during the year and addressed some major decisions in a professional manner. i appreciate the energy and commitment they bring to the otago Museum.

We are looking forward to a very positive future for the Museum.

Graham CrombieChairperson, Otago Museum Trust Board

3

the past year was one of significant change at the Museum. in September 2012, Shimrath paul departed after 17 years as chief executive. the otago Museum was transformed during Shim’s time in charge, so it was entirely appropriate to commemorate his achievements

by naming a wing of the Museum in his honour – the Shimrath paul Wing.

the trust Board undertook an extensive search for a replacement for Shim, which eventually led to my appointment as the eighth Director of the otago Museum in May 2013.

While my tenure only began late in the financial year, i am pleased to report that despite the leadership change and associated transition period, the Museum has performed well in a very challenging financial environment. this year over 460,000 people visited the Museum, which represents a fall of just over 3% from last year. i find this relatively small drop encouraging, especially in a year when a significantly expanded and enhanced museum, toitū otago Settlers Museum, opened in Dunedin. the fact that the re-opening of toitū otago Settlers Museum has had little effect on our visitor numbers certainly speaks to the continuing strength of Dunedin’s visitor economy.

With no increase in levy for the third year in succession, the Museum’s business units worked extraordinarily hard to generate extra income needed to cover increasing costs and reduce the size of our operational deficit. generating our own income allows us to do our best to ensure that resourcing constraints have a minimum impact on our visitor experience. however

DIRECTOR’S REvIEW OF THE YEAR

3

this is not a situation that can be sustained, and one of the big challenges for next year will be working to ensure that the Museum lives within its means and is sustainable in the long term.

the Museum’s longstanding relationship with Shanghai has continued to be a major focus of the past year. in april, i was fortunate enough to visit Shanghai with the official delegation from the city of Dunedin. the trip provided an opportunity for me to meet with members of the Shanghai Museum to ensure that the already established relationship continues to be strong. the visit also provided an opportunity for the Museum to make final arrangements for the Shanghai Museum show coming to Dunedin in July 2013 as well as progress plans for the otago Museum show destined for china in 2014 – to the new Shanghai Natural history Museum.

With the re-signing of the sister city agreement with Shanghai, the Museum continues to play a key role in cultural exchange between the two cities. our established relationships with both the Shanghai Museum and the Shanghai Science and technology Museum (through MoUs and staff exchange programmes) are valuable, and the initiatives we have completed to date are testament to the strength of the relationship between us and the museums in our chinese sister city.

as usual, the Museum staged a wide variety of exhibitions during the year. Off the Wall: World of Wearable Art™ Up Close was the year’s first exhibition. the exhibition showcased fabulous and flamboyant costumes from WoW’s historic collection. the designs covered an eclectic range of styles, with highlights including bright and beautiful Uv sensitive pieces in a specially Uv-lit space.

our summer exhibition, Canterbury Quakes opened in the Special exhibitions gallery in time for the busy summer season. Developed by canterbury Museum, the exhibition featured former city icons – now relics – from christchurch’s damaged infrastructure, including the rose window from the christ church cathedral, and the lyttelton timeball. photographs, film and audio content evoke the human side of the disaster, with

4

personal stories of resilience and recovery from diverse cantabrians, including the emergency response teams and student volunteer army. otago Museum was the first venue outside of canterbury to host the exhibition during its three-year national tour.

Mirror Magic opened in october, with the exhibits integrated throughout Discovery World for the summer period. owned and developed by te Manawa Museums trust, palmerston North, the 22 interactive stations which make up Mirror Magic allow visitors to experiment with mirrors of all shapes and sizes to investigate the properties of reflected light. Mirror Magic is the reciprocal exhibition after the otago Museum-developed Your Face Here was shown at te Manawa earlier this year.

the Moriori of Rekohu, T’chakat henu – People of the Land exhibition opened in the people of the World gallery in September. Sharing the heritage, background, lifestyle and aspirations of Moriori descendants, this show celebrates the revival of Moriori culture and identity. the opening ceremony was attended by representatives of Moriori hunau and manawhenua, as well as Mayor Dave cull. to commemorate the exhibition, a kopi (or karaka) tree was planted in the Museum reserve with an accompanying plaque.

the 14th annual otago Wildlife photography competition was highly popular, attracting over 1,000 entries. the vast majority of entrants took advantage of the ability to upload their photos digitally through the Museum’s website this year – a new initiative.

September marked the halfway point of our present Strategic plan. as signalled in the plan itself, all full and part-time staff committed to a two-day review workshop (held at Waiora Scout camp) where the progress of the plan to date was reviewed and the path and challenges ahead comprehensively discussed. a further Strategic initiative was added to the plan – performance excellence. this relates to the Museum’s adoption of the Baldrige performance excellence framework as a model to guide the further development of our organisational practices, ensuring our robust yet agile nature is strengthened.

the Museum’s staff exchange programme continued this year, with our research and interpretation coordinator – Natural Science emma Burns, Marketing and Development coordinator Juliet pierce, and visitor

programmes officer Katie topham all benefiting from opportunities to experience working in institutions in Shanghai, thailand and guangdong respectively.

looking forward to next year, one key event will be the start of a new strategic planning process. our existing plan finishes in 2014, and it is entirely appropriate that with new leadership in place, the Museum spends time thinking about and planning for the future. a key element of the new planning process will be active engagement with the communities we serve, and a stakeholder engagement day to do just that is planned for early october 2013.

We also anticipate a number of important exhibitions and events, including an exhibition from the Shanghai Museum. China’s Cultural Minorities: Silk to Silver, Collections from the Shanghai Museum opened to the public in the Special exhibitions gallery shortly after balance date on 6 July 2013, featuring a range of stunning silver jewellery, traditional silk costumes, delicate embroidery, intricately carved household items and a striking collection of masks from across a variety of cultures, amongst other things. through an array of rare and special objects, the exhibition showcases the vibrancy and variety of china’s cultural minorities.

on behalf of the Museum team, i’d like to thank the many people who volunteer their time to help us in our work. in particular, i’d like to put on record my appreciation for the collective efforts of the Māori advisory committee, the honorary curators, the trust Board and the interns who have helped this year. Without your help the Museum would not be where it is today.

Finally, i want to thank the staff of the Museum for their friendly welcome to a new Director and especially for their hard work, which was essential to our achievements this year. as the Museum enters a new era, with the first new Director in a generation, it’s a real honour for me to be part of the team which together will shape the future of this inspirational and much loved institution. exciting times are ahead for the otago Museum!

Ian GriffinDirector

5

A CELEBRATION OF MORIORI CuLTuREDeveloped by the pataka Museum in association with the hokotehi trust, The Moriori of Rekohu, T’chakat henu – People of the Land explored the heritage, background, lifestyle and aspirations of the Moriori people.

this affecting exhibition opened with a special ceremony which included a procession through the exhibition and the planting of a kopi tree on the Museum reserve, with Moriori representatives, manawhenua and members of the otago Museum team all taking part.

on the morning of the exhibition opening, Maui Solomon – grandson of tommy Solomon, the last full-blooded Moriori – gave a public talk, providing great insight into Moriori identity, peace traditions and cultural revival.

the exhibition’s engaging exploration of the stories of living Moriori descendants allowed visitors to connect with Moriori culture. rakau momori from the otago Museum collection were integrated into the exhibition. these ancient tree carvings, also known as dendroglyphs, highlight an important facet of Moriori spirituality.

“We love your museum. We came yesterday for a couple of hours and there wasn't enough time so we came back again today.”A visitor from Queensland, December 2012

OTAGO MuSEuM TRuST BOARD

MEMBERS OF THE BOARDMr graham crombie (chairperson)Mrs Kate Wilson (Deputy chairperson)

Mr Sydney Brown assoc prof peter DeardenMrs gaynor Finchassoc prof David hutchinsonMrs Julie pearseprof glenn Summerhayes Mr colin WeatherallDr Jim Williams

ex officio

Mr Mike horne, Deloitte (treasurer/accountant)Mrs lisa Wilson, Deloitte (Deputy treasurer/accountant)Dr ian griffin (Secretary)

Audit, Finance and Risk Management Committee Mrs Kate WilsonMr graham crombieMrs gaynor Finch assoc prof David hutchinsonMrs Julie pearse

Staffing Committee elected membersMr graham crombieMr Sydney Brownassoc prof peter DeardenMrs Kate Wilson

6

OTAGO MuSEuM STAFF LIST AS AT 30 JuNE 2013(excludes Casual Staff)

alishea Woodhead BSc living environments officer

amadeo enriquez BSc Science communicator

amy Marr Ba (hons) communicator coordinator

andrew charlton BSc Systems Development and interactive Science coordinator

andrew oliver Ba assets and technology coordinator

Bernard hamlin BSc information technology coordinator

Beth rees Ba (hons) collection officer

Brenda Barron Building Services officer

Bronwyn robson café cook

caitlin Bowie Ba communicator

carolina loch S da Silva BSc, MSc, phD collection audit assistant

catherine gadd Ba visitor programmes coordinator

charlotte Webby BDes (Fashion) education communicator

chris Farry Bcom Director – Finance and commercial

clare Wilson Bcom, Ba, pgDip Director – collections, research and experience

cody Fraser BSc, pgDip collection coordinator – Natural Science

courtney Davies café host

craig Scott BDes (com) Design Services coordinator

eleanor ross Ba (hons), Ma research and interpretation officer – humanities

ellen Sima Ba, BSc collection assistant – Natural Science

emma Burns BSc research and interpretation coordinator – Natural Science

Felix Marx phD, MSci collection assistant – audit

garry gibson production and projects officer

graziella trippa Ba Shop communicator

hamish ralfe Kitchen assistant

harry Bleasdale café cook

helen horner Diptchg (higher) Director – visitor interaction and programmes

ian griffin BSc (hons), phD Director

iwan pieterse Bcom (hons) accountant

Jessica McNamara Ba communicator

Jessica ralfe Ba tourism and venues officer

77

Joel oldridge BSc assets and technology Manager

Juliet pierce Bcom (hons) Marketing and Development coordinator

Kimberley Beckett Ba (hons), gradDip, Dipgrad education officer

Kimberley Smith BcapSc, Diplangc Marketing officer

laura Sargisson Bva Design Services assistant

leah carrell Ba, pgDippe café host

lizzie reynolds Btchg communicator

lucy oldridge BSc, pgDip, MSc content Services coordinator and collection audit coordinator

Marilyn Washington Building Services officer

Martinette Williams café host – Barista

Melanie pearson café coordinator

Moira White Ma research and interpretation coordinator – humanities

Murray Mcguigan Ba (hons), Ma, Dph Design Services officer

Nell guy Ba (hons) communicator

rachel Brough café host – Barista

rachel Blois Btchg communicator

rebecca Keenan Ba (hons) content Services officer

rebecca lynn Ba, Btour Business Development officer

rebecca McMaster Ba (hons) project coordinator

ryan achten Design Services assistant

Samanta luzzi King Ba Shop coordinator

Samantha van der Mespel café host

Sandra reihana café host – Barista

Sarah Byrne Bcom corporate Services coordinator

Scott reeves Ba collection coordinator – humanities

Shanaya allan BDes (com) Design Services officer

tegan McKegg Ba communicator

teresa Fogarty Ba administration and Support officer

trubie Smith Ba, Diplang communicator – Weekend Supervisor

trudi Webster BSc (hons), MSc collection officer – projects

vicki lenihan Bva, gradDipadvc visitor programmes officer

8

CELEBRATING 60 YEARS SINCE REACHING THE TOP OF THE WORLDthis year marked the 60th anniversary of Sir edmund hillary and tenzing Norgay’s historic climb to the top of Mount everest. the Museum highlighted the hillary collection, proudly displayed in the atrium Stairwell, to celebrate.

Special features were added to the display for the duration of the anniversary celebration. visitors could access a touch screen which featured a trek to everest Base camp, panoramic images of glaciers near Mount everest, and historic footage of the world’s highest mountain.

gifted to the otago Museum by June, lady hillary, and peter and Sarah hillary, the hillary collection itself forms a small but significant display on the life and achievements of one of the most world-renowned New Zealanders.

Significant items in the collection include the 1935 Kodak retina camera, which hillary used to take the iconic images of their successful climb; hillary’s enamel mug from the 1953 everest expedition; and small stones he collected on his way down from the summit.

“This is the most beautiful museum I have ever visited. I really like the technology. The staff are so friendly and very helpful.”A visitor from Japan, April 2013

MEMBERS OF THE MAORI ADvISORY COMMITTEEMatapura ellison (chairperson)John BroughtonJane gravesonJanine Karetaipat hoffmanMoana WesleyKoa Whitau-KeanJim Williams

HONORARY CuRATORSJim Bootten MaritimeMelville carr, MSc, phD, Dic, FNZic philatelyBrian connor, oStJ, aNZMSi, aNSiSt MedalsWarwick Don, MSc entomologyrobert hannah, Ba, Mphil classicsanthony harris, MSc entomologyJane Malthus, BhSc, MSc, phD Dress and textilestony reay, phD geologypeter Schweigman ornithologyJoel a vanderburg africa

ACKNOWLEDGEMENTSDonors to the Humanities Collection association of Friends of the otago MuseumMargery BlackmanMarilyn cottlethe estate of Beverley de thierDiana Dixonex pursers’ association of Union Steam Ship company of NZ ltd Warren Featherstonrosalie hardyJan KellyMay lindsayJane Malthushonor McKellarJoan Nelsonvirginia ralfeBruce rossgeoffrey SkiltonSkinner familyKathleen turnergreg Waitecathrine WaiteDenise Welsh

Donors to the Natural Science CollectionMary Duffyrobert Joseph (Steve) Nesbittconnie Wright

Sponsors of Exhibitions and Programmes and Grants ReceivedDr Marjorie Barclay trustBrancott estatecadbury confectioneryDeloittegallaway cook allanJonathan's photo WarehouseNatural history New Zealand limitedotago Daily timesperpetual trust

9

“I am a local but I can't get over the beauty of this museum. We are so lucky to have it. There is just so much to see – I come here often but I can't get sick of it.”A visitor from Dunedin, April 2013

cre

dit

: ota

go

Dai

ly t

imes

ASSOCIATION OF FRIENDS OF THE OTAGO MuSEuMthis year the Friends council have continued their review of the association. the review has led to questions about the purpose and activities of the association. it is the council’s view that the Friends should be effective in supporting the Museum with a focus on ‘giving’ to the Museum rather than ‘receiving benefits’.

i believe the timing is right for the Friends to look hard at what may constitute a robust and effective structure for the future and in doing so it may be that little change needs made to what is currently in place. effectiveness and making a difference are what i would like to see the Friends achieve.

in this year the Friends were happy to present the Museum with a brooch by award winning New Zealand artist octavia cook. We were very pleased to gift this piece of important New Zealand art. the purchase was made possible in part by a very generous donation by a member of the Friends.

at the 2012 agM it was decided to embark on a project to raise funds for the articulation of the skeleton of a Fur seal pup. a small number of Friends responded with some very generous donations. the council look forward to completing this project and seeing the Fur seal installed in the Museum’s Nature galleries.

as always, both i and the other members of the Friends council look forward to hearing your comments and ideas as we continue on promoting, supporting and assisting our Museum.

For me, living in North otago is not ideal for the hands-on approach that i believe is needed as we move forward, so i have decided against standing for a further term. i do wish the Friends and all involved with our Museum every success.

Alan McLayPresident

COMMuNITY FuN AT THE BIG GET TOGETHERthe Big get together, the Museum’s annual free festival, drew in huge crowds once again this year as over 5,100 visitors streamed through the Museum’s doors on Sunday 17 March to enjoy the festivities. the family-friendly fun included entertaining acts, live music, fabulous face-painting, awesome activities and tempting treats.

highlights included hank the Shark who performed weird and wacky musical tales of maritime adventures alongside gerry paul and the elephant tree Band, while Mr Wizowski dazzled with death-defying stunts and Sports Suzie performed zany aerobics.

Not just a hit with the community, the Big get together is also highly anticipated by the Museum team. all the entertainment is provided free of charge to the community, allowing staff to get involved in a wide variety of activities from popping popcorn to painting faces, while also enjoying a unique opportunity to meet and interact with our visitors.

PuBLICATIONS 2012–2013Books and refereed journals:

hannah, r. 2013. ‘analemma’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 396–97

hannah, r. 2013. ‘antikythera Mechanism’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell : 465–67

hannah, r. 2013. ‘calendar, greek’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 1261–63

10

EMBARKING ON A PERFORMANCE ExCELLENCE JOuRNEYa strategic initiative dedicated to performance excellence was added to the Museum’s Strategic plan this year.

the Museum gathered initial feedback on the implementation of this process by submitting an application to New Zealand’s performance excellence Study awards (peSa) programme in 2012. the peSa programme explores all areas of operations including leadership, strategic planning, workforce and results.

in December, a cross-divisional Museum team spent a week of intensive organisational assessment and learning with liz Menzer, president of the Wisconsin center for performance excellence in the United States.

Following this, the Museum submitted an application to the Wisconsin Forward performance excellence programme, and has also produced a second peSa application in 2013. With each performance excellence application, the Museum has received increasingly positive feedback, demonstrating our continious improvement in this area.

the Museum’s commitment to performance excellence was recognised with the receipt of the performance excellence award at the 2012 Westpac otago chamber of commerce Business excellence awards.

hannah, r. 2013. ‘clock’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 1583–85

hannah, r. 2013. ‘euctemon’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 2549–50

hannah, r. 2013. ‘greek government and the organization of time’ in companion to Ancient Greek Government. h. Beck ed. chichester, West Sussex, Wiley-Blackwell: 349–65.

hannah, r. 2013. ‘Sosigenes’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 6332–33

hannah, r. 2013. ‘Sundials’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 6455–56

hannah, r. 2013. ‘time, measurement of’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 6757–59

hannah, r. 2013. ‘Winds, tower of’ in Encyclopedia of Ancient History. r. Bagnall, K. Brodersen, c. champion, a. erskine and S. huebner eds. oxford, Blackwell: 6789–90

Mcphail, c. and hannah, r. 2011-2012. ‘the cartographers of the taurus line: the Bematists, Dicaearchus and eratosthenes’ in Geographia Antiqua 20–21: 163–77

rawlence, N. J., Wood, J. r., Scofield, r. p., Fraser, c. and tennyson, a. J. D. 2012. ‘Soft-tissue specimens from pre-european extinct birds of New Zealand’ in Journal of the Royal Society of New Zealand: 1–28

White, M. and lord, J. 2013. 'Mr cocker's Benger Burn Discoveries: a tussock rain cape from central otago, New Zealand, re-examined' in Journal of the Polynesian Society 121 (4): 373–392

other publications:

harris, a. c. 2012. ‘a complete gallery of the cypress bark beetle Phloeosinus cupressi (curculuionidae: Scolytinae) in Cupressus macrocarpa at taieri Mouth’ in The Weta 43: 48–49

harris, a. c. 2012. ‘entomologists at Mt. algidus’ in The Weta 44: 41–47

harris, a. c. 2012–13. 52 weekly ‘Nature File’ articles in the Otago Daily Times

Malthus, J. 2013. 'exhibition review: the Blind idealist's Black Dog, Jo torr' in Context 24: 49–51

White, M. 2013. 'review: Whatu Kākahu: Māori cloaks' in Context 24: 44–46

11

credit: otago Daily times

ExCHANGES STRENGTHEN INTERNATIONAL RELATIONSHIPSthree members of the Museum team travelled overseas this year as part of the otago Museum Staff exchange programmes which were established in recent years. these exchanges build on existing relationships with organisations and allow the recipients to spend time working and learning at their host museum.

emma Burns, the Museum’s research and interpretation coordinator – Natural Science, spent a month at the Shanghai Science and technology Museum (SStM). She worked with the research and Design institute and the affiliated taxidermy and model-making centre, gaining valuable insight into the SStM’s operational and specimen taxidermy procedures.

visitor programmes officer Katie topham spent two weeks at the guangdong Science centre, china’s largest science institution. there she was involved with the centre’s programmes, learning how they reach out to and engage with the children of their community.

Juliet pierce, Marketing and Development coordinator, travelled to the National Science Museum of thailand in Bangkok. During her exchange, she worked with the Museum’s marketing team to discuss promotion and engagement strategies, and also spent time travelling to schools in rural thailand with museum staff, as part of a science outreach programme.

STRATEGIC INITIATIvES, OuTCOMES, INDICATORS AND PERFORMANCE MEASuRES2013–2014

STRATEGIC INITIATIvE: ExPANDING JOY

OuTCOMESReaching out to our communities and enabling access for all

INDICATORSMuseum offerings attract participation by the otago community – with broad demographic reach and high visitor satisfaction levels attained

Performance Measures:visitor numbers remain high, reaching over 450,000

on site

Quarterly market research results evidence broad reach across audience segments and characteristics, illustrating wide variety amongst visitors

Quarterly market research results evidence satisfaction across the visitor experience by 90% of respondents

visitor interaction and programme initiatives and special exhibitions support the core Museum experience to draw regular visitors attracting families especially and encouraging repeat visits, as well as drawing new audiences

Performance Measures:Quarterly market research results evidence family

participation

Quarterly market research results evidence visitation patterns e.g. new visitors; annual visitors; weekly visitors

Special exhibition from Shanghai Museum presented

Mix of programmes from high profile to individual activities offer a call to action which motivates visits

commentary on programmes and exhibitions offered through the period which supplement the gallery offerings

12

ExHIBITION ExPLORED CANTERBuRY QuAKESa special exhibition exploring the devastating canterbury earthquakes touched almost 70,000 visitors this year in a true display of respect for what the region has endured.

Developed and originally displayed by the canterbury Museum and proudly supported by hewlett packard, Canterbury Quakes focused on the human stories and physical forces behind some of New Zealand’s worst ever natural disasters. the otago Museum was the exhibition’s first stop on a three-year national tour.

the exhibition featured former city icons including the lyttelton timeball and the rose window from the christchurch cathedral. visitors were given the opportunity to discover the science behind earthquakes, connect with people affected by the disaster and look towards the future as the people of canterbury work together to rebuild.

Several well-attended events accompanied the show, including a talk from christchurch Mayor Bob parker, science shows and a gallery talk.

“I just love your museum. Everything looks so lovely, all out here for everyone to enjoy. And it's free!” A visitor from Fiji, March 2013

outreach initiatives and offsite exhibitions highlight the Museum with external audiences in order to raise profile and encourage future visits

Performance Measures:twelve targeted outreach initiatives see Museum

activities in offsite locations

otago Museum exhibition presented at the Shanghai Natural history Museum in 2014

commentary on activities undertaken through the period

Devise a system which makes it possible for economically challenged members of our community to access experiences that usually carry a charge freely on occasion

Performance Measures:commentary on initiatives aimed at enabling access

by removing barriers for targeted audiences, in a fair and economically affordable manner

create innovative formal education connections focused on specialisation and extend relationships with high schools and online education users

Performance Measures:commentary on strategic developments and

initiatives within formal education area

13

“I am a professional historian and this was a delight – super collection and science communication aspects were astonishing. I could easily have spent all day just in those parts. Fabulous, fabulous work – thank you, a privilege to visit.”A visitor from Hampshire, England, April 2012

HALFWAY MILESTONE OF STRATEGIC PLAN MARKEDlast September, the Museum team marked the halfway point in the current Strategic plan with a two-day retreat held at the Waiora Scout camp. attended by all full and part-time staff, as well as any casuals who wished to attend, the retreat was an opportunity to celebrate the plan’s success to date and to review implementation plans going forward.

open discussions, group brainstorms and highly enjoyable team-building activities combined to make the event an extremely successful look towards the Museum’s future.

outcomes included the addition of a ninth Strategic initiative to the Strategic plan focused on performance excellence, and the collective determination of a guiding principle to drive the Museum’s responsible operations focus.

STRATEGIC INITIATIvE: COLLECTION CARE

OuTCOMESBest practice collection care, building from quality standards achieved through collection re-housing, stabilised environmental conditions and security initiatives implemented within Museum redevelopment completed in 2000

INDICATORScontinue to resource and implement the collection audit (incorporating rFiD tagging) which further raises the standards of collection care through the condition assessment, updating of data record, re-housing as appropriate, photography and rFiD tagging (for improved future accessibility) of each collection item one by one, in an order determined by exhibition, gallery development and research needs

Performance Measures:Not less than 10,000 collection items individually

accessed and audited

commentary on audit findings and subsequent outcomes

OuTCOMESvalue added to knowledge base

INDICATORSresearch partnerships and collection access provide new information for collection records Performance Measures:commentary on internal and external research

activities which add value to collection database

OuTCOMESActive collection development

INDICATORSBuild the collection through acquisition and gifts, in line with the collection policy, communicatingwith the community along the way

Performance Measures:Not less than ten sought after items actively

acquired for the collection, using trust Funds as appropriate

commentary on passive acquisitions through gifting

commentary on communication channels used to share collection development news with community

14

“"Thank you! I'm visiting from Australia – this is one of the best museums I have ever visited. A perfect balance of local, regional and global history – and a very engaging and welcoming environment. " A visitor from Australia, January 2013

NEW WEBSITE LAuNCHEDthe Museum launched an attractive and functional new website during the year. Developed in-house by the Museum team using freeware, the comprehensive new site ensures that the Museum’s web presence is a true reflection of the quality of the overall Museum experience.

New features of the site include a daily peek into the collection storeroom and enhanced connections with social media sites. a What’s on section showcasing all the events happening at the Museum is complimented by what has proven to be a very popular online booking system, offering a user-friendly way to secure a place at a wide range of offerings, from guided tours to the Discovery Squad holiday programme. Discovery World tropical Forest tickets and a wide variety of Museum Shop products have also been made available to purchase online.

STRATEGIC INITIATIvE: PEOPLE AND CuLTuRE

OuTCOMESPeople and culture develop positively

INDICATORSannual team culture workshop held to enable all team members to contribute ideas for the development of the culture and establish an action plan for the year

Performance Measures:commentary on outcomes of workshop and related

activities undertaken throughout the period

team members work towards known and shared goals, feel valued and are satisfied with the otago Museum as an employer

Performance Measures:employee engagement survey results indicate

at least 75% of respondents understand the organisation’s purpose, feel their contribution is valued and are satisfied with working at the Museum

15

OTAGO MuSEuM H D SKINNER ANNEx uNvEILEDthis year the former Dunedin North post office building underwent an extensive redevelopment project to become the otago Museum h D Skinner annex, nearing completion at the end of the period. Situated on the corner of the Museum reserve, this category 2 listed bluestone building has retained its heritage features, while extensive refurbishments have restored it as an engaging cultural space for the community.

plans for the building were developed by Mccoy and Wixon in collaboration with the Museum team, the New Zealand historic places trust (NZhpt), Naylor love, and hadley and robinson.

the inaugural exhibition in the h D Skinner annex has since opened in the new ‘postmaster gallery’ exhibition space. the exhibition, Heritage Lost and Found: Our Changing Cityscape celebrates Dunedin’s rich architectural past. it has been developed in partnership with the otago/Southland area office of the New Zealand historic places trust and is proudly sponsored by gallaway cook allan lawyers.

the annex also features four stylish, light-filled and versatile hireable venue spaces and the ‘roast office’ takeaway coffee window.

“What a wonderful and well-presented museum. Thank you!”A visitor from Singapore, December 2012

STRATEGIC INITIATIvE: STRATEGIC CAPITAL DEvELOPMENT

OuTCOMESCore experiences cyclically improved to keep Museum fresh

INDICATORSpeople of the World gallery redevelopment progressed

Performance Measures:content and design plans completed, gallery

demounted and installation of new experience commenced

OuTCOMESImprove use of the Museum Reserve

INDICATORSinvestigate development options with Dunedin city council

Performance Measures:commentary on discussions and outcomes

STRATEGIC INITIATIvE: RESPONSIBLE OPERATIONS

OuTCOMESOptimal resource management and sustainability in operations

INDICATORSrevenue generation initiatives diversify and strengthen financial position, enabling service delivery beyond level of local government investment

Performance Measures:Sources of income evidence spreading of risk

commentary on strategies implemented to increase revenue levels

commentary on activity levels achieved by combining local government investment with Museum revenue generating initiatives

16

CHILDREN’S PARTIES POPuLARthis year has been a roaring success for children’s parties at the Museum! During the period, 86 parties were held at the Museum, creating special celebrations and unforgettable experiences.

the parties team have also worked closely with the Museum’s other business units this year, helping to increase revenue in these areas. there has been an increase in the number of parties catered by the Museum café, with the café also providing specially-made birthday cakes.

each party has a theme which can be specially created to fit a specific interest. this flexibility has been instrumental in the success of the parties operation this year, with parties tailored specifically to each booking in order to provide each child with a unique Museum experience.

positive evaluations have flooded in from the parents of happy party-goers, with many indicating they would highly recommend an otago Museum party to others.

" Visiting from the UK, one of the best – if not the best – museums ever! Displays are so well presented, informative, layout is clever and spacious, staff very welcoming. Congratulations!”A visitor from the UK, November 2012

policy reviewed as needed to guide core responsibilities and decision making

Performance Measures:commentary on policy decisions by oMtB during

the period

team members are empowered to make strategic, best value investments in improving the Museum's performance, leading, overseeing, encouraging and motivating positive change, building into each project ways to sustain the initiative

Performance Measures:commentary on significant projects and their

impact on performance levels

annual planning session held to identify strategies which encourage everyone to use resources mindfully and operate sustainably, every day in everything we do individually and collectively

Performance Measures:commentary on initiatives which improve

the Museum’s resource consumption and environmental impact

proactive asset management maximises useful life and ensures safe public and working environment

Performance Measures:commentary on occupational safety and health

initiatives and outcomes

STRATEGIC INITIATIvE: PERFORMANCE ExCELLENCE

OuTCOMESEmbed Baldrige performance excellence principles throughout operations

INDICATORScross-divisional team focuses on continuous improvement which strengthens Museum business model

Performance Measures:commentary on initiatives which motivate and

effect continuous improvement

Submission of application into NZ performance excellence programme

17

“We are so lucky to have this wonderful museum – I've been visiting since the 1930s and am still blown away by everything.”A visitor from St Kilda, December 2012

A NEW ARRIvAL TO THE NATuRE GALLERIESan impressive, conservation grade articulated leopard seal skeleton was installed in the otago’s ocean area of the Nature galleries this year.

autahi the leopard seal was discovered on Waikouaiti Beach, just north of Dunedin, in November 2009. She was a 3m-long female who weighed almost 300kg. her mounted pelt has become a visitor favourite at the Museum since the gallery addition opened in 2011.

Named after the star which appears in the pre-dawn sky at the time of Matariki, autahi’s skeleton joined her mounted pelt on display following a ceremony which included a blessing from the local rūnaka.

the articulation was completed by innovative sculptor and articulator Judith Streat. the articulated skeleton includes 159 bones, and took around 930 hours to complete. accompanying the display is a timelapse video from NhNZ showing the installation of autahi’s articulated skeleton in her new home.

STRATEGIC INITIATIvE: DEMONSTRATING RELEvANCY

OuTCOMESCommunicating relevance and leadership

INDICATORSDevelop a communication strategy for key stakeholders and media focused on the Museum’s achievements, their importance and relevance in the otago community

Performance Measures:communication initiatives and targets relating

to demonstrating and evidencing relevance and value of the Museum and its activities for otago embedded in annual Marketing and communications plan

commentary on activities and outcomes

Develop a communication strategy focused on the Museum's leadership in museum practice locally, nationally and internationally

Performance Measures:communication initiatives and targets relating to

museum practice embedded in annual Marketing and communications plan

commentary on activities and outcomes

actively contribute to sister city relationships and identify a five year plan for joint projects

Performance Measures:commentary on sister city related initiatives and

defined forward plan based on resourcing

participation in externally focused initiatives shares knowledge to help others

Performance Measures:commentary on activities and outcomes

18

credit: otago Daily times

“Great help from the staff. They were informative and friendly and knowledgeable.”A visitor from Invercargill, January 2013

RESPONSIBLE OPERATIONS FOCuS CONTINuEDat the heart of the Museum’s sustainability focus, responsible operations has continued to play an integral role in otago Museum operations.

this year the responsible operations guiding principle was collectively determined by the team for the team. it states: We choose to lead by example with a consistent focus on the social, environmental and economic impacts of our actions, in order to be responsible proactive contributors in our local and wider communities.

ideas and initiatives have been flooding in from staff across the team, from suggestions posted on the Museum’s intranet @oM to those provided as part of the responsible operations annual survey, open to all staff.

responsible operations is an essential part of the Museum team’s mindset and has been integrated into day-to-day operations in a number of ways, from the introduction of hand dryers to replace paper towels, to the use of coffee grounds from the café as compost in the Museum’s gardens, to centralised recycling stations in the office area.

the Museum’s commitment to responsible operations has been acknowledged once again this year with a Qualmark enviro gold award.

STRATEGIC INITIATIvE: DEPTH RATHER THAN ExTENDED BREADTH

OuTCOMESExpand and gain value from the Museum’s international profile

INDICATORSBuild on existing profile and establish new international relationships in order to create opportunities to bring the world to otago and take otago to the world

Performance Measures:Staff exchange programmes continue with

otago hosting exchangees and sending team members to other science centres and museums to gather knowledge, gain experience and develop professionally

commentary on progress made on at least one new future initiative involving an international partner

Build the profile of otago Museum through networking and conference fixtures

Performance Measures:commentary on profile-building of the Museum by

team members participating in external gatherings

collaborative initiatives with community partners add value to existing visitor experiences

Performance Measures:commentary on initiatives and outcomes resulting

from partnerships in the community, including with specific community groups, associations and businesses as appropriate

STRATEGIC INITIATIvE: 150TH BIRTHDAY

OuTCOMESPlan for a magnificent 150th birthday commemoration in 2018

INDICATORSproject team identifies plan and actions, taking into account wider team and community needs

Performance Measures:commentary on the commencement of initial

planning

19

Strategic Initiative 1: People and Culture

KeY perForMaNce iNDicator perForMaNce MeaSUre StatUS

people and culture develop positively people policies and practices result in team members contributing to Museum outcomes and feeling valued, as measured through: holding an annual team culture workshop which enables all team members to contribute ideas to develop the culture and establishes an action plan for the year

achieved: culture workshop held on 20 March 2013. Four major outcomes established with teams created to action: Kindness, professionalism, health and Wellbeing, and inspiration

people policies and practices result in team members contributing to Museum outcomes and feeling valued, as measured through: a staff handbook which enhances staff understanding and buy in being updated and distributed each year

achieved: Staff handbook 2012–2013 updated and distributed

people policies and practices result in team members contributing to Museum outcomes and feeling valued, as measured through:all new staff being supported through a formal, comprehensive induction process

achieved: all new staff inducted as per the induction action list on otago Museum central

people policies and practices result in team members contributing to Museum outcomes and feeling valued, as measured through:a performance planning programme for all full and part-time staff being implemented, encompassing one formal annual review and two interim reviews

Not achieved: performance planning programme undertaken for all full and part-time staff, except one casual communicator who has been on extended annual leave. Members of the Museum Management team were not reviewed due to the extended period with no chief executive, during which time the Management team collectively acted as the chief executive

people policies and practices result in team members contributing to Museum outcomes and feeling valued, as measured through:professional development strategies being provided across the organisation, with not less than 25 opportunities offered either in-house or out-sourced as needed

achieved: 123 sessions offered matching in-house and outsourced opportunities with identified staff needs. Last year: 71

people policies and practices result in team members contributing to Museum outcomes and feeling valued, as measured through:employee engagement survey results indicating 75% of respondents feel part of a team working to a shared goal; 75% of respondents feel valued by the organisation; 75% are satisfied with working at otago Museum

achieved: Survey held in april 2013 showed 94% of respondents feel they are part of a team working to a shared goal, 92% of respondents feel valued by the organisation and 100% of staff surveyed are satisfied with working at otago Museum

STATEMENT OF SERvICE PERFORMANCE 2012–2013NOTE: Where practicable in directly numeric measures, a comparative has been included (last year's figure). This is necessarily applicable only to those measures that were exactly the same in the 2011–2012 Statement of Intent and the 2012–2013 Statement of Intent.

STRATEGIC SuMMARY

20

Strategic Initiative 2: Collection care


Best practice collection care – house collections appropriately

90% (aim 100%) of artefacts and specimens are housed in conditions appropriate for their type and material to international standards

achieved: all storerooms checked regularly by collection coordinators; 100% of items surveyed housed in conditions appropriate for their type and material to international standards

collections are kept safe through the use of effective security measures and internal systems and processes – no damage or theft occurs

Not achieved: No irreparable damage or loss occurred

continue implementing radio Frequency identification Devices (rFiD) into collection care practices – a further 10,000 tags attached

Not achieved: 8,218 rFiD tags attached by 30 June 2013; slower than expected progress due to audit staff leaving and consequent recruitment periods, as well as competing priorities with other Museum deliverables

continue implementation of the collection audit with a further 9,000 items processed

Not achieved: 5,761 items processed by 30 June 2013; slower than expected progress due to audit staff leaving and consequent recruitment periods, as well as competing priorities with other Museum deliverables

Strategic Initiative 3: Depth rather than extended breadth


Depth in our research content and community offerings

implement the research Strategy, seeing not less than two research collaborations in place which result in co-authored publications

achieved: research strategy progressed with two research collaborations undertaken in the period – an article in the Journal of the Polynesian Society co-authored by Moira White, an article in the Journal of the Royal Society of New Zealand, co-authored by cody Fraser

organise and host a public Forum before april 2013 to gain community input into Museum exhibitions and programmes

achieved: public Forum held on 28 March 2013; feedback collated and assessed

Strategic Initiative 4: Expanding joy


reaching out to and enabling access for all

Welcome 400,000 visitors to the Museum

achieved: over 460,000 visitors welcomed

Quarterly market research results indicate satisfaction across a range of measures by 90% of respondents

achieved: Quarterly visitor satisfaction surveys indicate 100% of visitors satisfied with their experience, with satisfaction scores for all general measures greater than 5/10 in all survey reports

identify one community group before april 2013, make direct contact with them and encourage their participation in Museum activities

achieved: New relationship formed with the Multi ethnic council in Dunedin; the first collaboration was the Global Feast book launch held on 4 December 2012

21

Strategic Initiative 5: Strategic capital development


capital commitments identified within context and funds raised

Fundraise for Development plan projects, making no less than five approaches

achieved: Six approaches made for former Dunedin North post office project: Dr Marjorie Barclay trust, Mccoy and Wixon, chas e george & Sons, otago electrical and communications, hadley and robinson, Naylor lovelast year: Five approaches made

10 year capital expenditure plan updated and approved by end october 2012

Not achieved: 10 year capital Development plan developed; approved at otago Museum trust Board meeting December 2012

Strategic Initiative 6: Demonstrating relevancy


communicating relevance and leadership

Māori advisory committee meets at least quarterly

achieved: Four meetings held

present budget and levies from contributing local authorities and seek funding as required by June 2013 for the 2013–2014 year

achieved: annual plan with budget and levies presented in october 2012; levies received from contributing local authorities

the Museum is represented in not less than six relevant external committees

achieved: Museum represented in 12 external committees: otago polytechnic communication Design permanent external advisory committee, otago chamber of commerce Board of Directors, centre for Science communication Board of Studies, otago regional robocup committee, otago Science and technology association (oSta) Science Fair committee, guardians/Kaitiaki of the alexander turnbull library, Shanghai Sister city committee, otago polytechnic School of art permanent external advisory committee, otago institute, outreach advisory group for the University of otago, University of otago centre for Science communication advisory Boardlast year: Nine committees

progress suitable initiatives with partnership organisations under an established Memorandum of Understanding or negotiate with a new partner for mutual benefit

achieved: Memorandum of Understanding signed between the otago Museum and University of otago centre for Science communication

arrange and host two gatherings for otago’s regional museums offering training and networking opportunities

achieved: regional Museums gatherings held in october 2012 and april 2013 at otago Museum

22

Strategic Objective 7: Responsible operations


optimal resource management and sustainability in operations

identify and implement not less than five initiatives which positively impact the Museum’s ability to use resources efficiently or minimise waste

achieved: 24 initiatives identified and implemented last year: Seven initiatives

STRATEGIC SuMMARY

Collections and Research Key Objectives for 2012–2013


Develop the Museum’s collections and knowledge base

Strategically add to the Museum’s collections by exploring opportunities for acquisition in line with the collection policy – not less than 10 sought after items added to both natural science and humanities collections acquired

achieved: 10 sought after items added to natural science collection and 18 to the humanities collectionLast year: 25 items

add accurate entries into the collection management system to bring the total to 400,000 by June 2013

achieved: 428,049 records in collection management system

Share knowledge on Museum collections and themes

Facilitate access to the collections – satisfy 80% of all requests for items and information, in line with Museum priorities

achieved: 83% of all requests for items and information satisfiedlast year: 95% satisfied

Satisfy 90% of requests for identification of artefacts and specimens, in line with Museum priorities

achieved: 100% of all requests for identification satisfied

publish not less than 10 articles achieved: 17 articles publishedLast year: 16

visitor Interaction and Programmes Key Objectives for 2012–2013


encourage community learning through programmes which support the Museum’s long term galleries and special exhibitions

two free family-oriented activities on weekend and holiday days to complement the visitor experience

achieved: at least two free family-oriented activities offered on all weekend and holiday days

one special event or activity on weekend and holiday days to complement the visitor experience

achieved: at least one special event or activity offered on all weekend and holiday days

Six specialist talks presented to the community

achieved: Six specialist talks presentedLast year: Eight specialist talks

two programmes presented which support each special exhibition

achieved: at least two programmes presented supporting each special exhibition

two significant community oriented events developed and delivered

achieved: the Big get together and animal attic carnival developed and delivered

23

visitor Interaction and Programmes Key Objectives for 2012–2013


Five supervised holiday programmes for children in each school holidays

achieved: Nine or more supervised school holiday programmes for children offered each school holidaysLast year: Eight or more programmes

20 gallery based presentations with supporting fact sheets available

achieved: 83 presentations with supporting fact sheets available Last year: 81 presentations

Four science based shows developed and presented in Discovery World

achieved: 10 science-based shows developed and deliveredLast year: Eight shows

Six activities offered which complement Discovery World and tropical Forest themes and exhibitions

achieved: 20 activities offered complementing Discovery World tropical Forest themes and exhibitionsLast year: 18 activities

Four cases developed and displayed in the Museum foyer which engage visitors

achieved: Five engaging cases developed and displayed in the Museum foyerLast year: Four cases

provide formal education programmes for school visitors

4,700 students participate in formal education programmes achieving satisfaction levels of at least 90% as determined through the evaluation programme undertaken with each teacher

achieved: 6,884 students participated in formal education programmes, with satisfaction levels of 100%Last year: 7,556 with 100% satisfaction

at least three curriculum-based programmes delivered to school groups

achieved: 24 different curriculum-based programmes delivered to school groups

present a range of outreach programmes (external to the Museum complex)

present at least 20 Starlab planetarium programme sessions throughout otago and Southland

achieved: 94 Starlab programme sessions presented throughout otago and SouthlandLast year: 75 sessions

Develop and offer to present outreach programmes in cooperation with museums in Balclutha, oamaru and alexandra at least twice a year

achieved: outreach programme Smashing the Odds developed and offered to regional museums in Balclutha, oamaru and alexandra for october 2012 school holidays. Exploring the Extinct and Fearless Flight developed and offered to regional museums in Balclutha, oamaru and alexandra for april 2013 school holidays

arrange talks and/or presentations for at least five community events or to community groups

achieved: 6 talks and/or presentations arranged and presented to community groups or community eventsLast year: 7 talks presented

24

Experience and DevelopmentKey Objectives for 2012–2013


Source or design and install Discovery World exhibits

Four exhibits refurbished/created for Discovery World which encourage hands-on interaction and learning

achieved: Five exhibits either created or refurbished Last year: Nine exhibits either created or refurbished

Source and install a special exhibitions programme

two special exhibitions presented achieved: Off the Wall: World of WearableArt Up Close, Canterbury Quakes, The Moriori of Rekohu, T'chakat henu – People of the Land, Otago Wildlife Photography Exhibition, Mirror Magic, Mirek Smíšek: 60 Years, 60 Pots, and Bodytok Quintet presented

Source or design and install an exhibition within the former Dunedin North post office annex

one exhibition presented achieved: Heritage Lost and Found: Our Changing Cityscape installed, awaiting redevelopment project completion at 30 June 2013

conduct high profile marketing campaigns for exhibitions, programmes and activities

Update and implement a general Marketing plan for the Museum within budget

achieved: Marketing plan updated and implemented by June 2013

Develop and implement marketing plans for each special exhibition within individual budgets

achieved: Marketing plans implemented for each special exhibition

achieve at least 52 news items and 75 paid promotions by June 2013

achieved: over 147 news items and 392 paid promotions by June 2013Last year: Over 124 news items and 350 paid promotions

produce and distribute three issues of the Museum’s Newsletter

achieved: three issues produced and distributed

gain an understanding of community and visitor views through a comprehensive and strategically-focused market research programme

complete the visitor satisfaction survey on a quarterly basis and report to Board and staff

achieved: Surveys completed in September, December, March and June; reported to the Board and published on staff intranet system(@oM)

Undertake market research on two special exhibitions to gauge community response

achieved: Surveys conducted for Off the Wall: World of WearableArt Up Close and Canterbury Quakes

Finance and CommercialKey Objectives for 2012–2013


administer management information systems to efficiently provide effective data and information for decision making

accurate monthly activity, income and expenditure reports produced

achieved: Monthly reports produced and distributed to Divisional Directors/Managers

Maintain the return to the Museum from the Shop

review the business and marketing strategies with the goal of maintaining the business at the current level

achieved: Business and marketing strategies in place; business maintained from previous year

Maintain the return to the Museum from the café

review the business and marketing strategies with the goal of maintaining the business at the current level


Maintain the return to the Museum from the tourism and events business

Business and marketing strategies are in place; business is maintained at the current level


25

Assets and Technology Key Objectives for 2012–2013


ensure that information technology can be used productively within the Museum

Undertake an annual audit of the Museum’s information technology resources and recommend improvements

achieved: it strategy proposals for coming year presented to resources, operations and priorities workshop in June 2013

Develop and maintain Museum assets all asset maintenance plans reviewed and requirements carried out – Building Warrant of Fitness attained

achieved: all asset and building maintenance requirements carried out; Building Warrant of Fitness attained in February 2013

Maintain public spaces to an excellent standard

all public spaces maintained to a high standard and a clean and comfortable environment is achieved throughout the year, as perceived by visitors and expressed through market research – ‘clean and comfortable’ scores five or above in quarterly satisfaction survey ten point scale

achieved: Quarterly satisfaction surveys indicate visitor satisfaction with cleanliness and comfort of the Museum, scoring five or above in all survey reports

Executive Key Objectives for 2012–2013


Develop policy, strategy and operational guideline documents to consolidate, confirm or establish governance, management and operational plans or processes

Undertake annual review of policies, strategies and operational guidelines as per agreed plan by end June 2013

Not achieved: plan for review undertaken and maintained, some policy reviews delayed due to decision made by trust Board to delay policy review until post 30 June 2013 in order for new Director to have input

Manage the implementation of the Development plan

progress Development plan as much as possible within resource constraints and subject to limitations of other factors including consultation with and involvement of external groups

achieved: plan for former Dunedin North post office project progressed, nearing opening at 30 June 2013. people of the World redevelopment concept progressed.

Facilitate a review of the Strategic plan at its two-year anniversary

Museum team collectively reviews progress to date and strategic plan going forward, identifying adjustments needed, if any

achieved: two-year review held, action plan created and ninth Strategic initiative – performance excellence established

26

OTAGO MuSEuM TRuST BOARDFINANCIAL STATEMENTS

For the Financial Year Ended 30 June, 2013

27

CONTENTS PAGEStatement of Financial performance 28Statement of comprehensive income 28Statement of changes in equity 28

Statement of Financial position 29Statement of cash Flow 29Notes to the Financial Statements 30–42

1. Statement of accounting policies 30–33 2. expenditure 34 3. remuneration 34 4. Key management personnel compensation 34 5. Severance payments 34

6. remuneration of auditors 34 7. trade and other receivables 34 8. inventories 34 9. other financial assets 35 10. other current assets 35 11. property, plant and equipment 36 12. trade and other payables 37 13. employee entitlements 37 14. reserves 37–39 15. capital 39 16. commitments for expenditure 39 17. contingent liabilities and contingent assets 39 18. related party disclosures 39 19. Notes to the cash flow statement 40 20. Financial instruments 40–42 21. annual report 42Supplementary information 42–43comparison of operational income and expenditure to the annual plan 43auditor's report 44

28

N

ote

s

20

13

Bu

dg

et

20

12

$

$

$

Inco

me

gra

nts-

gov

ernm

ent &

oth

er

259,

143

129,

186

169,

186

loca

l aut

horit

ies

4,

021,

668

4,04

8,21

0 4,

021,

668

publ

ic

2,

518,

312

2,60

7,15

0 2,

415,

985

leg

acie

s &

Beq

uest

s

510

- 5,

994

inve

stm

ent i

ncom

e

- Div

iden

ds

126,

196

- 12

5,81

8

- int

eres

t

52

3,39

5 73

8,95

0 55

6,76

3To

tal i

nco

me

7,4

49

,22

4

7,5

23

,49

6

7,2

95

,414

Exp

end

itu

re

emp

loye

e be

nefit

s ex

pen

se

2 (a

) (3

,290

,611

) (3

,335

,700

) (2

,949

,916

)D

epre

ciat

ion

and

amor

tisat

ion

exp

ense

(9

46,2

26)

(1,3

79,5

00)

(916

,822

)o

ther

exp

ense

s

2

(b)

(3,2

12,6

70)

(3,5

16,5

93)

(2,7

55,8

52)

Tota

l op

erat

ing

exp

end

itu

re

(7,4

49,5

07)

(8,2

31,7

93)

(6,6

22,5

90)

Surp

lus/

(Lo

ss)

for

the

year

($

28

3)

($7

08

,29

7)

$6

72

,82

4

the

acco

mp

anyi

ng n

otes

form

par

t of t

hese

fina

ncia

l sta

tem

ents

.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

STA

TEM

ENT

OF

FIN

AN

CIA

L P

ERFO

RM

AN

CE

FOR

TH

E FI

NA

NC

IAL

YEA

R E

ND

ED 3

0 J

uN

E, 2

013

N

ote

s

2

013

2

012

$

$

Oth

er C

om

pre

hen

sive

In

com

ere

alis

ed n

et g

ains

/los

s on

sal

e of

fina

ncia

l

in

stru

men

ts

220,

863

19,4

33

avai

labl

e-fo

r-sa

le fi

nanc

ial a

sset

s va

luat

ion

gai

n/(l

oss)

14

(a)

19

6,18

8 (2

60,7

36)

Tota

l oth

er c

om

pre

hen

sive

inco

me

(net

of

tax)

417,

05

1

(241

,30

3)

Surp

lus/

(los

s) fo

r th

e ye

ar

(2

83)

672,

824

Tota

l co

mp

reh

ensi

ve in

com

e fo

r th

e ye

ar

$41

6,7

68

$

431

,52

1

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

STA

TEM

ENT

OF

CH

AN

GES

IN

EQ

uIT

YFO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

equi

ty a

t beg

inni

ng o

f yea

r

27

,358

,760

26

,927

,239

tota

l com

pre

hens

ive

inco

me

for

the

year

41

6,76

8 43

1,52

1

Equ

ity

at e

nd

of

year

$2

7,7

75,5

28

$

27,

35

8,7

60

the

acco

mp

anyi

ng n

otes

form

par

t of t

hese

fina

ncia

l sta

tem

ents

.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

STA

TEM

ENT

OF

CO

MP

REH

ENSI

vE

INC

OM

EFO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

29

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

STA

TEM

ENT

OF

FIN

AN

CIA

L P

OSI

TIO

NA

S A

T 3

0 J

uN

E, 2

013

N

ote

s

20

13

Bu

dg

et

20

12

$

$

$

Cas

h f

low

s to

/fro

m o

per

atin

g a

ctiv

itie

sg

over

nmen

t, l

ocal

aut

horit

ies

and

the

pub

lic

6,

849,

605

8,24

6,37

6 6,

557,

591

Div

iden

ds

12

6,19

6 -

125,

818

inte

rest

rec

eive

d

49

1,45

4 73

8,95

0 49

6,93

5pa

ymen

ts to

em

plo

yees

(3

,873

,964

) (3

,335

,700

) (2

,583

,213

)pa

ymen

ts to

sup

plie

rs

(3,6

48,0

96)

(4,1

66,0

41)

(3,0

37,5

05)

Net

cas

h in

flow

/(ou

tflo

w)

from

op

erat

ing

activ

ities

19

(b)

(5

4,80

5)

1,48

3,58

5 1,

559,

626

Cas

h f

low

s to

/fro

m in

vest

ing

act

ivit

ies

proc

eeds

from

mat

urity

and

sal

e of

oth

er fi

nanc

ial a

sset

s

747,

800

- 58

0,04

2pr

ocee

ds fr

om s

ale

of p

rop

erty

, pla

nt a

ndeq

uip

men

t

- -

918

purc

hase

of p

rop

erty

, pla

nt a

nd e

qui

pm

ent

(1

,634

,869

) (2

,522

,302

) (6

85,3

31)

purc

hase

of o

ther

fina

ncia

l ass

ets

(4

58,6

44)

- (2

87,6

76)

Net

cas

h in

flow

/(ou

tflo

w)

from

inve

stin

gac

tiviti

es

(1

,345

,713

) (2

,522

,302

) (3

92,0

47)

Net

incr

ease

in C

ash

an

d c

ash

eq

uiv

alen

ts

(1

,40

0,5

18)

(1,0

38

,717

) 1

,16

7,5

79

Cas

h a

nd

cas

h e

qu

ival

ents

at

the

beg

inn

ing

of

the

fin

anci

al y

ear

9,6

47,

631

5

,95

8,9

55

8

,48

0,0

52

Cas

h a

nd

cas

h e

qu

ival

ents

at

the

end

of

the

fin

anci

al y

ear

19

(a)

$8

,24

7,11

3

$4

,92

0,2

38

$

9,6

47,

631

the

acco

mp

anyi

ng n

otes

form

par

t of t

hese

fina

ncia

l sta

tem

ents

.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

STA

TEM

ENT

OF

CA

SH F

LOW

SFO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

N

ote

s

20

13

Bu

dg

et

20

12

$

$

$

Cu

rren

t as

sets

cas

h an

d ca

sh e

qui

vale

nts

19(a

)

8,24

7,11

3 5,

092,

738

9,64

7,63

1tr

ade

and

othe

r re

ceiv

able

s

7

30

4,55

9 17

0,60

7 31

0,09

3in

vent

orie

s

8

192,

182

199,

415

210,

414

oth

er fi

nanc

ial a

sset

s

9

32

9,64

8 21

2,13

9 34

6,16

1o

ther

cur

rent

ass

ets

10

14

7,29

0 -

161,

280

Tota

l cu

rren

t as

sets

9

,22

0,7

92

5

,674

,89

9

10

,675

,57

9

No

n-c

urr

ent

asse

tso

ther

fina

ncia

l ass

ets

9

4,67

9,28

6 5,

030,

070

4,53

4,87

8pr

oper

ty, p

lant

and

eq

uip

men

t

11

14,8

78,6

00

16,5

64,7

28

14,1

07,5

81

Tota

l no

n-c

urr

ent

asse

ts

19,5

57,8

86

21,5

94,7

98

18,6

42,4

59

Tota

l ass

ets

28,7

78,6

78

27,2

69,6

97

29,3

18,0

38

Cu

rren

t li

abil

itie

str

ade

and

othe

r p

ayab

les

12

412,

532

540,

873

788,

048

emp

loye

e en

title

men

ts

13

59

0,61

8 -

1,17

1,23

0

Tota

l cu

rren

t li

abil

itie

s

1,00

3,15

0 54

0,87

3 1,

959,

278

Tota

l lia

bil

itie

s

1,

003,

150

540,

873

1,95

9,27

8

Net

ass

ets

$2

7,7

75,5

28

$

26

,72

8,8

24

$

27,

35

8,7

60

Equ

ity

rese

rves

14

13

,840

,298

-

14,1

85,9

33c

apita

l

15

13

,935

,230

-

13,1

72,8

27

$2

7,7

75,5

28

$

26

,72

8,8

24

$

27,

35

8,7

60

on

beha

lf of

the

ota

go

Mus

eum

tru

st B

oard

......

......

......

......

......

......

......

......

......

......

......

......

......

......

......

......

.....c

hairp

erso

n

......

......

......

......

......

......

......

......

......

......

......

......

.Boa

rd M

embe

r

the

acco

mp

anyi

ng n

otes

form

par

t of t

hese

fina

ncia

l sta

tem

ents

.

30

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

FOR

TH

E FI

NA

NC

IAL

YEA

R E

ND

ED 3

0 J

uN

E, 2

013

1.

STA

TEM

ENT

OF

AC

CO

uN

TIN

G P

OLI

CIE

S

R

epo

rtin

g E

nti

ty

th

e o

tag

o M

useu

m t

rust

Boa

rd (

“the

Mus

eum

”) is

a s

pec

ial p

urp

ose

loca

l aut

horit

y co

nstit

uted

und

er

the

ota

go

Mus

eum

tru

st B

oard

act

, 199

6.

th

e o

tag

o M

useu

m t

rust

Boa

rd a

dmin

iste

rs t

he o

tag

o M

useu

m w

hich

is a

non

-pro

fit m

akin

g p

erm

anen

t in

stitu

tion,

foun

ded

by t

he p

eop

le o

f ota

go

for

the

serv

ice

and

deve

lop

men

t of t

heir

com

mun

ity w

ith

a p

artic

ular

res

pon

sibi

lity

for

the

natu

ral a

nd s

cien

tific

her

itag

e of

the

ota

go

regi

on. t

he M

useu

m h

as

desi

gnat

ed it

self

as a

pub

lic b

enef

it en

tity

for

the

pur

pos

es o

f New

Zea

land

eq

uiva

lent

s to

inte

rnat

iona

l Fi

nanc

ial r

epor

ting

Stan

dard

s (N

Z iF

rS).

St

atem

ent

of

Co

mp

lian

ce

th

ese

finan

cial

sta

tem

ents

hav

e be

en p

rep

ared

in a

ccor

danc

e w

ith N

Z g

aa

p. t

hey

com

ply

with

NZ

iFrS

, an

d ot

her

app

licab

le F

inan

cial

rep

ortin

g St

anda

rds,

as

app

rop

riate

for

pub

lic b

enef

it en

titie

s.

a

ll av

aila

ble

pub

lic b

enef

it en

tity

rep

ortin

g ex

emp

tions

und

er N

Z iF

rS h

ave

been

ado

pte

d.

B

asis

of

Pre

par

atio

n

th

e p

rep

arat

ion

of fi

nanc

ial s

tate

men

ts in

con

form

ity w

ith N

Z iF

rS r

equi

res

man

agem

ent t

o m

ake

judg

emen

ts, e

stim

ates

and

ass

ump

tions

tha

t aff

ect t

he a

pp

licat

ion

of p

olic

ies

and

rep

orte

d am

ount

s of

ass

ets

and

liabi

litie

s, in

com

e an

d ex

pen

ses.

the

est

imat

es a

nd a

ssoc

iate

d as

sum

ptio

ns a

re b

ased

on

his

toric

al e

xper

ienc

e an

d va

rious

oth

er fa

ctor

s th

at a

re b

elie

ved

to b

e re

ason

able

und

er t

he

circ

umst

ance

s, t

he r

esul

ts o

f whi

ch fo

rm t

he b

asis

of m

akin

g th

e ju

dgem

ents

abo

ut c

arry

ing

valu

es o

f as

sets

and

liab

ilitie

s th

at a

re n

ot r

eadi

ly a

pp

aren

t fro

m o

ther

sou

rces

. a

ctua

l res

ults

may

diff

er fr

om t

hese

es

timat

es.

th

e es

timat

es a

nd u

nder

lyin

g as

sum

ptio

ns a

re r

evie

wed

on

an o

n-g

oing

bas

is. r

evis

ions

to a

ccou

ntin

g es

timat

es a

re r

ecog

nise

d in

the

per

iod

in w

hich

the

est

imat

e is

rev

ised

if t

he r

evis

ion

affe

cts

only

tha

t p

erio

d or

in t

he p

erio

d of

the

rev

isio

n an

d in

futu

re p

erio

ds if

the

rev

isio

n af

fect

s bo

th c

urre

nt a

nd fu

ture

p

erio

ds.

th

e fin

anci

al s

tate

men

ts h

ave

been

pre

par

ed o

n th

e ba

sis

of h

isto

rical

cos

t, e

xcep

t for

her

itag

e as

sets

an

d th

e re

valu

atio

n of

cer

tain

fina

ncia

l ins

trum

ents

. c

ost i

s ba

sed

on t

he fa

ir va

lues

of t

he c

onsi

dera

tion

give

n in

exc

hang

e fo

r as

sets

.

h

erita

ge

asse

ts a

re v

alue

d as

per

not

e 1,

pro

per

ty p

lant

and

eq

uip

men

t, h

erita

ge

ass

ets.

a

ccou

ntin

g p

olic

ies

are

sele

cted

and

ap

plie

d in

a m

anne

r w

hich

ens

ures

tha

t the

res

ultin

g fin

anci

al

info

rmat

ion

satis

fies

the

conc

epts

of r

elev

ance

and

rel

iabi

lity,

the

reby

ens

urin

g th

at t

he s

ubst

ance

of t

he

unde

rlyi

ng tr

ansa

ctio

ns o

r ot

her

even

ts is

rep

orte

d.

th

e ac

coun

ting

pol

icie

s se

t out

bel

ow h

ave

been

ap

plie

d co

nsis

tent

ly to

all

per

iods

pre

sent

ed in

the

se

finan

cial

sta

tem

ents

.

N

ew Z

eala

nd d

olla

rs a

re t

he M

useu

m’s

func

tiona

l and

pre

sent

atio

n cu

rren

cy.

th

e fo

llow

ing

acco

untin

g p

olic

ies

whi

ch m

ater

ially

aff

ect t

he m

easu

rem

ent o

f res

ults

and

fina

ncia

l p

ositi

on h

ave

been

ap

plie

d:

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

STA

TEM

ENT

OF

AC

CO

uN

TIN

G P

OLI

CIE

S C

ON

T.

SI

GN

IFIC

AN

T A

CC

Ou

NTI

NG

PO

LIC

IES

R

even

ue

Rec

og

nit

ion

re

venu

e is

mea

sure

d at

the

fair

valu

e of

the

con

side

ratio

n re

ceiv

ed o

r re

ceiv

able

and

rep

rese

nts

amou

nts

rece

ivab

le fo

r g

oods

and

ser

vice

s p

rovi

ded

in t

he n

orm

al c

ours

e of

bus

ines

s, n

et o

f dis

coun

ts a

nd g

St.

lo

cal a

utho

rity

levy

rev

enue

lo

cal a

utho

rity

levy

rev

enue

is r

ecog

nise

d w

hen

it is

levi

ed.

o

ther

rev

enue

re

venu

e fr

om s

ervi

ces

rend

ered

is r

ecog

nise

d w

hen

it is

pro

babl

e th

at t

he e

cono

mic

ben

efits

ass

ocia

ted

with

the

tran

sact

ion

will

flow

to t

he e

ntity

. th

e st

age

of c

omp

letio

n at

bal

ance

dat

e is

ass

esse

d ba

sed

on

the

valu

e of

ser

vice

s p

erfo

rmed

to d

ate

as a

per

cent

age

of t

he to

tal s

ervi

ces

to b

e p

erfo

rmed

.

g

over

nmen

t gra

nts

are

reco

gnis

ed w

hen

rece

ived

.

o

ther

gra

nts

and

beq

uest

s ar

e re

cogn

ised

whe

n co

ntro

l ove

r th

e as

set i

s ob

tain

ed.

D

ivid

ends

are

rec

ogni

sed

whe

n th

e en

title

men

t to

the

divi

dend

s is

est

ablis

hed.

in

tere

st r

even

ue is

rec

ogni

sed

on a

n ac

crua

l bas

is.

Le

asin

g

le

ases

whi

ch e

ffec

tivel

y tr

ansf

er to

the

less

ee s

ubst

antia

lly a

ll th

e ris

ks a

nd b

enef

its in

cide

nt to

ow

ners

hip

of

the

leas

ed it

em a

re c

lass

ified

as

finan

ce le

ases

.

le

ases

whe

re t

he le

ssor

eff

ectiv

ely

reta

ins

subs

tant

ially

all

the

risks

and

ben

efits

of o

wne

rshi

p o

f the

le

ased

item

s ar

e cl

assi

fied

as o

per

atin

g le

ases

.

pa

ymen

ts m

ade

unde

r th

ese

leas

es a

re c

harg

ed a

s ex

pen

ses

in t

he p

erio

ds in

whi

ch t

hey

are

incu

rred

.

(a

) th

e M

useu

m a

s le

ssor

am

ount

s du

e fr

om le

ssee

s un

der

finan

ce le

ases

are

rec

orde

d as

rec

eiva

bles

at t

he a

mou

nt o

f the

Mus

eum

’s n

et in

vest

men

t in

the

leas

es. F

inan

ce le

ase

inco

me

is a

lloca

ted

to a

ccou

ntin

g p

erio

ds s

o

as

to r

efle

ct a

con

stan

t per

iodi

c ra

te o

f ret

urn

on t

he M

useu

m’s

net

inve

stm

ent o

utst

andi

ng in

resp

ect o

f the

leas

es.

rent

al in

com

e fr

om o

per

atin

g le

ases

is r

ecog

nise

d on

a s

trai

ght l

ine

basi

s ov

er t

he te

rm o

f the

rele

vant

leas

e.

31

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13ST

ATE

MEN

T O

F A

CC

Ou

NTI

NG

PO

LIC

IES

con

t.

(b)

the

Mus

eum

as

less

ee

a

sset

s he

ld u

nder

fina

nce

leas

es a

re r

ecog

nise

d as

ass

ets

of t

he M

useu

m a

t the

ir fa

ir va

lue

or, i

f low

er, a

t th

e p

rese

nt v

alue

of t

he m

inim

um le

ase

pay

men

ts, e

ach

dete

rmin

ed a

t the

ince

ptio

n of

the

leas

e. t

he

corr

esp

ondi

ng li

abili

ty to

the

less

or is

incl

uded

in t

he S

tate

men

t of F

inan

cial

pos

ition

as

a fin

ance

leas

e ob

ligat

ion.

le

ase

pay

men

ts a

re a

pp

ortio

ned

betw

een

finan

ce c

harg

es a

nd r

educ

tion

of t

he le

ase

oblig

atio

n so

as

to

achi

eve

a co

nsta

nt r

ate

of in

tere

st o

n th

e re

mai

ning

bal

ance

of t

he li

abili

ty.

re

ntal

s p

ayab

le u

nder

op

erat

ing

leas

es a

re c

harg

ed to

inco

me

on a

str

aigh

t lin

e ba

sis

over

the

term

of t

he

rele

vant

leas

e.

(c)

leas

e in

cent

ives

Be

nefit

s re

ceiv

ed a

nd r

ecei

vabl

e as

an

ince

ntiv

e to

ent

er in

to a

n op

erat

ing

leas

e ar

e al

so s

pre

ad o

n a

stra

ight

line

bas

is o

ver

the

leas

e te

rm.

Taxa

tio

n

the

Mus

eum

is e

xem

pt f

rom

inco

me

tax

in a

ccor

danc

e w

ith S

ectio

n c

W39

of t

he in

com

e ta

x a

ct 2

007.

Go

od

s an

d S

ervi

ces

Tax

reve

nues

, exp

ense

s, a

sset

s an

d lia

bilit

ies

are

reco

gnis

ed n

et o

f the

am

ount

of g

oods

and

ser

vice

s ta

x (g

St),

ex

cep

t for

rec

eiva

bles

and

pay

able

s w

hich

are

rec

ogni

sed

incl

usiv

e of

gSt

. Whe

re g

St is

not

rec

over

able

as

an

inp

ut t

ax it

is r

ecog

nise

d as

par

t of t

he r

elat

ed a

sset

or

exp

ense

.

Cas

h a

nd

Cas

h E

qu

ival

ents

cas

h an

d ca

sh e

qui

vale

nts

incl

udes

cas

h on

han

d, d

epos

its h

eld

at c

all w

ith b

anks

and

oth

er s

hort

-ter

m

high

ly li

qui

d in

vest

men

ts w

ith o

rigin

al m

atur

ities

of 3

mon

ths

or le

ss.

Fin

anci

al I

nst

rum

ents

Fina

ncia

l ass

ets

and

finan

cial

liab

ilitie

s ar

e re

cogn

ised

in t

he M

useu

m’s

Sta

tem

ent o

f Fin

anci

al p

ositi

on w

hen

the

Mus

eum

bec

omes

a p

arty

to c

ontr

actu

al p

rovi

sion

s of

the

inst

rum

ent.

the

Mus

eum

is p

arty

to fi

nanc

ial

inst

rum

ents

as

par

t of i

ts n

orm

al o

per

atio

ns. t

hese

fina

ncia

l ins

trum

ents

incl

ude

cash

and

cas

h eq

uiva

lent

s (in

clud

ing

bank

ove

rdra

ft),

trad

e an

d ot

her

rece

ivab

les,

oth

er fi

nanc

ial a

sset

s, tr

ade

and

othe

r p

ayab

les

and

borr

owin

gs. t

he r

elev

ant a

ccou

ntin

g p

olic

ies

are

stat

ed u

nder

sep

arat

e he

adin

gs.

inve

stm

ents

are

rec

ogni

sed

and

dere

cogn

ised

on

trad

e da

te w

here

pur

chas

e or

sal

e of

an

inve

stm

ent i

s un

der

a co

ntra

ct w

hose

term

s re

qui

re d

eliv

ery

of t

he in

vest

men

t with

in t

he ti

mef

ram

e es

tabl

ishe

d by

the

mar

ket

conc

erne

d, a

nd a

re in

itial

ly m

easu

red

at fa

ir va

lue,

net

of t

rans

actio

n co

sts,

exc

ept f

or t

hose

fina

ncia

l ass

ets

clas

sifie

d as

fair

valu

e th

roug

h p

rofit

or

loss

whi

ch a

re in

itial

ly v

alue

d at

fair

valu

e.

(i)

Fina

ncia

l ass

ets

Fina

ncia

l ass

ets

are

clas

sifie

d in

to t

he fo

llow

ing

spec

ified

cat

egor

ies:

‘ava

ilabl

e-fo

r-sa

le’,

and

‘loa

ns a

nd

rece

ivab

les’

. the

cla

ssifi

catio

n de

pen

ds o

n th

e na

ture

and

pur

pos

e of

the

fina

ncia

l ass

ets

and

is d

eter

min

ed a

t th

e tim

e of

initi

al r

ecog

nitio

n.

the

effe

ctiv

e in

tere

st m

etho

d, r

efer

red

to b

elow

, is

a m

etho

d of

cal

cula

ting

the

amor

tised

cos

t of a

fina

ncia

l as

set a

nd o

f allo

catin

g in

tere

st in

com

e ov

er t

he r

elev

ant p

erio

d. t

he e

ffec

tive

inte

rest

rat

e is

the

inte

rest

rat

e th

at e

xact

ly d

isco

unts

est

imat

ed fu

ture

cas

h re

ceip

ts t

hrou

gh t

he e

xpec

ted

life

of t

he fi

nanc

ial a

sset

, or,

whe

re

app

rop

riate

, a s

hort

er p

erio

d.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13ST

ATE

MEN

T O

F A

CC

Ou

NTI

NG

PO

LIC

IES

con

t.

av

aila

ble-

for-

Sale

Fin

anci

al a

sset

s

eq

uity

sec

uriti

es h

eld

by th

e M

useu

m a

re c

lass

ified

as

bein

g av

aila

ble-

for-

sale

due

to th

e fa

ct th

at th

ey a

re a

ll tr

adea

ble

on p

ublic

mar

kets

and

are

sta

ted

at fa

ir va

lue.

Fai

r val

ue is

det

erm

ined

in th

e m

anne

r des

crib

ed la

ter

in th

is n

ote.

gai

ns a

nd lo

sses

aris

ing

from

cha

nges

in fa

ir va

lue

are

reco

gnis

ed d

irect

ly in

the

avai

labl

e-fo

r-sa

le

reva

luat

ion

rese

rve,

with

the

exce

ptio

n of

impa

irmen

t los

ses

whi

ch a

re re

cogn

ised

dire

ctly

in th

e St

atem

ent o

f Fi

nanc

ial p

erfo

rman

ce. W

here

the

inve

stm

ent i

s di

spos

ed o

f or i

s de

term

ined

to b

e im

paire

d, th

e cu

mul

ativ

e ga

in o

r los

s pr

evio

usly

reco

gnis

ed in

the

avai

labl

e-fo

r-sa

le re

valu

atio

n re

serv

e is

incl

uded

in th

e St

atem

ent o

f Fi

nanc

ial p

erfo

rman

ce fo

r the

per

iod.

D

ivid

ends

on

avai

labl

e-fo

r-sa

le e

quity

inst

rum

ents

are

reco

gnis

ed in

the

Stat

emen

t of F

inan

cial

per

form

ance

w

hen

the

Mus

eum

’s ri

ght t

o re

ceiv

e pa

ymen

ts is

est

ablis

hed.

Fa

ir va

lue

estim

atio

n

th

e fa

ir va

lue

of fi

nanc

ial i

nstr

umen

ts tr

aded

in a

ctiv

e m

arke

ts is

bas

ed o

n qu

oted

mar

ket p

rices

at t

he b

alan

ce

date

. the

quo

ted

mar

ket p

rice

used

for f

inan

cial

ass

ets

held

by

the

Mus

eum

is th

e cu

rren

t bid

pric

e.

th

e fa

ir va

lue

of fi

nanc

ial i

nstr

umen

ts th

at a

re n

ot tr

aded

in a

n ac

tive

mar

ket i

s de

term

ined

usi

ng v

alua

tion

tech

niqu

es. t

he M

useu

m u

ses

a va

riety

of m

etho

ds a

nd m

akes

ass

umpt

ions

that

are

bas

ed o

n m

arke

t co

nditi

ons

exis

ting

at e

ach

bala

nce

date

. Quo

ted

mar

ket p

rices

or d

eale

r quo

tes

for s

imila

r ins

trum

ents

are

us

ed fo

r lon

g-te

rm in

vest

men

t and

deb

t ins

trum

ents

hel

d.

Fo

reig

n c

urre

ncy

Fo

reig

n cu

rren

cy tr

ansa

ctio

ns a

re tr

ansl

ated

into

the

func

tiona

l cur

renc

y us

ing

the

exch

ange

rate

s pr

evai

ling

at th

e da

tes

of th

e tr

ansa

ctio

ns. F

orei

gn e

xcha

nge

gain

s an

d lo

sses

resu

lting

from

the

sett

lem

ent o

f suc

h tr

ansa

ctio

ns a

re re

cogn

ised

in th

e st

atem

ent o

f fin

anci

al p

erfo

rman

ce.

lo

ans

and

rece

ivab

les

tr

ade

rece

ivab

les,

loan

s an

d ot

her r

ecei

vabl

es th

at h

ave

fixed

or d

eter

min

able

pay

men

ts th

at a

re n

ot q

uote

d in

an

act

ive

mar

ket a

re c

lass

ified

as

‘loan

s an

d re

ceiv

able

s’. l

oans

and

rece

ivab

les

are

mea

sure

d at

am

ortis

ed c

ost

usin

g th

e ef

fect

ive

inte

rest

met

hod

less

impa

irmen

t. in

tere

st is

reco

gnis

ed b

y ap

plyi

ng th

e ef

fect

ive

inte

rest

ra

te.

tr

ade

and

othe

r rec

eiva

bles

are

reco

gnis

ed in

itial

ly a

t fai

r val

ue a

nd s

ubse

quen

tly m

easu

red

at a

mor

tised

co

st u

sing

the

effe

ctiv

e in

tere

st m

etho

d, le

ss a

ny p

rovi

sion

for i

mpa

irmen

t. an

allo

wan

ce fo

r dou

btfu

l deb

ts

is e

stab

lishe

d w

hen

ther

e is

obj

ectiv

e ev

iden

ce th

at th

e M

useu

m w

ill n

ot b

e ab

le to

col

lect

all

amou

nts

due

acco

rdin

g to

the

orig

inal

term

s of

the

rece

ivab

les.

the

am

ount

of t

he a

llow

ance

is th

e di

ffere

nce

betw

een

the

asse

t’s

carr

ying

am

ount

and

the

pres

ent v

alue

of e

stim

ated

futu

re c

ash

flow

s, d

isco

unte

d at

the

effe

ctiv

e in

tere

st ra

te. t

he a

mou

nt o

f the

allo

wan

ce is

exp

ense

d in

the

Stat

emen

t of F

inan

cial

per

form

ance

.

im

pairm

ent o

f Fin

anci

al a

sset

s

Fi

nanc

ial a

sset

s, o

ther

than

thos

e at

fair

valu

e th

roug

h pr

ofit

or lo

ss, a

re a

sses

sed

for i

ndic

ator

s of

impa

irmen

t at

eac

h St

atem

ent o

f Fin

anci

al p

ositi

on d

ate.

Fin

anci

al a

sset

s ar

e im

paire

d w

here

ther

e is

obj

ectiv

e ev

iden

ce

that

as

a re

sult

of o

ne o

r mor

e ev

ents

that

occ

urre

d af

ter t

he in

itial

reco

gniti

on o

f the

fina

ncia

l ass

et th

e es

timat

ed fu

ture

cas

h flo

ws

of th

e in

vest

men

t hav

e be

en im

pact

ed. F

or fi

nanc

ial a

sset

s ca

rrie

d at

am

ortis

ed

cost

, the

am

ount

of t

he im

pairm

ent i

s th

e di

ffere

nce

betw

een

the

asse

t’s

carr

ying

am

ount

and

the

pres

ent

valu

e of

est

imat

ed fu

ture

cas

h flo

ws,

dis

coun

ted

at th

e or

igin

al e

ffect

ive

inte

rest

rate

.

th

e ca

rryi

ng a

mou

nt o

f the

fina

ncia

l ass

et is

redu

ced

by th

e im

pairm

ent l

oss

dire

ctly

for a

ll fin

anci

al a

sset

s w

ith th

e ex

cept

ion

of tr

ade

rece

ivab

les

whe

re th

e ca

rryi

ng a

mou

nt is

redu

ced

thro

ugh

the

use

of a

n al

low

ance

acc

ount

. Whe

n a

trad

e re

ceiv

able

is u

ncol

lect

ible

, it i

s w

ritte

n of

f aga

inst

the

allo

wan

ce a

ccou

nt.

Subs

eque

nt re

cove

ries

of a

mou

nts

prev

ious

ly w

ritte

n of

f are

cre

dite

d ag

ains

t the

allo

wan

ce a

ccou

nt. c

hang

es

in th

e ca

rryi

ng a

mou

nt o

f the

allo

wan

ce a

ccou

nt a

re re

cogn

ised

in th

e St

atem

ent o

f Fin

anci

al p

erfo

rman

ce.

W

ith th

e ex

cept

ion

of a

vaila

ble-

for-

sale

equ

ity in

stru

men

ts, i

f, in

a s

ubse

quen

t per

iod,

the

amou

nt o

f the

im

pairm

ent l

oss

decr

ease

s an

d th

e de

crea

se c

an b

e re

late

d ob

ject

ivel

y to

an

even

t occ

urrin

g af

ter t

he

impa

irmen

t was

reco

gnis

ed, t

he p

revi

ousl

y re

cogn

ised

impa

irmen

t los

s is

reve

rsed

thro

ugh

the

Stat

emen

t of

Fin

anci

al p

erfo

rman

ce to

the

exte

nt th

e ca

rryi

ng a

mou

nt o

f the

inve

stm

ent a

t the

dat

e of

impa

irmen

t is

reve

rsed

doe

s no

t exc

eed

wha

t the

am

ortis

ed c

ost w

ould

hav

e be

en h

ad th

e im

pairm

ent n

ot b

een

reco

gnis

ed.

32

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13ST

ATE

MEN

T O

F A

CC

Ou

NTI

NG

PO

LIC

IES

con

t.

(ii)

Fina

ncia

l lia

bilit

ies

•TradeandOtherPayables

tr

ade

pay

able

s an

d ot

her

acco

unts

pay

able

are

rec

ogni

sed

whe

n th

e M

useu

m b

ecom

es o

blig

ed to

mak

e fu

ture

pay

men

ts r

esul

ting

from

the

pur

chas

e of

goo

ds a

nd s

ervi

ces.

tr

ade

and

othe

r p

ayab

les

are

initi

ally

rec

ogni

sed

at fa

ir va

lue

and

are

subs

eque

ntly

mea

sure

d at

am

ortis

ed c

ost,

usi

ng t

he e

ffec

tive

inte

rest

met

hod.

In

ven

tori

es

in

vent

orie

s ar

e va

lued

at t

he lo

wer

of c

ost a

nd n

et r

ealis

able

val

ue. c

ost i

s de

term

ined

on

a w

eigh

ted

aver

age

basi

s w

ith a

n ap

pro

pria

te a

llow

ance

for

obso

lesc

ence

and

det

erio

ratio

n.

P

rop

erty

, Pla

nt

and

Eq

uip

men

t

th

e M

useu

m h

as t

he fo

llow

ing

clas

ses

of p

rop

erty

, pla

nt a

nd e

qui

pm

ent:

op

erat

iona

l ass

ets

and

her

itag

e a

sset

s

O

per

atio

nal

Ass

ets

o

per

atio

nal a

sset

s in

clud

e la

nd, b

uild

ings

, pla

nt a

nd e

qui

pm

ent,

mot

or v

ehic

les,

off

ice

furn

iture

and

eq

uip

men

t.

•

cos

t/va

luat

ion

pr

oper

ty, p

lant

and

eq

uip

men

t is

reco

rded

at c

ost l

ess

accu

mul

ated

dep

reci

atio

n.

•

add

ition

s

c

ost i

nclu

des

exp

endi

ture

tha

t is

dire

ctly

att

ribut

able

to t

he a

cqui

sitio

n of

the

ass

ets.

Whe

re a

n as

set i

s ac

qui

red

for

no c

ost,

or

for

a no

min

al c

ost,

it is

rec

ogni

sed

at fa

ir va

lue

at t

he d

ate

of a

cqui

sitio

n.

•

Dep

reci

atio

n

D

epre

ciat

ion

is c

alcu

late

d as

det

aile

d be

low

:

ex

pen

ditu

re in

curr

ed to

mai

ntai

n th

ese

asse

ts a

t ful

l op

erat

ing

cap

abili

ty is

cha

rged

to t

he S

tate

men

t of

Fina

ncia

l per

form

ance

in t

he y

ear

incu

rred

.

O

per

atio

nal

Ass

ets

Rat

e

land

N

il

Build

ings

3%

S.l

.

café

equi

pm

ent

19.2

% -

24%

D.v

.

com

put

er e

qui

pm

ent

40%

- 60

% D

.v.

el

ectr

ical

& M

echa

nica

l Ser

vice

s 9.

5% -

12%

D.v

.

Fito

ut e

xhib

ition

s 18

% D

.v.

Fu

rnitu

re, F

ittin

gs &

eq

uip

men

t 18

% -

48%

D.v

.

gol

den

Kiw

i lot

tery

Fun

d eq

uip

men

t 10

% D

.v.

M

otor

veh

icle

s

26%

D.v

.

th

e es

timat

ed u

sefu

l liv

es, r

esid

ual v

alue

s an

d de

pre

ciat

ion

met

hod

are

revi

ewed

at t

he e

nd o

f eac

h an

nual

rep

ortin

g p

erio

d.

•

Disposal

a

n ite

m o

f pro

per

ty, p

lant

and

eq

uip

men

t is

dere

cogn

ised

up

on d

isp

osal

or

reco

gnis

ed a

s im

pai

red

whe

n no

futu

re e

cono

mic

ben

efits

are

exp

ecte

d to

aris

e fr

om t

he c

ontin

ued

use

of t

he a

sset

.

a

ny g

ain

or lo

ss a

risin

g on

der

ecog

nitio

n of

the

ass

et (

calc

ulat

ed a

s th

e di

ffer

ence

bet

wee

n th

e ne

t di

spos

al p

roce

eds

and

the

carr

ying

am

ount

of t

he a

sset

) is

incl

uded

in t

he S

tate

men

t of F

inan

cial

pe

rfor

man

ce in

the

per

iod

the

asse

t is

dere

cogn

ised

.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13ST

ATE

MEN

T O

F A

CC

Ou

NTI

NG

PO

LIC

IES

con

t.

Her

itag

e A

sset

s

the

ota

go

Mus

eum

tru

st B

oard

ow

ns a

n ex

tens

ive

colle

ctio

n of

mat

eria

l and

info

rmat

ion

rela

ting

to t

he

natio

nal,

cultu

ral a

nd s

cien

tific

her

itag

e of

the

peo

ple

s of

the

Wor

ld.

her

itag

e as

sets

are

val

ued

at c

ost o

r fa

ir va

lue

at t

he d

ate

of a

cqui

sitio

n an

d ar

e no

t dep

reci

ated

.

all

asse

ts a

cqui

red

prio

r to

30

June

200

1 ar

e re

cogn

ised

at c

ost a

t the

dat

e of

acq

uisi

tion.

as

a la

rge

num

ber

of t

he h

erita

ge

asse

ts a

re d

onat

ed o

r su

bsid

ised

gen

eral

ly s

uch

cost

will

be

nil u

nles

s th

ey h

ave

been

acq

uire

d as

a r

esul

t of a

pur

chas

e by

the

Mus

eum

.

all

asse

ts a

cqui

red

from

1 Ju

ly 2

001

are

reco

gnis

ed a

t fai

r va

lue

at t

he d

ate

of a

cqui

sitio

n fo

r do

nate

d or

su

bsid

ised

ass

ets

whe

re it

is p

ossi

ble,

pra

ctic

al a

nd m

eani

ngfu

l to

arriv

e at

suc

h fa

ir va

lue

or a

t cos

t whe

re t

he

asse

ts h

ave

been

acq

uire

d as

a r

esul

t of a

pur

chas

e by

the

Mus

eum

. the

diff

eren

ce b

etw

een

fair

valu

e an

d co

st is

rec

ogni

sed

in t

he S

tate

men

t of F

inan

cial

per

form

ance

.

the

bulk

of t

he M

useu

m’s

col

lect

ion

is r

epre

sent

ed b

y un

real

isab

le o

r irr

epla

ceab

le it

ems

and

it is

im

pra

ctic

able

and

cos

t pro

hibi

tive

to v

alue

the

m o

n a

“Mar

ket B

ased

” or

“D

epre

ciat

ed r

epla

cem

ent c

ost”

ba

sis.

as

a co

nseq

uenc

e th

e M

useu

m’s

col

lect

ion

is u

nder

valu

ed in

the

se fi

nanc

ial s

tate

men

ts.

the

resu

lt of

thi

s ac

coun

ting

pol

icy

mea

ns t

hat t

he v

ast m

ajor

ity o

f the

Mus

eum

’s c

olle

ctio

n, h

avin

g be

en

obta

ined

prio

r to

30

June

, 200

1, is

eff

ectiv

ely

valu

ed fo

r ac

coun

ting

pur

pos

es a

t nil,

or

at h

isto

rical

cos

t for

th

ose

few

item

s p

urch

ased

.

the

prim

ary

func

tion

and

pur

pos

e of

the

ota

go

Mus

eum

is t

he m

aint

enan

ce a

nd d

isp

lay

of t

he e

xten

sive

co

llect

ion

of h

erita

ge

asse

ts.

thes

e ar

e th

e ta

sks

that

mak

e up

the

bul

k of

the

ota

go

Mus

eum

’s a

ctiv

ities

.

this

mea

ns t

hat m

uch

of t

he c

olle

ctio

n is

val

ued

at n

il, o

r ve

ry o

ld h

isto

rical

cos

t for

tho

se fe

w it

ems

pur

chas

ed.

the

Boar

d is

con

fiden

t, h

owev

er, t

hat i

f the

col

lect

ion

was

to b

e so

ld, i

ts m

arke

t val

ue w

ould

be

very

sub

stan

tial.

the

fact

tha

t mos

t of t

he c

olle

ctio

n ha

s a

nil,

or lo

w, v

alue

for

acco

untin

g p

urp

oses

in n

o w

ay r

educ

es t

he tr

ue

valu

e of

the

col

lect

ion

or t

he c

are

that

is e

xerc

ised

in it

s co

nser

vatio

n an

d ex

hibi

tion.

Imp

airm

ent

of

No

n-F

inan

cial

Ass

ets

at e

ach

rep

ortin

g da

te, t

he M

useu

m r

evie

ws

the

carr

ying

am

ount

s of

its

tang

ible

and

inta

ngib

le a

sset

s to

de

term

ine

whe

ther

the

re is

any

indi

catio

n th

at t

hose

ass

ets

have

suf

fere

d an

imp

airm

ent l

oss.

if a

ny s

uch

indi

catio

n ex

ists

, the

rec

over

able

am

ount

of t

he a

sset

is e

stim

ated

in o

rder

to d

eter

min

e th

e ex

tent

of t

he

imp

airm

ent l

oss

(if a

ny).

Whe

re t

he a

sset

doe

s no

t gen

erat

e ca

sh fl

ows

that

are

inde

pen

dent

from

oth

er a

sset

s,

the

Mus

eum

est

imat

es t

he r

ecov

erab

le a

mou

nt o

f the

cas

h-g

ener

atin

g un

it to

whi

ch t

he a

sset

bel

ongs

.

reco

vera

ble

amou

nt is

the

hig

her

of fa

ir va

lue

less

cos

ts to

sel

l and

val

ue in

use

. val

ue in

use

is d

epre

ciat

ed

rep

lace

men

t cos

t for

an

asse

t whe

re t

he fu

ture

eco

nom

ic b

enef

its o

r se

rvic

e p

oten

tial o

f the

ass

et is

not

p

rimar

ily d

epen

dent

on

the

asse

t’s

abili

ty to

gen

erat

e ne

t cas

h in

flow

s an

d w

here

the

entit

y w

ould

, if d

epriv

ed

of t

he a

sset

, rep

lace

its

rem

aini

ng fu

ture

eco

nom

ic b

enef

its o

r se

rvic

e p

oten

tial.

in a

sses

sing

val

ue in

use

for

cash

-gen

erat

ing

asse

ts, t

he e

stim

ated

futu

re c

ash

flow

s ar

e di

scou

nted

to t

heir

pre

sent

val

ue u

sing

a p

re-t

ax

disc

ount

rat

e th

at r

efle

cts

curr

ent m

arke

t ass

essm

ents

of t

he ti

me

valu

e of

mon

ey a

nd t

he r

isks

sp

ecifi

c to

the

as

set f

or w

hich

the

est

imat

es o

f fut

ure

cash

flow

s ha

ve n

ot b

een

adju

sted

.

if th

e re

cove

rabl

e am

ount

of a

n as

set (

or c

ash-

gen

erat

ing

unit)

is e

stim

ated

to b

e le

ss t

han

its c

arry

ing

amou

nt, t

he c

arry

ing

amou

nt o

f the

ass

et (

cash

-gen

erat

ing

unit)

is r

educ

ed to

its

reco

vera

ble

amou

nt. a

n im

pai

rmen

t los

s is

rec

ogni

sed

as a

n ex

pen

se im

med

iate

ly, u

nles

s th

e re

leva

nt a

sset

is c

arrie

d at

fair

valu

e, in

w

hich

cas

e th

e im

pai

rmen

t los

s is

trea

ted

as a

rev

alua

tion

decr

ease

.

Whe

re a

n im

pai

rmen

t los

s su

bseq

uent

ly r

ever

ses,

the

car

ryin

g am

ount

of t

he a

sset

(ca

sh-g

ener

atin

g un

it)

is in

crea

sed

to t

he r

evis

ed e

stim

ate

of it

s re

cove

rabl

e am

ount

, but

onl

y to

the

ext

ent t

hat t

he in

crea

sed

carr

ying

am

ount

doe

s no

t exc

eed

the

carr

ying

am

ount

tha

t wou

ld h

ave

been

det

erm

ined

had

no

imp

airm

ent

loss

bee

n re

cogn

ised

for

the

asse

t (ca

sh-g

ener

atin

g un

it) in

prio

r ye

ars.

a r

ever

sal o

f an

imp

airm

ent l

oss

is

reco

gnis

ed in

the

Sta

tem

ent o

f Fin

anci

al p

erfo

rman

ce im

med

iate

ly, u

nles

s th

e re

leva

nt a

sset

is c

arrie

d at

fair

valu

e, in

whi

ch c

ase

the

reve

rsal

of t

he im

pai

rmen

t los

s is

trea

ted

as a

rev

alua

tion

incr

ease

.

33

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13ST

ATE

MEN

T O

F A

CC

Ou

NTI

NG

PO

LIC

IES

con

t.

Su

per

ann

uat

ion

Sch

emes

•

Def

ined

con

trib

utio

n Sc

hem

es

o

blig

atio

ns fo

r co

ntrib

utio

ns to

def

ined

con

trib

utio

n su

per

annu

atio

n sc

hem

es a

re r

ecog

nise

d as

an

exp

ense

in t

he s

tate

men

t of f

inan

cial

per

form

ance

as

incu

rred

.

P

rovi

sio

ns

pr

ovis

ions

are

rec

ogni

sed

whe

n th

e M

useu

m h

as a

pre

sent

obl

igat

ion,

the

futu

re s

acrif

ice

of e

cono

mic

be

nefit

s is

pro

babl

e, a

nd t

he a

mou

nt o

f the

pro

visi

on c

an b

e m

easu

red

relia

bly.

th

e am

ount

rec

ogni

sed

as a

pro

visi

on is

the

bes

t est

imat

e of

the

con

side

ratio

n re

qui

red

to s

ettle

the

p

rese

nt o

blig

atio

n at

rep

ortin

g da

te, t

akin

g in

to a

ccou

nt t

he r

isks

and

unc

erta

intie

s su

rrou

ndin

g th

e ob

ligat

ion.

Whe

re a

pro

visi

on is

mea

sure

d us

ing

the

cash

flow

s es

timat

ed to

set

tle t

he p

rese

nt o

blig

atio

n,

its c

arry

ing

amou

nt is

the

pre

sent

val

ue o

f tho

se c

ash

flow

s.

W

hen

som

e or

all

of t

he e

cono

mic

ben

efits

req

uire

d to

set

tle a

pro

visi

on a

re e

xpec

ted

to b

e re

cove

red

from

a t

hird

par

ty, t

he r

ecei

vabl

e is

rec

ogni

sed

as a

n as

set i

f it i

s vi

rtua

lly c

erta

in t

hat r

ecov

ery

will

be

rece

ived

and

the

am

ount

of t

he r

ecei

vabl

e ca

n be

mea

sure

d re

liabl

y.

Em

plo

yee

Enti

tlem

ents

pr

ovis

ion

is m

ade

for

bene

fits

accr

uing

to e

mp

loye

es in

res

pec

t of w

ages

and

sal

arie

s, a

nnua

l lea

ve,

and

sabb

atic

al le

ave

whe

n it

is p

roba

ble

that

set

tlem

ent w

ill b

e re

qui

red

and

they

are

cap

able

of b

eing

m

easu

red

relia

bly.

Sab

batic

al le

ave

has

been

cal

cula

ted

on t

he b

asis

of c

urre

nt s

alar

y co

sts

of t

he e

ntitl

ed

emp

loye

es.

the

sabb

atic

al p

rovi

sion

s al

so p

rovi

de fo

r re

imbu

rsem

ent o

f rel

ated

cos

ts.

thes

e ha

ve n

ot

been

cal

cula

ted

as t

hey

aren

’t c

apab

le o

f bei

ng r

elia

bly

mea

sure

d as

the

y m

ay v

ary

sign

ifica

ntly

or

not

even

be

incu

rred

dep

endi

ng o

n w

hen

or w

here

the

leav

e is

tak

en.

pr

ovis

ions

mad

e in

res

pec

t of e

mp

loye

e be

nefit

s ex

pec

ted

to b

e se

ttle

d w

ithin

12

mon

ths,

are

mea

sure

d at

the

ir no

min

al v

alue

s us

ing

the

rem

uner

atio

n ra

te e

xpec

ted

to a

pp

ly a

t the

tim

e of

set

tlem

ent.

pr

ovis

ions

mad

e in

res

pec

t of e

mp

loye

e be

nefit

s w

hich

are

not

exp

ecte

d to

be

sett

led

with

in 1

2 m

onth

s ar

e m

easu

red

as t

he p

rese

nt v

alue

of t

he e

stim

ated

futu

re c

ash

outf

low

s to

be

mad

e by

the

Mus

eum

in

resp

ect o

f ser

vice

s p

rovi

ded

by e

mp

loye

es u

p to

rep

ortin

g da

te.

St

atem

ent

of

Cas

h F

low

s

o

per

atin

g ac

tiviti

es in

clud

e ca

sh r

ecei

ved

from

all

inco

me

sour

ces

of t

he M

useu

m a

nd r

ecor

d th

e ca

sh

pay

men

ts m

ade

for

the

sup

ply

of g

oods

and

ser

vice

s.

in

vest

ing

activ

ities

are

tho

se a

ctiv

ities

rel

atin

g to

the

acq

uisi

tion

and

disp

osal

of n

on-c

urre

nt a

sset

s.

Fi

nanc

ing

activ

ities

com

pris

e th

e ch

ang

e in

eq

uity

and

deb

t str

uctu

re o

f the

Mus

eum

.

Eq

uit

y

eq

uity

is t

he c

omm

unity

’s in

tere

st in

the

Mus

eum

and

is m

easu

red

as to

tal a

sset

s le

ss to

tal l

iabi

litie

s.

equi

ty is

dis

aggr

egat

ed a

nd c

lass

ified

into

Mus

eum

cap

ital a

nd a

num

ber

of r

eser

ves.

th

e co

mp

onen

ts o

f eq

uity

are

:

•

MuseumCapitalA

ccou

nt

•

Available-for-SaleRevaluatio

nReserve

•

EqualisationFund

•

RedevelopmentFun

d

•

Special&

TrustFun

ds

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13ST

ATE

MEN

T O

F A

CC

Ou

NTI

NG

PO

LIC

IES

con

t.

R

eser

ves

re

serv

es a

re a

com

pon

ent o

f eq

uity

gen

eral

ly r

epre

sent

ing

a p

artic

ular

use

to w

hich

var

ious

par

ts o

f eq

uity

hav

e be

en a

ssig

ned.

res

erve

s m

ay b

e le

gal

ly r

estr

icte

d or

est

ablis

hed

by t

he M

useu

m.

re

stric

ted

rese

rves

are

sub

ject

to s

pec

ific

cond

ition

s. e

xpen

ditu

re o

r tr

ansf

ers

from

the

se r

eser

ves

may

be

mad

e on

ly fo

r ce

rtai

n sp

ecifi

ed p

urp

oses

.

M

useu

m r

eser

ves

are

rese

rves

est

ablis

hed

by M

useu

m d

ecis

ion.

the

Mus

eum

may

alte

r th

em w

ithou

t re

fere

nce

to a

ny t

hird

par

ty. e

xpen

ditu

re o

r tr

ansf

ers

to a

nd fr

om t

hese

res

erve

s is

bas

ed o

n es

tabl

ishe

d M

useu

m p

olic

y.

th

e M

useu

m’s

obj

ectiv

es, p

olic

ies

and

pro

cess

es fo

r m

anag

ing

cap

ital a

re d

escr

ibed

in N

ote

20.

B

ud

get

Fig

ure

s

th

e bu

dget

figu

res

are

thos

e ap

pro

ved

by t

he M

useu

m a

t the

beg

inni

ng o

f the

yea

r in

the

ann

ual p

lan.

th

e bu

dget

figu

res

have

bee

n p

rep

ared

in a

ccor

danc

e w

ith N

Z g

aa

p, u

sing

acc

ount

ing

pol

icie

s th

at a

re

cons

iste

nt w

ith t

hose

ado

pte

d by

the

Mus

eum

for

the

pre

par

atio

n of

the

fina

ncia

l sta

tem

ents

.

C

riti

cal A

cco

un

tin

g E

stim

ates

an

d A

ssu

mp

tio

ns

in

pre

par

ing

thes

e fin

anci

al s

tate

men

ts t

he M

useu

m h

as m

ade

estim

ates

and

ass

ump

tions

con

cern

ing

the

futu

re. t

hese

est

imat

es a

nd a

ssum

ptio

ns m

ay d

iffer

from

the

sub

seq

uent

act

ual r

esul

ts. e

stim

ates

and

ju

dgem

ents

are

con

tinua

lly e

valu

ated

and

are

bas

ed o

n hi

stor

ical

exp

erie

nce

and

othe

r fa

ctor

s, in

clud

ing

exp

ecta

tions

or

futu

re e

vent

s th

at a

re b

elie

ved

to b

e re

ason

able

und

er t

he c

ircum

stan

ces.

the

est

imat

es

and

assu

mp

tions

tha

t hav

e a

sign

ifica

nt r

isk

of c

ausi

ng a

mat

eria

l adj

ustm

ent t

o th

e ca

rryi

ng a

mou

nts

of

asse

ts a

nd li

abili

ties

with

in t

he n

ext f

inan

cial

yea

r ar

e di

scus

sed

belo

w:

K

ey S

ou

rces

of

Esti

mat

ion

un

cert

ain

ty

Ju

dgem

ents

mad

e by

man

agem

ent i

n th

e ap

plic

atio

n of

NZ

iFrS

tha

t hav

e si

gnifi

cant

eff

ects

on

the

finan

cial

sta

tem

ents

and

est

imat

es w

ith a

sig

nific

ant r

isk

of m

ater

ial a

djus

tmen

ts in

the

nex

t yea

r ar

e di

sclo

sed,

whe

re a

pp

licab

le, i

n th

e re

leva

nt n

otes

to t

he fi

nanc

ial s

tate

men

ts.

Ke

y So

urce

s of

est

imat

ion

Unc

erta

inty

incl

ude:

•

Estim

atingtheremaining

usefullifeofvariousitem

sofproperty,p

lantand

equipment.Iftheuseful

lif

e do

es n

ot r

efle

ct t

he a

ctua

l con

sum

ptio

n of

ben

efits

of t

he a

sset

, the

Mus

eum

cou

ld b

e ov

er

or

und

er e

stim

atin

g th

e de

pre

ciat

ion

char

ge

reco

gnis

ed a

s an

exp

ense

in t

he S

tate

men

t of F

inan

cial

perf

orm

ance

.

es

timat

es a

nd ju

dgem

ents

are

con

tinua

lly e

valu

ated

and

are

bas

ed o

n hi

stor

ical

exp

erie

nce

and

othe

r fu

nctio

ns, i

nclu

ding

exp

ecta

tions

of f

utur

e ev

ents

tha

t are

bel

ieve

d to

be

mea

sura

ble

unde

r th

e ci

rcum

stan

ces.

34

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

2

013

2

012

N

ote

s

$

$

2.

ExP

END

ITu

RE

(a)

Emp

loye

e B

enef

its

Exp

ense

Sa

larie

s an

d w

ages

3,67

3,93

5

2,83

5,50

9

Def

ined

con

trib

utio

n p

lans

144,

302

10

5,62

2

Mov

emen

t in

sabb

atic

al le

ave

pro

visi

on

(527

,626

) 8,

785

$3

,290

,611

$2

,949

,916

the

sabb

atic

al le

ave

pro

visi

on h

as b

een

reve

rsed

ref

lect

ing

the

redu

ctio

n in

the

pot

entia

l sab

batic

al le

ave

liabi

lity

to t

he o

rgan

isat

ion

goi

ng fo

rwar

d.

(b)

Oth

er E

xpen

ses

c

omp

uter

cos

ts

68,6

52

56,5

47

Mai

nten

ance

13

7,99

5

131,

192

o

ther

exp

ense

s

3,00

6,02

3

2,56

8,11

3

$3

,212

,670

$2

,755

,852

3.

REM

uN

ERA

TIO

Nth

e fo

llow

ing

tabl

e sh

ows

the

num

ber

of e

mp

loye

es t

hat a

re p

aid

mor

e th

an $

100,

000

gros

s p

er y

ear.

20

13

2

012

Ren

um

erat

ion

Ban

d

Nu

mb

ers

of

emp

loye

es

Nu

mb

ers

of

emp

loye

es

$300

,000

- $3

10,9

99

-

1

$240

,000

- $2

49,0

00

1

-$1

80,0

00 -

$189

,999

1

-$1

60,0

00 -

$169

,999

-

1$1

20,0

00 -

$129

,999

2

1$1

10,0

00 -

$119

,999

-

1

4.

KEY

MA

NA

GEM

ENT

PER

SON

NEL

CO

MP

ENSA

TIO

N

Key

man

agem

ent p

erso

nnel

incl

ude

trus

t Boa

rd M

embe

rs, t

he c

hief

exe

cutiv

e an

d ot

her

mem

bers

of t

he

Mus

eum

Man

agem

ent t

eam

. W

ith t

he e

xcep

tion

of t

he c

hairp

erso

n of

the

Boa

rd w

ho r

ecei

ves

a sm

all

hono

rariu

m, o

ther

tru

st B

oard

mem

bers

do

not r

ecei

ve a

ny r

emun

erat

ion.

20

13

20

12

$

$

Sh

ort-

term

em

plo

yee

bene

fits

873,

039

820,

430

o

ther

ben

efits

56

,950

8,

785

$929

,989

$8

29,2

15

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

5.

SEv

ERA

NC

E P

AY

MEN

TS

Fo

r th

e ye

ar e

nded

30

June

201

3, t

he o

tag

o M

useu

m t

rust

Boa

rd m

ade

no s

ever

ance

pay

men

ts to

em

plo

yees

out

side

the

mee

ting

of c

ontr

actu

al p

aym

ents

in r

egar

ds to

out

stan

ding

leav

e, s

abba

tical

, and

re

tirem

ent e

ntitl

emen

ts (

2012

: $N

il).

6.

REM

uN

ERA

TIO

N O

F A

uD

ITO

RS

a

udit

fees

for

finan

cial

sta

tem

ent a

udit

$2

7,50

0 $2

1,60

0

the

audi

tor

of o

tag

o M

useu

m t

rust

Boa

rd is

aud

it N

ew Z

eala

nd o

n be

half

of t

he a

udito

r-g

ener

al.

7.

TRA

DE

AN

D O

THER

REC

EIv

AB

LES

tr

ade

rece

ivab

les

(1)

11

6,22

3 10

3,82

3

11

6,22

3 10

3,82

3

Su

ndry

rec

eiva

bles

and

acc

rual

s

94

,639

12

5,07

0

estim

ated

dou

btfu

l deb

ts

-

-

goo

ds a

nd s

ervi

ces

tax

(gSt

) re

ceiv

able

93

,697

81

,200

$304

,559

$3

10,0

93

(1) t

rade

rec

eiva

bles

a

gei

ng o

f pas

t due

but

not

imp

aire

d:

0 - 3

0 da

ys

47

,872

91

,499

31 -

60 d

ays

51,6

79

10,5

77

61

- 90

day

s

9,

107

-

90

day

s+

7,

565

1,74

7

$1

16,2

23

$103

,823

th

e M

useu

m h

olds

no

colla

tera

l as

secu

rity

or o

ther

cre

dit e

nhan

cem

ents

ove

r re

ceiv

able

s th

at a

re e

ither

p

ast d

ue o

r im

pai

red.

8.

INv

ENTO

RIE

S

Shop

sto

ck

183,

466

203,

348

c

afé

stoc

k

8,71

6 7,

066

$192

,182

$2

10,4

14

th

e ca

rryi

ng a

mou

nt o

f inv

ento

ries

ple

dged

as

secu

rity

for

liabi

litie

s is

$N

il (2

012:

$N

il).

35

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

20

13

20

12

$

$

9.

OTH

ER F

INA

NC

IAL

ASS

ETS

Av

aila

ble-

for-

Sale

at f

air v

alue

:

cur

rent

D

epos

its

329,

648

346,

161

N

on c

urre

nt

equi

ty s

ecur

ities

- c

omp

any

shar

es

3,

511,

527

3,25

7,45

2

Fixe

d ra

te B

onds

1,

167,

759

1,27

7,42

6

5,

008,

934

4,88

1,03

9

D

iscl

osed

in t

he fi

nanc

ial s

tate

men

ts a

s:

cur

rent

32

9,64

8 34

6,16

1

Non

-cur

rent

4

,679

,286

4,

534,

878

$5,0

08,9

34

$4,8

81,0

39

ther

e ar

e no

imp

airm

ent p

rovi

sion

s fo

r ot

her

finan

cial

ass

ets.

eq

uity

sec

uriti

es a

nd fi

xed

rate

bon

ds a

re h

eld

in t

he n

ame

of o

tag

o M

useu

m t

rust

Boa

rd.

a

ll ba

nkin

g ac

tiviti

es r

elat

ing

to t

hese

oth

er F

inan

cial

ass

ets

are

cond

ucte

d by

the

ota

go

Mus

eum

tru

st

Boar

d th

roug

h its

ban

k ac

coun

t.

10.

OTH

ER C

uR

REN

T A

SSET

S

pr

epay

men

ts

$147

,290

$1

61,2

80 O

TAG

O M

uSE

uM

TR

uST

BO

AR

D N

OTE

S TO

TH

E FI

NA

NC

IAL

STA

TEM

ENT

S (C

ON

T.)

FOR

TH

E FI

NA

NC

IAL

YEA

R E

ND

ED 3

0 J

uN

E, 2

013

2

013

2

012

N

ote

s

$

$

2.

ExP

END

ITu

RE

(a)

Emp

loye

e B

enef

its

Exp

ense

Sa

larie

s an

d w

ages

3,67

3,93

5

2,83

5,50

9

Def

ined

con

trib

utio

n p

lans

144,

302

10

5,62

2

Mov

emen

t in

sabb

atic

al le

ave

pro

visi

on

(527

,626

) 8,

785

$3

,290

,611

$2

,949

,916

the

sabb

atic

al le

ave

pro

visi

on h

as b

een

reve

rsed

ref

lect

ing

the

redu

ctio

n in

the

pot

entia

l sab

batic

al le

ave

liabi

lity

to t

he o

rgan

isat

ion

goi

ng fo

rwar

d.

(b)

Oth

er E

xpen

ses

c

omp

uter

cos

ts

68,6

52

56,5

47

Mai

nten

ance

13

7,99

5

131,

192

o

ther

exp

ense

s

3,00

6,02

3

2,56

8,11

3

$3

,212

,670

$2

,755

,852

3.

REM

uN

ERA

TIO

Nth

e fo

llow

ing

tabl

e sh

ows

the

num

ber

of e

mp

loye

es t

hat a

re p

aid

mor

e th

an $

100,

000

gros

s p

er y

ear.

20

13

2

012

Ren

um

erat

ion

Ban

d

Nu

mb

ers

of

emp

loye

es

Nu

mb

ers

of

emp

loye

es

$300

,000

- $3

10,9

99

-

1

$240

,000

- $2

49,0

00

1

-$1

80,0

00 -

$189

,999

1

-$1

60,0

00 -

$169

,999

-

1$1

20,0

00 -

$129

,999

2

1$1

10,0

00 -

$119

,999

-

1

4.

KEY

MA

NA

GEM

ENT

PER

SON

NEL

CO

MP

ENSA

TIO

N

Key

man

agem

ent p

erso

nnel

incl

ude

trus

t Boa

rd M

embe

rs, t

he c

hief

exe

cutiv

e an

d ot

her

mem

bers

of t

he

Mus

eum

Man

agem

ent t

eam

. W

ith t

he e

xcep

tion

of t

he c

hairp

erso

n of

the

Boa

rd w

ho r

ecei

ves

a sm

all

hono

rariu

m, o

ther

tru

st B

oard

mem

bers

do

not r

ecei

ve a

ny r

emun

erat

ion.

20

13

20

12

$

$

Sh

ort-

term

em

plo

yee

bene

fits

873,

039

820,

430

o

ther

ben

efits

56

,950

8,

785

$929

,989

$8

29,2

15

36

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

)FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

1311

. P

RO

PER

TY,

PLA

NT

AN

D E

Qu

IPM

ENT

18

OT

AG

O M

USE

UM

TR

UST

BO

AR

DN

OT

ES

TO T

HE

FIN

AN

CIA

L S

TAT

EM

EN

TS

(Con

t.)Fo

r th

e Fi

nanc

ial Y

ear

End

ed 3

0 Ju

ne, 2

013

11.

PRO

PER

TY, P

LA

NT

AN

D E

QU

IPM

ENT

Cos

t/A

dditi

ons

Dis

posa

lsT

rans

fers

Cos

t/A

ccum

ulat

edD

epre

ciat

ion

Acc

umul

ated

Acc

umul

ated

Acc

umul

ated

Car

ryin

gV

alua

tion

Val

uatio

nD

epre

ciat

ion

Exp

ense

Dep

reci

atio

nD

epre

catio

nD

epre

ciat

ion

Am

ount

1 Ju

ly 2

012

30 J

une

2013

& Im

pair

men

tR

ever

sed

onA

djus

ted

for

& Im

pair

men

t30

Jun

e 20

13C

hang

esD

ispo

sal

Tra

nsfe

rsC

hang

es1

July

201

230

Jun

e 20

13M

useu

m O

pera

tiona

l Ass

ets

At C

ost

Land

979,

952

979,

952

--

-97

9,95

2B

uild

ings

6,01

8,01

21,

458,

119

7,47

6,13

1(2

,554

,054

)(1

99,5

32)

(2,7

53,5

86)

4,72

2,54

5-D

isco

very

Wor

ld2,

256,

032

2,25

6,03

2(1

,142

,629

)(6

0,00

0)(1

,202

,629

)1,

053,

403

Red

evel

opm

ent -

Phas

e 1

Bui

ldin

g3,

000,

616

3,00

0,61

6(1

,276

,212

)(9

0,01

8)(1

,366

,230

)1,

634,

386

Fito

ut e

xhib

ition

s24

5,81

324

5,81

3(2

04,8

77)

(7,3

68)

(212

,245

)33

,568

Mec

hani

cal s

ervi

ces

362,

465

362,

465

(229

,589

)(1

2,62

3)(2

42,2

12)

120,

253

Elec

trica

l50

9,31

550

9,31

5(3

22,6

07)

(17,

737)

(340

,344

)16

8,97

1R

edev

elop

men

t -Ph

ase

2B

uild

ing

5,40

9,58

45,

409,

584

(1,7

68,5

41)

(162

,288

)(1

,930

,829

)3,

478,

755

Fito

ut e

xhib

ition

s2,

906,

971

2,90

6,97

1(2

,364

,398

)(9

7,66

3)(2

,462

,061

)44

4,91

0M

echa

nica

l ser

vice

s1,

970,

917

1,97

0,91

7(1

,161

,145

)(7

6,92

8)(1

,238

,073

)73

2,84

4El

ectri

cal

451,

183

451,

183

(265

,811

)(1

7,61

0)(2

83,4

21)

167,

762

Com

pute

r Equ

ipm

ent

1,41

5,92

915

4,86

71,

570,

796

(877

,751

)(1

21,7

64)

(999

,515

)57

1,28

1C

onse

rvat

ion

Uni

t Equ

ipm

ent

11,9

4411

,944

(11,

944)

-(1

1,94

4)-

Emer

genc

y R

espo

nse

Equi

pmen

t7,

152

7,15

2(6

,843

)(5

5)(6

,898

)25

4Ex

hibi

ts31

7,71

270

,581

388,

293

--

-38

8,29

3Fu

rnitu

re &

Fitt

ings

1,21

5,74

733

,679

1,24

9,42

6(8

14,1

82)

(76,

291)

(890

,473

)35

8,95

3G

olde

n K

iwi L

otte

ry F

und

17,8

3717

,837

(17,

471)

(37)

(17,

508)

329

Mot

or V

ehic

les

108,

753

108,

753

(97,

801)

(2,8

48)

(100

,649

)8,

104

Caf

é Eq

uipm

ent

29,7

5129

,751

(12,

249)

(3,4

64)

(15,

713)

14,0

38

───────

──────

──────

──────

───────

───────

──────

──────

──────

───────

───────

27,2

35,6

851,

717,

246

--

28,9

52,9

31(1

3,12

8,10

4)(9

46,2

26)

--

(14,

074,

330)

14,8

78,6

01═══════

══════

══════

══════

═══════

═══════

══════

══════

══════

═══════

═══════

19

OT

AG

O M

USE

UM

TR

UST

BO

AR

DN

OT

ES

TO T

HE

FIN

AN

CIA

L S

TAT

EM

EN

TS

(Con

t.)Fo

r th

e Fi

nanc

ial Y

ear

End

ed 3

0 Ju

ne, 2

013

11.

PRO

PER

TY, P

LA

NT

AN

D E

QU

IPM

ENT

Con

t.

Cos

t/A

dditi

ons

Dis

posa

lsT

rans

fers

Cos

t/A

ccum

ulat

edD

epre

ciat

ion

Acc

umul

ated

Acc

umul

ated

Acc

umul

ated

Car

ryin

gV

alua

tion

Val

uatio

nD

epre

ciat

ion

Exp

ense

Dep

reci

atio

nD

epre

catio

nD

epre

ciat

ion

Am

ount

1 Ju

ly 2

011

30 J

une

2012

& Im

pair

men

tR

ever

sed

onA

djus

ted

for

& Im

pair

men

t30

Jun

e 20

12C

hang

esD

ispo

sal

Tra

nsfe

rsC

hang

es1

July

201

130

Jun

e 20

12M

useu

m O

pera

tiona

l Ass

ets

At C

ost

Land

979,

952

979,

952

--

-97

9,95

2B

uild

ings

5,89

3,66

112

4,35

16,

018,

012

(2,3

53,5

15)

(200

,539

)(2

,554

,054

)3,

463,

958

-Dis

cove

ry W

orld

2,25

6,03

22,

256,

032

(1,0

82,6

29)

(60,

000)

(1,1

42,6

29)

1,11

3,40

3R

edev

elop

men

t -Ph

ase

1B

uild

ing

3,00

0,61

63,

000,

616

(1,1

86,1

94)

(90,

018)

(1,2

76,2

12)

1,72

4,40

4Fi

tout

exh

ibiti

ons

245,

813

245,

813

(195

,891

)(8

,986

)(2

04,8

77)

40,9

36M

echa

nica

l ser

vice

s36

2,46

536

2,46

5(2

15,6

41)

(13,

948)

(229

,589

)13

2,87

6El

ectri

cal

509,

315

509,

315

(303

,008

)(1

9,59

9)(3

22,6

07)

186,

708

Red

evel

opm

ent -

Phas

e 2

Bui

ldin

g5,

409,

584

5,40

9,58

4(1

,606

,253

)(1

62,2

88)

(1,7

68,5

41)

3,64

1,04

3Fi

tout

exh

ibiti

ons

2,90

6,97

12,

906,

971

(2,2

45,2

97)

(119

,101

)(2

,364

,398

)54

2,57

3M

echa

nica

lser

vice

s1,

970,

917

1,97

0,91

7(1

,076

,141

)(8

5,00

4)(1

,161

,145

)80

9,77

2El

ectri

cal

451,

183

451,

183

(246

,352

)(1

9,45

9)(2

65,8

11)

185,

372

Com

pute

r Equ

ipm

ent

1,05

7,14

335

8,78

61,

415,

929

(814

,819

)(6

2,93

2)(8

77,7

51)

538,

178

Con

serv

atio

n U

nit E

quip

men

t11

,944

11,9

44(1

1,94

4)(1

1,94

4)-

Emer

genc

y R

espo

nse

Equi

pmen

t7,

152

7,15

2(6

,774

)(6

9)(6

,843

)30

9Ex

hibi

ts30

8,29

89,

414

317,

712

--

-31

7,71

2Fu

rnitu

re &

Fitt

ings

1,02

5,89

219

0,77

2(9

17)

1,21

5,74

7(7

47,3

50)

(67,

197)

365

(814

,182

)40

1,56

5G

olde

n K

iwi L

otte

ry F

und

17,8

3717

,837

(17,

430)

(41)

(17,

471)

366

Mot

or V

ehic

les

108,

753

108,

753

(93,

952)

(3,8

49)

(97,

801)

10,9

52C

afé

Equi

pmen

t27

,743

2,00

829

,751

(8,0

92)

(4,1

57)

(12,

249)

17,5

02───────

──────

──────

──────

───────

───────

──────

──────

──────

───────

───────

26,5

51,2

7168

5,33

1(9

17)

-27

,235

,685

(12,

211,

282)

(917

,187

)36

5-

(13,

128,

104)

14,1

07,5

81═══════

══════

══════

══════

═══════

═══════

══════

══════

══════

═══════

═══════

37

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

20

13

20

12

$

$12

. TR

AD

E A

ND

OTH

ER P

AYA

BLE

S

tr

ade

pay

able

s (i)

326,

949

77

6,87

7

oth

er a

ccru

ed c

harg

es

85

,583

11

,171

$4

12,5

32

$788

,048

(i)

th

e av

erag

e cr

edit

per

iod

on p

urch

ases

is 3

0 da

ys.

13.

EMP

LOY

EE E

NTI

TLEM

ENT

S

a

ccru

ed s

alar

y an

d w

ages

426,

124

35

5,40

7

ann

ual l

eave

16

4,49

4

169,

563

Sa

bbat

ical

leav

e

- 52

7,62

6

retir

emen

t lea

ve

- 11

8,63

4

$590

,618

$1

,171

,230

14.

RES

ERv

ES

av

aila

ble-

for-

sale

rev

alua

tion

rese

rve

(a)

31

2,33

1

116,

143

eq

ualis

atio

n Fu

nd (

b)

26

9,38

4

256,

923

re

stric

ted

rese

rves

(c)

(tr

ust F

unds

)

5,13

7,38

0

4,74

7,42

0

Mus

eum

res

erve

s (d

) (S

pec

ial F

unds

)

8,02

8,07

4

8,94

0,37

7

Una

lloca

ted

accr

ued

inte

rest

93,1

29

125,

070

$1

3,84

0,29

8

$14,

185,

933

(a

) A

vail

able

-fo

r-Sa

le R

eval

uat

ion

Res

erve

Ba

lanc

e at

beg

inni

ng o

f yea

r

11

6,14

3

376,

879

va

luat

ion

gai

n/(l

oss)

rec

ogni

sed

417,

051

(2

41,3

03)

(g

ain)

/los

s tr

ansf

erre

d to

inco

me

Stat

emen

t on

Sale

of

fin

anci

al a

sset

s

(220

,863

) (1

9,43

3)

Bala

nce

at e

nd o

f yea

r

$3

12,3

31

$116

,143

th

e av

aila

ble-

for-

sale

rev

alua

tion

rese

rve

rep

rese

nts

gai

ns (

net)

on

reva

luat

ion

of fi

nanc

ial a

sset

s he

ld.

(b

) E

qu

alis

atio

n F

un

d

Ba

lanc

e at

beg

inni

ng o

f yea

r

25

6,92

3

245,

558

in

tere

st tr

ansf

er (

Not

e 21

a)

12

,461

11

,365

Ba

lanc

e at

end

of y

ear

$269

,384

$2

56,9

23

a fu

nd e

stab

lishe

d to

ena

ble

the

Boar

d to

han

dle

exp

endi

ture

on

maj

or m

aint

enan

ce p

roje

cts

whi

ch

occu

r irr

egul

arly

.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

N

ote

s 2

013

2

012

$

$

14.

RES

ERv

ES c

on

t

(c

) R

estr

icte

d R

eser

ves

(Tru

st F

un

ds)

14 (

e)

Ba

lanc

e at

beg

inni

ng o

f yea

r

4,

747,

420

4,

750,

826

tr

ansf

er fr

om/(

to)

reta

ined

ear

ning

s

38

9,96

0

(3,4

06)

Ba

lanc

e at

end

of y

ear

$5,1

37,3

80

$4,7

47,4

20

rest

ricte

d re

serv

es in

clud

e:

- tru

st a

nd b

eque

st fu

nds

that

hav

e be

en p

rovi

ded

to t

he M

useu

m fo

r sp

ecifi

c p

urp

oses

.

(d

) M

use

um

Res

erve

s (S

pec

ial F

un

ds)

14 (

f)

Ba

lanc

e at

beg

inni

ng o

f yea

r

8,94

0,37

7

7,92

4,26

5

tr

ansf

er fr

om/(

to)

reta

ined

ear

ning

s

(912

,303

) 1,

016,

112

Ba

lanc

e at

end

of y

ear

$8,0

28,0

74

$8,9

40,3

77

M

useu

m r

eser

ves

are

mad

e av

aila

ble

for

spec

ific

even

ts o

r p

urp

oses

, bas

ed o

n es

tabl

ishe

d M

useu

m

pol

icy.

38

14

(e)

Res

tric

ted

Res

erve

s (T

rust

Fu

nd

s)

TRuS

T Fu

NDBA

LANC

E01

/07/

2012

ADD

INCO

ME

&

TRAN

SFER

SDE

DuCT

Ex

PEND

ITuR

E &

TRA

NSFE

RS

BALA

NCE

30/0

6/13

TOTA

L

CAPI

TAL

INCO

ME

Eliz

abet

hAl

exan

der

134,

151

gain

on

sale

of sh

ares

inve

stmen

t inc

ome

6,24

16,

504

146,

896

87,5

06

59,3

90

Beth

and

M

ark

Ande

rson

89,0

31ga

in o

n sa

le of

shar

esin

vestm

ent i

ncom

e4,

142

4,31

697

,489

74,6

4322

,846

Avic

e Bo

wby

es- C

ostu

mes

169,

142

gain

on

sale

of sh

ares

inve

stmen

t inc

ome

7,869

8,20

018

5,21

168

,503

11

6,70

8

Colq

uhou

n45

2,44

7ga

in o

n sa

le of

shar

esin

vestm

ent i

ncom

e21

,049

21,9

35gr

ant/S

pons

orsh

ip5,

000

490,

431

17

3,67

4

316,

757

De B

eer

Publ

icat

ions

& R

esea

rch

1,02

6,97

2ga

in o

n sa

le of

shar

esro

yalti

esin

vestm

ent i

ncom

e

47,7

78 2149

,788

calen

dars

3,16

0

1,121

,399

372,

636

748,

763

Fair

wea

ther

295,

755

loss

on

sale

of sh

ares

inve

stmen

t inc

ome

gran

ts/Sp

onso

rship

13,7

5914

,338

5,00

0

328,

852

141,

756

187,0

96

Fair

wea

ther

- Co

llect

ions

529,

726

loss

on

sale

of sh

ares

inve

stmen

t inc

ome

24,6

4425

,682

purc

hase

of

cera

mics

purc

hase

of t

extil

espu

rcha

se o

f Nat

ural

histo

ry

6,

715

2,18

0

49,0

2752

2,13

0

19

9,79

2

32

2,33

8

Golla

n17

9,27

1ga

in o

n sa

le of

shar

esin

vestm

ent i

ncom

e8,

340

8,69

119

6,30

2

42,3

64

153,

938

Bren

da Jo

yce

Har

ding

92,4

08ga

in o

n sa

le of

shar

esin

vestm

ent i

ncom

e4,

299

4,48

010

1,187

40

,480

60

,707

Lyde

rs16

2,48

2ga

in o

n sa

le of

shar

esin

vestm

ent i

ncom

e7,5

597,8

7717

7,918

39,8

5313

8,06

5

Cow

ie N

icho

ls19

,403

gain

on

sale

of sh

ares

inve

stmen

t inc

ome

903

941

21,2

47

2,60

6

18,6

41

Cyri

l Nic

hols

892,

909

gain

on

sale

of sh

ares

inve

stmen

t inc

ome

41,5

4143

,289

977,7

39

222,

859

75

4,88

0

Pete

r Sno

w

MAC

Fun

d98

5ga

in o

n sa

le of

shar

esin

vestm

ent i

ncom

e46 48

1,07

9 -

1,

079

Will

i Fel

s70

2,73

8ga

in o

n sa

le of

shar

es

inve

stmen

t inc

ome

32,6

9334

,069

769,

500

25

4,77

5

514,

725

TOTA

L RE

STRI

CTED

RE

SERv

ES$4

,747

,420

====

==$4

56,0

42==

====

$66,

082

====

==$5

,137

,380

====

==$1

,721

,447

====

==$3

,415

,933

====

==

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

14 (

f)

Mu

seu

m R

eser

ves

(Sp

ecia

l Fu

nd

s)

SPEC

IAL

FuND

BALA

NCE

01/0

7/20

12AD

D IN

COM

E &

TR

ANSF

ERS

DEDu

CT

ExPE

NDIT

uRE

& T

RANS

FERS

BALA

NCE

30/0

6/20

13

TOTA

L

CAPI

TAL

INCO

ME

Allo

catio

n fo

r Sp

ecia

l Pur

pose

s40

,636

est.

e.o

. Nay

lor

inve

stmen

t inc

ome

510

1970

43,11

6-

43,11

6

Barc

lay

347,4

03M

ajorie

Bar

clay t

rust

inve

stmen

t inc

ome

45,0

0016

,842

409,

245

-40

9,24

5

Cons

erva

tion

Mat

eria

ls16

5,41

6Bu

dget

tran

sfer

inve

stmen

t inc

ome

6,82

28,

019

180,

257

-18

0,25

7

Deve

lopm

ent

3,36

2,24

1Bu

dget

tran

sfer

gran

ts

Dona

tions

inve

stmen

t inc

ome

3,47

7 - -

145,

000

163,

004

conf

eren

ce &

pr

ofes

siona

l Se

rvice

s an

nex

Deve

lopm

ent

costs

conf

eren

ce &

Stud

y lea

vepu

rcha

ses -

Misc

from

Spe

cial

Fund

str

ansfe

r fro

min

com

e &

expe

nditu

re

6,

220

1,42

7,602

17,2

7912

,660

41,0

79

2,16

8,88

2-

2,16

8,88

2

Emer

genc

y Re

spon

se40

,582

inve

stmen

t inc

ome

1,96

742

,549

-42

,549

Fred

a St

ucky

229,

707

inve

stmen

t inc

ome

11,13

624

0,84

3-

240,

843

Loss

of H

eart

Com

pens

atio

n2,

022,

254

inve

stmen

t inc

ome

71,6

412,

093,

895

1,106

,913

986,

982

Mao

ri E

thno

logy

89,7

57in

vestm

ent i

ncom

e4,

351

94,10

8-

94,10

8

Purc

hase

of

Colle

ctio

ns80

,077

Budg

et tr

ansfe

rin

vestm

ent i

ncom

e92

93,

882

purc

hase

s -Na

tura

l hist

ory

143

84,74

5-

84,74

5

Retir

emen

tLe

ave

192,

890

Budg

et tr

ansfe

r

inve

stmen

t inc

ome

12,9

47

9,35

1

retir

emen

tpa

ymen

ts36

,762

178,

426

-17

8,42

6

Scie

ntifi

c Pu

blic

atio

ns60

,549

Budg

et tr

ansfe

rin

vestm

ent i

ncom

e82

52,

935

64,3

09-

64,3

09

Shop

and

Pu

blic

atio

n Sa

les

908,

611

inve

stmen

t inc

ome

44,0

50gi

ft vo

uche

rsSo

ld o

r red

eem

ed20

952,

641

-

952,

641

Spec

ial E

xhib

ition

s&

Pro

gram

mes

582,

958

Budg

et tr

ansfe

r

inve

stmen

t inc

ome

37,7

19

28,2

64

conf

eren

ce &

Stud

y lea

ve21

,737

627,2

31-

627,2

31

Stud

y &

Tra

inin

g94

,128

Budg

et tr

ansfe

rin

vestm

ent i

ncom

e2,

925

4,56

310

1,61

6-

101,

616

TOTA

L BR

OuGH

TFO

RWAR

D FR

OM P

AGE

$8,2

17,2

36$6

28,1

29$1

,563

,502

$7,2

81,8

63$1

,106

,913

$6,1

74,9

50

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

39

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

1214

(f

) M

use

um

Res

erve

s (S

pec

ial F

un

ds)

co

nt.

SPEC

IAL

FuND

BALA

NCE

01/0

7/20

12AD

D IN

COM

E &

TRA

NSFE

RSDE

DuCT

Ex

PEND

ITuR

E &

TRA

NSFE

RS

BALA

NCE

30/0

6/20

13TO

TAL

CAPI

TAL

INCO

ME

Proj

ect &

Deve

lopm

ent

Fund

723,

141

tran

sfer f

rom

inco

me

& ex

pend

iture

inve

stmen

t inc

ome

85,7

1135

,058

equi

pmen

t &Up

grad

esM

ainte

nanc

e

92

,045

5,65

474

6,21

1-

74

6,21

1

TOTA

L M

uSEu

M

RESE

RvES

$8

,940

,377

$7

48,8

98

$1,6

61,2

01

$8,0

28,0

74

$1,1

06,9

13

$6,9

21,1

61

2

013

2

012

$

$

15.

CA

PIT

AL

C

apit

al

Bala

nce

at b

egin

ning

of y

ear

13,1

72,8

27

13,5

64,4

69

pl

us e

xhib

its a

nd e

qui

pm

ent p

urch

ased

from

re

stric

ted

and

Mus

eum

res

erve

s

1,

590,

229

18

8,97

0

N

et s

urp

lus/

(def

icit)

(717

,550

)

(3,6

55)

tr

ansf

ers

from

/(to

) re

serv

es:

re

stric

ted

and

Mus

eum

res

erve

s

(1

10,2

76)

(5

76,9

57)

Ba

lanc

e at

end

of y

ear

$13,

935,

230

$1

3,17

2,82

7 16

. C

OM

MIT

MEN

TS

FOR

Ex

PEN

DIT

uR

E

(a

)

Cap

ital

an

d O

ther

Exp

end

itu

re C

om

mit

men

ts

cap

ital a

nd o

ther

exp

endi

ture

com

mitm

ents

at 3

0 Ju

ne 2

013

wer

e $N

il (3

0 Ju

ne 2

012:

$1,

599,

750)

.

the

ota

go

Mus

eum

tru

st B

oard

ent

ered

into

a 3

3 ye

ar le

ase

with

the

Dun

edin

city

cou

ncil

on t

he 1

9th

of

oct

ober

201

0 fo

r th

e o

ld p

ost o

ffic

e bu

ildin

g lo

cate

d on

the

Mus

eum

res

erve

. the

initi

al y

earl

y re

ntal

is s

et a

t $12

,000

plu

s g

St a

nd is

sub

ject

to y

earl

y re

ntal

rev

iew

s. t

he r

enta

l exp

ense

is to

be

reba

ted

in fu

ll by

the

Dun

edin

city

cou

ncil

until

1 Ja

nuar

y 20

12 o

r w

hen

the

pre

mis

es b

ecom

es o

pen

to t

he

pub

lic (

whi

chev

er c

omes

firs

t) p

er c

laus

e 1a

of t

he le

ase

agre

emen

t.

17. C

ON

TIN

GEN

T LI

AB

ILIT

IES

AN

D C

ON

TIN

GEN

T A

SSET

S

20

13

20

12

$

$

Co

nti

ng

ent

Liab

ilit

ies

at

a c

arne

t

19

,930

19

,930

(a

cus

tom

s do

cum

ent t

o fa

cilit

ate

the

tem

por

ary

duty

free

adm

issi

on o

f goo

ds in

to th

e re

pub

lic o

f chi

na).

C

on

tin

gen

t A

sset

s

ther

e w

ere

no c

ontin

gen

t ass

ets

at 3

0 Ju

ne, 2

013

(201

2: N

il).

18.

REL

ATE

D P

AR

TY

DIS

CLO

SuR

ES

C

on

trib

uti

ng

Lo

cal A

uth

ori

ties

U

nder

the

ota

go

Mus

eum

tru

st B

oard

act

, 199

6 co

ntrib

utin

g au

thor

ities

are

req

uire

d to

pro

vide

cer

tain

le

vels

of f

undi

ng to

the

ota

go

Mus

eum

.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

Tran

sact

ion

s w

ith

Rel

ated

Par

ties

D

urin

g th

e ye

ar t

he fo

llow

ing

rece

ipts

(p

aym

ents

) w

ere

rece

ived

from

(m

ade

to)

cont

ribut

ing

auth

oriti

es

and

thes

e w

ere

cond

ucte

d on

nor

mal

com

mer

cial

term

s:

2

013

2

012

$

$

c

entr

al o

tag

o D

istr

ict c

ounc

il

levy

rec

eive

d

25

,253

25

,253

c

luth

a D

istr

ict c

ounc

il

levy

rec

eive

d

17

8,01

0

178,

010

Dun

edin

city

cou

ncil

le

vy r

ecei

ved

3,76

7,90

0

3,76

7,90

0 W

aita

ki D

istr

ict c

ounc

il

levy

rec

eive

d

50

,505

50

,505

$4

,021

,668

$4

,021

,668

D

uned

in c

ity c

ounc

il

rate

s p

aid

$7

5,85

7

$78,

528

o

tag

o M

useu

m p

urch

ased

ser

vice

s fr

om c

entr

al o

tag

o D

istr

ict c

ounc

il to

talli

ng: $

334

(20

12: $

320)

D

uned

in c

ity c

ounc

il p

urch

ased

ser

vice

s fr

om t

he o

tag

o M

useu

m to

talli

ng:

$3

04

(201

2: $

22,3

47)

o

tag

o M

useu

m p

urch

ased

ser

vice

s fr

om D

uned

in c

ity c

ounc

il to

talli

ng:

$2,1

28

(201

2: $

3,00

3)

th

e tr

ansa

ctio

ns a

bove

rel

ated

to w

ater

rat

es, l

iquo

r lic

ensi

ng, a

dver

tisin

g, b

uild

ing

war

rant

s of

fitn

ess

and

venu

e hi

res

whi

ch w

ere

all c

omp

lete

d on

nor

mal

com

mer

cial

term

s.

D

urin

g th

e ye

ar t

he fo

llow

ing

rece

ipts

(p

aym

ents

) w

ere

rece

ived

from

(m

ade

to)

Boar

d m

embe

rs a

nd

asso

ciat

ed p

erso

nnel

. the

se w

ere

cond

ucte

d on

nor

mal

com

mer

cial

term

s:

2

013

2

012

$

$

po

lson

hig

gs

20,2

50

12,0

00

in

nova

tion

lim

ited

3,

815

-

$2

4,06

5

$12,

000

th

e tr

ansa

ctio

ns a

bove

rel

ated

to p

rofe

ssio

nal s

ervi

ces

rend

ered

, rem

uner

atio

n fo

r th

e c

hair

of t

he B

oard

an

d re

imbu

rsem

ent e

xpen

ditu

re r

elat

ing

to t

he c

hair

of t

he B

oard

car

ryin

g ou

t his

rol

e. a

ll tr

ansa

ctio

ns

wer

e co

mp

lete

d on

nor

mal

com

mer

cial

term

s.

19.

NO

TES

TO T

HE

CA

SH F

LOW

STA

TEM

ENT

(a

)

Rec

on

cili

atio

n o

f C

ash

an

d C

ash

Eq

uiv

alen

ts

For

the

pur

pos

es o

f the

cas

h flo

w s

tate

men

t, c

ash

and

cash

eq

uiva

lent

s in

clud

es c

ash

on h

and,

dep

osits

he

ld o

n ca

ll w

ith b

anks

and

oth

er s

hort

-ter

m h

ighl

y liq

uid

inve

stm

ents

with

orig

inal

mat

uriti

es o

f thr

ee

mon

ths

or le

ss. c

ash

and

cash

eq

uiva

lent

s at

the

end

of t

he fi

nanc

ial y

ear

as s

how

n in

the

cas

h Fl

ow

Stat

emen

t is

reco

ncile

d to

the

rel

ated

item

s in

the

Sta

tem

ent o

f Fin

anci

al p

ositi

on a

s fo

llow

s:

2

013

2

012

$

$

c

ash

and

cash

eq

uiva

lent

s

8,

247,

113

9,

647,

631

$8

,247

,113

$9

,647

,631

40

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

19.

NO

TES

TO T

HE

CA

SH F

LOW

STA

TEM

ENT

con

t.

2

013

2

012

$

$

(b

) R

eco

nci

liat

ion

of

Surp

lus

for

the

Year

to

Net

Cas

h F

low

s Fr

om

Op

erat

ing

Act

ivit

ies

Su

rplu

s fo

r th

e ye

ar

(2

84)

67

2,82

4 a

dd/(

less

) no

n-ca

sh it

ems:

D

epre

ciat

ion

94

6,22

6

916,

822

94

5,94

2 1,

589,

646

M

ovem

ent i

n w

orki

ng c

apita

l:

(i

ncre

ase)

Dec

reas

e in

tra

de a

nd o

ther

rec

eiva

bles

19,5

24

(129

,441

)

(inc

reas

e) D

ecre

ase

in in

vent

orie

s

18,2

32

(10,

999)

incr

ease

(D

ecre

ase)

in t

rade

and

oth

er p

ayab

les

(956

,128

) 11

0,42

0

27

,570

1,

559,

626

le

ss it

ems

recl

assi

fied

as in

vest

ing

or fi

nanc

ing

activ

ities

Fi

xed

ass

et p

urch

ase

in a

ccou

nts

paya

ble

(82,

375)

-

($

54,8

05)

$1,5

59,6

26

20. F

INA

NC

IAL

INST

Ru

MEN

TS

(a

)

Cap

ital

Ris

k M

anag

emen

t

th

e o

tag

o M

useu

m t

rust

Boa

rd a

ct 1

996

(the

act

) re

qui

res

the

Mus

eum

to m

anag

e an

d ac

coun

t for

its

reve

nue,

exp

ense

s, a

sset

s, li

abili

ties,

inve

stm

ents

and

fina

ncia

l dea

lings

gen

eral

ly a

nd in

acc

orda

nce

with

th

e re

leva

nt fi

nanc

ial m

anag

emen

t prin

cip

les

of t

he l

ocal

gov

ernm

ent a

ct 2

002

and

gen

eral

ly a

ccep

ted

acc

ount

ing

prac

tice.

Mus

eum

cap

ital i

s la

rgel

y m

anag

ed a

s a

by p

rodu

ct o

f man

agin

g re

venu

es,

exp

ense

s, a

sset

s, li

abili

ties,

inve

stm

ents

and

gen

eral

fina

ncia

l dea

lings

.

th

e M

useu

m h

as t

he fo

llow

ing

rese

rves

:

•

RestrictedReserves(TrustFun

ds);and

•

MuseumReserves(SpecialFun

ds).

in

tere

st a

nd r

ealis

ed g

ains

or

loss

es o

n th

e sa

le o

f sha

res

are

reco

gnis

ed t

hrou

gh t

he S

tate

men

t of

Fina

ncia

l per

form

ance

. th

ey a

ccor

ding

ly fo

rm p

art o

f the

sur

plu

s or

def

icit

tran

sfer

red

to M

useu

m

cap

ital.

inve

stm

ent i

ncom

e is

the

n al

loca

ted

to t

he r

eser

ves

on a

pro

-rat

a ba

sis.

Sub

seq

uent

use

of

thes

e fu

nds

may

be

rest

ricte

d by

tru

st D

eed

or e

stab

lishe

d p

olic

y.

th

e M

useu

m’s

ove

rall

stra

tegy

rem

ains

unc

hang

ed fr

om 2

010.

(b

) Si

gn

ific

ant

Acc

ou

nti

ng

Po

lici

es

D

etai

ls o

f the

sig

nific

ant a

ccou

ntin

g p

olic

ies

and

met

hods

ado

pte

d, in

clud

ing

the

crite

ria fo

r re

cogn

ition

, an

d th

e ba

sis

of m

easu

rem

ent a

pp

lied

in r

esp

ect o

f eac

h cl

ass

of fi

nanc

ial a

sset

, fin

anci

al li

abili

ty a

nd

equi

ty in

stru

men

t are

dis

clos

ed in

Not

e 1

to t

he fi

nanc

ial s

tate

men

ts.

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13 (c

) C

ateg

ori

es o

f Fi

nan

cial

In

stru

men

ts

2

013

2

012

$

$

Fi

nan

cial

Ass

ets

c

ash

and

cash

eq

uiva

lent

s

8,

247,

113

9,

647,

631

tr

ade

and

othe

r re

ceiv

able

s

30

4,55

9

310,

093

o

ther

fina

ncia

l ass

ets:

•

Loansandreceivables

-

-

•Available-for-salefinancialassets

5,00

8,93

4

4,881,03

9

Fi

nan

cial

Lia

bil

itie

s

tr

ade

and

othe

r p

ayab

les

412,

532

78

8,04

8

(d

) F

inan

cial

Ris

k M

anag

emen

t O

bje

ctiv

es

th

e M

useu

m h

as a

ser

ies

of p

olic

ies

to m

anag

e th

e ris

ks a

ssoc

iate

d w

ith fi

nanc

ial i

nstr

umen

ts.

the

Mus

eum

is r

isk

adve

rse

and

seek

s to

min

imis

e ex

pos

ure

from

its

trea

sury

act

iviti

es. t

he M

useu

m

has

esta

blis

hed

Mus

eum

ap

pro

ved

Fina

ncia

l Man

agem

ent a

nd in

vest

men

t pol

icie

s. t

hese

pro

vide

a

fram

ewor

k fo

r th

e m

anag

emen

t of f

inan

cial

res

ourc

es in

an

effic

ient

and

eff

ectiv

e w

ay.

th

e M

useu

m d

oes

not e

nter

into

or

trad

e fin

anci

al in

stru

men

ts, i

nclu

ding

der

ivat

ive

finan

cial

in

stru

men

ts, f

or s

pec

ulat

ive

pur

pos

es.

(e

)

Mar

ket

Ris

k

In

tere

st R

ate

Ris

k

th

e M

useu

m is

exp

osed

to in

tere

st r

ate

risk

as it

inve

sts

cash

in s

hort

term

dep

osits

at f

ixed

inte

rest

rat

es.

Fa

ir va

lue

inte

rest

rat

e ris

k is

the

ris

k th

at t

he v

alue

of a

fina

ncia

l ins

trum

ent w

ill fl

uctu

ate

due

to c

hang

es

in m

arke

t int

eres

t rat

es.

inve

stm

ents

at f

ixed

inte

rest

rat

es e

xpos

e th

e M

useu

m to

fair

valu

e in

tere

st r

ate

risk.

(f

)

Cre

dit

Ris

k

c

redi

t ris

k re

fers

to t

he r

isk

that

a c

ount

erp

arty

will

def

ault

on it

s co

ntra

ctua

l obl

igat

ions

res

ultin

g in

fin

anci

al lo

ss to

the

Mus

eum

.

th

e M

useu

m h

as n

o si

gnifi

cant

con

cent

ratio

ns o

f cre

dit r

isk

aris

ing

from

trad

e re

ceiv

able

s.

th

e ca

rryi

ng a

mou

nt o

f fin

anci

al a

sset

s re

cord

ed in

the

fina

ncia

l sta

tem

ents

, net

of a

ny a

llow

ance

for

loss

es,

rep

rese

nts

the

Mus

eum

’s m

axim

um e

xpos

ure

to c

redi

t ris

k w

ithou

t tak

ing

acco

unt o

f the

val

ue o

f an

y co

llate

ral o

btai

ned.

(g

) L

iqu

idit

y R

isk

Man

agem

ent

li

qui

dity

ris

k is

the

ris

k th

at t

he M

useu

m w

ill e

ncou

nter

diff

icul

ty in

rai

sing

liq

uid

fund

s to

mee

t co

mm

itmen

ts a

s th

ey fa

ll du

e. p

rude

nt li

qui

dity

ris

k m

anag

emen

t im

plie

s m

aint

aini

ng s

uffic

ient

cas

h.

th

e M

useu

m m

anag

es li

qui

dity

ris

k by

mai

ntai

ning

ade

qua

te fu

nds

on d

epos

it, r

eser

ves,

ban

king

fa

cilit

ies

by c

ontin

uous

ly m

onito

ring

fore

cast

and

act

ual c

ash

flow

s an

d m

atch

ing

the

mat

urity

pro

files

of

finan

cial

ass

ets

and

liabi

litie

s.

41

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

1320

(h

). F

INA

NC

IAL

INST

Ru

MEN

TS

con

t.

Mat

uri

ty P

rofi

le o

f Fi

nan

cial

In

stru

men

ts

the

follo

win

g ta

bles

det

ail t

he M

useu

m's

exp

osur

e to

inte

rest

rat

e ris

k on

fina

ncia

l ins

trum

ents

:

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

1320

F

INA

NC

IAL

INST

Ru

MEN

TS

con

t.

(

j) S

ensi

tivi

ty A

nal

ysis

th

e ta

bles

bel

ow il

lust

rate

the

pot

entia

l eff

ect o

n th

e su

rplu

s or

def

icit

and

equi

ty (

excl

udin

g ac

cum

ulat

ed

fund

s )

for

reas

onab

ly p

ossi

ble

mar

ket m

ovem

ents

, with

all

othe

r va

riabl

es h

eld

cons

tant

, bas

ed o

n th

e M

useu

m’s

fina

ncia

l ins

trum

ents

exp

osur

es a

t bal

ance

dat

e.

2013

Weig

hted

aver

age

effe

ctive

intere

st ra

te%

varia

ble

inte

rest

rate $

less

th

an 1

ye

ar $

1-2

Year

s$

2-3

Year

s$

3-4

Year

s$

4-5

Year

s$

5+ Year

s$

Non

inte

rest

Bear

ing

$

tota

l

$

Fina

ncia

l ass

ets:

cash

and

cash

equ

ivale

nts

4.01

8,24

7,113

-8,

247,1

13tr

ade

and

othe

r rec

eivab

les

304,

559

304,

559

oth

er fi

nanc

ial a

sset

s -

-- c

urre

nt- S

hort

term

dep

osits

1.82

329,

648

-32

9,64

8- N

on cu

rrent

-- e

quity

secu

rities

- NZ

819,

024

819,

024

- equ

ity se

curit

ies -

aust

1,50

8,44

71,

508,

447

- equ

ity se

curit

ies -

UK64

6,00

764

6,00

7- e

quity

secu

rities

- US

a53

8,04

953

8,04

9- F

ixed

rate

bon

ds6.

9220

6,78

535

3,88

417

3,278

28,7

0975

,073

330,

030

-1,1

67,7

59

Fina

ncia

l lia

bilit

ies:

trad

e an

d ot

her p

ayab

les

$412

,532

$412

,532

2012

Weig

hted

aver

age

effe

ctive

intere

st ra

te%

varia

ble

inte

rest

rate $

less

th

an 1

ye

ar $

1-2

Year

s$

2-3

Year

s$

3-4

Year

s$

4-5

Year

s$

5+ Year

s$

Non

inte

rest

Bear

ing

$

tota

l

$

Fina

ncia

l ass

ets:

cash

and

cash

equ

ivale

nts

4.33

9,64

7,631

-9,

647,6

31tr

ade

and

othe

r rec

eivab

les

310,

093

310,

093

oth

er fi

nanc

ial a

sset

s -

- cur

rent

- Sho

rt te

rm d

epos

its4.

3534

6,16

1-

346,

161

- Non

curre

nt-

-- e

quity

secu

rities

- NZ

649,

119

649,

119

- equ

ity se

curit

ies -

aust

1,76

3,28

11,

763,

281

- equ

ity se

curit

ies -

UK49

5,18

249

5,18

2- e

quity

secu

rities

- US

a34

9,87

034

9,87

0- F

ixed

rate

bon

ds7.5

325

8,70

521

2,04

036

2,045

175,

360

26,76

024

2,51

6-

1,27

7,426

Fina

ncia

l lia

bilit

ies:

trad

e an

d ot

her p

ayab

les

$778

,048

$778

,048

Fixe

d M

atur

ity D

ates

(i

) F

air

val

ue

of

Fin

anci

al I

nst

rum

ents

th

e fa

ir va

lues

of f

inan

cial

ass

ets

and

finan

cial

liab

ilitie

s ar

e de

term

ined

as

follo

ws:

•

thefairvalueoffinancialassetsandfin

ancialliabilitieswith

stand

ardterm

sandcond

ition

sand

trad

ed o

n ac

tive

liqui

d m

arke

ts a

re d

eter

min

ed w

ith r

efer

ence

to q

uote

d m

arke

t pric

es.

th

e M

useu

m c

onsi

ders

tha

t the

car

ryin

g am

ount

of f

inan

cial

ass

ets

and

finan

cial

liab

ilitie

s re

cord

ed a

t am

ortis

ed c

ost i

n th

e fin

anci

al s

tate

men

ts a

pp

roxi

mat

es t

heir

fair

valu

es.

2

013

20

13

-0.0

5%

+0

.05

%-0

.05

%+

0.0

5%

Inte

rest

Rat

e R

isk

Surp

lus

Surp

lus

Surp

lus

Surp

lus

Fin

anci

al A

sset

s

cas

h &

cas

h eq

uiva

lent

s(1

,970

)1,

970

(1,9

64)

1,96

4

Fixe

d te

rm &

oth

er

inte

rest

Bea

ring

(545

)54

5(5

89)

589

Tota

l Sen

sitiv

ity(2

,515

)2,

515

(2,5

53)

2,55

3

Fore

ign

Exc

han

ge

Ris

k-5

%+

5%

-5%

+5

%

Fin

anci

al A

sset

sSu

rplu

sSu

rplu

sSu

rplu

sSu

rplu

s

list

ed S

hare

s(4

,491

)4,

963

(4,6

51)

5,13

8

Tota

l Sen

sitiv

ity(4

,491

)4,

963

(4,6

51)

5,13

8

(k

) C

red

it Q

ual

ity

of

Fin

anci

al I

nst

rum

ents

th

e cr

edit

qua

lity

of fi

nanc

ial a

sset

s th

at a

re n

eith

er p

ast d

ue n

or im

pai

red

can

be a

sses

sed

by r

efer

ence

to

Sta

ndar

d &

poo

r’s

cred

it ra

tings

(if

avai

labl

e) o

r to

his

toric

al in

form

atio

n ab

out c

ount

erp

arty

def

ault

rate

s.

20

13

20

12

$

$

C

ou

nte

rpar

ties

wit

h C

red

it R

atin

gs

c

ash

at B

ank

& c

ash

equi

vale

nts

a

a-

8,23

7,32

4 9,

634,

986

to

tal c

ash

st B

ank

& c

ash

equi

vale

nts

8,23

7,32

4 9,

634,

986

Fi

xed

term

inte

rest

& o

ther

inte

rest

Bea

ring

a

a-

393,

403

657,

866

a

+

10

6,94

6 10

8,85

5

a

87,8

32

74,4

00

BBB+

31

8,61

0 24

8,39

5

BBB

104,

571

107,

150

BB

+

75

,188

-

to

tal F

ixed

ter

m in

tere

st &

oth

er in

tere

st B

earin

g

1,

086,

550

1,19

6,66

6

42

FIx

ED A

SSET

S A

ND

Ex

HIB

ITS

AC

Qu

IRED

Du

RIN

G T

HE

YEA

RA

cco

un

t

Cap

ital

Acc

ou

nt

Lo

cal B

od

y Le

vies

ExEC

uTI

vE

OFF

ICE

equi

pm

ent &

Fur

nitu

re

14

,139

CO

LLEC

TIO

NS

& R

ESEA

RC

Heq

uip

men

t & F

urni

ture

-

FIN

AN

CE,

ASS

ETS

& C

OM

MER

CIA

Leq

uip

men

t & F

urni

ture

-

ExP

ERIE

NC

E &

DEv

ELO

PM

ENT

equi

pm

ent &

Fur

nitu

re

26

,832

vIS

ITO

R I

NTE

RA

CTI

ON

& P

RO

GR

AM

MES

equi

pm

ent &

Fur

nitu

re

2,

349

ASS

ETS

& T

ECH

NO

LOG

Yeq

uip

men

t & F

urni

ture

49,9

32

STA

TEM

ENT

OF

FIN

AN

CIA

L P

ERFO

RM

AN

CE

equi

pm

ent &

Fur

nitu

re

33

,766

Mu

SEu

M R

ESER

vES

proj

ect a

nd D

evel

opm

ent F

und

1,53

2,30

7

FAIR

WEA

THER

CO

LLEC

TIO

NS

TRu

ST F

uN

Dc

eram

ics

6,71

5te

xtile

s 2,

180

Nat

ural

his

tory

49

,027

TOTA

L A

CQ

uIS

ITIO

NS

FOR

YEA

R

$1

,59

0,2

29

$

127,

018

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

Su

PP

LEM

ENTA

RY

IN

FOR

MA

TIO

NFO

R T

HE

YEA

R E

ND

ED 3

0 J

uN

E, 2

013

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

NO

TES

TO T

HE

FIN

AN

CIA

L ST

ATE

MEN

TS

(CO

NT.

) FO

R T

HE

FIN

AN

CIA

L Y

EAR

EN

DED

30

Ju

NE,

20

13

(k

) C

red

it Q

ual

ity

of

Fin

anci

al I

nst

rum

ents

co

nt.

2

013

2

012

$

$

Co

un

terp

arti

es w

ith

ou

t C

red

it R

atin

gs

c

ash

at B

ank

& c

ash

equi

vale

nts

ex

istin

g co

unte

rpar

ty w

ith n

o de

faul

ts in

the

pas

t

9,

789

12,6

45

tota

l cas

h st

Ban

k &

cas

h eq

uiva

lent

s

9,

789

12,6

45

Fi

xed

term

inte

rest

& o

ther

inte

rest

Bea

ring

ex

istin

g co

unte

rpar

ty w

ith n

o de

faul

ts in

the

pas

t

41

0,85

7 42

6,92

1

tota

l Fix

ed t

erm

inte

rest

& o

ther

inte

rest

Bea

ring

410,

857

426,

921

eq

uity

inve

stm

ent

ex

istin

g co

unte

rpar

ty w

ith n

o de

faul

ts in

the

pas

t

3,

511,

527

3,25

7,45

2

tota

l eq

uity

inve

stm

ent

3,

511,

527

3,25

7,45

2

tr

ade

& o

ther

rec

eiva

bles

ex

istin

g co

unte

rpar

ty w

ith n

o de

faul

ts in

the

pas

t

30

4,55

9 31

0,09

3

tota

l tra

de &

oth

er r

ecei

vabl

es

30

4,55

9 31

0,09

3

21.

AN

Nu

AL

REP

OR

T

th

e o

tag

o M

useu

m t

rust

Boa

rd a

ct (

1996

) re

qui

res

adop

tion

of t

he a

udite

d a

nnua

l rep

ort b

y 30

N

ovem

ber.

43

OTA

GO

Mu

SEu

M T

Ru

ST B

OA

RD

Su

PP

LEM

ENTA

RY

IN

FOR

MA

TIO

NFO

R T

HE

YEA

R E

ND

ED 3

0 J

uN

E, 2

013

CO

MP

AR

ISO

N O

F O

PER

ATI

ON

AL

INC

OM

E A

ND

Ex

PEN

DIT

uR

E TO

TH

E A

NN

uA

L P

LAN

C

OR

E O

PER

ATI

NG

B

uSI

NES

S u

NIT

S SP

ECIA

L &

TR

uST

Fu

ND

S

TOTA

L

A

ctu

al

B

ud

get

A

ctu

al

B

ud

get

A

ctu

al

B

ud

get

A

ctu

al

B

ud

get

Inco

me

exec

utiv

e

694,

034

69

3,82

9 -

-

-

- 69

4,03

4

693,

829

col

lect

ions

& r

esea

rch

758,

165

76

4,34

2 -

-

-

- 75

8,16

5

764,

342

exp

erie

nce

& D

evel

opm

ent

1,00

4,78

3

975,

116

-

- -

-

1,00

4,78

3

975,

116

Fina

nce

& c

omm

erci

al

(26,

621)

(21,

200)

1,

733,

921

1,

314,

268

-

- 1,

707,

300

1,

293,

068

ass

ets

& t

echn

olog

y 61

2,79

0

611,

940

-

- -

-

612,

790

61

1,94

0

vis

itor

inte

ract

ion

& p

rogr

amm

es

661,

423

71

5,32

0 43

1,25

3

450,

000

-

- 1,

092,

676

1,

165,

320

Spec

ial &

tru

st F

unds

-

-

-

- 81

3,24

2

1,23

0,95

0 81

3,24

2

1,23

0,95

0

cla

con

trib

utio

n &

oth

er in

com

e 76

6,23

4

788,

931

-

- -

-

766,

234

78

8,93

1

Tota

l In

com

e 4

,47

0,8

08

4,5

28

,278

2

,16

5,1

74

1,

764

,26

8

813

,24

2

1,

23

0,9

50

7,

44

9,2

24

7,

52

3,4

96

Wag

es &

Sal

arie

s

exec

utiv

e (1

55,5

53)

(3

25,6

75)

-

- -

-

(155

,553

)

(325

,675

)

col

lect

ions

& r

esea

rch

(466

,985

)

(663

,120

) -

-

-

- (4

66,9

85)

(6

63,1

20)

exp

erie

nce

& D

evel

opm

ent

(667

,353

)

(522

,458

) -

-

-

- (6

67,3

53)

(5

22,4

58)

Fina

nce

& c

omm

erci

al

(210

,618

)

(270

,259

) (5

01,9

92)

(4

30,4

85)

-

- (7

12,6

10)

(7

00,7

44)

ass

ets

& t

echn

olog

y (3

45,8

63)

(2

84,1

65)

-

- -

-

(345

,863

)

(284

,165

)

vis

itor

inte

ract

ion

& p

rogr

amm

es

(858

,673

)

(793

,271

) (4

6,81

3)

(4

6,26

7)

-

- (9

05,4

86)

(8

39,5

38)

Spec

ial &

tru

st F

unds

-

-

-

- (3

6,76

2)

-

(36,

762)

-

Tota

l Wa

ges

& S

ala

ries

(2

,70

5,0

45

)

(2,8

58

,94

8)

(54

8,8

05

)

(476

,75

2)

(36

,76

2)

-

(3,2

90

,612

)

(3,3

35

,70

0)

Dir

ect

Co

sts

exec

utiv

e (5

32,6

68)

(3

02,5

10)

-

- -

-

(532

,668

)

(302

,510

)

col

lect

ions

& r

esea

rch

(60,

811)

(101

,227

) -

-

-

- (6

0,81

1)

(1

01,2

27)

exp

erie

nce

& D

evel

opm

ent

(391

,140

)

(366

,952

) -

-

-

- (3

91,1

40)

(3

66,9

52)

Fina

nce

& c

omm

erci

al

(12,

247)

(27,

318)

(8

10,8

30)

(6

78,5

58)

-

- (8

23,0

77)

(7

05,8

76)

ass

ets

& t

echn

olog

y (2

68,1

79)

(3

27,7

73)

-

- -

-

(268

,179

)

(327

,773

)

vis

itor

inte

ract

ion

& p

rogr

amm

es

(98,

402)

(149

,038

) (1

43,9

97)

(1

76,7

42)

-

- (2

42,3

99)

(3

25,7

80)

Spec

ial &

tru

st F

unds

-

-

-

- (5

9,21

3)

(5

13,1

77)

(59,

213)

(513

,177

)

Tota

l Dir

ect

Cost

s (1

,36

3,4

47)

(1

,274

,818

) (9

54,8

27)

(8

55

,30

0)

(59

,213

)

(513

,177

) (2

,377

,487

)

(2,6

43

,29

5)

Dep

reci

atio

n (9

46,2

26)

(1

,379

,500

) -

-

-

- (9

46,2

26)

(1

,379

,500

)

indi

rect

cos

ts

(835

,182

)

(873

,298

) -

-

-

- (8

35,1

82)

(8

73,2

98)

Net

Con

trib

uti

on

(1,3

79

,09

2)

(1

,85

8,2

86

) 6

61,5

42

43

2,2

16

717,

267

717,

773

(2

83

)

(70

8,2

97)

46

NOTES

47

NOTES

48

NOTES

TABLE OF CONTENTS · 1 TABLE OF CONTENTS Strategic approach chairperSoN’S ForeWorD 2 Director’S...

Documents

Transcript of TABLE OF CONTENTS · 1 TABLE OF CONTENTS Strategic approach chairperSoN’S ForeWorD 2 Director’S...