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This information is relevant to organisations funded through the Arts Organisations Investment Program (AOIP) and includes financial item definitions for balance sheet reporting.
The Balance Sheet represents the Statement of Financial Position at the end of the funding year (the reporting period). The balance sheet is an important snapshot of your organisation as it lists all of your assets and liabilities and works out your net assets at a particular point in time.
At the application stage, organisations are required to complete a projection of assets and liabilities for the end of the first year of funding.
At the contracting stage you will be required to complete online reporting of assets, liabilities and equity for each year of the funding agreement.
It is important that you refer to the financial definitions as you enter your figures for assets, liabilities and equity. Hover your mouse over the help icon next to each category.
A full list of the balance sheet financial definitions is also provided below.
The balance sheet items have been closely aligned to those of the Australia Council for the Arts.
if you require further advice or assistance with the Balance Sheet items contact culture and the arts grants officers.
Use the Notes next to each item to add explanations or additional information where relevant. It is recommended that you add a date each time you update or add comments to a note so that it's clear which reporting period the comments relate to.
The Notes field has a limit of 1000 characters including spaces. If you copy and paste information into the Notes field, ensure you clear all formatting first and ensure you do not paste more than 1000 characters.
As you enter your projected assets and liabilities, the Net Assets total (calculated from total assets minus total liabilities) will update in the calculation field at the top of the page. Totals will also be automatically calculated and displayed against Assets, Liabilities, Equity, and each of their related categories.
EquityThe Equity total must equal the Net Assets total, as required by the Australian Accounting Standards for financial statement reporting (that is, assets minus liabilities equals equity). The Net Assets total is an automatically calculated field that provides a check for you in completing your financial position for the the reporting period.
Save Your DataEnsure the details you enter are saved by using the Save buttons on the page. Do not use the main browser ‘back’ or ‘forward’ buttons to move between pages. It is recommended that you save the details entered every 10 to 15 minutes to ensure your data is not lost through system timeout or internet connection issues.
Technical SupportContact Online Grant Support if you require further assistance.
1. Current Assets
1.01 Cash and Cash Equivalents:Includes cheque and bank accounts including bank overdraft, electronic payments clearing, deposited funds, petty cash, cash floats, term deposits and short-term investments that are expected to be converted to cash in the next 12 months.Cheque and bank account(s) including bank overdraft, electronic payments clearing, deposited funds, petty cash, cash floats, term deposits and short-term investments that are expected to be converted to cash in the next 12 months.
1.02 Receivables and PrepaymentsAlso known as trade debtors. The account shows the gross accounts receivable still owing by debtors to the organisation at the end of the financial period which are expected to be collected in the next 12 months. Also includes Doubtful Debts, Deposits with Suppliers, Security Bonds Paid, Agency Sales Held in Trust, Accrued Income and Other Deposits.
1.03 Other Current Assets:Other current assets not specifically included in previous rows. May include some prepayments, deposits and bonds.
2. Non-Current Assets
2.01 Long Term Investments:Financial assets that are available-for-sale or trading that are not expected to be converted to cash in the next 12 months such as investment trusts, managed funds, securities, shares in companies.
2.02 Property, Plant and Equipment (net):Includes land and buildings, leasehold improvements, movable plant and equipment, IT and office equipment, libraries and educational resources, musical instruments, art collections, costumes, scenery sets and production properties, furniture and fixtures and motor vehicles, LESS accumulated depreciation for each asset class.
2.03 Other Non-Current Assets:Other non-current assets not specifically included in previous items which may include biological assets and long-term assets to be sold but not in the next 12 months.
1. Current Liabilities
1.01 Current Trade Creditors and Other Payables:Other creditors payable within 12 months.
1.02 Current Employee Benefits:Employee benefits that may be payable within the next 12 months including Provision for Annual Leave, Provision for Long Service Leave, Provision for Personal or Carer's leave, and Salary Sacrifice.
1.03 Current Income in Advance (including Grants in Advance):Any revenue or income that relates to future reporting periods such as earned income received in advance, membership fees in advance, subscriptions in advance, sponsorship received in advance, box office income in advance, grants received in advance and unexpended grants.
1.04 Other Current Liabilities:Other current liabilities not specifically included in other items and payable within 12 months. This also includes funds held in trust for a third party either paid by the government or another party to be passed onto a different recipient than the organisation. Including DGR trust funds, Auspice Grants and Income, Unexpended Auspice Grants, Deposits Collected.
2. Non-Current Liabilities
2.01 Non-Current Employee Benefits:Refers to all employee-related long-term provisions, for example long service leave that has been accumulated by employees and is not expected to be paid within the next 12 months.
2.02 Other Non-Current Liabilities:Any other liabilities that are not expected to be actioned in the next 12 months and that are not specifically listed in other items.
1. Equity
1.01 Contributed Equity:Includes any contributions made by members to establish the organisation. No ongoing member fees should be included - they are treated as revenue.
1.02 Retained Earnings:Total Equity Previous Year + Net Surplus or Deficit Current Year - (Restricted Reserves + Asset Revaluation Reserve + Contributed Equity + General Reserves).
1.03 Asset Revaluation or Asset Impairment Reserve:The asset revaluation reserve is used to revalue certain non-current assets, such as land and buildings. The amounts in the reserve are generally the difference between the asset's cost and its market (or current) value.
1.04 General Reserves (Unrestricted):Other reserves which have been accumulated but are not restricted or designated for a specific purpose.
1.05 Restricted / Designated Reserves:Restricted or designated reserves is essentially any amount of money specifically set aside by the organisation for future purposes such as the capital profits reserve, building maintenance reserve, endowment/bequests reserve, instruments reserve, sinking fund, IT reserve, reserves incentive scheme etc. Also, the organisation may have a Capital Grant Reserve for grants received by the organisation for capital purchase and subsequently adjusted for yearly depreciation.
