Annual Report 2021–2022, Museum and Art Gallery of the Northern Territory
Tabled Paper 809
Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT
2023-03-21
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
English
Tabled papers
Legislative Assembly of the Northern Territory
Darwin
application/pdf
Copyright
Legislative Assembly of the Northern Territory
https://www.legislation.gov.au/Details/C2019C00042
https://hdl.handle.net/10070/902391
https://hdl.handle.net/10070/902392
99 1. OBJECTIVES AND FUNDING The objectives of the Museum and Art Gallery of the Northern Territory (MAGNT) are to collect and preserve, research and interpret, facilitate scientific, artistic and cultural activity and communicate the stories of who and where we are. Our vision is We connect people to the stories of the Northern Territory. MAGNT was established on 1 July 2014 and as a statutory authority under the Museum and Art Gallery of the Northern Territory Act 2014, the Board of MAGNT is responsible for the management, operation and development of MAGNT. MAGNT is predominantly funded by and is dependent on the Northern Territory Government through the Department of Territory Families, Housing and Communities. The financial statements encompass all funds through which the MAGNT controls resources to carry on its functions and deliver outputs. 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES a) Statement of Compliance The financial statements have been prepared in accordance with the requirements of the Museum and Art Gallery of the Northern Territory Act 2014 and directions from the Treasurer. The financial statements of MAGNT include: 1) A Certification of the Financial Statements; 2) A Comprehensive Operating Statement; 3) A Balance Sheet; 4) A Statement of Changes in Equity; 5) A Cash Flow Statement; and 6) Applicable explanatory notes to the Financial Statements. b) Basis of Accounting The financial statements have been prepared using the accrual basis of accounting, which recognises the effect of financial transactions and events when they occur, rather than when cash is paid out or received. Except where stated, the financial statements have also been prepared in accordance with the historical cost convention. The form of MAGNTs financial statements is also consistent with the requirements of Australian Accounting Standards. The effects of all relevant new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are effective for the current annual reporting period have been evaluated. Standards and interpretations issued but not yet effective No Australian accounting standards have been early adopted for 2021-22. Several amending standards and AASB interpretations have been issued that apply to the current reporting periods, but are considered to have no impact on public sector reporting. c) Reporting entity MAGNT is a statutory authority established under the Museum and Art Gallery of the Northern Territory Act 2014. Its principal place of business is at 19 Conacher Street, Darwin. d) Comparative Where necessary, comparative information for the 20202021 financial year has been reclassified to provide consistency with current year disclosures.