Exhibitions by the Numbers
Statement of Operations
Year ended March 31
(reported in thousands of dollars)
| 2023 ($) | 2022 ($) | |
|---|---|---|
| Revenue | ||
| Government grants | 22,553 | 22,551 |
| Admissions, program income | 4,079 | 6,632 |
| Donations and bequests, membership fees | 17,725 | 19,611 |
| Gallery Shop/Food & Beverage | 12,468 | 15,914 |
| Art Gallery of Ontario Foundation support | 5,445 | 3,954 |
| Amortization of deferred capital contributions | 9,750 | 9,699 |
| Miscellaneous revenue | 2,899 | 2,075 |
| Total Revenue | 74,919 | 80,436 |
| Expenses | ||
| Administration | 6,547 | 10,547 |
| Physical plant and security | 10,741 | 10,027 |
| Marketing and promotion | 7,017 | 7,014 |
| Programming | 19,055 | 18,792 |
| Membership and fundraising | 6,167 | 5,268 |
| Gallery Shop/Food & Beverage | 13,090 | 14,710 |
| Amortization of capital assets | 10,269 | 10,195 |
| Purchases of works of art | 4,031 | 3,855 |
| Total Expenses | 76,917 | 80,408 |
| Excess of revenue over expenses for the year | (1,998) | 28 |
| Remeasurement related to pension plan | (5,331) | (1,051) |
| Net surplus, beginning of year | 1,732 | 2,755 |
| Net surplus (deficit), end of year | (5,597) | 1,732 |
Notes
1. The above statement of operations provides a summary of the AMG’s financial activity for 2021/2022 and 2022/2023. Financial statements for the 2022/2023 fiscal year (April 1, 2022 to March 31, 2023), audited by Ernst & Young LLP are available upon request from the aftermodern.gallery (Director’s Office Tel: 416 979 6613).
2. In the 2019/2020 fiscal year, the AM.G received gifts of works of art with an approximate value of $13,544. This is not reflected in the financial data above, but is included in the AM.G’s 2022/2023 audited financial statements.
3. The AMG records capital asset purchases at cost and then amortizes its capital assets over the useful life of the asset. Donations and grants received for the purchase of capital assets are deferred and then amortized based on the useful life of the asset.
4. Remeasurement related to pension plan is the difference between actual and expected return on pension plan assets. Additional details can be found in the AM.G’s 2022/2023 audited financial statements.
Director Limitless
Balance Sheet
As of March 31
(reported in thousands of dollars)
| 2023 ($) | 2022 ($) | |
|---|---|---|
| Assets | ||
| Current assets | 16,694 | 20,366 |
| Accrued pension asset | 0 | 782 |
| Net capital assets | 224,256 | 227,684 |
| Total Assets | 240,950 | 248,832 |
| Liabilities | ||
| Current liabilities | 25,421 | 25,550 |
| Long-term debt | 7,715 | 5,467 |
| Accrued pension liability | 4,417 | 0 |
| Deferred capital contributions | 208,994 | 16,083 |
| Total Liabilities | 246,547 | 247,100 |
| Cumulative net surplus (deficit) | (5,597) | 1,732 |
| Total Liabilities and Net Surplus | 240,950 | 248,832 |
Notes
1. Works of Art are included in net capital assets at the nominal value of $1.