Opinion
17 March, 2026
Exclusive: Gallery Accounts Show $2 Million in the Bank Ahead of Funding Decision
From the desk of the editor. Our senior journalist Stuart Carless earlier today posed the question in his report : “To fund or not to fund, that is the question.”
From the desk of the editor.
Our senior journalist Stuart Carless earlier today posed the question in his report : “To fund or not to fund, that is the question.”
As an independent media outlet covering communities across Southern NSW, we have taken a close look at the numbers.
What The Southern Wire can exclusively reveal is that the art gallery in East Bowral known as Ngununggula has more than $2 million in the bank and is operating at an equity profit.
Ngununggula, is legally known as Southern Highlands Gallery at Retford Park Ltd and was opened in October 2021 by legendary Australian Artist and local resident Ben Quilty.
There is no argument that Ngununggula has been a welcome addition to the Southern Highlands. Questions however have long been raised about its location, its limited access to public transport, and its ongoing council funding.
When the gallery was established, Wingecarribee Shire Council agreed to provide $500,000 per year for a limited period to help it get off the ground. That funding was always intended to be temporary. In business terms it was seed capital — with the anticipated return being tourism and cultural benefit rather than financial profit.
Nearly five years later, councillors will be asked this Wednesday to decide whether the gallery should receive further funding for another five-year period from 2028 to 2033, ie another $2,500,000, in addition to the $500,000 this year and next year.
Council staff, led by general manager Lisa Miscamble, are recommending councillors endorse that further $2.5 million in funding.
If councillors approve that recommendation, the gallery will have received more than $6 million of ratepayer funds — despite the facility not being owned by council and not operating on public land.
What The Southern Wire can also reveal is that the gallery’s own financial statements suggest it is in a strong financial position.
The Southern Wire has obtained financial documents lodged with the regulator showing the gallery recorded in their Statement of Changes in Equity a cash profit of $764,523 for the year ending 30 June 2025, up from $600,942 the previous year.
The report also shows that the gallery held ‘cash at bank’ of $1,198,178 at the end of the 2025 financial year, compared with $1,451,985 the previous year.
In addition, the financial statements note a further $1 million held in term deposits under the category of financial assets — bringing total available cash to approximately $2.2 million.
Importantly, this financial report — completed on 30 January this year — does not appear in the council agenda papers released for Wednesday’s Wingecarribee Shire Council meeting.
Why not?
Even with council’s annual contribution of $500,000 removed, the gallery would still have recorded an equity surplus of more than $200,000 in the most recent financial year.
Many small businesses across the Southern Highlands will shake their head at such figures.
The Southern Wire is a strong supporter of arts and culture. We regularly feature an Artist of the Week and frequently promote local artists and creative events across the region. We want the gallery to not only survive but to thrive.
But, when a publicly funded institution holds more than $2 million in cash reserves, and seeks $500,000 each year from council, the community deserves to know.
Ultimately, this decision now sits with the mayor and councillors.
We will be watching closely, our journalists will report on the outcome.
------
All figures quoted in this editors note come from the 'Financial Report 2025' lodged 30 January 2026 with the regulator.
Read More: Bowral, Southern Highlands