Queensland Art Gallery Annual Report 1991-92

F I NANC I AL STATEMENT NOTES TO A N D FORMING PART OF (A) SUMMARY OF SIGNIFICANT ACCOUNT I NG POLICIES THE ACCOUNTS (a) Basis of Accounts The accounts of the Queensland Art Gallery Board of Trustees have been prepared on a modified cash basis consistent with the basis applied in the previous financial year. (b) Non-current Assets The works of art are shown at assessed insurance value. Long-term loans of works of art to the Gallery have been excluded from this valuation. Plant and Equipment has been included at cost. Depreciation has not been charged against Plant and Equipment. For the purposes of this Statement of Financial Position, plant and equipment used by the Gallery Shop are included at cost. (c) Investments Investments are all short term and are included at cost. (d) Employee Entitlements With the exception of Gallery Shop employees' accrued annual leave, no provision has been made in the accounts of the Queensland Art Gallery Board of Trustees for its employees' accrued entitlement to long service leave, annual leave or sick leave. The costs are met as incurred. The estimated value of long service leave recorded in the Statement of Financial Position is for employees with ten years or more service. (B) EXPLANATORY NOTES No t e I - This amount includes $2 020 000 provided for property expenses. In 990-91 these expenses were borne by the Queensland Cultural Centre Trust. 1990-91 1991-92 S $ No t e 2 - Administration and Finance Program Catering and Functions 13 165 12 999 Computerisation - 61 968 Freight and Cartage 9 168 9 062 Insurance 38 525 47 897 Maintenance of Plant and Equipment 69 890 75 110 Membership Fees 7 516 8 494 Office Expenses 126 836 144 157 Office Redesign and Construction - I 800 Promotions 3 176 3 750 Purchase of Plant and Equipment 40 719 63 218 QId Cultural Centre Trust Charges (Note I) - 2 020 000 Security 2 588 3 393 Staff Recruitment 583 8 787 Staff Training and Development 27 053 35 481 Travel Expenses 44 106 62 640 Carried Forward 56