Queensland Art Gallery Annual Report 1991-92

F I NANC I AL STATEMENT (A) STATEMENT OF ACCOUNT I NG POLICIES GALLERY SHOP (a) Basis of Accounts NOTES T O A N D FORMING PART OF The accounts have been prepared on an accrual basis in accordance with historical cost T HE ACCOUNTS convention and in conformity with the Australian Accounting Standards. The Queensland A r t Gallery Shops operations are subject to the control of the Board. The cash transactions of the Shop are recorded in the Trust Fund. (b) Stock Stock is valued at the lower of cost or net realisable value. (c) Non-current Assets Plant and Equipment is included in the accounts at cost less accumulated depreciation. (d) Depreciation Depreciation is provided on Plant and Equipment using the diminishing value method at rates based on the estimated useful life of the class of equipment. No depreciation has been allowed on Office Construction. (e) Employee Entitlements Provision has been made for annual leave. Sick pay is brought to account as incurred. Provision for long service leave has not been made as no employees will become eligible in the near future. (f) Investments Investments are all short term and are included at cost. (B) EXPLANATORY NOTES 1991 1992 $ $ No t e I - Cost of Goods Sold Opening Stock on Hand 101 831 148 494 Plus Purchases 272 575 448 311 374 406 596 805 Less Stock on Hand at30June 148494 244991 225 912 351 814 Note 2 - Advance from Queensland Art Gallery During 1988-89 an amount of $100 000 was advanced by the Queensland Art Gallery Board of Trustees to enable the Queensland A r t Gallery Shop to commence operations on a sound footing. This amount was reduced by $14 171 during 191 -1992 by way of internal transfer of funds from the Gallery Shop account which forms part of the Trust Fund. The balance of $85 829 may be required to be repaid at a future date. Note 3 - Plant and Equipment At Cost 538 17 130 Less Provision for Depreciation 158 460 $380 $16670 61