Queensland Art Gallery Annual Report 1991-92

F I NANC I AL STATEMENT Note 4 - Provision for Annual Leave MOVEMENT IN PROVISION Balance at I July 3 074 7 564 Add Charge against Profit and Loss Account 5 810 6 490 8 884 14 054 Less Amount Paid I 320 I 880 Balance at 30 June $7564 $2 174 Note 5 - Reconciliation of Net Cash Provided by Operating Activities to Operating Profit Operating Profit 79 573 Depreciation 302 Change in assets and liabilities Increase in trade debtors (10 461) Increase in trade creditors 50 867 Increase in inventories (96 497) Decrease in provision for annual leave (5 390) Net cash provided by operating activities $18 394 Note 6 - Reconciliation of Cash For the purposes of the statement of cash flows, cash includes, cash on hand and in the bank and investments in money market instruments. Note 7 - Contingent Liabilities There were no known contingent liabilities of a significant nature at 30 June 1992. Note 8 - Resources Provided Free of Charge to the Gallery Shop The land and building within which the shop is located is owned by the Queensland Cultural Centre Trust (the Trust). As the Trust does not charge the Board of Trustees rent on the premises occupied by it and the Board of Trustees meets property expenses in relation thereto, no such costs can be apportioned to the Shop operation. Plant and Equipment owned by the Board prior to commencement of the shop operations have not been included in the accounts. In addition to the above, miscellaneous expenses of the Board have not been apportioned to the accounts of the shop operation. The value of this service has not been estimated. 62