Queensland Art Gallery Annual Report 1993-94

F INANC IAL STATEMENTS NO T E 1 S U MM A R Y O F SIGNIFICANT ACCOUNT I NG POLICIES ( a ) B a s i s o f Accounts The accounts have been prepared on an accrual basis in accordance with historical cost convention and in conformity with the Australian Accounting Standards. (b) N o n - C u r r e n t Assets Non-current assets have been valued at historical cost. Plant and equipment items costing less than $200.00 are expensed in the year of acquisition. (c) Depreciation Q U E E N S L A N D A R T G A L L E R Y Depreciation is charged on plant and equipment using the straight line method at rates based on the estimated useful life of the assets. B O A R D O F T R U S T E E S (d) Inventories Inventories represent stock on hand for sale through the Gallery Shop operations NOTES T O A N D and are valued at cost. ( e ) A r t Works FORMING PART The Art Gallery's Collection of art works is not presently valued and thus not OF THE ACCOUNTS disclosed in the balance sheet. Acquisitions are expensed in the year in which they are incurred. However insurance cover amounting to $ 9 6 , 0 6 4 , 5 8 0 is held in FOR Y E A R ENDED respect of the collection. Long-term loans of works of art to the Gallery have been 3 0 J UNE 1 9 9 4 excluded from this valuation. ( f ) P r o v i s i o n f o r E m p l o y e e Entitlements Provision has been made to cover accrued annual leave, and accrued long-service leave liability in relation to employees with ten (10) or more years of service. Sick leave is paid as incurred. (g) L e a s i n g Arrangements The Board of Trustees has a signed lease agreement with the Queensland Cultural Centre Trust for the main Art Gallery building located in the Queensland Cultural Centre Complex. The Trust does not charge rent on the premises occupied by the Art Gallery. The provision of the building and items of fitout, including plant and equipment, forms part of this agreement. The Board of Trustees has a signed lease agreement with the Queensland Museum for two floors of a building located at 75 Grey Street, South Brisbane. The Queensland Museum charges rent on these premises. ( h ) S e r v i c e s P r o v i d e d b y t h e Q u e e n s l a n d C u l t u r a l C e n t r e Trust The Queensland Cultural Centre Trust provides a number of services to the Queensland Art Gallery at the Queensland Cultural Centre. These services included building maintenance and repairs, electricity, cleaning, security, airconditioning and telephone rental. The cost of these services to the Queensland Art Gallery for the 1993/94 year was $2,076,000. The Queensland Cultural Centre Trust has transferred to the Queensland Art Gallery, at no cost, ownership of moveable plant and equipment, fixtures and fittings supplied in the fitout of the Queensland Art Gallery Cafeteria. The total value attributed to the agreed non-current assets was $40,497. The total value of the items taken up in the accounts as plant and equipment on hand was $21,220. The remaining $19,277 of non-current assets have been treated as fully depreciated at the date of transfer and have not been included in the accounts. NO T E 2 OTHE R INCOME 1994 1993 $ $ Donation and Bequests 340,356 339,804 Interest Earned 93,762 97,209 Interest Receivable 11,268 9,524 Grants 30,000 174,000 Exhibition Income and Scholarships 374,714 482,816 Operating Income 115,734 105,479 Total O t h e r I n c o m e 9 6 5 , 8 3 4 1,208,832 NO T E 3 A B N O R M A L ITEM Plant and equipment transferred to the Gallery from the Queensland Cultural Centre Trust at no cost and included in Register. Plant and Equipment 21,220 417,301 less: Depreciation in prior years on above plant and equipment - 417,301 2 1 , 2 2 0 0 64