Queensland Art Gallery Annual Report 1993-94

N A N C I A L STATEMENT NOT E 4 RECEIVABLES - 1994 1993 $ __$ Trade Debtors 67,187 71,887 Less Provision for Doubtful Debts 2,000 2,600 65,187 69,287 Interest Receivable 11,268 9,524 Total R e c e i v a b l e s 7 6 , 4 5 5 78,811 NOT E 5 INVESTMENTS Bank Bills and Term Deposits 850,000 1,250,000 T o t a l I n v e s t m e n t s 8 5 0 , 0 0 0 1,250,000 NO T E 6 P L A N T A N D EQUIPMENT Plant and Eq u i pme n t - a t cost 1,061,539 954,489 Less Accumulated Depreciation 696,905 599,252 T o t a l P l a n t a n d E q u i p m e n t a t N e t B o o k Va l u e 3 6 4 , 6 3 4 355,237 M o v e m e n t i n P r o v i s i o n f o r Depreciation Opening Balance 1 July - 599,252 496,587 Depreciation Charged as an Expense 97,653 102,665 Closing Balance 3 0 June 696,905 599,252 NO T E 7 CRED I TORS A N D BORROWINGS Current Trade Creditors 183,971_776,902 Loan - Queensland Treasury 18,919 - T o t a l C u r r e n t -202,890_776,902 Non-Current Loan - Queensland Treasury 86,590 - T o t a l N o n - C u r r e n t 8 6 , 5 9 0 - T o t a l C r e d i t o r s a n d B o r r o w i n g s -- 2 8 9 , 4 8 0 776,902 NO T E 8 PROV I S I ONS - E M P L O Y E E ENTITLEMENTS Current Long-Service Leave 389,151 384,994 Annual Leave 302,817 291,479 T o t a l P r o v i s i o n s 6 9 1 , 9 6 8 676,473 NOT E 9 CONT I NGENT LIABILITIES A contingent liability exists in relation to some unresolved issues. Maximum exposure is not expected to exceed $400,000. NO T E 1 0 T R U S T FUND In accordance with the Queens/andArt Gallery Act 1987 the Queensland Art Gallery Board of Trustees operates a separate Trust Fund through which various activities are maintained. Separate accounting is maintained for each of these activities. The transactions are incorporated in the Operating Statement 65