Queensland Art Gallery Annual Report 1994-95

APPENDIX Financial Statements - QUEENSLAND ART GALLERY BOARD OF TRUSTEES OPERATING STATEMENT FOR YEAR ENDED 30 JUNE 1995 1995 1994 Note $ $ COST OF SERVICES Operating Expenses Program Delivery Expenses Salaries 2 4,451,702 4,142,777 Administration and Finance Program 3 2,730,7 15 2,866,850 Curatorial and Support Services Program 4 185,861 146,247 Public Programs 5 339,837 273,022 International Programs 6 597,070 359,806 Non-Program Delivery Expenses Acquisitions - Art Works 7 75,993 900,578 Exhibitions, Installations, Scholarships etc 29,896 475,804 GalleryShop Expenses 579,340 649,685 Operating Expenses 20,305 3,003 Depreciation - Plant and Equipment 101 ,246 97,653 Total operating expenses $9,11 1,965 $9,915,425 Operating revenue from independent sources GalleryShop Income 700,677 800,844 Other Income 8 1,158,624 965,834 Total operating revenue from independent sources $1 ,859,301 $1,766,678 NET COST OF SERVICES ($7,252,664) ($8,148,747) REVENUE FROM GOVERNMENT Grant 9 1,000,000 Endowment 8,326,050 8,024,400 TOTAL REVENUE FROM GOVERNMENT $9,326,050 $8,024,400 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS 2,073,386 ( 124,347) Abnormal Items 10 971,520 21,220 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS AND ABNORMAL ITEM 1,101 ,866 ( 103,127) Accumulated Funds at I July 1,245,554 1,348,681 Adjustment resulting from adoption of new accounting standard II (384,840) Initial recognition of Art Works as assets I(k) 96,064,580 ACCUMULATED FUNDS AT 30 JUNE $98,027,160 $1,245,554