Queensland Art Gallery Annual Report 1994-95

APPENDIX - QUEENSLAND ART GALLERY BOARD OF TRUSTEES NOTES TO AND FORMING PART OF THE ACCOUNTS FOR YEAR ENDED 30 JUNE 1995 NOTE 20 CONTINGENT LIABILITIES 1995 $ A contingent liability exists in relation to some unresolved issues. Maximum exposure is not expected to exceed $400,000. NOTE 21 TRUST FUND 1994 $ In accordance with the Queensland Art Gallery Act /987 the Queensland Art Gallery Board of Trustees operates a se parate 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. Opening Balance at I July 1,124,960 1,544,032 Receipts 2,764,707 1,723,399 Expe nditure (2,219,803) (2,142,471) Closing Balance at 30 June $1 ,669,864 $1 ,124,960 Represented by: Cash 319,864 274,960 Investments 1,350,000 850,000 $1 ,669,864 $1 ,124,960