Queensland Art Gallery Annual Report 1995-96

APPENDIX F I NANC I AL STATEMENTS - QUEENSLAND ART GALLERY BOARD OF TRUSTEES OPERATING STATEMENT STATEMENT OF F I NANC I AL POSITION FOR YEAR ENDED 30 JUNE 1996 FOR YEAR ENDED 30 JUNE 1996 1996 1995 1996 1995 Note $'OOO $'OOO Note $'OOO 5'000 COST OF SERVICES CURRENT ASSETS Operating Expenses Cash 259 215 Program Delivery Expenses Receivables 10 79 305 Salaries 2 4,761 4,452 Investments I 1,835 1,550 Administration and Finance Program 3 2,979 2,731 Inventories - Gallery Shop 370 340 Curatorial Services 4 191 186 Prepayments 101 91 Public Programs 5 575 340 International Programs 6 (42) 597 Total Current Assets $2,644 $2,501 Non-Program Delivery Expenses Acquisition Costs - A r t Works 34 76 Installations, Scholarships etc 64 30 NONCURRENT ASSETS Gallery Shop Expenses 604 579 Art Works 8 106,660 96,741 Operating Expenses (I) 20 Plant and Equipment 12 414 568 Depreciation - Plant and Equipment 21 101 Total Non-Current Assets $107,074 $97,309 Total Operating Expenses $9,376 $9,112 TOTAL ASSETS $109,718 $99,810 Operating Revenue From Independent Sources Gallery Shop Income 551 701 CURRENT LIABILITIES Other Income 7 676 1,158 Creditors and Borrowings 13 378 433 * 0 , , * 0 * * 0 * 0 * * * * * 0 Provisions - Employee Entitlements 14 456 541 Total Operating Revenue From Independent Sources $1,227 $1,859 Total Current Liabilities $834 ______ NET COST OF SERVICES ($8,149) ($7,253) NON-CURRENT LIABILITIES Creditors and Borrowings 13 62 67 REVENUE FROM GOVERNMENT Provisions - Employee Entitlements 14 771 742 Endowment 8,943 8,326 Grant - 1,000 Total Non-Current Liabilities $ * * * * * * ' * ' * * * * '$ 0 . . 0 0 . . . . . . . . . . . . . . . . . 0 0 TOTAL REVENUE TOTAL LIABILITIES $1,667 $1,783 FROM GOVERNMENT $8,943 $9,326 0 0 . o o * o o o o o o . . . . 0 0 0 0 0 0 0 0 00 0 0 0 0 NET ASSETS $108,051 $98,027 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $794 $2,073 EQUITY Less/(Add) Abnormal Items Accumulated results from operations 99,833 98,027 Adoption of Treasurer policy Asset Revaluation Reserve 9 8,218 - on non-current assets 1(e) 97 - Write back of Sick Leave Provision 1(g) (138) - TOTAL EQUITY $108,051 $98,027 Revaluation of Art Works 8 (971) 971 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS AND ABNORMAL ITEMS $1,806 $1,102 Accumulated Funds at I July 98,027 1,246 Adjustment resulting from adoption of accounting standard - AAS 30 - (385) Initial recognition of Art Works as assets - 96,064 ACCUMULATED FUNDS AT3OJUNE $99,833 $98,027