Queensland Art Gallery Annual Report 1995-96

APPENDIX F I NANC I AL STATEMENTS NOTES TO A N D FORMING PART NOTES T O A N D FORMING PART OF T HE ACCOUNTS OF T H E ACCOUNTS FOR YEAR ENDED 30 JUNE 1996 FOR YEAR ENDED 30 JUNE 1996 996 1995 1996 1995 s'000 $'000 $'000 $000 NOTE 12 PLANT AND EQUIPMENT NOTE IS RECONCILIATION OF • Cost 657 1,129 CHANGE IN ASSETS RESULTING • Less Accumulated Depreciation 314 561 FROM OPERATIONS WITH NET CASH USED BY OPERATING • 343 568 ACTIVITIES Deprival value 71 . ._____ Change in Net Assets Resulting from . . . . . . . . . . . . . . Ope r a t i ons 794 2,073 • $414 $568 Depreciati n - Plant and Equipment 21 101 • . . . . . . . . . . *0 ... 000.0.0 ... 0.0. . . G a i n on Sale of plant and Equipment - (29) NOTE 13 CREDITORS AND BORROWINGS Loss on Deaccessioning of Art Works 54 47 Current Change in Provisions Trade Creditors 356 413 • • Employee Entitlements 82 206 • Loan - Queensland Treasury 22 20 Capital Contribution from Government (8,993) ç9,276 Total Current $378 $433 Change in Net Assets and Liabilities (Decrease)/ Increase in Creditors (94) 162 Non-Current Decrease/ (Increase) in Receivables 226 (229) • Trade Creditors 18 - Decrease/ (Increase) in Prepayments (10) (91) Loan - Queensland Treasury 44 67 Decrease!(lncrease)in Inventories (30) 69 Total Non-Current $62 • • • $67 Net Cash Used By Operating Activities ($7,760) ($6,967) Total Creditors and Borrowings $440 $500 NOTE 16 CASH NOTE 14 PROVISIONS - For the purposes of the Statement of Cash Flows, cash includes cash on EMPLOYEE ENTITLEMENTS hand and in banks and investments in money market instruments. Cash at • Current the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position LongService Leave 31 - Recreation Leave 425 403 a follows: 0 . . 0 0 0 . . . . . . . . . . . . . . . . . Sick Leave - 138 C a * 0 0 . 0 0 . * . . 0 0 0 0 0 0 0 0 0 * s * * * ,h: Total Current $456 $541 General Fund (102) (lOS) Trust Fund 361 320 Non-Current Investments: Long Service Leave 771 742 General Fund 500 200 • • Total Non-Current $771 $742 Trust Fund 1,335 1,350 • $2,094 $1,765 Total Provisions— Employee Entitlements $1,227 $1,283 NOTE 17 CONTINGENT LIABILITY A contingent liability exists in relation to some unresolved issues. Maximum exposure is not expected to exceed $500,000.