Queensland Art Gallery Annual Report 1996-97

OPERATING STATEMENT STATEMENT OF F I NANC I AL POSITION FOR YEAR ENDED 30 JUNE 1997 AS AT 30 JUNE 1997 Note 1997 199, Note 1997 1996 $1000 $'OOO $1000 $'OOO COST OF SERVICES CURRENT ASSETS Operating Expenses I (b) Cash 145 259 Program Delivery Expenses 8,464 Receivables 10 91 79 Salaries 2 5,035 Investments I I 1,347 1,835 Corporate Services Program 3 2,709 Inventories - Gallery Shop 3 I 7 370 Curatorial and Collection Development 4 122 Prepayments 107 101 Exhibitions and Cultural Development 5 637 Marketing and Business Development 6 123 Total Current Assets $2,007 $2,644 Non-Program Delivery Expenses NON-CURRENT ASSETS Acquisition Costs - Art Works 39 34 Art Works 8 106,895 106,660 Installations, Scholarships etc 103 64 Research Library Materials I(f) 8 I 5 - Gallery Shop Expenses 635 604 Plant and Equipment 12 409 414 Other Expenses 60 (I) Depreciation - Plant and Equipment 137 211 Total Non-Current Assets $108,119 $107,074 Total Operating Expenses $9,600 $9,376 TOTAL ASSETS $110,126 $109,718 Operating Revenue From Independent CURRENT LIABILITIES Sources Creditors 34 356 Gallery Shop Income 608 551 Borrowings 13 25 22 Other Income 7 408 676 Provisions - Employee Entitlements 14 553 456 Total Operating Revenue From Total Current Liabilities $612$834 Independent Sources $1,016 $1,227 NON-CURRENT LIABILITIES NET COST OF SERVICES ($8,584)($8,149) Creditors 17 18 Borrowings 13 20 44 REVENUE FROM GOVERNMENT Provisions - Employee Entitlements 14 779 771 Endowment 8,454 8,943 Total Non-Current Liabilities $816$833 CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ($130) $794 TOTAL LIABILITIES $1,428$1,667 Less/(Add) Abnormal Items NET ASSETS $108,698$108,051 Adoption of Treasurer's policy on non-current assets 1(f) - 97 EQUITY Write back of Sick Leave Provision 1(h) - (I 38) Accumulated results from operations 100,518 99,833 Revaluation of Art Works 8 ( 9 7 _ I ) Asset Revaluation Reserve 9 8,I80 _8,2_I_8 CHANGE IN NET ASSETS RESULTING ($130) $1,806 TOTAL EQUITY $108,698 $108,051 FROM OPERATIONS AND ABNORMAL ITEMS Accumulated Funds at I July 99,833 98,027 Initial recognition of Research Library Materials as assets 1(f) $815 - ACCUMULATED FUNDS AT 30 JUNE $100,518 $99,833 To be read in conjunction with the attached notes To be read in conjunction with the attached notes