Queensland Art Gallery Annual Report 1996-97

A. 1 % j. U L 6q 4 -4 i. i6 -- __________ - - - - - - • I I à NOTES T O A N D FORMI NG PART OF T H E ACCOUNT S NOTES T O A N D FORMI NG PART OF T H E ACCOUNTS FOR T H E YEAR ENDED 30 JUNE 1997 FOR T H E YEAR ENDED 30 JUNE 1997 1997 1996 1997 1996 $1000 $'OOO $1000 $'OOO NOTE 10 RECEIVABLES NOTE IS RECONCILIATION OF CHANGE IN Trade Debtors 88 62 ASSETS RESULTING FROM OPERATIONS WITH Less Provision for Doubtful Debts - NET CASH USED BY OPERATING ACTIVITIES 88 61 Change in Net Assets Resulting from Operations (I 30) 794 Interest Receivable 3 18 Depreciation - Plant and Equipment 137 211 Loss on Sale of Plant and Equipment S - $91 $79 (Gain)/Loss on Deaccessioning of Art Works (I) 34 NOTE I I INVESTMENTS Change in Provisions Bank Bills and Term Deposits $ 1,347 $ 1,835 Employee Entitlements 105 82 NOTE 12 PLANT AND EQUIPMENT Capital Contribution from Government (8434) (8,993) Cost 623 637 Less Accumulated Depreciation 271 314 Change in Net Assets and Liabilities Decrease/(Increase) in Receivables (I 2) 226 352 343 Decrease/(Increase) in Inventories 33 (30) Decrease/(Increase) in Prepayments (6) (I 0) Deprival Value 57 71 (Decrease)/Increase in Creditors (96) (94) $409 $414 Net Cash Used By Operating Activities ($8,399) ($7,760) NOTE 13 BORROWINGS NOTE 16 CASH Current For the purposes of the Statement of Cash Flows, cash includes cash Loan - Queensland Treasury 25 22 on hand and in banks and investments in money market instruments. Cash at the end of the financial year as shown in the Statement of Non-Current Cash Flows is reconciled to the related items in the Statement of Loan - Queensland Treasury 20 44 Financial Position as follows: Total Borrowings $45 $66 Cash: General Fund 129 (102) NOTE 14 PROVISIONS - EMPLOYEE Trust Fund 16 361 ENTITLEMENTS Current Investments: Long Service Leave 87 31 General Fund - 500 Recreation Leave 466 425 Trust Fund 1,347 1,335 Total Current $553 $456 $1,492 $2,094 Non Current NOTE 17 CONTINGENT LIABILITY Long Service Leave 779 771 A contingent liability exists in relation to some unresolved issues. Maximum exposure is not expected to exceed $500,000. Total Non-Current $779 $771 Total Provisions - Employee Entitlements $1,332 $1,227 If7I