Queensland Art Gallery Annual Report 1997-98

,/ '3/~~ Ou e en s land Art Ga II eryBoard of Trustees Operating Statement Statement of Financial Position for year ended 30 June 1998 as at 30 June 1998 Note 1998 1997 Note 1998 1997 $'000 $'000 $'000 $'000 Cost of services Current assets Operating Expenses Cash (672) 145 Program Delivery Expenses 1 (c) 8,626 Receivables 5 409 91 Employee Expenses 2 4,776 Investments 6 2,041 1,347 Supplies and Services 3 3,734 Inventories - Gallery Store 328 317 Other Expenses 24 Prepayments 167 107 Non-Program Delivery Expenses Total Current Assets 2,273 2,007 Associated Acquisition Costs - Art Works 24 39 Installations, Scholarships etc 85 103 Non-current assets Gallery Store Expenses 846 635 Art Works 7 109,752 106,895 Other Expenses 115 60 Plant and Equipment 8 332 409 Depreciation and Amortisation 130 137 Research Library Materials 9 908 815 Total Operating Expenses 9,734 9,600 Total Non-Current Assets 110,992 108,119 Operating Revenue From Total assets 113,265 110,126 Independent Sources Gallery Store Income 824 608 Current liabilities Other Income 4 925 408 Creditors 362 34 Borrowings 10 20 25 Total Operating Revenue From Provisions - Employee Entitlements 11 571 553 Independent Sources 1,749 1,01 6 Total Current Liabilities 953 612 Net cost of services (7,985) (8,584) Non-current liabilities Creditors 17 Revenue from Government Borrowings 10 20 Endowment 8,885 8,454 Provisions - Employee Entitlements 11 537 779 Total Non-Current Liabilities 537 816 Change in net assets resulting from operations 900 (130) Total liabilities 1,490 1,428 Accumulated Funds at I July 100,518 99,833 Initial recognition of Research Net assets 111,775 108,698 Library Materials as assets 1 (f) 815 Equity Accumulated results from operations 101,418 100,518 Accumulated funds at 30 June 101,418 100,518 Asset Revaluation Reserve 12 10,357 8,180 Total equity 111,775 108,698 To be read in conjunction with the attached notes To be read in conjunction with the attached notes