Queensland Art Gallery Annual Report 1997-98

,,f , . (/~ NOTE 13. Reconciliation of change in assets resulting from operations with net cash used by operating activities Change in Net Assets Resulting from Operations Depreciation - Plant and Equipment (Gain)/Loss on Sale of Plant and Equipment (Gain)/Loss on Deaccessioning of Art Works Change in Provisions Employee Entitlements Capital Contribution from Government Change in Net Assets and Liabilities Decrease/(lncrease) in Receivables Decrease/(lncrease) in Inventories Decrease/(lncrease) in Prepayments (Decrease)/lncrease in Creditors Net Cash Used By Operating Activities NOTE 14. Cash 900 130 (6) (224) (8,885) (322) (11) (60) 131 (8,347) (130) 137 5 (1) 105 (8,454) (12) 53 (6) (96) (8,399) For the purposes of the Statement of Cash Flows, cash includes cash 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 Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: 1998 1997 Queensland Art Galle ryBoard ol Trustees NOTE 16. Trust fund In accordance with the Queensland Art Gallery Act 1987 the Queensland Art Gallery Board of Trustees operates a separate Trust Fund through which various activities are maintained. Separate accounting is carried out for each of these activities. The transactions are incorporated in the Operating Statement. Balance - 1 July Receipts Expenditure Balance - 30 June Represented by: Cash Investments 1998 $'000 1,363 1,787 (1,710) 1,440 199 1997 $'000 1,696 1,026 (1359) 1,363 1,241 1,347 1,440 1,363 Included in the above balance is $171,624 of restricted funds. NOTE 17. Lease - 75 Grey Street South Brisbane Lease commitments (i) not later than one year 47 $'000 $'000 47 Cash: General Fund Trust Fund Investments: General Fund Trust Fund NOTE 15. Contingent liability (871) 199 800 1,241 1,369 129 NOTE 18. Year 2000 compliance 16 The Year 2000 issue concerns the potential failure of computer systems, personal computers, and the wide variety of devices utilising microprocessors due to dates being programmed in only two digits, resulting in ambiguity at the turn of the 1,347 century or at times prior. 1,492 In August 1998 the Gallery, in conjunction with the CAA, established a Year 2000 Project to facilitate and co-ordinate the Year 2000 activities including modifications of existing programs and developing contingency plans to ensure A contingent liability exists in relation to some unresolved issues. Maximum exposure is not expected to exceed $500,000. continuity of critical system operations. These activities should be completed by 30 June 1999. The Gallery is reviewing computer hardware and software applications to determine the rectification work required to ensure that computer systems are Year 2000 compliant. The contingent liability in relation to the Year 2000 activities will be quantified at the end of this review