Queensland Art Gallery Annual Report 1998-99

5 1 Queensland Art Gallery Appendix Financial Statements Queensland Art Gallery Board o f Trustees Queensland Art Gallery Board of Trustees Statement o f Cash Flows for Year Ended 3 0 June 1999 Notes to and forming part of the Accounts for year ended 3 0 June 1999 Note 1999 1998 Note 1 Summary o f Significant Accounting Policies $000 $000 Cash Flows used in Operating Activities (a) Basis of Accounts Inflows: The accounts have been prepared in accordance with the Australian Gallery Store Operations 784 785 Accounting Standards issued by the Australian accounting bodies as Interest Received 111 152 endorsed by the Financial Management Standard 1997. Revenue and Other 987 810 expenses are brought to account on an accrual basis with revenue being Outflows: recognised on production of an invoice. The accounts are in accordance with Program Delivery (8,639) (8,987) conventional historical cost principles except for certain assets at valuation. Gallery Store Operations (840) (826) Interest Paid (1) (2) (b) Corporate Administration Agency Other (366) (279) The Corporate Administration Agency (CAA) was established on 1 July 1997, as a unit of Arts Queensland. The CAA provides corporate support to the Net Cash Used By Operating Activities 12 (7,964) (8,347) Gallery in the areas of Finance and Human Resources. The CAA processed all financial transactions in respect of the Gallery's General Fund during Cash Flows from Investing Activities 1998/99 Inflows: Proceeds from Disposal of Plant and Equipment 74 30 )c) Inventories Proceeds from Deaccessioning of Art Works 4 - Inventories represent stock on hand for sale through the Gallery Store Outflows: operations and are valued at cost. Purchases of Art Works (753) (610) Purchases of Property, Plant and Equipment (154) (56) (d) Investments Investments are recorded at cost and income is brought to account on an Net Cash Used In Investing Activities (829) (636) accrual basis. Cash Flows From Government (e) Non Current Assets Inflows: The Gallery's non-current physical asset recording threshold for Plant and Grants 9,057 8,885 Equipment is set at $2,000 and the asset revaluation threshold is set at Outflows: $1,000,000. Repayment of Loan (20) (25) The Gallery's Plant and Equipment are recorded in accordance with the Net Cash Provided By Government 9,037 8,860 Treasurer's policy Recording and Valuation of Non-Current Physical Assets in the Queensland Public Sector". Net Increase/)Decrease) In Cash 244 (123) The Gallery's Art Works assets including gifts are recorded in accordance Cash At Beginning Of Year 1,369 1,492 with the Treasurers policy "Recording and Valuation of Non-Current Physical Assets in the Queensland Public Sector' and are revalued by the Gallery's Cash At End Of Year 13 1,613 1,369 curatorial staff on an annual basis for insurance purposes. Amounts incidental to their purchase e.g. freight etc are not considered to be part of To be read in conjunction with the attached notes the asset cost and are treated as an expense. The valuation of the Gallery's Research Library Materials represents the cost of replacing the core collection of monographs, serials and slides of the Gallery's Art Works in the event of loss of the Library's collection. These items are determined as being essential for replacement to support the Gallery's research and exhibition development objectives. (f) Amortisation and Depreciation Depreciation is charged on plant and equipment using the straight-line method at rates based on the estimated useful life of the assets to the Art Gallery. For each class of depreciable asset the following depreciation rates were used: Class Depreciation Rates Computers 30% Motor Vehicles 25% Other 10% Printers 20%