Queensland Art Gallery Annual Report 1998-99

Queensland Art Gallery 5 2 Appendix Financial Statements Queensland Art Gallery Board o f Trustees Queensland Art Gallery Board of Trustees Notes to and Formimg part of the Accounts Notes to and Formimg part of the Accounts for year ended 3 0 June 1999 for year ended 3 0 June 1999 (g) Provision for Employee Entitlements 1999 1998 Provision has been made for the liability for various employee entitlements $'OOO $000 and related costs in accordance with the Australian Accounting Standard, Note 2 Employee Expenses AAS30: Accounting for Employee Entitlements. Long Service Leave Expenses 79 (196) Other 64 39 Recreation Leave is accrued and shown as a current liability. Overtime and Allowances 324 135 Payroll and Fringe Benefits Tax 279 242 Accumulated Sick Leave does not normally exceed the Sick Leave taken in Recreation Leave Expenses 364 240 any year. Consequently no liability has been brought to account. Salaries and Wages 3,822 3,742 Staff Recruitment and Training 28 43 The method of calculating Long Service Leave differs from previous reporting Superannuation 583 491 years in that it is now only calculated for employees of the Gallery having Workers Compensation 18 40 five years of service, and is measured by the use of a shorthand method derived by the Queensland State Actuary. The result of this method does not 5,561 4,776 differ materially from that which would be arrived at by calculation of the present value of expected future payments to be made in respect of services Note 3 Supplies and Services provided by employees up to the reporting date. The method used Access, Education and Regional Services 105 100 incorporates consideration of expected future wage and salary levels and Communications 60 39 experience of employee departure and periods of service. The assumed rate Conservation 89 85 of salary inflation and discount rate are based on Commonwealth Exhibitions 228 168 Government bond yields at the reporting date and the expected long term Fees - Audit External 8 7 gap between salary inflation and investment return. Fees - Provision of Services 150 217 Freight and Postage 139 199 (h) Services Provided by the Corporate Administration Agency Insurance 79 102 The Arts Legislation Amendment Act 1997 transferred the assets and Maintenance of Equipment 77 109 liabilities of the Queensland Cultural Centre Trust that was abolished in Office Expenses 130 131 December 1997 to the State and the Corporate Administration Agency (CAA) Other Expenses 96 55 became the manager of the Cultural Centre precinct. The CAA provides a Printing and Publications 74 124 number of services to the Gallery at the Queensland Cultural Centre. These Promotions and Public Relations 141 227 services include building maintenance and repairs, electricity, security, CAA Charges 1,899 1,945 cleaning, air-conditioning and telephone rental. The cost of these services to Reference Books and Materials 70 58 the Queensland Art Gallery for the 1998/99 year was $1,898,719. (Note 3) Travel Expenses 132 168 (i) Leasing Arrangements 3,477 3,734 The Board of Trustees has a signed lease agreement with the Queensland Cultural Centre Trust for the main Art Gallery building located in the Note 4 Other Income Queensland Cultural Centre Complex. The CAA does not charge rent on the Donations and Bequests 334 369 premises occupied by the Art Gallery. The provision of the building and Exhibition Income and Scholarships 132 151 items of fitout, including plant and equipment, forms part of this agreement. Gain/(Loss( on Sale of Plant and Equipment 37 6 Gain/(Loss( on Deaccessioning of Art Works 4 - Grants 427 119 Interest Earned 103 153 Interest Receivable 11 15 Operating Income 216 112 1,264 925 Note 5 Receivables Trade Debtors 20 136 Less Provision for Doubtful Debts 20 136 Other 52 238 Interest Receivable 1 18 83 392 Note 6 Investments Bank Bills and Term Deposits 1,197 2,041 1,197 2,041