Queensland Art Gallery Annual report 1999-2000

nanc a Statements kt,4 QUE ENS L AND A R T GALLERY BOARD O F T RUS T E E S QU E E N S L AND A R T GALLERY BOARD O F TRUSTEES Statement of Cash Flows for year ended 30 June 2000 Notes to and forming part of the Accounts for year ended 30 June 2000 Note 2000 1999 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES $ 0 0 0 $ 0 0 0 (a) Basis of Accounts 4 The accounts have been prepared in accordance with the Australian CASH FLOWS FROM OPERATING ACTIVITIES Accounting Standards issued by the Australian accounting bodies as Inflows: endorsed by the Financial Management Standard 1997. Revenue and Gallery Store Operations 972 784 expenses are brought to account on an accrual basis with revenue being Interest Received 62 111 recognised on production of an invoice. The accounts are in accordance Other 1 159 987 with conventional historical cost principles except for certain assets at Outflows: valuation. Program Delivery (10 112) (8 639) Gallery Store Operations (884) (840) (b) Corporate Administration Agency Interest Paid - (1) The Corporate Administration Agency (CM) was established on 1 July Other (502) (366) 1997, as a unit of Ads Queensland. The CAA provides corporate support to the Gallery in the areas of Finance and Human Resources The CM Net Cash Used In Operating Activities 12 (9305) (7 964) processed all financial transactions in respect of the Gallery's General Fund during 1999/2000 CASH FLOWS FROM INVESTING ACTIVITIES Inflows: (c) Inventories Proceeds from Disposal of Plant and Equipment 47 74 Inventories represent stock on hand for sale through the Gallery Store I Proceeds from Deaccessioning of Art Works 93 4 operations and are valued at cost. I Outflows: Purchases of Art Works (719) (753) (d) Investments Purchases of Property Plant and Equipment (144) (154) Investments are recorded at cost and income is brought to account on an accrual basis. Net Cash Used In Investing Activities (723) (829) (e) Non Current Assets CASH FLOWS FROM GOVERNMENT The Gallery's non-current physical asset recording threshold for Plant and Inflows: Equipment is set at $2 000 and the asset revaluation threshold is set at Grants 9 325 9 057 $1000000. 4.,. Outflows The Gallery's Plant and Equipment are recorded in accordance with Repayment of Loan - (20) the Treasurers policy Recording and Valuation of Non Current Physical Assets in the Queensland Public Sector". Net Cash Provided By Government 9 325 9 037 In December 1999 the Australian Accounting Standards Board issued two new accounting standards - AA538 - Revaluation of Non- Net Increase/(Decrease) In Cash (703) 244 Current Assets and M S 1 0 - Recoverable Amount of Non-Current Assets. These standards introduce the concept of valuing non-current assets at Cash At Beginning Of Year 1 6 1 3 1 369 "fair value". At present, the entity's non-current physical assets are valued in accordance with the deprival value methodology prescribed by the Cash At End Of Year 13 910 1 613 Financial Management Standard. Due to the uncertainty within the accounting profession of the impact of applying a valuation based on fair value in lieu of the deprival value methodology described it is not possible at present to determine the consequential impact of the application of these standards (when prescribed) on asset values as reported in these financial statements. The Gallery's Art Works including gifts are recorded in accordance with the Treasurer's policy "Recording and Valuation of Non-Current Physical Assets in the Queensland Public Sector" and are revalued by the Gallery's 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 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 To be read in conjunction with the attached notes