Queensland Art Gallery Annual report 1999-2000

H n a n o a Statements QUEENSLAND ART GALLERY BOARD OF TRUSTEES NOTE 12 RECONCILIATION OF CHANGE IN ASSETS RESULTING FROM Notes to and forming part of the Accounts for year ended 30 June 2000 OPERATIONS WITH NET CASH USED BY OPERATING ACTIVITIES 2000 1999 2000 1999 S, 00C $000 s,000 $'ooO NOTE 7 ARTWORKS Change in Net Assets Resulting from Operations (240) 625 Balance - 1 July 118 503 109 752 Depreciation - Plant and Equipment 110 109 Purchases/Gifts 844 573 (Gain)/Loss on Sale of Plant and Equipment 7 (37) (Gain)/Loss on Deaccessioning of Art Works (23) (4) 119 347 110 325 Change in Provisions Less Deaccessioned Art Works 70 - (Decrease)/Increase in Employee Entitlements - 103 Capital Contribution from Government (9,325) (9,057) 119 277 110 325 Change in Net Assets and Liabilities Asset Revaluation Reserve - Increment/(Decrement) 5 723 8 178 Decrease/(lncrease) in Receivables (183) 309 Decrease/(Increase) in Loans and Advances - 15 Balance - 30 June 125 000 118 503 Decrease/(Increase) in Inventories (128) 62 Decrease/(Increase) in Prepayments 89 33 NOTE 8 PLANT AND EQUIPMENT (Decrease)/Increase in Creditors 388 (122) Cost 640 817 Less Accumulated Depreciation 320 477 Net Cash Used By Operating Activities (9 305) (7 964) 320 340 NOTE 13 CASH For the purposes of the Statement of Cash Flows, cash includes cash on hand and NOTE 9 RESEARCH LIBRARY MATERIALS in banks and investments in money market instruments. Cash at the end of the Balance - 1 July 985 908 financial year as shown in the Statement of Cash Flows is reconciled to the related Asset Revaluation Reserve - Increment/(Decrement) (85) 77 items in the Statement of Financial Position as follows: 2000 1999 Balance-30 June 900 985 $000 3000 Cash: NOTE 10 PROVISIONS- EMPLOYEE ENTITLEMENTS General Fund 53 Current Trust Fu'4 (2 11 Long Service Leave 72 Investments Recreation Leave 493 493 Generai r u n u uu Trust Fund 888 897 Total Current 493 565 910 1613 Non-Current Long Service Leave - 646 NOTE 14 CONTINGENT LIABILITY Total Non-Current - - 6 4 6 A contingent liability exists in relation to some unresolved legal issues. Maximum exposure is not expected to exceed $340 000. Total Provisions - Employee Entitlements 493 1 211 NOTE 15 TRUST FUND NOTE 11 ASSET REVALUATION RESERVES In accordance with the Queens/and Art Gallery Act 1987 the Queensland Art Balance - 1 July 18 612 10 357 Gallery Board of Trustees operates a separate Trust Fund through which various activities are maintained. Separate accounting is carried out for each of these Increment/(Decrement) - Library Research Materials (85) 77 activities. The transactions are incorporated in the Operating Statement. Increment/(Decrement) - Art Works 5 723 8 178 2000 1999 Balance-30 June 24250 18612 $000 $000 Balance - 1 July 1 261 1 440 Receipts 2 553 1 949 Expenditure (2 957) (2 128) Balance - 30 June 857 1 261 Represented by: Cash (31) 364 Investments 888 897 857 1 261 Included in the above balance is $171 624 of restricted funds.