Queensland Art Gallery Annual Report 2001-02

70 STATEMENT OF FINANCIAL PERFORMANCE FOR YEAR ENDED 30 JUNE 2002 Note 2002 $'000 Revenue from ordinary activities Grant 10,164 Gallery Store Revenue 1,204 Other Revenues 2 1,803 Total revenue from ordinary activities 13,171 Expenses from ordinary activities excluding borrowing costs expense Employee Expenses 3 6,785 Supplies and Services 4 4,422 Gallery Store Expenses 5 510 Grants and Subsidies 500 Depreciation and Amortisation 83 Other Expenses 6 70 Total expenses from ordinary activities excluding borrowing costs expense 12,370 Borrowing costs expense 14 Net Surplus 787 Net increase in asset valuation reserve 13 10,103 Total revenues, expenses and valuation adjustments recognised directly in equity 10,103 Total changes in equity other than those resulting from transactions with owners as owners 10,890 To be read in conjunction with the attached notes 2001 $'000 9,452 1,735 1,642 12,829 6,142 4,351 1,130 111 32 11,766 1,062 25,750 25,750 26,812 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2002 Note 2002 2001 $'000 $'000 CURRENT ASSETS Cash Assets 496 325 Receivables 7 205 526 Other Financial Assets 8 2,000 1,500 Inventories - Gallery Store 626 430 Prepayments 37 34 Total Current Assets 3,364 2,815 NON-CURRENT ASSETS Art Works 9 159,867 149,481 Research Library Materials 9 1,983 2,129 Plant and Equipment 9 289 285 Total Non-Current Assets 162,139 151,895 TOTAL ASSETS 165,503 154,710 CURRENT LIABILITIES Payables 10 176 320 Interest-bearing Liabilities 11 52 51 Provisions - Employee Entitlements 12 637 540 Total Current Liabilities 865 911 NON-CURRENT LIABILITIES Interest-bearing Liabilities 11 169 220 Total Non-Current Liabilities 169 220 TOTAL LIABILITIES 1,034 1,131 NET ASSETS 164,469 153,579 EQUITY Accumulated results from operations 13 103,652 102,865 General Equity 13 714 714 Asset Revaluation Reserves 13 60,103 50,000 TOTAL EQUITY 164,469 153,579 To be read in conjunction with the attached notes