Queensland Art Gallery Annual Report 2001-02

74 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2002 2002 $'000 NOTE 5 GALLERY STORE EXPENSES 510 Gallery Store employee expenses for the year 2001/2002 totalling $285,230 are not contained within this amount. They are included under Note 3. NOTE 6 OTHER EXPENSES Fees - Audit External 16 Losses from disposal of non-current assets 36 Trustees Fees and Expenses 16 Sundry Expenses 2 70 NOTE 7 RECEIVABLES Trade Debtors 100 GST Input Tax Credits Receivable 361 GST Payable [297] Net Receivable 64 Other 31 Interest Receivable 10 205 NOTE 8 OTHER FINANCIAL ASSETS Bank Bills and Term Deposits 2,000 2,000 NOTE 9 NON-CURRENT PHYSICAL ASSETS Art Works At valuation 2002 159.867 Research Library Materials At valuation 2002 1,983 Plant and Equipment: At cost 684 Less: Accumulated depreciation [395] 289 162,139 2001 $'000 1,130 10 0 17 5 32 410 89 [191 70 39 7 526 1,500 1,500 149,481 2.129 716 [431] 285 151,895 Valuations of cultural assets were performed as at 30 June 2002 by the Gallery's curatorial staff using 'fair value· principles. The bases of valuation for Art Works and Research Library Materials are current market values and current replacement cost. respectively. Reconciliation Reconciliation of the carrying amounts of each class of non-current physical assets at the beginning and end of the current reporting period. Art Works Research Plant and Total Library Equipment Materials 2002 2002 2002 2002 $'000 $'000 $ 000 $'000 Carrying amount at start of year 149.481 2.129 285 151,895 Acquisitions 139 114 253 Acquisitions received from Queensland Art Gallery Foundation 774 774 Disposals 12) 127) 129) Revaluation increments/ [decrements) 9,475 [146) 9,329 Depreciation/Amortisation [83) [83) Carrying amount at end of year 159,867 1,983 289 162,139 2002 2001 $'000 $'000 NOTE 10 PAYABLES Long Service Leave Levy 25 22 Trade Creditors 54 251 Other 97 47 176 320