Queensland Art Gallery Annual Report 2001-02

76 NOTES TO ANO FORMING PART OF THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2002 NOTE 16 COMMITMENTS FOR EXPENDITURE Non-Cancellable Operating Lease Commitments Commitments under operating leases at reporting date are inclusive of anticipated GST and are payable as follows: II] Not later than one year Iii] Later than one year but not later than five years Total - Non-Cancellable Operating Lease Commitments Input tax credits anticipated NOTE 17 TRUST FUND In accordance with the Queensland Art Gallery Act 1987 the Queensland Art Gallery Board of Trustees operates a separate Trust Fund through which various activities are maintained. Separate accounting is carried out fo r each of these activities. The transactions are incorporated in the Statement of Financial Performance. Balance - 1 July Receipts Expenditure Balance - JO June Represented by: Cash Investments 2002 $'000 84 84 8 1,580 2,450 (1,795] 2,235 235 2,000 200 1 $'000 116 84 200 18 857 2,903 12,1 80] 1,580 80 1,500 2,235 1,580 Included in the above balance is $171,624 of restricted funds. NOTE 18 FINANCIAL INSTRUMENTS (al Terms, Conditions and Accounting Policies The Gallery's accounting policies including the terms and conditions of each class of financial asset and financial liability at balance date are as follows: Financial Instrument Financial Assets Cash Receivables (Trade Debtors] Financial Liabilities Payables Note Accounting Policies Terms and Conditions Recognised at cost. Interest is recognised as it accrues. All funds are invested at banks and mature within 12 months. Recognised upon delivery of goods or services. Recorded at nominal amounts due less any provision for doubtful debts. Provision is made for doubtful debts when collection of the full amount is no longer probable. Credit sales are in accordance with normal commercial practices. Recognised upon receipt of goods or services irrespective of whether an invoice has been received. Measurement is based on the agreed purchase costs. The amounts are unsecured and are settled within 30 days.