Queensland Art Gallery Annual Report 2001-02

(b)lnterest Rate Risk Exposure The Gallery's exposure to interest rate risk and the effective interest ra tes of financial assets and financial liabilities are shown in the following table. All assets and liabilities are shown by maturity or contractual repricing dates and at face value. Financial Floating 1year 1 to 5 Non Total Weighted Instrument Rate or less years Interest Average Bearing Rate $'000 $'000 $'000 $'000 $'000 % Financial Assets Cash on hand and at bank 486 486 NA Deposits at call 10 10 0.50% Short term securities 2,000 2,000 4.82% Receivables 205 205 NA Total 10 2,000 691 2,701 Financial Liabilities Payables 176 176 NA Interest-bearing liabilities 52 169 221 5.64% 52 169 176 397 [a) The floating interest rate represents the most recently administrated market rate applicable to the instrument at 30 June 2002. [bi The fixed rate represents weighted average market interest rate. (cl Credit Risk Exposure Credit risk exposure represents the extent of credit related losses the the Gallery may be subject to on amounts to be exchanged under loans and accounts receivable from financial assets. The maximum exposure to credit risk at balance date in relation to each class of recognised financial assets is the carrying amount of those assets net of any provisions for doubtful debts as indicated in the Statement of Financial Position. Id) Net Fair Value It is considered that the net fair value of the financial assets and financial liabilities of the Gallery closely approximate the carrying values due to their short term to maturity. 2002 2001 $ ODO $· ••• NOTE 19 BOARD FEES $0 - $1 ,999 10 Members Total Remuneration paid to all members 16 17 NOTE 20 CONTINGENCIES There no known significant contingent assets or liabilities at 30 June 2002. NOTE 21 CONTROLLED ENTITY As a result changes to the Financial Administration and Audit Act 1977 during the year ended 30 June 2002, the following entity has been deemed to be a controlled entity of the Queensland Art Gallery. Name of Controlled Entity Queensland Art Gallery Foundation Audit Arrangements Auditor-General of Queensland The assets, liabilities, revenues and expenses of the above mentioned entity have not been consolidated in these financial statements, as they will not materially affect the reported financial position and operating result. The following is a representation of the financial performance and financ ial position of the Queensland Art Gallery Foundation for the year ended and as at 30 June: Revenue Expenditure Net Surplus Assets Liabilities Equity 2002 $ ODO 1,385 1,140 245 7,756 8 7,748 2001 $ ODO 2,829 1,221 1,608 7,528 25 7,503 77