Queensland Art Gallery Annual Report 2002-03

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2003 Note Economic Entity 2003 $'000 ASSETS Current Assets Cash Assets 1,500 Receivables 8 238 Other Financial Assets 9 2,000 Inventories - Gallery Store 627 Prepayments 26 Total Current Assets 4,391 Non-current assets Other Financial Assets 9 6,400 Property, Plant and Equipment 10 170,451 Total Non-Current Assets 176,851 TOTAL ASSETS 181,242 LIABILITIES Current Liabilities Payables 11 950 Interest-bearing Liabilities 12 55 Provisions - Employee Entitlements 13 838 Total Current Liabilities 1,843 Non-current liabilities Interest-bearing Liabilities 12 114 Total Non-Current Liabilities 114 TOTAL LIABILITIES 1,957 NET ASSETS 179,285 EQUITY Accumulated results from operations 14 113,785 General Equity 14 711 Asset Revaluation Reserves 14 64,789 TOTAL EQUITY 179,285 Economic Entity 2002 $'000 966 291 3,000 626 37 4,920 6,200 162,139 168,339 173,259 184 52 637 873 169 169 1,042 172,217 111,400 714 60,103 172,217 The accompanying notes form part of these financial statements Parent Parent Entity Entity 2003 2002 $'000 $'000 972 496 210 205 1,000 2,000 627 626 26 37 2,835 3,364 170,451 162,139 170,451 162,139 173,286 165,503 728 176 55 52 838 637 1,621 865 114 169 114 169 1,735 1,034 171 ,551 164,469 106,051 103,652 711 714 64,789 60,103 171,551 164,469 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2003 Note Economic Entity 2003 $'000 CASH FLOWS from operating activities Receipts Government Contributions 14,074 Gallery Store Operations 1,056 Interest 419 GST Collected on Sales 251 GST Input Tax Credits Received from ATO 953 Other 2,329 Payments Employee Expenses (7,763) Supplies and Services (6,326) Gallery Store Operations (643) Grants and Subsidies GST Paid on Purchases (986) GSTRemitted to ATO (250) Borrowing Costs (11) Other (827) Net cash from operating activities 15A 2,276 CASH FLOWS from investing activities Proceeds from Disposal of Plant and Equipment 60 Proceeds from Deaccessioning of Art Works Purchases of Art Works (2,171) Purchases of Property, Plant and Equipment (379) Net cash from investing activities (2,490) CASH FLOWS from financing activities Payment For Investments (200) Borrowing Redemptions (52) Net cash from financing activities (252) Net movement in cash (466) Cash at beginning of financial year 2,966 Cash at end of financial year 15 B 2,500 Economic Entity 2002 $'000 10,649 1,365 279 219 597 2,527 (6,653) (4,539) (882) (618) (210) (14) (813) 1,907 18 1 (913) (114) (1 ,008) (180) (49) (229) 670 2,296 2,966 The accompanying notes form part of these financial statements Parent Parent Entity Entity 2003 2002 $'000 $'000 14,074 10,649 1,056 1,365 175 129 210 192 901 527 2,017 1,336 (7,763) (6,653) (6,217) (4,431) (643) (882) (500) (500) (946) (541) (207) (189) (11) (14) (128) (34) 2,018 954 60 18 1 (2,171) (139) (379) (114) (2,490) (234) (52) (49) (52) (49) (524) 671 2,496 1,825 1,972 2,496 57