Queensland Art Gallery Annual Report 2002-03

Economic Economic Parent Parent Economic Economic Parent Parent Entity Entity Entity Entity Entity Entity Entity Entity 2003 2002 2003 2002 2003 2002 2003 2002 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 NOTE 10 PROPERTY, PLANT AND EQUIPMENT NOTE 12 INTEREST-BEARING LIABILITIES Art Works Current At management valuation 2003 166,969 159,867 166,969 159,867 Queensland Treasury Corporation Borrowings 55 52 55 52 Research Library Materials At management valuation 2003 2,977 1,983 2,977 1,983 Total Current 55 52 55 52 Plant and Equipment: At cost 967 684 967 684 Non-current Less Accumulated depreciation (462) (395) (462) (395) Queensland Treasury Corporation Borrowings 114 169 114 169 505 289 505 289 Total Non-Current 114 169 114 169 The market value of the debt as notified by 170,451 162,139 170,451 162,139 Queensland Treasury Corporation at 30 June 2003 was $172 242. Valuations of cultural assets, Art Works and Research Library Materials, were performed NOTE 13 PROVISIONS - as at 30 June 2003 by the Gallery's specialist EMPLOYEE ENTITLEMENTS curatorial and library staff using 'fair value' Current principles. The bases of valuation used are Annual Leave 838 637 838 637 current market values and current replacement cost respectively. 838 637 838 637 Reconciliation NOTE 14 CHANGES IN EQUITY Reconciliation of the carrying amounts of Accumulated results from operations each class of non-current physical Balance 1July 111,400 110,368 103,652 102,865 assets at the beginning and end of the Net surplus 2,417 1,032 2,431 787 current reporting period. Change in Accounting Policy (32) (32) Art Research Plant Total Balance 30 June 113,785 111,400 106,051 103,652 Works Library and Materials Equipment General Equity 2003 2003 2003 2003 Balance 1July 714 714 714 714 $'000 $'000 $'000 $'000 Net leave liabilities transferred to other government entities (3) (3) Opening WDV 159,867 1,983 289 162,139 Additions 1,750 379 2,129 Balance 30 June 711 714 711 714 Additions received from Queensland Art Gallery Foundation 886 886 Asset Revaluation Reserve Disposals (28) (28) Balance 1 July 60,103 50,000 60,103 50,000 Revaluation 4,466 994 5,460 Increase in Asset Revaluation Reserve Depreciation (135) (135) Art Works - Revaluation 4,466 9,475 4,466 9,475 Art Works - Revaluation - Foundation 774 774 Closing WDV 166,969 2,977 505 170,451 Art Works - Adjustment in Treatment (774) (774) Research Library Materials 994 (146) 994 (146) NOTE 11 PAYABLES Long Service Leave Levy payable 29 25 29 25 Balance 30 June 64,789 60,103 64,789 60,103 Trade Creditors 777 62 555 54 Other 144 97 144 97 Closing balance of Asset revaluation reserve by class: 950 184 728 176 Art Works 54,532 50,840 54,532 50,840 Research Library Materials 10,257 9,263 10,257 9,263 Total - Asset Revaluation Reserve 64,789 60,103 64,789 60,103 62