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 15 STATEMENT OF (Restated) (Restated) (Restated) (Restated) CASH FLOWS - DISCLOSURES NOTE 17 RECOGNITION OF ART (A) RECONCILIATION OF NET CASH WORKS DONATED TO THE PROVIDED FROM OPERATING QUEENSLAND ART GALLERY ACTIVITIES TO NET RESULTS Revenue from ordinary activities FOR THE PERIOD Government Contributions 14,074 10,164 14,074 10,164 Net result for the period 1,643 1,806 2,431 787 Gallery Store Revenue 1,055 1,204 1,055 1,204 Depreciation - Plant and Equipment 135 83 135 83 Other Revenue 1,780 2,442 2,163 2,577 (Gain)/Loss on Sale of Plant and Equipment (31) 9 (31) 9 Net leave liabilities transferred to Total revenue from ordinary activities 16,909 13,810 17,292 13,945 other government entities (3) (3) Change in accounting policy - Total expenses from ordinary activities 15,255 11,990 15,624 12,370 employee entitlements (32) (32) Borrowing Expenses 11 14 11 14 Change in Operating Assets and Liabilities Net result for the reporting period 1,643 1,806 1,657 1,561 Decrease/(lncrease) in Receivables 53 272 (5) 321 Decrease/(lncrease) in Inventories (1) (196) (1) (196) Restatement of Accumulated results Decrease/(lncrease) in Prepayments 11 (3) 11 (3) from operations (Decrease)/lncrease in Payables 300 (161) 86 (144) Previously reported accumulated results (Decrease)/lncrease in Provisions 201 97 201 97 at the end of the previous year 111,400 110,368 103,652 102,865 Increase in accumulated results arising Net Cash from Operating Activities 2,276 1,907 2,792 954 from change in accounting policy - Donated Art Works 886 774 886 774 (BJ CASH AT THE END OF THE YEAR, Decrease in accumulated results arising AS SHOWN IN THE STATEMENT OF from change in accounting policy - CASH FLOWS Annual Leave (32) (32) Cash on Hand 12 13 12 13 Restated accumulated results at the Cash at Bank 1,174 943 646 473 beginning of the financial year 112,254 111,142 104,506 103,639 Deposits at Call 314 10 314 10 Accumulated profit/(loss) from Bank Bills and Term Deposits 1,000 2,000 1,000 2,000 ordinary activities 1,643 1,806 1,657 1,561 2,500 2,966 1,972 2,496 Restated accumulated results at the end of the financial year 113,897 112,948 106,163 105,200 NOTE 16 TRUST FUND In accordance with the QueenslandArt GalleryAct 7987, the Queensland Art Gallery Board of Trustees Restatement of Asset operates a separate Trust Fund through which various activities are maintained. Separate accounting Revaluation Reserve is carried out for each of these activities. The transactions are incorporated in the Statement of Previously reported asset revaluation Financial Performance. reserve at the end of the previous year 60,103 50,000 60,103 50,000 Decrease in asset revaluation reserve 2003 2002 arising from change in accounting policy (774) (774) $'000 $'000 Restated Asset Revaluation Reserve at the beginning of the financial year 59,329 50,000 59,329 50,000 Balance - 1 July 2,235 1,580 Increase in Asset Revaluation Reserve Receipts 2,311 2,450 Art Works - Revaluation 4,466 9,475 4,466 9,475 Expenditure (3,122) (1 ,795) Research Library Materials 994 (146) 994 (146) Balance - 30 June 1,424 2,235 Restated Asset Revaluation Reserve at the end of the financial year 64,789 59,329 64,789 59,329 Represented by: Cash 424 235 NOTE 18 CONTINGENT LIABILITIES Other Financial Assets 1,000 2,000 There are no known significant contingent liabilities at 30 June 2003. 1,424 2,235 ' Included in the above balance is $171 624 of restricted funds. 63