Queensland Art Gallery Annual Report 2002-03

NOTE 19 REMUNERATION OF BOARD MEMBERS Remuneration received, or due and receivable by Board Members from the Gallery in connection with the management of the Gallery. Remuneration includes fees and other benefits received by Board Members. The number of responsible persons whose remuneration from the Gallery was within the following specified band was: $'000 2003 2002 No. No. Total Remuneration paid to all Board Members NOTE 20 FINANCIAL INSTRUMENTS (a) Interest Rate Risk Exposure 0 - 2 10 20 The exposure to interest rate risks and the effective interest rates of financial assets and financial liabilities, both recognised and unrecognised at balance date are as follow: 10 16 Financial Instruments Financial Assets Cash assets Other financial assets Receivables Total Financial Assets Financial Liabilities Payables Interest-bearing liabilities Total Financial Liabilities (c) Credit Risk Total carrying amount as per Statement of Financial Position 2003 $'000 1,500 8,400 238 10,138 950 169 1,119 2002 $'000 966 9,200 291 10,457 184 221 405 Aggregate net fair value 2,003 $'000 1,500 8,400 238 10,138 950 169 1,119 2,002 $'000 966 9,200 291 10,457 184 221 405 The maximum exposure to credit risk at balance date in relation to each class of recognised financial asset is represented by the carrying amount of those assets as indicated in the Statement of Financial Position. There are no concentration of credit risk. Financial Instruments Floating interest rate Fixed Interest rate maturing in: Non interest bearing Total carrying amount as per Statement of Weighted average interest rates 64 One year or less One to five years Financial Assets Cash assets Other financial assets Receivables Total Financial Assets Financial Liabilities Payables Interest-bearing liabilities Total Financial Liabilities (b) Net Fair Values 2003 $'000 842 842 2002 $'000 480 480 2003 $'000 7,900 7,900 55 55 2002 $'000 8,200 8,200 52 52 2003 $'000 500 500 114 107 The aggregate net fair values of financial assets and financial liabilities, both recognised and unrecognised, at balance date are as follows: 2002 $'000 1,000 1,000 169 169 Over five years 2003 $'000 2002 $'000 2003 $'000 658 238 896 950 950 2002 $'000 486 291 777 184 184 Financial Position 2003 $'000 1,500 8,400 238 10,138 950 169 1119 2002 $'000 966 9,200 291 10,457 184 221 405 2003 $'000 N.A. 4.07% N.A. N.A. 5.64% 2002 $'000 N.A. 4.65% N.A. N.A. 5.64%