Queensland Art Gallery Annual Report 2006-07

appendixes / QUEENSLAND ART GALLERY ANNUAL REPORT 06–07 71 General Information This financial report covers the Queensland Art Gallery and its controlled entity, the Queensland Art Gallery Foundation. The Queensland Art Gallery is a Queensland Government Statutory Authority established under the Queensland Art Gallery Act 1987 . The Gallery is controlled by the State of Queensland which is the ultimate parent. The head office and principal place of business of the Gallery is: + Queensland Art Gallery I Gallery of Modern Art Stanley Place SOUTH BRISBANE QLD 4101 A description of the nature of the Gallery's operations and its principal activities is included in the notes to the financial statements. For information in relation to the Gallery's financial report please call (07) 3840 7326, email colin.diachkoff@qag.qld.gov.au or visit the Queensland Art Gallery's website gallery@qag.qld.gov.au. INCOME STATEMENT for the year ended 30 June 2007 FINANCIAL STATeMENTS Notes Economic Economic Parent Parent Entity Entity Entity Entity 2007 2006 2007 2006 $'000 $'000 $'000 $'000 Income Revenue Government contributions 24 087 22 511 24 087 22 511 Gallery Store revenue 1130 971 1130 971 Other revenue 2 6396 5103 6040 2659 Gains Gain on sale of property, plant and equipment 3 12 12 12 12 Total Income 31 625 28 597 31 269 26 153 Expenses Employee expenses 4 14 844 11 000 14 844 11 000 Supplies and services 5 12 366 7015 12 232 6896 Gallery Store expenses 6 951 543 951 543 Grants and subsidies 1183 - 1683 500 Depreciation 132 152 131 152 Borrowing costs 7 1 7 1 7 Other expenses 8 190 263 123 198 Total Expenses 29 667 18 980 29 965 19 296 Operating Surplus/(Deficit) 1958 9617 1304 6857 The accompanying notes form part of these statements. BALANCE SHEET as at 30 June 2007 Notes Economic Economic Parent Parent Entity Entity Entity Entity 2007 2006 2007 2006 $'000 $'000 $'000 $'000 Current Assets Cash and cash equivalents 9 3861 3861 3333 3011 Receivables 10 849 675 437 445 Other financial assets 11 2023 5539 2000 5500 Inventories 12 992 680 992 680 Prepayments 201 88 201 88 7926 10 843 6963 9724 Non-current assets classified as held for sale 13 53 95 53 95 Total Current Assets 7979 10 938 7016 9819 Non Current Assets Other financial assets 11 15 291 13 428 - - Property, plant and equipment 14 230 696 211 759 230 688 211 759 Total Non Current Assets 245 987 225 187 230 688 211 759 Total Assets 253 966 236 125 237 704 221 578 Current Liabilities Payables 15 1873 339 802 329 Other financial liabilities 16 - 34 - 34 Accrued employee benefits 17 1092 783 1092 783 Total Current Liabilities 2965 1156 1894 1146 Non Current Liabilities Accrued employee benefits 17 834 848 834 848 Total Non Current Liabilities 834 848 834 848 Total Liabilities 3799 2004 2728 1994 Net Assets 250 167 234 121 234 976 219 584 Equity Contributed equity 710 710 710 710 Retained surpluses 132 675 130 717 117 484 116 180 Asset revaluation reserve 18 116 782 102 694 116 782 102 694 Total Equity 250 167 234 121 234 976 219 584 The accompanying notes form part of these statements.