Queensland Art Gallery Annual Report 2006-07

QUEENSLAND ART GALLERY ANNUAL REPORT 06–07 / appendixes 80 16. Other Financial Liabilities Current Queensland Treasury Corporation borrowings - 34 - 34 Total - 34 - 34 All borrowings are in $A denominated amounts and carried at amortised cost, interest being expensed as it occurs. No interest has been capitalised during the current or comparative reporting period. The final repayment date was 1 November 2006. 14. Property, Plant and Equipment Economic Economic Parent Parent Entity Entity Entity Entity 2007 2006 2007 2006 $'000 $'000 $'000 $'000 Art works At management valuation 230 011 211 256 230 011 211 256 Library heritage collection At management valuation 45 20 45 20 Plant and equipment At cost 950 844 941 844 Less: Accumulated depreciation (310) (361) (309) (361) 640 483 632 483 Total 230 696 211 759 230 688 211 759 Valuations of cultural assets (Art works and Library heritage collection) were performed as at 30 June 2007 by the Gallery's specialist curatorial and library staff using "fair value" principles. The basis of valuation used is current market value. Plant and equipment is valued at cost in accordance with Queensland Treasury's Non-Current Asset Accounting Policies for the Queensland Public Sector . Property, Plant and Art Library Plant Total Equipment Reconciliation Works Heritage and Collection Equipment 2007 2007 2007 2007 $'000 $'000 $'000 $'000 Carrying amount at 1 July 211 256 20 483 211 759 Acquisitions 1862 20 355 2237 Donations received 2811 4 - 2815 Disposals - - (75) (75) Assets reclassified as held for sale (5) - - (5) (Note 13) Revaluation increments 14 087 1 - 14 088 Revaluation decrements - - - - Depreciation - - (131) (131) Carrying amount at 30 June 2007 230 011 45 632 230 688 15. Payables Economic Economic Parent Parent Entity Entity Entity Entity 2007 2006 2007 2006 $'000 $'000 $'000 $'000 Trade creditors 1610 149 539 139 Other 263 190 263 190 Total 1873 339 802 329 18. Asset Revaluation Reserve Art Library Total by Class Works Heritage Collection 2007 2007 2007 $'000 $'000 $'000 Balance 1 July 2006 102 692 2 102,694 Revaluation increments 14 087 1 14 088 Balance 30 June 2007 116 779 3 116 782 The asset valuation reserve represents the net effect of upwards and downwards revaluations of assets to fair value 17. Accrued Employee Benefits Economic Economic Parent Parent Entity Entity Entity Entity 2007 2006 2007 2006 $'000 $'000 $'000 $'000 Current Employer superannuation contributions payable 25 21 25 21 Long service leave levy payable 51 43 51 43 Recreation leave 842 558 842 558 Wages outstanding 174 161 174 161 Total 1092 783 1092 783 Non-current Recreation leave 834 848 834 848 Total 834 848 834 848