Queensland Art Gallery Annual Report 2006-07

QUEENSLAND ART GALLERY ANNUAL REPORT 06–07 / appendixes 82 23. Errors adjusted retrospectively During the year the Gallery discovered that certain account balances were misstated in 2005–06 certified statements due to incorrect mapping of the general ledger to the financial statements. These errors were adjusted retrospectively and the comparatives were restated. The amounts reported previously, the adjustments and the restated comparative amounts are noted below. Certfied 2006 Adjustment Restated Economic Parent Economic Parent Economic Parent Entity Entity Entity Entity Entity Entity $'000 $'000 $'000 $'000 $'000 $'000 Income Statement Expenses Depreciation 148 148 4 4 152 152 Total Expenses 18 976 19 292 4 4 18 980 19 296 Operating surplus 9621 6861 (4) (4) 9617 6857 Balance Sheet Non Current Assets Property, plant and equipment 212 560 212 560 (801) (801) 211 759 211 759 Total non current assets 225 988 212 560 (801) (801) 225 187 211 759 Equity Retained surplus 130 721 116 184 (4) (4) 130 717 116 180 Asset revaluation reserve 103 491 103 491 (797) (797) 102 694 102 694 Total equity 234 922 220 385 (801) (801) 234 121 219 584 Statement of Changes in Equity Operating Surplus/ Deficit 9621 6861 (4) (4) 9617 6857 Increase in asset revaluation reserve 23 360 23 360 (797) (797) 22 563 22 563 Balance 30 June Retained Surplus 130 721 116 184 (4) (4) 130 717 116 180 Asset Revaluation Reserve 103 491 103 491 (797) (797) 102 694 102 694 Notes to and forming part of the financial statements 2006–07 14. Property, Plant and Equipment Art works At management valuation 212 053 212 053 (797) (797) 211 256 211 256 Research library material At management valuation 20 20 0 0 20 20 Plant and Equipment At cost 844 844 0 0 844 844 Less accumulated depreciation (357) (357) (4) (4) (361) (361) 487 487 (4) (4) 483 483 Total 212 560 212 560 (801) (801) 211 759 211 759 19. Cash Flow Statement Disclosures Operating surplus 9621 6861 (4) (4) 9617 6857 Depreciation expense 148 148 4 4 152 152