Queensland Art Gallery Annual Report 2006-07

appendixes / QUEENSLAND ART GALLERY ANNUAL REPORT 06–07 87 FINANCIAL SUMMARY The Queensland Art Gallery has completed the 2006–07 financial year in a fiscally good position with an increase in Equity of $16 million. In the Financial Statements of the Gallery the term 'parent entity' refers to the Queensland Art Gallery, whereas the term 'economic entity' reports the combined position of the Queensland Art Gallery and the Queensland Art Gallery Foundation. This is necessary as the Queensland Art Gallery Foundation has been classified as a controlled entity of the Queensland Art Gallery. Income Statement The Income Statement is used to compare revenue to expenses over the financial year. Revenues of the Gallery are sourced primarily from the Queensland Government appropriation ($24 million), also known as Government Contributions. The other major sources of funds in 2006–07 include self-generated funds from the operation of commercial activities, e.g. Gallery Store and donations and bequests through the Queensland Art Gallery Foundation. The key expenses for the Gallery are employees' salaries and entitlements and purchases of supplies and services for exhibition program related activities including facilities management costs. Balance Sheet The Balance Sheet measures the value of assets, liabilities and equity of the Gallery as at 30 June 2007. The revaluation of non-current physical assets was untaken in the financial year, resulting in an increase in the value of the Art Collection by $14 million. The main increase in current liabilities is due to increased staff numbers resulting in increased provision for employee entitlements. REVENUE 2006–07 EXPENSES 2006–07 REVENUE EXPENSES Cash Flow Statement The Cash Flow Statement measures the inflows and outflows of cash through the year, and classifies those transactions into operating, investing or financing activities. Cash flow in the Gallery is generated primarily from operating activities, where the significant in-flows include revenue from Government Contributions and self-generated funds and donations to the Foundation. Significant outflows are employees' salaries and entitlements and purchases of supplies and services for exhibition program related activities including facilities management costs. CONTRIBUTIONS INCOME STORE ASSETS LIABILITIES BENEFITS