2007-08 Report

QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08

APPENDIXES

FINANCIAL SUMMARY

The Queensland Art Gallery has completed the 2007–08 financial year in a

fiscally good position with an increase in Equity of $23M.

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 ($25M), also known as Government Contributions.

The other major sources of funds in 2007–08 include self generated funds

from the operation of commercial activities eg 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 2008.

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 $17M.

The main increase in current liabilities is due to increased staff numbers

resulting in increase provision for employee entitlements.

REVENUE 2007–08

EXPENSES 2007–08

REVENUE $’000

EXPENSES $’000

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 Contribution 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.

ASSETS $’000

LIABILITIES $’000