2007-08 Report

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APPENDIXES QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08 81
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:
l 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 or visit the Queensland Art Gallery's
website >.
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
FINANCIAL STATEMENTS
Notes Economic Economic Parent Parent
Entity Entity Entity Entity
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Income
Revenue
Government contributions 25 297 24 087 25 047 24 087
Gallery Store revenue 2786 1130 2786 1130
Other revenue 2 13 656 14 246 10 204 13 890
Gains
Gain on sale of property,
plant and equipment 3 12 12 12 12
Total Income 41 751 39 475 38 049 39 119
Expenses
Employee expenses 4 16 242 14 844 16 242 14 844
Supplies and services 5 14 561 12 366 14 310 12 232
Gallery Store expenses 6 1655 951 1655 951
Grants and subsidies - 1183 250 1683
Depreciation 527 317 526 316
Borrowing costs 7 - 1 - 1
Other expenses 8 2186 4841 76 4774
Total Expenses 35 171 34 503 33 059 34 801
Operating Surplus/(Deficit) 6580 4972 4990 4318
The accompanying notes form part of these statements.
BALANCE SHEET
AS AT 30 JUNE 2008
Notes Economic Economic Parent Parent
Entity Entity Entity Entity
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Current Assets
Cash and cash equivalents 9 9042 3861 4214 3333
Receivables 10 1039 849 830 437
Other financial assets 11 1957 2023 1500 2000
Inventories 12 1124 992 1124 992
Prepayments 798 201 798 201
13 960 7926 8466 6963
Non-current assets
classified as held for sale 13 53 53 53 53
Total Current Assets 14 013 7979 8519 7016
Non Current Assets
Other financial assets 11 11 650 15 291 - -
Property, plant and equipment 14 254248 233710 254241 233702
Total Non Current Assets 265898 249001 254241 233702
Total Assets 279911 256980 262760 240718
Current Liabilities
Payables 15 1061 1873 691 802
Accrued employee benefits 16 1257 1092 1257 1092
Total Current Liabilities 2318 2965 1948 1894
Non Current Liabilities
Accrued employee benefits 16 758 834 758 834
Total Non Current Liabilities 758 834 758 834
Total Liabilities 3076 3799 2706 2728
Net Assets 276835 253181 260054 237990
Equity
Contributed equity 721 710 721 710
Retained surpluses 142269 135689 125488 120498
Asset revaluation reserve 17 133845 116782 133845 116782
Total Equity 276835 253181 260054 237990
The accompanying notes form part of these statements.