2007-08 Report

QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08

APPENDIXES

OBJECTIVES AND PRINCIPAL ACTIVITIES OF THE GALLERY

The Queensland Art Gallery's principal activities in the course of the financial

year were to deliver a broad range of outputs as detailed in its

Strategic Plan

2007–12

. These activities supported the following of the Government's

Outcomes and Priorities for Queensland:

Strengthening Queensland Communities

Safe and secure communities

Healthy, active individuals and communities

A fair, socially cohesive and culturally vibrant society

Building Queensland's Economy

A strong diversified economy

A community of well skilled and knowledgeable people

Improved standard of living for all Queenslanders

The Gallery's outputs were also guided by the key themes and strategies

contained in Arts Queensland's

Queensland Arts Industry Sector Development

Plan 2007–2009

, including:

Promoting a diverse, dynamic, creative culture

Strengthening partnerships and collaboration

Capitalising on Queensland's unique strengths and characteristics

In addition, the following guiding principles contained in the

Queensland Art

Gallery Act 1987

completed the framework for the delivery of the Gallery's

programs and services:

Children and young people should be supported in their appreciation of,

and involvement in, the visual arts

Content relevant to Queensland should be promoted and presented

Capabilities for lifelong learning about the visual arts should be developed

Respect for Aboriginal and Torres Strait Islander cultures should be affirmed

There should be responsiveness to the needs of communities in regional

and outer metropolitan areas

Diverse audiences should be developed

Leadership and excellence should be provided in the visual arts

Opportunities should be developed for international collaboration and for

cultural exports, especially to the Asia Pacific region

(a) Basis of Accounting

The financial statements have been prepared in accordance with Australian

Equivalents to International Financial Reporting Standards (AEIFRS).

This financial report is a general purpose financial report.

In particular, the financial statements comply with the Treasurer's Minimum

Reporting Requirements for the year ending 30 June 2008, and other

authoritative pronouncements.

Except where stated, the historical cost convention is used.

(b) The Reporting Entity

The financial statements include the value of all revenues, expenses,

assets, liabilities and equity of the Queensland Art Gallery and its con-

trolled entity, the Queensland Art Gallery Foundation.

In the process of reporting on the Queensland Art Gallery as a single

economic entity, all transactions and balances between the Queensland Art

Gallery and the Queensland Art Gallery Foundation have been eliminated

(where material).

User charges and fees controlled by the Gallery are recognised as revenues

when invoices for the related services are issued. User charges and fees are

controlled by the Gallery where they can be deployed for the achievement

of the Gallery's objectives.

(d) Grants and Contributions

Grants, contributions, donations and gifts that are non-reciprocal in nature

are recognised as revenue in the year in which the Gallery obtains control

over them. Where grants are received that are reciprocal in nature, revenue

is accrued over the term of the funding arrangements.

Contributed assets are recognised at their fair value. Contributions of

services are recognised only when a fair value can be determined reliably

and the services would be purchased if they had not been donated.

(e) Cash and Cash Equivalents

For the purposes of the Balance Sheet, cash assets include all cash and

cheques receipted but not banked at 30 June as well as deposits at call with

financial institutions. It also includes investments with short periods to

maturity that are readily convertible to cash on hand at the Gallery's or

issuer's option and that are subject to a low risk of changes in value.

(f) Receivables

Trade debtors are recognised at the nominal amounts due at the time of

sale or service delivery. Settlement on these amounts is required within

30 days from invoice date.

The collectability of receivables is assessed periodically with provision

being made for impairment.

(g) Inventories

Inventories represent stock on hand for sale through the Gallery Store

operations and publications on hand for sale direct to distributors and

are valued at the lower of cost and net realisable value.

Cost is assigned on a weighted average basis and includes expenditure

incurred in acquiring the inventories and bringing them to their existing

condition.

The cost of inventories is approximated using either the standard cost

method or the retail inventory method depending on which is applicable

to the item.

(h) Non-Current Assets Classified as Held for Sale

Non-current assets held for sale consist of those assets which the Gallery

has determined are available for immediate sale in their present condition

and their sale is highly probable within the next twelve months.

These assets are measured at the lower of the assets' carrying amounts or

their fair values less costs to sell. The assets are not depreciated.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 2007–08