92 / 104
QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08
APPENDIXES
90
14. Property, Plant and Equipment Economic Economic Parent Parent
Entity Entity Entity Entity
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Art works
At management valuation
250 878 230 011 250 878 230 011
Library heritage collection
At management valuation
46
45
46
45
Plant and equipment
At cost
4305 4149 4296 4140
Less: Accumulated depreciation
(981)
(495)
(979)
(494)
3324 3654 3317 3646
Total
254 248 233 710 254 241 233 702
Valuations of cultural assets (Art works and Library heritage collection)
were performed as at 30 June 2008 by the Gallery's specialist curatorial
and library staff using "fair value" principles. The basis of valuation used
is current market value.
Plant and equipment is valued at cost in accordance with Queensland Treasury's
Non-Current Asset Accounting Policies for the Queensland Public Sector
.
Property, Plant and
Art
Library Plant
Total
Equipment Reconciliation
Works Heritage and
Collection Equipment
2008 2008 2008 2008
$'000 $'000 $'000 $'000
Carrying amount at 1 July
230 011
45 3654 233 710
Acquisitions
1629
-
232 1861
Donations received
2176
-
-
2176
Disposals
-
-
(36)
(36)
Assets reclassified as held for sale
-
-
-
-
(Note 13)
Revaluation increments
17 062
1
- 17 063
Revaluation decrements
-
-
-
-
Depreciation
-
-
(526)
(526)
Carrying amount at 30 June 2008 250 878
46 3324 254 248
15. Payables
Economic Economic Parent Parent
Entity Entity Entity Entity
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Trade creditors
414 1610
44 539
Other
647 263 647 263
Total
1061 1873 691 802
17. Asset Revaluation Reserve
Art
Library Total
by Class
Works Heritage
Collection
2008 2008 2008
$'000 $'000 $'000
Balance 1 July
116 779
3 116 782
Revaluation increments
17 062
1 17 063
Balance 30 June
133 841
4 133 845
The asset valuation reserve represents the net effect of upwards and
downwards revaluations of assets to fair value.
16. Accrued Employee Benefits
Economic Economic Parent Parent
Entity Entity Entity Entity
2008 2007 2008 2007
$'000 $'000 $'000 $'000
Current
Employer superannuation
contributions payable
35
25
35
25
Long service leave levy payable
62
51
62
51
Recreation leave
922 842
922 842
Wages outstanding
238 174 238 174
Total
1257 1092 1257 1092
Non-current
Recreation leave
758 834
758 834
Total
758 834
758
834