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QUEENSLAND ART GALLERY ANNUAL REPORT 2007–08
APPENDIXES
92
22. Financial Instruments
(a) Categorisation of Financial Instruments
The Gallery's activities expose it to a variety of financial risks as noted below. These are managed by the Foundation's Investment sub-committee in accordance
with the Fund Management Objectives and Strategies Policy approved by the Board of the Queensland Art Gallery.
The Gallery has the following categories of financial assets and financial liabilities:
Economic Economic
Entity
Entity
2008 2007
Category
Note
$'000 $'000
Financial Assets
Cash, cash equivalents and deposit notes
9, 11
10 999 5884
Managed funds and shares
11
11 650 15 291
Receivables
10
1039 849
Total
23 688 22024
Financial Liabilities
Payables
15
1061 1873
Total
1061 1873
(b) Credit Risk Exposure
Credit risk exposure refers to the situation where the Gallery may incur financial loss as a result of another party to a financial instrument failing to discharge
their obligation.
The maximum exposure to credit risk at balance date in relation to each class of recognised financial assets is the carrying amount of those assets inclusive of
any provisions for impairment.
The following table represents the Gallery's maximum exposure to credit risk based on contractual amounts net of any allowances:
Economic Economic
Entity
Entity
Maximum Exposure to Credit Risk
2008 2007
Category
Note
$'000 $'000
Financial Assets
Cash and cash equivalents
9, 11
10 999 5884
Managed funds and shares
11
11 650 15 291
Receivables
10
1039
849
Total
23 688 22 024