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FINANCIAL STATEMENTS
Queensland Art Gallery Board of Trustees Annual Report 2013–14
PART B
23
23
Queensland Ar t Gallery Board of Trustees
Notes to and forming par t of the Financial Statements 2013–14
Economic Entity
Parent Entity
2014
2013
2014
2013
$000
$000
$000
$000
8.
Supplies and Services
Advertising, promotion and public relations
2,238
2,380
2,238
2,379
COGS on food & beverage sales
1,165
1,546
1,165
1,546
COGS on retail sales
1,608
1,496
1,608
1,496
Contractors and consultants
2,557
2,570
2,557
2,560
Other exhibition related expenses
368
2,192
368
2,192
Other supplies and services
1,501
1,909
1,501
1,908
Postage, freight and storage
920
1,274
920
1,274
Property equipment and maintenance costs
3,884
4,419
3,884
4,419
Stationery, printing books and publications
1,099
1,193
1,099
1,171
Telecommunications and access fees
207
149
207
149
Travel expenses
451
455
451
455
Total
15,998
19,583
15,998
19,549
9.
Grants and Subsidies
Grants to the Qld Art Gallery Foundation
-
-
-
500
Grants other
10
11
10
11
Total
10
11
10
511
10.
Depreciation
Depreciation was incurred in respect of:
Plant and equipment
457
572
457
572
Leasehold improvements
233
233
233
233
Total
690
805
690
805
11. Other Expenses
Audit fees – external*
56
54
56
50
Bad debt expense
28
-
28
-
Bank and investment fees
156
180
156
94
Donations transferred to the Foundation
-
-
-
1,320
Ex gratia payments
-
1
-
1
Insurance premiums – Other
30
78
30
78
Insurance premiums – QGIF
184
182
184
182
Loss on sale of plant and equipment
68
-
68
-
Other
37
56
37
56
Prior year capitalisation artwork**
-
(614)
-
(614)
Repair to artwork damaged by courier***
-
23
-
23
Repayment to the Queensland Reconstruction
Authority****
-
269
-
269
Trustee fees and expenses
17
11
17
11
Total
576
240
576
1,470
*
Total audit fees paid to the Queensland Audit Office relating to the 2013–14 financial
statements are estimated to be $50,500 (2013: $49,400). There are no non-audit
services included in this amount.
**
Capitalisation of artwork construction costs that were expensed in the 2011–12 year.
***
Cost of repair of $23,329 offset by insurance recoveries of $13,329 (brought to
account under other revenue) leaving a net cost to the Gallery of $10,000, which is the
Gallery’s insurance excess.
****
Repayment to Queensland Reconstruction Authority on finalisation of January 2011 flood
claim.