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FINANCIAL STATEMENTS
Queensland Art Gallery Board of Trustees Annual Report 2013–14
PART B
25
25
Queensland Ar t Gallery Board of Trustees
Notes to and forming par t of the Financial Statements 2013–14
2014 Property, Plant and Equipment Reconciliation
Art
Collection
Library
Heritage
Collection
Plant and
Equipmen
t
Leasehol
d
Improve-
ment
Work in
Progress
Total
2014
2014
2014
2014
2014
2014
$000
$000
$000
$000
$000
$000
Fair value category
Level 3 Level 3
N/A
N/A
N/A
Carrying amount at 1 July
313,520
291
1,687
1,700
- 317,198
Acquisitions
4,167
1
133
-
4
4,305
Transfer
-
-
-
-
-
-
Donations received
1,155
-
-
-
-
1,155
Disposals
(50)
-
(68)
-
-
(118)
Gains (losses) recognised in
operating result:
Impairment losses
-
-
-
-
-
-
Gains (losses) recognised in
other comprehensive income:
Net revaluation increments
(decrements) –
unrealised
2,293
2
-
-
-
2,295
Depreciation
-
-
(457)
(233)
-
(690)
Carrying amount at 30
June
321,085
294
1,295
1,467
4 324,145
2013 Property, Plant and Equipment Reconciliation
Art
Collection
Library
Heritage
Collection
Plant and
Equipmen
t
Leasehol
d
Improve-
ment
Work in
Progress
Total
2013
2013
2013
2013
2013
2013
$000
$000
$000
$000
$000
$000
Carrying amount at 1 July
303,154
219
2,019
1,933
96
307,421
Acquisitions
1,906
9
144
-
-
2,059
Transfers
-
-
96
-
(96)
-
Donations received
2,860
62
-
-
-
2,922
Gains (losses) recognised in
other comprehensive income
Net revaluation increments
(decrements) –
unrealised
5,600
1
-
-
-
5,601
Depreciation
-
-
(572)
(233)
-
(805)
Carrying amount at 30
June
313,520
291
1,687
1,700
-
317,198
Refer to Notes 1 (i), 1 (j), 1 (k),1 (l), 1 (m), and 1 (n) for further information regarding policies in
relation to costing, valuation and depreciation of property, plant and equipment. Because of the
individual nature of most of the items in the Gallery’s Artwork and Library Heritage Collections,
items are generally valued on an individual basis. Consequently, it is not possible to provide any
quantifiable information about significant unobservable inputs used in the fair value
measurement of each item in the Gallery’s Collection. Based on the valuations carried out by
the Gallery’s curatorial staff and independent valuers, a 10% increase/decrease in the price of
similar works would result in a $31.4m increase/decrease in the valuation of the Collection.