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Queensland Art Gallery Board of Trustees Annual Report 2013–14
FINANCIAL STATEMENTS
PART B
26
26
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
17. Payables
Trade creditors
377
551
377
551
Taxes
92
89
92
89
Artwork accruals
655
15
655
15
Other
1,026
930
1,026
930
Total
2,150
1,585
2,150
1,585
18. Accrued Employee Benefits
Current
Salaries and wages outstanding
196
169
196
169
Employee superannuation contributions payable
22
-
22
-
Parental leave payable
5
9
5
9
Long service leave payable
119
120
119
120
Recreation leave payable
1,918
1,809
1,918
1,809
Total
2,260
2,107
2,260
2,107
19. Other Current Liabilities
Unearned revenue
256
157
256
157
20. Transactions in relation to the Queensland Art Gallery | Gallery of Modern
Art Foundation Committee
Included in the Gallery’s Statement of Comprehensive Income and Statement of
Financial Position as at 30 June 2014 are the following income and expenses of the
Queensland Art Gallery | Gallery of Modern Art Foundation Committee. The earnings
and net assets of the Committee are only available for use in accordance with the
Committee’s charter and, in addition, some of the earnings and net assets have further
restrictions in relation to their use, based on the conditions imposed at the time of
donation or bequest.
Amounts included in the Gallery’s Statement of Comprehensive Income in respect of the
Queensland Art Gallery | Gallery of Modern Art Foundation Committee are as follows:
2014
2013
$000
$000
Income from Continuing Operations
Revenue
Government Grants
500
500
Donations – cash
5,557
878
Bequests – cash
74
890
Donations – artwork
1,152
1,414
Services received at below fair value
-
216
Interest
186
310
Other revenue
122
1,280
Gains
Gains on revaluations of investments
1,764
834
Total Income from Continuing Operations
9,355
6,322
Expenses from Continuing Operations
Contributions to the QAG Board of Trustees
5,524
2,621
Services received at below fair value
-
216
Other expenses
138
201
Total Expenses from Continuing Operations
5,662
3,038
Operating Result from Continuing Operations
3,693
3,284