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FINANCIAL STATEMENTS
Queensland Art Gallery Board of Trustees Annual Report 2013–14
PART B
27
27
Queensland Ar t Gallery Board of Trustees
Notes to and forming par t of the Financial Statements 2013–14
20. Transactions in relation to the Queensland Art Gallery | Gallery of Modern
Art Foundation Committee (cont.)
Amounts included in the Gallery’s Statement of Financial Position in respect of the Queensland
Art Gallery | Gallery of Modern Art Foundation Committee are as follows:
2014
2013
$000
$000
Current Assets
Cash and cash equivalents
796
480
Receivables
84
126
Non-cash assets held for sale
9
-
Total Current Assets
889
606
Non-Current Assets
Other financial assets – QIC Growth Fund
13,992
11,574
Other financial assets – QTC Capital
Guaranteed Fund
976
902
Other financial assets – fixed interest term
deposits
7,000
6,000
Total Non-Current Assets
21,968
18,476
Total Assets
22,857
19,082
Current Liabilities
Payables
243
161
Total Liabilities
243
161
Net Assets
22,614
18,921
Net assets of the Queensland Art Gallery | Gallery of Modern Art Foundation Committee
that must be preserved based on the conditions imposed at the time of donation or
bequest are as follows:
Economic Entity
Parent Entity
2014
2013
2014
2013
Item
Restriction
$000
$000
$000
$000
Queensland
Government
contributions
Only income can be
used for acquisitions or
exhibition purposes
8,722
8,472
8,722
8,472
Other
private
donations to
the
Foundation
Only income can be
used for acquisitions or
exhibition purposes
11,000
7,000
11,000
7,000
Bequests
For purposes specified
in the original bequest,
such as a prize or
scholarship
915
902
915
902
20,637
16,374
20,637
16,374
During 2012–13, the Queensland Art Gallery Foundation was wound up and its assets
and liabilities transferred to the new Queensland Art Gallery |Gallery of Modern Art
Foundation Committee, which is a committee of the Queensland Art Gallery Board of
Trustees. As part of this, assets and liabilities of $18.593m were transferred, which is
recorded in the Statements of Changes of Equity for the year ended 30 June 2013. Full
details on this transfer can be found in the 2012–13 financial statements.
Further information on the operations of the Queensland Art Gallery | Gallery of Modern
Art Foundation Committee can be found in the
Year in Review 2013–14
.