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Queensland Art Gallery Board of Trustees Annual Report 2013–14
FINANCIAL STATEMENTS
PART B
28
28
Queensland Ar t Gallery Board of Trustees
Notes to and forming par t of the Financial Statements 2013–14
21. Other Restricted Assets held by the Queensland Art Gallery
Included in the Gallery’s Statement of Financial Position are the following assets that are
restricted in their use.
2014
2013
2014
2013
$000
$000
$000
$000
Bequests
For purposes
specified in the
original bequest, such
as a prize or
scholarship
383
369
383
369
22. Asset Revaluation Surplus
Artwork
Collection
Library Heritage
Collection
Total
2014
2013
2014
2013
2014
2013
$000
$000
$000
$000
$000
$000
Balance 1 July
164,055 158,455
84
83 164,139 158,538
Revaluation increment
2,293
5,600
2
1
2,295
5,601
Balance 30 June
166,348 164,055
86
84 166,434 164,139
23. Reconciliation of Operating Surplus to Net Cash from Operating Activities
Economic Entity
Parent Entity
2014
2013
2014
2013
$000
$000
$000
$000
Operating surplus/(deficit)
11,924
4,491 11,924
1,535
Depreciation expense
690
805
690
805
Loss/(gain) on sale of property, plant and equipment
68
(24)
68
(24)
Donated assets received
(1,165) (2,923) (1,165) (2,923)
Gain/(loss) on investments at fair value through profit
and loss
(1,764) (1,942) (1,764)
(28)
Other non-cash items
(17)
-
(17)
-
Prior year capitalisation adjustment
-
(614)
-
(614)
Changes in assets and liabilities:
(Increase)/decrease in GST input tax credits receivable
17
108
17
107
(Increase)/decrease in net receivables
(192)
131
(192)
33
(Increase)/decrease in inventories
18
100
18
100
(Increase)/decrease in prepayments
(115)
18
(115)
18
Increase/(decrease) in payables
(88)
183
(88)
189
Increase/(decrease) in accrued employee benefits
153
(42)
153
(42)
Increase/(decrease) in other current liabilities
99
147
99
147
Net Cash from Operating Activities
9,628
438
9,628
(697)
24. Non-Cash Investing Activities
The Gallery receives non-cash assets in the form of artwork donations, Library Heritage
Collection donations, and advertising and promotional services provided under contra
sponsorship arrangements. These items are recognised as revenues as set out in Note 2.
Artwork donations and Library Heritage Collection donations are recorded under Property,
Plant and Equipment, while advertising and promotional services are recorded as expenses.