113 / 118
FINANCIAL STATEMENTS
Queensland Art Gallery Board of Trustees Annual Report 2013–14
PART B
33
33
Queensland Ar t Gallery Board of Trustees
Notes to and forming par t of the Financial Statements 2013–14
28. Financial Instruments (cont.)
(g) Fair Value
The following financial instruments are held at fair value:
Classification of financial
instruments
Total
Carrying
Amount
2014
Level 1 Level 2 Level 3
$'000
$'000
$'000
$'000
Financial Assets
QTC Capital Guaranteed Cash Fund
-
976
-
976
QIC Growth Fund
-
13,992
-
13,992
Total
-
14,968
-
14,968
Classification of financial
instruments
Total
Carrying
Amount
2013
Level 1 Level 2 Level 3
$'000
$'000
$'000
$'000
Financial Assets
QTC Capital Guaranteed Cash Fund
-
902
-
902
QIC Growth Fund
-
11,574
-
11,574
Total
-
12,476
-
12,476
The fair value of the Gallery’s investments in the QTC Capital Guaranteed Cash Fund and
the QIC Growth Fund are classified as Level 2 as the values of these investments are
provided to the Gallery by these external bodies at 30 June each year, and are unadjusted
by the Gallery.