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FINANCIAL SUMMARY
Queensland Art Gallery Board of Trustees Annual Report 2013–14 75
FINANCIAL SUMMARY 2013–14
This summary provides an overview of financial performance
and position for 2013–14 for the Queensland Art Gallery |
Gallery of Modern Art (the Gallery).
1
Statement of Comprehensive Income
The Statement of Comprehensive Income sets out the income
and expenditure of the Gallery.
Statement of Comprehensive Income
2014
$000
2013
$000
Total Income
54 550 51 621
Total Expenses
42 626 47 130
Operating Result from Continuing
Operations
11 924 4 491
Other Comprehensive Income —
Increase in asset revaluation reserve
2 295 5 601
Total Comprehensive Income
14 219 10 092
Income
The income of the Gallery comes mainly from the Queensland
Government annual grant ($31.5m in 2013–14). Other major
sources were donations ($6.8m, both cash and artworks),
sponsorships ($2.1m, both cash and contra), exhibition
admission revenue ($3.2m), and retail, and food and beverage
revenue ($2.5m and $3.9m respectively). Income for 2013–14
was $2.9m above the previous financial year, refecting an
increase in donations ($2.1m) and exhibition admissions ($1.2m).
Expenses
Expenses for the Gallery were $42.6m in 2013–14. Major costs
were employee expenses (59% of total cost) and supplies and
services (38%). Expenditure in 2013–14 was down $4.5m over
the previous year mainly due to savings in exhibition and public
programming, and general supplies and services.
Operating Result from Continuing Operations
The Operating Result from Continuing Operations (income less
expenses) was $11.9m for the 2013–14 year — $4.2m was used
for the acquisition of artworks, $3.7m represented an increase
in the net assets of the Queensland Art Gallery | Gallery of
Modern Art Foundation Committee, and $1.2m was the value
of artworks donated to the Gallery, which, under accounting
requirements, is treated as income.
Other Comprehensive Income — Increase in asset
revaluation reserve
As at 30 June 2014, the Gallery’s Collection (artworks)
and Heritage Library Collection were revalued in line with
accounting requirements. The overall increase in the value
of these collections was $2.3m (approximately 1% of the value
of the total Collection).
Statement of Financial Position
The Statement of Financial Position sets out the Net Assets
(that is, assets less liabilities) and equity of the Gallery.
As at 30 June 2014, the Net Assets of the Gallery were
$353.1m, up $14.2m on the previous year (as per Total
Comprehensive Income).
The Gallery’s major asset was the Collection ($321.1m) and
other property ($3.0m).
Also contained in the Net Assets of the Gallery was $22.6m of
mainly financial assets held in respect of the Queensland Art
Gallery | Gallery of Modern Art Foundation Committee. Most
of these assets are donations which need to be retained and
invested under the terms of their original donation, with only
the interest used for acquisitions.
Comparison to the 2013–14 Budget
2
Statement of Comprehensive
Income
Actual
$000
Budget
$000
Variance
$000
Total Income
54 550 49 452 5 098
Total Expenses
42 626 46 602 (3 976)
Operating Result from
Continuing Operations
11 924 2 850 9 074
Other Comprehensive
Income — Increase in asset
revaluation reserve
2 295 5 000 (2 705)
Total Comprehensive Income 14 219 7 850 6 369
The favourable variance in income against budget was due
to greater than expected grants, donations and sponsorship
($3.8m), investment revenue and gains ($0.9) and user charges
($0.4m), while the favourable variance in expenditure against
budget was mainly due to savings in exhibition and public
programming, and general supplies and services. The increase
in the asset revaluation surplus arose from the revaluation of
the Collection.