2013-14 Report

Queensland Art Gallery Board of Trustees Annual Report 2013–14

FINANCIAL STATEMENTS

PART B

Queensland Ar t Gallery Board of Trustees

Notes to and forming par t of the Financial Statements 2013–14

Objectives and Principal Activities of the Gallery

The principal object of the Gallery, as set out in the

Queensland Art Gallery Act 1987

, is to

contribute to the cultural, social and intellectual development of all Queenslanders.

The following guiding principles, also set out in the

Queensland Art Gallery Act 1987,

provide the

framework for the delivery of the Gallery’s programs and services:

•

Children and young people should be supported in their appreciation of, and involvement in, the

visual arts;

•

Content relevant to Queensland should be promoted and presented;

•

Capabilities for lifelong learning about the visual arts should be developed;

•

Respect for Aboriginal and Torres Strait Islander cultures should be affirmed;

•

There should be responsiveness to the needs of communities in regional and outer metropolitan

areas;

•

Diverse audiences should be developed;

•

Leadership and excellence should be provided in the visual arts; and

•

Opportunities should be developed for international collaboration and for cultural exports,

especially to the Asia Pacific region.

Details of principal activities in the 2013–14 financial year are set out in the Annual Report 2013–14.

1. Summary of Significant Accounting Policies

(a) Statement of Compliance

The Gallery has prepared these financial statements in compliance with section 43 of the

Financial and Performance Management Standard 2009

These financial statements are general purpose financial statements, and have been

prepared on an accrual basis in accordance with Australian Accounting Standards and

Interpretations. In addition, the financial statements comply with Queensland Treasury

and Trade’s Minimum Reporting Requirements for the year ended 30 June 2014, and

other authoritative pronouncements.

With respect to compliance with Australian Accounting Standards and Interpretations, the

Gallery has applied those requirements applicable to not-for-profit entities, as the Gallery

is a not-for-profit statutory body. Except where stated, the historical cost convention is

used.

(b) The Reporting Entity

In the financial statements, the term Parent Entity refers to the Queensland Art Gallery

Board of Trustees.

Up to 16 April 2013, the Economic Entity refers to the consolidated entity of the

Queensland Art Gallery Board of Trustees and the Queensland Art Gallery Foundation.

On 16 April 2013, 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. Consequently, from 17 April 2013, the revenues, expenses, assets, liabilities

and equity of the new Queensland Art Gallery | Gallery of Modern Art Foundation

Committee are included in the Parent Entity.

In the process of reporting on the Economic Entity, all transactions and balances between

the Queensland Art Gallery and the Queensland Art Gallery Foundation have been

eliminated in full.

Additional disclosure of significant issues pertaining to the operations of the Queensland

Art Gallery | Gallery of Modern Art Foundation Committee is provided at Note 20.