Annual Report - QPAC

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QUEENSLAND PERFORMING ARTS TRUST NOTES Note 1 Objectives and Principal Activities of the Trust The objectives of the Trust are to produce, present, and manage the performing arts in the Queensland Performing Arts Centre, and elsewhere, as well as to promote and encourage either directly or indirectly the knowledge, understanding, appreciation, enjoyment of and participation in the performing arts. The Trust is partly funded for the outputs it delivers by Parliamentary appropriations. It also provides services on a fee for service basis including: venue rental, production crewing services, ticket sales, marketing services and equipment hire. Note 2 Significant Accounting Policies (a) Basis of Accounting General These financial statements have been prepared in accordance with Australian Equivalents to International Financial Reporting Standards (AEIFRS). The financial statements comply with the Treasurer’s minimum reporting requirements for the year ended 30 June 2009. These financial statements are a general purpose financial report. This financial report has been prepared on an accrual and going concern basis with the exception of Trust Fund income and expenditure as detailed in note 5. The financial report has also been prepared under the historical cost convention except for certain assets at valuation (refer note 2 (c)). Accounting policies As stated above these financial statements have been prepared in accordance with AEIFRS. Comparative figures Comparative figures and disclosures have been restated and amended to accord with the current year’s presentation and disclosure. Classification between current and non-current In the determination of whether an asset or liability is current or non-current, consideration is given to the time when each asset or liability is expected to be realised or paid. The asset or liability is classified as current if it is expected to be turned over within the next twelve months. Rounding Unless otherwise stated, amounts in the report have been rounded to the nearest thousand dollars. (b) Revenue Recognition Revenue is recognised when goods or services are delivered. Services acquired for no cost The value of services received free of charge are recognised as revenue when received. Grants and other Contributions Grants, donations and gifts which are non-reciprocal in nature are recognised as revenue in the year in which the Trust receives them. Where grants are received that are reciprocal in nature, revenue is accrued over the term of the funding arrangements. Notes to the Financial Report for the year ended 30 June 2009 46
QUEENSLAND PERFORMING ARTS TRUST (c) Recognition and measurement of property, plant and equipment Acquisition The purchase method of accounting is used for all acquisitions of assets, being the fair value of the assets provided as consideration at the date of acquisition plus any incidental costs attributable to the acquisition. Recognition thresholds Items of property, plant and equipment with a cost or other value equal to or in excess of the following thresholds are capitalised in the year of acquisition. All other items are expensed in the year of acquisition: – Buildings and Infrastructure $10,000 – Land $1 – Plant and equipment $5,000 – Heritage and cultural assets $5,000 Revaluation Land, buildings, infrastructure, heritage and cultural assets are measured at fair value. All other assets are measured at cost. This is in accordance with the Queensland Treasury’s Non-Current Asset Accounting Policies for the Public Sector. Non-current physical assets measured at fair value are comprehensively revalued at least once every five years with interim valuations, using appropriate indices, being otherwise performed on an annual basis where the change would be material to that class of assets. Only those assets, the total values of which are material, compared to the value of the class of assets to which they belong, are comprehensively revalued. Separately identified components of assets are measured on the same basis as the assets to which they relate. Where the assets are revalued, the revaluation increments are credited directly to the asset revaluation reserve except to the extent that an increment reverses a prior year decrement for that class of asset that had been recognised as an expense, in which case the increment is recognised as revenue up to the amount of the expense. Revaluation decrements are recognised as an expense except where prior increments are included in the asset revaluation reserve for that class of asset, in which case the decrement is taken to the reserve to the extent of the remaining increments. Within the same class of assets, revaluation increments and decrements within the year are offset. Repairs and maintenance Routine maintenance, repair costs and minor renewal costs are expensed as incurred. Where the repair relates to the replacement of a component of an asset and the cost exceeds the capitalisation threshold the cost is capitalised and depreciated. Operating leases Lease payments for operating leases are recognised as an expense in the years in which they are incurred as this reflects the pattern of benefits derived by the Trust. Finance leases The Trust has not entered into any finance leases. (d) Depreciation and amortisation of property, plant and equipment Land is not depreciated as it has an unlimited useful life. Depreciation on buildings, infrastructure and equipment and motor vehicles, is calculated on a straight-line basis so as to write-off the net cost or revalued amount of each depreciable asset, less its estimated residual value, progressively over its estimated useful life to the Trust. Notes to the Financial Report for the year ended 30 June 2009 47
Page 1: QUE E N SL AND PERFORMING ARTS CE N
Page 4 and 5: 16 September 2009 The Honourable An
Page 6 and 7: The Best In Live Performance The Qu
Page 8 and 9: Chairman’s Report I am very pleas
Page 10 and 11: Director’s Report I am delighted
Page 12 and 13: Organisational Structure QPAC Board
Page 14 and 15: Summary of Outcomes FOCUS PRIORITIE
Page 16 and 17: Entertainment From the spectacle of
Page 18 and 19: Cultural Centre QPAC is ideally pos
Page 20 and 21: a second booking and further commun
Page 22 and 23: Engagement An impressive demonstrat
Page 24 and 25: Industry partners Based on common g
Page 26 and 27: Commercial Opportunities Delivering
Page 28 and 29: Redevelopment In order to deliver i
Page 30 and 31: The Queensland Performing Arts Trus
Page 32 and 33: FUTURE DIRECTION 30 Caroline O’Co
Page 34 and 35: BOARD OF TRUSTEES 32 Doch and the C
Page 36 and 37: a new stage production of The Pirat
Page 38 and 39: JULY LYRIC THEATRE 8 - 12 July Gise
Page 40 and 41: 21 - 22 November Dancing Feet Ashgr
Page 42 and 43: Operating Expenditure for the year
Page 44 and 45: QUEENSLAND PERFORMING ARTS TRUST IN
Page 46 and 47: QUEENSLAND PERFORMING ARTS TRUST CA
Page 50 and 51: QUEENSLAND PERFORMING ARTS TRUST (d
Page 52 and 53: QUEENSLAND PERFORMING ARTS TRUST (o
Page 54 and 55: QUEENSLAND PERFORMING ARTS TRUST No
Page 66 and 67: QUEENSLAND PERFORMING ARTS TRUST CE
Page 68 and 69: Independence The Financial Administ
Page 70: Queensland Performing Arts Centre C

Annual Report - QPAC

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