AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume Nine 2009_part5 potx

39 Minister for Lands Wentworth Park Sporting Complex Trust This is trial version www.adultpdf.com... Licence termination In November 2008, after 75 years of racing at Wentworth Park,

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39

Minister for Lands

Wentworth Park Sporting Complex Trust

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Auditor-General’s Report to Parliament 2009 Volume Nine 41

Wentworth Park Sporting Complex Trust

AUDIT OPINION

The audit of the Trust’s financial report for the year ended 30 June 2009 resulted in an unqualified Independent Auditor’s Report

KEY ISSUES

Unresolved Loan Repayment – Repeat Issue

I have previously recommended that the Trust endeavour to reach agreement with

Greyhound Racing NSW regarding the treatment of monies provided in 1985-87 by the

former Racecourse Development Fund

The Trust records a loan of $6.5 million payable to Greyhound Racing NSW The money was provided in the period 1985-87 by the former Racecourse Development Fund (the Fund) to finalise construction of the main grandstand At that time, grant status was not attached to the loan The loan was finally transferred to Greyhound Racing NSW following privatisation of the TAB and winding up of the Fund

The Trust’s Board advised that it does not have the capacity to repay the loan and believes that, in respect of original arrangements, there is no obligation for repayment The Trust and Greyhound Racing NSW continue to discuss the status of the loan and the Trust believes the issue will be finalised in 2009-10

Licence termination

In November 2008, after 75 years of racing at Wentworth Park, the NSW National Coursing Association terminated its licence with the Trust and ceased metropolitan racing operations The NSW Greyhound Breeders, Owners and Trainers Association is expected to conduct greyhound racing 104 times per year as sole licensee

FINANCIAL INFORMATION

$’000 $’000

The increase in expenditure was largely due to a $332,000 decrement on the revaluation of Trust buildings (not including the grandstand), an increase in repairs and maintenance costs of $199,000, and $66,000 in demolition costs incurred to remove an old grandstand

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Wentworth Park Sporting Complex Trust

42 _ Auditor-General’s Report to Parliament 2009 Volume Nine

TRUST ACTIVITIES

The Trust is established under the Crown Lands Act 1989 Its main function is the care, control and

management of the Reserve (Wentworth Park Sporting Complex) It is under the control of the Minister for Lands

The Trust is empowered to grant leases, subject to Ministerial approval, and licences for the use of the Wentworth Park Sporting Complex for prescribed purposes

For further information on the Trust refer to www.wentworthparksport.com.au

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Minister for Planning

Sydney Olympic Park Authority

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Sydney Olympic Park Authority

AUDIT OPINION

The audits of the Authority and its controlled entities’ financial reports for the year ended

30 June 2009 resulted in unqualified Independent Auditor’s Reports

Unless otherwise stated, the following commentary relates to the consolidated entity

OTHER INFORMATION

We identified opportunities for improvement to accounting and internal control procedures and

have reported them to management

Master Plan 2030

The Authority has adopted Master Plan 2030 The Master Plan is aimed at providing a comprehensive blueprint for the sustainable development of the Park over the next 21 years The Authority anticipates that construction of new high-grade commercial office space, medium to high density housing, education campus facilities and retail outlets will support an expected daily population of up to 45,000 people by 2030

Major Projects at the Park

In the 2009 financial year the Commonwealth Bank of Australia completed the last of three new office buildings The complex provides 61,000 square metres of office space and accommodates 3,500 staff

Construction of a $51.0 million sports and specialist hospital is expected to commence in mid 2010

It will cater to an expected 155,000 patient visits per year when opened

Other developments planned or underway include:

 $320 million residential development

 $20 million office and retail development

 $20 million serviced apartment complex

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Sydney Olympic Park Authority _

FINANCIAL INFORMATION

Abridged Consolidated Income Statements

2009 2008 2009 2008

Depreciation and amortisation 50,706 40,547 50,706 40,547

Gain/(loss) on sale of non-current

Government contributions 34,914 20,660 34,106 20,070

The decrease in grants and subsidies expense is due to a one off $3.0 million contribution paid to the Roads and Traffic Authority for intersection upgrade works in the previous year

Total revenue increased mainly due to rises in car park receipts, commercial leases and revenue from the Sydney Olympic Park Aquatic and Athletic Centres

Other gains primarily represent the emerging value of the right to receive assets over the concession period

The increase in government contributions is mainly due to lower asset sales transferred to the Crown Entity, due to the final instalment of $19.0 million being paid on the former Lidcombe Hospital site in the prior year

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_ Sydney Olympic Park Authority

Abridged Consolidated Balance Sheets

2009 2008 2009 2008

Non-current assets 1,768,636 1,701,713 1,768,636 1,701,713

TOTAL ASSETS 1,820,748 1,755,721 1,819,158 1,753,631

Non-current Liabilities 55,345 46,353 55,345 46,353

NET ASSETS 1,749,782 1,693,853 1,748,244 1,691,859

The increase in non-current assets is primarily due to the revaluation of infrastructure which increased by $79.3 million

Non-current liabilities rose due to the deferral of income received in advance for long term leases

of land sites

AUTHORITY’S ACTIVITIES

The Authority was established in July 2001 by the Sydney Olympic Park Authority Act 2001, as a

statutory body It assumed certain assets and rights of the Olympic Coordination Authority, Bicentennial Park Trust and the State Sports Centre

Under the Act, the Authority:

 promotes, coordinates and manages the orderly and economic development and use of Sydney Olympic Park, including the provision and management of infrastructure

 conducts cultural, sporting, educational, commercial, tourist, recreational, entertainment, and transport activities and facilities

 protects and enhances the natural and cultural heritage of Sydney Olympic Park, including the Millennium Parklands

 provides, operates, and maintains public transport facilities within Sydney Olympic Park

 liaises with and maintains arrangements with Olympic organisations, such as the International Olympic Committee and the Australian Olympic Committee Incorporated

For further information on the Authority, refer to www.sopa.nsw.gov.au

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Sydney Olympic Park Authority _

CONTROLLED ENTITIES

The following controlled entities have not been reported on separately as they are not considered material by their size or the nature of their operations to the consolidated entity

For further financial and other information on these entities we have listed the entities’ websites

Entity Name Website

Office of the Sydney Olympic Park Authority *

Parklands Foundation Limited www.parklandsfoundation.org.au

Sydney Olympic Park Authority Sydney

Olympic Park Aquatic and Athletic

Centres Division

*

* These entities do not have websites

On 10 September 2009, the Authority as the sole member of Parklands Foundation Limited resolved

to wind up the Foundation Any existing programs will be consolidated into the Authority

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Minister for Sport and Recreation

Centennial Park and Moore Park Trust Centennial Parklands Foundation

*Hunter Region Sporting Venues Authority Sydney Cricket and Sports Ground Trust

Wollongong Sportsground Trust

Refer to Appendix 1 for:

Boxing Authority of New South Wales

New South Wales Institute of Sport

Parramatta Park Trust State Sports Centre Trust Sydney 2009 World Masters Games Organising Committee

* The audit was incomplete at the time of compiling this Volume

The comment will be included in a later 2009 Volume

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