Description of Basic Financial Statements_part1 pdf

Its principal objectives are to:  maintain and improve Trust lands  encourage the use and enjoyment of Trust lands by promoting and increasing the recreational, historical, scientific,

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Auditor-General’s Report to Parliament 2009 Volume Nine 51

Centennial Park and Moore Park 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

PERFORMANCE ISSUES

Park Visits

The table below shows that visits have increased steadily over the past five years While the cost per visit has also increased slightly over this period, government funding per visit has declined substantially This indicates the Trust has been able to generate revenues to meet increasing costs and reduce reliance on government funding

Year ended 30 June 2009 2008 2007 2006 2005

Annual number and costs per visit

Annual number of visits (‘000s) 5,967 5,790 5,620 5,460 5,327 Cost per visit including depreciation ($) 4.40 4.21 4.10 3.90 3.93 Cost per visit – maintenance ($) 0.57 0.53 0.56 0.47 0.66 Net cost to government per visit – recurrent

Source: Centennial Park and Moore Park Trust Annual Report (unaudited).

HIGHLIGHTS

The Trust has completed its seven year $50 million Park Improvement Plan The main achievements

in 2008-09 were:

 The construction of the Korean War Memorial in Moore Park to commemorate the Australian and Korean veterans of the Korean War The construction was funded by the Department of Commerce

 Refurbishment and extension of Centennial Parklands Restaurant including new public amenities and visitor information counter The facility opened to the public in October 2008

 Completion of a new playground, which was launched by the Minister for Sport and Recreation, the installation of new accessible picnic facilities and a path adjacent to the Centennial Parklands Restaurant

 Environmental improvements to Kensington and Busby Ponds verges and stormwater treatment, and continued tree replacement program

 Restoration and installation of the historic Centennial Park Round House Weather Station

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Centennial Park and Moore Park Trust

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

FINANCIAL INFORMATION

Abridged Operating Statement

Year ended 30 June 2009 2008

$’000 $’000

TOTAL REVENUE 26,773 25,038

TOTAL EXPENSES 26,248 24,359

The Trust’s revenue increased by $1.7 million compared to the previous year This is largely attributed to an increase in Moore Park Golf Course revenues of $300,000, an increase in event revenue of $300,000 and recouped maintenance and operating costs Grant revenues increased by

$400,000 primarily due to the donation of a Korean Memorial from the Department of Commerce with an in-kind value of $800,000 This was offset, in part, by a decrease in the Department of Arts, Sport and Recreation grant of $400,000

Expenses increased by $1.9 million in the current year This was primarily due to the following:

 increased depreciation expense as a result of new infrastructure during the year

 increased maintenance and operating costs for Moore Park Golf Course

 increased maintenance repairs within parklands

 increased external contractors fees due to more events being held including World Youth Day

 a four per cent increase in salaries

Abridged Balance Sheet

At 30 June 2009 2008

$’000 $’000

TOTAL ASSETS 751,346 744,315

TOTAL LIABILITIES 10,842 12,155

NET ASSETS 740,504 732,160

The increase in non-current assets was due to a revaluation of building, infrastructure and trees during the year

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_ Centennial Park and Moore Park Trust

Auditor-General’s Report to Parliament 2009 Volume Nine 53

TRUST ACTIVITIES

The Trust is constituted under the Centennial Park and Moore Park Trust Act 1983 It is subject to

the control and direction of the Minister for Sports and Recreation Its principal objectives are to:

 maintain and improve Trust lands

 encourage the use and enjoyment of Trust lands by promoting and increasing the recreational, historical, scientific, educational, cultural and environmental value of those lands

 maintain the right of the public to the use of Trust lands

 ensure the protection of the environment within Trust lands

For further information on the Parklands, refer to www.cp.nsw.gov.au

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Centennial Parklands Foundation AUDIT OPINION

The audit of the Foundation’s financial report for the year ended 30 June 2009 resulted in a qualified Independent Auditor’s Report

It is impractical for the Foundation to maintain an effective system of internal controls over donations it receives until their initial entry into the financial records Accordingly, we were unable

to express an opinion as to whether all donation revenues received by the Foundation were recorded

Year ended 30 June 2009 2008

$’000 $’000

Revenue included grants and donations of $500,000 ($500,000 in 2007-08) and goods and services received free of charge, $400,000 ($500,000) Expenditure included grants and donations to the Centennial Park and Moore Park Trust of $400,000 ($300,000)

Cash is invested with a major Australian bank Interest is earned on daily balances at the daily cash rate

The Foundation successfully raised $79,000 from the Evergreen fund raising dinner held on

11 October 2008 The money will be used to establish a Recycled Garden and Education Centre, providing a ‘classroom in the park’ complemented by a best practice recycled demonstration garden

The Foundation also provided more than $127,000 towards the Centennial Parklands tree replacement program with 213 semi-mature trees planted in 2008-09 A Green Corps program supported by the Commonwealth Government enabled ten trainees to assist with bush and pond system regeneration in the Parklands

FOUNDATION ACTIVITIES

The Foundation was established as an independent charitable organisation by the Centennial Park and Moore Park Trust under the ‘Centennial Parklands Foundation Deed’ in July 1998 Its principal objectives are to:

 preserve the natural environmental value of Centennial Parklands

 encourage and promote enjoyment of recreation and activity within natural surroundings

 recognise and appreciate the natural and historical significance of Centennial Parklands

 enhance and promote all other aspects of the environmental benefits provided by Centennial Parklands to be enjoyed by all members of the public, and

 provide information, education and research about the natural environment

For further information on the Foundation, refer to www.yourparklands.org.au

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Auditor-General’s Report to Parliament 2009 Volume Nine 55

Sydney Cricket and Sports Ground Trust

AUDIT OPINION

The audits of the Trust and its controlled entity’s financial reports for the year ended

28 February 2009 resulted in unqualified Independent Auditor’s Reports

OTHER INFORMATION

Victor Trumper Stand and the Sheridan Building

During 2008-09 both the Victor Trumper Stand and Sheridan Building were completed and officially opened Costs of $80.2 million (budget $82.3 million) were incurred on the Victor Trumper Stand, and $11.6 million (budget $10.0 million) on the Sheridan Building

We identified some minor opportunities for improvement in internal control and reported them to management

Abridged Consolidated Income Statement

Year ended 28 February 2009* 2008**

$’000 $’000

TOTAL INCOME 86,806 86,283

TOTAL EXPENDITURE 60,591 54,695

SURPLUS 26,215 31,588

* Year ended 28 February 2009

** Year ended 29 February 2008

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Sydney Cricket and Sports Ground Trust _

The Trust received a $25.0 million grant from the Commonwealth Government which matched the New South Wales Government commitment to the Victor Trumper Stand project

Abridged Consolidated Balance Sheet

At 28 February 2009* 2008**

$’000 $’000

TOTAL ASSETS 572,081 520,176

TOTAL LIABILITIES 74,999 49,309

NET ASSETS 497,082 470,867

* Year ended 28 February 2009

** Year ended 29 February 2008

Non-current liabilities increased due to higher borrowings to fund the Victor Trumper Stand development At 28 February 2009 borrowings from New South Wales Treasury Corporation were

$44.3 million ($16.0 million in 2007-08)

The Trust is responsible for the care, control and management of the Sydney Cricket Ground and the adjacent Sydney Football Stadium

The Sydney Cricket and Sports Ground Act 1978 established the Trust as a Corporation

The Trust is subject to the control and direction of the Minister for Sport and Recreation

For further information on the Trust, refer to www.scgt.nsw.gov.au

CONTROLLED ENTITY

The following controlled entity has not been reported on separately as it is not considered material

by its size or the nature of its operations to the consolidated entity

Entity Name

Sydney Cricket and Sports Ground Trust Division

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Auditor-General’s Report to Parliament 2009 Volume Nine 57

Wollongong Sportsground Trust AUDIT OPINION

The audits of the Trust and its controlled entity’s financial reports for the year ended 30 June 2009 resulted in unqualified Independent Auditor’s Reports

KEY ISSUE

The Trust’s biggest challenge is to become financially self sufficient and to provide effectively for the maintenance and replenishment of its key assets, the WIN Entertainment Centre and WIN Stadium

A major priority of the Trust is to replace the ageing Western Grandstand so WIN Stadium meets national and international standards and remains competitive in attracting significant sporting events On 16 October 2009, the NSW government announced it would provide $28.9 million to replace the Western Grandstand

Year ended 30 June Consolidated Trust

2009 2008 2009 2008

$’000 $’000 $’000 $’000

Salaries and related expenses 1,723 1,709

Net assets (at 30 June) 56,661 55,586 56,661 55,586

The decrease in revenues was mainly due to fewer events and lower event returns at the Entertainment Centre, including music concerts, family events and conferences

Net assets increased primarily as a result of a revaluation of land and buildings, comprising both the

Stadium and the Entertainment Centre, by $2.0 million

The Trust is constituted by the Wollongong Sportsground Act 1986 The Trust’s major objectives are

to:

 develop the Wollongong Showground for tourist and recreation purposes

 encourage, promote and facilitate the use and enjoyment of the Trust lands by members of the public

The Trust is responsible for the care, control and management of the vested land and the public facilities provided, which most notably are the WIN Entertainment Centre and the adjacent WIN Stadium It is subject to the control and direction of the Minister for Sport and Recreation

For further information on the Trust refer to www.wec.org.au

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Wollongong Sportsground Trust

CONTROLLED ENTITY

The following controlled entity has not been reported on separately as it was not considered material by its size or the nature of its operations to the consolidated entity

Entity Name

Wollongong Sportsground Trust Division

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59

Minister for the Arts

Art Gallery of New South Wales Trust

Australian Museum Trust Department of the Arts, Sport and Recreation Historic Houses Trust of New South Wales

Library Council of New South Wales

Sydney Opera House Trust Trustees of the Museum of Applied Arts and Sciences

Refer to Appendix 1 for:

Art Gallery of New South Wales Foundation New South Wales Film and Television Office

The Brett Whiteley Foundation

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