This is trial version www.adultpdf.com 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 funding ($) 0.30 0.32 0.39 0.50 0.44 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. This is trial version www.adultpdf.com 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 Sale of goods and services 9,177 8,616 Investment revenue 8,614 8,306 Grants 7,388 6,902 Other revenue 1,594 1,214 TOTAL REVENUE 26,773 25,038 Personnel services 5,659 5,483 Other expenses 20,589 18,876 TOTAL EXPENSES 26,248 24,359 SURPLUS 525 679 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 Current assets 10,695 11,025 Non-current assets 740,651 733,290 TOTAL ASSETS 751,346 744,315 Current liabilities 4,736 5,339 Non-current liabilities 6,106 6,816 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. This is trial version www.adultpdf.com _______________________________________________________________ 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 . This is trial version www.adultpdf.com 54 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine 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. FINANCIAL INFORMATION Year ended 30 June 2009 2008 $’000 $’000 Revenue 1,026 1,013 Expenses 801 743 Surplus 225 270 Net assets (at 30 June) 696 470 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 . This is trial version www.adultpdf.com 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. FINANCIAL INFORMATION Abridged Consolidated Income Statement Year ended 28 February 2009* 2008** $’000 $’000 Government grant 25,000 25,000 Membership fees 16,866 17,585 Event hire fees 7,963 7,310 General 36,977 36,388 TOTAL INCOME 86,806 86,283 Event operating costs 9,564 9,206 Staff related expenses 13,452 12,363 General 37,575 33,126 TOTAL EXPENDITURE 60,591 54,695 SURPLUS 26,215 31,588 * Year ended 28 February 2009. ** Year ended 29 February 2008. This is trial version www.adultpdf.com Sydney Cricket and Sports Ground Trust _____________________________________________________________ 56 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine 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 Current assets 12,845 9,613 Non-current assets 559,236 510,563 TOTAL ASSETS 572,081 520,176 Current liabilities 33,144 30,257 Non-current liabilities 41,855 19,052 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). TRUST ACTIVITIES 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 This is trial version www.adultpdf.com 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. FINANCIAL INFORMATION Year ended 30 June Consolidated Trust 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Revenue 3,599 3,955 3,599 3,955 Salaries and related expenses 1,723 1,709 Other expenses 2,757 2,771 4,480 4,480 Loss 881 525 881 525 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. TRUST ACTIVITIES 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 . This is trial version www.adultpdf.com Wollongong Sportsground Trust ____________________________________________________________________ 58 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine 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 This is trial version www.adultpdf.com 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 This is trial version www.adultpdf.com [...]...This is trial version www.adultpdf.com . 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. 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. 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