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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
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.
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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.
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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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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
.
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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.
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.
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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
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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.
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
.
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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
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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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