67 Treasurer Residual Business Management Corporation This is trial version www.adultpdf.com This is trial version www.adultpdf.com Auditor-General’s Report to Parliament 2009 Volume Three _________________________________________ 69 Residual Business Management Corporation AUDIT OPINION The audits of the Corporation and its controlled entities’ (the Group) financial reports for the year ended 30 June 2008 resulted in unqualified Independent Auditor’s Reports. Unless otherwise stated the following commentary relates to the consolidated entity. OTHER INFORMATION Oversight and Delays in Financial Reporting Delays in finalising the financial reports for 2008 were mainly due to the Group’s desire to resolve uncertainty over the recoverability of future royalty payments. New contracts signed in early 2009 resolved this situation. In Volume Two of the 2008 Report to Parliament we recommended The Treasury formalise its oversight of the Group. While a formal agreement has not proceeded a closer relationship was established between the Group and The Treasury. FINANCIALINFORMATIONAbridged Consolidated Income Statements Year ended 30 June Consolidated Parent 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Total revenue 998 3,871 441 441 Total expenditure 5,523 5,934 3,522 1,993 Loss 4,525 2,063 3,081 1,552 The loss was mainly due to a $3.6 million reduction in estimated royalty payments to be received. The reduction was due to uncertainty whether the royalties would be received as the party responsible for the royalty payments was experiencing financial difficulties. This is trial version www.adultpdf.com Residual Business Management Corporation __________________________________________________________ 70 _________________________________________ Auditor-General’s Report to Parliament 2009 Volume Three Abridged Consolidated Balance Sheets At 30 June Consolidated Parent 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Current assets 15,148 18,022 1,790 5,460 Non-current assets 280 5,605 1,466 4,093 TOTAL ASSETS 15,428 23,627 3,236 9,553 Current liabilities 598 4,147 14 3,250 Non-current liabilities 345 470 TOTAL LIABILITIES 943 4,617 14 3,250 NET ASSETS 14,485 19,010 3,222 6,303 Current assets include $13.1 million of cash and investments. The decrease in total assets is mainly due to a $3.6 million decrease in superannuation assets, and the $3.6 million write down in royalties receivable. The decrease in current liabilities is mainly due to a decrease in superannuation liabilities of $3.0 million. CORPORATION ACTIVITIES The Corporation is a statutory authority constituted by the Pacific Power (Dissolution) Act 2003. It is responsible for managing of the residual assets, rights and liabilities of the former Pacific Power and has no role in undertaking new business activities. For further information on the Corporation, refer to www.pacificpower.net.au . 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. Entity Name Website Pacific Power (Subsidiary No. 1) Pty Ltd www.pacificpower.net.au Pacific Solar Pty Limited www.pacsolar.com.au This is trial version www.adultpdf.com Appendix 71 Appendix 1 Agencies not reported elsewhere in this Volume This is trial version www.adultpdf.com This is trial version www.adultpdf.com Auditor-General’s Report to Parliament 2009 Volume Three _________________________________________ 73 Appendix 1 – Agencies not reported elsewhere in this Volume The following audits resulted in unqualified independent auditor’s reports and did not identify any significant issues or risks. Entity Name Website Period/Year Ended CCP Holdings Pty Limited * 30 June 2009 Cobbora Coal Unit Trust * 30 June 2009 Cobbora Management Company Pty Limited * 30 June 2009 Cobbora Unincorporated Joint Venture * 30 June 2009 Festival Development Corporation www.mpp.nsw.gov.au 30 June 2008 Newcastle International Sports Centre Trust * 30 June 2008 State Council of Rural Lands Protection Boards www.lhpa.org.au 31 December 2007 - State Council of Rural Lands Protection Boards Division * 31 December 2007 Trustees of the Farrer Memorial Research Scholarship Fund www.agric.nsw.gov.au/reader/farrer- memorial 31 December 2008 * The entity does not have a website. This is trial version www.adultpdf.com This is trial version www.adultpdf.com Index 75 This is trial version www.adultpdf.com . relationship was established between the Group and The Treasury. FINANCIAL INFORMATION Abridged Consolidated Income Statements Year ended 30 June Consolidated Parent 2008 2007 2008. commentary relates to the consolidated entity. OTHER INFORMATION Oversight and Delays in Financial Reporting Delays in finalising the financial reports for 2008 were mainly due to the Group’s. Corporation AUDIT OPINION The audits of the Corporation and its controlled entities’ (the Group) financial reports for the year ended 30 June 2008 resulted in unqualified Independent Auditor’s