Description of Basic Financial Statements_part1 docx

75 Minister for Planning Refer to Appendix 1 for: Building Professionals Board Growth Centres Commission Hunter Development Corporation This is trial version www.adultpdf.com This is trial version www.adultpdf.com 77 Minister for Police Refer to Appendix 1 for: Ministry for Police New South Wales Crime Commission This is trial version www.adultpdf.com This is trial version www.adultpdf.com 79 Minister for Sport and Recreation Sydney Cricket and Sports Ground Trust Refer to Appendix 1 for: State Sports Centre Trust This is trial version www.adultpdf.com This is trial version www.adultpdf.com Auditor-General’s Report to Parliament 2008 Volume Four __________________________________________ 81 Sydney Cricket and Sports Ground Trust AUDIT OPINION The audits of the Trust and its controlled entity’s financial reports for the year ended 29 February 2008 resulted in unqualified Independent Auditor’s Reports. OTHER INFORMATION We identified some minor opportunities for improvement in internal control and reported them to management. New Hill Grandstand and Administration Office At 29 February 2008, costs of $35.0 million had been incurred on the $80.0 million Hill Grandstand project. The grandstand will increase seating capacity by 2,300 and occupy the sites previously known as the Doug Walters Stand and the Hill. At the same date, costs of $7.4 million had been incurred on a new $10.0 million administration office complex. In order to fund these capital projects the Trust has a borrowings ‘global’ limit with New South Wales Treasury Corporation of $100 million. Borrowings, comprising New South Wales Treasury Corporation loans, were $16.0 million at 29 February 2008. FINANCIAL INFORMATION Abridged Consolidated Income Statement Year ended 29 February 2008 2007* $’000 $’000 Government grant 25,000 Membership fees 17,585 15,337 Event hire fees 7,310 9,247 General 36,388 40,522 TOTAL INCOME 86,283 65,106 Event operating costs 9,206 10,275 Staff related expenses 12,363 12,296 General 33,126 37,036 TOTAL EXPENDITURE 54,695 59,607 SURPLUS 31,588 5,499 * Year ended 28 February 2007. This is trial version www.adultpdf.com Sydney Cricket and Sports Ground Trust _____________________________________________________________ 82 ___________________________________________Auditor-General’s Report to Parliament 2008 Volume Four The Trust received a $25.0 million grant from the New South Wales Government which matches the Commonwealth Government commitment to the Hill Grandstand project. Event income and expenditure fell during the year primarily due to some very large events that were held in the previous year including the Ashes Cricket Test. Abridged Consolidated Balance Sheet At 29 February 2008 2007* $’000 $’000 Current assets 9,613 15,733 Non-current assets 510,563 465,823 TOTAL ASSETS 520,176 481,556 Current liabilities 30,257 32,056 Non-current liabilities 19,052 10,221 TOTAL LIABILITIES 49,309 42,277 NET ASSETS 470,867 439,279 * Year ended 28 February 2007. Current assets were lower due mainly to some large contract renewal fees invoiced at the conclusion of the previous year. Non-current liabilities increased due to higher borrowings to fund the Hill Grandstand development. 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 83 Minister for Transport Rail Services Overview Rail Corporation New South Wales Rail Infrastructure Corporation Transport Infrastructure Development Corporation Follow-up Review of CityRail Passenger Security Refer to Appendix 1 for: Chief Investigator of the Office of Transport Safety Investigations Independent Transport Safety and Reliability Regulator This is trial version www.adultpdf.com This is trial version www.adultpdf.com [...]... plans for critical trades The Government is also proposing the provision of financial support for apprentices to study part-time and measures to raise the profile of engineering as a career This includes further support of RailCorp’s apprentice program by planning to accelerate the development of RailCorp’s future workforce by offering smooth pathways from high school, TAFE and university This is trial... Redundancy Since 1 January 2004, the rail restructure has resulted in a number of displaced RIC and State Rail Authority (SRA) employees The management of displaced employees includes redeployment/re-training or the offer of voluntary redundancy Voluntary redundancy is available only where employees are surplus and a formal offer of voluntary redundancy is made RIC or SRA employees eligible for voluntary... at a load factor > 135% of seat capacity 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 6-month period ended % of peak CityRail suburban trains at a load factor > 135% of seating capacity Target - Rail Performance Agreement Linear (% of peak CityRail suburban trains at a load factor > 135% of seating capacity) The percentage of peak hour trains carrying... Program, which comprises 15 key projects with a range of expected commissioning dates For more information on these projects refer to comments on TIDC later in this report Office of the Coordinator General (OCG) Rail Capital Review In April 2008 the OCG, within the Department of Premier and Cabinet, was requested to conduct a comprehensive review of the Rail Capital Program including RailCorp’s forward... with 25 years of service will be entitled to double the existing public sector voluntary redundancy entitlement under the SPPP As at 30 June 2008, the cost to date of employees of RIC or SRA who have taken voluntary redundancy is $245 million Career Transition Centre During 2007-08, RIC continued to maintain responsibility for the management of displaced staff resulting from the transition of functions... defined program of signalling, electrical and related works within the CityRail network, over and above its current workload This is expected to commence by early 2009 implementing a range of reforms to train, develop and retain critical electrical and signalling engineers on an ongoing basis supporting further study and increasing overseas recruitment Graduate Programs to develop a pool of professional... statistic consists of an average of 140 days to exit by way of taking voluntary redundancy and currently 300 days to exit via redeployment The increase in average days is primarily due to the difficulty in identifying an acceptable position for redeployment As at 30 June 2008, 612 staff members have been permanently redeployed and 2,167 had accepted voluntary redundancy since inception of the CTC in September... for the maintenance of the country regional network; and $22.8 million for the interstate and Hunter Valley rail networks Expansion of Rail Network In 2007-08, the Government revised the Metropolitan Rail Expansion Program In March 2008, the Government announced SydneyLink, a series of major transport projects to transform Sydney’s public transport infrastructure The first stages of SydneyLink will... construction of the new rail line from Epping to Chatswood (ECRL) with three new underground stations at Macquarie Park, Macquarie University and North Ryde Complex commissioning works are currently underway involving extensive testing of all tunnel systems to ensure the line operates safely and reliably from the first public service expected in the first quarter of 2009 During the year TIDC, on behalf of RailCorp,... commentary on the above entities appears later in this Report AUDIT OPINIONS The audits of the above entities’ financial reports for the year ended 30 June 2008 resulted in unqualified Independent Auditor’s Reports KEY ISSUES Shortage of Signal Engineers for Testing and Commissioning The rail industry has a shortage of signal engineers who are qualified to test and commission new infrastructure assets . proposing the provision of financial support for apprentices to study part-time and measures to raise the profile of engineering as a career. This includes further support of RailCorp’s apprentice. Infrastructure Development Corporation Follow-up Review of CityRail Passenger Security Refer to Appendix 1 for: Chief Investigator of the Office of Transport Safety Investigations Independent. has resulted in a number of displaced RIC and State Rail Authority (SRA) employees. The management of displaced employees includes redeployment/re-training or the offer of voluntary redundancy.