Description of Basic Financial Statements_part2 pot

Auditor-General’s Report to Parliament 2009 Volume Six ____________________________________________ 61 Art Gallery of New South Wales Trust AUDIT OPINION The audits of the Trust and its controlled entity’s financial report for the year ended 30 June 2009 resulted in unqualified Independent Auditor’s Reports. PERFORMANCE INFORMATION The Trust provided the following information regarding its performance. Year ended 30 June 2009 2008 2007 2006 2005 Visitor numbers (’000s) 1,706 1,356 1,302 1,690 1,351 Admission fees ($m) 4.8 2.6 1.9 3.8 1.6 Number of exhibitions 41 38 38 52 35 Collections Total items (’000s) 29 29 28 28 28 Total value ($m) 813 795 782 629 615 Acquisitions during the year: - dollar value ($m) 18.6 14.1 8.2 9.9 11.2 - number of items 504 467 442 585 480 (unaudited). The exhibition program is the major driver for visitor numbers. The increase in visitor numbers and admission fees in 2008-09 was due to favourable responses to several ticketed exhibitions, the most popular being ‘Monet and the Impressionists’ and ‘The Lost Buddhas’. OTHER INFORMATION We identified opportunities for improvement to accounting and internal control procedures. We will discuss these further with Trust staff and, where appropriate, report them to management. This is trial version www.adultpdf.com Art Gallery of New South Wales Trust _______________________________________________________________ 62 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine FINANCIAL INFORMATION Abridged Income Statement Year ended 30 June 2009 $’000 2008 $’000 Government contributions 27,622 34,169 Sale of goods and services 11,515 9,168 Other 25,417 13,918 TOTAL REVENUE 64,554 57,255 Personnel services expenses 20,036 19,136 Operating expenses 14,832 18,268 Depreciation and amortisation 2,141 2,115 TOTAL EXPENSES 37,009 39,519 SURPLUS 27,545 17,736 Government contributions in 2008-09 included a recurrent grant of $20.6 million ($19.6 million) and capital grant of $5.8 million ($13.6 million). The capital grants in 2007-08 and 2008-09 were primarily for the construction of an off-site collection storage facility at Lilyfield with a project cost of $27.6 million, which is expected to be operational in November 2009. This 5,000 square metre facility is expected to address the risks of damage to collection items that are currently overcrowded in the Gallery’s on-site storage facility. Other revenue increased in 2008-09 due to additional donations received primarily for the acquisition of the 1888 Paul Cezanne painting ‘Bords de la Marne’, which was purchased during the year for $16.2 million. Abridged Balance Sheet At 30 June 2009 $’000 2008 $’000 Current assets 33,280 38,163 Non-current assets 999,626 966,746 TOTAL ASSETS 1,032,906 1,004,909 Current liabilities 7,154 6,707 Non-current liabilities 19 14 TOTAL LIABILITIES 7,173 6,721 NET ASSETS 1,025,733 988,188 The increase in non-current assets is primarily due to purchases of art work and the capital works projects noted above. This is trial version www.adultpdf.com _______________________________________________________________ Art Gallery of New South Wales Trust Auditor-General’s Report to Parliament 2009 Volume Six ____________________________________________ 63 TRUST ACTIVITIES The Trust is constituted under the Art Gallery of New South Wales Act 1980. It is subject to the control and direction of the Minister for the Arts. Its main functions are to:  develop and maintain a collection of works of art  propagate and increase knowledge and appreciation of art  give particular emphasis on the visual art of Australia and Asia. For further information on the Trust, refer to www.artgallery.nsw.gov.au . CONTROLLED ENTITY The controlled entity has not been reported on separately as it is not material by its size or the nature of its operations to the consolidated entity. For further financial and other information on this entity we have listed the entity’s website. Entity Name Website The Australian Institute of Asian Culture and Visual Arts Limited www.asianart.com.au This is trial version www.adultpdf.com 64 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine Australian Museum Trust AUDIT OPINION The audit of the Museum’s financial report for the year ended 30 June 2009 resulted in an unqualified Independent Auditor’s Report. KEY ISSUES Collections Database (Repeat Issue) I have previously recommended the Museum complete its program of recording its collections on an electronic database as soon as possible. In recent years, I reported that the absence of an appropriate database impacts the Museum’s ability to discharge its stewardship responsibilities over its collections. Museum management has again advised that completion of this task is dependent on the availability of funds. They are unable to determine when this work will be completed largely because of the number of collection items. PERFORMANCE INFORMATION The Museum provided the following information regarding its performance. Year ended 30 June 2009 2008 2007 2006 2005 Visitor numbers (’000s) 322 333 318 297 336 Admission fees ($m) 2.5 1.9 1.8 2.1 2.4 Temporary exhibitions 5 8 9 8 10 Website visits (m) 14.0 21.0 23.3 17.1 12.2 Value of Collection ($m) 767,114 767,064 530,331 530,331 530,301 (unaudited). Visitor numbers were on similar levels to previous years, primarily due to continued public interest in the Museum’s exhibitions, which included:  Papunya Painting – ‘Out of the Desert’ from the National Museum of Australia, Canberra from 5 July 2008 to 2 November 2008  Wildlife Photographer of the Year 2009 from the National History Museum, London from 13 December 2008 to 22 March 2009  Climate Change – Our Future, Our Choice from 2 May 2009 to 16 August 2009  Mammoth from the Museum National D’Histoire Naturelle, Paris from 10 April 2009 to 24 July 2009  Frank Hurley – Journeys into Papua from 29 March 2008 to 15 March 2009. Admission fees increased in 2008-09 due to an increase of between three per cent and 60 per cent in the price of admission across all categories. This is trial version www.adultpdf.com __________________________________________________________________________ Australian Museum Trust Auditor-General’s Report to Parliament 2009 Volume Nine __________________________________________ 65 During the year the Museum launched its new website, the centrepiece of which is a new content management system which allows for much greater interaction between and among the Museum and the public. The ‘Museum in a Box’ program delivered teaching resources to nearly 70,000 school students across NSW. The value of the Museum’s Collections increased significantly in 2007-08 due to a revaluation in that year. FINANCIAL INFORMATION Abridged Income Statement Year ended 30 June 2009 2008 $’000 $’000 Government contributions 29,733 45,210 Sale of goods and services 6,651 5,663 Other revenue 5,749 4,279 TOTAL REVENUE 42,133 55,152 Personal services expenses 22,560 20,848 Other operating expenses 13,089 12,341 Other expenses 5,030 3,496 TOTAL EXPENSES 40,679 36,685 SURPLUS 1,454 18,467 During 2008-09, the Trust received $15.5 million less in Government contributions mainly due to the completion of capital works on the New Collections and Research Building. This was the first major new building to be constructed at the Museum in 20 years. The Museum was able to generate more than $12.9 million, over one-third of its total funding, from other sources such as admissions revenue, sales, competitive research grants and venue hire. Abridged Balance Sheet At 30 June 2009 2008 $’000 $’000 Current assets 10,720 16,444 Non-current assets 1,029,584 1,024,068 TOTAL ASSETS 1,040,304 1,040,512 Current liabilities 4,713 6,400 Non-current liabilities 368 343 TOTAL LIABILITIES 5,081 6,743 NET ASSETS 1,035,223 1,033,769 This is trial version www.adultpdf.com Australian Museum Trust __________________________________________________________________________ 66 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine The Trust spent $10.1 million in 2009 on additions to property, plant and equipment and collection items. The major items of expenditure were:  $3.8 million to complete the New Collection and Research Building  $700,000 for upgrades to the Lizard Island Research Station  $500,000 for copper roof work. TRUST ACTIVITIES The Trust is constituted under the Australian Museum Trust Act 1975. Trustees are appointed by the Governor on the recommendation of the Minister for the Arts for a term of up to three years. The objectives of the Australian Museum Trust Act are to propagate knowledge about the natural environment of Australia and to increase that knowledge, particularly in the natural sciences of biology, anthropology and geology. The Trust is responsible for the control and management of the Museum. For further information on the Trust, refer to www.austmus.gov.au . This is trial version www.adultpdf.com Auditor-General’s Report to Parliament 2009 Volume Nine __________________________________________ 67 Department of the Arts, Sport and Recreation AUDIT OPINION The audit of the Department’s financial report for the year ended 30 June 2009 resulted in an unqualified Independent Auditor’s Report. KEY ISSUES On 27 July 2009, the ‘Public Sector Employment and Management (Departmental Amalgamations) Order 2009’ transferred all branches of the Department of the Arts, Sport and Recreation to Communities NSW and abolished the Department of the Arts, Sport and Recreation. OTHER INFORMATION We identified some opportunities for improvement in internal control and reported them to management. FINANCIAL INFORMATION Key Income and Expenses Recognised for the Year Year ended 30 June 2009 $’000 2008 $’000 Employee related 235,761 223,549 Other expenses 135,068 152,369 OPERATING EXPENSES 370,829 375,918 OPERATING REVENUE 214,998 205,846 NET COST OF SERVICES 155,831 170,072 Government contributions 160,748 172,324 SURPLUS 4,917 2,252 INCOME AND EXPENSES RECOGNISED DIRECTLY IN EQUITY Superannuation actuarial losses (1,951) (2,775) Asset Revaluation Reserve net increase 49,996 TOTAL INCOME AND EXPENSE RECOGNISED FOR THE YEAR 52,962 (523) The decrease in other expenses of $17.3 million was primarily due to one off payments, in 2008, for Equine Influenza grants, $5.4 million and a capital grant to the Museum of Contemporary Art for the education wing and cafeteria development of $10.0 million. This is trial version www.adultpdf.com Department of Arts, Sport and Recreation ___________________________________________________________ 68 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine Loan Guarantees The Department acts as a guarantor for loans to sporting organisations. At 30 June 2009, the Department had guaranteed 11 loans with outstanding balances totalling $3.3 million. Abridged Balance Sheet At 30 June 2009 $’000 2008 $’000 Current assets 57,969 53,687 Non-current assets 501,781 446,427 TOTAL ASSETS 559,750 500,114 Current liabilities 43,351 39,130 Non-current liabilities 1,184 880 TOTAL LIABILITIES 44,535 40,010 NET ASSETS 515,215 460,104 Non-current assets increased by $55.4 million primarily due to additions to property, plant and equipment of $16.5 million and net revaluation increments of $50.0 million offset by depreciation and amortisation charges of $12.2 million. The Department’s net cost of services on a service group basis is detailed below: Year ended 30 June Net Cost of Services Net Assets 2009 2009 2008 2009 2008 Budget Actual Actual Actual Actual $’000 $’000 $’000 $’000 $’000 Arts Industry Development 44,332 49,145 57,490 5,777 8,068 Arts Accommodation Development 2,845 3,037 3,519 145,334 110,330 Regulatory Framework for the Liquor, Gaming, Racing and Charity Industries 18,671 22,236 21,053 11,796 7,163 Liquor, Gaming and Racing Funding and Information Services 23,376 16,795 17,261 1,335 1,345 Sport and Recreation Sector Development 36,149 33,661 29,823 225,480 215,633 Sports Facility Development 24,104 26,241 32,794 126,559 115,760 Personnel Services 8,704 4,716 8,132 (1,066) 1,805 Total all service groups 158,181 155,831 170,072 515,215 460,104 The net cost of services was lower than budget mainly due to increased grants and subsidy payments from grant funding programs across the Department of $8.8 million, offset by decreases in employee related and other operating expenses of $5.6 million and increases in other revenues of $5.4 million. This is trial version www.adultpdf.com ___________________________________________________________ Department of Arts, Sport and Recreation Auditor-General’s Report to Parliament 2009 Volume Nine __________________________________________ 69 Administered Revenue and Expenses The Department levies the following fees and administers expenses on behalf of the Crown Entity. Activity Description 2009 $’000 2008 $’000 Administered Revenue Speedway racing licences 25 21 Liquor application/grant fees* 1,436 Gaming machine licence fees* 704 Hotel gaming machine tax* 2 Trade competition fees 2,136 2,489 Local court fees 439 843 Fines – local court 599 889 TOTAL ADMINISTERED REVENUE 3,199 6,384 Administered Expenses Liquor subsidies 3,027 3,033 TOTAL ADMINISTERED EXPENSES 3,027 3,033 ADMINISTERED REVENUE LESS EXPENSES 172 3,351 * These were collected by the Department on behalf of the former Liquor Administration Board. From 1 July 2008, the responsibility for these collections was transferred to the newly formed Casino, Liquor and Gaming Control Authority. Consequently, these revenues are now recognised in the notes to the financial statements of that Authority. DEPARTMENT ACTIVITIES The Department of the Arts, Sport and Recreation consists of three divisions; Arts NSW, NSW Sport and Recreation, and the NSW Office of Liquor, Gaming and Racing. The purpose of the Department is to improve social well-being through fostering a spirited arts and cultural environment, developing a community based sport and recreation ethos, and ensuring the proper conduct and balanced development of the liquor, gaming, racing and charity industries. For further information on the Department refer to www.communities.nsw.gov.au , www.arts.nsw.gov.au , www.dsr.nsw.gov.au and www.olgr.nsw.gov.au. This is trial version www.adultpdf.com 70 ___________________________________________ Auditor-General’s Report to Parliament 2009 Volume Nine Historic Houses Trust of New South Wales AUDIT OPINION The audits of the Trust and its controlled entities’ financial reports for the year ended 30 June 2009 resulted in unqualified Independent Auditor’s Reports. Unless otherwise stated, the following commentary relates to the consolidated entity. PERFORMANCE INFORMATION The Trust provided the following information regarding its performance. Year ended 30 June 2009 2008 2007 2006 2005 Visitor numbers (’000s) 913 1,012 1,024 993 1,048 Admission and function fees ($m) 2.8 2.8 2.6 2.3 1.7 Temporary exhibitions 11 10 9 8 8 Properties Number 18 16 16 14 14 Value ($m) 201 203 202 201 202 Collections Total items (’000s) 46 46 45 44 43 Total value ($m) 36 35 33 27 26 Acquired this year: Total value ($’000) 112 749 5,448 302 4,780 Number of items 353 738 703 248 262 (unaudited). OTHER INFORMATION The Trust occupies the Justice and Police Museum, which was owned by another Government agency. The Trust has met and capitalised, the cost of upgrading the Museum because it has care and control of this property and derives the benefits of occupation. For a number of years we recommended that action be taken to expedite the transfer of the Museum to the Trust. The Trust has advised that the transfer of ownership has been completed in 2009-10. Our 2008-09 audit identified some opportunities for improvement to accounting and internal control procedures. These matters have been reported to management. This is trial version www.adultpdf.com [...]... Historic Houses Trust of New South Wales FINANCIAL INFORMATION Abridged Operating Statements Year ended 30 June Consolidated Parent 2009 $’000 2008 $’000 2009 $’000 2008 $’000 Government contributions Other Revenue 22,685 8,285 19,231... 16,175 11,014 15,618 12,496 TOTAL EXPENSES 27,324 28,261 27,189 28,114 3,646 112 3,452 93 SURPLUS The Trust does not have the authority to employ staff Personnel services are provided by the Department of Arts, Sport and Recreation The increase in personnel services expenses reflects pay rises and event and function staffing requirements Abridged Balance Sheets At 30 June Consolidated Parent 2009 $’000 . and equipment of $16.5 million and net revaluation increments of $50.0 million offset by depreciation and amortisation charges of $12.2 million. The Department’s net cost of services on. recognised in the notes to the financial statements of that Authority. DEPARTMENT ACTIVITIES The Department of the Arts, Sport and Recreation consists of three divisions; Arts NSW, NSW. advised that completion of this task is dependent on the availability of funds. They are unable to determine when this work will be completed largely because of the number of collection items.