Financial Statements - Sydney Opera House

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FINANCIAL STATEMENTS Earned Income to Total Expenditure % (excluding building maintenance and capital payments) Sydney Opera House Trust 76% 74% 72% 70% 68% 66% 64% 62% 60% 58% 1997 1998 1999 2000 2001 Statement in accordance with Section 41C (1C) of the Public Finance and Audit Act, 1983 Pursuant to Section 41C (1C) of the Public Finance and Audit Act, 1983, and in accordance with a resolution of the Sydney Opera House Trust, we being members of the Trust, state that: 1. In our opinion, the accompanying financial statements exhibit a true and fair view of the financial position of the Sydney Opera House Trust as at 30 June 2001, and transactions for the year then ended. 2. The financial statements have been prepared in accordance with the provisions of the Public Finance and Audit Act, 1983, the Public Finance and Audit Regulation, 2000, and the Treasurer’s Directions. Five Year Comparison (excluding abnormals) - Expenditure $000 1997 1998 1999 2000 2001 Further, we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate. Other 9,663 10,460 11,379 13,381 11,759 Administration 2,162 Electricity 2,085 & Cleaning 2,252 1,852 2,516 1,954 4,680 2,106 2,356 2,121 Building 18,117 16,171 14,603 22,725 14,020 Marketing 885 Trust Events 3,518 1,183 3,088 2,297 2,599 3,018 2,313 2,342 4,014 JOSEPH SKRZYNSKI AM CHAIRMAN Salaries 21,493 23,579 21,154 22,813 23,575 Five Year Comparison (excluding abnormals) - Revenue $000 1997 1998 1999 2000 2001 BARBARA WARD TRUSTEE SYDNEY, 16 October 2001 Government Grants 28,246 33,086 30,328 26,262 28,687 10,457 7,269 Other Retailing Catering Tourism 6,622 1,539 1,229 2,191 6,992 1,460 1,093 2,261 6,692 1,628 1,342 2,910 2,094 1,475 4,560 2,372 1,413 5,861 Recoveries 9,870 10,483 10,480 11,589 11,414 Rentals 4,192 4,112 4,636 4,956 4,579 42 43
FINANCIAL STATEMENTS Independent Audit Report Sydney Opera House Trust To Members of the New South Wales Parliament and Members of the Sydney Opera House Trust Beginning of Audited Financial Report Sydney Opera House Trust Statement of Financial Performance for the year ended 30 June 2001 Scope I have audited the accounts of the Sydney Opera House Trust for the year ended 30 June 2001. The Members of the Sydney Opera House Trust are responsible for the financial report consisting of the accompanying statement of financial position, statement of financial performance and statement of cash flows, together with the notes thereto and the information contained therein. My responsibility is to express an opinion on the financial report to Members of the New South Wales Parliament and the Members of the Sydney Opera House Trust based on my audit as required by sections 34 and 41C(1) of the Public Finance and Audit Act 1983 (the Act). My audit has been conducted in accordance with the provisions of the Act and Australian Auditing Standards to provide reasonable assurance as to whether the financial report is free of material misstatement. My procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial report is presented fairly in accordance with the requirements of the Act, Accounting Standards and other mandatory professional reporting requirements, in Australia, so as to present a view which is consistent with my understanding of the Trust’s financial position, the results of its operations and its cash flows. 2001 2000 NOTE $000 $000 Revenues from ordinary activities 3 59,648 68,191 Expenses from ordinary activities 3 (58,788) (70,085) Share of net profits for joint ventures accounted for using the equity method 3 24 548 439 Surplus (deficiency) from ordinary activities 3 1,408 (1,455) Net increase in Asset Revaluation Reserve 26 36,171 18,000 Net increase (decrease) Trust funds 23 3 (1) Total revenues, expenses and valuation adjustments recognised directly in equity 36,174 17,999 Total changes in equity other than those resulting from transactions with owners as owners 37,582 16,544 The audit opinion expressed in this report has been formed on the above basis. Audit Opinion In my opinion, the financial report of the Sydney Opera House Trust complies with section 41B of the Act and presents fairly in accordance with applicable Accounting Standards and other mandatory professional reporting requirements the financial position of the Sydney Opera House Trust as at 30 June 2001 and the results of its operations and its cash flows for the year then ended. P. J. BOULOUS, CA DIRECTOR OF AUDIT (duly authorised by the Auditor-General of New South Wales under section 41C(1A) of the Act) SYDNEY, 19 October 2001 The accompanying notes form part of this financial report. 44 45
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Financial Statements - Sydney Opera House

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