Complete annual report 2010-11 - Land - NSW Government

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State Property Authority Statement of Cash Flows For the Year Ended 30 June 2011 Note 2011 2010 $'000 $'000 CASH FLOWS FROM OPERATING ACTIVITIES Payments Property Related (316,093) (205,438) Personnel Services (15,321) (13,754) Land Remediation (10,804) (3,532) Grants and Subsidies - (1,037) Other (3,724) (15,569) Total Payments (345,942) (239,330) Receipts Property Rental Income 367,704 247,293 Fees for Services 2,087 5,060 Interest 4,233 3,006 Other 3,859 - Total Receipts 377,883 255,359 Cash Flows from Government State Government Contribution 31,109 18,854 Net Cash Flows from Government 31,109 18,854 NET CASH FLOWS FROM OPERATING ACTIVITIES 5(b) 63,050 34,883 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of Property, Plant and Equipment (26,486) (12,821) Proceeds from Sale of Property Plant and Equipment 270 66,128 NET CASH FLOWS FROM INVESTING ACTIVITIES (26,216) 53,307 CASH FLOWS FROM FINANCING ACTIVITIES Financial Distributions to the State Government 1(u) (36,771) (97,698) NET CASH FLOWS FROM FINANCING ACTIVITIES (36,771) (97,698) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 63 (9,508) Opening Cash and Cash Equivalents 131,075 140,583 CLOSING CASH AND CASH EQUIVALENTS 5(a) 131,138 131,075 [The accompanying notes form part of these statements] 24 State Property Authority
State Property Authority 2010-2011 Annual Report State Property Authority Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2011 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Reporting Entity The State Property Authority (the Authority) was established under the State Property Authority Act 2006 (the Act). The Authority commenced operations on 1 September 2006 and is domiciled in Australia. Its principal business address is Bligh House, 4-6 Bligh Street, Sydney NSW 2000. The Authority is a not-for-profit entity as profit is not its principal objective. The Authority is consolidated as part of the NSW Total Sector Accounts. Under the Act, the Authority is unable to employ staff. However, to enable it to exercise its functions, the Authority can obtain personnel services from Government agencies who are able to engage staff under Chapter 1A of the Public Sector Employment and Management Act 2002. Prior to 4 April 2011, personnel services were provided to the Authority by the Land and Property Management Authority (LPMA). On 4 April 2011, the LPMA was abolished and the Department of Finance and Services (DFS) established as a new Division of the Government Service under the Public Sector Employment and Management (Departments) Order 2011. As a result of this Order, personnel services were provided to the Authority by the DFS from 4 April 2011. In accordance with NSW Treasury requirements, the Authority has recognised this change within the financial statements as having occurred on 1 April 2011. The former LPMA and the newly established DFS are separate reporting entities and do not control the Authority for financial reporting purposes. These financial statements have been authorised for issue by the Authority's Chief Executive Officer on 13 October 2011. (b) Basis of Preparation The State Property Authority's financial statements are general-purpose financial statements prepared on a "going concern" basis and in accordance with: (i) applicable Australian Accounting Standards (which includes Australian Accounting Interpretations); (ii) other authoritative pronouncements of the Australian Accounting Standards Board (AASB); and (iii) the requirements of the Public Finance and Audit Act 1983 and the Public Finance and Audit Regulation 2010 and Treasurer's Directions. Where there are inconsistencies between the above requirements the legislative provisions prevail. The financial statements have been prepared on an historical cost basis, except for property, plant and equipment and investment properties which have been measured at fair value, and non-current assets held for sale which have been measured at the lower of the carrying amount or fair value less costs to sell. The accrual basis of accounting has been adopted in the preparation of the financial statements, except for cash flow information. In the process of applying the Authority's accounting policies, management have applied judgement and made key assumptions and estimations. Those judgements, assumptions and estimations, which have the most significant effect on the amounts recognised in the financial statements have been disclosed in the relevant notes to the financial statements. All amounts are rounded to the nearest one thousand dollars ($'000) and are in Australian currency. 2010-2011 Annual Report 25
Page 1: State Property Authority new South
Page 4 and 5: n Letter of submission Bligh House
Page 6 and 7: n Our charter The State Property Au
Page 8 and 9: n Organisational outcomes and achie
Page 10 and 11: leasing staff generated substantial
Page 12 and 13: Other sustainability initiatives la
Page 14 and 15: n Financial performance 2010-11 Ove
Page 16 and 17: n 2010-11 Operating result operatin
Page 18 and 19: n Audited financial information Sta
Page 20 and 21: 18 State Property Authority
Page 22 and 23: State Property Authority Financial
Page 24 and 25: State Property Authority Statement
Page 28 and 29: State Property Authority Notes to a
Page 60 and 61: n STATUTORY AND STATISTICAL INFORMA
Page 62 and 63: n Personnel policies and practices
Page 64 and 65: 1st qtr $’000 2nd qtr $’000 3rd
Page 66 and 67: A full list of publicly available G
Page 68 and 69: Table F: Timeliness Number of appli
Page 70 and 71: n Agency contacts Postal address: G
Page 72: THIS PAGE HAS INTENTIONALLY BEEN LE

Complete annual report 2010-11 - Land - NSW Government

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