Sydney Opera House Annual Report 2008/09

Financial Statements continuedBEGINNING OF AUDITED FINANCIAL REPORTBALANCE SHEETAS AT 30 JUNE 2009INCOME STATEMENTFOR THE YEAR ENDED 30 JUNE 2009NOTE2009$’0002008$’000IncomeSale of goods and services income 3(a) 50,030 49,527Share of net profits forjoint ventures accounted forusing the equity method 18 410 607Investment income 3(b) 4,299 6,231Grants and contributions 3(c) 7,043 4,088Government contributions income 3(d) 44,834 21,363Total Income 106,616 81,816ExpensesPersonnel services expense 4(a) 38,016 39,054Other expenses 4(b) 34,475 39,316Maintenance expense 4(c) 24,941 15,968Depreciation andamortisation expense 4(d) 17,884 17,801Total expenses 115,316 112,139Deficit for the year 19 (8,700) (30,323)The accompanying notes form part of this financial reportNOTE2009$’000STATEMENT OF RECOGNISED INCOME AND EXPENSEFOR THE YEAR ENDED 30 JUNE 2009NOTE2008$’000Loss on revaluation of property,fabric and internal fit-out 19 (63,291) -Losses on cash flow hedges recognised directly in Equity 8,19 (143) (7)Net (loss)/income recogniseddirectly in equity (63,434) (7)Deficit for the period 19 (8,700) (30,323)Total recognised incomeand expense for the year (72,134) (30,330)Effect of Correction of Prior Period Errors2009$’0002008$’0002008$’000Deficit for the period asreported in 2008 (19,643)Correction of Prior Period Error 25 (10,680)Restated deficit for the period (30,323)ASSETSCurrent AssetsCash and cash equivalents 6 60,310 75,303Trade and other receivables 7 4,805 4,437Prepayments 1,587 2,852GST Receivable 1,652 1,452Derivatives used for hedging 8 1,096 373Inventory 9 82 93Total Current Assets 69,532 84,510Non-Current AssetsProperty, plant and equipment 10 1,760,897 1,809,403Intangible assets 11 688 1,029Investment accounted forusing equity method 18 221 221Total Non-Current Assets 1,761,806 1,810,653Total Assets 1,831,338 1,895,163LIABILITIESCurrent LiabilitiesTrade and other payables 12 11,433 8,227Deferred Revenue 13 9,005 6,767Payables - PersonnelService providers 14 9,866 8,120Provisions 15 152 -Derivative financial instruments 8 1,239 380Total Current Liabilities 31,695 23,494Non-Current LiabilitiesPayables – PersonnelService providers 14 957 704Provisions 15 251 403Total Non-Current Liabilities 1,208 1,107Total Liabilities 32,903 24,601Net Assets 1,798,435 1,870,562EQUITYAccumulated funds 19 212,500 220,412Reserves 19 1,585,935 1,650,150Total Equity 1,798,435 1,870,562The accompanying notes form part of this financial reportThe accompanying notes form part of this financial report