Annual Report 2011 - Sydney Opera House

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72INDEPENDENT AUDITOR’S REPORTSydney Opera House Trustgpo box 12sydney nsw 2001To Members of the New South Wales Parliament,I have audited the accompanying financial statements of the Sydney Opera House Trust (the Trust), which comprise the balances sheetas at 30 June 2011, the income statement, the statement of comprehensive income, the statement of changes in equity and the cash flowstatement for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information.OpinionIn my opinion, the financial statements:- give a true and fair view of the financial position of the Trust as at 30 June 2011, and of its financial performance for the yearthen ended in accordance with Australian Accounting Standards- are in accordance with section 41B of the Public Finance and Audit Act 1983 (the PF&A Act) and the Public Finance and AuditRegulation 2010.My opinion should be read in conjunction with the rest of this report.The Trustees’ Responsibility for the Financial StatementsThe Trustees are responsible for the preparation and fair presentation of the financial statements in accordance with AustralianAccounting Standards and the PF&A Act and for such internal control as the Trustees determine is necessary to enable the preparationof the financial statements that are free from material misstatement, whether due to fraud or error.Auditor’s ResponsibilityMy responsibility is to express an opinion on the financial statements based on my audit. I conducted my audit in accordancewith Australian Auditing Standards. Those standards require that I comply with relevant ethical requirements relating to auditengagements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevantto the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by theTrustees, as well as evaluating the overall presentation of the financial statements.I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.My opinion does not provide assurance:- about the future viability of the Trust- that it has carried out its activities effectively, efficiently and economically- about the effectiveness of its internal control- about the security and controls over the electronic publication of the audited financial statements on any website where theymay be presented- about any other information which may have been hyperlinked to/from the financial statements.IndependenceIn conducting my audit, I have complied with the independence requirements of the Australian Auditing Standards and other relevantethical pronouncements. The PF&A Act further promotes independence by:- providing that only Parliament, and not the executive government, can remove an Auditor General- mandating the Auditor General as auditor of public sector agencies but precluding the provision of non audit services, thusensuring the Auditor General and the Audit Office of New South Wales are not compromised in their role by the possibility oflosing clients or income.Steven MartinDirector, Financial Audit Services27 September 2011SYDNEY
INCOME STATEMENTFOR THE YEAR ENDED 30 JUNE 2011732011 2010NOTE $’000 $’000IncomeBEGINNINGOF AUDITEDFINANCIALstatementsSale of goods and services income 3(a) 61,928 51,300Share of net profits for joint venturesaccounted for using the equity method 19 - 121Investment income 3(b) 3,329 2,597Grants and contributions 3(c) 8,874 6,570Government contributions income 3(d) 45,715 43,456Total Income 119,846 104,044ExpensesPersonnel services expense 4(a) 42,601 39,183Other expenses 4(b) 41,236 37,216Maintenance expense 4(c) 25,703 25,025Depreciation and amortisation expense 4(d) 15,313 17,008Total Expenses 124,853 118,432Deficit for the year 20 (5,007) (14,388)The accompanying notes form part of this financial statement.STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 JUNE 20112011 2010NOTE $’000 $’000Deficit for the year 20 (5,007) (14,388)Other comprehensive incomeRevaluation of land, property,fabric and internal fit-out 20 21,896 350,063Unrealised profit/(losses)on forward exchange contracts 9,20 266 (189)Other comprehensive income for the year 22,162 349,874Total comprehensive income for the year 17,155 335,486The accompanying notes form part of this financial statement.
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14StrategicGoalAchievementsOutcome(
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17“The Opera Houseis vital and an
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20artistic excellenceimagination li
Page 26 and 27: Sydney Opera House Presents Festiva
Page 28 and 29: 26artistic excellenceimagination li
Page 30 and 31: 28'Sydney TheatreCompany’s 2011Ma
Page 32 and 33: 30'Resident and supported companies
Page 34 and 35: 32Goal 2.imagination lives insideco
Page 36 and 37: 'Sydney OperaHouse’s firstmembers
Page 38 and 39: 36community engagement and aCCessim
Page 44 and 45: 42Goal 3.imagination lives insidea
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Page 53 and 54: 51Environmental Sustainability Plan
Page 55 and 56: Sydney Opera House Backstage Tour53
Page 57 and 58: 55“I wATCHed it grow. I haveworke
Page 59 and 60: introduction5757imagination lives i
Page 62 and 63: 60The Trust membersKIM WILLIAMS AMJ
Page 66 and 67: 64earning our wayimagination lives
Page 70 and 71: 68Net investment in SYDNEY OPERA HO
Page 76 and 77: 74STATEMENT OF CHANGES IN EQUITYFOR
Page 78 and 79: 76CASH FLOW STATEMENTFOR THE YEAR E
Page 80 and 81: 78SYDNEY OPERA HOUSE TRUSTnotes TO
Page 82 and 83: 80SYDNEY OPERA HOUSE TRUSTnotes TO
Page 84: 82SYDNEY OPERA HOUSE TRUSTnotes TO
Page 87 and 88: 859. DERIVatiVES USED FOR HEDGINGFo
Page 89 and 90: 8712. INTANGIBLE ASSETSSoftwareAt c
Page 91 and 92: 89Impairment LossesThe aging of the
Page 93 and 94: 91e. Fair ValueFair value versus ca
Page 95 and 96: 9320. MOVEMENTS IN EQUITY2011 2010$
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Page 101 and 102: 99Customer First CommitmentCustomer
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Page 105 and 106: 103Staff IntranetThe intranet was i
Page 107 and 108: 105EEO initiatives planned for 2011
Page 109 and 110: 107specialist advice on issues of h
Page 111 and 112: 109- A Gospel Celebration 25 April
Page 113 and 114: 111Incident Reports (Staff Related)
Page 115 and 116: 113Name Country Dates PurposeWendy
Page 117 and 118: 115WAGE AND SALARY MOVEMENTSA 4% wa
Page 119 and 120: presenter/ productionperformancesTO
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Page 123 and 124: 121Kay BuckeridgeAnita BuhnerMrs Ge
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123MapBRADFIELD HWYSYDNEYOPERAHOUSE
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122CONTACT INFORMATIONHours of Oper
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IT STANDS BY ITSELF AS ONE OF THEIN
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