Annual Report 2011 - Sydney Opera House

76CASH FLOW STATEMENTFOR THE YEAR ENDED 30 JUNE 2011SYDNEY OPERA HOUSE TRUSTnotes TO AND FORMING PARTOF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2011Cash flows from operating activities2011 2010NOTE $’000 $’000ReceiptsReceipts from operations 77,721 55,100Interest received 3,157 2,447Cash flows from Government 45,715 43,456Total receipts 126,593 101,003PaymentsPayments to suppliers andpersonnel service providers (112,783) (98,065)Total payments (112,783) (98,065)Net cash inflows from operating activities 25 13,810 2,938Cash flows from investing activitiesPayments for property, plant and equipment (12,794) (14,496)Net cash outflows from investing activities (12,794) (14,496)Net increase/(decrease) in cash and cash equivalents 1,016 (11,558)Cash and cash equivalents at the beginning of thefinancial year 48,752 60,310Cash and cash equivalents at theend of the financial year 6 49,768 48,752The accompanying notes form part of this financial statement.1. SUMMARY OF SIGNIFICANTaccounting POLICIES(a) Reporting EntityThe Sydney Opera House Trust isconstituted as a body corporate by theSydney Opera House Trust Act, 1961. It isdesignated as a Public Trading Enterpriseand a transitional entity by NSW Treasuryand required to use the not for profitaccounting standards.This financial statement for the yearended 30 June 2011 has been authorisedfor issue by the Sydney Opera HouseTrust on 23 September 2011.(b) Basis of PreparationThe financial statement is a generalpurpose financial statement which hasbeen prepared on an accruals basis andin accordance with applicable AustralianAccounting Standards (which includeAustralian Accounting Interpretations),the requirements of the Public Financeand Audit Act, 1983, and the PublicFinance and Audit Regulation, 2010, andTreasurer’s Directions.Property, plant and equipment, collectionassets and financial assets at ‘fair valuethrough profit or loss’ are measured at fairvalue. Other financial statement items areprepared on an accrual basis and basedon historical costs. The methods used formeasuring fair value are discussed furtherbelow.The Trust has kept proper accounts andrecords in relation to all of its operationsin accordance with Section 41(1) of thePublic Finance and Audit Act, 1983.Judgements, key assumptions andestimations management has made aredisclosed in the relevant notes to thefinancial statements.Figures shown in the financial statementhave been rounded to the nearest $1,000and expressed in Australian currency.(c) Statement of ComplianceThe financial statements and notes complywith Australian Accounting Standardswhich include Australian AccountingInterpretations.(d) InsuranceThe Trust’s insurance activities areconducted through the NSW Treasury