Annual Report 2011 - Sydney Opera House

92SYDNEY OPERA HOUSE TRUSTnotes TO AND FORMING PART OF THE FINANCIAL STATEMENTSb. Foster BequestThe Trust Deed relating to this bequest provides that incomederived from investment of the funds may be applied to an awardfor study in fields relating to the training for, and performancesof, the art of opera.The transactions relating to the Foster Bequest included withinthe Sydney Opera House Trust’s financial statement were:2011 2010$’000 $’000Interest income 6 4Distribution (5) (5)Surplus/(Loss) 1 (1)19. INTEREST IN JOINT VENTURESThe Trust held an interest in a joint venture which ceasedto operate on 30 September 2009. The joint venture had theprincipal activity of operation of souvenir merchandise shops.Ownership InterestName of Joint Venture 2011 2010Sydney Opera House Retail Joint Venture - 75%2011 2010Share of Income and Expense of Joint Entities $’000 $’000Trust share of income - 737Trust share of expense - (616)Trust share of profit - 121Movement in Investment in Joint VenturesCarrying amount of investmentat beginning of financial year - 221Share of profit - 121Distribution from joint venture entities - (341)Undistributed profits as at year end - (1)Carrying amount of investment at theend of financial year - -Share of Assets and Liabilities of Joint Venture EntitiesCurrent assetsCash - 3Current liabilities - (2)Net assets - 1Inventories are stated at the lower of cost and net realisablevalue. The cost is calculated using the first-in-first-out basis.