*LUNA PARK* RESERVE TRUST
OF CONTENTS *
2 Letter to the Mrn1ster
3 Statement by tne Charronan
4 ~he Year n Rev1ew
In July 1999, the NSW Government announced that 5 Backgrour d Metro Edgley Pty Ltd - currently a joint venture between Metro Theatre, Michael Edgley, Bankers Trust and Multiplex - would be the new operator of 6 Ltn·a Park Master Plan Development Appl1cat on Luna Park. This followed a tender process initiated in March Accordingly, Metro Edgley and the 1998. 7 ConstructiOn Luna Park Reserve Trust entered into a Deed of Agreement to Lease and Sublease Luna Park in August 1999. 8 Corporate Governance
In February 2001 , Amendment No.4 of State Environment Planning Policy No. 56 gazetted 1 1 Luna Park Reserve Trust Statement the development of Luna Park to be of state significance and therefore transferred development 12 clepe~"dent Audit Report consent responsibility for Luna Park, from North Sydney Council to the Minister for Planning. 13 ~'-1nanc. a1 Statements Subsequently, a notice from the Minister for Land and Water Conservation was gazetted pursuant 23 Appendices to Section 95 of the Crown Lands Act 1989, appointing Sydney Harbour Foreshore Authority, as a corporation, to manage the affairs of the 24 Index Luna Park Reserve Trust.
SHFA's role involves undertaking responsibility or the care, control and management of any or all areas of the 3.13 hectares of Milsons Point that make up the Luna Park Reserve.
LUNA PARK 1 annual report 2002/2003 .------
*LETTER TO THE MINISTER*
Foreshore House 66 Harrington Street The Rocks NSW 2000
The Hon. Sandra Nori MP Minister for Tourism and Sport and Recreation Level 34 Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000
Dear Ms Nori
I have pleasure in submitting the Annual Report of the Luna Park Reserve Trust for the year ended 30 June 2003.
The report has been prepared in accordance with the Annual Reports (Statutory Bodies) Act 1984, the Public Finance Audit Act 1983, and the Regulations under those Acts.
Yours sincerely
Gerry Gleeson Chairman Sydney Harbour Foreshore Authority
LUNA PARK 2 annual report 2002/2003 * STATEMENT BY THE CHAIRMAN*
LUNA PARK AN NUAL REPORT
This is the third Annual Report for the Luna Park Reserve Trust. It outlines the progress of the strategic redevelopment of the Luna Park site and the management role of Sydney Harbour Foreshore Authority.
This year, following ministerial approval of the remaining Stage 2 Development Applications, construction of the new park has gathered pace. Excavation works are well underway, services are nearing completion and a number of important new structures have begun to take shape.
Off site, I am pleased to report that the refurbishment of 10 of the original Luna Park rides has been completed. These rides and the others still undergoing restoration and refurbishment at Sydney Olympic Park, Homebush Bay, wil l be returned to Luna Park in the final stages of construction to be integrated into the redeveloped Luna Park.
The adoption of the Luna Park Community and Stakeholder Liaison Plan and establishment of the Luna Park Community Liaison Group will ensure that the local community is kept abreast of all that is happening on the project and that any issues which may arise are quickly and satisfactorily resolved.
Work has also commenced on the preservation of the Moreton Bay and Port Jackson fig trees and the stabilisation of the cliff face on which they are located. The trees and the exposed cliff face are listed on Sydney Harbour Foreshore Authority's Heritage Register.
I would like to thank all those who have contributed to the progress of Luna Park to this point- especially the staff of Metro Edgley Pty Ltd, Luna Park Sydney and Sydney Harbour Foreshore Authority. I would also like to acknowledge my fellow Sydney Harbour Foreshore Authority Board members for their continuing support.
This next year promises to be a momentous year in the history of Luna Park - with the completion of the works and the opening of a number of the facilities and features, which will bring the project a step closer to returning Luna Park to the people of Sydney.
Gerry Gleeson Chairman Sydney Harbour Foreshore Authority
LUNA PARK 3 annual report 2002/2003 *THE YEAR IN REVIEW*
THE YEAR IN REVIEW
Minister for Planning gave development approval in January 2003 to: Stage 2 Development Application for Carpark and Cafe/Brasserie Stage 2 Development Application for Luna Park Entertainment Complex Development Application for Cliff Stabilisation and Tree Retention Work.
Construction of Luna Park commenced in late January.
• A Luna Park Community Liaison Group was established and is meeting monthly.
The construction program was determined with the following completion dates: Northern Landscape - September 2003 Crystal Palace 'soft handover' - October 2003 Luna Circus - December 2003 Completion of Luna Park works - March 2004.
Work commenced on the cliff stabilisation and tree retention.
LUNA PARK 4 annual report 2002/2003 *BACKGROUND*
AIMS AND OBJECTIVES KEY FACTS ON LUNA PARK
Luna Park is to re-open as a commercially viable • NSW Government: Luna Park Reserve Trust operation at no cost to the people of NSW. managed by Sydney Harbour Foreshore Authority • Consent Authority: Minister for Infrastructure, Objectives implicit in the Government 's vision and intended role for Luna Park include: Planning and Natural Resources • returning the Luna Park site to the people of • Construction cost: $72 million Sydney, NSW and our visitors for their amusement, • Employment generation : 400 jobs on-site during entertainment and recreation construction, 500 jobs off site and 400 jobs as part • ensuring the Luna Park site and its associated of its ongoing operation harbour foreshore are retained as public land and • Developer: Metro Edgley Pty Ltd always accessible to the people of Sydney, NSW • Operator: Luna Park Sydney Pty Ltd and our visitors • Builder: Multiplex Constructions • recognising the cultural and heritage significance • Finance: Bank of Scotland of Luna Park as a visual icon prominently located • Architect: Hassell Pty Ltd on Sydney Harbour's foreshore and therefore • Heritage Consultant : Godden Mackay conserving its cultural and heritage features • expanding the range of activities and uses for Luna Park to ensure ongoing operation of a financially viable amusement park and entertainment precinct that conserves Luna Park's special identity and heritage features • preserving Luna Park's identity and retaining its 'sense of place' through continued evolution as an amusement park and entertainment precinct for the enjoyment of future generations of Australians.
LUNA PARK 5 annual report 2002/ 2003 *LUNA PARK MASTER PLAN DEVELOPMENT APPLICATION*
*LUNA PARK MASTER PLAN The Minister for Planning also approved the Stage 2 DEVELOPMENT APPLICATION* Development Application for a 40-suite commercial office building and 48 on-site carpark spaces on The Minister for Planning approved the Stage 1 Development Site A in Eden Street. Master Plan Development Application for Luna Park on 31 January 2002. The Stage 2 Development Applications for the carpark and cafe/brasserie and for the Luna Park The Stage 1 Master Plan Development Approval Entertainment Complex were subsequently approved allowed an 'umbrella' approval to use Luna Park by the Minister for Planning in January 2003. and its various buildings and structures for a range of generic entertainment and amusement activities, Conditions were placed on the approval in order to: including - but not limited to - functions, conferences, • ensure the creation of a high quality urban environment public and private gala events, entertainment events • protect the environment and amenity of the performance events, sports events and exh ibitions. locality while construction works are in progress • protect the environment and amenity of the The approved Luna Park Stage 1 Master Plan locality during the operation of the Luna Park Development Application consists of the following items: Entertainment Complex. • the establishment of a new Luna Circus building to the east of the Crystal Palace The Stage 1 and 2 approved developments are • the creation of a two-storey cafe/restauranVbrasserie currently being constructed. along the waterfront within the amusement park between the Ferris Wheel and Luna Park Face • the provision of an on-site carpark for 389 vehicles • the retention of the existing administration building between the proposed carpark and Luna Circus • boardwalk access to the foreshore linking Lavender Bay to Sydney Harbour Bridge • the retention of key rides and amusements, including the Tumblebug, Rotor, Ferris Wheel, Tango, Side Shows, Wild Mouse and Dodgem Cars, and some additional new attractions • a collection of mechanical music machines, a key feature of Luna Park's collection of attractions, will be located along the Midway for visitors to discover as they walk through the Park.
LUNA PARK 6 annual report 2002/2003 * CONSTRUCTION*
*CONSTRUCTION* *RIDE REFURBISHMENT *
As at June 2003, Multiplex Constructions reported Metro Edgley reports that 14 rides are being the following construction status: refurbished in a warehouse at Sydney Olympic Park, Homebush Bay with the following expected • The near completion of design development for completion dates: each of the proposed Luna Park buildings May 2003 Tumble Bug • The bulk excavations for the carpark are 95 per cent completed Ranger
• Steel strengthening of roof trusses and masonry Spider work on the Crystal Palace has been completed U-Drive • The steel structure of the Luna Circus/Big Dipper Space Shuttle building is 90 per cent completed, the external cladding is 70 per cent completed and the Magic Castle acoustic treatment over the Big Dipper building June 2003 Carousel is 50 per cent completed Coney Island • The bulk excavations for the strata office have been completed and the formwork for this building Dodgems has commenced. Ferris Wheel Gondola Overall, there has been 85 per cent completion of August 2003 Rotor structures, 70 per cent completion of services and 60 per cent completion of finishes. Tango September 2003 UFO
Mini Ferris Wheel
November 2003 Ferris Wheel Structure
December 2003 Wild Mouse
LUNA PARK 7 annual report 2002/2003 * CORPORATE GOVERNANCE*
.. *CORPORATE GOVERNANCE* Greg Robinson BEng (Civ) MBA Exec Chief Executive Officer Sydney Harbour Foreshore Authority has corporate Sydney Harbour Foreshore Authority status under Section 10 of the Sydney Harbour Foreshore Authority Act 1998. Board Member/ Member
Its Board meets regularly to consider matters relating • Sydney Harbour Foreshore Authority to Luna Park. • Sydney Convention and Visitors Bureau • Tourism Sydney * SHFA BOARD* • Cooks Cove Development Corporation • Australian Institute of Engineers • Gerry Gleeson, Chairman • Australian Institute of Company Directors • Greg Robinson, Chief Executive Officer SHFA (Part year only) Managing Director • Sue Holliday, Director-General PlanningNSW • Australian Technology Park Precinct (Part year only) Management Li mited • Jon Isaacs Attended 9 out of the 9 meetings.
• Penny Morris Resigned from SHFA and the Boards of SHFA • Frank Sartor (Part year on ly) and ATPPM on 23 May 2003. He ceased • Helen Wright to be a member of Cooks Cove Development Corporation on the same date. • Gary Prattley (as nominee of the Director-General PlanningNSW) (Part year only) Sue Holliday BA (Econ) Phil (T&CP) Gerry Gleeson, AC BSc, MEd (Syd), BEd (Melb) Ms Holliday was Director-General Planning NSW (now Department of Infrastructure Planning Chairman and Natural Resources) from December 1997 • Sydney Harbour Foreshore Authority to April 2003. • Australian Technology Park Precinct Board Member/ Member Management Limited • Sydney Harbour Foreshore Authority • Cooks Cove Development Corporation • Central Sydney Planning Committee Director/Member • Central Parramatta Planning Committee • Australian Catholic University • Honeysuckle Development Corporation • Public Transport Authority Statutory and Other Offices Remuneration Tribunal • Council on the Quality and Cost of Government Attended 11 out of 11 meetings. • Cooks Cove Development Corporation
Resigned from the SHFA Board on 3 April 2003. Until that time she was represented by her nominee at 8 of the 11 meetings held.
LUNA PARK 8 annual report 2002/2003 *CORPORATE GOVERNANCE*
Jon Isaacs BA (Hons) FAICD FAIM Frank Sartor, AO, BE Chern Eng (Syd), Executive Coach and Mediator BComm (Hons)(UNSW) Councillor Sartor was Lord Mayor of Sydney Chairman/Independent Chair between 1991 and March 2003. • Sydney Harbour Foreshore Authority Audit and Risk Management Committee Chairman • Sydney Festival • Australian Technology Park Precinct Management • Central Sydney Planning Committee Audit and Risk Management Committee • Sydney National Cancer Foundation • NSW Audit Office Audit Committee • Hephzibah Tintner Foundation
Board Member/ Member Board Member/ Member
• Sydney Harbour Foreshore Authority • Sydney Harbour Foreshore Authority • Cooks Cove Development Corporation • Cooks Cove Development Corporation Director Director • Australian Technology Park Precinct • Australian Technology Park Precinct Management Ltd Management Li mited Resigned from the Board on 28 February 2003. • Ambulance Service of NSW (Deputy Chair) Until that time, attended 3 out of the 7 meetings held. • Central Sydney Area Health Service
Attended 11 out of 11 meetings held. Helen Wright, LLB, Advanced Management Program, Harvard Graduate School Penny Morris, AM BArch(Hons), MEnvSci, Business Administration Dip Coy Directorship, FRAIA, FAICD Board Member/Member Chair • Sydney Harbour Foreshore Authority • Redevelopment of Victoria Park (Zetland) • Australia Day Council of NSW (Deputy Chair)
Board Member/Member • Cooks Cove Development Corporation • Sydney Harbour Foreshore Authority • Australian Institute of Company Directors • Country Road Ltd • Law Society of NSW, Queensland and Victoria • Jupiters Ltd • Province Management Advisory Council of Little • Landcom Company of Mary
• Cooks Cove Development Corporation Director
Director • Australian Technology Park Precinct Management Limited • Australian Technology Park Precinct Management Limited Attended 1 0 out of 11 meetings.
Attended 9 out of 11 meetings.
LUNA PARK 9 annual report 2002/2003 * CORPORATE GOVERNANCE*
Gary Prattley, BA (Geography), Greg Whiteside MA (Town Planning) Fellow, Royal Australian Appointed as acting Chief Executive Officer, Planning Institute Sydney Harbour Foreshore Authority from Executive Director Metropolitan Planning, 24 May 2003 to 19 July 2003. PlanningNSW Invited to attend meetings as acting Chief Executive Officer of SHFA. Member/ Nominee Member • State Infrastructure Strategic Planning Attended 2 of the 2 meetings held. Steering Committee, • Urban Frontiers Program Advisory Board • Urban Planning Infrastructure Steering Committee • Cooks Cove Development Corporation • Sydney Harbour Foreshore Authority when it meets to manage the affairs of Luna Park
Director • Australian Technology Park Precinct Management Ltd • Urban Development Industry Liaison Committee • Residential Strategy Advisory Committee
Attended 8 out of 11 meetings.
LUNA PARK 10 annual report 2002/2003 *STATEMENT BY THE MEMBERS OF THE TRUST*
LUNA PARK RESERVE TRUST
Statement by the Members of the Trust for the year ended 30 June 2003. Pursuant to Section 41 C (B) and 1(C) of the Public Finance and Audit Act 1983 the Trust states that:
1. The accompanying financial statements exhibit a true and fair view of the financial position of the Luna Park Reserve Trust as at 30 June 2003 and transactions for the year ended on that date.
2. The statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2000 and the Treasurer's Directions.
Further, there are no circumstances which could render any particulars included in the financial statements to be misleading or inaccurate.
Jon Isaacs Rob Lang Director Director Luna Park Reserve Trust Luna Park Reserve Trust
20 October 2003
LUNA PARK 11 annual report 2002/2003 GPOBOX 12 SYDNEY NSW 2001
INDEPENDENT AUDIT REPORT
Lu na Park Reserve Trust
To Members of the New South Wales Parliament
Audit Opinion
In my opinion, the financial report of the Luna Park Reserve Trust:
(a) presents fairly the Trust's financial position as at 30 June 2003 and its financial performance and cash flows for the year ended on that date, in accordance with applicable Accounting Standards and other mandatory professional reporting requirements in Australia, and
(b) complies with section 41B of the Public Finance and Audit Act 1983 (the Act).
The opinion should be read in conj unction with the rest of this report.
The Manager's Role
The financial report is the responsibility of the Manager of the Trust . It consists of the statement of financial position, the statement of financial performance, the statement of cash flows and the accompanying notes.
The Auditor 's Role and t he Audit Scope
As required by the Act, I carried out an independent audit to enable me to express an opinion on the financial report. My audit provides reasonable assurance to Members of the New South Wales Parliament that the financial report is free of material misstatement.
My audit accorded with Australian Auditing and Assurance Standards and statutory requirements, and 1:
evaluated the accounting policies and significant accounting estimates used by the Trustees in preparing the financial report, and
examined a sample of the evidence that supports the amounts and other disclosures in the financial report.
An audit does not guarantee that every amount and disclosure in the financial report is error free. The terms 'reasonable assurance' and 'material' recognise that an audit does not examine all evidence and transactions. However, the audit procedures used should identify errors or omissions significant enough to adversely affect decisions made by users of the financial report or indicate that t he Manager had failed in his reporting obligations.
My opinion does not provide assurance:
about the future viability of the Trust,
that it has carried out its activities effectively, efficiently and economically, or
about the effectiveness of its internal controls.
Audit Independence
The Audit Office complies with all applicable independence requirements of Australian professional ethical pronouncements. The Act further promotes independence by:
providing that only Parliament, and not the executive government, can remove an Auditor-General, and
mandating the Auditor-General as auditor of public sector agencies but precluding t he provision of non-audit services, thus ensuring the Auditor-General and t he Audit Office are not compromised in their role by the possibility of losing clients or income.
R Hegar#;~~ y CPA Director f Audit
SYDNEY 12 20 October 2003 * FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2003
2003 2002 NOTES $'000 $ '000
Revenue from ordinary activities 2 579 5,516
Expenses from ordinary activities Administrator's fees - 45 Auditor's fees 3 14 24 Consultancy fees - 8 Depreciation 7 449 497 Heritage costs 2 9 Legal fees and awards 237 248 Operating expenses 25 7 Other contracted services - 30 Total expenses 727 868
Net (deficit) I surplus from ordinary activities (148) 4,648
Net increase in asset revaluation reserve 9 - 3,188
Total revenue, expenses and valuation adjustments recognised directly in equity - 3,188 Total changes in equity other than those resulting from transactions with owners as owners (148) 7,836
The above Statement of Financial Performance is to be read in conjunction with the attached notes.
LUNA PARK 13 annual report 2002/2003 *FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2003
2003 2002 NOTES $'000 $ ' 000 CURRENT ASSETS Cash 2,214 459 Receivables 5 - 1,893 Other financial assets 6 891 465 TOTAL CURRENT ASSETS 3,105 2,817
NON-CURRENT ASSETS Property, plant and equipment 7 26,542 26,991 TOTAL NON-CURRENT ASSETS 26,542 26,991
TOTAL ASSETS 29,647 29,808
CURRENT LIABILITIES Payables 8 17 30 TOTAL CURRENT LIABILITIES 17 30
TOTAL LIABILITIES 17 30 NET ASSETS 29,630 29,778
EQUITY Asset revaluation reserve 9 14,235 14,235 Retained profits 10 15,395 15,543 TOTAL EQUITY 29,630 29,778
The above Statement of Financial Position is to be read in conjunction with the attached notes.
LUNA PARK 14 a nnual report 2002/2003 *FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2003
2003 2002 NOTES $'000 $'000 Inflow Inflow (Outflow) (Outflow)
Cash flows from Operating Activities Payments to suppliers ( 291 ) ( 502) Receipts from customers 1,896 - Goods and services tax received - 26 Interest received 576 39 Net cash provided by I (used in) Operating Activities 4(b) 2,181 ( 437)
Net increase/(decrease) in cash held 2,181 ( 437)
Cash at the start of the financial year 924 1,361
Cash at the end of the financial year 4(a) 3,105 924
The above Statement of Cash Flows is to be read in conjunction with the attached notes.
LUNA PARK 15 annual report 2002/2003 *FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
The following are the principal accounting policies and practices adopted in the preparation of these financial statements.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Reporting entity The Luna Park Reserve Trust ("the Trust") was created on 12 October 1990 under the Luna Park Site Act 1990. The purpose of the Trust is to control the Luna Park site, which has been dedicated to an area of public amusement, recreation and entertainment.
The former Minister for Land and Water Conservation appointed Sydney Harbour Foreshore Authority ("SHFA") to manage the affairs of the Luna Park Reserve Trust from 9 February 2001. SHFA has not consolidated the results of the Trust into its financial reports as the Trust is under the control of the Minister for Tourism and Sport and Recreation, and Minister for Women and as such SHFA does not have significant control of the activities of the Trust.
(b) Basis of accounting The financial report is a general purpose financial report, which has been prepared on an accrual basis and in accordance with:
• applicable Australian Accounting Standards; • other authoritative pronouncements of the Australian Accounting Standards Board (AASB); • Urgent Issues Group (UIG) Consensus Views; • The requirements of the Public Finance and Audit Act 1983 and Regulations; and • the Financial Reporting Directions issued by the Treasurer under section 9(2)(n) of the Act.
Except for certain property plant and equipment, which are recorded at fair value, the financial statements are prepared in accordance with the historical cost convention.
All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency.
(c) Revenue recognition Revenue is recognised when the Trust has control of the assets that result from revenue generating transactions or the right to receive control, it is probable that the economic benefits will flow to the Trust and the amount of revenue can be measured reliably.
Interest revenue is recognised when control of the right to receive the interest payment occurs.
LUNA PARK 16 annual report 2002/2003 *FINANCIAL STATEMENTS*
(d) Taxation The Trust is exempt from income tax under section 23(d} of the Income Tax Assessment Act.
(e) Acquisition of assets Assets (including work in progress) acquired are recorded at the cost of acquisition, being the purchase consideration determined as at the date of acquisition plus costs incidental to the acquisition. Assets in excess of three thousand dollars are capitalised.
(f) Revaluation of physical non-current assets The Trust values its land and heritage assets (specialised buildings) at fair value.
Where available, fair value is determined having regard to the highest and best use of the asset on the basis of current market selling prices for the same or similar assets. Where market selling price is not available, the asset's fair value is measured as its market buying price ie the replacement cost of the asset's remaining future economic benefits.
The Trust's policy is to revalue its land and buildings at five yearly intervals. The land and buildings were valued in June 2002 by the State Valuation Office of NSW. As the Trust is a not for profit entity, it does not apply the recoverable amounts test to its non-current assets.
(g) Depreciation Property, plant and equipment are depreciated on a straight line basis over their estimated useful lives at the rates below:
Buildings 2.5% Plant and equipment 20% Infrastructure 2.5%
(h) Employee benefits No provision for employee entitlements has been made for the year ended 30 June 2003 as the Trust did not have any employees at that date.
LUNA PARK 17 annual report 2002/2003 * FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
2003 2002 NOTES $ '000 $'000 2. Revenue from ordinary activities Significant item - Forgiveness of loan from former Department of Land and Water Conservation - 5,470 Interest received 576 39 Other revenue 3 7 579 5,51 6 3. Auditor's remuneration Audit or review of the financial report 14 24
4. Cash assets (a) For the purposes of the Statement of Cashf/ows cash includes cash at bank and on hand, and investments in NSW Treasury Corporation Hour Glass Facilities
Luna Park - cheque account 79 109 Luna Park - Heritage & Infrastructure Fund 2,135 350 NSW Treasury Corporation 891 465 3,105 924 Restricted assets The Luna Park Heritage Infrastructure Fund has been disclosed as a cash asset. This asset is however restricted in application under Trust. Funds can only be spent on the maintenance of Heritage and Infrastructure Items as defined in the Trust. (b) Reconciliation of profit!(loss) from ordinary activities to net cash flows used in operating activities
Operating (loss) I profit after income tax (148} 4,648 Non cash flows in operating (loss) I profit Depreciation 449 497 Loan forgiven by Department of Land and Water Conservation - (5,470) Change in operating assets and liabilities (Increase) I decrease in receivables 1,893 (9) (Decrease) in payables (13) (103) Net cash flows provided by I (used in) operating activities 2,181 (437)
5. Receivables Rent receivable - Metro Edgley - 132 Heritage & Infrastructure receivable - Metro Edgley - 1,750 GST receivable - 11 - 1,893
LUNA PARK 18 annual report 2002/2003 *FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
2003 2002 NOTES $ '000 $ '000 6. Other financial assets Hour-Glass Investment Facilities Trust (T Corp) 891 465
The Trust has investments with the NSW Treasury Corporation's Hour-Glass facilities. The Trust's investment is represented by a number of units of a management investment pool with each particular pool having different horizons and being comprised of a mix of asset classes appropriate to that investment horizon. NSW Treasury Corporation appoints and monitors the application of appropriate investment guidelines. This investment is generally able to be redeemed daily by 11 am. The value of the investment held can decrease as well as increase depending on market conditions. The value of the above investment represents the Trust's share of the value of the underlying assets of the facility, and those assets as stated at net value. The weighted average rate of return on these investments during the year was 4.25%.
7. Property, plant and equipment (a) Amounts shown in the Statement of Financial Position are derived as follows: Land At fair value 9,000 9,000 Accumulated depreciation - - 9,000 9,000
Buildings At fair value 8,820 8,820 Accumulated depreciation (218) - 8,602 8,820
Plant and equipment At fair value 26 26 Accumulated depreciation (7) {5) 19 21
Infrastructure At fair value 9,150 9 ,150 Accumulated depreciation (229) - 8,921 9,150 Total property, plant and equipment 26,542 26,991
The land, buildings and infrastructure were valued by the State Valuation Office of NSW in June 2002 and the plant and equipment was valued by Mr James Badgery of James R Lawson Pty. Limited on 8 November 1995. Mr Badgery is a member of the Members Auctioneers & Valuers Association of Australia.
LUNA PARK 19 annual report 2002/2003 *FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
2003 2002 NOTES $ '000 $'000 (b) Reconciliations Reconciliations of the carrying amounts of each class of property, plant and equipment at the beginning and end of the financial year are set out below.
Land Carrying amount at beginning 9,000 7,000 lncrease/(decrease) in asset revaluation - 2,000 Closing balance 9,000 9,000
Buildings Carrying amount at beginning 8,820 8,732 Depreciation expense (218) (250) lncrease/(decrease) in asset revaluation - 338 Closing balance 8,602 8,820
Plant and equipment Carrying amount at beginning 21 23 Depreciation expense (2) (2) Closing balance 19 21
Infrastructure Carrying amount at beginning 9,150 8,545 Depreciation expense (229) (245) lncrease/(decrease) in asset revaluation - 850 Closing balance 8,921 9,150
Total property, plant and equipment Carrying amount at beginning 26,991 24,300 Depreciation expense (449) (497) lncrease/(decrease) in asset revaluation - 3,188 Closing balance 26,542 26,991
8. Payables and borrowings
Accrued expenses 17 30 Total current 17 30
LUNA PARK 20 annua l r e port 2 002/ 2003 *FINANCIAL STATEMENTS*
LUNA PARK RESERVE TRUST NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
2003 2002 NOTES $'000 $'000
9. Asset revaluation reserve Balance at beginning of financial year 14,235 11,047 lncrease/(decrease) in asset revaluation 3,188 Balance at end of financial year 14,235 14,235
The asset revaluation reserve arises on the revaluation of non-current assets. Where a revalued asset is sold that portion of the asset revaluation reserve which relates to that asset, and is effectively realised, is transferred to retained profits.
1 0. Retained profits Balance at beginning of financial year 15,543 10,895 Net (loss) I profit (148) 4,648 Balance at end of financial year 15,395 15,543
11. Contingent liabilities Details of contingent liabilities where the probability of future payment is not considered remote are set out below. The Members of the Trust are of the opinion that a provision is not required in respect of this matter as it is not probable that a future sacrifice of economic benefits will be required. The Trust is awaiting approval from the Minister in relation to a management fee payable to Sydney Harbour Foreshore Authority, which operates the Trust. Should the Minister approve payment of the fee, the Trust expects the amount payable to be around $60,000.
12. Segment reporting The Trust is involved in the place management segment which comprises the development and managerment of land and building assets in the Sydney Metropolitan Area.
END OF AUDITED FINANCIAL STATEMENTS
LUNA PARK 21 annual report 2002/2003 * APPENDICES*
The Luna Park Reserve Trust has no staff, with Privacy Management Plan project management in the control of Sydney Harbour Sydney Harbour Foreshore Authority has developed a Foreshore Authority. Privacy Management Plan in response to the Privacy Where appropriate, these appendices refer to Sydney and Persona/Information Act 1998. Sydney Harbour Harbour Foreshore Authority staffing arrangements Foreshore Authority, as appointed manager of Luna and compliance. Park Reserve Trust, applies this plan where relevant. The Privacy and Persona/Information Protection Act Freedom of Information 1998 aims to protect the privacy of individuals from Under the provisions of the Freedom of Information the inappropriate collection, storage, use and Act for the year ending 30 June 2003 there have disclosure of personal information. been no requests made to Sydney Harbour The Act is based on 12 information principles that Foreshore Authority for information relating to establish standards for using personal information Luna Park or Luna Park Reserve Trust. in an open and accountable manner. The Information Protection Principles apply to all staff, consultants Disability Access Plan and contractors engaged by Sydney Harbour Sydney Harbour Foreshore Authority has developed Foreshore Authority. a Disab ility Access Plan in recognition of the principle that people with disabilities have the same rights and The complete Privacy Management Plan is available entitlements as any other Australians. from Sydney Harbour Foreshore Authority's Administration Manager. Disability access to the Luna Park site has been included in the development application for the Luna Consultants Park works. Further provisions will be addressed in There have been no consultants directly employed subsequent conditions of operation, once Luna Park by the Luna Park Reserve Trust to date. is open to the public.
Annual Report Standards of Behaviour This is the third Annual Report prepared by Sydney Sydney Harbour Foreshore Authority is committed Harbour Foreshore Authority for the Luna Park to establishing a reputation for responsibility, integrity Reserve Trust at a total cost of $1 1.65. and fair dealing, with staff required to set a good example and conduct themselves in a way that The report was written and designed in-house by demonstrates the highest ethical standards. staff of Sydney Harbour Foreshore Authority and will be available on the Sydney Harbour Foreshore A code of ethics outlines the standards that are Authority internet site: expected of staff and provides guidelines to behaviour. www.shfa.nsw.gov.au Ethnic Affairs Priorities Statement Contact Details Sydney Harbour Foreshore Authority's Ethnic Affairs Sydney Harbour Foreshore Authority Priorities Statement (EAPS) applies to Luna Park Level 6, Foreshore House Reserve Trust. It encapsulates a desire to implement 66 Harrington Street Government policy as it relates to ensuring equity in The Rocks NSW 2000 all forms of employment and access. Telephone: 02 9240 8500 A copy of the EAPS can be obtained from Sydney Facsimile: 02 9240 8899 Harbour Foreshore Authority. www.shfa.nsw.gov.au Office hours: 8.00am to 6.00pm Monday to Friday
LUNA PARK 22 annual report 2002/2003 * INDEX*
Luna Park Reserve Trust Annual Report Index Page
Aims and Objectives 5
Annual Report 22
Appendices 22
Background 5
Construction 7
Consultants 22
Contact Details 22
Contents 1
Corporate Governance 8
Disability Access Plan 22
Ethnic Affairs Priorities Statement 22
Financial Statements 13
Freedom of information 22
Independent Audit Report 12
Index 23
Key Facts on Luna Park 5
Letter to the Minister 2
Luna Park Master Plan Development Application 6
Privacy Management Plan 22
Ride Refurbishment 7
Standards of Behaviour 22
Statement by the Chairman 3
Statement by the Members of the Trust 11
The Year in Review 4
. LUNA PARK 23 annual report 2002/2003