tailieunhanh - AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume Nine 2009_part5

Wentworth Khu thể thao phức tạp Trust Ý KIẾN kiểm toán kiểm toán báo cáo tài chính của sự tin cậy cho năm tài chính kết thúc ngày 30 tháng 6 năm 2009 trong Báo cáo của kiểm toán viên độc lập không đủ tiêu chuẩn. | Minister for Lands Wentworth Park Sporting Complex Trust This is trial version 39 This is trial version WentworthParkSportingComplexTrust AUDIT OPINION The audit of the Trust s financial report for the year ended 30 June 2009 resulted in an unqualified Independent Auditor s Report. KEY ISSUES Unresolved Loan Repayment - Repeat Issue I have previously recommended that the Trust endeavour to reach agreement with Greyhound Racing NSW regarding the treatment of monies provided in 1985-87 by the former Racecourse Development Fund. The Trust records a loan of million payable to Greyhound Racing NSW. The money was provided in the period 1985-87 by the former Racecourse Development Fund the Fund to finalise construction of the main grandstand. At that time grant status was not attached to the loan. The loan was finally transferred to Greyhound Racing NSW following privatisation of the TAB and winding up of the Fund. The Trust s Board advised that it does not have the capacity to repay the loan and believes that in respect of original arrangements there is no obligation for repayment. The Trust and Greyhound Racing NSW continue to discuss the status of the loan and the Trust believes the issue will be finalised in 2009-10. Licence termination In November 2008 after 75 years of racing at Wentworth Park the NSW National Coursing Association terminated its licence with the Trust and ceased metropolitan racing operations. The NSW Greyhound Breeders Owners and Trainers Association is expected to conduct greyhound racing 104 times per year as sole licensee. FINANCIAL INFORMATION Year ended 30 June 2009 000 2008 000 Revenue 674 468 Expenses 2 853 1 850 Deficit 2 179 1 382 Net assets at 30 June 39 468 39 863 The increase in expenditure was largely due to a 332 000 decrement on the revaluation of Trust buildings not including the grandstand an increase in repairs and maintenance costs of 199 000 and 66 000 in demolition costs incurred to remove