Financial - Department of Planning - NSW Government

Department of Planning 

Annual Report 2006 – 2007

Department 

of Planning 

Financial Report 

for the Year Ended 

30 June 2007 

CONTENTS 

Independent Audit Report 60 

Statement of Director General 62 

Operating Statement 63 

Statement of Recognised Income and Expenses 64 

Balance Sheet 65 

Cash Flow Statement 66 

Program Statement 67 

Summary of Compliance with Financial Directives 68 

Notes to the Financial Statements 69

Department of Planning Annual Report 2006 – 2007 

Financial Statements 

60



61



62


Operating Statement for the Year ended 30 June 2007 

Notes Actual Budget Actual 

2007 2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 $’000 

Expenses excluding losses 

Operating expenses 

Employee related 2 56,752 42,555 45,145 

Other operating expenses 3 15,495 12,798 13,307 

Depreciation and amortisation 4 1,453 554 367 

Grants and subsidies 5 25,249 38,139 12,511 

Total Expenses excluding losses 98,949 94,046 71,330 

Less: 

Revenue 

Sale of goods and services 6 38,018 15,815 25,910 

Investment revenue 7 321 503 78 

Grants and contributions 8 942 5,597 1,548 

Other revenue 9 4,647 1,597 7,787 

Total Revenue 43,928 23,512 35,323 

(Gain)/Loss on disposal of non-current assets 10a 1,266 (600) 2,613 

Other Losses 10b 1,251 13 - 

Net Cost of Services 27 57,538 69,947 38,620 

Government Contributions 

Recurrent appropriation (net of transfer payments) 11 58,205 65,786 42,479 

Capital appropriation 11 3,316 4,164 4,164 

Acceptance by the Crown Entity of employee 

benefits and other liabilities 

12 3,165 4,206 2,397 

Total Government Contributions 64,686 74,156 49,040 



SURPLUS FOR THE YEAR 7,148 4,209 10,420 

The accompanying notes form part of the financial statements 

63


Statement of Recognised Income and Expense for the Year ended 30 June 2007 

TOTAL INCOME AND EXPENSE RECOGNISED 

DIRECTLY IN EQUITY 


2007 2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 $’000 

23 37 - 12,175 

Surplus for the Year 7,148 4,209 10,420 

TOTAL INCOME AND EXPENSE 

RECOGNISED FOR THE YEAR 

7,185 4,209 22,595 

EFFECT OF CORRECTION OF ERRORS 15 - - 256 

Accumulated funds 30,036 28,103 22,851 



64 

The accompanying notes form part of the financial statements


Balance Sheet as at 30 June 2007 


2007 2007 2006 

$’000 $’000 $’000 

ASSETS 

Current Assets 

Cash and cash equivalents 16 18,016 2,911 2,912 

Receivables 17 5,395 5,906 5,906 

Total Current Assets 23,411 8,817 8,818 

Non-Current Assets 

Receivables 17 691 1,699 1,699 

Property, Plant and Equipment 

- Land 18 24,880 25,317 22,431 

- Plant and Equipment 18 6,197 8,186 6,862 

Total Property, Plant and Equipment 31,077 33,503 29,293 

Intangible assets 19 962 3,419 3,419 

Total Non-Current Assets 32,730 38,621 34,411 

Total Assets 56,141 47,438 43,229 

LIABILITIES 

Current Liabilities 

Payables 21 19,584 13,440 13,415 

Provisions 22 5,634 4,924 4,949 

Total Current Liabilities 25,218 18,364 18,364 


Non-Current Liabilities 

Provisions 22 887 971 971 

Total Non-Current Liabilities 887 971 971 

Total Liabilities 26,105 19,355 19,335 

Net Assets 30,036 28,103 23,894 

EQUITY 

Accumulated Funds 23 30,036 28,103 23,894 

Total Equity 30,036 28,103 23,894 



65


Cash Flow Statement for the Year ended 30 June 2007 


2007 2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 $’000 

CASH FLOWS FROM OPERATING ACTIVITIES 

Payments 

Employee related (49,795) (38,424) (42,676) 

Grants and subsidies (24,240) (33,105) (6,511) 

Other (24,840) (18,197) (9,120) 

Total Payments (98,875) (89,726) (58,307) 

Receipts 

Sale of goods and services 42,623 15,802 25,214 

Interest received 81 503 28 

Other 3,066 7,634 1,447 

Total Receipts 45,770 23,939 26,689 


Cash Flows From Government 

Recurrent appropriation 66,113 65,786 36,479 

Capital appropriation 3,316 4,164 4,164 

Cash reimbursements from the Crown Entity 3,165 - - 

Net Cash Flows From Government 72,594 69,950 40,643 

NET CASH FLOWS FROM OPERATING ACTIVITIES 27 19,489 4,163 9,025 


CASH FLOWS FROM INVESTING ACTIVITIES 

Proceeds from sale of non-current assets – property, plant & 

equipment 

- 600 2 

Purchases of non-current assets – property, plant & equipment (2,425) (4,764) (4,362) 

Purchase of non-current assets - intangibles (917) - - 

Other (1,043) - - 

NET CASH FLOWS FROM INVESTING ACTIVITIES (4,385) (4,164) (4,360) 

NET INCREASE / (DECREASE) IN CASH 15,104 (1) 4,665 

Opening cash and cash equivalents 2,912 8,076 - 

Cash transferred (out) as a result of administrative restructuring - - (1,753) 

CLOSING CASH AND CASH EQUIVALENTS 16 18,016 8,075 2,912 

66 



Notes to and forming part of the Financial Statements for the year ended 30 June 2007 

Supplementary Financial Statements 

Program Statement – Expenses and Revenues for the Year ended 30 June 2007 

DEPARTMENT OF PLANNING 

Strategy 

and Policy 

Development* 

Major 

Development 

Assessment & 

Strategy * 

Heritage 

Policy & 

Assistance* 

Not Attributable** 

EXPENSES AND REVENUES 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 

Expenses (excluding losses) 

Operating expenses 

Employee related 13,243 24,966 39,428 18,785 4,081 1,394 56,752 45,145 

Other operating expenses 2,820 5,756 10,940 6,918 1,735 633 15,495 13,307 

Depreciation and amortisation 144 147 899 126 410 94 1,453 367 

Grants and subsidies 8,382 - 14,089 10,676 2,778 1,835 25,249 12,511 

Total Expenses 24,589 30,869 65,356 36,505 9,004 3,956 - - 98,949 71,330 

Revenue 

Sale of goods and services 16,476 1,238 21,492 24,607 50 65 38,018 25,910 

Investment income 285 24 12 54 24 321 78 

Grants and contributions - 53 706 1,413 236 82 942 1,548 

Other revenue 3,968 32 255 2,426 424 5,329 4,647 7,787 

Total Revenue 20,729 1,348 22,465 28,499 734 5,476 - - 43,928 35,323 

Gain/(loss) on disposal of 

- (112) (1,266) (2,500) - (1) (1,266) (2,613) 

non-current assets 

Other gains/losses - - (1,251) - - - - - (1,251) - 

Net Cost of Services (3,860) (29,633) (45,408) (10,506) (8,270) 1,519 - - (57,538) (38,620) 

Government contributions** 64,686 49,040 64,686 49,040 

NET EXPENDITURE/ (REVENUE) 

FOR THE YEAR 

3,860 29,633 45,408 10,506 8,270 (1,519) 64,686 (49,040) (7,148) (10,420) 

ADMINISTERED EXPENSES AND REVENUES 

Administered Expenses 

Transfer payments - 86,048 - - - - - - - 86,048 

Total Administered Expenses - 86,048 - - - - - - - 86,048 

Administered Revenues 

Transfer receipts 

Total Administered Revenues - - - - - - - - - - 

Administered Revenues less 

Expenses 

- 86,048 - - - - - - - 86,048 

Total 



* The purpose of each program is summarised in Note 14. 

** Appropriations are made on an agency basis and not to individual programs. Consequently, government contributions must be included in the “Not Attributable” column. 

67



Supplementary Financial Statements 

Summary of Compliance with Financial Directives 

Recurrent 

Appropriation 

Expenditure/ 

Net Claim on 

Consolidated 

Fund 

2007 2006 

Capital 

Appropriation 

Expenditure/ 

Net Claim on 

Consolidated 

Fund 

Recurrent 

Appropriation 

Expenditure/ 

Net Claim on 

Consolidated 

Fund 

Capital 

Appropriation 

Expenditure/ 

Net Claim on 

Consolidated 

Fund 

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 



ORIGINAL BUDGET 

APPROPRIATION/ 

EXPENDITURE 

• Appropriation Act 65,786 57,878 4,164 3,316 

• Additional Appropriations 

• S24 PF&AA - t’fer 

of function between 

Departments 

- from Dept 

47,920 47,820 4,145 4,145 

Infrastructure, Planning 

& Natural Resources 

- from Heritage Office 2,799 2,799 19 19 

- to Dept of Transport (1,279) (1,279) 

- to Dept. Tourism, Sport 

& Recreation 

(1,047) (1,047) 

64,507 56,599 4,164 3,316 49,672 49,572 4,164 4,164 

OTHER APPROPRIATIONS/ EXPENDITURE 

• Treasurer’s Advance 1,500 1,500 175 175 

• S27 - transfers from 

106 106 

another Agency 

• S22 - exp for certain 

78,780 78,780 

works, services 

• S28 Approp Act - 

transfers to another Agency 

1,606 1,606 - - 78,955 78,955 - - 

Total Appropriations/ 

Net Claim on 

Consolidated Fund 

(includes transfer 

payments) 

66,113 58,205 4,164 3,316 128,627 128,527 4,164 4,164 

Amount drawn down 

against Appropriation 

Liability to 

Consolidated Fund* 

66,113 3,316 128,527 4,164 

7,908 

68 

The Summary of Compliance is based on the assumption that Consolidated Fund moneys are spent first (except where otherwise identified or prescribed). 

* This liability represents the difference between the “Amount drawn down against Appropriation” and the “Total Expenditure/Net Claim on Consolidated Fund”.



1. Summary Of Significant Accounting Policies 

(a) Reporting Entity 

The Department of Planning is a NSW government department. The Department is a not-for-profit entity (as profit is not its principal 

objective) and it has no cash generating units. The reporting entity is consolidated as part of the NSW Total State Sector Accounts. 

The comparative figures are not for a full financial year as the Department of Planning was established on 29 August 2005. 

This financial report has been authorised for issue by the Director-General on 16 October 2007. 

(b) Basis of Preparation 

The agency’s financial report is a general purpose financial report which has been prepared in accordance with: 

• applicable Australian Accounting Standards (which include Australian equivalents to International Financial Reporting Standards 

(AEIFRS)); 

• the requirements of the Public Finance and Audit Act 1983 and Regulation; and 

• the Financial Reporting Directions published in the Financial Reporting Code for Budget Dependent General Government Sector 

Agencies or issued by the Treasurer under section 9(2)(n) of the Public Finance and Audit Act 1983. 

Property, plant and equipment, investment property, assets (or disposal groups) held for sale and financial assets held for trading 

and available for sale are measured at fair value. Other financial report items are prepared in accordance with the historical cost 

convention. 

Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the financial report. 

Where necessary, comparative figures have been adjusted to conform with changes in presentation in these financial statements. 

All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency. 

(c) Income Recognition 

Income is measured at the fair value of the consideration or contribution received or receivable. Additional comments regarding the 

accounting policies for the recognition of income are discussed below. 

(i) 

Parliamentary Appropriations and Contributions 

Parliamentary appropriations and contributions from other bodies (including grants and donations) are generally recognised 

as income when the agency obtains control over the assets comprising the appropriations / contributions. Control over 

appropriations and contributions is normally obtained upon the receipt of cash. 

An exception to the above is when appropriations are unspent at year end. In this case, the authority to spend the money lapses 

and generally the unspent amount must be repaid to the Consolidated Fund in the following financial year. As a result, unspent 

appropriations are accounted for as liabilities rather than revenue. 

(ii) Sale of Goods and Rendering of Services 

Revenue from the sale of goods is recognised as revenue when the agency transfers the significant risks and rewards of 

ownership of the assets. 

Revenue is recognised when the service is provided or by reference to the stage of completion (based on labour hours incurred 

to date). 



69



(iii) Investment income 

Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and 

Measurement. Rental revenue is recognised in accordance with AASB 117 Leases on a straight-line basis over the lease term. 

Royalty revenue is recognised in accordance with AASB 118 Revenue on an accrual basis in accordance with the substance of 

the relevant agreement. 

(d) Employee Benefits and other provisions 

(i) 

Salaries and Wages, Annual Leave, Sick Leave and On-Costs 

Liabilities for salaries and wages (including non-monetary benefits), annual leave and paid sick leave that fall due wholly within 

12 months of the reporting date are recognised and measured in respect of employees’ services up to the reporting date at 

undiscounted amounts based on the amounts expected to be paid when the liabilities are settled. 

Long-term annual leave that is not expected to be taken within twelve months is measured at present value in accordance with 

AASB 119 Employee Benefits. Market yields on government bonds of 6.45% are used to discount long-term annual leave. 

Unused non-vesting sick leave does not give rise to a liability as it is not considered probable that sick leave taken in the future 

will be greater than the benefits accrued in the future. 

The outstanding amounts of payroll tax, workers’ compensation insurance premiums and fringe benefits tax, which are 

consequential to employment, are recognised as liabilities and expenses where the employee benefits to which they relate have 

been recognised. 

(ii) Long Service Leave and Superannuation 



The agency’s liabilities for long service leave and superannuation are assumed by the Crown Entity. The agency accounts for the 

liability as having been extinguished, resulting in the amount assumed being shown as part of the non-monetary revenue item 

described as “Acceptance by the Crown Entity of employee benefits and other liabilities”. 

Long service leave is measured at present value in accordance with AASB 119 Employee Benefits. This is based on the 

application of certain factors (specified in NSW Treasury Circular 07/04) to employees with 5 or more years of service, using 

current rates of pay. These factors were determined based on an actuarial review to approximate present value. 

The superannuation expense for the financial year is determined by using the formulae specified in NSW Treasury Circular 07/06. 

The expense for certain superannuation schemes (i.e. Basic Benefit and First State Super) is calculated as a percentage of the 

employees’ salary. For other superannuation schemes (i.e. State Superannuation Scheme and State Authorities Superannuation 

Scheme), the expense is calculated as a multiple of the employees’ superannuation contributions. 

(iii) Other Provisions 

Other provisions exist when: the agency has a present legal or constructive obligation as a result of a past event; it is probable 

that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the 

obligation. 

Any provisions for restructuring are recognised only when an agency has a detailed formal plan and the agency has raised a 

valid expectation in those affected by the restructuring that it will carry out the restructuring by starting to implement the plan or 

announcing its main features to those affected. 

(e) Insurance 

The agency’s insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance for 

Government agencies. The expense (premium) is determined by the Fund Manager based on past experience. 

70



(f) Accounting for the Goods and Services Tax (GST) 

Revenues, expenses and assets are recognised net of the amount of GST, except where: 

• the amount of GST incurred by the agency as a purchaser that is not recoverable from the Australian Taxation Office is 

recognised as part of the cost of acquisition of an asset or as part of an item of expense. 

• receivables and payables are stated with the amount of GST included. 

(g) Acquisitions of Assets 

The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the agency. Cost is the 

amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset at the time of its 

acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the 

specific requirements of other Australian Accounting Standards. 

Assets acquired at no cost, or for nominal consideration, are initially recognised at their fair value at the date of acquisition (see also 

assets transferred as a result of an administrative restructure – Note 1(p). 

Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length 

transaction. 

Where payment for an item is deferred beyond normal credit terms, its cost is the cash price equivalent, i.e. the deferred payment 

amount is effectively discounted at an asset-specific rate. 

(h) Capitalisation Thresholds 

Property, plant and equipment and intangible assets costing $5,000 and above individually are capitalised. 

(i) Revaluation of Property, Plant and Equipment 

Physical non-current assets are valued in accordance with the “Valuation of Physical Non-Current Assets at Fair Value” Policy and 

Guidelines Paper (NSW Treasury Policy Paper 07-1). This policy adopts fair value in accordance with AASB 116 Property, Plant and 

Equipment. 

Property, plant and equipment is measured on an existing use basis, where there are no feasible alternative uses in the existing 

natural, legal, financial and socio-political environment. However, in the limited circumstances where there are feasible alternative 

uses, assets are valued at their highest and best use. 

Fair value of property, plant and equipment is determined based on the best available market evidence, including current market 

selling prices for the same or similar assets. Where there is no available market evidence, the asset’s fair value is measured at its 

market buying price, the best indicator of which is depreciated replacement cost. 

The agency revalues each class of property, plant and equipment at least every five years or with sufficient regularity to ensure that 

the carrying amount of each asset in the class does not differ materially from its fair value at reporting date. The last revaluation was 

deemed to have occurred on the establishment of the Department on 29 August 2005 

Non-specialised assets with short useful lives are measured at depreciated historical cost, as a surrogate for fair value. 

When revaluing non-current assets by reference to current prices for assets newer than those being revalued (adjusted to reflect the 

present condition of the assets), the gross amount and the related accumulated depreciation are separately restated. 



71



(i) Revaluation of Property, Plant and Equipment (continued) 

For other assets, any balances of accumulated depreciation at the revaluation date in respect of those assets are credited to the 

asset accounts to which they relate. The net asset accounts are then increased or decreased by the revaluation increments or 

decrements. 

Revaluation increments are credited directly to the asset revaluation reserve, except that, to the extent that an increment reverses a 

revaluation decrement in respect of that class of asset previously recognised as an expense in the surplus / deficit, the increment is 

recognised immediately as revenue in the surplus / deficit. 

Revaluation decrements are recognised immediately as expenses in the surplus/deficit, except that, to the extent that a credit balance 

exists in the asset revaluation reserve in respect of the same class of assets, they are debited directly to the asset revaluation 

reserve. 

As a not-for-profit entity, revaluation increments and decrements are offset against one another within a class of non-current assets, 

but not otherwise. 

Where an asset that has previously been revalued is disposed of, any balance remaining in the asset revaluation reserve in respect of 

that asset is transferred to accumulated funds. 

(j) Impairment of Property, Plant and Equipment 

As a not-for-profit entity with no cash generating units, the Agency is effectively exempted from AASB 136 Impairment of Assets and 

impairment testing. This is because AASB 136 modifies the recoverable amount test to the higher of fair value less costs to sell and 

depreciated replacement cost. This means that, for an asset already measured at fair value, impairment can only arise if selling costs 

are material. Selling costs are regarded as immaterial. 


(k) Depreciation of Property, Plant and Equipment 

Except for certain heritage assets, depreciation is provided for on a straight-line basis for all depreciable assets so as to write off the 

depreciable amount of each asset as it is consumed over its useful life to the agency. 

All material separately identifiable components of assets are depreciated over their shorter useful lives. 

Depreciation rates for plant and equipment range from 10% to 20%. 


Land is not a depreciable asset. Certain heritage assets have an extremely long useful life, including original artworks and collections 

and heritage buildings. Depreciation for these items cannot be reliably measured because the useful life and the net amount to be 

recovered at the end of the useful life cannot be reliably measured. In these cases, depreciation is not recognised. The decision not 

to recognise depreciation for these assets is reviewed annually. 

(l) Maintenance 

The costs of day-to-day servicing costs or maintenance are charged as expenses as incurred, except where they relate to the 

replacement of a part or component of an asset, in which case the costs are capitalised and depreciated. 

72



(m) Leased Assets 

A distinction is made between finance leases which effectively transfer from the lessor to the lessee substantially all the risks and 

benefits incidental to ownership of the leased assets, and operating leases under which the lessor effectively retains all such risks 

and benefits. 

Where a non-current asset is acquired by means of a finance lease, the asset is recognised at its fair value at the commencement of 

the lease term. The corresponding liability is established at the same amount. Lease payments are allocated between the principal 

component and the interest expense. 

Operating lease payments are charged to the Operating Statement in the periods in which they are incurred. 

(n) Intangible Assets 

The agency recognises intangible assets only if it is probable that future economic benefits will flow to the agency and the cost of the 

asset can be measured reliably. Intangible assets are measured initially at cost. Where an asset is acquired at no or nominal cost, the 

cost is its fair value as at the date of acquisition. 

All research costs are expensed. Development costs are only capitalised when certain criteria are met. 

The useful lives of intangible assets are assessed to be finite. 

Intangible assets are subsequently measured at fair value only if there is an active market. As there is no active market for the 

agency’s intangible assets, the assets are carried at cost less any accumulated amortisation. 

The agency’s intangible assets are amortised using the straight line method over periods appropriate to the future economic benefit 

and range between 2 to 5 years. 

In general, intangible assets are tested for impairment where an indicator of impairment exists. However, as a not-for-profit entity with 

no cash generating units, the agency is effectively exempted from impairment testing (refer paragraph (j). 

(o) Other Assets 

Other assets are recognised on a cost basis. 


(p) Equity Transfers 

The transfer of net assets between agencies as a result of an administrative restructure, transfers of programs / functions and 

parts thereof between NSW public sector agencies is designated as a contribution by owners and recognised as an adjustment to 

“Accumulated Funds”. This treatment is consistent with Australian Accounting Interpretation 1038 Contributions by Owners Made to 

Wholly-Owned Public Sector Entities. 

Transfers arising from an administrative restructure between government departments are recognised at the amount at which the 

asset was recognised by the transferor government department immediately prior to the restructure. In most instances this will 

approximate fair value. All other equity transfers are recognised at fair value. 

(q) Payables 

These amounts represent liabilities for goods and services provided to the agency and other amounts, including interest. Payables 

are recognised initially at fair value, usually based on the transaction cost or face value. Subsequent measurement is at amortised 

cost using the effective interest method. Short-term payables with no stated interest rate are measured at the original invoice amount 

where the effect of discounting is immaterial. 


73



(r) Receivables 

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These 

financial assets are recognised initially at fair value, usually based on the transaction cost at face value. Subsequent measurement 

is at amortised cost using the effective interest rate method, less any allowance for impairment of receivables. Any changes are 

accounted for in the Operating Statement when impaired, derecognised or through the amortisation process. 

Short-term receivables with no stated interest rate are measured at original invoice amount where the effect of discounting is 

immaterial. 

(s) Repayable Conservation Advances 

The Department assists conservation of heritage assets held by private individuals and organisations by making Repayable 

Conservation Advances. These advances are repayable when the subject property is sold or otherwise transferred, and bear indexation 

(in the nature of interest) over the period of the advance. 

These advances are recognised initially at fair value, usually based on the transaction cost at face value. Subsequent measurement is 

not discounted as the final repayment date is not able to be determined. Indexation increases in the advances is calculated and added 

to the value of the advance. 

A caveat over the heritage property secures the value of the advances. 

(t) Impairment of financial assets 

All financial assets, except those measured at fair value through profit and loss, are subject to an annual review for impairment. An 

allowance for impairment is established when there is objective evidence that the entity will not be able to collect all amounts due. 



(u) New Australian Accounting Standards issued but not effective 

A number of Australian Accounting Standards have not been adopted as they are not yet effective. The impact of these standards 

AASB 7, AASB 2005-10, AASB 8, AASB 2007-3, AASB 101 (Oct 2006), AASB 123 ( June 2007), AASB 2007-06, AASB 1049, AASB 

2007-4, AASB 2007-5, AASB 2007-1 and AASB 2007-2, in the period of initial application on the Department is not known or is not 

able to be reasonably estimated. 

74



2. Expenses Excluding Losses – Employee Related Expenses 

2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 

Salaries & wages (including Recreation Leave) 41,610 34,039 

Superannuation – defined benefit plan 1,488 1,254 

Superannuation – defined contribution plan 2,773 1,723 

Long service leave 1,589 1,040 

Workers compensation insurance 402 239 

Payroll tax and fringe benefits tax 2,745 2,082 

Redundancies 124 38 

50,731 40,415 

Personnel services expense provided to other entities 6,021 4,730 

56,752 45,145 

Corporate Services functions were provided free of charge by Corporate Shared Services (previously part of the former Department of 

Natural Resources, now part of Department of Commerce) to the Department and cannot be reasonably estimated. 

3. Expenses Excluding Losses – Other Operating Expenses 

Auditor’s remuneration-audit of the financial reports 95 147 

Advertising/Public relations 712 602 

Bad and doubtful debts 45 2 

Computer costs 465 514 

Consultancy costs 3,575 2,872 

Equipment maintenance/consumables 85 32 

Fees for services rendered 5,200 4,919 

Legal fees 893 135 

Motor vehicle and plant hire expenses 73 46 

Motor vehicle leasing costs 219 158 

Minor equipment purchases 157 618 

Operating lease rental expense-Minimum lease Payments 1,879 808 

Maintenance 127 819 

Insurance – public liability 107 70 

Printing 645 469 

Telephones 228 125 

Stores/Stationery/Materials 217 225 

Training 169 172 

Travel 493 479 

Other 111 95 

15,495 13,307 



75



4. Depreciation and Amortisation Expense 

2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 

Intangible Assets 806 133 

Buildings and leasehold improvements 378 72 

Plant and equipment 269 162 

1,453 367 


5. Grants and Subsidies 

Planning Reform Fund grants to Councils 875 2,001 

Redfern Waterloo Authority 7,190 - 

Growth Centres Commission 6,000 6,000 

Heritage Office Grants 2,438 1,835 

Contributions to Building Professionals Board 921 - 

Corporation Sole, Minister administering the Environmental 

Planning and Assessment Act 1979 

- expenditure & loan servicing contribution 5,648 1,795 

Other 2,177 880 

25,249 12,511 

Previously grant payments made to the Growth Centres Commission were treated as transfer payments. As this amount is included 

in the Department’s Budget and Appropriation payments and included in Net Cost of Service calculations it is considered that this 

amount should be treated as a grant expense. Comparative figures have been restated accordingly. 


76 

6. Sale of Goods and Services 

Planning Reform Fund contribution 16,470 11,807 

Fees for Services 3,384 1,715 

Demand Management Project reimbursement 3,000 3,000 

Development Application fees for Planning Projects 8,671 4,351 

Other 472 307 

31,997 21,180 

Personnel services revenue charged to client entities 6,021 4,730 

38,018 25,910 

7. Investment Revenue 

Interest 

- Bank 309 28 

- Repayable Conservation Advances 12 50 

321 78



8. Grants and Contributions 

2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 

Contributions received from 

- Commonwealth Government 121 104 

- Other State Government entities (i) 821 1,236 

- Other - 208 

942 1,548 

(i) Received from the Roads and Traffic Authority in respect to the Transport Planning Data Centre activities. 

9. Other Revenue 

Forgiveness of debt (i) 2,057 - 

Other revenue 2,590 2,429 

Transfer of assets from a State Government entity for no consideration - 5,358 

4,647 7,787 

(i) Debt owed to the former Department of Natural Resources has been written-off. 

10a. Loss on Disposal of Non-current Assets 

Loss on disposal of Intangibles 

Proceeds from disposal - - 

Carrying value of assets disposed (i) 1,254 - 

Net loss on disposal of intangibles 1,254 - 

Loss on disposal of land 

Proceeds from disposal - - 

Carrying value of assets disposed (ii) - 2,500 

Net loss on disposal of land and buildings - 2,500 

Loss on disposal of plant and equipment 

Proceeds from disposal - 2 

Carrying value of assets disposed 12 115 

Net loss on disposal of plant and equipment 12 113 

Loss on disposal of Non-Current Assets 1,266 2,613 

(i) Software related to the Transport Planning function is no longer in use and as a result was written-off. 

(ii) Land transferred to Department of Environment and Conservation – National Parks and Wildlife Service for no consideration 



10b. Other Losses 

Impairment of IPLAN software 1,251 - 

The IPLAN software is no longer functional and as a result was written-off. 

77



11. Appropriations 

2007 29 August 2005 

to 30 June 

2006 

$’000 $’000 

Recurrent Appropriations 

Total recurrent draw downs from NSW Treasury (per Summary of Compliance) 66,113 128,527 

Less: Liability to Consolidated Fund (per Summary of Compliance) (7,908) - 

Total 58,205 128,527 

Comprising: 

Recurrent appropriations (per Operating Statement) 58,205 42,479 

Plus: Transfer payments - 86,048 

Total 58,205 128,527 

Capital Appropriations 

Total capital draw downs from Treasury (per Summary of Compliance) 3,316 4,164 

Comprising: 

Capital appropriations (per Operating Statement) 3,316 4,164 

12. Acceptance by the Crown Entity of Employee Benefits and Other Liabilities 



The following liabilities and expenses have been assumed by the Crown Entity: 

Superannuation 1,488 1,247 

Long service leave 1,589 1,070 

Payroll tax 88 80 

3,165 2,397 

13. Transfer Payments 

Corporation Sole, Minister administering the 

Environmental Planning and Assessment Act, 1979 

Sydney International Regatta Centre - 768 

Special Purpose Grant - 85,280 

Total Transfer Payments (Note 12) - 86,048 

78



14. Program Information 

43.1.1 Strategy and Policy Development 

Program Objective(s): 

Program Description: 

To set the strategic direction for land use management and infrastructure for communities across New 

South Wales. Provide advice on policy and strategy for key issues at a regional and State-wide level 

Reform, develop and monitor planning and building systems. Whole-of-government co-ordination on 

all aspects of planning and related environmental, economic and human service issues. Develop State 

Environmental Planning Policies, Regional Environmental Plans and other planning policies and strategies. 

Provide strategic information for government to guide infrastructure investment. Collect, analyse and 

publish data on transport travel patterns, employment and population. 

43.1.2 Major Development Assessment and Strategy Implementation 



To facilitate improved economic performance, environmental sustainability and quality of life for New South 

Wales through better planning policies, programs and improved land use management. 

Strategic and project level environmental impact assessment. Implement whole-of-government initiatives 

for major development and infrastructure projects. Review Local Environmental Plans to ensure 

consistency with State-wide strategic framework. Implement place-based programs that create quality 

communities and deliver economic, social and environmental benefits. Develop active partnerships 

with local government, other State agencies, business and the wider community. Provide best practice 

specialist services to stakeholders and the community. Manage grants programs that provide financial 

incentives to create communities in urban and regional New South Wales. 

43.2.1 Heritage Policy and Assistance 



Ensure the community knows, values and cares for the heritage of New South Wales. 

Identify, assess and present the heritage of New South Wales. Provide resources, including skills, 

funding, innovation, policy and management advice, for heritage conservation, promotion and assistance. 

Implement the regulatory functions to manage changes to the heritage of New South Wales. 


15. Prior Period Error 

2007 29 August 2005 

to 30 June 

2006 

$000 $000 

Incorrect treatment of heritage grants - 256 

Heritage Office grants transferred in as part of a 2006 equity adjustment have been reassessed. The grants are now recognised as 

an asset of Corporation Sole, Minister Administering the Heritage Act, 1977. 


79



16. Current Assets – Cash & Cash Equivalents 

2007 29 August 2005 

to 30 June 

2006 

$000 $000 

Cash at bank and on hand 18,016 2,912 

For the purpose of the Cash Flow Statement, cash includes cash on hand and cash at bank and short-term deposits at call. 

Cash and cash equivalent assets recognised in the Balance Sheet are reconciled at the end of the financial year to the Cash Flow 

Statement as follows: 

Cash and cash equivalents (per Balance Sheet) - 

Closing Cash and Cash Equivalents (per Cash Flow Statement) 18,016 2,912 

17. Current/non Current Assets – Receivables 



Current Receivables 

Sale of Goods and Services 3,646 3,540 

Less: Allowance for impairment (53) (8) 

3,593 3,532 

Goods and Services Tax recoverable from ATO 498 660 

Accrued income-Sale of Goods and Services 1,304 1,708 

Repayable Conservation Advances (i) 691 1,699 

Prepayments - 6 

6,086 7,605 

Current 5,395 5,906 

Non-Current 691 1,699 

6,086 7,605 

(i) Repayable Conservation Advances are made to individuals and organisations for conservation purposes (Refer note 1(t)). 

A condition of some of the Advances is that at repayment, an additional amount equivalent to the Consumer Price Index (CPI) increase 

over the period of the Advance is also payable. 

18. Non-Current Assets – Property, Plant and Equipment 

Land (under 

Coastal 

Protection 

Scheme) 

Plant and 

Equipment 

$’000 $’000 $’000 

As at 30 June 2007 

At Fair Value 24,880 7,349 32,229 

Accumulated depreciation & impairment - (1,152) (1,152) 

Net carrying amount 24,880 6,197 31,077 

Total 

80




At Fair Value 22,431 7,421 29,852 

Accumulated depreciation & impairment - (559) (559) 

Net carrying amount 22,431 6,862 29,293 

Reconciliations 

A reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current 

reporting period is set out below: 

Land (under 

Coastal 

Protection 

Scheme) 

Plant and 

Equipment 

$’000 $’000 $’000 

Year ended 30 June 2007 

Carrying amount at start of year 22,431 6,862 29,293 

Additions 2,449 446 2,895 

Net revaluation Increment taken to reserve - - - 

Disposals - (4) (4) 

Depreciation expense - (647) (647) 

Other movements - (460) (460) 

Net carrying amount at end of year 24,880 6,197 31,077 

Land (under 

Coastal 

Protection 

Scheme) 

Plant and 

Equipment 

$’000 $’000 $’000 

Period ended 30 June 2006 

Carrying amount at start of period - - - 

Acquired as a result of Administrative Orders 20,972 1,354 22,326 

Acquired as a result of Administrative Orders - 85 85 

Additions 3,959 403 4,362 

Disposals (2,500) (104) (2,604) 

Depreciation expense - (234) (234) 

Initial recognition of assets not previously recorded - 5,358 5,358 

Net carrying amount at end of period 22,431 6,862 29,293 

Total 

Total 



81



19. Non-current Assets – Intangible Assets 

Software 

At 1 July 2007 $’000 

Cost (gross carrying amount) 1,119 

Accumulated depreciation and impairment (157) 

Net carrying amount 962 

At 30 June 2006 

Cost (gross carrying amount) 3,551 

Accumulated depreciation and impairment (132) 

Net carrying amount 3,419 

Reconciliations 

A reconciliation of the carrying amounts of each class of intangibles assets at the beginning and end of the current reporting period is 

set out below: 



Net carrying amount at start of year 3,419 

Additions 917 

Disposals (58) 

Amortisation (recognised in ‘depreciation & amortisation’) (806) 

Impairment losses (recognised in other gains/losses) (2,505) 

Other movements (5) 

Net carrying amount at end of year 962 


Period ended 30 June 2006 

Net carrying amount at start of year - 

Acquired as a result of Administrative Orders 3,458 

Additions 94 

Disposals - 

Amortisation (recognised in ‘depreciation & amortisation’) (133) 

Net carrying amount at end of year 3,419 

82


Notes to and forming part of the Financial Statements for the period year 30 June 2007 

20. Restricted Assets 

Legislation or Treasury Directions impose restrictions on the use of certain assets of the Department. As such, the following are 

considered to be restricted assets: 

2007 29 August 2005 

to 

30 June 2006 

$000 $000 

Current Assets: 

Cash comprising: 

Raceway Precinct Contribution 1,631 - 

Western Sydney Employment Hub Contribution 4,795 - 

Rhodes Peninsula Development Contributions 316 349 

6,742 349 

21. Current Liabilities – Payables 

Accrued salaries, wages and on-costs 315 355 

Trade Creditors and Accruals 3,541 12,016 

Accruals – Other 861 565 

Liability to Crown 7,908 - 

Fees in Advance 217 130 

Raceway Precinct Contribution 1,631 - 

Western Sydney Employment Hub Contribution 4,795 - 

Rhodes Peninsula Development Contributions 316 349 

19,584 13,415 



83



22. Current/Non-Current Liabilities – Provisions 

2007 29 August 2005 

to 

30 June 2006 

$000 $000 

Employee benefits and related on-costs 

Recreation leave 4,918 4,636 

Employee Benefits and related on-costs 1,603 1,284 

Total Provisions 6,521 5,920 

Aggregate employee benefits and related on-costs 

Provisions – current 5,634 4,949 

Provisions – non-current 887 971 

Total provisions per Balance Sheet 6,521 5,920 

Accrued salaries, wages and on-costs (Note 21) 315 355 

6,836 6,275 



Employee benefits expected to be settled within 12 months from the reporting date 

Recreation leave 4,918 4,274 

Employee Benefits and related on-costs 716 675 

5,634 4,949 

Employee benefits expected to be settled in more than 12 months from the reporting date 

Recreation leave - 362 

Employee Benefits and related on-costs 887 609 

887 971 

84



23. Changes in Equity 

2007 29 August 2005 

to 

30 June 2006 

$000 $000 

Balance at the beginning of the year 22,851 - 

Net increase in equity arising from the creation of Department - 11,232 

Net decrease in equity arising from the transfer of the Transport Planning Function (29 

January 2007) and the Transport Data Centre (17 May 2007) to Ministry of Transport (Note 

24) 

(101) - 

Net increase in equity arising from the transfer out of Building Professionals Board assets 

and liabilities as at 1 March 2007 (Note 24) 

Net increase in equity arising from the merging of Heritage Office with the Department by 

Administrative Orders 3 March 2006) 

138 - 

- 943 

Prior Period error - 256 

Total 22,888 12,431 

Other than transactions with owners as owners - - 

Surplus for the year 7,148 10,420 

Balance at the end of year 30,036 22,851 

24. Increase/Decrease in Net Assets from Equity Transfers 

Cash (a) (291) (1,753) 

Current Receivables - 5,651 

Non-Current Assets (a) (101) 25,869 

Non-Current Assets (b) (30) - 

Non-Current Receivables - 202 

TOTAL ASSETS (422) 29,969 

Other Current Liabilities (a) (291) 16,699 

Other Current Liabilities (b) (168) - 

Other Non-Current Liabilities - 1,095 

TOTAL LIABILITIES (459) 17,794 

NET ASSETS ACQUIRED 37 12,175 

(a) The Transport Planning Function (29 January 2007) and the Transport Data Centre (17 May 2007) were transferred to the Ministry of Transport. 

(b) The Building Professionals Board (previously incorporated with Department of Planning) was established as a separate entity on 1 March 2007. 

Prior year comparatives relate to the creation of the Department on 28 August 2005 and the transfer in of the former Heritage Office on 3 March 2006. 



85



25. Commitments for Expenditure 

(a) 

2007 29 August 2005 

to 

30 June 2006 

$000 $000 

Other Expenditure Commitments 

Aggregate other expenditure for the acquisition of computer and office equipment 

and fees for services contracted for at balance date but not provided for: 

Not later than 1 year 272 10 

Total (including GST) 272 10 

(b) Operating Lease Commitments 

Aggregate operating lease commitments for office accommodation, motor vehicles 

and computer equipment contracted for at balance date but not provided for: 

Not later than 1 year 1,540 1,797 

Later than 1 year but not later than 5 years 4.035 4,341 

Later than 5 years 3,982 743 

Total (including GST) 9,557 6,881 



(c) 

Grant comittments 

Aggregate grant commitments contracted for at balance date but not provided for: 

Not later than 1 year 4,564 4,113 

Total (including GST) 4,564 4,113 

The total commitments above includes input tax credits of $1.308 million that are expected to be recoverable from the 

Australian Tax Office. 

26. Contingent Liabilities 

2007 2006 

$000 $000 

Estimated legal liability 407 - 

407 - 

The Department is currently involved in 6 legal cases related to planning matters where costs may be awarded against it. It is 

estimated that these costs may total $407,000. In addition the Department is involved in two insurance related cases which are 

covered by the Treasury Managed Fund. 

86



27. Reconciliation of Net Cash Flows from Operating Activities to Net Cost of Services 

2007 29 August 2005 

to 

30 June 2006 

$000 $000 

Net Cash inflow from Operating Activities (19,489) (9,025) 

Cash flows from Government 69,429 40,643 

Acceptance by the Crown Entity of 3,165 2,397 

employee benefits and other liabilities 

Liability to Consolidated Fund (7,908) - 

Increase in provision for doubtful debts 45 - 

Depreciation 1,453 367 

Initial recognition of assets in the fixed asset register - (5,358) 

Net loss / (gain) on disposal of non-current assets 2,517 2,613 

Increase in provisions 626 - 

Net increase/(decrease) in equity arising from transfer out 37 - 

(Increase)/decrease in receivables 1,519 (1,954) 

Increase in creditors 6,144 2,937 

Net Cost of Services 57,538 32,620 

28. Financial Instruments 

Cash 

Cash comprises cash on hand and bank balances within the Treasury Banking System. Interest is earned on daily bank balances at 

the monthly average NSW Treasury Corporation 11.00 am unofficial cash rate adjusted for a management fee to Treasury. 

Receivables 

All trade and other debtors are recognised as amounts receivable at balance date. Collectability of all debtors is reviewed on an 

ongoing basis. Debts, which are known to be uncollectable, are written off. An allowance for impairment is raised when some doubt 

as to collection exists. The credit risk is the carrying amount (net of any allowance for impairment). No interest is earned on trade 

debtors. The carrying amount approximates net fair value. Sales are generally made on 30 day terms. 

Trade Creditors and Accruals 

The liabilities are recognised for amounts due to be paid in the future for goods or services received whether or not invoiced. 

Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out in Treasurer’s Direction 219.01. 

If trade terms are not specified, payment is made not later than the end of the month following the month in which an invoice or 

a statement is received. Treasurer’s Direction 219.01 allows the Minister to award interest for late payment. No interest was paid 

during the period. The carrying amount approximates net fair value. 



87



Interest Rate Risk 

Weighted 

Average 

Effective 

interest 

rate 

Floating 

Interest 

Rate 

Fixed Interest Rate Maturities 

1 year or 

less 

1 to 5 years More than 5 

Years 

Non Interest 

Bearing 

Total 

Carrying 

Amount 

As per the 

Balance 

Sheet 

% $000 $000 $000 $000 $000 $000 

30 June 2007 

Financial Assets 

Cash 5.14 18,016 - - - - 18,016 

Receivables 6.26 691 - - - 5,395 6,086 

Total Financial Assets 18,707 - - - 5,395 24,102 

Financial Liabilities 

Payables - - - - - 19,584 19,584 

Total Financial Liabilities - - - - - 19,584 19,584 



Weighted 

Average 

Effective 

interest 

rate 

Floating 

Interest 

Rate 

Fixed Interest Rate Maturities 

1 year or 

less 

1 to 5 years More than 5 

Years 

Non Interest 

Bearing 

Total 

Carrying 

Amount 

As per the 

Balance 

Sheet 

% $000 $000 $000 $000 $000 $000 

30 June 2006 


Cash 4.54 2,905 - - - 7 2,912 

Receivables 2.50 1,699 - - - 5,906 7,605 



Payables - - - - - 13,440 13,440 

Total Financial Liabilities - - - - - 13,440 13,440 

Credit Risk 

Credit risk is the risk of financial loss arising from another party to a contract/or financial position failing to discharge a financial 

obligation thereunder. The Department’s maximum exposure to credit risk is represented by the carrying amounts of the financial 

assets included in the Balance Sheet. 

29. After Balance Date Events 

The Department is not aware of any material non-adjusting events, as defined by AASB 110 Events after Balance Sheet Date which 

would have a material financial effect on these financial statements. 

88 

End of audited financial report.

Building 

Professionals 

Board 



30 June 2007 

CONTENTS 

Performance Report 90 


Statement by Members of the Board 94 

Operating Statement 95 

Statement of Changes in Equity 96 




Performance Report 

Introducing the board 

On 26 January 2007, the Minister announced appointments to the newly created Building Professionals Board (the Board), 

established under the Building Professionals Act 2005. The Board members are: 

Mr John Murray AM 

President 

Mr Graham Miller 

Deputy President 

Ms Christine Paull 

Mr Geoffrey Douglass 

The members bring a wealth of experience to the Board. Mr John Murray has 15 years experience as a former CEO of the Master 

Builders’ Association of Australia. Mr Murray has experience as a solicitor and as a representative of the Australian building industry 

on industry consultative committees in Australia and overseas. Mr Murray is currently a professional company director, industry policy 

consultant and an accredited adjudicator. 



Mr Graham Miller has recently returned to private practice as an architect after holding the position of Associate Professor in the 

School of Engineering at the University of Western Sydney. Mr Miller has also held Board member positions with the Australian 

Institute of Building and other committees. 

Ms Christine Paull is a Senior Member of the NSW Consumer, Trader and Tenancy Tribunal. Ms Paull has an extensive legal 

background and has published a book, informing consumers and builders of their rights and obligations under the Home Building Act 

and other relevant laws. 

Mr Geoffrey Douglass is the Development and Building Coordinator at Newcastle City Council. Mr Douglass has 15 years’ experience 

as a building surveyor in local government. 

Role and functions 

The Board accredits “accredited certifiers” (also known as “private certifiers”) under the Building Professionals Act 2005 to issue 

construction, occupation, subdivision, compliance and complying development certificates under the Environmental Planning and 

Assessment Act 1979 and strata certificates under strata legislation. 

The Building Professionals Act received assent on 7 December 2005, was proclaimed on 25 January 2007 and fully commenced 

on 1 March 2007. It established the Board as an independent statutory body, reporting to the Minister for Planning. The Board is 

responsible for: 

• Accrediting all accredited certifiers 

• Investigating complaints against them 

• Conducting audits of accredited certifiers and councils 

• Improving professional practice through education and training 

Relationship with the State plan 

The Building Professionals Board demonstrates support for the following State Plan priorities: 

• E5 Jobs closer to home 

• E6 Housing affordability 

90

Major achievements this year 

• The Board met on seven occasions approving delegations, various codes and protocols 

• Published a disciplinary register on the Board’s website 

• Determined 47 complaints against accredited certifiers, including issuing fines ranging from $2,500 to $10,000. Referred 15 

additional matters to the Administrative Decisions Tribunal. 

• Converted 450 existing accredited certifiers into one accreditation scheme, issued new certificates of accreditation and 

processed 63 accreditation renewals 

• Established two advisory committees: Accreditation and Disciplinary 

• Published the quarterly BPBulletin, several circulars and information sheets 

• Developed and commenced the Board’s first State-wide continuing professional development activity: Accredited Certifiers: 

Legislative Requirements 2007 

• Developed and commenced a Certification Short Course in partnership with the Centre for Local Government, University of 

Technology Sydney 

Work in progress 

• Developing a communication strategy 

• Developing a Strategic Plan 

• Publishing a consumer information brochure covering the role of accredited certifiers 

• Ongoing policy advice in relation to close relations, corporate certifying authorities and input into the NSW planning reform review 

• Ongoing discussions with training providers and stakeholders to identify pathways for people wishing to become accredited 

certifiers, including the provision of appropriate education and work experience options 

• Participating in the Alternative Solutions Working Party (led by the Department) and the Fire Safety Systems Working Party (with 

the Office of Fair Trading, the Department of Local Government, the NSW Fire Brigades, etc) 

• Twenty investigations are currently in progress into the work and actions of accredited certifiers and councils in their certification 

role 

• Approximately 145 complaints against accredited certifiers are currently under investigation 

• Preparation of materials for Administrative Decisions Tribunal hearings in late 2007 and ongoing advice and support to 

disciplinary matters 

Future directions 

The Board has an ongoing role in overseeing the certification system in NSW through the maintenance of an efficient, fair and 

effective system of accreditation, education, auditing and complaints investigation of accredited certifiers. 

In 2007-2008 the Board will: 

• Review implementation of the Building Professionals Board legislation and accreditation scheme and make necessary 

adjustments to ensure the aims and intent are achieved 

• Continue work with our stakeholders to ensure the roles of the Board and accredited certifiers are understood 

• Continue work with professional associations and training providers to ensure the ongoing professional development of existing 

accredited certifiers, and provide pathways for people wishing to enter the profession 



91



92



93



94

Building Professionals Board 

Operating Statement for the Period Ended 30 June 2007 

Notes 1 March 2007 to 30 June 2007 

$’000 

Revenue from Ordinary Activities 

Contributions 2 920 

Other income 2 268 

Total Revenue 1,188 

Expenses from Ordinary Activities 

Personnel Services 3(a) 701 

Other operating expenses 3(b) 345 

Depreciation and amortisation 3(c) 2 

Total Expenses Excluding Losses 1,048 

SURPLUS FOR THE PERIOD 9 140 



The accompanying notes form part of this financial report 

95


Statement of Recognised Income and Expense for the Period Ended 30 June 2007 


$’000 

Net (decrease) in equity arising from the creation of the 

Board on 1 March 2007 

(138) 

Total Income and Expense Recognised Directly in Equity (138) 

Surplus for the period 9 140 

Total Income and Expenses Recognised For the Period 2 



96 

The accompanying notes form part of this financial report



ASSETS $’000 


Cash and cash equivalents 4 - 

Receivables 5 301 

Total Current Assets 301 

Non Current Assets 

Property, plant and equipment 6 29 

Total Non Current Assets 29 

TOTAL ASSETS 330 

LIABILITIES 


Payables 7 130 

Provisions 8 197 

Total Current Liabilities 327 


Provisions 8 1 

Total Non-Current Liabilities 1 


TOTAL LIABILITIES 328 

NET ASSETS 2 

EQUITY 

Accumulated Funds 2 

TOTAL EQUITY 9 2 


The accompanying notes form part of this financial report 

97


Cash Flow Statement for the Period Ended 30 June 2007 



$’000 

Receipts 

Contributions received 626 

Other 236 

Total Receipts 862 

Payments 

Employee related 579 

Other 283 

Total Payments 862 

NET CASH FLOWS FROM/(USED BY) OPERATING ACTIVITIES 10 - 



Payments 

Purchase of property, plant and equipment - 

Total Payments - 

NET CASH FLOWS USED BY INVESTING ACTIVITIES - 


NET INCREASE IN CASH - 

OPENING CASH AND CASH EQUIVALENTS - 

CLOSING CASH AND CASH EQUIVALENTS - 

98 

The accompanying notes form part of this financial report


Notes to and forming part of the Financial Statements for the 

Period Ended 30 June 2007 

1. Summary of Significant Accounting Policies 


The Building Professional Board was established under the Building Professionals Act, 2005. It commenced activities on 1 March 

2007 and there is no comparative information. The Board is a not-for-profit entity with no cash generating units. 

The financial report has been authorised for issue by the President on 17 October 2007. 


The financial report is a general purpose financial report which has been prepared in accordance with: 

• Applicable Australian Accounting Standards (which include Australian equivalents to International financial Reporting Standards 

(AEIFRS)); 

• Urgent Issues Group Consensus Views; 

• Other authoritative pronouncements of the Australian Accounting Standards Board; and 

• the requirements of the Public Finance and Audit Act, the Public Finance and Audit Regulation 2000 and the Financial Reporting 

Directions issued by the Treasurer under Section 9 (2) (n) of the Act. 

Where there are inconsistencies between the above requirements, the legislative provisions have prevailed. 

In the absence of a specific accounting standard, other authoritative pronouncements of the Australian Accounting Standards Board 

or Urgent Issues Group Consensus View, the hierarchy of other pronouncements as outlined in AAS 6 “Accounting Policies” is 

considered. 

Property, plant and equipment, investment property, assets (or disposal groups) held for sale and financial assets held for trading and 

available for sale are measured at fair value. Other financial statements items are prepared in accordance with the historical cost 

convention. 

Judgement, key assumptions and estimations management has made are disclosed in the relevant notes to the financial statements. 


The following is a summary of the material accounting policies adopted by the Corporation in the preparation of the financial report. 

The accounting policies have been consistently applied, unless otherwise stated. 

(c) Statement of Compliance 

The financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial 

Reporting Standards (AEIFRS). 

(d) Income Recognition 

Interest revenue is recognised to the extent that it is probable that the economic benefits will flow to the Board and the revenue can 

be reliably measured, and control of a right to receive consideration for the provision of, or investment in, assets has been attained. 

(e) Employee Benefits 

In accordance with the provisions of the Public Sector Employment Legislation Amendment Act, 2006, personnel services were 

provided to the Board by the NSW Department of Planning (DoP). Refer Note 2. 



The Board’s accounts include a Provision for Personnel Services. This reflects the Commission’s liability to DoP for the recreation 

leave entitlements due to personnel providing services to the Board. 

99




The Board’s accounts do not include Provisions for Long Service Leave or Superannuation, nor is there any comparable Provision for 

Personnel Services to reflect these liabilities. All of the Board’s liabilities for Long Service Leave and Superannuation up to the end 

of the financial year have been paid. As staff are employed by DoP, any unfunded liability for these items has been transferred to the 

State, in accordance with Treasury Guidelines. 

(f) Insurance 

A full comprehensive range of insurances covering areas such as Workers Compensation, Motor Vehicles, Fidelity Guarantee, Public 

Liability, and Industrial Special Risk is carried by the Department of Planning with the Treasury Managed Fund. This coverage extends 

to the operations of the Building Professionals Board. These insurance covers are reviewed periodically to ensure they are adequate. 

(g) Acquisition of Assets 

The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the agency. Cost is the 

amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset at the time of its 



Assets acquired at no cost, or for nominal consideration, are initially recognised at their fair value at the date of acquisition . 


transaction. 





Property, plant and equipment and intangible assets costing $5,000 and above individually are capitalised. 



Guidelines Paper (TPP 05-3). This policy adopts fair value in accordance with AASB 116 Property, Plant and Equipment. 


Property, plant and equipment is measured on an existing use basis, where there are no feasible alternative uses in the existing 

natural, legal, financial and socio-political environment. However, in the limited circumstances where there are feasible alternative 





The agency revalues each class of property, plant and equipment at least every five years or with sufficient regularity to ensure that 

the carrying amount of each asset in the class does not differ materially from its fair value at reporting date. The last revaluation was 

deemed to have occurred on the establishment of the Department on 29 August 2005. In the former entity the last revaluation was 

completed on 30 June 2005 and was based on an independent assessment. 




For other assets, any balances of accumulated depreciation at the revaluation date in respect of those assets are credited to the asset 

accounts to which they relate. The net asset accounts are then increased or decreased by the revaluation increments or decrements. 

100







Revaluation decrements are recognised immediately as expenses in the surplus/deficit, except that, to the extent that a credit balance 

exists in the asset revaluation reserve in respect of the same class of assets, they are debited directly to the asset revaluation 

reserve. 

As a not-for-profit entity, revaluation increments and decrements are offset against one another within a class of non-current assets, 





As a not-for-profit entity with no cash generating units, the Agency is effectively exempted from AASB 136 Impairment of Assets and 

impairment testing. This is because AASB 136 modifies the recoverable amount test to the higher of fair value less costs to sell and 

depreciated replacement cost. This means that, for an asset already measured at fair value, impairment can only arise if selling costs 

are material. Selling costs are regarded as immaterial. 


Depreciation is provided for on a straight-line basis for all depreciable assets so as to write off the depreciable amount of each asset 

as it is consumed over its useful life to the agency. 


Depreciation rates for plant and equipment range from 10% to 20%. 

(l) Equity transfers 

The transfer of net assets between agencies as a result of an administrative restructure, transfers of programs / functions and 

parts thereof between NSW public sector agencies is designated as a contribution by owners and recognised as an adjustment to 

“Accumulated Funds”. This treatment is consistent with Urgent Issues Group Interpretation 1038 Contributions by Owners Made to 

Wholly-Owned Public Sector Entities. 

Transfers arising from an administrative restructure between government departments are recognised at the amount at which the 

asset was recognised by the transferor government department immediately prior to the restructure. In most instances this will 

approximate fair value. All other equity transfers are recognised at fair value. 

(m) Maintenance 



(n) Accounting for the Goods and Services Tax (GST) 

Revenues, expenses and assets are recognised net of the amount of GST, except: 

• the amount of GST incurred by the agency as a purchaser that is not recoverable from the Australian Taxation Office is 





101




(o) Payables 

These amounts represent liabilities for goods and services provided to the agency and other amounts, including interest. Payables 

are recognised initially at fair value, usually based on the transaction cost or face value. Subsequent measurement is at amortised 

cost using the effective interest method. Short-term payables with no stated interest rate are measured at the original invoice amount 


(p) Receivables 

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These 

financial assets are recognised initially at fair value, usually based on the transaction cost at face value. Subsequent measurement 

is at amortised cost using the effective interest rate method, less any allowance for impairment of receivables. Any changes are 

accounted for in the Operating Statement when impaired, derecognised or through the amortisation process. 

Short-term receivables with no stated interest rate are measured at original invoice amount where the effect of discounting is 

immaterial. 

(q) Presentation 


(r) Financial Instruments 

Financial Instruments give rise to positions that are both a financial asset of one entity and a financial liability (or equity instrument) of 

another entity. 



In accordance with AASB 132 Financial Instruments: Disclosure and Presentation, the Board’s financial assets include cash and 

accounts receivable and its financial liabilities include accounts payable. 

In accordance with AASB 139 Financial Instruments: Recognition and Measurement, the Board’s financial assets and financial 

liabilities are disclosed at fair value through profit or loss. Detailed information is disclosed in Note 13. 

102




2. Revenue 

1 March to 30 June 2007 

$’000 

Contributions from Dept of Planning 920 

Resources received free of charge (i) 79 

Sale of goods and services 137 

Other 52 

1,188 

(i) Resources received free of charge were for superannuation and LSL liability assumed by the Crown. 

3. Expenses 

(a) 

(b) 

(c) 

Personnel Services: 

Salaries and wages (including recreation leave) 587 

Superannuation entitlements 56 

Long Service Leave 23 

Workers’ compensation insurance 5 

Payroll tax and fringe benefits tax 30 

701 

Other Operating Expenses: 

Auditor’s remuneration – audit of financial report 6 

Contractors 123 

Fees for services 15 

Accommodation costs 104 

Staff training and conferences 32 

Travel Costs 9 

Minor equipment purchases 13 

Other 43 

345 

Depreciation and amortisation: 

Plant and equipment 2 

2 



103




4. Current Assets – Cash and cash equivalents 


$’000 

Cash at Bank - 

- 

For the purposes of the Cash Flow Statement, cash at bank and cash on hand. 

Cash assets recognised in the Balance Sheet are reconciled to cash at the end of financial period as shown in the Cash Flow 


Cash and cash equivalents (per Balance Sheet) - 

Closing Cash and Cash Equivalents (per Cash Flow Statement) - 

5. Current Assets - Receivables 



104 

Sale of goods and services 298 

Goods and services tax 3 

301 

6. Non-Current assets – Property, Plant and Equipment 


Plant and 

Equipment 

$’000 $’000 

At Fair Value 31 31 

Accumulated Depreciation (2) (2) 

Net carrying amount 29 29 

Reconciliation 

A reconciliation of the carrying amount of each class of property, plant and equipment at the beginning and end of the current 

reporting period is set out below. 


Plant and 

Equipment 

$’000 $’000 

Net carrying amount at start of period - - 

Additions 31 31 

Disposals - - 

Depreciation expense (2) (2) 

Net carrying amount at end of period 29 29 

Total 

Total




7. Current Liabilities – Payables 


$’000 

Creditors 105 

Unearned revenue 25 

130 

8. Current/Non-Current Liabilities - Provisions 

Personnel Services 175 

Employee benefits and related on-costs 23 

Total provisions 198 

Aggregate employee benefits and related on-costs 

Provisions – current 197 

Provisions – non-current 1 

Total provisions per Balance Sheet 198 


Balance at the beginning of the financial period - 

Changes in equity – other than transactions with owners as owners (138) 

Surplus for the period 140 

Balance at the end of the financial period 2 

10. Reconciliation of Net Cash Flows from Operating Activities to Operating Surplus 

Operating Surplus 140 

Depreciation 2 

(Increase) in receivables (301) 

(Increase) in other assets (31) 

Increase in provisions 198 

Increase in payables 130 

Other (equity adjustment) (138) 

Net cash flow provided by Operating Activities - 



105






$’000 

Operating Lease Commitments 

Aggregate operating lease commitments for office accommodation and 

motor vehicles Contracted for at balance date but not provided for: 

Not later than 1 year 261 

Later than 1 year but not later than 5 years 1,013 

Later than 5 years - 

Total (including GST) 1,274 


The Building Professionals Board is not aware of any contingent liabilities at the date of this report. 




Weighted 

Average 

Effective 

interest rate 

Floating 

Interest Rate 

Non Interest 

Bearing 

Total Carrying 

Amount As per 

the Balance 

Sheet 

% $000 $000 $000 

30 June 2007 


Cash 5.14 - - 

Receivables - 301 301 

Total Financial Assets 301 301 


Payables - - 130 130 

Total Financial Liabilities - 130 130 


The Building Professionals Board is not aware of any circumstances that occurred after balance date which would render particulars 

included in the financial statements to be misleading. 

106 

End of Audited Financial Statements.

Corporation 

Sole 

“Minister Administering the 

Environmental Planning and 

Assessment Act, 1979” 



30 June 2007 

CONTENTS 


Independent Auditor’s Report 111 

Statement by the Minister 113 

Income Statement 114 

Statement of Recognised Income and Expense 114 





Director’s overview 

The Corporation Sole is established as the Minister Administering the Environmental Planning and Assessment Act, (1979) to acquire 

land for planning purposes within the Sydney Region. This includes land suitable for regional open space, public transport corridors 

and land for projects such as the Rouse Hill Regional Centre. 

The activities of the Corporation are managed through separate funds established under the Act, including the Sydney Region 

Development Fund. The management of the Corporation’s activities and the Sydney Region Development Fund are administered by 

the Land Management Branch of the Department of Planning. 

The key priorities of the Sydney Region Development Fund include: 

• Acquiring land for infrastructure in accordance with Government priorities outlined in the NSW State Infrastructure Strategy and 

the Metropolitan Strategy City of Cities: A Plan for Sydney’s Future 

• Providing appropriate levels and types of regional open space 

• Promoting sound financial management of the Sydney Region Development Fund 

Some of the key services provided by the Sydney Region Development Fund include: 

• Land acquisition for the North West and South West rail corridors and for regional recreational purposes 

• Administering grant programs that promote regional open space links and environmental protection through the Metropolitan 

Greenspace Program 



The strategic directions for the Sydney Region Development Fund include: 

• The ongoing purchase of rail corridors for North West and South West Rail Links 

• Prudent financial management to ensure adequate capital funding and to achieve an optimal return on surplus (non-core) assets 

• The on-going review of land acquisitions and disposal of surplus lands within the Sydney Region with the objective of maintaining 

the self-funding model of the Sydney Region Development Fund. 

• A focus on implementing the intended outcomes for open space land strategies and lands purchased for other planning purposes 

Major achievements this year 

• Approval for the Sydney Region Development Fund to secure loan commitments in order to acquire the rail corridors to meet 

Government expectations 

• The passing of the Western Sydney Parklands Act 2006 to establish the Western Sydney Parklands and create a trust to develop 

and manage the Parklands system 

108

Financial highlights 

As at 30 June 2007, the Corporation had: 

• $1,055 billion of core planning land 

• $323 million of surplus land including $30.2 million of assets held for sale in 2007-08 

• $38.9 million invested with the NSW Treasury Corporation in cash management (HourGlass Facilities) 

• $134.4 million in borrowings from NSW Treasury Corporation 

During the year ended 30 June 2007, the Corporation: 

• Earned a profit of $15.5 million (adjusted to exclude the net gain of asset revaluations) 

• Disposal of land returned a net gain of $7 million surplus (proceeds $27.8 million less written down values and sale 

disbursements of $20.8 million) 

• Received $6.4 million in contributions from councils within the Sydney Region to meet interest costs on debt 

• Received $5.6 million from the State Government 

• Acquisition and development works of $81.6 million including lands at a cost of $37.3 million for open space planning and 

$37.9 million for transport corridor purposes 

• Received net rental income of $4.9 million (gross rental of $6.8 million less expenses of $1.9 million) 

• Paid out grants of $7.9 million for open space improvements and restoration programs 

Program highlights 

Expenditure is mainly incurred for land acquisition, sale of surplus land, administration and borrowing costs. Grants to improve open 

space land and new foreshore open space are also provided in partnership with local councils and community organisations. 

The Sydney Region Development Fund’s land acquisition program includes the purchase of regional open space in the Sydney 

metropolitan area. The Fund purchases land within the Western Sydney Parklands to be developed for long-term recreation and 

conservation purposes. Other recent open space purchases include land in the Ropes Creek and South Creek corridors of Western 

Sydney and sites on the Central Coast. Land acquired for open space involved 13 properties at a value of $13,735,800. 

The other major component of the Sydney Region Development Fund’s acquisition program is the purchase of rail corridors in the 

North West and South West of Sydney. This program is being undertaken to meet commitments set out in the Urban Transport 

Statement to complete the South West Rail Link to Leppington by 2012 and to finish stage one of the North West Rail Link to the Hills 

Centre by 2015 and stage two by 2017. Eleven properties, with a value of $35,362,706, were acquired for the North West Rail Link. 

Two properties, with a value of $2,454,000, were acquired for the South West Rail Link. 

The Sydney Region Development Fund also facilitates development of significant metropolitan open space precincts and contributes 

to initiatives such as the Greenspace program, Cooks River Foreshore program and the Sydney Harbour Access program to improve 

liveability in areas of Sydney. The sum of $2.4 million was allocated to these programs in 2006-07. 

The Sydney Region Development Fund holds land that is no longer needed for planning purposes, as well as fragments that can 

be aggregated and sold. The proceeds from the sale of such properties is the main source of funding for the Sydney Region 

Development Fund’s ongoing acquisition program. 

The Sydney Region Development Fund is currently selling surplus sites for major employment lands in Western Sydney. Surplus lands 

have been identified at Doonside (for residential development) and Huntingwood West (for employment lands). Disposal of surplus 

land is also occurring at Seaforth and South Turramurra. 



The Sydney Region Development Fund disposed of 43 properties with a total value of $27.8 million. There were no properties sold by 

public auction or tender over the value of $5 million. 


109

Development of the Rouse Hill Regional Centre continues on land purchased by the Sydney Region Development Fund. The Regional 

Centre will include retail, commercial, community, education, recreational, transport and residential uses. It is being developed in 

partnership with Landcom and the private sector developer Lend Lease/General Property Trust. 

The Sydney Region Development Fund also manages a heritage asset management program, under the Heritage Act 1977. Thirty-five 

heritage properties across the Sydney Metropolitan area are incorporated in the Heritage Asset Management Strategy and Section 

170 Register. The Heritage Asset Management Strategy incorporates provisions for governance, maintenance and strategic direction 

for these heritage items. 

Case Study: Western Sydney Parklands Track 

To meet the State Government’s 2004 commitments to provide access along the full length of the Western Sydney Parklands 

corridor by December 2007, the Parklands Track provides 19 kilometres of new cycle and walkways linking to the M7 cycleway. With 

construction well underway, the Track links Quakers Hill in Blacktown with West Hoxton in Liverpool, and makes key connections to 

popular picnic grounds such as Nurragingy Reserve and the Western Sydney Regional Park from nearby residential areas such as 

Glendining and Greenway Views. 

Case Study: Recreation Trail Network 


The Metropolitan Greenspace Program has been redirected towards the implementation of the Metropolitan Strategy’s Recreation 

Trail Network. In response to targets for 70 per cent of grant funding to be focussed on high priority components of the Network, over 

$1.5 million was awarded to trail projects across 24 councils. These projects included staged development of major regional routes 

along waterways, such as the Great River Walk in Penrith, harbour and bay foreshores, such as the Botany Bay Trail and within urban 

areas linking open space corridors, such as between Cooks River and Iron Cove. The remainder of Metropolitan Greenspace Program 

funding was awarded to the improvement of major regional parks across Sydney. 


110 

Metropolitan Greenspace Program 

Western Sydney Parklands Track



111



112



113

Corporation Sole 

“Minister Administering the Environmental Planning and Assessment Act, 1979” 

Income Statement 

for the year ended 30 June 2007 

2007 2006 

Note $’000 $’000 

Revenue from continuing operations 

Revenue 2 13,127 94,396 

Other Income 3 26,329 19,399 

Total revenue from continuing operations 39,456 113,795 

Expenses from continuing operations 

Personnel Services expenses 4 2,500 2,475 

Other operating expenses 4 5,501 9,651 

Finance Costs 8,041 6,417 

Grants & subsidies 5 7,861 2,712 

Total expenses from continuing operations 23,903 21,255 

Surplus for the year from continuing operations 15,553 92,540 

Surplus for the year from discounting operations 6 - 851 




Statement of Recognised Income and Expense 


2007 2006 

Note $’000 $’000 

Total equity at the beginning of the financial year 1,275,701 820,543 

Gain on revaluation of land and buildings 15 13,543 391,096 

Transfer of equity to other Government department 16 (52,729) (29,329) 

Net income recognised directly in equity (39,186) 361,767 

Surplus for the Year 15,553 93,391 

Total equity at the end of the financial year 15 1,252,068 1,275,701 

114 




Balance Sheet 


2007 2006 

Note $’000 $’000 


Cash and cash equivalents 7 44,277 23,488 

Receivables 8 4,016 6,798 

Financial assets at fair value 9 - 8,709 

Non Current Assets Held for Sale 10 30,214 16,634 

Total Current Assets 78,507 55,629 

Non-Current Assets 

Property Plant & Equipment 

Core Planning Land 11 (a) 1,054,846 1,040,220 

Non Core Planning Land 11 (b) 292,788 304,123 

Other 11 (c) 1 69 

Total Non Current Assets 1,347,635 1,344,412 

Total Assets 1,426,142 1,400,041 

Payables 12 39,216 28,305 

Provisions 13 252 177 

Borrowings 14 27,147 19,500 

Total Current Liabilities 66,615 47,982 



Provisions 14 175 - 

Borrowings 14 107,284 76,358 

Total Non-Current Liabilities 107,459 76,358 

Total Liabilities 174,074 124,340 

Net Assets 1,252,068 1,275,701 

Equity 

Reserves 15 792,255 833,926 

Retained Surplus 15 459,813 441,775 

Total Equity 1,252,068 1,275,701 



115



Cash Flow Statement 


2007 2006 

Note $’000 $’000 

CASH FLOWS FROM OPERATING ATIVITIES 

Receipts from customers (including GST) 39,068 113,923 

Payments to Suppliers & Employees (including GST) (21,742) (9,176) 

17,326 104,747 

Grants and subsidies paid (7,861) (2,712) 

Borrowing costs (7,168) (6,616) 

Interest received 1,561 2,599 

NET CASH FLOWS FROM OPERATING ACTIVITIES 17 3,858 98,018 



Purchase of Property (72,571) (165,640) 

Proceeds from sale of property 42,220 70,693 

Proceeds from financial assets 8,709 9,054 

NET CASH FLOWS FROM INVESTING ACTIVITIES (21,642) (85,893) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Proceeds from borrowings 38,573 (528) 

NET CASH FLOWS FROM FINANCING ACTIVITIES 38,573 (528) 


Net Increase / (Decrease) in Cash Held 20,789 11,597 

Opening cash and cash equivalents 23,488 11,891 

CLOSING CASH AND CASH EQUIVALENTS 7 44,277 23,488 

116 




Notes accompanying and forming part of the Financial Statements for the year ended 30 June 2007 



The Corporation Sole “Minister Administering the Environmental Planning and Assessment Act, 1979” (the Corporation), incorporating 

the Sydney Region Development Fund operates under the provisions of the Environmental Planning and Assessment Act 1979 to 

acquire and develop lands required for planning purposes within the Sydney Region. The Corporation is a separate reporting entity. 

There are no other entities under its control. 

This financial report has been authorised for issue by the Minister for Planning on 17 October 2007. 


The Corporation’s financial report is a general purpose financial report which has been prepared in accordance with: 

• Applicable Australian Accounting Standards (which include Australian Equivalents to International Financial Reporting Standards 

(AEIFRS)); 

• mandatory financial reporting requirements; and 

• the requirements of the Public Finance and Audit Act 1983 and its Regulation 2005 

Investments, Non Current Assets Held for Sale and Property, Plant and Equipment are measured at fair value. Other financial report 

items are prepared in accordance with the historical cost convention. 

Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the financial report. 


(c) Statement of Compliance 

The financial statements and notes comply with Australian Accounting Standards, which include AEIFRS. 

(d) New Australian Accounting Standards issued but not effective 

The following new Accounting Standards have not been applied and are not yet effective: 

• AASB 7 ‘Financial Instruments: Disclosures’ and consequential amendments to other accounting standards resulting from its 

issue; 

• AASB 101 ‘Presentation of Financial Statements’ - revised standard; 

• Interpretation 10 ‘Interim Financial Reporting and Impairment’ 

The impact of these Standards in the period of initial application is uncertain. 

(e) Income Recognition 

Income is measured at the fair value of the consideration or contribution received or receivable. Additional comments regarding the 

accounting policies for the recognition of income are discussed below. 

1. Contributions: Contributions are generally recognised as income when the Corporation obtains control over the assets comprising 

the contributions. Control over contributions is normally obtained upon the receipt of cash. 



2. Sale of Goods: Revenue from the sale of goods is recognised as revenue when the Corporation transfers the significant risks and 

rewards of ownership of the assets. 

3. Rendering of Services: Revenue is recognised when the service is provided or by reference to the stage of completion (based on 

labour hours incurred to date). 

117




4. Investment income: Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial 

Instruments: Recognition and Measurement. 

5. Rental revenue: Rental revenue is recognised in accordance with AASB 117 Leases on a straight-line basis over the lease item. 

(f) Personnel Services 

1. Salaries and Wages, Annual Leave, Sick Leave and On-Costs: 

Liabilities for salaries and wages (including non-monetary benefits), annual leave and paid sick leave that fall due wholly within 

12 months of the reporting date are recognised and measured in respect of employees’ services up to the reporting date at 

undiscounted amounts based on the amounts expected to be paid when the liabilities are settled. 

Unused non-vesting sick leave does not give rise to a liability as it is not considered probable that sick leave taken in the future will be 

greater than the benefits accrued in the future. 

The outstanding amounts of payroll tax, workers’ compensation insurance premiums and fringe benefits tax, which are consequential 

to employment, are recognised as liabilities and expenses where the employee benefits to which they relate have been recognised. 

2. Long Service Leave and Superannuation 

The corporation’s liabilities for long service leave and superannuation are not shown in the Corporation’s books as staff are employed 

by the Department of Planning. The liability for these items has been assumed by the Crown Entity. 

(g) Borrowing costs 


Borrowing costs are recognised as expenses in the period in which they are incurred, in accordance with Treasury’s mandate to 

general government sector agencies. 

(h) Insurance 

The Corporation’s insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance for 

Government agencies. The expense (premium) is determined by the Fund Manager based on past experience. 

(i) Accounting for the Goods and Services Tax (GST) 



• the amount of GST incurred by the Corporation as a purchaser that is not recoverable from the Australian Taxation Office is 



(j) Acquisitions of Assets 

The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the Corporation Cost is 

the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset at the time of its 



Assets acquired at no cost, or for nominal consideration, are initially recognised at their fair value at the date of acquisition. 


transaction. 



118




(k) Capitalisation Thresholds 

Property, plant and equipment and intangible assets costing $5,000 and above individually (or forming part of a network costing more 

than $5,000) are capitalised. 

(l) Revaluation of Property, Plant and Equipment 


Guidelines Paper (TPP 07-1). This policy adopts fair value in accordance with AASB 116 Property, Plant and Equipment and AASB 

5 Assets Held for Sale. Property, plant and equipment is measured on an existing use basis, where there are no feasible alternative 

uses in the existing natural, legal, financial and socio-political environment. However, in the limited circumstances where there are 

feasible alternative uses, assets are valued at their highest and best use. 




The Corporation revalues each class of property, plant and equipment at least every five years or with sufficient regularity to ensure 

that the carrying amount of each asset in the class does not differ materially from its fair value at reporting date. The last revaluation 

was completed for the following asset classes on the dates noted and was based on an independent assessment. 

Asset Class 

Last Revaluation 

Core Planning Land & Non Marketable Surplus Land 31 May 2006 

Surplus Land and Assets Held for Sale 30 June 2007 




For other assets, any balances of accumulated depreciation at the revaluation date in respect of those assets are credited to the asset 

accounts to which they relate. The net asset accounts are then increased or decreased by the revaluation increments or decrements. 




Revaluation decrements are recognised immediately as expenses in the surplus / deficit, except that, to the extent that a credit 

balance exists in the asset revaluation reserve in respect of the same class of assets, they are debited directly to the asset revaluation 

reserve. 

As a not-for-profit entity, revaluation increments and decrements are offset against one another within a class of non- current assets, 




(m) Impairment of Property, Plant and Equipment 



As a not-for-profit entity with no cash generating units, the Corporation is effectively exempted from AASB 136 Impairment of Assets 

and impairment testing. This is because AASB 136 modifies the recoverable amount test to the higher of fair value less costs to sell 

and depreciated replacement cost. This means that, for an asset already measured at fair value, impairment can only arise if selling 

costs are material. Selling costs are regarded as immaterial. 

119




(n) Depreciation of Property Plant and Equipment 

Depreciation is provided for on a straight-line basis for all depreciable assets so as to write off the depreciable amount of each asset 

as it is consumed over its useful life to the Corporation. 


Land is not a depreciable asset. 

Depreciation rates: 

Computers 25.00% 

Office Equipment 14.00% 

(o) Leased Assets 

A distinction is made between finance leases which effectively transfer from the lessor to the lessee substantially all the risks and 

benefits incidental to ownership of the leased assets, and operating leases under which the lessor effectively retains all such risks 

and benefits. Operating lease payments are charged to the Income Statement in periods which they are incurred. 

(p) Maintenance 



(q) Loans and receivables - Year Ended 30 June 2007 


Loans and receivables are recognised initially at fair value, usually based on the transaction cost or face value. Subsequent 

measurement is at amortised cost using the effective interest method, less an allowance for any impairment of receivables. 

Short-term receivables with no stated interest rate are measured at the original invoice amount where the effect of discounting is 

immaterial. A provision for doubtful debts is established when there is objective evidence that the entity will be able to collect all 

amounts due. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated 

future cash flows, discounted at the effective interest rate. Bad debts are written off as incurred. 

(r) Other Financial Assets - Year Ended 30 June 2007 


Investments are initially recognised at fair value plus, in the case of financial assets not at fair value through profit or loss, transaction 

costs. 

The Corporation subsequently measures investments classified as held for trading at fair value. Gains or losses on these assets 

are recognised in the income statement. Amounts held with New South Wales Treasury Corporation HourGlass facilities are held for 

trading at fair value. Assets intended to be held to maturity are subsequently measured at amortised cost using the effective interest 

method. Gains or losses on impairment or disposal of these assets are recognised in the statement. Any residual investments that do 

not fall into any other category are accounted for as available for sale financial assets and measured at fair value directly in equity 

until disposed or impaired. All financial assets (except those measured at fair value through profit or loss) are subject to annual review 

for impairment. 

Purchases or sales of financial assets under contract that require delivery of the asset within the timeframe established by convention 

or regulation are recognised on the trade date i.e. the date the entity commits itself to purchase or sell the asset. 

120




(s) Non Current Assets (or disposal groups) held for sale 

The Corporation has certain non-current assets (or disposal groups) classified as held for sale, where their carrying amount will be 

recovered principally through a sale transaction, not through continuing use. Non-current assets (or disposal groups) held for sale are 

recognised at the lower of carrying amount and fair value less costs to sell. These assets are not depreciated while they are classified 

as held for sale. 

(t) Other Assets 

Other assets are recognised on a cost basis. 

(u) Equity Transfers 

The transfer of net assets between agencies as a result of an administrative restructure, transfers of programs / functions and parts 

thereof between NSW public sector agencies is designated as a contribution by owners by NSWTC 01/11 and recognised as an 

adjustment to “Accumulated Funds”. This treatment is consistent with Interpretation 1038 Contributions by Owners Made to Wholly- 

Owned Public Sector Entities. 

Transfers arising from an administrative restructure between government agencies are recognised at the amount at which the asset 

was recognised by the transferor government agency immediately prior to the restructure. In most instances this will approximate fair 

value. All other equity transfers are recognised at fair value. 

(v) Land Transfers 

Land acquired for road purposes may be transferred, as required for construction, to the Roads and Traffic Authority charge. Open 

Space land may be similarly transferred to local councils or placed under the care, control and of local councils by means of trust 

deeds. Other lands may also be transferred to or placed under care, control and management of various government bodies without 

charge. On the transfer of or placement under care, control and management of land under these circumstances, the asset value is 

deducted from land and buildings within property plant and equipment and shown as an expense in the Income Statement, except to 

the extent that a revaluation increment in relation to that land has previous been credited to the Revaluation Reserve. In that case the 

amount of the previously recognised revaluation increment will be deducted from the Asset Revaluation Reserve. 


For the transfer to the Corporation of land for no consideration, the asset is recognised at fair value in the balance sheet. 

(w) Payables - Year Ended 30 June 2007 

These amounts represent liabilities for goods and services provided to the Corporation and other amounts, including interest. 

Payables are recognised initially at fair value, usually based on the transaction cost or face value. Subsequent measurement is at 

amortised cost using the effective interest method. Short-term payables with no stated interest rate are measured at the original 

invoice amount where the effect of discounting is immaterial. 

(x) Borrowings - Year Ended 30 June 2007 

Loans are not held for trading and are recognised at amortised cost using the effective interest method. Gains or losses are 

recognised in the Income Statement on de-recognition. 


121




2. Revenue 

2007 2006 

$000 $000 

Contributions received from 

State Government 6,774 88,217 

Local Councils (i) 6,353 6,180 

Total 13,127 94,396 

(i) Local councils within the Sydney Regional Development Fund are levied for contributions to meet interest costs on debt and for 

repayment of debt in accordance of Section 147 of the Environmental Planning and Assessment Act 1979 

3. Other Income 



2007 2006 

$000 $000 

Rents 6,793 6,197 

Interest 1,513 2,559 

Net Gain on disposal for consideration of Non Current Assets Held for Sale 6,989 2,634 

Land Transferred from other NSW Government entities - 1,024 

Contract and Licence receipts 9,750 5,786 

Other 1,284 1,199 

Total 26,329 19,399 

122




4. Expenses 

2007 2006 

$000 $000 

Personnel Services Expenses 

Salaries & Wages 2,175 2,203 

Superannuation 161 164 

Workers Compensation Insurance 18 7 

Payroll tax & fringe benefits tax 146 101 

2,500 2,475 

Other expenses from continuing operations 

Auditors remuneration for audit of the financial report 59 57 

Consultancy fees 38 62 

Insurance 65 61 

Office accommodation 254 324 

Depreciation 68 120 

General Administration 2,859 3,226 

Property maintenance 2,158 1,546 

Land Transferred to: 

Local Councils - 1,289 

Other NSW Government entities - 2,966 

5,501 9,651 


Total 8,001 12,126 

5. Grants and Subsidies 

2007 2006 

$000 $000 

Open Space Improvement and Restoration 

Metropolitan Greenspace Program 1,422 1,428 

Greening Western Sydney 677 679 

Other Grants & Subsidies 


Local Government 5,337 - 

Other 425 605 

Total 7,861 2,712 

123




6. Surplus for the Year From Discontinued Operations 

The comparative figures relate to the transfer of the activities of the Sydney International Regatta Centre to the NSW Department of 

the Arts, Sport and Recreation in November 2005 in accordance with an Administrative Order. 

2007 2006 

$000 $000 

Revenue 

State Government Contributions - 605 

Other - Proceeds from Events - 132 

- 737 

Expenses 

Employee Related - 206 

Other - General Administration - (591) 

Depreciation - 271 

- (114) 

Surplus from discontinued operations - 851 



7. Current Assets - Cash and Cash Equivalents 

2007 2006 

$000 $000 

Cash at bank and on hand 5,422 5,636 

NSW Treasury Corporation - HourGlass Cash facilities 38,855 17,852 

Total 44,277 23,488 

8. Current Assets - Receivables 

2007 2006 

$000 $000 

Sundry Debtors 3,061 2,569 

Rental Debtors 249 93 

3,310 2,662 

Less: Provision for Doubtful Debts (24) (41) 

3,286 2,621 

Amounts due on Sale of Land 730 4,177 

Total 4,016 6,798 

124




9. Current Assets - Other Financial Assets At Fair Value 

2007 2006 

$000 $000 

NSW Treasury Corporation - Hour-Glass investment facilities 

Bond Market Facility - 581 

Medium Term Growth Facility - 8,128 

Total - 8,709 

10. Current Assets - Non Current Assets Held for Sale 

2007 2006 

$000 $000 

30,214 16,634 

The carrying amount of surplus land parcels identified by the Corporation for disposal in the ensuing financial year, having obtained 

approval for disposal from the Government Asset Management Committee (GAMC). 

11. Non Current Assets - Property, Plant and Equipment 

2007 2006 

$000 $000 

(a) Core Planning Land at fair value 

County Road and Transport Routes 110,842 73,989 

Open Space Uses 917,991 938,015 

Historic Buildings & Other Special Uses 26,013 28,216 

1,054,846 1,040,220 


(b) 

Non Core Planning Land at fair value 

Surplus Land at fair value - land previously acquired for planning purpose, now not 

required for that purpose, not yet available for sale 

292,788 304,123 

Total Planning Lands at Fair Value 1,347,634 1,344,343 


125




Core Non Core Total 

Land 

Land 

Reconciliation of Core & Non-Core lands held at fair value 

Balance at 1 July 2006 1,040,220 304,123 1,344,343 

Add Acquisitions and Development Works 70,822 1,705 72,527 

Add Land transferred in - - - 

Less Land sold (31) (8,218) (8,249) 

Less Land transferred out (52,729) - (52,729) 

Less transfers to Assets Held for Sale - (21,801) (21,801) 

Net Increment on revaluation - 13,543 13,543 

Net Transfers from / (to) Surplus Land (3,436) 3,436 - 

Closing balance on 30 June 2007 1, 054,846 292,788 1,347,634 



Balance at 1 July 2005 562,503 278,397 840,900 

Add Acquisitions and Development Works 154,471 13,045 167,516 

Add Land transferred in - 1,024 1,024 

Less Land sold (1,030) (34,275) (35,305) 

Less Land transferred out for no consideration (4,254) - (4,254) 

Less Transfers to Assets Held for Sale - (16,634) (16,634) 

Net Increment on revaluation 328,312 62,784 391,096 

Net Transfers from / (to) Surplus Land 218 (218) - 

Closing balance on 30 June 2006 1,040,220 304,123 1,344,343 

Surplus assets were revalued at 30 June 2007 by independent registered valuers engaged by the Corporation for the year-end 

revaluation process. The land is valued at fair value in accordance with NSW Treasury Circular TPP 07-1. The revaluation movements 

have been taken to the Asset Revaluation Reserve 

(c) 

2007 2006 

$000 $000 

Property Plant and equipment at fair value 

Office Equipment at fair value 498 557 

Accumulated Depreciation (497) (488) 

Total Property Plant and Equipment 1 69 

126




SIRC SIRC Office Total 

Buildings Infrastructure Equipment $000 

Reconciliation of Property, Plant and Equipment 

Opening Balance at 1 July 2006 - - 69 69 

Additions 

Depreciation Expense - - (68) (68) 

Transfer to other Government Dept (i) - - - - 

Closing Balance at 30 June 2007 1 1 

Opening Balance at 1 July 2005 4,705 24,825 217 29,747 

Additions 

Depreciation Expense (42) (224) (125) (391) 

Transfer to other Government Dept (i) (4,663) (24,601) (23) (29,287) 

Closing Balance at 30 June 2006 - - 69 69 

(i) The assets of the Sydney International Regatta Centre were transferred to the NSW Department of the Arts, Sport and Recreation 

without consideration in accordance with the Administrative Order gazetted on 4 November 2005 

12. Current Liabilities - Payables 

2007 2006 

$000 $000 


Accrued Personnel Services costs 22 9 

Creditors 21,700 26,939 

Interest 2,185 1,312 

Security & Contract Deposits 15,309 45 

Total 39,216 28,305 


127




13. Current / Non Current Liabilities - Provision for Personnel Services 

2007 2006 

$000 $000 

Personnel Services Provision - current 217 161 

Other - current 35 16 

252 177 

Aggregate Personnel Services costs 

Provisions - current 252 177 

Provisions - non current 1 - 

253 177 

Accrued Personnel Services costs (note 12) 22 9 

Total 275 186 



128




14. Current / Non Current Liabilities 

2007 2006 

$000 $000 

Unsecured Borrowings 

NSW Treasury Corporation fixed term loans - Current 

Face Value 27,147 19,500 

27,147 19,500 

NSW Treasury Corporation fixed term loans - Non Current 

Face Value 105,867 75,405 

Unamortised premium 1,417 953 

107,284 76,358 

Total Borrowings 134,431 95,858 

Repayment of Borrowings 

Less than one year 27,147 19,500 

Between one and five years 56,229 41,545 

Later than 5 years 51,055 34,813 

Total 134,431 95,858 


Other Non-Current Liabilities 

Personnel Services Provision 1 - 

Leasehold Obligations 174 - 

Total 175 - 

Total Non Current Liabilities 107,459 76,358 

Financing facilities: 

At 30 June 2007, the Corporation has the following facilities: 

Managed Debt portfolio, $37.5 million, with NSW Treasury Corporation for the acquisition of land in the North West and South West 

rail corridors. The Corporation has approval from the NSW Treasury under the Public Authorities (Financial Arrangements) Act 1987 

(PAFA Act) to obtain a maximum loan of $120.5 million for this purpose. 


Managed Debt Portfolio, $97 million, with NSW Treasury Corporation. The Corporation will seek to re-confirm the original approval 

under the PAFA Act from the NSW Treasury for this facility during 2007-08. 

Unused and authorised direct negotiation facility, $50 million, with a commercial bank. 

129




15. Equity 

Accumulated 

Funds 

Asset 

Revaluation 

Reserve 

$’000 $’000 $’000 

Opening balance at 1 July 2006 441,775 833, 926 1,275,701 

Changes in equity - other than transactions with 

owners as owners: DECC Transfer - refer to note 16 (3,172) (49,557) (52,729) 

Increment on revaluation of land and buildings - 13,543 13,543 

Surplus for the year 15,553 - 15,553 

Transfer from Asset Revaluation Reserve 5,657 (5,657) - 

Closing Balance - 30 June 2007 459,813 792,255 1,252,068 

2007 

Total 



Accumulated 

Funds 

Asset 

Revaluation 

Reserve 

$’000 $’000 $’000 

Opening balance at 1 July 2005 363,403 457,140 820,543 

Changes in equity - other than transactions with 

owners as owners: SIRC Transfer - refer to note 16 (27,838) (1,491) (29,329) 

Increment on revaluation of land and buildings 391,096 391,096 

Surplus for the year 93,391 - 93,391 

Transfer from Asset Revaluation Reserve 12,819 (12,819) - 

Closing Balance - 30 June 2006 441,775 833,926 1,275,701 

2006 

Total 

130




16. Transfer of Equity 

Accumulated 

Funds 

Asset 

Revaluation 

Reserve 

$’000 $’000 $’000 

Amounts recognised as equity movements during 2006-07 3,172 49,557 52,729 

During the financial year the Corporation Sole recognised a transfer of equity in relation the transfer of various parcels of open space 

land that were transferred to the Department of Environment and Climate Change (DECC) 

2007 

Total 

Accumulated 

Funds 

Asset 

Revaluation 

Reserve 

$’000 $’000 $’000 

Amounts recognised as equity movements during 2005-06 27,838 1,491 29,329 

In the previous financial year the Corporation Sole recognised a transfer of equity in relation the transfer the Sydney International Regatta 

Centre to the Department of the Arts, Sport and Recreation (DATS) in accordance with an administrative restructure that was gazetted on 

4 November 2005. As a result of this order, the assets and liabilities as at 4 November 2005 were transferred to the new department. 

2006 

Total 

17. Notes to Cash Flow Statement 

Cash and Cash Equivalents 

For the purpose of the Cash Flow Statement, cash includes cash on hand and cash at bank as well as HourGlass cash investments 

held with NSW Treasury Corporation. Cash at the end of the financial year as shown in the Cash Flow Statement reconciled to the 

Balance Sheet in Note 7. 

Reconciliation of surplus for the year to net cash flows from operating activities. 

2007 2006 

$000 $000 


Depreciation from Continuing Operations 68 120 

Depreciation from Discontinued Operations - 271 

Land transferred in for no consideration - (1,024) 

Land transferred out for no consideration - 4,254 

Net gain on disposal of land (6,989) (2,634) 

(Increase) / decrease in receivables (665) (1,888) 

Increase / (decrease) in payables (4,359) 5,519 

Increase in personnel services provision 250 9 

Net Cash Flows from Operating Activities 3,858 98,018 



131





2007 2006 

$000 $000 

Operating Lease Commitments 

Less than one year 184 - 

Between one and five years 921 - 

Later than 5 years - - 

Total 1,105 - 

During 2006-07, the Corporation has taken on lease Level 4, 10 Valentine Avenue, Parramatta as office accommodation. In 2005-06, 

the Corporation contributed to Department of Natural Resources towards the lease payments. 

19. Grant Commitments 

As at 30 June 2007, outstanding commitments for grant projects amounted to $3.1 million (2006 - $3.3 million). The contractual 

timeframes of these projects all fall within the category of 1 year or less. 



There are future claims against the Corporation under the Land Acquisition (Just Terms Compensation) Act 1991, for payment for the 

compulsory acquisitions of land in the Sydney Region. Negotiations and legal proceedings will determine the final cost and timing of 

payments. 

21. Contingent Assets 

There are no known contingent assets as at the date of this report. 


132 


(a) Cash 

Cash comprises of cash on hand and bank balances within the Treasury Banking System. Interest is earned on daily bank balances at 

the monthly average NSW Treasury Corporation (Tcorp) 11am unofficial cash rate adjusted for a management fee to Treasury. 

(b) HourGlass Investment Facilities 

The Corporation has investments in Tcorp’s HourGlass Investment facilities. The Corporation’s investments are represented by a 

number of units in managed investments within the facilities. Each facility has different investment horizons and comprise of a mix of 

asset classes appropriate to that investment horizon. Tcorp appoints and monitors fund managers and establishes and monitors the 

application of appropriate investment guidelines. 

2007 2006 

$000 $000 

The Corporations investments with Tcorp are: 

Cash Facility (note 7) 38,855 17,852 

Bond Market Facility - 581 

Medium Term Growth Facility - 8,128 

Total Tcorp HourGlass Investments 38,855 26,561




These investments are generally able to be redeemed with up to five business days notice (dependent upon the facility). The value 

of the investments held can decrease as well as increase depending upon market conditions. The value that best represents the 

maximum credit risk exposure is the net fair value. The value of the above investments represents the Corporation’s share of the 

underlying assets of the facility and is stated at net fair value. 

(c) Receivables 

All trade debtors are recognised as amounts receivable at balance date. Collectibality of trade debtors is reviewed on an ongoing 

basis. Debts which are known to be uncollectible are written off. A provision for doubtful debts is raised when some doubt as to 

collection exists. The credit risk is the carrying amount (net of any provision for doubtful debts). No interest is earned on receivables. 

The carrying amount approximates net fair value. 

(d) Bank Overdraft 

The Corporation does not have any bank overdraft facility. 

(e) Interest Rate Risk 

30 June 2007 Weighted 

Average 

Effective 

Interest 

Rate- 

Floating 

Interest 

Rate 

1 year or 

less 

1 to 5 

years 

More 

than 5 

years 

Non 

Interest 

Bearing 

Total 

Carrying 

Amount 

as per 

the 

Balance 

Sheet 

% $’000 $’000 $’000 $’000 $’000 $’000 


Cash 5.13 5,422 - - - - 5,422 

HourGlass Investments 

Cash Facility 5.68 38,855 - - - - 38,855 

Bond Market Facility - - - - - - 

Medium Term Growth - - - - - - - 

Receivables - - - - 4,016 4,016 



Payables - - - - 39,216 39,216 

Interest Bearing 6.28 - 27,147 - - - 27,147 

Interest Bearing 6.14 - - 56,229 - - 56,229 

Interest Bearing 6.15 - - - 51,055 - 51,055 

Other - - - - - - 

Total Financial Liabilities - 27,147 56,229 51,055 39,216 173,647 



133




Interest Rate Risk (cont’d) 

30 June 2006 Weighted 

Average 

Effective 

Interest 

Rate 

Floating 

Interest 

Rate 

1 year or 

less 

1 to 5 

years 

More 

than 5 

years 

Non 

Interest 

Bearing 

Total 

Carrying 

Amount 

as per 

the 

Balance 

Sheet 

% $’000 $’000 $’000 $’000 $’000 $’000 


Cash 4.75 5,636 - - - - 5,636 

HourGlass Investments 

Cash Facility 5.69 17,852 - - - - 17,852 

Bond Market Facility 3.86 581 - - - - 581 

Medium Term Growth 8.76 8,128 - - - - 8,128 

Receivables - - - - 6,798 6,798 





Payables - - - - 28,305 28,305 

Interest Bearing 5.95 - 19,500 - - - 19,500 

Interest Bearing 7.55 - - 41,545 - - 41,545 

Interest Bearing 5.74 - - - 34,813 - 34,813 

Other - - - - - - 

Total Financial Liabilities - 19,500 41,545 34,813 28,305 124,163 

(f) Credit Risk 

Credit risk is the risk of financial loss from another party to a contractor or a financial position failing to discharge a financial 

obligation there under. The Corporation’s maximum exposure to credit risk is represented by the carrying amounts of the financial 

assets included in the balance sheet. 


The Western Sydney Parklands Trust Bill was passed in the NSW parliament in November 2006. The Bill enables the establishment of 

the Western Sydney Parklands Trust. It is anticipated that the Board members will imminently be appointed to the Trust. In the ensuing 

financial year the Corporation will be transferring significant core land assets with estimated book values of around $250 million to 

the Trust. 

End of audited financial report. 

134

Corporation 

Sole 

“Minister Administering the 

Heritage Act, 1977” 



30 June 2007 

CONTENTS 



Statement from the Minister 139 

Income Statement 140 

Statement of Recognised Income and Expense 140 



Notes to the Financial Statement 143


Director’s overview 

The Corporation Sole is established under the Heritage Act, (1977) to administer the financial operations of the Heritage Act. The 

Corporation receives fees and charges under the Heritage Act. It may also acquire, devise or bequest any property for the purposes of 

the Act, make grants and loans for the purpose of promoting, and assisting the conservation of, items of environmental heritage. 

Financial highlights 

As at 30 June 2007, the Corporation had: 

• Net assets totalling $8.618 million. The major items of the Corporation’s asset base are heritage land and buildings of $4.205 

million, Heritage Assistance loans of $1.78 million and medium term investments held through the Treasury Corporation of 

$1.612 million. 



During the year ended 30 June 2007, the Corporation: 

• Incurred a loss of $11,000. Total expenses were $927,000, total revenues were $916,000 

• Borrowings are nil 

• Income received from Heritage Fees totalled $0.644 million (Section 167 – $0.471 million, Section 60 – $0.131 million, Section 

140 – $0.042 million) 

• Income from interest on the Corporation’s investments totalled $0.216 million 

• Expenditure of $0.927 million primarily related to administration costs ($0.527 million) and membership remuneration for the 

Heritage Council of NSW and its Committees and Panels ($0.163 million) incurred in administering the Heritage Act, 1977 

• Heritage grants totalled $0.22 million. The majority of this expenditure was a grant of $0.17 million for the remediation of Tathra 

Wharf 

136



137



138




139


“Minister Administering the Heritage Act, 1977” 

Income Statement for the Year Ended 30 June 2007 

2007 2006 

Notes $’000 $’000 

REVENUE 

Interest on investments 216 188 

Statutory fees and other charges 673 731 

Interest on repayable loans 27 41 

Total Revenue 916 960 

EXPENSES 

Administration expenses 3(a) 692 524 

Depreciation and amortisation expenses 3(b) 15 114 

Grants and contributions 3(c) 220 1 

Total Expenses excluding losses 927 639 

Gain / (loss) on disposal 4 - (5,376) 

Other gains/ (losses) 5 - (283) 

OPERATING RESULT FOR THE YEAR (11) (5,338) 



Statement of Recognised Income and Expense for the Year Ended 30 June 2007 

Net increase/(decrease) in property, plant and equipment asset 

revaluation reserve 

2007 2006 

Notes $’000 $’000 

- (1,321) 

Other net increases / (decreases) in equity 

Adjustment on adoption of AASB 139 - (1) 

Assets transferred to Historic Houses Trust (750) - 

TOTAL INCOME AND EXPENSE RECOGNISED DIRECTLY IN 

EQUITY 

(750) (1,322) 

Operating result for the year (11) (5,338) 

TOTAL INCOME AND EXPENSE RECOGNISED FOR THE YEAR 12 (11) (6,660) 

EFFECT OF CHANGES IN ACCOUNTING POLICIES AND 

CORRECTION OF ERRORS 12 

Accumulated Funds - 1,043 

(761) (5,617) 

140 





2007 2006 

Notes $’000 $’000 

ASSETS 


Cash and cash equivalents 6 1,290 1,285 

Receivables 7 43 44 

Financial assets at fair value 8 1,612 1,406 

Total Current Assets 2,945 2,735 

Non Current Assets 

Receivables 7 1,780 1,968 

Property plant and equipment 9 4,205 4,970 

Total Non Current Assets 5,985 6,938 

Total Assets 8,930 9,673 

LIABILITIES 


Payables 11 312 294 

Total Current Liabilities 312 294 

Total Liabilities 312 294 

Net Assets 8,618 9,379 

EQUITY 

Accumulated funds 12 8,618 9,379 

Total Equity 8,618 9,379 




141



Cash Flow Statement for the Year Ended 30 June 2007 

2007 2006 

Notes $’000 $’000 


Payments 

Administrative expenses (630) (526) 

Grants and contributions (220) (1) 

Total Payments (850) (527) 

Receipts 

Interest received 218 179 

Other 634 733 

Total Receipts 852 912 

NET CASH FLOWS FROM OPERATING ACTIVITIES 14 2 385 


Repayable conservation loans 209 95 

Purchases of investments (206) (142) 

NET CASH FLOWS FROM INVESTING ACTIVITIES 3 (47) 



NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 5 338 

Cash and Cash Equivalents at the beginning of the financial year 1,285 947 

CASH AND CASH EQUIVALENTS AT THE END OF THE 

FINANCIAL YEAR 

6 1,290 1,285 

142 




Notes to the Financial Statements for the year ended 30 June 2007 

1. Statement of Principal Activity 

The Corporation Sole “Minister Administering the Heritage Act, 1977” (Corporation Sole) was constituted under the Heritage Act 1977. 

The main activity is the administration of finance operations of the Heritage Act 1977. 

The Corporation Sole is a single not for profit entity. 

The financial report for the year ended 30 June 2007 has been authorised for issue by the Minister for Planning on 12 October 2007. 


(a) Basis of Preparation 

The Corporation Sole’s financial report is a general purpose financial report which has been prepared in accordance with: 

• applicable Australian Accounting Standards (which include Australian equivalents to International Financial Reporting Standard 

(AEIFRS)); and 

• the requirements of the Public Finance and Audit Act and Regulation 

Property and financial instruments are measured at fair value. Other financial report items are prepared in accordance with the 

historical cost convention 

Judgements, key assumptions and estimations that management has made for the preparation of these financial statements are 

disclosed in the relevant notes to the financial statements. 


(b) Statement of Compliance 

The financial statements and notes comply with Australian Accounting Standards, which include AEIFRS. 

(c) Income Recognition 


Income is measured at the fair value of the consideration or contribution received or receivable. 

(d) Insurance 

The Corporation Sole’s insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance for 

Government agencies. The expense (premium) is determined by the Fund Manager based on past claim experience. 

(e) Conservation Grants, Loans and Guarantees 

Section 106 of the Heritage Act 1977 allows the payment of Conservation Grants and Loans to private individuals and organisations. 

The Loans are repayable and may be interest bearing or interest free. The Act also allows the Corporation Sole to guarantee bank 

loans that have been made for certain conservation purposes. No current guarantees are in place with the Corporation Sole. 

(f) Accounting for the Goods and Services Tax (GST) 


• the amount of GST incurred by the Corporation Sole as a purchaser that is not recoverable from the Australian Taxation Office is 

recognised as part of the cost of acquisition of an asset or as part of an item of expense; and 



143




(g) Acquisitions of Assets 

The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the Corporation Sole. Cost 

is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset at the time of its 


requirements of other Australian Accounting Standards. 

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and revenues at their fair value at the date 

of acquisition. 

Fair value means the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length 

transaction. 


amount is effectively discounted at an asset specific rate. 


Property, plant and equipment and intangible assets costing $5,000 and above individually (or forming part of a network costing more 

than $5,000) are capitalised. 


Physical non current assets are valued in accordance with the “Valuation of Physical Non Current Assets at Fair Value” Policy and 

Guidelines Paper (TPP 07-1). This policy adopts fair value in accordance with AASB 116 Property, Plant and Equipment. 



Property, plant and equipment is measured on an existing use basis where there are no feasible alternative uses in the existing 

natural, legal, financial and socio political environment. However, in the limited circumstances where there are feasible alternative 





The Corporation Sole revalues each class of property at least every five years or with sufficient regularity to ensure that the carrying 

amount of each asset in the class does not differ materially from its fair value at reporting date. The last revaluation was completed 

on 30 June 2006 and was based on an independent assessment. 




Revaluation decrements are recognised immediately as expenses in the surplus / deficit, except that, to the extent that a credit 

balance exists in the asset revaluation reserve in respect of the same class of assets, they are debited directly to the asset revaluation 

reserve. 

As a not for profit entity, revaluation increments and decrements are offset against one another within a class of non current assets, 




144





As a not for profit entity with no cash generating units, the Corporation Sole is effectively exempted from AASB 136 Impairment of 

Assets and impairment testing. This is because AASB 136 modifies the recoverable amount test to the higher of fair value less costs 

to sell and depreciated replacement cost. This means that, for an asset already measured at fair value, impairment can only arise if 

selling costs are material. Selling costs are regarded as immaterial. 


Except for certain heritage assets, depreciation is provided for on a straight line basis for all depreciable assets so as to write off the 

depreciable amount of each asset as it is consumed over its useful life to the Corporation Sole. 


Land is not a depreciable asset. Certain heritage assets have an extremely long useful life, including original artworks and collections 

and heritage buildings. Depreciation for these items cannot be reliably measured because the useful life and the net amount to be 

recovered at the end of the useful life cannot be reliably measured. In these cases, depreciation is not recognised. The decision not 

to recognise depreciation for these assets is reviewed annually. 

Depreciation is provided on a straight line basis against assets so as to write off the depreciable amount of each depreciable asset as 

it is consumed over its life. 

Depreciation Rates 

% Rate 

Property 

Heritage Building 2.50 

(l) Major Inspection Cost 

When each major inspection is performed, the labour cost of performing major inspections for faults is recognised in the carrying 

amount of an asset as a replacement of a part, if the recognition criteria are satisfied. 

(m) Restoration Cost 

The estimated cost of dismantling and removing an asset and restoring the site is included in the cost of an asset, to the extent it is 

recognised as a liability. 

(n) Maintenance 

Day to day servicing costs or maintenance are charged as expenses as incurred, except where they relate to the replacement of a 

component of an asset, in which case the costs are capitalised and depreciated. 

(o) Trust Funds 

The Corporation Sole receives monies in a trustee capacity for the Old Government House archaeological site at Port Macquarie 

as set out in Note 15. As the Corporation Sole performs only a custodial role in respect of these monies, and because the monies 

cannot be used for the achievement of the Corporation Sole’s own objectives, these funds are not recognised in the financial 

statements. 

(p) Payables 



These amounts represent liabilities for goods and services provided to the Corporation Sole and other amounts. Payables are 

recognised initially at fair value, usually based on the transaction cost or face value. Subsequent measurement is at amortised cost 

using the effective interest method. Short term payables with no stated interest rate are measured at the original invoice amount 


145




3. Expenses Excluding Losses 

2007 2006 

$’000 $’000 

(a) Administration expenses 

Board fees 163 153 

Consultancy fees 23 2 

General administration (incl transfer to Heritage Office) 399 59 

Travel 9 2 

Auditors remuneration - Audit of financial reports 15 16 

Corporate services 16 17 

Productivity Commission on Historic Heritage 16 239 

Repairs and routine maintenance 51 36 

692 524 



2007 2006 

$’000 $’000 

(b) Depreciation and amortisation expenses 

Depreciation 

Buildings 15 114 

15 114 

2007 2006 

$’000 $’000 

(c) Grants and Contributions 

Grants and Contributions 220 1 

220 1 

4. Gain / (Loss) on Disposal 

2007 2006 

$’000 $’000 

Gain / (loss) on disposal of property plant and equipment 

Written down value of assets disposed - (5,376) 

Net gain / (loss) on disposal of property plant and equipment - (5,376) 

The loss of $5,376 million in 2005-06 related to the former Kings School at Parramatta which was transferred to Department of 

Planning (Heritage Office). 

146




5. Other Gains / (Losses) 

2007 2006 

$’000 $’000 

Property revaluation increment / decrement 

Revaluation Loss - (283) 

Other gains / (losses) - (283) 

The loss of $282,932 in 2005/06 related to revaluation of Linnwood Hall. 

6. Cash and Cash Equivalents 

2007 2006 

$’000 $’000 

Cash at bank and on hand 699 740 

Treasury Corporation (Hour-Glass) Cash Facility 591 545 

1,290 1,285 

For the purposes of the Cash Flow Statement, cash and cash equivalents include cash at bank, cash on hand, short term deposits 

and bank overdraft. 

Cash and cash equivalent assets recognised in the balance sheet are reconciled at the end of the financial year to the Cash Flow 


Cash and cash equivalents (per Balance Sheet) 1,290 1,285 

Closing cash and cash equivalents (per Cash Flow Statement) 1,290 1,285 

7. Receivables 

2007 2006 

$’000 $’000 

Current Receivables 

Sundry debtors 43 44 

43 44 

No allowance for impairment has been made as all amounts are considered to be 

collectable. 

Non current Receivables 

Loans receivable 1,374 1,583 

Interest on repayable loans 406 385 

1,780 1,968 

Repayable Conservation Loans are made to individuals and organisations for conservation purposes (Refer Note 2 (e)). Security in the 

form of mortgage, caveat, bill of exchange or promissory note is held for all repayable loans. 



Repayable loans written off during the year amounted to Nil (2005/06 $Nil). 

During the year a prior year adjustment was made to Repayable Conservation Loans. This adjustment related to prior year loan 

disbursements that had previously been recorded in Department of Planning (Heritage Office).The total adjustment reflected an 

increase in the value of the loans by $909,823 and a CPI adjustment for prior years of $132,680. The indexation amount of 

$405,814 includes $26,626 that was calculated for this financial year. 

147




8. Financial Assets at Fair Value 

2007 2006 

$’000 $’000 

Treasury Corporation (Hour-Glass) Medium term growth investments 1,612 1,406 

1,612 1,406 

Treasury Corporation (Hour-Glass) investments are classified as fair value through profit and loss (refer Note 16). Treasury Corporation 

(Hour-Glass) investments do not include Trust Funds of $678,861 invested with Treasury Corporation (refer Note 15 and 16). 

9. Property, Plant and Equipment 



Land and 

Buildings 

$’000 

At 1 July 2006 

Gross carrying amount 5,000 

Less: Accumulated Depreciation (30) 

Net carrying amount at fair value 4,970 

At 30 June 2007 





A reconciliation of the carrying amount of each class of property, plant and equipment at the beginning and end of the current 


Land and 

Buildings 

$’000 



Disposals (750) 

Depreciation expense (15) 


148




Land and 

Buildings 

$’000 

At 1 July 2005 




At 30 June 2006 





A reconciliation of the carrying amount of each class of property, plant and equipment at the beginning and end of the previous 


Land and 

Buildings 

$’000 



Net revaluation increment less revaluation decrements (1,604) 

Depreciation expense (114) 


10. Restricted Assets 

Productivity Commission on Historic Heritage 

The Corporation Sole holds $136,282 in cash and cash equivalents (Note 6) for the preparation of a submission to the Productivity 

Commission on economic, social and environmental value of heritage on behalf of the States, Territories, Commonwealth and 

New Zealand. 

2007 2006 

$’000 $’000 



Cash balance at the beginning of the year 152 249 

Add: Receipts - 142 

Less: Expenditure (16) (239) 

Cash balance at end of the financial year 136 152 

149




11. Payables 

2007 2006 

$’000 $’000 

Payables 

Other operating expenses 13 44 

Creditors 299 250 

312 294 


Accumulated 

Funds 

Asset Revaluation 

Reserve 

Total Equity 

2007 2006 2007 2006 2007 2006 

$’000 $’000 $’000 $’000 $’000 $’000 



Entity 

Balance at the beginning of the year 9,379 13,675 - 1,321 9,379 14,996 

AASB 139 first time adoption - (1) - - - (1) 

Prior period errors (Note 7) - 1,043 - - - 1,043 

Restated opening balance 9,379 14,717 - 1,321 9,379 16,038 

Changes in equity-transactions with 

owners as owners 

Assets transferred to the Historic 

Houses Trust (750) - - - (750) - 

Total (750) - - - (750) - 

Changes in equity-other than 

transactions with owners as owners 

Operating result for the year (11) (5,338) - - (11) (5,338) 

Increment / (decrement) on revaluation 

of NCAs 

Land and buildings - - - (1,321) - (1,321) 

Balance at the end of the financial year 8,618 9,379 - - 8,618 9,379 

The $750,000 shown as assets transferred free of charge relates to the Exeter farm lands at Glenwood which were transferred to the 

Historic Houses Trust during the year. 

13. Contingent Liabilities and Contingent Assets 

The Crown Solicitor is acting in a matter relating to a Deed of Agreement to a lease entered into by the Corporation Sole with respect 

to the property “Hillview” owned by the Corporation Sole. 

At this time the Crown Solicitor’s Office has advised that it is not certain that the Lessee could establish such, or any other, claim 

against the Corporation Sole and has indicated that the potential liability is an estimate of what may be the maximum amount 

payable. It is anticipated any liability will be met by the Treasury Managed Fund. 

150




14. Reconciliation of Cash Flows From Operating Activities to Net Cost of Services 

(a) 

Reconciliation of cash 

2007 2006 

$’000 $’000 

Cash at bank and on hand 699 740 

Treasury Corporation (Hour-Glass) cash facility investments 591 545 

1,290 1,285 

(b) 

Reconciliation of cash flow from operations with surplus from ordinary activities 

2007 2006 

$’000 $’000 

Operating result (11) (5,338) 

Depreciation 15 114 

Increase / (decrease) in payables 18 16 

Decrease / (increase) in receivable and other assets (20) (66) 

Net (gain) / loss on sale of plant and equipment - 5,376 

Net (gain) / loss on property valuation - 283 

Net cash flow from operating activities 2 385 

15. Trust Funds 

The following funds are excluded from the Financial Statements as the Corporation Sole must use them for the conservation purposes 

as detailed in agreements with the State and Commonwealth Governments as shown. 

Former Old Government House at Port Macquarie 

The Corporation Sole holds $678,861 (2006 $715,515) in trust for the conservation of the Old Government House archaeological site 

at Port Macquarie. 

2007 2006 

$’000 $’000 

Cash balance at the beginning of the year 715 676 

Add: Receipts 34 39 

Less: Expenditure (70) - 

Cash balance at the end of the financial year 679 715 




The Corporation Sole’s principal financial instruments are outlined below. These financial instruments arise directly from the 

Corporation Sole’s operations or are required to finance the Corporation Sole’s operations. The Corporation Sole does not enter into or 

trade financial instruments for speculative purposes. The Corporation Sole does not use financial derivatives. 

151




Cash 

Cash comprises cash on hand and bank balances within the Treasury Banking System. Interest is earned on daily bank balances at 

the monthly average NSW Treasury Corporation 11am unofficial cash rate adjusted for a management fee to Treasury. The Treasury 

Corporation (Hour-Glass) cash facility is discussed below. 

Receivables 

All trade debtors are recognised as amounts receivable at balance date. Collectability of trade debtors is reviewed on an ongoing basis. 

Debts which are known to be uncollectable are written off. An allowance for impairment is raised when there is objective evidence that 

the entity will not be able to collect all amounts due. The credit risk is the carrying amount (net of any allowance for impairment). No 

interest is earned on trade debtors. The carrying amount approximates net fair value. Sales are made on 30 day terms. 

Hour-Glass Investment Facilities 

The Corporation Sole has investments in the Treasury Corporation’s (Hour-Glass) cash facility. The Corporation Sole’s investments 

are represented by a number of units in managed investments within the facility. Each managed investment fund has a different 

investment horizon and each investment fund comprises a mix of asset classes appropriate to that investment horizon. Treasury 

Corporation appoints and monitors fund managers and establishes and monitors the application of appropriate investment guidelines. 

The Corporation Sole’s investments are: 



2007 2006 

$’000 $’000 

Cash Facility 237 223 

Cash Plus Facility 354 333 

Medium Term Growth Facility 2,290 2,111 

2,881 2,667 

These investments are generally able to be redeemed with up to five business days notice (dependent upon the facility). The value 

of the investments held can decrease as well as increase depending upon market conditions. The value that best represents the 

maximum credit risk exposure is the fair value. The value of the above investments represents the Corporation Sole’s share of the 

value of the underlying assets of the facility and is stated at fair value, based on the market value. 

Recoverable Loans 

All recoverable loans are recognised as amounts receivable at balance date. Collectability of recoverable loans is reviewed on an 

ongoing basis. Debts which are known to be uncollectable are written off. An allowance for impairment is raised when some doubt 

as to collection exists. The credit risk is the carrying amount (net of any allowance for impairment). The carrying amount approximates 

net fair value. 

Trade Creditors and Accruals 

The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or not invoiced. 

Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out in Treasurer’s Direction 219.01. 

If trade terms are not specified, payment is made no later than the end of the month following the month in which an invoice or a 

statement is received. Treasurer’s Direction 219.01 allows the Minister to award interest for late payment. No interest was applied 

during the year (2006 Nil). 


There are no events subsequent to balance date which affect the financial report. 

152 

End of audited financial report.

Contacts 

Head Office 

23-33 Bridge Street Sydney NSW 2000 

GPO Box 39 Sydney NSW 2001 

Tel: 02 9228 6111 

Fax: 02 9228 6455 

Email: information@planning.nsw.gov.au 

Information Centre 



Tel: 02 9228 6333 

Fax: 02 9228 6555 


Translating & Interpreting Service 

Please phone 131 450 and ask for an interpreter 

in your language and request to be connected to 

(02) 9228 6333 – Department of Planning Information 

Centre. Local call cost from fixed phones. Calls from 

mobiles at mobile rates. 


Level 3, 10 Valentine Avenue Parramatta 

PO Box 3720 Parramatta NSW 2124 

Tel: 02 9895 5950 

Fax: 02 9895 5949 

Email: bpb@bpb.nsw.gov.au 

Heritage Office 

3 Marist Place Parramatta NSW 2150 

Locked Bag 5020 Parramatta NSW 2124 

Tel: 02 9873 8500 

Fax: 02 9873 8599 

Email: heritageoffice@heritage.nsw.gov.au 

Land Management Branch 



Tel: 02 9895 7626 

Fax: 02 9895 7946 

Regional offices 

Regional Offices 

Sydney East Region 



Tel: 02 9228-6294 

Fax: 02 9228 6244 


Sydney North West Region 



Tel: 02 9228-6294 

Fax: 02 9228 6177 


Sydney South West Region 



Tel: 02 9895 7633 

Fax: 02 9895 6270 

Alpine Resorts assessments 

Shop 5A, Snowy River Avenue 

PO Box 36 Jindabyne NSW 2627 

Tel: 02 6456 1733 

Fax: 02 6456 1736 

Central Coast 

Level 3, 107 Mann Street 

PO Box 1148 Gosford NSW 2250 

Tel: 02 4348 5000 

Fax: 02 4323 6573 

Email: centralcoast@planning.nsw.gov.au 

Hunter 

Price Waterhouse Coopers Centre 

Level 2, 26 Honeysuckle Drive 

PO Box 1226 Newcastle NSW 2300 

Tel: 02 4904 2700 

Fax: 02 4904 2701 

Email: hunter@planning.nsw.gov.au 

Murray/Murrumbidgee 

Suite U107, 1st Floor Riverside Plaza, 

131-139 Monaro Street 

PO Box 189 Queanbeyan NSW 2620 

Tel: 02 6128 3300 

Fax: 02 6297 9505 

North Coast 

76 Victoria Street 

Locked Bag 9022 Grafton NSW 2460 

Tel: 02 6641 6600 

Fax: 02 6641 6601 

Email: northcoast@planning.nsw.gov.au 

Southern 

Level 2, 84 Crown Street 

PO Box 5475 Wollongong NSW 2520 

Tel: 02 4224 9450 

Fax: 02 4224 9470 

Email: wollongong@planning.nsw.gov.au 

Western 

209 Cobra Street 

PO Box 717 Dubbo NSW 2830 

Tel: 02 6841 7528 

Fax: 02 6884 8483 

Level 3, Noel Park House, 155-157 Marius Street 

PO Box 550 Tamworth NSW 2340 

Tel: 02 6701 9689 

Fax: 02 6701 9690 

Hours of operation: 8.30 am – 5pm

Financial - Department of Planning - NSW Government

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?