bw-home-icon[1] Cultural Facilities Corporation home u Annual Report 2014-15

 

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A.   C. Financial Management Reporting

C.1 Financial Management Analysis  75

C.2 Financial Statements  75

C.3 Capital Works   76

C.4 Asset Management 78

C.5 Government Contracting  80

C.6 Statement of Performance  82

C.1 Financial Management Analysis

 

A full analysis of the CFC’s 2014-15 financial results and financial position is set out in the Management Discussion and Analysis at Attachment 1.

 

C.2 Financial Statements

The CFC’s 2014-15 Financial Statements are set out in Attachment 1.


C.3 Capital Works

 

2014-15 CAPITAL WORKS TABLE

 

 

Project

Estimated completion date

Actual completion date

Original project value

$

Revised project value

$

Prior year expenditure

 

$

Current year expenditure

 

$

Total expenditure to date

$

New Capital Works

 

 

 

 

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 2

June 2016

-

1,850,000

1,850,000

-

1,050,000

1,050,000

 

 

 

 

 

 

 

 

Capital Upgrades

 

 

 

 

 

 

 

ACT Museums and Galleries

June 2015

June 2015

259,000

259,000

-

259,000

259,000

Canberra Theatre Centre

June 2015

June 2015

60,000

60,000

-

60,000

60,000

Corporate

June 2015

June 2015

50,000

50,000

-

50,000

50,000

 

 

 

 

 

 

 

 

Total New Capital Works

 

 

2,219,000

2,219,000

-

1,419,000

1,419,000

 

 

 

 

 

 

 

 

Works in Progress

 

 

 

 

 

 

 

Canberra Theatre Centre Upgrade works – Stage 1

June 2015

June 2015

3,109,000

3,109,000

2,616,000

493,000

3,109,000

Lanyon Heritage Precinct Community Access Roads

June 2015

June 2015

400,000

400,000

300,000

100,000

400,000

 

 

 

 

 

 

 

 

Total Works in Progress

 

 

3,509,000

3,509,000

2,916,000

593,000

3,509,000

 

 

 

 

 

 

 

 

Total Capital Works Program

 

 

5,728,000

5,728,000

2,916,000

2,012,000

4,928,000

 

2014-15 CAPITAL WORKS RECONCILIATION

 

 

2014-15 Approved

Financing

$

2014-15 Drawdown

Amount

$

2014-15 Actual Expenditure

$

New Capital Works

 

 

 

Canberra Theatre Centre Upgrade works – Stage 2

1,050,000

1,050,000

1,050,000

 

 

 

 

Capital Upgrades

 

 

 

ACT Museums and Galleries

259,000

258,999

259,000

Canberra Theatre Centre

60,000

60,000

60,000

Corporate

50,000

50,000

50,000

 

 

 

 

Works in Progress

 

 

 

Canberra Theatre Centre Upgrade works – Stage 1

493,000

493,000

493,000

Lanyon Heritage Precinct Community Access Roads

100,000

100,000

100,000

 

 

 

 

 

 

 

 

Total Capital Works Program

2,012,000

2,011,999

2,012,000

 

 

 

 

Works Funded From Other Sources

 

 

 

Adjusted for Capital funded through Own Sourced Revenue

-

-

277,789

 

 

 

 

Balances per Capital Works Management

2,012,000

2,011,999

2,289,789

 

 

 

 

Balances per cash flow statements

-

2,011,999

2,289,789

 

For further information contact :

CFO, CFC Corporate (02) 6205 2195

 

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C.4 Asset Management

C.4.1    Assets Managed

The CFC managed assets with a total value of $58,651,502 as at 30 June 2015.  The CFC’s major assets and approximate values are :

 

Description

$

Canberra Theatre Centre, and extensions at fair value

28,832,705

Land at fair value

14,811,579

Historic Places and former Nolan Gallery building at fair value

5,440,387

Plant and Equipment at fair value

5,300,639

Art and Social History Collection

4,173,972

Capital Works in Progress

92,220

 

During 2014-15 the following major assets were added to the CFC’s asset register :

 

Description

$

Canberra Theatre Centre Upgrade works including lighting, fire panels, air locks, signage, and equipment 

1,807,944

Historic Places building upgrades, audio guides, wayfaring signage and equipment

296,322

Art and Social History objects

134,866

Canberra Museum and Gallery exhibition displays, office furniture and leased motor vehicle assets

133,506

Lanyon Heritage Precinct Community Access Roads

100,000

 

During 2014-15 the following major assets were removed from the CFC’s asset register :

 

Description

$

Motor Vehicles under Finance Leases

113,669

Canberra Theatre Centre lighting assets

99,263

Corporate software assets

13,196

Canberra Theatre Centre LED screen

8,866

C.4.2    Assets Maintenance and Upgrade

The CFC maintains its assets in accordance with the CFC’s Asset Management Plan.

 

Major asset upgrades (including works funded and reported through the capital works program) completed during 2014-15 were :

 

Description

$

Canberra Theatre Centre lighting upgrade

589,792

Canberra Theatre Centre boilers

160,996

Canberra Theatre Centre fire panels

148,520

Historic Places building upgrades

121,810

Lanyon Heritage Precinct community access roads

100,000

Canberra Theatre Centre building management system

95,313

Canberra Theatre Centre air locks

93,254

Lanyon Visitation Centre upgrades

57,803

 

For building assets, the expenditure on repairs and maintenance was $438,113 which represented 1% of the assets written down value.  For Plant and Equipment assets, the expenditure on repairs and maintenance was $298,213 which represented 6% of the assets written down value.

 

A three year rolling independent valuation of the CFC’s assets has been implemented to ensure all items are reflected at fair value in the CFC’s asset register and any impairment is identified.

C.4.3    Office Accommodation

CFC staff members occupy or use premises at the Canberra Theatre Centre, CMAG, Lanyon, Calthorpes’ House, Mugga-Mugga and North Building administration area locations.

 

In view of the wide range of workplaces in which CFC staff work (including historic places, theatre and gallery environments, where areas used by staff as offices may be combined with other uses such as ticketing, patron servicing etc.), it is difficult to provide a precise figure of the average area occupied by each employee.  An estimate of the total office area occupied as at 30 June 2015 is 1,147 square metres and an estimate of the average area occupied by each (FTE) employee as at 30 June 2015 is 13 square metres.

 

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C.5 Government Contracting

 

C.5.1    Procurement Principles and Processes

 

The CFC engaged external sources of goods, services and works during 2014-15 and these goods, services and works were procured with the support and assistance of ACT Procurement and Capital Works as required.

 

The CFC believes that its procurement selection and management processes comply with the Government Procurement Act 2001 and Government Procurement Regulation 2007.  It liaises regularly with ACT Procurement and Capital Works on procurement matters including through the involvement of officers of ACT Procurement and Capital Works in the more complex or higher value procurement processes.

 

C.5.2    External Sources of Goods, Services and Works

 

Contracts entered into in 2014-15 with a value exceeding $25,000

Contract Title

Procurement Methodology

Procurement Type

Contractor Name

Contract Amount

Execution Date

Expiry Date

Lanyon Access Road Works

Public tender

Works

Cord Civil Pty Ltd

$84,438

June 2015

June 2016

Purchase of Replacement Theatre Lighting Package 2

Public tender

Goods

Elite Group (ACT)

$201,880

May 2015

June 2016

Canberra Theatre Centre Building Management System Upgrade

Single Select

Works

Control and Electric

$38,852

June 2015

June 2016

International Art Service – transportation for Canberra Museum and Gallery

Single Select

Services

International Art Service

$40,000

May 2015

June 2016

Canberra Theatre Logo Signage

Quotation

Works

Joe Derin Signs

$25,190

June 2015

June 2016

Canberra Theatre Centre Residual Current Device Upgrade

Select

Works

Switchedon Electrical Services

$28,009

May 2015

June 2016

Purchase of Replacement Theatre Lighting Packages 1 and 3

Public tender

Goods

Sound Advice Australia

$379,019

May 2015

June 2016

Design and implementation of new websites for Canberra Museum and Gallery and ACT Historic Places

Quotation

Goods

Icelab Pty Ltd

$38,520

February 2015

February 2016

 


C.6 Statement of Performance

 

The CFC’s 2014-15 Statement of Performance is set out in Attachment 1 to this report, page 174.

 

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