DARWIN WATERFRONT CORPORATION Annual Report · DARWIN WATERFRONT CORPORATION ANNUAL REPORT...

DARWIN WATERFRONT CORPORATION

Annual Report2008/2009

b DARWIN WATERFRONT CORPORATION ANNUAL REPORT 2008/2009

iDARWIN WATERFRONT CORPORATION ANNUAL REPORT 2008/2009

Letter to the Chief Minister

Level 5Hospitality7 Kitchener DriveDarwin NT 0800

GPO Box 1449Darwin NT 0801

Telephone: + 61 8 8999 5181Facsimile: + 61 8 8999 5210

The Hon Paul Henderson MLAChief MinisterGPO Box 3146Darwin NT 0801

Dear Chief Minister

I have pleasure in presenting the 2008/2009 Annual Report of the Darwin Waterfront Corporation.

The report details the activities and operations of the Corporation for the year ending 30 June 2009, in accordance with the provisions of Section 30 of the Darwin Waterfront Corporation Act.

There is no additional information attached to the report that is required to be presented under Section 30 of the Act, as there were no directions, objections, confi rmations or reasons given under Section 20 of the Act during the period to which the report relates.

Yours faithfully

PAUL TYRRELL, AOChairman19 November 2009

CONTENTSLETTER TO THE CHIEF MINISTER ICHAIRMAN’S OVERVIEW 3PROJECT SNAPSHOT 4DARWIN CONVENTION CENTRE AND HOTELS 5COMMUNITY FACILITIES 7THE CORPORATION 8BOARD MEMBER PROFILES 10BOARD MEMBERS’ REPORT 12BOARD MEMBERS’ DECLARATION 13FINANCIALS 14INDEPENDENT AUDITOR’S REPORT 33

2 DARWIN WATERFRONT CORPORATION ANNUAL REPORT 2008/2009

3DARWIN WATERFRONT CORPORATION ANNUAL REPORT 2008/2009

Chairman’s Overview

I am pleased to present the Darwin Waterfront Corporation Annual Report 2008/2009.

It has been a rewarding year for the Corporation offi cially opening Darwin’s fi rst Wave Lagoon on 1 May 2009 with a lucky group of competition winners testing the waves ahead of the public opening on Saturday 2 May 2009.

The transformation of 25 hectares of industrial wasteland into a place to play, stay, dine and do business is steadily becoming a reality. The Precinct has been a welcomed addition to the tropical city of Darwin with its seaside promenades, parklands, landscape gardens, saltwater lagoon, hotels and alfresco dining.

The Medina Grand and Vibe Hotel Darwin Waterfront have welcomed hundreds of holiday makers and Darwin Convention Centre delegates since opening to the public in March 2009.

Our world class Convention Centre hosted an array of major national and international conventions during its fi rst year of operation, attracting thousands of delegates leading to a demand for tourism services. The Convention Centre is a welcomed addition to the tourism sector.

Leading up to this milestone the NT Government, Darwin Waterfront Board and Management team and our project partners shared a clear vision for the Waterfront Precinct, transforming an industrial wasteland into a vibrant destination that has become a mecca for locals and tourists alike.

Reaching such a milestone could never have been achieved without the enormous contributions by both the public and the private sector. I congratulate our private sector partners: Darwin Cove Consortium, the Toga Group, Sitzler Pty Ltd, Macmahon, AEG Ogden, Honeywell and Hindmarsh SA.

A number of activities are progressing, including the excision of the Precinct from the municipality of Darwin, the development and implementation of by-laws and working closely with the Darwin City Council on a shared services agreement.

The Corporation continues to work closely with the Toga Group regarding the development of Stage Two and with the NT Government’s Department of Planning and Infrastructure on Stage Two demolition works, the Smith Street connection and road networks within the Precinct.

For their continued dedication to this project over this past year, I would like to thank the Corporation’s Chief Executive Offi cer, Pat Coleman, and staff , Project Administrator, Terry O’Neill, the Department of Planning and Infrastructure, and my fellow board members.

PAUL TYRRELL, AOChairman


Project Snapshot

Stage One elements including the wave lagoon, public domain and recreation lagoon, multi-storey car park and pedestrian bridge link offi cially opened to the public on Saturday 2 May, 2009.

Stage Two will be built progressively over time, and is the responsibility of the Stage Two project developer, the Toga Group.

STAGE ONE

HotelsThe 121-room Medina Apartment Hotel and the 120-room Vibe Hotel opened to the public during March 2009.

Residential/mixed use buildingsApproximately 140 residential apartments in three blocks are due for completion in 2009 with the fi rst residents expected to occupy the buildings during October 2009.

As retail shops and restaurants come on line there will be more choice for those visiting the area and a signature restaurant will defi ne the Precinct as a quality eating destination.

Smith Street walkwayConstruction of the Smith Street Walkway commenced during April 2009 soon after the Darwin City Council approved construction. Construction is targeted for completion by end November 2009.

STAGE TWO

Stage Two encompasses:• 1300 residential apartments• Commercial and retail spaces• Community infrastructure including

roads, and services, pedestrian promenades and public parks.

It is expected full site development will occur over 15 years. The fi nal sunset date for completion of the development is 2020.


Darwin Convention Centre and Hotels

The Darwin Convention Centre has been a tremendous success since opening in June 2008. Since bookings commenced a total of 65 conventions have been booked by the operator, AEG Odgen, which is expected to attract 30,875 delegates to the Territory.

DARWIN CONVENTION CENTREThe Convention Centre is a great new facility comprising of auditoriums, halls and meeting rooms.

Major conventions such as the Planning Institute of Australia National Congress and the Australian Veterinary Association Annual Conference have been held there throughout the year.

And, with events such as the annual boat and motor show relocating to the Centre it’s proving to be a popular exhibition destination for locals.

HOTELSThe Medina Grand and Vibe Hotel Darwin Waterfront have welcomed hundreds of holiday makers and Darwin Convention Centre delegates since opening in March.

The hotels were offi cially opened by the NT Chief Minister, Paul Henderson on 25 June 2009.

With the wet season fast approaching hotel management is focusing on a package to off er locals during this season.


On 1 May 2009 a lucky group of competition winners tested the waves ahead of the public opening.

The Waterfront has been a welcomed addition to the tropical city of Darwin. A short stroll from the Darwin CBD, with its seaside promenades, parklands, hotels and alfresco dining the Waterfront Precinct is proving to be a popular destination for locals and tourists alike.

Off ering safe year-round swimming more than 16,000 people used the Wave Lagoon during the fi rst four weeks of operation.

And, the salt water Recreation Lagoon which is free to use is also proving to be popular as a spot for family picnics and a place to enjoy the serenity.

A number of school groups have already visited the area or booked a date in the near future. Darwin City workers are taking advantage of it’s proximity to the Darwin CBD, using the water facilities during their lunch break.

The Darwin Waterfront Corporation has had discussions with many organisations about the potential for community events to be held in the parklands such as events associated with the Darwin Festival.

Community Facilities


The Corporation

On behalf of the Northern Territory Government the Darwin Waterfront Corporation is the statutory authority responsible for developing, managing and servicing the Darwin Waterfront Precinct for the benefi t of the community and promoting the Precinct as a place of residence and business and a venue for public events and entertainment under the Darwin Waterfront Corporation Act.

On behalf of the NT Government the Corporation is managing the transformation of 25 hectares of industrial wasteland into a vibrant destination. And, is responsible for the development and maintenance of civic amenities, the preservation of good order in the precinct and for the provision of municipal services.

The Corporation also undertakes responsibilities on behalf of the NT Government for obligations and entitlements in respect of the Darwin Convention Centre.

Our vision is to capture Darwin’s mood and unique appeal.

OUR MISSION

To create a welcoming and inspirational place for residents and visitors.

To harness our tropical environment and balance urban development with nature.

To facilitate the growth of jobs and economic activity in the Precinct and beyond.

For the Waterfront to become a destination where fond memories are created.


Board Member Profi les

CHAIRMANMr Paul Tyrrell AOAppointed Chairman3 December 2006BEc, DipCE, FIEAust

Paul Tyrrell retired as Chief Executive (CE) of the Northern Territory Department of the Chief Minister on 31 January 2008 after eight and a half years in the job.

Senior past appointments have included CE of the AustralAsia Railway Corporation, CE of the Department of Lands and Housing, Department of Transport and Works and the Darwin Port Corporation.

Paul has played a key role in many infrastructure and transport projects over the past 30 years including the Adelaide to Darwin railway, the Darwin Convention Centre and Waterfront redevelopment and the development of Darwin as a Gas Centre.

Paul is also currently Chairman of the AustralAsia Railway Corporation and Chair of the NT Football (Thunder) Club.

CHIEF EXECUTIVE OFFICERMr Patrick ColemanAppointed CEO11 December 2006BAppSc (Building),MAIPM, MAIB

Pat Coleman is the Chief Executive Offi cer of the Darwin Waterfront Corporation.

Prior to his appointment to this role Pat was a director and shareholder of leading private sector project management consultant Savant Pty Ltd. In this capacity, Pat was appointed by the Northern Territory Government as Project Director to lead the tendering and commercial negotiation phase of the Waterfront project pre fi nancial close. Post fi nancial close, Pat continued to be involved with the Waterfront Project in the role as advisor to the DPI project delivery team.

Pat has been involved in a senior capacity with numerous private and public sector projects throughout the Northern Territory, Australia and South East Asia in the areas of health infrastructure, rail, commercial building, retail development, land development, airports, entertainment, casinos and hotels and convention centre projects.

MEMBERMs Jennifer PrinceAppointed3 December 2006DipRad

Jennifer Prince has been Under Treasurer since 2002 following fi ve years as Deputy Under Treasurer.

As well as being the Chief Executive of Treasury, Jennifer is chair of the Treasury Corporation Board and a member of the Charles Darwin University Council and Legislative Assembly Members’ Superannuation Trust. She also has responsibilities in a range of high level interagency committees including the Capital Works Sub-committee.

Jennifer joined the Northern Territory public service in 1979, originally in the Department of Health, before transferring to Treasury in 1985. Jennifer’s experience relates to health policy issues, hospital management and intergovernmental fi nancial and budget policy matters.


MEMBERMs Maree TetlowAppointed 3 December 2006BBus(Hons), FAICD

Prior to commencing as Chief Executive of Tourism NT (the NT Government Tourism Agency) in March 2002, Maree has worked in destination marketing agencies (including city retail promotions and convention marketing) for many years.

At Tourism NT, Maree has directed signifi cant innovations in recent years, including the establishment of a new marketing platform under the banner “Share our Story”, and provided additional focus and resources on developing new tourism experiences, with a greater emphasis on indigenous culture and environmental sustainability in the Northern Territory.

MEMBERMr Richard HancockAppointed 23 January 2008BBus, MAICD, MIMM

Richard Hancock took up the role of Chief Executive Offi cer of the Northern Territory Department of Planning and Infrastructure (DPI) in November 2007.

Richard has spent the majority of his career in the corporate and private sectors predominantly in senior fi nancial management, marketing and account management roles.

For the past 10 years Richard worked in Local Government in NSW, QLD and Victoria and was a Chief Executive Offi cer for seven of those years. His time in Local Government includes the City of Sydney in the lead up to the 2000 Olympics and in south eastern Queensland – one of the fastest growing regions in Australia.

Prior to taking up his appointment with DPI in Darwin, Richard was employed for a three year period as Chief Executive Offi cer with the Ballarat City Council in Victoria. He has also studied regional development theory and practice in both the United States and the United Kingdom and has led business delegations to India, China, South Korea and Japan.

MEMBERMr Mike BurgessAppointed 21 February 2008BE(Civil)

Mike Burgess was appointed Chief Executive (CE) of the Department of the Chief Minister on 1 February 2008. Mike has pursued his professional career in the Northern Territory since 1979 in areas ranging from water supply, wastewater and electricity supply, to sustainable natural resource management. In that time he has been involved in the development of major infrastructure and strategies to improve essential services in urban and remote areas of the Territory and has lived and worked in Darwin, Alice Springs and Katherine.

Mike has previously held senior positions in the Northern Territory Government, including Executive Director, Conservation and Natural Resources in the Department of Infrastructure, Planning and Environment, Deputy CE in the Department of the Chief Minister, CE, Department of Business, Industry and Resource Development, CE, Department of Business, Economic and Regional Development, and CE, Department of Local Government, Housing and Sport.

Mike has also served on the Boards of various NT Authorities and research institutions, including the Savannas CRC, the Darwin Port Corporation, the Major Events Company, the Conservation Land Corporation and the Tourism NT Advisory Board.


Board Members’ ReportThe Board Members present their report on the accounts for the period ended 30 June 2009.

MEMBERSThe following persons held offi ce as Members of the Darwin Waterfront Corporation (“the Corporation”) Board during the year and up to date of this report:

• Paul Tyrrell, AO (Appointed Chairman 3 December 2006)

• Pat Coleman (Appointed Chief Executive Offi cer 11 December 2006)

• Jennifer Prince (Appointed 3 December 2006)• Maree Tetlow (Appointed 3 December 2006)• Richard Hancock (Appointed 23 January 2008)• Mike Burgess (Appointed 21 February 2008)

Further details on Members are provided at Note 18 to the fi nancial statements and member profi les at page 10 and 11 of the Annual Report.

PRINCIPAL ACTIVITIESThe Darwin Waterfront Corporation is a statutory authority established to develop, manage and service the Darwin Waterfront Precinct for the benefi t of the community and on behalf of the NT Government. The Corporation is promoting the Precinct as a place of residence and business and a venue for public events and entertainment.

MINISTERIAL DIRECTIONSNo written ministerial directions were received by the Corporation under Section 20 of the Darwin Waterfront Corporation Act for the period ended 30 June 2009.

REVIEW OF OPERATIONS AND SIGNIFICANT CHANGES DURING THE FINANCIAL PERIODThe Corporation was established on 19 September 2006. Functions bestowed upon it under the Darwin Waterfront Corporation Act, include:

• Management of property (including land and marine infrastructure) in the Precinct that is owned and controlled by the Corporation;

• Undertaking the client role on behalf of the Territory Government for demolition works currently being carried out within the Precinct;

• Promoting the Precinct as a place of residence and business and a venue for public events and entertainment;

• Preservation of good order in the Precinct;• Provision of municipal services in the Precinct;• Maintenance of civic amenities and facilities

in the Precinct in preparation for stage two;• Advising the Chief Minister

about the Precinct; and• Development and management of land

not currently forming part of the Precinct as directed by the Chief Minister and in accordance with regulations.

During the fi nancial year all the major stage one works which the NT Government was responsible for overseeing as part of the Darwin Waterfront Development Project reached practical completion. Certifi cates of occupancy for the Multilevel Car Park, Public Domain (including overhead bridges and observation lifts) and the Wave Lagoon complex were received by the Darwin Waterfront Corporation by 1 May 2009. The Darwin Waterfront Precinct, including the Wave Lagoon offi cially opened to the public on Saturday 2 May, 2009.

MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL PERIODAt the date of this report there is no matter or circumstance which has arisen since 30 June 2009 that has signifi cantly aff ected or may signifi cantly aff ect:(a) the operations, in the fi nancial

periods subsequent to 30 June 2009, of the Corporation, or

(b) the results of those operations, or(c) the state of aff airs, in fi nancial

periods subsequent to 30 June 2009, of the Corporation.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONSThe Corporation expects to receive operational grants from the Territory Government and payments towards operational expenditure during the 2009-10 fi nancial year, and perform any other services necessary to perform responsibilities required under the Darwin Waterfront Corporation Act.

AUDITORThe Auditor-General is appointed Auditor in accordance with Section 32 of the Darwin Waterfront Corporation Act.

This report is made in accordance with a resolution of the Board Members.


PATRICK COLEMANChief Executive Offi cer12 November 2009


Board Members’ Declaration

The Board Members declare that:

1. the fi nancial statements and notes:

a) are in accordance with the Darwin Waterfront Corporation Act and comply with Australian Accounting Standards (including Australian Accounting Interpretations) and;

b) give a true and fair view of the Corporation’s fi nancial position as at 30 June 2009 and of its performance for the period ended on that date;

2. in the opinion of the Board Members, there are reasonable grounds to believe that the Corporation will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board Members.


PATRICK COLEMANChief Executive Offi cer12 November 2009

Financials

CONTENTSINCOME STATEMENT 16BALANCE SHEET 17STATEMENT OF CHANGES IN EQUITY 18CASH FLOW STATEMENT 19

NOTE 1. GENERAL INFORMATION 20

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 20

NOTE 3. REVENUE 25

NOTE 4. OTHER EXPENSES 25

NOTE 5. GRANTS AND SUBSIDIES 26

NOTE 6. DEPRECIATION AND AMORTISATION 26

NOTE 7. FINANCE COSTS 26

NOTE 8. CASH AND CASH EQUIVALENTS 26

NOTE 9. TRADE AND OTHER RECEIVABLES 26

NOTE 10. PROPERTY, PLANT AND EQUIPMENT 27

NOTE 11. OTHER ASSETS 28

NOTE 12. TRADE AND OTHER PAYABLES 28

NOTE 13. OTHER FINANCIAL LIABILITIES 28

NOTE 14. COMMITMENTS 29

NOTE 15. CONTINGENT LIABILITIES AND CONTINGENT ASSETS 29

NOTE 16. NOTES TO THE CASH FLOW STATEMENT 29

NOTE 17. FINANCIAL INSTRUMENTS 29

NOTE 18. DETAILS OF BOARD MEMBERS 31

NOTE 19. OTHER STATUTORY INFORMATION 32

NOTE 20. EVENTS SUBSEQUENT TO BALANCE DATE 32

INDEPENDENT AUDITOR’S REPORT 33


Income Statementfor the fi nancial year ended 30 June 2009

Note 2009 2008

$’000 $’000

Income

User Charges 153 -

Other 3 -

Operating Grants and Other Contributions 14,620 2,469

TOTAL INCOME 3 14,776 2,469

Expenses

Employee Expenses 861 466

Grants and Subsidies 5 7,022 935

Depreciation and Amortisation 6 3,171 -

Finance Costs 7 7,441 -

Other Expenses 4 947 840

TOTAL EXPENSES 19,442 2,241

SURPLUS/(DEFICIT) FOR THE YEAR (4,666) 228

The Income Statement should be read in conjunction with the notes to the fi nancial statements.


Balance Sheetas at 30 June 2009

Note 2009 2008

$’000 $’000

Current Assets

Cash and Cash Equivalents 8 870 742

Trade and Other Receivables 9 547 157

Prepayments 11 102 -

Total Current Assets 1,519 899

Non Current Assets

Property, Plant and Equipment 10 243,410 167,824

Total Non Current Assets 243,410 167,824

TOTAL ASSETS 244,929 168,723

Current Liabilities

Trade and Other Payables 12 3,658 671

Finance Lease Liability 13 827 673

Total Current Liabilities 4,485 1,344

Non Current Liabilities

Finance Lease Liability 13 87,997 89,011

Total Non Current Liabilities 87,997 89,011

TOTAL LIABILITIES 92,482 90,355

NET ASSETS 152,447 78,368

Equity

Contributed Equity 156,885 78,140

Accumulated Funds (4,438) 228

TOTAL EQUITY 152,447 78,368

The Balance Sheet should be read in conjunction with the notes to the fi nancial statements.


Statement of Changes in Equityfor the fi nancial year ended 30 June 2009

2009 2008

$’000 $’000

BALANCE AT 1 JULY 78,368 -

Contributed Equity

Balance at 1 July 78,140 -

Equity Injections 78,745 78,140

Balance at 30 June 156,885 78,140

Accumulated Funds

Balance at 1 July 228 -

Surplus/(Defi cit) for the Period (4,666) 228

Balance at 30 June (4,438) 228

BALANCE AT 30 JUNE 152,447 78,368

The Statement of Changes in Equity should be read in conjunction with notes to the fi nancial statements.


Cash Flow Statementfor the fi nancial year ended 30 June 2009

Note 2009$’000

2008$’000

Cash Flows from Operating Activities

Cash Receipts from Operations 128 -

Grants and Subsidies Received 14,620 2,469

Payments to Employees (527) -

Payments for Goods and Services (1,594) (1,727)

Interest Paid (5,959) -

Grants and Subsidies Paid (5,667) -

Net Cash Provided by/(Used In) Operating Activities 16 1,001 742

Cash Flows from Investing Activities

Payments for Property, Plant & Equipment (13) -

Net Cash (Used In)/Provided by Investing Activities (13) -

Cash Flows from Financing Activities

Finance Lease Payments (860) -

Net Cash (Used In)/provided by Financing Activities (860) -

NET INCREASE IN CASH AND CASH EQUIVALENTS 128 742

Cash and Cash Equivalents at Beginning of Reporting Period 742 -

CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 8 870 742

The Cash Flow Statement should be read in conjunction with the notes to the fi nancial statements.


Notes To and Forming Part of the Financial Statementsas at 30 June 2009

NOTE 1. GENERAL INFORMATION

The Darwin Waterfront Corporation (“the Corporation”) is a statutory authority operating within Darwin, Northern Territory, Australia.

Principal place of business: Level 5 Hospitality 7 Kitchener Drive, Darwin NT 0800Postal address: GPO Box 1449, Darwin NT 0801

The Corporation was established to develop, manage and service the Waterfront Precinct for the benefi t of the community and on behalf of Government.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Statement of ComplianceThe fi nancial report is a general purpose fi nancial report which has been prepared in accordance with the Darwin Waterfront Corporation Act, Corporations Act 2001 and Australian Accounting Standards (including Australian Accounting Interpretations) and complies with other requirements of the law.

The fi nancial statements were authorised for issue by the Board Members on 12 November 2009.

Basis of PreparationThe fi nancial report has been prepared on an accrual basis using historical cost, except for the revaluation of certain non-current assets and fi nancial instruments.

Cost is based on the fair values of the consideration given in exchange for assets.

All amounts are presented in Australian dollars and have been rounded to the nearest thousand dollars, with amounts of $500 or less being rounded down to zero.

Judgements and AssumptionsThe Corporation has made no judgements or assumptions which would cause a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Adoption of New Australian Accounting Standards RequirementsNo accounting standard has been adopted earlier than the application date as stated in the standard. The following new standards and amendments to standards are applicable to the current reporting period but have no material impact on the Corporation.

• AASB 1 First-time adoption of Australian Equivalents to International Financial Reporting

• AASB 3 Business Combinations

• AASB 5 Non-current Assets Held for Sale or Discontinued Operations

• AASB 7 Financial Instruments: Disclosures

• AASB 101 Presentation of Financial Statements

• AASB 114 Segment Reporting

• AASB 116 Property, Plant and Equipment

• AASB 127 Consolidated and Separate Financial Statements

• AASB 137 Provisions, Contingent Liabilities and Contingent Assets

• AASB 139 Financial Instruments: Recognition and Measurement

• AASB 1004 Contributions

• AASB 1048 Interpretation and Application of Standards

• AASB 1049 Whole of Government and General Government Sector Financial Reporting

• AASB 1050 Administered Items

• AASB 1051 Land Under Roads

• AASB 1052 Disaggregated Disclosures

• AASB 2007-2 Amendments to Australian Accounting Standards arising from Interpretation 12 [ AASB 1, AASB 117, AASB 118, AASB 120, AASB 121, AAB127, AASB 131 and AASB 139]


• AASB 2007-9 Amendments to Australian Accounting Standards arising from the review of AASs 7, 29 and 31 [AASB 3, AASB 5, AASB 8, AASB 101, AASB 114, AASB 116, AASB 127 and AASB 137]

• AASB 2008-10 Amendments to Australian Accounting Standards – Reclassifi cation of Financial Assets

• AASB 2008-12 Amendments to Australian Accounting Standards – Reclassifi cation of Financial Assets – Eff ective Date and Transition [AASB 7, AASB 139and AASB 200-10]

• AASB 2009-3 Amendments to Australian Accounting Standards – Embedded Derivatives [AASB 139 and Interpretation 9]

• AASB Interpretation 4 Determining Whether and Arrangement Contains a Lease

• AASB Interpretation 12 Service Concession Arrangements

• AASB Interpretation 13 Customer Loyalty Programmes

• AASB Interpretation 14 AASB 119 - The Limit on a Defi ned Benefi t Asset, Minimum Funding Requirements and their Interaction.

• AASB Interpretation 129 Service Concession Arrangement Disclosures

• AASB Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities

Future Australian Accounting Standard RequirementsThe following new standards, amendments to standards or interpretations have been issued by the Australian Accounting Standards Board but are eff ective for future reporting periods. It is estimated that the impact of adopting these pronouncements when eff ective will have no material fi nancial impact on future reporting periods.

• AASB 1 First Time Adoption of Australian Equivalents to International Financial Reporting Standards

• AASB 3 Business Combinations

• AASB 8 Operating Segments

• AASB 101 Presentation of Financial Statements

• AASB 123 Borrowing Costs

• AASB 127 Consolidated and Separate Financial Statements

• AASB 1039 Concise Financial Reports

• AASB 2007-3 Amendments to Australian Accounting Standards arising from AASB 8 [AASB 5, AASB 6, AASB 102, AASB 107, AASB 119, AASB 127, AASB 134, AASB 136, AASB 1023 and AASB 1038]

• AASB 2007-6 Amendments to Australian Accounting Standards arising from AASB 123 [ AASB 1, AASB 101, AASB 102, AASB 107, AASB 119, AASB 127, AAB 134, AASB 136, AASB 1023 and AASB 1038]

• AASB 2007-6 Amendments to Australian Accounting Standards arising from AASB 123 [AASB 1, AASB 101, AASB 107, AASB 111, AASB 116 and AASB 138 and Interpretations 1 & 12]

• AASB 2007-8 Amendments to Australian Accounting Standards arising from AASB 101

• AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101

• AASB 2008-1 Amendments to Australian Accounting Standards- Share-based Payments: Vesting Conditions and Cancellations [AASB 2]

• AASB 2008-2 Amendments to Australian Accounting Standards- Puttable Financial Instruments and Obligations arising on Liquidation [AASB 7, AASB 101, AASB 132, AASB 139 and Interpretation 2]

• AASB 2008-3 Amendments to Australian Accounting Standards arising from AAB 3 and AASB 127 [AASB 1, AASB 2, AASB 4, AASB 5, AASB 7, AASB 101, AASB 107, AASB 112, AASB 114, AASB 116, AASB 121, AASB 128, AASB 131, AASB 132, AASB 133, AASB 134, AASB 136, AASB 137, AASB 138, AASB 138, Interpretation 9 and Interpretation 107]

• AASB 2008-5 Amendments to Australian Accounting Standard arising from Annual Improvements Project [AASB 5, AASB 7, AASB 101, AASB 102, AASB 107, AASB 108, AASB 110, AASB 116, AASB 118, AASB 119, AASB 120, AASB 123, AASB 127, AASB 128, AASB 129, AASB 131, AASB 132, AASB 134, AASB 136, AASB 138, AASB 139, AASB 140, AASB 141, AASB 1023 and AASB 1038]

• AASB 2008-6 Further Amendments to Australian Accounting Standard arising from Annual Improvements Project [AASB 1 and AASB 5]

• AASB 2008-7 Amendments to Australian Accounting Standard – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate [AASB 1, AASB 118, AASB 121, AASB 127 and AASB 136]

• AASB 2008-8 Amendments to Australian Accounting Standard –Eligible Hedged Items [AASB 139]

• AASB 2008-9 Amendments to AASB 1049 for Consistency with AASB 101

• AASB 2008-11 Amendments to Australian Accounting Standard – Business Combinations Among Not-for-Profi t Entities [AASB 3]

• AASB 2008-13 Amendments to Australian Accounting Standard arising from AASB Interpretation 17 – Distribution of Non-cash Assets to Owners [AASB 5 and AASB 110]



• AASB 2009-1 Amendments to Australian Accounting Standard – Borrowing Costs of Not-for-profi t Public Sector Entities[AASB 1, AASB 111 and AASB 123]

• AASB 2009-2 Amendments to Australian Accounting Standard – Improving Disclosures about Financial Instruments [AASB 4, AASB 7, AASB 1023 and AASB 1038]

• AASB 2009-4 Amendments to Australian Accounting Standard arising from the Annual Improvements Project [AASB 2, AASB 138 and AASB Interpretations 9 and 16]

• AASB 2009-5 Further Amendments to Australian Accounting Standard arising from the Annual Improvements Project [AASB 5, AASB 8, AASB 101, AASB 107, AASB 117, AASB 118, AASB 136 and AASB 139]

• AASB Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar LiabilitiesAASB Interpretation 12 Service Concession Arrangements

• AASB Interpretation 15 Agreements for the Construction of Real Estate

• AASB Interpretation 16 Hedges of a Net Investment in a Foreign Operation

• AASB Interpretation 17 Distribution of Non-cash Assets to Owners

• AASB Interpretation 18 Transfer of Assets from Customers

Going Concern BasisIn the short term the ongoing operations of the Corporation are reliant on the continued funding by the Northern Territory Government.

a) Goods and Services TaxRevenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except:

i. where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or

ii. for receivables and payables which are recognised inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as receivables or payables.

Cash fl ows are included in the cash fl ow statement on a gross basis. The GST component of cash fl ows arising from investing and fi nancing activities which is recoverable from, or payable to, the taxation authority is classifi ed within operating cash fl ows.

b) RevenueRevenue is measured at the fair value of the consideration received or receivable exclusive of the amount of Goods and Services Tax (GST). Corporation revenue from ordinary activities comprises grants received from the Northern Territory Government and user charges from the provision of admission to the Wave Lagoon, car parking and venue hire. User charges are recognised upon provision of the particular service.

c) Government GrantsGovernment grants that are non-reciprocal in nature are recognised as revenue in the fi nancial year in which they are receivable.

d) Income TaxThe Corporation is exempt from income tax.

e) Cash and Cash EquivalentsFor the purpose of the Cash Flow Statement and Balance Sheet, cash includes cash on hand and cash held in the Corporation’s bank account.

f) Financial InstrumentsNon-derivative fi nancial instruments comprise cash and cash equivalents, trade and other receivables, loans and borrowings, and trade and other payables.

Non-derivative fi nancial instruments are recognised initially at fair value plus, for instruments not at fair value through profi t or loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative fi nancial instruments are measured as described below.


A fi nancial instrument is recognised if the Corporation becomes a party to the contractual provisions of the instrument. Financial assets are recognised at trade date (less impairment). Financial assets are derecognised if the Corporation transfers the fi nancial asset to another party without retaining control or substantially all risks and rewards of the asset. Financial liabilities are derecognised if the Corporation obligations specifi ed in the contract expire, are discharged or cancelled.

Impairment of Financial AssetsFinancial assets are reviewed at each balance sheet date to determine whether there is objective evidence of impairment. A fi nancial asset or group of fi nancial assets is impaired and impairment losses are incurred if there is objective evidence of impairment, resulting from one or more loss events that occurred after initial recognition that indicates that it is probable that the Corporation will be unable to collect all amounts due. The carrying amount of a fi nancial asset identifi ed as impaired is reduced to its estimated recoverable amount.

g) Trade and Other ReceivablesTrade receivable and other receivables are recognised at fair value less any allowance for impairment losses. The allowance for impairment losses represents the amount of receivables the Corporation estimates are likely to be uncollectible and are considered doubtful.

Analyses of the age of the receivables that are past due as at the reporting date are disclosed in an aging schedule in Note 9. Reconciliation of changes in the allowance accounts is also presented.

Accounts receivable are generally settled within 30 days.

h) Property, Plant and EquipmentThe property, plant and equipment of the Corporation comprises of the Darwin Waterfront Precinct including land, community infrastructure and related items of plant and equipment.

The Corporation values land, buildings and infrastructure assets in accordance with the Australian Accounting Standard AASB 116 Property, Plant & Equipment and annually reviews the carrying balances of its assets in accordance with Accounting Standards to ensure any impairment loss is appropriately recorded.

Whilst reviewing carrying balances, the Corporation considers the nature of its operations as not for profi t and its assets are held for the benefi t of the community. Hence the service potential (value in use) of assets to the community, as opposed to asset’s ability to generate profi ts, is paramount in determination of impairment and that depreciated replacement cost is considered an appropriate basis on which to value the assets given the Corporation would, if deprived of the assets, replace their remaining future economic benefi ts.

Darwin Waterfront community infrastructure is recorded at the cost of acquisition, being the purchase consideration determined at the date of acquisition plus costs incidental to the acquisition; and

Plant and equipment acquired are recorded at the cost of acquisition, being the purchase consideration determined at the date of acquisition plus costs incidental to the acquisition.

Depreciation is provided on property, plant and equipment. Depreciation is calculated on a straight line basis so as to write off the net cost of each asset over its expected useful life.

The following useful lives are used in the calculation of depreciation:

Buildings and Community Infrastructure 50 yearsPlant and Equipment 10 years

The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, with the eff ect of any changes recognised on a prospective basis.



i) BorrowingsLoans are initially recognised at the fair value of the consideration received less directly attributable transaction costs.

After initial recognition, borrowings are subsequently measured at amortised cost using the eff ective interest method. Interest expense is recognised on an accrual basis.

j) LeasesFinance LeasesFinance leases are capitalised. A leased asset and a lease liability equal to the present value of the minimum lease payments are recognised at the inception of the lease. Lease payments are allocated between the principal component of the lease liability and the interest expense.

A fi nance lease is currently recognised in respect of the Darwin Convention Centre. Interest expenses associated with the repayment obligations are expensed in the period they are incurred.

Darwin Convention Centre Concession ArrangementsThe Northern Territory of Australia entered into contractual arrangements with Darwin Cove Convention Centre Pty Ltd (“the Concession Holder”) under which, in return for a right to operate a Convention Centre, the Concession Holder was required to design, fi nance, construct, commission, control, operate, maintain, repair and refurbish the centre.

The Concession Holder, in turn, entered into a contractual arrangement with Ogden IFC (Darwin) Pty Ltd, now AEG Ogden, (“the Operator”) to operate and manage the centre. The concession arrangement will operate for a period of 25 years until June 2033, including a 3 year hand-over phase.

The Concession Holder has also entered into separate contractual arrangements with Honeywell Ltd (“the Facilities Manager”) for the maintenance, repair and refurbishment of the facility over the period until the Centre is handed over to the Territory.

The concession arrangements provide for a payment by the Corporation of periodic payments to the Concession Holder for the life of the concession period of 25 years following the construction of the centre. This payment primarily represents payments made in respect of debt, equity, construction and maintenance aspects of the project. Up to 75 per cent of this payment is subject to abatement if the facility should be unavailable, if the facility fails to meet availability standards or if the Operator fails to achieve key performance indicators.

In addition the arrangements also provide for the payment of a Territory Operating Payment that comprises the net cash shortfall arising from the operation of the Convention Centre during a year, capped to a maximum contribution and subject to negotiation. The legal framework for the centre includes incentives intended to encourage the Operator to exceed benchmark levels of performance.

Expenses incurred under the availability payment and operating payment arrangements are included in the Income Statement for the year.

The liability under the Territory Availability Payment arrangement has been recognised as a liability of the Corporation. This liability will reduce over the life of the concession arrangement in line with those payments that represent the principal component of the availability payment. The Corporation has also recognised the Convention Centre as an asset, being the Corporation’s equitable interest in the underlying physical asset. That asset will be amortised on a straight line basis over the useful life of the asset.

Operating LeasesOperating lease payments made at regular intervals throughout the term are expensed when the payments are due, except where an alternative basis is more representative of the pattern of benefi ts to be derived from the leased property.

k) PayablesLiabilities for trade creditors and other amounts are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Corporation. These amounts are unsecured and are usually settled within normal trading terms.


l) Employee/Member Benefi tsThe Northern Territory Government has funded all Corporation employee annual leave, leave bonuses, long service leave, Superannuation Guarantee Levy and other employee benefi ts. All employee provisions are retained within the accounts of Government.

m) Financial Assets and LiabilitiesFinancial assets and liabilities are measured at cost and recognised when it is probable that the economic benefi ts embodied in the asset or the future sacrifi ce of economic benefi ts required of the liability will eventuate.

n) Comparative AmountsComparative information has been reclassifi ed and restated where necessary to be consistent with disclosures in the current reporting format.

o) CommitmentsDisclosures in relation to capital and other commitments are shown at note 14 and are consistent with the requirements contained in AASB 101. Commitments are those contracted as at 30 June 2009 where the amount of the future commitment can be reliably measured.

2009$’000

2008$’000

NOTE 3. REVENUE

Revenue from Rendering of Services

User Charges

Wave Lagoon Admissions 152 -

Car Parking Fees 1 -

Other 3 -

Operating Grants and Other Contributions

Northern Territory Government 14,620 2,469

Total Revenue 14,776 2,469

NOTE 4. OTHER EXPENSES

Audit Fees (auditors received no other benefi ts) 33 -

Insurance 27 9

Other Operational Costs 887 831

Total Other Expenses 947 840



2009$’000

2008$’000

NOTE 5. GRANTS AND SUBSIDIES

Grants

Charitable Donations 2 -

Territory Incentive Payments 680 -

Total Grants 682 -

Subsidies

Territory Operating Payments 3,568 935

Territory Availability Payments 2,772 -

Total Subsidies 6,340 935

Total Grants and Subsidies 7,022 935

NOTE 6. DEPRECIATION AND AMORTISATION

Depreciation 1,064 -

Amortisation 2,107 -

Total Depreciation and Amortisation 3,171 -

NOTE 7. FINANCE COSTS

Interest on Obligations Under Finance Lease 7,441 -

Total Finance Costs 7,441 -

NOTE 8. CASH AND CASH EQUIVALENTS

Cash at Bank 852 742

Cash Advances 3 -

Cash on Hand 15 -

Total Cash and Cash Equivalents 870 742

NOTE 9. TRADE AND OTHER RECEIVABLES

Current

Trade Receivables (i) 40 -

Other 60 -

Goods and Services Tax Recoverable 447 157

Total Trade and Other Receivables 547 157

Consisting of:

Government Agencies 4 -

External Bodies 543 157

(i) The average credit period on sales of goods and rending of services is 30 days. No interest is charged on the trade receivables. No allowance has been made for overdue trade receivable amounts arising from the past sale of goods and rendering of services, as these are not considered impaired or irrecoverable.

Of the trade receivables balance at the end of the year $19.8K is due from Surf Life Saving Northern Territory and $15.5K was owed from the Darwin Convention Centre. There are no other clients that represent more than 10 per cent of the total balance of trade receivables. The Board does not hold any collateral in relation to these receivables.


2009$’000

2008$’000

Ageing of past due but not impaired

30 – 60 days 18 -

60 – 90 days 2 -

Total 20 -

NOTE 10. PROPERTY, PLANT AND EQUIPMENT

Land 35,802 9,278

Buildings Under Finance Lease

Convention Centre 105,346 105,346

– Less Accumulated Amortisation (2,107) -

Total Buildings Under Finance Lease 103,239 105,346

Community Infrastructure

Marine Infrastructure 43,351 41,800

Roads and Services 13,496 11,400

Multi Storey Car Park 10,917 -

Wave Lagoon 16,737 -

Amenities Building 1,472 -

Public Domain 15,654 -

Bridge Link 3,793 -

– Less Accumulated Depreciation (1,064) -

Total Community Infrastructure 104,356 53,200

Transport and Other Equipment

Transport Equipment 13 -

Total Transport and Other Equipment 13 -

Total Property, Plant and Equipment 243,410 167,824

The Corporation annually reviews the carrying balances of its assets in accordance with Accounting Standards to ensure any impairment loss is appropriately recorded. Whilst reviewing carrying balances, the Corporation considers the nature of its operations as not for profi t and its assets are held for the benefi t of the community. Hence the service potential (value in use) of assets to the community, as opposed to assets ability to generate profi ts, is paramount in determination of impairment and that depreciated replacement cost is considered an appropriate basis on which to value the assets given the Corporation would, if deprived of the assets, replace their remaining future economic benefi ts.

In its review of impairment of assets at balance date, the Corporation has determined that both Buildings Under Finance and Community Infrastructure assets had no diminution of service potential since the date of their hand over and as such no impairment loss has been recognised.



ReconciliationsReconciliations of the carrying amounts for each class of property, plant and equipment are set out below:

2009$’000

2008$’000

Land

Carrying Amount at Beginning of Year 9,278 -

Additions (via equity transfer) 26,524 9,278

Carrying Amount at End of Year 35,802 9,278

Buildings Under Finance Lease


Additions (via equity transfer) - 105,346

Amortisation (2,107) -


Community Infrastructure


Additions (via equity transfer) 52,220 53,200

Depreciation (1,064) -


Transport and Other Equipment

Carrying Amount at Beginning of Year - -

Additions 13 -

Carrying Amount at End of Year 13 -

NOTE 11. OTHER ASSETS

Current

Prepayments 102 -

Total Other Assets 102 -

NOTE 12. TRADE AND OTHER PAYABLES

Current

Trade Payables 2,190 -

Grants and Subsidies Payable 1,355 -

Accrued Expenses 113 671

Total Trade and Other Payables 3,658 671

Consisting of:

Government Agencies 336 671

External Bodies 3,322 -

NOTE 13. OTHER FINANCIAL LIABILITIES

Current

Finance Lease Liability 827 673

Non current

Finance Lease Liability 87,997 89,011

Total Finance Lease Liability 88,824 89,684


NOTE 14. COMMITMENTSThere are no further commitments than those quantifi ed within the fi nancial statements.

NOTE 15. CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Contingent LiabilitiesContingent Liabilities on record are not quantifi able and none are considered material. Litigation matters are not separately reported on the basis of signifi cant potential for such reporting to adversely prejudice the outcome of the litigation.

Contingent AssetsThe Corporation did not have any contingent assets on record as at the end of the 2007-08 and 2008-09 fi nancial years.

NOTE 16. NOTES TO THE CASH FLOW STATEMENTReconciliation of operating surplus/(defi cit) for the period to net cash fl ows from operating activities;

2009$’000

2008$’000

Operating Surplus/(Defi cit) (4,666) 228

Non-cash items

Depreciation and Amortisation 3,171 -

Changes in Assets and Liabilities

(Increase)/Decrease in Receivables (390) (157)

(Increase)/Decrease in Prepayments (102) -

(Decrease)/Increase in Payables 2,988 671

Net Cash from Operating Activities 1,001 742

NOTE 17. FINANCIAL INSTRUMENTSA fi nancial instrument is a contract that gives rise to a fi nancial asset of one entity and a fi nancial liability or equity instrument of another entity.

a) Capital Risk ManagementThe Corporation manages its capital to ensure that it will be able to continue as a going concern. Financial instruments held by the Corporation include cash, receivables, payables and other fi nancial liabilities. The fair values of the fi nancial assets and liabilities approximate the carrying values.

b) Categories of Financial Instruments2009

$’0002008

$’000

Financial Assets

Cash and Cash Equivalents 870 742

Receivables 100 0

Total Financial Assets 970 742

Financial Liabilities

Payables 3,658 671

Finance Lease Liability 88,824 89,684

Total Financial Liabilities 92,482 90,355



c) Financial Risk Management ObjectivesThe Board has overall responsibility for the determination of risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the eff ective implementation of the objectives and policies to the management team. The Corporation’s risk management policies and objectives are therefore designed to minimise the potential impacts of these risks on the results of the Corporation where such impacts may be material. The Board receives a minimum of six reports per annum from the Chief Executive Offi cer through which it reviews the eff ectiveness of the processes put in place and the appropriateness of the objectives and policies it sets.

d) Interest Rate RiskInterest rate risk is the risk of fi nancial loss and/or increased costs due to adverse movements in the values of fi nancial assets and liabilities as a result of changes in interest rates.

The Corporation has minimal exposure to interest rate risk with the exception of cash at bank. The debt profi le on Convention Centre payments were locked in at fi nancial close of the project in May 2005 and incorporates two bond components, one fi xed and one linked to CPI. As such, Convention Centre payments are not exposed to interest rate risk. The exposure to interest rate risk on fi nancial assets and fi nancial liabilities is set out in the following table.

2009$’000

2008$’000

Variable Rate Instrument

Financial Assets 870 742

Financial Liabilities - -

e) Credit RiskCredit risk is the risk of fi nancial loss and/or increased costs due to the failure of a counter party to meet its fi nancial obligations. The Corporation has limited credit risk exposure (risk default) with government agencies. In respect of any dealings with organisations external to the government and individuals, the Corporation has adopted a policy of only dealing with credit worthy organisations and individuals.

The Corporation’s exposure to credit risk is infl uenced mainly by the individual characteristics of each non-government debtor. In monitoring debtor credit risk, debtors are grouped according to their ageing profi le and existence of previous fi nancial diffi culties

The carrying amount of fi nancial assets recorded in the fi nancial statements, net of any allowances for losses, represents the Corporation’s maximum exposure to credit risk without taking account of the value of any collateral or other security obtained.

f) Liquidity RiskLiquidity risk is the risk that the Corporation will not be able to meet its fi nancial obligations as they fall due. The Corporation manages liquidity risk by continuously monitoring forecast and actual cash fl ows and is funded by the Northern Territory Government as required.

g) Market RiskMarket risk is the risk that the fair value of future cash fl ows of a fi nancial instrument will fl uctuate because of changes in market prices. The primary market risk that the Corporation is exposed to is interest rate risk.

h) Net Fair ValueOther than the fi nance lease liability, the carrying amount of fi nancial assets and fi nancial liabilities recorded in the fi nancial statements approximates their respective net fair values. The fi nance lease liability has a fair value of $147 million and a carrying value of $89 million.


i) Maturity AnalysisThe following tables detail the Corporation’s remaining contractual maturity for commitments relating to its fi nancial assets and liabilities:

2009Carrying Amount

$’0001 Year or less

$’0002-5 Years

$’000Over 5 Years

$’000


Payables 3,658 3,658 - -

Lease Commitments

Fixed (including interest) 88,178 3,713 18,564 65,901

Variable (including interest) 96,013 3,010 16,219 76,784

Less Interest Components (95,366) (5,896) (28,380) (61,091)

Total Lease Liabilities 88,824 827 6,403 81,594

Total Financial Liabilities 92,482 4,485 6,403 81,594

Financial Assets

Cash Assets 870 870 - -

Receivables 100 100 - -

Total Financial Assets 970 970 - -

2008Carrying Amount

$’0001 Year or less

$’0002-5 Years

$’000Over 5 Years

$’000


Payables 671 671 - -

Lease Commitments

Fixed (including interest) 92,819 3,713 18,564 70,542

Variable (including interest) 99,673 2,919 15,726 81,028

Less Interest Components (102,807) (5,959) (28,873) (67,976)

Total Lease Liabilities 89,684 673 5,417 83,594

Total Financial Liabilities 90,355 1,344 5,417 83,594

Financial Assets

Cash Assets 742 742 - -

Receivables - - - -

Total Financial Assets 742 742 - -

NOTE 18. DETAILS OF BOARD MEMBERS

Members’ Remuneration2009

Members2008

Members

The number of Members of the Corporation whose income from the Corporation falls within the following bands:

$0 5 6

$50,000 to $69,999 1 1

Total income paid or payable, or otherwise made available to all Members of the Corporation from the Corporation

50 13



All current Board Members, other than the Chairman, are Northern Territory public servants and are remunerated by their respective agencies. CEO’s remuneration is included in key management personnel remuneration below.

Key management personnel remuneration2009

$’0002008

$’000

Short-Term Employee Benefi ts 222 213

Other Long Term Benefi ts - -

Post-Employment Benefi ts - -

Termination Benefi ts - -

Total Key Management Personnel Remuneration 222 213

Short-term benefi ts as stated above incorporate the services of the Chief Executive Offi cer. These benefi ts are paid on a reimbursement basis as the Corporation’s personnel are paid by the Territory Government.

Full Meetings of Board MembersThere were 6 meetings for the 2008-09 fi nancial period attended by:

Member Number of Meetings Eligible to Attend Number of Meetings Attended

Paul Tyrrell, AO 6 6

Pat Coleman 6 6

Jennifer Prince 6 6

Maree Tetlow 6 5

Richard Hancock 6 4

Mike Burgess 6 5

Election and Continuation in Offi ce of Board MembersThe date of appointment of members:

Member Initial Date of Appointment

Paul Tyrrell, AO 3 December 2006

Pat Coleman 11 December 2006

Jennifer Prince 3 December 2006

Maree Tetlow 3 December 2006

Richard Hancock 23 January 2008

Mike Burgess 21 February 2008

NOTE 19. OTHER STATUTORY INFORMATION

DistributionsNo dividends or distributions were made during the fi nancial period ended 30 June 2009. No dividends or distributions are proposed.

Number of EmployeesThe Corporation had four employees during the fi nancial period fully remunerated by the Northern Territory Government.

Indemnifying Offi cersNo indemnities have been given or agreed to be given or insurance premiums paid or agreed to be paid by the Corporation, during or since the end of the fi nancial year, to any person who is or has been an offi cer or auditor of the company.

SegmentsThe Corporation operates solely in Australia to manage and operate the Darwin Waterfront Precinct.

NOTE 20. EVENTS SUBSEQUENT TO BALANCE DATENo events have arisen between the end of the fi nancial year and the date of this report that require adjustment to, or disclosure in these fi nancial statements.

Level 5Hospitality7 Kitchener DriveDarwin NT 0800

GPO Box 1449DARWIN NT 0801

Telephone: 08 8999 5155Fax: 08 8999 5210Email: [email protected]: www.waterfront.nt.gov.au

DARWIN WATERFRONT CORPORATION Annual Report · DARWIN WATERFRONT CORPORATION ANNUAL REPORT...

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