TP201 RWA AReport Press11Nov FA

Redfern-Waterloo Authority2007:08 Annual Report

Cover:Community representative and Aboriginal affairs activist, Sol Bellear, joins South Sydney’s under-13s Alexandria Rovers JRLFC and coach, Jamie Dempsey, during a training session at Alexandria Park.

RWA Ministerial Advisory Committee Member (Built Environment), Sol Bellear has lived in the South Sydney area and been actively involved in Aboriginal community affairs for many years. Former Deputy Chair of ATSIC, head of the Redfern Aboriginal Authority (RAA) and Board Member of the South Sydney Rugby League Football Club among his credentials, Sol says the RWA’s urban renewal program has shattered the perception of Redfern as ‘a broken down no-go zone’.

‘It’s the RWA’s Aboriginal employment strategies that have really impressed me. They’ve already created over 100 positions for local Aboriginals, there are new Aboriginal-owned businesses, the Black Theatre’s been redeveloped and now Channel 7 has made a commitment to employ as many Aboriginal people as they can with the new media centre at Australian Technology Park.’

‘Then there’s the Indigenous Centre at the old Redfern Public School and the plans for North Eveleigh... I mean, a lot of people haven’t grasped what’s happening. Some people still want Aboriginals moved out of Redfern, yet there are more Aboriginals living in the high-rises of Waterloo than there are on The Block.’

Optimism

Under the direction of the NSW Government’s 10-year urban renewal program for Redfern-Waterloo, the revitalisation of this once undercapitalised city fringe location has instilled renewed confi dence in the region and encouraged an infl ux of creative enterprise and private investment.

With the amount of commercial, residential and community facilities being developed or refurbished as a direct result of RWA initiatives, Redfern-Waterloo is seeing the benefi ts of a commitment to reinvestment, jobs and sustainable economic prosperity.

Since the RWA was established in 2005, the NSW Government has directly facilitated the investment of well over $600 million towards infrastructure development and the provision of improved human services and an increase in employment opportunities for the local community. This, in turn, has inspired a sense of optimism among people who live and/or work in Redfern-Waterloo and those who will do so in the future.

Contents

02 Coverage Map

03 Letter to the Minister

06 Statement from The Chairperson

and Chief Executive offi cer

05 Overview

05 Principle Objectives

08 Organisational Structure

11 Corporate Governance

12 Board Member Profi les

16 Redfern-Waterloo Plan

18 Built Environment Plan

22 Human Services Plan

24 Employment and Enterprise Plan

26 Redfern-Waterloo Renewal

38 RWA Sponsorship and Grants

40 Independent Auditor’s Report

41 Director’s Statement

42 Financials

86 Appendices

89 Contact Details

90 Index

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Redfern and Waterloo are just south of Sydney’s Central Business District. To the south-west of Redfern and Waterloo are Sydney’s economic gateways, Port Botany and Sydney Airport. The traditional owners of Redfern-Waterloo are the Gadigal people of the Eora Nation. The area remains culturally and historically signifi cant for Aboriginal persons throughout Australia and is home to people from a diverse range of non-English speaking backgrounds.

Vision

To establish Redfern-Waterloo as an active, vibrant and sustainable community by promoting and supporting greater social cohesion and community safety, and respect for the cultural heritage and orderly development of the area in consideration of social, economic, ecological and other sustainable development.

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The Hon. Kristina Keneally MPMinister for Redfern-WaterlooParliament HouseMacquarie StreetSydney

Dear Minister Keneally

It is with pleasure that I forward you the fourth Annual Report of the Redfern-Waterloo Authority for the year ending 30 June 2008.

This report has been prepared in accordance with the NSW Annual Report legislation and the Redfern-Waterloo Authority Act 2004 No 107.

Yours Sincerely

Robert DommChief Executive Offi cerRedfern-Waterloo Authority

Minister’s Letter

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Redfern-Waterloo Authority

“ Our courses give people an opportunity to fi nd themselves through a respect and commitment”

Aunty Beryl Van-Oploo, Aboriginal Elder from the Yaama Dhiyaan Hospitality Training Centre, North Eveleigh

Aboriginal Elder, Beryl Van-Oploo, has been running the RWA’s Yaama Dhiyaan Hospitality Training Centre in North Eveleigh with Aboriginal chef, Mathew Cribb for the last two years. Known by everyone as simply ‘Aunty Beryl’, her passion extends beyond the activity of the kitchen to the disadvantaged and unemployed the Centre helps to inspire on a daily basis.

Yaama Dhiyaan (or ‘welcome family and friends’ in the language of the Gamiliaroi people) specialises in Indigenous culture and cuisine – an Australian fi rst which has resulted in an invitation to take part in the Terra Madre Food Conference to be held in Turin, Italy in October.

Aunty Beryl is justifi ably proud of the Centre’s success, but reserves her greatest adulation for its students. ‘To see these people go out into the workforce as a result of the skills they’ve learned from us is very rewarding, but it’s about much more than fi nding a job. Our courses give people an opportunity to fi nd themselves through a respect and commitment to what we’re trying to achieve for them’.

She says the changes happening in Redfern-Waterloo are having a positive impact, particularly within the Aboriginal community. ‘They want to get skilled up and be part of the local workforce. Regaining self-esteem and getting involved in the community can change a person’s life and the lives of everyone in their family. For me, that’s the icing on the cake.’

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Overview The Redfern-Waterloo Authority (RWA) was created by a NSW Government Act of Parliament in Oct 2004 (Redfern-Waterloo Authority Act 2004 No 107) and established on 17 January 2005.

The RWA is responsible for revitalising Redfern, Waterloo, Eveleigh and Darlington through strategic urban renewal, job creation and improved human services in consideration of social, economic, ecological and other sustainable development, public spaces, Aboriginal community needs, social cohesion and community safety.

• To encourage the urban renewal of Redfern–Waterloo into an active, vibrant and sustainable community;

• To promote, support and respect the Aboriginal community in Redfern-Waterloo with regards to the importance of the area to the Aboriginal people;

• To promote the orderly development of Redfern-Waterloo whilst taking into consideration principles of social, economic, ecological and other sustainable development;

• To provide and promote housing choices in the operational area;

• To enable the establishment of public areas in Redfern-Waterloo; and

• To promote greater social cohesion and community safety in Redfern–Waterloo.

Principal Objectives

Statement from the Chairperson and Chief Executive Offi cerWe are pleased to present the fourth Annual Report of the Redfern-Waterloo Authority, which was established on 17 January 2005.

In this, our third full fi nancial year, many initiatives have been implemented to further promote investment in the operational area and to provide jobs and training for local unemployed, particularly within the Indigenous community.

A sound strategic platform has been laid for Redfern-Waterloo’s future growth and social cohesion.

Over the last 12 months, we have continued to focus our efforts on further developing the Redfern-Waterloo Plan, which is being implemented as part of the Government’s 10-year urban renewal strategy. The three main components are Human Services, Employment & Enterprise and the Built Environment.

Stage One of the Built Environment Plan was released on 30 August 2006 and is primarily a planning framework to encourage future economic growth and the creation of up to 18,000 jobs throughout Redfern-Waterloo, The blueprint included plans to generate more than 444,000sqm of new employment space, 2,000 new homes, a new Town Centre, improved pedestrian access to our residential and business hubs and better urban design.

We have also been driving and monitoring the implementation of Phase One of the Human Services Plan and the Employment and Enterprise Plan. Both Plans aim to enhance the lives of the most vulnerable and disadvantaged within our community.

A draft Human Services Plan (Phase Two) was fi nalised in 2007 and publicly released in July 2008. Phase Two outlines key strategies for the improvement of services to older people, people with disabilities, homeless people and migrant communities, while recommendations include a new task force to enhance the provision of dementia services, increased cultural awareness training for service providers

and encouraging elderly Aboriginals to help design health programs. Overall, the Plan aims to better coordinate services to ensure the needs of the community are being met. Over the next decade, the NSW Government will work to implement this second phase of the Human Services Plan, along with Phase One – which deals with services for children and families, Aboriginal persons and young people. In this Financial Year, several key projects moved forward including the successful tendering for the Rachel Forster Hospital site, with net proceeds from the sale dedicated to the development of the new $10 million Community Health Centre on the site of the former Redfern Courthouse and Police Station. This development will create up to 94 full-time jobs and lead to the adaptive reuse of the Redfern Courthouse heritage building. The proposed redevelopment of the hospital site will also result in signifi cant social, economic and environmental benefi ts for the Redfern-Waterloo area. An estimated $70 million worth of local investment is expected to be generated through the proposed development of up to 150 new residential dwellings and more than 1000sqm of open public space.

Following the successful brokering by the RWA for the purchase of the former Redfern Public School by the Indigenous Land Corporation (ILC) from the Department of Education and Training, approval was granted in October 2007 for a new $30 million National indigenous Development Centre (NIDC). The Centre will provide local families with access to a range of learning, education, recreation and employment opportunities and represents a commitment by the RWA and the ILC to positive change for urban Indigenous communities. The Centre is expected to be operational by 2009 and will deliver 20 construction jobs for Aboriginal workers as part of the RWA’s Indigenous Employment Model.

Early in 2008, the RWA lodged its Concept Plan for the redevelopment of North Eveleigh which will in turn fund an upgrade of Redfern Railway Station and a new pedestrian/cycle bridge to link the North Eveleigh with Australian Technology Park. The North Eveleigh project has a capital

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works cost of $550 million and will transform the historic precinct into a dynamic commercial, residential and cultural epicentre for the city. A signifi cant proportion of the site will be retained in public ownership, with the adaptive reuse of buildings of historic signifi cance. This includes the refurbishment of the heritage Blacksmiths’ Workshop adjoining the Performing Arts Centre for a community market, arts space and car park. The markets have received development consent and the multi-purpose facility is scheduled to commence weekend operation in the latter half of 2008.

The RWA’s agreement with ATP Partnership Ltd has led to the start of construction of a $123 million development at Australian Technology Park. Under the agreement, the Seven Network and their publishing company, Pacifi c Magazines (along with other commercial tenants), will relocate to the site within the next two years to occupy a 43,500sqm state-of-the-art media centre. This will be Redfern’s largest commercial development in more than 10 years and create 600 construction and 2000 permanent jobs, including 60 for Indigenous construction workers. The multiplier effect in respect to further investment and jobs coming to Redfern is expected to be very signifi cant.

The RWA’s direct commitment of more than $54 million at Australian Technology Park for the development of a 12,000sqm research facility along with associated roads and infrastructure was realised in May 2008 with the completion of the National ICT Australia (NICTA) Building. The Defence Science and Technology Organisation now occupies the fi rst three fl oors, with NICTA having relocated to the upper three fl oors in mid-2008.

In June 2007, the NSW Government announced a major $27 million public housing redevelopment at Elizabeth Street Redfern that will create 106 modern and eco-friendly dwellings. In addition, the Department of Housing will sell adjoining land for a private residential development of 158 new dwellings.

The RWA’s commitment to the implementation of the Built Environment Plan includes an Affordable Housing Contributions Plan, which will deliver about $35 million or 75 affordable housing dwellings in Redfern-Waterloo over the next 10 years. The RWA will also be able to deliver an additional $30 million for affordable housing at North Eveleigh under the agreement it negotiated with the former owner over the future development of the CUB site in Chippendale. $16 million of the total funds available will be committed to affordable housing specifi cally for Aboriginal residents, which will be in addition to housing owned or proposed by the Aboriginal Housing Company on AHC land in and around The Block in Redfern.

The RWA Contributions Plan will also deliver about $37 million in developer contributions for public domain and other public works as a result of future development in the area under the RWA’s Built Environment Plan.

In partnership with Housing NSW, the RWA has commenced work on Stage Two of the Built Environment Plan, which includes the aim of improving public housing stock, enhancing the mix of housing types and tenancies in order to reduce the concentration of public housing, establishing a more sustainable social mix and facilitating affordable housing.

Dr. Col GellatlyChairperson

Robert DommChief Executive Offi cer

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Organisational Structure

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In order to achieve its principle objectives, the RWA maintains an undertaking to:

• Promote, facilitate, manage and secure the social, economic, ecological and other sustainable development and use of the operational area, including the development and management of land, the provision of infrastructure and the establishment of public areas;

• Provide and promote housing choices in the operational area (including for Aboriginal residents);

• Provide and promote employment opportunities for local residents, commercial opportunities for local businesses and cultural development (including the needs of the Aboriginal community) in the operational area;

• Enhance and manage public places in the operational area and to improve, maintain and regulate the use of those public places;

• Promote, co-ordinate, organise, manage, undertake, secure, provide and conduct cultural, educational, commercial, recreational, entertainment and transport activities and facilities in the operational area; and

• Do any other thing for the sustainable improvement of the operational area.

AustralianTechnology Park Precinct

Management Ltd

Urban Renewal(Development)

Planning and Urban Design

• Human Services

• Training, Enterprise and Employment

• Community Relations

• Offi ce Administration

CEO

The Redfern and Regent Streets upgrade was part of a major initiative by the City of Sydney to revitalise the Redfern district and create a more vibrant, active and safe public domain. Works are expected to be fi nished by September 07.

The beautifi cation between Elizabeth and Regent Streets has delivered key streetscape improvements such as:

– Wider footpaths with new paving and more trees;

– New street furniture and decorative lighting;

– A new civic place and art installation at Jack Floyd Reserve; and

– Shared traffi c/pedestrian/cycle zones in lanes adjacent to Redfern Street.

As part of the RWA’s groundbreaking Indigenous Employment Model the contractor for the upgrade (along with the Redfern Park redevelopment) created seven apprenticeships, traineeships and labouring positions specifi cally for Aboriginal persons.

The upgrade creates a more vibrant, active and safe public domain.

Redfern / Regent Streets Upgrade

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Redfern -Waterloo Authority

“ What’s happening at Australian Technology Park and with Channel Seven coming to Redfern, this will all be better for local business”

Eric and Maria Papadopoulos, owners of Alexandria Gas ‘n Go, Redfern03

Married for 36 years, Eric and Maria Papadopoulos have owned and run the Alexandria Gas ‘n Go on Regent Street since 1977. Maria – or ‘Mary’ as she’s known by the locals – ‘loves the place’ and describes it as ‘home’, while Eric says the location is good for a business like theirs.

‘We’re right between the city and the airport. There are new shops and different people moving into the area. What’s happening at Australian Technology Park and with Channel Seven coming to Redfern, this will all be better for local business.’

Eric agrees that the infl ux of new business and residential development will help change people’s perception of Redfern-Waterloo. ‘When something bad happens in Sydney, even if it’s not Redfern, people point the fi nger,’ he says. ‘But bad things happen in other places too. In 30 years, I’ve never had any problems. I mean, it’s the way you treat people... that’s how you’ll be treated in return.”

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“ This is just a really good place to live. There’s a real honesty here”

Pastor Ray Minniecon, campaigner for the Aboriginal Diggers Recognition Project

Pastor Ray Minniecon of the Kabi Kabi people in Queensland came to Sydney 12 years ago, and like many Aboriginals who live in the city, calls Redfern home. An active local community member and former Director of the Crossroads Aboriginal Ministries, Ray describes Redfern as ‘one of the safest places in the country for an Aboriginal person’.

‘This is just a really good place to live. There’s a real honesty here and the best thing that’s happened in the area, for me personally, is the Babana Aboriginal Men’s Group.’

Babana (or ‘brother’) is a community group formed in 1996 which provides support, networking and opportunities for local Aboriginal men to discuss projects of benefi t to Redfern-Waterloo – the most signifi cant being the Aboriginal Diggers Recognition Project (or ‘Coloured Diggers Project’) which seeks acknowledgment of Australia’s Indigenous war veterans. Local Aboriginals – including Pastor Ray – decided to draw attention to their history and organised the nation’s fi rst Coloured Diggers March in Redfern on Anzac Day 2007, an event successfully repeated in 2008.

‘I think it’s an inspiration for young Indigenous people to realise their fathers and grandfathers fought for this country in all the overseas confl icts.’ The Group is currently campaigning for the installation of a bronze monument by sculptor Andrew Symonds commemorating our Aboriginal and Torres Strait Islander Anzacs.

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Corporate GovernanceThe Minister for Redfern-Waterloo, the Hon. Kristina Keneally MP, is responsible for the control and direction of the RWA. The Minister has established a Board of Governance and, while the Board establish the policies and directions for the RWA, its day to day management is the responsibility of the Chief Executive Offi cer.

There are three Board Committees:

Audit and Compliance Committee

The Audit and Compliance Committee is the focal point for communication between the Board, the external auditors, the internal auditors and management, as their duties relate to the fi nancial accounting, reporting and internal controls and compliance.

The Audit and Compliance Committee assists the Board in fulfi lling its responsibilities as to accounting policies and reporting practices of the Redfern-Waterloo Authority. It is to be the Board’s principal agent in assuring the independence of RWA auditors, the integrity of management and the adequacy of the disclosures to the public.

Affordable Housing Committee

In accordance with RWA Board Procedures, the Affordable Housing Committee Terms of Reference are as follows:

• To review the development and operation of the proposed affordable housing program for Redfern-Waterloo;

• To review the operation of the Affordable Housing Voluntary Planning Agreement for the CUB site; and

• To review the operation of the Affordable Housing Contributions Plan for Redfern-Waterloo.

Urban Renewal Committee

The Urban Renewal Committee reviews and advises on proposed urban renewal strategies in accordance with the RWA’s Built Environment Plan.

RWA Board

Affordable Housing CommitteeAudit Compliance Committee Urban Renewal Committee

Minister for Redfern - Waterloo

Board Member Profi les

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CEO – Mr Robert Domm BA LLB (Mon) MLLR (Syd) Grad.Dip.Legal Prac. (ANU)

Robert Domm is Chief Executive Offi cer of the Redfern-Waterloo Authority and Managing Director of Australian Technology Park. Mr Domm spent four years at the City of Sydney including 3 years as General Manager during a period of unprecedented growth and change, through Council boundary changes and amalgamation with South Sydney Council. He served for three years as a Director of the Sydney Festival Limited and is also a Director of the South Sydney Leagues Club. A qualifi ed legal practitioner and former labour advocate, Mr Domm has also worked as an adviser to Government and continues to bring broad experience and a strong commitment to social justice to his role as Chief Executive Offi cer with the RWA. In July 2008, the NSW Government appointed Mr Domm as Chief Executive Offi cer of the Sydney Harbour Foreshore Authority. Mr Domm holds degrees in Arts and Law, a masters degree in Labour Law & Relations and a graduate diploma in Legal Practice.

Mr Michael Collins FRICS

Mike Collins is a Sydney property practitioner. He has been involved in property economics, real estate valuation, property consultancy and asset management for over 35 years, and is professionally qualifi ed in property economics and valuation. He runs his own property advisory company based in the Sydney CBD which provides services to the public and private sectors throughout New South Wales. Mike sits on the Boards of Redfern Waterloo Authority and Australian Technology Park Precinct Management Limited and is the current Chairman of Sydney Harbour Foreshore Authority. He is a former Chairman of the Heritage Council of NSW and a former National and NSW President of the Australian Property Institute, the professional institute representing the property valuation and land economist professions in Australia.

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Dr Col Gellatly B Ag Ec 9 (Hons) UNE, M Comm (Hons) UNSW, Ph D NC State, FIPAA

Dr Col Gellatly is the current Chairperson of the Redfern-Waterloo Authority, as of 1 July 2007. Dr Gellatly is the former Director-General of the Premier’s Department, a role which he held since being appointed in 1994. He has held a number of senior management positions within the NSW public service, including as Director General of the Department of Land and Water Conservation. He is also Chair of Pillar Corporation, a member of the Board of State Water Corporation, a member of the UNE Council, member of Board of the NSW Rugby League and an Administrator, Wollongong City Council. Dr Gellatly has a degree in Agricultural Economics from the University of New England, a Master of Commerce from the University of NSW and a PhD from North Carolina State University.

Mr Richard Johnson MBE M Phil (UCL) B.Arch Hons 1 (UNSW) FRAIA

Richard Johnson is an award winning architect and was recently awarded the 2008 Raia Gold Medal for his exceptional body of work and contribution to the profession. He is a Visiting Professor of Architecture at the University of New South Wales and a Director of Johnson Pilton Walker Architects. He is also a Fellow of the Australian Institute of Architects, an Associate of the Japan Institute of Architects, and a Member of the Design Institute of Australia. Mr Johnson was involved in the design of the Australian embassies in Beijing and Tokyo. He is the Chief Architect for the Sydney Opera House and is also currently working on projects including the Australian War Memorial, the Hilton Hotel and the Asian Wing of the Art Gallery of New South Wales. He also serves on the Board of the Australian Technology Park and the Australian Architects Association. Mr Johnson has a Bachelor of Architecture (1st Class Honours) from the University of NSW and a Master of Philosophy (Town Planning) from University College, London. In 1976 he was made a Member of the Order of the British Empire for services to Architecture.

Ms Samantha Mostyn BA LLB

Ms Sam Mostyn has an extensive background in business, management, law and sustainability. She recently left Insurance Australia Group (IAG) after 6 years as Group Executive, Culture & Reputation. In that role she was responsible for the Human Resources, Organisational Effectiveness, Corporate & Government Affairs, and Corporate Sustainability functions. Prior to joining IAG in 2002, Sam held senior executive roles at Optus and spent 2 years in London in the role of Group Director Human Resources for Cable & Wireless plc. She has a BA/LLB from the Australian National University and serves on the Boards of the Sydney Theatre Company, the Australian Museum, Reconciliation Australia, Australian Volunteers International and the Australian Football League. She also serves on the NSW and QLD Climate Change Councils and chairs the Advisory Council of CSIRO’s Climate Adaptation Flagship project. She joined the Board of the Redfern Waterloo Authority in 2005.

Mr Warren Mundine AIMM MAICD

Warren Mundine is the Chief Executive Offi cer of NTSCORP Ltd., and an advocate for lifting Indigenous people out of poverty and building a strong Indigenous economy. Warren is also a member of the Australian Institute of Management, the Australian Institute of Company Directors, the Chair of NSW Labor’s Indigenous Policy Committee, a member of IAG’s Expert Community Advisors Committee, Executive Member of the National Native Title Council, Executive member of the St. Joseph’s College Indigenous Fund, Southern Cross University Foundation, Board member of NAISDA and Ambassador for the Song Room. Warren has been newly appointed to the National Policy Commission – Indigenous Housing Committee. Warren is the former National President of Australian Labor Party, Deputy Mayor of Dubbo and former Chair of NSW Country Labor. He also is and had previously served on the NSW PCYC State Board, as President of the NSW Local Government Aboriginal Network, as an Executive member of the Local Government Association of NSW, as a commissioner with the NSW Local Government Grants Commission and a former member of the NSW Attorney General’s Juvenile Crime Prevention Committee.

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Board Member Profi lesMs Lucy Hughes Turnbull LLB MBA

Lucy Turnbull was Lord Mayor of the City of Sydney from 2003 to 2004, Deputy Lord Mayor from 1999 to 2003 and was recently appointed an Administrator of Tweed Shire Council. Ms Turnbull has extensive experience in planning, business and investment banking and currently chairs many companies, both private and public, including WebCentral Group Limited, Centrestone Wealth Management Pty Limited, and Pengana Holdings Limited. Former chair of the NSW Government’s Ministerial Advisory Committee on Biotechnology, Ms Turnbull has also served on the NSW Government’s Information Industry Business Advisory Board. She is the author of Sydney – Biography of a City (1999) and has assisted with several community based initiatives in the Redfern area. She also serves on the Board of Australian Technology Park.

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Ms Ann Weldon

Ann Weldon is a proud member of the Wiradjuri Nation and is one of the founding members of the NSW Aboriginal Children’s Service. Ms Weldon has held executive positions and is a member of the Murawina Aboriginal Preschool, Aboriginal Housing Company, Metropolitan Local Aboriginal Land Council, Marrickville Aboriginal Consultative Committee, Aboriginal Housing Development Committee and ATSIC’s National Women’s Advisory and National Sport and Recreation Committees. Ms Weldon was a member of the Sydney ATSIC Regional Council for over 10 years, including a term as Chairperson. Ann was appointed to the inaugural Aboriginal Housing Board in 1998 as an ATSIC nominee and has remained Chairperson of the NSW Aboriginal Housing Board since her appointment in 2000.

John Mulally (Appointed 23 January 2008) BA LLB (Hons)

John has almost 40 years experience as a lawyer specialising in major property and infrastructure projects. He has acted for major Australian and off-shore developers and investors, Australian and State Government instrumentalities and off-shore Governments. This has included the acquisition, development and sale of major projects in all capital cities of Australia as well as in Vanuatu, Jakarta, Bangkok, Singapore, Tokyo, London, Paris, St Petersburg, Kiev, Moscow and New York. He has also advised on major energy projects in Australia and off-shore. He is currently advising on major infrastructure and renewable energy projects in China and Africa. His role in these projects deals with the funding structure, legal requirements and the integration of the commercial with the legal outcomes required to achieve project development.

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Ms Jennifer Westacott BA (Hons) FAICD FVIPA(Term expired 16 January 2008)

Jennifer recently joined KPMG after over 20 years in State Government in Victoria and New South Wales at Senior Executive and Chief Executive level. Jennifer has held the following positions: Deputy Director General, NSW Department of Housing; Deputy Director, NSW Department of Community Services; Executive Director, NSW Health Council; Director of Housing Victoria; Secretary Education and Training Victoria; and from May 2003 to October 2005 Jennifer was the Director General of Department of Infrastructure, Planning and Natural Resources in New South Wales. Jennifer is also a member of the Board of Advice Faculty of Economics, University of Sydney. Jennifer has also been appointed as the Adjunct Professor at the City Futures Research Centre, University of NSW.

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Ministerial Advisory Committees

Built Environment, Employment and Enterprise and Human Services

Residents of Redfern, Waterloo, Eveleigh and Darlington were also invited by the Minister to participate in any of three Ministerial Advisory Committees established to advise on matters relating to the development and implementation of RWA initiatives. These committees also include representatives from Federal, State and Local government and local Aboriginal communities.


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Redfern-Waterloo PlanThe principle objectives of the RWA are being delivered as part of the NSW Government’s 10-year Redfern-Waterloo Plan. The three-part Plan is designed as a “whole of community” strategy to address the complex issues of, and the needs of people who live within, the Redfern-Waterloo area. The Plan is being developed in stages, the fi rst of which has been delivered, and ongoing community input will remain a major consideration.

The Redfern-Waterloo Plan consists of three components:

• Built Environment Plan – focusing on urban design, traffi c, public access, public transport, land use, affordable housing, public housing, cultural heritage and urban renewal.

• Employment and Enterprise Plan – developing and implementing strategies to increase job and business opportunities in the area, particularly for those within the Indigenous community.

• Human Services Plan – reforming human services and health issues affecting residents of Redfern-Waterloo.

The RWA’s Plan is assisting in achieving three major priorities of the NSW Government’s comprehensive State Plan:

• Stronger Aboriginal communities through improved health and education outcomes;

• Ensuring NSW is open for business; and

• An improved urban environment.

The State Plan, a New Direction for NSW, was launched by the Premier, Morris Iemma, in November, 2006 and is a blueprint for the betterment of a broad range of services for communities throughout NSW.










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A co-ordinator at the Mudgin-gal Aboriginal Corporation Women’s Centre in Chippendale, Dixie Link Gordon has lived in the Redfern-Waterloo area for 28 years. The Women’s centre is a service staffed and run by Aboriginal women that provides a safe haven and vital gateway for women of all ages to access a wide range of services and information.

One of the Centre’s core programs since 2004 and strongly supported by the RWA is the ‘Blackout Violence’ campaign which was designed specifi cally to inform victims and educate offenders of the consequences of domestic violence within the local Aboriginal community. The Centre is also planning to work alongside the Babana Men’s Group which provides a similar supportive environment for men.

‘The reality is that violence has always been part of the Aboriginal community,’ says Dixie. ‘More people are realising this kind of behaviour is unacceptable. Kids don’t have to grow up watching their mum become a victim, young boys don’t have to end up in jail, and a young father can get the support he needs to hold his family together.’

‘When it comes to issues of domestic violence, we can heal – whether you’re a victim or a perpetrator. While we’re not necessarily seeing less violence, we’re certainly seeing more people prepared to talk about it and that’s a really positive thing.’

“ When it comes to issues of domestic violence, we can heal”

Dixie Link Gordon, Mudgin-gal Aboriginal Corporation Women’s Centre co-ordinator

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Built Environment Plan (BEP)The Built Environment Plan (Stage One) was released in August 2006 along with the State Environmental Planning Policy (SEPP) to give legal effect to the new planning controls. The BEP is a landmark strategy to drive the physical renewal of Redfern and Waterloo with the aim to generate more than 400,000 square metres of new employment space and up to 2,000 new homes. This is being implemented through new zoning controls for eight key RWA strategic sites:

• Redfern Railway Station, Gibbons and Regent Streets

• Australian Technology Park

• North Eveleigh

• South Eveleigh

• Eveleigh Street

• Former Local Court House and Police Station

• Former Rachel Forster Hospital

• Former Redfern Public School

The key objective of the Plan involves creating an economic and civic centre around Redfern Station with improved pedestrian connectivity between the business hubs of Australian Technology Park, North Eveleigh and the Redfern CBD.

Stage One also identifi es strategies for associated transport, traffi c management, heritage protection, open space and public domain enhancement, infrastructure provision and guidelines for the achievement of safe and sustainable communities.

Signifi cant Achievements

• Project Application approval and commencement of construction of 41,800 sqm commercial development valued at $123 million at ATP. The development will house Channel 7, Pacifi c Magazines and similar media organisations

• Construction completed on $47.5 million commercial building to house National ICT Australia and the Department of Defence, Science and Technology (DSTO) at ATP.

• Completion of new roads and infrastructure valued at $7 million at ATP.

• Preparation and public exhibition of Concept Plan for North Eveleigh site. Proposed is a mix of residential, commercial/retail and community facilities. Will go to market for sale in late 2008.

• Preparation of design concept and Project Application for Eveleigh Heritage Walk - a pedestrian and cycle bridge over the rail corridor connecting North Eveleigh and ATP.

• Approval of Development Application and commencement of building works for the adaptive reuse of the Blacksmith’s Shop (North Eveleigh) for markets, community uses and parking.

• Approval of Concept Plan for the former Rachel Forster Hospital site for residential development. Site was sold in early 2008.

• Lodgement of Project Application to Minister for Planning for a $10 million community health centre by NSW Health on the former Redfern Courthouse and Police Station. Work on the site is expected to commence in late 2008.

• Approval of Project Application and commencement of construction of the $30 million National Indigenous Development Centre (by the Indigenous Land Corporation) on the site of the former Redfern Public School.

• Processed Development Applications (applications with a capital investment value less than $5 million) valued at over $2 million on RWA Sites.

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77-year old Harry Karabotsos migrated to Australia from Greece in 1955 and has been the face of Harry’s Barber Shop on Regent Street since 1969, when the weekly rent was just fi ve dollars. As owner of one of Redfern’s longest-established private businesses, Harry has seen a lot of changes in the area over the last 39 years. He recalls a time when he would arrive at the shop to fi nd his front windows smashed, but – along with most of the memorabilia on display in the window – that’s now a thing of the past.

‘No broken windows now,’ says Harry. ‘There are good people here... very friendly.’

“ There are good people here. Very friendly” Harry Karabotsos, barber and hair stylist

19

Future Key Tasks

The RWA has commenced research and analysis with Housing NSW to prepare the Redfern-Waterloo Built Environment Plan (Stage 2). This plan will focus on options for the revitalisation of public housing in Redfern-Waterloo and opportunities to enhance affordable housing by:

• Revitalising public housing stock;

• Improving the associated public domain;

• Reducing the concentration of public housing;

• Increasing the local population for a more sustainable social mix; and

• Facilitating the provision of affordable housing, including a shared equity model of home ownership.

The NSW Government’s commitment to public housing in Redfern-Waterloo has been expressed very clearly.

• There will be no cuts to the amount of public housing

• Current residents will not be disadvantaged

• All public tenancies are secure.

The Redfern-Waterloo community and public housing tenants in particular will be extensively consulted on any proposals for public housing renewal.

Built Environment Ministerial Advisory Committee

Mr Robert Domm ChairpersonProfessor Chris Johnson Department of PlanningMr Richard Pembroke Redfern GroupMr Michael Cummins Waterloo Storm ARLFC IncMr Steve Tamas PRD Nationwide RedfernMs Kathy Roil Housing NSWMr Richard Hemsworth RailcorpMr Reg Fisk Department of State & Regional

DevelopmentMr Michael Bushby Roads & Traffi c AuthorityMr Andrew Thomas Director of Strategic Planning

& Project

Community members

Mr Alex KibbleMs Denny PowellMr Sol BellearMr Geoffrey Turnbull Ms Norah McGuire

07:08 Annual Report

20

21


Maury Finkelstein, has been running the South Sydney Loan Offi ce in Redfern for 40 years. His family came to Sydney from Israel in 1925 when Maury was just 12 months old. Now 83, Maury spent 24 years as a tailor in the Eastern Suburbs before he and his father opened the pawn broking shop in Redfern.

‘I’m no spring chicken and I don’t make a fortune. But I’ve made a reasonable existence. Redfern’s been a terrifi c place for business and people here treat their shopkeepers very well.’

While Redfern is transformed around him, Maury’s shop remains as it has for the last four decades. ‘Maybe one day I’ll retire. When I’m working, I’m occupied. If I can’t get work anymore, then I’ll stop.’

03

“ Redfern’s been a terrifi c place for business” Maury Finkelstein, owner of the South Sydney Loan Offi ce on Redfern Street

21

Human Services PlanThe RWA’s Phase One Human Services Plan (HSP) was published in December 2005 and sets out a framework for improving access to health, education, employment and other essential human services in the local community.

Phase One addressed services provided primarily for children and young families, young people and Aboriginal people. The Plan also identifi es priorities and actions to address improvement to the delivery of human services.

Phase Two was endorsed by the NSW Cabinet in May 2008 and continues the implementation of Phase One to ensure consistency and complementarities between actions in the two phases. The draft Human Services Plan (Phase Two) identifi es eight priority areas as well as improvements to service delivery for older people, people with disabilities, migrant communities and homeless people.

The eight priority areas are:

• Improving access to dementia support;

• Improving service quality for migrant communities;

• Improving access to aged care and health services by Aboriginal people 45 years and older;

• Reducing the negative impacts of homelessness;

• Improving identifi cation of need and access to services for people with a disability;

• Reducing social isolation;

• Improving access to local and community transport for people who are transport disadvantaged; and

• Improving safety and amenity.

The role of the RWA in the development of the Human Services Plan is now complete. The RWA will continue to play a facilitating and coordinating role to support both Government and non-Government agencies to maintain the good progress achieved through the Human Services Plan Phase One and to assist in the implementation of the actions in Phase Two.


– Evaluation of the Human Services Plan Phase One

– Development of the Waterloo Green Action Plan. This plan was developed in 2007 in response to local community concerns regarding antisocial behaviour and other related safety issues in the vicinity of Waterloo Green.

– Provision of a fi ve day Deep Listening in Indigenous Counselling Skills Workshop by Southern Cross University for workers from over 20 different Indigenous and non-Indigenous organisations in conjunction with NSW Department of Community Services.

– Provision of a two day Family Violence forum to identify ways to improve support services for Aboriginal men in conjunction with NSW Department of Community Services, Police and Housing NSW.

– Establishment of the Redfern-Waterloo Community Drug Action Team (CDAT) involving government and non government agencies. This group has been successful in obtaining funding to undertake a number of projects to address risky drinking in the area and has also established a Community Assistance Support Team (CAST) program to engage with street drinkers to identify services to further assist this group.

– Provision of four “Easy Cooking on a Budget” courses for young parents to provide cooking skills as well as soft entry points to other support services targeting this client group. The project has resulted in a working partnership with SDN Children’s Services and NSW Health.

07:08 Annual Report

22

Future Key Tasks

• Develop strategies specifi cally dealing with private and public housing

• Investigate the need for high and low care residential facilities for older people, including facilities specifi cally for Aboriginal people

• Address the need for more affordable housing and service gaps for homeless people

• Make multi-purpose spaces and community facilities more available

• Implement strategies to improve safety and perceptions of safety within the community

Human Services Ministerial Advisory Committee

Mr Robert Domm – ChairDr Phil Lambert – Department of Education

and TrainingMs Kristy Masella – Department of Aboriginal

AffairsDr Greg Stewart – Sydney South West Area

Health ServiceMs Margaret Malkjovich – Housing NSWMs Anne-Maree Sabellico – Department of Community

ServicesMs Alison Peters – NCOSS NSWSuperintendent Mark Walton – NSW Police Service Redfern

Local Area CommandMs Sally Trevena – Offi ce of Indigenous Policy

Coordination (OIPC)Ms Ann Hoban – City of SydneyMr Paul Cramer – Department of Families,

Housing, Community Services and Indigenous Affairs.

Mr Steven Gal – Department of Disability, Ageing and Home Care.

Community Members

Ms Mabel ChangMr Robert PerryMs Lynette StewartMr Chris CarbinMs Rebekah TorresMr Michael Shreenan

23


Employment & Enterprise PlanThe Employment & Enterprise Plan was published in May 2006 and is the fi rst comprehensive training and employment strategy for the Redfern-Waterloo area. Its main aim is to deliver skilled job seekers to meet the specifi c employment needs of the market, to create educational opportunities and build on future growth potential.

The Plan initially focuses on:

• Increasing supply of employment opportunities, particularly through commercial and residential development

• Capitalising on the Research/Biomedical Innovation Zone

• Improving education and training including a dedicated vocational training centre

• Strengthening partnerships with local employers

• Industry based employment strategies

• Employment and enterprise strategies for Aboriginal people and youth

• Supporting local business


– The RWA’s Indigenous Employment Model has created more than 250 jobs for Indigenous workers

– Establishment of the Aboriginal Construction Company list

– Provision of 8 Certifi cate II in Hospitality (Operations) Courses through the RWA’s Yaama Dhiyaan Hospitality Training Centre

– Provision of 5 Koori Job Ready Courses for employment in the construction industry

– Other training initiatives

Future Key Tasks

• Building on previous strategies, such as the implementation of the construction training and job placement program for Aboriginals and the development of the North Eveleigh hospitality and training centre

• Targeting the employment opportunities emerging at Australian Technology Park and other RWA strategic sites

• Developing strategies for employment opportunities in the service industries

• Working with the local community to ensure opportunities for young Aboriginal people in the area are maximised through university based cadetships

• Expanding cultural industries through means such as design production, and realising export potential

• Strengthening connections to universities to encourage local children to move into tertiary education

• Facilitating the running of enterprise summer schools

07:08 Annual Report

24

The RWA Indigenous Employment Model (IEM)

The IEM has brokered employment opportunities in the construction industry for 250 Aboriginal people across 25 trades from electricians to bricklayers, offi ce administrators and crane drivers. On the Redfern Oval upgrade, the RWA brokered 10 jobs, seven positions for the Redfern Street upgrade and fi ve for the Glebe Point Road project, while several private sector groups are using the RWA to manage Aboriginal employment on sites throughout Sydney.

The Model has also been adopted by other NSW Government Agencies, while the Commonwealth Government is using it to manage the achievement of Aboriginal employment outcomes on local construction projects.

Employment and Enterprise Ministerial Advisory Committee

Mr Robert Domm – ChairpersonDr Phil Lambert – Department of Education and TrainingMr Peter Roberts – TAFE NSW Sydney InstituteMs Bernadette Self – Department of State and Regional DevelopmentMs Kristy Masella – Department of Aboriginal AffairsMs Sharon Hawkins – Department of Employment and Workplace RelationsMr Mark Spinks – CentrelinkMr Les Tobler – CFMEUMr Shawn Day – City of Sydney (appointed February 2008)Ms Jan Campbell – City of Sydney (resigned February 2008)

Community Members:

Mr Michael DalahMr Anthony John LarkingsMr Karl KingMs Megan GardinerMs Siobhan BrysonMs Dixie Link-GordonMr Con PassasMr Jon Newton (resigned February 2008)

RWA A WINNER AT GROUP TRAINING AWARDS 2008

MG My Gateway and the RWA were winners at the NSW Group Training Awards held in June, 2008 in Sydney.

Presented by The Group Training Association of NSW, the awards recognise the hard work and dedication of apprentices, trainees, host employers and member organisations by rewarding their outstanding achievements and excellence in group training.

MG My Gateway and the RWA won the prestigious NSW Innovation and Best Practice Award for development of creating opportunities for employment within the Indigenous community through the Aboriginal Employment Model.

Indigenous Apprentice of the Year was MG Gateway employee, Lawrence Kelly – a third year construction carpentry apprentice hosted by Bovis Lend Lease. Lawrence got his start through the RWA’s Aboriginal Employment Model working on the CarriageWorks project at North Eveleigh.

25


Redfern-Waterloo’s Renewal

Australian Technology Park (ATP)

ATP is a wholly-owned subsidiary of the RWA and occupies 13.8 hectares of the former Eveleigh Railway Workshops. The Park is continuing to experience unprecedented growth, with planned development over the next few years expected to generate more than 2,600 new jobs – representing a 20 percent employment increase for the Redfern-Waterloo area.

Provision also exists for several further buildings over the next decade. The fi rst of these was completed in May 2008 and occupies a 3000sqm site on the eastern side of the Park near the Garden Street entrance. The result of a $47 million RWA investment and designed by Cox Richardson Architects, the six-storey 12,000sqm facility was purpose-built to house new research facilities for National ICT Australia (NICTA) and was constructed in accordance with the RWA Jobs Compact, employing local Indigenous people and new apprentices as a key element.

Following the RWA’s landmark agreement with ATP Partnership Ltd for an investment of $123 million in a 43,500sqm media centre at the Park, planning approval was granted in January 2007 for the state-of-the-art complex, which will include four television studios and a 12-storey offi ce building for Channel 7 and their publishing company, Pacifi c Magazines. The agreement represents the largest commercial development in Redfern for over a decade and will create around 600 construction and 2000 permanent jobs at ATP.

In December, 2007, it was announced that Global Television would be joining Channel 7 in the new media centre. 120 staff will be based at Global’s new 10,000sqm production facility with up to 500 freelancers working on studio projects produced by Global including Australian Idol, Dancing with the Stars and Hi-Five.

Preliminary site inspections and excavation works were undertaken late last year, construction commenced in May 2008 and the building is expected to be occupied early in 2010.

The RWA also invested more than $7.5 million in new roads and infrastructure and committed a further $6 million for the Eveleigh Heritage Walk linking ATP with the proposed new North Eveleigh precinct.

Even with more than $200 million worth of capital works in progress, the ATP site has far more development potential under its planning controls. Accordingly, the ATP has commenced the staged marketing of its four remaining lots which will allow the further construction of 110,000sqm of commercial fl oor space. Future capital investment is estimated at $460 million and the aim is for the Park to be fully developed within 5 – 10 years. An ultimate workforce of more than 9000 permanent employees will make ATP the main driver in Redfern-Waterloo’s economic growth over the next decade.

07:08 Annual Report

26

030327

07:08 Annual Report

28


National Indigenous Development Centre

Following successful negotiations by the RWA for the sale of the former Redfern Public School from the Department of Education and Training to the Indigenous Land Corporation (ILC), the NSW Government gave planning approval in October 2007 for a new $30 million sports, education and community centre on the site of the former school to provide a range of learning, recreation and employment opportunities for local families.

The National Indigenous Development Centre will include:

• A three-storey multi-purpose sport and recreational facility with gymnasium and heated pool

• A multi-code football fi eld• Refurbishment of four existing heritage-listed

school buildings• Extensive landscaping including the planting of 100 trees

A number of organisations will be based at the Centre, including the Exodus Foundation, which will set up a tutorial centre for young adolescents; the National Aboriginal Sports Corporation Australia, which runs several sporting and life development programs for Indigenous people; and the Lloyd McDermott Rugby Development Team, an organisation providing opportunities for Indigenous youth to become involved in various team sports.

The project will deliver 20 construction jobs for Aboriginal workers as part of the RWA’s Indigenous Employment Model and is expected to be fully complete in 2009.

29


Residential Development

Following the RWA’s sale of the former Rachel Forster Hospital site on the corner of Pitt and Albert Streets in Redfern, the Planning Minister announced the approval of a concept plan for a $70 million residential redevelopment in October 2007 which will deliver up to 150 new residential dwellings and more than 1000sqm of public open space. Important heritage items such as the existing surgery building and colonnade structure will be retained and integrated into the development. The Plan includes four residential buildings ranging from three to six storeys. An additional level will be allowed on the existing heritage building and three new detached residential buildings over a two level basement car park. As part of the approval process, the proponent will be required to lodge a project application that is consistent with the concept plan and provide a contribution for the delivery of affordable housing and public works in the area.

The RWA also welcomes a signifi cant investment by Housing NSW in a public housing redevelopment in Redfern’s Elizabeth Street. The Department lodged a development application for the $27 million project in June 2007.

The 106 new dwellings will replacing the existing homes on the site which were built in 1953. The proposal consists of 40 terraced family homes with backyards, medium-density units and custom-made apartments for the elderly. There will also be communal recreation areas and parklands along with environmentally-sustainable initiatives such as water tanks and energy saving inclusions.

Current residents are being offered alternative housing in the area and will have the option of returning to new housing appropriate to their needs within the new development. Once approved, the 18-month project is expected to commence in early 2008.

The area will also be enhanced by the sale of adjoining Department land for the development of a further 158 private dwellings, the sale of which will contribute to the cost of the new public housing.

07:08 Annual Report

30


Community Health Centre

In January 2007, the RWA and NSW Health formed a Project Control Group for the adaptive re-use of the former Redfern Courthouse and Police Station in Redfern Street as a $10 million Community Health Centre.

RWA’s concept planning and sale of the former Rachel Forster Hospital site (located on the corner of Pitt and Albert Streets, Redfern) has provided funding for the NSW Government’s new $10 million Community Health Centre announced in July 2008.

The project is funded by the sale of the former Rachel Forster Hospital site which was negotiated by the RWA early in 2008. Development was approved by the NSW Government in July and is expected to become fully operational in 2009 and provide a comprehensive range of community services including those in key areas such as drug counselling and mental health.

It will create up to 94 full-time jobs in the area, lead to the adaptive reuse of a signifi cant building and deliver a range of important health benefi ts to local families.

Through projects such as this, the community is beginning to see the results of the Human Services Plan (Phase Two) which aims to provide improved services for older people, people with disabilities, migrant communities and homeless people in the local area. Phase Two of the Human Services Plan identifi es specifi c challenges faced by these sections of the local community and the development of the new Community Health Centre is another step forward in addressing these challenges.

North Eveleigh Training Centre

Initiated and funded by the RWA, the North Eveleigh Training Centre is a key component of the RWA’s Employment and Enterprise Plan.

The Yaama Dhiyaan Training & Hospitality College opened its doors in October 2006 to offer a unique learning experience. An initiative of the RWA in partnership with Aboriginal elder Aunty Beryl Van-Oploo, and young Aboriginal chef, Mathew Crib, the centre offers an accredited hospitality training course.

The courses teach students the basics of hospitality and specialise in indigenous Australian cuisine. Graduates then receive certifi cation in Kitchen Operations, Barista, Responsible Service of Alcohol (RSA) and Responsible

31


Gaming Service (RGS). The quality and scope of the training provides graduates with the qualifi cations and experience necessary for employment in the restaurant and café sectors, tourism operations, clubs, hotels and catering enterprises.

Located beneath Yaama Dhiyaan is the Les Tobler Construction Training Centre. A partnership of the RWA and TAFE NSW, the Centre is named in honour of Les Tobler, who was instrumental in establishing the fi rst Job Ready Program and involved in recruiting unemployed Aboriginal and Torres Strait Islanders for pre-employment programs. On completing the courses, graduates can expect to be offered employment on various Redfern-Waterloo building projects through the RWA’s Indigenous Employment Model.

North Eveleigh Concept PlanA major part of the RWA’s commitment to Redfern-Waterloo’s urban renewal is the proposed redevelopment of the North Eveleigh precinct, which is destined to become an exciting residential, commercial and cultural community over the next 10 years.

More than 15 percent of the site will be publicly accessible open space with up to seven heritage buildings retained and adaptively reused (including the main CarriageWorks building).

The proposal will create residential fl oor space equal to approximately 1260 new homes and more than 87,000sqm of fl oor space for cultural, commercial and retail uses accommodating some 3270 permanent new jobs.

In a Concept plan lodged by the RWA and placed on public exhibition between 1 May and 12 June 2008, the Plan seeks approval for a fl oor space equivalent to more than 181,000sqm. A signifi cant portion of the site will be retained in public ownership, which includes the Yaama Dhiyaan Indigenous Training College, the CarriageWorks Performance Space, the Eveleigh Markets (former Blacksmiths’ Workshop) and the former Scientifi c Services Building on Wilson Street which is proposed as a new community centre.

The enlivened precinct will be facilitated by the sale and development of surplus lands in the area, the marketing of remaining development sites at Australian Technology Park, the construction of a major pedestrian / cycle bridge linking both sides of the rail corridor and a signifi cant upgrade of adjoining Redfern Station.

It is proposed that the $6m pedestrian/cycle bridge linking the Eveleigh Precinct with ATP will be part of the upgrade. The capital works will provide easy access, improve passenger and staff safety, achieve a capacity upgrade to meet future passenger demand and facilitate commercial and retail development surrounding the station. This will also enhance proposed development in the Eveleigh precinct and minimise traffi c impacts by promoting public transport usage.

The bridge will be known as the Eveleigh Heritage Walk and is partly funded by a $6 million contribution from the RWA and its subsidiary ATP. Another aim of the bridge is to provide a magnifi cent perspective of the rail history of the area and facilitate the research and innovation zone linking the University of Sydney and Australian Technology Park. Pedestrians will be able to cross between the northern and southern sides of the rail corridor with the bridge linking Wilson Street, Darlington with the ATP and suburbs beyond.

07:08 Annual Report

32

Blacksmiths’ Workshop

An important element of the redeveloped North Eveleigh precinct is the Eveleigh Markets in the RWA’s $3 million refurbishment of the heritage Blacksmiths’ Workshop.

The markets will house 109 undercover stalls with a retail emphasis on well-priced food and produce. Arts and crafts will also be a feature and signifi cant local employment opportunities are expected to be generated. The markets will operate alongside the Contemporary Performing Arts Centre and the Yaama Dhiyaan Training Centre and commence weekend operation before the end of 2008.

The North Eveleigh redevelopment is expected to generate

3,300 construction jobs – more than 300 of which will

be allocated for Indigenous workers under the RWA’s

Indigenous Employment Model.

33


This $1.3 billion investment in Eveleigh’s transformation will result in:

• Up to 9300 people working permanently at ATP within 5 – 10 years as a result of land permitting the construction of 110,000sqm of commercial fl oor space to be progressively developed

• Up to 3270 people working permanently at North Eveleigh within 5 – 7 years following the RWA’s concept planning and sale of surplus land on the site later this year

• 2400 residents living in 1260 new dwellings including affordable rental housing

• Environmental sustainability, new open space, community and cultural facilities and retention and adaptive reuse of heritage buildings

• A major upgrade of Redfern Railway Station including a pedestrian / cycle bridge to improve access and provide vital connectivity between North Eveleigh and the ATP

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34

Redfern/ Regent Streets Upgrade

The Redfern and Regent Streets upgrade was part of a major initiative by the City of Sydney to revitalise the Redfern district and create a more vibrant, active and safe public domain. Works were completed in September 2007.


• Wider footpaths with new paving and more trees;

• New street furniture and decorative lighting;

• A new civic place and art installation at Jack Floyd Reserve; and

• Shared traffi c/pedestrian/cycle zones in lanes adjacent to Redfern Street.

As part of the RWA’s groundbreaking Indigenous Employment Model the contractor for the upgrade (along with the Redfern Park redevelopment) created a number of apprenticeships, traineeships and labouring positions specifi cally for Aboriginal persons.

03

“ The community gardens are a place local residents can get to know each other and socialise”

Mabel Chang, Waterloo community representative and Cook Community Gardens co-founder

A local representative on the RWA’s Human Services Ministerial Advisory Committee, Mabel (May Shoo) Chang helps organise many events for residents of the Waterloo community and was a founder of the Cook Community Garden which, this year, celebrated its 11th anniversary.

The Community Gardens project on the Waterloo Public Housing Estate started in 1996 as an initiative of Housing NSW, South Sydney Council and the UNSW. The Cook Community Garden on the corner of Pitt and Raglan Streets (the fi rst of four on the Estate) was built in 1997 and makes use of organic gardening techniques.

Mabel came to Australia from Burma in 1988 bringing with her a heritage of ‘nurturing the earth’, which allowed her to see the potential of the land around her. As a result of the gardens she installed around her own block of units on the public housing estate and for her work in establishing and serving on management committees of the community gardens in the area, Mabel has received an award from Sydney City Council for Best Environmentally Friendly Garden in a Multi-Dwelling Residence every year since 1999.

Mabel says the community gardens have improved life on the estate by enhancing the public space and providing a means for local residents to get to know each other, socialise and develop a better understanding of their cultural differences.

35

07:08 Annual Report

36

Black Theatre Site

The Indigenous Land Corporation’s $8m development of the former Black Theatre site in Cope Street, Redfern was completed in June 2008. Vacant for two decades, it was originally the home of Sydney’s fi rst Aboriginal theatre.

The new three-storey building includes retail space, offi ce accommodation and the Gadigal Information Services’ radio station and recording studios.

Other Development

The Gadigal Information Service was established and became an incorporated Aboriginal association in 1993 to provide a community based media, arts and information service for Sydney’s Indigenous community and includes 93.7FM Koori Radio 2LND – the city’s only full-time Aboriginal and Torres Strait Islander community radio station.

The striking façade of the new building showcases a commissioned artwork by Aboriginal artist, Adam Hill, which acknowledges the site’s Indigenous history and refl ects the renewed optimism of people throughout the Redfern-Waterloo community.

“ We’ve had a great success rate with around 600 people having come through our training programs.”

Rob Roberts, sales representative with Redfern’s Tribal Warrior Association

03

A non-profi t local Indigenous enterprise owned and managed by Aboriginal Elders and grassroots community members, Redfern’s Tribal Warrior Association provides certifi ed maritime training, employment opportunities and mentoring to underprivileged Aboriginal and non-Aboriginal people – particularly Aboriginal youth.

‘Tribal Warrior’ is the name of the fi rst Aboriginal-manned vessel to circumnavigate Australia (it’s also offi cially the country’s oldest working timber boat) and visited many Aboriginal communities during its 648-day journey (August 2001 – June 2003). In 2006, the Association began conducting Australia’s fi rst ever Aboriginal-owned and operated cultural cruises of Sydney Harbour aboard both its fl agship gaff-rigged ketch and the ‘Deerubbin’.

The idea for the Association sprung from a group of concerned local Aboriginals who decided to do something about the cycle of self-destruction amongst people in its own community. Since the training programs began in 1999, almost 600 people have gained employment in the maritime industries.

37

Notes To Financial Statements For The Financial Year Ended 30 June 2008

Notes Consolidated Consolidated RWA RWA

2007 2006 2007 2006

$’000 $’000 $’000 $’000

3 REVENUES

(a)Operating Revenue

Property management 9,435 8,623 766 767

Conferencing 4,003 2,842 - -

13,438 11,465 766 767

(b)Investment Income

Interest income on bank balances 1,861 1,434 392 339

Unwinding of discount related to fi nance lease

receivable from subsidiary - - 240 227

1,861 1,434 632 566

(c)Grants and Contributions

Government agencies 6,731 4,590 7,520 7,194

(d) Other Income

Sundry Income 600 681 269 217

Changes in fair value of investment property

measured at fair value through income statement 33,800 9,350 33,380 5,350

34,400 10,031 33,649 5,567

38

Sponsorships/Grants provided by the Redfern-Waterloo Authority

2007/2008 Financial Year commencing 1st July 2007

Organisation Date Purpose Amount

Cook Community Garden, Waterloo Public Housing Estate

4-Jul-07Catering assistance 10th anniversary celebrations Cook Community Garden

$200.00

The UNSW Community Development Project

22-Aug-07 Catering Assistance for the Asian Moon Festival $200.00

Waterloo Storm ARLFC 10-Sep-07Financial assistance for polo shirts for the NSW Aboriginal Knockout

$960.00

Alexandria Park Community School 16-Oct-07Donation for the School for the Xmas card competition

$200.00

Waterloo Storm ARLFC 25-Oct-07Sponsorship for Waterloo Storm for the NSW Aboriginal Knockout

$2,700.00

Redfern All Blacks 25-Oct-07Sponsorship for transport to Newcastle for a netball tournament

$300.00

Achieve Foundation 1-Nov-07Being donations RE: Fundraising Gala Events on the 1/11/07

$500.00

Babana Aboriginal Men’s Group 13-Nov-07Sponsoring kids xmas party on the block celebrations

$950.00

The Factory Community Centre 16-Nov-07Funding for the Waterloo Summer on the Green Celebrations

$500.00

South Sydney Blind Community and Friends

21-Nov-07Catering assistance for a Christmas party for the blind community and friends

$200.00

Save the Children 21-Nov-07 Catering assistance for Playbus Christmas party $200.00

The Factory Community Centre 6-Dec-07Catering Assistance for the Russia Group Annual community event

$200.00

Aboriginal Dance Theatre Redfern 20-Dec-07Financial Assistance for 2 Basket ball teams 10s & 14s to participate in basketball events in Redfern Waterloo area

$6,000.00

Aboriginal Justice Advisory Council 21-Dec-07Sponsorship for a Karate Program at the Settlement

$4,620.00

Waterloo Storm Rugby Union 30-Jan-08Sponsorship to the Waterloo Storm for a Rugby Union Tournament in Coffs Harbour – Nomination fees

$2,000.00

07:08 Annual Report



2007 2006 2007 2006

$’000 $’000 $’000 $’000

(e)Profi t for the year

Profi t has been arrived at after charging/

(crediting) the following losses/(gains):

Allowance/(Write-back of allownce) for doubtful

debts

15 27 - -

Auditors remuneration 89 93 31 41

Depreciation of property, plant and

equipment 687 515 97 22

Employee benefi t expenses

Salaries and wages

(including recreation leave) 3,706 3,631 326 195

Superannuation 244 195 16 11

Long service leave 110 110 - -

4,060 3,936 342 206


receivable from subsidiary - - ( 240) ( 227)

4 INCOME TAX EXPENSE

On 16 February 2005, a private ruling was made in favour of the Company, where it was deemed that Section 24AM

of ITAA 1936 will apply to exempt the Company’s income from the imposition of income tax. The private rule will be in

effect to the year ended 30 June 2007. On 8 January 2007, another private ruling was made in favour of the Company

extending the date of the exemption to 30 June 2010. This applies only to the Company and not to the Redfern-

Waterloo Authority.

Sponsorships/Grants provided by the Redfern-Waterloo Authority

Organisation Date Purpose Amount

South Sydney Community Transport 26-Feb-08 Catering Assistance for Tenant forums in Redfern $200.00

Inner City Mobile Play Bus 12-Mar-08 Sponsorship for the World Kids Colour Day $200.00

Connect Redfern 12-Mar-08Sponsorship for Playgroups in the park for April & May

$3,000.00

The Factory Community Centre 13-Mar-08Catering Assistance for the Chinese New Years Festival

$200.00

The Factory Community Centre 13-Mar-08Catering Assistance for the Chinese New Years Festival

$100.00

The Factory Community Centre 18-Mar-08 Catering Assistance $200.00

Coloured Digger Project – Babana Men’s group

4-Apr-08Funding provide to assist with the hire of PA and other equipment

$2,000.00

Waterloo Storm Netball 29-Apr-08Sponsorship for uniforms for the Waterloo Storms netball side

$350.55

Ryans Cakes 15-May-08 Funding for non woven recycle bags $10,472.00

Mission Australia 6-May-08 Funding for BBQ $184.05

Alexandria Park Community School 19-Jun-08 Funding for Art competition for NAIDOC week $600.00

Sponsorship of community member to attend Indigenous Women’s Health Meeting – sponsorship to attend meeting.

20-Jun-08Financial assistance to attend conference - Indigenous Women’s Health Meeting

$800.00

Sponsorship of community member to attend the National Aboriginal and Islander Children’s Conference

18-Sep-08Financial assistance to attend conference – National Aboriginal and Islander Children’s Conference

$792.00

SDN Children’s ServicesThroughout

fi nancial yearFunding for four Easy Cooking on a Budget courses

$8,000.00

2007/2008 Financial Year commencing 1st July 2007

39


07:08 Annual Report

40

Financials Redfern-Waterloo Authority

Statement by the Chairman and Chief Executive Offi cer on the adoption of the fi nancial statements for the year ended 30 June 2008.

Certifi cate under Section 41C of the Public Finance and Audit Act 1983.

Pursuant to Section 41C (B) and 1 (C) of the Public Finance and Audit Act 1983 and in our capacity as Chairman and Chief Executive Offi cer of the Redfern-Waterloo Authority, we declare that in our opinion:

The accompanying fi nancial statements exhibit a true and fair view of the fi nancial position of the Redfern-Waterloo Authority as at 30 June 2008 and transactions for the year ended on that date. The statements have been prepared in accordance with the provisions of the Public Finance and Audit Regulation 2000 and the Treasurer’s Directions.

Further, we are not aware of any circumstances that would render any particulars included in the fi nancial statements to be misleading or inaccurate.

Dr Col GellatlyChairmanRedfern-Waterloo Authority

Robert DommChief Executive Offi cerRedfern-Waterloo Authority

Sydney, dated this 15 October 2008

Directors’ Statement

41




Income Statement For The Financial Year Ended 30 June 2008


2008 2007 2008 2007

$’000 $’000 $’000 $’000

Continuing operations

Revenue 3(a) 17,284 15,299 1,442 1,398

Grants and contribution 3(b) 10,113 6,731 7,045 7,520

Other income 3(c) 6,411 34,400 1,831 33,649

33,808 56,430 10,318 42,567

Expenses

Employee benefi ts expenses 5 ( 3,950) ( 4,060) ( 383) ( 342)

Personnel services - - ( 2,386) ( 2,540)

Administration expenses ( 6,952) ( 4,919) ( 6,879) ( 3,026)

Depreciation and amortisation expenses 12 & 13 ( 681) ( 687) ( 137) ( 97)

Other expenses 4 (a) ( 10,742) ( 4,674) - -

Finance costs 4 (b) ( 3,026) ( 898) - -

( 25,351) ( 15,238) ( 9,785) ( 6,005)

Surplus for the year 8,457 41,192 533 36,562

The accompanying notes form part of these statements

07:08 Annual Report

42


Balance Sheet For The Financial Year Ended 30 June 2008


2008 2007 2008 2007

$’000 $’000 $’000 $’000

CURRENT ASSETS

Cash and cash equivalents 7 32,802 31,334 5,975 6,882

Trade and other receivables 8 (a) 2,784 2,141 677 454

Lease incentive asset 9 369 66 - -

TOTAL CURRENT ASSETS 35,955 33,541 6,652 7,336

NON CURRENT ASSETS

Lease receivables 10 - - 7,305 6,284

Trade and other receivables 8 (b) 4,564 - - -

Other fi nancial assets 11 - - 61,639 49,770

Investment Property 14 213,200 166,650 138,100 136,760

Property, plant and equipment 12 11,756 41,532 812 530

Other intangible assets 13 140 33 3 5

Lease incentive asset 9 1,910 38 - -

TOTAL NON CURRENT ASSETS 231,570 208,253 207,859 193,349

TOTAL ASSETS 267,525 241,794 214,511 200,685

CURRENT LIABILITIES

Trade and other payables 15 14,736 11,308 2,331 1,259

Borrowings 17 352 - 352 -

Provisions 16 2,334 656 - -

TOTAL CURRENT LIABILITIES 17,422 11,964 2,683 1,259

NON CURRENT LIABILITIES

Provisions 16 54 107 - -

Borrowings 17 40,174 28,305 40,174 28,305

TOTAL NON CURRENT LIABILITIES 40,228 28,412 40,174 28,305

TOTAL LIABILITIES 57,650 40,376 42,857 29,564

NET ASSETS 209,875 201,418 171,654 171,121

EQUITY

Accumulated funds 18 209,875 201,418 171,654 171,121

TOTAL EQUITY 209,875 201,418 171,654 171,121


43



Statement of Recognised Income and Expense For The Financial Year Ended 30 June 2008


2008 2007 2008 2007

$’000 $’000 $’000 $’000

Net income recognised directly in equity - - - -


Total recognised income and expense for the year 8,457 41,192 533 36,562

Attributable to:

Equity holders of the parent 8,457 41,192 533 36,562


07:08 Annual Report

44


Cash Flow Statement For The Financial Year Ended 30 June 2008


2008 2007 2008 2007

$’000 $’000 $’000 $’000

Cash fl ows from Operating Activities

Receipts from customers 17,015 14,471 1,039 395

Government grants received 10,113 6,731 7,045 7,520

Payments to suppliers and employees ( 18,188) ( 10,376) ( 8,995) ( 5,988)

Interest paid ( 3,026) ( 898) - -

Interest received 2,298 1,861 421 392

Net cash from operating activities 20 (b) 8,212 11,789 ( 490) 2,319

Cash fl ows from Investing Activities

Payments for property, plant and equipment

representing cash used in investing activities (18,965) ( 31,738) ( 417) ( 560)

Net cash used in Investing Activities ( 18,965) ( 31,738) ( 417) ( 560)

Cash fl ows from Financing Activities

Non-trade advances from parent entity - - ( 12,221) ( 24,255)

Proceeds of borrowing from NSW Treasury Corporation 12,221 24,255 12,221 24,255

Net cash from Financing Activities 12,221 24,255 - -

Net increase/(decrease) in cash held 1,468 4,306 ( 907) 1,759

Cash at the start of the fi nancial year 31,334 27,028 6,882 5,123

Cash at the end of the fi nancial year 20 (a) 32,802 31,334 5,975 6,882


45



07:08 Annual Report

46


1 REPORTING ENTITY

The Redfern-Waterloo Authority (the “Authority” or “RWA”) was established on 17 January 2005 to promote the development of the Redfern-Waterloo area into an active, vibrant, and sustainable community. The Authority also seeks to promote, support and respect the Aboriginal community in Redfern-Waterloo and to establish greater social cohesion and community safety in the area.

The Authority, as a reporting entity, comprises all the entities under its control, including the commercial activities of the Australian Technology Park Precinct Management Limited (the Company) and the Offi ce of Redfern-Waterloo Authority (the “Offi ce”).

The Company is wholly-owned subsidiary of the Authority and it operates a scientifi c and technological research and development park. The Authority through its subsidiary manages the commercial operations of the park which include property management and development, and the provision of convention and exhibition facilities. The Offi ce is a wholly-owned subsidiary of the Authority which provides personnel services to the Authority.

The fi nancial report for the year ended 30 June 2008 has been authorised for issue by the Board on 15 October 2008.

2 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Set out below is a summary of the signifi cant accounting policies adopted by the Authority.

a) Basis of preparation

The fi nancial report is a general purpose fi nancial report which has been prepared in accordance with applicable Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards (AEIFRS), other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Public Finance and Audit Act 1983 and regulations and Financial Reporting Directions issued by the Treasurer.

The fi nancial report has been prepared on the basis of full accrual accounting using historical cost accounting conventions except for non-current physical assets, investment properties and derivative fi nancial instruments.

Except when an Australian Accounting Standard permits or requires otherwise, comparative information is disclosed in respect of the previous period for all amounts reported in the fi nancial report.

The fi nancial report is presented in Australian Dollars rounded to nearest thousand.

b) Principles of consolidation

A controlled entity is any entity the Authority has the power to control the fi nancial and operating policies so as to obtain benefi ts from its activities.

All inter-entity balances and transactions between entities in the economic entity, including any unrealised profi ts or losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistencies with those policies applied by the parent entity.

c) Signifi cant accounting judgements, estimates and assumptions

(i) Signifi cant accounting judgementIn the application of A-IFRS management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgments. Actual results may differ from these estimates.

(ii) Signifi cant accounting estimates and assumptionsThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.


d) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefi ts will fl ow to the Reporting entity and the revenue can be reliably measured. The following specifi c recognition criteria must also be met before revenue is recognised:

(i) Rendering of servicesRevenue from a contract to provide services is recognised by reference to the stage of completion of the contract.

Revenue is classifi ed as rental revenue, revenue from conference centre activities and other. All revenue realised by the Reporting entity is from its operating activities.

(ii) Interest revenueInterest revenue is recognised on a time proportionate basis that takes into account the effective yield on the fi nancial asset.

(iii) GrantsGovernment grants relating to income are recognised as income over the periods necessary to match them with the related costs. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate fi nancial support to the Authority with no future related costs are recognised as income in the period in which it becomes receivable.

The Authority is a ‘Not for profi t’ entity. Grants have been recognised as revenue in the year of receipt. Since the subsidiary is a profi t entity and currently also the dominant entity, the Authority’s Grant revenue applicable to the future years has been eliminated on consolidation.

e) Employee benefi ts

Wages and Salaries, annual leave and sick leaveLiabilities for wages and salaries, including non-monetary benefi ts, annual leave and accumulating sick leave expected to be settled within twelve months of the reporting date are recognised in respect of employees’ service up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

Long Service leaveThe liability for long service leave is recognised in the provision for employee benefi ts and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the actuarial valuation method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outfl ows.

Provision is made for benefi ts accruing to employees in respect of wages and salaries, annual leave and long service leave, when it is probable that settlement will be required and they are capable of being measured reliably.

Retirement benefi t obligationsSuperannuation schemes to which employees belong are fully funded, resulting in no liabilities to the Company. Contributions are expensed when incurred.

Contributions to the defi ned contribution fund are recognised as an expense as they become payable. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

A Liability or asset of defi ne benefi ts superannuation plans is recognised in the balance sheet, and is measured as the present value of the defi ned benefi t obligation at the reporting date less the fair value of the superannuation fund’s assets at that date and any unrecognised past service cost. The present value of the defi ned benefi t obligations is based on expected future payments which arise from membership of the fund to the reporting date, calculated annually by independent actuaries using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.

Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outfl ows

47





Retirement benefi t obligations (Cont’d)Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period which they occur, outside profi t or loss directly in the statement of recognised income and expense.

Past service costs are recognised immediately in income, unless the changes to the superannuation fund are conditional on the employees remaining in service for a specifi ed period of time (the vesting period). In this case, the past service costs are amortised on a straight-line basis over the vesting period.

f ) Insurance

The Authority’s insurance activities are conducted through the NSW Treasury Managed Fund of self-insurance for Government agencies. The expense (premium) is determined by the Fund Manager based on past experience.

g) Accounting for the goods and services tax (GST)

Revenues, 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 part of receivables or payables.

Cash fl ows are included in the statement of cash fl ows 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 as operating cash fl ows.

Commitments and contingencies are disclosed inclusive of the amount of GST recoverable from, or payable to, the taxation authority.

h) Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand, short-term deposits with an original maturity of three months or less and investments in NSW Treasury Corporation’s (TCorp) Hour-Glass Cash Facility

Trust. For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defi ned above, net of outstanding bank overdrafts.

i) Financial assets

The classifi cation of fi nancial assets depends on the nature and purpose of the fi nancial assets and is determined at the time of initial recognition.

j) Trade and other receivables

Trade receivables are recognised initially at fair value and subsequently measured at cost using the effective interest method, less provision for impairment.

Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance for impairment account is used when there is objective evidence that the corporation will not be able to collect all amounts due according to the original terms of the receivables. Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy or fi nancial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired.

k) Investment property

Investment properties are held to earn rentals and/or for capital appreciation. Investment properties are stated at fair value supported by market evidence at the balance date. Gains or losses arising from the changes in fair value are included in the income statement in the period in which they arise. No depreciation is charged on investment properties.

l) Property, plant and equipment

Property, Plant and Equipment is initially recognised at acquisition cost, including any costs directly attributable to the asset and any restoration costs associated with the asset. 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 specifi c 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.

07:08 Annual Report

48



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

Depreciation is provided on all property, plant and equipment excluding work-in-progress and Art and Artefacts. Depreciation is calculated on a straight line basis so as to write off the net cost of each asset over its expected useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period. The following estimated useful lives are used in the calculation of depreciation: • Furniture and fi ttings 4-5 years• Plant and equipment 3-4 years• Leasehold improvements **** Shorter of the period of the lease or useful life.

m) Acquisitions of assets

The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the Authority. 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 specifi c 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. (see also assets transferred as a result of an administrative restructure as detailed in Note (w)).

Fair value means 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-specifi c rate.

n) 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.

o) Impairment of assets

At each reporting date, the Reporting entity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash fl ows that are independent from other assets, the Reporting entity estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash fl ows are discounted to their present value using a pre-tax discount rate that refl ects current market assessments of the time value of money and the risks specifi c to the asset for which the estimates of future cash fl ows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profi t or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised in the income statement immediately, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase.

49




p) Income tax

On 16 February 2005, a private ruling was made in favour of the Company, where it was deemed that Section 24AM of Income Tax Assessment Act 1936 will apply to exempt the company’s income from the imposition of income tax. The private rule will be in effect to the year ended 30 June 2007. On 8 January 2007, another private ruling was made in favour of the Company extending the date of the exemption to 30 June 2010. This applies only to the Company and not to the Authority.

q) Trade and other payables

Trade and other payables are carried at amortised costs and represent liabilities for goods and services provided to the Reporting entity prior to the end of the fi nancial year that are unpaid and arise when the company becomes obliged to make future payments resulting from the purchase of goods and services. The average credit period is 30 days.

r) Provisions

Provisions are recognised when the Reporting entity has a present obligation, the future sacrifi ce of economic benefi ts is probable, and the amount of the provision can be measured reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash fl ows estimated to settle the present obligation, its carrying amount is the present value of those cash fl ows. Provisions are discounted using a current pre-tax rate that refl ects the risks specifi c to the liability.

When some or all of the economic benefi ts required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is probable that recovery will be received and the amount of the receivable can be measured reliably.

Onerous contractsAn onerous contract is considered to exist where the Reporting entity has a contract under which the unavoidable cost of meeting the contractual obligations exceed the economic benefi ts estimated to be received. Present obligations arising under onerous contracts are recognised as a provision to the extent that the present obligation exceeds the economic benefi ts estimated to be received.

There are no onerous contract for the fi nancial year ended 30 June 2008 or the prior year.

s) Borrowings and borrowing costs

Borrowings are initially recognised at fair value, net of transactions costs. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the income statement, over the period of the borrowings, using the effective interest method.

t) Leased assets

Leases are classifi ed as fi nance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classifi ed as operating leases.

The Authority as lessorRental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Lease incentivesIn the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefi ts of incentives are recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefi ts from the leased asset are consumed.

u) Restoration costs

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.

07:08 Annual Report

50



v) Maintenance and repairs

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 component of an asset, in which case the costs are capitalised and depreciated.

w) 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 are designated as a contribution by owners by NSWTC 01/11 and are recognised as an adjustment to Retained Earnings. 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 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.

x) Accounting standards and Interpretations issued and not yet effective

Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2008 reporting periods. The following new Accounting Standards and Interpretations have not yet been adopted and are not yet effective:

• AASB 3 (March 2008), AASB 127 and AASB 2008-3 regarding business combinations (1 July 2009);

• AASB 8 and AASB 2007-3 regarding operating segments (1 January 2009);

• AASB 101 (Sept 2007) and AASB 2007-8 regarding presentation of fi nancial statements (1 January 2009);

• AASB 123 (June 2007) and AASB 2007-6 regarding borrowing costs (1 January 2009);

• AASB 1004 (Dec 2007) regarding contributions (1 July 2008);

• AASB 1049 (Oct 2007) regarding the whole of government and general government sector fi nancial reporting (1 July 2008);

• AASB 1050 (Dec 2007) regarding administered items (1 July 2008);

• AASB 1051 (Dec 2007) regarding land under roads (1 July 2008);

• AASB 1052 (Dec 2007) regarding disaggregated disclosures (1 July 2008);

• AASB 2007-9 regarding amendments arising from the review of AASs 27, 29 and 31 (1 July 2008);

• AASB 2008-1 regarding share based payments (1 January 2009);

• AASB 2008-2 regarding puttable fi nancial instruments (1 January 2009);

• Interpretation 4 (Feb 2007) regarding determining whether an arrangement contains a lease (1 January 2008);

• Interpretation 12 and AASB 2007-2 regarding service concession arrangements (1 January 2008);

• Interpretation 13 on customer loyalty programmes (1 July 2008);

• Interpretation 14 regarding the limit on a defi ned benefi t asset (1 January 2008);

• Interpretation 129 (Feb 2007) regarding service concession disclosures (1 January 2008);

• Interpretation 1038 (Dec 2007) regarding contributions by owners (1 July 2008).

It is considered that the impact of these new Standards and Interpretations in future periods will have no material impact on the fi nancial report of the Authority and the Consolidated entity.

51




Consolidated Consolidated RWA RWA

2008 2007 2008 2007

$’000 $’000 $’000 $’000

3 REVENUES

An analysis of the Consolidated entity’s revenue from

continuing operations is as follows:

(a) Operating Revenue

Property management 10,283 9,435 766 766

Conferencing 4,703 4,003 - -

14,986 13,438 766 766

Interest revenue

Bank deposits 173 59 10 -

NSW Treasury Corporation Hour-Glass cash facility 2,125 1,802 413 392


receivable from subsidiary - - 253 240

2,298 1,861 676 632

17,284 15,299 1,442 1,398

(b) Grants and Contributions

Government agencies 10,113 6,731 7,045 7,520

(c) Other Income

Sundry Income 956 600 491 269

Changes in fair value of investment property measured at

fair value through income statement 5,455 33,800 1,340 33,380

6,411 34,400 1,831 33,649

07:08 Annual Report

52



4 (a) DETAILS OF OTHER EXPENSES

2008 2007

Conferencing cost of sales 2,207 1,889

Property Expenses 847 756

Repairs and maintenance 1,281 1,123

Cleaning 257 286

Security 650 620

Land remediation costs 5,500 -

10,742 4,674


2008 2007 2008 2007

$’000 $’000 $’000 $’000

(b) Finance costs

Interest on borrowings carried at amortised cost 3,026 898 - -

3,026 898 - -

53





2008 2007 2008 2007

$’000 $’000 $’000 $’000

5 PROFIT FOR THE YEAR

Profi t has been arrived at after charging/(crediting)

the following

losses/(gains):

Allowance for impairments on receivables 2 15 - -

Auditor’s remuneration 83 89 27 31

Depreciation of property, plant and equipment 543 687 - 97

Employee benefi t expenses

Salaries and wages (including recreation leave) 3,586 3,706 365 326

Superannuation 327 244 18 16

Long service leave 37 110 - -

3,950 4,060 383 342

Land remediation expenses on the Channel 7 site at ATP 5,500 - - -

Unwinding of discount related to fi nance lease receivable

from subsidiary - - ( 253) ( 240)

6 INCOME TAX EXPENSE

On 16 February 2005, a private ruling was made in favour of the Company, where it was deemed that Section

24AM of Income Tax Assessment Act 1936 will apply to exempt the company’s income from the imposition of

income tax. The private rule will be in effect to the year ended 30 June 2007. On 8 January 2007, another private

ruling was made in favour of the Company extending the date of the exemption to 30 June 2010. This applies only

to the Company and not to the Redfern-Waterloo Authority.

07:08 Annual Report

54




2008 2007 2008 2007

$’000 $’000 $’000 $’000

7 CASH AND CASH EQUIVALENTS

Cash on hand and at bank 865 172 685 5

Demand deposits 485 485 - -

Investment in NSW Treasury Corporation “Hour-Glass”

cash facility 31,452 30,677 5,290 6,877

32,802 31,334 5,975 6,882

Demand deposits are held with the Commonwealth Bank of Australia and represent money received as bond

for the rental space at the Australian Technology Park. This amount will be refunded back to the tenant on the

termination of the lease.

The Authority has investments with the NSW Treasury Corporation’s Hour-Glass facilities. The investment is

represented by a number of units of a management investment pool with each particular pool having different

horizons and being comprised of a mix of asset classes appropriate to that investment horizon. NSW Treasury

Corporation appoints and monitors the application of appropriate investment guidelines.

The investment is generally able to be redeemed daily by 11am. The value of the investment held can decrease as

well as increase depending on market conditions. The value of the above investment represents the company’s

share of the value of the underlying assets of the facility, and those assets as stated at net value. The weighted

average rate of return on these investments during the year was 6.82% (2007: 6.41%)

55





2008 2007 2008 2007

$’000 $’000 $’000 $’000

8 RECEIVABLES

Current

Trade receivables (i) 1,152 1,169 49 85

Other debtors (ii) 371 - - 299

Interest bearing loan receivable from the subsidiary - - 352 -

Goods and services tax recoverable 1,138 982 112 50

Prepayments 187 54 164 20

2,848 2,205 677 454

Allowance for impairments on receivables ( 64) ( 64) - -

2,784 2,141 677 454

Non current

Other debtors (ii) 4,564 - - -

4,564 - - -

(i) The average credit period extended by the Company on rental payments and on conference activity services is 7 days

and by the Authority on conference activity services is 30 days. No interest is charged on the overdue invoices.

Of the total $1,152k (2007: $1,169k) of the Consolidated Entity’s trade receivables, $202k (2007: $242k) are

current with an average of 4 days. Management considers that there are no indications as of the reporting date

that the debtors will not meet their payment obligations.

An allowance has been made for estimated irrecoverable trade receivable amounts arising from the past

rendering of services, determined by reference to past default experience. The company reviews all its debts

irrespective of the age and a provision for debts if necessary is made in the books.

Movement in allowance for impairments on receivables during the period:

Balance at the beginning of the fi nancial year 64 49 - -

Impairment losses recognised on receivables 7 17 5 -

Bad debts written off ( 7) ( 2) ( 5) -

Balance at the end of the fi nancial year 64 64 - -

07:08 Annual Report

56




2008 2007 2008 2007

$’000 $’000 $’000 $’000

Lettable area at the ATP is leased to new customers who fi t the selection criteria and the company also has a policy

of collecting 3-6 months rental as bond before the commencement of the lease. The customers in the conference

centre normally pay almost 90% of the total event invoice in advance of the event happening. The revenue stream

for the Authority mainly consists of collecting contribution levy’s and Government grants against which there can

be no doubtful debts.

Of the trade receivables balance at the end of the year, $67k (2007 - $377k) is due from General Government

entities, which makes up 6% (2007 - 28 %) of the total balance and $10k (2007 - $93k) is due from Public Trading

Enterprises, amounting to 1% of trade receivables balance (2007 - 8%)

Included in the Consolidated Entity’s trade receivable balances are debtors with a carrying amount of $948k

(2007 - $901k) which are past due at the reporting date for which the Consolidated Entity has not provided

as there has not been signifi cant change in credit quality and the amounts are still considered recoverable.

The Consolidated Entity does not hold collateral over these balances.

Ageing of past due but not impaired

Less than 3 months overdue 906 892 25 14

3 to 6 months overdue 8 4 - 1

later than 6 months overdue 99 5 2 -

1,012 901 27 15

In determining the recoverability of a trade receivable, the Consolidated Entity considers any change in the credit

quality of the trade receivable from the date credit was initially granted up to the reporting date.

The concentration of credit risk is limited due to the customer base being large and unrelated Included in the

allowance for impairments on receivables are individually impaired trade receivables of $64k.

Ageing of impaired trade receivables

Less than 3 months overdue - 5 - -

3 to 6 months overdue 2 15 - -

> 6 months overdue 62 44 - -

Total 64 64 - -

(ii) During the year, the Consolidated Entity advanced a fi xed 7.23% rate loan to the Department of Defence for a period

of 10 years. The maturity date is 30 May 2018. The loan amount at the end of the fi nancial year is $4.9m Management

considers that the carrying amount of the loan best represents the maximum credit risk exposure at the balance sheet

date and that there is no indication at that date that the counterparty will not meet its obligations.

57





2008 2007 2008 2007

$’000 $’000 $’000 $’000

9 LEASE INCENTIVE ASSET

Current lease incentive asset

Lease incentive granted to lessees 369 66 - -

Non-current lease incentive asset

Lease incentive granted to lessees 1,910 38 - -

10 LEASES

Non-current lease receivables

Finance lease receivables - - 4,801 4,547

Operating lease receivables - - 2,504 1,737

- - 7,305 6,284

Finance lease relates to the Bio-medical Building by the Authority to the Company. The Company does not have

the option to purchase the property at the conclusion of the lease agreement.

Finance lease receivables

Minimum lease receivables, later than 5 years* - - 30,525 30,525

Less future fi nance charge - - ( 25,724) ( 25,978)

Present value of minimum lease receivables - - 4,801 4,547

Included in the fi nancial statements as:

Non-current fi nance lease receivable - - 4,801 4,547

* Minimum future lease receivables includes the aggregate of all lease payments and any guaranteed residual.

Disclosures for the consolidated entity/Authority as lessor - operating leases

Operating leases relate to the investment property owned by the consolidated entity/Authority referred to in Note

14 to the fi nancial statements. Lease terms range between 3 and 5 years, with options to extend. All operating

lease contracts contain market review clauses in the event that the consolidated entity/Authority exercise their

option to renew. The lessees do not have the option to purchase the property at the expiry of the lease period.

07:08 Annual Report

58




2008 2007 2008 2007

$’000 $’000 $’000 $’000

Non-cancellable operating lease receivables

Not longer than 1 year 10,473 4,649 - -

Longer than 1 year and not longer than 5 years 25,285 5,043 - -

Longer than 5 years 26,419 14,340 68,225 68,225

62,177 24,032 68,225 68,225

Disclosures for the consolidated entity/Authority as lessee - operating leases

The consolidated entity/Authority have various operating lease agreements for equipment and other facilities.

Most leases contain renewable options. All operating lease contracts contain market review clauses in the event

that the consolidated entity/Authority exercise their option to renew. The consolidated entity/Authority

do not have an option to purchase the leased assets at the expiry of the lease period.

Non-cancellable operating lease payments

Not longer than 1 year 35 108 35 108

Longer than 1 year and not longer than 5 years - 27 - 27

Longer than 5 years - - - -

35 135 35 135

11 OTHER FINANCIAL ASSETS

Investment in Subsidiary (note 19) - - 21,465 21,465

10 Year fi xed interest loan advanced to subsidiary * - - 4,564 -

Interest-bearing loan advanced to subsidiary * - - 35,610 28,305

- - 61,639 49,770

* Interest-bearing loan advanced to subsidiary are on exactly the same terms as the loans from NSW Treasury Corporation - note 17.

During the year, the Consolidated Entity advanced a fi xed 7.23% rate loan to the Department of Defence for a

period of 10 years. The maturity date is 30 May 2018. Management considers that the carrying amount of the loan

best represents the maximum credit risk exposure at the balance sheet date and that there is no indication at that

date that the counterparty will not meet its obligations.

59




Consolidated

Leasehold

Improvements

Furniture

& Fittings

Plant and

Equipment

Art &

Artefacts

Work in

Process Total

12 PROPERTY PLANT & EQUIPMENT

Gross carrying amount

Balance at 1 July 2006 2,408 889 1,790 5 8,649 13,741

Additions 790 101 45 30,808 31,744

Transfer in/(out) - - - - ( 11) ( 11)

Assets write offs - - ( 21) - - ( 21)

Balance at 30 June 2007 3,198 990 1,814 5 39,446 45,453

Additions - - - - 17,436 17,436

Transfer in/(out) 9,387 - 483 - ( 56,465) ( 46,595)

Assets write offs - - ( 6) - - ( 6)

Balance at 30 June 2008 12,585 990 2,291 5 417 16,288

Accumulated depreciation

and impairment

Balance at 1 July 2006 ( 1,485) ( 668) ( 1,138) - - ( 3,291)

Depreciation expense ( 146) ( 126) ( 377) - - ( 649)

Assets write offs - - 19 - - 19

Balance at 30 June 2007 ( 1,631) ( 794) ( 1,496) - - ( 3,921)

Depreciation expense ( 243) ( 125) ( 248) - - ( 616)

Assets write offs - - 5 - - 5

Balance at 30 June 2008 ( 1,874) ( 919) ( 1,739) - - ( 4,532)

Carrying Amount

At 30 June 2007 1,567 196 318 5 39,446 41,532

At 30 June 2008 10,711 71 552 5 417 11,756

07:08 Annual Report

60



RWA

Leasehold

Improvements

Furniture &

Fittings

Plant and

Equipment

Art &

artefacts

Work in

Process Total

12 PROPERTY PLANT & EQUIPMENT (Cont’d)


Balance at 1 July 2006 - - 89 - 11 100

Additions 565 - - - - 565

Transfer in/(out) - - - - ( 11) ( 11)

Balance at 30 June 2007 565 - 89 - - 654

Additions - - - - 417 417

Balance at 30 June 2008 565 - 89 - 417 1,071

Accumulated depreciation

and impairment

Balance at 1 July 2006 - - ( 27) - - ( 27)

Depreciation expense ( 75) - ( 22) - - ( 97)

Balance at 30 June 2007 ( 75) - ( 49) - - ( 124)

Depreciation expense ( 113) - ( 22) - - ( 135)

Balance at 30 June 2008 ( 188) - ( 71) - - ( 259)

Carrying Amount

At 30 June 2007 490 - 40 - - 530

At 30 June 2008 377 - 18 - 417 812

61




Consolidated

Software

RWA

Software

13 OTHER INTANGIBLE ASSETS


Balance at 1 July 2006 94 -

Additions 5 5

Balance at 30 June 2007 99 5

Additions 172 -

Balance at 30 June 2008 271 5

Accumulated amortisation and impairment

Balance at 1 July 2006 ( 28) -

Depreciation expense ( 38) -

Balance at 30 June 2007 ( 66) -

Depreciation expense ( 65) ( 2)

Balance at 30 June 2008 ( 131) ( 2)

Carrying Amount

At 30 June 2007 33 5

At 30 June 2008 140 3

07:08 Annual Report

62




2008 2007 2008 2007

$’000 $’000 $’000 $’000

14 INVESTMENT PROPERTY

Balance at beginning of year 166,650 132,850 136,760 103,380

Addition from subsequent expenditure 41,095 - - -

Net gain from fair value adjustment 5,455 33,800 1,340 33,380

Balance at the end of fi nancial year 213,200 166,650 138,100 136,760

The fair value of the company’s investment property at 31 May 2008 has been arrived at on the basis of a

valuation carried out at that date by Preston Rowe Paterson NSW Pty Limited (“PRP”), independent valuers not

related to the company. PRP are members of the Australian Institute of Valuers, and they have the appropriate

qualifi cations and recent experience in the valuation of properties in the relevant locations. The valuation,

which conforms to Australian Valuation Standards, was arrived at by reference to market evidence of transaction

prices for similar properties.

15 PAYABLES

Accrued salaries, wages and on-costs 101 176 6 15

Trade payables (i) 11,831 5,579 2,325 1,244

Deferred grant income 1,414 4,482 - -

Event and Tenant deposits 1,028 952 - -

Lease incentive Deferred income 244 - - -

Other Payables 118 119 - -

14,736 11,308 2,331 1,259

(i) The average credit period on purchase of services is 30 days. No interest has been paid in the current year.

The Consolidated entity has fi nancial risk management policies in place to ensure that all payables are paid

within the credit timeframe.

63





2008 2007 2008 2007

$’000 $’000 $’000 $’000

16 PROVISIONS

Employee Benefi ts and Related On-Costs

Current Provisions

Recreation leave 481 416 - -

Long Service leave 303 213 - -

Superannuation liability - 27 - -

784 656 - -

Other Provisions

Remediation costs 1,550 - - -

1,550 - - -

2,334 656 - -

Non-Current Provisions

Long Service leave 54 107 - -

17 BORROWINGS

Current

10 Year fi xed interest loan from NSW Treasury Corporation 352 - 352 -

352 - 352 -

Non-Current

10 Year fi xed interest loan from NSW Treasury Corporation 4,564 - 4,564 -

Floating rate Borrowings from NSW Treasury Corporation 35,610 28,305 35,610 28,305

40,174 28,305 40,174 28,305

Borrowings from NSW Treasury Corporation are unsecured and bears interest at 7.20% (2007: 6.45%) per annum.

The borrowings are currently at a fl oating rate as the entire amount of loan has not been taken up. It is anticipated

that the entire amount of the loan will be taken up by Dec 2008.

The total loan facility is for $47.5m. An arrangement is in place with the NSW Treasury Corporation to refi nance the

loan in March 09 over 25 years either at fi xed interest or a fl oating interest rate. The 10 year fi xed interest rate loan

pertains to the fi t out costs recoverable from the Department of Defence over the term of the lease (refer note 8(ii)).

07:08 Annual Report

64




2008 2007 2008 2007

$’000 $’000 $’000 $’000

18 ACCUMULATED FUNDS

Balance at the beginning of year 201,418 160,226 171,121 134,559


Balance at end of year 209,875 201,418 171,654 171,121

19 SUBSIDIARY

2008 2007

Name of entity Country of incorporation % %

Australian Technology Park Precinct Management Limited Australia, NSW 100 100

The Offi ce of Redfern-Waterloo Authority Australia, NSW - -

The Company is incorporated in Australia and is responsible for the day-to-day management of the Australian

Technology Park located at Eveleigh in Sydney, NSW.

The Offi ce is incorporated in Australia and provides personnel services to the Authority.

20 NOTES TO THE CASH FLOW STATEMENT

(a) Reconciliation of cash

For the purposes of the cash fl ow statement, cash includes cash on hand and in banks and liquid investment

in NSW Treasury Corporation “Hour-Glass” cash facility. Cash at the end of the fi nancial year as shown in

the statement of cash fl ows is reconciled to the related items in the balance sheet as follows:

65





2008 2007 2008 2007

$’000 $’000 $’000 $’000

Cash and cash equivalents (Note 7) 32,802 31,334 5,975 6,882

20 NOTES TO THE CASH FLOW STATEMENT (Cont’d)

(b) Reconciliation of profi t for the period to

net cash from operating activities

Profi t for the year from continuing operations 8,457 41,192 533 36,562

Amortisation of lease incentive asset 117 89 - -

Depreciation of property, plant and equipment 681 687 137 97

Asset write off 2 2 - -

Changes in fair value of investment property

measured at fair value through income statement ( 5,455) ( 33,800) ( 1,340) ( 33,380)

Straight-line of operating lease income on land - - ( 766) ( 766)

Allowance for impairments on receivables 7 15 5 -


receivable from subsidiary - - ( 254) ( 240)

(Increase) in receivables ( 650) ( 1,009) ( 228) ( 266)

Increase in payables and provisions 5,053 4,613 1,424 312

Net cash fl ows from operating activities 8,212 11,789 ( 489) 2,319

21 COMMITMENTS FOR EXPENDITURE

Capital Commitments

Aggregate capital expenditure for the acquisition of

property, plant and equipment contracted for at balance

date and not provided for:

Payable within one year (inclusive of GST) 1,614 10,449 1,614 -

The above includes GST input tax of $147k that is expected to be recoverable from the Australian Taxation Offi ce.

The capital expenditure commitments relate to the refurbishment of the Blacksmiths workshop at North Eveleigh.

07:08 Annual Report

66



22 CONTINGENT ASSETS AND CONTINGENT LIABILITIES

The Company has entered into an agreement for lease with ATP Partnership (ATPP) to develop offi ces and

TV studios with 700 car spaces on Site B, known as the ATP Channel Seven development. On completion,

the Company will own 700 car spaces within the development, of which 350 will be leased at a peppercorn

rental to ATPP and the remainder will be owned and managed by the Company. In addition ATPP will deliver

$2.6m in public domain works including a new pocket park, 3,000 sqm plaza and completion of Locomotive

street as part of the development.

23 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

(a) Capital risk management

The Consolidated entity manages its capital to ensure that entities in the Group will be able to continue as a

going concern while maximising the return to stakeholders.

The Consolidated entity’s overall strategy remains unchanged from 2007.

The capital structure of the Consolidated entity consists of debt, which includes the borrowing disclosed in

note 17, cash and cash equivalents and retained profi ts as disclosed in note 18.

(b) Financial Risk Management Objectives

The Consolidated entity’s principal fi nancial instruments comprise fi nance leases, cash and short term deposits.

The main purpose of these fi nancial instruments is to fund Consolidated entity’s operations. The Consolidated entity

has various other fi nancial instruments such as debtors and trade creditors, which arise directly from its operations.

It is, and has been throughout the period under review, the Consolidated entity’s policy that no trading in fi nancial

instruments shall be undertaken. The main risks arising from the Consolidated entity’s fi nancial instruments are

interest rate risk, liquidity risk and credit risk. The executive reviews and agrees policies for managing each of these

risks and they are summarised below.

67




23 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Cont’d)

(c) Interest rate risk

The Consolidated entity is exposed to interest rate risk as the Authority borrows at fl oating interest rates from

NSW Treasury Corporation and holds its surplus cash in NSW Treasury Corporation’s “Hour-Glass” cash facilities.

NSW Treasury Corporation as trustee for the above facility is required to act in the best interest of the unit holders and to

administer the trusts in accordance with the trust deeds. As trustee, the NSW Treasury Corporation has appointed external

managers to manage the performance and risks of each facility in accordance with a mandate agreed by the parties.

At reporting date, if interest rates had been 1% higher or lower and all other variables were held constant, the Authority’s

net profi t would decrease by $9k and increase by $9k (2007: increase by $121k and decrease by $121k).

This is mainly attributable to the Group’s exposure to interest rates on its variable rate borrowings and cash deposits.

(d) Credit risk

Credit risk is the potential for loss arising from the failure of a debtor or counterparty (in relation to loans to

that counterparty), to meet their contractual obligations. The credit quality of trade and other receivables

and the credit risk management policy in respect of such fi nancial assets have been discussed in note 8.

No credit risk arises on the Company’s investments in Hour-Glass cash facilities with the NSW Treasury as

these represent the Company’s share of the net asset value of the facility.

(e) Liquidity risk

Liquidity risk arises from the possibility that the Authority or the Consolidated Entity may be unable to settle

a transaction on the due date

The Authority’s objective is to maintain a satisfactory level of liquidity. The Authority has no signifi cant

borrowings for the day to day operations. The Authority borrows money only for the purpose of capital projects

which is undertaken by its subsidiary entity.

The Consolidated entity manages liquidity risk by monitoring forecast and actual cash fl ows on a regular basis.

Liquidity and interest risk tables

The following tables detail the Authority and the Consolidated Entity’s remaining contractual maturity for its

fi nancial liabilities. The tables have been drawn up based on the undiscounted cash fl ows of fi nancial liabilities

based on the earliest date on which the Authority and the Consolidated Entity can be required to pay. The table

includes both interest and principal cash fl ows and spot rates at the year end have been used to project interest

payments in respect of the variable rate loans.

07:08 Annual Report

68



Weighted average

effective interest rate

less than 1 year 1-5 years 5+ years

% $’000 $’000 $’000

Consolidated

2008

Non interest bearing trade payables - 11,831 - -

Fixed rate loan from the Treasury Corporation 7.23% 696 2,785 3,423

Variable rate loan from the Treasury Corporation 7.20% 37,672 - -

50,199 2,785 3,423

2007


Variable rate loan from the Treasury Corporation 7.20% 1,826 37,672 -

7,405 37,672 -

Authority

2008

Non interest bearing trade payables - 2,325

Fixed rate loan from the Treasury Corporation 7.23% 696 2,785 3,423

Variable rate loan from the Treasury Corporation 7.20% 37,672 - -

40,693 2,785 3,423

2007


Variable rate loan from the Treasury Corporation 7.20% 1,826 37,672 -

3,070 37,672 -

As disclosed in note 17, an arrangement is in place between the parent and the NSW Treasury Corporation to

refi nance the loan in March 09 over 25 years either at fi xed interest or a fl oating interest rate. The 10 year fi xed

interest rate loan pertains to the fi t out costs recoverable from the Department of Defence over the term of the

lease (refer note 8(ii)).

(f ) Net fair values of fi nancial assets and liabilities

The fair values of fi nancial assets and liabilities are determined in accordance with generally accepted pricing

models based on discounted cash fl ow analysis using prices from observable current market transactions.

The carrying amount of fi nancial assets and fi nancial liabilities recorded in the fi nancial statements approximate

their net fair values.

END OF AUDITED FINANCIAL STATEMENTS

69


07:08 Annual Report

70

Financials Offi ce of the Redfern-Waterloo Authority

71


Statement by the Chairman and Chief Executive Offi cer on the adoption of the fi nancial statements for the year ended 30 June 2008.

Certifi cate under Section 41C of the Public Finance and Audit Act 1983.

Pursuant to Section 41C (B) and 1 (C) of the Public Finance and Audit Act 1983 and in our capacity as Chairman and Chief Executive Offi cer of the Offi ce of the Redfern-Waterloo Authority, we declare that in our opinion:

The accompanying fi nancial statements exhibit a true and fair view of the fi nancial position of the Offi ce of the Redfern-Waterloo Authority as at 30 June 2008 and transactions for the year ended on that date. The statements have been prepared in accordance with the provisions of the Public Finance and Audit Regulation 2000 and the Treasurer’s Directions.

Further, we are not aware of any circumstances that would render any particulars included in the fi nancial statements to be misleading or inaccurate.

Dr Col GellatlyChairmanOffi ce of the Redfern-Waterloo Authority

Robert DommChief Executive Offi cerOffi ce of the Redfern-Waterloo Authority

Sydney, dated this 15 October 2008

Directors’ Statement



Income Statement For The Financial Year Ended 30 June 2008

Notes

Offi ce of

RWA

Offi ce of

RWA

2008 2007

$’000 $’000

Personnel services income 2,386 2,540

Employee related expenses ( 2,386) ( 2,540)

Results for the year - -


07:08 Annual Report

72


Balance Sheet as at 30 June 2008

Notes

Offi ce of

RWA

Offi ce of

RWA

2008 2007

$’000 $’000

CURRENT ASSETS

Receivables 2 707 747

Defi ned Superannuation Benefi t Plan 5 - 33

TOTAL CURRENT ASSETS 707 780

TOTAL ASSETS 707 780

CURRENT LIABILITIES

Payables 3 65 163

Defi ned Superannuation Benefi t Plan 5 30 -

Provisions 4 586 522

TOTAL CURRENT LIABILITIES 681 685

NON CURRENT LIABILITIES

Provisions 4 26 95

TOTAL NON CURRENT LIABILITIES 26 95

TOTAL LIABILITIES 707 780

NET ASSETS - -

EQUITY

Accumulated funds - -

TOTAL EQUITY - -


73


Statement of Recognised Income and Expense For The Financial Year Ended 30 June 2008

Notes

Offi ce of

RWA

Offi ce of

RWA

2008 2007

$’000 $’000

Net increase/(decrease) in asset revaluation - -

Total income and expense recognised directly in equity - -

Results for the year - -

Total income and expense recognised for the year - -



07:08 Annual Report

74

Cash Flow Statement as at 30 June 2008


Notes

Offi ce of

RWA

Offi ce of

RWA

2008 2007

$’000 $’000

Infl ow/

(Outfl ow)

Infl ow/

(Outfl ow)

Cash fl ows from Operating Activities

Receipts from customers - -

Government grants received - -

Payments to suppliers and employees - -

Interest paid - -

Interest received - -

Net cash from operating activities - -

Cash fl ows from Investing Activities

Payments for property, plant and equipment representing - -

cash used in investing activities - -

Net cash from Investing Activities - -

Cash fl ows from Financing Activities

Non-trade advances from parent entity - -

Proceeds of borrowing from NSW Treasury Corporation - -

Net cash from Financing Activities - -

Net increase/(decrease) in cash held - -

Cash at the start of the fi nancial year - -

Cash at the end of the fi nancial year - -


75



NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Reporting entity

Offi ce of Redfern-Waterloo Authority (the Offi ce) is a Division of the Government Service, established pursuant to Part 2 of Schedule 1 to the Public Sector Employment and Management Act 2002. It is a not-for-profi t entity as profi t is not the principal objective. It is considered as part of the NSW Total State Sector Accounts. It is domiciled in Australia and its principal offi ce is at Level 11, Tower 2, 1 Lawson square, Redfern NSW 2016.

The Offi ce’s objective is to provide personnel services to the Redfern-Waterloo Authority (the Authority).

The Offi ce commenced operations on 17 March 2006 with effect from 1 July 2005 when it assumed responsibility for the employees and employee-related liabilities of the Authority. The assumed liabilities were recognised on 17 March 2006 together with an offsetting receivable representing the related funding due from the former employer.

The fi nancial report for the year ended 30 June 2008 has been authorised for issue by the Board on 15 October 2008.

(b) Basis of preparation

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

• Australian Accounting Standards and Australian Accounting Interpretations

• Public Finance and Audit Act 1983 • Public Finance and Audit Regulation 2005 • Financial Reporting Directions issued by the Treasurer

The fi nancial report has been prepared on the basis of full accrual accounting using historical cost accounting conventions.

Except when an Australian Accounting Standard permits or requires otherwise, comparative information is disclosed in respect of the previous period for all amounts reported in the fi nancial report.

The fi nancial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($000) unless otherwise stated.

(c) Income

Income is measured at the fair value of the consideration received or receivable. Revenue from the rendering of personnel services is recognised when the service is provided and only to the extent that the associated recoverable expenses are recognised.

(d) Receivables

Trade receivables are recognised initially at fair value and subsequently measured at cost using the effective interest method, less provision for impairment.

Collectibility of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance for impairment account is used when there is objective evidence that the corporation will not be able to collect all amounts due according to the original terms of the receivables. Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy or fi nancial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired.

(e) Payables

Payables include accrued wages, salaries, and related on costs (such as payroll tax, fringe benefi ts tax and worker’s compensation insurance) where there is certainty as to the amount and timing of settlement.

A payable is recognised when a present obligation arises under a contract or otherwise. It is derecognised when the obligation expires or is discharged, cancelled or substituted.

A short-term payable with no stated interest rate is measured at historical cost if the effect of discontinuing is immaterial.


07:08 Annual Report

76



(f ) Employee benefi ts

Wages and salaries, annual leave and sick leaveLiabilities for wages and salaries, including non-monetary benefi ts, annual leave and accumulating sick leave expected to be settled within twelve months of the reporting date are recognised in respect of employees service up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled

Long Service leaveThe liability for long service leave is recognised in the provision for employee benefi ts and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the actuarial valuation method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outfl ows.

Provision is made for benefi ts accruing to employees in respect of wages and salaries, annual leave and long service leave, when it is probable that settlement will be required and they are capable of being measured reliably.

Retirement benefi t obligationsSuperannuation schemes to which employees belong are fully funded, resulting in no liabilities to the Company. Contributions are expensed when incurred.

Contributions to the defi ned contribution fund are recognised as an expense as they become payable. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

A Liability or asset of defi ne benefi ts superannuation plans is recognised in the balance sheet, and is measured as the present value of the defi ned benefi t obligation at the reporting date less the fair value of the superannuation fund’s assets at that date and any unrecognised past service cost. The present value of the defi ned benefi t obligations is based on expected future payments which arise from membership of the fund to the reporting date, calculated annually by independent actuaries using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.

Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outfl ows.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period which they occur, outside profi t or loss directly in the statement of recognised income and expense.

Past service costs are recognised immediately in income, unless the changes to the superannuation fund are conditional on the employees remaining in service for a specifi ed period of time (the vesting period). In this case, the past service costs are amortised on a straight-line basis over the vesting period.

77




Notes

Offi ce of

RWA

Offi ce of

RWA

2008 2007

$’000 $’000

2 RECEIVABLES

Receivable from the Authority 707 747

707 747

3 PAYABLES

PAYG Tax Payable 42 50

Salary Package - 1

FBT Payable - 1

Salary Accruals 16 6

Payroll Tax 7 105

65 163

4 PROVISIONS

(a) Current

Superannuation - 27

Annual Leave 319 308

Long Service Leave 267 187

586 522

(b) Non current

Long Service Leave 26 95

26 95

07:08 Annual Report

78



5 SUPERANNUATION FUNDS

Accounting policy for recognising actuarial gains/losses

Actuarial gains and losses are recognised immediately in profi t and loss in the year in which they occur.

General description of the type of plan

The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes:

State Authorities Superannuation Scheme (SASS)

State Superannuation Scheme (SSS)

Police Superannuation Scheme (PSS)

State Authorities Non-contributory Superannuation Scheme (SANCS).

These schemes are all defi ned benefi t schemes – at least a component of the fi nal benefi t

is derived from a multiple of member salary and years of membership.

All the Schemes are closed to new members.

79




(a) Defi ned Benefi t Scheme as at 30 June 2008 (AASB 119 Employee Benefi ts)

SASS SANCS SSS

B39000 30-Jun-08 30-Jun-08 30-Jun-08

Member Numbers

Contributors 2 2 -

Deferred benefi ts - - -

Pensioners - - -

Pensions fully commuted - - -

Superannuation Position for AASB 119 purposes $’000 $’000 $’000

Accrued liability 465 143 -

Estimated reserve account balance (464) (114) -

1 29 -

Future Service Liability (Note 1) (178) (87) -

Surplus in excess of recovery available from schemes - - -

Net (asset)/liability to be recognised in balance sheet 1 29 -

SASS SANCS SSS

B39000 30-Jun-07 30-Jun-07 30-Jun-07

Member Numbers

Contributors 1 1 -

Deferred benefi ts - - -

Pensioners - - -

Pensions fully commuted - - -

Superannuation Position for AASB 119 purposes $’000 $’000 $’000

Accrued liability 56 81 -

Estimated reserve account balance (308) (112) -

(252) (31) -

Future Service Liability (Note 1) (16) (17) -

Surplus in excess of recovery available from schemes 223 27 -

Net (asset)/liability to be recognised in balance sheet (29) (4) -

Note 1: The Future Service Liability (FSL) does not have to be recognised by an employer. It is only used to determine if

an asset ceiling limit should be imposed (AASB 119, para 58). Under AASB 119, any prepaid superannuation asset

recognised cannot exceed the total of any unrecognised past service cost and the present value of any economic benefi ts

that may be available in the form of refunds from the plan or reductions in future contributions to the plan. Where the

“surplus in excess of recovery” is zero, no asset ceiling limit is imposed.

07:08 Annual Report

80



(b) Reconciliation of the assets and liabilities recognised in the balance sheet

SASS SANCS SSS

30-Jun-08 30-Jun-08 30-Jun-08

$’000 $’000 $’000

Present value of partly funded defi ned benefi t obligations

at end of year465 143 -

Fair value of fund assets at end of year (464) (114) -

1 29 -

Adjustment for limitation on net asset - - -

Net Liability/(Asset) recognised in balance sheet at end of year 1 29 -

SASS SANCS SSS

30-Jun-07 30-Jun-07 30-Jun-07

$’000 $’000 $’000

Present value of partly funded defi ned benefi t obligations

at end of year56 81 -

Fair value of fund assets at end of year (308) (112) -

(252) (31) -

Adjustment for limitation on net asset 223 27 -

Net Liability/(Asset) recognised in balance sheet at end of year (29) (4) -

All Fund assets are invested by SAS Trustee Corporation at arm’s length through independent fund managers.

Expense recognised in income statement

SASS SANCS SSS

30-Jun-08 30-Jun-08 30-Jun-08

$’000 $’000 $’000

Current service cost 4 1 -

Interest cost 3 5 -

Expected return on Fund assets (net of expenses) (24) (9) -

Actuarial losses/(gains) recognised in year 297 72 -

Movement in adjustment for limitation on net asset (223) (27) -

Expense/(income) recognised 57 42 -

81




SASS SANCS SSS

30-Jun-07 30-Jun-07 30-Jun-07

$’000 $’000 $’000

Current service cost 11 3 -

Interest cost 15 6 -

Expected return on Fund assets (net of expenses) (21) (7) -

Actuarial losses/(gains) recognised in year (226) (41) -

Movement in adjustment for limitation on net asset 223 28 -

Expense/(income) recognised 2 (11) -

Actual Return on Fund Assets

SASS SANCS SSS

30-Jun-08 30-Jun-08 30-Jun-08

$’000 $’000 $’000

Actual return on Fund assets (21) (7) -

SASS SANCS SSS

30-Jun-07 30-Jun-07 30-Jun-07

$’000 $’000 $’000

Actual return on Fund assets 37 12 -

Valuation method and principal actuarial assumptions at the balance sheet date {AASB 119 – paragraph 120A(n)}

a) Valuation Method

The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned benefi t

obligations and the related current service costs. This method sees each period of service as giving rise to an

additional unit of benefi t entitlement and measures each unit separately to build up the fi nal obligation.

07:08 Annual Report

82



b) Economic Assumptions

30-Jun-08 30-Jun-07

Salary increase rate (excluding promotional increases) 3.5% pa 4.0% pa to

June 2008;

3.5% pa

thereafter

Rate of CPI Increase 2.5% pa 2.5% pa

Expected rate of return on assets backing current pension liabilities 8.3% 7.6%

Expected rate of return on assets backing other liabilities 7.3% 7.6%

Discount rate 6.55% pa 6.4% pa

c) Demographic Assumptions

The demographic assumptions at 30 June 2008 are those used in the 2006 triennial actuarial valuation. A selection

of the most fi nancially signifi cant assumptions is shown below:

(i) SASS Contributors - the number of SASS contributors expected in any one year (out of 10,000 members), at the

ages shown, to leave the fund as a result of death, disability, resignation, retirement and redundancy. Promotional

salary increase rates are also shown.

(ii) SSS Contributors - the number of SSS contributors expected in any one year (out of 10,000 members), at the ages

shown, to leave the fund as a result of death, disability, resignation, retirement and preservation. Promotional

salary increase rates are also shown.

(iii) SSS Commutation - the proportion of SSS members assumed to commute their pension to a lump sum in any one year.

(iv) SSS Pensioner Mortality - assumed mortality rates (in 2006/2007) for SSS pensioners (separately for normal

retirement/spouses and invalidity)

(v) SSS Pensioner Mortality Improvements - per annum assumed rates of mortality improvement for SSS pensioners

83




Funding arrangements for employer contributions

(a) Surplus/defi cit

The following is a summary of the 30 June 2008 fi nancial position of the Fund calculated in accordance with

AAS 25 “Financial Reporting by Superannuation Plans”:

SASS SANCS SSS

30-Jun-08 30-Jun-08 30-Jun-08

$’000 $’000 $’000

Accrued benefi ts 461 144 -

Net market value of Fund assets (464) (114) -

Net (surplus)/defi cit (3) 30 -

SASS SANCS SSS

30-Jun-07 30-Jun-07 30-Jun-07

$’000 $’000 $’000

Accrued benefi ts 55 80 -

Net market value of Fund assets (308) (112) -

Net (surplus)/defi cit (253) (32) -

(b) Contribution recommendations

Recommended contribution rates for the entity are:

SASS SANCS SSS

multiple

of member

contributions

% member

salary

multiple

of member

contributions

0.00 0.00 0.00

07:08 Annual Report

84



END OF AUDITED FINANCIAL STATEMENTS

(c) Funding method

The method used to determine the employer contribution recommendations at the last actuarial review was the

Aggregate Funding method. The method adopted affects the timing of the cost to the employer.

Under the Aggregate Funding method, the employer contribution rate is determined so that suffi cient assets will

be available to meet benefi t payments to existing members, taking into account the current value of assets and

future contributions.

(d) Economic assumptions

The economic assumptions adopted for the last actuarial review of the Fund were:

Weighted-Average Assumptions

Expected rate of return on Fund assets backing current pension liabilities 7.7% pa

Expected rate of return on Fund assets backing other liabilities 7.0% pa

Expected salary increase rate 4.0% pa

Expected rate of CPI increase 2.5% pa

Nature of asset/liability

If a surplus exists in the employer’s interest in the Fund, the employer may be able to take advantage of it in the

form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary.

Where a defi ciency exists, the employer is responsible for any difference between the employer’s

share of fund assets and the defi ned benefi t obligation.

85


Appendices

Charter

The RWA was formed under the Redfern-Waterloo Authority Act 2004.

Chief and Senior Executive Offi cer

Robert Domm was Chief Executive Offi cer with the RWA during the 2007-2008 Financial Year.Richard Clark was Senior Executive Offi cer with the RWA during the reporting period.

Staff Numbers by Employment Basis Permanent Temporary Full-Time Part-Time Casual

Staff 13 3 16 - -

% 81% 19% 100% - 5%

Men 6 - 6 - -

Women 7 3 10 - -

Aboriginal Person or Torres Strait Islander 3 - 3 - -

Person with a Disability - - - - -

Person from a Racial, Ethnic or Ethno-Religious Minority Group - 1 1 - -

People whose fi rst language is not English 4 1 5 - -

Staff Numbers by Level Men Women Total

$46,320 - $51,783 - 1 1

$51,784 - $65,526 - 2 2

$84,738 - $105,923 2 5 7

$> $105,923 (non SES) 2 2 4

$> $105,923 (SES) 2 - 2

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86

Legislative Changes

There was a change to legislation administered by the RWA during the reporting year.

2007 No 27 Statute Law (Miscellaneous Provisions) Act 2007 . Assented to 4.7.2007. Date of commencement of Sch 2, assent, sec 2 (2).

Overseas Travel & Corporate Credit Cards

No overseas travel fares were incurred during the reporting year, and as at 30 June 2008, no corporate credit cards had been issued to any RWA staff.

Corporate Services

Finance, accounting and payroll services were provided to RWA by the fi nance division of Australian Technology Park. Information and technology services were provided by The Central Corporate Services Unit (CCSU) of the Department of Commerce.

Risk Management

The RWA has a Business Risk Map of its operations. The primary objective of the Business Risk Map is to coordinate risk management activities within the RWA to ensure the activity is focused on areas of greatest risk and is also used by Business Audit to derive its strategic audit plan.

Contributions are made by the RWA to the Treasury Managed Fund for workers compensation, motor vehicle accidents, property loss, public liability and various other insurable risks.

RWA staff have assigned wardens and participated in emergency evacuation drills. No OH&S incidents have arisen.

Freedom of Information Procedure

During the reporting period, one request was made, to the RWA under the Freedom of Information Act. In the same period, no major issues arose, and there were no investigations or applications for review submitted.

Formal requests made under the Freedom of Information Act for access to documents held by the RWA should be accompanied by a $30 application fee and directed to:

The FOI CoordinatorRedfern-Waterloo AuthorityPO Box 3332Redfern NSW 2016

The contact number for all FOI inquiries is (02) 9202 9100

Land Disposal

There were no land disposals for the year ended 30 June 2008.

87


Appendices

Plans, Policies and Procedures

Code of Conduct

The RWA has its own Code of Conduct which was developed in accordance with the principles of ethical and responsible decision-making and embodies the public sector values of respect for the law, the system of Government, the community and its persons, integrity, diligence, economy and effi ciency, and accountability.

Equal Employment Opportunity Policy (EEO)Through its policy, the RWA implements the following principles of the EEO:

• Fair practices in the workplace

• Management decisions made without bias

• Recognition of and respect for the social and cultural backgrounds of all staff and clients

• Employment practices which produce staff satisfaction, job commitment and quality client service

• Improved productivity

The RWA also has a policy for the Action Plan for Women along with an Aboriginal and Torres Strait Islander Employment Strategy.

Disability Access Policy

The RWA complies with the NSW Government Disability framework through its Disability Access Policy. This provides a process for the RWA to better meet the needs of staff and the community in relation to persons with a disability. The RWA is committed to ensuring all people have reasonable access to the resources and spaces governed by the Authority.

Ethnic Affairs Priority Statement

The RWA recognises and values the different linguistic, religious, racial and ethnic backgrounds of all the people of NSW and endorses the four principles of multiculturalism as set out in the Community Relations Commission and principles of the Multicultural Act 2000.

Towards this objective, the RWA will develop and implement policies sensitive to the needs of all staff and clients and ensure that its Boards and Committees refl ect the multiculturalism of the community.

NSW Government Action Plan for Women

The RWA supports the NSW Government Action Plan for Women and will promote workplaces that are equitable, safe and responsive to all aspects of women’s lives. It will also promote the position of women in all areas of society as well as access to and successful outcomes for women in all parts of the education and training system.

Occupational Health & Safety Management Plan

The RWA is committed to the occupational health, safety and welfare of its employees, those contracted to perform work on its behalf and visitors to the premises. It is committed to regular consultation with staff and their representatives, and where necessary, with contractors and suppliers of equipment and services to ensure OH&S management is of the highest standard.

Waste Reduction and Purchasing Policy

The RWA is committed to the implementation of the Government’s Waste Reduction and Purchasing Policy (WRAPP).

07:08 Annual Report

88

Following is a full list of RWA Plans and Policies:

Risk Management PolicyRisk Management PlanRisk Management FrameworkInformation Management & Technology Disaster Recovery StrategyInternal Audit PlanExternal Audit PlanStaff Code of ConductCode of Conduct for Board MembersProtected Disclosure Act Policy StatementEqual Employment Opportunity PolicyOH&S Management PlanEthnic Affairs Priority StatementDisability Access PolicyAction Plan for WomenAboriginal & Torres Strait Islander Employment StrategyProcurement PolicyComplaints Handling PolicyBusiness Ethics StatementPrivacy Management PlanCorporate Credit Card PolicyEnergy Management PolicyFraud Corruption Control StrategyEnvironmental Management PolicyNew Starter Induction ProgramWaste Reduction and Purchasing Policy

Publications

Newsletters (16,000 copies per issue):October 2007December 2007May 2008

Annual Report October 2007

Annual Report

The RWA 2007-2008 Annual Report is made available electronically at www.redfernwaterloo.com.auThe total cost of external production and printing was $49,478.

Contact Details

Redfern-Waterloo AuthorityLevel 11, Tower 21 Lawson SquareRedfern NSW 2016

Telephone: +61 2 9202 9100Reception 9am – 5pm Monday – Friday

Website: www.redfernwaterloo.com.au

89


Index

07:08 Annual Report

90

Appendices 86

Board Member Profi les 12

Built Environment Plan 18

Contact Details 89

Corporate Governance 11

Coverage Map 02

Director’s Statement 41

Employment and Enterprise Plan 24

Financials 42

Human Services Plan 22

Independent Auditor’s Report 40

Index 90

Letter to the Minister 03

Organisational Structure 08

Overview 05

Principle Objectives 05

RWA Sponsorship and Grants 38

Redfern-Waterloo Plan 16

Redfern-Waterloo Renewal 26

Statement from The Chairperson and Chief Executive offi cer 06

CreditsDesign by:

Art Director:Imelda Pangestu

Designer: John Liang

Photography:George Mourtzakis

www.redfernwaterloo.com.au

Redfern-Waterloo AuthorityLevel 11, Tower 21 Lawson Square Redfern NSW 2016PO Box 3332 Redfern 2016T: 02 9202 9100 F: 02 9292 [email protected] www.redfernwaterloo.com.au

Reception Monday to Friday, 9am – 5pm T: 02 9202 9100 F: 02 9292 9111

TP201 RWA AReport Press11Nov FA

Documents

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