CULTURAL FACILITIES CORPORATION
Objectives
The Cultural Facilities Corporation’s vision is to be a cultural leader in the ACT community and region.  Its primary objective is to enrich the cultural life of people living in, and visiting, the ACT and region by managing its facilities and delivering its programs in a creative, professional, and business-like manner.
The Corporation aims to provide cultural leadership, excellence and innovation and to promote community involvement in activities at the Corporation’s facilities.
The Corporation manages a number of the ACT’s major cultural assets including:
•	the Canberra Theatre Centre;
•	the Canberra Museum and Gallery and the Nolan Gallery; and
•	the Historic Places (Lanyon, Calthorpes’ House and Mugga Mugga).
2005-06 Highlights
Strategic and operational issues to be pursued in 2005‑06 include:
•	maximising visitation to, and patronage of, the Corporation’s facilities through a wide range of visual arts, social history and performing arts programs including targeted audience development and community outreach in order to achieve a target of 329,500 visitors and patrons;
•	presenting exhibitions, education and public programs at the Canberra Museum and Gallery, the Nolan Gallery and the Historic Places with involvement in significant festivals such as the 2006 National Multicultural Festival Canberra and the 2006 Heritage Festival;
•	presenting a varied program of performing arts productions at the Canberra Theatre Centre;
•	presenting special activities and events in the second half of 2005 to celebrate the 25th anniversaries of the opening of the Nolan Gallery and of Lanyon being opened as a house museum, and to mark the 40th birthday of the Canberra Theatre Centre; 
•	undertaking a range of improvements to facilities managed by the Corporation, including a package of upgrades to the Canberra Theatre Centre and a package of conservation works at the Historic Places; and
•	undertaking the construction of the Civic Library and Link Project in order to develop improved library and theatre patron facilities and to enhance the Civic Square cultural precinct.

2005-06 Capital Works Program
Departmental
 	Estimated	Estimated	2005-06	2006-07	2007-08	Expected 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2005-06				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
							
Capital Upgrades							
Capital Upgrade Funding	800	-	800				
							
Total Capital Upgrades	800	-	800				
							
Total New Capital Works	  800	-	  800	-	-	 	
							
Works in Progress							
							
Civic Library and Link Project - to completion	15  407	4  650	10  757	  -	  -	Jul 2006	
							
Total Works in Progress	15  407	4  650	10  757	  -	  -	 	

Total Capital Works	16  207	4  650	11  557	  -	  -	 	

Cultural Facilities Corporation	
Operating Statement	
  2004-05			  2004-05	   2005-06		  2006-07	  2007-08	  2008-09		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
3  573		User Charges - Non ACT Government	3  573	3  917	10	4  152	4  152	4  152		
7  104		User Charges - ACT Government	7  179	6  862	-4	6  907	7  046	7  190		
114		Interest	114	114	-	114	114	114		
10  791		Total Revenue	10  866	10  893	..	11  173	11  312	11  456		
		Gains								
0		Total Gains	0	0	-	0	0	0		
10  791		Total Income	10  866	10  893	..	11  173	11  312	11  456		
		Expenses								
4  957		Employee Expenses	5  055	5  138	2	5  256	5  303	5  368		
521		Superannuation Expenses	534	560	5	578	580	582		
5  025		Supplies and Services	5  185	5  111	-1	5  247	5  337	5  414		
1  321		Depreciation and Amortisation	1  161	1  396	20	1  596	1  596	1  596		
61		Other Expenses	61	61	-	61	61	61		
11  885		Total Ordinary Expenses	11  996	12  266	2	12  738	12  877	13  021		
-1  094		Operating Result	-1  130	-1  373	-22	-1  565	-1  565	-1  565		

Cultural Facilities Corporation	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/05			as at 30/6/05	as at 30/6/06	   Var	as at 30/6/07	as at 30/6/08	as at 30/6/09		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
1  383		Cash	947	1  025	8	1  108	1  210	1  312		
556		Receivables	297	298	..	299	300	301		
134		Inventories	123	123	-	123	123	123		
156		Other	6	6	-	6	6	6		
2  229		Total Current Assets	1  373	1  452	6	1  536	1  639	1  742		
		Non Current Assets								
17  086		Property, Plant and Equipment	18  277	18  309	..	31  759	30  431	29  103		
6  402		Capital Works in Progress	6  431	14  778	130	0	0	0		
23  488		Total Non Current Assets	24  708	33  087	34	31  759	30  431	29  103		
25  717		TOTAL ASSETS	26  081	34  539	32	33  295	32  070	30  845		
		Current Liabilities								
732		Payables	615	615	-	615	615	615		
457		Employee Benefits	520	542	4	563	603	642		
113		Other	0	0	-	0	0	0		
1  302		Total Current Liabilities	1  135	1  157	2	1  178	1  218	1  257		
		Non Current Liabilities								
468		Employee Benefits	511	513	..	513	513	514		
468		Total Non Current Liabilities	511	513	..	513	513	514		
1  770		TOTAL LIABILITIES	1  646	1  670	1	1  691	1  731	1  771		
23  947		NET ASSETS	24  435	32  869	35	31  604	30  339	29  074		
		REPRESENTED BY FUNDS EMPLOYED								
21  011		Accumulated Funds	21  499	29  933	39	28  668	27  403	26  138		
2  936		Reserves	2  936	2  936	-	2  936	2  936	2  936		
23  947		TOTAL FUNDS EMPLOYED	24  435	32  869	35	31  604	30  339	29  074		

Cultural Facilities Corporation	
Cash Flow Statement	
  2004-05			  2004-05	   2005-06		  2006-07	  2007-08	  2008-09		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
10  678		User Charges	10  753	10  791	..	11  071	11  209	11  353		
114		Interest Received	114	114	-	114	114	114		
1  041		Other Revenue	1  041	1  392	34	491	490	490		
11  833		Operating Receipts	11  908	12  297	3	11  676	11  813	11  957		
		Payments								
5  426		Related to Employees	5  532	5  681	3	5  820	5  850	5  917		
5  024		Related to Supplies and Services	5  184	5  113	-1	5  249	5  338	5  415		
1  104		Other	1  104	1  457	32	556	555	555		
11  554		Operating Payments	11  820	12  251	4	11  625	11  743	11  887		
279		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	88	46	-48	51	70	70		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
5  625		Purchase of Property, Plant and Equipment	5  465	9  775	79	268	268	268		
5  625		Investing Payments	5  465	9  775	79	268	268	268		
-5  625		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-5  465	-9  775	79	-268	-268	-268		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
5  500		Capital Injection from Government	5  500	9  807	78	300	300	300		
5  500		Financing Receipts	5  500	9  807	78	300	300	300		
5  500		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	5  500	9  807	78	300	300	300		
154		NET INCREASE/(DECREASE) IN CASH HELD	123	78	-37	83	102	102		
1  229		CASH AT BEGINNING OF REPORTING PERIOD	824	947	15	1  025	1  108	1  210		
1  383		CASH AT THE END OF THE REPORTING PERIOD	947	1  025	8	1  108	1  210	1  312		

Cultural Facilities Corporation	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/05			as at 30/6/05	as at 30/6/06	   Var	as at 30/6/07	as at 30/6/08	as at 30/6/09		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
19  541		Opening Balance	20  065	24  435	22	32  869	31  604	30  339		
		Accumulated Funds								
-1  094		Operating Result for the Period	-1  130	-1  373	-22	-1  565	-1  565	-1  565		
		Reserves								
-1  094		Total Income And Expense For The Period	-1  130	-1  373	-22	-1  565	-1  565	-1  565		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
5  500		Capital Injections	5  500	9  807	78	300	300	300		
23  947		Closing Balance	24  435	32  869	35	31  604	30  339	29  074		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges – non ACT Government:  the increase of $0.344m in the 2005‑06 Budget from the 2004‑05 estimated outcome is primarily due to projected increases in Theatre related revenues and an expected initial recognition of heritage assets; 
•	user charges – ACT Government:  the decrease of $0.317m in the 2005‑06 Budget from 2004‑05 estimated outcome, is primarily due to general savings; and
•	depreciation and amortisation:  the increase of $0.235m in the 2005‑06 Budget from the 2004‑05 estimated outcome, is mainly due to a reassessment of the useful life of assets, resulting in an increase in depreciation.
Balance Sheet
•	cash:  the decrease of $0.436m in the 2004‑05 estimated outcome from the original budget is due to the reduced level of cash in the 2003‑04 audited outcome, which largely results from investing in internally funded capital works projects in 2003‑04;
•	capital works in progress:  the increase of $8.347m in the 2005‑06 Budget from the 2004‑05 estimated outcome is due to the Civic Library and Link Project being in its last stage of construction; and
•	payables:  the decrease of $0.117m in the 2004‑05 estimated outcome from the original budget is due to increased payments relating to completion of the Civic Library and Link Project.
Cash Flow Statement
•	other revenue:  the increase of $0.351m in the 2005‑06 Budget from the 2004‑05 estimated outcome is primarily due to additional GST receipts associated with the Civic Library and Link Project; and 
•	other payment:  the increase of $0.353m in the 2005‑06 Budget from the 2004‑05 estimated outcome is primarily due to additional GST payments associated with the Civic Library and Link Project.