HISTORY TRUST OF SOUTH AUSTRALIA

FUNCTIONAL RESPONSIBILITY

The Trust, a body corporate, was established pursuant to the History Trust of South Australia Act 1981 and is comprised of a Directorate and the following museums:

Pursuant to the History Trust of South Australia Act 1981, the functions of the Trust are to:

• accumulate, conserve and exhibit objects of historical or cultural interest;

• undertake the management of museums and other premises vested or placed under its care, control and management;

• advise the Minister on the conservation of objects that are of historical significance to the State;

• disseminate, or encourage the dissemination of, information relevant to the history of the State.

The financial operations of the Trust are conducted through a Deposit Account held at the Department of Treasury and Finance.

SIGNIFICANT FEATURE

Total revenues from Government decreased by $2.2 million due to capital grants received in 1998-99 relating to the redevelopment of the National Motor Museum at Birdwood.

AUDIT MANDATE AND COVERAGE

Audit Authority

Subsection 19(2) of the History Trust of South Australia Act 1981 requires the Auditor-General to, at least once every year, audit the accounts of the Trust.

Scope of Audit

The audit program covered all major financial systems and was directed primarily towards obtaining sufficient evidence to enable an audit opinion to be formed with respect to the financial statements and internal control.

Audit Communications to Management

A management letter conveying findings arising from the audit was forwarded to the Director for consideration.  A satisfactory reply to these findings has been received.

AUDIT FINDINGS AND COMMENTS

Commentary on General Financial Controls

The results of the audit were considered to be satisfactory, however, a number of minor issues were identified, which were communicated to the Director of the Trust and the individual museum directors.

CONTROLS OPINION

As required by subsection 36(1)(a)(iii) of the Public Finance and Audit Act 1987, the audit of the History Trust of South Australia included an assessment of the controls exercised in relation to the receipt, expenditure and investment of money, the acquisition and disposal of property and the incurring of liabilities.  The assessment also considered whether those controls were consistent with the prescribed elements of the Financial Management Framework as required by Treasurer’s Instruction 2 ‘Financial Management Policies’.

Audit formed the opinion that the controls exercised by the History Trust of South Australia in relation to the receipt, expenditure and investment of money; the acquisition and disposal of property; and the incurring of liabilities, were sufficient to provide reasonable assurance that the financial transactions of the organisation were conducted properly and in accordance with the law.

INTERPRETATION AND ANALYSIS OF FINANCIAL STATEMENTS

Net Assets Resulting from Operations

Net assets resulting from operations decreased by $2.9 million due mainly to an increase in depreciation and amortisation expenses by $0.4 million and a reduction of $2.4 million in capital grants from the Government.

Admissions Receipts and Attendances

Results for the individual museums are shown hereunder:

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