Financial performance at a glance
The Adelaide Festival Centre Trust has produced a positive financial result, driven primarily by donations received by the Adelaide Festival Centre Foundation and interest earnings on cash held for the purposes of purchasing the land and buildings associated with the Adelaide Festival Centre from the Department of the Premier and Cabinet. The asset settlement took place on 3 June 2024.
The net result is $8.1 million favourable when compared with the 2023-24 budget, due to the additional interest earnings and increased donation activity. The total comprehensive result includes the revaluation increment on all land and buildings as of 30 June 2024.
Statement of Comprehensive Income
- 2023-24 Budget: $39,218,000
- 2023-24 Actual: $53,225,000
- Variation: $14,007,000
- 2022-23 Actual: $53,966,000
- Total Income:
- 2023-24 Budget: $39,218,000
- 2023-24 Actual: $53,225,000
- Variation: $14,007,000
- 2022-23 Actual: $53,966,000
- Total Expenses:
- 2023-24 Budget: $39,218,000
- 2023-24 Actual: $45,095,000
- Variation: ($5,877,000)
- 2022-23 Actual: $40,827,000
- Net Result:
- 2023-24 Budget: $0
- 2023-24 Actual: $8,130,000
- Variation: $8,130,000
- 2022-23 Actual: $13,139,000
- Total Comprehensive Result:
- 2023-24 Budget: $0
- 2023-24 Actual: $28,258,000
- Variation: $28,258,000
- 2022-23 Actual: $13,139,000
The Trust’s current assets and non-current assets as of 30 June 2024 were $31.2 million higher than the 2023-24 budget, primarily due to the purchase of Adelaide Festival Centre precinct assets which were transferred from the Department of the Premier and Cabinet during 2023-24, and the subsequent revaluation of all land and buildings as of 30 June 2024.
Statement of Financial Position
- 2023-24 Budget:
- Current assets: $30,986,000
- Non-current assets: $217,991,000
- Total assets: $248,977,000
- Current liabilities: $12,733,000
- Non-current liabilities: $60,833,000
- Total liabilities: $73,566,000
- Net assets: $175,411,000
- Equity: $175,411,000
- 2023-24 Actual:
- Current assets: $38,440,000
- Non-current assets: $241,770,000
- Total assets: $280,210,000
- Current liabilities: $7,299,000
- Non-current liabilities: $64,524,000
- Total liabilities: $71,823,000
- Net assets: $208,387,000
- Equity: $208,387,000
- Variation:
- Current assets: $7,454,000
- Non-current assets: $23,779,000
- Total assets: $31,233,000
- Current liabilities: $5,434,000
- Non-current liabilities: ($3,691,000)
- Total liabilities: $1,743,000
- Net assets: $32,976,000
- Equity: $32,976,000
- 2022-23 Actual:
- Current assets: $159,123,000
- Non-current assets: $82,058,000
- Total assets: $241,181,000
- Current liabilities: $8,778,000
- Non-current liabilities: $64,481,000
- Total liabilities: $73,259,000
- Net assets: $167,922,000
- Equity: $167,922,000
Consultants disclosure
The following is a summary of external consultants that have been engaged by the agency, the nature of work undertaken, and the actual payments made for the work undertaken during the financial year.
Consultancies with a contract value below $10,000 each
- Consultancies: All consultancies below $10,000 each - combined
- Purpose: Various
- Actual Payment: $8,000
Consultancies with a contract value above $10,000 each
- Risky Business Emergency Management:
- Purpose: Safety management services
- Actual Payment: $10,910
- Square Holes Pty Ltd:
- Purpose: Market research services
- Actual Payment: $10,000
- Total Actual Payment: $20,910
Data for previous years is available at: https://data.sa.gov.au/data/dataset/afct-consultant-data
See also the Consolidated Financial Report of the Department of Treasury and Finance for the total value of consultancy contracts across the South Australian Public Sector.
Contractors disclosure
The following is a summary of external contractors that have been engaged by the agency, the nature of work undertaken, and the actual payments made for work undertaken during the financial year.
Contractors with a contract value below $10,000
- Contractors: All contractors below $10,000 each - combined
- Purpose: Various
- Actual Payment: $294,806
Contractors with a contract value above $10,000 each
- Pinnacle People:
- Purpose: Food and beverage staff
- Actual Payment: $362,619
- WGASA Pty Ltd:
- Purpose: Light projection engineering services
- Actual Payment: $82,743
- Slava Grigoryan:
- Purpose: Creative director for Guitar Festival
- Actual Payment: $60,000
- People Space (SA) Pty:
- Purpose: Accounting and payroll staff
- Actual Payment: $58,030
- Rocinante Height Safety:
- Purpose: Production and event staffing
- Actual Payment: $50,710
- ForMile Events:
- Purpose: Site management services
- Actual Payment: $40,465
- Alan Langley:
- Purpose: Duty operator function
- Actual Payment: $37,750
- Marshall Day Acoustics:
- Purpose: Festival Plaza noise management
- Actual Payment: $33,175
- Andrew Kneebone:
- Purpose: Event planning and delivery
- Actual Payment: $31,733
- Alison Jones:
- Purpose: Site designer for festivals
- Actual Payment: $29,000
- Say Cheese Social:
- Purpose: Festival Plaza social media services
- Actual Payment: $24,050
- Sebastian Humphreys:
- Purpose: Public art commission
- Actual Payment: $22,000
- Diubaldo & Co:
- Purpose: Procurement services
- Actual Payment: $19,700
- Maxima:
- Purpose: Accounting staff
- Actual Payment: $19,612
- Nexus Multicultural Arts:
- Purpose: Venue and technical staffing
- Actual Payment: $18,501
- KANIN:
- Purpose: Production and event staffing
- Actual Payment: $17,826
- Risky Business Emergency Management:
- Purpose: Safety management services
- Actual Payment: $15,805
- Liquid Pacific:
- Purpose: Valuation services
- Actual Payment: $15,300
- Mapped Studio Pty Ltd:
- Purpose: Lighting services
- Actual Payment: $13,832
- Little Adelaide Catering:
- Purpose: Food and beverage staffing
- Actual Payment: $13,438
- Fang Siew Chern:
- Purpose: Production and event staffing
- Actual Payment: $12,216
- Showtrek Productions:
- Purpose: Production technical services
- Actual Payment: $10,620
- AAA Crewing Services:
- Purpose: Production technical services
- Actual Payment: $10,315
- Sustainable Value:
- Purpose: Social outcomes reporting for festivals
- Actual Payment: $10,070
- Total Actual Payment: $1,009,509
Data for previous years is available at: https://data.sa.gov.au/data/dataset/afct-contractor-data
The details of South Australian Government-awarded contracts for goods, services, and works are displayed on the SA Tenders and Contracts website. View the agency list of contracts.The website also provides details of across-government contracts.