Parramatta Stadium Trust

PARRAMATTA STADIUM TRUST

PARRAMATTA STADIUM ANNUAL REPORT 2011 TRUST

Office O’Connell Street Parramatta NSW 2150 Postal Address PO Box 2471 North Parramatta NSW 1750 Telephone (02) 9683 5755 Facsimile (02) 9890 3345 Email [email protected] Website www.parramattastadium.com.au GENERAL INFORMATION

STADIUM HISTORY STADIUM ACCESS In 1983 the NSW State Government approved the The Parramatta Stadium Trust office is open from redevelopment of Cumberland Oval. The Sydney Cricket 9am – 5pm, Monday to Friday. The office is also Ground and Sports Ground Trust was nominated by open during all events held at the Stadium. the Government to be the authority responsible for the development program and for the management of the completed facility. This arrangement continued until PUBlIC TRANSPORT March 1989 when the Parramatta Stadium Trust assumed The Stadium is located approximately 15 minutes walk management control of the venue. Parramatta Stadium from Parramatta Railway Station. For major events Trust is a NSW Government agency within the Department a free shuttle bus service operates between the station of Education and Communities. and the Stadium.

SPECTATOR CAPACITY ACCESSIBlE SEATING Eastern Grandstand: 3,941 undercover seats Accessible seating is provided along with on-site parking (Michael Cronin Stand) 4,184 terrace seats and accessible toilet facilities. Major event accessible seating can be reserved through Ticketek on 132 849. Western Grandstand: 3,319 undercover seats (Ken Thornett Stand) 3,839 terrace seats North Terrace: 2,161 EvENT SCHEDUlE South Terrace: 2,258 An event schedule is available by request from the Trust Corporate Boxes/Suites: 1,039 Office or can be viewed on the Trust website.

Total capacity: 20,741 Contents

Minister’s Foreword 02

Chairperson’s Report 03

Stadium Trustees 04 – 05

Trust Charter and Constitution 06 – 07

Director’s Review 08

Risk Management and Insurance 09 – 11

Event Highlights 12

Event Schedule 2011 13

Human Resources 14

Stadium Policies 15 – 16

Code of Conduct 17

Finance 18 – 20

Performance Against Budget 21

Income and Expenditure Graphs 22 – 23

Independent Auditor’s Report 24 – 25

Statement by Members of the Trust 26

Audited Financial Statements and Notes 27 – 40

Note: Apart from the Financial Statements all other financial information in this report is unaudited.

01 Minister’s Foreword Chairman’s Report

Parramatta Stadium Trust O’Connell Street Parramatta NSW 2150 PO Box 2471 North Parramatta NSW 1750 Phone (02) 9683 5755 Facsimile (02) 9890 3345 www.parramattastadium.com.au [email protected]

I am pleased to present this foreword to the Parramatta Stadium Trust Annual Report for 2011. The hard work and It is with great pleasure that I submit the annual report for Parramatta Stadium Trust for the year ended 2011 to the dedication of the Trustees, Management and Staff of the Parramatta Stadium Trust is reflected in the high standard Minister for Sport and Recreation for presentation to the NSW Parliament. of service and facilities provided to patrons and hirers at the Stadium in 2011. Following the recent transition to the The Trust has during the year upgraded disability access to the Stadium so that the Stadium is now much more friendly for new Western Sydney Local Venues Council I offer my sincere thanks and appreciation to all former Trustees for their disabled patrons. The Trust also celebrated its 25th Anniversary. The Stadium even though it is 25 years old continues to contribution and commitment. provide a wonderful venue to its patrons. During the period covered by this report I am proud to acknowledge the Stadium was once again the spiritual home of the As well as the 10 Parramatta Eels games at the Stadium a number of other events took place including Camp Quality – Laugh Parramatta Eels. on the Grass, Triple M Legends of Origin which raised over $450,000 for the Queensland Premier’s Flood Relief Appeal, In addition, the Stadium continued to demonstrate its multi-purpose capability by hosting the Olyroos v Uzbekistan, a Sydney the Leukaemia Foundation – Light the Night, the Deepavali Fair 2011 and the Olyroos v Uzbekistan soccer match. The FC v Parramatta FC match, the Legends of Origin flood relief fundraiser, and the Deepavali Fair – a NSW Government Cumberland Lounge continues to be used constantly during the week for seminar and government department meetings sponsored cultural event. and is creating a constant stream of revenue. The number of people attending the stadium during the year was 144,283. As Minister, I am pleased to note the financial information in this report reveals a positive result for the Trust, with As the Stadium moves towards handing over its responsibilities to Venues NSW, it is with great pride that I acknowledge management costs and minor capital works funded from operating surpluses. Upgrades have recently been completed that the Stadium has been well maintained and enhanced under the stewardship of the Parramatta Stadium Trust. and now provide improved access and facilities for disabled patrons attending the venue. I wish to acknowledge the support and input of my fellow Trustees and thank them all for their dedicated involvement as I congratulate Chairman Craig Gallagher, the Management team and Staff of Parramatta Stadium for their continued Trust members. commitment in maintaining a high standard of service to clients and patrons utilising Parramatta Stadium. I also wish to thank the staff of the Stadium for the friendly and enthusiastic manner in which they have carried out I am confident that under the new structure of Venues NSW the Parramatta Stadium experience will continue to further their roles quite often beyond expectations. I wish every staff member great success in working with Venues NSW. enhance customer and community outcomes. I particularly wish to acknowledge and thank the Stadium Director, Luke Coleman for his great service to the Trust and his exceptional leadership. Lastly, in what has again been a very successful year I wish to take the opportunity to thank the Minister, the Honourable Graham Annesley for his great support and also the support of the Department of Education and Communities throughout the year.

The Hon Graham Annesley MP Minister for Sport and Recreation

Craig Gallagher Chairman Parramatta Stadium Trust

02 03 Minister’s Foreword Chairman’s Report

Parramatta Stadium Trust O’Connell Street Parramatta NSW 2150 PO Box 2471 North Parramatta NSW 1750 Phone (02) 9683 5755 Facsimile (02) 9890 3345 www.parramattastadium.com.au [email protected]

The Hon Graham Annesley MP Minister for Sport and Recreation

Craig Gallagher Chairman Parramatta Stadium Trust

02 03 Stadium Trustees Parramatta Stadium Trust

CHAIRMAN TRUSTEE The Trust consists of 7 members who are appointed by the Governor on the recommendation CRAIG GALLAGHER DORIS DREWERY of the Minister for Sport and Recreation. u Appointed as Chairperson in July 2006. u Appointed as Trust Member in December 1998. u Appointed as Trust Member in December 1998. Reappointed in December 2009. TRUSTEES Reappointed in December 2009. u Former President, Parramatta Melita Eagles • Craig Gallagher • Denis Fitzgerald AM u Partner, Hunt and Hunt Lawyers. Soccer Club Ltd. u Director, Bendigo Bank North Epping. u Former Secretary, NSW Soccer Federation • Pam Smith • Alan Overton AM u Former Trustee, Sydney Olympic Park Sports Trust. Super League. • John Brown AO • Patrick Smith u Former Secretary, Parramatta Melita Eagles • Doris Drewery Soccer Club Ltd. DEPUTY CHAIRPERSON u Former Secretary, Parramatta Melita Eagles PAM SMITH Youth League Competition. FINANCE AND AUDIT SUB COMMITTEE u Appointed as Deputy Chairperson in July 2006. u Former Secretary, Holroyd District Little Athletics. • Pam Smith (Chair) • Doris Drewery u Appointed as Trust Member in August 2002. • Craig Gallagher • Patrick Smith Reappointed in December 2009. u Director, Netball Australia. TRUSTEE u Former CEO, Young Achievement Australia. DENIS FITZGERALD AM TRUST MEETINGS u Former Member, Greater Western Sydney u Appointed as Trust Member in December 1988. As a general rule the Trust meets on a monthly basis. There were 11 Trust Meetings held during Economic Development Board. Reappointed in December 2009. the period under review. u Justice of the Peace. u Director, Sydney Olympic Park Authority. u Chairman, Combat Sports Authority of NSW. u Former Chairman, National Rugby League Club Council. TRUSTEE FULL TRUST TRUSTEE u Former Director, Australian Rugby League. JOHN BROWN AO u Former Director, NSW Rugby League. Craig Gallagher 9 PIC TO u Appointed as Trust Member in February 2009. u Former Chief Executive, Parramatta Leagues Club. u COME Reappointed in December 2009. Former Chief Executive, Parramatta National Rugby Pam Smith 11 u Board Member, Advertising Standards Bureau. League Club. u Board Member, Centenary Institute (Prince Alfred Hospital). u Former Alderman, Parramatta City Council. John Brown AO 4 u Board Member, (Fund Raising), San Miguel. u Board Member (Fund Raising), Spastic Centre NSW. Doris Drewery 9 u Board Member, Ability Australia. TRUSTEE u Board Member, Talent Development Corporation. ALAN OVERTON AM u Denis Fitzgerald AM 10 Trustee, Cypress Lakes Golf Club. u Appointed as Chairperson in December 1995. u Chairman, Sport and Tourism Youth Foundation. u Appointed as Trust Member in July 2006. Alan Overton AM 11 u Chairman, Aboriginal Sports Corporation Trustees. Reappointed in December 2009. u Emeritus Chairman, Spinesafe. u Vice President, Scout Association NSW. u Ambassador, Parramatta City Council. u Director, Westmead Hospital Medical Patrick Smith 9 u Federal Member, Parramatta 1977-1990. Research Foundation. u Cabinet Minister, Hawke Government 1983-1988. u Deputy Chairman, Ronald McDonald House. u Life Member Australian Institute of Sport 1990. u Member, Parramatta Park Trust. u Awarded Honorary Distinguished Service award by the u Member, PCSP Committee (NSW Police). United States Sport Academy 1985. u Member, WSCC Committee (Silverwater u Awarded Olympic Silver Order in 1986 by Juan Antonio Correctional Facility). Samaranch of the AOC u Board Member, Parramatta Chamber of Commerce. u Alderman, Parramatta City Council 1977-1980. u Vice President, Parramatta Cricket Club. u Australian of the Year (Australian Newspaper) 1987. u Patron, Parramatta Community Service Centre. u Awarded Australian Sports Medal 2000. u Patron, Arthur Phillip High School. u Awarded Bicentennial Medal 2000. u Patron, City of Parramatta Police and Community u SOCOG Board 1994-1998. Youth Club. u Patron, NSW Push and Power Wheelchair TRUSTEE Sports Association. PATRICK SMITH u Appointed as Trust Member in February 2009. Reappointed in December 2009. u Former Senior Executive, IBM Australia. u Former Member, Parramatta District Rugby League Football Club Advisory Committee. 04 05 Stadium Trustees Parramatta Stadium Trust

The Parramatta Stadium Trust is constituted under the PRINCIPAL GOALS CONFLICT OF INTEREST whether he or she may participate in discussions. The provisions of the Parramatta Stadium Trust Act, 1988. member should not take part in any decision of the Trust In accordance with its Mission the Trust’s principal goals are: In the interests of sound administration and fair dealing The Trust shall have and may exercise and perform the with respect to the matter. • to significantly increase usage of the Stadium and it is important that all conflicts of interest, whether real, functions conferred or imposed on it by or under the Act If the conflict of interest is significant or material, it maximise the revenue which can be derived from this perceived or potential, are dealt with in the appropriate and shall in the exercise or performance of its functions is generally appropriate for the person who has made use, having due regard to providing opportunities to the manner. This will ensure the protection of both the Trust be subject to the control and direction of the Minister for the conflict of interest to take no further part in the general community. members and of the Trust. Sport and Recreation. discussions or the decision making process. In exceptional • to maintain and develop the Stadium so that it continues In considering whether or not there is a possible conflict The objects of the Trust as set out in the Act are: circumstances, with the minuted consent of the meeting, to be a venue of international standard which is capable of interest, it is always important to analyse how others (a) To care for, control and manage the Trust land; the person may be required to provide information to of attracting major sporting, entertainment, cultural would view the situation. the Trust. (b) To provide and maintain a sporting arena suitable for and community events. A conflict of interest would exist where: the conduct of football matches; Where a conflict or apparent conflict does arise, the • A Trust member has a personal interest that could lead Trustee must consider whether to refrain from (c) To permit the use of the Trust land for such other to the person being improperly influenced in the way he MANAGEMENT VALUES participating in the debate and/or voting on the matter, sporting, recreational, educational or cultural or she carries out Trust work; activities or such exhibitions as the Trust may consider The Trust recognises that it is managing a public asset and whether to arrange that the relevant Trust papers are not • A Trust member has a personal interest that could appropriate (whether or not of a commercial nature); must do so effectively and efficiently. It will do its utmost sent, or in an extreme case whether to resign from the lead a fair person to think that he or she could be to ensure that opportunities for the public to witness top Parramatta Stadium Trust. The Chairman is available to (d) To provide such other ancillary facilities as may improperly influenced in the way he or she carries out quality sporting and entertainment are maximised. discuss potential conflicts of interest with Trustees. be required for effectively operating the facilities Trust work; or and carrying out the activities, referred to in the The Trust will ensure that all customers (hirers, sponsors Full disclosure of conflicts or potential conflicts must • A family member, relative, friend, associate or anybody preceding paragraphs; and patrons) receive the best in service, value for money be made to the Parramatta Stadium Trust meeting at else close to the Trustee has an interest that could lead and that their association with the Stadium meets their which the conflicting matter arises. The existence of the (e) To encourage, promote and facilitate the use and to the Trustee being improperly influenced, or a fair respective expectations. Trustee’s declaration does not reduce the requirement for enjoyment of the Trust land by members of the public; person to think that the member could be improperly Wherever possible the Trust will assist the development of the Trustee to identify conflicts and possible conflicts of and such other objects, consistent with the use and influenced, in the way that he or she carries out his or junior sport and the conduct of community based activities. interest and to deal with them as set out above. enjoyment by the public of the Trust land, as the Trust her Trust work. considers appropriate. • A Trust member or a member of his or her immediate CORPORATE GOVERNANCE FINANCE AND AUDIT family obtains a consultancy contractual arrangement SUB-COMMITTEE MISSION The Parramatta Stadium Trust provides advice to the arising from knowledge obtained from the Trustee’s The Finance & Audit Committee is established as a The Mission of the Parramatta Stadium Trust is to provide Director in regard to decisions affecting the organisation. position in the Trust. committee of the Trust. The Committee advises the Trust a multi purpose arena for the conduct of football matches, Corporate Governance refers to the control and direction, Personal interests include pecuniary interests, but are not about financial and audit matters to assist the discharge sporting, entertainment and community events, thereby or stewardship, given to an organisation by the Trust limited to only pecuniary interests. of its responsibilities as described in the Trust’s Corporate contributing to the development of sporting recreational Board. In the public sector, corporate governance also There are other situations, which could give rise to conflicts Governance guidelines. and cultural lifestyle for the residents of Sydney in involves how Parliament, Ministers and boards relate to of interests, or the perceptions of conflicts. It is not possible The purpose of this committee is to: particular and New South Wales in general. one another in stewardship matters. to list them all and sound judgement is necessary. Corporate Governance extends the Trust’s statutory role Other situations which could involve conflicts of interest • Assist the Trust to achieve its objectives; and responsibilities as defined by the Parramatta Stadium may include past and future employment, the interests • Promote the need for financial and public accountability Trust Act (1988) to include: of an organisation in which the Trustee has a position. of managers to Government, Parliament and taxpayers; • Setting strategic direction In many cases only the Trustee will be aware of the • Monitor the financial performance and viability of • Liaising with stakeholders potential conflict. Therefore the onus is on the Trustee to the Trust; • Ensuring compliance with statutory requirements take the appropriate action. • Support measures to improve risk management and • Managing risk Any conflict between the Trustee’s interests and those internal control systems; • Monitoring the organisation’s performance. of the Trust must be resolved in favour of the Trust. If a • Review the financial and accounting policies, standards Trustee believes that he or she has a conflict of interest and processes and the presentation of the annual then the Trustee should notify the Chairperson of the Trust financial reports; or the Trustee’s present at the meeting of the conflict • Assist the internal audit activity; of interest. It would generally be appropriate for the • Assist effective liaison between senior management, notification to be in writing and/or noted in the minutes. internal and external audit. Once disclosure is made, the meeting may resolve that the Trustee may stay in the room, and if it is so resolved,

06 07 Trust Charter & Constitution

06 07 Director’s Review Risk Management and Insurance

Parramatta Stadium celebrated its 25 Year Anniversary in rooms, main field, training field and proximity to the The Trust has developed a risk management framework During the year the Office of Communities engaged 2011, and the Trust approved a range of celebratory projects Parramatta Pool for training and recovery purposes. that is consistent with the Trust’s strategic objectives Deloitte to undertake a financial close and financial that included a ceremony prior to the start of the traditional Amateur and junior sport is always a feature in the event and a risk management plan, based on the Australian management follow up audit. Deloitte also undertook clash of St George and the Parramatta Eels. The ceremony schedule at the Stadium, along with an Olyroos game that Standard for Risk Management (AS/NZS ISO 31000:2009) an internal audit of selected procedures associated with included speeches from John Brown AO, Trustee, and continues the Stadium’s commitment to all sporting codes that addresses the full spectrum of risks to the Trust. property maintenance. The recommendations of both Michael Cleary AM, who were Federal and State Ministers for rectangular grounds. The risk management framework enables consideration these reviews are being implemented and will result in for Sport respectively, and were fundamentally responsible of insurable and uninsurable risks and mitigation actions improved governance and financial controls. What has become an annual community event at Parramatta for arranging the joint funding that enabled the construction such that go beyond insurance. These actions are planned, Stadium is the hosting of ‘Mercy Day’ for Our Lady of Mercy The key risk areas for the Trust are: of the Stadium on the site of Cumberland Oval. implemented and monitored by Trust management on an College, that featured sporting and other fun activities for • Managing the stadium facilities to ensure these meet ongoing basis. The Cumberland County Fair was also inaugurated as a the students. current community expectations and standards. This weekly Sunday market for six months that added to the The effective management of risk requires the integration The completion of the disabled access project has resulted is being managed with the recent upgrading of access diversity of events and community input that the stadium of risk into the culture of the organisation and embedded in the venue providing better access and facilities for for the disabled, regular stadium maintenance and the provides in Western Sydney. into the normal part of operations. During 2010, the Trust disabled persons. proposed redevelopment of car parking facilities. The Hindu Deepavali Fair again provided a colourful reviewed its risk assessment and developed an updated Risk The development of the Stadium continued to be on the agenda • Ensuring the ongoing financial stability of the Trust addition to the event programme at the Stadium. Management Plan in consultation with its Internal Auditors. for the Trust, and with the advent of a Stadium strategy, and through prudent management practices. This is being The approach taken was to systematically identify risks and The most notable event in the calendar for 2011 was Venues NSW in 2012, the future development will be under managed by sound financial management and periodic assess them relative to the risk management framework. the Triple M Legends of Origin game that raised around the stewardship of the new government authority. audits such as on catering services. $450,000 for the Queensland floods appeal in January. The Current controls and mitigation actions were reviewed The Chairman and Board of Trustees continued their • Reducing the dependence on any single hiring security contractor to the Stadium, ACES, provided their and additional actions were planned to mitigate risks unwavering support throughout the year and the staff at organisation for the major part of the Trust’s revenues services at no charge, and other suppliers gave discounts to acceptable levels. The Risk Management Plan was the Stadium remain loyal, professional and hard working. by broadening the use of the stadium for a wider range used as a basis for developing the Internal Audit Plan for to services provided. The event was planned and executed of sporting and community events. in less than a week which is a testament to the capability of the period 2010–2012, which ensures that all high risk The Trust believes that the true value of risk management is the staff at Parramatta Stadium. Luke Coleman areas are reviewed on a regular basis. The Trust Finance when it is used to ensure business success. The structured Director and Audit Committee monitors the implementation of the The Parramatta NRL Club continues as the major hirer of risk management program enables the Trust to manage Parramatta Stadium Risk Management Plan and the Internal Audit program as the Stadium, for training and 10 home games per year, in the uncertainties facing the organisation, especially in the a key aspect of Corporate Governance. addition to utilising the facilities of a gymnasium, change current economic climate, capitalise on the opportunities The Trust insurance program ensures that there is an that are presented, and ensure that emerging risk issues appropriate level of cover for all insurable risks for staff, are identified, assessed and managed appropriately. assets and users of the stadium facilities.

08 09 Director’s Review Risk Management and Insurance

08 09 Risk Management and Insurance

INTERNAL AUDIT AND RISK MANAGEMENT ATTESTATION The Board of the Parramatta Stadium Trust is of the opinion that the Parramatta Stadium Trust has internal audit and risk management processes in operation that are, excluding the exceptions described below, compliant with the core requirements set out in Treasury Circular NSW TC 09/08 Internal Audit and Risk Management Policy. The Board of the Parramatta Stadium Trust is of the opinion that the internal audit and risk management processes for Parramatta Stadium Trust depart from the following core requirements as set out in Treasury Circular NSW TC09/08 and that the Parramatta Stadium Trust implemented the following practicable alternative measures that have achieved a level of assurance equivalent to the requirement:

MINISTERIALLY DETERMINED DEPARTURE REASON FOR DEPARTURE AND MEASURE IMPLEMENTED

Core Requirement 1 • The Parramatta Stadium Trust does not employ a Chief Audit Executive. The services of the Chief Audit Executive of Communities NSW and subsequently the Department of Education and Communities have been utilised as the Trust’s Chief Audit Executive.

Core Requirement 2 • The requirement to establish an Audit & Risk Committee as required by the Internal Audit and Risk Management Policy was considered to have a material impact on Parramatta Stadium Trust operating budget due to resourcing constraints. • Communities NSW (CNSW), subsequently the Department of Education and Communities (DEC) has an Audit and Risk Committee with compliant membership. Parramatta Stadium Trust entered into a shared Audit and Risk Committee arrangement with CNSW and subsequently DEC to oversee, monitor and report on Parramatta Stadium Trust governance, risk and control issues affecting its operations as a practical measure that achieves a level of assurance equivalent to the requirements of the Policy.

These processes, including the practicable alternative The Chair and Members of the DEC Audit and Risk measures implemented, provide a level of assurance that Committee are: enables the senior management of Parramatta Stadium • Carolyn Burlew - (1 February 2010 to 1 February 2013) Trust to understand, manage and satisfactorily control Chair risk exposures. • Christine Feldmanis - (1 April 2010 to 1 April 2012) The Board of the Parramatta Stadium Trust is of the Independent Member opinion that the Audit and Risk Committee of Communities • Garry Dinnie - (1 January 2012 to 1 January 2014) NSW and subsequently the Department of Education and Independent Member Communities which provided oversight of governance, risk • David Roden - (6 December 2011 to 31 October 2012) and control arrangements for Parramatta Stadium Trust Independent Member were constituted and operated in accordance with the In accordance with a resolution of the Board of the independence and governance requirements of Treasury Parramatta Stadium Trust made on 23 February 2012. Circular NSW TC 09/08. The Chair and Members of the CNSW Audit and Risk Committee were: • Gerry Brus - (29 April 2009 to 30 November 2011) Independent Chair • David Roden - (15 June 2009 to 30 November 2011) 23 February 2012 Independent Member • Janet Milligan - (29 April 2009 to 30 November 2011) Craig Gallagher Non-Independent Member Chairman Parramatta Stadium Trust 10 11 Risk Management and Insurance

MINISTERIALLY DETERMINED DEPARTURE REASON FOR DEPARTURE AND MEASURE IMPLEMENTED

Parramatta Stadium continued to provide first class OTHER EVENTS DATE DAY EVENT events in a multitude of forms within a variety of event Parramatta Stadium Market spaces including the extended stadium car park and the The forecourt of the Parramatta Stadium played host January 20 Thursday Camp Quality – Laugh on the Grass Cumberland Lounge. The highlights included: to 28 Sunday markets. Market stalls offered an array of merchandise from categories including handmade January 27 Thursday Triple M Legends of Origin Australian artisans, art and craft, fashion, jewellery, RUGBY LEAGUE February 27 Sunday Parramatta Eels Fan Day memorabilia and collectibles, food stalls, produce market Parramatta Eels NRL Club and primary producers, recycled and second hand, Parramatta Stadium remains the home of the Parramatta March 18 Friday NRL Parramatta Eels v Penrith Panthers environmental, eco and fair trade. Eels National Rugby League Club with the venue being used for home games, training sessions for NRL, NYC and Deepavali Fair April 2 Saturday NRL Parramatta Eels v Nth Qld Cowboys NSW Cup teams, junior clinics, and open training sessions. The Indian Festival of Lights celebration came to Parramatta Stadium for a third consecutive year in April 24 Sunday NRL Parramatta Eels v Gold Coast Titans The Parramatta Eels experienced strong support during the largest annual gathering of people from the Indian the 2011 season, attracting a total of 121,932 spectators. subcontinent in Australia. May 23 Monday NRL Parramatta Eels v Cronulla Sharks Other Parramatta Eels events included Eels gala holiday The Hindu Council of Australia put on a wonderful day clinics, Fan Day, Eels Blue and Gold Army Open training May 26 Thursday NSWRL Disabled Children’s Rugby League Day of music, traditional and modern dance, Indian food sessions, and Eels recruitment and junior coaching clinics. and pyrotechnics. June 3 Friday NRL Parramatta Eels v St George Dragons Other Community Events Parramatta Stadium hosted the Triple M Legends of Origin In accordance with the Parramatta Stadium mission June 23 Thursday MCS Grand Final Day raising money for the Queensland Floods – Premier’s statement, Parramatta Stadium provided venue space for a Disaster Relief Appeal. A capacity crowd witnessed an variety of community events free of charge for community July 1 Friday NRL Parramatta Eels v Brisbane Broncos evening of Rugby League with Rugby League legends organisations including Camp Quality, Down Syndrome including Mark Geyer, Brad Fittler, Ricky Stuart, Benny NSW and the Leukaemia Foundation. July 8 Friday NRL Parramatta Eels v West Tigers Elias, Mal Meninga, Wendell Sailor and Gary Belcher. Functions and Conferences The Trust continues to encourage junior sport and again August 1 Monday NRL Parramatta Eels v Melbourne Storm The Stadium’s Functions and Conferences facilities were hosted the Metropolitan Catholic Schools Rugby League used for a variety of events during 2011. grand final day as well as NSWRL coaching clinics including August 13 Saturday NRL Parramatta Eels v Manly Sea Eagles a clinic for mentally and physically disabled children. The Cumberland Lounge and Corporate Suites were hired by various organisations including Royal Life Saving NSW, August 17 Wednesday Parramatta FC v Sydney FC FOOTBALL PRD Nationwide, Living Turf, Commonwealth Financial Planning, VIPeople, NSW Ombudsman, The NSW August 26 Friday NRL Parramatta Eels v Sydney Roosters The Football Federation of Australia (FFA) maintained Business Chamber, Coca Cola-Amatil, NSW Aboriginal its relationship with Parramatta Stadium by hosting an Housing Office. September 16 Friday OLMC Mercy Day Olympic Qualifier featuring Australia Under 23s and Uzbekistan Under 23s. The Stadium hosted TV commercial shoots produced by September 28 Wednesday NSWRL Skills Day OzCam Productions and Foxtel Management Pty Ltd. Parramatta Stadium also hosted Oman on behalf of September 29 Thursday Sport and Rec School Holiday Clinic the FFA prior to their fixture against the Qantas Australia Socceroos. September 29 Thursday Leukaemia Foundation – Light the Night Parramatta FC hosted Sydney FC in a trial match prior to Sydney FC’s Hyundai A-League campaign. October 30 Sunday Deepavali Fair 2011

November 23 Wednesday NSWRL Schools Skills Day

November 26 Saturday Parramatta Eels Open Training Session

November 27 Sunday Olyroos v Uzbekistan

12 13 Event Highlights Event Schedule 2011

November 23 Wednesday NSWRL Schools Skills Day

November 26 Saturday Parramatta Eels Open Training Session

November 27 Sunday Olyroos v Uzbekistan

12 13 Human Resources Stadium Policies

STAFF STRUCTURE The Office of Communities within Department of Education and Communities is the TRAINING • The Grounds and Maintenance Manager attended:- – RTA Traffic Control training employer of all staff at Parramatta Stadium. Full-time employees and their positions held in 2011 were: The staff training conducted during the year included: – Communities NSW – Stadia Managers • The Director attended:- Director Luke Coleman Assistant Accountant Sureka Abeysinghe Training workshop – Venue Management Association Congress Finance Manager Pushpa Senaratne Receptionist/ Grace Prior (1/1/2011 – 30/6/2011) • The Event & Marketing Officer attended:- – Communities NSW – Stadia Managers Training Executive Emma Hall (15/6/2011 – 31/12/2011) – ConnectionX – Social Media Panel Acting Events & Administration Manager Brett Campbell workshop Assistant • The Grounds Staff attended:- Grounds and Maintenance Manager David Hinkley • The Finance Manager attended:- Assistant Curator Michael Sammut – RTA Traffic Control training – CPA Australia – CPA Congress Event & Marketing Officer Rachael Spence – TAFE NSW – Basic Welding Groundsman Daniel Crouch – Communities NSW – Stadia Managers (1/8/2011 – 31/12/2011) – TAFE NSW – Chainsaw Operations Training workshop Administration Officer Jessica Armitstead Groundsman Peter Tofield (22/8/2011 – 31/12/2011) • The Acting Events & Administration Manager OVERSEAS VISITS attended:- There were no overseas visits by staff during 2011. – Venue Management Association Congress ORGANISATIONAL CHART – OHS White Card CREDIT CARD USE Chief Executive Officer Office of Communities – Communities NSW – Stadia Managers A credit card is provided to the Parramatta Stadium Training workshop Director for minor expenses only. Director Receptionist/Executive Assistant

Acting Events & Grounds & Finance Manager Administration Manager Maintenance Manager

Assistant Accountant Event & Marketing Officer Administration Officer Assistant Curator

Groundsman Groundsman CONTRACT STAFF In addition to the above positions the Trust utilises casual and contract staff for event. – Casual event staff are employed by the Trust to fill the following roles: Scoreboard Operator, Electrician, Plumber, Audio Technician, Labour Contract event staff are employed by the Trust to provide the following services: – Security (Australian Concert and Event Security), Event Staffing (VIPeople), Catering (Gema Group), Cleaning (Arcadia Pacific), Ticketing (Ticketek) EXECUTIVE REMUNERATION 2010 2011 Number of Executive Officers with remuneration equal to or exceeding equivalent of SES Level 1 1 1 Number of Executive Officers with remuneration equal to or exceeding equivalent of SES Level 5 0 0

EQUAL EMPLOYMENT Table 1 – Equal Employment Opportunity Disclosure by Total OPPORTUNITY Percentage of Full Time Staff EEO Group 2011 Communities NSW is an equal opportunity employer that has integrated EEO practices into all areas of the Women 45% workplace, thereby creating an environment where Aboriginal people and Torres Strait Islanders 0% staff are valued and have the opportunity to contribute People whose first language was not English 18% and develop. The merit principle is applied to all People with a disability 0% recruitment, selection, promotion, training and other employment related opportunities. People with a disability requiring work-related adjustment 0%

14 15 Human Resources Stadium Policies

Acting Events & Grounds & Finance Manager Administration Manager Maintenance Manager

Assistant Accountant Event & Marketing Officer Administration Officer Assistant Curator

14 15 Stadium Policies Code of Conduct

GOVERNMENT INFORMATION Trust staff and contractors endeavour to minimise waste, To set standards of behaviour and to act as a guide to USE OF FACILITIES AND EQUIPMENT use recycled material where possible and consider the solving ethical issues the Trust has established, according (Public Access) ACT 2009 Staff must use the Stadium’s resources efficiently and environment when making purchasing decisions. Due to to the principals of the NSW Public Sector Code of Conduct, On 1 July 2010 the Government Information (Public Access) economically, forbid the abuse of Trust property and only the small size of the agency, there are limited opportunities its own Code specific to the requirements of the Stadium. Act 2009 replaced the Freedom of Information Act 1989 (FOI). use facilities and equipment when given official permission. for new initiatives that would make a significant impact on The code is as follows. This new legislation is different to the old FOI legislation waste reduction. PRESENTATION AND UNIFORMS as it encourages the proactive release of government CONFLICTS OF INTEREST The Trust continues to lead the way with regards to water Staff must present the Stadium to the public according to information on agency websites unless there is an overriding Staff are to notify their supervisor if a potential or actual conservation by using advanced drainage systems and the image required by the Trust including the wearing of public interest against disclosure, for example, someone’s conflict of interest arises. rainwater tanks to store rainwater captured from the specified uniforms and adherence to standards of dress. personal details. roof area over the Stadium’s Eastern Grandstand and ACCEPTANCE OF GIFTS AND Requests under Government Information Public (Public maintenance buildings (2x150,000 litre, 4x20,000 litre). The SAFETY AND FACILITIES Access) Act 2009 must be made to Communities NSW Right BENEFITS tanks are connected to a pump and a meter for monitoring. Staff must observe all safety, fire and security requirements To Information Officer via phone, email or mail. Staff are not to solicit gifts for themselves or members The Stadium is considering installing similar technology to at the Stadium and ensure that all facilities are controlled, of their families. Unsolicited gifts may only be accepted if No requests were made in 2011. capture rainwater from the Western Grandstand roof area supervised, maintained and secured according to Trust acceptance cannot be seen by the public as being likely to in a bid to become fully water efficient and sustainable. requirements. effect performance of duties. TIMES FOR PROVISION OF SERVICE ETHNIC AFFAIRS POLICY OUTSIDE EMPLOYMENT The goal of the management of the Parramatta Stadium PERSONAL AND PROFESSIONAL Parramatta Stadium Trust’s Ethnic Affairs Priority Full time staff must seek prior approval of the Director Trust is to acknowledge letters within seven working days, BEHAVIOUR Statement (EAPS) has been submitted to the Ethnic before engaging in any form of paid employment outside although detailed responses vary according to the nature of Staff are required to: Affairs Commission. This statement reflects the Trust’s their official duties. In all cases when outside employment the enquiry. commitment to ensuring an equitable access to services • provide a high level of help and service to clients and is considered, staff should give their Trust employment The Trust completes settlement with hirers within five and facilities as well as recognising the values of a culturally the public; first consideration and avoid situations which give rise to, working days of the event. diverse society. • ensure they do not compromise themselves in carrying or the appearance of, a conflict of interest. In particular GUARANTEE OF SERVICE The Trust is committed to the principles of multiculturalism out their duty; they must consider whether the company or organisation • keep up to date with advances and changes in their areas Parramatta Stadium Trust is committed to providing our and reviews its practices in terms of leadership, social concerned is in, or entering into, a contractual relationship of expertise; customers with efficient, reliable and courteous service. justice, community harmony, cultural diversity, access, with the Trust. Customer feedback about our service is welcome and can equity and economic opportunity. • strive to obtain value for money spent and avoid waste be directed to: DISABILITY WORKS UPGRADES and extravagance; Director • maintain adequate documentation to support any Disability Works Upgrades completed in 2011 include: Parramatta Stadium Trust decision made; • Upgraded existing Disabled Toilets – Ken Thornett PO Box 2471 • adhere to Government policy and comply with Legislation Northern disabled toilet, Mick Cronin Southern disabled and Industrial and Administrative requirements; and NORTH PARRAMATTA NSW 1750 toilet, Ken Thornett level 2 disabled toilet, Ken Thornett • not take or seek to take improper advantage from official Southern disabled toilet and Mick Cronin Northern ENVIRONMENTAL AWARENESS information gained in the course of their employment. disabled toilet. All toilets have been reconfigured for the Parramatta Stadium Trust continues to implement the comfort of disabled patrons. FAIRNESS AND EQUITY principles of the NSW Government’s Waste Reduction and • Food and Beverage Outlets – Bob O’Reilly Snack Bar and Staff may only make decisions within their authority and Purchasing Policy (WRAPP). The Trust provided a Progress Cumberland Lounge have had bench tops lowered and such decisions must be made in a fair, equitable and Report to the Sustainability Programs Division of the NSW made wheelchair accessible. consistent manner and be made promptly. Department of Environment and Climate Change for the • Cumberland Lounge – Disabled access to Cumberland period 2007-2009. The report reflected the Trust’s focus Lounge has been upgraded with the addition of a lift. PUBLIC COMMENTS AND THE USE on waste minimisation procedures, meeting recycled OF OFFICIAL INFORMATION content requirements, as well as reducing greenhouse gas • Bob O’Reilly Bar – Accessible lift has been installed. Staff must not make public comments which disclose emissions and energy costs. • Turnstiles – have been widened to ensure easier information not normally given to members of the public Recycling initiatives in both the office and grounds areas accessibility for disabled patrons or express private opinions which appear to be Trust or have resulted in a reduction in general waste. The Trust is • Car Park – The car park has been made more accessible Government Policy or to give the impression that the committed to reducing general waste throughout the site with the addition of pram/ wheelchair accessible ramps. staff member is not prepared to implement Trust or and re-using or recycling materials wherever possible. Government Policy.

16 17 Stadium Policies Code of Conduct

16 17 Finance

OPERATING RESULT CATERING OTHER EVENT RELATED REVENUE Stadium. To implement this programme the Trust appoints service contractors and sub contractors. The Grounds and The year under review reflected an operating deficit of Catering services of the Trust was under the management Merchandising Commission Maintenance Manager oversees the contract staff under $796,835 compared to an operating surplus of $296,543 of Gema Professional Caterers Pty Ltd. The contract term Parramatta Leagues Club continued to market the Director’s guidance. for 2010. is three years commencing from 1 February 2009. merchandise on behalf of the Parramatta Eels. The During the year under review The Trust spent $265,056 The projected operating deficit for 2011 was $886,195 and The Trust’s share of gross sales of food and beverage trading merchandising commission for 2011 was $2,092 for Ground and Facility Maintenance compared to the actuals exceeded the projected budget favourably by was $256,192 compared to $303,601 in the previous year. compared to $11,609 in 2010. $307,142 in 2010. The expenditure for 2011 included an $89,360, a decrease of 10%. The positive variance was The commission from food and beverage sales reflected Ticket Rebate amount of $51,023 spent on fertilizers and chemicals for mainly due to an increase in car parking revenue and a decrease of 15.62%. The Trust also received $69,167 ground maintenance. interest revenue. towards catering income in the form of sponsorship and Ticketek continued to operate all ticketing transactions pouring rights. The overall income reflected a decrease of for the stadium. The ticket rebate for 2011 was $70,110 CONSULTANTS REVENUE AND EXPENDITURE compared to $108,227 in 2010. 15.18% over the last year. Consulting fees payments for this year totalled $98,829 Total revenue for the year was $3,312,084 compared to the The Trust received $153,183 from liquor sales in 2011 Advertising compared with $123,635 for previous year. The number $3,817,078 (includes a grant of $317,000 from the State compared to $171,582 in 2010, a decrease of 10.72%. Advertising Revenue for this year totalled $393,467 of consultancies for this year totalled seven. These Government) in 2010 with revenue decreasing by 5.36%. In The Trust also received a liquor volume rebate from compared to $389,340 received in 2010. In 2011 the consultancies were for development of Stadium Master order to calculate the actual decrease the grant has been various sponsors and reflected an overall decrease of advertising revenue increased by 1.05%. Plan, asset valuations, Stadium naming rights valuation excluded from last year’s revenue. 5.54% over 2010. In 2008 the Trust negotiated a five-year contract with and traffic and risk management plan. Consultancy Revenue exceeded the projected level of the Second Per capita income for the year for Food and Beverage Parramatta National Rugby League Club to sell the rights services over $30,000 are detailed below: Budget by 3.25%. The positive variance was mainly due to sales recorded increases of 10% in public areas and 7% to the advertising signage for Eels fixtures and any other APP Corporation $65,000 Gateway review - Stadium Master Plan increases in interest and car parking revenue. in corporate areas. Per capita income for Liquor sales events sponsored by the Parramatta Leagues Club. Operating Expenditure for the year was $3,832,350 recorded an increase of 6% for public and a decrease of GENERAL REVENUE compared with $3,303,921 in the previous year. Operating 26% for corporate areas. ADVERTISING AND PROMOTION expenditure increased by 16%. The increase was mainly Other Rental An amount of $65,571 was incurred this year compared to attributed to an increase in depreciation expense. PRIVATE BOX RENTAL Income received from the other rental amounted to $126,794 $6,734 for 2010. 2011 expenditure included $26,670 incurred Actual expenditure was slightly lower than the projected level Private Box rental totalled $359,964 for this year compared compared to $122,457 in 2010, recording an increase of for Cumberland County Fair promotion and $27,000 spent of the Second Budget and recorded a decrease of 6.39%. to $369,340 in 2010, a decrease of 2.53%. 3.54%. This revenue source included miscellaneous rents on the Stadium’s 25th anniversary celebrations. REVENUE FROM GROUND HIRE In 2008 the Trust negotiated a five-year contract with for Cumberland Lounge and other stadium facilities and Parramatta National Rugby League Club to sell the rights lease rents received from National Rugby League. EXTERNAL COST IN PRODUCTION Revenue from ground hire for 2011 was $187,621 compared to the private boxes for all Eels fixtures and other Club OF ANNUAL REPORT to $277,290 in 2010. 90% of the hire fees were received from Car Parking Revenue sponsored events. The external cost of producing the 2011 Annual Report was the Trust’s major hirer Parramatta National Rugby League Car Parking Revenue for this year totalled $554,616 $42.80 + GST per unit. Club. The remaining 10% was received from Football. compared to $469,717 received in 2010, an increase of 18.07%. This improvement was due to an increase in car WORKING CAPITAL parking fees with effect from July for casual parkers. The Trust maintained a strong working capital during the Other Revenue year of 21.1. This was mainly due to the inclusion of a NSW Income from other sources included training fees received state government grant in cash and cash equivalents. from various organisations including Parramatta Eels. MAJOR ASSETS PERSONNEL EXPENSES The favourable operating results before depreciation Personnel services were provided by Office of Communities afforded an opportunity to undertake a capital expenditure – Department of Education and Communities. program totalling $1,166,214 during the year. The personnel expenses during the year under review Major capital works undertaken during the year was the totalled $754,806 compared to the $641,433 in 2010, an completion of disabled access compliance work. Total cost increase of 17.67%. The personnel expenses for this for the disabled access compliance project was $457,440 year accounted for 19.69% of total operating expenditure and the project was partially funded by NSW Government. compared to 19.41% in 2010. Other capital works included major refurbishment and GROUND OPERATION AND replacement of air conditioning in the corporate area and replacement of CCTV installation. Other capital works MAINTENANCE undertaken included the purchase of a signage system and The Trust follows a comprehensive Asset Management replacement of main power cables. Strategy to preserve and maintain ageing facilities of the 18 19 Finance

INVESTMENT MANAGEMENT FUTURE OPERATING POSITION 2011 2011 2011 2012 First Second Actual First PERFORMANCE Preliminary financial projections are based on known event Budget Budget Budget activity for the year. An operating loss of $845,973 has been Funds were invested in both the Treasury Corporation’s $ $ $ $ Hour Glass Cash Facilities and Westpac money market projected for 2012 based on 10 Parramatta Eels games and REVENUE account for 2011. a few small events. Event Related: The Trust’s investment return on the Hour Glass Cash Revenue and Expenditure have been projected to decrease/ Hire Fees 220,000 208,000 187,621 185,000 Facility was 5.11% and 4.20% on the Money Market Account. increase by 4.21% and 4.86% respectively. The decrease in Catering revenue is insignificant as the Trust maintains the same Food Trading 387,457 303,631 325,359 324,272 TIME FOR PAYMENT OF ACCOUNTS number of fixtures as in 2011 and the increase in operating Liquor Trading 232,734 195,933 214,016 204,233 The Trust is in compliance with Treasury requirements expenses is due to maintenance of the capital base at its Costs recovered from hirers 581,613 574,853 579,677 510,183 by promptly settling all invoices and claims received. Any current level and depreciation. Private Box Rental 369,340 360,000 359,964 360,000 delay in payment is due to: Other 127,000 77,710 72,202 72,200 • Invoices not certified by Trust staff in a timely TOTAL EVENT RELATED REVENUE 1,918,144 1,720,127 1,738,839 1,655,888 fashion. Staff are contacted regularly and invoice certification requested GENERAL: Advertising 384,340 375,000 393,467 405,150 • Invoices not being received. In this event, copies Other Rental 107,453 107,453 126,794 109,464 are requested and paid. Interest 380,000 420,000 436,548 396,000 • Delays due to disputes. The relevant staff member Car Parking Revenue 470,439 530,339 554,616 545,847 and vendor, with Director’s supervision, resolve Miscellaneous 62,002 54,854 61,820 60,423 these disputes. TOTAL REVENUE 3,322,378 3,207,773 3,312,084 3,172,772

EXPENDITURE REPORT ON ACCOUNT PAYMENT PERFORMANCE EVENT RELATED: 1. ACCOUNTS PAYABLE AT THE END OF EACH QUARTER Operating costs 459,001 470,431 449,466 404,221 TOTAL EVENT RELATED EXPENDITURE Quarter Ended Quarter Ended Quarter Ended Quarter Ended

31.3.11 30.6.11 30.9.11 31.12.11 GENERAL: Current (ie within due date) 53,585 48,207 78,091 69,889 Depreciation 1,129,000 1,589,298 1,638,578 1,590,000 Less than 30 days overdue – – – – Personnel Services 939,987 846,553 754,806 816,275 Between 30 and 60 days overdue – 1,443 13,302 – Trustees’ Remuneration 38,032 40,000 35,332 40,000 Between 60 and 90 days overdue 117 – – – Maintenance 348,000 346,000 265,056 388,000 More than 90 days overdue – 117 117 117 Cleaning and Waste Disposal 85,000 78,836 79,100 91,000 53,702 49,767 91,510 70,006 Water and Sewerage 86,000 100,000 84,848 100,000 Telephone Gas and Electricity 143,750 153,750 141,743 175,000 2. INFORMATION IN RESPECT OF ACCOUNTS PAID ON TIME Insurance 75,000 75,000 46,417 75,000 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Advertising and Promotion 37,000 66,000 65,571 15,000 31.3.11 30.6.11 30.9.11 31.12.11 Entertainment and Hospitality 15,000 15,000 12,365 15,000 Percentage of Accounts paid on time 99.8% 96.9% 85.3% 99.8% Capital Items expensed 15,000 15,000 11,174 15,000 Total dollar amount of accounts paid on time 53,585 48,207 78,091 69,889 Legal Services 30,000 30,000 16,512 30,000 Total dollar amount of accounts paid 53,585 48,207 78,091 69,889 Audit fees 48,000 48,000 41,188 48,000 The target is to have 100% accounts paid on time. Printing and Stationery 17,000 17,000 14,390 17,000 Consulting Fees 100,000 100,000 98,829 100,000 Other 105,100 103,100 76,975 99,250 TOTAL EXPENDITURE 3,670,870 4,093,968 3,832,350 4,018,746 Profit/(Loss) on disposal of assets (276,569) SURPLUS / (DEFICIT) (348,492) (886,195) (796,835) (845,974)

20 21 Finance Performance Against Budget

20 21 $400,000 Advertising

$390,000

$380,000

$370,000

$360,000

$350,000

$340,000

$330,000

$320,000 2006 2007 2008 2009Financial 2010 2011 Indicators

Budget Actual

$700,000 Catering Income Car Park Revenue $300,000 Hire Fees $600,000 $600,000 60 Current Ratio

$250,000 $500,000 $500,000 50

$200,000 $400,000 $400,000 40

$150,000 $300,000 $300,000 30

$100,000 $200,000 $200,000 20

$50,000 $100,000 $100,000 10

$0 $0 $0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Budget Actual Budget Actual $390,000 Private Box Rental Budget Actual Budget Actual Advertising $380,000 $400,000 8 Asset Utilisation %

$370,000 $390,000 7

$360,000 $380,000 6

$350,000 $370,000 5

$340,000 $360,000 $2,000,000 Cash Flows from Operations 4

$330,000 $350,000 $1,500,000 3

$320,000 $340,000 $1,000,000 2

$310,000 $330,000 $500,000 1

$300,000 $320,000 $0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Budget Actual Budget Actual

Budget Actual

22 23 $400,000 Advertising

$390,000

$380,000

$370,000

$360,000

$350,000

$340,000

$330,000

$320,000 2006 2007 2008 2009Financial 2010 2011 Indicators

Budget Actual

$700,000 Catering Income Car Park Revenue $300,000 Hire Fees $600,000 $600,000 60 Current Ratio

$250,000 $500,000 $500,000 50

$200,000 $400,000 $400,000 40

$150,000 $300,000 $300,000 30

$100,000 $200,000 $200,000 20

$50,000 $100,000 $100,000 10

$0 $0 $0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Budget Actual Budget Actual $390,000 Private Box Rental Budget Actual Budget Actual Advertising $380,000 $400,000 8 Asset Utilisation %

$370,000 $390,000 7

$360,000 $380,000 6

$350,000 $370,000 5

$340,000 $360,000 $2,000,000 Cash Flows from Operations 4

$330,000 $350,000 $1,500,000 3

$320,000 $340,000 $1,000,000 2

$310,000 $330,000 $500,000 1

$300,000 $320,000 $0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Budget Actual Budget Actual

Budget Actual

22 23 24 25 24 25 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust Statement of Financial Statements and Notes Comprehensive Income FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011 2010 $ $ REVENUE EVENT RELATED: Hire Fees 187,621 277,290 Catering – Food and Beverage Trading 2(a) 325,359 383,601 Liquor Trading 2(b) 214,016 226,582 Costs recovered from hirers 1(g) 579,677 693,059 Private Box Rental 359,964 369,340 Other 3(a) 72,202 119,836 1,738,839 2,069,708 GENERAL: Advertising 393,467 389,340 Other Rental 126,794 122,457 Interest 436,548 389,856 Car Parking revenue 554,616 469,717 Other 3(b) 61,820 59,000 Grants received from the State Government – 317,000 1,573,245 1,747,370 Period: 1 January 2011 to 31 December 2011 TOTAL REVENUE 3,312,084 3,817,078 EXPENDITURE EVENT RELATED: Statement by Members of the Trust: Operating Costs 4 449,466 554,874 GENERAL: Depreciation 13 1,638,578 1,124,823 Pursuant to Section 41C (1C) of the Public Finance and Audit Act, 1983, we declare on behalf of Personnel Services 6 754,806 641,433 the Trust that in our opinion: Trustee Remuneration 5 35,332 39,859 Maintenance 265,056 307,142 1. The attached financial statements exhibit a true and fair view of the financial position and Cleaning and Waste Disposal 79,100 78,284 Water and Sewerage 84,848 73,118 transactions of the Parramatta Stadium Trust for the year ended 31 December 2011. Telephone Gas and Electricity 141,743 133,635 Insurance 46,417 50,478 2. The financial statements have been prepared in accordance with the provisions of the Advertising and Promotion 65,571 6,734 Public Finance and Audit Act, 1983, the Public Finance and Audit Regulation 2010, and Entertainment and Hospitality 12,365 16,179 Capital Items Expensed 11,174 13,010 the Treasurer’s Directions. Accounting and Legal Services 16,512 8,954 Audit Fees 7 41,188 42,898 3. Further we are not aware of any circumstances, which would render any particulars Printing and Stationery 14,390 12,224 included in the financial statements to be misleading or inaccurate. Consulting Fees 8 98,829 123,635 Other 9 76,975 76,641 TOTAL EXPENDITURE 3,832,350 3,303,921 Gain / (loss) on disposal of assets 10 (276,569) (216,614) SURPLUS / (DEFICIT) BEFORE INCOME TAX (796,835) 296,543 Income tax expense – – SURPLUS / (DEFICIT) FOR THE YEAR (796,835) 296,543 OTHER COMPREHENSIVE INCOME Net gain on revaluation of land and buildings – 6,550,048 OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 6,550,048 TOTAL COMPREHENSIVE INCOME FOR THE YEAR (796,835) 6,846,591

The accompanying notes form part of these financial statements.

12 March 2012

26 27 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust Statement of Financial Statements and Notes Comprehensive Income FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

The accompanying notes form part of these financial statements.

12 March 2012

26 27 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Statement of Financial Position Statement of Changes in Equity AS AT 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011 2010 Accumulated Fund Asset Revaluation Total Equity $ $ Reserve CURRENT ASSETS 2011 2010 2011 2010 2011 2010 Cash and Cash Equivalents 11 8,384,290 8,423,733 $ $ $ $ $ $ Trade and other Receivables 12 143,348 67,552 Balance at the beginning TOTAL CURRENT ASSETS 8,527,638 8,491,285 of the financial year 36,280,146 35,983,603 23,948,940 17,398,892 60,229,086 53,382,495 Changes in equity NON-CURRENT ASSETS – other than transactions Property, Plant and Equipment 13 51,304,234 52,068,166 with owners as owners TOTAL NON-CURRENT ASSETS 51,304,234 52,068,166 Surplus / (Deficit) for the year (796,835) 296,543 – – (796,835) 296,543 TOTAL ASSETS 59,831,872 60,559,451 OTHER COMPREHENSIVE INCOME CURRENT LIABILITIES Trade and other Payables 14 144,317 159,626 Net gain on revaluation of Property, Plant and Equipment – – – 6,550,048 – 6,550,048 Personnel Services Provision 16 137,829 97,307 Other 15 117,475 73,432 Total other Comprehensive Income – – – 6,550,048 – 6,550,048 TOTAL CURRENT LIABILITIES 399,621 330,365 TOTAL CHANGES IN EQUITY (796,835) 296,543 – 6,550,048 (796,835) 6,846,591

TOTAL LIABILITIES 399,621 330,365 Balance at the end of the financial year 35,483,311 36,280,146 23,948,940 23,948,940 59,432,251 60,229,086 NET ASSETS 59,432,251 60,229,086 The accompanying notes form part of these financial statements.

EQUITY Reserves 23,948,940 23,948,940 Accumulated Funds 35,483,311 36,280,146 TOTAL EQUITY 59,432,251 60,229,086

The accompanying notes form part of these financial statements.

28 29 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Statement of Financial Position Statement of Changes in Equity AS AT 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

EQUITY Reserves 23,948,940 23,948,940 Accumulated Funds 35,483,311 36,280,146 TOTAL EQUITY 59,432,251 60,229,086

The accompanying notes form part of these financial statements.

28 29 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Statement of Cash Flows Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011 2010 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES $ $ (a) Reporting Entity Parramatta Stadium Trust, (the Trust) as a reporting entity, is a NSW Government Trading Enterprise. CASH FLOWS FROM OPERATING ACTIVITIES The Trust is domiciled in Australia and its principal office is at O’Connell Street, Parramatta. Receipts from Customers 3,134,803 3,796,272 The Parramatta Stadium Trust is constituted under the provisions of the Parramatta Stadium Trust Act, 1988. The Payments to Suppliers (2,459,580) (2,479,259) Parramatta Stadium Trust is a not for profit entity (profit is not its principle objective) and it has no cash generating Interest Received 436,548 389,856 units. The reporting entity is consolidated as part of the NSW Total State Sector Accounts. In November 2011, the NSW Government enacted the Sporting Venues Authorities Amendment (Venues NSW) Act 2011. NET CASH FLOWS FROM The Act allows for the repeal of the Parramatta Stadium Trust Act 1988, abolition of the Trust, and the transfer of its OPERATING ACTIVITIES 17(b) 1,111,771 1,706,869 assets, rights and liabilities to a newly created sporting venues authority (Venues NSW) on the date of proclamation. Proclamation occurred on 1 March 2012. As a result the Trust has prepared the financial statements on the basis that CASH FLOWS FROM INVESTING ACTIVITIES the Trust is not a going concern. The Trust’s assets and liabilities have been measured at amounts expected to be realised on transfer to Venues NSW on the proclamation date. Purchase of property, plant These financial statements for the year ended 31 December 2011 have been authorised for issue by the Truston and equipment (1,166,214) (1,845,697) 12 March 2012. Proceeds from sale of property, (b) Basis of Preparation The Trust’s financial statements are general-purpose financial statements that have been prepared in accordance with: plant and equipment 15,000 20,091 • applicable Australian Accounting Standards, (which include Australian Accounting Interpretations) and NET CASH FLOWS FROM • the requirements of the Public Finance and Audit Act 1983 and Regulation. INVESTING ACTIVITIES (1,151,214) (1,825,606) Property, plant and equipment are measured at fair value. Other financial statement items are prepared in accordance with the historical cost convention. Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the NET INCREASE / (DECREASE) IN CASH financial statements. AND CASH EQUIVALENTS (39,443) (118,737) All amounts are expressed in Australian currency. CASH AND CASH EQUIVALENTS AT (c) Changes to accounting policy BEGINNING OF PERIOD 17(a) 8,423,733 8,542,470 There were no changes to accounting policy this year (d) Statement of Compliance CASH AND CASH EQUIVALENTS AT The financial statements and notes comply with Australian Accounting Standards, which include Australian END OF PERIOD 17(a) 8,384,290 8,423,733 Accounting Interpretations. (e) Insurance The accompanying notes form part of these financial statements. The agency’s insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance for Government agencies. The expense (premium) is determined by the Fund Manager based on past claims experience. (f) Accounting for the Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where: • the amount of GST incurred by the agency as a purchaser that is not recoverable from the Australian Taxation Office is recognised as part of the cost of acquisition of an asset or as part of an item of expense. • receivables and payables are stated with the amount of GST included. Cash flows are included in the Statement of Cash Flows on a gross basis. However, GST components of cash flows arising from investing and financial activities which is recoverable from or payable to, the Australian Taxation Office are classified as operating cash flows. (g) Income recognition Income is measured at the fair value of the consideration or contribution received or receivable. Additional comments regarding the accounting policies for the recognition of income are discussed below: I Rendering of Services Revenue is recognised when the service is provided or by reference to the stage of completion (based on labour hours incurred to date). II Investment Income Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement. Rental revenue is recognised in accordance with AASB 117 Leases on a straight-line basis over the lease term. III Event related revenue Event related revenue is derived from revenues that can be allocated to specific sporting events. IV Grants and Donations Grants and donations are recognised as revenues when the Trust obtains control over the assets comprising the grant/donation. Control is normally obtained upon the receipt of cash. V Costs Recovered from Hirers Where venue hire agreements specify that the hirer should contribute to the variable costs of staging an event, the costs recovered are disclosed as a separate revenue item in the Statement of Comprehensive Income. Costs incurred are disclosed in the relevant expenditure categories in the Statement of Comprehensive Income. 30 31 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Statement of Cash Flows Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011 2010 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES $ $ (a) Reporting Entity Parramatta Stadium Trust, (the Trust) as a reporting entity, is a NSW Government Trading Enterprise. CASH FLOWS FROM OPERATING ACTIVITIES The Trust is domiciled in Australia and its principal office is at O’Connell Street, Parramatta. Receipts from Customers 3,134,803 3,796,272 The Parramatta Stadium Trust is constituted under the provisions of the Parramatta Stadium Trust Act, 1988. The Payments to Suppliers (2,459,580) (2,479,259) Parramatta Stadium Trust is a not for profit entity (profit is not its principle objective) and it has no cash generating Interest Received 436,548 389,856 units. The reporting entity is consolidated as part of the NSW Total State Sector Accounts. In November 2011, the NSW Government enacted the Sporting Venues Authorities Amendment (Venues NSW) Act 2011. NET CASH FLOWS FROM The Act allows for the repeal of the Parramatta Stadium Trust Act 1988, abolition of the Trust, and the transfer of its OPERATING ACTIVITIES 17(b) 1,111,771 1,706,869 assets, rights and liabilities to a newly created sporting venues authority (Venues NSW) on the date of proclamation. Proclamation occurred on 1 March 2012. As a result the Trust has prepared the financial statements on the basis that CASH FLOWS FROM INVESTING ACTIVITIES the Trust is not a going concern. The Trust’s assets and liabilities have been measured at amounts expected to be realised on transfer to Venues NSW on the proclamation date. Purchase of property, plant These financial statements for the year ended 31 December 2011 have been authorised for issue by the Truston and equipment (1,166,214) (1,845,697) 12 March 2012. Proceeds from sale of property, (b) Basis of Preparation The Trust’s financial statements are general-purpose financial statements that have been prepared in accordance with: plant and equipment 15,000 20,091 • applicable Australian Accounting Standards, (which include Australian Accounting Interpretations) and NET CASH FLOWS FROM • the requirements of the Public Finance and Audit Act 1983 and Regulation. INVESTING ACTIVITIES (1,151,214) (1,825,606) Property, plant and equipment are measured at fair value. Other financial statement items are prepared in accordance with the historical cost convention. Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the NET INCREASE / (DECREASE) IN CASH financial statements. AND CASH EQUIVALENTS (39,443) (118,737) All amounts are expressed in Australian currency. CASH AND CASH EQUIVALENTS AT (c) Changes to accounting policy BEGINNING OF PERIOD 17(a) 8,423,733 8,542,470 There were no changes to accounting policy this year (d) Statement of Compliance CASH AND CASH EQUIVALENTS AT The financial statements and notes comply with Australian Accounting Standards, which include Australian END OF PERIOD 17(a) 8,384,290 8,423,733 Accounting Interpretations. (e) Insurance The accompanying notes form part of these financial statements. The agency’s insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance for Government agencies. The expense (premium) is determined by the Fund Manager based on past claims experience. (f) Accounting for the Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where: • the amount of GST incurred by the agency as a purchaser that is not recoverable from the Australian Taxation Office is recognised as part of the cost of acquisition of an asset or as part of an item of expense. • receivables and payables are stated with the amount of GST included. Cash flows are included in the Statement of Cash Flows on a gross basis. However, GST components of cash flows arising from investing and financial activities which is recoverable from or payable to, the Australian Taxation Office are classified as operating cash flows. (g) Income recognition Income is measured at the fair value of the consideration or contribution received or receivable. Additional comments regarding the accounting policies for the recognition of income are discussed below: I Rendering of Services Revenue is recognised when the service is provided or by reference to the stage of completion (based on labour hours incurred to date). II Investment Income Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement. Rental revenue is recognised in accordance with AASB 117 Leases on a straight-line basis over the lease term. III Event related revenue Event related revenue is derived from revenues that can be allocated to specific sporting events. IV Grants and Donations Grants and donations are recognised as revenues when the Trust obtains control over the assets comprising the grant/donation. Control is normally obtained upon the receipt of cash. V Costs Recovered from Hirers Where venue hire agreements specify that the hirer should contribute to the variable costs of staging an event, the costs recovered are disclosed as a separate revenue item in the Statement of Comprehensive Income. Costs incurred are disclosed in the relevant expenditure categories in the Statement of Comprehensive Income. 30 31 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Notes to the Financial Statements Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (h) Assets Useful lives of the agency’s assets have been determined as follows: Acquisition of Assets Depreciation Rate The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the agency. Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset Buildings, Ground and Infrastructure 1.0% to 19% at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially Plant, Furniture and Equipment 1.33% to 44% recognised in accordance with the requirements of other Australian Accounting Standards. Motor Vehicles 20% Assets acquired at no cost, or for nominal consideration, are initially recognised at their fair value at the date of acquisition. Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s Sculptures 1.67% length transaction. Where payment for an asset is deferred beyond normal credit terms, its cost is the cash price equivalent, i.e. deferred (m) Maintenance payment amount is effectively discounted at an asset-specific rate. The day-to-day servicing costs or maintenance are charged as expenses as incurred, except where they relate to the (i) Capitalisation threshold replacement of a part or component of an asset, in which case the costs are capitalised and depreciated. Property, plant and equipment assets costing $5,000 and above individually or forming part of a network costing more (n) Loans and Receivables than $5,000 are capitalised. Loans and receivables are non derivative financial assets with fixed or determinable payments that are not quoted in (j) Revaluation of Property, Plant and Equipment an active market. These financial assets are recognised initially at fair value, usually based on the transaction cost or Physical non-current assets are valued in accordance with the “Valuation of Physical Non-Current Assets at Fair Value” face value. Subsequent measurement is at amortised cost using the effective interest method, less an allowance for Policy and Guidelines Paper (TPP 07-01). This policy adopts fair value in accordance with AASB 116 Property, Plant and any impairment of receivables. Any changes are accounted for in the surplus / (deficit) when impaired, derecognised Equipment and AASB 140 Investment Property. or through the amortisation process. Fair value of property, plant and equipment is determined based on the best available market evidence, including Short term receivables with no stated interest rate are measured at the original invoice amount where the effect of current market selling prices for the same or similar assets. Where there is no available market evidence, the asset’s discounting is immaterial. fair value is measured at its market buying price, the best indicator of which is depreciated replacement cost. (o) Liabilities The Trust revalues each class of property, plant and equipment at least every five years or with sufficient regularity to I Payables ensure that the carrying amount of each asset in the class does not differ materially from its fair value at reporting date. These amounts represent liabilities for goods and services provided to the agency and other amounts. Payables are The last revaluation for the Land, Building and Infrastructure was completed with an effective date of 31 December recognised initially at fair value, usually based on the transfer cost or face value. Subsequent measurement is at 2010 and was based on independent assessment. Land, Building and Infrastructure valuation was performed by Mark amortised cost using the effective interest method. Short term payables with no stated interest rate are measured Glanville, registered valuer at Land and Property Management Authority and Plant and Equipment valuation was at the original invoice amount where the effect of discounting is immaterial. performed by Stephen Ngai, member of Australian Institute of Quantity Surveyors. II Personnel Services and Provisions Plant & Equipment assets with short useful lives are measured at depreciated historical cost, as a surrogate for fair value. During the year the Trust received personnel services from Office of Communities. The Office is not a special When revaluing non-current assets by reference to current prices for assets newer than those being revalued purpose entity and does not control the Trust under this arrangement. (adjusted to reflect the present condition of the assets) the gross amount and the related accumulated depreciation A current liability (personnel services provisions) exists which include provisions of all employee related entitlements. are separately restated. Liabilities recognised in respect of employee benefits that fall due wholly within 12 months of the reporting date are For other assets, any balances of accumulated depreciation at the revaluation date in respect of those assets are recognised and measured at undiscounted amounts based on the amounts expected to be paid when the liabilities credited to the asset accounts to which they relate. The net asset accounts are then increased or decreased by the are settled. revaluation increments or decrements. Liabilities recognised in respect of employee benefits which are not expected to be settled within 12 months are Revaluation increments are credited directly to the asset revaluation reserve , except that, to the extent that an increment measured at present value in accordance with AASB 119 Employee Benefits. This is based on the application of reverses a revaluation decrement in respect of that class of asset previously recognised as an expense in the surplus/ certain factors (specified in NSWTC 11/06) to employees with five or more years of service, using current rate of pay. deficit, the increment is recognised immediately as revenue in the surplus/(deficit). Market yields on Government Bonds at 3.830% are used to discount such employee benefits. Revaluation decrements are recognised immediately as expenses in the surplus/ (deficit), except that, to the extent that The superannuation expense included in personnel services is determined by using the formulae specified in the a credit balance exists in the asset revaluation reserve in respect of the same class of assets, they are debited directly Treasurers Directions. The expense for certain superannuation schemes (i.e. First State Super) is calculated as to the asset revaluation reserve. a percentage of the employees’ salary. For other superannuation schemes (i.e. State Authorities Superannuation As a not-for-profit entity, revaluation increments and decrements are offset against one another within a class of non Scheme) the expense is calculated as a multiple of the employees’ superannuation contributions. current assets, but not otherwise. (p) Income taxes Where the asset that has previously been re valued is disposed of, any balance remaining in the asset revaluation The Trust falls under the Tax Equivalent Regime for government businesses (TER). As a result the Trust is required to reserve in respect of that asset is transferred to accumulated funds. remit tax equivalents to NSW Office of State Revenue based on accounting profit. Under the TER Framework the Trust The Trust is not liable for capital gains tax on the disposal of assets. is not required to apply AASB 112 “Income Taxes”. The Trust is not subject to a heritage restriction. (q) Comparative information The Trust is restricted by an Act of Parliament in relation to the sale of land. Comparative information has been restated where necessary to be consistent with disclosures in the current (k) Impairment of Property, Plant and Equipment reporting period. As a not-for-profit entity with no cash generating units, the Trust is effectively exempted from AASB 136 Impairment (r) New Australian Accounting Standards issued but not effective of Assets and impairment testing. This is because AASB 136 modifies the recoverable amount test to the higher of fair At reporting date a number of accounting standards adopted by the AASB had been issued but are not yet operative. value less costs to sell and depreciated replacement cost. This means that, for an asset already measured at fair value, At present New South Wales Treasury is mandating not to early adopt any of the new Standards/Interpretations as impairment can only arise if selling costs are material. Selling costs are regarded as immaterial. per Treasury Circular TC 10/08. As such, these new Standards/Interpretations have not been early adopted by the (l) Depreciation of Property, Plant and Equipment Parramatta Stadium Trust. Depreciation is provided for on a straight-line basis for all depreciable assets so as to write off the depreciable amount It is considered that the implementation of these Standards will not have any material impact on the Trust’s of each asset as it is consumed over its useful life to the agency. financial Statements. All material separately identifiable components of assets are depreciated over their useful shorter lives. Land is not a depreciable asset.

32 33 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Notes to the Financial Statements Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

2011 2010 2011 2010 $ $ $ $ 2. CATERING REVENUE 6. PERSONNEL SERVICES (a) Food and Beverage Trading Salaries and Wages 641,342 568,961 Share of gross sales in accordance Annual Leave 10,071 (11,101) with the catering agreement in Long Service Leave 30,451 1,962 operation at Parramatta Stadium 256,192 303,601 Payroll Tax 3,480 2,632 Catering Sponsorship 69,167 80,000 Workers Compensation Insurance 14,704 13,152 325,359 383,601 Other 5,991 (1,739) Superannuation expense 48,512 43,423 (b) Liquor Trading 754,551 617,290 Share of gross sales in accordance Casual wages 255 24,143 with the catering agreement in 754,806 641,433 operation at Parramatta Stadium 153,183 171,582 During 2011, Parramatta Stadium Trust provided personnel services amounting $14,871 to Hunter Region Sporting Liquor Volume Rebate and Venues Authority free-of-charge. Sponsorship Fee 60,833 55,000 214,016 226,582 7. AUDITOR’S REMUNERATION The Trust operates through a managing agent under a Concessionaire’s and an on premises licence. Audit Office of N.S.W. – External Audit 25,000 29,773 Deloitte – Internal Audit 16,188 13,125 3. OTHER REVENUE 41,188 42,898 (a) Event Related: The auditors received no other benefits. Merchandising Commission 2,092 11,609 Ticket Rebate 70,110 108,227 8. CONSULTING FEES 72,202 119,836 Administrative 379 18,980 (b) General: Operational 5,430 7,155 Training Fee 23,407 25,331 Stadium Master Plan 74,200 97,500 Cost recoveries 36,518 26,225 Stadium naming rights valuation 18,820 – Sundry 1,895 7,444 98,829 123,635 61,820 59,000 9. OTHER EXPENSES Bank Fees 9,561 7,985 4. EVENT RELATED OPERATING COSTS Car park related expenses 12,602 12,629 Ambulance services 4,300 5,200 Catering incentive to Eels – 7,267 Cleaning 88,277 100,274 Computer expenses 19,636 10,788 Event and security staff 207,408 283,003 Motor vehicle expenses 7,968 8,800 Portable light hire and sundry 59,548 59,292 Staff training, uniforms and amenities 14,294 15,002 Tradesmen 11,591 13,118 Subscriptions 3,592 4,321 Scoreboard operation 3,960 4,810 Sundry 9,323 9,849 Police 54,420 74,316 76,976 76,641 Car parking fee 13,083 14,861 Cumberland County Fair – Loss 6,879 – 10. GAIN/(LOSS) ON DISPOSAL OF ASSETS 449,466 554,874 Gain/(Loss) on sale of assets 1,535 658 5. TRUSTEES’ REMUNERATION Plant, furniture and equipment written off (237,933) (161,882) Parramatta Stadium Trust is classified as a Category C Advisory Board thereby enabling the payment of fees to Development expenditure write off – Southern Grand Stand – (55,390) Trust members. Development expenditure write off – Scoreboard (40,171) – The following emoluments were paid in accordance with rates determined by the Department of Premier and Cabinet. (276,569) (216,614)

Monetary emoluments paid to Trustees 35,332 39,859

The Trustees are supplied the Trust Box during match days.

34 35 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Notes to the Financial Statements Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

Monetary emoluments paid to Trustees 35,332 39,859

The Trustees are supplied the Trust Box during match days.

2011 2010 13. PROPERTY, PLANT AND EQUIPMENT (Continued) $ $ MOVEMENTS IN CARRYING AMOUNTS 11. CASH AND CASH EQUIVALENTS Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the Cash on Hand 500 500 end of the current financial year. Cash at Bank 978,503 1,385,823 Land Plant, Buildings, Capital Total Cash on Deposit-Treasury Corporation 7,405,287 7,037,410 Furniture Ground & Work in 8,384,290 8,423,733 & Equipment Infrastructure Sculptures Progress Cash includes cash on hand and at bank. Cash equivalents include short term deposits. $ $ $ $ $ $ 2011 12. RECEIVABLES Carrying amounts at RECEIVABLES 1 January 2011 15,145,000 11,643,556 25,147,482 87,393 44,735 52,068,166 Catering 91 2,348 Additions 87,992 97,311 – 980,911 1,166,214 Cost Recoveries 15,176 7,352 Transfers 549,718 428,657 – (978,375) – Car Parking Revenue 405 3,222 Disposals (142,967) (108,430) – (40,171) (291,568) Other 26,435 – Depreciation Expense (918,207) (718,865) (1,506) – (1,638,578) Australian Taxation Office (GST) 52,994 11,344 Carrying amounts 95,101 24,266 at end of year 15,145,000 11,220,092 24,846,155 85,887 7,100 51,304,234

PREPAYMENTS 2010 Insurance 30,658 30,463 Carrying amounts at Other 17,589 12,823 1 January 2010 14,600,000 9,994,399 20,155,251 88,899 195,398 45,033,947 48,247 43,286 Additions – 295,602 1,505,361 – 44,735 1,845,698 143,348 67,552 Transfers – 27,019 112,989 – (140,008) – Disposals – (181,315) – – (55,390) (236,705) 13. PROPERTY, PLANT AND EQUIPMENT Revaluations 545,000 2,012,031 3,993,018 – – 6,550,049 Freehold Land – at fair value 1(j) 15,145,000 15,145,000 Depreciation Expense – (504,180) (619,137) (1,506) – (1,124,823) Buildings, Ground & Infrastructure at fair value 31,883,413 32,056,664 Carrying amounts Less: Accumulated Depreciation 1(i) (7,588,289) (6,909,182) at end of year 15,145,000 11,643,556 25,147,482 87,393 44,735 52,068,166 Buildings, Ground & Infrastructure at cost 554,752 – Less: Accumulated Depreciation (3,721) – 2011 2010 24,846,155 25,147,482 $ $ 14. PAYABLES Sculptures at cost 90,194 90,194 Trade Creditors 78,763 66,864 Less: Accumulated Depreciation (4,308) (2,801) Accrued Expenses 65,554 92,762 85,886 87,393 144,317 159,626

Plant, Furniture & Equipment at fair value 13,814,144 13,952,781 The Trustees consider the carrying amounts of trade and other accounts payable approximate their net fair values. Less: Accumulated Depreciation (3,915,579) (3,149,432) Plant, Furniture & Equipment at cost 1,687,568 1,106,393 15. OTHER CURRENT LIABILITIES Less: Accumulated Depreciation (366,040) (266,186) Income received in advance 105,305 65,099 11,220,093 11,643,556 Sponsorship Fee 12,170 8,333 117,475 73,432 Capital work in progress 7,100 44,735 Total Property, Plant & Equipment 51,304,234 52,068,166 16. PERSONNEL SERVICES PROVISION Provision for annual leave 50,124 40,053 The Trust’s current Industrial Special Risks insurance policy as at 31st December 2011 provides a cover on buildings, Provision for long service leave 87,705 57,254 plant and equipment to the value of $64.5 million. 137,829 97,307

36 37 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Notes to the Financial Statements Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

17. CASH FLOW INFORMATION 19. FINANCIAL RISK MANAGEMENT (Continued) (a) Reconciliation of Cash a) Financial instrument categories For the purposes of the Statement of Cash Flows, cash includes cash on hand and at bank and cash on deposit at call. The Trust has no credit standby arrangements. Cash at the end of the financial year as shown in the Statement Note Category Carrying Carrying of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: Amount Amount 2011 2010 2011 2010 $ $ $ $ Financial Assets Cash on Hand 500 500 Cash and cash equivalents 11 N/A 8,384,290 8,423,733 Cash at Bank 978,503 1,385,823 Cash on Deposit 7,405,287 7,037,410 Receivables (excluding 12 Receivables TOTAL 8,384,290 8,423,733 prepayments and (measured at statutory receivables) amortised (b) Reconciliation of cash flow from operations cost) 42,107 12,922 with surplus/(deficit) after income tax Financial Liabilities Surplus/(Deficit) after income tax (796,835) 296,543 Payables (excluding 14 Financial Non-cash flows in surplus/(deficit) unearned revenue and liabilities Depreciation 1,638,578 1,124,823 statutory payables) (measured at (72,250) (66,864) (Profit)/Loss on disposal of property, amortised plant and equipment 276,569 216,614 cost) Changes in Assets and Liabilities (Increase)/Decrease in receivables (75,796) 30,292 b) Credit Risk (Decrease)/Increase in other current liabilities 44,043 25,525 Credit risk arises when there is the possibility of the Trust’s debtors defaulting on their contractual obligations, Increase/(Decrease) trade and other payables (15,309) 22,213 resulting in a financial loss to the Trust. The maximum exposure to credit risk is generally represented by the (Decrease)/Increase in provisions 40,521 (9,141) carrying amount of the financial assets. (net of any allowances for impairment). Net cash provided by operating activities 1,111,771 1,706,869 Credit risk arises from the financial assets of the Trust, including cash and receivables. No collateral is held by the Trust. The Trust has not granted any financial guarantees. 18. CONTINGENT LIABILITIES Cash The Trustees are not aware of any significant or material contingent liability in existence at reporting date or which Cash comprises cash on hand and cash balances within the Westpac and NSW Treasury Corporations. Interest is has emerged subsequent to reporting date which would materially impact on the financial position of the Trust as earned on daily bank balances at the monthly averages adjusted by Westpac and NSW Treasury Corporations. shown in the financial statements. Receivables – trade debtors All trade debtors are recognised as amounts receivable at reporting date. Collectibility of trade debtors is reviewed 19. FINANCIAL RISK MANAGEMENT on an ongoing basis. Procedures as established in the Treasurer’s Directions are followed to recover outstanding The Trust’s principal financial instruments are outlined below. These financial instruments arise directly from the amounts including letters of demand. Debts which are known to be uncollectible are written off. An allowance for Trust’s operations or are required to finance the Trust’s operations. The Trust does not enter into or trade financial impairment is raised when there is objective evidence that the entity will not be able to collect all amounts due. This instruments, including derivative financial instruments, for speculative purposes. The Trust’s main risks arising from evidence includes past experience, and current and expected changes in economic conditions and debtor credit financial instruments are outlined below, together with the Trust’s objectives, policies and processes for measuring ratings. No interest is earned on trade debtors. Sales are made on 30 day terms. and managing risk. Further quantitative and qualitative disclosures are included throughout the financial statements. The Trust is not materially exposed to concentrations of credit risk to a single trade debtor or group of debtors. The Trust on advice from its Finance Committee has overall responsibility for the establishment and oversight of There are no debtors which are currently past due or impaired whose terms have been renegotiated. risk management and reviews and agrees policies for managing each of these risks. Risk management policies are Authority deposits established to identify and analyse the risks faced by the Trust, to set risk limits and controls and to monitor risks. Compliance with the policies is reviewed by the Finance Committee and Internal Auditors on a continuous basis. The Trust has placed funds on deposit with TCorp, which has been rated “AAA” by Standard and Poor’s. These deposits are similar to money market or bank deposits and can be placed “at call” or for a fixed term. For fixed term deposits, the interest rate payable by TCorp is negotiated initially and is fixed for the term of the deposit, while the interest payable on at call deposits can vary. The deposits at reporting date were earning an average interest rate of 5.11% (2010 4.70%), while over the year weighted average interest rate was 5.10% (2010 4.89%) on a weighted average balance of $7,205,893 (2010 $7,174,927) during the year of 2011. None of these assets are impaired.

38 39 Parramatta Stadium Trust ABN 71060200753 Parramatta Stadium Trust ABN 71060200753 Notes to the Financial Statements Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011 FOR THE YEAR ENDED 31 DECEMBER 2011

38 39 Parramatta Stadium Trust ABN 71060200753 Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2011

19. FINANCIAL RISK MANAGEMENT (Continued) c) Liquidity risk Liquidity risk is the risk that Trust will be unable to meet its payment obligations when they fall due. The Trust continuously manages risk through monitoring future cash flows and maturities planning to ensure adequate holding of high quality liquid assets. The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance with policy set out in Treasurery Circular TC 11/12. If trade terms are not specified, payment is made no later than the end of the month following the month in which an invoice or a statement is received. Treasury Circular TC 11/12 allows the Minister to award interest for late payment. No interest was paid for late payment during the year. d) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Trust’s exposures to market risk are primarily through price risks associated with the movement in interest rates and other price risks associated with the movement in the unit price of the Hour Glass Investment Facilities. The Trust has no exposure to foreign currency risk and does not enter into commodity contracts. e) Interest rate risk As the Trust has no long term debt obligations, interest rate risk is considered minimal. Cash is transferred to an overnight facility with minimal change in interest rate. The Trust’s exposure to interest rate risk is set out below: 31 December 2011 Financial Assets Carrying Amount -1% Profit -1% Equity +1% Profit +1% Equity Cash and Cash equivalents 8,384,290 (83,843) (83,843) 83,843 83,843

31 December 2010 Carrying Amount -1% Profit -1% Equity +1% Profit +1% Equity Cash and Cash equivalents 8,423,733 (84,237) (84,237) 84,237 84,237

f) Fair value The cost of financial instruments recognised in the statement of financial position approximates the fair value, because of the short term nature of the financial instruments. 2011 2010 $ $ 20. COMMITMENTS FOR EXPENDITURE Capital Expenditure 106,307 363,988 Operating Expenditure 2,354 – The above commitments are payable within 12 months and includes a GST component of $9,878 (2010: $33,090)

21. ECONOMIC DEPENDENCY The Trust derives majority of its event related, advertising and other rental revenue from Parramatta National Rugby League Club Ltd.

22. SEGMENT REPORTING The Trust operates predominantly in one business and geographical segment being the management of Parramatta Stadium.

23. EVENTS AFTER THE REPORTING PERIOD In November 2011, the NSW Government enacted the Sporting Venues Authorities Amendment (Venues NSW) Act 2011. The Act allows for the repeal of the Parramatta Stadium Trust Act 1988, abolition of the Trust, and the transfer of its assets, rights and liabilities to a newly created sporting venues authority (Venues NSW) on the date of proclamation. Proclamation occurred on 1 March 2012.

40 END OF AUDITED FINANCIAL STATEMENTS GENERAL INFORMATION

Total capacity: 20,741 PARRAMATTA STADIUM TRUST

PARRAMATTA STADIUM ANNUAL REPORT 2011 TRUST