2013 - 2014 ANNUAL REPORT Contents
CHAIRMAN’S REPORT 05
DECLARATION & ATTESTATION 07
OUR ORGANISATION 08 Organisational Structure 10
SPORTS VENUES 11
MEMBERSHIP & BUSINESS DEVELOPMENT 15
OBJECTIVES & PERFORMANCE AGAINST OBJECTIVES 17
CORPORATE SERVICES 18 5 Year Performance 18 Organisational Development 20 Information Technology 22
LEGISLATIVE & GOVERNANCE POLICY COMPLIANCE 23
FINANCIAL OVERVIEW AND DISCLOSURE 25
DISCLOSURE INDEX 26
PROTECTED DISCLOSURES 28 Chairman’s Report
SSCT CHAIRMAN’S ANNUAL REPORT • Athletics Australia IAAF Melbourne World Challenge Since the mid 1990’s the State Government has invested in • Diving Australia World Cup and Commonwealth Games Trials excess of $250 million of capital funds into the facilities of • Diving Australia Age Championships the SSCT Trust to deliver on the Governments objectives of:
• Major Events – building and maintaining Victoria’s 2. REPRESENTATIVE TEAMS capacity to attract and retain major events Notable athletes who utilised the venue for training during • Representative Teams – supporting state level the year include: and professional sporting teams competing in national and international competitions Melbourne VIC Centre
• Peak of the Pathway / Elite Athletes – supporting athletic Mack Horton development via the provision of quality high performance 20th Commonwealth Games Glasgow 400m – 1500m and pathway facilities Kotuku Ngawati – 20th Commonwealth Games Glasgow 200m
• Support to the Sports System – providing access to Squash appropriate facilities that support the management and administration of sport. Sarah Cardwell 20th Commonwealth Games Glasgow Team • Participation – attracting a broad user base to support financial sustainability Netball
In order to deliver on the above objectives, the Trust managed 2014 Australian Squad: Karen Bailey, Tegan Caldwell, a capital budget of $6.6 million across the Trusts facilities of Bianca Chatfield, Madi Robinson, Liz Watson Melbourne Sports and Aquatic Centre (MSAC), State Netball 2014 Commonwealth Games Team: Tegan Caldwell, Hockey Centre (SNHC), Lakeside Stadium and MSAC Institute Bianca Chatfield, Madi Robinson of Sport (MiT). These major works were managed with a minimum downtime for business and were managed within Athletics the budget allocated. Alex Rowe The asset management operations and maintenance of 800m 2013 IAAF World Championships – Moscow, Russia the Trust’s suite of world class facilities is the cornerstone 2014 Commonwealth Games – Glasgow, Scotland of the Trusts ongoing ability in delivering the Governments key objectives. Josh Ross 200m & 4x100m 2013 IAAF World Championships – Moscow, Russia In relation to the key objectives the following was achieved in the 2013-2014 financial year: Kelly Hetherington 800m 2013 IAAF World Championships – Moscow, Russia
1. MAJOR EVENTS Damien Birkinhead The SSCT’s suite of facilities hosted 369 sporting events Shot Put 2014 Commonwealth Games – Glasgow, Scotland over the 2013-2014 financial year, including 156 aquatic events, 72 Brooke Stratton stadium events and 141 athletic and soccer events. Long Jump 2014 Commonwealth Games – Glasgow, Scotland Some of the major events that the Trust hosted during Jeff Riseley the year included: 800m & 1500m 2014 Commonwealth Games – Glasgow, Scotland FISAF (Federation of International Sports Aerobics and Fitness) Luke Cann • AFBJJ (Australian Federation of Brazilian Jujitsu) Javelin Throw 2014 Commonwealth Games – Glasgow, Scotland
• Australian Athletics Championships
• Australian Little Athletics Championships
STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 5 Chairman’s Report Declaration & Attestation
Richard Colman Total visitation for the year was 2.879 million patron making the ACCOUNTABLE OFFICER’S DECLARATION ATTESTATION ON COMPLIANCE WITH 400m, 800m & 1500m (T53) 2013 IPC Athletics World Melbourne Sports Hub one of the busiest multi-purpose venues In accordance with Financial Management Act 1994, THE AUSTRALIAN/NEW ZEALAND RISK Championships - Lyon, France in the country. In addition to the large number of events and I am pleased to present the State Sport Centres Trust MANAGEMENT STANDARD 2014 Commonwealth Games – Glasgow, Scotland visitations to the Trusts sporting facilities, MSAC Swim School Annual Report for the year ending 30 June 2014. I, Simon Weatherill certify that the State Sport Centres Trust attracted 12,889 visits and children’s programs 54,988 visits. Kelly Cartwright has risk management processes in place consistent with the There are currently 12,130 Melbourne Sports Hub members that 100m & Long Jump (F42) 2013 IPC Athletics World Australian/New Zealand Risk Management Standard. exercise regularly at MSAC. Championships – Lyon, France An internal control system is in place that enables the executive The SSCT finances continue to be well managed with to understand, manage and satisfactorily control risk exposures. 3. SUPPORTING THE SPORTING SYSTEM the operating budget being managed $617,831 better than The Audit and Risk committee verifies this assurance and budget. The development of the 2014-2017 Strategic Plan As outlined in the Trust Business Plan 2013-2014, SSCT provides that the risk profile of the State Sport Centres Trust has been during the year will cement Melbourne Sports Hub as a hub direct and indirect support to the sporting associations through Mr. Simon Weatherill CEO critically reviewed within the last 12 months. rental rates, revenue sharing and in-kind support. The quantum of world class facilities that brings real value to our growing 28 August 2014 of support for the 2013-2014 financial year was approximately sporting and local community. $2 million in cash, rent and in-kind support for sport tenancies During the year, the 8th International School of Sports and broad based community sport. In addition to this, SSCT Management was held. This course has seen over 150 delegates provided training at no cost for 10 Victorian Institute of Sport from all around the world attend and listen to the specialist (VIS) approved sports. expertise developed by the Trust on establishing and managing The Melbourne Sports Hub consisting of MSAC, SNHC, Greenfields sports sites. Due to the demand by the industry Mr. Simon Weatherill CEO Lakeside Stadium and MiT has provided excellent support for advice and information from key SSCT personnel, MiT is 28 August 2014 to our 32 tenants and stakeholders during the year. currently expanding its consultancy service to the industry. Finally, I wish to acknowledge the skill and teamwork of the 4. OFFERING PEAK PATHWAYS Executive Management Group, Chief Executive Officer, Simon FOR DEVELOPMENT Weatherill, my fellow Trust members, Brett Moore, Andrew ATTESTATION FOR COMPLIANCE WITH The Melbourne Sports Hub is home to the VIS sports of Fried, Nicole Livingstone, Danni Roche, Leigh Russell and Gaye Badminton, Diving, Hockey, Netball, Squash, Swimming, Hamilton, The former Minister for Sport Mr Hugh Delahunty and THE MINISTERIAL STANDING DIRECTION Synchronised Swimming, Table Tennis, Water Polo and the current Minister for Sport Mr Damian Drum for his support, 4.5.5.1 - INSURANCE Basketball. In addition to this it houses 12 state sports assistance and guidance to enable the Trust to deliver first class I, Simon Weatherill certify that the State Sport Centres Trust associations, 5 national associations and 10 VIS sports asportingSIGNATURE facilities to the Victorian public. has complied with Ministerial Direction 4.5.5.1 – Insurance. tenants. This unique structure allows the centre management team to work with the associations and the clubs to assist in the athlete’s development.
5. PARTICIPATION TO SUPPORT FINANCIAL SUSTAINABILITY Mr. Michael Taylor AO Chairperson Visitations to the Sports Hub continue to grow with 2.245 million Mr. Simon Weatherill CEO patrons visiting MSAC, 529,737 patrons at SNHC and 104,974 28 August 2014 patrons at Lakeside Stadium. Lakeside Stadium been particularly impressive with 141 sporting events for the year, with over 100 athletic events at the stadium. This has only been made possible by housing the major athletic bodies together at Athletics House.
6 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 7 Our Organisation
ESTABLISHMENT FUNCTIONS RANGE OF SERVICES PROVIDED The Melbourne Sports and Aquatic Centre is a statutory The key functions of the State Sport Centres Trust The Act outlines the range of services to be provided as authority established pursuant to the Melbourne Sports are as follows: sporting, educational, recreational, social and entertainment. and Aquatic Centre Act 1994. The Centre opened for a) The management, operation and maintenance of the business on 27 July 1997. THE STATE SPORT CENTRES TRUST VISION, Melbourne Sports and Aquatic Centre and the State PURPOSE AND VALUES ARE: On 22 December 1999 the Melbourne Sports and Aquatic Centre Netball Hockey Centre; Act 1994 was amended by the Melbourne Sports and Aquatic Our Vision: b) The care, improvement, use and promotion of the Centre (Amendment) Act 1999. As outlined in section 1 of the Melbourne Sports and Aquatic Centre and the State To develop an innovative sports hub for the Victorian Act, the main purpose of this Amendment was to: Netball Hockey Centre; and Australian community that provides a diverse range a) Rename the Melbourne Sports and Aquatic Centre Trust of programs and events for international, national and state c) The efficient financial management of the Melbourne Sports as the State Sport Centres Trust; and sporting groups as well as serving the Melbourne sporting and Aquatic Centre and the State Netball Hockey Centre; and recreational community. b) Extend the powers of the Trust to enable it to manage the d) The care, protection and management of the State Netball State Netball Hockey Centre and other sports, recreation Our Purpose: Hockey Centre land, and Melbourne Sports and Aquatic and entertainment facilities and services. Centre land, including maintaining the Melbourne Sports All of our programs, services and staff will embody As outlined in sections 14 and 15 of the Amendment, the and Aquatic Centre land and the facilities on the land to a ‘Champions in Life’ philosophy which will offer our Melbourne Sports and Aquatic Centre and the State Netball a standard that complements Albert Park; participants the opportunity to: Hockey Centre are to be managed as independent Strategic e) Subject to the Act, the planning, development, management, • Develop skills for life Business Units, each producing a Business Plan and having promotion, operation and use of other sports, recreation and • Be the best they can be separate and individual Financial Operation and Accounts. entertainment facilities and services in Victoria; It is the Government and Trusts policy that the Centres will • Develop healthy habits not receive any cross subsidies for operation. f) The development, management, promotion, operation • Develop social networks and use of facilities and services for the parking of vehicles The State Netball Hockey Centre opened for business on 29 and other necessary services to be used in conjunction Our ‘raison d’être’ is developing people through sport, January 2001 and was officially opened by the Premier of with any of the facilities or services managed or operated recreation and educational activities. Victoria, the Honourable Steve Bracks on 16 March 2001. by the Trust; and Our Values: On 10 October 2004, the State Sport Centres Act was amended g) To accept appointment and act as a committee • Integrity: Behaving in a clear and consistent manner by the State Sport Centres (Amendment) Act 2004. As outlined in of management of Crown lands. to Do the Right Thing. section 1 of the Act, the main purpose of this amendment was to “include additional land in the land at the Melbourne Sports and • Teamwork: Share. Understand. Succeed. Grow. Together. Aquatic Centre and to provide additional management powers in • Passion: Approach everything with Energy, Commitment relation to the Melbourne Sports and Aquatic Centre land”. and Enthusiasm to Make a Difference.
Under the Act the relevant Minister is the Honourable Damian Our Commitment: Drum MP, Minister for Sport and Recreation. Our staff commitment is to be able to assist anyone at anytime On 31 August 2011, State Sport Centres Trust was appointed as and help them with their development needs. the Committee of Management of the Lakeside Oval Reserve under Section 14 (2) of the Crown Land (Reserves) Act 1978.
8 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 9 Organisational Sports Venues Structure
Total visitations across the three venues of SSCT grew to just Swim School under two million nine hundred thousand during the 2013/14 MINISTER FOR SPORT AND RECREATION The Swim School had a successful year, although falling 8% financial year. See below for the venue breakdown: short of the set budget, yet managed to finish 9% up on the • 2,244,885 – MSAC previous year due to the maximisation of space and improved STATE SPORT CENTRES TRUST class structures. • 529,737 – SNHC Holding strong with enrolment numbers, in a market of growing AUDIT AND RISK COMMITTEE • 104,974 – LS competitors, the Swim School delivered aquatic education to Total – 2,879,596 12,889 people in the following groups: CHIEF EXECUTIVE OFFICER • 2,235 Water Babies SIMON WEATHERILL MELBOURNE SPORTS AND AQUATIC CENTRE (MSAC) • 6,298 Child Learn to Swim students CHIEF OPERATING OFFICER Aquatics • 583 Squad members PETER MURPHY The aquatic casual market continued to decline, finishing the • 243 Adult Learn to Swim students year 16% down on budget and 7% down on the previous year, • 470 Private Lessons for students Environmental Initiatives with the increase in aquatic events, periodic repair work and the • 125 People with Disabilities lack of available space being the main reason for this decline. • 2,935 Schools Learn to Swim students Major Capital Projects The aquatic event market performed well, exceeding budget by 33%, which was a growth of 13% from the previous year’s The final quarter marked a progressive move for the actuals. Continued strong utilisation of the facility by schools Swim School, offering direct debit for all swim school lessons. and Victorian swimming clubs were the key drivers for this The biggest impact of direct debit will be evident next year, GENERAL MANAGER GENERAL MANAGER MEMBERSHIP GENERAL MANAGER growth. The MSAC aquatic area also hosted several key stream lining the progression pathways and enrolment SPORTS VENUES MARKETING & COMMUNICATION CORPORATE SERVICES processes. These key movements will keep the Swim School TIM KALKMAN VIBEKE STISEN DARREN RATTLE National events which are listed below. as an industry leader for aquatic education in Australia. • Diving Australia – Australia World Cup Stadium Operations Health & Wellness Finance Commonwealth Games Trials MSAC / SNHC / LS • Diving Australia – Age Championships Aquatics, Aquatic Programs Organisational Development Business Development & Swim School & MSAC Institute of Training • U14 Girls National Water Polo • U16 Girls National Water Polo Sales & Marketing Bookings, Functions / Events IT & Telecom Sponsorship / Licensing • Swimming Victoria Age Championships
Risk & Contract Management MSAC Catering Operations Statutory Compliance
Facilities Maintenance Membership Services / Retail Admin, Contracts & Supply Rights
SNHC & LS Catering Operations
10 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 11 Sports Venues
Children’s Programs STATE NETBALL AND HOCKEY CENTRE (SNHC) LAKESIDE STADIUM (LS) FACILITIES Children’s Programs tracked true to budget for the The SNHC casual market finished the year 7% in front Lakeside Stadium performed well across all areas. The Facilities and Projects business units delivers both Facility 2013/14 financial year, finishing 22% or $178K better of budget, increased participation in Hockey and Netball Casual usage and bookings finished 39% above budget Management and Capital upgrade Improvements to MSAC, than the previous year. were the contributing factors. largely due to casual school hire during the year. Tenancies SNHC and LS. were 27% above budget, mainly due to expense recoveries The Children’s programs team delivered a wide range The events and bookings market performed strongly, In partnership, SSCT contracts product suppliers and trades that we had not budgeted for. Events finished the year 49% or of Programs and activities for schools and families to engage closing the year 39% ahead of budget. This was largely to manage all aspects of the buildings performance including $166K above budget, this was a further growth of 39% on children in sport and recreation, promoting the benefits of due to the Harlem Globetrotters events across October the following last year’s actuals. A number of notable events have been a healthy and active lifestyle, during the past year: and November. SNHC also hosted several other notable listed below. • Proactive and Reactive Maintenance events which are listed below. • 5,608 children enjoyed a birthday party experience • Australian Little Athletics Championships • Minor works • ANZ Championships Official Pre-Season Summer Shootout • 11,462 students participated in our SportsOut and WipeOut • Athletics Australia National Championships • Project Management / Capital Works schools programs • NBL Matches - Melbourne Tigers (Commonwealth Games Trials) • Capital Planning • 2,441 children attended the PlanetSport school holiday program • Victorian Gymnastics Championships • Athletics Australia IAAF Melbourne World Challenge • Asset Management • 35,477 enjoyed the fun and excitement of our SplashOut program • Highland Dancing Championships • Lacrosse Victoria Finals • Environmental Management • 6,500 FlowRider participants – roughly half were first time users • Hockey Victoria Grand Final Weekend • Little Athletics Victoria Relay Championships • Occupational Health and Safety • Australian School Volleyball Championships Stadiums • Melbourne Victory Youth League games & • Risk Management Overall the Stadium areas had a strong year, exceeding budget by FFV W-League games (broadcast) Asset Management $176K, this was an improvement of 7% on the previous year’s total. • SMFC home and away season games Continued audit and assessment of the building condition The stadiums casual market performed well finishing the year and the completion of the reported reactive maintenance 8% ahead of budget and 5% up on the previous year. Improved items, were a main focus for the team. Improvement of usage within Basketball, Badminton and Table Tennis halls were underperforming plant equipment and maximisation of the main drivers. the asset life while minimising down time was the second. Stadium bookings achieved good results finishing the year 14% Compliance with BCA, Health Department, RLSSA and other in front of budget. This was largely driven by the increased regulatory bodies has been achieved as part of the regular usage within the Table Tennis and Squash halls. cyclical and reactive maintenance of the Venues. Continued MSAC Stadium Events finished the year 16% or $94K in investment into the ongoing venue maintenance ensures that front of budget. This included strong usage from the State the venues meet the expectation of the user and operator. Sporting Associations, as well as several notable events which are listed below.
• FISAF- Federation of International Sports Aerobics and Fitness
• AFBJJ– Australian Federation of Brazilian Jiu Jitsu – Pan Pacs
• Australian Schools Volleyball Championships
• Australian Corporate Games
• World Cup Cheer and Dance
• RMIT Exams
12 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 13 Sports Venues Membership & Business Development
Capital and asset upgrade Projects • Building management system (BMS) upgrades including Web MEMBERSHIP TeamMSAC based unified BMS to overcome BMS communication issues; With investment to ensure sustainability of the physical asset Membership products and services are key components of Melbourne Sports Hub recognises the importance of the and meeting user requirements, during 2013/14 the amount of • Water management through recycling of pool backwash water; Melbourne Sports Hub’s offering and 2013/14 was a year of great social aspect of sport participation and is proud to continue $5.7 Million of Capital projects and asset upgrade works were • Trigeneration plant providing significant reduction in improvement in both our products and services. A large upgrade the teamMSAC program. The program is free for all members committed, this included: greenhouse gases; and to the area included a $75K renovation of the change rooms to join and assists in allowing members to fully reach their and a further $300K upgrade to our gym strength and cardio individual health and fitness goals. teamMSAC provides a wide • Solar photovoltaic cells. equipment, giving our 3,150+ gym members access to state-of- range of training session, information nights and opportunities ITEM / WORKS TOTAL COMMITTED Risk Management the-art facilities. The new equipment allowed our gym members to participate in major events. In 2013/14, teamMSAC had 8,343 Business Operations $80,824 to participate in the global Let’s Move Challenge and saw MSAC members and of those some 120 competed in major sporting SSCT has a Risk Management Framework, developed within and its members finish 6th in Australia. events with several podium finishes. This is a participation OH&S $670,072 a position guided by VMIA, OH&S legislation and International increase of 18% on the previous year. Cost Saving / Revenue Generating $127,169 standards. This framework assists the Trust to develop Overall, the business has just over 12,000 members – 3,157 organisational wide capabilities in risk management, which Platinum members who enjoy access to our gym, health and These tremendous results from our membership community Disability Action Plan $43,900 ensures consistent, efficient and effective assessment and wellness facilities, and 8,973 Flexi members with access to continue to demonstrate our commitment to building a vibrant Preventative Maintenance / Life Cycle $3,803,769 management of risk in the achievement of SSCT’s strategic multi passes, car parking and exclusive offers and discounts. community of people centred on our Developing Champions and business objectives. The following processes have been Life Cycle / Revenue $58,491 Melbourne Sports Hub also continues to work closely with in Life values. implemented in align with the new framework: local community groups to offer local residents of all ages Lakeside Stadium $618,084 • Creation of a FT Risk Manager role to oversee and work and means access to our facilities, and the opportunity to VISITOR SERVICES Escalation Factor $302,450 with all areas of the business. Helping to manage operational become Champions in Life through a healthy lifestyle. Melbourne Sports Hub welcomes more than 2.8 million visitors and financial risk; each year from casual users to members and regular Total $5,704,759 During the year, a total of 2,379 fitness classes were held with • Assessment of strategic risks during annual business close to 34,000 visitations, while the wellness zone saw close participants in various sports. The business places great planning that have been supplemented to the Enterprise importance on servicing those visitors with a high level A total of 94 Asset Lifecycle and 113 Capital Works projects were to 23,000 visitations in its 1,732 classes. The success of the Risk Management Framework and management strategies classes can be accredited to the high level of competency and of professionalism and integrity. delivered during the year. recorded and monitored. This task is vital within the engagement by our instructors, and the quality of our facilities. organisation’s increasingly complicated and expanded In 2014/15 the business will undertake a major project to further Environment Management business activities; and Financially, the area performed well. The health and wellness strengthen the customer service levels across the business. The Trust in keeping with its published strategic objectives has The work is linked to Melbourne Sports Hub’s Customer Service • Utilisation of risk management software (RiskSense) area (including the gym) achieved the highest growth of direct maintained its drive to be a leader in environment management to record and report risks, hazards and incidents; allowing debit memberships in three years, exceeded new membership Promise, introduced in late 2013/14. practices through continuous improvement. the organisation to report on the relationships between sign-up targets by more than 100 memberships and, as a these factors and apply management strategies that can At the completion of 2013/14 the Trust are 9 months into the result, exceeded its budget target by more than $70,000. Flexi be monitored and audited to reduce the impact and rate memberships performed below expectations and as a result, measurement and verification stage of the Energy Performance of occurrence. This allows the organisation to manage data this membership category is under review to ensure its Contract. We are expecting a reduction of 4,642 tons of carbon, effectively to ensure consistency with benchmarks. Energy and water savings to the value of $549,938 at the success in 2014/15. 2011 bench mark. This will be achieved through the following improvements completed earlier in the 2013/14 financial year.
• Lighting upgrades Including new LED technology and redesign of lighting system controls;
• Heating, ventilation and air conditioning improvements;
14 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 15 Membership & Objectives & Performance Business Development Against Objectives
MARKETING AND COMMUNICATIONS SPONSORSHIP & Through the Vision and Mission of the State Sport Centres Trust, the following key objectives were identified in the 2013/14 Business Plan. The marketing & communications team provides support CORPORATE PARTNERSHIPS for Melbourne Sports Hub and all its business units. The key The Business Development team maintained focus for the business unit in 2013/14 was on the strengthening sponsorship relationships during the year and BUSINESS OBJECTIVE STATUS / RESULTS VARIATION / EXPLANATION of the Melbourne Sports Hub brand across all assets. The work maximised our opportunities with current partners undertaken included the update of the Hub brand to ensure it for promotion of the Melbourne Sports Hub. In-House model at MSAC realized Increase catering profitability from 15% to 20% Achieved remains contemporary and works across new media. The update 20% return to SSCT We continued to receive great support from Peters, has included a wide range of collateral, hard and soft copy, Coca Cola and Rip Curl for the FlowRider. They assisted Achieve staff productivity savings by moving and is supported by a new editorial style guide. Achieved Net salaries under budget by $93K us not only with sponsorship but great giveaways and casual staff to permanent full and part time In addition to this, a social media strategy was developed incentives for our community. Obtain government’s approval of the EBA Achieved EBA Approved 12 July 2013 and implemented to ensure our online presence is aligned Through our partnership with the Melbourne Bike Share to our customer service promise. Work commenced on a new Change of internal policy to tenant licence station, MSAC also continued to offer our patrons and the Increase gymnasium membership from 3,300 3,153 members online platform, set to launch in early 2014/15. It will include a agreement resulted in lower uptake of local community a bike share station. We provided bicycles to 3,534 with a 60% retention rate 55% retention number of new features and position the business as a leader membership for over 3,500 riders throughout the year to commute in its space, with a much more content rich presence and the Reduce operating deficit at Lakeside Stadium around Melbourne or enjoy recreational cycling. Achieved Lakeside Stadium deficit reduced to $557K ability to deliver sharable content. from $1.1M to $954K General marketing and communications work included Generate an operating surplus at MSAC Achieved MIT operating Surplus of $168K a wide range of campaigns, collateral and communications Institute of Training pieces aimed at driving sales and increasing retention rates. MSAC Swim School to deliver education to 12,889 students educated across Achieved 10,800 students across 7 major program areas all areas of Swim School program RETAIL MSAC Children’s Programs to deliver programs 54,988 children participated in Melbourne Sports Hub has two retail outlets at MSAC as well Achieved and services to over 54,000 children programs during year as retail sales through our customer service desks. The MSAC owned Speedo store continues to provide our aquatic patrons with a strong range of swim wear from basic to race suits.
During the last half of the 2013/14 financial year, the sale of merchandise through the customer service desk was restructured and expanded, and as a result, sales significantly increased.
The in-house managed MSAC shop closed in March 2014 after a decision was made to instead lease the retail space out to an external retailer. A new retail tenant has been confirmed, and the well-known, high quality brand will open its flagship store at MSAC in September 2014. It will provide our visitors with a range of sporting wear relevant to most of the sports played at the facility.
16 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 17 Corporate Services
5 YEAR PERFORMANCE
SSCT Financial History - Five Years (Accrual) SSCT Financial History - Five Years (Cash Only)
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010
Income 22,370 21,923 21,707 19,458 17,945 Income 22,370 21,923 21,707 19,458 17,945
Expenses 31,368 28,461 29,149 25,757 24,813 Expenses 22,444 20,942 19,237 17,213 16,703
Net Result -8,998 -6,538 -7,442 -6,299 -6,868 Net Result -74 981 2,470 2,245 1,242
INCOME EXPENSES NET RESULT INCOME EXPENSES NET RESULT
35,000 22,000
30,000 20,000
25,000 18,000
16,000 20,000 14,000 15,000 12,000
$’000 10,000 10,000
5,000 8,000
6,000 0 4,000 -5,000 2,000
-10,000 0
-15,000 -2,000
2014 2013 2012 2011 2010 2014 2013 2012 2011 2010
18 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 19 Corporate Services
ORGANISATIONAL DEVELOPMENT Workforce profile Risk, Safety and Compliance Qualifications of staff who provide activity supervision
SSCT continues to expand its human resource The State Sport Centres Trust is committed to applying SSCT staff demonstrates unwavering commitment to 2014 2013 management framework, strategies and practices merit and equity principles when appointing staff. The selection safety excellence; including compliance with the legislation NO. OF STAFF NO. OF STAFF in line with industry standards and best practice. processes ensure that applicants are assessed and evaluated and standards relating to the provision of health and safety First Aid 206 213 fairly and equitably on the basis of the key selection criteria in public sporting facilities. To support this, the Organisational Development business and other accountabilities without discrimination. Pool Lifeguard 95 124 unit was formed in March 2014; comprising the key branches Injuries per 1000 visits of Workforce Planning and Strategy, Recruitment, Employee The total number of personnel employed by the State Sport Defibrillation 234 199 Relations, Safety Management, Employee Welfare, Learning Centres Trust as at 30 June 2014 was 450. 2014 2013 and Development, Policy, Compliance, Payroll and Staff representatives from each work area form a Risk Staff Profile by Position MSAC 0.5 0.5 Organisational Culture. Management Committee. The Committee meets on a regular SNHC 0.1 0.1 basis and implements reports and monitors issues of health Key achievements 2014 MALE FEMALE TOTAL and safety for both staff and patrons. LS 0.2 0.4 • Maintaining a workforce shift from 80% casual staff Executive Officers >100k 4 1 5 No time was lost to industrial disputes in 2013/ 2014 (2013: 0) to 73% permanent across Trust; a commitment made Full time 31 24 55 to meet financial targets in EBA 2012 negotiations; 36 days were lost due to work related injuries (2013: 66). • The implementation of an e-learning tool; scoped for Part time 78 75 153 compliance, induction and personal development; Casual 74 89 163 incident rate per 100 at msac 2013/2014 • Delivery of 2 successful International Facility Total paid 187 189 376 Management Programs; Total active 217 233 450 OFFICIAL 1000S OFFICIAL RATE/1000 • The development of a Front Line Management qualification for emerging leaders; Full time equivalent 177 300 0.80 • Implementation of seasonal recruitment contracts; 0.70 • Development and implementation of a structured 2013 MALE FEMALE TOTAL 250 career pathway training program in each team; 0.60 Executive Officers >100k 4 1 5 200 • The continued journey in ‘Developing Champions in Life’ 0.50 culture, living and promoting the values of Integrity, Full time 29 28 57 Teamwork and Passion; and Part time 63 56 119 150 0.40
• Disability Action Plan for 2014-2017 developed Casual 80 100 180 0.30 and implemented; focus on achieving Accessible 100 Communication symbol in 2014. Total paid 176 185 361 0.20 50 Total active 217 222 439 0.10
Full time equivalent 167 0 0.00
JUL - 13 AUG - 13 SEP - 13 OCT - 13 NOV - 13 DEC - 13 JAN - 14 FEB - 14 MAR - 14 APR - 14 MAY - 14 JUN - 14
20 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 21 Corporate Services Legislative & Government Policy Compliance
INFORMATION TECHNOLOGY Other major projects were planned in the 2013-14 financial year, FREEDOM OF INFORMATION Categories of Documents and these projects have commenced and continue on into the The I.T. Services Manager and Jasco have maintained the The Freedom of Information Act 1982 allows for the public The Trust maintains records and files incorporating documents 2014-15 financial year: IT operating systems with server and systems availability a right of access to documents held by the Trust. For the relating to general administrative matters and the operation of over 99.95%. • Implementation of Telstra Data and Telephone services, 12 months to 30 June 2014 the Trust received no requests SSCT facilities. All records and files are maintained at the Trust’s including a 1GB network connection from MSAC to SNHC; for information pursuant to the Freedom of Information premises at Albert Park and Royal Park. Major projects, upgrades and achievements within • Change of landline phone system to a VOIP system servicing Act 1982. (2013: 0). the 2013-2014 financial year were: Compliance with Building Act 1993 all SSCT sites - Microsoft Lync Enterprise Voice; Making a Request • Domain Flattening - consolidate multiple network domains Over the past year, nothing in the Building Act 1993 applies • New website and member portal; into a single entity, removing duplication of systems and Access to documents may be obtained through written to the carrying out of works authorised by or in accordance licensing across sites; • Court Bookings via website; requests to the Chief Executive Officer - State Sport Centres with the State Sport Centres Act or at the request of the • Migration of all servers, and primary systems and databases • Member Access Turnstile lifecycle replacement for Trust, as detailed in s17 of the Freedom of Information Act 1982. Trust. The Trust has however undertaken to comply with the into the single domain; SNHC and MSAC; and In summary, the requirements for making a request are: specifications of the Building Act 1993 wherever applicable. • Email migration to Microsoft Exchange online (hosted cloud); • Trust-wide Wireless Networking planning and procurement. • It should be in writing; National Competition Policy • Updated licensing and implementation of the latest Microsoft • It should identify as clearly as possible which document The Trust applies the principles of competitive neutrality SQL Server database hosting platform; is being requested; and to all commercial operations in accordance with the Victorian • Trust-wide installation of Office 365 Microsoft Office • It should be accompanied by the appropriate application Government Competitive Neutrality Policy, where it is in Professional 2013 suite; fee (the fee may be waived in certain circumstances). competition with private sector enterprises, but where the • Updated all licensing to ensure compliance Requests for documents in the possession of SSCT provision of services or facilities by the Trust is deemed to for all Microsoft operating systems and software; should be addressed to: be in the public benefit, the principles are not applied. • Updated and centralised backup solution; The Chief Executive Officer - State Sport Centres Trust Implementation of the Victorian Industry Participation Policy • Tender completed for provision of Telephone and Data Melbourne Sports and Aquatic Centre, In October 2003, the Victorian Parliament passed the Victorian Services, resulting in Telstra being contracted as the new Box 1, Aughtie Drive, supplier to SSCT; Industry Participation Policy Act 2003, which requires the Albert Park, 3206 Trust to report on the implementation of the Victorian Industry • SSCT Internal Audit completed as a Participation Policy (VIPP). The Trust is required to apply VIPP Review of Information Technology; Requests can also be lodged online at www.foi.vic.gov.au in all tenders over $3 million. During 2013/2014 the Trust did not • Employment of 1 additional internal I.T. staff resource; Access to charges may also apply once documents commence or complete a contract to which the VIPP applied. have been processed and a decision on access is made; • Integrated EFTPOS for all customer service points; and for example photocopying and search retrieval charges. • Member Access Control via the leisure centre management system. Further information regarding Freedom of Information can be found at www.foi.vic.gov.au
22 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 23 Legislative & Government Financial Overview Policy Compliance & Disclosure
FINANCIAL REVIEW OF OPERATIONS AND FINANCIAL CONDITION
COMMUNITY INCLUSIVENESS Consultancies costing less than $100,000: FIVE YEAR HISTORY The State Sport Centres Trust is committed to ensuring The Trust made an operating deficit of $74K, with a net deficit of $8.998M when depreciation is taken into account. 2014 2013 optimal access to and utilisation of the facilities by the Victorian Community. SSCT continues to focus on growing programs Number 1 6 that embrace the cultural and economic diversity of the State Total Amount $1,600 $85,775 SSCT 2014 SSCT 2013 SSCT 2012 SSCT 2011 SSCT 2010 of Victoria and more specifically, the City of Port Phillip. $’000 $’000 $’000 $’000 $’000
Some examples of such programs can be seen in Revenue 22,370 21,923 21,707 19,458 17,945 ADDITIONAL INFORMATION AVAILABLE the following areas; ON REQUEST Operating expenses 22,444 20,942 19,237 17,213 16,703 • Traineeships - The City of Port Phillip has access to Depreciation 8,924 7,519 9,912 8,544 8,110 wonderful career opportunities at SSCT. An extensive range Relevant information detailed in Financial Reporting Direction of Federal and State Government endorsed traineeships are (FRD) 22E ‘Standard Disclosures in the Report of Operations’ Net result (8,998) (6,538) (7,442) (6,299) (6,868) offered across all SSCT Venues and work areas under the Financial Management Act 1994 Section 3 is retained Total assets 345,767 348,490 290,998 255,990 254,183 • Inner South Community Rehabilitation Programs by the Trust’s Accountable Officer and is available on request, subject to the Freedom of Information Act 1982. Total liabilities 9,366 8,971 7,810 3,540 2,410 • Cultural awareness workshops
• Recruitment targeting Indigenous Australians DISCLOSURE OF GRANTS Operating Statement Cash Flow • Disability awareness workshops AND TRANSFER PAYMENTS The State Sport Centres Trust recorded an operating deficit The State Sport Centres Trust recorded an increase State Sport Centres Trust – Operational Funding 2013/14 • Training and promotion of the National Relay Service before depreciation $0.074 million in 2013/14 which included in cash held of $1.666 million in 2013/14. This included State Sport Centres Trust – Capital Funding 2013/14 for the hearing imparied Operational funding from government of $1.5 million for the following key impact: • Adult Swimming Instructions for persons with a disability MSAC, SNHC and Lakeside Stadium. After taking account of Grant – Operations & Capital Funding (Grant) • Reflective of a cash operating deficit of $0.074 million a depreciation charge of $8.924 million for the year, the SSCT offset by capital funding received in 2013/14 but to be • Modified Group exercise classes recorded a deficit of $8.998 million. acquitted in 2014/15. ORGANISATION RECEIPT ($) • Work experience programs for students with special needs Balance Sheet DTPLI (SRV) 1,500,000 Prior Year Adjustments • Strategic partnerships DTPLI (SRV) 6,030,000 Major changes to the balance sheet include the following: The State Sport Centres Trust was appointed as the Committee CONSULTANCY SERVICES • An increase in Cash Deposits from capital grants of Management of Lakeside Stadium effective 31st August 2011, Total 7,530,000 Consultancies costing in excess of $100,000: to be acquitted in 2014/15; however the land was never transferred from Parks Victoria. A Ministerial Allocation Statement for Lakeside Stadium Land • A large reduction in Inventories following the closure 2014 2013 was exercised on 8th May 2014 to SSCT for $18.934 million as Grant – Operations & Capital Funding (Disbursement) of the MSAC Shop during the year. Name NA NA contributed capital. Changes in Equity ACTIVITY PAYMENT ($) Description NA NA As such the balances sheets for 2012 and 2013 were restated to Improving operational delivery at facilities 2,895,624 The State Sport Centres Trust recorded a decrease in reflect the correct contributed capital and land values following Project NA NA equity of $3.118 million in 2013/14. This position was due the transfer. Providing community subsidies 180,000 Amount $nil $nil to the following key factors: Providing rebates to Sport 777,450 Future Commitment $nil $nil • A depreciation charge of $8.924 million offset Capital Projects 2013/14 5,704,759# by government capital funding of $5.880 million; • An operating deficit of $0.074 million. Total 9,557,833*
*Note – excess expenditure above grant is funded as a part of business operations or from reserves. #Note - unspent portion of capital grant rolled into 2014/15 financial year.
24 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 25 Disclosure Index
The Annual Report of the State Sport Centres Trust is prepared in accordance with all relevant Victorian legislations. FINANCIAL AND OTHER INFORMATION (CONTINUED) This index has been prepared to facilitate identification of the Trust’s compliance with statutory requirements. PAGE LEGISLATION REQUIREMENT MINISTERIAL DIRECTIONS REFERENCE
FRD 22E Merit and Equity 20 PAGE LEGISLATION REQUIREMENT PAEC 87 Disclosure of Grants and Transfer Payments 24 REFERENCE SD4.5.5.1 Ministerial Standing Direction 4.5.5.1 compliance attestation 7 FRD 22E Manner of establishment and relevant Ministers 8 FRD 22E Objectives, functions, powers and duties 8
FRD 22E Nature and range of services provided 8 FINANCIAL STATEMENTS: FINANCIAL STATEMENTS REQUIRED UNDER PART 7 OF THE FMA
PAGE MANAGEMENT AND STRUCTURE LEGISLATION REQUIREMENT REFERENCE
PAGE 36 LEGISLATION REQUIREMENT SD 4.2(c) Compliance with Australia accounting standards and other authoritative pronouncements REFERENCE SD 4.2(c) Compliance with Ministerial Directions 36 FRD 22 Organisation structure 10 SD 4.2(d) Rounding of amounts 38 SD 4.2(c) Accountable officer declaration 74 FINANCIAL AND OTHER INFORMATION SD 4.2(f) Model Financial Report 36
PAGE SD 4.(b) Operating Statement 32 LEGISLATION REQUIREMENT REFERENCE SD 4.2(b) Balance Sheet 33 FRD 22E Statement of workforce data 20 SD 4.2(b) Statement of Changes in Equity 34 FRD 22E Summary of the financial results for the year 18 SD 4.2(b) Cash Flow Statement 35 FRD 22E Significant changes in the financial position during the year 25 FRD 22E Major changes or factors affecting performance 25 OTHER DISCLOSURES IN NOTES TO THE FINANCIAL STATEMENTS FRD 22E Subsequent events 44
FRD 22E Application and operation of Freedom of Information Act 23 PAGE LEGISLATION REQUIREMENT REFERENCE FRD 22E Compliance with building and maintenance provisions of Building Act 1993 23 FRD 13 Disclosure of parliamentary appropriates 43 FRD 22E Statement on National Competition Policy 23 FRD 21B Responsible person and executive officer disclosures 62, 63 FRD 22E Application and operation of the Protected Disclosure Act 2001 28 FRD 23 Superannuation liabilities and disclosures 64 FRD 22E Details of consultancies over $100,000 and under $100,000 24 FRD 22E Statement of availability of other information 24 FRD 22E Occupational health and safety 21 CONSIDERED ACTS: • Freedom of Information Act 1982 23 FRD 15B Executive officer disclosures 62, 63 • Protected Disclosure Act 2012 28 FRD 10 Disclosure index 26 • Building Act 1993 23 FRD 25B Victorian Industry Participation Policy Disclosures 23 • Victorian Industry participation Policy Act 2003 FRD 22E Objectives and Performance Against Objectives 17 • Financial Management Act 1994
26 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 27 Protected Disclosures
COMPLIANCE WITH THE PROTECTED Alternatively, disclosures of improper conduct or detrimental DISCLOSURES UNDER THE PROTECTED DISCLOSURE ACT 2012 DISCLOSURE ACT 2012 (FORMERLY, THE action by the Trust or its employees may also be made directly to the Independent Broad-based Anti-corruption Commission: WHISTLEBLOWERS PROTECTION ACT 2001) 2013/2014 NUMBER 2012/2013 NUMBER The Protected Disclosure Act 2012 encourages and assists Level 1, 459 Collins Street (North Tower) people in making disclosures of improper conduct by public Melbourne VIC 3000 The number of disclosures made by an individual to the Trust and officers and public bodies. The Act provides protection to notified to the Independent Broad-based Anti-corruption Commission: Telephone: 1300 735 135 people who make disclosures in accordance with the Act and Internet: www.ibac.vic.gov.au establishes a system for the matters disclosed to be investigated Assessable Disclosures 0 n/a Email: (refer website above) and rectifying action to be taken. The Trust does not tolerate improper conduct by employees, FURTHER INFORMATION nor the taking of reprisals against those who come forward The Protected Disclosure Policy and Procedures, which outline to disclose such conduct. It is committed to ensuring the system for reporting disclosures of improper conduct or transparency and accountability in its administrative and detrimental action by the Trust or any of its employees are management practices and supports the making of disclosures available for public perusal. that reveal corrupt conduct, conduct involving a substantial mismanagement of public resources, or conduct involving a substantial risk to public health and safety or the environment. The Trust will take all reasonable steps to protect people who make such disclosures from any detrimental action in reprisal for making the disclosure. It will also afford natural justice to the person who is the subject of the disclosure to the extent it is legally possible.
REPORTING PROCEDURES Disclosures of improper conduct or detrimental action by the Trust or its employees may be made to the following officer:
The Protected Disclosure Coordinator and Officer:
Darren Rattle General Manager Corporate Services
Box 1 Aughtie Drive Albert Park Victoria 3206
Email: [email protected] Tel: (03) 9926 1506
28 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 29 Contents
COMPREHENSIVE OPERATING STATEMENT 01
BALANCE SHEET 02
STATEMENT OF CHANGES IN EQUITY 03
CASH FLOW STATEMENT 04
NOTES TO THE FINANCIAL STATEMENTS 1. Summary of significant accounting policies 05 2. Going concern 15 3. Income from transactions 15 4. Expenses from transactions 16 5. Cash and deposits 17 6. Receivables 17 7. Inventories 18 8. Property, plant & equipment 19 9. Other non-financial assets 23 10. Payables 24 11. Provisions 25 12. Other liabilities 28 13. Leases 28 14. Reserves 29 15. Commitments 29 16. Cash flow information 30 17. Responsible persons 31 18. Superannuation 33 19. Remuneration of auditors 33 20. Contingent assets and contingent liabilities 33 21. Financial instruments 34 CERTIFICATION 43 Annual Financial Statements
COMPREHENSIVE OPERATING STATEMENT BALANCE SHEET - AS AT 30 JUNE 2014 FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
SSCT 2013 SSCT 2013 SSCT 2012 ($ THOUSAND) NOTES SSCT 2014 ($ THOUSAND) NOTES SSCT 2014 (restated) (restated) (restated)
INCOME FROM TRANSACTIONS ASSETS
Sale of goods and services 3(a), 1(t) 20,586 19,207 FINANCIAL ASSETS Grants 3(b) 1,652 2,497 Cash and deposits 5 7,032 5,366 6,088 Interest 3(c) 132 219 Receivables 6 835 1,007 2,593 Total income from transactions 22,370 21,923 Total financial assets 7,867 6,373 8,681 NON-FINANCIAL ASSETS
EXPENSES FROM TRANSACTIONS Inventories 7 132 292 248
Employee expenses 4(a), 1(t) (11,004) (9,907) Property, plant and equipment 8, 1(t) 337,498 341,584 281,911
Depreciation 4(b) (8,924) (7,519) Other non-financial assets 9 270 241 158
Other operating expenses 4(c), 1(t) (11,440) (11,035) Total non-financial assets 337,900 342,117 282,317
Total expenses from transactions (31,368) (28,461) Total assets 345,767 348,490 290,998 Net result from transactions (net operating balance) (8,998) (6,538) LIABILITIES
Payables 10 2,961 2,834 2,226
OTHER ECONOMIC FLOWS Provisions 11 849 755 631 - OTHER COMPREHENSIVE INCOME Other liabilities 12, 15, 1(t) 5,556 5,382 4,953 Changes in physical asset revaluation surplus 14 - - Total liabilities 9,366 8,971 7,810 Total other economic flows - - - other comprehensive income Net assets 336,401 339,519 283,188 Comprehensive result (8,998) (6,538) EQUITY
Accumulated deficit 1(t) (55,609) (46,611) (40,073)
Physical asset revaluation surplus 14 117,776 117,776 117,776
Contributed capital 1(t) 274,234 268,354 205,485
Total equity 336,401 339,519 283,188
Commitments for expenditure 15
Contingent assets and contingent liabilities 20
The comprehensive operating statement should be read in conjunction with the notes to the financial statements. The balance sheet should be read in conjunction with the notes to the financial statements.
1 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 2 Annual Financial Statements
STATEMENT OF CHANGES IN EQUITY CASH FLOW STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014 FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
PHYSICAL ASSET ($ THOUSAND) NOTES SSCT 2014 SSCT 2013 ACCUMULATED CONTRIBUTED ($ THOUSAND) NOTES REVALUATION TOTAL DEFICIT CAPITAL SURPLUS CASH FLOWS FROM OPERATING ACTIVITIES
BALANCE AT 1 JULY 2012 1(t) 117,776 (40,073) 205,485 283,188 RECEIPTS
Net result for the year - (6,538) - (6,538) Receipts from customers 21,624 22,112
Other comprehensive income for the year 14, 1(t) - - - - Receipts from Government 1,652 2,497
Capital appropriations - - 62,869 62,869 Goods and Services Tax recovered from the ATO 1,154 959
Interest received 146 192
BALANCE AT 30 JUNE 2013 117,776 (46,611) 268,354 339,519 Total receipts 24,576 25,760 Net result for the year - (8,998) - (8,998) PAYMENTS
Other comprehensive income for the year 14 - - - - Payments to suppliers and employees (21,836) (21,074)
Capital appropriations - - 5,880 5,880 Goods and Services Tax paid to the ATO (1,501) (1,085)
Total payments (23,337) (22,159)
BALANCE AT 30 JUNE 2014 117,776 (55,609) 274,234 336,401 Net cash flows from operating activities 16(b) 1,239 3,601
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for non-financial assets (5,453) (6,323)
Net cash flows (used in)/from investing activities (5,453) (6,323)
CASH FLOWS FROM FINANCING ACTIVITIES
Owner contributions by State Government 5,880 2,000
Net cash flows from financing activities 5,880 2,000
Net increase / (Decrease) in cash and cash equivalents 1,666 (722)
Cash and cash equivalents at end of financial year 5,366 6,088
Cash and cash equivalent at end of financial year 16(a) 7,032 5,366
The statement of changes in equity should be read in conjunction with the notes to the financial statements. The above cash flow statement should be read in conjunction with the notes to the financial statements.
3 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 4 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
Judgements, estimates and assumptions are required to be Level 3 – Valuation techniques for which the lowest level input MSAC and SNHC produce a Business Plan and operate NOTE 1. made about the carrying values of assets and liabilities that that is significant to the fair value measurement is unobservable. independently with separate and individual financial operations are not readily apparent from other sources. The estimates and and accounts. It is the Government and SSCT’s policy that the SUMMARY OF SIGNIFICANT For the purpose of fair value disclosures, SSCT has associated assumptions are based on professional judgements Centres will not receive any cross subsidies for operation. determined classes of assets and liabilities on the basis of ACCOUNTING POLICIES derived from historical experience and various other factors that the nature, characteristics and risks of the asset or liability SSCT is deemed a not-for-profit entity by being excluded These annual financial statements represent the audited are believed to be reasonable under the circumstances. Actual and the level of the fair value hierarchy as explained above. from “FRD 108 – Classification of Entities as For-Profit” general purpose financial statements for State Sport Centre results may differ from these estimates. issued by the Department of Treasury and Finance. Trust (SSCT) for the period ending 30 June 2014. The purpose In addition, SSCT determines whether transfers have occurred Revisions to accounting estimates are recognised in the period of the report is to provide users with information about the between levels in the hierarchy by re-assessing categorisation A description of the nature of the SSCT’s operations and in which the estimate is revised and also in future periods that SSCT’s stewardship of resources entrusted to it. (based on the lowest level input that is significant to the fair value its principal activities is included in the report of operations, are affected by the revision. Judgements and assumptions made measurement as a whole) at the end of each reporting period. which does not form part of these financial statements. A. STATEMENT OF COMPLIANCE by management in the application of AASs that have significant effects on the financial statements and estimates relate to: The Valuer-General Victoria (VGV) is the SSCT’s independent These general purpose financial statements have been prepared D. SCOPE AND PRESENTATION valuation agency. in accordance with the Financial Management Act 1994 (FMA) • The fair value of land, buildings, infrastructure, plant and OF FINANCIAL STATEMENTS equipment; and and applicable Australian Accounting Standards (AAS) which SSCT, in conjunction with VGV, monitors changes in the fair Comprehensive operating statement include Interpretations, issued by the Australian Accounting • Actuarial assumptions for employee benefit provisions. value of each asset and liability through relevant data sources Standards Board (AASB). In particular, they are presented in a to determine whether revaluation is required. The comprehensive operating statement comprises three These financial statements are presented in Australian dollars, manner consistent with the requirements of the AASB 1049 Whole components, being ‘net result from transactions’ (or termed as and prepared in accordance with the historical cost convention of Government and General Government Sector Financial Reporting. C. REPORTING ENTITY ‘net operating balance’), ‘other economic flows included in net except for: result’, as well as ‘other economic flows – other comprehensive Where appropriate, those AASs paragraphs applicable to The financial statements cover SSCT as an individual reporting entity. • Non-financial physical assets which, subsequent to acquisition, income’. The sum of the former two, together with the net result not-for-profit entities have been applied. are measured at a revalued amount being their fair value at The financial statements include all the controlled activities of from discontinued operations, represents the net result. Accounting policies are selected and applied in a manner which the date of the revaluation less any subsequent accumulated the SSCT, which is a statutory authority established under the depreciation and subsequent impairment losses. Revaluations The net result is equivalent to profit or loss derived in ensures that the resulting financial information satisfies the concepts State Sport Centres (Amendment) Act 2004 No. 70 (“Act”). are made with sufficient regularity to ensure that the carrying accordance with AASs. of relevance and reliability, thereby ensuring that the substance of amounts do not materially differ from their fair value; and Its principal address is: This classification is consistent with the whole of government the underlying transactions or other events is reported. State Sport Centres Trust • The fair value of an asset other than land is generally based reporting format and is allowed under AASB 101 Presentation Box 1, Aughtie Drive, To gain a better understanding of the terminology used in this on its depreciated replacement value. of Financial Statements. report, a glossary of terms and style conventions can be found Albert Park VIC 3206 Consistent with AASB 13 Fair Value Measurement, SSCT Balance sheet in Note 22. The following statutory bodies are included in the SSCT’s determines the policies and procedures for both recurring fair reporting entity: Assets and liabilities are presented in liquidity order with assets These annual financial statements were authorised for value measurements such as property, plant and equipment, in aggregated into financial assets and non-financial assets. issue by Mr. Michael Taylor, Chairman of SSCT and Mr. Simon accordance with the requirements of AASB 13 and the relevant • Melbourne Sports and Aquatic Centre (MSAC), incorporating Weatherill, Chief Executive Officer and Accountable Officer of Financial Reporting Directions. MSAC Institute of Training is independent Strategic Business Current and non current assets and liabilities (non current being Unit of SSCT. The unit is headed by the Director of SSCT, SSCT, on 28th August 2014. those assets or liabilities expected to be recovered or settled All assets and liabilities for which fair value is measured or established under s14 of the Act. more than 12 months after the reporting period) are disclosed disclosed in the financial statements are categorised within the B. BASIS OF ACCOUNTING PREPARATION • State Netball Hockey Centre (SNHC), is independent in the notes, where relevant. AND MEASUREMENT fair value hierarchy, described as follows, based on the lowest level Strategic Business Unit of SSCT .The unit is headed by input that is significant to the fair value measurement as a whole: the Director of SSCT, established under s15 of the Act. Cash flow statement The accrual basis of accounting has been applied in the preparation of these financial statements whereby assets, Level 1 – Quoted (unadjusted) market prices in active markets • Lakeside Stadium, At the time of reporting, the Act has not Cash flows are classified according to whether or not they liabilities, equity, income and expenses are recognised in the for identical assets or liabilities been amended to include Lakeside Stadium; however, the arise from operating, investing, or financing activities. This SSCT was appointed as the committee of management of the reporting period to which they relate, regardless of when cash classification is consistent with requirements under AASB 107 Level 2 – Valuation techniques for which the lowest level input Lakeside Oval Reserve on 31 Aug 2012 under section 14(2) of is received or paid. Statement of Cash Flows. that is significant to the fair value measurement is directly or the Crown Land (Reserves) Act 1978. Therefore, details on the indirectly observable; and Lakeside Stadium financials have been incorporated into MSAC.
5 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 6 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
Statement of changes in equity these disclosures have not been provided, except for financial F. INCOME FROM TRANSACTIONS Superannuation instruments, of which the fair value disclosures are required The statement of changes in equity presents reconciliations Income is recognised to the extent that it is probable that the The amount recognised in the comprehensive operating under AASB 7 Financial Instruments: Disclosures. of non-owner and owner changes in equity from opening economic benefits will flow to the entity and the income can be statement is the employer contributions for members of both balances at the beginning of the reporting period to the AASB 119 Employee benefits reliably measured at fair value. defined benefit and defined contribution superannuation plans closing balances at the end of the reporting period. It also that are paid or payable during the reporting period. In 2013-14, SSCT has applied AASB 119 Employee benefits Sale of goods and services shows separately changes due to amounts recognised in the (September 2011, as amended) and the related consequential Depreciation ‘Comprehensive result’ and amounts related to ‘Transactions Income from sale of goods and services amendments for the first time. All infrastructure assets, buildings, plant and equipment with owner in its capacity as owner’. Income from the sale of goods and services is recognised when: The revised AASB 119 changes the accounting for defined and other non-financial physical assets (excluding items Rounding of amounts benefit plans and termination benefits. The most significant • SSCT no longer has any of the significant risks and rewards of under operating leases, assets held for sale and land) ownership of the goods and services transferred to the buyer; Amounts in the financial statements have been rounded to the change relates to the accounting for changes in defined benefit that have finite useful lives are depreciated. Depreciation nearest $1 000, unless otherwise stated. Figures in the financial obligation and plan assets. As the current accounting policy is • SSCT no longer has continuing managerial involvement to is generally calculated on a straight-line basis, at rates that statements may not equate due to rounding. Please refer to the for the Department of Treasury and Finance to recognise and the degree usually associated with ownership, nor effective allocate the asset’s value, less any estimated residual value, end of Note 22 for a style convention for explanations of minor disclose the State’s defined benefit liabilities in its financial control over the goods sold and services provided; over its estimated useful life. Refer to Note 1 (J) for the discrepancies resulting from rounding. statements, changes in defined benefit obligations and plan • The amount of income, and the costs incurred or to be incurred depreciation policy for leasehold improvements. assets will have limited impact on SSCT. in respect of the transactions, can be reliably measured; The estimated useful lives, residual values and depreciation E. CHANGES IN ACCOUNTING POLICIES The revised standard also changes the definition of short-term • It is probable that the economic benefits associated with method are reviewed at the end of each annual reporting Subsequent to the 2012-13 reporting period, the following new employee benefits. These were previously benefits that were the transaction will flow to the SSCT period, and adjustments made where appropriate. and revised Standards have been adopted in the current period expected to be settled within twelve months after the end of Sale of goods and services includes rental income which The following are typical estimated useful lives for the with their financial impact detailed as below. the reporting period in which the employees render the related are recognised at the time the rent is billed. different asset classes for both current and prior years: AASB 13 Fair Value Measurement service, however, short-term employee benefits are now defined Interest as benefits expected to be settled wholly within twelve months AASB 13 establishes a single source of guidance for all fair after the end of the reporting period in which the employees Interest includes interest received on bank term deposits ASSET USEFUL LIFE value measurements. AASB 13 does not change when SSCT is render the related service. As a result, accrued annual leave and other investments and the unwinding over time of the 2014 2013 required to use fair value, but rather provides guidance on how balances which were previously classified by SSCT as short-term discount on financial assets. Interest income is recognised to measure fair value under Australian Accounting Standards Buildings 15 - 110 years 15 - 110 years employee benefits no longer meet this definition and are now using the effective interest method which allocates the when fair value is required or permitted. SSCT has considered classified as long-term employee benefits. This has resulted in interest over the relevant period. Plant and Equipment 5 – 40 years 5 – 40 years the specific requirements relating to highest and best use, a change of measurement for the annual leave provision from Grants Office Furniture 5 – 15 years 5 – 15 years valuation premise, and principal (or most advantageous) an undiscounted to discounted basis. market. The methods, assumptions, processes and procedures Income from grants (other than contributions by owners) is Computer Equipment 3 – 5 years 3 – 5 years However, the change in classification has not materially for determining fair value were revisited and adjusted where recognised when SSCT obtains control over the contribution. applicable. In light of AASB 13, SSCT has reviewed the fair value altered SSCT’s measurement of the annual leave provision. Gym Equipment 5 – 10 years 5 – 10 years As per the direction of SSCT Audit & Risk Committee, SSCT principles as well as its current valuation methodologies in G. EXPENSES FROM TRANSACTIONS Other Equipment 2 – 40 years 2 – 40 years assessing the fair value, and the assessment has not materially monitors employee’s annual leave and the balance of benefits Expenses from transactions are recognised as they are incurred, Leasehold Improvements 5 - 40 years 5 - 40 years changed the fair values recognised. expected to be settled wholly within twelve months after the end of the reporting period in which the employees render and reported in the financial year to which they relate. However, AASB 13 has predominantly impacted the disclosures the related service. The impact of applying AASB 119 in the Employee expenses Land is considered to have an indefinite life, and is not of SSCT. It requires specific disclosures about fair value Comprehensive Operating Statement for 2012 2013 is increasing depreciated. Depreciation is not recognised in respect measurements and disclosures of fair values, some of which Refer to the section in Note 1(K) regarding employee benefits. profit by $2000.00. Due to the immaterial change, SSCT has not of this asset because its service potential has not, in any replace existing disclosure requirements in other standards, These expenses include all costs related to employment adjusted the closing balance of Annual Leave and the employee material sense, been consumed during the reporting period. including AASB 7 Financial Instruments: Disclosures. expense for 2012 2013. (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave Other operating expenses The disclosure requirements of AASB 13 apply prospectively entitlements, redundancy payments and WorkCover premiums. and need not be applied in comparative information before Other operating expenses generally represent the day-to-day first application. Consequently, the 2012-13 comparatives of running costs incurred in normal operations and include:
7 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 8 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
Supplies and services Impairment of non-financial assets Receivables J. NON-FINANCIAL ASSETS Supplies and services costs which are recognised as an expense All of SSCT’s non-financial assets are assessed annually Receivables consist of: Inventories in the reporting period in which they are incurred. The carrying for indications of impairment, except for inventories. • Contractual receivables, such as debtors in relation to goods Inventories include goods and other property held either amounts of any inventories held for distribution are expensed If there is an indication of impairment, the assets concerned are and services, loans to third parties, and accrued investment for sale, or for distribution at zero or nominal cost, or for when distributed. income; and tested as to whether their carrying value exceeds their possible consumption in the ordinary course of business operations. Bad and doubtful debts recoverable amount. Where an assets carrying value exceeds • Statutory receivables, such as amounts owing from the Inventories held for distribution are measured at the lower its recoverable amount, the difference is written off as an other Victorian Government and Goods and Services Tax (GST) Bad and doubtful debts are assessed on a regular basis. of cost and net realisable value. economic flow, except to the extent that the write-down can be input tax credits recoverable. Those bad debts considered as written off by mutual consent debited to an asset revaluation surplus amount applicable to Property, plant and equipment are classified as a transaction expense. Those written off Contractual receivables are classified as financial instruments that class of asset. unilaterally and the allowance for doubtful receivables, are and categorised as loans and receivables. Statutory receivables, All non-financial physical assets are measured initially at cost classified as other economic flows (refer to Note 1(I) Financial It is deemed that, in the event of the loss or destruction of an are recognised and measured similarly to contractual receivables and subsequently revalued at fair value less accumulated assets – Impairment of financial assets). asset, the future economic benefits arising from the use of the (except for impairment), but are not classified as financial depreciation and impairment. asset will be replaced unless a specific decision to the contrary instruments because they do not arise from a contract. Fair value of assets and services provided free of charge The fair value of the Crown lands are measured with regard to has been made. The recoverable amount for most assets is or for nominal consideration Receivables are subject to impairment testing as described the property’s highest and best use after due consideration is measured at the higher of depreciated replacement cost and below. A provision for doubtful receivables is recognised when made for any legal or physical restrictions imposed on the asset, Contributions of resources provided free of charge or for nominal fair value less costs to sell. Recoverable amount for assets there is objective evidence that the debts may not be collected, public announcements or commitments made in relation to the consideration are recognised at their fair value when the transferee held primarily to generate net cash inflows is measured at the and bad debts are written off when identified. intended use of the asset. Theoretical opportunities that may be obtains control over them, irrespective of whether restrictions or higher of the present value of future cash flows expected to be available in relation to the asset are not taken into account until conditions are imposed over the use of the contributions, unless The average credit period for sales of goods and services and obtained from the asset and fair value less costs to sell. it is virtually certain that the restrictions will no longer apply. received from another government department or agency as a for other receivables is 30 days. No interest is charged on other Other gains/(losses) from other economic flows Therefore, unless otherwise disclosed, the current use of these consequence of a restructuring of administrative arrangements. receivables for outstanding balances. non financial physical assets will be their highest and best uses. In the latter case, such a transfer will be recognised at its carrying Other gains/(losses) from other economic flows include Impairment of financial assets value. Contributions in the form of services are only recognised the gains or losses from: The fair value of plant, equipment and vehicles, when a fair value can be reliably determined and the services At the end of each reporting period, SSCT assesses whether is normally determined by reference to the asset’s • The revaluation of the present value of the long service there is objective evidence that a financial asset or group of depreciated replacement cost. would have been purchased if not donated. leave liability due to changes in the bond interest rates; and financial assets is impaired. All financial instrument assets, The cost of constructed non-financial physical assets includes the • Transfer of amounts from the reserves and/or except those measured at fair value through profit or loss, H. OTHER ECONOMIC FLOWS INCLUDED cost of all materials used in construction, direct labour on the project, accumulated surplus to net result due to disposal are subject to annual review for impairment. IN THE NET RESULT or derecognition or reclassification. and an appropriate proportion of variable and fixed overheads. Other economic flows measure the change in volume or value Receivables are assessed for bad and doubtful debts on Leasehold improvements of assets or liabilities that do not result from transactions. I. FINANCIAL ASSETS a regular basis. Those bad debts considered as written off by mutual consent are classified as a transaction expense. The cost of leasehold improvements is capitalised as an asset Net gain/(loss) on non-financial assets Cash and deposits Bad debts not written off by mutual consent and the allowance and depreciated over the shorter of the remaining term of the Net gain/(loss) on non-financial assets includes realised Cash and deposits recognised on the balance sheet comprise for doubtful receivables are classified as other economic flows lease or the estimated useful life of the improvements. and unrealised gains and losses as follows: cash on hand and cash at bank, deposits at call and those highly in the net result. Revaluations of non financial physical assets Revaluation gains/(losses) of non-financial physical assets liquid investments (with an original maturity of three months or The amount of the allowance is the difference between the financial less), which are held for the purpose of meeting short term cash Non-financial physical assets are measured at fair value on Refer to accounting policy on Property, plant and equipment, asset’s carrying amount and the present value of estimated future commitments rather than for investment purposes, and readily a cyclical basis, in accordance with the Financial Reporting provided in Note 1(J) Revaluation of Non-financial assets. cash flows, discounted at the effective interest rate. convertible to known amounts of cash with an insignificant risk Directions (FRDs) issued by the Minister for Finance. A full Net gain/(loss) on disposal of non financial assets of changes in value. In assessing impairment of statutory (non-contractual) financial revaluation normally occurs every five years, based upon the assets, which are not financial instruments, professional asset’s government purpose classification but may occur more Any gain or loss on the disposal of non financial assets is For cash flow statement presentation purposes, cash and judgement is applied in assessing materiality using estimates, frequently if fair value assessments indicate material changes in recognised at the date of disposal and is the difference between cash equivalents include bank overdrafts, which are included averages and other computational methods in accordance with values. Independent valuers are generally used to conduct the proceeds the carrying value of the asset at that time. as borrowings on the balance sheet. AASB 136 Impairment of Assets.
9 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 10 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
Revaluations of non financial physical assets (continued) from concession notes. Accounts payable represent liabilities Depends on the expectation of the timing of settlement, On-costs for goods and services provided to SSCT prior to the end liabilities for wages and salaries, annual leave and sick leave these scheduled revaluations. Certain infrastructure assets are Provisions for on costs such as payroll tax, workers of the financial year that are unpaid, and arise when SSCT are measured at: revalued using specialised advisors. Any interim revaluations becomes obliged to make future payments in respect of the compensation and superannuation are recognised are determined in accordance with the requirements of the purchase of those goods and services; and • Undiscounted value if SSCT expects to wholly settle within separately from the provision for employee benefits. FRDs. Revaluation increases or decreases arise from differences 12 months; or • Statutory payables, such as goods and services tax and fringe between an asset’s carrying value and fair value. benefits tax payables. • Present value if SSCT does not expect to wholly settle within L. LEASES Net revaluation increases (where the carrying amount of a class 12 months. A lease is a right to use an asset for an agreed period of Contractual payables are classified as financial instruments and of assets is increased as a result of a revaluation) are recognised time in exchange for payment. categorised as financial liabilities at amortised cost. Statutory (ii) Long service leave in ‘Other economic flows – other comprehensive income’, and payables are recognised and measured similarly to contractual Liability for long service leave (LSL) is recognised in the Leases are classified at their inception as either operating accumulated in equity under the asset revaluation surplus. payables, but are not classified as financial instruments and not provision for employee benefits. or finance leases based on the economic substance of the However, the net revaluation increase is recognised in the net included in the category of financial liabilities at amortised cost, agreement so as to reflect the risks and rewards incidental result to the extent that it reverses a net revaluation decrease because they do not arise from a contract. Unconditional LSL is disclosed in the notes to the financial to ownership. Leases of property, plant and equipment are in respect of the same class of property, plant and equipment statements as a current liability, even where SSCT does not classified as finance infrastructure leases whenever the terms Provisions previously recognised as an expense (other economic flows) in expect to settle the liability within 12 months because it will of the lease transfer substantially all the risks and rewards of the net result. Provisions are recognised when SSCT has a present obligation, not have the unconditional right to defer the settlement of the ownerships from the lessor to the lessee. All other leases are Net revaluation decreases are recognised in ‘Other economic the future sacrifice of economic benefits is probable, and the entitlement should an employee take leave within 12 months. classified as operating leases. flows – other comprehensive income’ to the extent that a credit amount of the provision can be measured reliably. The components of this current LSL liability are measured at: Finance Lease balance exists in the asset revaluation surplus in respect of the The amount recognised as a liability is the best estimate of • Undiscounted value if SSCT expects to wholly settle within same class of property, plant and equipment. Otherwise, the SSCT does not hold any finance leases. Operating lease the consideration required to settle the present obligation at 12 months; and net revaluation decreases are recognised immediately as other payments are recognised as an expense in the comprehensive reporting period, taking into account the risks and uncertainties economic flows in the net result. The net revaluation decrease • Present value if SSCT does not expect to wholly settle within operating statement on a straight-line basis over the lease term. surrounding the obligation. Where a provision is measured using recognised in ‘Other economic flows – other comprehensive 12 months. The leased asset is not recognised in the balance sheet. the cash flows estimated to settle the present obligation, its income’ reduces the amount accumulated in equity under the carrying amount is the present value of those cash flows, using Conditional LSL is disclosed as a non-current liability. There is Operating Lease asset revaluation surplus. an unconditional right to defer the settlement of the entitlement discount rate that reflects the time value of money and risks Rental income from operating leases is recognised on until the employee has completed the requisite years of service. Revaluation increases and decreases relating to individual specific to the provision. a straight-line basis over the term of the relevant lease. assets within a class of property, plant and equipment, are This non-current LSL liability is measured at present value. When some or all of the economic benefits required to settle All incentives for the agreement of a new or renewed operating offset against one another within that class but are not offset a provision are expected to be received from a third party, the Any gain or loss following revaluation of the present value of lease are recognised as an integral part of the net consideration in respect of assets in different classes. Any asset revaluation receivable is recognised as an asset if it is virtually certain that non-current LSL liability is recognised as a transaction, except agreed for the use of the leased asset, irrespective of the surplus is not normally transferred to accumulated funds on recovery will be received and the amount of the receivable can to the extent that a gain or loss arises due to changes in bond incentive’s nature or form or the timing of payments. derecognition of the relevant asset. interest rates for which it is then recognised as an ‘other be measured reliably. In the event that lease incentives are given to the lessee, the Other non-financial assets economic flow’ refer to Note 1(H). Employee benefits aggregate cost of incentives are recognised as a reduction of rental Other non financial assets include accrued income and (iii) Termination benefits income over the lease term, on a straight-line basis unless another Provision is made for benefits accruing to employees in respect prepayments. Prepayments which represent payments systematic basis is more representative of the time pattern over of wages and salaries, annual leave and long service leave for Termination benefits are payable when employment is terminated in advance of receipt of goods or services or that part of which the economic benefit of the leased asset is diminished. services rendered to the reporting date. before the normal retirement date, or when an employee decides expenditure made in one accounting period covering a term to accept an offer of benefits in exchange for the termination of extending beyond that period. (i) Wages and salaries, annual leave and sick leave employment. SSCT recognises termination benefits when it is M. EQUITY demonstrably committed to either terminating the employment Contributions by owners K. LIABILITIES Liabilities for wages and salaries, including non monetary benefits annual leave and accumulating sick leave, are all of current employees according to a detailed formal plan without Additions to net assets which have been designated as Payables recognised in the provision for employee benefits as ‘current possibility of withdrawal or providing termination benefits as contributions by owners are recognised as contributed capital. Payables consist of: liabilities’, because SSCT does not have an unconditional right a result of an offer made to encourage voluntary redundancy. Other transfers that are in the nature of contributions or to defer settlements of these liabilities. Benefits falling due more than 12 months after the end of the distributions have also been designated as contributions by owners. • Contractual payables, such as accounts payable, accrued reporting period are discounted to present value. expenses and unearned income including deferred income
11 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 12 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
N. COMMITMENTS R. EVENTS AFTER THE REPORTING PERIOD U. AASS ISSUED THAT ARE NOT YET EFFECTIVE Commitments for future expenditure include operating and There has not arisen in the interval between the end of the Certain new AASs have been published that are not mandatory capital commitments arising from contracts. These commitments financial year and the date of signing these financial statements, for the 30 June 2014 reporting period. DTF assesses the are disclosed by way of a note (refer to Note 15) at their nominal any item, transactions or event of a material and unusual impact of all these new standards and advises SSCT of their value and inclusive of the goods and services tax (GST) payable. nature likely to affect significantly the operations of the SSCT, applicability and early adoption where applicable. the results of those operations, or the state of affairs of the As at 30 June 2014, the following standards and interpretations O. CONTINGENT ASSETS AND CONTINGENT SSCT, in subsequent financial years. that are applicable to SSCT had been issued but are not LIABILITIES mandatory for the financial year ending 30 June 2014. Standards S. FOREIGN CURRENCY Contingent assets and contingent liabilities are not recognised and Interpretations that are not applicable to SSCT have been in the balance sheet, but are disclosed by way of a note (refer All foreign currency transactions during the financial year are omitted. SSCT has not early adopted these standards. to Note 20) and, if quantifiable, are measured at nominal value. brought to account using the exchange rate in effect at the date Contingent assets and liabilities are presented inclusive of GST of the transaction. AASS ISSUED THAT ARE NOT YET EFFECTIVE: receivable or payable respectively. T. CORRECTION OF PRIOR PERIOD ERROR STANDARD/ APPLICABLE TO ANNUAL P. ACCOUNTING FOR THE GOODS AND SSCT was appointed as the Committee of Management of SUMMARY INTERPRETATION REPORTING PERIOD BEGINNING ON SERVICES TAX (GST) Lakeside Stadium effective 31st August 2011. However, the land Income, expenses and assets are recognised net of the was not transferred as of the effective date and therefore was AASB 2013 Recoverable Amount Disclosures not reported at year end 2011 and 2012. A Ministerial Allocation 1 Jan 2014 amount of associated goods and services tax (GST), except 3 Amendments to AASB 136 for Non-Financial Assets where GST incurred is not recoverable from the taxation Statement for Lakeside Stadium Land was exercised on 8th may authority. In this case, the GST payable is recognised as part 2014 and was transferred to the Trust at $18,934,996 as AASB 9 Revisions to the classification and measurement of 1 Jan 2017 of the cost of acquisition of the asset or as part of the expense. a Contributed Capital. Financial Instruments financial assets and financial liabilities
Receivables and payables are stated inclusive of the amount of Lakeside land should have been capitalized as at year ending GST receivable or payable. The net amount of GST recoverable 30th June 2012. As such, SSCT Balance Sheet for year ending from, or payable to, the taxation authority is included with other 2012 needs to be restated by increasing the total Property, receivables or payables in the balance sheet. plant and equipment from $262,976,962 to $281,911,958 to reflect the Contributed capital of a total $18,934,996. Therefore, the Cash flows are presented on a gross basis. The GST components opening balance of Contributed capital as at 1st July 2012 is of cash flows arising from investing or financing activities which restated to $205,484,996 from $186,550,000. are recoverable from, or payable to the taxation authority, are presented as operating cash flow. The opening balance of Employee expense and Operating expense in SSCT Comprehensive Operating Statement have Commitments and contingent assets and liabilities are also been restated from $9,515,000 and $11,427,000 to $9,907,000 stated inclusive of GST. and $11,035,000 respectively, due to SSCT incorrectly classed the movements of accrued leave entitlements and accrued Q. INCOME TAX salaries into the Operating expense instead of employee The Australian Taxation Office has deemed the SSCT to be a expense in 2012 2013. “Public Authority” within the terms of Section 50-25 of the Income Tax Assessment Act 1997 and as such is exempt from income tax. The opening balance of Sales of Goods and Service in SSCT No provisions for income taxes payable have been raised. Comprehensive Operating Statement and Other Liabilities in SSCT Balance Sheet have been restated from $19,030,000 and $5,559,000 to $19,207,000 and $5,382,000 respectively, due to SSCT recognising the $177,000 insurance claim from Prepaid Income to Incom for 2012 2013.
13 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 14 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 2. GOING CONCERN NOTE 4. EXPENSES FROM TRANSACTIONS
The financial statements of SSCT have been prepared on a going concern basis. The trustees of the State Sport Centres Trust are of the MSAC SNHC SSCT MSAC SNHC SSCT opinion that SSCT will be able to pay its debts as and when they fall due; this is supported by the provision of Letter of Comfort from the Minister. 2014 2014 2014 2013 2013 2013 The Victorian Government recently confirmed its ongoing support for the SSCT as part of its 2014/2015 Budget by committing over the next four $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 years $6 million in operational funding and $16.2 million for necessary capital works. (A) EMPLOYEE EXPENSES
Salaries, wages and long service leave expenses 8,696 763 9,459 7,792 700 8,492
Defined contribution superannuation expense 788 56 844 637 45 682
Other employee expenses 643 58 701 601 132 733
NOTE 3. INCOME FROM TRANSACTIONS Total employee expenses 10,127 877 11,004 9,030 877 9,907
MSAC SNHC SSCT MSAC SNHC SSCT (B) DEPRECIATION 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 Depreciation of property, plant & equipment 7,512 1,412 8,924 6,116 1,403 7,519
(A) SALE OF GOODS AND SERVICES Total depreciation 7,512 1,412 8,924 6,116 1,403 7,519
Sale of goods and services 17,572 3,014 20,586 16,370 2,837 19,207
Total sale of goods and services 17,572 3,014 20,586 16,370 2,837 19,207 (C) OTHER OPERATING EXPENSES
Cleaning and chemical expenses 1,515 429 1,944 1,451 412 1,863
(B) GRANTS Other operating supplies expenses 1,797 115 1,912 1,843 118 1,961
Specific purpose grants 1,582 70 1,652 2,497 - 2,497 Utilities and energy expenses 1,817 247 2,064 1,925 224 2,149
Total grants 1,582 70 1,652 2,497 - 2,497 Cost of goods sold expenses 1,540 430 1,970 1,392 411 1,803
Maintenance expenses 1,061 198 1,259 903 170 1,073
(C) INTEREST IT & Telecommunication expenses 581 95 676 496 28 524
Interest from cash and deposits 113 19 132 204 15 219 Insurance expenses 420 69 489 459 39 498
Total interest 113 19 132 204 15 219 Sports rebate expenses 729 - 729 755 - 755 Security expenses 363 34 397 368 41 409
Total other operating expenses 9,823 1,617 11,440 9,592 1,443 11,035
15 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 16 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 5. CASH AND DEPOSITS NOTE 6. RECEIVABLES (CONTINUED)
(A) MOVEMENT IN THE PROVISION FOR DOUBTFUL CONTRACTUAL RECEIVABLES MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 MSAC SNHC SSCT MSAC SNHC SSCT $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 Cash at bank and on hand 3,805 1,027 4,832 2,479 287 2,766 Balance at beginning of the financial year (29) - (29) (17) - (17) Term deposits 1,600 600 2,200 2,300 300 2,600 Reversal of provision for receivables Total cash and deposits 5,405 1,627 7,032 4,779 587 5,366 ------written off during the year as uncollectible
Reversal of unused provision recognised 10 - 10 - - - in operating statement
Increase in provision recognised (7) - (7) (12) - (12) NOTE 6. RECEIVABLES in operating statement Balance at end of the financial year (26) - (26) (29) - (29) MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 (B) AGEING ANALYSIS OF CONTRACTUAL RECEIVABLES
CURRENT CONTRACTUAL Please refer to Note 21 (Table 21.4) for the ageing analysis of contractual receivables. Trade debtors 338 17 355 485 31 516
Provision for doubtful contractual receivables (a) (26) - (26) (29) - (29) (C) NATURE AND EXTENT OF RISK ARISING FROM CONTRACTUAL RECEIVABLES
Interest receivable 12 4 16 29 1 30 Please refer to Note 21 for the nature and extent of risk arising from contractual receivables. Total current contractual 324 21 345 485 32 517
STATUTORY NOTE 7. INVENTORIES GST input tax credit receivable 448 42 490 443 47 490
Total 772 63 835 928 79 1,007 MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000
CURRENT
Supplies and consumables - at cost 113 19 132 274 18 292
Total 113 19 132 274 18 292
17 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 18 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 8. PROPERTY, PLANT & EQUIPMENT
(A) CLASSIFICATION BY ‘PUBLIC SAFETY AND ENVIRONMENT’ PURPOSE GROUP - CARRYING AMOUNT (C) MOVEMENTS IN CARRYING AMOUNT OF PROPERTY PLANT AND EQUIPMENT FOR SSCT (I)
MSAC SNHC SSCT MSAC SNHC SSCT LAND AT BUILDINGS AT PLANT & EQUIPMENT WORK IN PROGRESS 2014 2014 2014 2013 2013 2013 FAIR VALUE FAIR VALUE AT FAIR VALUE AT COST $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 MSAC SNHC MSAC SNHC MSAC SNHC MSAC SNHC Land at fair value 54,935 24,390 79,325 54,935 24,390 79,325 2014 2014 2014 2014 2014 2014 2014 2014 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 Buildings at fair value 218,972 33,560 252,532 221,531 34,683 256,214 Opening Balance 54,935 24,390 221,531 34,683 4,989 603 424 29 Plant & equipment at fair value 4,712 448 5,160 4,989 603 5,592 Fair value of assets received free of ------Work in Progress at cost 474 7 481 424 29 453 charge or for nominal considerations - -
Net carrying amount of PPE 279,093 58,405 337,498 281,879 59,705 341,584 Additions - - 3,862 68 822 66 50 (22)
Disposals - - (8) - - - - -
(B) GROSS CARRYING AMOUNT AND ACCUMULATED DEPRECIATION Revaluation of PPE ------
LAND Impairment of assets ------Depreciation - - (6,413) (1,191) (1,099) (221) - - At fair value (a) 54,935 24,390 79,325 54,935 24,390 79,325 Closing balance 54,935 24,390 218,972 33,560 4,712 448 474 7 Total 54,935 24,390 79,325 54,935 24,390 79,325
BUILDINGS
At fair value (b) 235,105 36,898 272,003 231,257 36,830 268,087 LAND AT BUILDINGS AT PLANT & EQUIPMENT WORK IN PROGRESS Less: Accumulated depreciation (16,133) (3,338) (19,471) (9,726) (2,147) (11,873) FAIR VALUE FAIR VALUE AT FAIR VALUE AT COST
Total 218,972 33,560 252,532 221,531 34,683 256,214 MSAC SNHC MSAC SNHC MSAC SNHC MSAC SNHC 2013 2013 2013 2013 2013 2013 2013 2013 PLANT AND EQUIPMENT $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000
At fair value 14,556 2,944 17,500 14,079 2,878 16,957 Opening Balance 54,935 24,390 160,663 35,716 4,885 698 618 6
Less: Accumulated depreciation (9,844) (2,496) (12,340) (9,090) (2,275) (11,365) Fair value of assets received free of - - 60,869 - - - charge or for nominal considerations - - Total 4,712 448 5,160 4,989 603 5,592 Additions/Deductions - - 5,135 160 1,085 114 (194) 23 CAPITAL WORK IN PROGRESS Transfer/Disposals ------At cost 474 7 481 424 29 453 Revaluation of PPE ------Total 474 7 481 424 29 453 Impairment of assets ------Total property, plant and equipment 279,093 58,405 337,498 281,879 59,705 341,584 Depreciation - - (5,136) (1,193) (981) (209) - - (A) An independent valuation of SSCT land was performed by Napier & Blakeley as appointed by Valuer General Victoria, to determine the fair value of the land. The valuation, which conforms to Australian Valuation Standards, was determined by reference to the observable market price Closing balance 54,935 24,390 221,531 34,683 4,989 603 424 29 with a notional discount of 80% known as ‘Community Service Obligation’. The effective date of the valuation is 30 June 2012. (B) An independent valuation of SSCT building, plant and equipment was performed by Napier & Blakeley as appointed by Valuer General Victoria, (i) Fair value assessments have been performed for all classes of assets in this purpose group and the decision was made that movements were not to provide replacement cost and depreciated replacement cost on the inspected properties. Work in progress has not been included in the revaluation. material (less than or equal to 10 per cent) for a full revaluation. The next scheduled full revaluation for this purpose group will be conducted in 2017.
19 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 20 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 8. PROPERTY, PLANT & EQUIPMENT (CONTINUED) SPECIALISED LAND AND SPECIALISED BUILDINGS The market approach is also used for specialised land, although is adjusted for the community service obligation (CSO) to reflect the specialised nature of the land being valued. (D) AGGREGATE DEPRECIATION RECOGNISED AS AN EXPENSE DURING THE YEAR The CSO adjustment is a reflection of the valuer’s assessment of the impact of restrictions associated with an asset to the extent MSAC SNHC SSCT MSAC SNHC SSCT that is also equally applicable to market participants. This approach is in light of the highest and best use consideration required 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 for fair value measurement, and takes into account the use of the asset that is physically possible, legally permissible, and financially feasible. As adjustments of CSO are considered as significant unobservable inputs, specialised land would be classified Buildings (6,413) (1,191) (7,604) (5,136) (1,193) (6,329) as Level 3 assets. For SSCT’s majority of specialised buildings, the depreciated replacement cost method is used, adjusting for the Plant and equipment (1,099) (221) (1,320) (981) (209) (1,190) associated depreciations. As depreciation adjustments are considered as significant, unobservable inputs in nature, specialised buildings are classified as Level 3 fair value measurements. Total (7,512) (1,412) (8,924) (6,117) (1,402) (7,519) An independent valuation of the SSCT’s specialised land and specialised buildings was performed by the Valuer General Victoria. The valuation was performed using the market approach adjusted for CSO. The effective date of the valuation is 30 June 2014. RESTRICTED ASSETS
The SSCT holds $337,017 million worth of properties listed as specialised land and specialised buildings. These specialised land and specialised buildings cannot be disposed of without formal ministerial approval. PLANT AND EQUIPMENT
New Plant and equipment is held at fair value. When plant and equipment is specialised in use, such that it is rarely sold other than as part of a going concern, fair value is determined using the depreciated replacement cost method. (E) FAIR VALUE MEASUREMENT HIERARCHY FOR ASSETS AS AT 30 JUNE 2014 There were no changes in valuation techniques throughout the period to 30 June 2014. CARRYING AMOUNT AS FAIR VALUE MEASUREMENT AT END OF ($ THOUSAND) AT 30-JUN-14 REPORTING PERIOD USING: For all assets measured at fair value, the current use is considered the highest and best use.
Level 1 (i) Level 2 (i) Level 3 (i)
LAND AT FAIR VALUE (F) RECONCILIATION OF LEVEL 3 FAIR VALUE SPECIALISED Specialised land 79,325 - - 79,325 2014 SPECIALISED LAND PLANT & EQUIPMENT BUILDINGS Total of land at fair value 79,325 - - 79,325 Opening Balance 79,325 256,214 5,592
Purchases (sales) - 3,930 888 BUILDINGS AT FAIR VALUE Gains or losses recognised in net result - (8) - Specialised buildings 252,532 - - 252,532 Depreciations - (7,604) (1,320) Total of buildings at fair value 252,532 - - 252,532 Impairment loss - - -
Subtotal 79,325 252,532 5,160 PLANT & EQUIPMENT AT FAIR VALUE Gains or losses recognised in other economic flows – Plant and equipment 5,160 - - 5,160 other comprehensive income - - - Total of plant, equipment and vehicles 5,160 - - 5,160 Revaluation - - - at fair value Closing Balance 79,325 252,532 5,160
(i) Classified in accordance with the fair value hierarchy, see Note 1(B). Unrealised gains/ (losses) on non‑financial assets - - -
21 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 22 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 8. PROPERTY, PLANT & EQUIPMENT (CONTINUED) NOTE 10. PAYABLES
(G) DESCRIPTION OF SIGNIFICANT UNOBSERVABLE INPUTS TO LEVEL 3 VALUATIONS MSAC SNHC SSCT MSAC SNHC SSCT Range 2014 2014 2014 2013 2013 2013 Valuation Significant Sensitivity of fair value measurement to (weighted technique unobservable inputs changes in significant unobservable inputs $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 average) (i) CURRENT PAYABLES CONTRACTUAL Community Service A significant increase or decrease in Specialised land Market approach Obligation (CSO) 75-80% (i) the CSO adjustment would result in a Trade creditors 1,213 73 1,286 857 56 913 adjustment significantly lower (higher) fair value Accrued expenses 928 78 1,006 1,242 122 1,364 A significant increase or decrease in direct Depreciated Direct cost $3,200 - Specialised buildings cost per square metre adjustment would re- Total 2,141 151 2,292 2,099 178 2,277 replacement cost per square metre $4,000/ m2 sult in a significantly higher or lower fair value
A significant increase or decrease Useful life of in the estimated useful life of the asset STATUTORY 15-110 years specialised buildings would result in a significantly higher or lower valuation. Taxes payable 379 69 448 336 61 397
$8,000– A significant increase or decrease in cost Superannuation payable 221 - 221 160 - 160 Depreciated Plant & equipment Cost per unit $10,000 per unit would result in a significantly replacement cost per unit higher or lower fair value Total 600 69 669 496 61 557
A significant increase or decrease Total current payables 2,741 220 2,961 2,595 239 2,834 3–5 years in the estimated useful life of the asset Useful life of vehicles (3 years) would result in a significantly higher or lower valuation. (A) MATURITY ANALYSIS OF CONTRACTUAL PAYABLES (i) CSO adjustments ranging from 75% to 80% were applied to reduce the market approach value for SSCT specialised land Please refer to Note 21 (Table 21.5) for the maturity analysis of contractual payables.
(B) NATURE AND EXTENT OF RISK ARISING FROM CONTRACTUAL PAYABLES NOTE 9. OTHER NON-FINANCIAL ASSETS Please refer to Note 21 for the nature and extent of risk arising from contractual payables.
MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 Current other assets $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 Accrued income 131 - 131 120 - 120
Prepayments 126 13 139 105 16 121
Total 257 13 270 225 16 241
23 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 24 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 11. PROVISIONS
(A) CURRENT EMPLOYEE BENEFITS MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 MSAC SNHC SSCT MSAC SNHC SSCT $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 CURRENT Annual leave 324 20 344 275 20 295 Employee benefits (a) Long Service Leave 255 11 266 215 5 220 Annual leave
Unconditional and expected to settle within 12 months 265 20 285 232 11 243 (B) NON-CURRENT EMPLOYEE BENEFITS Unconditional and expected to settle after 12 months 59 - 59 43 9 52 Long service leave entitlements 96 2 98 112 1 113 Long service leave Total employee benefits 675 33 708 602 26 628 Unconditional and expected to settle within 12 months 160 - 160 136 - 136
Unconditional and expected to settle after 12 months 95 11 106 79 5 84 Current Employee benefit on-costs 105 5 110 87 4 91 Provisions for on‑costs Non-current Employee benefit on-costs 17 - 17 20 - 20 Unconditional and expected to settle within 12 months 77 3 80 70 4 74 Total on-costs 122 5 127 107 4 111 Unconditional and expected to settle after 12 months 28 2 30 17 - 17 Total employee benefits and on- costs 797 38 835 709 30 739 Life memberships 5 - 5 5 - 5
Total current provisions 689 36 725 582 29 611
NON-CURRENT
Employee benefits (b) 96 2 98 112 1 113
Employee benefit on-costs 17 - 17 20 - 20
Life memberships 9 - 9 11 - 11
Total non-current provisions 122 2 124 143 1 144
Total provisions 811 38 849 725 30 755
25 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 26 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 11. PROVISIONS (CONTINUED) NOTE 12. OTHER LIABILITIES
(C) MOVEMENT IN PROVISIONS MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 ($ THOUSANDS) ON-COSTS 2014 TOTAL 2014 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000
Opening balance 111 111 Deferred revenue 990 44 1,034 822 38 860
Additional provisions recognised 16 16 Security deposits ------
Reductions arising from payments/other sacrifices of future economic benefits - - Advancement 4,522 - 4,522 4,522 - 4,522
Unwind of discount and effect of changes in the discount rate - - Total 5,512 44 5,556 5,344 38 5,382
Closing balance 127 127
Current 19 19 NOTE 13. LEASES
Non-current (3) (3) DISCLOSURE OF OPERATING LEASES Total 16 16 Operating lease receivables Operating lease receivables relate to 19 tenants (20 in 2012-13) within the Trust's precinct with lease terms between 2 years to 20 years
MSAC SNHC SSCT MSAC SNHC SSCT (D) PROVISIONS FOR ANNUAL LEAVES AS AT 30 JUNE 2014 2014 2014 2014 2013 2013 2013 OLD NEW $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 CURRENT PROVISIONS MEASUREMENT MEASUREMENT Receivable no later than one year 199,295 - 199,295 234,063 - 234,063 Employee benefits – annual leave: Later than one year and not later than five years 438,194 - 438,194 853,635 - 853,635 Unconditional and expected to be paid within 12 months 285 285 Later than five years 564,265 - 564,265 600,625 - 600,625 Unconditional and expected to be paid after 12 months 62 59 Total 1,201,754 - 1,201,754 1,688,323 - 1,688,323 Total 347 344
27 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 28 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 14. RESERVES NOTE 16. CASH FLOW INFORMATION
PHYSICAL ASSET REVALUATION SURPLUS (A) RECONCILIATION OF CASH AND CASH EQUIVALENTS CASH FLOWS, CASH INCLUDES:
The physical asset revaluation surplus is used to record increments and decrements MSAC SNHC SSCT MSAC SNHC SSCT on the revaluation of non-financial assets, as described in Note 1 (i). 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 MSAC SNHC SSCT MSAC SNHC SSCT Cash at bank and on hand 3,805 1,027 4,832 2,479 287 2,766 2014 2014 2014 2013 2013 2013 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 Term deposits 1,600 600 2,200 2,300 300 2,600
Balance at beginning of financial year 78,732 39,044 117,776 78,732 39,044 117,776 Total 5,405 1,627 7,032 4,779 587 5,366 Revaluation increments during the year ------
Balance at end of financial year 78,732 39,044 117,776 78,732 39,044 117,776 (B) RECONCILIATION OF NET RESULT FOR THE PERIOD
Net result for the period (8,195) (803) (8,998) (5,667) (871) (6,538)
NOTE 15. COMMITMENTS NON-CASH MOVEMENTS: Depreciation of property, plant & equipment 7,512 1,412 8,924 6,116 1,403 7,519
CAPITAL Net loss on disposal of property, 8 - 8 - - - plant & equipment The following commitments have not been recognised as liabilities in the financial statements. All amounts shown in the commitments note are nominal amounts inclusive of GST. SSCT has $668,195 commitments for capital works at the date of this report. These commitments will Net loss on disposal of investment ------be paid within one year period.
MSAC SNHC SSCT MSAC SNHC SSCT 2014 2014 2014 2013 2013 2013 MOVEMENTS IN ASSETS AND LIABILITIES: $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 Decrease in receivables 156 16 172 1,568 18 1,586 Not later than one year 667 1 668 424 29 453 Decrease/(Increase) in inventories 161 (1) 160 (53) 9 (44) Total 667 1 668 424 29 453 (Increase)in other assets (32) 3 (29) (71) (12) (83)
Increase in provisions 86 8 94 122 2 124
Increase in payables 146 (19) 127 687 (79) 608
Increase in other liabilities 774 7 781 421 8 429
Net cash flows from operating activities 616 623 1,239 3,123 478 3,601
29 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 30 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 17. RESPONSIBLE PERSONS
In accordance with the Ministerial Directions issued by the Minister for Finance under the Financial Management Act 1994, (B) REMUNERATION OF EXECUTIVE OFFICERS the following disclosures are made regarding responsible persons for the reporting period. The number of executive officers, other than the Minister, Board Members and Accountable Officer who are included in remuneration The persons who held the positions of Minister, Board Members and Accountable Officer of SSCT at any time during the of responsible persons, and their total remuneration during the reporting period are shown in the table below in their relevant income reporting period were as follows: bands, where greater than $100,000. Base remuneration is exclusive of bonus payments, long service leave payments, redundancy payments and retirement benefits. Responsible Minister: Accountable Officer: The Honourable Damian Drum, MP (appointed 17 March 2014) Mr. Simon Weatherill Chief Executive Officer TOTAL REMUNERATION BASE REMUNERATION The Honourable Hugh Delahunty, MP (until 17 March 2014) Minister for Sport, Recreation and Veterans’ Affairs REMUNERATION RANGE: 2014 2013 2014 2013 <$100,000 2 - 2 - Members of the SSCT: $110,000 - $119,999 - - - - Mr. Michael Taylor – Chairman (appointed Chairman 17 September 2013) Mr. Bruce Mildenhall Chairman (until 20 August 2013) $120,000 - $129,999 - 1 - 1 Mr. Brett Moore $130,000 - $139,999 - - - 1 Mr. Andrew Fried $140,000 - $149,999 - 1 1 - Ms. Nicole Livingstone Ms. Gaye Hamilton $150,000 - $159,999 1 1 1 1 Ms. Leigh Russell $160,000 - $169,999 - - - - Ms. Danni Roche (appointed 01 July 2013) $170,000 - $179,999 1 - - - Remuneration relating to the Minister is included in the financial statements of the Department of Premier and Cabinet. Remuneration of $180,000 - $189,999 - - - 1 Board Members and Accountable Officer are included below in the remuneration of responsible persons. Remuneration received or receivable by the accountable officer in connection with the management of the Department during the reporting $200,000 - $209,999 - 1 1 - period was in the range: $300,000 – $400,000 ($300,000 – $400,000 in 2012-13) $230,000 - $239,999 1 - - -
Total numbers 5 4 5 4 (A) REMUNERATION OF RESPONSIBLE PERSONS Total remuneration $661,069 $626,334 $611,863 $594,849 The number of responsible persons whose income from the SSCT during the reporting period falls within the following bands is:
REMUNERATION RANGE: 2014 2013
$0 - $9,999 1 1
$10,000 - $19,999 7 5
$20,000 - $29,999 - 1
$310,000 - $ 319,999 - 1
$320,000 - $ 329,999 1 -
Total numbers 9 8
Total remuneration received, or due and receivable by Responsible Persons
Total remuneration $412,847 $393,817
31 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 32 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 18. SUPERANNUATION NOTE 21. FINANCIAL INSTRUMENTS
Employees of the SSCT are entitled to receive superannuation benefits. Contributions are made to the VicSuper Fund as the SSCT’s default (A) FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES fund, and to other funds elected by employees under Super choices legislation. Superannuation contributions paid or payable for the SSCT’s principal financial instruments comprise of: reporting period are included as part of employee expenses in the comprehensive operating statement of SSCT. • cash and deposits The name, details and amounts expensed in relation to the major employee superannuation funds and contributions made by SSCT are shown • receivables (excluding statutory receivables) in the table below. Other funds represent all other employee funds with a total contribution made below $10,000 for the year. • payables (excluding statutory receivables) • other liabilities.
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement, PAID CONTRIBUTIONS CONTRIBUTIONS TOTAL and the basis on which income and expenses are recognised, with respect to each class of financial asset, financial liability and equity FOR THE YEAR OUTSTANDING FOR THE YEAR instrument are disclosed in Note 1 to the financial statements. 2014 2013 2014 2013 2014 2013 DEFINED CONTRIBUTION PLANS: $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 $ ‘000 The main purpose in holding financial instruments is to prudentially manage the SSCT’s financial risks within the Government policy parameters. The SSCT’s main financial risks include credit risk, liquidity risk, interest rate risk, foreign currency risk and equity price risk. VicSuper 500 342 139 105 639 447 The SSCT manages these financial risks in accordance with its financial risk management policy. Hostplus Super 67 32 22 12 89 44
AustralianSuper 46 21 18 7 64 28 The carrying amounts of the SSCT’s contractual financial assets and liabilities by category are shown below in table 21.1.
Rest Superannuation 37 28 11 2 48 30
Other funds 180 102 31 31 211 133
Total superannuation 830 525 221 157 1,051 682 Table 21.1: Categorisation of financial instruments
CONTRACTUAL FINANCIAL CONTRACTUAL FINANCIAL NOTE 19. REMUNERATION OF AUDITORS ASSETS LOANS AND LIABILITIES AT AMORTISED TOTAL $‘000 RECEIVABLES $’000 COST $’000 Audit fees paid or payable to the Victorian Auditor-General’s Office (VAGO) for the audit of the SSCT’s financial report is set out below in the following table: 2014 CONTRACTUAL FINANCIAL ASSETS SSCT 2014 $ ‘000 SSCT 2013 $ ‘000 Cash and deposits 7,032 - 7,032 Audit of the financial report 37 36 Receivables 345 - 345 Total 37 36 Total contractual financial assets 7,377 - 7,377
NOTE 20. CONTINGENT ASSETS CONTRACTUAL AND CONTINGENT LIABILITIES FINANCIAL LIABILITIES Payables - 2,292 2,292
a. Contingent assets. Other liabilities - 5,556 5,556 There were no contingent assets as at 30th June 2014 (2013: nil). b. Contingent liabilities. Total contractual financial liabilities - 7,848 7,848 SSCT has $203,001 contingent liabilities at the date of this report, due to the retainer of the Energy Performance contract project. The payments will be based on the conditions as outlined in the contract.
33 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 34 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 21. FINANCIAL INSTRUMENTS (CONTINUED)
Table 21.1: Categorisation of financial instruments (Continued) Table 21.2: Net holding gain/(loss) on financial instruments by category
CONTRACTUAL FINANCIAL CONTRACTUAL FINANCIAL NET HOLDING TOTAL INTEREST FEE INCOME/ IMPAIRMENT TOTAL ASSETS LOANS AND LIABILITIES AT AMORTISED TOTAL $‘000 GAIN / (LOSS) INCOME/(EXPENSE) (EXPENSE) LOSS $’000 $’000 RECEIVABLES $’000 COST $’000 $’000 $’000 $’000
2013 2014 CONTRACTUAL FINANCIAL ASSETS
CONTRACTUAL Financial assets - 132 - - 132 FINANCIAL ASSETS - Loans and receivables
Cash and deposits 5,366 - 5,366 Total contractual financial assets - 132 - - 132
Receivables 517 - 517
Total contractual financial assets 5,883 - 5,883 2013 CONTRACTUAL FINANCIAL ASSETS
Financial assets - 219 - - 219 - Loans and receivables CONTRACTUAL FINANCIAL LIABILITIES Total contractual financial assets - 219 - - 219
Payables - 2,277 2,277
Other liabilities - 5,382 5,382 (B) CREDIT RISK
Total contractual financial liabilities - 7,659 7,659 Credit risk arises on the contractual financial assets of the SSCT, which comprises cash and deposits, non-statutory receivables, available-for-sale contractual financial assets and derivative instruments. Credit risk exposure in relation to each class of recognised The net holding gains or losses disclosed below in table 21.2 are determined as follows: financial asset arises from the potential default of counter party on their contractual obligations resulting in financial loss to the SSCT. Credit risk is measured at fair value and is monitored on a regular basis. • For cash and cash equivalents, loans and receivables and available-for-sale financial assets, the net gain or loss is calculated by taking the interest income, plus or minus foreign exchange gains or losses arising from revaluation of the financial assets, and minus any impairment Credit risk associated with contractual financial assets is deemed insignificant as it is policy of the SSCT to only deal with major banking recognised in the net result; institutions and entities with high credit ratings, and to obtain collateral or credit enhancements where appropriate. Credit risk in trade debtors is managed by payment terms of 30 days and sound debt collection policies and procedures. The SSCT does not engage in • For financial liabilities measured at amortised cost, the net gain or loss is calculated by taking the interest expense, plus or minus foreign hedging for its financial assets. exchange gains or losses arising from the revaluation of financial liabilities measured at amortised cost; and Provision for impairment of financial assets is calculated based on past experience, and current and expected changes in • For financial assets and liabilities that are held-for-trading or designated at fair value through profit or loss, the net gain or loss is client credit ratings. As at reporting date there is no event to indicate that any of the financial assets were impaired. calculated by taking the movement in the fair value of the financial asset or liability. Currently SSCT does not hold any collateral as security nor credit enhancements relating to its financial assets, nor have any financial assets had their terms renegotiated so as to prevent them from being past due or impaired.
The following table 21.3 discloses the credit quality of contractual financial assets and table 21.4 discloses the ageing analysis of contractual financial assets:
35 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 36 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 21. FINANCIAL INSTRUMENTS (CONTINUED)
Table 21.3: Credit quality of contractual financial Table 21.4: Ageing analysis of contractual financial assets assets that are neither past due nor impaired
PAST DUE BUT NOT IMPAIRED
FINANCIAL GOVERNMENT AGEN- GOVERNMENT OTHER (MIN CARRYING NOT PAST DUE AND LESS THAN 3 MONTHS 1 -3 MONTHS 1 - 5 YEARS INSTITUTION CIES (AAA CREDIT AGENCIES BBB CREDIT TOTAL AMOUNT NOT IMPAIRED 1 MONTH - 1 YEAR $’000 $’000 (AA- CREDIT RATING) (BBB CREDIT RATING) $’000 $’000 $’000 $’000 $’000 RATING) $’000 RATING) $’000 $’000 2014 2014 CONTRACTUAL FINANCIAL ASSETS Cash and deposits 7,032 7,032 - - - - Cash and deposits 2,132 2,900 - 2,000 7,032 Receivables 329 - 257 29 43 - Receivables - Trade debtors - - - 329 329 - Trade debtors Receivables 16 - 16 - - - Receivables - Interest receivable 12 4 - 16 - Interest receivable Total 7,377 7,032 273 29 43 - Total contractual financial assets 2,144 2,904 - 2,329 7,377
2013 2013 CONTRACTUAL FINANCIAL ASSETS Cash and deposits 5,366 5,366 - - - - Cash and deposits 3,319 2,000 - 47 5,366 Receivables 487 - 352 109 26 - Receivables - Trade debtors - - - 487 487 - Trade debtors Receivables 30 - 30 - - - Receivables - Interest receivable 29 1 - - 30 - Interest receivable Total 5,883 5,366 382 109 26 - Total contractual financial assets 3,348 2,001 - 534 5,883
(C) LIQUIDITY RISK
Liquidity risk is the risk that SSCT would be unable to meet its financial obligations as and when they fall due. The SSCT’s exposure to liquidity risk is deemed insignificant as it is policy of the SSCT to settle financial obligations within 30 days, and in the event of a dispute, make payments within 30 days from the date of resolution. Exposure to liquidity risk is assessed based on past experience, and current assessment of risk, through monitoring future cash flows and maturities planning to ensure adequate holdings of high quality liquid assets are available and dealing in highly liquid markets. Cash for unexpected events is generally sourced from liquidation of available financial investments.
The following table 21.5 discloses the contractual maturity analysis of contractual financial liabilities.
37 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 38 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 21. FINANCIAL INSTRUMENTS (CONTINUED)
Table 21.5: Maturity analysis of contractual financial liabilities (D) MARKET RISK (CONTINUED)
Interest rate risk The SSCT’s exposure to interest rate risk arises through financial asset holdings held at variable interest rates. The SSCT has minimal PAST DUE BUT NOT IMPAIRED exposure to cash flow interest rate risks through its cash and deposits, and investments that are held at floating rate.
CARRYING LESS THAN 3 MONTHS NOMINAL AMOUNT 1 -3 MONTHS 1 - 5 YEARS The SSCT manages this risk by monitoring movements in interest rates on a regular basis and has concluded that due to the amounts, AMOUNT 1 MONTH - 1 YEAR $’000 $’000 $’000 financial assets can be left at floating rate without necessarily exposing the SSCT to significant bad risk. $’000 $’000 $’000 Taking into account past performance, future expectations, economic forecast and management’s knowledge and experience of the 2014 financial markets, the SSCT believes the following movements are reasonably possible over the next 12 months, assuming a parallel shift Payables 2,292 2,292 - - - - of one percent (100 basis points) in market interest rates from year-end. Other liabilities 5,556 5,556 - - - - The SSCT’s exposure to interest rate risk is disclosed in the following tables 21.6 and 21.7: Total 7,848 7,848 - - - -
2013 Table 21.6: Interest rate exposure of financial instruments Payables 2,277 2,277 - 2,277 - -
Other liabilities 5,382 5,382 - 860 400 4,122 WEIGHTED Total 7,659 7,659 - 3,137 400 4,122 FIXED VARIABLE NON-INTEREST CARRYING AVERAGE INTEREST RATE INTEREST RATE BEARING AMOUNT EFFECTIVE $’000 $’000 $’000 $’000 INTEREST RATE %
2014 FINANCIAL ASSETS (D) MARKET RISK Cash and deposits 3% 2,200 4,791 41 7,032
The SSCT’s exposures to market risk, including interest rate risk and foreign currency risk are insignificant. Receivables N/A - 16 329 345 Objectives, policies and processes used to manage each of these risks are disclosed below. Total financial assets N/A 2,200 4,807 370 7,377
Foreign currency risk The SSCT is exposed to insignificant foreign currency risk through its payables relating to purchases of supplies and FINANCIAL LIABILITIES consumables from overseas. This is because of the limited amount of purchases denominated in foreign currencies and the short timeframe between commitment and settlement. The SSCT manages its risk through cash flow planning Payables - - - 2,292 2,292 and monitoring on a foreign currency transaction basis. Based on past and current assessment of economic outlook, Other liabilities - - - 5,556 5,556 it is deemed unnecessary for the SSCT to enter into any hedging arrangements to manage the risk. Total financial liabilities N/A - - 7,848 7,848 The SSCT has no exposure to foreign currency risk as at 30 June 2014.
39 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 40 Annual Financial Statements NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 21. FINANCIAL INSTRUMENTS (CONTINUED) (E) FAIR VALUE Table 21.6: Interest rate exposure of financial instruments (Continued) The fair values and net fair values of financial instrument assets and liabilities are determined as follows:
• Level 1 - the fair value of financial instrument with standard terms and conditions and traded in active liquid markets are determined with reference to quoted market prices; WEIGHTED FIXED VARIABLE NON-INTEREST CARRYING AVERAGE • Level 2 - the fair value is determined using inputs other than quoted prices that are observable for the financial asset or liability, either INTEREST RATE INTEREST RATE BEARING AMOUNT EFFECTIVE $’000 $’000 $’000 $’000 directly or indirectly; and INTEREST RATE % • Level 3 - the fair value is determined in accordance with generally accepted pricing models based on discounted cash flow analysis 2013 FINANCIAL ASSETS using unobservable market inputs. Cash and deposits 5% - 5,319 47 5,366 SSCT considers that the carrying amount of financial instrument assets and liabilities recorded in the financial statements to Receivables N/A - 30 487 517 be a fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectation that they Total financial assets N/A - 5,349 534 5,883 will be paid in full. The following table 21.8 shows that the fair value of the contractual financial assets and liabilities are the same as the carrying amounts.
FINANCIAL LIABILITIES
Payables N/A 2,292 - 2,277 2,277 Table 21.8: Comparison between carrying amount and fair value
Other liabilities N/A - - 5,382 5,382 CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUE Total financial liabilities N/A 2,292 - 7,659 7,659 2014 $’000 2014 $’000 2013 $’000 2013 $’000
CONTRACTUAL
FINANCIAL ASSETS Table 21.7: Market risk exposure – Interest rate Cash and deposits 7,032 7,032 5,366 5,366 Receivables 345 345 517 517
Total contractual INTEREST RATE RISK 7,377 7,377 5,883 5,883 financial assets CARRYING AMOUNT -1% NET RESULT -1% EQUITY +1% NET RESULT +1% EQUITY
$’000 $’000 $’000 $’000 $’000 CONTRACTUAL 2014 FINANCIAL LIABILITIES Cash and deposits 7,032 (70) (70) 70 70 Payables 2,292 2,292 2,277 2,277 Total 7,032 (70) (70) 70 70 Other liabilities 5,556 5,556 5,382 5,382 (decrease)/increase Total contractual 7,848 7,848 7,659 7,659 financial liabilities 2013
Cash and deposits 5,366 (54) (54) 54 54
Total 5,366 (54) (54) 54 54 (decrease)/increase
41 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT 42 Certification
aSIGNATURE
In accordance with a resolution of the Trustees
of the State Sport Centres Trust, we state that in our opinion:
a) the information set out in the Comprehensive Operating Mr. Michael Taylor Statement, Balance Sheet, Statement of Changes in Equity, Chairman Cash Flow Statement and notes forming part of the financial State Sport Centres Trust statements, presents fairly the financial transactions of the Trust during the financial year ended 30 June 2014 and the financial position of the Trust as at 30 June 2014;
b) the attached financial statements for the Trust have been prepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian accounting standards and other mandatory professional reporting requirements; and Mr. Simon Weatherill c) at the date of this report we are not aware of any circumstances Chief Executive Officer and Accountable Officer which would render any particulars included in the financial State Sport Centres Trust statements to be misleading or inaccurate.
Mr. Darren Rattle Chief Finance and Accounting Officer State Sport Centres Trust
Melbourne Date: 28th August 2014
43 STATE SPORT CENTRES TRUST 2013-2014 ANNUAL REPORT
STATE SPORT CENTRES TRUST Box 1, Aughtie Drive Albert Park VIC 3206 T +61 3 9926 1555 F +61 3 9926 1666 www.ssct.com.au
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