Sydney Cricket & Sports Ground Trust 2011/12 Annual Report

For the Financial Year of 1 March 2011 – 29 February 2012 Contents

3 Minister’s Foreword

4 Chairman’s Report

6 Our Vision & Goals

8 Key Outcomes & Progress Achieved During 2011/12

12 Managing the Events

20 Managing the Assets

24 Major Projects

28 Commercial

29 Membership & Marketing

36 Corporate Services

44 Human Resources

50 Multicultural Plan

51 Disability Plan

53 Organisational Chart

54 CEO & General Manager Profi les

56 Trustees

Contact Information 60 Trust Charter & Constitution

General enquiries: 62 Financial Indicators

(02) 9360 6601 64 Independent Auditor’s Report

65 Statement by Members of the Trust Trust Offi ce (open business hours Monday to Friday): 66 Audited Financial Statements Administration Offi ce Level 2, Sheridan Building 124 Consumer Response Moore Park Road Moore Park NSW 2021 126 Right to Information 127 Index Postal Address:

GPO Box 150 Sydney NSW 2001

This annual report is available on the Trust website:

www.scgt.nsw.gov.au www.sydneycricketground.com.au

3 1 Letter of Submission Minister’s Foreword

This decision is well deserved “ recognition of the contribution the SCG makes to our history, the wider sports and tourism industries, as well as the social

and economic development of our state. ” The Hon Graham Annesley MP June 2012 Minister for Sport and Recreation

I am very pleased to provide the foreword for the The Trust successfully added new events to its The Hon Graham Annesley MP annual report, particularly as this year the Sydney calendar, including securing the return of Wallabies Minister for Sport & Recreation Cricket & Sports Ground Trust has achieved another Tests, major concerts such as the Foo Fighters Level 33 Governor Macquarie Tower 1 Farrer Place historic milestone. and Eminem, while maintaining partnerships with SYDNEY 2000 the sports that call the venue home - the Sydney On the fi eld, we were reminded the Sydney Cricket Roosters, Wests Tigers, Sydney Swans, NSW Ground is one of the world’s most iconic sports Waratahs, Sydney FC, Sydney Sixers and NSW Blues. venues when it became only the third cricket ground Dear Minister internationally to host 100 Test matches. I congratulate the Trust for its support of several community and charity events including the Jane LETTER OF SUBMISSION Many of the game’s living greats were present to enjoy McGrath Day during the Sydney Test match, the SCG 2011/12 Annual Report and refl ect on what makes the venue so unique for Sydney Cricket & Sports Ground Trust Country Cup, the Marathon Cricket event hosted in players and spectators. association with the Primary Club and the traditional The Trust is pleased to submit the Annual Report of the Sydney Cricket and Sports ANZAC Day NRL match at Allianz Stadium. Ground Trust for the year ended 29 February 2012, for presentation to Parliament. The NSW Government has acknowledged the importance of the SCG to the state and in January Overall it has been another successful year, and The Trust’s Annual Report has been prepared in accordance with requirements of the announced it would join with the Trust and the Federal on behalf of the State Government and the people Annual Reports (Statutory Bodies) Act 1984, the Annual Reports (Statutory Bodies) Government to fund the much needed redevelopment Regulation 2010 and the Public Finance and Audit Act 1983. of NSW I congratulate everyone at the Trust for of the Noble, Bradman, and Messenger grandstands. their diligence and professionalism in ensuring one of Australia’s greatest sporting and entertainment This decision is well deserved recognition of the precincts continues to be a show piece of excellence. Yours sincerely contribution the SCG makes to our history, the wider sports and tourism industries, as well as the social and economic development of our state.

Commencement of this exciting state-of-the-art JAMIE BARKLEY project marks a new era of world-class facilities for Chief Executive Officer cricket and AFL fans while preserving the SCG’s unique and historic character. The Hon Graham Annesley MP Minister for Sport and Recreation At the Sydney Football Stadium (now Allianz Stadium) a new partnership with Allianz will contribute signifi cantly to the Trust’s plans to update facilities for rugby league, union, football and concert fans.

During the year we also witnessed the birth of Rugby League Central on Trust land, which brings together under one roof all bodies responsible for the game’s Level 2, Sheridan Building GPO Box 150 T 02 9360 6601 management from grass roots to the elite professional Moore Park Road Sydney NSW 2001 F 02 9360 1319 Moore Park NSW 2021 www.scgt.nsw.gov.au level.

2 3 Chairman’s Report

That new stand will be a marvel “ on completion. Again the Trust voted for a significant contribution of its own resources in order to make the project possible. ” Rodney Cavalier AO Chairman

The Trust exists to serve the glory of sport. For without a popular following, NSW had facilities in regional and suburban venues that stating the case events had to move quickly, approvals for capital 150 years, from the creation of a cricket ground by the wrong part of its capital city. In all the rest of the was stating the obvious. Capital invested at the SCG spending had to happen regardless of a budget the North Devonshire Regiment on military land to world, the trend to the business districts is inexorable. and the football stadium makes a return from the fi rst context. the south of Victoria Barracks through more than The other mainland Australian states followed that day of operations suffi cient to meet maintenance and a century of responsibility by a statutory trust, the trend. The consequence is that, in 2012, NSW is the depreciation and then some. Any other location in The two ministers for sport acted within the following grounds relied upon the revenues generated by sick man of Australian sport. That assessment is not NSW, capital investment requires subsidies unending week. Mr Annesley drafted a letter of the instant their own activities to meet ongoing costs. Capital open to objective dispute. from government, municipalities, codes or banks. No and hand-delivered it to the Premier. Understanding expenditure relied on accumulated savings and other venue in NSW operates at a surplus and none that any delay was a fi nal delay, all approvals had to borrowings on which interest and repayment were met The other states invested billions in their traditional ever will. The viability of these grounds became an happen within weeks or the construction would miss out of revenues generated. grounds, sometimes spending to achieve a total excuse not to meet an obligation in advancing their a completion prior to the Ashes series of 2013-14, the reconstruction. Melbourne has sports precincts potential. It was as if the glory of these venues was merits of the projects overcome the entrenched and In 2000, the NSW Government generously advanced serviced by multiple modes of public transport reason in itself to leave the venues to the capable predictable opposition. $2 million to assist in the total reconstruction of the that are among the fi nest in the world. The NSW people responsible for their care, control and Unlike any other foreword I have composed in these playing surface of the Sydney Cricket Ground. The Government, with Commonwealth assistance, management. grant was in recognition of the central role the SCG did provide the funding that made possible the years that I have had the honour of being Chairman, had played in the celebration of the inauguration of the construction in 2008 of the Victor Trumper Stand. The The moment that these two projects became possible these words are devoted solely to an expression of Commonwealth 100 years earlier. By 2000, outlays proportion of costs paid by the SCG Trust was higher both occurred at an AFL grand fi nal in Melbourne. In thanks to the leaderships of two governments who by state governments to assist sports grounds, stadia than either government. 2006 the Federal Minister for Sport, Rod Kemp, asked collaborated to make good. My thanks to those and other sports facilities had grown from next to Trust CEO Jamie Barkley and myself: “Why don’t named and my thanks to the splendid people behind nothing to multiple billions of Australian dollars. None The SCG Trust built the SCG and football stadium to you blokes ever ask for money? Are you afraid you’ll them who kept moving the paper amid obstacles and of that money included the SCG and the football an asset value of more than $600 million. Government get it?” We did ask and we did get it. The Trust had attempted delays until all approvals were in place. stadium. The spending by state governments on contributions until this year were $52 million. cause to pay tribute to Senator Kemp and the Howard What will come out of the ground on the northern end sports facilities has grown exponentially since. Government, to Morris Iemma and his government. of the Sydney Cricket Ground will be for the glory of Having completed the Victor Trumper Stand in 2008, sport. The major sports grounds in or near to the central the Trust then directed its attention to the three stands Meandering in circles seemed to have become the business districts, the places beloved by sports fans, opposite. fate of the project to replace the Bradman and the were redeveloped by those tax dollars. The strategy Noble stands. NSW Treasury had been opposed to The NSW Government, assisted by the was not complex: build facilities for sports that people an investment in these facilities. At the AFL grand Commonwealth, has provided the funding that has will pay good money to watch in those places where, fi nal in 2011, Graham Annesley, the NSW Minister enabled the Trust to fund the demolition of three Rodney Cavalier AO for generations, crowds have been going. The AFL for Sport, a minister who enjoys an instinctive stands and the construction in their place of a single Chairman in Victoria reversed a serious error when it suffered understanding of sport, sensed something more than integrated stand. That new stand will be a marvel on hubris and attempted to leave the MCG. The AFL in cynicism in my words of doubt. “Don’t give up now,” completion. Again the Trust voted for a signifi cant South Australia, very much supported by the AFL he said, “not when you’re so close”. Nearby was the contribution of its own resources in order to make the Commission and the South Australian Government, Federal Minister for Sport, Mark Arbib, another who project possible. reversed the errors of an earlier generation so as to understood the dimensions of what was required. move Australian Rules football back to its home at Both SCG projects had many false starts. Both were There is a world of difference in a political equation Adelaide Oval. occasions for expressions of despair, a sense of in which you have to make a case and an equation in wonder that the obvious was lacking funding support. which those who make decisions know the case as The NSW Government cannot be criticised for the The capital investment to transform the SCG, without well as you and work with you to make the outcome funds it provided for sports facilities. The profound infringing its character, was penny-halfpennies come to pass. Also present in that room were the sadness was that, in spending more than any other compared to the billions interstate. The need was Prime Minister and the Premier of NSW. We departed state on a single event that hosts sports otherwise so obvious in the context of money being frittered at Melbourne with an understanding in common that

4 5 Our Vision & Goals

Vision Who we are

To celebrate sport, create The Sydney Cricket and Sports Ground Trust is history, enhance entertainment responsible for managing two of Australia’s special and share the experience. sports venues – the Sydney Cricket Ground and Allianz Stadium.

Together these two grounds form a central sports precinct of international standing that includes a sports museum, fi tness centre, club facilities and the headquarters of several major sporting clubs and codes including rugby league, rugby, football, cricket and AFL.

We host nearly 100 sports and concert events and attract approximately 1.5 million visitors each year.

Values

Our goals and the strategies for achieving them are based on a foundation of fi ve core values that defi ne us as an organisation. They underpin our key decisions, actions and response to challenges and new opportunities.

HERITAGE INTEGRITY We honour our past as proud custodians of our We operate as an ethical organisation with a clear history and traditions. set of values practised by all employees.

RELATIONSHIPS PASSION We promote positive relationships built on We are passionate about the sports and events we honesty, consultation and service. host, and about innovation in all that we do.

DIVERSITY We embrace diversity, value differences and respect our communities.

Goals

HERITAGE FACILITIES Being an effective custodian of the heritage and Developing and presenting our venues and facilities traditions of our grounds and the sports they to the highest standard of safety and comfort. support.

SERVICE COMMERCIAL Ensuring our Member, partner, staff and customer Ensuring the continued commercial viability experience is valued and recognised as best of the Trust. practice.

6 7 Key Outcomes & Progress Achieved During 2011/12

Artist’s impression of the SCG’s new northern stand (currently under construction).

Heritage Goal: Facilities Goal: compost, reducing our landfi ll and environmental • Continually review and enhance the value of emissions by 40% products and services Being an effective custodian of the heritage and Developing and presenting our venues and facilities to traditions of our grounds and the sports they support. the highest standard. • Relocated telecommunications hub from Bradman • Ensure satisfaction with the quality of and Noble stands to Trumper Stand maintenance, facilities, programs and services Five-Year Strategy Outlined in Trust Corporate Five-Year Strategy: Plan: • Total Asset Management Plan reviewed, updated Key Achievements in the Past Year • Strategically invest in grounds and facilities and submitted to the Grounds and Event Services • Be an effective custodian of our heritage and through the annual capital works program and the Committee • Implemented marketing strategies with sports and traditions Trust Master Plan entertainment partners to maximise attendances • Corporate hospitality facilities audit undertaken to at home games and events • Implement museum and archive plans • Increase cooperation and collaboration between assist with capital works planning the Trust, sports partners and key stakeholders • Developed a Trust Multicultural Plan • Investigate opportunities for developing targeted • Cosmetic improvements undertaken to corporate publications for all stakeholders Key Achievements in the Past Year hospitality common areas and a new, modern • Developed a Trust Disability Action Plan style developed for suites Key Achievements in the Past Year • Secured internal and external funding for Stage 2 • Contributed to the government’s working SCG redevelopment. Approval gained for planning • Continue to meet standards required by liquor group for developing light rail and infrastructure • Celebrating 100 SCG Tests exhibition in the SCG modifi cations, and construction contracts at licensing authorities and ensured compliance with improvements in Moore Park Museum, featuring an expansion of the ‘Memories tender. licence obligations Project’ • Ensured detailed traffi c management plans were in • Rugby League Central building completed and • Wi-Fi upgrade to increase coverage for the media place for all events at our grounds • Hosted the opening night function and Cricket Art operational and sports partners Prize exhibition in the Members Pavilion in October • Promoted the Trust’s brand through digital and • Developed and executed market research on • Expanded the Trust’s use of web and social print advertising and promotion of milestones and • Produced a calendar with the Trust selection from Member perceptions of their event experience. media in line with the new marketing and landmark events the Cricket Art Prize exhibition Findings assessed and appropriate action taken. communications plan • Developed a media strategy to support media • Developed tour and activity packages in • Work underway on Allianz Stadium level 3 • Incorporated initiatives to make greater use of operations and activities on event and non-event conjunction with sports partners eastside redevelopment Smart Technologies to enhance fan experience days, and investigate how media operations can into the Trust Master Plan maximise value to Trust objectives • Offered public, corporate and group venue tours • SCG O’Reilly Stand tunnel redevelopment in tailored to suit market segments design • Gathered media input into AFL SCG media centre Service Goal: upgrade • Feasibility study underway to upgrade the • New Capital Works Program developed and Members Pavilion change rooms approved by Trust Ensuring our Member, partner, staff and customer • Gathered media input into SCG Stage 2 media experience is valued and recognised as best practice. centre development • Work underway on developing a Conservation • Playing fi elds maintained to premium condition for Management Plan that identifi es and assesses the scheduled events Five-Year Strategy: • Conducted six-monthly and annual performance signifi cance of all Trust heritage assets reviews for all staff, including identifying and • Implemented annual turf management plans for • Strengthen ability to identify, understand and implementing development needs to ensure staff • Plans completed to retain the Noble Stand clock both grounds respond to Member, staff, partner and customer have the information and capability to deliver their tower as part of the SCG Stage 2 redevelopment needs accountabilities • New composting unit operational which will convert most food waste from the site to garden

8 9 Key Outcomes & Progress Achieved During 2011/12

• Added new options to the Trust’s corporate • Review, enhance and grow the corporate hospitality inventory, and created a regular program hospitality, Gold and Platinum membership sales of functions/events programs

• Prepared major event communications plans and Key Achievements in the Past Year key messages event documents • Renegotiated venue catering agreement with Azure • Prepared joint news releases with affi liated partners Catering for the Stadium Fitness Centre • Participated in event meetings (including the Major • Conducted needs and cost benefi t analysis of Events Operations Group) with stakeholders and implementing optimum ticketing program for both undertook action as appropriate venues, and extended Ticketek agreement • Agreed and contracted KPIs with all catering • Completed market review on hospitality, providers membership and sponsorship products • Implemented upgrades with catering contractors on • Removed boxes on the eastern side of Allianz all capital expenditure items Stadium to make seating available for alternate • Conducted audit and security risk assessment of our hospitality packages corporate information systems to ensure compliance • Developed a strategy and fi nancial commitment with legislation to securing key events such as international rugby • Communicated regularly with Members via a range Tests of print, electronic and digital means, including the • Conducted a brand audit to identify corporate Trust’s weekly e-newsletters and web updates hospitality brands with no clear point of difference from competitors’ positions Commercial Goal: • Developed specifi c segmentation strategies for highly targeted prospecting for corporate hospitality Ensuring the continued commercial viability of the Trust. sales and corporate incentive schemes Five-Year Strategy: • Increased digital traffi c through SEO (search engine • Increase and diversify the Trust’s revenue base optimisation), corporate blogs, review of website and data capture • Negotiate strong long-term hiring deals with sports partners and tenants • Created tools to assist clients to make better use of suites and signage and measure their return on • Review, enhance and grow key supplier and investment sponsorship deals • Reviewed cash fl ow requirements and levels to • Review the optimal membership category mix and optimise performance of investments investigate other membership opportunities • Continue to develop and improve record management

10 11 Managing the Events

Allianz Stadium hosted three “ NRL finals during September that attracted a total of nearly 73,000 fans. ”

Rugby Union Attendances were up from the previous season with Wests Tigers stadiums to host 100 Test matches – the others being over 116,000 attending the 12 Sydney FC home Lord’s and the Melbourne Cricket Ground. NSW Waratahs games. One game was relocated to Kogarah Oval The Wests Tigers played four of their home matches in early December, as a result of confl icting concert at Allianz Stadium in the 2011 NRL Premiership The Trust organised numerous special events The Waratahs had a relatively successful season on event bookings. Season, resulting in two wins and two losses. They to commemorate the historic milestone (see the fi eld in 2011, making the semi-fi nals of the revamped fi nished 4th at the completion of the home and ‘Membership and Marketing’ section), including Super Rugby competition. The team achieved fi ve Sydney FC qualifi ed to play in the Asian Champions away rounds, but eventually lost to the New Zealand commissioning a limited edition baggy green cap victories from six games at their home ground, Allianz League last year, as a result of being A-League Warriors at Allianz Stadium in the fi nal minutes of the bearing the SCG 100th Test logo and the cricket Stadium. Champions in 2010/11. preliminary fi nal. emblems of Australia and India. NSW Premier Barry O’Farrell, NSW Minister for Sport Graham Annesley, Overall the average attendance at Waratahs’ home The team did not qualify for the fi nals but hosted The four matches drew 88,484 attendees at an Cricket Australia Chairman Wally Edwards and Trust fi xtures was 16,970, with a total attendance of slightly three games at Allianz Stadium, attracting a total average of 22,121. Chairman Rodney Cavalier presented the caps to more than 101,000 for the season. The team kicked attendance of more than 21,000. players and offi cials before play on day one. off their 2012 presence at home on 17 February with a NRL Finals pre-season trial match against Tonga. The SCG welcomed more than 115,000 Australian Rugby League Allianz Stadium hosted three NRL fi nals during and international cricket fans over the four days. Day September that attracted a total of nearly 73,000 fans. AFL NRL ANZAC Day one recorded 35,386 spectators through the turnstiles The fi rst qualifying fi nal was played between and, although a strong turn out, it was disappointing Sydney Swans The ANZAC spirit was kept alive when nearly 35,000 the Manly-Warringah Sea Eagles and the North to fall short of recording a sell-out. fans turned out on ANZAC Day to witness the rivalry Queensland Cowboys on Saturday 10 September. The Swans played eight home games at the SCG continue between the Sydney Roosters and the Off fi eld, the Sydney Test continued to be a key event in 2011, winning four and losing four to set up a St George Illawarra Dragons. As ANZAC Day fell Wests Tigers then took on the New Zealand Warriors in raising awareness of breast cancer and the work of reasonably successful season which saw them fi nish on Easter Monday in 2011, the match was a double in an exciting semi-fi nal clash on 16 September, before the McGrath Foundation, and the new title of the ‘Pink seventh on the ladder and making the semi-fi nals celebration with some exciting off-fi eld activities and a crowd of 27,109. The Warriors got up in the last few Test’ was introduced. A range of activities were held before being defeated by Hawthorn. military displays commemorating the services of minutes to record a 22-20 victory. particularly on day three, known affectionately as Jane Australian men and women in the defence forces. McGrath Day, including the Jane McGrath High Tea The club had put together a relatively young playing A week later, the Sea Eagles made their second fi nals and the sale of various pink merchandise. The 2012 squad and the team performed consistently during the Of course, the day was also an opportunity to see appearance at Allianz Stadium. This time the eventual Sydney Pink Test raised $425,000. year under fi rst time head coach, John Longmire. a match that has become a highlight on the NRL premiers played the Brisbane Broncos in front of calendar. In wet conditions, the Dragons proved to 31,849 spectators, and won their way through to the Acknowledging that this could be the last SCG The average attendance for Swans games at the SCG be too strong once again this year, overcoming the NRL Grand Final with a 26-14 victory. Test for the ‘Little Master’, a special presentation was 25,201, with the largest crowd of the season Roosters 24-10. of Honorary Membership of the SCG was made to being 33,136 for the 22 May game against Hawthorn. Sachin Tendulkar by Barry O’Farrell and Trust CEO Cricket Sydney Roosters Jamie Barkley. This was in recognition of Sachin’s Football performances at the ground and his appreciation of, The 2011 season saw the Roosters play 11 games India Test Match and fondness for, the venue. at Allianz Stadium resulting in eight wins and three Sydney FC The SCG Trust worked closely with Cricket Australia losses. They attracted a total crowd attendance of and Cricket NSW on the successful staging of the During the Test, Prime Minister Julia Gillard and Barry The Sky Blues had a disappointing 2010/11 A-League about 165,000 to these games. After a good season second Test between Australia and India commencing O’Farrell announced the joint funding of the SCG season, fi nishing ninth at the completion of the the previous year, the Roosters fi nished 11th at the 3 January 2012. Stage 2 development which includes a new modern home and away rounds. The team had a good completion of the home and away rounds. pavilion at the northern end of the ground to replace start to 2011/12 and with some strong late-season It was the 100th Test to be played at the ground, and the Noble, Messenger and Bradman stands, along performances, the team returned to fi nals action. saw the SCG join a very elite club of only two other with a new video scoreboard almost double the size

12 13 Managing the Events

The SCG welcomed more than 115,000 Australian and “ international cricket fans over the four days. Day one recorded 35,386 spectators through the turnstiles. of the current one (see the ‘Major Projects’ section for SCG Country Cup Final further details). ” The Trust once again proudly supported the growth One Day Internationals of country cricket in NSW via sponsorship of the SCG Country Cup during the 2011/12 season. The SCG hosted two of Australia’s One Day International matches over the 2011/12 summer. The Nearly 80 teams participated in the knock-out game against India attracted 33,839 spectators, competition throughout country and regional NSW, with the match against Sri Lanka attracting 22,365 with Queanbeyan and Merewether contesting the spectators. coveted fi nal on the hallowed SCG turf in January.

T20 Big Bash League – Sydney Sixers The Trust commenced sponsorship of the SCG Country Cup in 2005, and is committed to building The inaugural season of the revamped T20 Big Bash cricket in country and regional NSW, and assist in the League saw the SCG become the home venue for the identifi cation of fi rst class players. Sydney Sixers. The Sixers played three games at the SCG, winning all and fi nishing third at the completion of the home and away rounds.

They defeated the Hobart Hurricanes in the semi-fi nal and then went on to defeat the Perth Scorchers in Perth to claim the fi rst championship of the league in the new format of city based teams replacing state squads.

Crowds for the three home games averaged just on 20,000 with the highest attendance of 27,000 coming for the 27 December fi xture against the Melbourne Stars.

Domestic Cricket

The NSW Blues had a mixed season fi nishing fi fth in the Sheffi eld Shield, winning one of their three games at the SCG and drawing the other two. The Blues also fi nished third in the One Day Cup series.

Ex-Victorian captain Rachael Haynes helped the NSW Breakers to a record seventh title with a win against her former state in the Women’s National Cricket League fi nal at the SCG in January. The Breakers continued their unprecedented run of consecutive victories in the 50-over competition by defeating Victoria by 70 runs.

14 15 Managing the Events Azure Catering Risk management is an ongoing review process with sports partners, on-site tenants and contractors to Azure Catering operated throughout 2011 in the ensure that workplace health and safety is maintained fi nal year under the current arrangement to provide at a high standard. catering services to Members in the Stadium Fitness Centre. They continue to provide excellent product Car Parking and service to all Members, staff, sports partners and visitors. Moore Park East car parks are operated by the Trust under license from Centennial Park and Moore Park Renewal discussions were conducted during February Trust on event days. In addition, the Trust manages and the Trust and Azure operators reached agreement the MP1 car park on event and non-event days. for a further fi ve-year term. A change in week day operations during January provided a greater opportunity for Members to utilise Rugby League Central the eastern pod of the MP1 car park for Stadium Fitness Centre access. The Trust agreed terms with the rugby league administration during 2010 for access to land adjacent Ticketing to the Allianz Stadium forecourt for the construction of Rugby League Central. Ticketing services for both venues is provided by Ticketek who continue to provide a strong distribution The Rugby League Central building was offi cially network and innovative features. opened on 10 February by Federal Minister Anthony Concerts & Special Events Commercial and Operations Albanese, NSW Minister for Sport Graham Annesley, The Trust completed negotiations to renew ticketing Eminem Catering Australian Rugby League Commission Chairman services with Ticketek for fi ve years. John Grant, and the then ARLC Chief Executive David Allianz Stadium hosted two concerts by hip hop icon Delaware North completed their fi rst full year of Gallop. Merchandising Eminem in the fi rst week of December. The fi rst concert operations in 2011. While there were some early The incumbent merchandise rights holder at the SCG on 2 December sold out in less than 30 minutes, challenges related to transitional issues and venue The building has become a central headquarters for and Allianz Stadium, Playbill Pty Ltd, successfully attracting more than 45,000 fans. familiarity, the overall rating for catering received some the game, bringing all league administrative bodies secured the rights for a further fi ve-year term during positive responses from our hiring partners. The Trust together under the one roof. The premises includes a recent negotiations. Foo Fighters continues to work closely with Delaware North in an learning centre to promote a number of initiatives with school children and a resource for adult professional Modern rock legends the Foo Fighters completed the effort to provide the best venue food and beverage The Stadium Store and outlets in the grounds will be development. It also houses a museum, due to open Allianz Stadium triple header for the month, attracting experience for our patrons. expanded and upgraded as a part of the new contract. in late 2012. The building has attracted many positive 46,000 passionate fans to the venue on 8 December. The Trust continues to maintain its position on comments and has been well received by staff. Playbill work closely with many of our venue sports competitive pricing in line with other major stadiums in partners with the goal of maximising sales for the Marathon Cricket Security and Access Australia. benefi t of all parties. The Primary Club of Australia, in association with the With the support of Delaware North a program Maintaining secure venues for patrons, on-site Trust and Cricket NSW, held the Marathon Cricket Cleaning of capital works continued during 2011, including tenants and staff is an ongoing process. The Trust event at the SCG over two days in February. equipment acquisition and the upgrade of Members’ has tightened procedures in several areas and we Quayclean operate the event day and site cleaning continually review infrastructure and systems for Club and corporate teams participated in matches and public food and bar outlets, as well as adding contract, while TJS Services is responsible for the improvement. across 30 hours to raise funds for sporting and digital signage technology to selected locations. Stadium Fitness Centre including the Azure café and recreational equipment and facilities for people with the Venue Services Offi ce. The respective operators High street brands including Domino’s, Oporto, Red Risk Management disabilities. have achieved satisfactory results and continue to be Rooster and Sydney’s iconic seafood traders Doyles The Trust consults with the Treasury Managed Fund and critical contributors to our business. have been introduced either permanently or for Unfortunately heavy rain dampened the excitement of third party claim representative Proclaim Management special events. the many players who had registered to participate in Services for insurance claims and activities. the event, and numerous matches had to be cancelled. Stadium Events

Stadium Events has become a well recognised event business associated with the Trust and both SCG and Allianz Stadium facilities. The year on year fi nancials have continued to grow under the management of Delaware North, and they offer well rounded services to the venue on non-event days.

Stadium Events was awarded the 2011 ‘NSW Specialty Events Venue of the Year’ by Meetings and Events Australia.

16 17 Managing the Events

Medical Incident Summary 2011/2012 Incidents affecting fans at our events fell from 404 to 312, while there were also fewer injuries to staff and The total number of medical incidents for patrons and contractors at work – down from 83 to 63. See the staff during the year was 375, signifi cantly down on ‘Managing the Assets’ section for a more detailed the 487 recorded the previous year. Workplace Health and Safety report.

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Totals

Event Day 14 51 23 14 19 11 16 4 5 97 82 25 361 Non-Event Day 103201102202 14 Total Incidents 15 51 26 16 19 12 17 4 7 99 82 27 375 Patient Profi le Patron 9 41 19 10 17 8 15 3 6 90 70 24 312 Staff - Trust 320513200263 27 Staff - Contractor 375111011660 32 Attendances – 1 March 2011 to 29 February 2012 Staff - Not Defi ned 0 1 2 0 0 0 0 0 0 1 0 0 4 Total 15 51 26 16 19 12 17 4 7 99 82 27 375 Event Attendees Type of Injury ODI AUSTRALIA V SRI LANKA 22,365 Abrasion 0450322223103 36 Breaks/Fractures/ 000110100122 8 AUSTRALIA V INDIA 33,639 Dislocations/Strain Burn 031010000110 7 TEST MATCH AUSTRALIA V INDIA 115,186 Dehydration/Sunburn/ 000000000100 1 TWENTY20 SYDNEY SIXERS 60,275 Heatstroke Fainting/Dizziness 33011031220100 44 DOMESTIC CRICKET SPEEDBLITZ BLUES 6,747 Headache 39514260115148 68 Laceration 2823201101162 38 WOMEN’S NATIONAL CRICKET LEAGUE BREAKERS 290 Pain (Chest/Abdominal/ 26304020217162 54 NSW RUGBY NSW WARATAHS V TONGA 4,063 Appendage) Pre-Existing 000000000001 1 SUPER RUGBY NSW WARATAHS 101,818 Soft Tissue Injury 2365261001232 42 Intoxicated 000000000500 5 A-LEAGUE SYDNEY FC 116,318 Vomiting/Nausea 1411000001063 26 FFA AFC CHAMPIONS LEAGUE 21,424 Respiratory Diffi culties220001100112 10 Other 0934110002132 35 NRL SYDNEY ROOSTERS 164,436 Total 15 51 26 16 19 12 17 4 7 99 82 27 375 WESTS TIGERS 88,484 Hospitalisation ST GEORGE ILLAWARRA DRAGONS 31,122 No 14 44 25 12 17 10 13 4 5 78 78 21 321 Yes 1714212021424 40 FINAL SERIES 72,930 Referred to Doctor 000001200722 14 AFL SYDNEY SWANS 201,606 Total 15 51 26 16 19 12 17 4 7 99 82 27 375

CONCERTS EMINEM 76,131 Cause of Injury Pre-existing 41353 4 3 7 1 1192111 92 FOO FIGHTERS 45,752 Slip and Fall 003310001200 10 SCG & SFS TOTAL 1,162,586 Trip and Fall 266342301652 40 Sun/Heat Exposure 000000000260 8 SCG TOUR EXPERIENCE TOTAL 10,878 Other 314875422034248 111 STADIUM FITNESS CENTRE VISITS 312,670 Unknown 616405251430266 105 Intoxicated 020001000600 9 TOTAL 1,486,134 Total 15 51 26 16 19 12 17 4 7 99 82 27 375

18 19 Managing the Assets

Capital Works Program • Structural maintenance program including Rugby League Central - relocating the Trust’s main computer room from replacement or repair of several corroded, spalling the Bradman Stand to the Victor Trumper Stand The Trust’s capital works program for 2011/12 was or rusting structures The new rugby league headquarters building, located budgeted at $8.687 million, comprising works from at the entry to Allianz Stadium on Driver Avenue was - extension of the Wi-Fi scope for media the Total Asset Management Plan totalling $2.396 completed and opened for business in early 2012. (unbudgeted) million and new projects totalling $5.291 million. Actual Allianz Stadium Forecourt expenditure was $11.471 million. While the project was funded by Rugby League, the • New fi re services system installed in the Cricket A new full colour LED video screen was installed Trust funded and provided the required infrastructure NSW offi ce and the Indoor Cricket Centre Additional expenditure can be attributed to $3.531 above the Members’ entry of the stadium overlooking for power, water, gas, telecommunications, sewer and million spent on continuing the planning and design of the forecourt and Driver Avenue. The 45m² screen stormwater for site readiness. • Solar roof panels installed on the Sheridan the SCG Stage 2 redevelopment to replace the Noble, has added signifi cant match day atmosphere, playing Building Bradman and Messenger stands. Stage 2 funding has sport highlights packages and pre-game broadcasts, Allianz Stadium Eastside Redevelopment • Upgrade of equipment in the SCG scoreboard now been approved and the project will be separately while also proving useful for communicating practical information to patrons. control room funded from the Trust’s normal annual capital works Works are in progress to expand and redevelop program. The Stadium Store on the northern side of the level three of the eastern seating deck. This includes • Upgrade of AFL media facilities on level 7 of the forecourt has been expanded by moving the ticket increasing the fl oor plate by fi lling in four additional Brewongle Stand, including removing external Total Asset Management Plan box across the forecourt adjacent to the Venue fl oor areas, a complete strip-out of existing facilities, structural wall fi ns to improve sightlines, installing Services Offi ce. and installing six new toilets, three retail catering a new TV studio and refurbishing radio and print The Trust’s Total Asset Management Plan is reviewed outlets and two corporate box kitchens. A second media facilities (unbudgeted) and updated annually, and a report is submitted to The forecourt redevelopment will be completed with lift will be installed, allowing direct access from the NSW Treasury. the following works in progress: ground level turnstiles to all levels. • Azure café refurbishment

Asset improvements in the past year included: • Installing 12 light poles which will fl y banners Additional works have been added to the project to SCG Playing Field and hold spot lights illuminating the four sports refurbish all existing toilets and create a ‘Diamond • New fi re suppression systems over fryers in Allianz sculptures and the Australian fl ag Lounge’ on level two with a new dedicated seating The SCG fi eld was renovated immediately following Stadium food outlets area above. the last Sheffi eld Shield game in March 2011 to • Widening the pedestrian route from MP1 car park prepare the surface for the AFL season. • Plant and equipment acquisitions into the forecourt Other Projects Due to the complete returfi ng of the fi eld at the end • Completing installation of fl oor tactiles at Allianz • Widening the forecourt on the southern side by of 2010, only minor works were required to the centre Stadium to differentiate level changes the removal of the existing landscape bed and the • SCG Stage 2 redevelopment design and planning wicket square. Standard AFL ground works included planting of new Tuckeroo trees (unbudgeted) • SCG Members Pavilion/Ladies Stand: coring the ground to decompact and aerate the fi eld, • Installing power bollards to both sides of the • Master Plan revision (unbudgeted) oversowing the entire couch grass fi eld with winter rye - compliance improvements to the emergency forecourt to accommodate temporary event seed and raising the cutting height of the turf from a lighting and exit signs • Allianz Stadium Members Bar works (unbudgeted) structures and facilities summer length of 10mm to the AFL required height of 30mm. - refurbishment of two toilets in heritage colours • Refurbishment of SCG and Allianz Stadium • Laying a new pavement fi nish including concrete catering outlets (unbudgeted) The 2011 winter season was again wet, as was the • Compliance upgrade to beer board regulators at borders, pavers and asphalt previous year. Due to the returfi ng which included Allianz Stadium • IT Projects: • Installing stainless steel and glass balustrades to replacing the top level of soil, the fi eld drained well and • SCG PA system upgrade, including new amplifi ers both sides of the forecourt - access control rollout there was little impact on the condition of the grass surface.

20 21 Managing the Assets

The second fi eld renovation of the year is the transition seed throughout the fi rst half of the year. The NRL the induction process, saving time and ensuring • More than 800 LED lamps have been installed from winter to summer sporting codes. Again the fi nals series was played on an excellent surface, as that safety and induction guidelines are consistently in light fi ttings throughout the venue, replacing fi eld was in excellent condition and little renovation was the start of the A-League in October. The annual followed. less energy effi cient halogen, incandescent and works were required. Normal grounds maintenance renovation of the fi eld commenced mid-October and compact fl uorescent lamps. The LED lamps procedures were put in place. The 2011/12 cricket included the full returf of the playing fi eld with couch Injury levels for 2011/12 dropped by 23%, despite have a longer life, saving labour time as well as season started on 22 October and concluded on grass. an increase in onsite staff. Around 25% of medical electricity. Lamps are replaced as part of reactive 11 March 2012. incidents reported over the 12 months were classed maintenance and this program will continue in December saw three concerts at the stadium, two as ‘pre-existing’, meaning that the cause of the injury 2012/13. The Australia v India Test match was an outstanding by Eminem and one featuring the Foo Fighters. The or illness did not originate onsite. game on a premium outfi eld and an excellent Test surface was in good condition after the concerts due • A recent upgrade of the SCG fl oodlighting towers pitch. The season consisted of 27 matches played to the experience gained from past concerts on the See page 19 for the full table of staff and patron involved the use of improved technology and over 39 days comprising: fi eld. Staff ensured proper preparations were followed, medical incidents. new metal halide sports lighting. This achieved which included full-fi eld ground protection. The use of energy savings of around 30% on the old lighting • Three international matches including the Test the stadium was high in 2011, consisting of 56 games Sustainability confi guration and earned the Trust energy saving match played over 39 event days. certifi cates worth $342,573 in 2011. The Trust has historically undertaken an operational • Three Sheffi eld Shield matches Although 2012 was the coldest start to summer in approach to energy, water and waste management. Water 51 years, the stadium commenced the year with a The Trust is now adopting a more strategic approach • Two domestic one day matches In recent years the Trust has greatly reduced use full coverage of couch grass providing a stable and through the integration of sustainability initiatives as of town water through facilities upgrades, savings • Three Sydney Sixers T20 BBL matches secure playing surface. part of its capital works and regular maintenance measures and tapping into local recycled bore programs. • Sixteen non-fi rst class matches water for irrigation. With Stage 2 construction about Workplace Health & Safety To improve its overall ecological footprint, the Trust is to begin, access to bore water will be interrupted and a temporary return to reliance on town water is Allianz Stadium Playing Field New occupational health and safety legislation was in a position to reduce energy and water consumption expected. Once Stage 2 is complete, we anticipate passed by the NSW Government in January 2012, and while maintaining its venue services. This can be irrigating both the SCG and Allianz Stadium totally The playing surface of Allianz Stadium was in excellent is now to be termed ‘Workplace Health and Safety’. achieved by replacing ineffi cient electrical and water from renewable bore water sources. condition at the start of 2011. The overarching OHS legislation has been updated services as the existing equipment reaches the end of by the Federal Government to create a national its operational life. The annual full returf of the fi eld the previous spring standard. Features of the new Act include the removal was followed by warm weather which was ideal for To achieve best practice waste management outcomes, of the ‘reverse onus of proof’ on an organisation and grass growth. However, poor weather conditions the Trust will strengthen its partnership with its current increased accountability of senior management. coupled with a heavy event schedule from late waste management services provider and expand its February to early May 2011 impacted on the fi eld. Workplace health and safety is assuming an ever- current waste sorting and recycling procedures. March was the wettest in 27 years, while April was the increasing importance in the operation of all venues. Some initiatives over the last year include: wettest for 12 years. The Trust’s strong track record in this area has proved essential in meeting and exceeding safety objectives Energy The SCG and Allianz Stadium were declared ‘Footy in 2011/12. Central’ in April 2011 with 11 event days, eight at the • In February 2012, a 15kW photovoltaic solar panel stadium. An online induction system has now been successfully system was installed on the roof of the Sheridan accessed by 500 personnel from 140 contractors, Building offi ce complex. The system will capture By mid-year, the playing fi eld had returned to a with an internal staff induction module released in enough sunlight to save 16.3 tonnes of CO2 premium surface which can be attributed to an April 2012. This has standardised and streamlined annually, while assisting to power the building and excellent strike rate from the oversowing of the rye reduce energy consumption.

22 23 Major Projects

Artist’s impression of the precinct envisaged under the Trust’s Master Plan.

Major Projects is a new area Sydney Cricket Ground Stage 4 will complete the SCG redevelopment. New MP1 Car Park (Paddington Gate) of the Trust created in the corporate and public facilities in the O’Reilly Stand will The SCG Master Plan integrates the new northern link into the existing Victor Trumper and the new northern The Master Plan envisages developing a new entry past year that is primarily stand (Stage 2) into a planned redevelopment of stands to create a continuous lower seating bowl. and public plaza (Paddington Gate) over MP1 Car responsible for managing the whole ground. The various stages of the SCG Park. The plaza would be built over a two-level car redevelopment are defi ned as: park with space for approximately 1,600 vehicles. the Trust’s Master Plan. Sports Central Plaza The car park would allow direct access to the new Stage 1 construction of the Victor Trumper Stand Members Facilities Building. In the short term, the (completed 2008) The proposed Sports Central Plaza, originally shown primary focus is overseeing in 2011, has been further refi ned to accommodate Stage 2 construction of the new northern stand the functional requirements of the SCG and Allianz Transport and Pedestrian Access construction of the new (completion 2013) Stadium. The new plaza connects both venues and northern stand at the SCG. allows for public access through the precinct linking The Master Plan also proposes signifi cantly improved Stage 2a refurbishment of the Members Pavilion Paddington and Moore Park. This new important pedestrian and public transport links to Sports and Ladies Stand public space will provide a live site with video screens Central, including a new light rail mass transit system on event days and a new public area between the travelling through the heart of the precinct. Master Plan Stage 3 redevelopment of the Churchill and SCG and Allianz Stadium. Brewongle stands Pedestrian walkways would link with existing transport The Master Plan is the blueprint for the Trust’s Sports Central Plaza will provide access to a new routes, the new light rail system to run along Anzac long-term vision for a ‘Sports Central’ precinct Stage 4 redevelopment of the O’Reilly Stand Museum as well as the public and Members entries Parade and a realigned bus interchange to give fans incorporating the SCG, Allianz Stadium and easier, more direct and safer entry to the grounds and Work on the new northern stand has commenced to both grounds. There will be improved outside surrounding lands. through the precinct. on site, with the demolition of the existing Noble and broadcast facilities. Underneath the plaza will be a loading dock, maintenance facilities and back of During the past 12 months, further refi nements to the Bradman stands underway. The walkways would include pedestrian bridges over house staff support areas, centrally located between Master Plan developed in 2011 have been undertaken Anzac Parade and South Dowling Street, and connect Stage 2a will give the Members Pavilion and Ladies both stadiums, providing improved operational by Cox Richardson Architects. They concentrated on with improved pedestrian links from Central Station Stand improved disability access, refurbished effi ciencies for the venues. developing the Master Plan within Trust lands, while and the CBD. additional work was undertaken in conjunction with Members’ bars, better and larger player facilities, a new access tunnel to the northern stand for players the Centennial Park and Moore Park Trust and Hassell Allianz Stadium The surrounding parklands would be regenerated, Architects in relation to the Master Plan for Moore and staff, and new seating arrangements on the lower and new playing fi elds created with underground car Park East and West. level that will improve viewing and access. The Trust has investigated further development of parking for 2,500 cars. Allianz Stadium to enhance player, corporate and fan Stage 3 concept planning is underway and being The revised Master Plan focuses on the development experiences. of four distinct zones within Trust lands. These are: carried out in conjunction with the AFL. These stands SCG New Northern Stand are to be developed as a new pavilion similar to Among the plans being considered are upgrades to Design and documentation of the new northern • Sydney Cricket Ground the stage 2 northern stand but with an emphasis the stadium’s roof, improving public circulation around stand (the replacement of the Noble, Bradman and on providing home team facilities for the Sydney the ground and access to food and beverage outlets. • Sports Central Plaza Swans, new AFL media facilities, as well as new club, Messenger stands) commenced in 2011. The design development for the stand allowed the Trust to make • Allianz Stadium corporate, Swans members and public facilities. The proposed redeveloped Allianz Stadium could also Stage 3 allows for new entry gates and entry plazas include a new interactive LED facade mesh, effectively submissions to the NSW and Federal governments for • MP1 Car Park from Driver Avenue and Moore Park East. The new allowing the venue exterior to be lit in a variety of funding, which was announced by the Prime Minister plaza provides the opportunity to enhance the fan colours and designs. The venue would be able to be and Premier in January 2012. experience through the development of match day live branded for the home team or event being hosted. sites and fan zones for the public.

24 25 Major Projects Artist’s impression of the new stand from inside the ground.

Artist’s impression of the Skyline Terrace that will be created at the top of the SCG’s new northern stand.

The design and associated documentation continued giving the SCG Australia’s largest high defi nition board to develop since the announcement, allowing for at any sporting venue (nearly double the size of the the Trust to call tenders for a two-stage Guaranteed current video board at the ground). This new board Maximum Price document and construction tender. will provide a modern interpretation of the original AW Edwards was appointed contractor for the fi rst SCG scoreboard, and could include a dedicated stage stage of the GMP process in March 2012 and have area for sports events. since been working with the design team to fi nalise the design and their GMP for consideration and The stand has been designed as a modern pavilion, acceptance by the Trust. building on the traditions and heritage of the Members Pavilion and Ladies Stand. The new dining room, club The 13,360 seat stand will include new dining rooms, lounges and terraces overlook the proposed Sports clubs, bars, restaurants, a micro brewery, retail outlets Central Plaza. More seats (85%) will be undercover, and improved seating. New public and corporate marking a signifi cant improvement on the existing facilities will also be developed on the eastern end stands. of the new stand. There will also be signifi cantly improved media facilities, including a cricket media A new main central kitchen and more effi cient centre that meets all International Cricket Council maintenance areas will provide signifi cant operational criteria for the 2015 World Cup, and new away team improvements and services for the SCG as well as change rooms. Allianz Stadium.

A 270 square metre video board will be placed The new stand will be completed for the 2014 Ashes between the new stand and the O’Reilly Stand, Test match.

The entry atrium of the new stand will be a grand arrival space with links to all spectator levels.

26 27 Commercial Membership & Marketing

During the past year, the previous Business In keeping with our desire to establish long-term Membership New Membership Cards Development Unit (which had been responsible for partnerships, the Trust is conscious of continuing to offer corporate sales, marketing, sponsorship and all the market valuable opportunities. With this in mind, we SCG Election Following payment of annual subscriptions, Members membership services and facilities) was restructured are constantly searching for unique product offerings to received new membership cards this year. Nearly 80% In April 2011, 828 applicants from the year 2000 into two separate divisions: satisfy the needs of our customers and expect to launch of Members updated their photos in preparation. waitlist were offered SCG membership. Overall two new products in 2012/13. • Jason Hill became the General Manager of a new 42% of the applicants took up the offer, with 25% The new card design incorporated the membership Commercial Division, which is responsible for the The hospitality market is still in the process of opting for SCG Double Membership, 6% SCG Single category and type of card, Member number and sales, marketing and management of corporate re-establishing itself in the wake of the global fi nancial Membership and the remaining 11% were eligible for length of membership, venue entitlement/s and hospitality, Trust and venue sponsorship, and Gold crisis. The challenge now is for hospitality providers Junior SCG Membership. operational functionality for the turnstiles. and Platinum memberships to convince and reassure the industry of the value Deferral of membership for one year was offered to Test Match Reserved Seating Ballot of a corporate hospitality element in all successfully • Jane Coles was appointed the new General applicants who declined the offer, and additional 8% implemented client retention and growth programs. Members had the opportunity to participate in a Manager of the Membership and Marketing of applicants chose this option. ballot for reserved seating for all international cricket Division (see following page), which is responsible The Trust has invested in a review and restructure SCG Waitlist matches in 2012 including days one to three of the for the management and servicing of the of its hospitality program, including introducing a Test match and the two One Day Internationals. membership program, the Stadium Fitness comprehensive, targeted and expert-driven marketing At 29 February 2012, there were 15,526 applicants Centre, the SCG Museum and the marketing and program, a more proactive and strategic sales structure on the SCG membership waitlist dating back to The result of the ballot was that 78% of applicants communications of our venues and the Trust and implementing necessary customer relationship applications made in 2001. were successful for day one Test seats and 73% for marketing database management systems. day two. All applicants were successful for day three A breakdown of the waitlist group by age and address Sponsorship, Exclusive Supply and both ODIs. shows that 49% are Sydney based and under the age & Advertising Rights Gold & Platinum Membership Sales of 35 years, 19% are Sydney based and 35+ years, Reserved seating was located in the Brewongle The Trust’s advertising and sponsorship program The Trust focused on offering Members opportunities 22% are under 35 years and live outside of Sydney and Bradman stands for the Test match and in the continues to make a signifi cant contribution to the Trust. to upgrade their existing membership status, or to and 10% are 35+ years and live outside of Sydney. Bradman Stand for the ODIs. Revenues in excess of $9 million (up from $7.8 million in introduce friends and colleagues to the benefi ts of Gold Eighty per cent of applicants are male. Members choosing not to apply for a reserved seat 2010/11) were generated via the sale of sponsorship and and Platinum membership. or who were unsuccessful in the ballot could sit in the advertising rights and supply and product rights. Building relationships with strategic commercial New SCG Member Inductions other seating available in the Members’ Reserve on a The Trust has enjoyed successful advertising and partners to provide quality incentives and rewards for fi rst in fi rst served basis. new, referring and upgrading members was critical Two inductions were held at the SCG last year to sponsorship partnerships with Fairfax, Tabcorp, Qantas, provide information to new SCG Members, including a UD Trucks, Vodafone, GraysOnline, Ticketek, Macquarie to the success of these campaigns. The last quarter 50 & 70 Year Members of the fi nancial year saw sales of Platinum and Gold venue tour and information package. Bank and Visa, Sony, IOOF and Abigroup as well as Members of 50 plus years standing were allocated our supply and product rights partners, Carlton United memberships top $3 million – an increase on the Subscription Renewals and Member Numbers 2010/11 fi gure of $2.4 million. a guaranteed reserved seat for international cricket Brewers, Coca-Cola Amatil, Diageo, Jim Beam, Tyrrell’s, this year. Seats were set aside in the Members Membership retention for 2011/12 was 98%, which Samuel Smith & Sons and Treasury Wine Estates. Pavilion concourse located directly in front of the team is comparable to the previous year. Retention can be dressing rooms and Bay 43 of the Noble Stand. Although having no impact on the fi nancial attributed to a strong event schedule including the performance in this fi nancial year of the Trust, a India Test match (the 100th SCG Test), the One Day Compared to the 2011 Ashes Test, the number of signifi cant event took place on the fi nal day of International cricket series, the new Twenty20 Big requests by 50 plus year Members increased 20%. the 2011/12 year with Allianz Australia Insurance Bash League won by our Sydney Sixers, continued In general, interest and participation in the ballot has announced as our new naming rights partner. strong home support for the Sydney Swans, increased over the last few years. The NSW Minister for Sport, Graham Annesley, made enhancements to Members’ facilities and services and the announcement on 29 February, alongside Trust and targeted value-add promotions. Member Research Allianz representatives, and formally launched Allianz Members who paid their annual subscription before Research in 2011/12 focused on measuring member Stadium. This new partnership promises to be a long 1 October received a complimentary 2012 Sports experience criteria on event days and benchmarking and successful one for both organisations and will go a Diary. this to previous years to assess satisfaction and identify long way to sustaining many of the Trust’s capital and areas for improvement. Online post-event surveys were other projects. Overall, membership numbers remain consistent conducted this year at the following matches: (0.4% increase on last year). The breakdown of Hospitality membership by category is 61% SCG, 32% Gold and • Sydney Roosters v St George Illawarra Dragons 7% Platinum. The quality and quantity of corporate clients who have • Sydney Swans v Carlton invested in hospitality packages is a positive refl ection A total of 116 membership resignations (0.6%) were • NSW Waratahs v Melbourne Rebels of the Trust’s competitive price structure and the return received this year which is consistent with previous years. Communication with these Members suggests on investment. Revenue in 2011/12 of $5.8 million • Sydney FC v Brisbane Roar was slightly down on the Ashes year of $6.5 million in key reasons for non-renewal include old age, ill health, 2010/11. Annual sales of suites, boxes and clubs were fi nancial diffi culties and not using membership due to • Australia v India Test match stable at $3.4 million, and casual sales of event-based travel. • Sydney Sixers v Perth Scorchers product of $2.4 million.

28 29 Membership & Marketing

The overall Customer Experience score over the last • Gold memberships decreased by 4% The Trust also: SCG Waitlist Day Pass Promotion six years has averaged 6.8. The result from the latest compared to July 2008 surveys was higher at 7.1. • Commenced work on the next version of the A direct mail promotion was sent to the SCG waitlist • Platinum memberships increased by 5% mobile phone application, including an Android database in April 2011, offering them complimentary In addition, a qualitative Members Quality Standards from July 2009 version due for release mid 2012 tickets to the Members area for the NRL heritage Assessment was conducted at the ANZAC Day round match between St George Illawarra Dragons match at the SFS. The assessment examined various Activity rates have increased for SCG Members – • Placed regular advertising in major newspapers and the Canterbury Bulldogs on 10 April and the AFL elements of the Members event experience which SCG Members are attending a higher proportion of to keep Members and other fans up to date with game between the Sydney Swans and Hawthorn. made up the concept of ‘Quality’. These elements available events. Other notable attendance trends major game arrangements The offer included a 10% discount on merchandise. included: health, safety and security; cleanliness; were: Waitlist applicants were encouraged to bring along a • Conducted regular and targeted email and SMS signage and brand image; accessibility and site layout; guest for a nominated fee. • An increase in the proportion of SCG Members campaigns customer service and presentation; patron comfort; attending rugby league, and a decrease in the facilities; food and beverage; marketing and potential Test Match Member Activities proportion attending cricket and AFL • Increased communications via social media sites revenue opportunities. such as Facebook (the number of people following Complimentary activities for Members at the Test • An increase in the proportion of Gold Members us on Facebook has tripled in the past year) The purpose of the report was to look at all facets match included: attending cricket, AFL and rugby league, while of the event through the eyes of a customer and the proportion coming to rugby union and soccer • Introduced a dedicated media Twitter account for • Kids’ Bat & Ball Zone comment on ways that the event delivery can be decreased event, venue and Trust updates improved. • Kids’ cricket clinics • Cricket remains the highest attended sport at Membership Services The report was distributed to the relevant work around 90%+ for all segments except Gold, which • Bat making demonstrations areas and a timeline and action plan developed. The Member and Customer Services team continues has 75% attendance The research is assisting the Trust in improving the to strive for excellence in customer service and • ‘100th SCG Test’ museum exhibition match day experience for Members and their guests Member Communications support for Members and their guests. Services such • Walking tours of the Basil Sellers Sports particularly relating to the Facility and Service goals of as dedicated membership email, call centre support, Sculptures Project (new) the Corporate Plan. The Trust places a high importance on communications card replacements, waitlist applications, sale of day with Members. Over the past year, Members received: passes for nominated events, seat reservations and • Live ‘plein air’ artists recording the historic Test Membership Segmentation reciprocity with interstate and overseas venues and on canvas (new) • Winter and summer editions of the Around the the Australian Turf Club continue. Membership segmentation research was conducted Grounds magazines. An online fl ipbook version Test Match Member Events in March 2007, July 2008 and July 2009 to monitor of the magazine was introduced this year on the Member Offers changes in the membership categories. An update website. Functions available to Members during the Test match Members received a number of ticket and/or was conducted in February 2012. included: • A dedicated 100th SCG Test Z-card previewing promotional offers this year as a value-add to their In summary, the following update was reported. off-fi eld events and activities membership. These included priority ticket offers • Members Breakfast (day one) for concerts at the SFS (now Allianz Stadium) and Overall membership (including the SCG waitlist) • A Test Match Statistics Booklet events such as the State of Origin and NRL Grand • Stumps Sessions (days one to three) increased slightly. This can be broken down as: Final. Members were also offered discounted function • Daily Innings news sheets on the fi rst four mornings • Country Member Reception (day two) tickets from sports partners and membership partners • SCG memberships decreased by 4% of the Test match compared to March 2007 such as the Bradman Foundation and Ticketek. • 50 & 70 Year Members’ Morning Tea (day three) • Weekly e-newsletters • SCG waitlist memberships increased by • Breakfast with the Curator (day three) 14% compared to March 2007 • Jane McGrath High Tea (day three)

30 31 Membership & Marketing

Venue Services To promote such services, the Trust continues to Specifi c event marketing is coordinated by the sports • SCG 100 Test video package used online and communicate via a monthly e-newsletter specifi cally partner or entertainment promoter hiring the venue. displayed on the ground’s permanent and The Venue Services Offi ce continues to provide the tailored to Members who regularly attend the Marketing of corporate hospitality and Gold and temporary video screens highest level of customer service for all Members and fi tness centre. To complement this, a new display/ Platinum membership is managed by the Commercial guests entering the Stadium Fitness Centre, Azure communication board has been installed. Division. • SCG radio and TV highlights package used for café and the venue precinct. media promotion Upgrades in the fi tness centre included refurbishment 100th SCG Test Match The offi ce is the focal point for all fi tness centre of the Azure café kitchen, air conditioning • Commemorative beer cup program bookings such as tennis, squash, crèche, refurbishment in the main gym, new café and lounge The 100th Test in January was a historic moment for • Special 100 Tests exhibition in the SCG Museum massage, and personal training. Staff also assist furniture and additional pool sun shade. the SCG, putting the ground in the exclusive company with merchandise sales, tour bookings and general of Lord’s and the MCG as the only other international Jane McGrath Day enquiries. In the fi rst year of their four-year cleaning contract, TJS cricket venues to have reached this milestone. Services has provided a high level of cleaning in the The Trust continues to support the McGrath Venue Services turnstiles were updated to allow direct The following activities and promotions facility. Foundation at the Sydney Test. This year to access for Gold Club card holders to the Stadium commemorated the 100th SCG Test match: commemorate the 100th SCG Test, the Trust Fitness Centre. This new system provides Members In response to Member survey feedback, a new organised 12 local and interstate artists to complete and their guests with improved speed of access, customer software program – ‘The Retention People’ • ‘100 Tests at the SCG’ book being written by artworks across four days of the Test match. The better customer service and allows the reception was implemented in the fi tness centre to improve staff cricket writer and historian Philip Derriman for project drew interest from regional papers where the staff to focus on meeting and greeting customers and interaction with Members. release in mid 2012 painters originated, and from the host broadcaster assisting with bookings, payments and enquiries. The aim of the new software is to enhance the • Limited edition commemorative match program Channel 9. The paintings were showcased at the Jane With the Membership and Venue Services staff customer experience, increase knowledge of our McGrath High Tea and auctioned online post match. • The 10 most signifi cant SCG Tests were identifi ed teams now coming under one umbrella – Member products, facilities and services and improve loyalty The initiative attracted $22,278 with all proceeds to the by a panel of distinguished cricket writers, and Customer Services, the staff in both areas were to our club. The benefi t of the new software will be McGrath Foundation ‘Pink Test’ fund. authors, commentators and historians. This was trained on all aspects of the membership system and assessed in future research. used for news media, web and social media Overall, numerous other activities including the sell-out at the reception desk in Venue Services. Also in response to feedback and survey results, a communications. Jane McGrath High Tea contributed to raising more This new structure allows staff to better perform weekly maintenance inspection was introduced. This than $425,000 for the cancer charity’s work. • The same panel also produced all-time their role and provide a higher level of Member and new system has worked effectively and improves best Australia and World XI teams based on Match day advertising and promotions customer service. reporting procedures, communication for staff and performances in SCG Tests. This was also Members and response time for issues management. Throughout the year, a number of advertisements were Stadium Fitness Centre used for news media, web and social media communications. placed in print and digital media to support our sports The Stadium Fitness Centre had a busy year with Marketing and Public Relations partners and their events at our venues, promote the 312,670 recorded visits – up 3% on the previous year. (Trust & Venues) • A series of ‘100-themed’ milestones and statistics public transport message and maximise key brand The most popular month was February recording were produced and used to promote media messages. 30,547 visits. The Membership and Marketing Division is responsible coverage recording the historic match for promotion and communications relating to the Trust Digital / Social Media Revenue met targets through the introduction of new overall, its venues and community initiatives. • Commissioning and sales of 100th Test More than 1,500 people now ‘Like’ the Trust’s programs tailored to Members’ needs, employing memorabilia and clothing Facebook page. This has tripled in a year and is more professional program staff and targeted marketing The Trust retains Javelin Australia as its public relations • 100th Test plaque unveiled by NSW Premier than 500 up following a staff promotion held in the last and promotional campaigns. Personal training, swim consultant. Javelin worked closely with Trust staff to Barry O’Farrell quarter. school, massage and group exercise programs all develop plans and policies for public relations and performed better than budget. media throughout the year.

32 33 Membership & Marketing

Nearly half of our ‘Likes’ use our page on a weekly Media Operations basis and up to 400 ‘Likes’ visit our page daily. The Trust’s media operations program continued to Most of our ‘Likes’ are male (76%) aged between 13 provide media service whilst managing the busy media and 44 (70%). Our female followers tend to be slightly operations schedule for two of Australia’s leading older with most aged 24-44 (13.5%). stadiums.

A large percentage of our social media audience is Staff managed the press facilities at domestic and international and the majority are from outside Sydney. international events held throughout the year, as well as coordinating mid-week access for sports partner Over the past year, the Trust has made more regular media activities, general fi lm and photo access postings and attempted to increase the page’s requests, marketing and PR, and staging of Trust interactive nature i.e. seeking people’s opinions and functions. promoting discussion, rather than just treating it as another means to provide information. An example Because of their iconic status, the SCG and the was using Facebook to ask fans what developments (then known) Sydney Football Stadium continued they would like to see in the next version of the iPhone to be highly sought after locations for live TV events application. throughout the year. • Partnered with Sydney FC to develop a match day • Creation of a Basil Sellers Sports Sculptures Project With the incredible growth in social media in the last The 100th Test match, played between Australia and tour for Members and the public audio tour, scheduled for release mid 2012. The new interactive tour will increase the connection between two years, the Trust realises that this is one of its India, was recognised as a signifi cant milestone which • Assisted SCG Museum staff during international communication areas that needs to grow accordingly. drew a large contingent of media from India. This website content and onsite experiences. It also aims to and domestic cricket matches to increase access enhance the match day experience of Members and A social media strategy is being developed as part of resulted in increased requests for venue information and to the Trust’s historical collection a wider marketing and communication strategy that access in the lead-up and during the Test. An improved visitors, and to provide educational content in a format is in turn linked to objectives selected from the Trust’s and signifi cantly faster wireless network was installed Museum & Heritage of interest to NSW schools. Corporate Plan. specifi cally for media. Trust staff were praised by the • Engaging Henry Mulholland, artistic advisor on the Australian Cricket Media Association for their efforts. The SCG Museum’s commitment to implementing Nominated Trust staff attended digital training/ best practice collection management and archival Basil Sellers Sports Sculptures Project, to conduct conferences this year to learn the best practice, and Trust staff continue to monitor and review the media standards continues. Policies such as the acquisition complimentary walking tours of the sculptures on the mistakes, of leading international sports organisations facilities at both venues. Redevelopment of the and collection management policy were reviewed and fi rst three days of the 2012 SCG Test for Members and venues in this fi eld. Brewongle Stand media facilities was completed, updated this year. A strategic Museum Forward Plan • Increasing the number of cricket match days the providing improved viewing and reporting facilities for was also developed in line with the Trust’s Corporate museum is open for Members and their guests Cricket Art Prize Exhibition media at the SCG. The Trust worked closely with the Plan and in particular its Heritage Goal. AFL and broadcasters in regard to the redevelopment, The Cricket Art Prize exhibition was held in the • Supervision of an intern from Sydney University’s and the improvements were greatly appreciated by the The museum acquired a collection of photographs Members Pavilion in October. Members were invited Master of Museum Studies during a placement in media. and memorabilia from the rugby union, rugby league October. Another intern has been secured for 2012. to the opening night along with nominated artists and and commentary careers of the late Rex Mossop via invited guests. The exhibition enhanced venue tours Staff also provided key advice to architects in the design a generous donation from the Mossop family. The • Identifying four core conservation projects during this time. A calendar was produced of the of new media facilities within the SCG’s new Stage 2 museum also received the donation of a bail from the for completion in 2012/13 through the Trust’s ‘Trust’s selection’. northern stand to be completed in December 2013. 1969 West Indies Test. History Fund. These include Trust minute book In response to the success of this initiative, the Trust digitisation, migration of Oral Histories to digital Member support for developing the SCG Museum fi les, storage of Trust archival documents has confi rmed its sponsorship of this event for a Museum, Tours & Heritage Activities collection continued with several donations of further three-year period. housed in the archive and the Movable Heritage Tour Experience membership badges and match programs. Relocation project associated with the SCG Stage Red Cross Blood Mobile 2 development. The SCG Tour Experience offers a behind-the-scenes Other key projects this year included: With so many people working on site or living close to historical journey through both our grounds, and is • Documentation of the framed photographic collection Jack Marsh Award 2011 the popular Moore Park precinct, the Trust partnered suitable for school groups, sporting clubs, tourists and with the Red Cross to be a host for its Mobile Blood international travel groups, seniors’ outings as well as • ‘Celebrating 100 SCG Tests’ exhibition, launched The Trust established the Jack Marsh Award this year to collection unit. local visitors. in November recognise a signifi cant discovery relating to an aspect of the social, economic, political or sporting history of the The Mobile Blood unit is positioned in the main MP1 During 2011/12, the Tour Experience: • Planning for the ‘30 years of Sydney Swans at the lands formerly or currently under the control of the Trust. car park once every three months, and the Trust SCG’ exhibition launching in April 2012 • Hosted nearly 11,000 customers. The fi nal fi gure The article ‘Did these two women name the Brewongle invites its staff, sports partners, Members and local of 10,878 represents a small increase in tour community to drop by to donate blood. • Completion of an exhibition schedule 2011 – 2014 Stand?’ published in the 2012 Members Sports Diary, participation on the previous year. presented a discovery of great signifi cance to the Trust. • Continuation of the Oral Histories project Approximately 50 donations were collected per visit • Continued its relationship with The Travel Mr Philip Derriman was awarded the 2011 Jack over the past year. This is an excellent result as the Corporation and Cricket NSW to host 2,119 • An expansion of the Matches, Moments & Memories Marsh History Award for this discovery which was the Red Cross requires 45 donations a day to meet American school students and 213 group leaders, Project, in line with the exhibition schedule culmination of relentless and decades-long search for hospital demand, and each blood donation can save and the People to People tour and interactive the origins of the naming of the Brewongle Stand. three lives. cricket session

34 35 Corporate Services

Financial Report • A decrease to hire fees in comparison to the Membership Revenue from event and venue hire fees was $8.1 previous year which then included the Ashes million, compared to $9.3 million in the previous year. The Trust is a NSW Government Public Trading cricket season, the Festival of Football, additional The Trust offers three major forms of membership – Highlight events staged during the year included Enterprise constituted under the provisions of the fi nals and concerts SCG, Gold and Platinum – providing entitlements to three outdoor concerts (Eminem and Foo Fighters), Sydney Cricket & Sports Ground Act, 1978. The events and facilities at the SCG and Allianz Stadium. additional NRL fi nals, the Australia v India Test and the Trust is a not for profi t entity (profi t is not its principle • A decrease to event operating costs in Sydney Sixers opening Big Bash League season. objective). The reporting entity is consolidated as part comparison to the previous year In 2011/12, membership annual subscriptions were of the NSW Total State Sector Accounts. higher, raising revenue of $14.3 million compared to • Lower than anticipated ticket sales for Test cricket $13.5 million recorded in the previous year. While Catering The Trust’s operations for the fi nancial year ended and One Day International matches membership subscription rates were increased, 29 February 2012 resulted in a total comprehensive continued strong membership retention levels refl ect In 2010, the Trust executed a contract with a new income for the year of $2.64 million compared to • Lower catering revenue than for the previous year, the popularity of the range of events and services caterer Delaware North, to commence operations at $5.151 million (which included the gain on disposal refl ecting lower corporate demand and lower available to Members. the SCG and Allianz Stadium from 1 November 2010. of land $4.638 million) in the previous year. Total attendances for international cricket Under the terms of the new contract at execution, comprehensive income comprised an operating Membership sales during 2011/12 include entrance a premium amount was paid by the new caterer to • Solid retention levels of Members through annual surplus of $2.788 million (including a grant of $2.5 fees received from the sale of limited numbers of the Trust representing catering fees paid in advance. subscription renewal million), compared to $227,000 in the previous year. new Gold and Platinum memberships. Sales of new Further, an additional sum representing catering fees Platinum and Gold memberships generated entrance paid in advance was paid by the new caterer and • Increased sales of new Gold and Platinum The surplus was transferred to accumulated funds fees of $3.1 million, compared to $2.5 million in the applied to various catering outlet refurbishments memberships which stood at $189.1 million as at 29 February 2012. previous year. and purchase of associated equipment prior to and • Comparable demand for annual private suites and immediately following commencement of operations During the past year, the Trust undertook a capital works Sales of the traditional SCG membership generated corporate box rental in November 2010. The total premium paid under the program of $11.47 million. Capital debt was reduced entrance fees of $548,000 (compared to $464,000 in new contract is being amortised annually over the from $36 million to $35.2 million at the close of the year. • Lower sales of corporate premium seating 2010/11). Sales are generated through the intake of new period of the contract. Members drawn each year from the long waiting list. • Higher employee related expenses through Operating Income and Expenditure The Trust’s net share of catering sales (including application of approved salary increases and Venue/Event Hiring amortised contract premiums) at the SCG and Allianz The results for the year show an increase to operating additional events wages costs Stadium was $3.1 million (food) and $4 million (liquor) revenue for 2011/12, ($66.5 million compared to The Trust maintains long-term contractual – compared to $3.5 million and $4 million respectively • Lower fi nance costs (interest paid and ratings the previous year’s $64.6 million) and a decrease arrangements with major sporting bodies to provide in the previous year. guarantee fees), refl ecting the ongoing servicing of to operating expenditure ($63.7 million for 2011/12 a broad-based program of sporting events at the debt secured by the Trust for the Victor Trumper compared to $64.4 million the previous year). SCG and Allianz Stadium. Major hirers’ contracts are Stand construction Advertising & Sponsorship current with Cricket Australia, Cricket NSW, Sydney The continued sound fi nancial results for 2011/12 • Debt repayments of $750,000 Sixers, NSW Rugby, Australian Rugby Union, Sydney The Trust contracts the sale of advertising in the were achieved during a continuing period of moderate Swans, Australian Football League, National Rugby form of LED/scrolling, fence, grandstand and video demand for corporate hospitality, with the Trust’s • Capital works program undertaken at a cost of League, Sydney Roosters, Wests Tigers, St George scoreboard signage. This advertising includes product fi nancial performance for the year refl ecting the following: $11.5 million Illawarra Dragons and Sydney FC. rights at each venue.

• An annual event attendance of 1.2 million patrons Detailed comment on the main aspects of the Trust’s Nearly 1.2 million patrons attended events during Advertising, product rights and sponsorship revenue fi nancial performance during the past year follows. 2011/12 at the Sydney Cricket Ground and Allianz generated $9.1 million (including newly contracted • An event schedule featuring a broad range of Stadium. arrangements) compared to $7.9 million in the sport and entertainment including the international previous year. cricket season, all four major football codes and three outdoor concerts

36 37 Corporate Services

Corporate Hospitality Seating Sales Event Operating Costs Employee Related Expenses • Robertson & Marks: Architectural Design – $53,400 The Trust markets corporate facilities/packages In staging all sporting and other events at the SCG Employee related expenses incurred during the past available for events at the SCG and Allianz Stadium and Allianz Stadium during the year, the Trust incurred year totalled $14.5 million compared to $13.9 million in • Turnkey Management Group: Ticketing Analysis & including annual private suites and corporate boxes, direct event costs of $12.3 million compared to $13.1 2010/11. These costs include permanent salaries and Tender – $43,200 and Club membership as well as a comprehensive million in the previous year. The decrease during wages, event day casual staff wages and contracted range of seasonal and casual box and dining room the past year can be attributed to lower event costs event day agency staff wages and all associated on- The balance of consultants fees incurred was paid packages. incurred under the current cricket contract and in costs. by the Trust for minor consultancies for services staging of contracted events. provided. These included services for: IT; accounting; The Trust markets the sale of corporate hospitality Overseas Travel engineering; turf inspection; catering; Master Plan for Trust allocated areas for cricket, rugby, Sydney development; claims management; surveys; work, Ground Operation and Maintenance Swans, Sydney FC, rugby league and concert events. Chief Executive Offi cer health and safety; employment matters, building and 4 May – 16 May 2011 other services. Gross revenue from the sale of premium seating, The Trust employs a permanent trades workforce, USA & UK suites and boxes for the past year was $5.8 million service contractors and subcontractors to undertake Los Angeles, Dallas & New York: venue inspections The number of minor consultancies was 43 and the compared to $6.5 million in the previous year. the annual program of maintenance of stands, London: FA Cup Final & venue inspections total was $451,200. buildings, plant, grounds and playing arenas at the Sale of allocated premium public seating for major SCG and Allianz Stadium. Chief Executive Offi cer events generated revenue of $2.4 million compared to 16 – 18 September 2011 Risk Management, Insurance and Audit and $3.1 million received in the previous year. Expenditure of $7.6 million upon maintenance of New Zealand Risk Committee grounds, buildings and plant was incurred during the Revenue from rental of private suites/corporate Auckland: Rugby World Cup past year, compared to $7.8 million in the previous The Trust’s major insurance risks are covered boxes during the year was $3.4 million, which was year. Depreciation through membership of the Treasury Managed Fund. approximately the same as the previous year. Insurance premiums paid in 2011/12 were $558,000, Depreciation charged for 2011/12 was $10.2 million which is comparable to the previous year. The economic climate and the quality of sporting Corporate Seating Expenses events staged in 2011/12 once again impacted on the compared to $9.9 million in the previous year. The The Trust insurance placement and coverage is demand for corporate hospitality in terms of sale of increased level of depreciation refl ects the completion In marketing and servicing the sale of premium reviewed annually by Brokers, OAMPS Pty Ltd. The permanent, seasonal and casual corporate facilities of the Victor Trumper Stand and other capital works seat packages to corporate customers for major Trust monitors insurance claims experience on an for both the football and cricket seasons. In addition, projects during the year, and is calculated on the value events (including direct charges for tickets, catering, ongoing basis with a focus on workplace health and 2010/11 included the Ashes cricket Test. merchandising and other costs) expenses of $2.7 of buildings and plant using the straight line method based on the expected useful life of the assets. safety performance. Risk management policies and million were incurred during 2011/12, compared to $3 procedures are regularly updated to enhance the Premises Rental Income million in expenses incurred in the previous year. Trust’s risk management profi le in an effort to reduce Finance Costs future premiums. The Trust holds long-term tenancy arrangements for Marketing Expenses offi ce administration and players’ facilities located Trust borrowings were reduced from $36 million to $35.2 The Trust has in place an internal audit and within its precinct. The Trust tenancies currently The Trust allocated funds to promote and market million in the past year. Interest paid on capital debt was risk management framework overseen by the comprise headquarters for Cricket NSW, the Sydney the cricket and football seasons, the major events, $2.2 million compared to $2.4 million in the previous establishment of the Trust Audit and Risk Committee Sixers, the Sydney Swans, NSW AFL, NSW Rugby, available Platinum, Gold and SCG membership year, arising from the ongoing debt level following in accord with the Government’s new Internal Audit Australian Rugby League Commission, Sydney places, sale of private suites/corporate boxes, completion of the Victor Trumper Stand in 2008. and Risk Management Policy for the NSW Public Roosters, Sydney FC, Delaware North Catering, Sector, issued by NSW Treasury in August 2009. premium seating for major events, guided tours and Ratings Guarantee Fees, totalled $668,000 ($1 million Stadium Orthopaedic and Sports Medicine Centre The Committee has prepared an Audit and Risk corporate function room facilities. in 2010/11), based also on the debt level following and travel agency FanFirm. Tenancy rental income Committee Charter consistent with the content of completion of the Victor Trumper Stand, application of received in 2011/12 was $3.4 million compared to $2.9 Marketing expenditure during 2011/12, including the policy’s model charter and developed a high level the relevant fi nancial rating and revision of the rating million in the previous year. advertising, promotion and publications, was $2.7 enterprise risk management framework. million compared to $1.8 million in the previous year. calculation method. Investment Management Performance The Trust’s internal auditor, Ernst & Young, conducts Administration and Related Expenses Consultants annual audits as part of the Trust’s three-year internal During 2011/12, available surplus funds were invested audit plan. with the NSW Treasury Corporation Hourglass facility. Administrative and related expenses incurred during Consultants were appointed for a range of projects in The Treasury Hourglass return for the year ended the past year included consulting fees ($977,000 2011/12, with payments totalling $977,000. 29 February 2012 on the Trust’s invested funds compared to $843,000 in the previous year), The major consultancies were provided by: represents the rate of 5% for that period. communication expenses ($175,000 compared Surplus funds were invested for the short term only. to $162,000), printing and stationery ($895,000 • Javelin Australia: Public Relations/Media – Interest received on investments totalled $213,000, compared to $734,000), postage/freight ($250,000 $190,300 compared to $279,000 in the previous year. compared to $172,000), insurance costs ($558,000 compared to $559,000) and accounting and legal fees • Hospitality Management Australia – $88,900 ($192,000 compared to $190,000). • Pitcher Partners: CRM System – $80,000

• Ernst & Young: Financial Model, Economic Analysis – $70,000

38 39 Corporate Services

Internal Audit and Risk Management Statement for 2011/12 Debt Management Performance During 2009/10, the Trust received an independent valuation by the Land and Property Management I, Jamie Barkley, Chief Executive Offi cer, am of the opinion that the Sydney Cricket & Sports Ground Trust has The Trust’s debt portfolio is managed by NSW Authority of its vested lands, based on an ‘as zoned internal audit and risk management processes in place that are, excluding the exceptions described below, Treasury Corporation (TCorp). and used basis’, providing a valuation of $35.7 million compliant with the core requirements set out in Treasury Circular NSW TC 09/08 Internal Audit and Risk as at 28 February 2011. The valuation increment While the Australian domestic economy performed recorded since the previous valuation of land, $1.7 Management Policy. well during the year, the global impact of the European million, was transferred to the Asset Revaluation sovereign debt crisis saw the RBA reduce cash rates The internal audit and risk management processes for the Sydney Cricket & Sports Ground Trust depart from Reserve. from 4.75% to 4.25% by year end. The market value of the the following core requirement set out in Treasury Circular NSW TC 09/08. The circumstance giving rise to Trust’s portfolio increased by $501,000 to reach $37.11 these departures was referred to the Minister for Sport and Recreation for determination and the exception was During 2009/10 the Trust received an independent million at 29 February 2012 due to a decrease in TCorp’s valuation by WT Partnership, registered quantity approved by the Minister on 29 March 2012. The Sydney Cricket & Sports Ground Trust has implemented (or is valuation yields. TCorp’s debt management involved implementing) the following practicable alternative measures that will achieve a level of assurance equivalent to surveyors, of the replacement cost of buildings and tactical positioning which resulted in the portfolio’s cost improvements at the SCG and SFS (now Allianz the requirement: of funds being approximately 0.1% above its benchmark, Stadium). The valuation at replacement cost was which represented an increased cost of around $35,000 converted to written down replacement cost by the against the Trust’s benchmark for the year. Departure referred to Reason for Departure and Description of determination of the remaining useful life of each Minister for Determination Practicable Alternative Measures Implemented building. The valuation increment recorded since the Capital Works Program previous valuation of buildings and improvements, Core Requirement 3 • The Trust Audit & Risk Committee has been in $12.7 million, was transferred to the Asset Revaluation place continuously since 1991, in conjunction with During 2011/12 the Trust conducted a capital works Reserve as at 28 February 2010. As a result of the The Audit and Risk Committee has an independent the Trust internal audit function which has been program with project costs totalling $11.5 million ($7.7 revaluations, an Asset Revaluation Reserve remains chair and a majority of independent members contracted externally million in the previous year). established. The balance of this reserve as at 29 February 2012 stood at $333.3 million. • The Trust has a long established record of The major projects undertaken in 2011/12 included satisfactory audit reports and unqualifi ed SCG Stage 2 design and planning costs to date, the The net value of land, buildings and improvements, certifi cation of its annual fi nancial statements new video screen and upgrade to the Allianz Stadium plant and equipment recorded in the Trust fi nancial forecourt, forecourt ticket box, Members Bar works, statements as at 29 February 2012 stands at • The members of the Committee are well qualifi ed Allianz Stadium Eastside Level 3 works, Rugby $566 million. in their various fi elds relevant to audit of Trust League Central site readiness, SCG Brewongle Stand operations including: Commercial, Finance, media facilities upgrade, SCG scoreboard control The Trust’s current Industrial Special Risks insurance Insurance, Marketing, Accounting, Retail, room upgrade, IT projects, plant and equipment policy as at 29 February 2012 provides a cover on International Events, Sporting Hirers, Legal, acquisitions and contracted refurbishment of SCG/ buildings, plant and equipment to the value of Hospitality, Consulting, Property Management and Allianz Stadium catering outlets. $808 million. Member representation The Trust also received an annual contribution of Gain on Disposal of Land $500,000 from the AFL towards the Victor Trumper Stand project, paid as part of current contractual The Chair and Members of the Audit and Risk Committee are: During 2010/11, the Trust secured a licence arrangements. with a ground hirer to facilitate construction of • Rod McGeoch – Non Independent Chair (Term of appointment: 14 July 2011 to 13 July 2015) its headquarters on a parcel of Trust land and NSW Government Grant to subsequently enter into a long-term lease for • John Cloney – Non Independent (Term of appointment: 14 July 2011 to 13 July 2013) occupancy of the site. In accord with AASB 117 and The Trust received an initial grant of $2.5 million from • Paul Warren – Non Independent (Term of appointment: 14 July 2009 to 13 July 2013) NSW Treasury Policy Paper TPP11-1, the lease over the NSW Government towards SCG Stage 2 for the land has been treated as a fi nance lease. The then • James McNally – (Independent Member Elected) (Term of appointment: 14 July 2010 to 13 July 2014) preparation of an architect’s concept design plan and current value of land subject to lease was $277,000 for lodgement of a modifi ed planning application. and the fair value of the lease receivable is $4.9 million These processes, including the practicable alternative measures (being) implemented, provide a level of assurance (net present value of the annual lease payments). As that enables (will enable) the senior management of the Sydney Cricket & Sports Ground Trust to understand, Summary of Land Vested in the Trust such, the Trust recorded a one off gain on disposal of manage and satisfactorily control risk exposures. land of $4.6 million in the previous year. The Trust was constituted under the Sydney Cricket and Sports Ground Act, 1978. It is charged with the Time for Payment of Accounts care, control and management of the lands described in Schedule 2 of the Act, those lands dedicated for Listed over page is a schedule of accounts payable public recreation. performance as at 29 February 2012, 30 November 2011, 31 August 2011 and 31 May 2011. Jamie Barkley Major Assets – Property, Plant & Equipment Chief Executive Offi cer The Trust’s major assets, other than land holdings, consist of buildings and improvements at the SCG and Allianz Stadium and its surrounds.

40 41 Corporate Services

Aged Analysis at the End of Each Quarter

Quarter Current Less Than 30 30-60 60-90 90+ Total May 2,540,894.59 -16,224.94 13,878.41 3,099.41 87,155.44 2,628,802.91 97% -1% 1% 0% 3% 100% August 1,796,052.15 109,462.85 -8,632.74 -3,715.52 84,282.13 1,977,448.87 91% 6% 0% 0% 4% 100% November 9 57,428.6 3 7,8 46.59 3, 207.3 3 - 3 4,619.4 5 17,101.62 950,964.72 101% 1% 0% -4% 2% 100% February 2,892,304.41 1,116,375.14 - 80,000.00 25,053.38 4,113,732.93 70% 27% 0% 2% 1% 100% The Trust’s internal auditor, Ernst & Young, conducts Sydney Cricket Club an annual audit program affi rmed by the Audit and Accounts Paid on Time Within Each Quarter Risk Committee. In conducting the assigned audits, In 2007, the Trust joined with the administration of Ernst & Young seek to identify opportunities to further the former UTS-Balmain District Cricket Club in Quarter Target % Actual % Total Accounts Paid on Time $ Total Accounts Paid $ enhance the business and commercial effi ciency and establishing the new entity of the Sydney Cricket cost effectiveness of the Trust’s system of internal Club. The Sydney Cricket Club is an incorporated May 90% 94.83% $7,879,051.70 $8,308,497.86 control. association under the Associations Incorporation Act 1984. The Trust and the club agreed to enter August 90% 87.60% $8,657,432.00 $9,883,424.63 The Trust also submits fi nancial reports to the an association which would involve the provision by November 90% 94.07% $11,023,594.55 $11,718,615.62 Treasury Commercial Sector Division for review of the Trust of administrative and other services to the operating performance and fi nancial position as club. The Trust is represented on the club’s board February 90% 95.93% $35,192,116.10 $36,686,102.48 compared to agreed Statement of Business Intent of directors in accord with the club constitution. performance targets established annually. Recoverable operational expenses incurred by the Trust during the past year were recouped from the Our target is to pay 90% of accounts on time. • Earnings can be impacted by performance of Sydney Cricket Club through the club’s operational Unavoidable delays in processing accounts sporting teams and ability to attract events Credit Card Use account. occasionally arise due to delays in obtaining goods in proper order and condition, or queries on invoices. • Improving fi nancial leverage and expectation for The use of credit cards issued to Trust executive staff The Trust continues to encourage suppliers to accept continued debt reduction is in accordance with Premier’s Memoranda and Cost of Printing of Reports electronic funds transfer as the preferred method of Treasurer’s Directions. • Modest capital expenditure forecast but further payment. No interest has been paid on payments on The Trust has prepared 150 annual reports for 2011/12 major-project funding may be required any accounts where delay in payment has occurred at a cost of approximately $27.70 per copy. during the year. A minimal number of complaints were • The Trust’s proven ability to attract quality sporting received during the year concerning late payment of events to its facilities invoices, each matter being resolved satisfactorily. • This provides a key rating support, enabling the Trust to generate stable earnings and free cash Internal and External Performance Reviews fl o w Ratings Agency, Moody’s reported in September • Gearing has improved following an increase over 2011 after conducting an annual review of the the previous few years to support major capital Trust’s fi nancial operations and position as at 28th works, but without materially impeding the overall February 2011. The report by Moody’s recommended credit profi le assignment of a fi nancial rating of Ba1 (comparable to the previous year) which was utilised by NSW Treasury • The outlook for the rating is stable in determining the amount of ratings based guarantee fees payable. The Trust’s four main committees (Grounds and Event Services, Finance, Management and Audit and Risk) In determining the Trust’s fi nancial rating, Moody’s are responsible for continuous internal performance acknowledged the Trust’s credit strengths including: review of Trust activities. Monthly management reports are submitted to these committees for assessment of • Strong competitive position operational performance. • Substantial proportion of revenue is recurrent

42 43 Human Resources

The Human Resources Department has overseen Welcoming New General Managers & In the past year, we have created and successfully Running Public Interest Disclosure Training several key developments over the past fi nancial year, Changed Responsibilities fi lled two new positions for people with intellectual including: disabilities – part-time assistants in the Stadium The Protected Disclosures Act 1994 has been renamed The roles of our General Managers changed to refl ect Fitness Centre and the administration Head Offi ce. the Public Interest Disclosures Act 1994. The amendments the above restructure, with Jane Coles appointed to to the Act came into effect on 1 July 2011, requiring Restructuring Staff Divisions oversee the Membership and Marketing Division. Jane’s Human Resources worked closely with the Federal public authorities to prepare and adopt a public interest appointment was an internal promotion. Government agency Jobsupport that specialise in disclosures policy and procedures by 1 October 2011. The Trust restructured its internal staff divisions to assessment and recruitment for such roles. The Trust revised and amended its previous policy and refl ect new developments in its business and provide Jason Hill, General Manager of the previous Business made it available on the staff intranet from 1 October. greater focus to its commercial and membership Development Unit, became General Manager of the Human Resources has also strived to improve the Briefi ng sessions were held to ensure staff were aware activities. new Commercial Division. diversity of its workforce by working with several of what they can report, who is involved in the disclosure agencies specialising in recruitment of people from an The previous Business Development Unit (which had process and how disclosures will be managed at the Trust. Patrick Wilson replaced Shane Fuller as General indigenous background. been responsible for corporate sales, marketing, Manager – Events & Operations, after Shane resigned From 1 January 2012 the Trust, as required, will report sponsorship and all membership services and to pursue a new career opportunity in Adelaide. As a result, two of the Trust’s fi ve new apprenticeships annually to parliament any protected disclosures received. facilities) was restructured into two separate divisions, created in the past year (four in greenkeeping and one each with its own General Manager: Piers Thompson joined the Trust in January as in the electrical trade) have been successfully fi lled by Implementing New National WHS Laws General Manager – Major Projects, refl ecting our indigenous candidates. • Membership and Marketing, which is responsible need for a senior manager to oversee construction All managers attended a briefi ng on the new workplace, for the management and servicing of the of the SCG’s new northern stand. Piers will also be health and safety legislation. The focus of the briefi ng membership program, the Stadium Fitness Creating a Disability Action Plan and responsible for all future developments of the Trust’s was to highlight the differences between the previous Centre, the SCG Museum and the marketing and Disability Awareness Training Master Plan. Occupational Health and Safety Act against the new communications of our venues and the Trust Under the Disability Service Act, NSW Government Workplace Health and Safety Act. Managers are • Commercial, which is responsible for the sales, Renewal of Enterprise Awards agencies such as the Trust must prepare a Disability now reviewing all existing processes, systems and marketing and management of corporate Action Plan to ensure people with disabilities can procedures to minimise any risk of injury or accident. hospitality, Trust and venue sponsorship, and Gold Three of the Trust’s four enterprise awards expired in participate equally in activities at our grounds. and Platinum memberships the past year and were renewed. The Grounds Staff Developing a New Multicultural Plan Award was renewed for 12 months, while awards for Input from Human Resources has been integral to The division previously known as Commercial and event day staff and maintenance personnel were both developing this plan, and further details are outlined on Human Resources played a key role in the development Operations was re-named Events and Operations, renewed for a further three years. page 51. of the Trust’s new Multicultural Plan. and maintains responsibilities for managing all events The plan aims to build on the work already undertaken The primary aim of these awards is maintaining a One of its goals is to explore strategies for establishing and our contractual operations with sports and by the Trust to promote multicultural diversity and align policy of fair working conditions, allowing increases a disability-friendly workplace. As a fi rst step, all entertainment partners who hire our venues. the needs of diverse cultures to Trust business planning in remuneration and improvements in other working staff were invited to attend a 75-minute awareness and service delivery. Further details of the plan are There was also the creation of a new Trust conditions that are consistent with maintaining fi scal workshop designed to equip them to feel more outlined on page 50. department – Major Projects. This area is responsible sustainability, services and value to the public. confi dent when interacting with people who have a for developing and managing the Trust’s Master disability, outline key elements of good communication Coordinating Annual Performance Reviews Plan, including overseeing construction of the SCG’s Working Towards EEO Employment Targets and inform them about appropriate terminology and new northern stand, See the earlier ‘Major Projects’ language. The workshops were held onsite over two The Trust conducts annual performance reviews of its section for full details. The Trust values social and cultural diversity and is days in November. staff. Human Resources oversees the process and committed to the principles of equal employment coordinates training for managers and other employees opportunity and working towards the NSW to ensure the Trust and its staff gain maximum value from Government’s EEO targets. the process.

44 45 Human Resources

The Trust constantly monitors the skill base of its one international match each year for 10 years, employees to ensure it has the capability of achieving commencing with Australia v Wales in June 2012 or exceeding the goals and strategies outlined in its corporate plan. • Attracting and successfully staging additional events including the AFC Asian Champions The reviews include agreeing individual training needs League, Foo Fighters and Eminem concerts, and developing training plans. Informal meetings are Marathon Cricket and the Cricket Art Prize held at regular intervals throughout the year to report and monitor progress. • Secured naming rights sponsor for the SFS (now Allianz Stadium) with Allianz Australia Insurance Ltd Performance Statement In January 2012, the Trust secured Federal and NSW Jamie Barkley Government funding for the SCG Stage 2 project – Chief Executive Offi cer replacement of the Noble, Bradman and Messenger Annual Salary: $472,212 stands.

The Chairman reported that the Chief Executive The Chief Executive Offi cer managed a capital works Offi cer performed to a high level during 2011/12. program ($11.5 million) which included design and planning for the SCG Stage 2 project, site preparation The Chief Executive Offi cer’s major achievements for Rugby League Central, installation of a new during the year included: videoscreen at the main entrance to Allianz Stadium • An operating surplus of $2.788 million and refurbishment of dining and public facilities on the east side of Allianz Stadium. • Increasing revenue to $66.7 million

• Capital debt reduction from $36.1 million at the beginning of the fi nancial year to $35.3 million

• Maintaining high retention of Platinum, Gold and SCG Members at more than 98%

• Successful staging of sporting events: international and domestic cricket including the 100th SCG Test match, Super Rugby (Waratahs), rugby league (Sydney Roosters, Wests Tigers and NRL fi nals), A-League football (Sydney FC) and AFL (Sydney Swans)

• Negotiation with Cricket NSW/Cricket Australia for Twenty20 Big Bash League games (Sydney Sixers) to be played at the SCG until 2016

• Negotiating with the Australian Rugby Union for the return of the Wallabies to Allianz Stadium for

46 47 Human Resources

Breakdown of Employees by Department Among the key fi ndings from the data are:

2009 Feb 2010 Feb 2011 Feb 2012 Feb • A drop in the percentage of Trust staff who are women, but a continuing improvement in the representation of women in our higher-paid roles. There was virtual parity in salary levels between FTE Emps FTE Emps FTE Emps FTE Emps genders in 2011. Executive Staff 6.00 6 5.00 5 5.00 5 7.00 7 The actual number of women employed by the Trust remained steady, so the drop in percentage is attributed to Administration 2.60 3 2.39 3 2.35 3 2.35 3 growth in our overall headcount that included a higher proportion of males. Most of this increased employment Events & Operations 17.67 19 17.72 19 19.79 23 16.77 19 of men occurred at entry level positions, while several of our female staff improved their salary levels with Business Development 34.63 58 30.81 54 35.51 49 N/A* N/A* internal promotions made possible through natural attrition. Membership & Marketing* 30.84 47 The Trust has encouraged high-achieving staff to apply for promotional opportunities while always recruiting via Commercial* 8.96 9 robust, fair and equitable selection processes and procedures. Corporate Services 16.29 20 13.67 17 14.15 18 14.09 17 • Small improvements in the representation of other minority EEO groups, such a people with Properties 28.48 31 29.70 32 27.14 28 27.24 28 disabilities or indigenous backgrounds, and a fall in the percentage of staff whose fi rst language Sydney Cricket Club 0.00 0 0.50 1 0.55 1 0.00 0 was not English. Total 105.67 137 99.79 131 104.49 127 107.25 130 Because this data refl ects our staff position at June 2011, the improvements precede those gained from the Human Resources initiatives outlined earlier in this section. * During 2011/12, the previous Business Development Unit was restructured into two separate divisions – Commercial and Membership & Marketing. The change in the percentage of staff whose fi rst language was not English may be attributed to a change in Breakdown of Employees as at 28 February 2010 the past year to how the Trust collects this data. This information was previously compiled anecdotally, and is now based on recently-introduced voluntary staff surveys. Response rate to the new surveys is currently 73%. Full Time Part Time Casual FTE Total The Trust is working to increase the response rate, and will closely monitor any trend indicated when we have more data recorded under this more robust method of collection. 82 14 35 99.79 131

Breakdown of Employees as at 28 February 2011 Table A 2009 2010 2011 Full Time Part Time Casual FTE Total EEO Group Target/Benchmark % of Total Staff % of Total Staff % of Total Staff 85 18 24 104.49 127 Women 50% 44.6% 41.1% 37.6% Aboriginal people & Torres Breakdown of Employees as at 29 February 2012 2.6% 0% 0% 1% Strait Islanders Full Time Part Time Casual FTE Total People whose fi rst 19% 12.9% 13.7% 5% 86 18.8 25.2 107.25 130 language was not English People with a disability N/A 0% 0% 2% People with a disability Executive Remuneration 2009 / 10 2010 / 11 2011 / 12 requiring work-related 1.5% 0% 0% 2% adjustment Male Female Male Female Male Female Number of Executive Offi cers with remuneration equal to or exceeding 4-3-31 Table B 2009 2010 2011 equivalent of SES Level 1 EEO Group Target/Benchmark Distribution Index Distribution Index Distribution Index Number of Executive Offi cers with Women 100 96 82 99 remuneration equal to or exceeding 1-2-3- Aboriginal people & Torres 100 N/A N/A N/A equivalent of SES Level 5 Strait Islanders Total 5-5-61 People whose fi rst 100 N/A N/A N/A language was not English People with a disability 100 N/A N/A N/A Representation of Equal Employment The fi gures in the following tables are compiled for Opportunity (EEO) Target Groups public agencies, such as the Trust, by the NSW People with a disability Government’s Department of Premier and Cabinet requiring work-related 100 N/A N/A N/A The Trust values social and cultural diversity. We are based on data as of 30 June each year. Because the adjustment committed to the principles of EEO, multiculturalism Trust’s fi nancial year fi nishes at the end of February, and disability action planning in all aspects of our Note 1. A Distribution Index of 100 indicates that the centre of the distribution of the EEO group across salary levels is equivalent to that of the latest fi gures available for reporting here are as of work. The strategies outlined in our Multicultural other staff. Values less than 100 mean that the EEO group tends to be more concentrated at lower salary levels than is the case for other staff. 30 June 2011. The more pronounced this tendency is, the lower the index will be. In some cases the index may be more than 100, indicating that the EEO Policies and Services Program and Disability Action group is less concentrated at lower salary levels. Plan are relevant to our business objectives and priorities, and we believe they are practical and Note 2. The Distribution Index is not calculated where EEO group or non-EEO group numbers are less than 20. achievable. Note 3. All results in the above two EEO tables are as at 30 June in the year indicated. The latest EEO data available is 2011 – see explanation in second paragraph of text on previous page.

48 49 Multicultural Plan Disability Plan

During the past year, the Trust has formalised and • The Human Resources department introducing With more than one million people in New South The plan builds on the Trust’s previous work in this strengthened its diversity initiatives by developing a more rigorous systems for compiling data to better Wales having a long-term disability that restricts their area and accords with the Trust’s vision to celebrate Multicultural Plan in consultation with managers and understand the cultural make-up of our staff. everyday activities, the Trust seeks to ensure that sport, create history, enhance entertainment and stakeholders. all people are able to participate in activities at the share the experience and our priority of providing Data has been gathered from existing employees Sydney Cricket Ground and Allianz Stadium with comfort, dignity and safety for all visitors to our It builds on the work already undertaken by the Trust using a voluntary survey that requests information dignity and equity. grounds. to promote multicultural diversity and align the needs relating to gender, country of birth, racial, ethnic or of diverse cultures to Trust business planning and ethno-religious background, language spoken as This applies equally to staff as well as patrons. To The plan refl ects and reinforces the Trust’s values service delivery. a child and disabilities. All new employees are now ensure that we integrate disability objectives into our of heritage; integrity; relationships; passion and requested to complete the voluntary survey form business and event planning, the Trust developed a diversity. It also builds on and reinforces the Trust’s The Multicultural Plan refl ects the Trust’s values: on commencement. Disability Action Plan during the past year. demonstrated commitment to provide employment heritage; integrity; relationships; passion and diversity opportunities for people with disabilities and to ensure and its vision: to celebrate sport, create history, • Planning several initiatives, to be introduced The plan has been prepared in accordance with the that all human resources management practices enhance entertainment and share the experience. throughout 2012, on how the data gathered by HR legal requirements set out in Section 9 of the Disability accommodate the needs of people with a disability. can be used to: Services Act 1993, and refl ects NSW Government The plan is also aligned to the Community Relations guidelines specifying fi ve universal outcome areas for A Disability Advisory Committee will be appointed with Commission’s Multicultural Planning Framework. - assess language and multicultural requirements all government agencies. responsibility to achieve the objectives of the plan, when developing position descriptions for future which can be viewed on the Trust website at Implementing the plan will demonstrate the Trust’s recruitment They are: www.sydneycricketground.com.au/about-us/disability- commitment to providing services to Members action-plan and external clients, and supporting staff, through - improve patron services, including ensuring • Identifying and removing barriers to services for programs that refl ect their diverse cultural, religious language skills are considered when allocating people with a disability Early progress in recent months includes: and linguistic backgrounds and needs. staff on event days • Providing information in a range of formats that are • Working closely with the Federal Government An internal committee has been appointed with - understand employee needs and promote accessible to people with a disability agency Jobsupport to successfully fi ll two new responsibility to achieve the objectives of the plan, multicultural understanding through staff positions specifi cally created for people with • Making buildings and facilities physically which can be viewed on the Trust website at development intellectual disabilities www.sydneycricketground.com.au/about-us/ accessible to people with a disability multicultural-plan In the past year, we have also begun collecting data • Delivering disability awareness training for all staff • Assisting people with a disability to participate on the cultural backgrounds of people attending in public consultations and to apply for, and Early progress in the few months since the plan was various events. This has been done using post-event participate in, government advisory boards and fi n a l i s e d i n c l u d e s : surveys given to Members and general public patrons. committees This data gives us a better understanding of our • Agreeing key performance indicators for audiences and will be used for planning services at implementing multicultural development with • Increasing employment participation of people future events. senior managers, and these will come into with a disability in the NSW public sector practice from August 2012 The Trust is strongly committed to achieving tangible results in the fi ve outcome areas to meet the needs of people with a disability in relation to the services it provides to Members and the general community and its responsibilities as an employer.

50 51 Organisational Chart

TRUST

GROUNDS & AUDIT & RISK FINANCE MANAGEMENT EVENT SERVICES COMMITTEE COMMITTEE COMMITTEE COMMITTEE

JAMIE BARKLEY Chief Executive Offi cer

BERNIE LAMERTON JANE COLES JASON HILL PATRICK WILSON PIERS THOMPSON MICHAEL BANGEL General Manager General Manager General Manager General Manager General Manager General Manager Corporate Services Membership and Commercial Events and Major Projects Properties Marketing Operations

CORPORATE TRUST VENUE & ASSET FINANCE MEMBERSHIP HIRER CONTRACTS HOSPITALITY MASTER PLAN MANAGEMENT

HUMAN MARKETING, GOLD & PLATINUM EVENT SCG STAGE 2 CAPITAL WORKS RESOURCES MEDIA & PR MEMBERSHIP SALES MANAGEMENT REDEVELOPMENT

INFORMATION STADIUM SPONSORSHIP VENUE OPERATIONS WH&S TECHNOLOGY FITNESS CENTRE

COMMERCIAL MUSEUM & TOURS RIGHTS

52 53 CEO & General Manager Profi les

General Manager General Manager General Manager Jamie Barkley Chief Executive Offi cer Bernie Lamerton Michael Bangel Patrick Wilson – Corporate Services – Properties – Events and Operations

Jamie Barkley became Chief Executive Offi cer in Bernie Lamerton joined the Trust in 1984 after 12 Michael Bangel joined the Trust in 1994. Michael is a Patrick Wilson joined the Trust in late 2011, after February 2001, responsible for the management and years with the NSW Auditor-General’s Offi ce. He was registered architect with experience in building design 23 years experience at senior management level in operation of the Sydney Cricket Ground and Sydney appointed to the position of General Manager in 1994. and construction, and property development and professional sports organisations and venues. Football Stadium (now Allianz Stadium). Prior to this, Bernie is qualifi ed in accounting, having CPA status management. He is responsible for event acquisition, event delivery, Jamie was the Chief Operating Offi cer of the Trust with the Australian Society of Certifi ed Practising Michael manages the Trust’s facilities and assets. sports partner contracts and key venue supply from October 1999 and General Manager of the Accountants. He is responsible for new capital works projects, agreements including catering services, ticketing, Sydney International Aquatic and Athletic Centres He holds the dual role of Chief Financial Offi cer and upgrades and refurbishments, grounds and building merchandise and waste management. since opening in 1994. Trust Secretary as nominated in the Trust Charter. He maintenance, plant and equipment, service contracts, Patrick holds qualifi cations in Leisure Studies Jamie is Deputy Chairman of the Carbine Club is responsible for preparation of the Trust’s statutory on-site tenants and work health and safety. and Sports Management from the University of of NSW and a Board Member of the Bradman fi n a n c i a l s t a t e m e n t s . Technology, Sydney. Foundation and the Sydney Cricket Club.

Jamie has a Bachelor of Arts and a Master of Business Administration from Royal Melbourne Institute of Technology, and 27 years experience in sports management and administration.

General Manager General Manager General Manager Jane Coles Piers Thompson Jason Hill – Membership and Marketing – Major Projects – Commercial

Jane Coles was appointed General Manager – Piers Thompson joined the Trust in January this Jason Hill joined the Trust in October 2000 as Membership & Marketing in August 2011 following a year. Piers has been a long-term advisor to the Sales and Marketing Manager. Before this he held restructure to the executive team. She is responsible Trust providing project management, coordination management roles at The Tattersalls Club, NSW for the strategic direction and overall management and client representative services. Trust projects he Rugby Union and St George Rugby League Club after of membership and customer services, the Stadium has worked on include the Master Plan review of beginning his career in sport and venue management Fitness Centre, the SCG Museum, the Tour venues and infrastructure for future development; at South Sydney Rugby League Club. Experience and the marketing and communications of the redevelopment of the Victor Trumper Stand and our venues and the Trust. planning for the redevelopment of the Noble, Bradman He was appointed as the Trust’s General Manager and Messenger stands. – Business Development in March 2005. This role Jane joined the Trust in December 1995 at the Sydney evolved into his current one last year following a Aquatic and Athletic Centres and moved to the Piers has a Diploma in Business Management and restructure of Trust divisions. He is responsible Sydney Cricket Ground and Sydney Football Stadium more than 10 years experience managing large for strategies designed to achieve revenue targets (now Allianz Stadium) in February 2001. She has over scale projects across a broad range of industries, in hospitality, Gold and Platinum membership, 15 years experience in management, leadership, specialising in major sporting events in the last fi ve advertising signage, sponsorship sales and membership, strategic marketing and planning. years. commercial rights. Jason has a Bachelor of Economics degree with Honours in Industrial Jane is qualifi ed with a Bachelor of Science in Piers is responsible for the ongoing development Relations. Kinesiology and certifi cates in Marketing and Event and implementation of the Trust’s Master Plan with a Management. particular focus in the short term of the construction of the SCG’s new northern stand.

54 55 Trustees

Chairman, Audit and Rodney Cavalier AO Trust Chairman Ken Catchpole OAM John Hartigan Rod McGeoch AM LLB Risk Committee

Committees: Finance, Grounds and Event Services, Committees: Grounds and Event Services, Committee: Finance Committees: Audit and Risk, Finance, Grandstand Management, Museum and Archives Taskforce, Management Grandstand Journalist Lawyer Bachelor of Science (Hons) University of Sydney Board Member: NSW Export and Investment Advisory Director: Ramsay Health Care Ltd Bachelor of Arts Retired from career as research chemist and Board Director: Maxwood Pty Ltd Former NSW Member of Parliament 1978 – 1988 marketing in private industry Director: Bradman Foundation Director: McGeoch Holdings Pty Ltd Former NSW Minister for Education 1984 – 1988 Member: Wallaby Hall of Fame Former Chairman: News Limited Director: Destination NSW Former NSW Minister for Energy & Minister for Finance Member: International Rugby Hall of Fame Former CEO: News Limited Chairman: Sky City Entertainment Group Limited 1984 Member: The Sport Australia Hall of Fame Former Chairman and Director: Australian News Chairman: Vantage Private Equity Growth Limited Chairman: C E W Bean Foundation Former President: NSW Rugby Union Channel Chairman: Flyingfox Pty Ltd President: Sydney Cricket Club Former Australian rugby captain Former Director: Foxtel Chairman: BGP Holdings Plc Director: Highlands District Cricket Association Patron: Australian Barbarians and Classic Wallabies Former Director & Advisory Board Member: American Chairman: BGP Investments S.a.r.l. Members-elected Trust representative Australian Association Appointed Trustee to 13 July 2013 Appointed Trustee to 13 July 2015 Appointed Trustee to 13 July 2014 Appointed Trustee to 13 July 2015

Deputy Chairman; Chairperson, Management Chairman, Finance Committee and Museum & John Cloney AM John McCarthy QC Hon Morris Iemma Kaye Schofi eld Committee Archives Taskforce Committees: Audit and Risk, Finance, Grounds and Committee: Finance Committee: Grounds and Event Services Committees: Finance, Management, Museum & Event Services, Management, Grandstand Archives Taskforce Barrister (admitted 1976) Consultant Member: RBS Group (Australia) Pty Ltd Advisory Queen’s Counsel (appointed 1988) Bachelor of Economics (University of Sydney) Bachelor of Arts Council Fellow of the Senate of the University of Sydney Bachelor of Laws (University of Technology, Sydney) Master of Education Company Director: Maple-Brown Abbott Limited 1995 – 2010 Former Premier of NSW 2005 – 2008 Executive Director: Kaye Schofi eld & Associates Pty Life Member: Australia and New Zealand Institute of Pro Chancellor: University of Sydney 2005 – 2010 Former Leader of the Australian Labor Party in NSW Ltd (management consultants) Insurance & Finance Member: Senate Honorary Awards Committee 2005 – 2008 Director: WaterEd Australia Pty Ltd Fellow: Australian Institute of Management 2001 – 2010 Former Treasurer of NSW 2005 – 2006 Director: Oz Harvest Limited Foundation Fellow: Australian Institute of Company Member: Senate Sports Liaison Committee Former Minister for Health 2003 – 2005 Directors (Convener) 2002 – 2010 Former Minister for Public Works 1999 – 2003 Appointed Trustee to 13 July 2013 Former Chairman: QBE Insurance Group Ltd (resigned Member: Senate Finance Committee 1998 – 2007 Former Minister for Sport 2001 – 2003 4 July 2010) Member: NSW Legal Aid Review Committee #1 since Former Member for Hurstville 1991 – 1999 1988 Former Member for Lakemba 1999 – 2008 Appointed Trustee to 13 July 2013 Chairman: John Stephen Akhwari Athletics Foundation Appointed Trustee to 13 July 2013 (JSAAF) since 2001 President: St Thomas More Society (Guild of Catholic Lawyers) 1992 – 2005 Appointed Trustee to 13 July 2013

56 57 Trustees

Trustees who completed service during the past year:

Chairman, Grounds and Event Services Committee Tony Shepherd Paul Warren Alan Jones AO and Grandstand Committee Committees: Grounds and Event Services, Committees: Audit and Risk, Finance and Committee: Grounds and Event Services Grandstand Management Graduate of Queensland and Oxford universities Hon Michael Cleary AO Bachelor of Commerce Bachelor of Business (Marketing & Accounting) Former speech writer and senior advisor to Prime Minister Chairman: Transfi eld Services Limited Chairman: Sydney Metro: Ford Dealers Advertising Malcolm Fraser Committee: Grounds and Event Services Chairman: Greater Western Sydney GIANTS AFL Club Fund Ltd Queen’s Birthday Honour: Offi cer of the Order of Australia Term completed: 13 July 2011 President: Business Council of Australia Executive Chairman: Peter Warren Group of for the services to the media and sports administration Director: VicTrack Companies Former Australian rugby union coach Director: Virgin Australia International Holdings Director: Ford Dealers Advertising Fund Ltd Former coach of the Balmain and South Sydney rugby Appointed Trustee to 13 July 2013 Member: Board of Management, St Vincents Prostate league clubs Cancer Centre Elected to the Confederation of Australian Sports Hall of Fame 1985 Appointed Trustee to 13 July 2013 Broadcaster: Radio Station 2GB and formerly with the Channel 9 Today Show presenting editorial comment daily for 20 years Awarded Australian Radio Talk Personality of the Year: 1990, 1991, 1992, 1993, 1995, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, and 2005 Awarded Australian Radio Best Current Affairs Commentator: 1991, 1992, 1993, 1995, 1996, 1997, 1998, 2000, 2001, 2002, 2003, 2004, and 2005 Gail Kelly Advance Australia Award – Services to the Community 1993 Michael Eyers AM Awarded the Inaugural Sir Roden Cutler Medal for Services Chief Executive Offi cer and Managing Director: to the Community 2003 Steve Waugh AO Committee: Grounds and Event Services Westpac Group Deputy Chairman: NSW Institute of Sport Director: Business Council of Australia Former Deputy Chairman: Australian Sports Commission Term completed: 13 July 2011 Committee: Grounds and Event Services Director: Australian Bankers’ Association 1998 – 2008 Director: Financial Markets Foundation for Children International businessman & philanthropist Appointed Trustee to 13 July 2013 Member: Financial Sector Advisory Council Former Australian Test cricket captain Appointed Trustee to 31 December 2015 Inducted into the Australian Cricket Hall of Fame 2009 Inducted into the International Cricket Council Hall of Fame 2009 Founder & Chairman: Steve Waugh Foundation, Global Founder & Chairman: Steve Waugh Foundation, Australia Founder & Chairman: Steve Waugh Foundation, India Queen’s Birthday Honour: Offi cer of the Order of Australia for services to cricket and charity 2003 Australian of the Year 2004 Stuart MacGill Catherine Harris AO PSM James McNally Australian Father of the Year 2005 Named one of Australia’s ‘National Living Treasures’ Committee: Grounds and Event Services Committees: Audit and Risk, Finance, Grounds and by the National Trust of Australia 2006 Committee: Grounds and Event Services Event Services, Management, Grandstand Member: Laureus World Sports Academy & Sports for Former Australian Test cricket player Term completed: 13 July 2011 Director: MacGill Consultancy Group Consultant: independent compliance consultant to the Good Foundation, Global Director: Cell & Gene Trust fi nancial services industry Patron: Udayan (home for the rehabilitation for children Director: Heritage Bar & Restaurant Pty Ltd Director: ALE Property Group affected by leprosy) Kolkata, India Members-elected Trust representative Patron: Calcutta Girls Foundation, Kolkata, India Appointed Trustee to 13 July 2015 Appointed Trustee to 13 July 2014 Appointed Trustee to 13 July 2013

58 59 Trust Charter & Constitution

We are passionate about the “ sports and events we host, and about innovation in all that we do. ”

Charter: Sydney Cricket & Sports Ground Trust Values Grounds & Event Finance Management Audit & Risk Act, 1978 No. 72 Trustees Trust The Trust is guided by a strong commitment to fi ve Services Committee Committee Committee Committee The Trust was constituted under this Act and is core values. They defi ne us as an organisation, while Rodney Cavalier AO 4 4 3 11 charged with the care, control and management of the underpinning our key decisions, actions and response John Cloney AM 3 4 2 1 10 scheduled lands dedicated for public recreation. to challenges and new opportunities. Ken Catchpole OAM 4 3 9 The Trust may allow the scheduled lands or any part Heritage: Hon Michael Cleary AO # 2 3 thereof to be used by persons, clubs, associations, We honour our past as proud custodians of our leagues or unions at such times and on such terms history and traditions. Michael Eyers, AM # 2 3 and conditions as the Trust may think fi t and proper Catherine Harris AO PSM # 2 4 for cricket, football, athletics, public amusement or Integrity: any other purpose which the Minister may approve. We operate as an ethical organisation with a clear set John Hartigan * 2 5 of values practised by all employees. Hon Morris Iemma 10 The Trust may carry out works for the improvement, development and maintenance of the Trust lands Relationships: Alan Jones AO 9 including the redesigning of areas, the construction We promote positive relationships built on honesty, Gail Kelly + 1 of any building or structure on the Trust lands, and consultation and service. the provision of stands and other accommodation for Stuart MacGill * 2 7 spectators frequenting the Trust lands. Passion: John McCarthy QC 4 11 We are passionate about the sports and events we James McNally 4 4 3 2 11 Constitution of the Trust host, and about innovation in all that we do. Rod McGeoch AM LLB 2 2 9 Diversity: Under Section 5(2), the Trust shall have and may Kaye Schofi eld 4 3 9 exercise and perform the functions conferred or We embrace diversity, value differences and respect Tony Shepherd 4 9 imposed on it by or under the Act, and shall in the our communities. exercise or performance of its functions, be subject to Paul Warren 4 3 2 8 the control and direction of the Minister for Sport and Trust Meetings Recreation. Steve Waugh AO 5 From 1 March 2011 to 29 February 2012, attendances The Trust consists of 15 members, 13 appointed by # Term Completed 13 July 2011 by Trustees at the Grounds and Event Services the Governor and two elected by Members. Each * Term Commenced 14 July 2011 Committee, Finance Committee, Management + Term Commenced 1 January 2012 Trustee is appointed for a term of up to four years. Committee, Audit and Risk Committee and Trust meetings are set out on the following table. Our Vision The number of meetings held was: To celebrate sport, create history, enhance • Four Grounds and Event Services Committee entertainment and share the experience. • Four Finance Committee • Three Management Committee • Two Audit and Risk Committee • 11 Trust

60 61 Financial Indicators REVENUE – $M 72

70

68 EARNINGS BEFORE INTEREST – $M 66 9 64

8 62

7 60 58 6 56 5 2007/08 2008/09 2009/10 2010/11 2011/12

4

DEBT LEVELS – $M 3 45

2 40 35 1 30 Budget 0 25 Actual 2007/08 2008/09 2009/10 2010/11 2011/12 20 15 10 OPERATING SURPLUS V BUDGET – $M 5 0 7 2007/08 2008/09 2009/10 2010/11 2011/12

6

MEMBERSHIP RENEWALS 5 20,000

4 18,000

3 16,000

2 14,000

1 12,000

Budget 0 10,000 Actual 2007/08 2008/09 2009/10 2010/11 2011/12 2007/08 2008/09 2009/10 2010/11 2011/12

62 63 Independent Auditor’s Statement by Members Report of the Trust

64 65 Audited Financial Statements BEGINNING OF AUDITED FINANCIAL STATEMENTS

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 29 FEBRUARY 2012 AS AT 29 FEBRUARY 2012

Consolidated Parent Consolidated Parent 2012 2011 2012 2011 2012 2011 2012 2011 Notes $’000 $’000 $’000 $’000 Notes $’000 $’000 $’000 $’000 REVENUE ASSETS Membership 2a 17,973 16,493 17,973 16,493 Current Assets Hire Fees 8,115 9,361 8,115 9,361 Cash and Cash Equivalents 4 4,808 2,040 4,808 2,040 Catering 2b 13,593 14,584 13,593 14,584 Receivables 5 7,762 8,796 7,762 8,796 Advertising & Sponsorship 2c 9,061 7,855 9,061 7,855 Inventories 698 933 698 933 Corporate Seating Sales 2d 5,808 6,513 5,808 6,513 Total Current Assets 13,268 11,769 13,268 11,769 Government Grant 2e 2,500 - 2,500 - Other Revenue 2f 9,425 9,838 9,425 9,838 Non-Current Assets Total Revenue 66,475 64,644 66,475 64,644 Property, Plant & Equipment 6 566,340 565,188 566,340 565,188 Receivables 5 5,466 4,702 5,466 4,702 EXPENDITURE Total Non-Current Assets 571,806 569,890 571,806 569,890 Operating Costs 3a 35,761 36,601 35,761 36,601 Employee Related Expense 3b 14,492 13,940 2,152 2,009 Total Assets 585,074 581,659 585,074 581,659 Personnel Services Expense 3b - - 12,530 11,985 Depreciation 6 10,152 9,929 10,152 9,929 LIABILITIES Finance Costs 3c 3,282 3,947 3,282 3,947 Current Liabilities Total Expenditure 63,687 64,417 63,877 64,471 Payables 7a 8,127 8,370 8,110 7,997 Other Liabilities 7b 13,580 13,161 13,580 13,161 SURPLUS/(DEFICIT) BEFORE GAINS/(LOSSES) 2,788 227 2,598 173 Borrowings 8 1,748 3,045 1,748 3,045 Provisions 9 2,000 1,850 2,405 2,396 Gain/(Loss) on Disposal of Plant & Equipment 2g 42 (166) 42 (166) Total Current Liabilities 25,455 26,426 25,843 26,599 Gain/(Loss) on Disposal of Land 2h - 4,638 - 4,638 – Conversion to Finance Lease Non-Current Liabilities Other Liabilities 7b 3,280 2,299 3,280 2,299 SURPLUS/(DEFICIT) FOR THE YEAR 2,830 4,699 2,640 4,645 Borrowings 8 33,540 32,990 33,540 32,990 Provisions 9 388 173 - - Other Comprehensive Income Total Non-Current Liabilities 37,208 35,462 36,820 35,289 Net Increase/(Decrease) in Property, Plant & 6-- -- Equipment Revaluation Reserve Actuarial Gains/(Losses) on Defi ned Benefi t Pension Total Liabilities 62,663 61,888 62,663 61,888 9 (190) (54) - - Plans Other Comprehensive Income for the Year (190) (54) - - Net Assets 522,411 519,771 522,411 519,771

TOTAL COMPREHENSIVE INCOME 2,640 4,645 2,640 4,645 EQUITY FOR THE YEAR Reserves 333,336 333,336 333,336 333,336 The accompanying notes form part of these fi nancial statements. Accumulated Funds 189,075 186,435 189,075 186,435 Total Equity 522,411 519,771 522,411 519,771

The accompanying notes form part of these fi nancial statements.

66 67 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent Consolidated Parent Accumulated Asset Total Accumulated Asset Total 2012 2011 2012 2011 Funds Revaluation Funds Revaluation Reserve Reserve Notes $’000 $’000 $’000 $’000 Notes $’000 $’000 $’000 $’000 $’000 $’000 Balance at CASH FLOWS FROM OPERATING 186,435 333,336 519,771 186,435 333,336 519,771 1 March 2011 ACTIVITIES Payments Surplus/(Defi cit) for the Year 2,830 - 2,830 2,640 - 2,640 Suppliers & Employees (55,839) (71,594) (55,839) (71,594) Net Increase/(Decrease) in Interest Paid (2,143) (2,497) (2,143) (2,497) Property, Plant & Equipment 6------Other (1,918) (2,855) (1,918) (2,855) Revaluation Reserve Actuarial Gains/(Losses) on Total Payments (59,900) (76,946) (59,900) (76,946) 9 (190) - (190) - - - Defi ned Benefi t Pension Plans Total Comprehensive 2,640 - 2,640 2,640 - 2,640 Receipts Income for the Year Receipts from Operations 74,442 76,605 74,442 76,605 Interest Received 213 279 213 279 Transactions with Owners in Their Capacity as Owners Other 88 449 88 449 Increase/(Decrease) in Net Total Receipts 74,743 77,333 74,743 77,333 ------Assets from Equity Transfers Balance at NET CASH FLOWS FROM OPERATING 189,075 333,336 522,411 189,075 333,336 522,411 14b 14,843 387 14,843 387 29 February 2012 ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES Balance at 181,628 333,498 515,126 181,628 333,498 515,126 Purchase of Property, Plant & Equipment (11,630) (7,891) (11,630) (7,891) 1 March 2010 Proceeds from Sale of Plant & Equipment 510 335 510 335

Surplus/(Defi cit) for the Year 4,699 - 4,699 4,645 - 4,645 NET CASH FLOWS FROM INVESTING Net Increase/(Decrease) in (11,120) (7,556) (11,120) (7,556) Property, Plant and Equipment 162 (162) - 162 (162) - ACTIVITIES Revaluation Reserve CASH FLOWS FROM FINANCING Actuarial Gains/(Losses) on ACTIVITIES (54) - (54) - - - Defi ned Benefi t Pension Plans Proceeds from Borrowings - - - - Repayment of Borrowings (955) (3,064) (955) (3,064) Total Comprehensive 4,807 (162) 4,645 4,807 (162) 4,645 Income for the Year NET CASH FLOWS FROM FINANCING (955) (3,064) (955) (3,064) ACTIVITIES Transactions with Owners in Their Capacity as Owners Net Increase/(Decrease) in Cash & Cash Increase/(Decrease) in Net 2,768 (10,233) 2,768 (10,233) ------Equivalents Assets from Equity Transfers Opening Cash & Cash Equivalents 2,040 12,273 2,040 12,273

Balance at 186,435 333,336 519,771 186,435 333,336 519,771 28 February 2011 CLOSING CASH & CASH EQUIVALENTS 14a 4,808 2,040 4,808 2,040

The accompanying notes form part of these fi nancial statements. The accompanying notes form part of these fi nancial statements.

68 69 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (d) Revenue Recognition

(a) Reporting Entity Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent that it is probable that the economic benefi ts will fl ow to the Trust and the revenue can be reliably The Sydney Cricket & Sports Ground Trust, as a reporting entity, is a Public Trading Enterprise. The Trust measured. The following specifi c recognition criteria must be met before revenue is recognised: is constituted under the provisions of the Sydney Cricket & Sports Ground Act, 1978. The Trust is a not-for-profi t entity (profi t is not its principle objective). The reporting entity is consolidated as part of the • Rendering of Services – where control of a right exists to receive consideration upon completion of or a NSW Total State Sector Accounts. stage of services provided

The Sydney Cricket & Sports Ground Trust Division was established on 17 March 2006 under the Public • Interest Income – Interest revenue is recognised as it accrues using the effective interest method as set Sector Employment and Management Act 2002 (PSEMA) to provide personnel services to the Trust. out in AASB 139 Financial Instruments: Recognition and Measurement The consolidated Financial Statements of the Trust includes the activities of this subsidiary. The Trust is domiciled in Australia and its principal offi ce is at Moore Park Road, Paddington. • Rental revenue is accounted for on a straight-line basis over the lease term

(b) Basis of Preparation • Grants are recognised as revenues when the Trust obtains control over the assets comprising the grant. Control is normally obtained upon the receipt of cash. The Trust’s fi nancial statements are general-purpose fi nancial statements, which have been prepared in accordance with: (e) Property, Plant & Equipment

• Australian Accounting Standards Physical non-current assets are valued in accordance with the TPP 07-01 ‘Valuation of Physical Non- Current Assets at Fair Value’ Policy and Guidelines Paper. This policy adopts fair value in accordance with • The requirements of the Public Finance and Audit Act 1983 and Public Finance and Audit Regulation AASB 116 Property, Plant and Equipment. 2010 Property, plant and equipment is measured on an existing use basis, where there are no feasible alternative • Interpretations and other professional authoritative pronouncements of the Australian Accounting uses in the existing natural, legal, fi nancial and socio-political environment. However, in the limited Standards Board circumstances where there are feasible alternative uses, assets are valued at their highest and best use. Fair value of property, plant and equipment is determined based on the best available market evidence, These statements have been prepared on an accruals basis and are based on the historic cost convention including current market selling prices for the same or similar assets. Where there is no available market except where stated, by the measurement of fair value on selected non-current assets, fi nancial assets and evidence, the asset’s fair value is measured at its market buying price, the best indicator of which is fi nancial liabilities. depreciated replacement cost.

Cost is based on the fair value of the consideration given in exchange for assets. The fair value of cash The Trust revalues each class of property, plant and equipment at least every three years or with suffi cient consideration with deferred settlement terms is determined by discounting any amounts payable in regularity to ensure that the carrying amount of each asset in the class does not differ materially from its the future to their present value as at the date of acquisition. Present values are calculated using rates fair value at reporting date. The latest revaluation was completed during 2009/10 and was based on an applicable to similar borrowing arrangements of the Trust. independent assessment.

The activities of the Trust concentrate upon its primary role in the care, control and management of the Non-specialised assets with short useful lives are measured at depreciated historical cost, as a surrogate Sydney Cricket Ground and the Sydney Football Stadium (renamed as Allianz Stadium from 1 March 2012) for fair value. which together are lands dedicated for public recreation. When revaluing non-current assets by reference to current prices for assets newer than those being The accounting policies adopted in the preparation of the fi nancial statements are presented below and revalued (adjusted to refl ect the present condition of the assets), the gross amount and the related have been consistently applied unless otherwise stated. accumulated depreciation are separately restated. For other assets, any balances of accumulated depreciation at the revaluation date in respect of those assets are credited to the asset accounts to which Judgements, key assumptions and estimations management has made are disclosed in the relevant notes they relate. The net asset accounts are then increased or decreased by the revaluation increments or to the fi nancial statements. decrements. All amounts are expressed in Australian currency and are rounded to the nearest thousand dollars ($’000) Revaluation increments are credited directly to the asset revaluation reserve, except that, to the extent that unless otherwise stated. an increment reverses a revaluation decrement in respect of that class of asset previously recognised as an (c) Statement of Compliance expense in the surplus / defi cit, the increment is recognised immediately as revenue in the surplus/defi cit. Revaluation decrements are recognised immediately as expenses in the surplus/defi cit, except that, to the The consolidated fi nancial statements for the year ended 29 February 2012 have been authorised for issue extent that a credit balance exists in the asset revaluation reserve in respect of the same class of assets, by the Trust on 12 June 2012. they are debited directly to the asset revaluation reserve.

The Trust’s fi nancial statements and notes comply with Australian Accounting Standards (which include As a not-for-profi t entity, revaluation increments and decrements are offset against one another within Australian Accounting Interpretations) some of which contain requirements specifi c to not-for-profi t entities a class of non-current assets, but not otherwise. Where an asset that has previously been revalued is that are inconsistent with IFRS requirements. disposed of, any balance remaining in the asset revaluation reserve in respect of that asset is transferred to accumulated funds.

70 71 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

Capitalisation For defi ned contribution superannuation schemes, employer contributions are expensed when incurred. A liability is recognised only to the extent of unpaid employer contributions at reporting date. All physical non-current assets costing over $5,000 individually and all items under $5,000 and above $2,000 which are considered at risk of theft are capitalised and recorded in the Trust’s assets register. For defi ned benefi t superannuation schemes, expenses are recognised based on the current service plus interest cost less the expected return on fund assets (net of expenses) for the reporting period Depreciation as calculated and advised by Pillar Administration. In accordance with NSW Treasury policy TC11-04 Accounting for Superannuation, the consolidated entity recognises actuarial gains and losses for defi ned Property, plant and equipment, other than land, are depreciated at rates based on their expected useful benefi t superannuation schemes outside of the surplus/defi cit in the ‘other comprehensive income’. The lives for the Trust, using the straight-line method. actuarial gains and losses for defi ned benefi t superannuation schemes are expensed by the parent entity as part of their personnel service expenses. A net liability or asset is recognised based on the difference Depreciation rates of each class of depreciable assets are: between the present value of the Trust’s defi ned benefi t obligations and the fair value of fund assets as at the reporting date, as adjusted for unrecognised past service costs, unrecognised gains/losses, and Buildings and Improvements 1.1% - 20% limitations on net assets. The net liability or asset is actuarially determined. Plant and Equipment 5% - 33.3% (i) Insurance

Gain/(Loss) on Disposal of Land The Trust’s insurance activities are conducted through the NSW Treasury Managed Fund. The expense/premium is determined by the Fund Manager based on past experience. In accordance with AASB 117 and NSW Treasury Policy Paper TPP11-1 disposal of land through a long- term lease resulting in a gain/loss is treated as a fi nance lease, and as such the net gain/loss on disposal is (j) Receivables & Payables recognised through surplus/defi cit. Accounts receivable, which are generally settled within 30 days, are carried at fair value less any amounts (f) Maintenance for impairment. Accounts payable including accruals not yet billed, are recognised when the Trust becomes obliged to make future payments as a result of purchase of assets or services. Accounts payable The cost of day-to-day servicing costs or maintenance are charged as expenses as incurred, except where are generally settled within 30 days. they relate to the replacement of a part or component of an asset, in which case the costs are capitalised and depreciated. A receivable is recognised when it is probable that the future economic benefi ts associated with it will be realised and it has a value that can be measured reliably. It is derecognised when the contractual or other (g) Inventories rights to future economic benefi ts from it expire or are transferred.

Inventories have been valued at the lower of cost and net realisable value. Cost is determined on a A receivable is measured initially at fair value and subsequently at amortised cost using the effective weighted average cost basis. interest rate method, less any allowance for impairment. A short-term receivable with no stated interest rate is measured at the original invoice amount where the effect of discounting is immaterial. An invoiced (h) Employee Entitlements receivable is due for settlement within 30 days of invoicing.

Provision is made for annual leave and long service leave estimated to be payable to employees as at If there is objective evidence at year-end that a receivable may not be collectable, its carrying amount is reporting date. reduced by means of an allowance for impairment and the resulting loss is recognised in the statement Liabilities for salaries and wages (including non-monetary benefi ts) and annual leave are recognised and of comprehensive income. Receivables are monitored during the year and bad debts are written off measured in respect of employees’ services up to the reporting date at nominal amounts based on the against the allowance when they are determined to be irrecoverable. Any other loss or gain arising when a amounts expected to be paid when the liabilities are settled. receivable is derecognised is also recognised in the statement of comprehensive income.

Unused non-vesting sick leave does not give rise to a liability, as it is not considered probable that sick Payables include accrued wages, salaries, and related on-costs (such as payroll tax, fringe benefi ts tax and leave taken in the future will be greater than the benefi ts accrued in the future. Benefi ts for Rostered Days workers’ compensation insurance) where there is certainty as to the amount and timing of settlement. Off (RDOs) have not been accrued, as the Trust policy is not to cash out these balances. A payable is recognised when a present obligation arises under a contract or otherwise. It is derecognised Benefi ts for long service leave and annual leave have been provided on the basis of emerging entitlements when the obligation expires or is discharged, cancelled or substituted. for recognised service for long service leave, and quantum due at reporting date for annual leave. A short-term payable with no stated interest rate is measured at historical cost if the effect of discounting is In accordance with the Australian Accounting Standard AASB 119 ‘Employee Benefi ts’ liabilities arising in immaterial. respect of salaries and wages, annual leave and any other employee benefi ts expected to be settled within 12 months of the reporting date are measured at their nominal amounts based on remuneration rate which are expected to be paid when the liability is settled. All other employee benefi t liabilities are measured at the present value of the estimated future cash outfl ows to be made in respect of services provided by employees up to the reporting date. In determining the present value of future cash outfl ows, the market yield on national government bonds, which have terms to maturity approximating the terms of the related liability are used. The provisions for leave entitlements also include the relevant on-costs.

72 73 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

(k) Net Fair Values of Financial Assets and Liabilities (q) New Accounting Standards (issued but not effective)

Interest bearing liabilities are recorded at amortised cost. At reporting date a number of accounting standards adopted by the AASB had been issued but are not yet effective. At present New South Wales Treasury is mandating not to early adopt any of the new Standards/ Net fair values of other fi nancial instruments are determined on the following basis: Interpretations as per Treasury Circular TC 10/08. As such, these new Standards/Interpretations have not • Monetary fi nancial assets and liabilities (which are not traded in an organised fi nancial market) been early adopted by the Trust.

– the carrying amounts of trade debtors, trade accounts payable and accruals are recorded on a cost It is considered that the implementation of these standards will not have any material impact on the Trust’s basis fi n a n c i a l r e s u l t s . • Investments in NSW Treasury Corporation Hour-Glass Consolidated Parent – the value shown is market value 2012 2011 2012 2011 (l) Debt Management Strategy $’000 $’000 $’000 $’000

The NSW Treasury Corporation actively manages the Trust’s portfolio of debt. The Corporation has 2. REVENUE provided the Trust the facility whereby maturing loans may be rolled over and replaced with new loans while maintaining the original capital value of the portfolio. Borrowings and Advances are shown as (a) Membership current and non-current liabilities and include the provision for rollover upon maturity. Borrowing costs are Membership Annual Subscriptions 14,334 13,543 14,334 13,543 recognised as expenses in the period in which they are incurred. SCG Member Entrance Fees 548 464 548 464 (m) Sydney Cricket Club Platinum/Gold Member Entrance Fees 3,091 2,486 3,091 2,486 In 2007, the Trust joined with the administration of the former UTS-Balmain District Cricket Club in 17,973 16,493 17,973 16,493 establishing the new entity of the Sydney Cricket Club (the Club). The Club is an Incorporated Association (b) Catering under the Associations Incorporation Act 1984. The Trust and the Club have an association which involves the provision by the Trust of administrative and other services to the Club. The Trust is represented on Income received from liquor and food trading for events, functions and non-event days is detailed as the Club’s Board of Directors in accord with the Club Constitution. The Club is not considered to be follows: controlled by the Trust. Any expenses that were incurred during the past year through payroll, operational expenditure and management time have been recouped from the Sydney Cricket Club through the Club’s Liquor Sales 10,474 11,120 10,474 11,120 operational account. The Trust has established a bank deposit account as security against the overdraft Food Sales Commission 2,619 2,598 2,619 2,598 facility of the Sydney Cricket Club. Contract Premium Amortisation 500 866 500 866 (n) Tax Status 13,593 14,584 13,593 14,584

The activities of the Sydney Cricket and Sports Ground Trust are exempt from the provisions of the Liquor Trading Income Tax Assessment Act and other Federal Government taxation legislation, with the exception of the The Trust operates through a managing agent for liquor trading in the public, members and corporate areas requirement to pay fringe benefi ts tax and GST. The Trust also pays payroll tax. of the Sydney Cricket Ground and Allianz Stadium (formerly Sydney Football Stadium). Income from liquor (o) Goods & Services Tax (GST) trading represents gross liquor sales at the Sydney Cricket Ground and Allianz Stadium (formerly Sydney Football Stadium). Revenues, expenses and assets are recognised net of GST, except: Food Trading • the amount of GST incurred by the Trust as a purchaser that is not recoverable from the Australian Tax Offi ce (ATO) is recognised as part of the cost of acquisition of an asset or as part of an item of expense Income from food trading comprises a share of gross food sales received by the Trust. as applicable Amortisation of contract premiums relates to licence fees paid in advance under the previous and new • receivables and payables are stated with the amount of GST included catering contract. The Trust’s new current catering contract which commenced on 1 November 2011 is due to expire on 31 October 2015. The total premium received under the contract is being amortised Cash fl ows are included in the Statement of Cash Flows on a gross basis. The GST components of cash annually over the term of the contract. fl ows arising from investing and fi nancing activities that are recoverable from, or payable to, the ATO are classifi ed as operating cash fl ows. (c) Advertising & Sponsorship (p) Comparatives Advertising & Sponsorship 9,061 7,8 5 5 9,061 7,8 5 5 Except when an Australian Accounting Standard permits or requires otherwise, comparative information is Income includes payments under contract with various companies for naming rights, exclusive product disclosed in respect of the previous period for all amounts reported in the fi nancial statements. rights, sponsorship and advertisements that are displayed on fences, grandstands and video scoreboards at the Sydney Cricket Ground and Allianz Stadium (formerly Sydney Football Stadium).

74 75 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent Consolidated Parent 2012 2011 2012 2011 2012 2011 2012 2011 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

3. EXPENDITURE

(d) Corporate Seating Sales (a) Operating Costs

Premium Seating 2,384 3,089 2,384 3,089 Event Operating Costs 12,372 13,169 12,372 13,169 Private/Corporate Boxes 3,424 3,424 3,424 3,424 Ground Operation & Maintenance 7,589 7,811 7,589 7,811 5,808 6,513 5,808 6,513 Liquor Cost of Goods Sold 3,177 3,517 3,177 3,517 Liquor Management Fee 3,334 3,545 3,334 3,545 Income includes hire/rental of corporate facilities sold on an annual basis and corporate seating sold on a daily and seasonal basis providing dining/viewing for major and other events at the Sydney Cricket Ground Corporate Seating Expenses 2,740 3,033 2,740 3,033 and the Sydney Football Stadium (now Allianz Stadium). Marketing Expenses 2,705 1,776 2,705 1,776 Advertising & Sponsorship 370 228 370 228 (e) Government Grants Audit Fees (Audit Offi ce of NSW) 84 80 84 80 NSW Government Grant 2,500 - 2,500 - Accounting and Legal Services 192 190 192 190 Consultant Fees 977 843 977 843 Construction of the SCG Stage Two grandstand commenced in March 2012, the project is scheduled to be Travel 97 135 97 135 completed in late 2013. In fi nancing the cost of the new grandstand, the Trust received an initial grant of $2.5 million in 2011 from the NSW Government towards the initial project design costs. Postage/Freight 250 172 250 172 Communication Expenses 175 162 175 162 (f) Other Revenue Printing & Stationery 895 734 895 734 Impairment Expense - - - - Merchandising 516 562 516 562 Bad Debts Written Off - 10 - 10 Ticketing 1,062 890 1,062 890 Insurance 558 559 558 559 Parking Fees 1,559 1,892 1,559 1,892 Members Seating 246 637 246 637 Interest Received 213 279 213 279 35,761 36,601 35,761 36,601 Rental Income 3,414 2,879 3,414 2,879 Contributions from Hirers 1,562 1,551 1,562 1,551 (i) The Audit Offi ce of NSW’s fee for auditing the annual fi nancial statements for the year ended 29 Insurance Recoveries 56 829 56 829 February 2012 is $83,500 ($79,500 in 2011). Sundry 1,043 956 1,043 956 (b) Employee Related Expense 9,425 9,838 9,425 9,838 Salaries & Wages 11,288 10,981 1,485 1,405 (g) Gain / (Loss) on Disposal of Plant & Equipment Trustees Remuneration 162 128 162 128 Proceeds from Disposal 208 278 208 278 Annual Leave & Long Service Leave 887 781 - - Written Down Value of Assets Disposed (166) (444) (166) (444) Superannuation 893 853 190 54 Gain/(Loss) on disposal of Plant & Equipment 42 (166) 42 (166) Workers Compensation 146 22 - - Payroll Tax 600 597 - - (h) Gain / (Loss) on Disposal of Land Other Staff Related Expenses 516 578 315 422 Proceeds from Disposal - 4,915 - 4,915 14,492 13,940 2,152 2,009 Written Down Value of Land Disposed - (277) - (277) Personnel Services - - 12,530 11,985 Gain on Disposal of Land - 4,638 - 4,638 14,492 13,940 14,682 13,994

During 2010/11, the Trust secured a licence with a ground hirer to facilitate construction of its headquarters (c) Finance Costs on a parcel of Trust land and to subsequently enter into a long-term lease for occupancy of the site. The then current value of land subject to lease was $277,000 and the fair value of the lease receivable was Interest on Loans 2,214 2,392 2,214 2,392 $4.9 million (net present value of the annual lease payments). As such the Trust recorded a one off gain on NSW Treasury Govt Guarantee Fees 668 1,019 668 1,019 disposal of land of $4.6 million. Other Finance Charges 400 536 400 536 3,282 3,947 3,282 3,947

76 77 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent Consolidated Parent 2012 2011 2012 2011 2012 2011 2012 2011 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

4. CASH AND CASH EQUIVALENTS 6. PROPERTY, PLANT & EQUIPMENT

For the purpose of the Statement of Cash Flows, cash and cash equivalents include cash at bank, cash on Land at Valuation 35,423 35,423 35,423 35,423 hand, short-term deposits and bank overdraft. Cash and cash equivalent assets recognised in the Statement of Financial Position are reconciled at the end of the fi nancial year to the Statement of Cash Flows as follows: Buildings & Improvements (at fair value) 703,348 698,224 703,348 698,224 Cash 577 373 577 373 Accumulated Depreciation (185,311) (175,869) (185,311) (175,869) NSW Treasury Corporation Hour-Glass 4,231 1,667 4,231 1,667 518,037 522,355 518,037 522,355 Cash & Cash Equivalents per 4,808 2,040 4,808 2,040 Statement of Financial Position Plant & Equipment (at fair value) 18,234 16,835 18,234 16,835 Cash & Cash Equivalents per Statement of 4,808 2,040 4,808 2,040 Accumulated Depreciation (13,106) (12,656) (13,106) (12,656) Cash Flows 5,128 4,179 5,128 4,179 5. RECEIVABLES Current: Work in Progress 7,752 3,231 7,752 3,231 Total Carrying Amount 566,340 565,188 566,340 565,188 Prepayments 1,474 2,887 1,474 2,887 Accrued Income 1,386 261 1,386 261 The Trust’s current Industrial Special Risks insurance policy as at 29 February 2012 provides a cover on Catering Debtors 1,212 619 1,212 619 buildings, plant and equipment to the value of $808 million ($801 million in 2011). Sundry Debtors 3,067 4,532 3,067 4,532 GST Receivable 232 92 232 92 RECONCILIATIONS Allowance for Impairment - - - - Land Buildings Plant & Work in Total Futures Contracts 391 405 391 405 Equipment Progress 7,762 8,796 7,762 8,796 2012 $’000 $’000 $’000 $’000 $’000 Non-Current: Carrying Amount 35,423 522,355 4,179 3,231 565,188 as at 1 March 2011 Finance Lease Receivable 4,568 4,558 4,568 4,558 Prepayments 898 144 898 144 Net Revaluation Increment - - - - - 5,466 4,702 5,466 4,702 Additions - 390 1,511 9,569 11,470 Movement in the Allowance for Impairment Reclassifi cation - 4,734 314 (5,048) - Balance at 1 March - - - - Disposals - - (166) - (166) Amounts Written Off During the Year - - - - Depreciation Expense - (9,442) (710) - (10,152) Amounts Received During the Year - - - - Carrying Amount 35,423 518,037 5,128 7,752 566,340 Increase/(Decrease) in Allowance as at 29 February 2012 Recognised in Surplus or Defi cit - - - - Balance at Reporting Date - - - - 2011 Carrying Amount as 35,700 525,022 4,899 2,463 568,084 2012 2012 2011 2011 at 1 March 2010 Finance Lease Receivable $’000 $’000 $’000 $’000 Net Revaluation Increment - - - - - Gross Present Gross Present Additions - 2,758 519 4,477 7,754 Investment Value Investment Value Reclassifi cation - 3,646 63 (3,709) - < 1 year 300 300 300 300 > 1 year < 5 years 1,200 1,035 1,200 1,035 Disposals (277) - (444) - (721) > 5 years 13,143 3,533 13,443 3,523 Depreciation Expense - (9,071) (858) - (9,929) Carrying Amount 14,643 4,867 14,943 4,858 35,423 522,355 4,179 3,231 565,188 as at 28 February 2011 The fi nance lease relates to a 50-year licence granted by the Trust to a hirer to construct and occupy premises on Trust land. Unearned fi nance income at 29 February 2012 stood at $9.8 million (28 February 2011: $10.1 million). Contingent rentals relating to CPI adjustment of $7,600 were collected during 2012 ($800 in 2011).

78 79 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

6. PROPERTY, PLANT & EQUIPMENT (cont’d) Consolidated Parent Valuation of Land, Buildings & Improvements 2012 2011 2012 2011 $’000 $’000 $’000 $’000 During 2009/10, the Trust received an independent valuation by the former Land and Property Management Authority of its vested lands, based on an ‘as zoned and used basis’. 8. BORROWINGS

During 2009/10 the Trust received an independent valuation by WT Partnership, registered quantity Current: surveyors, of the replacement cost of buildings and improvements at the Sydney Cricket Ground and Sydney Football Stadium (now Allianz Stadium). The valuation at replacement cost was converted to written NSW Treasury Corporation Loans 1,748 3,045 1,748 3,045 down replacement cost by the determination of the remaining useful life of each building. 1,748 3,045 1,748 3,045 Non-Current: As a result of the revaluations, an Asset Revaluation Reserve remains established. The balance of this NSW Treasury Corporation Loans 33,540 32,990 33,540 32,990 reserve as at 29 February 2012 stood at $333.3 million (28 February 2011: $333.3 million). 33,540 32,990 33,540 32,990

Consolidated Parent Total 35,288 36,035 35,288 36,035 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Signifi cant Terms & Conditions: 7. NSW Treasury Corporation (Bullet) Loans are based upon instalment payments of interest only and repayment or rollover of principal at maturity. All borrowings are secured by Government Guarantee. (a) PAYABLES 9. PROVISIONS Current: (a) Employee Entitlements Sundry Creditors 6,608 6,906 6,608 6,906 Accruals 919 936 902 563 Current: GST Payable - - - - Provision for Annual Leave and On-Costs 1,052 951 - - Provision for Long Service Leave and Interest Payable 600 528 600 528 948 899 - - On-Costs 8,127 8,370 8,110 7,9 97 2,000 1,850 - - (b) OTHER LIABILITIES Non-Current: Defi ned Superannuation Liability 388 173 - - Current: Subscriptions Paid in Advance 8,246 7,879 8,246 7,879 2,388 2,023 - - Rents Paid in Advance 1,260 1,834 1,260 1,834 Advertising – Fees in Advance 2,192 1,532 2,192 1,532 (b) Personnel Services - Current Catering – Licence Fees in Advance 500 500 500 500 Personnel Services in Respect of Employee Other Deferred Income 1,382 1,416 1,382 1,416 Entitlements of the Division - - 2,405 2,396 13,580 13,161 13,580 13,161 The Aggregate Employee Benefi t Liability Non-Current: Recognised and Included in the Financial Catering – Licence Fees in Advance 2,746 1,834 2,746 1,834 Statements is as Follows Rents – Paid in Advance 428 - 428 - Accrued Salaries, Wages and On-Costs 17 373 - - Other Deferred Income 106 465 106 465 Provision for Employee Benefi ts (current) 2,000 1,850 - - 3,280 2,299 3,280 2,299 Defi ned Benefi t Liability (non-current) 388 173 2,405 2,396 - - (c) Superannuation – Defi ned Benefi ts Plan

The Trust has a $388,000 ($173,000 in 2011) net liability for the employer’s obligation to defi ned benefi t superannuation schemes at the Trust.

The funding position at 29 February 2012 in respect of the two defi ned benefi ts schemes related to personnel services received, namely the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-Contributory Superannuation Scheme (SANCS) has been advised by Pillar Administration:

80 81 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS 9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

FUND ESTIMATED RESERVE ACCRUED NET LIABILITY Reconciliation of the Assets & Liabilities Recognised in the Statement of Financial Position: ACCOUNTS FUNDS LIABILITY AT YEAR END SASS SANCS 2012 2011 2012 2011 2012 2011 2012 2012 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 SASS 1,720 1,732 2,024 1,824 304 92 SANCS 156 148 240 229 84 81 Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 2,024 240 1,876 1,880 2,264 2,053 388 173 Fair Value of Fund Assets at End of Year (1,720) (156) Subtotal 304 84 Accounting Policy for Recognising Actuarial Gains/Losses Unrecognised Past Service Cost 0 0 Unrecognised Gain/(Loss) 0 0 Actuarial gains and losses are recognised immediately in other comprehensive income in the year in which Adjustment for Limitation on Net Asset 0 0 they occur. Net Liability/(Asset) Recognised in the Statement of Financial Position at 304 84 Fund Information End of Year

The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes Expense Recognised in the Statement of Comprehensive Income: including: the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-contributory Components Recognised in the Statement of Comprehensive Income Superannuation Scheme (SANCS). Current Service Cost 61 10 These schemes are defi ned benefi t schemes – at least a component of the fi nal benefi t is derived from a Interest Cost 98 12 multiple of member salary and years of membership. The schemes are closed to new members. Expected Return on Fund Assets (Net of Expenses) (144) (11) Actuarial Losses/(Gains) Recognised in Year 0 0 Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2012: Past Service Cost 00 SASS SANCS Movement in Adjustment for Limitation on Net Asset 0 0 2012 2012 Curtailment or Settlement (Gain)/Loss 0 0 $’000 $’000 Expense/(Income) Recognised 15 11 Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 1,824 229 Amounts Recognised in the Statement of Comprehensive Income Current Service Cost 61 10 (Other Comprehensive Income): Interest Cost 98 12 Contributions by Fund Participants 34 0 Actuarial (Gains)/Losses 197 (7) Actuarial (Gains)/Losses 51 (19) Adjustment for Limit on Net Asset 0 0 Benefi ts Paid (44) 8 Cumulative Amounts Recognised in the Statement of Comprehensive Income Past Service Cost 00 (Other Comprehensive Income): Curtailments 00 Settlements 00 Cumulative Amount of Actuarial (Gains)/Losses 526 2 Business Combinations 0 0 Cumulative Adjustment for Limitation on Net Asset 0 0 Exchange Rate Changes 0 0 Fund Assets Present Value of Partly Funded Defi ned Benefi t Obligation at End of the Year 2,024 240 The percentage invested in each asset class at the statement of fi nancial position date: Reconciliation of the Fair Value of Fund Assets: Fair Value of Fund Assets at Beginning of the Year 1,732 148 29 FEB 2012 Expected Return on Fund Assets 144 11 Australian Equities 33.3% Actuarial Gains/(Losses) (146) (12) Overseas Equities 28.1% Employer Contributions 0 0 Australian Fixed Interest Securities 5.4% Contributions by Fund Participants 34 0 Overseas Fixed Interest Securities 2.6% Benefi ts Paid (44) 8 Property 9.4% Settlements 00 Cash 7.0% Business Combinations 0 0 Other 14.3% Exchange Rate Changes 0 0 Fair Value of Fund Assets at End of the Year 1,720 155

82 83 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS 9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

Fair Value of Fund Assets Funding Arrangements for Employer Contributions:

All fund assets are invested by STC at arm’s length through independent fund managers. (a) Surplus/Defi cit

Expected Rate of Return on Assets The following is a summary of the 29 February 2012 fi nancial position of the fund calculated in accordance with AAS 25 ‘Financial Reporting by Superannuation Plans’: The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of SASS SANCS investment tax and investment fees. 2012 2012 $’000 $’000 Actual Return on Fund Assets: Accrued Benefi ts 1,739 221 SASS SANCS Net Market Value of Fund Assets (1,720) (156) 2012 2012 Net (Surplus)/Defi cit 19 65 $’000 $’000 (b) Contribution Recommendations Actual Return on Fund Assets (11) (1) Recommended contribution rates for the entity are: Valuation Method & Principal Actuarial Assumptions at the Balance Date: SASS SANCS a) Valuation Method Multiple of Member % Member The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned Contributions Salary benefi t obligations and the related current service costs. This method sees each period of service as giving 0.00 0.00 rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal obligation. (c) Funding Method

b) Economic Assumptions: Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury. (d) Economic Assumptions 29 FEB 2012 Salary Increase Rate (excluding promotional increases) 2.5% pa The economic assumptions adopted from the 2009 triennial actuarial review of the fund are: Rate of CPI Increase 2.5% pa Expected Rate of Return on Assets 8.60% Weighted Average Assumptions Discount Rate 4.01% pa Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa c) Demographic Assumptions Expected Salary Increase Rate 4.0% pa The demographic assumptions at 29 February 2012 are those that were used in the 2009 triennial actuarial Expected Rate of CPI Increase 2.5% pa valuation. Information regarding the most recent triennial review (2009) is available from the ‘Report on Actuarial Investigation of State Superannuation Schemes 2009’ at www.treasury.nsw.gov.au. Nature of Asset/Liability

Expected Contributions: If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary. SASS SANCS Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of 2012 2012 Fund assets and the defi ned benefi t obligation. $’000 $’000 Expected Employer Contributions to be Paid in the Next Accounting Period 0 0

84 85 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS 9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

Historical Information Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2011: SASS SANCS SASS SANCS 2012 2012 2011 2011 $’000 $’000 $’000 $’000 Present Value of Defi ned Benefi t Obligation 2,024 240 Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 2,057 247 Fair Value of Fund Assets (1,720) (156) Current Service Cost 69 12 (Surplus)/Defi cit in Fund 304 84 Interest Cost 111 13 Experience Adjustments – Fund Liabilities 51 (19) Contributions by Fund Participants 31 0 Experience Adjustments – Fund Assets 146 12 Actuarial (Gains)/Losses (99) 3 Benefi ts Paid (345) (46) SASS SANCS Past Service Cost 00 2011 2011 Curtailments 00 $’000 $’000 Settlements 00 Present Value of Defi ned Benefi t Obligation 1,824 229 Business Combinations 0 0 Fair Value of Fund Assets (1,732) (148) Exchange Rate Changes 0 0 (Surplus)/Defi cit in Fund 92 81 Present Value of Partly Funded Defi ned Benefi t Obligation at 1,824 229 Experience Adjustments – Fund Liabilities (99) 3 End of the Year Experience Adjustments – Fund Assets 148 2 Reconciliation of the Fair Value of Fund Assets: SASS SANCS Fair Value of Fund Assets at Beginning of the Year 2,027 182 2010 2010 Expected Return on Fund Assets 171 14 $’000 $’000 Actuarial Gains/(Losses) (148) (2) Present Value of Defi ned Benefi t Obligation 2,057 247 Employer Contributions (3) 0 Fair Value of Fund Assets (2,027) (183) Contributions by Fund Participants 31 0 (Surplus)/Defi cit in Fund 30 65 Benefi ts Paid (346) (46) Experience Adjustments – Fund Liabilities (51) (15) Settlements 00 Experience Adjustments – Fund Assets (130) (13) Business Combinations 0 0 SASS SANCS Exchange Rate Changes 0 0 2009 2009 Fair Value of Fund Assets at End of the Year 1,732 148 $’000 $’000 Present Value of Defi ned Benefi t Obligation 1,955 238 Fair Value of Fund Assets (1,759) (156) (Surplus)/Defi cit in Fund 196 82 Experience Adjustments – Fund Liabilities 97 26 Experience Adjustments – Fund Assets 542 48

SASS SANCS 2008 2008 $’000 $’000 Present Value of Defi ned Benefi t Obligation 1,781 211 Fair Value of Fund Assets (2,234) (212) (Surplus)/Defi cit in Fund (453) (1) Experience Adjustments – Fund Liabilities (43) (9) Experience Adjustments – Fund Assets 142 17

86 87 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS 9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Assets and Liabilities Recognised in the Statement of Financial Position: Fair Value of Fund Assets

SASS SANCS All fund assets are invested by STC at arm’s length through independent fund managers. 2011 2011 $’000 $’000 Expected Rate of Return on Assets Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 1,824 229 The expected return on assets assumption is determined by weighting the expected long-term return for Fair Value of Fund Assets at End of Year (1,732) (148) each asset class by the target allocation of assets to each class. The returns used for each class are net of Subtotal 92 81 investment tax and investment fees. Unrecognised Past Service Cost 0 0 Unrecognised Gain/(Loss) 0 0 Actual Return on Fund Assets: Adjustment for Limitation on Net Asset 0 0 SASS SANCS Net Liability/(Asset) Recognised in the Statement of Financial Position 92 81 at End of Year 2011 2011 $’000 $’000 Expense Recognised in the Statement of Comprehensive Income: Actual Return on Fund Assets 151 13 Components Recognised in the Statement of Comprehensive Income Valuation Method & Principal Actuarial Assumptions at the Balance Date: Current Service Cost 69 12 a) Valuation Method Interest Cost 111 13 Expected Return on Fund Assets (Net of Expenses) (171) (14) The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned Actuarial Losses/(Gains) Recognised in Year 0 0 benefi t obligations and the related current service costs. This method sees each period of service as giving Past Service Cost 00 rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal Movement in Adjustment for Limitation on Net Asset 0 0 obligation. Curtailment or Settlement (Gain)/Loss 0 0 Expense/(Income) Recognised 9 11 b) Economic assumptions: Amounts Recognised in the Statement of Comprehensive Income 28 FEB 2011 (Other Comprehensive Income): Salary Increase Rate (excluding promotional increases) 3.5% pa Actuarial (Gains)/Losses 49 5 Rate of CPI Increase 2.5% pa Adjustment for Limit on Net Asset 0 0 Expected Rate of Return on Assets 8.6% Discount Rate 5.5% pa Cumulative Amounts Recognised in the Statement of Comprehensive Income (Other Comprehensive Income): c) Demographic Assumptions Cumulative Amount of Actuarial (Gains)/Losses 329 (5) The demographic assumptions at 28 February 2011 are those that were used in the 2009 triennial actuarial Cumulative Adjustment for Limitation on Net Asset 0 0 valuation. Fund Assets Expected Contributions:

The percentage invested in each asset class at the statement of fi nancial position date: SASS SANCS 2011 2011 28 FEB 2011 $’000 $’000 Australian Equities 33.7% Expected Employer Contributions to be Paid in the Next Accounting Period 0 0 Overseas Equities 29.3% Australian Fixed Interest Securities 5.7% Overseas Fixed Interest Securities 2.9% Property 9.5% Cash 6.1% Other 12.8%

88 89 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS 10. CAPITAL AND OTHER EXPENDITURE COMMITMENTS

Superannuation – Defi ned Benefi ts Plan (cont’d) Capital Commitments:

Funding Arrangements for Employer Contributions: Total capital expenditure contracted at reporting date but not provided for in the fi nancial statements:

(a) Surplus/Defi cit Consolidated Parent The following is a summary of the 28 February 2011 fi nancial position of the fund calculated in accordance 2012 2011 2012 2011 with AAS 25 ‘Financial Reporting by Superannuation Plans’: $’000 $’000 $’000 $’000 Not Later Than 1 Year 3,847 214 3,847 214 SASS SANCS Later Than 1 Year But Not Later Than 5 Years 450 - 450 - 2011 2011 $’000 $’000 Total (including GST) 4,297 214 4,297 214 Accrued Benefi ts 1,678 215 Other Expenditure Commitments: Net Market Value of Fund Assets (1,732) (148) Total other expenditure contracted as at 29 February 2012 but not provided for in the fi nancial statements: Net (Surplus)/Defi cit (54) 67

(b) Contribution Recommendations Not Later Than 1 Year 6,274 6,027 6,274 6,027 Later Than 1 Year But Not Later Than 5 Years 13,773 16,957 13,773 16,957 Recommended contribution rates for the entity are: Total (including GST) 20,047 22,984 20,047 22,984

SASS SANCS The total expenditure commitments above include input tax credits of $2.21 million (2011: $2.109 million) Multiple of Member % Member which is expected to be recovered from the Australian Tax Offi ce. Contributions Salary 0.00 0.00 Operating Lease Commitments: (c) Funding Method Future non-cancellable operating lease rentals not provided for and payable::

Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury. Not Later Than 1 Year 208 - 208 - Later Than 1 Year But Not Later than 5 Years 208 - 208 - (d) Economic Assumptions Total (including GST) 416 - 416 - The economic assumptions adopted from the 2009 triennial actuarial review of the fund are: The total operating leases contracted at 29 February 2012 but not provided for in the fi nancial statements. Weighted Average Assumptions Finance Lease Commitments: Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa Minimum lease payment commitments in relation to fi nance leases payable as follows: Expected Salary Increase Rate 4.0% pa Not Later Than 1 Year - 160 - 160 Expected Rate of CPI Increase 2.5% pa Later Than 1 year But Not Later Than 5 Years - - - - Nature of Asset/Liability Minimum Lease Payments - 160 - 160 Less: Future Finance Charges - 1 - 1 If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary. Present Value of Minimum Lease Payments - 159 - 159

Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of The present value of fi nance lease commitments is as follows: Fund assets and the defi ned benefi t obligation. Not Later Than 1 Year - 160 - 160 Later Than 1 Year But Not Later than 5 Years - - - - Minimum Lease Payments - 160 - 160

90 91 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

10. CAPITAL AND OTHER EXPENDITURE COMMITMENTS 13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES

Finance Lease Commitments (cont’d) The Trust’s main risks arising from fi nancial instruments are outlined below, together with the Trust’s objectives, policies and processes for measuring and managing risk. Further quantitative and qualitative Classifi ed as: disclosures are included throughout this fi nancial report.

Current - 160 - 160 The Trust has responsibility for the establishment and oversight of risk management and reviews and Non-Current - - - - agrees policies for managing each of these risks. Risk management policies are established to identify and - 160 - 160 analyse the risks faced by the Trust, to set risk limits and controls and to monitor risks. Compliance with policies is reviewed by the Audit and Risk Committee and Internal Audit on a continuous basis. Non-Cash Commitments: The Trust’s principal fi nancial instruments comprise receivables, payables, cash, short-term deposits and The Trust receives contributions of goods and services from certain sponsors. In return, the Trust provides variable and fi xed rate debts. The Trust manages its exposure to key fi nancial risks, including interest rate in advertising space and/or use of Trust facilities. The Trust does not consider the value of facilities and accordance with the Trust’s fi nancial risk management policy. advertising space provided in 2012 to be material. The main risks arising from the Trust’s fi nancial instruments are interest rate risk, credit risk and liquidity 11. TRUSTEES REMUNERATION risk. The Trust uses different methods to measure and manage different types of risks. These methods include ageing analyses and monitoring of specifi c credit allowances which are undertaken to manage The Trust is classifi ed as an Advisory Board thereby enabling the payment of fees to Trust members. credit risk.

Fees totalling $161,130 ($127,752 in 2011) were paid to the Trustees in accordance with rates determined by The Trust reviews and agrees policies for managing each of the risks identifi ed below, including the interest the Department of Premier and Cabinet. rate risk and credit allowances.

The Trustees have access to the Trust Suite during event days at the Sydney Cricket Ground and Allianz Financial Instrument Categories Stadium. On occasion, expenses for travel by Trustees on Trust business are reimbursed by the Trust. There are no other benefi ts paid to the Trustees. Consolidated Parent 2012 2011 2012 2011 12. CONTINGENT LIABILITIES Class Category $’000 $’000 $’000 $’000 The Trust is not aware of any signifi cant or material contingent liability in existence at balance date or which Financial Assets has emerged subsequent to balance date which would materially impact on the fi nancial position of the Cash & Cash Equivalents N/A 4,808 2,040 4,808 2,040 Trust as shown in the Financial Statements. Loans and Receivables In 2007, the Trust joined with the administration of the former UTS-Balmain District Cricket Club in Receivables(1) 10,624 10,375 10,624 10,375 (at amortised cost) establishing the new entity of the Sydney Cricket Club. The Trust has established a Bank Deposit Account holding $40,000 as security against the overdraft facility of the Sydney Cricket Club. Total 15,432 12,415 15,432 12,415

Financial Liabilities Financial Liabilities Payables (2) 8,127 8,370 8,110 7,997 (at amortised cost) Financial Liabilities Borrowings 35,288 36,035 35,288 36,035 (at amortised cost) Total 43,415 44,405 43,398 44,032 Notes 1. Excludes statutory receivables and prepayments (i.e. not within scope of AASB 7). 2. Excludes statutory payables and unearned revenue (i.e. not within scope of AASB 7).

Risk Exposures & Responses

Market Risk

Market risk is the risk that the fair value or future cash fl ows of a fi nancial instrument will fl uctuate because of changes in market prices. The Trust’s exposures to market risk are primarily through price risks associated with the movement in interest rate risk on the Trust’s borrowings and other price risks associated with the movement in the unit price of the Hour Glass Investment Facilities. The Trust has no exposure to foreign currency risk and does not enter into commodity contracts.

92 93 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d) 13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

The effect on profi t and equity due to a reasonably possible change in risk variable is outlined in the Interest Rate Risk (Cont’d) information below, for interest rate risk and other price risk. A reasonably possible change in risk variable has been determined after taking into account the economic environment in which the Trust operates and Managed Debt Portfolio the time frame for the assessment (i.e. until the end of the next annual reporting period). The sensitivity The Trust’s policy is to manage its fi nance costs using a mix of fi xed and variable rate debt. analysis is based on risk exposures in existence at the statement of fi nancial position date. The analysis is performed on the same basis as for 2011. The analysis assumes that all other variables remain constant. At 29 February 2012 100% of the Trust’s borrowings were at a fi xed rate of interest (2011: 97.2%).

Interest Rate Risk To manage this mix in a cost-effi cient manner the Trust contracts with the NSW Treasury Corporation (TCorp) to actively manage the Trust’s portfolio of debt. The corporation has provided the Trust the facility The Trust’s exposure to market interest rates relates primarily to the Trust’s long term debt obligations and whereby maturing loans may be rolled over and replaced with new loans whilst maintaining the original cash and cash equivalents. capital value of the portfolio. Cash & Cash Equivalents TCorp manages interest rate risk exposures applicable to specifi c borrowings of the Trust in accordance A reasonably possible change of +/- 1% is used, consistent with current trends in interest rates. The basis with a debt portfolio mandate agreed between the two parties. will be reviewed annually and amended where there is a structural change in the level of interest rate TCorp receives a fee for this service, which may include a performance component where TCorp is able to volatility. The Trust’s exposure to interest rate risk is set out below. add value by achieving a reduction in the Trust‘s debt costs against an agreed benchmark. TCorp may use Consolidated $‘000 -1% 1% derivatives, primarily interest rate futures, to establish short-term (tactical) positions within agreed tolerance limits to manage portfolio duration and maturity profi les. Carrying Profi tEquityProfi tEquity Amount The following sensitivity analysis is based on the interest rate risk exposures in existence at the Statement 2012 of Financial Position date: Financial Assets At 29 February 2012, if interest rates had moved, as illustrated in the table below, with all other variables Cash & Cash 577 (6) (6) 6 6 held constant, TCorp have estimated that post-tax surplus and equity would have been affected as Equivalents follows:

2011 Operating Result Equity Financial Assets Impact Impact Cash & Cash 2012 2011 2012 2011 373 (4) (4) 4 4 Equivalents $’000 $’000 $’000 $’000 Increase/Decrease Consolidated in Basis Points Parent $‘000 -1% 1% AUD 100 (1%) 1,295 1,205 1,295 1,205 Carrying The sensitivity impact is higher in 2012 than in 2011 as a result of lower interest rates and lengthening of Profi t Equity Profi t Equity Amount the overall debt portfolio. 2012 Financial Assets Cash & Cash 577 (6) (6) 6 6 Equivalents

2011 Financial Assets Cash & Cash 373 (4) (4) 4 4 Equivalents

94 95 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d) 13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

Other Price Risks (v) All trade debtors are recognised as amounts receivable at balance date. Collectability of trade debtors is reviewed on an ongoing basis. Procedures as established are followed to recover Hour-Glass Investment Facilities outstanding amounts, including letters of demand. Debts which are known to be uncollectible are written off. An allowance for impairment is raised when there is objective evidence that the Trust The Trust holds units in the following Hour-Glass investment trust: will not be able to collect all amounts due. This evidence includes past experience, and current and Facility Investment Investment 2012 2011 expected changes in economic conditions and debtor credit ratings. No interest is earned on trade Sectors Horizon $’000 $’000 debtors. Cash, Money Market Cash Facility Up to 1.5 years 4,231 1,667 The Trust is not materially exposed to concentrations of credit risk to a single trade debtor or group Instruments of debtors. The unit price is equal to the total fair value of the net assets held by the facility divided by the total number of units on issue. Unit prices are calculated and published daily. (vi) Receivable balances are monitored on an ongoing basis with Trust’s exposure to bad debts not being signifi cant. NSW Treasury Corporation (TCorp) as trustee for the above facility is required to act in the best interest of the unit holders and to administer the trusts in accordance with the trust deeds. As trustee, TCorp has (vii) Receivables which are past due but not considered impaired are aged as follows: appointed external managers to manage the performance and risks of each facility in accordance with 0-30 days 31-60 days 61-90 days 90+ days a mandate agreed by the parties. From April 2007 TCorp commenced acting as a manager for part of overdue overdue overdue overdue the Cash Facility. A signifi cant portion of the administration of the facility is outsourced to an external custodian. $’000 $’000 $’000 $’000

The TCorp Hour-Glass Investment Facilities are designated at fair value through profi t/loss. As at 29 February 2012 1,108 648 280 579

TCorp provides sensitivity analysis for the Hour-Glass Investment Facilities using historically based volatility As at 28 February 2011 101 16 471 2,819 information. (viii) There were no receivables at reporting date which were considered impaired. Change in Unit Impact on Surplus/Defi cit Price and Equity Liquidity Risk 2012 2011 Liquidity risk is the risk that the Trust will be unable to meet its payment obligations when they fall due. The $’000 $’000 Trust continuously manages risk through monitoring future cash fl ows and maturities planning to ensure Hour-Glass Cash Facility +/- 1% 42 17 adequate holding of high quality liquid assets. A reasonably possible change is based on the percentage change in unit price multiplied by the The liabilities are recognised for amounts due to be paid in the future for goods or services received, redemption value as at 29 February 2012. whether or not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance Credit Risk with policy set out in Treasury Circular TC11-12. If trade terms are not specifi ed, payment is made no later than the end of the month following the month in which an invoice or a statement is received. For small (i) Credit risk arises from the fi nancial assets of the Trust, which comprise cash and cash equivalents, business suppliers, payments must generally be made within 30 days of receipt of the invoice. No interest trade and other receivables. The Trust’s exposure to credit risk arises from potential default of the was paid for late payment during the year. counter party, with a maximum exposure equal to the carrying amount. The Trust’s objective is to maintain a balance between continuity of funding and fl exibility through the use of (ii) The Trust trades only with recognised, creditworthy third parties, and as such collateral is not bank overdrafts, NSW Treasury Corporation Hour-Glass Investments and NSW Treasury Corporation loans. requested nor is it the Trust’s policy to securitise its trade and other receivables. There are no trade and other receivable that are past due or impaired whose terms have been renegotiated. The table below summarises the maturity profi t of the Trust’s fi nancial liabilities together with the interest rate exposure. (iii) All fi nancial assets are unsecured. During the current and prior year there were no breaches on any loans payable. No assets have been (iv) Trust deposits held with NSW TCorp are guaranteed by the State. The NSW State Government has pledged as collateral. The Trust’s exposure to liquidity risk is deemed insignifi cant based on prior period’s an AAA credit rating from the Standard and Poor’s rating agency. data and current assessment of risk.

96 97 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d) 13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

Liquidity Risk (Cont’d) Liquidity Risk (Cont’d)

Maturity analysis of fi nancial liabilities is based on management’s expectation. Notes:

Maturity Analysis and Interest Rate Exposure The amounts disclosed are the contractual undiscounted cash fl ows of each class of fi nancial liabilities based on the earliest date on which the Trust can be required to pay. The tables include both interest and Consolidated Interest Rate Exposure Maturity Dates principal cash fl ows and therefore will not reconcile to the statement of fi nancial position. Weighted The Trust monitors rolling forecasts of liquidity reserves on the basis of expected cash fl ow. Fixed Variable Non- Average Nominal Interest Interest Interest < 1 yr 1-5 yrs > 5 yrs Effective Amount Credit Standby Arrangements: – The Trust maintains an available standby credit facility through an Rate Rate Bearing Int. Rate approved $100,000 bank overdraft arrangement. The Trust has approval from the Treasury to increase this 2012 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 facility up to $500,000. Payables 8,127 - - 8,127 8,127 - - The Trust holds a bank guarantee facility of $2.3 million with $73,588 in use (2011: $15,702). Borrowings: TCorp 5.77% 44,146 44,146 - - 3,735 26,623 13,788 Fair Value borrowings Financial instruments are generally recognised at cost, with the exception of the TCorp Hour-Glass 2011 facilities, which are measured at fair value. As discussed, the value of the Hour-Glass Investments is based Payables 8,370 - - 8,370 8,370 - - on the Trust’s share of the value of the underlying assets of the facility, based on the market value. All of the Hour-Glass facilities are valued using ‘redemption’ pricing. Borrowings: TCorp 6.00% 45,164 45,164 1,000 - 3,973 23,302 16,889 The amortised cost of fi nancial instruments recognised in the statement of fi nancial position approximates borrowings the fair value, because of the short-term nature of many of the fi nancial instruments. There were no fi nancial instruments where the fair value differs from the carrying amount.

Parent Interest Rate Exposure Maturity Dates Weighted Fixed Variable Non- Average Nominal Interest Interest Interest < 1 yr 1-5 yrs > 5 yrs Effective Amount Rate Rate Bearing Int. Rate 2012 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 Payables 8,110 - - 8,110 8,110 - - Borrowings: TCorp 5.77% 44,146 44,146 - - 3,735 26,623 13,788 borrowings 2011 Paya b l e s 7,9 97 - - 7,9 97 7,9 97 - - Borrowings: TCorp 6.00% 45,164 45,164 1,000 - 3,973 23,302 16,889 borrowings

98 99 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

14. CASH FLOW INFORMATION

(a) Reconciliation of Cash

For the purpose of the statement of cash fl ows, cash includes: cash on hand, and in banks, and investments in NSW Treasury Corporation Hour-Glass Facility. Cash at 29 February 2012 as shown in the statement of cash fl ows is reconciled to the related items in the Statement of Financial Position and accompanying notes as follows:

Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Cash 577 373 577 373 END OF AUDITED FINANCIAL STATEMENTS NSW Treasury Corporation Hour-Glass 4,231 1,667 4,231 1,667 4,808 2,040 4,808 2,040 (b) Reconciliation from the surplus/ (defi cit) to the net cash fl ows from operations

Surplus/(Defi cit) for the Year 2,830 4,699 2,640 4,645 Depreciation 10,152 9,929 10,152 9,929 Increase (Decrease) in Debt Transactions 209 289 209 289 Actuarial Gains/(Losses) on Defi ned Benefi t (190) (54) - - Pension Plans Loss (Gain) on Sale of Non-Current Assets (42) (4,472) (42) (4,472) Increase (Decrease) in Creditors 1,393 (9,540) 1,393 (9,540) Decrease (Increase) in Inventories 235 (215) 235 (215) Decrease (Increase) in Debtors (109) (326) (109) (326) Increase (Decrease) in Provisions 365 77 365 77 Net Cash From Operating Activities 14,843 387 14,843 387

Firmly committed long-term fi nancing facilities of $45 million were available to the Trust at 29 February 2012. As at that date, $35.238 million ($36.035 million in 2011) of these facilities was in use.

15. POST BALANCE DATE EVENTS

After reporting date the Trust commenced the $32 million project for demolition of the Noble, Bradman and Messenger stands before commencement of construction of the SCG Stage Two project. The written down value of the stands to be demolished represents a fi nancial impact of $32 million.

No other post balance date events have occurred which would materially affect the fi nancial statements.

100 101 Independent Auditor’s Statement by Members Report of the Trust

102 103 Audited Financial Statements BEGINNING OF AUDITED FINANCIAL STATEMENTS

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

2012 2011 2012 2011 Notes $’000 $’000 Notes $’000 $’000 REVENUE ASSETS Personnel Services 12,530 11,985 Current Assets Total Revenue 12,530 11,985 Receivables 32,4052,396 Total Current Assets 2,405 2,396 EXPENDITURE Employee Related Expenses 2 12,340 11,931 Non-Current Assets Total Expenditure 12,340 11,931 Total Non-Current Assets - -

SURPLUS/(DEFICIT) FOR THE YEAR 190 54 Total Assets 2,405 2,396

Other Comprehensive Income LIABILITIES Actuarial Gain/(Loss) on Defi ned Benefi t Plans (190) (54) Current Liabilities Other Comprehensive Income for the Year (190) (54) Payables 417373 Employee Provisions 5 2,000 1,850 TOTAL COMPREHENSIVE RESULT FOR THE YEAR - - Total Current Liabilities 2,017 2,223

The accompanying notes form part of these fi nancial statements. Non Current Liabilities Superannuation Liability 5 388 173 Total Non Current Liabilities 388 173

Total Liabilities 2,405 2,396

Net Assets - -

EQUITY Accumulated Funds - -

Total Equity - -

The accompanying notes form part of these fi nancial statements.

104 105 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

Accumulated Total 2012 2011 Funds Notes $’000 $’000 Notes $’000 $’000 NET CASH FLOWS FROM OPERATING ACTIVITIES - - BALANCE AT 1 MARCH 2011 -- Surplus/(Defi cit) for the Year 190 190 NET CASH FLOWS FROM INVESTING ACTIVITIES - - OTHER COMPREHENSIVE INCOME Actuarial Gains/(Losses) on Defi ned Benefi t Pension Plans (190) (190) NET CASH FLOWS FROM FINANCING ACTIVITIES - - Total Comprehensive Income for the Year - - BALANCE AT 29 FEBRUARY 2012 - - NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS --

Opening Cash & Cash Equivalents - - BALANCE AT 1 MARCH 2010 -- Surplus/(Defi cit) for the Year 54 54 CLOSING CASH & CASH EQUIVALENTS - - OTHER COMPREHENSIVE INCOME Actuarial Gains/(Losses) on Defi ned Benefi t Pension Plans (54) (54) The accompanying notes form part of these fi nancial statements. Total Comprehensive Income for the Year - - BALANCE AT 28 FEBRUARY 2011 - -

The accompanying notes form part of these fi nancial statements.

106 107 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

(a) Reporting Entity (e) Receivables

The Sydney Cricket & Sports Ground Trust Division (the Division) is a Division of the Government Service, A receivable is recognised when it is probable that the future economic benefi ts associated with it will be established pursuant to Part 2 of Schedule 1 to the Public Sector Employment and Management Act 2002. realised and it has a value that can be measured reliably. It is derecognised when the contractual or other The Trust is a not for profi t entity (profi t is not its principle objective). The reporting entity is consolidated as rights to future economic benefi ts from it expire or are transferred. part of the Sydney Cricket and Sports Ground Trust Accounts. A receivable is measured initially at fair value and subsequently at amortised cost using the effective The Entity’s objective is to provide personnel services to the Sydney Cricket & Sports Ground Trust. interest rate method, less any allowance for impairment. A short-term receivable with no stated interest rate is measured at the original invoice amount where the effect of discounting is immaterial. An invoiced The Entity commenced operations on 17 March 2006 when it assumed responsibility for the employees receivable is due for settlement within thirty days of invoicing. and employee-related liabilities of the Sydney Cricket & Sports Ground Trust. The Division is domiciled in Australia and its principal offi ce is at Moore Park Road, Paddington. If there is objective evidence at year-end that a receivable may not be collectable, its carrying amount is reduced by means of an allowance for impairment and the resulting loss is recognised in the statement (b) Basis of Preparation of comprehensive income. Receivables are monitored during the year and bad debts are written off against the allowance when they are determined to be irrecoverable. Any other loss or gain arising when a The Division’s fi nancial statements are general purpose fi nancial statements prepared in accordance with receivable is derecognised is also recognised in the statement of comprehensive income. the requirements of Australian Accounting Standards (including Australian Accounting Interpretations), the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2010, and specifi c directions (f) Payables issued by the Treasurer. Payables include accrued wages, salaries, and related on costs (such as payroll tax, fringe benefi ts tax and Generally, the historical cost convention has been adopted and the fi nancial statements do not take into workers’ compensation insurance) where there is certainty as to the amount and timing of settlement. account changing money values or current valuations. However, certain provisions are measured at fair value. A payable is recognised when a present obligation arises under a contract or otherwise. It is derecognised when the obligation expires or is discharged, cancelled or substituted. The accrual basis of accounting has been adopted in the preparation of the fi nancial statements, except for cash fl ow information. A short-term payable with no stated interest rate is measured at historical cost if the effect of discounting is immaterial. Management’s judgements, key assumptions and estimates made are disclosed in the relevant notes to the fi n a n c i a l s t a t e m e n t s . (g) Employee Benefi t Provisions & Expenses

All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency. Provision is made for annual leave and long service leave estimated to be payable to employees as at reporting date. (c) Statement of Compliance Liabilities for salaries and wages (including non-monetary benefi ts) and annual leave are recognised and The Division’s fi nancial statements for the year ended 29 February 2012 has been authorised for issue by measured in respect of employees’ services up to the reporting date at nominal amounts based on the the Trust on 12 June 2012. amounts expected to be paid when the liabilities are settled.

The Division’s fi nancial statements comply with Australian Accounting Standards (which includes Australian Unused non-vesting sick leave does not give rise to a liability, as it is not considered probable that sick Accounting Interpretations). leave taken in the future will be greater than the benefi ts accrued in the future. Benefi ts for Rostered Days (d) Revenue Recognition Off (RDOs) have not been accrued, as the Trust policy is not to cash out these balances. Benefi ts for long service leave and annual leave have been provided on the basis of emerging entitlements Revenue is measured at the fair value of the consideration received or receivable. Revenue from the for recognised service for long service leave, and quantum due at reporting date for annual leave. rendering of personnel services is recognised when the service is provided and only to the extent that the associated recoverable expenses are recognised. In accordance with the Australian Accounting Standard AASB 119 ‘Employee Benefi ts’ liabilities arising in respect of wages and salaries, annual leave and any other employee benefi ts expected to be settled within 12 months of the reporting date are measured at their nominal amounts based on remuneration rate which are expected to be paid when the liability is settled. All other employee benefi t liabilities are measured at the present value of the estimated future cash outfl ows to be made in respect of services provided by employees up to the reporting date. In determining the present value of future cash outfl ows, the market yield on national government bonds, which have terms to maturity approximating the terms of the related liability are used. The provisions for leave entitlements also include the relevant on-costs.

For defi ned contribution superannuation schemes, employer contributions are expensed when incurred. A liability is recognised only to the extent of unpaid employer contributions at reporting date.

108 109 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) 2. EMPLOYEE RELATED EXPENSES

(g) Employee Benefi t Provisions & Expenses (cont’d) 2012 2011 For defi ned benefi t superannuation schemes, expenses are recognised based on the current service $ ‘000 $ ‘000 plus interest cost less the expected return on fund assets (net of expenses) for the reporting period Salaries & Wages 9,962 9,576 as calculated and advised by Pillar Administration. In accordance with NSW Treasury policy TC11-04 Annual Leave/Long Service Leave 728 781 Accounting for Superannuation, the Division recognises actuarial gains and losses for defi ned benefi t Payroll Tax 600 597 superannuation schemes outside of the surplus/(defi cit) in the ‘other comprehensive income’. The Workers Compensation Insurance 146 22 actuarial gains and losses for defi ned benefi t superannuation schemes are expensed by the parent entity as part of their personnel service expenses. A net liability or asset is recognised based on the difference Superannuation 703 799 between the present value of the Trust’s defi ned benefi t obligations and the fair value of fund assets as Other 201 156 at the reporting date, as adjusted for unrecognised past service costs, unrecognised gains/(losses), and 12,340 11,931 limitations on net assets. The net liability or asset is actuarially determined. 3. RECEIVABLES (h) Comparatives Current Except when an Australian Accounting Standard permits or requires otherwise, comparative information is Parent Entity – Sydney Cricket & Sports Ground Trust 2,405 2,396 disclosed in respect of the previous period for all amounts reported in the fi nancial statements. 2,405 2,396 (i) New Accounting Standards Issued But Not Effective 4. PAYABLES At reporting date, a number of accounting standards adopted by the AASB had been issued but are not yet effective. At present New South Wales Treasury is mandating not to early adopt any of the Current new Standards/Interpretations as per Treasury Circular TC 10-08. As such, these new Standards/ Accrued Salaries, Wages & On-Costs 17 373 Interpretations have not been early adopted by the Trust. 5. PROVISIONS It is considered that the implementation of these standards will not have any material impact on the Trust’s fi n a n c i a l r e s u l t s . Current Annual Leave 1,052 951 Long Service Leave 948 899 Total Employee Related Provisions 2,000 1,850 Non Current Superannuation Liability 388 173 388 173

Superannuation – Defi ned Benefi ts Plan

The Trust has a $388,000 ($173,000 in 2011) net liability for the employer’s obligation to defi ned benefi t superannuation schemes at the Trust.

The funding position in respect of the two defi ned benefi ts schemes related to personnel services received, namely the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-Contributory Superannuation Scheme (SANCS) has been advised by Pillar Administration:

110 111 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS 5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

FUND ESTIMATED RESERVE ACCRUED NET LIABILITY Reconciliation of the Assets and Liabilities Recognised in the Statement of Financial Position: ACCOUNTS FUNDS LIABILITY AT YEAR END 2012 2011 2012 2011 2012 2011 SASS SANCS $’000 $’000 $’000 $’000 $’000 $’000 2012 2012 SASS 1,720 1,732 2,024 1,824 304 92 $’000 $’000 SANCS 156 148 240 229 84 81 Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 2,024 240 1,876 1,880 2,264 2,053 388 173 Fair Value of Fund Assets at End of Year (1,720) (156) Subtotal 304 84 Accounting Policy for Recognising Actuarial Gains/Losses Unrecognised Past Service Cost 0 0 Actuarial gains and losses are recognised immediately in other comprehensive income in the year in which Unrecognised Gain/(Loss) 0 0 they occur. Adjustment for Limitation on Net Asset 0 0 Net Liability/(Asset) Recognised in the Statement of Financial Position 304 84 Fund Information at End of Year The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes Expense Recognised in the Statement of Comprehensive Income: including the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-contributory Superannuation Scheme (SANCS). Components Recognised in the Statement of Comprehensive Income Current Service Cost 61 10 These schemes are defi ned benefi t schemes – at least a component of the fi nal benefi t is derived from a Interest Cost 98 12 multiple of member salary and years of membership. The schemes are closed to new members. Expected Return on Fund Assets (Net of Expenses) (144) (11) Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2012: Actuarial Losses/(Gains) Recognised in Year 0 0 Past Service Cost 00 SASS SANCS Movement in Adjustment for Limitation on Net Asset 0 0 2012 2012 Curtailment or Settlement (Gain)/Loss 0 0 $’000 $’000 Expense/(Income) Recognised 15 11 Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 1,824 229 Amounts Recognised in the Statement of Comprehensive Income Current Service Cost 61 10 (Other Comprehensive Income): Interest Cost 98 12 Contributions by Fund Participants 34 0 Actuarial (Gains)/Losses 197 (7) Actuarial (Gains)/Losses 51 (19) Adjustment for Limit on Net Asset 0 0 Benefi ts Paid (44) 8 Cumulative Amounts Recognised in the Statement of Comprehensive Income Past Service Cost 00 (Other Comprehensive Income): Curtailments 00 Settlements 00 Cumulative Amount of Actuarial (Gains)/Losses 526 2 Business Combinations 0 0 Cumulative Adjustment for Limitation on Net Asset 0 0 Exchange Rate Changes 0 0 Present Value of Partly Funded Defi ned Benefi t Obligation at End of the Year 2,024 240 Fund Assets Reconciliation of the Fair Value of Fund Assets: The percentage invested in each asset class at the statement of fi nancial position date:

Fair Value of Fund Assets at Beginning of the Year 1,732 148 29 FEB 2012 Expected Return on Fund Assets 144 11 Australian Equities 33.3% Actuarial Gains/(Losses) (146) (12) Overseas Equities 28.1% Employer Contributions 0 0 Australian Fixed Interest Securities 5.4% Contributions by Fund Participants 34 0 Overseas Fixed Interest Securities 2.6% Benefi ts Paid (44) 8 Property 9.4% Settlements 00 Cash 7.0% Business Combinations 0 0 Other 14.3% Exchange Rate Changes 0 0 Fair Value of Fund Assets at End of the Year 1,720 155

112 113 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS 5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

Fair Value of Fund Assets Funding Arrangements for Employer Contributions:

All fund assets are invested by STC at arm’s length through independent fund managers. (a) Surplus/Defi cit

Expected Rate of Return on Assets The following is a summary of the 29 February 2012 fi nancial position of the fund calculated in accordance with AAS 25 ‘Financial Reporting by Superannuation Plans’: The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of SASS SANCS investment tax and investment fees. 2012 2012 Actual Return on Fund Assets: $’000 $’000 Accrued Benefi ts 1,739 221 SASS SANCS Net Market Value of Fund Assets (1,720) (156) 2012 2012 Net (Surplus)/Defi cit 19 65 $’000 $’000 (b) Contribution Recommendations Actual Return on Fund Assets (11) (1) Recommended contribution rates for the entity are: Valuation Method and Principal Actuarial Assumptions at the Balance Date: SASS SANCS a) Valuation Method Multiple of Member % Member The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned Contributions Salary benefi t obligations and the related current service costs. This method sees each period of service as giving 0.00 0.00 rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal obligation. (c) Funding Method

b) Economic Assumptions: Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury. (d) Economic Assumptions 29 FEB 2012 Salary Increase Rate (excluding promotional increases) 2.5% pa The economic assumptions adopted from the 2009 triennial actuarial review of the fund are: Rate of CPI Increase 2.5% pa Weighted Average Assumptions Expected Rate of Return on Assets 8.60% Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa Discount Rate 4.01% pa Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa c) Demographic Assumptions Expected Salary Increase Rate 4.0% pa Expected Rate of CPI Increase 2.5% pa The demographic assumptions at 29 February 2012 are those that were used in the 2009 triennial actuarial valuation. Information regarding the most recent triennial review (2009) is available from the ‘Report on Nature of Asset/Liability Actuarial Investigation of State Superannuation Schemes 2009’ at www.treasury.nsw.gov.au. If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it Expected Contributions: in the form of a reduction in the required contribution rate, depending on the advice of the fund’s actuary.

SASS SANCS Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of fund assets and the defi ned benefi t obligation. 2012 2012 $’000 $’000 Expected Employer Contributions to be Paid in the Next Accounting Period 0 0

114 115 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS 5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

Historical Information Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2011: SASS SANCS SASS SANCS 2012 2012 2011 2011 $’000 $’000 $’000 $’000 Present Value of Defi ned Benefi t Obligation 2,024 240 Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 2,057 247 Fair Value of Fund Assets (1,720) (156) Current Service Cost 69 12 (Surplus)/Defi cit in Fund 304 84 Interest Cost 111 13 Experience Adjustments – Fund Liabilities 51 (19) Contributions by Fund Participants 31 0 Experience Adjustments – Fund Assets 146 12 Actuarial (Gains)/Losses (99) 3 SASS SANCS Benefi ts Paid (345) (46) 2011 2011 Past Service Cost 00 $’000 $’000 Curtailments 00 Present Value of Defi ned Benefi t Obligation 1,824 229 Settlements 00 Fair Value of Fund Assets (1,732) (148) Business Combinations 0 0 (Surplus)/Defi cit in Fund 92 81 Exchange Rate Changes 0 0 Experience Adjustments – Fund Liabilities (99) 3 Present Value of Partly Funded Defi ned Benefi t Obligation at End of the Year 1,824 229 Experience Adjustments – Fund Assets 148 2 Reconciliation of the Fair Value of Fund Assets: SASS SANCS 2010 2010 Fair Value of Fund Assets at Beginning of the Year 2,027 182 $’000 $’000 Expected Return on Fund Assets 171 14 Present Value of Defi ned Benefi t Obligation 2,057 247 Actuarial Gains/(Losses) (148) (2) Fair Value of Fund Assets (2,027) (183) Employer Contributions (3) 0 (Surplus)/Defi cit in Fund 30 65 Contributions by Fund Participants 31 0 Experience Adjustments – Fund Liabilities (51) (15) Benefi ts Paid (346) (46) Experience Adjustments – Fund Assets (130) (13) Settlements 00 SASS SANCS Business Combinations 0 0 2009 2009 Exchange Rate Changes 0 0 $’000 $’000 Fair Value of Fund Assets at End of the Year 1,732 148 Present Value of Defi ned Benefi t Obligation 1,955 238 Fair Value of Fund Assets (1,759) (156) (Surplus)/Defi cit in Fund 196 82 Experience Adjustments – Fund Liabilities 97 26 Experience Adjustments – Fund Assets 542 48

SASS SANCS 2008 2008 $’000 $’000 Present Value of Defi ned Benefi t Obligation 1,781 211 Fair Value of Fund Assets (2,234) (212) (Surplus)/Defi cit in Fund (453) (1) Experience Adjustments – Fund Liabilities (43) (9) Experience Adjustments – Fund Assets 142 17

116 117 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS 5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d) Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Assets and Liabilities Recognised in the Statement of Financial Position: Fair Value of Fund Assets

SASS SANCS All fund assets are invested by STC at arm’s length through independent fund managers. 2011 2011 Expected Rate of Return on Assets $’000 $’000 Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 1,824 229 The expected return on assets assumption is determined by weighting the expected long-term return for Fair Value of Fund Assets at End of Year (1,732) (148) each asset class by the target allocation of assets to each class. The returns used for each class are net of Subtotal 92 81 investment tax and investment fees. Unrecognised Past Service Cost 0 0 Unrecognised Gain/(Loss) 0 0 Actual Return on Fund Assets: Adjustment for Limitation on Net Asset 0 0 SASS SANCS Net Liability/(Asset) Recognised in the Statement of Financial Position 92 81 2011 2011 at End of Year $’000 $’000 Expense Recognised in the Statement of Comprehensive Income: Actual Return on Fund Assets 151 13 Valuation Method and Principal Actuarial Assumptions at the Balance Date: Components Recognised in the Statement of Comprehensive Income Current Service Cost 69 12 a) Valuation Method Interest Cost 111 13 Expected Return on Fund Assets (net of expenses) (171) (14) The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned Actuarial Losses/(Gains) Recognised in Year 0 0 benefi t obligations and the related current service costs. This method sees each period of service as giving Past Service Cost 00 rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal obligation. Movement in Adjustment for Limitation on Net Asset 0 0 Curtailment or Settlement (Gain)/Loss 0 0 b) Economic Assumptions: Expense/(Income) Recognised 9 11 28 FEB 2011 Amounts Recognised in the Statement of Comprehensive Income (Other Comprehensive Income): Salary Increase Rate (excluding promotional increases) 3.5% pa Rate of CPI Increase 2.5% pa Actuarial (Gains)/Losses 49 5 Expected Rate of Return on Assets 8.6% Adjustment for Limit on Net Asset 0 0 Discount Rate 5.5% pa Cumulative Amounts Recognised in the Statement of Comprehensive Income c) Demographic Assumptions (Other Comprehensive Income): The demographic assumptions at 28 February 2011 are those that were used in the 2009 triennial actuarial Cumulative Amount of Actuarial (Gains)/Losses 329 (5) valuation. Cumulative Adjustment for Limitation on Net Asset 0 0 Expected Contributions: Fund Assets SASS SANCS The percentage invested in each asset class at the statement of fi nancial position date: 2011 2011 $’000 $’000 28 FEB 2011 Expected Employer Contributions to be Paid in the Next Accounting Period 0 0 Australian Equities 33.7% Overseas Equities 29.3% Australian Fixed Interest Securities 5.7% Overseas Fixed Interest Securities 2.9% Property 9.5% Cash 6.1% Other 12.8%

118 119 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS 6. EMPLOYEE BENEFITS

Superannuation – Defi ned Benefi ts Plan (cont’d) Liability

Funding Arrangements for Employer Contributions: The aggregate employee benefi t liability recognised and included in the fi nancial statements is as follows:

(a) Surplus/Defi cit Accrued Salaries, Wages & On-Costs 17 373 The following is a summary of the 28 February 2011 fi nancial position of the fund calculated in accordance Provision for Employee Benefi ts: with AAS 25 ‘Financial Reporting by Superannuation Plans’: Current (note 5) 2,000 1,850 SASS SANCS Non-Current (note 5) 388 173 2011 2011 2,388 2,023 $’000 $’000 Accrued Benefi ts 1,678 215 Total Employee Benefi ts Liability 2,405 2,396 Net Market Value of Fund Assets (1,732) (148) 7. ADDITIONAL FINANCIAL INSTRUMENT DISCLOSURES Net (Surplus)/Defi cit (54) 67 The Division’s principal fi nancial instruments comprise receivables and payables. The CEO of the Sydney (b) Contribution Recommendations Cricket & Sports Ground Trust has responsibility for the establishment and oversight of risk management. Recommended contribution rates for the entity are: Compliance with risk management policies are reviewed by the internal auditors continuously.

SASS SANCS Net Fair Values Multiple of Member % Member Financial Instruments are carried at amortised cost. The resultant values are reported in the Statement of Contributions Salary Financial Position and are deemed to constitute net fair values due to their short term nature. The Division 0.00 0.00 does not enter into or trade fi nancial instruments, including derivative fi nancial instruments, for speculative purposes. (c) Funding Method Financial Instrument Categories Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury. Carrying Amount Carrying Amount (d) Economic Assumptions Class Note Category 2012 2011 The economic assumptions adopted from the 2009 triennial actuarial review of the fund are: Financial Assets Loans and Receivables Weighted Average Assumptions Receivables 3 2,405 2,396 (measured at amortised cost) Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa Financial Liabilities Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa Financial Liabilities Expected Salary Increase Rate 4.0% pa Payables 4 17 373 (measured at amortised cost) Expected Rate of CPI Increase 2.5% pa Nature of Asset/Liability

If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the fund’s actuary.

Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of fund assets and the defi ned benefi t obligation.

120 121 Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION SYDNEY CRICKET AND SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS INITIAL BUDGET OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED 29 FEBRUARY 2012 FOR THE YEAR ENDED 29 FEBRUARY 2012 & OUTLINE BUDGET FOR THE YEAR ENDING 28 FEBRUARY 2013 7. ADDITIONAL FINANCIAL INSTRUMENT DISCLOSURES (cont’d Budget Actual Budget Credit Risk 2011/12 2011/12 2012/13 $’000 $’000 $’000 Credit risk arises when there is the possibility of the Division’s debtors defaulting on their contractual REVENUE obligations. The maximum exposure to credit risk is represented by the carrying amounts of the fi nancial assets. Membership 18,499 17,973 18,579 Hire Fees 8,671 8,115 7,982 All receivables are from the parent Sydney Cricket & Sports Ground Trust, comprising salaries and Catering 13,999 13,593 14,593 entitlements of employee services provided. There are no fi nancial assets that are past due or impaired. Advertising and Sponsorship 8,606 9,061 8,890 No collateral is held by the Division and it has not granted any fi nancial guarantees. Corporate Seating Sales 7,164 5,808 6,265 Liquidity Risk Other Revenue 6,912 9,425 10,130 Liquidity risk is the risk that the Division will be able to meet its payment obligations when they fall due. The fi nancial liabilities recognised are for amounts due to be paid in the future for employee services Sub Total 63,851 63,975 66,439 received. Amounts owing to employees are settled as they fall due. The Division is not exposed to interest rate risk and amounts are expected to be settled within 12 months. During the current and previous year Govt Grants .. 2,500 73,505 there were no defaults or breaches on any amounts payable. No assets have been pledged as collateral.

Market Risk Total Revenue 63,851 66,475 139,944

Market risk is the risk that the fair value of the fi nancial instrument will fl uctuate because of a change in EXPENDITURE market prices. The Division does not have exposure to market risk as all fi nancial instruments relate to employee payments made by the Trust. The Division has no exposure to foreign currency or interest rate Operating Costs 34,399 35,761 36,024 risk and does not enter into commodity contracts. Employee Related Expense 14,412 14,492 14,845 Depreciation 10,343 10,152 10,595 8. POST BALANCE DATE EVENTS Finance Costs 2.981 3,282 2,823 No post balance date events have occurred which would materially affect the fi nancial statements. Total Expenditure 62,135 63,687 64,287

Gain/(Loss) on Disposal of Assets .. 42 (33,081)

SURPLUS FOR THE YEAR 1,716 2,830 42,576

END OF AUDITED FINANCIAL STATEMENTS

122 123 Consumer Response

The Trust’s venues and Member facilities, such as were discussed with the relevant business area Members We had communicated to Members that arrangements the fi tness centre and museum, catered for nearly and then responded to in a timely and professional would be made to replace these courts but most of 1.5 million visitors last year. To ensure our patrons manner. For example, food and beverage complaints The Trust has also received complaints and feedback these complaints were received while the arrangements continue to receive the highest possible service, we were actioned by a three-step procedure involving from Members over the past year. As with public were being fi nalised and the Trust was not able to encourage and actively seek their feedback. assessing the complaints, deciding if they were valid, complaints, simple issues such as queuing, behaviour confi rm exact detail. When a combination of new and communicating with the complainants and taking and entry requirements are generally resolved temporary on-site courts and free access to nearby The Trust deals with numerous issues related to remedial action where warranted immediately. outside courts was fi nalised, we communicated this to providing best practice service levels to its Members, Members. Complaints are now minimal since the new We have also received complaints by phone, email corporate guests, general public and hiring partners. For concerts, the main sources of complaints relating system has been in place. to areas of Trust responsibility were crowd behaviour or letter after the event. During the January Test, Generally, feedback is of a constructive nature and and egress issues. our single largest annual event, the Trust recorded Hiring Partners the Trust seeks to manage complaints in a timely and approximately 12 complaints from Members. professionally courteous manner. Issues related to crowd behaviour and egress were Generally, the sports and entertainment organisations recorded, investigated accordingly and appropriate Some of these related to individual incidents, but the that hire our venues have contracted benefi ts that We train staff, and have developed procedures, to responses provided to complainants. Remedial action most common recurring issues were seating issues need to be delivered by the Trust. resolve complaints immediately where this is possible was taken on matters as identifi ed and required. and ticketing arrangements (5), price / service / quality and justifi ed, or at least ensure prompt action for more of food and beverages (4), and car parking (2). During the past year, most issues raised by our hiring complex issues. Corporate Guests partners related to general cleanliness and venue A log of all complaints was kept and follow-up action presentation (often stemming from construction works During 2011/12, the Trust investigated approximately 40 in each case was recorded. All complaints were being undertaken), food and beverage issues and traffi c Feedback / Complaints Received complaints from corporate guests, generally relating to investigated and apologies made when appropriate. & Actions Taken management. The Trust meets on a bi-monthly basis the quality of the food and beverage experience and In most cases, repeat incidents were avoided simply with all hiring partners to work towards solutions to the General Public punctuality of service. About half of these were justifi ed. by drawing staff or contractor attention to the issues. issues raised and strategies for future improvement. In all instances of proven accountability, the Trust When we could not agree that the complaint was On event days, patrons raise numerous issues with liaised with our caterers Delaware North to provide justifi ed, we explained the rationale for our position. our customer service and security staff. Generally appropriate solutions. In addition, we received feedback and suggestions on these can be resolved immediately. Over the past how the new SCG stand being developed to replace year, issues varied depending on the type of event. the Noble, Bradman and Messenger stands could For sports events, the main sources of complaints improve lift and disabled access in this section of the were traffi c delays, food and beverage issues, and ground (2). We responded to this feedback, explaining crowd behaviour. what we have planned in the new development.

In 2011/12, the Trust received nearly 100 items of The Trust also received 20 other complaints relating to correspondence relating to the above issues from a the loss of the four Member tennis courts that are in total number of sports event attendees of more than the construction zone of the new development. one million. All complaints received were managed by the Events and Operations department. The issues

124 125 Right to Information Index

On 1 July 2010, the Freedom of Information Act 1989 Advertising and Sponsorship Sales 28, 37 Marketing (Trust & Venues) 32 was replaced by the Government Information (Public Access) Act 2009 (GIPA). Asset Management 20 Marketing (Hospitality, Gold & Platinum Memberships) 28 The objectives of GIPA are: Attendances 18 Media Operations 34 Audited Financial Statement and Notes 66 • Authorising and encouraging the proactive public Medical Incident Summary 19 release of government information by agencies Auditor’s Reports 64, 102 Membership and Marketing 29 • Giving members of the public an enforceable right Budget of Revenue & Expenditure 123 to access government information Membership (Gold & Platinum) 28, 29, 37 Capital Works Program 20, 24 • Providing that access to government information Membership (SCG) 29, 37 is restricted only when there is an overriding public Catering 16 Merchandising 17 interest against disclosure CEO & General Manager Profi les 54 Minister’s Foreword 3 No requests were received by the Trust’s Right to Chairman’s Report 4 Information Offi cer in the 2011/12 fi nancial year. Multicultural Plan 45, 50 Cleaning 17 Under the new GIPA legislation, requests for access to Museum 34 information should in the fi rst instance be discussed Commercial 28 with the Right to Information Offi cer who can advise Offi cial Overseas Travel 39 Complaints Handling 124 on whether the information can be provided informally Operating Income & Expenditure 36 or whether a written request with a fee will be Concerts 16 required. Organisational Chart 53 Corporate Plan Progress 8 Performance Reviews 45 The Right to Information Offi cer can be contacted at: Consultants 39 Playing Surface Maintenance 21 Location Contact Numbers Postal Address Corporate Hospitality 28, 38 Right to Information 126 Corporate Services 36 Telephone: Risk Management 39 Trust Offi ce Debt Management Performance 41 (02) 9360 6601 GPO Box 150 Level 2, Sheridan Building, Moore Park Road, Rugby League Central 17, 21 Depreciation 39 Fax: Sydney NSW 2001 Moore Park NSW 2021 SCG – New Stand 20, 24, 25 (02) 9360 1319 Disability Plan 45, 51 Sponsorship 28 Equal Employment Opportunity 44, 48 Sports Events 12 Fees and charges are as follows: Event Management (Key & Special Events) 12 Stadium Fitness Centre 32 Nature of Application Application Fee Processing Charge Event Management (Commercial & Operations) 16 Sustainability 23 $30/hour Event Operating Costs 38 Access to records by people about their personal affairs $30 after fi rst 20 hours* Time for Payment of Accounts 42 Financial Graphs & Indicators 62 All other requests $30* $30/hour Tour Experience 34 Internal reviews $40** Nil Financial Report 36 Trustees 56 Amendment of records Nil*** Nil Freedom of Information (see Right to Information) Trust Charter and Constitution 60 *Subject to 50% reduction for fi nancial hardship and public interest reasons. Human Resources 44 **No application fees may be charged for internal reviews in relation to amendment of records. Trust Meetings 61 ***Refunds may apply as a result of successful internal reviews and applications for amendment of records. Insurance 39 Trust Members Statements 65, 103 Internal Audit & Risk Management Statement 40 Vision and Goals 6 Investment Management Performance 38 Workplace, Health and Safety 19, 22, 45 Letter of Submission 2

Major Projects 24

126 127 Printed on 100% Recycled Paper