The State Sports Centre Trust
Annual Report 2007-2008 State Sports Centre Trust Annual Report for the year ended 30 June, 2008. Submitted to the Minister for Planning, and Minister for Redfern Waterloo in accordance with the Annual Reports (Statutory Bodies) Act, 1984.
Location: Olympic Boulevard SYDNEY OLYMPIC PARK 2127
Postal Address: PO Box 135 SYDNEY MARKETS 2129
Office Hours: 9.00 am - 5.00 pm Monday - Friday
Centre Hours: 7.30 am - 11.30 pm Seven Days (subject to bookings)
Telephone: (02) 9763 0111
Facsimile: (02) 9764 3745
Email: [email protected]
Web Page: www.sports-centre.com.au
Bank: Westpac Banking Corporation
Insurers: Treasury Managed Fund
Venues Under Management: Contents
Letter to the Minister 2 Chairman’s Report 3 Director’s Report 4 Members of the Trust 5 Charter 6 Organisation Chart 7 Key Achievements 2007-2008 8 Facilities, Services and Programs 10 Events Activity 12 Events Summary 13 Events Highlights 14 Training and Participation Activity 16 Facility Usage 16 General Operations 18 Human Resources 19 Corporate Management 20 Finance Report 21 Appendices 57 Index 59 Corporate Support 60
Cover photos from left to right: NSW Swifts player Rebecca Bulley, photo Netball NSW; Australian Gymnastics Spectacular, photo Supersport Images; Taekwondo State Titles; Oceania Wheelchair Rugby Championships.
The State Sports Centre Trust Annual Report 2007-2008 1 Letter to the Minister
22 October 2008
The Hon. Kristina Keneally MP Minister for Planning, and Minister for Redfern Waterloo Level 35, Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000
Dear Minister
We have great pleasure in presenting the Annual Report of the State Sports Centre Trust for the financial year ending 30 June 2008 for presentation to the Parliament.
The report has been prepared in accordance with the provisions of the Annual Reports (Statutory Bodies) Act, 1984 and the Annual Reports (Statutory Bodies) Regulation 2005. The report details the work, achievements and relevant statutory and financial informa- tion of the State Sports Centre Trust.
Yours sincerely
Alan Whelpton AO Chairman State Sports Centre Trust
Peter Ross Director State Sports Centre Trust Managed and operated by the State Sports Centre Trust
Olympic Boulevard Sydney Olympic Park PO Box 135 Sydney Markets NSW 2129
T 02 9763 0111 F 02 9764 3745 E [email protected] www.sports-centre.com.au
ABN 69 548 646 296
2 The State Sports Centre Trust Annual Report 2007-2008 Chairman’s Report
I am delighted to report once again on In a year of changes, the Trust moved out of the Sport & another successful year for the venues Recreation Minister’s portfolio and joined the Sydney Olympic operated by the State Sports Centre Trust. Park Authority in the Planning portfolio. At the same time there were some changes at the Authority itself, with Chairman David 2007-08 saw some excellent events in Richmond and CEO Brian Newman departing and our own Trust all of the venues. The year started with member Liz Ellis being appointed to the Authority’s Board. The a colourful combination of music and Trust welcomed new Chairman Michael Knight and our old friend sport, when a Jamaican steel band Alan Marsh as the incoming CEO and looks forward to working welcomed 3000 spectators to a netball closely with both of them on the development of the venues in international at the Sports Centre in the coming years. On behalf of the Trust I would like to record which Australia powered home to beat my appreciation to Professor Richmond and Mr Newman and Jamaica by 72-53. The Sports Halls demonstrated their true value acknowledge the significant contribution that both have made to the following week when they hosted over 6000 participants in the evolution of Sydney Olympic Park. the Volleyball Junior Nationals, an event that until recently could only find the court capacity it needed in Melbourne. And in The Trust is again grateful for the efforts of our Director Peter Ross, September the Hockey Centre was the venue for the Women’s his senior management team and all of the permanent and Veterans National Hockey Championships, another highly casual staff. The team has worked hard to balance a busy event successful event. program with the continual improvement of the facilities and procedures that keep the organisation at the forefront of efforts to Dance events continued to grow in popularity at the Sports develop and support sport in this state. Centre, with a total of 16 events during the year attracting nearly forty thousand participants and spectators. While ballroom Finally my sincere thanks and appreciation must go to our longest dancing continues to be the dominant genre, the Sydney Latino serving Trust Member, Pam Tye AM. Pam was appointed to the Dance Festival and the Global Dance Convention showed that the Trust when it commenced in 1984 and has contributed a great venue was also an attractive location for other dance styles. deal over her long tenure. She leaves the Trust to enjoy a Gymnastics was again strong with 8 events, headlined by the well-earned retirement on the north coast, but I know we will Australian Gymnastics Spectacular in October. Other sporting continue to see and hear of her in her remaining honorary roles events of particular note were the World Veterans Fencing as an advocate for Australian sport at all levels. Championships at the Sports Halls and the Oceania Wheelchair Rugby Championships where Australia prevailed 47-41 over a spirited Canadian team. The performances of our netball and basketball teams reflected the dramas in their respective national leagues. In the inaugural season of the ANZ Championships Trans-Tasman Netball Trophy, the newly formed NSW Swifts overcame a wobbly start to the season before finishing strongly to become the new semi- Alan Whelpton AO professional league’s first premiers. The West Sydney Razorbacks Chairman were not as fortunate and once again failed to qualify for the play- offs. At the end of the year the problems besetting the National Basketball League hit home in Sydney when cross-town rivals the Kings ceased to exist. This resulted in the West Sydney Razorbacks being re-launched as the Sydney Spirit with hopes and expectations of a strong 2008-09 season when they will be the only team left in Australia’s biggest city. We are delighted the new franchise has chosen the Sydney Olympic Park Sports Centre as its home court. The year also saw some excellent concerts with strong attendances highlighting the local popularity of contemporary Lebanese, Greek and Indian performers. A healthy number of product launches, meetings and conferences helped to underpin another sound financial performance at the Sports Centre. The surplus of $358,000 before depreciation and special grants was less than the previous year’s record result but well above the long term average. Pleasingly, the surplus reflected positive financial outcomes in all venues and in the growing area of programs.
The State Sports Centre Trust Annual Report 2007-2008 3 Director’s Report
During the 2007-2008 financial year embarking on a comprehensive strategic planning process the venues operated by the State designed to identify the key directions the Trust needed to take Sports Centre Trust hosted 94 major in anticipation of the changes in the precinct and the changing events over a total of 168 days, making demands of the wider sporting community. This process them some of Sydney Olympic Park’s involved staff at all levels and included extensive consultation busiest venues. with key stakeholders and the Trust. The outcome was a blueprint for the next four years and recognition that a major Events in all categories were well redevelopment of the site is needed to respond to the attended, with dance in all its forms challenges of the future and to enable the Trust to deliver on overtaking basketball for the first time its charter at minimal cost to government. to become our single largest event category. The popularity of the Sports Centre for school speech The then-Prime Minister John Howard paid a surprise visit to nights and graduations also continued to increase. the Sports Centre in the lead up to the Federal election to announce grants to the World Masters Games and the The Sports Halls are fast becoming one of Sydney’s most Australian Paralympic team. Mr Howard commented favourably important indoor participation venues with attendances on the quality of the facilities and the dedication of the athletes increasing by nearly 25% on the previous year to 122,500. The and emphasised the importance of venues such as those growing popularity of badminton is driving this change and the operated by the Trust in underpinning the culture of sporting venue is now undoubtedly the home of badminton in NSW. participation and success that characterises this country. The Sydney Olympic Park Gymnastics Club enjoyed a record I would like to express my sincere appreciation to my year of enrolments and celebrated a first when club member management team and their staff who have worked together and NSW Gymnastics elite squad member, Prasanth Sellathurai well over the past twelve months to deliver lots of exciting and followed up his silver medal at the Commonwealth Games by entertaining events and to facilitate the sporting participation of winning Australia’s first ever gold medal on the pommel horse numerous individuals. I would also like to acknowledge Trust at the World Cup. Chairman Alan Whelpton and the members of the Trust whose Operationally the year saw a number of developments includ- support and guidance is so important in ensuring that the ing the reappointment of our caterers, the Gema Group for a venues continue to make a valuable contribution to the new five year contract that will see the upgrade of the Sports sporting community of NSW. Centre cafe completed early in 2009. Other highlights were the participation by fourteen staff in the Certificate IV in Sport & Recreation, the restructure of the school sports program, the granting of a Place of Public Entertainment licence for the Sports Centre and the completion of a new Emergency Management Plan. Having secured a long term lease of the Sports Centre site in early 2007, the Trust commenced the financial year by Peter Ross Director
Netball fans
4 The State Sports Centre Trust Annual Report 2007-2008 Members of the Trust
Members of the State Sports Centre Trust were appointed by the Governor of New South Wales on the recommendation of the Minister for Sport and Recreation. Trust meetings are held on a monthly basis unless otherwise determined by the Trust, with Committees meeting between Trust meetings as required. Trust members are appointed until 7 March, 2009.
Alan B Whelpton AO Helen M Brownlee OAM Liz Ellis Craig Gallagher BA, Dip Lorraine Landon Chairperson President, NSW Olympic Board Member, Law Director, Western Sydney President, International Council New South Wales Institute Partner, Mills Cameron Academy of Sport Life Saving Federation President, Commonwealth of Sport Gallagher (Lawyers) General Manager, Chairman, Western Canoe Association Board Member, Sydney Chairman, Parramatta National Teams & Sydney Academy of Sport President, Oceania Canoe Olympic Park Authority Stadium Trust Competitions, Life Governor, Surf Life Association Member, Australian Sports Basketball Australia Saving Australia Executive Board Member, Commission Chair, FIBA Women’s Australia Day Ambassador Australian Olympic Former Captain, Australian Commission Life Member, Surf Life Committee Open Netball Team Life Member, Basketball Saving NSW and Surf Life Executive Board Member, Former Captain, Sydney Australia, Basketball NSW, Saving Australia International Canoe Swifts Netball Team Women’s National Basketball League Life Member, World Life Federation Saving and the Member, IOC Commission International Life Saving for Culture and Olympic Federation Education Deputy Chair, Penrith Whitewater Board Life Member, NSW and Australian Canoeing Life Member, NSW Olympic Council
Pamela M Tye AM Ian D Stephenson BA, Daryl Clout Nick Hubble B.Comm, Wayne Prior President, Hockey Australia FCA, FTIA General Manager, NSW CPA Honorary Advisor Life Member, Fellow of the Institute of Sport and Recreation General Manager, Senior Consultant, Deloitte Hockey Australia Chartered Accountants Executive Member, Commercial and Touche Tohmatsu Life Member, NSW Fellow of the Taxation Department of the Arts, Corporate, Sydney Former Director, Commercial Hockey Association Institute of Australia Sport and Recreation Olympic Park Authority Services Branch, Sydney Former Chair, Australian Registered Tax Agent Member, Sport and Olympic Park Authority Sports Foundation Member, Audit & Finance Venues Sub-Committee, Former Member, Port Former Director, Australian Committee Swimming 2009 World Masters Moresby Squash Racquet Sports Commission NSW Ltd Games Association (PNG) Former Vice President, FIH Former Finance Director, Board Member and former Former Member, Semaphore President, Softball Australia Retired February 2008 Swimming NSW Ltd Squash Club (SA) Former Member, Woodville Executive Staff Tennis Club (SA) Former Member, South Peter Ross Ass. Dip. Rec., Dora Rosa Dip. Teach., Australian Amateur M. Mgmt. Cert. Rec. Mgmt. Wrestling Association Director Operations Manager John Elliott CPA, ACIS, JP Ched Dursun Corporate Services Events Manager Manager Ben Jessimer Adv. Dip. Allan Pollock Adv. Mgmt. Events Mgmt. Executive Staff Left to right: John Elliott, Peter Ross, Cert. Events Manager Dora Rosa, Allan Pollock, Ched Dursun, Ben Jessimer. Facilities Manager
The State Sports Centre Trust Annual Report 2007-2008 5 Charter
The State Sports Centre Trust is constituted under the State Sports Centre Trust Act, 1984. The core business of the Trust as defined by the Act is the establishment and maintenance of a sport and recreation complex formerly known as the State Sports Centre, comprising: i. facilities for holding competitive sporting events, including competitive sporting events of international, national and state standards; ii. a training centre for training sportspersons who are seeking to improve their sporting standards, performances and skills; iii. a sports education centre for the purpose of developing the respective skills or potential skills of sports administrators, coaches and sportspersons and to provide tuition and Tsalikis & Maro Litra in concert instruction for that purpose; and iv. such other ancillary facilities as may be required for the effective operation of the facilities and structures referred to above.
Australian Gymnastics Spectacular Supersport Images
6 The State Sports Centre Trust Annual Report 2007-2008 Organisation Chart
Minister for Planning
State Sports Centre Trust
Director
Marketing Officer Administration Executive Assistant Trainee
Client Corporate Facilities Events Operations Museum Relationship Services Manager Manager Manager Curator Manager Manager
Maintenance Program Gym Centre Accountant Clerk Coordinator Coordinator
Assistant Events Events Operations Gym Club Administration Facilities Maintenance Coordinator Trainee Coaches Clerk Manager Officer
Maintenance Casual Event Bookings Sports Halls Clerk Officer Staff Coordinator Coordinator
Events Sports Halls Venues Technical Receptionist Casual Coordinators Officer Supervisors
Centre Casual Supervisors Receptionists
The State Sports Centre Trust Annual Report 2007-2008 7 Key Achievements 2007-2008
Strategic Review venues the Trust has the opportunity to increase and consolidate the use of the venues to achieve financial In April 2007 the State Sports Centre Trust was granted an sustainability in the long-term. eighteen-year lease from the Sydney Olympic Park Authority to manage the Sydney Olympic Park Sports Centre and Hockey • The remaining sites within Sydney Olympic Park are being Centre. The Sports Halls are operated under a separate rapidly developed and there is growing pressure for the Operators Agreement. current Sports Halls site to be made available for other purposes. Having identified a number of potential The Trust saw the granting of the new lease as an opportunity development partners with complementary use to take a long-term strategic approach to its business and requirements, the Trust recognises the opportunity to decided to commit its energies to this endeavour as the major integrate the Sports Halls into the Sports Centre site to project for the year. create a modern and sustainable, event, community In July 2007 the Trust commenced a detailed review of its participation and sports education complex. existing business activities and its operating environment. The In order to realise these opportunities the Trust determined that objective was to define a business model that would be it needed to: consistent with the Trust’s charter while reducing its reliance on government funding. This involved identifying those business 1. Become a hub for the provision of a range of sporting and opportunities that the Trust should pursue, showing how they recreation activities for the local community. underpinned or complemented the charter and quantifying the 2. Embrace the weekday use of the venues for sports revenues that would flow from them. education and explore other opportunities to cater to the After consulting widely with stakeholders, reviewing the current education sector. usage of the venues and benchmarking the venues against 3. Position the Trust as the provider of a number of complete other relevant venues in NSW and Victoria, three key challenges ‘pathways’ in identified sports. and opportunities were identified: 4. Adopt a proactive marketing approach to the securing of • Sydney Olympic Park is being transformed from an events events to fill the remaining available dates within the Sports precinct into a new suburb of residents, workers and Centre. students, with the corresponding requirement for community infrastructure. The Sports Centre is ideally positioned to 5. Develop plans in collaboration with partners and seek respond to this challenge by becoming the hub for the funding for the redevelopment of the Sports Centre site. community’s sport, recreation and cultural activities, while From these findings the Trust has prepared a four year strategic simultaneously enhancing its reputation as a major event plan, a summary of which can be made available on request. venue. The implementation of this plan commenced before the end • There is a decline in the availability of public funding for of the year with the restructuring of some key staff roles operations or improvements within Sydney Olympic Park as and progress will be reviewed annually against the targets in the State government demands that the precinct become the plan. self-sustaining. With significant surplus capacity in all of its
Ronald McDonald House line dancing
8 The State Sports Centre Trust Annual Report 2007-2008 Place of Public Entertainment Facility Improvements Authorisation While the Trust was focusing on its future the Sydney Olympic Park Authority was investing some $600,000 in a much needed In April 2008 the Trust was granted a conditional Place of Public upgrade of the Sports Centre change rooms and replacing all of Entertainment (PoPE) Authorisation to replace the licence the exterior doors at the Sports Centre and the Sports Halls at a originally granted under the Theatres and Public Halls Act of 1908. cost of around $200,000. The project to upgrade the Sports The PoPE Authorisation was the culmination of a great deal of Centre’s Building Management System was also completed work stretching back over the last nine years. The authorisation during the year. relies on a range of underpinning reports concerned with the The Trust also funded the installation of a number of minor Sports Centre’s various safety and public amenity systems as well improvements including; as the management and use of the building. The PoPE Authorisation is conditional on the completion of a schedule of • New, dimmable house lights in the arena to facilitate its use mostly minor improvements to fire safety systems such as for performance events sprinklers, smoke detectors, emergency exits, hose reels and • Permanent tracks to efficiently control the curtains at either extinguishers. This work will be completed in 2008-2009. end of the arena. To ensure that the building could be certified as safe to operate • Ice baths in two change rooms to aid athlete recovery in the period before these works are complete, an ‘Interim Fire Safety Strategy’ was prepared by a Fire Engineer. This strategy • Replacement bar and beam matting in the Gymnastics Centre incorporates a set of temporary procedures that will be gradually • A new speaker system for the arena discontinued as works are completed. At its final meeting for the year the Trust approved a recommendation from a colour consultant for a complete colour Emergency Procedure Manual and scheme for the Sports Centre. The scheme utilises a ‘street art’ theme, combining a mix of white walls, dark floors and vibrant Event Risk Assessment Process feature colours with some stencilled graphics in key locations. One of the documents underpinning the PoPE Authorisation was The scheme will be implemented gradually over the next few the Trust’s Emergency Procedure Manual which was amended years as areas become due for repainting. The Trust hopes that during the year to meet the requirements stipulated by the fire the new colours will convey to those who visit the confidence and engineer. To cement the changes, a training program was optimism it has in the future of the Sports Centre. developed and training delivered for key staff. The training was designed to ensure that all staff involved in the emergency response and planning for events are fully familiar with the emergency and critical event operational procedures that we are required to follow in accordance with the PoPE authorisation. During the year the Trust implemented a formal Event Risk Assessment Process. This involved the development of a ‘risk register’ which is designed to capture the full range of risk types and possible risk intervention strategies that need to be considered when staging events at the Sports Centre. The process enables the Events team to quickly and efficiently assess the risks associated with an event and prepare an operational plan that incorporates the necessary activities to minimise and control the risks.
Football Federation of Australia Event Women’s Veteran National Hockey Championship 9
The State Sports Centre Trust Annual Report 2007-2008 Facilities, Services and Programs
The venues managed by the Trust are available for hire by Tayla Konestabo, Gymnastics Centre sporting, community and corporate groups for the staging Level 7 National of events and the conduct of participation activities. In Champion Located also within the Sports Centre, addition the Trust offers individuals and school groups the the Gymnastics Centre is the state’s chance to participate in various training and social premier artistic gymnastics training competition activities. venue, and is utilised by Gymnastics NSW for the training of their elite athletes. The Centre operates its own successful gymnastic club, running competitive and recreational classes and school programs under the guidance of head coach Anne Scott. The Centre is in use all year round and operates as a warm-up hall for major gymnastics tournaments staged in the Main Arena.
Weight Room The 300 square metre Weight Room The Hall of Legends within the Sports Centre is home to NSW Weightlifting’s high performance program. Fitted with a Sydney Olympic Park Sports Centre range of lifting platforms and general strength and conditioning The Sydney Olympic Park Sports Centre contains two main event equipment catering for all levels, the room is used on weekends spaces, the Main Arena and the Hall of Legends, both of which and after hours for weightlifting training and occasional club are fitted with clear timber floors and flexible draping used to competitions. During weekdays the room is managed by the Trust change the dimensions of the space to meet different event and used by a number of groups including the Australian College requirements. The 2166 square metre Main Arena has fixed and of Physical Education, Tennis NSW and during 2007-08, the West retractable tiered seating for up to 5000 people, with the ability to Sydney Razorbacks. scale down to as few as 500 for smaller events. The atmosphere is intimate with the furthest seat being only 24 metres from the floor. While it was designed to meet the needs of up to thirty different indoor sports, the venue is also ideally suited for concerts, conferences, exhibitions, dinners and cocktail parties. Relaunched in July 2007 as a multi-purpose function space, the Hall of Legends was originally intended as a warm up space for major events and boasts a floor area of nearly 1200 square metres. With its double height ceiling, this impressive room pays homage to the state’s most outstanding athletes, whose images adorn the walls within the room. The Hall of Legends is versatile enough to stage concerts or conventions, sales or seminars, exhibitions or events, parties or product launches, dinners, dances, weddings and wakes. With a natural timber floor and the neutral elegance of floor to ceiling draping the venue is readily themed to meet all requirements.
Women’s Veteran National Hockey Championship Sydney Olympic Park Hockey Centre The Hockey Centre is a world-class facility designed for the 2000 Olympics and ideal for hosting major international events such as the Hockey Champions Trophy. The main grandstand has covered seating for 1,500 under a unique ‘floating’ roof. The two pitches are always in demand for competition and training sessions throughout the year as well as hosting any major international hockey events held in NSW. The Main Arena
10 The State Sports Centre Trust Annual Report 2007-2008 Kids in the Park basketball clinic Other Programs During the school holidays clinics are held in the sports of gymnastics, trampoline, table tennis, floorball, handball, basketball and futsal (indoor soccer). These clinics are a key component of the Sydney Olympic Park Authority’s Kids in the Park program. A number of local schools also use the Trust’s venues for their Australian Junior Volleyball Nationals regular school sport. Glenroy Photography Sydney Olympic Park Sports Halls The Sports Halls venue consists of two multi-purpose indoor halls totalling 5500 square metres and a separate martial arts studio of around 600 square metres. The West Hall, with a Pulastic synthetic floor is primarily used for badminton, table tennis and volleyball. The East Hall is fitted with a sprung timber floor and caters mainly for volleyball, handball, netball and indoor soccer. The variety of spaces and flooring options permits both halls to accommodate a wide range of indoor sports. The Sports Halls are primarily for training and participation activities but they also host an increasing number of national and international championships. Badminton is the most popular sport played at the venue and with up to nineteen full international sized courts available at one time the Sports Halls are the premier badminton venue in NSW. Ian Thorpe, Hall of Champions induction NSW Hall of Champions The Sydney Olympic Park Sports Centre is home to the NSW Hall of Champions, a sport museum and hall of fame which honours the sporting champions of New South Wales. There are currently 332 sportsmen and women on the roll of honour, representing 47 different sports. The employment of a part-time curator ensures that the collection of sporting memorabilia is managed School Sports Program Table Tennis on a professional basis. A highlight of the Trust’s calendar is the annual induction of honourees into the Hall of Champions. School Sports Program The School Sports Program offers Sydney primary and high school Event Services students the opportunity to participate in sports they would not normally play, in world class facilities under the supervision of Trust staff provide a range of support services to emerging and qualified coaches. Schools choose to participate in either two or established sporting and community organisations staging events three different sports selected from basketball, gymnastics, in its venues, including assistance with marketing, promotions, hockey, futsal (indoor soccer), netball, table tennis, volleyball, event production and event management. It is a key objective of badminton, floorball, handball and judo. the Trust to enhance the events staged in its venues with a view to increasing attendances over time.
The State Sports Centre Trust Annual Report 2007-2008 11 Events Activity
TThe Sports Centre is primarily an event venue, with training and Bookings for community events are also accepted whenever participation activities being accommodated as much as possible possible, while selected high-yield commercial events are between events. In contrast, while they are capable of staging actively sought to generate revenue for the Centre. Revenue high level sporting events, the Hockey Centre and the Sports from commercial events allows the Trust to minimise hiring costs Halls have a greater emphasis on participation activity, including for sporting events. In 2007-08 the Trust generated 50% of its junior, senior, veterans and elite training and competition. event income from commercial events, using only 30% of the total event days. The Trust’s main focus in the Sports Centre is on the staging of international, national and state level championships and regular During the year 94 events were hosted in Trust venues over a high level spectator-sporting events such as the National total of 177 days. Basketball League and the Trans-Tasman Netball League.
Event Days State 18% Sport Commercial 30% Regional 5%
Community National 14% 27%
International 6%
State Event Income 10% Regional Sport 3%
National 19% Commercial 50%
International 6%
Community 12%
12 The State Sports Centre Trust Annual Report 2007-2008 Events Summary
International Sporting Events St Patrick’s Celebratory Mass Netball International Test – Australia vs Jamaica Schoolgirls’ Breakfast With The Stars World Veterans Fencing Championships St Patrick’s College Speech Night South Pacific Ballroom Dancing Championships Macarthur Anglican School Speech Night Sydney Latino Dance Festival William Clarke College Speech Night Penrith Anglican College Speech Night National Sporting Events Pierre de Coubertin Awards Australian Junior Volleyball Nationals Hall of Champions Induction Commonwealth Bank Netball Trophy Dancefever Interstate Challenge Commercial Events Women’s Veteran National Hockey Championship Philips Lighting Product Launch Australian Gymnastics Spectacular Australian College of Physical Education Graduation Ceremony JSHAA Gymnastics Competition Baptist Union Convention Sydney Olympic Park Netball Cup ACR Noteholders Meeting ANZ Netball Championships Ananda Sandha in concert National Basketball League Carsafe Launch Magic Mania Charity Magic Show State Sporting Events Planet Shakers Conference Taekwondo State Titles Tsalikis & Maro Litra in concert NSW Rhythmic Gymnastics Competitions National Wedding Exhibition School Spectacular Dance Events Gatorade Commercial Film Shoot Oceania Wheelchair Rugby Championships Anglican Youth Works Megasurge NSW Artistic Gymnastics Competitions Patrician Brothers Anniversary Mass NSW Weightlifting Competitions ACN Conference Bjelke Peterson School of Physical Culture Championships Loretto Normanhurst Music Festival Independent Girls Schools Sports Association Gymnastics Global Dance Convention Competition Sonu Nigum Live Concert Heart-Throbs in Concert Regional Sports Events FFA Coaches Conference Dance Fever Schools Extravaganza Thanos Petrelis Concert National All-Styles Martial Arts Competition Haifa Wehbe in concert Federal Association of Teachers of Dance Dancesport Festival Carnival Learning Book Sale Community Events Transmission Dance Parties Sydney Doll’s House and Miniatures Fair Rock Eisteddfod Scholastic Book Sale St Patrick’s College School Formal Australian Scrapbooking Industry Fair Open Door Korean Society NSW Schools Canteen Expo Patrician Brothers Bicentenary Rehearsals Ronald McDonald House Line Dancing SOPA Sydney Symphony Orchestra Education Program
The State Sports Centre Trust Annual Report 2007-2008 13 Events Highlights
Hall of Champions induction, July 2007. Hall of Champions induction, June 2008. L-R swimmers L-R: Brad Fittler, Belinda Clark, Ilsa Konrads, Virginia Judge MP Member for Strathfield, Petria Thomas, Liz Weekes, Ian Thorpe Sandra Morgan
Women’s Veteran National Hockey Championship
Netball International Test Australia vs Jamaica
Ananda Sandha concert
ANZ Netball Championships NSW Swifts v Adelaide Thunderbirds Haifa Wehbe concert Netball NSW
14 The State Sports Centre Trust Annual Report 2007-2008 Prime Minister John Howard’s visit to the SporSportsts Centre Rock Eisteddfod
Sydney Latino Dance Festival Taekwondo State Titles
Oceania Wheelchair Rugby Championships Australian Junior Volleyball Nationals
AWF Club Championships World Veterans Fencing Championships
The State Sports Centre Trust Annual Report 2007-2008 15 Training & Participation Activity
It can be difficult to program participation activities that require Numbers were also down on last year’s record high attendance regular use of venues at the same time each week in at the Hockey Centre, reflecting the lack of major events venues that are designed for major events that by their nature during the year. This trend will be reversed in 2009 with new are ad hoc venue users. Despite this challenge, the Trust pitches to be installed ahead of the Women’s Champions encourages a wide range of sports to utilise its facilities for Trophy due to be staged in July. training and competition. The Gymnastics Centre is a dedicat- Pleasingly, the attendances at the Sports Halls grew strongly, ed training venue while the Hall of Legends, Sports Halls and recording a 25% increase on the previous year. This increase the Hockey Centre are, in terms of hours of use, more heavily was based on continuing strong demand for casual badminton utilised for training and routine competition than for events. courts and growth in the number of bookings for volleyball and The numbers of people using the Sports Centre in 2007-08 indoor soccer. The increasing demand for the Sports Halls is was down by 7% on the previous year. This reflected a decline seeing the ‘peak’ daily periods commencing earlier and in public and corporate spectators at Razorbacks games and extending later. reduced use of function rooms as extra classrooms by the Overall attendances in Trust venues fell by 2.7% on last year’s Australian College of Physical Education. Going against the record numbers but were still some 2.2% higher than 2005-06. trend was an increase in use of the Gymnastics Centre, up by 10% to 40,149.
Facility Usage No. of No. of No. of No. of No. of No. of No. of No. of Persons Bookings Persons Bookings Persons Bookings Persons Bookings 2004-05 2004-05 2005-06 2005-06 2006-07 2006-07 2007-08 2007-08
Arena Training/Participation 8,567 6,465 11,596 12,833 Sporting Competition/ Community 95,637 95,167 104,662 80,786 Commercial 101,370 104,938 72,374 93,146 Total 205,574 674 206,570 567 188,632 777 186,765 866
Training Training/Participation 8,194 5,684 10,270 9,513 Centre Sporting Competition/ Community 15,011 13,330 13,506 10,462 Commercial 24,425 21,307 18,421 9,390 Total 47,630 640 40,321 490 42,197 699 29,365 644
Gymnastics Centre 26,913 1,882 29,580 1,797 36,430 1,715 40,149 1,587 Function Rooms 13,815 488 16,298 532 21,060 489 8,740 424 Weight Training Room 7,630 7,621 4,918 6,603 Tours & Hall Of Champions 5,310 5,321 5,455 5,554 Total Sports Centre 306,872 3,684 305,711 3,386 298,692 3,680 277,176 3,521 Hockey Centre 72,934 1,206 64,766 1,288 84,002 1,437 68,600 1,246 Sports Halls 82,311 4,461 87,374 6,851 98,308 9,288 122,511 11,706 TOTAL 462,117 9,351 457,851 11,525 481,002 14,405 468,287 16,473 Monthly Average 38,510 779 38,154 960 40,084 1,200 39,024 1,373
16 The State Sports Centre Trust Annual Report 2007-2008 Facility Usage – Attendance Facility Usage – Bookings
350000 12000
300000 10000
250000 8000 200000 6000 150000 No . o f Persons
No . o f Bookings 4000 100000
50000 2000
0 0 04-05 05-06 06-07 07-08 03-04 04-05 05-06 07-08
Sports Centre Hockey Centre Sports Halls Sports Centre Hockey Centre Sports Halls
Netball International Test Australia vs Jamaica
The State Sports Centre Trust Annual Report 2007-2008 17 General Operations
Support To Sport Freedom Of Information The State Sports Centre Trust supports the development of sport The published Statement of Affairs as at 30 June, 2008 as by offering a range of services and discounted hiring fees to required under the Freedom of Information Act, 1989 is available sporting associations using its facilities. to members of the public. Details of the procedure for enquiries are contained in Appendix II. Guarantee of Service Minutes of Trust meetings are available for inspection at the Sports Centre by arrangement with the Freedom of Information Officer. The Trust aims to provide the highest possible standards of service to the public and to the hirers of the facilities in terms of The Trust has received no requests for information, no requests supervision, security, catering, ticketing and the provision of for notation of personal records and no requests for reviews or essential information. appeals for the year ended 30 June, 2008 (nil in the 2006/2007 year). De-briefing sessions are held following each major event to ensure problems are systematically resolved and that service is Copies of the Statement of Affairs have been prepared for the always of a high standard. Meetings are also held with key public and none were requested during the year ended 30 June, sporting association representatives on a regular basis. 2008 (nil in the 2006/2007 year). Customer feedback is essential to the improvement of the Trust’s operations. Privacy Management Complaints from patrons and hirers concerning matters such as In accordance with the Privacy and Personal Information catering, site access and car parking have been received by the Protection Act 1988 the Trust has formulated a Privacy Trust. Any letter of complaint or compliment is responded to Management Plan. The plan identifies the types of personal within ten days of its receipt and customer feedback is used to information that the Trust holds and is responsible to protect. It identify deficiencies in procedures or staff training. also specifies the levels of protection adopted and the methods used to inform the public of the privacy policy as well as outlining the methods used to train staff in their obligations Occupational Health and Safety under the Act and the correct procedures to use in protecting The Trust seeks to provide the safest possible environment for personal information and in handling complaints. staff and visitors. The State Sports Centre Trust has a Safety Policy There were no applications for internal reviews received in and an Emergency Procedures Manual that was reviewed and 2007/2008 or in prior years. updated in 2008. Continued compliance with the Occupational Health and Safety Regulation of 2001 to ensure that all risks are identified and Child Protection appropriately managed was achieved through an ongoing review The Trust continues to comply with the Commission for Children process conducted at regular intervals throughout the year. and Young People Amendment Act 2005 and to ensure that procedures are in place to achieve the objectives of the relevant All incidents that occur in the facilities are documented and legislation of increasing the safety, welfare and wellbeing of the assessed to determine whether action is required to remove any children entrusted with our care. safety risks. Any improvements deemed through this process to be necessary are undertaken without delay. One public liability All positions are assessed to establish if they qualify as “child claims was referred to the Trust’s insurer, the Treasury Managed related employment” and staff members are screened to ensure Fund during the year. This minor claim is still open. that they are not prohibited from working with children.
18 The State Sports Centre Trust Annual Report 2007-2008 Human Resources
Personnel & Industrial Relations Staff Training Permanent staff numbers were increased from 24 to 28 in the Staff attended external courses in sports venue, people and past three years. Permanent staff members are employed under events management, security, first aid and maintenance systems. Public Sector salaries awards and most of the Conditions Award Internal emergency evacuation courses were held for all staff. A except where varied by local arrangements. two year in-house Certificate IV in Sport and Recreation course conducted through TAFE was commenced by fourteen staff The categories under which permanent staff fall are as follows: members and one executive staff member attended a Venue Number of Staff Safety and Security course held in the USA during the year. Category 2005-06 2006-07 2007-08
Administration 7 8 8 Events 9 8 9 Operations 4 4 5 Maintenance 4 5 6 Total 24 25 28
Casual events staff numbers vary according to event require- ments in a range of around 50 to 100 staff (full time equivalent of around 5 to 10). They are employed under the State Sports Centre Trust Casual Event Staff (State) Award 2004. Casual Gymnastic coaches of around 10 staff (full time equivalent of around 3 to 4) are employed under the Health, Fitness and Indoor Sports Centres (State) Award.
Australian College of Physical Education graduation ceremony
The State Sports Centre Trust Annual Report 2007-2008 19 Corporate Management
Insurance & Risk Management Energy Management Policy The State Sports Centre Trust seeks to minimise risks to staff, The Trust complies with the NSW Government Energy visitors and resources. Major risk areas of property, public Management Policy aimed at reducing greenhouse emissions. liability and workers’ compensation are fully covered by the Reports were provided to the Ministry of Energy supplying details Treasury Managed Fund. Advice and training is provided by the of energy consumption and the measures taken to conserve GIO and Allianz who administer the Fund. Any recommendations energy and to achieve the Government targets. These measures are considered for implementation by the Trust. include energy audits, use of solar water heaters, computerised building control systems and the use of natural light whenever As the owner of the Trust’s operated buildings the Sydney possible. The Trust has also opted to use SEDA accredited Green Olympic Park Authority is responsible for property insurance. Power as part of its most recent energy supply agreement. Close liaison exists between the two organisations relating to risk and insurance matters to ensure the safety of all users of the Regular assessments are conducted of possible energy saving facilities. measures which may qualify under the Department of Energy, Utilities and Sustainability’s arrangement with NSW Treasury to Staff from various first aid organisations are contracted to provide provide loans to Government agencies to undertake projects First Aid services during events. under the Government Energy Efficiency Investment Program. Loans totalling $166,104 have been approved and projects Investment Management Performance undertaken in prior years to reduce power consumption through the use of power factor correction equipment, energy efficient Temporary surplus funds were invested in the Treasury lighting, movement sensors, improved air conditioning controls Corporation Hour Glass Cash Facility and the Westpac Regulated and an energy efficient hockey pitch lighting system. These Interest Account. A comparison of the annual rates of return for projects have met expectations to date and should achieve the each is as follows: projected savings within their respective payback periods. Treasury Corporation 6.7% p.a. Westpac Account 6.6% p.a. Consultants The Trust engaged three consultants during the year to provide advice regarding property development, strategic planning and facility development. The total cost for these services was $45,293. No consultant was paid in excess of $30,000.
Annual Report Printing The Annual Report was printed at a cost of $5817.90. The report is on the website at www.sports-centre.com.au.
Transmission Dance Party
20 The State Sports Centre Trust Annual Report 2007-2008 Finance Report
The Trust is pleased to be able to report an operating profit of $358,281 before depreciation expense of $622,896, Income superannuation funds adjustment of $16,456 and a development grant of $52,500 for the year under review. The net loss after the inclusion of these items was $228,581 which reduced the accumulated surplus at 30 June 2008 to Interest Sundry $2,119,327. Catering & Other 2% 2% Revenue for the year from the hire of facilities was $3,541,683 10% which was 5% higher than the previous year. Most areas within the three facilities that the Trust operates made contributions to the overall increase in revenue. Within the Sports Centre facility, the Arena, Hall of Legends, Weight Training Centre and Gymnastic Centre increased by a total of $158,791. The Sports Grants Hire of Halls revenue also rose by $22,118. 22% Facilities The total grants received of $1,185,500 included a $52,500 64% development grant from the Sydney Olympic Park Authority. The $1,262,000 received in the previous year contained a capital works grant of $136,000. An actuarial assessment resulted in a $16,456 decrease in the surplus of two superannuation funds and is shown as Superannuation Funds Adjustment expense. This continues the trend of the $8,799 decrease for this item in the previous year. Expenditure on staff salaries and related costs rose by $150,796 due to salary award increases and the addition of events Expenditure technical and facilities clerical assistance. Increased repairs and maintenance at a cost of $45,487 were undertaken as were services including upgraded computer systems $34,696 and Other Expenses including the engagement of consultants Catering & $53,763. The increases in expenditure were partly offset by Advertising Insurances savings in Event Staging Expenses of $60,585 Maintenance 3% 1% 7% There was a net increase in cash and investments of $511,039 Sundry which was partly due to $175,258 in ticket sales proceeds for a 8% late June event not being paid to the promoter until July 2008. A reduction in receivables of $84,490 also contributed to the Events increase in cash. The operating profit before depreciation and 6% Staff lower expenditure on capital items accounted for most of the 45% remaining improvement in cash and investments. Acquisitions less disposals of Property, Plant and Equipment of $192,051 less depreciation expense of $622,896 reduced the Depreciation net value of Non-Current Assets compared to the previous year 11% by $430,845. An increase in Trade and Other Payables due at the year end of $70,934 would have been a reduction of $104,324 if the ticket Services sales proceeds debt of $175,258 mentioned above had not 19% been included. This would, despite an increase in rentals in advance and deposits for future hire of facilities of $49,123, have resulted in a downward movement in current liabilities of $21,823 instead of the $153,459 increase. Borrowings of $63,433 under Non-Current Liabilities represents the long term portion of the debt remaining to NSW Treasury for an advance provided under the Government’s Energy Efficiency Investment Program for longer life energy efficient hockey lighting. The Trust once again funded purchases of essential plant and equipment. The net value of these purchases was $172,378 which was funded from the $358,271 operating surplus referred to above.
The State Sports Centre Trust Annual Report 2007-2008 21 State Sports Centre Trust Audit Certificate
22 The State Sports Centre Trust Annual Report 2007-2008 The State Sports Centre Trust Annual Report 2007-2008 23 State Sports Centre Trust Trustees’ Statement
Trustees’ Statement Pursuant to Section 41C(1B) and (1C) of the Public Finance and Audit Act, 1983 and in accordance with a resolution of the State Sports Centre Trust we hereby state that in the opinion of the Trustees:
1. The accompanying Financial Statements exhibit a true and fair view of the financial position at 30 June 2008 and transactions for the year then ended of the State Sports Centre Trust.
2. The Statements have been prepared in accordance with the provisions of the Public Finance and Audit Act, 1983, the relevant provisions of the Public Finance and Audit Regulation, 2005 and the Treasurer’s Directions.
Further, we are not aware of any circumstances which would render any particulars included in the Financial Statements to be misleading or inaccurate.
Chairman Trustee
Date: 30 September, 2008
24 The State Sports Centre Trust Annual Report 2007-2008 Balance Sheet State Sports Centre Trust as at 30 June 2008
Parent Consolidated 2008 2007 2008 2007 Note $ $ $ $
Assets Current Assets Cash & Cash Equivalents 18a 756,708 317,298 756,708 317,298 Trade & Other Receivables 4, 1h 318,581 403,071 318,581 403,071 Other Financial Assets 5 1,134,804 1,062,375 1,134,804 1,062,375 Inventories 6, 1d 10,072 9,788 10,072 9,788 Total Current Assets 2,220,165 1,792,532 2,220,165 1,792,532
Non-Current Assets Property, Plant & Equipment 7 1,936,779 2,367,624 1,936,779 2,367,624 Superannuation Funds Surplus 15 - - 204,834 221,290 Total Non-Current Assets 1,936,779 2,367,624 2,141,613 2,588,914
Total Assets 4,156,944 4,160,156 4,361,778 4,381,446
Liabilities Current Liabilities Trade & Other Payables 8, 1h 573,781 502,847 573,781 502,847 Provisions 9, 1g 326,023 274,242 530,857 495,532 Borrowings 12,921 12,394 12,921 12,394 Other 10 307,243 260,570 307,243 260,570 Total Current Liabilities 1,219,968 1,050,053 1,424,802 1,271,343
Non-Current Liabilities Provisions 9 7,095 12,703 7,095 12,703 Borrowings 63,433 2,369 63,433 2,369 Total Non-Current Liabilities 70,528 15,072 70,528 15,072
Total Liabilities 1,290,496 1,065,125 1,495,330 1,286,415
Net Assets 2,866,448 3,095,031 2,866,448 3,095,031
Equity Retained Surplus 17 2,119,327 2,347,909 2,119,327 2,347,909 Asset Revaluation Reserve 7 747,122 747,122 747,122 747,122 Total Equity 2,866,449 3,095,031 2,866,449 3,095,031
The accompanying notes form part of the Financial Statements.
The State Sports Centre Trust Annual Report 2007-2008 25 State Sports Centre Trust Income Statement for year ended 30 June 2008
Parent Consolidated 2008 2007 2008 2007 Note $ $ $ $
Revenue Hire of Facilities 2a 3,541,683 3,378,029 3,541,683 3,378,029 Grants 2b 1,185,500 1,262,000 1,185,500 1,262,000 Catering and Other Services 2c 517,287 493,119 517,287 493,119 Advertising 2d 21,170 22,902 21,170 22,902 Interest on Investments 96,355 90,045 96,355 90,045 Other Income 2e 77,712 49,792 77,712 49,792 Revenue From Sale of Assets 16 34,545 17,144 34,545 17,144 Total Revenue 5,474,252 5,313,031 5,474,252 5,313,031
Expenses Personnel Services 3a 2,615,794 2,446,449 - - Salaries and Associated Costs 3b - - 2,402,326 2,251,530 Maintenance and Repair 369,155 323,668 369,155 323,668 Rates, Telephones, Electricity, Fuel and Gas 3c 392,943 382,654 392,943 382,654 Depreciation 1c, 7 622,896 622,990 622,896 622,990 Fees for Services Rendered 3d680,154 625,854 680,154 625,854 Insurance 1t 53,340 48,430 53,340 48,430 Workers Compensation 1t - - 33,050 31,180 Superannuation - - 163,962 154,940 Advertising and Promotion 21,670 23,476 21,670 23,476 Event Staging Expenses 328,094 388,679 328,094 388,679 Rent 84,066 85,425 84,066 85,425 Other Expenses 3e 496,590 389,333 496,590 389,333 Project Expenses 4,658 18,028 4,658 18,028 Doubtful Debts 4 2,046 6,378 2,046 6,378 Written Down Value of Assets Disposed 16 31,427 19,499 31,427 19,499 Superannuation Funds Adjustments 15 - - 16,456 8,799 TTotal Expenses 5,702,833 5,380,863 5,702,833 5,380,863
Net Profit/(Loss) for the Year (228,581) (67,832) (228,581) (67,832)
The accompanying notes form part of the Financial Statements.
26 The State Sports Centre Trust Annual Report 2007-2008 Cash Flow Statement State Sports Centre Trust for year ended 30 June 2008
Parent Consolidated 2008 2007 2008 2007 Note $ $ $ $
Cash Flows from Operating Activities Payments Employee Related (2,180,505) (2,076,157) (2,180,505) (2,076,157) Suppliers 18c (3,117,523) (3,131,883) (3,117,523) (3,131,883) Receipts Cash Receipts from Customers 18c 4,941,213 4,385,582 4,941,213 4,385,582 Receipts from Grants - Recurrent 1,185,500 1,262,000 1,185,500 1,262,000 Interest Received 23,926 26,066 23,926 26,066 Net Cash used in Operating Activities 18b 852,611 465,608 852,611 465,608
Cash Flows from Investing Activities Purchase of Plant and Equipment (413,896) (355,401) (413,896) (355,401) Payments for Purchase of WIP (10,285) (5,335) (10,285) (5,335) Proceeds From Sale of Plant and Equipment 21,818 2,545 21,818 2,545 Purchase of Investments (72,429)(63,979) (72,429)(63,979) Net Cash Used in Investing Activities (474,792) (422,170) (474,792) (422,170)
Cash Flows from Financing Activites Increase / (Repayment) of Borrowings 61,591 (11,758) 61,591 (11,758) Net Decrease in Cash & Cash Equivalents 439,410 31,680 439,410 31,680 Cash & Cash Equivalents at the Beginning of the Year 317,298 285,618 317,298 285,618 Cash & Cash Equivalents at the End of the Year 18a 756,708 317,298 756,708 317,298
The accompanying notes form part of the Financial Statements.
The State Sports Centre Trust Annual Report 2007-2008 27 Statement of Recognised Income State Sports Centre Trust and Expense for year ended 30 June 2008
Parent Consolidated 2008 2007 2008 2007 Note $ $ $ $
Increase in Asset Revaluation Reserve 17 - - - - Total Income Recognised Directly in Equity - - - -
Net Profit /(Loss) for the Year (228,581) (67,832) (228,581) (67,832) Total Recognised Income and Expense for the Year (228,581) (67,832) (228,581) (67,832)
The accompanying notes form part of the Financial Statements.
28 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
1 Summary of Significant Accounting (e) Capitalisation Thresholds Policies All physical non-current assets costing over $10,000 and all items under $10,000 which are considered at risk of theft are (a) Reporting Entity capitalised. The State Sports Centre Trust, as a reporting entity, comprises all the entities under its control, namely the State Sports (f) Revenue Recognition Centre Trust Division. Revenue is recognised to the extent that it is probable that The State Sports Centre Trust Division was established on 17 the economic benefits will flow to the Trust and the revenue March 2006 pursuant to Part 2 of Schedule 1 to the Public can be reliably measured. The following specific recognition Sector Employment and Management Act 2002. The criteria must also be met before revenue is recognised: Division’s objective is to provide personnel services to the State Sports Centre Trust. Grants from other bodies are generally recognised as revenues when the Trust obtains control over the assets In the process of preparing the consolidated financial report comprising the grants or contributions. Control over grants for the economic entity consisting of the controlling and and contributions, is normally obtained upon receipt of cash. controlled entities, all inter-entity transactions and balances have been eliminated. Hire of Facilities, Catering and Other Services, Advertising and Other Income – when the service is provided. The Trust is a not-for-profit entity (as profit is not its principal objective). Interest on Investments – recognised as it accrues. This consolidated financial report for the year ended 30 June Asset Sales – control of the assets has passed to the buyer. 2008 has been authorised for issue by the Trustees on 30 Sale of goods – revenue from the sale of goods is September 2008. recognised as revenue when the Trust transfers the (b) Basis of the preparation of the financial statements significant risks and rewards of ownership of the assets. The Trust’s financial statements are a general purpose financial report. (g) Employee Benefits The statements have been prepared in accordance with Liabilities for salaries and wages and annual leave that fall applicable Australian Accounting Standards, (which include due wholly within 12 months of the reporting date are Australian Accounting Interpretations), other authoritative recognised and measured in respect of employee services pronouncements of the Australian Accounting Standards up to the reporting date at undiscounted amounts based on Board, the requirements of the Public Finance and Audit Act the amounts expected to be paid when the liabilities are 1983, the Public Finance and Audit Regulation 2005 and the settled. Treasurer’s Directions. The outstanding amounts of payroll tax, workers Property, plant and equipment are measured at fair value. compensation insurance premiums and fringe benefits tax, Other financial report items are prepared in accordance with which are consequential to employment, are recognised as the historical cost convention using accrual accounting. Cost liabilities and expenses where the employee benefits to is based on the fair values of the consideration given in which they relate have been recognised. exchange for assets. The fair value of cash consideration Leave liabilities are recognised as expenses and provisions with deferred settlement terms is determined by discounting when the obligations arise, which is usually through the any amounts payable in the future to their present value as rendering of service by employees. at the date of acquisition. Long service leave is calculated on a pro-rata basis from the time employees pass their fifth year of duty with the Trust. (c) Depreciation of Property, Plant & Equipment Consistent with AASB119 Employee Benefits the method Property, plant and equipment are depreciated at rates used approximates the present value of the estimated future based on their expected useful economic lives to the Trust, cash outflows. Long service from the time employees pass using the straight line method. their sixth year of service is considered to be unconditional as it may be taken after seven years service and is therefore The rates per annum applied to 30 June 2008 are: fixtures classified as a current liability. and fittings – 3 years to 23 years, sporting and other equip- ment 10%, office and mechanical equipment 20% and No liability exists for sick leave as there is no vesting sick computer equipment 33 1/3 %. leave entitlement and non-vesting sick leave taken in the past has always been less than entitlements accrued. This sit- uation is expected to continue. (d) Inventories All inventories are held for distribution and have been valued at the lower of cost and current replacement cost. Cost is determined on a first in, first out basis.
The State Sports Centre Trust Annual Report 2007-2008 29 Notes to & forming part of the State Sports Centre Trust Financial Statements
1 Summary of Significant Accounting Policies continued (m)Tax Equivalent Regime The Trust is subject to the Government’s Tax Equivalent (h) Trade & Other Receivables & Payables Regime under which payments are made on “accounting profits”. After excluding capital works grants and depreciation Trade accounts receivables, which are generally settled on assets purchased through grants, from revenue the result within 14 days, are carried at original invoice amount less an for the current year was a net deficiency and no tax allowance for any uncollectible debts. Trade payables and payments were therefore applicable. other payables including accruals for goods received or services rendered not yet billed, are recognised initially at fair value, usually based on the transaction cost or face value (n) Revaluation of Property, Plant and Equipment when the Trust becomes obliged to make future payments Physical non-current assets are valued in accordance with as a result of purchases of assets or services. Trade accounts the NSW Treasury “Valuation of Physical Non-Current Assets payable are generally settled within 30 days. All receivables at Fair Value” Policy and Guidelines Paper (TPP 07-1). This and payables are short term with no stated interest rates and policy adopts fair value in accordance with AASB 116 the effect of discounting is immaterial. Property, Plant and Equipment. Fair value of property, plant and equipment is determined based on the best available (i) Allowance for Impairment market evidence, including current market selling prices for the same or similar assets. Where there is no available Bad Debts are written off when identified. An allowance for market evidence, the asset’s fair value is measured at its impairment is made after thorough investigation and market buying price, the best indicator of which is exhaustion of recovery processes. A review was carried out depreciated replacement cost. at year end to determine the adequacy of the Allowance for Impairment. The Trust revalues each class of property, plant and equip- ment at least every five years or with sufficient regularity to ensure that the carrying amount of each asset in the class (j) Net Fair Values of Financial Assets and Liabilities does not differ materially from its fair value at reporting date. Net fair values of financial instruments are determined on The last revaluation was completed on 30 June 2006 and the following basis: was based on an independent assessment. Financial assets & liabilities which are not traded in an active Non-specialised assets with short useful lives are measured market are determined on a cost basis. The carrying amounts at depreciated historical cost, as a surrogate for fair value. of financial assets and financial liabilities approximate net fair When revaluing non-current assets by reference to current value. prices for assets newer than those being revalued (adjusted Investments in Treasury Corporation’s Hour Glass Cash to reflect the present condition of the assets), the gross Facility is measured at fair value with interest revenue amount and the related accumulated depreciation are accrued which is no less than the quoted market prices separately restated. payable on demand. For other assets, any balances of accumulated depreciation at the revaluation date in respect of those assets are (k) Goods and Services Tax (GST) credited to the asset accounts to which they relate. The net asset accounts are then increased or decreased by the Revenues, expenses and assets are recognised net of the revaluation increments or decrements. amount of GST except where: Revaluation increments are credited directly to the asset • The amount of GST incurred that is not recoverable from revaluation reserve, except that, to the extent that an the Australian Taxation Office is recognised as part of the increment reverses a revaluation decrement in respect of cost of acquisition of an asset or as part of an expense. that class of asset previously recognised as an expense in the • Receivables and Payables are stated with the amount of profit/loss, the increment is recognised immediately as GST included. revenue in the profit/loss. Revaluation decrements are recognised immediately as (l) Superannuation expenses in the profit/loss, except that, to the extent that a credit balance exists in the asset revaluation reserve in The amount recognised in the income statement for respect of the same class of assets, they are debited directly superannuation is the net total of current service cost, to the asset revaluation reserve. interest cost, the expected return on any plan assets, and actuarial gains and losses. Actuarial gains or losses are As a not-for-profit entity, revaluation increments and recognised as income or expense in the year they occur. The decrements are offset against one another within a class of expense for the Basic Benefit and First State Super non-current assets, but not otherwise. superannuation schemes is calculated as a percentage of the Where an asset that has previously been revalued is disposed, employees’ salary. The expense for the State Authorities any balance remaining in the asset revaluation reserve in Superannuation Scheme is calculated as a multiple of the respect of that asset is transferred to accumulated funds. employees’ superannuation contributions.
30 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
1 Summary of Significant Accounting Policies continued (u) Early Adoption of New or Revised Accounting Standards/ Interpretations (o) Borrowings As mandated by NSW Treasury, the Trust has not early-adopted the following new/revised Accounting Standards/Interpretations: Loans are not held for trading or designated at fair value through profit or loss and are recognised at amortised cost AASB 3 (March 2008), AASB 127 and AASB 2008-3 using the effective interest method. Gains or losses are regarding business combinations; recognised in the Income Statement on de-recognition. AASB 8 & AASB 2007-3 regarding operating segments; AASB 101 (Sept 2007) and AASB 2007-8 regarding (p) Borrowing costs presentation of financial statements; Borrowing costs are recognised as expenses in the period in AASB 123 (June 2007) and AASB 2007-6 regarding which they are incurred, in accordance with Treasury’s borrowing costs; Mandate to general government sector agencies. AASB 1004 (Dec 2007) regarding contributions; (q) Acquisitions of Assets AASB 1049 (Oct 2007) regarding the whole of government general government sector financial reporting; The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the agency. AASB 1050 (Dec 2007) regarding administered items; Cost is the amount of cash or cash equivalents paid or the AASB 1051 (Dec 2007) regarding land under roads; fair value of the other consideration given to acquire the AASB 1052 (Dec 2007) regarding disaggregated asset at the time of its acquisition or construction or, where disclosures; applicable, the amount attributed to that asset when initially recognised in accordance with the requirements of other AASB 2007-9 regarding amendments arising from the Australian Accounting Standards. review of AASs 27, 29 and 31; Assets acquired at no cost, or for nominal consideration, are AASB 2008-1 regarding share based payments; initially recognised at their fair value at the date of acquisition. AASB 2008-2 regarding puttable financial instruments; Fair value is the amount for which an asset could be Interpretation 4 (Feb 2007) regarding whether an exchanged between knowledgeable, willing parties in an arrangement contains a lease; arm’s length transaction. Interpretation 12 regarding service concession Where payment for an asset is deferred beyond normal credit arrangements; terms, its cost is the cash price equivalent, i.e. deferred payment amount is effectively discounted at an asset-specific rate. Interpretation 13 on customer loyalty programmes; Interpretation 14 regarding the limit on a defined (r) Impairment of Property, Plant and Equipment benefit asset; As a not-for-profit entity with no cash generating units, the Interpretation 129 (February 2007) regarding service Trust is effectively exempted from AASB 136 Impairment of concession disclosures. Assets and impairment testing. This is because AASB 136 modifies the recoverable amount test to the higher of fair Interpretation 1038 (Dec 2007) regarding contributions value less costs to sell and depreciated replacement cost. by owners; This means that, for an asset already measured at fair value, It is expected that the impact of the application of the new impairment can only arise if selling costs are material. Selling Standards on the Trust’s financial report in the period of costs are regarded as immaterial. initial application will not be significant.
(s) Maintenance Day-to-day servicing costs or maintenance are charged as expenses as incurred, except where they relate to the replacement of a part or component of an asset, in which case the costs are capitalised and depreciated.
(t) Insurance The Trust's insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance for Government agencies. The expense (premium) is determined by the fund manager based on past claim experience.
The State Sports Centre Trust Annual Report 2007-2008 31 Notes to & forming part of the State Sports Centre Trust Financial Statements
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 2 Revenue (a) Hire of facilities Main arena including hire of private boxes 727,118 696,395 727,118 696,395 Hockey Centre playing fields309,937 322,118 309,937 322,118 Hall of Legends for indoor sports 202,604 175,586 202,604 175,586 Gymnastic Centre 546,138 478,566 546,138 478,566 Sports Halls 552,394 530,276 552,394 530,276 Function/meeting rooms 53,883 64,992 53,883 64,992 Equipment rental 88,410 92,940 88,410 92,940 Accommodation rental 182,549 165,428 182,549 165,428 Events Services, including provision of sound, rigging and security for major events 782,738 783,280 782,738 783,280 Weight Training Centre 58,856 25,378 58,856 25,378 Programs and School Sports 37,056 43,070 37,056 43,070 3,541,683 3,378,029 3,541,683 3,378,029
(b) Grants Hall of Champions grants 17,000 10,000 17,000 10,000 Sydney Olympic Park Authority grants: General purpose grant 800,000 800,000 800,000 800,000 Captial works grant - 136,000 - 136,000 Basketball Development Grant 52,500 - 52,500 - Management fee 316,000 316,000 316,000 316,000 1,185,500 1,262,000 1,185,500 1,262,000
The above Basketball Development grant was received from the Sydney Olympic Park Authority specifically to promote and encourage the sport of basketball to be held at the Sydney Olympic Park Sports Centre.
(c) Catering and other services Catering rights 463,692 452,388 463,692 452,388 Booking fees 53,595 40,731 53,595 40,731 517,287 493,119 517,287 493,119
Catering rights comprise income from payments under contract, which entitle the holder to catering rights at the Trust’s venues.
(d) Advertising This item comprises income of $21,170 ($22,902 in 2006/07) from payments under contracts with various companies whose advertisements are displayed throughout the Centre and whose products may be sold through the catering outlets.
(e) Other Income Merchandise Sales 2,294 2,854 2,294 2,854 Miscellaneous income 75,418 46,938 75,418 46,938 77,712 49,792 77,712 49,792
32 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 3Expenses (a) Personnel services Provided by the State Sports Centre Trust Division 2,615,794 2,446,450 - - 2,615,794 2,446,450 - -
(b) Salaries and associated costs Salaries and wages - - 2,224,311 2,061,714 Payroll tax and fringe benefit tax - - 109,435 102,333 Employee benefits:- Annual leave - - 23,595 19,974 Long service leave - - 44,985 67,509 - - 2,402,326 2,251,530
(c) Rates, telephone, electricity, fuel and gas Electricity 250,178 241,648 250,178 241,648 Telephone and fax 52,252 52,873 52,252 52,873 Fuel and gas 26,443 32,058 26,443 32,058 Rates, water and sewerage 64,070 56,075 64,070 56,075 392,943 382,654 392,943 382,654
(d) Fees for services rendered Cleaning 565,362 535,199 565,362 535,199 Audit remuneration (Note 14) 43,000 42,026 43,000 42,026 Other 71,792 48,629 71,792 48,629 680,154 625,854 680,154 625,854
(e) Other expenses Motor vehicle and travel 22,629 28,546 22,629 28,546 Printing and stationery 27,988 27,641 27,988 27,641 Postage and courier 8,808 6,878 8,808 6,878 General administration 69,417 36,805 69,417 36,805 General events and maintenance 193,361 121,324 193,361 121,324 Liquor purchases 174,387 168,139 174,387 168,139 496,590 389,333 496,590 389,333
The State Sports Centre Trust Annual Report 2007-2008 33 Notes to & forming part of the State Sports Centre Trust Financial Statements
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 4Trade & Other Receivables Trade debtors 301,701 392,946 301,701 392,946 Less allowance for doubtful debts (5,300) (5,000) (5,300) (5,000) 296,401 387,946 296,401 387,946
Prepayments for salaries and service & maintenance contracts. 22,180 15,125 22,180 15,125 318,581 403,071 318,581 403,071
Movement in the Allowance for Impairment Balance at 1 July 5,000 5,000 5,000 5,000 Amounts written off during year (1,746) (6,378) (1,746) (6,378) Increase in allowance recognised in Profit and Loss 2,046 6,378 2,046 6,378 Balance at 30 June 5,300 5,000 5,300 5,000
The Trust considers the carrying amount of debtors approximate their net fair values.
(i) Credit Risk The Trust does not have any significant exposure to any individual customer or counterparty. The maximum credit risk is considered to be their net fair value. Further information relating to credit risk is provided in note 21 Financial Instruments. Major concentrations of credit risk that arise from the Trust’s receivables in relation to the industry categories and location of the customers by the percentage of the total receivables from customers are:
%
Catering Industry 33 Corporate Support 2 Event Revenue 63 Tenants and Contractors 2 Australia 100
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 5 Other Financial Assets Treasury Corporation Hour-Glass Cash Facility 1,134,804 1,062,375 1,134,804 1,062,375 1,134,804 1,062,375 1,134,804 1,062,375
(i) Significant Terms & Conditions The NSW Treasury Corporation's Hour-Glass Cash Facility is an unsecured interest bearing on call investment utilised by the Trust.
(ii) Credit Risk The Trust considers it does not have any significant risk exposure for investments in the Treasury Corporation’s Hour-Glass Cash Facility.
34 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 6 Inventories (a) Personnel services Liquor held for re-sale 10,072 9,788 10,072 9,788
7 Property, Plant and Equipment Buildings Improvements at fair value 1,105,949 1,105,949 1,105,949 1,105,949 Less Accumulated depreciation 418,766 232,156 418,766 232,156 Net Carrying Amount 687,183 873,793 687,183 873,793
Plant and Equipment at fair value 2,033,663 1,876,974 2,033,663 1,876,974 Less Accumulated depreciation 805,957 388,478 805,957 388,478 Net Carrying Amount 1,227,706 1,488,496 1,227,706 1,488,496 Work in Progress 21,890 5,335 21,890 5,335 Total property, plant and equipment at fair value 1,936,779 2,367,624 1,936,779 2,367,624
Reconciliation A reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and end of the current reporting period is set out below. Parent Consolidated Building Building Improve- Work In Plant & Improve- Work In Plant & ments ProgressEquipment Total ments ProgressEquipment Total 2008 $$ $ $ $$$$
Carrying amount at 1 July 2007 873,793 5,335 1,488,496 2,367,624 873,793 5,335 1,488,496 2,367,624 Additions - 16,555 206,923 223,478 - 16,555 206,923 223,478 Disposals (net of depreciation) (31,427) (31,427) - - (31,427) (31,427) Depreciation Expense (186,610) (436,286) (622,896) (186,610) - (436,286) (622,896) Revaluation Increase (Decrease) ------Carrying amount at 30 June 2008 687,183 21,890 1,227,706 1,936,779 687,183 21,890 1,227,706 1,936,779
The State Sports Centre Trust Annual Report 2007-2008 35 Notes to & forming part of the State Sports Centre Trust Financial Statements
7 Property, Plant and Equipment continued
Reconciliation A reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and end of the previous reporting period is set out below. Parent Consolidated Building Building Improve- Work In Plant & Improve- Work In Plant & ments ProgressEquipment Total ments ProgressEquipment Total 2007 $$ $ $ $$$$
Carrying amount at 1 July 2006 969,529 - 1,461,252 2,430,781 969,529 - 1,461,252 2,430,781 Additions 136,420 5,335 437,577 579,332 136,420 5,335 437,577 579,332 Disposals (net of depreciation) - - (19,499) (19,499) - - (19,499) (19,499) Depreciation Expense (232,156) - (390,834) (622,990) (232,156) - (390,834) (622,990) Revaluation Increase (Decrease) ------Carrying amount at 30 June 2007 873,793 5,335 1,488,496 2,367,624 873,793 5,335 1,488,496 2,367,624
The Trust funded net purchases of $172,378 ($430,862 in 2006/07) for essential plant and equipment and building improvements items throughout the year from the operating profit before adjustments as follows: Parent Consolidated 2008 2007 2008 2006 $ $ $ $
Net Profit / (Loss) (228,581) (67,832) (228,581) (67,832) Deduct Net Capital Works Grants - (136,000) - (136,000) Deduct Net Subsidy Grants (52,500) - (52,500) - Add Back Depreciation 622,896 622,990 622,896 622,990 Superannuation Funds Adjustment expense/(revenue) 16,456 8,799 16,456 8,799 Operating Profit Before Capital Works Grants, Depreciation and Superannuation Funds Adjustment. 358,271 427,957 358,271 427,957
36 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 8 Trade & Other Payables Trade payables 468,615 422,415 468,615 422,415 Accrued expenses 105,166 80,432 105,166 80,432 573,781 502,847 573,781 502,847
9 Provisions Current: Annual and accrued leave - - 148,090 124,495 Unconditional Long Service Leave - - 382,767 371,037 Personnel Services 326,023 274,242 - - 326,023 274,242 530,857 495,532
Non-Current: Conditional Long Service Leave - - 7,095 12,703 Personnel Services 7,095 12,703 - - 7,095 12,703 7,095 12,703
Total Employee Benefits 333,118 286,945 537,952 508,235
10 Other Liabilities Current: Room rental in advance 99,639 79,481 99,639 79,481 Deposits for future hire of facilities 185,050 156,085 185,050 156,085 Prepaid advertising rights 3,475 10,755 3,475 10,755 Vehicles Notional Lease 19,079 14,249 19,079 14,249 307,243 260,570 307,243 260,570
11 Contingent Liabilities There are no known contingent liabilities at balance date ($nil in 2006/07).
12 Segment Reporting The Trust operates predominantly in one industry being the establishment, management and maintenance of comprehensive sports and recreational complexes. It also operates in one geographical segment being the Sydney Metropolitan Area.
13 Trustee’s And Director’s Remuneration Fees of $30,316 ($32,890 in 2006/07) were paid to the Trustees of the State Sports Centre Trust during the year ended 30 June 2008. No fees ($nil in 2006/07) or benefits were paid to the Director of the State Sports Centre Trust in addition to the contracted salary package during the year ended 30 June 2008.
The State Sports Centre Trust Annual Report 2007-2008 37 Notes to & forming part of the State Sports Centre Trust Financial Statements
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 14 Remuneration Of Auditors Audit Office of NSW* 26,500 26,500 26,500 26,500 Deloitte Touche Tohmatsu 16,500 15,526 16,500 15,526 43,000 42,026 43,000 42,026
* Represents amounts paid and payable to the Audit Office of NSW relating to the audit of the financial statements. No other amounts were paid to the Audit Office of NSW.
15 Superannuation The Trust has no unfunded superannuation liability at 30 June 2008 ($nil in 2006/07). Superannuation has been provided for all employees in compliance with the Superannuation Guarantee Scheme1992. The actuary appointed by SAS Trustee Corporation (STC) has assessed the gross superannuation liabilities for certain employees within the two defined benefits schemes (SASS and SANCS) administered by the SAS Trustee Corporation (STC) for the year ended 30 June 2008. The calculation of SASS and SANCS is based on the requirements of AASB119 ‘Employee Benefits’. The valuation method and principal actuarial assumptions at the reporting date are:
a) Valuation Method The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defined benefit obligations and the related current service costs. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation.
b) Economic Assumptions 30 Jun 2008 30 Jun 2007 (% pa) (% pa)
Expected salary increases 3.5 4 Discount rate at 30 June 6.55 6.4 Expected return on plan assets at 30 June 7.3 7.6 Expected rate of increase in CPI 2.5 3.5
38 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
15 Superannuation continued c) Demographic Assumptions Assumptions about rates of mortality, resignation, retirement and other demographics are as per the 2006 triennial valuation. The status of the superannuation reserves as at 30 June 2008 with the Superannuation Administration Corporation is as follows: Parent Consolidated 2008 2007 2008 2007 Total Total SANCS SASS Total Total $$$$$$
Fair value of plan assets - - 170,813 1,426,671 1,597,484 1,685,090 Present value of defined benefit obligations - - (110,133) (1,046,629) (1,156,762) (1,107,349) Surplus in excess of recovery available from schemes - - (32,478) (203,410) (235,888) (356,452) Balance at 30 June - - 28,202 176,632 204,834 221,289
The combined surpluses for the SASS and SANCS funds of $204,834 is reflected as a Non-current Asset, “Superannuation Funds Surplus”. The net adjustment of $16,456 is shown as an expense item “Superannuation Funds Adjustment” ($8,799 in 2006/07) in the Income Statement.
The following table summarises the components of net benefit income or expense recognition in the Income Statement. Parent Consolidated 2008 2007 2008 2007 $ $ $ $
Total expenses recognised in the Income Statement Current service cost - - 39,209 37,631 Interest on obligation - - 67,893 55,676 Expected return on plan assets - - (127,442) (102,273) Net actuarial losses (gains) recognised in year - - 157,360 (166,232) Change in surplus in excess of recovery available from the scheme. - - (120,564) 183,997 Past service cost - - - Losses (gains) on curtailments and settlements - - - - Total included in employee benefits (income) expense - - 16,456 8,799
The State Sports Centre Trust Annual Report 2007-2008 39 Notes to & forming part of the State Sports Centre Trust Financial Statements
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 16 Gain/(Loss) on Disposal of Assets Revenue from sale of assets 34,545 17,144 34,545 17,144 Written Down Value of assets sold (26,113) (16,431) (26,113) (16,431) Gain on sale of assets 8,432 713 8,432 713 Written Down Value of assets written off (5,314) (3,068) (5,314) (3,068) Net Gain (Loss) on assets sold & written off 3,118 (2,355) 3,118 (2,355)
17 Equity Retained Surplus at the beginning of the reporting year 2,347,909 2,415,741 2,347,909 2,415,741 Net Profit/(Loss) for the year (228,582) (67,832) (228,582) (67,832) Retained Surplus at the end of the year 2,119,327 2,347,909 2,119,327 2,347,909 Asset Revaluation Reserve 747,122 747,122 747,122 747,122 Total Equity 2,866,449 3,095,031 2,866,449 3,095,031
The Asset Revaluation Reserve is used to record increments and decrements on the revaluation of Non Current Assets. This accords with the Trust’s policy on the ‘Revaluation of Property, Plant and Equipment’ as discussed in Note 1.
18 Cash Flow Information (a) Reconciliation of Cash For the purpose of the statement of cash flows, cash and cash equivalents include cash on hand and at bank. Cash at 30 June 2008 as shown in the Statement of Cash Flows is reconciled to the related items in the Balance Sheet as follows: Parent Consolidated 2008 2007 2008 2007 $ $ $ $
Cash 2,200 2,120 2,200 2,120 Deposits at call 754,508 315,178 754,508 315,178 756,708 317,298 756,708 317,298
(a) Reconciliation of Net Cash Provided by Operating Activities to the Net Profit/(Loss) Net Profit/(Loss) (228,581) (67,832) (228,581) (67,832) Depreciation 622,896 622,990 622,896 622,990 Increase/(Decrease) in Payables 263,013 (136,468) 263,013 (136,468) (Decrease)/Increase in Wages Payable 21,349 3,304 21,349 3,304 Loss/(Gain) on Sale of Plant and Equipment (3,118) 2,355 (3,118) 2,355 Decrease/(Increase) in Receivables 90,945 (27,065) 90,945 (27,065) (Decrease)/Increase in Revenue Received in Advance 46,673 (45,218) 46,673 (45,218) Increase/(Decrease) in Provisions 29,717 34,401 29,717 34,401 Decrease/(Increase) in Inventories (284) (1,190) (284) (1,190) (Increase)/Decrease in Prepayments (6,455) 71,532 (6,455) 71,532 (Increase)/Decrease in Superannuation Funds Surplus 16,456 8,799 16,456 8,799 (Increase)/Decrease in Asset Revaluation - - - Net cash flows provided by operating activities 852,611 465,608 852,611 465,608
(c) In accordance with AASB 107 Cash Flow Statements and NSW Treasury Mandate payments to Suppliers do not include ticket sales proceeds paid to hirers where the Trust arranges for the sale of tickets for their events.
40 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
19 Consultants Fees of $45,293 were paid or payable to consultants engaged by the Trust during 2007/08 ($15,638 in 2006/07). No consultant was paid in excess of $30,000 in the 2007/08 year.
Parent Consolidated 2008 2007 2008 2007 $ $ $ $ 20 Other Expenditure Commitments Not later than one year 10,349 128,954 10,349 128,954 Total (including GST) 10,349 128,954 10,349 128,954
The amount of tax payable to the Australian Tax Office included within commitments is $941 ($38,938 was recoverable in 2007-08).
21 Financial Instruments The Trust's financial instruments are outlined below. These financial instruments arise directly from the Trust's operations or are required to finance the Trust's operations. The Trust does not enter into or trade financial instruments, for specula- tive purposes. The Trust’s main risks arising from financial instruments are outlined below, together with the Trust’s objectives, policies and processes for measuring and managing risk. Further quantitative and qualitative disclosures are included throughout this financial report. The Trust's Finance Committee has overall responsibility for the establishment and oversight of risk management and reviews and agrees policies for managing each of these risks. Risk management policies are established to identify and analyse the risks faced by the Trust, to set risk limits and controls and to monitor risks. Compliance with policies is reviewed by the FinanceCommittee and Internal auditors on a continuous basis.
Credit Risk Credit risk arises when there is the possibility of the Trust’s debtors defaulting on their contractual obligations, resulting in a financial loss to the Trust. The maximum exposure to credit risk is generally represented by the carrying amount of the financial assets (net of any allowance for impairment). Credit risk arises from the financial assets of the Trust, including cash, receivables, and authority deposits. No collateral is held by the Department. The Trust has not granted any financial guarantees.
Receivables - trade debtors All trade debtors are recognised as amounts receivable at balance date. Collectibility of trade debtors is reviewed on an ongoing basis. Procedures as established in the Treasurer’s Directions are followed to recover 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 entity will not be able to collect all amounts due. This evidence includes past experience, and current and expected changes in economic conditions and debtor credit ratings. No interest is earned on trade debtors. Sales are made on 30 day terms. The Trust is not materially exposed to concentrations of credit risk to a single trade debtor or group of debtors. Based on past experience, debtors that are not less than 3 months past due 2008 $18,641 (2007 $157,276) and not less than 6 months past due 2008 $552 (2007 $5,635) are not considered impaired and together these represent 2008 6.4% (2007 41.6%) of the total trade debtors. There are no debtors which are currently not past due or impaired whose terms have been renegotiated. The only financial assets that are past due or impaired are ‘sales of goods and services’ in the ‘receivables’ category of the balance sheet.
The State Sports Centre Trust Annual Report 2007-2008 41 Notes to & forming part of the State Sports Centre Trust Financial Statements
21 Financial Instruments continued Total Past due but not impaired Considered Impaired
2008 < 3 months overdue 18,641 - 4,925 3 Months - 6 months overdue 552 - 375 > 6 months overdue - - -
2007 < 3 months overdue 157,276 - 5,000 3 Months - 6 months overdue 5,635 - 5,000 > 6 months overdue - - -
Liquidity Risk The Trust's exposure to liquidity is deemed insignificant, based on prior period's data and current assessment of risk.
The Trust’s financial instruments all have maturity dates of less than one year and the exposure to interest rate risk and their effective interest rates at balance date are: Weighted average Fixed effective Floating interest rate Non interest interest rate interest rate 1 year or less bearing Total Parent %$ $ $$ 30 June 2008 Financial Assets Cash & Cash Equivalents 6.6 754,508 - 2,200 756,708 Trade & Other Receivables - - 296,401 296,401 Other Financial Assets 6.7 1,134,804 - - 1,134,804 1,889,312 - 298,601 2,187,913
Financial Liabilities Trade & Other Payables - - 573,781 573,781 Net Financial Assets (Liabilities) 1,889,312 - (275,180) 1,614,132
30 June 2007 Financial Assets Cash & Cash Equivalents 5.7 315,178 - 2,120 317,298 Trade & Other Receivables - - 387,946 387,946 Other Financial Assets 6.4 1,062,375 - - 1,062,375 1,377,553 - 390,066 1,767,619
Financial Liabilities Trade & Other Payables - - 502,708 502,708 Net Financial Assets (Liabilities) 1,377,553 - (112,642) 1,264,911
42 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust
21 Financial Instruments continued
Weighted average Fixed effective Floating interest rate Non interest interest rate interest rate 1 year or less bearing Total Consolidated % $ $ $ $ 30 June 2008 Financial Assets Cash & Cash Equivalents 6.6 754,508 - 2,200 756,708 Trade & Other Receivables - - 296,401 296,401 Other Financial Assets 6.7 1,134,804 - - 1,134,804 1,889,312 - 298,601 2,187,913
Financial Liabilities Trade & Other Payables - - 573,781 573,781 Net Financial Assets (Liabilities) 1,889,312 - (275,180) 1,614,132
30 June 2007 Financial Assets Cash & Cash Equivalents 5.7 315,178 - 2,120 317,298 Trade & Other Receivables - - 387,946 387,946 Other Financial Assets 6.4 1,062,375 - - 1,062,375 1,377,553 - 390,066 1,767,619
Financial Liabilities Trade & Other Payables - - 502,708 502,708 Net Financial Assets (Liabilities) 1,377,553 - (112,642) 1,264,911
Other price risk – TCorp Hour-Glass facilities Exposure to ‘other price risk’ primarily arises through the investment in the TCorp Hour-Glass Cash Investment Facility, which is held for strategic rather than trading purposes. The Trust has no direct equity investments. The Trust holds units in the following Hour-Glass investment facility: 2008 2007 Cash, money market instruments Up to 1.5 years 1,134,804 1,062,357
The unit price of each facility is equal to the total fair value of the net assets held by the facility divided by the number of units on issue for that facility. Unit prices are calculated and published daily. NSW TCorp is trustee for the above facility and is required to act in the best interest of the unitholders and to administer the trusts in accordance with the trust deeds. As trustee TCorp acts as manager for part of the Cash Facility. Investment in the Hour-Glass facilities limits the Trust’s exposure to risk, as it allows diversification across a pool of funds with different investment horizons and a mix of investments. NSW TCorp provides sensitivity analysis information for the Investment facility, using historically based volatility information collected over a ten year period, quoted at two standard deviations (i.e. 95% probability) as follows: Change in Unit Price Impact on Profit/Loss 2008 2007 Hour-Glass Cash Facility +/ - 1% 11,348 10,624
The carrying amounts of financial assets included in the Balance Sheet represent the Trust’s maximum exposure to credit risk in relation to these assets.
END OF AUDITED FINANCIAL STATEMENTS
The State Sports Centre Trust Annual Report 2007-2008 43 State Sports Centre Trust Division Audit Certificate
44 The State Sports Centre Trust Annual Report 2007-2008 The State Sports Centre Trust Annual Report 2007-2008 45 State Sports Centre Trust Division Trustees’ Statement
Trustees’ Statement Pursuant to Section 41C(1B) and (1C) of the Public Finance and Audit Act, 1983 and in accordance with a resolution of the State Sports Centre Trust we hereby state that in the opinion of the Trustees:
1. The accompanying Financial Statements exhibit a true and fair view of the financial position at 30 June 2008 and transactions for the year then ended of the State Sports Centre Trust Division.
2. The Statements have been prepared in accordance with the provisions of the Public Finance and Audit Act, 1983, the relevant provisions of the Public Finance and Audit Regulation, 2005 and the Treasurer’s Directions.
Further, we are not aware of any circumstances which would render any particulars included in the Financial Statements to be misleading or inaccurate.
Trustee Trustee
Date: 30 September, 2008
46 The State Sports Centre Trust Annual Report 2007-2008 Balance Sheet State Sports Centre Trust Division as at 30 June 2008
2008 2007 Note $ $
Current Assets Receivables 4 566,707 510,033 Total Current Assets 566,707 510,033
Non-Current Assets Receivables 4 7,095 12,703 Superannuation Funds Surplus 5 204,834 221,290 Total Non-Current Assets 211,929 233,993
Total Assets 778,636 744,026
Current Liabilities Payables 6 35,850 14,501 Provisions 7 530,857 495,532 Total Current Liabilities 566,707 510,033
Non-Current Liabilities Payables 6 204,834 221,290 Provisions 7 7,095 12,703 Total Non-Current Liabilities 211,929 233,993
Total Liabilities 778,636 744,026
Net Assets - -
Equity Retained Surplus - - Total Equity - -
The accompanying notes form part of the Financial Statements.
The State Sports Centre Trust Annual Report 2007-2008 47 State Sports Centre Trust Division Income Statement for year ended 30 June 2008
2008 2007 Note $ $
Revenue Personnel Services 2 2,615,794 2,446,449 Total Revenue 2,615,794 2,446,449
Expenses Salaries and Associated Costs 3 2,402,326 2,251,531 Workers Compensation 3 33,050 31,180 Superannuation 3 163,962 154,940 Superannuation Funds Adjustment 3 16,456 8,798 Total Expenses 2,615,794 2,446,449
Net Profit for the Year --
The accompanying notes form part of the Financial Statements.
48 The State Sports Centre Trust Annual Report 2007-2008 Cash Flow Statement State Sports Centre Trust Division for the year ended 30 June 2008
2008 2007 Note $ $
Cash Flows from Operating Activities Payments Employee Related (2,599,338) (2,437,651) Receipts Cash Receipts from Customers 2,559,338 2,437,651 Net Cash used in Operating Activities - -
Net Decrease in Cash & Cash Equivalents - - Cash & Cash Equivalents at the Beginning of the Year - - Cash & Cash Equivalents at the End of the Year - -
The accompanying notes form part of the Financial Statements.
The State Sports Centre Trust Annual Report 2007-2008 49 Statement of Recognised State Sports Centre Trust Division Income and Expense for the year ended 30 June 2008
2008 2007 Note $ $
Net Profit /(Loss) for the Year - - Total Recognised Income and Expense for the Year - -
The accompanying notes form part of the Financial Statements.
50 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust Division
1 Summary of Significant Accounting If there is objective evidence at year end that a receivable may not be collectable, its carrying amount is reduced by Policies means of an allowance for doubtful debts and the resulting (a) Reporting Entity loss is recognised in the income statement. Receivables are monitored during the year and bad debts are written off The State Sports Centre Trust Division is a Division of the against the allowance when they are determined to be Government Service, established pursuant to Part 2 of irrecoverable. Any other loss or gain arising when a receivable Schedule 1 to the Public Sector Employment and is derecognised is also recognised in the income statement. Management Act 2002. It is a not-for-profit entity as profit is not its principal objective. It is consolidated as part of the NSW Total State Sector Accounts. It is domiciled in Australia (e) Payables and its principal office is at the Sydney Olympic Park Sports Payables include accrued wages, salaries, and related on Centre, Olympic Boulevard, Sydney Olympic Park, New costs (such as payroll tax, fringe benefits tax and workers’ South Wales. compensation insurance) where there is certainty as to the The Division’s objective is to provide personnel services to amount and timing of settlement. the State Sports Centre Trust. A payable is recognised when a present obligation arises The financial report was authorised for issue by the Trustees under a contract or otherwise. It is derecognised when the of the State Sports Centre Trust on 30 September 2008. obligation expires or is discharged, cancelled or substituted. A short-term payable with no stated interest rate is measured (b) Basis of the preparation at historical cost if the effect of discounting is immaterial. This is a general purpose financial report prepared in accordance with the requirements of Australian Accounting (f) Employee benefit provisions and expenses Standards (which include Australian Accounting Provisions are made for liabilities of uncertain amount or Interpretations), the Public Finance and Audit Act 1983, the uncertain timing of settlement. Public Finance and Audit Regulation 2005, and specific directions issued by the Treasurer. Employee benefit provisions represent expected amounts payable in the future in respect of unused entitlements Generally, the historical cost basis of accounting has been accumulated as at the reporting date. adopted and the financial report does not take into account changing money values or current valuations. Liabilities associated with, but that are not, employee benefits (such as payroll tax) are recognised separately. The accrual basis of accounting has been adopted in the preparation of the financial report. Superannuation and leave liabilities are recognised as expenses and provisions when the obligations arise, which is Management’s judgments, key assumptions and estimates usually through the rendering of service by employees. are disclosed in the relevant notes to the financial report. Superannuation is actuarially assessed prior to each All amounts are expressed in Australian currency. reporting date and is measured at the present value of the estimated future payments. (c) Income All other employee benefit liabilities (i.e. for benefits falling Income is measured at the fair value of the consideration due wholly within twelve months after reporting date) are received or receivable. Revenue from the rendering of assessed by management and are measured at the personnel services is recognised when the service is provided undiscounted amount of the estimated future payments. and only to the extent that the associated recoverable The amount recognised for superannuation is the net total of expenses are recognised. the present value of the defined benefit obligation at the reporting date, minus the fair value at that date of any plan (d) Receivables assets out of which the obligations are to be settled directly. A receivable is recognised when it is probable that the future The amount recognised in the income statement for cash inflows associated with it will be realised and it has a superannuation is the net total of current service cost, value that can be measured reliably. It is derecognised when interest cost, the expected return on any plan assets, and the contractual or other rights to future cash flows from it actuarial gains and losses. Actuarial gains or losses are expire or are transferred. recognised as income or expense in the year they occur. The expense for the Basic Benefit and First State Super A receivable is measured initially at fair value and superannuation schemes is calculated as a percentage of the subsequently at amortised cost using the effective interest employees’ salary. The expense for the State Authorities rate method, less any allowance for doubtful debts. A Superannuation Scheme is calculated as a multiple of the short-term receivable with no stated interest rate is employees’ superannuation contributions. measured at the original invoice amount where the effect of discounting is immaterial. An invoiced receivable is due for settlement within thirty days of invoicing.
The State Sports Centre Trust Annual Report 2007-2008 51 Notes to & forming part of the State Sports Centre Trust Division Financial Statements
1 Summary of Significant Accounting Policies continued The actuarial assessment of superannuation uses the Projected Unit Credit method and reflects estimated future salary increases and the benefits set out in the terms of the plan. The liability is discounted using the market yield rate on government bonds of similar maturity to those obligations. Actuarial assumptions are unbiased and mutually compatible and financial assumptions are based on market expectations for the period over which the obligations are to be settled. Long service leave is calculated on a pro-rata basis from the time employees pass their fifth year of duty. Consistent with AASB119 “Employee Benefits” the method used approximates the present value of the estimated future cash outflows. Long service from the time employees pass their sixth year of service is considered to be unconditional as it may be taken after seven years service and is therefore classified as a current liability. No liability exists for sick leave as there is no vesting sick leave entitlement and non-vesting sick leave taken in the past has always been less than entitlements accrued. This situation is expected to continue.
(g) Accounting for the Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where: • the amount of GST incurred as a purchaser that is not recoverable from the Australian Taxation Office is recognised as part of the cost of acquisition of an asset or as part of an item of expense. • receivables and payables are stated with the amount of GST included.
52 The State Sports Centre Trust Annual Report 2007-2008 Notes to & forming part of the Financial Statements State Sports Centre Trust Division
2008 2007 $$ 2 Personnel Services Revenue from the sale of personnel services to the State Sports Centre Trust 2,615,794 2,446,449 2,615,794 2,446,449
3 Expenses Expenses incurred in providing personnel services to the State Sports Centre Trust. 2,615,794 2,446,449 2,615,794 2,446,449
4 Receivables Amounts owed by the State Sports Centre Trust for employee related services as follows: Current Annual and accrued leave 148,090 124,495 Unconditional Long Service Leave 382,767 371,037 Accrued salaries and wages 35,850 14,501 566,707 510,033
Non-Current Conditional Long Service Leave 7,095 12,703 7,095 12,703
5 Superannuation Funds Surplus Combined surplus for the SANCS and SASS defined benefit superannuation schemes 204,834 221,290 204,834 221,290
6 Payables Current Accrued salaries and wages 35,850 14,501 35,850 14,501
Non-Current Superannuation Funds Surplus 204,834 221,290 204,834 221,290
7 Provisions Current Annual and accrued leave 148,090 124,495 Unconditional Long Service Leave 382,767 371,037 530,857 495,532
Non-Current Conditional Long Service Leave 7,095 12,703 7,095 12,703
The State Sports Centre Trust Annual Report 2007-2008 53 Notes to & forming part of the State Sports Centre Trust Division Financial Statements
8 Financial Instruments The Division does not have a separate bank account or a bank overdraft facility. It uses the bank facility of State Sports Centre Trust. The Division's principal financial instruments are outlined below. These financial instruments arise directly from the Division's operations or are required to finance the Division's operations. The division does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Trust's Finance Committee has overall responsibility for the establishment and oversight of risk management and reviews and agrees policies for managing each of these risks. Risk management policies are established to identify and analyse the risks faced by the Division, to set risk limits and controls and to monitor risks. Compliance with policies is reviewed by the Trust's Finance Committee on a continuous basis.
(a) Financial Instrument Category 2008 2007 Notes $ $
Financial Assets Receivables 4 573,802 522,736 573,802 522,736
Financial Liabilities Payables 6 240,684 235,791 240,684 235,791
Notes 1 Excludes statutory receivables and prepayments (not within scope of AASB 7). 2 Excludes statutory payables and unearned revenue (not within scope of AASB 7).
(b) Credit Risk Credit risk arises when there is the possibility of the Division's debtors defaulting on their contractual obligations, resulting in a financial loss to the Division. There are no financial assets that are past due or impaired in the balance sheet. Exposure to credit risk is considered minimal.
(c) Liquidity Risk The Division's exposure to liquidity risk is deemed insignificant based on prior periods' data and current assessment of risk.
(d) Market Risk The Division is not subject to any interest rate, foreign currency or other price risk
(e) Fair Value The cost of financial instruments recognised in the balance sheet approximates the fair value, because of the short-term nature of the financial instruments.
9 Contingent Liabilities There are no contingent liabilities.
END OF AUDITED FINANCIAL STATEMENTS
54 The State Sports Centre Trust Annual Report 2007-2008 Accounts Payment Performance State Sports Centre Trust For Year Ended 30 June 2008
Payable at Payable at Payable at Payable at 30-Sep-07 31-Dec-07 31-Mar-08 30-Jun-08
Current $219,019 $171,280 $187,246 $476,315 Less than 30 days overdue - - - - Between 30 & 60 days overdue - - - - Between 60 & 90 days overdue - - - - More than 90 days overdue
Paid Paid Paid Paid Qtr Ended Qtr Ended Qtr Ended Qtr Ended Accounts paid within each quarter 30-Sep-07 31-Dec-07 31-Mar-08 30-Jun-08
Percentage of Accounts paid on time 100% 100% 100% 100% Total value of accounts paid on time $1,324,221 $1,032,065 $827,066 $884,450 Total value of accounts paid $1,324,221 $1,032,065 $827,066 $884,450
The State Sports Centre Trust Annual Report 2007-2008 55 State Sports Centre Trust Income & Expenditure Budget For the Year Ended 30 June 2008 & for the Year Ending 30 June 2009
Budget Actual Budget 2007/08 2007/08 2008/09 $000’s $000’s $000’s
Income Hire of Facilities 3,230 3,542 3,234 Grants 1,139 1,185 1,125 Catering & Other Services 492 517 465 Advertising 17 21 18 Interest on Investments 61 96 109 Other Income 42 78 36 Total Income 4,981 5,439 4,987
Expenditure Salaries & Associated Costs 2,323 2,436 2,468 Maintenance & Repairs 351 369 396 Rates, Telephones, Electricity, Fuel & Gas 400 393 385 Fees for Services Rendered 657 680 620 Insurance 50 53 48 Superannuation 184 163 175 Advertising & Promotion 23 22 35 Event Staging Expenses 383 328 320 Rent 87 84 87 Other Expenses 308 497 324 Project Expenses - 5 - Bad Debts 222 Superannuation Funds Adjustment - 16 - Total Expenditure 4,768 5,048 4,860
Operating Profit 213 391 127
Less Depreciation (636) (623) (640) Gain (Loss) on Disposal of Assets - 3 - Expected Net Profit (Loss) for the year (423) (229) (513)
56 The State Sports Centre Trust Annual Report 2007-2008 Appendix 1 Appendices
Trust Committees And Attendances July 2007 – June 2008
Attendances
Trust Meetings A.B. Whelpton AM, Chairperson 10 C. Gallagher 9 H. M. Brownlee OAM 9 L. Ellis 4 L. Landon 7 P. M.Tye OAM 5 N. Hubble 11 I. Stephenson 9 D. Clout 9 P. Ross (in attendance) J. Elliott (in attendance) W. Prior (in attendance) 11 meetings
Trust Committees Finance I. Stephenson, Chairperson 9 C. Gallagher 9 P. M. Tye OAM 5 A. B. Whelpton AM 10 P. Ross (in attendance) J. Elliott (in attendance) 11 meetings
The State Sports Centre Trust Annual Report 2007-2008 57 Appendices Appendix 2
Freedom of Information Enquiries Enquires may be made in person, by mail or by phone as follows: Location: State Sports Centre Trust Sydney Olympic Park Sports Centre Olympic Boulevard Sydney Olympic Park NSW 2127 Postal Address: PO Box 135 Sydney Markets NSW 2129 Hours of Access: 8.45 am - 4.45 pm Monday - Friday (inclusive) Telephone Enquiries: (02) 9763 0111 Fax: (02) 9746 1994 FOI Officer: John Elliott Corporate Services Manager Fees and Charges are as follows:
Nature of Application Application Processing Fee Charge
Access to records by natural persons about their personal affairs $30 - $40* $40/hour After first 20 hours* All other requests * $40/hour* Internal Review *** $30 - $50*** Nil Amendment of Records Nil ** Nil
* Subject to a 50% reduction for financial hardship and public interest reasons. ** Refunds may apply as a result of successful internal reviews and applications for amendment of records. *** No application fees may be charged for internal reviews in relation to amendment of records.
58 The State Sports Centre Trust Annual Report 2007-2008 Index
Annual Report Printing 20 Hall of Champions 11
Audit Certificates 22, 44 Hockey Centre, Sydney Olympic Park 10
Budget 56 Human Resources 19
Chairman’s Report 3 Insurance 20
Charter 6 Investment Performance 20
Committees 57 Key Acheivements 2007-2008 8
Consultants 20 Legal Change XX
Contact Information inside front cover Letter to the Minister 2
Contents 1 Meeting Attendances 57
Corporate Management 20 Occupational Health and Safety 18
Corporate Support 61 Operations Review 18
Child Protection Policy 18 Organisation Chart 7
Director’s Report 4 Other Programs 11
Energy Management Policy 20 Payment of Accounts 55
Events Activity 12 Privacy Management 18
Events Highlights 14, 15 Risk Management 20
Events Services 11 Schools Sports Program 11
Events Summary 13 Sports Halls, Sydney Olympic Park 11
Executive Staff 5 Staff Training 19
Facility Usage 16, 17 Support to Sport 18
Facilities of the Trust 10, 11 Training and Participation 16
Finance Report 21 Trust Members 5
Financial Statements and Notes 25-54 Trustees’ Statements 24, 46
Freedom of Information 18, 58 Weight Room 10
Guarantee of Service 18
Gymnastics Centre 10
The State Sports Centre Trust Annual Report 2007-2008 59 Corporate Support
60 The State Sports Centre Trust Annual Report 2007-2008
The State Sports Centre Trust The State Sports Centre Trust Annual Report 2007-2008