Centennial Parklands Annual Report 2016-17 Delivering sustainable and world-leading public parklands About Centennial Centennial Parklands 5 The Hon. Gabrielle Upton MP Acknowledgement of Parklands Chairman’s report 6 Traditional Owners 04 Executive Director’s report 7 The Hon. Gabrielle Upton MP We acknowledge the Gadigal clan as the Highlights for 2016-2017 8-9 Minister for Environment, traditional custodians of the country on which Botanic Gardens & Minister for Local Government Centennial Parklands has been constructed. and Minister for Heritage Centennial Parklands Strategic Plan 10 52 Martin Place SYDNEY NSW 2000 Statement of Record 24 October 2017 Managing Resources for Sustainability 13 This Annual Report for 2016-17 complies with the Environmental Annual Reporting requirements for NSW Government, Performance Managing our Environment 14 Dear Minister, and contains the Centennial Park and Moore Park 12 Planning and development issues 15 Trust’s performance against the strategies of the In accordance with the Annual Reports (Statutory Bodies) Centennial Parklands Plan of Management 2015-20. Sustainable Parklands Program 15 Act 1984, the Public Finance and Audit Act 1983 and the Regulations under those Acts, we have pleasure in submitting the Annual Report for 2016-17 of the Centennial Park and Moore Park Trust. Social Visitation 17 16 Performance Sports in the Parklands 18 Education and community programs 19 Volunteering 19 Venue management 20 Tony Ryan Adam Boyton Community Consultative Committee 21 Chairman Trustee

Financial Fees and charges 23 22 Performance Economic performance 24 Payment performance 24 Accounts payable 24 Investment performance 25

Financial Statement by Members of the Trust 27 26 Statements Independent Audit Report 28 Statement of Comprehensive Income 30 Statement of Financial Position 31 Statement of Changes in Equity 32 Statement of Cash Flows 33

Appendices Governance and organisational matters 59 58 The Trustees 60 Risk management 62 Organisational Matters 65 The Executive team 66 Did you know... Staff matters 67 GIPA 76 Centennial Parklands is the birthplace of modern Australia Index 80 - on 1 January 1901 the inauguration of Australian Federation was held in Centennial Park!

Centennial Parklands Annual Report 2016-17 3 About Centennial Parklands

About Centennial Parklands Centennial Parklands is one of the world’s most visited public parklands, with more than Centennial Parklands 31 million visits made to the Parklands’ annually. The Parklands covers over 360 hectares and is made of three major urban parks — Centennial Park, Moore Park and Queens Park. It is listed on the State Heritage Register and the Register of the National Estate.

Centennial Park Queens Park In January 2014 the NSW Government announced that the operational Centennial Park was dedicated Queens Park was established in 1888 staff from the Centennial Park and by Sir Henry Parkes in 1888 as a to commemorate the centenary of Moore Park Trust would integrate public open space for the enjoyment European settlement. A total of 490 with operational staff of the Royal of the people of NSW, and it was trees include dramatic Port Jackson Botanic Gardens and Domain dubbed “The People’s Park” at time and Moreton Bay figs, Holm oaks, Trust. The operating name for of opening. On 1 January 1901, the Monterey pines, Araucarias and the new administrative entity was Park was chosen as the site of the coral trees. Today the Park provides subsequently confirmed asBotanic inauguration of Australian Federation. leisure areas and some of Sydney’s Gardens & Centennial Parklands. Today Centennial Park remains the busiest sporting fields all set within This integration process was people’s park – a playground for a natural amphitheatre surrounded successfully completed in 2015-16. adults and children alike, one of the by dramatic sandstone cliffs. most important community sports venues in the state, and one of the Management world’s few inner city parks to still offer full horse riding facilities. It is responsibility home to diverse flora and fauna and Centennial Parklands comes under many significant tree plantings, as well the authority of the Centennial Park as encompassing Lachlan Swamp, and Moore Park Trust (ABN 37 220 Centennial Parklands 5 one of the original water sources 827 521). The Trust is responsible for Sydney at time of settlement. Chairman’s report 6 for the long-term strategic planning of the Parklands, as well as the Executive Director’s report 7 Moore Park operational day-to-day management Highlights for 2016-2017 8-9 Moore Park was declared a public of the three parks - Centennial Park, Botanic Garden & park in 1866. It lies at the crossroads Moore Park and Queens Park. Centennial Parklands Strategic Plan 10 of some of Sydney’s busiest thoroughfares providing a necessary Our primary objective is to secure green-belt of nearly 4,000 trees, a sustainable future for Centennial numerous sports fields and walking Parklands and its assets. We are paths adjacent to one of the busiest positioned within the Office for sports, leisure and entertainment Environment and Heritage, under precincts in Australia. Today Moore the Department of Planning and Park features a number of high profile Environment. The Centennial Park and highly-prized venues and facilities and Moore Park Trust Act 1983 for sports and entertainment, including guides our management parameters Moore Park Golf, the Entertainment and the Centennial Park and Moore Quarter, Fox Studios, Royal Hall Park Trust Regulation 2014 guides of Industries, Hordern Pavilion, our operational parameters. Centennial Parklands Equestrian Centre, Parklands Sports Centre and ES Marks Athletics Field.

Did you know... Centennial Park was the largest urban park in the southern hemisphere when opened in 1888!

4 www.centennialparklands.com.au Centennial Parklands Annual Report 2016-17 5 About Centennial Parklands About Centennial Parklands

Chairman’s Report Executive Director’s report

A world-class city needs As always, the challenge is to ensure We have been able to deliver major These achievements — in conjunction that the Parklands continues to new experiences for our visitors with the release of the Moore Park world-class green spaces evolve to meet the needs of a vibrant including the restoration of the Masterplan — have given us a and in Sydney, Centennial urban environment, while at the same historic lodges and the delivery of solid foundation on which to move Parklands is playing a vital time preserving and honouring the our four-year $20M government- forward with the next stage of public spaces that make Centennial funded capital asset management capital works which will include: role in helping to nurture Parklands such a unique asset. program which has seen a dramatic the mental and physical transformation of the Parklands. • the restoration of the Our educational offering continues historic Toll House well-being of its residents. to expand with well in excess of A major emphasis in the last financial • upgrades to ES Marks Athletics Field 10,000 children attended educational year has been on improving the quality With more than 31 million visitations excursions in the Parklands and of our sporting facilities and as a result • improvements in access last year, Centennial Parklands is almost 20,000 people took part in the we’ve undergone the largest-ever to the Parklands from the one of the world’s most popular wide range of high-quality community playing field restoration program in the southern boundary. public parks. The Parklands programs offered — from ‘Science Parkland’s history encompassing: in the Swamp’ and ‘Astronomy in is valued for the role it plays in Our executive and staff have continued the Park’. The Trust is looking to • the creation of sustainable high- nourishing the city by encouraging to deliver a world-class recreational significantly enhance the educational quality playing surfaces for local social interaction, community facility for Sydney and the integration facilities to support a further expansion. communities at Queens Park building and civic engagement. of the Botanic Gardens has seen • the completion of significant a significant improvement in the The world-class Ian Potter Children’s The Parklands fosters both passive The 2016-17 financial year upgrade work on the playing quality of horticultural, environmental Wild Play Garden is now open and recreation and a wide range of sport fields at Moore Park East and scientific engagement meticulous restoration works are being has seen a consolidation and leisure activities (with more than right across the Parklands. 35 different sports currently using carried out on the historic Moore Park of the previous four • substantial improvements in the Parklands on a regular basis). Toll House which dates back to 1860. terms of the quality of assets years of organisational at the Equestrian Centre As we move into a new year we Of course the dynamic use of a public change and focus on • major restoration to the playing will continue to consult widely park such as Centennial Parklands visitor engagement across surfaces at Moore Park Tennis Centre depends not only on the quality of with the release of the 2017-27 its open green space and breadth of Plan of Management which will Centennial Parklands. • significant improvements to the facilities, but also on its accessibility. invite community and stakeholder playing surface of the driving With this in mind, the Trust, executive engagement in the future range at Moore Park Golf. Kim Ellis and staff are working to continually direction of the Parklands. Executive Director improve pedestrian, cycle and public Botanic Gardens & Centennial Parklands transport access to the Parklands for 2016-17 has been a year of great Sydney-siders and tourists in particular achievements and I wish to thank as identified in the recent Moore the dedicated executive, staff and Park Masterplan. A highlight this year volunteers who enthusiastically was the continuing restoration of the maintain and improve the Guriwal Trail in Centennial Park — a Parklands for all of us to enjoy. bush food-themed track created in partnership with the Guriwal Aboriginal Corporation to partly interpret pre- European history of the area.

Tony Ryan Chair Centennial Park and Moore Park Trust

6 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 7 About Centennial Parklands About Centennial Parklands

Highlight’s Table for 2016-17

Protect the integrity of Conserving Living Ensure equity of access Promote cultural diversity Maintain sound Work in partnership Centennial Parklands Heritage and diversity of leisure and expression business practice

• Increased public awareness of values • Continued improvements in • Improvements in equity of access • Increased diversity of cultural • Increased cooperation and • Improved security of recurrent and priorities of Centennial Parklands. conservation management. to and within the Parklands. activities that match the community’s collaboration between the Trust government funding. profile and demand. and the Parklands stakeholders. • Improved integration and consistency • Increasing biodiversity in the Parklands. • Increased diversity of visitor • Improved performance in of planning across all Trust lands. profile and access to a range of • Improved profile of the Parklands in • Increased community participation in financial management. • Broader community appreciation recreational opportunities. hosting important cultural celebrations on long-term management initiatives. • Effective protection of the and awareness of the living local, regional, State and national scales. • Increased diversity and sustainability Parklands and its boundaries from heritage of the Parklands. • Improved satisfaction with • Increased international recognition for of funding sources. consistent external requests. Parklands accessibility within local • Growth in broad community participation Best Practice in parkland management. • Increased visitor satisfaction and regional communities. in Parklands activities and programs. • Improved performance of corporate with quality of maintenance. partnerships and alignment with • Increased proportion of pedestrian, core service objectives. cycle and public transport

Key result areas result Key access to the Parklands.

• Released the Moore Park Master • Completed a five-year tree planting • Management of Parklands Sports • There was 55% increase in the • Successful applications for • An asset data collection and upload process Plan, the first such plan in the park’s strategy as part of the Light Rail Tree Centre transitioned from private Parklands’ digital database. National Science Week and NSW was developed to guide providers of new history. Project included an industry- Compensation Package. 340 trees operator to Parklands management Environmental Trust grants resulting and upgraded assets. This process will leading digital consultation platform. planted in the year, as part of more than with the assistance of a ‘fee-for- • We recorded a 31% increase in in $12,000 of funding for education control the quality of asset data from the 550 trees to be planted over five years. service’ management partner. estimated media reach for the year. and community programs. source through to upload to our computer- • Developed and implemented policies based systems. The improved process, and procedures on fleet management, • Finalised Stage Three of road • Continued roll-out of interim online • We supported the Indigenous Marathon • In 2016-2017, 8115 hours of volunteer Project through hosting the Warrior Run. while still being tested in 16/17, will be fully utilities management, cultural resurfacing project - including booking systems for sports and support were undertaken with an rolled out in 17/18. collections policy to improve asset life- Parkes Drive, Robinson Drive community programs, while a long-term, • Continued restoration of the Guriwal estimated value-in-kind of $255,528 for cycle management and cost control. and Loch Ave North. customised solution is developed. 14% Trail, a Bush Food-themed track the year (based on an industry standard). • Overall food and beverage sales at increase in sports field utilisation achieved, created in partnership with the Guriwal Centennial Park grew by 15%. • Received fourth straight • Renovated 40 horse stables at and 10% increase in program bookings. • In 2016-17 we conducted community Green Flag Award for park Centennial Parklands Equestrian Aboriginal Corporation to partly interpret consultation on a range of projects, • We successfully delivered a diverse range of management excellence. Centre to modern standards. pre-European history of the area. including on the use of CCTV in projects funded by NSW Government, the • Our triennial survey was completed the Parklands and safety upgrades Parklands and the Centennial Parklands • Maintained environmental • Completed construction of new at the ES Marks Athletics Field. Foundation with highlights including the Ian accreditation to ISO 14001 amenities built with sustainability and reported a 19% growth in visitation over the previous three years. Potter Children’s Wild Play Garden and the for Centennial Parklands. design principles - project also • The draft Moore Park Masterplan 2040 Learner Cycle Way. saw older amenities removed. was publicly exhibited in Nov– Dec • Finalised the design and completed • The Centennial Park Nature & Wildlife Walking Tour App was launched. 2016, with over 700 responses received. • Developed the Draft 2017-2027 Centennial 90% build of the new Ian Potter • Developed a new horticultural This feedback was critical in shaping Parklands Plan of Management. Children’s Wild Play Garden to planting strategy for the Parklands • Registered sports participants grew by 7%. the final recommendations of the Plan, Key outcomes Key integrate into the heritage landscape. - began re-planting of the historic which was released in May 2017. • Continued liaison with RMS regarding further Due to open 18 October 2017. formal gardens (Column Garden and • Online sports bookings were safety improvements along Oxford Street, Rose Garden) in Centennial Park. completed by 80% of customers (a • Many events in Centennial Parklands Lang Road and Moore Park Road. service not previously available). have a charitable focus. More than $320K in direct donations for various • Hours booked on sports fields increased by • A 4% increase in year-on-year utilisation 4%. of the Parkland’s sports fields. charities was raised in 2016-17. • Moore Park Golf registered an 18% increase in group golf and achieved a 3% growth in public course utilisation against a background of general industry trends indicating negative growth.

• Commence stakeholder engagement • Continue the staged redevelopment • Complete new Duck Pond (Parkes • Website user testing was completed • Continue to Work with Transport for • Fully roll out the asset data on 10-year CPMPT Plan of of ES Marks Athletics Field and Drive) footpath to improve access with design commencing on a new NSW Light Rail project on delivery of the collection and upload process. Management 2017–2027. parking in Moore Park. and safety of pedestrians - part of the website for delivery in the coming year. City and South East Light Rail project. Centennial Park Master Plan 2040. • Complete an updated version • Implement the findings of University • Complete the volunteer-led restoration • Scope a number of cycleway / of the Centennial Parklands of NSW research project on reducing of the Guriwal Trail in Centennial Park. pedestrian pathways around Moore Park Conservation Management Plan. energy consumption - Moore boundaries in conjunction with City of Park Golf, Equestrian Centre and Sydney, RMS and other stakeholders. • Continue to work with Transport Parklands Depot are Stage One. for NSW Light Rail project. • Complete the Ian Potter Children's WILD • Develop tender process for Moore PLAY Garden (opened October 2017). • Finalise design of Stage one

Future focus Future Park Toll House adaptive reuse. of Education Precinct upgrade – New Discovery Centre

8 centennialparklands.com.auwww.centennialparklands.com.au CentennialCentennial Parklands Parklands Annual Annual Report Report 2016-17 9 About Centennial Parklands About Centennial Parklands

Botanic Gardens & Centennial Financial summary Parklands Strategic Plan 2015-2020

Where funds come from Capital grant 17% In 2014 the Minister for Environment and Heritage announced the operational Recurrent grant 0% integration of the staff from the Centennial Park and Moore Park Trust and Other contributions 5% the Royal Botanic Gardens and Domain Trust. The integration did not impact

the Trust’s or legislation governing the lands under management. Business activities 60% Use of Trust cash balances 18% As a result of this management integration a Strategic Plan was developed to drive the work of the new organisation.

Our Strategic Goal Our Strategic Priorities

Deliver sustainable and world-leading botanic gardens and parklands. 1. Grow and diversify our funding sources Our Vision 2. Build a leadership, stakeholder and Where funds are spent customer focused organisation We aspire to be: Employment related expenses 15% 3. Build a world-class • World-class curators and managers of internationally- education capability valued botanic gardens, parklands and collections 4. Ensure our science-based research, • Universally recognised as making a significant contribution Asset acquisition 37% conservation, horticultural capacity, to the quality, understanding and enjoyment of life Maintenance 13% activities and collaborations are • Advocates and custodians for our unique heritage and sites, locally and globally relevant and their national and international significance 5. Focus our operations on efficient Increase in Trust cash • Outstanding leaders in providing exceptional science, horticultural, and effective asset management balance investments 0% educational, cultural and recreational offerings 6. Maximise participation in all • One of the top five botanic gardens and parklands in the world sporting, leisure activities and reflective recreation Other operating expenses 35% Our Values 7. Ensure our strategies and plans • Relevance: Deliver extraordinary quality and value for the are current, relevant, forward- community, our customers and stakeholders looking and our stakeholders and communities fully consulted • Respect: We value, support and develop our people 8 Deliver an outstanding • Energetic: Innovative and adventurous visitor experience • Leadership: Inspiring as individuals and as an organisation Our key financial overview • Sustainability: Securing our environmental, social and financial future In the 2016-17 financial year the Centennial Park and Moore Park Trust again generated a recurrent operating surplus as a • Resilient: Adaptable while focused on our core outcomes result of improved revenue streams, a focus on cost management and the exercise of prudent financial management. Any • Collaborative: With those around us, within our teams and surpluses generated are directed towards the Trust’s capital program particularly to address deferred maintenance works. with our partners, stakeholders and the community The following table provides a five-year snapshot of key financial aspects of the Trust’s operating environment: • Integrity: Ethical, responsible, transparent and accountable

2016-17 2015-16 2014-15 2013-14 2012-13 Trust generated revenue $24.9M $24M $23.4M $21.2M $20.9M Trust operating expenses $23M $20.6M $20.2M $19.9M $20.3M Government recurrent - - - $0.0M $0.9M funding contribution % Trust self-funding 100% 100% 100% 100% 96%

Financial Projections: The Trust is 100% self-funding from 2014-15 with no government recurrent support for operating expenses other than a redundancy grant of $0.1M in 2016-17 (2015-16: $0.5M)

10 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 11 Environmental performance

Managing resources for sustainability Environmental Centennial Parklands has in place an industry-leading asset management strategy that guides its management and maintenance of assets, services and facilities across the three parks. Not only does this strategy put a framework in place for proactive asset maintenance, but it allows Performance us to more accurately align our maintenance activities with the budgeting cycle. Managing our assets developed to guide providers of new and • Centennial Parklands Equestrian upgraded assets. This process seeks to Centre – As at June 2017, the value of Parklands’ control the quality of asset data from the o Replacement of louvers on the assets on hand exceeded $1 billion, source through to upload to our covered arena roof covering buildings, infrastructure, computer-based systems. The improved o Window replacement works to landscape, trees and utilities. process, while still being tested in 16/17, Pavilions B, C, & D will be fully rolled out in 17/18. Key achievements during the period o Stables refurbishment in Pavilion A included: Managing our sports • Federation Valley – • Centennial Park Homestead – fields, tracks, courts and o Restoration works following the o Decking and ramp replacement surfaces bump-out of the Peter Rabbit film set (some 15000sqm of turf was laid o Wisteria Room door replacement We manage more than 120 sports fields, to return the area to its former glory). • Parklands Tennis Centre – tracks, courts and arenas, which are o Heritage building refurbishment intensively used for a wide variety of Managing our energy • Queens Park TM Hayes Grandstand – summer and winter sports. usage o Retaining wall construction and erosion stabilisation works The intensive use of these sports fields We are committed to achieving savings requires significant renovation and regular in energy usage and implementing • Centennial Parklands – maintenance to ensure user safety and sustainable energy management o Furniture replacement program at high-quality playing surfaces. In order to principles. We purchase electricity on the 35 new locations comprising a repair the extensive wear-and-tear, we contestable market utilising the State mixture of table sets, benches and completed a range of renovation works Contract Control Board electricity seats with backs including top dressing, aeration, and contract numbers 776 and 777. The o Randwick Gates heritage nutrient and herbicide application to purchase of electricity on this contract refurbishment more than 240,000sqm of sports fields, minimises costs and allows for the o Randwick entry gates widening to with in excess of 33,500 square metres purchase of 6% Green Power generated facilitate access by long-wide of turf replaced. from renewable sources. vehicles During 2016-17 key achievements We have been undertaking energy o Water-main replacement relating to the management of these efficiency and on-site renewable energy o Upgrades to Banksia Way and assets included: projects to reduce our billed energy use Queens Park playgrounds with soft • Queens Park Sports Field – and reduce our carbon footprint. fall rubber surfacing o Installation of sub-surface drainage o Duck Pond pathway extension as Key achievements during the period and full returfing of eight fields identified in the Centennial Park included: o Grading / laser levelling of four of the Master Plan. • Lighting replacements – upgrade to eight fields to provide an even Managing Resources for Sustainability 13 LED lighting at Kippax Field, playing surface Managing our asset Showground Field and Driver Ave Managing our environment 14 • Moore Park Golf – • Solar panel systems – installed at Sustainable Parklands Program 15 information o Driving Range refurbishment Centennial Parklands Equestrian Planning and Development Issues 15 The Mainpac Asset Management System including new larger synthetic Centre (25 kW), Centennial Park Depot is used to record asset information surface, upgrade to LED lighting and (41.6 kW) and Moore Park Golf Pro including service life, maintenance and repairs to the driving range building Shop (15 kW) financial valuations. A common naming o Administration building • Ongoing power generation from the and classification system was also refurbishment solar panel systems at Moore Park established to support identification, o Reconstruction of the 12th tee Golf Depot (FY16/17; 8575 kWh) and tracking and management of assets. the Learning Centre. Did you know... • ES Marks Athletics Field – To support maintaining a single asset register, the acquisition of asset data is o Structural steel repairs to the Centennial Parklands features one of only three strictly controlled. An asset data grandstand life-sized statues of Charles Dickens in the world! collection and upload process was

12 www.centennialparklands.com.au Centennial Parklands Annual Report 2016-17 13 Environmental performance Environmental performance

Managing our water - From the Equestrian Centre: stramonium), Jacaranda (Jacaranda consumption • 1543 tonnes of equine waste based mimosifolia), Lantana (Lantana camara), Sustainable Parklands Program on an average bin weight of 59kg Broad-leaf privet (Ligustrum lucidum), Our aim is to minimise the use of potable (equating to almost 26,000 bin lifts). Narrow leaf privet (Ligustrum sinense), Centennial Parklands manages a large, diverse and ageing Expenditure White Cedar (Melia azedarach), White (town) water across the Parklands asset base comprising significant heritage-related areas and Project ($,000) wherever possible. This has led to some Managing our mulberry (Morus alba), European olive major projects during the last five years (Olea europaea subsp. Europaea), facilities that are subject to intense (and growing) community environment Umbrella tree (Schefflera actinophylla), Strategic Planning and Long that ensure we use alternate water Term Funding Strategy sources from the Parklands’ ponds and Senna (Senna pendula), Wild Tobbacco demand. Following an external audit in October bore water where possible for such (Solanum mauritianum), Fern asparagus CIP 16/17 2016 we maintained our certification to 50 activities as sports field irrigation and (Asparagus aethiopicus) and Ludwigia The Capital Investment Program (CIP) government’s NSW 2021 plan, the Business Case ISO 14001 for our Environmental horticulture maintenance. (Ludwigia peruviana). focuses on developing appropriate new Sydney Metropolitan Strategy and the Management System. This recertification Moore Park Master assets and maintaining (and where Centennial Parklands Plan of 750 is evidence of our continued Plan 2040 Water harvesting technology – including Hand weeding and selective spraying is possible enhancing) existing assets, Management 2006-16. commitment to improvements in our rainwater tanks at the Centennial undertaken each month in the Eastern ensuring they are safe, accessible and environmental performance. Leisure Facilities Parklands Equestrian Centre – assists in Suburbs Banksia Scrub sites of the Bird compliant with the Parklands’ planning, In 2016-17 we successfully delivered a Ian Potter Children’s reducing potable water consumption. Sanctuary and York Road in order to heritage and environmental diverse range of projects funded by Environmental work completed included: Wild Play Garden 3,700 protect these endangered bush requirements. NSW Government, the Parklands and construction We use the WELS water efficiency • Native planting at Queens Park and remnants. We also undertook our annual the Centennial Parklands Foundation. ratings to select all new water-using Guriwal trail weed program to prevent bindii and The CIP is aligned with government Learner Cycle 130 appliances. Smart water meters are • Kensington Pond bank erosion control other broad leaf weeds which are policy, statutory requirements and These are shown in the table on the Way prevalent in lawn areas of the Parklands. used on high-water-use sites to monitor • Regeneration of a segment of Eastern corporate objectives. It reflects the far right: The aim of the program is to improve the Total $4.2M consumption in real-time to gain a better Suburbs Banksia Scrub that is listed priorities and targets of the state quality of playing fields and parkland understanding of seasonal usage as a threatened ecological community patterns and identify potential water- open space by reducing herbaceous • Flora survey of Eastern Suburbs saving interventions. weeds. Banksia Scrub discovered two new species: Dainty Wedge-pea and Planning and development issues Managing our waste Sunshine Wattle Wildlife ecology We took an active role in local and regional planning and development issues - Centennial Park Kensington Pond generation • Bird nesting boxes installed in seven The Grey-headed Flying-fox and the throughout 2016-17, reviewing and preparing many development proposals, plans, bridge replacement locations Powerful Owl are two of the most Green waste is reused on site wherever planning policies and studies for the Parklands and its surrounding area. - Centennial Park Lachlan Swamp • A Green Flag Award for the third well-known species in the Parklands and possible. We aim to recover, recycle and Walkway develop innovative green waste consecutive year. both are listed as vulnerable to Statutory planning and environmental - Relocation of the Anzac Parade - ES Marks Athletics Field upgrade reduction strategies to manage our extinction. Monitoring of these assessments for 58 development memorial obelisk populations is undertaken by the (Stage 1) waste. Managing our tree proposals were undertaken during the - City of Sydney cycleway on Moore Parklands in partnership with volunteer - Centennial Park furniture installation population year, including: Park Road groups and Birdlife Australia’s Powerful Measures in place include: • 22 development applications and - Centennial Park Randwick Gate Owl Project. Our birdwatchers in the - Centennial Parklands dining • Separation of recyclable materials Centennial Parklands features more than minor development proposals on restoration Parklands continue to register bird alterations from the general waste stream (eg 15,000 semi-mature and mature trees surrounding land - Moore Park Tennis Centre – minor across Queens Park, Moore Park and species sightings with 124 species - Queens Park Shed café upgrade organics, waste paper, cardboard and • 20 development applications and alterations and court wind breaks Centennial Park. In 2016-17, 223 new recorded since January 2013. - Sydney Water pumping station empty toner cartridges) proposals on Trust land by other - Moore Park Golf House repairs and semi-mature trees were planted. upgrade • Development of an Environmental Another iconic species that seasonally parties which required the consent of repainting Management System encouraging the Parklands as landowner. - The Greenhouse Café – minor Major plantings are scheduled for Lang visits the Parklands is the Yellow-tailed - Moore Park Toll House restoration. staff to recycle and adopt energy- alterations. Road, Sandstone Ridge, Darley Road Black-Cockatoo. Data from Birdlife These included: efficient practices • 16 development proposals and and Moore Park Golf Course. Australia suggests that this species is - Minor alterations and changes of Other planning-related work undertaken plans for Trust land by the • Collation of baseline data on our top declining across southeast Australia. In use for retail tenancies and in 2016-17 included: three waste streams by total volume partnership with the University of New Parklands including: commercial buildings (including the • Development and release of the and by total cost to meet requirements Managing pests and South Wales we have completed a - Centennial Park perimeter fencing Australian Film, Television and Radio Moore Park Master Plan of the Government Resource weeds research project to assess the habitat, School) in the Entertainment upgrade • Development of Draft 2017-2027 Efficiency Policy (GREP). foraging preferences and breeding Quarter - Centennial Park pedestrian path The presence and impact of weeds behaviour of the Yellow-tailed Black- Centennial Parklands Plan of - Minor alterations to buildings in Fox along Parkes Drive South across the Parklands continues to be Cockatoo. Management. For the reporting period the following has Studios - Centennial Park Ian Potter restricted to isolated infestations. • Continued liaison with RMS regarding been removed from the Parklands: Children’s Wild Play Garden (Stage The Parklands has undertaken control - The planning and development of further safety improvements along - From 240 litre bin waste stations: 1) During 2016-17 we undertook programs for feral species (fox and carp) two major transport infrastructure Oxford Street, Lang Road and Moore • 530 tonnes of general waste environmental and noxious weed control during 2016-17. projects in Moore Park – the South - Centennial Park Ponds Walk Park Road. • 122 tonnes of co-mingled waste works, targeting Cobbler’s Pegs (Bidens East Light Rail and the RMS (between Kensington Pond and pilosa), Paddy’s lucerne (Sida We would like to acknowledge the Alexandria to Moore Park Fearnley Grounds) - From park operations via skip bins: rhombifolia), Phoenix Palm (Phoenix dedicated volunteers who assist with Connectivity Upgrade - Centennial Parklands Equestrian • 141 tonnes of green waste canariensis), Mickey mouse plant (Ochna monitoring wildlife across the Parklands - Sydney Water, water main upgrade Centre, A Pavilion minor renovations • 170 tonnes of general waste serrulata), Hackberry (Celtis occidentalis), and participate in the carp management in Moore Park Road and repairs Camphor Laurel (Cinnamomum program. • 147 tonnes removed through our camphora), Devil’s snare (Datura pond network waste-capture systems

14 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 15 Social Performance

Visitation Social Our triennial survey was completed in 2016-17 and has reported a 19% growth in visitation over the previous three years. The research estimated that 31 million visits were made to the Parklands annually. The high frequency of repeat visitation is a key contributor Performance to the total number, with many visitors coming multiple times per week. This is supported by further visitation data indicating the increasing popularity of Centennial Parklands as a result of increased sports facility utilisation, higher-density residential populations on the Parklands’ borders, improving education and community programs participation, a steadily growing food and beverage turnover, and a surging demand for open spaces.

Serving the community

Centennial Parklands is committed During 2016-17 the Centennial to providing high-quality venues Park Nature & Wildlife Walking Tour that enable all to enjoy a diversity of App was launched, social media passive recreational, sporting, cultural channels grew and website user and educational facilities. As one testing was completed with design of Sydney’s most frequently-visited commencing on a new website open spaces, we proactively plan for delivery in the coming year. for visitor needs and the evolving changes in demands within the Customer feedback with recorded community. Part of this work is to complaints were extremely low in respond to customer feedback and 2016-17 as a proportion of the develop a system of incorporating this large visitation numbers. Complaints feedback into long-term planning. were very broad and diverse, and representative of the amazing diversity A digital first approach of Parkland’s users, with the primary complaint relating to the delivery of Feedback comes in a range of forms, regulatory activity or conflictingly, the including complaints, requests, perceived lack of regulatory activity. enquiries and via consultation. Priority has grown over recent years to This is supported by the triennial Visitation 17 the two-way and instant feedback customer research indicating that available through digital channels, more than 94% of all attendees are Sports in the Parklands 18 including Facebook, Twitter and satisfied or extremely satisfied with Education and community programs 19 TripAdvisor. We have focussed their visit to Centennial Parklands. Volunteering 19 on growing these databases and proactively maintaining them in order Venue management 20 to respond to customer needs and to Supporting community groups 20 benchmark performance. Customer satisfaction in these online review Community Consultative Committee 21 platforms remains at industry-high levels for Centennial Parklands with a 4.5 and 4.6 out of 5 rating on Tripadvisor and Facebook respectively. Did you know... Centennial Parklands is the largest community sporting precinct in Australia in terms of participation, facilities available and sports accommodated.

16 centennialparklands.com.auwww.centennialparklands.com.au Centennial Parklands Annual Report 2016-17 17 Social Performance Social Performance

Sports management and participation Formal and community education Centennial Parklands – Australia’s largest community sports precinct – prides We offer a wide range of community programs including formal educational excursions, itself on being at the forefront of fostering sport and recreation trends. As guided tours, community outreach, school holiday programs and themed events. These act housing density increases, public parks and recreational facilities are playing a as an educational and social capacity-building extension of our work within the community. crucial role in the physical, social and mental wellbeing of the community. In 2016-17 our education and Volunteering hours Eastern Suburbs Banksia community programs continued to The demand for the Parkland’s • We have the only permanent renovations to the remaining Scrub (ESBS) Regeneration grow. The key achievements within facilities and venues is growing orienteering course in stables in A Pavilion; replacement In 2016-2017, 8115 hours of volunteer the reporting period include: steadily each year and now metropolitan Sydney. of ageing windows across Pavilions support were undertaken with an A regular group of volunteers accommodates in excess of 35 A, B, C and D; the introduction • 10,308 formal school students estimated value-in-kind of $255,528 contribute one Sunday per month sports across 120 playing facilities of permanent furniture fixtures; attended excursions for the year (based on an industry to improve the Parklands’ ESBS Significant achievements standard of $31.50 per hour). (including football and rugby fields, during 2016-17 include: the installation of solar panels • Successful applications for sites. The longer-term volunteers cricket wickets, basketball courts, to offset electrical power usage; National Science Week and NSW are becoming proficient at plant • $1.3M investment into Queens Key volunteering achievements include: an 18-hole golf course, a 200-stable and renovation of the Equestrian Environmental Trust grants resulting identification and have an excellent Park – refurbishing nine sports equestrian facility and the ES Marks Centre staff office to enhance the in $12,000 of funding for education understanding of the principles of bush fields, and improving drainage, international standard athletics track). customer service experience and community programs Guriwal restoration project regeneration. A total of 30 people surface quality and durability to allow • A 4% increase in year- participated in bush care this year for an increase in usage of 15% • 19,646 participants in community Commencing in February 2016, Highlights include: on-year utilisation of the and contributed a total of 354 hours over the previous financial year programs providing a range of this project involves the restoration • The Parklands now represents Parkland’s sports fields high-quality family events including of work. Most of the work undertaken • The Moore Park all-weather sports of a 10,000-square-metre natural twice the turf-sports-field area Science in the Swamp, The Great was secondary weed removal, which field celebrated its first full year • The Parklands being selected to area – an important site for and all-weather synthetic multi- CP Egg Hunt, Astronomy in included removal of the weeds of operation, hosting more than host a range of major sporting the Aboriginal community. use playing surfaces of the four the Park, Spotlight Prowl, Bush Ehrharta erecta, Fleabane, Cudweed 100 community sporting groups events including the Sydney surrounding local councils combined Rangers, Kids VS Wild, Swamp and Couch, in addition to cutting and and schools for in excess of Marathon, World Rugby 7’s, Key restoration outcomes – Monsters and Mother Nature Quest stacking fallen shrubs and trees. • Moore Park Golf – one of the busiest 3,100 hours of content equating AFL 9’s and Polo in the City public championship golf courses to 70,000 visits to the facility • The successful transition of the • Bush school (a five-week pre-school • Improved access to 300m2 of Volunteer Vivian Ward was in Australia – features one of the program) now runs 53 sessions • Moore Park Golf continued to Parkland’s Sports Centre business pathway and the creation of a acknowledged by Rotary for the largest driving ranges in the southern per year with an attendance rate of operate during extensive capital to a new operator, Clublinks, natural 40m2 of new access path ‘Unsung Hero Award’ for her hemisphere. Some 16 million range allowing for major improvements in approximately 90% and demand investment in upgrades to the golf • Initial stage of a new 120m-long volunteering at Centennial Parklands. balls were hit and 55,000 rounds all key areas – from the operating is growing annually for this unique course and golf house, in addition loop track which will improve of golf were played, including an environment through to customer education product in Sydney. to a major renovation of the driving tour/educational programs by Grey-headed flying–fox monitoring increase in group golf by 18% experience, in addition to laying range (the latter works resulted in enhancing the experience • ES Marks Athletics Field features an increase in utilisation of 13%) the foundations for a business- Our education and training The grey-headed flying-fox is listed an accredited international- positive position for 2018 services extended well beyond • 1000m2 invasive weeds • Moore Park Golf achieved a as a threatened species and is standard synthetic running track, school-age children, with adult removed by hand 3% growth in public course • As a result of the above transition, monitored by volunteers who conduct with more than 75 school athletics education achievements such • Planted native plant species in utilisation, against a background the Sports Centre recorded an regular fly-out counts for Parklands’ carnivals and 100,000 patrons as the delivery of nature training rehabilitated areas with the help of of general industry trends uplift in netball registrations and management. The population varies using the facility every year professional development community and corporate volunteers indicating negative growth tennis court bookings of 32% seasonally and annually due to the • Our Equestrian Centre houses over and 21% respectively, and online programs to 593 participants. • Established and nurtured key availability of food. In the past year, • More than $1M was invested 210 horses, five riding schools bookings were completed by community-based groups. colony numbers ranged from 8520 in safety and upgrades to the and one of the largest covered 80% of customers (a service We would like to take this opportunity (August 2016) to 38,915 (Feb 2017). Equestrian Centre including riding arenas in the state not previously available). to thank Darrell Lea for their continued Nursery Growing Group improvements to the integrity of the support of the Great CP Egg Hunt. Main Arena roof; major Clean Up Australia Day Plant stock propagated by the

Nursery Growing Group was Centennial Parklands and volunteers Volunteering used across the Parklands and participated in Clean Up Australia

in two seasonal plant sales. Day on 5 March 2017 to help The Centennial Parklands’ Volunteer Sport and recreation field utilisation participation numbers Program enables the community to keep the Parklands beautiful. actively contribute to visitor services, Key outcomes – 2016-17 2015-16 2014-15 2013-14 2012-13 park assets and environmental Birdwatching projects across Centennial Parklands. • The $6050 revenue generated Registered sports participants 720,000 672,350 595,000 576,000 556,000 Birding surveys were undertaken by (7% increase) from plant sales was used to To complement this program, make Nursery improvements the volunteer bird watchers across Summer sports participants 324,320 302,557 267,750 233,700 233,700 Corporate Volunteers Programs and including installing a fully- the Parklands, as well as reporting (7% increase) Conservation Volunteers Australia (an automated irrigation system of rare or unusual birds. The group organisation located within Centennial also assisted in the Science in the • Children’s Garden plants – which Winter sports participants 395,680 369,792 327,250 322,738 322,738 Parklands) also drive volunteer Swamp event, helping our education are stored in Nursery – are being (7% increase) engagement and deliver a range team promote wildlife conservation. maintained by volunteers. improvement projects in the Parklands. Hours booked on sports fields 47,400 45,543 39,983 35,665 33,343 (4% increase)

18 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 19 Social Performance Social Performance

Habitat Restoration Key Outcomes – Corporate volunteers Filming and photography • 1000m2 of Parklands was kept Large corporate businesses – Volunteers maintained various habitats litter free and more than 12 trailer – including Lachlan Swamp and including Qantas, NAB, Moody, loads of branches/palm fronds were Samsung, Google, Sydney Water, We are committed to supporting the industry and complying with the NSW Government’s Kensington Pond – through weed removed from across this site and litter removal. Volunteers also ANZ, Experim, Buchan, Adobe film-friendly policy and therefore provide responsive and flexible customer service to film • 1200m2 of pathways were maintain areas around the Robertson Australia, and K&L Gates have and photography professional clients. Road Gates and Kippax Lake. swept weekly and 550m2 of assisted in many volunteer projects. Centennial Parklands also partnered gardens were kept weed free with CVA to undertake weeding and • Over 25,000 litres of litter was A supporter income of $23,500 In 2016-17 Centennial Parklands Highlights for 2016-17 include: These achievements were built on the habitat restoration at Centennial Park, removed from across the Parklands. was generated for the Centennial played a significant role in supporting strength of excellent customer service Queens Park, and Moore Park. Parklands Foundation. the NSW Film industry as the host for • 155 commercial filming and and our ability to adapt and meet the ‘Peter Rabbit’ film set which was photography bookings industry demands. The high volume of reported to have created jobs for 55 filming and photography requests, in • The ‘Peter Rabbit’ (feature film) local actors and 600 crew. addition to the consistent bookings for primary set was established in the high-profile feature films, is indicative of Parklands Centennial Parklands also continued to the Parklands’ importance to the provide regular access for production • 216 wedding photography bookings Australian film industry. were taken. Venue management companies filming TV commercials, This relationship is further cemented reality shows and mini dramas. by the support we give to industry Centennial Parkland’s events calendar continues to create diverse event experiences for all, operations (including Fox Studios, AFTRS, NIDA and TAFE NSW). with a range of health and lifestyle, arts and culture, fun and learning, and active sporting event participation opportunities.

More than 175,000 patrons enjoyed 18 Through this function, venue In addition, under the Parkland’s events in 2016-17 and helped to meet management revenue met budget for Community Support Charter a number Communications and consultation our social obligations set out under the the financial year, with all funds raised of smaller charity / community events Act and the NSW Government’s from events returned into the are actively supported, including: We are committed to providing an exceptional communications service to park visitors and commitment to diversity of experiences management and maintenance of the • Charity Cycle Variety Club in public spaces. Parklands. stakeholders, and to meet its statutory requirement under the Act. • Ride for Youth event The events calendar included long- Supporting community • Warrior Run for Indigenous Customer Charter Consultations input and relationship building between Marathon Project term events such as Moonlight groups the Trust and the Parklands’ many Cinema, Listen Out, Sydney Running • 145 Cycle. Centennial Parklands has a Customer In 2016-17 we conducted community constituencies. Information on the CCC can be found online at: Festival, Polo in the City, J.P.Morgan Many events in Centennial Parklands Charter to provide a clear level of consultation on a range of projects, centennialparklands.com.au/ccc Corporate Challenge, Taste of Sydney have a charitable focus. More than In addition, The Color Run, Sydney service expectation. This Charter including on the use of CCTV in the and The Color Run. $320K in direct donations for various Running Festival and the J.P.Morgan encourages greater engagement with Parklands and safety upgrades at the In 2016-17 the CCC met on six formal charities was raised in 2016-17. Corporate Challenge were also stakeholders and visitors, and is ES Marks Athletics Field. Centennial Park continues to be an significant fundraising events staged available online or at the Parklands occasions to discuss a range of important issues, including the Moore extremely popular location for The key fundraising events were: (or partly staged) in the Parklands this Office on request. The draft Moore Park Masterplan 2040 weddings and picnics. The Parklands financial year. was publicly exhibited in November Park Master Plan, the ES Marks Safety provides a large number of free public • ‘RBC Race for the Kids’ for the Digital communications – December 2016. Following a strong Upgrades, the Ian Potter Children’s picnic locations and a limited number Starlight Children’s Foundation public awareness campaign and an Wild Play Garden and more. of bookable alternatives. The • ‘Walk 4 Brain Cancer’ for Cure For In 2016-17 there was 55% increase in eight week consultation process, over popularity of a booked location for Life Foundation. the Parklands’ digital database and we 700 responses were received (a A full list of the current members of the both picnics and weddings continued continued our push towards cost- combination of formal submissions, CCC, their attendance records and a with 475 bookings in 2016-17. effective and on-demand information online surveys and face-to-face link to meeting minutes are found in services, investing time and resources discussions). This feedback was Appendix 1 (p 64). into websites, social media, blog and a critical in shaping the final fully integrated online booking system. recommendations of the Plan, which was released in May 2017. Media reach Community We also increased our resources on Consultative Committee generation of increased traditional media coverage, with a 31% increase The Centennial Parklands Community in estimated media reach for the year, Consultative Committee (CCC) is an which included major metropolitan advisory body whose role is to media articles, news and lifestyle represent a broad range of community program television coverage, and interests to the Trust. It is instrumental online bloggers. in providing a forum for communication,

20 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 21 Financial Performance

Financial New revenue streams In 2016-17 we had 25 tenants and undertook commercial activity across Performance Centennial Parklands that raised $8.82M in revenue, which is invested back into maintaining and upgrading the Parkland’s assets, services and facilities.

Commercial highlights for the Fees and charges reporting year included: • Centennial Park Dinning undertook Each year we review all fees and a $750K upgrade to the amenity charges for a diverse range of facilities of the building, transforming including its public programs, parking, it into the ‘Homestead’ and sports field hire, functions and events, the Trust undertook further Moore Park Golf and the Equestrian works upgrades to doors and Centre. The aim of the review is to entrances to the restaurant apply Consumer Price Index (CPI) changes to fees and charges and • the Equestrian Centre undertook cover any increases in administrative improvements including essential overheads and maintenance costs. repairs to Pavilion A to enhance the amenity of stalls, which has Our rates came into effect on 1 led to an uplift in user satisfaction July 2015 and are available online • The Greenhouse café exceeded at: centennialparklands.com.au forecast sales by more than 20%, delivering an unexpected Development Support uplift in rental income As part of the integration between • Overall food and beverage sales the operational teams of Centennial at Centennial Park grew by 15% Park and Moore Park Trust and • The Trust assumed control of the Royal Botanic Gardens and parking meters on Driver Avenue Domain Trust, there is now increased in conjunction with compliance capacity and expertise to leverage New revenue streams 23 upgrades which will lead to sponsors, donors and philanthropists Fees and charges 23 improved revenue and operational to support Parklands’ initiatives. capabilities in future years Economic performance 24 • Playbill Venues have reported Accounts payable 24 an exceptional year for concert Investment performance 25 and event attendances.

Did you know... Centennial Parklands is located within the highest density urban population areas in Australia - an approximate 40% population growth expected on its borders over the next 20 years.

22 www.centennialparklands.com.au Centennial Parklands Annual Report 2016-17 23 Financial Performance Financial Performance

Economic performance Investment performance

Item 2012-13 2013-14 2014-15 2015-16 2016-17 During the reporting year the Parklands continued to invest funds in bank term Open space cost per visit $ 1.07 0.34 0.33 0.33 0.25 deposits which have been arranged through NSW Treasury Corporation. Visitors outside 5km radius % 35 35 35 35 35 Surplus funds have been invested (data collected every three years) in bank term deposits to meet the Maintenance investment Parklands’ short-term and longer term % 0.42 0.41 0.39 0.39 0.53 obligations. as a % of asset value Total asset value $M 870.4 938.1 966.2 1027.8 1075.4 Bank term deposits on 30 June Net cost to Government per visit $ 0.13 0.01 0.01 0.01 0.01 Value of deposits on 1 July $18,289,246 Net cost to Trust per visit $ 2.89 2.24 1.25 1.28 0.94 Value of deposits on 30 June $10,153,814 Total net cost per visit $ 3.02 1.25 1.27 1.29 0.95 Interest income earned $502,677 % of overall operating costs funded % 95.6 99.4 98.8 97.7 98.5 by Trust revenue Actual rate of return 2.93% Trust generated revenue $M 20.9 21.2 23.4 24.0 24.9 The Trust utilises term deposits to take Revenue growth % 8.3 5.3 8.2 2.6 3.5 advantage of higher interest rates. Note: 2016-17 performance is calculated based on annual visitation of 31M compared to 21.2M in the prior The holdings are in line with the year. This follows the outcome of the triennial visitor research completed in 2017. Parklands financial strategy, which is to ensure it meets its short-term cash flow requirements as well as specific future capital commitments. Payment performance

Accounts payment at the Sep 2016 Dec 2016 Mar 2017 Jun 2017 end of each quarter $ $ $ $ Currently within 30 days 4,059,925 5,377,975 5,289,010 8,939,447 Overdue less than 30 days 656,093 981,003 1,199,640 1,765,704 Overdue between 30-60 days 85,933 67,786 251,465 41,380 Overdue between 60-90 days 15,778 1,062 6,833 112,447 Overdue more than 90 days 330 - 8,637 1,023

Accounts payable

Total value of Target Actual Value Total accounts payable % % $ Amount Paid $ September Quarter 100% 84% 4,059,925 4,818,059 December Quarter 100% 84% 5,377,975 6,427,826 March Quarter 100% 78% 5,289,010 6,755,585 June Quarter 100% 82% 8,939,447 10,860,001

24 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 25 Financial Performance

Financial Centennial Park and Moore Park Trust Financial Statements Statements For the Year Ended 30 June 2017

Statement by Trustees

Pursuant to Section 41C(1B) and (1C) of the Public Finance and Audit Act 1983, we state that:

a) the accompanying financial statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2015 (as applicable), the Treasurer’s Directions, the directives of the Financial Reporting Code and Australian Accounting Standards, which include Australian Accounting Interpretations.

b) the statements exhibit a true and fair view of the Trust’s financial position as at 30 June 2017 and the transactions of the year then ended.

c) we are not aware of any circumstances that would render any particulars included in the financial statements to be materially misleading or inaccurate.

Mr Tony Ryan Mr Adam Boyton Trust Chairman Trustee

28 September 2017

Statement by Trustees 27 Independent Audit Report 28 Statement of Comprehensive Income 30 Statement of Financial Position 31 Statement of Changes in Equity 32 Statement of Cash Flows 33

Did you know... Moore Park was formally declared a public place of recreation on 10 December 1866 - this means that 2016 is the 150th anniversary of the park!

26 centennialparklands.com.auwww.centennialparklands.com.au Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Independent Audit Report Independent Audit Report

The Trustees’ Responsibility for the Financial Statements The Trustees are responsible for the preparation and fair presentation of the financial statements in

accordance with Australian Accounting Standards and the PF&A Act, and for such internal control as the Trustees determine is necessary to enable the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error. INDEPENDENT AUDITOR’S REPORT In preparing the financial statements, the Trustees must assess the Trust’s ability to continue as a Centennial Park and Moore Park Trust going concern except where the Trust will be dissolved by an Act of Parliament or otherwise cease operations. The assessment must disclose, as applicable, matters related to going concern and the appropriateness of using the going concern basis of accounting. To Members of the New South Wales Parliament Auditor’s Responsibility for the Audit of the Financial Statements Opinion My objectives are to: I have audited the accompanying financial statements of Centennial Park and Moore Park Trust (the Trust), which comprise the statement of financial position as at 30 June 2017, the statement of • obtain reasonable assurance about whether the financial statements as a whole are free from comprehensive income, statement of changes in equity and statement of cash flows for the year then material misstatement, whether due to fraud or error ended, notes comprising a summary of significant accounting policies and other explanatory • issue an Independent Auditor’s Report including my opinion. information. Reasonable assurance is a high level of assurance, but does not guarantee an audit conducted in In my opinion, the financial statements: accordance with Australian Auditing Standards will always detect material misstatements. • give a true and fair view of the financial position of the Trust as at 30 June 2017, and of its Misstatements can arise from fraud or error. Misstatements are considered material if, individually or in financial performance and its cash flows for the year then ended in accordance with Australian aggregate, they could reasonably be expected to influence the economic decisions users take based Accounting Standards on the financial statements. • are in accordance with section 41B of the Public Finance and Audit Act 1983 (PF&A Act) and the Public Finance and Audit Regulation 2015. A description of my responsibilities for the audit of the financial statements is located at the Auditing and Assurance Standards Board website at: www.auasb.gov.au/auditors_responsibilities/ar4.pdf. My opinion should be read in conjunction with the rest of this report. The description forms part of my auditor’s report. Basis for Opinion My opinion does not provide assurance:

I conducted my audit in accordance with Australian Auditing Standards. My responsibilities under the • that the Trust carried out its activities effectively, efficiently and economically standards are described in the ‘Auditor’s Responsibilities for the Audit of the Financial Statements’ section of my report. • about the assumptions used in formulating the budget figures disclosed in the financial statements I am independent of the Trust in accordance with the requirements of the: • about the security and controls over the electronic publication of the audited financial • Australian Auditing Standards statements on any website where they may be presented • Accounting Professional and Ethical Standards Board’s APES 110 ‘Code of Ethics for • about any other information which may have been hyperlinked to/from the financial statements. Professional Accountants’ (APES 110).

I have fulfilled my other ethical responsibilities in accordance with APES 110.

Parliament promotes independence by ensuring the Auditor-General and the Audit Office of New South Wales are not compromised in their roles by:

• providing that only Parliament, and not the executive government, can remove an Auditor-

General • mandating the Auditor-General as auditor of public sector agencies • precluding the Auditor-General from providing non-audit services. Reiky Jiang

I believe the audit evidence I have obtained is sufficient and appropriate to provide a basis for my Director, Financial Audit Services audit opinion. 29 September 2017 SYDNEY

28 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 29 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Statement of Comprehensive Income Statement of Financial Position for the Year Ended 30 June 2017 as at 30 June 2017

Actual Budget Actual Actual Budget Actual 2017 2017 2016 2017 2017 2016 Notes $’000 $’000 $’000 Notes $’000 $’000 $’000 Expenses excluding losses ASSETS Operating expenses Current Assets Personnel services 2(a) 6,399 6,976 7,047 Cash and cash equivalents 5 7,096 1,527 18,396 Other operating expenses 2(b) 17,234 15,896 14,566 Receivables 6 3,057 2,649 1,896 Depreciation and amortisation 2(c) 6,224 6,015 5,842 Inventories 7 133 195 214 TOTAL EXPENSES EXCLUDING LOSSES 29,857 28,887 27,455 Financial assets 8 7,154 12,671 3,605 REVENUE Total Current Assets 17,440 17,042 24,111 Sale of goods and services 3(a) 12,085 11,535 11,284 Non-Current Assets Investment revenue 3(b) 10,921 11,570 11,170 Property, Plant and Equipment Retained taxes, fees and fines 3(c) 383 530 439 - Land and buildings 9(a) 643,507 627,132 615,527 Grants and contributions 3(d) 18,532 14,709 6,066 - Plant and equipment 9(b) 2,748 2,360 2,522 Other revenue 3(e) 1,031 1,800 1,140 - Infrastructure systems 9(c) 410,741 406,438 385,113 Total Revenue 42,952 40,144 30,099 Total Property, Plant and Equipment 1,056,996 1,035,930 1,003,162 Operating result 13,095 11,257 2,644 Intangible assets 10 954 190 501 Other non-current assets 11 19 31 29 Loss on disposal 4 - - (174) Total Non-Current Assets 1,057,969 1,036,151 1,003,692 Net result from continuing operations 13,095 11,257 2,470 Net result 13,095 11,257 2,470 Total Assets 1,075,409 1,053,193 1,027,803 LIABILITIES Other Comprehensive Income Current Liabilities Items that will not be reclassified to net result in Payables 13 5,529 3,528 4,696 subsequent periods Other current liabilities 14 2,847 2,458 3,031 Changes in revaluation surplus of 9 34,453 60,848 Total Current Liabilities 8,376 5,986 7,727 property, plant and equipment Total Other Comprehensive Income 34,453 - 60,848 Non-Current Liabilities TOTAL COMPREHENSIVE INCOME 47,548 11,257 63,318 Other 14 652 653 1,243 Total Non-Current Liabilities 652 653 1,243 The accompanying notes form part of these financial statements. Total Liabilities 9,028 6,639 8,970 Net Assets 1,066,381 1,046,554 1,018,833 EQUITY Reserves 421,504 405,234 387,051 Accumulated funds 644,877 641,320 631,782 Total Equity 1,066,381 1,046,554 1,018,833

The accompanying notes form part of these financial statements.

30 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 31 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Statement of Changes in Equity Statement of Cash Flows as at 30 June 2017 for the Year Ended 30 June 2017

Accumulated Asset Total Actual Budget Actual Funds Revaluation 2017 2017 2016 Surplus Notes $’000 $’000 $’000 Notes $’000 $’000 $’000 CASH FLOWS FROM OPERATING ACTIVITIES Balance at 1 July 2016 631,782 387,051 1,018,833 Payments Net result for the year 13,095 - 13,095 Personnel services 6,406 6,976 6,957 Other comprehensive income Suppliers for goods and services Net increase in property, plant and equipment 9 - 34,453 34,453 Other 20,131 19,918 18,465 Transfers on disposal - - - Total Payments 26,537 26,894 25,422 Total other comprehensive income - 34,453 34,453 Total comprehensive income for the year 13,095 34,453 47,548 Receipts Balance at 30 June 2017 644,877 421,504 1,066,381 Sale of goods and services 13,623 11,302 13,246 Balance at 1 July 2015 629,057 326,458 955,515 Interest received 521 423 514 Net result for the year 2,470 - 2,470 Retained taxes, fees and fines 373 530 462 Other comprehensive income Rent received 11,495 11,147 10,211 Net increase in property, plant and equipment 9 - 60,848 60,848 Transfers on disposal 255 (255) - Grants and contributions 7,216 14,332 4,784 Total other comprehensive income 255 60,593 60,848 Other 1,278 4,007 2,235 Total comprehensive income for the year 2,725 60,593 63,318 Total Receipts 34,506 41,741 31,452 Balance at 30 June 2016 631,782 387,051 1,018,833

NET CASH FLOWS FROM OPERATING ACTIVITIES 19 7,969 14,847 6,030 The accompanying notes form part of these financial statements. CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of land and buildings, plant and equipment and infrastructure systems - - 26 Proceeds from sale of financial assets 3,605 13,677 15,271 Purchase of land and buildings, plant and equipment and infrastructure systems (15,720) (17,262) (8,199) Purchases of investments (7,154) (11,258) (3,605) NET CASH FLOWS USED IN INVESTING ACTIVITIES (19,269) (14,843) 3,493 NET CASH FLOWS FROM FINANCING ACTIVITIES - - - NET INCREASE IN CASH (11,300) 4 9,523 Opening cash and cash equivalents 18,396 1,523 8,873 CLOSING CASH AND CASH EQUIVALENTS 5 7,096 1,527 18,396

The accompanying notes form part of these financial statements.

32 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 33 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Notes to and Forming Part of Notes to and Forming Part of the Financial Statements the Financial Statements for the Year Ended 30 June 2017 for the Year Ended 30 June 2017

1. Summary of Significant Accounting Policies 1. Summary of Significant Accounting Policies (continued)

(a) Reporting Entity employee related information as Standards, which include Australian cash receipts over the expected life of been recognised. This includes The Centennial Park and Moore Park “personnel services” in its financial Accounting Interpretations. the financial instrument or a shorter Unused non-vesting sick leave does outstanding amounts of payroll tax, statements. period, where appropriate, to the net not give rise to a liability as it is not workers’ compensation insurance Trust (the Trust) is a corporation (d) Administered Activities constituted under the Centennial Park carrying amount of the financial asset. considered probable that sick leave premiums and fringe benefits tax. and Moore Park Trust Act 1983. It is a These financial statements for the The Trust does not administer or taken in the future will be greater than (g) Insurance NSW government entity and is year ended 30 June 2017 have been control activities on behalf of the Rental income arising from operating the benefits accrued in the future. controlled by the State of New South authorised for issue by the Trust on Crown. leases is accounted for on a straight- The Trust’s insurance activities are (ii) Long Service Leave and Wales, which is the ultimate parent. It 28 September 2017. line basis over the lease terms. conducted through the NSW Treasury Superannuation operates as one service group and Managed Fund Scheme of self there are no other entities under its (b) Basis of Preparation (e) Income Recognition The Trust’s liabilities for long service insurance for Government agencies. (f) Employee benefits The expense (premium) is determined control which are required to be The Trust’s financial statements are Revenue is measured at the fair value leave and defined benefit (i) Salaries and Wages, Annual Leave by the Fund Manager based on past consolidated in these financial general purpose financial statements of the consideration or contribution superannuation are assumed by the and Sick Leave claim experience. statements. which have been prepared on an received or receivable. Additional Crown Entity. The Trust accounts for comments regarding the accounting the liability as having been accrual basis and in accordance with: Salaries and Wages, Annual Leave (h) Accounting for the Goods The mission of the Trust is to manage policies for the recognition of income and Sick Leave extinguished, resulting in the amount • applicable Australian Accounting and Services Tax (GST) Centennial Parklands as a place of are discussed below. Salaries and wages (including assumed being shown as part of the Standards (which include Australian national significance for the non-monetary benefits) and paid sick non-monetary revenue item ‘Crown Income, expenses and assets are Accounting Interpretations); and enjoyment, social connection and (i) Grants leave that are expected to be settled grant LSL & superannuation’. recognised net of the amount of GST, • the requirements of the Public wellbeing of the community and in the Income from grants (other than wholly within 12 months after the end except where: Finance and Audit Act 1983 and meantime continue to preserve and contribution by owners) is recognised of the period in which the employees Long service leave is measured at • the amount of GST incurred by the Public Finance and Audit Regulation improve the Parklands. Centennial as income when the Trust obtains render the service are recognised and present value of expected future Trust as a purchaser that is not 2015 and Parklands is 360 hectares in area and control over the contributions. The measured at undiscounted amounts payments to be made in respect of recoverable from the Australian comprises Centennial Park, Moore • the Financial Reporting Directions Trust is deemed to have assume of the benefits. These amounts were services provided up to the reporting Taxation Office is recognised as part Park and Queens Park. The Trust’s published in the Financial Reporting control when the grant is received or payable to Office of Environment and date. Consideration is given to certain of the cost of acquisition of an principal activities are to provide Code for NSW General Government receivable. Heritage (refer to Note 1(a)). factors based on actuarial review, asset or as part of an item of venues for the community which Sector Entities or issued by the including expected future wage and expense. enable participation in a range of Treasurer. Annual leave is not expected to be salary levels, experience of employee Contributions are recognised at their • receivables and payables are stated sporting, recreational, cultural and settled wholly before twelve months departures, and periods of service. fair value. Contributions of services with the amount of GST included. educational activities for diverse users Property, plant and equipment are are recognised when and only when a after the end of the annual reporting Expected future payments are as well as the provision of a range of period in which the employees render discounted using Commonwealth measured at fair value. Other financial fair value of those services can be Cash flows are included in the commercial activities including the the related service. As such, it is government bond rate at the reporting statements items are prepared in reliably determined and the services Statement of Cash Flows on a gross lease/licence of a number of required to be measured at present date. accordance with the historical cost would be purchased if not donated. basis. However, the GST components properties. value in accordance with AASB 119 convention. of cash flows arising from investing (ii) Sale of Goods Employee Benefits. Actuarial advice The superannuation expense for the activities and financing activities which The Trust is incorporated and obtained by Treasury has confirmed financial year is determined by using Judgements, key assumptions and Revenue from the sale of goods is is recoverable from, or payable to, the domiciled in Australia and its principal that the nominal (undiscounted) the formulae specified in the estimations that management has recognised as income when the Trust Australian Taxation office are classified place of business is Banksia Way, annual leave balance plus the annual Treasurer’s Directions. The expense made, are disclosed in the relevant transfers the significant risks and as operating cash flows. Centennial Park, Sydney. leave entitlements accrued while for certain superannuation schemes notes to the financial statements. rewards of ownership of the goods, taking annual leave (calculated using (i.e. Basic Benefit and First State usually on delivery of the goods. i) Property, Plant and The Trust is a not-for-profit entity (as 7.9% of the nominal value of annual Super) is calculated as a percentage Where necessary, comparative Equipment profit is not its principal objective) and leave) can be used to approximate the of the employees’ salary. For other information has been reclassified to (iii) Rendering of Services (i) Acquisition of property, plant and is consolidated as part of the NSW ensure consistent presentation with present value of the annual leave superannuation schemes (i.e. State Revenue is recognised when the equipment Total State Sector. the current year. liability. The Trust has assessed the Superannuation Scheme and State service is provided or by reference to actuarial advice based on the Trust’s Authorities Superannuation Scheme), Property, plant and equipment are the stage of completion (based on As a result of the Government Sector Unless otherwise stated, amounts are circumstances and has determined the expense is calculated as a initially measure at cost and labour hours incurred to date). Employment Act 2013, employees of rounded to the nearest one thousand that the effect of discounting is multiple of the employees’ subsequently revalued at fair value the Trust are reported as employees immaterial to annual leave. All annual superannuation contributions dollars and are expressed in (iv) Investment Revenue less accumulated depreciation and of a Division of the Government Australian currency. leave is classified as a current liability impairment. Cost is the amount of (iii) Consequential on-costs Service. From 24 February 2014, the Interest revenue is recognised using even where the entity does not expect cash or cash equivalents paid or the Office of Environment and Heritage (c) Statement of Compliance the effective interest method. The to settle the liability within 12 months Consequential costs to employment fair value of the other consideration has provided these services as per effective interest rate is the rate that as the entity does not have an The financial statements and notes are recognised as liabilities and given to acquire the asset at the time Administrative Arrangement Order exactly discounts the estimated future unconditional right to defer comply with Australian Accounting expenses where the employee of its acquisition or construction or, 2014 No. 11. The Trust reports settlement. benefits to which they relate have where applicable, the amount

34 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 35 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Notes to and Forming Part of Notes to and Forming Part of the Financial Statements the Financial Statements for the Year Ended 30 June 2017 for the Year Ended 30 June 2017

1. Summary of Significant Accounting Policies (continued) 1. Summary of Significant Accounting Policies (continued)

attributed to that asset when initially that which it had originally, the costs Revaluation is made with sufficient confirmed that this deferral would not market approach is used, - Golf Course 100 100 recognised in accordance with the are capitalised and depreciated. regularity to ensure that the carrying materially change the fair value of the accumulated depreciation is fairways & specific requirements of other amount of each asset does not differ trees. eliminated against the gross carrying greens Australian Accounting Standards. (vi) Depreciation of Property, Plant materially from its fair value at amount of the asset and the net and Equipment - Lakes & ponds 100 100 reporting date. The Trust conducts a Non-specialised assets with short amount restated to the revalued Fair value is the price that would be Depreciation is provided for on a comprehensive revaluation at least useful lives are measured at amount of the asset received to sell an asset in an orderly straight line basis for all depreciable every three years for its land. At least depreciated historical cost, as an transaction between market assets so as to write off the (vii) Revaluation of Property, Plant every five years for buildings and approximation of fair value. The Trust Where an asset that has previously participants at measurement date. depreciable amount of each asset as and Equipment infrastructure assets. The last such has assessed that any difference been revalued is disposed of, any revaluation was completed as at 31 between fair value and depreciated balance remaining in the asset it is consumed over its useful life to Physical non-current assets are Where payment for an asset is the Trust. Land and trees are not March 2017 except for land which historical cost is unlikely to be revaluation reserve in respect of that deferred beyond normal credit terms, valued in accordance with the was revalued on 31 March 2016. material. asset is transferred to accumulated depreciable assets. Certain heritage “Valuation of Physical Non-Current its cost is the cash price equivalent assets including heritage buildings funds. i.e. deferred payment amount is Assets at Fair Value” Policy and Interim revaluations are conducted For other assets valued using other and infrastructure may not have Guidelines Paper TPP14-01. This effectively discounted over the period limited useful lives because between comprehensive revaluations valuation techniques, any balances of The residual values, useful lives and of credit. policy adopts fair value in accordance where cumulative changes to accumulated depreciation at the methods of depreciation of property, appropriate curatorial and with AASB 13 Fair Value preservation policies are adopted. indicators suggest fair value may differ revaluation date in respect of those plant and equipment are reviewed at Assets acquired at no cost, or for Measurement and AASB 116 materially from carrying value. The assets are credited to the asset each financial year end. Such assets are not subject to Property, Plant and Equipment. nominal consideration, are initially depreciation. The decision not to Trust uses an external professionally accounts to which they relate. The net (viii) Impairment of Property, Plant recognised at their fair value at the recognise depreciation for these qualified valuer to conduct interim asset accounts are then increased or date of acquisition. Property, plant and equipment is revaluations. decreased by the revaluation and Equipment assets is reviewed annually. In measured at the highest and best use addition, the turfing of parklands increments or decrements. As a not-for-profit entity with no cash (ii) Capitalisation thresholds by market participants that is Trees are now revalued on an annual (excluding golf course fairways and physically possible, legally permissible generating units, impairment under Property, plant and equipment and greens) is considered to have a useful basis effective from 1 July 2002. The Revaluation increments are AASB 136 Impairment of Assets is and financially feasible. The highest valuation methodology uses a market recognised in other comprehensive intangible assets costing $5,000 and life greater than 200 years and is not and best use must be available at a unlikely to arise. As property, plant above individually (or forming part of a depreciated. value/compensation value basis at income and credited to revaluation and equipment is carried at fair value period that is not remote and take into five yearly intervals (the last valuation surplus in equity. However, to the network costing more than $5,000) account the characteristics of the or an amount that approximates fair are capitalised. All material separately identifiable on this basis was carried out on 30 extent that an increment reverses a value, impairment can only arise in the asset being measured, including any June 2012) to establish the base revaluation decrement in respect of components of assets are recognised socio-political restrictions imposed by rare circumstances where the costs of (iii) Major inspection costs and depreciated over their shorter value. This base value is then updated the same class of asset previously disposal are material. Specifically, government. In most cases, after on an annual basis taking into recognised as a loss in the net result, When a major inspection is useful lives. Useful lives of the Trust’s impairment is unlikely for not-for-profit taking into account these account the following factors; the increment is recognised performed, its cost is recognised in assets have been determined as entities given that AASB 136 modifies considerations, the highest and best immediately as a gain in the net result. the carrying amount of the plant and follow: • New tree plantings the recoverable amount test for use is the existing use. In limited equipment as a replacement if the circumstances, the highest and best • Tree removals non-cash generating assets of Revaluation decrements are not-for-profit entities to the higher of recognition criteria are satisfied. use may be a feasible alternative use, • Trees damaged or affected by Average Useful 2017 2016 recognised immediately as a loss in fair value less costs of disposal and Life Years where there are no restrictions on use disease the net result, except to the extent (iv) Restoration costs or where there is a feasible higher depreciated replacement cost, where Building 25-80 25-80 • Decline in value of over-mature that it offsets an existing revaluation depreciated replacement cost is also The present value of the expected restricted alternative use. trees surplus of the same class of assets, in fair value. cost for the restoration or cost of Plant & 3-10 3-10 • Age class adjustments for young, which case, the decrement is debited dismantling of an asset after its use is Fair value of property, plant and Equipment semi-mature and mature trees to directly to the revaluation surplus. The entity assesses, at each included in the cost of the respective equipment is based on a market reflect growth reporting date, whether there is an asset if the recognition criteria for a Infrastructure Systems participants’ perspective, using As a not-for-profit entity, revaluation valuation techniques (market • Movements in the consumer price indication that an asset may be provision are met. - Roads, paths, 15-150 15-150 increments and decrements are offset approach, cost approach, income index. impaired. If any indication exists, or gates, fences, against one another within a class of (v) Maintenance approach) that maximise relevant when annual impairment testing for an collections non-current assets, but not otherwise. observable inputs and minimise Because of the impact of the Light asset is required, the entity estimates Day-to-day servicing costs or and Garden unobservable inputs. Also refer Note Rail Project, the 5 yearly tree resurvey the asset recoverable amount. When maintenance are charged as When revaluing non-current assets - Underground 10-70 10-70 9 and Note 12 for further information could not be completed in 2016-17 the carrying amount of an asset expenses as incurred. However, using the cost approach, the gross services regarding fair value. and has been deferred until 2017-18. exceeds its recoverable amount, the where they relate to the replacement amount and the related accumulated Therefore, the next adjustment to the asset is considered impaired and is of a component of an asset, which depreciation are separately restated. base value is to be carried out on 31 written down to its recoverable restores the service potential and Where the income approach or March 2018. The valuer has amount. extends the life of the asset beyond

36 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 37 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Notes to and Forming Part of Notes to and Forming Part of the Financial Statements the Financial Statements for the Year Ended 30 June 2017 for the Year Ended 30 June 2017

1. Summary of Significant Accounting Policies (continued) 1. Summary of Significant Accounting Policies (continued)

date of acquisition. necessary to make the sale. Changes are recognised in the net Financial liabilities are classified as either nor retained substantially all the risks and As a not for-profit entity, an result for the year when impaired, ‘at fair value through profit or loss’ or ‘at rewards or transferred control, the asset impairment loss is recognised in the The useful lives of intangible assets (m) Financial Instruments derecognised or though the amortisation amortised cost’. continues to be recognised to the extent net result to the extent the impairment are assessed to be finite. The A financial instrument is any contract process. of the Trust’s continuing involvement in loss exceeds the amount in the amortisation period and the that gives rise to a financial asset of • Financial liabilities at fair value through the asset. In that case, the entity also revaluation surplus for the class of amortisation method for an intangible one entity and a financial liability or Short-term receivables with no stated profit or loss recognises an associated liability. The asset. asset with a finite useful life are equity instrument of another entity. interest rate are measured at the original Financial liabilities at fair value through transferred asset and the associated reviewed at least at the end of each invoice amount unless the effect of profit or loss include financial liabilities liability are measured on a basis that (j) Leases reporting period. Financial assets and financial liabilities discounting is material. held-for-trading and financial liabilities reflects the rights and obligations that the Operating lease payments are are initially measured at fair value. designated upon initial recognition as at entity has retained. recognised as an operating expense Intangible assets are subsequently Transaction costs that are directly • Impairment of Financial Assets fair value through profit or loss. in the Statement of Comprehensive measured at fair value only if there is attributable to the acquisition or issue All financial assets, except those Continuing involvement that takes the Income on a straight-line basis over an active market. As there is no active of financial assets and financial measured at fair value through profit and Financial liabilities are classified as form of a guarantee over the transferred the lease term. market for the Trust’s intangible liabilities (other than financial assets loss, are subject to an annual review for held-for-trading if they are incurred for the asset is measured at the lower of the assets, the assets are carried at cost and financial liabilities at fair value impairment. Financial assets are purpose of repurchasing in the near term. original carrying amount of the asset and Lease income from operating leases less any accumulated amortisation. through profit or loss) are added to or considered to be impaired when there is Gains or losses on liabilities held-for- the maximum amount of consideration where the entity is a lessor is deducted from the fair value of the objective evidence that, as a result of one trading are recognised in the net result. that the entity could be required to repay. recognized in income on a straight- The Trust’s intangible assets are financial assets or financial liabilities, or more events that occurred after the line basis over the lease term. The amortised using the straight line as appropriate, on initial recognition. initial recognition of the financial asset, the Financial liabilities at fair value through the A financial liability is derecognised when respective leased assets are included method over a period of four or five Transaction costs directly attributable estimated future cash flows have been profit or loss are stated at fair value, with the obligation specified in the contract is by the lessor entity in the Statement years. In general, intangible assets are to the acquisition of financial assets or affected. any gains or losses arising on re- discharged or cancelled or expires. When of Financial Position based on their tested for impairment where an financial liabilities at fair value through measurement recognised in the net result. an existing financial liability is replaced by nature. indicator of impairment exists. profit or loss are recognised For certain categories of financial assets, another from the same lender on However, as a not-for-profit entity the immediately in the net result. such as trade receivables, the entity first • Financial liabilities at amortised cost substantially different terms, or the terms The Trust has entered into operating Trust is unlikely to experience an assesses whether impairment exists (including borrowings and trade payables) of an existing liability are substantially leases under which the lessor impairment loss (refer paragraph (i)). The Trust determines the classification individually for financial assets that are Financial liabilities at amortised cost are modified, such an exchange or effectively retains all the risks and of its financial assets and liabilities individually significant, or collectively for initially measured at fair value, net of modification is treated as the benefits incidental to ownership of the Useful Lives of the Trusts intangible after initial recognition and, when financial assets that are not individually transaction costs. These are derecognition of the original liability and leased asset. assets have been determined as allowed and appropriate re-evaluates significant. Assets are assessed for subsequently measured at amortised the recognition of a new liability. The follows: this at each financial year end. impairment on a collective basis if they cost using the effective interest method, difference in the respective carrying The Trust has also leased several of were assessed not to be impaired with interest expense recognised on an amounts is recognised in the net result. (i) Financial assets its property assets, two of which have individually. effective yield basis. Average Useful 2017 2016 (n) Fair Value Measurement and lease terms of up to 50 years (when Life Years Financial assets are classified, at initial Hierarchy the option period is included). All recognition, as financial assets at fair For financial assets carried at amortised Payables represent liabilities for goods leases are classified as operating Computer Software 4 4 value through profit or loss, loans and cost, the amount of the allowance is the and services provided to the entity and Fair value is the price that would be difference between the asset’s carrying other amounts. Short-term payables with received to sell an asset or paid to leases as the lease payments do not Other Intangible 5 5 receivables, held-to-maturity represent substantially all the fair investments, available-for-sale amount and the present value of no stated interest rate are measured at transfer a liability in an orderly transaction value of the land and as a result the (l) Inventories financial assets, or as derivatives estimated future cash flows, discounted the original invoice amount where the between market participants at the at the effective interest rate. The amount effect of discounting is immaterial. measurement date. The fair value lessee does not substantially hold all Inventories held for distribution and designated as hedging Instruments in of the impairment loss is recognised in measurement is based on the the risks and rewards incidental to sales are stated at cost, adjusted an effective hedge, as appropriate. the Statement of Comprehensive Income. (iii) De-recognition of Financial Assets presumption that the transaction to sell ownership of the leased asset. Note where appropriate for any loss of The classification depends on the and Financial Liabilities the asset or transfer the liability takes 1(e) sets out the accounting policy for service potential. nature and purpose of the financial recognition of revenue. assets and is determined at the time Any reversals of impairment losses are A financial asset is derecognised when place either In the principal market for the reversed through the Statement of asset or liability or in the absence of a The cost of inventories acquired at no of initial recognition. the contractual rights to the cash flows (k) Intangible Assets Comprehensive Income, where there is principal market, in the most cost or for nominal consideration is • Loans and Receivables from the financial assets expire; or if the objective evidence. Reversals of advantageous market for the asset or The Trust recognises intangible assets the current replacement cost as at the Trade receivables, loans, and other Trust transfers the financial asset where: impairment losses of financial assets liability only if it is probable that future receivables that have fixed or • substantially all the risks and rewards date of acquisition. Current carried at amortised cost cannot result in economic benefits will flow to the replacement cost is the cost the Trust determinable payments that are not have been transferred; or a carrying amount that exceeds what the A number of the Trust’s accounting Trust and the cost of the asset can be would incur to acquire the asset. Net quoted in an active market are • the Trust has not transferred carrying amount would have been had policies and disclosures require the measured reliably. Intangible assets realisable value is the estimated classified as loans and receivables. substantially all the risks and rewards, if there not been an impairment loss. measurement of fair values, for both are measured initially at cost. Where selling price in the ordinary course of Loans and receivables are measured the Trust has not retained control. financial and non-financial assets and an asset is acquired at no or nominal business less the estimated costs of at amortised cost using the effective (ii) Financial liabilities liabilities. When measuring fair value, the cost, the cost is its fair value as at the completion and the estimated costs interest method, less any impairment. Where the Trust has neither transferred valuation technique used maximises the

38 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 39 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Notes to and Forming Part of Notes to and Forming Part of the Financial Statements the Financial Statements for the Year Ended 30 June 2017 for the Year Ended 30 June 2017

use of relevant observable inputs and revaluation reserve) AASB 2015-1 Amendments to minimises the use of unobservable Australian Accounting Standards – 2. Expenses Excluding Losses (ii) Accumulated Funds 2017 2016 inputs. Under AASB 13, the entity Annual Improvements to Australian categorises, for disclosure purposes, the The category accumulated funds includes Accounting Standards 2012-2014 Cycle $’000 $’000 AASB 2015-2 Amendments to valuation techniques based on the inputs all current and prior period retained funds. (a) Personnel services expenses used in the valuation techniques as Australian Accounting Standards – follows: (q) Expenditure on Management Disclosure Initiative: Amendments to Salaries and wages (including recreation leave) 5,496 5,543 (i) Level 1 - quoted prices in active Agreements AASB 101 Superannuation entitlements 444 432 AASB 2015-6 Amendments to markets for identical assets / liabilities Expenditure incurred on entering into Long service leave (11) 242 that the Trust can access at the agreements for the outsourcing of Australian Accounting Standards – Workers' compensation insurance 76 85 measurement date. management of the Trust’s commercial Extending Related Party Disclosures to (ii) Level 2 - inputs other than quoted operations is accumulated in respect of Not-for-Profit Public Sector Entities Payroll tax and fringe benefits tax 301 226 AASB 2015-7 Amendments to prices included within Level 1 that are each agreement. The expenditure is Redundancy 84 506 observable, either directly or indirectly. carried forward and amortised over the Australian Accounting Standards – Fair Other 9 13 (iii) Level 3 - inputs that are not based on term of the respective management Value Disclosures of Not-for-Profit Public observable market data (unobservable agreements. Sector Entities Total 6,399 7,047 inputs). AASB 2015-9 Amendments to Personnel services are provided by the Office of Environment and Heritage (refer also Note 1(a)). The amount of personnel The Trust recognises transfers between (r) Comparative Information Australian Accounting Standards – services costs that have been capitalised in particular fixed asset accounts (and therefore excluded from the above) levels of the fair value hierarchy at the Except when an Australian Accounting Scope and Application Paragraphs totalled $24,945 (2016: $104,527). end of the reporting period during which Standard permits or requires otherwise, the change has occurred. Refer Note 12 comparative information is disclosed in These standards have been assessed The Trust has provided goods and services to the Centennial Parklands Foundation amounting to $289,756 (2016: and Note 20 for further disclosures respect of the previous period for all for their possible impact on the financial $275,794). regarding fair value measurements of amounts reported in the financial statements. The assessment concluded financial and non-financial assets. statements. that there is no material impact. (o) Budgeted Amounts (s) Changes in Accounting Policy, (ii) Issued but not yet effective The budgeted amounts are drawn from including New or Revised NSW public sector entities are not (b) Other operating expenses include the following: the original budgeted financial Australian Accounting Standards permitted to early adopt new Australian (i) Adoption of New Australian Accounting Accounting Standards, unless Treasury statements presented to Parliament in Bad debts (122) 86 respect of the reporting period. Standard Requirements determines otherwise. Operating lease rental expense: Subsequent amendments to the budget The accounting policies applied in are not reflected in the budgeted 2016-17 are consistent with those of the The following new Accounting Standards - minimum lease payments 87 61 amounts. Major variances between the previous financial year except as a result of have not been issued and are not yet Golf Course operations: original budgeted amounts and the effective (NSW Treasury mandate TC the following new or revised Australian - cost of sales 1,348 1,309 actual amounts disclosed in the primary Accounting Standards that are applicable 17/06). - operating expenses: financial statements are explained in and have been applied for the first time in • AASB 9, AASB 2010-7, AASB 2014-7 Note 18. 2016-17. AASB 124 Related Parties has and 2016-8 regarding financial pro shop and driving range 899 914 instruments (p) Equity and Reserves been applied for the first time in 2016-17 administration and other 1,457 1,301 for not-for-profit entities. AASB2015-6 • AASB 2014-1 (Part E) regarding Maintenance 5,556 The budgeted amounts are drawn from Amendments to Australian Accounting amendments to AASB 9 Financial 3,917 the original budgeted financial Standards extending Related Party Instruments Insurance 634 615 statements presented • AASB 15, AASB 2014-5 and AASB disclosures to Not-for-Profit Public Sector Consultants 110 63 Entities, effective from 1 July 2016. The 2015-8 regarding Revenue from (i) Asset Revaluation Reserve Power and water 399 488 impact of this standard is not significant on Contracts with Customers The asset revaluation surplus is used to the primary financial statements, and • AASB 16 regarding accounting for Legal fees 70 105 leases record increments and decrements on additional disclosures have been included Waste removal and cleaning 898 861 the revaluation of non-current assets. in accordance with requirements of AASB • AASB 1058 regarding Income of This accords with the Trust policy on the 124. Refer to Note 21. Not-for-profit Entities revaluation of property, plant and AASB 124 Related Parties • AASB 2016-2 regarding amendments equipment as discussed in Note 1 (i). AASB 1057 Application of Australian to AASB 107 disclosure initiatives Accounting Standards Separate reserve accounts are AASB 2014-4 Amendments to Australian These standards have been assessed recognised in the financial statements Accounting Standards – Clarification of for their possible impact on the financial only if such accounts are required by Acceptable Methods of Depreciation and statements, if any, in the period of initial specific legislation or Australia Amortisation application. The assessment concluded Accounting Standards (e.g. asset that there will be no material impact.

40 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 41 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Notes to and Forming Part of Notes to and Forming Part of the Financial Statements the Financial Statements for the Year Ended 30 June 2017 for the Year Ended 30 June 2017

2. Expenses Excluding Losses (continued) 3. Revenue (b) Other operating expenses (continued) 2017 2016 $’000 $’000 2017 2016 (a) Sale of goods and services $’000 $’000 Use of recreational facilities 11,239 10,332 Security 945 918 Sales of goods 846 952 Training 99 71 Total 12,085 11,284 Telephone 49 58 (b) Investment revenue Fees for service 2,816 2,490 Interest revenue from financial assets not at fair value through profit or loss 524 594 Supplies and materials 475 408 Rent 10,397 10,576 IT maintenance 144 127 Total 10,921 11,170 Printing and advertising 168 228 Other 1,202 546 (c) Retained taxes, fees and fines Total 17,234 14,566 Fines received from issuance of infringement notices 383 439 for breaches of Trust regulations * Reconciliation Total 383 439 Maintenance expense, as above 5,556 3,917 Personnel services maintenance expense included in Note 2(a) 481 191 (d) Grants and contributions Total maintenance expenses included in Note 2(a) and 2(b) 6,037 4,108 Grants NSW Government through Department of Planning and Environment 7,216 4,784 (c) Depreciation and amortisation expenses Crown grant LSL and superannuation 24 278 Centennial Parklands Foundation 230 322 Depreciation Transport for NSW 214 50 Buildings 2,041 1,938 Australian Football League - 250 Infrastructure systems 3,706 3,427 Department of Industry 12 - Plant and equipment 352 359 In kind Services provided by Volunteers 229 232 Total 6,099 5,724 Office of Environment and Heritage 14 - Total 7,939 5,916 Amortisation Contributions of assets Amortisation of capitalised expenditure on management agreements 10 10 Transport for NSW 10,593 - Amortisation of intangible assets 115 108 NSW Public Works - 150 Total 125 118 Total 10,593 150 Total depreciation and amortisation 6,224 5,842 Total grants and contributions 18,532 6,066

(e) Other revenue Assets recognised first time : • Infrastructure Systems - Other (Note 9(e)) - 204 Insurance recoveries 113 38 Expense recoveries 775 779 Other 143 119 Total 1,031 1,140

42 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 43 Financial Statements Financial Statements

Centennial Park and Moore Park Trust Centennial Park and Moore Park Trust Notes to and Forming Part of Notes to and Forming Part of the Financial Statements the Financial Statements for the Year Ended 30 June 2017 for the Year Ended 30 June 2017

4. Gains/(Loss) on Disposal 2017 2016 7. Current Assets - Inventories $’000 $’000 (a) Profit/(Loss) on disposal of plant and equipment Shop stock held for resale 133 214 Proceeds from disposal - 26 Total 133 214 Less Written down value of assets disposed - (200) Total - (174) 8. Current Assets - Financial Assets

Term deposits at amortised cost 7,154 3,605 5. Current Assets - Cash and Cash Equivalents Total 7,154 3,605 Cash at bank and on hand 4,096 3,712 Term deposits 3,000 14,684 9. Non-Current Assets - Property, Plant and Equipment Total 7,096 18,396 2017 2016 For the purposes of the statement of cash flows, cash and cash equivalents $’000 $’000 include cash at bank, cash on hand and short term deposits with the maturity of (a) Land and Buildings three months or less. At Fair Value 685,871 654,696 Cash and cash equivalent assets recognised in the statement of financial position 7,096 18,396 are reconciled at the end of the financial year to the statement of cash flows as Less Accumulated Depreciation (42,364) (39,169) follows: Net carrying amount 643,507 615,527 Closing cash and cash equivalents (per statement of cash flows) 7,096 18,396 (b) Plant and Equipment Refer Note 20 for details regarding credit risk, liquidity risk and market risk arising from financial instruments. At Fair Value 5,423 4,864 Less Accumulated Depreciation (2,675) (2,342) 6. Current Assets - Receivables Net carrying amount 2,748 2,522 2017 2016 $’000 $’000 (c) Infrastructure Systems Sale of goods and services 454 296 (i) Trees Retained taxes, fees and fines 41 31 At Fair Value 188,231 188,108 Rent receivable 519 338 Net carrying amount 188,231 188,108 GST recoverable from Australian Taxation Office 745 469 (ii) Other Prepayment 327 50 At Fair Value 298,759 267,539 Other debtors - general 995 863 Less Accumulated Depreciation (76,249) (70,534) 3,081 2,047 Net carrying amount 222,510 197,005 Less Allowance for impairment* (24) (151) Total Infrastructure Systems 410,741 385,113 Total 3,057 1,896 Total Property, Plant and Equipment at Net Carrying Amount 1,056,996 1,003,162 Reconciliation * Movement in the allowance for impairment: A reconciliation of the carrying amount of each class of property, plant and equipment Balance at the beginning of the financial year 151 65 at the beginning and end of the current reporting period is set out below. Amounts written off during the year (5) - (Decrease)/increase in allowance recognised in profit or loss (122) 86 Balance at the end of the financial year 24 151

44 centennialparklands.com.au Centennial Parklands Annual Report 2016-17 45