Annual Report 2012–2013 ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

2. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Contents

About the Greater Metropolitan Cemeteries Trust 4 Our values 4 Our mission 4 Our strategic objec ves 5 Chair’s report 6 CEO’s report 8 Director of Finance Report 9 Our services 10 Our loca ons 11 The Execu ve Leadership Team 12 Our workforce 13 Review of opera ons 14 Key performance informa on 15 Community and key stakeholders 17 Leadership 20 Viability and sustainability 22 People and workforce 25 Governance and accountability 29 Members of the Trust 32 Trust Commi ees 36 A endance at Trust Mee ngs and Sub-Commi ees 38 Legisla on 40 A esta ons 40 Responsible Bodies Declara on 41 Financial Statements 42 Disclosure Index 86

3. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

About the Greater Metropolitan Cemeteries Trust

The Greater Metropolitan Our values Our mission Cemeteries Trust (GMCT) is custodian of 20 cemetery and The GMCT strives for excellence To provide caring and respec ul memorial parks located within the in its delivery of services through memorial services to our diverse North, East and Western suburbs crea vity, innova on and communi es. community engagement. The of metropolitan Melbourne. To apply best prac ce to every GMCT upholds seven values, aspect of our stewardship of Established in 2010 by the supported by the Victorian tranquil memorial places in Victorian Government following Public Sector Code of Conduct perpetuity. major reforms to Victoria’s and contained within the Public cemeteries sector, the GMCT Administra on Act 2004 (Vic), provides a broad range of which help defi ne how we can Registered Offi ce cemetery and crematoria achieve these goals. The Greater Metropolitan services to Melbourne’s diverse • Responsiveness Cemeteries Trust (GMCT) communi es. • Integrity 1187 Sydney Road Fawkner VIC 3060 • Impar ality Phone: (03) 9355 3100 • Accountability Email: [email protected] • Respect • Leadership • Human Rights

4. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Our strategic objectives

To achieve the GMCT’s mission to Major achievements provide caring and respec ul memorial Major achievements in 2012-13 services to our diverse communi es include: and our vision to be the guardian of • Comple on of the rollout of the exis ng Cemetery Management enduring memorials, the GMCT is System across cemetery sites focussed on fi ve strategic areas: • Development of master plans for Altona and Lilydale Memorial • Providing strong leadership Parks, which will commence community consulta on in 2013-14 • Building a viable and sustainable • Development of Park organisa on Maintenance Standards • Comple on of due diligence reports for cultural heritage • Enhancing rela onships with the values at Altona Memorial Park community, clients and stakeholders • Commencement of planning for the Northern Memorial Park • Developing our people and expansion to the Metropolitan Ring Road • Signifi cant investment and • Demonstra ng strong governance improvement in fi nance and accountability exper se, policies, systems and processes • Upgrade of Fawkner telecommunica ons • Development of a single Collec ve Agreement, replacing the 10 former Enterprise Bargaining Agreements (EBAs)

5. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Chair’s report

The third year of opera on of the and Chinese communi es. The Grant Thornton to enhance the Greater Metropolitan Cemeteries work of the Trust’s Community performance monitoring and Trust (GMCT) has seen a strong Advisory Commi ee has been repor ng systems and processes. consolida on of many areas of integral to many of these projects. This will extend to performance our work for the Melbourne Our CEO, Jacqui Briggs-Wetherill, repor ng to the Trust as well as community. has also led some posi ve management repor ng. This work stakeholder engagement ac vi es, will also feed into an enhanced From a community perspec ve, including with our local funeral cemetery management system, the blessing of the new wing of directors. including client services. These the Preston Mausoleum by His ini a ves have been led by Bart Grace Archbishop Hart, Catholic A lot of work has been undertaken Clingin, Director of Finance. Archbishop of Melbourne, the over the last two years with commencement of heritage expert guidance from Grant The Trust’s Commi ees have all mapping at Williamstown Thornton to strengthen the func oned well. Trust Members (following the success of the fi nancial integra on, management are all Members of at least Coburg Cemetery Heritage and repor ng func ons of the one Commi ee and make Walk) and the introduc on of GMCT. This work began to show a contribu on well beyond Visit a Cemetery Weekend were results in the comple on of simple mee ng a endance. The all highlights. We con nued the 2011-12 audit only a few commitment and enthusiasm with tradi ons such as All Souls weeks behind schedule. During of all Trust Members in myriad Day services and have worked 2012-13 this con nued to be a areas from occupa onal safety to on various ini a ves with focus and the improvements are heritage conserva on and many many cultural and religious now well embedded into the other has been a highlight of organisa ons, including the Islamic fi nance systems and processes. 2012–13. We are con nuing to work with

6. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

At the end of February, fi ve Trust The Trust undertook a strategic We remain commi ed to con nual Members completed their terms. review in May 2013 and is now improvement in environmentally Building a new organisa on comple ng a new Strategic Plan. sustainable prac ces. following a merger of eight Opera ng in growth corridors 2012-13 has been a year of en es with diff erent systems such as the West and outer consolida on. I thank all staff for and processes is not easy. I North means that the GMCT their dedica on to helping people would like to thank Barbara must plan for the future end of at a sad and diffi cult me. The McLure, David Cleland, Neil life needs of those communi es. diversity of Melbourne is never Greenaway, Graeme Shaw and We have begun master planning more apparent than at the end Gary Jungwirth for their wisdom for our sites at Melton and Yan of life. The Trust is commi ed to and tenacity. The founda ons of Yean and are in discussion with mee ng all these expecta ons a strong cemetery trust are now the Department of Health and while also opera ng a fi nancially in place. Six new Trust Members other authori es about a new sustainable en ty so that we can were appointed by the Minister site west of Melbourne. GMCT is con nue to meet our perpetual for Health, bringing with them commissioning research to be er maintenance obliga ons for the new skills and exper se to add understand the expecta ons of the benefi t of future genera ons. to the organisa on’s capability. community now and in the future. I welcome Kim McAliney, John Catherine Brown The Trust has also enhanced its Jennison, Roma O’Callaghan, Chair land management planning this Geoff Mabbe , Ronda Jacobs and Greater Metropolitan year led by Rod Shell, Director of Dianne Rule as Trust Members. Dr Cemeteries Trust Infrastructure, who has extensive Jan Penney, Jenny Kearney and I 30 June 2013 experience within the cemetery were reappointed. and crematoria industry.

7. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

CEO’s report

All Greater Metropolitan In 2012-13 a strong execu ve team In apprecia on Cemeteries Trust (GMCT) sites was established to support the are now beginning to truly CEO in leading the organisa on, It has been a challenging and refl ect the posi ve eff ects of consis ng of Bart Clingin, Director transforma onal year for the the amalgama on started in Finance and Business; Rod Shell, GMCT and I sincerely thank all our 2010. This fi nancial year the Director Infrastructure; Linda staff for their care, dedica on and GMCT’s net assets grew in value Dewar, Director Client Services; professionalism. I also thank the to more than $290 million, with Dani Johnson, Execu ve Manager re ring Trust Members for their cash investments of close to Strategy and Planning; and Sco contribu on during their three $200 million, refl ec ng a strong Samson, Execu ve Manager year appointment and welcome balance sheet and a growing Corporate Communica ons. I the new Trust Members. Key emphasis on prudent fi nancial am confi dent this team’s diverse cemetery partners who deserve management at all levels within management and leadership skills special thanks are the funeral the organisa on. In 2012-13 the and experience will advance the directors, who have worked with GMCT serviced more than 12,000 organisa on into the next stage of the GMCT as we have developed families with burial, mausoleum development. and amalgamated the former and crema on services, as well as cemetery organisa ons into a new During the fi nancial year we also memorialisa on opportuni es. integrated en ty to provide caring increased our focus on customers, and respec ul memorial services One of the most signifi cant engaging more strongly and to meet the needs of our diverse effi ciency gains this year was the with greater purpose with our communi es. merger of 10 former Enterprise key stakeholders and working to Bargaining Agreements (EBAs) be er understand our community The next year will be pivotal for into a single GMCT Collec ve and visitor expecta ons. Some of the con nued metamorphosis Agreement with one standard this work is outlined in the Key of the GMCT, with an ambi ous set of wages and condi ons for Performance Indicators sec on of program of projects to improve all salaried staff across every this report. the quality systems, training, GMCT site. A number of pivotal processes and technology used Similarly, we conducted our projects came to frui on that will to deliver our services and second People Ma er Survey, ensure we preserve the heritage maintain our cemeteries. The which indicated improvement in our parks, deliver high quality most important success factor in staff sa sfac on and culture. contemporary services today and will be the con nued support and This is also discussed in our Key plan to meet the future cemetery engagement of our staff to ensure Performance Indicators sec on. needs of our communi es. the GMCT is a great place to work. Jacqui Briggs-Weatherill Chief Execu ve Offi cer Greater Metropolitan Cemeteries Trust 30 June 2013

8. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Director of Finance report

Our fi nancial strength allows us • The overall expenses base • The GMCT has contributed to con nue to provide a range of has remained constant with $14.6m (66%) of the opera ng cemetery and crematoria services 2011-12 at $25m and is 2.5% result to its perpetual to communi es across the north, lower than the annual budget. maintenance reserves. Perpetual east and west of metropolitan Over 50% of our expenditure maintenance reserves ensure Melbourne, as well as plan for is employee-related. During GMCT has funds set aside for future community needs and the year the GMCT recruited the future maintenance of fund our perpetual maintenance a number of key execu ves our twenty cemeteries into obliga ons. and increased staff numbers perpetuity in order to provide improved The GMCT con nued its strong • The Balance Sheet remains governance and enhanced fi nancial performance and it is strong with net assets of $279m. service to our communi es. We pleasing to note the following for Our investment por olio also nego ated one Collec ve the fi nancial year: increased in fair value during the Agreement for our workforce, year by $7.4m and we con nued • Opera ng revenue for the replacing the exis ng 10 to add to our perpetual fi nancial year was $44.3m, Agreements which includes a maintenance reserves of $81.8m $3m higher than the 2011-12 large back pay component. This • GMCT spent $3.1m on capital fi nancial year and within 1% increased expenditure off sets works of which $1.2 represented of the annual budget. This is the unfunded defi ned benefi t the development of new grave a result of maintaining our superannua on contribu on infrastructure at our Fawkner income from mausoleums while made in the 2011-12 fi nancial and Keilor sites increasing income from graves, year interments, crema ons and • GMCT paid $3.7m to the State • These factors, as well as $2.6m memorialisa on Government in Cemetery Levy in land received free of charge, for the 2010-11 and 2011-12 • The investment income of $9m has resulted in an opera ng fi nancial years is consistent with the previous result of $22.3m and an increase fi nancial year even though of $4.9m from the 2011-12 Bart Clingin there was a so ening in offi cial fi nancial year and 2% higher Director Finance and Business interest rates during the year than the annual budget Greater Metropolitan Cemeteries Trust 30 June 2013

9. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Our services

The GMCT provides a broad range Metropolitan Cemetery since Chapel services of services that are delivered in 2010. The GMCT also provides a caring and culturally sensi ve mausoleum facili es at Altona Many families choose to manner, respec ul of all values Memorial Park, Keilor Cemetery, accompany a burial or crema on and beliefs. Lilydale Memorial Park, Preston, with a service or commemora on Burwood, Werribee and of their loved one. Burial services Williamstown Cemeteries. Across a number of the GMCT’s loca ons, non-denomina onal From tradi onal lawn graves In April this year the mausoleum chapels and funeral venues with headstones or plaques to at Preston Cemetery was offi cially are available for services and more elaborate structures such blessed and consecrated by gatherings of all cultures and as vaults, a burial provides a Archbishop Denis Hart, Catholic denomina ons. las ng commemora on of a loved Archbishop of Melbourne. Preston life. Across all 20 loca ons the Cemetery’s mausoleum, with Chapels are available at our GMCT off ers a range of burial 8,216 individual crypt spaces, is following loca ons: choices from the tradi onal burial considered the largest mausoleum • Altona Memorial Park in the Southern Hemisphere. to the more environmentally- • Fawkner Memorial Park friendly op on of natural burial. • Lilydale Memorial Park • Lawn Graves – plaques Crema on services • Templestowe Cemetery • Lawn Graves – headstones The GMCT off ers crema on • Monumental Graves services at Altona Memorial Park, Fawkner Memorial Park and Service refreshments • Vault Graves Lilydale Memorial Park, serving and func ons • Natural Burials (available the needs of customers to the at Lilydale Memorial Park’s The GMCT off ers a number of West, North and Eastern regions of formal spaces for funeral services, Djeernongs Walk and Healesville Melbourne. Memorial op ons for Cemetery’s Tharangikbek). post funeral func ons and families wishing to inter the ashes anniversaries across the three of their loved ones are available regions. These include: Mausolea across all of the GMCT’s loca ons. • Fawkner Commemora ve Crema on memorials include: Mausoleum burial is an above Func on Centre (located within ground burial op on that has been • Rose memorials Northern Memorial Park) a preferred op on in Europe for • Garden memorials • Fawkner Memorial Park’s thousands of years. Over the past • Tree memorials Historic Tearooms 20 years it has become increasingly • Boulder memorials popular in modern Australia. • Lilydale Memorial Park’s • Wall niche Candlebark func on room In 1994 Australia’s fi rst public • Columbarium • Templestowe Cemetery’s mausoleum was built at Fawkner recep on room Memorial Park, a Greater Café facili es are also provided at Fawkner Memorial Park and Northern Memorial Park for visitors.

10. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Our locations

18 7

12 10 6 8 4 13 19 9 20 11

2 14 MELBOURNE 15 • 1 17 3

16

5

Regional HQ

GMCT Sites

Greenfi eld Sites

1 Altona Memorial Park 8 Keilor Cemetery 15 Truganina Cemetery 2 Anderson’s Creek Cemetery 9 Lilydale Lawn Cemetery 16 Werribee Cemetery 3 Burwood Cemetery 10 Lilydale Memorial Park 17 Williamstown Cemetery 4 Coburg Pine Ridge Cemetery 11 Northcote Cemetery 18 Yarra Glen Cemetery 5 Emerald Cemetery 12 Northern Memorial Park GREENFIELD SITES 6 Fawkner Memorial Park 13 Preston Cemetery 19 Plenty Valley – Yan Yean 7 Healesville Cemetery 14 Templestowe Cemetery 20 Melton West

11. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

The executive leadership team

(as at 30 June 2013)

Chief Execu ve Offi cer

Jacqui Briggs-Weatherill External Communicaons MBA, BA Rec, Grad Dip Sp Sci, Dip. Mike Stankiewicz AICD Execuve Assistance & Trust Support Internal Communicaons Infrastructure Strategic Planning Pay Tara Mackay Sco Dickson Kalogeropoulos Rod Shell – Director Dip Chem Eng, FAICD Community Engagement Execuve Manager – Execuve Manager – Vacant Strategy and Planning Corporate Client Services Risks & Dani Johnson Communicaons Contracts Sco Samson Vacant Linda Dewar – Director Client Services – West Grad Dip Arts CMC Informaon Tanya Tabone Technology Andrew Radford Finance & Business Director – CEO Director – Finance and Jacqui Briggs-Weatherill Client Services Client Services – East Bart Clingin – Director Finance Business Services Linda Dewar Vacant BBus (Acct), CA Julia Zaccaria Bart Clingin

Human Sales & Business Corporate Resources Development – North Sharon Dore Communica ons Director – Vacant Infrastructure Sco Samson – Execu ve Rod Shell Manager Acng Regional Manager North BA, BLi (Hons), LLB Brendan O’Connor Acng Regional Manager East Assets & Maintenance Strategy & Planning Andrew Eriksen Paul Usatov Dani Johnson – Execu ve Manager Operaons – North Operaons – West BA (Pol Sci), MA (Intl Rel) Mick Nunn Nick Dodd

12. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Our workforce

The GMCT’s 77 “indoor staff ” provide services rela ng to client services, clerical administra on, human resources, fi nance and informa on technology. The GMCT’s 100 “outdoor staff ” are responsible for services within burial opera ons, crema ons, chapel services, hor culture and repairs and maintenance.

As at 30 June 2013 Employees 177 FTE 166 Part- me 16 Full- me 161 Casual 13 Male 121 Female 56 Indoor 77 Outdoor 100 Execu ve 6 65 and over 12 55-64 29

45-54 69 35-44 40 25-34 24 Under 25 3

13. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Review of operations

Northern Region: Eastern Region: Western Region: Contribu on to revenue: 71%; Contribu on to revenue: 14%; Contribu on to revenue: 15%; No. of employees: 129 No. of employees: 23 No. of employees: 25 Cemetery loca ons within Cemetery loca ons within Cemetery loca ons within region: region: region: • Coburg Pine Ridge Cemetery • Anderson’s Creek Cemetery • Altona Memorial Park • Fawkner Memorial Park • Emerald Cemetery • Truganina Cemetery • Northcote Cemetery • Healesville Cemetery • Werribee Cemetery • Northern Memorial Park • Lilydale Lawn Cemetery • Williamstown Cemetery • Preston Cemetery • Lilydale Memorial Park • Melton West Memorial Park • Keilor Cemetery • Templestowe Cemetery (greenfi eld site) • Plenty Valley Memorial Park • Yarra Glen Cemetery Year in brief: (greenfi eld site) • Burwood Cemetery • 155th Anniversary of the First Year in brief: Year in brief: Burial at Williamstown Cemetery • State and Federal Flag • Preston Mausoleum Offi cially • Opening of new Lilydale Presenta on Ceremony Blessed and consecrated by Administra on Building Archbishop Denis Hart, Catholic • Ground Penetra ng Radar study • Development of Lilydale Archbishop of Melbourne of Werribee Cemetery Memorial Park Master Plan • Mont Park returned Future plans: servicemen’s grave study Future plans: • Land acquisi on in the Western • Complete the concept plan for Future plans: Growth Corridor Lilydale Memorial Park • Commence Fawkner Chapels • Commence Altona Cremator • Closer rela onships with Class refurbishment project refurbishment project B Cemeteries within Eastern • Undertake planning for Keilor metropolitan Melbourne • Development of concept plans Cemetery for Melton West Cemetery • Landscaping beau fi ca on • Preston Beau fi ca on project projects for Lilydale Memorial • Addi onal grave infrastructure Park for Northern Memorial Park

14. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Key performance information

Financial highlights

5% Other

9% Memorialisaon

10% Cremaons Revenue 12–13 15% Interments

61% Right of Interment

6% Other

13% Administraon Expenses 40% Salaries and 12–13 Wages Maintenance 20% and Operaons

21% Cost of Sales

15. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Key performance information

Opera onal highlights

External July 2012 July 2011 July 2010 measures – June 2013 – June 2012 – June 2011 Burials 4,503 4,293 4,267 Crema ons 6,214 6,198 6,501 Chapel Services 3,274 3,249 3,383 Cremated Remains 2,407 2,109 2,024 Interments Mausoleum 471 463 419 Entombments

16. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Community and key stakeholders

Enhance our rela onships with the community, clients and stakeholders. The GMCT has sustained interdependent rela onships • Value the diversity of our with several dis nct communi es and provide categories of stakeholders, services and facili es to be er from our customers meet their diverse cultural and visitors, the funeral industry sector and our needs and expecta ons suppliers, to friends groups and the greater Victorian • Provide excep onal communi es. customer service

• Enhance the experience 2012-13 highlights • Resolu on of complex and long- of our visitors term complaints • Successful program of community events • Opening of the Lilydale Administra on Building • Increased industry involvement • Consulta on with funeral directors on service delivery

Challenges • Reputa on management through change • Con nuing to meet the needs of a diverse clientele • Changing community expecta ons

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Visitors Crisis communica ons Visit a Cemetery weekend The GMCT undertook a four week New internal guidelines were In April 2013 the GMCT trialled study of the number of vehicles established that set out how and a new ini a ve for the Victorian which access our main sites each when media and communica ons cemetery sector called Visit a week to be er understand the ac vi es will be undertaken by Cemetery weekend. This promoted number of visitors to our parks. GMCT staff during a crisis or an cemeteries as being more than emergency situa on. just a loca on to visit during The results showed more than mes of grief and mourning and 90,000 vehicles entered four emphasised that cemeteries also memorial park sites parks over the Community engagement hold great historical and heritage four week period, with Father’s Offi cial blessing of signifi cance. Day an incredibly busy day. The Preston Mausoleum tracking of visitor numbers assists The event received posi ve the GMCT to be er understand The offi cial blessing of Preston feedback, par cularly in response the level of visita on and Mausoleum was conducted by to how the parks are presented requirement for visitor services at Archbishop Denis Hart, Catholic and how many employees engaged our parks. Archbishop of Melbourne, on 19 with visitors over the weekend. April 2013 with more than 100 GMCT communica on people in a endance. Islamic memorialisa on The prayer service was Over 2012-13 the GMCT’s A lengthy and inclusive community conducted in English and Italian, corporate communica ons complemented by hymns sung consulta on with all sectors of the team worked towards achieving beau fully by local Italian choir Islamic community was undertaken contemporary standards of Canterine del Fogolar, directed in 2012-13 involving all Melbourne organisa onal communica on, by Gianpiero Canil. Families with mosques, the Islamic Council of performance and governance. loved ones interred in Preston Victoria and the Victorian Board This included the introduc on Mausoleum par cipated in of Imams. This resulted in a of mechanisms to provide for readings especially chosen for the documented and agreed approach feedback from the public as occasion. to memorialisa on, which sets out well as avenues for appropriate a clear and sustainable approach complaints resolu on. Flag-raising ceremony to mee ng Islamic families’ needs. Key objec ves of the plan, As custodian of Williamstown The Trust intends to share this which is s ll in progress, Cemetery the GMCT held a special knowledge throughout the include ensuring professional, ceremony on 15 March 2013 to cemetery sector in 2012-13 to consistent presenta on across celebrate the 155th anniversary of ensure that the diverse needs of collateral ranging from signage to the fi rst interment at Williamstown the Islamic community are more newsle ers, mely and relevant in the cemetery’s Mausoleum appropriately met by Australian communica ons, professional Chapel. cemeteries in the future. representa on and response to The GMCT chose to honour the stakeholders including media, and history of this truly remarkable Mont Park study eff ec ve and engaging internal and historic cemetery during communica ons that keep the ceremony by replacing the In 2012 the GMCT was contacted employees informed and aligned weather-beaten Australian fl ag by independent researchers to corporate direc on. that had fl own at Williamstown working on a project to locate the for the past 10 years with three unmarked graves of Australian new fl ags; an Australian Flag ex-servicemen in order to have presented by the Hon Nicola Roxon them properly commemorated. MP, a Victorian Flag presented by They believed that a number of Wade Noonan MLA and a newly burials from Mont Park Hospital designed GMCT fl ag presented by may have occurred outside the GMCT Chair Catherine Brown. Preston Cemetery on land owned

18. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

by LaTrobe University. The GMCT Lilydale administra on The research is part of the Trust’s joined with LaTrobe University building opening conserva on strategy to make sure to inves gate these claims, Werribee is properly recorded, Researchers from the University A er four years of planning the grave sites are recognised and that undertook a lengthy archival new Lilydale Memorial Park local history is protected. inves ga on and an historical land administra on building was Results from the survey have use study. offi cially opened on 24 October been able to shed new light 2012. This archival study, including the on the rich heritage stored use of ground-penetra ng radar below layers of subsurface soil. scans, provided strong evidence Ground-penetra ng radar Ground-penetra ng radar was against burials occurring outside Werribee used to search for coffi n-shaped the cemetery grounds and The GMCT employed ground- disturbances approximately 900 iden fi ed clear burial prac ces for penetra ng radar technology mm below the soil surface in one Mont Park in its me of opera on. to inves gate the history and of the oldest and most signifi cant However, partnering with LaTrobe sec ons of the cemetery. University on the project has use of Werribee Cemetery, one provided the GMCT with valuable of Victoria’s oldest and most The GMCT is now examining addi onal historical informa on signifi cant cemeteries. proposals to integrate these on Preston Cemetery. Sydney-based specialists, GBG historical discoveries into plans for Australia, carried out the radar future burial spaces for the local inves ga on on various sec ons community at the cemetery. of the 150 year old Cemetery on 2 August 2012.

Events The GMCT Community Advisory Commi ee (CAC) has been the driving force behind community engagement ac vity during 2012-13. Many successful ac vi es have been completed across a number of sites which include:

Month Date Events Loca ons September 2 Fathers’ Day Lilydale Memorial Park

October 24 Offi cial Opening of Lilydale Lilydale Memorial Park Administra on Building 28 All Souls Day Preston Cemetery November 2 All Souls Mass Fawkner Commemora on Centre 3 All Souls Day Keilor Cemetery 4 All Souls Day Williamstown Cemetery 4 All Souls Day Altona Memorial Park 11 All Souls Day Fawkner Memorial Park

December 3 Christmas Remembrance Service Lilydale Memorial Park 8 Carols in the Garden Of Angels Fawkner Memorial Park March 1 Senior Constable Fred Fawkner Memorial Park “Snow” Jones Memorial 15 Williamstown Flag Ceremony Williamstown Cemetery April 4 Chinese Ancestral Day Fawkner Memorial Park 19 Preston Mausoleum Blessing Preston Cemetery May 12 Mothers’ Day Service Lilydale Memorial Park

19. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Leadership

• Provide strong 2012-13 highlights • Establishing a strong execu ve leadership leadership team • Strengthening industry • Operate and maintain best rela onships • Implemen ng a Planning prac ce memorial sites Framework and Planning Principles • Ac vely infl uence the cemetery • Improving park standards • Establishing an Innova ons and crematoria sector Commi ee • Successful streamlining of • Ins l a culture which supports booking services the strategic direc on of the Challenges • Pressure to fast-track greenfi eld organisa on. development planning • Managing the internal cultural changes

Strengthening our industry connec ons Throughout 2012-13 the GMCT has been working steadily to connect with our funeral sector At the GMCT we understand partners to meet the needs of both our stakeholders and the that long term business greater Victorian community. performance comes from This has been achieved through ins lling a leadership culture an increase in the number of representa ve bodies the GMCT and careful and con nuous has become affi liated with over development of leadership at the year, including the Australian all levels. Funeral Directors Associa on (AFDA) and increasing our representa on on Cemetery and Crematoria Associa on of Victoria (CCAV) commi ees such as the Commi ee of Management and Environmental Sub Commi ee. We will also be hos ng the forthcoming Australasian Cemeteries and Crematoria Associa on (ACCA) Annual Country Conference.

20. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Five-stage cemetery lifecycle:

Virtual Establishment Acve Transional Perpetual

High infrastructure Minimal new structure Limited sales High design costs Sales and visitaon peak Visitaon declining Low annual income Peak maintenance costs Heritage/preservaon a priority Low staff numbers Peak staff numbers Increasing genealogical enquiries

Plenty Valley Fawkner/Northern Templestowe Cemetery Melton West Memorial Park Coburg Cemetery Keilor Cemetery Burwood Cemetery Altona Memorial Park Northcote Cemetery Williamstown Cemetery Truganina Cemetery Lilydale Memorial Park Lilydale Lawn Cemetery Preston Cemetery

Anderson’s Creek Cemetery Healesville Cemetery Yarra Glen Cemetery Emerald Cemetery Werribee Cemetery

Cemetery capacity and Park maintenance • Ac ve – the opera on of growth corridors standards cemeteries that have high visita on and large numbers of In response to the Department Park maintenance standards sales of Health’s “Es mated Remaining have been developed to guide • Transi onal – lessening Capacity of Victorian Cemeteries” management and opera ng requirement for infrastructure, report released in January 2012 staff in the priori sa on of park con nued sales, medium and the decreasing capacity maintenance ac vi es. These visita on and focus on heritage. of our exis ng cemeteries, the guidelines will enable supervisors • Perpetual – the maintenance of GMCT has undertaken a planning to produce an annual work plan cemeteries which have no space project to be er understand and inspec on program aimed at available, low visita on rates and the need for cemetery provision mee ng the required standard of require ongoing maintenance in growth areas. An analysis of presenta on year on year. the demographic data across metropolitan Melbourne has Heritage preserva on highlighted an increasing need Five-stage cemetery Preserva on of our numerous in the Western Region for future lifecycle cemetery capacity and provision. heritage assets is an important role The GMCT manages 20 sites for the GMCT in protec ng Victoria The planning principles developed allocated for cemetery use under and in par cular Melbourne’s by GMCT over the past 12 months the Victorian Government Gaze e, history. In 2012-13 we developed will guide our future land use with many of the loca ons a heritage register to capture all of and address the following key gaze ed more than 150 years ago our signifi cant historical assets. We priori es: and many considered to be at peak also undertook cultural heritage • Community needs now and into capacity or having entered a level due diligence studies at two of our the future of perpetual maintenance. undeveloped sites to ensure any • Environmental sustainability and Cemeteries within Victoria are historical or cultural ar facts are cultural heritage values considered to operate within fi ve preserved prior to development. • Accessibility of sites and dis nct stages, o en described as We will con nue to focus on methods of transport a cemetery’s lifecycle. They are: heritage in the coming year with the development of a Heritage • Social needs and the importance • Virtual – the ini al iden fi ca on Preserva on Plan. of community interac on with and acquisi on of new land for cemetery space cemetery use • Regional approaches which • Establishment – planning for the allow for effi cient use of natural development of new ’greenfi eld’ and physical resources. sites and acquired land 21. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Viability and sustainability

• Build a viable and The GMCT believes that sustainable organisa on sustainability is about conduc ng business in a manner that will enable • Manage, maintain and en es to thrive long renew our infrastructure into the future.

• Deliver eff ec ve and environmentally sustainable management of our assets

• Meet perpetual 2012-13 highlights • Upgrade of Fawkner maintenance obliga ons telecommunica ons • Review of burial infrastructure and future development plan • Development of a heritage register • Spend on new plant and equipment totalling $1.8m • Improvement of the fi nance func on

Challenges • Asset management and renewal • Environmental sustainability • Need for integrated systems and processes.

22. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Environment Energy consump on 2012-13 In 2011-12 we began measuring our consump on with new meters, which has allowed us to undertake benchmarking in 2012-13.

*Usage *Usage Energy (July 2011 – April 2012) (July 2012 – April 2013)

Electricity 720,978 KwH 902,734.11 KwH

Gas 8,273 GJ 8,157.41 GJ

Water** 27 Mega Litres 68.80 Mega Litres

* Results ll June 2013 were unavailable at me of prin ng resul ng in a ten month comparison for repor ng. ** Water consump on in 2012-13 increased due to the li ing of water restric ons, which enabled the GMCT to improve the appearance of key areas of our cemeteries and ac vate previously disabled water features. The GMCT also has considerable irriga on and water infrastructure which can be subject to leaks. This volume cannot currently be measured.

Ledger and crypt shu er Infrastructure projects Specifi ca ons have also been removal prepared for replacement of Right of interment (ROI) a major vehicle bridge and In 2012-13 the GMCT reviewed the infrastructure completed in 2012- installa on of a new fi re main at use of contractors for ledger and 13 included full monumental Fawkner. Road works have also crypt shu er removal and decided founda ons at Northern Memorial been carried out at Williamstown to bring the ac vity in house. The Park and Keilor and headstone and Werribee Cemeteries. The driving force behind this decision beams at Lilydale. A signifi cant infrastructure department has also was to improve our service levels review of right of interment arranged purchase of more than for mausoleum interments and stock was also undertaken to $900,000 in cyclical replacement provide be er maintenance levels facilitate construc on of $3.4m of plant and equipment and for crypts. A specialised team was further inventory in early 2013- ini ated compila on of a detailed created to undertake the removal 14. Concept plans for Fawkner asset register for all GMCT sites of ledgers and crypt shu ers Chapel and Altona Crematorium to enable condi on assessments which has enabled staff to gain refurbishment works have been which will facilitate future capital specialised skills and increase their completed and specifi ca ons works/repair programs. opportuni es for professional prepared for the Fawkner site. development.

23. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Telecommunica on Cemetery Management Appointments made throughout upgrade System this current fi nancial year have signifi cantly strengthened Since amalgama on, the GMCT GMCT fi nalised the roll out of the the capabili es of the GMCT has experienced signifi cant issues single Cemetery Management fi nance team and improved the with its inherited telephony System (CMS) across all sites organisa on’s fi nancial control systems. During the year the during the fi nancial year. The environment. The tender for a telephone systems at Fawkner Cemetery Management System new CMS fi nance system will be were replaced, with signifi cant includes data rolled in from released in the next fi nancial year. improvement in call response a number of legacy cemetery and client service. As part of systems and requires signifi cant Price lists the upgrade, video conferencing data cleansing to ensure the capabili es were added, improving data is accurate, reliable and The GMCT inherited more than connec vity between our key sites. robust. This data cleaning has 2,000 gaze ed prices across the Telephone systems across the been predominately a manual organisa on, with a resul ng remainder of sites will be assessed process, with verifi ca on back inconsistency in pricing, products next fi nancial year. to manual records. This process and terminology. The GMCT has commenced and the GMCT is commenced a signifi cant project Establishment of Security inves ng in addi onal employees during the year to analyse these prices with the intent of Steering Commi ee to work on the project, which is expected to be fi nalised during the consolida ng and simplifying The GMCT has a variety of systems 2013-14 fi nancial year. where possible. The next stage is used to provide security against to engage with funeral directors damage to or the of property and Finance func on review and the community prior to protec on of staff and confi den al fi nalising prices for government informa on. A steering commi ee During the 2011-12 fi nancial submission. was formed to develop a strategy year the GMCT engaged Grant which would result in a uniform Thornton to conduct a fi nance approach to security. The steering func on review. This review commi ee fi rst met on 17 January iden fi ed a number of fi ndings 2013 and has undertaken an audit and recommenda ons, including of exis ng security systems and the need for a new fi nance system measures across all GMCT sites. and the appointment of a Director, Finance and a Manager, Finance. A detailed strategy is being prepared and budget has been approved for the fi rst year implementa on of a uniform GMCT approach to locks and electronic access, alarm systems, patrols, close circuit television, personal duress, fences and gates.

24. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

People and workforce

• Develop our people The GMCT’s approach and workforce to development involves off ering ongoing learning opportuni es, • Enhance management experiences and and leadership capacity coaching that our staff need to enrich their • Create a fl exible and careers and deliver the best results for skilled workforce which customers, stakeholders is responsive to internal and community. and external challenges

2012-13 highlights • One Collec ve Agreement (CA) from 10 Enterprise Bargaining Agreements • Strengthening our leadership capability • Increase in par cipa on and results in the People Ma er Survey • Staff Thanks And Recogni on (STAR) Awards • Regional restructure • Growing the capacity of our workforce

Challenges • Industrial ac on • CA nego a ons • Con nued amalgama on • Speed and scale of change

25. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Collec ve Agreement (CA) Strengthening leadership The organisa onal structure was nego a ons capability reviewed at the end of 2012 to ensure adequate service delivery CA nego a ons commenced with The Execu ve Team of the GMCT across all areas of the business. the Australian Workers Union evolved during the year as outlined In par cular, the rela onship (AWU) and Australian Services in the CEO report, crea ng a between the Infrastructure and Union (ASU) in August 2011 with strong founda on for the future Client Services divisions is cri cal a view to having two Agreements. leadership of the GMCT. to ensuring excep onal service The past two years has been a The next layer of management, is provided to the families and period of nego a on with the the Leadership Team, has also visitors to our memorial parks. unions to deliver the best results undergone a considerable change To enhance this rela onship and for staff and the GMCT. While process with new recruitment and provide addi onal support to staff , it has been a lengthy process, internal promo ons resul ng in a Regional Manager posi ons were the nego a on of one GMCT skilled and cohesive team. introduced to the East, North and Agreement to cover all staff has West. been a signifi cant achievement.

Employee training The GMCT has invested in a number of professional development Examples of training programs opportuni es for staff this fi nancial year. The below table outlines the included: type of training and the number of staff who par cipated: • OH&S – First Aid, Dangerous Goods & Hazardous Substances Training A endances • IT – Project Management, Microso Offi ce and Indesign OH&S 21 • Corporate & Governance – Risk Informa on Technology 41 Management, Annual Repor ng • Communica ons & Community Corporate & Governance 9 Engagement – IAP2, Social Media Communica on & Community Engagement 4 • Sales – Client Service and Sales Sales 34 • Trade/Infrastructure – Ledger removal, earth moving and Trade/Infrastructure 29 licenses Industry Specifi c 138 • Industry Specifi c – Grief, Funeral Safety and Gravesafe.

Grief and customer service training During the year the GMCT ran refresher courses for client services staff in sales and service training, followed by organisa onal-wide training of staff in dealing with grief.

Training A endance

Sales and Service 37

Grief 134

As these are two areas cri cal to delivering quality services we will con nue to provide these training modules to both new and exis ng staff on an ongoing basis.

26. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

People Ma er Survey Employee Assistance Merit and equity In 2013 the GMCT par cipated in Program The GMCT is commi ed to the State Services Authority People An organisa on wide free and ensuring its prac ces are Ma er Survey for the second confi den al Employee Assistance free of any direct or indirect consecu ve year. The par cipa on Program is available through discrimina on on the basis of rate this fi nancial year was Davidson Trahaire Corpsych. The sex, race, age, disability, and all 74.5%, more than doubling last program provides independent other a ributes which apply in year’s survey returns with staff professional short-term counselling Victoria under Federal and State par cipa ng in a mix of online and and support to all GMCT laws. Recruitment is conducted paper surveys. The results of this employees and their dependents according to merit based on year’s survey show a remarkable that may be experiencing personal rela ve ability, knowledge, improvement in a number of areas or work-related problems. skills and organisa onal fi t. The and highlight those areas we need appointment process is equitable, to con nue to work on to make fair and based on legisla ve the GMCT an employer of choice. requirements and GMCT policies. The year on year comparison is a unique opportunity for all GMCT staff to see the changes in our organisa on over the last 12 months. As a result, the GMCT has been able to establish an ac on group to work on the results and to share what has been learned across the organisa on.

27. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Occupa onal Health and The GMCT Occupa onal Health The following sta s cs capture key Safety 2012-13 and Safety policy has been OH&S KPIs: reviewed during the 2012-13 • Lost Time Injuries – increased The GMCT’s Occupa onal Health fi nancial year and this will be used from 7 to 10 and Safety programs con nue as a star ng point to strengthen • Medical Treatment Injuries – to develop and change as new the culture and understanding of decreased marginally from 20 trends evolve, new technology workplace safety. to 19 becomes available and as a result Occupa onal Health and Safety of incident and risk assessments • Lost Time Injury Frequency Rate informa on con nues to be that determine a need for new (LTIFR) – increased from 29 to 38 reviewed at various management controls to be found. Monitoring • Medical Treatment Injury mee ngs as well as the OH&S these developments is a regular Frequency Rate (MTIFR) – Commi ee, and incidents part of our Occupa onal Health decreased from 89 to 72 are reviewed and discussed if and Safety program and is linked required. with the need for con nuous improvement. During the year WorkCover claims were reduced asbestos has come to the fore as from 13 in the previous fi nancial an issue within cemeteries. The year to 10 in 2012-13. way we manage this asbestos issue is of primary importance and will require careful considera on and planning.

Occupa onal Health and Safety sta s cs

July 2012 – July 2011 – July 2010 – Category June 2013 June 2012 June 2011

Incidents Total no. of incidents 199 159 165

Workcover Lost Time (Days) 518 626 517

No. of standard claims 10 13 12

No. of minor claims 5 2 9

28. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Governance and accountability

• Demonstrate strong The GMCT is commi ed governance and to living out the values contained in the Victorian accountability Public Sector Code of Conduct, delivering services • Invest in effi cient and in a manner that is effi cient, eff ec ve business systems eff ec ve, ethical, open and transparent. Our and processes frameworks and policies embody our commitment • Conform to government to eff ec ve governance. and legisla ve requirements

2012-13 highlights • Comple on of fi nancial audits • Strengthening policy framework • Review of Cemetery Management System • Review of management repor ng to ensure eff ec ve governance • Review of Trust and Sub- Commi ee Terms of Reference

Challenges • Class A review of Cemetery Trusts • Induc ng new Trust Members • Risk management

29. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Governance Calender Governance The Trust comprises nine 2012-13 Members and is responsible The GMCT is classifi ed as a for the governance of the • 1 October 2012 Class A Cemetery Trust under organisa on, including the Payment of Victorian Cemeteries the Cemeteries and Crematoria key roles of se ng strategic Levy Act 2003 (Vic). The Trust was direc on, approving the annual • 1 November 2012 established on 1 March 2010 as a budget, monitoring performance, Annual General Mee ng consequence of amendments to ensuring compliance, developing the Act, enabling the consolida on • 1 March 2013 policy, high level stakeholder of eight exis ng cemetery trusts Appointment of New Trust management and ensuring that a into one. These include loca ons • 30 June 2013 risk management framework is in in Altona, Anderson’s Creek, place. GMCT year end Fawkner, Keilor, Lilydale, Preston, Templestowe and Wyndham. The Trust delegates day-to-day Governance Informa on management of the cemeteries The Minister responsible for within its control to management Auditor: RSM Bird Cameron the cemeteries sector is the via the CEO, subject to Bank: Commonwealth Bank of Hon. David Davis MP Minister documented delega ons. Australia for Health, and the responsible Department is the Department On 28 February 2013 the inaugural Solicitors: of Health (Cemeteries and Trust Members fi nished their • Hunt & Hunt Lawyers Crematoria Regula on Unit). three-year term. The Department of Health conducted a recruitment • Jus a Lawyers The Trust is a body corporate with process for the forma on of a new • Kelly Hazel Quill Lawyers perpetual succession established Trust and on March 1, 2013 the • Meerkin & Apel Lawyers by Governor in Council pursuant to new Trust commenced. regula ons under the Cemeteries Minister: Act 1958 and updated within the The Hon. David Davis, Cemeteries and Crematoria Act Minister for Health 2003 (Vic) (the Act). Department: Department of Health

30. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Financial Compara ve Analysis The GMCT compara ve results are as follows:

30-Jun-13 30-Jun-12 30-Jun-11 (12 months) (12 months)** (16 months) ($’000) ($’000) ($’000) Opera ng and investment income 53,429 50,338 74,216 Cost of Sales (6,871) (6,112) (10,865) Resources received free of charge 2,600 – 47,397 Total Income from Transac ons 49,158 44,226 *110,748 Total Expenses 26,807 26,823 30,548 Opera ng/Surplus/Defi cit 22,351 17,403 80,200 Total Assets 298,665 271,659 246,987 Total Liabili es 19,549 22,328 17,403 Net Assets 279,116 249,331 229,584

*The total revenue fi gure includes previous Trust balances transferred to the GMCT free of charge. **The 2012 numbers have been revised as per a reclassifi ca on of the refund expense.

Consultancies All individual consultancy services which were undertaken for The GMCT were under $100,000. The combined consultancy costs by category were:

Category Amount ($)

Informa on Technology 9,158

Finance 182,102

Strategy 303,412

Human Resources 10,578

Corporate Communica ons 82,634

Infrastructure 57,622

Risk and Contracts 31,509

677,013

31. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Members of the Trust

Catherine Brown, Jennifer Kearney Dr Jan Penney Trust Chair NSW Leaving Cert 1966 BA, Dip Ed, PHD LLB, BA, Grad Dip Bus Admin, Jennifer was a member of the Jan is a historian with an interest FAICD Templestowe Cemetery Trust for in Aboriginal history, local history Catherine is an experienced eight years and Chair of the Trust and the Murray River Region. lawyer, execu ve and board for its fi nal two years opera on Between 1998 and 2012 Jan was director with par cular exper se prior to its amalgama on into the the Execu ve Chair of Mint Inc and in governance, organisa onal GMCT. Jennifer was also a Member for several years has lectured at development and the not-for- of the Victorian Government’s ter ary level, including the Master profi t sector. Metropolitan Cemetery Change of Public History course at Monash Advisory Commi ee. University. Catherine is the CEO of the Lord Mayor’s Charitable Founda on, Jennifer is a Director of Kekeco Jan was formerly CEO of the Australia’s largest community Childcare Pty Ltd, an early Goldfi elds Library Corpora on, founda on. Catherine was Chair childhood educa on services Bendigo and Director – Museums of the Queen Victoria Women’s provider and is an Execu ve at Sovereign Hill Museums, Centre Trust for fi ve years un l member of the Childcare Centres Ballarat. Jan was also Chair of the May 2012 and was Deputy Chair Associa on of Victoria. Heritage Council of Victoria, taking a special interest in the adap ve of the Royal Victorian Eye and Ear Jennifer is a Member of the re-use of heritage buildings and Hospital for nine years from July Execu ve Performance and archaeological sites as tourism 2000 to June 2009. Remunera on Commi ee and components. Catherine is a member of the Law the Finance and Investment Ins tute of Victoria and a Fellow Commi ee. Jan is Chair of the Community of the Australian Ins tute of Advisory Commi ee. Company Directors. Catherine is Chair of the Execu ve Performance and Remunera on Commi ee and a Member of the Audit and Risk Management Commi ee.

Catherine Brown Dr Jan Penney

John Jennison

Roma O’Callaghan

32. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Trust Members Appointed 1 March 2013

Roma O’Callaghan John Jennison Geoff Mabbe MBL, BBus, GAICD, ECCP FIE Aust B Eng (Hons), M Eng Sci, MIE (Aust), MAICD Roma has extensive leadership John is a Charted Professional experience at senior levels across Engineer CPEng (re red) with Geoff has a por olio career Local Government. Roma’s over 47 years’ experience in comprising Board Directorships, exper se includes strategic the newspaper industry, having Advisory and Consul ng work and planning and governance, held senior posi ons at major pro bono involvement with the cemetery management, newspaper groups in Australia and Not for Profi t sector. community consulta on, New Zealand. He has served on He is Chair of the Yarra Energy organisa on development, human industry commi ees and on local Founda on, the NetBalance resources, IT, records, OH&S and and interna onal judging panels. Founda on and the Sustainable risk management, contract and John is currently a Director of Forestry Council. He is also the project management. Jenpress Pty Ltd, a worldwide Founder and Managing Director Roma has contributed at board consul ng fi rm specialising in of Lime Consul ng providing and commi ee of management newspaper prac ces and book execu ve coaching, organisa onal levels to Leadership Group, publishing. alignment and strategy Organisa on Development development to CEO’s and Boards John is a Member of the Australia, LGPro Board, the and the Victorian Regional Director Innova ons Commi ee. Na onal Steering Commi ee for for LSI Consul ng. Women in Local Government, Geoff ’s execu ve career included the ICA Local Government 10 years as a Chief Execu ve Model Budget Task Force, the and a further 10 years in senior Australian Gene Technology Ethics management posi ons at a me of Consulta ve Commi ee and was a transforma on in the u li es and member of Australasian Repor ng environmental services industries. Awards Adjudicator Panel. Geoff is a Member of the Finance Roma is Chair of the Audit & and Investment and Innova ons Risk Management Commi ee Commi ees. and a Member of the Execu ve Performance and Remunera on Commi ee.

Jennifer Kearney Geoff Mabbe Ronda Jacobs Dianne Rule Kim McAliney

33. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Trust Members Appointed 1 March 2013

Ronda Jacobs Kim McAliney Dianne Rule BBus (Marke ng), Dip.AICD JP, FCPA, GAICD Dianne is Managing Director of Ronda has held execu ve and Kim was Mayor of the City of Floradale Produc ons, a publishing non-execu ve posi ons within Wyndham between 2007-08 and company Dianne established in the private and public healthcare 2011-12 and was Deputy Mayor in 1987. Dianne is a member of the sector for over 25 years. Ronda 2010-11, re ring from Council in Advisory Board of the Australian is currently CEO of Whitehorse 2012. Prostate Cancer Research Centre Community Health, a service Epworth and the Friends of the Kim holds a number of provider located in Melbourne’s Kathleen Cuningham Founda on directorships and advisory Eastern suburbs delivering over Consor um for research into posi ons including Director of 30,000 Dental and Allied Health Familial Breast Cancer (kConFab). the Bendigo Community Bank – client visits per year. Previously Dianne is a Director of the James Hobson’s Bay Community Financial Ronda was Managing Director – Macready-Bryan Founda on, the Services Ltd, Director and Chair of Australia and South East Asia for a Centre for Books, Wri ng and the Finance & Audit Commi ee mul na onal consumer health and Ideas (The Wheeler Centre) and of South West Melbourne pharmaceu cal corpora on with the Victorian Registra on and Medicare Local, a Board Member responsibility for the AUD$100m Qualifi ca ons Authority. of Wyndham Legal Offi ce and is a business. Community Member of Westgate Dianne has worked as a Chief of Ronda’s non-execu ve roles have Community Road Safety Council. Staff and Senior Adviser to both included Vice President of the Kim is currently a consultant State and Federal Members of Board and Chair of the Strategy on G4S Correc onal Services Parliament and was previously a Commi ee of Rela onships Ravenhall Project. secondary teacher, teaching at Australia (VIC) for eight years. metropolitan and country schools Kim is Chair of the Finance and Ronda was President of the within both the public and private Investment Commi ee and a Complementary Healthcare school systems. Member of the Audit and Risk Council from 2008 to 2011. In 2004 Management Commi ee. Dianne is a Member of the and 2006, Ronda was nominated Audit and Risk Management and for the Telstra Business Woman of Innova ons Commi ees. the Year. Ronda is Chair of the Innova ons Commi ee and a Member of the Finance and Investment Commi ee.

34. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Retired Trust Members (30 July 2012 – 28 February 2013)

David Cleland Graeme Shaw Gary was a Ministerial Adviser to FIE (Aust), GAICD Grad Dip Marke ng, AIAA (Dip), seven Ministers in the Hawke, Cain AMI (Dip) and Bracks governments. Gary David is a Fellow member of the was also a Councillor for over 18 Ins tute of Engineers, with over Graeme was a member of the years and three mes Mayor in the 30 years’ experience at Chief Lilydale Cemeteries Trust prior to ci es of Hume and Preston with Execu ve level in companies its amalgama on into the GMCT. previous experience in cemeteries manufacturing and distribu ng Graeme has held extensive as a Trustee for Sunbury and water products, building glass, experience within marke ng and Preston cemeteries (as part of his industrial electrical and air- sales, having previously held the then councillor responsibili es). condi oning products. posi ons of Marke ng Services Gary was a Member of the David is an independent director Manager at Boral Insulwool, and Community Advisory Commi ee of Saferoads Holdings Limited, Marke ng Services Manager for and Inaugural Chair of the a publically listed company that the Victorian Prison Industries Innova ons Commi ee. manufactures and distributes road Commission. safety products and solu ons. Graeme has been a Member of Barbara McLure David was a Member of the the Commi ee of Management Dip Bus Studies (Accoun ng), Finance and Investment of Wesley Central Mission and has Dip Ed, FAICD) Commi ee and Member of owned and operated his own Snap Barbara is an experienced non- the Execu ve Performance and Prin ng franchise. execu ve director and business Remunera on Commi ee. Graeme was a Member of the consultant and is a Director Community Advisory Commi ee. of Ma hews Steer Chartered Neil Greenaway Accountants and, a Member of FCA, FCPA, FCSA, FCIS, FAICD Gary Jungwirth the Victoria Police Audit and Risk Neil has extensive governance and MPP, BA, LLB, PG Dip (Town & Commi ee. Barbara is also a fi nance experience in the not-for- Regional Planning), PG Dip Crim. Director of The Board Advisory profi t and commercial sectors. Group and was previously Gary is the Policy and Project Neil is currently a Director of The Statutory Manager to the Mental Offi cer at the Victorian Local Royal Australian College of General Health Legal Centre Inc. Governance Associa on (VLGA), Prac oners, Chair of the Audit specialising in Human Rights and Barbara publishes e~EAST, & Risk Management Commi ee providing government assistance e~NORTH, e~SOUTH and e~WEST of Frankston City Council and to the Republic of Timor-Leste. weekly electronic newsle ers a Trust Member of Box Hill Previously, Gary was a Victorian which focus on business and Cemetery Trust. Neil is presently Public Servant in policy and project development across Melbourne. an independent consultant. areas par cularly in minerals, Barbara was Chair of the Audit and Neil was previously a Member of petroleum, energy and na ve tle Risk Management Commi ee. The Necropolis Springvale Trust issues. and held execu ve posi ons at Medibank Private, St Vincent’s Health and Tupperware Interna onal. Neil was Chair of the Finance and Investment Commi ee.

35. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Trust Committees

During 2012–13 the Trust and • The acceptability of and correct A three year audit plan has been all Trust commi ees reviewed accoun ng treatment for, developed in consulta on with and evaluated their performance and disclosure of, signifi cant the Audit & Risk Management through self-assessments to transac ons which are not part Commi ee. The following ensure eff ec ve governance of the Trust’s normal course of internal audits were completed prac ces are in place. The Trust business in accordance with the Strategic commi ees, established in • The approval and Internal Audit Plan: accordance with Sec on 18B of recommenda on, where • Policy Management the Cemeteries and Crematoria appropriate, to the Trust of • Financial Management Act 2003, are: proposed accoun ng policies Compliance Framework • The Trust’s process for • Risk A esta on Audit and Risk monitoring compliance with • Human Resource Management Management Commi ee laws and regula ons and its own Code of Conduct and Code of • Contract Management The Audit and Risk Management Financial Prac ce • IT General Controls Commi ee (A&RMC) comprises four Members of the Trust, Roma The internal and external auditors These audits resulted in the O’Callaghan (Chair) Catherine meet with the A&RMC four mes iden fi ca on of a number of Brown, Kim McAliney and Dianne during the year and are invited improvement opportuni es which Rule The CEO and Director Finance to meet the Commi ee without are currently being addressed. and Business Services a end management being present. mee ngs by invita on. A member Finance and Investment independent of the Trust will be External Audit Commi ee appointed during next fi nancial year. The Victorian Auditor General The Finance and Investment Offi ce’s representa ve, RSM Bird Commi ee comprises four The Commi ee’s role is to provide Cameron audits the records and Members of Trust, Kim McAliney oversight to the following: Financial Statements of the Trust. (Chair), Ronda Jacobs, Geoff • Financial performance Mabbe , and Jennifer Kearney monitoring Internal Audit and Risk The CEO and Director of Finance • The scope of work, performance Management and Business a end mee ngs by and independence of the invita on. The Commi ee has internal and external auditor The Trust has appointed an advisory role assis ng the independent fi rm, HLB Mann Judd • The opera on and Trust in fulfi lling its statutory and as internal auditor to conduct implementa on of the risk fi duciary responsibili es and has internal audits in accordance with management framework. been recently focussed on the a risk-based Internal Audit plan. appointment of an independent • Ma ers of accountability and This plan is reviewed and approved investment advisor and our internal control aff ec ng The annually by the Audit & Risk investment strategy. GMCT opera ons Management Commi ee. • The eff ec veness of the Trust’s management informa on systems and other systems of internal control

36. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Community Advisory Commi ee The Community Advisory Commi ee comprises three Members of Trust, Jan Penney (Chair), Jennifer Kearney and Ronda Jacobs, and fi ve community representa ves. The community representa ves for 2012-13 were David Down, Catherine Turnbull, Carmen Zammit, Gail White, John Power and Osman Said. The CEO, Execu ve Manager Corporate Communica ons and the Manager Community Engagement a end mee ngs by invita on.

Execu ve Performance and Remunera on Commi ee The Execu ve Performance and Remunera on Commi ee comprises three Members of Trust, Catherine Brown (Chair), Roma O’Callaghan and Jennifer Kearney. The CEO and Director Finance and Business a end mee ngs by invita on.

Innova ons Commi ee The Innova ons Commi ee comprises four Members of Trust, Ronda Jacobs (Chair), John Jennison, Geoff Mabbe and Dianne Rule. The following a end mee ng by invita on, the CEO, Director Client Services, and staff representa ves from Client Services, Infrastructure and Informa on Technology. The objec ve of the IC is to ensure strategic planning and opera onal ac vi es provide opportuni es for innova on, industry leadership and prac ce and comply with the applicable Victorian Government policies, guidelines and direc ves.

37. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Attendance at Trust Meetings and Sub-Committees

1 July 2012 – 28 February 2013

Execu ve Finance and Performance and Community Audit and Risk GMCT Trust Trust Investment Remunera on Advisory Management Innova ons Members Mee ngs Commi ee Commi ee Commi ee Commi ee Commi ee

Catherine Neil Catherine Jan Barbara Gary Chair Brown Greenaway Brown Penney McLure Jungwirth

No of Mee ngs 88 1 3 4 1

Catherine Brown 85 1 4

David Cleland 88 1

Neil Greenaway 77

Barbara McLure 82 4

Jan Penney 52 3 3

Jennifer Kearney 77 1 1

Gary Jungwirth 87 3 1

Graeme Shaw 88 3 1 1

38. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

1 March 2013 – 30 June 2013

Execu ve Finance and Performance and Community Audit and Risk GMCT Trust Trust Investment Remunera on Advisory Management Innova ons Members Mee ngs Commi ee Commi ee Commi ee Commi ee Commi ee

Catherine Kim Catherine Jan Roma Ronda Chair Brown McAliney Brown Penney O’Callaghan Jacobs

No of Mee ngs 43 1 1 1

Catherine Brown 41 1

Jan Penney 41

Jennifer Kearney 32 1

Geoff Mabbe 43 1

Roma O’Callaghan 32 1

Dianne Rule 42 1 1 1

Ronda Jacobs 43 1

John Jennison 4 1

Kim McAliney 43 1

39. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Legislation

Building Act 1993 Protected Disclosure Na onal Compe on The GMCT believes it is compliant, Act 2012 Policy and Compe ve with the provisions of the Building The GMCT is commi ed to Neutrality Act 1993 which encompasses the the aims and objec ves of the The policy and its applica on in Building Code of Australia and Protected Disclosure Act 2012. The the cemetery environment were Standards for Publicly Owned Trust does not tolerate improper considered, where appropriate. Buildings, November 1994. conduct by its employees, GMCT supports and complies with stakeholders and clients, nor the the Department of Health Code Freedom of taking of reprisals against those of Prac ce for the external supply Informa on Act who come forward to disclose of merchandise to and within such conduct. The Trust recognises cemeteries. The Freedom of Informa on (FOI) the value of transparency and Act en tles members of the public accountability in its administra ve The Greater Metropolitan to obtain informa on, other than and management prac ces, and Cemeteries Trust is commi ed that which is exempt from the Act, supports the making of disclosures to compe ve neutrality held by the GMCT. No freedom that reveal corrupt conduct, principles ensuring fair and open of informa on requests were conduct involving substan al compe on. Many non-core received in the repor ng period. mismanagement of public ac vi es have been outsourced, resources, or conduct involving such as security, cleaning, design, substan al risk to public health prin ng and construc on. and safety or the environment. The Trust did not receive any One protected disclosure was compe ve neutrality complaints made to the Trustees of The GMCT during the repor ng period. under the former Whistleblowers Protec on Act 2001 during the repor ng period.

A esta ons A esta on for compliance with the Australian/ A esta on for compliance with the Ministerial New Zealand Risk Management Standard Standing Direc on 4.5.5.1 – Insurance I, Jacqui Briggs-Weatherill, Chief Execu ve Offi cer, I, Jacqui Briggs-Weatherill, Chief Execu ve Offi cer cer fy that the Greater Metropolitan Cemeteries Trust cer fy that the Greater Metropolitan Cemeteries has risk management processes in place consistent Trust has complied with Ministerial Direc on 4.5.5.1 – with the AS/NZS ISO 31000:2009 (or any equivalent Insurance. designated standard) and an internal control system is in place that enables the execu ve to understand, manage and sa sfactorily control risk exposures. The Greater Metropolitan Cemeteries Trust verifi es this assurance and that the risk profi le of the Greater Jacqui Briggs-Weatherill Metropolitan Cemeteries Trust has been cri cally Chief Execu ve Offi cer reviewed within the last twelve months. Greater Metropolitan Cemeteries Trust Fawkner, Victoria 15 August 2013

40. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Informa on Privacy Act a. a statement of pecuniary j. general statement on industrial 2001 interest has been completed rela ons within the cemetery and details of me lost b. details of shares held by senior The Greater Metropolitan through industrial accidents offi cers as nominee or held Cemeteries Trust complies with and disputes, which is not benefi cially the Informa on Privacy Act 2001 otherwise detailed in the (Vic.). The informa on privacy c. details of publica ons Report of Opera ons principles within the Act establish produced by the department k. a list of major commi ees standards for the use of personal about the ac vi es of the sponsored by the cemetery, the informa on. The GMCT received cemetery and where they can purposes of each commi ee no complaints in rela on to be obtained and the extent to which the breaches of privacy in 2012-13. For d. details of changes in prices, purposes have been achieved enquiries, or to request a copy of fees, charges, rates and levies and The GMCT’s Privacy Policy, contact: charged by the cemetery l. details of all consultancies Privacy Offi cer e. details of any major external and contractors including PO Box 42, reviews carried out on the consultants/contractors Fawkner, Victoria 3060 cemetery engaged, services provided, and expenditure commi ed for f. details of major research Phone: (03) 9355 3126 or each engagement Email: [email protected] and development ac vi es undertaken by the cemetery Victorian Industry that are not otherwise Responsible Bodies Par cipa on Policy covered either in the report of Declara on opera ons or in a document In accordance with the Financial GMCT is required to comply with that contains the fi nancial Management Act 1994, I am the Victorian Industry Par cipa on statements and report of pleased to present the Report Policy (VIPP). opera ons of Opera ons for the Greater No contracts were awarded during g. details of overseas visits Metropolitan Cemeteries Trust for the repor ng period to which the undertaken including a the year ending 30 June 2013. VIPP applied. summary of the objec ves and outcomes of each visit Addi onal Informa on h. details of major promo onal, In compliance with the public rela ons and marke ng requirements of FRD 22C Standard ac vi es undertaken by Catherine Brown Disclosures in the Report of the cemetery to develop Chair Opera ons, details in respect community awareness of the Greater Metropolitan of the items listed below have cemetery and its services Cemeteries Trust been retained by the Greater 15 August 2013 Metropolitan Cemeteries Trust i. details of assessments and and are available to the relevant measures undertaken to Ministers, Members of Parliament improve the occupa onal and the public on request (subject health and safety of employees to the freedom of informa on requirements, if applicable):

41. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Financial statements

For the financial year ended 30 June 2013

42. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

43. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

44. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

45. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Comprehensive Opera ng Statement for the Financial Year Ended 30 June 2013

Note 2013 2012 $ 000 $ 000 Income from Transac ons Cemetery Opera ons Income 2(a) 44,367 41,305 Cost of Goods Sold 3(a) (6,871) (6,112) 37,496 35,193

Resources Received Free of Charge 2(b) 2,600 – Investment Income 2(c) 9,062 9,033

Total Income fromTransac ons 49,158 44,226

Expenses from Transac ons Employee Expenses 12,879 12,752 Deprecia on and Amor sa on 3(c) 2,271 1,998 Maintenance and Opera ons Costs 6,337 6,575 Administra on Costs 1,822 1,038 Audit Fees – Victorian Auditor General’s Offi ce 87 110 Other Expenses 3(b) 1,808 2,826

Total Expenses from Transac ons 25,204 25,299

Opera ng Result for the Period before Cemetery Levy 23,954 18,927

Cemetery Levy 1,603 1,524 Opera ng Result for the Period 22,351 17,403

Other Comprehensive Income

Items that may be Reclassifi ed Subsequently to the Net Result Net Fair Value Gain/(Loss) from Available for Sale Investments 15(d) 7,434 (884)

Items that will not be reclassifi ed to the net result Net fair value revalua on on Non-Financial Assets 15(e) – 3,228 7,434 2,343 Comprehensive Result for the year 29,785 19,746

This Statement should be read in conjunc on with the accompanying notes.

46. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Balance Sheet as at 30 June 2013 Note 2013 2012 $ 000 $ 000 Current Assets Cash and Cash Equivalents 4 150,796 66,317 Receivables 5 4,696 3,567 Available for Sale Investments 6 - 64,500 Inventories 7 27,321 36,989 Prepayments 9 35 8 Total Current Assets 182,848 171,380

Non-Current Assets Available for Sale Investments 6 46,513 38,355 Inventories 7 15,294 6,679 Property, Plant and Equipment 8 54,010 55,217 Intangible Assets 10 - 28 Total Non-Current Assets 115,817 100,278

Total Assets 298,665 271,659

Current Liabili es Payables 11 4,399 8,015 Unearned Income 12 12,106 11,447 Provision for Loss on Onerous Contracts 13 369 471 Employee Benefi ts and Related On-cost Provision 14 2,363 2,184 Total Current Liabili es 19,237 22,117

Non-Current Liabili es Employee Benefi ts and Related On-cost Provision 14 312 212 Total Non-Current Liabili es 312 212

Total Liabili es 19,549 22,328

Net Assets 279,116 249,331

Equity Contributed Capital 15 148,872 148,872 Accumulated Surplus/(Defi cit) 15 38,144 30,356 Perpetual Maintenance Reserve 15 81,811 67,248 Available for Sale Investment Revalua on Surplus 15 7,061 (372) Physical Asset Revalua on Surplus 15 3,228 3,228 Total Equity 279,116 249,331

Commitments 19 Con ngent Assets and Con ngent Liabili es 20

This Statement should be read in conjunc on with the accompanying notes.

47. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Statement of Changes in Equity – For the Financial Year Ended 30 June 2013 Available for Sale Physical Accumulated Perpetual Investment Asset Contributed Surplus / Maintenance Revalua on Revalua on Capital (Defi cit) Reserve Surplus Surplus Total $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Balance at 1 July 2011 148,872 25,446 54,754 512 – 229,584 Opera ng Result for the – 17,403 – – – 17,403 Period Other Comprehensive income – – – (884) 3,228 2,343 for the Period Transfer to/(from) – (12,494) 12,494 – – – Accumulated Surplus/(Defi cit) Balance at 30 June 2012 148,872 30,356 67,248 (372) 3,228 249,331 Opera ng Result – 22,351 – – – 22,351 for the Period Other Comprehensive income – – – 7,434 – 7,434 for the Period Transfer to/(from) – (14,563) 14,563 – – – Accumulated Surplus/(Defi cit) Balance at 30 June 2013 148,872 38,144 81,811 7,061 3,228 279,116 This Statement should be read in conjunc on with the accompanying notes.

Cash Flow Statement for the Financial Year Ended 30 June 2013 Note 2013 2012 Cash Flows from Opera ng Ac vi es $ 000 $ 000 Receipts from Customers 48,860 45,506 Payments to Suppliers and Employees (32,278) (23,314) Investment Income Receipts 5,975 7,093 Goods and Services Tax Received 91 210 Goods and Services Tax Paid (321) (123) Net Cash Infl ow from Opera ng Ac vi es 16(a) 22,327 29,372

Cash Flows from Inves ng Ac vi es Payments for Property, Plant and Equipment (1,425) (3,763) Proceeds from Disposal of Property, Plant and Equipment 2(d) 207 183 Net Proceeds from Investments 63,370 11,074 Net Cash Infl ow/(Ou low) from Inves ng ac vi es 62,152 7,494

Cash Flows from Financing Ac vi es Net Cash Infl ow from Financing Ac vi es – – Net increase/(decrease) in Cash and Cash Equivalents 84,479 36,866 Cash and Cash Equivalents at Beginning of the Period 66,317 29,452 Cash and Cash Equivalents at the End of the Period 4 150,796 66,317 This Statement should be read in conjunc on with the accompanying notes.

48. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Notes to the Financial Statements

Table of contents

Note Ref. Descrip on Page No. 1 Summary of Signifi cant Accoun ng Policies 50 2 Income from Transac ons 63 3 Expenses 64 4 Cash and Cash Equivalents 65 5 Receivables 65 6 Available for Sale Investments 65 7 Inventories 66 8 Property, Plant and Equipment 67 9 Pre-payments 68 10 Intangible Assets 69 11 Payables 69 12 Unearned Income 69 13 Provision for Loss on Onerous Contracts 69 14 Employee Benefi ts and related On-cost provisions 70 15 Equity 71 16 Cash Flow Informa on 72 17 Superannua on 73 18 Financial Instruments 74 19 Commitments 83 20 Con ngent Assets and Con ngent Liabili es 83 21 Perpetual Maintenance 83 22 (a) Responsible Persons Disclosure 84 22 (b) Execu ve Offi cers’ Remunera on 85 22 (c) Remunera on to Other Personnel 85 23 Related Party Transac ons 85 24 Ex-Gra a Payments 85 25 Events Occurring a er the Repor ng Period 85

49. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Notes to the Financial Statements

Note 1 – Summary of Signifi cant basis of accoun ng. Under the accrual basis, items Accoun ng Policies are recognised as assets, liabili es, equity, income or expenses when they sa sfy the defi ni ons and (a) Introduc on recogni on criteria for those items; and they are recognised in the repor ng period to which they (i) Statement of compliance relate, regardless of when cash is received or paid. These fi nancial statements of The Greater The fi nancial statements are prepared in accordance Metropolitan Cemeteries Trust (‘the Trust’) are with the historical cost conven on, except for the general purpose fi nancial statements which have revalua on of certain non-fi nancial assets and been prepared in accordance with the Financial fi nancial instruments, as noted. Par cular excep ons Management Act 1994 and applicable Australian to the historical cost conven on include: Accoun ng Standards (AAS), which include the • Non-current physical assets which, subsequent to Australian accoun ng standards issued by the acquisi on, are measured at valua on and are re- Australian Accoun ng Standards Board (AASB). assessed with suffi cient regularity to ensure that the They are presented in a manner consistent with the carrying amounts do not materially diff er from their requirements of AASB 101 Presenta on of Financial fair values Statements. • Available-for-sale investments which are measured The fi nancial statements also comply with relevant at fair value with movements refl ected in equity Financial Repor ng Direc ons (FRD) issued by the un l the asset is derecognised or impaired. Department of Treasury and Finance, and relevant Historical cost is based on the fair values of the Standing Direc ons (SD) authorised by the Minister considera on given in exchange for the assets. for Finance. In complying with AAS, the Trust has, where relevant, applied those paragraphs applicable In the applica on of AAS, management is required to to not-for-profi t en es. make judgments, es mates and assump ons about the carrying values of assets and liabili es that are not The annual fi nancial statements were authorised for readily apparent from other sources. The es mates issue by the Trust on 15 August 2013. and associated assump ons are based on professional (ii) Basis of accoun ng prepara on and judgements derived from historical experience measurement and various other factors that are believed to be reasonable under the circumstances, the results of Accoun ng policies are selected and applied in a which form the basis of making the judgments. Actual manner which ensures that the resul ng fi nancial results may diff er from these es mates. informa on sa sfi es the concepts of relevance and reliability, thereby ensuring that the substance of the The es mates and underlying assump ons are underlying transac ons or other events is reported. reviewed on an ongoing basis. Revisions to accoun ng es mates are recognised in the period in which the The accoun ng policies set out below have been es mate is revised if the revision aff ects only that applied in preparing the fi nancial statements for period; or in the period of the revision, and future the year ended 30 June 2013, and the compara ve periods if the revision aff ects both current and future informa on presented in these fi nancial statements periods. Judgements made by management in the are for the 12 months ended 30 June 2012. applica on of AAS that have signifi cant eff ects on The going concern basis was used to prepare the the fi nancial statements and es mates, with a risk fi nancial statements. of material adjustments in the subsequent repor ng period, are disclosed throughout the notes to the The fi nancial statements, except for the cash fl ow fi nancial statements. informa on, have been prepared using the accrual

50. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(iii) Repor ng En ty Statement of Changes in Equity The fi nancial statements include all the controlled The Statement of Changes in Equity presents ac vi es of The Greater Metropolitan Cemeteries reconcilia ons of each non-owner and owner equity Trust. The Trust was established under the Cemeteries opening balance at the beginning of the repor ng and Crematoria Act 2003 and its opera ons are period to the closing balance at the end of the governed by that Act. The fi nancial statements of repor ng period. It also shows separately changes due this Trust include the opera ons of Altona Memorial to amounts recognised in the comprehensive result Park, Anderson’s Creek Cemetery, Burwood Cemetery, and amounts recognised in other comprehensive Coburg Pine Ridge Cemetery, Emerald Cemetery, income related to other non-owner changes in equity. Fawkner Crematorium and Memorial Park, Healesville Cemetery, Keilor Cemetery, Lilydale Lawn Cemetery, Cash Flow Statement Lilydale Memorial Park, Northcote Cemetery, Cash fl ows are classifi ed according to whether or Northern Memorial Park, Preston Cemetery, not they arise from opera ng ac vi es, inves ng Templestowe Cemetery, Truganina Cemetery, ac vi es, or fi nancing ac vi es. This classifi ca on Werribee Cemetery, Williamstown Cemetery and is consistent with requirements under AASB 107 Yarra Glen Cemetery. Statement of Cash Flows. The principal address of the Trust is: Compara ve Informa on 1187 Sydney Road Where necessary the previous year’s fi gures have Fawkner, Victoria 3060 been reclassifi ed to facilitate comparisons. There is no A descrip on of the nature of the Trust’s opera ons change to this year’s compara ves. and its principal ac vi es is included in the report of opera ons, which does not form part of these Func onal and Presenta on Currency fi nancial statements. These fi nancial statements are presented in Australian dollars, the func onal and presenta on currency of The (iv) Scope and Presenta on of Financial Statements Greater Metropolitan Cemeteries Trust. Comprehensive Opera ng Statement (b) Income recogni on The Comprehensive Opera ng Statement presents Income is recognised in accordance with AASB 118 the opera ng result of the Trust. It presents signifi cant Revenue and is recognised to the extent that it is categories of income and expenses included in the probable that the economic benefi ts will fl ow to the opera ng result to enhance the understanding of the Trust and the income can be reliably measured. fi nancial performance of the Trust. It also shows other comprehensive income included in the comprehensive (i) Fees result for the year. Fees received for the rights of interment for graves, Balance Sheet crema on memorials and mausoleum crypts are recognised as revenue at the me of purchase except Assets and liabili es are categorised either as current for the memorialisa on por on which is recognised at or non-current. the me of interment.

51. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Fees received for interment, crema on and certain (c) Expense recogni on memorialisa on products such as memorial plaques Expenses are recognised as they are incurred and are are recognised as revenue in the period that the reported in the fi nancial year to which they relate. goods or services are provided. Fees received in advance of service provision are (i) Cost of Goods Sold recorded as unearned income in accordance with Costs of goods sold are recognised when the sale of Note 1(f) (i). an item or right of interment occurs by transferring Amounts disclosed as revenue are, where applicable, the cost or value of the item/s or value of land related net of returns, allowances and du es and taxes. to the right of interment from inventories to opera ng expenses. See also Note 1(e) (ix). (ii) Dividend Revenue (ii) Employee expenses Dividend revenue is recognised when the right to receive payment is established. Employee expenses include: • Wages and salaries (iii) Interest Revenue • Annual leave Interest revenue is recognised on a me propor onate • Sick leave basis that takes into account the eff ec ve yield of the • Long service leave fi nancial asset. • Superannua on expenses are reported diff erently (iv ) Sale of investments depending upon whether employees are members The gain or loss on the sale of investments is of defi ned benefi t or defi ned contribu on plans. recognised when the investment is realised. In rela on to defi ned contribu on (i.e. accumula on) Movements in the fair value of investments are superannua on plans, the associated expense is the recognised in accordance with Note 1(e) (iv). employer contribu ons that are paid or payable in respect of employees who are members of these (v) Resources Provided and Received Free of plans during the repor ng period. Charge or for Nominal Considera on In rela on to defi ned benefi t superannua on plans, Resources provided or received free of charge or for the amount charged to the comprehensive opera ng nominal considera on are recognised at their fair statement represents contribu ons made by the Trust value when the transferee obtains control over them, to the superannua on plans in respect of the services irrespec ve of whether restric ons or condi ons are of current Trust staff . Superannua on contribu ons imposed over the use of the contribu ons, unless are made based on the rules of each plan and are received from another cemetery or agency as a determined on actuarial advice. consequence of a restructuring of administra ve arrangements. In the la er case, such transfer is (iii) Deprecia on recognised at carrying value. Contribu ons in the form Assets with a cost in excess of $3,000 (2012: $3,000) of services are only recognised when a fair value can are capitalised and deprecia on has been provided be determined reliably and the services would have on depreciable assets so as to allocate their cost or been purchased if not received as a dona on. valua on over their es mated useful lives. (vi) Unearned Income Deprecia on is calculated on a straight-line basis, at Unearned income represents monies received in rates that allocate the asset’s value, less any es mated advance of the provision of par cular interment residual value, over its es mated useful life. Es mates and crema on services and for pre sales of some of the remaining useful lives and the deprecia on goods e.g.memorial plaques. These are recorded method for all assets are reviewed at least annually as unearned income as at the repor ng date and and adjustments are made where appropriate. recognised as revenue in the period that the goods or services are provided.

52. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Deprecia on is provided on property, plant and (v) Cemetery Levy equipment, including freehold buildings, but excluding In accordance with Sec on 18Q of the Cemeteries land. Refer to Note 1(e) (x). and Crematoria Act 2003, the Trust is required to Deprecia on begins when the asset is available for pay a percentage of its gross earnings, as defi ned use, which is when it is in the loca on and condi on by the Department of Health, to the Consolidated necessary for it to be capable of opera ng in the Fund held by the State of Victoria. ‘Gross Earnings’ is manner intended by management. The following table currently defi ned as cemetery opera ons income and indicates the deprecia on rates in use. investment income, excluding: dona ons, government grants, profi t or loss on sale of investments and other 2013 2012 assets and assets received free of charge. The levy rate for this repor ng period is 3% (2012: 3%). Buildings 2.5% 2.5% Plant & Equipment 10% 10% (d) Financial Instruments Infrastructure and Improvements 2% 2% Financial instruments arise out of contractual agreements that give rise to a fi nancial asset of one Offi ce Equipment, Furniture and 10% 10% en ty and a fi nancial liability or equity instrument Fi ngs of another en ty. Due to the nature of the Trust’s ac vi es, certain fi nancial assets and fi nancial Motor Vehicles 20% 20% liabili es arise under statute rather than a contract. Computer Systems 33% 33% Such fi nancial assets and fi nancial liabili es do not meet the defi ni on of fi nancial instruments in AASB 132 Financial Instruments: Presenta on. For example, (iv) Amor sa on statutory receivables arising from taxes, fi nes and penal es do not meet the defi ni on of fi nancial Intangible assets with a cost in excess of $3,000 (2012: instruments as they do not arise under contract. $3,000) are capitalised. Where relevant, for note disclosure purposes, a Amor sa on is allocated to intangible assets dis nc on is made between those fi nancial assets and with fi nite useful lives on a systema c (typically fi nancial liabili es that meet the defi ni on of fi nancial straight-line) basis over the asset’s useful life, and is instruments in accordance with AASB 132 and those recognised as an expense. that do not. Amor sa on begins when the asset is available for The following refers to fi nancial instruments unless use, that is, when it is in the loca on and condi on otherwise stated. necessary for it to be capable of opera ng in the manner intended by management. Categories of non-deriva ve fi nancial instruments The amor sa on period and the amor sa on method for an intangible asset with a fi nite useful (i) Financial assets and liabili es at fair value life are reviewed at least at the end of each annual through profi t or loss repor ng period. In addi on, an assessment is made at each repor ng date to determine whether there Financial assets are categorised as fair value through are indicators that the intangible asset concerned is profi t or loss at trade date if they are classifi ed impaired. If so, the assets concerned are tested to as held for trading or designated as such upon assess whether their carrying value exceeds their ini al recogni on. Financial instrument assets are recoverable amount. designated at fair value through profi t or loss on the basis that the fi nancial assets form part of a Any excess of the carrying amount over the group of fi nancial assets that are managed by the recoverable amount is recognised as an impairment en ty concerned based on their fair values, and loss. have their performance evaluated in accordance Intangible assets with fi nite useful lives are amor sed with documented risk management and investment over a 4 – 5 year period (2012: 4-5 years). strategies.

53. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Financial instruments at fair value through profi t (e) Assets or loss are ini ally measured at fair value and a ributable transac on costs are expensed as Financial Assets incurred. Subsequently, any changes in fair value are (i) Cash and Cash Equivalents recognised in the net result. Cash and cash equivalents comprise cash on hand, Financial assets held for trading purposes are cash at bank, deposits at call and highly liquid classifi ed as current assets and are stated at fair value, investments with an original maturity of three with any resultant gain or loss recognised in profi t months or less, which are held for the purpose of or loss. The net gain or loss recognised in net result mee ng short term cash commitments rather than incorporates any dividend or interest earned on the for investment purposes and which are readily fi nancial asset. Fair value is determined in the manner conver ble to known amounts of cash and are subject described in Note 18(e). to insignifi cant risk of changes in value. (ii) Loans and receivables (ii) Receivables Loans and receivables are fi nancial instrument assets Receivables consist of: with fi xed and determinable payments that are not quoted on an ac ve market. These assets are ini ally • Contractual receivables, which includes mainly recognised at fair value plus any directly a ributable debtors in rela on to goods and services and transac on costs. Subsequent to ini al measurement, accrued investment income; and loans and receivables are measured at amor sed • Statutory receivables, which includes predominantly cost using the eff ec ve interest method, less any amounts owing from the Victorian Government and impairment. GST input tax credits recoverable. Loans and receivables category includes cash and Receivables that are contractual are classifi ed as deposits, term deposits with maturity greater than fi nancial instruments and categorised as loans and three months, trade receivables, loans and other receivables. Statutory receivables are recognised and receivables, but not statutory receivables. measured similarly to contractual receivables (except for impairment), but are not classifi ed as fi nancial The eff ec ve interest method is a method of instruments because they do not arise from a contract. calcula ng the amor sed cost of a fi nancial asset and of alloca ng interest income over the relevant period. Receivables are recognised ini ally at fair value and The eff ec ve interest rate is the rate that exactly subsequently measured at amor sed cost, using the discounts es mated future cash receipts through eff ec ve interest rate method, less any accumulated the expected life of the fi nancial asset, or, where impairment. appropriate, a shorter period. Trade debtors are carried at nominal amounts due (iii) Available-for-sale fi nancial assets for se lement within 30 days from the date of recogni on. Collectability of debts is reviewed on Available-for-sale fi nancial instrument assets are an ongoing basis, and debts which are known to be those designated as available-for-sale or not classifi ed uncollec ble are wri en off . A provision for doub ul in any other category of fi nancial instrument asset. debts is recognised when there is objec ve evidence Such assets are ini ally recognised at fair value. Gains that an impairment loss has occurred. Bad debts are and losses arising from changes in fair value are wri en off when iden fi ed. recognised directly in equity un l the investment is disposed of or is determined to be impaired, at which (iii) Other fi nancial assets me the cumula ve gain or loss previously recognised Other fi nancial assets are recognised and in equity is included in net result for the period. Fair derecognised on trade date where purchase or sale value is determined in the manner described in Note of an investment is under a contract whose terms 18(e). require delivery of the investment within the me frame established by the market concerned, and are ini ally measured at fair value, net of transac on costs.

54. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Investments are classifi ed in the following categories: The above valua on process was used to quan fy the • fi nancial assets at fair value through profi t or loss; level of impairment on the por olio of fi nancial assets as at period end. • held-to-maturity; • loans and receivables; and (vi) Net Gain/(Loss) on Financial Instruments • available-for-sale fi nancial assets. Net gain/(loss) on fi nancial instruments includes: The Trust classifi es its other fi nancial assets between • realised and unrealised gains and losses from current and non-current assets based on the purpose revalua ons of fi nancial instruments that are for which the assets were acquired. Management designated at fair value through profi t or loss or determines the classifi ca on of its other fi nancial held-for-trading; investments at ini al recogni on. • impairment and reversal of impairment for fi nancial At each balance sheet date the Trust assesses instruments at amor sed cost; and whether a fi nancial asset or group of fi nancial assets • disposals of fi nancial assets. is impaired. All fi nancial assets except those measured at fair value through profi t and loss are subject to (vii) Revalua on of Financial Instruments annual review for impairment. at Fair Value The revalua on gain/(loss) on fi nancial instruments at (iv) Available-for-Sale Financial Assets fair value excludes dividends and interest earned on Other fi nancial assets held by the Trust are classifi ed fi nancial assets, which are reported as part of income as being available-for-sale and are measured at fair in the comprehensive opera ng statement. value. Gains and losses arising from changes in fair value are recognised as other comprehensive income Non-Financial Assets directly in equity un l the investment is disposed of (viii) Pre-payments or is determined to be impaired, at which me the cumula ve gain or loss previously recognised in equity Prepayments represent payments in advance is included in the opera ng result for the period. of receipt of goods or services or that part of expenditure made in one accoun ng period covering Fair value is determined in the manner described in a term beyond that period. Note 18 (e). (ix) Inventories (v) Impairment of Financial Assets Inventories include goods and other property At the end of each repor ng period the Trust assesses held either for sale or for distribu on at nominal whether there is objec ve evidence that a fi nancial considera on, or for consump on in the ordinary asset or group of fi nancial assets is impaired. All course of business opera ons. Inventories exclude fi nancial instrument assets, except those measured at depreciable assets. fair value through profi t or loss, are subject to annual review for impairment. Inventories include land allocated for interment purposes and held for sale. Inventory of land allocated Receivables are assessed for bad and doub ul debts for interment purposes is measured at the lower on a regular basis. Bad debts considered as wri en off of cost and net realisable value on the basis of and allowances for doub ul receivables are expensed. weighted average cost and includes adjacent land and The amount of the allowance is the diff erence landscaping that add to the amenity of the land for between the fi nancial asset’s carrying amount and interment. the present value of es mated future cash fl ows, discounted at the eff ec ve interest rate. Inventories are classifi ed as either work in progress or fi nished goods. Work in progress includes Where the fair value of an investment in an equity undeveloped land and expenditure on inventories instrument has reduced by 20 per cent or more of its par ally constructed, but not available for sale. cost price; or where its fair value has been less than Finished goods represent inventories available for its cost price for a period of 12 or more months, the sale to clients including land to be used for interment fi nancial instrument is treated as impaired. purposes. In order to determine an appropriate fair value as at 30 June 2013 for its por olio of fi nancial assets, the Trust used valua ons provided by its fund managers as at 30 June 2013 which were based on market prices.

55. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Inventory of pre-cast concrete lined graves, pre- Land for cemetery use is classifi ed between Interment poured founda ons for graves, memorial wall niches Land (see inventories above) and land under and mausoleum crypts are valued at weighted average Infrastructure which is part of property, plant and cost. These inventories are measured at the lower of equipment. cost or net realisable value. Land and buildings Costs for all other inventories are measured on the basis of weighted average cost. Measured ini ally at cost and subsequently measured at fair value. Accumulated deprecia on is deducted Inventories acquired for no cost or for nominal from the fair value of buildings to derive a value to be considera on are measured at current replacement assessed for impairment. cost at the date of acquisi on. Plant, Equipment and Vehicles Inventories expected to be sold or u lised within 12 months are recorded as current assets, with the Measured ini ally at cost and subsequently measured balance as non-current assets. at fair value less accumulated deprecia on and impairment. Depreciated historical cost is generally Costs of goods sold are recognised in accordance with a reasonable proxy for depreciated replacement cost Note 1(c) (i). because of the short lives of the assets concerned. (x) Property, Plant and Equipment (xi) Revalua on of Non-Current Physical Assets All non-current assets are measured ini ally at Non-current physical assets measured at fair value cost and subsequently revalued at fair value less are revalued in accordance with FRD 103D. This accumulated deprecia on and impairment. revalua on process normally occurs every fi ve Crown Land years, based upon the asset’s Government Purpose Classifi ca on, but may occur more frequently if fair Crown Land which has been reserved for cemetery value assessments indicate material changes in values. and crematoria purposes is measured at fair value Independent valuers are used to conduct these with regard to the property’s highest and best scheduled revalua ons and any interim revalua ons use a er due considera on is given to any legal are determined in accordance with the requirements or construc ve restric ons imposed on the land, of the FRD. Revalua on increments or decrements public announcements or commitments made in arise from diff erences between an asset’s carrying rela on to the intended use of the asset. Theore cal value and its fair value. opportuni es that may be available in rela on to the asset(s) are not taken into account un l it is virtually Revalua on increments are recognised in other certain that any restric ons will no longer apply. comprehensive income and accumulated in the physical asset revalua on surplus, except to the extent Land for Cemetery Use that an increment reverses a revalua on decrement in respect of that class of asset previously recognised These restric ons, whereby land has been reserved as an expense in the reported result, the increment for a cemetery, have been assessed by the Valuer- is recognised as income in determining the reported General of Victoria as reducing the land’s highest result. and best use value by a discount factor of 95%. The discount of 95% represents the Community Service Revalua on decrements are recognised immediately Obliga on (‘CSO’) of providing the cemetery to the as expenses in the reported result, except that, to the people of Victoria. extent that a credit balance exists in the physical asset revalua on surplus in respect of the same class of Cemetery use land was valued at 30 June 2012 by the assets, they are debited directly to the physical asset Valuer-General in accordance with the requirements revalua on surplus. of Financial Repor ng Direc on FRD103D Non- current Physical Assets, issued pursuant to the Revalua on increases and revalua on decreases Financial Management Act 1994. The next scheduled rela ng to individual assets within an asset class are revalua on under FRD103D is set for the year ending off set against one another within that class but are 30 June 2017 or earlier if there is an indica on that not off set in respect of assets in diff erent classes. the fair value has moved materially since the last valua on.

56. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Revalua on surplus rela ng to an asset is not normally If there is an indica on that there has been a change transferred to accumulated funds on de-recogni on of in the es mate of an asset’s recoverable amount since the relevant asset. the last impairment loss was recognised, the carrying amount shall be increased to its recoverable amount. Cemetery land was formally valued as at 30 June 2012 This reversal of the impairment loss occurs only to by the Valuer-General of Victoria in accordance with the extent that the asset’s carrying amount does not the requirements of FRD 103D Non-Current Physical exceed the carrying amount that would have been Assets, issued pursuant to the Financial Management determined, net of deprecia on or amor sa on, if no Act 1994. The next scheduled revalua on under FRD impairment loss had been recognised in prior years. 103D is set for the year ending 30 June 2017 or earlier if there is an indica on that fair values have moved It is deemed that, in the event of the loss of an asset, materially since the last valua on. the future economic benefi ts arising from the use of the asset will be replaced unless a specifi c decision (xii) Intangible Assets has been made to the contrary. The recoverable Intangible assets represent iden fi able non-monetary amount for most assets is measured at the higher assets without physical substance, and include of depreciated replacement cost and fair value less computer so ware and associated development costs. costs to sell. The recoverable amount for assets held primarily to generate net cash infl ows is measured at Intangible assets are ini ally recognised at cost. the higher of the present value of future cash fl ows Subsequently, intangible assets with fi nite useful lives expected to be obtained from the asset and fair value are carried at cost less accumulated amor sa on and less costs to sell. accumulated impairment losses. Intangible assets with indefi nite useful lives are not amor sed but (f) Liabili es are assessed for impairment annually or whenever there is an indica on that the intangible assets may (i) Unearned Income be impaired. Costs incurred subsequent to ini al Unearned income is as per Note 1 (b) (vi). acquisi on are capitalised when it is expected that addi onal future economic benefi ts will fl ow to the All unearned income is classifi ed as a current liability Trust. as the Trust does not have an uncondi onal right to defer se lement. Pre-purchases and pre-need deeds (xiii) Net Gain/(Loss) on Non-Financial Assets are redeemed when a need arises. The amount that Net gain/(loss) on non-fi nancial assets includes will be redeemed during the coming 12 months realised and unrealised gains and losses from cannot be determined reliably. Prepaid fees are revalua ons, impairments and disposals of all physical recognised at their nominal (contracted) value. assets and intangible assets. (ii) Payables (xiv) Disposal of Non-Financial Assets Payables consist of: Any gain or loss on the sale of non-fi nancial assets • Contractual payables which consist predominantly is recognised in the opera ng result at the date that of accounts payable represen ng liabili es for control of the asset is passed to the buyer and is goods and services provided to the Trust prior to the determined a er deduc ng from the proceeds the end of the fi nancial year that are unpaid, and arise carrying value of the asset at that me. when the Trust becomes obliged to make future payments in respect of the purchase of those goods (xv) Impairment of Non-Financial Assets and services. All assets are assessed annually for indica ons of • The normal credit terms for accounts payable are impairment except for: usually Ne 30 days. • Inventories • Statutory payables, such as goods and services tax and fringe benefi ts tax payables. If there is an indica on of impairment, the assets concerned are tested to determine whether their Contractual payables are ini ally recognised at fair carrying value exceeds their possible recoverable value, and then subsequently carried at amor sed amount. Where an asset’s carrying value exceeds its cost. Statutory payables are recognised and measured recoverable amount, the diff erence is wri en-off as similarly to contractual payables, but are not classifi ed an expense except to the extent that the write-down as fi nancial instruments and not included in the value can be debited to an asset revalua on surplus category of fi nancial liabili es at amor sed cost, amount applicable to that same class of asset. because they do not arise from a contract.

57. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(iii) Provision for Loss on Onerous Contracts (v) Employee Benefi ts (on unearned income) Wages and Salaries, Annual Leave Provisions are recognised when either a legal or construc ve obliga on, as a result of a past event, Liabili es for wages and salaries, including non- exists at the balance sheet date and where the monetary benefi ts and annual leave, expected to be amount of the obliga on can be reliably es mated se led within 12 months of the repor ng date are and the future sacrifi ce of economic benefi ts is recognised in the provision for employee benefi ts probable. A provision is also recognised for onerous in respect of employees’ service up to the repor ng contracts where the unavoidable costs of mee ng date, classifi ed as current liabili es and measured at the obliga ons exceed the economic benefi ts that are nominal values. expected to be received under the contract. Those liabili es that the Trust does not expect to The amount recognised as a provision is the best se le within 12 months are also recognised in the es mate of the considera on required to se le the provision for employee benefi ts as current liabili es, present obliga on at repor ng date, taking into but are measured at present value of the amounts account the risks and uncertain es surrounding the expected to be paid when the liabili es are se led obliga on. A provision is recognised in rela on to pre- using the remunera on rate expected to apply at the paid fees where the cost of providing the purchased me of se lement. goods and/or services is expected to be greater than Long Service Leave (LSL) the amount received/revenue to be recognised and the current service cost can be reliably measured. Current Liability – Uncondi onal LSL (represen ng The provision represents the current cost of the 7 or more years of eligible con nuous service) is expenditure required to provide the goods and/or disclosed as a current liability even where the Trust services, less the amount of revenue to be recognised does not expect to se le the liability within 12 months based on historical prices and current costs at the because it will not have the uncondi onal right to repor ng date. defer the se lement of the en tlement should an employee take leave within 12 months. As the Trust does not have an uncondi onal right to defer se lement, the liability for onerous contracts is The components of this current LSL liability are recognised as a current liability. measured at: • Present value – component that the Trust does not (iv) Goods and Services Tax (GST) expect to se le within 12 months; and Income, expenses and assets are recognised net of the • Nominal value – component that the Trust expects associated amount of GST, unless the GST incurred is to se le within 12 months. not recoverable from the taxa on authority. In this case it is recognised as part of the cost of acquisi on Non-Current Liability – Condi onal LSL (represen ng of the asset or as part of the expense. less than 7 years of eligible con nuous service) is disclosed as a non-current liability. There is an Receivables and payables are stated inclusive of the uncondi onal right to defer the se lement of the amount of GST receivable or payable. The net amount en tlement un l the employee has completed the of GST recoverable from, or payable to, the taxa on requisite years of service. Condi onal LSL is measured authority is included with other receivables or at present value. payables in the balance sheet. Considera on is given to expected future wage and Cash fl ows are presented on a gross basis. The GST salary levels, experience of employee departures and components of cash fl ows arising from inves ng or periods of service. Expected future payments are fi nancial ac vi es which are recoverable from, or discounted using interest rates of Commonwealth payable to the taxa on authority are presented as Government guaranteed securi es in Australia. opera ng cash fl ows. Commitments and con ngent assets or liabili es are presented including GST.

58. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Termina on Benefi ts Defi ned Benefi t Superannua on Plan Termina on benefi ts may be payable when The defi ned benefi t plans provide benefi ts to employment is terminated by the Trust before normal employees based on years of service and fi nal average re rement date or when an employee accepts salary. GMCT makes employer contribu ons to the voluntary redundancy in exchange for these benefi ts. defi ned benefi ts category of the Superannua on Fund at a minimum of the rate determine by the Fund’s Liabili es for termina on benefi ts are recognised Trustee (9.25%). when a detailed plan for the termina on has been developed and a valid expecta on has been raised On the basis of the results of the most recent full with those employees aff ected that the termina on actuarial inves ga on conducted by the Fund’s will be carried out. The liabili es for termina on actuary as at 31 December 2011, GMCT’s current benefi ts are recognised in other creditors unless the contribu on is 9.25% of superannua on salary, amount or ming of the payments is uncertain, in plus the diff erence between the resigna on and which case they are recognised as a provision. retrenchment benefi ts paid to any retrenched employees, plus contribu on tax. On-Costs Unfunded Defi ned Benefi t Superannua on Liability Employee Benefi t on-costs (workers compensa on and superannua on) accrued on annual leave and The Local Authori es Superannua on Fund (LASF), LSL are recognised separately from the provision for known as Vision Super since 2002, is a not-for-profi t employee benefi ts. industry fund for cemeteries and certain other agencies. Vision Super is the Trustee of both the (vi) Leases defi ned benefi t plan (closed since 1993) and the Super Opera ng lease payments, including any con ngent Save (accumula on) fund. rentals, are recognised as an expense in the In accordance with regula ons, the Fund’s Trustees comprehensive opera ng statement on a straight- are required to complete an actuarial review of line basis over the lease term, except where another superannua on funds at least every three years systema c basis is more representa ve of the me to ensure the current assets are adequate to meet pa ern of the benefi ts derived from the use of the the benefi ts that have previously been promised to leased asset. member. (vii) Superannua on (g) Equity Employees of the Trust are en tled to receive superannua on benefi ts and the Trust contributes to (i) Physical Asset Revalua on Surplus both defi ned benefi t and defi ned contribu on plans. The asset revalua on surplus is used to record increments and decrements in the revalua on of non- Defi ned Contribu on Superannua on Plan current physical assets. The defi ned contribu on funds receive both employer and employee contribu ons on a progressive basis. (ii) Available-for-Sale Investment Revalua on Employer contribu ons are normally based on a fi xed Surplus percentage of employee earnings in accordance with The available-for-sale revalua on surplus arises the Superannua on Guarantee Legisla on (9%).The from the revalua on of available-for-sale fi nancial Trust’s current contribu on ranges between 9% and assets. Where a revalued fi nancial asset is sold, that 10%. No further liability accrues to the employer as por on of the reserve which relates to that fi nancial the superannua on benefi ts accruing to employees asset, and is eff ec vely realised, is recognised in the are represented by their share of the net assets of opera ng result. their chosen superannua on fund. Where an available-for-sale fi nancial asset is impaired, the cumula ve loss that had been recognised in other comprehensive income is reclassifi ed from equity to opera ng result.

59. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(iii) Perpetual Maintenance Reserve repor ng period. Note disclosure is made about events between the end of the repor ng period and Under sec on 12B(2)(a) of the Cemeteries and the date the fi nancial statements are authorised for Crematoria Act, the Trust must have regard to its issue where the events relate to condi ons which obliga ons in rela on to funding of the perpetual arose a er the end of the repor ng period and maintenance of the public cemeteries for which it is which may have a material impact on the results of responsible. subsequent repor ng periods. Fees received in respect of the memorial gardens, cemetery gardens and mausoleum crypts include (i) Commitments for Expenditure amounts for perpetual maintenance to be carried Commitments for expenditure are not recognised on out in future years in perpetuity. Such amounts are the balance sheet. Commitments for expenditure are transferred from the result for the period and into the disclosed at their nominal value and are inclusive of Perpetual Maintenance Reserve (Notes 15 and 21). the GST payable. In addi on, where it is considered The Perpetual Maintenance Reserve alloca on is appropriate and provides addi onal relevant calculated based on 20% of gross profi t plus 100% informa on to users, the net present values of of net investment income. The basis for calcula on signifi cant individual projects are stated. was revised during the 2012 fi nancial year so that the reserve is suffi cient to meet the future maintenance (j) Con ngent Assets and Con ngent Liabili es obliga ons of the Trust into perpetuity. Con ngent assets and con ngent liabili es are not recognised in the balance sheet, but are disclosed At this me the GMCT is aware that there will by way of note and, if quan fi able, are measured be ongoing signifi cant cash ou lows for future at nominal value. Con ngent assets and con ngent expenditure on perpetual maintenance of the public liabili es are presented inclusive of GST receivable or cemetery but is unable to calculate a suffi ciently payable respec vely. reliable es mate of any related present obliga on which may arise under the accoun ng standards (k) Rounding of Amounts and accordingly has not recognised a value for this obliga on in these fi nancial statements. All amounts shown in the fi nancial statements are expressed to the nearest $1,000 unless otherwise (iv) Contributed Capital stated. Figures in the fi nancial statements may not Consistent with Australian Accoun ng Interpreta on equate due to rounding. 1038 Contribu ons by Owners Made to Wholly- (l) New Accoun ng Standards and Owned Public Sector En es and FRD 119 Contribu ons by Owners, net assets of the former Interpreta ons trusts have been treated as contributed capital in Certain new Australian accoun ng standards and accordance with the Alloca on Statement authorised interpreta ons have been published that are not by the Minister for Health. Other transfers that are in mandatory for the 30 June 2013 repor ng period. the nature of contribu ons or distribu ons that have As at 30 June 2013, the following standards and been designated as contributed capital are treated as Interpreta ons had been issued but applica on was contributed capital (Note 15a). not mandatory for the period ending 30 June 2013. (h) Events a er the Repor ng Period The Trust has not and does not intend to adopt these standards early. Assets, liabili es, income or expenses arise from past transac ons or other past events. Adjustments are made to amounts recognised in the fi nancial statements for events which occur a er the repor ng period and before the date the fi nancial statements are authorised for issue, where those events provide informa on about condi ons which existed in the

60. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Applicable for annual repor ng Standard/ periods Impact on GMCT Interpreta on Summary beginning on fi nancial statements

AASB 9 This standard simplifi es requirements 1 Jan 2015 Subject to AASB’s further Financial for the classifi ca on and measurement modifi ca ons to AASB 9, instruments of fi nancial assets resul ng from Phase together with the an cipated 1 of the IASB’s project to replace IAS changes resul ng from the 39 Financial Instruments: Recogni on staged projects on impairments and Measurement (AASB 139 Financial and hedge accoun ng, details of Instruments: Recogni on and impacts will be assessed. Measurement).

AASB 13 This Standard outlines the requirements 1 Jan 2013 Disclosure for fair value Fair Value for measuring the fair value of assets and measurements using Measurement liabili es and replaces the exis ng fair unobservable inputs are value defi ni on and guidance in other rela vely detailed compared Australian accoun ng standards. AASB to disclosure for fair value 13 includes a ‘fair value hierarchy’ which measurements using observable ranks the valua on technique inputs into inputs. Consequently, the three levels using unadjusted quoted Standard may increase the prices in ac ve markets for iden cal assets disclosures required for assets or liabili es; other observable inputs; and measured using depreciated unobservable inputs. replacement cost.

AASB 119 In this revised Standard for defi ned 1 Jan 2013 GMCT are not permi ed to Employee benefi t superannua on plans, there apply this Standard prior to the Benefi ts is a change to the methodology in the mandatory applica on date. calcula on of superannua on expenses, This standard has changed in par cular there is now a change in the accoun ng requirements to split between superannua on interest defi ned benefi t obliga ons, expense (classifi ed as transac ons) and short term liabili es and actuarial gains and losses (classifi ed termina on benefi ts. as ‘Other economic fl ows – other movements in equity’) reported on the As GMCT do not hold any comprehensive opera ng statement. defi ned benefi t obligia ons, the only changes that will impact the fi nancial statements is the accoun ng of short term employee benefi ts and termina on benefi ts.

AASB 1053 This Standard establishes a diff eren al 1 July 2013 The Victorian Government Applica on fi nancial repor ng framework consis ng is currently considering the of Tiers of of two ers of repor ng requirements impacts of Reduced Disclosure Australian for preparing general purpose fi nancial Requirements (RDRs) for certain Accoun ng statements. public sector en es, and has Standards not decided if RDRs will be implemented in the Victorian public sector. As a result, the impact is unknown.

61. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

In addi on to the new standards above, the AASB has issued a list of amending standards that are not eff ec ve for the 2012-13 repor ng period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignifi cant impacts on public sector repor ng. The two AASB Interpreta ons in the list below are also not eff ec ve for the 2012-13 repor ng period and considered to have insignifi cant impacts on public sector repor ng. • AASB 2009-11 Amendments to Australian Accoun ng Standards arising from AASB 9. • AASB 2010-2 Amendments to Australian Accoun ng Standards arising from Reduced Disclosure Requirements. • AASB 2010-7 Amendments to Australian Accoun ng Standards arising from AASB 9 (December 2010). • AASB 2010-10 Further Amendments to Australian Accoun ng Standards – Removal of Fixed Dates for First- me Adopters. • AASB 2011-2 Amendments to Australian Accoun ng Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Requirements. • AASB 2011-4 Amendments to Australian Accoun ng Standards to Remove Individual Key Management Personnel Disclosure Requirements. • AASB 2011-6 Amendments to Australian Accoun ng Standards – Extending Relief from Consolida on, the Equity Method and Propor onate Consolida on – Reduced Disclosure Requirements. • AASB 2011-7 Amendments to Australian Accoun ng Standards arising from the Consolida on and Joint Arrangements Standards. • AASB 2011-8 Amendments to Australian Accoun ng Standards arising from AASB 13. • AASB 2011-10 Amendments to Australian Accoun ng Standards arising from AASB 119 (September 2011). • AASB 2011-11 Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements. • AASB 2011-12 Amendments to Australian Accoun ng Standards arising from Interpreta on 20 • 2012-1 Amendments to Australian Accoun ng Standards – Fair Value Measurement – Reduced Disclosure Requirements. • 2012-2 Amendments to Australian Accoun ng Standards – Disclosures – Off se ng Financial Assets and Financial Liabili es. • 2012-3 Amendments to Australian Accoun ng Standards – Off se ng Financial Assets and Financial Liabili es. • 2012-5 Amendments to Australian Accoun ng Standards arising from Annual Improvements 2009–2011 Cycle. • 2012-7 Amendments to Australian Accoun ng Standards arising from Reduced Disclosure Requirements. • 2012-9 Amendment to AASB 1048 arising from the Withdrawal of Australian Interpreta on 1039. • 2012-10 Amendments to Australian Accoun ng Standards – Transi on Guidance and Other Amendments. • 2012-11 Amendments to Australian Accoun ng Standards – Reduced Disclosure Requirements and Other Amendments. • 2013-1 Amendments to AASB 1049 – Reloca on of Budgetary Repor ng Requirements. • 2013-2 Amendments to AASB 1038 – Regulatory Capital. • 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets. • AASB Interpreta on 20 Stripping Costs in the Produc on Phase of a Surface Mine. • AASB Interpreta on 21 Levies.

62. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

2. Income from transac ons 2013 2012 $ 000 $ 000 (a) Cemetery Opera ons Income

Grave Income 8,959 8,068 Mausoleum Income 15,623 15,624 Crema on Memorial Income 2,617 2,156 Interment 6,438 5,723

Crema on Income 4,241 3,761 Memorialisa on 4,045 3,501

Other Opera ng Income Other Interment Services 1,445 1,444 Chapel Services 385 556 Rental Income 227 196 Other Opera ng Income 387 276

Total Cemetery Opera ons Income 44,367 41,305

(b) Resources Received Free of Charge Resources Received Free of Charge (i) 2,600 – 2,600 – (i) During the year, GMCT iden fi ed for the fi rst me, a parcel of land that it controlled at Melton West. This land has been valued by the Valuer General of Victoria at $2.6m. The land has been recognised as inventory and classifi ed as undeveloped land.

(c) Investment Income 2013 2012 $ 000 $ 000 Interest from Cash and Cash Equivalents and Available for Sale Financial Assets 6,870 7,555 Dividends and Distribu ons 2,192 1,478 Total Investment Income 9,062 9,033 (d) Profi t on Disposal of Property, Plant and Equipment Proceeds from Disposals 207 183 Less Wri en Down Value of Property, Plant (792) (155) and Equipment disposed Total Profi t/(Loss) on Disposal (585) 28

63. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

3. Expenses 2013 2012 $ 000 $ 000 (a) Cost of Goods Sold Rights of Interment 5,065 4,438 Memorialisa on 1,806 1,674 6,871 6,112 (b) Expenses from transac ons Employee Expenses (i) 12,879 12,752 Deprecia on and Amor sa on Expense 3(c) 2,271 1,998 Maintenance and Opera ng Costs 6,337 6,575 Administra ve Costs 1,822 1,038 External Audit Fees – Victorian Auditor General’s Offi ce 87 110

Other Expenses Other Opera ng Costs 1,491 427 (Gain)/Loss on Onerous Contracts (102) 228 Doub ul Debts Expense 13 23 Impairment Loss on Available for Sale Financial Assets 15(d) 799 1,633 Realised (Gain)/Loss on Available for Sale Investment Assets 15(d) (393) 515 Total Other Expenses 1,808 2,826 Total Expenses 25,204 25,299

(i) The 2012 year includes $2.2 million as a result of unfunded defi ned benefi t superannua on liabili es as disclosed in Note 1 (f) (vii).

(c) Deprecia on and Amor sa on

Deprecia on Buildings, Infrastructure and Improvements 1,282 1,117 Motor Vehicles, Plant and Equipment 981 859 Amor sa on Amor sa on of Computer So ware 8 22 Total Deprecia on and Amor sa on 2,271 1,998

64. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

4. Cash and Cash Equivalents 2013 2012 $ 000 $ 000 Cash on Hand 33 Cash at Bank 8,793 9,314 Interest-Bearing deposits 142,000 57,000 Total Cash and Cash Equivalents 150,796 66,317

For the purposes of the Cash Flow Statement, cash assets includes cash on hand and in banks, and short-term deposits which are readily conver ble to cash on hand, and are subject to an insignifi cant risk of change in value.

5. Receivables

Current Trade and Sundry Debtors 1,618 1,694 Accrued Interest and Dividends 3,087 1,940 Less Provision for doub ul debts (9) (67) Total Receivables 4,696 3,567

The nature and extent of risk arising from receivables and ageing of receivables is contained in Note 18 (b) (iv).

6. Available for Sale Investments

Current Interest-Bearing Investments – 64,500 Total Current Available for Sale Investments – 64,500

Non Current Managed Share/Units Por olio 41,772 34,161 Interest-Bearing Investments 4,741 4,194 Total Non-Current Available for Sale Investments 46,513 38,355

Total Available for Sale Investments 46,513 102,855

65. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

7. Inventories 2013 2012 $ 000 $ 000 Current Finished Goods Grave Founda ons and Beams 4,599 3,397 Mausoleum Crypts 22,607 26,306 Land: Interment Purposes 46 132

Work-in-Progress Development Costs (i) 69 7,154 Total Current 27,321 36,989

Non-Current Work-in-Progress Development Costs (i) 5,947 – Land: Interment Purposes (undeveloped) (ii) 9,347 6,679 Total Non Current 15,294 6,679

Total Inventories 42,615 43,668

(i) $5.9 million of inventory located in the Preston Mausoleum basement was reclassifi ed in 2012 as Work in Progress as addi onal development is required in order to make the inventory available for sale. (ii) Land at Melton West valued at $2.6m has been recognised as inventory and classifi ed as undeveloped land during the year. Refer to Note 2 (b) for revenue recogni on.

Represented by Land: Interment Purposes 9,393 6,811 Grave Founda ons and Beams 4,599 3,397 Mausoleum Crypts 22,607 26,306 Work in Progress 6,016 7,154 42,615 43,668

All categories of Inventories are valued at the lower of cost and net realisable value.

66. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

8. Property, Plant and Equipment 2013 2012 $ 000 $ 000 Cemetery Land under Infrastructure at Fair Value (i) 2,708 2,708

Buildings, Infrastructure and Improvements at Fair Value (i) 47,477 47,935 Less Accumulated deprecia on (1,295) – 46,182 47,935

Motor Vehicles, Plant and Equipment at Fair Value 7,606 6,482 Less Accumulated deprecia on (2,885) (1,987) 4,721 4,495

Capital Works in Progress at Cost 399 79

Total Property, Plant and Equipment 54,010 55,217

(i) In accordance with the requirements of Financial Repor ng Direc on FRD103D Non-current Physical Assets, these assets were valued by an independent valuer, Steven Lane, Qualifi ed Valuer, of the Valuer-General of Victoria, with eff ect at 30 June 2012. No material movement in valua on has occurred during the year and the carrying value at 30 June 2013 represents the assets fair value. Cemetery Land under Infrastructure The valua on, which conforms to Australian Valua on Standards, was determined by direct reference to recent market transac ons on arm’s length terms for land of comparable size and loca on, less a Community Service Obliga on percentage of 95%. Buildings, Infrastructure and Improvements The valua on, which conforms to Australian Valua on Standards, was determined based on the depreciated replacement cost of the assets.

67. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(a) Reconcilia on of Property, Plant and Equipment

Reconcilia on of Carrying Amounts of each class of Asset for The Greater Metropolitan Cemeteries Trust at beginning and end of current fi nancial period is set out below.

Cemetery Buildings, Motor Vehicles, Infrastructure Infrastructure and Plant and Capital Work Land Improvements Equipment in Progress Total $ 000 $ 000 $ 000 $ 000 $ 000

Balance at Beginning of the Period 2,112 40,386 3,575 4,271 50,344 Addi ons – – 648 4,557 5,205 Transfers to Completed Assets and Inventories – 6,034 1,286 (8,749) (1,429) Disposals – – (155) – (155) Deprecia on Expense – (1,117) (859) – (1,976) Revalua on Increments 596 2,632 – – 3,228 Balance at 30 June 2012 2,708 47,935 4,495 79 55,217 Addi ons – – – 1,826 1,826 Transfers to Completed Assets and Inventories – 235 1,271 (1,506) – Transfers between Asset Classes – (109) 109 – – Disposals – (597) (173) – (770) Deprecia on Expense – (1,282) (981) – (2,263) Balance at 30 June 2013 2,708 46,182 4,721 399 54,010

2013 2012 $ 000 $ 000 9. Prepayments Prepayments 35 8 35 8

68. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

10. Intangible Assets 2013 2012 $ 000 $ 000 Computer so ware at cost –42 Less Accumulated amor sa on – (14) –28

Balance at the beginning of the period 28 63 Addi ons –24 Disposals (20) (37) Amor sa on expense (8) (22) Balance at end of the period – 28

11. Payables Current Trade Creditors 215 675 Cemeteries Levy Accrued (iii) 1,603 3,749 Other Creditors and Accruals 2,556 1,350 Superannua on Liability 17 25 2,241 Total Payables 4,399 8,015

(i) Ageing analysis of payables. Refer to Note 18 (c)(ii) for the ageing analysis of payables. (ii) Nature and extent of risk arising from payables. Refer to Note 18 (c)(i) for nature and extent of credit risk arising from payables. (iii) 2012 includes both the 2011 and 2012 Cemeteries Levy payable whereas 2013 includes the cemetery levy for the 2013 repor ng period only.

12. Unearned Income Current Pre-need Sales Liability 11,986 11,363 Deposits Received in Advance 120 84 Total Unearned Income 12,106 11,447

13. Provision for Loss on Onerous Contracts Balance at Beginning of Period 471 243 Amount Taken to Comprehensive Opera ng Statement (i) (102) 228 Balance at End of the Period 369 471

(i) The onerous contract provision is es mated based on the current direct cost of the expenditure required to provide the goods and/or services, less the amount of revenue to be recognised.

69. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

14. Employee Benefi ts and Related On-Cost Provisions 2013 2012 $ 000 $ 000

Current Provisions Employee Benefi ts – Annual Leave (Uncondi onal and expected to be se led within 12 months) 612 742 – Annual Leave (Uncondi onal and expected to be se led a er 12 months) 251 – – Long Service Leave (Uncondi onal and expected to be se led within 12 months) 97 461 – Long Service Leave (Uncondi onal and expected to be se led a er 12 months) 1,095 617 – On-costs on Current Employee Provisions 308 364 Total Current Provisions 2,363 2,184

Non-Current Provisions – Long Service Leave (Condi onal and expected to be se led a er 12 months) 276 174 – On-costs on Non-Current Employee Provisions 36 38 Total Non-Current Provisions 312 212

Total Provision for Employee Benefi ts 2,675 2,395

Movements in Long Service Leave Balance at the Beginning of the Period 1,521 1,484 Provision Made During the Period – Expense 330 61 Revalua on (120) 128 Se lements Made During the Period (72) (152) Balance at End of Period 1,659 1,521

Movements in Annual Leave Balance at the Beginning of the Period 874 936 Provision Made During the Period – Expense 931 745 Annual Leave Taken (779) (807) Revalua on (10) – Balance at End of Period 1,016 874

70. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

15. Equity 2013 2012 $ 000 $ 000 Composi on of Equity Contributed Capital (a) 148,872 148,872 Accumulated Surplus/(Defi cit) (b) 38,144 30,356 Perpetual Maintenance Reserve (c) 81,811 67,248 Available for Sale Investment Revalua on Surplus (d) 7,061 (372) Physical Asset Revalua on Surplus (e) 3,228 3,228 Total Equity 279,116 249,331

(a) Contributed Capital Balance at the Beginning of the Period 148,872 148,872 Movement –– Balance at the End of the Period 148,872 148,872

(b) Accumulated Surplus/(Defi cit) Balance at the Beginning of the Period 30,356 25,446 Opera ng Result for the Period 22,351 17,403 Transfer to Perpetual Maintenance Reserve (14,563) (12,494) Balance at the End of the Period 38,144 30,356

(c) Perpetual Maintenance Reserve Balance at the Beginning of the Period 67,248 54,754 Transfer from Accumulated Surplus/(Defi cit) 14,563 12,494 Balance at the End of the Period 81,811 67,248

(d) Available for Sale Investment Revalua on Surplus Balance at the Beginning of the Period (372) 512 Unrealised Gain/(Loss) Recognised for the Period 6,634 (2,517) Realised Gain/(Loss) Recognised for the Period 393 (515) Realised (Gain)/Loss taken to the Comprehensive Opera ng Statement (393) 515 Impairment Loss taken to the Comprehensive Opera ng Statement 799 1,633 Balance at the End of the Period 7,061 (372)

(e) Physical Asset Revalua on Surplus Balance at the Beginning of the Period 3,228 – Revalua on Increment/(Decrement) Recognised for Land and Buildings – 3,228 Balance at the End of the Period 3,228 3,228

71. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

16. Cash Flow Informa on 2013 2012 $ 000 $ 000 (a) Reconcilia on of Net Cash Flow From Opera ng Ac vi es to the Result for the Opera ng Period

Result for the Repor ng Period 22,351 17,403

Non-Cash Flows in the Opera ng Result Deprecia on and Amor sa on 2,271 1,998 (Profi t)/Loss from disposal of Property, Plant and Equipment 585 (28) Impairment Loss on Available for Sale Financial Assets 799 1,633 Realised (Gain)/Loss on Available for Sale Financial Assets (393) 515 Resources Received Free of Charge (2,600) – 662 4,118 Changes in Assets and Liabili es (Increase)/Decrease in Receivables (1,129) 563 (Increase)/Decrease in Inventories 3,653 2,335 (Increase)/Decrease in Prepayments (26) 27 Increase/(Decrease) in Payables (4,020) 4,411 Increase/(Decrease) in Employee Benefi ts 278 (26) Increase/(Decrease) in Onerous Contracts (102) 228 Increase/(Decrease) in Unearned Income 660 314 (686) 7,852

Total Non-Cash Flows in Opera ng Result (24) 11,970

Net Cash fl ow from Opera ng Ac vi es 22,327 29,372

(b) Non Cash Flow Inves ng Ac vi es Resources Received Free of Charge 2,600 –

72. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

17. Superannua on Employees of the Trust are en tled to receive superannua on benefi ts and the Trust contributes to both defi ned benefi t and defi ned contribu on plans. The defi ned benefi t plan(s) provides benefi ts based on years of service and fi nal average salary. The Trust does not recognise any defi ned benefi t liability in respect of the plan(s) because the en ty has no legal or construc ve obliga on to pay future benefi ts rela ng to its employees; its only obliga on is to pay superannua on contribu ons as they fall due. The Department of Treasury and Finance discloses the State’s defi ned benefi ts liabili es in its disclosure for administered items. However superannua on contribu ons paid or payable for the repor ng period are included as part of employee benefi ts in the comprehensive opera ng statement of the Trust. The name, details and amounts expense in rela on to the major employee superannua on funds and contribu ons made by the Trust are as follows:

Contribu ons Contribu ons for the Year Outstanding at Ending the Year End 2013 2013 $000 $000 Defi ned Benefi ts Vision Super 185 25

Defi ned Contribu ons Vision Super 572 – Other 351 5 Total 1,108 30

Contribu ons Contribu ons for the Period Outstanding at Ending the Period End 2012 2012 $000 $000 Defi ned Benefi ts Vision Super 2,437 2,241

Defi ned Contribu ons Vision Super 546 – Other 299 – Total 3,282 2,241

The amount paid to defi ned benefi ts in 2012 includes $2.2 million due to unfunded defi ned benefi t superannua on liabili es as disclosed in Note 3(b) & 11

73. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

18. Financial Instruments

(a) Financial Risk Management Objec ves and Policies The Trust’s principal fi nancial instruments comprise: • Cash Assets • Receivables (excluding statutory receivables) • Available for Sale Investments • Payables (excluding statutory payables) Details of the signifi cant accoun ng policies and methods adopted, including the criteria for recogni on, the basis of measurement and the basis on which income and expenses are recognised, with respect to each class of fi nancial asset and fi nancial liability are disclosed in Note 1 to the fi nancial statements. The Trust’s main fi nancial risks include credit risk, liquidity risk, interest rate risk, and equity price risk. The Trust manages these fi nancial risks in accordance with its fi nancial risk management policy. The Trust uses diff erent methods to measure and manage the diff erent risks to which it is exposed. Primary responsibility for the iden fi ca on and management of fi nancial risks rests with the Finance and Investment Commi ee of the Trust. The main purpose of holding fi nancial instruments is to pruden ally manage the Trust’s fi nancial risks within the Government’s policy parameters.

(i) Categorisa on of Financial Instruments

Carrying Carrying Amount Amount 2013 2012 Account Balance Note Category $000 $000 Financial Assets Cash and Cash Equivalents 4 Cash 150,796 66,317 Available for Sale Investments 6 Available for Sale Investments – Current (at Fair Value through Equity) – 64,500 Receivables 5 Receivables (at Amor sed Cost) 4,696 3,567 Available for Sale Investments 6 Available for Sale Investments – Non-Current (at Fair Value through Equity) 46,513 38,355 Total Financial Assets 202,005 172,738

Financial liabili es Payables 11 Financial Liabili es Measured at Amor sed Cost 2,748 2,017 Total Financial Liabili es 2,748 2,017

The total amount of fi nancial assets disclosed here excludes statutory amounts (i.e. GST input tax credits recoverable). The total amount of fi nancial liabili es disclosed here excludes statutory payables (i.e. taxes payable, mandatory Superannua on Guarantee Charges and WorkCover levies).

74. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(ii) Net Holding gain/(loss) on fi nancial instruments by category

Carrying Carrying Amount Amount 2013 2012 Note $ 000 $ 000 Financial Assets Cash and Cash Equivalents and Available for Sale Investments – Interest Revenue 2(c) 6,870 7,555 Available for Sale Investments – Impairment 3(b) (799) (1,633) Available for Sale Investments – Realised Gain/(Loss) 3(b) 393 (515) Available for Sale Investments – Unrealised Gain/(Loss) in Reserve 15(d) 7,434 (884) Available for Sale Investments – Dividends and Distribu ons 2(c) 2,192 1,478 Total Net Holding Gain 16,090 6,001

Financial Liabili es At amor sed cost – – Total Financial Liabili es – –

(b) Credit Risk Credit risk arises from the fi nancial assets of the Trust which comprise cash and cash equivalents, trade and other receivables and available for sale investments. The exposure to credit risk arises from the poten al default of counter party on their contractual obliga ons resul ng in fi nancial loss to the Trust. Credit risk is measured at fair value and is monitored on a regular basis.

(i) Policy on Managing Credit Risk The Trust does not have any material credit risk exposure to a single debtor or group of debtors. In respect of receivables, the Trust minimises concentra ons of credit risk by undertaking transac ons with a large number of customers. Trade debtors are normally received within forty days of the end of the month. Sundry debtors terms range up to a maximum of six months. In addi on, management reviews on an ongoing basis the aged analysis of receivables to assess the quality of them and apply any ac on required to ensure the collectability of the debts. Based on successful past experience in managing the credit risk on receivables, the Trust has assessed this risk as low. Management has assessed the credit risk associated with the cash and cash equivalents as minimal. The amounts are allocated to reputable fi nancial ins tu ons which have high credit ra ngs. Investments are managed in accordance with the Trust’s Investment Policy, which s pulates, where applicable minimum credit ra ngs. The investment policy is reviewed regularly by management in conjunc on with independent investment advisors. The Trust uses external advisers to manage most of the funds allocated as available-for-sale fi nancial assets. The total funds invested are spread between two reputable and experienced external managers and a range of fi nancial ins tu ons. This mi gates the credit risk on this class of fi nancial assets, due to the nature of the eff ects of diversifi ca on.

75. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(ii) Maximum Exposure to Credit Risk The Trust’s maximum exposure to credit risk at balance date in rela on to each class of fi nancial asset is represented below.

Carrying Carrying Amount Amount 2013 2012 Note $ 000 $ 000 Financial Assets Cash and Cash Equivalents 4 150,796 66,317 Available for Sale Investments – Current 6 – 64,500 Receivables 5 4,696 3,567 Available for Sale Investments – Non-Current 6 46,513 38,355 Total Financial Assets 202,005 172,738

(iii) Credit Quality of Contracted Financial Assets that are Neither Past Due, nor Impaired

Financial Financial Ins tu ons (AAA to Ins tu ons Other AA Credit Ra ng) (A Credit Ra ng) (Not Rated) Total $ 000 $ 000 $ 000 $ 000 2013 Cash and Cash Equivalents: Cash on Hand – – 3 3 Cash at Bank 8,793 – – 8,793 Receivables: – – 4,696 4,696 Other Financial Assets: Interest Bearing Investments 142,000 – – 142,000 Managed Share/Units Por olio 495 21,522 24,496 46,513 Total 151,288 21,522 29,195 202,005 2012 Cash and Cash Equivalents: Cash on Hand – – 3 3 Cash at Bank 9,314 – – 9,314 Receivables: – – 3,567 3,567 Other Financial Assets: Interest Bearing Investments 125,694 – – 125,694 Managed Share/Units Por olio 794 13,799 19,568 34,161 Total 135,802 13,799 23,138 172,738 The total amount of fi nancial assets disclosed here excludes statutory amounts (i.e. GST input tax credits recoverable).

76. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(iv) Ageing Analysis of Financial Assets

Not Past Past due but not impaired Due Impaired Carrying and not Less Than 1–3 3 Months Financial Amount Impaired 1 Month Month – 1 year 1–5 Years Assets $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Financial Assets 2013 Cash and Cash

Equivalents: Cash on Hand 3 3 – – – – – Cash at Bank 8,793 8,793 – – – – – Receivables: 4,696 3,978 693 19 6 – (9)

Other Financial Assets: Interest Bearing 142,000 142,000 – – – – – Investments Managed Share/Units 46,513 46,513 – – – – – Por olio Total 202,005 201,287 693 19 6 – (9) Financial Assets 2012 Cash and Cash

Equivalents: Cash on Hand 3 3 – – – – – Cash at Bank 9,314 9,314 – – – – – Receivables: 3,567 2,746 668 18 135 – (67)

Other Financial Assets: Interest Bearing 125,694 125,694 – – – – – Investments Managed Share/Units 34,161 34,161 – – – – – Por olio Total 172,738 171,917 668 18 135 – (67)

Currently The Greater Metropolitan Cemeteries Trust does not hold any collateral as security nor credit enhancements rela ng to any of its fi nancial assets.

Contractual fi nancial assets that are either past due or impaired There are no material fi nancial assets which are individually determined to be impaired. Currently the Trust does not hold any collateral as security nor credit enhancements rela ng to its fi nancial assets. There are no fi nancial assets that have had their terms renego ated so as to prevent them from being past due or impaired, and they are stated at their carrying amounts as indicated. The ageing analysis table above discloses the ageing only of contractual fi nancial assets that are past due but not impaired.

77. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(c) Liquidity Risk Liquidity risk arises if the Trust is unable to meet obliga ons associated with its fi nancial liabili es when they fall due.

(i) Policy on Managing Liquidity Risk The Trust’s objec ves in managing liquidity risk are to ensure that all obliga ons will be met as they fall due, while ensuring maximum funds are available for investment to meet longer term perpetual maintenance requirements. The Trust manages liquidity risk by monitoring cash fl ows to ensure suffi cient funds are maintained in its opera ng bank account to meet liabili es as they fall due. This is done whilst ensuring that surplus funds are invested. Daily monitoring occurs, with monthly reports delivered to management regarding the cash fl ow posi on and cash fl ow forecasts. The Trust believes that this policy ensures suffi cient funds are held to allow for the proper administra on of the Trust’s responsibili es. The Trust has assessed this risk as minimal considering the posi ve current posi on of current assets compared with its current liabili es and its cash fl ow generated from opera ons.

(ii) Maximum Exposure to Liquidity Risk The maximum exposure to liquidity risk is the carrying amounts of fi nancial liabili es as follows:

Carrying Carrying Amount Amount 2013 2012 Financial Liabili es $ 000 $ 000 Payables 2,748 2,017 Total 2,748 2,017

Maturity Analysis of Financial Liabili es The following table sets out the contractual maturity analysis for fi nancial liabili es at repor ng date.

Maturity Dates

Carrying Nominal Less Than 1–3 3 Months Amount Amount 1 Month Month – 1 year 1–5 Years Financial Liabili es $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 2013 Payables 2,748 2,748 2,748 – – – Total 2,748 2,748 2,748 – – – 2012 Payables 2,017 2,017 2,017 – – – Total 2,017 2,017 2,017 – – –

The amounts disclosed above are the contractual, undiscounted cash fl ows for each class of fi nancial liabili es.

78. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(d) Market Risk Exposure The Trust has diversifi ed investments across a range of markets and sectors, including investments in the Australian and interna onal share markets, in order to fund redemp on of pre-paid fees and long-term perpetual maintenance obliga ons. These markets are subject to vola lity. It is accepted that the share market is cyclical and that there is inherent vola lity. The Trust has appointed external investment advisors to manage its investment por olio. Investments are managed in accordance with our investment policy, which s pulates asset alloca on ranges to diversify and mi gate risk. The investment policy is reviewed regularly by management in conjunc on with our independent investment advisors. The performance of investments and the investment managers is monitored regularly by management. The Trust’s exposure to market risk is through currency risk, interest rate risk, and other price related risks. Objec ves, policies and processes used to manage each of these risks are as follows:

(i) Currency Risk and Policy on Managing Currency Risk The Trust’s exposure to foreign currency risk arises mainly from our investments held in overseas shares and listed property trusts. The Trust manages its currency risk by appoin ng experienced external managers to manage these investments on its behalf and diversifying the alloca on of the investment in shares of overseas companies, which operate in economies throughout Europe, the United States of America and Asia. To minimise vola lity in overseas investments due to fl uctua ons in foreign currency exchange rates, our investment managers hedge a propor on of the exposure to overseas investments back to the Australian dollar. Currency hedging is implemented through the use of forward foreign exchange contracts.

(ii) Interest Rate Risk and Policy on Managing Interest Risk Available for Sale Investments The objec ve of managing interest rate risk is to minimise and control the risks of losses due to interest rate changes and to take advantage of poten al profi ts. Interest risk is managed by diversifying investments in a range of securi es including investments with fi xed interest rates, fl oa ng interest rates and CPI linked bonds. Financial Liabili es Exposure to interest rate risk is minimal as the Trust does not hold any interest-bearing liabili es. Given this insignifi cant risk, details are not disclosed below.

79. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Interest Rate Exposure Fixed Variable Weighted Carrying Interest Interest Non-Interest Average Eff ec ve Amount Rate Rate bearing Interest Rate % $ 000 $ 000 $ 000 $ 000 Financial Assets 2013 Cash and Cash Equivalents: Cash on Hand – 3 – – 3 Cash at Bank 3.1% 8,793 – 8,793 – Receivables: – 4,696 – – 4,696 Other Financial Assets: Interest Bearing Investments 5.1% 142,000 142,000 – – Managed Share/Units Por olio 5.2% 46,513 250 – 46,263 Total 202,005 142,250 8,793 50,962 Financial Assets 2012 Cash and Cash Equivalents: Cash on Hand – 3 – – 3 Cash at Bank 3.8% 9,314 – 9,314 – Receivables: – 3,567 – – 3,567 Other Financial Assets: Interest Bearing Investments 5.7% 125,694 125,694 – – Managed Share/Units Por olio 6.1% 34,161 500 53 33,608 Total 172,738 126,194 9,367 37,178

(iii) Other Market Risk and Policy on Managing Other Market Risk Exposure to other price risk arises due to the inherent risk associated with the possibility of a fall in the market value of available for sale fi nancial assets. The Trust’s objec ve in managing other price (primarily equity market) risk is to minimise nega ve impacts on investment value due to the vola lity of the stock markets. The Trust has appointed external, independent investment managers to monitor the value and vola lity of our stock market investments. The investment managers are expected to manage this risk, through the appropriate diversifi ca on of specifi c stocks and diversifi ca on through diff erent sectors within the market in accordance with our investment parameters (including ethical guidelines).

(iv) Sensi vity Analysis on Other Price Risk Taking into account past performance, future expecta ons, economic forecasts, and management’s knowledge and experience of the fi nancial markets, the Trust has es mated that the movements presented below are reasonably possible in the forth coming twelve months. This sensi vity analysis has been prepared for the next twelve months. Management does not consider that it is possible to reasonably es mate the variables used over a period longer than for 12 months. The sensi vi es presented are: • A shi of -0.5% and +0.5% (2012: -1.0% and +0.5%) in market interest rates (AUD) from year-end rates of 5% • A parallel shi of -5% and +5% (2012: -5% and +5%) in the price from year-end rates. The following table describes the impact on net opera ng result and equity for each category of fi nancial instrument held by the Trust at year end if changes in the relevant risk occur.

80. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Interest Rate Risk Other Price Risk -0.5% +0.5% -5% +5% Carrying Net Net Net Net Amount Result Equity Result Equity Result Equity Result Equity $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 2013 Financial Assets Cash and cash 8,796 (44) (44) 44 44 – – – – equivalents: Receivables: 4,696 – – – – – – – – Other Financial – – – – – – – – Assets: • Interest Bearing 142,000 (710) (710) 710 710 – – – – Investments • Managed Share/ 46,513 – – – – (2,326)(2,326) 2,326 2,326 Units Por olio Financial Liabili es Payables (2,748) – – – – – – – – Total 199,257 (754) (754) 754 754 (2,326) (2,326) 2,326 2,326 Interest Rate Risk Other Price Risk -1.0% +0.5% -5% +5% Carrying Net Net Net Net Amount Result Equity Result Equity Result Equity Result Equity $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 2012 Financial Assets Cash and cash equivalents: 9,317 (93) (93) 47 47 – – – – Receivables: 3,567 – – – – – – – – Other Financial Assets: • Interest Bearing Investments 125,694 (1,256) (1,256) 628 628 – – – – • Managed Share/ Units Por olio34,161 – – – – (1,708)(1,708) 1,708 1,708 Financial Liabili es Payables (2,017) – – – – – – – – Total 170,722 (1,349) (1,349) 675 675 (1,708) (1,708) 1,708 1,708

81. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

(e) Fair Value The fair values and net fair values of fi nancial instrument assets and liabili es are determined as follows: • Level 1 – the fair value of fi nancial instruments with standard terms and condi ons and traded in ac ve liquid markets are determined with reference to quoted market prices; • Level 2 – the fair value is determined using inputs other than quoted prices that are observable for the Financial asset or liability, either directly or indirectly; and • Level 3 – the fair value is determined in accordance with generally accepted pricing models based on discounted cash fl ow analysis using unobservable market inputs. The Trust considers that the carrying amount of fi nancial instrument assets and liabili es recorded in the fi nancial statements to be a fair approxima on of their fair values, because of the short-term nature of the fi nancial instruments and the expecta on that they will be paid in full. The following table shows that the fair values of most of the contractual fi nancial assets and liabili es are the same as the carrying amounts.

Comparison between carrying amount and fair value:

Carrying Carrying Amount Fair Value Amount Fair Value 2013 2013 2012 2012 $ 000 $ 000 $ 000 $ 000 Financial Assets Cash & Cash Equivalents 150,796 150,796 66,317 66,317 Receivable 4,696 4,696 3,567 3,567 Available for Sale Investments 46,513 46,513 102,855 102,855 Total Financial Assets 202,005 202,005 172,738 172,738 Financial Liabili es Payables 2,748 2,748 2,017 2,017 Total Financial Liabili es 2,748 2,748 2,017 2,017

Financial assets measured at fair value:

Fair Value Measurement at End of Repor ng Period Using: Carrying Level 1* Level 2* Level 3 Amount $ 000 $ 000 $ 000 2013 Available for Sale Investments – Interest Bearing Investments –––– – Managed Share/Units Por olio 46,513 43,465 3,048 – Total Financial Assets 46,513 43,465 3,048 – 2012 Available for Sale Investments – Interest Bearing Investments 68,694 68,694 – – – Managed Share/Units Por olio 34,161 32,496 1,665 – Total Financial Assets 102,855 101,190 1,665 – *There are no signifi cant transfers between Level 1 and Level 2.

82. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

19. Commitments

Capital Expenditure Commitments At 30 June 2013 (2012: NIL) no contracts for capital commitments had been signed with opera on for the forthcoming year. 2013 2012 $ 000 $ 000 Opera ng Lease Commitments Not longer than 1 year 11 22 Longer than 1 year and not longer than 5 years 1 12 Longer than 5 years –– Total Opera ng Lease Commitments 12 34

Opera ng Leases The opera ng lease rental is for photocopiers and computers.

Finance Leases The Trust did not have any fi nance lease commitments as at 30 June 2013 (2012: NIL).

20. Con ngent Assets and Con ngent Liabili es There were no quan fi able or non-quan fi able con ngent assets or con ngent liabili es at the repor ng date (2012: NIL).

21. Perpetual Maintenance The Trust has an obliga on under the Cemeteries and Crematoria Act 2003 (the Act) to manage and maintain each public cemetery for which it is responsible. As stated in Sec on 12 of the Act, in exercising its func ons, the Trust must have regard to its obliga ons in rela on to the funding of the perpetual maintenance of each public cemetery. The Trust previously received independent advice in rela on to the forecasted perpetual maintenance obliga ons, per site, and is conduc ng further analysis. At this me, the Trust is aware that there will be signifi cant ongoing cash ou lows for future expenditure on perpetual maintenance of each public cemetery but is unable to calculate a suffi ciently reliable es mate of any related present obliga on which may arise under the accoun ng standards and accordingly has not recognised a value for this obliga on in these fi nancial statements. The Trust has, nevertheless, created a reserve, which is cash and investment-backed, as a source of future contribu ons towards its perpetual maintenance obliga ons, which is disclosed as a Perpetual Maintenance Reserve in Note 15.

22. Responsible Persons Disclosure In accordance with the Ministerial Direc on issued by the Minister for Finance under the Financial Management Act 1994, the following disclosures are made regarding responsible persons for the repor ng period. Remunera on of Ministers is disclosed in the fi nancial report of the Department of Premier and Cabinet.

Responsible Minister The following people were the responsible Ministers during the repor ng period unless stated: The Honourable David Davis, MLC, Minister for Health

83. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Governing Board (the Trust) The following were Trust members during the en re repor ng period unless stated: • Catherine Brown (Chair) • Jennifer Kearney • Janice Penney • David Cleland – ceased 28 February 2013 • Neil Greenaway – ceased 28 February 2013 • Gary Jungwirth – ceased 28 February 2013 • Barbara McLure – ceased 28 February 2013 • Graeme Shaw – ceased 28 February 2013 • Ronda Jacobs – appointed 1 March 2013 • John Jennison – appointed 1 March 2013 • Geoff rey Mabbe – appointed 1 March 2013 • Kim McAliney – appointed 1 March 2013 • Roma O’Callaghan – appointed 1 March 2013 • Dianne Rule – appointed 1 March 2013

Accountable Offi cer • Jacqui Briggs-Weatherill (Chief Execu ve Offi cer): 16/1/2012 – 30/6/2013 • Ronda Jacobs (Interim Chief Execu ve Offi cer): 14/9/2011 – 13/1/2012 • Elizabeth Riley (Chief Execu ve Offi cer): 1/7/2011 – 7/10/2011 (on leave from 19/9/11)

22 (a) Remunera on of Responsible Persons The number of Responsible Persons is shown in the relevant income bands.

2013 2012 Total Base Total Base Income Band Remunera on Remunera on Remunera on Remunera on $0 – $9,999 11 11 – – $10,000 – $19,999 2 2 7 7 $20,000 – $29,999 1 1 1 1 $50,000 – $59,999 – – – 1 $100,000 – $109,999 – – 1 1 $110,000 – $119,000 – – 1 – $140,000 – $149,999 – – 1 1 $240,000 – $249,999 – 1 – – $260,000 – $269,999 1 – – – 15 15 11 11 Total remunera on received or due and received by Responsible Persons from the repor ng en ty amounted to: $388,584 $357,490 $492,247 $411,396

84. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

22 (b) Execu ve Offi cers’ Remunera on The number of execu ve offi cers with remunera on in excess of $100,000, other than Ministers and Accountable Offi cers, and their total remunera on during the repor ng period are shown in the fi rst two columns in the table below in their relevant income bands. The base remunera on of execu ve offi cers is shown in the right hand column. Base remunera on is exclusive of bonus payments, long-service leave payments, redundancy payments and re rement benefi ts.

2013 2012 Total Base Total Base Income Band Remunera on Remunera on Remunera on Remunera on $120,000 – $129,999 – – – 2 $130,000 – $139,999 – – 1 1 $140,000 – $149,999 – 1 – – $150,000 – $159,999 – – 1 – $160,000 – $169,999 1 2 1 – $180,000 – $189,999 2 – – – Total Numbers 3333 Total annualised numbers (i) 2.85 2.85 3.08 3.08 Total remunera on in excess $522,467 $479,328 $453,513 $393,065 of $100,000 for the period

(i) Annualised employee equivalent is based on working 38 ordinary hours per week over the repor ng period. (ii) Increase in total Execu ve Offi cer Remunera on represents the ming of star ng and fi nishing dates of Execu ve Offi cers.

22 (c) Remunera on to Other Personnel There were no contractors charged with signifi cant management responsibili es receiving total expenses in excess of $100,000.

23. Related Party Transac ons Related party transac ons during the repor ng period ended 30 June 2013 were NIL (2012: NIL). Related party balances payable/receivable as at 30 June 2013 were NIL (2012: NIL).

24. Ex-Gra a Payments During the repor ng period ex-gra a payments amounted to NIL (2012: NIL).

25. Events Occurring a er the Repor ng Period Other than those events described below, there have been no events that have occurred subsequent to 30 June 2013 which would, in the absences of disclosure, cause the fi nancial statements to become misleading. Available for Sale Investments Subsequent to the repor ng date there con nues to be economic vola lity associated with equity markets, which may have an impact on the fair value of our Available for Sale Investments. As at 31 July 2013, this vola lity has resulted in the fair value of our Managed Share/Unit Por olio increasing by approximately 7.4%. The Trust’s investment policy is designed to mi gate these risks as outlined in Note 18.

85. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Disclosure Index

The Annual Report of the Greater Metropolitan Cemeteries Trust is prepared in accordance with all relevant Victorian legisla on. This index has been prepared to facilitate iden fi ca on of the Department’s compliance with statutory disclosure requirements.

Legisla on Requirement Page Reference

Ministerial Direc ons Report of Opera ons – FRD Guidance

Charter and purpose FRD 22B Manner of establishment and the relevant Ministers 10, 50, 83 FRD 22B Objec ves, func ons, powers and du es 5 FRD 22B Nature and range of services provided 10

Management and structure FRD 22B Organisa onal structure 12

Financial and other informa on FRD 10 Disclosure index 86 FRD 11 Disclosure of ex-gra a payments 85 FRD 21A Responsible person and execu ve offi cer disclosures 83 FRD 22B Opera onal and budgetary objec ves and performance against objec ves 15, 9, 31 FRD 22B Statement of merit and equity 27 FRD 22B Workforce Data Disclosures 13 FRD 22B Occupa onal health and safety 28 FRD 22B Summary of the fi nancial results for the period 31 FRD 22B Signifi cant changes in fi nancial posi on during the period 31 FRD 22B Major changes or factors aff ec ng performance 31, 9 FRD 22B Subsequent events 85 FRD 22B Applica on and opera on of Freedom of Informa on Act 1982 40 FRD 22B Compliance with building and maintenance provisions of Building Act 1993 40 FRD 22B Statement on Na onal Compe on Policy 40 FRD 22B Applica on and opera on of the Protected Disclosure Act 2012 31 FRD 22B Details of consultancies over $100,000 31 FRD 22B Details of consultancies under $100,000 41 FRD 22B Statement of availability of other informa on 41 FRD 25 Victorian Industry Par cipa on Policy disclosures 41

86. ANNUAL REPORT 2012–2013 THE GREATER METROPOLITAN CEMETERIES TRUST

Financial Statements – FRD Guidance Page Reference Financial statements required under Part 7 of the FMA SD 4.2(b) Comprehensive Opera ng Statement 46 SD 4.2(b) Balance Sheet 47 SD 4.2(b) Statement of Changes in Equity 48 SD 4.2(b) Cash Flow Statement 48 SD 4.2(c) Accountable offi cer’s, chief fi nance & accoun ng offi cer’s and member of responsible 43 Trust’s declara on SD 4.2(c) Compliance with Australian Accoun ng Standards and other authorita ve pronouncements 50

SD 4.2(c) Compliance with Ministerial Direc ons 50 SD 4.2(d) Rounding of amounts 60 SD 4.2(j) Accountable offi cer’s declara on 43 SD 4.5.5 Risk Management Compliance 36

Legisla on Freedom of Informa on Act 1982 40 Protected Disclosure Act 2012 40 Victorian Industry Par cipa on Policy Act 2003 41 Building Act 1993 40 Financial Management Act 1994 43 Audit Act 1994 44–45

87. For further informa on please contact us at: Address: 1187 Sydney Road, Fawkner VIC 3060 Mail: P.O. Box 42 Fawkner VIC 3060 Tel: 03 9355 3126 Fax: 03 9355 3194 www.gmct.com.au