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Home , 2009 NRL grand final, Craig Fitzgibbon, Foundation Cup, Fred Spofforth, Liam Finn, Nicholas Shehadie

Sydney and Sports Ground Trust

2009/10 Annual Report where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of loyalty domination transformation memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

CONTENTS Sydney Minister’s Foreword 2 Chairman’s Report 3 Cricket Managing the Events 6 Managing the Assets 17 and Business Development 21

Corporate Services 25

Human Resources 33 Sports

Information Technology 36

Organisational Chart 38 Ground

Trustees 39

Trust Charter and Constitution 44 Trust

Trust Meetings 45 Statutory Audit Report 48 2009/10 Statement by Members of the Trust 49 Audited Financial Statement 50 Annual Code of Conduct 110 Complaints Handling/Privacy Policy 113 Report Freedom of Information 114

Index 115

1 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

I am pleased to provide this foreword for the The Trust exists to serve the glory of sport. Annual Report of the Sydney Cricket & Sports Another year of intense activity on and off the Ground Trust for the year ended 28 February fields. Regardless of the wider strength of the CHAIRMAN’s minister’s 2010. The Trust continues to provide world class economy, our membership roll remains full. facilities for Members, patrons and Renewals remained in the high nineties in terms sports partners. of percentage. The loyalty of members is the FOREWORD underlying strength of the two grounds and During the past year, the the Trust responsible for the care and control and have hosted a of these grounds. The majority of people who REPORT THE HON KEVIN GREENE MP RODNEY CAVALIER AO Minister for Gaming & Racing strong program of events with 1.2 million come to our grounds are not members – they Minister for Sport & Recreation spectators in attendance. The Trust continued to are people who pay for public admission, their Chairman Minister for Major Events host regularly scheduled sporting events such attendance is the culmination of a journey that as domestic and international cricket, rugby might have begun within walking distance, union, , AFL and A-League football. it could be a journey that started on another In addition, there were also a number of special continent. The Trust has met its mandate and events held at the grounds including maintained a profit. We are, however, a great and George Michael concerts and the return of deal more than a business. the Edinburgh Military Tattoo. The Edinburgh Military Tattoo celebrated 60 years of Valour, On the third day of the Test in January, the Mateship, Glory with over 1,500 performers in world of cricket and the Sydney Cricket Ground four shows. come together in support of Jane McGrath Day. The stands are festooned in pink. (On that day The Trust undertook an extensive capital works the Ladies Stand is renamed the Jane McGrath program reaching $4.4 million during the year Stand.) Most people tend to have pink on some which included a number of improvements to part of their apparel. Glenn McGrath and his facilities and services. I commend the Trust on children have been attending for the past two its commitment to enhance spectator and player years. All funds raised help to provide Breast facilities, Members’ amenities and sports partner Care Nurses in communities across . accommodation. A concert raised $8 million in support of the victims of the Victorian bushfires A further three sculptures were unveiled in the and floods. The Primary Club Basil Sellers Sports Sculptures Project including hosted a marathon cricket tournament over , Paul Roos and Stan McCabe. two long days between an agglomeration of These sculptures have joined outstanding teams – one named after , the sporting identities Richie Benaud, Dally other after Jim Maxwell. Scores of XIs, some Messenger and already honoured of them selected on highly specialised criteria. at the SCG and SFS. A complicated scoring system for each match contributed to a cumulative total. The match I thank the Trust for its role in supporting a included a dinner in honour of the birthday of number of community and charitable events attended by Arthur. The Primary during the year including the McGrath Foundation, Club hopes to make the occasion an celebrating Jane McGrath Day on day three of the annual fixture. Test Match and the Sound Relief concert at the SCG in support of victims of the Victorian bushfire The Edinburgh Military Tattoo returned to the and Queensland floods. Football Stadium after five years. The Tattoo celebrated 60 years of valour, mateship and I congratulate the Trust Chairman, Rodney glory. More than 1,500 performers took part Cavalier, his deputy John Cloney, their in four shows. The Tattoo was supported fellow Trustees, management and staff and by 90,000 patrons. Pearl Jam performed acknowledge their efforts in the past year. in November, supported by & Relentless7 plus . In February George Michael played to a capacity crowd.

THE HON KEVIN GREENE MP

2 33 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

The Basil Sellers Sports Sculptures Project Sydney FC was crowned Champion of the passed the halfway mark. Three more 2009/10 Hyundai A-League after it defeated The Trustees acknowledged the passing of Stan sculptures from three different sports were Victory 2-0 in the final match of the Sismey. Norman Pope, the Trust’s oldest member unveiled on major public occasions. Sir regular season at the SFS. In the finals series, – having joined in 1926 – died in February. AC OBE, a former Sydney FC played two matches at the SFS. of the Wallabies and a former Chairman of the Sydney captain, announced his I thank the Trustees for their loyalty, service Trust, unveiled the sculpture of Trevor Allan retirement from football in February 2010. and distinctive contributions. This is an (his own skipper in the magnificent Wallabies organisation that expects a great deal more side that toured Britain in 1947, the first visit by For the third year running the Test Match in than attending meetings. Memos and papers any Australian sports team to the UK after the January was sublime. The Trust staged its are forever flowing. We are always in touch with return of peace). The unveiling coincided with traditional breakfast before the start of play. each other wherever we might be in the world. the return of the Barbarians to a match enjoying On other days we hosted a reception for John Cloney has again given stalwart service international status against Australia. The country members, staged Kids Clinics, as Deputy. The term of Phil Green came to an sculpture was created by . breakfast with the curator, high tea in support end. Trustees thank him for his years of service. of Jane McGrath, stumps session. Thirteen became a Trustee. Steve needs Richard Colless AM, Chairman of the Sydney members with 70 years were recognised. Wanting no explanation. He is the 12th former Test Swans, unveiled a sculpture of Paul Roos, to be new and different, the Cricket Society of cricketer to become a Trustee. His contribution Swans stalwart and premiership-winning NSW offered signings of cricket books. has been outstanding in and out of meetings. coach. The sculpture was created by Cathy Weiszmann. Jack Clarke, Chairman of Cricket Again Australia snatched an unlikely finish The Trust has enjoyed yeoman service from Australia, unveiled a sculpture of Stan McCabe, With the Test there for the taking, Australia our Chief Executive Officer, Jamie Barkley. He an Australian batsman who electrified the world gone for all money for 127 in their first innings puts in an effort well beyond the call of duty, of cricket in the 1930s. The sculptor, Terrance Michael Hussey and Peter Siddle came ever restless, creative, thinking of opportunities Plowright, captured that moment in time during together to effect a recovery for the ninth for our grounds. The clue to his success is the the First Test of the series when Stan in Australia’s second innings. Those runs set clue to the Trust’s success; it is the clue to why stepped back to balls coming at his head in a target which gave our bowlers something to the Trust has prospered for this century and a order to pull hard to the boundary. Missing was bowl at. In the end just 36 runs separated the half and more. We are more than a business not an option: the was coming directly two sides. We are almost accustomed to the – if we are a business at all. The Trustees are at his head. Steve Waugh acted as a technical remarkable finish. conscious of the honour conferred on them. We adviser for Stan’s footwork and body position. are aware of our modest place in the unfolding Later that year Steve was appointed as a The Test raised over $300,000 for the McGrath history of these grounds. So many people Trustee. The Trust is honoured that Basil Sellers Foundation. Glenn McGrath is moved by the contribute to success. The dedication of the decided to be the benefactor of a program generosity of the SCG crowds. A poignant sight staff is beyond question. They work long hours which will eventually honour the deeds of ten to see Glenn locking the children he created in concentrated periods, they work long hours all-time great sportsmen. with Jane into their seats of their family vehicle, as a matter of course. One senses the pleasure match over, life continuing. NSW finished third they take in their work. In rugby league the Anzac Day game attracted in the Sheffield Shield. a big crowd for the match between Sydney It has been a privilege to be able to serve. Roosters and St George- Dragons. The Trust expended $4.4 million on capital and played the works. The white collar staff of the Trust are fourth Foundation Cup. Wests Tigers played enjoying the purpose-built office in the Sheridan RODNEY CAVALIER AO five home games and the heritage round Building. The building generates significant Chairman against Souths at the SCG. Sydney Roosters rental income. played all their home games at the Stadium. Sydney Roosters farewelled Craig Fitzgibbon Our Museum hosted an exhibition of after a service to the club of some 228 games. SCG-related cartoons from the 1920s and 1940s. Warwick Franks continues to The NSW Waratahs began their season capture people involved in our history, not with three home win games at the SFS. In a necessarily sports people. Benefactors frustrating end of season, NSW finished fifth continue to be generous with gifts of blazers, and missed the semis. Phil Waugh became badges, photographs. The Members Pavilion the NSW player to have played the most hosted the Cricket Art Prize, an important consecutive matches for the state. The SFS initiative aimed at closing the notional gap hosted four grades in the finals. between art and sport.

4 5 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

CRICKET INTERNATIONAL CRICKET NSW CRICKET The Test Match between Australia and Pakistan The number of NSW players achieving selection MANAGING drew a total attendance of 88,936. Australia in team once again impacted on enjoyed an unbeaten season against Pakistan the performance of the SpeedBlitz Blues. and West Indies. The Blues were victorious in two Ford Ranger After a short rain delay on the first day of the Test THE EVENTS Cup games at the SCG over the summer. On 23 Match, defied years of captaincy December, the SCG recorded the largest crowd tradition, by winning the toss and electing to bat. for a domestic one day match between the Blues Pakistan quickly dismissed Australia for 127, and and . appeared to be in the box seat throughout the first three days. A masterful five wicket inning The Blues did not qualify for the Sheffield Shield 78 haul by Nathan Hauritz on the fourth day saw the or Ford Ranger Cup finals, but their season did visitors capitulate, and Australia win by 36 runs. see some fine performances from emerging For the second year, the Test Match went pink in players. A stand-out rookie performance was support of the McGrath Foundation. Members Trent Copeland’s debut match for NSW where event and patrons were encouraged to wear pink and he finished with first day figures of 7/92 against purchase McGrath Foundation merchandise. Queensland. He returned the next day to capture The Trust renamed the Ladies Pavilion the Jane the last wicket of Queensland’s first innings, McGrath Stand for day three of the Test Match. resulting in figures of 8/92. Copeland is now the third highest on an exclusive list of only 25 New Another off field event was the unveiling of the South Welshman to have taken five or more in days sixth subject in the Basil Sellers Sports Sculptures their maiden match. Project, Stan McCabe, at a special ceremony on day three of the Test Match. Stan McCabe, in his famous hook shot position, is located at the rear SCG COUNTRY CUP of the Members Pavilion, in direct line to fellow and honouree, bowler Fred Spofforth, opposite the The SCG Trust was delighted to continue its practice . The Trust is appreciative of the support of NSW country cricket through the support of benefactor Basil Sellers in preserving SCG Country Cup. Hamilton-Wickham defeated the history of the SCG for future generations. Newcastle rivals Merewether in the final of the SCG Country Cup at the SCG on Sunday Two One Day Internationals were staged at the 17 January. over SCG during the 2009/10 season with 52,558 patrons in attendance. Australia defeated Winning the toss and first, ‘Hamwicks’ Pakistan by 140 runs in late January and then looked to be in trouble at 4/59, before a rescue defeated the West Indies in early February, which saw them reach 9/224 from their 50 ended in a torrential downpour. overs. In reply, Merewether were dismissed for 1.2 only 63 in the 23rd over. The One Day International between Australia and Pakistan on 24 January was dedicated to raising funds for World Vision’s Haiti Earthquake Disaster Appeal. The Trust was pleased to support this million worthy cause. World Vision volunteers collected over $32,000 on the day.

The SCG also hosted a Twenty20 International game between Australia and West Indies in patrons February and attracted a crowd of 31,639 patrons.

6 7 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish our heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

AFL Sydney Swans NSW Waratahs Wallabies v Barbarians The Sydney Swans once again proved their The SFS again proved that it was a fortress for In June, the Wallabies made a highly anticipated dominance at Moore Park winning the first four of the NSW Waratahs as they began their season return to the SFS to play a star-studded their seven home games at the SCG during 2009. winning the first three of their home games. Barbarians team. This was a welcome return to Moore Park and 39,688 enthusiastic fans The first match against Carlton in round four The third game in round four saw the Waratahs supported the game. commemorated the 100th anniversary of the defeat the Queensland Reds in an epic 1909 Grand Final between the two clubs. The encounter in front of 28,109 fans. The win Both teams started well, but the Wallabies were Trust worked closely with the Sydney Swans and equalled the most consecutive NSW home too strong for the Barbarians, including debutant the AFL to ensure the occasion was memorable. victories of 10. , taking the match 55-7. Fans enjoyed this first Saturday afternoon AFL game at the SCG in many years. It was after this match that the Waratahs began Australia was presented with the Sir Nicholas to struggle with injuries and performance. Shehadie trophy. The trophy was named after Round nine saw the Swans dominate Port While they failed to make the semi-finals, they Wallaby legend and former Trust Chairman, in an exciting first quarter display were the best Australian side for the fifth time Sir Nicholas Shehadie AC OBE. which propelled the red and whites to a brilliant in six years. 55-point win. Phil Waugh achieved numerous milestones The Swans finals hopes began to slide when during the season, beating the record for the they suffered a tough loss to Essendon in round most consecutive matches as Waratahs captain. 15. Sydney Swans forward Barry Hall retired following this game. He was honoured during a The NSW Waratahs were delighted to announce lap of the SCG in front of his home crowd. the re-signing of their captain in April 2009. While financial terms and representative jumpers The 2009 season came to an emotional end were considered, Waugh admitted it was the when the Swans honoured three of their rugby facilities provided at the SFS that played favourite players, Michael O’Loughlin, Jared a significant part in his decision to sign on with Crouch and Leo Barry on their retirement. the Waratahs and Australian Rugby Union for a Fittingly, this farewell coincided with the Swans further two years. final game of the season at their home ground, the SCG. Shute Shield Final The SFS hosted four grades of club rugby finals This day was a special one in the history of the on Sunday 27 September, culminating with the Sydney Swans Football Club. A sculpture of traditional Shute Shield Grand Final. coach Paul Roos was unveiled in a ceremony prior to the game as part of the Basil Sellers Sydney University scored three tries to two, Sports Sculptures Project. adding to its impressive trophy cabinet by earning the club’s fifth consecutive first grade Roos was honoured for his outstanding title to claim the Shute Shield with a 24-19 win contribution to AFL as a player and coach. over Randwick. Several of the NSW Waratahs The bronze sculpture, featuring Roos holding played for their respective clubs including Tom the Premiership Cup, was unveiled by Sydney Carter, Daniel Halangahu and a head-to-head Swans Chairman, Richard Colless AM with match up between Adam Freier and Phil Waugh. current and former players in attendance. It is located at the entry to the Stand.

8 9 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

RUGBY LEAGUE FOOTBALL Sydney Roosters Sydney FC It was a tough year for the Sydney Roosters, The 2009/10 Hyundai A-League season was More than 197,616 patrons attended matches at struggling with injuries and light-on in depth for extremely successful for Sydney FC. A grueling the SFS, with an average attendance of 14,115. most of the season. Key playmakers Anthony pre-season training program developed by Cove fans continued to provide fantastic support Minichiello, and Mark O’Meley all new coach Vitezslav Lavicka resulted in great to Sydney FC throughout the season. suffered major injuries, which depleted the promise from round one. tri-colours ability to string wins together. Foundation player and Sydney FC captain Steve In his first season, the Sky Blues coach led Corica announced his retirement from football A highlight of the league calendar was the the team to the A-League Finals. He was later in February. A special presentation was made to traditional ANZAC Day clash. The Sydney named A-League Coach of the Year. him at his last game at the SFS. Roosters took on the St George Illawarra Dragons. While it was a disappointing result Sydney FC won the minor premiership after Australia v Netherlands for the Roosters, they recorded their highest trouncing rivals Melbourne Victory 2-0 in the final A total of 40,537 football fans supported a attendance of the season with a crowd of 28,926. match of the regular season, in front of a home star-studded Socceroos team when they hosted crowd of 25,407, the largest home attendance the Netherlands at the SFS on 10 October. In their last game of the year in September, the for the season. Sydney Roosters farewelled club legend Craig While both teams had already qualified for the Fitzgibbon at the SFS. He joined the Roosters This success guaranteed Sydney FC a place in 2010 FIFA World Cup, this match provided in 2000 and went on to play in four Grand Finals the 2011 Asian Champions League where they players with an opportunity to impress with the club. will host a minimum of two home games in 2011. supporters and their respective coaching staff.

Wests Tigers In the Finals Series, the Sky Blues played two The match finished in a 0-0 draw, despite The Trust hosted six of the Wests Tigers home matches at home, drawing the second leg of numerous attempts at goals. games in 2009, commencing with a clash the major semi-final 2-2 with Melbourne Victory against fellow home team the Sydney Roosters then defeating Phoenix 4-2 in the The Netherlands are ranked three in the World. at the SFS in March. preliminary final. The Sky Blues went on to It was the first time in 27 games that the Dutch win the premiership trophy the following week powerhouse was held scoreless. The draw was The Wests Tigers took full advantage of their defeating Melbourne Victory, making it a double a fantastic achievement for the Socceroos. new home ground at Moore Park. They played celebration for the season. the Heritage Round clash against the at the SCG in front of 29,970 fans. In a nail-biter which ebbed and flowed from kick-off, the match seemed certain to be headed into golden point, but a field goal to Nathan Merritt sealed the victory for the Rabbitohs.

More than 124,000 fans attended Wests Tigers games, with an average crowd of 20,797. The largest SFS attendance was 34,272 against the . NRL Finals Series The SFS hosted the first semi final of the 2009 NRL Finals Series between the Parramatta Foundation Cup Eels and the on Friday 18 February 2010 marked the fourth annual September. A crowd of 28,524 watched the Eels Foundation Cup clash between the Sydney defeat the Titans 27-2 on their way to their first Roosters and Wests Tigers. Both clubs Grand Final appearance since 2001. presented full strength teams, which emphasised their commitment to the pre-season match. SFS Voted Number One Rugby league fans once again voted the SFS With new recruit Todd Carney, the Roosters as their favourite NRL ground in the 2009 Daily overcame a disappointing 2009 season by Telegraph annual fan survey. The SFS was a defeating the Wests Tigers 28-10. clear winner with 16.7% of the votes, ahead of ’s Suncorp Stadium with 14.9%.

10 11 SPECIAL EVENTS Pearl Jam Marathon Cricket One of the hottest days on record couldn’t keep The Primary Club annual fund raising event was 38,090 diehard fans from turning out to see Pearl turned into Marathon Cricket. The “match” was Jam perform at the SFS. On 22 November, with played over two days (18-19 January), from 8am the help of Ben Harper & Relentless7 and Liam to 10.30pm. Played in a Twelve12 format, this Finn, Pearl Jam wowed the audience with some once-in-a-lifetime experience was enjoyed by 520 of their classic hits and new material – despite junior, club and corporate cricketers on the SCG. the 40 degree heat. The highlight of the Marathon Cricket match George Michael was the 80th birthday celebration of legendary Iconic 80s pop sensation, George Michael, cricketer Arthur Morris and the announcement of toured Australia for the first time in 22 years over $100,000 raised during the event. performing live at the SFS on 26 February. More than 41,429 watched the critically acclaimed Edinburgh Military Tattoo performance as Michael sang many of his The Edinburgh Military Tattoo returned to the classic hits. Michael was so impressed with the SFS in February to celebrate 60 Years of Valour, show; he said it was his best ever. Mateship, Glory.

Sound Relief More than 1,500 performers took part in four Saturday 14 March was a memorable day of spectacular shows from Thursday 4 - Sunday music, reflection, celebration and inclement 7 February. For the first time China participated weather. Simultaneous concerts in Sydney and in this spectacular event. Melbourne were overwhelmingly successful. Sound Relief at the SCG featured and The four shows attracted a total of 86,446 an eclectic group of supporting performers, patrons. It was exclusively broadcast on Foxtel including , , Little Saturday 6 February. Birdy, and , with a special guest appearance by Olivia Newton-John. The Edinburgh Military Tattoo Sydney 2010 DVD went straight to number one on the ARIA The two Sound Relief events raised an DVD chart, outselling new DVDs from Madonna impressive $8 million, with $7,159,760 being and Metallica and knocking Michael Jackson’s donated to the Red Cross Victorian Bushfire DVD from top place. This is the first time in the Appeal and $874,416 going to The Queensland Edinburgh Military Tattoo’s long and prestigious Premier’s Disaster Relief Appeal. history that DVD has taken the number one position.

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COMmercial and operations MEDICAL INCIDENT SUMMARY 2009/2010 STADIUM EVENTS 09 09 09 09 09 09 09 09 09 09 10 10 The joint venture with Restaurant Associates MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB Totals known as Stadium Events is in its second year of operation. With the new facilities in the Event Day 105 23 20 8 10 24 11 6 60 4 3 100 374 Victor Trumper Stand completed and strategic Non-event Day 0 2 0 1 0 0 4 1 2 1 82 4 97 marketing campaigns, non-event day function Total Incidents 105 25 20 9 10 24 15 7 62 5 85 104 471 business increased by 110%. PATIENT PROFILE 8 410 AZURE CATERING CAR PARKING Patron 105 20 18 0 22 8 5 60 2 68 94 Staff - Trust 0 1 1 0 0 1 2 1 2 3 1 0 12 Azure Catering is in its third year of a five year The Trust continues to operate Moore Park car Staff - Contractor 0 3 1 0 0 1 1 0 0 0 6 4 16 contract with the Trust to provide catering parks on event days under licence with the Staff - Not defined 0 1 0 1 10 0 4 1 0 0 10 6 33 services to Members. Centennial Park and Moore Park Trust. Total 105 25 20 9 10 24 15 7 62 5 85 104 471

Attendance by Members on event and TRAFFIC, TRANSPORT AND ACCESS TYPE OF INJURY non-event days continues to thrive having a The Trust continues to work with NSW Police, Abrasion 2 4 1 2 1 0 1 0 1 0 7 12 31 positive impact on Azure’s business. Members Roads and Traffic Authority, , State Breaks/Fractures/ and sports partners enjoy the Café and its Transit Authority, Centennial Park and Moore Dislocations 3 2 1 0 1 0 3 1 0 0 1 1 13 14 surrounds as well as the quality and variety of the Park Trust and the NSW Premier’s Department to Burn 0 2 0 1 0 2 1 1 1 0 6 0 Dehydration/ food and service provided. support initiatives to improve traffic and transport Sunburn/Heatstroke 9 0 0 0 0 0 0 0 5 0 1 1 16 in the precinct. 70 ALL LEISURE HOSPITALITY Fainting/Dizziness 19 0 3 0 0 3 1 1 22 0 7 14 Headache 16 4 5 0 0 1 0 1 5 0 15 9 56 During the fourth year of a five year contract, All TICKETING Laceration 18 3 3 1 1 6 4 1 2 2 12 18 71 Leisure Hospitality performed well in a difficult Ticketing services to our sports partners and Pain (Abdominal/ economic climate. Quality catering services to patrons is central to the Trust’s business. Over Chest/Appendage) 7 1 4 0 1 1 0 1 5 2 6 13 41 patrons, Members and corporate clients were 644,000 tickets were sold across both venues Pre-existing 9 3 1 1 0 7 2 1 2 0 5 3 34 41 maintained during the year. in 2009/10 which is testament to Ticketek’s Soft Tissue Injury 8 2 0 2 4 1 2 0 5 0 8 9 Intoxicated 0 0 0 0 0 0 0 0 2 0 2 1 5 distribution network and capabilities given the Vomiting/nausea 6 0 1 0 1 2 0 0 6 0 6 3 25 The Trust maintained its position on competitive current economic climate. 54 pricing in line with other major stadia. Other 8 4 1 2 1 1 1 0 6 1 9 20 471 MERCHANDISING Total 105 25 20 9 10 24 15 7 62 5 85 104 SECURITY AND ACCESS Playbill, now in its fourth year of a five year HOSPITALISATION With the ongoing need for security for patrons, contract with the Trust to provide merchandising No 91 20 16 7 7 22 10 5 57 4 78 95 412 onsite tenants and staff, systems are constantly services, performed well this year. Playbill Yes 8 3 3 2 3 0 3 1 2 0 3 9 37 monitored and reviewed. The security camera continues to display flexibility, leadership Referred to Doctor 6 2 1 0 0 2 2 1 3 1 4 0 22 system across various areas of the business was and innovation in providing a broad range of Total 105 25 20 9 10 24 15 7 62 5 85 104 471 expanded during the year. merchandise for the Trust’s sports partners. CAUSE OF INJURY RISK MANAGEMENT CLEANING Pre-existing 18 6 2 1 0 9 2 1 7 0 18 17 46 The Trust consults with the Treasury Managed ISS Cleaning and Waste Services continued to Slip and Fall 21 1 1 0 2 1 0 0 0 0 1 4 28 Fund and third party claim representative assist the Trust in its site-wide goal to increase Trip and Fall 6 1 2 1 1 1 0 1 2 1 9 21 90 Sun/Heat Exposure 10 0 0 0 0 0 0 0 16 0 1 1 28 Proclaim Management Services for insurance environmental efficiency through recycling and Other 12 8 7 4 4 5 4 2 5 3 18 18 90 claims and activities. diversion from landfill rates. Unknown 58 9 8 3 3 8 9 3 32 1 38 43 215

A number of staff completed a Certificate An organic waste stream was successfully Total 105 25 20 9 10 24 15 7 62 5 85 104 471 IV in Security and Risk Management further implemented in kitchens reducing contamination increasing the Trust’s capacity for risk of other waste streams. A new waste identification and mitigation. management contractor was also secured.

An ongoing review of risk management functions with onsite tenants, sports partners and contractors continues to ensure that Occupational Health and Safety is maintained at a high standard.

14 15 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun com- munity tradition energetic experience sporting hub of sydney loyalty domination transforma

attendances 1 March 2009 – 28 February 2010 SYDNEY CRICKET GROUND SYDNEY FOOTBALL STADIUM STADIUM FITNESS CENTRE MANAGING Test Match 88,936 One Day Internationals 52,558 NSW BLUES – Ford Ranger Cup 2,895 THE assets NSW Blues – Sheffield Shield 7,184 Twenty20 31,639 Sydney Swans 188,065 NSW Waratahs 93,562 maintain Rugby International 39,688 Shute Shield Final 7,312 NRL Final Series 28,524 Sydney Roosters 143,883 Wests Tigers 124,785 upkeep Foundation Cup 10,281 Sydney FC 165,001 Soccer International 40,537 Edinburgh Military Tattoo 86,446 Pearl Jam 38,090 AND Sound Relief 36,410 George Michael LIVE 41,429 SCG & SFS Total 1,227,225 SCG tour experience TOTAL 7,706 preserve STADIUM FITNESS CENTRE TOTAL 300,309 TOTAL 1,535,240 the grounds

16 17 where tradition meet devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish our heritage blood sweat tears immortal camaraderie fun community tradition energetic exper

CAPITAL WORKS PROGRAM SCG Playing Field SFS Playing Field The Trust budgeted $3.805 million for the Ground renovations for the changeover to The playing surface of the Sydney Football 2009/10 capital works program, with actual the winter season commenced immediately Stadium was in premium condition for the 2009 expenditure of $4.4 million. Capital works following completion of the Sheffield Shield season with full and stable grass coverage. The funding was significantly reduced this year games in March. The playing field was in Trust’s policy is to returf the playing field annually following completion of the Victor Trumper excellent condition throughout the 2009 AFL with couch grass and then to oversow with rye Stand and the Sheridan Building. season. The last Sydney Swans game was seed during the season. This provides a no risk played on 29 August. approach for a turf surface that now hosts games Victor Trumper Stand and training throughout the entire year for rugby The Victor Trumper Stand celebrated its first The 2009/10 cricket season schedule was union, rugby league and football (soccer). anniversary in November 2009. The Stand was restructured from the previous season, with recognised by the Master Builders Association’s programming of matches more evenly spaced The replacement turf is grown in the same soil Excellence in Construction Awards - winning the and the number of non first-class games mix as the SFS soil. The renovation window Best Sporting Facilities division of the Awards. reduced. As a result, the centre wicket area available in 2009 was between the Sydney FC was in excellent condition for the entire cricket games held on Sunday 1 November and the In the past year, the focus was on defect season. Pearl Jam concert on Sunday 22 November. rectification works. Additional works included This is a shorter period compared to the bird proofing, fire protection of the adjoining Bill The schedule for 2009/10 included 21 matches available summer seasons of the past prior to O’Reilly and Clive Churchill Stands, roof camera over 35 days comprising: commencement of the A-League competition. platforms and air conditioning of ground floor medical, staff and police rooms. • Four international matches including the The following special events added to the full Test Match (four days) sporting schedule at the SFS: • Four Sheffield Shield matches Stadium Fitness Centre Pool Total Asset Management Plan • Two Domestic One Day matches • 22 November 2009: Pearl Jam The Stadium Fitness Centre pool was refurbished The Trust’s Total Asset Management Plan is • Eleven non first-class matches • 4 - 7 February 2010: Edinburgh in winter. Works included removal of tiles to the reviewed and updated annually with a report Military Tattoo water’s edge and the fibreglass below, ensuring provided to NSW Treasury. Asset improvements The Test Match pitch played extremely well, • 26 February 2010: George Michael the structure was completely watertight before this year included: with consistent bounce and carry. completely retiling the pool. SCG Museum • Grease arrestor upgrades During February, 323mm of rain was recorded and replacements The Museum’s ongoing program of object Basil Sellers Sports Sculptures Project at the SCG. The heavy rainfall, combined with • Air conditioning upgrades conservation, management and cataloguing As part of the ongoing project, three additional extremely high temperatures and humidity, and replacements continued this year. The annual exhibition sculptures were unveiled at the SCG and SFS. caused significant challenges for grounds staff. • New carpet in the SFS Members calendar featured the installation of a new level two Captains Bar display of original SCG-related cartoons. The Trevor Allan, created by Terrance Plowright was SCG WICKET • Plant and equipment acquisitions, cartoons, from the 1920s to the 1940s were unveiled by Sir Nicholas Shehadie AC OBE on The SCG wicket was rated the best in Australia such as grounds machinery cleaned and framed by a conservator and 6 June. It stands in the SFS forecourt. following a Cricket Fan Survey conducted • New seats in the corporate boxes located displayed in the Museum. The cartoons are the by the Daily Telegraph. The SCG wicket was on level four of the Brewongle Stand basis of an ongoing research project. The Paul Roos sculpture on the Victor Trumper rated number one (30%), ahead of the Gabba • Major maintenance service to the old Dally Stand concourse, was unveiled by Sydney Swans (27%) and the MCG (17%). Cricket experts and Messenger Stand video screen, which was To coincide with the visit by touring teams Football Club Chairman, Richard Colless AM, at players have long regarded the SCG pitch as a originally located on the Hill. Pakistan and West Indies, the Museum display a ceremony prior to the last Sydney Swans home true Test Match wicket, assisting fast bowlers featured items relating to Australian contests game of the 2009 season. Cathy Weiszmann was Conservation Management Plan and batsmen in the opening days, before the against the two cricket nations. Items on loan the sculptor. spinners come to the fore in the closing days from the private collections of Australian captain A draft Conservation Management Plan for the of the match. Ricky Ponting and were also site is being reviewed. On completion, it will be SCG STAGE TWO displayed during the international cricket season. placed on the Trust’s website as the Heritage Stage One of the SCG Masterplan was Asset Management Strategy. successfully completed with construction of the During the year, the Museum received a number Victor Trumper Stand on the site of the old Hill. of donated historical items, including blazers, The SCG Stage Two project is the proposed badges and photographs, which enhance the redevelopment of the MA Noble, Bradman and significance of the collection. Stands. The Trust has received development approval from the Department Further oral histories were recorded and are of Planning for this project. Commencement available on the Trust website. of the project is subject to funding by the Commonwealth and State governments.

18 19 where tradition meets entertainment inspiring commitment to the past invincible spirit cherish our heritage blood sweat tears immortal camaraderie fun community energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experi- ence sporting hub of sydney loyalty domination transforma

OCCUPATIONAL HEALTH & SAFETY Key components of the Trust’s Occupational Health and Safety Management System provide policy, procedures, guidelines and a reporting BUsINESS system that ensure the health, safety and welfare of employees, Members, patrons DEvelopment and visitors.

Annual plans for improvement are based on a schedule of internal audits and inspections corpoRate aimed at compliance with various aspects of the OH&S Management System. These include the work practices of employees AND from all areas, including general business, events and contracted works. Progress on recommendations resulting from an external OH&S Management System review held in membership June continue to drive each department to improve and maintain awareness of health and safety management and compliance with divisionS relevant legislation.

Consultation on all aspects of health and safety is an important part of health and safety management within the Trust. The OH&S Committee convenes bimonthly and continues to provide an effective and meaningful forum where representatives raise health and safety issues. The Committee aids in hazard identification and risk management by conducting bimonthly site inspections in line with the annual schedule of events.

A steady decline in the number of workplace and patron injuries and incidents has been achieved.

20 21 where tradition meets entertainment devotion inspiring commitmenherish out heritage blood sweat tears community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

Sponsorship, Exclusive Supply SCG Election and Advertising Rights In February the Trust elected 350 new SCG The Trust’s advertising and sponsorship program Members from the 1999 waitlist. continues to generate consistent revenue. With the support of our partner, Moore Sports Membership Renewals Advertising, strong revenue results were achieved. As part of new contractual arrangements, membership subscription payments were The Trust has strong partnerships with Foster’s facilitated through Macquarie Bank. Membership Australia, Coca-Cola Amatil, Macquarie Bank, retention was at 96%, which can be attributed Abigroup, Fairfax, Tabcorp, the Motor Accidents to the attractive event schedule, exceptional Authority, , Vodafone, HSBC, UD Trucks, Member service, innovative marketing initiatives, Gray’s Online, Ticketek, Diageo, Tyrrell’s, Samuel strategic promotions and the marketing of Smith & Sons and Samsung. available membership places. Major reasons for non-renewal of membership included death, age CORPORATE Hospitality and relocation interstate/overseas. The number of corporate clients who have invested in hospitality packages is a positive Member Research reflection on the Trust’s competitive price Regular post-event membership e-surveys structure and return on investment. With the were conducted throughout the year to assess desire to establish long-term partnerships, Member satisfaction and the quality of services the Trust continues to offer market value and facilities. In line with the Trust’s Corporate opportunities and remains adaptable to changes Plan and main service goal, baseline data was in clients’ purchasing behaviours. The Trust is collected for benchmarking in future years. also keen to provide value to current packages by adding unique, “money can’t buy opportunities” for New Member research this year provided its existing client base. valuable feedback about their satisfaction, perceptions and their motivation for becoming ANNUAL FACILITIES a Member. The results will be used for future targeted campaigns relating to growth of the The sale of annual facilities at the SCG and SFS SCG waitlist and Gold/Platinum sales. was challenging during 2009/10. Despite a strong schedule of events and competitive pricing Member Communication representing good value for corporate clients, financial commitments were difficult to secure. The Trust ensures efficient and responsive communication to all Members through a Gold Membership Sales number of targeted channels, including email, newspaper, magazine and the web. Specifically, Membership sales were driven by the continuation up-to-date match information is provided through of the successful Member-Get-Member and Member email alerts. A monthly Member News Member Upgrade programs. The Trust continued column is placed in the sports section of the to focus on offering Members the opportunity to Sydney Morning Herald. Members also receive upgrade their existing membership status or to the biannual Members’ magazine, Around the introduce friends and colleagues to the benefits Grounds, by direct mail. of membership. Critical to the success of these campaigns was building relationships with With 80% of Members now on email and 70% strategic commercial partners to provide quality of Members providing their mobile phone incentives and rewards for new, referring and numbers, communication has evolved with a upgrading Members. Numbers in this area were focus on delivering more personal and relevant below commercial expectations, however they messages to increase Member engagement and were encouraging based on the difficult market. participation in club activities.

22 23 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

Member Events Stadium Fitness Centre The Trust’s annual Members social calendar of Stadium Fitness Centre usage peaked at events continues to grow, with new opportunities 300,309 visits. The most popular month was CORPORATE for sports partners, sponsors and Members September recording 31,881 visits. partners. This year, activities were held before all international events at the SCG and SFS. Revenue exceeded budget by 21%. This is Test Match events continue to be a highlight, attributed to the introduction of new programs SERVICES with functions including the Members Breakfast, tailored to Members needs, employing the 50 and 70-year Members Morning Tea, professional program staff and targeted marketing the Country Members Reception, Kids Cricket and promotional campaigns. Personal training, Clinics, the Jane McGrath High Tea, Breakfast swim school, massages and group exercise the with the Curator and Stumps Sessions. New programs all performed better than budget. activities at the Test Match this year included ‘What’s it Worth?’ memorabilia valuations held in Major upgrades in the Fitness Centre included conjunction with the SCG Museum, and cricket the male change room refurbishment in July and book signings facilitated through the the pool refurbishment completed in September. FINANCIAL NSW Cricket Society. A new massage room was also added to accommodate growing Member demand. Membership Services Membership Services continues to offer a Tour Experience REPORT number of enhancements. These include Tour income was 18% above budget. This exclusive dining packages, sale of day passes, performance is attributed to a structured Tours seat reservations, priority booking opportunities marketing plan and subsequent increased for events with partners and reciprocal participation. The SCG Tour Experience is arrangements with interstate and overseas clubs. suitable for school groups, sporting clubs, tourists, international travel groups, seniors Members were notified of the updated Sydney groups and local visitors. Cricket Ground and Sydney Football Stadium By-law, which was completed in September 2009. Membership Division Strategy In line with the Trust’s Corporate Plan, a Venue Services Membership Strategic Plan and a Stadium Access control in Venue Services was Fitness Centre and Venue Services Strategic Plan reconfigured in July to improve service time were developed. Both plans outline a framework and efficiencies for Members and their guests. for the Trust in determining specific Membership Members now enter through a self-swipe turnstile, Division goals and key strategies for achieving allowing additional time for Venue Services staff these goals over the next four years. to attend to Members requiring assistance.

In addition to providing customer service, Venue Service staff also manage merchandise sales, Ticketek agency functions, general enquiries, and bookings for Stadium Fitness Centre programs.

24 25 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

FINANCIAL REPORT Operating Income and Expenditure The Edinburgh Military Tattoo The Trust is a NSW Government Trading The results for the year show an increase to Celebrating 60 Years of Valour, Mateship, Glory Enterprise constituted under the provisions of operating revenue for 2009/10, ($70.9 million, the Sydney Cricket & Sports Ground Act, 1978. compared to the previous year $61.8 million) During 2009/10 the Trust staged the internationally The Trust is a not for profit entity. The reporting and an increase to operating expenditure ($67.5 acclaimed Edinburgh Military Tattoo at the Sydney entity is consolidated as part of the NSW Total million for 2009/10 compared to the previous Football Stadium, only the third time the event had State Sector Accounts. year, $59.9 million). been held outside of Scotland.

The solid financial results for 2009/10 were Four performances of the Tattoo were staged The Trust’s operations for the financial year achieved during a difficult financial climate, in February 2010. The Trust took the principal ended 28 February 2010 resulted in a total whereby the Trust’s operations were impacted role as promoter in planning, funding, managing comprehensive income for the year of $18.044 by the global financial crisis, together with the and staging of this prestigious event whereby million, compared to $26.215 million (which following: all event revenues including gate receipts, hire included a government grant of $25 million) in fees, sponsorship etc and all event expenditures • Staging of a diverse range of sporting and the previous year. Total comprehensive income including staffing, stage construction, travel and entertainment events (attracting an annual comprised an operating surplus of $3.396 million accommodation etc were incorporated within the event attendance of over 1.2 million plus net increases to the value of property, plant Trust’s Financial Statements. As such, the levels patrons) including international cricket, and equipment and gains on defined benefit of relevant operating revenue and expenditure the four major football codes, the Sound superannuation plans totaling $14.648 million. items recorded for the year ended 28 February Relief, Pearl Jam and George Michael The operating surplus of $3.396 million, achieved 2010 were significantly higher than the concerts and the Edinburgh Military Tattoo. in 2009/10 was better than budget, initially previous year. projected at a surplus of $2.074 million. • Continued strong retention levels of membership subscription renewals. The surplus was transferred to accumulated • Reduced sales of new Gold and SCG Membership funds which stood at $181.6 million as at 28 Memberships. The Trust offers three major forms of membership February 2010. • Lower demand for summer and winter – SCG, Gold and Platinum Membership providing During the past year the Trust undertook a capital corporate hospitality seating and annual entitlements to events and facilities at the works program of $4.4 million. Capital debt was suite/box rental. SCG and SFS. reduced from $44.3 million to $38.8 million at the • Sales of event catering impacted through close of the year. lower corporate participation. In 2009/10 membership annual subscriptions • Increased contracted advertising and were higher, revenue of $12.7 million compared to sponsorship revenue. $11.8 million recorded in the previous year. Whilst • Increased revenue from on-site premises membership subscription rates were increased, rental through contracts with hirers continued strong membership retention levels and other sports facilities. reflect the range of events and services available • Increased debt interest payments, debt to all members. guarantee fees and depreciation charges following completion of the Victor Trumper Membership sales during 2009/10 include Stand in 2008. entrance fees received from the sale of limited • Successful staging of the numbers of new Gold and Platinum Membership. Edinburgh Military Tattoo and its impact Sales of new Platinum and Gold Membership on both operating revenues and expenditure. generated entrance fees of $2.7 million, compared to $4.5 million in the previous year. Detailed comment upon the main aspects of the Trust’s financial performance during the past year Sales of the traditional SCG Membership is reported hereunder. generated entrance fees of $399,000 (compared to $541,000 in 2008/09), sales generated through the intake of new members drawn each year from the long waiting list.

26 27 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

Venue Hiring Corporate Hospitality Seating Sales Investment Management Performance Marketing Expenses The Trust maintains long term contractual The Trust markets corporate facilities/packages During 2009/10 available surplus funds were Marketing expenditure was directed to arrangements with major sporting bodies to available for events at the SCG and the SFS invested with the NSW Treasury Corporation promotion and marketing of the cricket and provide a broad based program of sporting including annual private suites and corporate Hourglass facility. The Treasury Hourglass return football seasons, the Edinburgh Military Tattoo events at the SCG and SFS. Major hirer’s boxes, together with a comprehensive range for the year ended 28 February 2010 on the and other major events, available Platinum, contracts are current with Cricket NSW, Cricket of seasonal and casual box and dining Trust’s invested funds represents the rate of Gold and SCG membership places, sale of Australia, NSW Rugby, Sydney Swans, AFL, room packages. 3.9% for that period. private suites/corporate boxes, premium seating , Sydney Roosters, Wests for major events, guided tours and corporate The Trust acts as the exclusive marketing agency Surplus funds were invested for the short term Tigers, FFA and Sydney FC. function room facilities. for Cricket NSW and NSW Rugby for the sale of only. Interest received on investments totaled Over 1.2 million patrons attended events during corporate/premium packages for International $261,000 as compared to $436,000 in the Expenditure upon marketing during 2009/10, 2009/10 at the SCG and the SFS. Cricket and Rugby Super 14 fixtures. The Trust previous year. including: advertising, promotion and also markets the sale of corporate hospitality for publications, was $3.6 million compared to Revenue from event and venue hire fees was Trust allocated areas for Sydney Swans, Sydney $2.9 million in the previous year. $17.8 million, compared to $7.3 million in the Event Operating Costs FC, Sydney Roosters, West Tigers, NRL Finals previous year. The increased venue hire revenue In staging all sporting and other events staged and concert events. Administration and Related Expenses can be attributed to inclusion of gross event at the SCG and SFS during 2009/10 the Trust revenues derived from the Edinburgh Military Gross revenue from the sale of premium seating, incurred direct event costs of $10.4 million Administrative and related expenses incurred Tattoo and additional highlight events staged suites and boxes for the past year was $6.7 million compared to $9.6 million in the previous year. during the past year included: consulting fees during the year which included three outdoor compared to $8.4 million in the previous year. The increase during the past year can be ($1.45 million compared to $1.25 million in the concerts, four Wests Tigers home games and previous year), communication expenses Sale of allocated premium public seating for major attributed to event costs incurred in staging the one Football (Soccer) international. ($246,000 compared to $289,000), printing & events generated revenue of $2.7 million compared Edinburgh Military Tattoo and additional events stationery ($657,000 compared to $891,000), to $4.3 million received in the previous year. including three outdoor concerts, four Wests postage/freight ($460,000 compared to $188,000), Catering Tigers home games and one Football (Soccer) Revenue from rental of private suites/corporate international. insurance costs ($658,000 compared to $444,000) The Compass Group (trading as All Leisure) boxes during the year was $3.9 million, compared and accounting & legal fees ($341,000 compared holds the major rights contract for food and to $4.1 million received in the previous year. to $294,000). liquor catering at the SCG and the SFS. All Ground Operation and Maintenance The adverse economic climate and the quality of Travel expenditure for 2009/10 was $2.9 million, Leisure commenced operations at the venues The Trust employs a permanent trades workforce, sporting events staged in 2009/10 impacted on inclusive of the Edinburgh Military Tattoo travel and in November 2000 and their current catering service contractors and subcontractors to the demand for corporate hospitality in terms of accommodation costs for some 1,500 performers. contract extends to 2010. undertake the annual program of maintenance sale of permanent, seasonal and casual corporate of grandstands, buildings, plant, grounds and facilities for both the football and cricket seasons. The Trust’s net share of catering sales (including playing arenas at the SCG and the SFS. Employee Related Expenses amortised contract premiums) at the SCG and Employee related expenses incurred during the SFS was $3.1 million (food) and $3.0 million Expenditure of $7.9 million upon maintenance of Premises Rental Income the past year totaled $13 million compared to (liquor) - compared to $3.5 million and $3.4 million grounds, buildings and plant was incurred during The Trust holds long term licence arrangements $13.5 million in 2008/09. These costs include respectively in the previous year. A reduction in the past year, compared to $7.3 million in the for office administration and players facilities permanent salaries and wages, event day casual corporate hospitality sales in 2009/10 has seen previous year. located within the SCG/SFS precinct. In 2008 the staff wages and contracted event day agency an impact on total catering sales recorded. Sheridan Building project was completed. The staff wages and all associated on-costs. Trust tenancies currently comprise headquarters Corporate Seating Expenses Advertising & Sponsorship for Cricket NSW, Sydney Swans, NSW AFL, NSW In marketing and servicing the sale of premium seat Depreciation Major signage/product rights contracts are Rugby, Sydney Roosters, Sydney FC, All Leisure packages to corporate customers for major events Depreciation charged for 2009/10 was $9.9 current with key stakeholders at the SCG and the Hospitality, Stadium Sports Medicine Clinic and (including direct charges for tickets, catering, million compared to $8.8 million in the previous SFS including: Fosters, Coca-Cola, Macquarie travel agency FanFirm. Tenancy rental income merchandising and other costs expenses of $3.9 year. The increased level of depreciation reflects Bank, Fairfax, Ticketek and Moore Sports. received in 2009/10 was $3.0 million compared to million were incurred during 2009/10, compared $2.2 million in the previous year. to $3.7 million in expenses incurred in the the completion of the Victor Trumper Stand and other capital works projects during the year and The Trust contracts the sale of advertising rights previous year. is calculated on the value of buildings and plant in the form of LED, fence, grandstand and video using the straight line method based on the scoreboard signage, including product rights at expected useful life of the assets. each venue.

Advertising, product rights and sponsorship revenue generated $8.3 million (including newly contracted arrangements) compared to $7.9 million in the previous year.

28 29 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment inspiring commitment to the past very proud invincible spirit cherish our heritage blood sweat tears immortal camaraderie energetic experience sporting hub of sydney loyalty domination transforma

Finance Costs Debt Management Performance Major Assets – Property, Whilst Trust borrowings were reduced from The Trust’s debt portfolio is managed by NSW Plant & Equipment $44.3 million to $38.8 million in the past year, Treasury Corporation (TCorp). The Australian The Trust’s major assets other than land holdings The valuation increment recorded since the interest paid on capital debt was $2.7 million economy recovered more quickly than expected consist of buildings and improvements at the previous valuation of buildings and improvements compared to $1.9 million in the previous year, from the downturn experienced from the previous Sydney Cricket Ground and the Sydney Football $12.7 million, was transferred to the Asset arising from the increased debt level following financial year. This resulted in the RBA lifting the Stadium and its surrounds. Revaluation Reserve as at 28 February 2010. As completion of the Victor Trumper Stand in 2008. cash rate from its low of 3% in April to 3.75% a result of the revaluations, an Asset Revaluation During 2009/10, the Trust received an at the end of February. The market value of Reserve remains established. The balance of this independent valuation by the Land and Property Ratings Guarantee Fees, totaled $612,000 the Trust’s portfolio decreased through debt Reserve as at 28 February 2010 stood at $333.5 Management Authority of its vested lands, based ($346,000 in 2008/09), based also on the repayment by $6.845 million to reach $40.038 million. on an “as zoned and used basis,” providing increased debt level following completion of million at 28 February 2010. a valuation of $35.7 million as at 28 February The net value of land, buildings and the Victor Trumper Stand and application of the 2010. The valuation increment recorded since improvements, plant and equipment recorded in relevant financial rating. TCorp’s debt management involved tactical the previous valuation of land, $1.7 million, was the Trust financial statements as at 28 February positioning which resulted in the portfolio’s cost transferred to the Asset Revaluation Reserve. 2010 stands at $568 million. Consultants of funds being approximately 0.02% below its Consultants were appointed for a range of benchmark, which represented an annual saving of During 2009/10 the Trust received an independent The Trust’s current Industrial Special Risks projects in 2009/10, with payments totalling $9,691 against the Trust’s benchmark for the year. valuation by WT Partnership, registered quantity insurance policy as at 28 February 2010 provides $1.4 million. surveyors, of the replacement cost of buildings a cover on buildings, plant and equipment to the Capital Works Program and improvements at the Sydney Cricket Ground value of $888 million. The major consultancies were provided by: During 2009/10 the Trust conducted a capital and Sydney Football Stadium. The valuation at • EMT Consultants (various): works program with project costs incurred totaling replacement cost was converted to written down Military Tattoo February 2010 - $528,700 $4.4 million ($58.8 million in the previous year). replacement cost by the determination of the • Javelin Australia: remaining useful life of each building. Public Relations/Media - $192,300 The major projects undertaken in 2009/10 • Insite Organisation: included: completion of final works of the Victor Sports Consulting - $110,000 Trumper Stand, SCG Stage Two planning works, • Quantium Group: Business Planning - $95,400 SAMP projects, members and corporate facility • Professional Advantage: upgrades and continuation of the sporting Time for Payment of Accounts New Budgeting System - $80,900 sculptures project. The balance of consultants fees incurred was Listed below is a schedule of accounts payable performance as at 28 February 2010, 30 November paid by the Trust for minor consultancies for The Trust also received an annual contribution 2009, 31 August 2009, and 31 May 2009: services provided. These included: IT services, of $500,000 from the AFL to the Victor Trumper Current Less than 30-60 60-90 Over accounting services, engineering services, turf Stand project, paid as part of current contractual Total 30 days days days 90 days $ inspection, catering service, masterplan, claims arrangements. Month overdue overdue overdue overdue management, surveys, OH&S, employment May 300,786 1,855,876 1,939,395 39,018 0 4,135,076 matters, building and other services. Summary of Land Vested in the Trust % 7.27% 44.88% 46.90% 0.94% 0.00% 100.00% The Trust was constituted under the Sydney August 1,396,976 492,692 197,952 499,208 1,650,000 4,236,829 % Insurance Cricket and Sports Ground Act, 1978. It is 32.97% 11.63% 4.67% 11.78% 38.94% 100.00% charged with the care, control and management November 730,114 262,433 -9,299 3,510 561,822 1,548,580 The Trust’s major insurance risks are covered of the lands described in Schedule 2 of the Act, % 47.15% 16.95% -0.60% 0.23% 36.28% 100.00% through membership of the Treasury Managed those lands dedicated for public recreation. February 5,140,587 395,079 602,386 0 11,260 6,149,311 Fund. Insurance premiums paid in 2009/10 were % 83.60% 6.42% 9.80% 0.00% 0.18% 100.00% $658,000 (inclusive of the Edinburgh Military Credit Card Use Tattoo event) compared to $444,000 in the A minimal number of complaints were received during the year concerning late payment of invoices, previous year. The use of credit cards issued to Trust executive each matter being resolved satisfactorily. staff is in accordance with Premier’s Memoranda The Trust insurance placement and coverage is and Treasurer’s Directions. reviewed annually by Brokers, OAMPS Pty Ltd.

30 31 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

Performance Statement Performance Reviews Human Resources Statement Jamie Barkley Ratings Agency, Moody’s reported in September The Human Resources Department has Chief Executive Officer 2009 after conducting an annual review of the worked with the CEO and General Managers Annual Salary: $437,960 Trust’s financial operations and position as of the Trust to deliver targeted selection and at 28 February 2009. The report by Moody’s recruitment activities; optimal organisational The Chairman reported that the Chief Executive HUMAN recommended assignment of a financial rating and departmental structures; and challenging, Officer performed to a high level during 2009/10. of Ba1 which was equivalent to the rating of productive roles, responsibilities and career BB+ assigned by Fitch Ratings agency as at 29 pathways for its employees. The objectives of the CEO are to manage the core February 2008. The rating is utilised by NSW resources business of the Trust, including management and The department focused on implementing a Treasury in determining the amount of annual development of the Sydney Cricket Ground and robust remuneration framework centered on ratings based guarantee fees payable. the Sydney Football Stadium; understand and internal relativities and external competitiveness. In determining the Trust’s financial rating, meet the needs of Members; build and maintain strategies Quantitative benchmarks for key workforce Moody’s acknowledged the Trust’s credit relationships with sports partners; capitalise measures were designed, implemented and strengths including: on opportunities to secure new business and communicated to help provide scope for • Owner and manager of two major products to ensure ongoing revenue sources to determining future policies and strategies on sporting stadia. policies maintain the financial viability of the Trust; lead human capital, evaluating current industry • Strong competitive position. the Trust’s management team, including the practice and assessing internal trends. • The Trust’s proven ability to attract quality selection of key personnel, providing advice, sporting events to its facilities. managing performance and development and • This provides a key rating support, enabling AND coaching to ensure a cohesive and capable team the Trust to generate stable earnings and to support the Trust’s objectives, maintain the free cash flow. traditions of a historic precinct and honour the • Substantial proportion of revenue is recurrent. glory of sport. • Gearing has gradually increased to support managing major capital works, but without materially The Chief Executive Officer’s major achievements impeding the overall credit profile. during the year included: • The outlook for the rating is stable. • An operating profit of $3.396 million during a employees difficult financial climate The Trust’s four main Committees (Grounds • An increased operating revenue of $70.9 and Event Services, Finance, Management and million from $61.8 million Audit & Risk Committees) are responsible for • Capital debt reduced from $44.3 million continuous internal performance review of Trust to $38.8 million activities. Monthly management reports are • Successful sporting events including submitted to these Committees for assessment of international and domestic cricket, Super operational performance. 14 Rugby (Waratahs), Rugby League The Trust also submits financial reports to the (Sydney Roosters, Wests Tigers and NRL Treasury Commercial Sector Division for review of finals), A-League football (Sydney FC) and operating performance and financial position as AFL (Sydney Swans). compared to agreed Statement of Business Intent • Successfully negotiated agreement with performance targets established annually. Wests Tigers for the staging of home games at the SFS and SCG for the next Sydney Cricket Club four years • Attracting and successfully staging In 2007 the Trust joined with the administration additional events including a of the former UTS-Balmain District Cricket Club Rugby Test (Wallabies v Barbarians), an in establishing the new entity of the Sydney international football friendly (Socceroos Cricket Club. The Sydney Cricket Club is an v Netherlands) as well as Sound Relief, Incorporated Association under the Associations Pearl Jam and George Michael concerts Incorporation Act 1984. The Trust and the • Secured the return of the Edinburgh Military Club agreed to enter an association which Tattoo – 60 Years of Valour, Mateship, Glory would involve the provision by the Trust of • Maintaining high retention of Platinum, Gold administrative and other services to the Club. and SCG Members The Trust is represented on the Club’s Board of Directors in accord with the Club Constitution. The Chief Executive Officer managed a capital Recoverable operational expenses incurred by works program of $4.4 million. the Trust during the past year were recouped from the Sydney Cricket Club through the Club’s operational account.

32 33 where tradition meets entertainment devotion inspiring commitmenherish out heritage blood sweat tears community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

The Trust currently employs 82 full-time staff in the following departments: Representation of Equal Employment Opportunity (EEO) target groups FEB 2007 FEB 2008 FEB 2009 FEB 2010 The Trust is an equal opportunity employer that integrates EEO practices into all areas of the workplace, FTE EMPLOYEES FTE EMPLOYEES FTE EMPLOYEES FTE EMPLOYEES thereby creating an environment where all staff are valued and have the opportunity to contribute Executive Staff 7.00 7 7.00 7 5.00 5 5.00 5 and develop. The merit principle is applied to all recruitment, selection, promotion, training and other Administration 4.65 5 5.22 6 2.60 3 2.39 3 employment related opportunities. Commercial & Opperations 17.28 18 20.01 22 17.67 19 17.72 19 Business Development 9.00 9 8.00 8 34.63 58 30.81 54 Corporate Table A: Services 10.98 11.74 16.29 13.67 13 15 20 17 Trends in the representation of Equal Employment Opportunity (EEO) Groups# Properties 28.60 30 33.49 35 28.48 31 29.70 32 Marketing & Membership 31.52 66 26.21 63 0.00 0 0 0 TARGET/ 2007 % of 2008 % of 2009 % of 2010 % of EEO GROUP * * Sydney BENCHMARK TOTAL STAFF TOTAL STAFF TOTAL STAFF* TOTAL STAFF* Cricket Club 0.00 0 1.00 1 0.00 0 0.50 1 Woman 50% 44% 44% 41% 45% Aboriginal & Total 109.03 148 112.67 157 104.67 136 99.79 131 Torres Strait Islanders 2% 0% 0% 0% 0% People whose first language was not English 20% 9% 9% 11% 13% People with a disability 12% 0% 0% 0% 0% People with a disability The breakdown of employees as at 28 February 2010 was: requiring work-related adjustment 7% 0% 0% 0% 0% FULL TIME PART TIME CASUAL FTE TOTAL 82 14 35 99.79 131

Table B: Trends in the distribution of Equal Employment Opportunity (EEO) Groups 2008/09 2009/10 EXECUTIVE REMUNERATION MALE FEMALE MALE FEMALE TARGET/ Distribution Distribution Distribution Distribution Number of Executive Officers with EEO GROUP BENCHMARK Index^ for 2007 Index^ for 2008 Index^ for 2009 Index^ for 2010 remuneration equal to or exceeding Woman 100 80 79 80 96 4 - 4 - equivalent of SES Level 1 Aboriginal & Number of Executive Officers with Torres Strait Islanders 100 N/A N/A N/A N/A remuneration equal to or exceeding People whose first equivalent of SES Level 5 1 - 1 - language was not English 100 N/A N/A N/A N/A People with a disability 100 N/A N/A N/A N/A TOTAL 5 5 People with a disability requiring work-related adjustment 100 N/A N/A N/A N/A

Official Overseas Travel Notes: # Staff numbers as at 28 February 2010 Friday 10 – Monday 27 July 2009 * Excludes any casual employees or contractors Jamie Barkley ^ A Distribution Index of 100 indicates that the centre of distribution of the EEO group across salary levels is Edinburgh Military Tattoo, Ashes Test Match, equivalent to that of other staff. Values less than 100 mean that the EEO group tends to be more concentrated at lower salary levels than is the case for other staff. The more pronounced this tendency is, the lower the index Venue Inspections will be. In some cases the index may be more than 100, indicating that the EEO group is less concentrated at , France lower salary levels. Monday 6 – Tuesday 21 July 2009 Rodney Cavalier AO Ashes Test Matches (Cardiff & London) United Kingdom

Friday 18 – Sunday 20 September 2009 Rodney Cavalier AO

34 35 where tradition meets entertainment devotion inspiring commitmenherish out heritage blood sweat tears community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

The Trust’s Information Technology Department Time and attendance system provides a diverse range of services, delivered in a The Trust selected the RosterOn Labour INFORMATION manner that ensures the best possible outcomes Management software as the rostering/Time to benefit and improve day-to-day management of and Attendance system for event-day casual the SCG and the SFS. payroll and the permanent payroll. TECHNOLOGY In 2009/10 the pilot environment went ‘live,’ and Some of the core services and duties of the IT the system will be launched in our production business unit include: environment in August 2010. • Customer Contact Operations – Help Desk managing • Desktop Support services Edinburgh Military Tattoo • Voice Communications and George Michael • Data Communications With the Trust staging the Edinburgh Military • LAN Administration Tattoo and George Michael concert, IT had to • Enterprise and corporate systems establish two offsite offices with telephone, over 1000 implementation and management fax and data lines, as well as access to email, • Network infrastructure implementation and internet (wired and wireless) and printing. Daily IT management support was provided at these remote locations • Maintaining, implementing and developing and once the events bumped into the Sydney IT&T applications Football Stadium, all telecommunications lines • Network and infrastructure security, policy, and systems were relocated to the allocated procedure, and monitoring venue locations. • Setting and managing policy for The infrastructure required was as follows: devices protection of the Trust’s physical and electronic information assets Infrastructure Quantity • Records management Telephone lines 32 Fax lines 12 Fibre and cabling paths Data lines 6 New cabling paths were established between Wireless internet access points 6 the Victor Trumper Stand and the Sheridan Wired internet access points 16 Building, allowing for the relocation of the IT Printers/copiers 6 Operations Room (Properties Office), the Main Mobile phones 22 Distribution Frame (MDF) at the SCG and the MATV system to the Victor Trumper Stand. iPOS The Trust selected iPOS software as the new Disaster recovery purchasing system. The system is integrated IT implemented a new Disaster Recovery with the Trust’s financial system to deliver System for the entire Trust corporate network in significant process efficiencies and an electronic an effort to simplify and lower the administrative procurement system; to improve controls; and burden for the current network and systems; to provide visibility throughout the procurement lower maintenance costs; minimise risks of, and process, using improved inquiry and reporting exposure to, possible system outages; and limit capabilities. The project is due to be completed the greenhouse footprint by decommissioning in late August 2010. legacy hardware and consolidating systems. This critical project was delivered in October Sales CRM – Microsoft Dynamics 4.0 2009 and the Disaster Recovery Plan has been In 2009, Microsoft Dynamics 4.0 was selected as aligned with this solution. the Customer Relationship Management (CRM) software for Corporate Sales, in order to fulfil a Banking transition business requirement and further streamline the With Macquarie Bank’s new partnership with Sales unit. This package aligns the marketing, sales the Trust, IT aligned all financial systems to and servicing business processes into the one operate with the Macquarie Bank banking and application. The system went live in October 2009. payment systems. Trust systems included SUN Financials and Adept (Membership system). This project was completed and tested in time for the subscription renewal period in September 2009.

36 37 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

ORGANISATIONAL trustees

Mr Rodney M Cavalier AO CHART Trust Chairman Chairman, Grandstand Committee WE Committees: Finance, Grounds and Event Services, Grandstand, TRUST Management, sydney cricket club, MUSEUM AND ARCHIVEs TASKFORCE BRING Bachelor of Arts Former NSW Member of Parliament 1978 – 1988 AUDIT FINANCE GROUNDS AND MANAGEMENT Former NSW Minister for Education 1984 – 1988 COMMITTEE COMMITTEE EVENT SERVICES COMMITTEE Former NSW Minister for Energy and Minister for Finance 1984 PEOPLE COMMITTEE Chairman: C E W Bean Foundation Chairman: NSW Defence Reserves Support Council Member: Defence Reserves Support JAMIE BARKLEY National Council TOGETHER President: Sydney Cricket Club CEO Director: Highland District Cricket Association Appointed Trustee to 13 July 2013 TO BERNIE LAMERTON JASON HILL SHANE FULLER MICHAEL BANGEL General Manager General Manager General Manager General Manager Corporate Services Business Development Commercial Properties CELEBRATE Mr E John Cloney AM EVENT VENUE & ASSET FINANCE SALES MANAGEMENT MANAGEMENT Deputy Chairman Chairman, Finance Committee THE Committees: Audit, Finance, Grounds HUMAN VENUE MEMBERSHIP CAPITAL WORKS and Event Services, Grandstand, RESOURCES OPERATIONS Management

Chairman: QBE Insurance Group Ltd INFORMATION MARKETING MEDIA & PR OH&S Director: Boral Limited and its subsidiaries GLORY TECHNOLOGY (resigned 28/10/2009) Member: RBS Group (Australia) Pty Ltd Advisory Council Company Director: Maple-Brown Abbott Limited Life Member: Australia and New Zealand OF Institute of Insurance & Finance Fellow: Australian Institute of Management Foundation Fellow: Australian Institute of Company Directors

Appointed Trustee to 13 July 2011 SPORT

38 39 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

Mr Ken W Catchpole OAM MR PHILLIP H GREEN Committees: Grounds and Event Committee: FINANCE Services, Management Term completed 13 July 2009 Bachelor of Science (Hons) University of Sydney Retired from career as research chemist and marketing in private industry Member: Wallaby Hall of Fame Member: International Rugby Hall of Fame Member: The Sport Australia Hall of Fame Former President: NSW Rugby Union Former Australian Rugby Captain Patron: Australian Barbarians and Classic Wallabies Ms Catherine Harris AO PSM Members-elected Trust representative Committee: Grounds and Event Services Appointed Trustee to 13 July 2010 Bachelor of Commerce (UNSW) FAICD Honorary Doctorate of Business UNSW Chairperson: Harris Farm Markets Pty Ltd Hon Michael A Cleary AO Director: Australia – Japan Foundation Board Member: National Gallery of Australia Chairman, Grounds and Event SERVICEs Foundation Board Member: Museum of Contemporary Art Committee: Grounds and Event Services Board Member: UNSW Foundation Governor: University of Notre Dame Chairman: Clearmarketing Pty Ltd Honorary Consul General: Bhutan Director: NSW Rugby League Director: Appointed Trustee to 13 July 2011 Trustee: Wentworth Park Trust Former Member of Parliament (Coogee)1974 –1991 Former Minister for Sport, Recreation, Racing & Tourism 1981-1988 Former Australian representative in Athletics, Mr Alan B Jones AO Rugby Union and Rugby League Committee: Grounds and Event Appointed Trustee to 13 July 2011 Services Graduate of Queensland and Oxford Universities Former speechwriter and senior advisor to the Prime Minister, Mr Michael Eyers AM the Right Hon. Malcolm Fraser Queen’s Birthday Honour: Awarded an Officer Committee: Grounds and Event Services within the Order of Australia for the services to the media and sports administration Solicitor Former Australian Rugby Union Coach Master of Economic Science Former Coach: Balmain and South Sydney Master of Business Administration Rugby League Clubs Bachelor of Arts (Honours) Elected to the Confederation of Australian Bachelor of Laws Sports Hall of Fame - 1985 Consultant: Atanaskovic Hartnell Broadcaster: Radio Station 2GB 873 and Adviser: Department of Premier and Cabinet formerly with the Channel 9 Today Show Professorial Visiting Fellow: Faculty of the Built presenting editorial comment daily for 20 years Environment, University of NSW Australian Radio Talk Personality of the Year: 1990,1991, 1992, 1993, 1995, 1997, 1998, 1999, Appointed Trustee to 13 July 2011 2000, 2001, 2002, 2003, 2004, and 2005 Australian Radio Best Current Affairs Commentator: 1991, 1992, 1993, 1995, 1996, 1997, 1998, 2000, 2001, 2002, 2003, 2004, and 2005 MS KERRY CHIKAROVSKI Advance Australia Award: Services to the Community 1993 CommitteeS: FINANCE, GRANDSTAND Awarded the Inaugural Sir Roden Cutler Medal Term completed 27 November 2009 for Services to the Community - 2003 Deputy Chairman: NSW Institute of Sport Former Deputy Chairman: Australian Sports Commission 1998-2008

Appointed Trustee to 13 July 2013

40 41 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

Mr John A McCarthy QC Mr A F (Tony) Shepherd Committee: Finance Committees: Grounds and Event Services, Grandstand Barrister: Admitted 1976 Queen’s Counsel: Appointed 1988 Bachelor of Commerce Fellow of the Senate of the University of Sydney Chairman: ConnectEast Group 1995 – 2010 and Pro Chancellor: University of Chairman: Transfield ServicesL imited Sydney (2005-2010) Chairman: Greater Western Sydney AFL Team Member of: Senate Honorary Awards Director: The Australian Chamber Orchestra Committee 2001 – 2010 Senate Sports Liaison Committee (Convener) Appointed Trustee to 13 July 2013 2002 – 2010 Senate Finance Committee 1998-2007 Member: NSW Legal Aid Review Committee #1 Since 1998 Chairman: John Stephen Akhwari Athletics Mr Paul H Warren Foundation “JSAAF” Since 2001 Committees: Finance and Management St Thomas More Society (Guild of Catholic Lawyers): President 1992-2005 Bachelor of Business (Marketing & Accounting) Chairman: Sydney Metro: Ford Dealers Appointed Trustee to 13 July 2013 Advertising Fund Ltd Executive Chairman: Peter Warren Group of Companies Director: Ford Dealers Advertising Fund Ltd Member: Board of Management, St Vincents Prostate Cancer Centre Mr Roderick H McGeoch AM LLB Appointed Trustee to 13 July 2013 Chairman, Audit Committee Committees: Audit, Finance, Grandstand Lawyer Director: Ramsay Health Care Ltd Mr Stephen R Waugh AO Member: Aon Risk Services Limited NSW Board of Advice Committee: Grounds AND Event Services Director: Telecom Corporation of New Zealand Limited “TCNZ” Current International Businessman & Director: Maxwood Pty Ltd Philanthropist Director: McGeoch Holdings Pty Ltd Former Australian Captain Chairman: Sky City Entertainment Group Limited Inducted into the Australian Cricket Hall of Fame Chairman: Vantage Private Equity 2009 Growth Limited Inducted into the International Cricket Council Hall Chairman: Flyingfox Pty Ltd of Fame 2009 Chairman: BGP Holdings Plc Founder & Chairman: Steve Waugh Foundation, Chariman: BGP Investments S.a.r.l. Global Founder & Chairman: Steve Waugh Foundation, Appointed Trustee to 13 July 2011 Australia Founder & Chairman: Steve Waugh Foundation, India Queen’s Birthday Honour: Awarded in 2003 an Officer of the Order of Australia for services to Ms Kaye Schofield cricket and charity Australian of the Year 2004 Chairperson, Management Committee Australian Father of the Year 2005 and Museum AND Archives Task Force Named one of Australia’s ‘National Living Treasures’ by the National Trust of Australia 2006 Committees: Finance, Management, Member: Laureus World Sports Academy & Museum AND Archives Task Force Sports for Good Foundation, Global Patron: Udayan Home for the Rehabilitation for Bachelor of Arts, Master of Education children affected by Leprosy, Kolkata, India Executive Director: Kaye Schofield & Patron: Calcutta Girls Foundation, Kolkata, India Associates Pty Ltd Standard Chartered Private Bank, Philanthropy, Management Consultants Global excluding Australia, ‘Seeing is Believing’ Director: WaterEd Australia Pty Ltd Program Member: NSW TAFE Commission Board Navitas, Steve Waugh Education Trust, Global Appointed Trustee to 13 July 2013 Appointed Trustee to 13 July 2013

42 43 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

TRUST MEETINGS During the period 1 March 2009 to 28 February 2010, attendances by Trustees at Committee and Trust meetings are set out below. The number of meetings held was: 4 Grounds and Event Services Committee, 4 Finance Committee, 3 Management Committee, trust 2 Audit Committee and 11 Trust meetings. CHA RTER AND CONSTITUTION

GROUNDS & FINANCE MANAGEMENT AUDIT TRUST Charter: Sydney Cricket & Sports EVENT SERVICES COMMITTEE COMMITTEE COMMITTEE Ground Act, 1978 No. 72 Our Vision TRUSTEE COMMITTEE The Trust was constituted under this Act and is We bring people together to celebrate the glory Mr R M Cavalier AO 4 4 2 10 charged with the care, control and management of sport seeking new ways to enhance their Mr E J Cloney AM 2 4 1 2 10 of the scheduled lands dedicated for public experience. Mr K W Catchpole OAM 3 3 11 recreation. Ms K Chikarovski # 2 9 The Trust may allow the scheduled lands or Trust Values Hon M A Cleary AO 4 10 any part thereof to be used by persons, clubs, Mr M Eyers AM 2 11 The Trust is guided by a strong commitment to associations, leagues or unions at such times and Mr P H Green + 2 five core values: on such terms and conditions as the Trust may Ms C Harris AO PSM 4 10 think fit and proper for cricket, football, athletics, Mr A B Jones AO 6 public amusement or any other purpose which 1. We are proud custodians of our history Mr J A McCarthy QC 3 9 the Minister may approve. and tradition. Mr R H McGeoch AM LLB 2 2 9 2. We will operate as a highly The Trust may carry out works for the Ms K Schofield 4 3 8 improvement, development and maintenance of ethical organisation with a clear set of Mr A F Shepherd 2 9 the Trust lands including the redesigning of areas, values practiced by all employees. Mr P H Warren 4 3 10 the construction of any building or structure on 3. We promote healthy relationships built on the Trust lands, and the provision of stands and Mr S R Waugh AO * 7 honesty, consultation and service. other accommodation for spectators frequenting 4. We are enthusiastic, proactive * Term Commenced 14 July 2009 the Trust lands. + Term Completed 13 July 2009 and innovative. # Term Completed 27 November 2009 5. We will embrace diversity, value Constitution of the Trust differences and respect our people and Under Section 5(2), the Trust shall have and may sporting communities. exercise and perform the functions conferred or imposed on it by or under the Act, and shall in the exercise or performance of its functions, be subject to the control and direction of the Minister for Sport and Recreation.

The Trust consists of 15 members, 13 appointed by the Governor and two elected by Members. Each Trustee is appointed for a term of up to four years.

44 45 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

FINANCIAL INDICATORS

REVENUE DEBT $M LEVELS 70.952 42.327 45 $M 80 38.81 61.806 40 70 65.106 61.283 35

60 30 53.201 25 50 16.035 20 40 15

30 10 7.934

20 5 6.948

0 10 2005/06 2006/07 2007/08 2008/09 2009/10 2005/06 2006/07 2007/08 2008/09 2009/10

OPERATING EARNINGS SURPLUS BEFORE $M 7 INTEREST 7 6.558 8.210 $M 6 6 7.412 7.242 5.449 5 6.412 5 6.117 4.658 4.787 4 5.517 3.886 4 4.619 4.558 3 3.396 4.332 3.019 3 3.733

2 2.074 2

Budget 1 1.311 1.215 1 Budget Actual 0 Actual 0

2005/06 2006/07 2007/08 2008/09 2009/10 2005/06 2006/07 2007/08 2008/09 2009/10

46 47 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

48 49 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

BEGINNING OF AUDITED FINANCIAL STATEMENTS

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKET & SPORTS GROUND TRUST STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 28 FEBRUARY 2010 AS AT 28 FEBRUARY 2010

Consolidated Parent 2010 2009 2010 2009 Assets Notes $’000 $’000 $’000 $’000 Consolidated Parent Current Assets 2010 2009 2010 2009 Cash and Cash Equivalents 4 12,273 2,687 12,273 2,687 REVENUE Notes $’000 $’000 $’000 $’000 Receivables 5 8,307 9,440 8,307 9,440 Inventories 718 718 718 718 Membership 2a 15,795 16,866 15,795 16,866 Hire Fees 17,885 7,346 17,885 7,346 Total Current Assets 21,298 12,845 21,298 12,845 Catering 2b 12,269 13,525 12,269 13,525 Advertising and Sponsorship 2c 8,311 7,869 8,311 7,869 Non-Current Assets Corporate Seating sales 2d 6,698 8,464 6,698 8,464 Other Revenue 2e 9,994 7,736 9,994 7,736 Property, Plant & Equipment 6 568,084 559,168 568,084 559,168 Sub total 70,952 61,806 70,952 61,806 Receivables 5 7 68 7 68

Government Grants 2f - 25,000 - 25,000 Total Non-Current Assets 568,091 559,236 568,091 559,236

Total Revenue 70,952 86,806 70,952 86,806 Total Assets 589,389 572,081 589,389 572,081

EXPENDITURE LIABILITIES Operating Costs 3a 40,661 34,657 40,661 34,657 Current Liabilities Employee Related Expense 3b 13,001 13,471 1,299 1,803 Payables 7a 18,572 11,339 17,917 10,630 Personnel Services Expense 3b - - 11,493 12,381 Other Liabilities 7b 13,215 13,473 13,215 13,473 Depreciation 6 9,856 8,865 9,856 8,865 Borrowings 8 5,465 6,507 5,465 6,507 Finance Costs 3c 4,040 2,719 4,040 2,719 Provisions 9 1,851 1,825 2,601 2,812

Total Expenditure 67,558 59,712 67,349 60,425 Total Current Liabilities 39,103 33,144 39,198 33,422

Non-Current Liabilities Loss/(Gain) on Disposal of Assets 3d (2) 166 (2) 166 Payables 7a - 284 - 284 Other Liabilities 7b 1,720 3,473 1,720 3,473 Provisions 9 95 278 - - SURPLUS/(DEFICIT) FOR THE YEAR 3,396 26,928 3,605 26,215 Borrowings 8 33,345 37,820 33,345 37,820

Total Non-Current Liabilities 35,160 41,855 35,065 41,577 Other Comprehensive Income Net increase/(decrease) in property, Total Liabilities 74,263 74,999 74,263 74,999 plant and equipment revaluation reserve 6 14,439 - 14,439 - Actuarial gains/(losses) on defined Net Assets 515,126 497,082 515,126 497,082 benefit pension plans 9 209 (713) - - Other Comprehensive Income EQUITY 14,648 (713) 14,439 - for the year Reserves 333,498 319,059 333,498 319,059 Accumulated Funds 181,628 178,023 181,628 178,023

TOTAL COMPREHENSIVE INCOME Total Equity 515,126 497,082 515,126 497,082 FOR THE YEAR 18,044 26,215 18,044 26,215 The accompanying notes form part of these financial statements. The accompanying notes form part of these financial statements.

50 51 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKET & SPORTS GROUND TRUST STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

Consolidated Parent CASH FLOWS FROM Accumulated Asset Total Accumulated Asset Total OPERATING ACTIVITIES Consolidated Parent Funds Revaluation Funds Revaluation Reserve Reserve 2010 2009 2010 2009 Notes $’000 $’000 $’000 $’000 $’000 $’000 Payments Notes $’000 $’000 $’000 $’000 BALANCE AT Suppliers and Employees (50,560) (56,565) (50,560) (56,565) 1 MARCH 2009 178,023 319,059 497,082 178,023 319,059 497,082 Interest Paid (2,788) (1,441) (2,788) (1,441) Changes in accounting policy ------Other (2,071) (1,243) (2,071) (1,243) Restated total equity at 1 March 2009 178,023 319,059 497,082 178,023 319,059 497,082 Total Payments (55,419) (59,249) (55,419) (59,249)

Surplus/(Deficit) for the Year 3,396 - 3,396 3,605 - 3,605 Receipts Net increase/(decrease) Receipts from Operations 74,594 65,377 74,594 65,377 in property, plant and Interest Received 261 437 261 437 equipment revaluation Other 547 3,109 547 3,109 reserve 6 - 14,439 14,439 - 14,439 14,439 Actuarial Gains/(Losses) 75,402 68,923 75,402 on defined benefit Total Receipts 68,923 pension plans 9 209 - 209 - - -

Total Comprehensive Cash Flows From Government Income for the year 3,605 14,439 18,044 3,605 14,439 18,044 Government Grant - 25,000 - 25,000 Transactions with owners in their Net Cash Flows From Government - 25,000 - 25,000 capacity as owners Increase/(decrease) in net assets from equity transfers ------NET CASH FLOWS FROM BALANCE AT OPERATING ACTIVITIES 16b 28 FEBRUARY 2010 181,628 333,498 515,126 181,628 333,498 515,126 19,983 34,674 19,983 34,674

CASH FLOWS FROM INVESTING ACTIVITIES BALANCE AT 1 MARCH 2008 151,808 319,059 470,867 151,808 319,059 470,867 Purchase of Property, Plant and Equipment (4,498) (62,542) (4,498) (62,542) Changes in accounting policy ------Proceeds from Sale of Plant and Equipment 45 424 45 424 Restated total equity at 1 March 2008 151,808 319,059 470,867 151,808 319,059 470,867 NET CASH FLOWS FROM INVESTING ACTIVITIES (4,453) (62,118) (4,453) (62,118)

Surplus/(Deficit) for theY ear 26,928 - 26,928 26,215 - 26,215 Net increase/(decrease) CASH FLOWS FROM FINANCING ACTIVITIES in property, plant and Proceeds from Borrowings - 28,110 - 28,110 equipment revaluation Repayment of Borrowings (5,944) - (5,944) - reserve ------NET CASH FLOWS FROM Actuarial Gains/(Losses) FINANCING ACTIVITIES (5,944) 28,110 (5,944) 28,110 on defined benefit pension plans 9 (713) - (713) - - - Total Comprehensive Income for the year 26,215 - 26,215 26,215 - 26,215 NET INCREASE/(DECREASE) IN CASH Transactions with AND CASH EQUIVALENTs 9,586 666 9,586 666 owners in their Opening Cash and cash equivalents 2,687 2,021 2,687 2,021 capacity as owners CLOSING CASH AND CASH Increase/(decrease) in net EQUIVALENTS 16a 12,273 2,687 12,273 2,687 assets from equity transfers ------BALANCE AT The accompanying notes form part of these financial statements. 28 FEBRUARY 2009 178,023 319,059 497,082 178,023 319,059 497,082 The accompanying notes form part of these financial statements.

52 53 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES d) revenue Recognition

(a) Reporting Entity Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent that it is probable that the economic benefits will flow to therust T and the revenue can be The Sydney Cricket & Sports Ground Trust, as a reporting entity, is a Public Trading Enterprise. reliably measured. The following specific recognition criteria must be met before revenue is recognised:

The Sydney Cricket & Sports Ground Trust Division was established on 17 March 2006 under the • Rendering of Services – where control of a right exists to receive consideration upon completion of Public Sector Employment and Management Act 2002 (PSEMA) to provide personnel services to the or a stage of services provided. Trust. The consolidated Financial Statements of the Trust includes the activities of this subsidiary. The • Interest Income – Interest revenue is recognised as it accrues using the effective interest method as Trust’s commercial activities are also included. set out in AASB 139 Financial Instruments: Recognition and Measurement. • Rental revenue is accounted for on a straight-line basis over the lease term. The Trust is domiciled in Australia and its principal office is at Moore Park Road, Paddington. • Grants are recognised as revenues when the Trust obtains control over the assets comprising the grant. Control is normally obtained upon the receipt of cash. The Trust is a NSW Government Trading Enterprise constituted under the provisions of the Sydney Cricket & Sports Ground Act, 1978. The Trust is a not for profit entity (profit is not its principle objec (e) Property, Plant & Equipment tive). The reporting entity is consolidated as part of the NSW Total State Sector Accounts. The Trust’s property, plant & equipment have been brought to account at fair value. (b) Basis of Preparation

The Trust’s financial statements are general-purpose financial statements, which have been prepared Physical non-current assets are valued in accordance with the TPP 07-01 “Valuation of Physical in accordance with: Non-Current Assets at Fair Value” Policy and Guidelines Paper. This policy adopts fair value in accordance with AASB 116 Property, Plant and Equipment. • Australian Accounting Standards; • The requirements of the Public Finance and Audit Act 1983 and Public Finance and Audit Property, plant and equipment is measured on an existing use basis, where there are no feasible Regulation 2005 and alternative uses in the existing natural, legal, financial and socio-political environment. • Interpretations and other professional authoritative pronouncements of the Australian Accounting However, in the limited circumstances where there are feasible alternative uses, assets are valued Standards Board. at their highest and best use. Fair value of property, plant and equipment is determined based on the best available market evidence, including current market selling prices for the same or similar assets. These statements have been prepared on an accruals basis and are based on historic cost except Where there is no available market evidence, the asset’s fair value is measured at its market where applicable, by the measurement of fair value on selected non-current assets, financial assets buying price, the best indicator of which is depreciated replacement cost. and financial liabilities. The agency revalues each class of property, plant and equipment at least every three years or with Cost is based on the fair value of the consideration given in exchange for assets. The fair value of sufficient regularity to ensure that the carrying amount of each asset in the class does not cash consideration with deferred settlement terms is determined by discounting any differ materially from its fair value at reporting date. The latest revaluation was completed amounts payable in the future to their present value as at the date of acquisition. Present values are during 2009/10 and was based on an independent assessment. calculated using rates applicable to similar borrowing arrangements of the Trust. Non-specialised assets with short useful lives are measured at depreciated historical cost, as a The activities of the Trust concentrate upon its primary role in the care, control and management of surrogate for fair value. the Sydney Cricket Ground and the Sydney Football Stadium which are lands dedicated for public recreation. When revaluing non-current assets by reference to current prices for assets newer than those being revalued (adjusted to reflect the present condition of the assets), the gross amount and the The accounting policies adopted in the preparation of the financial statements are presented below related accumulated depreciation are separately restated. For other assets, any balances of and have been consistently applied unless otherwise stated. accumulated depreciation at the revaluation date in respect of those assets are credited to the asset accounts to which they relate. The net asset accounts are then increased or decreased Judgements, key assumptions and estimations management as made are disclosed in the relevant by the revaluation increments or decrements. notes to the financial statements. Revaluation increments are credited directly to the asset revaluation reserve, except that, to All amounts are expressed in Australian currency and all values are rounded to the nearest thousand the extent that an increment reverses a revaluation decrement in respect of that class of asset dollars ($’000) unless otherwise stated. previously recognised as an expense in the surplus / deficit, the increment is recognised immediately as revenue in the surplus / deficit. Revaluation decrements are recognised immediately as expenses (c) Statement of Compliance in the surplus/deficit, except that, to the extent that a credit balance exists in the asset evaluationr reserve in respect of the same class of assets, they are debited directly to the asset revaluation reserve. The consolidated financial statements for the year ended 28 February 2010 has been authorised for issue by the Audit Committee on 22 June 2010. As a not-for-profit entity, revaluation increments and decrements are offset against one another within a class of non-current assets, but not otherwise. Where an asset that has previously been revalued The Trust’s financial statements and notes comply with Australian Accounting Standards (which is disposed of, any balance remaining in the asset revaluation reserve in respect of that include Australian Accounting Interpretations) some of which contain requirements specific to asset is transferred to accumulated funds. not-for-profit entities that are inconsistent with IFRS requirements.

54 55 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

Capitalisation (i) Insurance All physical non-current assets costing over $5,000 individually and all items under $5,000 and above $2,000 which are considered at risk of theft are capitalised and recorded in the Trust’s assets register. The Trust’s insurance activities are conducted through the NSW Treasury Managed Fund. The expense (premium) is determined by the Fund Manager based on past experience. Depreciation Property, plant and equipment, other than land, are depreciated at rates based on their expected useful lives for the Trust, using the straight-line method. (j) Receivables & Payables

Depreciation rates of each class of depreciable assets are: Accounts receivable, which are generally settled within 30 days are carried at fair value less any amounts for impairment. Accounts payable including accruals not yet billed, are recognised when Buildings and Improvements 1.1% - 20% the Trust becomes obliged to make future payments as a result of purchase of assets or services. Plant and Equipment 5% - 33.3% Accounts payable are generally settled within 30 days.

(f) Maintenance A receivable is recognised when it is probable that the future economic benefits associated with it will be realised and it has a value that can be measured reliably. It is derecognised when the contractual The cost of day-to-day servicing costs or maintenance are charged as expenses as incurred, except or other rights to future economic benefits from it expire or are transferred. where they relate to the replacement of a part or component of an asset, in which case the costs are capitalised and depreciated. A receivable is measured initially at fair value and subsequently at amortised cost using the effective interest rate method, less any allowance for impairment. A short-term receivable with no stated (g) Inventories interest rate is measured at the original invoice amount where the effect of discounting is immaterial. An invoiced receivable is due for settlement within thirty days of invoicing. Inventories have been valued at the lower of cost and net realisable value. Cost is determined on an average cost basis. If there is objective evidence at year-end that a receivable may not be collectable, its carrying amount is reduced by means of an allowance for impairment and the resulting loss is recognised in the (h) Employee Entitlements statement of comprehensive income. Receivables are monitored during the year and bad debts are written off against the allowance when they are determined to be irrecoverable. Any other loss or Provision is made for annual leave and long service leave estimated to be payable to employees as gain arising when a receivable is derecognised is also recognised in the statement of comprehensive at 28 February 2010. income.

Liabilities for Salaries and Wages (including non-monetary benefits) and annual leave are recognised Payables include accrued wages, salaries, and related on costs (such as payroll tax, fringe benefits and measured in respect of employees’ services up to the reporting date at nominal amounts based tax and workers’ compensation insurance) where there is certainty as to the amount and timing of on the amounts expected to be paid when the liabilities are settled. settlement.

Unused non-vesting sick leave does not give rise to a liability, as it is not considered probable A payable is recognised when a present obligation arises under a contract or otherwise. It is that sick leave taken in the future will be greater than the benefits accrued in the future. Benefits derecognised when the obligation expires or is discharged, cancelled or substituted. for Rostered Days Off (RDOs) have not been accrued, as the Trust policy is not to cash out these balances. A short-term payable with no stated interest rate is measured at historical cost if the effect of discounting is immaterial Benefits for long service leave and annual leave have been provided on the basis of emerging entitlements for recognised service for long service leave, and quantum due at balance date for annual leave. (k) Net Fair Values of Financial Assets and Liabilities Interest bearing liabilities are recorded at current capital value. In accordance with the Australian Accounting Standard AASB 119 “Employee Benefits” liabilities Net fair values of other financial instruments are determined on the following basis: arising in respect of salaries and wages, annual leave and any other employee benefits expected to be settled within twelve months of the reporting date are measured at their nominal amounts based Monetary financial assets & liabilities (which are not traded in an organised financial market) - the on remuneration rate which are expected to be paid when the liability is settled. All other employee carrying amounts of trade debtors, trade accounts payable and accruals are recorded on a cost benefit liabilities are measured at the present value of the estimated future cash outflows to be basis; made in respect of services provided by employees up to the reporting date. In determining the present value of future cash outflows, the market yield on national government bonds, which have Investments in NSW Treasury Corporation Hour-Glass terms to maturity approximating the terms of the related liability are used. The provisions for leave - the value shown is market value. entitlements also include the relevant on-costs. (l) Debt Management Strategy Superannuation - contributions are made by the Trust to employee superannuation funds and are The NSW Treasury Corporation actively manages the Trust’s portfolio of debt. The Corporation has charged as an expense when incurred. Any surplus or loss in the net assets of the defined benefit provided the Trust the facility whereby maturing loans may be rolled over and replaced with new superannuation plans are recognised as an asset and liability respectively when they arise. loans whilst maintaining the original capital value of the portfolio. Borrowings and Advances are shown as current and non-current liabilities and include the provision for rollover upon maturity. Liabilities for superannuation are actuarially determined and contributions made to superannuation Borrowing costs are recognised as expenses in the period in which they are incurred. funds are charged against the provision. The Trust’s superannuation assets/liability has been calculated and advised by Pillar Administration.

56 57 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

(m) Sydney Cricket Club Statement of comprehensive income - The revised AASB 101 requires all income and expenses to In 2007 the Trust joined with the administration of the former UTS-Balmain District Cricket Club be presented in either one statement – the statement of comprehensive income, or two statements in establishing the new entity of the Sydney Cricket Club (the Club). The Club is an Incorporated – a separate income statement and a statement of comprehensive income. The previous version of Association under the Associations Incorporation Act 1984. The Trust and the Club have an AASB 101 required only the presentation of a single income statement. association which involves the provision by the Trust of administrative and other services to the Club. The Trust is represented on the Club’s Board of Directors in accord with the Club Constitution. The Trust’s financial statements now contain a single statement of comprehensive income. Any expenses that were incurred during the past year through payroll, operational expenditure and management time have been recouped from the Sydney Cricket Club through the Club’s operational Other comprehensive income – The revised version of AASB 101 introduces the concept of ‘other account. The Trust has established a Bank Deposit Account as an on-call account against the comprehensive income’ which comprises of income and expense that are not recognised in profit or overdraft facility of the Sydney Cricket Club. loss as required by other Australian Accounting Standards. Items of other comprehensive income are disclosed in the statement of comprehensive income. (n) Tax Status (r) Change in accounting policy The activities of the Sydney Cricket and Sports Ground Trust are exempt from the provisions of the Income Tax Assessment Act and other Federal Government taxation legislation, with the exception of (i) Employer superannuation actuarial gains and losses. the requirement to pay fringe benefits tax and GST. In accordance with NSW Treasury policy TC09-1 Accounting for Superannuation, the Trust has (o) Goods & Services Tax (GST) changed its policy on the recognition of superannuation actuarial gains and losses for employees Revenues, expenses and assets are recognised net of GST, except: assigned to the Trust. Such actuarial gains and losses are now recognised outside of surplus/(deficit) - the amount of GST incurred by the Trust as a purchaser that is not recoverable from the in the ‘other comprehensive income’. Previously, actuarial gains and losses were recognised through Australian Tax Office (ATO) is recognised as part of the cost of acquisition of an asset or as surplus/(deficit). Both options are permissible under AASB 119 Employee Benefits. The change in part of an item of expense as applicable. policy has been adopted on the basis that recognition outside surplus/(deficit) provides reliable and - receivables and payables are stated with the amount of GST included. more relevant information as it better reflects the nature of actuarial gains and losses. This is because actuarial gains/losses are re-measurements, based on assumptions that do not necessarily reflect Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of the ultimate cost of providing superannuation. Recognition outside surplus/(deficit) also harmonises cash flows arising from investing and financing activities that are recoverable from, or payable to, the better with the Government Finance Statistics/GAAP comprehensive income presentation for ATO are classified as operating cash flows. the whole-of-Government and general government sector, required under AASB 1049 Whole of Government and General Sector Financial Reporting. (p) Comparatives (ii) Reclassification of certain expense and revenue items. Comparative figures have been repositioned or reclassified in the financial statement to conform with the basis of presentation and classification used in the current year. Following a review of the presentation of financial statements, certain expense and revenue items on the statement of comprehensive income were reclassified according to their nature. The Trust believes (q) Adoption of New and Revised Accounting Standards that these reclassifications better align with the requirements of AASB 101 Presentation of Financial Statements and provides information that is reliable and more relevant to users of financial statements. During the year, the Trust adopted new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory in accordance with the NSW Treasury Circular 09/03.

The adoption of these Standards has impacted disclosure of certain transactions. The following is an explanation of the impact the adoption of these Standards and Interpretations has had on the financial statements of the Trust and controlled entity.

AASB 101: Presentation of Financial Statements

In September 2007, the Australian Accounting Standards Board revised AASB 101, and as a result there have been changes to the presentation and disclosure of certain information within the financial statements. Below is an overview of key changes and the impact on the Trust’s financial statements.

Disclosure impact

Terminology changes – The revised version of AASB 101 contains a number of terminology changes, including the amendment of the names of the primary financial statements.

Reporting changes in equity – The revised AASB 101 requires all changes in equity arising from transactions with owners in their capacity as owners to be presented separately from the non-owner changes in equity.

58 59 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

Change in accounting policy (cont’d) (r) 2. REVENUE The effect of the change in accounting policy and reclassification of the annual financial statements for the year ended 28 February 2009 is as follows (no taxation effects from these changes): (a) Membership Consolidated Parent 2010 2009 2010 2009 $’000 $’000 $’000 $’000 LINE ITEM PREVIOUSLY CHANGES IN RESTATED RECLASSI- Membership Annual Subscriptions 12,692 11,802 12,692 11,802 REPORTED ACCOUNTING FICATIONS (ii) COMPARATIVE IN 2009 POLICY (i) REPORTED SCG Member Entrance Fees 399 541 399 541 IN 2010 Platinum/Gold Member Entrance Fees 2,704 4,523 2,704 4,523 Statement Of Comprehensive $’000 $’000 $’000 $’000 15,795 16,866 15,795 16,866 Income

Revenue (b) Catering Hire Fees 7,963 (617) 7,346 Private/Corporate Box Rental 4,116 (4,116) 0 Income received from liquor and food trading for events, functions and non-event days is detailed Premium Seating 4,348 (4,348) 0 as follows: Advertising and Sponsorship 5,934 1,935 7,869 Interest 437 (437) 0 Liquor Trading - $9,151,786 ($10,040,632 in 2009). Other Revenue 8,617 (881) 7,736 The Trust operates through a managing agent for liquor trading in the public, members and corporate Corporate seating sales 0 8,464 8,464 areas of the Sydney Cricket Ground and the Sydney Football Stadium. Income from liquor trading represents gross liquor sales at the Sydney Cricket Ground and the Sydney Football Stadium. Expenditure Actuarial gains/(losses) on Food Trading - $3,117,218 ($3,483,869 in 2009). defined benefit pension plans 713 (713) 0 Income from food trading comprises a share of gross food sales received by the Trust under the Event operating costs 9,564 (9,564) 0 catering contract, together with amortisation of contract premiums received as a licence fee paid Liquor Expenses 6,574 (6,574) 0 in advance. The Trust’s current catering contract is due to expire on 31 October 2010. The total Premium Corporate seating 3,657 (3,657) 0 premium received under the contract is being amortised annually over the term of the contract. Administration and related expenses 5,663 (5,663) 0 Ground Operation & (c) Advertising and Sponsorship Maintenance 7,346 (7,346) 0 Marketing Expenses 2,369 (2,369) 0 Advertising & Sponsorship 8,311 7,869 8,311 7,869 Finance costs 2,203 516 2,719 0 Operating Costs 34,657 34,657 Income includes payments under contract with various companies for naming rights, exclusive product rights, sponsorship and advertisements that are displayed on fences, grandstands and video scoreboards at the Sydney Cricket Ground and the Sydney Football Stadium. SURPLUS/(DEFICIT) FOR THE YEAR 26,215 (713) 0 26,928 (d) Corporate Seating Sales Other Comprehensive Income

Actuarial gains/(losses) on Premium Seating 2,777 4,348 2,777 4,348 (713) 0 (713) defined benefit pension plans 0 Private/Corporate Boxes 3,921 4,116 3,921 4,116 Other Comprehensive Income 6,698 8,464 6,698 8,464 for the year 0 (713) 0 (713) Total Comprehensive result Income includes hire/rental of corporate facilities sold on an annual basis and corporate seating sold 26,215 0 for the year 0 26,215 on a daily and seasonal basis providing dining/viewing for major and other events at the Sydney Cricket Ground and the Sydney Football Stadium.

60 61 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKEt & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

2. REVENUE (cont’d) 3. expenDITURE (cont’d)

Consolidated Parent (b) Employee Related Expense (e) Other Revenue 2010 2009 2010 2009 Consolidated Parent $’000 $’000 $’000 $’000 2010 2009 2010 2009 $’000 $’000 $’000 $’000 Merchandising 550 405 550 405 Ticketing 1,248 661 1,248 661 Salaries and Wages 10,146 10,456 1,000 1,368 Parking Fees 1,822 1,437 1,822 1,437 Trustees Remuneration 103 96 103 96 Interest Received 261 436 261 436 Provision for Leave/Gratuity 805 807 - - Rental Income 3,038 2,249 3,038 2,249 Superannuation 832 789 - - Contributions from Hirers 1,539 1,683 1,539 1,683 Workers Compensation 192 173 - - Sundry 1,536 865 1,536 865 Payroll Tax 598 615 - - 9,994 7,736 9,994 7,736 Other Staff Related Expenses 325 535 196 339 13,001 13,471 1,299 1,803 Personnel Services - - 11,493 12,381 13,001 13,471 12,792 14,184 (f) Government Grants

Federal/NSW Government Grant - 25,000 - 25,000 (c) Finance Costs

Construction of the SCG Victor Trumper Stand was completed in late 2008. In financing the cost Interest on Loans 2,775 1,900 2,775 1,900 of construction of the Victor Trumper Stand the Trust received a grant of $25M from the NSW NSW Treasury Govt Guarantee Fees 612 346 612 346 Government and $25M from the Federal Government towards the project. Other Finance Charges 653 473 653 473 4,040 2,719 4,040 2,719

3. expenDITURE (d) Loss/(Gain) on disposal of Assets (a) Operating Costs Proceeds from Disposal (45) (424) (45) (424) Event Operating Costs 10,466 9,564 10,466 9,564 Written down value of assets disposed 43 590 43 590 Ground Operation & Maintenance 7,946 7,346 7,946 7,346 Loss on disposal of Property, Plant & Equipment (2) 166 (2) 166 Liquor Cost of Goods Sold 3,203 3,369 3,203 3,369 Liquor Management Fee 2,921 3,205 2,921 3,205 Corporate Seating Expenses 3,976 3,657 3,976 3,657 Marketing Expenses 3,663 2,870 3,663 2,870 Advertising & Sponsorship 872 781 872 781 Audit Fees (Audit Office of NSW) 76 78 76 78 Accounting and Legal Services 341 294 341 294 Consultant Fees 1,455 1,253 1,455 1,253 Travel 2,971 129 2,971 129 Postage/Freight 460 188 460 188 Communication Expenses 246 289 246 289 Printing and Stationery 657 891 657 891 Impairment Expense - (78) - (78) Bad Debts Written off 1 - 1 - Insurance 658 444 658 444 Members Seating 749 377 749 377 40,661 34,657 40,661 34,657

(i) The Audit Office of NSW’s fee for auditing the annual financialeport r for the year ended 28 February 2010 is $75,800 ($78,950 in 2009).

(ii) Travel expenses for year ending 28th February 2010 include expenditure of $2,820,939 for the Edinburgh Military Tattoo.

62 63 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKEt & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

4. CASH AND CASH EQUIVALENTS 6. properTY, PLANT AND EQUIPMENT Consolidated Parent For the purpose of the Statement of Cash Flows, cash and cash equivalents include cash at bank, 2009 2009 cash on hand, short-term deposits and bank overdraft. Cash and cash equivalent assets recognised 2010 2010 $’000 $’000 $’000 in the Statement of Financial Position are reconciled at the end of the financial year to the Statement $’000 of Cash Flows as follows: Land at Valuation 35,700 34,000 35,700 34,000 Consolidated Parent 2010 2009 2010 2009 Buildings and Improvements (at fair value) 691,820 680,594 691,820 680,594 $’000 $’000 $’000 $’000 Accumulated Depreciation (166,798) (165,463) (166,798) (165,463) Cash 1,381 660 1,381 660 525,022 515,131 525,022 515,131 NSW Treasury Corporation Hour-Glass 10,892 2,027 10,892 2,027 Cash and cash equivalents per Plant and Equipment (at fair value) 17,133 17,042 17,133 17,042 Statement of Financial Position 12,273 2,687 12,273 2,687 Accumulated Depreciation (12,234) (11,267) (12,234) (11,267) Bank Overdraft - - - - 4,899 5,775 4,899 5,775 Cash and cash equivalents per Statement of Cash Flows 12,273 2,687 12,273 2,687 Work in progress 2,463 4,262 2,463 4,262 Total Carrying Amount 568,084 559,168 568,084 559,168 5. RECEIVABLES The Trust’s current Industrial Special Risks insurance policy as at 28 February 2010 provides a cover on buildings, plant & equipment to the value of $888M ($817M in 2009). Current: Prepayments 1,342 1,927 1,342 1,927 Accrued Income 2,985 1,523 2,985 1,523 RECONCILIATIONS Catering Debtors 1,299 1,121 1,299 1,121 Sundry Debtors 2,280 4,321 2,280 4,321 Land Buildings Plant and Work In Total GST Receivable - 168 - 168 Equipment Progress Allowance for impairment - - - - 2010 $’000 $’000 $’000 $’000 $’000 Futures Contracts 401 380 401 380 Carrying amount as 8,307 9,440 8,307 9,440 at 1 March 2009 34,000 515,131 5,775 4,262 559,168 Net Revaluation Increment 1,700 12,739 - - 14,439 Non-Current: Additions - 17 112 4,246 4,375 Reclassification - 5,957 88 (6,045) - Prepayments 7 68 7 68 Disposals - - (42) - (42) 7 68 7 68 Depreciation Expense - (8,822) (1,034) - (9,856) Carrying amount as at 28 February 2010 35,700 525,022 4,899 2,463 568,084 Movement in the allowance for impairment 2009 Balance at 1 March - 86 - 86 Amounts written off during the year - - - - Carrying amount as Amounts received during the year - (86) - (86) at 1 March 2008 34,000 423,403 4,562 47,860 509,825 Increase/(decrease) in allowance Additions - - 646 58,222 58,868 recognised in surplus or deficit - - - - Reclassification - 99,780 1,970 (101,820) (70) Disposals - (211) (379) - (590) Balance at 28 February - - - - Depreciation Expense - (7,841) (1,024) - (8,865) Carrying amount as at 28 February 2009 34,000 515,131 5,775 4,262 559,168

64 65 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKEt & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

6. PROPERTY, PLANT AND EQUIPMENT (cont’d) 8. BORROWINGS Consolidated Parent Valuation of Land, Buildings and Improvements 2010 2009 2010 2009 Current: $’000 $’000 $’000 $’000 During 2009/10, the Trust received an independent valuation by the Land and Property Management Authority of its vested lands, based on an “as zoned and used basis,” providing a valuation of NSW Treasury Corporation Loans 5,465 6,507 5,465 6,507 $35.7M as at 28 February 2010. The valuation increment recorded since the previous valuation of 5,465 6,507 5,465 6,507 land, $1.7M, was transferred to the Asset Revaluation Reserve. Non-Current: NSW Treasury Corporation Loans 33,345 37,820 33,345 37,820 During 2009/10 the Trust received an independent valuation by WT Partnership, registered quantity 33,345 37,820 33,345 37,820 surveyors, of the replacement cost of buildings and improvements at the Sydney Cricket Ground and Sydney Football Stadium. The valuation at replacement cost was converted to written down replacement cost by the determination of the remaining useful life of each building. The valuation Total 38,810 44,327 38,810 44,327 increment recorded since the previous valuation of buildings and improvements $12.7M, was transferred to the Asset Revaluation Reserve as at 28 February 2010. Significant Terms & Conditions: NSW Treasury Corporation (Bullet) Loans are based upon instalment payments of interest only and As a result of the revaluations, an Asset Revaluation Reserve remains established. The balance of repayment or rollover of principal at maturity. All borrowings are secured by Government Guarantee. this Reserve as at 28 February 2010 stood at $333.5M.

7. (a) PAYABLES Consolidated Parent 2010 2009 2010 2009 Current: $’000 $’000 $’000 $’000 Sundry Creditors 11,707 4,749 11,052 4,040 Accruals 5,863 5,892 5,863 5,892 GST Payable 349 - 349 - Interest Payable 653 698 653 698 18,572 11,339 17,917 10,630

Non-Current: Other Creditors - 284 - 284 - 284 - 284

(b) OTHER LIABILITIES

Current: Subscriptions Paid in Advance 6,920 6,762 6,920 6,762 Rents Paid in Advance 1,817 1,843 1,817 1,843 Advertising – Fees in Advance 2,020 1,960 2,020 1,960 Catering – Licence Fees in Advance 700 1,050 700 1,050 Other Deferred Income 1,758 1,858 1,758 1,858 13,215 13,473 13,215 13,473

Non-Current: Catering – Licence Fees in Advance - 700 - 700 Rents – Paid in Advance 157 181 157 181 Advertising Fees in Advance - 42 - 42 Other Deferred Income 1,563 2,550 1,563 2,550 1,720 3,473 1,720 3,473

66 67 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

SYDNEY CRICKEt & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

9. proVISIONS 9. proVISIONS

Superannuation – Defined Benefits Plan (cont’d) (a) Employee Entitlements Consolidated Parent Fund information 2010 2009 2010 2009 The pooled fund holds in trust the investments of the closed NSW public sector superannuation $’000 $’000 $’000 $’000 Current: schemes including: the State Authorities Superannuation Scheme (SASS) and the State Authorities Provision for Annual Leave and on-costs 988 1,050 - - Non-contributory Superannuation Scheme (SANCS). Provision for long service leave and on-costs 863 775 - - These schemes are defined benefit schemes – at least a component of the final benefit is derived 1,851 1,825 - - from a multiple of member salary and years of membership. The Schemes are closed to new members. Non-Current: Reconciliation of the present value of the defined Defined superannuation liability 95 278 - - benefit obligation 2010: SASS SANCS 1,946 2,103 - - 2010 2010 $’000 $’000 (b) Personnel Services - Current Present value of partly funded defined benefit obligation at beginning of the year 1,955 238 Personnel services in respect of Current service cost 73 13 employee entitlements of the Division 2,601 2,812 Interest cost 85 10 The aggregate employee benefit liability Recognised Contributions by fund participants 35 0 and included in the financial statements is as follows: Actuarial (gains)/losses (51) (15) Benefits paid (40) 1 Accrued salaries, wages and on-costs 655 709 - - Past service cost 0 0 Provision for employee benefits (current) 1,851 1,825 - - Curtailments 0 0 Defined benefit liability (non-current) 95 278 - - Settlements 0 0 2,601 2,812 - - Business combinations 0 0 Exchange rate changes 0 0 Present value of partly funded defined benefit Consolidated obligation at end of the year 2,057 247

(c) Superannuation – Defined Benefits Plan Reconciliation of the fair value of fund assets: The Trust has a $95,000 ($278,000 in 2009) net liability for the employer’s obligation to defined benefit superannuation schemes at the Trust. Fair value of fund assets at beginning of the year 1,759 156 Expected return on fund assets 143 12 The funding position at 28 February 2010 in respect of the two defined benefits schemes related to Actuarial gains/(losses) 130 13 personnel services received, namely the State Authorities Superannuation Scheme (SASS) and the Employer contributions 0 0 State Authorities Non-Contributory Superannuation Scheme (SANCS) has been advised by Pillar Contributions by fund participants 35 0 Administration: Benefits paid (40) 1 Settlements 0 0 ESTIMATED RESERVE ACCRUED NET LIABILITY Business combinations 0 0 ACCOUNTS FUNDS LIABILITY AT YEAR END Exchange rate changes 0 0 2010 2009 2010 2009 2010 2009 Fair value of fund assets at end of the year 2,027 182 FUND $’000 $’000 $’000 $’000 $’000 $’000 SASS 2,027 1,759 2,057 1,955 30 196 Reconciliation of the assets and liabilities recognised in the SANCS 182 156 247 238 65 82 statement of financial position: 2,209 1,915 2,304 2,193 95 278 Present value of partly funded defined benefit obligation at end of year 2,057 247 Fair value of fund assets at end of year (2,027) (182) Accounting policy for recognising actuarial gains/losses Subtotal 30 65 Unrecognised past service cost 0 0 In 2008–09, NSW Treasury mandated a change in policy for all NSW public sector agencies to Unrecognised gain/(loss) 0 0 recognise actuarial gains and losses immediately outside surplus and deficit in the year in which they Adjustment for limitation on net asset 0 0 occur. Previously actuarial gains and losses were recognised in the surplus/deficit. This change in Net liability/(asset) recognised in the statement of policy must be applied retrospectively, as advised in NSW Treasury Circular NSWTC 09/01. financial position at end of year 30 65

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SYDNEY CRICKEt & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

9. proVISIONS 9. proVISIONS

Superannuation – Defined Benefits Plan (cont’d) Superannuation – Defined Benefits Plan (cont’d)

Expense recognised in the statement of SASS SANCS comprehensive income: 2010 2010 Actual return on fund assets: SASS SANCS Components recognised in the statement of comprehensive income $’000 $’000 2010 2010 $’000 $’000 Current service cost 73 13 Interest cost 85 10 Actual return on fund assets 291 26 Expected return on fund assets (net of expenses) (143) (12) Actuarial losses/(gains) recognised in year 0 0 Past service cost 0 0 Valuation method and principal actuarial assumptions at the balance date: Movement in adjustment for limitation on net asset 0 0 a) Valuation method Curtailment or settlement (gain)/loss 0 0 Expense/(income) recognised 15 11 The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defined benefit obligations and the related current service costs. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Amounts recognised in the statement of comprehensive income (Other comprehensive income): b) Economic assumptions: Actuarial (gains)/losses (181) (28) 28 FEB 2010 Adjustment for limit on net asset 0 0 Salary increase rate (excluding promotional increases) 3.5%pa Rate of CPI increase 2.5%pa Expected rate of return on assets 8.3% Cumulative amounts recognised in the statement of Discount rate 5.5%pa comprehensive income (Other comprehensive income):

Cumulative amount of actuarial (gains)/losses 280 (10) c) Demographic assumptions Cumulative adjustment for limitation on net asset 0 0 The demographic assumptions at 28 February 2010 are those that were used in the 2009 triennial actuarial valuation.

Fund assets The percentage invested in each asset class at the statement of financial position date: 28 FEB 2010

Australian equities 33.1% Overseas equities 27.2% Australian fixed interest securities 5.9% Overseas fixed interest securities 4.1% Property 9.5% Cash 6.9% Other 13.4%

Fair value of fund assets All fund assets are invested by STC at arm’s length through independent fund managers.

Expected rate of return on assets The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of investment tax and investment fees.

70 71 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish our heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

SYDNEY CRICKEt & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

9. PROVISIONS 9. proVISIONS

Superannuation – Defined Benefits Plan (cont’d) Superannuation – Defined Benefits Plan (cont’d)

Historical information SASS SANCS Expected contributions: SASS SANCS 2010 2010 2010 2010 $’000 $’000 $’000 $’000 Present value of defined benefit obligation 2,057 247 Expected employer contributions to be Fair value of fund assets (2,027) (183) paid in the next accounting period 0 0 (Surplus)/deficit in fund 30 65 Experience adjustments – fund liabilities (51) (15) Experience adjustments – fund assets (130) (13) Funding arrangements for employer contributions:

(a) Surplus/deficit SASS SANCS The following is a summary of the 28 February 2010 financial position of the fund calculated in 2009 2009 accordance with AAS 25 ‘Financial reporting by superannuation plans’: $’000 $’000 SASS SANCS Present value of defined benefit obligation 1,955 238 2010 2010 Fair value of fund assets (1,759) (156) $’000 $’000 (Surplus)/deficit in fund 196 82 Experience adjustments – fund liabilities 97 26 Accrued benefits 1,879 231 Experience adjustments – fund assets 542 48 Net market value of fund assets (2,027) (183) Net (surplus)/deficit (148) 48

SASS SANCS (b) Contribution recommendations 2008 2008 $’000 $’000 Recommended contribution rates for the entity are: SASS SANCS Present value of defined benefit obligation 1,781 211 Multiple of member % member Fair value of fund assets (2,234) (212) contributions salary (Surplus)/deficit in fund (453) (1) Experience adjustments – fund liabilities (43) (9) 0.00 0.00 Experience adjustments – fund assets 142 17 (c) Funding method Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury. SASS SANCS 2007 2007 (d) Economic assumptions $’000 $’000 The economic assumptions adopted for the 2009 actuarial review of the fund are: Present value of defined benefit obligation 1,679 197 Fair value of fund assets (2,223) (214) Weighted Average Assumptions (Surplus)/deficit in fund (544) (17) Experience adjustments – fund liabilities (184) (19) Expected rate of return on fund assets backing current pension liabilities 8.3% pa Experience adjustments – fund assets 83 (7) Expected rate of return on fund assets backing other liabilities 7.3% pa Expected salary increase rate 4.0% pa Expected rate of CPI increase 2.5% pa SASS SANCS 2006 2006 Nature of asset/liability $’000 $’000 If a surplus existed in the employer’s interest in the fund, the employer may be able to take Present value of defined benefit obligation 2,145 269 advantage of it in the form of a reduction in the required contribution rate, depending on the advice Fair value of fund assets (2,583) (271) of the fund’s actuary. (Surplus)/deficit in fund (438) (1) Where a deficiency exists, the employer is responsible for any difference between the employer’s Experience adjustments – fund liabilities 60 17 share of fund assets and the defined benefit obligation. Experience adjustments – fund assets (90) (23)

72 73 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

9. proVISIONS 9. proVISIONS

Superannuation – Defined Benefits Plan (cont’d) Superannuation – Defined Benefits Plan (cont’d)

Expense recognised in the statement of SASS SANCS SASS SANCS comprehensive income: 2009 2009 Reconciliation of the present value of the 2009 2009 $’000 $’000 defined benefit obligation 2009: Components recognised in the statement of comprehensive income $’000 $’000 Current service cost 65 12 Present value of partly funded defined benefit obligation at Interest cost 110 13 beginning of the year 1,781 211 Expected return on fund assets (net of expenses) (168) (16) Current service cost 65 12 Past service cost 0 0 Interest cost 110 13 Movement in adjustment for limitation on net asset 0 0 Contributions by fund participants 36 0 Curtailment or settlement (gain)/loss 0 0 Actuarial (gains)/losses 97 26 Expense/(income) recognised 7 9 Benefits paid (134) (24) Past service cost 0 0 Curtailments 0 0 Settlements 0 0 Business combinations 0 0 Amounts recognised in the statement of comprehensive income (Other comprehensive income): Exchange rate changes 0 0 Present value of partly funded defined benefit Actuarial (gains)/losses 639 74 obligation at end of the year 1,955 238 Adjustment for limit on net asset 0 0

Reconciliation of the fair value of fund assets:

Fair value of fund assets at beginning of the year 2,234 212 Cumulative amounts recognised in the statement of comprehensive income (Other comprehensive income): Expected return on fund assets 168 16 Actuarial gains/(losses) (542) (48) Cumulative amount of actuarial (gains)/losses 461 18 Employer contributions (3) 0 Cumulative adjustment for limitation on net asset 0 0 Contributions by fund participants 36 0 Benefits paid (134) (24) Settlements 0 0 Business combinations 0 0 Fund assets Exchange rate changes 0 0 The percentage invested in each asset class at the Fair value of fund assets at end of the year 1,759 156 statement of financial position date: 28 FEB 2009 Australian equities 28.9% Reconciliation of the assets and liabilities recognised Overseas equities 26.0% in the statement of financial position: Australian fixed interest securities 6.9% Overseas fixed interest securities 4.9% Present value of partly funded defined benefit obligation Property 10.6% at end of year 1,955 238 Cash 8.1% Fair value of fund assets at end of year (1,759) (156) Other 14.6% Subtotal 196 82 Unrecognised past service cost 0 0 Unrecognised gain/(loss) 0 0 Fair value of fund assets Adjustment for limitation on net asset 0 0 All fund assets are invested by STC at arm’s length through independent fund managers. Net liability/(asset) recognised in statement of financial position at end of year 196 82 Expected rate of return on assets The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of investment tax and investment fees.

74 75 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

9. PROVISIONS 9. proVISIONS

Superannuation – Defined Benefits Plan (cont’d) Superannuation – Defined Benefits Plan (cont’d)

(b) Contribution recommendations Actual return on fund assets: SASS SANCS Recommended contribution rates for the entity are: 2009 2009 $’000 $’000 SASS SANCS Multiple of member % member Actual return on fund assets (374) (32) contributions salary 0.00 0.00 Valuation method and principal actuarial assumptions at the balance date: (c) Funding method a) Valuation method The method used to determine the employer contribution recommendations at the last actuarial review The Projected Unit Credit (PUC) valuation method was used to determine the present value of the was the aggregate funding method. The method adopted affects the timing of the cost to the employer. defined benefit obligations and the related current service costs. This method sees each period of Under the aggregate funding method, the employer contribution rate is determined so that sufficient service as giving rise to an additional unit of benefit entitlement and measures each unit separately assets will be available to meet benefit payments to existing members, taking into account the current to build up the final obligation. value of assets and future contributions.

b) Economic assumptions: 28 FEB 2009 (d) Economic assumptions

Salary increase rate (excluding promotional increases) 3.5%pa The economic assumptions adopted for the last actuarial review of the fund were: Rate of CPI increase 2.5%pa Expected rate of return on assets backing current pension liabilities 8.3% Weighted Average Assumptions Expected rate of return on assets backing other liabilities 7.3% Expected rate of return on fund assets backing current pension liabilities 7.7% pa Discount rate 4.45%pa Expected rate of return on fund assets backing other liabilities 7.0% pa Expected salary increase rate 4.0% pa Expected contributions: SASS SANCS Expected rate of CPI increase 2.5% pa 2009 2009 $’000 $’000 Nature of asset/liability If a surplus exists in the employer’s interest in the fund, the employer may be able to take advantage Expected employer contributions to be of it in the form of a reduction in the required contribution rate, depending on the advice of the paid in the next accounting period 0 0 fund’s actuary. Where a deficiency exists, the employer is responsible for any difference between the employer’s share of fund assets and the defined benefit obligation.

Funding arrangements for employer contributions:

(a) Surplus/deficit The following is a summary of the 28 February 2009 financial position of the fund calculated in accordance with AAS 25 Financial reporting by superannuation plans:

Accrued benefits 1,668 202 Net market value of fund assets (1,759) (156) Net (surplus)/deficit (91) 46

76 77 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

10. CAPITAL AND OTHER EXPENDITURE COMMITMENTS 11. TRUSTEES REMUNERATION

The Trust is classified as a Category C Advisory Board thereby enabling the payment of fees to Capital Commitments: Trust members. Total capital expenditure contracted as at 28 February 2010 but not provided for in the accounts: Fees totalling $102,957 ($96,189 in 2009) were paid in accordance with rates determined by the Consolidated Parent Premier’s Department to the Trustees during the year ended 28 February 2010. 2010 2009 2010 2009 $’000 $’000 $’000 $’000 The Trustees have access to the Trust Suite during event days at the Sydney Cricket Ground and the Sydney Football Stadium. On occasion expenses for travel by Trustees on Trust business are Not later than 1 year - 530 - 530 reimbursed by the Trust. There are no other benefits paid to the Trustees. Later than 1 year but not later than 5 years - - - - Total (including GST) - 530 - 530 12. CONTINGENT LIABILITIES

Other Expenditure Commitments: The Trust is not aware of any significant or material contingent liability in existence at balance date or Total other expenditure contracted as at 28 February 2010 but not provided for in the accounts: which has emerged subsequent to balance date which would materially impact on the financial position of the Trust as shown in the Financial Statements. Not later than 1 year 4,706 294 4,706 294 Later than 1 year but not later than 5 years 22,582 - 22,582 - In 2007 the Trust joined with the administration of the former UTS-Balmain District Cricket Club in Total (including GST) 27,288 294 27,288 294 establishing the new entity of the Sydney Cricket Club. The Trust has established a Bank Deposit Account holding $40,000 as an on-call account against the overdraft facility of the Sydney Cricket Club. The total expenditure commitments above include input tax credits of $2.481M which is expected to be recovered from the Australian Tax Office.

Finance Lease Commitments: Minimum lease payment commitments in relation to finance leases payable as follows:

Not later than 1 year 317 170 317 170 Later than 1 year but not later than 5 years - 301 - 301 Minimum Lease Payments 317 471 317 471 Less: future finance charges 23 53 23 53 Present Value of minimum lease payments 294 418 294 418

The present value of finance lease commitments is as follows:

Not later than 1 year 294 134 294 134 Later than 1 year but not later than 5 years - 284 - 284 Minimum Lease Payments 294 418 294 418

Classified as:

Current 294 134 294 134 Non-Current - 284 - 284 294 418 294 418

The Trust receives contributions of goods and services from certain sponsors. In return, the Trust provides advertising space and/or use of Trust facilities. The Trust does not consider the value of facilities and advertising space provided in 2010 to be material.

78 79 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES 13. aDDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (cont’d)

The Trust’s main risks arising from financial instruments are outlined below, together with the Trust’s The effect on profit and equity due to a reasonably possible change in risk variable is outlined in the objectives, policies and processes for measuring and managing risk. Further quantitative and qualitative information below, for interest rate risk and other price risk. A reasonably possible change in risk variable disclosures are included throughout this financial report. has been determined after taking into account the economic environment in which the Trust operates and the time frame for the assessment (i.e. until the end of the next annual reporting period). The The Trust has responsibility for the establishment and oversight of risk management and reviews sensitivity analysis is based on risk exposures in existence at the statement of financial position date. and agrees policies for managing each of these risks. Risk management policies are established to The analysis is performed on the same basis as for 2009. The analysis assumes that all other variables identify and analyse the risks faced by the Trust, to set risk limits and controls and to monitor risks. remain constant. Compliance with policies is reviewed by the Audit Committee and Internal Audit on a continuous basis. Interest Rate Risk The Trust’s principal financial instruments comprise receivables, payables, cash, short-term deposits The Trust’s exposure to market interest rates relates primarily to the Trust’s long term debt obligations and variable and fixed rate debt. The Trust manages its exposure to key financial risks, including and cash and cash equivalents. interest rate in accordance with the Trust’s financial risk management policy. A reasonably possible change of +/- 1% is used, consistent with current trends in interest rates. The The main risks arising from the Trust’s financial instruments are interest rate risk, credit risk and liquidity basis will be reviewed annually and amended where there is a structural change in the level of interest risk. The Trust uses different methods to measure and manage different types of risks. These methods rate volatility. The Trust’s exposure to interest rate risk is set out below. include ageing analyses and monitoring of specific credit allowances which are undertaken to manage credit risk.

The Trust reviews and agrees policies for managing each of the risks identified below, including the $’000 -1% 1% Carrying Profit Equity Profit Equity interest rate risk and credit allowances. Consolidated Amount Financial Instrument Categories 2010 Financial Assets Consolidated Parent 2010 2009 2010 2009 Cash and Cash Equivalents 12,273 (123) (123) 123 123 $’000 $’000 $’000 $’000 Class Category 2009 Financial Assets Financial Assets Cash and Cash Equivalents 2,687 (27) (27) 27 27 Cash and Cash Equivalents N/A 12,273 2,687 12,273 2,687 Parent Receivables(1) Loans and 2010 Receivables (at Financial Assets amortised cost) 6,972 7,345 6,972 7,345 19,245 10,032 19,245 10,032 Cash and Cash Equivalents 12,273 (123) (123) 123 123 2009 Financial Liabilities Financial Assets Payables (2) Financial Liabilities Cash and Cash Equivalents (27) (27) 27 27 (at amortised cost) 18,572 11,623 17,917 10,914 2,687 Borrowings Financial Liabilities (at amortised cost) 38,810 44,327 38,810 44,327 57,382 55,950 56,727 55,241

Notes 1. excludes statutory receivables and prepayments (i.e. not within scope of AASB 7). 2. Excludes statutory payables and unearned revenue (i.e. not within scope of AASB 7).

Risk Exposures and Responses

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

80 81 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (cont’d) 13. aDDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (cont’d)

Interest Rate Risk (cont’d) Other Price Risks Hour-Glass Investment facilities Managed Debt Portfolio The Trust’s policy is to manage its finance costs using a mix of fixed and variable rate debt. The Trust holds units in the following Hour-Glass investment trust:- At 28 February 2010 approximately 97.5% of the Trust’s borrowings were at a fixed rate of interest (2009: 99%). Facility Investment Investment 2010 2009 Sectors Horizon $’000 $’000 To manage this mix in a cost-efficient manner the Trust contracts with the NSW Treasury Corporation (TCorp) to actively manage the Trust’s portfolio of debt. The Corporation has provided the Trust the Cash Facility Cash, Money Up to 2 years market instruments 10,892 2,027 facility whereby maturing loans may be rolled over and replaced with new loans whilst maintaining the original capital value of the portfolio. The unit price is equal to the total fair value of the net assets held by the facility divided by the total TCorp manages interest rate risk exposures applicable to specific borrowings of the Trust in accordance number of units on issue. Unit prices are calculated and published daily. with a debt portfolio mandate agreed between the two parties. NSW Treasury Corporation (TCorp) as trustee for the above facility is required to act in the best interest TCorp receives a fee for this service, which may include a performance component where TCorp is able of the unit holders and to administer the trusts in accordance with the trust deeds. As trustee, TCorp has to add value by achieving a reduction in the Trust‘s debt costs against an agreed benchmark. TCorp appointed external managers to manage the performance and risks of each facility in accordance with may use derivatives, primarily interest rate futures, to establish short-term (tactical) positions within a mandate agreed by the parties. From April 2007 TCorp commenced acting as a manager for part of agreed tolerance limits to manage portfolio duration and maturity profiles. the Cash Facility. A significant portion of the administration of the facility is outsourced to an external custodian. The following sensitivity analysis is based on the interest rate risk exposures in existence at the Statement of Financial Position date: The TCorp Hourglass Investment facility is designated at fair value through profit/loss and therefore any changes in price directly impacts profit (rather than equity). At 28 February 2010, if interest rates had moved, as illustrated in the table below, with all other variables held constant, TCorp have estimated that post tax surplus and equity would have been TCorp provides sensitivity analysis for the Hour-Glass Investment facilities using historically based affected as follows: volatility information.

Consolidated Increase/Decrease Operating Result Equity Change in Impact on in Basis Points Impact Impact Unit Price Surplus/Deficit 2010 2009 2010 2009 2010 2009 $000 %000 $’000 $’000 $’000 $’000 Hour-Glass Cash Facility +/- 1% 109 20 AUD +100 (1%) 1,344 1,500 1,344 1,500 A reasonably possible change is based on the percentage change in unit price multiplied by the redemption price as at 28 February 2010. The sensitivity impact is higher in 2009 than in 2010 because of borrowings that occurred to meet the extensive capital works program completed in 2008/09, the balance of which has since been reduced. Credit Risk

(i) Credit risk arises from the financial assets of the Trust, which comprise cash and cash equivalents, trade and other receivables. The Trust’s exposure to credit risk arises from potential default of the counter party, with a maximum exposure equal to the carrying amount.

(ii) The Trust trades only with recognised, creditworthy third parties, and as such collateral is not requested nor is it the Trust’s policy to securitise its trade and other receivables. There are no trade and other receivable that are past due or impaired whose terms have been renegotiated.

(iii) All financial assets are unsecured.

(iv) Trust deposits held with NSW TCorp are guaranteed by the State. The NSW State Government has an AAA credit rating from the Standard and Poor’s rating agency.

82 83 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

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

Liquidity risk (Cont’d) (v) All trade debtors are recognised as amounts receivable at balance date. Collectability of trade Maturity analysis of financial liabilities based on management’s expectation. debtors is reviewed on an ongoing basis. Procedures as established are followed to recover outstanding amounts, including letters of demand. Debts which are known to be uncollectible are written off. Maturity Analysis and Interest Rate Exposure An allowance for impairment is raised when there is objective evidence that the Trust will not be able to collect all amounts due. This evidence includes past experience, and current and expected changes in economic conditions and debtor credit ratings. No interest is earned on trade debtors.

The Trust is not materially exposed to concentrations of credit risk to a single trade debtor or group of debtors. Economic Weighted $’000 Interest Rate Exposure Maturity Dates Average (vi) Receivable balances are monitored on an ongoing basis with Trust’s exposure to bad debts not Nominal Fixed Variable Non- < 1 yr 1-5 yrs > 5 yrs Effective being significant. Amount Interest Interest interest Int. Rate Rate Rate bearing (vii) Receivables which are past due but not considered impaired are aged as follows: 2010 Payables 18,572 18,572 18,572 0-30 Days 31-60 Days 61-90 Days 90+ Days Borrowings: Overdue Overdue Overdue Overdue TCorp Borrowings 5.72% 38,810 37,840 970 5,465 22,079 11,266 $’000 $’000 $’000 $’000 2009 108 29 34 143 As at 28 February 2010 Payables 11,623 11,623 11,623 560 4 70 As at 28 February 2009 84 Borrowings: TCorp Borrowings 5.93% 44,327 43,219 1,108 6,507 23,142 14,677 (viii) There were no receivables at Balance Sheet date which were considered impaired.

Liquidity risk Parent Weighted $’000 Interest Rate Exposure Maturity Dates Liquidity risk is the risk that the Trust will be unable to meet its payment obligations when they fall due. Average Nominal Fixed Variable Non- < 1 yr 1-5 yrs > 5 yrs The Trust continuously manages risk through monitoring future cash flows and maturities planning to Effective Amount1 Interest Interest interest ensure adequate holding of high quality liquid assets. Int. Rate 2010 Rate Rate bearing The liabilities are recognised for amounts due to be paid in the future for goods or services received, whether or not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance Payables 17,917 17,917 17,917 with policy set out in Treasurer’s Directions 219.01. If trade terms are not specified, payment is made Borrowings: no later than the end of the month following the month in which an invoice or a statement is received. TCorp Borrowings 5.72% 38,810 37,840 970 5,265 22,079 11,266 Treasurer’s Direction 219.01 allows the Minister to award interest for late payment. No interest was paid 2009 for late payment during the year. Payables 10,914 10,914 10,914 The Trust’s objective is to maintain a balance between continuity of funding and flexibility through the use Borrowings: of bank overdrafts, NSW Treasury Corporation Hour-Glass Investments and NSW Treasury Corporation TCorp Borrowings 5.93% 44,327 43,219 1,108 6,507 23,142 14,677 loans.

The table below summarises the maturity profit of the Trust’s financial liabilities together with the interest rate exposure. Notes: During the current and prior year there were no breaches on any loans payable. No assets have been The amounts disclosed are the contractual undiscounted cash flows of each class of financial liabilities pledged as collateral. The Trust’s exposure to liquidity risk is deemed insignificant based on prior based on the earliest date on which the Trust can be required to pay. The tables include both interest and period’s data and current assessment of risk. principal cash flows and therefore will not reconcile to the statement of financial position. The Trust monitors rolling forecasts of liquidity reserves on the basis of expected cash flow. Credit Facility – $100,000. Credit Standby Arrangements: – The Trust maintains an available standby credit facility through an approved $100,000 bank overdraft arrangement. The Trust has approval from the Treasury to increase this facility up to $500,000. The Trust holds a bank guarantee facility of $2.3M with $45,702 in use (2009 $63,848).

84 85 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKEt & SPORTS GROUND TRUST NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (cont’d) 17. NEW AUSTRALIAN ACCOUNTING STANDARDS ISSUED BUT NOT EFFECTIVE

Fair Value compared to carrying amount At reporting date a number of accounting standards adopted by the AASB had been issued but are not yet effective. At present Treasury is mandating not to early adopt any of the Financial instruments are generally recognised at cost, with the exception of the TCorp Hour-Glass new Standards/Interpretations as per Treasury Circular TC 09/03. As such, these new Standards/ facilities, which are measured at fair value. As discussed, the value of the Hour-Glass Investments is Interpretations have not been early adopted by the Trust. based on the Trust’s share of the value of the underlying assets of the facility, based on the market value. All of the Hour Glass facilities are valued using ‘redemption’ pricing. It is considered that the implementation of these Standards will not have any material impact on the Trust’s financial results. The amortised cost of financial instruments recognised in the statement of financial position approximates the fair value, because of the short-term nature of many of the financial instruments. There were no financial instruments where the fair value differs from the carrying amount: 18. POST BALANCE DATE EVENTS No post balance date events have been recorded. 14. CASH FLOW INFORMATION

(a) Reconciliation of Cash

For the purpose of the statement of cash flows, cash includes: cash on hand, and in banks, and investments in NSW Treasury Corporation Hour-Glass Facility. Cash at 28 February 2010 as shown in the statement of cash flows is reconciled to the related items in the Statement of Financial Position and accompanying notes as follows:

Consolidated Parent 2010 2009 2010 2009 $’000 $’000 $’000 $’000 END OF AUDITED FINANCIAL STATEMENTS Cash 1,381 660 1,381 660 NSW Treasury Corporation Hour-Glass 10,892 2,027 10,892 2,027 12,273 2,687 12,273 2,687

(b) Reconciliation from the surplus/(deficit) to the net cash flows from operations

Surplus/(deficit) for the year 3,396 26,928 3,605 26,215 Depreciation 9,856 8,865 9,856 8,865 Increase (Decrease) in Debt Transactions 426 182 426 182 Actuarial gains/(losses) on defined benefit pension plans 209 (713) - - Loss (Gain) on Sale of Non-Current Assets (2) 166 (2) 166 Increase (Decrease) in Creditors 4,879 1,111 4,879 1,111 Decrease (Increase) in Inventories - 10 - 10 Decrease (Increase) in Debtors 1,192 (1,905) 1,192 (1,905) Increase (Decrease) in Provisions 27 30 27 30

Net Cash Provided by Operating Activities 19,983 34,674 19,983 34,674

Firmly committed long-term financing facilities of $50M were available to the Trust at 28 February 2010. As at that date, $38.809M ($44.327M in 2009) of these facilities was in use.

86 87 devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

88 89 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments spirited purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

BEGINNING OF AUDITED FINANCIAL STATEMENTS

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 28 FEBRUARY 2010 AS AT 28 FEBRUARY 2010

2010 2009 ASSETS 2010 2009 REVENUE Notes $’000 $’000 Current Assets Notes $’000 $’000 Personnel Services 11,493 12,381 Receivables 3 2,601 2,812 Total Revenue 11,493 12,381 Total Current Assets 2,601 2,812

EXPENDITURE Non-Current Assets - - Employee Related Expenses 2 11,702 11,668 Total Non-Current Assets - - Total Expenditure 11,702 11,668 Total Assets 2,601 2,812

SURPLUS/(DEFICIT) FOR THE YEAR (209) 713 LIABILITIES Other Comprehensive Income Current Liabilities Actuarial Gain/(Loss) on defined benefit plans 209 (713) Payables 4 655 709 Other Comprehensive Income for the year 209 (713) Employee Provisions 5 1,851 1,825 Total comprehensive result for the year - - Total Current Liabilities 2,506 2,534

The accompanying notes form part of these financial statements. Non Current Liabilities Superannuation Liability 5 95 278 Total Non Current Liabilities 95 278

Total Liabilities 2,601 2,812

Net Assets - -

EQUITY

Accumulated Funds - -

Total Equity - -

The accompanying notes form part of these financial statements.

90 91 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2010 AS AT 28 FEBRUARY 2010

Accumulated Total Funds 2010 2009 Notes $’000 $’000 Notes $’000 $’000 BALANCE AT 1 MARCH 2009 - - NET CASH FLOWS FROM OPERATING ACTIVITIES - - Surplus/(Deficit) for the Year (209) (209) NET CASH FLOWS FROM INVESTING ACTIVITIES - -

OTHER COMPREHENSIVE INCOME NET CASH FLOWS FROM FINANCING ACTIVITIES - - Actuarial Gains/(Losses) on defined benefit pension plans 209 209 Total Comprehensive Income for the year - - NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS - -

BALANCE AT 28 FEBRUARY 2010 - - Opening Cash and cash equivalents - - CLOSING CASH AND CASH EQUIVALENTS - - The accompanying notes form part of these financial statements. BALANCE AT 1 MARCH 2008 - - Surplus/(Deficit) for the Year 713 713

OTHER COMPREHENSIVE INCOME Actuarial Gains/(Losses) on defined benefit pension plans (713) (713) Total Comprehensive Income for the year - -

BALANCE AT 28 FEBRUARY 2009 - - The accompanying notes form part of these financial statements.

92 93 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) (e) receivables (a) Reporting Entity A receivable is recognised when it is probable that the future economic benefits associated with it will The Sydney Cricket & Sports Ground Trust Division (the Division) is a Division of the Government be realised and it has a value that can be measured reliably. It is derecognised when the contractual service, established pursuant to Part 2 of Schedule 1 to the Public Sector Employment and or other rights to future economic benefits from it expire or are transferred. Management Act 2002. It is a not-for-profit entity as profit is not its principal objective. It is consolidated as part of the. Sydney Cricket & Sports Ground Trust which is included in the Total State A receivable is measured initially at fair value and subsequently at amortised cost using the effective Sector. It is domiciled in Australia and its principal office is at Moore Park Road, Paddington, NSW interest rate method, less any allowance for impairment. A short-term receivable with no stated 2021. interest rate is measured at the original invoice amount where the effect of discounting is immaterial. An invoiced receivable is due for settlement within thirty days of invoicing. The Entity’s objective is to provide personnel services to the Sydney Cricket & Sports Ground Trust. If there is objective evidence at year-end that a receivable may not be collectable, its carrying amount is The Entity commenced operations on 17 March 2006 when it assumed responsibility for the reduced by means of an allowance for impairment and the resulting loss is recognised in the statement employees and employee-related liabilities of the Sydney Cricket & Sports Ground Trust. of comprehensive income. Receivables are monitored during the year and bad debts are written off against the allowance when they are determined to be irrecoverable. Any other loss or gain arising when a receivable is derecognised is also recognised in the statement of comprehensive income.

(b) Basis of Preparation (f) Payables The Division’s financial statements are general purpose financial statements prepared in accordance Payables include accrued wages, salaries, and related on costs (such as payroll tax, fringe benefits with the requirements of Australian Accounting Standards (including Australian Accounting tax and workers’ compensation insurance) where there is certainty as to the amount and timing of Interpretations), the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation settlement. 2005, and specific directions issued by the Treasurer. A payable is recognised when a present obligation arises under a contract or otherwise. Generally, the historical cost basis of accounting has been adopted and the financial statements It is derecognised when the obligation expires or is discharged, cancelled or substituted. does not take into account changing money values or current valuations. However, certain provisions are measured at fair value. A short-term payable with no stated interest rate is measured at historical cost if the effect of discounting is immaterial. The accrual basis of accounting has been adopted in the preparation of the financial statements, except for cash flow information. (g) Employee Benefit Provisions and Expenses

Management’s judgements, key assumptions and estimates are disclosed in the relevant notes to the Provision is made for annual leave and long service leave estimated to be payable to employees as at financial statements. 28 February 2010.

All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency. Liabilities for Salaries and Wages (including non-monetary benefits) and annual leave are recognised and measured in respect of employees’ services up to the reporting date at nominal amounts based on the amounts expected to be paid when the liabilities are settled. (c) Statement of Compliance The Division’s financial statements for the year ended 28 February 2010 has been authorised for issue Unused non-vesting sick leave does not give rise to a liability, as it is not considered probable that sick by the Audit Committee on 22 June 2010. leave taken in the future will be greater than the benefits accrued in the future. Benefits for Rostered Days Off (RDOs) have not been accrued, as the Trust policy is not to cash out these balances. Division’s financial statements comply with Australian Accounting Standards (which includes Australian Accounting Interpretations). Benefits for long service leave and annual leave have been provided on the basis of emerging entitlements for recognised service for long service leave, and quantum due at balance date for annual leave. (d) Revenue Recognition In accordance with the Australian Accounting Standard AASB 119 “Employee Benefits” liabilities Revenue is measured at the fair value of the consideration received or receivable. Revenue from the arising in respect of wages and salaries, annual leave and any other employee benefits expected to rendering of personnel services is recognised when the service is provided and only to the extent that be settled within twelve months of the reporting date are measured at their nominal amounts based the associated recoverable expenses are recognised. on remuneration rate which are expected to be paid when the liability is settled. All other employee benefit liabilities are measured at the present value of the estimated future cash outflows to be made in respect of services provided by employees up to the reporting date. In determining the present value of future cash outflows, the market yield on national government bonds, which have terms to maturity approximating the terms of the related liability are used. The provisions for leave entitlements also include the relevant on-costs. Superannuation - the Trust as an employer also contributes in respect of the compulsory basic benefit and superannuation guarantee levy to respective external superannuation funds as required by legislation.

Liabilities for superannuation are actuarially determined and contributions made to superannuation funds are charged against the provision.

94 95 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

(h) Adoption of New and Revised Accounting Standards (i) Change in Accounting Policy During the year, the Trust has adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory in accordance with the NSW Treasury Circular 09/03. The effect of the change in accounting policy of the annual financial statements for the year ended 28 February 2009 is as follows (no taxation effects from these changes): The adoption of these Standards has impacted the recognition, measurement and disclosure of certain transactions. The following is an explanation of the impact the adoption of these Standards and Interpretations has had on the financial statements of the Division. LINE ITEM NOTES PREVIOUSLY CHANGES IN RESTATED REPORTED ACCOUNTING COMPARATIVE AASB 101: Presentation of Financial Statements IN 2009 POLICY (i) REPORTED IN Statement of 2010 In September 2007, the Australian Accounting Standards Board revised AASB 101, and as a result Comprehensive Income $’000 $’000 $’000 there have been changes to the presentation and disclosure of certain information within the financial statements. Below is an overview of key changes and the impact on the Division’s financial statements. Revenue - - - Disclosure impact Personnel Services - - - Expenditure - - - Terminology changes – The revised version of AASB 101 contains a number of terminology changes, Employee Related including the amendment of the names of the primary financial statements. Expenditure Superannuation 1,503 (713) 790

Reporting changes in equity – The revised AASB 101 requires all changes in equity arising from transactions with owners in their capacity as owners to be presented separately from the non-owner changes in equity. SURPLUS/(DEFICIT) FOR THE YEAR - 713 713

Statement of comprehensive income - The revised AASB 101 requires all income and expenses to be presented in either one statement – the statement of comprehensive income, or two statements – a Other Comprehensive Income separate income statement and a statement of comprehensive income. The previous version of AASB 101 required only the presentation of a single income statement. Actuarial gains/(losses) on defined benefit pension plans - (713) (713) The Division’s financial statements now contain a single statement of comprehensive income. Other Comprehensive Income for the year - (713) (713) Other comprehensive income – The revised version of AASB 101 introduces the concept of ‘other - - comprehensive income’ which comprises of income and expense that are not recognised in profit Total Comprehensive Result for the year - or loss as required by other Australian Accounting Standards. Items of other comprehensive income are disclosed in the statement of comprehensive income. The previous version of AASB 101 did not contain an equivalent concept. 2. eMPLOYEE RELATED EXPENSES 2010 2009 $’000 $’000 Salaries & Wages 9,146 9,088 (i) Change in Accounting Policy Annual Leave/Long Service Leave 805 807 (i) Employer superannuation actuarial gains and losses. Payroll Tax 598 615 Workers Compensation Insurance 192 173 In accordance with NSW Treasury policy TC09-1 Accounting for Superannuation, the Division has Superannuation 832 790 changed its policy on the recognition of superannuation actuarial gains and losses for employees Other 129 195 assigned to the Division. Such actuarial gains and losses are now recognised outside of surplus/(deficit) 11,702 11,668 in the ‘other comprehensive income’. Previously, actuarial gains and losses were recognised through surplus/(deficit). Both options are permissible under AASB 119 Employee Benefits. The change in policy has been adopted on the basis that recognition outside surplus/(deficit) provides reliable and more relevant information as it better reflects the nature of actuarial gains and losses. This is because 3. reCEIVABLES actuarial gains/losses are re-measurements, based on assumptions that do not necessarily reflect the Current ultimate cost of providing superannuation. Recognition outside surplus/(deficit) also harmonises better with the Government Finance Statistics/GAAP comprehensive income presentation for the whole-of- Parent Entity – Sydney Cricket & Sports Ground Trust 2,601 2,812 Government and general government sector, required under AASB 1049 Whole of Government and 2,601 2,812 General Sector Financial Reporting. Non-current Superannuation Asset - - - -

96 97 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

4. paYABLES 2010 2009 Current $’000 $’000 Accrued salaries, wages & on-costs 655 709 5. proVISIONS Superannuation – Defined Benefits Plan (cont’d) SASS SANCS 5. proVISIONS Reconciliation of the present value of the 2010 2010 defined benefit obligation 2010: $’000 $’000 Current Annual Leave 988 1,050 Present value of partly funded defined benefit Long Service Leave 863 775 obligation at beginning of the year 1,955 238 Total Employee Related Provisions 1,851 1,825 Current service cost 73 13 Interest cost 86 10 Non-Current Contributions by fund participants 35 0 Superannuation Liability 95 278 Actuarial (gains)/losses (51) (15) Benefits paid (40) 1 95 278 Past service cost 0 0 Curtailments 0 0 Settlements 0 0 Superannuation – Defined Benefits Plan Business combinations 0 0 Exchange rate changes 0 0 The Division has a $95,000 ($278,000 in 2009) net liability for the employer’s obligation to defined Present value of partly funded defined benefit benefit superannuation schemes at the Trust. obligation at end of the year 2,057 247 The funding position at 28 February 2010 in respect of the two defined benefits schemes related to personnel services received, namely the State Authorities Superannuation Scheme (SASS) and the Reconciliation of the fair value of fund assets: State Authorities Non-Contributory Superannuation Scheme (SANCS) has been advised by Pillar Administration: Fair value of fund assets at beginning of the year 1,759 156 Expected return on fund assets 143 12 ESTIMATED RESERVE ACCRUED NET LIABILITY Actuarial gains/(losses) 130 13 ACCOUNTS FUNDS LIABILITY AT YEAR END Employer contributions 0 0 Contributions by fund participants 2010 2009 2010 2009 2010 2009 35 0 FUND $’000 $’000 $’000 $’000 $’000 $’000 Benefits paid (40) 1 Settlements 0 0 SASS 2,027 1,759 2,057 1,955 30 196 Business combinations 0 0 SANCS 182 156 247 238 65 82 Exchange rate changes 0 0 2,209 1,915 2,304 2,193 95 278 Fair value of fund assets at end of the year 2,027 182

Accounting policy for recognising actuarial gains/losses Reconciliation of the assets and liabilities recognised in the statement of financial position: In 2008–09, NSW Treasury mandated a change in policy for all NSW public sector agencies to Present value of partly funded defined benefit obligation recognise actuarial gains and losses immediately outside surplus and deficit in the year in which they at end of year 2,057 247 occur. Previously actuarial gains and losses were recognised in the surplus/deficit. This change in Fair value of fund assets at end of year (2,027) (182) policy must be applied retrospectively, as advised in NSW Treasury Circular NSWTC 09/01. Subtotal 30 65 Unrecognised past service cost 0 0 Unrecognised gain/(loss) 0 0 Fund information Adjustment for limitation on net asset 0 0 Net liability/(asset) recognised in the statement of The pooled fund holds in trust the investments of the closed NSW public sector superannuation financial position at end of year 30 65 schemes including: the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-contributory Superannuation Scheme (SANCS). These schemes are defined benefit schemes – at least a component of the final benefit is derived from a multiple of member salary and years of membership. The Schemes are closed to new members.

98 99 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

5. proVISIONS (cont’d)

Superannuation – Defined Benefits Plan (cont’d) 5. proVISIONS Superannuation – Defined Benefits Plan (cont’d) Actual return on fund assets: SASS SANCS Expense recognised in the statement of SASS SANCS 2010 2010 $’000 $’000 comprehensive income: 2010 2010 Components recognised in the statement of comprehensive income $’000 $’000 Actual return on fund assets 291 26 Current service cost 73 13 Interest cost 85 10 Expected return on fund assets (net of expenses) (143) (12) Valuation method and principal actuarial assumptions at the balance date: Actuarial losses/(gains) recognised in year 0 0 a) Valuation method Past service cost 0 0 The Projected Unit Credit (PUC) valuation method was used to determine the present value of the Movement in adjustment for limitation on net asset 0 0 defined benefit obligations and the related current service costs. This method sees each period of Curtailment or settlement (gain)/loss 0 0 service as giving rise to an additional unit of benefit entitlement and measures each unit separately Expense/(income) recognised 15 11 to build up the final obligation.

b) Economic assumptions Amounts recognised in the statement of 28 FEB 2010 comprehensive income (Other comprehensive income): Salary increase rate (excluding promotional increases) 3.5%pa Actuarial (gains)/losses (181) (28) Rate of CPI increase 2.5%pa Adjustment for limit on net asset 0 0 Expected rate of return on assets 8.30% Discount rate 5.50%pa

Cumulative amounts recognised in the statement of c) Demographic assumptions comprehensive income (Other comprehensive income): The demographic assumptions at 28 February 2010 are those that will be used in the 2009 triennial Cumulative amount of actuarial (gains)/losses 280 (10) actuarial valuation. Cumulative adjustment for limitation on net asset 0 0

Fund assets The percentage invested in each asset class at the statement of financial position date: 28 FEB 2010

Australian equities 33.1% Overseas equities 27.2% Australian fixed interest securities 5.9% Overseas fixed interest securities 4.1% Property 9.5% Cash 6.9% Other 13.4%

Fair value of fund assets All fund assets are invested by STC at arm’s length through independent fund managers.

Expected rate of return on assets The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of investment tax and investment fees.

100 101 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

5. proVISIONS (cont’d) 5. proVISIONS (cont’d)

Superannuation – Defined Benefits Plan (cont’d) Superannuation – Defined Benefits Plan (cont’d)

Historical information SASS SANCS Expected contributions: SASS SANCS 2010 2010 2010 2010 $’000 $’000 $’000 $’000 Present value of defined benefit obligation 2,057 247 Expected employer contributions to be Fair value of fund assets (2,027) (183) paid in the next accounting period 0 0 (Surplus)/deficit in fund 30 65 Experience adjustments – fund liabilities (51) (15) Experience adjustments – fund assets (130) (13) Funding arrangements for employer contributions:

(a) Surplus/deficit SASS SANCS The following is a summary of the 28 February 2010 financial position of the fund calculated in 2009 2009 accordance with AAS 25 ‘Financial reporting by superannuation plans’: $’000 $’000 SASS SANCS Present value of defined benefit obligation 1,955 238 Fair value of fund assets (1,759) (156) 2010 2010 (Surplus)/deficit in fund 196 82 $’000 $’000 Experience adjustments – fund liabilities 97 26 Accrued benefits 1,879 231 Experience adjustments – fund assets 542 48 Net market value of fund assets (2,027) (183) Net (surplus)/deficit (148) 48

SASS SANCS (b) Contribution recommendations 2008 2008 $’000 $’000 Recommended contribution rates for the entity are: SASS SANCS Present value of defined benefit obligation 1,781 211 Fair value of fund assets (2,234) (212) Multiple of member % member contributions salary (Surplus)/deficit in fund (453) (1) Experience adjustments – fund liabilities (43) (9) 0.00 0.00 Experience adjustments – fund assets 142 17 (c) Funding method

SASS SANCS Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury. 2007 2007 $’000 $’000 (d) Economic assumptions The economic assumptions adopted for the 2009 actuarial review of the fund are: Present value of defined benefit obligation 1,679 197 Fair value of fund assets (2,223) (214) (Surplus)/deficit in fund (544) (17) Weighted Average Assumptions Experience adjustments – fund liabilities (184) (19) Expected rate of return on fund assets backing current pension liabilities 8.3% pa Experience adjustments – fund assets 83 (7) Expected rate of return on fund assets backing other liabilities 7.3% pa Expected salary increase rate 4.0% pa Expected rate of CPI increase 2.5% pa SASS SANCS 2006 2006 Nature of asset/liability $’000 $’000

Present value of defined benefit obligation 2,145 269 If a surplus existed in the employer’s interest in the fund, the employer may be able to take Fair value of fund assets (2,583) (271) advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the fund’s actuary. (Surplus)/deficit in fund (438) (1) Where a deficiency exists, the employer is responsible for any difference between the employer’s Experience adjustments – fund liabilities 60 17 share of fund assets and the defined benefit obligation. Experience adjustments – fund assets (90) (23)

102 103 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

5. proVISIONS (cont’d) 5. proVISIONS (cont’d)

Superannuation – Defined Benefits Plan (cont’d) Superannuation – Defined Benefits Plan (cont’d)

Expense recognised in the statement of SASS SANCS SASS SANCS comprehensive income: 2009 2009 Reconciliation of the present value of the 2009 2009 $’000 $’000 defined benefit obligation 2009: Components recognised in the statement of comprehensive income $’000 $’000 Current service cost 65 12 Present value of partly funded defined benefit obligation at Interest cost 110 13 beginning of the year 1,781 211 Expected return on fund assets (net of expenses) (168) (16) Current service cost 65 12 Past service cost 0 0 Interest cost 110 13 Movement in adjustment for limitation on net asset 0 0 Contributions by fund participants 36 0 Curtailment or settlement (gain)/loss 0 0 Actuarial (gains)/losses 97 26 Expense/(income) recognised 7 9 Benefits paid (134) (24) Past service cost 0 0 Curtailments 0 0 Settlements 0 0 Business combinations 0 0 Amounts recognised in the statement of comprehensive income (Other comprehensive income): Exchange rate changes 0 0 Present value of partly funded defined benefit Actuarial (gains)/losses 639 74 obligation at end of the year 1,955 238 Adjustment for limit on net asset 0 0

Reconciliation of the fair value of fund assets:

Fair value of fund assets at beginning of the year 2,234 212 Cumulative amount recognised in the statement of comprehensive income (Other comprehensive income): Expected return on fund assets 168 16 Actuarial gains/(losses) (542) (48) Cumulative amount of actuarial (gains)/losses 461 18 Employer contributions (3) 0 Cumulative adjustment for limitation on net asset 0 0 Contributions by fund participants 36 0 Benefits paid (134) (24) Settlements 0 0 Business combinations 0 0 Fund assets Exchange rate changes 0 0 The percentage invested in each asset class at the Fair value of fund assets at end of the year 1,759 156 statement of financial position date: 28 FEB 2009 Australian equities 28.9% Reconciliation of the assets and liabilities Overseas equities 26.0% recognised in the statement of financial position: Australian fixed interest securities 6.9% Overseas fixed interest securities 4.9% Present value of partly funded defined benefit obligation Property 10.6% at end of year 1,955 238 Cash 8.1% Fair value of fund assets at end of year (1,759) (156) Other 14.6% Subtotal 196 82 Unrecognised past service cost 0 0 Unrecognised gain/(loss) 0 0 Fair value of fund assets Adjustment for limitation on net asset 0 0 All fund assets are invested by STC at arm’s length through independent fund managers. Net liability/(asset) recognised in statement of financial position at end of year 196 82

Expected rate of return on assets The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of investment tax and investment fees.

104 105 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION NOTES TO THE FINANCIAl statements NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010

5. proVISIONS (cont’d) 5. PROVISIONS (cont’d) Superannuation – Defined Benefits Plan (cont’d) (b) Contribution recommendations Actual return on fund assets: SASS SANCS Recommended contribution rates for the entity are: 2009 2009 SASS SANCS $’000 $’000 Multiple of member % member Actual return on fund assets (374) (32) contributions salary 0.00 0.00

Valuation method and principal actuarial assumptions at the balance date: (c) Funding method a) Valuation method The method used to determine the employer contribution recommendations at the last actuarial review The Projected Unit Credit (PUC) valuation method was used to determine the present value of the was the aggregate funding method. The method adopted affects the timing of the cost to the employer. defined benefit obligations and the related current service costs. This method sees each period of Under the aggregate funding method, the employer contribution rate is determined so that sufficient service as giving rise to an additional unit of benefit entitlement and measures each unit separately assets will be available to meet benefit payments to existing members, taking into account the current to build up the final obligation. value of assets and future contributions.

b) Economic assumptions: (d) Economic assumptions 28 FEB 2009 The economic assumptions adopted for the last actuarial review of the fund were: Salary increase rate (excluding promotional increases) 3.5%pa Rate of CPI increase 2.5%pa Weighted Average Assumptions Expected rate of return on assets backing current pension liabilities 8.3% Expected rate of return on fund assets backing current pension liabilities 7.7% pa Expected rate of return on assets backing other liabilities 7.3% Expected rate of return on fund assets backing other liabilities 7.0% pa Discount rate 4.45%pa Expected salary increase rate 4.0% pa Expected rate of CPI increase 2.5% pa Expected contributions: SASS SANCS 2009 2009 Nature of asset/liability $’000 $’000 If a surplus exists in the employer’s interest in the fund, the employer may be able to take advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the Expected employer contributions 0 0 fund’s actuary. Where a deficiency exists, the employer is responsible for any difference between the employer’s share of fund assets and the defined benefit obligation.

Funding arrangements for employer contributions: 6. EMPLOYEE BENEFITS

(a) Surplus/deficit Liability The following is a summary of the 28 February 2009 financial position of the fund calculated in The aggregate employee benefit liability recognised and included in the financial statements accordance with AAS 25 Financial reporting by superannuation plans: is as follows:

Accrued salaries, wages & on costs 655 709 Accrued benefits 1,668 202 Net market value of fund assets (1,759) (156) Net (surplus)/deficit (91) 46 Provision for employee benefits: Current (note 5) 1,851 1,825 Non-Current (note 5) 95 278 1,946 2,103

Total employee benefits liability - 2,812

7. aDDITIONAL FINANCIAL INSTRUMENT DISCLOSURES The Division’s principal financial instruments comprise receivables and payables. The CEO of the Sydney Cricket & Sports Ground Trust has responsibility for the establishment and oversight of risk management. Compliance with risk management policies are reviewed by the Internal Auditors continuously.

106 107 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformation memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless

SYDNEY CRICKET & SPORTS GROUND TRUST SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION INITIAL BUDGET OF REVENUE AND EXPENDITURE NOTES TO THE FINANCIAl statements FOR THE YEAR ENDED 28 FEBRUARY 2010 FOR THE YEAR ENDED 28 FEBRUARY 2010 & OUTLINE OF BUDGET FOR THE YEAR ENDING 28 FEBRUARY, 2011

7. aDDITIONAL FINANCIAL INSTRUMENT DISCLOSURES (cont’d) Budget Actual Budget 2009/10 2009/10 2010/11 Net Fair Values REVENUE $’000 $’000 $’000 Financial Instruments are carried at amortised cost. The resultant values are reported in the Statement of Financial Position and are deemed to constitute net fair values due to their short term Membership 16,525 15,795 17,497 nature. The Division does not enter into or trade financial instruments, including derivative financial Hire Fees 20,519 17,885 7,795 instruments, for speculative purposes. Catering 12,979 12,269 13,832 Advertising and Sponsorship 7,382 8,311 7,836 Corporate Seating Sales 6,698 10,627 Financial Instrument Categories 10,629 Other Revenue 8,146 9,994 7,337 Class Note Category Carrying Carrying Amount 2010 Amount 2009 Financial Assets Total Revenue 76,181 70,952 64,925 Receivables 3 Loans and receivables (measured at amortised cost) 2,601 2,812 EXPENDITURE $’000 $’000 $’000 Financial Liabilities Operating Costs 46,566 Payables 4 Financial Liabilities 40,661 35,267 Employee Related Expense 14,096 (measured at amortised cost) 655 709 13,001 13,855 Depreciation 9,843 9,856 10,024 Finance Costs 3,651 4,040 3,546 Credit Risk

Credit risk arises when there is the possibility of the Division’s debtors defaulting on their contractual Total Expenditure 74,156 67,558 62,692 obligations. The maximum exposure to credit risk is represented by the carrying amounts of the financial assets. All receivables are from the parent Sydney Cricket & Sports Ground Trust, comprising salaries and Loss/(Gain) on Disposal of Assets (50) (2) 50 entitlements of employee services provided. There are no financial assets that are past due or impaired. No collateral is held by the Division and it has not granted any financial guarantees. SURPLUS FOR THE YEAR 2,074 3,396 2,183 Liquidity Risk Liquidity risk is the risk that the Division will be able to meet its payment obligations when they fall due. The financial liabilities ecognisedr are for amounts due to be paid in the future for employee services received. Amounts owing to employees are settled as they fall due. The Division is not exposed to interest rate risk and amounts are expected to be settled within 12 months. During the current and previous year there were no defaults or breaches on any amounts payable. No assets have been pledged as collateral. Market Risk Market risk is the risk that the fair value of the financial instrument will fluctuate because of a change in market prices. The Division does not have exposure to market risk as all financial instruments relate to employee payments made by the Trust. The Division has no exposure to foreign currency or interest rate risk and does not enter into commodity contracts.

8. NEW AUSTRALIAN ACCOUNTING STANDARDS ISSUED BUT NOT EFFECTIVE

At reporting date a number of accounting standards have been issued by the AASB but are not yet effective. At present New South Wales Treasury is mandating not to early adopt any of the new Standards/ Interpretations as per Treasury Circular TC 09/03. As such, these new Standards/ Interpretations have not been early adopted by the Division.

It is considered that the implementation of these Standards will not have any material impact on the Division’s financial results.

9. POST BALANCE DATE EVENTS

No post balance date events have occurred which would materially affect the financial statements.

END OF AUDITED FINANCIAL STATEMENTS

108 109 where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish our heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional in everything we do integrity very proud to help continue the tradition your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transforma

In accordance with the NSW Public Sector Political Participation Acceptance of Gifts or Benefits Code of Conduct, the Trust has formalised a Staff members need to ensure that their No staff member is permitted to accept a gift suitable Code of Conduct for its employees at participation in political matters does not bring or benefit, which could be construed as an the Sydney Cricket & Sports Ground Trust and them into conflict with their duties with the inducement to deviate from the proper course its contracted activities. The Code of Conduct Trust or the government of the day. In the work of duty. Token gifts may only be accepted in sets standards of behaviour expected of Trust place, they should maintain political neutrality in circumstances approved by the Chief Executive code staff and is a guide to dealing with ethical issues. carrying out their duties. Officer where there is no possibility of the recipient The Code of Conduct requires staff to act with staff member being compromised, and all gifts must be recorded in the Trust’s gift register. of conduct integrity, honesty, loyalty to the public interest, Corrupt Conduct fairness, conscientiousness and compassion. Staff must immediately report to their Supervisor Staff members have been advised that they any corrupt practice, theft or unethical act Fairness and Equity should be familiar with their responsibilities in observed in the workplace. In dealing with issues, the Trust and its staff their employed positions and that a breach of are obligated to treat each matter promptly, standards and obligations may involve discipline, Any perceived security or safety issue that puts consistently and fairly, in accordance with dismissal or criminal conviction. the staff member, the Trust or others at risk must approved procedures and without discrimination be reported. Principles on any grounds. The public has the right to expect to be treated Confidentiality of reasonably and equitably by the Trust or its Public Comment and the Personal Information staff. The government expects Trust staff to Use of Official Information implement government and Trust policies Staff members are entitled to confidentiality Staff as members of the community, have the effectively and efficiently. Staff members have and privacy with respect to their personal right to make public comment either verbally the normal rights of employees under common information. They have a duty to maintain the or in writing, on political or social issues. law and within relevant legislation. confidentiality, integrity and security of any such However, there are some situations where information to which they have access in the these comments may be inappropriate. Such a normal course of their duties. Personal and Professional Behaviour situation would be where a comment could be

In performing their duties, staff should act construed in some way as an official comment professionally and conscientiously, and: Disclosure of Information made on behalf of the Trust or government, or, The Trust is entitled to the protection and where the comment may be sufficiently strong • Provide all necessary assistance and deal integrity of the information it holds. Staff as to be perceived as criticism of the Trust or of courteously with Members, the general members are only permitted to release government policies. public and corporate clients information when authorised to do so in the • Keep abreast of developments in areas Staff members are asked, therefore, to refrain course of their duties. Staff members are not of their expertise by reviewing circulated from making public comments that disclose to release information in a manner which is information and through ongoing training information not normally provided to the general misleading or which may be misused. To protect • Comply with government policy, legislative, public. Comments made should be confined to the integrity of official Trust information, any industrial or administrative requirements factual information and should not express an Trust information released by staff will not have • Ensure they do not harass or discriminate opinion about Trust policy or practice. attached to it any expression of opinion on in their work practices and in the course official Trust policy or practice. of dealing with fellow staff or members of Use of Trust Facilities and Equipment the public When using Trust resources, staff should • Report any unethical behaviour or Protected Disclosures do so with efficiency and economy. Staff or wrongdoing to a supervisor. The Protected Disclosures Act of 1994 provides others should not abuse trust property and for avenues by which staff can make protected services. Only when official permission has been disclosures. To be protected by the Act, a Conflicts of Interest obtained, may staff use the Trust’s equipment or disclosure must be made to an investigating facilities for non-business purposes. Staff members are to avoid any financial or authority, the Chief Executive Officer or the other undertaking that might directly or indirectly General Manager of Corporate Services in compromise the performance of their duties. accordance with the internal reporting system Each staff member has a responsibility to notify established under Internal Reporting Policy, a senior officer if a potential or actual conflict of Protected Disclosures Act 1994. interest arises.

110 111 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

Dress Standard/ Uniforms Acceptable Use of the Personal Details Where the Trust policy encourages the wearing Internet and Electronic Mail COMPLAINTS Home addresses, email addresses, telephone of a type of dress, uniform, protective clothing In the performance of their duties, staff will utilise numbers, fax numbers and other details submitted or identification for reasons of public image or the computer equipped workstations and the to the Trust are treated with the utmost privacy. safety requirements, staff members are required related services accessible to them, including HANDLING/ The Trust will not make any information available to meet the appropriate dress standard. All staff, the Internet and electronic mail. The acceptable to any external party without the consent of the on commencing employment, sign a receipt for use of these services is addressed in a separate person/s concerned unless: item/s of uniform and property. Upon ceasing standard, Standards for Acceptable Use of the PRIVACY POLICY • Required by law employment with the Trust, the employee is Internet and Electronic Mail. • We believe it necessary to provide the required to return all item/s of uniform and Complaints Handling person/s with a service requested property in accordance with the receipt. All permanent and casual staff of the Trust are Use of Trust Records • To implement our terms of use encouraged to handle complaints received over Staff members are required to comply with the • To protect the rights or property of the Trust, the telephone or in person by following the five Video Surveillance Trust policy on record management, which has any Trust user or any member of the public key steps as listed: Upon entering the Sydney Cricket Ground and been established to meet the requirements and • To lessen a serious threat to a person’s health Sydney Football Stadium premises, all Trust staff regulations of the NSW State Records Act 1998. • Listen and be open-minded: staff are or safety. movements are subject to monitoring by closed advised to demonstrate that the complaint The Trust will comply with any request from is being taken seriously circuit television. This is in accordance with the Guarantee of Service individuals to remove information about them, • Respond with concern: staff should show procedures and risk management strategies Trust management and staff are committed to unless the information is required for fulfilling an empathy and demonstrate understanding operating within the workplace. providing a high standard of service: existing service obligation to them. Our privacy of the complaint officer can be contacted by email at privacy@scgt. • Staff undertake training programs to • Determine an action based on authority: Outside Employment nsw.gov.au or by telephone on (02) 9360 6601. enhance skills in dealing with patrons. staff should refer to established policy Approval by the appropriate General Manager • Response to all correspondence must and procedures to determine an Website Usage Information is required before staff may engage in any form be within 10 days of receipt of the appropriate course of action and/or seek When accessing Trust websites, our Internet of paid employment outside of their official initial enquiry. the assistance of more senior personnel, service provider (ISP) logs the following duties. In all cases when external employment • Trust By-Laws must be applied consistently should additional confirmation be required information for standard statistical analysis: is considered, staff are required to give the Trust in operation of membership provisions and • Take action promptly: staff are to seek primary consideration. in terms of behaviour by all patrons. assistance if they are too busy. They • Server address of the ISP • Staff must introduce themselves by name should take responsibility to immediately • Date and time of the visit to all incoming telephone callers. Sexual Harassment Policy/Equal address the complaint and set in motion • Pages accessed • All staff employed on match days and Employment Opportunity the determined action • Type of browser being used non-match days must wear name tags on • Follow-up: staff should ascertain whether • Statistics package provided by our ISP which In accordance with its Sexual Harassment their uniforms. the complainant is satisfied that the action collates the data into graphs and other Policy, the Trust will not tolerate sexual • All staff must provide courteous, helpful taken was prompt and fairly determined usable information for understanding the harassment of any kind, and is committed and friendly service. within policy guidelines, should be subject pattern of visitors to the website. to equal opportunity and the assurance that to review by a more senior officer. employment policies and practices are based The statistics package does not identify any on the principle of merit. Staff are advised to express regret to the individual user during this process. complainant:

Occupational Health and Safety • Where the Trust has been unable to fulfil a Cookies The Trust will provide healthy and safe commitment made to the customer The Trust websites use cookies. Cookies are small workplaces. It will take all practicable actions to • Where the customer claims the text files that are automatically placed on a user’s identify, evaluate and control those factors in the organisation has made a mistake computer. Cookies themselves do not personally workplace that cause, or have the potential to • If the customer has made an evidently identify users, although they do contain a unique cause, injury or ill health. justifiable complaint identifier which allows the website to customise • Where the customer has been the recipient content based on a user’s previous selections, of obviously poor service. type of browser or type of computer. Misconduct Policy

Failure to abide by the Trust’s code of conduct Privacy Policy E-Commerce Transactions will result in disciplinary action ranging from The Trust understands that privacy is very Users should be aware that there are inherent a warning (verbal or written) to termination, important and that all Trust user groups (staff, depending on the nature of the offence. This risks in transmitting information across the Members, sports partners, media, etc.) have the issue is addressed separately in the Trust’s Internet. Information submitted when engaging right to control their personal information. The Misconduct Policy. in an online transaction with the Trust is passed Trust undertakes to act with integrity at all times through a registered secure server. The registered when dealing with information entrusted to secure server used by the Trust makes use of all its organisation. available protective processes for the security of e-commerce information.

112 113 where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

In NSW, the Freedom of Information Act 1989 provides the right to: • Access information held as records by State freedom Government Agencies, a Government INDEX Minister, local government and other of information public bodies; Advertising and Sponsorship Sales 22 • Request amendments to records of a Attendances 16 personal nature that are inaccurate; and Audited Financial Statement and Notes 50 • Appeal against a decision not to grant Budgets 109 access to information or to amend Business Development 21 personal records. Capital Works Program 18 There have been two requests for information Catering 28 under Freedom of Information provisions during Chairman’s Report 3 the year to 28 February 2010. Code of Conduct 110 Commercial and Operations 14 In accordance with the Freedom of Information Complaints Handling/Privacy Policy 113 Act 1989, members of the public may seek Conservation Management Plan 18 information or enquire in person, by mail or by Consultants 30 telephone, as follows: Corporate Services 25 Debt Management Performance 30 Depreciation 29 Location: Postal address: Equal Employment Opportunity 35 Trust Office GPO Box 150 Event Operating Costs 29 Level 2 Sydney NSW 2001 Freedom of Information 114 Sheridan Building Human Resources 33 Moore Park Road Telephone: Information Technology 36 Moore Park NSW 2021 Insurance 30 (02) 9360 6601 Investment Management Performance 29 Hours of Access: Managing the Assets 17 Facsimile: 9.00am to 5.00pm Managing the Events 6 Monday to Friday (02) 9360 1319 Medical Incident Summary 2009/10 15 Minister’s Foreword 2 Occupational Health and Safety 20 Official Overseas Travel 34 Fees and charges are as follows: Operating Income & Expenditure 26 Nature of Application Application Fee Processing Charge Organisational Chart 38 Playing Surface Maintenance 19 Access to records by persons $30/hour after SCG Museum 19 about their personal affairs $30 first 20 hours* Security and Access 14 All other requests $30* $30/hour Service Providers 14 Internal review $40** NIL Stadium Fitness Centre 24 Amendment of records NIL*** NIL Statement by Members of the Trust 49 * Subject to 50% reduction for financial hardship and public interest reasons. Statutory Audit Report 48 ** No application fees may be charged for internal reviews in relation to amendment of records. Time for Payment of Accounts 31 ***Refunds may apply as a result of successful internal reviews and applications for amendment of records. Total Asset Management Plan 18 Traffic, Transport, and Access 14 Trustees 39 Trust Charter and Constitution 44 Trust Meetings 45

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where tradition meets entertainment inspiring commitment proud invincible spirit cherish our heritage immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination transformawtion memorable moments united purpose prestige history lives on professional integrity very proud your home ground membership spectacle celebration glory timeless where tradition meets entertainment devotion inspiring commitment to the past very proud to help the tradition invincible spirit cherish out heritage blood sweat tears immortal camaraderie fun community tradition energetic experience sporting hub of sydney loyalty domination trans- forma

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