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

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