2011/12

Annual

Report

Sydney Cricket & Sports Ground Trust

For the Financial Year of 1 March 2011 – 29 February 2012

3 1

Contents

3 Minister’s Foreword

4 Chairman’s Report

6 Our Vision & Goals

8 Key Outcomes & Progress Achieved During 2011/12

12 Managing the Events

20 Managing the Assets

24 Major Projects

28 Commercial

29 Membership & Marketing

36 Corporate Services

44 Human Resources

50 Multicultural Plan

51 Disability Plan

53 Organisational Chart

54 CEO & General Manager Profi les

56 Trustees

60 Trust Charter & Constitution

62 Financial Indicators

64 Independent Auditor’s Report

65 Statement by Members of the Trust

66 Audited Financial Statements

124 Consumer Response

126 Right to Information

127 Index

Contact Information

General enquiries:

(02) 9360 6601

Trust Offi ce (open business hours Monday to Friday):

Administration Offi ce

Level 2, Sheridan Building

Moore Park Road

Moore Park NSW 2021

Postal Address:

GPO Box 150

Sydney NSW 2001

This annual report is available on the Trust website:

www.scgt.nsw.gov.au

www.sydneycricketground.com.au

2 3

Level 2, Sheridan Building Moore Park Road Moore Park NSW 2021

GPO Box 150 Sydney NSW 2001

T 02 9360 6601 F 02 9360 1319 www.scgt.nsw.gov.au

June 2012

The Hon Graham Annesley MP Minister for Sport & Recreation Level 33 Governor Macquarie Tower 1 Farrer Place SYDNEY 2000

Dear Minister

LETTER OF SUBMISSION 2011/12 Annual Report Sydney Cricket & Sports Ground Trust

The Trust is pleased to submit the Annual Report of the Sydney Cricket and Sports Ground Trust for the year ended 29 February 2012, for presentation to Parliament.

The Trust’s Annual Report has been prepared in accordance with requirements of the Annual Reports (Statutory Bodies) Act 1984, the Annual Reports (Statutory Bodies) Regulation 2010 and the Public Finance and Audit Act 1983.

Yours sincerely

JAMIE BARKLEY Chief Executive Officer

Minister’s Foreword

The Hon Graham Annesley MP

Minister for Sport and Recreation

I am very pleased to provide the foreword for the

annual report, particularly as this year the Sydney

Cricket & Sports Ground Trust has achieved another

historic milestone.

On the fi eld, we were reminded the Sydney Cricket

Ground is one of the world’s most iconic sports

venues when it became only the third cricket ground

internationally to host 100 Test matches.

Many of the game’s living greats were present to enjoy

and refl ect on what makes the venue so unique for

players and spectators.

The NSW Government has acknowledged the

importance of the SCG to the state and in January

announced it would join with the Trust and the Federal

Government to fund the much needed redevelopment

of the Noble, Bradman, and Messenger grandstands.

This decision is well deserved recognition of the

contribution the SCG makes to our history, the wider

sports and tourism industries, as well as the social

and economic development of our state.

Commencement of this exciting state-of-the-art

project marks a new era of world-class facilities for

cricket and AFL fans while preserving the SCG’s

unique and historic character.

At the Sydney Football Stadium (now Allianz Stadium)

a new partnership with Allianz will contribute

signifi cantly to the Trust’s plans to update facilities for

rugby league, union, football and concert fans.

During the year we also witnessed the birth of Rugby

League Central on Trust land, which brings together

under one roof all bodies responsible for the game’s

management from grass roots to the elite professional

level.

The Trust successfully added new events to its

calendar, including securing the return of Wallabies

Tests, major concerts such as the Foo Fighters

and Eminem, while maintaining partnerships with

the sports that call the venue home - the Sydney

Roosters, Wests Tigers, Sydney Swans, NSW

Waratahs, Sydney FC, Sydney Sixers and NSW Blues.

I congratulate the Trust for its support of several

community and charity events including the Jane

McGrath Day during the Sydney Test match, the SCG

Country Cup, the Marathon Cricket event hosted in

association with the Primary Club and the traditional

ANZAC Day NRL match at Allianz Stadium.

Overall it has been another successful year, and

on behalf of the State Government and the people

of NSW I congratulate everyone at the Trust for

their diligence and professionalism in ensuring one

of Australia’s greatest sporting and entertainment

precincts continues to be a show piece of excellence.

The Hon Graham Annesley MP

Minister for Sport and Recreation

This decision is well deserved

recognition of the contribution

the SCG makes to our history,

the wider sports and tourism

industries, as well as the social

and economic development of

our state.

“

”

Letter of Submission

4 5

Rodney Cavalier AO

Chairman

Chairman’s Report

The Trust exists to serve the glory of sport. For

150 years, from the creation of a cricket ground by

the North Devonshire Regiment on military land to

the south of Victoria Barracks through more than

a century of responsibility by a statutory trust, the

grounds relied upon the revenues generated by

their own activities to meet ongoing costs. Capital

expenditure relied on accumulated savings and

borrowings on which interest and repayment were met

out of revenues generated.

In 2000, the NSW Government generously advanced

$2 million to assist in the total reconstruction of the

playing surface of the Sydney Cricket Ground. The

grant was in recognition of the central role the SCG

had played in the celebration of the inauguration of the

Commonwealth 100 years earlier. By 2000, outlays

by state governments to assist sports grounds, stadia

and other sports facilities had grown from next to

nothing to multiple billions of Australian dollars. None

of that money included the SCG and the football

stadium. The spending by state governments on

sports facilities has grown exponentially since.

The major sports grounds in or near to the central

business districts, the places beloved by sports fans,

were redeveloped by those tax dollars. The strategy

was not complex: build facilities for sports that people

will pay good money to watch in those places where,

for generations, crowds have been going. The AFL

in Victoria reversed a serious error when it suffered

hubris and attempted to leave the MCG. The AFL in

South Australia, very much supported by the AFL

Commission and the South Australian Government,

reversed the errors of an earlier generation so as to

move Australian Rules football back to its home at

Adelaide Oval.

The NSW Government cannot be criticised for the

funds it provided for sports facilities. The profound

sadness was that, in spending more than any other

state on a single event that hosts sports otherwise

without a popular following, NSW had facilities in

the wrong part of its capital city. In all the rest of the

world, the trend to the business districts is inexorable.

The other mainland Australian states followed that

trend. The consequence is that, in 2012, NSW is the

sick man of Australian sport. That assessment is not

open to objective dispute.

The other states invested billions in their traditional

grounds, sometimes spending to achieve a total

reconstruction. Melbourne has sports precincts

serviced by multiple modes of public transport

that are among the fi nest in the world. The NSW

Government, with Commonwealth assistance,

did provide the funding that made possible the

construction in 2008 of the Victor Trumper Stand. The

proportion of costs paid by the SCG Trust was higher

than either government.

The SCG Trust built the SCG and football stadium to

an asset value of more than $600 million. Government

contributions until this year were $52 million.

Having completed the Victor Trumper Stand in 2008,

the Trust then directed its attention to the three stands

opposite.

The NSW Government, assisted by the

Commonwealth, has provided the funding that has

enabled the Trust to fund the demolition of three

stands and the construction in their place of a single

integrated stand. That new stand will be a marvel on

completion. Again the Trust voted for a signifi cant

contribution of its own resources in order to make the

project possible.

Both SCG projects had many false starts. Both were

occasions for expressions of despair, a sense of

wonder that the obvious was lacking funding support.

The capital investment to transform the SCG, without

infringing its character, was penny-halfpennies

compared to the billions interstate. The need was

so obvious in the context of money being frittered at

That new stand will be a marvel

on completion. Again the

Trust voted for a significant

contribution of its own

resources in order to make

the project possible.

“

”

regional and suburban venues that stating the case

was stating the obvious. Capital invested at the SCG

and the football stadium makes a return from the fi rst

day of operations suffi cient to meet maintenance and

depreciation and then some. Any other location in

NSW, capital investment requires subsidies unending

from government, municipalities, codes or banks. No

other venue in NSW operates at a surplus and none

ever will. The viability of these grounds became an

excuse not to meet an obligation in advancing their

potential. It was as if the glory of these venues was

reason in itself to leave the venues to the capable

people responsible for their care, control and

management.

The moment that these two projects became possible

both occurred at an AFL grand fi nal in Melbourne. In

2006 the Federal Minister for Sport, Rod Kemp, asked

Trust CEO Jamie Barkley and myself: “Why don’t

you blokes ever ask for money? Are you afraid you’ll

get it?” We did ask and we did get it. The Trust had

cause to pay tribute to Senator Kemp and the Howard

Government, to Morris Iemma and his government.

Meandering in circles seemed to have become the

fate of the project to replace the Bradman and the

Noble stands. NSW Treasury had been opposed to

an investment in these facilities. At the AFL grand

fi nal in 2011, Graham Annesley, the NSW Minister

for Sport, a minister who enjoys an instinctive

understanding of sport, sensed something more than

cynicism in my words of doubt. “Don’t give up now,”

he said, “not when you’re so close”. Nearby was the

Federal Minister for Sport, Mark Arbib, another who

understood the dimensions of what was required.

There is a world of difference in a political equation

in which you have to make a case and an equation in

which those who make decisions know the case as

well as you and work with you to make the outcome

come to pass. Also present in that room were the

Prime Minister and the Premier of NSW. We departed

Melbourne with an understanding in common that

events had to move quickly, approvals for capital

spending had to happen regardless of a budget

context.

The two ministers for sport acted within the following

week. Mr Annesley drafted a letter of the instant

and hand-delivered it to the Premier. Understanding

that any delay was a fi nal delay, all approvals had to

happen within weeks or the construction would miss

a completion prior to the Ashes series of 2013-14, the

merits of the projects overcome the entrenched and

predictable opposition.

Unlike any other foreword I have composed in these

years that I have had the honour of being Chairman,

these words are devoted solely to an expression of

thanks to the leaderships of two governments who

collaborated to make good. My thanks to those

named and my thanks to the splendid people behind

them who kept moving the paper amid obstacles and

attempted delays until all approvals were in place.

What will come out of the ground on the northern end

of the Sydney Cricket Ground will be for the glory of

sport.

Rodney Cavalier AO

Chairman

6 7

Values

Our goals and the strategies for achieving them are based on a foundation of fi ve core values that defi ne us as an

organisation. They underpin our key decisions, actions and response to challenges and new opportunities.

Goals

HERITAGE

We honour our past as proud custodians of our

history and traditions.

INTEGRITY

We operate as an ethical organisation with a clear

set of values practised by all employees.

HERITAGE

Being an effective custodian of the heritage and

traditions of our grounds and the sports they

support.

FACILITIES

Developing and presenting our venues and facilities

to the highest standard of safety and comfort.

RELATIONSHIPS

We promote positive relationships built on

honesty, consultation and service.

PASSION

We are passionate about the sports and events we

host, and about innovation in all that we do.

SERVICE

Ensuring our Member, partner, staff and customer

experience is valued and recognised as best

practice.

DIVERSITY

We embrace diversity, value differences

and respect our communities.

COMMERCIAL

Ensuring the continued commercial viability

of the Trust.

Our Vision & Goals

Vision

To celebrate sport, create

history, enhance entertainment

and share the experience.

Who we are

The Sydney Cricket and Sports Ground Trust is

responsible for managing two of Australia’s special

sports venues – the Sydney Cricket Ground and

Allianz Stadium.

Together these two grounds form a central sports

precinct of international standing that includes a

sports museum, fi tness centre, club facilities and the

headquarters of several major sporting clubs and

codes including rugby league, rugby, football, cricket

and AFL.

We host nearly 100 sports and concert events and

attract approximately 1.5 million visitors each year.

8 9

Key Outcomes & Progress Achieved During 2011/12

Heritage Goal:

Being an effective custodian of the heritage and

traditions of our grounds and the sports they support.

Five-Year Strategy Outlined in Trust Corporate

Plan:

• Be an effective custodian of our heritage and

traditions

• Implement museum and archive plans

• Investigate opportunities for developing targeted

publications for all stakeholders

Key Achievements in the Past Year

• Celebrating 100 SCG Tests exhibition in the SCG

Museum, featuring an expansion of the ‘Memories

Project’

• Hosted the opening night function and Cricket Art

Prize exhibition in the Members Pavilion in October

• Produced a calendar with the Trust selection from

the Cricket Art Prize exhibition

• Developed tour and activity packages in

conjunction with sports partners

• Offered public, corporate and group venue tours

tailored to suit market segments

• Feasibility study underway to upgrade the

Members Pavilion change rooms

• Work underway on developing a Conservation

Management Plan that identifi es and assesses the

signifi cance of all Trust heritage assets

• Plans completed to retain the Noble Stand clock

tower as part of the SCG Stage 2 redevelopment

Facilities Goal:

Developing and presenting our venues and facilities to

the highest standard.

Five-Year Strategy:

• Strategically invest in grounds and facilities

through the annual capital works program and the

Trust Master Plan

• Increase cooperation and collaboration between

the Trust, sports partners and key stakeholders

Key Achievements in the Past Year

• Secured internal and external funding for Stage 2

SCG redevelopment. Approval gained for planning

modifi cations, and construction contracts at

tender.

• Rugby League Central building completed and

operational

• Developed and executed market research on

Member perceptions of their event experience.

Findings assessed and appropriate action taken.

• Work underway on Allianz Stadium level 3

eastside redevelopment

• SCG O’Reilly Stand tunnel redevelopment in

design

• New Capital Works Program developed and

approved by Trust

• Playing fi elds maintained to premium condition for

scheduled events

• Implemented annual turf management plans for

both grounds

• New composting unit operational which will

convert most food waste from the site to garden

compost, reducing our landfi ll and environmental

emissions by 40%

• Relocated telecommunications hub from Bradman

and Noble stands to Trumper Stand

• Total Asset Management Plan reviewed, updated

and submitted to the Grounds and Event Services

Committee

• Corporate hospitality facilities audit undertaken to

assist with capital works planning

• Cosmetic improvements undertaken to corporate

hospitality common areas and a new, modern

style developed for suites

• Continue to meet standards required by liquor

licensing authorities and ensured compliance with

licence obligations

• Wi-Fi upgrade to increase coverage for the media

and sports partners

• Expanded the Trust’s use of web and social

media in line with the new marketing and

communications plan

• Incorporated initiatives to make greater use of

Smart Technologies to enhance fan experience

into the Trust Master Plan

Service Goal:

Ensuring our Member, partner, staff and customer

experience is valued and recognised as best practice.

Five-Year Strategy:

• Strengthen ability to identify, understand and

respond to Member, staff, partner and customer

needs

• Continually review and enhance the value of

products and services

• Ensure satisfaction with the quality of

maintenance, facilities, programs and services

Key Achievements in the Past Year

• Implemented marketing strategies with sports and

entertainment partners to maximise attendances

at home games and events

• Developed a Trust Multicultural Plan

• Developed a Trust Disability Action Plan

• Contributed to the government’s working

group for developing light rail and infrastructure

improvements in Moore Park

• Ensured detailed traffi c management plans were in

place for all events at our grounds

• Promoted the Trust’s brand through digital and

print advertising and promotion of milestones and

landmark events

• Developed a media strategy to support media

operations and activities on event and non-event

days, and investigate how media operations can

maximise value to Trust objectives

• Gathered media input into AFL SCG media centre

upgrade

• Gathered media input into SCG Stage 2 media

centre development

• Conducted six-monthly and annual performance

reviews for all staff, including identifying and

implementing development needs to ensure staff

have the information and capability to deliver their

accountabilities

Artist’s impression of the SCG’s

new northern stand (currently

under construction).

10 11

Key Outcomes & Progress Achieved During 2011/12

• Added new options to the Trust’s corporate

hospitality inventory, and created a regular program

of functions/events

• Prepared major event communications plans and

key messages event documents

• Prepared joint news releases with affi liated partners

• Participated in event meetings (including the Major

Events Operations Group) with stakeholders and

undertook action as appropriate

• Agreed and contracted KPIs with all catering

providers

• Implemented upgrades with catering contractors on

all capital expenditure items

• Conducted audit and security risk assessment of our

corporate information systems to ensure compliance

with legislation

• Communicated regularly with Members via a range

of print, electronic and digital means, including the

Trust’s weekly e-newsletters and web updates

Commercial Goal:

Ensuring the continued commercial viability of the Trust.

Five-Year Strategy:

• Increase and diversify the Trust’s revenue base

• Negotiate strong long-term hiring deals with sports

partners and tenants

• Review, enhance and grow key supplier and

sponsorship deals

• Review the optimal membership category mix and

investigate other membership opportunities

• Continue to develop and improve record

management

• Review, enhance and grow the corporate

hospitality, Gold and Platinum membership sales

programs

Key Achievements in the Past Year

• Renegotiated venue catering agreement with Azure

Catering for the Stadium Fitness Centre

• Conducted needs and cost benefi t analysis of

implementing optimum ticketing program for both

venues, and extended Ticketek agreement

• Completed market review on hospitality,

membership and sponsorship products

• Removed boxes on the eastern side of Allianz

Stadium to make seating available for alternate

hospitality packages

• Developed a strategy and fi nancial commitment

to securing key events such as international rugby

Tests

• Conducted a brand audit to identify corporate

hospitality brands with no clear point of difference

from competitors’ positions

• Developed specifi c segmentation strategies for

highly targeted prospecting for corporate hospitality

sales and corporate incentive schemes

• Increased digital traffi c through SEO (search engine

optimisation), corporate blogs, review of website

and data capture

• Created tools to assist clients to make better use

of suites and signage and measure their return on

investment

• Reviewed cash fl ow requirements and levels to

optimise performance of investments

12 13

Managing the Events

Rugby Union

NSW Waratahs

The Waratahs had a relatively successful season on

fi eld in 2011, making the semi-fi nals of the revamped

Super Rugby competition. The team achieved fi ve

victories from six games at their home ground, Allianz

Stadium.

Overall the average attendance at Waratahs’ home

fi xtures was 16,970, with a total attendance of slightly

more than 101,000 for the season. The team kicked

off their 2012 presence at home on 17 February with a

pre-season trial match against Tonga.

AFL

Sydney Swans

The Swans played eight home games at the SCG

in 2011, winning four and losing four to set up a

reasonably successful season which saw them fi nish

seventh on the ladder and making the semi-fi nals

before being defeated by Hawthorn.

The club had put together a relatively young playing

squad and the team performed consistently during the

year under fi rst time head coach, John Longmire.

The average attendance for Swans games at the SCG

was 25,201, with the largest crowd of the season

being 33,136 for the 22 May game against Hawthorn.

Football

Sydney FC

The Sky Blues had a disappointing 2010/11 A-League

season, fi nishing ninth at the completion of the

home and away rounds. The team had a good

start to 2011/12 and with some strong late-season

performances, the team returned to fi nals action.

Attendances were up from the previous season with

over 116,000 attending the 12 Sydney FC home

games. One game was relocated to Kogarah Oval

in early December, as a result of confl icting concert

event bookings.

Sydney FC qualifi ed to play in the Asian Champions

League last year, as a result of being A-League

Champions in 2010/11.

The team did not qualify for the fi nals but hosted

three games at Allianz Stadium, attracting a total

attendance of more than 21,000.

Rugby League

NRL ANZAC Day

The ANZAC spirit was kept alive when nearly 35,000

fans turned out on ANZAC Day to witness the rivalry

continue between the Sydney Roosters and the

St George Illawarra Dragons. As ANZAC Day fell

on Easter Monday in 2011, the match was a double

celebration with some exciting off-fi eld activities and

military displays commemorating the services of

Australian men and women in the defence forces.

Of course, the day was also an opportunity to see

a match that has become a highlight on the NRL

calendar. In wet conditions, the Dragons proved to

be too strong once again this year, overcoming the

Roosters 24-10.

Sydney Roosters

The 2011 season saw the Roosters play 11 games

at Allianz Stadium resulting in eight wins and three

losses. They attracted a total crowd attendance of

about 165,000 to these games. After a good season

the previous year, the Roosters fi nished 11th at the

completion of the home and away rounds.

Wests Tigers

The Wests Tigers played four of their home matches

at Allianz Stadium in the 2011 NRL Premiership

Season, resulting in two wins and two losses. They

fi nished 4th at the completion of the home and

away rounds, but eventually lost to the New Zealand

Warriors at Allianz Stadium in the fi nal minutes of the

preliminary fi nal.

The four matches drew 88,484 attendees at an

average of 22,121.

NRL Finals

Allianz Stadium hosted three NRL fi nals during

September that attracted a total of nearly 73,000 fans.

The fi rst qualifying fi nal was played between

the Manly-Warringah Sea Eagles and the North

Queensland Cowboys on Saturday 10 September.

Wests Tigers then took on the New Zealand Warriors

in an exciting semi-fi nal clash on 16 September, before

a crowd of 27,109. The Warriors got up in the last few

minutes to record a 22-20 victory.

A week later, the Sea Eagles made their second fi nals

appearance at Allianz Stadium. This time the eventual

premiers played the Brisbane Broncos in front of

31,849 spectators, and won their way through to the

NRL Grand Final with a 26-14 victory.

Cricket

India Test Match

The SCG Trust worked closely with Cricket Australia

and Cricket NSW on the successful staging of the

second Test between Australia and India commencing

3 January 2012.

It was the 100th Test to be played at the ground, and

saw the SCG join a very elite club of only two other

stadiums to host 100 Test matches – the others being

Lord’s and the Melbourne Cricket Ground.

The Trust organised numerous special events

to commemorate the historic milestone (see the

‘Membership and Marketing’ section), including

commissioning a limited edition baggy green cap

bearing the SCG 100th Test logo and the cricket

emblems of Australia and India. NSW Premier Barry

O’Farrell, NSW Minister for Sport Graham Annesley,

Cricket Australia Chairman Wally Edwards and Trust

Chairman Rodney Cavalier presented the caps to

players and offi cials before play on day one.

The SCG welcomed more than 115,000 Australian

and international cricket fans over the four days. Day

one recorded 35,386 spectators through the turnstiles

and, although a strong turn out, it was disappointing

to fall short of recording a sell-out.

Off fi eld, the Sydney Test continued to be a key event

in raising awareness of breast cancer and the work of

the McGrath Foundation, and the new title of the ‘Pink

Test’ was introduced. A range of activities were held

particularly on day three, known affectionately as Jane

McGrath Day, including the Jane McGrath High Tea

and the sale of various pink merchandise. The 2012

Sydney Pink Test raised $425,000.

Acknowledging that this could be the last SCG

Test for the ‘Little Master’, a special presentation

of Honorary Membership of the SCG was made to

Sachin Tendulkar by Barry O’Farrell and Trust CEO

Jamie Barkley. This was in recognition of Sachin’s

performances at the ground and his appreciation of,

and fondness for, the venue.

During the Test, Prime Minister Julia Gillard and Barry

O’Farrell announced the joint funding of the SCG

Stage 2 development which includes a new modern

pavilion at the northern end of the ground to replace

the Noble, Messenger and Bradman stands, along

with a new video scoreboard almost double the size

“ Allianz Stadium hosted three

NRL finals during September

that attracted a total of

nearly 73,000 fans. ”

14 15

Managing the Events

“ The SCG welcomed more than 115,000 Australian and

international cricket fans over the four days. Day one

recorded 35,386 spectators through the turnstiles. ” of the current one (see the ‘Major Projects’ section for

further details).

One Day Internationals

The SCG hosted two of Australia’s One Day

International matches over the 2011/12 summer. The

game against India attracted 33,839 spectators,

with the match against Sri Lanka attracting 22,365

spectators.

T20 Big Bash League – Sydney Sixers

The inaugural season of the revamped T20 Big Bash

League saw the SCG become the home venue for the

Sydney Sixers. The Sixers played three games at the

SCG, winning all and fi nishing third at the completion

of the home and away rounds.

They defeated the Hobart Hurricanes in the semi-fi nal

and then went on to defeat the Perth Scorchers in

Perth to claim the fi rst championship of the league in

the new format of city based teams replacing state

squads.

Crowds for the three home games averaged just on

20,000 with the highest attendance of 27,000 coming

for the 27 December fi xture against the Melbourne

Stars.

Domestic Cricket

The NSW Blues had a mixed season fi nishing fi fth in

the Sheffi eld Shield, winning one of their three games

at the SCG and drawing the other two. The Blues also

fi nished third in the One Day Cup series.

Ex-Victorian captain Rachael Haynes helped the NSW

Breakers to a record seventh title with a win against

her former state in the Women’s National Cricket

League fi nal at the SCG in January. The Breakers

continued their unprecedented run of consecutive

victories in the 50-over competition by defeating

Victoria by 70 runs.

SCG Country Cup Final

The Trust once again proudly supported the growth

of country cricket in NSW via sponsorship of the SCG

Country Cup during the 2011/12 season.

Nearly 80 teams participated in the knock-out

competition throughout country and regional NSW,

with Queanbeyan and Merewether contesting the

coveted fi nal on the hallowed SCG turf in January.

The Trust commenced sponsorship of the SCG

Country Cup in 2005, and is committed to building

cricket in country and regional NSW, and assist in the

identifi cation of fi rst class players.

16 17

Concerts & Special Events

Eminem

Allianz Stadium hosted two concerts by hip hop icon

Eminem in the fi rst week of December. The fi rst concert

on 2 December sold out in less than 30 minutes,

attracting more than 45,000 fans.

Foo Fighters

Modern rock legends the Foo Fighters completed the

Allianz Stadium triple header for the month, attracting

46,000 passionate fans to the venue on 8 December.

Marathon Cricket

The Primary Club of Australia, in association with the

Trust and Cricket NSW, held the Marathon Cricket

event at the SCG over two days in February.

Club and corporate teams participated in matches

across 30 hours to raise funds for sporting and

recreational equipment and facilities for people with

disabilities. 

Unfortunately heavy rain dampened the excitement of

the many players who had registered to participate in

the event, and numerous matches had to be cancelled.

Commercial and Operations

Catering

Delaware North completed their fi rst full year of

operations in 2011. While there were some early

challenges related to transitional issues and venue

familiarity, the overall rating for catering received some

positive responses from our hiring partners. The Trust

continues to work closely with Delaware North in an

effort to provide the best venue food and beverage

experience for our patrons.

The Trust continues to maintain its position on

competitive pricing in line with other major stadiums in

Australia.

With the support of Delaware North a program

of capital works continued during 2011, including

equipment acquisition and the upgrade of Members’

and public food and bar outlets, as well as adding

digital signage technology to selected locations.

High street brands including Domino’s, Oporto, Red

Rooster and Sydney’s iconic seafood traders Doyles

have been introduced either permanently or for

special events.

Stadium Events

Stadium Events has become a well recognised event

business associated with the Trust and both SCG and

Allianz Stadium facilities. The year on year fi nancials

have continued to grow under the management of

Delaware North, and they offer well rounded services

to the venue on non-event days.

Stadium Events was awarded the 2011 ‘NSW

Specialty Events Venue of the Year’ by Meetings and

Events Australia.

Managing the EventsManaging the Events Azure Catering

Azure Catering operated throughout 2011 in the

fi nal year under the current arrangement to provide

catering services to Members in the Stadium Fitness

Centre. They continue to provide excellent product

and service to all Members, staff, sports partners and

visitors.

Renewal discussions were conducted during February

and the Trust and Azure operators reached agreement

for a further fi ve-year term.

Rugby League Central

The Trust agreed terms with the rugby league

administration during 2010 for access to land adjacent

to the Allianz Stadium forecourt for the construction of

Rugby League Central.

The Rugby League Central building was offi cially

opened on 10 February by Federal Minister Anthony

Albanese, NSW Minister for Sport Graham Annesley,

Australian Rugby League Commission Chairman

John Grant, and the then ARLC Chief Executive David

Gallop.

The building has become a central headquarters for

the game, bringing all league administrative bodies

together under the one roof. The premises includes a

learning centre to promote a number of initiatives with

school children and a resource for adult professional

development. It also houses a museum, due to open

in late 2012. The building has attracted many positive

comments and has been well received by staff.

Security and Access

Maintaining secure venues for patrons, on-site

tenants and staff is an ongoing process. The Trust

has tightened procedures in several areas and we

continually review infrastructure and systems for

improvement.

Risk Management

The Trust consults with the Treasury Managed Fund and

third party claim representative Proclaim Management

Services for insurance claims and activities.

Risk management is an ongoing review process with

sports partners, on-site tenants and contractors to

ensure that workplace health and safety is maintained

at a high standard.

Car Parking

Moore Park East car parks are operated by the Trust

under license from Centennial Park and Moore Park

Trust on event days. In addition, the Trust manages

the MP1 car park on event and non-event days.

A change in week day operations during January

provided a greater opportunity for Members to utilise

the eastern pod of the MP1 car park for Stadium

Fitness Centre access.

Ticketing

Ticketing services for both venues is provided by

Ticketek who continue to provide a strong distribution

network and innovative features.

The Trust completed negotiations to renew ticketing

services with Ticketek for fi ve years.

Merchandising

The incumbent merchandise rights holder at the SCG

and Allianz Stadium, Playbill Pty Ltd, successfully

secured the rights for a further fi ve-year term during

recent negotiations.

The Stadium Store and outlets in the grounds will be

expanded and upgraded as a part of the new contract.

Playbill work closely with many of our venue sports

partners with the goal of maximising sales for the

benefi t of all parties.

Cleaning

Quayclean operate the event day and site cleaning

contract, while TJS Services is responsible for the

Stadium Fitness Centre including the Azure café and

the Venue Services Offi ce. The respective operators

have achieved satisfactory results and continue to be

critical contributors to our business.

18 19

Managing the Events

Medical Incident Summary 2011/2012

The total number of medical incidents for patrons and

staff during the year was 375, signifi cantly down on

the 487 recorded the previous year.

Incidents affecting fans at our events fell from 404 to

312, while there were also fewer injuries to staff and

contractors at work – down from 83 to 63. See the

‘Managing the Assets’ section for a more detailed

Workplace Health and Safety report.

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Totals

Event Day 14 51 23 14 19 11 16 4 5 97 82 25 361

Non-Event Day 1 0 3 2 0 1 1 0 2 2 0 2 14

Total Incidents 15 51 26 16 19 12 17 4 7 99 82 27 375

Patient Profi le

Patron 9 41 19 10 17 8 15 3 6 90 70 24 312

Staff - Trust 3 2 0 5 1 3 2 0 0 2 6 3 27

Staff - Contractor 3 7 5 1 1 1 0 1 1 6 6 0 32

Staff - Not Defi ned 0 1 2 0 0 0 0 0 0 1 0 0 4

Total 15 51 26 16 19 12 17 4 7 99 82 27 375

Type of Injury

Abrasion 0 4 5 0 3 2 2 2 2 3 10 3 36Breaks/Fractures/

Dislocations/Strain0 0 0 1 1 0 1 0 0 1 2 2 8

Burn 0 3 1 0 1 0 0 0 0 1 1 0 7Dehydration/Sunburn/

Heatstroke0 0 0 0 0 0 0 0 0 1 0 0 1

Fainting/Dizziness 3 3 0 1 1 0 3 1 2 20 10 0 44

Headache 3 9 5 1 4 2 6 0 1 15 14 8 68

Laceration 2 8 2 3 2 0 1 1 0 11 6 2 38Pain (Chest/Abdominal/

Appendage)2 6 3 0 4 0 2 0 2 17 16 2 54

Pre-Existing 0 0 0 0 0 0 0 0 0 0 0 1 1

Soft Tissue Injury 2 3 6 5 2 6 1 0 0 12 3 2 42

Intoxicated 0 0 0 0 0 0 0 0 0 5 0 0 5

Vomiting/Nausea 1 4 1 1 0 0 0 0 0 10 6 3 26

Respiratory Diffi culties 2 2 0 0 0 1 1 0 0 1 1 2 10

Other 0 9 3 4 1 1 0 0 0 2 13 2 35

Total 15 51 26 16 19 12 17 4 7 99 82 27 375

Hospitalisation

No 14 44 25 12 17 10 13 4 5 78 78 21 321

Yes 1 7 1 4 2 1 2 0 2 14 2 4 40

Referred to Doctor 0 0 0 0 0 1 2 0 0 7 2 2 14

Total 15 51 26 16 19 12 17 4 7 99 82 27 375

Cause of Injury

Pre-existing 4 13 5 3 4 3 7 1 1 19 21 11 92

Slip and Fall 0 0 3 3 1 0 0 0 1 2 0 0 10

Trip and Fall 2 6 6 3 4 2 3 0 1 6 5 2 40

Sun/Heat Exposure 0 0 0 0 0 0 0 0 0 2 6 0 8

Other 3 14 8 7 5 4 2 2 0 34 24 8 111

Unknown 6 16 4 0 5 2 5 1 4 30 26 6 105

Intoxicated 0 2 0 0 0 1 0 0 0 6 0 0 9

Total 15 51 26 16 19 12 17 4 7 99 82 27 375

Attendances – 1 March 2011 to 29 February 2012

Event Attendees

ODI AUSTRALIA V SRI LANKA 22,365

AUSTRALIA V INDIA 33,639

TEST MATCH AUSTRALIA V INDIA 115,186

TWENTY20 SYDNEY SIXERS 60,275

DOMESTIC CRICKET SPEEDBLITZ BLUES 6,747

WOMEN’S NATIONAL CRICKET LEAGUE BREAKERS 290

NSW RUGBY NSW WARATAHS V TONGA 4,063

SUPER RUGBY NSW WARATAHS 101,818

A-LEAGUE SYDNEY FC 116,318

FFA AFC CHAMPIONS LEAGUE 21,424

NRL SYDNEY ROOSTERS 164,436

WESTS TIGERS 88,484

ST GEORGE ILLAWARRA DRAGONS 31,122

FINAL SERIES 72,930

AFL SYDNEY SWANS 201,606

CONCERTS EMINEM 76,131

FOO FIGHTERS 45,752

SCG & SFS TOTAL 1,162,586

SCG TOUR EXPERIENCE TOTAL 10,878

STADIUM FITNESS CENTRE VISITS 312,670

TOTAL 1,486,134

20 21

Managing the Assets

Capital Works Program

The Trust’s capital works program for 2011/12 was

budgeted at $8.687 million, comprising works from

the Total Asset Management Plan totalling $2.396

million and new projects totalling $5.291 million. Actual

expenditure was $11.471 million.

Additional expenditure can be attributed to $3.531

million spent on continuing the planning and design of

the SCG Stage 2 redevelopment to replace the Noble,

Bradman and Messenger stands. Stage 2 funding has

now been approved and the project will be separately

funded from the Trust’s normal annual capital works

program.

Total Asset Management Plan

The Trust’s Total Asset Management Plan is reviewed

and updated annually, and a report is submitted to

NSW Treasury.

Asset improvements in the past year included:

• New fi re suppression systems over fryers in Allianz

Stadium food outlets

• Plant and equipment acquisitions

• Completing installation of fl oor tactiles at Allianz

Stadium to differentiate level changes

• SCG Members Pavilion/Ladies Stand:

- compliance improvements to the emergency

lighting and exit signs

- refurbishment of two toilets in heritage colours

• Compliance upgrade to beer board regulators at

Allianz Stadium

• SCG PA system upgrade, including new amplifi ers

• Structural maintenance program including

replacement or repair of several corroded, spalling

or rusting structures

Allianz Stadium Forecourt

A new full colour LED video screen was installed

above the Members’ entry of the stadium overlooking

the forecourt and Driver Avenue. The 45m² screen

has added signifi cant match day atmosphere, playing

sport highlights packages and pre-game broadcasts,

while also proving useful for communicating practical

information to patrons.

The Stadium Store on the northern side of the

forecourt has been expanded by moving the ticket

box across the forecourt adjacent to the Venue

Services Offi ce.

The forecourt redevelopment will be completed with

the following works in progress:

• Installing 12 light poles which will fl y banners

and hold spot lights illuminating the four sports

sculptures and the Australian fl ag

• Widening the pedestrian route from MP1 car park

into the forecourt

• Widening the forecourt on the southern side by

the removal of the existing landscape bed and the

planting of new Tuckeroo trees

• Installing power bollards to both sides of the

forecourt to accommodate temporary event

structures and facilities

• Laying a new pavement fi nish including concrete

borders, pavers and asphalt

• Installing stainless steel and glass balustrades to

both sides of the forecourt

Rugby League Central

The new rugby league headquarters building, located

at the entry to Allianz Stadium on Driver Avenue was

completed and opened for business in early 2012.

While the project was funded by Rugby League, the

Trust funded and provided the required infrastructure

for power, water, gas, telecommunications, sewer and

stormwater for site readiness.

Allianz Stadium Eastside Redevelopment

Works are in progress to expand and redevelop

level three of the eastern seating deck. This includes

increasing the fl oor plate by fi lling in four additional

fl oor areas, a complete strip-out of existing facilities,

and installing six new toilets, three retail catering

outlets and two corporate box kitchens. A second

lift will be installed, allowing direct access from the

ground level turnstiles to all levels.

Additional works have been added to the project to

refurbish all existing toilets and create a ‘Diamond

Lounge’ on level two with a new dedicated seating

area above.

Other Projects

• SCG Stage 2 redevelopment design and planning

(unbudgeted)

• Master Plan revision (unbudgeted)

• Allianz Stadium Members Bar works (unbudgeted)

• Refurbishment of SCG and Allianz Stadium

catering outlets (unbudgeted)

• IT Projects:

- access control rollout

- relocating the Trust’s main computer room from

the Bradman Stand to the Victor Trumper Stand

- extension of the Wi-Fi scope for media

(unbudgeted)

• New fi re services system installed in the Cricket

NSW offi ce and the Indoor Cricket Centre

• Solar roof panels installed on the Sheridan

Building

• Upgrade of equipment in the SCG scoreboard

control room

• Upgrade of AFL media facilities on level 7 of the

Brewongle Stand, including removing external

structural wall fi ns to improve sightlines, installing

a new TV studio and refurbishing radio and print

media facilities (unbudgeted)

• Azure café refurbishment

SCG Playing Field

The SCG fi eld was renovated immediately following

the last Sheffi eld Shield game in March 2011 to

prepare the surface for the AFL season.

Due to the complete returfi ng of the fi eld at the end

of 2010, only minor works were required to the centre

wicket square. Standard AFL ground works included

coring the ground to decompact and aerate the fi eld,

oversowing the entire couch grass fi eld with winter rye

seed and raising the cutting height of the turf from a

summer length of 10mm to the AFL required height of

30mm.

The 2011 winter season was again wet, as was the

previous year. Due to the returfi ng which included

replacing the top level of soil, the fi eld drained well and

there was little impact on the condition of the grass

surface.

22 23

Managing the Assets

The second fi eld renovation of the year is the transition

from winter to summer sporting codes. Again the

fi eld was in excellent condition and little renovation

works were required. Normal grounds maintenance

procedures were put in place. The 2011/12 cricket

season started on 22 October and concluded on

11 March 2012.

The Australia v India Test match was an outstanding

game on a premium outfi eld and an excellent Test

pitch. The season consisted of 27 matches played

over 39 days comprising:

• Three international matches including the Test

match

• Three Sheffi eld Shield matches

• Two domestic one day matches

• Three Sydney Sixers T20 BBL matches

• Sixteen non-fi rst class matches

Allianz Stadium Playing Field

The playing surface of Allianz Stadium was in excellent

condition at the start of 2011.

The annual full returf of the fi eld the previous spring

was followed by warm weather which was ideal for

grass growth. However, poor weather conditions

coupled with a heavy event schedule from late

February to early May 2011 impacted on the fi eld.

March was the wettest in 27 years, while April was the

wettest for 12 years.

The SCG and Allianz Stadium were declared ‘Footy

Central’ in April 2011 with 11 event days, eight at the

stadium.

By mid-year, the playing fi eld had returned to a

premium surface which can be attributed to an

excellent strike rate from the oversowing of the rye

seed throughout the fi rst half of the year. The NRL

fi nals series was played on an excellent surface, as

was the start of the A-League in October. The annual

renovation of the fi eld commenced mid-October and

included the full returf of the playing fi eld with couch

grass.

December saw three concerts at the stadium, two

by Eminem and one featuring the Foo Fighters. The

surface was in good condition after the concerts due

to the experience gained from past concerts on the

fi eld. Staff ensured proper preparations were followed,

which included full-fi eld ground protection. The use of

the stadium was high in 2011, consisting of 56 games

played over 39 event days.

Although 2012 was the coldest start to summer in

51 years, the stadium commenced the year with a

full coverage of couch grass providing a stable and

secure playing surface.

Workplace Health & Safety

New occupational health and safety legislation was

passed by the NSW Government in January 2012, and

is now to be termed ‘Workplace Health and Safety’.

The overarching OHS legislation has been updated

by the Federal Government to create a national

standard. Features of the new Act include the removal

of the ‘reverse onus of proof’ on an organisation and

increased accountability of senior management.

Workplace health and safety is assuming an ever-

increasing importance in the operation of all venues.

The Trust’s strong track record in this area has proved

essential in meeting and exceeding safety objectives

in 2011/12.

An online induction system has now been successfully

accessed by 500 personnel from 140 contractors,

with an internal staff induction module released in

April 2012. This has standardised and streamlined

the induction process, saving time and ensuring

that safety and induction guidelines are consistently

followed.

Injury levels for 2011/12 dropped by 23%, despite

an increase in onsite staff. Around 25% of medical

incidents reported over the 12 months were classed

as ‘pre-existing’, meaning that the cause of the injury

or illness did not originate onsite.

See page 19 for the full table of staff and patron

medical incidents.

Sustainability

The Trust has historically undertaken an operational

approach to energy, water and waste management.

The Trust is now adopting a more strategic approach

through the integration of sustainability initiatives as

part of its capital works and regular maintenance

programs.

To improve its overall ecological footprint, the Trust is

in a position to reduce energy and water consumption

while maintaining its venue services. This can be

achieved by replacing ineffi cient electrical and water

services as the existing equipment reaches the end of

its operational life.

To achieve best practice waste management outcomes,

the Trust will strengthen its partnership with its current

waste management services provider and expand its

current waste sorting and recycling procedures.

Some initiatives over the last year include:

Energy

• In February 2012, a 15kW photovoltaic solar panel

system was installed on the roof of the Sheridan

Building offi ce complex. The system will capture

enough sunlight to save 16.3 tonnes of CO2

annually, while assisting to power the building and

reduce energy consumption.

• More than 800 LED lamps have been installed

in light fi ttings throughout the venue, replacing

less energy effi cient halogen, incandescent and

compact fl uorescent lamps. The LED lamps

have a longer life, saving labour time as well as

electricity. Lamps are replaced as part of reactive

maintenance and this program will continue in

2012/13.

• A recent upgrade of the SCG fl oodlighting towers

involved the use of improved technology and

new metal halide sports lighting. This achieved

energy savings of around 30% on the old lighting

confi guration and earned the Trust energy saving

certifi cates worth $342,573 in 2011.

Water

In recent years the Trust has greatly reduced use

of town water through facilities upgrades, savings

measures and tapping into local recycled bore

water for irrigation. With Stage 2 construction about

to begin, access to bore water will be interrupted

and a temporary return to reliance on town water is

expected. Once Stage 2 is complete, we anticipate

irrigating both the SCG and Allianz Stadium totally

from renewable bore water sources.

24 25

Major Projects

Master Plan

The Master Plan is the blueprint for the Trust’s

long-term vision for a ‘Sports Central’ precinct

incorporating the SCG, Allianz Stadium and

surrounding lands.

During the past 12 months, further refi nements to the

Master Plan developed in 2011 have been undertaken

by Cox Richardson Architects. They concentrated on

developing the Master Plan within Trust lands, while

additional work was undertaken in conjunction with

the Centennial Park and Moore Park Trust and Hassell

Architects in relation to the Master Plan for Moore

Park East and West.

The revised Master Plan focuses on the development

of four distinct zones within Trust lands. These are:

• Sydney Cricket Ground

• Sports Central Plaza

• Allianz Stadium

• MP1 Car Park

Sydney Cricket Ground

The SCG Master Plan integrates the new northern

stand (Stage 2) into a planned redevelopment of

the whole ground. The various stages of the SCG

redevelopment are defi ned as:

Stage 1 construction of the Victor Trumper Stand

(completed 2008)

Stage 2 construction of the new northern stand

(completion 2013)

Stage 2a refurbishment of the Members Pavilion

and Ladies Stand

Stage 3 redevelopment of the Churchill and

Brewongle stands

Stage 4 redevelopment of the O’Reilly Stand

Work on the new northern stand has commenced

on site, with the demolition of the existing Noble and

Bradman stands underway.

Stage 2a will give the Members Pavilion and Ladies

Stand improved disability access, refurbished

Members’ bars, better and larger player facilities, a

new access tunnel to the northern stand for players

and staff, and new seating arrangements on the lower

level that will improve viewing and access.

Stage 3 concept planning is underway and being

carried out in conjunction with the AFL. These stands

are to be developed as a new pavilion similar to

the stage 2 northern stand but with an emphasis

on providing home team facilities for the Sydney

Swans, new AFL media facilities, as well as new club,

corporate, Swans members and public facilities.

Stage 3 allows for new entry gates and entry plazas

from Driver Avenue and Moore Park East. The new

plaza provides the opportunity to enhance the fan

experience through the development of match day live

sites and fan zones for the public.

Stage 4 will complete the SCG redevelopment. New

corporate and public facilities in the O’Reilly Stand will

link into the existing Victor Trumper and the new northern

stands to create a continuous lower seating bowl.

Sports Central Plaza

The proposed Sports Central Plaza, originally shown

in 2011, has been further refi ned to accommodate

the functional requirements of the SCG and Allianz

Stadium. The new plaza connects both venues and

allows for public access through the precinct linking

Paddington and Moore Park. This new important

public space will provide a live site with video screens

on event days and a new public area between the

SCG and Allianz Stadium.

Sports Central Plaza will provide access to a new

Museum as well as the public and Members entries

to both grounds. There will be improved outside

broadcast facilities. Underneath the plaza will be

a loading dock, maintenance facilities and back of

house staff support areas, centrally located between

both stadiums, providing improved operational

effi ciencies for the venues.

Allianz Stadium

The Trust has investigated further development of

Allianz Stadium to enhance player, corporate and fan

experiences.

Among the plans being considered are upgrades to

the stadium’s roof, improving public circulation around

the ground and access to food and beverage outlets.

The proposed redeveloped Allianz Stadium could also

include a new interactive LED facade mesh, effectively

allowing the venue exterior to be lit in a variety of

colours and designs. The venue would be able to be

branded for the home team or event being hosted.

MP1 Car Park (Paddington Gate)

The Master Plan envisages developing a new entry

and public plaza (Paddington Gate) over MP1 Car

Park. The plaza would be built over a two-level car

park with space for approximately 1,600 vehicles.

The car park would allow direct access to the new

Members Facilities Building.

Transport and Pedestrian Access

The Master Plan also proposes signifi cantly improved

pedestrian and public transport links to Sports

Central, including a new light rail mass transit system

travelling through the heart of the precinct.

Pedestrian walkways would link with existing transport

routes, the new light rail system to run along Anzac

Parade and a realigned bus interchange to give fans

easier, more direct and safer entry to the grounds and

through the precinct.

The walkways would include pedestrian bridges over

Anzac Parade and South Dowling Street, and connect

with improved pedestrian links from Central Station

and the CBD.

The surrounding parklands would be regenerated,

and new playing fi elds created with underground car

parking for 2,500 cars.

SCG New Northern Stand

Design and documentation of the new northern

stand (the replacement of the Noble, Bradman and

Messenger stands) commenced in 2011. The design

development for the stand allowed the Trust to make

submissions to the NSW and Federal governments for

funding, which was announced by the Prime Minister

and Premier in January 2012.

Major Projects is a new area

of the Trust created in the

past year that is primarily

responsible for managing

the Trust’s Master Plan.

In the short term, the

primary focus is overseeing

construction of the new

northern stand at the SCG.

Artist’s impression of the

precinct envisaged under

the Trust’s Master Plan.

26 27

The design and associated documentation continued

to develop since the announcement, allowing for

the Trust to call tenders for a two-stage Guaranteed

Maximum Price document and construction tender.

AW Edwards was appointed contractor for the fi rst

stage of the GMP process in March 2012 and have

since been working with the design team to fi nalise

the design and their GMP for consideration and

acceptance by the Trust.

The 13,360 seat stand will include new dining rooms,

clubs, bars, restaurants, a micro brewery, retail outlets

and improved seating. New public and corporate

facilities will also be developed on the eastern end

of the new stand. There will also be signifi cantly

improved media facilities, including a cricket media

centre that meets all International Cricket Council

criteria for the 2015 World Cup, and new away team

change rooms.

A 270 square metre video board will be placed

between the new stand and the O’Reilly Stand,

giving the SCG Australia’s largest high defi nition board

at any sporting venue (nearly double the size of the

current video board at the ground). This new board

will provide a modern interpretation of the original

SCG scoreboard, and could include a dedicated stage

area for sports events.

The stand has been designed as a modern pavilion,

building on the traditions and heritage of the Members

Pavilion and Ladies Stand. The new dining room, club

lounges and terraces overlook the proposed Sports

Central Plaza. More seats (85%) will be undercover,

marking a signifi cant improvement on the existing

stands.

A new main central kitchen and more effi cient

maintenance areas will provide signifi cant operational

improvements and services for the SCG as well as

Allianz Stadium.

The new stand will be completed for the 2014 Ashes

Test match.

Major Projects

Artist’s impression of the Skyline

Terrace that will be created at the top

of the SCG’s new northern stand.

The entry atrium of the new stand

will be a grand arrival space with

links to all spectator levels.

Artist’s impression

of the new stand

from inside the

ground.

28 29

Commercial

During the past year, the previous Business

Development Unit (which had been responsible for

corporate sales, marketing, sponsorship and all

membership services and facilities) was restructured

into two separate divisions:

• Jason Hill became the General Manager of a new

Commercial Division, which is responsible for the

sales, marketing and management of corporate

hospitality, Trust and venue sponsorship, and Gold

and Platinum memberships

• Jane Coles was appointed the new General

Manager of the Membership and Marketing

Division (see following page), which is responsible

for the management and servicing of the

membership program, the Stadium Fitness

Centre, the SCG Museum and the marketing and

communications of our venues and the Trust

Sponsorship, Exclusive Supply & Advertising Rights

The Trust’s advertising and sponsorship program

continues to make a signifi cant contribution to the Trust.

Revenues in excess of $9 million (up from $7.8 million in

2010/11) were generated via the sale of sponsorship and

advertising rights and supply and product rights.

The Trust has enjoyed successful advertising and

sponsorship partnerships with Fairfax, Tabcorp, Qantas,

UD Trucks, Vodafone, GraysOnline, Ticketek, Macquarie

Bank and Visa, Sony, IOOF and Abigroup as well as

our supply and product rights partners, Carlton United

Brewers, Coca-Cola Amatil, Diageo, Jim Beam, Tyrrell’s,

Samuel Smith & Sons and Treasury Wine Estates.

Although having no impact on the fi nancial

performance in this fi nancial year of the Trust, a

signifi cant event took place on the fi nal day of

the 2011/12 year with Allianz Australia Insurance

announced as our new naming rights partner.

The NSW Minister for Sport, Graham Annesley, made

the announcement on 29 February, alongside Trust and

Allianz representatives, and formally launched Allianz

Stadium. This new partnership promises to be a long

and successful one for both organisations and will go a

long way to sustaining many of the Trust’s capital and

other projects.

Hospitality

The quality and quantity of corporate clients who have

invested in hospitality packages is a positive refl ection

of the Trust’s competitive price structure and the return

on investment. Revenue in 2011/12 of $5.8 million

was slightly down on the Ashes year of $6.5 million in

2010/11. Annual sales of suites, boxes and clubs were

stable at $3.4 million, and casual sales of event-based

product of $2.4 million.

In keeping with our desire to establish long-term

partnerships, the Trust is conscious of continuing to offer

the market valuable opportunities. With this in mind, we

are constantly searching for unique product offerings to

satisfy the needs of our customers and expect to launch

two new products in 2012/13.

The hospitality market is still in the process of

re-establishing itself in the wake of the global fi nancial

crisis. The challenge now is for hospitality providers

to convince and reassure the industry of the value

of a corporate hospitality element in all successfully

implemented client retention and growth programs.

The Trust has invested in a review and restructure

of its hospitality program, including introducing a

comprehensive, targeted and expert-driven marketing

program, a more proactive and strategic sales structure

and implementing necessary customer relationship

marketing database management systems.

Gold & Platinum Membership Sales

The Trust focused on offering Members opportunities

to upgrade their existing membership status, or to

introduce friends and colleagues to the benefi ts of Gold

and Platinum membership.

Building relationships with strategic commercial

partners to provide quality incentives and rewards for

new, referring and upgrading members was critical

to the success of these campaigns. The last quarter

of the fi nancial year saw sales of Platinum and Gold

memberships top $3 million – an increase on the

2010/11 fi gure of $2.4 million.

Membership & Marketing

Membership

SCG Election

In April 2011, 828 applicants from the year 2000

waitlist were offered SCG membership. Overall

42% of the applicants took up the offer, with 25%

opting for SCG Double Membership, 6% SCG Single

Membership and the remaining 11% were eligible for

Junior SCG Membership.

Deferral of membership for one year was offered to

applicants who declined the offer, and additional 8%

of applicants chose this option.

SCG Waitlist

At 29 February 2012, there were 15,526 applicants

on the SCG membership waitlist dating back to

applications made in 2001.

A breakdown of the waitlist group by age and address

shows that 49% are Sydney based and under the age

of 35 years, 19% are Sydney based and 35+ years,

22% are under 35 years and live outside of Sydney

and 10% are 35+ years and live outside of Sydney.

Eighty per cent of applicants are male.

New SCG Member Inductions

Two inductions were held at the SCG last year to

provide information to new SCG Members, including a

venue tour and information package.

Subscription Renewals and Member Numbers

Membership retention for 2011/12 was 98%, which

is comparable to the previous year. Retention can be

attributed to a strong event schedule including the

India Test match (the 100th SCG Test), the One Day

International cricket series, the new Twenty20 Big

Bash League won by our Sydney Sixers, continued

strong home support for the Sydney Swans,

enhancements to Members’ facilities and services and

targeted value-add promotions.

Members who paid their annual subscription before

1 October received a complimentary 2012 Sports

Diary.

Overall, membership numbers remain consistent

(0.4% increase on last year). The breakdown of

membership by category is 61% SCG, 32% Gold and

7% Platinum.

A total of 116 membership resignations (0.6%) were

received this year which is consistent with previous

years. Communication with these Members suggests

key reasons for non-renewal include old age, ill health,

fi nancial diffi culties and not using membership due to

travel.

New Membership Cards

Following payment of annual subscriptions, Members

received new membership cards this year. Nearly 80%

of Members updated their photos in preparation.

The new card design incorporated the membership

category and type of card, Member number and

length of membership, venue entitlement/s and

operational functionality for the turnstiles.

Test Match Reserved Seating Ballot

Members had the opportunity to participate in a

ballot for reserved seating for all international cricket

matches in 2012 including days one to three of the

Test match and the two One Day Internationals.

The result of the ballot was that 78% of applicants

were successful for day one Test seats and 73% for

day two. All applicants were successful for day three

and both ODIs.

Reserved seating was located in the Brewongle

and Bradman stands for the Test match and in the

Bradman Stand for the ODIs.

Members choosing not to apply for a reserved seat

or who were unsuccessful in the ballot could sit in the

other seating available in the Members’ Reserve on a

fi rst in fi rst served basis.

50 & 70 Year Members

Members of 50 plus years standing were allocated

a guaranteed reserved seat for international cricket

this year. Seats were set aside in the Members

Pavilion concourse located directly in front of the team

dressing rooms and Bay 43 of the Noble Stand.

Compared to the 2011 Ashes Test, the number of

requests by 50 plus year Members increased 20%.

In general, interest and participation in the ballot has

increased over the last few years.

Member Research

Research in 2011/12 focused on measuring member

experience criteria on event days and benchmarking

this to previous years to assess satisfaction and identify

areas for improvement. Online post-event surveys were

conducted this year at the following matches:

• Sydney Roosters v St George Illawarra Dragons

• Sydney Swans v Carlton

• NSW Waratahs v Melbourne Rebels

• Sydney FC v Brisbane Roar

• Australia v India Test match

• Sydney Sixers v Perth Scorchers

30 31

Membership & Marketing

The overall Customer Experience score over the last

six years has averaged 6.8. The result from the latest

surveys was higher at 7.1.

In addition, a qualitative Members Quality Standards

Assessment was conducted at the ANZAC Day

match at the SFS. The assessment examined various

elements of the Members event experience which

made up the concept of ‘Quality’. These elements

included: health, safety and security; cleanliness;

signage and brand image; accessibility and site layout;

customer service and presentation; patron comfort;

facilities; food and beverage; marketing and potential

revenue opportunities.

The purpose of the report was to look at all facets

of the event through the eyes of a customer and

comment on ways that the event delivery can be

improved.

The report was distributed to the relevant work

areas and a timeline and action plan developed.

The research is assisting the Trust in improving the

match day experience for Members and their guests

particularly relating to the Facility and Service goals of

the Corporate Plan.

Membership Segmentation

Membership segmentation research was conducted

in March 2007, July 2008 and July 2009 to monitor

changes in the membership categories. An update

was conducted in February 2012.

In summary, the following update was reported.

Overall membership (including the SCG waitlist)

increased slightly. This can be broken down as:

• SCG memberships decreased by 4%

compared to March 2007

• SCG waitlist memberships increased by

14% compared to March 2007

• Gold memberships decreased by 4%

compared to July 2008

• Platinum memberships increased by 5%

from July 2009

Activity rates have increased for SCG Members –

SCG Members are attending a higher proportion of

available events. Other notable attendance trends

were:

• An increase in the proportion of SCG Members

attending rugby league, and a decrease in the

proportion attending cricket and AFL

• An increase in the proportion of Gold Members

attending cricket, AFL and rugby league, while

the proportion coming to rugby union and soccer

decreased

• Cricket remains the highest attended sport at

around 90%+ for all segments except Gold, which

has 75% attendance

Member Communications

The Trust places a high importance on communications

with Members. Over the past year, Members received:

• Winter and summer editions of the Around the

Grounds magazines. An online fl ipbook version

of the magazine was introduced this year on the

website.

• A dedicated 100th SCG Test Z-card previewing

off-fi eld events and activities

• A Test Match Statistics Booklet

• Daily Innings news sheets on the fi rst four mornings

of the Test match

• Weekly e-newsletters

The Trust also:

• Commenced work on the next version of the

mobile phone application, including an Android

version due for release mid 2012

• Placed regular advertising in major newspapers

to keep Members and other fans up to date with

major game arrangements

• Conducted regular and targeted email and SMS

campaigns

• Increased communications via social media sites

such as Facebook (the number of people following

us on Facebook has tripled in the past year)

• Introduced a dedicated media Twitter account for

event, venue and Trust updates

Membership Services

The Member and Customer Services team continues

to strive for excellence in customer service and

support for Members and their guests. Services such

as dedicated membership email, call centre support,

card replacements, waitlist applications, sale of day

passes for nominated events, seat reservations and

reciprocity with interstate and overseas venues and

the Australian Turf Club continue.

Member Offers

Members received a number of ticket and/or

promotional offers this year as a value-add to their

membership. These included priority ticket offers

for concerts at the SFS (now Allianz Stadium) and

events such as the State of Origin and NRL Grand

Final. Members were also offered discounted function

tickets from sports partners and membership partners

such as the Bradman Foundation and Ticketek.

SCG Waitlist Day Pass Promotion

A direct mail promotion was sent to the SCG waitlist

database in April 2011, offering them complimentary

tickets to the Members area for the NRL heritage

round match between St George Illawarra Dragons

and the Canterbury Bulldogs on 10 April and the AFL

game between the Sydney Swans and Hawthorn.

The offer included a 10% discount on merchandise.

Waitlist applicants were encouraged to bring along a

guest for a nominated fee.

Test Match Member Activities

Complimentary activities for Members at the Test

match included:

• Kids’ Bat & Ball Zone

• Kids’ cricket clinics

• Bat making demonstrations

• ‘100th SCG Test’ museum exhibition

• Walking tours of the Basil Sellers Sports

Sculptures Project (new)

• Live ‘plein air’ artists recording the historic Test

on canvas (new)

Test Match Member Events

Functions available to Members during the Test match

included:

• Members Breakfast (day one)

• Stumps Sessions (days one to three)

• Country Member Reception (day two)

• 50 & 70 Year Members’ Morning Tea (day three)

• Breakfast with the Curator (day three)

• Jane McGrath High Tea (day three)

32 33

Specifi c event marketing is coordinated by the sports

partner or entertainment promoter hiring the venue.

Marketing of corporate hospitality and Gold and

Platinum membership is managed by the Commercial

Division.

100th SCG Test Match

The 100th Test in January was a historic moment for

the SCG, putting the ground in the exclusive company

of Lord’s and the MCG as the only other international

cricket venues to have reached this milestone.

The following activities and promotions

commemorated the 100th SCG Test match:

• ‘100 Tests at the SCG’ book being written by

cricket writer and historian Philip Derriman for

release in mid 2012

• Limited edition commemorative match program

• The 10 most signifi cant SCG Tests were identifi ed

by a panel of distinguished cricket writers,

authors, commentators and historians. This was

used for news media, web and social media

communications.

• The same panel also produced all-time

best Australia and World XI teams based on

performances in SCG Tests. This was also

used for news media, web and social media

communications.

• A series of ‘100-themed’ milestones and statistics

were produced and used to promote media

coverage recording the historic match

• Commissioning and sales of 100th Test

memorabilia and clothing

• 100th Test plaque unveiled by NSW Premier

Barry O’Farrell

• SCG 100 Test video package used online and

displayed on the ground’s permanent and

temporary video screens

• SCG radio and TV highlights package used for

media promotion

• Commemorative beer cup

• Special 100 Tests exhibition in the SCG Museum

Jane McGrath Day

The Trust continues to support the McGrath

Foundation at the Sydney Test. This year to

commemorate the 100th SCG Test, the Trust

organised 12 local and interstate artists to complete

artworks across four days of the Test match. The

project drew interest from regional papers where the

painters originated, and from the host broadcaster

Channel 9. The paintings were showcased at the Jane

McGrath High Tea and auctioned online post match.

The initiative attracted $22,278 with all proceeds to the

McGrath Foundation ‘Pink Test’ fund.

Overall, numerous other activities including the sell-out

Jane McGrath High Tea contributed to raising more

than $425,000 for the cancer charity’s work.

Match day advertising and promotions

Throughout the year, a number of advertisements were

placed in print and digital media to support our sports

partners and their events at our venues, promote the

public transport message and maximise key brand

messages.

Digital / Social Media

More than 1,500 people now ‘Like’ the Trust’s

Facebook page. This has tripled in a year and is more

than 500 up following a staff promotion held in the last

quarter.

Venue Services

The Venue Services Offi ce continues to provide the

highest level of customer service for all Members and

guests entering the Stadium Fitness Centre, Azure

café and the venue precinct.

The offi ce is the focal point for all fi tness centre

program bookings such as tennis, squash, crèche,

massage, and personal training. Staff also assist

with merchandise sales, tour bookings and general

enquiries.

Venue Services turnstiles were updated to allow direct

access for Gold Club card holders to the Stadium

Fitness Centre. This new system provides Members

and their guests with improved speed of access,

better customer service and allows the reception

staff to focus on meeting and greeting customers and

assisting with bookings, payments and enquiries.

With the Membership and Venue Services staff

teams now coming under one umbrella – Member

and Customer Services, the staff in both areas were

trained on all aspects of the membership system and

at the reception desk in Venue Services.

This new structure allows staff to better perform

their role and provide a higher level of Member and

customer service.

Stadium Fitness Centre

The Stadium Fitness Centre had a busy year with

312,670 recorded visits – up 3% on the previous year.

The most popular month was February recording

30,547 visits.

Revenue met targets through the introduction of new

programs tailored to Members’ needs, employing

professional program staff and targeted marketing

and promotional campaigns. Personal training, swim

school, massage and group exercise programs all

performed better than budget.

To promote such services, the Trust continues to

communicate via a monthly e-newsletter specifi cally

tailored to Members who regularly attend the

fi tness centre. To complement this, a new display/

communication board has been installed.

Upgrades in the fi tness centre included refurbishment

of the Azure café kitchen, air conditioning

refurbishment in the main gym, new café and lounge

furniture and additional pool sun shade.

In the fi rst year of their four-year cleaning contract, TJS

Services has provided a high level of cleaning in the

facility.

In response to Member survey feedback, a new

customer software program – ‘The Retention People’

was implemented in the fi tness centre to improve staff

interaction with Members.

The aim of the new software is to enhance the

customer experience, increase knowledge of our

products, facilities and services and improve loyalty

to our club. The benefi t of the new software will be

assessed in future research.

Also in response to feedback and survey results, a

weekly maintenance inspection was introduced. This

new system has worked effectively and improves

reporting procedures, communication for staff and

Members and response time for issues management.

Marketing and Public Relations (Trust & Venues)

The Membership and Marketing Division is responsible

for promotion and communications relating to the Trust

overall, its venues and community initiatives.

The Trust retains Javelin Australia as its public relations

consultant. Javelin worked closely with Trust staff to

develop plans and policies for public relations and

media throughout the year.

Membership & Marketing

34 35

Membership & Marketing

Nearly half of our ‘Likes’ use our page on a weekly

basis and up to 400 ‘Likes’ visit our page daily.

Most of our ‘Likes’ are male (76%) aged between 13

and 44 (70%). Our female followers tend to be slightly

older with most aged 24-44 (13.5%).

A large percentage of our social media audience is

international and the majority are from outside Sydney.

Over the past year, the Trust has made more regular

postings and attempted to increase the page’s

interactive nature i.e. seeking people’s opinions and

promoting discussion, rather than just treating it as

another means to provide information. An example

was using Facebook to ask fans what developments

they would like to see in the next version of the iPhone

application.

With the incredible growth in social media in the last

two years, the Trust realises that this is one of its

communication areas that needs to grow accordingly.

A social media strategy is being developed as part of

a wider marketing and communication strategy that

is in turn linked to objectives selected from the Trust’s

Corporate Plan.

Nominated Trust staff attended digital training/

conferences this year to learn the best practice, and

mistakes, of leading international sports organisations

and venues in this fi eld.

Cricket Art Prize Exhibition

The Cricket Art Prize exhibition was held in the

Members Pavilion in October. Members were invited

to the opening night along with nominated artists and

invited guests. The exhibition enhanced venue tours

during this time. A calendar was produced of the

‘Trust’s selection’.

In response to the success of this initiative, the Trust

has confi rmed its sponsorship of this event for a

further three-year period.

Red Cross Blood Mobile

With so many people working on site or living close to

the popular Moore Park precinct, the Trust partnered

with the Red Cross to be a host for its Mobile Blood

collection unit.

The Mobile Blood unit is positioned in the main MP1

car park once every three months, and the Trust

invites its staff, sports partners, Members and local

community to drop by to donate blood.

Approximately 50 donations were collected per visit

over the past year. This is an excellent result as the

Red Cross requires 45 donations a day to meet

hospital demand, and each blood donation can save

three lives.

Media Operations

The Trust’s media operations program continued to

provide media service whilst managing the busy media

operations schedule for two of Australia’s leading

stadiums.

Staff managed the press facilities at domestic and

international events held throughout the year, as well

as coordinating mid-week access for sports partner

media activities, general fi lm and photo access

requests, marketing and PR, and staging of Trust

functions.

Because of their iconic status, the SCG and the

(then known) Sydney Football Stadium continued

to be highly sought after locations for live TV events

throughout the year.

The 100th Test match, played between Australia and

India, was recognised as a signifi cant milestone which

drew a large contingent of media from India. This

resulted in increased requests for venue information and

access in the lead-up and during the Test. An improved

and signifi cantly faster wireless network was installed

specifi cally for media. Trust staff were praised by the

Australian Cricket Media Association for their efforts.

Trust staff continue to monitor and review the media

facilities at both venues. Redevelopment of the

Brewongle Stand media facilities was completed,

providing improved viewing and reporting facilities for

media at the SCG. The Trust worked closely with the

AFL and broadcasters in regard to the redevelopment,

and the improvements were greatly appreciated by the

media.

Staff also provided key advice to architects in the design

of new media facilities within the SCG’s new Stage 2

northern stand to be completed in December 2013.

Museum, Tours & Heritage Activities

Tour Experience

The SCG Tour Experience offers a behind-the-scenes

historical journey through both our grounds, and is

suitable for school groups, sporting clubs, tourists and

international travel groups, seniors’ outings as well as

local visitors.

During 2011/12, the Tour Experience:

• Hosted nearly 11,000 customers. The fi nal fi gure

of 10,878 represents a small increase in tour

participation on the previous year.

• Continued its relationship with The Travel

Corporation and Cricket NSW to host 2,119

American school students and 213 group leaders,

and the People to People tour and interactive

cricket session

• Partnered with Sydney FC to develop a match day

tour for Members and the public

• Assisted SCG Museum staff during international

and domestic cricket matches to increase access

to the Trust’s historical collection

Museum & Heritage

The SCG Museum’s commitment to implementing

best practice collection management and archival

standards continues. Policies such as the acquisition

and collection management policy were reviewed and

updated this year. A strategic Museum Forward Plan

was also developed in line with the Trust’s Corporate

Plan and in particular its Heritage Goal.

The museum acquired a collection of photographs

and memorabilia from the rugby union, rugby league

and commentary careers of the late Rex Mossop via

a generous donation from the Mossop family. The

museum also received the donation of a bail from the

1969 West Indies Test.

Member support for developing the SCG Museum

collection continued with several donations of

membership badges and match programs.

Other key projects this year included:

• Documentation of the framed photographic collection

• ‘Celebrating 100 SCG Tests’ exhibition, launched

in November

• Planning for the ‘30 years of Sydney Swans at the

SCG’ exhibition launching in April 2012

• Completion of an exhibition schedule 2011 – 2014

• Continuation of the Oral Histories project

• An expansion of the Matches, Moments & Memories

Project, in line with the exhibition schedule

• Creation of a Basil Sellers Sports Sculptures Project

audio tour, scheduled for release mid 2012. The new

interactive tour will increase the connection between

website content and onsite experiences. It also aims to

enhance the match day experience of Members and

visitors, and to provide educational content in a format

of interest to NSW schools.

• Engaging Henry Mulholland, artistic advisor on the

Basil Sellers Sports Sculptures Project, to conduct

complimentary walking tours of the sculptures on the

fi rst three days of the 2012 SCG Test for Members

• Increasing the number of cricket match days the

museum is open for Members and their guests

• Supervision of an intern from Sydney University’s

Master of Museum Studies during a placement in

October. Another intern has been secured for 2012.

• Identifying four core conservation projects

for completion in 2012/13 through the Trust’s

History Fund. These include Trust minute book

digitisation, migration of Oral Histories to digital

fi les, storage of Trust archival documents

housed in the archive and the Movable Heritage

Relocation project associated with the SCG Stage

2 development.

Jack Marsh Award 2011

The Trust established the Jack Marsh Award this year to

recognise a signifi cant discovery relating to an aspect of

the social, economic, political or sporting history of the

lands formerly or currently under the control of the Trust.

The article ‘Did these two women name the Brewongle

Stand?’ published in the 2012 Members Sports Diary,

presented a discovery of great signifi cance to the Trust.

Mr Philip Derriman was awarded the 2011 Jack

Marsh History Award for this discovery which was the

culmination of relentless and decades-long search for

the origins of the naming of the Brewongle Stand.

36 37

Corporate Services

Financial Report

The Trust is a NSW Government Public Trading

Enterprise constituted under the provisions of the

Sydney Cricket & Sports Ground Act, 1978. The

Trust is a not for profi t entity (profi t is not its principle

objective). The reporting entity is consolidated as part

of the NSW Total State Sector Accounts.

The Trust’s operations for the fi nancial year ended

29 February 2012 resulted in a total comprehensive

income for the year of $2.64 million compared to

$5.151 million (which included the gain on disposal

of land $4.638 million) in the previous year. Total

comprehensive income comprised an operating

surplus of $2.788 million (including a grant of $2.5

million), compared to $227,000 in the previous year.

The surplus was transferred to accumulated funds

which stood at $189.1 million as at 29 February 2012.

During the past year, the Trust undertook a capital works

program of $11.47 million. Capital debt was reduced

from $36 million to $35.2 million at the close of the year.

Operating Income and Expenditure

The results for the year show an increase to operating

revenue for 2011/12, ($66.5 million compared to

the previous year’s $64.6 million) and a decrease

to operating expenditure ($63.7 million for 2011/12

compared to $64.4 million the previous year).

The continued sound fi nancial results for 2011/12

were achieved during a continuing period of moderate

demand for corporate hospitality, with the Trust’s

fi nancial performance for the year refl ecting the following:

• An annual event attendance of 1.2 million patrons

• An event schedule featuring a broad range of

sport and entertainment including the international

cricket season, all four major football codes and

three outdoor concerts

• A decrease to hire fees in comparison to the

previous year which then included the Ashes

cricket season, the Festival of Football, additional

fi nals and concerts

• A decrease to event operating costs in

comparison to the previous year

• Lower than anticipated ticket sales for Test cricket

and One Day International matches

• Lower catering revenue than for the previous year,

refl ecting lower corporate demand and lower

attendances for international cricket

• Solid retention levels of Members through annual

subscription renewal

• Increased sales of new Gold and Platinum

memberships

• Comparable demand for annual private suites and

corporate box rental

• Lower sales of corporate premium seating

• Higher employee related expenses through

application of approved salary increases and

additional events wages costs

• Lower fi nance costs (interest paid and ratings

guarantee fees), refl ecting the ongoing servicing of

debt secured by the Trust for the Victor Trumper

Stand construction

• Debt repayments of $750,000

• Capital works program undertaken at a cost of

$11.5 million

Detailed comment on the main aspects of the Trust’s

fi nancial performance during the past year follows.

Membership

The Trust offers three major forms of membership –

SCG, Gold and Platinum – providing entitlements to

events and facilities at the SCG and Allianz Stadium.

In 2011/12, membership annual subscriptions were

higher, raising revenue of $14.3 million compared to

$13.5 million recorded in the previous year. While

membership subscription rates were increased,

continued strong membership retention levels refl ect

the popularity of the range of events and services

available to Members.

Membership sales during 2011/12 include entrance

fees received from the sale of limited numbers of

new Gold and Platinum memberships. Sales of new

Platinum and Gold memberships generated entrance

fees of $3.1 million, compared to $2.5 million in the

previous year.

Sales of the traditional SCG membership generated

entrance fees of $548,000 (compared to $464,000 in

2010/11). Sales are generated through the intake of new

Members drawn each year from the long waiting list.

Venue/Event Hiring

The Trust maintains long-term contractual

arrangements with major sporting bodies to provide

a broad-based program of sporting events at the

SCG and Allianz Stadium. Major hirers’ contracts are

current with Cricket Australia, Cricket NSW, Sydney

Sixers, NSW Rugby, Australian Rugby Union, Sydney

Swans, Australian Football League, National Rugby

League, Sydney Roosters, Wests Tigers, St George

Illawarra Dragons and Sydney FC.

Nearly 1.2 million patrons attended events during

2011/12 at the Sydney Cricket Ground and Allianz

Stadium.

Revenue from event and venue hire fees was $8.1

million, compared to $9.3 million in the previous year.

Highlight events staged during the year included

three outdoor concerts (Eminem and Foo Fighters),

additional NRL fi nals, the Australia v India Test and the

Sydney Sixers opening Big Bash League season.

Catering

In 2010, the Trust executed a contract with a new

caterer Delaware North, to commence operations at

the SCG and Allianz Stadium from 1 November 2010.

Under the terms of the new contract at execution,

a premium amount was paid by the new caterer to

the Trust representing catering fees paid in advance.

Further, an additional sum representing catering fees

paid in advance was paid by the new caterer and

applied to various catering outlet refurbishments

and purchase of associated equipment prior to and

immediately following commencement of operations

in November 2010. The total premium paid under the

new contract is being amortised annually over the

period of the contract.

The Trust’s net share of catering sales (including

amortised contract premiums) at the SCG and Allianz

Stadium was $3.1 million (food) and $4 million (liquor)

– compared to $3.5 million and $4 million respectively

in the previous year.

Advertising & Sponsorship

The Trust contracts the sale of advertising in the

form of LED/scrolling, fence, grandstand and video

scoreboard signage. This advertising includes product

rights at each venue.

Advertising, product rights and sponsorship revenue

generated $9.1 million (including newly contracted

arrangements) compared to $7.9 million in the

previous year.

38 39

Corporate Services

Corporate Hospitality Seating Sales

The Trust markets corporate facilities/packages

available for events at the SCG and Allianz Stadium

including annual private suites and corporate boxes,

and Club membership as well as a comprehensive

range of seasonal and casual box and dining room

packages.

The Trust markets the sale of corporate hospitality

for Trust allocated areas for cricket, rugby, Sydney

Swans, Sydney FC, rugby league and concert events.

Gross revenue from the sale of premium seating,

suites and boxes for the past year was $5.8 million

compared to $6.5 million in the previous year.

Sale of allocated premium public seating for major

events generated revenue of $2.4 million compared to

$3.1 million received in the previous year.

Revenue from rental of private suites/corporate

boxes during the year was $3.4 million, which was

approximately the same as the previous year.

The economic climate and the quality of sporting

events staged in 2011/12 once again impacted on the

demand for corporate hospitality in terms of sale of

permanent, seasonal and casual corporate facilities

for both the football and cricket seasons. In addition,

2010/11 included the Ashes cricket Test.

Premises Rental Income

The Trust holds long-term tenancy arrangements for

offi ce administration and players’ facilities located

within its precinct. The Trust tenancies currently

comprise headquarters for Cricket NSW, the Sydney

Sixers, the Sydney Swans, NSW AFL, NSW Rugby,

Australian Rugby League Commission, Sydney

Roosters, Sydney FC, Delaware North Catering,

Stadium Orthopaedic and Sports Medicine Centre

and travel agency FanFirm. Tenancy rental income

received in 2011/12 was $3.4 million compared to $2.9

million in the previous year.

Investment Management Performance

During 2011/12, available surplus funds were invested

with the NSW Treasury Corporation Hourglass facility.

The Treasury Hourglass return for the year ended

29 February 2012 on the Trust’s invested funds

represents the rate of 5% for that period.

Surplus funds were invested for the short term only.

Interest received on investments totalled $213,000,

compared to $279,000 in the previous year.

Event Operating Costs

In staging all sporting and other events at the SCG

and Allianz Stadium during the year, the Trust incurred

direct event costs of $12.3 million compared to $13.1

million in the previous year. The decrease during

the past year can be attributed to lower event costs

incurred under the current cricket contract and in

staging of contracted events.

Ground Operation and Maintenance

The Trust employs a permanent trades workforce,

service contractors and subcontractors to undertake

the annual program of maintenance of stands,

buildings, plant, grounds and playing arenas at the

SCG and Allianz Stadium.

Expenditure of $7.6 million upon maintenance of

grounds, buildings and plant was incurred during the

past year, compared to $7.8 million in the previous

year.

Corporate Seating Expenses

In marketing and servicing the sale of premium

seat packages to corporate customers for major

events (including direct charges for tickets, catering,

merchandising and other costs) expenses of $2.7

million were incurred during 2011/12, compared to $3

million in expenses incurred in the previous year.

Marketing Expenses

The Trust allocated funds to promote and market

the cricket and football seasons, the major events,

available Platinum, Gold and SCG membership

places, sale of private suites/corporate boxes,

premium seating for major events, guided tours and

corporate function room facilities.

Marketing expenditure during 2011/12, including

advertising, promotion and publications, was $2.7

million compared to $1.8 million in the previous year.

Administration and Related Expenses

Administrative and related expenses incurred during

the past year included consulting fees ($977,000

compared to $843,000 in the previous year),

communication expenses ($175,000 compared

to $162,000), printing and stationery ($895,000

compared to $734,000), postage/freight ($250,000

compared to $172,000), insurance costs ($558,000

compared to $559,000) and accounting and legal fees

($192,000 compared to $190,000).

Employee Related Expenses

Employee related expenses incurred during the past

year totalled $14.5 million compared to $13.9 million in

2010/11. These costs include permanent salaries and

wages, event day casual staff wages and contracted

event day agency staff wages and all associated on-

costs.

Overseas Travel

Chief Executive Offi cer

4 May – 16 May 2011

USA & UK

Los Angeles, Dallas & New York: venue inspections

London: FA Cup Final & venue inspections

Chief Executive Offi cer

16 – 18 September 2011

New Zealand

Auckland: Rugby World Cup

Depreciation

Depreciation charged for 2011/12 was $10.2 million

compared to $9.9 million in the previous year. The

increased level of depreciation refl ects the completion

of the Victor Trumper Stand and other capital works

projects during the year, and is calculated on the value

of buildings and plant using the straight line method

based on the expected useful life of the assets.

Finance Costs

Trust borrowings were reduced from $36 million to $35.2

million in the past year. Interest paid on capital debt was

$2.2 million compared to $2.4 million in the previous

year, arising from the ongoing debt level following

completion of the Victor Trumper Stand in 2008.

Ratings Guarantee Fees, totalled $668,000 ($1 million

in 2010/11), based also on the debt level following

completion of the Victor Trumper Stand, application of

the relevant fi nancial rating and revision of the rating

calculation method.

Consultants

Consultants were appointed for a range of projects in

2011/12, with payments totalling $977,000.

The major consultancies were provided by:

• Javelin Australia: Public Relations/Media –

$190,300

• Hospitality Management Australia – $88,900

• Pitcher Partners: CRM System – $80,000

• Ernst & Young: Financial Model, Economic

Analysis – $70,000

• Robertson & Marks: Architectural Design –

$53,400

• Turnkey Management Group: Ticketing Analysis &

Tender – $43,200

The balance of consultants fees incurred was paid

by the Trust for minor consultancies for services

provided. These included services for: IT; accounting;

engineering; turf inspection; catering; Master Plan

development; claims management; surveys; work,

health and safety; employment matters, building and

other services.

The number of minor consultancies was 43 and the

total was $451,200.

Risk Management, Insurance and Audit and Risk Committee

The Trust’s major insurance risks are covered

through membership of the Treasury Managed Fund.

Insurance premiums paid in 2011/12 were $558,000,

which is comparable to the previous year.

The Trust insurance placement and coverage is

reviewed annually by Brokers, OAMPS Pty Ltd. The

Trust monitors insurance claims experience on an

ongoing basis with a focus on workplace health and

safety performance. Risk management policies and

procedures are regularly updated to enhance the

Trust’s risk management profi le in an effort to reduce

future premiums.

The Trust has in place an internal audit and

risk management framework overseen by the

establishment of the Trust Audit and Risk Committee

in accord with the Government’s new Internal Audit

and Risk Management Policy for the NSW Public

Sector, issued by NSW Treasury in August 2009.

The Committee has prepared an Audit and Risk

Committee Charter consistent with the content of

the policy’s model charter and developed a high level

enterprise risk management framework.

The Trust’s internal auditor, Ernst & Young, conducts

annual audits as part of the Trust’s three-year internal

audit plan.

40 41

Corporate Services

Debt Management Performance

The Trust’s debt portfolio is managed by NSW

Treasury Corporation (TCorp).

While the Australian domestic economy performed

well during the year, the global impact of the European

sovereign debt crisis saw the RBA reduce cash rates

from 4.75% to 4.25% by year end. The market value of the

Trust’s portfolio increased by $501,000 to reach $37.11

million at 29 February 2012 due to a decrease in TCorp’s

valuation yields. TCorp’s debt management involved

tactical positioning which resulted in the portfolio’s cost

of funds being approximately 0.1% above its benchmark,

which represented an increased cost of around $35,000

against the Trust’s benchmark for the year.

Capital Works Program

During 2011/12 the Trust conducted a capital works

program with project costs totalling $11.5 million ($7.7

million in the previous year).

The major projects undertaken in 2011/12 included

SCG Stage 2 design and planning costs to date, the

new video screen and upgrade to the Allianz Stadium

forecourt, forecourt ticket box, Members Bar works,

Allianz Stadium Eastside Level 3 works, Rugby

League Central site readiness, SCG Brewongle Stand

media facilities upgrade, SCG scoreboard control

room upgrade, IT projects, plant and equipment

acquisitions and contracted refurbishment of SCG/

Allianz Stadium catering outlets.

The Trust also received an annual contribution of

$500,000 from the AFL towards the Victor Trumper

Stand project, paid as part of current contractual

arrangements.

NSW Government Grant

The Trust received an initial grant of $2.5 million from

the NSW Government towards SCG Stage 2 for

preparation of an architect’s concept design plan and

for lodgement of a modifi ed planning application.

Summary of Land Vested in the Trust

The Trust was constituted under the Sydney Cricket

and Sports Ground Act, 1978. It is charged with the

care, control and management of the lands described

in Schedule 2 of the Act, those lands dedicated for

public recreation.

Major Assets – Property, Plant & Equipment

The Trust’s major assets, other than land holdings,

consist of buildings and improvements at the SCG

and Allianz Stadium and its surrounds.

During 2009/10, the Trust received an independent

valuation by the Land and Property Management

Authority of its vested lands, based on an ‘as zoned

and used basis’, providing a valuation of $35.7 million

as at 28 February 2011. The valuation increment

recorded since the previous valuation of land, $1.7

million, was transferred to the Asset Revaluation

Reserve.

During 2009/10 the Trust received an independent

valuation by WT Partnership, registered quantity

surveyors, of the replacement cost of buildings and

improvements at the SCG and SFS (now Allianz

Stadium). The valuation at replacement cost was

converted to written down replacement cost by the

determination of the remaining useful life of each

building. The valuation increment recorded since the

previous valuation of buildings and improvements,

$12.7 million, was transferred to the Asset Revaluation

Reserve as at 28 February 2010. As a result of the

revaluations, an Asset Revaluation Reserve remains

established. The balance of this reserve as at

29 February 2012 stood at $333.3 million.

The net value of land, buildings and improvements,

plant and equipment recorded in the Trust fi nancial

statements as at 29 February 2012 stands at

$566 million.

The Trust’s current Industrial Special Risks insurance

policy as at 29 February 2012 provides a cover on

buildings, plant and equipment to the value of

$808 million.

Gain on Disposal of Land

During 2010/11, the Trust secured a licence

with a ground hirer to facilitate construction of

its headquarters on a parcel of Trust land and

to subsequently enter into a long-term lease for

occupancy of the site. In accord with AASB 117 and

NSW Treasury Policy Paper TPP11-1, the lease over

the land has been treated as a fi nance lease. The then

current value of land subject to lease was $277,000

and the fair value of the lease receivable is $4.9 million

(net present value of the annual lease payments). As

such, the Trust recorded a one off gain on disposal of

land of $4.6 million in the previous year.

Time for Payment of Accounts

Listed over page is a schedule of accounts payable

performance as at 29 February 2012, 30 November

2011, 31 August 2011 and 31 May 2011.

Departure referred to

Minister for Determination

Reason for Departure and Description of

Practicable Alternative Measures Implemented

Core Requirement 3

The Audit and Risk Committee has an independent

chair and a majority of independent members

• The Trust Audit & Risk Committee has been in

place continuously since 1991, in conjunction with

the Trust internal audit function which has been

contracted externally

• The Trust has a long established record of

satisfactory audit reports and unqualifi ed

certifi cation of its annual fi nancial statements

• The members of the Committee are well qualifi ed

in their various fi elds relevant to audit of Trust

operations including: Commercial, Finance,

Insurance, Marketing, Accounting, Retail,

International Events, Sporting Hirers, Legal,

Hospitality, Consulting, Property Management and

Member representation

The Chair and Members of the Audit and Risk Committee are:

• Rod McGeoch – Non Independent Chair (Term of appointment: 14 July 2011 to 13 July 2015)

• John Cloney – Non Independent (Term of appointment: 14 July 2011 to 13 July 2013)

• Paul Warren – Non Independent (Term of appointment: 14 July 2009 to 13 July 2013)

• James McNally – (Independent Member Elected) (Term of appointment: 14 July 2010 to 13 July 2014)

These processes, including the practicable alternative measures (being) implemented, provide a level of assurance

that enables (will enable) the senior management of the Sydney Cricket & Sports Ground Trust to understand,

manage and satisfactorily control risk exposures.

Jamie Barkley

Chief Executive Offi cer

Internal Audit and Risk Management Statement for 2011/12

I, Jamie Barkley, Chief Executive Offi cer, am of the opinion that the Sydney Cricket & Sports Ground Trust has

internal audit and risk management processes in place that are, excluding the exceptions described below,

compliant with the core requirements set out in Treasury Circular NSW TC 09/08 Internal Audit and Risk

Management Policy.

The internal audit and risk management processes for the Sydney Cricket & Sports Ground Trust depart from

the following core requirement set out in Treasury Circular NSW TC 09/08. The circumstance giving rise to

these departures was referred to the Minister for Sport and Recreation for determination and the exception was

approved by the Minister on 29 March 2012. The Sydney Cricket & Sports Ground Trust has implemented (or is

implementing) the following practicable alternative measures that will achieve a level of assurance equivalent to

the requirement:

42 43

Corporate Services

Our target is to pay 90% of accounts on time.

Unavoidable delays in processing accounts

occasionally arise due to delays in obtaining goods

in proper order and condition, or queries on invoices.

The Trust continues to encourage suppliers to accept

electronic funds transfer as the preferred method of

payment. No interest has been paid on payments on

any accounts where delay in payment has occurred

during the year. A minimal number of complaints were

received during the year concerning late payment of

invoices, each matter being resolved satisfactorily.

Internal and External Performance Reviews

Ratings Agency, Moody’s reported in September

2011 after conducting an annual review of the

Trust’s fi nancial operations and position as at 28th

February 2011. The report by Moody’s recommended

assignment of a fi nancial rating of Ba1 (comparable to

the previous year) which was utilised by NSW Treasury

in determining the amount of ratings based guarantee

fees payable.

In determining the Trust’s fi nancial rating, Moody’s

acknowledged the Trust’s credit strengths including:

• Strong competitive position

• Substantial proportion of revenue is recurrent

• Earnings can be impacted by performance of

sporting teams and ability to attract events

• Improving fi nancial leverage and expectation for

continued debt reduction

• Modest capital expenditure forecast but further

major-project funding may be required

• The Trust’s proven ability to attract quality sporting

events to its facilities

• This provides a key rating support, enabling the

Trust to generate stable earnings and free cash

fl ow

• Gearing has improved following an increase over

the previous few years to support major capital

works, but without materially impeding the overall

credit profi le

• The outlook for the rating is stable

The Trust’s four main committees (Grounds and Event

Services, Finance, Management and Audit and Risk)

are responsible for continuous internal performance

review of Trust activities. Monthly management reports

are submitted to these committees for assessment of

operational performance.

The Trust’s internal auditor, Ernst & Young, conducts

an annual audit program affi rmed by the Audit and

Risk Committee. In conducting the assigned audits,

Ernst & Young seek to identify opportunities to further

enhance the business and commercial effi ciency and

cost effectiveness of the Trust’s system of internal

control.

The Trust also submits fi nancial reports to the

Treasury Commercial Sector Division for review of

operating performance and fi nancial position as

compared to agreed Statement of Business Intent

performance targets established annually.

Credit Card Use

The use of credit cards issued to Trust executive staff

is in accordance with Premier’s Memoranda and

Treasurer’s Directions.

Sydney Cricket Club

In 2007, the Trust joined with the administration of

the former UTS-Balmain District Cricket Club in

establishing the new entity of the Sydney Cricket

Club. The Sydney Cricket Club is an incorporated

association under the Associations Incorporation

Act 1984. The Trust and the club agreed to enter

an association which would involve the provision by

the Trust of administrative and other services to the

club. The Trust is represented on the club’s board

of directors in accord with the club constitution.

Recoverable operational expenses incurred by the

Trust during the past year were recouped from the

Sydney Cricket Club through the club’s operational

account.

Cost of Printing of Reports

The Trust has prepared 150 annual reports for 2011/12

at a cost of approximately $27.70 per copy.

Aged Analysis at the End of Each Quarter

Quarter Current Less Than 30 30-60 60-90 90+ Total

May 2,540,894.59 -16,224.94 13,878.41 3,099.41 87,155.44 2,628,802.91

97% -1% 1% 0% 3% 100%

August 1,796,052.15 109,462.85 -8,632.74 -3,715.52 84,282.13 1,977,448.87

91% 6% 0% 0% 4% 100%

November 957,428.63 7,846.59 3,207.33 -34,619.45 17,101.62 950,964.72

101% 1% 0% -4% 2% 100%

February 2,892,304.41 1,116,375.14 - 80,000.00 25,053.38 4,113,732.93

70% 27% 0% 2% 1% 100%

Accounts Paid on Time Within Each Quarter

Quarter Target % Actual % Total Accounts Paid on Time $ Total Accounts Paid $

May 90% 94.83% $7,879,051.70 $8,308,497.86

August 90% 87.60% $8,657,432.00 $9,883,424.63

November 90% 94.07% $11,023,594.55 $11,718,615.62

February 90% 95.93% $35,192,116.10 $36,686,102.48

44 45

Human Resources

The Human Resources Department has overseen

several key developments over the past fi nancial year,

including:

Restructuring Staff Divisions

The Trust restructured its internal staff divisions to

refl ect new developments in its business and provide

greater focus to its commercial and membership

activities.

The previous Business Development Unit (which had

been responsible for corporate sales, marketing,

sponsorship and all membership services and

facilities) was restructured into two separate divisions,

each with its own General Manager:

• Membership and Marketing, which is responsible

for the management and servicing of the

membership program, the Stadium Fitness

Centre, the SCG Museum and the marketing and

communications of our venues and the Trust

• Commercial, which is responsible for the sales,

marketing and management of corporate

hospitality, Trust and venue sponsorship, and Gold

and Platinum memberships

The division previously known as Commercial and

Operations was re-named Events and Operations,

and maintains responsibilities for managing all events

and our contractual operations with sports and

entertainment partners who hire our venues.

There was also the creation of a new Trust

department – Major Projects. This area is responsible

for developing and managing the Trust’s Master

Plan, including overseeing construction of the SCG’s

new northern stand, See the earlier ‘Major Projects’

section for full details.

Welcoming New General Managers & Changed Responsibilities

The roles of our General Managers changed to refl ect

the above restructure, with Jane Coles appointed to

oversee the Membership and Marketing Division. Jane’s

appointment was an internal promotion.

Jason Hill, General Manager of the previous Business

Development Unit, became General Manager of the

new Commercial Division.

Patrick Wilson replaced Shane Fuller as General

Manager – Events & Operations, after Shane resigned

to pursue a new career opportunity in Adelaide.

Piers Thompson joined the Trust in January as

General Manager – Major Projects, refl ecting our

need for a senior manager to oversee construction

of the SCG’s new northern stand. Piers will also be

responsible for all future developments of the Trust’s

Master Plan.

Renewal of Enterprise Awards

Three of the Trust’s four enterprise awards expired in

the past year and were renewed. The Grounds Staff

Award was renewed for 12 months, while awards for

event day staff and maintenance personnel were both

renewed for a further three years.

The primary aim of these awards is maintaining a

policy of fair working conditions, allowing increases

in remuneration and improvements in other working

conditions that are consistent with maintaining fi scal

sustainability, services and value to the public.

Working Towards EEO Employment Targets

The Trust values social and cultural diversity and is

committed to the principles of equal employment

opportunity and working towards the NSW

Government’s EEO targets.

In the past year, we have created and successfully

fi lled two new positions for people with intellectual

disabilities – part-time assistants in the Stadium

Fitness Centre and the administration Head Offi ce.

Human Resources worked closely with the Federal

Government agency Jobsupport that specialise in

assessment and recruitment for such roles.

Human Resources has also strived to improve the

diversity of its workforce by working with several

agencies specialising in recruitment of people from an

indigenous background.

As a result, two of the Trust’s fi ve new apprenticeships

created in the past year (four in greenkeeping and one

in the electrical trade) have been successfully fi lled by

indigenous candidates.

Creating a Disability Action Plan and Disability Awareness Training

Under the Disability Service Act, NSW Government

agencies such as the Trust must prepare a Disability

Action Plan to ensure people with disabilities can

participate equally in activities at our grounds.

Input from Human Resources has been integral to

developing this plan, and further details are outlined on

page 51.

One of its goals is to explore strategies for establishing

a disability-friendly workplace. As a fi rst step, all

staff were invited to attend a 75-minute awareness

workshop designed to equip them to feel more

confi dent when interacting with people who have a

disability, outline key elements of good communication

and inform them about appropriate terminology and

language. The workshops were held onsite over two

days in November.

Running Public Interest Disclosure Training

The Protected Disclosures Act 1994 has been renamed

the Public Interest Disclosures Act 1994. The amendments

to the Act came into effect on 1 July 2011, requiring

public authorities to prepare and adopt a public interest

disclosures policy and procedures by 1 October 2011.

The Trust revised and amended its previous policy and

made it available on the staff intranet from 1 October.

Briefi ng sessions were held to ensure staff were aware

of what they can report, who is involved in the disclosure

process and how disclosures will be managed at the Trust.

From 1 January 2012 the Trust, as required, will report

annually to parliament any protected disclosures received.

Implementing New National WHS Laws

All managers attended a briefi ng on the new workplace,

health and safety legislation. The focus of the briefi ng

was to highlight the differences between the previous

Occupational Health and Safety Act against the new

Workplace Health and Safety Act. Managers are

now reviewing all existing processes, systems and

procedures to minimise any risk of injury or accident.

Developing a New Multicultural Plan

Human Resources played a key role in the development

of the Trust’s new Multicultural Plan.

The plan aims to build on the work already undertaken

by the Trust to promote multicultural diversity and align

the needs of diverse cultures to Trust business planning

and service delivery. Further details of the plan are

outlined on page 50.

Coordinating Annual Performance Reviews

The Trust conducts annual performance reviews of its

staff. Human Resources oversees the process and

coordinates training for managers and other employees

to ensure the Trust and its staff gain maximum value from

the process.

46 47

Human Resources

The Trust constantly monitors the skill base of its

employees to ensure it has the capability of achieving

or exceeding the goals and strategies outlined in its

corporate plan.

The reviews include agreeing individual training needs

and developing training plans. Informal meetings are

held at regular intervals throughout the year to report

and monitor progress.

Performance Statement

Jamie Barkley

Chief Executive Offi cer

Annual Salary: $472,212

The Chairman reported that the Chief Executive

Offi cer performed to a high level during 2011/12.

The Chief Executive Offi cer’s major achievements

during the year included:

• An operating surplus of $2.788 million

• Increasing revenue to $66.7 million

• Capital debt reduction from $36.1 million at the

beginning of the fi nancial year to $35.3 million

• Maintaining high retention of Platinum, Gold and

SCG Members at more than 98%

• Successful staging of sporting events:

international and domestic cricket including the

100th SCG Test match, Super Rugby (Waratahs),

rugby league (Sydney Roosters, Wests Tigers and

NRL fi nals), A-League football (Sydney FC) and

AFL (Sydney Swans)

• Negotiation with Cricket NSW/Cricket Australia for

Twenty20 Big Bash League games (Sydney Sixers)

to be played at the SCG until 2016

• Negotiating with the Australian Rugby Union for

the return of the Wallabies to Allianz Stadium for

one international match each year for 10 years,

commencing with Australia v Wales in June 2012

• Attracting and successfully staging additional

events including the AFC Asian Champions

League, Foo Fighters and Eminem concerts,

Marathon Cricket and the Cricket Art Prize

• Secured naming rights sponsor for the SFS

(now Allianz Stadium) with Allianz Australia

Insurance Ltd

In January 2012, the Trust secured Federal and NSW

Government funding for the SCG Stage 2 project –

replacement of the Noble, Bradman and Messenger

stands.

The Chief Executive Offi cer managed a capital works

program ($11.5 million) which included design and

planning for the SCG Stage 2 project, site preparation

for Rugby League Central, installation of a new

videoscreen at the main entrance to Allianz Stadium

and refurbishment of dining and public facilities on the

east side of Allianz Stadium.

48 49

Human Resources

Representation of Equal Employment Opportunity (EEO) Target Groups

The Trust values social and cultural diversity. We are

committed to the principles of EEO, multiculturalism

and disability action planning in all aspects of our

work. The strategies outlined in our Multicultural

Policies and Services Program and Disability Action

Plan are relevant to our business objectives and

priorities, and we believe they are practical and

achievable.

The fi gures in the following tables are compiled for

public agencies, such as the Trust, by the NSW

Government’s Department of Premier and Cabinet

based on data as of 30 June each year. Because the

Trust’s fi nancial year fi nishes at the end of February,

the latest fi gures available for reporting here are as of

30 June 2011.

Executive Remuneration 2009 / 10 2010 / 11 2011 / 12

Male Female Male Female Male Female

Number of Executive Offi cers with

remuneration equal to or exceeding

equivalent of SES Level 1

4 - 3 - 3 1

Number of Executive Offi cers with

remuneration equal to or exceeding

equivalent of SES Level 5

1 - 2 - 3 -

Total 5 - 5 - 6 1

Table A 2009 2010 2011

EEO Group Target/Benchmark % of Total Staff % of Total Staff % of Total Staff

Women 50% 44.6% 41.1% 37.6%

Aboriginal people & Torres

Strait Islanders2.6% 0% 0% 1%

People whose fi rst

language was not English19% 12.9% 13.7% 5%

People with a disability N/A 0% 0% 2%

People with a disability

requiring work-related

adjustment

1.5% 0% 0% 2%

Note 1. A Distribution Index of 100 indicates that the centre of the distribution of the EEO group across salary levels is equivalent to that of

other staff. Values less than 100 mean that the EEO group tends to be more concentrated at lower salary levels than is the case for other staff.

The more pronounced this tendency is, the lower the index will be. In some cases the index may be more than 100, indicating that the EEO

group is less concentrated at lower salary levels.

Note 2. The Distribution Index is not calculated where EEO group or non-EEO group numbers are less than 20.

Note 3. All results in the above two EEO tables are as at 30 June in the year indicated. The latest EEO data available is 2011 – see explanation

in second paragraph of text on previous page.

Table B 2009 2010 2011

EEO Group Target/Benchmark Distribution Index Distribution Index Distribution Index

Women 100 96 82 99

Aboriginal people & Torres

Strait Islanders100 N/A N/A N/A

People whose fi rst

language was not English100 N/A N/A N/A

People with a disability 100 N/A N/A N/A

People with a disability

requiring work-related

adjustment

100 N/A N/A N/A

Full Time Part Time Casual FTE Total

82 14 35 99.79 131

Breakdown of Employees as at 28 February 2010

2009 Feb 2010 Feb 2011 Feb 2012 Feb

FTE Emps FTE Emps FTE Emps FTE Emps

Executive Staff 6.00 6 5.00 5 5.00 5 7.00 7

Administration 2.60 3 2.39 3 2.35 3 2.35 3

Events & Operations 17.67 19 17.72 19 19.79 23 16.77 19

Business Development 34.63 58 30.81 54 35.51 49 N/A* N/A*

Membership & Marketing* 30.84 47

Commercial* 8.96 9

Corporate Services 16.29 20 13.67 17 14.15 18 14.09 17

Properties 28.48 31 29.70 32 27.14 28 27.24 28

Sydney Cricket Club 0.00 0 0.50 1 0.55 1 0.00 0

Total 105.67 137 99.79 131 104.49 127 107.25 130

* During 2011/12, the previous Business Development Unit was restructured into two separate divisions – Commercial and Membership & Marketing.

Breakdown of Employees by Department

Full Time Part Time Casual FTE Total

85 18 24 104.49 127

Breakdown of Employees as at 28 February 2011

Full Time Part Time Casual FTE Total

86 18.8 25.2 107.25 130

Breakdown of Employees as at 29 February 2012

Among the key fi ndings from the data are:

• A drop in the percentage of Trust staff who are women, but a continuing improvement in the

representation of women in our higher-paid roles. There was virtual parity in salary levels between

genders in 2011.

The actual number of women employed by the Trust remained steady, so the drop in percentage is attributed to

growth in our overall headcount that included a higher proportion of males. Most of this increased employment

of men occurred at entry level positions, while several of our female staff improved their salary levels with

internal promotions made possible through natural attrition.

The Trust has encouraged high-achieving staff to apply for promotional opportunities while always recruiting via

robust, fair and equitable selection processes and procedures.

• Small improvements in the representation of other minority EEO groups, such a people with

disabilities or indigenous backgrounds, and a fall in the percentage of staff whose fi rst language

was not English.

Because this data refl ects our staff position at June 2011, the improvements precede those gained from the

Human Resources initiatives outlined earlier in this section.

The change in the percentage of staff whose fi rst language was not English may be attributed to a change in

the past year to how the Trust collects this data. This information was previously compiled anecdotally, and is

now based on recently-introduced voluntary staff surveys. Response rate to the new surveys is currently 73%.

The Trust is working to increase the response rate, and will closely monitor any trend indicated when we have

more data recorded under this more robust method of collection.

50 51

Multicultural Plan Disability Plan

With more than one million people in New South

Wales having a long-term disability that restricts their

everyday activities, the Trust seeks to ensure that

all people are able to participate in activities at the

Sydney Cricket Ground and Allianz Stadium with

dignity and equity.

This applies equally to staff as well as patrons. To

ensure that we integrate disability objectives into our

business and event planning, the Trust developed a

Disability Action Plan during the past year.

The plan has been prepared in accordance with the

legal requirements set out in Section 9 of the Disability

Services Act 1993, and refl ects NSW Government

guidelines specifying fi ve universal outcome areas for

all government agencies.

They are:

• Identifying and removing barriers to services for

people with a disability

• Providing information in a range of formats that are

accessible to people with a disability

• Making buildings and facilities physically

accessible to people with a disability

• Assisting people with a disability to participate

in public consultations and to apply for, and

participate in, government advisory boards and

committees

• Increasing employment participation of people

with a disability in the NSW public sector

The Trust is strongly committed to achieving tangible

results in the fi ve outcome areas to meet the needs

of people with a disability in relation to the services it

provides to Members and the general community and

its responsibilities as an employer.

The plan builds on the Trust’s previous work in this

area and accords with the Trust’s vision to celebrate

sport, create history, enhance entertainment and

share the experience and our priority of providing

comfort, dignity and safety for all visitors to our

grounds.

The plan refl ects and reinforces the Trust’s values

of heritage; integrity; relationships; passion and

diversity. It also builds on and reinforces the Trust’s

demonstrated commitment to provide employment

opportunities for people with disabilities and to ensure

that all human resources management practices

accommodate the needs of people with a disability.

A Disability Advisory Committee will be appointed with

responsibility to achieve the objectives of the plan,

which can be viewed on the Trust website at

www.sydneycricketground.com.au/about-us/disability-

action-plan

Early progress in recent months includes:

• Working closely with the Federal Government

agency Jobsupport to successfully fi ll two new

positions specifi cally created for people with

intellectual disabilities

• Delivering disability awareness training for all staff

During the past year, the Trust has formalised and

strengthened its diversity initiatives by developing a

Multicultural Plan in consultation with managers and

stakeholders.

It builds on the work already undertaken by the Trust

to promote multicultural diversity and align the needs

of diverse cultures to Trust business planning and

service delivery.

The Multicultural Plan refl ects the Trust’s values:

heritage; integrity; relationships; passion and diversity

and its vision: to celebrate sport, create history,

enhance entertainment and share the experience.

The plan is also aligned to the Community Relations

Commission’s Multicultural Planning Framework.

Implementing the plan will demonstrate the Trust’s

commitment to providing services to Members

and external clients, and supporting staff, through

programs that refl ect their diverse cultural, religious

and linguistic backgrounds and needs.

An internal committee has been appointed with

responsibility to achieve the objectives of the plan,

which can be viewed on the Trust website at

www.sydneycricketground.com.au/about-us/

multicultural-plan

Early progress in the few months since the plan was

fi nalised includes:

• Agreeing key performance indicators for

implementing multicultural development with

senior managers, and these will come into

practice from August 2012

• The Human Resources department introducing

more rigorous systems for compiling data to better

understand the cultural make-up of our staff.

Data has been gathered from existing employees

using a voluntary survey that requests information

relating to gender, country of birth, racial, ethnic or

ethno-religious background, language spoken as

a child and disabilities. All new employees are now

requested to complete the voluntary survey form

on commencement.

• Planning several initiatives, to be introduced

throughout 2012, on how the data gathered by HR

can be used to:

- assess language and multicultural requirements

when developing position descriptions for future

recruitment

- improve patron services, including ensuring

language skills are considered when allocating

staff on event days

- understand employee needs and promote

multicultural understanding through staff

development

In the past year, we have also begun collecting data

on the cultural backgrounds of people attending

various events. This has been done using post-event

surveys given to Members and general public patrons.

This data gives us a better understanding of our

audiences and will be used for planning services at

future events.

52 53

Organisational Chart

TRUST

BERNIE LAMERTONGeneral Manager

Corporate Services

FINANCE

HUMAN RESOURCES

INFORMATION TECHNOLOGY

CORPORATE HOSPITALITY

GOLD & PLATINUM MEMBERSHIP SALES

SPONSORSHIP

COMMERCIAL RIGHTS

TRUST MASTER PLAN

SCG STAGE 2 REDEVELOPMENT

MEMBERSHIP

MARKETING, MEDIA & PR

STADIUM FITNESS CENTRE

MUSEUM & TOURS

HIRER CONTRACTS

EVENT MANAGEMENT

VENUE OPERATIONS

VENUE & ASSET MANAGEMENT

CAPITAL WORKS

WH&S

PATRICK WILSONGeneral Manager

Events and

Operations

GROUNDS & EVENT SERVICES

COMMITTEE

JANE COLESGeneral Manager

Membership and

Marketing

AUDIT & RISK COMMITTEE

PIERS THOMPSONGeneral Manager

Major Projects

MANAGEMENT COMMITTEE

JASON HILLGeneral Manager

Commercial

FINANCE COMMITTEE

JAMIE BARKLEYChief Executive Offi cer

MICHAEL BANGELGeneral Manager

Properties

54 55

CEO & General Manager Profi les

Jamie Barkley became Chief Executive Offi cer in

February 2001, responsible for the management and

operation of the Sydney Cricket Ground and Sydney

Football Stadium (now Allianz Stadium). Prior to this,

Jamie was the Chief Operating Offi cer of the Trust

from October 1999 and General Manager of the

Sydney International Aquatic and Athletic Centres

since opening in 1994.

Jamie is Deputy Chairman of the Carbine Club

of NSW and a Board Member of the Bradman

Foundation and the Sydney Cricket Club.

Jamie has a Bachelor of Arts and a Master of

Business Administration from Royal Melbourne

Institute of Technology, and 27 years experience in

sports management and administration.

Jamie Barkley Chief Executive Offi cer

Bernie Lamerton joined the Trust in 1984 after 12

years with the NSW Auditor-General’s Offi ce. He was

appointed to the position of General Manager in 1994.

Bernie is qualifi ed in accounting, having CPA status

with the Australian Society of Certifi ed Practising

Accountants.

He holds the dual role of Chief Financial Offi cer and

Trust Secretary as nominated in the Trust Charter. He

is responsible for preparation of the Trust’s statutory

fi nancial statements.

General Manager – Corporate Services

Bernie LamertonGeneral Manager – Properties

Michael Bangel joined the Trust in 1994. Michael is a

registered architect with experience in building design

and construction, and property development and

management.

Michael manages the Trust’s facilities and assets.

He is responsible for new capital works projects,

upgrades and refurbishments, grounds and building

maintenance, plant and equipment, service contracts,

on-site tenants and work health and safety.

Michael Bangel

General Manager – Commercial

Jason Hill joined the Trust in October 2000 as

Sales and Marketing Manager. Before this he held

management roles at The Tattersalls Club, NSW

Rugby Union and St George Rugby League Club after

beginning his career in sport and venue management

at South Sydney Rugby League Club.

He was appointed as the Trust’s General Manager

– Business Development in March 2005. This role

evolved into his current one last year following a

restructure of Trust divisions. He is responsible

for strategies designed to achieve revenue targets

in hospitality, Gold and Platinum membership,

advertising signage, sponsorship sales and

commercial rights. Jason has a Bachelor of

Economics degree with Honours in Industrial

Relations.

Jason Hill

General Manager – Events and Operations

Patrick Wilson joined the Trust in late 2011, after

23 years experience at senior management level in

professional sports organisations and venues.

He is responsible for event acquisition, event delivery,

sports partner contracts and key venue supply

agreements including catering services, ticketing,

merchandise and waste management.

Patrick holds qualifi cations in Leisure Studies

and Sports Management from the University of

Technology, Sydney.

Patrick Wilson

General Manager – Major Projects

Piers Thompson joined the Trust in January this

year. Piers has been a long-term advisor to the

Trust providing project management, coordination

and client representative services. Trust projects he

has worked on include the Master Plan review of

venues and infrastructure for future development;

the redevelopment of the Victor Trumper Stand and

planning for the redevelopment of the Noble, Bradman

and Messenger stands.

Piers has a Diploma in Business Management and

more than 10 years experience managing large

scale projects across a broad range of industries,

specialising in major sporting events in the last fi ve

years.

Piers is responsible for the ongoing development

and implementation of the Trust’s Master Plan with a

particular focus in the short term of the construction

of the SCG’s new northern stand.

Piers ThompsonGeneral Manager – Membership and Marketing

Jane Coles

Jane Coles was appointed General Manager –

Membership & Marketing in August 2011 following a

restructure to the executive team. She is responsible

for the strategic direction and overall management

of membership and customer services, the Stadium

Fitness Centre, the SCG Museum, the Tour

Experience and the marketing and communications of

our venues and the Trust.

Jane joined the Trust in December 1995 at the Sydney

Aquatic and Athletic Centres and moved to the

Sydney Cricket Ground and Sydney Football Stadium

(now Allianz Stadium) in February 2001. She has over

15 years experience in management, leadership,

membership, strategic marketing and planning.

Jane is qualifi ed with a Bachelor of Science in

Kinesiology and certifi cates in Marketing and Event

Management.

56 57

Trustees

Committees: Finance, Grounds and Event Services,

Management, Museum and Archives Taskforce,

Grandstand

Bachelor of Arts

Former NSW Member of Parliament 1978 – 1988

Former NSW Minister for Education 1984 – 1988

Former NSW Minister for Energy & Minister for Finance

1984

Chairman: C E W Bean Foundation

President: Sydney Cricket Club

Director: Highlands District Cricket Association

Appointed Trustee to 13 July 2013

Rodney Cavalier AO Trust Chairman

Committees: Audit and Risk, Finance, Grounds and

Event Services, Management, Grandstand

Member: RBS Group (Australia) Pty Ltd Advisory

Council

Company Director: Maple-Brown Abbott Limited

Life Member: Australia and New Zealand Institute of

Insurance & Finance

Fellow: Australian Institute of Management

Foundation Fellow: Australian Institute of Company

Directors

Former Chairman: QBE Insurance Group Ltd (resigned

4 July 2010)

Appointed Trustee to 13 July 2013

John Cloney AM

Deputy Chairman; Chairman, Finance Committee

Committees: Grounds and Event Services,

Management

Bachelor of Science (Hons) University of Sydney

Retired from career as research chemist and

marketing in private industry

Member: Wallaby Hall of Fame

Member: International Rugby Hall of Fame

Member: The Sport Australia Hall of Fame

Former President: NSW Rugby Union

Former Australian rugby captain

Patron: Australian Barbarians and Classic Wallabies

Members-elected Trust representative

Appointed Trustee to 13 July 2014

Ken Catchpole OAM

Committee: Finance

Journalist

Board Member: NSW Export and Investment Advisory

Board

Director: Bradman Foundation

Former Chairman: News Limited

Former CEO: News Limited

Former Chairman and Director: Australian News

Channel

Former Director: Foxtel

Former Director & Advisory Board Member: American

Australian Association

Appointed Trustee to 13 July 2015

John Hartigan

Committee: Grounds and Event Services

Consultant

Bachelor of Economics (University of Sydney)

Bachelor of Laws (University of Technology, Sydney)

Former Premier of NSW 2005 – 2008

Former Leader of the Australian Labor Party in NSW

2005 – 2008

Former Treasurer of NSW 2005 – 2006

Former Minister for Health 2003 – 2005

Former Minister for Public Works 1999 – 2003

Former Minister for Sport 2001 – 2003

Former Member for Hurstville 1991 – 1999

Former Member for Lakemba 1999 – 2008

Appointed Trustee to 13 July 2013

Hon Morris Iemma

Chairman, Audit and Risk Committee

Committees: Audit and Risk, Finance, Grandstand

Lawyer

Director: Ramsay Health Care Ltd

Director: Maxwood Pty Ltd

Director: McGeoch Holdings Pty Ltd

Director: Destination NSW

Chairman: Sky City Entertainment Group Limited

Chairman: Vantage Private Equity Growth Limited

Chairman: Flyingfox Pty Ltd

Chairman: BGP Holdings Plc

Chairman: BGP Investments S.a.r.l.

Appointed Trustee to 13 July 2015

Rod McGeoch AM LLB

Committee: Finance

Barrister (admitted 1976)

Queen’s Counsel (appointed 1988)

Fellow of the Senate of the University of Sydney

1995 – 2010

Pro Chancellor: University of Sydney 2005 – 2010

Member: Senate Honorary Awards Committee

2001 – 2010

Member: Senate Sports Liaison Committee

(Convener) 2002 – 2010

Member: Senate Finance Committee 1998 – 2007

Member: NSW Legal Aid Review Committee #1 since

1988

Chairman: John Stephen Akhwari Athletics Foundation

(JSAAF) since 2001

President: St Thomas More Society (Guild of Catholic

Lawyers) 1992 – 2005

Appointed Trustee to 13 July 2013

John McCarthy QC

Chairperson, Management Committee and Museum & Archives Taskforce

Kaye Schofi eld

Committees: Finance, Management, Museum &

Archives Taskforce

Bachelor of Arts

Master of Education

Executive Director: Kaye Schofi eld & Associates Pty

Ltd (management consultants)

Director: WaterEd Australia Pty Ltd

Director: Oz Harvest Limited

Appointed Trustee to 13 July 2013

58 59

Committee: Grounds and Event Services

Graduate of Queensland and Oxford universitiesFormer speech writer and senior advisor to Prime Minister Malcolm FraserQueen’s Birthday Honour: Offi cer of the Order of Australia for the services to the media and sports administrationFormer Australian rugby union coachFormer coach of the Balmain and South Sydney rugby league clubsElected to the Confederation of Australian Sports Hall of Fame 1985Broadcaster: Radio Station 2GB and formerly with the Channel 9 Today Show presenting editorial comment daily for 20 yearsAwarded Australian Radio Talk Personality of the Year: 1990, 1991, 1992, 1993, 1995, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, and 2005Awarded Australian Radio Best Current Affairs Commentator: 1991, 1992, 1993, 1995, 1996, 1997, 1998, 2000, 2001, 2002, 2003, 2004, and 2005Advance Australia Award – Services to the Community 1993Awarded the Inaugural Sir Roden Cutler Medal for Services to the Community 2003Deputy Chairman: NSW Institute of SportFormer Deputy Chairman: Australian Sports Commission 1998 – 2008

Appointed Trustee to 13 July 2013

Alan Jones AO

Trustees

Committee: Grounds and Event Services

Former Australian Test cricket player

Director: MacGill Consultancy Group

Director: Cell & Gene Trust

Director: Heritage Bar & Restaurant Pty Ltd

Appointed Trustee to 13 July 2015

Stuart MacGill

Committees: Audit and Risk, Finance, Grounds and

Event Services, Management, Grandstand

Consultant: independent compliance consultant to the

fi nancial services industry

Director: ALE Property Group

Members-elected Trust representative

Appointed Trustee to 13 July 2014

James McNally

Committee: Grounds and Event Services

International businessman & philanthropist

Former Australian Test cricket captain

Inducted into the Australian Cricket Hall of Fame 2009

Inducted into the International Cricket Council Hall of

Fame 2009

Founder & Chairman: Steve Waugh Foundation,

Global

Founder & Chairman: Steve Waugh Foundation,

Australia

Founder & Chairman: Steve Waugh Foundation, India

Queen’s Birthday Honour: Offi cer of the Order of

Australia for services to cricket and charity 2003

Australian of the Year 2004

Australian Father of the Year 2005

Named one of Australia’s ‘National Living Treasures’

by the National Trust of Australia 2006

Member: Laureus World Sports Academy & Sports for

Good Foundation, Global

Patron: Udayan (home for the rehabilitation for children

affected by leprosy) Kolkata, India

Patron: Calcutta Girls Foundation, Kolkata, India

Appointed Trustee to 13 July 2013

Steve Waugh AO

Chairman, Grounds and Event Services Committee and Grandstand Committee

Tony Shepherd

Committees: Grounds and Event Services,

Grandstand

Bachelor of Commerce

Chairman: Transfi eld Services Limited

Chairman: Greater Western Sydney GIANTS AFL Club

President: Business Council of Australia

Director: VicTrack

Director: Virgin Australia International Holdings

Appointed Trustee to 13 July 2013

Gail Kelly

Chief Executive Offi cer and Managing Director:

Westpac Group

Director: Business Council of Australia

Director: Australian Bankers’ Association

Director: Financial Markets Foundation for Children

Member: Financial Sector Advisory Council

Appointed Trustee to 31 December 2015

Committee: Grounds and Event Services

Term completed: 13 July 2011

Michael Eyers AM

Committee: Grounds and Event Services

Term completed: 13 July 2011

Hon Michael Cleary AO

Committee: Grounds and Event Services

Term completed: 13 July 2011

Catherine Harris AO PSM

Trustees who completed service during the past year:

Committees: Audit and Risk, Finance and

Management

Bachelor of Business (Marketing & Accounting)

Chairman: Sydney Metro: Ford Dealers Advertising

Fund Ltd

Executive Chairman: Peter Warren Group of

Companies

Director: Ford Dealers Advertising Fund Ltd

Member: Board of Management, St Vincents Prostate

Cancer Centre

Appointed Trustee to 13 July 2013

Paul Warren

60 61

Trust Charter & Constitution

Charter: Sydney Cricket & Sports Ground Act, 1978 No. 72

The Trust was constituted under this Act and is

charged with the care, control and management of the

scheduled lands dedicated for public recreation.

The Trust may allow the scheduled lands or any part

thereof to be used by persons, clubs, associations,

leagues or unions at such times and on such terms

and conditions as the Trust may think fi t and proper

for cricket, football, athletics, public amusement or

any other purpose which the Minister may approve.

The Trust may carry out works for the improvement,

development and maintenance of the Trust lands

including the redesigning of areas, the construction

of any building or structure on the Trust lands, and

the provision of stands and other accommodation for

spectators frequenting the Trust lands.

Constitution of the Trust

Under Section 5(2), the Trust shall have and may

exercise and perform the functions conferred or

imposed on it by or under the Act, and shall in the

exercise or performance of its functions, be subject to

the control and direction of the Minister for Sport and

Recreation.

The Trust consists of 15 members, 13 appointed by

the Governor and two elected by Members. Each

Trustee is appointed for a term of up to four years.

Our Vision

To celebrate sport, create history, enhance

entertainment and share the experience.

Trust Values

The Trust is guided by a strong commitment to fi ve

core values. They defi ne us as an organisation, while

underpinning our key decisions, actions and response

to challenges and new opportunities.

Heritage:

We honour our past as proud custodians of our

history and traditions.

Integrity:

We operate as an ethical organisation with a clear set

of values practised by all employees.

Relationships:

We promote positive relationships built on honesty,

consultation and service.

Passion:

We are passionate about the sports and events we

host, and about innovation in all that we do.

Diversity:

We embrace diversity, value differences and respect

our communities.

Trust Meetings

From 1 March 2011 to 29 February 2012, attendances

by Trustees at the Grounds and Event Services

Committee, Finance Committee, Management

Committee, Audit and Risk Committee and Trust

meetings are set out on the following table.

The number of meetings held was:

• Four Grounds and Event Services Committee

• Four Finance Committee

• Three Management Committee

• Two Audit and Risk Committee

• 11 Trust

# Term Completed 13 July 2011

* Term Commenced 14 July 2011

+ Term Commenced 1 January 2012

TrusteesGrounds & Event

Services Committee

Finance

Committee

Management

Committee

Audit & Risk

CommitteeTrust

Rodney Cavalier AO 4 4 3 11

John Cloney AM 3 4 2 1 10

Ken Catchpole OAM 4 3 9

Hon Michael Cleary AO # 2 3

Michael Eyers, AM # 2 3

Catherine Harris AO PSM # 2 4

John Hartigan * 2 5

Hon Morris Iemma 10

Alan Jones AO 9

Gail Kelly + 1

Stuart MacGill * 2 7

John McCarthy QC 4 11

James McNally 4 4 3 2 11

Rod McGeoch AM LLB 2 2 9

Kaye Schofi eld 4 3 9

Tony Shepherd 4 9

Paul Warren 4 3 2 8

Steve Waugh AO 5

“ We are passionate about the

sports and events we host,

and about innovation in

all that we do. ”

62 63

Financial Indicators

9

8

7

6

5

4

3

2

1

0

2007/08 2008/09 2009/10 2010/11 2011/12

7

6

5

4

3

2

1

0

2007/08 2008/09 2009/10 2010/11 2011/12

EARNINGS BEFORE INTEREST – $M

72

70

68

66

64

62

60

58

56

2007/08 2008/09 2009/10 2010/11 2011/12

REVENUE – $M

45

40

35

30

25

20

15

10

5

0

2007/08 2008/09 2009/10 2010/11 2011/12

DEBT LEVELS – $M

20,000

18,000

16,000

14,000

12,000

10,000

2007/08 2008/09 2009/10 2010/11 2011/12

MEMBERSHIP RENEWALS

OPERATING SURPLUS V BUDGET – $M

Actual

Budget

Actual

Budget

64 65

Independent Auditor’s Report

Statement by Members of the Trust

66 67

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent

2012 2011 2012 2011

Notes $’000 $’000 $’000 $’000

REVENUE

Membership 2a 17,973 16,493 17,973 16,493

Hire Fees 8,115 9,361 8,115 9,361

Catering 2b 13,593 14,584 13,593 14,584

Advertising & Sponsorship 2c 9,061 7,855 9,061 7,855

Corporate Seating Sales 2d 5,808 6,513 5,808 6,513

Government Grant 2e 2,500 - 2,500 -

Other Revenue 2f 9,425 9,838 9,425 9,838

Total Revenue 66,475 64,644 66,475 64,644

EXPENDITURE

Operating Costs 3a 35,761 36,601 35,761 36,601

Employee Related Expense 3b 14,492 13,940 2,152 2,009

Personnel Services Expense 3b - - 12,530 11,985

Depreciation 6 10,152 9,929 10,152 9,929

Finance Costs 3c 3,282 3,947 3,282 3,947

Total Expenditure 63,687 64,417 63,877 64,471

SURPLUS/(DEFICIT) BEFORE GAINS/(LOSSES) 2,788 227 2,598 173

Gain/(Loss) on Disposal of Plant & Equipment 2g 42 (166) 42 (166)

Gain/(Loss) on Disposal of Land

– Conversion to Finance Lease2h - 4,638 - 4,638

SURPLUS/(DEFICIT) FOR THE YEAR 2,830 4,699 2,640 4,645

Other Comprehensive Income

Net Increase/(Decrease) in Property, Plant &

Equipment Revaluation Reserve6 - - - -

Actuarial Gains/(Losses) on Defi ned Benefi t Pension

Plans 9 (190) (54) - -

Other Comprehensive Income for the Year (190) (54) - -

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR2,640 4,645 2,640 4,645

The accompanying notes form part of these fi nancial statements.

SYDNEY CRICKET AND SPORTS GROUND TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 29 FEBRUARY 2012

Consolidated Parent

2012 2011 2012 2011

Notes $’000 $’000 $’000 $’000

ASSETS

Current Assets

Cash and Cash Equivalents 4 4,808 2,040 4,808 2,040

Receivables 5 7,762 8,796 7,762 8,796

Inventories 698 933 698 933

Total Current Assets 13,268 11,769 13,268 11,769

Non-Current Assets

Property, Plant & Equipment 6 566,340 565,188 566,340 565,188

Receivables 5 5,466 4,702 5,466 4,702

Total Non-Current Assets 571,806 569,890 571,806 569,890

Total Assets 585,074 581,659 585,074 581,659

LIABILITIES

Current Liabilities

Payables 7a 8,127 8,370 8,110 7,997

Other Liabilities 7b 13,580 13,161 13,580 13,161

Borrowings 8 1,748 3,045 1,748 3,045

Provisions 9 2,000 1,850 2,405 2,396

Total Current Liabilities 25,455 26,426 25,843 26,599

Non-Current Liabilities

Other Liabilities 7b 3,280 2,299 3,280 2,299

Borrowings 8 33,540 32,990 33,540 32,990

Provisions 9 388 173 - -

Total Non-Current Liabilities 37,208 35,462 36,820 35,289

Total Liabilities 62,663 61,888 62,663 61,888

Net Assets 522,411 519,771 522,411 519,771

EQUITY

Reserves 333,336 333,336 333,336 333,336

Accumulated Funds 189,075 186,435 189,075 186,435

Total Equity 522,411 519,771 522,411 519,771

The accompanying notes form part of these fi nancial statements.

BEGINNING OF AUDITED FINANCIAL STATEMENTS

68 69

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent

AccumulatedFunds

Asset Revaluation

Reserve

Total AccumulatedFunds

Asset Revaluation

Reserve

Total

Notes $’000 $’000 $’000 $’000 $’000 $’000

Balance at

1 March 2011186,435 333,336 519,771 186,435 333,336 519,771

Surplus/(Defi cit) for the Year 2,830 - 2,830 2,640 - 2,640

Net Increase/(Decrease) in

Property, Plant & Equipment

Revaluation Reserve

6 - - - - - -

Actuarial Gains/(Losses) on

Defi ned Benefi t Pension Plans9 (190) - (190) - - -

Total Comprehensive

Income for the Year2,640 - 2,640 2,640 - 2,640

Transactions with Owners

in Their Capacity as Owners

Increase/(Decrease) in Net

Assets from Equity Transfers- - - - - -

Balance at

29 February 2012189,075 333,336 522,411 189,075 333,336 522,411

Balance at

1 March 2010181,628 333,498 515,126 181,628 333,498 515,126

Surplus/(Defi cit) for the Year 4,699 - 4,699 4,645 - 4,645

Net Increase/(Decrease) in

Property, Plant and Equipment

Revaluation Reserve

162 (162) - 162 (162) -

Actuarial Gains/(Losses) on

Defi ned Benefi t Pension Plans(54) - (54) - - -

Total Comprehensive

Income for the Year4,807 (162) 4,645 4,807 (162) 4,645

Transactions with Owners

in Their Capacity as Owners

Increase/(Decrease) in Net

Assets from Equity Transfers- - - - - -

Balance at

28 February 2011186,435 333,336 519,771 186,435 333,336 519,771

The accompanying notes form part of these fi nancial statements.

SYDNEY CRICKET AND SPORTS GROUND TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent

2012 2011 2012 2011

Notes $’000 $’000 $’000 $’000

CASH FLOWS FROM OPERATING

ACTIVITIES

Payments

Suppliers & Employees (55,839) (71,594) (55,839) (71,594)

Interest Paid (2,143) (2,497) (2,143) (2,497)

Other (1,918) (2,855) (1,918) (2,855)

Total Payments (59,900) (76,946) (59,900) (76,946)

Receipts

Receipts from Operations 74,442 76,605 74,442 76,605

Interest Received 213 279 213 279

Other 88 449 88 449

Total Receipts 74,743 77,333 74,743 77,333

NET CASH FLOWS FROM OPERATING

ACTIVITIES14b 14,843 387 14,843 387

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Property, Plant & Equipment (11,630) (7,891) (11,630) (7,891)

Proceeds from Sale of Plant & Equipment 510 335 510 335

NET CASH FLOWS FROM INVESTING

ACTIVITIES(11,120) (7,556) (11,120) (7,556)

CASH FLOWS FROM FINANCING

ACTIVITIES

Proceeds from Borrowings - - - -

Repayment of Borrowings (955) (3,064) (955) (3,064)

NET CASH FLOWS FROM FINANCING

ACTIVITIES(955) (3,064) (955) (3,064)

Net Increase/(Decrease) in Cash & Cash

Equivalents2,768 (10,233) 2,768 (10,233)

Opening Cash & Cash Equivalents 2,040 12,273 2,040 12,273

CLOSING CASH & CASH EQUIVALENTS 14a 4,808 2,040 4,808 2,040

The accompanying notes form part of these fi nancial statements.

70

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

71

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Reporting Entity

The Sydney Cricket & Sports Ground Trust, as a reporting entity, is a Public Trading Enterprise. The Trust

is constituted under the provisions of the Sydney Cricket & Sports Ground Act, 1978. The Trust is a

not-for-profi t entity (profi t is not its principle objective). The reporting entity is consolidated as part of the

NSW Total State Sector Accounts.

The Sydney Cricket & Sports Ground Trust Division was established on 17 March 2006 under the Public

Sector Employment and Management Act 2002 (PSEMA) to provide personnel services to the Trust.

The consolidated Financial Statements of the Trust includes the activities of this subsidiary. The Trust is

domiciled in Australia and its principal offi ce is at Moore Park Road, Paddington.

(b) Basis of Preparation

The Trust’s fi nancial statements are general-purpose fi nancial statements, which have been prepared in

accordance with:

• Australian Accounting Standards

• The requirements of the Public Finance and Audit Act 1983 and Public Finance and Audit Regulation

2010

• Interpretations and other professional authoritative pronouncements of the Australian Accounting

Standards Board

These statements have been prepared on an accruals basis and are based on the historic cost convention

except where stated, by the measurement of fair value on selected non-current assets, fi nancial assets and

fi nancial liabilities.

Cost is based on the fair value 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. Present values are calculated using rates

applicable to similar borrowing arrangements of the Trust.

The activities of the Trust concentrate upon its primary role in the care, control and management of the

Sydney Cricket Ground and the Sydney Football Stadium (renamed as Allianz Stadium from 1 March 2012)

which together are lands dedicated for public recreation.

The accounting policies adopted in the preparation of the fi nancial statements are presented below and

have been consistently applied unless otherwise stated.

Judgements, key assumptions and estimations management has made are disclosed in the relevant notes

to the fi nancial statements.

All amounts are expressed in Australian currency and are rounded to the nearest thousand dollars ($’000)

unless otherwise stated.

(c) Statement of Compliance

The consolidated fi nancial statements for the year ended 29 February 2012 have been authorised for issue

by the Trust on 12 June 2012.

The Trust’s fi nancial statements and notes comply with Australian Accounting Standards (which include

Australian Accounting Interpretations) some of which contain requirements specifi c to not-for-profi t entities

that are inconsistent with IFRS requirements.

(d) Revenue Recognition

Revenue is recognised and measured at the fair value of the consideration received or receivable to the

extent that it is probable that the economic benefi ts will fl ow to the Trust and the revenue can be reliably

measured. The following specifi c recognition criteria must be met before revenue is recognised:

• Rendering of Services – where control of a right exists to receive consideration upon completion of or a

stage of services provided

• Interest Income – Interest revenue is recognised as it accrues using the effective interest method as set

out in AASB 139 Financial Instruments: Recognition and Measurement

• Rental revenue is accounted for on a straight-line basis over the lease term

• Grants are recognised as revenues when the Trust obtains control over the assets comprising the

grant. Control is normally obtained upon the receipt of cash.

(e) Property, Plant & Equipment

Physical non-current assets are valued in accordance with the TPP 07-01 ‘Valuation of Physical Non-

Current Assets at Fair Value’ Policy and Guidelines Paper. This policy adopts fair value in accordance with

AASB 116 Property, Plant and Equipment.

Property, plant and equipment is measured on an existing use basis, where there are no feasible alternative

uses in the existing natural, legal, fi nancial and socio-political environment. However, in the limited

circumstances where there are feasible alternative uses, assets are valued at their highest and best use.

Fair value of property, plant and equipment is determined based on the best available market evidence,

including current market selling prices for the same or similar assets. 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 three years or with suffi cient

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 latest revaluation was completed during 2009/10 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 refl ect 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 surplus / defi cit, the increment is recognised immediately as revenue in the surplus/defi cit.

Revaluation decrements are recognised immediately as expenses in the surplus/defi cit, 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-profi t 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 of, any balance remaining in the asset revaluation reserve in respect of that asset is transferred to

accumulated funds.

72

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

73

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

Capitalisation

All physical non-current assets costing over $5,000 individually and all items under $5,000 and above

$2,000 which are considered at risk of theft are capitalised and recorded in the Trust’s assets register.

Depreciation

Property, plant and equipment, other than land, are depreciated at rates based on their expected useful

lives for the Trust, using the straight-line method.

Depreciation rates of each class of depreciable assets are:

Buildings and Improvements 1.1% - 20%

Plant and Equipment 5% - 33.3%

Gain/(Loss) on Disposal of Land

In accordance with AASB 117 and NSW Treasury Policy Paper TPP11-1 disposal of land through a long-

term lease resulting in a gain/loss is treated as a fi nance lease, and as such the net gain/loss on disposal is

recognised through surplus/defi cit.

(f) Maintenance

The cost of 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.

(g) Inventories

Inventories have been valued at the lower of cost and net realisable value. Cost is determined on a

weighted average cost basis.

(h) Employee Entitlements

Provision is made for annual leave and long service leave estimated to be payable to employees as at

reporting date.

Liabilities for salaries and wages (including non-monetary benefi ts) and annual leave are recognised and

measured in respect of employees’ services up to the reporting date at nominal amounts based on the

amounts expected to be paid when the liabilities are settled.

Unused non-vesting sick leave does not give rise to a liability, as it is not considered probable that sick

leave taken in the future will be greater than the benefi ts accrued in the future. Benefi ts for Rostered Days

Off (RDOs) have not been accrued, as the Trust policy is not to cash out these balances.

Benefi ts for long service leave and annual leave have been provided on the basis of emerging entitlements

for recognised service for long service leave, and quantum due at reporting date for annual leave.

In accordance with the Australian Accounting Standard AASB 119 ‘Employee Benefi ts’ liabilities arising in

respect of salaries and wages, annual leave and any other employee benefi ts expected to be settled within

12 months of the reporting date are measured at their nominal amounts based on remuneration rate which

are expected to be paid when the liability is settled. All other employee benefi t liabilities are measured

at the present value of the estimated future cash outfl ows to be made in respect of services provided by

employees up to the reporting date. In determining the present value of future cash outfl ows, the market

yield on national government bonds, which have terms to maturity approximating the terms of the related

liability are used. The provisions for leave entitlements also include the relevant on-costs.

For defi ned contribution superannuation schemes, employer contributions are expensed when incurred. A

liability is recognised only to the extent of unpaid employer contributions at reporting date.

For defi ned benefi t superannuation schemes, expenses are recognised based on the current service

plus interest cost less the expected return on fund assets (net of expenses) for the reporting period

as calculated and advised by Pillar Administration. In accordance with NSW Treasury policy TC11-04

Accounting for Superannuation, the consolidated entity recognises actuarial gains and losses for defi ned

benefi t superannuation schemes outside of the surplus/defi cit in the ‘other comprehensive income’. The

actuarial gains and losses for defi ned benefi t superannuation schemes are expensed by the parent entity

as part of their personnel service expenses. A net liability or asset is recognised based on the difference

between the present value of the Trust’s defi ned benefi t obligations and the fair value of fund assets as

at the reporting date, as adjusted for unrecognised past service costs, unrecognised gains/losses, and

limitations on net assets. The net liability or asset is actuarially determined.

(i) Insurance

The Trust’s insurance activities are conducted through the NSW Treasury Managed Fund.

The expense/premium is determined by the Fund Manager based on past experience.

(j) Receivables & Payables

Accounts receivable, which are generally settled within 30 days, are carried at fair value less any amounts

for impairment. Accounts payable including accruals not yet billed, are recognised when the Trust

becomes obliged to make future payments as a result of purchase of assets or services. Accounts payable

are generally settled within 30 days.

A receivable is recognised when it is probable that the future economic benefi ts 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 economic benefi ts 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 impairment. 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 30 days of invoicing.

If there is objective evidence at year-end that a receivable may not be collectable, its carrying amount is

reduced by means of an allowance for impairment and the resulting loss is recognised in the statement

of comprehensive income. Receivables are monitored during the year and bad debts are written off

against the allowance when they are determined to be irrecoverable. Any other loss or gain arising when a

receivable is derecognised is also recognised in the statement of comprehensive income.

Payables include accrued wages, salaries, and related on-costs (such as payroll tax, fringe benefi ts 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.

74

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

75

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

(k) Net Fair Values of Financial Assets and Liabilities

Interest bearing liabilities are recorded at amortised cost.

Net fair values of other fi nancial instruments are determined on the following basis:

• Monetary fi nancial assets and liabilities (which are not traded in an organised fi nancial market)

– the carrying amounts of trade debtors, trade accounts payable and accruals are recorded on a cost

basis

• Investments in NSW Treasury Corporation Hour-Glass

– the value shown is market value

(l) Debt Management Strategy

The NSW Treasury Corporation actively manages the Trust’s portfolio of debt. The Corporation has

provided the Trust the facility whereby maturing loans may be rolled over and replaced with new loans

while maintaining the original capital value of the portfolio. Borrowings and Advances are shown as

current and non-current liabilities and include the provision for rollover upon maturity. Borrowing costs are

recognised as expenses in the period in which they are incurred.

(m) Sydney Cricket Club

In 2007, the Trust joined with the administration of the former UTS-Balmain District Cricket Club in

establishing the new entity of the Sydney Cricket Club (the Club). The Club is an Incorporated Association

under the Associations Incorporation Act 1984. The Trust and the Club have an association which involves

the provision by the Trust of administrative and other services to the Club. The Trust is represented on

the Club’s Board of Directors in accord with the Club Constitution. The Club is not considered to be

controlled by the Trust. Any expenses that were incurred during the past year through payroll, operational

expenditure and management time have been recouped from the Sydney Cricket Club through the Club’s

operational account. The Trust has established a bank deposit account as security against the overdraft

facility of the Sydney Cricket Club.

(n) Tax Status

The activities of the Sydney Cricket and Sports Ground Trust are exempt from the provisions of the

Income Tax Assessment Act and other Federal Government taxation legislation, with the exception of the

requirement to pay fringe benefi ts tax and GST. The Trust also pays payroll tax.

(o) Goods & Services Tax (GST)

Revenues, expenses and assets are recognised net of GST, except:

• the amount of GST incurred by the Trust as a purchaser that is not recoverable from the Australian Tax

Offi ce (ATO) is recognised as part of the cost of acquisition of an asset or as part of an item of expense

as applicable

• receivables and payables are stated with the amount of GST included

Cash fl ows are included in the Statement of Cash Flows on a gross basis. The GST components of cash

fl ows arising from investing and fi nancing activities that are recoverable from, or payable to, the ATO are

classifi ed as operating cash fl ows.

(p) Comparatives

Except when an Australian Accounting Standard permits or requires otherwise, comparative information is

disclosed in respect of the previous period for all amounts reported in the fi nancial statements.

(q) New Accounting Standards (issued but not effective)

At reporting date a number of accounting standards adopted by the AASB had been issued but are not yet

effective. At present New South Wales Treasury is mandating not to early adopt any of the new Standards/

Interpretations as per Treasury Circular TC 10/08. As such, these new Standards/Interpretations have not

been early adopted by the Trust.

It is considered that the implementation of these standards will not have any material impact on the Trust’s

fi nancial results.

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

2. REVENUE

(a) Membership

Membership Annual Subscriptions 14,334 13,543 14,334 13,543

SCG Member Entrance Fees 548 464 548 464

Platinum/Gold Member Entrance Fees 3,091 2,486 3,091 2,486

17,973 16,493 17,973 16,493

(b) Catering

Income received from liquor and food trading for events, functions and non-event days is detailed as

follows:

Liquor Sales 10,474 11,120 10,474 11,120

Food Sales Commission 2,619 2,598 2,619 2,598

Contract Premium Amortisation 500 866 500 866

13,593 14,584 13,593 14,584

Liquor Trading

The Trust operates through a managing agent for liquor trading in the public, members and corporate areas

of the Sydney Cricket Ground and Allianz Stadium (formerly Sydney Football Stadium). Income from liquor

trading represents gross liquor sales at the Sydney Cricket Ground and Allianz Stadium (formerly Sydney

Football Stadium).

Food Trading

Income from food trading comprises a share of gross food sales received by the Trust.

Amortisation of contract premiums relates to licence fees paid in advance under the previous and new

catering contract. The Trust’s new current catering contract which commenced on 1 November 2011

is due to expire on 31 October 2015. The total premium received under the contract is being amortised

annually over the term of the contract.

(c) Advertising & Sponsorship

Advertising & Sponsorship 9,061 7,855 9,061 7,855

Income includes payments under contract with various companies for naming rights, exclusive product

rights, sponsorship and advertisements that are displayed on fences, grandstands and video scoreboards

at the Sydney Cricket Ground and Allianz Stadium (formerly Sydney Football Stadium).

76

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

77

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

(d) Corporate Seating Sales

Premium Seating 2,384 3,089 2,384 3,089

Private/Corporate Boxes 3,424 3,424 3,424 3,424

5,808 6,513 5,808 6,513

Income includes hire/rental of corporate facilities sold on an annual basis and corporate seating sold on a

daily and seasonal basis providing dining/viewing for major and other events at the Sydney Cricket Ground

and the Sydney Football Stadium (now Allianz Stadium).

(e) Government Grants

NSW Government Grant 2,500 - 2,500 -

Construction of the SCG Stage Two grandstand commenced in March 2012, the project is scheduled to be

completed in late 2013. In fi nancing the cost of the new grandstand, the Trust received an initial grant of

$2.5 million in 2011 from the NSW Government towards the initial project design costs.

(f) Other Revenue

Merchandising 516 562 516 562

Ticketing 1,062 890 1,062 890

Parking Fees 1,559 1,892 1,559 1,892

Interest Received 213 279 213 279

Rental Income 3,414 2,879 3,414 2,879

Contributions from Hirers 1,562 1,551 1,562 1,551

Insurance Recoveries 56 829 56 829

Sundry 1,043 956 1,043 956

9,425 9,838 9,425 9,838

(g) Gain / (Loss) on Disposal of Plant & Equipment

Proceeds from Disposal 208 278 208 278

Written Down Value of Assets Disposed (166) (444) (166) (444)

Gain/(Loss) on disposal of Plant & Equipment 42 (166) 42 (166)

(h) Gain / (Loss) on Disposal of Land

Proceeds from Disposal - 4,915 - 4,915

Written Down Value of Land Disposed - (277) - (277)

Gain on Disposal of Land - 4,638 - 4,638

During 2010/11, the Trust secured a licence with a ground hirer to facilitate construction of its headquarters

on a parcel of Trust land and to subsequently enter into a long-term lease for occupancy of the site. The

then current value of land subject to lease was $277,000 and the fair value of the lease receivable was

$4.9 million (net present value of the annual lease payments). As such the Trust recorded a one off gain on

disposal of land of $4.6 million.

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

3. EXPENDITURE

(a) Operating Costs

Event Operating Costs 12,372 13,169 12,372 13,169

Ground Operation & Maintenance 7,589 7,811 7,589 7,811

Liquor Cost of Goods Sold 3,177 3,517 3,177 3,517

Liquor Management Fee 3,334 3,545 3,334 3,545

Corporate Seating Expenses 2,740 3,033 2,740 3,033

Marketing Expenses 2,705 1,776 2,705 1,776

Advertising & Sponsorship 370 228 370 228

Audit Fees (Audit Offi ce of NSW) 84 80 84 80

Accounting and Legal Services 192 190 192 190

Consultant Fees 977 843 977 843

Travel 97 135 97 135

Postage/Freight 250 172 250 172

Communication Expenses 175 162 175 162

Printing & Stationery 895 734 895 734

Impairment Expense - - - -

Bad Debts Written Off - 10 - 10

Insurance 558 559 558 559

Members Seating 246 637 246 637

35,761 36,601 35,761 36,601

(i) The Audit Offi ce of NSW’s fee for auditing the annual fi nancial statements for the year ended 29

February 2012 is $83,500 ($79,500 in 2011).

(b) Employee Related Expense

Salaries & Wages 11,288 10,981 1,485 1,405

Trustees Remuneration 162 128 162 128

Annual Leave & Long Service Leave 887 781 - -

Superannuation 893 853 190 54

Workers Compensation 146 22 - -

Payroll Tax 600 597 - -

Other Staff Related Expenses 516 578 315 422

14,492 13,940 2,152 2,009

Personnel Services - - 12,530 11,985

14,492 13,940 14,682 13,994

(c) Finance Costs

Interest on Loans 2,214 2,392 2,214 2,392

NSW Treasury Govt Guarantee Fees 668 1,019 668 1,019

Other Finance Charges 400 536 400 536

3,282 3,947 3,282 3,947

78

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

79

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

4. CASH AND CASH EQUIVALENTS

For the purpose of the Statement of Cash Flows, cash and cash equivalents include cash at bank, cash on

hand, short-term deposits and bank overdraft. Cash and cash equivalent assets recognised in the Statement

of Financial Position are reconciled at the end of the fi nancial year to the Statement of Cash Flows as follows:

Cash 577 373 577 373

NSW Treasury Corporation Hour-Glass 4,231 1,667 4,231 1,667

Cash & Cash Equivalents per

Statement of Financial Position4,808 2,040 4,808 2,040

Cash & Cash Equivalents per Statement of

Cash Flows4,808 2,040 4,808 2,040

5. RECEIVABLES

Current:

Prepayments 1,474 2,887 1,474 2,887

Accrued Income 1,386 261 1,386 261

Catering Debtors 1,212 619 1,212 619

Sundry Debtors 3,067 4,532 3,067 4,532

GST Receivable 232 92 232 92

Allowance for Impairment - - - -

Futures Contracts 391 405 391 405

7,762 8,796 7,762 8,796

Non-Current:

Finance Lease Receivable 4,568 4,558 4,568 4,558

Prepayments 898 144 898 144

5,466 4,702 5,466 4,702

Movement in the Allowance for Impairment

Balance at 1 March - - - -

Amounts Written Off During the Year - - - -

Amounts Received During the Year - - - -

Increase/(Decrease) in Allowance

Recognised in Surplus or Defi cit - - - -

Balance at Reporting Date - - - -

2012 2012 2011 2011

Finance Lease Receivable $’000 $’000 $’000 $’000

Gross Investment

Present Value

Gross Investment

Present Value

< 1 year 300 300 300 300

> 1 year < 5 years 1,200 1,035 1,200 1,035

> 5 years 13,143 3,533 13,443 3,523

14,643 4,867 14,943 4,858

The fi nance lease relates to a 50-year licence granted by the Trust to a hirer to construct and occupy premises

on Trust land. Unearned fi nance income at 29 February 2012 stood at $9.8 million (28 February 2011: $10.1

million). Contingent rentals relating to CPI adjustment of $7,600 were collected during 2012 ($800 in 2011).

6. PROPERTY, PLANT & EQUIPMENT

Land at Valuation 35,423 35,423 35,423 35,423

Buildings & Improvements (at fair value) 703,348 698,224 703,348 698,224

Accumulated Depreciation (185,311) (175,869) (185,311) (175,869)

518,037 522,355 518,037 522,355

Plant & Equipment (at fair value) 18,234 16,835 18,234 16,835

Accumulated Depreciation (13,106) (12,656) (13,106) (12,656)

5,128 4,179 5,128 4,179

Work in Progress 7,752 3,231 7,752 3,231

Total Carrying Amount 566,340 565,188 566,340 565,188

The Trust’s current Industrial Special Risks insurance policy as at 29 February 2012 provides a cover on

buildings, plant and equipment to the value of $808 million ($801 million in 2011).

RECONCILIATIONS

Land Buildings Plant &

Equipment

Work in

Progress

Total

2012 $’000 $’000 $’000 $’000 $’000

Carrying Amount

as at 1 March 201135,423 522,355 4,179 3,231 565,188

Net Revaluation Increment - - - - -

Additions - 390 1,511 9,569 11,470

Reclassifi cation - 4,734 314 (5,048) -

Disposals - - (166) - (166)

Depreciation Expense - (9,442) (710) - (10,152)

Carrying Amount

as at 29 February 201235,423 518,037 5,128 7,752 566,340

2011

Carrying Amount as

at 1 March 201035,700 525,022 4,899 2,463 568,084

Net Revaluation Increment - - - - -

Additions - 2,758 519 4,477 7,754

Reclassifi cation - 3,646 63 (3,709) -

Disposals (277) - (444) - (721)

Depreciation Expense - (9,071) (858) - (9,929)

Carrying Amount

as at 28 February 201135,423 522,355 4,179 3,231 565,188

80

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

81

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

6. PROPERTY, PLANT & EQUIPMENT (cont’d)

Valuation of Land, Buildings & Improvements

During 2009/10, the Trust received an independent valuation by the former Land and Property

Management Authority of its vested lands, based on an ‘as zoned and used basis’.

During 2009/10 the Trust received an independent valuation by WT Partnership, registered quantity

surveyors, of the replacement cost of buildings and improvements at the Sydney Cricket Ground and

Sydney Football Stadium (now Allianz Stadium). The valuation at replacement cost was converted to written

down replacement cost by the determination of the remaining useful life of each building.

As a result of the revaluations, an Asset Revaluation Reserve remains established. The balance of this

reserve as at 29 February 2012 stood at $333.3 million (28 February 2011: $333.3 million).

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

7.

(a) PAYABLES

Current:

Sundry Creditors 6,608 6,906 6,608 6,906

Accruals 919 936 902 563

GST Payable - - - -

Interest Payable 600 528 600 528

8,127 8,370 8,110 7,997

(b) OTHER LIABILITIES

Current:

Subscriptions Paid in Advance 8,246 7,879 8,246 7,879

Rents Paid in Advance 1,260 1,834 1,260 1,834

Advertising – Fees in Advance 2,192 1,532 2,192 1,532

Catering – Licence Fees in Advance 500 500 500 500

Other Deferred Income 1,382 1,416 1,382 1,416

13,580 13,161 13,580 13,161

Non-Current:

Catering – Licence Fees in Advance 2,746 1,834 2,746 1,834

Rents – Paid in Advance 428 - 428 -

Other Deferred Income 106 465 106 465

3,280 2,299 3,280 2,299

8. BORROWINGS

Current:

NSW Treasury Corporation Loans 1,748 3,045 1,748 3,045

1,748 3,045 1,748 3,045

Non-Current:

NSW Treasury Corporation Loans 33,540 32,990 33,540 32,990

33,540 32,990 33,540 32,990

Total 35,288 36,035 35,288 36,035

Signifi cant Terms & Conditions:

NSW Treasury Corporation (Bullet) Loans are based upon instalment payments of interest only and

repayment or rollover of principal at maturity. All borrowings are secured by Government Guarantee.

9. PROVISIONS

(a) Employee Entitlements

Current:

Provision for Annual Leave and On-Costs 1,052 951 - -Provision for Long Service Leave and

On-Costs 948 899 - -

2,000 1,850 - -

Non-Current:

Defi ned Superannuation Liability 388 173 - -

2,388 2,023 - -

(b) Personnel Services - Current

Personnel Services in Respect of Employee

Entitlements of the Division - - 2,405 2,396

The Aggregate Employee Benefi t Liability

Recognised and Included in the Financial

Statements is as Follows

Accrued Salaries, Wages and On-Costs 17 373 - -

Provision for Employee Benefi ts (current) 2,000 1,850 - -

Defi ned Benefi t Liability (non-current) 388 173

2,405 2,396 - -

(c) Superannuation – Defi ned Benefi ts Plan

The Trust has a $388,000 ($173,000 in 2011) net liability for the employer’s obligation to defi ned benefi t

superannuation schemes at the Trust.

The funding position at 29 February 2012 in respect of the two defi ned benefi ts schemes related to

personnel services received, namely the State Authorities Superannuation Scheme (SASS) and the State

Authorities Non-Contributory Superannuation Scheme (SANCS) has been advised by Pillar Administration:

82

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

83

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

FUND ESTIMATED RESERVE

ACCOUNTS FUNDS

ACCRUED

LIABILITY

NET LIABILITY

AT YEAR END

2012

$’000

2011

$’000

2012

$’000

2011

$’000

2012

$’000

2011

$’000

SASS 1,720 1,732 2,024 1,824 304 92

SANCS 156 148 240 229 84 81

1,876 1,880 2,264 2,053 388 173

Accounting Policy for Recognising Actuarial Gains/Losses

Actuarial gains and losses are recognised immediately in other comprehensive income in the year in which

they occur.

Fund Information

The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes

including: the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-contributory

Superannuation Scheme (SANCS).

These schemes are defi ned benefi t schemes – at least a component of the fi nal benefi t is derived from a

multiple of member salary and years of membership. The schemes are closed to new members.

Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2012:

SASS

2012

$’000

SANCS

2012

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 1,824 229

Current Service Cost 61 10

Interest Cost 98 12

Contributions by Fund Participants 34 0

Actuarial (Gains)/Losses 51 (19)

Benefi ts Paid (44) 8

Past Service Cost 0 0

Curtailments 0 0

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Present Value of Partly Funded Defi ned Benefi t Obligation at End of the Year 2,024 240

Reconciliation of the Fair Value of Fund Assets:

Fair Value of Fund Assets at Beginning of the Year 1,732 148

Expected Return on Fund Assets 144 11

Actuarial Gains/(Losses) (146) (12)

Employer Contributions 0 0

Contributions by Fund Participants 34 0

Benefi ts Paid (44) 8

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Fair Value of Fund Assets at End of the Year 1,720 155

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Assets & Liabilities Recognised in the Statement of Financial Position:

SASS

2012

$’000

SANCS

2012

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 2,024 240

Fair Value of Fund Assets at End of Year (1,720) (156)

Subtotal 304 84

Unrecognised Past Service Cost 0 0

Unrecognised Gain/(Loss) 0 0

Adjustment for Limitation on Net Asset 0 0

Net Liability/(Asset) Recognised in the Statement of Financial Position at

End of Year304 84

Expense Recognised in the Statement of Comprehensive Income:

Components Recognised in the Statement of Comprehensive Income

Current Service Cost 61 10

Interest Cost 98 12

Expected Return on Fund Assets (Net of Expenses) (144) (11)

Actuarial Losses/(Gains) Recognised in Year 0 0

Past Service Cost 0 0

Movement in Adjustment for Limitation on Net Asset 0 0

Curtailment or Settlement (Gain)/Loss 0 0

Expense/(Income) Recognised 15 11

Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Actuarial (Gains)/Losses 197 (7)

Adjustment for Limit on Net Asset 0 0

Cumulative Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Cumulative Amount of Actuarial (Gains)/Losses 526 2

Cumulative Adjustment for Limitation on Net Asset 0 0

Fund Assets

The percentage invested in each asset class at the statement of fi nancial position date:

29 FEB 2012

Australian Equities 33.3%

Overseas Equities 28.1%

Australian Fixed Interest Securities 5.4%

Overseas Fixed Interest Securities 2.6%

Property 9.4%

Cash 7.0%

Other 14.3%

84

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

85

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Fair Value of Fund Assets

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

Expected Rate of Return on Assets

The expected return on assets assumption is determined by weighting the expected long-term return for

each asset class by the target allocation of assets to each class. The returns used for each class are net of

investment tax and investment fees.

Actual Return on Fund Assets:

SASS

2012

$’000

SANCS

2012

$’000

Actual Return on Fund Assets (11) (1)

Valuation Method & Principal Actuarial Assumptions at the Balance Date:

a) Valuation Method

The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned

benefi t obligations and the related current service costs. This method sees each period of service as giving

rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal

obligation.

b) Economic Assumptions:

29 FEB 2012

Salary Increase Rate (excluding promotional increases) 2.5% pa

Rate of CPI Increase 2.5% pa

Expected Rate of Return on Assets 8.60%

Discount Rate 4.01% pa

c) Demographic Assumptions

The demographic assumptions at 29 February 2012 are those that were used in the 2009 triennial actuarial

valuation. Information regarding the most recent triennial review (2009) is available from the ‘Report on

Actuarial Investigation of State Superannuation Schemes 2009’ at www.treasury.nsw.gov.au.

Expected Contributions:

SASS

2012

$’000

SANCS

2012

$’000

Expected Employer Contributions to be Paid in the Next Accounting Period 0 0

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Funding Arrangements for Employer Contributions:

(a) Surplus/Defi cit

The following is a summary of the 29 February 2012 fi nancial position of the fund calculated in accordance

with AAS 25 ‘Financial Reporting by Superannuation Plans’:

SASS

2012

$’000

SANCS

2012

$’000

Accrued Benefi ts 1,739 221

Net Market Value of Fund Assets (1,720) (156)

Net (Surplus)/Defi cit 19 65

(b) Contribution Recommendations

Recommended contribution rates for the entity are:

SASS SANCS

Multiple of Member

Contributions

% Member

Salary

0.00 0.00

(c) Funding Method

Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury.

(d) Economic Assumptions

The economic assumptions adopted from the 2009 triennial actuarial review of the fund are:

Weighted Average Assumptions

Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa

Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa

Expected Salary Increase Rate 4.0% pa

Expected Rate of CPI Increase 2.5% pa

Nature of Asset/Liability

If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it

in the form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary.

Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of

Fund assets and the defi ned benefi t obligation.

86

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

87

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Historical Information

SASS

2012

$’000

SANCS

2012

$’000

Present Value of Defi ned Benefi t Obligation 2,024 240

Fair Value of Fund Assets (1,720) (156)

(Surplus)/Defi cit in Fund 304 84

Experience Adjustments – Fund Liabilities 51 (19)

Experience Adjustments – Fund Assets 146 12

SASS

2011

$’000

SANCS

2011

$’000

Present Value of Defi ned Benefi t Obligation 1,824 229

Fair Value of Fund Assets (1,732) (148)

(Surplus)/Defi cit in Fund 92 81

Experience Adjustments – Fund Liabilities (99) 3

Experience Adjustments – Fund Assets 148 2

SASS

2010

$’000

SANCS

2010

$’000

Present Value of Defi ned Benefi t Obligation 2,057 247

Fair Value of Fund Assets (2,027) (183)

(Surplus)/Defi cit in Fund 30 65

Experience Adjustments – Fund Liabilities (51) (15)

Experience Adjustments – Fund Assets (130) (13)

SASS

2009

$’000

SANCS

2009

$’000

Present Value of Defi ned Benefi t Obligation 1,955 238

Fair Value of Fund Assets (1,759) (156)

(Surplus)/Defi cit in Fund 196 82

Experience Adjustments – Fund Liabilities 97 26

Experience Adjustments – Fund Assets 542 48

SASS

2008

$’000

SANCS

2008

$’000

Present Value of Defi ned Benefi t Obligation 1,781 211

Fair Value of Fund Assets (2,234) (212)

(Surplus)/Defi cit in Fund (453) (1)

Experience Adjustments – Fund Liabilities (43) (9)

Experience Adjustments – Fund Assets 142 17

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2011:

SASS

2011

$’000

SANCS

2011

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 2,057 247

Current Service Cost 69 12

Interest Cost 111 13

Contributions by Fund Participants 31 0

Actuarial (Gains)/Losses (99) 3

Benefi ts Paid (345) (46)

Past Service Cost 0 0

Curtailments 0 0

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Present Value of Partly Funded Defi ned Benefi t Obligation at

End of the Year1,824 229

Reconciliation of the Fair Value of Fund Assets:

Fair Value of Fund Assets at Beginning of the Year 2,027 182

Expected Return on Fund Assets 171 14

Actuarial Gains/(Losses) (148) (2)

Employer Contributions (3) 0

Contributions by Fund Participants 31 0

Benefi ts Paid (346) (46)

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Fair Value of Fund Assets at End of the Year 1,732 148

88

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

89

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Assets and Liabilities Recognised in the Statement of Financial Position:

SASS

2011

$’000

SANCS

2011

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 1,824 229

Fair Value of Fund Assets at End of Year (1,732) (148)

Subtotal 92 81

Unrecognised Past Service Cost 0 0

Unrecognised Gain/(Loss) 0 0

Adjustment for Limitation on Net Asset 0 0

Net Liability/(Asset) Recognised in the Statement of Financial Position

at End of Year92 81

Expense Recognised in the Statement of Comprehensive Income:

Components Recognised in the Statement of Comprehensive Income

Current Service Cost 69 12

Interest Cost 111 13

Expected Return on Fund Assets (Net of Expenses) (171) (14)

Actuarial Losses/(Gains) Recognised in Year 0 0

Past Service Cost 0 0

Movement in Adjustment for Limitation on Net Asset 0 0

Curtailment or Settlement (Gain)/Loss 0 0

Expense/(Income) Recognised 9 11

Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Actuarial (Gains)/Losses 49 5

Adjustment for Limit on Net Asset 0 0

Cumulative Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Cumulative Amount of Actuarial (Gains)/Losses 329 (5)

Cumulative Adjustment for Limitation on Net Asset 0 0

Fund Assets

The percentage invested in each asset class at the statement of fi nancial position date:

28 FEB 2011

Australian Equities 33.7%

Overseas Equities 29.3%

Australian Fixed Interest Securities 5.7%

Overseas Fixed Interest Securities 2.9%

Property 9.5%

Cash 6.1%

Other 12.8%

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Fair Value of Fund Assets

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

Expected Rate of Return on Assets

The expected return on assets assumption is determined by weighting the expected long-term return for

each asset class by the target allocation of assets to each class. The returns used for each class are net of

investment tax and investment fees.

Actual Return on Fund Assets:

SASS

2011

$’000

SANCS

2011

$’000

Actual Return on Fund Assets 151 13

Valuation Method & Principal Actuarial Assumptions at the Balance Date:

a) Valuation Method

The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned

benefi t obligations and the related current service costs. This method sees each period of service as giving

rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal

obligation.

b) Economic assumptions:

28 FEB 2011

Salary Increase Rate (excluding promotional increases) 3.5% pa

Rate of CPI Increase 2.5% pa

Expected Rate of Return on Assets 8.6%

Discount Rate 5.5% pa

c) Demographic Assumptions

The demographic assumptions at 28 February 2011 are those that were used in the 2009 triennial actuarial

valuation.

Expected Contributions:

SASS

2011

$’000

SANCS

2011

$’000

Expected Employer Contributions to be Paid in the Next Accounting Period 0 0

90

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

91

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

9. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Funding Arrangements for Employer Contributions:

(a) Surplus/Defi cit

The following is a summary of the 28 February 2011 fi nancial position of the fund calculated in accordance

with AAS 25 ‘Financial Reporting by Superannuation Plans’:

SASS

2011

$’000

SANCS

2011

$’000

Accrued Benefi ts 1,678 215

Net Market Value of Fund Assets (1,732) (148)

Net (Surplus)/Defi cit (54) 67

(b) Contribution Recommendations

Recommended contribution rates for the entity are:

SASS SANCS

Multiple of Member

Contributions

% Member

Salary

0.00 0.00

(c) Funding Method

Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury.

(d) Economic Assumptions

The economic assumptions adopted from the 2009 triennial actuarial review of the fund are:

Weighted Average Assumptions

Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa

Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa

Expected Salary Increase Rate 4.0% pa

Expected Rate of CPI Increase 2.5% pa

Nature of Asset/Liability

If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it

in the form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary.

Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of

Fund assets and the defi ned benefi t obligation.

10. CAPITAL AND OTHER EXPENDITURE COMMITMENTS

Capital Commitments:

Total capital expenditure contracted at reporting date but not provided for in the fi nancial statements:

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

Not Later Than 1 Year 3,847 214 3,847 214

Later Than 1 Year But Not Later Than 5 Years 450 - 450 -

Total (including GST) 4,297 214 4,297 214

Other Expenditure Commitments:

Total other expenditure contracted as at 29 February 2012 but not provided for in the fi nancial statements:

Not Later Than 1 Year 6,274 6,027 6,274 6,027

Later Than 1 Year But Not Later Than 5 Years 13,773 16,957 13,773 16,957

Total (including GST) 20,047 22,984 20,047 22,984

The total expenditure commitments above include input tax credits of $2.21 million (2011: $2.109 million)

which is expected to be recovered from the Australian Tax Offi ce.

Operating Lease Commitments:

Future non-cancellable operating lease rentals not provided for and payable::

Not Later Than 1 Year 208 - 208 -

Later Than 1 Year But Not Later than 5 Years 208 - 208 -

Total (including GST) 416 - 416 -

The total operating leases contracted at 29 February 2012 but not provided for in the fi nancial statements.

Finance Lease Commitments:

Minimum lease payment commitments in relation to fi nance leases payable as follows:

Not Later Than 1 Year - 160 - 160

Later Than 1 year But Not Later Than 5 Years - - - -

Minimum Lease Payments - 160 - 160

Less: Future Finance Charges - 1 - 1

Present Value of Minimum Lease Payments - 159 - 159

The present value of fi nance lease commitments is as follows:

Not Later Than 1 Year - 160 - 160

Later Than 1 Year But Not Later than 5 Years - - - -

Minimum Lease Payments - 160 - 160

92

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

93

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

10. CAPITAL AND OTHER EXPENDITURE COMMITMENTS

Finance Lease Commitments (cont’d)

Classifi ed as:

Current - 160 - 160

Non-Current - - - -

- 160 - 160

Non-Cash Commitments:

The Trust receives contributions of goods and services from certain sponsors. In return, the Trust provides

advertising space and/or use of Trust facilities. The Trust does not consider the value of facilities and

advertising space provided in 2012 to be material.

11. TRUSTEES REMUNERATION

The Trust is classifi ed as an Advisory Board thereby enabling the payment of fees to Trust members.

Fees totalling $161,130 ($127,752 in 2011) were paid to the Trustees in accordance with rates determined by

the Department of Premier and Cabinet.

The Trustees have access to the Trust Suite during event days at the Sydney Cricket Ground and Allianz

Stadium. On occasion, expenses for travel by Trustees on Trust business are reimbursed by the Trust.

There are no other benefi ts paid to the Trustees.

12. CONTINGENT LIABILITIES

The Trust is not aware of any signifi cant or material contingent liability in existence at balance date or which

has emerged subsequent to balance date which would materially impact on the fi nancial position of the

Trust as shown in the Financial Statements.

In 2007, the Trust joined with the administration of the former UTS-Balmain District Cricket Club in

establishing the new entity of the Sydney Cricket Club. The Trust has established a Bank Deposit Account

holding $40,000 as security against the overdraft facility of the Sydney Cricket Club.

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES

The Trust’s main risks arising from fi nancial 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 fi nancial report.

The Trust has 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 Audit and Risk Committee and Internal Audit on a continuous basis.

The Trust’s principal fi nancial instruments comprise receivables, payables, cash, short-term deposits and

variable and fi xed rate debts. The Trust manages its exposure to key fi nancial risks, including interest rate in

accordance with the Trust’s fi nancial risk management policy.

The main risks arising from the Trust’s fi nancial instruments are interest rate risk, credit risk and liquidity

risk. The Trust uses different methods to measure and manage different types of risks. These methods

include ageing analyses and monitoring of specifi c credit allowances which are undertaken to manage

credit risk.

The Trust reviews and agrees policies for managing each of the risks identifi ed below, including the interest

rate risk and credit allowances.

Financial Instrument Categories

Consolidated Parent

Class Category2012

$’000

2011

$’000

2012

$’000

2011

$’000

Financial Assets

Cash & Cash Equivalents N/A 4,808 2,040 4,808 2,040

Receivables(1)Loans and Receivables

(at amortised cost)10,624 10,375 10,624 10,375

Total 15,432 12,415 15,432 12,415

Financial Liabilities

Payables (2)Financial Liabilities

(at amortised cost)8,127 8,370 8,110 7,997

BorrowingsFinancial Liabilities

(at amortised cost)35,288 36,035 35,288 36,035

Total 43,415 44,405 43,398 44,032

Notes

1. Excludes statutory receivables and prepayments (i.e. not within scope of AASB 7).

2. Excludes statutory payables and unearned revenue (i.e. not within scope of AASB 7).

Risk Exposures & Responses

Market Risk

Market risk is the risk that the fair value or future cash fl ows of a fi nancial instrument will fl uctuate

because of changes in market prices. The Trust’s exposures to market risk are primarily through price

risks associated with the movement in interest rate risk on the Trust’s borrowings and other price risks

associated with the movement in the unit price of the Hour Glass Investment Facilities. The Trust has no

exposure to foreign currency risk and does not enter into commodity contracts.

94

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

95

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

The effect on profi t and equity due to a reasonably possible change in risk variable is outlined in the

information below, for interest rate risk and other price risk. A reasonably possible change in risk variable

has been determined after taking into account the economic environment in which the Trust operates and

the time frame for the assessment (i.e. until the end of the next annual reporting period). The sensitivity

analysis is based on risk exposures in existence at the statement of fi nancial position date. The analysis is

performed on the same basis as for 2011. The analysis assumes that all other variables remain constant.

Interest Rate Risk

The Trust’s exposure to market interest rates relates primarily to the Trust’s long term debt obligations and

cash and cash equivalents.

Cash & Cash Equivalents

A reasonably possible change of +/- 1% is used, consistent with current trends in interest rates. The basis

will be reviewed annually and amended where there is a structural change in the level of interest rate

volatility. The Trust’s exposure to interest rate risk is set out below.

Consolidated $‘000 -1% 1%

Carrying

AmountProfi t Equity Profi t Equity

2012

Financial Assets

Cash & Cash

Equivalents577 (6) (6) 6 6

2011

Financial Assets

Cash & Cash

Equivalents373 (4) (4) 4 4

Parent $‘000 -1% 1%

Carrying

AmountProfi t Equity Profi t Equity

2012

Financial Assets

Cash & Cash

Equivalents577 (6) (6) 6 6

2011

Financial Assets

Cash & Cash

Equivalents373 (4) (4) 4 4

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

Interest Rate Risk (Cont’d)

Managed Debt Portfolio

The Trust’s policy is to manage its fi nance costs using a mix of fi xed and variable rate debt.

At 29 February 2012 100% of the Trust’s borrowings were at a fi xed rate of interest (2011: 97.2%).

To manage this mix in a cost-effi cient manner the Trust contracts with the NSW Treasury Corporation

(TCorp) to actively manage the Trust’s portfolio of debt. The corporation has provided the Trust the facility

whereby maturing loans may be rolled over and replaced with new loans whilst maintaining the original

capital value of the portfolio.

TCorp manages interest rate risk exposures applicable to specifi c borrowings of the Trust in accordance

with a debt portfolio mandate agreed between the two parties.

TCorp receives a fee for this service, which may include a performance component where TCorp is able to

add value by achieving a reduction in the Trust‘s debt costs against an agreed benchmark. TCorp may use

derivatives, primarily interest rate futures, to establish short-term (tactical) positions within agreed tolerance

limits to manage portfolio duration and maturity profi les.

The following sensitivity analysis is based on the interest rate risk exposures in existence at the Statement

of Financial Position date:

At 29 February 2012, if interest rates had moved, as illustrated in the table below, with all other variables

held constant, TCorp have estimated that post-tax surplus and equity would have been affected as

follows:

Operating Result

Impact

Equity

Impact

2012

$’000

2011

$’000

2012

$’000

2011

$’000

ConsolidatedIncrease/Decrease

in Basis Points

AUD 100 (1%) 1,295 1,205 1,295 1,205

The sensitivity impact is higher in 2012 than in 2011 as a result of lower interest rates and lengthening of

the overall debt portfolio.

96

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

97

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

Other Price Risks

Hour-Glass Investment Facilities

The Trust holds units in the following Hour-Glass investment trust:

Facility Investment

Sectors

Investment

Horizon

2012

$’000

2011

$’000

Cash FacilityCash, Money Market

InstrumentsUp to 1.5 years 4,231 1,667

The unit price is equal to the total fair value of the net assets held by the facility divided by the total number

of units on issue. Unit prices are calculated and published daily.

NSW Treasury Corporation (TCorp) as trustee for the above facility is required to act in the best interest

of the unit holders and to administer the trusts in accordance with the trust deeds. As trustee, TCorp has

appointed external managers to manage the performance and risks of each facility in accordance with

a mandate agreed by the parties. From April 2007 TCorp commenced acting as a manager for part of

the Cash Facility. A signifi cant portion of the administration of the facility is outsourced to an external

custodian.

The TCorp Hour-Glass Investment Facilities are designated at fair value through profi t/loss.

TCorp provides sensitivity analysis for the Hour-Glass Investment Facilities using historically based volatility

information.

Change in Unit

Price

Impact on Surplus/Defi cit

and Equity

2012

$’000

2011

$’000

Hour-Glass Cash Facility +/- 1% 42 17

A reasonably possible change is based on the percentage change in unit price multiplied by the

redemption value as at 29 February 2012.

Credit Risk

(i) Credit risk arises from the fi nancial assets of the Trust, which comprise cash and cash equivalents,

trade and other receivables. The Trust’s exposure to credit risk arises from potential default of the

counter party, with a maximum exposure equal to the carrying amount.

(ii) The Trust trades only with recognised, creditworthy third parties, and as such collateral is not

requested nor is it the Trust’s policy to securitise its trade and other receivables. There are no

trade and other receivable that are past due or impaired whose terms have been renegotiated.

(iii) All fi nancial assets are unsecured.

(iv) Trust deposits held with NSW TCorp are guaranteed by the State. The NSW State Government has

an AAA credit rating from the Standard and Poor’s rating agency.

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

(v) All trade debtors are recognised as amounts receivable at balance date. Collectability of trade

debtors is reviewed on an ongoing basis. Procedures as established are followed to recover

outstanding amounts, including letters of demand. Debts which are known to be uncollectible are

written off. An allowance for impairment is raised when there is objective evidence that the Trust

will not be able to collect all amounts due. This evidence includes past experience, and current and

expected changes in economic conditions and debtor credit ratings. No interest is earned on trade

debtors.

The Trust is not materially exposed to concentrations of credit risk to a single trade debtor or group

of debtors.

(vi) Receivable balances are monitored on an ongoing basis with Trust’s exposure to bad debts not

being signifi cant.

(vii) Receivables which are past due but not considered impaired are aged as follows:

0-30 days

overdue

31-60 days

overdue

61-90 days

overdue

90+ days

overdue

$’000 $’000 $’000 $’000

As at 29 February 2012 1,108 648 280 579

As at 28 February 2011 101 16 471 2,819

(viii) There were no receivables at reporting date which were considered impaired.

Liquidity Risk

Liquidity risk is the risk that the Trust will be unable to meet its payment obligations when they fall due. The

Trust continuously manages risk through monitoring future cash fl ows and maturities planning to ensure

adequate holding of high quality liquid assets.

The liabilities are recognised for amounts due to be paid in the future for goods or services received,

whether or not invoiced.  Amounts owing to suppliers (which are unsecured) are settled in accordance

with policy set out in Treasury Circular TC11-12.  If trade terms are not specifi ed, payment is made no later

than the end of the month following the month in which an invoice or a statement is received.   For small

business suppliers, payments must generally be made within 30 days of receipt of the invoice. No interest

was paid for late payment during the year.

The Trust’s objective is to maintain a balance between continuity of funding and fl exibility through the use of

bank overdrafts, NSW Treasury Corporation Hour-Glass Investments and NSW Treasury Corporation loans.

The table below summarises the maturity profi t of the Trust’s fi nancial liabilities together with the interest

rate exposure.

During the current and prior year there were no breaches on any loans payable. No assets have been

pledged as collateral. The Trust’s exposure to liquidity risk is deemed insignifi cant based on prior period’s

data and current assessment of risk.

98

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

99

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

Liquidity Risk (Cont’d)

Maturity analysis of fi nancial liabilities is based on management’s expectation.

Maturity Analysis and Interest Rate Exposure

Consolidated Interest Rate Exposure Maturity Dates

Weighted

Average

Effective

Int. Rate

Nominal

Amount

Fixed

Interest

Rate

Variable

Interest

Rate

Non-

Interest

Bearing

< 1 yr 1-5 yrs > 5 yrs

2012 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000

Payables 8,127 - - 8,127 8,127 - -

Borrowings:

TCorp

borrowings

5.77% 44,146 44,146 - - 3,735 26,623 13,788

2011

Payables 8,370 - - 8,370 8,370 - -

Borrowings:

TCorp

borrowings

6.00% 45,164 45,164 1,000 - 3,973 23,302 16,889

Parent Interest Rate Exposure Maturity Dates

Weighted

Average

Effective

Int. Rate

Nominal

Amount

Fixed

Interest

Rate

Variable

Interest

Rate

Non-

Interest

Bearing

< 1 yr 1-5 yrs > 5 yrs

2012 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000 $‘000

Payables 8,110 - - 8,110 8,110 - -

Borrowings:

TCorp

borrowings

5.77% 44,146 44,146 - - 3,735 26,623 13,788

2011

Payables 7,997 - - 7,997 7,997 - -

Borrowings:

TCorp

borrowings

6.00% 45,164 45,164 1,000 - 3,973 23,302 16,889

13. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES (Cont’d)

Liquidity Risk (Cont’d)

Notes:

The amounts disclosed are the contractual undiscounted cash fl ows of each class of fi nancial liabilities

based on the earliest date on which the Trust can be required to pay. The tables include both interest and

principal cash fl ows and therefore will not reconcile to the statement of fi nancial position.

The Trust monitors rolling forecasts of liquidity reserves on the basis of expected cash fl ow.

Credit Standby Arrangements: – The Trust maintains an available standby credit facility through an

approved $100,000 bank overdraft arrangement. The Trust has approval from the Treasury to increase this

facility up to $500,000.

The Trust holds a bank guarantee facility of $2.3 million with $73,588 in use (2011: $15,702).

Fair Value

Financial instruments are generally recognised at cost, with the exception of the TCorp Hour-Glass

facilities, which are measured at fair value. As discussed, the value of the Hour-Glass Investments is based

on the Trust’s share of the value of the underlying assets of the facility, based on the market value. All of the

Hour-Glass facilities are valued using ‘redemption’ pricing.

The amortised cost of fi nancial instruments recognised in the statement of fi nancial position approximates

the fair value, because of the short-term nature of many of the fi nancial instruments. There were no fi nancial

instruments where the fair value differs from the carrying amount.

100

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

101

SYDNEY CRICKET AND SPORTS GROUND TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

14. CASH FLOW INFORMATION

(a) Reconciliation of Cash

For the purpose of the statement of cash fl ows, cash includes: cash on hand, and in banks, and

investments in NSW Treasury Corporation Hour-Glass Facility. Cash at 29 February 2012 as shown in

the statement of cash fl ows is reconciled to the related items in the Statement of Financial Position and

accompanying notes as follows:

Consolidated Parent

2012 2011 2012 2011

$’000 $’000 $’000 $’000

Cash 577 373 577 373

NSW Treasury Corporation Hour-Glass 4,231 1,667 4,231 1,667

4,808 2,040 4,808 2,040

(b) Reconciliation from the surplus/ (defi cit) to the net cash fl ows from operations

Surplus/(Defi cit) for the Year 2,830 4,699 2,640 4,645

Depreciation 10,152 9,929 10,152 9,929

Increase (Decrease) in Debt Transactions 209 289 209 289

Actuarial Gains/(Losses) on Defi ned Benefi t

Pension Plans(190) (54) - -

Loss (Gain) on Sale of Non-Current Assets (42) (4,472) (42) (4,472)

Increase (Decrease) in Creditors 1,393 (9,540) 1,393 (9,540)

Decrease (Increase) in Inventories 235 (215) 235 (215)

Decrease (Increase) in Debtors (109) (326) (109) (326)

Increase (Decrease) in Provisions 365 77 365 77

Net Cash From Operating Activities 14,843 387 14,843 387

Firmly committed long-term fi nancing facilities of $45 million were available to the Trust at 29 February

2012. As at that date, $35.238 million ($36.035 million in 2011) of these facilities was in use.

15. POST BALANCE DATE EVENTS

After reporting date the Trust commenced the $32 million project for demolition of the Noble, Bradman

and Messenger stands before commencement of construction of the SCG Stage Two project. The written

down value of the stands to be demolished represents a fi nancial impact of $32 million.

No other post balance date events have occurred which would materially affect the fi nancial statements.

END OF AUDITED FINANCIAL STATEMENTS

102 103

Independent Auditor’s Report

Statement by Members of the Trust

104

Audited Financial Statements

105

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 29 FEBRUARY 2012

2012 2011

Notes $’000 $’000

REVENUE

Personnel Services 12,530 11,985

Total Revenue 12,530 11,985

EXPENDITURE

Employee Related Expenses 2 12,340 11,931

Total Expenditure 12,340 11,931

SURPLUS/(DEFICIT) FOR THE YEAR 190 54

Other Comprehensive Income

Actuarial Gain/(Loss) on Defi ned Benefi t Plans (190) (54)

Other Comprehensive Income for the Year (190) (54)

TOTAL COMPREHENSIVE RESULT FOR THE YEAR - -

The accompanying notes form part of these fi nancial statements.

BEGINNING OF AUDITED FINANCIAL STATEMENTS

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 29 FEBRUARY 2012

2012 2011

Notes $’000 $’000

ASSETS

Current Assets

Receivables 3 2,405 2,396

Total Current Assets 2,405 2,396

Non-Current Assets

Total Non-Current Assets - -

Total Assets 2,405 2,396

LIABILITIES

Current Liabilities

Payables 4 17 373

Employee Provisions 5 2,000 1,850

Total Current Liabilities 2,017 2,223

Non Current Liabilities

Superannuation Liability 5 388 173

Total Non Current Liabilities 388 173

Total Liabilities 2,405 2,396

Net Assets - -

EQUITY

Accumulated Funds - -

Total Equity - -

The accompanying notes form part of these fi nancial statements.

106

Audited Financial Statements

107

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 29 FEBRUARY 2012

Accumulated

Funds

Total

Notes $’000 $’000

BALANCE AT 1 MARCH 2011 - -

Surplus/(Defi cit) for the Year 190 190

OTHER COMPREHENSIVE INCOME

Actuarial Gains/(Losses) on Defi ned Benefi t Pension Plans (190) (190)

Total Comprehensive Income for the Year - -

BALANCE AT 29 FEBRUARY 2012 - -

BALANCE AT 1 MARCH 2010 - -

Surplus/(Defi cit) for the Year 54 54

OTHER COMPREHENSIVE INCOME

Actuarial Gains/(Losses) on Defi ned Benefi t Pension Plans (54) (54)

Total Comprehensive Income for the Year - -

BALANCE AT 28 FEBRUARY 2011 - -

The accompanying notes form part of these fi nancial statements.

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 FEBRUARY 2012

2012 2011

Notes $’000 $’000

NET CASH FLOWS FROM OPERATING ACTIVITIES - -

NET CASH FLOWS FROM INVESTING ACTIVITIES - -

NET CASH FLOWS FROM FINANCING ACTIVITIES - -

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS - -

Opening Cash & Cash Equivalents - -

CLOSING CASH & CASH EQUIVALENTS - -

The accompanying notes form part of these fi nancial statements.

108

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

109

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Reporting Entity

The Sydney Cricket & Sports Ground Trust Division (the 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.

The Trust is a not for profi t entity (profi t is not its principle objective). The reporting entity is consolidated as

part of the Sydney Cricket and Sports Ground Trust Accounts.

The Entity’s objective is to provide personnel services to the Sydney Cricket & Sports Ground Trust.

The Entity commenced operations on 17 March 2006 when it assumed responsibility for the employees

and employee-related liabilities of the Sydney Cricket & Sports Ground Trust. The Division is domiciled in

Australia and its principal offi ce is at Moore Park Road, Paddington.

(b) Basis of Preparation

The Division’s fi nancial statements are general purpose fi nancial statements prepared in accordance with

the requirements of Australian Accounting Standards (including Australian Accounting Interpretations), the

Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2010, and specifi c directions

issued by the Treasurer.

Generally, the historical cost convention has been adopted and the fi nancial statements do not take into

account changing money values or current valuations. However, certain provisions are measured at fair

value.

The accrual basis of accounting has been adopted in the preparation of the fi nancial statements, except for

cash fl ow information.

Management’s judgements, key assumptions and estimates made are disclosed in the relevant notes to the

fi nancial statements.

All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency.

(c) Statement of Compliance

The Division’s fi nancial statements for the year ended 29 February 2012 has been authorised for issue by

the Trust on 12 June 2012.

The Division’s fi nancial statements comply with Australian Accounting Standards (which includes Australian

Accounting Interpretations).

(d) Revenue Recognition

Revenue 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.

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

(e) Receivables

A receivable is recognised when it is probable that the future economic benefi ts 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 economic benefi ts 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 impairment. 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.

If there is objective evidence at year-end that a receivable may not be collectable, its carrying amount is

reduced by means of an allowance for impairment and the resulting loss is recognised in the statement

of comprehensive income. Receivables are monitored during the year and bad debts are written off

against the allowance when they are determined to be irrecoverable. Any other loss or gain arising when a

receivable is derecognised is also recognised in the statement of comprehensive income.

(f) Payables

Payables include accrued wages, salaries, and related on costs (such as payroll tax, fringe benefi ts 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.

(g) Employee Benefi t Provisions & Expenses

Provision is made for annual leave and long service leave estimated to be payable to employees as at

reporting date.

Liabilities for salaries and wages (including non-monetary benefi ts) and annual leave are recognised and

measured in respect of employees’ services up to the reporting date at nominal amounts based on the

amounts expected to be paid when the liabilities are settled.

Unused non-vesting sick leave does not give rise to a liability, as it is not considered probable that sick

leave taken in the future will be greater than the benefi ts accrued in the future. Benefi ts for Rostered Days

Off (RDOs) have not been accrued, as the Trust policy is not to cash out these balances.

Benefi ts for long service leave and annual leave have been provided on the basis of emerging entitlements

for recognised service for long service leave, and quantum due at reporting date for annual leave.

In accordance with the Australian Accounting Standard AASB 119 ‘Employee Benefi ts’ liabilities arising in

respect of wages and salaries, annual leave and any other employee benefi ts expected to be settled within

12 months of the reporting date are measured at their nominal amounts based on remuneration rate which

are expected to be paid when the liability is settled. All other employee benefi t liabilities are measured

at the present value of the estimated future cash outfl ows to be made in respect of services provided by

employees up to the reporting date. In determining the present value of future cash outfl ows, the market

yield on national government bonds, which have terms to maturity approximating the terms of the related

liability are used. The provisions for leave entitlements also include the relevant on-costs.

For defi ned contribution superannuation schemes, employer contributions are expensed when incurred. A

liability is recognised only to the extent of unpaid employer contributions at reporting date.

110

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

111

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

(g) Employee Benefi t Provisions & Expenses (cont’d)

For defi ned benefi t superannuation schemes, expenses are recognised based on the current service

plus interest cost less the expected return on fund assets (net of expenses) for the reporting period

as calculated and advised by Pillar Administration. In accordance with NSW Treasury policy TC11-04

Accounting for Superannuation, the Division recognises actuarial gains and losses for defi ned benefi t

superannuation schemes outside of the surplus/(defi cit) in the ‘other comprehensive income’. The

actuarial gains and losses for defi ned benefi t superannuation schemes are expensed by the parent entity

as part of their personnel service expenses. A net liability or asset is recognised based on the difference

between the present value of the Trust’s defi ned benefi t obligations and the fair value of fund assets as

at the reporting date, as adjusted for unrecognised past service costs, unrecognised gains/(losses), and

limitations on net assets. The net liability or asset is actuarially determined.

(h) Comparatives

Except when an Australian Accounting Standard permits or requires otherwise, comparative information is

disclosed in respect of the previous period for all amounts reported in the fi nancial statements.

(i) New Accounting Standards Issued But Not Effective

At reporting date, a number of accounting standards adopted by the AASB had been issued but are

not yet effective. At present New South Wales Treasury is mandating not to early adopt any of the

new Standards/Interpretations as per Treasury Circular TC 10-08. As such, these new Standards/

Interpretations have not been early adopted by the Trust.

It is considered that the implementation of these standards will not have any material impact on the Trust’s

fi nancial results.

2. EMPLOYEE RELATED EXPENSES

2012 2011

$ ‘000 $ ‘000

Salaries & Wages 9,962 9,576

Annual Leave/Long Service Leave 728 781

Payroll Tax 600 597

Workers Compensation Insurance 146 22

Superannuation 703 799

Other 201 156

12,340 11,931

3. RECEIVABLES

Current

Parent Entity – Sydney Cricket & Sports Ground Trust 2,405 2,396

2,405 2,396

4. PAYABLES

Current

Accrued Salaries, Wages & On-Costs 17 373

5. PROVISIONS

Current

Annual Leave 1,052 951

Long Service Leave 948 899

Total Employee Related Provisions 2,000 1,850

Non Current

Superannuation Liability 388 173

388 173

Superannuation – Defi ned Benefi ts Plan

The Trust has a $388,000 ($173,000 in 2011) net liability for the employer’s obligation to defi ned benefi t

superannuation schemes at the Trust.

The funding position in respect of the two defi ned benefi ts schemes related to personnel services received,

namely the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-Contributory

Superannuation Scheme (SANCS) has been advised by Pillar Administration:

112

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

113

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

FUND ESTIMATED RESERVE

ACCOUNTS FUNDS

ACCRUED

LIABILITY

NET LIABILITY

AT YEAR END

2012

$’000

2011

$’000

2012

$’000

2011

$’000

2012

$’000

2011

$’000

SASS 1,720 1,732 2,024 1,824 304 92

SANCS 156 148 240 229 84 81

1,876 1,880 2,264 2,053 388 173

Accounting Policy for Recognising Actuarial Gains/Losses

Actuarial gains and losses are recognised immediately in other comprehensive income in the year in which

they occur.

Fund Information

The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes

including the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-contributory

Superannuation Scheme (SANCS).

These schemes are defi ned benefi t schemes – at least a component of the fi nal benefi t is derived from a

multiple of member salary and years of membership. The schemes are closed to new members.

Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2012:

SASS

2012

$’000

SANCS

2012

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 1,824 229

Current Service Cost 61 10

Interest Cost 98 12

Contributions by Fund Participants 34 0

Actuarial (Gains)/Losses 51 (19)

Benefi ts Paid (44) 8

Past Service Cost 0 0

Curtailments 0 0

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Present Value of Partly Funded Defi ned Benefi t Obligation at End of the Year 2,024 240

Reconciliation of the Fair Value of Fund Assets:

Fair Value of Fund Assets at Beginning of the Year 1,732 148

Expected Return on Fund Assets 144 11

Actuarial Gains/(Losses) (146) (12)

Employer Contributions 0 0

Contributions by Fund Participants 34 0

Benefi ts Paid (44) 8

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Fair Value of Fund Assets at End of the Year 1,720 155

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Assets and Liabilities Recognised in the Statement of Financial Position:

SASS

2012

$’000

SANCS

2012

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 2,024 240

Fair Value of Fund Assets at End of Year (1,720) (156)

Subtotal 304 84

Unrecognised Past Service Cost 0 0

Unrecognised Gain/(Loss) 0 0

Adjustment for Limitation on Net Asset 0 0

Net Liability/(Asset) Recognised in the Statement of Financial Position

at End of Year304 84

Expense Recognised in the Statement of Comprehensive Income:

Components Recognised in the Statement of Comprehensive Income

Current Service Cost 61 10

Interest Cost 98 12

Expected Return on Fund Assets (Net of Expenses) (144) (11)

Actuarial Losses/(Gains) Recognised in Year 0 0

Past Service Cost 0 0

Movement in Adjustment for Limitation on Net Asset 0 0

Curtailment or Settlement (Gain)/Loss 0 0

Expense/(Income) Recognised 15 11

Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Actuarial (Gains)/Losses 197 (7)

Adjustment for Limit on Net Asset 0 0

Cumulative Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Cumulative Amount of Actuarial (Gains)/Losses 526 2

Cumulative Adjustment for Limitation on Net Asset 0 0

Fund Assets

The percentage invested in each asset class at the statement of fi nancial position date:

29 FEB 2012

Australian Equities 33.3%

Overseas Equities 28.1%

Australian Fixed Interest Securities 5.4%

Overseas Fixed Interest Securities 2.6%

Property 9.4%

Cash 7.0%

Other 14.3%

114

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

115

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Fair Value of Fund Assets

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

Expected Rate of Return on Assets

The expected return on assets assumption is determined by weighting the expected long-term return for

each asset class by the target allocation of assets to each class. The returns used for each class are net of

investment tax and investment fees.

Actual Return on Fund Assets:

SASS

2012

$’000

SANCS

2012

$’000

Actual Return on Fund Assets (11) (1)

Valuation Method and Principal Actuarial Assumptions at the Balance Date:

a) Valuation Method

The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned

benefi t obligations and the related current service costs. This method sees each period of service as giving

rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal

obligation.

b) Economic Assumptions:

29 FEB 2012

Salary Increase Rate (excluding promotional increases) 2.5% pa

Rate of CPI Increase 2.5% pa

Expected Rate of Return on Assets 8.60%

Discount Rate 4.01% pa

c) Demographic Assumptions

The demographic assumptions at 29 February 2012 are those that were used in the 2009 triennial actuarial

valuation. Information regarding the most recent triennial review (2009) is available from the ‘Report on

Actuarial Investigation of State Superannuation Schemes 2009’ at www.treasury.nsw.gov.au.

Expected Contributions:

SASS

2012

$’000

SANCS

2012

$’000

Expected Employer Contributions to be Paid in the Next Accounting Period 0 0

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Funding Arrangements for Employer Contributions:

(a) Surplus/Defi cit

The following is a summary of the 29 February 2012 fi nancial position of the fund calculated in accordance

with AAS 25 ‘Financial Reporting by Superannuation Plans’:

SASS

2012

$’000

SANCS

2012

$’000

Accrued Benefi ts 1,739 221

Net Market Value of Fund Assets (1,720) (156)

Net (Surplus)/Defi cit 19 65

(b) Contribution Recommendations

Recommended contribution rates for the entity are:

SASS SANCS

Multiple of Member

Contributions

% Member

Salary

0.00 0.00

(c) Funding Method

Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury.

(d) Economic Assumptions

The economic assumptions adopted from the 2009 triennial actuarial review of the fund are:

Weighted Average Assumptions

Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa

Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa

Expected Salary Increase Rate 4.0% pa

Expected Rate of CPI Increase 2.5% pa

Nature of Asset/Liability

If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it

in the form of a reduction in the required contribution rate, depending on the advice of the fund’s actuary.

Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of

fund assets and the defi ned benefi t obligation.

116

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

117

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Historical Information

SASS

2012

$’000

SANCS

2012

$’000

Present Value of Defi ned Benefi t Obligation 2,024 240

Fair Value of Fund Assets (1,720) (156)

(Surplus)/Defi cit in Fund 304 84

Experience Adjustments – Fund Liabilities 51 (19)

Experience Adjustments – Fund Assets 146 12

SASS

2011

$’000

SANCS

2011

$’000

Present Value of Defi ned Benefi t Obligation 1,824 229

Fair Value of Fund Assets (1,732) (148)

(Surplus)/Defi cit in Fund 92 81

Experience Adjustments – Fund Liabilities (99) 3

Experience Adjustments – Fund Assets 148 2

SASS

2010

$’000

SANCS

2010

$’000

Present Value of Defi ned Benefi t Obligation 2,057 247

Fair Value of Fund Assets (2,027) (183)

(Surplus)/Defi cit in Fund 30 65

Experience Adjustments – Fund Liabilities (51) (15)

Experience Adjustments – Fund Assets (130) (13)

SASS

2009

$’000

SANCS

2009

$’000

Present Value of Defi ned Benefi t Obligation 1,955 238

Fair Value of Fund Assets (1,759) (156)

(Surplus)/Defi cit in Fund 196 82

Experience Adjustments – Fund Liabilities 97 26

Experience Adjustments – Fund Assets 542 48

SASS

2008

$’000

SANCS

2008

$’000

Present Value of Defi ned Benefi t Obligation 1,781 211

Fair Value of Fund Assets (2,234) (212)

(Surplus)/Defi cit in Fund (453) (1)

Experience Adjustments – Fund Liabilities (43) (9)

Experience Adjustments – Fund Assets 142 17

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Present Value of the Defi ned Benefi t Obligation 2011:

SASS

2011

$’000

SANCS

2011

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at Beginning of the Year 2,057 247

Current Service Cost 69 12

Interest Cost 111 13

Contributions by Fund Participants 31 0

Actuarial (Gains)/Losses (99) 3

Benefi ts Paid (345) (46)

Past Service Cost 0 0

Curtailments 0 0

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Present Value of Partly Funded Defi ned Benefi t Obligation at End of the Year 1,824 229

Reconciliation of the Fair Value of Fund Assets:

Fair Value of Fund Assets at Beginning of the Year 2,027 182

Expected Return on Fund Assets 171 14

Actuarial Gains/(Losses) (148) (2)

Employer Contributions (3) 0

Contributions by Fund Participants 31 0

Benefi ts Paid (346) (46)

Settlements 0 0

Business Combinations 0 0

Exchange Rate Changes 0 0

Fair Value of Fund Assets at End of the Year 1,732 148

118

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

119

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Reconciliation of the Assets and Liabilities Recognised in the Statement of Financial Position:

SASS

2011

$’000

SANCS

2011

$’000

Present Value of Partly Funded Defi ned Benefi t Obligation at End of Year 1,824 229

Fair Value of Fund Assets at End of Year (1,732) (148)

Subtotal 92 81

Unrecognised Past Service Cost 0 0

Unrecognised Gain/(Loss) 0 0

Adjustment for Limitation on Net Asset 0 0

Net Liability/(Asset) Recognised in the Statement of Financial Position

at End of Year92 81

Expense Recognised in the Statement of Comprehensive Income:

Components Recognised in the Statement of Comprehensive Income

Current Service Cost 69 12

Interest Cost 111 13

Expected Return on Fund Assets (net of expenses) (171) (14)

Actuarial Losses/(Gains) Recognised in Year 0 0

Past Service Cost 0 0

Movement in Adjustment for Limitation on Net Asset 0 0

Curtailment or Settlement (Gain)/Loss 0 0

Expense/(Income) Recognised 9 11

Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Actuarial (Gains)/Losses 49 5

Adjustment for Limit on Net Asset 0 0

Cumulative Amounts Recognised in the Statement of Comprehensive Income

(Other Comprehensive Income):

Cumulative Amount of Actuarial (Gains)/Losses 329 (5)

Cumulative Adjustment for Limitation on Net Asset 0 0

Fund Assets

The percentage invested in each asset class at the statement of fi nancial position date:

28 FEB 2011

Australian Equities 33.7%

Overseas Equities 29.3%

Australian Fixed Interest Securities 5.7%

Overseas Fixed Interest Securities 2.9%

Property 9.5%

Cash 6.1%

Other 12.8%

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Fair Value of Fund Assets

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

Expected Rate of Return on Assets

The expected return on assets assumption is determined by weighting the expected long-term return for

each asset class by the target allocation of assets to each class. The returns used for each class are net of

investment tax and investment fees.

Actual Return on Fund Assets:

SASS

2011

$’000

SANCS

2011

$’000

Actual Return on Fund Assets 151 13

Valuation Method and Principal Actuarial Assumptions at the Balance Date:

a) Valuation Method

The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defi ned

benefi t obligations and the related current service costs. This method sees each period of service as giving

rise to an additional unit of benefi t entitlement and measures each unit separately to build up the fi nal

obligation.

b) Economic Assumptions:

28 FEB 2011

Salary Increase Rate (excluding promotional increases) 3.5% pa

Rate of CPI Increase 2.5% pa

Expected Rate of Return on Assets 8.6%

Discount Rate 5.5% pa

c) Demographic Assumptions

The demographic assumptions at 28 February 2011 are those that were used in the 2009 triennial actuarial

valuation.

Expected Contributions:

SASS

2011

$’000

SANCS

2011

$’000

Expected Employer Contributions to be Paid in the Next Accounting Period 0 0

120

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

121

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

5. PROVISIONS

Superannuation – Defi ned Benefi ts Plan (cont’d)

Funding Arrangements for Employer Contributions:

(a) Surplus/Defi cit

The following is a summary of the 28 February 2011 fi nancial position of the fund calculated in accordance

with AAS 25 ‘Financial Reporting by Superannuation Plans’:

SASS

2011

$’000

SANCS

2011

$’000

Accrued Benefi ts 1,678 215

Net Market Value of Fund Assets (1,732) (148)

Net (Surplus)/Defi cit (54) 67

(b) Contribution Recommendations

Recommended contribution rates for the entity are:

SASS SANCS

Multiple of Member

Contributions

% Member

Salary

0.00 0.00

(c) Funding Method

Contribution rates are set after discussions between the employer (the Trust), STC and NSW Treasury.

(d) Economic Assumptions

The economic assumptions adopted from the 2009 triennial actuarial review of the fund are:

Weighted Average Assumptions

Expected Rate of Return on Fund Assets Backing Current Pension Liabilities 8.3% pa

Expected Rate of Return on Fund Assets Backing Other Liabilities 7.3% pa

Expected Salary Increase Rate 4.0% pa

Expected Rate of CPI Increase 2.5% pa

Nature of Asset/Liability

If a surplus existed in the employer’s interest in the fund, the employer may be able to take advantage of it

in the form of a reduction in the required contribution rate, depending on the advice of the fund’s actuary.

Where a defi ciency exists, the employer is responsible for any difference between the employer’s share of

fund assets and the defi ned benefi t obligation.

6. EMPLOYEE BENEFITS

Liability

The aggregate employee benefi t liability recognised and included in the fi nancial statements is as follows:

Accrued Salaries, Wages & On-Costs 17 373

Provision for Employee Benefi ts:

Current (note 5) 2,000 1,850

Non-Current (note 5) 388 173

2,388 2,023

Total Employee Benefi ts Liability 2,405 2,396

7. ADDITIONAL FINANCIAL INSTRUMENT DISCLOSURES

The Division’s principal fi nancial instruments comprise receivables and payables. The CEO of the Sydney

Cricket & Sports Ground Trust has responsibility for the establishment and oversight of risk management.

Compliance with risk management policies are reviewed by the internal auditors continuously.

Net Fair Values

Financial Instruments are carried at amortised cost. The resultant values are reported in the Statement of

Financial Position and are deemed to constitute net fair values due to their short term nature. The Division

does not enter into or trade fi nancial instruments, including derivative fi nancial instruments, for speculative

purposes.

Financial Instrument Categories

Class Note CategoryCarrying Amount

2012

Carrying Amount

2011

Financial Assets

Receivables 3Loans and Receivables

(measured at amortised cost)2,405 2,396

Financial Liabilities

Payables 4Financial Liabilities

(measured at amortised cost)17 373

122

Audited Financial Statements

SYDNEY CRICKET AND SPORTS GROUND TRUST DIVISION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2012

123

7. ADDITIONAL FINANCIAL INSTRUMENT DISCLOSURES (cont’d

Credit Risk

Credit risk arises when there is the possibility of the Division’s debtors defaulting on their contractual

obligations. The maximum exposure to credit risk is represented by the carrying amounts of the fi nancial

assets.

All receivables are from the parent Sydney Cricket & Sports Ground Trust, comprising salaries and

entitlements of employee services provided. There are no fi nancial assets that are past due or impaired.

No collateral is held by the Division and it has not granted any fi nancial guarantees.

Liquidity Risk

Liquidity risk is the risk that the Division will be able to meet its payment obligations when they fall due.

The fi nancial liabilities recognised are for amounts due to be paid in the future for employee services

received. Amounts owing to employees are settled as they fall due. The Division is not exposed to interest

rate risk and amounts are expected to be settled within 12 months. During the current and previous year

there were no defaults or breaches on any amounts payable. No assets have been pledged as collateral.

Market Risk

Market risk is the risk that the fair value of the fi nancial instrument will fl uctuate because of a change in

market prices. The Division does not have exposure to market risk as all fi nancial instruments relate to

employee payments made by the Trust. The Division has no exposure to foreign currency or interest rate

risk and does not enter into commodity contracts.

8. POST BALANCE DATE EVENTS

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

END OF AUDITED FINANCIAL STATEMENTS

SYDNEY CRICKET AND SPORTS GROUND TRUST

INITIAL BUDGET OF REVENUE AND EXPENDITURE

FOR THE YEAR ENDED 29 FEBRUARY 2012

& OUTLINE BUDGET FOR THE YEAR ENDING 28 FEBRUARY 2013

Budget

2011/12

$’000

Actual

2011/12

$’000

Budget

2012/13

$’000

REVENUE

Membership 18,499 17,973 18,579

Hire Fees 8,671 8,115 7,982

Catering 13,999 13,593 14,593

Advertising and Sponsorship 8,606 9,061 8,890

Corporate Seating Sales 7,164 5,808 6,265

Other Revenue 6,912 9,425 10,130

Sub Total 63,851 63,975 66,439

Govt Grants .. 2,500 73,505

Total Revenue 63,851 66,475 139,944

EXPENDITURE

Operating Costs 34,399 35,761 36,024

Employee Related Expense 14,412 14,492 14,845

Depreciation 10,343 10,152 10,595

Finance Costs 2.981 3,282 2,823

Total Expenditure 62,135 63,687 64,287

Gain/(Loss) on Disposal of Assets .. 42 (33,081)

SURPLUS FOR THE YEAR 1,716 2,830 42,576

124 125

Consumer Response

The Trust’s venues and Member facilities, such as

the fi tness centre and museum, catered for nearly

1.5 million visitors last year. To ensure our patrons

continue to receive the highest possible service, we

encourage and actively seek their feedback.

The Trust deals with numerous issues related to

providing best practice service levels to its Members,

corporate guests, general public and hiring partners.

Generally, feedback is of a constructive nature and

the Trust seeks to manage complaints in a timely and

professionally courteous manner.

We train staff, and have developed procedures, to

resolve complaints immediately where this is possible

and justifi ed, or at least ensure prompt action for more

complex issues.

Feedback / Complaints Received & Actions Taken

General Public

On event days, patrons raise numerous issues with

our customer service and security staff. Generally

these can be resolved immediately. Over the past

year, issues varied depending on the type of event.

For sports events, the main sources of complaints

were traffi c delays, food and beverage issues, and

crowd behaviour.

In 2011/12, the Trust received nearly 100 items of

correspondence relating to the above issues from a

total number of sports event attendees of more than

one million. All complaints received were managed by

the Events and Operations department. The issues

were discussed with the relevant business area

and then responded to in a timely and professional

manner. For example, food and beverage complaints

were actioned by a three-step procedure involving

assessing the complaints, deciding if they were valid,

and communicating with the complainants and taking

remedial action where warranted

For concerts, the main sources of complaints relating

to areas of Trust responsibility were crowd behaviour

and egress issues.

Issues related to crowd behaviour and egress were

recorded, investigated accordingly and appropriate

responses provided to complainants. Remedial action

was taken on matters as identifi ed and required.

Corporate Guests

During 2011/12, the Trust investigated approximately 40

complaints from corporate guests, generally relating to

the quality of the food and beverage experience and

punctuality of service. About half of these were justifi ed.

In all instances of proven accountability, the Trust

liaised with our caterers Delaware North to provide

appropriate solutions.

Members

The Trust has also received complaints and feedback

from Members over the past year. As with public

complaints, simple issues such as queuing, behaviour

and entry requirements are generally resolved

immediately.

We have also received complaints by phone, email

or letter after the event. During the January Test,

our single largest annual event, the Trust recorded

approximately 12 complaints from Members.

Some of these related to individual incidents, but the

most common recurring issues were seating issues

and ticketing arrangements (5), price / service / quality

of food and beverages (4), and car parking (2).

A log of all complaints was kept and follow-up action

in each case was recorded. All complaints were

investigated and apologies made when appropriate.

In most cases, repeat incidents were avoided simply

by drawing staff or contractor attention to the issues.

When we could not agree that the complaint was

justifi ed, we explained the rationale for our position.

In addition, we received feedback and suggestions on

how the new SCG stand being developed to replace

the Noble, Bradman and Messenger stands could

improve lift and disabled access in this section of the

ground (2). We responded to this feedback, explaining

what we have planned in the new development.

The Trust also received 20 other complaints relating to

the loss of the four Member tennis courts that are in

the construction zone of the new development.

We had communicated to Members that arrangements

would be made to replace these courts but most of

these complaints were received while the arrangements

were being fi nalised and the Trust was not able to

confi rm exact detail. When a combination of new

temporary on-site courts and free access to nearby

outside courts was fi nalised, we communicated this to

Members. Complaints are now minimal since the new

system has been in place.

Hiring Partners

Generally, the sports and entertainment organisations

that hire our venues have contracted benefi ts that

need to be delivered by the Trust.

During the past year, most issues raised by our hiring

partners related to general cleanliness and venue

presentation (often stemming from construction works

being undertaken), food and beverage issues and traffi c

management. The Trust meets on a bi-monthly basis

with all hiring partners to work towards solutions to the

issues raised and strategies for future improvement.

126 127

Right to Information

On 1 July 2010, the Freedom of Information Act 1989

was replaced by the Government Information (Public

Access) Act 2009 (GIPA).

The objectives of GIPA are:

• Authorising and encouraging the proactive public

release of government information by agencies

• Giving members of the public an enforceable right

to access government information

• Providing that access to government information

is restricted only when there is an overriding public

interest against disclosure

No requests were received by the Trust’s Right to

Information Offi cer in the 2011/12 fi nancial year.

Under the new GIPA legislation, requests for access to

information should in the fi rst instance be discussed

with the Right to Information Offi cer who can advise

on whether the information can be provided informally

or whether a written request with a fee will be

required.

Advertising and Sponsorship Sales 28, 37

Asset Management 20

Attendances 18

Audited Financial Statement and Notes 66

Auditor’s Reports 64, 102

Budget of Revenue & Expenditure 123

Capital Works Program 20, 24

Catering 16

CEO & General Manager Profi les 54

Chairman’s Report 4

Cleaning 17

Commercial  28

Complaints Handling 124

Concerts 16

Corporate Plan Progress 8

Consultants 39

Corporate Hospitality 28, 38

Corporate Services 36

Debt Management Performance 41

Depreciation 39

Disability Plan 45, 51

Equal Employment Opportunity 44, 48

Event Management (Key & Special Events) 12

Event Management (Commercial & Operations) 16

Event Operating Costs 38

Financial Graphs & Indicators 62

Financial Report 36

Freedom of Information (see Right to Information)

Human Resources 44

Insurance 39

Internal Audit & Risk Management Statement 40

Investment Management Performance 38

Letter of Submission 2

Major Projects 24

Marketing (Trust & Venues) 32

Marketing

(Hospitality, Gold & Platinum Memberships) 28

Media Operations 34

Medical Incident Summary 19

Membership and Marketing 29

Membership (Gold & Platinum) 28, 29, 37

Membership (SCG) 29, 37

Merchandising 17

Minister’s Foreword 3

Multicultural Plan 45, 50

Museum 34

Offi cial Overseas Travel 39

Operating Income & Expenditure 36

Organisational Chart 53

Performance Reviews 45

Playing Surface Maintenance 21

Right to Information 126

Risk Management 39

Rugby League Central 17, 21

SCG – New Stand 20, 24, 25

Sponsorship 28

Sports Events 12

Stadium Fitness Centre 32

Sustainability 23

Time for Payment of Accounts 42

Tour Experience 34

Trustees 56

Trust Charter and Constitution 60

Trust Meetings 61

Trust Members Statements 65, 103

Vision and Goals 6

Workplace, Health and Safety 19, 22, 45

Fees and charges are as follows:

Nature of Application Application Fee Processing Charge

Access to records by people about their personal affairs $30$30/hour

after fi rst 20 hours*

All other requests $30* $30/hour

Internal reviews $40** Nil

Amendment of records Nil*** Nil

*Subject to 50% reduction for fi nancial hardship and public interest reasons.

**No application fees may be charged for internal reviews in relation to amendment of records.

***Refunds may apply as a result of successful internal reviews and applications for amendment of records.

The Right to Information Offi cer can be contacted at:

Location Contact Numbers Postal Address

Trust Offi ce

Level 2, Sheridan Building, Moore Park Road,

Moore Park NSW 2021

Telephone:

(02) 9360 6601

Fax:

(02) 9360 1319

GPO Box 150

Sydney NSW 2001

Index

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