sports ground trust sydney cricket...the sydney cricket ground has a unique place in the hearts of...

SYDNEY CRICKET &SPORTS GROUND TRUST

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The Sydney Cricket Ground has

a unique place in the hearts of all

New South Wales sports lovers.

It is an historic venue which,

together with Aussie Stadium,

provides world-class facilities for

Members, patrons and competitors.

It is also an iconic venue that is

the source of many memories.

Who can forget those first

experiences of a stand reverberating

to the sound of a crowd clapping,

stomping and cheering a bowler

as he strides towards his delivery.

It is a venue that evokes passion,

respect and excitement.

It is also a venue that has sought to

look to the future hosting key events

for NSW. Music, AFL, League,

Union, Football, Mundine v Green

and events to raise community

awareness. It is a venue that

continues to build towards success.

During 2006/07 the Trust

demonstrated its continued

commitment to improve patron

amenities and player facilities.

The Trust’s capital works program of

$19.5 million in projects undertaken

during the year was primarily

directed at providing new spectator,

player and hirer facilities.

I appreciate the Trust’s support

during the year for a number of

community and charitable events

staged at the grounds, and the

Trust’s continued recognition

of those Members attaining

70 years membership of the

Sydney Cricket Ground.

I thank the Trust Chairman,

Rodney Cavalier, his deputy

John Cloney, their fellow Trustees,

management and staff for their

hard work in the past year and

most of all the many Members

and supporters.

THE HON. GRAHAM WEST, MP

Minister for Gaming and Racing,

Minister for Sport and Recreation

06/07 ANNUAL REPORT 1

Minister’s Foreword ........................................................................................................... 1

Chairman’s Report ............................................................................................................ 2

Managing the Events ......................................................................................................... 6

Managing the Assets ......................................................................................................... 18

Commercial and Operations ............................................................................................. 24

Marketing and Membership .............................................................................................. 26

Business Development ...................................................................................................... 28

Corporate Services/Financial Report ............................................................................... 32

Information Technology ..................................................................................................... 38

Organisational Chart .......................................................................................................... 39

Trustees .............................................................................................................................. 40

Financial Indicators ........................................................................................................... 43

Independent Audit Report ................................................................................................. 44

Statement by Members of the Trust ................................................................................. 45

Audited Financial Statement and Notes ........................................................................... 46

Ethnic Affairs Priorities Statement ................................................................................... 84

Code of Conduct ................................................................................................................. 86

Complaints Handling/Privacy Policy ................................................................................. 89

Freedom of Information ..................................................................................................... 90

Trust Charter and Constitution ......................................................................................... 91

Trust Meetings ................................................................................................................... 92

SYDNEY CRICKET & SPORTS GROUND TRUST

TABLE OF CONTENTS MINISTER’S FOREWORD

SCG12873_SectionA_24.08.07 15/10/07 1:30 PM Page B

Properties

In the course of the year the

Trust funded a capital works

program totaling $19.5 million.

The works sought to improve the

facilities in every area affecting

spectators and users. You can

see the value of $3.25 million in

work undertaken in the Churchill

Dining Room, Club SCG and at

Aussie Stadium.

The Rugby Centre of Excellence

commenced in July 2006. At a

cost of $6 million the facility is

designed to cater for all facets

of Rugby’s operations in NSW.

The seating capacity of Aussie

Stadium was increased by 3,112

seats. The cost was $4.6 million

during the course of five

construction stages. Aussie

Stadium now has a second video

screen at the southern end.

For a Trust conscious of its

history and traditions, the SCG

Museum will continue to receive

loving attention. The work

undertaken was not so much

refurbishment as a complete

overhaul of the content, the

possibilities for exhibitions

and general presentation.

Business Development

Over 60 per cent of venue usage

for functions came from our

sporting and commercial

partners. The sale of annual

facilities at Aussie Stadium was

strong throughout the year. The

portfolio of premium teams and

variety of quality events over the

course of a year represented very

good value to corporate clients.

Expressions of interest were

invited for registered charities

to become an official SCG Trust

Charity for the next two years.

The six charities successful are:

• St Vincent de Paul Society

• Juvenile Diabetes Research

Foundation

• Kidney Health Australia

• Canteen

• Lupus Foundations of NSW

• Roden Cutler Charities INC

The Harvey Norman Media

Challenge was held for the

second time. This touch football

day involves teams from all

the major Sydney media and

advertising outlets. Over $100,000

was raised for the Leukemia

Foundation. Organisers are

confident they can increase

this in following years.

The Trust continued to support

other charities and sporting

benevolent groups in unheralded

ways. Being able to hold a function

on or near the grounds means

everything for those who enjoyed

great triumphs on our soil.

Marketing & Membership

The Trust introduced Members

Liaison Officers during the 2007

International Cricket Season to

provide Members with an increased

level of customer service. Our

Liaison Officers were impossible to

miss. Assistance during a game is

not hard to find given the distinctive

uniforms worn by the attendants

and crowd controllers.

The Trust has secured additional

reciprocal rights at other venues

and sporting grounds. Members

can now seek the exercise of

their SCG membership at

M. Chinnaswamy Stadium

(Bangalore, India), Eden Park

in Auckland, New Zealand and

the Queen’s Park Cricket Club

(Port of Spain, Trinidad).

The Trust offered a range of event

and non-event day events and

activities for Members. The 2007

SCG Ashes Test Match saw the

CHAIRMAN’S REPORT

2 06/07 ANNUAL REPORT 3

The Trust exists to serve the glory

of sport. This report covers the

year which ended on 28 February

2007, another 12 months of

wonderful moments on our two

grounds. In January lovers of

cricket, especially those who hold

the Ashes in reverence, witnessed

what we did not ever expect

to see – Australia complete a

5-0 scoreline against England.

Comprehensive demolition

of other Test sides in Australia

may have become the norm,

the Ashes may already have been

in the bag, nothing diminished

the magnificence of Australia’s

all out effort for victory in the Fifth

Test in the shortest possible time.

Over the whole year there were

some 82 event days which drew

1.6 million spectators.

The Trust continued to operate in

profit – $5.5 million compared to

$4.7 million in the previous year.

Every dollar is hard won these

days. The environment is more

competitive than ever, especially

from interstate. Our solid financial

base, confidence about generating

revenues, convinced the Trustees

to embark on the largest program

of capital works since the

construction of the Sydney

Football Stadium in 1986-88.

For the previous decade we have

been driving debt levels down.

We are one of the few government

agencies anywhere in the world

to have secured a ratings upwards

during that period. The Trustees

were the hardest audience to

convince that a new grandstand

would pay for itself. We did not

want to follow the modern stadium

model of being servants to debt.

The Trust became convinced that

our business model and capacity

to generate new and additional

revenues would make the new

grandstand viable. Spectators

outside the Members Reserve

deserved modern facilities in that

part of the Cricket Ground. For the

first time a modern dining room

will be serving the general public.

The Trust was confident too that,

having denied itself tax dollars for

more than a century, the project

would attract support from the

governments serving NSW. That

confidence was justified. On Day 3

of the Test Match, the Prime

Minister, the Hon John Howard,

MP, announced a Commonwealth

grant of $25 million towards the

construction costs. The Trust

has expressed its gratitude to

Mr Howard and his Government

for their generosity. I want to

thank the former Federal Minister

for Sport, Rod Kemp, for seizing

the moment at the AFL Grand

Final in Melbourne to invite the

Chief Executive Officer and myself

to apply for a grant.

Before the construction program

began, Trust debt stood at

$7.9 million.

Income from ground hire

was $9.2 million, compared

to $7.2 million in the previous

year. Membership subscriptions

generated revenue of $10.8 million

compared to $9.1 million in the

previous year. Membership sales

were strong. We believe the sales

reflect market confidence in the

Trust’s ongoing fixture programs

and amenities. Sales of Gold

Membership generated $4 million,


previous year.

Revenue from the rental of annual

private suites and corporate boxes

was $4.6 million compared to


Marketing of suites and boxes and

the sale of premium public seating

for major events generated revenue

of $8.6 million compared to



SCG12873_SectionA_24.08.07 15/10/07 1:30 PM Page 2

worth pursuing, provided always

staging sport takes primacy.

Special events augment significantly

Trust revenues so as to keep down

membership subscriptions. The

events are a stimulus to local

employment and the NSW and

Australian economies.

Following the success of his

remarkable concerts at Aussie

Stadium in 2003, Robbie Williams

returned with a breathtaking

performance in December 2006.

Each night was a record stadium

attendance. The Saturday night

performance set a new stadium

record of 52,650.

This year boxing returned

to Aussie Stadium, when the

mercurial Anthony Mundine

took on and defeated Danny

Green. The clash was amongst

the most highly anticipated boxing

events in decades. The attendance

was a record, television ratings

were huge.

Acknowledgements

The Trustees tried to acknowledge

the passing of those who had made

a significant contribution to our

grounds. Trustees observed silence

for the passing of Dick Dunn,

Rugby League player, coach and

administrator; Wallaby captain,

Trevor Allan; Stella Hills, widow

of Trust Chairman, Pat Hills.

I thank each of the Trustees for

their service, loyalty and their own

distinctive contributions. We work

together to provide the highest

standard of facilities and services

to serve sport in this state.

I acknowledge the contribution of

my Deputy, John Cloney, who also

serves as Chairman of the Finance

Committee. I thank John for his

tireless support and wise counsel.

I thank our Chief Executive Officer,

Jamie Barkley for his work across

a remarkable range of demands.

Through Jamie I thank his senior

managers, the staff of the Trust

and all of the Event Day Staff.

I congratulate Geoff Lawson OAM

and Ken Catchpole OAM on their

re-election by the Members for

another four year term.

RODNEY CAVALIER, AO

Chairman

CHAIRMAN’S REPORT

CONTINUED


launch of after-match drinks for

Country Members (including a

talk from one of their own, Doug

Walters), cricket clinics for Junior

Members, a commemorative photo

for 70-year Members on the SCG.

The Village Green – which some of

us remember as SCG No 2 – now

has a gigantic marquee. It was a

facility of considerable value when

the heavens opened on the first

morning of the Test Match.

Demand for the Members Test

Match Breakfast was such that we

staged a second and sold it out.

Our Sports Partners

The Sydney Swans went within one

point of winning two premierships

in a row. Nine games were played

at the SCG. Their match against

the Carlton Blues on Sunday

3 September saw the Sydney

Swans win by 92 points.

While the Sydney Swans were

disappointed with their one point

Grand Final loss, they were able to

celebrate Adam Goodes Brownlow

Medal win for the second time

in his career.

The NSW Waratahs just missed

out on hosting a semi-final at

Aussie Stadium. With everything

depending on a win in the final

round, the NSW Waratahs lost to

the Hurricanes in front of 37,042

fans. Home attendances were

strong for the NSW Waratahs.

The average home crowd was

25,079. A stalwart in Chris

Whittaker retired at the end

of the season. The Club Rugby

Grand Final was again staged

at Aussie Stadium in September,

with Sydney University winning

16–10 over Randwick.

The 2005 Ashes series in England

created expectations that were

always likely to overshadow the

reality of 2006-07. England did not

once play with the determination of

2005, not once did they stare down

an emphatic Australian effort to

take the initiative.

The Test Match finished before

lunch on the fourth day. 170,168

spectators attended the SCG.

Those present saw the farewells

of Shane Warne, Glenn McGrath

and Justin Langer.

The SpeedBlitz Blues again

performed strongly in domestic

competitions. Four games were

played at the SCG with the Blues

drawing three and losing one.

Sydney FC again finished in the top

four. Their home semi-final victory

against the Newcastle Jets at

Aussie Stadium was not enough to

secure a path into the grand final.

February 2007 saw the Inaugural

Foundation Cup between the

Sydney Roosters and Wests Tigers.

The event has taken its place as

a major occasion in the rugby

league calendar.

Aussie Stadium hosted three

games in the NRL Telstra

Premiership finals series in

2006. St George Illawarra Dragons

played Manly Warringah Sea

Eagles. The Dragons ended

the gallant Sea Eagles year.

The Brisbane Broncos defeated

the Newcastle Knights in the

second. The Broncos achieved

a remarkable comeback victory

against the Canterbury Bulldogs in

the preliminary final after trailing

20-6 at half-time.

Commercial Operations

Concerts, tattoos and special

events place heavy demands

on our grounds and staff. Their

staging is not always a comfortable

distance to a scheduled sporting

event. The returns to the Trust

make these occasional events


SCG12873_SectionA_24.08.07 15/10/07 1:30 PM

International Cricket

Yet again, the SCG played a

special role in the history of

international cricket, hosting the

fifth Ashes Test Match and three

One Day Internationals, as well

as a Twenty20 International –

a first for Sydney.

With the tremendous build up

following the 2005 Ashes series

in England, the Australian team

created history by winning the

SCG Test Match and claiming a

5–0 series win for the first time

since 1921.

Although finishing before lunch

on Day Four, 170,168 cricket fans

attended the SCG to see Australia

win and to witness Shane Warne

play his last game for Australia.

One of NSW’s favourite sons,

Glenn McGrath, and record breaking

opening batsman, Justin Langer

also retired from Test cricket,

making the lap of honour a special

occasion for all in attendance.

Off the field, extra seats and

activities allowed Members and

patrons to enjoy better service

and amenities than ever before,

further enhancing the SCG’s

reputation as the spiritual

home of cricket in Australia.

The One Day Internationals and

Twenty20 International were

tremendously popular with over

146,000 people attending the

shorter versions of the game.

Unfortunately, Australia lost

the second final at the SCG to

a resurgent England team, but

provided a great spectacle in the

historic Twenty20 International.

NSW Cricket

The Speedblitz Blues again

performed strongly in domestic

competitions, being close to the

top of the table in the Pura Cup.

The Blues played four home

Pura Cup games at the SCG,

drawing three and losing one.

Two Ford Ranger Cup games

were played, with the Blues

winning one and losing one.

SCG Country Cup

The SCG Country Cup provided

an outstanding opportunity for

country cricketers to show their

skills with Merewether Cricket

Club and Tamworth District

Cricket Association winning

their way through to the final at

the SCG on Sunday 4 February.

Merewether were the victors

by 42 runs.

MANAGING THE EVENTS

CRICKET

6 06/07 ANNUAL REPORT 7SYDNEY CRICKET & SPORTS GROUND TRUST


Sydney Swans

Falling just short of a remarkable

double, the Sydney Swans had

an outstanding season losing

by one point in the Premiership

decider against arch-rivals the

West Coast Eagles.

While the Sydney Swans were

disappointed with their one point

Grand Final loss, they were able to

celebrate Adam Goodes Brownlow

Medal win for the second time in

his career.

After winning only one of their

first four games, the Sydney

Swans bounced back to win

six successive matches before

a narrow loss of two points to

the St Kilda Saints in round 11.

A strong performance against the

Richmond Tigers at the SCG in

round 16 saw the Sydney Swans

maintain 7th position with six

rounds to go.

Round 16 also marked the 25th year

in Sydney for the Sydney Swans.

The pre-match entertainment

featured players from the original

Sydney Swans team who played

their first match against the

Melbourne Demons at the SCG

in 1982.

During 2006, nine games were

staged at the SCG, with an average

attendance of 31,546. The Sydney

Swans performed well at their home

ground, winning five of these games.

The highlights throughout the

year were many, with 38,371 fans

attending the game against

Richmond on Saturday 22 July.

MANAGING THE EVENTS

AFL



NSW Waratahs

Coming off the back of an

outstanding 2005 season reaching

the final of the Super 14 competition,

the NSW Waratahs were again

a force in 2006.

Six games were played at Aussie

Stadium; with the NSW Waratahs

performing exceptionally well at their

home ground winning five games.

Overall, attendances were again

strong at Aussie Stadium for

NSW Waratahs games, with an

average home crowd of 29,930.

The NSW Waratahs narrowly

missed out on hosting a semi-

final at Aussie Stadium, losing in

the final round to the Hurricanes

in front of 37,042 fans.

Chris Whittaker, NSW Waratahs

captain and Australian Wallaby

retired following the 2006 season.

In-bound Tour

NSW Waratahs and New Zealand

Maori played an in-bound tour

match at the SCG on Friday 2 June,

bringing their 2006 season to an

end. The Maori outscored the

home side three tries to one with

a try two minutes from full-time

securing their 20-16 victory.

Rotomahana Challenge

The NSW Waratahs kick-started

their 2007 season with a 17-12 win

against the Canterbury Crusaders in

the annual Rotomahana Challenge

on Thursday 25 January at Aussie

Stadium. After losing last years

match by two points, the NSW

Waratahs were eager to square

the Rotomahana Challenge ledger

and win back the trophy.

Club Rugby

The Club Rugby Grand Final was

again staged at Aussie Stadium,

the home of rugby in September,

with Sydney University winning

16–10 over Randwick.

MANAGING THE EVENTS

RUGBY UNION

10 11SYDNEY CRICKET & SPORTS GROUND TRUST06/07 ANNUAL REPORT


Sydney Roosters

The Sydney Roosters showed

glimpses of promise and recorded

some strong wins at Aussie

Stadium, with over 136,000 fans

attending during the 2006 season.

This season marked the start

of a new era, with a new coach,

new signings and new 12 year

deal with the Trust that will see

the Sydney Roosters move all

of their football and front office

operations to Aussie Stadium.

The club also celebrated its

centenary year in 2007 with

celebrations held at home games

and a special commemorative

jersey to be worn by the players.

The Sydney Roosters secured

their first major signing in late

July 2006 to mark the club’s

100th season. Queensland State

of Origin and Bulldog forward

Nate Myles signed with the

club for three years.

ANZAC Day

The annual clash between

the Sydney Roosters and the

St George Illawarra Dragons was

played on ANZAC Day. The event

proved popular, with a crowd of

over 30,000. This event is now

one of the signature events of

the NRL Telstra Premiership.

NRL Finals Series

Aussie Stadium hosted three games

in the NRL Telstra Premiership finals

series in 2006. St George Illawarra

Dragons v Manly Warringah Sea

Eagles being the first, the Dragons

ending the gallant Sea Eagles year.

The Brisbane Broncos defeated

the Newcastle Knights in the

second and the Broncos achieved

a remarkable comeback victory

against the Canterbury Bulldogs

in the preliminary final after

trailing 20-6 at half-time.

Close to 83,000 fans attended

the finals series, reinforcing

Aussie Stadium’s status as the

number one rugby league venue.

Manly Warringah Sea Eagles

Manly Warringah Sea Eagles played

a Grand Final replay at the SCG

against their arch-rivals Parramatta

Eels in April. The game marked

the 30th anniversary of Manly’s

win over Parramatta in 1996.

The game was a memorable one,

with a field goal in extra time to the

Sea Eagles Matt Orford to clinch

a 23-22 win in front of 19,208 fans.

Foundation Cup

February 2007 marked the

inaugural Foundation Cup

between two foundation clubs –

the Sydney Roosters and Wests

Tigers. The concept, developed by

the Trust and the two clubs as a

season opener, saw 16,198 eager

fans file through the turnstiles.

The Sydney Roosters won 10-4.

The success of this event will see

the Foundation Cup staged at

Aussie Stadium each year.

Tri Nations

Aussie Stadium hosted a pool game

and the final of the Tri Nations

Rugby League series in November.

The opening game against Great

Britain on Saturday 4 November

attracted 24,953 fans and the final

against New Zealand on Saturday

25 November, just under 28,000.

With scores locked at full-time,

the final was forced into extra

time. Despite several field goal

attempts by both teams it was

Trust Ambassador and Australian

skipper Darren Lockyer who

scored a runaway try in the

second period of extra time,

sealing a 16-12 victory.

MANAGING THE EVENTS

RUGBY LEAGUE



Sydney FC

Sydney FC started the second

year of the A League as premiers;

with a new look team and a new

coach in Terry Butcher.

Sydney FC began their A-League

title defence on Sunday 27 August

triumphing 1-0 against Central

Coast Mariners in a Grand Final

replay at Aussie Stadium.

Despite being plagued with

injuries in the first half of the year,

Sydney FC performed strongly

at home finishing in the top four.

Of the 10 home games played

at Aussie Stadium, Sydney FC

won five and drew three.

Their home semi-final victory

against the Newcastle Jets at

Aussie Stadium was not enough to

secure a place in the Grand Final.

The attendance for the season

totalled 171,108, firmly positioning

Sydney FC on the Sydney sporting

event calendar.

Asian Cup QualifyingFixtures

Aussie Stadium hosted two

Socceroos Internationals against

Kuwait and Bahrain in 2006.

The match against Kuwait was

the first for the Socceroos after

their outstanding efforts in the

2006 FIFA World Cup in Germany.

The fans showed their ever

increasing appreciation for the

Socceroos with close to 70,000

attending the two games.

Having won both matches,

the Australian team secured the

top position in their Asian Cup

qualifying group. Australia then

went on to join 15 other teams

to play for the Asian Cup in July.

MANAGING THE EVENTS

FOOTBALL

14 06/07 ANNUAL REPORT 15SYDNEY CRICKET & SPORTS GROUND TRUST14 06/07 ANNUAL REPORT


Boxing

Anthony Mundine v Danny Green

History was created at Aussie

Stadium in May 2006 with its

first ever boxing event between

Anthony Mundine and Danny Green,

demonstrating the Trust’s ability

to attract and manage a major

sporting event of this type.

The Aussie Stadium arena

was transformed with the ring

positioned in the centre of the field.

10,000 boxing aficionados enjoyed

ringside seats and fine dining.

Over 30,000 fans cheered loudly

creating an atmosphere which will

forever be a part of Australian

sporting folklore.

The clash was one of the most

highly anticipated boxing events

in decades, drawing a record

attendance and massive

television ratings.

Anthony Mundine proved too classy

for Danny Green on the night and

after the full twelve rounds, secured

a unanimous points decision.

Concert

Robbie Williams

Following his remarkable

concerts at Aussie Stadium

in 2003, Robbie Williams again

returned with a breathtaking

performance in December 2006.

History was created two nights

running, with record stadium

attendances. The Saturday night

performance set a new stadium

record of 52,650.

The stage lighting and sound set up

for the concerts was the biggest

ever staged at our venues with

over 70 shipping containers of

equipment painstakingly erected

inside the stadium.

Robbie greeted the sell out

crowds at Aussie Stadium

by bursting onto the stage

in a blaze of pyrotechnics.

Williams did not disappoint his

Sydney fans as he sang a string

of his classic hits along with

some new releases from his

latest album.

MANAGING THE EVENTS

SPECIAL EVENTS



In 2006/07 the Trust funded the

largest Capital Works Program

totalling $19.5 million since the

construction of Aussie Stadium

(Sydney Football Stadium) which

was completed in 1988.

Catering and FunctionArea Improvements

Several projects totalling

$3.25 million were completed

over the last 18 months:

• Churchill Dining Room

• Club SCG in the

Churchill Stand

• NSW Cricket Club membership

in the Bradman Stand

• Azure

• Aussie Stadium eastside

concourse project redeveloped

back of house areas into two

new food outlets, Hot Wok and

Mama Leone’s, and a new bar

constructed and fitted out.

• Catering infrastructure:

register and IT system upgrade,

coolrooms and bars and

transport vehicles.

NSW Rugby Centre of Excellence

Construction of the new home

for NSW Rugby is well advanced.

Works commenced in July 2006

and occupation by the players will

commence mid 2007. The $6 million

facility was designed to cater for

all facets of Rugby’s operations

in NSW. Team specific spaces

will be located on the ground floor,

including gymnasium, medical and

treatment rooms, change room and

locker facilities, meeting rooms,

lecture theatre/media conference

room, players lounge and kitchen.

Level one will accommodate

the NSW Rugby’s Sydney based

administration with space for

over 60 staff. This level will

also include a fully equipped

boardroom, meeting rooms

and dedicated IT and video

analysis facilities.

Aussie Stadium Seating Increase

The seating capacity at

Aussie Stadium was increased

by 3,112 seats at a cost of

$4.6 million. The project was

constructed in five stages to

accommodate the event schedule

from May 2006 to February 2007.

Aussie Stadium Second Video Screen

A second full colour video screen

was installed at the southern end

of Aussie Stadium at a cost

of $1 million. Works included

an auxiliary amber single line

scoreboard below, screen enclosure,

enlarged screen/PA control room

and associated equipment

replacements and upgrades.

Other Works

• SCG Flood Lighting Upgrade:

Stage 2 works were completed

with the installation of new

sub-stations. New headframes

and a new sports lighting

system will complete the

upgrade in 2007.

• Heritage balustrades were

installed in the Members

and Ladies Pavilions.

• TV broadcast expansion and

renovations were carried out at

the SCG and Aussie Stadium.

• Aussie Stadium home

dressing room was enlarged

and renovated.

• SCG Projects for the

International Cricket Season

included the installation of

297 additional seats into the

Members Reserve and 285

in the public areas.

MANAGING THE ASSETS



The Ashes Test Match was played

on pitch number three and was

considered the best pitch prepared

for several years. The 2006/07

cricket season included a heavy

schedule of 50 days. With no state

final matches played at the SCG

and some matches completed

in fewer days, the season was

reduced to 24 matches played

over 43 days.

MANAGING THE ASSETS

CONTINUED


Looking Ahead – NewSCG Hill Grandstand

In 2008 a new grandstand will

complete the evolution of the

Hill from sandhill to terrace

to grandstand; a $76 million

redevelopment project.

The project involves the removal

of all existing structures located

between the eastern end of the

Clive Churchill Stand and the

southern end of the Bill O’Reilly

Stand. The new Hill Grandstand

will have a similar design to the

existing Churchill and Brewongle

Stands, providing seating for

patrons over three levels.

The construction of a new

grandstand on the Hill will provide

much needed improvements

to existing facilities at the SCG.

It will meet the objectives of

the Trust to provide world-class

spectator facilities and increased

spectator capacity.

Facilities include:

• Approximately 2,800 additional

seats will increase the SCG’s

capacity to almost 47,000.

• Over 8,000 seats will be

undercover with direct access

to all facilities.

• The grandstand will include

outstanding dining and

function rooms.

• A modern forecourt entrance

on Driver Avenue will provide

spectators with fast entry via

escalators and easy access

to their seats.

• A new second video scoreboard

will be located in the Clive

Churchill Stand ensuring the

spectators do not miss any of

the action. The existing video

scoreboard will be relocated

to the top of the Dally

Messenger Stand.

• A new outdoor food court

will be available for patrons

to enjoy, enhancing their

match day experience.

SCG Playing Field

The 2005/06 cricket season ended

with the last match played on

Monday 13 March. Renovation

works commenced immediately

for the 2006 AFL season. The

preparation works ensured that

the wicket square and outfield

were in excellent condition for the

first AFL game, Sydney Swans v

Port Adelaide on Sunday 9 April.

In addition to the Sydney Swans

normal season, the SCG hosted

an NRL game, Parramatta Eels

v Manly Warringah Sea Eagles

on Sunday 30 April and a Rugby

Union game, NSW Waratahs v

New Zealand Maori on 2 June.

On completion of the AFL season,

renovations included some minor

turf replacements and the

eradication of the wintergrass.

The wicket square was closely

monitored with the Ashes Test

Match ahead. Pitch five and eight

had significant wear and required

maintenance. The centre wicket

area for the first time in many

years did not require returfing.


Aussie Stadium Playing Field

The playing surface of Aussie

Stadium was in excellent condition

for the commencement of the

2006 Super 14 season.

In past years, a period of some

10-12 weeks was available to

complete annual renovation works

and establish a playing surface

for the following football season.

The introduction of Sydney FC into

the Aussie Stadium annual event

schedule reduced this available

period to approximately five weeks

from Saturday 3 December 2005

to Friday 6 January 2006.

As a result, a no risk approach

was adopted and the playing field

is returfed on an annual basis.

Much work was undertaken

throughout 2005 to ensure

suitable turf was available from

the Trust’s contract turf supplier.

The major 2006 renovation included

the replacement of 8700m2 of turf

carried out in a record time of

six days. Works commenced on

Friday 15 December, the day after a

Sydney FC game and four days after

the second Robbie Williams concert.

Works were completed on

20 December 2006 and Sydney FC

played their first game for 2007 on

the Sunday 7 January. On completion

of the seating expansion program

in February, the perimeter turf

areas of the ground were returfed.

The field was in good condition

for the start of the NSW Waratahs

season and the NRL Foundation

Cup between the Sydney Roosters

and Wests Tigers.


Strategic AssetManagement Plan

The Trust 10-year Strategic

Asset Management Plan (SAMP)

has been prepared in accordance

with State Government guidelines.

It contains asset management

strategies, compliance and

condition assessment results

and life cycle costings. The asset

management strategies have

been linked to the Trust’s service

delivery objectives to achieve

desired service levels and to

manage costs efficiently.

The plan was updated in

September 2006. The following

SAMP projects were included in the

2006/07 Capital Works Program:

• Lift Upgrade Program:

new goods lift installed in

the MA Noble Stand to service

the main kitchen ($180,000)

• Completion of fire

detection and early warning

intercommunication system in

the Brewongle Stand ($280,000)

• Toilet Upgrade Program:

new accessible toilet installed

in the Kippax Carroll Room and

general upgrades ($50,000)

• The annual replacement of

major plant and equipment

including grounds machinery,

IT equipment, televisions,

furniture and catering

equipment ($325,000)

• Floor finishes program ($40,000)

• Air conditioning program

($80,000)

• Structural rectification program

($100,000)

• CCTV and MATV replacement

and upgrade programs

($110,000)

• Resurfacing of tennis courts

three and four ($40,000)

WRAPP

The Trust Waste Reduction and

Purchasing Plan (WRAPP) was

submitted to the Department of

Environment and Conservation

in 2005. An update is scheduled

to be submitted in 2007. WRAPP

strategies implemented by the

Trust include waste minimisation,

recycling systems, increasing

purchases of recycled-content

material, and increasing staff

awareness of best practice waste

management and purchasing.

Occupational Health and Safety (OH&S)

The Trust actively seeks to

promote and maintain a safe

environment for all staff and

visitors. Representatives from

each Trust department and

permanent contractors onsite

meet bi-monthly to review safety

issues and/or incidents that may

possibly arise or have occurred

on event and non-event days.

On alternate months the

committee conducts an inspection

of a designated area on site

to establish and rectify any

potential OH&S risks. All

minutes and reports from OH&S

committee meetings are available

for staff on staff notice boards

and are presented to the Trust

through the Grounds and Event

Services Committee.

MANAGING THE ASSETS

CONTINUED


The Trust supports the OH&S

committee in keeping up-to-date

with the policies and procedures

that affect the wellbeing of staff

and patrons. The Trust actively

encourages staff training to

facilitate a greater level of

awareness of risk and safety

through courses such as: Senior

First Aid, Safe Manual Handling,

and First Attack Firefighting.

The small number of workplace

injuries resulting in workers

compensation claims in the last

financial year reflects the value

and effectiveness of the committee.

At the beginning of 2006, the Trust

conducted an OH&S audit and

commenced the implementation

of a site wide OH&S Plan. This is a

two year project and is essential for

the Trust to establish a compliant

OH&S plan.

Heritage AssetManagement Strategy

The Trust prepared a Heritage

Asset Management Strategy (HAMS)

in accordance with the requirements

of the Heritage Act 1977 (NSW).

Section 170 of the Heritage Act

requires all state agencies to

prepare HAMS to provide a

framework for protecting and

maintaining heritage items under

their custodianship, along with

information on required processes

and priorities, towards the

establishment of a Section 170

Register for each state agency.

The report to be submitted to

the Heritage Office early in 2007,

will include:

• General context and

information regarding the

SCG, its size and location,

the history of the Trust, its

management context, heritage

listings and existing asset

management structure.

• A summary history of the SCG,

a statement of significance for

the SCG and a description of

the range of heritage assets

within the SCG.

• The key principles that will

guide the management by

the Trust of the SCG and its

heritage assets in particular.

• The Key Action Plan with

explanatory text. The plan

presents, in a concise tabular

format, the content of the

HAMS as a tool for identifying,

planning and managing the

SCG’s heritage assets.

SCG Museum

Refurbishment of the SCG Museum

including a complete overhaul

of the exhibition content and

presentation, was the main focus

for 2006. New interior finishes and

modern show cases have made

many articles more accessible, and

produced an improved, cohesive

display. Feedback on the project,

which cost over $70,000, has been

positive, especially from donors.

Acquisitions from sports players,

Members and the general public

continue to add to the historical

value of the collection.

Almost 40 oral history interviews

have now been conducted, spanning

players, Trust employees and

spectators. Some subjects recalled

sporting events from the 1920s

and 30s, with their perspective

providing valuable insight into

the history of the site.


COMMERCIAL AND OPERATIONS


Security & Access

Security and access again

maintained a high level of focus

for the Trust throughout 2006/07.

As a high profile venue and

a Member of the Government’s

Critical Infrastructure Group,

the Trust has reinforced security

measures during event and

non-event modes.

Emergency management has

played a key role in this aspect of

our operations, with a full review

of the Trust’s emergency plan

conducted and implemented

throughout the year.


Human Resources

The Trust currently employs 91 full-time staff in the following departments.

Feb 06 Feb 07

FTE Employees FTE Employees

Executive Staff 6.00 6 7.00 7

Administration 5.00 5 4.65 5

Commercial & Operations 17.42 18 17.28 18

Business Development 8.60 9 9.00 9

Corporate Services 9.04 10 10.98 13

Properties 28.53 30 28.60 30

Marketing & Membership 29.16 29 31.52 66

103.75 137 109.03 148

The breakdown of employees at 28 February 2007 was:

Full-time Part-time Casual FTE Total Employees

91 12 42 109.03 148

2006 2007

Executive Remuneration Male Female Male Female

Number of Executive Officers

with remuneration equal to

or exceeding equivalent of

SES Level 4 5 – 6 –

Number of Executive Officers

with remuneration equal to

or exceeding equivalent of

SES Level 5 1 – 1 –

82 major event days and

nearly 1.6 million patrons

attended our venues.

Service Providers

All Leisure Hospitality

The Compass Group (trading as

All Leisure Hospitality) commenced

its second five year term as the

Trust’s exclusive catering services

provider in 2006.

All Leisure performed well under

difficult circumstances with

outstanding results at international

cricket and special events such

as the Anthony Mundine v Danny

Green boxing event with 1,440

meals served on the arena.

Ticketing

Ticketek Pty Limited expanded its

partnership with the Trust through

the provision of ticketing services

across both venues for the patrons

that attend events.

Ticketek’s proven track record

in ticketing expertise came to the

fore with the web-based Ezyticket.

It proved popular with fans able to

enjoy the convenience of purchasing

and printing tickets for events at

Aussie Stadium and the SCG in the

comfort of their home or office.

Merchandising

In 2006 the Trust conducted a

tender process for the provision

of merchandising services.

The Trust’s existing partner Playbill

Pty Limited was successful in the

tender process, signing a new

exclusive merchandising agreement

for a period of five years.

The new agreement will include

additional outlets and a new look

retail store on the forecourt of

Aussie Stadium providing hirers

and patrons with enhanced

services. The Trust looks forward

to a continuation of its strong

relationship with Playbill.

Cleaning

With 82 event days and over

1.5 million fans attending,

the huge task of cleaning and

waste management was

undertaken by ISS Facility

Services (ISSFS).

ISSFS and its dedicated staff

worked diligently to ensure that

the SCG and Aussie Stadium were

presented at the highest standard.

Traffic, Transport & Access

With improved planning and

communication processes in

place, traffic, transport and

access services for Trust

venues improved in 2006.

These processes, lead by the

NSW Premier’s Department

create a strong foundation for

future improvements in this area.

In conjunction with the NSW

Government, short, medium

and long-term strategies

have been identified and

include integrated ticketing,

pre booked parking, temporary

road closures and improved

access for public transport.

Event Attendances

1 March 2006 – 28 February 2007

SCG and AUSSIE STADIUM

International Test

Match Cricket 170,168

One Day

International Cricket 111,273

Twenty20

International Cricket 35,628

NSW Speedblitz Blues 32,870

Sydney Swans 283,917

NSW Waratahs 200,635

Club Rugby Grand Final 8,225

NRL Finals Series 82,499

Asian Cup

Qualifying Games 69,268

Sydney Roosters 136,027

St George

Illawarra Dragons 31,105

Manly Warringah

Sea Eagles 19,208

Foundation Cup 16,198

Tri Nations 52,278

Sydney FC 171,108

Boxing Event 30,000

Robbie Williams Concert 105,074

SCG & Aussie Stadium

Totals 1,555,481

Stadium Fitness Centre

Totals 214,443


MARKETING AND MEMBERSHIP


Events

The Trust continued to develop

a range of match day and non-

match day events and activities

for Members.

The 2007 Ashes Test Match saw

the launch of several new Member

initiatives including Country

Members Drinks, Junior Member

cricket clinics, a 70-year Member

commemorative photo on the

SCG, an expanded Village Green

marquee and an additional

Members Test Match Breakfast.

At Aussie Stadium, the League

Latest and Rugby Roundup post-

match functions continued to

provide Members with additional

complimentary activities to

enhance their event experience.

On non-match days the Trust held

a range of activities for Members

including golf days, Christmas

parties and the Bradman

Foundation Gala dinner.

Reciprocal Rights

The Trust secured additional

reciprocal rights at other venues

and sporting grounds including

M. Chinnaswamy Stadium in

Bangalore in India, Eden Park

in Auckland, New Zealand and

Queen’s Park Cricket Club,

Port of Spain in Trinidad, West

Indies which provides Members

with opportunities to visit

international grounds.

Liaison Officers

Members Liaison Officers

were introduced during the 2007

International Cricket Season

at the SCG providing Members

with an increased level of

customer service. For the first

time a reserved seating ballot

was implemented for Members,

with 91 per cent of requests

accommodated.

Subscriptions

Membership Services recently

implemented new technology

in the form of automated pay-

by-phone subscription system,

allowing Members to pay

their fees.

Communication

The Trust continually strives

to provide accurate, current and

specific information to Members

on a regular basis through a range

of targeted communication

mediums such as:

• Trust News

Placed in the Sydney Morning

Herald on the first Saturday of

each month.

• Around the Grounds

Members bi-annual magazine

segmented into distinct SCG

and Aussie Stadium sections.

• What’s on When fixture

card listing all SCG and

Aussie Stadium events

for the coming season.

• Regular Members email alerts

Segmented into three main

categories based on

membership types. Gold

Member E-News, SCG Member

E-News and Trust E-News.

• Trust Website

Distinct SCG and Gold

Member sections on the

new Trust website.

• Electronic signage board

Installed at venue services.

Surveys

Membership Services conduct

regular online surveys following

key events to keep in touch with

Members feedback on services

and facilities. This research

enables benchmarking of the

Trust’s performance across key

categories, with recommendations

for improvement.

Venue Services

Venue Services continues to

enhance membership through the

efficient delivery of services and

programs to Members. The Venue

Services office manages a Ticketek

agency, general enquiries and

sale of merchandise in addition to

daily bookings for tennis, squash,

swim school, crèche and the SCG

Tour Experience.

The installation of state-of-the-art

electronic signage in the Venue

Services foyer has improved

communication to Members by

displaying daily corporate functions,

important Member notices and

coming event information.


SCG Tour Experience

The SCG Tour Experience is an

interactive behind-the-scenes

excursion through the SCG and

Aussie Stadium. Several marketing

strategies were implemented,

which resulted in a 25 per cent

increase in tour participation

compared with the previous year.

Stadium Fitness Centre

Australia’s premier health,

lifestyle and recreational facility

continues to expand with a record

usage of 210,000 visits in 2006.

The area comprising of spa

and sauna facilities now also

includes a steam room which

provides another health option

for Members.

In an effort to maintain the

highest water quality, the Stadium

Fitness Centre pool was equipped

with a new plant room which

includes a digital automated

dosing system and use of

granulated chlorine.

The Stadium Fitness Centre’s

fully qualified staff continue to

provide the highest standard of

services to Members and their

guests in personal training,

program design, fitness

assessments, swim school,

tennis/squash coaching, group

fitness classes, massage

and crèche services.

Azure

Gold Members and their guests

can now enjoy a new dining

experience with the recent

opening of Azure. Members can

supplement their training with

a range of meals from the new

‘health conscious’ menu or

simply relax in the lounge area

with a freshly brewed coffee.


Gold & CorporateMembership Sales

Gold membership sales

increased with the continuation

of the Member-get-Member

and Member Upgrade program.

The Trust focused on offering

Members opportunities to

upgrade their membership status

or introduce their friends and

colleagues to the benefits of Gold

and/or Corporate membership.

Building relationships with

strategic commercial partners

to provide quality incentives and

rewards for new and upgrading

Gold and Corporate membership

was critical to the success of

these campaigns.

The Trust conducted a public

Gold membership campaign with

the creative featuring high profile

Gold Members. This resulted

in widespread positive brand

recognition throughout the cricket

season and continued to drive sales

throughout the summer months.

BUSINESS DEVELOPMENT


Sponsorship, Exclusive Supply andAdvertising Rights

The Trust’s advertising and

sponsorship program continues

to generate significant income

from the corporate sector. In the

last financial year, as a result

of this support and the work of

our sales partner Moore Sports

Advertising, the Trust achieved

results in line with its strong

revenue forecasts.

The Trust is fortunate to have

continued its strong partnerships

with Aussie Home Loans,

Foster’s Australia, Coca-Cola

Amatil, Fairfax, Ticketek, the TAB,

the Motor Accidents Authority,

Qantas, UD Trucks, Gray’s

Online and Campbell’s.

The quality and quantity of

corporate clients who have

invested in Trust packages

is a positive reflection of our

competitive price structure

and the return on investment.

In keeping with our desire to

establish long-term partnerships,

the Trust is conscious of its need

to offer the market valuable

opportunities, brand growth,

revenue returns and promotional

development. With this in mind we

are developing a small range of

premium products offering further

official rights and exclusivities

that we hope to introduce to

the market place during 2007.

Hospitality

SCG

Not surprisingly the 2006 hospitality

program was strongly influenced by

the highly anticipated International

Cricket Season. Although not

quite living up to the competitive

expectations on the field,

exceeded even our most ambitious

expectations off the field, with

returns to the Trust and our partner

Cricket NSW well ahead of forecasts.

The unprecedented number of

hospitality clients at the SCG for

the Ashes Test Match provided us

with an opportunity to thoroughly

research the expectations and

experiences of corporate patrons,

both hosts and guests, throughout

the International Cricket Season.

The survey results were very positive

and included some interesting

suggestions, which will assist us

to further refine and develop our

hospitality products.

The strength of the SCG schedule,

the success of our resident teams

and the interest in the International

Cricket Season, drove the sale of

annual facilities to results not

achieved at the SCG in recent times.

The supply of SCG suites available

for casual AFL packages was

limited due to the increase in

annual suite sales. Club SCG

was fully subscribed however it

became evident that the take up

of allowable guest passes for the

AFL was minimal. This created

an opportunity to capitalise on the

success of the Sydney Swans and

sell casual packages into Club SCG

throughout the latter part of winter.

Aussie Stadium

Hospitality sales for the NSW

Waratahs continued to do well

in 2006. The strong interest in

the Super 14 matches at Aussie

Stadium together with the quality

of the packages offered and

convenient scheduling, combined

to achieve a result just shy of

challenging forecasts.

The sale of annual facilities

at Aussie Stadium was strong

throughout 2006. The portfolio

of premium teams and variety of

quality events over the course of

a year represented good value to

corporate clients. Other premium

inclusions within the annual

packages further increased their

appeal and translated into growth

in both annual corporate boxes

and annual private suite sales.

Casual sales at Aussie Stadium

focused primarily on Rugby.

Casual enquiries for the Sydney

Roosters and Sydney FC were

directed in the first instance to the

relevant club. Both these Sports

Partners appreciated the support

given with this approach. The

change to the scheduling and

allocation of venues for the NRL

finals restricted the ability of

clients to take up series packages,

an area of sales which had always

done quite well previously.

The Tri-Nations Rugby League

tournament, the Mundine v Green

fight and the Robbie Williams

concerts provided substantial

upside to the sale of casual

packages at Aussie Stadium.



BUSINESS DEVELOPMENT

CONTINUED


Media and PR

The iconic regard for the SCG

and Aussie Stadium was strongly

upheld by the media and national

corporate PR offices during the

past year with over 50 launches,

media shoots and media

conferences staged in addition

to regular event day sports media

conferences and live TV and

radio event day news broadcasts.

The choice to stage these events

at the SCG and Aussie Stadium

continued to maintain the profile,

public presence and strong

branding of our venues. The

venues appeal and diversity

expanded beyond the traditional

sports market with product

launches, health announcements

and travel TV segments all being

conducted on site.

The enhanced and upgraded press,

radio and TV facilities at Aussie

Stadium was favourably received

by media representatives from

all sports codes while the SCG’s

cricket media operations were

regarded as the best in Australia

by seasoned reporters.

The international summer

of cricket, which featured the

fifth Ashes Test Match, was

the highlight of the past year.

Considerable time and resources

were devoted towards media

planning, management and

implementation. The Trust worked

closely with Cricket Australia,

Cricket NSW, the English Cricket

Board and electronic media

broadcasters to ensure key

messages were effectively

conveyed to the public and all

media facilities were of the

highest order.

The world’s media focused on

the historic nature of the fifth

Ashes Test Match and the SCG’s

majestic appearance was carried

across the globe through expansive

TV and still images when Glenn

McGrath, Shane Warne and Justin

Langer closed their Test careers

on the final day’s play. These

images further underlined the

popular view that the SCG is one

of world’s best cricket grounds.

Given the busy and high profile

nature of the SCG and Aussie

Stadium, an overarching Media

Policy, Protocols and Guidelines

document was developed to allow

media related matters to be

handled swiftly, professionally and

accurately while promoting and

protecting the reputation of the

Trust, its officers, contractors

and Sports Partners.

The staging of the two Asian Cup

qualifying matches, two Tri Nations

rugby league matches, the Mundine

v Green fight, the inaugural

Foundation Cup rugby league

fixture and the two Robbie Williams

concerts ensured further additional

media focus on Aussie Stadium.

Two rugby league fixtures,

Manly Warringah Sea Eagles v

Parramatta Eels and Sydney

Roosters v St George-Illawarra

Dragons, plus the NSW Waratahs

in-bound international match

against the New Zealand Maori


were staged at the SCG and allowed

the Trust to further promote the

SCG’s proud history and heritage.

Functions & Community

The SCG and Aussie Stadium

continued to be sought after venues

for a variety of business events

such as meetings, awards nights,

press conferences, training days,

fundraising lunches and dinners.

The volume of capital works at

Aussie Stadium limited our ability to

maximise the interest in this venue

to the same extent as previous years.

Where possible, the Trust continued

to support worthy charities and

not-for-profit organisations.

Expressions of interest were

invited from Registered Charities

to become an Official SCG Trust

Charity for the next two years,

from July 2006 to June 2008.

The successful six charities for

preferred status are St Vincent

de Paul Society, Juvenile Diabetes

Research Foundation (JDRF),

Kidney Health Australia, Canteen,

Lupis Foundations of NSW and

Roden Cutler Charities.

In addition, the Trust supported

the Bradman Foundation,

Sony Foundation, Steve Waugh

Foundation, Cure for Life Foundation,

Breast Cancer Foundation,

LBW Trust Foundation, Sydney

Children’s Hospital Foundation,

Cancer Council, The Primary Club,

Lord Taverners, Surf Lifesaving

NSW and the Chris O’Neil Trust

amongst others.

The Harvey Norman Media

Challenge was held for the

second time at Aussie Stadium.

This touch football day involved

teams from all the major Sydney

media and advertising outlets.

Participating teams were allowed

to invite sports stars as team

members and the final was played

on Aussie Stadium. Over $100,000

was raised for the Leukemia

Foundation and organisers are

confident they can increase this

in following years.


CORPORATE SERVICES

FINANCIAL REPORT


The Trust’s operations for the

financial year ended 28 February

2007 resulted in a profit

of $5.5 million, compared to


The operating surplus was

transferred to retained earnings

which stood at $120.2 million

as at 28 February 2007.

Operating Income and Expenditure

The profit achieved in 2006/07

was better than budget, the Trust

continuing to improve its financial

position whilst undertaking an

extensive Capital Works Program

and maintaining a low level of

capital debt.

The marked increase to operating

revenue for 2006/07, $65.1 million,

compared to the previous year

$53.2 million (and the corresponding

increase to operating expenditure

– $59.6 million for 2006/07,

compared to the previous year,

$48.5 million) included the flow-

on effect upon major revenue

sources through the staging of

the highly attended International

Cricket Season, the Robbie

Williams concerts, the Mundine

v Green fight, and well attended

Sydney FC, Sydney Swans and

NSW Waratahs fixtures.

The results for the year reflect

increased event revenues, higher

catering revenue, increased

membership subscriptions, higher

Gold membership sales, higher

total annual box rentals, increased

advertising sales/product rights,

together with higher event

operating costs, higher staff

related expenses, increased

administrative expenses

(including purchase of Members

seating at the SCG and Telstra

Stadium), ground operation and

maintenance and depreciation.

The Trust’s successful financial

performance during 2006/07 was

achieved through the following

areas of operation:

Income from Ground Hiring

During 2006/07 the SCG and

Aussie Stadium hosted an extensive

program of events attracting over

1.5 million patrons.

Income from ground hire was

$9.2 million, compared to

$7.2 million in the previous year,

reflecting the staging of additional

major and well attended events.

The Trust holds long-term

contractual arrangements with

major ground hirers to provide

scheduling of a strong and broad

based program of events. Sports

Partners contracts are in place

with Cricket NSW, National Rugby

League, NSW Rugby Union, Sydney

Roosters, Sydney FC and the

Sydney Swans.

Members AnnualSubscriptions

Membership subscriptions

were higher in 2006/07, revenue

of $10.8 million compared to

$9.1 million recorded in the

previous year. Whilst membership


subscription rates were increased,

strong membership retention

levels reflect the broad range of

services and events available to

both Gold and SCG Members.

Membership Sales

Membership sales generated in

2006/07 were strong and reflect

market confidence in the Trust’s

ongoing fixture program and

amenities. Sales of new Gold

membership generated $4 million,

compared to $3.8 million in

the previous year.

Membership of the SCG continues

to be highly sought after with a

limited intake each year of new

Members from the waiting list.

Joining fees for new SCG

Members generated $552,000

compared to $585,000 in 2005/06.

Corporate Hospitality

The Trust markets various forms

of corporate facilities/packages

available for events at the SCG and

Aussie Stadium, including annual

private suites and corporate boxes,

and a comprehensive range of

seasonal and casual packages.

The Trust holds contractual

arrangements with Cricket NSW

and NSW Rugby for the exclusive

marketing rights for the sale of

corporate/premium packages for

International Cricket and Rugby

Super 14 fixtures. The Trust also

markets the sale of corporate

hospitality for Sydney Swans,

Sydney FC, Rugby League and

concert events.

In 2006/07 revenue from rental

of annual private suites/corporate

boxes was $4.6 million compared

to $3.5 million received in the

previous year. Marketing of

available suites/boxes on a

daily and seasonal basis, and

sale of allocated premium public

seating for major events, together

generated revenue of $8.6 million

compared to $5.2 million

received in 2005/06.

Advertising &Sponsorship Sales

The Trust contracts the sale of

advertising signage in the form

of scrolling signage, fence,

grandstand and video scoreboard

signage at the SCG and Aussie

Stadium, including product rights

at each facility.

Major signage/product rights

contracts are current with key

stakeholders including: Cricket

NSW, Sydney Swans, NSW Rugby,

Foster’s Australia, Coca-Cola

Beverages Pty Ltd, Ticketek

and Moore Sports.

Advertising and sponsorship

revenue generated $5.8 million


previous year. Product rights

increased sharply from $645,000

in 2005/06 to $2 million in the

current year.

Catering

The Compass Group (trading as

All Leisure) holds the exclusive

rights contract for food and liquor

catering at the SCG and Aussie

Stadium, having commenced

operations at the venues in

November 2000. The catering

contract extends to 2010.

The Trust’s net share of

catering sales (including

amortised contract premiums)

at the SCG and Aussie Stadium

was $4.1 million (food) and

$3.8 million (liquor), compared

to $3.8 million and $3.6 million

respectively in the previous year.

Investment ManagementPerformance

During 2006/07 available surplus

funds were invested with the

NSW Treasury Corporation

Hourglass facility. The Treasury

Hourglass return for the year

ended 28 February 2007 on the

Trust’s invested funds represents

the rate of 5.96% for that period.

Surplus funds were invested

for the short-term only. Interest

received on investments totalled

$488,000 as compared to

$312,000 in the previous year.

SCG12873_SectionB_24.08.07 15/10/07 1:35 PM Page 32

Administration andRelated Expenses

Administrative and related expenses

incurred during the past year totalled

$5.8 million compared to $4 million

in the previous year. The significant

increase for the current year

reflected a one-off purchase of

tickets for Gold Members to football

events at Telstra Stadium in the

final year of operation of the

scheme, together with expansion

of the Members Reserve seating to

accommodate demand during the

recent Ashes Series at the SCG.

Administrative expenditure

includes: consulting fees ($654,000

compared to $427,000), telephone

($262,000 compared to $252,000),

publications, printing & stationery

($801,000 compared to $916,000),

insurance costs ($587,000

compared to $675,000) and

finance costs including ratings

fees, debt management fees

($459,000 compared to $597,000).

Marketing/CorporateSeating Expenses

Expenditure upon marketing

including: advertising, promotion

and publications during 2006/07



Marketing expenditure was mainly

directed to promotion and marketing

of the SCG International Cricket

Season and other major events,

available Gold and SCG membership

places, available private suites,

premium seating for major events,

the SCG Tour Experience and

corporate function room facilities.

Due primarily to increased sale

of event corporate/premium

packages for the International

Cricket Season, expenditure

upon premium/corporate seating

ticket charges, catering and

merchandising was $7.2 million,


previous year.

Insurance

The Trust’s major insurance risks

are covered through membership

of the Treasury Managed Fund.

Insurance premiums paid in

2006/07 were significantly reduced

to $587,000 compared to $675,000

in the previous year.

The Trust insurance placement

and coverage is reviewed annually

by Brokers, Chambers Gallop

McMahon Pty Ltd.

Consultants

Consultants were appointed

for a range of projects in 2006/07,

with payments totalling $654,000.

The major consultancies were

provided by: Javelin Australia,

Public Relations fee – $150,000,

Peter Knowland – Acoustical

Consulting and ERM Noise

Management Plan – $51,000,

Moore Sports, Naming Rights

Consultant for Aussie Stadium –

$50,000, Network Systems

Network Security – $49,000,

Fitch Australia Credit Rating,

$25,000 Ernst & Young

Accounting, $24,000.

The balance of consultants fees

incurred was paid by the Trust for

minor consultancies for services

provided. These included:

IT services, accounting services,

probity review, event services

software, engineering services,

planning advice, tender review,

crisis management plan, sound,

risk management, OH&S,

employment matters, building

and other services.

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, Aussie Stadium and

its surrounds.

During 2006/07, the Trust received

an independent valuation by the

State Valuation Office of its vested

lands, based on an “as zoned and

used basis,” providing a valuation

of $34 million as at 28 February

2007. The valuation increment

recorded since the previous

valuation of land, $3 million,

was transferred to the Asset

Revaluation Reserve.

CORPORATE SERVICES

FINANCIAL REPORT CONTINUED


Interest Paid onLoans/Rating BasedGuarantee Fees

The Trust borrowings were

extended by $1 million in the

past year whilst continuing to

conduct an extensive Capital

Works Program. Interest paid on

capital debt during the year was

$528,000 compared to $598,000


Other financing charges including

Ratings Guarantee Fees totalled

$459,000 ($597,000 in 2005/06)

based upon application of a

BB rating (BB+ rating in the

previous year).

Debt ManagementPerformance

The Trust’s debt portfolio is

managed by NSW Treasury

Corporation. Over the financial

year cash rates moved modestly

higher by 0.75%, to 6.25%. Long-

term interest rates remained

below the cash rate despite three

cash rate increases, reflecting

persistent offshore demand for

higher yielding AUD securities.

Sedate inflationary outcomes

have pushed out expectations

for further interest rate increases

to 2008. The market value of the

Trust’s portfolio increased by

$826,000 over the financial year

to be $7.9 million at year end.

TCorp’s debt management

involved tactical positioning of the

portfolio to reduce interest costs.

This resulted in the portfolio’s

cost of funds being approximately

0.04% below its benchmark, which

represented an annual saving

of $8,834 against the Trust’s

benchmark for the year ended

28 February 2007.

Homebush TicketProvision

In accordance with contracted

arrangements following debt

retirement upon allotment of

Stadium Australia Gold Packages,

the Trust was required to

establish a provision account to

hold calculated interest savings

generated from the level of debt

retired, the provision to be utilised

for future purchase of tickets to

premium football events at the

Telstra Stadium. The provision

has now been exhausted and

any future purchases of tickets

will be expensed through the

Income Statement.

Ground Operation and Maintenance/Capital Works

The Trust utilises a permanent

trades workforce, service

contractors and subcontractors

to undertake an annual program

of maintenance of grandstands,

buildings, plant, grounds and

playing arenas at the SCG and

Aussie Stadium.

Expenditure of $6.8 million upon

maintenance of grounds and

buildings was incurred during the

past year compared to $6.2 million


The Trust undertook various

capital works projects during

2006/07 totalling $19.5 million,

including: the NSW Rugby Centre

of Excellence ($4.2 million),

Aussie Stadium seating increase

($5.2 million); Aussie Stadium

home dressing room expansion

($818,000); SCG floodlight

upgrade program ($760,000);

Bradman Stand Level 3

renovation ($398,000); Aussie

Stadium videoscreen ($964,000);

SCG Ashes projects ($947,000);

SCG Hill Grandstand preliminary

works ($3.1 million).

Event Operating Costs

Event costs incurred in the

staging of sporting and other

events during the year were

$10.2 million compared to


These are direct costs incurred

for all sporting and other events

staged at Trust grounds including

the International Cricket season,

the Robbie Williams concerts and

the Mundine v Green fight, together

with additional obligations to Sports

Partners through implementation

of new hiring contracts.

Staff Related Expenses

Staff related expenses incurred

during the past year totalled

$12.3 million compared to

$11 million in 2005/06. These

costs include permanent salaries,

wages and on-costs (for both a

full-time and part-time workforce)

incurred in administration of the

Trust operations and casual event

staff wages and on-costs.



Performance Reviews

Newly contracted ratings agency,

Fitch conducted an initial review

of the Trust’s financial operations

and position as at 28 February 2006.

The subsequent report by Fitch

recommended assignment of a

financial rating of BB (compared

to BB+ assigned in the previous

year). The new rating was utilised

by NSW Treasury in determining

the amount of annual ratings

based guarantee fees payable.

In determining the financial

rating, Fitch reported that the

Trust’s credit strengths included:

• Ownership of an iconic sporting

arena the SCG, the traditional

home of cricket in Sydney;

• Both SCG and Aussie Stadium

facilities are used year-round,

with five key sports associations

contracted for several years

at a time (cricket, Australian

rules, rugby league, rugby

union and soccer);

• A history of modest but

consistent profitability;

• Strong balance sheet,

with low gearing and good

interest coverages.

The Trust’s four main committees

(Grounds and Event Services,

Finance, Management and Audit)

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 also submits financial

reports to the Treasury Commercial

Sector Division for review of operating

performance and financial position

as compared to agreed Statement

of Financial 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.

CORPORATE SERVICES

FINANCIAL REPORT CONTINUED


During 2006/07 the Trust received

an independent valuation by WT

Partnership, registered quantity

surveyors, of the replacement cost

of buildings and improvements

at the SCG and Aussie 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

$240 million, was transferred to

the Asset Revaluation Reserve.

As a result of the revaluations,

an Asset Revaluation Reserve

remains established. The balance

of this Reserve as at 28 February

2007 stood at $319 million.

The value of land, buildings and

improvements, plant and equipment

recorded in the Trust financial

statements as at 28 February 2007

stands at $465.2 million.

The Trust’s current Industrial

Special Risks insurance policy as

at 28 February 2007 provides a cover

on buildings, plant and equipment

to the value of $504 million.

Depreciation

Depreciation charged for 2006/07



Depreciation, reflecting the

revaluation of buildings and

improvements, is calculated on

the value of buildings and plant

using the straight line method

based on the expected useful

life of the assets.


Time for Payment of Accounts

Listed below is a schedule of accounts payable performance as at

28 February 2007, 30 November 2006, 31 August 2006, and 31 May 2006.

Month Current Less than 30-60 60-90 Over Total

30 days days days 90 days $

overdue overdue overdue overdue

May 212,590 118,645 -89,889 425,040 22,404 688,790

% 30.86% 17.23% -13.05% 61.71% 3.25% 100.00%

August 328,264 157,693 506,346 3,751 80,320 1,076,374

% 30.50% 14.65% 47.04% 0.35% 7.46% 100.00%

November 757,636 845,132 -66,046 200 84,520 1,621,441

% 46.73% 52.12% -4.07% 0.01% 5.21% 100.00%

February 3,035,795 1,102,080 0 -320 13,315 4,150,870

% 73.14% 26.55% 0.00% -0.01% 0.32% 100.00%

A minimal number of complaints were received during the year concerning late payment of invoices, each matter

being resolved satisfactorily.


INFORMATION TECHNOLOGY ORGANISATIONAL CHART


The Trust’s IT Department

provides a diverse range of

services, delivered in a manner

to ensure the best possible

outcomes to benefit and improve

the day-to-day management

of the SCG and Aussie Stadium.

Core services and duties provided

by the IT Department include:

• Customer Contact Operations –

Help Desk

• Desktop Support Services

• Voice Communications

• Data Communications

• LAN Administration (Local

Area Network)

• Enterprise and corporate

systems implementation

and management

• Network infrastructure

implementation and

management

• Developing, implementing,

and maintaining applications

• Network and infrastructure

security, policy, procedure

and monitoring

• Setting and managing policy for

protection of the Trust’s physical

and electronic information assets

• Records Management

A diverse range of projects were

managed or undertaken by the

IT Department during the past

year including:

A new website launched in

December 2006 including

improved functionality, better

navigation, secure and managed

content, Members Only pages,

Image Gallery, RSS Feeds and

Calendar plug-ins. A new wireless

system was deployed with

enhanced security and scalability.

The works were phase one of

a project which will deliver

wireless voice phones, wireless

catering devices and mobility

solutions for all Trust staff.

A hardware appliance was

implemented to perform all Spam,

virus and content filtering for all

email communications.

A major upgrade of the Trust’s

firewall (including hardware and

software) was conducted which

delivered improved security and

manageability across all data

communications.

Handover to Sydney Olympic

Park Authority (SOPA) of Sydney

Olympic Park Aquatic Centre IT

network was conducted in June

2006, at the completion of the

Trust’s tenure as Operator.

The Trust mobile phone fleet was

migrated to a new service provider.

All agreements for photo copiers

and printers were consolidated into

one Print Management Contract

providing a single point of contact for

support, consumables and servicing.

Phase one of a program to replace

the Trust’s catering point of sale

system was completed which

included evaluation at different

technologies, designing the new

solution, establishing new cabling

infrastructure and development

of a Project Plan. This project will

deliver 175 Windows based touch

screen terminals to catering

outlets within the SCG Members

Reserve and Aussie Stadium

during 2007, with an additional

130 terminals to be deployed to

the SCG public areas and the new

SCG Hill Grandstand in 2008.

A premium SMS service was

developed and introduced during

the Foundation Cup at Aussie

Stadium in February. At this event

the SMS service offered patrons

the opportunity to message their

choice for ‘Man of the Match’.

Results were displayed on the two

videoscreens during the game.

A new Disposal Authority Document

was developed as well as new

policies and procedures for the

management of all Trust records.

The integration of the corporate

product invoicing module into

the Sun Accounting System

was completed.

A major network infrastructure

upgrade was completed with the

installation of three new server

racks and three dedicated

Uninterruptible Power Systems.

Upgrade of SCG Clive Churchill/

Brewongle Stand Level seven

phone/data cabling.

Co-ordination of the installation of

over 30 telephone and data services

to Aussie Stadium private suites

for the Robbie Williams Concert.

Completion of the design and

development of a membership

database and ballot process for

the allocation of reserved seating

in the International Cricket Season.

Each of these projects and

initiatives managed by the IT

Department have improved the

efficiency and effectiveness of

Trust operations. The IT Department

continues to aspire to provide

professional services and to

perform assigned tasks on

a cost effective basis.


Bernie Lamerton

General Manager

Corporate

Services

Craig Meagher

General Manager

Marketing &

Membership

Jason Hill

General Manager

Business

Development

Rob McQuade

General Manager

Commercial &

Operations

Michael Bangel

General Manager

Properties

Shane Fuller

General Manager

Major Projects

Audit Committee Finance Committee

Trust

Grounds & EventServices Committee

ManagementCommittee

Finance

Information

Technology

Marketing

Member Events

Member

Administration

Stadium Fitness

Centre

Venue Services

Office

Hospitality

Sponsorship

and Advertising

Gold Member

Sales

Event

Management

Operations

Management

Security

Catering

Human

Resources

Cleaning

Merchandising

Venue

Management

Asset

Management

OH&S

Capital Works

Master Plan

Project

Management

Playing Fields

and Gardens

Jamie Barkley

Chief Executive Officer

Media and PR


TRUSTEES


Mr Rodney M Cavalier, AO

Trust Chairman

Committees: Finance, Grounds and

Event Services, Management

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 of the Committee for the

Sesquicentenary of Responsible Government

Director: C E W Bean Foundation

Director: Sydney Ferries Corporation

Appointed Trustee to 13 July 2009

Mr E (John) Cloney

Deputy Chairman

Chairman, Finance Committee

Committees: Audit, Finance, Grounds and

Event Services, Management

Chairman: QBE Insurance Group Ltd

Chairman: CREATE Foundation

Member: ABN AMRO Advisory Council

Company Director: ABN AMRO Australia Holdings Ltd

Company Director: Boral Ltd

Company Director: Maple-Brown Abbott Limited

Fellow: Australia & New Zealand Institute of

Insurance & Finance

Fellow: Australian Institute of Management

Foundation Fellow: Australian Institute of

Company Directors


Mr Ken W Catchpole, OAM

Committees: Grounds and Event Services,

Management

Bachelor of Science (Hons) University of Sydney

Consultant

President: NSW Rugby Union

Member: Wallaby Hall of Fame

Member: International Rugby Hall of Fame

Former Australian Rugby Captain

Patron: Australian Barbarians and Classic Wallabies

Members-elected Trust representative


Ms Kerry Chikarovski

Committee: Finance

Bachelor of Economics (Syd), LL.B. (Syd)

Director – Infrastructure Planning Aust Pty Ltd

Former Minister for Consumer Affairs,

Industrial Relations, and Women

Former Leader of NSW Parliamentary Liberal Party

Board Member – Fitness NSW

Board Member – Humpty Dumpty Foundation


Hon Michael A Cleary, AO

Chairman, Grounds and Event Services Committee

Committee: Grounds and Event Services

Chairman: Clearmarketing Pty Ltd

Director: NSW Rugby League

Trustee: Wentworth Park Trust

Former Member of Parliament (Coogee) 1974 – 1991

Former Minister for Sport, Recreation, Racing & Tourism

Former Australian representative in athletics, rugby

union and rugby league



Mr Phillip H Green

Committee: Finance

Bachelor of Commerce (UNSW)

Bachelor of Law (UNSW)

Chartered Accountant

Director: Babcock & Brown

Director: Babcock & Brown Infrastructure

Director: Babcock & Brown Japan Property Trust

Director: Everest Babcock & Brown Limited

Director: Babcock & Brown Environmental

Infrastructure Limited

Director: Babcock & Brown Capital Limited

Director: MTM Entertainment Trust

Director: Thakral Group


Ms Catherine Harris, AO PSM


Bachelor of Commerce (UNSW) FAICD

Chairperson: Harris Farm Markets Pty Ltd

Director: Australia – Japan Foundation

Board Member: National Gallery of Australia Foundation

Board Member: Museum of Contemporary Art

Board Member: UNSW Foundation

Board Member: Notre Dame University


Mr Alan B Jones, AO


Graduate of Queensland and Oxford Universities

Former speech writer and senior advisor to the

Prime Minister, Right Hon Malcolm Fraser

Queen’s Birthday Honour – an Officer within the

Order of Australia for his services to the media and

sports administration

Former Australian Rugby Union Coach

Former Coach of the Balmain and South Sydney

Rugby League Clubs

Elected to the Confederation of Australian

Sports Hall of Fame – 1985

Broadcaster: Radio Station 2GB 873 and Channel 9

Awarded Australian Radio Talk Personality of the Year

1990, 1991, 1992, 1993, 1995, 1997, 1998, 1999, 2000,

2001, 2002, 2003, 2004, 2005

Awarded Australian Radio Best Current Affairs

Commentator: 1991, 1992, 1993, 1995, 1996, 1997,

1998, 2000, 2001, 2002, 2003, 2004, 2005

Advance Australia Award – Services to the

Community 1993

Awarded the Inaugural Sir Roden Cutler Medal

for Services to the Community – 2003

Deputy Chairman: Australian Sports Commission

Deputy Chairman: NSW Institute of Sport


Mr Geoffrey F Lawson, OAM


Bachelor of Optometry

Vice President: UNSW Sports Association

Member: University of NSW Council

Former International cricketer

Former Director: Advertising Standards Board

Members-elected Trust representative



TRUSTEES

CONTINUED


Mr Colin W Love, AM LLB


Legal Practitioner and Sports Promoter

Chairman: Australian Rugby League Limited

Chairman: New South Wales Rugby League Limited

Chairman: NRL Partnership Executive Committee

Chairman: Rugby League International Federation Ltd


Mr John A McCarthy, QC

Committee: Finance

Barrister (admitted 1976)

Queen’s Counsel (appointed 1988)

Pro Chancellor: University of Sydney

Fellow of the Senate of the University of Sydney

and Member of:

• Senate Honorary Awards Committee

• Senate Sports Liaison Committee (Convenor)

• Senate Finance Committee

Member: NSW Legal Aid Review Committee

Chairman: John Stephen Akhwari Athletics Foundation

(“JSAAF”) 2001–


Mr Roderick H McGeoch, AM LLB

Chairman, Audit Committee

Committees: Finance, Audit

Lawyer

Chairman: Saatchi and Saatchi Trans Tasman

Advisory Board

Director: Ramsay Health Care Ltd

Director: LIPA Pharmaceuticals

Member: Aon Risk Services Limited NSW Board of Advice

Director: Frontiers Group International Ltd (UK Listing)

Director: Telecom Corporation of New Zealand Limited

“TCNZ”

Director: Maxwood Pty Ltd

Director: McGeoch Holdings Pty Ltd

Chairman: Pacific Healthcare Australia

Chairman: Sky City Entertainment Group Limited

Chairman: Vantage Private Equity Growth Limited


Ms Kaye Schofield

Chairperson, Management Committee

Committees: Finance, Management

Bachelor of Arts, Master of Education

Executive Director: Kaye Schofield

& Associates Pty Ltd, Management Consultants

Director: WaterEd Australia Pty Ltd

Member: NSW TAFE Commission Board


Mr A F (Tony) Shepherd


Bachelor of Commerce

Chairman: ConnectEast Group

Chairman: Transfield Services Limited

Director: The Global Foundation


Mr Paul H Warren

Committee: Finance

Bachelor of Business (Marketing & Accounting)

Chairman: Sydney Metro: Ford Dealers

Advertising Fund Ltd

Chief Executive: Peter Warren Group of Companies

Director: Ford Dealers Advertising Fund Ltd

Director: Peter Warren Group of Companies

Member: Motor Traders Association

Member: Board of Management,

St Vincents Prostate Cancer Centre



0

1

2

3

4

5

6

7

8

9

2002/03 2003/04 2004/05 2005/06 2006/07

Earnings Before Interest$m

0

1

2

3

4

5

6

2002/03 2003/04 2004/05 2005/06 2006/07

Operating Surplus $m

0

1

2

3

4

5

6

7

8

9

10

2002/03 2003/04 2004/05 2005/06 2006/07

Interest Covertimes

Budget

0

5

10

15

20

25

2002/03 2003/04 2004/05 2005/06 2006/07

Interest Cover (excl. depr.)times

Actual

FINANCIAL INDICATORS


2007 2007 2006

$’000 $’000 $’000

Notes Consolidated Parent Parent

REVENUE

Event and Venue Hire Fees 9,247 9,247 7,248

Catering 2a 15,453 15,453 14,596

Premium Seating 2b 8,592 8,592 5,167

Membership Fees 2c 15,337 15,337 13,431

Private/Corporate Box Rental 2d 4,637 4,637 3,510

Advertising and Sponsorship 2e 5,837 5,837 5,155

Interest 488 488 312

Superannuation Fund Valuation Surplus 4 254 4 7

Other 2f 5,261 5,261 3,775

Total Revenue 65,106 64,856 53,201

EXPENDITURE

Event Operating Costs 3a 10,275 10,275 8,094

Catering Expenses 3b 7,587 7,587 7,230

Premium/Corporate Seating 3c 7,217 7,217 4,156

Staff Related Expenses 3d 12,296 12,046 11,034

Administration and Related Expenses 3e 5,825 5,825 3,976

Ground Operation and Maintenance 6,771 6,771 6,248

Membership Redemptions 16 16 (199)

Depreciation 1f, 6 7,258 7,258 5,117

Borrowing Costs 528 528 598

Marketing 1,797 1,797 1,701

Superannuation Fund Allocation 4 – – 2

Provisions 9, 11 – – 480

Loss on Disposal of Assets 3f 37 37 106

Total Expenditure 59,607 59,357 48,543

PROFIT FOR THE YEAR 5,499 5,499 4,658

The accompanying notes form part of these financial statements.


BALANCE SHEET AS AT 28 FEBRUARY 2007


2007 2007 2006

$’000 $’000 $’000


ASSETS

Current Assets

Cash 348 348 1,290

Receivables 4 13,291 13,291 7,271

Investments 5 1,344 1,344 2,429

Inventories 1h 750 750 453

Total Current Assets 15,733 15,733 11,443

Non-Current Assets

Receivables 4 597 597 309

Property, Plant and Equipment 1e, 6 465,226 465,226 206,607

Total Non-Current Assets 465,823 465,823 206,916

Total Assets 481,556 481,556 218,359

LIABILITIES

Current Liabilities

Payables 7 28,935 28,935 17,217

Interest Bearing Liabilities 1l, 8 1,440 1,440 1,489

Employee Provisions 1i, 9 1,681 1,681 1,380

Other Provisions 11 – – –

Total Current Liabilities 32,056 32,056 20,086

Non-Current Liabilities

Payables 7 3,727 3,727 2,746

Interest Bearing Liabilities 1l, 8 6,494 6,494 5,459

Total Non-Current Liabilities 10,221 10,221 8,205

Total Liabilities 42,277 42,277 28,291

NET ASSETS 439,279 439,279 190,068

EQUITY

Retained Earnings 120,220 120,220 114,721

Reserves 319,059 319,059 75,347

TOTAL EQUITY 439,279 439,279 190,068




INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2007

SCG12873_FinancialsC_24.08.07 15/10/07 1:38 PM Page 46

Retained Earnings Asset Revaluation Reserve Total Equity

2007 2007 2006 2007 2007 2006 2007 2007 2006

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Consol’d Parent Parent Consol’d Parent Parent Consol’d Parent Parent

Balance at the

beginning of the

financial year 114,721 114,721 110,063 75,347 75,347 75,347 190,068 190,068 185,410

Profit/(Loss)

for the year 5,499 5,499 4,658 – – – 5,499 5,499 4,658

Net increase in

land and buildings

asset revaluation

reserve – – – 243,712 243,712 – 243,712 243,712 –

Balance at

the end of the

financial year 120,220 120,220 114,721 319,059 319,059 75,347 439,279 439,279 190,068



STATEMENT OF CASH FLOWS FOR THE YEAR ENDED

28 FEBRUARY 2007


2007 2007 2006

$’000 $’000 $’000


CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from Operations 70,895 70,895 62,012

Interest Received 488 488 312

Other Receipts 363 363 452

Payments for Suppliers and Employees (53,559) (53,559) (54,219)

Borrowing Costs/Interest Paid (437) (437) (619)

Other Payments (1,523) (1,523) (2,578)

NET CASH PROVIDED BY OPERATING ACTIVITIES 17b 16,227 16,227 5,360

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from Sale of Plant and Equipment 245 245 235

Payment for Property, Plant and Equipment (19,499) (19,499) (7,137)

NET CASH USED IN INVESTING ACTIVITIES (19,254) (19,254) (6,902)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of Borrowings – – (3,000)

Proceeds from Borrowings 1,000 1,000 –

NET CASH USED IN FINANCING ACTIVITIES 1,000 1,000 (3,000)

NET INCREASE/(DECREASE) IN CASH AND

CASH EQUIVALENTS (2,027) (2,027) (4,542)

Cash and cash equivalents at the Beginning of Period 17a 3,719 3,719 8,261

CASH AND CASH EQUIVALENTS AT END OF PERIOD 17a 1,692 1,692 3,719




STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED

28 FEBRUARY 2007


(d) Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and

the revenue can be reliably measured. The following specific 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.

• Investment income – is recognised as it accrues.

(e) Property, Plant and Equipment

The Trust’s property, plant and equipment have been brought to account at fair value.

Revaluation of these assets is undertaken at intervals not exceeding five (5) years.

See Note 6.

(f) Physical Non-Current Assets

Capitalisation

All physical non-current assets costing over $5,000 individually and all items under $5,000 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 10% – 33.3%

(g) 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.

(h) Inventories

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

cost basis.


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

28 FEBRUARY 2007


1. SUMMARY OF ACCOUNTING POLICIES

(a) Reporting Entity

The Trust, as a reporting entity, is a NSW Government Trading Enterprise.

The consolidated Financial Report for the year ended 28 February 2007 has been authorised for issue by the

Trust on 19 June 2007.

(b) Basis of Preparation

The Trust’s financial report is a general-purpose financial report, which has been prepared in accordance with:

• Australian Accounting Standards, (which include Australian Equivalents to International Financial

Reporting Standards (AEIFRS));

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

• Australian Accounting Standards Board (AASB) interpretations and other professional pronouncements.

These statements have also been prepared under historic cost and accrual accounting conventions (except for

land, buildings and improvements which are shown at valuation).

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

SCG and Aussie Stadium which are lands dedicated for public recreation.

The accounting policies adopted in compilation of the financial statements are consistent with those applied


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

to the financial statements.

All amounts are expressed in Australian currency.

(c) Statement of Compliance

The Trust’s financial report complies with Australian Accounting Standards, which include AEIFRS, some of

which contain requirements specific to not-for-profit entities that are inconsistent with IFRS requirements.




28 FEBRUARY 2007


(k) Receivables and Payables

Accounts receivable, which are generally settled within 30 days are carried at amounts due. 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.

(l) Net Fair Values of Financial Assets and Liabilities

Interest bearing liabilities are recorded at current capital value.

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

Monetary financial assets and liabilities (which are not traded in an organised financial 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, equivalent to cost.

(m) 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 whilst maintaining

the original capital value of the portfolio. Borrowings and Advances are shown as current and non-current

liabilities and include the provision for rollover upon maturity.

(n) Sydney Olympic Park Aquatic and Athletic Centres

The Sydney Olympic Park Authority (SOPA) as the vested owner of the Sydney Olympic Park Aquatic and

Athletic Centres, entered into an operator’s agreement with the Trust effective from 1 July 2002. The Trust

provided a management advisory role in assisting in operational matters at the Centres through the established

Operators Agreement. The agreement ceased in June 2006. The Trust also provided the payroll function for all

staff employed at the Centres. Any expenses that were incurred during the past year through payroll, operational

expenditure and management time have been recouped from SOPA through the Centres’ operational account.

(o) Tax Status

The activities of the 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 benefits tax and GST.



28 FEBRUARY 2007


(i) Employee Benefits

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

28 February 2007.

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

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

amounts expected to be paid when the liabilities are settled.

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 benefits accrued in the future. Benefits for Rostered Days Off

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

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

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

In accordance with the Australian Accounting Standard AASB 119 “Employee Benefits” liabilities arising in

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

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

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

present value of the estimated future cash outflows to be made in respect of services provided by employees

up to the reporting date. In determining the present value of future cash outflows, the market yield on national

government bonds, which have terms to maturity approximating the terms of the related liability are used.

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

Superannuation – the Trust as an employer also contributes in respect of the compulsory basic benefit and

superannuation guarantee levy to respective external superannuation funds as required by legislation.

Liabilities for superannuation are actuarially determined and contributions made to superannuation funds

are charged against the provision. The Trust’s superannuation prepayment as at 28 February 2007 has been

calculated and advised by Pillar Administration.

(j) Insurance

The Trust’s insurance activities are conducted through the NSW Treasury Managed Fund Scheme of self insurance

for Government agencies. The expense (premium) is determined by the Fund Manager based on past experience.




28 FEBRUARY 2007


(d) Private/Corporate Box Rental

2007 2007 2006

$’000 $’000 $’000

Consolidated Parent Parent

4,637 4,637 3,510

Income includes hire/rental of corporate viewing boxes sold on an annual basis providing rights to view

matches at the SCG and Aussie Stadium.

(e) Advertising and Sponsorship

5,837 5,837 5,155

Income includes payments under contract with various companies for naming rights and advertisements that

are displayed on fences, grandstands and video scoreboards at the Sydney Cricket Ground and Aussie Stadium.

(f) Other

Merchandising 407 407 311

Parking Fees 174 174 202

Tour Fees and Sponsorship 133 133 150

Rentals 987 987 795

Contributions from Hirers 822 822 405

Exclusive Product Rights 1,961 1,961 645

Sundry 777 777 1,267

5,261 5,261 3,775

3. EXPENDITURE

(a) Event Operating Costs

10,275 10,275 8,094

These costs are direct expenses incurred in staging of sporting and other events during the year.

(b) Catering Expenses

Liquor COGS 3,967 3,967 3,763

Liquor Management Fee 3,620 3,620 3,467

7,587 7,587 7,230

(c) Premium Seating

7,217 7,217 4,156

These expenses relate to the sale of premium seat packages to corporate customers for major events and

include ticket charges, catering, merchandise etc.



28 FEBRUARY 2007


(p) 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 Office (ATO) is recognised as part of the cost of acquisition of an asset or

as part of an item of expense.

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

Cash flows are included in the Cash Flow Statement on a gross basis. The GST components of cash flows

arising from investing and financing activities that are recoverable from, or payable to, the ATO are classified

as operating cash flows.

2. REVENUE

(a) Catering

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

Liquor Trading – $11,364,567 ($10,839,986 in 2006).

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

areas of the SCG and Aussie Stadium. Income from liquor trading represents gross liquor sales at the

SCG and Aussie Stadium.

Food Trading – $4,088,006 ($3,755,624 in 2006).

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

contract, together with amortisation of contract premiums received as a licence fee paid in advance.

The Trust’s current catering contract is due to expire on 31 October 2010. The total premium paid under

the contract is being amortised annually over the term of the contract.

(b) Premium Seating

2007 2007 2006

$’000 $’000 $’000


8,592 8,592 5,167

Income includes hire/rental of corporate facilities and corporate seating sold on a daily and seasonal basis

providing dining/viewing for major events at the SCG and Aussie Stadium.

(c) Membership Fees

Gold and SCG Membership Subscriptions 10,769 10,769 9,079

SCG Member Entrance Fees 552 552 585

Gold Member Entrance Fees 4,016 4,016 3,767

15,337 15,337 13,431




28 FEBRUARY 2007


(f) Loss on Disposal of Property, Plant and Equipment

2007 2007 2006

$’000 $’000 $’000


Proceeds from Disposal 245 245 235

Written down value of assets disposed 282 282 341

Loss on disposal of Property, Plant and Equipment 37 37 106

4. RECEIVABLES

As at 28 February 2007, the amount shown as Receivables comprised the following items:

Current:

Prepayments and Accrued Income 2,182 2,182 1,273

Catering Debtors 1,169 1,169 1,232

Sundry Debtors 9,227 9,227 4,412

GST Receivable 548 548 40

Provision for Doubtful Debts (170) (170) –

Futures Contracts 335 335 314

13,291 13,291 7,271

Non-Current:

Superannuation Prepayment 561 561 307

Sundry Debtors 36 36 2

597 597 309

Superannuation Prepayment

A number of Trust employees are Members of the State Authorities Superannuation Scheme (SASS) and the

State Authorities Non-Contributory Superannuation Scheme (SANCS). All members are entitled to benefits on

retirement, disability or death. The superannuation plans are administered by Pillar Administration (formerly

the Superannuation Administration Corporation) and provide defined benefits based on years of service and

final average salary. Employees contribute to the plans at various percentages of their wages and salaries.

The Trust also contributes to the plans.

These schemes are all defined benefit schemes – at least a component of the final benefit is derived from

a multiple of member salary and years of membership. All the schemes are closed to new members.

Actuarial gains and losses are recognised in profit or loss in the year they occur. The Pooled Fund holds

in trust the investments of the closed NSW Public Sector Superannuation Schemes: State Authorities

Superannuation Scheme (SASS) and State Authorities Non-Contributory Superannuation Scheme (SANCS).

Pillar Administration (Pillar) has advised the level of estimated superannuation surplus at 28 February 2007.

The economic assumptions used to calculate the superannuation asset of both defined benefit schemes are

those used for Mercer’s 2003 triennial valuation of the schemes listed overleaf.



28 FEBRUARY 2007


(d) Staff Related Expenses

2007 2007 2006

$’000 $’000 $’000


Salaries and Wages 9,261 1,525 9,018

Trustees Remuneration 116 116 116

Provision for Leave/Gratuity 588 39 488

Superannuation 805 37 539

Workers Compensation 124 14 26

Payroll Tax 633 27 438

Other Staff Related Expenses 769 610 409

Personnel Services – 9,678 –

12,296 12,046 11,034

Personnel Services

Salaries and Wages – 7,736 –

Provision for Leave/Gratuity – 549 –

Superannuation Expense – 518 –

Workers Compensation – 110 –

Payroll Tax – 606 –

Other Staff Related Expenses – 159 –

– 9,678 –

(e) Administration and Related Expenses

Audit Fees (Audit Office of NSW) 73 73 73

Accounting and Legal Services 181 181 304

Consultant Fees 654 654 427

Travel 84 84 98

Postage/Freight 227 227 179

Telephone 262 262 252

Printing and Stationery 801 801 916

Provision for Doubtful Debts 155 155 (64)

Bad Debts Written off 1 1 –

Insurance 587 587 675

Members Seating 1,781 1,781 –

Sundry 560 560 519

Finance 459 459 597

5,825 5,825 3,976

The Audit Office of NSW’s fee for auditing the annual financial report for the year ended 28 February 2007

is $72,500 ($72,500 in 2006).




28 FEBRUARY 2007


2007 2007 2006

$’000 $’000 $’000


5. INVESTMENTS

NSW Treasury Corporation Hour-Glass 1,344 1,344 2,429

6. PROPERTY, PLANT AND EQUIPMENT

Land at Valuation 34,000 34,000 31,000

Buildings and Improvements (at fair value) 568,660 568,660 186,025

Accumulated Depreciation (150,624) (150,624) (15,567)

418,036 418,036 170,458

Plant and Equipment (at fair value) 14,397 14,397 13,519

Accumulated Depreciation (10,194) (10,194) (9,434)

4,203 4,203 4,085

Work in progress 8,987 8,987 1,064

Total Carrying Amount 465,226 465,226 206,607

The Trust’s current Industrial Special Risks insurance policy as at 28 February 2007 provides a cover on buildings,

plant and equipment to the value of $504 million.



28 FEBRUARY 2007


(i) Reconciliation of the assets and liabilities recognised in the Balance Sheet:

SASS SANCS

2007 2006 2007 2006

$ $ $ $

Present Value of Defined Benefit Obligations (1,678,739) (1,501,641) (196,526) (188,485)

Fair Value of Plan Assets 2,222,870 1,808,096 213,955 189,495

Net asset/(liability) at 28 February 2007

to be disclosed in the Balance Sheet 544,131 306,455 17,429 1,010

Assets invested in entity or in property occupied by the entity

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

(ii) Movement of the assets and liabilities recognised in the Balance Sheet:

SASS SANCS

2007 2006 2007 2006

$ $ $ $

Net asset/(liability) at start of year 306,455 298,443 1,010 4,409

Net income/(expense) recognised

in the income statement 237,676 8,012 16,419 (3,399)


to be disclosed in the Balance Sheet 544,131 306,455 17,429 1,010

(iii) Actual Return on Fund Assets:

SASS SANCS

2007 2006 2007 2006

$ $ $ $

Actual return on Fund assets 291,191 266,163 27,601 41,139

(iv) Economic assumptions

28 February 2007 28 February 2006

% %

Salary increase rate

(excluding promotional increases) 4.0 pa to June 2008;

3.5 pa thereafter 4.0 pa

Rate of CPI increase 2.5 2.5

Expected rate of return on assets 7.6 7.3

Discount rate 5.8 5.4




28 FEBRUARY 2007


7. PAYABLES

2007 2007 2006

$’000 $’000 $’000


Current:

Sundry Creditors and Accruals 12,760 12,760 5,313

Subscriptions Paid in Advance 6,116 6,116 5,412

Rents Paid in Advance 3,417 3,417 3,655

Advertising – Fees in Advance 1,243 1,243 1,172

Catering – Licence Fees in Advance 1,050 1,050 818

Other Deferred Income 4,182 4,182 771

Interest Payable 167 167 76

28,935 28,935 17,217

Non-Current:

Catering – Licence Fees in Advance 2,800 2,800 1,467

Rents – Paid in Advance 604 604 756

Advertising Fees in Advance 183 183 265

Other Creditors 140 140 258

3,727 3,727 2,746

8. INTEREST BEARING LIABILITIES

Current:

NSW Treasury Corporation Loans 1,440 1,440 1,489

1,440 1,440 1,489

Non-Current:

NSW Treasury Corporation Loans 6,494 6,494 5,459

6,494 6,494 5,459

Total 7,934 7,934 6,948

Significant Terms & Conditions:

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

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

Capital Debt Repayment Schedule:

The following is a schedule of principal repayments due in respect of Treasury Corporation Loans:

a. < 1 year 1,440 1,440 1,489

b. > 1 < 5 years 3,009 3,009 3,032

c. > 5 years 3,485 3,485 2,427

7,934 7,934 6,948



28 FEBRUARY 2007


6. PROPERTY, PLANT AND EQUIPMENT continued

Reconciliations

Plant and Work In

Land Buildings Equipment Progress Total

$’000 $’000 $’000 $’000 $’000

2007

Carrying amount as at 1 March 2006 31,000 170,458 4,085 1,064 206,607

Net Revaluation Increment 3,000 240,712 – – 243,712

Additions – – 1,380 21,104 22,484

Reclassification – 13,181 – (13,181) –

Disposals – – (319) – (319)

Depreciation Expense – (6,315) (943) – (7,258)

Carrying amount as at 28 February 2007 34,000 418,036 4,203 8,987 465,226

2006

Carrying amount as at 1 March 2005 31,000 167,043 4,186 2,093 204,322

Additions – – 1,183 6,560 7,743

Reclassification – 7,589 – (7,589) –

Disposals – – (341) – (341)

Depreciation Expense – (4,174) (943) – (5,117)

Carrying amount as at 28 February 2006 31,000 170,458 4,085 1,064 206,607

Valuation of Land, Buildings and Improvements

During 2006/07, the Trust received an independent valuation by the State Valuation Office of its vested lands, based

on an “as zoned and used basis,” providing a valuation of $34 million as at 28 February 2007. The valuation increment

recorded since the previous valuation of land, $3 million, has been transferred to the Asset Revaluation Reserve.

During 2006/07 the Trust received an independent valuation by WT Partnership, registered quantity surveyors,

of the replacement cost of buildings and improvements at the SCG and Aussie 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 $240.7 million, has been transferred to the Asset Revaluation Reserve.

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

as at 28 February 2007 stood at $319 million.




28 FEBRUARY 2007


10. EMPLOYEE BENEFITS

Liability

The aggregate employee benefit liability recognised and included in the financial statements is as follows:

2007 2007 2006

$’000 $’000 $’000


Accrued Salaries and Wages 74 74 36

Provision for Employee Benefits:

Current (note 9) 1,681 1,681 1,380

Non-Current (note 9) – – –

1,681 1,681 1,380

Total employee benefits liability 1,755 1,755 1,416

11. OTHER PROVISIONS

Homebush Ticket Provision

In accordance with contracted arrangements following debt retirement upon allotment of Stadium Australia

Gold Packages, the Trust was required to establish a provision account to hold calculated interest savings

generated from the level of debt retired, the provision to be utilised for future purchase of tickets to premium

football events at the Homebush Olympic Stadium. The provision has now been exhausted and any future

purchases of tickets will be expensed through the Income Statement.

Opening Balance – – 700

Add: Allocation to Provision – – 480

Less: Ticket Purchases – – (1,180)

Closing Balance – – –

12. CAPITAL AND OTHER EXPENDITURE COMMITMENTS

Capital Commitments:

Total capital expenditure contracted as at 28 February 2007 but not provided for in the accounts:

– Not later than 1 year 57,253 57,253 8,223

– Later than 1 year but not later than 5 years 40,150 40,150 –

Total 97,403 97,403 8,223

Other Expenditure Commitments:

Total other expenditure contracted as at 28 February 2007 but not provided for in the accounts:

– Not later than 1 year 233 233 181

– Later than 1 year but not later than 5 years – – 165

Total 233 233 346



28 FEBRUARY 2007


9. EMPLOYEE PROVISIONS

2007 2007 2006

$’000 $’000 $’000


Employee Entitlements

Current:

Provision for Annual Leave and on-costs

Balance at beginning of year 780 – 808

Provision for the year 668 – 498

Less: Leave Taken (418) – (526)

Balance owing to the Division – 1,030 –

Balance at end of year 1,030 1,030 780

Provision for Long Service Leave and on-costs

Balance at beginning of year 600 – 534

Provision for the year 71 – 85

Less: Leave Taken (20) – (19)

Balance owing to the Division – 651 –

Balance at end of year 651 651 600

Total Employee Entitlements 1,681 1,681 1,380




28 FEBRUARY 2007


16. FINANCIAL INSTRUMENTS

(i) Interest Rate Risk

The Trust’s exposure to interest rate risk, and the effective interest rates on financial instruments at balance

date are:

Fixed Interest Rate Maturities

Weighted

Average

Effective Floating Non

Interest Interest 1 Year 1 to 5 Over 5 Interest Balance

Rate Rate or less Years Years Bearing Total Sheet

% $’000 $’000 $’000 $’000 $’000 $’000 $’000

28 February 2007

Assets

Cash 348 – – – – 348 348

Investments 5.96 1,344 – – – – 1,344 1,344

Receivables – – – – 10,221 10,221 13,006

GST Receivable – 548 – – – 548 548

Futures Contracts 335 – – – – 335 335

Total Financial Assets 2,027 548 – – 10,221 12,796 15,581

Liabilities

Payables – – – – 12,760 12,760 32,495

Interest Payable – 167 – – – 167 167

Borrowings 6.58 – 1,440 3,009 3,485 – 7,934 7,934

Total Financial Liabilities – 1,607 3,009 3,485 12,760 20,861 40,596

Net Financial Assets (Liabilities) 2,027 (1,059) (3,009) (3,485) (2,539) (8,065) (25,015)

28 February 2006

Assets

Cash 1,290 – – – – 1,290 1,290

Investments 5.60 2,429 – – – – 2,429 2,429

Receivables – – – – 5,644 5,644 7,229

GST Receivable – 40 – – – 40 40

Futures Contracts 314 – – – – 314 314

Total Financial Assets 4,033 40 – – 5,644 9,717 11,302

Liabilities

Payables – – – – 5,312 5,312 19,887

Interest Payable – 76 – – – 76 76

Borrowings 6.76 – 1,489 3,032 2,427 – 6,948 6,948

Total Financial Liabilities – 1,565 3,032 2,427 5,312 12,336 26,911

Net Financial Assets (Liabilities) 4,033 (1,525) (3,032) (2,427) 332 (2,619) (15,609)



28 FEBRUARY 2007


12. CAPITAL AND OTHER EXPENDITURE COMMITMENTS continued

The total expenditure commitments above include input tax credits of $8.875 million which is expected to be

recovered from the Australian Tax Office.

Other commitments not quantified include specific obligations under term contracts with major sporting hirers

i.e. National Rugby League, NSW Rugby Union, NSW Cricket Association, Sydney Roosters, Sydney FC and the

Sydney Swans. 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 2007 to be material.

13. SEGMENT REPORTING

The Trust operates primarily in one business segment by maintaining and improving grounds under its control

for the purpose of staging of sporting and other entertainment for public amusement. The Trust also operates

in one geographical segment being the Sydney metropolitan area.

14. TRUSTEES REMUNERATION

The Trust is classified as a Category C Advisory Board thereby enabling the payment of fees to Trust members.

Fees totalling $115,607 ($116,295 in 2006) were paid in accordance with rates determined by the Premier’s

Department to the Trustees during the year ended 28 February 2007.

The Trustees have access to the Trust Suite during event days at the SCG and Aussie Stadium. On occasion

expenses for travel by Trustees on Trust business are reimbursed by the Trust. There are no other benefits

paid to the Trustees.

15. CONTINGENT LIABILITIES

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

has emerged subsequent to balance date (nil in 2006) which would materially impact on the financial position

of the Trust as shown in the Financial Statements.

In February 2007 the Trust received planning approval for the SCG Hill Grandstand Development. To facilitate

demolition and construction, the Trust has executed a Heads of Agreement with Fox Studios which provides

terms of arrangement for provision of construction access on or over the construction site boundary between

the SCG and Fox Studios. Costs associated with the terms of the agreement are yet to be determined.




28 FEBRUARY 2007


17. CASH FLOW INFORMATION

(a) Reconciliation of Cash

For the purpose of the statement of cash flows, cash includes: cash on hand, and in banks, and investments

in NSW Treasury Corporation Hour-Glass Facility. Cash at 28 February 2007 as shown in the statement of cash

flows is reconciled to the related items in the balance sheet and accompanying notes as follows:

2007 2007 2006

$’000 $’000 $’000


Cash 348 348 1,290

NSW Treasury Corporation Hour-Glass 1,344 1,344 2,429

1,692 1,692 3,719

(b) Reconciliation from the net profit after tax to the net cash flows from operations

Profit/(Loss) after tax 5,499 5,499 4,658

Depreciation 7,258 7,258 5,117

Decrease (Increase) in Superannuation Prepayment – – (5)

Increase (Decrease) in Debt Transactions (14) (14) 21

Loss (Gain) on Sale of Non-Current Assets 37 37 106

Increase (Decrease) in Creditors 9,751 9,751 (5,983)

Decrease (Increase) in Inventories (297) (297) 50

Decrease (Increase) in Prepayments (909) (909) 2590

Decrease (Increase) in Receivables (5,399) (5,399) (437)

Increase (Decrease) in Provisions 301 301 (757)

Net Cash Provided by Operating Activities 16,227 16,227 5,360

Firmly committed long-term financing facilities of $100 million ($27.78 million in 2006) were available to the

Trust at 28 February 2007. As at that date, $7.934 million ($6.948 million in 2006) of these facilities were in use.



28 FEBRUARY 2007


16. FINANCIAL INSTRUMENTS continued

(ii) Credit Risk

All financial assets are unsecured.

The carrying amounts of financial assets included in the Balance Sheet represent the Trust’s maximum exposure

to credit risk in relation to these assets. Where entities have a right of set-off and intend to settle on a net basis,

this set-off has been reflected in the financial statements in accordance with accounting standards.

(iii) Derivative Financial Instruments

Net Exposure

The market value of the Trusts’ transactions in derivative financial instruments outstanding at 28 February

2007 are as follows:

2007 2007 2006

$’000 $’000 $’000


Derivative Financial Instruments Receivable

Futures Contracts 335 335 314

(iv) Net Fair Values

Total Carrying Amount

as per Balance Sheet Aggregate Net Fair Values

2007 2007 2006 2007 2007 2006

$’000 $’000 $’000 $’000 $’000 $’000

Consol’d Parent Parent Consol’d Parent Parent

Financial Liabilities

NSW Treasury

Corporation Loans 7,934 7,934 6,948 7,943 7,943 7,100

(v) Financial Instruments

Credit Facility – Commonwealth Bank $100,000.

Credit Standby Arrangements: –

The Trust maintains an available standby credit facility through an approved $100,000 bank overdraft

arrangement. The Trust has approval from the Treasury to increase this facility up to $500,000.




28 FEBRUARY 2007




28 FEBRUARY 2007


18. NEW AUSTRALIAN ACCOUNTING STANDARDS ISSUED BUT NOT EFFECTIVE

(i) The Trust did not early adopt any new Accounting Standards that are not yet effective.

(ii) The following new Accounting Standards have not been applied and are not yet effective:

• AASB 7 Financial Instruments: Disclosures (1 January 2007)

• AASB 101 Presentation of Financial Statements (1 January 2007)

• AASB 1049 Financial Reporting of General Government Sectors by Governments (1 July 2008)

• AASB Interpretation 4 Determining whether an Arrangement contains a Lease (revised) (1 January 2008)

• AASB Interpretation 7 Applying the Restatement Approach under AASB 129 Financial Reporting in

Hyperinflationary Economies (1 March 2006)

• AASB Interpretation 8 Scope of AASB 2 (1 May 2006)

• AASB Interpretation 9 Reassessment of embedded derivatives (1 June 2006)

• AASB Interpretation 10 Interim Financial Reporting and Impairment (1 November 2006)

• AASB Interpretation 11 AASB 2 Group and Treasury Share transactions (1 March 2007)

• AASB Interpretation 12 Service Concession Arrangements (1 January 2008)

• AASB Interpretation 129 Service Concession Arrangements: Disclosure (revised) (1 January 2008)

The Trust has assessed the impact of these new Standards and Interpretations and considers the impact

to be insignificant.

END OF AUDITED FINANCIAL STATEMENTS




SYDNEY CRICKET & SPORTS GROUND TRUST DIVISION

BALANCE SHEET AS AT 28 FEBRUARY 2007

2007

Notes $'000

ASSETS

Current Assets

Receivables 3 1,408

Total Current Assets 1,408

Non-Current Assets

Receivables 3 561

Total Non-Current Assets 561

Total Assets 1,969

LIABILITIES

Current Liabilities

Payables 4 288

Employee Provisions 5 1,681

Total Current Liabilities 1,969

Total Liabilities 1,969

NET ASSETS –

EQUITY

Accumulated Funds –

TOTAL EQUITY –



2007

Notes $’000

NET CASH PROVIDED BY OPERATING ACTIVITIES –

NET CASH USED IN INVESTING ACTIVITIES –

NET CASH USED IN FINANCING ACTIVITIES –

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS –

Cash and cash equivalents at the Beginning of Period –

CASH AND CASH EQUIVALENTS AT END OF PERIOD –



INCOME STATEMENT FOR THE PERIOD

17 MARCH 2006 TO 28 FEBRUARY 2007


2007

Note $’000

REVENUE

Personnel Services 9,678

Total Revenue 9,678

EXPENDITURE

Salaries, Wages and on-costs 2 9,160

Superannuation 518

Total Expenditure 9,678

PROFIT FOR THE PERIOD –




STATEMENT OF CASH FLOWS FOR THE PERIOD


SCG12873_FinancialsD_24.08.07 15/10/07 1:39 PM Page 72


STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD



2007

$’000

Opening Equity –

Profit/(Loss) for the year –

Balance at the end of the financial year –




NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Reporting Entity

The Trust Division, is a Division of the Government service, established pursuant to Part 2 of Schedule 1 to the

Public Sector Employment and Management Act 2002. It is a not-for-profit entity as profit is not its principal

objective. It is consolidated as part of the NSW Total State Sector Accounts. It is domiciled in Australia and

its principal office is at Moore Park, Paddington, NSW 2021.

The Entity’s objective is to provide personnel services to the Trust.

The Entity commenced operations on 17 March 2006 when it assumed responsibility for the employees and

employee-related liabilities of the Trust. The assumed liabilities were recognised on 17 March 2006 together

with an offsetting receivable representing the related funding due from the former employer.

The Division’s Financial Report for the period ended 28 February 2007 has been authorised for issue by

the Trust on 20 June 2007.

(b) Basis of Preparation

This is a general purpose financial report prepared in accordance with the requirements of Australian

Accounting Standards, the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2005,

and specific directions issued by the Treasurer.

This is the first financial report prepared on the basis of Australian equivalents to International Financial

Reporting Standards.

Generally, the historical cost basis of accounting has been adopted and the financial report does not take into

account changing money values or current valuations. However, certain provisions are measured at fair value.

The accrual basis of accounting has been adopted in the preparation of the financial report, except for cash

flow information.

Management’s judgements, key assumptions and estimates are disclosed in the relevant notes to the

financial report.

All amounts are rounded to the nearest one thousand dollars and are expressed in Australian currency.

(c) Comparative Information

As this is the Entity’s first financial report, comparative information for the previous year is not provided.

(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.


(g) Employee Benefits continued

In accordance with the Australian Accounting Standard AASB 119 “Employee Benefits” liabilities arising

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

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

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

present value of the estimated future cash outflows to be made in respect of services provided by employees

up to the reporting date. In determining the present value of future cash outflows, the market yield on national

government bonds, which have terms to maturity approximating the terms of the related liability are used.

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

Superannuation – the Trust as an employer also contributes in respect of the compulsory basic benefit and

superannuation guarantee levy to respective external superannuation funds as required by legislation.

Liabilities for superannuation are actuarially determined and contributions made to superannuation funds

are charged against the provision. The Trust’s superannuation prepayment as at 28 February 2007 has been

calculated and advised by Pillar Administration.

2. EMPLOYEE EXPENDITURE

2007

$’000

Salaries & Wages 7,736

Annual Leave/Long Service Leave 549

Payroll Tax 606

Workers Compensation Insurance 110

Other 159

9,160

3. RECEIVABLES

Current

Parent Entity – the Trust 1,408

1,408

Non-Current

Superannuation Prepayment 561

561





(e) Receivables

A receivable is recognised when it is probable that the future cash inflows associated with it will be realised

and it has a value that can be measured reliably. It is derecognised when the contractual or other rights to

future cash flows from it expire or are transferred.

A receivable is measured initially at fair value and subsequently at amortised cost using the effective interest

rate method, less any allowance for doubtful debts. A short-term receivable with no stated interest rate is

measured at the original invoice amount where the effect of discounting is immaterial. An invoiced receivable

is due for settlement within thirty days of invoicing.

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

reduced by means of an allowance for doubtful debts and the resulting loss is recognised in the income

statement. Receivables are monitored during the year and bad debts are written off against the allowance

when they are determined to be irrecoverable. Any other loss or gain arising when a receivable is derecognised

is also recognised in the income statement.

(f) Payables

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

workers’ compensation insurance) where there is certainty as to the amount and timing of settlement.

A payable is recognised when a present obligation arises under a contract or otherwise. It is derecognised

when the obligation expires or is discharged, cancelled or substituted.

A short-term payable with no stated interest rate is measured at historical cost if the effect of discounting

is immaterial.

(g) Employee Benefits

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

28 February 2007.

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

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

amounts expected to be paid when the liabilities are settled.

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 benefits accrued in the future. Benefits for Rostered Days Off

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

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

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






(ii) Movement of the assets and liabilities recognised in the Balance Sheet:

SASS SANCS

2007 2007

$ $

Net asset/(liability) at start of year 309,719 1,500

Net income/(expense) recognised

in the income statement 234,412 15,929


to be disclosed in the Balance Sheet 544,131 17,429

(iii) Actual Return on Fund Assets:

SASS SANCS

2007 2007

$ $

Actual return on Fund assets 291,191 27,601

(iv) Economic assumptions

28 February 2007

%

Salary increase rate

(excluding promotional increases) 4.0 pa to June 2008;

3.5 pa thereafter

Rate of CPI increase 2.5

Expected rate of return on assets 7.6

Discount rate 5.8





Superannuation Prepayment

A number of Trust employees are Members of the State Authorities Superannuation Scheme (SASS) and the

State Authorities Non-Contributory Superannuation Scheme (SANCS). All Members are entitled to benefits on

retirement, disability or death. The superannuation plans are administered by Pillar Administration (formerly

the Superannuation Administration Corporation) and provide defined benefits based on years of service and

final average salary. Employees contribute to the plans at various percentages of their wages and salaries.

The Trust also contributes to the plans.

These schemes are all defined benefit schemes – at least a component of the final benefit is derived from

a multiple of member salary and years of membership. All the Schemes are closed to new members.

Actuarial gains and losses are recognised in profit or loss in the year they occur. The Pooled Fund holds

in trust the investments of the closed NSW Public Sector Superannuation Schemes: State Authorities

Superannuation Scheme (SASS) and State Authorities Non-Contributory Superannuation Scheme (SANCS).

Pillar Administration (Pillar) has advised the level of estimated superannuation surplus at 28 February 2007.

The economic assumptions used to calculate the superannuation asset of both defined benefit schemes are

those used for Mercer’s 2003 triennial valuation of the schemes listed below.

(i) Reconciliation of the assets and liabilities recognised in the Balance Sheet:

SASS SANCS

2007 2007

$ $

Present Value of Defined Benefit Obligations (1,678,739) (196,526)

Fair Value of Plan Assets 2,222,870 213,955


to be disclosed in the Balance Sheet 544,131 17,429






7. FINANCIAL INSTRUMENTS

(i) Interest Rate Risk

The Trust’s exposure to interest rate risk, and the effective interest rates on financial instruments at balance

date are:Fixed Interest Rate Maturities

Weighted

Average

Effective Floating Non

Interest Interest 1 Year 1 to 5 Over 5 Interest Balance

Rate Rate or less Years Years Bearing Total Sheet

% $’000 $’000 $’000 $’000 $’000 $’000 $’000

28 February 2007

Assets

Receivables – – – – 1,408 1,408 1,408

Total Financial Assets – – – – 1,408 1,408 1,408

Liabilities

Payables – – – – 288 288 288

Total Financial Liabilities – – – – 288 288 288

Net Financial Assets (Liabilities) – – – – 1,120 1,120 1,120

(ii) Credit Risk

All financial assets are unsecured.

The carrying amounts of financial assets included in the Balance Sheet represent the Trust Division’s

maximum exposure to credit risk in relation to these assets. Where entities have a right of set-off and

intend to settle on a net basis, this set-off has been reflected in the financial statements in accordance

with accounting standards.

(iii) Derivative Financial Instruments

The Trust Division holds no Derivative Financial Instruments.

(iv) Net Fair Values

Financial Instruments are carried at cost.

The resultant values are reported in the Balance Sheet and are deemed to constitute net fair values.





4. PAYABLES

2007

$’000

Current

Accrued salaries, wages and on-costs 288

288

5. PROVISIONS

Current

Annual Leave 1,030

Long Service Leave 651

Total Employee Related Provisions 1,681

6. EMPLOYEE BENEFITS

Liability

The aggregate employee benefit liability recognised and included in the financial statements is as follows:

Accrued salaries and wages 74

Provision for employee benefits:

Current (note 5) 1,681

Non-Current –

1,681

Total employee benefits liability 1,755






INITIAL BUDGET OF INCOME AND EXPENDITURE

FOR THE YEAR ENDED 28 FEBRUARY 2007 AND OUTLINE

BUDGET FOR THE YEAR ENDING 29 FEBRUARY 2008


8. NEW AUSTRALIAN ACCOUNTING STANDARDS ISSUED BUT NOT EFFECTIVE

(i) The Trust did not early adopt any new Accounting Standards that are not yet effective.

(ii) The following new Accounting Standards have not been applied and are not yet effective:

• AASB 7 Financial Instruments: Disclosures (1 January 2007)

• AASB 101 Presentation of Financial Statements (1 January 2007)

• AASB 1049 Financial Reporting of General Government Sectors by Governments (1 July 2008)

• AASB Interpretation 4 Determining whether an Arrangement contains a Lease (revised) (1 January 2008)

• AASB Interpretation 7 Applying the Restatement Approach under AASB 129 Financial Reporting in

Hyperinflationary Economies (1 March 2006)

• AASB Interpretation 8 Scope of AASB 2 (1 May 2006)

• AASB Interpretation 9 Reassessment of embedded derivatives (1 June 2006)

• AASB Interpretation 10 Interim Financial Reporting and Impairment (1 November 2006)

• AASB Interpretation 11 AASB 2 Group and Treasury Share transactions (1 March 2007)

• AASB Interpretation 12 Service Concession Arrangements (1 January 2008)

• AASB Interpretation 129 Service Concession Arrangements: Disclosure (revised) (1 January 2008)

The Trust has assessed the impact of these new Standards and Interpretations and considers the impact

to be insignificant.

END OF AUDITED FINANCIAL STATEMENTS

Budget Actual Budget

2006/07 2006/07 2007/08

$’000 $’000 $’000

REVENUE

Event and Venue Hire Fees 6,637 9,247 6,133

Catering 14,959 15,453 13,699

Premium Seating 5,734 8,592 5,779

Membership Fees 13,239 15,337 14,840

Private/Corporate Box Rental 3,882 4,637 4,075

Advertising and Sponsorship 5,646 5,837 4,976

Interest 220 488 120

Superannuation Fund Valuation Surplus – 254 –

Other 6,835 5,261 10,393

Total Revenue 57,152 65,106 60,015

EXPENDITURE

Event Operating Costs 9,064 10,275 9,951

Catering Expenses 7,534 7,587 6,880

Premium Seating 5,469 7,217 3,901

Staff Related Expenses 11,657 12,296 12,554

Administration and Related Expenses 4,318 5,825 5,486

Ground Operation and Maintenance 5,895 6,771 6,612

Membership Redemptions – 16 –

Depreciation 5,289 7,258 5,800

Borrowing Costs 605 528 2,342

Marketing 2,075 1,797 1,617

Superannuation Fund Allocation – – –

Provisions 1,355 – –

Loss on Disposal of Assets 25 37 50

Total Expenditure 53,286 59,607 55,193

PROFIT/(LOSS) 3,866 5,499 4,822





ETHNIC AFFAIRS

PRIORITIES STATEMENT


Strategy 1:

Customer Service Training

Provide customer service training for staff that

offers strategies for effective communication with

people who are unable to speak fluent English.

Strategy 2:

Utilise Language Skills of Staff

Assess and manage the language skills of

staff such that they can be used for the benefit

of patrons who have difficulty with English.

Strategy 3:

Use of Symbols on Venue Directories

Create venue directories for patrons in forms

that make maximum use of internationally

recognised symbols in place of words.

Strategy 4:

Broader Range of Catering Cuisine

Maximise the range of catering cuisine

available in the venues.

Strategy 5:

Observance of Religious Festivals

Respect and support any special individual

requirements during religious festivals.

Strategy 6:

Community Education Initiatives

Reach out to all cultures in the community to

educate them about the history and operation

of the SCG and Aussie Stadium.

In the 12-month period of this report, the

Trust has shown particular consideration

of multicultural issues:

• New venue signage – symbols have been

incorporated as much as possible in production

of new signs for the SCG and Aussie Stadium.

• SCG Tour Experience – thousands of schools

and community groups participated in venue

tours of the SCG and Aussie Stadium.

• Updating of the venue information maps to include

more recognisable symbols to facilities and spaces

within Aussie Stadium.

• Staff training – Emergency Evacuation Exercise

at the SCG (December 2006).

• Specific customer service training for all Event

staff in the lead up to the Ashes Test Match.

In the next 12-month period the Trust will

continue to show consideration of multiculturalism

in all aspects of its business, with emphasis on

good training for staff so they will act in accordance

with the Trust’s multicultural strategies.

The Trust’s Ethnic

Affairs Priorities

Statement (EAPS) has

been prepared to comply

with the Ethnic Affairs

policy requirements of

the NSW Government.

The NSW Government’s principles

of multiculturalism are included

in the Community Relations

Commission and Principles

of Multiculturalism Act 2000.

The Trust is committed to the

principles of multiculturalism, and

reviews its practices in terms of

leadership, community harmony,

cultural diversity, access, equity

and economic opportunity.

The Trust’s objective is to

improve the multicultural service

capacity of the Trust’s venues.

This is being achieved through

the following strategies:

SCG12873_SectionE_24.08.07 15/10/07 1:41 PM Page 84

CODE OF CONDUCT


In accordance with the NSW Public

Sector Code of Conduct the Trust

has formalised a suitable Code of

Conduct for its employees at the

SCG and Aussie Stadium, and its

contracted activities. The Code

of Conduct sets standards of

behaviour expected by Trust

management and staff and is a

guide to dealing with ethical issues.

The Code of Conduct requires staff

to behave with integrity, honesty,

loyalty to the public interest, fairness,

conscientiousness and compassion.

Staff are advised that they

should be familiar with their

responsibilities in their employment

positions and that breach of

standards and obligations may

involve criminal offence, breach

of discipline or dismissal.

Principles

The public have the right to expect

to be treated fairly, reasonably and

equitably by the Trust and its staff.

The government expects Trust staff

to implement government and Trust

policies effectively and efficiently.

Staff have the normal rights of

employees under common law

and within relevant legislation.

Personal andProfessional Behaviour

Staff, in performance of their

duties, should act professionally

and conscientiously and –

• Provide all necessary assistance

and deal courteously with

Members, the general public

and corporate clients.

• Keep up-to-date with areas

of their expertise by reviewing

circulated information and

through ongoing training.

• Comply with government

policy, legislative, industrial or

administrative requirements.

• Ensure they do not harass or

discriminate in their work

practices in dealing with fellow

staff or members of the public.

• Report to a supervisor

any unethical behaviour

or wrong doing.

Conflicts of Interest

Staff should avoid any financial

or other undertaking that could

directly or indirectly compromise

the performance of their duties.

The responsibility is on each

member of staff to notify a senior

officer if a potential or actual

conflict of interest arises.

Acceptance of Gifts or Benefits

No staff member should accept

a gift or benefit which could be

acknowledged as an inducement

to the staff member to deviate

from the proper course of duty.

Token gifts may only be accepted

in circumstances approved by the

Chief Executive Officer where there

is no possibility of the recipient staff

member being compromised.

All gifts must be recorded

in the Trust’s gift register.

Fairness and Equity

In dealing with issues or cases

staff are obligated to treat each

matter promptly, consistently

and fairly, in accordance with

approved procedures and without

discrimination on any grounds.

Public Comment and the Use of OfficialInformation

Staff, as Members of the

community, have the right to make

public comment either verbally or

in writing on political or social

issues, however there are some

cases where these comments

may be inappropriate.

This would arise where comments

made could be perceived in some way

as an official comment of the Trust

or government or may be sufficiently

strong to be seen as criticism of

Trust or government policies.

Staff should therefore refrain from

public comments which disclose

information not normally provided

to the general public. Comments

made should be confined to factual

information and not express an

opinion on Trust policy or practice.

Use of Trust Facilities and Equipment

When using Trust resources staff

should do so with efficiency and

economy. Trust property and

services should not be treated

with abuse by staff or others.

Only when official permission

has been obtained may staff use

the Trust’s equipment or facilities

for other purposes.

Political Participation

Staff need to ensure that their

participation in political matters

does not bring them into conflict

with their duties with the Trust or

the government of the day. In the

workplace they should maintain

political neutrality in carrying

out their duties.

Corrupt Conduct

Staff should immediately report

to their Supervisor any corrupt

practice, theft or unethical act

observed in the workplace. Any

perceived security or safety issue

of risk to the staff member, the

Trust or others should be reported.

Confidentiality ofPersonal Information

Staff are entitled to confidentiality

and privacy with respect to

information which is personal to

them. Staff have a duty to maintain

the confidentiality, integrity and

security of such information to

which they have access in the

normal course of their duties.

Disclosure of Information

The Trust is entitled to the

protection and integrity of

the information it holds. Staff

should only release information

that they are authorised to release

in the course of their duties. Staff

should not release information

in a manner which is misleading

or which is likely to be misused.

To protect the integrity of official

Trust information, any Trust

information released by staff

will not have attached to it any

expression of opinion on official

Trust policy or practice.



COMPLAINTS HANDLING/PRIVACY POLICY


Complaints Handling

Trust permanent and casual staff,

as part of their training, specifically

learn of procedures for handling of

complaints over the telephone or

in person.

Staff are advised of the five key

steps in responding to complaints.

• Listen and be open-minded:

staff are advised to show that the

complaint is being taken seriously.

• Respond with concern:

staff should show empathy

and demonstrate their

understanding of the complaint.

• Determine an action based on

authority: staff should refer to

established policy and procedures

to determine an appropriate

action; staff should seek the

assistance of more senior

personnel should additional

confirmation be required.

• Take action promptly: staff

are to seek assistance if too

busy; staff should take

responsibility to immediately

address the complaint and to

prompt the action determined.

• Follow up: staff should

determine that the complainant

is satisfied that the action taken

was prompt, fairly determined,

within policy guidelines or subject

to review by a more senior officer.

Staff are advised that they should

express regret to the complainant

where the Trust has been unable

to fulfil a commitment made to

the customer; where the customer

claims the organisation has made

a mistake; if the customer has

made an evidently justifiable

complaint or where the customer

has been the recipient of obviously

poor service.

Privacy Policy

The Trust understands that privacy

is very important and that all Trust

user groups (staff, Members, Sports

Partners, media etc) have the right

to control their personal information.

The Trust undertakes to act with

integrity at all times when dealing

with information entrusted to this

organisation.

Personal Details

Home addresses, e-mail addresses,

telephone numbers, fax numbers

and other details submitted to the

Trust are treated with the utmost

privacy. The Trust will not make

any information available to any

external party without the consent

of the person/s concerned unless:

• required by law;

• we believe it necessary to

provide the person/s with

a service requested;

• to implement our terms of use;

• to protect the rights or property

of the Trust, any Trust user,

or any member of the public;

• to lessen a serious threat to

a person’s health or safety.

The Trust will comply with

any request from individuals to

remove information about them,

unless the information is required

to fulfill an existing service

obligation to them. You can contact

our privacy officer by e-mail on

[email protected] or by

telephone on (02) 9360 6601.

Website Usage Information

When you access the Trust website,

our internet service provider (ISP)

logs the following information for

standard statistical analysis:

• The server address of the ISP.

• The date and time of the visit.

• The pages accessed.

• The type of browser being used.

• The statistics package provided

by our ISP collates the data into

information and graphs for use in

understanding the usage patterns

of visitors to the website.

The statistics package does not

identify any individual user during

this process.

Cookies

The Trust website use cookies.

Cookies are small text files that are

automatically placed on a user’s

computer. Cookies themselves

do not personally identify users,

although they do contain a unique

identifier which allows the website

to customise content based on

a user’s previous selections, type

of browser or type of computer.

E-Commerce Transactions

Users should be aware that there

are inherent risks in transmitting

information across the internet.

Information submitted when

engaging in an online transaction

with the Trust is passed through

a registered secure server.

The registered secure server

used by the Trust makes use

of all available protective

processes for the security

of e-commerce information.


CODE OF CONDUCT

CONTINUED

Protected Disclosures

The Protected Disclosures Act of 1994

provides for avenues by which staff

can make protected disclosures. To

be protected by the Act, a disclosure

must be made to an investigating

authority, the Chief Executive Officer

or the General Manager, Corporate

Services in accordance with the

internal reporting system established

under Internal Reporting Policy,

Protected Disclosures Act 1994.

Dress Standard/Uniforms

Where the Trust policy encourages

the wearing of a standard of dress,

uniform, protective clothing or

identification for reason of public

image or safety requirements,

staff will be required to meet

the appropriate directions.

Video Surveillance

All Trust personnel movements

upon entering Aussie Stadium or

Sydney Cricket Ground premises

will be subject to monitoring by

closed circuit television. This is

a provision of the procedures

and risk management strategies

operating within the workplace.

Outside Employment

Approval of the appropriate

General Manager is required

before staff may engage in any

form of paid employment outside

their official duties. In all cases

when outside employment is

considered, staff should give

the Trust first consideration.

Equal EmploymentOpportunity/SexualHarassment PolicyStatement

The Trust has adopted the Sexual

Harassment Policy whereby it will

not tolerate sexual harassment and

is committed to equal opportunity

and the assurance that employment

policies and practices are based

on the principle of merit.

Occupational Health and Safety

The Trust will provide healthy and

safe workplaces. It will take all

practicable actions to identify,

evaluate and control those factors

in the workplace which cause, or

have the potential to cause, injury

or ill health.

Misconduct Policy

Failure to abide by the Trust’s code

of conduct will result in disciplinary

action ranging from a warning

(verbal or written) to termination,

depending on the nature of the

offence. This issue is addressed

separately in the Trust’s

Misconduct Policy.

Acceptable Use of the Internet andElectronic Mail

Staff, in the performance of their

duties, will have cause to utilise the

computer equipped work stations

and the services accessible to them.

Services include the internet and

electronic mail. The acceptable use

of these services is addressed in

a separate standard, Standards

for Acceptable Use of the Internet

and Electronic Mail.

Use of Trust Records

Staff are required to comply

with the Trust policy on records

management, which has been

established to meet requirements

and regulations of the NSW State

Records Act 1998.


TRUST CHARTER AND 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 fit 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

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 Gold and SCG

Members. Each Trustee is

appointed for a term of up

to four years.

Our Vision

“The Trust will be the finest

venue, membership and event

management organisation

in Australia.”

Trust Values

The Trust is guided by a strong

commitment to six core values.

1. Knowing and celebrating

our history and preserving the

best traditions of sport and

our grounds.

2. Following high ethical standards,

fairness and integrity.

3. Maintaining a close and

positive relationship with our

Members, Sports Partners,

the government and the

wider sporting community.

4. Innovation that delivers strong

commercial outcomes.

5. Resourceful and disciplined

management in order to secure

continued financial viability for

the Trust.

6. Valuing and developing our staff

and ensuring a happy, safe and

productive workplace.


In NSW, the Freedom of Information

Act 1989 provides the right to:

• access information held as

records by State Government

Agencies, a Government

Minister, local government

and other public bodies;

• request amendments to

records of a personal nature

that are inaccurate; and

• appeal against a decision not

to grant access to information

or to amend personal records.

There have been no requests

for information under Freedom

of Information provisions during

the year to 28 February 2007.

In accordance with the Freedom

of Information Act 1989, members

of the public may seek information

or enquire in person, by mail or

by telephone, as follows:

FREEDOM OF INFORMATION

Location: Trust Office, Gold Members Car Park, Driver Avenue,

Moore Park NSW 2021

Postal Address: GPO Box 150, Sydney NSW 2001

Hours of Access: 9.00am to 5.00pm, Monday to Friday

Telephone: (02) 9360 6601

Facsimile: (02) 9360 1319

FOI Officer: Mr Bernie Lamerton, General Manager – Corporate Services

Fees and charges are as follows:

Nature of Application Application Fee Processing Charge

Access to records by persons $30 $30/hour after first 20 hours*

about their personal affairs

All other requests $30* $30/hour

Internal review $40** NIL

Amendment of records NIL*** NIL

* Subject to 50% reduction for financial 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.


92 06/07 ANNUAL REPORT SYDNEY CRICKET & SPORTS GROUND TRUST

During the period 1 March 2006 to 28 February 2007, attendances by Trustees at the Grounds and Event Services

Committee, Finance Committee, Management Committee, Audit Committee and Trust meetings are set out below.

The number of meetings held were: 4 Grounds and Event Services Committee, 4 Finance Committee, 2 Management

Committee, 1 Audit Committee and 11 Trust meetings.

Grounds &

Trustee Event Services Finance Management Audit

Attendance Committee Committee Committee Committee Trust

Mr R M Cavalier, AO 3 1 1 11

Mr E J Cloney 2 3 2 7

Mr K W Catchpole, OAM 4 1 10

Ms K Chikarovski 3 10

Hon M A Cleary, AO 4 9

Mr P Green 1 6

Ms C Harris, AO PSM 3 9

Mr A B Jones, AO 6

Mr G F Lawson, OAM 2 9

Mr C W Love, AM LLB 3 11

Mr J A McCarthy, QC 4 11

Mr R H McGeoch, AM LLB 4 1 7

Ms K Schofield 3 2 8

Mr A F Shepherd 4 9

Mr P H Warren 3 1 10

TRUST MEETINGS INDEX

Audited Financial Statement and Notes ........................................................................... 46

Business Development ...................................................................................................... 28

Chairman’s Report ............................................................................................................ 2

Code of Conduct ................................................................................................................. 86

Commercial and Operations ............................................................................................. 24

Complaints Handling/Privacy Policy ................................................................................. 89

Corporate Services/Financial Report ............................................................................... 32

Ethnic Affairs Priorities Statement ................................................................................... 84

Financial Indicators ........................................................................................................... 43

Freedom of Information ..................................................................................................... 90

Independent Audit Report ................................................................................................. 44

Information Technology ..................................................................................................... 38

Managing the Assets ......................................................................................................... 18

Managing the Events ......................................................................................................... 6

Marketing and Membership .............................................................................................. 26

Minister’s Foreword ........................................................................................................... 1

Organisational Chart .......................................................................................................... 39

Statement by Members of the Trust ................................................................................. 45

Trust Charter and Constitution ......................................................................................... 91

Trustees .............................................................................................................................. 40

Trust Meetings ................................................................................................................... 92


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