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HUNTER REGION SPORTING VENUES AUTHORITY ANNUAL REPORT 2010/11

GENERAL INFORMATION

The Venues

The Hunter Region Sporting Venues Authority (HRSVA) is a NSW Governrnent agency that is responsible for the planning and managernent of all assets previously held by the Newcastle International Sports Centre Trust and Newcastle Showground and Exhibition Trust in accordance with the Sporting Venues Authority Act 2008. The Authority oversees and manages the following sporting and entertainrnent venues in Newcastle.

Ausgrid Stadium is the centrepiece of the Hunter Venues sports precinct and was officially opened by HM Queen Elizabeth on 10 April, 1970 . It is home to the Hunter Region's two flagship sporting franchises, the Newcastle Knights (NRL) and the Newcastle Jets (A-League). The recently completed Western Grandstand of the Stadium has increased its capacity to 33 ,000 .

Newcastle Entertainment Centre opened in 1992 and hosts the very best local, national and international acts as well as exhibitions, conferences, sporting events and functions. The Centre has a total capacity of around 7,500 patrons.

Newcastle Showground and Exhibition Centre has hosted the Newcastle Show for over a century. Thousands of people from across the region attend each year, enjoying livestock parades, show jumping, marching bands and fireworks as well as agricultural and commercial exhibits, handcrafts, art and photography displays and food courts. Most Sundays the Showground is home to the Newcastle City Farmers and Craft Markets.

Newcastle Harness Racing Club conducts over 80 race meetings a year, making it one of the busiest clubs in Australia. Annual highlights include the Newcastle Mile (in November) and the Newcastle Cup (in December).

Newcastle International Hockey Centre has three international standard, water-based surfaces and a half-field, water-based training facility. Able to host National and International Championships, the Centre makes Newcastle the hockey capital of regional Australia.

District Park is a popular local recreation spot and sportsground for local cricket.

Access The Hunter Region Sporting Venues Authority Office is located adjacent to Ausgrid Stadium, 294 Turton Road, Broadmeadow. The Office is open from 9am to 5pm, Monday to Friday.

Public Transport

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Bus The nearest bus stop for the Stadium is at Young and Turton Road, New Lambton. The following buses stop within one kilometre of the Stadium: 231 and 111 (Turton Road); 363 , 230 , 222 and 317 (Lambton Road); and 225, 226 and 322 .

Train BroadmeadQw Station is a 20 minute walk away from the Stadium and Entertainment Centre.

Patrons with a Disability Special services are provided for patrons with a disability at the Stadium, Entertainment Centre and Showground, including deSignated seating and toilet facilities. Disabled parking areas have been provided in close proximity to each of Ausgrid Stadium's accessible Entrances and at the Entertainment Centre. Patrons with a disability should advise car park staff of their needs on arrival.

Event Schedule Event schedules for Hunter Venues can be viewed on each facility's website.

Contact Information

Office:

Postal Address:

Telephone:

Facsimile:

Email:

Website:

Hunter Region Sporting Venues Authority 294 Turton Road BROADMEADOW NSW 2292

PO Box 83 New Lambton NSW 230 5

(02 ) 4903 3800

(02 ) 4941 82 43

[email protected]

www.huntervenues.com.au

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TABLE OF CONTENTS

GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

LETTER TO THE MINISTER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

YEAR IN REVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

AUTHORITY CHARTER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

BOARD OF MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

BUSINESS OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

BUSINESS STRATEGY . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

EVENTS CALENDAR 201 0 /1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

HUMAN RESOURCES .. ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .. . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . 17

CODE OF CONDUCT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

ENVIRONMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

AUDITED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

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LETTER TO THE MINISTER

The Han Graham Annesley MP Minister for Sport and Recreation Level 33, Governor Macquarie Tower 1 Farrer Place SYDNEY NSW 2000

Dear Minister

On behalf of the Hunter Region Sporting Venues Authority I have pleasure in submitting to you its Annual Report for the period 1 July 2010 to 30 June 2011 for presentation to Parliament.

Submission of the Annual Report has been delayed and, although no formal request for an extension of time has been made, Treasury and the Audit Office have been kept informed of its progress.

In 2011, changes at the Authority led to unavoidable delays in finalising the Financial Statements. The Board of Management was dismissed on 6 June 2011 following significant cost overruns in the construction of the Western Grandstand at Hunter Stadium. A new Board was appOinted on 6 July 2011. The Chief Executive Officer and the Chief Financial Officer resigned. Delays were further compounded by illness in the accounting firm conducting the external audit on behalf of the Audit Office. As a result, the Financial Statements were not submitted to Treasury until 5 December 2011.

The Annual Report for the Hunter Region Sporting Venues Authority is being submitted in accordance with Section 9A of the Annual Reports (Statutory Bodies) Act 1984.

Yours sincerely

enn Turner Chairperson, Hunter Region Sporting Venues Authority

Luke Coleman AlChief Executive Officer, Hunter Region Sporting Venues Authority

.oJ. r, I. ,W .�r f: C ,J952 ! tI E: Int ]:1 m "'to! IJe • .)Ir uv ��I Office of � Communities

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YEAR IN REVIEW

The Hunter Region Sporting Venues Authority experienced a challenging year in 20 10 /11 with notable achievements being the opening of the Western Grandstand and the Authority's assurnption of the Stadiurn's rnanagement.

The redevelopment of the Western Grandstand was funded by a grant of $60 M from the NSW Government, and a further $10 M frorn the Cornmonwealth. The new Grandstand opened on Sunday 3 April 2011 with the first Knights home game of the season.

This investment by Government has given the Hunter region access to an international standard Stadium capable of hosting major sporting events, community-based sport and entertainment and business functions. Facilities for players, spectators and the media have been significantly improved and capacity now stands at 33 ,000 . The Stadium has been included as part of Australia's FIFA World Cup bid for 2022 .

The second major achievement has been changes to management of the Stadium. Historically, management rights have been held by the Newcastle Knights NRL franchise. On 1 April 2011 the Authority took on responsibility for management of the Stadium.

Ausgrid Stadium, Newcastle Entertainment Centre, Newcastle Showground and the other facilities overseen by the Authority, have together played host to close to half a million people. The Authority's facilities showcase events as diverse as bridal expos to top drawer performances from the country's elite athletes.

Cost overruns in the Western Grandstand development meant that members of the Authority's Board of Management were removed frorn office on 6 June 2011. An Interim Board was appointed on 6 July 20 11.

A renewed focus on the professional management of these significant Government assets is a key priority for 20 11/12 . With this in place, the community will gain even greater benefits from the Authority's facilities as they continue to attract national and international events to the region.

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AUTHORITY CHARTER

The Hunter Region Sporting Venues Authority is a NSW Government agency that is responsible for the planning and management of all assets previously held by the Newcastle International Sports Centre Trust and Newcastle Showground and Exhibition Trust in accordance with the Sporting Venues Authority Act 2008.

Vision The Authority's Vision is to be the Hunter's premier destination for sport, entertainment and tourism.

Mission The Mission of the Authority is to oversee and manage the sporting and entertainment venues in Newcastle.

Functions The functions of the Authority are to:

• to maintain and improve the authority's land • to establish and manage sporting grounds, sporting facilities and

recreational facilities (whether or not on the Authority's land) • to establish and manage facilities for the purposes of sporting

competitions, sports training and sports education (whether or not on the Authority's land)

• to permit the use of the whole or any part of the Authority's land for activities of a sporting, recreational or community nature, including the use of that land for events and general community access

• to encourage the use and enjoyment of the Authority's land by the public and clubs, associations or other bodies, where appropriate in its opinion

• to undertake or provide, or facilitate the undertaking or provision of, commercial and retail activities and facilities on the Authority's land

• to make all reasonable attempts to ensure that any new development carried out on the Authority's land accords with best practice environmental and planning standards

• to ensure that proper asset management plans are in place and are implemented for the Authority's land.

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BOARD OF MANAGEMENT

The Board of Management of the Hunter Region Sporting Venues Authority is constituted under section 14 of the Sporting Venues Authorities Act 2008 and consists of not more than seven members, all of whom are appointed by the Governor on the nomination of the Minister for Sport and Recreation. Appointed members hold office for a period not exceeding four years and are eligible for reappOintment.

Authority Members

Ted Atchison (Chair) A prominent Hunter Region sporting identity, Ted Atchison has a long association with many of the region's community and sporting organisations. He has served as a committee member of the Newcastle International Sports Centre Club, the International Sports Centre Trust, the Hunter Academy of Sport and the Rotary Club of Charlestown.

Steve Davidson (Deputy Chair) Steve Davidson is a Chartered Accountant and Principal Partner of Davidson Accountants in Newcastle. He has had a long association with business and notfor-profit organisations in the Hunter, including as a Director of the Hunter Business Chamber and Treasurer of the Hunter Community Foundation. He has a Bachelor of Commerce from Newcastle University, is a member of the Institute of Chartered Accountants and a Registered Tax Agent.

Andrew Bright Andrew Bright is a Newcastle barrister with a lifelong interest in sport. He is the Patron of the Central Newcastle Swimming Club, Vice-President of Australian Country Water Polo, and a member of the Dixon Park Surf Life Saving Club. Andrew has a Bachelor of Commerce and a Bachelor of Legal Studies and is a member of the Bar Association of NSW, the Newcastle Bar Association, the NSW Council for Civil Liberties and the Australia and New Zealand Sports Law Association.

Jayne Drinkwater (from 6 October 20 1 0 ) Jayne Drinkwater is a senior executive with extensive experience in operations, IT, customer service, marketing, product development and customer care functions. The former Chief Operating Officer and Chief Marketing Officer at NIB Health Funds Limited, she has previously served as a Director on the Hunter Development Corporation. Jayne is a Director of Bishop Tyrell Anglican College and the Samaritans Development Council.

Sheridan Ferrier Sheridan Ferrier has a background in both international and domestic tourism marketing and is Chief Executive Officer of Hunter Tourism. She is a former

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manager of the Tourism Marketing and Development Program for The Rocks and Darling Harbour in Sydney and Director of Hunter Wetlands Centre. Sheridan's qualifications include a Master of Management (Marketing) and Bachelor of Education.

Samantha Martin-Williams Samantha Martin-Williams is the Director, Business Strategy at TAFE NSW -Hunter Institute. She has extensive experience in commercial law, business development, human resources and industrial relations. Samantha is a former CEO of Newcastle University Sport and a former Director of Hunter Medical Research Institute Foundation Board, Hunter Business Chamber, Fitness Australia Newcastle and the Lord Mayor's Community Liaison Reference Group. Her qualifications include A Bachelor of Business, Master of Commercial Law and Master of Human Resource Management and Industrial Relations.

Authority Meetings During 2 010/11 there were seven Board of Management Meetings. Attendance was as follows:

Trust members 21 22 20 1 1 7 23 1 8 Meetings Jul Se Oct Nov Nov Feb Ma attended

Atchison ./ ./ ./ ./ ./ ./ ./ 7/7 Davidson ./ ./ ./ ./ ./ ./ ./ 7/7 Bright ./ ./ ./ ./ ./ x ./ 6/7 Drinkwater ./ ./ ./ ./ x 4/5 Ferrier ./ ./ ./ ./ ./ ./ ./ 7/7 Martin-Williams ./ ./ ./ x ./ ./ x 5/7

The Board of Management was dismissed on 6 June 2 011 following budget overruns on the development of the Western Grandstand at the Hunter Stadium. An interim Board of Management was appointed on 6 July 2 011 .

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BUSINESS OPERATIONS

Hunter Region Sporting Venues Authority is responsible for six sport and recreation facilities in Newcastle: Ausgrid Stadium, Newcastle Entertainment Centre, Newcastle Harness Racing Club, Newcastle International Hockey Centre and District Park.

The Entertainment Centre and Showground are managed by the Asia Pacific venue management company, AEG Ogden. Until 1 April 2011 , the 33 ,000 seat Ausgrid Stadium was managed by Newcastle Knights Ltd and is now under the direct control of the Authority.

In addition to its rental income, the Authority raises revenue through lease of its facilities, venue and ground hire fees, event costs recovered from hirers, and catering.

The Stadium Ausgrid Stadium is home to the Hunter Region's two flagship sporting teams, the Newcastle Knights (NRL) and the Newcastle Jets (A-League). In 2010/11 Knights games attracted 180,874 spectators and the Jets another 87,938.

Entertainment Centre The Entertainment Centre plays host to the very best local, national and international acts as well as providing a venue for exhibitions, conferences, sporting events and functions. The Centre is managed by AEG Ogden and in 2010/11 , 66 performances attracted audiences of 218,204.

Stage performances by national and international artists included Powderfinger, John Farnham, Rihanna, Credence Clearwater, Billy Connolly, Cyndi Lauper and Andre Rieu. Family shows were also popular with over 60,000 children and adults enjoying two seasons of Disney on Ice (in July 2 01 0 and June 2 011 ), 24,000 seeing Walking With Dinosaurs and 9,100 The Wiggles.

Showground and Exhibition Centre Each year the Showground hosts the Newcastle Regional Show. In 2011 , it ran from 18 to 2 0 March and attracted 45,000 people from across the Hunter. In addition to the ring activities, agricultural displays and livestock parades, visitors enjoyed show jumping, speedway cars, marching bands, fireworks, sideshow alley, live entertainment, and, of course, showbags.

The Showground is also home to the City Farmers' and Craft Markets which are held most Sundays. With 60 farmers and producers from across the Hunter, the mid north coast and northern NSW, selling their fresh produce the Markets have proved a great success, attracting 138,000 people in 2 01 0/11 .

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Other business operations The Newcastle Harness Racing Club is the regional harness racing centre for the Hunter. The Club runs approximately 80 meetings each year. The 940 metre track is considered one of the best tracks in the country.

The Newcastle International Hockey Centre is the Hunter's centre of excellence for field hockey players. With three internationally accredited water based fields, the Centre hosts the Newcastle senior leagues as well as state, national and international hockey tournaments. In 2010/11, more than 3 , 000 hockey enthusiasts played regular competition games at the Centre. It is open seven days a week during winter competitions and six days a week during summer competitions. The facilities are also used by football, rugby league and AFL teams as a wet weather training facility.

Risk Management and Insurance In the lead up to the April 2011 opening of the new Western Grandstand at Ausgrid Stadium, a comprehensive Event Risk Assessment was undertaken. The approach was consistent with the Australian Risk Management Standard (AS/NZS 4360).

The Internal Audit and Risk Management Attestation for the 2 01 0/11 Financial Year forms the following page.

Insurance The Authority is insured through the Treasury Managed Fund (TMF). In 2010/11 the Authority's contribution to TMF was $222,660.

The Authority's insurance program provides the appropriate level of cover for insurable risk for its staff, assets, clients and patrons.

Occupational Health and Safety There were no reports of significant incidents in 2 01 0/11.

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Internal Audit and Risk Management Attestation for the 2010-2011 Financial Year for the Hunter Region Sporting Venues Authority

The Board of the Hunter Region Sporting Venues Authority is of the opinion that the Hunter Region Sporting Venues Authority has internal audit and risk management processes in operation that are, excluding the exception described below, compliant with the core requirements set out in Treasury Circular NSW TC 09/08 Internal Audit and Risk Management Policy.

The Board of the Hunter Region Sporting Venues Authority is of the opinion that the internal audit and risk management processes for Hunter Region Sporting Venues Authority depart from the following core requirement as set out in Treasury Circular NSW TC09/08 and that the Hunter Region Sporting Venues Authority has implemented the following practicable alternative measure that will achieve a level of assurance equivalent to the requirement:

Departure Reason for Departure and Measure Implemented Core Requirement 2 • The requirement to establish an Audit & Risk Committee as

required by the Internal Audit and Risk Management Policy was considered to have a material impact on Hunter Region Sporting Venues Authority operating budget due to resourcing constraints . • The former Communities NSW established an Audit and Risk Committee with compliant membership for the Department's core divisions and statutory authorities. Hunter Region Sporting Venues Authority has entered into an arrangement for the Communities NSW Audit and Risk Committee to oversee and monitor Hunter Region Sporting Venues Authority governance, risk and control issues affecting its operations as a practical measure that achieves a level of assurance equivalent to the requirements of the Policv.

These processes, including the practicable alternative measure implemented, provide a level of assurance that enables the senior management of Hunter Region Sporting Venues Authority to understand, manage arid satisfactorily control risk exposures.

The Board of the Hunter Region Sporting Venues Authority is of the opinion that the Audit and Risk Committee of the former Communities NSW which provided oversight of governance, risk and control arrangements as a shared service for Hunter Region Sporting Venues Authority is constituted and operates in accordance with the independence and governance requirements of Treasury Circular NSW TC 09/08.

The Chair and Members of the Audit and Risk Committee are: • OGerry Brus - independent Chair (29 April 2009 to 30 November 2011) • ODavid Roden - independent Member 1 (15 June 2009 to 30 November 2011) • OJanett Milligan - non-independent Member 1 (29 April 2009 to 30 November 2011)

In accordance with a resolution of the Board of the Hunter Region Sporting Venues Authority made this day.

� '5 ''sfecember 2011

Luke Coleman, AlChief Executive Officer, Hunter Regional Sporting Venues Authority: 0438 744154

BUSINESS STRATEGY

The Authority owns six sport and recreation venues in Newcastle and has a strong revenue stream from leasing its facilities. On 1 April 2 011 it resumed control of one of these venues, Ausgrid Stadium. Successful operation of Ausgrid Stadium is dependent on close cost controls and effective commercial management.

Major challenges The Authority's major challenge in 2 01 0/11 was to complete the redevelopment of the Western Grandstand. There were significant pressures involved in completing the new Stand in time for the opening of the NRL season on 3 April

2 011 . Once this was achieved, outstanding work needed to be completed. Waterproofing, seating installation and other minor works were not finished until June 2 011 .

The second major challenge was to develop an organisation with the capacity to operate the Stadium. In the period under review, the Authority moved from having only one full time employee to a staff structure better suited to these new responsibilities.

In 2 01 0/11 the Authority also worked towards establishing a new relationship with Newcastle Knights Ltd, as they moved from being the operator of the venue to being a tenant.

Future directions In 2 011/12 the Authority will be focusing on issues connected to management of the Stadium:

• Establishing an effective working relationship with the owner of the Knights and Jets. From August 2 011, The Tinkler Sports Group (now Hunter Sports Group) owned both of the Hunter's flagship sports franchises, the Knights and the Jets.

• Rationalising catering operations at the Stadium to optimise returns while improving quality and service.

• Focussing on introducing effective operating procedures. • Resolving outstanding building defects.

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EVENTS CALENDAR 2010/11 Ausgrid Stadium, Newcastle Entertainment Centre (NEC) and Newcastle Showground

Date Event Location

2 July 201 0 Australia Post Training Stadium 4 July 201 0 2010 Netball Preliminary Final NEC 5 July 201 0 Coal & Allied Community Alliance Blitz Stadium 7 July 201 0 Knights Special Board Meeting Stadium 8 - 11 July 201 0 Disney on Ice NEC 11 July 2010 Kniqhts v Sharks Stadium 14 July 2010 Knights Open Fan Day Stadium 15 July 2010 Knights Oriqin Football Clinic Stadium 17 July 2010 Kniqhts NRL Players Buffet Stadium 21 July 2010 All Schools Knockout Stadium 22 July 2010 NIB Staff BBQ Stadium 23 - 25 July 201 0 Newcastle Home Show NEC 27 July 2010 ADF Presentation to Staff Stadium 28 July 2010 Coffey Projects Stakeholders Meeting Stadium 2 Auqust 2010 Kniqhts v Manly Stadium 4 August-201 0 McDonalds Staff BBQ Stadium 8 August 2010 Knights v Bulldogs Stadium 13 August 2010 Jets v Melbourne Heart Stadium 20 August 201 0 Knights V Broncos Stadium 27 August 201 0 Knights Sponsorship Function Stadium 28 August 201 0 Knights V Dragons Stadium 1 Sept 201 0 Powdertinger NEC 5 Sept 201 0 Jets V Brisbane Roar Stadium 7 Sept 201 0 John Butler Trio NEC 9 Sept 201 0 Knights Cocktail Function Stadium 11 Sept 201 0 Daniel O'Donnell NEC 14 Sept 201 0 Dinner Under Lights Stadium 17 Sept 201 0 Jets V Perth Glory Stadium 18 Sept 2010 Westpac Rescue Helicopter Ball NEC 25 Sept 2010 Jets V Melbourne Victory Stadium 2 Oct 2010 Ben 10 NEC 8 Oct 2010 Knights Player of the Year Dinner Stadium 16 Oct 201 0 Super X Stadium 18 Oct 201 0 Creedance Clearwater NEC 22 Oct 2 01 0 Celtic Woman NEC 26 Oct 201 0 Harold Matthews Induction Stadium 27 Oct 201 0 Jets V Nth Queensland Fury Stadium 31 Oct 201 0 Jets V Melbourne Heart Stadium

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Date Event Location

3 Nov 2010 Knights NYC Induction Stadium 5 Nov 2010 DET HCC Teachers Construction Stadium

Meeting 5 Nov 2010 Knights NRL Induction Stadium 10 Nov 2010 Knights Meeting Stadium 10 Nov 20 10 NPBS School Maths Competition Stadium

Presentation 11 Nov 2010 John Famham NEC 12 Nov 2010 SFX Formal NEC 13 Nov 2010 St Mary's Formal NEC 13 Nov 2010 Jets V Adelaide United Stadium 16 Nov20 10 Callaghan College Year 12 Formal Stadium 17 Nov 2010 Variety Xmas Party NEC 17 Nov 2010 Jets V Brisbane Roar Stadium 18 Nov2010 World Festival of Magic NEC 20 Nov 2010 Jets V Wellington Phoenix Stadium 23 Nov 2010 Herald School Presentation Stadium 23 Nov 2010 Coffey Projects Stakeholders Meeting Stadium 24 Nov 2010 Jets V Central Coast Mariners Stadium 2 5 -27 Nov 20 10 Hunter Mining Expo NEC 27 Nov 2010 Jets V LA Galaxy Stadium 4 Dec 2010 Linkin Park NEC 7 Dec 20 10 Knights Junior Development Planning Stadium

Day 9 & 10 Dec 2010 The Smith Family Hamper Issue Stadium 11 Dec 2010 Women's League Game Stadium 11 Dec 2010 Knights Members Xmas Party Stadium 14 Dec 2010 The Wiggles NEC 15 Dec 20 10 Jets V Gold Coast United Stadium 16 Dec 20 10 Knights Secret Santa Stadium 23 & 23 Dec 2010 Disney Live NEC 31 Dec 2010 Knights EGM 19 Jan 2011 Knights First Class Training Stadium 13 Feb 2011 Knights v Fiji Stadium 16 & 17 Feb 2011 Orica Conference Stadium 21 & 22 Feb 2011 Orica Conference Stadium 26 Feb 2011 Roxy Music NEC 28 Feb 2011 Rihanna NEC 3 March2011 Knights Members Season Launch Stadium 3 & 4 March 2011 Billy Connolly NEC 10 March 2011 Orica Mining Conference Stadium 10 March 2011 Coffey Projects Stakeholders Meeting Stadium

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Date Event Location

1 2 March 2011 Nitro Circus Live Event Stadium 1 8 - 20 March Newcastle Show Showground 2011 22 March 2011 Usher NEC 23 March 2011 Speedway Showground 24 March 2011 Stone Temple Pilots NEC 2 April 2011 Cyndi Lauper NEC 3 April 2011 Knights v Dragons Stadium 1 7 April 2011 Kniqhts v Cronulla Stadium 20 April 2011 ZZTop NEC 28 April 2011 Disturbed NEC 13 May 2011 Ka!y Perry NEC

1 5 May 2011 Knights v Warriors Stadium 1 5 & 16 May 2011 Andre Rieu NEC 28-May 2011 Kniqhts v Eels Stadium 1 - 6 June 2011 Walkinq with Dinosaurs NEC 1 6 -1 8 June Starstruck NEC 2011 18 June 2011 Knights v Panthers Stadium 23 June 2011 Qantas Olyroos v Yemen Stadium 23 - 26 June Disney on Ice NEC 20 11 26 June 2011 Knights v Roosters Stadium Sundays Farmers Markets Showground Sundays Computer Fairs Showground

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HUMAN RESOURCES

Staff Structure From 1 July 2010 to February 2011, the Authority had one full time staff member. With the Authority's assumption of management of Ausgrid Stadium, four additional positions were created, however at the end of the reporting period only two of these positions had been filled.

Management Staff

09/10 1 a

10/11 3 a

In addition to the above positions, the Authority uses contract staff for grounds management, maintenance and events at the Stadium. Since taking control of the Stadium on 1 April 2011, contract staff have been engaged by the Authority to fill the following roles, including:

• security, crowd control • customer service • retail and corporate catering • cleaning.

Organisation chart

Chief Executive Office of Communities,

Department of Education and Communities

l

r Business Development

l Manager

Hunter Region Sporting Venues Authority

)

Chief Executive Officer

I Stadium Manager Finance Manager

-

Events Manager

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Permanent/Fixed Term Authority employees and positions held during 201 0/11

Mark Zundans Chief Executive Officer Finance Manager 2011 )

Andrew Jenkins (commenced 1 4 March

Business Development Manager 20 11 )

Anja Johansen (commenced 1 4 March

Management Qualifications Mark Zundans, Bachelor of Sports Science (UNSW) Andrew Jenkins, Bachelor of Commerce (Newcastle), CPA Anja Johansen, Bachelor of Marketing Management (Oslo)

Consultants The Authority engaged six consultants with fees in excess of $50 ,000 during the financial year.

1 . Moray and Agnew (solicitors) were engaged to assist in the disputation with Newcastle Knights and resolving license and access agreement issues. The total cost to the Authority during the financial year was $118 ,771 .

2. Pedersen Engineers - Western Grandstand construction - project coordination services, $1 61 ,443.

3. Rider Levett Bucknall - Western Grandstand construction - estimating and cost planning services, $202 ,240 .

4. EJE Architecture - Western Grandstand construction - construction inspection services, $405,057.

5. Aurecon - Western Grandstand construction - engineering construction phase services, $128 ,1 48 .

6. Coffey Projects - Western Grandstand construction - project management services, $203 ,749.

The Authority engaged nine consultants whose fees were less than $50 ,000. During the year these consultants provided advice regarding financial accounting/tax, risk analysis, Western Grandstand construction services and venue management. The total cost for these services was $172 ,351 .

Staff Training Training of all casual catering, events and security staff was undertaken immediately prior to the use of the Stadium for the first time in April. Staff were trained in customer service and emergency management.

The CEO attended the Venue Management Association Annual Conference in the Hunter Valley in May 2011 .

Industrial Relations There were no industrial disputes during 2010 /11 .

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Employees of the Authority are employed under the Office of Communities standard form of employment contract.

Executive Remuneration Year ending 2010 2011

Number of Executive Officers with remuneration equal to or exceeding equivalent of SES Level 1 Number of Executive Officers with remuneration equal to or exceeding equivalent of SES Level 5

Overseas Visits There were no overseas visits by staff during 20 10 /11 .

Equal Employment Opportunity

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The Office of Communities (formerly Communities NSW) is an equal opportunity employer that has integrated EEO practices into all areas of the workplace, thereby creating an environment where staff are valued and have the opportunity to contribute and develop. The merit principle is applied to all recruitment, selection, promotion, training and other employment-related opportunities.

Table A: Trends in the Representation of EEO Groups

EEO Group

Women Aboriginal people and Torres Strait Islanders People whose first language was not English People with a disability People with a disability requiring work-related adjustment

% of Total Staff Benchmark 2009/1 0 201 0/1 1

or Target 50% 0% 33% 2 .6% 0% 0%

1 9% 0% 33%

N/A 0% 0% 1 .1% 0% 0%

Table B: Trends in the Distribution of EEO Groups

EEO Group

Women Aboriginal people and Torres Strait Islanders People whose first language was not English People with a disability People with a disability requiring work-related adjustment

Distribution Index Benchmark 2009/10 201 0/1 1

or Target 100 nla nla 100

100

100 100

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Freedom of Information The Authority has reviewed its program for the release of government information under the Government Information (Public Access) Act 2009. For the period of 1 July 2010 to 30 June 2011 , the Authority received no requests under the Government Information (Public Access) Act 2009 (GIPA Act).

In accordance with the Act, members of the public may seek information from the Authority. Requests under the Act for access to documents held by the Authority must be in writing to the CEO and be accompanied by payment of the $30 processing fee. No applications were received in 2010/1 1.

Ethnic Affairs Policy The Hunter Region Sporting Venues Authority recognises the cultural and linguistic diversity of the people of NSW. The Authority also acknowledges and values the rich benefits these people bring to the community and will provide the opportunity for all people to participate in and contribute to the Authority's activities.

The Authority is committed to the principles of multiculturalism and reviews its practices in terms of leadership, community harmony, cultural diversity, access, equity and economic opportunity.

CODE OF CONDUCT

In accordance with the principles of the NSW Public Sector Code of Conduct, the Authority has developed a Code of Conduct for its employees. The aim is to ensure that all staff observe the highest standards of ethics, integrity and behaviour during their employment with the Authority. The Code of Conduct covers:

• conflicts of interest • acceptance of gifts and benefits • personal and professional behaviour • fairness and equity • public comments and the use of official information • use of facilities and equipment • safety and facilities • outside employment.

20

ENVIRONMENT

Waste Reduction and Purchasing Policy The NSW Government's Waste Reduction and Purchasing Policy (WRAPP) requires all State Government agencies, including the Hunter Region Sporting Venues Authority, to develop and implement a WRAPP plan to reduce waste in four scheduled areas:

• paper products • office equipment and components • vegetation material, and • construction and demolition material.

It also requires that priority be given to buying materials with recycled content where they are cost and performance competitive.

WRAPP plans provide information on strategies each agency will undertake to reduce waste and increase purchases on recycled content products and provide data on:

• total quantities of scheduled wastes being generated and recycled • total quantities of materials being purchased which contain recycled

content.

The Authority is committed to reducing waste in accordance with the WRAPP Policy. The specification for the new cleaning and waste management contract is based on WRAPP principles. The Authority is committed to reducing general waste and re-using or recycling materials wherever possible. However, the small size of the agency means there are limited opportunities for new initiatives that would make a significant impact on waste reduction.

2 1

FINANCE

Future Operating Position For the financial year 2011/12, the Authority is forecasting a deficit of $122 ,000 , excluding the effects of Government grants, depreciation and asset sales.

Total revenue is forecast to increase by 1 3% compared to last year (excluding Government grants). This increase is due to the completion of the Western Grandstand and the effects it will have on increased crowd capacity. This translates into increased ticket and catering revenue.

Our focus for the 201 1/12 year is on cost containment and increased function profitability. This will increase our profitability and make the venues more competitive.

Time for Payment of Accounts The following schedule indicates the Authority's payment performance in 2010/11 .

Accounts Payment Performance For Year Ended 30 June 201 1

Payable at Payable at Payable at 30-Sep-10 31-Dec-10 31-Mar-11

Current $3,142,530 $3,365,111 $6,178,913 Less than 30 days overdue $117,837 $53,935 $77,483

Between 30 & 60 days overdue $49,172 $48,083 $175 Between 60 & 90 days overdue $64,392 $36,454 $0

More than 90 days overdue $12,047 $10,837 $68,866 $973

The target is to have 100% accounts paid on time

Accounts paid within each quarter

Payable at 30-Jun-11

$656,154 $450,454

$31,169 $4,012

Paid Otr Paid Otr Paid Otr Paid Otr Ended Ended Ended Ended

30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11

Percentage of Accounts paid on N/A N/A N/A N/A time

Total value of Accounts paid on N/A N/A N/A N/A time

22

AUDITED FINANCIAL STATEMENTS

Mr G Turner Chairman Hunter Region Sporting Venues Authority PO Box 83 NEW LAMBTON NSW 2305

Dear Mr Turner

,iOR-G€"'\r �_o� "''';, • C

," .. '

STATUTORY AUDIT REPORT

For the Year Ended 30 June 2011


t: 9215 7100 ref: 011J72�61t525

6 December 2011

I have audited the financial statements of the Hunter Region Sporting Venues Authority (the Authority) as required by the Public Finance and Audit Act 1983 (the Act). This Statutory Audit Report outlines the results of my audit for the year ended 30 June 2011, and details the matters found during the audit that are relevant to you in your role as one of those charged with the governance of the Authority. The Act requires that I send this report to the Authority, the Minister and the Treasurer.

This report is not the Independent Auditor's Report, which expresses my opinion on the Authority's financial statements. I have enclosed the Independent Auditor's Report, together with the Authority's financial statements.

My audit is designed to obtain reasonable assurance the financial statements are free from material misstatement. My audit is not designed to identify all matters that may be of governance interest to you. Accordingly, there may be other matters of governance interest that did not come to my attention during my audit.

My audit is continuous and I may therefore identify new significant matters. If this occurs, I will write to you immediately.

Audit Result

I expressed an unmodified opinion on the Authority's financial statements and I have not identified any significant matters since my previous Statutory Audit Report.

Misstatements in the Financial Statements

The financial statements contained misstatements which are listed in the attached appendix.

level 15. 1 Margarol 51' .... 1. Sydnll"jl N5W"lOOO I GPO Box 12. 5-jO/"'CV N$'N200' I 10:;; 9215 7101 I 1029275 7179 0 m'l> .. :3UIll.-.sy, ;)01.'<1\, 3udltnsw.gov • .,u

23

Compliance with Legislative Requirements

My audit procedures are targeted specifically towards forming an opinion on the Authority's financial statements. This includes testing whether the Authority has complied with legislative requirements that may materially impact on the financial statements. The results of the audit are reported in this context. My testing did not identify any instances of non-compliance.

Auditor-General's Report to Parliament

Comment on the Authority's activities, financial operations, performance and compliance will appear in the Auditor-General's Report to Parliament I will send a draft of this comment to the Authority for review before the Report is tabled.

Acknowledgment

t thank the Authority's staff for their courtesy and assistance.

Yours sincerely

Sally Bond Director, Financial Audit Services

24

HUNTER REGION SPORTING VENUES AUTHORITY

FINANCIAL REPORT

FOR THE PERIOD

1ST JULY 2010 TO 30TH JUNE 2011

CONTENTS

Statement by Chairman

Statements of Comprehensive Income

Statements of Financial Position

Statements of Changes in Equity Statements of Cash Flows Noles to the Financial Statements

Independent Audit Report to the Members

1 2 3 4 5

6 - 20 21

25

Hunter Region Sporting Venues Authority Financial Statements



Pursuant to Section 41C of the Public Finance and Audit Act 1983. we state that:

a) the accompanying financial statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983. the Public Finance and Audit Regulation 2010 (as

applicable) and The Treasurer's Directions;

b) the statements exhibit a true and faif view of the financial position at 30 June 2011 and transactions

of the Hunter Region Sporting Venues Authority for the year then ended;

c) there are no circumstances that would render any particulars included in the financial statements

to be misleading or inaccurate.

Chairman

At Newcastle this 5th day of December 2011.

26

Hunler Region Sporting Venues Authority Statements o'Comprehensive Income fo, lhe Year Enlled 30 JUn' 2011

Revenue Revenue from conlinuon9 acwilles Sladrum Income 0In0f reYlIflue TOllll Re�.nu.

EJpe". ..

Raw materials wid c:onsu:nable5 used Personnelservlus OePfeci,t�on end Ilmorll!MItion Sad deb!$ expen$/) FinarlOll cost, In$ul1lrlOll

legal COSts Managemenllces ProfeSSIOnal l;()f).u!1i1/lcV setV,ces Rc1pa1rs IIIld 1T\111I11en.nco Sladlum expenditure 0U>er operetlng e.penses TOllllbpe-nns

SURPlUS/jOEFICITj FOR THE YEAR

Other Comp'Ghensl�.lncome NilllrIC(eoao In Property, Pla"ll and EqLJipmont ValuatIOn

Tollli Other Comprl!hl!nslve Income for the Vear

TOTAL COMPREHENSIVE INCOMEljLOSS) fOR THE YEAR

Tho --.y.no .... 1M ""'" poor! 0/Il00 .. ,.,,..,..., __

NOle

2( a) ,�) 2(e)

.. )

.b) " "

n

.,) J(d)

9(e)

Conulillal'd Parenl

2011 "" 2011 2�10 S S S S

5,149,487 3 ,&46.912 5,149.487 3,848,912 2,085,454 2,085.454

13.007,599 1,599, 338 13,007,599 1.599,338 20.242,540 5,444.250 20,242,540 5,4.".250

1,000,099 437,165 1. 000,099 437,165 1,769.594 1,648,558 1,769.594 1,&48.558 2.185.181 2 071,899 2,185,181 2.071,899

435,490 8,7Oii 435,490 8,709 15.068 25,0<15 14,346 23,000

222,660 219,750 222,660 219.750 137.114 365,257 137.114 385,257 5(4,740 428,109 544,140 428,109 144,Q8( 8,527 144,084 8,527 682,661 647,620 682.681 &47,620

1.387,602 1,387,602 616.463 655, 116 616.468 653,2$8

9,140,nt 6,535.755 9,14(1,059 8,531,862

11.101,7&1 (1,089.505) 11,102,411 (1.D15.&12)

13,867.721 13,867721

13.867,721 13.867.721

24. ifi9,482 (1,089,505) 24.970.202 11,085.&12)

27


Statement of Financial Position uat 30June20I1

Con.olldated Parent 2011 2010 2011 2010

Not. • • • • Au"ls Curront Assets Casn and cash equi'lll&nt5 3.966,668 4.896.1w! 3.959.091 4,888,501 Trade and other receivables 1.761,64 1 2,509,333 1.795.887 2.543,579 I'WOOton05 240,704 53.973 240.70<1 53,973 FlrIorJdalassel$ &05.313 23.569.357 8-05.313 23.569,357 Tolal CUrr&l1t As.ata G,n-I,UG 31.029."111 UOO. 1I95 31.055."'0

Non..currlJnt As.ats

Prcpurry. planl and equ,pmonl • Land and blJildngs ,., 154,938.615 110.018.868 1S4.938.675 110.018.868 • PI"'" and equIPment >b' 1.645.547 1.70'-5n 1 ,645.547 1 701.577

Total Hon.cumont Ass"'s 15&.510&.222 111.720,0&45 1511.580&.222 ,1 , ,720 ..... 5

TOlal Assets 163.3511.548 \42.749.906 113.315.217 142.n5.155

liabilities Cu"...,t lIab11iU .. Trade..-.d other pe\'llbles " 4,902.299 9.065.431 4.902.299 9.065.437 Intete� bearing b'OOlies " ",000 48.000 ",000 48.000 ProvISIOns " 168.433 184.007 168 433 \64.087 Total Current LlabllltlH 5.166.732 9.277,524 5.166,732 9.277,524

Hon..curnn! liabilities TI1ICIa anc otho, payaolel " 200.000 2OC,OOO lnlorall tle3ring IialJelbe. " 48.000 96.000 48.000 ",,000 Provisions " 20.114 22.222 20.174 22.2"22 To\.lll Non.cul"lonl UablHllos 61.174 318.222 68.174 318.222

Total Liabilities 5.2l4.901 9.59S.7.a 5.234.1101 9,595.746

NET ASSETS 158,123.642 133,154.1110 158.150.311 133,180.10"9

Equity Con\rit>utlld EqUoty 16(iJ) 123.594.120 123.594.120 123.590.203 123.590.203 Aceumulale<:l funds lOb} 20.661.801 9.560,040 20.692.387 9.SM.906 Fiei\Ol"Vn 16(c) 13.867121 1 3 867121

TOTAL EQUITY 158.12l.6-C2 133.1 54.160 158.150.31\ 133.180.109

ll>e_I'''II nc ... bmI ..... af_wn _ _ tI

28

Hunter Regien Sporting Venues Authority

Statomont of Changes in EquIty for tho YOir Endad 30 June 2011

"'�, Contributed Accumulated Revaluation

Equity Funds Reserve TObt

• • •

Consalld.:lted

hl.:lnce.:l\ 1 Juty 2009 123,594,120 10,649.545 13"',243,665

TOIal CoInpfcthenSIVO lrocornct for me Vea. (1,089,505) {I,089,5(5)

Balance It 30 Junc 2010 123,594,120 1I,!!060,040 133,154,1150

Total Compfllhens",c tnoome lor !he Yea. 11.1111.761 13,861,721 2�,969.482

Balance et 30 Juno 2011 123,594,12'0 20,661,8111 1 3,867, 721 158,123,642

Parlnt

eal.nel '" 1 July 2009 123,590,203 10,675,518 134,265,721

Totll ComprehenslYe tnc:omc foIlhe Ye .... (1.1)85,1112) (1,065.612)

Bal • ...:e at 30 June 21110 123,590.203 9.5811,906 133.1110,109

T0111 CompteheflSlYC hcom!I 10. !he Year 1 1,I02.�81 13,861,721 2�,970,202

Balllncc II 30 Juno 201 I 123,590 203 2O.692,3B7 13,867.721 15a.150.311

n.. _"¥Ing _ rorm�<lgr_ ��)'Oc"" .101 ..... n ..

29


Statement 0' Cash Flows [or the Yur Ended 30 June 2011

Cuh ftows from OPI�!lng Ar;flviliu

Rlcolpts Roceipts (rom c..r.;loO\On; !n!a'ell 'oco!ved T .Corp DoslnbuUans/Movements Grants ReceIVed

To,,1 R"nlpiS

Payments !nte<ost and other costs orfinance paid Payments 10 Iypplieli and employoes

Tolif Paymant.

NIlI Cash Ftow. from Operating AcllvltlClS

Cash Flows from Invutlng ACIlYltiu ",Iocoeds from sale of land and b!llkllngs Purd'lase of land and buildings. pl;at\1 lind equipment

Nol Cash flow, From Inveallnll Actlvltl",

Cuh Flows from Financing ActMtkls Repayment of borrowings

NIlI Cash Flow. From FInancing Activities

Nellno::renel(Octcrease) In Cash

Opening cash end ta$h ...,.,.alents

CLOSING CASH AND CASH EQUIVALENTS '

· c. ... "'_ u.n • .OII._ ... _ _ o, u.. Ao ..... "' .. an-' ''' .... �''''--'of ... _-.. __ .

NOlo

Con.otld�led 2011 2010

•

5.849.180 1,87USO 238.945 118.995 387.362 1,480.343

12,3aO,ooo

''''53.417 3,472,IM

(1,061) (17.171) (4.379,7611 (6.518,776)

14,386,821) (6.536,5047)

14,4180659 13,OIW,).491

750,000 (38.910 833) p5 480 9681

il8,16U33) 115,"0,968)

11Z4 9411

1124,,.71

(238!M,174) (111,670,264) 28,466,155 47,136.419

4,171,981 28 •• 66,155

Parent 2011 2010

• •

5,e49,1�0 1,812,%0 236,9015 111,995 387,362 1.480,343

12,380,000

lU53,4I1 3.412,"1

(7,061) (17,nll (4,379,047) (6,501,112)

14.n6,10B) (6,524.193)

",4&1,379 13,052,&951

750,000 (lI SI0 8331 pS.480 9681

13',1150,&33) (15.480,961)

f124 9471

j1U,94:Q

(23,693.4S4J (111.658,610)

28,451.858 41,116,468

4.164,404 28.451,1$8

30


Notes to and torming part of the Financial Statements for the Year Ended 30 June 2011

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The! Hunter Raglon SpDrt� Ve ..... ol Aulhorlly (Authority) was ostablishi!d b� tho Sporting Vonuos AuthO!1llos AcI 2008 No.6S.

The Newr::asUe Showground and &hlblllcn Centre TlUSl end the Newcastle Intemallonal Sparta Centre Trust were d]$SOIvlI(I on 11 July 200& end el lI..,;cl$. righlS end �ab�lies were \flns:erred 10 the HuntOf RegIon Sporting Von� AuthofItyon 12 Juty 2006 al faw �aI .....

Rarerence� 10 NEC reler 10 the former NewcasUe St'oowgO'OUr'Id �nd Exh;bllion Ce-nir<l Trusl Rclcronce! 10 ISC rolo. 10 tho lormer Newcastle Inlernallonal SpOI'I� Coo're Trusl

The NEC had appomled Ogden IFC (Newea51111) Ply LI� 10 m.n;oge and OPeroue " Newcastle Si'Iowiround SIte 1ad£tie5 on iIs behaJl 8lld thIS apOOWlJment continues under the new Hunler Region SpotIIng Venues AuIhQrlly. On 1 J.n .... ry 2OQ3. Ogden IFC (Newc::ntle) Ply lid solO SO'II. of Its Dusiness 10 I US basec! COOlPI1ly QIIIed AEG FaciliL'e$ lno;. This ........ COmp;llny is now known 3S AEG Ogden (NewcasUe) Ply Lid. AEG Ogden (NewcnHe) PI)' Ltd eootmue 10 manag� the lile \lllderll><! original rTIIInllgement conll8d

The Autl1QrIiy, In com>"Y1ng wit h the requirements of !he Pubic Flnonce ond Audil Ad 1983. has kept proper accounlS and reeoros 01 �s gper.tklns.

Tho Aulhorllyope<atH w\h the Ob!eal>.te of pIaong an premises under � Cllfe, corlrol and management 01 thI.l Authonly 10 use lor recroalKlo . • "'eltBlrIment. erhibillon and sporting competItion.

Tho AutMrlty's Financial S\alemenlS " a 3 general pUfpose nnpncl�1 ,,,,port w�:eh h>'O b«n lIfepared In al;l;o<d�nea wi,h AuSlrallan Accounllng Standa,ds (which Ir\cIud<l AUllraliarl Ae<:Qunting InlerpratatlonS). 111 .. provl$loIu III th8 Flnaoc.o and Aud� Acl I983. the Pubfc Financo end Audit Rc.gulation 2010 arld the Treasur .... s di,act;elOs.

The s-..atamoNs II ..... also bHo prepa'ed uncle\" the nlstorlcal 0051 OJI1V"tUion us.ng a<XtUlll accounting . .. ce;l! lor carta., :assets whIcrl as noted. are at vllluaben.

Tna finanCIal re!)Or! 10< lho period Ol'lCled 30 June 20tl has �n �"'horlsed lor In"" by I�e Chaimllln of 1110 Hunte< Region Sportlnll Venue$ Aulhonty on 5 Dooember 201 I.

(al PJ1nclples of consolldatlon

The consoklnred financral slatemenlS Incorporate the uscts. tiabi"��es and resub 01 en�lies centraDed II)' the Hunter Region Sporting VenuH AUlhority iParent En�ly") as lit 30 Jooe 201 1. Hunter Region Sporting Vcnues Authontv and lis conlroled ent�y (Newctlstle lntemalional Sports COI1tre Club) togeil1er are relerred 10 in IIlls r..,,,,,r;/!II report n "COnSOlldilled Ent,ty" The effect 01 all tranSildiorni between ent.ilH:$ 1n 1110 cons.elil;l;lted enlity are ellmll'\¥ted In fu�.

(b) CI>angu In AI;I;OUn\lng Polley

(c) Income Tex

The Authority � oxompt of income tax U!1der SOctirln 50·25 of II'Ia l.-.:oma TAlC Auessmenl Ad. 1997 (u amended)

(dl in�enlOlle.

Sted! on hand II stailld at the �r of cost and net reabab� �aiue

The Authority acts u an agont kif Tlckc:Ck and Its customers In resJlllCf 04 ad�ance licket sa!cs rM!h ticket commlsslon _anue and 01"" r .... anuesln relDton to the use ollne lacilty llIOOIjn:sed III the ame oIlha OVlll'l11 occulTIng. The AUlhoIiIys management 3gtnl rTlllnages me Tld<atek �IIOCV am'N1getnenl WIth the rev......e brought to ar:::count on a net baSIS.

Governmenl !;Cntnbul£ons are recognised ul lall value. The Aulhorlty was In reealpl 01 state govarnment allocaliom 01 S12.4m In the 2011 �af!of 100 reoo.allon of 11'08 Western G,andstand al Ausgrid Stadium .

•

3 1


Notuto and forming part of the Financial Statements for the Year Ended 30 June 2011

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)

(e) Receivables .nd Revenue Ro�ognltlon (�ont.)

CoIlo!ctabiIiIy of deblors Is reviewed on an ongoing basiL Debts whlch 3<& known 10 be unoo!Iedabl . ... writlen 011 A IItOVlS!on rot dOUbUuI dob\$ Is raisod wherl lhere Is objecIiv& !!\I,cence lhat \he en�ly wll nol be IIbIc 10 coiled a. amounts due a� 10 IIIe ooginaI lerms oIlhe rccen.a�es

(I) O�precl.llon of Prop�rty, PI�nl & Equipm�nl

Depredation is allcul.:lled on a sualghl lino tlilsis SO as to wrile an me net COSI or _allied amounl 01 each �em of P''(lfIl1r1y, pbnl ana 6qU'pment (exdud:ng land) over its expected useful 'fe 10 the enl�y ESlimaln of remaining lAdui liYes IIfCI INIde on a regu�r tIa$lS tor OIl assets, ""1I'I ,nnual ru$Ses_1S rot ""'PO It�

8uddings (Bnd Inl�1 Equ:pmenl) (Olher) Planl & Equlpmenl

(gl T,.,do & Other C,ediIO'"

2010 40 yoa,s J I0 10 �&Brs

Tnese amounlS represenr r",bi:�$ for goods and "..rvices p<ovided to the Author,ty prior 10 ttle end of tile rlOaOcial )'&3< and which a .. unplld These amounts are u�cured Mel aro u$u<JlJy paid within 30 d3yl of ra<:ogn�k)n

(h) Employe. Entltlcmenb

(i) Wages, salllnes and aJVlU.lle.ave.

li<Ibiit:es for wagt)'$ • ..aIane. ,nd ...,uallr!8ve ;l(O �nIsed, and are moasured III the amount unpaid. lndlJoJrIg appIicatlle "",costs. ,I tho reporting date at eurrent PIIY rares In re�e<:t r:J em�' scrnolce UP to tIlat date,

(iI) Long service IOIIVO

A bbH,tylor Ioog servi<::e leave Is J'OOO5Inisod In !he ptOYisIon for Cl'I'pIoyee benefols.1'd measured •• lho presenl villut of e�pe<:1Od tvr ... �15 to be "*" in respect of MN1ces _oded bI" ompIoyees up 10 the fe� dale ustng the pro.eae<! unit u.diI metnod ConIidereIjon Is gWen to cp�ed lulU .. w;ge ilnd utaoy leverl, axpc� of cmployoo departure, ""d IIClnocb of �ervtCe. exPOC!ed MUte paymcrnr, a11l discour11od lIIing market yIoId:s _t the repo<iWlg cllle orr nerocmai \IO"emmenl bonds wnh larms to m�lurHy and culllmcy rhal m;ltd>, US cbsely as possible, tho 1I5tlmated t<.turo cash oulltOWI.

l.\ab.l�ie, for SUI)l'faonuation M rCCOgJllsed, _ !Wa moilsvred althe ,"'nOunl unp;ud ill the .. ;o;wtng cta:e al CU'1'.,1 employer c;ontribution rates in respect of em�' scrvlco up 10 thaI ca:o.

(I) Doubtful Debts

The doubtful r;IebIs helve been revfewed ilr o..r;mce date and IIQPropriate ptOYlSk)n has been mado for deba ..... tuch iI't eon$lde'ed t\ooJbrf\ll DeDls which 1110 known 1<> be uncoIlo<;table a,e wn1ten 011

Ul Property, Plant & Equlpmont

Under NSW Treasury determinalion the Authority Is considered to be a lfansilionalinoC lor profir tnrlly. As furure eoonorrk benefits are not PIlJ'llanly dependent on the abmty of bed ttI'CIS to genomle nfl c:nh flows, T,,,awry poIio;y In aa::on:I with AAS8 t16 'Preoa1ly, planr and equiprTHtnr" �nd AASB 136: "Iml"'irment of Assets" lequires phys1c:a1 non.(;UITent 85SCtllO be va:ued ar I.(va"", 1'"" Value iI OC�JII!Id aI "the amount for whlch an usor could be exchanged (or a lalliiT)' seWed) belweer'l kl'lCM'ledge;lble, willing pertIe,1n an arm', Ier!glh lIans.aaion".

The �d cornpooent WlIS prorrtQrd on the baSIS of market VoWe for current ute and Claslitkatlon, Land .nd buildings wetll vtlued 01 wntton down repiaccmlClnt (:CS1, The Authority II d ill. oponion thaIland Irnd bulldlng;l _ reeognlsed HI fIJi' value at 30 Juno 201 1 following ,evalual,on during tho year

TNt Crown land In Ule Al4hority's control is he'd under a rocogJUled Crown Leasehold arrangement. ThIS CIUWn land has been ,nduced as an ",set 01 the Authority maintains comrcl O'lflr !tlt ,,,set.

32


Notes to and forming part of the Financial Statements for lhe Year Ended 30 Juno 2011

Ikl Ro:tV"ru�tlon 01 Non�urrenl As .. t,

tltnd and buildings alc reYa!u� with sulflde"' regul;Jmy 10 ensu� cmymg vall:es do no! malerlally dHfer lrom fall" value. at tlalDncc dale Reveiuulon decrement. are debited dlrectty to the assel ll!Valuailon 111'_ to tho ... I .. nl lhal the cIoc::remcrnt r'lNer-s a ..... atUlltoon � In Il!spo!'CI oIlhal asset. Where tho dOCremllfll excoods a Drevlously reeognlsed In::rorTN)nt. the excess Is teCOgnl$ed Immedlalely iIS an eXpeIlH.

R ..... luillion nCfllll>enlS a.o ctod,ted direc:tly to the aSSllt revaluation IO�lIrve oxcept lIlal, to the exlenl that an Incrcmenl rcvCfSCS a f"OValuat:on decrement In ,cspect 01 !hill dan 01 as&el previously lecognlsed as an expanse. lhe memonl is rKOgnlsod lmmedi;tlety .. s revDnJ •.

RevaluatIOn 01 lend .Ild buading assets OCCl/ITed dUfillg the CUJTDflt �nan� yur

II) flnancial lnslrumDnts

RKOgI'IifltJlI 1KIt1 In",111 Meas1lnM'lClRl Financlill ll$$elll .00 �naodaI labi��!tS are recogruHd MIen the AUlhorily be«me$ • PIIrty to the conll»elU;Ii pravi!.lonl of tho lmtrument. Trade date accounbng IS adopted tor 1I!I3IIclat assets Itlai ll/e delw!recI ",Ihin timo/ramos o.tal>ilslled by marketplac:o conven�OI1.

FINncialln5llUmanlS.re initlally meaSU"Od 31 fa" v3lue plus t�nS8Ctiorls costs � the Instrument � not dil5Slfoed as al lair value Inrough pro51 Ol ios. Transaction costs re'.aled 10 ,nstrumenu dassifred ., � ';!IIr vall:. through orof,t 0110" are .xpen:;ed ro prol,l or loss Irnmed:ately. Finandal qtn.wnen1S are cl3ss11'1od and mea5ll,ed as s.el 001 below

(i) FrnancJDI esse,s a/Ilk vlllw 1/lrougIl profit (X loss Flnancral _1 • • 0 dassi!i9d 1I1 1.� VII�ue through prolll 01 loss .... "'en they .,e hekllDr InK&lg lor �'Ia purpose of shOll 111m profit IiIkrng or des� .IS such 10 a'tOld an _nbrlg mismatch 01 to en�OkI per/0IIIIafICII eva'uatlon where a Group 01 r .... nclal ..,3"'5 is maneset! by kay IT\iJn�ment polsan"'" an a !;lir value ba�s In aCCClfdaIlCe with a doaJmented rblr: managemenl cr InV8$lment strategy. Realised and un�allsed gains end �es arising lrom changes In 1,1. value are lnellld<ld In prolli or loss In tho period In which they arise.

Loans and racal�atlkls 31e 1'IOI'\·d8fflaIMl financlal assets WIth fixed or dlltOrmin8bl� �ymcnts lllat 1110 nol QUOled in an act,ve mark81 and a,e sutlseQu&r111y measured at amortised roSI using lhe elfoc1ive Interest r310 molhod.

Heid-tOomaturily �ostmenl.!l are non.oerivatrve lIo3ocraI assets thai �3Va fixed IT\iJll.WItles lind fixed 01 determOlable pa)'ments. and II � the Autnority's ln�tlon 10 hokl !heso nveS!menlS IQ matlJ"ity. They 81'e sU!ls&Q\lllntty measured at amortlacd OOIt using the olfedllle Inlorest rill8 melhod

(Iv) AvlllllllJo'o-frx-teJo rllVllldill osuls A,vallDble-lor·sale ,inallClaJ assets .re RQfW1envallva r.nancmf ilssels lllal aro oiIherdoslgNted as such OI llIat alO no! classol'led in .,.,y QI the other categories. Tl>ey eompriM inveslments In !he eQllty 01 other el1l�les where lIlere is ne ther iJ f,xed ffiatlJl'ity 00f fixtld or delrlrmlnallle Pflymenls

(v) FlrIlJndaI lebJ!ilios

NQI'I-d(lnvativo nnanaat liaW�les (exdud:ng finandal guarantees).le sr.trsequently � al atl'IOI'ti$ed r;:oSt us:ng IhO otI'octlVit 'Meresl raIl method When . r .... llCIat �atIit�y ls le<:ognised. initially � iI measured at '. "aw net 0/ Ilansaction costs

FaJrvilllJiI Fair value is dete, ... ned base-d on I;IJfI"efII bid III'Ion lor aY quo:ed IJWestmenls. Valueliol\ !�ues ii" applied 10 determi'le !he I. value lor a' unllsled � Includi'ng recent amI·, longtn traM.llC\lOn5 • • elerenoa 10 timilar .,W\ImOms .nd ClItion pricing I'I'IOdeIs.

Impairment A.I e.ch reporling r;l;rte.!1>e Ai.Ithority ,sse»!!s ...natner there Is objo(:tJ¥e evOenee !hal . finanr::ml ln,trumenl has bQefI Inw><od n tne (a$e oI .... ailable-IDr-sale nnanciat instruments. ' ptOIgnvecl or slgnrlieant dod"", In IhO v.uo oI lhe mlnH'l\8l'lt Is OOI'ISlOfIred 10 del ........ ne wnothet an �t lias arisen. � tosses ale recognised In tll8 rncome lIatolllllfll.

33

Hunter Region SportIng Venues Authority Notes 10 and forming part of the Financial Statements for the Year Ended 30 June 2011

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (COl'll! (I) Flnanclal lnslruments (continued)

FInlJ�1 GU4rlInlOOls Where materlal. f......,aal gUariIn!ees Issued. whoch requ;,os the isStlOf 10 mako spco1Ied payrnl!n11 10 reomburse Il1o ho!dor ror a loss rt Inc>Jrs because e specified debtor fails 10 make pavmem when M. are � as a r.,aOOaI Ii3boIity al ra" valUe on lnilial recognilkln. Tho gue...,tee Is suttseClUenUy measured al ll'Ml lligher of the best IIsdmate 0I1he obligation and the IlfllClUnl lnltl.11y rooognised less. when aWOPriate. CllmtJlative 80'0011lsittTOO Tn e<.:oord<In<:t! wilh MSB 118: R""(lfllII!. Whl!{e Ihe enllly glves IlUilfamees in ucl'lafl9!l for a fce. revenlMl is f'OCOgnlse<! Under MSB 118.

FlnanC<3l essell .rl �erecognlse<! wh_ the conlraclUill rlgnls lo mceopl til �SI'I llows expires or !he lISHl is lfilllshurod 10 a�I'MIr PlIrtywnereby IheAuthorl1'f no longer MaS any sI\lni/lcaot continuing Invotvemenl in the risks and ber>efots nsoc;iated wirh the '''''''I. Financial HabiO�" ilredefecogntsed wnere thelelale<! obNgallon. are either di$Chargod. �nceled or e.�ro Tt>e dttfela'1C1:! betwaen tho c;anyinll vatlMl ollhc finanelill not1it.ty oxtiogulshed or lransferred 10 anothel parly and lho lair vlllue 0/ (;OIISIdlrilt.on pad, lnd\ldlng the IraMfer ol roon-eIUh assets or �abo�lies assumed Is recognised In proHI or Ion.

1m) Capital and Malntenaru;. Expenditure

The 00$1 of non-currettl assets capililtHd Includes 811 alSU dlrecdy il$S(lClllted with \he purchase Ilnd I 01 cons.lruct.o;)n 01 nOlK\Jrrer\1 :IHe15 Ass.olS with acquISition costl less Ihlln SSOO are charge<! as ... penses " the � 01 acquls:tion Maintenance. I.�tr �lt5 and minor rejlalfs are charged as .�penses liS lncurrod.

In rn<IN9uIg fts capllal. Ihc Au!llO!ity's pnmsry objeclive Is to ensure its Q)(ltonu.ed at:>li!y to ma.ntaln the .:Ie with am:1ed 1I0000mment suppo� In order to oc:hIeYe this ob,ectlve. tile AUlhonty seel!s to balance m.k and feltl'n el an acceptable level and also Ie m;1inlaln a s.uff"",,"1 fund,ng !;)He to enoble !he Au1hor1ty to meellts WOI"kln\l c;apital needs, In makll'lg Oeds:Onl to adjust Its eapill1l struaure to achieve Ihe:;e "ImS through Ihe reduction of debt. the Authoriry 1XIf1.1d .... nol only lis shortterm POSition but also its long-term OPGf\1IJOnol ano Itralegk:: objectives.

The AUlllool'f 1131 slgnifcaOl assets oompared 10 Ks QeDI l ..... eI •.

(0) Cuh

For the pur�es 01 Il10 Sta:ell1<!nt of Cash Flows. cash Ineludes dep<nllS �t <;;I� lind Investments which are readity convertible to cash on hand and which are uHld In the cash managCOl<lnt tunericn en a oily-Ie-day 1)8$1s.

(p) Borrowings

LQ;IIBS are carrled .t �'lelr ClJrretll cap:lat value. whidl ls the f_ value 01 ttIII detl! '-51 any Unamorlose<l o.u:ounl or 1*1' ,",namorttsed premiums. The g,S(:OI.InIS or premturns ar" treated as 9n ;,tarl\l! expense or inc:omtt, les�llYely. ano amort,sed ovar Ihe term of tne deDI Inlorosl ts accrue<! OVO<' the jH.!riod � oacomts due and Is recorded 85 part of credliOrS

(q) Goods �nd Services Tn (GST)

R"".nues, UpeMM and assets _ rllC:O!i"lsed neI oI 11'1e amouOl of GST. e.oept where me amount 01 GST ncurr'" il not. recoverable from the Australian Taxation Office (ATO).

Receivables and P6yables are stated Inclusive 01 the ameunl 0/ GST receNable or payable, The nel",,,,,,,,"t 01 GST recoverable from. or payable to. the ATO II l1'\c1uded Wltll othol' receivables or payables In Ihe slatement of flnandal pos�oon.

Cash news .e ....... ntad 00 a gll)$S bas .. , The GST eomponentJ 01 CllsI'I lII:rws afJShg from 1 ..... 8$1ing or fil\ilngog aclMrie. \III"ich I'e recovel3ble rmm. Of l13yable 10, lhe ATO are P<esenli!d as operating ..ash r.ows nctl,lded In receipt, Item cus_s or payments 10 sUl)pliIln.

(r) New Accounting Standard. tor Appllcallon In Future Periods

At reperung data a I1!,IfTlber 01 Austral/.:ln A«ounting Standards have been ,ssued by Ihc AASB bul are not yet 0 .... 11IlNe These ""va 1101 bNn elfl)' adOPted � the Authority, It Is conHlO!fed imp.'o:mentalion 01 the:se $ta� ... no' have a mau:rlal lmpao;t on tne AuthorilY' I'inanctiIt �a!l!menl$

34


Notes to and forming part of the Financial Statements for the Year Ended 30 June 2011

, .. Con.olld�t.d Parent 2011 2010 2011 2010

2. REVEHUE , , , , Ie' Sale or goods and sor.lc: ..

Renoering ar UMCltS: Ren! received 919.579 687.944 978.579 687.944 Ver>lIII and lI'OI'nd hire I.362.2ti8 1,009.501 1.362,268 1.009.501 SOlIe ar goods 1,625.418 1.260.397 1.625,418 t,260.397 T1ckcring Income 574.973 473.980 574.!HJ 473.980 "". 607 249 (15090 607 249 415 090 , .. 5.I"'.oU7 U.cUI2 5 1 0 411 ;,"'12

1" Stadium !ncom.

Tide.l''' ..... nUl 3S4.141 354.1"1 G�o day c;atorlng 774.948 774.948 R,,!3iI� 113.SOJ "'." Tot"!

,,' OIher re�e,",e

Gov�mmenl ,,.nll (Westem Slat>d] 11.000,000 11,000.000 Convnvn�ies NSW Funding CWeslefn SI_) 1.380.000 1,3&0.000 Irrt __ ..... 23e.945 111.995 236.945 118.995 TCotp Houf-OtaSl lnveslmenl IWily JS7.3&2 1.480.)43 381.362 1.480,)43 0-•• ''''' "" ,-, ! l 007599 1 599331 13.0075519 1.5",338

Tot;ol RevenkHI 20.2.c2 �o 5445250 20.H!,SIIO 5446,250

3. EXPENSES

,-, P .... onn.1 EIlMns ..

Personnel e.pen.e. ISC 221.183 IS6.848 221.183 1515.&48 Perl!Onnei expanses NEe 1 548.41 1 1 491110 1.5-48 41 1 1 491 110 Totll 1.169.59.c 1.541.558 1 769 51 .. ua.ssa

1" Oej)f8Cla1lon end ImartluUon

D.preclaUon Buildings 1.682.262 1.770.S10 1.682.262 1.710.510 MolDrveNdel 3.718 3,718 3,718 3,711 Ofllco equ;pm.enl 11.802 9.138 11.802 9,138 Plant & eqUipmlttll 281399 288 533 2873\X1 268 S33

Total 2 In 111 2 0Tl 199 2 115181 2,OTl,19'

,,' S�d;lIm EIlMndltuno

ConlnJct calGnr>g lrall 707.776 707,776 Cloaning Iypptl .. 130.854 130.864 Con�lIancy Ins 2.84l! 2.842 -". nl.607 271.607 O'.h-=rexpen181 274.513 27�.5'J ToUI 1 387 602 1,317.602

"

35


Notes to and forming part of the Fll'lal'lc:lal Statements for the Year Ended 30 June 2011

Consolidate<! 2011 2010

3. EXPENSES (CONTINUED) • •

(d) OIlNr ope .. tI"II

Accounting se .... lce. 35.7SO 48.400

AMtIi.;ng 10.S02 5.6'3 Aud,lffl!!� " 85.291 92.630 BoiIfd lees " 42,279 50.683 Casl'! eoflllcliotl •• pens .... 10.1W13 II.HO Contract s.ervieII 43.HS 38.765 Fringe b&n.ft� tax 1.a65 2.983 loss on ",,\8 01 IS�" '""'" MotD< va�.::I • • �""e� 2.836 •. 001 ... 25.61T 24.101 Sial! lImGnoues .. ut training " . .., :W.820

Power ar<I watltf 1«.535 129.130 Sub$clipUon3 1.183 7.&02 Sec::urity 20,681 19.166 h'.phone 49.511 47.391 Trav,nin!;a'l""'s" 5.373 un Omc:.ex� 25.9-15 23.m rT maintenafICIII 26.9)2 49.991 Othfll' 420)9 .,,'''' Tolal 81 .... 8 65S 116

4. INDMDUALL Y SIGNIFICANT ITEMS

5. CURRENT ASSHS · CASH AHD CASH EQUIVALENTS

Cash al n. I!I'Id 01' lhe � lIS al'lQWn on the s:.alemont 01 c;a$h law. II recand!ed \0 lIMo ralal..:! Items In :he Sla!emo!nt 0/ IinIInQIIl PQSAJon .. kII:ews:

Cnh on hand Ca,h �t Dan�

Oepo�alcall Su:, T 0:311 • Cnh 10 lund oper..uon. cash at 8<Mk • -'OVaroot td.0I sales Total

Ceih all;>;lnk I$lntarest bearinQ �l th. mpr\let rell. DlposU, al call bearinle«lstall R.ed rate of 5.5% (2010: 2.55%). Clsh on HMd Is non onternsl buring.

RKOn<:llbllon of Cash

S.anee. as _bov, Financial Mseta Satanous par SIa_ of casl'! lIows

e. CURRENT ASSETS , TRADE AND OTHER RECEIVABLES

r ..... DetJ\cn List Provision Ie< 11111>3_1

II.ocrued Incoml Pntp"ldln� QIhe< Prepa)'lMntl Loan ID ComroIled Ent.:y R.,IaI90nd QSTRrlIund.:ItIlD Olllor AHOI Unlforms 10lal

"

55.8l2 1,315.114

..... 1.430.600

2.536.068 UI5UU

3.966.666 805313 4,)" U,

115,465

,." s.e.476

unli 1,1151,,",1

71.893 2.153.123

51 345 2.282,361 2.61 • . 437 4.896.198

4.896.799

23569 357 21,4&1,1 55

123.670

123610

301,325 25001,198

13.593

1OSO 1,612.897

2 501,333

Paranl 2011

,

35.750 10.502 85.291 �2.279 10.600 43.146

2.865 '.000 1.636

25.617 ,..,.,

144.S35 1.783

20.681 49.511

5,313 25.�5 26.932 42 039

$16,4U

55.832 1.:107,537

59 61>4 1.423,023 2.536.068 3.959.091

3,859,091 805.313

4.764 , _

16.465 31.990

, .... 50018.132

38 119 , 7tS 07

2010 ,

�8.400

5.�3 ".roo SO.683 11.140 38.165

2,983

4,001 24.101 ... ."

129.830 7.602

19.768 47.391

9,611 m" 49.991 52.232

653,268

11.893 2.14<1,826

51.345 2,27�.064 2.614. '37 4.618.501

4.aaa.501 23.569.357 28,U1.858

13.593 3>".,

3.850 1.61�.953

2,543 519

36

Hunt�r Region Sporting V�nu�s Authority

Not�s to and forming part of th� Financial St;Jt�m�nts for the Year end�d 30 June 2011

1. CURRENT ASSETS • INVENTORIES

Stod< on Han(!

•. CURRENT ASSETS · fiNANCIAL ASSETS AT fAIR VAlUE

FI" .... ,ue lh.rt1ugll ptof� & lOSS Held to mlturlty IlWII..:m.onts

Fair y.lul thrCHJgh pronl & k> ..

T.corp Il'NeSlmenl · Cash Facilily Ba:.nc. al begnnlllg of yeal Ac!dJtIon. OilpolI:S RlYIIlu.loons to Income Sta:amllnt Ba'an<:e 11 ...., 01)'11'1'

C ..... OIIdaI..:! 2011 2010

S S

'" 805 263 805.313

n,345,na 322.198

(22,733.0SO) 651ii4

'"

53.973

22,345.1:18 1 223619

23.569.357

38,4.<15.39>1 1.307.7'1

p7,580.000) m""

22 345138

The iMe5lmenl lleld with T,easury Corp Is measuleC and 'epMed to management .... a fllr y.i<ro bas" In .�nca with NOle 1(1) 01 tha finandal sial_a.

H.!d 10 malurlty Inyulments

TIl1T1I OeclOl<rs ea!a1lOl II beginn.ng 01 )""" " ....

OIsPOHtl B�'alIOI ll end 01 year

1.2'13,619 67,294

(48S 6SC) 805.263

TI\ls conlllli ollenn deposits ",:II a lelTll greater than 3 months. bearing Inl.,nl from 5.5% to 6.5% (2010; 4.5'4 to 6.1%).

9, NON.cURRENT ASSETS . PROPERTY, PLANT AND EQUIPMENT

(I) Land and Building.

1.512.243 48,'82

13970&6) 1 .223.619

P� .. nt 2011 2010

S S

'" 805.U3 SCUll

22�5.738 l22.1!J8

('n,733.0SO) 8� 1&1

'"

1.223.619 81.294

1485 659) 80s 263

53,973

22.34S,na 1.223619

23,569,357

38.445.394 1.301.1.\

(17.seo.OOO) m""

22 345 7J8

1,572.243 4".462

(397086) 1.223 819

The AutllOf1ty'1 .... lu;tliOl! 01 freenold land Is I1aMd .... �nt .... \III�ons �onnod Ncwembotr 2005 and updala again IrI Jllroe 2011 by NSW Lard and PrOPerty

�"' At fab v.'ue · Newea.tIc! Sllowground & En:ortalnment C8f1tro At ,,.' .... � . Now.e3st!a Inlemational 5POI\I Conll'&

Showllround & Enl.rlaln..-.I Cano:r. FaclNty Altair VlWIo .. _ Less; aca.wnulalgd doprec:i;nion

5,375.000 12.295 000 17.170,000

20.382.116

20,382 ,776

"

4,800,000 1§§2 000

12."o,000

22.1$04.796 2O.lfI2,778 22.1S-.79fI 1.094,270 1.094.210

K�H�! 2O.lIi.77i !' 405 1311 21.&13.232

37


Notes to and fonnlng pan of the Financial Statements for the Year Ended 30 June 2011

Consolidated 2011 2010

, , i. NOH·CURRENT ASSETS - PROPERT't', PLANT AND EQUIPMENT (CONnNUED)

(I) LInd and Building_ (ConL)

ISC Flcilfly AI Jalrvatua A1CO!11 I.'I$S; Bocumulilled depreaialion

Ma;ntBlllnce Flcl'iry .ISC Al'air�alue A1COSl Len: lIocumui8:!1Id depreCIation

Clpi�1 Won Wnl..-n S�nd

Weslem Stand III COS! T�IIJI&I :;>l COIl North Wet-I Sec!or III CIl5:

Tolal Land Ind Bylidlng.

(b) Planl and Equ11lm ... 1

Pl,nt and Equipment NEC

At f",. 'iaJue

�=, le5$: acc\lmu!alt.d dOPieciation

P�nl and Equlpmenl ISC

At lair valUoO

Alee.! l,,,s: accumulated cI<IPf..aI:.on

Office Equlp_nt_ NEC

AI falrllalue

Atcest

Less: acc:umu'lllId d"pr..oation

otflce EQulpmenl . ISC

0fII0I eq�lPmoJl1 al co.!

len: accumule:ed depreda:ion

MOlorVehkles - NEC

AlI;lir value l.w: �ul1I'1Id cIeptod8:!lon

"

116,517,351

11Uii.1SI

2",548

1,282.890 llM,sao

(.61.827) '25,743

844,376 209,606

)399,4611 554.521

16,312 28,914

(25.149) 20077

",., 15.6011 40,979

15.3111 jl1.1541 4,:b7

1 8<15,547

158,�,222

33,7n.259 22,038.772 (2.829.955)

52,91$.16$

l1UB2 223,779

j�B;�) 22,221.2�

'56'" 12 73-6 lZ.J9G $5l

110,D18,8S8

1.282.890 54,885

1315.2(I� I.D22,5fo8

844,376 72,372

12586601 651,064

16,312 6,785

j17,605) 5,412

8.8-47 p.343)

l,S�

15,381 �.43-61 ,US

'I'Dl,ST1

111 ,1U1,4C5

lIB.S81,351

11Ui1,551

298,548

in,3d

1:5<1,n8,675

1.282,890 I().U80

1461.8271 925.143

&U,375 209.tIOe

!399.4611 UtS21

16,312 28,914

!25,149} 20,077

... "" (5.60Il 40,179

15.3111 1'1.1541 4.227

I ,U5,S.H

156,58-4,222

33,777,269 22,038,772 (2,829,855)

52,''',186

118.662 223.719

19 6<15) ;m,796

22,221.234 156.684

1273-6 :a,m,$S4 lIG,OII,8511

1.282,890 SoI.8SS

�15,2011 1,022.568

8-44,376 72,372

(lSI 6801 651,065

16,312 6,785

(116051

5,492

8.8<17 !1,�3!

7,504

t5.381 17•4:;&1

7.US

1,701,577

111,720,4-"5

3 8


Notes to and forming part of the FInancial Statements for the Year Ended 30 June 2011

9. NON..cURRENT ASSETS - PROPERTY. PLANT AND EQUIPMENT (CONTINUED)

(e) R,conclll,tlon A re<:onQlahon ot 11111 canying amounl .,r lIach dns 01 �ny. plont and equlpmilnl at the beglflning and ond oflna current reporting pe'lod 1,.111 0<.11 b<.tlow.

Cons.,lIdated Asltt' Carrying .",ount Inn,llrr.., lo

;atttnZal0 n_c'l�ry Ravalua,iolHl Addill"", , , , •

F",o�land 12,460.000 5.968.000 Showground IacUy 6,QS.f,9GG (5,852,011) 82,231 Enlortair>mt:tnlccn:re fac:ility 15,788,233 5.852,011 (837.782) 1.012 ISC lad.1)' 52,986.186 55.999,159 8,137.503 Malnlenano;e 1;II$!Iy 332.796 Capital WCIfII WC$lcm S:;.nd 22,396,65t (55,999,759) 33,603,105 Plant & equipment· NEe 1,022,5158 49,795 Plal1l & equlpmont - ISC 6sa.068 137,234 0I1Ice �\l1pmOft1 • NEe 5.492 22.129 0IIIa! equIpmetr: -ISC '.'" 37.132 Moto< vehidllS 7945

111.120.4'5 liijij1,ht 33,9392311

'a'tnl Aslt" C�rylng _ .... nl Inn,I...,." 10

.,11711010 .... c.olllVDry R,v.luatl_ Addilk>nl • • • •

Freehold land 12.460,000 5,96Moo Showgrtl<.rod !sellil)' 6,054,999 (5.852,011 ) 82,231 E('ItertaLnmen! COM:re lacil:ty 15,788,233 5,852,011 (831,182) 1,012 ISC l;ciUty 52,986.188 5S,999,7v.1 8,731,503 M,I"tonano;e litCili:y 332,796 C .. p�al Wolle WlIs:c.m SIaIKl 22,396,654 (55,999,759) 33,603.105 Plant& eql.llpmont_ NEC 1,022,568 (9,795 Planl4 lK1uipmenl- ISC 658.008 137,234 OffiCII �uIp1l<lnt · NEC 5,492 22,129 01lI0II equlp",.nl · ISC '.'" 31,732 Moto,'<IIIhicI ... " .. , d,W.i21 111,720.445 jJ.Sj9.236

Contolldated

�" ,

10. CURRENT L.l.A8IUTlES _ TRA!lE AND OTHER PAYABlES

Trade credilots 1,522.628 Cmditcn -Advs>lCO lIdcet H10s 2,325,110 P",,,.,.,nuI services 120,262 Alltluai le"". "'." Incomo In """anar 523,803 AI;<;nIerI .............. 31485 1 Tot.1 .,tc2.299

C.lais regamlll; cre<fl ri$k, Gqulclil)' ri$I< arod market r.s� are CIIIdoHd Ill Note 27

II. CURRENT UABIUTIES -INTEREST BEARING LIABILITIES

Unloeu�d U,blliriu LOIIn · NSW TrB3I11ty CorporatlOll 96,000

nlllolln with 11111 NSW TreDSIII)I Corporation Is bearing IIIl."..,sr ot 5 12% per "mum, no loan I. due 10 maru<e on 12 Junll201l.

"

2010

2,009.634 2,592.439

50.038 64,481

843.363 3.5ClS.482 9,Ol5S. Q1

",000

Dltpouh; Olpr .. lliion

• •

(158.000) (U5,219) (426.691)

11,136.097) (34,248)

(146.620) (ICO,181)

(7,5«) (4,257)

(15/1.000l !2.IJl�UI Dltponlt O.prtClllIon

, •

[758,000) �285,219) (426,688)

(1.136,097) (34,248)

(146,620) (140,781)

(1,SoI4) (4,257)

uSB.bOO! r2"J�:�UI P" ,nl

2011 2010

• •

1,522,628 2,009,634 2,325,110 2,591,439

120,262 '" "" 95,645 64,481

523.803 8013,363 314851 3 505 482

4,902,299 9,OG5,�1

96,000 48,000

CI,,.,.I,,, omo",,1 11)0111:1011

•

17.670.000

20.382,776 116.517,351

298,5018

915,143 15$4,$21

20,017 40,979

4.227 i5ti]6i,2&

C..-rylrog_t

oI�11 •

11,670,000

20.�2,7T8 116.587,351

298,548

915,7�3 G5oI,521

20,077 40,979

4.221 t!;;!!,5i0i.2ti

39

Hunter Region Spor1ing Venun Authorily

Notes to and forming par1 of the Financial Statements for Ih, Year Ended 30 JUI'l' 2011

12. CURRENT UABIUTlES - PROVISIONS

13. NON CURRENT llABIUTlES -TRADE AND OTHER PAYASlES

Ir\COIYIfI ln Advance· Tlcke:ok ncome tn adv.:inc&

Income In _ represenlS Tod<e:ck inf;ome _VOl! in ed�erce.

The !em> 01 Ihll income Is 5 years end commenced In July 2007

Consolldlll..:i

2011 2010 , ,

"""

168,.433

160' 087 160',081

200.000 2OC.OOO

The ruetek itIcome is �ltised In the itICOme Sla:amunt""at U. period (� )'lIars).

14. NON-CURRENT UABlltnES _ INTEREST BEARING LIABILITIES

VnSKllrod U,blllliu

loan· NSW TrnS<llY ColpOf1ltlon �.ooo

The IoatI wfth 1M NSW Treas"XyCorpolation ia bea""ll .�I"' .. ! eI 5.12% ... eMum. The IDan is due to � on 1 2 June 21113.

15. NON-CURRENT lIABllmES· PROVISIONS

2D,IU

16. EQUITY

I) C""tr/bulld Equity

123.594.120

96,000

22,222

'23.594.1 211

P".nt

2011 2010 , ,

168�33

1",�3l

48.000

20.1U

123 590.203

164 0111 164 Gl7

'00 000 200.000

96,000

22,222

123.S90.203

The Authority WDS CIlIaloo on '2 Jury 2006 ,r>d 8:1 USIIts and llabi!illn 011/10 NEe and ISC were tnmslotred InIO 11>1 Authority al fair ""Iue 3nd ha". tlee" recogniHld u an equity conlritMion.

b) Aeeumul.1Hl Fundi

a.�ence al beginning 01 yur P""-� lor the year Ba'ince .1 _ of year

t) R ... rv ••

17. COMMITMENTS FOR EXPENDITURE

(I) Operlllng Leans

Operal>'lg Lea ... • Premises

NO)l llt", t�an 1 )'liar Later tlla" 1 year and noI latat l!l1tfl 5 )'lIatS ullar than 5 yeatS

9.560,0010 11.101.761 2O.&6UOI

13.887.721

" " "

10,6(9,5<15 11,089.5(5)

t.5e.1i,C40

9,589,906

11.1C2.481 20,892.387

13,867,121

10.675,518 (1,085,612\ 9.589,904

The Authcntydoel noI lIII� .ny()pela:lng LUHS 8\3(1 Juno 2011 It •• ctl<POC\Gd thai INs will dis. I" tfIo next fW>ancilll .,...r IQ _ the neIIds of !he openI:o'Il)I Ausgnd StadJUm

"

40


Notes to and forming part of the Fln;;Jnclal SI3tomonts for the Year Ended 30 June 2011

17. COMMITMENTS FOR EXPENOIT\JRE (CaNT.)

(b) Cml'l�1 E.p.ndIIUt. Wntt,n Grand.tand RId.v.lopmlnl

HOIlalor than 1 year

11. REMUNERAT10N Of AUOITORS

Aud� Otf>QI 01 NSW _atJen 0« fin;onclal ... _ Oeio.lIes - btalness riot assesamenl

19. RElATED PARTY TRANSACTIONS

Ramun.r.Uon

Conulld�led 2011 2010

S S

TIMl Io�ClO'.'Ing amoun� _a paid 10 mombGfS 0« IIIe BOllIi'd ofMana9M'8"t -

T.o;I Alc:hbon !>n.ria.., F,me, Samantha Martin Williems LUIl�trorIg Andrew Brighl Sle .... DllVId$on JI)'FI&I Drinkwlllle,

- TtWlf8 WIMenO Boal'd mernbflrs �nl8d ol30 J..,I 2011.

20. LEASE RECEIVABLES

R_ivllil for OIM"lIting leasol

NlI\O'Call:e Ci:y Toud'! Newea�e Knlgh� (Adm.,isua:.on Bu1ldin9) NewusUe KtIIgnlS (Grounds) NewcasC. Hockey Auoc",1ion Go KIm Go NewclIIU, Sup!! Pun Planol Fltnes. N\!WCIIsCo Home .. Racing Cluo Opl .... MotMlo Ply LIm�ed H .... ler New Eng!and Area H .... 11h

21, EMPLOYEE BENEfITS

EmplO)'ll benefil liabilltln Pl'OYIsion Ior ... � benel'lS Ann\llli 1_ pll)'lOtie (Note IOJ CUrl'\lnllo<>g MtVice III� ..... payatJle (NOle 12) Non f;<In..,1 1ong MMte ieavt! payllt>lt(NOle 15) AggregDl& emplo)'e8 bet\8filliablrt)'

Employ .. numbetl A_elllg. number cI employees dun"ll itle fi""�111 perlo:(

19.739 .,840 .. ."

•. 321 .,425

26.331 '." 5.328 .... ..... 5.224 ===::;l'�"�'t 42.279 50.683

AnnuIl l<lasl lnc:om. {CST InclulllYl'

"

'.m 120,120 396,000

20.852 31.280 "'."" .5.750 �9.5OO 15.8D4 27.500

ConsolidalMl 2011

,

95.645 16M33

20 174 284 252

"

2010 S

64,.81 1&4.087

22222 250 190

"

2011 S

2,390,732

21111 S

ro."", 6.2�1

n, HI

P"".nl

2011 S

19.739 C.840 4.633

4.321 • .• 25 " 321

42.279

Luso •• pl<y dat.

3OJ"... 2011 24 Augull 2013

28 fob<u<>ry 201 I 31 JtIy 2009

31 Otctmb« 2011 31 OocemD«20ll

31 Augulll 2014 1 OcIObIM 2028 5 OcIOD« 2010 12 5elllember 2009

P""ent

2011 ,

95,645 188,433

20 17. 284 252

"

2010 S

43.000.000

21110 S

n.""

n.no

21110 ,

'le.331 ....

5.328 4.EOO ..600 ""

"" "

2010 ,

114,'111 1 64.087

".m 250.790

"

4 1


Notes to and forming part of the Financial Statements for the Year Ended 30 June 2011

n. FINANCE COSTS

Bank cha'1II1 Int ... est· lnauntnoll premi.." funding Inl .... Il'!· T Corp Inltore$!.· A""� Texalion Otroce Inle<est· Credil card

21. PROFESSIONAL FEES AHD CONSULTANCY SERVICES

Amounts paid ta FInIsh Pty Lid Amounts paid to Ibskworl<$ for e� _ Ii$� man;.ge .... nl Amounts paid lO A I AucIio AmB.Jnts paid to R�I...ca Risk lor risk Uloessm",' Amounts paid 10 NaalcotJ> for logO tIIIIign WI><iI Amounts paid for HR cons,,:ling Amounts paid ro. Enigma Amounts Pllill ro. O".n H"""", eon .... ·bng Amounts Pllill ro. Apex Evotn:s AmounlS paid lor Epar Arnouttts paid ro. Se:eci Trai..-..og Amounts paid lot OQmpule, ooollAtirog sorvk: .... Amounts pad ro. pral,m,,,ary fi .... llnginHring Amounts pad lO Gelagi>or B/lSSflll for Insuntnce ccnsulilng Amounts paid 10 Acropl¥1 for .....,.,..::ling projec1 Amounts p;IId lor E� con$U�Jng

2 •• CONllNGENT UABILmES AHD CONTINGENT ASSETS

Conlol!dalfcl

2011 2010 • •

.... '.'" 8,999

'." .. ", 1,(141

" "" 15.066 25,0.5

'"'''' ,,.,,

.,,, '"

2.273 2.291 2.733

20.695 8.il7 , ... ,.,., 5.948

..

.. .. '" 2.706 1 717

144.083 '.527

Parent "'''

•

7.285

'."

" ,.3"

67.800 " . ."

.'" on

2.273 .,,,

20.695 8.937 " .. , ... 5.948

..

..

144.083

2010 •

5.229 ..... '.709

", " "

23.0110

2.738

,.,.. 2.706 1 717 U"

A provision lor Imperrmont of S435.�90 h.sl boon re<:otdoa In rolation lo :he debe thal l.cutrootiy "",l1li Dy ItlII Knighls lor cctrts IflCUfrod by the AU'.horilyto reparr damage 10 !he :urf al Ausgrid S:acllum. The Aulnori!y is 01l1>li opinIOn thll tht,o I • • Itrong po$.ibltiIy of rectI\Iering the dobl fI"orn the Knrgl"llt. _ a COfIMrvaI .... approlIdl t... t>..n tUen bot pTOwkling lor !he im9alrmonl of thIS llebt.

TIlo Authortty /la, a recalvltO'l klenU!Ied .. Loan to ControliDd EnMy of$31.990 12010' $31.990). /rom the N.....::aS":lIl Ir"r.oma1ioNoI Sl'O'Is Centro Club. whk:h ceaH<l I,ading on 12 Decembe-r 2008 due to IIlIl dllmohClon of the Wes:am Gf1Inds:;Ond 31 Ausgnd Scadium..

AI !he da:e 01 thls .� no dlJCillon hn been mad<> al 10 \IotI'lIler !he Clubwlll c:ommence tnIding again IrI the fuI�re. however tho Authority has agroed 10 prvvIdI flnandal suwort IO I11e Club ..,li . decisIoo I! mIIOH a. 10 lIS future.

U ECONOMIC OEPENDEHCY

Th' Nowcast'e Snowground � Exhlb/!Ior1 Con:.... d"""'" the maforilyof lis h::ome. belflg enl\l"f"tol:n",ern conn and ground to ring h::omll DOd income ft'om COI>cass.ions from lhe procurement und luo;eU O'lIW!nlS boOk..,. The loval of In_ II <kIpenden! on the oonIinued IlfOOJ.e"",nl of succossful !!VeMS lTOm lhe 08110031 aflO Intllfn3tional marketl

Hun: ... Venues dl!rives a majonty 01" ita S:adrum income from calering In .... td _ co'porate areas al NRL and A-l.eague lb<:UIM holted ., the Staodilm. Thi$ lncome Is <inlC'Jy alledlG byaf.lOCllrnct _ 1IpIIfIIJIng rrabltsol a:1I<Id_. A number 0I 1ac'..:n outside oIthl control 01 H..,:er V"",," W>J impact on a�enrDrtar 1Adudinr;! perIormIfICI 0I1a8m. _!her ccndillc:ns end scI\ad..:lng 0/ nn.r ......

28. RECONCILIATIOH OF CASH FLOWS FROM OPERATING ACTNmES TO SURPLUS fROM OPERATIONS

Surplusl(deflcll) for thll Year

Non caSh flows In opereting .Clivll�s ' ........ 8ad deblS " peMI Loss on III e 01 asH:'

CtranlJU � oPllfltling aase'.s and r"bobtln Decre ..... llner.aM) on rece .. abtes Decrtla!oei(�na) in IfNon'.ories 1,,,",3501(dDCflNlso) In lundrycrtl,hlOrl lnc:raaS<W'(deo;ree .. ) In empkryee entltlements

"

CCH1solld.llcI 2011 2010

• •

11.101.781 /1.089.505)

2.185.181 2.011.899 .35.490

....

(9S-.021) (1.all.068) (1811,131) 18.319 1.843.517 (2.303.92.)

;H462 51 870

14.4.66 659 (3.0504.30)

Parlnt "'''

•

1 1 .102.�81

2.185.181 435 .• 90

. ...

(9$4.021) (1&6.731)

1.&43.517 33 .02

1�"'7.37'

2010 •

(1.085.612)

2.071.899

IUI1.DOe) 16.379

(2.2!10.223) 51.870

13,052.&95)

42

Hunler Rlglon Sporting Venues Authority

Noles 10 and fonnlng part oflhe Financial Statements for the Year Ended 30 June 2011

27. FINANCiAl INSTRUMENTS

Tile Autl'lOril)"s pnncipsl fonardal lnotrument. '"' out:ine:d below. Tllese f.,anCQII ",.truments .ri .. dlroctlyfrom the Autnoril)"l operatlortso, are ,oquked 10 lil'larce ,ts oparetion •.

The Aulho'ltfs _In risI<s arisir>g !rom fiMneiai in$INmanl, are outlined !>eIow. IOg.lhor ..... th U objecW.s. POIdes .-.d �S5e1IIot me�.unng a/lll managing riIk. Further qu;tll'.!Mive and qu'��'lve disclosures.re I/lduded throughoullhil 6rtanc:lai roport.

The AuthorIty tws �1'lII1 fIIS9Ol'IsI!lJity kif the es:.blishmont and ovemghl 01 riu rnaMgOmen' and ........ and "9f'I'I' pokiltllor ..... naging 8ach 01 1l1li50 risIIs. Ri$l; lTanagolmOIlI poldel MI Ulabllshecl to klGntily and analysa !he rilb fK«l by \he AuthcI<ity. to 5e'Imk romb and QOnuob .,..;j to mon�or nslll. Cor1'.pVance ";,!II poIo.s is r"wed by tM Aulttor.ryon " conllnuous bes:..

(.) fln'nclal lnltTllment categories

Cia .. :

Flnantl.1 Assets

Ca'" and caiJI llql.lWatOOl$

T..,..nd other �abI"" Fhandal assets � fair va:.. Ii., 10 m."'rity r"'a:w;tal HselJ

Ftn.oncial Uabiliti ..

Elan� loan iMlQ,lte<! Tl1IcIe and OthOt paya�1H

Ib) CrKlt rI,k

Nota

1 1 . 1 4

10, 13

Con,oIld.led "" 2010

Carrying Carrying Amounl Amount

•

3.966.668 •. 896.798

1.161.641 2.509.333

" 22.3<15.738

.. '" 1 2236111

unU2 30 '75,'"

144.000 144,000

.902 299 II 165 437 5.0.6 . 299 8,409,437

P, .. nl "" 2010

Carrying C.rrylng Amount Amount

• •

3.959.091 •• 6811.501

1.795.887 2.5013.579

" 22,3<15,738

805.253 1 223.619

6,S6G211 11.001,.17

144,000 ''''',000

4 902299 II 2 65.437 5,0-"6,299 8.409,.31

C..ot rlsle arises �n �re is !he posslbl"�yol lhe Group's debtors deiaulurlg en their contractu8lobllg:allOnS. ntSU:tItlg In a lnancW 10M to the Gioup. Tile m .... m ..... expo5urf1 !I) tl1!!!!.t risk Is genera 1 represented tty iI'HI c� amount 01 the rll\llOClal _IS (1IItI 01 any 11� !or ImPlllrmenl).

Credit nsk It"""" ""'" the financial IlUII'.& of thIt Gtoup, wh;ct> com�r\ses cash w t8Ceivabl .... No coIIatono! ;. I'>ttkI bjl lhe GrOl!9.

(I) Cult 0" lI,nd.tId c.slt fIQ<I/w.',,,"

Bank Account

The consoUd.led entity's bank 3CCO\lnts loIaI:ing $3,910.&36 (2010' $04.167,560) Ilatn Interut at tho m�<ltot vaMbio r.ltM.

As Dt period end $511.654 wlS on �w,1h NIIionDI Australia Bank. 5555,263 _ on cIe""lIt w:th NI'WCltSlIe POITTlanenl Building soeo.ty and $250,000 WI. on <:� with C<lm_llll lhnk fundi are at cart and thecurntnl .,�resl rlItel ll,. 5.5"4 p.a" 6.0% · 6.5% I).' 8lId 6 0"4 p.a rospectNoty

Borrowing.

TheAu1l>onty .... bo<rowin9s 1O:al1ng $144.000 (2010' $144.000)"""" the NSW Treasury Corpot.tIon .-.d 1",!Nasl ls chl>rgod al 5 12% P_" ft,*,.

"

43

Hunler Region Sporting Venues Authortty

Notes 10 and forming part of the Financial Statements fo, the Yea, Ended 30 June 2011

27. FINANCIAL INSTRUMENTS (CONTINUEOI

AI trade debtcn ""' recogni3od as ,movnts flI'CeIvlIo:e ,I ballll1Ce LkI:e. CoH.CIa�iIy mila". deblOt3 is ra-vlewed on ." ongoing bIIlls. ProcedIlf4S as eJUlMs/Iod lI'I !he Troasure(s OIredlonl 10'" � to rIICO\OIIr ClUlSLanding """"",,,IS. including Ietter501IlerMnd. Del>ls whk;h ... known '" be uncoIIec;:JtbI, ... wntten 0/1. A po1WIIIon lor ImPlismOfl! i$ rased wilen there is objIdNe tMdence IhII the Iv.Jlt>Onty will noI tNI .D!e 10 colee"! II' ,mounts du.. This eV"Clonal lnc:ludu pltS1 eAjM�_. and c:urren1 and IIxplClotd chInoJies In economC CON:IIlionI: _ debID< aadi1 rlllings.. No lI'I!ems! is eamId on tradodobtcn. s.t .. a .. �do on 14· 30 Qay lerms.

Tile Gtoop is m8<9lnaUy ercposed 10 conc&n!l"8tions ofcredij risk 10 II Slng:e lrade dob:or as I .;gnlr:canl p""""",," 01';'1>1011 reTlltft"lSl lO tI"KI ope<3lion 01 AlISgriG Stiodium are wi!h Newca"le KnigI"Q Wmlled (I<nights). A pJOYision fOlimPIIlm1enl 01 $435.490 In fIt'allan 10 tnls debtor hll'S botIn rocorded as 5hown In the I.IIble tNllow. Refor 10 dl5do",rw In nOle 24 regarding reco .... rabl:rty oIthis amoonL

Tolal

Conlolld.1ed NOI pall due 411.901 Pas: dv. [301 days 148.935 Past due 131 .sOl days 211,433 PaS! d"" 161.901 <lays 31,150 Pall due l�901 daY" 456.720 TOI.I 1.266.145

Pa .. n1

Not pall due 411.907 Pas! dlJl l30J 1Ia.,s 148.935 PIIC d .... [31-60J d;ioys 217.433 P361 d .... [61.9OJ days 31.150 P:ntd,", [>901 "IY" 456.720 T<x�1 1 ,266.145

(e) Uquldlty rhk

Amounl llOl ImfWIl,.-d

•

411 901 148.935 211.43.3 31.150 21 .2lO

830.655

4\1.901 148.935 211.433 31,150 21.230 830.655

435.�90 435.490

435 . • 90 435.490

Uquld:ly risk ;' the fl$k !ha: !he Gtoup will btl UI"la�1 III moe: ill p,Jymllnl ebf" ..... :.ons ....nen lIley tal d!ltt. Tho Group conllnuously rnl"� rIsI< IIn>u!Ih rnon.toring NIU .. cash ...,.,..,. 10 """"'" adeql,l;lle holding 01 nigh qurlty iqu.d ,Me::'. The oIIjec:IIve hi 10 rnPUIn con:nul:yol lul\l;f.ng and c:as.h and casn equiva,enI �ances 10 mlXO'lUtl e"'"'''I1I lnc 10 meet ooymetIl c:omrno_ IS ltIoy lal duo.

0\.wIng tn. CUflllnl _ prior )!e1Jl'S. thfl .. _,. no defaults or bllloc,," on Iny �� l).J)'IbkI. No I_� NvO b-. llledgold IS OCIIllle<al. Tile AutlIcJrrIlu e�uro 10 l!qu!d;ty .... k III deemed tftSigmfCcltnl baOld on prier pe<io<» daUl and CUITlInt assoument 01' rial<. The tiabl�les ere recognised 1of" amoonls due to tie D81d In the luturo rOt �' or setvlcw; recliNed ""'len have tIIIen invoiced. Amounts ".,.,.;"g 10 ",pllll, .. (whl;h I .. t,O'lsll"ClXGd) gr. selt:ed In acx:ordaoce with the pcIIqr Ht out tn Treclt"""�s Oirectlon 219.01. II trade Ie=- If .. not spo<:ifNld. pa)'I"MOfl' is maoo no la:or til." tne llf"<l of the �h lQiIowing !he month In which en invoice OlD stalflrnenl ll l"flOlllvod.

(d) S_itNity A",lysll

The Gtoup IIU perlormed a sensllfw,ty _I)'IIs re'.�nll to Its exposr.n 10 inlClroS! flI:e riP and mark.! n.k at balance dllfl TIIoa sel\SllrVlty ;anatys$ demom.tr�" the effe<;:ton tI1, CUfl8nl )'llef resul:S and e<pJ� "'1uch coulcl rno" rrom II chrrnge frt !heM nJk ...

"

44

Huntor Region Sporting Venues Authority

Notes 10 end forming part of the Financial Slatements for the Year Ended 30 June 2011

n. FINANCI.t.L INSTRUMENTS (CONTINUED)

(d) Sonllth,'ty "n��11 (COni.)

(/) 'n' ..... ' ... ,. ,Isk Tho oHoct on profit and equity6.oe to a reasoNibly pc.sIble cr..roge In risk vlnab!t ls ou�1ned In Ih<I lnIormaliorl boIoow. A teallOll8b!y pc»Sjbllt dlango In nile vlMllie naS been d,,:em'lOlled III., taking 11't!0 KCOUI'III thoo lJCInIfTIicenYironmenl ln which !he G<oup opera: •• and :hol limo fl .... , /of tho IU.a-.,t (l.a . .... :11 11.- """ oIlhe rflXl ann ..... tepOfIIng period). The senJilMtyao;,lysis 15 o.slld OI\!hk � In e:ris!ence II! !he balance d�:,. The 8IIalysis is perfomoed on the _ t>asis lor 2010 The _)sil as!UlTleS that ail otlw, vanablas _In eonstant

EJIjIOIU", to In!.-t rail risk arises prima....,. tnrough the Group's casll _:S. A ... allOll8bly pO$�a t;h;iIrogeof >/. t'!(, Is used. c:ansistent with ......Il8ndl in Int .... " 1111". The ba�" IriI be revI ...... e<I Innl.lllyand ameoded '<rIhere there Is a a!ru-c1uJlli che"9l' In the Ito .... , of in:&rest ra:. YOII�. TI>a Gtoup" lXposoJre to interest mte risk IS !.at out below.

Conlolldated P" ,nt

'''' 2010 2011 2010 • • • •

Chang" In Profot

· Incroa'a In 1n!'18S! ra:e by 1% 53.823 12.71� 53.1�4 12,512

· OecteatO In Interest I:':" by 1'\Co (53.823) (72.714) (53.7U) (72.512) Chang" in Equity · Increase in Interest re:. by 1% 53.823 72.714 53.7.4 72.S12 · o.c: ..... ln In:.resl r.IIe by ''" (53.823) (12.114) (S3.144) (12.512)

Th, �nal'Cial lnstrumtlllts aIf1IcIed r;y Inl,ru! liM, risk which ..... lnclloIded In me abo<o" &efISI1MIy _lysis lrIdudll cash atld ca3h eQu""T(lna and r.nanclalas.&ea.

(II) .. "kit rlf�

Milr.ol rls� I. the risk thet the f8lr"J!�e or 'IIluro I;l;Ish ftows 01 a linand.ll lnS1rumOf1l ""I nucTualO boatUIO 01 C�I"90S � marllel prices. Tho Group', exllC'u,o 10 morlc(li risll is ptlmarilyThf'oug� ptlca �skl as.&ocialod with the moVIHnInT � Ill' unll price 01 thl TCo<p Hour Glass Investment IIICHHIe$. The Group �as no exposure ioloreign currency �.k end don noI emer"'lo commodi� COOtracll.

ChanQIII in ResuI!

· Incre"e In T·Corp "",, pnCII by 1'4 • DeCf'HH in T -Corp IM'aI prIoe by 1'"

cn.nge in EIiUlty · Inc.e..,. in T.Corp uril price by 1'110 • [}eC1fI8111 1n T -Corp unI\ � by 1%

28. MANAGEMENT AGREEMENT

Con.otidJ!,d

2011 lOlO • •

223.457 (223.457)

P"ent

211t1 ZII10 • •

223.457

(223.457)

223.457

(223.457)

The Humer R.-gIon Spon,,'11 Venues Autt.ority h .. . maonagemem COOl/1lCl with AEG Opden (NOWCiIsCej Ply Ud 10' a, i'lit1aI perIOd 01 15 �ars lIIal ... ·.S due to npire on 30 Jur.e 2006.AEG Ogden (Ntwe3I�o) Pty Ltd have oxerased :WO of 1I>0Il options to al<l8nd the co.nr;acl lor a lunhot I.., �'111, and h�ve ono /vrthe. r.vl! year option al30 Ju .... 2016..t1k:h � _ the", IhrDoJgh to 30 J ..... 2021

29. AFT:ER BALAHCE DATE EVENTS

The GoYem ...... tlnlfOd\lcea :ll, SCIOf\In; Vonu.s Ao.lthoriT)' AlMndmom tv-NSW) Bfl 201 1 Into Par1iamen! on 11 0eI00ef 2011

nil, B" .I!owt1 lOf me aDOIiIklnoi/ the Hunlll Roglon Sparling V(In'- Au:l>orlT)' lind thlt tl1lnsfltr ot!ls ISseiS. righl.l and r.blUios to 8 newtyCtOatod sPOltl"ll .... nUll lut/Iof':y. Vef!Uts NSW. on 8 d�:e to be porod,imed by GoI.-emml!nl.

AI TNI poirIl H II uncer.aln how thl! �UOblls/lmaf!1 of the new au:hority Mil aftcci tile hJl�ro operation, ol Tho """,,,liS curremty manogod by thl Huntll Region SpOrtJn9 Venues AuthooiT)'.

Huntor Sportl Group (HSG) :ook conlrol ot Nowc.aJ\Ia KnighlS Urn.tee! on 5 AugUll 2011 T�. make. HSG !he Autnonty', large.! (1110[0(.

End of audited financial .t.t ..... nI.

45

INDEPENDENT AUDITOR'S REPORT


To Members of the New South Wales Parliament

I have audited the accompanying financial statements of the Hunter Region Sporting Venues Authority (the Authority), which comprises the statement of financial position as at 30 June 2011, the statement of comprehensive income, the statement of changes in equity and the statement at cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information of the Authority and the consolidated entity. The consolidated entity comprises the Authority and the entities it controlled at the year's end or from time to time during the financial year.

Opinion

In my opinion, the financial statements:

give a true and fair view of the financial position of the Authority and the consolidated entity as at 30 June 201 1 , and of their financial performance for the year then ended in accordance with Australian Accounting Standards

are in accordance with section 418 of Public Finance and Audit Act 1983 (the PF&A Act) and the Public Finance and Audit Regulation 2010.

My opinion should be read in conjunction with the rest of this report.

The Chairman's Responsibility for the Financial Statements

The Chairman is responsible for the preparation and fair presentation of the financial statements in accordance with Australian Accounting Standards and the PF &A Act, and for such internal control as the Chairman determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on the financial statements based on my audit. I conducted my audit in accordance with Australian Auditing Standards. Those standards require that I comply with

-relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's jUdgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Chairman, as well as evaluating the overall presentation of the financial statements.

level IS, I Mn'gatct SIr'lIOl, S)'dro"Y NSW 2000 GPO Box 12. S\'onw NSf/ ZOO' tOO 9275 7101 I , 02 9275 7179 e ��4""(IrI nsw 9O":IU nud'tMw.goV.au

46

M r G Turner The Chairman Hunter Region Sporting Venues AuthOrity PO Box 83 NEW LAMBTON NSW 2305

Dear Mr Turner

STATUTORY AUDIT REPORT


Hunter International Sports Centre Club

I: 9275 7100 ref; 0113724711525

6 December 2011

I have audited the financial statements of the Hunter International Sports Centre Club (the Club) as required by the Public Finance and Audit Act 1983 (the Act). This Statutory Audit Report outlines the results of my audit for the year ended 30 June 201 1 , and details the matters found during the audit that are relevant to you in your role as one of those charged with the govemance of the Club. The Act requires that I send this report to the Club, the Minister and the Treasurer.

This report is not the Independent Auditor's Report, which expresses my opinion on the Club's financial statements. J have enclosed the Independent Auditor's Report, together with the Club's financial statements.

My audit is designed to obtain reasonable assurance the financial statements are free from material misstatement. My audit is not designed to identify all matters that may be of governance interest to you. Accordingly, there may be other matters of governance interest that did not come to my attention during my audit

My audit is continuous and I may therefore identify new significant matters. If this occurs, I will write to you immediately.

Audit Result

I expressed an unmodified opinion on the Club's financial statements and I have not identified any significant matters since my previous Statutory Audit Report.

Misstatements in the Financial Statements

The financial statements originally submitted contained some minor disclosure deficiencies which were subsequently corrected. No other mIsstatements were identified.

Ley,,1 15, 1 Margare' Streel. Sydooy NSW 2000 I GPO Bo� 12. S..onav NSW z001 1 029275 7101 I 102 9215 �1;g I <) n�:lUdI'.rlS'JI9i7,(lu auditn5w.goll.1I1i

47

Compliance with Legislative Requirements

My audit procedures are targeted specifically towards forming an opinion on the Club's financial statements. This includes testing whether the Club has complied with legislative requirements that may materially impact on the financial statements. The results of the audit are reported in this context. My testing did not identify any instances of non-compliance.

Auditor-General's Report to Parliament

As I have not identified any significant matters, commentary on the Club's financial operations will not appear in the Auditor General's Report to Parliament. The results of the audit will be included as part of the comment for the Hunter Region Sporting Venues Authority.

Acknowledgment

I thank the staff of the Hunter Region Sporting Venues Authority for their courtesy and assistance.

Yours sincerely

sm0d Sally Bond Director, Financial Audit Services

48

NEWCASTLE INTERNATIONAL SPORTS CENTRE CLUB

FINANCIAL REPORT

FOR THE YEAR

1ST JULY 2010 TO 30TH JUNE 2011

CONTENTS


Statement of Comprehensive Income

Balance Sheet

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Independent Audit Report to the Members

Profit and Loss Statement

1 2 3 4 5

6 - 9 10 1 1

49

NEWCASTLE INTERNATIONAl SPORTS CENTRE CLUB

STATEMENT BY CHAIRMAN OF HUNTER REGION SPORTING VENUES AUTHORITY

Pursuant 10 the requirements of me Public Finance and AuOi! Act 19a3. I cedare Inat In my OpinIOn:

1. The aocompanyinll fiIIallCial statements present fairly !he finanoal pas-lion althe Newcastle InternatIOnal Sports Centre Club as al 30 JU/le 2011 and of the performance for \he year IhefI ended.

The finanoal statements have been prepared in accordance with (he provisions of the Pubioe Finar.oe and Aud.t Act 1983 and the Public Finance and Audit RegulatKlI'l. 2010 and Treasure(s Directions. 1 am not aware at this time 01 any cil'OJmstances which would rendttf any partiCtJlars included in the finallcial stalements to be misleading or InaCOJrate

At Newcastle this 5th day 01 December 2011.

50

Revenue from continuing ilct,v,ties

Adrninl$!ration expenses

Loss Bofore Income Tn

Income TiI� Elcpen:;e

Loss for the ye ....


STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30TH JUNE 2011

Note

n...._ II.r_oI"""'lUh ......... ....,.""._IHIIMd .. conjuftctlOll _ 1M .:eompAII)'Ing 110M.

2011

(720) (720)

(72O)

2010 ,

p.S93) (3.893)

(3.693)

5 1

Current Assets Cash lind Cash Equivalllnt5 Trade am! Othel Recelvabiu

Total Current Asse!:!:

Total Assets

Current Lillbililill5 Trode and other payables

NOf! Current U;IObltities TrllCe and other payables

TOIal Non Current uabUiI�

Tot;lOt Llabililin

Ne'Liabilities

Equity Accumulated Losses

Total Equity


BAlANCE SHEET

AS AT 30 JUNE 2011

NOle 2011 ,

7.577

7.517

7,511

2.256

2,256

31.990 31,990 34.2"6

12.6,669)

(26,869)

(26,669)

2010

•

8.297

8.291

8.291

2.256

2.256

31.990 31.990 34,246

(2!I.949J

t25.949J

(25,949)

52


STATEMENT OF CHANGES IN EQUITY


Retained Total

Earnings

S

8alan�G .111 July 20D!l (22.056) (22.055)

Tolal ComprehenslIIe (ncome lo/the year as

reported In the 2010 finarlCl3l Sla:emenlS (3.893) (3.893)

8aI3n�. 81 30 June 2010 (2S.94!l) (25.949)

Total ComprehensiV1l ltlCOme IQr\tle yllar (720) (720)

8allln�e ;ll 3Q June 2011 (26.6691 126.6691

53


CASH FLOW STATEMENT


Cash Flows from Operating Activities

Receipts frum cuSiomef$ Pillyments to suppliers and employees

Net cuh provided by operetlng actlvilies

Cuh Flows from "wutln'il Activities

Payment for property. pIilOnt and equipment Proceeds from dospcs.al of propeny. plilint and equipment

Net cuh un<:! In Invntin'il Ktlvlti ...

Cash Flows from Fin�nclng Actlvitle.

Proceeds Irom borrl1Nings Repayment of t>orTowIngs

Net cash provided by (used) In financing .ctlvlUel

Net Increase (Decrtase) In Cilish Held

Cash al buginnlng of the flnanclal year

Cuh ilIl End of the Finillncl,1 Yellr

N •• 2011 2010 S S

Inflows Inflowl

(Outflows) {Outflowsl

(7201 ,11.6541

(720) (11 .654)

(720) (11.654)

8.297 19.951

7.577 8.297

54

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NOTES TO AND FORMING PART OF THE ACCOUNTS


I. SUMMARV OF SIGNIFICANT ACCOUNl1NG POUCIES IConl.f

(III Flnuclal lnslltlm.1IlS (conI.)

CAlsP'i<:<It.i:rtI .nd Sub�1 !.te •• Ut'elMII/ II) FtMt>CJIIl ...... r.;.1 f . .. v ..... llltOug/!fItOfrf or/on An.,.;.1 aAetJa.. d.s"f.OId ., Ill, ...: ... throug/'I poo!il aflon wr..., 1tleJ', .. �1tICI /of 1!lOIIing 100- thto PuqXI'.'" OI'ICIII I .. m ��I tlldng. __ ..,. ...

(letjvat"," not _ !or IIecIgIng 1'U'IIIMIft. Of dInIgn.lIHI .s I!ICI! to """" III 1COIIUt1� ... ""_dl or Ia enabla po!rlon'nionte IIVIIlUlllQll _ •• group 01 ""�I .s .. tJ �1NI'la;od b� �.., mllfla9'l'll'H\l par .......... Oft , lak va. _In la::crdance wilh . doc:urnII<1te<1 risk ""'� Of ........ _ltllltg't Re.h_ and ...r<UIto.e<J �.,.", Ios�$ -'s!ng !rom cIIIngn In rtll. ".1.10 ... �d In pn;>5t ..... Ion In .... period II wr.m !My IriH

(0) Loans __ elwbles

Loans.nd�" _�_ foMnQ.II .,stbwill ftoed ordOletlro ... 1IIe P"')'lllCll1a hI a .. nO< 'l\Uod in .., _ .... rI<tt.ncI ... II.obH'.....,uy .............. . , � eo&I uOing the> .� "_t_ 1IItIIIOd

(.i)� __ HIokI-....II>'I!y __ Is ... � /1tIanc::WII .. _ IhII_ � nulurthl ;M'ICI !Q<l "' dtt�II �,It'<I't"'". a..c.·. 'n-1O

_ _ invfIMn'._ to m,"",,1f' ThIy ... -'1 ....... .:1 II MIOtIhm oost U3Ing lhe et.aMt 1tu< ..... ... me<I>o<l. (lv)A .... � __ IW>II>daIN_. A ... i.t>(e·far_e IINrncIIi aOUlS at, ......-.ac .... AnetdaI ..- ... t ... ei'.I>ef dIsIpnB!ecI •• filCh Of Nt owe nee c!I.SIMd ItIMY 01 !hi _ Cllregao ••

They C01t'IPiM �_ ,n hr �ry 01 olhlf __ III ... I. n.:_ , t\Qd "'.runry .... r...� or da<ettr.ina .... P;oym'1IIS

Iv}F_aafhabl_. �....s.rI .. aa ... !Inar.<:i;j liabrlil>es I"""""'" � fi""'lnIMI) '" I�a�try _It amot!lsea c;:c:st ,,*'It ttoe effK:IillOlnlet ..... 1IIte methOd When

• r"",nci&t blro!:ry'" teCOGMed IrWtl.ltry II is n' ... � .1 I ... � ..... '* ot tr....acli..., COlli. F.h8W F�i, •• 1uI i. <*8tlTIine<l � ..., ",,",,"I b!cI ptI�s ...... "" auatOld I ..... ,.ments ..... ""' .... tectriquos "'. ""pfioC Ia <Ietonni"" 111" fal • .ahJ. 1ot .1 ........ � ...

• ecurillH, including _, ,mI'I Ir'ngttl 1IM11OCIJ"'" .. 111.....,. \0 tlmbll� .n� ""ti"" Plrc;� modtIs.

Im""........,,1 PJ. ur;/> mportiog aate, lI1e Club a ... ssot _,It'''' I�e l. OOlec1lvo .....,.,.,ce tNlt ; I\n(Indol ll't$ltUmMlhu beet1 lmpalll.d In !hi CIOS<I '" ... II.ble·tor·M"

fornrnci"l lrutn.m""ts. � P<d� doIdl"" In !hi .al ... of ihe InsTMI\et\I Is C"".!deled to �e!elTnln .. """'the< on imP'irm&nt NIl ali ..... Im�tmIIlI I,,"" .. e 1/ICOII"...:t 'n tho lncomu $Io:,,,"e"t

� Los ... 21 !hi Dlgorri"ll 0I 1nt 1In� year loss f""h \'fi'

5. Fln�ncl.1 Risk "' ..... 9 ...... "t

'.FINnel.1 RIsk M.n.�",,"" Pollel ..

�" ,

,., .. 20253

31."0

(25�!I) "�I

(26,669)

2010 ,

2�5IJ 2,256

lUH

(22.056) (3.893)

(25.�9)

TM Ctub's ovel1lll ris� '""_"'" stral�, _kI lO ••• 1 IIfI dub .. me ..... �. �n."c".I Iar"'ts, _I. II'NnimlolII9 potlllll'al ad .... e ,11_ on ft_. J)lt!otmI1I1CII 1111 Club operal ... -.. _III �wove<t l"'lioHv.f'OCft ,""""'e , ... OWI Dlaodll rilk patldn ;ona • ..,MIIte ca..,!Iow ,a:!Ulrem.nt.

56

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NEWCASTlE INTERNATIONAL SPORTS CENTRE CLUB

NOTES TO AND FORMING PART OF THE ACCOUNTS


B. Caoh Flaw Im.,..m.!!an

For the pu'poS' o/Ihe SLltflmonl ole."" Flaws. C3Ih Ind\ICI"

OepoJib ., eall lOfich ;ar,,,.Jd;Py caMlnibill lC ",,11/1 "" � n WIlIth .. UOecl In tr\4I""SII "'.� hn:�"" on a aay� bnIs c.,:, tI!he _ 0/ lhII yea. Is � II'I lhII hi .... Shell as

aa-'Oling Loss CNngtt in� iQsetJ arcI bbiU .. Oeaea'w('nan .. , In �ade <Ieblots 1na,.se/(dKIe,,,,1n Slftl.., O'edilots

•. Subu<tu.nl E .... nl.

2011

I

,.m

oro)

mOl

un

il.Hll

5."0 113,701) !lUs.t!

5 8

INDEPENDENT AUDIT REPORT

"

59

Rovonue

Lns Exp.andlture

Accountancy Fees

Bank Charges

Interest

Net Oporating Loss


PROFIT AND LOSS STATEMENT


"

2011 2010 • •

1.648 no 1.837

'08 72' 3.893

(720) 13.893)

60

INDEPENDENT AUDITOR'S REPORT

Hunter International Sports Centre Club

To Members of the New South Wales Parliament

r have audited the accompanying financial statements of the Hunter International Sports Centre Club (the Club), which comprises the balance sheet as at 30 June 201" the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information.

Opinion

In my opinion, the financial statements:

give a true and fair view of the financial position of the Club as at 30 June 2 011 , and of its financial performance for the year then ended in accordance with Australian Accounting Standards

are in accordance with section 418 of the Public Finance and Audit Act 1983 (the PF&A Act) and the Public Finance and Audit Regulation 2010

My opinion should be read in conjunction with the rest of this report.

The Chairman's Responsibility for the Financial Statements

The Chairman is responsible for the preparation and fair presentation of the financial statements in accordance with Australian Accounting Standards and the PFftA Act, and for such internal control as the Chairman determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibi lity

My responsibility is to express an opinion on the financial statements based on my audit. I conducted my audit in accordance with Australian Auditing Standards, Those standards require that I compLy with reLevant ethical requirements relating to audit engagements and pLan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materiaL misstatement,

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financiaL statements. The procedures seLected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financiaL statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting poliCies used and the reasonableness of accounting estimates made by the Chairman, as well as evaluating the overall presentation of the financial statements.

l.ev� 15. 1 Margatel Stre<ll. Sydney NSW 2000 GPO Box 12 SW>�yI'&V 2'001 r 1 l2 9275 ;101 r 02 9275 7179 I e maoIfilt.Ol "Ii.'. \)J"iJJ 3uchl.nsw.gOV.311

6 1

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis (or my audit opinion.

My opinion does not provide assurance:

about the future viability of the Club

that it has carried out its activities effectively, efficiently and economically

about the effectiveness of its internal control

about the security and controls over the electronic publication of the audited financial statements on any website where they may be presented

about any other information which may have been hyperlinked to/from the financial statements.

Independence

In conducting my audit, I have complied with the independence requirements of the Australian Auditing Standards and other relevant ethical pronouncements. The PF&A Act further promotes independence by:

providing thai only Parliament, and not the executive government. can remove an Auditor-General

mandating the Auditor-General as auditor of public sector agencies but precluding the provision of non-audit services, thus ensuring the Auditor-General and the Audit Office of New South Wales are not compromised in their role by the possibility of losing clients or income.

Salty Bond Director, Financial Audit Services

6 December 2011 SYDNEY

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