SPINE - Parliament of Victoria · and community services to the people of Victoria. Mr. Phil Meggs CEO SSCT 3. Support to Sport Melbourne Sports Hub supports 34 sports tenants across

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SPIN

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CONTENTS

CEO’S REPORT 1

DECLARATION AND ATTESTATION 3

OUR ORGANISATION 4

ORGANISATIONAL STRUCTURE 6

SPORTS VENUES 7

COMMERCIAL AND MEMBERSHIP 11

OBJECTIVES AND PERFORMANCE AGAINST OBJECTIVES 13

CORPORATE SERVICES 145 Year Performance 14Human Resources 16Safety, Risk Management and Compliance 18Information Technology 19

LEGISLATIVE & GOVERNMENT POLICY COMPLIANCE 20

FINANCIAL OVERVIEW AND DISCLOSURE 22

DISCLOSURE INDEX 23

PROTECTED DISCLOSURES 25

Annual-Report_PRINT.indd 5 28/09/16 1:01 PM


STATE SPORT CENTRES TRUST 2015-2016 ANNUAL REPORT 1

The State Sport Centres Trust (SSCT) manages in excess of $345 million worth of sporting and recreational assets on behalf of the Victorian Government. This group of facilities have been referred to as the Melbourne Sports Hub and comprises Melbourne Sports and Aquatic Centre (MSAC), Lakeside Stadium, State Netball Hockey Centre and the MSAC Institute of Training (MIT).

MSAC is the foundation facility of the State Sport Centres Trust, offering state-of-the-art sport, fitness, and event facilities to millions of visitors every year and plays host to thousands of sports competitions, events and fitness activities.

This year over 2.4 million people visited a Melbourne Sports Hub venue, making it one of the busiest multi-purpose sports facilities in the country.

On behalf of the Victorian Government, the SSCT delivered approximately $3.4 million worth of capital works during the 2015/16 financial year, ensuring the ongoing sustainability of physical assets and a continuing ability to meet – and surpass – the expectations of users across all of our facilities.

The asset management operations and maintenance of the facilities has until now been the cornerstone of the SSCT’s ongoing ability to deliver and support the Government’s key objectives. A new Executive Team has been appointed to start with the next financial year and a new Strategic Plan is underway. The team aims to build upon the work done previously whilst ensuring both the physical assets and the services delivered meet the needs and expectations of sport, the State’s high performance pathways and visitors for the future.

In line with the Sport & Recreation Victoria objectives, the SSCT achieved the following in the 2015/16 financial year:

1. Participation to Support Financial Sustainability

Visitation to the Hub continues to be strong with over 2.4 million visitors across its four facilities. The aquatic market performed well with a growth of 3.5% from previous year with strong utilisation of the facility by schools and Victorian swimming clubs. Stadiums also had a strong year with improved participation across a number of sports. A highlight of the year was MSAC Stadium Events finishing 33% in front of budget. This was driven through strong usage from the State Sporting Associations as well as several notable events (outlined below).

2. Major Events

The Events Team had an excellent year, finishing the year better than planned. There was strong usage of all facilities from the State Sports Associations, as well as several notable events including:

• Table Tennis Australian Open & Oceania Cup

• Table Tennis Senior, Closed & Para Championships

• Squash Australian Open

• Badminton National Championships

• Australian Wheelchair Football National Competition

• Victorian Jiu Jitsu Championships

• Australian Schools Volleyball Cup

• AASCF Cheerleading State Championships

• Australian Corporate Games

• Hockey Junior State Championships

• Australian Netball League

• Gymnastics Victoria State Championships

• Melbourne United – NBL

• Athletics Victoria – Zatopek

• State Track & Field Athletics Championships.

CEO’S REPORT


STATE SPORT CENTRES TRUST 2015-2016 ANNUAL REPORT2

• Leanne Choo (Badminton)

• Sawan Serasinghe (Badminton)

• Matthew Chau (Badminton)

• Rowie Webster (Water Polo)

• James Stanton-French(Water Polo)

• Rachael Lynch (Hockey)

• Melissa Tapper (Table Tennis)

• Morgan Mitchell (Athletics)

• Damien Birkenhead (Athletics)

• Genevieve LaCaze (Athletics)

• Brooke Stratton (Athletics)

• Ryan Gregson (Athletics)

• Ahmed Kelly (Swimming)

• Daniela DiToro (Swimming)

• Todd Hodgetts (Athletics)

• Australian Boomers (Basketball).

At the end of the 2015/16 year the State Sport Centres Trust enters an exciting time with a new Master Plan for all its facilities, a renewed focus on supporting sports and athletes to achieve success, along with a new senior leadership team dedicated to enhancing the facilities and experience for all our visitors. With these new changes in place, the years ahead will provide opportunities to ensure all the Trust facilities deliver to the highest standards expected for continuing the State sporting success, and for Victorians to be proud of.

I would like to acknowledge the skill and commitment demonstrated by our Executive Management Group, our retired Chair Gaye Hamilton and Acting Chair Jack Diamond and the SSCT Trust Members Brett Moore, Danni Roche, Nicole Livingston, Kimberley Brown, Patricia Toop, Michael Taylor, Andrew Fried and Leigh Russell. I would also like to thank the Minister for Sport, the Hon. John Eren, and the team at Sport & Recreation Victoria for their support and assistance in enabling the SSCT to continue to provide outstanding sports facilities and community services to the people of Victoria.

Mr. Phil Meggs CEO SSCT

3. Support to Sport

Melbourne Sports Hub supports 34 sports tenants across its facilities. During the 2015/16 financial year, our sporting tenants and associations were supported by the SSCT with approximately $3.668 million in rent discounts and subsidies on access to facilities, funds that will go toward further promoting and developing sport in Victoria.

4. Peak Pathways for Development

Apart from hosting 300 club, regional, state and national sporting events during the 2015/16 financial year, the Melbourne Sports Hub was home to fourteen State Sports Associations, eight National Sporting Associations, and the home of the State’s peak elite athlete training centre, the Victorian Institute of Sport. The Hub provides an environment where athletes can access the facilities they need to train, learn and grow, all in one world-class location.

5. Representative Teams & Athletes

During the 2015/16 financial year, a number of representative teams and athletes used the Melbourne Sports Hub as a preparation ground for national and international competition. Notable teams to train at the Hub during the year were:

• Melbourne Vixens

• Melbourne United

• Australian Diamonds

• AFL Clubs – Hawthorn, Carlton, Richmond, Western Bulldogs

• Melbourne Rebels

• New Caledonian Squash team

• Hurricanes – NZ Rugby Team

• South Melbourne Football Club

• Melbourne Tigers.

Melbourne Sports Hub was also the training centre for a number of Australian Olympic and Paralympic athletes and teams in preparation for the 2016 Rio Olympic and Paralympic Games. Notable Olympian and Paralympian athletes and teams training at Melbourne Sports Hub were:

• Mack Horton (Swimming)

• Koti Ngawati (Swimming)

• Robin Middleton (Badminton)

CEO’S REPORT



ACCOUNTABLE OFFICER’S DECLARATION

In accordance with the Financial Management Act 1994, I am pleased to present the Report of Operations for the State Sport Centres Trust for the year ending 30 June 2016.

Mr. Jack DiamondInterim Chairman26 September 2016

STANDING DIRECTION 4.5.5 – RISK MANAGEMENT FRAMEWORK AND PROCESSES

I, Phil Meggs certify that the State Sport Centres Trust has complied with the Ministerial Standing Direction 4.5.5 – Risk Management Framework and Processes. The State Sport Centres Trust Audit & Risk Committee verifies this.

Mr. Phil MeggsCEO/Accountable Officer26 September 2016

DECLARATION AND ATTESTATION



ESTABLISHMENT

The Melbourne Sports and Aquatic Centre is a statutory authority established pursuant to the Melbourne Sports and Aquatic Centre Act 1994. The Centre opened for business on 27 July 1997.

On 22 December 1999 the Melbourne Sports and Aquatic Centre Act 1994 was amended by the Melbourne Sports and Aquatic Centre (Amendment) Act 1999. As outlined in section 1 of the Act, the main purpose of this Amendment was to:

a. Rename the Melbourne Sports and Aquatic Centre Trust as the State Sport Centres Trust; and

b. Extend the powers of the Trust to enable it to manage the State Netball Hockey Centre and other sports, recreation and entertainment facilities and services.

As outlined in sections 14 and 15 of the Amendment, the Melbourne Sports and Aquatic Centre and the State Netball Hockey Centre are to be managed as independent Strategic Business Units, each producing a Business Plan and having separate and individual Financial Operation and Accounts. It is the Government and Trust’s policy that the Centres will not receive any cross subsidies for operation.

The State Netball Hockey Centre opened for business on 29 January 2001 and was officially opened by the Premier of Victoria, the Honourable Steve Bracks on 16 March 2001.

On 10 October 2004, the State Sport Centres Act was amended by the State Sport Centres (Amendment) Act 2004. As outlined in section 1 of the Act, the main purpose of this amendment was to “include additional land in the land at the Melbourne Sports and Aquatic Centre and to provide additional management powers in relation to the Melbourne Sports and Aquatic Centre land”.

Under the Act the relevant Minister is the Honourable John Eren MP, Minister for Sport.

On 31 August 2011, State Sport Centres Trust was appointed as the Committee of Management of the Lakeside Oval Reserve under Section 14 (2) of the Crown Land (Reserves) Act 1978.

FUNCTIONS

The key functions of the State Sport Centres Trust are as follows:

a. The management, operation and maintenance of the Melbourne Sports and Aquatic Centre and the State Netball Hockey Centre;

b. The care, improvement, use and promotion of the Melbourne Sports and Aquatic Centre and the State Netball Hockey Centre;

c. The efficient financial management of the Melbourne Sports and Aquatic Centre and the State Netball Hockey Centre;

d. The care, protection and management of the State Netball Hockey Centre land, and Melbourne Sports and Aquatic Centre land, including maintaining the Melbourne Sports and Aquatic Centre land and the facilities on the land to a standard that complements Albert Park;

e. Subject to the Act, the planning, development, management, promotion, operation and use of other sports, recreation and entertainment facilities and services in Victoria;

f. The development, management, promotion, operation and use of facilities and services for the parking of vehicles and other necessary services to be used in conjunction with any of the facilities or services managed or operated by the Trust; and

g. To accept appointment and act as a committee of management of Crown lands.

OUR ORGANISATION



RANGE OF SERVICES PROVIDED

The Act outlines the range of services to be provided as sporting, educational, recreational, social and entertainment.

The State Sport Centres Trust Vision, Purpose and Values are:

Our Vision

We are the premier multi-sport facilities in Victoria. We enable sporting organisations and individuals to achieve their peak performance, reach their potential and deliver world class events.

Our Values

Accountability and Pride

We strive to uphold our reputation for excellence in every area of operations, acknowledging at all times our ownership of, and accountability for, our actions and their consequences. We work hard to leave a lasting positive impact on our community.

Leadership and Motivation

We lead by example, assisting and acknowledging the development and achievements of others. We choose to improve what we do each day because we want to be the best, and help others realise their potential.

Honesty

Our communication with every person is transparent and open. We conduct ourselves with the highest integrity, honouring our commitments and always recognising our responsibilities as custodians on behalf of the Victorian community.

Care and Respect

Driven by understanding, inclusion and equality, we celebrate diversity and are committed to providing a safe and supportive environment where our visitors and team can flourish without fear of discrimination, injury or judgement.



ORGANISATIONALSTRUCTURE

MINISTER

SSCT

AUDIT & RISK COMMITTEE

CEO

GENERAL MANAGER COMMERCIAL

& PARTNERSHIPS

Stakeholder Relationships: Marketing &

Communication

Product Information & Business Analysis

Retail Tenancies

Memberships

Event Sales & Bookings

HUMAN RESOURCES MANAGER

HR Systems & Payroll

GENERAL MANAGER CORPORATE

SERVICES

Finance

Risk & Compliance

Governance & Statutory Compliance

GENERAL MANAGER OPERATIONS & SERVICES

Venue Operations

Aquatics, Swim School & Children’s Programs

Catering Operations

Customer Service, Health & Wellness

& Crèche

GENERAL MANAGERFACILITIES &

INFRASTRUCTURE

Maintenance & Asset Management

Capital Projects & Building Works

Car Park, Security, Cleaning & Signage

Technology Infrastructure



Total visitations across the three venues of SSCT had just over two million four hundred thousand during the 2015/2016 fiscal year. See below for the venue breakdown:

• 1,899,715 – MSAC

• 421,970 – SNHC

• 93,872 – LS

Total – 2,415,557

MELBOURNE SPORTS AND AQUATIC CENTRE (MSAC)

Aquatics

The aquatic casual market finished the year 2.5% up on budget, slightly improving on the previous year. Increases in family and child casual market helped the decline in the adult swim segment. The further increase in aquatic events and therefore the lack of available space being the main reason for the adult casual market decline.

The aquatic event market performed well, exceeding budget by 17.5%, which was a growth of 3.5% from the previous year’s actual’s. Continued strong utilisation of the facility by schools and Victorian swimming clubs were the key drivers for this growth. The MSAC aquatic area also hosted several key National events which are listed below.

• National Water Polo League finals

• State Open & Age Swimming Championships

• State Sprint Swimming Championships

• Diving Age State Championships

• Swimming Country Championships

• Water Polo Pride Cup

• Masters Swimming Nationals

Swim School

The Swim School had a successful year, up 2% against the set budget and finished 7% up on the previous year due to the maximisation of space and improved class structures.

Holding strong with enrolment numbers, in a market of growing competitors, the Swim School delivered aquatic education to over 15,034 people across the following groups:

• 2,088 Water Babies

• 6,666 Child Learn to Swim students

• 538 Squad members

• 259 Adult Learn to Swim students

• 597 Private Lessons for students

• 156 People with Disabilities

• 1,813 Holiday Intensive students

• 2,917 Schools Learn to Swim students.

SPORTS VENUES



Stadiums

The Stadium areas at MSAC, which includes the Basketball, Badminton, Table Tennis and Squash halls performed well, exceeding budget by $217 thousand.

The stadiums casual market performed well finishing the year 3% ahead of budget and 5% up on the previous year. Improved usage within the Basketball, Table Tennis and Squash halls were the main drivers behind this increase.

Stadium bookings achieved good results finishing the year 6.5% in front of budget. This was largely driven by the increased usage within the Table Tennis hall, which exceeded budget by $73 thousand for the year.

MSAC Stadium Events finished the year 33% or $130 thousand in front of budget. This included strong usage from the State Sporting Associations, as well as several notable events which are listed below.

• Table Tennis National Hopes Challenge

• Table Tennis Veteran Championships

• Table Tennis Australian Open & Oceania Cup

• Table Tennis Senior, Closed & Para Championships

• Squash Australian Open

• Badminton National Championships

• Badminton Clendinnen Championships

• Australian Wheelchair Football National Competition

• Victorian Jiu JItsu Championships

• UDO National Street Dance Championships

• Australian Schools Volleyball Cup

• AASCF Cheerleading State Championships

• Australian Corporate Games

• Melbourne Cheer Academy

Children’s Programs

Children’s programs had several down periods over the year, creating a 4% short fall to budget for the 2015/2016 financial year. This was a 0.4% drop from 2015/2016, School SplashOUT in December was down 35% from the previous year, due to the move of Swimming Victoria Age Championships limiting the number of bookings. Casual SplashOUT in December, January and February were down 12%, as cooler weather impacted the peak season.

The Children’s Programs team delivered a wide range of programs and activities for schools and families to engage children in sport and recreation, promoting the benefits of a healthy and active lifestyle, below indicates the participation achieved during the past year.

• 5,139 children enjoyed a birthday party experience

• 13,032 students participated in our SportsOut and WipeOut schools programs

• 4,278 children attended the PlanetSport school holiday program

• 42,509 enjoyed the fun and excitement of the SplashOut program

• 8,007 FlowRider participants

SPORTS VENUES



STATE NETBALL HOCKEY CENTRE (SNHC)

The SNHC casual market finished the year 4% in front of budget, a slight increase in Netball takings was the contributing factor.

Pitch and court bookings exceeded both budgets by 11.3% and improved on the previous year’s performance by 11%.

The events and bookings market performed strongly, closing the year 17% ahead of budget. Along with many regular bookings SNHC also hosted several notable events which are listed below.

• Hockey Junior Country Championships

• Hockey State Finals

• Hockey Junior State Championships

• Netball Maters Tournament

• Australian Netball League

• Gymnastics Victoria State Championships

• State Dodgeball Competition

• Melbourne United – NBL

• Aust Schools Volleyball Cup

• Nickelodeon Slimefest

LAKESIDE STADIUM (LS)

Casual usage and bookings finished 35% better than budget due to good use by school groups for casual bookings. Tenancies were 16.5% below budget, largely due to not finding a suitable tenant within the divided function space.

Events finished the year 8% above budget, this was a further growth of 25% on last year’s actuals. A number of notable events are listed below.

• Athletics Victoria – Zatopek

• SMFC NPL Games

• State Track & Field Athletics Championships

• Melbourne World Challenge

• Football Federation of Victoria Dockerty Cup

• Athletics All Schools T&F Championships

• National All Schools Championships

• International Champions Cup Exclusive training venue



Capital and asset upgrade Projects

In keeping with investment into ensuring sustainability of the physical assets and meeting user requirements during the year 2015/2016 the Capital projects and asset upgrade works were committed to the tune of $3.4 million.

Environment Management

The Trust in keeping with its published strategic objectives has maintained its drive to be a leader in environment management practices through continuous improvement.

FACILITIES

The Facilities and Infrastructure business unit delivers both Facility Management and Capital upgrade Improvements to MSAC, SNHC and LS.

In partnership, SSCT contracts product suppliers and trades to manage all aspects of the buildings performance including the following:

• Proactive and Reactive Maintenance

• Minor works

• Project Management / Capital Works

• Capital Planning

• Asset Management

• Environmental Management

• Occupational Health and Safety

• Risk Management.

Asset Management

Continued audit and assessment of the building condition and the completion of the reported reactive maintenance items, were a main focus for the team. Improvement of underperforming plant equipment and maximisation of the asset life while minimising down time was the second.

Compliance with BCA, Health Department, RLSSA and other regulatory bodies has been achieved as part of the regular cyclical and reactive maintenance of the Venues. Continued investment into the ongoing venue maintenance ensures that the venues meet the expectation of the user and operator.

SPORTS VENUES



Our gym and wellness activities extend beyond our facilities. In 2015/16, our users participated in a number of key sporting events as part of TeamMSAC. These included events such as the Portsea Swim, the Father’s Day Bike Ride and the Technogym Global Challenge. The team had several podium finishes.

As one of the few venues in the area, our services also include occasional crèche, allowing parents of young children, including top athletes and aspiring athletes, the opportunity to focus on their training.

Overall, our Gym and Wellness Centre is a highly valued service. Surveys conducted during the year show that more than 60% of members use both our aquatic and dry facilities (such as gym or wellness zone), and of those who attend classes more than 70% attend more than one class each week. Our membership base is active and engaged.

Financially, the gym, health & wellness membership area performed close to budget, missing it narrowly after a greater than expected impact of the Grand Prix and a slow period in Winter.

VISITOR SERVICES

Melbourne Sports Hub welcomes more than 2.4 million visitors each year from casual users to members and regular participants in various sports. The business places great importance on servicing those visitors with a high level of professionalism and integrity, and during the year our customer service delivery was an area of focus with training.

COMMERCIAL AND MEMBERSHIP

MEMBERSHIP

Melbourne Sports Hub is proud to provide a wide range of services to our thousands of members – from access to our premier facilities to unique product and service offerings.

In 2015/16, Melbourne Sports Hub sold 1,526 new and renewed platinum packages into our membership base. The platinum membership gives full access to all classes, our aquatics areas and the MSAC gym. It also allows members access to reduced prices for services including crèche.

In addition to this, we welcomed members from the most vulnerable parts of our community, who gained access to our facilities through special memberships delivered in partnership with the local council.

Our Flexi membership was reviewed early in the year and the planned changes to the model were not implemented as a result of the review. This led to a $125,554 shortfall in revenue for the membership line. The current flexi membership base of 7,572 compared to a 2015/16 budget membership of 8,600.

GYM AND WELLNESS AND ASSOCIATED SERVICES

Melbourne Sports Hub offers an exciting mix of fitness and wellness services to our members, athletes and the community.

Our large MSAC gym is equipped with contemporary, cloud-connected cardio equipment along with a full suite of resistance machines and weights. Our fully trained staff offer guidance, assessments and personalised programs to ensure our thousands of users become the best they can be.

We offer more than 100 group classes each week across aquatics (cardio), wellness (yoga, Pilates and reformer Pilates) and cardio. The program also includes classes targeted specifically at the older demographic. Over the year, we delivered more than 5,438 classes and welcomed 43,513 participants in these.



MARKETING AND COMMUNICATIONS

The marketing and communications team provides support for Melbourne Sports Hub and all its business units. The key focus for the business unit in 2015/16 was on the strengthening of our digital presence, in particular our social media assets, and developing content and promotional activities in support of our key sporting partners.

The team was strengthened with resources and the results are now showing with significant media activity and vastly improved engagement online. The majority of activities focused on promoting facilities as premier sporting facilities and celebrating the success of the many top athletes who call Melbourne Sports Hub home – a focus that ultimately seeks to deliver growth in participation.

General marketing and communications work included a wide range of campaigns, collateral and communications pieces aimed at driving sales and increasing retention rates.

RETAIL

Melbourne Sports Hub continues to deliver solid retail returns. Across the venue we delivered retail revenue of $606 thousand which is down on 2014/15 by 7%.

Several new retail opportunities are currently underway to deliver an exciting retail environment servicing all sports played at MSAC and strong financial results for 2016/17.

COMMERCIAL AND MEMBERSHIP

SPONSORSHIP & CORPORATE PARTNERSHIPS

The Business Development team maintained sponsorship relationships during the year and maximised our opportunities with current partners for the promotion of the Melbourne Sports Hub.

We continued to receive great support from major partners and supporters, with support allowing us to deliver a number of community events including our Summer pool program.

Through our partnership with the Melbourne Bike Share station, MSAC also continued to offer our patrons and the local community a bike share station. We provided bicycles for almost 4181 riders throughout the year – an increase of 2.3% on the previous year.

CATERING

Melbourne Sports Hub’s motto is “Developing Champions in Life” and our food offering fuels those champions. A key focus for the catering division was on the continued review of the food offering and the development of a long-term strategy to align catering to the overall business objectives.

In May 2016, a new Healthy Food Policy was developed. It is set to be implemented in 2016/17 and will see our venues transformed into a showcase of best practice for healthy food offerings in major venues.

The division had ambitious financial targets for the year, based on plans to redevelop the main café at MSAC. The redevelopment did not proceed, and as a result, MSAC Catering delivered behind budget. SNHC narrowly missed budget targets and LS Catering performed above budget.



OBJECTIVES AND PERFORMANCE AGAINST OBJECTIVES

Through the Vision and Mission of the State Sport Centers Trust, the following key objectives were identified in the 2015/16 Business Plan.

BUSINESS OBJECTIVE STATUS/RESULTS VARIATION/EXPLANATION

Achieve Platinum Membership base of 3,534 and a 10% increase in retention on 2014/15

Not achieved Total active Platinum members just over 2,500 – retention improved 2.0% on last year’s figures

Remodel Flexi membership to increase revenue by 28% on 2014/15

Not achieved Changes did not get approval

Increase retail sales through expanded presence across all venues

Achieve growth of 30% on 2014/15

Not achieved Not achieved due to closure of store during refurbishment and colder than normal weather conditions. Retail was not implemented into gym area

Redevelop catering offering to align with Business objective ‘Developing Champions in Life’

Not Achieved Adoption of the “Healthy Choices” policy is in the planning phase, implementation to occur September – January 2016 / 2017

Increase Aquatic events to $732,000 Achieved

Increase Swim School revenue to $1.93 million Achieved

Secure new events across MSAC, SNHC & LS to $150,000

Achieved

Successfully renegotiate the EBA 2015 Achieved EBA approved March 2016



CORPORATE SERVICES

5 YEAR PERFORMANCE

SSCT Financial History – Five Years (Accrual)

($ THOUSAND) 2016 2015 2014 2013 2012

Income 22,752 21,827 22,370 21,923 21,707

Expenses 33,274 31,808 31,359 28,461 29,149

Net Result -10,522 -9,981 -8,989 -6,538 -7,442

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

$’000

2015

INCOME

2014 2013 2012 2011

EXPENSES NET RESULT



SSCT Financial History – Five Years (Cash Only)

($ THOUSAND) 2016 2015 2014 2013 2012

Income 22,752 21,827 22,370 21,923 21,707

Expenses 23,966 22,665 22,435 20,942 19,237

Net Result -1,214 -838 -65 981 2,470

$’000

2014

INCOME

2013 2012 2011 2010

EXPENSES

-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

NET RESULT



HUMAN RESOURCES

Our Human Resources team provides SSCT with structure and the ability to support business needs through management of the organisation’s most valuable resources …its employees.

To support this, the Human Resources business unit comprises the key branches of Workforce Planning and Strategy, Recruitment, Compliance, Employee Relations, Employee Welfare, Learning and Development, Policy and Payroll.

Key achievements

• Negotiation, approval and implementation of EBA 2015

• E-Learning tools to close the gap on compliance training

• Records management software program implementation to meet standards

• Structured training roll out; identifying and fulfilling career and educational pathways

• Upskill of SSCT staff to facilitate training at the MSAC Institute of Training

• Roll out of new SSCT uniform

• Maintaining a workforce shift from 80% casual staff to 73% permanent across Trust; a commitment made to meet financial targets in EBA 2015 negotiations

• Implementation of centralised rostering process across SSCT business units; focus on qualifications and ensuring rosters are driven by the business needs

Workforce profile

SSCT is committed to incorporating the principles of diversity, respect, equity and merit into our equal employment opportunity (EEO) and anti-discrimination programs and strategies for employees and prospective employees.

The SSCT is also committed to the employment and selection for jobs based on merit and free from discrimination. This seeks to select the person who has the skills, knowledge, personal qualities and experience that best fit the job requirements regardless of their race, age, gender or sexual preference.

Equal opportunity is actively promoted within the State Sport Centres Trust by:

• creating an environment free of discrimination and harassment

• providing clear and accountable policies and practices

• developing equity strategies and plans

• developing diversity programs to increase access to the workplace for under-represented groups

• providing SSCT’s employees with comprehensive learning and awareness programs on equity issues

• Providing effective solutions to resolve complaints.

The total number of personnel employed by the State Sport Centre’s Trust as at 30 June 2016 was 435.

Our youngest employee is 16 and our oldest employee is 75.

We have 6 staff with self-identified disabilities.

CORPORATE SERVICES



Staff Profile by Position

2016 MALE FEMALE TOTAL

Executive Officers >100k 4 1 5

Full time 31 20 51

Part time 85 94 179

Casual 58 67 125

Total paid 178 182 360

Total active 215 220 435

Full time equivalent 177

2015 MALE FEMALE TOTAL

Executive Officers >100k 4 1 5

Full time 34 23 57

Part time 77 75 152

Casual 64 76 140

Total paid 179 175 354

Total active 210 213 423

Full time equivalent 183

Qualifications of staff that provide activity supervision

2016 NO. OF STAFF

2015 NO. OF STAFF

First Aid 331 282

Pool Lifeguard 164 136

Advanced Resuscitation 56 46

CPR 400 343



SAFETY, RISK MANAGEMENT AND COMPLIANCE

SSCT has a Risk Management Framework and Workplace Health and Safety Management System, these have been developed and implemented within a position guided by VMIA, Victorian OH&S legislation and International standards. These are assisting the Trust to develop organisational wide capabilities in risk and safety management. The systems ensure consistent, efficient and effective management of risk in the achievement of SSCT’s strategic and business objectives as well as providing a safe and healthy environment for employees, contractors, customers and other visitors.

SSCT aims to meet the requirements of the management system with high workforce engagement through the development of safety culture and leadership programs, preventative reporting and assessment alongside industry based initiatives and tools in the application of safety and risk management.

The positive implementation of the management systems has been achieved through the following activities in the 2015/2016 year:

• Assessment of strategic risks during annual business planning that have been supplemented to the Risk Management Framework with management strategies recorded and monitored. This task is vital within the organisation’s increasingly complicated and expanded business activities.

• Monitoring of risk and safety culture; the alignment of organisational culture with risk culture through the monitoring of behaviours demonstrated by staff. This has allowed the business to understand the level of cultural engagement across the organisation while promoting positive, risk aware and safe behaviours at work.

• Preventative and continuous improvement focused reporting throughout the business; allowing monitoring of potential risk and opportunity to facilitate improvement and change in behaviour, process and systems. Preventative reporting is monitored operationally through the relationship between hazard and near miss reporting and injury incidence (refer preventative reporting and hazard management ratio).

• The ongoing commitment to the Operational Risk Committee. The Committee contains representatives from each work area and meets on a regular basis to consult, report and monitor issues of health and safety for both staff, contractors and customers.

Injuries per 1000 visits

2016 2015

MSAC 0.46 0.34

SNHC 0.10 0.09

LS 0.39 0.31

Days Lost

29 days were lost due to work related injuries in 2015/2016 (2014: 49)

No time was lost to industrial disputes in 2015/2016 (2014: 0)

CORPORATE SERVICES



INFORMATION TECHNOLOGY

I.T. Services have begun increasing their availability of core systems with the implementation of UPS infrastructure. This allows our core hardware to gracefully shutdown in the case of emergency.

I.T. Services has worked with the executive management team and Business Area Managers to update and renew all I.T. Policies and procedures.

I.T. Services has leveraged mobilisation for Executive and Management staff with the deployment of laptop computers, allowing staff to move fluidly between sites when required with all functionality still available.

I.T. Services have maintained the IT operating systems with server and systems availability over 99.95% with the help of internal resources and the external managed services provider.

Major projects, upgrades and achievements within the 2015-2016 financial year were:

• Migration of the majority of mobile services to new government plans achieving savings across the fleet

• Implementation of integration between Links and IMG for use with Hockey Victoria members allowing them swipe entry into SNHC

• Infrastructure for additional backup storage at MSAC to allow for faster RTO in case of a disaster

• Procurement and installation of additional Uninterrupted Power Supply infrastructure to replace and add UPS on all network infrastructure

• Mobilisation of Executive and Management staff with the Microsoft Surface rollout

• Server components upgraded to allow for faster execution and seamless performance

• Replacing all DECT phone system handsets with mobiles.

Other major projects were planned in the 2015-16 financial year, and these projects have commenced and/or continue on into the 2016-17 financial year:

• Wireless Event Network

• Desktop replacements on end of life cycle units

• Major release update to Leisure Centre Management System.



FREEDOM OF INFORMATION

The Freedom of Information Act 1982 allows for the public a right of access to documents held by the Trust. For the 12 months to 30 June 2016 the Trust received one request for information pursuant to the Freedom of Information Act 1982. (2015: 0).

MAKING A REQUEST

Access to documents may be lodged online at www.foi.vic.gov.au as detailed in s17 if the Freedom of Information Act 1982.

Access to charges may also apply once documents have been processed and a decision on access is made; for example photocopying and search retrieval charges.

Further information regarding Freedom of Information can be found at www.foi.vic.gov.au

CATEGORIES OF DOCUMENTS

The Trust maintains records and files incorporating documents relating to general administrative matters and the operation of SSCT facilities. All records and files are maintained at the Trust’s premises at Albert Park and Royal Park.

COMPLIANCE WITH BUILDING ACT 1993

Over the past year, nothing in the Building Act 1993 applies to the carrying out of works authorised by or in accordance with the State Sport Centres Act or at the request of the Trust. The Trust has however undertaken to comply with the specifications of the Building Act 1993 wherever applicable.

NATIONAL COMPETITION POLICY

The Trust applies the principles of competitive neutrality to all commercial operations in accordance with the Victorian Government Competitive Neutrality Policy, where it is in competition with private sector enterprises, but where the provision of services or facilities by the Trust is deemed to be in the public benefit, the principles are not applied.

IMPLEMENTATION OF THE VICTORIAN INDUSTRY PARTICIPATION POLICY

In October 2003, the Victorian Parliament passed the Victorian Industry Participation Policy Act 2003, which requires the Trust to report on the implementation of the Victorian Industry Participation Policy (VIPP). The Trust is required to apply VIPP in all tenders over $3 million. During 2015/2016 the Trust did not commence or complete a contract to which the VIPP applied.

LEGISLATIVE & GOVERNMENT POLICY COMPLIANCE



CONSULTANCY SERVICES

Consultancies costing in excess of $100,000

Name Description: Number of engagements

2016 2015

Growth Mantra

Professional services

1 $270,700 N/A

Consultancies costing less than $100,000

Number: 2 (2015: 2) Total Amount: $10,067 (2015: $20,008)

ADDITIONAL INFORMATION AVAILABLE ON REQUEST

Relevant information detailed in Financial Reporting Direction (FRD) 22F ‘Standard Disclosures in the Report of Operations’ under the Financial Management Act 1994 Section 3 is retained by the Trust’s Accountable Officer and is available on request, subject to the Freedom of Information Act 1982.

DISCLOSURE OF GRANTS AND TRANSFER PAYMENTS

State Sport Centres Trust Operational Funding 2014/15 to 2017/18

State Sport Centres Trust Capital Funding 2014/15 to 2017/18

State Sport Centres Trust Operational Budget Supplementation 2015/16 to 2016/17

State Sport Centres Trust Facilities Master Plan 2015

Grant – Operational Funding (Grant)

Organisation Receipt ($)

DHHS (SRV) 1,500,000

DHHS (SRV) 500,000

DHHS (SRV) 300,000

Total 2,300,000

Grant – Capital Funding (Grant)

Organisation Receipt ($)

DHHS (SRV) 3,400,000

Total 3,400,000

Government Advertising Expenditure

The Trust did not undertake any campaigns with a media spend of $150,000 or greater during 2015/16.

Details of Information and Communication Technology (ICT) Expenditure

The total ICT expenditure incurred during 2015/16 is $1,208,680 (excluding GST) with the details shown below.

a. Total entity ICT Business as Usual (BAU) expenditure (excluding GST) for the full 12 month reporting period OPEX $806,200 CAPEX $248,181

b. Total entity ICT Non-Business as Usual expenditure (excluding GST) for the full 12 month period OPEX & CAPEX $0



FINANCIAL REVIEW OF OPERATIONS AND FINANCIAL CONDITION

Five Year History

The Trust made an operating deficit of $1.2 million, with a net deficit of $10.5 million when depreciation is taken into account in 2015/16.

SSCT 2016 $’000

SSCT 2015 $’000

SSCT 2014 $’000

SSCT 2013 $’000

SSCT 2012 $’000

Revenue 22,752 21,827 22,370 21,923 21,707

Operating Expenses 23,966 22,665 22,435 20,942 19,237

Depreciation 9,308 9,143 8,924 7,519 9,912

Net Result from transactions (10,522) (9,981) (8,989) (6,538) (7,442)

Total Assets 352,361 342,739 345,767 348,490 290,998

Total Liabilities 8,133 8,748 9,366 8,971 7,810

Operating Statement

The State Sport Centres Trust recorded an operating deficit before depreciation of $1.2 million in 2015/16 which included Operational funding from government of $2 million for MSAC, SNHC and Lakeside Stadium. After taking account of a depreciation charge of $9.3 million for the year, the SSCT recorded a deficit of $10.5 million.

Balance Sheet

Major changes to the balance sheet include the following:

• An increase in cash and deposits due to the timing of funding received in 2015/16

• A decrease in receivables due to grant funding being received prior to year-end

• A revaluation of $17.4 million for land performed throughout the financial year.

Changes in Equity

The State Sport Centres Trust recorded an increase in equity of $10.2 million in 2015/16. This position was due to the following key factors:

• Capital funding received of $3.4 million

• A net loss from transactions of $10.5 million

• An asset revaluation increment of $17.4 million for land.

Cash Flow

The State Sport Centres Trust recorded an increase in cash held of $0.75 million in 2015/16. This included the following key impact:

• A decrease in receivables due to grant funding being received prior to year-end.

FINANCIAL OVERVIEW AND DISCLOSURE



DISCLOSURE INDEX

The Annual Report of the State Sport Centres Trust is prepared in accordance with all relevant Victorian legislations. This index has been prepared to facilitate identification of the Trust’s compliance with statutory requirements.

MINISTERIAL DIRECTIONS

LEGISLATION REQUIREMENT PAGE REFERENCE

FRD 22F Manner of establishment and relevant Ministers 4

FRD 22F Objectives, functions, powers and duties 4

FRD 22F Nature and range of services provided 5

MANAGEMENT AND STRUCTURE


FRD 22F Organisation structure 6

FINANCIAL AND OTHER INFORMATION


FRD 29A Statement of workforce data 17

FRD 22F Summary of the financial results for the year 22

FRD 22F Significant changes in the financial position during the year 22

FRD 22F Major changes or factors affecting performance 22

FRD 22F Subsequent events 42

FRD 22F Application and operation of Freedom of Information Act 20

FRD 22F Compliance with building and maintenance provisions of Building Act 1993 20

FRD 22F Statement on National Competition Policy 20

FRD 22F Application and operation of the Protected Disclosure Act 2001 25

FRD 22F Details of consultancies over $100,000 and under $100,000 21

FRD 22F Statement of availability of other information 21

FRD 22F Occupational health and safety 18

FRD 15B Executive officer disclosures 60-61

FRD 10 Disclosure index 23

FRD 25B Victorian Industry Participation Policy Disclosures 20

FRD 8C Objectives and Performance Against Objectives 13

FRD 22E Employment and conduct principles 16

PAEC 87 Disclosure of Grants and Transfer Payments 21

SD 4.5.5 Risk management compliance attestation 3

FRD 22F Details of government advertising expenditure 21



DISCLOSURE INDEX

FINANCIAL STATEMENTS FINANCIAL STATEMENTS REQUIRED UNDER PART 7 OF THE FMA


SD4.2(c) Compliance with Australian accounting standards and other authoritative pronouncements 32

SD4.2(c) Compliance with Ministerial Directions 33

SD4.2(d) Rounding of amounts 34

SD4.2(c) Accountable officer declaration 3

SD4.2(f) Model Financial Report 32

SD4.2(b) Operating Statement 28

SD4.2(b) Balance Sheet 29

SD4.2(a) Statement of Changes in Equity 30

SD4.2(b) Cash Flow Statement 31

OTHER DISCLOSURES IN NOTES TO THE FINANCIAL STATEMENTS


FRD 13 Disclosure of parliamentary appropriates 41

FRD21B Responsible person and executive officer disclosures 60-61

FRD 23 Superannuation liabilities and disclosures 62

CONSIDERED ACTS:

• Freedom of Information Act 1982 20

• Protected Disclosures Act 2012 25

• Building Act 1993 20

• Victorian Industry participation Policy Act 2003 20

• Financial Management Act 1994



COMPLIANCE WITH THE PROTECTED DISCLOSURE ACT 2012 (FORMERLY, THE WHISTLEBLOWERS PROTECTION ACT 2001)

The Protected Disclosure Act 2012 encourages and assists people in making disclosures of improper conduct by public officers and public bodies. The Act provides protection to people who make disclosures in accordance with the Act and establishes a system for the matters disclosed to be investigated and rectifying action to be taken.

The Trust does not tolerate improper conduct by employees, nor the taking of reprisals against those who come forward to disclose such conduct. It is committed to ensuring transparency and accountability in its administrative and management practices and supports the making of disclosures that reveal corrupt conduct, conduct involving a substantial mismanagement of public resources, or conduct involving a substantial risk to public health and safety or the environment. The Trust will take all reasonable steps to protect people who make such disclosures from any detrimental action in reprisal for making the disclosure. It will also afford natural justice to the person who is the subject of the disclosure to the extent it is legally possible.

REPORTING PROCEDURES

Disclosures of improper conduct or detrimental action by the Trust or any of its employees and/or officers may be made to the following officer:

The Protected Disclosure Coordinator and Officer:

Thomas CrookesGeneral Manager Corporate Services

30 Aughtie DriveAlbert Park Victoria 3206

Email: [email protected]: (03) 9926 1506

Alternatively, disclosures of improper conduct or detrimental action by the Trust or any of its employees and/or officers may also be made directly to the Independent Broad-based Anti-corruption Commission:

Level 1, 459 Collins Street (North Tower)Melbourne VIC 3000

Telephone: 1300 735 135Internet: www.ibac.vic.gov.auEmail: (refer website above)

FURTHER INFORMATION

The Protected Disclosure Policy and Procedures, which outline the system for reporting disclosures of improper conduct or detrimental action by the Trust or any of its employees and/or officers are available for public perusal.

PROTECTED DISCLOSURES

DISCLOSURES UNDER THE PROTECTED DISCLOSURE ACT 2012

2015/2016 NUMBER 2014/2015 NUMBER

The number of disclosures made by an individual to the Trust and notified to the Independent Broad-based Anti-corruption Commission:

Assessable disclosures 0 0





FINANCIALS

COMPREHENSIVE OPERATING STATEMENT 28

BALANCE SHEET 29

STATEMENT OF CHANGES IN EQUITY 30

CASH FLOW STATEMENT 31

NOTES TO THE FINANCIAL STATEMENTS Note 1. Summary of significant accounting policies 32Note 2. Going concern 47Note 3. Income from transactions 47Note 4. Expenses from transactions 48Note 5. Cash and deposits 49Note 6. Receivables 49Note 7. Property, plant, and equipment 50Note 8. Inventories 54Note 9. Other non-financial assets 55Note 10. Payables 55Note 11. Provisions 56Note 12. Other liabilities 57Note 13. Leases 57Note 14. Equity 58Note 15. Capital expenditure commitments 58Note 16. Cash flow information 59Note 17. Contingent liabilities 59Note 18. Responsible persons 60Note 19. Superannuation 62Note 20. Remuneration of auditors 62Note 21. Financial instruments 63

CERTIFICATION 72



ANNUAL FINANCIALSTATEMENTS

COMPREHENSIVE OPERATING STATEMENT FOR THE YEAR ENDED 30 JUNE 2016

($ THOUSAND) NOTESSSCT 2016

SSCT 2015

INCOME FROM TRANSACTIONS

Sale of goods and services 3(a) 20,294 20,069

Grants 3(b) 2,404 1,641

Interest 3(c) 54 117

Total income from transactions 22,752 21,827

EXPENSES FROM TRANSACTIONS

Employee expenses 4(a) (12,388) (11,760)

Depreciation 4(c) (9,308) (9,143)

Other operating expenses 4(b) (11,578) (10,905)

Total expenses from transactions (33,274) (31,808)

Net result from transactions (net operating balance) (10,522) (9,981)

OTHER ECONOMIC FLOWS INCLUDED IN NET RESULT

Increase (loss) / decrease (gain) in provision of doubtful debts 6(a) (1) (6)

Net gain / (loss) arising from revaluation of long service liability (63) 31

Total other economic flows included in net result (64) 25

Net result (10,586) (9,956)

OTHER ECONOMIC FLOWS - OTHER COMPREHENSIVE INCOME

Changes in physical asset revaluation surplus 14 17,423 2,996

Total other economic flows - other comprehensive income 17,423 2,996

Comprehensive result 6,837 (6,960)

The comprehensive operating statement should be read in conjunction with the notes to the financial statements.



BALANCE SHEET AS AT 30 JUNE 2016


SSCT 2015

ASSETS

FINANCIAL ASSETS

Cash and deposits 5 4,027 3,277

Receivables 6 996 3,199

Total financial assets 5,023 6,476

NON-FINANCIAL ASSETS

Inventories 8 135 124

Other non-financial assets 9 268 207

Property, plant and equipment 7(a) 346,935 335,932

Total non-financial assets 347,338 336,263

Total assets 352,361 342,739

LIABILITIES

Payables 10 2,906 2,463

Other liabilities 12 4,240 5,386

Provisions 11 987 899

Total liability 8,133 8,748

Net assets 344,228 333,991

EQUITY

Accumulated deficit (76,151) (65,565)

Physical asset revaluation surplus 14 138,195 120,772

Contributed capital 282,184 278,784

Total equity / Net worth 344,228 333,991

Commitments for expenditure 15

Contingent liabilities 17

The balance sheet should be read in conjunction with the notes to the financial statements.



ANNUAL FINANCIALSTATEMENTS

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2016

($ THOUSAND) NOTES

PHYSICAL ASSET REVALUATION

SURPLUS ACCUMULATED

DEFICITCONTRIBUTED

CAPITAL TOTAL

BALANCE AT 1 JULY 2014 117,776 (55,609) 274,234 336,401

Net result for the year - (9,956) - (9,956)

Other comprehensive income for the year 2,996 - - 2,996

Capital appropriations - - 4,550 4,550

BALANCE AT 30 JUNE 2015 120,772 (65,565) 278,784 333,991

Net result for the year - (10,586) - (10,586)

Other comprehensive income for the year 14 17,423 - - 17,423

Capital appropriations - - 3,400 3,400

BALANCE AT 30 JUNE 2016 138,195 (76,151) 282,184 344,228

The statement of changes in equity should be read in conjunction with the notes to the financial statements.



CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2016

This above cash flow statement should be read in conjunction with the notes to the financial statements.


SSCT 2015

CASH FLOWS FROM OPERATING ACTIVITIES

RECEIPTS

Receipts from customers 24,170 19,640

Receipts from Government 2,404 1,641

Interest received 61 128

Total receipts 26,635 21,409

PAYMENTS

Payments to suppliers and employees (26,848) (24,733)

Goods and Services Tax paid (received) to / (from) the ATO 451 (400)

Total payments (26,397) (25,133)

Net Cash flows from / (used in ) operating activities 16(b) 238 (3,724)

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for non-financial assets (2,888) (4,581)

Net cash flow from / (used in) investing activities (2,888) (4,581)

CASH FLOWS FROM FINANCING ACTIVITIES

Contributed capital from government 3,400 4,550

Net cash flows from financing activities 3,400 4,550

Net (decrease) / increase in cash and cash equivalents 750 (3,755)

Cash and cash equivalents at beginning of financial year 3,277 7,032

Cash and cash equivalent at end of financial year 16(a) 4,027 3,277



NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These annual financial statements represent the audited general purpose financial statements for State Sport Centres Trust (SSCT) for the period ending 30 June 2016. The report provides users with information about the SSCT’s stewardship of resources entrusted to it.

A. STATEMENT OF COMPLIANCE

These general purpose financial statements have been prepared in accordance with the Financial Management Act 1994 (FMA) and applicable Australian Accounting Standards (AAS) which include Interpretations, issued by the Australian Accounting Standards Board (AASB). In particular, they are presented in a manner consistent with the requirements of AASB 1049 Whole of Government and General Government Sector Financial Reporting.

Where appropriate, those AASs paragraphs applicable to not-for-profit entities have been applied.

Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.

The annual financial statements were authorised for issue by Ms. Danni Roche, Chairman of SSCT Audit& Risk Committee, Mr. Phil Meggs, Chief Executive Officer and Accountable Officer of SSCT, and Mr. Thomas Crookes, Chief Finance and Accounting Officer, on 26 September 2016.

B. BASIS OF ACCOUNTING PREPARATION AND MEASUREMENT

The accrual basis of accounting has been applied in the preparation of these financial statements whereby assets, liabilities, equity, income and expenses are recognised in the reporting period to which they relate, regardless of when cash is received or paid.

Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that

are not readily apparent from other sources. The estimates and associated assumptions are based on professional judgements derived from historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revisions to accounting estimates are recognised in the period in which the estimate is revised and also in future periods that are affected by the revision. Judgements and assumptions made by management in the application of AASs that have significant effects on the financial statements and estimates relate to:

• the fair value of land, buildings, plant and equipment (refer to Note 1 (J));

• Superannuation expense; (refer to Note 1 (G)); and

• assumptions for employee benefit provision based on likely tenure of existing staff, patterns of leave claims, future salary movements and future discount rates.

These financial statements are presented in Australian dollars, and prepared in accordance with the historical cost convention except for:

• non-financial physical assets which, subsequent to acquisition, are measured at a revalued amount being their fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amounts do not materially differ from their fair value.

Consistent with AASB 13 Fair Value Measurement, SSCT determines the policies and procedures for recurring fair value measurements such as property, plant and equipment, in accordance with the requirements of AASB 13 and the relevant Financial Reporting Directions.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

ANNUAL FINANCIALSTATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2016



• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For the purpose of fair value disclosures, SSCT has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

In addition, SSCT determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Valuer-General Victoria (VGV) is the SSCT’s independent valuation agency.

SSCT, in conjunction with VGV, monitors changes in the fair value of each asset and liability through relevant data sources to determine whether revaluation is required.

C. REPORTING ENTITY

The financial statements cover SSCT as an individual reporting entity.

SSCT is a statutory authority of the State of Victoria, established pursuant to an order made by the Premier under the State Sport Centres (Amendment) Act 2004 No. 70 (“Act”).

Its principal address is:

State Sport Centres Trust 30 Aughtie Drive, Albert Park VIC 3206

The financial statements include all the controlled activities of the SSCT, which is a statutory authority established under the State Sport Centres (Amendment) Act 2004 No. 70 (“Act”).

The following business units are included in the SSCT’s reporting entity:

• Melbourne Sports and Aquatic Centre (MSAC), incorporating MSAC Institute of Training and Lakeside Stadium, is an independent Strategic Business Unit of SSCT. The unit is headed by the Director of SSCT, established under s14 of the Act.

• State Netball Hockey Centre (SNHC), is an independent Strategic Business Unit of SSCT. The unit is headed by the Director of SSCT, established under s15 of the Act.

• SSCT was appointed as the committee of management of the Lakeside Oval Reserve on 31 Aug 2011 under section 14(2) of the Crown Land (Reserves) Act 1978. Therefore, details of the Lakeside Stadium financials have been incorporated into MSAC.

MSAC and SNHC produce a Business Plan and operate independently with separate and individual financial operations and accounts. It is the Government and SSCT’s policy that the Centres will not receive any cross subsidies for operation.

A description of the nature of the SSCT’s operations and its principal activities is included in the report of operations, which does not form part of these financial statements.

Objectives and funding

SSCT’s overall objective is the management, operation and maintenance of the Melbourne Sports and Aquatic Centre, State Netball Hockey Centre, MSAC Institute of Training and Lakeside Stadium, as well as improve the quality of life to Victorians.

D. BASIS OF CONSOLIDATION

In accordance with AASB 10 Consolidated Financial Statements:

• The consolidated financial statements of SSCT include all reporting entities controlled by SSCT as at 30 June 2016; and

• The consolidated financial statements exclude bodies in SSCT’s portfolio that are not controlled by SSCT, and therefore are not consolidated.



Current and non-current assets and liabilities are disclosed in the notes, where relevant. In general, non-current assets or liabilities are expected to be recovered or settled more than 12 months after the reporting period, except for the provisions of employee benefits, which are classified as current liabilities if SSCT does not have the unconditional right to defer the settlement of the liabilities within 12 months after the end of the reporting period.

Cash flow statement

Cash flows are classified according to whether or not they arise from operating, investing, or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash Flows.

Statement of changes in equity

The statement of changes in equity presents reconciliations of non-owner and owner changes in equity from opening balances at the beginning of the reporting period to the closing balances at the end of the reporting period. It also shows separately changes due to amounts recognised in the ‘comprehensive result’ and amounts related to ‘Transactions with owner in its capacity as owner’.

Rounding

Amounts in the financial statements have been rounded to the nearest $1,000, unless otherwise stated. Figures in the financial statements may not equate due to rounding.

F. INCOME FROM TRANSACTIONS

Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and the income can be reliably measured at fair value.

Interest

Interest income includes interest received on bank term deposits and other investments and the unwinding over time of the discount on financial assets. Interest income is recognised using the effective interest method which allocates the interest over the relevant period.

Where control of an entity is obtained during the financial period, its results are included in the comprehensive operating statement from the date on which control commenced. Where control ceases during a financial period, the entity’s results are included for that part of the period in which control existed. Where entities adopted is similar accounting policies and their effect is considered material, adjustments are made to ensure consistent policies are adopted in these financial statements.

E. SCOPE AND PRESENTATION OF FINANCIAL STATEMENTS

Comprehensive operating statement

The comprehensive operating statement comprises three components, being ‘net result from transactions’ (or termed as ‘net operating balance’), ‘other economic flows included in net result’, as well as ‘other economic flows – other comprehensive income’. The sum of the former two, together with the net result from discontinued operations, represents the net result.

The net result is equivalent to profit or loss derived in accordance with AASs.

‘Other economic flows’ are changes arising from market remeasurements. They include:

• gains and losses from disposals of non-financial assets;

• revaluations and impairments of non-financial physical and intangible assets.

This classification is consistent with the whole of government reporting format and is allowed under AASB 101 Presentation of Financial Statements.

Balance sheet

Assets and liabilities are presented in liquidity order with assets aggregated into financial assets and non-financial assets.




The Department of Treasury and Finance (DTF) in its annual financial statements, disclose on behalf of the State as the sponsoring employer, the net defined benefit liability related to the members of these plans as an administered liability. Refer to DTF’s annual financial statements for more detailed disclosures in relation to these plans.

Depreciation

All infrastructure assets, buildings, plant and equipment and other non-financial physical assets (excluding items under operating leases, assets held for sale, and land) that have finite useful lives are depreciated. Depreciation is generally calculated on a straight-line basis, at rates that allocate the asset’s value, less any estimated residual value, over its estimated useful life. Refer to Note 1 (J) for the depreciation policy for leasehold improvements.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and adjustments made where appropriate.

The following are typical estimated useful lives for the different asset classes for both current and prior years:

Asset Useful Life

2016 2015

Buildings 15 – 110 years 15 – 110 years

Plant and Equipment 5 – 40 years 5 – 40 years

Office Furniture 5 – 15 years 5 – 15 years

Computer Equipment 3 – 5 years 3 – 5 years

Gym Equipment 5 – 10 years 5 – 10 years

Other Equipment 2 – 40 years 2 – 40 years

Leasehold Improvements 5 – 40 years 5 – 40 years

Land is considered to have an indefinite life, is not depreciated. Depreciation is not recognised in respect of this asset because its service potential has not, in any material sense, been consumed during the reporting period.

Income from sale of goods and services

Income from the sale of goods and services is recognised when:

• SSCT no longer has any of the significant risks and rewards of ownership of the goods and services transferred to the buyer;

• SSCT no longer has continuing managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold and services provided;

• the amount of income, and the costs incurred or to be incurred in respect of the transactions, can be reliably measured;

• it is probable that the economic benefits associated with the transaction will flow to the SSCT.

Sale of goods and services includes rental income which is recognised at the time the rent is billed.

Grants

Income from grants (other than contributions by owners) is recognised when SSCT obtains control over the contribution.

G. EXPENSES FROM TRANSACTIONS

Expenses from transactions are recognised as they are incurred, and reported in the financial year to which they relate.

Employee expenses

Refer to the section in Note 1(L) regarding employee benefits.

These expenses include all forms of considerations (other than superannuation which is accounted for separately) given by SSCT in exchange for service rendered by employees or for the termination of employment. This includes wages and salaries, fringe benefits tax, leave entitlements, termination payments and WorkCover premiums.

Superannuation

The amount recognised in the comprehensive operating statement is the employer contributions for members of the defined contribution superannuation plans that are paid or payable during the reporting period.



its recoverable amount, the difference is written off as another economic flow, except to the extent that the write-down can be debited to an asset revaluation surplus amount applicable to that class of asset.

If there is an indication that there has been a reversal in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its recoverable amount. The impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised in prior years.

It is deemed that, in the event of the loss or destruction of an asset, the future economic benefits arising from the use of the asset will be replaced unless a specific decision to the contrary has been made. The recoverable amount for most assets is measured at the higher of depreciated replacement cost and fair value less costs to sell. Recoverable amount for assets held primarily to generate net cash inflows is measured at the higher of the present value of future cash flows expected to be obtained from the asset and fair value less costs to sell.

Refer to Note 1(J) in relation to the recognition and measurement of non-financial assets.

Other gains/(losses) from other economic flows

Other gains/(losses) from other economic flows include the gains or losses from the revaluation of the present value of the long service leave liability due to changes in the bond interest rates.

I. FINANCIAL ASSETS

Cash and deposits

Cash and deposits recognised on the balance sheet comprise cash on hand and cash at bank, deposits at call and those highly liquid investments (with an original maturity of three months or less), which are held for the purpose of meeting short term cash commitments rather than for investment purposes, and readily convertible to known amounts of cash with an insignificant risk of changes in value.

Other operating expenses

Other operating expenses generally represent the day-to-day running costs incurred in normal operations and include:

Supplies and services

Supplies and services are recognised as an expense in the reporting period in which they are incurred. The carrying amounts of any inventories held for distribution are expensed when distributed.

Bad and doubtful debts

Bad and doubtful debts are assessed on a regular basis (refer to Note 1(I) Financial assets – Impairment of financial assets).

H. OTHER ECONOMIC FLOWS INCLUDED IN THE NET RESULT

Other economic flows are the change in the volume or value of assets or liabilities that does not result from transactions.

Net gain/(loss) on non-financial assets

Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses as follows:

Revaluation gains/(losses) of non-financial physical assets

Refer to Note 1(J) Revaluations of non-financial physical assets.

Net gain/(loss) on disposal of non-financial assets

Any gain or loss on the disposal of non-financial assets is recognised at the date of disposal and is the determined after deducting the proceeds from the carrying value of the asset at the time.

Impairment of non-financial assets

All of SSCT’s non-financial assets are assessed annually for indications of impairment, except for inventories.

If there is an indication of impairment, the assets concerned are tested as to whether their carrying value exceeds their recoverable amount. Where an asset’s carrying value exceeds




The amount of the allowance is the difference between the financial asset’s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate.

In assessing impairment of statutory (non-contractual) financial assets, which are not financial instruments, professional judgement is applied in assessing materiality using estimates, averages and other computational methods in accordance with AASB 136 Impairment of Assets.

J. NON-FINANCIAL ASSETS

Inventories

Inventories include goods and other property held either for sale, consumption or for distribution at zero or nominal cost, or for consumption in the ordinary course of business operations.

Inventories held for distribution are measured at cost, adjusted for any loss of service potential. All other inventories, including land held for sale, are measured at the lower of cost and net realisable value. Where inventories are acquired for no cost or nominal considerations, they are measured at current replacement cost at the date of acquisition.

Cost for all other inventory is measured on the basis of weighted average cost.

Bases used in assessing loss of service potential for inventories held for distribution include current replacement cost and technical or functional obsolescence. Technical obsolescence occurs when an item still functions for some or all of the tasks it was originally acquired to do, but no longer matches existing technologies. Functional obsolescence occurs when an item no longer functions the way it did when it was first acquired.

Property, plant and equipment

All non-financial physical assets are measured initially at cost and subsequently revalued at fair value less accumulated depreciation and impairment. Where an asset is acquired for no or nominal cost, the cost is its fair value at the date of acquisition. Assets transferred as part of a machinery of government are transferred at their carrying amount.

For cash flow statement presentation purposes, cash and cash equivalents include bank overdrafts, which are included as borrowings on the balance sheet.

Receivables

Receivables consist of:

• contractual receivables, such as debtors in relation to goods and services, accrued investment income; and

• statutory receivables, such as amounts owing from the Victorian Government and Goods and Services Tax (GST) input tax credits recoverable.

Contractual receivables are classified as financial instruments and categorised as loans and receivables (refer to Note 1(K) Financial Instruments for recognition and measurement). Statutory receivables, are recognised and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract.

Receivables are subject to impairment testing as described below. A provision for doubtful receivables is recognised when there is objective evidence that the debts may not be collected, and bad debts are written off when identified.

The average credit period for sales of goods and services and for other receivables is 30 days. No interest is charged on other receivables for outstanding balances.

Impairment of financial assets

At the end of each reporting period, SSCT assesses whether there is objective evidence that a financial asset or group of financial assets is impaired. All financial instrument assets, except those measured at fair value through profit or loss, are subject to annual review for impairment.

Receivables are assessed for bad and doubtful debts on a regular basis. Those bad debts considered as written off by mutual consent are classified as a transaction expense. Bad debts not written off by mutual consent and the allowance for doubtful receivables are classified as other economic flows in the net result.



Revaluations of non-current physical assets

Non-financial physical assets are measured at fair value on a cyclical basis, in accordance with the FRDs issued by the Minister for Finance. A full revaluation normally occurs every five years, based upon the asset’s government purpose classification but may occur more frequently if fair value assessments indicate material changes in values. Independent valuers are generally used to conduct these scheduled revaluations. Certain infrastructure assets are revalued using specialised advisors. Any interim revaluations are determined in accordance with the requirements of the FRDs. Revaluation increases or decreases arise from differences between an asset’s carrying value and fair value.

Net revaluation increases (where the carrying amount of a class of assets is increased as a result of a revaluation) are recognised in ‘other economic flows – other comprehensive income’, and accumulated in equity under the asset revaluation surplus. However, the net revaluation increase is recognised in the net result to the extent that it reverses a net revaluation decrease in respect of the same class of property, plant and equipment previously recognised as an expense (other economic flows) in the net result.

Net revaluation decrease is recognised in ‘other economic flows – other comprehensive income’ to the extent that a credit balance exists in the asset revaluation surplus in respect of the same class of property, plant and equipment. Otherwise, the net revaluation decreases are recognised immediately as other economic flows in the net result. The net revaluation decrease recognised in ‘other economic flows – other comprehensive income’ reduces the amount accumulated in equity under the asset revaluation surplus.

Revaluation increases and decreases relating to individual assets in a class of property, plant and equipment, are offset against one another in that class but are not offset in respect of assets in different classes. The asset revaluation surplus is not transferred to accumulated funds on derecognition of the relevant asset.

Non-financial physical assets such as Crown land and heritage assets are measured at fair value with regard to the property’s highest and best use after due consideration is made for any legal or physical restrictions imposed on the asset, public announcements or commitments made in relation to the intended use of the asset. Theoretical opportunities that may be available in relation to the asset are not taken into account until it is virtually certain that the restrictions will no longer apply. Therefore, unless otherwise disclosed, the current use of these non-financial physical assets will be their highest and best uses.

The fair value of plant, equipment and vehicles, is normally determined by reference to the asset’s depreciated replacement cost.

The cost of constructed non-financial physical assets includes the cost of all materials used in construction, direct labour on the project, and an appropriate proportion of variable and fixed overheads.

For the accounting policy on impairment of non-financial physical assets, refer to Note 1(H) Impairment of non-financial assets.

More details about the valuation techniques and inputs used in determining the fair value of non-financial physical assets are discussed in Note 7 Property, plant and equipment.

Leasehold improvements

The cost of a leasehold improvement is capitalised as an asset and depreciated over the shorter of the remaining term of the lease or the estimated useful life of the improvements.

Restrictive nature of Crown land

During the reporting period, SSCT also holds Crown land that SSCT intends to preserve because of their unique environmental attributes.

As there are limitations and restrictions imposed on Crown land use and/or disposal, they may impact the fair value of those assets, and should be taken into account when the fair value is determined.




Loans and receivables category includes cash and deposits (refer to Note 1(I)), term deposits with maturity greater than three months, trade receivables, loans and other receivables, but not statutory receivables.

Financial liabilities at amortised cost

Financial instrument liabilities are initially recognised on the date they are originated. They are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial instruments are measured at amortised cost with any difference between the initial recognised amount and the redemption value being recognised in profit and loss over the period of the interest bearing liability, using the effective interest rate method.

Financial instrument liabilities measured at amortised cost include all of SSCT’s contractual payables, deposits held and advances received, and interest bearing arrangements other than those designated at fair value through profit or loss.

L. LIABILITIES

Payables

Payables consist of:

• contractual payables, such as accounts payable and including deferred income from concession notes. Accounts payable represent liabilities for goods and services provided to SSCT prior to the end of the financial year that are unpaid, and arise when SSCT becomes obliged to make future payments in respect of the purchase of those goods and services; and

• statutory payables, such as goods and services tax and fringe benefits tax payables.

Contractual payables are classified as financial instruments and categorised as financial liabilities at amortised cost. Statutory payables are recognised and measured similarly to contractual payables, but are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract.

Other non-financial assets

Prepayments and accrued income

Other non-financial assets include accrued income and prepayments. Prepayments which represent payments in advance of receipt of goods or services or that part of expenditure made in one accounting period covering a term extending beyond that period. Accrued income must be recorded in the accounting period in which it is earned rather than in the subsequent period in which it will be received.

K. FINANCIAL INSTRUMENTS

Financial instruments arise out of contractual agreements that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Due to the nature of SSCT’s activities, certain financial assets and financial liabilities arise under statute rather than a contract. Such financial assets and financial liabilities do not meet the definition of financial instruments in AASB 132 Financial Instruments: Presentation. For example, statutory receivables arising from taxes, fines and penalties do not meet the definition of financial instruments as they do not arise under contract. However, guarantees issued by the Treasurer on behalf of SSCT are financial instruments because, although authorised under statute, the terms and conditions for each financial guarantee may vary and are subject to an agreement.

Where relevant, for note disclosure purposes, a distinction is made between those financial assets and financial liabilities that meet the definition of financial instruments in accordance with AASB 132 and those that do not.

The following refers to financial instruments unless otherwise stated.

Categories of non-derivative financial instruments

Loans and Receivables

Loans and receivables are financial instrument assets with fixed and determinable payments that are not quoted on an active market. These assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial measurement, loans and receivables are measured at amortised cost using the effective interest method, less any impairment.



(ii) Long service leave

Liability for long service leave (LSL) is recognised in the provision for employee benefits.

Unconditional LSL is disclosed in the notes to the financial statements as a current liability, even where SSCT does not expect to settle the liability within 12 months because it will not have the unconditional right to defer the settlement of the entitlement should an employee take leave within 12 months.

The components of this current LSL liability are measured at:

• nominal value – if SSCT expects to wholly settle within 12 months; and

• present value – if SSCT does not expect to wholly settle within 12 months.

Conditional LSL is disclosed as a non-current liability. There is an unconditional right to defer the settlement of the entitlement until the employee has completed the requisite years of service. This non-current LSL liability is measured at present value.

Any gain or loss following revaluation of the present value of non-current LSL liability is recognised in the ‘net result from transactions’, except to the extent that a gain or loss arises due to changes in bond interest rates for which it is then recognised in the net result as an other economic flow (refer to Note 1(H)).

(iii) Termination benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee decides to accept an offer of benefits in exchange for the termination of employment. SSCT recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

Provisions

Provisions are recognised when SSCT has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, using a discount rate that reflects the time value of money and risks specific to the provision.

When some or all of the economic benefits required to settle a provision are expected to be received from a third party, the receivable is recognised as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably.

Employee benefits

Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave for services rendered to the reporting date.

(i) Wages and salaries, annual leave

Liabilities for wages and salaries, including non-monetary benefits annual leave, are all recognised in the provision for employee benefits as ‘current liabilities’, because SSCT does not have an unconditional right to defer settlements of these liabilities.

Depending on the expectation of the timing of settlement, liabilities for wages and salaries and annual leave are measured at:

• nominal value – if SSCT expects to wholly settle within 12 months; or

• present value – if SSCT does not expect to wholly settle within 12 months.




In the event that lease incentives are given to the lessee, the aggregate cost of incentives are recognised as a reduction of rental income over the lease term, on a straight-line basis unless another systematic basis is more representative of the time pattern over which the economic benefit of the leased asset is diminished.

N. EQUITY

Contributed capital

Consistent with the requirements of AASB 1004 Contributions, contributions by owners (that is, contributed capital and its repayment) are treated as equity transactions and, therefore, do not form part of the income and expenses of SSCT.

Additions to net assets which have been designated as contributions by owners are recognised as contributed capital. Other transfers that are in the nature of contributions to or distributions by owners have also been designated as contributions by owners.

O. COMMITMENTS

Commitments for future expenditure include operating and capital commitments arising from contracts. These commitments are disclosed by way of a note (refer to note 15 Capital expenditure commitments) at their nominal value and are inclusive of the GST payable.

In addition, where it is considered appropriate and provides additional relevant information to users, the net present values of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised on the balance sheet.

P. CONTINGENT ASSETS AND CONTINGENT LIABILITIES

Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of note refer to Note 17 Contingent liabilities and, if quantifiable, are measured at nominal value. Contingent assets and contingent liabilities are presented inclusive of GST receivable or payable respectively.

On-costs related to employee expenses

On-costs such as payroll tax, and workers compensation are recognised separately from the provision for employee benefits.

Other liabilities

Other liabilities include deferred revenue and other revenue received in advance. Revenue received in advance is presented in the subsequent accounting periods in which the services or obligations have been performed.

M. LEASES

A lease is a right to use an asset for an agreed period of time in exchange for payment.

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreement so as to reflect the risks and rewards incidental to ownership. Leases of property, plant and equipment are classified as finance infrastructure leases whenever the terms of the lease transfer substantially all the risks and rewards of ownerships from the lessor to the lessee. All other leases are classified as operating leases.

Finance Lease

SSCT does not hold any finance leases.

Operating Lease

SSCT as lessee

Operating lease payments are recognised as an expense in the comprehensive operating statement on a straight-line basis over the lease term. The leased asset is not recognised in the balance sheet. SSCT does not hold any operating leases as lessee.

SSCT as lessor

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

All incentives for the agreement of a new or renewed operating lease are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive’s nature or form or the timing of payments.



Q. ACCOUNTING FOR THE GOODS AND SERVICES TAX (GST)

Income, expenses and assets are recognised net of the amount of associated GST, except where GST incurred is not recoverable from the taxation authority. In this case, the GST payable is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as an operating cash flow.

Commitments and contingent assets and liabilities are also stated inclusive of GST (refer to Note 1(O) and Note 1(P)).

R. FOREIGN CURRENCY BALANCES/TRANSACTIONS

All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date of the transaction. Foreign monetary items existing at the end of the reporting period are translated at the closing rate at the date of the end of the reporting period. Non-monetary assets carried at fair value that are denominated in foreign currencies are translated to the functional currency at the rates prevailing at the date when the fair value was determined.

Foreign currency translation differences are recognised in other economic flows and accumulated in a separate component of equity, in the period in which they arise.

S. EVENTS AFTER THE REPORTING PERIOD

There has not arisen in the interval between the end of the financial year and the date of signing these financial statements, any item, transactions or event of a material and unusual nature likely to affect significantly the operations of the SSCT, the results of those operations, or the state of affairs of the SSCT, in subsequent financial years.




T. AUSTRALIAN ACCOUNTING STANDARDS ISSUED THAT ARE NOT YET EFFECTIVE

Certain new Australian accounting standards (AAS) have been published that are not mandatory for the 30 June 2016 reporting period. DTF assesses the impact of all these new standards and advises SSCT where applicable.

As at 30 June 2016, the following standards and interpretations had been issued by the AASB but were not yet effective. They become effective for the first financial statements for reporting periods commencing after the stated operative dates as detailed in the following table. SSCT has not and does not intend to adopt these standards early.

Standard/Interpretation

Summary Applicable to Annual Reporting Period Beginning On

AASB 15 Revenue from Contracts with Customers

AASB 15:

• establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers, with revenue recognised as ‘performance obligations’ are satisfied; and

• will apply to contracts of NFP entities that are exchange transactions. AASB 1004 Contributions will continue to apply to non-exchange transactions until the Income for NFP project is completed.

01 January 2018

AASB 9 Financial Instruments

AASB 9 was reissued in December 2014 and now incorporates:

• the classification and measurement requirements for financial assets (including limited amendments) and for financial liabilities, and the recognition and derecognition requirements for financial instruments (representing the first phase of the three phase project that replaces AASB 139);

• requirements for impairment of financial assets (representing the second phase); and

• hedge accounting (representing the third phase).

01 January 2018

AASB 16 Leases The key changes introduced by AASB 16 include the recognition of most operating leases (which are currently not recognised) on balance sheet.

01 January 2019

AASB 1056 Superannuation Entities

AASB 1056 replaces AAS 25 Financial Reporting by Superannuation Plans and applies to large superannuation entities regulated by the Australian Prudential Regulation Authority and to public sector superannuation entities.

In relation to the matters it specifically addresses, AASB 1056 applies in place of the requirements of other AASs. On matters that AASB 1056 does not specifically address, the other AASs apply.



AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010)

The requirements for classifying and measuring financial liabilities were added to AASB 9. The existing requirements for the classification of financial liabilities and the ability to use the fair value option have been retained. However, where the fair value option is used for financial liabilities the change in fair value is accounted for as follows:

• the change in fair value attributable to changes in credit risk is presented in other comprehensive income (OCI); and

• other fair value changes are presented in profit and loss. If this approach creates or enlarges an accounting mismatch in the profit or loss, the effect of the changes in credit risk are also presented in profit or loss.

01 January 2018

AASB 2014-1 Amendments to Australian Accounting Standards [Part E Financial Instruments]

Amends various AASs to reflect the AASB’s decision to defer the mandatory application date of AASB 9 to annual reporting periods beginning on or after 1 January 2018 as a consequence of Chapter 6 Hedge Accounting, and to amend reduced disclosure requirements.

01 January 2018

AASB 2014-7 Amendments to Australian Accounting Standards arising from AASB 9

Amends various AASs to incorporate the consequential amendments arising from the issuance of AASB 9.

01 January 2018

AASB 14 Regulatory Deferral Accounts

AASB 14 permits first-time adopters of Australian Accounting Standards who conduct rate-regulated activities to continue to account for amounts related to rate regulation in accordance with their previous GAAP.

01 January 2016

AASB 15 Revenue from Contracts with Customers

The core principle of AASB 15 requires an entity to recognise revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer.

01 January 2018

AASB 2014-5 Amendments to Australian Accounting Standards arising from AASB 15

Amends the measurement of trade receivables and the recognition of dividends.

Trade receivables, that do not have a significant financing component, are to be measured at their transaction price, at initial recognition.

Dividends are recognised in the profit and loss only when:

• the entity’s right to receive payment of the dividend is established;

• it is probable that the economic benefits associated with the dividend will flow to the entity; and

• the amount can be measured reliably.

01 January 2017

AASB 2015-8 Amendments to Australian Accounting Standards – Effective Date of AASB 15

This Standard defers the mandatory effective date of AASB 15 from 1 January 2017 to 1 January 2018.

01 January 2018




AASB 2016-3 Amendments to Australian Accounting Standards – Clarifications to AASB 15

This Standard amends AASB 15 to clarify the requirements on identifying performance obligations, principal versus agent considerations and the timing of recognising revenue from granting a licence. The amendments require:

• s promise to transfer to a customer a good or service that is ‘distinct’ to be recognised as a separate performance obligation;

• for items purchased online, the entity is a principal if it obtains control of the good or service prior to transferring to the customer; and

For licences identified as being distinct from other goods or services in a contract, entities need to determine whether the licence transfers to the customer over time (right to use) or at a point in time (right to access).

01 January 2018

AASB 2014-4 Amendments to Australian Accounting Standards – Clarification of Acceptable Methods of Depreciation and Amortisation [AASB 116 & AASB 138]

Amends AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets to:

• establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset;

prohibit the use of revenue based methods to calculate the depreciation or amortisation of an asset, tangible or intangible, because revenue generally reflects the pattern of economic benefits that are generated from operating the business, rather than the consumption through the use of the asset.

01 January 2016

AASB 2014-9 Amendments to Australian Accounting Standards – Equity Method in Separate Financial Statements [AASB 1, 127 & 128

Amends AASB 127 Separate Financial Statements to allow entities to use the equity method of accounting for investments in subsidiaries, joint ventures and associates in their separate financial statements.

01 January 2016

AASB 2015-6 Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Not-for-Profit Public Sector Entities [AASB 10, AASB 124 & AASB 1049]

The Amendments extend the scope of AASB 124 Related Party Disclosures to not-for-profit public sector entities. A guidance has been included to assist the application of the Standard by not-for-profit public sector entities.

01 January 2016

AASB 2016-4 Amendments to Australian Accounting Standards – Recoverable Amount of Non-Cash-Generating Specialised Assets of Not-for-Profit Entities

The standard amends AASB 136 Impairment of Assets to remove references to using depreciated replacement cost (DRC) as a measure of value in use for not-for-profit entities.

01 January 2017



• AASB 2015-9 Amendments to Australian Accounting Standards – Scope and Application Paragraphs [AASB 8, AASB 133 & AASB 1057]

• AASB 2015-10 Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128

• AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses [AASB 112]

• AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107

Notes:

1. For the current year, given the number of consequential amendments to AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers, the standards/interpretations have been grouped together to provide a more relevant view of the upcoming changes.

2. This Standard or Amendment may not be relevant to Victorian not-for-profit entities when operative.

In addition to the new standards and amendments above, the AASB has issued a list of other amending standards that are not effective for the 2015-16 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting.

• AASB 1056 Superannuation Entities

• AASB 1057 Application of Australian Accounting Standards

• AASB 2014-1 Amendments to Australian Accounting Standards [PART D – Consequential Amendments arising from AASB 14 Regulatory Deferral Accounts only] 2

• AASB 2014-3 Amendments to Australian Accounting Standards – Accounting for Acquisitions of Interests in Joint Operations [AASB 1 & AASB 11]

• AASB 2014-6 Amendments to Australian Accounting Standards – Agriculture: Bearer Plants [AASB 101, AASB 116, AASB 117, AASB 123, AASB 136, AASB 140 & AASB 141]

• AASB 2015-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 101 [AASB 7, AASB 101, AASB 134 & AASB 1049]

• AASB 2015-5 Amendments to Australian Accounting Standards – Investment Entities: Applying the Consolidation Exception [AASB 10, AASB 12, AASB 128] 2




NOTE 2. GOING CONCERNThe financial statements of SSCT have been prepared on a going concern basis. The trustees of the State Sport Centres Trust are of the opinion that SSCT will be able to pay its debts as and when they fall due. The Department of Health and Human Service has confirmed that both operational and capital funding granted to SSCT by the previous government will be honoured in the amount of $22.2 million until the expiry of the funding agreement in 2017/2018.

NOTE 3. INCOME FROM TRANSACTIONS MSAC

2016 $ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

(A) SALE OF GOODS AND SERVICES

Sale of goods and services 17,854 2,440 20,294 17,507 2,562 20,069

Total sale of goods and services 17,854 2,440 20,294 17,507 2,562 20,069

(B) GOVERNMENT GRANT

Specific and general purpose grants 2,404 - 2,404 1,641 - 1,641

Total grants 2,404 - 2,404 1,641 - 1,641

20,258 2,440 22,698 19,148 2,562 21,710

(C) INTEREST

Interest from cash and deposits 45 9 54 87 30 117

Total Interest 45 9 54 87 30 117




NOTE 4. EXPENSES FROM TRANSACTIONS

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

(A) EMPLOYEE EXPENSES

Salaries, wages, annual leave and long service leave expenses 9,746 820 10,566 9,305 774 10,079

Defined contribution superannuation expense 863 60 923 834 54 888

Other employee expenses 868 31 899 732 61 793

Total employee expenses 11,477 911 12,388 10,871 889 11,760

(B) OTHER OPERATING EXPENSES

Cleaning and chemical expenses 1,502 429 1,931 1,532 422 1,954

Other operating supplies expenses 2,053 90 2,143 1,459 89 1,548

Utilities and energy expenses 1,990 189 2,179 1,854 218 2,072

Cost of goods sold expenses 1,386 327 1,713 1,432 380 1,812

Maintenance expenses 943 205 1,148 926 151 1,077

IT & Telecommunication expenses 676 130 806 644 111 755

Insurance expenses 391 63 454 424 78 502

Sports rebate expenses 761 9 770 779 - 779

Security expenses 395 39 434 369 37 406

Total other operating expenses 10,097 1,481 11,578 9,419 1,486 10,905

(C) DEPRECIATION

DEPRECIATION OF PROPERTY, PLANT & EQUIPMENT

Buildings 4,775 1,011 5,786 4,775 1,012 5,787

Plant and equipment 3,205 317 3,522 3,045 311 3,356

Total depreciation 7,980 1,328 9,308 7,820 1,323 9,143

Total Expenses 29,554 3,720 33,274 28,110 3,698 31,808



NOTE 5. CASH AND DEPOSITS

For the purposes of the cash flow statement, cash assets includes cash on hand and in banks, and short-term deposits which are readily convertible to cash on hand, and are subject to an insignificant risk of change in value, net of outstanding bank overdrafts.

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

Cash at bank 3,188 839 4,027 2,284 993 3,277

Total Cash and Deposits 3,188 839 4,027 2,284 993 3,277

NOTE 6. RECEIVABLES

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CURRENT RECEIVABLECONTRACTUAL

Trade debtors 846 61 907 2,761 19 2,780

Less Provision for doubtful contractual receivables (a) (33) - (33) (32) - (32)

Interest receivable 4 3 7 2 3 5

817 64 881 2,731 22 2,753

STATUTORY

GST Receivable 96 19 115 364 82 446

Total Current Receivables 913 83 996 3,095 104 3,199

Total Receivables 913 83 996 3,095 104 3,199

(A) MOVEMENT IN THE PROVISION FOR DOUBTFUL CONTRACTUAL RECEIVABLES

Balance at beginning of the financial year (32) - (32) (26) - (26)

Increase in provision recognised in operating statement (1) - (1) (6) - (6)

Balance at end of the financial year (33) - (33) (32) - (32)

(B) AGEING ANALYSIS OF CONTRACTUAL RECEIVABLES

Please refer to Note 21 (Table 21.4) for the ageing analysis of contractual receivables.

(C) NATURE AND EXTENT OF RISK ARISING FROM CONTRACTUAL RECEIVABLES

Please refer to Note 21 for the nature and extent of risk arising from contractual receivables.



NOTE 7. PROPERTY, PLANT, AND EQUIPMENT

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

(A) CLASSIFICATION BY ‘PUBLIC ADMINISTRATION’ PURPOSE GROUP - CARRYING AMOUNT

Land at fair value 66,881 32,864 99,745 54,935 27,386 82,321

Buildings at fair value 210,873 32,608 243,481 216,183 33,237 249,420

Plant & equipment at fair value 3,175 217 3,392 3,739 298 4,037

Work in Progress at cost 220 97 317 128 26 154

Net carrying amount of PPE 281,149 65,786 346,935 274,985 60,947 335,932

(B) GROSS CARRYING AMOUNT AND ACCUMULATED DEPRECIATION

CROWN LAND

At fair value (a) 66,881 32,864 99,745 54,935 27,386 82,321

66,881 32,864 99,745 54,935 27,386 82,321

BUILDINGS

At fair value (b) 240,889 38,366 279,255 239,074 37,748 276,822

Less: Accumulated depreciation (30,016) (5,758) (35,774) (22,891) (4,511) (27,402)

210,873 32,608 243,481 216,183 33,237 249,420

PLANT & EQUIPMENT AT FAIR VALUE

At fair value 14,592 2,944 17,536 14,645 2,944 17,589

Less: Accumulated depreciation (11,417) (2,727) (14,144) (10,906) (2,646) (13,552)

3,175 217 3,392 3,739 298 4,037

CAPITAL WORK IN PROGRESS

At cost 220 97 317 128 26 154

220 97 317 128 26 154

Total property, plant and equipment 281,149 65,786 346,935 274,985 60,947 335,932

(a) Fair value assessments have been performed for land as per Valuer-General Victoria vacant land indexation factors for the Financial Year ended – 30/06/2016. The decision was made that movements are material (more than 10%) for a managerial revaluation. The land revaluation surplus $17,423,597 has been adjusted on 30 June 2016.

(b) The fair value of buildings belonging to the SSCT was assessed as at 30 June 2016 based on the building cost indexation factors that were published by the Department of Treasury and Finance, Victoria. The net movements for buildings since the last formal valuation conducted in 2012 was 10%. Management decided that the revaluation adjustment would be conducted in 2016-2017 as part of the next scheduled full revaluation.

(c) The net movements for land since the last formal valuation conducted in 2012 was greater than 10%, hence a managerial revaluation was conducted in June 2016. The fair value of the land was revalued by applying the relevant compounded indexation factors and as a result the land value increased by $17,423,597.




(C) MOVEMENTS IN CARRYING AMOUNT OF PROPERTY PLANT AND EQUIPMENT FOR SSCT (i)

LAND AT FAIR VALUE

BUILDINGS AT FAIR VALUE


WORK IN PROGRESS AT COST

MSAC $ ‘000

2015

SNHC $ ‘000

2015

SSCT $ ‘000

2015

MSAC $ ‘000

2015

SNHC $ ‘000

2015

SSCT $ ‘000

2015

MSAC $ ‘000

2015

SNHC $ ‘000

2015

SSCT $ ‘000

2015

MSAC $ ‘000

2015

SNHC $ ‘000

2015

SSCT $ ‘000

2015

Balance at 1 Jul 2014 54,935 24,390 79,325 218,972 33,560 252,532 4,712 448 5,160 474 7 481

Fair value of assets received free of charge or for nominal considerations

- - - - - - - - - - - -

Additions - - - 3,623 850 4,473 89 - 89 - 19 19

Transfer/Disposals - - - 346 - 346 - - - (346) - (346)

Revaluation of PPE - 2,996 2,996 - - - - - - - - -

Impairment of assets - - - - - - - - - - - -

Depreciation - - - (6,758) (1,173) (7,931) (1,062) (150) (1,212) - - -

Balance at 30 Jun 2015 54,935 27,386 82,321 216,183 33,237 249,420 3,739 298 4,037 128 26 154

LAND AT FAIR VALUE



WORK IN PROGRESS AT COST

MSAC $ ‘000

2016

SNHC $ ‘000

2016

SSCT $ ‘000

2016

MSAC $ ‘000

2016

SNHC $ ‘000

2016

SSCT $ ‘000

2016

MSAC $ ‘000

2016

SNHC $ ‘000

2016

SSCT $ ‘000

2016

MSAC $ ‘000

2016

SNHC $ ‘000

2016

SSCT $ ‘000

2016

Balance at 1 Jul 2015 54,935 27,386 82,321 216,183 33,237 249,420 3,739 298 4,037 128 26 154

Fair value of assets received free of charge or for nominal considerations

- - - - - - - - - - - -

Additions/Deductions - - - 1,823 618 2,441 283 - 283 21,315 12,213 33,528

Transfer/Disposals - - - - - - - - - (21,224) (12,142) (33,366)

Revaluation of PPE 11,947 5,477 17,424 - - - - - - - - -

Impairment of assets - - - - - - - - - - - -

Depreciation - - - (7,133) (1,247) (8,380) (846) (82) (928) - - -

Balance at 30 Jun 2016 66,882 32,863 99,745 210,873 32,608 243,481 3,176 216 3,392 219 97 316

(i) Fair value of assessments have been performed for land, as per Valuer-General Victoria vacant land indexation factors for the Financial Year ended – 30/06/2016. The decision was made that movements are material (more than 10%) for a management revaluation. The land revaluation surplus $17,423,597 has been adjusted on 30 June 2016.

Fair value assessments have been performed for other classes of assets in this purpose group and the decision was made that movements were not material (equal to 10 per cent) for a full revaluation. The next scheduled revaluation for this purpose group will be conducted in 2017.




NOTE 7. PROPERTY, PLANT, AND EQUIPMENT (CONTINUED)

(D) AGGREGATE DEPRECIATION RECOGNISED AS AN EXPENSE DURING THE YEAR

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

Buildings (4,783) (1,011) (5,794) (6,758) (1,173) (7,931)

Plant and equipment (3,197) (317) (3,514) (1,062) (150) (1,212)

Total (7,980) (1,328) (9,308) (7,820) (1,323) (9,143)

Restricted assets

The SSCT holds $343 million worth of properties listed as specialised land and specialised buildings. These specialised land and specialised buildings cannot be disposed of without formal ministerial approval.

(E) FAIR VALUE MEASUREMENT HIERARCHY FOR ASSETS AS AT 30 JUNE 2016

($ THOUSAND)CARRYING AMOUNT

AS ATFAIR VALUE MEASUREMENT

AT END OF REPORTING PERIOD USING:

Level 1(i) Level 2(i) Level 3(i)

30-Jun-16 30-Jun-15 2016 2015 2016 2015 2016 2015

LAND AT FAIR VALUE

Specialised land 99,745 82,321 - - - - 99,745 82,321

Total of land at fair value 99,745 82,321 - - - - 99,745 82,321


Specialised buildings 243,481 249,420 - - - - 243,481 249,420

Total of buildings at fair value 243,481 249,420 - - - - 243,481 249,420


Plant and equipment 3,392 4,037 - - - - 3,392 4,037

Total of plant, equipment and vehicles at fair value

3,392 4,037 - - - - 3,392 4,037

(i) Classified in accordance with the fair value hierarchy, see Note 1(B).



Specialised land and specialised buildings

The market approach is also used for specialised land, although is adjusted for the community service obligation (CSO) to reflect the specialised nature of the land being valued.

The CSO adjustment is a reflection of the valuer’s assessment of the impact of restrictions associated with an asset to the extent that is also equally applicable to market participants. This approach is in light of the highest and best use consideration required for fair value measurement, and takes into account the use of the asset that is physically possible, legally permissible, and financially feasible. As adjustments of CSO are considered as significant unobservable inputs, specialised land would be classified as Level 3 assets.

For the majority of the Department’s specialised buildings, the depreciated replacement cost method is used, adjusting for the associated depreciations. As depreciation adjustments are considered as significant, unobservable inputs in nature, specialised buildings are classified as Level 3 fair value measurements.

An independent valuation of the SSCT’s specialised land and specialised buildings was performed by the Valuer General Victoria. The effective date of the valuation is 30 June 2012.

Plant and equipment

Plant and equipment is held at fair value. When plant and equipment is specialised in use, such that it is rarely sold other than as part of a going concern, fair value is determined using the depreciated replacement cost method.

There were no changes in valuation techniques throughout the period to 30 June 2016.

For all assets measured at fair value, the current use is considered the highest and best use.

(F) RECONCILIATION OF LEVEL 3 FAIR VALUE

SPECIALISED LAND

SPECIALISED BUILDINGS

PLANT & EQUIPMENT

2016 2015 2016 2015 2016 2015

Opening balance 82,321 79,325 249,420 252,532 4,037 5,160

Purchases (sales) - - 2,441 4,819 283 89

Gains or losses recognised in net result - - - - - -

Depreciations - - (8,380) (7,931) (928) (1,212)

Impairment loss - - - - - -

Subtotal 82,321 79,325 243,481 249,420 3,392 4,037

Gains or losses recognised in other economic flows – other comprehensive income

- - - - - -

Revaluation 17,424 2,996 - - - -

Subtotal 17,424 2,996 - - - -

Closing balance 99,745 82,321 243,481 249,420 3,392 4,037

There were no transfers between levels throughout the period to 30 June 2016.




NOTE 7. PROPERTY, PLANT, AND EQUIPMENT (CONTINUED)

(G) DESCRIPTION OF SIGNIFICANT UNOBSERVABLE INPUTS TO LEVEL 3 VALUATIONS

VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS

Specialised land Market approach Community Service Obligation (CSO) adjustment

Specialised buildings Depreciated replacement cost Direct cost per square metre

Useful life of specialised buildings

Plant & equipment Depreciated replacement cost Cost per unit

Useful life of vehicles

(i) CSO adjustments ranging from 75% to 80% were applied to reduce the market approach value for SSCT specialised land.

NOTE 8. INVENTORIES

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CURRENT

Supplies and consumables - at cost 115 20 135 105 19 124

115 20 135 105 19 124



NOTE 9. OTHER NON-FINANCIAL ASSETS

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CURRENT OTHER ASSETS

Accrued income 130 - 130 53 - 53

Prepayments 120 18 138 138 16 154

Total other non-financial assets 250 18 268 191 16 207

NOTE 10. PAYABLES

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CURRENT PAYABLESCONTRACTUAL

Trade creditors 1,565 144 1,709 1,069 64 1,133

Accrued expenses 830 159 989 524 134 658

2,395 303 2,698 1,593 198 1,791

STATUTORY

Taxes payable 114 29 143 360 69 429

Superannuation payable 65 - 65 243 - 243

179 29 208 603 69 672

Total Payables 2,574 332 2,906 2,196 267 2,463

(A) MATURITY ANALYSIS OF CONTRACTUAL PAYABLES

Please refer to Note 21 (Table 21.5) for the maturity analysis of contractual payables.

(B) NATURE AND EXTENT OF RISK ARISING FROM CONTRACTUAL PAYABLES

Please refer to Note 21 for the nature and extent of risk arising from contractual payables.




NOTE 11. PROVISIONS

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CURRENTEmployee benefits (a)

ANNUAL LEAVE

Unconditional and expected to settle within 12 months 266 9 275 289 16 305

Unconditional and expected to settle after 12 months 93 10 103 65 - 65

LONG SERVICE LEAVE

Unconditional and expected to settle within 12 months 320 19 339 246 - 246

Unconditional and expected to settle after 12 months - - - 50 4 54

PROVISIONS FOR ON-COSTS AND LIFE MEMBERSHIP

Unconditional and expected to settle within 12 months 100 5 105 97 3 100

Unconditional and expected to settle after 12 months 17 2 19 21 - 21

Life memberships 5 - 5 6 - 6

Total current provisions 801 45 846 774 23 797

NON-CURRENT AND LIFE MEMBERSHIP

Employee benefits (b) 108 8 116 80 1 81

Employee benefit on-costs 18 1 19 15 - 15

Life memberships 6 - 6 6 - 6

Total non-current provisions 132 9 141 101 1 102

Total provisions 933 54 987 875 24 899

(A) EMPLOYEE BENEFITS AND ON-COSTS

CURRENT EMPLOYEE BENEFITS

Annual leave 359 19 378 354 16 370

Long Service Leave 320 19 339 296 4 300

(B) NON-CURRENT EMPLOYEE BENEFITS

Long service leave entitlements 108 8 116 80 1 81

Total employee benefits 787 46 833 730 21 751

Current Employee benefit on-costs and life membership 122 7 129 124 3 127

Non-current Employee benefit on-costs and life membership 24 1 25 21 - 21

Total on-costs 146 8 154 145 3 148

Total employee benefits and on-costs 933 54 987 875 24 899



(C) MOVEMENT IN PROVISION ON COST

($ THOUSAND)

SSCT 2016

$ ‘000

SSCT 2015

$ ‘000

Opening balance 136 127

Additional provisions recognised 3 9

Closing balance 139 136

NOTE 12. OTHER LIABILITIES

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CURRENT

Deferred revenue 722 96 818 784 80 864

Advancement 950 - 950 1,500 - 1,500

Total current other liabilites 1,672 96 1,768 2,284 80 2,364

NON-CURRENT

Advancement 2,472 - 2,472 3,022 - 3,022

Total Non-current other liabilites 2,472 - 2,472 3,022 - 3,022

Total other liabilites 4,144 96 4,240 5,306 80 5,386

NOTE 13. LEASES

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

DISCLOSURE OF OPERATING LEASES

OPERATING LEASE RECEIVABLESOperating lease receivables relate to 25 tenants (19 in 2014-15) within the Trust’s precinct with lease terms between 2 years to 20 years

Receivable no later than one year 675 - 675 515 - 515

Later than one year and not later than five years 1,359 - 1,359 874 - 874

Later than five years 3,281 - 3,281 507 - 507

5,315 - 5,315 1,896 - 1,896




NOTE 14. EQUITY

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

PHYSICAL ASSET REVALUATION SURPLUSThe physical asset revaluation surplus is used to record increments and decrements on the revaluation of non-financial assets, as described in Note 1(j).

Balance at beginning of financial year 78,732 42,040 120,772 78,732 39,044 117,776

Revaluation increments during the year 11,946 5,477 17,423 - 2,996 2,996

Balance at end of financial year 90,678 47,517 138,195 78,732 42,040 120,772

NOTE 15. CAPITAL EXPENDITURE COMMITMENTS

The following commitments have not been recognized as liabilities in the financial statements. All amounts shown in the commitments note are nominal amounts inclusive of GST. SSCT has $348,240 commitments for capital works at the date of this report ($1,014,392 in 2014-2015). These commitments will be paid within a one year period.

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

CAPITAL EXPENDITURE COMMITMENTS As at reporting date, SSCT had made the following commitments for capital expenditure (GST inclusive):

Not later than one year 242 106 348 482 532 1,014

242 106 348 482 532 1,014



NOTE 16. CASH FLOW INFORMATION

MSAC 2016

$ ‘000

SNHC 2016

$ ‘000

SSCT 2016

$ ‘000

MSAC 2015

$ ‘000

SNHC 2015

$ ‘000

SSCT 2015

$ ‘000

(A) RECONCILIATION OF CASH

Cash at bank and on hand 3,188 839 4,027 2,284 993 3,277

Term deposits - - - - - -

Balance as per cash flow statement 3,188 839 4,027 2,284 993 3,277

(B) RECONCILIATION OF NET RESULT FOR THE PERIOD

Net result for the period (9,240) (1,271) (10,511) (8,875) (1,106) (9,981)

NON-CASH MOVEMENTS:

Depreciation of property, plant & equipment 7,980 1,328 9,308 7,820 1,323 9,143

MOVEMENTS IN ASSETS AND LIABILITIES:

Decrease in receivables 2,181 21 2,202 (2,329) (41) (2,370)

Decrease/(Increase) in inventories (10) (1) (11) 8 - 8

Decrease/(Increase) in other assets (59) (2) (61) 66 (3) 63

(Decrease)/Increase in provisions (5) 30 25 64 (14) 50

(Decrease)/Increase in payables 378 65 443 (545) 47 (498)

(Decrease)/ Increase in other liabilities (1,162) 16 (1,146) (175) 36 (139)

Net cash flows from operating activities 52 186 238 (3,966) 242 (3,724)

NOTE 17. CONTINGENT LIABILITIES

a. Contingent liabilities

There are no contingent liabilities as at 30 June 2016 (2015: $35,000)



NOTE 18. RESPONSIBLE PERSONS

In accordance with the Ministerial Directions issued by the Minister for Finance under the Financial Management Act 1994, the following disclosures are made regarding responsible persons for the reporting period.

The persons who held the positions of Minister, Board Members and Accountable Officer of SSCT at any time during the reporting period were as follows:

RESPONSIBLE MINISTERS PERIODThe Honourable Mr. John Eren, MP, Minister for Sport 01/07/2015 - 30/06/2016The Honourable Ms. Jill Hennessy, Minister for Health, Minister for Ambulance 01/07/2015 - 30/06/2016The Honourable Mr. Martin Foley, Minister for Housing, Disability and Ageing 01/07/2015 - 30/06/2016

Members of the SSCT: Mr. Michael Taylor Chairman (finished 31 July 2015)

Ms. Gaye Hamilton Chairman (commenced as Chairman 15 December 2015) (finished as Chairman 29 June 2016)

Mr. Brett Moore

Mr. Andrew Fried (finished 23 October 2015)

Ms. Nicole Livingstone (finished 31 May 2016)

Accountable Officer: Mr. Phil Meggs Chief Executive Officer (commenced 14 April 2016)Accountable Officer: Mr Simon Weatherill Chief Executive Officer (finished 27 November 2015)

Remuneration relating to the Ministers is included in the financial statements of the Department of Premier and Cabinet. Remuneration of Board Members and Accountable Officer are included below in the remuneration of responsible persons.

Remuneration received or receivable by the accountable officer in connection with the management of SSCT during the reporting period was in the range: $300,000 - 309,999 and $60,000 - $69,000 ($330,000 - $339,999 in 2014-15).

a. Remuneration of responsible persons

The number of responsible persons whose income from the SSCT during the reporting period falls within the following bands is:

2016 2015

REMUNERATION RANGE:

$0 - $9,999 6 -

$10,000 - $19,999 4 6

$20,000 - $29,999 - 1

$60,000 - $69,999 1 -

$300,000 - $309,999 1 -

$310,000 - $329,999 - 1

Total Numbers 12 8

Total remuneration received, or due and receivable by Responsible Persons

Total Remuneration 439,092 429,232

SSCT had no related party transaction in relation to the trust member’s related party in 2015-2016.


Ms. Leigh Russell (finished 26 August 2015)

Ms. Danni Roche

Mr. Jack Diamond (commenced 26 April 2016) (commenced as Interim Chairman 30 June 2016)

Ms. Patsy Toop (commenced 26 April 2016)

Ms. Kimberley Brown (commenced 9 February 2016)



b. Remuneration of executive officers

The number of executive officers, other than the Minister, Board Members and Accountable Officer who are included in remuneration of responsible persons, and their total remuneration during the reporting period are shown in the table below in their relevant income bands, where greater than $100,000. Base remuneration is exclusive of bonus payments, long service leave payments, redundancy payments and retirement benefits.

Total Remuneration Base Remuneration

2016 2015 2016 2015

REMUNERATION RANGE:

$130,000 - $139,999 - - 1 1

$140,000 - $149,999 - 1 - 1

$150,000 - $159,999 - 1 1 -

$160,000 - $169,999 1 - 1 1

$170,000 - $179,999 1 1 - -

$180,000 - $189,999 1 - - -

$220,000 - $229,999 - - - 1

$230,000 - $239,999 - - 1 -

$240,000 - $249,999 - 1 - -

$250,000 - $259,999 1 - - -

Total Numbers 4 4 4 4

Total Annualised Employee Equivalents 4 4 4 4

Total Remuneration 777,665 $718,711 695,727 $659,558




NOTE 19. SUPERANNUATION

Employees of SSCT are entitled to receive superannuation benefits. Contributions are made to the VicSuper Fund as the SSCT’s default fund, and to other funds elected by employees under Super choices legislation. Superannuation contributions paid or payable for the reporting period are included as part of employee expenses in the comprehensive operating statement of SSCT.

The name, details and amounts expensed in relation to the major employee superannuation funds and contributions made by SSCT are shown in the table below. Other funds represent all other employee funds with a total contribution made below $10,000 for the year.

Paid contributions for the year

Contributions outstanding for the year Total

2016 $ ‘000

2015$ ‘000

2016$ ‘000

2015$ ‘000

2016$ ‘000

2015$ ‘000

DEFINED CONTRIBUTION PLANS:

VicSuper 949 467 39 143 988 610

Hostplus Super 47 86 - 25 47 111

AustralianSuper 56 70 - 30 56 100

Rest Superannuation 8 42 - 2 8 44

Other funds 150 203 26 43 176 246

1,210 868 65 243 1,275 1,111

The difference between note 4 and note 19 is that note 19 includes both employee superannuation contribution and salary sacrifice contributions.

NOTE 20. REMUNERATION OF AUDITORS

Audit fees paid or payable to the Victorian Auditor-General’s Office (VAGO) for the audit of the SSCT’s financial report is set out below in the following table:

SSCT 2016

$ ‘000

SSCT 2015

$ ‘000

Victorian Auditor – General’s Office Audit of the financial report 39 38

39 38



NOTE 21. FINANCIAL INSTRUMENTS

a. Financial risk management objectives and policies

SSCT’s principal financial instruments comprise of;

• cash and deposits;

• receivables; (excluding statutory receivables)

• payables (excluding statutory receivables); and other liabilities.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement, and the basis on which income and expenses are recognized, with respect to each class of financial asset, financial liability and equity instrument above are disclosed in Note 1 to the financial statements.

The main purpose in holding financial instruments is to prudentially manage SSCT’s financial risks within the Government policy parameters. SSCT’s main financial risks include credit risk, liquidity risk, interest rate risk, SSCT manages these financial risks inaccordance with its financial risk management policy.

The carrying amounts of SSCT’s contractual financial assets and liabilities by category are shown in table 21.1.



NOTE 21. FINANCIAL INSTRUMENTS (CONTINUED)

Table 21.1: Categorisation of financial instruments

2016

Contractual financial assets loans and receivables

$ ‘000

Contractual financial liabilities at amortised cost

$ ‘000 Total

$ ‘000

CONTRACTUAL FINANCIAL ASSETS

Cash and deposits 4,027 - 4,027

Receivables (i) 881 - 881

Total contractual financial assets 4,908 - 4,908

CONTRACTUAL FINANCIAL LIABILITIES

Payables (ii) - 2,687 2,687

Other liabilities - 3,422 3,422

Total contractual financial liabilities - 6,109 6,109

2015


Cash and deposits 3,277 - 3,277

Receivables (i) 2,753 - 2,753

Total contractual financial assets 6,030 - 6,030


Payables (ii) - 1,791 1,791

Other liabilities - 4,522 4,522

Total contractual financial liabilities - 6,313 6,313

(i) The total amount of financial assets disclosed here excludes statutory receivables.

(ii) The total amount of financial liabilities disclosed here excludes statutory payables (i.e. Taxes payable).




Table 21.2: Net holding gain/(loss) on financial instruments by category

The net holding gains or losses disclosed below in table 21.2 are determined as follows:

• For cash and cash equivalents, loans or receivables and available for sale financial assets, the net gain or loss is calculated by taking the movement in the fair value of the asset, the interest income, plus or minus foreign exchange gains or losses arising from revaluation of the financial assets, and minus any impairment recognised in the net result;

• For financial liabilities measured at amortised cost, the net gain or loss is calculated by taking the interest expense, plus or minus foreign exchange gains or losses arising from the revaluation of financial liabilities measured at amortised cost.

2016

Net holding gain/(loss)

$’000

Total interest income /

(expense) $’000

Fee income / (expense)

$’000

Impairment loss

$’000 Total $’000


Financial assets – loans and receivables - 54 - - 54

Total contractual financial assets - 54 - - 54

2015


Financial assets – loans and receivables - 117 - - 117

Total contractual financial assets - 117 - - 117




b. Credit risk

Credit risk arises from the contractual financial assets of SSCT, which comprise cash and deposits, non statutory receivables. SSCT’s exposure to credit risk arises from the potential default of a counter party on their contractual obligations resulting in financial loss to SSCT. Credit risk is measured at fair value and is monitored on a regular basis.

For debtors other than the Government, it is SST’s policy to only deal with entities with high credit ratings of a minimum triple-B rating and to obtain sufficient collateral or credit enhancements, where appropriate.

In addition SSCT doesn’t engage in hedging for its contractual financial assets and mainly obtains contractual financial assets that are fixed interest, except for cash and deposits, which are mainly cash at bank.

Provision of impairment for contractual financial assets is recognised when there is objective evidence that SSCT will not be able to collect a receivable. Objective evidence includes financial difficulties of the debtor, default payments, debts which are more than 60 days overdue, and changes in debtor credit ratings.

Except as otherwise detailed in the following table, the carrying amount of contractual financial assets recorded in the financial statements, net of any allowances for losses, represents SSCT’s maximum exposure to credit risk without taking account of the value of any collateral obtained.

Table 21.3: Credit quality of contractual financial assets that are neither past due nor impaired

2016

Financial institutions

(AA- credit rating) $’000

Government agencies

(AAA credit rating) $’000

Government agencies

(BBB credit rating) $’000

Other (min BBB

credit rating) $’000

Total $’000

Cash and deposits 4,027 - - - 4,027

Trade debtors - - - 874 874

Interest receivable 7 - - - 7

Total contractual financial assets 4,034 - - 874 4,908

2015

Cash and deposits 3,277 - - - 3,277

Trade debtors - - - 2,748 2,748

Interest receivable 5 - - - 5

Total contractual financial assets 3,282 - - 2,748 6,030




Table 21.4: Ageing analysis of contractual financial assets

Past due but not impaired

2016

Carrying amount

$’000

Not past due and not impaired

$’000

Less than 1 month

$’0001 - 3 months

$’000

3 months - 1 year

$’0001 - 5 years

$’000

Cash and deposits 4,027 4,027 - - - -

Trade debtors 874 - 757 30 87 -

Interest receivable 7 - 7 - - -

Total 4,908 4,027 764 30 87 -

2015

Cash and deposits 3,277 3,277 - - - -

Trade debtors 2,748 - 2,720 17 11 -

Interest receivable 5 - 5 - - -

Total 6,030 3,277 2,725 17 11 -

c. Liquidity risk

Liquidity risk is the risk that SSCT would be unable to meet its financial obligations as and when they fall due. SSCT operates under the Government fair payments policy of settling financial obligations within 30 days and in the event of a dispute, making payments within 30 days from the date of resolution.

SSCT’s maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of the balance sheet. SSCT manages its liquidity risk by:

• maintaining an adequate level of uncommitted funds that can be drawn at short notice to meet its short-term obligations;

• careful maturity planning of its financial obligations based on forecasts of future cash flows.

SSCT’s exposure to liquidity risk is deemed insignificant based on prior periods’ data and current assessment of risk. Cash for unexpected events is generally sourced from liquidation of available for sale financial investments.

The carrying amount detailed in the following table of contractual financial liabilities recorded in the financial statements, represents SSCT’s maximum exposure to liquidity risk.




The following table 21.5 discloses the contractual maturity analysis of contractual financial liabilities:

Table 21.5: Maturity analysis of contractual financial liabilities

Past due but not impaired

2016

Carrying amount

$’000Nominal amount

$’000

Less than 1 month

$’0001 - 3 months

$’000

3 months - 1 year

$’0001 - 5 years

$’000

Payables 2,687 2,687 - 2,687 - -

Other liabilities 3,422 3,422 950 - 550 1,922

Total 6,109 6,109 950 2,687 550 1,922

2015

Payables 1,791 1,791 - 1,791 - -

Other liabilities 4,522 4,522 550 - 950 3,022

Total 6,313 6,313 550 1,791 950 3,022

d. Market risk

SSCT’s exposures to market risk are primarily through foreign currency risk and interest rate risk. Objectives, policies and processes used to manage each of these risks are disclosed below.

Foreign currency risk

SSCT is exposed to foreign currency risk mainly through receivables relating to the hire of SSCT’s venue by overseas clients, and payables relating to purchases of supplies and consumables from overseas. This is because of a limited amount of transactions denominated in foreign currencies and a relatively short timeframe between commitment and settlement.

SSCT exposures are mainly against the US dollar (USD) and are managed through continuous monitoring of movements in exchange rates against the USD, and by ensuring availability of funds through rigorous cash flow planning and monitoring. Based on past and current assessment of economic outlook, it is deemed unnecessary for SSCT to enter into any hedging arrangements to manage the risk.




Interest rate risk

Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. SSCT does not hold any interest bearing financial instruments that are measured at fair value, and therefore has no exposure to fair value interest rate risk.

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

SSCT has minimal exposure to cash flow interest rate risks through its cash and deposits, term deposits.

SSCT manages this risk by management monitoring movement in interest rates on a daily basis and has concluded for cash at bank, as financial assets that can be left at floating rate without necessarily exposing SSCT to significant bad risk.

The carrying amounts of financial assets and financial liabilities that are exposed to interest rates are set out in Table 21.6 and 21.7:

Table 21.6: Interest rate exposure of financial instruments

2016

Weighted average effective

interest rate %

Fixed interest

rate $’000

Variable interest

rate $’000

Non-interest bearing

$’000

Carrying amount

$’000

FINANCIAL ASSETS

Cash and deposits 1.7% - 4,027 - 4,027

Receivables N/A - 7 874 881

Total financial assets N/A - 4,034 874 4,908

FINANCIAL LIABILITIES

Payables N/A - - 2,687 2,687

Other liabilities N/A - - 3,422 3,422

Total financial liabilities N/A - - 6,109 6,109

2015

FINANCIAL ASSETS

Cash and deposits 2% - 3,277 - 3,277

Receivables N/A - 5 2,748 2,753

Total financial assets N/A - 3,282 2,748 6,030

FINANCIAL LIABILITIES

Payables N/A - - 1,791 1,791

Other liabilities N/A - - 4,522 4,522

Total financial liabilities N/A - - 6,313 6,313




Table 21.7: Market risk exposure – Interest rate

Interest rate risk

2016

Carrying amount

$’000

-1% Net result

$’000

-1% Equity $’000

+1% Net result

$’000

+1% Equity $’000

Cash and deposits 4,027 (40) (40) 40 40

Total (decrease)/increase 4,027 (40) (40) 40 40

2015

Cash and deposits 3,277 (33) (33) 33 33

Total (decrease)/increase 3,277 (33) (33) 33 33

e. Fair value

The fair values and net fair values of financial instrument assets and liabilities are determined as follows:

• Level 1 – the fair value of financial instrument with standard terms and conditions and traded in active liquid markets are determined with reference to quoted market prices;

• Level 2 – the fair value is determined using inputs other than quoted prices that are observable for the financial asset or liability, either directly or indirectly; and

• Level 3 – the fair value is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using unobservable market inputs.

SSCT currently holds a range of financial instruments that are recorded in the financial statements where the carrying amounts are a reasonable approximation of fair value, either due to their short-term nature or with the expectation that they will be paid in full by the end of the 2015-16 reporting period. These financial instruments include:

Financial assets Financial liabilities

Cash and deposits Payables:

Receivables: For supplies and services

• Sale of goods and services • Amounts payable to government

• Other receivables • Other payable

Where the fair value of the financial instruments is different from the carrying amounts, the following information has been included to disclose the difference.




Table 21.8: Fair value of financial instruments measured at amortised cost

Carrying amount 2016

$’000

Fair value 2016

$’000

Carrying amount 2015

$’000

Fair value 2015

$’000


Cash and deposits 4,027 4,027 3,277 3,277

Receivables 881 881 2,753 2,753

Total contractual financial assets 4,908 4,908 6,030 6,030


Payables 2,698 2,698 1,791 1,791

Other liabilities 3,422 3,422 4,522 4,522

Total contractual financial liabilities 6,120 6,120 6,313 6,313



CERTIFICATION

In accordance with a resolution of the Trustees of the State Sport Centres Trust, we state that in our opinion:

a. the information set out in the Comprehensive Operating Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and notes forming part of the financial statements, presents fairly the financial transactions of the Trust during the financial year ended 30 June 2016 and the financial position of the Trust as at 30 June 2016;

b. the attached financial statements for the Trust have been prepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian accounting standards and other mandatory professional reporting requirements; and

c. at the date of this report we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate.

Mr. Jack DiamondInterim ChairmanInterim Chairman

Mr. Phil MeggsChief Executive Officer and Accountable Officer State Sport Centres Trust

Mr. Thomas CrookesChief Finance and Accounting Officer State Sport Centres Trust

Melbourne Date: 26 September 2016




Documents

SPINE - Parliament of Victoria · and community services to the people of Victoria. Mr. Phil Meggs CEO SSCT 3. Support to Sport Melbourne Sports Hub supports 34 sports tenants across