exhibition park in canberra annual report 2013-14

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ANNUAL REPORT 2013-14

EXHIBITION PARK CORPORATION

CONTACT PAGE

Enquiries about this publication should be directed to:

Chief Executive Officer Liz ClarkeMarketing and Business Development Manager Paula Sanchez (contact officer)

Office Address:10 Flemington RoadMITCHELL ACT 2911

Postal Address:PO Box 456DICKSON ACT 2602

Telephone: 02 6205 5230

Internet: www.exhibitionparkincanberra.com.au

Email: [email protected]

© Copyright Exhibition Park Corporation

All rights reserved. Apart from any use as permitted under the Copyright Act 1968, no part may be produced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without written permission of the publisher.

Produced for Exhibition Park Corporation by:EPC Marketing and Business Development Team

This report is available on the Exhibition Park in Canberra website at: www.exhibitionparkincanberra.com.au

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http://www.exhibitionparkincanberra.com.au/

mailto:[email protected]


TRANSMITTAL CERTIFICATE

10th September 2014

Mr Andrew Barr MLAMinister for Tourism and EventsACT Legislative AssemblyLondon CircuitCANBERRA ACT 2601

Dear Minister

This Report has been prepared under Section 6(1) of the Annual Reports (Government Agencies) Act 2004 and in accordance with the requirements under the Annual Report Directions.

It has been prepared in conformity with other legislation applicable to the preparation of the Annual Report by the Exhibition Park Corporation.

We hereby certify that the attached Annual Report is an honest and accurate account and that all material information on the operations of Exhibition Park Corporation during the period 1 July 2013 to 30 June 2014 has been included.

We hereby certify that fraud prevention has been managed in accordance with Public Sector Management Standards, Part 2.

Section 13 of the Annual Reports (Government Agencies) Act 2004 requires that you cause a copy of the Report to be laid before the Legislative Assembly within 3 months of the end of the financial year.

Yours sincerely

PETER BARCLAY OAM LIZ CLARKEChairman Chief Executive OfficerExhibition Park Corporation Board Exhibition Park Corporation

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CONTENTSPage

A Transmittal certificate 2

B PERFORMANCE REPORTINGB.1 Organisational overview 4B.2 Performance analysis 13B.3 Community engagement and support 14B.4 Ecologically sustainable development 17

C GOVERNANCE AND ACCOUNTABILITY REPORTINGC.1 Internal accountability 20C.2 Risk management and internal audit 24C.3 Fraud prevention 25C.4 Legislative Assembly inquiries and reports 26C.5 Auditor-General and Ombudsman reports 26

D LEGISLATION BASED REPORTINGD.1 Public interest disclosure 27D.2 Freedom of information 27D.3 Human Rights Act 29D.4 Territory Records Act 30D.5 Legal services directions 31D.6 Notices of non compliance 31D.7 Bushfire risk management 31D.8 Commissioner for the Environment 31

E HUMAN RESOURCES MANAGEMENT REPORTINGE.1 Human resources management 32E.2 Learning and development 33E.3 Work health and safety 34E.4 Workplace relations 36E.5 Staffing profile 37

F FINANCIAL MANAGEMENT REPORTINGF.1 Financial management analysis 40F.2 Financial statements 49F.3 Capital works 113F.4 Asset management 114F.5 Government contracting 115F.6 Statement of performance 117

ATTACHMENTS1. Compliance index 1232. List of abbreviations and acronyms/Glossary of technical terms 1243. Alphabetical index 125

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B. PERFORMANCE REPORTING

B.1 Organisational overview

The Exhibition Park Corporation (EPC), governed by a Board established by the Exhibition Corporation Act 1976, manages Exhibition Park in Canberra (EPIC). EPIC is a Territory-owned national exhibition centre. This major events venue is the largest of its kind in the Australian Capital Territory and surrounding region. EPIC hosts indoor and outdoor events for businesses and the community. EPIC hosts a number of high profile events throughout the year such as the Royal Canberra Show, Summernats Street Machine Car Festival, the National Folk Festival and the Capital Region Farmers Market.

EPIC has venue facilities to cater for a diverse range of events from conferences, music festivals to exhibitions and trade fairs, provided at competitive rates. Apart from a business focus, the purpose of EPIC is to provide a community meeting place for all Canberrans and visitors.

Functions and services

The functions of EPC, as provided in the Act, are to: manage the national exhibition centre; conduct at the national exhibition centre exhibitions, conventions and shows, and sporting,

recreational and cultural activities; conduct at the national exhibition centre other activities that the Minister approves; provide at the national exhibition centre buildings, structures, arenas and facilities, whether

permanent or temporary, necessary for, or incidental to, the conduct of the exhibitions, shows, and activities mentioned above;

conduct on land held by EPC under lease, the activities or undertakings authorised by the lease that EPC considers appropriate; and

ensure that all activities conducted on site are in accordance with relative Territory laws and are aligned with governing legislation.

EPC’s vision

To be a leading gathering place that is treasured by our community and is a sustainable commercial enterprise.

EPC’s mission

To provide an economic and environmentally sustainable venue facility, enriching the economic and cultural development of Canberra and the region by providing indoor and outdoor opportunities for entertainment, recreation and commercial interests.

EPC’s values

We: strive to meet our customers’ needs; provide friendly, responsive and professional sales and customer service; are committed to safety; are committed to providing the best possible results for our clients; value our staff;

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B.1 Organisational overview (continued)

EPC’s values (continued)

are environmentally responsible; are committed to providing an accessible facility; value diversity; seek continuous improvement in everything we do; are honest and exhibit high levels of integrity, openness and ethical behaviour; and embrace new ideas and innovation.

Clients and stakeholders

The major stakeholders of EPC are the ACT Government, clients, and the community of Canberra. The commitment of both the EPC Board and staff in maximising EPIC’s revenue potential has not only benefited the Territory, but hundreds of businesses such as hotels/motels, shopping centres, restaurants, transport providers, event equipment and hire suppliers, and local producers. In addition to the support provided by EPC staff to the many clients who hold one off events at EPIC, there are a number of long term clients who are on-site tenants that EPC staff also support.

Long term clients and/or tenants:

Royal National Capital Agricultural Society: Royal Canberra Show; National Wine Show; Royal Canberra Poultry Show; Canberra Regional Wine Show; Spring Home and Leisure Show; and Junior judging agricultural workshops.

Out There Productions: Summernats Street Machine Car Festival; and Tropfest.

Canberra Harness Racing Club: Overseer and organiser of horse pacing meetings in the ACT.

Rotary Club of Hall: Capital Region Farmers Markets.

National Folk Festival Organisation: National Folk Festival.

Dogs ACT: Governing body of 29 ACT canine breed clubs and overseer of over 100 annual dog shows.

ACT German Shepherd Dog Club: German Shepherd dog obedience classes; and German Shepherd dog shows.

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Clients and stakeholders (continued)

Expertise Events: Craft & Quilt Fair.

SnowSport Industries of Australia: SIA SnowSports Trade Show.

Canberra Games Society: CANCON; and WinterCon.

Exhibition and Marketing Services Australia: Retirement, Lifestyle and Travel Expo.

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EPC structure

As of 30 June 2014

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Economic Development Directorate

Minister for Tourism and Events

Exhibition Park CorporationBoard

Chief Executive OfficerLiz Clarke

Corporate Services Senior Manager

Event Operations Manager

Marketing & Business Development

Event Sales Administrat

or

Chief OperationsOfficer

VenueOperations Manager

Groundsman

Business Manager

Accounts Assistant

Event Operations Assistant

Groundsman/Maintenance

Camping Officer

Weekend Camping Officers

EventAdministrator


As the Chair of the EPC Board I am pleased to present this annual report.

In the year under review, events continued to be extremely competitive in the industry sector with many venues continuing to face significant financial pressures.

As reported in EPC’s Annual Report 2012-13, a number of significant events at the venue were cancelled for 2013-14. These included the National Tally Room (due to cessation of the event); a long term annual trade show (which moved to a new location interstate); and a major client’s annual dinner (due to changed priorities). The loss of these events meant a significant negative financial impact, of around $420,000 on EPC’s budget at the start of the financial year. EPC sought new events to address this shortfall as well as diversifying its revenue stream. For instance, EPC increased the number of short term lots for lease in an unused area of the site, and the refurbished Conference Centre assisted in attracting new events to the venue.

The EPC Board and management continued to work closely with Government agencies to acquire Block 799 for the low cost tourist accommodation development. During the reporting period the direct sale of the land to EPC occurred and servicing of the block commenced. Having secured the land, final contractual negotiations with the preferred tenderer, FreeSpirit, are now being finalised. FreeSpirit lodged its development application in June 2014 and is proposing to be operational in the first half of the 2015 calendar year. The additional revenue from this development will provide EPC a significant alternate revenue stream.

The Board continues to demonstrate its commitment to ensuring a safe work and public environment at the venue, to meet regulatory compliance with relevant legislation and regulations. EPC management continued to maintain a rigorous maintenance planning schedule to optimise its maintenance operations and minimise ‘unplanned’ works. However, for a venue with such ageing infrastructure ‘unplanned’ works will continue to occur and will be an ongoing financial pressure. The Board remains committed to maintaining infrastructure to an appropriate standard to ensure a safe environment for its staff, patrons, and members of the public.

Although EPC continued to face financial pressures during the reporting period it is pleasing to note that the end of year operating result, being ($916,000), was $48,000 better than the forecast deficit of ($964,000). The result is also an improvement from the previous year which had a deficit of ($1.244 million). The total comprehensive income for the reporting period was a surplus of $1.962 million.

Total expenditure for the reporting period was $4.658 million, 14 per cent lower than the 2013-14 published budget of $5.386 million. Expenditure for the reporting period was 14 per cent lower than in 2012-13.

Details of both revenue and expenditure are explained in the financial management analysis section, see page 40.

EPC’s net asset position at 30 June 2014 was $40.068 million, $3.282 million higher than the 2012-13 actual result of $36.786 million due largely to increased property valuation and acquisitions ($3.697 million).

EPC continued to maintain a commercial focus for its business but also ensured support was provided to not-for-profit and community groups. In-kind support or reduced commercial rates are

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provided to not-for-profit or community groups for the use of facilities at EPIC. For the reporting period EPC provided close to $700,000 of in-kind support. It is important to note that if EPC charged the commercial rate for these events, the organisation would have returned a significantly smaller deficit for the year.

The EPC Board is aware of the significant financial return to the Territory that results from many of the events that are held at EPIC. Over 1.25 million people pass through EPIC’s gates annually, of which approximately 213,000 are visitors from outside the ACT. These events also provide a significant economic contribution to Canberra – creating jobs, boosting tourism, and increasing patronage to restaurants, to name a few. EPC’s financial results do not reflect this economic boost to the Territory.

Improvements introduced through the year include: Completion of the refurbished Conference Centre; Upgraded storage facilities; Upgraded power at the campground and Arena; Safety improvements to external pathways; and Commencement of LED lighting project.

The EPC Board is particularly interested in the outcome of external Government studies: The proposal to collocate Canberra’s thoroughbred, harness, and greyhound racing clubs and

EPIC; and The Capital Metro Project.

Both proposals have the potential to affect EPC’s draft master plan and the Board has properly determined to wait until the studies are finalised and recommendations agreed prior to finalising its plan. However, EPC will continue to undertake medium upgrades and maintenance of the venue’s ageing infrastructure to ensure these are kept to an appropriate industry and compliance standard.

EPC will also continue to progress its financial plan to increase the financial return to the organisation and the Territory.

Planning framework and direction setting mechanisms

In reviewing EPC’s planning framework and direction setting, the following issues are relevant:

Manage The venue continues to attract and successfully stage in excess of 300 events per year: many over multiple days or weekends. To support these events EPC provides catering; camping/caravan accommodation; and parking operations.

Develop Development of EPC’s Statement of Intent for 2014-15, outlining EPC’s strategic direction for the future to ensure its long term development and viability.

Maintain Capital works and cyclical maintenance programs are paramount for this ageing facility as its infrastructure requires significant maintenance and upgrading to maintain the value of the asset and ensure that the venue is presented to all users to an appropriate standard.

Promote EPC has developed a marketing and sales strategy providing commercial focus to increase business at the venue.

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Service EPC continues to provide high quality customer service through its experienced sales, events, and operations team. The team is a critical factor in attracting and retaining events.

Revenue EPC currently holds reserves of which will be used to invest in the future of the venue. Careful management of income and expenditure is paramount in the current financial situation.

Organisational environment

EPIC is a Territory-owned national exhibition centre and is the largest of its kind in the Australian Capital Territory and surrounding region, hosting indoor and outdoor events for businesses and the community. EPIC’s total outdoor space is approximately 71 hectares and total indoor space 10,500 square metres. The estimated annual visitation rate is 1.25 million.

EPIC is managed by EPC and governed by a Board established by the Exhibition Park Corporation Act 1976. EPC is positioned in the Economic Development Directorate (EDD) portfolio, under the Business, Tourism, Events and Sport Division.

Significant organisational changes

During 2013-14 EPC Board changes were: Mr John Haskins – Chairman resigned October 2014.

Management of EPC is the responsibility of the Board and Chief Executive Officer. EDD brings together elements of the ACT Public Service responsible for working with the business community in relation to tourism and events, sport and recreation, economic development and business support programs as well as the design and delivery of the government’s land release program.

Under the Exhibition Park Corporation Act 1976, EPC may make arrangements with the chief executive of the ‘business unit’ for the use of the services of public servants under the chief executive’s control and makes available additional resources for administrative support in areas such as human resources.

Legislative framework, statutory powers and functions

The Exhibition Park Corporation Act was established in 1976. In accordance with the Act, EPC may, with the Minister’s approval, make by-laws for this Act in relation to the management and control of the National Exhibition Centre (known as Exhibition Park in Canberra).

The by-laws may make provision in relation to: the regulation or prevention of the possession, supply and consumption of liquor within the

meaning of the Liquor Act 2010 at the National Exhibition Centre; the regulation of admission of people to, the removal of people from, and the conduct of

people at, the National Exhibition Centre; the regulation of traffic at the National Exhibition Centre; and the by-laws may prescribe offences for contraventions of the by-laws and prescribe maximum

penalties of not more than one penalty unit for offences against the by-laws.

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Subsidiaries, joint ventures or partnerships

EPC does not have subsidiaries nor has entered into joint ventures or partnerships during the reporting period.

Closing

In closing, I would like to formally record my appreciation of the work undertaken by the former Chairman, Mr John Haskins AM, for his three years tenure at EPC; in addition to the commitment and work ethic of my fellow Board members, the Chief Executive Officer and of the EPC staff. It is continually pleasing to observe the professionalism and dedication of the small EPC team in hosting more than 300 events a year, attracting more than 1.25 million patrons to the venue, and keeping expenses to a minimum. The presentation of the venue continues to be shown at a high level, even with ageing infrastructure and a small budget. Exhibition Park is an iconic venue for the community and is pivotal to many activities in Canberra and the region. It is a multi-faceted venue, not only hosting events but other activities such as an emergency evacuation centre for the equestrian sector.

Each year there are continued financial challenges to address but the Board is confident that EPC’s financial situation will continue to improve in the forward years.

Peter Barclay OAMChairmanExhibition Park Corporation Board

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Highlights

Highlights during the 2013-14 financial year were: continued increase in camping revenue the completion of the refurbished Conference Centre successful events, including:

- Summernats Street Machine Car Festival;- Royal Canberra Show;- National Folk Festival;- Capital Region Farmers Markets;- Craft & Quilt Fair;- Timber & Working with Wood Show;- Watchtower District Convention and Circuit Assemblies; - SIA SnowSports Trade Show;- Spring Home and Leisure Show including Caravan Camping & 4WD Show;- National Wine Show;- Australian Fellowship of Evangelical Students National Conference; and- Retirement, Lifestyle & Travel Expo.

Outlook

EPC will continue to: optimise the efficient use of EPIC to improve financial outcomes; ensure the EPIC experience is valued and meets the expectations of the Canberra community

and visitors; provide the best possible results and experience for our clients; provide efficient and effective systems and operations; and develop and support our staff.

EPC will actively explore opportunities to expand its business. In all its endeavours, EPC will take direction from Government policy and vision.

Future priorities

progress the development of low cost tourist accommodation; finalise EPC’s master plan; reduce expenditure and increase revenue; continue to identify and implement investment and commercial opportunities; continue to increase occupancy at EPIC’s camping/caravan ground; continue to increase the number of conferences and dinners held at the venue; continue to increase the number of major events at the venue; continue to improve facilities; continuous improvement of environmentally sustainable measures at EPIC; and continue to provide a safe, clean, accessible environment at EPIC.

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Forecast trends and subsequent changes

The following trends and changes are forecast: continued increase in camping and caravanning activity; increased revenue streams from developments such as the low cost tourist accommodation;

and improved facilities due to ACT Government funding for capital works.

B.2 Performance analysis

Operating Performance

The operating result for the financial year 1 July 2013 to 30 June 2014 was an operating deficit of $0.916 million. The deficit was $0.048 lower than anticipated and can be mainly attributed to lower maintenance costs as capital upgrades projects have been targeted at areas most in need of improvement in the standard and operation of the asset, reducing the need for urgent one-off repairs.

Revenues Analysis

Revenues were lower than budgeted by $0.688 million or 15 per cent largely due to the cancellation or deferral of a number of major events, including the National Tally Room. The increase in demand for storage blocks partially offset the reduction in events revenue.

Expenses Analysis

Total expenditure was $4.658 million. This was $0.728 million or 14 per cent lower than budgeted. Supplies and services was $0.667 million or 22 per cent below budget as a result of lower catering expenses following the cancellation or deferral of a number of events. Maintenance costs decreased as capital upgrades projects have been targeted at areas most in need of improvement in the standard and operation of the asset, further reducing the need for urgent one-off repairs.

Capital Works

During 2013-14 EPC received capital works funding of $1.320 million from the ACT Government. The funding was expended on the following approved projects:

Project Funding Provided Status

Power provision and safety improvement $0.201milliion Completed

Upgrade of arena lights and infrastructure $0.130million Completed

Venue signage upgrades $0.070million Completed

Main pedestrian thoroughfare upgrade $0.036million Completed

Upgrade flooring – Coorong Pavilion and The Terrace $0.075million Completed

Upgrade venue plant equipment $0.019million Completed

B.2 Performance analysis (continued)

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Project Funding Provided Status

Upgrade venue booking system $0.008million Completed

Installation of additional camping area $0.112million Not completed*

Car park upgrade to enhance accessibility $0.108million Completed

Conference Centre Refurbishment $0.561million Completed

EPC will continue to target its capital works program at improving facilities to optimise the efficient use of its resources. During the 2013-14 reporting period EPC completed a number of upgrades projects and two major capital works projects in the Conference Centre refurbishment and, the car park upgrade to enhance accessibility. These projects will improve and add to existing facilities attracting more events and exhibitions to EPIC.

*The majority of work has been completed on the installation of the additional camping area. The commissioning of the site is expected to take place in August 2014 with the completion of electrical works and installation of the power, water and grey water connections.

Liquidity

Exhibition Park Corporation’s current ratio as at 30 June 2014 is 0.97 to 1, which is lower than the budgeted current ratio of 1.18 to 1. Exhibition Park Corporation can comfortably continue to meet its short-term debts.

B.3 Community engagement and support

During the reporting period, EPC demonstrated its commitment to provide support to the community and the Territory in providing approximately $700,000 of in-kind support to organisations and community groups.

Organisation / recipient

Project description / process /

period of time engaged

Outcomes Value of support(ex GST)

Canberra Special Children’s Christmas Party

Provision of indoor facilities for about 1,600 terminally ill, intellectually or physically impaired children and their families to attend a Christmas party.

The event provides support to these children and their families. EPC was able to demonstrate its support to the community and special groups.

$22,000

Lifeline Canberra Provision of indoor facilities for the staging of Lifeline’s Spring and Autumn Book Fairs.

The Book Fairs are Lifeline’s primary fundraising events aimed at generating income to support its 24 hour telephone counselling service and other services.

$179,500

B.3 Community engagement and support (continued)



Outcomes Value of support

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period of time engaged (ex GST)ACT Model Car Racing Club

Provision of EPIC facilities for the staging of model car race meetings.

EPC was able to demonstrate its support to the community and special groups.

$55,000

ACT Taekwondo Provision of indoor facilities for the staging of national Taekwondo Tournament.


$6,100

Cavalier King Charles Spaniel Club of Canberra

Provision of indoor facilities for specialty club’s dog show.


$2,100

Birman Cat Show and Sale

Provision of indoor facility for annual cat sale.

EPC was able to assist the organiser in creating a viable annual event for their community group by providing a discounted start up rate.

$1,900

National Folk Festival Provision of EPIC facilities for the staging of the annual folk festival.

A major tourism event for the ACT. EPC received media exposure from this event, raising its profile and showcasing the venue to local, national and international attendees.

$109,000

Beyond Blue Charity Drive

Provision of outdoor facilities as the meeting place of Charity Drive Day.

EPC was able to support a charity fundraising event raising money to support the Canberra community.

$1,200

ACT & Southern Highlands Horse Association

Provision of EPIC Arena and equestrian areas for the staging of the ACT & Southern NSW Hack Championships

This event is an important event on the equestrian calendar in the ACT. EPC was able to demonstrate its support to the community and special groups.

$13,000

Great Southern Supreme Merino Committee

Provision of indoor facilities for the staging of the Great Southern Supreme Merino Show and Sale.

The event provides opportunity for Merino Studs to show and sell their sheep and allows EPC to show its support for agricultural groups.

$6,800

KultureBreak Provision of indoor facilities for the staging of a Youth engagement event.

EPC was able to demonstrate its support to the community and youth organisations.

$2,000

ARABS Inc. Provision of EPIC Arena and equestrian areas for the staging of the National Capital Horse Show.

This event is one of the largest equestrian events held in the ACT. EPC was able to demonstrate its support to the community and special groups.

$15,000

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B.3 Community engagement and support (continued)



period of time engaged

Outcomes Value of support(ex GST)

Royal National Capital Agricultural Society: Royal Canberra

Show National Wine

Show of Australia Canberra Regional

Wine Show Olive Oil

Presentation Dinner

Junior Judging Education Day

Junior Hereford Society Youth Cattle Show

National Poultry Show

Provision of indoor and outdoor facilities for the staging of agricultural and community events.

EPC’s ongoing support to the Royal National Capital Agricultural Society helps promote the agriculture industry in Canberra and the region and provides a range of community, educational and family events in Canberra.

$168,500

Canberra Lapidary Club Inc.

Provision of indoor facilities for the staging of the Winter and Spring Gemcraft & Mineral Shows.

These events are the special interest club’s main activities aimed at showcasing and raising the club’s profile to the wider community. EPC was able to demonstrate its support to the community and special groups.

$4,900

Veteran Vintage Motorcycle Club ACT Inc.

Provision of indoor and outdoor facilities for the staging of the Club’s Annual Swap Meet.

The swap meet is a primary event for this special interest club’s main activities aimed at showcasing and raising the clubs profile to the wider community. EPC was able to demonstrate its support to the community and special groups.

$5,150

Australian Fellowship of Evangelical Students

Provision of EPIC facilities for the staging of a youth conference.

This event brought youth together from around Australia. EPC was able to demonstrate its support to the community and special groups.

$93,000

Gungahlin Eagles Football Club

Provision of wet weather training venue.

EPC was able to demonstrate its support to community groups.

$9,700

During the reporting period, EPC did not have any projects requiring community consultation. However, EPC constantly seeks feedback from the community, through a number of communication means, including EPC’s website where the community are able to provide comments/feedback at any time.

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B.4 Ecologically sustainable development

The ACT Government is committed to sustainable development of the ACT and encourages agencies to embed sustainability in their decision-making processes. The commitment was translated into a legislative responsibility for agencies to develop policies and programs to promote ecologically sustainable development (ESD) through the Climate Change and Greenhouse Gas Reduction Act 2010 (CCGGRA) and the Environment Protection Act 1997 (EPA).

Under Section 2 of the EPA, ESD is defined as the effective integration of economic, social and environmental considerations in decision-making processes.

Section 158A of EPA requires agencies to record their contributions to ESD and the measures being taken to limit their environmental impact. In addition, the CCGGRA requires agencies to report on the policies and programs developed and implemented during the year to address climate change and meet the ACT’s emissions reduction targets. EPC made a successful application to the Carbon Neutral Loan Fund for replacement of old style lighting at EPIC with LED lights and this is currently underway. All lights will be in place early in the 2014-15 financial year and are expected to provide a better quality light at much reduced power consumption levels.

EPC has undertaken a number of actions and initiatives during 2013-14 to support ecologically sustainable development. These are detailed below.

Greenhouse emission reductions

Actions taken to reduce greenhouse emissions during the reporting period included: purchase of carbon neutral paper for office use; turning off power to computers, printers and copiers when not in use; minimising use of internal lighting; programmed maintenance and servicing of heating/cooling systems; strict vehicle servicing regime; recycling facilities and systems for paper, cardboard, plastics, glass, toner cartridges and oil; encouraging hirers in the planning of their events to ensure best utilisation of areas and the

duration of hire periods to achieve minimum use of resources; and advise exhibitors on the use of energy efficient lighting for exhibitions.

Water efficiency

Actions taken for water efficiency during the reporting period included: continuation of EPIC’s shower head replacement program with more water efficient devices; ensuring event participants use buckets and trigger nozzles for water usage; continued replacement of single flush with dual flush systems in toilets; placement of notices around the EPIC site encouraging visitors to conserve water; attending promptly to any water leaks; continued installation of individual stop valves on outside taps to conserve water; installed ceramic taps to prevent water leakage in camping area; continued planting of drought hardy plants; and commissioned water harvesting project reducing reliance on potable water use for irrigation.

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B.4 Ecologically sustainable development (continued)

Waste minimisation

Actions taken to minimise waste during the reporting period included: event organisers were encouraged to adopt a waste reduction strategy for their activities; EPIC’s many suppliers were encouraged to use recyclable and reusable packing; collection of recycling of straw and horse manure after equestrian events; promoting the use of email for communications to reduce the impact on paper usage; recycling bins located around the venue during events for use by participants; EPC staff to print documents double sided and set as default; and use of reusable printed signage at the venue where possible.

Transport efficiency

EPC currently has ten vehicles, including a tractor and a truck. all vehicles are regularly serviced and maintained to operate at maximum efficiency; and where possible, staff travel in one vehicle for business purposes.

Ecologically sustainable development indicators

The following table provides a summary of information reported against the ecologically sustainable development indicators.

Indicator as at 30 June 2014 Unit 2012-13 2013-14 Percentage Change

Agency staff and areaAgency staff and area FTE 13.6 11.02 -18.97%Workplace floor area Area (m²) 270 270 0.00%Stationery energy usageElectricity use ** Kilowatt hours 1,352,178 1,294,317 -4.28%Renewable energy use Kilowatt hours 202,827 194,148 -4.28%Natural gas use Megajoules 10 9 -10.00%Transport fuel usageTotal number of vehicles Numeric 10 10 0.00%Total vehicle kilometres travelled Kilometres 24,803 19,567 -21.11%Fuel use – petrol Kilolitres 3,408 3,483 2.20%Fuel use – diesel Kilolitres 4,385 4,129 -5.84%Fuel use – Liquid Petroleum Gas (LPG) Kilolitres 0 0 0.00%Fuel use – Compressed Natural Gas (CNG)

Kilolitres 0 0 0.00%

Water usageWater use Kilolitres 39,419 41,351 4.90%

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B.4 Ecologically sustainable development (continued)

Indicator as at 30 June 2014 Unit 2012-13 2013-14 Percentage Change

Resource efficiency and wasteReams of paper purchased Reams 168 214 27.38%Recycled content of paper purchased Percentage 50 100 100.00%Waste to landfill Tonnes 54.36 103.22* 89.88%Co-mingled material recycled Tonnes 31.68 44.46 40.34%Paper and cardboard recycled (incl. secured paper)

Tonnes 13.43 23.59 75.68%

Organic material recycled Tonnes 0 0 0.00%Greenhouse gas emissionsEmissions from stationery energy use Tonnes CO2-e 1,225.42 1,395.56 13.88%Emissions from transport Tonnes CO2-e 21.42 20.55 -4.06%Total emissions Tonnes CO2-e FTE 1,246.84 1,416.11 13.58%

*The increase in waste to landfill during the reporting period was largely due to an increase in the number of events held at EPIC and a change in the method of waste measurement by the contractor.

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C. GOVERNANCE AND ACCOUNTABILITY REPORTING

C.1 Internal accountability

Exhibition Park Corporation Board

EPC’s Board comprised the following members during the period 1 July 2013 to 30 June 2014:

John Haskins AM Chair (1 July 2013 – 1 October 2013)Peter Barclay OAM Deputy Chair (1 July 2013 – 30 September 2013)

A/g Chair (1 October 2013 – 30 June 2014)Robyn Hendry Board member (1 July 2013 – 30 September 2013)

A/g Deputy Chair (1 October 2013 – 30 June 2014)Shane O’Leary Board member (non remunerated) (1 July 2013 – 1 March 2014)Liz Clarke Chief Executive Officer (non remunerated) (1 July 2013 – 30 June 2014)

Criteria for Board Membership

When appointing members to EPC’s Governing Board, appointments are done so under the Financial Management Act 1996, Division 9.2. In selecting candidates for appointment to the Board, consideration is given to the skill mix of the Board to ensure that members have appropriate qualifications in areas such as accounting/finance, law and marketing. Consideration is also given to the Government’s commitment to representation of women, people from culturally and linguistically diverse backgrounds and Aboriginal and Torres Strait Islander people on its board.

Governing Board Appointment Procedures

The appointment of Board members is outlined in the Financial Management Act 2006. The Board includes the Chief Executive Officer of EPC. The responsible Minister appoints all members to EPC’s Board. Before making an appointment, Cabinet must agree to the proposed appointment. In accordance with Part 19.3 of the Legislation Act 2001 all appointments, except the appointment of public servant members, are referred to the Standing Committee on Public Accounts. After consideration of any recommendations from the Standing Committee, the Minister signs an Instrument of Appointment (Disallowable Instrument) and the appointment is notified on the ACT Legislation Register.

Qualifications and Experience of Governing Board Members as at 30 June 2014:

Board Member Qualifications and Experience

Peter Barclay OAM

A/g Chair of the EPC Board. Managing Director of King O’Malley’s; Managing Director of Kintella Pty Ltd. Board Member of the Canberra CBD Pty Ltd; Salvation Army Central Appeal Committee Member; Board Member of the Australian Hotels’ Association (ACT); Member of the ACT Government CCTV Audit Review Committee.

Bachelor of Economics and Graduate Diploma in Valuation; Associate of the Australian Property Institute.

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C.1 Internal accountability (continued)

Board Member Qualifications and Experience

Robyn Hendry

Chief Executive Officer, Canberra Convention Bureau. A/g Deputy Chair of the EPC Board; Chair of EPC Board’s Internal Audit and Risk Management Committee. Director Australian Association of Convention Bureaux; Director Cultural Facilities Corporation; Council Member Tourism Quality Council of Australia; Tourism Visa Advisory Group Committee Member; Consultative Committee Member Canberra Business Council.

Bachelor of Management; Advanced Diploma of Hospitality; Australian Institute of Company Directors Course.

Liz Clarke FAICD

Chief Executive Officer, EPC, is also a Fellow of the Australian Institute of Company Directors. Her role and responsibilities are: the overall management of EPIC; overseeing the development and implementation of policies

and strategic plans as set out by the EPC Board; effectively leading, motivating and supporting staff, focusing

on the delivery of excellent customer service; overseeing the effective financial management of the

organisation and ensuring risk management systems and internal control procedures are in place; and

promoting EPIC through a coordinated marketing program.

Board meeting attendance

There were nine EPC Board meetings held during the period 1 July 2013 to 30 June 2014.

The number of meetings attended by Board members was as follows:

Board Member Number of meetings

John Haskins AM 2 of 2

Peter Barclay OAM 9 of 9

Robyn Hendry 9 of 9

Shane O’Leary 5 of 6

Liz Clarke 9 of 9

Appointment/retirement of board members

The Government has a policy to regularly review the membership of its Boards to ensure that there is a diversity of skills and experiences and to limit the number of times that a member is reappointed to the same Board. Other requirements are as described under “Criteria for Board Membership” such as gender representation.

21


Remuneration arrangements

As stipulated in the Remuneration Tribunal Act 1995, the Remuneration Tribunal reviews the remuneration of full and part time statutory authority positions.

Major issues and/or legislation involving Board consultation

The major issues, consultation and legislation involving the EPC Board during 2013-14 were: acquisition of Block 799 Gungahlin for low cost tourist accommodation development; proposal to collocate Canberra’s thoroughbred, harness, and greyhound racing clubs and EPIC;

and ongoing monitoring of EPC’s financial position.

Oversight of the preparation of EPIC’s financial statements and internal controls including composition and responsibilities of audit committee

At every EPC Board meeting a comprehensive financial report is provided to all Board members ten days in advance of the meeting. At the meeting full discussion of all financial matters is undertaken and issues recorded in the minutes of the meeting.

The EPC Board has a separate Internal Audit and Risk Management Committee to consider more deeply and action audit issues. The matters discussed are minuted and a full report is provided to EPC Board members at their next meeting.

Name of Committee Role MembershipInternal Audit and Risk Management Committee

To oversee and advise on matters of accountability and control. See page 25

See page 24, C.2 Risk management and internal audit for further details on EPC Board’s Internal Audit and Risk Management Committee.

Audit arrangements

See above details.

Ethical standards

EPC Board members are regarded as public office holders. As such each Board member has a duty to discharge duties and responsibilities entrusted to them according to the highest standards of conduct. The public has a right to expect that the public sector operates fairly, impartially and efficiently. Board members may be required by the nature of their public office to accept restrictions on certain aspects of their private conduct. The Board will meet expected standards if all members act in accordance with the principles set out in the code of conduct.

The code embodies principles which should be observed by all Board members: a Board member should perform their official duties honestly and impartially, uninfluenced by

fear or favour; a Board member should be frank and honest in official dealings with colleagues;

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a Board member should avoid situations in which their private interest, whether pecuniary or otherwise, conflicts or might reasonably be thought to conflict, with their public duty;

where a Board member possesses, directly or indirectly, an interest which conflicts or might reasonably be thought to conflict with the individual’s public duty, or improperly influence their conduct in the discharge of their responsibilities, the Board member must disclose that interest, and where new or additional facts arise, should disclose the further information. It is preferable that this disclosure be made before the Chairman prior to the next scheduled meeting;

when the interests of a Board member’s immediate family are involved the individual should disclose those interests to the extent that they are known. Immediate family will ordinarily be taken to comprise only the Board member’s partner and dependent children, but may also include other members of their disclosed household or family when their interests are closely connected with the individual’s interests;

when a Board member possesses an interest which conflicts or might reasonably be thought to conflict with the duties of office and such interest is not prescribed as a qualification for that office, the Board member should forthwith divest themselves of that interest; secure their removal from the duties in question; or obtain the authorisation of the Chair of the Board or Committee or the Minister to continue to discharge the duties;

a Board member shall not use information obtained in the course of official duties to gain direct or indirect pecuniary advantages for himself or herself or for any other person;

a Board member shall not allow the pursuit of his or her private interest to interfere with the proper discharge of their public duties;

where a Board member has a direct interest in a matter which is the subject of discussion before the Board, the individual shall absent herself or himself from the room whilst the discussion and any decision on it is being conducted. If there is any doubt about whether a Board member has a conflict that requires the individual to leave the room, the interest should be disclosed and the Chairman will make a decision as to whether the individual is bound to leave during the discussion;

a Board member must not take any improper advantage or benefit from his or her appointment including:

- benefit for the discharge of the duties of the office, other than official benefits or complimentary tickets, programs or invitations to the functions including event openings and the like where the invitation and presence of the Board members are public and obvious;

- any benefit, advantage or promise of future advantage whether for the Board member or his or her immediate family or any business concern or trust with which they are associated or persons who are in, or seek to be in; any contractual special relations with Government (same as for above);

- except as referred to above, accept any gift, hospitality or concessional travel offered in connection with the discharge of the duties of her or his office; or

- a register is kept by EPC. all Board members must be scrupulous in their use of public property and services and should

not permit their misuse by other persons; and all Board members must strictly observe the duty of confidentiality and not disseminate any

information that comes to them in their capacity as a Board member. Also in particular, Board members must not disseminate EPC Board’s discussions and recommendations until the Minister’s decisions are made public.

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EPC Board member resources

To ensure high level Board performance, all Board members are encouraged to undergo professional development. Resources are available for Board members to assist them to carry out their duties, including access to independent professional or legal advice.

EPC committees

EPC Board has one committee – the Internal Audit and Risk Management Committee which meets to discuss relevant issues. See pages 24 and 25 for further information.

EPC organisation chart

See page 7.

Conflict of interest

In accordance with Section 88 of the Financial Management Act 1996, there were no conflicts of interest from Board members for the financial year ending 30 June 2014.

C.2 Risk management and internal audit

In 2013-14 EPC’s Risk Management Plan and Business Continuity Plan were revised following input from the EPC Board and staff. Emerging risks are added to the risk profile as the need arises.

In 2013-14 the EPC Board’s Internal Audit and Risk Management Committee met on four occasions. The Committee reviewed all EPC’s policies and procedures to ensure legislative and governance compliance.

The internal audit function is established to assist the Exhibition Park Corporation (EPC) Board and management to verify that appropriate governance of operations is in place and to achieve sound managerial control over all aspects of the operations of EPIC including accounting, financial control, asset management and information management and control systems.

The overall objective of the program of internal audit is to assist all levels of management in the effective discharge of their responsibilities by providing independent analysis, appraisals, advice and recommendations concerning the activities reviewed.

The internal audit coverage may extend to all areas of EPIC and include financial, accounting, administrative, computing and other operational activities.

The extent and frequency of internal audits will depend upon varying circumstances such as results of previous audits, relative risk associated with activities, materiality, the adequacy of the system of internal control and the resources available.

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C.2 Risk management and internal audit (continued)

The role of the Internal Audit & Risk Management Committee is to: review the proposed scope of the internal and the external audit function; review audit performance; appraise the effectiveness of the audit by discussing the approach to the examination and

areas where special attention was considered necessary; review the management letter provided by the Auditor-General on any weaknesses in internal

accounting, organisation and operating controls, and consider the recommendations made by the Auditor-General and the action taken by management in response to the Auditor’s suggestions; and

review and/or initiate any other act necessary to ensure:- compliance with policies, plans, procedures, laws, and regulations;- safeguarding of EPIC’s assets;- economic and efficient use of resources;- accomplishment of established objectives and goals for operations or programs; and- that attention is drawn to any failure to take prompt remedial action relating to

previously identified shortcomings.

EPC’s policies and procedures are available electronically and in hard copy to EPC staff.

The table below outlines the EPC Board’s Internal Audit and Risk Management Committee composition and attendance during 2013-14.

Board Member Position Membership Meeting attendance

Peter Barclay OAM Chair July 2013 - September 2013 1 of 1

Robyn Hendry Committee memberChair

July 2013 - September 2013October 2013 - June 2014

3 of 4

Robert Cusack Independent Member July 2013 - June 2014 4 of 4Liz Clarke Chief Executive Officer July 2013 - June 2014 4 of 4

Three independent audits on WHS compliance were undertaken during the reporting period. These being: workshop and compound; Grandstand, Coorong Pavilion, Campground toilets, stables; and Budawang Pavilion roof.

No immediate actions were recommended.

C.3 Fraud prevention

EPC’s operating and business procedures are reviewed regularly in keeping with the organisation’s fraud control and prevention policies and practices. This is overseen by EPC’s Internal Audit and Risk Management Committee who was satisfied that best practice procedures continue to be upheld.

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C.3 Fraud prevention (continued)

An effective fraud plan can assist management in preventing fraud and corruption by ensuring that any fraud that occurs is detected or, if any allegation of fraud or corruption arises, that an investigation is conducted to resolve this allegation. The overall objective of this Plan is to prevent, to the greatest extent possible, any incident of fraud and corruption within EPC. The Plan is a key part of the EPC governance framework, and fraud and corruption are key risks which can impact on the ability of EPC to achieve its financial and community goals.

No reports or allegations of fraud or corruption were received during the reporting period.

C.4 Legislative Assembly inquiries and reports

Report No. Title Date Presented4 Standing Committee on Public Accounts Report on Annual and

Financial Report 2012-13February 2014

The Legislative Assembly for the ACT appointed the Standing Committee on Public Accounts on27 November 2012 to: examine the accounts of the receipts and expenditure of the Australian Capital Territory and

its authorities; and all reports of the Auditor-General which have been presented to the Assembly;

report to the Assembly any items or matters in those accounts, statements and reports, or any circumstances connected with them, to which the Committee is of the opinion that the attention of the Assembly should be directed;

inquire into any question in connection with the public accounts which is referred to it by the Assembly and to report to the Assembly on that questions; and

examine matters relating to economic and business development, small business, tourism, marker and regulatory reform, public sector management, taxation and revenue.

The recommendations of the Report did not relate specifically to EPC.

C.5 Auditor-General and Ombudsman reports

During 2013-14 no reports were released by the ACT Auditor-General that related to EPC.

During 2013-14 no reports were released by the ACT Ombudsman that related to EPC.

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D. LEGISLATION BASED REPORTING

D.1 Public interest disclosure

The principal legislation governing public interest disclosures is the Public Interest Disclosure Act 1994 (the Act) and Section 9 of the Public Sector Management Act 1994. The Act provides a vehicle for any member of the public, including ACT public servants, to report wrongdoing in the ACT public sector, and provides rights and protection to persons who report wrongdoing. The Public Sector Management Act 1994 imposes obligations on ACT public servants to report wrongdoing. This action is referred to as making a ‘public interest disclosure’, less formally known as ‘whistle blowing’. EPC treats seriously its legislative obligations in relation to public interest disclosures. Information to assist people who may be considering making a public interest disclosure is available on EPC’s internet site www.exhibitionparkincanberra.com.au.

No public interest disclosures were made during the reporting period.

D.2 Freedom of information

The ACT Freedom of Information Act 1989 gives the public: a legally enforceable right of access to official information in a documentary form held by ACT

Government Ministers and agencies, except where an essential public interest requires that confidentiality be maintained; and

information about the operations of ACT Government agencies to be made publicly available, particularly rules and practices affecting citizens in their dealings with those agencies.

Section 7 Statement

Section 7 of the Freedom of Information Act 1989 requires the agency to prepare and publish a statement outlining its particular, functions and powers. The legislation under which EPC exercises its statutory powers consists of: Exhibition Park Corporation Act 1976; Financial Management Act 1996; and Public Sector Management Act 1994.

Exhibition Park Corporation

Establishment

EPC is established under the Exhibition Park Corporation Act 1976.

Governing Board Members

EPC’s Governing Board has at least 3, but not more than 5 members. The Chair and Deputy Chair must be appointed under the Financial Management Act 1996. The Chief Executive Officer is a member of the governing board.

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D.2 Freedom of information (continued)

Functions

EPC has the following functions: manage the national exhibition centre; conduct at the national exhibition centre exhibitions, conventions and shows, and sporting,

recreational and cultural activities; conduct at the national exhibition centre other activities that the Minister approves; provide at the national exhibition centre buildings, structures, arenas and facilities, whether

permanent or temporary, necessary for, or incidental to, the conduct of the exhibitions, shows, and activities mentioned above;

conduct on land held by EPC under lease, the activities or undertakings authorised by the lease that EPC considers appropriate; and

ensure that all activities conducted on site are in accordance with relative Territory laws and are aligned with governing legislation.

Powers

Under the Act, the EPC may: hold land under lease; assign and surrender leases; grant subleases; acquire, hold and dispose of personal property; enter into contracts, other than contracts of employment; grant licences to people to use EPC land for purposes for which EPC is authorised to use the

land; charge for admission to EPC land; grant, subject to any charges and other terms and conditions EPC considers appropriate, rights

to televise, broadcast, film or record activities conducted on or in relation to EPC land; charge for the use of facilities and services provided by EPC on or in relation to EPC land; advertise and promote activities conducted on or in relation to EPC land; and give prizes and awards to people in relation to activities conducted on or in relation to EPC

land.

Arrangements for Outside Participation

Representations made to the Board would be considered at meetings.

Categories of Documents

Documents available to the public include annual reports, information kits, manuals and brochures. Other documents that may be available under the Freedom of Information Act 1989 include minutes, agendas and business papers from Board meetings, contracts, lease documents, building plans and general administrative/accounting records and files.

Facilities for Access

Facilities for inspecting documents are available within EPC’s Administration Building, 10 Flemington Road, Mitchell ACT 2911.

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D.2 Freedom of information (continued)

Freedom of Information Procedures and Initial Contact Points

Enquiries concerning the Freedom of Information Act 1989 and all requests for documents made under the Act should be made to:

Chief Executive OfficerExhibition Park CorporationPO Box 456, Dickson ACT 2602

Telephone: (02) 6205 5230Email: [email protected]

Section 8 Statement

Section 8 of the Freedom of Information Act 1989 requires the principal officer to prepare and make available each year, a statement (which may be in the form of an index) specifying the documents that are provided by EPC for the purposes of an enactment or scheme administered by EPC. These being: signage policy; camping rules and regulations; emergency and evacuation plan; WHS policy and procedures; and risk management plan.

Section 79 Statement

In 2013-14 EPC received one request to provide information under Section 79 of the Freedom of Information Act 1989. EPC did not have any information relating to this request.

Making Freedom of Information requests

People seeking information are encouraged to contact EPC before commencing formal Freedom of Information proceedings.

D.3 Human Rights Act

EPC is committed to ensuring human rights principles are integrated into its programs and administration. EPC recognises that human rights apply to everyone who is subject to the laws of the ACT, including the Human Rights Act 2004.

All EPC staff have participated in the whole of Government: Respect, Equity and Diversity (RED) initiative. RED Training courses outwardly promote core Human Rights principles.

In its commitment to ensure human rights standards are incorporated into EPC’s operation, the following measures have been taken to respect, protect and promote human rights: all employees have access to a copy of the Human Rights Act 2004; all employees have access to a copy of the Discrimination Act 1991;

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mailto:[email protected]

D.3 Human Rights Act (continued)

RED training provided to all staff; EPC operates in an environment of open, supportive communication; staff members are encouraged to attend monthly staff meetings and corporate planning

workshops; and all existing and potential clients, as well as patrons, contractors and staff, are treated with

respect, dignity and equality.

During the reporting year EPC was not involved in any litigation which involved human rights issues.

D.4 Territory Records Act

EPC uses EDD’s Records Management policy and procedures for guidance and direction for managing records. All administration EPC staff have attended EDD’s Information and Records Management training course. A procedures manual, training and other resources are available to EPC staff to ensure full and accurate records of activities are kept.

In addition to the Territory Administrative Records Disposal Schedule (TARDiS) used to manage retention length and disposal of administrative records, EPC specific records are managed in accordance with the below notifiable instruments.

Records disposal schedule name Effective Year and NumberVenue and Event Management Records 28 October 2005 NI2005-402

In accordance with Territory Records Act 2002 (the Act) EDD has an arrangement in place to preserve records containing information that allow people to establish links with their Aboriginal or Torres Strait Islander heritage. Whenever such a record is created, received or identified, EDD endorses the record with the notation ‘File contains records with Aboriginal or Torres Strait Islander heritage information – Do Not Destroy’.

Public access provisions of the Act allow access to records that are more than 20 years old. Members of the public can seek access to the Directorate’s records by contacting:

Archives ACT GPO Box 158 Canberra City ACT 2601

Phone: Reference Archivist (Government records) +61 2 6207 5726 Public Access Support Officer +61 2 6205 3510 Email: [email protected]

Under section 28 of the Act, EDD may apply to the Director of Territory Records to make a declaration to exempt certain records or classes of records from public access under prescribed provisions of the Freedom of Information Act 1989. Access to a record to which a declaration applies is prohibited under the Act.

In compliance with section 30 of the Act, EDD maintains an approved register of section 28 declarations.

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D.5 Legal services directions

In 2013-14 EPC complied with the legal services directions issued under section 11 of the Law Officers Act 2011 such as the Law Officers (General) Legal Services Directions 2012 and Model Litigant Guidelines 2010.

EPC engages the ACT Government Solicitor’s Office for its legal requirements.

D.6 Notices of non compliance

For the reporting period no infringement notices were issued under section 200 of the Dangerous Substances Act 2004.

D.7 Bushfire risk management

EPC ensured that vegetation around EPIC’s buildings and on-site was regularly maintained to reduce any potential fire hazard.

D.8 Commissioner for the Environment

In accordance with Section 23 of the Commissioner for the Environment Act 1993 the following information is provided.

The Office of the Commissioner for the Environment did not request any information from EPC in 2013-14. There were no investigations of EPC by the Commissioner for the Environment in 2013-14.

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E. HUMAN RESOURCES MANAGEMENT REPORTING

E.1 Human resources management

EPC continues to retain a small and experienced team that in the vast majority have been at the venue for a long period. This experience and knowledge allow the staff to successfully service the many and varied events held at EPIC.

EPC’s approach to human resource management and workforce planning is underpinned by leadership; organisational and staff development; productive workplace relations and ensuring a balance between business and individual needs. The high employee retention rate stems from: an appreciation, value and respect for the physical environment in which the team work; the enjoyment of providing services to the community; the satisfaction gained in delivering successful events; and the high level of respect, care and cohesion that exists in a small team environment.

The following themes identify EPC’s human resource goals, actions and indicators against these.

Delivering For the Future

Goal Action Indicator

Provide a safe, accessible and healthy workplace.

Workplace safety training undertaken by staff.

Nil accidents in the workplace.

Strengthening Organisational Resilience


To identify and develop EPC’s organisational capability in responding positively to change.

EPC team skills audit undertaken.

Culture that embraces change in the workplace.

Sustaining Community Confidence


To engage the community in contributing to the future development of EPIC.

EPC seeks feedback through customer feedback forms.

Ongoing feedback provided.

Working Collaboratively


To work as collaboratively as possible in a team environment to meet demands and requirements of a growing business.

Regular meetings with staff.

EPC team is able to meet demands and requirements of a growing business.

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E.1 Human resources management (continued)

Enhancing Skills and Capabilities


To provide a range of professional development opportunities to enhance skills and knowledge of staff.

Appropriate training and/or development activities identified.

Staff members undertaking training and/or development activities.

E.2 Learning and development

EPC is committed to building capacity through the development of its employees. To ensure skills and knowledge are retained and enhanced within EPC, the following courses were undertaken during the reporting period:

Course Name Participants

Venue Management School 2

Company Directors Course 1

Food Safety Supervisor Training 1

Workplace Health and Safety 2

Future Leader Program 1

Surviving and Thriving in the Events Industry – Networking Tips 1

Respect, Equity and Diversity 1

Managing Psychological Illness in the Workplace 3

Records Management 2

Sharps Training – Needle Sticks in the Workplace 13

Total expenditure for 2013-14 staff training amounted to $16,523.

In 2013-14, EPC had no staff member participate in the following programs: ACTPS Graduate Program Young Professionals Network Executive Development Program PSM Program Sponsored Training for first-time and front-line.

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E.3 Work health and safety

EPC is committed to providing and maintaining a healthy and safe workplace for all employees. Work Health and Safety (WHS) is managed in accordance with the statutory requirements of the Work Health and Safety Act 2011 and supported by the ACTPS Workers’ Compensation and Work Safety Improvement Plan – case management and performance measurement.

General Statement of Policy

This policy recognises that the health and safety of all employees within EPC is the responsibility of EPC management. In fulfilling this responsibility, management has a duty to provide and maintain so far as is practicable a working environment that is safe and healthy. To achieve this EPC management: undertakes annual on-site risk audits; undertakes regular maintenance for plant and equipment; provides WHS information and training for all employees; and holds regular WHS meetings with staff.

The EPC Chief Executive Officer is responsible for the implementation and monitoring of this policy. In fulfilling the objective of this policy, management is committed to regular consultation with employees to ensure that the policy operates effectively, and that health and safety issues are regularly reviewed.

Management

EPC management: is responsible for the effective implementation of this WHS policy; must observe, implement and fulfil its responsibilities under the Acts and regulations which

apply; must ensure that the agreed procedures for regular consultation between management and

those with designated WHS responsibilities are followed; must ensure that all specific WHS policies operating within EPIC are periodically reviewed and

consistent with health and safety objectives; must provide WHS information and training for all employees in the correct use of equipment

and substances used throughout the premises of EPIC; and must be informed of any incidents and accidents occurring on EPIC’s premises or to EPC

employees.

Employees

EPC employees: have a duty to take all reasonable steps for their own health and safety and of others affected

by their actions at work; must comply with the safety procedures and directions agreed between management and

employees with nominated or elected health and safety functions; must not wilfully interfere with, or misuse items or facilities provided in the interests of

health, safety and welfare of EPC employees; and must, in accordance with agreed procedures for accident and incident reporting, report

potential and actual hazards to their elected health and safety representative.

This policy is reviewed regularly in keeping with legislation.

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E.3 Work health and safety (continued)

Measures taken during the reporting period in keeping with the Work Health and Safety Act 2011

In 2013-14 measures were taken to ensure the health, safety and welfare of staff in the workplace. This included the ongoing replacement of personal protective equipment and clothing; and sharps needle stick training for all staff. The WHS representative monitored the workplace to ensure correct procedures were being followed by staff.

Employee Assistance Program

EPC accesses the Directorate’s Employee Assistance Program, which is administered by Optum, an independent organisation contracted to provide professional and confidential counselling services for all staff and their immediate families.

Work Health and Safety (WHS) Structures

EPC is represented in EDD’s divisional based WHS Committees. Under the Terms of Reference, each WHS Committee is chaired by a senior manager from the relevant Division and membership of the Committees includes: all Health and Safety Representatives; workers from relevant workgroups; divisional facilities and or administrative roles as required; a management representative, a management representative, the Shared Services support team advisor; HR and union representatives.

After each meeting a report is provided to EDD’s senior executive on the activities of the WHS committees, Work Health and Safety Act 2011 compliance, and WHS related recommendations. WHS policies and procedures are also provided for endorsement.

Name of committee Role of Committee Membership

Tourism, Events and Sport WHS Committee

The Committee provides a mechanism for: consultation and communication

between employees, represented unions and management;

the monitoring of the effectiveness of the safety management system, initiatives and programs; and

promoting the achievement of improved outcomes in workplace health and safety.

Executive Director, Tourism, Events and Sport (Chair)

Executive Assistant, Tourism Events and Sport (Secretariat)

Director, Sport and Recreation

HR Manager

Senior HR Advisor (WHS)

HSRs representing nominated workgroups

Shared Services Safety Support Team Advisor

Union Representative

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E.3 Work health and safety (continued)

Injury Prevention and Management

EPC has one elected WHS representative. Regular staff meetings are held to raise any safety concerns in the workplace, in addition to toolbox meetings for operational staff; and a monthly safety review meeting for all staff.

Reporting requirements

In accordance with reporting under Part 3 Section 38 of the Work Health and Safety Act 2011 EPC had no injuries or dangerous incidents during the reporting period.

During the reporting period, EPC had no notices issued against EPC under the Work Health and Safety Act 2011.

E.4 Workplace relations

Australian Workplace Agreement

In 2013-14 EPC had no staff employed under an Australian Workplace Agreement.

Special Employment Arrangement

Description No. of Individual

SEAs

No. of Group SEAs

Total Employees Covered by Group SEAs

Total

A B C (A+C)

Number of SEAs at 30 June 2014 - - - -

Number of SEAs entered into during period 1 - - 1

Number of SEAs terminated during period 1 - - 1

Number of SEAs providing for privately plated vehicles as at 30 June 2014 - - - -

Number of SEAs for employees who have transferred from AWAs during period - - - -

Classification Range Remuneration as at 30 June 2014

Individual and Group SEAs SOGA $125,672

E.5 Staffing profile

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As at 30 June 2014, the following statistics (excluding EPC Board members, except the Chief Executive Officer) apply.

FTE & headcount by gender

Female Male

FTE by gender 4.22 6.8

Headcount by gender 4 8

% of Workforce (headcount) 33% 67%

Headcount by classification and gender

Classification Group Female Male Total

ASO 1 5 6

GSO - 2 2

SOG 2 1 3

SES 1 - 1

TOTAL 4 8 12

Headcount by employment category by gender

Employment category Female Male Total

Casual - 1 1

Permanent Full-Time 3 6 9

Permanent Part-Time - 1 1

Temporary Full-Time 1 - 1

Temporary Part-Time - - -

TOTAL 4 8 12

EPC profile

FTE Headcount11.02 12

Total 11.02 12E.5 Staffing profile (continued)

EPC profile by employment type

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Permanent Temporary Casual10 1 1

Total 10 1 1

Headcount by age group and gender

Age Group Female Male Total

Under 25 - - -

25 - 34 2 2 4

35 - 44 - - -

45-54 - 2 2

55 and over 2 4 6

Headcount by length of service, generation and gender

Average Length of Service(years)

Pre-Baby Boomers

Baby Boomers Generation X Generation Y Total

F M F M F M F M F M

0-2 - - - 1 1 - 1 1 1

2-4 - - 1 2 - - 1 1 2 4

4-6 - - - - - - - - - -

6-8 - - - - - - - - - -

8-10 - - - - - - - - - -

10-12 - - - - - - - - - -

12-14 - - - 1 - - - - - 1

14+ - - 1 2 - - - - 1 2

Definition of age-groups:Generation Birth years covered Generation Birth years covered

Pre Baby Boomers Born prior to 1946 Generation X Born 1965 to 1979 inclusiveBaby Boomers Born 1946 to 1964 inclusive Generation Y Born from 1980 and onwards

E.5 Staffing profile (continued)

Total average length of service by gender

Gender Average length of service

Female 6.7 years

38

Male 9.3 yearsTotal Average 8.0 years

Headcount by diversity group

Headcount Percentage of agency workforce

Aboriginal and Torres Strait Islander - -Culturally and linguistically diverse - -People with disability - -

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F. FINANCIAL MANAGEMENT REPORTING

F.1 Financial management analysis

Management discussion and analysis

General Overview

Objectives

The primary role of Exhibition Park Corporation is to manage, develop and maintain Exhibition Park in Canberra (EPIC), a Territory-owned multi-purpose events facility, located at the gateway to the National Capital.

Exhibition Park Corporation’s key functions are to: manage the national exhibition centre; conduct, at the national exhibition centre, exhibitions, conventions, shows, sporting,

recreational and cultural activities; conduct, at the national exhibition centre, other activated that the Minister approves; provide, at the national exhibition centre, buildings, structures, arenas and facilities, whether

permanent or temporary, necessary for, or incidental to, the conduct of the exhibitions, shows and activities mentioned above;

conduct, on land held by the Corporation under lease, the activities or undertakings authorised by the lease that the Corporation considers appropriate; and

ensure that all activities conducted on-site are in accordance with relative Territory laws and are aligned with governing legislation.

Risk Management

Exhibition Park Corporation’s approach to risk management provides clients with assurance that it can deliver low risk/high value goods and services.

Management has identified the following potential risks:

Financial Sustainability

A decline in economic conditions in the market and delays with Exhibition Park Corporation’s commercial projects may result in a decline in revenue and Exhibition Park Corporation’s ability to be viable in the long term. To address this risk, Exhibition Park Corporation: undertake ongoing analysis of Exhibition Park Corporation’s financial situation; continue to work closely with ACT Government agencies to progress Exhibition Park

Corporation’s low cost tourist accommodation project; monitor external studies such as the Government’s review of co-locating Canberra’s

thoroughbred, harness and greyhound racing clubs, prior to finalising Exhibition Park Corporation’s master plan;

continue to progress its financial plan to increase the return to the ACT community on the funds that have been invested at EPIC;

actively seek new, high yield events; continue to seek increased patronage at EPIC’s camping and caravan facility through a

targeted marketing strategy; and

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F.1 Financial management analysis (continued)

progress a comprehensive marketing strategy and pricing policy for events/sales/functions which is designed to attract new business, maintain long-term clients and seek partnering opportunities with event organisers.

Infrastructure

EPIC’s facilities need to be maintained at a high standard to ensure that it can attract significant, high yield events and therefore improve revenue and repeat bookings. To address this risk, Exhibition Park Corporation will: continue a maintenance program for the site to ensure buildings and grounds are maintained

to an appropriate standard; and continue to upgrade ageing infrastructure through the annual capital works upgrades

program.

Regulation and Compliance

A breach of safety legislation and practices could mean that EPIC is unable to operate for a period of time. To address this risk: Exhibition Park Corporation has in place appropriate policies, procedures and signage to meet

regulatory compliance with relevant legislation and regulations; and Exhibition Park Corporation Board’s Internal Audit and Risk Management Committee will

oversee its risk management framework and processes and review compliance related matters and internal controls.

Financial Performance

The following information is based on the audited Financial Statements for 2012-13 and 2013-14 and the forward estimates contained in the 2013-14 Budget Paper No 4.

Total Expenditure

1. Components of ExpenditureFigure 1 indicates the components of Exhibition Park Corporation’s expenditure to 30 June 2014. Expenditure was $4.658 million with the largest component of expenditure being supplies and services, which represents 52 per cent of ordinary activities or $2.426 million.

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Figure 1 – Components of Expenditure

Expenditure

Employees26% Other

1%

Suppliers52%

Depreciation18%

Superannuation4%

Exhibition Park Corporation incurs the majority of its expenses on ‘supplies and services’ which are mainly on costs for maintenance and repair of the expansive and ageing buildings, grounds and parks. It is essential to ensure a safe work and public environment to meet regulatory compliance with relevant legislation and regulations; and industry standard presentation to retain, expand and attract new business. Costs identified as relating directly to hosting the events are recovered from the event organisers. These items include catering costs, water and sewerage, electricity, security, labour, repairs, equipment hire and cleaning.

Figure 2 Components of Supplies and Services

Supplies and Services

Buildings and Ground Main-

tenance14% Legal Fees

1%

IT Costs3%

Utilities/Rates28%Operating Lease

1%

Communications1%

Advertising/Marketing3%

Cleaning and Hygiene6%Event Operating

Costs4%

Vehicles1%

Insurance3%

Contractors and Consultants

8%

Governing Board

1%

Audit Fees2% Catering Costs

22% Other2%

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2. Comparison to BudgetExhibition Park Corporation’s total expenditure of $4.658 million was $0.728 million, or 14 per cent lower than the 2013-14 published budget of $5.386 million. This under budget expenditure was largely the result of: lower catering expenses following the cancellation or deferral of a number of events, including

the Federal Election Tally Room; lower maintenance costs as one-off expenditures incurred in the 2012-13 year for urgent

maintenance works were not required in the 2013-14 year. Capital upgrades projects have also been targeted at areas most in need of improvement in the standard and operation of the asset, further reducing the need for one-off repairs; and

a decrease in contractors and consultants reflecting a reduction in consultants engaged for the supervision of one-off projects.

3. Comparison to 2012-13 Expenditure Expenditure to 30 June 2014 was lower by $0.785 million or 14 per cent lower than 2012-13. The lower expenditure over the 2012-13 year was largely the result of: building and grounds maintenance decreased as one-off expenditures incurred in the 2012-13

year for urgent maintenances works were not required in the 2013-14 year; capital upgrades projects targeted areas most in need of improvement in the standard and

operation of the asset, further reducing need for urgent one-off repairs; catering costs decreased over the 2012-13 year as a result of cancelled or deferred events;

and consultant expenditure reduced as major projects undertaken in the 2012-13 financial year

were finalised.

Expenditure by Exhibition Park Corporation will vary from year-to-year as the level of expenditure incurred is dependent on the type, size and requirements of events staged at the venue, and maintenance to buildings and grounds.

4. Future TrendsThe published budget estimates for expenditure for the 2014-15 financial year indicates a small decrease from 2013-14. This is mainly due to lower ‘supplies and services’ mainly resulting from better managed building and grounds maintenance and lower utility costs following the installation of LED lighting in a number of buildings and ground lighting and the increased use of non-potable water. Employee costs are expected to increase over the 2013-14 actuals of $1.206 million reflecting salary increases and budgeted demand for short term temporary staff to meet operational requirements.

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Total Income

1. Components of IncomeFigure 3 below indicates that for the year ended 30 June 2014, Exhibition Park Corporation received $3.152 million or 84 per cent of its total income of $3.742 million from ‘User Charges’. The remainder of Exhibition Park Corporation’s income is derived from Government Payments for Outputs, interest and distributions, and other gains.

Figure 3 – Components of Income to 30 June 2014

Income

Government Payment for Outputs11%

User Charges - ACT Gov-ernment

1%

User Charges - Non-ACT Government83%

Interest & Distributions1%

Other Gains4%

Exhibition Park Corporation generates a wide diversity of ‘User Charges – Non-ACT Government’. Such revenue diversification includes major events (such as Summernats Street Machine Car Festival, the Home, Leisure, Camping and 4WD Camping Show, and the National Folk Festival), catering income from functions and minor events, hire of space for retail sales and exhibitions, camping revenues and long and short-term commercial leasing income.

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Figure 4 below provides a break up of User Charges – Non-ACT Government.

Figure 4 – Components of User Charges – Non-ACT Government for 2013-14

User Charges – Non-ACT Government

Venue Hire30%

Events - Other

1%

Catering Income

23%Recoveries

13%

Other2%

Rental Income

14%

Camping18%

2. Comparison to BudgetIncome for the year ending 30 June 2014 was $3.742 million, which was $0.68 million (15 per cent) lower than the budget of $4.422 million for the same period. The decrease is largely due to, the cancellation or deferral of a number of major events, including the Federal Election Tally Room.

3. Comparison to 2012-13 Actual Income Income for the year to 30 June 2014 was $0.457 million, or 11 per cent lower than the 2012-13 actual result. The decrease has been across the events revenue sources, as a result of the cancellation or deferral of a number of events, slightly offset by an increase in rental income from storage blocks.

4. Future TrendsThe estimated income for 2014-15 is expected to increase marginally over the 2013-14 outcome with anticipated increases in events, and additional income streams, such as the low cost tourist accommodation development.

Exhibition Park Corporation’s marketing approach is to: promote the venue’s ability to deliver quality products in diverse settings; target specific and potentially lucrative market sectors; and sell associated services such as accommodation.

However, revenue in any forward year for Exhibition Park Corporation can vary substantially and unexpectedly, especially when large unbudgeted one-off events are held and there are additional associated catering sales.

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Exhibition Park Corporation’s Financial Position

Total Assets

1. Components of Total AssetsFigure 5 below indicates that as at 30 June 2014, Exhibition Park Corporation held 89 per cent of its assets in Property, Plant and Equipment.

Figure 5 – Total Assets as at 30 June 2014

Assets

Receivables0%

Other Assets0%

Investment Property6%

Property, Plant and Equipment89%

Capital Works in Progress2%

Cash and Cash Equivalents3%

2. Comparison to BudgetThe net asset position as at 30 June 2014 is $40.068 million, $2.447 million higher than the 2013-14 budget of $37.621 million. The higher than budget net asset position largely reflects the following: high values for property, reflecting increased land values following the land revaluation

increase of $3.275 million, slightly offset by a $0.397 million decrease in the value of the buildings;

capitalisation of a number of asset acquisitions; and purchase of block 799 for the development of the Low Cost Accommodation project.

3. Comparison to 2012-13 ActualExhibition Park Corporation’s net asset position at 30 June 2014 is $40.068 million, $3.282 million higher than the 2012-13 actual result of $36.786 million due largely to increased property plant and equipment ($3.697 million), slightly offset by an increase in payables ($0.528 million).

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4. Liquidity‘Liquidity’ is the ability of Exhibition Park Corporation to satisfy its short-term debts as they fall due. A common indicator for liquidity is the current ratio, which compares the ability to fund short-term liabilities from short-term assets. A ratio of less than 1-to-1 may indicate a reliance on the next financial year’s user charges – ACT Government to meet short-term debts. Table 1 indicates the liquidity position of Exhibition Park Corporation.

Table 1 – Current Ratio

Prior Current Current Forward Forward Year Year Year Year Year Actual Budget Actual Budget Budget $'000 $'000 $'000 $'000 $'000 2012-13 2013-14 2013-14 2014-15 2015-16 Total Current Assets 1,604 1,160 1,443 1,299 1,705 Total Current Liabilities 867 985 1,491 801 925

Current Ratio 1.85:1 1.18:1 0.97:1 1.62:1 1.84:1

Exhibition Park Corporation’s current ratio as at 30 June 2014 is 0.97:1, which is lower than the budgeted current ratio of 1.18:1. Despite the lower than budgeted ratio Exhibition Park Corporation can continue to meet its short-term debts. The decrease reflects higher payables than budgeted due to the timing recognition of accrued expenses for the servicing of block 799. These expenses will be payable against loan funding to be made available in the second half of the 2014 calendar year.

The loan arrangement entered into with Chief Minister and Treasury Directorate during 2013-14, has a two year interest free period for which interest will not start accruing until 1 July 2016. Quarterly repayments of this loan are scheduled to commence on 1 October 2016.

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Total Liabilities

1. Components of LiabilitiesFigure 6 below indicates that Exhibition Park Corporation’s liabilities relate to employee benefits (20 per cent), borrowings (26 per cent), other liabilities (8 per cent), payables (45 per cent) and finance leases (1 per cent).

Figure 6 – Total Liabilities as at 30 June 2014

Total Liabilities

Payables45%

Borrow-ings26%

Finance Leases

1%

Employee Benefits

20%

Other8%

2. Comparison to BudgetExhibition Park Corporation’s liabilities as at 30 June 2014 of $1.968 million, is $0.205 million lower than the 2013-14 budget of $2.173 million. This was mostly due to lower borrowings following the deferral of $1.3 million of the $1.5 million loan funding for the Low Cost Accommodation project into the 2014-15 financial year.

3. Comparison to 2012-13 ActualTotal liabilities as at 30 June 2014 are $0.834 million higher than the 2012-13 actual results of $1.134 million. This is largely a result from recognition of costs incurred in the development of the Low Cost Accommodation project.

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F.2 Financial statements

EXHIBITION PARK CORPORATIONFinancial Statements

For the Year Ended 30 June 2014

Statement of Responsibility

In my opinion, the financial statements are in agreement with the Corporation’s accounts and records and fairly reflect the financial operations of the Corporation for the year ended 30 June 2014 and the financial position of the Corporation on that date.

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F.2 Financial statements (continued)

EXHIBITION PARK CORPORATIONFinancial Statements


Statement by the Chief Finance Officer

In my opinion, the financial statements have been presented in accordance with generally accepted accounting principles, and are in agreement with the Corporation’s accounts and records and fairly reflect the financial operations of the Corporation for the year ended 30 June 2014, and the financial position of the Corporation on that date.

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51


52


Exhibition Park CorporationOperating Statement

For the Year Ended 30 June 2014Actua

l Budget ActualNote 2014 2014 2013No. $'000 $'000 $'000

Income

RevenueGovernment Payment for Outputs 4 429 425 412User Charges - ACT Government 5 32 25 203User Charges - Non-ACT Government 5 3,120 3,816 3,331Interest and Distributions 6 31 34 58Total Revenue 3,612 4,300 4,004

GainsOther Gains 7 130 122 195Total Gains 130 122 195

Total Income 3,742 4,422 4,199

ExpensesEmployees Expenses 8 1,206 1,359 1,155Superannuation Expenses 9 164 173 163Supplies and Services 10 2,426 3,093 3,122Depreciation 11 836 734 720Borrowing Costs 12 14 27 4Other Expenses 13 - - 111Waivers, Impairment Losses and Write-offs 14 12 - 168Total Expenses 4,658 5,386 5,443

Operating (Deficit) (916) (964) (1,244)

Other Comprehensive IncomeIncrease in the Asset Revaluation Surplus 35 2,878 - - Total Other Comprehensive Income 2,878 - -

Total Comprehensive Income/(Deficit) 1,962 (964) (1,244)

The above Operating Statement should be read in conjunction with the accompanying notes.

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Exhibition Park CorporationBalance Sheet

As at 30 June 2014Actual Budget Actual

Note 2014 2014 2013No. $'000 $'000 $'000

Current AssetsCash and Cash Equivalents 16 1,406 857 1,212Receivables 17 24 303 390Other Assets 18 13 - 2Total Current Assets 1,443 1,160 1,604Non-Current AssetsProperty, Plant and Equipment 19 37,335 35,695 33,638Investment Property 20 2,600 2,400 2,470Capital Works in Progress 21 658 539 208Total Non-Current Assets 40,593 38,634 36,316

Total Assets 42,036 39,794 37,920Current LiabilitiesPayables 22 882 452 354Borrowings 23 64 - 62Finance Leases 25 25 21 7Employee Benefits 26 375 362 365Other Liabilities 27 145 150 79Total Current Liabilities 1,491 985 867Non-Current LiabilitiesBorrowings 23 142 - 206Interest Bearing Liabilities 24 300 1,076 - Finance Leases 25 - 10 25Employee Benefits 26 28 32 23Other Liabilities 27 7 70 13Total Non-Current Liabilities 477 1,188 267

Total Liabilities 1,968 2,173 1,134

Net Assets 40,068 37,621 36,786EquityAccumulated Funds 22,289 22,719 21,885Asset Revaluation Surplus 35 17,779 14,902 14,901Total Equity 40,068 37,621 36,786

The above Balance Sheet should be read in conjunction with the accompanying notes.

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Exhibition Park CorporationStatement of Changes in Equity

For the Year Ended 30 June 2014Asset

Accumulated

Revaluation Total

Funds SurplusEquit

yOrigin

al

Actual ActualActua

l Budget2014 2014 2014 2014

$'000 $'000 $'000 $'000

Balance at 1 July 2013 21,885 14,90136,78

6 37,426

Comprehensive (Deficit)

Operating (Deficit) (916) - (916) (964)Increase in Asset Revaluation Reserve - 2,878 2,878 -Total Comprehensive Income/(Deficit) (916) 2,878 1,962 (964)

Transactions Involving Owners Affecting Accumulated Funds

Capital Injections 1,320 - 1,320 1,159Transactions involving Owners Affecting Accumulated Funds 1,320 - 1,320 1,159

Balance at 30 June 2014 22,289 17,77940,06

8 37,621

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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Exhibition Park CorporationStatement of Changes in Equity (Continued)

For the Year Ended 30 June 2014 Asset

Accumulated Revaluation TotalFunds Surplus EquityActual Actual Actual

2013 2013 2013$'000 $'000 $'000

Balance at 1 July 2012 21,402 14,901 36,303

Comprehensive (Deficit)

Operating (Deficit) (1,244) - (1,244)Total Comprehensive (Deficit) (1,244) - (1,244)

Transactions Involving Owners Affecting Accumulated Funds

Capital Injections 1,727 - 1,727Transactions involving Owners Affecting Accumulated Funds 1,727 - 1,727

Balance at 30 June 2013 21,885 14,901 36,786

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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Exhibition Park CorporationCash Flow Statement

For the Year Ended 30 June 2014Actual Budget Actual

Note 2014 2014 2013

No. $'000 $'000 $'000Cash Flows from Operating Activities ReceiptsGovernment Payment for Outputs 429 425 412User Charges - ACT Government 32 - 202User Charges - Non-ACT Government 3,547 3,841 3,333Interest Received 31 34 46Goods and Services Tax Collected from Customers 309 200 346Goods and Services Tax Input Tax Credits from the Australian Taxation Office 337 200 421 Total Receipts from Operating Activities 4,685 4,700 4,760 Payments Employee 1,232 1,252 1,195Superannuation 172 171 166Supplies and Services 1,863 3,032 3,005Borrowing Costs - 1 2Other - - (10)Goods and Services Tax Paid to Suppliers 348 200 414Goods and Services Tax Remitted to the Australian Taxation Office 317 200 337 Total Payments from Operating Activities 3,932 4,856 5,109 Net Cash Inflows/(Outflows) from Operating Activities 28 753 (156) (349) Cash Flows from Investing Activities Receipts Proceeds from Sales of Property, Plant and Equipment (4) - 244 Total Receipts from Investing Activities (4) - 244 Payments Purchase of Property, Plant and Equipment 2,106 2,209 1,912 Total Payments from Investing Activities 2,106 2,209 1,912Net Cash (Outflows) from Investing Activities (2,110) (2,209) (1,668)

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Exhibition Park CorporationCash Flow Statement (Continued)For the Year Ended 30 June 2014

Actual

Budget

Actual

Note 2014 2014 2013No. $'000 $'000 $'000

Cash Flows from Financing Activities ReceiptsCapital Injections 1,320 1,159 1,727Proceeds from Borrowings 300 1,050 -Proceeds from Sale of Investment - - 247Total Receipts from Financing Activities 1,620 2,209 1,974 PaymentsRepayments of Loans 62 17 22Repayments of Finance Lease Liabilities 7 10 -Total Payments from Financing Activities 69 27 22 Net Cash Inflows from Financing Activities 1,551 2,182 1,952 Net Increase/(Decrease) in Cash and Cash Equivalents 194 (183) (65) Cash and Cash Equivalents at the Beginning of the Reporting Period 1,212 1,040 1,277Cash and Cash Equivalents at the End of the Reporting Period 28 1,406 857 1,212 The above Cash Flow Statement should be read in conjunction with the accompanying notes.

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Exhibition Park CorporationStatement of Appropriation


Original Total Appropriation AppropriationBudget Appropriated Drawn Drawn

2014 2014 2014 2013$'000 $'000 $'000 $'000

Government Payment for Outputs 425 429 429 412Capital Injections 1,159 1,519 1,320 1,727Total Appropriation 1,584 1,948 1,749 2,139

The above Statement of Appropriation should be read in conjunction with the accompanying notes.

Column Heading ExplanationsThe Original Budget column shows the amounts that appear in the Cash Flow Statement in the Budget Papers. This amount also appears in the Cash Flow Statement.

The Total Appropriated column is inclusive of all appropriation variations occurring after the Original Budget.

The Appropriation Drawn is the total amount of appropriation received by Exhibition Park Corporation during the year. This amount also appears in the Cash Flow Statement.

Variances between ‘Original Budget’ and ‘Total Appropriated’Government Payment for Outputs increased from $0.425 million to $0.429 million through the Appropriation Bill 2013-2014 (No. 2) due to revised wage parameters.

Capital Injections have increased from $1.159 million to $1.519 million due to the following projects not being completed during the 2012-13 reporting period and funding transferred into the 2013-14 reporting period and savings realised on 2013-14 project:

$0.360 million for the refurbishment of the Conference Centre and Parkes room.

Variances between ‘Total Appropriated’ and ‘Appropriation Drawn’Capital InjectionsCapital injections drawn down were $0.199 million less than the total appropriation. This was due to the following projects not being completed during the reporting period, or savings realised on completed projects:

1. $0.188 million for the construction project relating to the installation of additional camping area; and

2. $0.011 million savings relating to completed accessible car park at EPIC.

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Exhibition Park CorporationStatement of Appropriation (Continued)


Variances between ‘Total Appropriated’ and ‘Appropriation Drawn’ (continued)

Capital Injections (continued)The installation of additional camping area comprises the development of a block of land adjacent to the existing camp ground for use, as a camping facility, by larger caravans, rigs and converted buses.

The work will include the provision of electricity to the block and the installation of additional power and fresh and waste water. The scoping study, design brief and tender process was completed in 2013-14. Works are scheduled around major events, extending the project into the 2014-15 year.

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Exhibition Park CorporationNotes to and Forming Part of the Financial Statements


Note IndexPage

NOTE 1 OBJECTIVES OF EXHIBITION PARK CORPORATION 64NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 64NOTE 3 CHANGE IN ACCOUNTING POLICY AND ACCOUNTING ESTIMATES 77

Income NotesNOTE 4 GOVERNMENT PAYMENT FOR OUTPUTS 77NOTE 5 USER CHARGES FOR GOODS AND SERVICES 77NOTE 6 INTEREST AND DISTRIBUTIONS 79NOTE 7 OTHER GAINS 79

Expense NotesNOTE 8 EMPLOYEE EXPENSES 80NOTE 9 SUPERANNUATION EXPENSES 80NOTE 10 SUPPLIES AND SERVICES 81NOTE 11 DEPRECIATION 82NOTE 12 BORROWING COSTS 82NOTE 13 OTHER EXPENSES 82NOTE 14 WAIVERS, IMPAIRMENT LOSSES AND WRITE-OFFS 83NOTE 15 AUDITOR’S REMUNERATION 83

Asset NotesNOTE 16 CASH AND CASH EQUIVALENTS 84NOTE 17 RECEIVABLES 84NOTE 18 OTHER ASSETS 86NOTE 19 PROPERTY, PLANT AND EQUIPMENT 87NOTE 20 INVESTMENT PROPERTY 94NOTE 21 CAPITAL WORKS IN PROGRESS 97

Liabilities NotesNOTE 22 PAYABLES 99NOTE 23 BORROWINGS 100NOTE 24 INTEREST BEARING LIABILITIES 100NOTE 25 FINANCE LEASES 101NOTE 26 EMPLOYEE BENEFITS 102NOTE 27 OTHER LIABILITIES 103

Other NotesNOTE 28 CASH FLOW RECONCILIATION 103NOTE 29 FINANCIAL INSTRUMENTS 105NOTE 30 CONTINGENT LIABILITIES AND CONTINGENT ASSETS 110

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Note Index (Continued)Page

NOTE 31 COMMITMENTS 111NOTE 32 ECONOMIC DEPENDENCY 111NOTE 33 RELATED PARTY DISCLOSURES 112NOTE 34 EVENTS OCCURRING AFTER BALANCE DATE 112NOTE 35 EQUITY 113

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NOTE 1 OBJECTIVES OF EXHIBITION PARK CORPORATION

Operations and Principal Activities

Exhibition Park Corporation manages, develops and maintains a multi-purpose events centre of a national standard to meet the requirements of Exhibition Park Corporation’s major clients, the community of Canberra and the surrounding region.

Exhibition Park Corporation actively promotes the venue’s size, infrastructure and versatility to a range of market segments including trade shows, exhibitions, meetings, festivals, sporting events and retail sales. Major events held at Exhibition Park in Canberra (EPIC) include the Summernats Street Machine Car Festival, the Royal Canberra Show, the Home, Leisure, Camping and 4WD Camping Show, and the National Folk Festival.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Accounting

The Financial Management Act 1996 (FMA) requires the preparation of financial statements for ACT Government agencies.

The FMA and the Financial Management Guidelines issued under the Act, requires that the Exhibition Park Corporation’s financial statements include:

(i) an Operating Statement for the year;(ii) a Balance Sheet as at the end of the year;(iii) a Statement of Changes in Equity for the year;(iv) a Cash Flow Statement for the year;(v) a Statement of Appropriation for the year;(vi) a summary of the significant accounting policies adopted for the year; and(vii) such other statements as are necessary to reflect the financial operations

during the year and its financial position at the end of the year.

These general-purpose financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) as required by the FMA. The financial statements have been prepared in accordance with:

(i) Australian Accounting Standards; and(ii) ACT Accounting and Disclosure Policies.

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NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(a) Basis of Accounting (Continued)

The financial statements have been prepared using the accrual basis of accounting, which recognises the effect of transactions and events when they occur. The financial statements have also been prepared according to the historical cost convention, except for assets such as those included in property, plant and equipment which were valued at fair value in accordance with the (re)valuation policies applicable to Exhibition Park Corporation during the reporting period.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is measured using the market approach, the cost approach or the income approach valuation techniques as appropriate. In estimating the fair value of an asset, Exhibition Park Corporation takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at measurement date.

For disclosure purposes fair value measurements are categorised into Level 1, 2 or 3 based on the extent to which the inputs to the valuation techniques are observable and the significance of the inputs to the fair value measurement in its entirety. The Fair Value Hierarchy is made up of the following three levels:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the agency can access at the measurement date;

Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs) that are unobservable for particular assets or liabilities.

These financial statements are presented in Australian dollars, which is Exhibition Park Corporation’s functional currency.

Exhibition Park Corporation is an individual reporting entity.

(b) The Reporting Period

These financial statements state the financial performance, changes in equity and cash flows of the Exhibition Park Corporation for the year ending 30 June 2014 together with the financial position of the Exhibition Park Corporation as at 30 June 2014.

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(c) Comparative Figures

Budget FiguresTo facilitate a comparison with the Exhibition Park Corporation’s Statement of Intent, as required by the Financial Management Act 1996, budget information for 2013-14 has been presented in the financial statements. The budgeted numbers in the financial statements are those contained in the Exhibition Park Corporation’s Statement of Intent.

Prior Year Comparatives Comparative information has been disclosed in respect of the previous period for amounts reported in the financial statements, except where an Australian Accounting Standard does not require comparative information to be disclosed.

Where the presentation or classification of items in the financial statements is amended, the comparative amounts have been reclassified where practical. Where a reclassification has occurred, the nature, amount and reason for the reclassification is provided.

(d) Rounding

All amounts in the financial statements have been rounded to the nearest thousand dollars ($’000). Use of “-” represents nil amounts or amounts rounded down to zero.

(e) Revenue Recognition

Revenue is recognised at the fair value of the consideration received or receivable in the Operating Statement. All revenue is recognised to the extent that it is probable that the economic benefits will flow to the Exhibition Park Corporation and the revenue can be reliably measured. In addition, the following specific recognition criteria must also be met before revenue can be recognised:

Government Payment for OutputsGovernment payment for outputs is recognised as revenues when Exhibition Park Corporation gains control over the funding. Control over appropriated funds is normally obtained upon the receipt of cash.

Sale of GoodsRevenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer, Exhibition Park Corporation retains neither continuing managerial involvement nor effective control over the goods sold, and the costs incurred in respect of the transaction can be measured reliably.

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(e) Revenue Recognition (Continued)

Rendering of ServicesRevenue from the rendering of services such as the hiring of building space that Exhibition Park Corporation provides is recognised when the stage of completion of the transaction at the reporting date can be measured reliably and the costs of rendering those services can be measured reliably.

InterestInterest revenue is recognised using the effective interest method.

Rental RevenueRevenue from the rental of the investment property is recognised by Exhibition Park Corporation on a straight-line basis over the term of the lease.

Revenue Received in AdvanceRevenue received in advance is recognised as a liability if there is a present obligation to return the funds received, otherwise all are recorded as revenue.

(f) Repairs and Maintenance

Exhibition Park Corporation undertakes maintenance on its buildings and plant and equipment. Where the maintenance leads to an upgrade of the asset and increases the service potential of the existing buildings or plant and equipment the cost is capitalised.

Maintenance expenses which do not increase the service potential of the asset are expensed.

(g) Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or the production of a qualifying asset are capitalised as part of the cost base of the asset. All other borrowing costs are expensed in the period in which they are incurred.

(h) Waivers of Debt

Debts that are waived during the year under Section 131 of the FMA are expensed during the year in which the right to payment was waived. Further details of waivers are disclosed at Note 14 Waivers, Impairment Losses and Write-offs.

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(i) Current and Non-Current Items

Assets and liabilities are classified as current or non-current in the Balance Sheet and in the relevant notes. Assets are classified as current where they are expected to be realised within 12 months after the reporting date. Liabilities are classified as current when they are due to be settled within 12 months after the reporting date.

Exhibition Park Corporation does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets or liabilities which do not fall within the current classification are classified as non-current.

(j) Impairment of Assets

Exhibition Park Corporation assesses, at each reporting date, whether there is any indication that an asset may be impaired. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Any resulting impairment losses, for land and buildings, are recognised as a decrease to the available Asset Revaluation Surplus relating to these classes of assets. Where the impairment loss is greater than the balance in the Asset Revaluation Surplus, for the relevant class of assets, the difference is expensed in the Operating Statement.

Impairment losses for plant and equipment, furniture and fittings and motor vehicles are recognised in the Operating Statement, as these assets are carried at cost. Also, the carrying amount of the asset is reduced to its recoverable amount.

An impairment loss is the amount by which the carrying amount of an asset (or cash generating unit) exceeds its recoverable amount. The recoverable amount is the higher of the asset’s ‘fair value less costs to disposal’ and its ‘value in use’. An asset’s ‘value in use’ is its depreciated replacement cost, where the asset would be replaced if the Exhibition Park Corporation was deprived of it. Non-financial assets that have previously been impaired are reviewed for possible reversal of impairment at each reporting date.

(k) Cash and Cash Equivalents

For the purposes of the Cash Flow Statement and the Balance Sheet, cash includes cash on hand and cash at bank. Cash equivalents are short-term, highly liquid investments that are readily converted to known amounts of cash and which are subject to an insignificant risk of changes in value.

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(l) Receivables

Accounts receivable (including trade and other trade receivables) are initially recognised at fair value and are subsequently measured at amortised cost, with any adjustments to the carrying amount being recorded in the Operating Statement.

Trade receivables arise in the normal course of selling goods and services to other ACT Government agencies and to the public. Trade receivables are payable within 30 days after the issue of an invoice or the goods/services have been provided under a contractual arrangement. In some cases, if payment is not received within 30 days after the amount falls due, then the Exhibition Park Corporation is able to charge interest at rates as specified within the licence agreement until the whole of the debt is paid.

The collectability of receivables is reviewed on an on-going basis. Receivables that are unable to be collected are written off.

The allowance for impairment losses represents the amount of trade receivables and other trade receivables that Exhibition Park Corporation estimates will not be repaid. The allowance for impairment losses is based on objective evidence and a review of overdue balances. Exhibition Park Corporation considers the following to be objective evidence of impairment:

(a) becoming aware of financial difficulties of debtors;(b) default of payments; or(c) debts being more than 90 days overdue.

The amount of the allowance is recognised in the Operating Statement. The allowance for impairment losses is written off against the allowance account when Exhibition Park Corporation ceases action to collect the debt as it considers that it will cost more to recover the debt than the debt is worth. Receivables that have been renegotiated because they are past, due or impaired are accounted for based on the renegotiated terms.

(m) Acquisition and Recognition of Property, Plant and Equipment

Property, plant and equipment is initially recorded at cost. Cost includes the purchase price, directly attributable costs and the estimated cost of dismantling and removing the item (where, upon acquisition, there is a present obligation to remove the item). Where property, plant and equipment is acquired at no cost, or minimal cost, cost is its fair value as at the date of acquisition. Exhibition Park Corporation capitalises all non-current property, plant and equipment with a minimum cost of $1,000.

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(n) Measurement of Property, Plant and Equipment After Initial Recognition

All land and buildings are measured at fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair value for land and non-specialised buildings is measured using the market approach valuation technique. This approach uses prices and other relevant information generated by market transactions involving identical or similar assets. Where the market price for an asset cannot be obtained because the asset is specialised and is rarely sold, depreciated replacement cost is used as fair value.

Fair value for buildings for the main exhibition area is measured using depreciated replacement cost. An independent certified practising valuer has assessed that there was no market for the asset and Exhibition Park Corporation has determined that the asset would be replaced if the Exhibition Park Corporation were deprived of the asset. In 2014, an independent valuation was undertaken by Jones Lang LaSalle to determine the fair value of land and buildings. Exhibition Park Corporation obtains a valuation for its land and buildings every three years. Any accumulated depreciation relating to buildings at the date of revaluation is written back against the gross carrying amount of the asset and the net amount is restated to the re-valued amount of the asset.

If at any time management considers that the carrying amount of any asset in any asset class materially differs from its fair value then the asset’s values are updated regardless of when the last valuation took place. Any accumulated depreciation related to buildings at the date of revaluation is written back against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Exhibition Park Corporation measures its plant and equipment, furniture and fittings and motor vehicles at cost.

(o) Investment Property

The investment property is measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of the investment property is determined annually, with an independent valuation undertaken by Jones Lang LaSalle as at 30 June 2014. Changes in fair value are recorded in the Operating Statement. The investment property is not depreciated.

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(p) Depreciation of Non-Current Assets

Non-current assets, with a limited useful life, are systematically depreciated over their useful lives in a manner that reflects the consumption of their service potential. The useful life commences when an asset is ready for use. When an asset is revalued, it is depreciated over its assessed remaining useful life. Depreciation is applied to physical assets such as buildings, infrastructure assets, and plant and equipment.

Land has an unlimited useful life and therefore is not depreciated.

The value of plant and equipment, furniture and fittings, motor vehicles under a finance lease and owned motor vehicles are depreciated over the estimated useful life of each asset, or in the case of motor vehicles under a finance lease, the unexpired period of the relevant lease, whichever is shorter.

All depreciation is calculated after first deducting any residual values which remain for each asset.

Depreciation for non-current assets is determined as follows:

Class of Asset Depreciation Method Useful Life (Years)

Buildings Straight Line 40Plant and Equipment Straight Line 3-20Furniture and Fittings Straight Line 2-20Motor Vehicles Straight Line 2-20

(q) Payables

Payables are a financial liability and are included in the Trade Payables, Accrued Expenses and Other Payables.

Trade Payables represent the amounts owing for goods and services received prior to the end of the reporting period that are unpaid at the end of the reporting period.

Trade Payables include all unpaid invoices received before year end relating to the normal operations of Exhibition Park Corporation.

All amounts are normally settled within 30 days after the invoice date.

Accrued expenses represent goods and services provided by other parties during the period that are unpaid at the end of the reporting period and where an invoice has not been received by period end.

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(q) Payables (Continued)

Other payables are those unpaid invoices that do not directly relate to the normal operations of the Exhibition Park Corporation.

(r) Employee Benefits

Employee benefits include: short-term employee benefits such as the following, if expected to be settles

wholly before twelve months after the end of the annual reporting period in which the employees render the related services – wages and salaries, annual leave loading, and applicable on-costs;

other long-term benefits such as long service leave and annual leave; and termination benefits.

On-costs include annual leave, long service leave, superannuation and other costs that are incurred when employees take annual leave and long service leave.

Wages and SalariesAccrued wages and salaries are measured at the amount that remains unpaid to employees at the end of the reporting period.

Annual Leave and Long Service LeaveAnnual and long service leave including applicable on-costs that are not expected to be wholly settled before twelve months after the end of the reporting period when the employees render the related service are measured at the present value of estimated future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to the future wage and salary levels, experience of employee departures and periods of service. At each reporting date, the present value of future payments is calculated using market yields on Commonwealth Government bonds with terms to maturity that match, as closely as possible, the estimated future cash flows. In 2013-14, the rate used to estimate the present value of these future payments is 103.5 per cent (101.3 per cent in 2012-13).

The long service leave liability is estimated with reference to the minimum period of qualifying service. For employees with less than the required minimum period of seven years qualifying service, the probability that employees will reach the required minimum period has been taken into account in estimating the provision for long service leave and the applicable on-costs.

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(r) Employee Benefits (Continued)

The provision for annual leave and long service leave includes estimated on-costs. As these on-costs only become payable if the employee takes annual and long service leave while in-service, the probability that employees will take annual and long service leave while in service has been taken into account in estimating the liability for on-costs.

Annual leave and long service leave liabilities are classified as current liabilities in the Balance Sheet where there are no unconditional rights to defer the settlement of the liability for at least 12 months. Conditional long service leave liabilities are classified as non-current because Exhibition Park Corporation has an unconditional right to defer the settlement of the liability until the employee has completed the requisite years of service.

(s) Superannuation

Superannuation payments are made to the Territory Banking Account each quarter throughout the year, to cover Exhibition Park Corporation’s superannuation liability for the Commonwealth Superannuation Scheme (CSS) and the Public Sector Scheme (PSS). This payment covers the CSS/PSS employer contribution but does not include the productivity component.

The productivity component is paid directly to Comsuper by Exhibition Park Corporation. The CSS and PSS are defined benefit superannuation plans meaning that the defined benefits received by employees are based on years of service and average final salary.

Superannuation payments have also been made directly to superannuation funds for those members of the Public Sector who are part of the superannuation accumulation schemes. This included schemes of employee choice.

Superannuation employer contribution payments, for the CSS and PSS, are calculated by taking the salary level at an employee’s anniversary date and multiplying it by the actuarially assessed nominal CSS and PSS employer contribution rate for each employee. The productivity component payments are calculated by taking the salary level, at an employee’s anniversary date and multiplying it by the employer contribution rate (approximately 3 per cent) for each employee. Superannuation payments for fund of choice arrangements are calculated by taking an employee’s salary each pay and multiplying it by the appropriate employer contribution rate.

The Superannuation Provision Account recognises the total Territory superannuation liability for the CSS and PSS and Comsuper and the external schemes recognise the superannuation liability for the PSSAP and other schemes respectively.

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(s) Superannuation (Continued)

The ACT Government is liable for the reimbursement of the emerging costs of benefits paid each year to members of the CSS and PSS in respect of ACT Government service provided after 1 July 1989. These reimbursement payments are made from the Superannuation Provision Account.

(t) Equity Contributed by the ACT Government

Contributions made by the ACT Government through its role as owner of Exhibition Park Corporation, are treated as contributions of equity.

(u) Insurance

Exhibition Park Corporation insures all of its major risks through the ACT Insurance Authority. The excess payable under this arrangement varies depending on each class of insurance held by Exhibition Park Corporation.

(v) Interest Bearing Liabilities

Interest-bearing liabilities are a financial liability and are measured at the fair value of the consideration received when initially recognised and at amortised cost subsequent to initial recognition, with any adjustments to the carrying amount being recorded in the Operating Statement. The associated interest expense is recognised in the reporting period in which it occurs

A loan arrangement has been entered into with Chief Minister and Treasury Directorate during 2013-14, for which no interest will start accruing until 1 July 2016. Quarterly repayments of this loan are scheduled to commence on 1 October 2016, with no accrual of interest until 1 July 2016. Accordingly the principal amount of the loan drawn at year end is classified as non-current.

(w) Leases

Exhibition Park Corporation has entered into a finance lease and an operating lease.

Finance LeasesFinance leases effectively transfer to the Exhibition Park Corporation, substantially all the risks and rewards incidental to the ownership of the assets under a finance lease.

The title may or may not eventually be transferred. Finance leases are initially recognised as an asset and a liability at the lower of the fair value of property and the present value of the minimum lease payments each being determined at the inception of the lease. The discount rate used to calculate the present value of the minimum lease payments is the interest rate implicit in the lease. Assets under a finance lease are

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(w) Leases (Continued)

depreciated over the shorter of the asset’s useful life and lease term. Leased assets are depreciated on a straight line basis. The depreciation is calculated after first deducting any residual values which remain for each leased asset. Each lease payment is allocated between interest expense and reduction of the lease liability. Lease liabilities are classified as current and non-current. Operating LeasesOperating leases do not effectively transfer to Exhibition Park Corporation substantially all the risks and rewards incidental to ownership of the asset under an operating lease. Operating lease payments are recorded as an expense in the Operating Statement on a straight-line basis over the term of the lease.

(x) Significant Accounting Judgements and Estimates

In the process of applying the accounting policies listed in this note, Exhibition Park Corporation has made the following judgements and estimates that have the most significant impact on the amounts recorded in the financial statements:

(i) Fair Value of Assets: Exhibition Park Corporation has made a significant judgment regarding the fair value of its assets. Land and buildings have been recorded at the fair value of similar properties as estimated by an independent valuer. Fair value requires assets to be valued according to the market place between a willing buyer and seller or, if no market exists, at depreciated replacement cost. Where it has been determined that no ready market exists for improvements made to Exhibition Park due to the unique nature of the improvements, and the asset would be replaced if Exhibition Park Corporation was deprived of that asset, depreciated replacement cost is used. The fair value of the investment property is determined by an independent valuation. Further information is provided at Note 2(o). In some circumstances, buildings that are purpose built may in fact realise more or less than their carrying value.

(ii) Employee Benefits: Significant judgements have been applied in estimating the liability for employee benefits. The estimated liability for employee benefits requires a consideration of the future wage and salary levels, experience of employee departures and periods of service. The estimate also includes an assessment of the probability that employees will meet the minimum service period required to qualify for long service leave and that on-costs will become payable.

Further information on this estimate is provided in Note 2(r) Employee Benefits and Note 3 Change in Accounting Policy and Accounting Estimates.

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(x) Significant Accounting Judgements and Estimates (Continued)

(iii) Estimation of the Useful Lives of Property, Plant and Equipment: Exhibition Park Corporation has made a significant estimate in determining the useful lives of its Property, Plant and Equipment. The estimation of the useful lives of the Property, Plant and Equipment has been based on the historical experience of similar assets and in some cases based on valuations provided by a certified valuer, Jones Lang LaSalle. Further disclosure concerning an asset’s useful life can be found at Note 2(p) Depreciation of Non-Current Assets.

(y) Impact of Accounting Standards Issued but yet to be Applied

The following new and revised accounting standards and interpretations have been issued by the Australian Accounting Standards Board but do not apply to the current reporting period. These standards and interpretations are applicable to future reporting periods. Exhibition Park Corporation does not intend to adopt these standards and interpretations early. It is estimated that the effect of adopting the below pronouncements, when applicable, will have no material financial impact on Exhibition Park Corporation in future reporting periods:

AASB 9 Financial Instruments (application date 1 January 2017); AASB 1055 Budgetary Reporting (application date 1 July 2014); AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9

(December 2010)[AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 and 1038 and Interpretations 2, 5, 10, 12, 19 and 127] (application date 1 January 2017);

AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) [AASB 1, AASB 8, AASB 101, AASB 124, AASB 134, AASB 1049 and AASB 2011-8 and Interpretation 14] (application date 1 January 2013);

AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures (application date 1 January 2015); and

AASB 2013-3 Amendments to AASB 136 Recoverable Amount Disclosures for Non-Financial Assets (application date 1 January 2014).

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NOTE 3 CHANGE IN ACCOUNTING POLICY AND ACCOUNTING ESTIMATES

Change in Accounting Policy

Exhibition Park Corporation had no changes in Accounting Policy during the reporting period.

NOTE 4 GOVERNMENT PAYMENT FOR OUTPUTS

Government Payment for Outputs

Government Payment for Outputs is revenue received from the ACT Government to fund the costs of delivering services. The ACT Government pays appropriation as per an agreed payment schedule.

2014 2013$'000 $'000

Government Payment for Outputs 429 412Total Government Payment for Outputs 429 412

NOTE 5 USER CHARGES FOR GOODS AND SERVICES

Exhibition Park Corporation derives user-charge revenue by providing goods and services to the public. Such goods and services include catering at events and functions, camping facilities, hiring of buildings and grounds facilities, leasing of space both to short and long-term tenants.

User charge revenue is not part of government appropriation and is paid by the user of the goods and services. This revenue is driven by consumer demand and is commercial in nature.

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NOTE 5 USER CHARGES FOR GOODS AND SERVICES (CONTINUED)

2014 2013$'000 $'000

User Charges - ACT Government

Venue Hire1 16 41Catering Income2 10 16Recoveries of Utility Services Provided at Events3 0 145Events Other4 6 1

Total User Charges - ACT Government 32 203

User Charges - Non-ACT Government

Venue Hire1 948 950Catering Income2 630 953Recoveries of Utility Services Provided at Events3 393 403Events - Other4 36 53Catering Commission5 81 19Rental Income6 428 332Camping 553 569Other 51 52

Total User Charges - Non-ACT Government 3,120 3,331

Total User Charges for Goods and Services 3,152 3,534

1Venue hire includes exhibitions and shows, markets and retail hirings, sport and recreation, cultural events and conferences, meetings and other events. Venue hire income has decreased following cancellation and rescheduling of a number of major events.2Catering income has decreased following cancellation and rescheduling of a number of major events.3Recoveries income has decreased as demands for electricity, water, cleaning and other amenities used to promote and stage events held at EPIC varies due to the type of event. 4Events other income include parking revenue and advertising.5Catering commission includes commission from retail food vendors.6Rental income has increased to recognise increased demand in storage blocks.

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NOTE 6 INTEREST AND DISTRIBUTIONS

2014 2013$'000 $'000

Revenue from ACT Government Entities

Distributions from Investments with the Territory Banking Account Cash Enhanced Portfolio - 2

Total Revenue from within the ACT Government Entities - 2

Revenue from Non-ACT Government Entitles

Interest Revenue from Banks 31 56

Total Interest Revenue from Non-ACT Government Entities 31 56

Total Interest and Distributions 31 58

NOTE 7 OTHER GAINS

Other gains are transactions that are not part of the Exhibition Park Corporation’s core activities. Other gains are distinct from other revenue, as other revenue arises from the core activities of Exhibition Park Corporation.

2014 2013$'000 $'000

Other Gains

Gains from Revaluation of Investment Property 130 70Other Gains1 - 125

Total Other Gains 130 195

1Other Gains comprises of one-off insurance reimbursement for claims against Exhibition Park Corporation in 2012-13 and one-off contribution toward works associated with the preparation of the service station site.

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NOTE 8 EMPLOYEE EXPENSES

Exhibition Park Corporation employed 13.1 full time equivalent staff through the year in 2013-14 compared to 13.6 in 2012-13.

2014 2013$'000 $'000

Employee Expenses

Wages and Salaries 1,079 1,005Annual Leave 70 84Long Service Leave 9 17Workers’ Compensation Insurance Premium 22 23Other Employee Benefits and On-Costs 27 26

Total Employee Expenses 1,206 1,155

NOTE 9 SUPERANNUATION EXPENSES

Exhibition Park Corporation makes payments through Shared Services for its portion of the Territory's Public Sector Superannuation Scheme (PSS) superannuation liability and the productivity benefit for this scheme.

Superannuation payments are also made to external providers as part of the employee fund of choice arrangements through Shared Services, and to employment agencies for the superannuation contribution Exhibition Park Corporation is required to make for the contract staff it employs.

2014 2013Superannuation Expenses $'000 $'000

Superannuation Contributions to the Superannuation Provision Account 103 108Superannuation to External Providers 52 42Productivity Benefit 9 13

Total Superannuation Expenses 164 163

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NOTE 10 SUPPLIES AND SERVICES

Note 2014 2013No. $'000 $'000

Supplies and Services

Building and Ground Maintenance1 330 523Utilities/Rates 661 664Gas 25 14Catering Costs2 532 915Advertising/Marketing 65 50Cleaning and Hygiene 154 173Event Operating Costs3 109 90Vehicles 34 22Operating Lease4 7 -Insurance 71 91Contractors and Consultants5 204 305Payments to Governing Board6 33 28 45Audit Fees 15 38 34Communications 22 24IT Costs 73 69Legal Fees7 19 38Other8 54 65

Total Supplies and Services 2,426 3,122

1A number of one-off expenditures which were incurred in the 2012-13 year for urgent maintenance works were not required in the 2013-14 year, significantly reducing current year expenditure. Capital upgrades projects are targeted at areas most in need of improvement in the standard and operation of the asset, reducing the need for urgent one-off repairs.2Catering expenses have decreased following cancellation and rescheduling of a number of major events.3Event Operating Costs vary depending on the requirements of individual events for items such as security, cleaning, generators, mobile ticket boxes and specialised equipment. 4Exhibition Park Corporation entered into an operating lease over a Toro Mower in the 2013-14 year.5The decrease in contractors and consultants reflects a reduction in consultants engaged for supervision of one-off projects such as Workplace Health and Safety compliance, Risk Management upgrade and review of current policies and procedures.6Payments to Governing Board has reduced reflecting the reduction in Board Members.7The demand for legal fees fluctuates from year to year as demand requires. A number of long term licence agreements reviewed in 2011-12 did not require reviewing in the 2013-14 year.8Other costs include payroll costs, subscriptions, travel, training, printing and stationery.

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NOTE 11 DEPRECIATION2014 2013

$'000 $'000Depreciation

Buildings 498 487Plant and Equipment 291 188Furniture and Fittings 31 31Motor Vehicles 16 14

Total Depreciation 836 720

NOTE 12 BORROWING COSTS

2014 2013$'000 $'000

Borrowing Costs

Finance Charges on Finance Lease 14 4

Total Borrowing Costs 14 4

NOTE 13 OTHER EXPENSES2014 2013

$'000 $'000

Expenses Associated with Tender Process - 6Insurance Claim Payment1 - 105

Total Other Expenses - 111

1Exhibition Park Corporation finalised two insurance claims during 2012-13.

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NOTE 14 WAIVERS, IMPAIRMENT LOSSES AND WRITE-OFFS

A waiver is the relinquishment of a legal claim to a debt. The write-off of a debt is the accounting action to remove a debt from the books but does not relinquish the legal right of the Exhibition Park Corporation to recover the amount. The write-off of debts may occur for the reason other than waivers. In 2013-14, there were no waivers or impairment losses.

The write-offs listed below have occurred during the reporting period for the Exhibition Park Corporation.

2014 2013$'000 $'000

Asset Losses1 4 156Bad Debts 8 12

Total Waivers, Impairments and Write-Offs 12 168

1Asset losses reflect the loss on sale of a motor vehicle in 2013-14 and the demolition of a decommissioned toilet block in 2012-13.

NOTE 15 AUDITOR’S REMUNERATION

Auditor's remuneration consists of financial audit services provided for Exhibition Park Corporation by the ACT Auditor-General's Office.

2014 2013$'000 $'000

Audit Services

Audit Fees Paid to the ACT Auditor-General's Office 39 34

Total Audit Fees 39 34

No other services were provided by the ACT Auditor-General’s Office.

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NOTE 16 CASH AND CASH EQUIVALENTS

Exhibition Park Corporation holds bank accounts with the National Australia Bank and Westpac Bank. Interest is received on these accounts.

2014 2013$'000 $'000

CashCash at Bank 905 712Term Deposit 500 499Cash on Hand 1 1

Total Cash and Cash Equivalents 1,406 1,212

NOTE 17 RECEIVABLES

2014 2013$'000 $'000

Current Receivables

Trade Receivables1 13 119Accrued Revenue 11 21Other Current Receivables2 - 250

Total Current Receivables 24 390

1A decrease in Trade Receivables is due to a decrease in the number of events invoiced during May and June 2014.2The increase in Other Receivables in 2012-13 is due to the loan from Environment and Sustainable Development Directorate for the LED lightning project outstanding as at 30 June 2013.

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NOTE 17 RECEIVABLES (CONTINUED)

Ageing of Receivables Overdue TotalNot Less than 30 to 60 Greater

Overdue 30 Days Days than 60

Days

$'000 $'000 $'000 $'000 $'0002014Not Impaired¹Receivables2 18 5 - 1 24Impaired Receivables - - - - -

2013Not Impaired¹Receivables 296 91 2 1 390 Impaired Receivables - - - - -

¹'Not Impaired' refers to Net Receivables (that is Gross Receivables less Impaired Receivables). Exhibition Park Corporation does not hold any collateral for receivables that are overdue or determined to be impaired. 2Overdue receivables over 30 days relates to one client on a repayment plan.

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NOTE 17 RECEIVABLES (CONTINUED)2014 2013

$'000 $'000

Classification of ACT Government / Non-ACT Government Receivables

Receivables with ACT Government Entities Trade Receivables - 2 Other Receivables - 250

Total Receivables with ACT Government Entities - 252

Receivables with Non-ACT Government Entities Trade Receivables 13 117 Accrued Revenue 11 21

Total Receivables with Non-ACT Government Entities 24 138

Total Receivables 24 390

NOTE 18 OTHER ASSETS2014 2013

$'000 $'000Other Assets

Prepayments1 13 2

Total Other Assets 13 2

1Prepayments include licence fees, memberships, subscriptions and maintenance contracts.

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NOTE 19 PROPERTY, PLANT AND EQUIPMENT

Property, Plant and Equipment

Property, plant and equipment included the following classes of assets - land, buildings, fixtures and fittings, plant and equipment and motor vehicles.

Land includes leasehold land held by Exhibition Park Corporation.

Buildings include office buildings, pavilions, perimeter fencing and areas.

Furniture and fittings include office furniture, furniture for pavilions and tables and chairs for event functions.

Plant and equipment includes catering equipment, communications equipment, computers and monitors, ground and maintenance equipment and office equipment.

Motor vehicles include grounds vehicles, light truck, Toyota utility and a vehicle under a finance lease with SG Fleet Australia Pty Ltd.

2014 2013$'000 $'000

Land and Buildings

Land at Fair Value 14,500 10,925

Total Land Assets 14,500 10,925

Exhibition Park Corporation is contained in an area of approximately 85.44 hectares on the northern side of the intersection on Flemington Road and Northbourne Avenue in the Canberra City District.

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NOTE 19 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)2014 2013

$'000 $'000Land Controlled by the Corporation at Unimproved Value is as follows:

a. Main Exhibition Area (Corporation Land) 8,200 6,130 Block 5, Section 72 Lyneham and Block 466 Gungahlin District - 40.87 hectaresb. Additional Land (Crown Lease Land) 6,000 4,795 Block 765 Gungahlin District 29.91 hectares (Consolidation of Blocks 467 and 746) Block 799 Gungahlin District 14.655 hectares 300 -

Total Land Assets 14,500 10,925

Buildings at Fair Value 19,914 20,413Accumulated Depreciation (242) (1,177)

Total Written-Down Value of Buildings 19,672 19,236

Total Land Written-Down Value of Buildings 34,172 30,161

Furniture and Fittings

Furniture and Fittings at Cost 335 335Accumulated Depreciation (252) (221)

Total Written-Down Value of Furniture and Fittings 83 114

Plant and Equipment

Plant and Equipment at Cost 4,017 3,978Accumulated Depreciation (982) (691)

Total Written-Down Value of Plant and Equipment 3,035 3,287

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NOTE 19 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)2014 2013

Motor Vehicles $'000 $'000

Motor Vehicles at Cost 124 155Accumulated Depreciation (79) (79)

Total Written-Down Value of Motor Vehicles 45 76

Total Written-Down Value of Property, Plant and Equipment 37,335 33,638

Assets under a Finance Lease

Assets under a finance lease are included in the asset class to which they relate in the above disclosure. However, assets under a finance lease are also required to be separately disclosed as outlined below. Exhibition Park Corporation has a Ford Mondeo under a finance lease.

Carrying Amount of Assets under a Finance Lease

Motor Vehicles under a Finance Lease 32 32Accumulated Depreciation (8) (1)

Total Written-Down Value of Motor Vehicle under a Finance Lease 24 31

Total Written-Down Value of Assets under a Finance Lease 24 31

Valuation of Non-Current Assets

Jones Lang LaSalle, an independent certified practising valuer, performed the revaluation of the Exhibition Park Corporation's land and building assets. Valuations are performed every three years. The latest valuations were performed as at 1 January 2014. Exhibition Park Corporation will be performing the next valuation in 2017.

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NOTE 19 PROPERTY PLANT AND EQUIPMENT (CONTINUED)

Reconciliation of Property, Plant and Equipment

The following table shows the movement of Property, Plant and Equipment during 2013-14.

LandBuilding

s Furniture Plant & Motor Total

& FittingsEquipmen

t Vehicles$'000 $'000 $'000 $'000 $'000 $'000

Carrying Amount at the Beginning of the Reporting Period 10,925 19,236 114 3,287 76 33,638Increment/(Decrement) - - - - - -Revaluation Increment/(Decrement) 3,275 (397) - - - 2,878Additions/(Disposal) 300 1,331 - 39 (31) 1,639Depreciation - (498) (31) (291) (16) (836)Other Movements - - - - 16 16

Carrying Amount at the End of the Reporting Period 14,500 19,672 83 3,035 45 37,335

The following table shows the movement of Property, Plant and Equipment during 2012-13.

LandBuilding

s Furniture Plant & Motor Total

& FittingsEquipmen

t Vehicles$'000 $'000 $'000 $'000 $'000 $'000

Carrying Amount at the Beginning of the Reporting Period 10,925 18,242 140 525 46 29,878Impairment/(Decrement) - (162) - - - (162)Acquisitions/(Disposal) from Transfer - - - (246) - (246)Additions - 1,689 6 3,148 45 4,888Depreciation - (485) (32) (188) (15) (720)Other Movements - (48) - 48 - -

89

Carrying Amount at the End of the Reporting Period 10,925 19,236 114 3,287 76 33,638

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Fair Value Hierarchy

Exhibition Park Corporation is required to classify property, plant and equipment into a fair value hierarchy that reflects the significance of the inputs used in determining their fair value. The Fair Value Hierarchy is made up of the following three levels: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the

agency can access at the measurement date; Level 2 – inputs other than quoted prices included within Level 1 that are observable for the

asset or liability, either directly or indirectly; and Level 3 – inputs that are unobservable for particular assets or liabilities.

Details of Exhibition Park Corporation’s property, plant and equipment at fair value and information about the Fair Value Hierarchy as at 30 June 2014 are as follows:

2014

Classification According to the Fair Value Hierarchy

Level 1 Level 2 Level3 Total$'000 $'000 $'000 $'000

Property Plant and Equipment at Fair Value

Land - 14,500 - 14,500Buildings - - 19,672 19,672

- 14,500 19,672 34,172

Exhibition Park Corporation has used the exemption under AASB 13.C3 Fair Value Measurement that comparative information for periods before initial application of the standard need not be applied.

Transfers Between Categories

There have been no transfers between Levels 1, 2 and 3 during the reporting period.

Valuation Techniques, inputs and processes

Valuation Technique: The valuation technique used to value land and buildings is the market approach that reflects recent transaction prices for similar properties and buildings (comparable in location and size).

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Level 2 Valuation Techniques and Inputs

The fair value of the property, plant and equipment was estimated by an independent valuation undertaken by Jones Lang LaSalle as at 30 June 2014.


Valuation Technique: Building Assets were considered specialised assets by the valuers and measured using the cost approach that reflects the cost to a market participant to construct assets of comparable utility adjusted for obsolescence. For Buildings, historical cost per square metre of floor area was also used in measuring fair value.

Inputs: In determining the value of building assets regard was given to the age and condition of the assets, their estimated replacement cost and current use. This required the use of data internal to Exhibition Park Corporation.

There has been no change to the above valuation techniques during the year.

Transfers in and out of a fair value level are recognised on the date of the event or change in circumstances that caused the transfer.

Fair Value Measurements using Significant Unobservable Inputs (Level 3)

Building Total2014 $'000 $'000Fair Value at Beginning of the Reporting Period 19,236 19,236Additions 1,331 1,331Revaluation (Decrements) recognised in Other Comprehensive Income (397) (397)Depreciation (498) (498)Fair Value at the End of the Reporting Period 19,672 19,672

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Fair Value measurements using significant unobservable inputs Level 3 (continued)

Information about significant unobservable inputs (Level 3) in fair value measurementsDescription

and Fair Value as at

30 June 2014

Valuation Technique(s

)

Significant Unobservable

Inputs

Range of Unobservable

Inputs (Weighted Average)

Relationship of Unobservable Inputs to Fair

Value

$'000 $ Buildings

19,672

Depreciated Replacement Cost (straight line)

Consumed economic benefit/obsolescence of asset

2.5% per year Greater consumption of economic benefit or increased obsolescence lowers fair value

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NOTE 20 INVESTMENT PROPERTY

Reconciliation of Investment Property

The investment property is held for rental income.

The fair value of the investment property was estimated by an independent valuation undertaken by Jones Lang LaSalle as at 30 June 2014. Jones Lang LaSalle holds a recognised and relevant professional qualification as certified practicing valuers and have had recent experience in the location and category of the investment property involved.

2014 2013$'000 $'000

Land at Fair Value 2,600 2,470

Total Land at Fair Value 2,600 2,470

Total Investment Property 2,600 2,470

Income and Expense from Investment Property 2014 2013$'000 $'000

Rental Income 241 173

Less: Direct Operating Expenses of Investment Property that Generated Investment Income 59 59

Total Operating Profit from Investment Property 182 114

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NOTE 20 INVESTMENT PROPERTY (CONTINUED)

The following table shows the movement in Investment Property during 2013-14.

Land Total$'000 $'000

Carrying Amount at the Beginning of the Reporting Period 2,470 2,470

Revaluation Increment 130 130

Carrying Amount at the End of the Reporting Period 2,600 2,600

Reconciliation of Investment Property

The following table shows the movement in Investment Property during 2012-13.

Land Total$'000 $'000

Carrying Amount at the Beginning of the Reporting Period 2,400 2,400

Revaluation Increment 70 70

Carrying Amount at the End of the Reporting Period 2,470 2,470

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Fair Value Hierarchy

Exhibition Park Corporation is required to classify property, plant and equipment into a Fair Value Hierarchy that reflects the significance of the inputs used in determining their fair value. The Fair Value Hierarchy is made up of the following three levels: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the

agency can access at the measurement date; Level 2 – inputs other than quoted prices included within Level 1 that are observable for the

asset or liability, either directly or indirectly; and Level 3 – inputs that are unobservable for particular assets or liabilities.

Details of Exhibition Park Corporation’s property, plant and equipment at fair value and information about the Fair Value Hierarchy as at 30 June 2014 are as follows:

2014

Classification According to the Fair Value Hierarchy

Level 1 Level 2 Level3 Total$'000 $'000 $'000 $'000

Investment Property at Fair Value

Investment Property - 2,600 - 2,600

- 2,600 - 2,600

Exhibition Park Corporation has used the exemption under AASB 13.C3 Fair Value Measurement that comparative information for periods before initial application of the standard need not be applied.

Transfers Between CategoriesThere have been no transfers between Levels 1, 2 and 3 during the reporting period.

Valuation Techniques, inputs and processes

Valuation Technique: The valuation technique used to value land is the market approach that reflects recent transaction prices for similar properties and buildings (comparable in location and size).

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The fair value of the investment property was estimated by an independent valuation undertaken by Jones Lang LaSalle as at 30 June 2014.

NOTE 21 CAPITAL WORKS IN PROGRESS

Capital Works in Progress are assets being constructed over periods of time in excess of the present reporting period. These assets often require extensive installation work or integration with other assets, and contrast with simpler assets that are ready for use when acquired such as plant and equipment.

Capital Works in Progress are not depreciated as the Exhibition Park Corporation is not currently deriving any economic benefit from them.

The following Capital Works projects have not been completed at year-end:

2014 2013$'000 $'000

Conference Centre1 - 46Capital Upgrades2 65 76Low Cost Tourist Accommodation3 419 86LED Lighting Project4 55 -New Camping Area5 119 -

Total Capital Works in Progress 658 208

1Conference Centre upgrade was completed in the 2013-14 financial year.2Capital Upgrades for the Terrace, Signage and Arena Lights and Infrastructure will be completed in the 2014-15 financial year.3Work on the Low Cost Accommodation project commenced in 2012-13 year to for completion in the 2014-15 financial year. Chief Minister and Treasury Directorate has provided funding through a loan facility for the purchase of Block 799 and the provision of services to the block.4LED Lighting Project will be completed in the 2014-15 financial year.5New Camping Area project will be completed in the 2014-15 financial year.

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NOTE 21 CAPITAL WORKS IN PROGRESS (CONTINUED)

Reconciliation of Assets under Construction

The following table shows the movement of Capital Works in Progress during 2012-13 and 2013-14.

Capital Works

Capital Works

in Progress in Progress2014 2013

$'000 $'000Carrying Amount at the Beginning of the Reporting Period 208 3,175Additions 1,824 1,876Capital Works in Progress Completed and Transferred to: Plant and Equipment (40) (3,151) Furniture and Fittings - (1,691) Buildings (1,331) (1) Small Assets (3) -

Carrying Amount at the End of the Reporting Period 658 208

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NOTE 22 PAYABLES 2014 2013

$'000 $'000Current Payables

Trade Payables 491 230Goods and Services Tax Payable1 (16) 4Accrued Expenses 407 120

Total Current Payables 882 354

Payables are aged as follows:

Not Overdue 882 317Overdue for less than 30 days1 - 36Overdue for less than 60 days1 - 1

Total Payables 882 354

Note1 Overdue payments relate to the timing of the payment run and works requiring final inspection.

Classification of Government/Non-ACT Government Payables

Payables with ACT Government Entities

Trade Payables2 307 85Accrued Expenses3 364 34

Total Payables with ACT Government Entities 671 119

Payables with Non-ACT Government Entities

Trade Payables 185 145Goods and Services Tax Payable (16) 4Accrued Expenses 42 86

Total Payables with Non-ACT Government Entities 211 235

Total Payables 882 354

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NOTE 22 PAYABLES (CONTINUED)

Note2 The increase in ACT Government Entities Trade Payables relates to invoices received in June for the purchase of Block 799 through the Land Development Agency.Note 3 The increase in Accrued Expenses with ACT Government Entities relates to costs incurred but not invoiced by Economic Development Directorate for the servicing of Block 799 Gungahlin.

NOTE 23 BORROWINGS

Exhibition Park Corporation has borrowings from the Environment and Sustainable Development Directorate to fund a solar tube construction project and LED lighting project. The borrowings are non-interest bearing and are repayable over five years in equal instalments.

2014 2013$'000 $'000

Borrowings

Current Borrowings 64 62Non-Current Borrowings 142 206

Total Borrowings 206 268

NOTE 24 INTEREST BEARING LIABILITIES

Exhibition Park Corporation has one ACT Government borrowing. The borrowing is held to a fixed interest rate of five per cent. The repayments are made in equal quarterly instalments of principal and interest to the Territory Banking Account. Instalments are to be repaid from 1 October 2016 to 1 July 2031. The terms of the loan include a two year interest free period with no interest accruing until 1 July 2016.

2014 2013$'000 $'000

Borrowings

Non-Current Borrowings 300 -

Total Borrowings 300 -

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NOTE 25 FINANCE LEASES

Exhibition Park Corporation holds one finance lease which has been taken up as a finance liability and an asset under a finance lease. The lease is for a motor vehicle. The interest rate implicit in this lease is five per cent and the term is for two years. The lease has no terms of renewal or purchase options, nor escalation clause.

2014 2013$'000 $'000

Finance Leases

Finance lease commitments are payable as follows:

Within one year 26 8Later than one year but no later than five years - 26

Minimum Lease Payments 26 34

Less: Future Finance Lease charges (1) (2)

Total Present Value of the Minimum Lease Payments 25 32

The present value of the minimum lease payments are as follows:

Within one year 25 7Later than one year but no later than five years - 25

Total Present Value of Minimum Lease Payments 25 32

Classification on the Balance Sheet

Finance LeasesCurrent Finance Leases 25 7Non-Current Finance Leases - 25

Total Finance Leases 25 32

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NOTE 26 EMPLOYEE BENEFITS2014 2013

$'000 $'000Current Employee Benefits

Annual Leave 123 143Long Service Leave1 192 189Accrued Salaries 60 33

Total Current Employee Benefits 375 365

Non-Current Employee BenefitsLong Service Leave1 28 23

Total Non-Current Employee Benefits 28 23

Total Employee Benefits 403 388

For Disclosure Purposes Only Estimate of when Employee Benefits are Payable 2014 2013 $'000 $'000 Estimated Amount Payable within 12 Months Annual Leave 123 143Long Service Leave1 - -Accrued Salaries 60 33 Total Estimated Amount Payable within 12 Months 183 176 Estimated Amount Payable after 12 Months Long Service Leave1 220 212 Total Estimated Amount Payable after 12 Months 220 212 Total Employee Benefits 403 388

1An increase in the rate used to estimate present value, the present value of future long service leave payments from 101.3% to 103.5% has increased the long service leave liability by $4,681.

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NOTE 27 OTHER LIABILITIES2014 2013

$'000 $'000Current Other Liabilities

Revenue Received in Advance¹ 85 50Other 60 29

Total Current Other Liabilities 145 79

¹Revenue Received in Advance related to cash received for retail sale events to be held in the future.

Non-Current Other LiabilitiesRevenue Received in Advance² 7 13

Total Non-Current Other Liabilities 7 13

²Non-Current Revenue Received in Advance related to cash received for a long-term lease of the trotting track.

Total Other Liabilities 152 92

NOTE 28 CASH FLOW RECONCILIATION

(a) Reconciliation of Cash and Cash Equivalents at the End of the Reporting Period in the Cash Flow Statement to the Equivalent Items in the Balance Sheet.

2014 2013$'000 $'000

Total Cash and Cash Equivalents Recorded in the Balance Sheet 1,406 1,212

Cash and Cash Equivalents at the End of the Reporting Period as Recorded in the Cash Flow Statement 1,406 1,212

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NOTE 28 CASH FLOW RECONCILIATION (CONTINUED)

(b) Reconciliation of the Net Cash Inflows/Outflows, from Operating Activities to the Operating (Deficit).

2014 2013$'000 $'000

Operating (Deficit) (916) (1,244)

Add/(Less) Non-Cash ItemsDepreciation of Property, Plant and Equipment 836 720Assets Contributed (130) (148)Irrecoverable Receivables 8 -

Add/(Less) Items Classified as Investing or FinancingUnrealised loss on borrowing (8) -Net Losses on Disposal of Non-Current Assets 4 156

Net Cash Before Changes in Operating Assets and Liabilities (206) (516)

Changes in Operating Assets and LiabilitiesDecrease in Receivables 366 294(Increase) in Other Assets (10) (256)Increase in Payables 528 144Increase in Employee Benefits 15 33Increase in Other Liabilities 60 (48)

Net Changes in Operating Assets and Liabilities 959 167

Net Cash Inflows/(Outflows) from Operating Activities 753 (349)

(c) Non-Cash Financing and Investing Activities

All motor vehicle leases entered into by Exhibition Park Corporation are under a finance lease rather than under an operating lease.

Acquisition of Motor Vehicle by means of Finance Lease 22 22

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NOTE 29 FINANCIAL INSTRUMENTS

Details of the significant policies and methods adopted, including the criteria for recognition, the basis for the measurement and the basis on which income and expenses are recognised, with respect to each class of financial asset and financial liability are disclosed in Note 2: Summary of Significant Accounting Policies.

Interest Rate Risk

Interest rate risk is the risk that fair value or future cash inflows of a financial instrument will fluctuate because of changes in market interest rates.

Most financial assets are held in fixed interest rate arrangements. This means that Exhibition Park Corporation is not significantly exposed to movements in interest receivable on financial assets. Interest rate risk for financial assets is managed by Exhibition Park Corporation by mostly investing in fixed term deposits with banking institutions that are at low risk.

The majority of financial liabilities are held in non-interest bearing or fixed interest rate arrangements. This means that Exhibition Park Corporation is not exposed to movements in interest payable on financial liabilities.

Sensitivity Analysis

A sensitivity analysis has not been undertaken as it is considered that Exhibition Park Corporation’s exposure to interest rate risk is insignificant and would have an immaterial impact on its financial result.

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Exhibition Park Corporation’s credit risk is limited to the amount of the financial assets it holds net of any allowance for impairment. Exhibition Park Corporation expects to collect all financial assets that are not past due or impaired.

Credit risk is managed by Exhibition Park Corporation for investments by only investing surplus funds with the Westpac Bank.

Exhibition Park Corporation’s receivables cover many entities external to the ACT Government, and these receivables are unsecured. Prior to the engagement of a licence agreement for an event hire, Exhibition Park Corporation is able to assess the credit risk of each party through various other venue networks, past client relationships and current market knowledge of the party.

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NOTE 29 FINANCIAL INSTRUMENTS (CONTINUED)

Credit Risk (Continued)

Exhibition Park Corporation has clauses within each licence agreement detailing the required payment schedules prior to the staging of an event or hiring. Security deposits, bonds and event costs collected prior to event reduces the Corporation’s exposure.

As at reporting date, Exhibition Park Corporation expects to collect financial assets that are not past due or impaired.

Liquidity Risk

Liquidity risk is the risk that Exhibition Park Corporation will be unable to meet its financial obligations as they fall due.

The main source of cash to pay these obligations is from User Charges – Non-ACT Government. Exhibition Park Corporation also receives funding through appropriation from Government which is paid as per an agreed schedule during the year and interest revenue from cash held with banks.

Exhibition Park Corporation has sufficient financial assets to meet its financial liabilities. Exhibition Park Corporation’s exposure to liquidity risk is considered insignificant based on experience from prior years and the current assessment of risk.

Price Risk

Price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices, whether these changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

Exhibition Park does not have any financial instruments that are exposed to price risk. Accordingly, a sensitivity analysis has not been undertaken.

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Fair Value of Financial Assets and Liabilities

The carrying amounts and fair values of financial assets and liabilities at the end of the reporting period are:

Note Carrying Net Fair Carrying Net Fair No. Amount Value Amount Value

2014 2014 2013 2013$'000 $'000 $'000 $'000

Financial AssetsCash and Cash Equivalents 16 1,406 1,406 1,212 1,212Receivables 17 24 24 390 390

Total Financial Assets 1,430 1,430 1,602 1,602

Financial LiabilitiesPayables 22 882 882 354 354Borrowings 23 206 206 268 268Interest Bearing Liabilities 24 300 300 - -Finance Leases 25 25 25 32 32

Total Financial Liabilities 1,413 1,413 654 654

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The following table sets out Exhibition Park Corporation's maturity analysis for financial assets and liabilities as well as the exposure to interest rates, including the weighted average interest rates by maturity period as at 30 June 2014. All financial assets and liabilities which have a floating interest rate or are non-interest bearing will mature in one year or less. All amounts appearing in the following maturity analysis are shown on an undiscounted cash flow basis.

Fixed Interest Maturing In:

Note Floating 1 Year or Over 1 Non- TotalNo. Interest Less Year to interest

Rate 5 Years Bearing$'000 $'000 $'000 $'000 $'000

Financial Assets

Cash and Cash Equivalents 16 906 500 - - 1,406Receivables 17 - - - 24 24

Total Financial Assets 906 500 - 24 1,430

Weighted Average Interest Rate 3.38% 4.08%

Financial Liabilities

Payables 22 - - - 882 882Borrowings 23 - - - 206 206Interest Bearing Liabilities 24 - - 300 - 300Finance Leases 25 - 26 - - 26

Total Financial Liabilities - 26 300 1,088 1,414

Fixed Interest Rate 5%

Net Financial Assets/(Liabilities) 906 474 (300) (1,064) 16

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The following table sets out Exhibition Park Corporation's maturity analysis for financial assets and liabilities as well as the exposure to interest rates, including the weighted average interest rates by maturity periods as at 30 June 2013. All financial assets and liabilities which have a floating interest rate or are non-interest bearing will mature in 1 year or less. All amounts appearing in the following maturity analysis are shown on an undiscounted cash flow basis.

Financial Instruments (Continued)Fixed Interest Maturing In:

Note Floating 1 Year or Over 1 Non- TotalNo. Interest Less Year to interest

Rate 5 Years Bearing$'000 $'000 $'000 $'000 $'000

Financial Assets

Cash and Cash Equivalents 16 - 499 - 713 1,212Receivables 17 - - - 390 390Total Financial Assets - 499 - 1,103 1,602

Weighted Average Interest Rate 4.9%

Financial Liabilities

Payables 22 - - - 354 354Borrowings 23 - - - 268 268Finance Leases 25 - 8 26 - 34Total Financial Liabilities - 8 26 622 656

Fixed Interest Rate 5% 5%

Net Financial Assets/(Liabilities) - 491 (26) 481 946

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NOTE 29 FINANCIAL INSTRUMENTS (CONTINUED)2014 2013

$'000 $'000

Carrying Amount of Each Category of Financial Asset and Financial Liability

Financial AssetsLoans and Receivables Measured at Amortised Cost 24 390

Financial LiabilitiesFinancial Liabilities Measured at Amortised Cost 1,413 654

Exhibition Park Corporation does not have any financial assets in the 'Available for Sale' category or the 'Held to Maturity' category and as such these categories are not included above.

NOTE 30 CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Contingent Liabilities

There are no contingent liabilities being defended by Exhibition Park Corporation at 30 June 2014.

Contingent Assets

Exhibition Park Corporation has insurance coverage through ACT Insurance Authority for legal claims should they arise at a future date.

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NOTE 31 COMMITMENTS2014 2013

$'000 $'000Other Commitments

Within one year 95 93Later than one year and no later than five years 416 399Later than five years - 107

Total Other Commitments 511 599

Exhibition Park Corporation has entered into other commitments that relate to a painting contract of the building and associated facilities.

2014 2013$'000 $'000

Operating Lease Commitments

Non-cancellable operating lease commitments are as follows:

Within one year 11 -Later than one year but not later than five years 37 -

Total Operating Lease Commitments 48 -

Exhibition Park Corporation has entered into operating lease commitments that relates to a Toro Mower.

Finance lease commitments are presented at Note 25: ‘Finance Leases’.

NOTE 32 ECONOMIC DEPENDENCY

The continued existence of Exhibition Park Corporation is dependent on continued funding provided by the ACT Government. The ACT Government provides Exhibition Park Corporation with payments for outputs and capital injections for capital improvements.

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NOTE 33 RELATED PARTY DISCLOSURES

Key Management Personnel Compensation

Ms Liz Clarke is the Chief Executive Officer of Exhibition Park Corporation and is paid as an ACT Public Servant under the Public Sector Management Act 1994. Ms Clarke is a member of the Governing Board.

2014 2013$'000 $'000

Names of Board Members and payments received were as follows:

Mr J Haskins AM Chair (resigned October 2013) 6 24Mr P Barclay OAM Acting Chair/Deputy Chair 13 13Ms R Hendry Member 8 8Mr S O'Leary Member (Non Remunerated

resigned March 2014) - -

Ms L Clarke Member (Non Remunerated) - -

Total Payments 27 45

Board Members are paid in accordance with Annual Determinations issued by the ACT Remuneration Tribunal. A superannuation contribution of 9.25 per cent of remuneration is paid to the Board Members’ superannuation funds.

There were no other transactions with the Board Members nor any person or entity connected with the Board Members during the reporting period.

NOTE 34 EVENTS OCCURRING AFTER BALANCE DATE

There were no events occurring after the balance date.

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NOTE 35 EQUITY

2014 2013$'000 $'000

Asset Revaluation Surplus

The Asset Revaluation Surplus is used to record the increments and decrements in the value of property, plant and equipment.

Balance at the Beginning of the Reporting Period 14,901 14,901

Increment in Land due to Revaluation 3,275 - Decrement in Buildings due to Revaluation (397) -

Total Increase in the Asset Revaluation Surplus 2,878 -

Balance at the End of the Reporting Period 17,779 14,901

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F.3 Capital Works

During 2013-14, EPC capital works budgeted funding including rollovers was:

Project Type of works

Estimated completion

date

Actual completion

date

Prior year expenditure

Original project value

Revised project

value &/or total

expenditureInstallation of additional camping area

New June 2014 Not applicable

Not applicable $0.300m $0.300m

Car park upgrade to enhance accessibility

New April 2014 May 2014 Not applicable $0.130m $0.108m

Conference Centre refurbishment

Continuing July 2013 January 2014 Yes $0.605m $0.606m

Power provision and safety improvement

New June 2014 June 2014 Not applicable $0.130m $0.201m

Upgrade of arena lights and infrastructure


Continuation of internal signage upgrades

New June 2014 Not applicable

Not applicable $0.070m $0.070m

Main pedestrian thoroughfare upgrade

New May 2014 June 2014 Not applicable $0.035m $0.036m

Upgrade flooring at Coorong Pavilion and The Terrace


Upgrade venue plant equipment New June 2014 June 2014 Not

applicable $0.019m $0.019m

Upgrade venue booking system New June 2014 January

2014Not applicable $0.080m $0.008m

Improve catering facilities and equipment

Continuing June 2013 February 2014 Yes $0.240m $0.236m

Upgrade storage facilities and other equipment

Continuing June 2013 February 2014 Yes $0.098m $0.098m

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F.3 Capital Works (continued)

Project Type of works

Estimated completion

date

Actual completion

date

Prior year expenditure

Original project value

Revised project

value &/or total

expenditureContinuation of Internal Signage Upgrades

Continuing June 2013 May 2014 Yes $0.050m $0.050m

Funding for one capital project was rolled over for completion in 2014-15:Installation of additional camping area - $0.188 million

F.4 Asset management

Assets managed

As at 30 June 2014 EPC managed assets with a total value of $42.036 million. Assets managed include:

Asset grouping Measure

Built property assets (event activity areas) 19

Land comprising: Main exhibition area located on block 5 Section 72 Lyneham Main exhibition area located on Block 466 Gungahlin district Service station and restaurant area located on Block 4 Section 72 Lyneham and Blocks 429 and 455 Gungahlin district Land located on Block 765 Gungahlin district Land located on Block 799 Gungahlin district

22.71 hectares 18.17 hectares 5101 sq metres 29.91 hectares 14.655 hectares

Infrastructure comprising roads, street lighting, fences, etc. Not applicable

Urban parks Not applicable

During 2013-14, excluding major capital works upgrades to the buildings and facilities, various items were added to EPC’s asset register including the Conference Centre refurbishment, flooring upgrade in the Coorong Pavilion and The Terrace, upgrade to the arena lights and infrastructure and upgrade to storage facilities. On 30 June 2014 EPC did not have any properties that were not being utilised by EPC or identified as potentially surplus.

115

F.4 Asset management (continued)

Assets maintenance and upgrade

Asset upgrades completed during 2013-14 were: power provision and safety improvement ($0.201 million); arena lights and infrastructure ($0.130 million); internal signage upgrades ($0.070 million); main pedestrian thoroughfare upgrade ($0.036 million); upgrade flooring at the Coorong Pavilion and the Terrace ($0.075 million); upgrade venue plant equipment ($0.019 million); upgrade venue booking system ($0.008 million); and upgrade commercial storage area ($0.034 million).

Office accommodation

EPC employs staff occupying a total of 570 square metres at the following sites –

EPIC administration office12 x staff270 square metresThe average area occupied by each employee is 23 square metres.

EPIC grounds building (workshop)2 x staff300 square metresThe average area occupied by each employee in a non-office environment is 150 square metres.

F.5 Government contracting

Procurement principles and processes

The processes used to select and manage contractors and consultants during the 2013-14 financial year were compliant with the Government Procurement Act 2001 and Government Procurement Regulation 2007. The majority of EPC’s contractors undertake tasks related to the maintenance and if applicable the upgrade of the facilities. This includes plumbing and electrical services, servicing of the buildings, heating and cooling systems as well as a contracted painting program. ACT Procurement Solutions provides assistance and support to assist EPC to meet the Government’s procurement guidelines.

External sources of labour

A number of consultants and contractors assisted EPC with specific activities during the reporting period. The processes used complied with the Government Procurement Act 2001 and Government Procurement Regulation 2007. EPC did not establish non-prequalified contracts where works exceeded $100,000, services exceeded $50,000 and a study value with a value of more than $10,000 during the reporting period. The following table detail individual contracts which exceeded $25,000 during the 2013-14 financial year:

116

F.5 Government contracting (continued)

Description and reason for contract

Total expenditure

(GST inc.)

Procurement type:Open; select or single select; or standing offer arrangement

Date contract let

Reason for use of select tender for contracts of value greater than $200,000

Catering – Management model

$0.214 million Open Ongoing Not applicable

Catering – Commission model

$0.137 million Open Ongoing Not applicable

Painting services – inclusion of painting external buildings

$0.104 million Single select November 2010

Not applicable

Cleaning services $0.089 million Standing offer Ongoing Not applicableBody hire to maintain operational services

$0.079 million Standing offer Ongoing Not applicable

Plumbing services $0.057 million Standing offer Ongoing Not applicableWaste disposal $0.056 million Standing offer Ongoing Not applicableBody hire to maintain operational services

$0.046 million Standing offer Ongoing Not applicable

Equipment Hire $0.031 million Standing offer Ongoing Not applicableHygiene Services $0.028 million Standing offer Ongoing Not applicableLeasing/Fuel Card $0.027 million Standing offer Ongoing Not applicableArborist Services $0.027 million Standing offer Ongoing Not applicable

During the reporting period, EPC did not have smaller contracts awarded to the same contractor which in total exceeded $25,000.

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F.6 Statement of performance

EXHIBITION PARK CORPORATIONStatement of Performance


Statement of Responsibility

In my opinion, the Statement of Performance is in agreement with Exhibition Park Corporation’s records and fairly reflects the service performance of the Corporation for the year ended 30 June 2014 and also fairly reflects the judgements exercised in preparing it.

118

F.6 Statement of performance (continued)

119


120


121


122


123

1. Compliance indexPage

A Transmittal certificate 2

B PERFORMANCE REPORTINGB.1 Organisational overview 4B.2 Performance analysis 13B.3 Community engagement and support 14B.4 Ecologically sustainable development 17

C GOVERNANCE AND ACCOUNTABILITY REPORTINGC.1 Internal accountability 20C.2 Risk management and internal audit 24C.3 Fraud prevention 25C.4 Legislative Assembly inquiries and reports 26C.5 Auditor-General and Ombudsman reports 26

D LEGISLATION BASED REPORTINGD.1 Public interest disclosure 27D.2 Freedom of information 27D.3 Human Rights Act 29D.4 Territory Records Act 30D.5 Legal services directions 31D.6 Notices of non compliance 31D.7 Bushfire risk management 31D.8 Commissioner for the Environment 31

E HUMAN RESOURCES MANAGEMENT REPORTINGE.1 Human resources management 32E.2 Learning and development 33E.3 Work health and safety 34E.4 Workplace relations 36E.5 Staffing profile 37

F FINANCIAL MANAGEMENT REPORTINGF.1 Financial management analysis 40F.2 Financial statements 49F.3 Capital works 113F.4 Asset management 114F.5 Government contracting 115F.6 Statement of performance 117

ATTACHMENTS1. Compliance index 1232. List of abbreviations and acronyms/Glossary of technical terms 1243. Alphabetical index 125

124

2. List of abbreviations and acronyms

Abbreviations / Acronyms

ACT Australian Capital Territory

AM Member of the Order of Australia

EEO Equal Employment Opportunity

EPC Exhibition Park Corporation

ESD Ecologically Sustainable Development

FMA Financial Management Act 1996

FOI Freedom of Information

FTE Full time equivalent

GST Goods and Services Tax

MLA Member of Legislative Assembly

OAM Medal of the Order of Australia

WHS Work Health and Safety

Glossary of technical terms

Technical Terms Explanation

Current ratio The ratio of current assets to current liabilities

Goods and services tax An indirect broad based consumption tax built into the price of specified goods and services and collected at point of sale

Liquidity Available cash or the capacity to obtain it on demand

Procurement Acquisition of goods, services and works by Territory entities

Public interest disclosure A report made under “whistleblower” legislation under which a person may confidentially report any corrupt, illegal or fraudulent acts in the public sector

Statement of intent A statement under section 58 of the Financial Management Act 1996 setting out the activities, objectives and performance criteria of the authority for the year and relating to the ownership by the government in a territory authority or entity

Workplace diversity The bringing together of different races, genders, cultures, abilities, ages, sexual orientations, family structures, lifestyles and experienced backgrounds in the workplace

125

3. Alphabetical index

Section Page number

AAsset management 114Auditor-General and Ombudsman reports 26

BBushfire risk management 31

CCapital works 113Commissioner for the Environment 31Community engagement and support 14Compliance index 121

EEcologically sustainable development 17

FFinancial management and analysis 40Financial statements 49Fraud prevention 25Freedom of information 27

GGlossary of technical terms 122Government contracting 115

HHuman resources management 32Human Rights Act 29

IInternal accountability 20

LLearning and development 33Legal services directions 31Legislative Assembly inquiries and reports 26List of abbreviations and acronyms 122

NNotices of non compliance 31

OOrganisational overview 4

126

Alphabetical index (continued)

Section Page number

PPerformance analysis 13Public interest disclosure 27

RRisk management and internal audit 24

SStaffing profile 37Statement of performance 117

TTerritory Records Act 30Transmittal certificate 2

WWork health and safety 34Workplace relations 36

127