Answer To: FNS60217 Advanced Diploma of Accounting FNSACC603 Implement Tax Plans and Evaluate Tax Obligations...
Sugandh answered on Apr 20 2021
Completed Trust tax preparation Checklist.docx
Checklist for Trust –
Extract of financial statements.pdf
TRUSTEES OF THE MCG TRUST
Mr John M.R. Wylie AM (Chairman)
The Honourable John Cain
Ms Anne-Marie Corboy
Mr Robert N. Herbert AM
Mr Ross Inglis
Mr Chris J Lovell (Retired November 2011)
The Honourable Patrick J. McNamara
Ms Kathryn (Kate) M Palmer
Mr Anthony Stewart (Appointed April 2012)
EXECUTIVE OFFICER
Mr Graeme Sinclair
2011 was a highly significant year for the
MCG Trust, being the 150th anniversary of the
appointment of the initial MCG Trustees in 1861.
The occasion was marked with a dinner that
celebrated the amazing history of Melbourne’s
sporting ground that has come to mean so
much to so many.
Sporting legends, Ron Barassi and John
Landy among them, spoke movingly of what
the ground means to them, while to mark
the occasion, one of Australia’s greatest ever
sporting champions, Cadel Evans, made the
outstanding gesture of providing his Tour
de France yellow championship bike as a
permanent exhibition for the National Sports
Museum at the MCG.
The Melbourne Cricket Ground has for
generations retained its status as Australia’s
pre-eminent sports stadium in no small
measure due to the commitment of successive
MCG Trusts and MCC Committees to ensuring
it remains that way. This remains as true today
as it was when the Olympic Stand was built in
1956 for Melbourne’s Olympic Games, the Great
Southern Stand in 1992 for Australia’s only
cricket World Cup, and the new Northern Stand
in 2006 for Melbourne’s Commonwealth Games.
Today’s MCG Trust and MCC Committee are
giving expression to this desire for excellence
through two major projects now nearing
finality. One is to refurbish and upgrade the
Great Southern Stand, the other to improve and
make Yarra Park self sufficient in non-potable
water whilst reducing the MCG’s potable water
by some 50m/l per year through a major new
water recycling facility.
These projects will provide outstanding long
term assets for the ground. Patrons can
already see for themselves the improvement
in facilities and amenity in and around the
Great Southern Stand. We have completed
a new, large capacity AFL Members’ dining
room; refurbished the Jack Ryder and
Lindsay Hassett rooms and the Barassi cafe;
launched a new AFL sports bar (replacing
the old Bunton Bar) featuring multiple large
video screens, which has quickly become very
popular; and improved the stand entrance
ways. Refurbished Tom Wills, Keith Miller and
Legends rooms and additional improvements
to ground entrances and exteriors are all due
to be finished in time for the AFL finals this
year. We thank our partners, the Victorian
Government and the AFL in these important
projects.
The environment facing sporting stadiums
everywhere is changing, perhaps the most
rapidly during the MCG’s 150 year life.
Technology and digital media now occupy a
central role in our lives. Only a decade ago few
could have conceived that we would now take
for granted the ability to watch all AFL matches
anywhere, anytime (especially live) and usually
in high definition; that we could broadcast our
thoughts real time to our (keenly awaiting!)
fellow spectators at the ground via the MCG
scoreboard; and that we could access enough
live game data and information through our
mobile telephones to keep any statistician happy.
We at the MCG are determined to embrace
this societal change and ensure that the MCG
remains, as it has in prior generations, at the
cutting edge of global stadium design and
relevance.
This means things like Wi-Fi systems that work
for large crowds; larger and higher definition
scoreboards; and hundreds if not thousands
of video boards around the ground able to
provide useful and real time information to
patrons such as queue updates and match data
relevant to patrons’ particular interests. These
innovations and many others are under active
consideration now by the MCG Trust and the
MCC Committee through a detailed feasibility
study on a high speed broadband-enabled
MCG. In an era where stadium attendance is
increasingly competing with the armchair at
home, this is an exciting and vital project for
the future of the ground.
Of course, the MCG can only be in great shape if
the codes that play there are in great shape as
well, and this is clearly the case.
Over 3 million AFL supporters attended
the MCG for the second year running – a
phenomenal outcome, especially when it is
considered that the average season attendance
figures prior to the redevelopment of the
Northern Stand was only 2.1 million spectators.
The importance of the ground for the AFL is
reflected in the fact that MCG attendances
again represented approximately 43% of total
AFL attendances for the season.
Chairman’s review
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GROUNd ATTENdANCES
In 2011/12 the MCG has experienced another year of very strong attendances. The ground
has clearly retained its status as the leading major events sports stadium in Australia and is
recognised as the home of Australian sport. Attendance at all events at the MCG during the year
was 3,502,725, only a slight decrease from the previous year’s record of 3,569,792.
AFL attendances continued to be strong. The continuing good performance by many of the
Victorian teams during the 2011 season, together with the continued strength of Australian
Rules Football amongst sports fans in Melbourne, resulted in consistently large attendances at
AFL games at the MCG.
Cricket attendances were slightly lower with interest in the tour by India not quite matching
the level of interest in the previous year’s Ashes Test tour by England. Attendances in the first
season of the new domestic “Big Bash League” 20/20 cricket competition provided encouraging
signs of attracting crowds back to the domestic cricket competition.
There were no other major events staged at the MCG in 2011/12.
FOOTBALL
Total attendance at all AFL home-and-away and finals matches was 7,139,272 in the 2011
season, almost identical with the 7,147,052 in the previous year. Of this total 614,250 attended
the finals, which included 99,537 at the grand final at the MCG. The good performance
of the Victorian teams during the year meant that the MCG again hosted seven finals.
The MCG’s proportion of total AFL attendances in 2011 was again a very significant 43%.
The average attendance at football matches at the MCG in recent years has continued to grow.
After a further 1.4% increase in the 2011 season, the average reached 56,842, assisted by an
improvement in the average attendance at the finals.
The Trust will monitor with interest the effect on ground attendances of the introduction of new
teams into the AFL competition which have virtually no supporter base in Melbourne. This,
together with the effect of live telecasts of all games could negatively affect attendances at the
MCG in future years.
FOOTBALL ATTENdANCE AT THE MCG
SEASON TOTAL
ATTENdANCE
AT MCG
’000
NUMBER OF
GAMES*
AVERAGE
ATTENdANCE
’000
MCG SHARE
OF TOTAL AFL
ATTENdANCE
%
2011 3,069 54 (7) 57 43.0
2010 3,082 55 (8) 56 43.1
2009 2,792 53 (7) 53 40.0
2008 2,779 53 (7) 52 39.2
2007 2,536 50(5) 51 36.0
*Number of games includes finals shown in brackets.
exeCutive offiCer’s report
In cricket, last year’s Test match at the MCG
against India created a new record aggregate
attendance (189,347) for matches between our
two countries. The most pleasing innovation
in the code was the launch of the new domestic
20/20 Big Bash League competition, which
quickly won significant public following.
OTHER GROUNd
dEVELOPMENTS
during the year a statue of Shane Warne was
unveiled as the first statue of the Australia
Post Avenue of Legends outside the MCG. It is
entirely appropriate that the first statue in this
series is of one of Australia’s – and the world’s
– greatest all time cricketers, who over many
years thrilled crowds with his performances
at the MCG. We were delighted to see Shane
return to the hallowed turf with the Melbourne
Stars in the Big Bash League.
We were also very pleased to see the removal
of live gambling odds during AFL matches
at the MCG at the end of the 2011 AFL season,
following a stance taken by the Trust and
the MCC.
FINANCES
Ground finances continue to be strong with the
debt reduction programme running well ahead
of projections despite the continued substantial
reinvestment in ground improvements.
The Trust’s assets were revalued this year
as a part of a regular five yearly revaluation
programme. The Valuer General, who
conducted the valuation for the first time,
decided upon significant increases in the values
of the MCG land and the Yarra Park land which
are reflected in the attached accounts of the
Trust. The new values reflect the increasing
value of the assets for which the Trust is
responsible, despite the fact that the values are
never likely to be realised.
TRUSTEES ANd THE
MELBOURNE CRICKET CLUB
I thank my fellow MCG Trustees and Executive
Officer Graeme Sinclair for their effort and
valuable contribution again this year. It is a
pleasure to work with them.
Chris Lovell stepped down as a Trustee in
November 2011 after nine years of valuable
service. We are very grateful for his legal
knowledge, judgement and all-round
contribution over this time.
I congratulate Tony Stewart on his recent
appointment as a Trustee for a three year term.
The Trust looks forward to the benefit of his
extensive legal and commercial experience.
Finally, congratulations to the MCC
management team led by CEO Stephen Gough
and the MCC Committee under President Paul
Sheahan for their continued highly effective
stewardship of the ground. The partnership
between the Trust and the Club is harmonious
and effective, and I believe it serves the
interests of all patrons of the MCG and
Australian sports lovers very well.
John Wylie AM
Chairman
30 June 2011
Chairman’s review
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GROUNd ATTENdANCES (CONT)
The bright spot in attendances for State cricket in 2011/12 was the introduction of the new
20/20 “Big Bash League” competition. Whilst not strictly an interstate competition, teams were
based in all mainland capital cities. For Sheffield Shield matches and the interstate one day
competition attendances during the season were again disappointing.
STATE CRICKET ATTENdANCE AT THE MCG
2011/12 2010/11 2009/10 2008/09 2007/08
Sheffield Shield
NUMBER OF dAYS 20 20 23 23 15
TOTAL ATTENdANCE 8,771 8,258 20,498 19,764 13,156
AVERAGE ATTENdANCE 461 413 891 859 877
One-day cOmpetitiOn
NUMBER OF dAYS 4 5 6 6 4
TOTAL ATTENdANCE 4305 4,279 10,536 9,613 7,647
AVERAGE ATTENdANCE 1,076 855 1,756 1,602 1,912
twenty/20 State
NUMBER OF dAYS 4* 3# 2 2 2
TOTAL ATTENdANCE 109,696 59,931 71,177 21,643 25,405
AVERAGE ATTENdANCE 27,424 19,977 35,589 10,822 12,703
tOur match
NUMBER OF dAYS
TOTAL ATTENdANCE
AVERAGE ATTENdANCE
3
7,936
2,645
2
2,673
1337
tOtal attendance 122,772 79,610 102,211 51,020 48,881
* 2011/12 - KFC “Big Bash League”
# 2010/11 and prior - Interstate 20/20 competition
exeCutive offiCer’s report
GROUNd ATTENdANCES (CONT)
AVERAGE FOOTBALL ATTENdANCES AT THE MCG
2011
SEASON
2010
SEASON
2009
SEASON
2008
SEASON
2007
SEASON
tenant teamS
COLLINGWOOd 66,861 68,469 54,668 62,321 56,191
HAWTHORN 48,161 50,278 52,339 52,803 42,206
MELBOURNE 35,389 40,232 29,596 32,651 33,998
RICHMONd 51,924 39,466 49,631 47,474 40,568
Other teamS 58,941 63,784 58,974 52,252 55,824
finalS 76,110 70,864 76,071 73,564 82,512
CRICKET
International cricket attendance in Australia in the 2011/12 season was 891,780, a decrease of
207,015 or 18% from the previous season, as Australia comprehensively defeated India after
losing the “Ashes” to England in the previous year. Test match attendances at the MCG were
the highest for the past five years with the exception of last year’s England match. Attendances
for one day internationals and for 20/20 internationals this year were also the highest for
several years. Attendances at the MCG represented 34% of total Australian attendances for
international cricket matches during the 2011/12 season.
INTERNATIONAL CRICKET ATTENdANCE AT THE MCG
2011/12 2010/11 2009/10 2008/09 2007/08
teSt match
NUMBER OF dAYS 4 4 5 5 4
TOTAL ATTENdANCE 189,347 239,165 156,344 174,558 166,663
AVERAGE ATTENdANCE 47,336 59,791 31,269 34,912 41,666
One-day internatiOnalS
NUMBER OF MATCHES 2 2 2 2 3
TOTAL ATTENdANCE 58,860 54,178 41,020 68,017 99,757
AVERAGE ATTENdANCE 29,430 27,089 20,510 34,009 33,252
20/20 internatiOnalS
NUMBER OF MATCHES 1 1 1 1 1
TOTAL ATTENdANCE 62,275 58,846 60,074 62,155 84,041
tOtal attendance 310,482 352,189 257,438 304,730 350,461
exeCutive offiCer’s report
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in its fight against women’s cancers. A significant event in the Museum’s calendar is the annual
MCG Community day, providing the public with arena access on the day after the AFL Grand
Final; this was a great success in 2011. Public programs were delivered in conjunction with Book
Week, Children’s Week, Education Week, National Literacy and Numeracy Week, and the Horses’
Birthday. A number of other activities such as evening talks attracted new and repeat audiences.
A themed tour entitled “The MCG, Sport and War” was launched around Anzac day 2011.
Mcdonald’s was secured as a new NSM Partner to support the school holiday programs as well
as MCG Community day, replacing Cadbury whose partnership term had come to an end.
The Museum is also pleased to welcome Russell Corp Australia as a new sponsor, and is grateful
for continuing support from Coca-Cola, Spotless, the Herald and Weekly Times, the AFL and its
broadcast partners, ISS, and Ticketek.
With support from the Australian Communication Exchange, the Museum became the first
organisation to introduce Smart Auslan, an innovation that provides an Auslan translation of
the Museum’s existing audio tour on the screen of a mobile phone. This is a breakthrough that
benefits deaf and hearing impaired Australians.
FINANCE
The Trust continues to be in a sound financial position with a net result of $5,972,000 in 2011/12
(before contributions to the Club for redevelopment debt repayment purposes and the State
Government grant for landscaping upgrade in Yarra Park) compared with $3,850,000 in 2010/11.
Payments to the Club totalled $5,885,000 (2010/11, $3,750,000).
On 30 March 2011, the Trust signed a Funding Agreement with the Victorian Government under
which the Government will provide $6 million towards the cost of landscaping and capital
improvements in Yarra Park. This work will be undertaken by the MCC on behalf of the Trust
over the next three years. The $2 million first instalment of the funding from the Government
was received in April 2011 and passed on to the MCC.
At 31 March 2012 the Trust held assets valued at over $177 million (2011 $131 million) including
$1.1 million in cash and term deposits. The increase in asset values from the previous year
reflected an increase in property valuations for the MCG land and Yarra Park totalling $46 million
following a revaluation by the Victorian Valuer General.
The Trust’s income primarily consists of ground rental from the MCC. The Trust then
contributes most of it’s net income to the MCC to assist in the repayment of ground
redevelopment debt. The rent charged is determined in accordance with the ground lease under
which the MCG is leased to the MCC until 2042.
THANKS
I wish to thank the Trustees for their continued support and the MCC management and staff for
their assistance and advice as the Trust has successfully completed another busy year.
Graeme Sinclair
Executive Officer
30 June 2012
exeCutive offiCer’s report
NATIONAL SPORTS MUSEUM
The National Sports Museum is home to Australia’s premier repository of sports-related collections,
and is also the manager of the MCG Tours.
The Museum’s exhibitions draw proudly on the Australian Gallery of Sport and Olympic Museum
(AGOSOM) collection, developed since 1986 and owned by the MCG Trust. No additions were made to
the AGOSOM collection this year.
The Museum serves the MCG’s match-day patronage, as well as catering for families, schools,
seniors and tourist groups, seven days a week. The fourth year of operation saw the Museum and
the MCG Tours receive visitation of over 135,000 people of whom 8% were international tourists
and 32% were from Australian states other than Victoria. The Victorian visitation remained steady
at around 60%, with 5/6 coming from metropolitan Melbourne and 1/6 from regional Victoria.
Attendance by school groups provided 31% of all visits. A substantial increase in after-hours
functions in the Museum, and in tours by corporate groups, has contributed strongly to the business.
The Museum’s research into the visitor experience reveals a very high level of overall customer
satisfaction. The MCG – including the National Sports Museum – is ranked in the top 3 on both
TripAdvisor and Lonely Planet’s lists of “things to do” in Melbourne.
Some 300 volunteers contribute to this success, with many individuals fulfilling more than one role.
Roughly 170 serve as MCG Guides, and a similar number serve as Museum Volunteers. A major
database project was completed during the year, and will not only improve the way we manage our
volunteers but will also result in many operational improvements.
Acquisitions to the National Sports Museum collection numbered 35 this year and included a major
donation of Teddy Tinling tennis dresses and associated material from former player Judy dalton.
Further donations came from North Melbourne footballer Laurie Shipp and the family of the first
Indian Test cricket captain Lala Amarnath. The collection also acquired a large painting of swimmer
daniel Kowalski by Peter Bloomfield.
The Museum was delighted to receive a major loan from Australia’s first Tour de France champion,
Cadel Evans, and his BMC Racing team. Evans presented to the Museum the iconic yellow victory
bicycle he used on the final day of his July 2011 win in Paris. The loan was arranged by the MCG
Trust as a part of its 150th anniversary celebration.
The Museum’s program of temporary exhibitions and displays continued to provide additional and
timely attractions for visitors. In the ISS Exhibitions Gallery, the program featured two major new
exhibitions: “Yilowa! Tiwi Footy” and “Hidden History of the MCG”. A range of themes was covered
by the focus case displays, covering Australian achievements in sports as diverse as boxing, cycling,
golf, rugby, yachting, tennis, hockey and ironman.
Annual updates were unveiled in relation to the Australian Cricket Hall of Fame, the Australian
Football Hall of Fame, the Australian National Boxing Hall of Fame, the Australian Racing Hall of
Fame and the Sport Australia Hall of Fame.
School visits are supported by education resource kits that teachers can download from the
Museum’s website. New kits...