Caulfield Racecourse Reserve Annual Report 2018/2019

Annual Report 2O18/19

Minister’s Foreword

The Caulfield Racecourse Reserve has always played a significant role in our community and the state as one of Victoria’s premier racing facilities.

That role is set to expand as the Caulfield Racecourse Reserve Trust works to open the reserve up and make it a truly inclusive open space. The Trust has a big 12 months mapped out that is just the beginning of a tenyear Land Management Plan.

This document sets the scene for what the community can expect. The Trust will continue to work with the community, with the support of the Victorian Government, to ensure management of the Reserve is balanced and meets a variety of needs.

Making the reserve a place for everyone to use and enjoy is the reason the Victorian Government created the Caulfield Racecourse Reserve Act in 2017. Whilst it has a long and iconic history as a racetrack, there is so much more opportunity for recreation and leisure within the racecourse precinct.

We know that open spaces are vital to our collective health and wellbeing, and I am excited for this new direction for the Reserve, as it will greatly enhance usage of the space and deliver benefits to the wider community.

I look forward to seeing the continued development of this reserve and encourage you to explore and learn more about this unique green space.

Hon Lily D’Ambrosio MP Minister for Energy, Environment and Climate Change Minister for Solar Homes

Chairperson’s Foreword

We welcome you to the first Annual Report of the Caulfield Racecourse Reserve Trust. The Trust has been in a formative phase, establishing the foundational blocks for contemporary governance and management practices. The pages that follow outline both our achievements to date as well as much more that is in development.

Through the establishment of a new lease with the Melbourne Racing Club, and their commitment to thoroughbred training re-location, a period of uncertainty and paralysis came to an end in October 2018. We can now envision greater utilisation of the reserve by the community, supported by anticipated substantial investment in building and upgrading facilities and infrastructure.

With greater certainty about the future of the reserve, the Trust has been focused on the development of a Land Management Plan. This process has moved through a number of key phases, offering stakeholders and community members opportunities to be involved and engage in scoping the future use, development and promotion of the Caulfield Racecourse Reserve, to ensure it best serves community needs over the next 10 years. The Trust is currently finalising an Issues and Opportunities Paper that will inform and shape the drafting of the Land Management Plan, which is due to be released in the second half of 2020.

The Trust is now looking forward to transitioning from a period of organisational development to a delivery phase. We are conscious the community is expecting us to immediately deliver improved access, increased use and awareness of the reserve. With the right

foundations in place, including strong local partnerships, we are confident and optimistic about the future of the reserve and our ability to deliver on community expectations.

Finally, I would like to acknowledge the commitment and hard work of all Trustees and staff that has ensured we are now in a strong position to deliver on our obligations and community expectations over the coming months and years.

Sam Almaliki Chairperson Caulfield Racecourse Reserve Trust

About the Trust

Origins of the Trust

Responsible Body Declaration

In accordance with the Financial Management Act 1994, I am pleased to present the Caulfield Racecourse Reserve Trust Annual Report for the year ending 30 June 2019.

The Caulfield Racecourse Reserve Trust (the Trust) was established by the State Government in August 2018 as a statutory body corporate with a multi member governing board. The Trust is responsible for the planning, development, management, operation and use of the Reserve for the purposes of racing, recreation and public park.

Caulfield Racecourse Reserve Trust

10 October 2019

Organisational Chart

The Caulfield Racecourse Reserve Trust is established under the Caulfield Racecourse Reserve Act 2017. The responsible Minister for the period from 1 July 2018 to 30 June 2019 was the Hon Lily D’Ambrosio MP, Minister for Energy, Environment and Climate Change. The legislation delivered a transparent and modern governance model for the Reserve.

The role of the Trust is to focus on improving public access and use of the Reserve, while ensuring the Caulfield Racecourse continues to be one of Australia’s premier racing facilities.

Among the Trust’s obligations is the development and delivery of a Strategic Management Plan for the Reserve herein after referred to as a Land Management Plan.

Sam Almaliki Chairperson

DANNI HUNTER Trustee JULIE BUSCH Trustee JOANNE BUTTERWORTH GRAY Trustee

ANNA LEWIS Company Secretary

LUCY OWENS Communications and Engagement Manager

SAM ALMALIKI Chairperson DAVID MANDEL Trustee GREG SWORD AM Trustee

PETER WATKINSON Trustee

DELWP

LILY D’AMBROSIO MP Minister for Energy, Environment and Climate Change

CRRT Trustees

Sam Almaliki (Chairperson)

— Land Management Plan SubCommittee (Co-Chairperson)

— Remuneration and Appointments Committee (Member)

Julie Busch

— Remuneration and Appointments Committee (Member)

David Mandel

— Finance, Audit and Risk Committee (Chairperson)

Greg Sword AM

— Land Management Plan SubCommittee (Member)

— Finance, Audit and Risk Committee (Member)

Peter Watkinson

— Remuneration and Appointments Committee (Chairperson)

— Land Management Plan SubCommittee (Co-Chairperson)

Danni Hunter

— Land Management Plan Committee (Member)

— Finance, Audit and Risk Committee (Member)

Joanne Butterworth-Gray

Vision and Principles

Vision

The following vision sets out the future aspirations for the precinct over the next ten years:

The Caulfield Racecourse Reserve is the centre of community life. It is a community and events destination of state significance. It is also one of the premier thoroughbred racing venues in Australia. It is an accessible, vibrant, flexible and inclusive space within the broader Caulfield precinct.

Welcome to the Caulfield Racecourse Reserve — a place for everyone.

Functions

The Trust has the following functions as defined by the Caulfield Racecourse Reserve Act 2017:

a. To be responsible for the planning, development, management, operation, care, promotion and use of the Reserve for the purposes of racing, recreation and a public park;

b. To undertake proper financial management of the Reserve;

c. To accept appointment and act as a committee of management of Crown Land under the Crown Land (Reserves) Act 1978;

d. To perform any other function conferred on or given to the Trust by or under this Act or any other Act.

Principles

The following principles are guiding the preparation and evaluation of the Land Management Plan (LMP):

1. The Plan will ensure that the Reserve is an accessible, vibrant, flexible and inclusive place.

2. The Plan will cater for a wide range of user groups and events.

3. The Plan will be based on research and evidence, and the process of preparing the plan will be transparent.

4. The Plan will ensure that the promotion, management, use and development of the Reserve are fully integrated with and contribute towards a joint vision for the wider Caulfield precinct.

5. The Plan will represent best-practice for the planning and management of public land.

6. The Plan will incorporate environmental sustainability initiatives.

7. The Plan will be delivered within a 10-year timeframe subject to funding.

Organisational and Operational Performance

Corporate Governance

The Caulfield Racecourse Reserve Trust is governed under the Caulfield Racecourse Reserve Act 2017, and other applicable Victorian State Legislation as outlined in the draft Caulfield Racecourse Reserve Trust Governance Framework. This Act sets out the Trusts functions, powers and the standard of conduct that the Trust and all its staff must comply with when performing their duties.

The Financial Management Act 1984 is the basis for financial management and reporting requirements. The financial reports of the Trust are audited by the Victorian Auditor General’s Office to ensure that they comply with all required accounting and other standards in compliance with the Audit Act 1994

The Trust also functions as a Committee of Management under the Crown Land (Reserves) Act 1978

Attendance at Board Meetings

We are committed to developing a comprehensive Governance Framework to ensure that we operate transparently and are accountable to all our stakeholders.

Trustees fulfil their responsibilities with the highest standards of corporate governance. They bring integrity and ethical practice to their areas of responsibility; which include, but are not limited to, risk management, financial sustainability, legislative and regulatory compliance and stakeholder engagement.

Powers and responsibilities, both at Board and Committee level are exercised strictly within allocated terms of reference and in accordance with the board’s policies.

As part of our commitment to governance, the following work has been undertaken by the Trust during the 2018/2019 year:

— Draft Governance Framework

— Draft Risk Register

— Register of interests for all Trustees

o Disclosures of all conflicts, both financial and nonfinancial, are made by members of the Trust and are available to the public.

— Conflict of Interest register:

o Maintained and confirmed at all meetings

— Formation of Committees

o Finance, Audit and Risk

o Land Management Plan

o Appointments and Remuneration

Committees

After an initial establishment period in the Trusts first year of operations, the Trust created three committees to assist with good governance practices through helping to ensure compliance with relevant laws and regulations. Each committee functions with the powers, obligations and responsibilities as set out in their charter and any further directions provided by the Trust.

Finance, Audit and Risk Committee

The purpose of this Committee is to assist the Trust to undertake its duties in the areas of financial statements and reporting, risk management, internal controls, compliance and internal and external audits.

— Preparation and ratification of Terms of Reference charters for all Committees

— Ratified Board Charter

— Ratified Board Code of Conduct

— Commencement of the Policies and Procedures manual for Trustees and operational staff

— All meetings are held in accordance with Department of Environment, Land, Water and Planning recommended template

— Minutes and Maintenance of Trust and Committees Register

Land Management Plan Sub-Committee

The purpose of this Committee is to oversee development of the LMP and assist the Trust to undertake its duties in this area.

The Sub-Committee will ensure that the LMP is developed in line with the Vision and Brief as developed and endorsed by the Trust. It will further provide high level direction on key issues to the Project Working Group (PWG), and will provide a member to observe all formal PWG meetings, communicate back to the LMP Sub-Committee any relevant information and be responsible for the recommendation of Draft and Final reports for approval and ratification by the Trust.

Remuneration and Appointments Committee

The purpose of this Committee is to assist the Trust to undertake its duties in the areas of policies for remuneration of the Management Team along with policies and KPI’s relating to their performance review. It will address development of position descriptions for the Management Team and oversight of their recruitment processes as well as ensuring effectiveness, integrity and compliance of remuneration policy and practices.

The committee will also make recommendations on performance review of Trustees in discharge of their duties.

Our Activity for the Year

Community Engagement

The Trust is committed to working closely with our community, for we are determined to ensure that our efforts to develop and better manage the racecourse reserve will greatly benefit local residents and the Victorian community at large.

Consultation and engagement are integral to our work. The Trust has committed to 3–4 community consultations and an annual public meeting in addition to workshops relating to the development of the Land Management Plan.

Community members have had and will continue to have, various opportunities to participate in our engagement activities and provide their feedback at key stages over the course of the LMP project.

The input, ideas and feedback our community provides form a key tool to assist us in the development of a wellresearched and robust LMP. It ensures that the Reserve will meet the needs of the community both as they exist today and well into the future.

Consultations

We have been thrilled to have met and connected with a number of community members who have participated in the many and different engagement opportunities facilitated by the Trust this year. We have been joined at:

Community Information Sessions

— October 2018

o Introduction of the newly appointed Trust and Trustees to the community;

o Update on the latest developments.

— December 2018

o Outline of Land Management Plan timeline until June 2020; including project governance, Issues and Opportunities Paper, delivery of the Draft and Final Land Management Plan (as endorsed by the Trust and approved by the Minister).

o Update on Management Structure.

o Outline of lease and licence arrangements with the Melbourne Racing Club.

— May 2019

o Launch of the Land Management Plan Information Pack;

o Outline of the Trust’s vision, principles, objectives and next steps.

Community Issues and Opportunities Workshop

o Planning and promotion of a community forum to develop the Issues and Opportunities Paper to inform the Land Management Plan and to demonstrate a new era of engagement.

Online Survey

— An online survey was developed to enable community members unable to attend the planned forum to participate and express their thoughts.

Land Management Plan (LMP)

In order to advance this historical and unique precinct into a dynamic, vibrant and welcoming community space, a long-term plan is required.

The LMP for the Caulfield Racecourse Reserve will address the promotion, management, use and development of the Reserve over a ten-year timeframe.

The LMP must satisfy the requirements of the Caulfield Racecourse Reserve Act 2017, as well as the vision and principles set out by the Trust.

The Plan is both being prepared in parallel with and informed by the Caulfield Station Precinct plan as well as in line with the current long-term lease arrangements with the Melbourne Racing Club (MRC). The MRC has developed a long-term vision for the Caulfield Racecourse Reserve that includes significant financial investment and an intention to upgrade facilities and infrastructure.

As part of the MRC lease arrangements, horse training at the Reserve will be relocated over a 5-year period resulting in increased community access, both in terms of the area of land available and times of day when it will be accessible for recreation and other activities.

The LMP is being undertaken with extensive and regular community and wider stakeholder consultation.

It will include documentation of the existing conditions and future opportunities, a spatial framework and

management actions for the promotion, management, use and development of the Reserve over a 10-year timeframe, options for the realisation of opportunities to integrate with neighbouring uses and the wider community, the cost of initiatives contained within the plan, preferred funding models for financing the plan’s implementation and potential staging and timing of initiatives.

The project is governed by:

— The Trust, whose role is to determine the initial vision and brief for the LMP, provide oversight and approve draft and final plans;

— LMP Sub-Committee, whose role is the development of the LMP and ensure the plan remains in line with the vision and brief set out by the Trust;

— Project Working Group (PWG), who will undertake an active role in the work required to put together the LMP. The PWG will provide technical advice and input into the project;

— Project Advisory Groups (PAGs) who will provide input, direction and feedback into the project at key stages; and

— The Trust General Manager who will be responsible for the day-to-day preparation of the LMP and required to report on the progress of the plan to the Trust and LMP Sub-Committee on a regular basis.

The Caulfield Racecourse Reserve is one of the largest public open spaces within the southern metropolitan region of Melbourne and there has been significant community demand for greater access to the land in line with its three purposes of racing, recreation and as a public park.

Land Management Plan Milestones

The Trust is pleased to report to the community milestones achieved in our start-up year, along with the anticipated completion of additional milestones soon.

PHASE 1

PROJECT

PHASE 2

INCEPTION ISSUES AND OPPORTUNITIES

Phase One of the project has been completed. Milestones have included:

— Confirmation of the vision and principles that will guide the development of the LMP as set and endorsed by the Trust

— Production of an Information Pack outlining the vision, principles and scope for developing the LMP

— Presentation of the LMP Information Pack to the community at a community information session

— Publication of the LMP Information Pack for broader access

Phase Two of the project milestones completed include:

— Planning and development for an Issues and Opportunities Community Workshop — providing stakeholder and community engagement to discuss key issues and opportunities

Approaching Milestones — 2019

— October/November 2019 — The Draft Issues and Opportunities Paper will be made available to the community for feedback and further input

Approaching Milestones — 2020

— Final Issues and Opportunities Paper will be released

— Consultation with the Minister for Energy, Environment and Climate Change, Minister for Racing and Glen Eira Council

— Release of the Draft Land Management Plan

— Finalisation and launch of Land Management Plan

Key Initiatives and Projects

In 2018/19 the Caulfield Racecourse Reserve Trust has had a strong focus in establishing the organisation, creating positive governance arrangements and establishing relationships with the community and key stakeholders. The Trust has successfully established:

— A new skills-based Trust consisting of independent members free of conflicts

— A new entity with transparent reporting

— Recruitment of key staff to ensure effective day to day management of the Trust

— New leases and licences

— A new head office, IT and phone systems

— A new website

— A new brand identity for the reserve and the Trust

— Community engagement

Five-year Financial Summary

Current Year Financial Review

The initial year of the Trust has been focused on investing to establish the organisation to ensure that the Trust can deliver on government expectations.

The Trust has employed key staff to assist in establishing an office, risk framework, governance framework, computer systems, banking, risk management system, employment contracts and sound governance.

The Trust has also had a focus on commencing the development of the Land Management Plan in consultation with key stakeholders and the community. To progress the development of the Land Management Plan, consultants have been engaged to facilitate the issues and opportunities phase (including a community workshop and paper) which will inform the Land Management Plan.

Significant Changes in Financial Position

The Trust has signed a new lease with the Melbourne Racing Club taking the income generated from the lease of land from $90,000 per annum to $375,000 per annum. The lease has key review points linked to the future relocation of training.

In its initial year of establishment, the Trust has invested in establishing the systems and processes of the Trust and the appointment of key staff to facilitate the development of the reserve and the Trust.

A $250,000 per annum grant from the Department of Environment, Land, Water and Planning (emanating from Racing Victoria) for four years will help establish the Trust, the Land Management Plan, community engagement and develop a program to deliver on the reserves purpose.

Significant Changes or Factors Affecting Performance

The Caulfield Racecourse Reserve Trust was established in August 2018. The first year of the Trust has been focussed on the appointment of independent Trustees, establishing the organisation, establishing the governance arrangements, establishing relationships with key stakeholders and planning for improved utilisation for the reserve for the purposes it was set aside.

Capital Projects

The Trust did not manage any capital projects in the reporting period that met the reporting requirements.

Disclosure of Grants

Nil grants have been provided by the Trust in the reporting period.

Subsequent Events

There were no events occurring after the balance date that may significantly affect the Trusts operations in subsequent reporting periods.

Public Sector Values and Employment Principles

As a public entity, the Trust is required to uphold the public sector values and the public sector employment principles enshrined in the Public Administration Act 2004

Public Sector Employment Principles

— employment decisions are based on merit

— public sector employees are treated fairly and reasonably

— equal employment opportunity is provided

— human rights as set out in the Charter of Human Rights and Responsibilities are upheld

— public sector employees have a reasonable avenue of redress against unfair or unreasonable treatment.

Public Sector Values

Responsiveness, Integrity, Impartiality, Accountability, Respect, Leadership and Human Rights.

The Trust has complied with the public sector values and the employment principles in the engagement and management of staff in 2018–19.

Occupational Health and Safety

The Trust is committed to the safety of staff, visitors and contractors at the Caulfield Racecourse Reserve. The Trust has ensured the safety of contractors is managed through appropriate contract arrangements and the safety of visitors is paramount.

The Trust’s performance in 2018–19 in relation to the minimum mandatory occupational health and safety (OH&S) performance indicators is set out in the table below:

The Trust is developing a risk strategy, policies and procedures to further mitigate risks.

When the Trust prepares its first corporate plan this will include key performance indicators including OH&S and the Trust will report against these KPI’s in subsequent reporting periods.

Workforce Data

On 30 June 2019:

— Caulfield Racecourse Reserve Trust employed two staff (1.2 full time equivalent),

— The proportion of women was 100%.

Employees have been correctly classified in workforce data collections.

Local Jobs First Act 2003

In August 2018, the Local Jobs First Act 2003 was amended to bring together the Victorian Industry Participation Policy (VIPP) and Major Project Skills Guarantee (MPSG) policy which were previously administered separately.

The Trust is required to apply the Local Job First policy in all projects valued at $3 million or more in Metropolitan Melbourne or for statewide projects, or $1 million or more for projects in regional Victoria. MPSG applies to all construction projects valued at $20 million or more.

In 2018–19, the Trust had nil procurement activities that met the threshold for reporting. All of the Trust’s procurement in the 2018–19 reporting period has been through local providers.

Consultancy Expenditure

In the 2018–19 financial year, nil consultancies were engaged by the Trust where the total fees payable to consultants were $10,000 or greater.

Notes:

— All figures reflect employment levels during the last full pay period in June of each year.

— Excluded are those on leave without pay or absent on secondment, external contractors/consultants and temporary staff employed by employment agencies

— Ongoing employees includes people engaged on an open-ended contract of employment and executives engaged on a standard executive contract who were active in the last full pay period of June.

— ‘FTE’ means full time employee equivalent.

— Classification: The Trust classifies its workforce as being either:

• ‘Executive officers’ means the General Manager / CEO

• ‘Senior Administration staff’ means senior staff to support the functioning of the Trust and the Reserve

In 2018–19, there were two consultancies engaged by the Trust during the year, where the total fees payable to the consultants was less than $10,000. The total expenditure incurred during the 2018–19 year in relation to those two consultancies was $18,390 (excl. GST)

The Trust has utilised Contractors to provide professional services under the guidance of the Trust in its initial establishment.

Government Advertising Expenditure

The Trusts expenditure in the 2018–19 reporting period on Government campaign expenditure did not exceed $100,000.

Information and Communication Technology Expenditure

For the 2018–19 reporting period, the Trust had a total ICT expenditure of $0, with the details shown below.

Notes:

— ICT expenditure refers to the Trust’s costs in providing business enabling ICT services within the current reporting period. It comprises Business As Usual (BAU) ICT expenditure and Non-Business As Usual (Non-BAU) ICT expenditure.

— Non-BAU ICT expenditure relates to extending or enhancing the Trust’s current ICT capabilities.

— BAU ICT expenditure is all remaining ICT expenditure, which primarily relates to ongoing activities to operate and maintain the current ICT capability.

Freedom of Information (FOI)

The Freedom of Information Act 1982 (the Act) allows the public a right of access to documents held by the Trust. The purpose of the Act is to extend as far as possible the right to community access to information held by government departments, local councils, Ministers and other bodies subject to the Act.

Making a request

FoI requests can be lodged online at www.foi.vic.gov. au. An application fee of $29.60 applies. Access charges may also be payable if the document pool is large, and the search for material, time consuming.

Access to documents in the possession of the Trust can also be obtained by making a written request.

Requests for documents in the possession of the Trust should be addressed to:

General Manager

Caulfield Racecourse Reserve Trust PO Box 89

Glenhuntly, Vic 3163

When making an FoI request, applicants should ensure requests are in writing, and clearly identify what types of material/documents are being sought.

FoI statistics

Freedom of information statistics for the Trust for 2018–19 are set out in the table below:

The number of FoI decisions made by the Trust in 2018–19 that:

— were made within the statutory 30 day time period;

— were made within an extended statutory 30–45 day time period;

— were made within 46 to 90 days; and — took more than 90 days to be made.

average time (days) taken to finalise requests in 2018–19

Number of requests that were subject to a complaint/ internal review by OVIC (including the number that progressed to VCAT 0

Compliance with the Building Act 1993

The Trust owns or controls two government buildings located at Caulfield Racecourse Reserve and consequently is required to include a statement on its compliance with the building and maintenance provisions of the Building Act 1993 in relation to these buildings.

The Trust requires that appropriately qualified consultants and contractors are engaged for all proposed works on land controlled by the Caulfield Racecourse Reserve Trust and that their work and services comply with current building standards. All such consultants and contractors are expected to have appropriate mechanisms in place to ensure compliance with the building and maintenance provisions of the Building Act 1993, Building Regulations 2018 and the National Construction Code.

Competitive Neutrality Policy

The Caulfield Racecourse Reserve Trust complies with the requirements of the Competitive Neutrality Policy.

Compliance with the Caulfield Racecourse Reserve Act 2017

The Caulfield Racecourse Reserve Act 2017 (the Act) became effective in November 2017.

However, it was not until the Trustees were appointed, effective 1 August 2018, that management was vested in the Trust, pursuant to Section 2(3) of the Act.

Section 32 of the Act requires both DELWP and the Trust to include in their respective Annual Reports for each financial year, details “regarding the use of Caulfield Racecourse Reserve for the purposes of recreation and for public park purposes during that year”.

Uses of Caulfield Racecourse Reserve for the purposes of recreation and for public park purposes for the period August 2018–June 2019 include:

— Hamerkaz Community Festival held on 21 March 2019

In addition to the above, the reserve is open to the public every day of the year (except race days), from 9:45 am to sunset.

In 2018–19:

Number of major works projects undertaken (>$50 000)

number of building permits, occupancy permits or certificate of final inspection issued in relation to buildings owned

number of emergency orders and building orders issued in relation to buildings

number of buildings that have been brought into conformity with building standards during the year

0

0 building permits

0 occupancy permits

0 certificates of occupancy

0 emergency orders

0 building orders

0 buildings brought into conformity

Additional information available on request Protected Disclosures

In compliance with the requirements of the Standing Directions of the Assistant Treasurer, the following information is available from the Trust on request, either partially or fully, subject to the Freedom of Information Act 1982:

— a statement that declarations of pecuniary interests have been duly completed by all relevant officers

— details of shares held by a senior officer as nominee, or held beneficially in a statutory authority or subsidiary

— details of publications produced by the agency about itself, and how these can be obtained

— details of changes in prices, fees, charges, rates and levies charged by the agency

— details of any major external reviews carried out on the agency

— details of major research and development activities undertaken by the agency

— details of overseas visits undertaken, including a summary of the objectives and outcomes of each visit

— details of major promotional, public relations and marketing activities undertaken by the agency to develop community awareness of the entity and its services

— details of assessments and measures undertaken to improve the occupational health and safety of employees

— a general statement on industrial relations within the agency, and details of time lost through industrial accidents and disputes

— a list of the agency’s major committees, the purposes of each committee, and the extent to which the purposes have been achieved

— details of all consultancies and contractors, including consultants/contractors engaged, services provided, and expenditure committed for each engagement.

You may request any of the above information from the Trust by submitting your request to:

General Manager

Caulfield Racecourse Reserve Trust

PO Box 89

Glenhuntly, Vic 3163

Act 2012

The Protected Disclosure Act 2012 (PD Act) enables people to make a disclosure about corrupt or improper conduct by a public officer or a public body.

The Caulfield Racecourse Reserve Trust is a public body for the purposes of the PD Act.

What is a protected disclosure?

A protected disclosure is a complaint of corrupt or improper conduct by a public officer or a public body.

‘Improper or corrupt conduct’ involves substantial mismanagement of public resources, risk to public health or safety or the environment, or corruption.

How do I make a protected disclosure?

You can make a protected disclosure about the Trust or its board members, officers or employees by contacting IBAC (details below).

The Trust is not able to receive protected disclosures.

The Trust is committed to ensuring that any person who makes a protected disclosure about the Trust, its board members, officers or employees is protected from detrimental action in reprisal for making that protected disclosure.

Independent Broad-Based Anti-Corruption Commission (IBAC) Victoria

Address: Level 1, North Tower, 459 Collins Street, Melbourne Victoria 3000.

Mail: IBAC, GPO Box 24234, Melbourne, Victoria 3001

Internet: www.ibac.vic.gov.au

Phone: 1300 735 135

Moving Forward

State of Play

The Trust is committed to the highest standards of accountability and believes it is obliged to ensure progress is being made on the reviews and reports that lead to its formation.

The Trust is pleased to provide a progress report (see Appendix 1) as evidence of its commitment to strong governance and management practices.

Progress to Date on VAGO and Bi-partisan Working Group Recommendations

Background

The Bi-partisan Working Group and VAGO Recommendations were provided to the incoming Trustees in line with a 2014 report of the Office of the Victorian Auditor-General (VAGO) that the management and oversight of the Caulfield Racecourse Reserve be more rigorous and establish a comprehensive reporting framework.

These frameworks ensure that moving forward the Caulfield Racecourse Reserve is managed in accordance with modern standards of good public sector governance, consistent with the principles and obligations in the Public Administration Act 2004

The Trust looks to build on progress to date to ensure that applicable recommendations from both reports are implemented to improve the use, development, promotion and management of the Caulfield Racecourse Reserve.

The tables provided in Appendix 1 serve as a summary report card assessing progress to date and reflect an ongoing commitment to accountability and transparency to our community.

The Year Ahead

The 2018/2019 financial year has seen challenges, opportunities and many achievements to reflect upon for the Trust, together with the community we serve.

With the recent appointment of a General Manager to lead our management team, following our ‘start-up’ year, the Trust looks forward to moving to a more traditional governance role. We will be exercising further oversight and supporting management as they assume complete responsibility over operations of the reserve.

As part of this movement to a greater focus on governance, the Trust will continue to expand its emphasis on development and implementation of a robust and contemporary governance framework along with associated policies.

As always, one of our key objectives and guiding principles is the ongoing engagement of our community and wider stakeholders. Among our constant priorities is increased community use and improved access to the racecourse reserve.

We look forward to securing the financial sustainability of the Trust as well as funding to support the further development and delivery of the Land Management Plan.

It is with the greatest anticipation that we look toward the completion of the Land Management Plan and to the launch by mid-2020 of a shared 10-year vision for the precinct — One precinct — One vision — a place for everyone.

Financial Management Compliance Attestation

I, Sam Almaliki, Chairperson of the Caulfield Racecourse Reserve Trust, certify that the Caulfield Racecourse Reserve Trust has complied with the applicable standing directions of the Assistant Treasurer under the Financial Management Act 1994 and instructions, noting that there were no material compliance concerns.

Sam Almaliki

10 October 2019

Independent Auditor’s Report

Independent Auditor’s Report

To the Trustees of the Caulfield Racecourse Reserve Trust

To the Trustees of the Caulfield Racecourse Reserve Trust

Opinion I have audited the financial report of the Caulfield Racecourse Reserve Trust (the trust) which comprises the:

Opinion I have audited the financial report of the Caulfield Racecourse Reserve Trust (the trust) which comprises the:

• balance sheet as at 30 June 2019

• balance sheet as at 30 June 2019

• comprehensive operating statement for the period then ended

• comprehensive operating statement for the period then ended

• statement of changes in equity for the period then ended

• statement of changes in equity for the period then ended

• cash flow statement for the period then ended

• cash flow statement for the period then ended

• notes to the financial statements, including significant accounting policies

• notes to the financial statements, including significant accounting policies

• declaration in the financial statements.

• declaration in the financial statements.

In my opinion, the financial report presents fairly, in all material respects, the financial position of the trust as at 30 June 2019 and its financial performance and cash flows for the period then ended in accordance with the financial reporting requirements of Part 7 of the Financial Management Act 1994 and applicable Australian Accounting Standards.

In my opinion, the financial report presents fairly, in all material respects, the financial position of the trust as at 30 June 2019 and its financial performance and cash flows for the period then ended in accordance with the financial reporting requirements of Part 7 of the Financial Management Act 1994 and applicable Australian Accounting Standards.

Basis for Opinion I have conducted my audit in accordance with the Audit Act 1994 which incorporates the Australian Auditing Standards. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report.

Basis for Opinion I have conducted my audit in accordance with the Audit Act 1994 which incorporates the Australian Auditing Standards. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report.

My independence is established by the Constitution Act 1975. My staff and I are independent of the trust in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Victoria. My staff and I have also fulfilled our other ethical responsibilities in accordance with the Code.

My independence is established by the Constitution Act 1975. My staff and I are independent of the trust in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Victoria. My staff and I have also fulfilled our other ethical responsibilities in accordance with the Code.

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

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

Trustees' responsibilities for the financial report

Trustees' responsibilities for the financial report

The Trustees of the trust are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and the Financial Management Act 1994, and for such internal control as the Trustees determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

The Trustees of the trust are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and the Financial Management Act 1994, and for such internal control as the Trustees determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is inappropriate to do so.

In preparing the financial report, the Trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is inappropriate to do so.

Independent Auditor’s Report

To the Trustees of the Caulfield Racecourse Reserve Trust

Auditor’s responsibilities for the audit of the financial report

Opinion I have audited the financial report of the Caulfield Racecourse Reserve Trust (the trust) which comprises the:

• balance sheet as at 30 June 2019

• comprehensive operating statement for the period then ended

• statement of changes in equity for the period then ended

• cash flow statement for the period then ended

• notes to the financial statements, including significant accounting policies

• declaration in the financial statements.

As required by the Audit Act 1994, my responsibility is to express an opinion on the financial report based on the audit. My objectives for the audit are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

In my opinion, the financial report presents fairly, in all material respects, the financial position of the trust as at 30 June 2019 and its financial performance and cash flows for the period then ended in accordance with the financial reporting requirements of Part 7 of the Financial Management Act 1994 and applicable Australian Accounting Standards.

As part of an audit in accordance with the Australian Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit. I also:

Basis for Opinion I have conducted my audit in accordance with the Audit Act 1994 which incorporates the Australian Auditing Standards. I further describe my responsibilities under that Act and those standards in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report.

• identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

My independence is established by the Constitution Act 1975. My staff and I are independent of the trust in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Victoria. My staff and I have also fulfilled our other ethical responsibilities in accordance with the Code.

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the trust’s internal control

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees

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

Trustees' responsibilities for the financial report

The Trustees of the trust are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and the Financial Management Act 1994, and for such internal control as the Trustees determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

• conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the trust’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the trust to cease to continue as a going concern.

In preparing the financial report, the Trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is inappropriate to do so.

• evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

I communicate with the Trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

Declaration in Financial Statements

The attached financial statements for the Caulfield Racecourse Reserve Trust have been prepared in accordance with Standing Direction 5.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards including Interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2019 and financial position of the entity at 30 June 2019. At the time of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate. We authorise the attached financial statements for issue on 10 October 2019.

MELBOURNE

10 October 2019

MELBOURNE

10 October 2019

Comprehensive Operating Statement For the Financial Year Ended 30 June 2019

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

Mr. Sam Almaliki

CAULFIELD RACECOURSE RESERVE TRUST

David S Mandel

CAULFIELD RACECOURSE RESERVE TRUST

Balance Sheet As At 30 June 2019

Statement of Changes in Equity For the Financial Year Ended 30 June 2019

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

Cash Flow Statement For the Financial Year Ended 30 June 2019

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

1. About This Report

The Caulfield Racecourse Reserve Trust is a statutory office and government agency of the State of Victoria, established pursuant to an order made by the Premier under the Caulfield Racecourse Reserve Trust Act 2017

Its address is:

The Caulfield Racecourse Reserve Trust Gate 9, Caulfield Racecourse Reserve, Kambrook Road, Caulfield, VIC, 3145

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

Basis of preparation

This financial report was authorised for issue by the Chairperson — Sam Almaliki on 10 October 2019.

This financial report of Caulfield Racecourse Reserve Trust is a general purpose financial report that consists of a Comprehensive Operating Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and notes accompanying these statements. The general purpose financial report has been prepared in accordance with Australian Accounting Standards (AASs), Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board, and the requirements of the Financial Management Act 1994 and applicable Ministerial Directions.

Caulfield Racecourse Reserve Trust is a not-for-profit entity for the purpose of preparing the financial statements. Where appropriate, those AASs paragraphs applicable to not-for-profit entities have been applied.

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

Accounting Policies

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

Judgements, estimates and assumptions are required to determine the carrying values of assets and liabilities that are not clear. These estimates and assumptions are based on professional judgement derived from historical experience and various other factors. Actual results may differ from these estimates.

Revisions to accounting estimates are recognised in the period the estimate is revised and in future periods affected by the revision. Professional judgements and assumptions have been made by management on which AASs have a significant effect on the financial statements and estimates. These relate to:

— the fair value of property, plant and equipment;

— the estimated useful lives over which non-financial assets are depreciated;

— superannuation expense; and

— future salary movements and future discount rates.

Application of new accounting standards

AASB 9 Financial Instruments, which replaces AASB 39 Financial Instruments: Recognition and Measurement, introduces new requirements for recognition, classification and measurement, a new impairment model for financial assets based on expected credit losses, and simplified hedge accounting. There is no financial impact due to the application of AASB 9 for the balances as at 30 June 2019.

2. Funding Delivery of Our Services

Introduction

The Caulfield Racecourse Reserve Trust (the Trust) was established by the State Government in August 2018 to be responsible for the planning, development, management, operation, care, promotion and use of the Reserve for the purposes of racing, recreation and a public park.

The Trust was created under the Caulfield Racecourse Reserve Act 2017 (‘the Act’), and it also functions as a Committee of Management under the Crown Land (Reserves) Act 1978. Part of the Trust’s obligations include preparing a Land Management Plan for the Reserve, which includes setting strategic objectives, directions and a long-term plan for the future of the Reserve.

Income from MRC Lease of Crown Land is the primary method by which the Caulfield Racecourse Reserve Trust generates funds. To enable the Caulfield Racecourse Reserve Trust to fulfil its objectives and provide outputs, it also receives income from grants provided by the Department of Environmental, Land, Water and Planning (DELWP).

Structure

2.1 Summary of income that funds the delivery of Trust obligations

2.1 Summary of Income that Funds the Delivery of Services:

Grant income arises from transactions in which a party provides goods or assets (or extinguishes a liability) to the Caulfield Racecourse Reserve Trust without receiving approximately equal value in return.

While grants may result in the provision of some goods or services to the transferring party, they do not provide a claim to receive benefits directly of approximately equal value (and are termed ‘non-reciprocal’ transfers).

Grants from third parties (other than contribution by owners) are recognised as income in the reporting period in which the Caulfield Racecourse Reserve Trust gains control over the assets.

Up until October 2018, lease income was from four leases to the Melbourne Racing Club, consisting of the Grandstand & Racecourse, The Neerim Road Stables, The Western Stables and the License for Training. From October 2018 onwards, lease income represents the income from the new 65-year lease of the Racecourse and buildings, and license to the Melbourne Racing Club.

3. The Cost of Delivering Services

Introduction

This note provides an account of the expenses incurred by the Caulfield Racecourse Reserve Trust. In note 2, the funds that enable the provision of services were disclosed and in this note the cost associated with provision of services are recorded.

Structure

3.1 Employee expenses

3.1.1 Employee benefit provisions

3.1.2 Superannuation

3.1.3 Responsible persons

3.1.4 Executive remuneration

3.1.5 Related party disclosure

3.2 Supplies and services

3.2.1 Audit fees

3.1 Employee Expenses — Comprehensive Operating Statement

Employee expenses include all costs related to employment including wages and salaries, fringe benefits tax, leave entitlements, termination payments and Workcover premiums.

3.1.1 Employee Benefits Provisions — Balance Sheet

Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave (LSL) for services rendered to the reporting date and recorded as an expense during the period the services are delivered.

Provisions for on-costs such as payroll tax, workers’ compensation and superannuation are recognised separately from provision for employee benefits where material.

3.1.1 (a) Movement in On-cost Provisions

(i) Provisions for employee benefits consist of amounts for annual leave and long service leave accrued by employees, not including on-costs.

(ii) The amounts disclosed are nominal amounts.

(iii) The amounts disclosed are discounted to present values.

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

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

Wages and Salaries, Annual Leave and Sick Leave

Liabilities for wages and salaries (including non-monetary benefits, annual leave, accumulating sick leave and oncosts) are recognised as part of the employee benefit provision as current liabilities, because the Caulfield Racecourse Reserve Trust does not have an unconditional right to defer settlements of these liabilities.

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

— nominal value — the Caulfield Racecourse Reserve Trust expects to wholly settle within 12 months; or

— present value — the Caulfield Racecourse Reserve Trust does not expect to wholly settle within 12 months.

3.1.2 Superannuation

The name, details and amounts expensed in relation to the major employee superannuation funds and contributions made by the Caulfield Racecourse Reserve Trust are as follows:

Employees of the Caulfield Racecourse Reserve Trust are entitled to receive superannuation benefits and the Caulfield Racecourse Reserve Trust contributes to defined contribution plans.

Superannuation contributions paid or payable for the reporting period are included as part of employee benefits in the comprehensive operating statement of the Caulfield Racecourse Reserve Trust.

3.1.3 Responsible Persons

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

The following table lists persons who held the positions of ministers and accountable officers of the Caulfield Racecourse Reserve Trust:

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

The Minister's remuneration and allowances is set by the Parliamentary Salaries and Superannuation Act 1968 and is reported within the Department of Parliamentary Services Financial Report.

Remuneration received, or due and receivable, during 2018/19 by responsible persons from Caulfield Racecourse Reserve Trust in connection with management of Caulfield Racecourse Reserve Trust per responsible person was in the range of $5,000–$15,000.

Amounts relating to Ministers are reported in the financial statements of the Department of Parliamentary Services.

3.1.3 (a) Acting Arrangements

After the original Caulfield Racecourse Reserve Trust was dissolved, DELWP took responsibility for managing the Caulfield Racecourse Reserve. When management of the reserve was transferred on August 1, 2018 to the Trust, under the terms of the Caulfield Racecourse Reserve Trust Act 2017, DELWP distributed the aggregate of the surplus funds from their operations and the original Trust of $405,137.

The land at Fair Value was transferred as an equity injection by DELWP to the Trust for $190,255,000.

3.1.4 Executive Remuneration

There were no executives whose remuneration would require disclosure under FRD 21C Disclosures of responsible persons and executive officers in the financial report.

3.1.5 Related Party Disclosure

The Caulfield Racecourse Reserve Trust is a wholly owned and controlled entity of the State of Victoria. Related parties of the Caulfield Racecourse Reserve Trust include:

— Trustees and their close family members;

— all key management personnel and their close family members;

— all cabinet ministers and their close family members; and

— all departments and public sector entities that are controlled and consolidated into the whole of state consolidated financial statements.

All related party transactions have been entered on an arm’s length basis.

Significant transactions with government related entities

The following entities are considered to be related parties with significant transactions with the Caulfield Racecourse Reserve Trust. The Caulfield Racecourse Reserve Trust received from the Department of Environment, Land, Water and Planning equity contributions of cash ($405,137 being the surplus funds of past activities) and the land valued at cost of $190,225,000.

All related party transactions have been entered on an arm’s length basis.

Key Management Personnel Remuneration

There are 8 key management personnel for the Caulfield Racecourse Reserve Trust in 2019.

KMP (as defined in AASB 124 Related Party Disclosures) are those persons having authority and responsibility for planning, directing and controlling the activities of Caulfield Racecourse Reserve Trust, directly or indirectly. KMP of Caulfield Racecourse Reserve Trust includes the Portfolio Minister, all Directors and the Managing Director as listed under responsible persons in Note 3.1.3.

3.2 Supplies and Services

The compensation detailed above excludes the salaries and benefits the Portfolio Minister receives. The Minister’s remuneration and allowances is set by the Parliamentary Salaries and Superannuation Act 1968 and is reported within the Department of Parliamentary Services’ Financial Report.

Remuneration of the relevant minister is included in the Department of Parliamentary Services financial statements.

Supplies and services are recognised as an expense in the reporting period in which they are incurred recognising that this is the first year of operation for the Trust.

3.2.1 Audit Fees

(i) Audit fees expense for the year is included in Contract and professional services in note 3.2 Supplies and services

4. Key Assets Available to Support Output Delivery Introduction

The Caulfield Racecourse Reserve Trust controls assets that are utilised in fulfilling its objectives and conducting its activities. They represent the key resources that have been entrusted to the Caulfield Racecourse Reserve Trust to be utilised for delivery of those outputs. The primary asset is the Reserve.

Structure

4.1 Land at fair value

4.2 Depreciation

4.3 Cash

4.1 Land at Fair Value

4.2 Depreciation

The 54.6 hectares of land that make up the Crown Grant commonly referred to as the Caulfield Racecourse Reserve, was transferred from DELWP to the Trust in accordance with the requirements of the Caulfield Racecourse Reserve Trust Act 2017. The land was transferred at Fair Value.

The Trust as at 30 June 2019 did not have any assets to depreciate.

4.3 Cash

Cash and deposits, including cash equivalents, comprise of cash on hand and cash at bank with an original maturity of three months or less, which are held for the purpose of meeting short term cash commitments rather than for investment purposes and which are readily convertible to known amounts of cash and are subject to significant risk of changes in value.

5. Other Assets and Liabilities

5.2 Payables Introduction

This note sets out those assets and liabilities that arose from the Caulfield Racecourse Reserve Trust’s operations.

Structure

5.1 Receivables

5.2 Payables

5.1 Receivables

(i) The average credit period is 30 days. No interest is charged on the trade creditors or other payables for the first 30 days from the date of the invoice. Thereafter, interest may be charged at differing rates determined by the individual trade arrangements entered into.

Receivables consist of:

— Contractual receivables classified as financial assets at amortised cost and categorised as ‘loans and receivables’. They are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial measurement they are measured at amortised cost using the effective interest method, less any impairment. An evaluation of the possible net credit losses required under AASB 9 concluded that there is no impact on the impairment of contractual receivables; and

— Statutory receivables, which do not arise from contracts and are recognised and measured similarly to contractual receivables but are not classified as financial instruments. The change in accounting policy for AASB 9 has no material impact on the Corporation.

Contractual payables are classified as financial instruments and categorised as financial liabilities at amortised cost. This includes trade creditors and other accrued expenses. Trade creditors represent liabilities for goods and services provided to the Caulfield Racecourse Reserve Trust prior to the end of the financial year that are unpaid and arise when the Caulfield Racecourse Reserve Trust becomes obliged to make future payments in respect of the purchase of those goods and services. Statutory payables are recognised and measured similarly to contractual payables but are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, as they do not arise from a contract.

5.2.1 Maturity Analysis of Contractual Payables

The following table discloses the contractual maturity analysis for the entity’s contractual payables.

(i) The value of payables disclosed exclude statutory payables (i.e. taxes payable).

6. How We Financed Our Operations

6.1 Interest Bearing Liabilities

Introduction

This note provides information on the sources of finance utilised by the Caulfield Racecourse Reserve Trust during its operations.

6.1.1

6.1 Interest bearing liabilities

6.1.1 Maturity analysis of interest bearing liabilities

6.2

Interest bearing liabilities are classified as financial instruments. All interest bearing liabilities are initially recognised at the fair value of the consideration received less directly attributable transaction costs.

The Caulfield Racecourse Reserve Trust categorises its interest bearing liabilities as financial liabilities at ‘amortised cost’.

The Caulfield Racecourse Reserve Trust recognises interest bearing liability costs immediately as an expense, even where they are directly attributable to the acquisition, construction or production of a qualifying asset.

Maturity Analysis of Interest Bearing Liabilities

The following table discloses the contractual maturity analysis for the entity’s contractual interest bearing liabilities.

6.2 Interest Expense

‘Interest expense’ includes costs incurred in connection with the borrowing of funds and includes interest component of finance leases repayments. Interest expense is recognised in the period in which it is incurred.

6.3 Leases

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

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreement to reflect the risks and rewards incidental to ownership. Leases of property, plant and equipment are classified as finance leases whenever Commitments for future expenditure include operating and capital commitments arising from contracts. These commitments are recorded below at their nominal value and inclusive of GST. Where it is considered appropriate and provides additional relevant information to users, the net present values of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the balance sheet.

the terms of the lease transfer substantially all the risks and rewards of ownership from the lessor to the lessee. The commencement of the lease term is deemed to be the date the asset is commissioned. All other leases are classified as operating leases.

The finance leases disclosed above are exempt from GST.

6.4 Commitments for Expenditure

6.5 Commitments for Income

Commitments

— less than 1 year $412,500

— 1 year but less than 5 years $1,650,000

— More than 5 Years [59.25 yrs.] $24,440,625

This is the minimum that would be payable under the 65 year lease to the MRC for the remainder of its term.

There are no commitments for Income (2018: Nil).

Commitments

— less than 1 year $27,400

— 1 year but less than 5 years $17,200

There are no commitments for expenditure (2018: Nil).

7. Risks, Contingencies and Valuation Judgements

7.1.1 Financial Asset Introduction

The Caulfield Racecourse Reserve Trust is exposed to risk from its activities and outside factors. In addition, it is often necessary to make judgements and estimates associated with recognition and measurement of items in the financial statements. This note sets out financial instrument specific information, (including exposures to financial risks) as well as those items that are contingent in nature or require a higher level of judgement to be applied.

Structure

7.1 Financial instrument specific disclosures

7.1.1 Financial asset

7.1.2 Financial liabilities

7.2 Financial risk management objective and policies

7.2.1 Liquidity risk

7.3 Contingent assets and liabilities

7.1 Financial Instrument Specific Disclosures

Financial instruments arise out of contractual agreements that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Due to the nature of the Caulfield Racecourse Reserve Trust’s activities, certain financial assets and financial liabilities arise under statute rather than a contract (for example taxes, fines and penalties). Such assets and liabilities do not meet the definition of financial instruments in AASB 132 Financial Instruments: Presentation.

From 1 August 2018, the Corporation applies AASB 9 Financial Instruments and classifies all of its financial assets based on the business model for managing the assets and the asset’s contractual terms. AASB 9 replaced AASB 139 Financial Instruments: Recognition and Measurement.

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

Categories of financial asset under AASB 9:

— Financial assets at amortised cost

— Financial assets at fair value.

CRRT has classified all financial assets as 'Financial assets at amortised cost' under AASB 9.

Financial assets are measured at amortised costs if both of the following criteria are met and the assets are not designated as fair value through net result:

— the assets are held to collect the contractual cash flows; and

— the assets’ contractual terms give rise to cash flows that are solely payments of principal and interests.

These assets are initially recognised at fair value plus any directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method less any impairment.

The Corporation recognises the following assets in this category:

— cash and deposits

— receivables (excluding statutory receivables).

Categories of financial asset that existed previously under AASB 139:

— Loan and receivables

— Held-to-maturity

— Held-for-trading

— Available-for-sale.

7.1.1 (a) Loans and Receivables and Cash

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

Loans and receivables category includes cash and deposits (refer to note 4.4), term deposits with maturity date less than three months and receivables (excluding statutory receivables).

7.1.2 Financial Liabilities

CRRT has classified all financial liabilities as 'financial liabilities at amortised cost' under AASB 9.

Financial liabilities at amortised cost are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial instruments are measured at amortised cost with any difference in initial recognition and redemption value being recognised in net result over the period of the interest bearing liability using the effective interest rate method.

The Corporation recognises the payables (excluding statutory payables) in this category.

Categories of financial liability that existed previously under AASB 139:

— Financial liabilities at amortised cost

— Financial liabilities through profit and loss.

The carrying amounts of the Caulfield Racecourse Reserve Trust’s financial assets and financial liabilities by category are in the table below

(i) The amount of receivables disclosed excludes statutory receivables (i.e. taxes receivable).

(ii) The amount of payables disclosed exclude statutory payables (i.e. taxes payable).

7.2 Financial Risk Management Objective and Policies

The Caulfield Racecourse Reserve Trust’s principal financial instruments comprise of:

— cash and deposits;

— payables (excluding statutory payables); and

— interest bearing liabilities.

The main purpose in holding financial instruments is to prudentially manage the entity’s financial risks in the government policy parameters.

7.2.1 Liquidity Risk

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

The Caulfield Racecourse Reserve Trust’s exposure to liquidity risk is deemed insignificant based on current assessment of risk.

The Caulfield Racecourse Reserve Trust is exposed to the following risks:

— Liquidity risk.

As a whole, the Corporation seeks to manage these risks and the associated volatility of its financial performance. The Corporation uses different methods to measure and manage the different risks to which it is exposed. Primary responsibility for the identification and management of financial risks rests with the Board.

7.2.2 Market Risk

The Caulfield Racecourse Reserve Trust’s exposure to market risk is primarily through interest rate risk, with no exposure to foreign currency and other price risks.

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

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

The Caulfield Racecourse Reserve Trust has minimal exposure to cash flow interest rate risk through holding its funds on call deposits.

The carrying amount of financial assets and financial liabilities that are exposed to interest rate risk are set out in the table below.

(i) The amount of receivables disclosed excludes statutory receivables (i.e. taxes receivable).

(ii) The amount of payables disclosed excludes statutory payables (i.e. taxes payable).

(iii) The interest rate for applicable business account

The Caulfield Racecourse Reserve Trust’s sensitivity to market risk is determined based on the observed range of actual historical data for the preceding five-year period, with all variables other than the primary risk variable

7.3 Contingent Assets and Liabilities

Contingent assets and contingent liabilities are not recognised in the balance sheet but are disclosed and, if quantifiable, are measured at nominal value.

held constant. Based on this historical data, the Caulfield Racecourse Reserve Trust has no sensitivity to movements in market interest rates, as there are no financial instruments exposed to variable interest rates.

Contingent assets and liabilities are presented inclusive of GST receivable or payable respectively.

There are no contingent assets or contingent liabilities (2018: Nil).

8. Other Disclosures

8.1.2 Other Economic Flows Included in Net Result

This note includes additional material disclosures required by accounting standards or otherwise, for the understanding of this financial report.

Structure

8.1 Accounting Policy

8.1.1 Accounting for the goods and services tax (GST)

8.1.2 Other economic flows included in net result

8.1.3 Subsequent events

8.2 Glossary

8.2.1 Net result

8.2.2 Transactions

8.3 Reclassification of financial information

8.4 Australian Accounting Standards issues that are not yet effective

8.1 Accounting Policy

8.1.1 Accounting for the Goods and Services

Tax

(GST)

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

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

Commitments and contingent assets and liabilities are also stated inclusive of GST.

8.1.3 Subsequent Events

The Caulfield Racecourse Reserve Trust is not aware of any other circumstances that have arisen, or information that has become available between 30 June 2019 and the date of final approval of this general purpose financial report that qualifies for inclusion as a post balance date event.

8.2 Glossary

8.2.1 Net Result

Measure of financial performance of the operations for the period. It is the net result of items of revenue, gains and expenses (including losses) recognised for the period, excluding those classified as ‘other non-owner movements in equity’.

8.2.2 Transactions

Transactions are those economic flows that are considered to arise as a result of policy decisions, usually an interaction between two entities by mutual agreement. They also include flows within an entity such as depreciation where the owner is simultaneously acting as the owner of the depreciating asset and as the consumer of the service provided by the asset. Taxation is regarded as mutually agreed interactions between the government and taxpayers. Transactions can be in kind (e.g. assets provided/ given free of charge or for nominal consideration) or where the final consideration is cash. In simple terms, transactions arise from the policy decisions of the government.

8.3 Reclassification of Financial Information

Where the presentation or classification of items in the financial statement changes, the comparative amounts are also reclassified unless it is impractical to do so. The nature,

8.4 Australian Accounting Standards Issued That Are Not Yet Effective

Certain new AASs have been published that are not mandatory for the 30 June 2019 reporting period. DTF assesses the impact of all these new standards and advises the department of their applicability and early adoption where applicable.

amount and reason for the reclassification is also disclosed. If the reclassification affects an item on the balance sheet, a third statement of financial position is also presented.

The Caulfield Racecourse Reserve Trust has reviewed its financial statements and has made no revisions.

As at 30 June 2019, the following applicable AASs have been issued by the AASB but are not yet effective. The table below sets out only those standards which are applicable to the transactions and balances included in the annual financial statements and are expected to impact on the agency. They become effective for the first financial statements for reporting periods commencing after the stated operating date as follows:

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

AASB 1058 Income of Not-for-Profit Entities

This standard replaces AASB 1004 Contributions and establishes revenue recognition principles for transactions where the consideration to acquire an asset is significantly less than fair value to enable the not-for-profit entity to further its objectives.

1 Jan 2019

The assessment has indicated that as most operating leases will come on balance sheet, recognition of lease assets and lease liabilities will cause net debt to increase.

Depreciation of lease assets and interest on lease liabilities will be recognised in the income statement with marginal impact on the operating surplus.

The amounts of cash paid for the principal portion of the lease liability will be presented within financing activities and the amounts paid for the interest portion will be presented within operating activities in the cash flow statement. No change for lessors.

AASB 2016–8

Amendments to Australian Accounting Standards — Australian Implementation Guidance for Not-forProfit Entities

AASB 2016–8 inserts Australian requirements and authoritative implementation guidance for notfor-profit-entities into AASB 9 and AASB 15.

This Standard amends AASB 9 and AASB 15 to include requirements to assist not-for-profit entities in applying the respective standards to particular transactions and events.

1 Jan 2019

The assessment has indicated that revenue from capital grants that are provided under an enforceable agreement that have sufficiently specific obligations, will now be deferred and recognised as performance obligations are satisfied. As a result, the timing recognition of revenue will change.

An assessment of AASB 1058 has indicated that there will be no significant impact to the Corporation.

1 Jan 2019

This standard clarifies the application of AASB 15 and AASB 9 in a not-for-profit context. The areas within these standards that are amended for not-for-profit application include:

AASB 9

• Statutory receivables are recognised and measured similarly to financial assets

AASB 15

• The ‘customer’ does not need to be the recipient of goods and/or services;

• The ‘contract’ could include an arrangement entered into under the direction of another party;

• Contracts are enforceable if they are enforceable by legal or ‘equivalent means’;

• Contracts do not have to have commercial substance, only economic substance; and

• Performance obligations need to be ‘sufficiently specific’ to be able to apply AASB 15 to these transactions.

An assessment of AASB 2016–8 has indicated that there will be no significant impact to the Corporation.

AASB 2016–7

Amendments to Australian Accounting Standards — Deferral of AASB 15 for Notfor-Profit Entities

This Standard defers the mandatory effective date of AASB 15 for not-forprofit entities from 1 January 2018 to 1 January 2019.

1 Jan 2019

This amending standard will defer the application period of AASB 15 for not-for-profit entities to the 2019–20 reporting period.

An assessment of AASB 2016–7 has indicated that there will be no significant impact to the Corporation.

Impact on the financial statements of Caulfield Racecourse Reserve Trust

Appendix 1

Progress to Date on VAGO and Bi-partisan Working Group Recommendations

Progress to Date on VAGO Recommendations

Recommendation

That as a priority, the trustees, in consultation with the department:

1. Determine the trustees’ functions, roles, responsibilities, powers and obligations through an analysis of the existing legal framework and apply this to the management of the Reserve.

Progress to Date

The Caulfield Racecourse Reserve Act 2017 sets out the specific obligations of the Caulfield Racecourse Reserve Trust and Trust membership.

The Trust since its appointment has developed a Board Charter and Code of Conduct to guide the management and operation of the Reserve.

All staff have position descriptions in place with clear accountabilities.

2. Develop and adopt a governance framework, consistent with contemporary standards, that includes the following key elements:

• a statement of duties and obligations of trustees, management plans, a mission statement, business plan and a comprehensive conflict of interest policy

• business rules for administering the trust and making decisions

• an induction program for new trustees

• public reporting on the trust activities including financial performance

3. Develop an agreed comprehensive action plan to implement the above governance framework that:

• outlines responsibilities and milestones

• identifies adequate resources for completion

4. Identify public safety risks and develop strategies to manage those risks

5. Implement a land management strategic plan that contains clear and measurable objectives that define future land use and development consistent with the purposes in the Crown grant.

The Department of Environment Land Water and Planning provided an induction pack with a suite of templated policies and information to the new Trust and supported the trust in its establishment under the new Act.

The Trust have developed a vision for the Caulfield Racecourse Reserve to guide all decisions of the Trust for the community.

A Draft Governance Framework has been prepared with a suite of supporting policies and procedures currently under development, including an induction pack for future Trustees.

The Trust is preparing an annual report to publicly report on its activities for the year and this will be prepared each year for Government and the Community.

The Trust has a draft Governance Framework and is currently preparing the supporting documentation and policies. The Trust has adopted a two-year budget whilst the Land Management Plan is being prepared, which will guide future planning, implementation and management.

The Trust is currently finalising a whole of organisation risk register with mitigating strategies in place based on the following risk categories; Strategic, Land Management, Organisational, Financial, People, Operational and Regulatory.

The Trust has commenced developing a Land Management Plan consistent with the Caulfield Racecourse Reserve Act, with a Project Advisory Group, a Steering committee complimented by broad community and stakeholder engagement.

The Land Management Plan will be in place in 2020 to guide future works and uses.

That the trustees of the Caulfield Racecourse Reserve also:

6. Upgrade public access and improve signage at all entry access points and within the Reserve to a standard that improves safety and encourages increased community use.

The Trust through the engagement process has identified a number of opportunities to improve access and awareness of access to the reserve which are currently being planned and implemented within available resources.

In its second year the Trust will be focussing on immediate and quick projects to build awareness and access of the reserve.

The Trust is also preparing a medium- and longer-term vision for the Racecourse Reserve through the Land Management Plan to further improve access and signage.

7. Develop a comprehensive community engagement strategy to identify community needs and the community’s views on potential future land use and development priorities.

Over the last twelve months, the Trust has been proactive in engaging with key stakeholders and the broader community, including local members of Parliament, Local Government, The Victorian Planning Authority, key local user groups and the Melbourne Racing Club.

The engagement plan supports the development of the Land Management Plan and positive relationships.

After the Land Management Plan is finalised it will provide a framework to further build community engagement and increased use of the reserve.

8. Finalise and seek approval to amend regulations governing land use at the Reserve to ensure they are an effective tool for the care, protection and management of the Reserve.

The Caulfield Racecourse Reserve Act 2017 specifies the functions and powers of the Trust in fulfilling its land management functions on behalf of the State of Victoria. Policies and procedures will be developed and implemented to support the increased use of the reserve and implementation of the Land Management Plan.

9. Develop and enforce a maintenance and new works program consistent with the proposed land management strategic plan to:

• identify and quantify work to be undertaken

• specify standards to be met

• detail frequency and location of works

• acquit work undertaken and costs incurred

• implement regular reporting against progress.

The final Land Management Plan will inform works and maintenance standards across the reserve in line with the budget.

Progress to Date on Bi-partisan Working Group Recommendations

The reporting elements, which focus on VAGO’s recommendations 1 to 9 and related requirements, are as follows: VAGO

recommendation

That as a priority, the Trustees of the Caulfield Racecourse Reserve, in consultation with the Department:

1. Legal framework

Determine the trust’s functions, roles, responsibilities, powers and obligations through an analysis of the existing legal framework and apply this to the management of the reserve.

2. Governance framework

Develop and adopt a governance framework, consistent with contemporary standards, that includes the following key elements:

1(a) Determine functions

1(b) Determine roles

1(c) Determine responsibilities

1(d) Determine powers

1(e) Determine obligations

1(f) Apply above legal framework.

Complete The Caulfield Racecourse Reserve Act 2017, sets out the legal framework and specific obligations of the Trust and the Trustees.

12 months

The Trust has prepared a draft Governance Framework and is currently preparing the supporting documents and policies, including a Code of Conduct and a draft Corporate Plan. A vision for the Caulfield Racecourse Reserve has also been prepared with a Mission Statement to follow the development of the Land Management Plan. The Land Management Plan will inform the future business planning for the Trust.

• a statement of duties and obligations of trustees, management plans, a mission statement, business plan and a comprehensive conflict of interest policy

2(a) Statement of duties and obligations of trustees

2(b) Management plans

6 months

18 months

2(c) Mission statement 24 months

2(d) Business plan, including (as per recommendation 11, Reporting Framework):

• Strategic plan

• Annual business plan

2(e) Comprehensive conflict of interest policy

• business rules for administering the trust and making decisions

2(f) Business rules for administering the trust and decision- making, including (but not limited to) board policies on:

• board meetings and decision-making

• code of conduct

• gifts, benefits and hospitality (responding to / making offers of gifts, benefits or hospitality, internal or external)

• dispute resolution

• performance assessment.

• conflict of interest policy, as listed above in 2(e).

12 months

The Trust has developed a Code of Conduct and draft Governance Framework and is working through the suite of policies and procedures to support the implementation of these based on the DELWP model templates.

VAGO recommendation Reporting Element Timeframe Progress

• an induction program for new trustees

2(g) Induction program including:

• induction program session(s)

• induction package

• one on one introductory session with chair

• mentoring arrangement.

• public reporting on trust activities including financial performance

2(h) Public reporting on trust activities, including:

• Annual report to be provided to the Minister and subsequently published on the Trustees website. (Report to cover the matters specified by DELWP, based on items in the model report issued by the Department of Premier and Cabinet) other public reporting as advised by DELWP.

2(i) Public reporting on financial performance:

as advised by DELWP, to be included in annual report (above) also note requirements in relation to financial statements (next below).

PLUS (as per recommendation 11, Reporting Framework):

2(j) Financial statements prepared in accordance with Australian Accounting Standards (as per recommendation 11), including: Annual statements

Other statements as advised by DELWP.

PLUS (as per recommendation 11, Reporting Framework):

PLUS (as per recommendation 11, Reporting Framework):

PLUS (as per recommendation 11, Reporting Framework):

24 Months

The Trust was provided an induction pack from DELWP at commencement and is working to develop an induction pack for future trustees and staff.

6 Months

The Caulfield Racecourse Reserve Trust will provide an Annual Report to the Minister which will be published on the Caulfield Racecourse Reserve Trust website once reported in Parliament. This progress update on the bipartisan review will be included in the Caulfield Racecourse Reserve Trust Annual Report. The report will also include financial performance

The Trust is establishing a program of community engagement and reporting.

Complete Financial Statements will be included in the Caulfield Racecourse Reserve Trust Annual Report in line with Government Policy.

2(k) Annual audit by VAGO. Underway

2(l) Other performance and/or financial reports, as advised by DELWP.

2(m) Compliance with any Ministerial statement of expectations, directions, guidelines, etc. issued by the Minister for Environment, Climate Change, and Water.

At the time of writing this report VAGO were undertaking their review of Caulfield Racecourse Reserve Trust.

The Caulfield Racecourse Reserve Trust is working with DELWP to ensure all reporting is aligned with departmental expectations and policies.

The Caulfield Racecourse Reserve Trust is reporting against the Ministerial Statement of Expectations.

VAGO recommendation Reporting Element Timeframe Progress

3. Action plan (governance framework)

Develop an agreed comprehensive action plan to implement the above governance framework that:

• outlines responsibilities and milestones

• identifies adequate resources for completion

Land management strategic plan

Implement a land management strategic plan that contains clear and measurable objectives that define future land use and development consistent with the purposes in the Crown grant.

That the Trustees of the Caulfield Racecourse Reserve also:

4. Public safety

Identify public safety risks and develop strategies to manage those risks

5. Land management strategic plan

Implement a land management strategic plan that contains clear and measurable objectives that define future land use and development consistent with the purposes in the Crown grant.

6. Community use

Upgrade public access and improve signage at all entry access points and within the reserve to a standard that improves safety and encourages increased community use.

3(a) Agreed action plan with responsibilities and milestone

3(b) Adequate resources for completion of action plan

5(a) Develop a land management strategic plan with clear and measurable objectives

5(b) Implement land management strategic plan

12 months

A comprehensive Governance framework is being prepared with the Trust to develop a program for implementation.

12 months

Community engagement is already underway which will inform the Issues and Opportunities Paper, which will inform and shape the Land Management Plan to be completed next year. The Land Management Plan will guide all future planning and decisions at the Reserve.

4(a) Identify public safety risks

4(b) Develop strategies to manage public safety risks identified

6 months

5(a) Develop a land management strategic plan with clear and measurable objectives

5(b) Implement land management strategic plan

Over next 10 years

The Trust is currently finalising a whole of organisation Risk Register with mitigating strategies in place based on the following risk categories; Strategic, Land Management, Organisational, Financial, People, Operational and Regulatory.

The Land Management Plan will guide future investment and management of the reserve and will be implemented in a staged approach subject to funding.

6(a) Upgrade public access

6(b) Improve signage to encourage community access/use and improve safety

Ongoing

The Caulfield Racecourse Reserve Trust is looking at potential immediate improvements that can be made to signage, community awareness and access to the reserve.

With the progressive relocation of training the Trust will look to further increase the use of the reserve as this occurs.

Improved access & works will be subject to the Land Management Plan and community engagement.

VAGO recommendation Reporting Element Timeframe Progress

7. Community engagement strategy

Develop a comprehensive community engagement strategy to identify community needs and the community’s views on potential future land use and development priorities.

8. Regulations

Finalise and seek approval to amend regulations governing land use at the reserve to ensure they are an effective tool for the care, protection and management of the reserve.

PLUS (as per recommendation 14)

9. Works program

Develop and enforce a maintenance and new works program consistent with the proposed land management strategic plan to:

• identify and quantify work to be undertaken

• specify standards to be met

• detail frequency and location of works

• acquit work undertaken and costs incurred

• implement regular reporting against progress.

7(a) Community engagement strategy that identifies community needs/ views on future land use & priorities

Ongoing

The Trust has already commenced an extensive program of community engagement, with quarterly community information sessions being held, as well as planning for a community workshop, which will provide the opportunity for input into the Issues and Opportunities paper which will inform the Land Management Plan

The Trust has appointed a General Manger to lead engagement with the community and key stakeholders.

A formal community engagement strategy is to be developed and implemented once the Land Management Plan has been developed.

8(a) Finalise proposed amendment to regulations

8(b) Seek approval for amendment

8(c) Liaise with DELWP to ensure that the revision and updating of the regulations is undertaken in accordance with the appropriate administrative procedures, so that the recommendations are valid and enforceable.

9(a) Develop works program consistent with proposed land management strategic plan

9(b) Enforce works program

18 Months

The Caulfield Racecourse Reserve Trust Act 2017 provides the legal framework for the Trust.

The Land Management Plan will inform any amendments required to the regulations.

Next 24 months

Community and key stakeholder engagement is underway to develop the Land Management Plan which will inform future works and maintenance activities at the Reserve

Appendix 2 Disclosure Index

This index has been prepared to facilitate identification of the Caulfield Racecourse Reserve Trusts compliance with statutory disclosure requirements.

Report of operations

Charter and purpose

FRD 22H

Manner of establishment and the relevant Ministers

FRD 22H Purpose, functions, powers and duties

FRD 22H Key initiatives and projects

FRD 22H Nature and range of services provided

Management and structure

FRD 22H

Financial and other information

FRD 10A

Organisational structure

Disclosure index

FRD 12B Disclosure of major contracts

FRD 22H

FRD 22H

Employment and conduct principles

4

16

16

Occupational health and safety policy Page 17

FRD 22H Summary of the financial results for the year

FRD 22H

Significant changes in financial position during the year

FRD 22H Major changes or factors affecting performance

FRD 22H Subsequent events

FRD 22H

FRD 22H

Application and operation of Freedom of Information Act 1982

Compliance with building and maintenance provisions of Building Act 1993

16

16

16

16

19

20

FRD 22H Statement on National Competition Policy Page 20

FRD 22H

Application and operation of the Protected Disclosure Act 2012

21

FRD 22H Details of consultancies over $10 000 Page 18

FRD 22H Details of consultancies under $10 000

FRD 22H Disclosure of government advertising expenditure

FRD 22H Disclosure of ICT expenditure

FRD 25D Local Jobs First

FRD 29C Workforce Data disclosures

attestation and declaration

for compliance with Ministerial Standing Direction

in report of operations

5.2.2

in financial statements

Other requirements under Standing Directions 5.2

18

18

19

18

18

29

SD 5.2.1(a) Compliance with Australian accounting standards and other authoritative pronouncements Page 32

Other disclosures as required by FRDs in notes to the financial statements (a)

FRD 9B Departmental Disclosure of Administered Assets and Liabilities by Activity

FRD 21C Disclosures of Responsible Persons, Executive Officers and other Personnel (Contractors with Significant Management Responsibilities) in the Financial Report

40

36

FRD 103H Non Financial Physical Assets Page 39

FRD 110A Cash Flow Statements

FRD 112D Defined Benefit Superannuation Obligations

31

36

FRD 114C Financial Instruments — general government entities and public non-financial corporations Page 44

Note: (a) References to FRDs have been removed from the Disclosure Index if the specific FRDs do not contain requirements that are of the nature of disclosure.

Legislation

Freedom of Information Act 1982 Page 19 Building Act 1993 Page 20

Protected Disclosure Act 2012 Page 21

Local Jobs Act 2003

18 Financial Management Act 1994

6

Caulfield Racecourse Reserve Act 2017