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laser white color laser white color 33mm 33mm 2021 2021 W S EST RB WS FC ER BU D R L N SU
Western Suburbs District Rugby League Football Club Limited ANNUAL FINANCIAL REPORT 2020 29.1mm 29.1mmYear ending 31 October 2020 Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal FRONT BACK FRONT BACK x x x x
laser white color laser white color 33mm 33mm 2021 2021 W S EST RB WS FC ER BU D R L N SU
29.1mm 29.1mm Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal FRONT BACK FRONT BACK x x x x
CONTENTS
Index Page
Chairman’s Report 4
GM Report 5
Emblems throughout the years 6
Wests Magpies Members Listing 7 Life Members
2020 Sponsors 9
Annual Financial Report 2019 10 Directors Report laser white color Declaration by Directors laser white color Statement of Profit or Loss and other Comprehensive Income Statement of Financial Position Statement of Changes in Member’s Funds Statement of Cash Flows Notes to the Financial Statements 33mm 33mm 2021 2021 W S ES RB W C TER BU S F 3 D R L N SU Western Suburbs District Rugby League Football Club Limited
29.1mm 29.1mm Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal CHAIRMAN’S REPORT
a Magpie State Cup and Ron Massey teams.
The Wests Magpies junior rep teams of Harold Mathews and S G Ball teams have both been busy in the off season with newly appointed coaches Tom Morrison, S G Ball and Nathan Lakeman, Harold Matts. Thank you to both coaches and the support staff for their efforts in training and coaching our rep players at this elite level.
I would also like to welcome Shannon Gallant as the new head of Junior Development for Wests Tigers, looking after all of the Macarthur area. Coordinating with the Magpies are our Wests Tigers staff of Tyrone Collins and Billy Callaway; thank you very much for your knowledge, cooperation and assistance throughout our pre-season, trials and season proper.
This is the most important aspect of rugby league in the southwest corridor, junior players being developed and playing the game. We are determined to continue with developing players from within.
To Wests Ashfield Leagues who have always been the prime Welcome to all of our Magpie family members. On behalf contributor to the Western Suburbs Magpies Football Club, of the board and management of your club, I would like to we thank the Board of Directors for the ongoing support. present the 2019/2020 Annual Report for your approval. To the Wests Magpies, I would like to thank my fellow Well, what a momentous year; the season that wasn’t due to directors Mike Bailey OAM, Bob Cairns, Mick Pinkerton, the COVID-19 pandemic. Tony Andreacchio, Dave Towells, Rick Wayde and Vince Tropiano for their support and contribution towards our I am sure all of us would like to leave such an extraordinary football club. We are all endeavouring to ensure that the year behind and look forward to a full season of Magpie Magpies continue and gain success in the years to come. football. Finally, a big thanks to you, our members, for your continued Wests started with so much promise and then the rug was support of the Magpies. Your Board is committed to ensuring effectively pulled away, what can I say…. but what could that we deliver for our players, our staff, our members and have been. For our teams of State Cup and Junior reps, the all of our supporters far and wide. season was finished before it really started. We are looking forward to a new and exciting 2021 season The Wests Magpies shutdown for the 3-month period, the for all our teams and wish them the best success. first time in a long time. Wests as a football club had no season and we effectively went into hibernation as the I will see you at Lidcombe Oval in 2021. pandemic took hold. Regards, During this time, we looked at our future and started planning for 2021, in that we have organised our club with Mick Liubinskas a return to Lidcombe Oval and established a Ron Massey Chairman Cup team. It has taken a lot of planning and hard work to be at this stage as football club. With the assistance of Wests Ashfield and our sponsors, we are ready to go in 2021 with
4 FRONT BACK FRONT BACK GENERAL x x MANAGER’S REPORT x x
I am sure that everyone has heard about 2020 and the year Masterton, DJK, FIXD, Bacchus and of course, Wests it was so I won’t repeat what we already know, but if I could Ashfield Leagues for their continued support of the Club. describe it in a few words, it would be ‘no footy’. With not much football to report on in 2020, I can only A statement put out by the Club when COVID-19 first say that I hope we are able to make up for it with some hit and we had to temporarily shut down stated that we outstanding performances and results in 2021. We also would do our best to remain pro-active and continue to hope our supporters get behind us and the return to function, prepare and grow as best we could under the Lidcombe Oval as our home and that it provides some circumstances. pleasure and brings back some great memories. It’s not laser white color NRL and it’s not 1986, but we have had a serious ‘crack’ laser white color We did that, with Lidcombe Oval becoming our home for at providing best we can for our supporters and all rugby 2021, the first time since 1986 and hopefully beyond; our league people during difficult and different times. All we ask RMC officially re-instated; our merchandise range looking its is that you get behind us and support your Club. best ever; our social media platforms hitting record numbers; membership increasing and a badge to remember forever; Leo Epifania our ‘Flagship’ NSWC Team once again to fly the Magpie Wests Magpies General Manager 33mm brand in 33mm the Reserve Grade competition after a 100% win ratio in 2020; an official WM Committee being formed with a group that is more than capable and committed to assist the Club to grow and in general, cleaned up most of 2021 its operations so that 2021 runs as efficiently as possible in 2021 what is shaping up as a busy year for the Magpies.
We were able to maintain the relationship with all of our sponsors who have stayed loyal to the Club, committing to the 2021 season. We thank ISRI, Victa, Jaycar, Allied, W S ES RB W C TER BU S F 5 U D R L Western Suburbs District Rugby League Football Club Limited N S
29.1mm 29.1mm Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal emblems emblemsemblemsemblems throughoutthroughoutthroughout thethroughout thethe the emblems EMBLEMSwesternthroughout suburbs magpies the emblemsemblems yearsTHROUGHOUT THE YEARSwesternwestern suburbs suburbs magpies magpies emblems yearsyears western suburbs magpies emblems westernyears suburbs magpies throughoutthroughoutthroughout thethroughout thethe yearsthe western suburbs magpiesthroughout the years westernwestern suburbssuburbs magpiesmagpies yearsyears western suburbs magpies years western1918-1927 suburbs magpies1928-1929 1930 1931-1960 years 1918-19271918-1927 1928-19291928-1929 19301930 1931-19601931-1960 1918-1927 1928-1929 1930 1931-1960 1918-1927 1928-1929 1930 1931-1960
1961-1977 1978-1997 1998-2002 2003-2005 1918-1927 1928-1929 1930 1931-1960 1961-19771961-1977 1978-19971978-1997 1998-20021998-2002 2003-20052003-2005 1918-19271918-1927 1928-19291928-1929 19301930 1931-19601931-1960 1961-1977 1978-1997 1998-2002 2003-2005 1918-1927 1928-1929 1961-19771930 1978-19971931-1960 1998-2002 2003-2005 1918-1927 1928-1929 1930 1931-1960
2006 2007 1961-1977 1978-1997 1998-2002 2003-2005 20062006 20072007 1961-19771961-1977 1978-19971978-1997 1998-20021998-2002 2003-20052003-2005 2006 2007 1961-1977 1978-1997 1998-20022006 2003-20052007 1961-1977 1978-1997 1998-2002 2003-2005
2008 2009 - 2017 2018 2006 2007 20082008 20092009 - -2017 2017 20182018 20062006 20072007 2008 2009 - 2017 2018 2006 2007 2008 2009 - 2017 2018 2006 2007
Western Suburbs District Rugby League Football Club Limited 9 WesternWestern Suburbs Suburbs District District Rugby Rugby League League Football Football Club Club Limited Limited 99
2008 2009 - 2017 2018 Western Suburbs District Rugby League Football Club Limited 9 Western Suburbs District Rugby League Football Club Limited 9 20082008 20092009 - -2017 2017 20182018 2008 2009 - 2017 2018 2008 2009 - 2017 2018
Western Suburbs District Rugby League Football Club Limited 9 6WesternWestern Suburbs Suburbs District District Rugby Rugby League League Football Football Club Club Limited Limited 99 Western Suburbs District Rugby League Football Club Limited 9 Western Suburbs District Rugby League Football Club Limited 9 LIFE MEMBERS WESTS MAGPIES
LIFE MEMBER LIFE MEMBER INITIAL SURNAME INITIAL SURNAME NUMBER NUMBER Life Member 1 E Courtney (Snr) * Life Member 33 R Gillam * Life Member 2 C Elliott * Life Member 34 S Simpson * Life Member 3 S Ferrer * Life Member 35 D Murray * Life Member 4 W Finigan * Life Member 36 J O'Brien * Life Member 5 H Hudson * Life Member 37 G Ackling * Life Member 6 W Joass * Life Member 38 K Sherwood K * Life Member 7 W Knight * Life Member 39 D Sherwood D * Life Member 8 R Lindfield * Life Member 40 B Keato * Life Member 9 A McDowall * Life Member 41 G Lucas * Life Member 10 C McFadden * Life Member 42 N Matterson * Life Member 11 E McFadden (Snr) * Life Member 43 J Moses * Life Member 12 F McMillan * Life Member 44 J Neill * Life Member 13 E Mead * Life Member 45 D Peel * Life Member 14 L Mead * Life Member 46 W Spooner * Life Member 15 H Moxham * Life Member 47 J Snare * Life Member 16 N Moxham * Life Member 48 J Caffrey * Life Member 17 C Prentice * Life Member 49 J Fitzgerald * Life Member 18 D Schuback * Life Member 50 K Holman MBE * Life Member 19 J White * Life Member 51 E Hooper * Life Member 20 E Courtney (Jnr) * Life Member 52 W Taylor * Life Member 21 R Liston * Life Member 53 W Carson * Life Member 22 L Plasto * Life Member 54 P McLean * Life Member 23 A McGuiness * Life Member 55 W Beaver * Life Member 24 W Barclay * Life Member 56 P Dimond Life Member 25 L Chambers * Life Member 57 D Malone Life Member 26 B Green * Life Member 58 J Hayes Life Member 27 J Rubinson J (Snr) * Life Member 59 B McCabe * Life Member 28 L Lackey * Life Member 60 J Mowbray * Life Member 29 F Matterson * Life Member 61 D Beger * Life Member 30 J Reidy * Life Member 62 J McMillan * Life Member 31 R Reimer * Life Member 63 B Owens * Life Member 32 R Vest * Life Member 64 R Bernasconi
* Deceased
Western Suburbs District Rugby League Football Club Limited 7 FRONT BACK FRONT BACK x x x x
LIFE MEMBERS WESTS MAGPIES
LIFE MEMBER LIFE MEMBER INITIAL SURNAME INITIAL SURNAME NUMBER NUMBER Life Member 65 J Cody Life Member 97 D Parish Life Member 66 D McGarrity * Life Member 98 F Stanmore * Life Member 67 R McFarlane * Life Member 99 H Wells Life Member 68 E McFarlane (Snr) * Life Member 100 J Thompson Life Member 69 J Piper * Life Member 101 J Donnellan * Life Member 70 D McInerney * Life Member 102 J Stephens * Life Member 71 G Russell * Life Member 103 G Grimmond Life Member 72 H Fyvie * Life Member 104 W Horder * Life Member 73 G Downie Life Member 105 B Kowald * Life Member 74 W Peters * Life Member 106 A Summons * Life Member 75 T Ford Life Member 107 J Aplitt laser whiteLife Membercolor 76 T Raudonikis OAM Life Member 108 C Mescia laser white color Life Member 77 R Watson * Life Member 109 J Sharman * Life Member 78 J Cochrane * Life Member 110 B Clarke Life Member 79 J Donnelly * Life Member 111 J Skandalis Life Member 80 J Brooks * Life Member 112 J Medway * 33mm 33mm Life Member 81 R Hill * Life Member 113 B Schafer B OAM Life Member 82 T Cogger Life Member 114 S Reeves 2021 Life Member 83 J Toomey Life Member 115 R Wayde 2021 Life Member 84 T Donnelly * Life Member 116 R Cairns Life Member 85 R Powell Life Member 86 A Brazier * WE BS W Life Member 87 M Wallington ST UR C Life Member 88 P Di Michiel E S F RN UB D R L Life Member 89 J Elford S Life Member 90 N Charlton * Life Member 91 V Hey * Life Member 92 K Morris Life Member 93 M Zoellor Life Member 94 F Courte Life Member 95 N Kelly * Life Member 96 K O'Shea *
* Deceased 29.1mm 8 29.1mm Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal FRONT BACK FRONT BACK x x x x
2020 SPONSORS laser white color laser white color 33mm 33mm 2021 2021 W S EST RB WS FC ER BU D R L N SU
9 29.1mm Western Suburbs District Rugby29.1mm League Football Club Limited Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal ANNUAL FINANCIAL REPORT 2020
Western Suburbs District Rugby League Football Club Limited ACN 003 390 467
Annual Financial Report 31 October 2020
10 Western Suburbs District Rugby League Football Club Limited
DIRECTORS’Directors’ Report REPORT
The directors present their report together with the financial statements of Western Suburbs District Rugby League Football Club Limited (the Company) for the year ended 31 October 2020.
Directors The directors of the Company in office at any time during or since the end of the financial year are:
Name Date of appointment
M Liubinskas 21 December 2011 M Bailey OAM 21 December 2011 (resigned 27 July 2020) R Cairns 31 March 2012 M Pinkerton 29 January 2013 D Towells 30 November 2014 T Andreacchio 28 April 2014 R Wayde 28 September 2015 V Tropiano 27 July 2020
Directors’ meetings The number of meetings of the Company’s Board of Directors and the number of meetings attended by each director were:
Number of Number of Director Meetings Attended Meetings Held *
M Liubinskas 9 9 M Bailey OAM 5 5 R Cairns 9 9 M Pinkerton 5 9 D Towells 9 9 T Andreacchio 9 9 R Wayde 9 9 V Tropiano 4 4 * Number of meetings held during the time the director held office during the year.
1
Western Suburbs District Rugby League Football Club Limited 11 estern uburbs District Rugby eague ootba ub imited
DIRECTORS’Directors’ Report REPORT
embership he ompany is a company imited by guarantee and is ithout share capita he number of members as at ctober and the comparison ith ast year is as fo o s
2020 2019
rdinary ife
embers imited iabi ity
n accordance ith the onstitution of the ompany e ery member of the ompany underta es to contribute an amount imited to per member in the e ent of the inding up of the ompany during the time that he is a member or ithin one year thereafter he tota amount that the members of the ompany are iab e to contribute if the ompany is ound up is
perating resu t
he net deficit before ta for the year amounted to compared ith a deficit before ta of in the prior year his resu ted after charging for depreciation
hort term
he short term ob ecti e is to ensure the iab e operation of the traditiona year o d estern uburbs agpies as part of the District Representati e ootba ompetition and to ensure that aspiration to ards and beyond that e e by unior p ayers ithin the acarthur Region gi es them the opportunity to shine and de e op as sports peop e as e continue to i e up to our charter in supporting Rugby eague ootba in Sydney’s West.
ong term
he ub aims to continue to be a usefu conduit for the youth of the acarthur Region in pro iding the faci ities for their enhanced de e opment as Rugby eague p ayers he Board and anagement of the ub i continue to re ie progress and amend ob ecti es here necessary to ensure the ub has a ong term and iab e future
trategy for achie ing the ob ecti es
he ub i endea or to continue to pro ide prudent economic management and i reach out to a net or of sponsors to he p its aims and i continue to be monitored and managed carefu y t i continue to engage ith the members and ith interna and e terna management systems to enab e continued de e opment
12 Western S r s District R y e e oot i ited
DIRECTORS’Directors’ Report REPORT
rincip cti ities
e princip cti ities o t e o p ny d rin t e co rse o t e in nci ye r ere t e r nnin o oot te s in t e e So t W es co petitions nd t e de e op ent o R y e e.
ere e een no si ni ic nt c n es in t e n t re o t ese cti ities d rin t e ye r.
o t ese cti ities ssist in c ie in t e o ecti es
Activities pursued by the Club to assist the development of Rugby League Football in Sydney’s West will contin e to pro ide i port nt ci ities or o r p yers nd co c in st i e so pro idin e citin opport nities or o r e ers nd s pporters to in en oy ent ie in i st nd rd inter sports.
er or nce e s re ent nd ey per or nce indic tor
n er o s re n ysed to e s re t e per or nce o t e siness. ese inc de t e c ie e ents o o r p yers nd co c in st nd t e de e op ent o t ose ey indi id s to e en i er e e s o oot c ie e ent. inst t is c ro nd n e ent nd t e o rd re in deter ined to oper te t e t i e e o e iciency nd to re in it in t e d ets dict ted y o r contin in r nts sponsors ip e ers ip nd cro d ttend nce.
oron ir s D p nde ic
n rc t e Wor d e t r nis tion W c ssi ied t e D o t re s p nde ic. ro rc to ne n tion ide oc do n s i p e ented. n e ent is cti e y onitorin t e o sit tion nd its impact on the company’s financial condition, liquidity, operations, s pp iers ind stry nd or orce. e i p ct o t e D o t re contin es to e o e t t e d te o t is report. i en t e ncert inty ro nd t e i p ct o t e D o t re t e co p ny is not e to esti te t e e ects o t e D o t re on its res ts o oper tions in nci condition or i idity or t e in nci ye r.
Auditor’s independence declaration
copy o t e ditor s independence dec r tion s re ired nder Section o t e Corporations Act 2001 is set o t on p e .
Si ned in ccord nce it reso tion o t e directors.
D ted t s ie d t is t d y o n ry
M Liubinskas ir n
Western Suburbs District Rugby League Football Club Limited 13 14 Western Suburbs District Rugby League Football Club Limited 15 16 Western Suburbs District Rugby League Football Club Limited Declaration by Directors For the ear nded ctober
DIRECTORS’ DECLARATION
In the directors’ opinion
• he attached financial statements and notes comply with the Corporations Act 2001, the Australian Accounting Standards Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional reporting requirements
• he attached financial statements and notes give a true and fair view of the Company s financial position as at ctober and of its performance for the financial year ended on that date and
• here are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable
Signed in accordance with a resolution of directors made pursuant to section a of the Corporations Act 2001
n behalf of the directors
M Liubinskas Chairman
Sydney, anuary
Western Suburbs District Rugby League Football Club Limited 17 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE estern r s istrict INCOME e e oot i ited t te ent o ro it or oss nd ther o prehensi e Inco e or the e r nded cto er
Note 2020 2019 $ $ Restated* Revenue
e en e
ot re en e
Expenses
teri s nd cons es sed (56,107) epreci tion e pense (9,748) oot e penses (70,013) p o ee ene its e pense (336,407) cc p nc e penses (34,668) ponsorship e penses (2,488) otor ehic es e penses (8,656) ther e penses (26,265)
ot e penses
Deficit before income tax
Inco e t e pense
Net deficit after income tax expense attributable to the members of Western Suburbs District Rugby League Football Club Limited
ther co prehensi e inco e net o t
Total comprehensive loss for the year, attributable to the members to the members of Western Suburbs District Rugby League Football Club Limited
e er to note or rest te ent o co p r ti es
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. 18 STATEMENT OF FINANCIAL POSITION estern r s istrict e e oot i ited t te ent o in nci osition s t cto er
Note 2020 2019 $ $ ASSETS Restated*
Current assets sh nd c sh e i ents 20,893 r de nd other recei es 52,258 In entories 4,531
TOTAL CURRENT ASSETS
Non-current assets ropert p nt nd e ip ent
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
Current liabilities r de nd other p es
TOTAL CURRENT LIABILITIES
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
MEMBERS FUNDS cc ted osses ontri ted e it
TOTAL EQUITY
e er to note or rest te ent o co p r ti es
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
Western Suburbs District Rugby League Football Club Limited 19 STATEMENT OF CHANGES IN MEMBERS’ estern r s istrict FUNDS e e oot i ited Statement of Changes in Member’s Funds or the e r nded cto er
Accumulated Contributed Total Note losses equity Equity $ $ $
Balance at 1 November 2018
e icit ter inco e t or the e r rest ted ther co prehensi e inco e or the e r net o t
ot co prehensi e inco e or the e r rest ted
Transactions with owners in their capacity as owners: on reciproc r nts ro o ners
Balance at 31 October 2019 (Restated)
e icit ter inco e t or the e r ther co prehensi e inco e or the e r net o t
ot co prehensi e inco e or the e r
Transactions with owners in their
capacity as owners: on reciproc r nts ro o ners
Balance at 31 October 2020
e er to note or rest te ent o co p r ti es
The above Statement of Changes in Members’ funds should be read in conjunction with the accompanying notes.
20 STATEMENT OF CASH FLOWS estern Suburbs istri t ugb eague Footba C ub imited Statement of Cash F o s For the ear nded tober
Note 2020 2019 $ $
Cash Flows From Operating Activities e ei ts from ustomers in usi e of S a ments to su iers and em o ees in usi e of S nterest re ei ed
Net cash used in operating activities
Cash Flows From Investing Activities ur hase of ro ert ant and e ui ment
Net cash used in investing activities
Cash Flows From Financing Activities Contributions to e uit
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Cash and cash equivalents at the end of the financial year
he abo e Statement of Cash o s shou d be read in on un tion ith the a om an ing notes
Western Suburbs District Rugby League Football Club Limited 21 NOTES estern Suburbs TO THE istri t FINANCIAL ugb eague Footba STATEMENTS C ub imited otes to the Finan ia Statements For the ear nded tober bout his e ort
estern Suburbs istri t ugb eague Footba C ub imited is a om an imited b guarantee in or orated and domi i ed in ustra ia and is a non for rofit entit for the ur oses of re aring the finan ia statements he finan ia statements are for estern Suburbs istri t ugb eague Footba C ub imited as a standa one ega entit
he finan ia statements ere a ro ed for issue b the ire tors on anuar
he finan ia statements are genera ur oses finan ia statements hi h
• a e been re ared in a ordan e ith the re uirements of the Cor orations t and ustra ia ounting Standards – edu ed is osure e uirements issued b the ustra ian ounting Standards oard (‘AASB’) • a e been re ared under the histori a ost on ention • re resented in ustra ian do ars • here ne essar om arati e information has been restated to onform ith hanges in resentation in the urrent ear • do ts a ne and amended ounting Standards and nter retations issued b the S that are re e ant to the o erations of the Com an and effe ti e for re orting eriods beginning on or after o ember and • a e been re ared on a going on ern basis
The notes to the financial statements
he notes in ude information hi h is re uired to understand the finan ia statements and is materia and re e ant to the o erations finan ia osition and erforman e of the om an nformation is onsidered materia and re e ant if for e am e
• he amount in uestion is signifi ant be ause of its si e or nature • t is im ortant for understanding the resu ts of the om an • It helps to explain the impact of significant changes in the company’s business – for e am e a uisitions and im airment rite do ns and • It relates to an aspect of the Company’s operations that is important to its future performance.
Signifi ant and other a ounting o i ies that summarise the measurement basis used and are re e ant to an understanding of the finan ia statements are ro ided throughout the notes to the finan ia statements
Critical Accounting Judgements, Estimates and Assumptions
he re aration of the finan ia statements re uires management to ma e udgements estimates and assum tions that affe t the re orted amounts in the finan ia statements Management ontinua e a uates its udgements and estimates in re ation to assets iabi ities ontingent iabi ities re enue and e enses Management bases its udgements estimates and assum tions on histori a e erien e and on other arious fa tors in uding e e tations of future e ents that management be ie es to be reasonab e under the ir umstan es he resu ting a ounting udgements and estimates i se dom e ua the re ated a tua resu ts he udgements estimates and assum tions that ha e a signifi ant ris of ausing a materia ad ustment to the arr ing amounts of assets and iabi ities ithin the ne t finan ia ear are dis ussed be o
stimation of sefu i es of ssets
he Com an determines the estimated usefu i es and re ated de re iation harges for its ant and e ui ment he usefu i es ou d hange signifi ant as a resu t of te hni a inno ations or some other e ent he de re iation and amortisation harge i in rease here the usefu i es are ess than re ious estimated i es or te hni a obso ete or non strategi assets that ha e been abandoned or so d i be ritten off or ritten do n
22 NOTES estern Suburbs TO THE istrict FINANCIAL ugby eague ootball STATEMENTS Club imite otes to the inancial Statements or the ear n e ctober About his eport (continue )
Critical Accounting Judgements, Estimates and Assumptions (continued)
Corona irus C andemi
uring the financial year the orl ealth rganisation ( ) announce a global health emergency because of a ne strain of corona irus outbrea (C I ) an the ris s to the international community as the irus sprea globally beyon its point of origin. Because of the rapi increase in exposure globally on arch the classifie the C I outbrea as a pan emic.
u gement has been exercise in consi ering the impacts that the Corona irus (C I ) pan emic has ha or may ha e on the company base on no n information. his consi eration exten s to the nature of the pro ucts an ser ices offere customers supply chain staffing an geographic regions in hich the company operates. ther than as a resse in specific notes there oes not currently appear to be either any significant impact upon the financial statements or any significant uncertainties ith respect to e ents or con itions hich may impact the company unfa ourably as at the reporting ate or subse uently as a result of the Corona irus (C I ) pan emic.
ey ents for the eporting erio
e re ise or amen ing Accountings Stan ar s an Interpretations a opte
S e enue from Contra ts ith Customers he Company has a opte AASB e enue from Contracts from o ember .
he stan ar pro i es a single comprehensi e mo el for re enue recognition. he core principle of the Stan ar is that an entity ill recognise re enue to epict the transfer of promise goo s or ser ices to customers in an amount that reflects the consi eration to hich the entity expects to be entitle in exchange for the goo s or ser ices. o achie e this ob ecti e AASB pro i es the follo ing fi e step process
- I entify the contract(s) ith a customer - I entify the performance obligations in the contract(s) - etermine the transaction price - Allocate the transaction price to the performance obligations in the contract(s) an - ecognise re enue hen (or as) the performance obligation are satisfie
he abo e as assesse an compare to the current re enue recognition policy applie by the company un er AASB e enue. As the ne re enue recognition policy applie by the company un er AASB remaine consistent ith AASB the impact of applying the ne stan ar i not ha e a material impact on the company’s accounting policies or the amounts recognised in these statements of the transaction price. his is escribe further in accounting policies belo .
Western Suburbs District Rugby League Football Club Limited 23 NOTES estern u ur s TO THE istrict FINANCIAL ug y eague oot all STATEMENTS lu imited otes to the inancial tatements or the ear nded cto er
ey ents for the eporting eriod continued
S n ome of ot for rofit entities he ompany has adopted ncome of ot for profit entities from o em er
he standard replaces ontri utions in respect to income recognition re uirements from not for profit entities he timing of income recognition under is dependent upon hether the transaction gi es rise to a lia ility or other performance o ligations at the time of receipt
ncome under the standard is recognised here an asset is recei ed in a transaction such as y ay of grant e uest or donation there has either een no consideration transferred or the consideration paid is significantly less than the asset’s fair value; and where the intention is to principally ena le the entity to further its o ecti es or transfers of financial assets to the entity hich ena le it to ac uire or construct a recognisa le non financial asset the entity recognises a lia ility amounting to the e cess of the fair alue of the transfer recei ed o er any related amounts recognised elated amounts recognised may relate to contri utions y o ners re enue or contract lia ility recognised lease lia ilities in accordance ith financial instruments in accordance ith or pro isions in accordance ith he lia ility is rought to account as income o er the period in hich the entity satisfies its performance o ligation
f the transaction does not ena le the entity to ac uire or construct a recognisa le non financial asset to e controlled y the entity then any e cess of the initial carrying amount of the recognised asset o er the related amounts is recognised as income immediately here the fair alue of olunteer ser ices recei ed can e measured the entity may elect to recognise the alue of those ser ices as an asset here asset recognition criteria are met or other ise recognise the alue as an e pense
he a o e as assessed and compared to the current re enue recognition policy applied y the company under ontri utions he impact of applying the ne standard did not ha e a material impact on the company’s accounting policies or the amounts recognised in these statements of the transaction price
S eases he ompany has adopted eases from o em er
he standard pro ides replaces eases and for lessees eliminates the classification of operating leases and finance leases cept for short term leases and leases of lo alue assets right of use assets and corresponding lease lia ilities are recognised in the statement of financial position traight line operating lease e pense recognition is replaced ith a depreciation charge for the right of use assets included in operating costs and an interest e pense on the recognised lease lia ilities included in finance costs or classification ithin the statement of cash flo s the interest portion is disclosed in operating acti ities and the principal portion of the lease payments are separately disclosed in financing acti ities
he a o e as assessed and the impact of applying the ne standard did not ha e an impact on the company’s accounting policies or the amounts recognised in the financial statements as the company has no leases and ha e not entered into any leases during the financial period
24 NOTES estern u ur s TO THE istrict FINANCIAL ug y eague oot all STATEMENTS lu imited otes to the inancial tatements or the ear nded cto er
ey vents for the eporting eriod continued
oing oncern
he financial report has een prepared on a going concern asis which contemplates continuity of normal trading activities and the realisation of assets and settlement of lia ilities in the normal course of usiness
he ompany is reliant on funding provided y estern u ur s eagues lu imited ests shfield for its ongoing operations and ests shfield has committed to provide the ompany grants up to for the financial year ending cto er ests shfield will also continue to provide administrative support in managing the operations of the ompany
Western Suburbs District Rugby League Football Club Limited 25 NOTES estern u ur s TO THE istrict FINANCIAL ug y eague oot all STATEMENTS lu imited otes to the inancial tatements or the ear nded cto er
2020 2019 $ $ evenue and ther ncome
Revenue ic eting – presales and gate receipts ponsorship Members’ su scriptions vent merchandise fundraising and other income nterest received
Total Revenue
ecognition and easurement
evenue is recognised at the fair value of the consideration received or receiva le net of the amount of goods and services ta paya le to the ta ation authority changes of goods or services of the same nature and value without any cash consideration are not recognised as revenues
Sale of Goods evenue from the sale of goods is recognised at a point in time which is where the customer has ta en delivery of the goods and there is a valid sales contract mounts disclosed as revenue are net of sales returns and trade discounts here ris s and rewards have not transferred to the customer amounts are deferred to future periods
Rendering of Services evenue from rendering services comprises revenue derived from services to mem ers and other patrons of the clu and is recognised when performance o ligation has een fulfilled
Interest Revenue nterest revenue is recognised using the effective interest rate method which for floating rate financial assets is the rate inherent in the instrument
26 NOTES es er b rbs TO THE s r FINANCIAL b e e b STATEMENTS b m e es e eme s r e e r e ber
2020 2019 $ $ 2 e ses
e r e e r es e s e e e ses
Rental expense on operating leases
Depreciation r re s m s m e me e e me M r e es
Total depreciation
s s e s
s b
e Me s reme
s s e e s es s e s s e s s er s r erm es me s r m r es ree m s r ess re re er b e m s s re s b e s r s es e
r e er e e b es
Current
r e re e b es er re e b es
e Me s reme
r e eb rs er re e b es re rese e r m s e b e e s r e eres ess ere b e e r e me r s s r e e e re sses
Western Suburbs District Rugby League Football Club Limited 27 NOTES es er b rbs TO THE s r FINANCIAL b e e b STATEMENTS b m e es e eme s r e e r e ber
2020 2019 $ $ e r es
s e s – s
e Me s reme
e r es re me s re e er s e re s b e e s s re ss e e b s s e e er e s s
r er me
r re s t ost umu ated de re iation
m s m e me t ost umu ated de re iation
M r e es t ost umu ated de re iation
e e me t ost umu ated de re iation
r er e me
28 NOTES TO THE FINANCIAL STATEMENTS
2020 2019 $ $
Movements in Carrying Amounts
Furniture and fittings
Gymnasium equipment
Motor vehicles
Office equipment
Western Suburbs District Rugby League Football Club Limited 29 NOTES TO THE FINANCIAL STATEMENTS
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate,
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
2020 2019 $ $
30 NOTES estern Suburbs TO THE istrict FINANCIAL ugby eague ootball STATEMENTS lub imited otes to the inancial Statements or the ear nded ctober
nterests in Associates
The ompany holds an interest of in ests agpies ty imited
The parent entity of estern Suburbs istrict ugby eague ootball lub imited is estern Suburbs eagues lub imited The parent entity holds the remaining in in ests agpies ty imited ests agpies ty imited holds a interest in ests Tigers ugby eague ootball lub ty imited ests Tigers
The principal activity of ests Tigers is to enter a ugby eague team in the ational ugby eague ompetition and to promote and develop the game of ugby eague nder the ests agpies ty imited agreement, estern Suburbs istrict ugby eague ootball lub imited is not required to ma e any shareholder grants to the joint venture entity These grants are the sole responsibility of estern Suburbs eagues lub imited
ey anagement ersonnel etails
(a) irectors The following persons were non e ecutive directors of the ompany during the financial year iubins as ailey OAM airns in erton Towells T Andreacchio ayde Tropiano
(b) ther ey anagement ersonnel
The following persons also had authority and responsibility for planning, directing and controlling the activities of the ompany, directly or indirectly during the financial year Name Position eo pifania eneral anager
(c) ey anagement ersonnel ompensation
2020 2019 $ $
enefits and payments made to the irectors and other ey anagement ersonnel
ey management personnel are remunerated by estern Suburbs eagues lub imited
Western Suburbs District Rugby League Football Club Limited 31 NOTES estern Suburbs TO THE istrict FINANCIAL ugby eague ootball STATEMENTS lub imited otes to the inancial Statements or the ear nded ctober
elated arties
i ey anagement ersonnel
isclosures relating to ey management personnel are set out in ote
ii Directors’ Transactions with the Company
rom time to time, directors of the ompany, or their director related entities, may purchase goods from the ompany These purchases are on the same terms and conditions as those entered into by other company employees or customers and are trivial or domestic in nature
Apart from the details disclosed in this note, no director has entered into a material contract with the ompany since the end of the previous financial year and there were no material contracts involving directors’ interests existing at year end
2020 2019 $ $ iii Transactions with elated arties
Transactions with estern Suburbs eagues lub imited ests Ashfield are as follows
ontributions to equity , ,
Accounts receivable ,
Accounts payable ,
vent, merchandise, fundraising and other income ,
otor vehicles e penses
Transactions with ests Tigers ugby eague ootball ty td ests Tigers are as follows
Accounts payable ,
vent, merchandise, fundraising and other income
32 NOTES estern r s TO THEDistrict FINANCIAL g eag e oot all STATEMENTS Cl i ited otes to the inancial tate ents or the ear nded cto er
estate ent o Co aratives
e enue ad ustment n the rior ear worth o reven e earned ro s onsorshi inco e was not receiva le s a res lt reven e was overstated in the co arative eriod
2019 2019 Statement of profit or loss (extract) Reported Adjustments Restated
Other Revenue 129,637 7,000 122,637 Profit before income tax 414,715 7,000 421,715 Income tax - - - Loss after income tax for the year 414,715 7,000 421,715
2019 2019 Statement of Financial position (extract) Reported Adjustments Restated
Trade and other Receivable 59,258 (7,000) 52,258 Total current assets 59,258 (7,000) 52,258
Co an Details
The Co an is incor orated and do iciled in stralia and is a co an li ited g arantee t cto er there were e ers e ers
n accordance with the Constit tion o the Co an ever e er o the Co an nderta es to contri te an a o nt li ited to er e er in the event o the winding o the Co an d ring the ti e that he is a e er or within one ear therea ter The total a o nt that the e ers o the Co an are lia le to contri te i the Co an is wo nd is
The rinci al lace o siness is
hitla eis re Centre oodward ar e orial ven e
vents se ent to e orting Date
There are no atters or circ stances that have arisen since the end o the inancial ear that have signi icantl a ected or a signi icantl a ect the o erations o the Co an the res lts o those o erations or the state o a airs o the Co an in t re inancial ears
Western Suburbs District Rugby League Football Club Limited 33 NOTES estern r s TO THEDistrict FINANCIAL g eag e oot all STATEMENTS Cl i ited otes to the inancial tate ents or the ear nded cto er
ther igni icant cco nting olicies
oods and ervices Tax
even es ex enses and assets are recognised net o the a o nt o goods and services tax T exce t where the a o nt o T inc rred is not recovera le ro the stralian Taxation ice n these circ stances the T is recognised as art o the cost o ac isition o the asset or as art o the ex ense
eceiva les and a a les in the tate ent o inancial osition are shown incl sive o T
The net a o nt o T recovera le ro or a a le to the stralian Taxation ice is incl ded as a c rrent asset or lia ilit in the tate ent o inancial osition
Cash lows are incl ded in the tate ent o Cash lows on a gross asis exce t or the T co onent o investing and inancing activities which are disclosed as o erating cash lows
Co it ents and contingencies are disclosed net o the a o nt o T recovera le ro or a a le to the stralian Taxation ice
nco e Tax
The Co an is exe t ro inco e tax nder the rovisions o ection o the n ome a ssessment t virt e o the act that the Co an is a s orting cl esta lished or the r ose o roviding s orting acilities to its e ers
air ent o ssets
on inancial assets are reviewed or i air ent whenever events or changes in circ stances indicate that the carr ing a o nt a not e recovera le n i air ent loss is recognised or the a o nt which the asset s carr ing a o nt exceeds its recovera le a o nt
Recoverable amount is the higher of an asset’s fair value less costs to sell and value in se The val e in se is the resent val e o the esti ated t re cash lows relating to the asset sing a re tax disco nt rate s eci ic to the asset or cash generating nit to which the asset elongs ssets that do not have inde endent cash lows are gro ed together to or a cash generating nit
34 Western Suburbs District Rugby League Football Club Limited 35 FRONT BACK FRONT BACK x x x x
laser white color laser white color 33mm 33mm 2021 2021 W S EST RB WS FC ER BU D R L N SU
29.1mm 29.1mm Thickness:2mm Thickness:2mm x=cut out x=cut out Raised metal Raised metal Raised metal Raised metal White C Recessed metal White C Recessed metal