2019 - 2020 ANNUAL REPORT Table of Contents

01. Mission, Vision & Values P. 02

02. Key Achievements P. 03

03. Sport Contribution P. 05

04. Our Staff & Our Members P. 07

05. Wests in the Community P. 09

06. The Board of Directors P. 10

07. Chairman & Acting CEO Report P. 11

08. Financial Report P. 16

P. 01 VISION MISSION VALUES

Our vision is to create opportunity within our community and drive a new era of development and growth within the Macarthur region.

Here at Wests Group Macarthur, we aim to enhance our offerings to members by ensuring our clubs are progressive and current. Our aim in the community is to be a brand that cares, by delivering a positive experience in our venues as well as investing not only into the growth of the region, but also pledging our support for individual groups in the community.

Community Respect Integrity Innovative Progressive Support

P. 02 Key Achievements

Wests Group Macarthur aims to be a preferred employer in the club industry and is a progressive and dynamic business that cares for their staff. We know it is the people that drive our business especially during tough times. In the last 12 months, we have offered a variety of staff well-being initiatives and training programs to support their overall welfare and development.

IN THE LAST 12 MONTHS YOU’VE HELPED US ACHIEVE BOTTLES DONATED CONTRIBUTED TO TO RETURN AND EARN LOCAL SPORT

DID YOU KNOW This is equivalent to WESTS GROUP MACARTHUR almost 60 cars MEMBERS COVER permanently taken off the road OF MEMBERS JOINED OF SOLAR PANELS INSTALLED, WESTS ON A 5 YR MEMBERSHIP SUBURBS IN THE MACARTHUR WHICH OFFSETS OVER REGION 5,000 TONNES OF CO2 EMISSIONS

SUPPORTED OVER

NEW MEMBERS HAVE JOINED WESTS GROUP MACATHUR INVESTED IN MEMBERS ASSETS UNIQUE SPORT CLUB GROUPS & THIS YEAR INDIVIDUAL ATHLETES

ASSISTED OVER PROVIDED RESOURCES TO OVER

FOLLOWERS ACROSS OUR BUSINESSES & CHARITIES SCHOOLS SOCIAL MEDIA PAGES

P. 03 1% TENNIS CLUB

26% ASSETS INVESTED COUNTRY ACROSS THE GROUP IN 2020 CLUB We are investing in key infrastructure and building works across our venues ensuring up-to-date facilities. We look forward to our newest projects to commence in 2021 at the Tennis Club and The Greens. 26% LAKESIDE 47% GOLF CLUB WESTS LEAGUE CLUB

WESTS GROUP MACARTHUR ACHIEVEMENT TIMELINE

Lakeside wins Metropolitan Golf Club of the year. Commenced Wests League Commenced Wests League Club gaming Club bistro & OCT 2019 floor Lakeside extension. reception FEB 2020

refurbishment. APR 2020 DEC 2019 renovation.

Country Club Wests League unveils Club completed COVID closure. interior multilevel refurbishment. carpark. NOV 2019 MAR 2020 JAN 2020

Launch of Lakeside club Wests our new house League Club websites for extension renovations all 4 venues. complete.

JUL 2020 complete. SEPT 2020 MAY 2020

Reached $21,225,727 in Relaunched the Re-opened community Wests League the doors to contributions over Club Bistro as The our members. the last 20 years. Kitchen. JUN 2020 AUG 2020 OCT 2020

P. 04 Sports Contribution

Wests Group Macarthur supports 25 affiliate sporting clubs. We provide local athletes and clubs a way to recognise achievement, commitment and contribution to local sport. Each month the Wests Sports Council reviews category nominations from sports clubs, awarding individuals and teams based on their skills, achievements and sportsmanship. The award program culminates in an annual award presentation where both elite winners and category winners are identified and celebrated. In addition to the winners, we also recognise the runners up who $598,089 showed great sportsmanship and commitment to their clubs. Our contribution goes towards not only recognising their IN SPORTING CONTRIBUTIONS achievements, but also assisting in reducing registration fees, IN THE LAST 12 MONTHS provision of uniforms and equipment, funding to administer competitions, supplying meeting rooms and venues to hold presentations, training and development for referees, funding for tournament entries and payment for player insurances.

7% SCHOOLS

WESTS SPORT COUNCIL MEMBERS

Ambarvale Little Athletics Camden Cats Senior AFL Club Camden Valley Basketball Association 30% Camden District Cricket Association COMMUNITY Camden & District Netball Association Campbelltown Camden District Cricket Club Campbelltown District Netball Association Campbelltown Ghosts Junior Baseball Club Group 6 Junior Group 6 Referees Association Macarthur Baseball League Macarthur BMX Club 63% Macarthur Football Association SPORT Macarthur Raptors Macarthur Triathlon Club Macquarie Fields Swimming Club Magpies Cricket Club COMMUNITY CONTRIBUTRION Mount Annan Swimming Club Oran Park Chargers Rugby League Football Club BREAKDOWN Oran Park Rovers Football Club Wests Group Macarthur aims to identify the needs of Softball Campbelltown the local community and develop actions that aid the Tennis Macarthur strategic direction and overall benefit of the Wests Hockey Club Macarthur Region and its residents. The above chart Western Suburbs Referees Association shows a breakdown of Wests Group Macarthurs Macarthur JRLFC ClubGRANT contributions to sport, education and critical community services including health and welfare services.

P. 05 We are proud that almost 57,000 participants have benefited from our investment into local sport.

BASKETBALL

AFL TENNIS BASEBALL

RUGBY LEAGUE GOLF HOCKEY

REFEREES

SOFTBALL SOUTH WEST CRICKET ACADEMY OF SPORT BMX

TRIATHLON FOOTBALL NETBALL

SWIMMING

P. 06 Our Staff Our staff play a huge role in Wests Group Macarthur and we believe in doing what we can to show our support to them, by offering a variety of training to help them with career progression as well as ensuring that even through the toughest of times we do what we make sure they are looked after and have our support.

OVER 500 WESTS CARE PACKS GIVEN TO OUR STAFF & MEMBERS 750 hrs DURING COVID-19 PANDEMIC. 297,063 hrs Wests Care Packs amounted to WORKED BY OUR STAFF OF PAID ONLINE TRAINING 3,312 toilet rolls, 2,304 cans IN THE LAST 12 MONTHS PROVIDED TO STAFF + COUNTLESS of tomatoes, 864 packets of pasta, HOURS OF INVOLUNTARY 600 packets of fettucine and TRAINING COMPLETED 540 packets of sugar

Community Involvement

At Wests, our people are the beating heart of our business. We take enormous pride in their commitment and the amazing contribution they make to our community. Check out some of the great initiatives our staff were involved in.

• • • • CLEAN UP INTERNATIONAL TEAL RIBBON DAY WEAR IT YELLOW INGLEBURN • ALIVE CAMPBELLTOWN WOMEN’S DAY

JEANS FOR GENES CUP OF KINDNESS R U OKAY DAY PINK UP THE HUB COOKING FOR COVID DAY FOR BREAST CANCER

MAKE MACARTHUR AIRDS CLONTARF DRIVING OUT Cares CAN GROW BLUE DAY A MO! COME TO VISIT VIOLENCE

P. 07 Our Members

WEST GROUP MACARTHUR PROUDLY HAS 55% We welcomed 81,990 MEN 45% MEMBERS WOMEN new members in 2020

We have over Our most popular birthday month is

The most common first We sold patrons who have been name is members for MICHAEL 48,348 chicken schnitzels in 2020 years or more

MEMBERSHIP LGA MEMBERSHIP AGE COMPARISON The below graph is a breakdown of our members The below graph is a breakdown of our members LGA across the Wests Group. age groups.

20% 2% WOLLONDILLY 19% 7% 18% LIVERPOOL 17% 9% 16% NON-LOCAL 15% 14%

13%

12%

11%

10%

9%

8% 31% 7% CAMDEN 6% COUNCIL 5% 51% 4% CAMPBELLTOWN 3% COUNCIL 2% 1% 0% < 18 18-25 26-35 36-45 46-55 56-65 > 66 MEMBER AGE GROUP

P. 08 Wests in the Community FFEREN Wests has been supporting the sporting and local community I C for almost 50 years and aims to deliver the very best in dining, D E entertainment and community support on behalf of our A members. I N G We take pride in designing and delivering community support

services to Macarthur, and that over the years we have been T

N able to make a difference to thousands of lives. Our members I H

play a crucial role in delivering these services in the community.

K

We want to make sure we share this tremendous work so that E

A you know that when you support a Wests group venue, you

support the Macarthur community. We take pride in designing C

M

and delivering community support services to Macarthur, and O

that over the years we have been able to make a difference to M

Y

T thousands of lives. Our members play a crucial role in delivering M I U these services. N

Wests are committed to contributing to local charities, sports teams and individuals in hope for a stronger Macarthur.

OVER THE LAST 20 YEARS WESTS GROUP MACATHUR HAS GIVEN $1,579,195 IN COMMUNITY CONTRIBUTIONS IN COMMUNITY CONTRIBUTIONS IN THE LAST 12 MONTHS

*Based on ClubGRANTS FY 19/20

*Based on ClubGRANTS FY 99/00 – 19/20

P. 09 Board of Elected to the Board of Directors in 2003 Occupation: Business Banking Directors Member of the Finance, Risk, Audit and Compliance Committee Active golfer, interests in football and Wests Group Macarthur’s Board of Directors aims long term resident of Campbelltown. to provide the community with the highest standards of customer service, food, beverage and entertainment facilities in addition to support for community welfare and sport in the region. Wests is dedicated to enhancing the primary, social and recreational benefits in the Macarthur region for Alan Buxton an on behalf of our members. Chairman

Elected to the Board of Directors in 2003 Elected to the Board of Directors in June Occupation: Business Manager 2003 Occupation: Retired Builder Chairman of the Membership Committee, Member of the Property and Development Chairman of the Property and Development Committee, life member of Western Suburbs Committee, member of the Golf Advisory District Junior Rugby League Ltd. Committee, active golfer & long term Director of South Western Sydney Academy resident of Campbelltown. of Sport (2004-2010), Councilor on Campbell- town City Council since 2004 (twice Deputy Mayor & Mayor) & resident of Campbelltown since 1974. Paul Lake Warren Thomson Deputy Chairman Director

Elected to the Board of Directors in 2007 Elected to the Board of Directors in 2016 Occupation: CEO of the Western Sydney Occupation: General Manager Academy of Sport Proud local and long term Campbelltown Chairman of the Sports Management resident, member of the Finance, Risk, Audit Committee, member of the Membership and Compliance Committee. Committee, Director of St Gregory’s College Foundation, Director of Regional Academies of Sport (NSW) Inc., past Campbelltown City//Oakdale Rugby League player, past Group 6 representative player & long term resident of Campbelltown. Martin Bullock Stephen Noyce Director Director

Elected to the Board of Directors in December Elected to the Board Of Directors in 1995 2009 Occupation: Accountant Occupation: NSW Manager Furniture Import Business Member of the Property and Development Committee, Partner of Warby Hawkins & Member of the Sports Management Partners, former Campbelltown City Committee, member of the Finance, Risk, Kangaroos player, active golfer, ex rugby Audit and Compliance Committee, previous league player for Parramatta and Campbell- President and life member of the Magpies town City Kangaroos, long term resident of Cricket Club, active tennis player & long term Campbelltown & life member of Wests resident of Campbelltown. Group Macarthur. Stephen Stewart Roy Warby Director Director

P. 10 OUR COMMITMENT TO THE COMMUNITY A special thanks also goes to the Management Team Chairman’s Wests Group Macarthur is incredibly proud of the role for an outstanding year with a specific vote of thanks we play in the local community. Thanks to the support and appreciation to both Daniel Grady and Leanne of our patrons, we have been able to contribute Craig who have stepped up and jointly led the Groups Report $1,579,195 to local sports and welfare groups in the operations while we navigate our way through the last year - assisting 17 schools, 43 charities and 62 appointment of a new CEO. sports clubs and individual athletes and making a On behalf of the Board of Directors of Western Suburbs difference to thousands of lives. Our mission continues The results achieved this year required considerable League Club (Campbelltown) Ltd, I present this report to be to develop tailored strategies that support the commitment both in time and effort and we continue to for 2020 and say thank you for continuing to join us overall benefit of the Macarthur Region and its look forward to working with you in 2021. across our venues throughout the course of the year. residents. Our contribution to the community is also more than just funding. In 2020 we launched our A special mention to Karen Hansen: Executive Despite a year of extraordinary challenges including a mental health initiative Couch Conversations, ran group Assistant, Brent Krause: Security & Compliance 11-week shut down as a result of Covid-19, I am pleased wide pantry and Christmas collection drives and played Manager, Richard Ward: Group Accountant, Kim to report a very successful year for Wests Group host to a number of fundraising initiatives across our Doherty: Quantum Rewards Manager, Wade McKinnon: Macarthur, with YOY growth in operating profit, venues. We look forward to sharing our new initiatives Customer Service Manager, Gabrielle Wallis: Marketing operations and our many developments moving in the in the community space in 2021. & Communications Manager, Simon McNamara: right direction along with contributions to the Group Food & Beverage Manager, Patricia Dielman: community. THE HOME OF SPORT Events & Functions Manager, David Garcia: IT Manager, Wests Group Macarthur also continues to focus on Adam Law: Facilities Manager, Dallas Borg: Club Key measures of success include: sport in Macarthur with support for grassroots sport, Manager Country Club Gledswood Hills, Ron Thomas: • Overall financial performance of our group of elite teams, individuals and athletes in the region Club Manager Lakeside and Dean Hopper: Golf Course clubs. A special note of thanks to our Course Superintendent, through our Wests Sports Council and Annual Sports Superintendent, with unwavering commitment and • The delivery of the Lakeside and Leumeah Dean Hopper, and his team for their unwavering Award program continuing into the new year. A special dedication have delivered to our members. Importantly, upgrades. dedication in delivering a first-class course each week thanks to Wests Sports Management Committee I also convey a special mention to our customer facing, • The ongoing commitment and positive regardless of all the challenges placed in front of them. chaired by Director Martin Bullock and Wests Sports floor staff and all those back of house, thank you again impact/value of contributions to the community A special note of thanks also to our Club Captain, Dean Council members Stephen Stewart, Tony Norton, Les for your contribution to another successful year for the • The level of engagement and satisfaction Pitman, Vice-Captain, Peter Coles, and Golf Committee Welbourn and Paul Zielinski for their continued support Group and may we all enjoy the year ahead. achieved amongst employees. members, Lyn Hall, Karen Hansen, Dean Hopper, and contribution to local sport. Gordon Price, Hugh Leicester and Roy Warby, your Wests Group Macarthur exists for and on behalf of our We are tremendously proud of the overall group ongoing contribution to the detail required to properly We also continue our sponsorship of the West Tigers 81,990 amazing members. We thank you for your performance considering the level of disruption created administer golf operations is very much appreciated by Rugby League Team, and welcome A-league team, the loyalty, your patronage, for your contribution to our by drought, bushfires and Covid-19 and the various the Board, management, and our golfing members. Macarthur Bulls, to the region. In addition, we are venues and for your support in our community upgrade projects undertaken through the year such as pleased to announce we will be the major sponsor of endeavours. We look forward to welcoming you to our the Lakeside refurbishment and the League’s Club entry LOOKING AHEAD for the 2021 season, venues and wish you good health through 2021 and makeover and ongoing bistro refit. The Board and Management of Wests Group Macarthur re-establishing historical connections to rugby league beyond. are very aware of the need to meet challenges head on in the region. I would like to thank our staff for their contribution and and our commitment is to provide members with Alan Buxton dedication to Wests Group’s vision, their passion and facilities that exceed expectation and provide an ACKNOWLEDGMENTS Chairman enthusiasm toward the progress of our group of clubs, experience that both pleases and excites. I would like to take the opportunity to publicly thank my even in the toughest of times. fellow Directors for their dedication, support, and We have some exciting developments in the pipeline assistance through this unprecedented year and their As the Macarthur Region continues to grow so do our with improvements, extensions and building works commitment and contribution to Board meetings, facilities, and in line with the Board of Directors including: Finance, Risk, Audit & Compliance Committee strategic plan we are committed to deliver and expand • The completion of our renovation to The Kitchen, meetings, property & development, sports services and provide new experiences for members and our exciting Bistro eatery at Wests League Club; management, membership and golf advisory, as well their guests. • The addition of new car parking facilities and the as the many events requiring attendance. Their grand porte-cochere entrance at Wests League unwavering commitment ensures Wests remains a With the recent upgrades to Lakeside, our Club; progressive and financially healthy Club, now and award-winning golf venue, Wests is excited to deliver an • An exciting transformation of Wests Tennis Club through the coming years. Further thanks are also even higher standard of experience across the entire clubhouse facilities at Leumeah; extended to members Steve Auld who represents on facility. In 2020 we finalised the stunning makeover of • The extension of carpark facilities at Country Club the Finance, Risk, Audit & Compliance Committee and the clubhouse and dining facilities with a new bar and Gledswood Hills; Greg Copeland on the Property & Development lounge area, as well as our brand-new Bunkers • Commencement of construction of ‘The Greens’. Committee. restaurant. Our golf course is currently undergoing reconfiguration and course upgrade works that will Development applications also exist for other works The Board’s special thanks go to Tony Mathew for his continue to the end of 2021 and set-in motion the next across the group and we look forward to taking you on 19 years of service to the Club. The Board did not stage of development including further club expansion the (sometimes complex and lengthy) journey with us renew Tony’s contract, and he will be departing from and the addition of boutique accommodation and a roof as we make further improvements to our clubs and the Club on 2 April 2021. We thank Tony for his service top bar. venue offerings. and wish him all the best in his new chapter. We are in the recruitment phase to appoint a new Chief Executive Officer.

P. 11 OUR COMMITMENT TO THE COMMUNITY A special thanks also goes to the Management Team Wests Group Macarthur is incredibly proud of the role for an outstanding year with a specific vote of thanks we play in the local community. Thanks to the support and appreciation to both Daniel Grady and Leanne of our patrons, we have been able to contribute Craig who have stepped up and jointly led the Groups $1,579,195 to local sports and welfare groups in the operations while we navigate our way through the last year - assisting 17 schools, 43 charities and 62 appointment of a new CEO. sports clubs and individual athletes and making a difference to thousands of lives. Our mission continues The results achieved this year required considerable to be to develop tailored strategies that support the commitment both in time and effort and we continue to overall benefit of the Macarthur Region and its look forward to working with you in 2021. residents. Our contribution to the community is also more than just funding. In 2020 we launched our A special mention to Karen Hansen: Executive mental health initiative Couch Conversations, ran group Assistant, Brent Krause: Security & Compliance wide pantry and Christmas collection drives and played Manager, Richard Ward: Group Accountant, Kim host to a number of fundraising initiatives across our Doherty: Quantum Rewards Manager, Wade McKinnon: venues. We look forward to sharing our new initiatives Customer Service Manager, Gabrielle Wallis: Marketing in the community space in 2021. & Communications Manager, Simon McNamara: Group Food & Beverage Manager, Patricia Dielman: THE HOME OF SPORT Events & Functions Manager, David Garcia: IT Manager, Wests Group Macarthur also continues to focus on Adam Law: Facilities Manager, Dallas Borg: Club sport in Macarthur with support for grassroots sport, Manager Country Club Gledswood Hills, Ron Thomas: elite teams, individuals and athletes in the region Club Manager Lakeside and Dean Hopper: Golf Course through our Wests Sports Council and Annual Sports Superintendent, with unwavering commitment and Award program continuing into the new year. A special dedication have delivered to our members. Importantly, thanks to Wests Sports Management Committee I also convey a special mention to our customer facing, chaired by Director Martin Bullock and Wests Sports floor staff and all those back of house, thank you again Council members Stephen Stewart, Tony Norton, Les for your contribution to another successful year for the Welbourn and Paul Zielinski for their continued support Group and may we all enjoy the year ahead. and contribution to local sport. Wests Group Macarthur exists for and on behalf of our We also continue our sponsorship of the West Tigers 81,990 amazing members. We thank you for your Rugby League Team, and welcome A-league team, the loyalty, your patronage, for your contribution to our Macarthur Bulls, to the region. In addition, we are venues and for your support in our community pleased to announce we will be the major sponsor of endeavours. We look forward to welcoming you to our Group 6 Rugby League for the 2021 season, venues and wish you good health through 2021 and re-establishing historical connections to rugby league beyond. in the region. Alan Buxton ACKNOWLEDGMENTS Chairman I would like to take the opportunity to publicly thank my fellow Directors for their dedication, support, and assistance through this unprecedented year and their commitment and contribution to Board meetings, Finance, Risk, Audit & Compliance Committee meetings, property & development, sports management, membership and golf advisory, as well as the many events requiring attendance. Their unwavering commitment ensures Wests remains a progressive and financially healthy Club, now and through the coming years. Further thanks are also extended to members Steve Auld who represents on the Finance, Risk, Audit & Compliance Committee and Greg Copeland on the Property & Development Committee.

The Board’s special thanks go to Tony Mathew for his 19 years of service to the Club. The Board did not renew Tony’s contract, and he will be departing from the Club on 2 April 2021. We thank Tony for his service and wish him all the best in his new chapter. We are in the recruitment phase to appoint a new Chief Executive Officer.

P. 12 Interim CEO Report Dear Members,

It gives me great pride to deliver the Wests Group Macarthur 2020 Annual Report at the conclusion of such a tumultuous year.

The past twelve months have tested us all like few others, and it has been a source of immeasurable satisfaction to see so many of our members and staff rally together in these unprecedented times. It is often said that a crisis separates the wheat from the chaff, so whilst our ten week industry-wide shutdown and subsequent weeklong closure after a local Covid exposure were not part of any of our strategic or contingency planning, it has been gratifying to witness the response of all members and staff rebound so resolutely to the challenges we have faced this year. as a key offering for members and our local community, and the coming year will see the delivery Certainly, the works completed at The Country of a new master plan for The Tennis Club to deliver Club, Leagues Club and Lakeside during the a revitalised club fit to accompany the fourteen shutdown hopefully demonstrated that some courts onsite and broaden our local appeal. good came out of our venues’ regrettable Partnerships with the A-League’s newest franchise, closures. At our ever-growing Country Club, our Macarthur FC will be a key component of activating catering refurbishment has been completed and the site and encouraging local juniors to take up an expansive range of cuisine is now offered at football, so we wish the Bulls success in their our opulent indoor settings and our renovated al inaugural season. To all who selflessly volunteer for fresco areas. The League Club benefited from our various sporting groups, associations and other major facelifts to our reception, bistro and committees, we thank you for your service for all of spacious new gaming floor, whilst the extension to our benefit. our Lakeside clubhouse has set new standards for club amenities. Any members who haven’t yet More than $1.579m was distributed towards the swung a golf club or visited the venue for a bite to local community via our ClubGrants program in the eat need to pay us a visit so we can show you last year, with a strong focus on sports and healthy around. Feedback has been overwhelmingly kids in Macarthur. As most of our almost 82,000 positive and we are suitably proud of what has members will know, Wests Group Macarthur exists been created for our growing membership base in as a non-for-profit entity, with every dollar raised the area. being returned to the members via club facilities or broader community investment. We take great pride Wests remain steadfast to our charter as ‘The – as should you – in knowing that your contribution Home of Sport’ with our commitment to golf and to our successful commercial operations, allow us our thirty other sporting groups unwavering. to invest continuously in our local area for the Capital works at Lakeside have now shifted from benefit of all members and their families. the clubhouse to the course and reconfiguration works, whilst we are anxiously awaiting the first The 2020 annual profit of $7,221,995 (2019: sod to be turned at The Greens where we will soon $6,040,969) reflected substantial growth and was be commencing work on a new facility to scarcely imaginable during our shutdown. And accompany the nine-hole Par 3 course which we whilst the government’s stimulus packages have just received title to. We thank golfing undoubtedly helped us to navigate rough seas, as members for their patience, and trust that as with the attached financials reveal, our members and our the club upgrade, the on-course changes will be business proved remarkably robust. Despite being worth the wait. unable to trade for almost a fifth of the year, and being severely hamstrung for much of the Rugby League remains deeply embedded in the remainder, consolidated revenues dropped by less fabric of our clubs and we look forward to the than 4% and Members’ Net Assets have swollen by continuing evolution at Wests Tigers and some almost nine million dollars to $131,646,993. finals football in 2021. Likewise, Tennis continues

P. 13 During and post-Covid, our leadership team have To our Executive team of Brent, Leanne and Simon had to be brave and decisive in reviewing our – a special thanks for the countless hours and current operations and future plans. Not only the passion you put into supporting our shared ideas. commercial implications of the pandemic, but also To our EA; Karen, our hard-working Department of the social and health obligations to ensure we Managers; Adam, David, Dean, Gabby, Kim, Patricia, continued to operate responsibility at a time when Richard and Wade, as well as our team of Duty Public Health Orders, government regulations and Managers who work all the thankless hours; Alison, medical advice seemed to change with each Dallas, David, Glenn, Julia, Kevin, Olive, Richard, Ron passing day. Compliance has never been a greater and the two Christians – I sincerely thank you all for focus, and we thank our staff and members for their the extra efforts and expertise you have shared patience as we have done our best to preserve club throughout the year and apologise unreservedly to amenities and services, whilst balancing the your families. The same goes for our team of ever-changing regulatory requirements and the Supervisors, Admin and other Key Personnel who over-arching desire to ensure that safety was never keep the wheels turning every day. compromised. And to our staff who have shown such resilience A special thanks to all our members who have been and commitment to continue delivering customer overwhelmingly supportive and understanding of service that is unmatched in the Macarthur region, I the many changes and disruptions. It has been convey my – and our members’ – enduring thanks. challenging to have to forcibly place distance Covid-19 forced everyone in our industry to adapt between ourselves and those we wish to spend our and forfeit large chunks of their usual pay-packets, time with, and indeed many activities remain rostered hours and established ways of life. Many suspended due to their heightened risk profiles in staff volunteered during the shutdown and since to the current environment. We truly look forward to remain engaged with our business and our the day when we can resume all club operations. communities – and to provide assistance anywhere they could. During the shutdown, they To all those who have lost loved ones during the powered our Wests Cares community outreach year, please accept our condolences on behalf of programs to distribute food, supplies and precious the Board, management and staff – I am sure they toilet paper to those in need via our Cooking for will be sorely missed, as will the members who have Covid and Wests Has Got You Covered initiatives. left us throughout the year. Others gave up their time to assist with renovations and maintenance of our premises to ensure they It would be remiss of me not to acknowledge the we could rebound so strongly when we reopened efforts of all of those who have helped dig the well on June 1. As our catering, beverage and events by providing the platform for success which the management department contracted significantly, club has continued to enjoy, even despite the members will have witnessed them in redeployed considerable challenges of the past twelve months. roles keeping all of us hygienically safe with To our outgoing CEO of the past nineteen years, unparalleled cleaning and safety standards. That Tony Mathew, we thank you on a professional note the business was able to emerge from a second for the vision, direction and leadership you have Covid-19 exposure and ensuing weeklong instilled throughout all levels of our business, whilst shutdown in July - without a single case of on a personal note, I thank you for the unwavering transmission in our venues - was testimony to their support the management team enjoyed under your meticulous care, as well as their ability to be agile in guidance and for the culture you instilled which has meeting the shifting demands of our environment allowed all board, management, staff and ultimately and needs of our members. our members too – to participate in a community which truly values each other’s company and To our loyal members, we thank you for your contributions, and continues now to bare the fruits patience, your support and your enduring of building something very special together. dedication to your clubs. Our re-emergence after Covid-19 shutdowns has been the envy of the In my interim capacity, I have leaned heavily on the hospitality industry and would not have been guidance and support of our Board of Directors, led possible were we not so well-supported by our by Chairman, Alan Buxton. I have been grateful for members. The people of Macarthur have shown a the opportunity to be involved in delivering their resilience and adaptability which should serve as visions for the benefit of our members, and I thank the blueprint for anyone looking to triumph in the each of them for their selfless contributions to the face of adversity. I look forward to helping deploy innumerable Board and Committee meetings to the strategic plans of our Board, in concert with the which they contribute so generously. The strategic ongoing commitment of our management team plans they have laid down have served the club well and staff, to ensure that we will continue to deliver and I am sure will continue to do so. on the promise of providing our members with the most willing service and strongest value proposition you will find anywhere in Macarthur.

Here’s to a wonderful 2021.

Daniel Grady Interim CEO P. 14 Four Destinations, One Journey

We continue to concentrate efforts on providing the community with the highest standards of customer service, food, beverage and entertainment facilities in addition to ongoing support for community organisations and sport in the region.

P. 15

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Western Suburbs League Club (Campbelltown) Limited ABN 43 000 841 958

Annual Financial Report 31 October 2020

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P. 16 Western Suburbs League Club (Campbelltown) Limited Directors’ Report

The directors present their report, together with the financial statements of Western Suburbs League Club (Campbelltown) 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 Occupation and Period of Directorship

Alan Buxton – Chairman Bank Manager Director since 23 February 2003

Paul Lake – Deputy Chairman Business Manager Director since 30 April 2003

Warren Thomson Retired Builder Director since 30 June 2003

Roy Warby Accountant Director since 5 March 1995

Martin Bullock CEO, Western Sydney Academy of Sport Director since 4 May 2007

Stephen Stewart Manager Director since 1 December 2009

Stephen Noyce General Manager Director since 7 June 2016

Directors’ meetings

The number of directors’ meetings and number of meetings attended by each of the directors of the company during the financial year is:

Number of Number of Director Meetings Attended Meetings Held *

Mr A Buxton 15 15 Mr P Lake 15 15 Mr W Thomson 15 15 Mr R Warby 15 15 Mr M Bullock 15 15 Mr S Stewart 15 15 Mr S Noyce 15 15

* Number of meetings held during the time the director held office during the year.

P. 17 2 Western Suburbs League Club (Campbelltown) Limited Directors’ Report

Membership

The company is a company limited by guarantee and is without share capital. The number of members as at 31 October 2020 and the comparison with last year is as follows:

2020 2019

Full Members 76,245 73,067 Social Member 114 37 Pensioner Members 2,782 2,772 Permanent Members 201 206 Life Member 5 6 Honorary 2 2 Tennis Club - Life Member 2 2 - Junior Member 94 129 Camden Lakeside - Junior Member 12 18 - Cadet Member 14 8 - Colt Member 6 4 - Country Member 324 344 - Life/Honorary 20 20 - Midweek Member 208 185 - Sunday Member 62 85 - Social Member 106 105

80,197 76,990

Members' limited liability In accordance with the Constitution of the company, every member of the company undertakes to contribute an amount limited to $2 per member in the event of the winding up of the company during the time that he / she is a member or within one year thereafter. At 31 October 2020 there were 80,197 members.

Operating result The net profit before tax for the year amounted to $7,221,995 compared with $6,040,969 for the prior year. This resulted after charging $8,603,372 (2019: $6,930,246) for depreciation & amortisation.

Objectives Short term

To provide for members and guests a social club with all first class facilities of a club and to assist generally in the promotion and propagation of sports.

3P. 18 Tel: +61 2 9251 4100 Level 11, 1 Margaret St Fax: +61 2 9240 9821 Sydney NSW 2000 www.bdo.com.au

DECLARATION OF INDEPENDENCE BY NAME OF CLAYTON EVELEIGH TO THE DIRECTORS OF WESTERN SUBURBS LEAGUE CLUB (CAMPBELLTOWN) LIMITED

As lead auditor of Western Suburbs League Club (Campbelltown) Limited for the year ended 31 October 2020, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and 2. No contraventions of any applicable code of professional conduct in relation to the audit.

Clayton Eveleigh Director

BDO Audit Pty Ltd

Sydney, 14 December 2020

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited P. 19 by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional 5 Standards Legislation.

Tel: +61 2 9251 4100 Level 11, 1 Margaret St Fax: +61 2 9240 9821 Sydney NSW 2000 www.bdo.com.au Australia

DECLARATION OF INDEPENDENCE BY NAME OF CLAYTON EVELEIGH TO THE DIRECTORS OF WESTERN SUBURBS LEAGUE CLUB (CAMPBELLTOWN) LIMITED

As lead auditor of Western Suburbs League Club (Campbelltown) Limited for the year ended 31 October 2020, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and 2. No contraventions of any applicable code of professional conduct in relation to the audit.

Clayton Eveleigh Director

BDO Audit Pty Ltd

Sydney, 14 December 2020

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional P. 20 5 Standards Legislation.

Tel: +61 2 9251 4100 Level 11, 1 Margaret St Fax: +61 2 9240 9821 Sydney NSW 2000 www.bdo.com.au Australia

Our opinion on the financial report does not cover the other information and accordingly we do not express

any form of assurance conclusion thereon. INDEPENDENT AUDITOR'S REPORT In connection with our audit of the financial report, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial report or To the members of Western Suburbs League Club (Campbelltown) Limited our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this Report on the Audit of the Financial Report auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion Responsibilities of the directors for the Financial Report We have audited the financial report of Western Suburbs League Club (Campbelltown) Limited (the The directors of the Company are responsible for the preparation of the financial report that gives a true Company), which comprises the statement of financial position as at 31 October 2020, the statement of and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and profit or loss and other comprehensive income, the statement of changes in members’ funds and the the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable statement of cash flows for the year then ended, and notes to the financial report, including a summary of the preparation of the financial report that gives a true and fair view and is free from material significant accounting policies, and the directors’ declaration. misstatement, whether due to fraud or error.

In our opinion the accompanying financial report of Western Suburbs League Club (Campbelltown) Limited, In preparing the financial report, the directors are responsible for assessing the Company’s ability to is in accordance with the Corporations Act 2001, including: continue as a going concern, disclosing, as applicable, matters related to going concern and using the going (i) Giving a true and fair view of the Company’s financial position as at 31 October 2020 and of its concern basis of accounting unless the directors either intend to liquidate the Company or to cease financial performance for the year ended on that date; and operations, or has no realistic alternative but to do so.

(ii) Complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Auditor’s responsibilities for the audit of the Financial Report Corporations Regulations 2001. Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free Basis for opinion from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those conducted in accordance with the Australian Auditing Standards will always detect a material misstatement standards are further described in the Auditor’s responsibilities for the audit of the Financial Report when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in section of our report. We are independent of the Company in accordance with the Corporations Act 2001 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code basis of this financial report. of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at: We confirm that the independence declaration required by the Corporations Act 2001, which has been http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf given to the directors of the Company, would be in the same terms if given to the directors as at the time This description forms part of our auditor’s report. of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for BDO Audit Pty Ltd our opinion. Other information

The directors are responsible for the other information. The other information obtained at the date of this Clayton Eveleigh auditor’s report is information included in the Director’s Report, but does not include the financial report Director and our auditor’s report thereon. Sydney, 14 December 2020

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of P. 21 BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. 6 7 Tel: +61 2 9251 4100 Level 11, 1 Margaret St Fax: +61 2 9240 9821 Sydney NSW 2000 www.bdo.com.au Australia

Our opinion on the financial report does not cover the other information and accordingly we do not express

any form of assurance conclusion thereon. INDEPENDENT AUDITOR'S REPORT In connection with our audit of the financial report, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial report or To the members of Western Suburbs League Club (Campbelltown) Limited our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this Report on the Audit of the Financial Report auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion Responsibilities of the directors for the Financial Report We have audited the financial report of Western Suburbs League Club (Campbelltown) Limited (the The directors of the Company are responsible for the preparation of the financial report that gives a true Company), which comprises the statement of financial position as at 31 October 2020, the statement of and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and profit or loss and other comprehensive income, the statement of changes in members’ funds and the the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable statement of cash flows for the year then ended, and notes to the financial report, including a summary of the preparation of the financial report that gives a true and fair view and is free from material significant accounting policies, and the directors’ declaration. misstatement, whether due to fraud or error.

In our opinion the accompanying financial report of Western Suburbs League Club (Campbelltown) Limited, In preparing the financial report, the directors are responsible for assessing the Company’s ability to is in accordance with the Corporations Act 2001, including: continue as a going concern, disclosing, as applicable, matters related to going concern and using the going (i) Giving a true and fair view of the Company’s financial position as at 31 October 2020 and of its concern basis of accounting unless the directors either intend to liquidate the Company or to cease financial performance for the year ended on that date; and operations, or has no realistic alternative but to do so.

(ii) Complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Auditor’s responsibilities for the audit of the Financial Report Corporations Regulations 2001. Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free Basis for opinion from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those conducted in accordance with the Australian Auditing Standards will always detect a material misstatement standards are further described in the Auditor’s responsibilities for the audit of the Financial Report when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in section of our report. We are independent of the Company in accordance with the Corporations Act 2001 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code basis of this financial report. of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at: We confirm that the independence declaration required by the Corporations Act 2001, which has been http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf given to the directors of the Company, would be in the same terms if given to the directors as at the time This description forms part of our auditor’s report. of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for BDO Audit Pty Ltd our opinion. Other information

The directors are responsible for the other information. The other information obtained at the date of this Clayton Eveleigh auditor’s report is information included in the Director’s Report, but does not include the financial report Director and our auditor’s report thereon. Sydney, 14 December 2020

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member P. 22 firms. Liability limited by a scheme approved under Professional Standards Legislation. 6 7 Western Suburbs League Club (Campbelltown) Limited Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 31 October 2020

Note 2020 2019 $ $

Revenue and other income

Sale of goods 13,559,849 19,090,789 Rendering of services 53,050,069 54,737,115 Other revenue 62,739 78,112 Other income 4,584,000 -

Total revenue 1 71,256,657 73,906,016

Expenses Cost of goods sold (5,843,450) (8,095,561) Poker machine duties (12,425,315) (12,870,149) Employment and staffing expenses (20,244,399) (22,159,318) Entertainment, marketing and promotional costs (4,731,207) (7,341,296) Property expenses (6,642,671) (6,299,884) Other expenses (3,476,518) (4,133,185)

(53,363,560) (60,899,393)

Earnings before depreciation expense and finance costs 17,893,097 13,006,623

Depreciation expense 2 (8,603,372) (6,930,246) Finance costs 2 (60,480) (17,398) Loss on disposal of property, plant and equipment (609,939) (18,010) Impairment of terminated capital work in progress (1,397,311) -

Profit before income tax 7,221,995 6,040,969

Income tax expense 18(c) - -

Net profit after income tax expense attributable to members 7,221,995 6,040,969

Other comprehensive income

Gain on revaluation of freehold land 5 1,690,348 -

Other comprehensive income for the year, net of tax 1,690,348 -

Total comprehensive income for the year, net of tax 8,912,343 6,040,969

The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes set out on pages 13 to 29.

P. 23 9 Western Suburbs League Club (Campbelltown) Limited Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 31 October 2020

Note 2020 2019 $ $

Revenue and other income

Sale of goods 13,559,849 19,090,789 Rendering of services 53,050,069 54,737,115 Other revenue 62,739 78,112 Other income 4,584,000 -

Total revenue 1 71,256,657 73,906,016

Expenses Cost of goods sold (5,843,450) (8,095,561) Poker machine duties (12,425,315) (12,870,149) Employment and staffing expenses (20,244,399) (22,159,318) Entertainment, marketing and promotional costs (4,731,207) (7,341,296) Property expenses (6,642,671) (6,299,884) Other expenses (3,476,518) (4,133,185)

(53,363,560) (60,899,393)

Earnings before depreciation expense and finance costs 17,893,097 13,006,623

Depreciation expense 2 (8,603,372) (6,930,246) Finance costs 2 (60,480) (17,398) Loss on disposal of property, plant and equipment (609,939) (18,010) Impairment of terminated capital work in progress (1,397,311) -

Profit before income tax 7,221,995 6,040,969

Income tax expense 18(c) - -

Net profit after income tax expense attributable to members 7,221,995 6,040,969

Other comprehensive income

Gain on revaluation of freehold land 5 1,690,348 -

Other comprehensive income for the year, net of tax 1,690,348 -

Total comprehensive income for the year, net of tax 8,912,343 6,040,969

The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes set out on pages 1283 toto 2 44.9.

P. 24 9 Western Suburbs League Club (Campbelltown) Limited Statement of Financial Position As at 31 October 2020

Note 2020 2019 $ $ ASSETS Current Assets Cash and cash equivalents 3 9,531,430 4,122,168 Trade and other receivables 150,264 176,051 Inventories 564,352 620,135 Other current assets 4 1,098,430 1,111,633

Total Current Assets 11,344,476 6,029,987

Non-Current Assets Property, plant and equipment 5 121,772,907 116,070,620 Intangible assets 6 9,929,921 9,098,583 Right of use assets 7 2,524,608 - Other non-current assets 4 - 2,557,826

Total Non-Current Assets 134,227,436 127,727,029

Total Assets 145,571,912 133,757,016

LIABILITIES Current Liabilities Trade and other payables 8 10,840,069 6,797,094 Financial liabilities 9 - 14,281 Employee benefits 10 1,617,569 1,718,518 Income in advance 737,781 526,776

Total Current Liabilities 13,195,419 9,056,669

Non-Current Liabilities Financial liabilities 9 - 1,273,369 Employee benefits 10 301,407 88,866 Income in advance 428,093 603,462

Total Non-Current Liabilities 729,500 1,965,697

Total Liabilities 13,924,919 11,022,366

Net Assets 131,646,993 122,734,650

MEMBERS’ FUNDS Retained profits 108,017,190 100,795,195 Reserves 11 23,629,803 21,939,455

Total Members’ Funds 131,646,993 122,734,650

The Statement of Financial Position should be read in conjunction with the accompanying notes set out on pages 2813 to 244.9.

P. 25 10 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Statement of Financial Position Statement of Changes in Members’ Funds As at 31 October 2020 For the Year Ended 31 October 2020

Note 2020 2019 Total $ $ Retained Members’ ASSETS Reserves Profits Funds Current Assets $ $ $ Cash and cash equivalents 3 9,531,430 4,122,168 Trade and other receivables 150,264 176,051 Inventories 564,352 620,135 Balance at 31 October 2018 21,939,455 94,754,226 116,693,681 Other current assets 4 1,098,430 1,111,633

Net profit for the year - 6,040,969 6,040,969 Total Current Assets 11,344,476 6,029,987

Other comprehensive income for the year: Non-Current Assets Property, plant and equipment 5 121,772,907 116,070,620 Intangible assets 6 9,929,921 9,098,583 Right of use assets 7 2,524,608 - Total comprehensive income for the year - 6,040,969 6,040,969 Other non-current assets 4 - 2,557,826

Total Non-Current Assets 134,227,436 127,727,029 Balance at 31 October 2019 21,939,455 100,795,195 122,734,650

Total Assets 145,571,912 133,757,016 Net profit for the year - 7,221,995 7,221,995

LIABILITIES Other comprehensive income for the year: Current Liabilities

Trade and other payables 8 10,840,069 6,797,094 Financial liabilities 9 - 14,281 Revaluation of freehold land 1,690,348 - 1,690,348 Employee benefits 10 1,617,569 1,718,518 Income in advance 737,781 526,776 Total comprehensive income for the year 1,690,348 7,221,995 8,912,343

Total Current Liabilities 13,195,419 9,056,669

Non-Current Liabilities Balance at 31 October 2020 23,629,803 108,017,190 131,646,993 Financial liabilities 9 - 1,273,369 Employee benefits 10 301,407 88,866 Income in advance 428,093 603,462

Total Non-Current Liabilities 729,500 1,965,697

Total Liabilities 13,924,919 11,022,366

Net Assets 131,646,993 122,734,650

MEMBERS’ FUNDS Retained profits 108,017,190 100,795,195 Reserves 11 23,629,803 21,939,455

Total Members’ Funds 131,646,993 122,734,650

The Statement of Financial Position should be read in conjunction with the accompanying notes set out on The Statement of Changes in Members’ Funds should be read in conjunction with the accompanying notes pages 13 to 29. set out on pages 1328 toto 244.9.

10 11P. 26 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Statement of Cash Flows For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

About This Report

Note 2020 2019 Western Suburbs League Club (Campbelltown) Limited is a company limited by guarantee, incorporated $ $ and domiciled in Australia and is a not-for-profit entity for the purposes of preparing the financial statements. The financial statements are for Western Suburbs League Club (Campbelltown) Limited as a Cash Flows From Operating Activities standalone legal entity. Cash receipts in the course of operations 78,601,705 81,690,229 Cash payments in the course of operations (61,037,152) (67,290,861) The financial statements were approved for issue by the Directors on 14 December 2020. Interest paid (60,480) (17,398) Interest received 106 16,395 The financial statements are general purposes financial statements which: Rent received 62,633 61,717 Government grants received 4,584,000 -  Have been prepared in accordance with the requirements of the Corporations Act 2001 and Australia Accounting Standards – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (‘AASB’); Net cash inflow from operating activities 22,150,812 14,460,082  Have been prepared under the historical cost convention;  Are presented in Australian dollars;  Where necessary comparative information has been restated to conform with changes in presentation in Cash Flows From Investing Activities the current year; Proceeds on sale of property, plant and equipment 92,260 164,369  Adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are Payments for property, plant and equipment (14,714,822) (21,097,845) relevant to the operations of the Company and effective for reporting periods beginning on or after 1 Payments for intangibles (831,338) (601,338) November 2019; and  Have been prepared on a going concern basis.

Net cash outflow from investing activities (15,453,900) (21,534,814) New or amended Accounting Standards and Interpretations adopted

The Company has adopted all new or amended Accounting Standards and Interpretations issued by the

Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any Cash Flows From Financing Activities new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early (Repayments)/proceeds from borrowings (1,250,120) 1,250,120 adopted. The following Accounting Standards and Interpretations are most relevant to the Company: Repayment of hire purchase creditors (37,530) (13,997)

AASB 15 Revenue from Contracts with Customers The Company has adopted AASB 15 from 1 November 2019. The standard provides a single comprehensive Net cash (outflow)/inflow from financing activities (1,287,650) 1,236,123 model for revenue recognition. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers, i.e. performance obligations, at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those Net increase/(decrease) in cash and cash equivalents 5,409,262 (5,838,609) goods or services. Cash and cash equivalents at the beginning of the financial year 4,122,168 9,960,777 AASB 16 Leases The Company has adopted AASB 16 from 1 November 2019. The standard replaces AASB 117 'Leases' and for lessees eliminates the classifications of operating leases and finance leases. Except for short-term leases Cash and cash equivalents at the end of the financial and leases of low-value assets, right-of-use assets and corresponding lease liabilities are recognised in the year 3 9,531,430 4,122,168 statement of financial position. Straight-line operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). For lessor accounting, the standard does not substantially change how a lessor accounts for leases.

The Company is party to a license arrangement for use of council land for the purposes of car parking for patrons. This arrangement is identified as a lease under AASB 16 Leases, and as such has resulted in the recognition of a right of use asset on adoption on 1 November 2019. All amounts payable under the agreement are paid up front, and as such no lease liability in respect of future payments is recognised on the statement of financial position.

Impact of adoption The adoption of new Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Company as at 31 October 2020 or on opening retained profits as at 1 November 2019. The Statement of Cash Flows should be read in conjunction with the accompanying notes set out on pages 1283 toto 244.9. P. 27 12 13 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Statement of Cash Flows For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

About This Report

Note 2020 2019 Western Suburbs League Club (Campbelltown) Limited is a company limited by guarantee, incorporated $ $ and domiciled in Australia and is a not-for-profit entity for the purposes of preparing the financial statements. The financial statements are for Western Suburbs League Club (Campbelltown) Limited as a Cash Flows From Operating Activities standalone legal entity. Cash receipts in the course of operations 78,601,705 81,690,229 Cash payments in the course of operations (61,037,152) (67,290,861) The financial statements were approved for issue by the Directors on 14 December 2020. Interest paid (60,480) (17,398) Interest received 106 16,395 The financial statements are general purposes financial statements which: Rent received 62,633 61,717 Government grants received 4,584,000 -  Have been prepared in accordance with the requirements of the Corporations Act 2001 and Australia Accounting Standards – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (‘AASB’); Net cash inflow from operating activities 22,150,812 14,460,082  Have been prepared under the historical cost convention;  Are presented in Australian dollars;  Where necessary comparative information has been restated to conform with changes in presentation in Cash Flows From Investing Activities the current year; Proceeds on sale of property, plant and equipment 92,260 164,369  Adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are Payments for property, plant and equipment (14,714,822) (21,097,845) relevant to the operations of the Company and effective for reporting periods beginning on or after 1 Payments for intangibles (831,338) (601,338) November 2019; and  Have been prepared on a going concern basis.

Net cash outflow from investing activities (15,453,900) (21,534,814) New or amended Accounting Standards and Interpretations adopted

The Company has adopted all new or amended Accounting Standards and Interpretations issued by the

Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any Cash Flows From Financing Activities new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early (Repayments)/proceeds from borrowings (1,250,120) 1,250,120 adopted. The following Accounting Standards and Interpretations are most relevant to the Company: Repayment of hire purchase creditors (37,530) (13,997)

AASB 15 Revenue from Contracts with Customers The Company has adopted AASB 15 from 1 November 2019. The standard provides a single comprehensive Net cash (outflow)/inflow from financing activities (1,287,650) 1,236,123 model for revenue recognition. The core principle of the standard is that an entity shall recognise revenue to depict the transfer of promised goods or services to customers, i.e. performance obligations, at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those Net increase/(decrease) in cash and cash equivalents 5,409,262 (5,838,609) goods or services. Cash and cash equivalents at the beginning of the financial year 4,122,168 9,960,777 AASB 16 Leases The Company has adopted AASB 16 from 1 November 2019. The standard replaces AASB 117 'Leases' and for lessees eliminates the classifications of operating leases and finance leases. Except for short-term leases Cash and cash equivalents at the end of the financial and leases of low-value assets, right-of-use assets and corresponding lease liabilities are recognised in the year 3 9,531,430 4,122,168 statement of financial position. Straight-line operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). For lessor accounting, the standard does not substantially change how a lessor accounts for leases.

The Company is party to a license arrangement for use of council land for the purposes of car parking for patrons. This arrangement is identified as a lease under AASB 16 Leases, and as such has resulted in the recognition of a right of use asset on adoption on 1 November 2019. All amounts payable under the agreement are paid up front, and as such no lease liability in respect of future payments is recognised on the statement of financial position.

Impact of adoption The adoption of new Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Company as at 31 October 2020 or on opening retained profits as at 1 November 2019. The Statement of Cash Flows should be read in conjunction with the accompanying notes set out on pages 13 to 29. P. 28 12 13 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

The notes to the financial statements 2020 2019 $ $ The notes include information which is required to understand the financial statements and is material and relevant to the operations, financial position and performance of the company. Information is considered 1 Revenue and other income material and relevant if, for example: Sale of Goods Revenue  The amount in question is significant because of its size or nature; Bar sales 6,696,481 8,481,853  It is important for understanding the results of the company; Catering sales 6,863,368 10,608,936

 It helps to explain the impact of significant changes in the company’s business; and

 It relates to an aspect of the Company’s operations that is important to its future performance. 13,559,849 19,090,789 Significant and other accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial statements are provided throughout the notes to the financial statements. Rendering of Services Revenue Poker machines – net clearances 48,619,983 49,480,832 Critical Accounting Judgements, Estimates and Assumptions Members’ subscriptions 308,910 299,820 Entertainment and promotions 214,876 469,705 In the process of applying the company’s accounting policies, management has made a number of Commission received 727,587 866,680 judgements and applied estimates of future events. Judgements and estimates that are material to the Golf – Competition fees and related income 2,483,900 2,545,245 financial statements include: Sundry income 694,813 1,074,833

Estimation of useful lives of assets Note 5 Fair value of freehold land Note 5 53,050,069 54,737,115 Intangible assets Note 6 Long service leave provision Note 10 Other Revenues Interest received 106 16,395 Rent received and investment property income 62,633 61,717

Total other revenue 62,739 78,112

Other income Government grant income 4,584,000 -

Total revenue and other income 71,256,657 73,906,016

Recognition and measurement:

Revenues are recognised at fair value of the consideration received or receivable net of the amount of goods and services tax (GST) payable to the taxation authority. Transfer Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues.

Sale of Goods Revenue from the sale of goods comprises revenue earned from the provision of food, beverage and other goods and is recognised (net of rebates, returns, discounts and other allowances) at the point in time when the performance obligation is satisfied, that is, on delivery of goods to the customer.

Rendering of Services Revenue from rendering services comprises revenue from gaming facilities together with other services to members and other patrons of the club and is recognised at the point in time the services are provided.

P. 29

14 15 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

The notes to the financial statements 2020 2019 $ $ The notes include information which is required to understand the financial statements and is material and relevant to the operations, financial position and performance of the company. Information is considered 1 Revenue and other income material and relevant if, for example: Sale of Goods Revenue  The amount in question is significant because of its size or nature; Bar sales 6,696,481 8,481,853  It is important for understanding the results of the company; Catering sales 6,863,368 10,608,936

 It helps to explain the impact of significant changes in the company’s business; and

 It relates to an aspect of the Company’s operations that is important to its future performance. 13,559,849 19,090,789 Significant and other accounting policies that summarise the measurement basis used and are relevant to an understanding of the financial statements are provided throughout the notes to the financial statements. Rendering of Services Revenue Poker machines – net clearances 48,619,983 49,480,832 Critical Accounting Judgements, Estimates and Assumptions Members’ subscriptions 308,910 299,820 Entertainment and promotions 214,876 469,705 In the process of applying the company’s accounting policies, management has made a number of Commission received 727,587 866,680 judgements and applied estimates of future events. Judgements and estimates that are material to the Golf – Competition fees and related income 2,483,900 2,545,245 financial statements include: Sundry income 694,813 1,074,833

Estimation of useful lives of assets Note 5 Fair value of freehold land Note 5 53,050,069 54,737,115 Intangible assets Note 6 Long service leave provision Note 10 Other Revenues Interest received 106 16,395 Rent received and investment property income 62,633 61,717

Total other revenue 62,739 78,112

Other income Government grant income 4,584,000 -

Total revenue and other income 71,256,657 73,906,016

Recognition and measurement:

Revenues are recognised at fair value of the consideration received or receivable net of the amount of goods and services tax (GST) payable to the taxation authority. Transfer Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues.

Sale of Goods Revenue from the sale of goods comprises revenue earned from the provision of food, beverage and other goods and is recognised (net of rebates, returns, discounts and other allowances) at the point in time when the performance obligation is satisfied, that is, on delivery of goods to the customer.

Rendering of Services Revenue from rendering services comprises revenue from gaming facilities together with other services to members and other patrons of the club and is recognised at the point in time the services are provided.

P. 30

14 15 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

1 Revenue (continued) 3 Cash and Cash Equivalents

Recognition and measurement (continued): Reconciliation of Cash

Golf club revenue comprises competitions fees, green fees, cart hire fees and sponsorship sales. Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the Revenue is recognised at the point in time the services are provided. related items in the Statement of Financial Position as follows: Members’ subscriptions are payable in advance. Membership subscription revenue is recognised over time, through the period to which it relates. Any membership subscription revenue relating to periods 2020 2019 beyond the current financial year is carried forward in the Statement of Financial Position as income $ $ received in advance. Cash and cash equivalents 9,531,430 4,122,168 Interest Income

Interest income is recognised using the effective interest rate method, which, for floating rate financial assets is the rate inherent in the instrument. Recognition and measurement:

Rent Income Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, Rent income is recognised on a straight-line basis over the term of the relevant lease. other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Grant Income Grant revenue is recognised over time, as the company satisfies its performance obligations as stated in the grant funding agreements. Where performance obligations are not sufficiently specific, or there 2020 2019 are no performance obligations, the grant is recognised as income when the right to receive payment $ $ is established. 4 Other Assets

2020 2019 Other Current Assets $ $ Prepayments 938,430 981,633 2 Expenses Other debtors 160,000 130,000

Profit before income tax includes the following 1,098,430 1,111,633 specific expenses:

Finance costs: Banks loans and overdraft 60,480 17,398 Non-Current Assets Prepayments – car park licence fee - 2,557,826 Depreciation

Building and improvements 2,438,740 1,404,371

Plant and equipment 3,177,471 2,457,345 - 2,557,826 Poker machines 2,987,161 3,068,530

Total depreciation 8,603,372 6,930,246 Recognition and measurement:

Prepayments and other debtors represent the principal amounts due at balance date which is owed Net expense from movements in provision for to the entity resulting from historical transactions. Employee benefits 111,591 39,313 Non-current prepayments represent amounts paid in advance for a license to use car parking space, provided to patrons of the Club. As disclosed in Note 7, on adoption of AASB 16 Leases on 1 November 2019 the company has recognised a right of use asset in relation to this lease, which will continue to Superannuation expense 1,329,963 1,587,220 be depreciated over the remaining term of the lease.

P. 31

16 17 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

1 Revenue (continued) 3 Cash and Cash Equivalents

Recognition and measurement (continued): Reconciliation of Cash

Golf club revenue comprises competitions fees, green fees, cart hire fees and sponsorship sales. Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the Revenue is recognised at the point in time the services are provided. related items in the Statement of Financial Position as follows: Members’ subscriptions are payable in advance. Membership subscription revenue is recognised over time, through the period to which it relates. Any membership subscription revenue relating to periods 2020 2019 beyond the current financial year is carried forward in the Statement of Financial Position as income $ $ received in advance. Cash and cash equivalents 9,531,430 4,122,168 Interest Income

Interest income is recognised using the effective interest rate method, which, for floating rate financial assets is the rate inherent in the instrument. Recognition and measurement:

Rent Income Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, Rent income is recognised on a straight-line basis over the term of the relevant lease. other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Grant Income Grant revenue is recognised over time, as the company satisfies its performance obligations as stated in the grant funding agreements. Where performance obligations are not sufficiently specific, or there 2020 2019 are no performance obligations, the grant is recognised as income when the right to receive payment $ $ is established. 4 Other Assets

2020 2019 Other Current Assets $ $ Prepayments 938,430 981,633 2 Expenses Other debtors 160,000 130,000

Profit before income tax includes the following 1,098,430 1,111,633 specific expenses:

Finance costs: Banks loans and overdraft 60,480 17,398 Non-Current Assets Prepayments – car park licence fee - 2,557,826 Depreciation

Building and improvements 2,438,740 1,404,371

Plant and equipment 3,177,471 2,457,345 - 2,557,826 Poker machines 2,987,161 3,068,530

Total depreciation 8,603,372 6,930,246 Recognition and measurement:

Prepayments and other debtors represent the principal amounts due at balance date which is owed Net expense from movements in provision for to the entity resulting from historical transactions. Employee benefits 111,591 39,313 Non-current prepayments represent amounts paid in advance for a license to use car parking space, provided to patrons of the Club. As disclosed in Note 7, on adoption of AASB 16 Leases on 1 November 2019 the company has recognised a right of use asset in relation to this lease, which will continue to Superannuation expense 1,329,963 1,587,220 be depreciated over the remaining term of the lease.

P. 32

16 17 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 2020 2019 $ $ 5 Property, Plant and Equipment (continued) 5 Property, Plant and Equipment 2020 2019 Freehold Land, Building and Improvements $ $ At fair value 38,050,000 36,300,000 Reconciliations

Movements in Carrying Amounts 38,050,000 36,300,000

Movements in the carrying amounts for each class of

property, plant and equipment between the beginning and Building and Improvements the end of the current financial year are set out below: At cost 69,453,404 59,043,815

Accumulated depreciation (14,415,590) (12,125,840) Freehold Land

Carrying amount at the beginning of year 36,300,000 36,300,000

Additions 59,652 - 55,037,814 46,917,975 Revaluation of Freehold Land 1,690,348 -

Plant and Equipment Carrying amount at end of year 38,050,000 36,300,000 At cost 40,093,960 36,332,315

Accumulated depreciation (20,360,207) (19,207,111)

Buildings and Improvements 19,733,753 17,125,204 Carrying amount at the beginning of year 46,917,975 38,275,334 Transfer from Capital Works in Progress 10,748,685 10,047,012 Depreciation expense (2,438,740) (1,404,371)

Disposals (190,106) - Poker Machines

At cost 44,523,999 43,456,913 Accumulated depreciation (36,867,327) (35,495,178) Carrying amount at end of year 55,037,814 46,917,975

7,656,672 7,961,735 Plant and Equipment Carrying amount at beginning of year 17,125,204 12,070,719 Capital works in progress Additions 6,166,390 7,675,509 At cost 1,294,668 7,765,706 Depreciation expense (3,177,471) (2,457,345) Disposals (380,370) (163,679)

Total property, plant and equipment net book value 121,772,907 116,070,620 Carrying amount at end of year 19,733,753 17,125,204

Poker Machines Refer to Note 8 for details of security over property, plant and equipment. Carrying amount at beginning of year 7,961,735 7,225,259 Additions Valuation 2,813,821 3,823,706 Depreciation expense (2,987,161) (3,068,530) An independent valuation of the entity’s land and buildings and refurbishment was carried out as at Disposals (131,723) (18,700) 30 June 2018 by registered valuers, Global Valuation Services Pty Limited on the basis of market value for existing use resulting in a valuation of Land and Buildings at $87,800,000. As buildings are recorded at cost, the valuation has not been brought to account for this class of assets. During the period, the Carrying amount at end of year 7,656,672 7,961,735 Club obtained an additional portion of land under a pre-existing option arrangement. In accordance with the accounting policy for freehold land, the land was recorded at fair value on the date of transfer. The Directors believe there is no indication of impairment as defined by accounting standard AASB136 and that the valuation approach adopted is still the most appropriate approach to take. P. 33

18 19 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 2020 2019 $ $ 5 Property, Plant and Equipment (continued) 5 Property, Plant and Equipment 2020 2019 Freehold Land, Building and Improvements $ $ At fair value 38,050,000 36,300,000 Reconciliations

Movements in Carrying Amounts 38,050,000 36,300,000

Movements in the carrying amounts for each class of

property, plant and equipment between the beginning and Building and Improvements the end of the current financial year are set out below: At cost 69,453,404 59,043,815

Accumulated depreciation (14,415,590) (12,125,840) Freehold Land

Carrying amount at the beginning of year 36,300,000 36,300,000

Additions 59,652 - 55,037,814 46,917,975 Revaluation of Freehold Land 1,690,348 -

Plant and Equipment Carrying amount at end of year 38,050,000 36,300,000 At cost 40,093,960 36,332,315

Accumulated depreciation (20,360,207) (19,207,111)

Buildings and Improvements 19,733,753 17,125,204 Carrying amount at the beginning of year 46,917,975 38,275,334 Transfer from Capital Works in Progress 10,748,685 10,047,012 Depreciation expense (2,438,740) (1,404,371)

Disposals (190,106) - Poker Machines

At cost 44,523,999 43,456,913 Accumulated depreciation (36,867,327) (35,495,178) Carrying amount at end of year 55,037,814 46,917,975

7,656,672 7,961,735 Plant and Equipment Carrying amount at beginning of year 17,125,204 12,070,719 Capital works in progress Additions 6,166,390 7,675,509 At cost 1,294,668 7,765,706 Depreciation expense (3,177,471) (2,457,345) Disposals (380,370) (163,679)

Total property, plant and equipment net book value 121,772,907 116,070,620 Carrying amount at end of year 19,733,753 17,125,204

Poker Machines Refer to Note 8 for details of security over property, plant and equipment. Carrying amount at beginning of year 7,961,735 7,225,259 Additions Valuation 2,813,821 3,823,706 Depreciation expense (2,987,161) (3,068,530) An independent valuation of the entity’s land and buildings and refurbishment was carried out as at Disposals (131,723) (18,700) 30 June 2018 by registered valuers, Global Valuation Services Pty Limited on the basis of market value for existing use resulting in a valuation of Land and Buildings at $87,800,000. As buildings are recorded at cost, the valuation has not been brought to account for this class of assets. During the period, the Carrying amount at end of year 7,656,672 7,961,735 Club obtained an additional portion of land under a pre-existing option arrangement. In accordance with the accounting policy for freehold land, the land was recorded at fair value on the date of transfer. The Directors believe there is no indication of impairment as defined by accounting standard AASB136 and that the valuation approach adopted is still the most appropriate approach to take. P. 34

18 19 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

5 Property, Plant and Equipment (continued) 5 Property, Plant and Equipment (continued)

2020 2019 The depreciable amount of all fixed assets including buildings, but excluding freehold land, is $ $ depreciated using the straight line / diminishing value methods to allocate their cost or revalued Capital Works in Progress amounts, net of their residual values, over their estimated useful lives, as follows: Carrying amount at beginning of year 7,765,706 8,214,088 Transfer to Freehold Land, Buildings and Improvements (10,808,337) (10,047,012) Buildings & improvements 2.5% - 10% Impairment on terminated capital WIP projects (1,397,311) - Plant and equipment 7.5% - 40% Additions 5,734,610 9,598,630 Poker machines 20% - 25%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Carrying amount at end of year 1,294,668 7,765,706 An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Total property, plant and equipment net book value 121,772,907 116,070,620 Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the profit or loss.

The following are core properties: Key accounting estimates: Useful lives of assets

10 Old Leumeah Road, Leumeah NSW The company determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change The following are non-core properties: significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or Wests Tennis Club technically obsolete or non-strategic assets that have been abandoned or sold will be written off or Lakeside Golf Club Camden written down.

Country Club Gledswood Hills Revaluations The Greens Following initial recognition at cost, land assets are carried at fair value and accumulated impairment Recognition and measurement: losses. Valuations are to be conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets’ fair values as at the reporting date. Freehold land Property, plant and equipment at cost assets are revalued every 3 years. A revaluation of freehold land was conducted as at 31 October 2018, and was based upon the assessment of an independent valuation expert. Property, plant and equipment, excluding Land, are stated at historical cost less depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to During the period, the Club obtained an additional portion of land under a pre-existing option the acquisition of the items. arrangement. In accordance with the accounting policy for freehold land, the land was recorded at fair value on the date of transfer. Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow Revaluation increments for all land and buildings are recognised in other comprehensive income and to the company and the cost of the item can be measured reliably. All other repairs and maintenance credited to the revaluation reserve in equity, see Note 11 for further details of the revaluation are charged to the profit or loss during the financial period in which they are incurred. reserve. However, to the extent that an increment reverses a revaluation decrement in respect of the same class of asset previously recognised as a loss in the statement of profit or loss, the increment Capital works in progress are accounted for at cost and are transferred to property, plant and is recognised immediately as a gain in the statement of profit or loss. Revaluation decrements for all equipment and depreciated when completed and ready for use. property, plant and equipment are recognised immediately as a loss in the net result, except to the extent that it offsets an existing revaluation reserve on the same class of assets, in which case, the Freehold land at fair value decrement is debited directly to the asset revaluation reserve.

All freehold land assets are carried at their fair value, in accordance with AASB 13 Fair Value Key accounting estimate: Fair value of freehold land Measurement and AASB 116 Property, Plant and Equipment. Fair value of freehold land is based on market participant’s perspective, using valuation techniques (market approach, cost approach, Fair value of freehold land is based on market participant’s perspective, using valuation techniques income approach) that maximise relevant observable inputs and minimise unobservable inputs. (market approach, cost approach, income approach) that maximise relevant observable inputs and minimise unobservable inputs. When an item of freehold land is revalued, the entire class of asset to which it belongs is also revalued.

P. 35 20 21 Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements For the Year Ended 31 October 2020

5 Property, Plant and Equipment (continued)

The depreciable amount of all fixed assets including buildings, but excluding freehold land, is depreciated using the straight line / diminishing value methods to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives, as follows:

Buildings & improvements 2.5% - 10% Plant and equipment 7.5% - 40% Poker machines 20% - 25%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the profit or loss.

Key accounting estimates: Useful lives of assets

The company determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

Revaluations

Following initial recognition at cost, land assets are carried at fair value and accumulated impairment losses. Valuations are to be conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets’ fair values as at the reporting date. Freehold land assets are revalued every 3 years. A revaluation of freehold land was conducted as at 31 October 2018, and was based upon the assessment of an independent valuation expert.

During the period, the Club obtained an additional portion of land under a pre-existing option arrangement. In accordance with the accounting policy for freehold land, the land was recorded at fair value on the date of transfer.

Revaluation increments for all land and buildings are recognised in other comprehensive income and credited to the revaluation reserve in equity, see Note 11 for further details of the revaluation reserve. However, to the extent that an increment reverses a revaluation decrement in respect of the same class of asset previously recognised as a loss in the statement of profit or loss, the increment is recognised immediately as a gain in the statement of profit or loss. Revaluation decrements for all property, plant and equipment are recognised immediately as a loss in the net result, except to the extent that it offsets an existing revaluation reserve on the same class of assets, in which case, the decrement is debited directly to the asset revaluation reserve.

Key accounting estimate: Fair value of freehold land

Fair value of freehold land is based on market participant’s perspective, using valuation techniques (market approach, cost approach, income approach) that maximise relevant observable inputs and minimise unobservable inputs.

21 P. 36 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 2020 2019 $ $ 7 Right-of-use asset (continued) 6 Intangible Assets Recognition and measurement Poker machine entitlements A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is At cost 9,929,921 9,098,583 measured at cost, which comprises the initial amount of the lease liability, adjusted for, as Accumulated impairment losses - - applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying Net carrying value 9,929,921 9,098,583 asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or

the estimated useful life of the asset, whichever is the shorter. Where the Company expects to obtain Movements in Carrying Amounts ownership of the leased asset at the end of the lease term, the depreciation is over its estimated

useful life. Right-of use assets are subject to impairment or adjusted for any re-measurement of lease Carrying amount at beginning of year 9,098,583 8,497,245 liabilities. Additions during the year 831,338 601,338

The Company has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on Total intangible assets 9,929,921 9,098,583 these assets are expensed to profit or loss as incurred.

Recognition and measurement: 2020 2019 $ $ The intangible assets, being poker machine entitlements, are not amortised. Instead, poker machine 8 Trade and Other Payables entitlements are tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and are carried at cost less accumulated impairment losses. Poker machine entitlements are administrated by the state government and restrict the number of poker machines that can be installed by licensed club holder. The entitlements which may Trade creditors 1,594,913 2,843,036 be transferred or acquired or sold do not have an expiration date and are therefore poker machine Goods and Services Tax (GST) payable 488,753 266,261 entitlements are deemed to have an indefinite useful life. Deferred gaming tax 6,496,718 2,135,755 Other creditors and accruals 2,259,685 1,552,042 Key accounting estimate: Impairment of Poker Machine Entitlements

Impairment of poker machine entitlements is recognised based on a value in use calculations and is 10,840,069 6,797,094 measured at the present value of the estimated future cash inflows available to the company from the use of these licenses. In determining the present value of the cash inflows, growth rates and appropriate discount factors have been considered. Recognition and measurement:

Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts payable are normally settled within 60 days. 7 Right of use assets During the period, the company entered into an arrangement with Revenue NSW for deferment of its liabilities arising from Poker machine duties, as a result of the impacts of COVID-19. Carrying amount at beginning of year - -

Additions on adoption of AASB 16 Leases 2,557,826 - Depreciation expense (33,218) -

2,524,608 -

The Club is party to an arrangement whereby a license fee is paid for use of council land for the purpose of cark parking for Club patrons. The arrangement reflects a lease period of 99 years. All amounts payable to the lessee have been paid in advance, and as such no lease liability is recognised in relation to future lease payments.

P. 37 22 23 Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements For the Year Ended 31 October 2020

7 Right-of-use asset (continued)

Recognition and measurement

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Company expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any re-measurement of lease liabilities.

The Company has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

2020 2019 $ $ 8 Trade and Other Payables

Trade creditors 1,594,913 2,843,036 Goods and Services Tax (GST) payable 488,753 266,261 Deferred gaming tax 6,496,718 2,135,755 Other creditors and accruals 2,259,685 1,552,042

10,840,069 6,797,094

Recognition and measurement:

Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts payable are normally settled within 60 days.

During the period, the company entered into an arrangement with Revenue NSW for deferment of its liabilities arising from Poker machine duties, as a result of the impacts of COVID-19.

23P. 38 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 2020 2019 $ $ 2020 2019 9 Financial Liabilities $ $ 10 Employee Benefits Current Secured Current 1,617,569 1,718,518 Hire purchase liabilities - 14,281

Non-Current Non-Current 301,407 88,866 Secured Hire purchase liabilities - 23,249 Better Business Loan - 1,250,120 Current employee benefits include $839,497 (2019: $1,012,897) relating to accrued long service leave benefits. It is only expected that approximately $200,000 of these benefits will be paid out in the next 12 months. - 1,273,369

Superannuation Plans

Financing Arrangements The company has access to the following lines of credit: Contributions The company is under a legal obligation to contribute 9.5% of each employee’s base salary to a Total facilities available: superannuation fund. The expense recognised in relation to the defined superannuation plan is disclosed in Note 2. Card facility 100,000 100,000 Better Business Loan 14,000,000 14,000,000 Recognition and measurement: Bank guarantee facility 20,000 20,000 Hire purchase liabilities - 37,530 Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service

leave expected to be settled within 12 months of the reporting date are recognised in current 14,120,000 14,157,530 liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Facilities utilised at reporting date: Other long-term employee benefits Commercial bill facilities - 1,250,120 Bank guarantee 20,000 20,000 The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are recognised in non-current liabilities, provided there is an unconditional right Hire purchase liabilities - 37,530 to defer settlement of the liability. The liability is measured as the present value of expected future

payments to be made in respect of services provided by employees up to the reporting date using the

projected unit credit method. Consideration is given to expected future wage and salary levels, 20,000 1,307,650 experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Security Key accounting estimates and judgements: Long-service leave

The bank bill facilities are secured by the following: The liability for long service leave is recognised and measured at the present value of the estimated  First registered mortgage over land and properties situated 10 Old Leumeah Road, Leumeah. future cash flows to be made in respect of all employees at the reporting date. In determining the  General security interest over all present and after acquired property of Western Suburbs present value of the liability, estimates of attrition rates and pay increases through promotion and League Club (Campbelltown) Limited. inflation have been taken into account.

P. 39 24 25 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 2020 2019 $ $ 2020 2019 9 Financial Liabilities $ $ 10 Employee Benefits Current Secured Current 1,617,569 1,718,518 Hire purchase liabilities - 14,281

Non-Current Non-Current 301,407 88,866 Secured Hire purchase liabilities - 23,249 Better Business Loan - 1,250,120 Current employee benefits include $839,497 (2019: $1,012,897) relating to accrued long service leave benefits. It is only expected that approximately $200,000 of these benefits will be paid out in the next 12 months. - 1,273,369

Superannuation Plans

Financing Arrangements The company has access to the following lines of credit: Contributions The company is under a legal obligation to contribute 9.5% of each employee’s base salary to a Total facilities available: superannuation fund. The expense recognised in relation to the defined superannuation plan is disclosed in Note 2. Card facility 100,000 100,000 Better Business Loan 14,000,000 14,000,000 Recognition and measurement: Bank guarantee facility 20,000 20,000 Hire purchase liabilities - 37,530 Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service

leave expected to be settled within 12 months of the reporting date are recognised in current 14,120,000 14,157,530 liabilities in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Facilities utilised at reporting date: Other long-term employee benefits Commercial bill facilities - 1,250,120 Bank guarantee 20,000 20,000 The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are recognised in non-current liabilities, provided there is an unconditional right Hire purchase liabilities - 37,530 to defer settlement of the liability. The liability is measured as the present value of expected future

payments to be made in respect of services provided by employees up to the reporting date using the

projected unit credit method. Consideration is given to expected future wage and salary levels, 20,000 1,307,650 experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Security Key accounting estimates and judgements: Long-service leave

The bank bill facilities are secured by the following: The liability for long service leave is recognised and measured at the present value of the estimated  First registered mortgage over land and properties situated 10 Old Leumeah Road, Leumeah. future cash flows to be made in respect of all employees at the reporting date. In determining the  General security interest over all present and after acquired property of Western Suburbs present value of the liability, estimates of attrition rates and pay increases through promotion and League Club (Campbelltown) Limited. inflation have been taken into account.

P. 40 24 25 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

2020 2019 $ $

11 Reserves 12 Key Management Personnel Details (continued) Revaluation reserve 20,044,171 18,353,823 Amalgamation reserve 3,585,632 3,585,632 (c) Key Management Personnel Compensation

2020 2019 Total reserves 23,629,803 21,939,455 $ $

Benefits and payments made to the Directors and Other

Key Management Personnel 1,603,297 1,484,965 Revaluation reserve

The revaluation surplus records revaluations of freehold land, see Note 5 for further details.

Amalgamation reserve 13 Related Parties

The amalgamation reserves records the fair value of net assets acquired on amalgamation. Key Management Personnel Amalgamation reserves are recognised as a direct addition to members’ funds in the statement of financial position. Disclosures relating to key management personnel are set out in Note 12.

12 Key Management Personnel Details Directors’ Transactions From time to time, directors of the company, or their director-related entities, may purchase goods (a) Directors from the company. 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. The following persons were non-executive directors of the company during the financial year: Apart from the details disclosed in this note, no director has entered into a material contract with A Buxton the company since the end of the previous financial year and there were no material contracts P Lake involving directors’ interests subsisting at year end. W Thomson R Warby M Bullock S Stewart 14 Company Details S Noyce The company is incorporated and domiciled in Australia as a company limited by guarantee. In

accordance with the Constitution of the company, every member of the company undertakes to

contribute an amount limited to $2 per member in the event of the winding up of the company during (b) Other Key Management Personnel the time that he is a member or within one year thereafter. At 31 October 2020 there were 80,197 members. The following persons also had authority and responsibility for planning, directing and controlling the

activities of the company, directly or indirectly during the financial year: The registered office of the company is 10 Old Leumeah Road, Leumeah NSW 2560. Name Position

Tony Mathew Chief Executive Officer 15 Events Subsequent to Reporting Date Daniel Grady Chief Operating Officer Richard Ward Financial Accountant There are no matters or circumstances that have arisen since the end of the financial year that have Leanne Craig Group HR Manager significantly affected or may significantly affect the operations of the company, the results of those operations or the company’s state of affairs in future financial years.

P. 41 26 27 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020

2020 2019 $ $

11 Reserves 12 Key Management Personnel Details (continued) Revaluation reserve 20,044,171 18,353,823 Amalgamation reserve 3,585,632 3,585,632 (c) Key Management Personnel Compensation

2020 2019 Total reserves 23,629,803 21,939,455 $ $

Benefits and payments made to the Directors and Other

Key Management Personnel 1,603,297 1,484,965 Revaluation reserve

The revaluation surplus records revaluations of freehold land, see Note 5 for further details.

Amalgamation reserve 13 Related Parties

The amalgamation reserves records the fair value of net assets acquired on amalgamation. Key Management Personnel Amalgamation reserves are recognised as a direct addition to members’ funds in the statement of financial position. Disclosures relating to key management personnel are set out in Note 12.

12 Key Management Personnel Details Directors’ Transactions From time to time, directors of the company, or their director-related entities, may purchase goods (a) Directors from the company. 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. The following persons were non-executive directors of the company during the financial year: Apart from the details disclosed in this note, no director has entered into a material contract with A Buxton the company since the end of the previous financial year and there were no material contracts P Lake involving directors’ interests subsisting at year end. W Thomson R Warby M Bullock S Stewart 14 Company Details S Noyce The company is incorporated and domiciled in Australia as a company limited by guarantee. In

accordance with the Constitution of the company, every member of the company undertakes to

contribute an amount limited to $2 per member in the event of the winding up of the company during (b) Other Key Management Personnel the time that he is a member or within one year thereafter. At 31 October 2020 there were 80,197 members. The following persons also had authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly during the financial year: The registered office of the company is 10 Old Leumeah Road, Leumeah NSW 2560. Name Position

Tony Mathew Chief Executive Officer 15 Events Subsequent to Reporting Date Daniel Grady Chief Operating Officer Richard Ward Financial Accountant There are no matters or circumstances that have arisen since the end of the financial year that have Leanne Craig Group HR Manager significantly affected or may significantly affect the operations of the company, the results of those operations or the company’s state of affairs in future financial years.

26 27P. 42 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 18 Summary of Other Significant Accounting Policies

16 Commitments (a) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In Capital Commitments these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Capital commitments for expansion which under construction is: Receivables and payables in the Statement of Financial Position are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the Australian Taxation Office is included as a current 2020 2019 asset or liability in the Statement of Financial Position. $ $ Cash flows are included in the Statement of Cash Flows on a gross basis, except for the GST component Within one year - 1,850,000 of investing and financing activities, which are disclosed as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the Australian Taxation Office. 17 Contingent Liabilities (b) Finance Costs Bank Guarantees Finance costs include interest, premiums relating to borrowings, amortisation of ancillary costs The company has given the following bank guarantees: incurred in connection with arrangement of borrowings and lease finance charges. 2020 2019 Finance costs are expensed as incurred unless they relate to qualifying assets. Qualifying assets are $ $ assets which take more than 12 months to get ready for their intended use or sale. In these

circumstances, finance costs are capitalised to the cost of the assets. Where funds are borrowed TAB 20,000 20,000 specifically for the acquisition, construction or production of a qualifying asset, the amount of finance costs capitalised is those incurred in relation to that borrowing, net of any interest earned on those borrowings. Where funds are borrowed generally, finance costs are capitalised using a weighted average capitalisation rate.

(c) Income Tax The company has obtained private rulings confirming that the company’s income is exempt from income tax in Australia under Division 50-1 of the Income Tax Assessment Act (1997). This exemption covers the period 1 November 2012 to 31 October 2020.

No future tax benefits or liabilities outside of the period covered by the private ruling have been recognised.

(d) Impairment of Assets

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset’s fair value less costs to sell and value-in-use. The value- in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

P. 43 28 29 Western Suburbs League Club (Campbelltown) Limited Western Suburbs League Club (Campbelltown) Limited Notes to the Financial Statements Notes to the Financial Statements For the Year Ended 31 October 2020 For the Year Ended 31 October 2020 18 Summary of Other Significant Accounting Policies

16 Commitments (a) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In Capital Commitments these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense. Capital commitments for expansion which under construction is: Receivables and payables in the Statement of Financial Position are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the Australian Taxation Office is included as a current 2020 2019 asset or liability in the Statement of Financial Position. $ $ Cash flows are included in the Statement of Cash Flows on a gross basis, except for the GST component Within one year - 1,850,000 of investing and financing activities, which are disclosed as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the Australian Taxation Office. 17 Contingent Liabilities (b) Finance Costs Bank Guarantees Finance costs include interest, premiums relating to borrowings, amortisation of ancillary costs The company has given the following bank guarantees: incurred in connection with arrangement of borrowings and lease finance charges. 2020 2019 Finance costs are expensed as incurred unless they relate to qualifying assets. Qualifying assets are $ $ assets which take more than 12 months to get ready for their intended use or sale. In these

circumstances, finance costs are capitalised to the cost of the assets. Where funds are borrowed TAB 20,000 20,000 specifically for the acquisition, construction or production of a qualifying asset, the amount of finance costs capitalised is those incurred in relation to that borrowing, net of any interest earned on those borrowings. Where funds are borrowed generally, finance costs are capitalised using a weighted average capitalisation rate.

(c) Income Tax The company has obtained private rulings confirming that the company’s income is exempt from income tax in Australia under Division 50-1 of the Income Tax Assessment Act (1997). This exemption covers the period 1 November 2012 to 31 October 2020.

No future tax benefits or liabilities outside of the period covered by the private ruling have been recognised.

(d) Impairment of Assets

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Recoverable amount is the higher of an asset’s fair value less costs to sell and value-in-use. The value- in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

P. 44 28 29 WE ARE FOR YOU

FOR OUR MEMBERS

FOR OUR MATES

FOR MAKING DREAMS

E COME TRUE

R AND

O MOMENTS F MEMORAB L MOMENT S THAT MATTER

FOR MIRACLES

For Macarthur

VISIT WWW.WESTGROUP.COM.AU FOR MORE

WESTS LEAGUE CLUB COUNTRY CLUB GLEDSWOOD HILLS LAKESIDE GOLF CLUB CAMDEN WESTS TENNIS CLUB 10 Old Leumeah Road, Leumeah NSW 2560 91 The Hermitage Way, Gledswood Hills NSW 2557 50 Raby Road, Gledswood Hills NSW 2557 16 Old Leumeah Road, Leumeah NSW 2560 www.westslc.com.au www.countryclubgh.com.au www.camdenlakeside.com.au www.weststennisclub.com.au (02) 4628 4188 (02) 9606 5301 (02) 4634 5834 (02) 4626 2088