WESTERN BULLDOGS 2013 Financial Report

FootscrayFootballClubLtd tradingas ABN68005226595

Financialreport Fortheyearended31October2013 This page has been left blank intentionally. TABLEOFCONTENTS

Directors'report...... 1Ͳ13 Auditor'sindependencedeclaration...... 14 Financialreport Statementofcomprehensiveincome...... 15 Statementoffinancialposition...... 16 Statementofchangesinequity...... 17 Statementofcashflows...... 18 Notestofinancialstatements...... 19Ͳ34 Directors'declaration...... 35 Independentauditor'sreport...... 36Ͳ37 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

ThedirectorspresenttheirreporttogetherwiththefinancialreportofFootscrayFootballClubLtdtradingas WesternBulldogsfortheyearended31October2013andauditor'sreportthereon.Thisfinancialreporthas beenpreparedinaccordancewithAustralianAccountingStandards.

Directorsnames Thenamesofthedirectorsinofficeatanytimeduringorsincetheendoftheyearare: PeterGordon(Appointed20December2012) DrSusanAlbertiAOHonLLD ChrisGrant  BarryHall  GayeHamilton GaryKent  GeorgePappas GeoffreyWalshAO DavidSmorgon(Resigned20December2012) IanVeal (Resigned20December2012)

Thedirectorshavebeeninofficesincethestartoftheyeartothedateofthisreportunlessotherwise stated.

Results Theoperatingresultforthecompanyfortheyearended31October2013wasalossof$143,090(2012:loss of$136,679).

Inthecurrentfinancialyear,thecompanyreceiveddistributionsfromtheAFLClubFutureFundof $2,995,000(2012:$2,870,000).

Reviewofoperations Thecompanycontinuedtoengageinitsprincipalactivity,theresultsofwhicharedisclosedintheattached financialstatements.

Significantchangesinstateofaffairs Therewerenosignificantchangesinthecompany'sstateofaffairsthatoccurredduringthefinancialyear, otherthanthosereferredtoelsewhereinthisreport.

Ͳ1 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 1 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

Principalactivities TheFootscrayFootballClubLimitedtradingasWesternBulldogsisamemberofthetheAustralianFootball League.TheprincipalactivityoftheCompanyistheencouragementofsportandtheplayingofAustralian RulesFootballbycompetingintheAustralianFootballLeaguecompetitionandpreservingandfosteringthe ideals,andcommunityspiritoftheClub.

CompanyPerformance Season2013hasseentheWesternBulldogsproduceanoperatinglossof$143,090comparedtoan operatinglossof$136,659in2012.

Football Afterachallengingstartto2013,theWesternBulldogsendedtheseasonwitharunofstrongperformances inthebackendoftheyear—winningfourofthefinalsixmatches. Whilefinishing15thinthecompetition,thesecondhalfoftheseasondemonstratedtheteam’s improvementaftertheClubinjectedanextra$1.2millionintoresourcesandkeypersonnelinthefootball department. Duringtheyear,theClubappointedGrahamLowetotheseniorexecutiveroleofGeneralManagerof Football–after12monthsattheKennelinthecapacityofHighPerformanceManager.Lowehas15years experienceinarangeofinternationalsportingorganisationsincludingScottishRugby,BMWOracleRacing andNewZealandRugbyUnion. InhiscapacityasGeneralManagerofFootball,Loweoverseesasettledandexperiencedteamsupportedby SeniorCoachBrendanMcCartney,ListManagerJasonMcCartney,RecruitingManagerSimonDalrympleand HighPerformanceManagerJustinCordy.Thedepartmentisalsosupportedbyadiversepanelofassistant andspecialtycoachesandaprofessionalsupportteam.Itisthebiggestandmostcredentialedfootball departmenttheclubhaseverpresented. NextyeartheClubisexpectedtoinvestupto$1.5millionmoreinfootball,lookingtohavethecapacityto paythefullsalarycapifstrategicallyrequired.Thiswillrepresenta$2.9millionincreaseinfootball departmentspendingsince2012despitewhichtheClubexpectstoremaininthebottomquartileofAFL Clubfootballdepartmentspendin2014. In2014,theClub’snewVFLteam,theFootscrayBulldogs,willplayattheUniversityWhittenOval, coachedbyBulldogsDevelopmentManagerChrisMaple.Thisisanexcitingopportunitytonotonlydevelop futuregenerationsofBulldogsplayers,butalsopresentsafantasticopportunitytoreturncommunity footballtoWhittenOval.

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DIRECTORS'REPORT

CompanyPerformance(Continued)

Membership TheWesternBulldogsmembershipbaseremainedstaticin2013,atjustover30,000members.Whilean extraordinarilylargenumberbyreferencetoeveryotherclubinothersportingcodesaroundthecountry andtheworld,themembershipremainsinthebottomquartileofVictorianͲbasedAFLClubs.. Apooronfieldendtothe2012seasonprovidedachallengingmarketingenvironmentformembershipin 2013andmembershipgrowthremainsimpededbytheClub’sdisadvantageousallocationoffreeͲtoͲair televisionaccessforitsgamesandtherestrictedfundingavailableforaplannedandintegratedmembership growthstrategyinitswesternregionheartland. Further,ahigherthannormalnumberofmemberschosenottorenewtheirmembership.Membership declinewasparticularlyprevalentinthehigherͲvaluemembershipcategoriesandtheearlyseasonlossof reservedseatandsocialclubmembersmeantthatrevenuelevelsacrossallthesekeyareasdippedacross 2013.TheClubneedsallofitsmemberstobepreparedtosupporttheteameventhroughcyclical downturnsinperformancelikein2012. Apromisingbeginningandendtothe2013AFLseason,combinedwithsomestructured,targetedand proactivemarketing,keptmembershipnumberstolevelsseeninthepreviousseasonwithanincreasein thenumberoflowvalue,entryproductsandsomejuniorproducts.Equally,wecompleted2013witha significantlyhigherpercentageofourmembershipbaseonpaymentplans–theautomaticmembership renewalprogramthathashadsignificantsuccessinreducingmemberchurn. Eachyear,anindependentsurveyreportiscommissionedforeachAFLClubbytheAFL.In2013,the WesternBulldogsmembershipsatisfactionreportedbythissurveyshowed; • Anincreaseinmembersatisfactionof21percentover2012; • WesternBulldogsmembersatisfactionexceededtheleagueaverageforthepreviousyear; • Significantincreasesinallareasmeasuredfrom2012to2013. Regularcommunication,specificmemberevents,andacommitmenttoindustryͲbestpracticecustomer servicehavebeenthefoundationfortheseresults. Theseresults,andtheincreaseinpositivitysurroundingtheteam’scontinueddevelopmentmeansthat 2014isexpectedtoproducemorepositiveresultswithgrowthtargetedacrossanumberofmembership categories.Anonlinerewardsplatformandmemberrecognitionprogramshouldcontinuetostrengthenour relationshipwithmembers,whileacommercialpartnershipwithVIPCleaningServices,whohavejoinedas theofficialmembershipsponsor,showstheClubisdedicatedtogrowingrevenuetosupporttheincreased ambitionofthefootballdepartment.

Ͳ3 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 3 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

CompanyPerformance(Continued)

FanDevelopment SupportergrowthremainsthefoundationoftheClub’slongͲtermstrategy,andthekeypriorityisgrowthin thewesternregionof.Thisobjectiveisendorsedandsupportedbykeystakeholdersincluding theAFL,thefivelocalgovernmentauthoritiesoftheregion,anditisalsotheregionofthehighest concentrationofBulldogmembersandsupporters. Supportergrowthobjectivesarebeingpursuedbyacombinationofonlineandofflineactivitiesincluding; •TheBulldogs’SchoolsandClubsprogram;arangeofprogramsto87westernregionprimaryschools, includingastructuredtwoweekfootballandnutritioncurriculum,WhittenOvaltours,playerappearances and,newtothisyear,afterschoolcareprogram,earlyyearsprogramandvideoconferencing. •OurrelationshipwiththeWesternRegionFootballLeaguewhichhasbeenstrengthenedwiththeClub expandingitsjuniorpartnership. •AWesternBulldogs“HeartlandAward”waspresentedattheendofeveryjuniorWRFLgamewithover 1260winnersreceivingtheaward. •ThemaintenanceoftheClub’s“OurHeartland”campaignwithitsstrongfocusontheWesternRegion. •ContinuedinvestmentincommunityservicesintheWesternRegionthroughtheSpiritWestFoundation includingsuchprogramsasFresh,DisabilityTrainingandMulticultural&SettlementProgramsandourlocal Kooriyouthinitiative,NalleiJerring. •ThereͲestablishmentoftheFootscrayBulldogsteamplayingattheWhittenOvalintheVFL. •ThepartnershipwithVictoriaUniversityandtheintegrationoftheUniversity’s‘Footscray–University Town’conceptandthedevelopmentoftheFootscrayteamasa‘collegeteam.’ WhiletheWesternRegionisapredominantfocus,itisnottheClub’sonlyfocus. TheClubhasagaincontinuedtoimplementmoreactivitiesaimedatimprovingthematchdayexperience forfansandmembersatEtihadStadium.Increasingtheamountofentertainmentforfamiliesatthe “FootscrayEnd”,thevolumeofvideosandliveproductiononthestadiumbigscreensandthenumberof sponsorͲledfanactivationshasbeenatthecentreofthematchͲdayprograms. Inaddition,theBulldogsthisyeartooktheleadindevelopingnewfanexperiencesattwooftheAFL’s themedrounds.WorkingwithMelbourneFootballClubtheWesternBulldogsproudlyparticipatedinthe firsteverAFLwomen’sgame,drafting,hostingandmanagingtheteamoffemaleparticipantsthatadorned thered,whiteandblue.HoldingtheflagshipgameofAFLMulticulturalRound,theBulldogsimplementeda dedicatedmulticulturalmarketingcampaignthatincludedmultiͲlingualtweetsandarticles,750gameday ticketsgiventonewmigrantsandanumberofdanceandmusicperformersongamedaythatcreateda uniqueexperienceforattendees. Online,theClubhasimplementedinitiativesthathaveassistedinthegrowthofoursocialmedianetworks anddatabasecontacts.ThischannelremainsakeyprioritygoingforwardastheClubcontinuesitspursuitof capturingtheheartsandmindsofthefuturegenerationofBulldogsfans.

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DIRECTORS'REPORT

CompanyPerformance(Continued)

Events In2013,theClubdeliveredanumberofoutstandingClubeventswhichwerewellsupportedbymembers, fansandcorporates.DevelopmentsofBulldogsEventswillbeakeyfocusfortheClubincomingyearsas opportunitiestodevelopVictoriaUniversityWhittenOvalandtopresentaconsistentlycompetitiveAFL team(duetorevisedandenlightenedrevenuesharingpoliciesoftheAFL)mature. TheClubstartedtheyearwiththeannualWesternBulldogsFamilyDayatVictoriaUniversityWhittenOval attractingacrowdofover5000membersandfanswhohadthechancetomeettheirfavouriteBulldogs playersandhearfromkeyClubidentities. FollowingFamilyDay,theClubhostedthe2013SeasonLaunchatCrownPalladium.Inexcessof800people attendtowitnesseachplayerbepresentedwiththeirplayingjumperbyClubLegendJohnSchultz. Afterasuccessfuldebutin2012,theClubonceagainhostedtheCentralBulldogsDistrict(CBD)Lunchatthe RACVClub.Thisyearattendancegrewtoover350peoplewhowereentertainedbyMCGerardWhateley, alongwithkeynotespeaker,AFLChiefExecutiveAndrewDemetriou.TheClubintroducedasecondintimate CBDLunchwhere70guestsweretreatedtoinsightbykeyBulldogsidentitiesatMahaRestaurantwherethe menuwasdesignedbycelebritychefandBulldogsmemberShaneDelia. ForthefirsttimetheCharlesSuttonMedal(BestandFairest)dinnerwasheldinearlySeptember immediatelyfollowingtheconclusionofseason2013withtheeventreturningtoCrownPalladium.Infront ofover850gueststheClubthankedDanielCrossfortheservicehegavetotheClubandcrownedRyan GriffentheCharlesSuttonMedallistforthesecondtime. UsageoftheClub’sstateoftheartconferencefacilitiesatVictoriaUniversityWhittenOvalcontinuedto developin2013.Buildingonstrongfoundations,theoccupancyrateincreased,withtheClubabletoattract newclientstoutilisethefacility—includingMelbourneWater,PowWowTrainingandJohnson&Johnson. NowseenasapremierconferencevenueinMelbourne’swest,theClubplanstobuildonthisin2014. SpiritWestServices Buildingonthesuccessofpreviousyears,SpiritWestimplementedarangeofnewinitiativesin2013to expanditsreachandsocialinclusionportfolio. InadditiontoitscoreprogramsinCommunityEducation(Fresh),DisabilityTrainingandMulticultural& SettlementPrograms,SpiritWestimplementedasuccessfulpilotculture&identityprogramforlocalKoori youth,NalleiJerring(joinandunite).TheprojectwasawardedtheWesternRegion’sKooriCommunity JusticeAwardfromtheDepartmentofJustice. TheClub’scommitmenttofemaleparticipationinfootballwashighlightedthisyearbytwoAFLfirsts–the inauguralwomen’sAFLmatchwithMelbourneFootballClubandtheMUJU(MuslimͲJewish)femalefootball teamwhotookouttheinauguralFemaleUnityCuptitle. Inearly2013theClubwassuccessfulinitsreͲtendertodeliverSettlementServicesthroughtheDepartment ofImmigrationandCitizenship.ThegrantenabledtheClubtocontinueitsgroundbreakingworkinengaging withnewlyarrivedrefugeesandmigrantsthroughsport,healthandrecreationforanothertwoyears. ThisyearhasseenCommunityTrainingsupportanadditional46studentsoverfournewclassgroups, includinganexcitingnewpathway.CommunityTraining,undertheauspiceofVictoriaUniversityofferedthe CertificateIIinGeneralEducationforAdultsasanadditionalcareerboostaimedatstrengthening

Ͳ5 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 5 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

CompanyPerformance(Continued) employabilityofpeoplewithdisabilitiesinthewesternregion.WithtwonewsitesinWerribee,supported bydisabilityserviceprovidersMambourinandAnnecto,SpiritWesthasbecomeindustryrecognisedfor generatingvaluableoutcomesforpeoplewithdisabilities. CommunityTraininghasaddedasportandrecreationfocustoitsprogramin2013.Withtheaimof increasinghealthandwellbeingofpeoplewithdisabilitiesinthewesternregion,thepilotprogramBulldogs TotalFootywaslaunched.Thisprogramaimstopromotehealthylivinghabitsandencouragephysical activityaswellasofferingparticipantsaglimpseintothelifestyleofaprofessionalathlete. ThisyeartheFreshProgramgavemorethan40youngpeoplefullͲtimeeducation.Freshisnowrecognised asoneofthemostvaluableandrespectededucationalternativesfordisengagedyoungpeopleinVictoria. ThroughthedeliveryoftheVictorianCertificateofLearning(VCAL)andothervocationalcertificates,the FreshProgramoffersabroadrangeofcurriculumoptionstoitsstudentsͲpromotingpersonaldevelopment, socialconnectionandpositivevocationalpathways.Theselearningopportunitiesareprovidedtostudents atnocost,inlinewiththeClub’spolicyofcontributingtocommunitydevelopmentandcapacitybuilding withinitsregion. TheWesternBulldogsacknowledgeitseducationandtrainingauspicepartnershipwithVictoriaUniversity andthankitforitsoutstandingsupportinthedeliveryofcrucialeducationinitiativesinthecommunityas wellasitsfundingpartnerstheDepartmentofImmigration&Citizenship,FederalAttorneyGeneral’s Department,AdultCommunityFurtherEducationandAFLMulticulturalProgram. TheClubalsoacknowledgesitscommunitypartnersNexansOlex,Programmed,MelbourneAirport, MacquarieSportsandQenosfortheirinvaluablefinancialandinͲkindsupport,aswellasabroadrangeof grassrootscommunityagencieswhoremainanintegralpartoftheWesternBulldogs’reputationasthe CommunityCluboftheAFL. Finally,itispleasingtoreportthattheClubhasformedandconstitutedtheSpiritWestServicesFoundation tooverseethedeliveryofalloftheClub’sCommunityprograms.ChairedbyClubDirector,GayeHamilton, thefoundationhasachievedDGRstatusandismadeupofanumberofcurrentstaffaswellasbeing fortunateenoughtosecuretheexpertiseandexperienceoffourDirectorsofCommunitypartner,Unity Link.TheClubformedapartnershipwithUnityLink,alikeͲmindedorganisationfocusedonachieving positivecommunityoutcomesinMelbourne’sWest,atthestartof2013.Theadviceandcounselgained throughthispartnershipwillbeextremelybeneficialtoSpiritWestServices.Wewishtoacknowledge UnityLinkfortheircommitmenttooutCommunityProgramsandlookforwardtopartneringwiththemin supportofourSpiritWestFoundationin2014.

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DIRECTORS'REPORT

CompanyPerformance(Continued) CommercialPartnerships In2013theClubwelcomedanumberofnewsponsorsincludingSlater&Gordon,CLF,Sting, Eynesbury,LendLeaseandMackBoots,whilealsonegotiatinganextensiontotheKooGaApparel agreementforafurtherthreeyears,andsignificantlyincreasedsupportfromGordonLegal. ThehighlightoftheyearwasthesigningofafiveyearpartnershipagreementwithVictoriaUniversity includingthenamingrightstoVictoriaUniversityWhittenOvalandasignificantsportsscienceandresearch element. Corporatehospitalitynumberswerestableandabovemarketaverage.AreducednumberofPresident’s ClubwerewellattendedwiththefinalroundaboveexpectationsonthebackofimprovedonͲfield performance. Coteriegroupswerearealsuccessin2013.ThiswasanareaofsignificantriskfortheClubbuttheworkput intonotonlymaintaincoteriesupport,butalsogrowitfollowingaseasonoffivewinsin2012,was significant. ThisseasonsawtheClub’smatchballagreementwithMissioncometoanend.Thisisthefirstsignificant brandingassetthathasbecomeavailableforanumberofyearsandalotofworkwentintosecuringWhite KingastheClub’snewballpartnerforthenexttwoseasons. NextyearisbuildingasacriticalyearforCommercialPartnerships.BothMissionandWorksafeagreements concludeattheendoftheseasonwithrenewalandextensiondiscussionseitherunderwayoraboutto begin.TheimprovementinonͲfieldperformanceinthebackhalfof2013hassolicitedmoreinterestinour commercialpropertiesandpositionstheClubwellinthisareamovingforward.Afocuswillbeoncreating newproductstoselloutsideourbrandedassets,withaparticularemphasisonthedigitalspace. EntertainmentVenues TheClub’sentertainmentvenues,ClubLeedsinFootscrayandthePeninsulaClubinDromana,continuedto providememberswithaccesstoarangeofsocialandentertainmentfacilities.Againin2013,the Government’sCommunityBenefitsStatementissuedbytheClub,confirmedthatweprovidedover$2.9 millionofcommunitybenefits(71.29percentofrevenue)–farinexcessoftheminimumrequirementof8.3 percent. TheClubownsthefreeholdlandandbuildingsatthePeninsulaClubwhichcontinuestogrowitsfoodand beverageofferingtoawidergroupofmembersandfans.Planningapprovalforanextensiontothefront deckingwhichwasreceivedin2012willbecompletedinearly2014andwillprovideasignificantincreasein thePeninsulaClub’scapabilitytoholdconferencesaswellasagreatlocationtoenjoymealsunderthestars. TheClub’sEdgewaterDevelopmenthasfacedarangeofchallengesin2013.TheClubispleasedtohave resolvedarangeofdifficultissuesthisyear,asaresultofwhichtheconstructionphasehasbeen substantiallydeͲriskedfortheClub.ConstructioncontinuesonthesiteandtheClubexpectsthattheproject willbecompletedintimeforseason2015.Thisimportantventurewillprovidememberswitha contemporaryandvibrantsocialvenuethatwillfeaturetopͲnotchdining,entertainment,gaming, conferenceandaccommodationfacilities.

Ͳ7 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 7 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

CompanyPerformance(Continued) Communications TheClubcontinuestomakestridesinexpandingandimprovingClubcommunicationswithmembersand stakeholders. Asmentioned,eachyearacomprehensivemembersatisfactionbenchmarkingsurveyisconductedbyan externalagencyappointedbytheAFL.SatisfactionscoresfromthissurveyindicatethattheClubisan industryleaderwhenitcomestoeffectivelycommunicatingwithmembersacrossallourdiverse communicationsplatforms. TheClub’sdigitalplatformscontinuetostrengthen,settingrecordmonthlyhighsforuniquebrowsers (101,501),pageimpressions(790,811)andvideoviews(110,020)acrosstheClub’sdigitalchannelsin2013. Averagemonthlywebsiteaudience(uniquebrowsers)hasincreased19.31percentacrossthepast12 months,withtheAFLrankingwesternbulldogs.com.auconsistentlyintheleague’stopͲsixforwebsite engagementin2013. TheClub’ssocialmediaplatformshavealsocontinuedtheirsteadygrowthin2013,Facebookincreasing25 percentto58,197fansandTwitterincreasing67percentontheClub’smainaccountto19,298followersas of31October2013. TheClub'srelationshipwiththemediacontinuedtoremainstrongin2013withtheaimtofurtherbuildon thisstrengthbyexpandingthepromotionoftheClub’shighlyregardedcommunityandmulticultural initiativesthroughthedevelopmentofacomprehensivecommunityandethnicmediastrategy. ConsumerProducts TheClub’smerchandisedepartmenthasundergonesomebigchangesthroughoutthe2013Season.By engagingseveralexternalresources,theClubhasbeenabletoimplementsomeinnovativestrategicplans intoWesternBulldogsretail.Thishasbeenakeydevelopmentintheprocurementareaofthebusinessand hasaidedtheaccomplishmentofhittingourstocktargets. TheonlineeͲCommercebusinesscontinuestobeagrowthareafortheClubwithsalesupover20percent onlastyear.WealsosawmorepurchasesthroughmobilephonesandFacebookretailchannelsnotingthat thisisanareatodevelopin2014.Thedepartmentregularlyengagessocialmediarunningweekly competitionsonourTwitterhandle@bulldogsshop,managingaPinterestaccountandworkingwiththe CommunicationsteamtopromotethroughFacebookwhennecessary. MerchandiseoutletstradedatEtihadStadiumhome&awaygamesandatvariousClubevents.Gamedays inparticularshowedsomesuccesswiththe“WeScore,YouScore”offersellingoutatnearlyeveryhome game.Thefocusfor2014istocontinuetoencouragefanstopurchasefromtheOfficialWesternBulldogs Clubmerchandiseoutletsongameday—locatedatEtihadStadiumAisle23andontheBourkeStreet Footbridgeoutsidethevenue—helpingtospreadthemessagethatbyshoppingthereallprofitsgodirectly backtotheClub. TheThroughandThroughGuernseywasareasonablysuccessfulcampaignin2013.Over400nameswere representedontheGuernseywornbyplayersintheround23winoverMelbourne. ThebiggesteventheldthisyearformerchandisewastheMidͲSeasonMegaSale,heldforthefirsttimein theMissionEliteLearningCentreatWhittenOvalinJuly.Membersandfanshadtheopportunitytoshopin auniquelocationwithsomeneverbeforeseendealsonoffer.TheturnoutwasthebiggesttheClubhad everseenforamerchandisesaleandwasextremelywellattendedforitsfivehourduration.

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DIRECTORS'REPORT

Afterbalancedateevents Particularsofmattersorcircumstancesthathavearisensincetheendofthefinancialyearwhich significantlyaffectedormaysignificantlyaffecttheoperationsofthecompany,theresultsofthose operationsorthestateofaffairsofthecompanyinfuturefinancialyearsareasfollows: ͲSubsequenttoyearendtheWesternBulldogshavereceivedconfirmationthattheywillreceivetotal assistancefromtheAFLof$2.81millionfromtheClubFutureFundwhichispartiallytaggedtospecific initiatives.Thisistobepaidduringthe2014financialyearsubjecttocertaincriteriabeingmet.

Likelydevelopments Thelikelydevelopmentsintheoperationsofthecompanyandtheexpectedresultsofthoseoperationsin subsequentfinancialyearsareasfollows: ͲTheClub’sEdgewaterDevelopmenthasfacedarangeofchallengesin2013.Constructioncontinuesonthe siteandthecompanyexpectsthattheprojectwillbecompletedintimeforseason2015whichwillseethe companyoperatethevenueforperiodof10yearsuponcompletion.

Environmentalregulation Thecompany'soperationsarenotregulatedbyanysignificantenvironmentalregulationunderalawofthe CommonwealthorofaStateorTerritory.

Informationondirectors PeterGordon PresidentandChairman Qualifications BachelorofLaws,MelbourneUniversity AdmittedasabarristerandsolicitoroftheSupremeCourtofVictoria,New SouthWalesandWesternAustralia AdmittedasabarristerandsolicitortotheHighCourtofAustraliaand previouslyadmittedinvariousjurisdictionsintheUnitedStates. Experience ChairmanandSeniorPartner,Slater&Gordon(1980Ͳ2009) Director,GordonLegal(2009todate) 2010todate–DirectorofComprehensiveLegalFundingLLC; BoardmemberofVicHealth(since2006Ͳ2011)DeputyChairofVicHealth 2008Ͳ2011;andfrom2012todate PresidentofFootscray(WesternBulldogs)FootballClub1989Ͳ1996 Directors,AustralianFootballLeague1989Ͳ1993 ChairofVictoriaWalks2009Ͳ2011 FoundingCoͲChairoftheMcCabecentreforLawandCancer

Ͳ9 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 9 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

Informationondirectors(Continued) DrSusanAlbertiAOHonLLD VicePresident/ForeverFoundation Qualifications GraduateofDoctorofLawshonoriscausaofMonashUniversityͲ2006 Experience Director,WesternBulldogsForeverFoundation ManagingDirector,DANSUGroupandassociatedcompanies ChairoftheSusanAlbertiMedicalResearchFoundation FormerNationalPresident,JuvenileDiabetesResearchFoundation FormerDirector,JuvenileDiabetesResearchFoundationInternational BoardofChancellors LifeGovernor,WalterElizaHallResearchInstituteAustralia LifeGovernor.InternationalDiabetesInstitute LifeGovernor,JuvenileDiabetesResearchFoundationAustralia ChairoftheMelbourneDinnerCommitteeforalmost29years Director,GoldAgePtyLtd ChairofSt.Vincent'sInstituteofMedicalResearch BoardMemberoftheAustralianCentreforHealthResearch MemberoftheAdvisoryGroupfortheAustralianCommunityCentrefor Diabetes Director,VictoriaUniversityFoundation RetiredDirectorofTheClickFoundation(Epilepsy) MemberoftheAustraliaDayCommittee(Victoria) AustraliaDayAmbassador(Victoria) DirectorWesternHealthFoundation

ChrisGrant FootballDirector Experience FormerplayerfortheWesternBulldogs(1990to2007) WinneroftwoWesternBulldogsbestandfairestawards(1994,1996) ThreetimesAllͲAustralianhonours(1997,1998,1999) WesternBulldogsHallofFame2010 AustralianFootballHallofFameinductee2012 ClubCaptain(2000–2004) Clubgamesrecordholder(2006–2009)

BarryHall WhittenOvalRedevelopment Experience Director,W.JDreverPtyLtd Director,HallManagementServicesPtyLtd Director,HanleighPinesPtyLtd DirectorProclamPtyLtd Director,SundanceLandHoldingsPtyLtd Director,RiverGumontheMurrayPtyLtd Director,BRHNomineesPtyLtd Director,AMTResortPtyLtd Director,LangfordPropertyGroupPtyLtd

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DIRECTORS'REPORT

Informationondirectors(Continued) GayeHamilton SpiritWestServices Qualifications BachelorofScienceEducation(Melbourne) Experience Director,QueenVictoriaWomen’sTrustCentre Director,StateSportsCentreTrust Director,People&ParksFoundation Director,WesternChances CouncilMember,VictoriaUniversity

GaryKent Finance Qualifications BachelorofEconomics HarvardBusinessSchoolAdvancedManagementProgram GraduateoftheInstituteofCompanyDirectors AssociateoftheInstituteofChartedAccountants Experience ChiefFinancialOfficerSkilledGroup(May2012tocurrent) ChiefFinancialOfficerHealthscope(August2008toNovember2010) ChiefFinancialOfficerColesGroup(July2007toFebruary2008) DeputyCFOandGroupFinancialControllerͲColesMyer(December2005 toJune2007) GeneralManagerFinanceͲKmart(April2002toDecember2005)

GeorgePappas PlanningandStrategy Qualifications BachelorofEconomics(MonashUniversity) MBA(HarvardBusinessSchool) Experience SeniorAdvisor,TheBostonConsultingGroup Chairman,CommitteeforMelbourne Chairman,EnergyMattersPtyLtd Chancellor,VictoriaUniversity

GeoffreyWalshAO GovernmentRelations Qualifications BachelorofArts(LaTrobeUniversity) Experience SpecialAdvisor,BHPBilliton NationalSecretary,AustralianLabourParty2000Ͳ2003 FormerChiefofStafftoPremierSteveBracks&PrimeMinisterPaul Keating AustralianConsulͲGeneral,HongKong1995Ͳ1998 BoardMember,AndrologyAustralia BoardMember,ObesityAustralia OfficeroftheOrderofAustralia(2005)

Ͳ11 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 11 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'REPORT

Meetingsofdirectors Directors Directors'meetings

Numbereligibleto Numberattended attend PeterGordon 8 8 DrSusanAlbertiAOHonLLD 10 10 ChrisGrant 10 9 BarryHall 10 10 GayeHamilton 10 10 GaryKent 10 8 GeorgePappas 10 8 GeoffreyWalshAO 10 9 DavidSmorgon 2 2 IanVeal 2 2

Membersguarantee ThecompanyisincorporatedundertheCorporationsAct2001andisacompanylimitedbyguarantee.Ifthe companyiswoundup,theConstitutionstatesthateachmemberisrequiredtocontributetoamaximumof $2eachtowardsmeetinganyoutstandingsandobligationsofthecompany.

Indemnificationofofficers Duringorsincetheendoftheyear,thecompanyhasgivenindemnityorenteredanagreementto indemnify,orpaidoragreedtopayinsurancepremiumsinordertoindemnifythedirectorsofthecompany againstaliabilityincurredassuchadirectororemployeetotheextentpermittedbytheCorporationsAct 2001. Furtherdisclosurerequiredundersection300(9)ofthecorporationslawisprohibitedunderthetermsof thecontract.

Indemnificationofauditors Noindemnitieshavebeengivenorinsurancepremiumspaid,duringorsincetheendoftheyear,forany personwhoisorhasbeenanauditorofthecompany.

Auditor'sindependencedeclaration Acopyoftheauditor'sindependencedeclarationundersection307CoftheCorporationsAct2001in relationtotheauditforthefinancialyearisprovidedwiththisreport.

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DIRECTORS'REPORT

Proceedingsonbehalfofthecompany NopersonhasappliedforleaveofCourttobringproceedingsonbehalfofthecompanyorinterveneinany proceedingstowhichthecompanyisapartyforthepurposeoftakingresponsibilityonbehalfofthe companyforalloranypartofthoseproceedings.

Signedonbehalfoftheboardofdirectors.

Director: PeterGordon

Director: GaryKent

Datedthis25thdayofNovember2013

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FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

AUDITOR'SINDEPENDENCEDECLARATION TOTHEDIRECTORSOFFOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS

Inrelationtotheindependentauditfortheyearended31October2013,tothebestofmyknowledgeand belieftherehavebeen: (i) NocontraventionsoftheauditorindependencerequirementsoftheCorporationsAct2001;and (ii) Nocontraventionsofanyapplicablecodeofprofessionalconduct.

PAJOSE PITCHERPARTNERS Partner Melbourne

25November2013

Ͳ14Ͳ

An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms Melbourne | | Perth | Adelaide | Brisbane | Newcastle An independent member of Baker Tilly International

WESTERN BULLDOGS 2013 Financial Report 14 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

STATEMENTOFCOMPREHENSIVEINCOME FORTHEYEARENDED31OCTOBER2013

Note 2013 2012 $$

Revenue RevenuefromOperatingActivities 3 34,052,817 32,777,251 3 34,052,817 32,777,251 Less:expenses Administrationexpenses (4,435,815) (4,371,328) Borrowingcosts 4 (533,389) (613,292) BusinessDevelopmentExpense (2,134,741) (2,195,725) MembershipExpense (2,808,510) (3,086,996) HospitalityExpense (4,176,835) (2,479,989) EventExpenses (659,836) (1,508,120) ConsumerProductsExpense (1,057,946) (1,286,851) SpiritWestExpense (795,841) (1,188,991) CommunicationExpense (658,772) (433,602) FootballDepartmentExpense (16,934,222) (15,749,036) (34,195,907) (32,913,930) Netlossfromcontinuingoperations (143,090) (136,679) Totalcomprehensiveincome (143,090) (136,679)

Theaccompanyingnotesformpartofthesefinancialstatements. Ͳ15 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 15 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

STATEMENTOFFINANCIALPOSITION ASAT31OCTOBER2013

Note 2013 2012 $$

Currentassets Cashandcashequivalents 6 2,995,962 1,605,858 Receivables 7 1,054,013 955,720 Inventories 8 351,861 514,181 Otherassets 9 234,336 463,857 Totalcurrentassets 4,636,172 3,539,616

NonͲcurrentassets Intangibleassets 10 5,303,851 5,539,177 Property,plantandequipment 11 31,618,569 32,288,341 TotalnonͲcurrentassets 36,922,420 37,827,518 Totalassets 41,558,592 41,367,134

Currentliabilities Payables 12 7,179,653 7,071,007 Borrowings 13 4,198,669 3,794,601 Provisions 14 366,628 409,512 Otherliabilities 15 994,770 471,136 Totalcurrentliabilities 12,739,720 11,746,256

NonͲcurrentliabilities Payables 12 3,234,589 4,558,096 Borrowings 13 2,351,319 1,688,426 Provisions 14 148,540 146,842 TotalnonͲcurrentliabilities 5,734,448 6,393,364 Totalliabilities 18,474,168 18,139,620 Netassets 23,084,424 23,227,514

Equity Retainedearnings 16 23,084,424 23,227,514 Totalequity 23,084,424 23,227,514

Theaccompanyingnotesformpartofthesefinancialstatements. Ͳ16 Ͳ WESTERN BULLDOGS 2013 Financial Report 16 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

STATEMENTOFCHANGESINEQUITY FORTHEYEARENDED31OCTOBER2013

Retained earnings Totalequity $$

Balanceasat1November2011 23,364,193 23,364,193 Lossfortheyear (136,679) (136,679) Totalcomprehensiveincomefortheyear (136,679) (136,679)

Balanceasat1November2012 23,227,514 23,227,514 Lossfortheyear (143,090) (143,090) Totalcomprehensiveincomefortheyear (143,090) (143,090)

Balanceasat31October2013 23,084,424 23,084,424

Theaccompanyingnotesformpartofthesefinancialstatements. Ͳ17 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 17 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

STATEMENTOFCASHFLOWS FORTHEYEARENDED31OCTOBER2013

Note 2013 2012 $$

Cashflowfromoperatingactivities Receiptsfromcustomers 37,846,949 35,751,930 Paymentstosuppliersandemployees (35,684,230) (33,584,796) Interestreceived 48,078 44,940 Interestpaid (332,067) (613,292) Netcashprovidedbyoperatingactivities 1,878,730 1,598,782

Cashflowfrominvestingactivities Paymentforgamingentitlements (968,267) (242,067) Proceedsfromsaleofplantandequipment Ͳ 400 Paymentforproperty,plantandequipment (585,998) (361,268) Netcashusedininvestingactivities (1,554,265) (602,935)

Cashflowfromfinancingactivities Repaymentofotherloan (360,361) (32,736) Proceeds/(repayment)ofcommericalbill 426,000 (594,000) Proceedsfromrelatedpartyloan 1,000,000 Ͳ Netcashprovidedby/(usedin)financingactivities 1,065,639 (626,736)

Reconciliationofcash Cashatbeginningofthefinancialyear 1,605,858 1,236,747 Netincreaseincashheld 1,390,104 369,111 Cashatendoffinancialyear 2,995,962 1,605,858

Theaccompanyingnotesformpartofthesefinancialstatements. Ͳ18 Ͳ WESTERN BULLDOGS 2013 Financial Report 18 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES Thefinancialreportisageneralpurposefinancialreportthathasbeenpreparedinaccordancewith AustralianAccountingStandardsͲReducedDisclosureRequirements,Interpretationsandother authoritativepronouncementsoftheAustralianAccountingStandardsBoardandtheCorporationsAct2001. Thefinancialreportwasapprovedbythedirectorsasatthedateofthedirectors'report. ThefinancialreportisfortheentityFootscrayFootballClubLtdtradingasWesternBulldogsasanindividual entity.FootscrayFootballClubLtdtradingasWesternBulldogsisacompanylimitedbyguarantee, incorporatedanddomiciledinAustralia.FootscrayFootballClubLtdtradingasWesternBulldogsisanotͲ forͲprofitentityforthepurposeofpreparingthefinancialstatements. Thefollowingisasummaryofthematerialaccountingpoliciesadoptedbythecompanyinthepreparation andpresentationofthefinancialreport.Theaccountingpolicieshavebeenconsistentlyapplied,unless otherwisestated.

(a)Basisofpreparationofthefinancialreport

HistoricalCostConvention

Thefinancialreporthasbeenpreparedunderthehistoricalcostconvention,asmodifiedbyrevaluationsto fairvalueforcertainclassesofassetsasdescribedintheaccountingpolicies.

(b)Goingconcern

Asat31October2013,theWesternBulldogshasacurrentassetdeficiencyof$8,103,548(2012: $8,206,640).Thisgivesrisetosignificantuncertaintyabouttheabilityofthecompanytocontinueto operateasagoingconcern. Thedirectorsofthecompanyaresatisfiedthatthegoingconcernbasisisappropriateduetothefollowing: ͲThecompanyhascontinuedtoreceiveongoingfinancialsupportfromtheAFL.Subsequenttoyearend theWesternBulldogshavereceivedconfirmationthattheywillreceivetotalassistancefromtheAFLof $2.81millionfromtheNewClubFutureFundwhichispredominatelytaggedtospecificinitiatives.Thisisto bepaidduringthe2014financialyearsubjecttocertaincriteriabeingmet. ͲTheAFLhaveprovidedabankguaranteetotalling$4.55milliontothecompany'sbankersassecurityfor thecurrentborrowingfacilities.Thisguaranteehasbeenprovidedthroughtothenextreviewdateandthe directorshavetheexpectationthatthisguaranteewillbeextendedbytheAFL. Theappropriatenessofadoptingthegoingconcernbasisofaccountingisdependentonthecompanybeing abletogeneratesufficientfundsthroughmembership,gatereceipts,sponsorship,fundraising,hospitality andotherrevenuestreamstocontinuetofundsitoperations,inadditiontoreceivingfinancialsupportfrom theAFL. Ifthegoingconcernbasisisfoundtonolongerbeappropriate,therecoverableamountofassetsshownin theStatementofFinancialPositionarelikelytobesignificantlylessthantheamountsdisclosedandthe extentofliabilitiesmaydiffersignificantlyfromthosereflectedintheStatementofFinancialPosition.

Ͳ19 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 19 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES(CONTINUED)

(c)Revenue

Saleofgoods Revenuefromsaleofgoodsisrecognisedwhenthesignificantrisksandrewardsofownershipofthegoods havepassedtothebuyerandthecostsincurredortobeincurredinrespectofthetransactioncanbe measuredreliably.Risksandrewardsofownershipareconsideredpassedtothebuyeratthetimeof deliveryofthegoodstothecustomer.

AFLDistributionandprizemoney AFLdistributionsandprizemoneyrevenueisrecognisedasitisreceived.

Membershipandmatchdayrevenue MembershipincomeisrecognisedintherelevantAFLseason.Matchdayrevenueisrecognisedatthe conclusionofeachAFLhomegame.

Sponsorship Marketingandsponsorshipincomeisrecognisedwhenamountsaredueandpayableinaccordancewiththe termsandconditionsofthesponsorshipcontract.

Donations Revenuefromdonationsisrecognisedwhenreceived.

Gamingandfunctionrevenue Salescompriserevenueearnedfromgamingmachinesandprovideoffoodandbeveragesandisrecognised onanaccrualsbasis.

Grants Grantrevenueisrecognisedinthestatementofcomprehensiveincomewhenitiscontrolled.Whenthere areconditionsattachedtograntrevenuerelatingtotheuseofthosegrantsforspecificpurpose,itis recognisedinthestatementoffinancialpositionasaliabilityuntilsuchconditionsaremetorservices provided.

Rental RentrevenueisrecognisedonastraightͲlinebasisovertherentalterm. Allrevenueisstatednetoftheamountofgoodsandservicestax(GST).

(d)Incometax

NoprovisionforincometaxhasbeenraisedasthecompanyisexemptfromincometaxunderDivision50of theIncomeTaxAssessmentAct1997.

Ͳ20 Ͳ WESTERN BULLDOGS 2013 Financial Report 20 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES(CONTINUED) (e)Inventories

Inventoriesheldforsalearemeasuredatthelowerofcostandnetrealisablevalue.Netrealisablevalueis theestimatesellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionand sellingexpenses.

(f)Financialinstruments

Classification

Thecompanyclassifiesitsfinancialassetsintothefollowingcategories:financialassetsatfairvaluethrough profitandloss,loansandreceivables,heldͲtoͲmaturityinvestments,andavailableͲforͲsalefinancialassets. Theclassificationdependsonthepurposeforwhichtheinstrumentswereacquired.Management determinestheclassificationofitsfinancialinstrumentsatinitialrecognition.

NonͲderivativefinancialinstruments

NonͲderivativefinancialinstrumentsconsistofinvestmentsinequityanddebtsecurities,tradeandother receivables,cashandcashequivalents,loansandborrowings,andtradeandotherpayables. NonͲderivativefinancialinstrumentsareinitiallyrecognisedatfairvalue,plusdirectlyattributable transactioncosts(ifany),exceptforinstrumentsrecordedatfairvaluethroughprofitandloss.Afterinitial recognition,nonͲderivativefinancialinstrumentsaremeasuredasdescribedbelow.

Loansandreceivables

Loansandreceivablesaremeasured atfairvalueatinceptionandsubsequentlyatamortisedcostusingthe effectiveinterestratemethod.

Financialliabilities

Financialliabilitiesincludetradepayables,othercreditors,loansfromthirdpartiesandloansfromorother amountsduetodirectorͲrelatedentities. NonͲderivativefinancialliabilitiesarerecognisedatamortisedcost,comprisingoriginaldebtlessprincipal paymentsandamortisation. Financialliabilitiesareclassifiedascurrentliabilitiesunlessthegrouphasanunconditionalrighttodefer settlementoftheliabilityforatleasttwelvemonthsafterthereportingperiod.

Ͳ21 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 21 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES(CONTINUED)

(g)Property,plantandequipment

Eachclassofproperty,plantandequipmentiscarriedatcostorfairvalueless,whereapplicable,any accumulateddepreciationandanyaccumulatedimpairmentlosses. Property

Propertyismeasuredonacostbasis. Plantandequipment

Plantandequipmentismeasuredonthecostbasis.

Thecarryingamountofplantandequipmentisreviewedannuallybydirectorstoensureitisnotinexcessof therecoverableamountfromthoseassets.Therecoverableamountisassessedonthebasisofthe expectednetcashflowswhichwillbereceivedfromtheassetsemploymentandsubsequentdisposal.The expectednetcashflowshavebeendiscountedtopresentvaluesindeterminingrecoverableamounts. Depreciation

Thedepreciableamountofallfixedassetsisdepreciatedovertheirestimatedusefullivescommencingfrom thetimetheassetisheldreadyforuse. Leaseholdimprovementsaredepreciatedovertheshorterofeithertheunexpiredperiodoftheleaseorthe estimatedusefullivesoftheimprovements. Classoffixedasset Depreciationrates Depreciationbasis Landandbuildingsatcost 2.5% Straightline Leaseholdimprovementsatcost 2.5%Ͳ20% Straightline Plantandequipmentatcost 5%Ͳ40% Straightline Leasedplantandequipmentatcost 20% Straightline

(h)Intangibles

Goodwill

Goodwillisrecognisedinitiallyattheexcessovertheaggregateoftheconsiderationtransferred,thefair valueofthenonͲcontrollinginterest,andtheacquisitiondatefairvalueoftheacquirer’spreviouslyheld equityinterest(incaseofstepacquisition),lessthefairvalueoftheidentifiableassetsacquiredand liabilitiesassumed.

Ͳ22 Ͳ WESTERN BULLDOGS 2013 Financial Report 22 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES(CONTINUED) (h)Intangibles(Continued)

Goodwillisnotamortised,butistestedforimpairmentannually,ormorefrequentlyifeventsorchangesin circumstancesindicatethatitmightbeimpaired,andiscarriedatcostlessaccumulatedimpairmentlosses.

GamingEntitlements Gamingentitlementsacquiredarerecordedatcostlessaccumulatedamortisationandimpairment. Amortisationischargedonastraightlinebasisovertheirestimatedusefuleconomiclives.

Leaseacquisitioncosts Leaseacquisitioncostsarerecognisedatcostofacquisition.Leaseacquisitioncostshaveafiniteusefullife andarecarriedatcostlessaccumulatedamortisationandimpairmentlosses.Leaseacquisitioncostsare amortisedovertheinitialtermofthelease.

(i)Impairment

Assetswithanindefiniteusefullifearenotamortisedbutaretestedannuallyforimpairmentinaccordance withAASB136.Assetssubjecttoannualdepreciationoramortisationarereviewedforimpairment whenevereventsorcircumstancesarisethatindicatethatthecarryingamountoftheassetmaybe impaired. Animpairmentlossisrecognisedwherethecarryingamountoftheassetexceedsitsrecoverableamount. Therecoverableamountofanassetisdefinedasthehigherofitsfairvaluelesscoststosellandvaluein use. Therecoverableamountisassessedonthebasisoftheexpectednetcashflowswhichwillbereceivedfrom theassetsemploymentandsubsequentdisposal.Theexpectednetcashflowshavebeendiscountedto presentvaluesindeterminingrecoverableamounts.

(j)Provisions

Provisionsarerecognisedwhenthecompanyhasalegalorconstructiveobligation,asaresultofpast events,forwhichitisprobablethatanoutflowofeconomicbenefitswillresultandthatoutflowcanbe reliablymeasured.

Ͳ23 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 23 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES(CONTINUED)

(k)Leases

Leasesareclassifiedattheirinceptionaseitheroperatingorfinanceleasesbasedontheeconomic substanceoftheagreementsoastoreflecttherisksandbenefitsincidentaltoownership. Operatingleases

Leasepaymentsforoperatingleases,wheresubstantiallyalltherisksandbenefitsremainwiththelessor, arerecognisedasanexpenseonastraightͲlinebasisoverthetermofthelease. LeaseincentivesreceivedunderoperatingleasesarerecognisedasaliabilityandamortisedonastraightͲ linebasisoverthelifeoftheleaseterm.

(l)Employeebenefits

(i)ShortͲtermemployeebenefitobligations

Liabilitiesarisinginrespectofwagesandsalaries,annualleaveandanyotheremployeebenefitsexpectedto besettledwithintwelvemonthsofthereportingdatearemeasuredattheirnominalamountsbasedon remunerationrateswhichareexpectedtobepaidwhentheliabilityissettled.TheexpectedcostofshortͲ termemployeebenefitsintheformofcompensatedabsencessuchasannualleaveisrecognisedinthe provisionforemployeebenefits.AllothershortͲtermemployeebenefitobligationsarepresentedas payables. (ii)LongͲtermemployeebenefitobligations

Liabilitiesarisinginrespectoflongserviceleaveandannualleavewhichisnotexpectedtobesettledwithin twelvemonthsofthereportingdatearemeasuredatthepresentvalueoftheestimatedfuturecash outflowtobemadeinrespectofservicesprovidedbyemployeesuptothereportingdate. Employeebenefitobligationsarepresentedascurrentliabilitiesinthebalancesheetiftheentitydoesnot haveanunconditionalrighttodefersettlementforatleasttwelvemonthsafterthereportingdate, regardlessofwhentheactualsettlementisexpectedtooccur.

(m)Goodsandservicestax(GST)

Revenues,expensesandassetsarerecognisednetoftheamountofGST,exceptwheretheamountofGST incurredisnotrecoverablefromtheTaxOffice.InthesecircumstancestheGSTisrecognisedaspartofthe costofacquisitionoftheassetoraspartofanitemoftheexpense.Receivablesandpayablesinthe statementoffinancialpositionareshowninclusiveofGST. Cashflowsarepresentedinthestatementofcashflowsonagrossbasis,exceptfortheGSTcomponentof investingandfinancingactivities,whicharedisclosedasoperatingcashflows.

Ͳ24 Ͳ WESTERN BULLDOGS 2013 Financial Report 24 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE1:STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES(CONTINUED) (n)Comparatives

Wherenecessary,comparativeinformationhasbeenreclassifiedandrepositionedforconsistencywith currentyeardisclosures.

(o)ClubFutureFundDistributions

TheAFLhascommittedtosupportingthecompanyinthe2014financialyearwithapaymentof$2.81 millionfromtheClubFutureFund(2013:$2.95million).

NOTE2:CRITICALACCOUNTINGESTIMATESANDJUDGEMENTS

Certainaccountingestimatesincludeassumptionsconcerningthefuture,which,bydefinition,willseldom representactualresults.Estimatesandassumptionsbasedonfutureeventshaveasignificantinherentrisk, andwherefutureeventsarenotasanticipatedtherecouldbeamaterialimpactonthecarryingamountsof theassetsandliabilitiesdiscussedbelow: (a)Impairmentofgoodwill

Goodwillisallocatedtocashgeneratingunits(CGU’s)accordingtoapplicablebusinessoperations.The recoverableamountofaCGUisbasedonvalueinusecalculations.Thesecalculationsarebasedon projectedcashflowsapprovedbymanagement.Management’sdeterminationofcashflowprojectionsare basedonpastperformanceanditsexpectationforthefuture.

2013 2012 $$ NOTE3:REVENUE

(a)Revenuefromoperatingactivities AFLsourcedincome 7,911,240 7,456,872 AFLͲClubFutureFund 2,995,000 2,870,000 Gatereceipts/matchreturns 1,240,180 1,374,525 Communications 727,024 649,324 BusinessDevelopment 7,298,579 6,610,323 Membership 5,094,512 5,136,543 Hospitality 5,153,153 3,171,177 Eventsandfundraising 1,383,784 2,289,666 Consumerproducts 884,451 1,261,583 SpiritWestservices 822,721 1,400,930 Otherincome 342,173 556,308 Loanforgiveness 200,000 Ͳ 34,052,817 32,777,251

Ͳ25 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 25 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE4:OPERATINGPROFIT

Lossfortheyearhasbeendeterminedafter: Depreciation 1,255,770 1,220,198 Amortisation 235,326 53,399 Baddebts 33,455 Ͳ ImpairmentlossesͲtradeandotherreceivables Ͳ 11,195 Employeebenefits 17,856,594 17,399,967 Gainondisposalofnoncurrentassets Ͳ (121) Interestexpense 533,389 613,234 Rentalexpenseonoperatingleases 376,305 366,894

NOTE5:KEYMANAGEMENTPERSONNELCOMPENSATION Compensationreceivedbykeymanagementpersonnelofthecompany 1,150,299 1,201,469

NOTE6:CASHANDCASHEQUIVALENTS Cashonhand 94,943 92,324 Cashatbank 2,901,019 1,513,534 2,995,962 1,605,858

NOTE7:RECEIVABLES

CURRENT Tradedebtors 1,038,688 966,794 Impairmentloss (3,601) (14,601) 1,035,087 952,193 Otherreceivables 18,926 3,527 1,054,013 955,720

Ͳ26 Ͳ WESTERN BULLDOGS 2013 Financial Report 26 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE7:RECEIVABLES(CONTINUED)

Impairmentoftradereceivables Tradereceivablesarenoninterestbearingwith30 daysterms.Animpairmentlossisrecognisedwhenthere isobjectiveevidencethatanindividualtradereceivableisimpaired.Theimpairmentlosseshavebeen includedwithinadministrationexpensesinthestatementofcomprehensiveincome.Alltradereceivables thatarenotimpairedareexpectedtobereceivedwithintradingterms. Movementsintheaccumulatedimpairmentlosseswere: 2013 2012 $$ Openingbalanceat1November 14,601 12,211 Chargefortheyear Ͳ 11,195 Amountswrittenoff (11,000) (8,805) Closingbalanceat31October 3,601 14,601

NOTE8:INVENTORIES

CURRENT Atnetrealisablevalue BulldogsShopMerchandise 329,466 490,858 Foodandliquor 22,395 23,323 351,861 514,181

Writedownsofinventoriestonetrealisablevaluerecognisedasan expenseduringtheyear 30,000 9,458

NOTE9:OTHERASSETS

CURRENT Prepayments 190,270 380,176 UnexpiredContraServices 44,066 83,681 234,336 463,857

Ͳ27 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 27 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE10:INTANGIBLEASSETS Goodwillatcost 735,493 735,493 Provisionforimpairmentloss (20,571) (20,571) 714,922 714,922 GamingEntitlements 4,841,330 4,841,330 Accumulatedamortisation (280,905) (48,849) 4,560,425 4,792,481 Leaseacquisitioncosts 80,000 80,000 Accumulatedamortisation (51,496) (48,226) 28,504 31,774 Totalintangibleassets 5,303,851 5,539,177

(a)Reconciliations

Reconciliationofthecarryingamountsofintangibleassetsatthebeginning andendofthecurrentfinancialyear

Goodwillatcost Openingbalance 714,922 573,223 Additions Ͳ 141,699 Closingbalance 714,922 714,922

GamingEntitlements Openingbalance 4,792,481 242,067 Additions Ͳ 4,599,263 Amortisationexpense (232,062) (48,849) Closingbalance 4,560,419 4,792,481

Leaseacquisitioncosts Openingbalance 31,774 35,044 Amortisationexpense (3,270) (3,270) Closingbalance 28,504 31,774

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NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE11:PROPERTY,PLANTANDEQUIPMENT

Landandbuildings Atcost 542,695 542,695 Accumulateddepreciation (39,029) (25,462) 503,666 517,233

WhittenOvalandLeaseholdImprovements Atcost 32,962,225 32,876,548 Accumulateddepreciation (3,785,247) (2,858,938) WhittenOvalandLeaseholdImprovements 29,176,978 30,017,610

Plantandequipment Plantandequipmentatcost 3,306,126 3,020,667 Accumulateddepreciation (1,869,168) (1,598,413) 1,436,958 1,422,254 Leasedplantandequipmentatcost Ͳ 95,649 Accumulateddepreciation Ͳ (95,649) ͲͲ Capitalisedleaseholdcosts 507,834 338,111 Accumulatedamortisation (6,867) (6,867) 500,967 331,244 Totalplantandequipment 1,937,925 1,753,498 Totalproperty,plantandequipment 31,618,569 32,288,341

(a)Reconciliations

Reconciliationofthecarryingamountsofproperty,plantandequipmentat thebeginningandendofthecurrentfinancialyear

Landandbuildings Openingcarryingamount 517,233 530,800 Depreciationexpense (13,567) (13,567) Closingcarryingamount 503,666 517,233

WhittenOvalandleaseholdimprovements Openingcarryingamount 30,017,610 30,821,204 Additions 85,677 5,282 Depreciationexpense (926,309) (808,876) Closingcarryingamount 29,176,978 30,017,610

Ͳ29 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 29 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE11:PROPERTY,PLANTANDEQUIPMENT(CONTINUED)

(a)Reconciliations(Continued)

Plantandequipment Openingcarryingamount 1,422,254 1,493,738 Additions 330,598 323,269 Disposals Ͳ (279) Depreciationexpense (315,894) (394,474) Closingcarryingamount 1,436,958 1,422,254

Leasedplantandequipment Openingcarryingamount Ͳ 4,957 Depreciationexpense Ͳ (4,957) Closingcarryingamount Ͳ Ͳ

Capitalisedleaseholdcosts Openingcarryingamount 331,244 298,900 Additions 169,723 32,717 Depreciationexpense Ͳ (373) Closingcarryingamount 500,967 331,244

Totalproperty,plantandequipment Carryingamountat1November 32,288,341 33,149,599 Additions 585,998 361,268 Disposals Ͳ (279) Depreciationexpense (1,255,770) (1,222,247) Carryingamountat31October 31,618,569 32,288,341

NOTE12:PAYABLES

CURRENT Unsecuredliabilities Tradecreditors 4,925,686 5,278,147 Sundrycreditorsandaccruedexpenses 1,285,700 824,593 Payableforgamingmachineentitlements 968,267 968,267 7,179,653 7,071,007

Ͳ30 Ͳ WESTERN BULLDOGS 2013 Financial Report 30 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE12:PAYABLES(CONTINUED)

NONCURRENT Unsecuredliabilities Otherpayables 813,926 1,169,166 Payableforgamingmachineentitlements 2,420,663 3,388,930 3,234,589 4,558,096

NOTE13:BORROWINGS

CURRENT Securedliabilities Commercialbill 4,082,000 3,656,000 Otherloan 116,669 138,601 4,198,669 3,794,601

NONCURRENT Unsecuredliabilities Loanfromrelatedparty 17 800,000 Ͳ Securedliabilities Otherloan 1,551,319 1,688,426 2,351,319 1,688,426

(a)Termsandconditionsandassetspledgingassecurityrelatingtotheabovefinancialinstruments Theabovefinancialinstrumentsaresecuredby: a)AsecondrankingregisteredcompanychargebyWestpacBankingCorporation(withadeedofpriorityto rankfirst)overtheassetsofFootscrayFootballClubLimitedtotheamountof$5,000,000and; b)Astandardguaranteeandindemnitylimitedto$4,550,000bytheAustralianFootballLeagueinfavourof theWestpacBankingCorporation. c)AfixedandfloatingchargeinfavourofTabcorpInvestmentsNo.6PtyLtdovertheassetsofThe PeninsulaCluboperatedattheformerDromanaͲRedHillRSL.

Ͳ31 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 31 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

2013 2012 $$

NOTE14:PROVISIONS

CURRENT Employeebenefits (a) 366,628 409,512 NONCURRENT Employeebenefits (a) 148,540 146,842 (a)Aggregateemployeebenefitsliability 515,168 556,354

NOTE15:OTHERLIABILITIES

CURRENT IncomeinAdvance 994,770 471,136

NOTE16:RETAINEDEARNINGS Retainedearningsatbeginningofyear 23,227,514 23,364,193 Netloss (143,090) (136,679) 23,084,424 23,227,514

NOTE17:RELATEDPARTYTRANSACTIONS

Thecompanyhasarelatedpartyrelationshipwithitskeymanagementpersonnelandtheirassociated entities.

ThecompanyhasarelatedpartyrelationshipwiththeWesternBulldogsForeverFoundation,anentityfor whichDrSusanAlbertiHonLLDisadirector,andGordonLegalandComprehensiveLegalFunding,entities forwhichPeterGordonisadirector.

Anumberofkeymanagementpersonnelofthecompany,ortheirrelatedparties,holdpositionsinother entitiesthatresultinthemhavingcontrolofsignificantinfluenceoverthefinancialreportingpoliciesof theseentities.

Twooftheseentitiestransactedwiththecompanyinthereportingperiod.Thetermsandconditionsofthe transactionwithdirectorsandtheirrelatedpartieswerenomorefavourablethanthoseavailable,orwhich mightreasonablybeexpectedtobeavailableonanarmslengthbasis.

Ͳ32 Ͳ WESTERN BULLDOGS 2013 Financial Report 32 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

NOTESTOFINANCIALSTATEMENTS FORTHEYEARENDED31OCTOBER2013

NOTE17:RELATEDPARTYTRANSACTIONS(CONTINUED)

(a)Transactionswithdirectorsoftheentityandtheirpersonallyrelatedentities Amountsduetorelatedparties Duringthe2013financialyear,theclubreceivedaloanfromadirectororhisrelatedentities.Thisloan totalled$1millionofwhich$800,000isoutstandingat31October2013.Thedirectororhisrelatedentities agreedtoforgiverepaymentof$200,000oftheloanduringthe2013financialyear.Theloanisinterestfree andunsecured,andthedirectororhisrelatedentitieshavegivenundertakingsthisloanwillnotbecalledon foraperiodof19monthsfromfinancialyearend.

CorporateSponsorship ThebelowcorporatesponsorshiptransactionsareinrelationtoDrSusanAlbertiHonLLDasDirectorof GoldAgePtyLtdandPeterGordonasDirectorofGordonLegalandComprehensiveLegalFunding.

2013 2012 $$ Amountsduetorelatedparties 800,000 Ͳ CorporateSponsorship 381,414 159,500 (b)EachdirectorisafullypaidupmemberoftheClubandfromtimetotimemaypurchaseticketstoClub eventsandfunctionsatnormalmemberrates.

NOTE18:CONTINGENTLIABILITIES

(a)NonͲcancellableoperatingleasecommitmentscontractedforbutnot capitalisedinthefinancialstatements Notlaterthanoneyear 291,675 289,442 Laterthanoneyearbutnotlaterthanfiveyears 417,403 533,186 Laterthanfiveyears 586,739 929,243 1,295,817 1,751,871 OperatingleasecommitmentsincludetheleaseofthepropertylocatedatWhittenOval,417BarklyStreet, FootscrayWest,venuesoperatedbytheclubandplantandequipmentusedintheoperationsoftheclub. (b)GamingMachineCommitments Notlaterthanoneyear 696,140 675,864 Laterthanoneyearbutnotlaterthanfiveyears 7,666,058 7,442,775 Laterthanfiveyears 10,458,444 11,377,867 18,820,642 19,496,506

Ͳ33 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 33 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595 ABN68005226595

NOTESTOFINANCIALSTATEMENTS DIRECTORS'DECLARATION FORTHEYEARENDED31OCTOBER2013

2013 2012 Thedirectorsofthecompanydeclarethat: $$ 1. Thefinancialstatementsandnotes,assetoutonpages15Ͳ34,areinaccordancewiththe CorporationsAct2001:and NOTE18:CONTINGENTLIABILITIES(CONTINUED) (a) complywithAustralianAccountingStandardsͲReducedDisclosureRequirementsandthe (c)PlayerPayments CorporationsRegulations2001;and Duetothecontracttermsvaryingconsiderablyamongstplayers,itisnotpracticabletoreliablymeasurethe (b) giveatrueandfairviewofthefinancialpositionasat31October2013andperformanceforthe futurecommitmentsunderplayercontracts. yearendedonthatdateofthecompany. (d)WhittenOvalRedevelopment 2. Inthedirectors'opiniontherearereasonablegroundstobelievethatthecompanywillbeabletopay itsdebtsasandwhentheybecomedueandpayable. In2010,theCompanyenteredintoanagreementwiththeVictorianUniversitytooccupyandusecertain spaceattheredevelopedWhittenOvalonalongtermarrangement.Intheeventoftermination,this agreementprovidedforacontributionrefundstartingat$7,671,450whichincludedtheupfrontpremises contribution$5,921,450andanamountrepresentingVictoriaUniversitiesfitoutcostsof$1,750,000. ThisdeclarationismadeinaccordancewitharesolutionoftheBoardofDirectors. ThefitͲoutcontributionof$1,750,000reducesby$175,000perannumovera10yearperiod,whilstthe premisescontributionreducesoveraperiodof18years. Totalamountspayableat31October2013intheeventofterminationare$4,934,541forthepremises contributionand$1,225,000forthefitͲoutcontribution. Director: PeterGordon NOTE19:EVENTSSUBSEQUENTTOREPORTINGDATE

SubsequenttoyearendtheWesternBulldogshavereceivedconfirmationthattheywillreceivetotal assistancefromtheAFLof$2.81millionfromtheNewClubFutureFundwhichispredominantlytaggedto specificinitiatives.Thisistobepaidduringthe2014financialyearsubjecttocertaincriteriabeingmet. Director: GaryKent NOTE20:MEMBERS'GUARANTEE

ThecompanyisincorporatedundertheCorporationsAct2001andisacompanylimitedbyguarantee.Ifthe Datedthis25thdayofNovember2013 companyiswoundup,theConstitutionstatesthateachmemberisrequiredtocontributetoamaximumof $2eachtowardsmeetinganyoutstandingsandobligationsofthecompany.

Ͳ34 Ͳ Ͳ35 Ͳ WESTERN BULLDOGS 2013 Financial Report 34 FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

DIRECTORS'DECLARATION

Thedirectorsofthecompanydeclarethat: 1. Thefinancialstatementsandnotes,assetoutonpages15Ͳ34,areinaccordancewiththe CorporationsAct2001:and (a) complywithAustralianAccountingStandardsͲReducedDisclosureRequirementsandthe CorporationsRegulations2001;and (b) giveatrueandfairviewofthefinancialpositionasat31October2013andperformanceforthe yearendedonthatdateofthecompany. 2. Inthedirectors'opiniontherearereasonablegroundstobelievethatthecompanywillbeabletopay itsdebtsasandwhentheybecomedueandpayable.

ThisdeclarationismadeinaccordancewitharesolutionoftheBoardofDirectors.

Director: PeterGordon

Director: GaryKent

Datedthis25thdayofNovember2013

Ͳ35 Ͳ Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 35

FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

INDEPENDENTAUDITOR'SREPORT TOTHEMEMBERSOFFOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS

WehaveauditedtheaccompanyingfinancialreportofFootscrayFootballClubLtdtradingasWestern Bulldogs,whichcomprisesthestatementoffinancialpositionasat31October2013,thestatementof comprehensiveincome,statementofchangesinequityandstatementofcashflowsfortheyearthen ended,notescomprisingasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation, andthedirectors'declaration.

Directors'ResponsibilityfortheFinancialReport

Thedirectorsofthecompanyareresponsibleforthepreparationofthefinancialreportthatgivesatrueand fairviewinaccordancewithAustralianAccountingStandards–ReducedDisclosureRequirementsandthe CorporationsAct2001andforsuchinternalcontrolasthedirectorsdetermineisnecessarytoenablethe preparationofthefinancialreportthatgivesatrueandfairviewandisfreefrommaterialmisstatement, whetherduetofraudorerror.

Auditor'sResponsibility

Ourresponsibilityistoexpressanopiniononthefinancialreportbasedonouraudit.Weconductedour auditinaccordancewithAustralianAuditingStandards.Thosestandardsrequirethatwecomplywith relevantethicalrequirementsrelatingtoauditengagementsandplanandperformtheaudittoobtain reasonableassuranceaboutwhetherthefinancialreportisfreefrommaterialmisstatement. Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthe financialreport.Theproceduresselecteddependontheauditor'sjudgement,includingtheassessmentof therisksofmaterialmisstatementinthefinancialreport,whetherduetofraudorerror.Inmakingthoserisk assessments,theauditorconsidersinternalcontrolrelevanttothecompany'spreparationofthefinancial reportthatgivesatrueandfairviewinordertodesignauditproceduresthatareappropriateinthe circumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessofthecompany's internalcontrol.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthe reasonablenessofaccountingestimatesmadebythedirectors,aswellasevaluatingtheoverall presentationofthefinancialreport. Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforour auditopinion.

Independence

Inconductingouraudit,wehavecompliedwiththeindependencerequirementsoftheCorporationsAct 2001.

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An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms Melbourne | Sydney | Perth | Adelaide | Brisbane | Newcastle An independent member of Baker Tilly International

WESTERN BULLDOGS 2013 Financial Report 36

FOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS ABN68005226595

INDEPENDENTAUDITOR'SREPORT TOTHEMEMBERSOFFOOTSCRAYFOOTBALLCLUBLTDTRADINGASWESTERNBULLDOGS

Opinion

Inouropinion,thefinancialreportofFootscrayFootballClubLtdtradingasWesternBulldogsisin accordancewiththeCorporationsAct2001,including: (a) givingatrueandfairviewofthecompany’sfinancialpositionasat31October2013andofits performancefortheyearendedonthatdate;and (b) complyingwithAustralianAccountingStandards–ReducedDisclosureRequirementsandthe CorporationsRegulations2001.

PAJOSE PITCHERPARTNERS Partner Melbourne

25November2013

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An independent Victorian Partnership ABN 27 975 255 196 Pitcher Partners is an association of independent firms Melbourne | Sydney | Perth | Adelaide | Brisbane | Newcastle An independent member of Baker Tilly International

Footscray Football Club Ltd trading as Western Bulldogs ABN 68 005 226 595 37