Collingwood Football Club Limited (a company limited by guarantee) ACN 006 211 196
ANNUAL FINANCIAL REPORT 31 OCTOBER 2018 Collingwood Football Club Limited (a company limited by guarantee) ACN 006 211 196
ANNUAL FINANCIAL REPORT 31 OCTOBER 2018
Contents
Collingwood Football Club Limited Directors’ report 2
Lead auditor’s independence declaration under section 307C of the Corporations Act 2001 6
Consolidated Statement of Comprehensive Income 7
Consolidated Statement of Changes in Equity 8
Consolidated Statement of Financial Position 9
Consolidated Statement of Cash Flows 10
Notes to the Consolidated Financial Statements 11
Directors’ declaration 29
Auditor’s report 30
COLLINGWOOD FOOTBALL CLUB Limited 1
Collingwood Football Club Limited
Directors’ report
To the Members of the Collingwood Football Club Limited (the “Company”).
The directors present their report, together with the financial report of the Group, being the Company and its controlled entities, for the year ended 31 October 2018 and the auditor’s report thereon.
Directors
The directors of the Group at any time during or since the end of the financial year were:
Mr E McGuire AM President – Appointed 29 October 1998 Qualifications – Doctorate of Communications Honoris Casua (RMIT) Experience – Director of McGuire Media Pty Ltd; Director of Twenty3 Sport and Entertainment; President of Melbourne Stars; Board & Committee member for numerous charities
Mr A Waislitz Vice President/Director – Appointed 29 October 1998 Qualifications – B.Ec., LL.B (Monash University Melbourne). Graduate Harvard Business School OPM Program (Boston USA) Experience – Executive Chairman Thorney Investment Group, a private diversified investment company and Chairman of Thorney Opportunities and Thorney Technologies, both publicly listed investment companies.
Mr M Korda Vice President/Director – Appointed 15 May 2007 Qualifications – Bachelor of Business; Registered Company Auditor, Liquidator and Official Liquidator. Experience – Founder and Principal of the KordaMentha Group; Director of many various companies
Ms C Holgate Director – Appointed 29 January 2016 Qualifications – Masters of Business Administration (University Westminster, London), Graduate Diploma – Marketing, Graduate Diploma – Purchasing & Supply, Graduate Diploma – Management Experience – Chief Executive Officer & Managing Director of Australia Post, Chief Executive Officer & Managing Director of Blackmores, Chair Australia ASEAN council; Patron of Princes Trust.
Mr P Leeds Director – Appointed 13 November 2007 Qualifications – Associate Fellow – Aust Institute of Management Experience – Chairman Twenty3 Sport and Entertainment; Chairman Clip Board Pty Ltd; Mr P Licuria Director – Appointed 16 February 2018 Qualifications – Masters of Business Administration – Victoria University; Graduate Diploma – Business Management – Swinburne University Experience – Chief Executive Officer of Alffie; Relationship Director at Westpac; Collingwood Foundation board member; former AFL player
2 COLLINGWOOD FOOTBALL CLUB Limited
Page 2 Collingwood Football Club Limited
s i er Director – ppointed 1 ebruary 2018 i ic tio s – ache or of Commerce – ni ersity of a arat Certified racticin ccountant perie ce – Co C O and Co o ner, C’s indi enous consu tin oard member ustra ian nstitute for bori ina and orres trait s ander tudies, oard member athauron ass
r c i Director – ppointed 2 October 1 8 esi ned 1 ebruary 2018
s p i Director – ppointed 1 ecember 200 esi ned 1 ebruary 2018
Directors eeti s
The number of directors’ meetings held and the number of meetings attended by each of the directors durin the financia year as as fo o s
Directors eeti s i ce is o ittee eeti s o. of eetin s o. of eetin s o. of eetin s o. of eetin s Directors attended e i ib e to attend attended e i ib e to attend d ard c uire 11 11 e ais it 8 11 ar orda 10 11 au eeds 11 11 Christine o ate 11 11 au icuria 8 odie i er 8 8 isa Camp in 3 3 an c u in 3 3
ri cip cti ities
he principa acti ities of the roup durin the course of the financia year ere to conduct the operations of the Co in ood ootba C ub, to mana e its affairs, pro ide teams of ath etes bearin the name of the Co in ood ootba C ub and a pies etba and conduct arious community acti ities.
he roup o ns and operates a tra e a ency p us o ns and operates the easeho d of the Coach and orses in in ood and he C ub in Caro ine prin s.
1 Shows the number of meetings held and attended by each director during the period the director was a member of the Board or Committee. Note: E. McGuire, A. Waislitz, P.Licuria and C. Holgate attend Finance & Risk Committee meetings from time to time. A.Camplin & I.McMullin were replaced by P.Licuria & J.Sizer at the AGM in Feb 2018.
COLLINGWOOD FOOTBALL CLUB Limited 3
a e 3 Co in ood ootba C ub imited
e ie res t o oper tio s
full re ie of the olling ood ootball lub operations is contained in the President’s report published in the “In Black and White 2018 Year Book”. summar of the e financial information is as follo s
arnings before interest ta es de reciation and amortisation T rofit oss after interest ta es de reciation and amortisation et cash flo s from o erating acti ities The club has cash and cash e ui alents of lub has debt of lub has net assets of
Di i e s
The rticles of ssociation s ecificall rohibit the a ment of di idends to members o such di idends ere declared or aid
t te o irs
uring the ear entered into a contract of sale ith elbourne acing lub to sell the leasehold for “The Coach & Horses” in Ringwood and “The Club” in Caroline Springs.
t is antici ated that the sale ill be com leted earl in the financial ear
e ts s se e t to ce te
There has not arisen in the inter al bet een the end of the financial ear and the date of this re ort an item transaction or e ent of a material and unusual nature li el in the o inion of the directors of the om an to affect significantl the o erations of the rou the results of those o erations or the state of affairs of the rou in future financial ears
i e e e op e ts
The financial accounts for the ear ill include the o erating result of the “The Coach & Horses” in Ringwood and “The Club” in Caroline Springs until the sale to elbourne acing lub n addition to the results the financial accounts ill include the rofit on sale of the enues to
2 EBITDA is calculated as net profit plus adding back interest, depreciation and amortisation expense.
4 COLLINGWOOD FOOTBALL CLUB Limited
age olling ood ootball lub imited
COLLINGWOOD FOOTBALL CLUB Limited 5 6 COLLINGWOOD FOOTBALL CLUB Limited
o so i te t te e t o o pre e si e co e
or t e e r e e cto er
ote
Re enue 82 0 0 8
inancial inco e 2 2 2 Total re enue and other inco e 82 0 011
Co ercial acti ities e bership and atch da s e penses 21 1 8 8
Tea s e penses 0 2 28 1
unction centres and ga ing enue e penses 1 2 1 1 8 8
ther e penses 2 2
perating lease rental e penses 22 0 0 2 epreciation and a ortisation e pense & 10 0 2 0 2 8 18 inancial e penses 110
112 0 2 2 2 2 Pro it on sale o asset ro it oss e ore i co e t 112 0 2 2 2 2 Inco e ta e pense 2 g
ro it oss or t e e r 112 0 2 2 2 2
t er co pre e si e i co e
ot co pre e si e i co e ttri t e to e bers o Collingwood ootball Club 112 0 2 2 2 2
The notes on pages 11 to 28 are an integral part of these consolidated financial statements.
COLLINGWOOD FOOTBALL CLUB Limited 7
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o so i te t te e t o es i it
or t e e r e e cto er
ett e et i e r i s ot it Balance at 1st o e ber 201 10 11 0 2 11 0 2 ot co pre e si e i co e or t e perio Pro it oss 2 2 2 2 2 2 Balance at 1st ctober 201 10 2 8 08 2 8 18
Balance at 1st o e ber 201 10 2 8 08 2 8 18 ot co pre e si e i co e or t e perio Pro it oss 112 0 2 112 0 2
ce t st cto er
The notes on pages 11 to 28 are an integral part of these consolidated financial statements.
8 COLLINGWOOD FOOTBALL CLUB Limited
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o so i te t te e t o i ci ositio
s t cto er
ote ssets Cash and cash e ui alents 1 2 1 10 1 8 018 Trade and other recei ables 2 801 1 882 018 In entories 1 1 8 Prepa ents 1 11 1 ssets classi ied as held or sale 8 8 1
ot c rre t ssets 21 0 1 1 1 Propert plant and e uip ent 28 2 2 2 1 Intangible assets 10 8 8 2 0 8 1
ot o c rre t ssets 28 82 2 0
ot ssets 8 1 0 8 1 0 1
i i ities Trade and other pa ables 11 111 21 oans and borrowings 12 1 00 000 plo ee bene its 1 2 1 2 08
nearned inco e 18 88 82 1
ot c rre t i i ities 1 8 8 1 8 oans and borrowings 12 1 00 000 plo ee bene its 1 8 00 28 2
nearned inco e 1
ot o c rre t i i ities 1 2 2 0
ot i i ities 1 201 200 1 1 2
et ssets 2 0 0 2 8 18
it Settled su 10 10
Retained earnings 2 0 0 2 8 08
ot e it
The notes on pages 11 to 28 are an integral part of these consolidated financial statements.
COLLINGWOOD FOOTBALL CLUB Limited 9
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o so i te t te e t o s o s
or t e e r e e cto er
ote s o s ro oper ti cti ities
Cash receipts in the course o operations 1 122 2 8 8
Cash paid in the course o operations 8 8 8 1 8
et c s ro oper ti cti ities 2 8 2 0 s o s ro i esti cti ities
c uisition o propert plant and e uip ent 1 2 1
c uisition o so tware 1 220 Pa ent or ga ing entitle ents 1 10 et c s se i i esti cti ities 1 8 2 1 8 s o s ro i ci cti ities Repa ent o borrowings 00 000
Interest recei ed 2 2
Interest paid 110
et c s ro se i i ci cti ities 81 8 080
et i cre se ecre se i c s c s e i e ts 01 280
s c s e i e ts t o e er 10 1 8 018 10 8 12 s c s e i e ts t cto er 1 2 1 10 1 8 018
The notes on pages 11 to 28 are an integral part of these consolidated financial statements.
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otes to t e o so i te i ci t te e ts
or t e e r e e cto er
o i oo oot i ite
Collingwood Football Club Limited (the “Company”), a not or pro it entit is a co pan li ited b guarantee where statutor e bers guarantee its liabilities to the e tent o 10. The registered o ice o the Co pan is The Holden Centre l pic Park elbourne ictoria. The consolidated inancial state ents o the Co pan as at and or the ear ended 1 ctober 2018 co prise o the Co pan and its subsidiaries together re erred to as the “Group” and individually as “Group entities”) and the Group’s interest in associates and jointly controlled entities.
The principal accounting policies adopted in the preparation o the inancial report are set out below. These policies ha e been consistentl applied to all the ears presented unless otherwise stated. Certain co parati e a ounts ha e been reclassi ied to con or with the current year’s presentation.
t te e t o si i ic t cco ti po icies
The signi icant policies which ha e been adopted in the preparation o this inancial report are
t te e t o co p i ce
The consolidated inancial state ents o the roup are Tier 2 general purpose inancial state ents which ha e been prepared in accordance with ustralian ccounting Standards – Reduced isclosure Re uire ents SBs adopted b the ustralian ccounting Standards Board SB and the Corporations ct 2001.
The consolidated inancial state ents were authorised or issue b the directors on 28th o e ber 2018. The directors ha e the power to a end and reissue the inancial state ents.
sis o prep r tio
These consolidated inancial state ents are presented in ustralian dollars, which is the Group’s functional currenc . The consolidated inancial state ents ha e been prepared on the historical cost basis unless otherwise stated.
The preparation o consolidated inancial state ents in con or it with SBs re uires anage ent to ake udge ents esti ates and assu ptions that a ect the application o accounting policies and the reported a ounts o assets liabilities inco e and e penses. ctual results a di er ro these esti ates.
sti ates and underl ing assu ptions are re iewed on an ongoing basis. Re isions to accounting esti ates are recognised in the period in which the esti ate is re ised and in an uture periods a ected.
In or ation about critical udge ents in appl ing accounting policies that ha e the ost signi icant e ect on the a ounts recognised in the consolidated inancial state ents is included in the ollowing notes
Note 6 – Trade and other receivables
Pro isions are established or bad or doubt ul recei ables. ctual e penses in uture periods a be di erent ro the pro isions established and an such di erences would a ect the uture earnings o the roup.
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–
he Group tests annually whether intangibles suffered any impairment in accordance with the accounting policy for intangible assets. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). he recoverable amounts of cash generating units have been determined by value in use calculations.
New and amended standards adopted by the group
one of the new standards and amendments to standards that are mandatory for the first time for the financial year beginning ovember affected any of the amounts recognised in the current period or any prior period and are not li ely to affect future periods. he group has not elected to apply any pronouncements to the annual reporting period beginning ovember .
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for the ctober reporting period and have not been early adopted by the Group. The Group’s assessment of the impact of these new standards and interpretations is set out below.
( ffective date anuary )
he has issued a new standard for the recognition of revenue. he new standard is based on the principle that revenue is recogni ed when control of a good or service transfers to a customer.
he Group will underta e a more detailed assessment of the impact over the ne t twelve months, however it is not expected to have a material impact on the Group’s revenue recognition.
( ffective date anuary )
includes revised guidance on the classification and measurement of financial instruments, a new e pected credit loss model for calculating impairment on financial assets (e.g. trade debtors), and new general hedge accounting re uirements. he standard allows an irrevocable option to designate realised and unrealised gains through C for e uities not held for trading, removing the need to test for impairment.
( ffective date anuary )
will result in almost all leases being recognised on the balance sheet, as the distinction between operating and finances leases is removed.
will re uire a lessee to recognise assets and liabilities for all leases with a term of more than months, unless the underlying asset is of low value. lessee will measure right of use assets similarly to other non financial assets and lease liabilities similarly to other financial liabilities.
he Group will underta e a more detailed assessment of the impact over the ne t twelve months.
here are no other standards that are not yet effective and that would be e pected to have a material impact on the Group in the current or future reporting years and on foreseeable future transactions.
12 COLLINGWOOD FOOTBALL CLUB Limited
age Collingwood Football Club Limited
Comparative Financial information
nless other ise stated the accounting policies adopted are consistent ith those of the previous year. omparative information is reclassified here appropriate to enhance comparability and provide more appropriate information to users.
sis o co so i tio
ontrol is the po er to govern the financial and operating policies of an entity so as to obtain benefits from its activities. n assessing control the Group ta es into consideration potential voting rights that currently are exercisable. The ac uisition date is the date on hich control is transferred to the ac uirer. udgement is applied in determining the ac uisition date and determining hether control is transferred from one party to another.
ubsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed hen necessary to align them ith policies adopted by the Group.
ntra group balances and transactions and any unrealised income and expenses arising from intra group transactions are eliminated in preparing the consolidated financial statements.
e e e reco itio
Sales Revenue
evenues are recognised in the consolidated statement of comprehensive income hen the significant ris s and re ards of o nership have been transferred to the buyer. ales revenue comprises revenue earned net of returns and discounts from commercial activities function centres and gaming distributions membership match day activities and the sale of products or services to entities outside the Group
Travel Revenue
ommission revenue from the sale of airline tic ets and travel pac ages is recognised on the follo ing basis
hen deposits are received commission revenue is recognised based on the cancellation fee or
hen full payment has been received from the consumer and airline tic ets or redeemable value vouchers have been issued or hen the airline or travel pac age provider has been paid.
ommission revenue is recognised on a net basis.
AFL distributions
distributions are recognised as they are received.
Commercial activities, membership and match day
ommercial activities income is recognised hen amounts are due and payable in accordance ith the terms and conditions of the transactions.
embership income is recognised throughout the duration of the home and a ay season.
atch day gross income is recognised at the conclusion of each home game.
COLLINGWOOD FOOTBALL CLUB Limited 13
age olling ood ootball lub imited
Function centres and gaming venues revenue
ales comprise revenue earned net of returns discounts and allo ances from gaming machines and provision of food and beverage. Gaming bar bistro and function revenue is recognised as it is earned.
Members payments in advance
These contributions relate to non refundable and year membership plans that ere first introduced in . These members’ plans have been continued to be offered each year. ontributions received in advance from members that relate to future years are included in unearned income. ppropriate amounts of the contributions are included as revenue in the years to hich they relate.
Grant income
Grant income including contributions of assets is recognised hen the Group controls the contribution or right to receive the contribution and it is probable that the economic benefits comprising the contributions ill flo to the Group and the amount of the contribution can be measured reliably.
pe ses
Operating lease payments
ayments made under operating leases are recognised in the profit or loss on a straight line basis over the term of the lease. ease incentives received are recognised as an integral part of the total lease expense over the term of the lease.
Finance income and costs
inance income comprises interest income on funds invested. nterest income is recognised as it is received in the profit and loss using the effective interest method.
inance costs comprise interest expense on borro ings and un inding of the discount on gaming entitlements. orro ing costs are expensed as incurred and included in net financing costs.
oo s ser ices t
evenue expenses and assets are recognised net of the amount of goods and services tax G T except here the amount of G T incurred is not recoverable from the taxation authority. n these circumstances the G T is recognised as part of the cost of ac uisition of the asset or as part of the expense.
eceivables and payables are stated ith the amount of G T included. The net amount of G T recoverable from or payable to the T is included as a current asset or liability on the consolidated statement of financial position.
ash flo s are included in the consolidated statement of cash flo s on a gross basis. The G T components of cash flo s arising from investing and financing activities hich are recoverable from or payable to the T are classified as operating cash flo s.
co e t
The Group is exempt from income tax under ection of the ncome Tax ssessment ct .
14 COLLINGWOOD FOOTBALL CLUB Limited
age olling ood ootball lub imited
ropert p t e ip e t
Owned assets
tems of property plant and e uipment are measured at cost less accumulated depreciation see accountin policy “Depreciation”) and impairment losses see accountin policy “Impairment – inancial assets” .
ost includes e penditures that are directly attributable to the ac uisition of the asset. hen parts of an item of property plant and e uipment have different useful lives they are accounted for as separate items of property plant and e uipment.
he ains and losses on disposal of an item of property plant and e uipment are determined by comparin the proceeds from disposal ith the carryin amount of property plant and e uipment and are reco nised net ithin other income other e penses in the profit or loss.
Leased assets
eases in terms of hich the roup assumes substantially all the ris s and re ards of o nership are classified as finance leases. pon initial reco nition the leased asset is measured at an amount e ual to the lo er of its fair value and the present value of the minimum lease payments. ubse uent to initial reco nition the asset is accounted for in accordance ith the accountin policy applicable to that asset. ther leases are classified as operatin leases and the leased assets are not recognised in the Group’s consolidated statement of financial position.
Subsequent costs
he cost of replacin a component of an item of property plant and e uipment is reco nised in the carryin amount of the item if it is probable that the future economic benefits embodied ithin the component ill flo to the roup and its cost can be measured reliably. he carryin amount of the replaced component is dereco nised. he costs of the day to day servicin of property plant and e uipment are reco nised in profit or loss as incurred.
Memorabilia
tems of memorabilia purchased are recorded at the cost of ac uisition and memorabilia is revie ed on a periodic basis for impairment.
emorabilia collections are ept under special conditions to limit physical deterioration and they are anticipated to have a very lon and indeterminate useful life. o amount of depreciation has been reco nised in respect of purchased memorabilia collections as their service potential has not in any material sense been consumed durin the period.
ver the years the roup has also collected considerable memorabilia. his memorabilia is not recorded in the financial statements but has been independently valued and ill be revie ed on a periodic basis.
COLLINGWOOD FOOTBALL CLUB Limited 15
a e ollin ood ootball lub imited
Depreciation
Depreciation is ased on the cost of an asset less its residual alue for items of propert plant and e uipment including uilding e tensions and leasehold propert ut e cluding memora ilia ignificant components of indi idual assets are assessed and if a component has a useful life that is different from the remainder of that assets that component is depreciated separatel
Depreciation is recognised in the profit or loss on a straight line asis o er the estimated useful li es of each component of an item of propert plant and e uipment eased assets are depreciated o er the shorter of the lease term and their useful li es unless it is reasona l certain that the Group ill o tain o nership the end of the lease term and is not depreciated
he depreciation rates for the current and comparati e ear are as follo s
uilding tensions easehold Impro ements
urniture and ittings lant and uipment otor ehicles
emora ilia omputer ard are uipment
Depreciation methods useful li es and residual alues are re ie ed at each financial ear end and ad usted if appropriate
t i e ssets
Gaming licences and gaming entitlements that are ac uired the Group ha e finite li es and are measured at cost less accumulated amortisation and accumulated impairment losses see accounting polic “Impairment – Financial assets”)
he cost of gaming licences and gaming entitlements are calculated ased on the present alue of future cash flo s discounted at the mar et rate of interest at reporting date
oft are that is ac uired the Group and has a finite useful life is measured at cost less accumulated amortisation and accumulated impairment loss
u se uent e penditure is capitalised onl hen it increases the future economic enefits em odied in the specific asset to hich it relates ll other e penditure including e penditure on internall generated good ill and rands is recognised in profit and loss as incurred
16 COLLINGWOOD FOOTBALL CLUB Limited
age olling ood oot all lu imited
Intan i le assets are am rtise n a strai t line asis in pr it r l ss er t eir estimate se l li es r m t e ate t e are a aila le r se e estimate se l li es r t e c rrent an c mparati e ear are as ll s
amin entitlements ears ears amin licences ears ears t are ears ears
m rtisati n met s se l li es an resi al al es are re ie e at eac inancial ear en an a ste i appr priate e remainin am rtisati n peri r t e amin entitlements is ears an r amin licence is ears
o eri ti e i ci ssets
e r p initiall rec nises l ans recei a les an ep sits n t e ate t at t e are ri inate ll t er inancial assets incl in assets esi nate at air al e t r pr it r l ss are rec nise initiall n t e tra e ate at ic t e r p ec mes a part t t e c ntract al pr isi ns t e instr ment
e r p erec nises a inancial asset en t e c ntract al ri ts t t e cas l s r m t e asset e pire r it trans ers t e ri ts t recei e t e c ntract al cas l s n t e inancial asset in a transacti n in ic s stantiall all t e ris s an re ar s ners ip t e inancial asset are trans erre n interest in trans erre inancial assets t at is create r retaine t e r p is rec nise as a separate asset r lia ilit
Financial assets an lia ilities are set an t e net am nt presente in t e c ns li ate statement inancial p siti n en an nl en t e r p as a le al ri t t set t e am nts an inten s eit er t settle n a net asis r t realise t e asset an settle t e lia ilit sim ltane sl
e r p as t e ll in n n eri ati e inancial assets
ans an recei a les are inancial assets it i e r etermina le pa ments t at are n t te in an acti e mar et c assets are rec nise initiall at air al e pl s an irect attri ta le transacti ns c sts se ent t initial rec niti n l ans an recei a les are meas re at am rtise c st sin t e e ecti e interest met less an impairment l sses
ans an recei a les c mprise cas an cas e i alents an tra e an t er recei a les
e tories
In ent ries are meas re at t e l er c st an net realisa le al e e c st in ent ries is ase n t e irst in irst t principle an incl es e pen it re inc rre in ac irin t e in ent ries an t er c sts inc rre in rin in t em t t eir e istin l cati n an c n iti n
et realisa le al e is t e estimate sellin price in t e r inar c rse siness less t e estimate c sts c mpleti n an sellin e penses
COLLINGWOOD FOOTBALL CLUB Limited 17
a e llin F t all l imite
s c s e i e ts
as an cas e i alents c mprise cas alances s rt term ills an call ep sits an er ra ts t at are repayable on demand and form an integral part of the Group’s cash management are included as a c mp nent cas an cas e i alents r t e p rp se t e c ns li ate statement cas l s
o eri ti e i ci i i ities
e r p initiall rec nises inancial lia ilities incl in lia ilities esi nate at air al e t r pr it r l ss n t e tra e ate at ic t e r p ec mes a part t t e c ntract al pr isi ns t e instr ment e r p erec nises a inancial lia ilit en its c ntract al li ati ns are isc ar e r cancelle r e pire Financial assets an lia ilities are set an t e net am nt presente in t e c ns li ate statement inancial p siti n en an nl en t e r p as a le al ri t t set t e am nts an inten s eit er t settle n a net asis r t realise t e asset an settle t e lia ilit sim ltane sl
e r p classi ie n n eri ati e inancial lia ilities int t e t er inancial lia ilities cate r c inancial lia ilities are rec nise initiall at air al e pl s an irectl attri ta le transacti n c sts se ent t initial rec niti n t ese inancial lia ilities are meas re at am rtise c st sin t e e ecti e interest rate met Financial lia ilities c mprise tra e an t er pa a les
p ir e t – i ci ssets i c i recei es
inancial asset n t carrie at air al e t r pr it r l ss is assesse at eac rep rtin ate t etermine et er t ere is ecti e e i ence t at it is impaire inancial asset is impaire i ecti e e i ence in icates t at a l ss e ent as cc rre a ter t e initial rec niti n t e asset an t at t e l ss e ent a a ne ati e e ect n t e estimate t re cas l s t at asset t at can e estimate relia l
ecti e e i ence t at inancial assets incl in e it sec rities are impaire can incl e e a lt r elin enc a e t r restr ct rin an am nt e t t e r p n terms t at t e r p l n t c nsi er t er ise in icati ns t at a e t r r iss er ill enter an r ptc t e isappearance an acti e mar et r a sec rit In a iti n r an in estment in an e it sec rit a si ni icant r pr l n e ecline in its air al e el its c st is ecti e e i ence impairment
e r p c nsi ers e i ence impairment r recei a les at t a speci ic asset an c llecti e le el ll in i i all si ni icant recei a les an el t mat rit in estment sec rities are assesse r speci ic impairment ll in i i all si ni icant recei a les an el t mat rit in estment sec rities n n t t e speci icall impaire are t en c llecti el assesse r an impairment t at as een inc rre t n t et i enti ie ecei a les an el t mat rit in estment sec rities t at are n t in i i all si ni icant are c llecti el assesse r impairment r pin t et er recei a les an el t mat rit in estment sec rities it similar ris c aracteristics
In assessin c llecti e impairment t e r p ses ist rical tren s t e pr a ilit e a lt timin rec eries an t e am nt l ss inc rre a sted for management’s judgement as to whether current ec n mic an cre it c n iti ns are s c t at t e act al l sses are li el t e reater r less t an s este ist rical tren s
n impairment l ss in respect a inancial asset meas re at am rtise c st is calc late as t e i erence between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s ri inal e ecti e interest rate sses are rec nise in pr it r l ss an re lecte in an all ance acc nt
18 COLLINGWOOD FOOTBALL CLUB Limited
a e llin F t all l imite
against receivables hen a subse uent event causes the amount of impairment loss to decrease the decrease in impairment loss is reversed through profit or loss
iabilities for employee benefits for wages salaries annual leave and sic leave represent present obligations resulting from employees’ services provided to reporting date, are measured on undiscounted amounts based on remuneration wage and salary rates that the Group e pects to pay as at reporting date including related on costs such as wor ers compensation insurance and payroll ta and are e pensed as the related service is provided on accumulating non monetary benefits such as medical care housing cars and free or subsidised goods and services are e pensed based on the net marginal cost to the Group as the benefits are ta en by the employees
The Group’s net obligation in respect of long term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods plus related on costs he benefit is discounted to determine its present value and the fair value of any related assets is deducted he discount rate is the yield at the reporting date on credit rated or government bonds that have maturity dates approximating the terms of the Group’s obligations. he calculation is performed using the projected unit credit method
defined contribution plan is a post employment benefit plan under which an entity pays fi ed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts bligations for contributions to defined contribution plans are recognised as an employee benefit e pense in profit or loss in the periods during which services are rendered by employees repaid contributions are recognised as an asset to the e tent that a cash refund or a reduction in future payments is available ontributions to a defined contribution plan that are due more than months after the end of the period in which the employees render the service are discounted to their present value
provision is recognised if as a result of a past event the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be re uired to settle the obligation rovisions are determined by discounting the e pected future cash flows at a pre ta rate that reflects current mar et assessments of the time value of money and the ris s specific to the liability he unwinding of the discount is recognised as finance cost
he financial information for the parent entity ollingwood ootball lub imited disclosed in note has been prepared on the same basis as the consolidated financial statements
COLLINGWOOD FOOTBALL CLUB Limited 19
age ollingwood ootball lub imited
distribution , , , , ommercial activities , , , , unction centres and gaming venues , , , , embership and match day , , , , ther , , , , Total revenue , , , , nterest income , , Total revenue and other income , , , ,
nterest expense , ,
ash on hand , , lient trust account , , ash at ban , , , ,
, , , ,
3 The cash shown as client trust account is held on behalf of customers until suppliers are paid on behalf of these customers.
20 COLLINGWOOD FOOTBALL CLUB Limited
age olling ood ootball lub imited
Current Trade receivables , , , , ess rovision for impairment , , , , , ,
ther receivables , ,
, , , ,
erchandise, li uor, food, souvenirs and football e uipment , ,
contract of sale has been signed for The lub aroline prings and oach orses and both venues are no presented as assets classified as held for sale. The contract of sale as signed on uly , ith the sale expected to complete early in ne financial year.
roperty, plant e uipment , , ntangibles , , , ,
COLLINGWOOD FOOTBALL CLUB Limited 21
age olling ood ootball lub imited
22
COLLINGWOOD FOOTBALL CLUB Limited
n addition to purchased memorabilia, the ompany has a significant collection of memorabilia hich has been ac uired over the years at no cost. n independent valuation as performed by r . ilne, certified ith the epartment of ommunications, in the financial year for , , .
alance as at ovember , , , , , , , , , , c uisitions , , , , , , , Transfers to ssets classified as held for sale , , , , , , , , sset retirements , , alance as at ctober , , , , , , , , ,
alance as at ovember , , , , , , , , epreciation charge for the year , , , , , , , Transfers to ssets classified as held for sale , , , , , , sset retirements , , alance as at ctober , , , , , , , ,
s at ovember , , , , , , , , , s at ctober , , , , , , , ,
Page 22 Collingwood Football Club Limited
alance as at ovember , , , , , , , c uisitions , , , Transfers to ssets classified as held for sale , , , , , , sset retirements alance as at ctober , , alance as at ovember , , , , , , , mortisation for the year , , , , Transfers to ssets classified as held for sale , , , , , , COLLINGWOOD FOOTBALL CLUB Limited sset retirements alance as at ctober , ,
s at ovember , , , , , , s at ctober , , 23
Page 23 Collingwood Football Club Limited
Trade payables , , , , ther payables and accruals , , , , Gaming licence , ,
, , , ,
oan acility , , , , an overdraft , ,
oan acility utilised at reporting date , , , ,
The overdraft and loan facilities are secured by general security agreements over the whole of the Group’s assets including all properties and members’ payments in advance. nterest on any ban overdraft is charged at prevailing mar et rates. This facility as not used during the year. oan facility expires on th pril .
mployee benefits , , , ,
mployee benefits , ,
The Group has paid contributions of , , to defined contribution plans on behalf of employees for the year ended ctober , , .
24 COLLINGWOOD FOOTBALL CLUB Limited
Page 24 Collingwood Football Club Limited
perating leases and plant and e uipment contracted but not provided for as payable ithin one year ne year or no later than five years ater than five years
he Group leases property plant and e uipment under operating leases e piring from one to fifteen years typically with an option to renew the leases after they e pire. n calculating the above commitments the Group has assumed a of where a increase is stipulated in the contract and the e ercise of certain options to renew. f these assumptions were e cluded from the calculation the total commitments for minimum lease payments in relation to operating leases would be .
Other commitments
ue to the contract terms varying considerably amongst players it is not practical to reliably measure the future commitments under player contracts.
Guarantees
he nature and the amounts of the guarantees issued by the Group are detailed below
Guarantees issued for lease agreements Guarantees issued for ie in the y rust Guarantees issued for venue gaming operations
COLLINGWOOD FOOTBALL CLUB Limited 25
Page 25 Collingwood Football Club Limited
Capital Commitments
apital e penditure contracted for at the reporting date but not recognised as liabilities is as follows
Property, plant and equipment ithin one year ater than one year but not later than five years
rofit oss for the period ther comprehensive income otal comprehensive income urrent ssets otal ssets urrent iabilities otal iabilities
ettled sum etained arnings
26 COLLINGWOOD FOOTBALL CLUB Limited
Page 26 Collingwood Football Club Limited
Parent company contingencies
Guarantees
he nature and the amounts of the guarantees issued by the ompany are detailed below
Guarantees issued for lease agreements Guarantees issued for ie in the y rust Guarantees issued for venue gaming operations
he ey management personnel compensation was for the year ended ctober
irectors are not remunerated by the Group for their services.
Other key management personnel disclosures
number of of the Group or their related parties hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities.
uring the year a number of purchased club membership pac ages match day tic ets club merchandise attended club functions made donations and contributed towards fundraising auctions. he terms and conditions of the transactions with and their related entities were no more favourable than those available or which might reasonably be e pected to be available on similar transactions with non related entities on an arm’s length basis.
he aggregate amounts of significant transactions recognised during the year relating to ey management personnel and other related parties for the ompany and Group amounted to
ales to urchases from eceivables from as at ctober ayables to as at ctober
COLLINGWOOD FOOTBALL CLUB Limited 27
Page 27 Collingwood Football Club Limited
olling oo ootball l b imite ie in the ra el t t ie in the r st olling oo ootball l b o n ation imite
here ha e been no matters or ir mstan es that ha e arisen sin e tober that ill signi i antl a e t or ma signi i antl a e t the o erations o the ro the res lts o the o erations or the state o a airs o the ro in s bse ent ears.
28 COLLINGWOOD FOOTBALL CLUB Limited
Page 28 Collingwood Football Club Limited
COLLINGWOOD FOOTBALL CLUB Limited 29 30 COLLINGWOOD FOOTBALL CLUB Limited COLLINGWOOD FOOTBALL CLUB Limited 31 32 COLLINGWOOD FOOTBALL CLUB Limited COLLINGWOOD FOOTBALL CLUB LIMITED Holden Centre Cnr Olympic Blvd & Batman Ave, Olympic Park, Melbourne VIC 3000 PO Box 165 Abbotsford VIC 3067 T | +61 3 8412 0000 E | [email protected] M | 1300 MAGPIE (1300 62 47 43) collingwoodfc.com.au