Wenty Leagues Annual Report - 2014

2014AnnuAl RepoRt

DiRectoRs

Tony Branson

George Mumford

President: Ian McCann

Alan Fowler

Vice President: Adam Cromack

Justin Isaacs

Laurie Capovilla

Trevor Simpson OAM

office BeAReRsHONORARY LIFE MEMBERS

L. L. Rigby 1980 Deceased W. L. Archer 1981 Deceased R. A. McIntosh 1982 Deceased R. L. Collison 1982 Deceased R. N. Downing 1984 J. R. Scott 1986 Deceased R. R. Howard 1987 T. P. Donoghue 1988 Deceased W. F. Webster OAM 1991 Deceased D. R. Cromack 1992 DeceasedK. F. Darke 1992B. J. Doyle 1993R. L. Mavin 1995J. Felstead 1999 DeceasedL. Capovilla 1999N. Stoddart 1999 DeceasedT. Simpson OAM 2001B. Bowman 2002 DeceasedA. Downing 2009 DeceasedA. Branson 2011J. Stephenson 2013

Auditors KPMGBankers Commonwealth Bank of AustraliaSolicitors Frank Legal

57TH AnnuAL RePORT 2014WenTWORTHVILLe LeAGueS CLuB LIMITed - ABn 25 000 244 45950 Smith St, Wentworthville nSW 2145Phone: 02 8868 9200 Fax: 02 8868 9290 email: [email protected]

MANAGEMENT

Chief Executive Officer Mark Sheridan

Financial Controller Nicole Pearce

Gaming & Operations Manager Glenn Kovacs

Food & Beverage Manager Michael Sue See

Marketing Manager Justin Coulton

Information Technology Communications Manager Colin Dunbar

Facilities Manager Paul Felice

Human Resources Manager Rebecca Green

Wentworthville Leagues Club Limited 57th Annual Report 2014 1

WENTWORTHVILLE LEAGUES CLUB LIMITED

For The Financial Year Ended 31 December 2014

57TH AnnuAL RePORT 2014WenTWORTHVILLe LeAGueS CLuB LIMITed - ABn 25 000 244 45950 Smith St, Wentworthville nSW 2145Phone: 02 8868 9200 Fax: 02 8868 9290 email: [email protected]

President’s Reportdear Members,

ian Mccann president

On behalf of the Board I am pleased to submit to Members the 57th Annual Report of Wentworthville Leagues Club.

I am proud to announce that our profit for 2014 is $7,124,749 and is the Club’s highest ever profit. This result is an increase of almost a million dollars on our profit for the previous financial year and has been driven by consistent results across the whole business. Our overall revenue, including Beverage and Catering sales, are up 6% on 2013 due to the ongoing review and refresh of our products and services, to ensure we meet and then exceed our Member’s expectations.

In stressing the importance of fiscal discipline in a period of growth, the cash flow generated has been applied to reduce our banking facilities by $5.2m in the reporting year ($9.4m to April 2015), while a further $2m was spent on capital projects and the maintaining of assets.

In early 2015, the Wenty Café began a fast-tracked renovation program to expand the kitchen and revise the front-of-house display and counter operations. The work was completed within budget and on time, while the improvements made to the Café for staff and Members have again exceeded expectations. The Café was reopened with a brand new menu and new trading hours, now opening from 8am on Saturdays and Sundays.

In June 2015, the Wenty Lounge expansion into the Atrium area will allow for extra seating capacity and compliance with the new legislation. While a smoking area will be maintained, it will be reduced in size to minimise the impact of the recent legislative changes that restrict food consumption in any designated smoking area.

I look forward to your attendance at the 2015 AGM in the Starlight Room on Sunday 24 May 2015 to update you on the business and the future development plans.

As part of our community support under the ClubGRANTS program, we partnered with Holroyd City Council to enable the sponsoring of local projects aimed to encourage cultural harmony, community safety, health and fitness, education and improve the quality of life for individuals and groups in our Holroyd community. This community funding is in addition to the support provided to our Members through the 17 Sub Clubs and other subsidised Member activities and entertainment.

We are proud to have aligned ourselves with the Black Dog Institute, a front line organisation in the diagnosis, treatment and prevention of mood disorders, such as depression and bipolar disorder. We are also proud of our staff that give up their time each year and provide a three course meal to the families unfortunate enough to need to stay at Ronald McDonald House.

In closing, I wish to thank the Management team for all their hard work in what has been a busy but ultimately very successful year for the Club. To my fellow Board members, I thank you for your support, persistence and hard work. I wish to also thank the wives, husbands and partners of the Board and Management team for their patience and understanding as the Club continues to move forward. To the various sporting clubs and all of our Members, thank you for your support and passion for our Club.

2 57th Annual Report 2014 Wentworthville Leagues Club Limited



Chief executive Officer’s Report

Wenty Leagues has positioned itself as a leader in the Club Industry following another year of fantastic results and a continued increase in visitation, trade and memberships. This activity has resulted in sustaining our Industry ranking as the top eight Club in the state.

The exposure and profile of Wenty Leagues has grown with cinema advertising, radio promotions including a 2UE breakfast broadcast with John & Garry and trivia with Triple M’s Anthony Maroon, all being part of the change.

Our range of community support in 2014 included ClubGRANTS, various Member support initiatives, sporting donations and even aligning ourselves with a major charity. This community support and giving back is a key part of what Wenty Leagues is all about. For example, we hosted a Calcutta Charity Dinner in 2014 for the Black Dog Institute, raising much needed funds for their important cause. This night was a success due to the generous support of our Club’s key suppliers.

Our Duty Managers and department Supervisors are half way into a two year Customer Service & Compliance Course and Leadership Development Program. This significant commitment in our Duty Managers allows for one-on-one assessments of day-by-day activities and events. Compliance and customer service standards are critical to setting the expectations and accountability for all our staff.

Workplace Health & Safety has also been at the forefront of the Clubs’ operational improvements, implementing the Clubs NSW Safety Management system. Formalising, documenting and communicating our safety protocols will ensure that our Work Health and Safety standards exceed the minimum standard for both our Members and our staff.

A number of our Club entertainment and promotional initiatives have achieved a strong following with our Members in 2014, including Latin Dance nights, Acoustic Open Mic sessions and Trivia. We will continue to trial innovative activities across all days and times of the week to provide our Members with new, enjoyable and social nights out at Wenty Leagues.

I wish to acknowledge the Board and Managers as individuals and a group for their imagination, foresight and dedication to deliver on the strategic and operational changes that have resulted in the strength in our financial position and placement to deliver on future development and diversification options.

dear Members,

Mark sheridanchief executive officer




Constitutional Reporting

2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508

CPI Constitution Approved ActualBase Period Allowance Amount Expenditure

Rule $ $ $87 Clubs NSW, Leagues Club Association and trade shows Jan-05 36,000 46,957 32,96588 Board meetings Club, charity and community attendance Jan-00 18,000 27,734 26,54189 Partner club, charity or community attendance Jan-05 9,500 12,391 6,65190 Director & guest - In house dinning Jan-00 6,400 9,861 6,04591 Annual sports, Board & AGM functions Jan-00 25,000 38,519 30,57592 Special function - service & achievement N/A93 Other expenses not specified in other rules Jan-05 6,000 7,826 3,36094 Uniform attire N/A

100,900 143,289 106,137

In accordance with the Constitution the total value of directors expenses under Rule 87 to Rule 93 (excluding Rule 92) for the year 2014 (indexed for CPI) is $143,289 (2013: $140,874). The actual expenditure for the year of $106,137 (2012: $95,011) is $37,151 and 26% below the amount allocated for the year and only an increase of $11,126 or 12% (increase in 2013: $,2,058 or 2%) above the costs of the prior year.

In accordance with the Constitution the Rule 92 Special functions and Rule 94 Club attire do not have approved amounts of expenditure but rather apply a "reasonable expenditure" test. The base year for the CPI annual increases is a combination of the adoption of the original constitution in the year 2000 and subsequent amendments in the year 2005.

Directors expenses

Director G MumfordDirector T Simpson OAM

Director A FowlerDirector J Isaacs

Director A BransonDirector L Capovilla

PositionPresident I McCannVice President

Members expenses

Directors Honorariums (Rule 86: Allowance $57,000 + CPI)

Member statement of benefit (Rule 70)

Donations - Clubgrants and otherRingrose Park & bowling greensSubsidised entertainment (non-gaming and net of revenue)

The apportionment of the annual profit has been appropriated for improvements to the benefit for themembers.

Donation - Sporting bodiesDonation - Accredited incorporated sport and recreational clubs

2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






Directors expenses


In accordance with the Constitution the Rule 92 Special functions and Rule 94 Club attire do not have approved amounts of expenditure but rather apply a “reasonable expenditure” test. The base year for the CPI annual increases is a combination of the adoption of the original constitution in the year 2000 and subsequent amendments in the year 2005.

2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses






2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses









Constitutional Reporting

2014$

4,38016,74211,84332,965

15,91010,274

35626,541

6,651

6,045

24,0042,7123,859

30,575

Other expenditure (Rule 93) 3,360

6,433

The aggregate sum representing the annual salaries, bonuses and emoluments paid (whentaken together) to the 6 highest paid Officers of the club including the CEO withoutreference to name or title (2013: $982,850) 1,042,854

The number of members registered at the end of the club's financial year (2013: 47,934) 51,587

Aggregate sum of the 6 highest paid officers of the club (Rule 156 (b)(i))

Registered members (Rule 156 (b)(ii))

Annual Sports & Recreation club dinnerAGM – May and December

Directors entertainment in house dining facilities (Rule 90)

Annual Board dinner

Club attire (Rule 94)

Club community and charity events.

Board meals & beverageCab chargeClub community & charity event

Special functions (Rule 91)

Board meetings and community & charity attendance (Rule 88)

Professional development and education (Rule 87)Clubs NSWLeagues Club Association

Partner attendance at community & charity events (Rule 89)

Directors expenses (continued)

Clubs NSW regional meetings, Gaming Expo conference and trade show and attendance other clubs.

2014$

4,38016,74211,84332,965

15,91010,274

35626,541

6,651

6,045

24,0042,7123,859

30,575


6,433







Annual Board dinner










2014$

4,38016,74211,84332,965

15,91010,274

35626,541

6,651

6,045

24,0042,7123,859

30,575


6,433







Annual Board dinner










2014$

4,38016,74211,84332,965

15,91010,274

35626,541

6,651

6,045

24,0042,7123,859

30,575


6,433







Annual Board dinner










2014$

789,740288,780351,927452,530610,657874,409

3,368,043

Name12,006

A Cromack 6,7866,7866,7866,7866,7866,7866,786

59,508



100,900 143,289 106,137



Directors expenses





Members expenses








For The Financial Year Ended 31 December 2014DIRECTORS REPORT

Director 8 years including President 6 years. Chairman of Board’s Remuneration Committee and Property Corporate and Investment Committee. Director of Leagues Club Association (Appointed 9 November 2013) , Delegate of member bodies of Clubs NSW and member of Club Directors Institute. Member of Clubs Corporate Governance Working Group, Boards Representative to Sports Council, Member of all Sporting Associations and patron of Darts Club and Cricket Club. Life member of WDRLFC. Interest in contracts - Nil

Director 11 years including Vice President 2 years (Appointed 26 May 2013). Member of Board’s Remuneration Committee and Chairman of Audit, Risk and Compliance Committee. Member of member bodies of Clubs NSW and Club Directors Institute. Delegate to Leagues Club Association, Alternate to Sports Council and Ringrose Park Local Committee. Member of all Sporting Associations including life member of WDRLFC. Interest in contracts - Nil

Director 4 years including Vice President 2 years (Ceased 26 May 2013). Member of Board’s Audit, Risk and Compliance Committee and Remuneration Committee. Member of member bodies of Leagues Club Association and Club Directors Institute. Member of all Sporting Associations. Interest in contracts - Laing +Simmons Real Estate

Director 15 years. Honorary Life Member. Member of the Board’s Sponsorship Committee. Member of member bodies of Leagues Club Association, Clubs NSW and Club Directors Institute. Board Representative to Ringrose Park Local Committee. Member of all Sporting Associations and Life member of WUJRLFC. Receipient of Australian sports medal. Leagues Club Australia’s Board and Managers Service Awards 15 yrs. Interest in contracts - Nil

Name Experience, qualifications, special responsibllltles and interest in contracts

I McCANNPresident

A CROMACKVice President

A FOWLERDirector

A BRANSONDirector

The directors present their report together with the financial report of Wentworthville Leagues Club Limited (the Company or the Club) for the financial year ended 31 December 2014 and the auditor’s report thereon.

DirectorsThe Directors of the Company at any time during or since the end of the financial year are:




For the year ended 31 December 2014

Director

J ISAACSDirector

G MUMFORDDirector

Wentworthville Leagues Club Limited

Directors' report (continued)

Directors (continued)


L CAPOVILLA Director 26 years. Honorary Life Member. Chairman of Board's

Sponsorship Committee. Alternate to Sports Council Delegate to Leagues

Club Association and member of Clubs NSW and Club Directors Institute.

Alternate to Ringrose Park Local Committee. Member of all Sporting

Associations, patron of Golf and life member of WUJRLFC and WDRLFC.

Leagues Club Australia’s Board and Managers Service Awards 25 yrs.

Director 15 years. Honorary Life Member. Member of Board's PropertyCorporate and Investment Committee. Member of member bodies ofLeagues Club Association and Club Directors Institute. Delegate to ClubsNSW. President of Ringrose Park Local Committee. Member of allSporting Associations including patron to Swimming, co-patron of Darts,patron and life member of Jujitsu and WUJRLFC. Recipient of Australiansports and Order of Australia medals and NSW senior achievementaward. Leagues Club Australia’s Board and Managers Service Awards15yrs.

Director 6 years. Member of Board's Remuneration Committee and Audit,Risk and Compliance Committee. Member of member bodies of LeaguesClub Association and Club Directors Institute. Member of all SportingAssociations including patron of Darts Club and Life member andPresident of Cricket ClubInterest in contracts - Wentworthville Leagues Cricket Club.

Interest in contracts - Nil

T SIMPSON OAMDirector



SHORT AND LONG TERM OBJECTIVESTo promote and encourage the sport of Rugby League in the Wentworthville district. To be the community's venue of choice that special destination every day of the week for that memorable experience.

STRATEGY FOR ACHIEVING OBJECTIVESThe objectives will be achieved through providing a value offering in product and service while increasing profitability in a quality hospitality and entertainment venue.

Director 8 non consecutive years. Member of Board's Property Corporate

and Investment Committee. Member of member bodies of Leagues Club

Association and Club Directors Institute. Member of all Sporting

Associations including Life Member of Men's Bowls Club.

Director 26 years. Honorary Life Member. Chairman of Board’s Sponsorship Committee. Alternate to Sports Council Delegate to Leagues Club Association and member of Clubs NSW and Club Directors Institute. Alternate to Ringrose Park Local Committee. Member of all Sporting Associations, patron of Golf and life member of WUJRLFC and WDRLFC. Leagues Club Australia’s Board and Managers Service Awards 25 yrs. Interest in contracts - Nil

Director 15 years. Honorary Life Member. Member of Board’s Property Corporate and Investment Committee. Member of member bodies of Leagues Club Association and Club Directors Institute. Delegate to Clubs NSW. President of Ringrose Park Local Committee. Member of all Sporting Associations including patron to Swimming, co-patron of Darts, patron and life member of Jujitsu and WUJRLFC. Recipient of Australian sports and Order of Australia medals and NSW senior achievement award. Leagues Club Australia’s Board and Managers Service Awards 15yrs. Interest in contracts - Nil

Director 6 years. Member of Board’s Remuneration Committee and Audit, Risk and Compliance Committee. Member of member bodies of Leagues Club Association and Club Directors Institute. Member of all Sporting Associations including patron of Darts Club and Life member and President of Cricket Club Interest in contracts - Wentworthville Leagues Cricket Club.

Director 8 non consecutive years. Member of Board’s Property Corporate and Investment Committee. Member of member bodies of Leagues Club Association and Club Directors Institute. Member of all Sporting Associations including Life Member of Men’s Bowls Club. Interest in contracts - Nil

L CAPOVILLADirector

T SIMPSON OAMDirector

J ISAACSDirector

G MUMFORDDirector


SHORT AND LONG TERM OBJECTIVESTo promote and encourage the sport of Rugby League in the Wentworthville district. To be the community’s venue of choice that special destination every day of the week for that memorable experience.

STRATEGY FOR ACHIEVING OBJECTIVESThe objectives will be achieved through providing a value offering in product and service while increasing profitability in a quality hospitality and entertainment venue.

Wentworthville Leagues Men’s Bowling Club



For The Financial Year Ended 31 December 2014DIRECTORS REPORTFor the year ended 31 December 2014



Type NumberFoundation life 36Honorary life 9Companion Life 5Twenty five year 2,607Fifty year 86Standard 37,591Concessional 11,164Staff 89

51,587

The profit after tax for the financial year is $7,124,750 (2013: Profit $6,133,539).

The company is limited by guarantee and without share capital. If the company is wound up, Rule 23 of the Constitution states that each member at that time, or within one year afterwards is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. As at 31 December 2014 there are 51,587 (2013: 47,934) current members across the following membership clases:-

MEMBERSHIP

MEASUREMENT OF PERFORMANCEThe entity is measured against a financial budget, a strategic plan and a set of key performance indicators that are assigned to its senior management team. In addition, research is carried out to assess the team's performance with regard to the demographic of the area and our competition.

PRINCIPAL ACTIVITIESThe principal activities of the company during the course of the financial year were that of a licensed club. The purpose of the club is to promote and encourage the sport of Rugby League and to provide facilities and services to its members.

ACTIVITIES IN ACHIEVING THE OBJECTIVESThe principal activities provided a financial return sufficient to maintain the assets of the club, promote and encourage the sport of Rugby League in the Wentworthville district and provide, promote and develop an environment within the club directed towards good fellowship and social harmony amongst its members.

RESULTS OF OPERATIONS



MEASUREMENT OF PERFORMANCEThe entity is measured against a financial budget, a strategic plan and a set of key performance indicators that are assigned to its senior management team. In addition, research is carried out to assess the team’s performance with regard to the demographic of the area and our competition.

MEMBERSHIPThe company is limited by guarantee and without share capital. If the company is wound up, Rule 23 of the Constitution states that each member at that time, or within one year afterwards is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. As at 31 December 2014 there are 51,587 (2013: 47,934) current members across the following membership clases:-

RESULTS OF OPERATIONSThe profit after tax for the financial year is $7,124,750 (2013: Profit $6,133,539).




Type NumberFoundation life 36Honorary life 9Companion Life 5Twenty five year 2,607Fifty year 86Standard 37,591Concessional 11,164Staff 89

51,587

The profit after tax for the financial year is $7,124,750 (2013: Profit $6,133,539).

The company is limited by guarantee and without share capital. If the company is wound up, Rule 23 of the Constitution states that each member at that time, or within one year afterwards is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. As at 31 December 2014 there are 51,587 (2013: 47,934) current members across the following membership clases:-

MEMBERSHIP

MEASUREMENT OF PERFORMANCEThe entity is measured against a financial budget, a strategic plan and a set of key performance indicators that are assigned to its senior management team. In addition, research is carried out to assess the team's performance with regard to the demographic of the area and our competition.



RESULTS OF OPERATIONS







Other meetingsAvaliable Attendance

34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268

Directors of the companyDetails of remuneration provided to directors is as follows:-

I McCann (President)Adam Cromack (Vice President)A BransonL CapovillaA FowlerJ IsaacsG MumfordT Simpson OAM

Ian McCannAdam CromackTony BransonLaurie Capovilla

The following table sets out the number of Director's meetings held and attended during the year. During the year 18 Board meetings were held. Under the Board's Charter for its Committee the Directors along with management combine to undertake the responsibilities of the Property Corporate and Investment Committee, Audit Risk and Compliance Committee, Sponsorship Committee. Disciplinary Committee and Remuneration Committee meetings.

DIRECTORS' MEETINGS

DirectorBoard meetings and Charter Committees

The directors have also attended other meetings and functions in fulfilling their duties, inclusive but not limited to industry professional bodies, sporting associations, councils and political representatives functions and sporting club committees throughout the year.

6,7866,7866,786

Alan FowlerJustin IsaacsGeorge Mumford

Remuneration of directors is in accordance with Rule 86 of the Constitution. DIRECTORS' AND EXECUTIVES' REMUNERATION

Trevor Simpson OAM

Directors Honorarium12,006

6,7866,7866,7866,786





34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268





DIRECTORS' MEETINGS



6,7866,7866,786



Trevor Simpson OAM


6,7866,7866,7866,786





34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268





DIRECTORS' MEETINGS



6,7866,7866,786



Trevor Simpson OAM


6,7866,7866,7866,786

$

DIRECTORS’ MEETINGSThe following table sets out the number of Director’s meetings held and attended during the year. During the year 18 Board meetings were held. Under the Board’s Charter for its Committee the Directors along with management combine to undertake the responsibilities of the Property Corporate and Investment Committee, Audit Risk and Compliance Committee, Sponsorship Committee. Disciplinary Committee and Remuneration Committee meetings.


DIRECTORS’ AND EXECUTIVES’ REMUNERATIONRemuneration of directors is in accordance with Rule 86 of the Constitution.






34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268





DIRECTORS' MEETINGS



6,7866,7866,786



Trevor Simpson OAM


6,7866,7866,7866,786

Available





34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268





DIRECTORS' MEETINGS



6,7866,7866,786



Trevor Simpson OAM


6,7866,7866,7866,786





34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268





DIRECTORS' MEETINGS



6,7866,7866,786



Trevor Simpson OAM


6,7866,7866,7866,786





34 34 5428 27 3629 23 1638 36 3330 30 3427 26 2636 34 3432 32 35254 242 268





DIRECTORS' MEETINGS



6,7866,7866,786



Trevor Simpson OAM


6,7866,7866,7866,786



For The Financial Year Ended 31 December 2014For the year ended 31 December 2014



Officers of the company

The auditor's independence declaration is included on page 7.

Signed in accordance with a resolution of the directors:

I McCannDirectorDated at Sydney, 1st April 2015

AUDITOR'S INDEPENDENCE DECLARATION

The executive's remuneration package may contain the key elements of salary, superannuation and long service leave with benefits including motor vehicles and performance based incentive scheme.

In accordance with Rule 159 (b) of the Constitution, the aggregate remuneration representing the annual salaries, bonuses and emoluments provided to the 6 highest paid officers of the company is $1,042,854 (2013: $982,850).

Signed in accordance with a resolution of the directors made pursuant to s298(2) of the Corporations Act 2001.

DIRECTORS' AND EXECUTIVES' REMUNERATION (CONTINUED)

DIRECTORS REPORT




Officers of the company

The auditor's independence declaration is included on page 7.

Signed in accordance with a resolution of the directors:

I McCannDirectorDated at Sydney, 1st April 2015

AUDITOR'S INDEPENDENCE DECLARATION

The executive's remuneration package may contain the key elements of salary, superannuation and long service leave with benefits including motor vehicles and performance based incentive scheme.

In accordance with Rule 159 (b) of the Constitution, the aggregate remuneration representing the annual salaries, bonuses and emoluments provided to the 6 highest paid officers of the company is $1,042,854 (2013: $982,850).

Signed in accordance with a resolution of the directors made pursuant to s298(2) of the Corporations Act 2001.

DIRECTORS' AND EXECUTIVES' REMUNERATION (CONTINUED)

10.

Dated at Sydney, 20th April 2015




Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001To: the directors of Wentworthville Leagues Club Limited

I declare that, to the best of my knowledge and belief, in relation to our audit for the financial year ended 31 December 2014, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

KPMG

Cameron Roan

Partner

Sydney

1st April 201520th April 2015

Camerons electronic signature 1

ABCD




The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement whether due to fraud or error.

Auditor’s responsibility

Independent audit report to the members of Wentworthville Leagues Club Limited

Directors' responsibility for the financial report

We have audited the accompanying financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 31 December 2014, and statement of profit or loss and other comprehensive income, statement of changes in members' funds and statement of cash flows for the year ended on that date, notes 1 to 28 comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration.

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.




(i) giving a true and fair view of the Company’s financial position as at 31 December 2014 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.

KPMG

Cameron RoanPartner

Sydney

1st April 2015

We performed the procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001 and Australian Accounting Standards – Reduced Disclosure Requirements, a true and fair view which is consistent with our understanding of the Company’s financial position and of its performance.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s opinion

In our opinion the financial report of the Wentworthville Leagues Club Limited is in accordance with the Corporations Act 2001, including:

Independence

Independent audit report to the members of Wentworthville Leagues Club Limited (continued)

20th April 2015

Camerons electronic signature 1

ABCD



For The Financial Year Ended 31 December 2014DIRECTORS DECLARATION


Directors' declaration

(a)

(b)

(i)

(ii)

(c)

Signed in accordance with a resolution of directors.

_________________________________I McCannDirector

Dated at Wentworthville this 1st day of April 2015

In the opinion of the directors of Wentworthville Leagues Club Limited (the Company):

the financial statements and notes, set out on pages 14 to 35, are in accordance with the Corporations Act 2001, including:

giving a true and fair view of the Company's financial position as at 31 December 2014 and of its performance for the financial year ended on that date; and

complying with Australian Accounting Standards - Reduced Disclosure Regime and the Corporations Regulations 2001; and

there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

the Company is not publicly accountable;

Dated at Wenworthville, 20th April 2015



For The Financial Year Ended 31 December 2014STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Statement of profit or loss and other comprehensive incomeFor the year ended 31 December 2014

In AUD Note 2014 2013

Revenue 4 57,856,968 54,368,709 Other income 4 - 249,639

Change of inventories of finished goods 34,140 7,516 Donations (1,477,697) (1,378,197) Personnel expenses 5 (14,742,109) (14,287,966) Entertainment, advertising and promotions (4,431,767) (4,011,351) Poker machine compliance costs (11,592,924) (11,009,145) Legal, consulting and auditor fees (144,253) (253,618) Raw materials and consumables used (4,719,511) (4,460,294) Repairs, consumables and maintenance (1,801,513) (1,806,088) Utilities and government charges (2,295,772) (2,370,784) Gain/(loss) on disposal of property, plant and equipment (34,621) (2,968) Other expenses (2,356,529) (2,189,596) Profit before depreciation, income tax and finance costs 14,294,412 12,855,857

Depreciation and amortisation (5,361,717) (4,715,905) Results from operating activities 8,932,695 8,139,952

Finance income 142,534 48,369 Finance expenses (1,950,479) (2,054,782) Net finance income 6 (1,807,945) (2,006,413)

Profit before income tax 7,124,750 6,133,539

Income tax benefit/(expense) 7 - - Profit for the year 7,124,750 6,133,539

Total comprehensive income for the year 7,124,750 6,133,539


The notes on pages 12 to 29 are an integral part of these financial statements.

Statement of profit or loss and other comprehensive incomeFor the year ended 31 December 2014


Revenue 4 57,856,968 54,368,709 Other income 4 - 249,639

Change of inventories of finished goods 34,140 7,516 Donations (1,477,697) (1,378,197) Personnel expenses 5 (14,742,109) (14,287,966) Entertainment, advertising and promotions (4,431,767) (4,011,351) Poker machine compliance costs (11,592,924) (11,009,145) Legal, consulting and auditor fees (144,253) (253,618) Raw materials and consumables used (4,719,511) (4,460,294) Repairs, consumables and maintenance (1,801,513) (1,806,088) Utilities and government charges (2,295,772) (2,370,784) Gain/(loss) on disposal of property, plant and equipment (34,621) (2,968) Other expenses (2,356,529) (2,189,596) Profit before depreciation, income tax and finance costs 14,294,412 12,855,857

Depreciation and amortisation (5,361,717) (4,715,905) Results from operating activities 8,932,695 8,139,952

Finance income 142,534 48,369 Finance expenses (1,950,479) (2,054,782) Net finance income 6 (1,807,945) (2,006,413)

Profit before income tax 7,124,750 6,133,539

Income tax benefit/(expense) 7 - - Profit for the year 7,124,750 6,133,539

Total comprehensive income for the year 7,124,750 6,133,539




$ $



For The Financial Year Ended 31 December 2014STATEMENT OF FINANCIAL POSITION

Statement of financial positionAs at 31 December 2014

In AUD Note 2014 2013AssetsCash and cash equivalents 8 5,640,990 3,919,722 Trade and other receivables 9 148,845 65,020 Inventories 10 231,135 196,995 Asset held for sale 16 3,725,625 - Prepayments 12 757,251 919,059 Total current assets 10,503,846 5,100,796

Property, plant and equipment 15 68,140,827 70,614,701 Investment property 14 17,396,576 16,714,810 Intangibles 13 505,538 505,538 Investments 11 30,901 28,165 Other non-current assets 12 1,557 1,557 Total non-current assets 86,075,399 87,864,771 Total assets 96,579,245 92,965,567

LiabilitiesTrade and other payables 17 4,813,218 3,337,842 Borrowings 19 2,355,210 2,568,388 Employee benefits 18 1,001,267 875,160 Provisions 20 298,975 227,088 Bank Overdraft 8 - 4,644 Total current liabilities 8,468,670 7,013,122

Borrowings 19 23,829,863 28,859,944 Employee benefits 18 538,322 481,241 Trade and other payables 17 119,936 107,732 Provisions 20 87,186 93,010 Total non-current liabilities 24,575,307 29,541,927 Total liabilities 33,043,977 36,555,049 Net assets 63,535,268 56,410,518

Members' fundsRetained profits 63,535,268 56,410,518 Total members' funds 63,535,268 56,410,518



Statement of financial positionAs at 31 December 2014

In AUD Note 2014 2013AssetsCash and cash equivalents 8 5,640,990 3,919,722 Trade and other receivables 9 148,845 65,020 Inventories 10 231,135 196,995 Asset held for sale 16 3,725,625 - Prepayments 12 757,251 919,059 Total current assets 10,503,846 5,100,796

Property, plant and equipment 15 68,140,827 70,614,701 Investment property 14 17,396,576 16,714,810 Intangibles 13 505,538 505,538 Investments 11 30,901 28,165 Other non-current assets 12 1,557 1,557 Total non-current assets 86,075,399 87,864,771 Total assets 96,579,245 92,965,567

LiabilitiesTrade and other payables 17 4,813,218 3,337,842 Borrowings 19 2,355,210 2,568,388 Employee benefits 18 1,001,267 875,160 Provisions 20 298,975 227,088 Bank Overdraft 8 - 4,644 Total current liabilities 8,468,670 7,013,122

Borrowings 19 23,829,863 28,859,944 Employee benefits 18 538,322 481,241 Trade and other payables 17 119,936 107,732 Provisions 20 87,186 93,010 Total non-current liabilities 24,575,307 29,541,927 Total liabilities 33,043,977 36,555,049 Net assets 63,535,268 56,410,518

Members' fundsRetained profits 63,535,268 56,410,518 Total members' funds 63,535,268 56,410,518




$ $



For The Financial Year Ended 31 December 2014STATEMENT OF CHANGES IN MEMBERS’ FUNDS

Statement of changes in members' fundsAs at 31 December 2014

In AUD General funds

Balance at 1 January 2013 50,276,979

Total comprehensive income for the periodProfit for the year 6,133,539 Other comprehensive income - Total comprehensive profit for the period 6,133,539

Balance at 31 December 2013 56,410,518





































$



For The Financial Year Ended 31 December 2014STATEMENT OF CASH FLOWS

Statement of cash flows For the year ended 31 December 2014


Cash flows from operating activitiesCash receipts from customers 63,690,278 59,847,696 Cash paid to suppliers and employees (47,549,467) (48,144,578) Cash generated from operations 16,140,811 11,703,118 Dividends received 4,061 5,146 Interest paid (1,950,479) (2,054,782) Net cash from operating activities 14,194,393 9,653,482

Cash flows from investing activitiesProceeds from sale of property, plant and equipment 38,820 19,951 Acquisition of investment property (952,644) (42,616) Acquisition of property, plant and equipment (6,409,191) (7,487,000) Interest received 97,793 32,625 Net cash used in investing activities (7,225,222) (7,477,040)

Cash flows from financing activitiesProceeds from borrowings 650,000 836,721 Equipment loan - 882,608 Repayment of borrowings (5,893,259) (1,606,721) Repayment of leases - - Net cash from financing activities (5,243,259) 112,608

Net increase in cash and cash equivalents 1,725,912 2,289,050 Cash and cash equivalents at beginning of year 3,915,078 1,626,028 Cash and cash equivalents at end of year 8 5,640,990 3,915,078



Statement of cash flows For the year ended 31 December 2014


Cash flows from operating activitiesCash receipts from customers 63,690,278 59,847,696 Cash paid to suppliers and employees (47,549,467) (48,144,578) Cash generated from operations 16,140,811 11,703,118 Dividends received 4,061 5,146 Interest paid (1,950,479) (2,054,782) Net cash from operating activities 14,194,393 9,653,482

Cash flows from investing activitiesProceeds from sale of property, plant and equipment 38,820 19,951 Acquisition of investment property (952,644) (42,616) Acquisition of property, plant and equipment (6,409,191) (7,487,000) Interest received 97,793 32,625 Net cash used in investing activities (7,225,222) (7,477,040)

Cash flows from financing activitiesProceeds from borrowings 650,000 836,721 Equipment loan - 882,608 Repayment of borrowings (5,893,259) (1,606,721) Repayment of leases - - Net cash from financing activities (5,243,259) 112,608

Net increase in cash and cash equivalents 1,725,912 2,289,050 Cash and cash equivalents at beginning of year 3,915,078 1,626,028 Cash and cash equivalents at end of year 8 5,640,990 3,915,078




$ $



For The Financial Year Ended 31 December 2014NOTES TO THE FINANCIAL STATEMENTSWentworthville Leagues Club Limited

Notes to the financial statements For the year ended 31 December 2014

1

2(a)

(b)

(c)

(d)

(e)

• Note 13 Intangible assets• Note 26 Contingencies

These financial statements are presented in Australian dollars, which is the Company's functionalcurrency.

Use of estimates and judgementsThe preparation of financial statements in conformity with AASBs requires management to makejudgements, estimates and assumptions that affect the application of accounting policies and the reportedamounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised and in any future periods affected.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in amaterial adjustment within the next financial year are included in the following notes:

The financial statements were approved by the Board of Directors on 20 April 2015.

Basis of measurementThe financial statements have been prepared on the historical cost basis.

Going concernThe financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course ofbusiness.

Functional and presentation currency

Reporting entityWentworthville Leagues Club Limited (the Company) is a company limited by guarantee incorporated anddomiciled in Australia. The address of the Company's registered office is 50 Smith Street, Wentworthville,NSW, 2145. The financial statements of the Company are as at and for the year ended 31 December2014.

The Company is a not-for-profit entity and is primarily involved in the encouragment and promotion of thesport of Rugby League and to provide facilities and services to its members.

Basis of preparationStatement of complianceIn the opinion of the directors, the Company is not publicly accountable. The financial statements are Tier2 general purpose financial statements which have been prepared in accordance with AustralianAccounting Standards – Reduced Disclosure Requirements adopted by the Australian AccountingStandards Board and the Corporations Act 2001. These financial statements comply with AustralianAccounting Standards – Reduced Disclosure Requirements.



For The Financial Year Ended 31 December 2014NOTES TO THE FINANCIAL STATEMENTS

2(f)

3

(a)(i)

(ii)

Loans and borrowings and trade and other payables are recognised initially at fair value plus any directlyattributable transaction costs. Subsequent to initial recognition these financial liabilities are measured atamortised cost using the effective interest rate method.

Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months orless from the acquisition date that are subject to an insignificant risk of changes in their fair value, and areused by the Company in the management of its short-term commitments.

Non-derivative financial liabilitiesFinancial liabilities are recognised initially on the date at which the Company becomes a party to thecontractual provisions of the instrument. The Company derecognises a financial liability when itscontractual obligations are discharged, cancelled or expired. Financial assets and liabilities are offset andthe net amount presented in the statement of financial position when, and only when, the Company has alegal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settlethe liability simultaneously.

The Company has the following categories of non-derivative financial liabilities: loans and borrowings andtrade and other payables.

The Company derecognises a financial asset when the contractual rights to the cash flows from the assetexpire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transactionin which substantially all the risks and rewards of ownership of the financial asset are transferred. Anyinterest in transferred financial assets that is created or retained by the Company is recognised as aseparate asset or liability.

The Company has the following categories of non-derivative financial assets: cash and cash equivalentsand trade and other receivables.

Trade and other receivablesTrade and other receivables are recognised initially at fair value and subsequently measured at amortisedcost using the effective interest method, less any impairment losses (see note 3(h)).

AASB 13 provides a single source of guidance on how fair value is measured, and replaces the fair valuemeasurement guidance that is currently dispersed throughout Australian Accounting Standards. Subjectto limited exceptions, AASB 13 is applied when fair value measurements or disclosures are required orpermitted by other AASBs. There has not been any material changes as a result of adopting this newstandard.

Significant accounting policiesThe accounting policies set out below have been applied consistently to all periods presented in thesefinancial statements, except as explained in note 2(f) which addresses changes in accounting policies.

Financial instrumentsNon-derivative financial assetsFinancial assets are recognised initially on the date at which the Company becomes a party to thecontractual provisions of the instrument.


Notes to the financial statements (continued)For the year ended 31 December 2014

Basis of preparation (continued)Changes in accounting policiesFair value measurement





3(b)(i)

(ii)

(iii)

(iv)

• 40 years• 11 years• 5 - 10 years• 3 years• 5 - 10 years• 3 - 5 years• 8 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted ifappropriate.

Leasehold improvementsPlant and equipmentEquipment under finance leaseFurniture, fixtures and fittingsOffice machinesMotor vehicles

Depreciation Items of property, plant and equipment are depreciated from the date that they are installed and are readyfor use.

Depreciation is calculated to write off the cost of property, plant and equipment less their estimatedresidual values using the straight-line basis over their estimated useful lives. Depreciation is generallyrecognised in profit or loss, unless the amount is included in the carrying amount of another asset. Land isnot depreciated.

The estimated useful lives for the current and comparative years of significant items of property, plant andequipment are as follows:

Buildings including

The gain or loss on disposal of an item of property, plant and equipment is determined by comparing theproceeds from disposal with the carrying amount of the property, plant and equipment and is recognisednet in profit or loss.

Reclassification to investment propertyWhen the use of a property is held either to earn rental income or for capital appreciation or for both, butnot for sale in the ordinary course of business, use in the production or supply of goods or services or foradministrative purposes, the property is reclassified as investment property.

Subsequent costs Subsequent expenditure is capitalised only when it is probable that the future economic benefitsassociated with the expenditure will flow to the Company. Ongoing repairs and maintenance areexpensed as incurred.

Property, plant and equipmentRecognition and measurementItems of property, plant and equipment are measured at cost less accumulated depreciation andaccumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased softwarethat is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted foras separate items (major components) of property, plant and equipment.

Significant accounting policies (continued)

20





3(c)

(d)

(e)

(f)Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based onthe first-in first-out principle, and includes expenditure incurred in acquiring the inventories and other costsincurred in bringing them to their existing location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimatedcosts of completion and estimated costs necessary to make the sale.


Investment propertyInvestment property is property held either to earn rental income or for capital appreciation or for both, butnot for sale in the ordinary course of business, use in the production or supply of goods or services or foradministrative purposes. Investment property is measured at cost less accumulated depreciation andaccumulated impairment losses. Depreciation is recognised on a straight-line basis over the estimateduseful lives of each component of investment property.

Cost includes expenditure that is directly attributable to the acquisition of the investment property.Subsequent cost is recognised in the carrying amount of the investment property.

When the use of a property changes such that it is reclassified as property, plant and equipment, its fairvalue at the date of reclassification becomes its cost for subsequent accounting.

Inventories

ImpairmentPoker machine entitlements have indefinite useful lives as they have no expiry date. Accordingly, suchintangible assets are not amortised but are systematically tested for impairment at each reporting date(see note 3(g)).

Non-current assets held for saleNon-current assets, that are expected to be recovered primarily through sale rather than throughcontinuing use, are classified as held for sale. Immediately before classification as held for sale, theassets are remeasured in accordance with the Club's accounting policies. Thereafter generally the assetsare measured at the lower of their carrying amount and fair value less cost to sell.

Impairment losses on initial classification as held for sale and subsequent gains or losses onremeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulativeimpairment loss.

Property, plant and equipment once classified as held for sale are not depreciated.

Intangible assetsPoker machine entitlementsPoker machine entitlements that are acquired by the Club, which have infinite useful lives, are measuredat cost less accumulated impairment losses.

Subsequent expenditureSubsequent expenditure is capitalised only when it increases the future economic benefits embodied inthe specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred.





3(g)(i)

(ii) Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and investmentproperty, are reviewed at each reporting date to determine whether there is any indication of impairment.If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss isrecognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds itsestimated recoverable amount.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less coststo sell. Depreciated replacement cost is used to determine value in use for property, plant and equipment.Depreciated replacement cost is the current replacement cost of the item less, where applicable,accumulated depreciation to date, calculated on the basis of such cost. For the purpose of impairmenttesting, assets that cannot be tested individually are grouped together into the smallest group of assetsthat generates cash inflows from continuing use that are largely independent of the cash inflows of otherassets or CGUs.

For investment property, value in use calculated using the discounted cashflows of future rentals is used.

Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs areallocated to reduce the carrying amounts of the assets in the unit (group of units) on a pro rata basis.

The Company considers evidence of impairment for financial assets measured at amortised cost (loansand receivables) at both a specific asset and collective level. All individually significant assets areassessed for specific impairment. Those found not to be specifically impaired are then collectivelyassessed for any impairment that has been incurred but not yet identified. Assets that are not individuallysignificant are collectively assessed for impairment by grouping together assets with similar riskcharacteristics.

In assessing collective impairment the Company uses historical trends of the probability of default, timingof recoveries and the amount of loss incurred, adjusted for any judgement by management as to whethercurrent economic and credit conditions are such that the actual losses are likely to be greater or less thansuggested by historical trends.


An impairment loss in respect of a financial asset measured at amortised cost is calculated as thedifference between its carrying amount and the present value of the estimated future cash flowsdiscounted at the asset’s original effective interest rate. Losses are recognised in profit or loss andreflected in an allowance account against the non-derivative financial assets. Interest on the impairedasset continues to be recognised through the unwinding of the discount. When a subsequent eventcauses the amount of impairment loss to decrease, the decrease in impairment loss is reversed throughprofit or loss.

ImpairmentNon-derivative financial assetsA financial asset is assessed at each reporting date to determine whether there is objective evidence thatit is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one ormore events that occurred after the initial recognition of the asset, and that the loss event(s) had animpact on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a debtor,restructuring of an amount due to the Company on terms that the Company would not consider otherwise,indications that a debtor or issuer will enter bankruptcy, or economic conditions that correlate withdefaults.





3(g)(ii)

(h)(i)

(ii)

(iii)

(i)

(j)(i)

Revenue from the sale of goods comprises revenue earned from the provision of food, beverage andother goods. It is measured at the fair value of the consideration received or receivable and is recognisedin profit or loss when the significant risks and rewards of ownership have been transferred to the buyer.

Revenue from services rendered comprises revenue from hotel, fitness and gaming facilities together withother services to members and patrons of the Company. It is measured at the fair value of theconsideration received or receivable and is recognised in profit or loss as the services are provided.

No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due,the costs incurred or to be incurred cannot be measured reliably, there is a risk of return of the goods orthere is continuing management involvement with the goods.

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed asthe related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation topay this amount as a result of past service provided by the employee and the obligation can be estimatedreliably.

ProvisionsA provision is recognised if, as a result of a past event, the Company has a present legal or constructiveobligation that can be estimated reliably, and it is probable that an outflow of economic benefits will berequired to settle the obligation. Provisions are determined by discounting the expected future cash flowsat a pre-tax rate that reflects current market assessments of the time value of money and the risksspecific to the liability. The unwinding of the discount is recognised as finance cost.

RevenueGoods sold and services rendered

Employee benefitsDefined contribution plansA defined contribution plan is a post-employment benefit plan under which an entity pays fixedcontributions into a separate entity and will have no legal or constructive obligation to pay further amounts.Obligations for contributions to defined contribution plans are recognised as an employee benefit expensein profit or loss in the periods during which services are rendered by employees.

Other long-term employee benefitsThe Company’s net obligation in respect of long-term employee benefits is the amount of future benefitthat employees have earned in return for their service in the current and prior periods plus related on-costs; that benefit is discounted to determine its present value, and the fair value of any related assets isdeducted. The discount rate is the yield at the reporting date on government bonds that have maturitydates approximating the terms of the Company’s obligations.

Short-term benefits

An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed thecarrying amount that would have been determined, net of depreciation or amortisation, if no impairmentloss had been recognised.

Significant accounting policies (continued)Impairment (continued)Non-financial assets (continued)





3(j)(ii)

(iii)

(k)

(l)

(m)

(i)

Income taxTax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit orloss except to the extent that it relates to a business combination, or items recognised directly in equity orin other comprehensive income.

Current taxCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using taxrates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respectof previous years. Current tax payable also includes any tax liability arising from the declaration ofdividends.

Dividend revenue is recognised on a receivable basis. Interest revenue is recognised on a timeproportionate basis that takes into account the effective yield on the financial asset.

Lease paymentsLeases in terms of which the Company assumes substantially all the risks and rewards of ownership areclassified as finance leases. Other leases are operating leases and the leased assets are not recognisedin the Company's statement of financial position.

Payments made under operating leases are recognised in profit or loss on a straight- line basis over theterm of the lease. Lease incentives received are recognised as an integral part of the total lease expense,over the term of the lease.

Finance income Finance income comprises interest income on funds invested. Interest income is recognised as it accruesin profit or loss, using the effective interest method. Finance cost on loans and borrowings is recognised inprofit or loss. using the effective interest

Rental incomeRental income is recognised in profit or loss on a straight-line basis over the term of the lease. Leaseincentives granted are recognised as an integral part of the total rental income, over the term of the lease.

Dividend and interest revenue

Significant accounting policies (continued)Revenue (continued)





3(m)(ii)

(n)

Significant accounting policies (continued)Income tax (continued)

The Income Tax Assessment Act 1997 (amended) provides that under the concept of mutuality, clubs areonly liable for income tax on income derived from non-members and from outside entities.

Goods and services taxRevenue, expenses and assets are recognised net of the amount of goods and services tax (GST),except where the amount of GST incurred is not recoverable from the taxation authority. In thesecircumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of theexpense. Receivables and payables are stated with the amount of GST included. The net amount of GSTrecoverable from, or payable to the Australian Taxation Office (ATO) is included as a current asset orliability in the statement of financial position.

Cash flows are included in the statement of cash flows on a gross basis. The GST components of cashflows arising from investing and financing activities which are recoverable from, or payable to, the ATOare classified as operating cash flows.

Deferred taxDeferred tax is recognised in respect of temporary differences between the carrying amounts of assetsand liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax isnot recognised for temporary differences on the initial recognition of assets or liabilities in a transactionand that affects neither accounting nor taxable profit or loss.

The measurement of deferred tax reflects the tax consequences that could follow the manner in which theCompany expects, at the end of the reporting period, to recover or settle the carrying amount of its assetsand liabilities.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences whenthey reverse, using tax rates enacted or substantively enacted by the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current taxliabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxableentity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis ortheir tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporarydifferences, to the extent that it is probable that future taxable profits will be available against which theycan be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent thatit is no longer probable that the related tax benefit will be realised.




4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647

Membership subscriptions 162,902 158,277 Commissions -ATM 300,381 280,090 -Keno 278,306 338,907 -TAB 111,690 110,695 -Vending 42,862 51,599 -Other 24,118 16,645 Entertainment and promotion 657,470 719,425

1,038,543 1,029,703 46,856 127,227

Total revenue from operations 57,856,968 54,368,709

Other incomeReversal of Impairment loss - 249,639

52014 2013

12,082,888 11,971,412 Payroll tax 666,080 620,667 Workers compensation 293,726 290,425 (Increase)/ decrease in employee benefits (183,188) (78,785)

1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)



Finance income and finance costs

Net finance income/(costs) recognised in profit or loss

Dividend incomeInsurance recovery

Finance income

Personnel expenses

Revenue from rendering services

Contributions to defined contribution plans

Other revenueInvestment property rentals

Wages and salaries

Profit from operationsIn AUD

Revenue from beverage outlet salesRevenue from catering outlet sales

Profit from operations includes the following items of income and expense from continuing operations

Revenue from continuing activities

Other associated employee expenses

Interest expenseFinance costs

Interest income

In AUD

In AUD

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$ $

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD






7 Tax expense2014 2013

Current tax expense- - - -

Income tax expense/(benefits) - -

2014 2013

7,124,750 6,133,539

2,137,425 1,840,062 (10,681,218) (12,270,825)

7,574,183 10,652,951 Effect of mutuality 969,610 (222,188) Capital gains tax * 3,726,617 -

(3,726,617) - - -

82014 2013

1,300,140 970,012 Cash at call 1,945,825 1,029,905

2,395,025 1,919,805 5,640,990 3,919,722

Bank overdraft - (4,644) 5,640,990 3,915,078

92014 2013

149,195 66,025 Sundry debtors 14,570 14,570 Provision for doubtful debts (14,920) (15,575)

148,845 65,020

102014 2013

231,135 196,995 231,135 196,995

112014 2013

30,901 28,165 30,901 28,165

In AUD

In AUD

Cash and cash equivalents

Trade receivables

Numerical reconciliation between tax expense and pre-tax accounting profit

Reversal of prior year timing differences

The amount set aside for income tax in the statement of profit or loss and other comprehensive income has been calculated as follows:

* In May 2014 a sales contract to purchase 31-37B Garfield Street, Wentworthville and 7 Mildred Street Wentworthville by Universal Property Group Pty Ltd was entered, and gave rise to capital gain. The Company currently has $5,473,848 of capital losses carried forward which will be used to offset the capital gain.

Prior year capital gains tax losses utilised

Cash at Bank

In AUD

Effect of expenses that are not deductible in determining taxable profit

Income tax benefit recognised in profit or loss

The Income Tax Assessment Act 1997 (amended) provides that under the concept of mutuality, registered clubs are only liable for income tax on income derived from non-members and from outside entities.

Current benefit in respect of the current year

Profit from operations

Income tax expense calculated at 30%Effect of revenue that is exempt from taxation

In AUD

InventoriesIn AUD

Finished goods - at cost

InvestmentsIn AUD

Shares in listed companies

Cash floatsCash and cash equivalents

Trade and other receivables

* In May 2014 a sales contract to purchase 31-37B Garfield Street, Wentworthville and 7 Mildred Street Wentworthville by UPG 5 Pty Ltd was entered, and gave rise to capital gain. The Company currently has $5,473,848 of capital losses carried forward which will be used to offset the capital gain.

$ $

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD






122014 2013

757,251 919,059 757,251 919,059

1,557 1,557 1,557 1,557

13 Intangible assetsIn AUD 2014 2013

Balance at the beginning of the year 505,538 505,538 Acquisitions - - Balance at the end of the year 505,538 505,538

142014 2013

Cost 17,590,322 19,698,238

Additions 952,644 42,616 Transfer from capital work in progress 20,911 221,133 Reclassification to land (198,001) (2,621,304) Reversal of impairment losses previously recognised in profit and loss (29,152) 249,639 Disposals (578,349) -

17,758,375 17,590,322

Accumulated depreciation875,512 810,786

Depreciation 64,636 64,726 (578,349) - 361,799 875,512

Net book value at the beginning of the financial year 16,714,810 18,887,452

17,396,576 16,714,810

TAB deposits

Balance at the beginning of the financial year

Balance at the beginning of the financial year

In AUD

Non-current

Poker machine entitlements are stated at cost less accumulated impairment losses. Poker machine entitlements have an indefinite useful life given they have no expiry date, and accordingly are not amortised but are to be assessed annually for impairment.

Investment propertyIn AUD

Other assets

Balance at the end of the financial year

CurrentPrepayments

Balance at the end of the financial year

Impairment losses and recoveries during the period relate to write-downs and recoveries of investment properties to recoverable value based upon both assessments of valuations and capitalisation of rental revenue. The fair value assessment of residential investment properties was undertaken as follows:

(i) The latest independent valuations of the Company’s investment property was carried out as at 5 November 2014 by Global Valuation Services Pty Ltd (Registered Valuer No. 024135). The open market value for these properties was $30,105,000.

Disposals

Net book value at the end of the financial year

$ $

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$ $

(ii) Two blocks of land being vacant land have been valued at Directors valuation. In the mind of the Directors such a valuation method does not result in significant different valuations to that of (i) above.




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162014 2013

- - 3,725,625 - 3,725,625 -

172014 2013

Current1,836,493 1,112,747

302,600 162,202 Accruals 2,558,266 1,954,605 Members' subscriptions in advance 115,859 108,288

4,813,218 3,337,842 Non-CurrentMembers' subscriptions in advance 119,936 107,732

119,936 107,732

182014 2013

681,282 639,880 319,985 235,280

1,001,267 875,160

209,344 157,301 328,978 323,940 538,322 481,241

192014 2013

Bills payable 1,000,000 1,000,000 Equipment loan 1,355,210 1,568,388

2,355,210 2,568,388

Bills payable 23,275,000 26,949,871 Equipment loan 554,863 1,910,073

23,829,863 28,859,944

Current

Employee benefitsIn AUD

Current

In AUD

In AUD

In AUD

Balance at 1 January

Other payables

Non-Current

Borrowings

Liability for annual leaveLiability for long service leave

Liability for annual leaveLiability for long service leave

Non-current assets held for sale

Balance at 31 December

In May 2014 a sales contract to purchase 31-37B Garfield Street, Wentworthville and 7 Mildred Street Wentworthville by Universal Property Group Pty Ltd was entered, and subsequently a deposit was received by the Company. The property was therefore transferred to Asset held for sale (see Note 15).

Trade payables

Transfer from property, plant and equipment

Non-current

Trade and other payables

$ $

In May 2014 a sales contract to purchase 31-37B Garfield Street, Wentworthville and 7 Mildred Street Wentworthville by UPG 5 Pty Ltd was entered, and subsequently a deposit was received by the Company. The property was therefore transferred to Asset held for sale (see Note 15).

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$ $






192014 2013

The club has access to the following lines of credit:Bank overdraft 700,000 700,000 Bill discount facility 28,250,000 31,550,000 Business cards 40,000 40,000 Contingent liabilities 439,938 439,938 Finance lease and equipment loan facility

4,160,000 4,160,000 33,589,938 36,889,938

Facilities utilised at balance date Bank overdraft - 4,644 Bill discount facility 24,275,000 27,949,871 Business cards - - Contingent liabilities 439,938 439,938 Finance lease and equipment loan facility

1,910,073 3,478,461 26,625,011 31,872,914

Facilities not utilised at balance dateBank overdraft 700,000 695,356 Bill discount facility 3,975,000 3,600,129 Business cards 40,000 40,000 Contingent liabilities - - Finance lease and equipment loan facility

2,249,927 681,539 6,964,927 5,017,024

Security consists of:

202014 2013

126,326 55,980 4,686 4,686 167,963 166,422 298,975 227,088

Non-CurrentProvision for mortality commitments 87,186 93,010

87,186 93,010

Provision for player bonus points

In AUDProvisions

A first registered equitable mortgage by Wentworthville Leagues Club Limited over the whole of its assets and undertakings including uncalled capital. Registered first mortgage by Wentworthville Leagues Club Limited over 46 properties situated in Wentworthville.

Provision for mortality commitment

Borrowings (continued)In AUD

Registered first mortgage by Wentworthville Leagues Club Limited over club premises situated at Wentworthville Leagues Club, Smith Street, Wentworthville, NSW, 2145.Wentworthville Leagues Bowling Club, Garfield Street, Wentworthville, NSW, 2145.

The bank overdraft facility, the bank loans and lease liabilities are secured by a combination of a registered first mortgage over the club premises at Smith Street and Garfield Street, Wentworthville and specific freehold property and a registered first equitable mortgage over the club's entire assets and undertakings including uncalled capital.

Linked poker machine jackpotCurrent

$ $

47

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$ $






20

Linked poker machine jackpot

Member mortality commitment

Rewards bonus points

21 Related party transactions

The directors of the club may from time to time hold a director's role, have membership, life membershipor be the patron of the various sport and recreational clubs and football clubs that are governed andcontrolled by the Leagues Club constitution.

A Director of the Company during the year received an honorarium as a Director of the Cricket Club.

Key management personnel compensation

2014 2013Short term employee benefits 954,246 908,276Post employment benefits 88,608 74,574

1,042,854 982,850

Apart from the details disclosed in this note, no director has entered into any contract with the Company since the end of the previous financial year and there were no contracts involving directors interests at year end.

A Director of the Company during the year received an honorarium as a Director of the Men's Bowling Club.

In AUD

From time to time, directors of the company may purchase goods and engage in services that are provided by the company and available to all members. These purchases are on the same terms and conditions as those available to all other members and may be in addition to allowances entitled by the Constitution and approved by the members at the AGM.

The present value of the mortality commitment reflects managements estimates based upon similar lapse rates and discount rates to prior year Actuarial valuations. Actuarial valuations are obtained every 5 years unless material movements in experience and discount rates occur.

The best estimate of the commitment to members in relation to unredeemed bonus points is $167,963 (2013: $166,422). Earning rates, lapse rates and terms and conditions shall impact on future estimates.

The aggregate compensation made to directors and other members of key management personnel of the company is set out below:

A Director of the Company is the principle of a business that has a contract for the provision of rental management of the residential property portfolio. The contract is on commercial terms. The rental management fees paid in the 2014 year were $59,285 (2013: $54,117).

Poker machine link jackpots is the current balance of available jackpots that accumulate from turnover play on poker machines. These jackpots are returned to players by achieving the required combination for the link jackpot on the machine being played.

Members who joined the club between 1970 and 1989 may have been eligible for a mortality payment. No external fund exists and all commitments are met out of current cash flow.

Provisions (continued)



20









1,042,854 982,850



In AUD











20









1,042,854 982,850



In AUD









2014$

2013$






22 Capital and leasing commitments

Finance lease and equipment loan commitments payable 2014 2013Not later than 1 year 1,440,931 1,762,950 Later than one year but not later than 5 years 570,747 2,011,678 Minimum lease payments 2,011,678 3,774,628 Future finance charges (101,605) (296,167) Present value of minimum lease payments 1,910,073 3,478,461

Lease liabilities provided for in the financial statements:Current 19 1,355,210 1,568,388 Non-current 19 554,863 1,910,073

1,910,073 3,478,461

23 Financial reporting period

24 Core and non-core properties

2014 2013

Core property 85,537,403 83,609,523 Non core property 3,725,625 3,719,988

89,263,028 87,329,511

In AUD

Pursuant to Section 41 J of the Registered Club Amendments Act 2006, the club categorises property as follows

Equipment loans relate to the financing of gaming machines with terms of no greater than 3 years. The Company acquires full title to the equipment at the end of the equipment loan agreement and upon payment of the final loan instalment.

The Company has always used a 52 week cycle for its reporting. The monthly reporting cycle is grouped by weeks and follows a 5, 4, 4 cycle resulting in uniforms days in the relative months across consecutive years with the exception of December. Consequently, the close off day for annual reporting purposes changes every year by a day and two days every leap year. The actual month end date for 2014 is 30 December 2014 and the 2013 actual close date was 31 December 2013.

Core properties held by the Club are:

7 Dawes Street, Wentworthville NSW 21458 Dawes Street, Wentworthville NSW 21459 Dawes Street, Wentworthville NSW 214510 Dawes Street, Wentworthville NSW 2145


50 Smith Street, Wentworthville NSW 21452 Dawes Street, Wentworthville NSW 21453 Dawes Street, Wentworthville NSW 21454 Dawes Street, Wentworthville NSW 21455 Dawes Street, Wentworthville NSW 21456 Dawes Street, Wentworthville NSW 2145

11 Dawes Street, Wentworthville NSW 2145

2014$

2013$



20









1,042,854 982,850



In AUD









4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$ $









1,910,073 3,478,461



2014 2013


89,263,028 87,329,511

In AUD









24 Core and non-core properties (continued)






1,910,073 3,478,461



2014 2013


89,263,028 87,329,511

In AUD












16 Dawes Street, Wentworthville NSW 214517 Dawes Street, Wentworthville NSW 214518 Dawes Street, Wentworthville NSW 214519 Dawes Street, Wentworthville NSW 214520 Dawes Street, Wentworthville NSW 2145432 Great Western Hwy, Wentworthville NSW 2145430a Great Western Hwy, Wentworthville NSW 21453 Jewelsford Street, Wentworthville NSW 21457 Jewelsford Street, Wentworthville NSW 21459 Jewelsford Street, Wentworthville NSW 214511 Jewelsford Street, Wentworthville NSW 214513 Jewelsford Street, Wentworthville NSW 214515 Jewelsford Street, Wentworthville NSW 214517 Jewelsford Street, Wentworthville NSW 214519 Jewelsford Street, Wentworthville NSW 214521 Jewelsford Street, Wentworthville NSW 214527 Jewelsford Street, Wentworthville NSW 214531 Jewelsford Street, Wentworthville NSW 21451 Mack Street, Wentworthville NSW 21452 Mack Street, Wentworthville NSW 21453 Mack Street, Wentworthville NSW 2145

15 Mack Street, Wentworthville NSW 214516 Mack Street, Wentworthville NSW 2145

4 Mack Street, Wentworthville NSW 21455 Mack Street, Wentworthville NSW 21456 Mack Street, Wentworthville NSW 21457 Mack Street, Wentworthville NSW 21458 Mack Street, Wentworthville NSW 21459 Mack Street, Wentworthville NSW 2145

31-37B Garfield Street, Wentworthville NSW 2145

Non-Core properties held by the Club are:

74 Smith Street, Wentworthville NSW 214576 Smith Street, Wentworthville NSW 214578 Smith Street, Wentworthville NSW 2145


17 Mack Street, Wentworthville NSW 214518 Mack Street, Wentworthville NSW 214551 Smith Street, Wentworthville NSW 214558 Smith Street, Wentworthville NSW 214560 Smith Street, Wentworthville NSW 2145

10 Mack Street, Wentworthville NSW 214511 Mack Street, Wentworthville NSW 214512 Mack Street, Wentworthville NSW 214513 Mack Street, Wentworthville NSW 214514 Mack Street, Wentworthville NSW 2145

7 Mildred Street, Wentworthville NSW 2145

70 Smith Street, Wentworthville NSW 214572 Smith Street, Wentworthville NSW 2145


































1,910,073 3,478,461



2014 2013


89,263,028 87,329,511

In AUD




























252014 2013

Capital works 1,039,943 - 1,039,943 -

26

2014 2013

439,938 439,938

27 Events subsequent to reporting date

28 Members guarantee

There have been no events subsequent to reporting date which would have a material effect on the Club's financial statements as 31 December 2014.

The company is limited by guarantee. If the company is wound up, Rule 23 of the Constitution states that each member at that time, or within one year afterwards is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. At 31 December 2014 the number of members were 51,587 (2013: 47,934).

Guarantee

The directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.In AUD

Bank performance guarantees

CommitmentsIn AUD

Capital works contracted for but not yet completed

Contingent assets and contingent liabilities

$ $

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$ $



For The Financial Year Ended 31 December 2014UNAUDITED INCOME STATEMENTS

2014 2013 2014 2013 $ $ $ $IncomeGaming machine revenue 47,854,579 44,667,728 47,854,579 44,667,728 Less GST applicable thereto 4,322,866 4,035,530 4,322,866 4,035,530 Poker machine revenue 43,531,713 40,632,198 43,531,713 40,632,198 Beverage saes 4,559,104 4,378,296 4,559,104 4,375,868 Catering sales 7,103,023 6,525,647 7,103,023 6,525,647 Dividends received 4,061 5,146 4,061 5,146 Entertainers 657,470 719,425 657,470 719,425 Insurance recovery 40,680 10,598 40,680 10,598 Interest received 97,793 32,625 97,793 32,625 Keno commission 278,306 338,907 278,306 338,907 Membership fees 162,902 158,277 162,902 158,277 Other commission 367,361 348,335 367,361 348,335 Rent received residential properties 1,038,543 1,029,703 1,038,543 1,029,703 Sundry revenue 46,856 127,227 46,856 127,227 Tab commission 111,690 110,695 111,690 110,695 14,467,789 13,784,881 14,467,789 13,782,453 Total revenue 57,999,502 54,417,079 57,999,502 54,414,648

ExpenditureAdvertising 392,102 375,044 392,102 375,044 Amortisation - - - - Auditors' fees 63,005 74,929 63,005 74,929 Bad debt 1,005 413 1,005 413 Bank charges 80,385 84,900 80,385 84,900 Beverage expenses 1,720,261 1,752,889 1,720,261 1,751,761 Catering expenses 2,960,156 2,708,736 2,960,156 2,708,736

Cleaning expenses 190,091 165,530 190,091 164,919 Club journal 332,221 275,119 332,221 275,119 CMS line fee 263,573 249,214 263,573 249,214 Computer expenses 107,879 100,478 107,879 100,478 Consulting fees 61,545 137,011 61,545 137,011 Contractor cleaners and security 957,991 942,039 957,439 942,039 Depreciation 5,361,717 4,715,905 5,358,978 4,704,915 Directors' expenses 112,570 100,350 112,570 100,350 Directors' honorarium 59,508 58,508 59,508 58,508 Donations 351,927 277,915 351,927 277,915


Unaudited income statementsFor the year ended 31 December 2014

Unaudited detailed Income Statement disclaimer - The additional information presented on pages XX to XX is in accordance with the books and records of Wentworthville Leagues Club Limited which have been subject to the audit procedures applied in the Statutory audit by KPMG for the year ended 31 December 2014. It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and no warranty or accuracy reliability is given.

Wentworthville Leagues Club Smith Street

2014 2013 2014 2013 $ $ $ $IncomeGaming machine revenue 47,854,579 44,667,728 47,854,579 44,667,728 Less GST applicable thereto 4,322,866 4,035,530 4,322,866 4,035,530 Poker machine revenue 43,531,713 40,632,198 43,531,713 40,632,198 Beverage saes 4,559,104 4,378,296 4,559,104 4,375,868 Catering sales 7,103,023 6,525,647 7,103,023 6,525,647 Dividends received 4,061 5,146 4,061 5,146 Entertainers 657,470 719,425 657,470 719,425 Insurance recovery 40,680 10,598 40,680 10,598 Interest received 97,793 32,625 97,793 32,625 Keno commission 278,306 338,907 278,306 338,907 Membership fees 162,902 158,277 162,902 158,277 Other commission 367,361 348,335 367,361 348,335 Rent received residential properties 1,038,543 1,029,703 1,038,543 1,029,703 Sundry revenue 46,856 127,227 46,856 127,227 Tab commission 111,690 110,695 111,690 110,695 14,467,789 13,784,881 14,467,789 13,782,453 Total revenue 57,999,502 54,417,079 57,999,502 54,414,648

ExpenditureAdvertising 392,102 375,044 392,102 375,044 Amortisation - - - - Auditors' fees 63,005 74,929 63,005 74,929 Bad debt 1,005 413 1,005 413 Bank charges 80,385 84,900 80,385 84,900 Beverage expenses 1,720,261 1,752,889 1,720,261 1,751,761 Catering expenses 2,960,156 2,708,736 2,960,156 2,708,736

Cleaning expenses 190,091 165,530 190,091 164,919 Club journal 332,221 275,119 332,221 275,119 CMS line fee 263,573 249,214 263,573 249,214 Computer expenses 107,879 100,478 107,879 100,478 Consulting fees 61,545 137,011 61,545 137,011 Contractor cleaners and security 957,991 942,039 957,439 942,039 Depreciation 5,361,717 4,715,905 5,358,978 4,704,915 Directors' expenses 112,570 100,350 112,570 100,350 Directors' honorarium 59,508 58,508 59,508 58,508 Donations 351,927 277,915 351,927 277,915



Unaudited detailed Income Statement disclaimer - The additional information presented on pages XX to XX is in accordance with the books and records of Wentworthville Leagues Club Limited which have been subject to the audit procedures applied in the Statutory audit by KPMG for the year ended 31 December 2014. It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and no warranty or accuracy reliability is given.


Unaudited detailed Income Statement disclaimer - The additional information presented on pages 36 to 38 is in accordance with the books and records of Wentworthville Leagues Club Limited which have been subject to the audit procedures applied in the Statutory audit by KPMG for the year ended 31 December 2014. It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and no warranty or accuracy reliability is given.

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$$ $$



For The Financial Year Ended 31 December 2014UNAUDITED INCOME STATEMENTS



Expenditure (continued) 2014 2013 2014 2013$ $ $ $

Doubtful debts (655) 14,570 (655) 14,570 Electricity 782,080 870,035 776,260 857,114 Entertainment 3,433 14,196 3,433 14,196 Entertainers 620,052 611,719 620,052 611,719 Fringe benefit tax 31,659 19,673 31,659 19,673 Gaming machine duty 11,592,924 11,009,145 11,592,924 11,009,145 Gas 209,181 177,608 209,070 177,536 Hiring charges 124,988 144,625 124,988 144,625 Impairment of assets 29,152 (249,639) 29,152 (249,639) Insurance 336,342 601,907 336,342 599,224 Interest 1,870,094 1,969,882 1,870,094 1,969,882 Land tax 277,644 279,342 277,644 279,342 Legal fees 19,703 41,678 19,703 41,678 Loss/ (profit) on disposal of fixed assets 5,469 2,968 5,469 2,968 Members entertainment 106,984 106,598 106,984 106,598 Members expenses 26,076 36,745 26,076 36,745 Mortality funds (1,099) (2,754) (1,099) (2,754) Postage and courier 65,642 60,066 65,642 60,066 Payroll tax 666,080 620,667 666,080 619,808 Printing 121,465 122,501 121,465 122,501 Prizes and promotions 3,117,766 2,733,705 3,117,766 2,733,705 Property fees 59,285 54,117 59,285 54,117 Rates and taxes 354,988 411,835 338,288 400,263 Rent - - - - Rental finance 2,080 2,253 2,080 2,253

Repairs and maintenance 1,676,525 1,661,463 1,671,121 1,655,989 Responsible gaming 47,250 47,250 47,250 47,250 Salary and wages 11,615,019 11,214,275 11,601,291 11,199,595 Security services 95,031 83,832 95,031 83,832 Sporting association 1,078,520 1,053,032 1,078,520 1,053,032 Staff hiring 714,438 627,520 714,438 627,520 Staff training and amenities 573,703 496,957 573,703 496,957 Stationary 27,036 22,946 27,036 22,946 Sundry expenses 104,726 69,193 104,345 68,683 Sundry license 264,799 226,320 264,789 225,991 Superannuation 1,119,779 983,432 1,119,779 983,432 Telephones 71,963 71,269 70,624 69,524 Travelling expenses 48,694 53,629 48,694 53,629 Total expenditure 50,874,752 48,283,540 50,827,968 48,219,969

Profit/(loss) before income tax 7,124,750 6,133,539 7,171,534 6,194,679




Expenditure (continued) 2014 2013 2014 2013$ $ $ $

Doubtful debts (655) 14,570 (655) 14,570 Electricity 782,080 870,035 776,260 857,114 Entertainment 3,433 14,196 3,433 14,196 Entertainers 620,052 611,719 620,052 611,719 Fringe benefit tax 31,659 19,673 31,659 19,673 Gaming machine duty 11,592,924 11,009,145 11,592,924 11,009,145 Gas 209,181 177,608 209,070 177,536 Hiring charges 124,988 144,625 124,988 144,625 Impairment of assets 29,152 (249,639) 29,152 (249,639) Insurance 336,342 601,907 336,342 599,224 Interest 1,870,094 1,969,882 1,870,094 1,969,882 Land tax 277,644 279,342 277,644 279,342 Legal fees 19,703 41,678 19,703 41,678 Loss/ (profit) on disposal of fixed assets 5,469 2,968 5,469 2,968 Members entertainment 106,984 106,598 106,984 106,598 Members expenses 26,076 36,745 26,076 36,745 Mortality funds (1,099) (2,754) (1,099) (2,754) Postage and courier 65,642 60,066 65,642 60,066 Payroll tax 666,080 620,667 666,080 619,808 Printing 121,465 122,501 121,465 122,501 Prizes and promotions 3,117,766 2,733,705 3,117,766 2,733,705 Property fees 59,285 54,117 59,285 54,117 Rates and taxes 354,988 411,835 338,288 400,263 Rent - - - - Rental finance 2,080 2,253 2,080 2,253

Repairs and maintenance 1,676,525 1,661,463 1,671,121 1,655,989 Responsible gaming 47,250 47,250 47,250 47,250 Salary and wages 11,615,019 11,214,275 11,601,291 11,199,595 Security services 95,031 83,832 95,031 83,832 Sporting association 1,078,520 1,053,032 1,078,520 1,053,032 Staff hiring 714,438 627,520 714,438 627,520 Staff training and amenities 573,703 496,957 573,703 496,957 Stationary 27,036 22,946 27,036 22,946 Sundry expenses 104,726 69,193 104,345 68,683 Sundry license 264,799 226,320 264,789 225,991 Superannuation 1,119,779 983,432 1,119,779 983,432 Telephones 71,963 71,269 70,624 69,524 Travelling expenses 48,694 53,629 48,694 53,629 Total expenditure 50,874,752 48,283,540 50,827,968 48,219,969

Profit/(loss) before income tax 7,124,750 6,133,539 7,171,534 6,194,679

Wentworthville Leagues Club Smith Street 4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

4

2014 2013

43,531,713 40,632,198 4,559,104 4,378,296 7,103,023 6,525,647


1,038,543 1,029,703 46,856 127,227



52014 2013


1,119,779 983,432 762,824 500,815

14,742,109 14,287,966

62014 2013

4,061 5,146 40,680 10,598 97,793 32,625

142,534 48,369

(1,950,479) (2,054,782) (1,950,479) (2,054,782) (1,807,945) (2,006,413)






Finance income

Personnel expenses




Wages and salaries







Interest income

In AUD

In AUD

$$ $$






Key financial data by location

` Wentworthville Leagues Club

Wentworthville Leagues

Bowling Club2014 2014

$ $

Total income 57,999,502 -

Total expenses 50,827,968 46,784

Profit/(loss) before income tax 7,171,534 (46,784)

Income tax expense / (benefit) - - 7,171,534 (46,784)

` Wentworthville Leagues Club

Wentworthville Leagues

Bowling Club2013 2013

$ $

Total income 54,414,648 2,431

Total expenses 48,219,969 63,571

Profit/(loss) before income tax 6,194,679 (61,140)

Income tax expense / (benefit) - - 6,194,679 (61,140)

UNAUDITED INCOME STATEMENTS

Wenty Leagues in Partnership with the Community

Wenty Leagues has a proud record of supporting welfare, charitable and sporting organisations within our community.

The following were the beneficiaries of financial and in-kind support in 2014:

• Ability Options

• Adam Gardiner Foundation

• Alzheimer’s Australia

• The Australian Genies

• Black Dog Institute

• Blue Mountains Refugee Support Group

• Children’s Family Cancer Charity

• CareFlight

• Child Abuse Prevention Australia

• Cittadini Theatrical Group

• Cumberland Nepean Softball Association

• Diverse Community Care

• Don Bosco Association

• Early Education

• GI Cancer Institute

• Greystanes & Surrounds Food Co-operative

• Greystanes High School

• HeartKids NSW

• Hilltop Road Public School

• Holroyd City Council - Various Community Initiatives

• Holroyd High School

• Holroyd Parramatta Family & Domestic Violence

Provention Committee

• Leukaemia Foundation

• Life Education Organisation

• Make a Wish Foundation

• Maltese Association

• Maltese Community Council

• Mitchell District Womens Bowling Association

• NSW Justices’ Association

• Our Lady Queen of Peace Festa

• Our Lady Queen of Peace Primary School

• Parramatta Lions Club

• Parramatta Mission

• Prostate Cancer Foundation of Australia

• Ronald McDonald House Westmead

• Royal Life Saving

• South Sudanese Youth Association

• Starlight Foundation

• The Leukaemia Foundation

• The Northcott Society

• The Scout Association - Greystanes

• The Scout Association - Cumberland

• Timehelp

• Toastmasters

• Wentworthville Public School

• Wenty Wheelkings

• Westmead Medical Reseach Foundation

• World Rescue Mission Agency

• Youth Off The Streets




Wentworthville Leagues Club Limited50 Smith St, Wentworthville NSW 2145

Wenty Leagues Annual Report - 2014

Documents

Transcript of Wenty Leagues Annual Report - 2014