2021/22 Annual Report Bankstown Sports

Page 1

Annual

Report 1 JULY 2021 – 30 JUNE 2022

Making a difference Our Mission

Contents Board of Directors 4 Chairman’s Report 6 CEO’s Report 8 Bankstown Sports Vaccination Hub 10 Little Wings Report 12 Flood Relief Efforts 14 Sport and Community 16 Lady Banks Rooftop 18 People at Our Heart 22 Flinders Centre 24 Our Venues 26 Our People 28 Our Members 30 Did You Know? 31 Financials 32 Front cover image courtesy of Graham Jepson for Paynter Dixon. Annual Report 2021 - 2022 / 3

Board of Directors

JOHN MURRAY OAM

Chairman

Member since 1962 | Joined the Board in 1981 Chairman since 2006

John is a former company Director and Councillor from Camden. He is a retired RFS volunteer, charity fundraiser, farmer and is a Life Member of the Club.

JIM HANNA Director

Member since 2004 | Joined the Board in 2015 Jim is a Company Director, with wide experience in property development and construction. He is a registered solicitor, member of the Law Society of NSW, as well as the AICD, and is formerly a long-term Commonwealth public servant. He also serves on the Board of Bankstown City Aged Care (since 2011). He loves watching local cricket and rugby league.

MARTIN KLUMPP OAM

Director

Member since 1993 | Joined the Board in 2013

Marty is a former banking industry HR and Change Management consultant who also held roles in the Not-for-Profit sector and the NSW Government. He’s been a volunteer with the Bankstown District Cricket Club for over 40 years. In recent years Marty also became passionate about cycling and is both Patron of and an active member of the Bankstown Sports Cycling Club.

CAROLYN CAMPBELL

Board Appointed Director

Member since 2004 (Baulkham Hills Sports Club) | Joined the Board in 2019

Currently employed as CEO, Scouts NSW Carolyn has dedicated her life to the administration of sport in Australia. She is the Chair of Sport NSW, Director – Volleyball Australia, Director Hockey One and the Secretary of the Norwest Strikers Hockey Club.

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Thank You!

VERNON FALCONER

Director

Member since 1993 | Joined the Board in 2006

Vern was Senior Industrial Advocate for the Australian Workers Union for forty years. Currently a consultant in employment law. He is a sports enthusiast with a focus on cricket, particularly at junior level within the Club. Vern was made a Life Member of Bankstown Sports Club in 2016.

RICHARD PHILLIPS

Director

Member since 1971 | Joined the Board in 1981 Sports Committee Chairman from 1986-2013 Richard is a retired businessman with a passion for sports, snooker and squash. He was the Vice President of Bankstown Sports from 2006-2019 and is also a Life Member of the Club.

CLARE PEARSON

Board Appointed Director

Member since 2020 | Joined the Board in 2021

Clare has dedicated her career to the not-for-profit sector, fulfilling roles in the anti-human trafficking and disability industries. She is currently the CEO of the Little Wings charity.

Clare is a qualified psychologist, specialising in child and adolescent welfare. She has also authored a book called Threads of Hope, which celebrates the lives of human trafficking survivors.

JIM RONIS

Director

Member since 1965 | Joined the Board in 2005

Jim has had a long and successful career in real estate and remains a consultant to Bankstown-based Ronis Real Estate. He helped to establish the Hellenic Lions Club and was a long serving member of the APEX Club of Bankstown. Jim also works with the Saint Lavra Association which helps to resettle migrants in Australia. He served on the board of Soccer NSW (now Football NSW) and is a life member of Football NSW, CanterburyMarrickville Soccer Club and Bankstown Sports.

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Chairman’s Report

This time last year, I referenced the ‘rollercoaster’ year that was. As a nation, we were all faced with unprecedented restrictions and subsequential change that crafted and shaped the journey of the year that followed.

This year has again truly tested us all, not only in our industry but others also. ‘Challenge’ is the word most used, and it gives me great pride to sit on the Board of Bankstown Sports Group, as Chairman, and reflect not only on the challenges, but on the incredible achievements that have been made during an intensely difficult time for so many people.

These achievements are truly humbling. They have been made by a business, and its loyal employees, that have banded together during the darkest of times, and have seen success. Success in staying true to the operational values of Bankstown Sports Group.

Making a difference is the mantra and making a difference to the staff and their mental wellbeing, the local community, and the wider club community network of ClubsNSW. Something that our team has delivered on in abundance.

I’d like to take this opportunity to say a personal thank you to Mark, who recently moved on to a new chapter in his career, the Executive Team at Bankstown Sports Group and the 600+ strong team of staff. It is through you, that this year we have seen a true demonstration of our cultural values that have, in turn, provided the values and experiences that we strive to deliver to our regular patrons and future members.

We constantly see examples of how the team are exploring and finding ways to surprise and delight our customers while collaborating to help others succeed. Throughout the period, when the going was tough for many who didn’t necessarily warrant support from the government, our team stood up and explored ways to support each other.

The doors that were perceived to be closed, were opened by versatile minds that looked beyond the norm and transitioned our venue into a NSW Health approved vaccination hub and then into an HSC examination room; by providing a bed and sustenance to ADF support workers who were brought in to the LGA to perform necessary COVID-19 safety checks; the list goes on.

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In a year of shade, a real shining light for us all was the opening of Lady Banks Rooftop, named after the Lady Banks Rose in homage to the muse and wife of our locality’s namesake, Sir Joseph Banks. Whilst the venue experienced a troubled introduction with opening delays, we have seen her flourish into a beautiful success and for those who have yet to experience Lady Banks Rooftop, I would strongly recommend you add it to your list of must visit venues. The outlook is exceptional, the food incredible and, collectively with the service, Lady Banks is without doubt something to be experienced.

There is no doubt that the COVID-19 pandemic has been a huge focal point of the past year, but for normality to persevere, we must look forward. We are looking forward to expanding on the success of the last year, and we are looking forward to continuing our path of making a difference to the lives of our members, our staff and the local community.

“Making a is the mantra” Difference

“we are looking forward to continuing our path of making a difference to the lives of our members, our staff and the local community.”
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CEO’s Report

The result? Doors were closed and entire business operations were stood down to manage infection rates and protect their staff and surrounding communities. No business sector went unscathed, particularly so in Southwest Sydney, where the City of CanterburyBankstown was being heralded as a Local Government Area in dire straits.

With a staff roster of 600 people, the intensity of the situation was severe. With the physical and, more critically, the mental welfare of staff firmly set in front of mind, the Executive Team, albeit stuck at home, set to work to develop a support programme that flowed through every layer of the business. This included mental health check-ins by dedicated calls from Managers to their staff, 13 weekly, hour-long, YouTube live-stream sessions open to all staff and contracted partners, empathetic consideration of staff on working Visas who had been stood down and were not applicable for Government support, and most notable, the opening of a vaccination clinic in collaboration with Advanced Health Medical Centre.

In 2021, the COVID-19 pandemic was stronger than ever and the outlook in Australia was dire as the nation was again thrown into an intense lockdown. Still reeling from the inaugural lockdown, the hospitality and business sectors had to again pivot their ‘normal’ life and adhere to the severe parameters put in place by the Federal and State Governments who were working tirelessly to protect the nation. Transmission numbers went through the roof and Leaders were having to make tough decisions that no-one anticipated.

After successfully vaccinating over 10, 000 members of our community, our vaccination hub was converted to an examination hall for Bankstown Girls High School for the 4-week HSC examination period, during which 440 seated exams took place. However, it did not stop here.

The team’s focus had to pivot once again, this time to a date given the moniker ‘Freedom Day’ and on 11 October 2021, having achieved a national vaccination milestone of 80%, we returned to regular operation and reopened to vaccinated members and guests. The enormity of re-opening venues as large and complex as ours was not lost on anyone in the

“I could not be prouder to be part of a team who worked so tirelessly, with such focus, to welcome our community safely back through our doors.”
Michael Clancy Interim CEO
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business, however the excitement of getting back to ‘normal’ along with the sheer dedication of every employee made this an almost seamless re-opening; I could not be prouder to be a part of a team who worked so tirelessly, with such focus, to welcome our community safely back through our doors.

It was as we welcomed back our members that our jewel in the Flinders Centre crown, Lady Banks Rooftop, was finally able to open her doors. The opening has been blessed with success and to be able to delight our customers with a modern, unique, and exciting rooftop destination in South-West Sydney has been a highlight for myself and my team.

Since our reopening we have gone from strength to strength, not only operationally but also in the learning and development space. To survive severe staff shortages due to illness and isolation requirements, we have worked to cross train, upskill, promote, and re-educate many of our floor staff to fill gaps in our rosters and the results have been outstanding with a re-energised and re-engaged workforce!

More recently we experienced another significant shift in our business, with the departure of our CEO Mark Condi, after 10 years of service as a CEO and over 30 years of service in the business.

I worked with Mark for most of this time and the contribution he has made to the Club and our Community, especially during the difficult pandemic years will not be forgotten.

As we move to a new outlook under fresh leadership, our positivity for the future gather’s strength. The past three years have been the most difficult in the history of our 60+ year old club, and we were privileged to be able to help our community during such difficult times. I cannot wait to see the incredible initiatives this team can bring to life in the coming year.

“We cannot express fully how much we appreciate what you have done for our girls… we’d like to recognise the important impact that you have on our local community…”
- Suada Bilali, Principal Bankstown Girls High School
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Over 10,000 Jabs

Administered To Our Community Bankstown Bands Together

In an effort to help boost the state’s vaccination rates and keep our community safe and protected, Bankstown Sports Group worked in-line with South Western Sydney Local Health District to provide the resources and facilities necessary that are safe and accessible for people to get vaccinated.

Bankstown Sports Club’s 1200 sqm Grand Ballroom was converted into a Vaccination Clinic and officially opened its doors to the public on Friday 30 July 2021, operating seven days a week from 8am to 5pm.

The Vaccination Clinic employed Bankstown Sports staff across various roles, including administration, concierge, security, storeman duties and cleaning, generating over 20,000 hours of paid work.

“The community has always been our backbone and the team made it a focus to ensure that they could pull through this challenging time.” Says Michael Clancy, Interim CEO.

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By September, the Bankstown Sports Club Vaccination Clinic successfully administered over 10,000 AstraZeneca vaccines. In addition, The Acres Club played a part in the vaccination drive and ran eight pop-up clinics offering both AstraZeneca and Pfizer, demonstrating true community versatility and resilience.

“The need to offer assistance and support in our community never stops, even in a lockdown” continues Michael. “We are lucky to have a team who worked tirelessly to find ways to keep going. We have been overwhelmed by the response and commitment shown by those who came out in their thousands and got vaccinated, to help get local businesses back on their feet.”

“The Vaccination Clinic employed Bankstown Sports staff...generating over 20,000 hours of paid work.”
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The Wind Behind Little Wings

A Heart Felt Thanks From Janette Davie, Chairperson of Little Wings

Thanks to Bankstown Sports Group, we continue to respond to the calls of need from families of children requiring on-going medical assistance throughout rural NSW. Bankstown Sports Club are responsible for so many happy smiles and gratitude from country families and we would like to thank you for continuing to stand by our side and support our efforts, and initiatives, to create special, memorable experiences for families that are doing it tough.

The support of Bankstown Sports Group has been delivered in a number of powerful ways and demonstrates the true heart of Bankstown Sports Club and the wider Club industry. This year has been tough on so many. As we navigated our way through, your continued support has seen Little Wings reach new heights, for which I would like to personally thank you. We are deeply proud of our achievements. Not only have we recruited our first ever female pilot, we extended our service to Queensland and Victoria for children that were stranded during the pandemic.

With your support, Little Wings has:

Funded 72 missions

With the grant provided to Little Wings from Bankstown Sports Group, we were able to fund 72 missions for children across regional NSW whom are seriously ill. We worked to maximise the missions by coordinating each return; taking one family home and bringing another in for treatment in the same mission.

Opened 8 Medical Wings Clinics

Little Wings funded an additional 8 Medical Wings Clinics, allowing us to assist Doctors from Sydney Children’s Hospital and Westmead Children’s Hospital in delivering remote pop-up clinics in the regions. These clinics assisted a further 680 children from the bush in accessing local care. This program also provided direct support and training to regional healthcare workers, providing the tools to assist

patients between clinics and beyond.

Provided Over 100 meals

The support from Bankstown Sports Group has provided over 100 meals to families that were stranded in Sydney unexpectedly due to extended hospital stays... feeding and accommodating these people in their most vulnerable moments. Further, assisting Little Wings’ volunteer pilots with meals and accommodation as they generously donate their time in consecutive days to deliver missions.

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“Bankstown Sports Club has at times felt like a home-away-from-home for us during some of our darkest days as we fly to and from Moree to Westmead children’s hospital for our son. We cannot thank you enough, for offering us a safe place to fall, for scooping us up when we were not in a state to care for ourselves and the world seemed like a very lonely place with little hope.”

Anonymous, Mother of child in care.

“We cannot thank you enough, for offering us a safe place to fall”
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Flood Relief Efforts

A

Disaster Relief Australia (DRA) volunteers have been on the ground in Coraki for 7 waves/weeks now with wave 8 beginning to arrive at our Field Operating Base (FOB) tomorrow. Over 650 volunteers have deployed in response to 500 requests for assistance. 25,000 volunteer hours have contributed to over $1million of community value. The contribution of Bankstown Sports Group was the first donation received and has gone directly to help fund flood recovery on the ground.

The township of Coraki, NSW, generously opened their hearts to our DRA volunteers and in turn the veteran led volunteers began the community recovery process. Aside from providing much needed assistance to flood affected homeowners, the disaster relief teams have also worked on community tasks like cleaning up the bowls club to give people a chance to come together. They also laid fresh wood chips in playgrounds to give the children a safe place to play again. Thousands of safety masks have been used, hundreds of pairs of gumboots, equipment such as pressure cleaners and heavy equipment hire and hundreds of litres of cleaning solutions. Bankstown Sports Group’s $200,000 contribution to DRA has provided real and lasting assistance.

Note From Rebecca Miller , National Fundraising Manager Contributed April 2022
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“Bankstown Sports Group’s $200,000 contribution to DRA has provided real and lasting assistance.” Annual Report 2021 - 2022 / 15

Sport & Community

In February 1958, The Bankstown District Cricket Association took the initiative and passed a motion to call a meeting to discuss the idea of a community club with other interested sporting bodies. Delegates met for the first time on April 23, and born out of that meeting was a decision to officially register Bankstown District Sports Club Ltd under the Companies Act in August 1958.

At inception, the Club’s charter was to sponsor sports and foster it. It was a prerequisite that members and their children be actively involved in sport, the intention being that members’ children go on to become members themselves, carrying on the tradition of promoting sports in the area and nurturing the community spirit that developed.

Today, the strength of this community spirit remains core to the DNA of Bankstown Sports who are proud to be supporting over 35 different sporting clubs and investing much needed funds to each of the nominated clubs.

Community sports has been majorly impacted by the global pandemic experienced over the last couple of years. However, the strength and desire of the club, and it’s team of staff to continue providing the community with a trusted backbone of traditional values has seen some incredible success during a period of severe challenge.

Of note:

• Bankstown Sports Athletics Club saw glory as Eleanor Patterson was crowned World High Jump Champion by winning the Gold Medal in the Women’s High Jump at the 2022 World Athletics Championships. The reigning World Indoor Silver Medallist was ranked world number 5 heading into the Championships before she cleared the winning 2.02m which equaled the Australian and Oceania records.

• In January 2021, Bankstown Sports Group contributed $1 million of a $1.5 million to the Canterbury - Bankstown community, securing the future of local community sport with the major facility upgrade of the Mark & Steve Waugh Pavilion at Canterbury Bankstown’s Memorial Oval.

• The upgrade will not only focus on refurbishing the pavilion itself, but also improving female amenities and disability access. The redevelopment will also ensure greater accessibility to the wider Bankstown community by updating external and internal pathways as well as providing improved lighting to the ground to allow for night matches and community events.

Critical to the continued success of Bankstown Sports is that the Club’s charter has always been supportive of grassroots junior sport and continues to strive to provide low-cost opportunities to both Bankstown and Hills Shire participants.

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Critical to the continued success of Bankstown Sports is that our club remains committed to these sporting clubs and the extended community. Physical health, social inclusion and mental wellbeing are key, and the Club is here to help support these goals in our community, starting at a grassroots sporting level. • Bankstown Sports Group supports over 35 grass roots clubs • 11,000 sport club participants • In excess of 1,000 volunteers • $1.75 million in funds supporting community sport • Current major projects include electronic scoreboards, Junior development programs, infrastructure developments and improved facilities Annual Report 2021 - 2022 / 17

Lady Banks Rooftop Bar Blooms In Homage To It’s Locality

A Sky-Soaring Haven of Botanical Beauty in the Heart of Sydney.
Photo courtesy of Lucia Braham for Pony Design Co.
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Bankstown Sports Group’s most ambitious venture, Lady Banks Rooftop Bar opened for business on 14 October, 2021. The opulent rooftop oasis emerges as the jewel in the crown of the newly-developed commercial building, Flinders Centre, located in the heart of Bankstown. Positioned on the 10th floor, Sydney’s largest rooftop setting boasts unrivalled views of the city’s landscape right through to the Blue Mountains and has proven to be a welcome destination venue to south-west Sydney.

Lady Banks Rooftop plays tribute to its muse, the Lady Banks rose, named for Lady Dorothea Banks, wife of botanist and Bankstown namesake, Sir Joseph Banks. Taking the design to new heights was Pony Design Co. who drew their inspiration from the horizon and heritage of the destination. Seeped in earthy, neutral tones and textures, the bar, internal dining and terrace areas seamlessly balance all weather aspects to provide the ultimate reprieve for customers to enjoy all year round. The internal dining area finishes and furniture selections are pulled together to form a timeless palette of shades in muted tones; combining warm timbers, fresh whites and natural stones.

At the heart of the internal dining area sits an inviting fireplace and the floor to ceiling bi-fold doors open up to a spectacular outdoor oasis.

To complement its stunning floral installations and interior pieces, guests have enjoyed being indulged with Lady Banks Rooftop’s equally exquisite menu. Venue Manager Francesco Motta, Head Chef Naz Islam and Bar Manager Iris Boci, have combined their talent and industry expertise to ensure that flavour, colour and aroma infuse the Lady Banks Rooftop drink and food offering. Lady Banks Rooftop serves a wide-selection of handpicked wines, beers and classic and specially-crafted cocktails as well as a fresh and contemporary Middle-Eastern-inspired menu made with sharing in mind.

The final result is a sophisticated, multi-seasonal sanctuary for customers to unwind with friends and family or to savour the luxe surroundings in solitude. Lady Banks Rooftop is the pièce de résistance of The Flinders Centre and leads the charge in changing the face of Bankstown into a truly desirable destination.

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LADY BANKS ROOFTOP LAUNCH EVENT

The sky was the limit for the official launch celebrations for Lady Banks Rooftop, where the purpose was to position the venue as a key destination; bringing what has historically been an inner-city experience to south-west Sydney. To mark the start of summer and the relaxing of the COVID-19 restrictions, the show-stopping celebrations were held in early December and highlighted the venue’s exquisite design, menu and drink selection. Over 200 guests came to experience Lady Banks Rooftop, consisting of a mix of partners, media, sport, fashion and food influencers and TV personalities. It was truly a spectacular showcase and a defining moment for Bankstown Sports Group.

LADY BANKS ROOFTOP CELEBRATES INTERNATIONAL WOMEN’S DAY

In celebration of International Women’s Day, Lady Banks Rooftop played host to an intimate gathering of guests to honour the diverse and inspirational women who work or hail from Western Sydney. Women that are impacting our society and making a difference in their respective fields across business, health, sport, media and the arts.

During the event, award-winning journalist, author and diversity advocate Antoinette Lattouf moderated a panel that explored the 2022 theme #BreakTheBias and encouraged thought-provoking conversation amongst our guests. The four panellists included: Director of Bankstown Sports Group and Volleyball Australia, CEO Scouts NSW, Chairperson of Sport NSW, Carolyn Campbell and Paralympic Gold Medallist, Madison de Rozario, Founder of Wedded Wonderland, Wendy El-Khoury and CEO of Little Wings and Director of Bankstown Sports Group, Clare Pearson who shared their personal experiences and stories to our audience. The goal with this event was to cement Bankstown Sports Group as a leader and advocate for women and create meaningful experiences and compelling conversations all set against an unbeatable backdrop.

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People at Our Heart

Celebrating Our People and Their Achievements

“Our people and communities are at the heart of the Bankstown Sports Group and over the past 12 months there has been no shortage of challenges for them. It is with great pride that we have been able to celebrate the great resilience and dedication of our people, to bounce back and bring joy and exceptional experiences back to our community and visitors.

Our brave team members were at the frontline of our Vaccination Hub during lockdown, helping deliver such a vital service during an extremely challenging time for our community. Flash forward and October’s re-opening brought with it renewed vigour and enthusiasm, followed closely by the complexity of operating our venues during the Omicron wave and record-case numbers, affecting not just our community but our team.

In a short time, we have had the privilege of hosting some of our highest achievers at our first Golden Ticket Dinner since re-opening and plan to continue hosting these events in the future. We have also had the opportunity to launch our Health and Wellbeing Program aimed at the Physical, Psychological and Holistic wellbeing of our People. We are excited about the initiatives that will be delivered through this program to continue building a well-rounded workplace for our people.’’ David Watt, Manager of People and Culture.

“Without the support of Bankstown Sports Club, we would not be able to provide this opportunity to our nurses and midwives, because of the support our staff are able to progress and develop themselves both educationally and professionally. I am so grateful for the generous efforts from the Club”
Linda CampbellDirector of Nursing and Midwifery Services
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“Over 1,200 hours of student work placement across the period since re-opening”

The Future Leaders of Bankstown Sports

Having delivered over 1,200 hours of team member training since our re-opening, we have been dedicated to providing our people with the necessary support and tools to be successful in their roles. This year, we have directed particular attention towards further empowering our leaders throughout all our venues, along with the kick off of our Leadership Masterclass program. Team Members in Leadership roles, as well as future leaders of our business have been attending various workshops with their peers to explore their own leadership styles and how they can optimise

the experiences of their teams. As an employer, Bankstown Sports Group hopes to provide our team members with purpose, opportunity, appreciation, and success; as well as taking the time to focus on their wellbeing. We will continue to develop and implement initiatives to deliver an exceptional employee experience such as our mentoring program which connects our team members with our leaders in a new and specific setting.

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Contemporary. Sustainable. Efficient. Accessible.

Flinders Centre Delivers on it’s Promise to Deliver an A-Grade Commercial Office and Retail Space

Offering panoramic views extending from the Sydney CBD to Botany Bay in the east, out to the Blue Mountains in the west, the Flinders Centre features exceptional, state of the art architecture spanning across the ten floors. Stand out features and facilities include a multi-level secure, undercover car parking and visitor spaces, bike storage, a rooftop bar, highspeed glazed lifts and 6,000sqm glazed curtain walls, bringing an abundance of natural light on each floor.

Located adjacent to Bankstown Sports Club, Flinders Centre is conveniently positioned a three-minute walking distance to public transport and is a short drive from Sydney, Liverpool and Parramatta CBDs as well as Sydney Kingsford Smith Airport. The Flinders Centre is currently home to a diverse arrange of businesses and services, including the UFC Gym, Flinders Centre Early

The past 14 months at Flinders Centre have seen 6 new medical tenants onboarded, converting to almost $1 Million rental income per year, and the extension of 3 Key tenant leases for up to 5 additional years. Annual Report 2021 - 2022 / 24

A place of opportunity, the Flinders Centre is proudly leading the transformation and re-development of Bankstown.

Learning School, Advanced Health Medical Centre, Amcal Pharmacy and Macquarie Heart.

The Flinders Centre digital presence has also been revolutionised with a brand-new website that in the space of 1 month, generated 3 leads, 2 of which were converted to onsite inspections. The site has seen a 37% increase in visitation since it’s relaunch and the team are now extending digital plans to include a social media presence that targets the commercial sector further.

A place of opportunity, the Flinders Centre is proudly leading the transformation and re-development of Bankstown.

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Our Venues

Through a year of challenge, our Venues and Food & Beverage teams have made some big changes and introductions, playing their role in keeping the heart of the community beating.

LADY BANKS ROOFTOP BAR

Almost a year on since opening the doors of this botanical haven, Lady Banks Rooftop has enjoyed a welcome reception from the surrounding community and visitors clamouring to visit Sydney’s largest rooftop bar. Since opening it’s doors:

• Over 27,000 cocktails have been made

• Our best-selling cocktail has been Pretty in Pink

• 12,000 main meals have been served

• Our best-selling dish has been the delicious Lamb Shoulder Tagine

• We have provided almost 5,000 hours of work and 30 jobs

• We have partnered with Pinot & Picasso with 6 sold out sessions and plans for more throughout the year. This popular activity has allowed our guests to enjoy new experiences at Lady Banks with more to come!

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ACRES CLUB TO HUB

In a bid to move the local vaccination rate in the right direction, NSW Health, in collaboration with The Acres Club opened a pop up COVID-19 Vaccination Clinic located on the premises.

The Clinic offered Pfizer and Astra-Zeneca vaccinations in a safe and accessible environment.

AUSTRALIAN DEFENCE FORCE

During the peak of the pandemic, Bankstown Sports Group offered Australian Defence Force personnel a bed and sustenance as they performed critical COVID-19 safety checks. Key outtakes from their stay include:

• Breakfast, Lunch and Dinner served to a rotating group of ADF workers

• 20,000 meals served

• Over 200 hours of work was created for employees who were doing it tough, living without Government benefits and support.

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Our People

Adam Green - Venue Manager, Auburn Tennis Club

“This past year I have had the great opportunity of transitioning my role within the Bankstown Sports Group, from Operational Support Manager to my current role of Venue Manager at Auburn Tennis Club which has been an exciting challenge and enjoyable experience as we rebound from the COVID lockdown of 2021.

I have had the privilege of working with a team at Auburn Tennis Club who continuously go above and beyond to provide exceptional customer experience, led by Leanne White who has taken on the role of Duty Manager. We are excited for the year ahead as we continue to provide the exceptional customer experience associated with Bankstown Sports.”

Sarah Young - Venue Manager, Baulkham Hills Sports

“I was born and raised in Baulkham Hills and began in the club industry in 2003 when I worked for eBet Gaming Systems. I am an Active Certified Club Manager (ACCM) and most recently worked as the CEO of South Tamworth Bowling Club; I have also worked in managerial and executive positions for 5 years at Parramatta Leagues Club. My Bachelor of Business Administration from Macquarie University majoring in Marketing and HR Management has been a strong foundation for my experience as has my international business experience from companies including Samsung and Revlon.

This year, I was proud to be awarded a Diploma of Leadership & Management from The Institute of Strategic Management. I have a passion for serving my community and have a solid understanding of the role clubs play.”

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Giuseppe Barillari - La Piazza Restaurant Manager

“I have had a passion for hospitality since childhood. My mum used to be the chef at our family run restaurant which was called Abracadabra. I don’t know if it was the magic in the name or just because it runs in my blood, but I found myself falling in love with the restaurant world!

Mum opened the second restaurant when I was almost 15 and that is when she started to involve me in the management side of things, as running two of them was difficult for her. Before that, I would make pizzas, cocktails and take orders, all the while building my management skills. Our restaurant was very busy, especially in Summer as we were in an Italian village that was popular with tourists. This early start allowed me to become a specialist in bartending, barista and coffee roasting, cooking pizzas and management.

I went on to study Law at University in Ferrara (Northern Italy) but I still worked every weekend in the best Italian restaurant in the area! I moved to Australia almost 7 years ago. Here I have worked as a pizza chef in Casa Restaurant in Darling Harbor, I worked in a Start-up in Redfern called Redforno; I have managed a Café restaurant in Martin Place called Bond, and a few others.

In case you are wondering – yes, I do love soccer! I’m an A.C. Milan Supporter and love motor bikes too.

I have spent so much of my life in hospitality trying to create the best customer service and manage profitable businesses. My goal is to give my customers the best environment and the most authentic, full, and beautiful Italian experience possible.”

Stefano Brombal - La Piazza Head Chef

“I grew up in a family where food and hospitality were the centre of our lives, coming from a Butcher grandfather and a Cook grandmother with a passion for minimising food wastage after the World War.

My dad, out of all the brothers he had, was the one who got the love of cooking in his DNA and turned it into a job. I was born in a town close to the romantic city of Venice, where love is sung, and art is plated. I was raised in a family run hospitality business and was surrounded with food, pots, pans, customers, and fresh produce. Dad used to take me to the vegetable market and to the fish mongers to teach me how to choose fresh food and seafood. He would also take me to degustation dinners and showed me how to pick wild mushrooms. I also visited the biggest, most exciting food expos in Northern Italy where I learnt a lot and saw the diversity of Italian cuisine.

After completing my military service in Italy as a Chef, I dreamt of moving to Australia. I came here in 2006 and decided to bring my passion and knowledge to the local restaurant world, where I have found home in one of the most amazing Italian restaurants in the country, La Piazza.”

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Our Members 10,125 4,014 1872,133 3,456 105,902 Total Membership 125,817 Annual Report 2021 - 2022 / 30

Did

This year, we enjoyed over 1 MIL LION visits from our members and guests La Piazza sold over 50,000 pizzas Lady Banks mixologists created over 27,000 cocktails We have two big milestones in our teamSteve Cavanough celebrated his 35th year of employment with Bankstown Sports and Greg Hogan celebrated his 30th year with us. CONGRATULATIONS!
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Bankstown Sports Financials

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Directors’ Report

The Directors present their report together with the financial report of the Bankstown District Sports Club Limited for the financial year ended 30th June 2022 and the auditor’s report thereon.

a) Directors

The names, qualifications and responsibilities of the Directors in office as at the date of this report are:

Name

Occupation

Number of years on Board No. of Attendance of Board Meetings

FALCONER, Vernon Frederick Consultant 16 9 of 9

HANNA, Jim Company Director 7 9 of 9

KLUMPP, Martin OAM Consultant 9 9 of 9

MURRAY, John OAM

Retired (Chair) 42 8 of 9

PHILLIPS, Richard Retired 41 8 of 9

RONIS, Jim Company Director 17 8 of 9

CAMPBELL, Carolyn Company CEO 3 8 of 9 PEARSON, Clare Company CEO 1.2 8 of 9

The Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

b) Company Secretary

The Company Secretary at the end of the financial year was Mark Christopher Condi MBA, BBusClubMgt, GAICD, JP.. Mr. Condi has resigned from his position on 11 August 2022, after which, Michael Clancy (interim CEO) is appointed as the Company Secretary.

c) Principal Activities

The principal activities of the Company during the course of the financial year were the promotion of sport and games and the operation of a Licensed Club. The company has also started to acquire property for long term investment.

d) Operating Results

The Net Profit after Tax and Objectives for the year ended 30 June 2022 amounted to $10,015,435 ($20,813,892-2021 surplus), a decrease of $10,798,457. This profit is after including, depreciation and impairment of non-current assets $14,171,376 ($12,734,721-2021) and income tax expense $640,423 (($510,532) - 2021). The decrease in Net Surplus after Tax and Objectives, is due to a decrease in total income in FY2022. During a significant part of the FY2022 year, the Club was operating under restrictions imposed by the NSW Government due to COVID-19.

e) Objectives

The short and long term objectives of the Company are to continue to provide the very best facilities for its members and guests, support and foster sport in the local area and provide a high level of financial support to community organisations. The strategy for achieving these objectives is to diversify income streams and to lessen the reliance on gaming revenue.

Annual Report 2021 - 2022 / 33

f) Measurement of Success

The Company measures financial and operation performance by:

• Benchmarking to industry standards

• Profitability

• Cashflow

• Trading versus Budget

• Using gross profit and wage cost ratios

• Return on capital employed

• Patron visitations

g) Membership

Bankstown District Sports Club Limited is a company limited by guarantee without share capital. The number of members as of 30th June 2022 was 125,817 (122,297 - 2021)

h) Significant changes in the state of affairs

There has been no significant change in the state of affairs of the Company in the past financial year.

i) Auditor independence

A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is set out on the following page.

Dated at BANKSTOWN

This 13th day of September 2022 ON BEHALF OF THE BOARD AND IN ACCORDANCE WITH ITS RESOLUTION

Annual Report 2021 - 2022 / 34

Independent Auditor’s Declaration 2022

GREG HUGGETT & CO

CHARTERED ACCOUNTANT

Phone (02) 9570 9951

Fax (02) 9570 9291

ABN 33 155 958 377 Mobile 0412 239 579

7/83 Mulga Road, Oatley West NSW 2223

All correspondence: PO Box 4125, Oatley West, 2223

The Directors

Bankstown District Sports Club Limited

PO Box 213

BANKSTOWN NSW 1885

AUDITOR’S

Email ghuggett@bigpond.com

Principal G W Huggett

I declare that to the best of my knowledge and belief, during the year ended 30 June 2022 there has been:

1. No contraventions of the auditor’s independence requirements as set out in the Corporations Act 2001 in relation to the audit, and

2. No contraventions of any applicable code of professional conduct in relation to the audit.

G W HUGGETT

Greg Huggett & Co

Registered Company Auditor

Date: 12 September 2022 Oatley West

Liability limited by a scheme approved under Professional Standards Legislation

INDEPENDENCE DECLARATION SECTION 307C OF CORPORATIONS ACT 2001 Annual Report 2021 - 2022 / 35

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2022

Revenue from ordinary activities

Note 2022 2021

Revenue from sale of goods 19,052,967 21,412,871

Revenue from gaming 73,246,927 87,826,391

Members' subscriptions 600,169 392,156

Bank interest received 47,232 42,836

Rental income 4,848,186 3,395,184

Other revenue from ordinary activity 3,395,580 1,998,027

Gain on disposal of fixed asset 249,193 483,319

Total Revenue 101,440,254 115,550,784

Less expenditure from ordinary activities

Cost of goods sold 7,172,864 8,133,975

Employment expenses 23 23,793,680 24,393,961

Depreciation expense 7 12,769,431 12,518,212

Impairment of non-current assets 7 1,401,945 216,509

Administration and operating expenses 17,434,012 18,174,781

Entertainment, marketing and promotions 3,686,885 3,600,805

Finance costs 2,576,095 1,950,364

State and federal taxes 12 19,897,702 24,277,885

Total expenses from ordinary activities 88,732,614 93,266,492

Surplus before tax and objectives 12,707,640 22,284,292

Less: income tax expense / (benefit) 13 640,423 (510,532)

Surplus after tax but before objectives 12,067,217 22,794,824

Less expenditure in furtherance of the Club's Objectives

Community support, welfare and sports expenses 2,051,782 1,980,932

Total comprehensive income for the year 10,015,435 20,813,892

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes and forming part of the accounts.

Annual Report 2021 - 2022 / 36

OF FINANCIAL POSITION

Current assets

Cash and cash equivalents

and other receivables

Current Assets

26,742,010 16,403,222

1,007,778 950,358

964,245 974,434

5,166,219 4,163,104

Total current assets 33,880,252 22,491,118

Non-current assets

Property, plant and equipment

Deferred tax asset

assets

Intangible assets

311,077,347 312,220,676

1,773,709 2,069,983

562,500 662,500

4,579,070 4,579,070

non-current assets 317,992,626 319,532,229

assets

Current liabilities

Trade and other payables

Current Interest bearing liabilities

Current tax liability

Employee benefits

term provisions

342,023,347

24,111,977 27,739,541

4,878,196 4,848,888

0 0

3,205,082 3,525,675

288,977 318,646

Total Current liabilities 32,484,232 36,432,750

Non-current liabilities

Interest bearing liabilities

benefits

Deferred tax liability

64,356,451 61,467,044

2,128,695 1,579,637

2,456,083 2,111,934

Total non-current liabilities 68,941,229 65,158,615

Total liabilities 101,425,461 101,591,365

Net assets 250,447,417 240,431,982

up of:

Land and buildings

7,111,305

surplus 243,336,112 233,320,677

equity 250,447,417 240,431,982

As at 30 June 2022 CONSOLIDATED STATEMENT
Note 2022 2021
3
Inventories 4
Trade
5
Other
6
7
13
Financial
25
8
Total
Total
351,872,878
9
10
13
Current
24
Short
11
10
Employee
24
13
Made
Equity
revaluation reserve 7,111,305
Retained
Total
The consolidated statement of financial position is to be read in conjunction with the notes and forming part of the accounts. Annual Report 2021 - 2022 / 37

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

As at 30 June 2022

Retained earnings

As at 1 July 2020 212,506,785

Net surplus for the year 20,813,892

Transfers from reserves

As at 30 June 2021 233,320,677

Net surplus for the year 10,015,435

Transfers from reserves

Reserves Total

7,111,305 219,618,090

20,813,892

7,111,305 240,431,982

10,015,435

As at 30 June 2022 243,336,112 7,111,305 250,447,417

The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes and forming part of the accounts.

0
0 0 0
0
0 0 0
Annual Report 2021 - 2022 / 38

CONSOLIDATED STATEMENT OF CASH FLOWS

As at 30 June 2022

Cash flows from operating activities

Note 2022 2021

Cash receipts in the course of operations 99,734,899 113,658,905

Cash payments in the course of operations (72,182,376) (84,077,195)

Borrowing costs paid (2,548,263) (1,699,797)

Interest received 19,398 12,276

Income tax 0 0

Net cash provided by operating activities 25,023,658 27,894,189

Cash flows from investing activities

Proceeds from sale of property, plant and equipment 952,859 78,745

Payment for property, plant and equipment (18,388,781) (14,478,883)

Payment for financial assets (200,000) (200,000)

Net cash used in investing activities (17,635,922) (14,600,138)

Cash flows from financing activities

Proceeds from borrowings 7,799,940 0

Repayment of borrowings (4,848,888) (6,820,562)

Funds received from other parties 0 0

Funds advanced to other parties 0 0

Net cash used in financing activities 2,951,052 (6,820,562)

Net increase / (decrease) in cash held 10,338,788 6,473,489

Cash at beginning of financial year 16,403,222 9,929,733

Cash at end of financial year 14(i) 26,742,010 16,403,222

The consolidated statement of financial position is to be read in conjunction with the notes and forming part of the accounts.

Annual Report 2021 - 2022 / 39

NOTES TO THE FINANCIAL STATEMENTS

1. Corporate Information

The financial statements of Bankstown District Sports Club Limited for the year ended 30 June 2022 were authorised for issue with a resolution of directors on 13th September 2022.

The Company is incorporated and domiciled in Australia as a Company limited by guarantee. In accordance with the Constitution of the Company, every member of the Company undertakes to contribute an amount to $4 per member in the event of the winding up of the Company during the time that he or she is a member or within one year thereafter. The nature of the operations and principal activities of the Company are described in the directors’ report.

2. Summary of significant accounting policies

a. Basis of Preparation

The financial report is a general-purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards as issued by the International Accounting Standards Board and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events, and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below and they have been consistently applied unless otherwise stated. Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on historical costs, modified where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. This financial report has been prepared under the Going Concern concept. The club was closed from 26 June 2021 and re-opened 11 October 2021. This closure has had an effect on the annual result, but the club has traded well since it has re-opened in October 2021.

b. Changes in Accounting Standards

There are no changes to accounting standards during the year.

c. Changes in Accounting Policies

There were no changes in accounting policies during the year.

d. Inventories

Inventories are valued at the lower of cost and net realisable value.

Income Tax

In accordance with the concept of mutuality, income tax is liable on income derived from non-members and other parties. The charge for current income tax is based on the surplus for the year, adjusted for any non-assessable or disallowed items. It is calculated using the tax rates that have been enacted at the end of financial year deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements. No deferred tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting, or taxable profit or loss.

Deferred tax liability is calculated at the tax rates they are expected to apply in the period when an asset is realised, or a liability is settled. Deferred tax is credited in the income statement, except where it relates to items that may be credited to equity, in which case the deferred tax is adjusted against equity.

FOR THE YEAR ENDED 30 JUNE 2022
Annual Report 2021 - 2022 / 40

NOTES TO THE FINANCIAL STATEMENTS

2. Summary of significant accounting policies (Continued)

e. Deferred tax assets are recognised to the extent that it is probable that future tax profit will be available against which deductible temporary differences can be utilised. The amount of benefits brought to account, or which may be realised in the future, is based on the assumption that no adverse change will occur in income tax legislation and the anticipation that the economic entity will derive sufficient future assessable income to enable the benefit to be realised and comply with conditions of deductibility imposed by the law.

f. Employee Benefits

Provision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee provisions that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee provisions payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employees’ wage increases and the probability that the employee may not satisfy vesting requirements. Those cash outflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows attributable to employee provisions.

g. Leases

The company has adopted AASB 16 Leases from 1 July 2020 and assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of lowvalue assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right-of-use asset

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to amortisation. The first-time adoption of AASB 16 Leases was for year ended 30 June 2021 and this resulted in an increase in assets of $1,558,421.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 41

NOTES TO THE FINANCIAL STATEMENTS

2. Summary of significant accounting policies (Continued)

g. Leases (Continued)

Lease liability

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The first-time adoption of AASB 16 Leases was for year ended 30 June 2021 and this resulted in an increase in Liabilities of $1,631,459.

Short term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low-value. Lease payments on shortterm leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term

h. Comparative Figures

Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year.

i. Property, Plant and Equipment

i. Property, Plant and Equipment are brought to account at cost, or at independent valuation where cost cannot be ascertained, less where applicable, any accumulated depreciation. The carrying amount of property, plant and equipment is reviewed annually by Directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows, which will be received from the asset’s employment and subsequent disposal.

ii. Buildings are depreciated on a straight-line basis, whereas all other depreciable assets are on a diminishing value basis over their estimated lives. Buildings on leasehold land are written off on the consideration of the remaining term of the lease, likelihood of the lease being renewed, and the present cash generation ability of the building.

iii. Land and buildings are revalued by a professional independent valuer every three years. That valuation is shown in the notes to and forming part of the financial statements, but not the actual statement of financial position.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 42

NOTES TO THE FINANCIAL STATEMENTS

2. Summary of significant accounting policies (Continued)

i. Property, Plant and Equipment (Continued)

iv. In the earlier years of the Company, there was a regular revaluation of real estate being land and buildings and the revaluation was expressed in the statement of financial position. That policy ceased in 1986. Due to the time periods when such revaluations occurred it appears impossible to fully apply AASB116: Property, Plant and Equipment, whereby such assets are to be reduced back to their original cost. The departure from this standard is considered to have an immaterial effect.

v. In this year, as in previous years, the Company at 30 June has building works under construction. Advice is received annually from the Company’s quantity surveyors, Kinlay Grinham Casey Burne as to completed works and that are still under construction at 30 June. The quantity surveyor further advises as to completed works in respect of dividing costs between buildings, plant and equipment and repairs.

vi. When real estate is purchased, land is brought in (along with buildings) at a value as given by a qualified independent valuer. For real estate purchases with the object of development purposes, the acquisition consideration is directed to land only, irrespective of a building being situated on that land.

vii. Depreciation rates for each class of depreciable assets are:

Class of fixed assets Depreciation rate Buildings 1-10%

Poker Machines 21%

Motor Vehicles 18.5%

Other Plant and Equipment 1.5 – 40%

Gains and losses on disposal are determined by comparing proceeds with the carrying amount. These gains and losses are recognised in the Profit and Loss and Other Comprehensive Income in the period in which they arise.

viii. The potential capital gains tax on the disposal of applicable land and buildings and any other assets subject to capital gain tax has not been taken into account.

j. Intangibles - Poker Machine Entitlements

The Directors believe that the value shown in respect of poker machine entitlements is based on an active market at 30 June 2022, and accordingly the values are not impaired, and as such, entitlements have an indefinite life and amortisation need not be considered. Each poker machine licence is an effective cash generating unit.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 43

NOTES TO THE FINANCIAL STATEMENTS

2. Summary of significant accounting policies (Continued)

k. Revenue

Trading revenue is recognised upon the delivery of goods and services to customers. Interest revenue is recognised at the earliest of receipt or being due and receivable. The profit and loss on disposal of assets is brought to account at the date an unconditional contract comes into being. Australian Accounting Standard AASB 15 Revenue from Contracts with Customers has been fully applied. The Company was in receipt of $1,200,000 for Job Saver as part of the NSW State Government Economic Stimulus, which has been recognised as non-taxable income in accordance with taxation law.

Rental income is brought to account i. when it’s received or it is receivable, or ii. where a rent-free period is involved, the benefit of the entire lease is taken into account and is apportioned over the lease period, or iii. upfront receipt in relation to a signed lease is brought to account as income, over the lease period.

l. Cash and Cash Equivalents

For the purposes of the statement of cash flows, cash includes cash on hand and at bank.

m. Trade and Other Receivables

Sales made on credit and due in 30 days are included in Trade Debtors at balance date net of a provision for amounts estimated to be uncollectible. The Company does not have any material risk in this area. Other debtors have been complying with their obligations on a timely basis to the extent that there is presently no material credit risk.

n. Trade Creditors

Liabilities are recognised for amounts to be paid in the future for goods and services received whether or not billed to the Company. Trade accounts are normally settled within 30 days unless there are specific arrangements to the contrary.

o. Bank Bill Facility

The bank bill facility in current liabilities comprises the current portion of the Company’s bank bill repayment within one year. The bank bill facility is repayable in minimum quarterly installments of $1,000,000. The Company does have the right to make additional reductions in principle. The bill bears interest at the bank’s interest rate plus a margin. The Company is required to submit to the bank an annual capital budget for approval. The part of interest that relates post 30 June is included as a prepayment.

p. Subscription Income

Membership fees have been abolished from 4 April 2022 onwards.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 44

NOTES TO THE FINANCIAL STATEMENTS

THE YEAR ENDED

2. Summary of significant accounting policies (Continued)

q. Goods and Services Tax (GST)

Receivables and Payables in the statement of financial position are shown inclusive of GST. Revenues, expenses, and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or an item of the expense.

r. Impairment of Assets

At each reporting date the Company reviews the carrying value of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable of the assets, being the higher of the assets fair value less costs to sell, and value in use, is compared to the assets carrying value.

Any excess of the assets carrying value over its recoverable amount is expensed to the statement of profit or loss and other comprehensive income. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which that asset belongs. The following impairment write offs were recorded:

Impairment of assets

Note 2022 2021 Buildings 0 33,325

Plant and Equipment 1,101,945 183,184 Investments 300,000 0

Total Revenue 7 1,401,945 216,509

The investment impairment was due to the slowdown in performance of the investment in “The Acre Restaurant Group”, which is still trading, but with a reduced footprint. It has been severely impacted due to COVID restrictions over the past couple of years.

s. Investment property

Investment property consists of local real estate and it is held for the purpose of deriving rental income and for future development. All tenant leases are on an arm’s length basis.

t. Critical Accounting Estimates and Judgments

Critical Accounting Estimates and Judgments incorporated in the Financial Report are based on historical and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company. For the purposes of measurement AASB119: Employee Benefits, defines obligations for short term employee entitlements obligation to be settled within 12 months of year’s end.

FOR
30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 45

NOTES TO THE FINANCIAL STATEMENTS

2. Summary of significant accounting policies (Continued)

u. Key estimates - Impairment

The Company assesses impairment at each reporting date by evaluating conditions specific to the Company that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amounts incorporate a number of key estimates. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the organisation.

v. Financial Instruments

Cash on hand and at bank are measured at face value. Receivables are measured at face value less provision for likely non recovery. Bank bills are measured at face value. Interest income and interest expense is recognised as earned or incurred.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 46

NOTES TO THE FINANCIAL STATEMENTS

THE YEAR ENDED 30 JUNE 2022 (CONTINUED)

2. Summary of significant accounting policies (Continued) w. Consolidation of the financial statements

As Bankstown District Sports Club Limited owns 100% of issued share capital of BDSC Agencies Pty Limited, BDSC Properties Pty Limited, Flinders Centre Properties Pty Ltd and Facility Services Pty Ltd, it is considered that Bankstown District Sports Club Limited has total control over the just mentioned entities.

All intercompany balances and transactions within the group have been eliminated.

The financial effect of consolidation on Bankstown District Sports Club Limited accounts is as follows.

Statement of Profit or Loss and other Comprehensive Income 2022 2021

Increase / (decrease) in revenue from ordinary activities 6,551,784 3,473,334

Decrease / (increase) in expenditure from ordinary activities (8,931,044) (5,037,652)

Increase / (decrease) in comprehensive income for the year (2,379,260) (1,564,318)

Statement of Financial Position Assets

Cash and cash equivalents 577,757 381,521

Other current assets 2,432,539 2,131,288

Total current assets 3,010,296 2,512,809

Property, plant and equipment 32,561,521 25,269,497

Other non-current assets 562,500 662,500

Total non-current assets 33,124,021 25,931,997

Total assets 36,134,317 28,444,806

Liabilities

Trade and other payables 7,514,485 8,468,437

Other current liabilities (5,117) (18,646)

Current liabilities 7,509,368 8,449,791

Non-current liabilities 35,437,482 24,428,290

Total liabilities 42,946,850 32,878,081

Net assets (6,812,533) (4,433,275)

Equity

Increase / (decrease) in Equity (6,812,533) (4,433,275)

FOR
Annual Report 2021 - 2022 / 47

NOTES TO THE FINANCIAL STATEMENTS

significant accounting policies

Statement of Profit or Loss and other Comprehensive Income 2022 2021

Revenue from ordinary activities 95,734,482 112,333,919

Expenditure from ordinary activities (80,647,584) (88,485,309)

Surplus before tax and objectives 15,086,898 23,848,610

Less: Income tax expense 640,423 (510,532)

Surplus after tax but before objectives 14,446,475 24,359,142

Statement of Financial Position Assets

Cash and cash equivalents 26,164,253 16,021,702

Other current assets 3,248,295 2,456,122

Total current assets 29,412,548 18,477,824

Property, plant and equipment 280,028,898 288,509,600

Other non-current assets 26,434,598 23,505,879

Total non-current assets 306,463,496 312,015,479

Total assets 335,876,044 330,493,303

Liabilities

Trade and other payables 16,597,492 19,271,105

Interest bearing liabilities 4,878,196 4,848,888

Other current liabilities 4,048,367 4,398,629

Current liabilities 25,524,055 28,518,622

Interest bearing liabilities 49,056,451 53,967,044

Other non-current liabilities 4,035,588 3,142,381

Non-current liabilities 53,092,039 57,109,425

Total liabilities 78,616,094 85,628,047

Net assets 257,259,950 244,865,256

Equity

Increase

257,259,950 244,865,256

2. Summary of
(Continued) x. Parent entity information The financial information in relation to the parent being Bankstown District Sports Club Limited
/ (decrease) in Equity
FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 48

TO THE FINANCIAL STATEMENTS

974,434

2,099,445 1,538,530

28,310 28,310

1,513,073 1,558,421

1,525,391 1,037,843 5,166,219 4,163,104

3. Cash and cash equivalents 2022 2021 Cash at bank and on hand 26,742,010 16,403,222 4. Inventories Beverage 818,428 720,849 Catering 189,350 229,509 1,007,778 950,358 5. Trade and other receivables Trade debtors 944,245 725,267 (Net of doubtful debt provision of $223,926 ($147,363 - 2021) Other receivables and loans 20,000 249,167 964,245
6. Other assets Current Prepayments
Deposit
Rights to use asset
Other assets
FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED) NOTES
Annual Report 2021 - 2022 / 49

NOTES TO THE FINANCIAL STATEMENTS

7. Property, plant, and equipment 2022 2021

Land 26,797,215 26,797,215

Land held for investment 33,472,393 26,294,679 60,269,608 53,091,894

Buildings 200,720,506 200,110,397

Buildings-held for investment 62,346,967 60,389,494

Buildings-leasehold land 2,731,339 2,731,339

Buildings-under construction 668,359 1,767,577 266,467,171 264,998,807

Less: accumulated amortisation (52,263,163) (47,335,019) 214,204,008 217,663,788

Plant and equipment 108,260,554 112,558,364

Less: accumulated amortisation (71,656,823) (71,093,370) 36,603,731 41,464,994

Total property, plant and equipment 311,077,347 312,220,676

Land and buildings were independently valued, by Global Valuation Services, at fair value for financial reporting purposes in accordance with AASB 116 on 31 December 2021 at $412,360,000 (GST exclusive). This value has not been taken up in the accounts. This valuation was prepared on the basis of completed works (renovations) at that point in time. It does not take into account any additions and improvements to buildings since that date or the acquisition of land.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 50

NOTES TO THE FINANCIAL STATEMENTS

THE YEAR ENDED 30 JUNE 2022 (CONTINUED)

Property, plant and equipment (Continued)

Details of the Company’s property, plant and equipment and their carrying amount are as follows:

Land 2022 2021

Balance 1 July 2021 53,091,894 41,473,992

Additions 7,177,714 11,617,902

Disposals

0

Balance 30 June 2022 60,269,608 53,091,894

Buildings

Balance 1 July 2021 263,231,230 258,248,957

Additions

Transfers from capital works in progress 2,628,992 5,016,433 Disposals (61,410) (34,160)

Balance 30 June 2022 265,798,812 263,231,230

Capital works in progress

Balance 1 July 2021 1,767,577 1,204,026

Additions 1,905,734 5,844,730

Transfers to buildings (2,628,992) (5,016,433)

Transfers to plant and equipment (375,960) (264,746)

Transfers to expenses 0 0

Balance 30 June 2022 668,359 1,767,577

Amortisation

Balance 1 July 2021 (47,335,019) (42,461,876)

Amortisation written back on disposal 6,341 827

Amortisation (4,934,485) (4,873,970)

Balance 30 June 2022 (52,263,163) (47,335,019)

Carrying amount at end of year - buildings 214,204,008 217,663,788

Plant and equipment

Balance 1 July 2021 112,558,364 107,622,782

Additions 3,816,939 8,673,317

Transfers from capital works in progress 375,960 264,746 Disposals (8,490,710) (4,002,481)

Balance 30 June 2022 108,260,553 112,558,364

0
0 0
FOR
7.
Annual Report 2021 - 2022 / 51

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE

7. Property, plant and equipment (Continued)

Depreciation 2022 2021

Balance 1 July 2021 (71,093,370) (67,109,649)

Depreciation written back on disposal 7,176,647 3,660,521 Depreciation* (7,740,099) (7,644,242)

Balance 30 June 2022 (71,656,822) (71,093,370)

Carrying amount at end of year - plant and equipment 36,603,731 41,464,994

Total property, plant and equipment 311,077,347 312,220,676

*Does not include

depreciation of leases asset, low-cost pool and reclasses to overhead expense
2022 (CONTINUED)
Annual Report 2021 - 2022 / 52

NOTES TO THE FINANCIAL STATEMENTS

Plant

Asset write off / impairment 2022 2021 Buildings Cost written back 0 34,160 Amortisation written back 0 (835) Impairment 0 33,325
and equipment Cost written back 7,863,785 2,012,225 Depreciation written back (6,761,840) (1,829,041) Impairment 1,101,945 183,184 Investments Cost written back 300,000 0 Depreciation written back 0 0 Impairment 300,000 0 Total impairment 1,401,945 216,509 8. Intangible assets Poker machine entitlements 4,579,070 4,579,070 9. Trade and other payables Trade creditors 9,001,136 8,661,818 Other 15,110,841 19,077,723 24,111,977 27,739,541 10. Interest bearing liabilities Current Bank cash advance facility 4,878,196 4,848,888 4,878,196 4,848,888 Non-current Bank cash advance facility 64,356,451 61,467,044 64,356,451 61,467,044 7. Property, plant, and equipment (Continued) The Westpac Bank holds a registered equitable mortgage over the assets and undertakings of the Company and also holds registered mortgages on certain real estate owned by the Company to support a maximum loan facility of $86,627,000. FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 53

NOTES TO THE FINANCIAL STATEMENTS

10. Interest bearing

The actual indebtedness at 30 June 2022 was $69,234,647 ($66,315,932 - 2021). The interest rate as at 30th June was 2.46%, with the average for the year being 2.36% (In 2021 the interest rate at 30th June was 2.26% and the average for the year 2.26%).

In accordance with the finance agreement in place, the Bank has the right to give notice to the effect that all indebtedness will convert to a current liability. In the ordinary course of events this is not expected to occur. Westpac will support the Company through this COVID impacted period and provide an extension of the current facility.

Bank indebtedness is made up of:

Cash advance facility - 1 20,000,000

Cash advance facility - 2 40,000,000

This facility has quarterly principal reductions of $1,000,000 commencing November 2018 and matures 12.08.2022

This facility matures 12.08.2022

Cash advance facility - 3 3,000,000 This facility matures 12.08.2022

Cash advance facility - 4 7,500,000 This facility matures 12.08.2022

Cash advance facility - 5 3,500,000 This facility matured on 30.10.18 and then $2,581,453 became an equipment loan.

Cash advance facility - 6 1,500,000

Cash advance facility - 7 7,800,000

Credit card facility 20,000

Overdraft facility 2,200,000

Bank guarantee fee facility 1,107,000

Total bank indebtedness 86,627,000

Financial Risk Exposure and Management

The Company has two areas of exposure being interest and liquidity. The expected interest rate rises are within the Company’s serviceability.

With respect to liquidity, the Company’s development in gaming capacity and broadened its income base with facilities such as the Brewhouse Bar, Lucky Cheng’s, La Piazza, a multi-level commercial building - Flinders Centre, with the rooftop bar Lady Banks, from previous years has continued to perform.

The Company also has real estate that may be disposed of if liquidity demands. The Company has a cash flow budget which is continually monitored and updated. Apart from bank indebtedness other areas of financial risk are minimal.

Sensitivity Analysis

The Company has performed a sensitivity analysis relating to its exposure to Interest Rate Risk at balance date. This sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks.

Interest Rate Risk Sensitivity Analysis

At 30 June 2022, the effect on surplus and equity as a result of changes in the Interest Rate Risk, with all other variables remaining constant would be as follows:

Change in surplus 2022 2021

Increase in interest rate risk by 1% (665,293) (624,400)

Decrease in interest rate risk by 1% 664,945 624,400

Asset write off / impairment

Increase in interest rate risk by 1% (665,293) (624,400)

Decrease in interest rate risk by 1% 664,945 624,400

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
liabilities (Continued) Annual Report 2021 - 2022 / 54

NOTES TO THE FINANCIAL STATEMENTS

11. Short term provisions 2022 2021

Poker machine link jackpot 288,977 318,645

Decrease in interest rate risk by 1% 288,977 318,645

12. State and federal taxes

Poker machine tax 18,563,683 22,487,854

Payroll tax 978,364 1,476,922

Fringe benefits tax 17,252 48,558

Excise duty (4,747) 25,468

Land tax 343,150 239,083 19,897,702 24,277,885

13. Income tax

The Company is liable for Income Tax only on non-member income, external investments, and monies paid by other parties. The statement showing how the tax expense for 30 June 2022 has been calculated is:

Non-member income 24,639,565 25,497,671

Less: Non-member expenses (18,830,073) (19,399,810) 5,809,492 6,097,861

Add: Income / (loss) taxable in full 1,403,910 1,163,481 7,213,402 7,261,342

Less: Expenses allowable in full (6,271,201) (6,421,412)

Taxable income / (loss) 942,201 839,930

Tax Losses Consumed 942,201 839,930

Income tax expenses - 30% 0 0

Less: Installment taxes paid 0 0

Balance due as at 30.06.22 0 0

Increase/(decrease) in deferred tax liability 344,149 (957,615)

(Increase)/decrease in deferred tax asset 296,274 447,083

Income tax expense / (benefit) 640,423 (510,532)

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 55

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)

13. Income tax (Continued)

Deferred tax asset 2022 2021

The balance comprises temporary differences attributable to:

Employee benefits 425,526 352,430

Poker machine link accrual (2,367) 21,997

Superannuation accrual 5,162 67,508

Tax Loss 1,345,388 1,628,048

Deferred tax asset as per statement of financial position 1,773,709 2,069,983

Opening Balance 1 July 2021 2,069,983 2,517,066

Credited (debited) to statement of profit or loss (296,274) (447,083)

Closing Balance 30 June 2022 1,773,709 2,069,983

The deferred tax asset will only be realised if:

1. The Company derives future assessable income of a nature and of an amount sufficient to enable the asset to be realised.

2. The Company continues to comply with the conditions for deductibility imposed by law; and

3. No changes in tax legislation adversely affect the Company in realising the asset.

Deferred tax liability

The balance comprises temporary differences attributable to: Depreciation - timing differences 2,456,083 2,111,934

Opening Balance 1 July 2021 2,111,934 3,069,549

Debited (credited) to statement of profit or loss 344,149 (957,615)

Closing Balance 30 June 2022 2,456,083 2,111,934

14. Cash Flow Information

i. Reconciliation of cash

For the purposes of the Statement of Cash Flows, cash includes cash on hand, cash at bank and investments in money market instruments. Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position.

Cash at bank and on hand 26,742,010 16,403,222

ii. Financing facilities

The Company has an arrangement with the Westpac Bank to provide funds and support facilities:

Cash advance facility 83,300,000 75,500,000

Overdraft facility 2,200,000 4,000,000

Amount utilised (69,234,647) (66,315,932)

Unused credit facility 16,265,353 13,184,068

Total cash available 43,007,363 29,587,290

Annual Report 2021 - 2022 / 56

NOTES TO THE FINANCIAL STATEMENTS

15. Superannuation commitments 2022 2021

There is a legally enforceable

16. Commitments

Capital expenditure commitment

No later than on year

one year and two years

The Company’s capital expenditure

17. Auditor’s remuneration

the Company

contribute to a superannuation fund at a rate that is determined by industrial agreement.

capital works to the Clubs.

During the year the following fees were paid or payable to Greg Huggett & Co for:

and other services

18. Contingent liabilities

0

71,550

7,900

There were no known material contingent liabilities as at 30 June 2022. Any legal action afoot is not likely to significantly affect the Company’s future operations.

19. Related Party Transactions and Directors Remuneration

The Company has paid Ronis Real Estate, in which Director Jim Ronis has an interest, an amount of $49,531 in property management fees for the year ended 30 June 2022. Ronis Real Estate is a tenant in the Flinders Centre, and Bankstown District Sports Club Limited received a total of $89,040 in rent for year ending 30 June 2022. Ronis Real Estate was not in arrears in rent as at 30 June 2022, whereas some other tenants were. Jim Ronis ceased to be the director of Ronis Real Estate as at 30 June 2020.

Regards to rental negotiation, Jim Ronis excluded himself and Ronis Real Estate were appointed to conduct the negotiation on behalf of Bankstown District Sports Club Limited. Ronis Real Estate is the managing agent for the Flinders Centre and other properties owned by the Company. Ronis Real Estate’s role is to manage the property and ensure rent is collected and is of market value.

No other director or a near relative of a director has benefited from a transaction involving the Company other than stated above. No director has been paid remuneration or is owed remuneration. No loan or advances have been made to directors or their relatives. Except when on official duties, directors pay usual commercial prices for goods and services.

obligation on
to
8,182,000 7,800,000 Between
0
8,182,000 7,800,000
commitments included major
Audit 74,000
Taxation
8,100
FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 57

NOTES TO THE

STATEMENTS

Loan to subsidiaries 2022 2021

Loans made by the Company to its subsidiaries are unsecured and non-interest bearing.

Balance of loans made to subsidiaries as at year end are:

BDSC Agencies Pty Limited 3,119,869 1,924,867

BDSC Properties Pty Limited 10,831,344 10,008,624

Flinders Centre Properties Pty Limited 6,200,077 4,994,209

Facility Services Pty Ltd 1,993 590

Basement Brewing Co Pty Ltd

Basement Distilling Co Pty Ltd

BDSC Licencing Proprietary Limited

Copact Pty Ltd

20. Employee benefits

6,788

7,067

1,589

355

16,944,089

Net movement in provision for employee benefits 228,465 (128,276)

of employees at year end 520 525

21. Core property disclosure

Section 41J of the Registered Clubs Amendment Act 2006 requires Bankstown District Sports Club to nominate its core and non-core property assets.

Core property assets are:

The Club premises comprised on the whole of the land at 8 Greenfield Parade, Bankstown

The Club premises comprised on the whole of the land at 11 Renown Road, Baulkham Hills

The Club premises comprised on the whole of the land at 231 Roberts Road, Greenacre

The Club premises comprised on the whole of the land at 181 Chisholm Road, Auburn

The Club premises comprised on the whole of the land at 41 Northam Avenue, Bankstown

Non-core property assets are:

Greenfield Parade, Bankstown

Greenfield Parade, Bankstown

Greenfield Parade, Bankstown

Greenfield Parade, Bankstown

Greenfield Parade, Bankstown

Greenfield Parade, Bankstown

Bankstown City Plaza, Bankstown

Restwell St, Bankstown

22. Key management personnel

0
0
0
0
20,153,283
Number
9
9A
11
13
13A
23
22
40
Remuneration paid or directed to key management personnel was: 1,221,684 1,120,011 Key management personnel are arm-length employees and are not directors of Bankstown District Sports Club Ltd. Remuneration consist of salary, wages, superannuation, fringe benefits, annual leave and long service leave as legally required. The Directors, CEO, CFO and Executive General Manager review and decide wage remuneration packages. FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
FINANCIAL
19. Related Party Transactions and Directors Remuneration (Continued) Annual Report 2021 - 2022 / 58

NOTES TO THE FINANCIAL STATEMENTS

23. Employee expense 2022 2021

Total employment Expense 23,793,680 28,167,461

Less: Government economic stimulus 0 (3,773,500)

Employment expense as per statement of profit and loss 23,793,680 24,393,961

The Australian Federal Government granted Job Keeper payments from the previous financial year, where the NSW State Government granted Job Saver for the shutdown period from June 2021 to October 2021. A total sum of $1,200,000 was received and recognised as sundry income instead of offsetting employee expenses, as per the requirements.

24. Employee provisions

Opening Balance 1 July 2021 5,105,312 5,233,588

Additional provisions raised during year 2,238,545 1,868,877

Amounts used (2,010,080) (1,997,153)

Closing Balance 30 June 2022 5,333,777 5,105,312

Made up of:

Employee benefits - current liability 3,205,082 3,525,675

Employee benefits - non current liability 2,128,695 1,579,637 5,333,777 5,105,312

25. Financial Assets

Shares in an unrelated corporation at cost, less impairment 562,500 662,500

26. After balance date events

There are no other events that have occurred since 30 June 2022 to date of signing this report that would have a significant financial effect on the company.

FOR THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
Annual Report 2021 - 2022 / 59

DIRECTORS’ DECLARATION

The Directors of the Company declare that the financial report and notes a set out on pages 36 - 59 for the year ended and as at 30 June 2022 are in accordance with the Corporations Act 2001 including:

1.

(a) comply with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations 2001; and (b) give a true and fair view of the financial position as at 30 June 2022 and of the performance for the year ended on that date of the Company.

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

This declaration is made in accordance with a resolution of the Board of Directors.

Dated at BANKSTOWN

This 13th day of September 2022

ON BEHALF OF THE BOARD AND IN ACCORDANCE WITH ITS RESOLUTION

Annual Report 2021 - 2022 / 60

INDEPENDENT AUDIT REPORT

Audit Report to the members of Bankstown District Sports Club Limited ABN 88 000 243 916

Opinion

I have audited the financial report of Bankstown District Sports Club Limited, which comprises of the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows, notes to the financial statements (including summary of significant accounting policies) and directors’ declaration.

In my opinion;

a. the accompanying financial report of Bankstown District Sports Club Limited and Controlled Entities is in accordance with the Corporations Act 2001, including;

i. Giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial performance for the year ended; and

ii. Complying with Australian Accounting Standards and the Corporations Regulations 2001.

b. the financial report also complies with International Reporting Standards as disclosed in Note 1.

Basis for Opinion

I conducted this audit in accordance with Australian Auditing Standards. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of my report. I am independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110; Code of Ethics for Professional Accountants (the Code) that are relevant to my audit of the financial report in Australia. I have also fulfilled my other ethical responsibilities in accordance with the Code.

I confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the company, would be in the same terms if given to the directors as at the same time of the auditor’s report.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2022, but does not include the financial report and my auditor’s report thereon. My opinion on the financial report does not cover the other information and accordingly I do not express any form of assurance conclusion thereon. In connection with my audit of the financial report, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or my knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

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 and the Corporations Act 2001 and for such internal controls as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, the matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Independent
Annual Report 2021 - 2022 / 61

INDEPENDENT AUDIT REPORT

Auditor’s Responsibilities for the Audit of the Financial Report.

My objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit. I also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsible to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of the internal control relevant to the audit 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 company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of going concern basis accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial report, including the disclosures and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the financial report. I am responsible for the direction, supervision and performance of the Group audit. I remain solely responsible for the audit opinion.

I communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

G.W.HUGGETT

Registered Company Auditor Greg Huggett & Co Chartered Accountant ABN: 33 155 958 377 7/83 Mulga Road, Oatley West This 12th day of September 2022 Liability limited by a scheme approved under Professional Standards Legislation
Annual Report 2021 - 2022 / 62
Annual Report 2021 - 2022 / 63 - Page Left Blank -

Thank you

to our members

Bankstown Sports Group would like to thank our members, partners, sports and community groups for their unwavering dedication during another tumultuous and challenging year.

Our clubs – along with the rest of the hospitality sector – have faced many obstacles for the second year in a row; but we have come out more resilient and thankful for the support from our networks.

More than ever, we know the importance of community and how coming together in the face of adversity can create so much positivity and opportunity. Throughout the lockdown and during our reopening our teams went from strength to strength, creating a safe and enjoyable environment for our patrons to finally come together with their own loved ones.

With your support, we will continue to make a difference and strive to provide our members and guests memorable and more importantly, meaningful experiences.

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