Annual
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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.
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.
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.
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.
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.
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.
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.
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.
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.
JOHN MURRAY OAM ChairmanWe 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.
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.
“we are looking forward to continuing our path of making a difference to the lives of our members, our staff and the local community.”
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
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
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.
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.”
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:
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.
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.
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.
“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”
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.
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.
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.
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.
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.
“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
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.
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
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.
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.
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!
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.
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.
“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.”
“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.”
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.”
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.
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.
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.
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.
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.
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.
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
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)
There has been no significant change in the state of affairs of the Company in the past financial year.
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
John Murray OAM Vernon Falconer Director DirectorGREG 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
Bankstown District Sports Club Limited
PO Box 213
BANKSTOWN NSW 1885
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.
Greg Huggett & Co
Registered Company Auditor
Date: 12 September 2022 Oatley West
Liability limited by a scheme approved under Professional Standards Legislation
For the year ended 30 June 2022
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
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
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.
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
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
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
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
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.
As at 30 June 2022
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.
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.
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.
There are no changes to accounting standards during the year.
There were no changes in accounting policies during the year.
d. Inventories
Inventories are valued at the lower of cost and net realisable value.
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.
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.
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.
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.
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.
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.
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
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 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.
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.
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.
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.
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.
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.
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.
Membership fees have been abolished from 4 April 2022 onwards.
THE YEAR ENDED
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.
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.
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.
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.
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.
THE YEAR ENDED 30 JUNE 2022 (CONTINUED)
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)
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
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)
Increase / (decrease) in Equity (6,812,533) (4,433,275)
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
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
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
Increase
257,259,950 244,865,256
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
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.
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
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
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
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
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
Plant
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
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.
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.
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:
Increase in interest rate risk by 1% (665,293) (624,400)
Decrease in interest rate risk by 1% 664,945 624,400
Increase in interest rate risk by 1% (665,293) (624,400)
Decrease in interest rate risk by 1% 664,945 624,400
Poker machine link jackpot 288,977 318,645
Decrease in interest rate risk by 1% 288,977 318,645
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
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)
13. Income tax (Continued)
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.
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
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
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
There is a legally enforceable
Capital expenditure commitment
No later than on year
one year and two years
The Company’s capital expenditure
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
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.
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.
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
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
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
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.
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
Shares in an unrelated corporation at cost, less impairment 562,500 662,500
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.
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
John Murray OAM Vernon Falconer Director DirectorAudit Report to the members of Bankstown District Sports Club Limited ABN 88 000 243 916
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.
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.
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.
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.
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.
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.