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ANNUAL

REPORT

2020/21


OUR MISSION Making a difference


CONTENTS

04

OUR BOARD

20

FLINDERS CENTRE

06

A WORD FROM OUR CHAIRMAN

22

SPORTS & COMMUNITY

08

CEO REPORT

24

COMMUNITY CONTRIBUTIONS

10

COVID REFLECTIONS

26

IMPACT 100 & INCUBATOR IDEAS

12

CULTURE VALUES

28

SUSTAINABILITY

14

LADY BANKS ROOFTOP BAR

30

FINANCIALS

16

HIGHLIGHTS FROM OUR VENUES

58

THANK YOU TO MEMBERS


OUR BOARD

Top (Left to right): Jim Hanna, Carolyn Campbell, Vernon Falconer, Martin Klumpp OAM, Mark Condi (CEO) Bottom (Left to right): Richard Phillips, Clare Pearson, John Murray OAM, Jim Ronis

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Director profiles Profiles in order of appearance on previous page.

JIM HANNA

RICHARD PHILLIPS

Director

Director

Member since 2004 | Joined the Board in 2015 Jim is a Company Director with a career as a federal public servant and solicitor. He is a member of the Law Society and is on the Board of Bankstown City Aged Care. He loves watching cricket and is an avid Canterbury Bulldogs supporter.

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

CAROLYN CAMPBELL

CLARE PEARSON

Board Appointed Director

Board Appointed Director

Member since 2004 (Baulkham Hills Sports Club) | Joined the Board in 2019 Carolyn has dedicated her life to the administration of sport in Australia. She is the current Chairperson of Sport NSW, the interim CEO of Basketball Australia, and the Secretary of the Norwest Strikers Hockey Club.

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.

VERNON FALCONER

JOHN MURRAY OAM

Director

Chairman

Member since 1993 | Joined the Board in 2006 Vern was a senior Industrial Advocate for the Australian Workers Union for almost four decades and currently works as a consultant for the industry. He is a tennis and cricket enthusiast and was made a Life Member of Bankstown Sports in 2016.

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 and farmer, and is a Life Member of the Club.

MARTIN KLUMPP OAM

JIM RONIS

Director

Director

Member since 1993 | Joined the Board in 2013 Marty is a former banking industry HR consultant who has been involved with the Bankstown District Cricket Club for more than 30 years. Recently, he has discovered a love of cycling and is sharing his love of sports with the Bankstown Sports Cycling Club.

MARK CONDI

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, Canterbury Marrickville Soccer Club and Bankstown Sports.

CEO

Member since 1992 | Appointed CEO in 2012 Annual Report 2020/21

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A word from our Chairman

JOHN MURRAY OAM Chairman

Well, what a rollercoaster year it has been.

But if we can reflect on the positives of the past year, the shining light has been our staff and management team. Every single team member has been incredibly loyal and passionate about keeping our venues open, and our patrons safe and happy. We have used the pandemic experience to reassess our organisation and its operations, and have been able to lay some really good foundations for the next 50 years, and that’s all because of the people we have working at our clubs.

The industry-wide shutdown in March 2020 was something nobody could have ever predicted and the uncertainty in the months that followed, was one of the biggest challenges our organisation has ever faced. Not knowing if our clubs would stay open; watching coronavirus case numbers rise and fall; and making important decisions knowing that the outcome could I would especially like to acknowledge the change in an instant. hard work, commitment and resilience of CEO Mark Condi, Executive General Manager Our clubs weathered the storm brilliantly Michael Clancy, CFO Rod Dearsley and their though, and our members and guests have management teams, who have led our team with been incredibly supportive of the changes we unwavering dedication to our club’s mission to have implemented to ensure their safety and ‘Make a Difference’. wellbeing. Our clubs are not the same venues we knew Understandably, it was a devastating blow when before coronavirus but we have adapted to greater Sydney was plunged into lockdown this new normal, and will continue to serve and again in the final weeks of June 2021, and our support our community as best we can. clubs were forced to close. Our employees were stood down again and we entered the new financial year battling that feeling of uncertainty yet again.

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“ Reflecting on the positives over the past year, the

shining light has been our staff and management team

WELCOME TO OUR NEWEST BOARD MEMBER! In March 2021, we welcomed our newest Board member, Clare Pearson. Clare has extensive experience in the roles of Chief Executive Officer and Director in the not-for-profit sector, and is the current CEO of the Little Wings charity. She is a qualified psychologist and her passion is child protection with a focus on the human trafficking and disability industries. Her work in this area inspired her to author a book, Threads of Hope, which shines a light on survivors of human trafficking. Clare is a strong believer in the power of people and our ability to enact meaningful and significant change on a local and global level. This is one of the qualities we found incredibly appealing when discussing her appointment to our Board. Clare has been an active and vocal part of Board meetings since her arrival and it’s been fantastic to see the positive impact she is having on our organisation. Annual Report 2020/21

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CEO Report I would like to begin by saying how incredibly proud I am of our team, our Board and all of our associated sport and community groups. Together, we are navigating the uncertainty of a once-in-a- lifetime pandemic and will no doubt continue to do so for some time, while always remaining true to our mission to Make A Difference. I’ll admit the past two years have been the most challenging of my 30-year career at Bankstown Sports. It began with a major cost-cutting exercise in 2019, which resulted in an overhaul of our operations, including a staff restructure. Then COVID hit, and we were forced to close all of our clubs and stand down almost our entire employee roster, with no guarantee of when we would reopen. But, as they say – what goes down must come up, and the day we were able to reopen our venues in June 2020, was definitely one of the best days of my career. During the months that followed, we reached some major milestones with new developments at our venues, and we had some fantastic achievements within our team. We welcomed Advanced Health Medical Centre, Macquarie Heart Bankstown, Mindwise Health and Wellbeing, and Amcal Pharmacy to the Flinders Centre.

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MARK CONDI CEO

We opened Al Aseel and Helmut’s Haus at Bankstown Sports, we introduced Burger Box at Birrong Sports, and Smokin’ Acres has become so popular it now supplies smoked meats to several of our venues, as well as take-away packages for self-catered parties. We renovated the former Bankstown Sports administration offices to create new community meeting rooms for our associated sport and community groups to utilise. And perhaps, the icing on the cake has been the completion of the Lady Banks Rooftop Bar on Level 10 of the Flinders Centre. Due to a second industry-wide lockdown in June 2021 due to COVID, we were unable to celebrate the Grand Opening of the venue as planned. The most recent lockdown has been another huge blow for our industry but we will continue to support our community as best we can.


“ Michael has been with the Bankstown Sports Group for 22 years” MICHAEL CLANCY Executive General Manager

Leadership transition It is timely to announce plans for the next phase of leadership for the Bankstown Sports Group. After 30 years with our organisation, I have decided that we need to start building our senior management team, and share some of the responsibility, allowing me to focus on the big picture and deliver our 10-year plan. Executive General Manager, Michael Clancy, has been endorsed by the Board of Directors to lead Bankstown Sports Club, and I couldn’t think of a better person to take over the reins. Michael has been with the Bankstown Sports Group for 22 years, having started his career as a useful, collecting glasses and cleaning ashtrays. He has been the General Manager of our associated venues for the last few years, and is across the operations of all of our clubs. Through the COVID shutdown, Michael assisted with the closure of our venues and was the sounding board for me when I needed to implement many of the changes we have in place today. I wish Michael all the best as he takes on this exciting new challenge, and I’m confident we have the right executive team in place to support him.

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Reflecting on Covid Reflecting on the events of 2020-21, some of our leaders share the lessons learned during the COVID shutdowns, and how these have impacted our organisation.

MARK CONDI

CEO

“COVID has been such a horrible time for so many people. But if we look at the positives, it has facilitated some changes that may never have happened had we not had the shutdown. The first closure in 2020 made us look at every aspect of our operation from a completely different perspective. We are now the most efficient organisation we’ve ever been and it means we’re able to plan for some incredible developments in the years to come. The pandemic hasn’t changed the path we were on, but it’s certainly sped it up”.

JOHN MURRAY OAM

Chairman

“Our staff have been so loyal and that says a lot about our management team and the Board. They stuck with us. We have been able to start fresh and lay some really good foundations for the next 50 years, and that’s all because of the people we have working here. The shutdowns we’ve experienced have been pretty traumatic and the constant feeling of the unknown is terrible, but I know we will come back from it. It feels like we’re rising from the ashes and we’re on the right path for the future”.

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ROD DEARSLEY

Chief Financial Officer

“The shutdowns have made us stop and take a good look at our business and assess what was important. We now pay much closer attention to the return on investment that we’re getting from everything we do. We question everything to make sure it aligns with our values and is in the best interests of our business”.

BRIAN DICKINSON

Culture Consultant

“The culture values now shape every single thing we do here at the club. Whether it’s internal or memberfacing, it’s all the same key messaging. These values are non-negotiable for us”.

MICHAEL CLANCY

Executive General Manager

“The shutdowns have been a massive learning experience for everyone. They really brought out the best in people and showed how close we all are as a team here. Operationally, we now run so much more efficiently and the way we do things makes sense. During the first lockdown, we realised we hadn’t reviewed a lot of areas in the organisation for a really long time, and we had just been doing things because it’s the way they had always been done. COVID has forced us to look at new ways of doing things”. Annual Report 2020/21

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OUR VALUES Can do attitude

• • •

Ready, willing & available to get the job done Strive to be better Embrace innovation & change

Strong team player

• • •

Goal-focused, collaborative and achievement-oriented Honest, respectful and proactively supports others Take ownership & accountability for you actions

Surprise & delight our customers

• •

Enthusiastically engage customers with a passion to serve Exceed customer expectations Anticipate customer needs

Our journey to new Culture Values The COVID shutdown of 2020 paved the way for Three key things of importance were identified: many changes at Bankstown Sports. If we look at the positives, it was a chance for everyone to • Bringing a “can-do” attitude pause, reflect and plan for the future. One of the • Being a strong team player key focus areas during this time was the culture • Going out of our way to surprise and of our organisation. delight our members, guests and staff Culture Consultant Brian Dickinson facilitated a research project with the executive team to identify areas of weakness in our current employment team. He sat the group down and asked the question – what kind of people do we want to work with? What should we be looking for when we’re hiring?

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These became the club’s new Culture Values that would lead a new, collaborative approach to our operations that every single staff member could be a part of. These Values now shape every single thing we do at the club.


OUR TEAM Department rebrand

FROM HUMAN RESOURCES TO PEOPLE & CULTURE The COVID pandemic made it very clear that our people and culture are what defines us, and sets us apart from our competitors. This has driven a renewed focus to support and empower our people and to provide an environment where high performance thrives.

Our People and Culture team are bringing a strategic approach to improving the overall employee experience, creating structures for better governance, and a commitment to partner with all other areas of the business.

Learning & development We revised our approach to training to create better pathways for our employees to further their careers with us. Rather than outsourcing our training courses, our senior management team now holds ‘Masterclass’ sessions in-house, to discuss real-time problems and issues faced in our venues.

regulations and health guidelines, ensuring the health and safety of our members and guests. With the increased skill development of our employees, our managers and executive team feel they are better supported, and our customers receive a better customer experience.

All employees have also undertaken COVID training to ensure they are across all government

Staff welfare

Communication

We made a change to rosters to improve the work/life balance of our employees. By moving the start and finish times for overnight shifts to be more accommodating to sleep patterns and family routines, we have had less last minute shift cancellations and better performance by team members, which has improved the overall operation of the club.

CEO Mark Condi and members of the executive team hold regular information sessions via YouTube to update staff on operational changes and new developments within the organisation. This proved highly effective during the COVID lockdown, when the team was unable to meet face-to-face.

Recruitment

Performance & management

We have improved and streamlined our recruitment process so it directly aligns with our Culture Values. Rather than looking for specific skills in potential employees, we look for personality traits.

We have simplified the reporting structure for each department to ensure there are clear and direct lines to each manager, while the performance review process has also been overhauled. Staff members are able to engage their manager in an informal chat to discuss dayto-day issues, on top of more frequent formal performance reviews.

Skills can be taught to the right people. Our People & Culture Department have also updated the Onboarding and Probation Review procedures to provide a better experience for all employees.

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FEATURE One of the most exciting developments to take shape over the past 12 months has been the Lady Banks Rooftop Bar. Boasting 360-degree panoramic views that capture the impressive Sydney skyline to the Blue Mountains, the venue is the cherry on the top of the Flinders Centre Bankstown. The name Lady Banks was inspired by Lady Dorothea Banks, wife of botanist and Bankstown namesake, Sir Joseph Banks. The venue’s design, led by Pony Design Co, seamlessly balances both summer and winter aspects to create a multi-seasonal sanctuary, with a younger demographic in mind. Lady Banks Rooftop Bar will open under the steerage of Italian-born Francesco Motta, who will be joined by up and coming Head Chef, Sarah Hanslow, whose impressive culinary skill have earned her a well-respected reputation within the hospitality industry. From concept to construction, and through to delivery, Bankstown Sports has made a conscious effort to source local materials and services for the Lady Banks Rooftop Bar, with the majority of appointed suppliers headquartered in New South Wales or Victoria. There has also been a focus on recruiting staff from the local area.

CEO

MARK CONDI

“LADY BANKS ROOFTOP BAR IS THE EPITOME OF OUR VISION TO BRING WHAT HAS HISTORICALLY BEEN AN INNER CITY EXPERIENCE, TO

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Food PINNACLE TOMAHAWK

The signature dish on the Lady Banks Rooftop menu, sourced from the highest quality Australian beef, grilled to perfection and designed to share between 3 or 4 people.

MEZZE BOARD

Combining classic middle-eastern flavours; perfect to share while enjoying a cocktail or fine wine.

Beverage LADY BANKS

Modern, classy and fun! Our signature cocktail ‘Lady Banks’ features Husk Gin, from northern New South Wales, which has been small-batched with both native and exotic botanicals, beautiful aromas and an eye-catching indigo colour that changes to pink when mixed with soda or citrus juice. Paired with St Germain premium Elderflower liqueur from France, and the result is a refreshing and light cocktail, served straight up in a Martini glass, topped with foam.

ARCHIE ROSE

We have partnered with Archie Rose to create unique blends of gin, especially for the Lady Banks Rooftop. We also stock the entire Archie Rose range which includes: • Archie Rose Signature Dry Gin • Archie Rose Distillers Strength Gin • Archie Rose Tailored Lady Banks Gin • Archie Rose Single Malt Whiskey • Archie Rose Rye Malt Whiskey • Archie Rose Original Vodka

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2020-21 HIGHLIGHTS Venue

LADY BANKS ROOFTOP BAR

The final piece of the puzzle for the Flinders Centre Bankstown. After years of planning and 12 months of construction, the fitout of the venue was completed in June 2021.

BASEMENT BREWHOUSE AT BAULKHAM HILLS SPORTS

Plans have been submitted to council for the new food and beverage venue inside Baulkham Hills Sports Club. Construction is expected to commence in 2022, delayed due to the most recent lockdown.

Food & beverage 5-STAR FOOD RATING

Bankstown Sports Club was awarded a 5-Star Rating of Food Safety from City of Canterbury Bankstown for all of its restaurants.

HELMUT’S HAUS

Our modern Bavarian food offering opened in December 2020 featuring traditional German food, beers and Bavarian Schnapps. It has been incredibly popular and has been booked out every weekend since opening, with fantastic customer feedback.

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AL ASEEL

Offering authentic Lebanese cuisine and traditional hospitality, Al Aseel Bankstown opened in January 2021. The venue caters for lunch and dinner daily, as well as corporate functions and events. We also created the Al Aseel Lager which is sold exclusively at Al Aseel Bankstown.

BREWHOUSE CANS

The Basement Brewhouse team purchased a canning machine to allow them to can our in-house beers more regularly, and save on the cost of outsourcing the service.

BIG NILES BREWING COLLABORATION

Basement Brewhouse Bankstown has partnered with Big Nile Brewery at Dalmeny on the South Coast for a keg exchange program. This arrangement sees each venue swap kegs of their in-house brewed beer to sell to their customers. We look forward to continuing this collaboration.

CORNERSTONE COFFEE & KITCHEN

Our café introduced a new self-serve concept, offering pre-made sandwiches, salads and drinks, alongside the a la carte menu.

BURGER BOX AT BIRRONG SPORTS

In the summer of 2020, we opened a new food truck and can bar offering at Birrong Sports, offering a range of Brewhouse Burgers and Craft Beers.

SMOKIN’ ACRES

Smokin’ Acres at The Acres Club continues to grow in popularity and now supplies Basement Brewhouse and Greenfield Station Bistro at Bankstown Sports with all of their smoked meats. Over 100kg of chicken wings and 50 briskets are transported across each month. Smokin’ Acres has also launched a pick-up service, where customers can select a package and pick it up from the venue for self-catering.

NEW KITCHEN AT BANKSTOWN BOWLS

Bankstown Bowls Club has undergone some interior design changes over the past 12 months, with the most significant update being a the our new kitchen, Grill Central. The new offering has reinvigorated the club with an extensive menu at an affordable price.

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Operations MEMBER KIOSK

In order to follow the NSW Health guidelines when we reopened after the March 2020 shutdown, a major upgrade of the Bankstown Sports Club sign-in process was required. The decision was made to only allow members into the club so that we would have the required personal data if COVID authorities requested it. This meant an overhaul of our member kiosks. These kiosks helped our membership numbers increase by 60,000 to a total of 120,000 members. Since then, a newer version of the kiosk has been developed which will provide a safe and efficient way for our guests to enter the club. There will also be a special line for our app users.

RESPONSIBLE GAMING POLICY

In 2021, we introduced our new Responsible Gaming Policy for staff at each of our venues. The program trains employees so they are better equipped to identify people who may have a gambling problem and need assistance. This program has the potential to become the mandatory standard training requirement for all staff who work in gaming areas across NSW. Bankstown Sports is proud to be the first club in the state to have all staff complete the course. Another responsible gaming initiative introduced this year was facial recognition at entrances to our gaming area. This system works has helped us to identify many people who had previously self excluded.

GAMING FLOOR FOOD SERVICE

A new initiative that’s been introduced as a result of the COVID pandemic and subsequent social distancing requirements is a new ordering service for the gaming floor, to ensure the safety and wellbeing of our employees, members and guests. Patrons can now order food and drinks direct from their machines, which has reduced face-to-face contact with staff.

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Our people In 2021, we welcomed Sam Chan to the Birrong Sports team as the club’s new Venue Manager. Sam has over 10 years’ experience in hospitality management and has settled in to the role nicely. Auburn Tennis Club introduced a new caterer this year; the family duo of Mahendra and Cheena Khatri who are collaborating with the team to create some exciting new things in the food and beverage space at the club.

Managing COVID We are proud of the way we have navigated the COVID pandemic to date, and to ensure our venues remain safe for our staff and patrons, we have implemented some new initiatives at our venues. We have significantly increased cleaning at all venues to incorporate regular COVID deep cleans. We have also created COVID management plans for every area of our operations to ensure we are compliant with NSW Health guidelines, and to provide a comfortable experience for our customers.

Our members 102,314

1,976

87

10,091

4,258

3,571

TOTAL = 122,297 Annual Report 2020/21

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FLINDERS CENTRE The vision for the Flinders Centre Bankstown has always been to provide A-grade commercial office and retail space for businesses that will benefit the local community. A medical centre had always been part of the plan and we were delighted to see that piece of the puzzle fall into place this year, with the opening of Advanced Health Medical Centre on the ground floor. That set the wheels in motion to expand the health offering and Macquarie Heart Bankstown signed soon after, followed by Amcal Pharmacy and Mindwise Health & Wellbeing. This new health hub compliments the tenants we have leasing the upper floors of the office tower which include the Little Wings charity, as well as businesses in the legal and banking sectors.

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Advanced Health Medical Centre MARCH 2021

Advanced Health Medical Centre is a multi-disciplinary medical centre offering a wide range of health services. As well as bulk billing GPs, the centre boasts a full dental clinic, pathology, radiology, pharmacy, physiotherapy, allied health and specialist services.

Macquarie Heart Bankstown JUNE 2021

Macquarie Heart is one of Sydney’s leading cardiovascular groups with an integrated network of specialist doctors, including cardiologists, vascular and endovascular surgeons, and general physicians.

Amcal Pharmacy JUNE 2021

Amcal pharmacists offer the standard pharmacy services, as well as medication management, preventative health, screening, risk assessment and chronic disease support.

Mindwise Health & Wellbeing COMING SOON - NOVEMBER 2021

Mindwise is an Allied Health Service that is owned and founded solely by health professionals, providing expert advice using evidence-based therapy. Services include psychology, counselling, speech pathology, physiotherapy, exercise physiology and hydrotherapy, occupational therapy and remedial therapy. Annual Report 2020/21

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SPORT $1,980,932

TOTAL CONTRIBUTIONS TO LOCAL SPORT AND COMMUNITY GROUPS: (CASH & IN-KIND)

It has been a challenging year for our local sporting teams and community groups who, like the hospitality industry, continue to navigate the uncertainty of the COVID pandemic. Community sport was shut down in early 2020 before resuming in July 2020 with new health and safety measures in place. But the second COVID wave in mid-2021 saw it ground to a halt yet again. The ClubGRANTS program was temporarily paused during the shutdown in 2020 too.

Highlights THREE ATHLETES FROM OUR ASSOCIATED SPORTING CLUBS QUALIFIED FOR THE 2021 TOKYO OLYMPICS.

JESSICA HULL Jessica Hull from the Bankstown Track Project was named Athletics Australia Female Able-bodied Athlete of the Year 2020. The 24-year-old broke three Australian records in the 1,500m, 3,000m and 5,000m events.

JYE EDWARDS Jye Edwards from the Bankstown Track Project produced one of the best performances in BSAC history to win the Australian Track & Field 1500m Championship 2020.

EDWARD TRIPPAS Edward Trippas from the Bankstown Sports Athletics Club obliterated the Olympic qualifying time for the 3000m Steeplechase to qualify for the Tokyo Games just two and a half hours before the qualification cut off time.

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COMMUNITY New community rooms As part of our commitment to providing a safe and accessible meeting place for our community, Bankstown Sports created new multi-purpose meetings rooms on Level 1 of the club, replacing the former administration offices.

These rooms are available for hire by local community groups and feature projectors, tables, chairs, a self-service kitchen and a special disability bathroom.

Supporting our community Bankstown Sports has provided funding to Bankstown City Aged Care (BCAC) for over 50 years to improve the quality of life for residents living with dementia.

These life-changing sessions offer non-verbal residents the opportunity to experience humour and joy, and enhance communication with staff and families.

Despite the impact of COVID on our operations, Bankstown Sports prioritized support to BCAC in 2020 to allow the Music Therapy and Elder Clown Programs to continue.

Contribution: $70,000

Kookaburra walking track In early 2020, upgrades to the walking track through the Ted Horwood Reserve Precinct were completed. This project was a joint venture between Hills Shire Council, Baulkham Hills Football Club and other sporting teams that use

the grounds, to connect the two existing walking tracks and allow residents and visitors to access facilities safely without having to venture onto roadways.

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OUR CONTRIBUTIONS Bankstown Cricket Oval In November 2020, Bankstown Sports announced the commitment of $1.5M in funding to contribute to Stage 1 of the Bankstown District Cricket Club’s community development master plan, which will focus on the upgrade of the Bankstown Memorial Oval Cricket Ground.

Bankstown Sports and the Bankstown District Cricket Club have enjoyed a strong association spanning five decades, and are aligned in the vision to develop Bankstown into a destination for both elite athletes, and the broader community.

Working in collaboration with Canterbury Bankstown Council, the first phase of the project will be an upgrade of the Mark & Steve Waugh Pavilion, to improve the female amenities and disability access, and to update facilities for our younger community members.

While subject to further funding, its hoped Stage 1 will be complete and operational in time for the 2022 cricket season, with further developments planned to transform the memorial oval to a world class facility.

Bankstown Sports CEO Mark Condi says the facilities at the oval are quite dated. “The Mark and Steve Waugh pavilion was built by returned servicemen after World War II. The original building does not cater for female cricketers nor does it provide facilities for people who may have a disability, so we thought it was fitting that our contribution goes towards rebuilding this amazing building to cater for everyone”.

Little Wings In December 2020, Bankstown Sports committed to $500,000 in funding support to long-term charitable partner, Little Wings.

To date, Bankstown Sports has funded 101 missions, and also provides free rent for Little Wings HQ in Flinders Centre, Bankstown, as well as operational contributions of catering and tech support for various events.

The club was also given the exclusive status of ‘Foundation Partner’ in 2021, having stood by the organisation since its inception. The new funding commitment will pay for an additional 335 missions over the next five years. Little Wings provides a professional, free, and safe flight and safe ground transport service for children from rural and regional New South Wales, allowing them to access specialized medical services and treatment in major centres. 24 \\

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South Coast donation In the summer of 2020, the NSW south coast was being devastated by the worst bushfires on record. There were 26 lives lost, thousands of homes destroyed and 5.5 million hectares of land destroyed. The impact on those NSW communities, farmers, local businesses, wildlife and bushland was unprecedented.

impacted by the bushfires, to assist Disaster Relief Australia with recovery efforts. They spent time on two properties mending fences and cleaning up debris, and chatting with the residents about how they would rebuild.

The team also visited Club Malua which was destroyed in the fires. CEO Mark Condi and Bankstown Sports reached out to ClubsNSW representatives from the Batemans Bay Soldiers to identify clubs in the region that had been affected by the disaster, so we could assist those Club and Cabra Bowls Group presented a $524,859 cheque to the NSW Rural Fire Service, in need. for the purchase of new equipment and training As well as a direct funding donation, our brew for personnel. team then developed the South Coast Pale Ale, and Executive Chef Helmut Gundendorfer developed a South Coast Burger, both of which we sold to raise more money. The food and beverage teams also donated all of their tips as well, which tallied close to $30,000. Altogether, Bankstown Sports contributed more than $180,000. In February/March 2021, members of the Bankstown Sports Club executive team travelled to the Eurobodalla Shire, which had been heavily

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GROWTH & DEVELOPMENT Impact 100

WHAT DIFFERENCE CAN YOU MAKE IN 100 DAYS?

Impact100 was launched in February 2021 as an engagement tool for Operation Support Manager’s (OSM) within the Bankstown Sports Group to expose them to different areas of the business. Each OSM is paired with an Executive Manager for 100 days to get a better understanding of the operational aspects of the business, with the opportunity to then rotate around to different departments. The aim of this program is to upskill our OSM’s in different areas so they’re able to make a bigger contribution to our business. ADAM GREEN FOCUS AREA

FACILITIES PROCESSES

What did we want to achieve?

To improve the troubleshooting ability of the new OSM team with system faults, and develop collective tacit knowledge.

What was the outcome?

Adam personally sought multiple quotes and commissioned a company to update all of our fire equipment building maps.

How has it impacted the business?

We now have quicker response times to fire alarm and emergencies, and it is now easier to identify faults and isolated fire alarms for maintenance and upgrade works around our venues.

ALAN MONTGOMERY FOCUS AREA

STAFF SKILL SETS

What did we want to achieve?

Improve communication between floor staff and management teams to improve the cross-training process.

What was the outcome?

Several staff were identified for development opportunities and enjoyed expedited cross-training.

How has it impacted the business?

It has increased transparency between key areas of the business and has improved the formal process for crosstraining our employees.

CLIFFORD ICATLO FOCUS AREA

CONCIERGE AND ENTRY EXPERIENCE

What did we want to achieve?

To promote a positive customer service experience and improve on compliance requirements

What was the outcome?

We identified new areas for improvement within some of our processes and communication channels were streamlined.

How has it impacted the business?

It helped to manage a delicate transition from old management to new management, and has improved procedures for reception staff to ensure a pleasant experience for every customer

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FRANCESCO MOTTA FOCUS AREA

SOCIAL MEDIA STRATEGIES

What did we want to achieve?

To create engaging weekend content for the club’s social media pages.

What was the outcome? How has it impacted the business?

Key employees engaged in training to develop social strategy awareness which has assisted with gathering real-time weekend content for marketing posts, outside of traditional office hours. The club’s social pages are up to date with engaging, realtime content, and we have created a strong social media following prior to opening Lady Banks Rooftop Bar.

MATTHEW RICHARDS FOCUS AREA

GAMING FLOOR DEVELOPMENTS Ensure the club is compliant with social distancing requirements, while still providing a comfortable experience for patrons We created a new gaming area in The Loft which allowed us to have compliant spacing on our main gaming floor, increasing both comfort and privacy levels for our patrons.

What did we want to achieve? What was the outcome? How has it impacted the business?

Bankstown Sports was able to retain all gaming machines and make better use of space around the club

Incubator ideas

This concept is the brainchild of Executive General Manager Michael Clancy, who wanted to encourage our employees to ‘think differently’, and then give them a sounding board for new ideas to improve operations and customer service at our venues.

OUR FLOOR STAFF ARE THE EYES AND EARS OF OUR BUSINESS AND ARE OFTEN BESTPLACED TO IDENTIFY PROBLEM AREAS, AND FIND SOLUTIONS FOR THEM. With the assistance of a manager, team members suggest their ideas using the Incubator Ideas Framework, outlining their execution strategy, the potential impact on the business and any associated risks. The proposal is then put to the executive team for discussion and review, and a time frame is set down for an outcome.

BIRRA PIAZZA

THE IDEA Create a signature beer for La Piazza

BUSINESS IMPACT ‘Surprise and delight’ our customers with a new product, exclusive to our venue

RISKS Minimal. Beer to be brewed in-house at Basement Brewhouse and marketed by the club’s marketing team

MEASURES OF SUCCESS Sales of Birra Piazza compared to other popular beers

Annual Report 2020/21

// 27


SUSTAINABILITY Return and Earn Hoxton Industries provides meaningful employment to more than 100 people who face barriers to mainstream employment, including people living with disabilities. The Bankstown Sports Group partners with Hoxton to assist with Return and Earn recycling.

HOW DOES IT WORK?

The Bankstown Sports Group stores its bottles and recyclable containers and at the end of each week/month these are collected by Hoxton for processing. Hoxton records the number of hours it takes for their team to sort through our items, and they are reimbursed for their time.

BANKSTOWN SPORTS

BIRRONG SPORTS

114,095

220

$11,409.50

13,648

45

$1,364.80

CONTAINERS RECYCLED

HOURS OF WORK

DONATION

CONTAINERS RECYCLED

HOURS OF WORK

DONATION

BAULKHAM HILLS SPORTS

BANKSTOWN SPORTS BOWLS

13,157

40

$1,315.70

10,678

40

$1,067.80

CONTAINERS RECYCLED

HOURS OF WORK

DONATION

CONTAINERS RECYCLED

HOURS OF WORK

DONATION

AUBURN TENNIS CLUB

THE ACRES CLUB

8,169

40

$816.90

7,610

30

$761.00

CONTAINERS RECYCLED

HOURS OF WORK

DONATION

CONTAINERS RECYCLED

HOURS OF WORK

DONATION

28 \\

Annual Report 2020/21


Food waste We recycled over 400kg of food waste from our kitchens every day at Bankstown Sports and Baulkham Hills Sports, using ORCA technology. This system converts food waste into water.

We saved 146 TONNES of food waste from reaching landfill in 2020-21.

Vision The Bankstown Sports Group is now plastic-free in all of our restaurants! Our cutlery, take away bags, serviettes, straws and paper goods are now biodegradable, environmentally friendly or reusable.

Energy Since their installation in June 2019, solar panels at our clubs have saved 391,806.19kg of CO2 Emmissions. Bankstown Sports also installed new energy efficient equipment in all restaurant kitchens, which has cut down on the club’s daily energy usage.

391,806.19kg CO2 EMISSIONS SAVED

Annual Report 2020/21

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FINANCIALS

30 \\

Annual Report 2020/21


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 2021 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: The Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

NAME

OCCUPATION

NO. OF NUMBER OF ATTENDANCE YEARS ON OF BOARD BOARD MEETINGS

FALCONER, Vernon Frederick

Consultant

15

12 of 12

HANNA, Jim

Company Director

6

12 of 12

KLUMPP, Martin OAM

Consultant

8

12 of 12

MURRAY, John OAM

Retired (Chair)

41

11 of 12

PHILLIPS, Richard

Retired

40

12 of 12

RONIS, Jim

Company Director

16

11 of 12

CAMPBELL, Carolyn

Company CEO

2

12 of 12

PEARSON, Clare (appointed 13 April 2021)

Company CEO

3 months

3 of 3

b. Company Secretary The Company Secretary at the end of the financial year is Mark Christopher Condi MBA, BBusClubMgt, GAICD, JP. Mr. Condi was appointed company secretary on 7th July 2012. c. Principal Activities The principal activities of the Club during the course of the financial year were the promotion of sport and games and the operation of a Licensed Club. There has been no significant change in the nature of these activities since the last report. d. Operating Results The Net Profit after Tax and Objectives for the year ended 30 June 2021 amounted to $20,813,892 ($2,824,466-2020 deficit), an increase of $23,638,358. This profit is after including, depreciation and impairment of non-current assets $12,734,721 ($16,239,402-2020) and income tax expense ($510,532) (($1,610,155) - 2020). The increase in Net Surplus after Tax and Objectives, is due to an increase in poker machine income in FY2021 and a reduction in costs both in labour and operational costs. During a significant part of the FY2021 year, the Club was operating under restrictions imposed by the NSW Government due to COVID-19.

Annual Report 2020/21

// 31


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. 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 2021 was 122,297 (102,845 - 2020) 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 14th day of September 2021 ON BEHALF OF THE BOARD AND IN ACCORDANCE WITH ITS RESOLUTION

John Murray OAM Director

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Annual Report 2020/21

Vernon Falconer Director


INDEPENDENT AUDITOR’S DECLARATION 2021 GREG HUGGETT & CO Phone (02) 9570 9951 CHARTERED ACCOUNTANT Fax (02) 9570 9291 ABN 33 155 958 377 Mobile 0412 239 579 7/83 Mulga Road, Oatley West NSW 2223 Email ghuggett@bigpond.com All correspondence: PO Box 4125, Oatley West, 2223 Principal G W Huggett The Directors Bankstown District Sports Club Limited PO Box 213 BANKSTOWN NSW 1885

AUDITOR’S INDEPENDENCE DECLARATION SECTION 307C OF CORPORATIONS ACT 2001

I declare that to the best of my knowledge and belief, during the year ended 30 June 2021 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: 14 September 2021 Oatley West Liability limited by a scheme approved under Professional Standards Legislation

Annual Report 2020/21

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2021 Revenue from ordinary activities

Note

2021

2020

Revenue from sale of goods

21,412,871

24,466,075

Revenue from gaming

87,826,391

69,704,227

392,156

486,131

42,836

38,315

Rental income

3,395,184

3,362,330

Other revenue from ordinary activity

1,998,027

2,836,110

483,319

57,419

115,550,784

100,950,607

8,133,975

8,921,634

Members' subscriptions Bank interest received

Gain on disposal of fixed asset Total Revenue

Less expenditure from ordinary activities Cost of goods sold Employment expenses

23

24,393,961

29,434,676

Depreciation expense

7

12,518,212

13,303,502

Impairment of non-current assets

7

216,509

2,935,900

18,174,781

21,054,825

Entertainment, marketing and promotions

3,600,805

5,771,234

Finance costs

1,950,364

2,307,916

24,277,885

19,365,277

Total expenses from ordinary activities

93,266,492

103,094,964

Surplus before tax and objectives

22,284,292

(2,144,357)

(510,532)

(1,610,155)

22,794,824

(534,202)

1,980,932

2,290,264

20,813,892

(2,824,466)

Administration and operating expenses

State and federal taxes

Less: income tax expense / (benefit) Surplus after tax but before objectives

12

13

Less expenditure in furtherance of the Club's Objectives Community support, welfare and sports expenses Total comprehensive income for the year

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Annual Report 2020/21


CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021 Current assets Cash and cash equivalents Inventories Trade and other receivables Other Current Assets Total current assets

Note

2021

2020

3 4 5 6

16,403,222 950,358 974,434 4,163,104 22,491,118

9,929,733 837,956 2,220,446 4,455,006 17,443,141

7 13

312,220,676 2,069,983

298,978,232 2,517,066

25

662,500

462,500

8 6

4,579,070 0 319,532,229 342,023,347

4,579,070 229,167 306,766,035 324,209,176

9 10 13 24 11

27,739,541 4,848,888 0 3,525,675 318,646 36,432,750

23,044,512 4,820,562 (220,905) 3,758,518 288,908 31,691,595

10 24 13

61,467,044 1,579,637 2,111,934 65,158,615 101,591,365

68,354,872 1,475,070 3,069,549 72,899,491 104,591,086

240,431,982

219,618,090

7,111,305 233,320,677 240,431,982

7,111,305 212,506,785 219,618,090

Non-current assets Property, plant and equipment Deferred tax asset Financial assets Intangible assets Loans to other parties Total non-current assets Total assets

Current liabilities Trade and other payables Current Interest bearing liabilities Current tax liability Current Employee benefits Short term provisions Total Current liabilities

Non-current liabilities Interest bearing liabilities Employee benefits Deferred tax liability Total non-current liabilities Total liabilities Net assets Made up of: Equity Land and buildings revaluation reserve Retained surplus Total equity

Annual Report 2020/21

// 35


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2021

As at 1 July 2019 Net surplus for the year Transfers from reserves As at 30 June 2020 Net surplus for the year Transfers from reserves As at 30 June 2021

Retained earnings

Reserves

Total

215,331,251 (2,824,466) 0 212,506,785 20,813,892 0 233,320,677

7,111,305 0 0 7,111,305 0 0 7,111,305

222,442,556 (2,824,466) 0 219,618,090 20,813,892 0 240,431,982

CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 30 JUNE 2021

Cash flows from operating activities

Note

2021

2020

113,658,905 (84,077,195) (1,699,797) 12,276 0 27,894,189

104,045,990 (83,727,193) (2,307,916) 38,315 381,060 18,430,256

78,745

286,035

(14,478,883) (200,000) (14,600,138)

(14,851,847) (200,000) (14,765,812)

Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Funds received from other parties Funds advanced to other parties Net cash used in financing activities

0 (6,820,562) 0 0 (6,820,562)

368,989 (2,705,767) 170,000 0 (2,166,778)

Net increase / (decrease) in cash held Cash at beginning of financial year Cash at end of financial year

6,473,489 9,929,733 16,403,222

1,497,666 8,432,067 9,929,733

Cash receipts in the course of operations Cash payments in the course of operations Borrowing costs paid Interest received Income tax Net cash provided by operating activities Cash flows from investing activities Proceeds from sale of property, plant and equipment Payment for property, plant and equipment Payment for financial assets Net cash used in investing activities

36 \\

Annual Report 2020/21

14(i)


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 1. Corporate Information The financial statements of Bankstown District Sports Club Limited for the year ended 30 June 2021 were authorised for issue with a resolution of directors on 14th September 2021. The Club is incorporated and domiciled in Australia as a Company limited by guarantee. In accordance with the Constitution of the Club, every member of the Club undertakes to contribute an amount to $4 per member in the event of the winding up of the Club 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 Club 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 has been closed since 26 June 2021 due to the Greater Sydney Covid-19 lockdown imposed by the NSW Government and has recently been announced that the Clubs will be opening in October 2021. This has had a significant impact on the Clubs cash reserves but has received commitment from Westpac that they will support the Club through this period and will continue well after the re-opening. The financial performance from the year ended 30 June2021 has put the Club in the best position to get through this current lockdown period. b. Changes in Accounting Standards There are no changes to accounting standards during the year. c. C hanges 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. e. Income Tax In accordance with the concept of mutuality, income tax is liable on income derived from Annual Report 2020/21

// 37


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 balance sheet date. 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. 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 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 shortterm leases and leases of low-value 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 effect the adopting of AASB 16 Leases has seen assets at 30 June 2021 be $1,558,421 (2020 $1,605,897). 38 \\

Annual Report 2020/21


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 effect the adopting of AASB 16 Leases has seen liabilities at 30June 2021 be $1,631,459 (2020 $1,666,734). 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 short-term 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.

ii.

iii. iv.

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 assets employment and subsequent disposal. Buildings are depreciated on a straight-line basis, where as 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. 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. 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 Annual Report 2020/21

// 39


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 had considerable 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 the acquisition cost is divided between land and buildings. The land value is determined by a recent Valuer Generals Valuation and the balance of the purchase price is allocated to buildings. If a property is acquired for possible redevelopment in the near to medium term then the acquisition cost is directed to Land only. 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 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 30.6.21, 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 Club was in receipt of Job keeper as part of the Commonwealth Government Economic Stimulus, this was used to maintain employees on the payroll and passed on entirely to nominated employees. To this end we have not regarded such receipts as income but rather a reduction against expenditure obligation; refer Note 23 Employee Expenses. 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.

40 \\

Annual Report 2020/21


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 instalments of $1,000,000. The Company does have the right to make additional reductions in principal. 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 Members’ subscriptions, which are paid in respect of the coming years, are not brought to account as revenue in this financial year but expressed as unearned income (liability) in the statement of consolidated financial position. 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 Buildings Plant and Equipment Total Revenue

Note

2021

2020

7

33,325 183,184 216,509

588,818 2,347,082 2,935,900

Annual Report 2020/21

// 41


s. Investment property Investment property consists of local real estate and it is held for the purpose of deriving rental income. All tenant leases are on an arm’s length basis. t. Critical Accounting Estimates and Judgements Critical Accounting Estimates and Judgements 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 of year’s end. 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. u. 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. v. 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 inter company balances and transactions within the group have been eliminated. The financial effect of consolidation on Bankstown District Sports Club Limited accounts is as follows;

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Annual Report 2020/21


Statement of Profit or Loss and other Comprehensive Income

2021

2020

3,473,334 (5,037,652) (1,564,318)

3,281,534 (5,500,518) (2,218,984)

381,521 2,131,288 2,512,809

81,607 1,563,253 1,644,860

Property, plant and equipment Other non-current assets Total non-current assets

25,269,497 662,500 25,931,997

13,474,402 608,333 14,082,735

Total assets

28,444,806

15,727,595

8,468,437 (18,646) 8,449,791

417,597 (5,117) 412,480

24,428,290

18,184,072

Total liabilities

32,878,081

18,596,552

Net assets

(4,433,275)

(2,868,957)

Equity Increase / (decrease) in Equity

(4,433,275)

(2,868,957)

Increase / (decrease) in revenue from ordinary activities Decrease / (increase) in expenditure from ordinary activities Increase / (decrease) in comprehensive income for the year

Statement of Financial Position Assets Cash and cash equivalents Other current assets Total current assets

Liabilities Trade and other payables Other current liabilities Current liabilities Non-current liabilities

Annual Report 2020/21

// 43


w. Parent entity information The financial information in relation to the parent being Bankstown District Sports Club Limited Statement of Profit or Loss and other Comprehensive Income

2021

2020

112,333,919 (88,485,309) 23,848,610 (510,532) 24,359,142

98,280,254 (98,205,627) 74,627 (1,610,155) 1,684,782

16,021,702 2,456,122 18,477,824

9,848,126 4,344,259 14,192,385

Property, plant and equipment Other non-current assets Total non-current assets

288,509,600 23,505,879 312,015,479

287,109,726 17,863,541 304,973,267

Total assets

330,493,303

319,165,652

Liabilities Trade and other payables Interest bearing liabilities Other current liabilities Current liabilities

19,271,105 4,848,888 4,398,629 28,518,622

22,626,915 4,820,562 3,831,638 31,279,115

Interest bearing liabilities Other non-current liabilities Non-current liabilities

53,967,044 3,142,380 57,109,424

60,854,872 4,544,618 65,399,490

Total liabilities

85,628,046

96,678,605

Net assets

244,865,257

222,487,047

Equity Increase / (decrease) in Equity

244,865,257

222,487,047

Revenue from ordinary activities Expenditure from ordinary activities Surplus before tax and objectives Less: Income tax expense Surplus after tax but before objectives

Statement of Financial Position Assets Cash and cash equivalents Other current assets Total current assets

44 \\

Annual Report 2020/21


3. Cash and cash equivalents

2021

2020

16,403,222

9,929,733

720,849 229,509 950,358

667,057 170,899 837,956

725,267

2,026,741

249,167 974,434

193,705 2,220,446

1,538,530 28,310 1,558,421 1,037,843 4,163,104

1,541,378 79,401 1,605,897 1,228,330 4,455,006

0

229,167

26,797,215 26,294,679 53,091,894

26,797,215 14,676,777 41,473,992

200,110,397 60,389,494 2,731,339 1,767,577 264,998,807 (47,335,019) 217,663,788

199,011,810 56,505,808 2,731,339 1,204,026 259,452,983 (42,461,876) 216,991,107

Plant and equipment Less: accumulated amortisation

112,558,364 (71,093,370) 41,464,994

107,622,782 (67,109,649) 40,513,133

Total property, plant and equipment

312,220,676

298,978,232

Cash at bank and on hand

4. Inventories Beverage Catering

5. Trade and other receivables Trade debtors (Net of doubtful debt provision of $147,363 ($348,185 - 2020) Other receivables and loans

6. Other assets Current Prepayments Deposit Rights to use asset Other assets

Non-Current Other non-current assets Loan to other parties

7. Property, plant, and equipment Land Land held for investment

Buildings Buildings-held for investment Buildings-leasehold land Buildings-under construction Less: accumulated amortisation

Annual Report 2020/21

// 45


Land and buildings were independently valued at fair value for financial reporting purposes in accordance with AASB 116 on 27 February 2019 at $379,944,000 (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. Details of the Company’s property, plant and equipment and their carrying amount are as follows: Land Balance 1 July 2020 Additions Disposals Balance 30 June 2021

2021

2020

41,473,992 11,617,902 0 53,091,894

41,473,992 0 0 41,473,992

258,248,957 0 5,016,433 (34,160) 263,231,230

252,873,948 0 6,244,339 (869,330) 258,248,957

1,204,026 5,844,730 (5,016,433) (264,746) 0 1,767,577

4,639,062 4,096,220 (6,244,339) (217,676) (1,069,241) 1,204,026

(42,461,876) 827 (4,873,970) (47,335,019) 217,663,788

(37,884,143) 280,512 (4,858,245) (42,461,876) 216,991,107

107,622,782 8,673,317 264,746 (4,002,481) 112,558,364

111,857,651 8,739,746 217,676 (13,192,291) 107,622,782

Buildings Balance 1 July 2020 Additions Transfers from capital works in progress Disposals Balance 30 June 2021

Capital works in progress Balance 1 July 2020 Additions Transfers to buildings Transfers to plant and equipment Transfers to expenses Balance 30 June 2021

Amortisation Balance 1 July 2020 Amortisation written back on disposal Amortisation Balance 30 June 2021 Carrying amount at end of year - buildings

Plant and equipment Balance 1 July 2020 Additions Transfers from capital works in progress Disposals Balance 30 June 2021

46 \\

Annual Report 2020/21


Depreciation Balance 1 July 2020 Depreciation written back on disposal Depreciation Balance 30 June 2021 Carrying amount at end of year - plant and equipment

(67,109,649) 3,660,521 (7,644,242) (71,093,370) 41,464,994

(67,827,906) 9,163,514 (8,445,257) (67,109,649) 40,513,133

Total property, plant and equipment

312,220,676

298,978,232

2021

2020

Buildings Cost written back Amortisation written back Impairment

34,160 (835) 33,325

588,818 0 588,818

Plant and equipment Cost written back Depreciation written back Impairment

2,012,225 (1,829,041) 183,184

11,270,657 (8,923,575) 2,347,082

216,509

2,935,900

4,579,070

4,579,070

8,661,818 19,077,723 27,739,541

14,242,982 8,801,530 23,044,512

4,848,888 4,848,888

4,820,562 4,820,562

61,467,044 61,467,044

68,354,872 68,354,872

Asset write off / impairment

Total impairment

8. Intangible assets Poker machine entitlements

9. Trade and other payables Trade creditors Other

10. Interest bearing liabilities Current Bank cash advance facility

Non-current Bank cash advance facility

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 80,627,000. The actual indebtedness at 30/6/21 was $66,315,932 ($73,175,434 - 2020). The interest rate as at 30th June was 2.26%, with the average for the year being 2.26% (In 2020 the interest rate at 30th June was 1.54% and the average for the year 1.61%). Annual Report 2020/21

// 47


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 Club 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 This facility has quarterly principal reductions of $1,000,000 commencing November 2018 and matures 15.11.2021 Cash advance facility - 2 40,000,000 This facility matures 15.11.2021 Cash advance facility - 3 3,000,000 This facility matures 15.11.2021 Cash advance facility - 4 7,500,000 This facility matures 15.11.2021 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 Credit card facility 20,000 Overdraft facility 4,000,000 Bank guarantee fee facility 1,107,000 Total bank indebtedness

80,627,000

Financial Risk Exposure and Management The Company has two areas of exposure being interest and liquidity. The directors and management have addressed the area of interest rate rises by capping the maximum interest rate that may be charged on $30,000,000 of the present debt. Additionally, the company is not expecting interest rates to rise significantly in the short term and medium term. With respect to liquidity the Company has further developed its gaming capacity and broadened its income base with facilities such as the Brewhouse Bar, Lucky Chengs, La Piazza and the construction of a multi level commercial building - Flinders Centre, with the rooftop bar Lady Banks. 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. At date of this report, a stable low interest environment exists and is expected to continue. Interest Rate Risk Sensitivity Analysis At 30 June 2021, 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 Increase in interest rate risk by 1% Decrease in interest rate risk by 1%

Asset write off / impairment Increase in interest rate risk by 1% Decrease in interest rate risk by 1%

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Annual Report 2020/21

2021

2020

(624,400) 624,400

(438,100) 438,100

2021

2020

(624,400) 624,400

(438,100) 438,100


11. Short term provisions

2021

2020

Poker machine link jackpot

318,646 318,646

288,908 288,908

2021

2020

22,487,854 1,476,922 48,558 25,468 239,083 24,277,885

17,531,897 1,497,691 55,333 25,884 254,472 19,365,277

12. State and federal taxes Poker machine tax Payroll tax Fringe benefits tax Excise duty Land tax

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 2021 has been calculated is: 2021

2020

25,497,671 (19,399,810) 6,097,861 1,163,481 7,261,342 (6,421,412) 839,930

30,699,588 (30,088,238) 611,350 1,257,138 1,868,488 (6,931,689) (5,063,201)

Income tax expenses - 30% "(There is no income tax expenses for year ended 30 June 2021, despite a taxable profit, due to prior years’ income tax losses)"

0

0

Less: Instalment taxes paid Balance due as at 30.06.21

0 0

(220,905) (220,905)

(957,615) 447,083 (510,532)

(205,238) (1,404,917) (1,610,155)

Non-member income Less: Non-member expenses Add: Income / (loss) taxable in full Less: Expenses allowable in full Taxable income / (loss)

Increase/(decrease) in deferred tax liability (Increase)/decrease in deferred tax asset Income tax expense / (benefit)

Annual Report 2020/21

// 49


Deferred tax asset The balance comprises temporary differences attributable to: Amount recognised in income Employee benefits Poker machine link accrual Superannuation accrual Tax Loss Deferred tax asset as per statement of financial position Opening Balance 1 July 2020 Credited (debited) to statement of profit or loss Closing Balance 30 June 2021

2021

2020

0 352,430 21,997 67,508 1,628,048 2,069,983 2,517,066 (447,083) 2,069,983

0 553,980 30,582 52,478 1,880,026 2,517,066 1,112,149 1,404,917 2,517,066

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

2021

2020

The balance comprises temporary differences attributable to: Depreciation - timing differences

2,111,934

3,069,549

Opening Balance 1 July 2020 Debited (credited) to statement of profit or loss Closing Balance 30 June 2021

3,069,549 (957,615) 2,111,934

3,274,787 (205,238) 3,069,549

14. The deferred tax asset will only be realised if: 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

ii.

9,929,733

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

Cash advance facility Overdraft facility Amount utilised Unused credit facility

50 \\

16,403,222

Annual Report 2020/21

75,500,000 4,000,000 (66,315,932) 13,184,068

75,500,000 4,000,000 (73,175,434) 6,324,566


15. Superannuation commitments There is a legally enforceable obligation on the Company to contribute to a superannuation fund at a rate that is determined by industrial agreement.

16. Commitments Capital expenditure commitment No later than on year Between one year and two years

2021

2020

7,800,000 0 7,800,000

0 0 0

The Club’s capital expenditure commitments were for a property purchase in August 2021. Last year it was zero due to Covid-19 as the Club was closed. 17. Auditor’s remuneration

2021

2020

71,550

70,000

7,900

5,000

During the year the following fees were paid or payable to Greg Huggett & Co for: Audit Taxation and other services

18. Contingent liabilities There is a legally enforceable obligation on the Company to contribute to a superannuation fund at a rate that is determined by industrial agreement. 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 $37,493 in property management fees for the year ended 30.6.21. Ronis Real Estate is a tenant in the Flinders Centre, and Bankstown District Sports Club Limited received a total of $87,029 in rent for year ending 30 June 2021. Ronis Real Estate was not in arrears in rent as at 30.06.2021, whereas some other tenants were. Jim Ronis ceased to be the director of Ronis Real Estate as at 30.06.2020. 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 Club. 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.

Annual Report 2020/21

// 51


Loan to subsidiaries

2021

2020

1,924,867 10,008,624 4,994,209 590 6,788 7,067 1,589 355 16,944,089

1,384,727 6,338,455 2,960,890 0 0 0 0 0 10,684,072

(128,276) 525

(527,272) 477

Loans made by the Company to its subsidiaries are unsecured and noninterest bearing. Balance of loans made to subsidiaries as at year end are: BDSC Agencies Pty Limited BDSC Properties Pty Limited Flinders Centre Properties Pty Limited Facility Services Pty Ltd Basement Brewing Co Pty Ltd Basement Distilling Co Pty Ltd BDSC Licencing Proprietary Limited Copact Pty Ltd

20. Employee benefits Net movement in provision for employee benefits Number of employees at year end

21. Core porperty 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: 9 Greenfield Parade, Bankstown 9A Greenfield Parade, Bankstown 11 Greenfield Parade, Bankstown 13 Greenfield Parade, Bankstown 13A Greenfield Parade, Bankstown 23 Greenfield Parade, Bankstown 22 Bankstown City Plaza, Bankstown 40 Restwell St, Bankstown 22. Key mangement personnel Remuneration paid or directed to key management personnel was:

1,120,011

1,204,924

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. 52 \\

Annual Report 2020/21


23. Employee expense Total employment Expense Less: Government economic stimulus Employment expense as per statement of profit and loss

2021

2020

28,167,461 (3,773,500) 24,393,961

34,053,676 (4,619,000) 29,434,676

The Australian Federal Government announced Government Economic Stimulus payment in March 2020, which is a scheme to support businesses and not-for-profit organisations significantly affected by COVID-19 and to help keep more Australians in jobs. The club was entitled to receive the Government Economic Stimulus wage subsidy from Australian Taxation Office for a 6 month period. 24. Employee provisions Opening Balance 1 July 2020 Additional provisions raised during year Amounts used Closing Balance 30 June 2021 Made up of: Employee benefits - current liability Employee benefits - non current liability

2021

2020

5,233,588 1,868,877 (1,997,153) 5,105,312

5,760,860 2,999,646 (3,526,918) 5,233,588

3,525,675 1,579,637 5,105,312

3,758,518 1,475,070 5,233,588

662,500

462,500

25. Financial Assets Shares in an unrelated corporation at cost

26. After balance date events The club has been closed since 26 June 2021 due to the Greater Sydney Covid-19 lockdown imposed by the NSW Government. This will have a significant impact on the Clubs cash reserves but has received commitment from Westpac that they will support the Club through this period until re-opening. The income for the year to end 30 June 2022 will be significantly less due to Government enforced lockdown. There are no other events that have occurred since 30 June 2021 to date of signing this report that would have a significant financial effect on the company.

Annual Report 2020/21

// 53


DIRECTORS’ DECLARATION

The Directors of the Company declare that the financial report and notes a set out on pages 31 to 53 for the year ended and as at 30 June 2021 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 2021 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 14th day of September 2021 ON BEHALF OF THE BOARD AND IN ACCORDANCE WITH ITS RESOLUTION

John Murray OAM Director

54 \\

Annual Report 2020/21

Vernon Falconer Director


INDEPENDENT AUDIT REPORT

INDEPENDENT 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. ii.

Giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its financial performance for the year ended; and 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 2021, 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. Annual Report 2020/21

// 55


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. 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.

56 \\

Annual Report 2020/21


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 15th day of September 2021 Liability limited by a scheme approved under Professional Standards Legislation

Annual Report 2020/21

// 57


o t u o y k n a h T s r e b m e M r u o 58 \\

Annual Report 2020/21


Bankstown Sports Club would like to thank its members, corporate partners and associated sporting and community groups for their unwavering support through the COVID-19 pandemic. Our clubs – along with the rest of the hospitality sector – have faced unprecedented challenges throughout 2020 and 2021, which have threatened the very existence of our industry. Being forced to close our venues, stand down our staff, reopen with limited capacity and new social distancing requirements, and then weather the storm of a potential COVID outbreak at one of our restaurants, was an incredibly stressful and worrying time. But having our members gradually return when it was safe to dine in our restaurants and enjoy our facilities, gave us reassurance that our clubs would continue to thrive for many years to come. Things may never return to the normal we once knew, but with your continued support, our venues will continue to be a supportive hub for the local community.

Annual Report 2020/21

// 59


Profile for Bankstown Sports Club

2020/21 Annual Report  

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