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PARRAMATTA LEAGUES CLUB

ANNUAL REPORT

2014 PARRAMATTA LEAGUES CLUB


WITH OVER 55 YEARS OF EXCELLENCE IN THE COMMUNITY, PARRAMATTA LEAGUES CLUB IS THE PREMIER DESTINATION FOR THE BEST SELECTION OF DINING, ENTERTAINMENT AND THE VENUE OF CHOICE IN PARRAMATTA.

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PARRA

LEGENDS LOUNGE


PARRAMATTA LEAGUES CLUB HAS PROUDLY DONATED OVER $1 MILLION DOLLARS TO THE COMMUNITY DURING 2014

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CONTENTS MESSAGE FROM THE PRESIDENT

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CHIEF EXECUTIVE’S REPORT

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BOARD OF DIRECTORS AND CEO’S

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EXECUTIVE MANAGEMENT TEAM

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EELS CEO REPORT

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OUR CLUB IN THE COMMUNITY

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NEW DEVELOPMENT OVERVIEW

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FINANCIALS 22 -- DIRECTOR’S REPORT

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-- FINANCIAL STATEMENTS

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-- DIRECTOR’S DECLARATION

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-- INDEPENDENT AUDITOR’S REPORT

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CLUB DIRECTORY

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GENERAL INFORMATION

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PASSION Dear Members I am proud to present to you the 2014 Parramatta Leagues Club Annual Report. After a year of consolidation in 2013, I am pleased to be able to say that 2014 saw a number of great strides for the organisation. BEST LEAGUES CLUB PROFIT IN A DECADE The 12.5 million dollar Leagues Club profit in 2014 was the best financial result in over a decade and was coupled with improved service standards and greater accountability by staff to provide customer satisfaction. Our Leagues Club CEO Bevan Paul and his executive team should be commended for this strong result. Whilst the Board was satisfied with the many improvements made across the business we are determined that the organisation does not stand still and has a clear strategic direction.

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MESSAGE FROM THE PRESIDENT

The Club improvements that are to commence shortly will be one of the most exciting ventures in our Clubs proud history. These additions to our Clubs portfolio will see us provide members with facilities to rival any other Club in Sydney. CEO Bevan Paul has spoken at length about our Club improvements program in his report. Playing a lead role in providing our members with such great facilities as a multi level undercover car park, a state of the art fitness centre, a Ten Pin bowling centre and a new auditorium is a commitment your Board is proud to undertake. The final piece in the puzzle is a quality hotel on the site of the current football offices that will compliment a fantastic precinct and provide Parramatta with a unique showpiece. It will also will completely change the financial footprint of the Parramatta Leagues Club Group and provide financial security for

Leagues members and the Eels for many years to come. STRONG IMPROVEMENTS ON AND OFF THE FIELD The Board and I have persevered with our commitment to return the Eels to the summit of rugby league both on and off the field. Scott Seward and his executive team have done a tremendous job in transforming the Club over past 12 months. Season 2014 saw our first grade team win more games than the previous two seasons combined. In fact no Eels first grade team has won more games in a regular season since 2009. We are determined to build a successful culture at our Club and we were delighted that Brad Arthur agreed to extend his contract to the end of 2017. Brad has reignited the hunger in our team as we build on last years much improved effort. Brads extension plus the great

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work being done by our Head of football Daniel Anderson gives our Club stability in the footy department, which is the cornerstone of success. Progress and stability is the key to moving our Club forward and in the past 12 months we have made some good steps forward including: •

Completion of Stage 1 of our new High Performance Centre at Old Saleyards Reserve which has provided the NRL team’s first dedicated training facility in 69 seasons. With stage 2 planning underway for a multi purpose community facility to house the football department it sure is exciting times for Eels members and fans.

New Club Record of 20,086 Members

Record average game attendance of nearly

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18800 with a record home crowd of 50,668 on Easter Monday

I look forward to representing the membership of this proud Club into the foreseeable future.

Strong progress across all our elite junior pathway programs

Finally if you are enjoying a refreshment or having a great meal in the Club, maybe a flutter on the pokies or cheering the Eels on to victory always remember........

The new training facility will not only provide our team with the facilities to go to the next level of performance but will act as an enticement to top line players wanting to be part of the 21st century Eels. I am delighted to say that our Board charter of “Club first , team second , individual third has helped us achieve some remarkable turnarounds and progress on our journey. I certainly hope the broader PLC membership support the direction your Board and I are taking our Club and ask that you show your support over the coming months.

ANNUAL REPORT 2014

Stay Strong .... Stay United....Stay Blue & Gold.

Best Regards Steve Sharp President

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VISION 2014 – SETTING A NEW COURSE FOR PARRAMATTA LEAGUES CLUB The Parramatta Leagues Club Group has had an outstanding year in 2014 resulting in a consolidated profit of $6.5m, a stronger balance sheet and the rectification of a number of governance issues that were holding the business back. This compares to a result of $3.8m in 2013 which included a comparable operating profit of $2.4m, a revaluation profit on our investment properties of $1.4m and a historical average profit for the company of a little over $2m. The higher level of profitability has also resulted in an improved balance sheet. With a strong balance sheet and healthy business operations, the company is in an ideal position to fund further development.

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CHIEF EXECUTIVES REPORT

BEST ACCOUNTS IN A DECADE All aspects of the business have been reviewed during the last twelve months. Significant changes include insourcing of security and cleaning, a new marketing and promotion strategy, and a revamp of our Food and Beverage offerings.

Firehouse restaurant has also been reinvigorated with improved access and space and the hugely popular burger challenge. 2015 OUTLOOK Projects that members can look forward to in 2015 include

The football business contributed to the overall business improvement. Coupled with a much improved performance on field, we have seen an increase in sponsorship, gate revenue, membership and merchandise sales. As a result the Football Club has reduced its loss from $7.5m in 2013 to $5.6m in 2014.

• Sterling room conversion into bar area – patrons rightly point out that there is limited casual space in the club and whilst we can’t reinvent the club we can use our space more effectively. I am very excited about this development which will provide a whole new area where members can meet and relax

Thanks mainly to the efforts of the Clubs catering department, Vikings has turned around from a $52k loss in 2013 to a $153k profit in 2014. Further improvements to the Club are underway and I hope that members with families take a look at the newly revamped kids’ area.

• Merchandise store constructed in foyer area – stage 2 of this project will entail a complete revamp of the clubs entrance. Many people have pointed out that this outlet was originally located within the club and its restoration will allow for sales

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and extended hours from the current schedule. • Refurbishment of toilet facilities – the older parts of the club are in need of renovation and this work will be staged over several months in the second half of 2015 to minimise disruption and inconvenience to members. • Commencement of our long awaited, and much anticipated car park – car parking availability has been an ongoing issue for the club for many years and an increasing source of concern from members. This development will triple the clubs car parking capacity and improve convenience and safety for members.

GOVERNANCE Regrettably the company has been obliged to co-operate with the Office of Liquor Gaming and Racing in a lengthy investigation. Albeit challenging for stakeholders, this process and the associated airing of discoveries and counter claims, has had an upside for members in that the company took the opportunity to thoroughly put its house in order. The club continues to cooperate with the regulator and the authority and expects that this investigation and its outcome will be complete in May 2015. However, the benefits for members will continue with a yield from improved governance compliant club management.

dividends start to appear on both the field and in the accounts. Members, employees and fans have all endured some tumultuous times and I am pleased to report that these results demonstrate that your club has well and truly turned the corner and is now on a sustainable course with a bright future ahead.

Best Regards Bevan Paul CEO

This process had a high price but that price has now been paid, and the company has seen the

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BOARD OF DIRECTORS AND CEO’s From back right PETER SERRAO Director of Parramatta Leagues Club Limited and Parramatta National Rugby League Limited. Mr Serrao is the Commercial Manager at Sydney Olympic Park Authority. GEOFFREY GERARD Director of Parramatta Leagues Club Limited and Parramatta National Rugby League Limited and Parramatta District Rugby League Club Limited. SCOTT SEWARD Chief Executive Officer Parramatta National Rugby League Limited (wholly owned subsidiary of Parramatta Leagues Club).

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BEVAN PAUL Chief Executive Officer Parramatta Leagues Club Limited. From front left TOM ISSA Deputy President of the Board of Directors of Parramatta Leagues Club and Parramatta National Rugby League Limited. STEPHEN SHARP President of the Board of Directors of Parramatta Leagues Club Limited and Parramatta National Rugby League Limited. Elected Director of the Parramatta District Rugby League Club since 2010. Mr Sharp played 12 Seasons with the Parramatta Eels and won three premierships in the 1980’s.

LAWRENCE SHEPERD Director of Parramatta Leagues Club Limited and Parramatta National Rugby League Limited. Mr Sheperd is the Managing Director of Independent Gaming PTY Ltd. MARIO LIBERTINI RESIGNED JUNE 2014 ROBERT SASSEEN RESIGNED DECEMBER 2014

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EXECUTIVE MANAGEMENT TEAM Back row from right to left: Karen Olic – Food And Beverage Manager Chris Dimou – Acting Gaming Manager Pierina Cappelli – Services Manager John Chidiac – Facilities Manager Edwin Farnish – Chief Financial Officer Kathy Ikonomidis – Human Resourses Manager

Front Row – Left To Right Anna Darcy – Marketing Manager Rachel Chippendale – Executive Office Manager Bevan Paul – Chief Executive Officer

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INSIGHT 2014 – A YEAR OF TRANSITION FOR THE PARRAMATTA EELS 2014 saw the Parramatta Eels take significant steps forward both on and off the field after a period of disappointing results. This was strongly reflected in our financial results, which say a net improvement of nearly $2 million resulting in the first reduction of the NRL grant from the Leagues club since 2010. This was achieved through strong revenue growth in the commercial and consumer areas of the business, and a strong cost-control focus in football operations. FOOTBALL OPERATIONS – A SOLID FOUNDATION TO BUILD UPON The NRL team finished in its highest ladder position since 2009 with 12 wins for the season only narrowly missing the finals on for and against. The result was especially pleasing considering the significant restrictions placed on the NRL team due to previous mismanagement of the clubs salary cap position.

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EELS CEO REPORT

The Eels NYC Holden Cup and NSW Cup teams both made finals appearances in 2014 again highlighting significant improvement to the clubs football programs after a period of below standard results. The Holden Cup team narrowly missed making its first Grand final appearance after a preliminary final defeat to the eventual premiers NZ Warriors. The Wentworthville Magpies NSW Cup side also lost its preliminary final to the eventual winners Penrith Panthers. Since early 2014 the Club has implemented a strategic approach to squad management across all areas of retention and recruitment to ensure the club can compete for the very best players available and identify and retain the best existing talent. The recent acquisition of New Zealand international Kieran Foran and the retention of key young talent including Tepai Meroa and John Folau are key examples of significant improvement to the clubs approach to squad management.

NRL BUSINESS OPERATIONS ENCOURAGING START TO THE JOURNEY In 2014 the NRL business operations saw significant growth across all key areas of its commercial and consumer areas. Commercial revenue grew in 2014 on the back of strong sponsorship retention and acquisition with 2014 being the start of mutli-year agreements with principal sponsor Dyldam and a new major partnership with the Northern Territory (NT) Government. The NT agreement has already seen success in expanding the Eels brand with nearly 2000 NT members signed in 2014 and in addition the first NT based junior was signed to our elite player development program. Despite back to back wooden spoons the Eels achieved an overall membership record of 20,312 following solid growth in 2013. This included solid growth in all key membership areas including interstate, junior, ticketed and Eels for

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Life membership. This was accompanied by significant growth in merchandise sales year on year including a doubling of monthly online sales from 2013. 2014 also saw the Eels achieve its highest average home crowd in nearly 10 years of 18,800 including its highest home and away crowd in 50 years of 50,302 in Round 7. EELS FIRST DEDICATED TRAINING FACILITY In October 2014, the Parramatta Eels received approval to begin work on Stage 1 of its first ever dedicated training facility at Old Saleyards reserve in North Parramatta. This was a culmination of work undertaken by the club over the past 12 months to improve footballing infrastructure across the NRL and junior development programs. In March 2015 the NRL team held its first training session at the new facility with construction of temporary footballing offices, field lighting, video rooms,

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running track and fencing due to be completed by May 2015. The club is now working with key stakeholders for the development and construction of a $26m permanent community & high performance center. EELS 2020 VISION – A FOUNDATION FOR OUR CLUB At the start of 2014, the club embarked on creating an overarching strategic plan, the Eels 2020 Vision. This plan will steer the club’s overall operations from 2015-2020 and be the foundation for our club to build upon. It recognises that we are in control of our destiny and that we are united in a pursuit of a single goal: the growth and sustained success of the Parramatta Eels National Rugby League Club. Our vision is to be the best sporting organisation in Australia, where the very best people aspire to deliver excellence, unity and success. At the forefront, we exist to win premierships, while always adhering to our values and culture.

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The transformation of our great club is underway. We want to be known as the country’s most professional sporting brand, with a strong commitment to giving back to our community. Members and supporters have deserved more success for the faith and commitment shown to our club over the past few years. We plan on being the pride of our city and community through long-term sustainable success. As a club we are extremely excited about our future and we trust you will enjoy being part of this journey with us.

Best Regards Scott Seward Parramatta Eels CEO

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OUR CLUB IN THE

COMMUNITY

The Parramatta Leagues Club Group has always believed in supporting the community that supports us. In 2014 we proudly provided our local community with over $1,009,000 in funding through the ClubGrants scheme. This contribution has played a vital role in backing valuable projects for the neighbourhood at a grassroots level. From the local school raffle to supporting the Sydney Special Children’s Christmas Party, we deliver a wide range of assistance to a cross section of local community groups and organisations. “The support from Parramatta Leagues helps Parramatta Mission continue to provide breakfast and lunch as well as referral services to people in our community who are homeless, facing crisis and living with mental illness. Parramatta Mission thanks the club for its partnership in helping our community,” said Nicole Castillo from Parramatta Mission. Louise Zajac from the Parramatta Chamber of Commerce thanks the Club for their support, “The donation from Parramatta Leagues Club enabled us to feed and provide pamper packs for over 250 homeless at our First Christmas in July BBQ for the Homeless. We were also able to assist the Mission’s Meals Plus with cash. We will now have this as an annual event.” Some of the organisations that Parramatta Leagues Club proudly supports include: • • • • • • •

• • • • • • • •

BCF Emergency Response Life Education Australia Scouts Australia Eels Educate Program Dandelion Support Network Early Education Inc Granville Youth and Community Recreation Centre Service for the Treatment and Rehabilitation of Torture and Trauma Survivors (STARTS) The Deaf Society of NSW The Salvation Army Parramatta Mission Special Olympics Australia Parramatta District Junior Rugby Parramatta District Touch Association Men of League Foundation The Children’s Hospital Westmead

• • • • • • • • • • • • • • • •

• • •

Lara Jean Association Parramatta High School Koori Kids Pty Ltd Royal Flying Doctor Service PCYC Parramatta Dundas Valley Junior Rugby Union Relationships Australia Lions Club of Carlingford-Dundas Parramatta Little Athletics Our Lady of Mercy College Odyssey House St Gabriel’s School Sport & Tourism Foundation Dundas Valley Junior Rugby Union Northmead PS P & C Sydney Special Children’s Christmas Party Wesley Mission Northcott One80TC Yarramundi


NEW DEVELOPMENT OVERVIEW President Steve Sharp and Leagues Club CEO Bevan Paul unveiled the grand plan in late February for the development plans for a $100 million entertainment precinct between Parramatta Leagues Club and Pirtek Stadium. The development is set to commence late this year. “This $100 million development will be one of the most exciting ventures in our Club’s proud history that will see us provide members with services and entertainment to rival any other club in Australia. It will ensure our ongoing financial security for decades to come.” said Chairman Steve Sharp.

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“This investment will transform Parramatta Stadium and the Leagues Club into a world class sports and entertainment precinct – an unrivaled destination for western Sydney,” said Group CEO Bevan Paul. The most important thing that Bevan Paul wanted to highlight is that the Club is now in a very healthy financial position and therefore has the ability to fund development, enhance our offerings and generally renovate the entire building over the next few years.

The development will include: •

Car parking for 1000 cars

200 room hotel

fitness and aquatic centre

ten pin bowling centre

renovations for the Leagues Club

Renovations for Vikings at Dundas

State of the art training facilities for our Eels

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EVERY YEAR

APPROXIMATELY

1 MILLION VISITORS ENJOY THE

FACILITIES OFFERED AT THE CLUB

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NOTICE OF AGM NOTICE is hereby given that the 57th Annual General Meeting of Parramatta Leagues Club Limited (ACN 000 218 655) (“Leagues Club”) will be held on Monday 11 May 2015 commencing from 6PM in the Auditorium located on the 3rd Floor of Parramatta Leagues Club, 1 Eels Place, Parramatta.

BUSINESS TO BE CONDUCTED: Ordinary Business 1

DECLARATION OF ELECTION FOR THE BOARD OF DIRECTORS The Returning Officer will address the Meeting and declare the results of the Election for the Board of Directors.

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MINUTES OF THE PREVIOUS ANNUAL GENERAL MEETING To receive and consider the Minutes of the previous Annual General Meeting.

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2014 ANNUAL REPORT AND FINANCIAL STATEMENTS

To receive and consider the 2014 Annual Report of the Leagues Club, including the Financial Statements, Directors’ and Auditor’s Report for the 12-month period ended 31 December 2014. Note to Members: In order to provide informed and properly researched responses, members are requested to lodge questions to the Chief Executive Officer in writing within 7 days of the Annual General Meeting. Questions received in writing will be answered first in order of being received; questions without notice will be answered after the agenda has been completed.

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REGISTERED CLUBS ACT REQUIREMENTS

Members are asked to consider and if thought fit, to pass the following resolutions as Ordinary Resolutions:

4.1 First Ordinary Resolution “That pursuant to Section 10 (6) (c) & (d) of the Registered Clubs Act 1976: (A)

The Members agree to expenditure by the Board of Directors of not exceeding $100,000 for Parramatta Leagues Club Limited until the Annual General Meeting in 2016 for the following expenses subject to approval by the Board of Directors: i.

A club suit, tie, shirts and other official clothing to be worn by a Director while representing the Leagues Club;

ii.

Meals, drinks, accommodation, entertainment, transport, admission and other reasonable expenditure with regard to; a)

Attending meetings of the Board of Directors;

b)

Entertaining corporate partners, business associates, patrons, councillors, Members of State and Federal Parliament, and other dignitaries and guests in the Board Room of the Leagues Club or other Venues;

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(B)

c)

Attending meetings and functions, including community, charity, sporting or worthwhile functions at the Leagues Club or elsewhere, as an official delegate or representative of the Leagues Club including the attendance of spouses where required, or appropriate;

d)

Attending club industry conferences (two per year), gaming conferences, conventions, invitations from commercial partners and others to functions, seminars, lectures, trade displays, educational, fact finding, study and information tours at venues anywhere in Australia or overseas in order to obtain knowledge of the gaming, hospitality and entertainment facilities or to plan future club extensions and to improve the quality of amenities and services to the Members of the Leagues Club, including the attendance of spouses where required, or appropriate.

e)

Professional development and education of the Directors.

The Members acknowledge that the benefits referred to in (A) above are not available to Members generally, but only for those who are Directors of the Leagues Club.”

4.2 Second Ordinary Resolution “That pursuant to Section 10 (6) (c) & (d) of the Registered Clubs Act 1976: (A)

(B)

The Members agree to expenditure by the Board of Directors of not exceeding $100,000 for Parramatta National Rugby League Club Limited until the Annual General Meeting in 2016 for the following expenses subject to approval by the Board of Directors: i)

Meals, drinks, accommodation, entertainment, transport, admission charges and other reasonable expenditure in attending conventions, invitations from commercial partners and others to functions, and tours at venues anywhere in Australia or overseas in order to obtain sporting market knowledge, including the attendance of spouses where required, or appropriate.

ii)

A club suit, tie, shirts and other official clothing to be worn by a Director while representing the Leagues Club;

iii)

Entertaining corporate partners, business associates, patrons, councillors, Members of State and Federal Parliament, and other dignitaries and guests in Corporate Hospitality areas at playing venues of the Parramatta National Leagues team;

iv)

Attending meetings and functions, including community, charity, rugby league and other sporting or worthwhile functions, as an official delegate or representative of the Parramatta National Rugby League Club including the attendance of spouses where required, or appropriate;

v)

Attending rugby league matches of Parramatta National Rugby League team in the National Rugby League premiership competition, and any representative match conducted by the NRL, ARL or NSWRL, in Australia or overseas; and

vi)

Attending, as an official representative of the Parramatta National Rugby League Club, any official pre-season, end of season, or other tour, with Parramatta National Leagues team.

The Members acknowledge that the benefits referred to in (A) above are not available to Members generally, but only for those who are Directors of the Leagues Club.”

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4.3 Third Ordinary Resolution “That pursuant to Section 10 (6) (b) of the Registered Clubs Act 1976: (A)

The Members agree to the payment of honorariums to the Directors of $10,000 each for services as a Member of the Board of the Leagues Club until the Annual General Meeting in 2016, plus applicable statutory obligations.

(B)

The Members acknowledge that the benefits referred to in (A) above are not available to Members generally, but only for those who are Directors of the Leagues Club.�

Notes to Members on Ordinary Resolutions: Under the Registered Clubs Act directors can be paid honorariums in respect of their services as directors provided that the sum of money representing the honorariums has been approved by a resolution passed at a general meeting of members. To be passed, each Ordinary Resolution requires votes from a simple majority of members who, being eligible to do so, are present at the meeting and vote on the resolution. The Registered Clubs Act provides that: Members who are employees of the Club are not entitled to vote; and Proxy voting is prohibited. Dated 8 April 2015 By Order of the Board

Bevan Paul Company Secretary & Chief Executive Officer

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FINANCIAL

STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONTENTS Directors’ report 23 Financial statements 26 Directors’ declaration 50 Independent auditor’s report to the members 51

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DIRECTOR’S REPORT 31 December 2014 Your directors present their report on Parramatta Leagues Club Limited (“the company” or “the club”) and its controlled entities (collectively referred to as “the group”) for the year ended 31 December 2014. Directors The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated: Stephen Sharp Tom Issa Peter Serrao Lawrence Shepherd Robert Sassen (resigned 16 December 2014) Mario Libertini (resigned 30 May 2014) Geoffrey Gerard (appointed 1 March 2014). Principal activities The principal activities of the group during the course of the financial year consisted of

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the conduct and promotion of licensed social clubs for members of the club and promotion of rugby league football within the Parramatta district.

or payable for the financial year (2013: $nil). The Constitution of the company does not permit any operating surplus to be distributed by way of dividend.

There were no significant changes in the nature of the group’s activities during the year.

Review of operations The operating profit after tax of the group for the year ended 31 December 2014 was $6,502,118 (2013: $3,886,679).

Overall objectives To ensure Parramatta Leagues Club Limited is the most professional and progressive multi-purpose hospitality venue in Greater Western Sydney, by providing excellence in service and amenities for all members; and to foster, encourage, promote and control the development, playing and interests of rugby league football within the area of the geographical boundaries of Parramatta National Rugby League Club Limited, a subsidiary within the group, as defined from time to time in the by-laws of the league’s governing body. Dividends There were no dividends paid

ANNUAL REPORT 2014

Significant changes in the state of affairs There were no significant changes in the group’s or company’s state of affairs during the financial year. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 31 December 2014 that has significantly affected, or may significantly affect: (a) the group’s operations in future financial years, or (b) the results of those operations in future financial years, or (c) the group’s state of affairs in future financial years.

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Likely developments and expected results of operations The directors are not aware of any significant likely developments concerning the activities of the group or company after the end of the financial year. Environmental regulation The company is not subject to any particular or significant environmental regulations under a law of the Commonwealth or State.

Meetings of directors The numbers of meetings of the company’s board of directors held during the year ended 31 December 2014, and the numbers of meetings attended by each director were: Full meetings of directors A

B

Information on directors The following are the directors of the company that were in office at the date of this report:

Stephen Sharp

15

15

Tom Issa

15

15

Peter Serrao

15

15

Lawrence Shepherd

12

15

Stephen Sharp Chairman of the board of directors of Parramatta Leagues Club Limited, Parramatta National Rugby League Club Limited and Parramatta Power Soccer Club Limited. Elected director of the Parramatta District Rugby League Club Limited since 2010. Mr Sharp played 12 seasons with the Parramatta Eels and won three premierships in the 1980s.

Geoffrey Gerard

13

13

Robert Sassen

11

14

Mario Libertini

4

6

Tom Issa Deputy Chairman of the board of directors of Parramatta Leagues Club Limited, Parramatta National Rugby League Club Limited and Parramatta Power Soccer Club Limited. Peter Serrao Director of Parramatta Leagues Club Limited, Parramatta Power Soccer Club Limited and Parramatta National Rugby League Club Limited. Mr Serrao is the Commercial Manager at Sydney Olympic Park Authority. Lawrence Shepherd Director of Parramatta Leagues Club Limited, Parramatta Power Soccer Club Limited and Parramatta National Rugby League Club Limited. Mr Shepherd is the Managing Director of Independent Gaming Pty Ltd. Geoffrey Gerard Director of Parramatta National Rugby League Club Limited, Parramatta Leagues Club Limited and Parramatta Power Soccer Club Limited. Director of

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Parramatta District Rugby League Club Limited.

A = Number of meetings attended B = Number of meetings held during the time the director held office during the year. Insurance of directors and officers During the financial year, Parramatta Leagues Club Limited held a management liability insurance policy under the directors and officers liability cover. The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of the company, and any other payments arising from liabilities incurred by the officers in connection with such proceedings. This does not include such liabilities that arise from conduct involving a wilful breach of duty by the officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the company. It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to other liabilities.

Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party, for the purpose of taking responsibility on behalf of the company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section 237 of the Corporations Act 2001. Membership The company is a company limited by guarantee and is without share capital. The number of members as at 31 December 2014 was 40,367 (2013: 47,645). Members’ limited liability In accordance with the Constitution of the company, every member of the company undertakes to contribute an amount limited to $4 per member in the event of the winding up of the company during the time that he or she is a member or within one year thereafter. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 25. Auditor PricewaterhouseCoopers continues in office in accordance with section 327 of the Corporations Act 2001. This report is made in accordance with a resolution of directors.

Stephen Sharp Director Sydney 25 February 2015

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AUDITOR’S INDEPENDENCE DECLARATION Parramatta Leagues Club Limited Directors' report 31 December 2014 (continued)

Auditor's Independence Declaration As lead auditor for the audit of Parramatta Leagues Club Limited for the year ended 31 December 2014, I declare that, to the best of my knowledge and belief, there have been: (a) (b)

no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Parramatta Leagues Club Limited and the entities it controlled during the year.

Manoj Santiago Partner PricewaterhouseCoopers

Sydney 25 February 2015

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO Box 2650, Sydney NSW 1171 T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au

Norwest Quay, Level 1, 21 Solent Circuit, PO Box 7684, Baulkham Hills NSW 2153

Liability limited by a scheme approved under Professional Standards Legislation

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Parramatta Leagues Club Limited Annual Report - 31 December 2014 ABN 52 000 218 655

Contents Annual Report Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements

27 28 29 30 31

Directors’ declaration

50

Independent auditor’s report to the members

51

These financial statements cover Parramatta Leagues Club Limited and its controlled entities. The financial statements are presented in the Australian currency. Parramatta Leagues Club Limited is a company limited by guarantee, incorporated and domiciled in Australia. Its registered office and principal place of business is: Parramatta Leagues Club Limited 1 Eels Place Parramatta NSW 2150. A description of the nature of the group’s operations and its principal activities is included in the directors’ report on pages 23 to 24, which is not part of these financial statements. The financial statements were authorised for issue by the directors on 25 February 2015. The directors have the power to amend and reissue the financial statements.

26

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ANNUAL REPORT 2014


Consolidated statement of comprehensive income For the year ended 31 December 2014 2014

2013

Notes

$

$

3

78,120,232

72,113,875

Other income

4

89,319

63,297

Revaluation gain on investment properties

12

-

1,427,350

(3,217,939)

(2,687,309)

(13,634,345)

(13,257,695)

(4,543,685)

(5,184,621)

(1,042,286)

(993,599)

Revenue from continuing operations

Cost of goods sold Poker machine duty Depreciation expense

5

Donations

(27,189,954)

(24,958,485)

Entertainment, marketing and promotional costs

(3,722,579)

(4,033,198)

Grants paid

(1,427,500)

(1,178,087)

(1,263,713)

(1,319,130)

(321,754)

(412,867)

Employee benefits expense

Repairs and maintenance expenses Licences and fees

(4,565,220)

(4,921,558)

Other expenses

(3,333,107)

(3,397,261)

Match and sponsorship expenses

(6,968,861)

(6,542,808)

Occupancy expenses

(476,490)

(831,225)

6,502,118

3,886,679

-

-

6,502,118

3,886,679

Other comprehensive income for the year

-

-

Total comprehensive income for the year

6,502,118

3,886,679

Finance costs

5

Profit before income tax Income tax expense

6

Profit for the year

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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ANNUAL REPORT 2014

27


Consolidated statement of financial position As at 31 December 2014 2014

2013

Notes

$

$

Cash and cash equivalents

7

11,379,530

8,109,203

Trade and other receivables

8

2,907,442

2,833,210

Inventories

9

819,554

458,988

15,106,526

11,401,401

ASSETS Current assets

Total current assets Non current assets 10

35,125,479

37,451,536

Intangible assets

11

624,000

-

Investment properties

12

12,214,535

11,695,637

Property, plant and equipment

Total non current assets

47,964,014

49,147,173

Total assets

63,070,540

60,548,574

LIABILITIES Current liabilities Trade and other payables

13

4,818,944

4,996,354

Borrowings

14

744,729

1,450,301

Provisions

15

1,081,891

987,387

Deferred income

16

1,298,416

1,973,672

7,943,980

9,407,714

Total current liabilities Non current liabilities Borrowings

17

7,125,866

9,672,077

Provisions

18

130,679

197,937

Deferred income

19

530,835

433,784

Total non current liabilities

7,787,380

10,303,798

Total liabilities

15,731,360

19,711,512

Net assets

47,339,180

40,837,062

47,339,180

40,837,062

47,339,180

40,837,062

Members' funds Retained earnings Total members’ funds

20

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

28

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ANNUAL REPORT 2014


Consolidated statement of changes in equity For the year ended 31 December 2014 Retained earnings Notes Balance at 1 January 2013 Total comprehensive income for the year

20

Balance at 31 December 2013 Total comprehensive income for the year Balance at 31 December 2014

20

Total equity

$

$

36,950,383

36,950,383

3,886,679

3,886,679

40,837,062

40,837,062

6,502,118

6,502,118

47,339,180

47,339,180

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

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ANNUAL REPORT 2014

29


Consolidated statement of cash flows For the year ended 31 December 2014 2014

2013

$

$

85,388,852

77,848,610

(75,895,307)

(70,019,924)

9,493,545

7,828,686

612,673

658,061

Notes Cash flows from operating activities Receipts from customers (inclusive of goods and services tax) Payments to suppliers and employees (inclusive of goods and services tax) Rent received

3

Interest received

3

163,589

225,680

(476,490)

(831,225)

26

9,793,317

7,881,202

Payments for property, plant and equipment

10

(2,125,313)

(3,750,169)

Payments for investment property

12

(521,894)

(21,247)

(624,000)

-

Interest paid Net cash inflow from operating activities Cash flows from investing activities

Payment for intangible assets

-

161,816

(3,271,207)

(3,609,600)

(3,251,783)

(5,184,964)

(3,251,783)

(5,184,964)

Net increase (decrease) in cash and cash equivalents

3,270,327

(913,362)

Cash and cash equivalents at the beginning of the financial year

8,109,203

9,022,565

11,379,530

8,109,203

Proceeds from sale of property, plant and equipment Net cash (outflow) from investing activities Cash flows from financing activities Repayment of borrowings

14,17

Net cash (outflow) from financing activities

Cash and cash equivalents at end of the financial year

7

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

30

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014 1 Summary of significant accounting policies The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the consolidated entity consisting of Parramatta Leagues Club Limited and its subsidiaries. (a) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. The company is a for-profit entity for the purpose of preparing the financial statements.

(i) Compliance with Australian Accounting Standards Reduced Disclosure Requirements The consolidated financial statements of the Parramatta Leagues Club Limited and the entities it controlled also comply with Australian Accounting Standards Reduced Disclosure Requirements as issued by the Australian Accounting Standards Board (AASB). (ii) New and amended standards adopted by the company None of the new standards and amendments to standards that are mandatory for the first time for the financial year beginning 1 January 2014 affected any of the amounts recognised in the current period or any prior period and are not likely to affect future periods. However, amendments made to AASB 101 Presentation of Financial Statements effective 1 January 2014 now require the statement of comprehensive income to show the items of comprehensive income grouped

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into those that are not permitted to be reclassified to profit or loss in a future period and those that may have to be reclassified if certain conditions are met.

(ii) Historical cost convention These financial statements have been prepared under the historical cost convention. (iii) Critical accounting estimates The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2. (b) Principles of consolidation

Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Parramatta Leagues Club Limited (‘’company’’ or ‘’parent entity’’ or “club”) as at 31 December 2014 and the results of all subsidiaries for the year then ended. Parramatta Leagues Club Limited and its subsidiaries together are referred to in these financial statements as the group or the consolidated entity. Subsidiaries are all entities over which the group has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the

ANNUAL REPORT 2014

date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. (c) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group’s activities as described below. The group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognised for the major business activities as follows:

(i) Sale of goods Revenue from the sale of goods comprises revenue earned from the provision of food, beverage and other goods and is recognised (net of rebates, returns, discounts and other allowances) at the point of sale or delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods. (ii) Rendering of services Revenue from rendering of services comprises revenue from gaming facilities together with other services to members and other patrons of the club. Rev-

31


enue from rendering of services is recognised when the services are provided.

(iii) Sponsorship Revenue from sponsorship is recognised over the sponsorship period once a contract is entered into. (iv) Membership income Revenue from membership subscription and future ticket purchases by the members are deferred as unearned income and are brought to account evenly over the course of the membership period. (v) National Rugby League distribution grant Revenue from the National Rugby League grant is recognised evenly over the course of the year to which the grant relates. (vi) Rental income Revenue from rental receipts is recognised in the period the rental relates to and is recorded in accordance with the rental agreement. (vii) Gate receipts Revenue from gate takings is recognised when the match takes place or when services are provided. (viii) Interest income Interest income is recognised using the effective interest method. (d)

Income tax

The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period where the company operates and generates taxable income. Management periodically evaluates positions taken in tax

32

returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Parramatta Leagues Club Limited and its wholly owned Australian controlled entities have implemented the tax consolidation legislation. As a consequence, these entities are taxed as a single entity and the deferred tax

assets and liabilities of these entities are set off in the consolidated financial statements. Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Tax consolidation legislation Parramatta Leagues Club Limited and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation on 1 January 2004. The head entity, Parramatta Leagues Club Limited and the controlled entities in the tax consolidated group account for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated group continues to be a standalone taxpayer in its own right. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the group. (e) Leases Leases of property, plant and equipment where the group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in other short term and long term payables. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability

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ANNUAL REPORT 2014


for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset’s useful life or over the shorter of the asset’s useful life and the lease term if there is no reasonable certainty that the group will obtain ownership at the end of the lease term. Leases in which a significant portion of the risks and rewards of ownership are not transferred to the group as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight line basis over the period of the lease. Lease income from operating leases where the group is a lessor is recognised in income on a straight line basis over the lease term. The respective leased assets are included in the consolidated statement of financial position based on their nature. (f) Impairment of assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Non financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. (g) Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with

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financial institutions, other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position. (h) Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade receivables are generally due for settlement within 30 days. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off by reducing the carrying amount directly. An allowance account (provision for impairment of trade receivables) is used when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the impairment allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short term receivables are not discounted if the effect of discounting is immaterial. The amount of the impairment loss is recognised in profit or loss within other expenses. When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against the allowance

ANNUAL REPORT 2014

account. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss. (i) Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on the basis of weighted average costs. (j) Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation on assets is calculated using the straight line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:

2014 Buildings

10-40 years

Leasehold improvements

20-40 years

Leased plant and equipment

3-20 years

Plant and equipment

3-5 years

2013 Buildings

10-40 years

Leasehold improvements

20-40 years

Leased plant and equipment

3-20 years

Plant and equipment

3-5 years

33


The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 1(f)). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the consolidated statement of comprehensive income. (k) Intangible assets Poker machine entitlements Poker machine entitlements are not amortised. Instead, poker machine entitlements are tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and are carried at cost less accumulated impairment losses. (l) Investment properties Investment properties, principally comprising freehold buildings, are held for long term rental yields and are not occupied by the group. Investment properties are carried at fair value and are based on the Directors’ valuation which in turn is subject to third party verification once every three years. Changes in fair values are recorded in the consolidated statement of comprehensive income as part of other income. (m) Trade and other payables These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. (n) Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference

34

between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are removed from the consolidated statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. (o) Borrowing costs Borrowing costs are expensed as incurred. (p)

Employee benefits

(i) Short term obligations Liabilities for wages and salaries, including non monetary benefits and annual leave expected to be settled within 12 months after the end of each reporting period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liability for

annual leave is recognised in the provision for employee benefits. All other short term employee benefit obligations are presented as payables.

(ii) Other long term employee benefit obligations The liability for long service leave and annual leave which is not expected to be settled within 12 months after the end of the reporting period in which the employees render the related service is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. (iii) Superannuation plan The group contributes to several defined contribution superannuation plans. Contributions are recognised as an expense as they are made. The group has no legal or constructive obligation to fund any deficit. (iv) Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or to providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

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ANNUAL REPORT 2014


(q) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the consolidated statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows. (r) Parent entity financial information The financial information for the parent entity, Parramatta Leagues Club Limited, disclosed in note 27 has been prepared on the same basis as the consolidated financial statements, except as set out below.

(i) Investments in subsidiaries Investments in subsidiaries are accounted for at cost in the financial statements of Parramatta Leagues Club Limited. (ii) Tax consolidation legislation Parramatta Leagues Club Limited and its wholly owned Australian controlled entities have implemented the tax consolidation legislation. The head entity, Parramatta Leagues Club Limited and the controlled entities in the tax consolidated group account for their own current and deferred tax amounts. These tax amounts are measured as if

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each entity in the tax consolidated group continues to be a standalone taxpayer in its own right. The entities have also entered into a tax funding agreement under which the wholly owned entities fully compensate Parramatta Leagues Club Limited for any current tax payable assumed and are compensated by Parramatta Leagues Club Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to Parramatta Leagues Club Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly owned entities’ financial statements.

Estimated fair values of investment properties. The group carries its investment properties at fair value with changes in the fair values recognised in profit or loss. It obtains independent valuations at least once every three years. The fair value of each property is updated by taking into account the most recent independent valuations. The key assumptions used in this determination are set out in note 12.

The amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts receivable from or payable to other entities in the group. (s) Comparative information Comparative amounts are, where appropriate, reclassified so as to be comparable with the figures presented for the current financial year. 2 Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.

ANNUAL REPORT 2014

35


Notes to the consolidated financial statements 31 December 2014

3 Revenue 2014

2013

$

$

Revenue from operating activities Sale of goods 2,571,222

2,441,074

3,613,211

2,734,205

Merchandise sales

1,630,970

1,209,478

Total sale of goods

7,815,403

6,384,757

Bar sales Catering sales

Services 51,227,746

49,863,686

Commissions received

396,077

510,314

Members subscription

243,145

174,749

Poker machine

2,721,488

2,365,548

54,588,456

52,914,297

Sponsorship received

6,990,739

4,721,699

NRL distribution

7,525,000

7,050,000

Gate ticket sales Total services Other revenue from ordinary activities

Rent received

612,673

658,061

Interest income

163,589

225,680

424,372

159,381

Total other revenue from ordinary activities

15,716,373

12,814,821

Total revenue from ordinary activities

78,120,232

72,113,875

Sundry income

36

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014

4 Other Income 2014 Net gain on disposal of non current assets

2013

$

$

89,319

63,297

89,319

63,297

2014

2013

$

$

4,540,689

5,180,587

2,996

4,034

4,543,685

5,184,621

476,490

831,225

786,650

796,728

1,154,267

903,828

5 Expenses

Profit before income tax includes the following specific expenses:

Depreciation Plant and equipment (note 10) Investment properties (note 12)

Finance costs Interest and bank charges

Rental expense relating to operating leases Minimum lease payments Defined contribution superannuation expense

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ANNUAL REPORT 2014

37


Notes to the consolidated financial statements 31 December 2014

6 Income tax expense

2014

2013

$

$

Current Tax

-

-

Deferred tax

-

-

-

-

6,502,118

3,886,679

1,950,635

1,166,004

(5,595,465)

(5,123,547)

3,233,257

3,104,457

(411,573)

(853,086)

411,573

853,086

-

-

Unused tax losses for which no deferred tax asset has been recognised

29,158,513

27,786,604

Potential tax benefit @ 30%

8,747,554

8,335,981

2014

2013

$

$

11,379,530

8,109,203

(a) Income tax expense:

(b) Numerical reconciliation of income tax expense to prima facie tax payable Profit before income tax expense Tax at the Australian tax rate of 30% (2012

30%)

Tax effect of amounts which are not deductible (taxable) in calculating taxable income: Non assessable income Non deductible expenses Tax losses not recorded as deferred tax assets Income tax expense

(c) Tax losses

7 Current assets

Cash and cash equivalents

Cash at bank and in hand Reconciliation to cash at the end of the year

The above figures are reconciled to cash at the end of the financial year as shown in the consolidated statement of cash flows as follows:

38

2014

2013

$

$

Balances as above

11,379,530

8,109,203

Balances per consolidated statement of cash flows

11,379,530

8,109,203

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014

8 Current assets - Trade and other receivables 2014

2013

$

$

Trade receivables

1,193,821

1,504,306

Other receivables

552,600

513,441

Prepayments

1,161,021

815,463

2,907,442

2,833,210

2014

2013

$

$

819,554

458,988

9 Current assets – Inventories

Finished goods - at cost 10

Non current assets

Property, plant and equipment

Land

Buildings

Plant and equipment

Poker machines

Leasehold improvements

Capital work in progress

Total

$

$

$

$

$

$

$

At 31 December 2013 Cost

1,910,500

45,960,767

12,162,655

11,207,512

3,008,743

275,000

74,525,177

- (20,074,595)

(9,169,198)

(6,540,635)

(1,289,213)

-

(37,073,641)

25,886,172

2,993,457

4,666,877

1,719,530

275,000

37,451,536

1,910,500

25,886,172

2,993,457

4,666,877

1,719,530

275,00

37,451,536

Additions

-

206,963

537,496

1,293,585

-

218,188

2,256,232

Disposals

-

-

-

(41,600)

-

-

(41,600)

Depreciation charge

-

(1,585,290)

(990,527)

(1,824,560)

(140,312)

-

(4,540,689)

1,910,500

24,507,845

2,540,426

4,094,302

1,579,218

493,188

35,125,479

1,910,500

46,167,730

12,700,151

12,329,255

3,008,743

493,188

76,609,567

-

(21,659,885)

(10,159,725)

(8,234,953)

(1,429,525)

-

(41,484,088)

1,910,500

24,507,845

2,540,426

4,094,302

1,579,218

493,188

35,125,479

Accumulated depreciation Net book amount

1,910,500

Year ended 31 December 2014 Opening net book amount

Closing net book amount

At 31 December 2014 Cost or fair value Accumulated depreciation Net book amount

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Notes to the consolidated financial statements 31 December 2014 11 Non current assets – Intangible assets Poker machine entitlements

Total

$

$

At 31 December 2013 Cost Accumulated amortisation and impairment

-

-

Net book amount

-

-

-

-

624,000

624,000

Year ended 31 December 2014 Opening net book amount Additions Amortisation and impairment Closing net book amount

-

-

624,000

624,000

624,000

624,000

-

-

624,000

624,000

2014

2013

$

$

11,695,637

10,251,074

At 31 December 2014 Cost or fair value Accumulated amortisation and impairment Net book amount

12 Non current assets

Investment properties

At Fair value Opening balance at 1 January Capitalised subsequent expenditure

521,894

21,247

Depreciation on investment property

(2,996)

(4,034)

-

1,427,350

12,214,535

11,695,637

Net gain from fair value adjustment Closing balance at 31 December

(a) Valuation basis The group obtains independent valuation for its investment properties at least once every three years. At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account the most recent independent valuations. The directors determine a property’s value within a range of reasonable fair value estimates. The directors update their assessment of the fair value of each property by taking into account the most recent independent valuation. The directors determine a property’s value within a range of reasonable fair value estimates. The best evidence of fair value is current prices in an active market for similar investment properties. Where such information is not available, the directors consider information from a variety of sources including: (i) current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences (ii)

discounted cash flow projections based on reliable estimates of future cash flows

(iii) capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from an analysis of market evidence.

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Notes to the consolidated financial statements 31 December 2014 (b) Non current assets pledged as security Refer to note 17 for information on non current assets pledged as security by the group. (c) Leasing arrangements Some of the investment properties are leased to tenants under long term operating leases with rentals payable monthly. Minimum lease payments receivable on leases of investment properties are as follows: 2014

2013

$

$

Minimum lease payments under non cancellable operating leases of investment properties not recognised in the financial statements are receivable as follows: Within one year Later than one year but not later than 5 years Later than 5 years

339,440

421,132

219,935

146,651

76,244

-

635,619

567,783

The following are core properties:  13 – 15 O’Connell Street, Parramatta NSW 2150  35 Quarry Road, Dundas NSW 2117 The following are non-core properties:  6 – 8 Grose Street, Parramatta NSW 2150  2 Eels Place, Parramatta NSW 2150  10 – 12 Grose Street, Parramatta NSW 2150  50 O’Connell Street, Parramatta NSW 2150 (Ground Floor)  3C Trott Street, Parramatta NSW 2150  Units 1,2,3,4,5,8,9 and 11 at 19 – 21 O’Connell Street, Parramatta NSW 2150  2 Ferris Street, Parramatta NSW 2150*  20 Wandella Avenue, Northmead NSW 2150  Units 1,2,3,4 and 5 at 17 O’Connell Street, Parramatta NSW 2150  Units 1,3,4 and 6 at 50 – 53 Ross Street, Parramatta NSW 2150  Unit 10, 19 O’Connell Street, Parramatta NSW 2150 * This Property is measured at cost, as this is an owner occupied property under AASB 140 Investment Properties

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Notes to the consolidated financial statements 31 December 2014 13 Current liabilities - Trade and other payables 2014

2013

$

$

Trade payables

1,644,665

2,048,019

Accrued expenses

3,174,279

2,948,335

4,818,944

4,996,354

2014

2013

$

$

Secured

563,266

1,280,903

Hire purchase liabilities (note 23)

563,266

1,280,903

Unsecured notes

181,463

169,398

Total unsecured current borrowings

181,463

169,398

2014

2013

14 Current liabilities – Borrowings

Unsecured

15 Current liabilities – Provisions

Employee benefits 16 Current liabilities - Deferred income Income received in advance

42

$

$

1,081,891

987,387

2014

2013

$

$

1,298,416

1,973,672

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014 17 Non current liabilities – Borrowings Secured

2014

2013

$

$

125,866

672,077

7,000,000

9,000,000

7,125,866

9,672,077

Hire purchase liabilities

689,132

1,952,980

Commercial bill facility

7,000,000

9,000,000

Total secured liabilities

7,689,132

10,952,980

Hire purchase liabilities (note 23) Commercial bill facility Total secured non current borrowings Secured liabilities and assets pledged as security The total secured liabilities (current and non current) are as follows:

The bank bill facility and bank overdraft are secured by first mortgages over the group’s freehold land and buildings, including those classified as investment properties and held for sale assets. These facilities are secured by fixed and floating charge over the assets and undertakings of the group. Hire purchase liabilities are effectively secured as the rights to the leased assets recognised in the financial statements revert to the lessor in the event of default.

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Notes to the consolidated financial statements 31 December 2014

18 Non current liabilities – Provisions

Employee benefits long service leave

2014

2013

$

$

130,679

197,937

The present value of employee benefits not expected to be settled within 12 months of reporting date have been calculated using the following weighted averages: 2014

2013

Assumed rate of increase in wage and salary rates

3%

3%

Discount rate

6%

6%

10

10

2014

2013

$

$

530,835

433,784

2014

2013

$

$

40,837,062

36,950,383

Settlement term (years) 19 Non current liabilities

Deferred income

Income received in advance 20 Retained earnings

Balance at beginning of year Net profit for the year Balance at end of year

44

6,502,118

3,886,679

47,339,180

40,837,062

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014

21 Key management personnel disclosures (a) Key management personnel compensation

Key management personnel compensation

2014

2013

$

$

2,588,025

2,187,484

(b) Transactions with key management personnel From time to time key management personnel of the company, or their related entities, may sell goods or provide services to the group. The group makes these purchases on the same terms and conditions as other non-key management personnel related transactions. The following amounts were recognised during the reporting period from transactions with directorrelated entities: 2014

2013

$

$

Flooring – Peter Kelly Flooring NSW Pty Ltd

-

5,643

Restaurant ingredients – La Piazza Restaurant

-

16,665

Meat raffle trays – Grothe Meats and Raffle Trays

-

51,825

Expense transactions

There are no outstanding balances from the above transactions entered into with key management personnel or their related parties.

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Notes to the consolidated financial statements 31 December 2014

22 Contingencies There were no contingent liabilities at 31 December 2014. 23 Commitments (a) Capital commitments There were no capital commitments at 31 December 2014. (b) Lease commitments: group as lessee (i) Non-cancellable operating leases The car park and part of the club’s premises are situated on land leased from the Parramatta Regional Park Trust. The lease is for a term of 50 years from 5 March 1999 with a 49 year option at its expiration. The lease rental is subject to review annually for CPI and a review every five years.

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows: Within one year Later than one year but not later than five years Later than five years

2014

2013

$

$

444,714

444,714

1,916,335

1,916,335

22,323,721

24,009,508

24,684,770

26,370,557

(ii) Hire purchase liabilities The financing was used for the renovation of catering facilities, replacement of cooling plant and installation of an internal elevator and purchase of new poker machines. 2014

2013

$

$

599,782

1,357,027

Later than one year but not later than five years

113,092

697,999

Minimum lease payments

712,874

2,055,026

(23,742)

(102,046)

689,132

1,952,980

Current hire purchase liability (note 14)

563,266

1,280,903

Non-current hire purchase liability (note 17)

125,866

672,077

689,132

1,952,980

Commitments in relation to hire purchase liability are payable as follows: Within one year

Future finance charges Total lease liability Representing lease liability:

(c) Remuneration commitments The group has entered into contracts with players and coaches with respect to subsequent seasons, whereby certain minimum amounts are payable. The minimum amounts payables are as follows: 2014 Within one year

46

2013

$

$

7,145,492

7,197,402

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014 24 Related party transactions (a) Parent entity and subsidiaries The parent and ultimate parent entity within the group is Parramatta Leagues Club Limited. Parramatta Leagues Club Limited holds 100% of the issued ordinary shares of the following subsidiaries at 31 December 2014 (2013: 100%): Parramatta National Rugby League Club Limited; and Parramatta Power Soccer Club Limited. (b) Key management personnel compensation Disclosures relating to key management personnel and their related entities are set out in note 21. (c) Transactions with other related parties The following transactions occurred with related parties: 2014

2013

$

$

105,023

103,753

1,427,500

1,178,087

Expense recharge Rental equipment recharge - Parramatta National Rugby League Club Limited (i) Grants paid - Parramatta District Rugby League Club Limited (ii)

(i) The rental equipment recharge amount was derived by considering the depreciation charge on relevant equipment used by the related party. There is no outstanding balance at the end of the reporting year in relation to the above transaction. (ii) Certain expenses incurred by the Director related entity “Parramatta District Rugby League Club” were reimbursed by the Club. A balance of $5,456 was outstanding at the end of the reporting year in relation to these expenses. (d) Loans to related parties 2014

2013

$

$

Beginning of the year

1,000,000

1,000,000

Loans advanced

7,980,856

7,261,814

(7,980,856)

(7,261,814)

1,000,000

1,000,000

Beginning of the year

4,118

-

Loans advanced

1,338

4,118

End of the year

5,456

4,118

Loans to Parramatta National Rugby League Club Limited – borrowings

Provisions made in the year End of the year

Loans to Parramatta District Rugby League Club Limited – borrowings

The above loan account is unsecured, non-interest bearing with no fixed repayment term. Disclosures relating to transactions with director related entities are set out in note 21.

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Notes to the consolidated financial statements 31 December 2014

25 Events occurring after the reporting period There were no matters or circumstances that have arisen since the end of the financial year that have significantly affected or may significantly affect the operations of the group, the results of those operations or the state of affairs of the group in the future financial years. 26 Reconciliation of profit after income tax to net cash inflow from operating activities

Profit for the year Depreciation Net (gain) on sale of non current assets

2014

2013

$

$

6,502,118

3,886,678

4,543,685

5,184,621

(89,319)

(63,297)

-

(1,427,350)

(74,232)

(968,782)

(360,566)

108,393

(177,410)

789,179

(578,205)

490,162

27,246

(118,402)

9,793,317

7,881,202

Revaluation gain on investment properties Change in operating assets and liabilities: (Increase) in trade debtors and other receivables (Increase)/decrease in inventories (Decrease)/increase in trade creditors and other payables (Decrease)/increase in deferred income Increase/(decrease) in other provisions Net cash inflow from operating activities 27 Parent entity financial information (a) Summary financial information

The individual financial statements for the parent entity show the following aggregate amounts: 2014

2013

$

$

12,618,137

10,478,068

Non current assets

47,761,473

48,928,706

Total assets

60,379,610

59,406,774

6,207,760

6,244,424

7,125,866

10,245,979

13,333,626

16,490,403

47,045,984

42,916,371

47,045,984

42,916,371

Profit for the year

4,129,613

4,129,126

Total comprehensive income

4,129,613

4,129,126

Statement of financial position Current assets

Current liabilities Non current liabilities Total liabilities Net Assets

Members' equity Retained earnings

48

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ANNUAL REPORT 2014


Notes to the consolidated financial statements 31 December 2014 (b) Guarantees entered into by the parent entity The company has not entered into any guarantee contracts during the current financial year (2013: nil). (c) Contingent liabilities of the parent entity The company has committed to continue to provide sufficient financial support to Parramatta National Rugby League Club Limited and Parramatta Power Soccer Club Limited to enable them to meet their financial obligations for a period of at least 12 months from the date of signing this financial report. (d) Contractual commitments for the acquisition of property, plant or equipment As at 31 December 2014, the parent entity had contractual commitments for the renovation works undertaken at the club totalling $nil (2013: $nil).

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Director’s Declaration 31 December 2014 In the directors’ opinion: (a) the financial statements and notes set out on pages 6 to 29 are in accordance with the Corporations Act 2001, including: (i) complying with Accounting Standards – Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (ii) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2014 and of its performance for the financial year ended on that date, and (b) 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 directors.

Stephen Sharp Director

Sydney 2015

50

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ANNUAL REPORT 2014


INDEPENDENT AUDITOR’S REPORT Parramatta Leagues Club Limited Independent auditor's report to the members 31 December 2014

Independent auditor's report to the members of Parramatta Leagues Club Limited Report on the financial report

We have audited the accompanying financial report of Parramatta Leagues Club Limited (the company), which comprises the consolidated statement of financial position as at 31 December 2014, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration for Parramatta Leagues Club Limited (the consolidated entity). The consolidated entity comprises the company and the entities it controlled at year’s end or from time to time during the financial year.

Directors’ responsibility 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 - Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. Our procedures include reading the other information in the Annual Report to determine whether it contains any material inconsistencies with the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO Box 2650, Sydney NSW 1171

Norwest Quay, Level 1, 21 Solent Circuit, PO Box 7684, Baulkham Hills NSW 2153

T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation

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Parramatta Leagues Club Limited Independent auditor's report to the members 31 December 2014 (continued)

Independent auditor's report to the members of Parramatta Leagues Club Limited (continued)

Independence

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

Auditor’s opinion

In our opinion the financial report of Parramatta Leagues Club Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2014 and of its performance for the year ended on that date; and (b) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.

Matters relating to the electronic presentation of the audited financial report

This auditor’s report relates to the financial report of Parramatta Leagues Club Limited (the company) for the year ended 31 December 2014 included on Parramatta Leagues Club Limited web site. The company’s directors are responsible for the integrity of the Parramatta Leagues Club Limited web site. We have not been engaged to report on the integrity of this web site. The auditor’s report refers only to the financial report named above. It does not provide an opinion on any other information which may have been hyperlinked to/from the financial report. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site.

PricewaterhouseCoopers

Manoj Santiago Partner

Sydney 25 February 2015

PricewaterhouseCoopers, ABN 52 780 433 757 Darling Park Tower 2, 201 Sussex Street, GPO Box 2650, Sydney NSW 1171

Norwest Quay, Level 1, 21 Solent Circuit, PO Box 7684, Baulkham Hills NSW 2153

T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation

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ANNUAL REPORT 2014


CLUB DIRECTORY LEGENDS LOUNGE Sunday to Thursday 9.00am – 1.00am Friday & Saturday TINGHA PALACE 9.00am – 4.00am Bookings Phone VIKINGS SPORTS CLUB (02) 9890 1688 35 Quarry Road, Dundas Lunch General Enquiries General Enquiries Monday to Friday (02) 8833 0777 (02) 9638 1326 11.00am – 3.00pm Functions Trading Hours Saturday & Sunday (02) 8833 0738 Sunday – Wednesday 10.00am – 3.00pm Parramatta Eels Football Club 11.00am – 10.00pm Dinner (02) 8843 0300 Thursday – Saturday Sunday to Thursday 11.00am – 1.00am 5.30pm – 10.30pm FIREHOUSE RESTAURANT Friday & Saturday Bookings Phone VIKINGS BISTRO 5.30pm – 11.30pm (02) 8833 0702 Monday – Sunday Lunch Lunch TROPHY’S BAR & GRILL Monday to Sunday 12.00pm – 2.30pm Lunch 12.00 – 2.30pm Dinner Monday to Sunday Dinner 5.30pm – 9.00pm 12.00pm – 2.30pm Sunday to Thursday Dinner 5.30pm – 9.00pm Sunday to Thursday Friday & Saturday 5.30pm – 9.00pm 5.30pm – 9.30pm Friday & Saturday 5.30pm – 9.30pm PARRAMATTA LEAGUES CLUB Open daily from 9am to 6am 1 Eels Place, Parramatta parra@parraeels.com.au www.parraleagues.com.au

FIREHOUSE BAR Monday to Sunday 11.00am – late

GENERAL INFORMATION DRESS REGULATIONS Members and guests are asked to present themselves in a neat and tidy manner at all times. The following dress is not accepted at any time: Singlets, caps, beanies, bandanas, brief shorts that may be considered offensive, camouflage clothing, immodest clothing, clothing with obscene or political messages, torn/dirty clothing or footwear, bare feet. The following dress is not acceptable after 7.30pm: Thongs, football jerseys or football shirts with numbers on the reverse and fleecy tracksuit pants. Football jerseys are permitted after 7.30pm following a Parramatta Eels home game at Parramatta Stadium and ANZ Stadium. Management reserves the right to refuse entry to any person or ask them to leave the Club at any time.

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CAR PARKING Car Parking is available to members and their guests. In the evenings the car park is monitored by security, for the safety of patrons. CLUB COURTESY BUS The Club Courtesy Bus is available to members and their guests living in the local area. It operates from Tuesdays to Sundays. To see if you live in the service area or to book, call front desk on (02) 8833 0777. THE GREEN BUS The Green Bus is a free Parramatta Shuttle Bus that runs every 10 minutes, 7 days a week and stops outside the Club. It operates Monday to Friday between 7.00am to 6.30pm and Saturday to Sunday between 8.00am and 4.00pm. For more information call 131 500.

ANNUAL REPORT 2014

PRIVACY POLICY The Parramatta Leagues Club Group is subject to the provisions of the Privacy Act 1988 and the Australian Privacy Principles. The Group is committed to providing you with the highest levels of customer service. This includes protecting your privacy, safeguarding all personal information and ensuring that you remain informed of the Club’s privacy policy. The information in this publication is deemed to be correct at the time of printing. Change in times, dates and prices or other information may occur. For the latest information visit www. parraleagues.com.au

53


1 Eels Place, Parramatta NSW 2150 t (02) 8833 0777 f (02) 8833 0789

This document was produced using recycled paper.

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Phillip St Parramatta P 9633 4808

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