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Directors' report
Directors' report
For the year ended 31 December 2021
Thedirectorspresenttheirreporttogether withthefinancialreportofWentworthville LeaguesClubLimited(the Company or the Club) for the financial year ended 31 December 2021 and the auditor’s report thereon.
Directors
The Directors of the Company at any time during or since the end of the financial year are:
Director
Director
Name Experience, qualifications, special responsibilities and interest in contracts
I McCANN Director15yearsincludingPresident13years.HonoraryLifeMember,Chairmanof President Board’s Remuneration Committee and Property Corporate and Investment Committee,SponsorshipCommitteeandDisciplinaryCommittee.VicePresidentof LeaguesClubAssociation. DelegateofmemberbodiesofClubsNSWandmember of Club Directors Institute. Member of Clubs Corporate Governance Working Group, Boards Representative at Sports Council. Member of all Sporting Associations and patron of Darts Club and Cricket Club. Life member of WDRLFC. Interest in contracts - Nil
A FOWLER Director 11 years, Vice President 1 year , Previous Vice President for 2 years (2011Vice President 2013). Member of Board’s Audit Risk and Compliance Committee, Remuneration Committee and Sponsorship Committee. Member of Member Bodies of Leagues Club Association and Club Directors Institute. Member of all Sporting Associations.
Interest in contracts - Laing + Simmons
L CAPOVILLA Director 33 years. Honorary Life Member, Member of the Board’s Property Corporate and Investment Committee, Sponsorship Committee and Disciplinary Committee, Delegate of WLC 60years Anniversary Committee, Delegate to Leagues Clubs Association and Member of ClubsNSW and Clubs Directors Institute. 33 years’ service Leagues Club Australia. Member of all Sporting AssociationsandPatronofWentyLeaguesGolfClubandLifeMemberofWDRLFC and WUJRLFC.
Interest in contracts - Nil
A CROMACK Director 19 years including past Vice President for 6 years (2013 - 2019). Director Member of Boards Remuneration Committee, Sponsorship Committee and DisciplinaryCommittee.andChairmanofAuditRiskandComplianceCommittee. MemberofmemberbodiesofClubsNSWandClubDirectorsInstitute.Delegateof Leagues Club Association. Alternate at Sports Council. Member of all Sporting Associations,including Life Member of WDRLFC. Interest in Contract: Platinum Electricians
J ISAACS Director13years.MemberofBoard'sRemunerationCommitteeandAudit,Risk andComplianceCommittee,SponsorshipCommitteeandDisciplinaryCommittee. Member of member bodies of Leagues Club Association, ClubsNSW and Club DirectorsInstitute. MemberofallSportingAssociationsincludingpatronofDarts Club and Life member and President of Cricket Club. Interest in contracts - Wentworthville Leagues Cricket Club.
For the year ended 31 December 2021
Name Experience, qualifications, special responsibilities and interest in contracts
J MANSON Director
D MUMFORD Director
R WILLIS Director Director 1 year. Member of Board's Audit, Risk and Compliance Committee, SponsorshipCommitteeandDisciplinaryCommittee. Memberofmemberbodies ofLeaguesClubAssociation,ClubsNSWandClubDirectorsInstitute. Memberof all Sporting Associations including Life Member and President of Netball Club Interest in contracts - Wentworthville Leagues Netball Club.
Director 2 years. Member of Board's Audit Risk and Compliance Committee, SponsorshipCommitteeandDisciplinaryCommittee.Memberofmemberbodies ofLeaguesClubAssociation,ClubsNSWandClubDirectorsInstitute. Memberof all Sporting Associations. Interest in contracts - Nil
Director7years.VicePresidentofCricketClub.MemberoftheBoard'sProperty Corporate and Investment Committee, Sponsorship Committee and Disciplinary Committee.MemberofmemberbodiesofLeaguesClubAssociation,ClubsNSW andClubDirectorsInstitute.SportsCouncilChairman, LifeMemberoftheCricket Club and Member of all Sporting Associations. Interest in contracts - Wentworthville Leagues Cricket Club
For the year ended 31 December 2021
SHORT AND LONG TERM OBJECTIVES
TopromoteandencouragethesportofRugbyLeagueintheWentworthvilledistrict.Tobethecommunity'svenue of choice, that special destination every day of the week for that memorable experience.
STRATEGY FOR ACHIEVING OBJECTIVES
The objectives will be achieved through providing a value offering in product and service while increasing profitability in a quality hospitality and entertainment venue.
PRINCIPAL ACTIVITIES
TheprincipalactivitiesoftheCompanyduringthecourseofthefinancialyearwerethatofalicensedclub.The purposeoftheclubistopromoteandencouragethesportofRugbyLeagueandtoprovidefacilitiesandservicesto its members.
ACTIVITIES IN ACHIEVING THE OBJECTIVES
The principal activities provided a financial return sufficient to maintain the assets of the club, promote and encourage the sport of Rugby League in the Wentworthville district and provide, promote and develop an environment within the club directed towards good fellowship and social harmony amongst its members.
MEASUREMENT OF PERFORMANCE
Theentityismeasuredagainstafinancialbudget,astrategicplanandasetofkeyperformanceindicatorsthatare assignedtoitsseniormanagementteam.Inaddition,researchiscarriedoutto assesstheteam'sperformance with regard to the demographic of the area and our competition.
MEMBERSHIP
The companyislimitedbyguaranteeandwithoutsharecapital.Ifthecompanyiswoundup,Rule23ofthe Constitution statesthat each member at that time, or within one year afterwardsis required to contribute a maximumof$1eachtowardsmeetinganyoutstandingobligationsofthecompany.Asat31December2021there are 74,169 (2020: 65,651) current members across the following membership classes:-
Type Foundation life Honorary life Companion Life Twenty five year Fifty year Standard Concessional Staff Number
29 8 4 2,314 597 56,706 14,460 51
74,169
RESULTS OF OPERATIONS
The profit after tax for the financial year is $5,865,972 (2020: $5,772,262).
For the year ended 31 December 2021
RESULTS OF OPERATIONS (continued) Comparative earning position
Profit / (Loss) after tax
Add:
Interest expense Derivative revaluation Depreciation Tax expense Loss from disposal of plant, property and equipment (Reversal)/Impairment of property, plant and equipment Adjusted earnings
2021 2020
5,865,972 5,772,262
3,281,643 3,313,606 (2,433,690) 291,645 10,060,037 9,626,420 120,280 259,947 10,360 796
- (546,304)
16,904,602 18,718,372
DIRECTORS' MEETINGS
The following table sets out the number of Director's meetings held and attended during the year. During the year, 15 board meetings were held. Under the Board's Charter for its Committee the Directors along with management combine to undertake the responsibilities of the Property Corporate and Investment Committee, Audit Risk and Compliance Committee, Sponsorship Committee, Disciplinary Committee and Remuneration Committee meetings.
The directors have also attended other meetings and functions in fulfilling their duties, inclusive but not limited to industry professional bodies, sporting associations, councils and political representatives functions and sporting club committees throughout the year.
Director
Ian McCann Alan Fowler Laurie Capovilla Adam Cromack Justin Isaacs Jody Manson David Mumford Trevor Simpson OAM Robert Willis
Board meetings and Charter Committees Other meetings
Available Attendance 38 37 14 35 30 2 38 36 6 35 31 6 35 30 6 17 16 4 35 34 9 15 15 2 38 35 6
286 264 55
DIRECTORS' AND EXECUTIVES' REMUNERATION
Remuneration of directors is in accordance with Rule 86 of the Constitution.
Details of remuneration provided to directors is as follows:Directors I McCann (President) A Fowler (Vice President) L Capovilla A Cromack J Isaacs J Mason D Mumford R Willis Honorarium 13,984 7,904 7,904 7,904 7,904 7,904 7,904 7,904
