Annual Report 2021

2021 ANNUAL REPORT

BLACKTOWN WORKERS CLUB GROUP

ABOUT THIS REPORT

The Blacktown Workers Club Group Annual Report provides a comprehensive account of the Group’s performance from 1 January 2021 to 31 December 2021. The report is presented as a commitment to transparent financial reporting, good corporate governance, and clear strategic planning for future sustainability.

The Annual Report demonstrates initiatives undertaken throughout the year to strive towards our vision to provide better everyday life to our members, to maintain our core values: considerate, social sustainability, progressiveness and giving.

Finally, this publication reflects our commitment to improving member equity, to serving our community and to enhance the working life of our employees.

Blacktown Workers Club Group acknowledges the Darug people, the original custodians of this land. We pay our respect to their Elders past, present and emerging and to all people of Aboriginal and Torres Strait Island descent.

Mango Tango Thai Chefs: Toon Jalasaen and Ivy Meesin

OUR VENUES

WORKERS BLACKTOWN 55 Campbell Street, Blacktown

The flagship club within the Group, Workers Blacktown is an icon that has stood proudly in the Blacktown community for decades as a major entertainment and leisure destination. The venue features restaurants, including the brandnew Eucalyptus Dining and Mango Tango Thai (featured on page 19 of this report), everyone’s favourite meeting spot, Impressions Café and Dining, as well as Western Sydney’s only revolving restaurant and event space. It is the home of the famous Diamond Showroom, three bars including Redwood, The Shed and JacMac Lounge as well as conference and function rooms. There are also three floors of sporting facilities to cater to the local community.

WORKERS SPORTS

WORKERS HUBERTUS

170

Reservoir Road, Blacktown

A modern club, Workers Sports epitomises the Group’s passion for sport. Outside, you’ll find the renowned sporting complex with two rugby league fields, plus two soccer fields and a cricket oval, complete with stadium seating as well as bowling greens, tennis courts and baseball/softball diamonds. Inside, the venue celebrates all sports as the home of live sports on our big screens. With a variety of dining options, a popular outdoor seating area, and a Travelodge next door, Workers Sports attracts a wide range of patrons. Workers Sports will soon become the home of a Seniors Living Development with further announcements to come in 2022.

205 Adams Road, Luddenham

A little club with a big heart, Workers Hubertus has enjoyed a long, rich history as a German Country Club. It is now a destination for amazing outdoor activities, including two of the biggest events in the calendar – Oktoberfest and the Children’s Christmas Party. The restaurant serves all the classic club favourites with a nod to its German heritage, and with a modern, comfortable lounge with a massive LED screen for catching live sport, Workers Hubertus is a perfect place to spend time with friends and family. The function space boasts stunning views of the lake and rural landscape beyond, so it’s in high demand for important celebrations.

OUR YEAR IN A GLANCE

16 APR

A feature of the Blacktown City Council’s Youth Week event, the BYSA Outdoor Cinema ran over three nights and raised $35,000 to support BYSA (Blacktown Youth Services Association), a local notfor-profit with a 35-year legacy of providing support to Blacktown’s disadvantaged youth.

26 JUN

Another year, another Covid-19 lockdown. The team at BWCG were determined to brighten the winter lockdown with the launch of Virtual activities that brought the Workers experience into homes, including bingo, trivia, raffles, free live music, social media promotions and an 80s karaoke event.

13 OCT

Some locals had been able to get a sneak peek through home delivery during lockdown, however, members and guests were finally able to dine in the brand-new Mango Tango Thai restaurant that had been due to open as the club’s lockdown began. It is now a favourite for their authentic Thai cuisine.

12

NOV

It was another sad year without our annual Children’s Christmas Party, so to ensure that we still celebrated Christmas for the kiddies, the Board of Directors generously gifted a family pass to Featherdale Wildlife Park to over 700 Workers’ members and their families.

28 MAY

On a brisk May morning, Kay Kelly, BWCG President, stood before the crowd gathered to announce the Blacktown Workers Club Group’s commitment to spending $500,000 over 5 years to support local organisations in their fight against Domestic & Family Violence.

10 SEP

BWCG staff stepped up when NSW Health allocated a Pfizer vaccination team to set up a vaccination hub at Workers Sports. The hub focused on assisting the vulnerable residents within the heavily affected Blacktown LGA to receive their vaccination, helping NSW to reach the important milestones to reopen.

15 OCT

BlackBear BBQ had long been a friend of BWCG, including their truck visiting Workers Sports on many weekends during lockdown for locals to enjoy, and on reopen, we officially welcomed them into the Workers family with a set up in the outdoor area at Workers Sports, where you can taste their burgers and pizzas.

3 DEC

The Tin Shed luncheon is one of the most important events in the Workers calendar, with all the Tin Shed, Life and VIP members, invited to dine with the Board of Directors to commemorate those foundation members. This year we had the delight of Tin Shed members standing in their namesake bar, The Shed.

17 JUN

It was a long winter’s night for team BWCG as they embarked on the CEO & CO Winter Sleepout. The team spent a cold rough night in the carpark of Workers Blacktown to raise awareness on the issue of homelessness and raised over $33,000 which was donated to disadvantaged youth through BYSA.

16 SEP

Another lockdown initiative was the launch of home delivery. Members who were missing their Workers schnitty were able to have a taste of Workers in their own home with Workers Easy Express. The new Thai restaurant, Mango Tango Thai was also launched via delivery first.

2 NOV

Just in time for the Melbourne Cup, The Shed, Workers Blacktown’s newest sports bar was opened that Tuesday morning. With beer and betting facilities, it is the newest local hangout. Not slowing down by opening one bar, the team then launched another new bar, Redwood, on Friday evening.

6 DEC

The official opening of the Grand Foyer and Walkway took place on the same day that we celebrated the opening of Eucalyptus Dining to our members. The long-awaited dining experience is the perfect place for all members and guests to enjoy a memorable meal with family and friends.

OUR MISSION

We are dedicated to providing everyday life for our members and local community through our culture of care.

OUR VISION

Our vision is to provide venues, activities and lifestyle options that enhance and benefit our community.

OUR VALUES

Considerate

We treat all people with respect, dignity and equality.

Socially Sustainable

We promote the wellbeing of our members while also supporting the local community.

Progressive

We are advocates for change and work towards setting new industry standards.

Giving

We give back to the local community.

Executive Chef, Kiran Arora

PRESIDENT’S REPORT

On behalf of the Board of Directors, we are pleased to present to our Members this Annual Report, detailing our Financial Results for 2021.

We began 2021 with the optimism that despite the Covid-19 pandemic continuing, we were through the worst of it, and it would be a brighter year for all. However, by the middle of the year, we were plunged into an extended lockdown that not only greatly affected our Staff and Members, hospitality industry, and community, but the wider Western Sydney region in particular due to the difficult restrictions that were imposed.

During the lockdown period, the Management and Staff worked together to come up with innovative new ways to stay engaged with our Members whilst they were at home. This saw the introduction of Virtual Raffles, Virtual Bingo, Virtual Trivia, Free Live Music at Home (which continued to support the struggling musicians through paid work), as well as food offerings through BlackBear BBQ’s drive through and the launch of home delivery with Workers Easy Express and Mango Tango Thai.

Most importantly, our Customer Service Managers stayed engaged with our vulnerable Members through Welfare Calls. Some Members were so grateful to have a friendly chat that the conversations could last up to an hour, and our wonderful Management team were happy to oblige. Thanks also goes to Tina Maamari, Community Relations Manager, and Harold Becker, our Welfare Officer, who made follow up calls to those Members who needed more assistance.

During this time, your Board of Directors continued to meet and make plans for the Group via Zoom, while Management continued to undertake our strategic plan for 2021 which included delivering on the promise of a major renovation of the Main Club at 55 Campbell Street. Despite the unprecedented restrictions to the construction industry during the lockdown, our flagship venue was able to reopen in early October, on the path to delivering on the initial stages of the redevelopment project.

In a period where our Members just wanted to come back to the club they know and love, there was a period of brand-new Covid-19 rules and restrictions as well as disruption and changes created by the ongoing renovation works. As always, I thank our members for their patience, support and understanding during these times.

Just three weeks after the re-opening of the clubs from lockdown, Members were able to walk through the new Grand Foyer and Walkway for the first time on Monday 1st November, with the first beer poured in the new sportsbar, The Shed, on the morning of the Melbourne Cup on Tuesday 2nd November. Our new bar, Redwood, opened on Friday 5th November.

In December, we officially opened the Grand Foyer and Walkway in a beautiful ceremony featuring a Welcome to Country by Erin Wilkins and a performance by the Nulungu Dreaming Dancers, a blessing which was our acknowledgement to the Darug people, the original

custodians of this land on which our club is built. Our new Eucalyptus Dining restaurant opened to our Members on the same day, and I’ve been so pleased to hear the wonderful feedback on the delicious food from Executive Chef, Kiran Arora, and the wonderful service from Restaurant Manager, Jamie Williamson-Coates.

2021 was a big year for community support for the Blacktown Workers Club Group. Despite all the challenges that the year created, the Group supported the community with over $830,000 in contributions. This includes donations to local community partners through the ClubGRANTS program and our continued support of local grassroots sports.

In May I was honoured to make a commitment to contribute $500,000 over five years to support local organisations on the front line dealing with Domestic & Family Violence in our community. We followed through with grants to six organisations totalling over $96,000 in 2021.

Blacktown Workers Club Group also worked together to assist our community partner, BYSA. Over $100,000 was granted in support of Blacktown’s youth through our BYSA Outdoor Cinema Fundraiser, our CEO & CO Sleepout, fundraising through our donation tins and grants from the Board of Directors. I would also like to thank our building partners, Paynter Dixon, for their generous support to these fundraisers, including braving the cold (as I did) at the CEO & CO Sleepout.

We acknowledge our 13 Tin Shed members who were the founders of the club (1955-1960), our seven Life members, our 582 VIP (50+ years) members and our 5,877 Quarter Century (25+ years) members. My deepest condolences to the families of Tin Shed members #1352 Noel Beggs and #2182 Jack Shepherd. Our friends are in our hearts and will be missed.

The Board of Directors also faced some significant change during 2021. We farewelled long-standing Board members, Jim Buckley and Bob Vincent. We thank Jim and Bob for their service to their Members and our Community. We welcomed new Directors, Brett Fielding and Paul Hayes.

To my Board of Directors, thank you for your dedication and support this year. In a year of upheavals, we have achieved so much and I thank you for your tireless dedication and efforts as a group of volunteers. Thank you to the Management and Staff who again performed exceptionally well during another difficult year. I look forward to 2022 with renewed optimism for the achievements that we can make with a team, no matter what challenges we encounter.

I thank you all and wish you good health, love, and friendship in the new year. Keep smiling and be kind to each other.

Kay Kelly President Blacktown Workers Club Group

OUR BOARD OF DIRECTORS

Blacktown Workers Club Group is governed by a group of dedicated volunteers who are elected by the members to represent their interests. Together they guide the management team to achieve strategic objectives including commitments to financial outcomes, diversification efforts and sustainability.

In order from left to right

George Vella Director

Morgan Stewart Group Chief Executive Officer

Terry O’Loughlin Junior Vice President

Life Member

Paul Hayes Director

Kay Kelly President Life Member

Brett Fielding JP Director

Jack Miller Senior Vice President

Murray Searle Director

Ange Humphries JP Director

Gary Callaghan Treasurer

CEO’S REPORT

On behalf of the Board of Directors, I’m pleased to present the 2021 Annual Report incorporating the Annual Financial Report for the year ending December 31st, 2021, which details the financial result of a Net Loss After Tax of $774,925.

The financial result for the year included 15 weeks of being shutdown as a result of the Covid-19 global pandemic, with an EBITDA (Earnings Before Interest, Income Tax, Depreciation and Amortisation) of $6.9M; down from $13.8M. The Group reported revenue of $37.1M; down from $45.6M in 2020 as well as a Net Loss After Tax was $774,925; down from a Net Profit After Tax of $4.8M in 2020. The renovations and improvements to the 55 Campbell Street site contributed to an improvement in current assets of over $12M.

2021 was certainly a year of highs and lows for the Blacktown Workers Club Group. A two-week lockdown that again saw our Staff under a stay-at-home order for what we believed was a short period of time, turned into an extended lockdown that superseded the one experienced by the industry in the year prior.

My thanks and congratulations go to all our Staff and Managers who pulled together during this time to keep the Clubs secure, ensured our Staff stayed engaged, kept in contact with Members, created virtual experiences and supported NSW Health’s vaccination efforts.

With the support of the Board of Directors, led by President Kay Kelly, I’m proud to say we remained on track to deliver to Members the long-waited major redevelopment of the flagship venue at 55 Campbell Street. This was despite the challenges of the pandemic, including the unprecedented shutdown of the construction industry.

My thanks go to our building partners, Paynter Dixon, their sub-contractors as well as our other industry partners, for their efforts during this time. The shutdown of the Club did allow for much of the construction work to be completed while avoiding disruptions to Membership, however some works continued through to the final months of 2021, and we thank our Members and Guests for their patience.

We are proud to say that Workers Blacktown now has a Grand Foyer and Entrance, as well as a Level One food and beverage precinct that is fitting of a top NSW Club. If you haven’t already visited, I encourage you to take the time to experience Eucalyptus Dining or Mango Tango Thai for a delicious meal or have a beverage in The Shed or Redwood late night bar.

Other improvements were also made to upgrade the comfort on the Ground Level with more work to continue throughout 2022 to create a better Workers Club for all Members and Guests.

Workers Sports received a long-waited refurbishment of the bathrooms, to bring them up to the standard of the rest of the Club. We also welcomed BlackBear BBQ to the Outdoor Courtyard, which has proved popular

with families.

The Board of Directors have continued to meet (even virtually throughout the lockdown period) to ensure that planning work continued behind the scenes on the two major projects. This includes the Seniors Living Development at the Workers Sports club site as well as the development opportunities available to us through the location of Workers Hubertus relative to the Western Sydney Aerotropolis which is on track to be operational by December 2026. Both projects are essential to the Group in securing generational income diversification.

Community is always an integral part of the fabric of the Blacktown Workers Club Group with an overall community contribution over $830,000, which included ClubGRANTS donations to our local community partners as well as support of local and grassroots sports through the H.E. Laybutt Sporting Complex. The Board of Directors also continued its commitment to being the change with Domestic and Family Violence within our communities by committing to $500,000 over five years to organisations on the front line. Two major fundraisers were also part of the community efforts this year. The BYSA Outdoor Cinema in April and the CEO & Co Sleep Out in June, both raised much needed funds to support this important local charity through a period of no other funding to stay open and support Blacktown Youth. We thank all those involved in supporting us with these fundraisers.

Thank you to you, our Members. It was a difficult year for many in the communities in which our Clubs operate but we are continually encouraged by your trust and loyalty in us as your Community Clubs. Your choice to spend your time and money with us, even during tough lockdowns and when the Club industry is held to stricter requirements than other industries make what we do so very worthwhile.

Thank you to the Board, our Management team, and our Staff. Again, their hard work and commitment to the Group have enabled us to move through another difficult year. I’m proud to be able to say that during the past two years of the pandemic, we have not had to create any staff redundancies and have continued to provide secure work for many staff members who are celebrating significant milestones with us.

I would also like to acknowledge the service of Jim Buckley and Bob Vincent, two long-serving Directors who we farewelled from the Board this year, while we welcomed Paul Hayes and Brett Fielding who have both become valued Board members.

I offer my condolences to those members who have lost loved ones in the past year.

We look forward to a brighter 2022 for all.

Please take care of yourselves and of each other.

Morgan Stewart Group Chief Executive Officer Blacktown Workers Club Group

OUR STAFF

200 STAFF EMPLOYED

MALE STAFF 41% FEMALE STAFF 59%

43% OF STAFF WHO HAVE SERVED FOR 10 YEARS OR MORE

47.5%

OF STAFF WHO LIVE WITHIN A FIVE KILOMETRE RADIUS OF WORKERS BLACKTOWN

100%

OF STAFF WHO RETURNED TO WORK AFTER THE SECOND EXTENDED LOCKDOWN IN 2021

35.5% FULL-TIME 21.5% PART-TIME 43% CASUAL 26 LANGUAGES SPOKEN BY 28 MULTI-LINGUAL STAFF

10

Andrew Quigg

Carol Dempsey

Percy Crow

Amy Andriollo

Gary Cole

Lawrence Rollorata

15

Margaret Williams

Maria Manarang

Romina Samonte

Sheree Douglas

Colin Power

20

45 25

Karen Champion

Sharon Williams

Beverley Lawless

2021 MILESTONES YEARS OF SERVICE

Kerry Toms

KERRY TOMS45 YEARS

The Apple Computer Company is yet to be established, the film Rocky is released, Blacktown Workers Club is just shy of 15,000 members, Workers Sports is a block of land. A young woman, 16 years of age starts her first shift at the Workers.

1976 was a very monumental year.

Kerry Toms is the epitome of Blacktown Workers Club Group.

She started her career here as a charismatic Office Junior fresh from college with a smile that is beyond compare and has an effort and love for her work that remains unchanged.

Kerry has held many positions at the Workers, but entertainment is where her heart is.

For many of the years Kerry has been here, she has organised many shows, entertainment, and events for the Workers such as Marcia Hines, Hale & Pace, David Campbell, Dami Im and one of her personal favourites, the Marina Prior & Mark Vincent Show.

COLIN POWER20 YEARS

No ifs or buts, Colin is there to get the job done.

For 20 years Colin has been one of the hardest workers to come through the Blacktown Workers Club Group.

Do you ever wonder how the tables, chairs and other furniture just appears out of nowhere? That’s Colin! His work is mostly behind the scenes, from room setups for our functions and larger events and shows to housekeeping.

“It’s my second home” is what Colin said when explaining what it’s like working here.

He says, “Thanks to all the managers that have given me the opportunities and trusting in me to do the job and thank you to all the staff that come in and give it a go. Nothing is more satisfying than when a customer gives you great feedback about your work.”

He has cherished all the experiences he has had over the past 20 years, and he has loved seeing the Club progress and looks forward to the years to come.

But that’s not all, Kerry took great pride in organising the Annual Christmas Party which she used to attend as a child.

“My father used to come home holding up the tickets for the Workers Children’s Christmas Party and there was great excitement as we awaited the big day. My family has continued the tradition with me taking my children and now my children taking their children”, says Kerry.

Kerry has seen the Club change and expand from the Workers Sports Club, Diamond Showroom, and Revolving Restaurant being built to seeing most of the major renovations throughout our venues.

Kerry has been with us every step of the way.

“I feel very fortunate to have worked at this wonderful Club for so many years. I have met many great people and made lifelong friends. I have been privileged to have seen many of the Club’s major milestones and achievements.”

It is rare to see loyalty like this. The Blacktown Workers Club Group is indebted to Kerry for her service. We appreciate everything she has done for the Club, especially her commitment to the Workers team, its members and visitors.

LAWRENCE

ROLLORATA15 YEARS

“What are ‘veggies’?”

Australia has slang that the rest of the world doesn’t understand right away.

Lawrence migrating from the Philippines over 15 years ago, found it difficult starting his first job here in Australia at Blacktown Workers Club Group with a language barrier that many people have to face.

OUR STAFF

Lawrence quickly learnt and his skills shined brightly in his role as a Kitchen Hand, his pace in the kitchen was unmatched. The BWCG managers and the Head Chef at the time saw this and gave Lawrence the opportunity to do his Cert 3 in Cookery, excelling him to become Commis Chef in no time.

Now Chef de Partie, Lawrence doesn’t call his work friends “work friends” he calls them family or in his words, “my family of angels in the kitchen.” He loves his job and thanks everyone that has been part of his journey here.

“Thank you for the managers and staff for trusting me, for the support and friendship over last 15 years”, says Lawrence.

OUR MEMBERS

47,231 TOTAL

13 VIP MEMBERS 582

TIN SHED MEMBERS

Over 50 years of continuous membership

7 LIFE

5,877

QUARTER CENTURY MEMBERS

Over 25 years of continuous membership

MALE MEMBERS

AVERAGE AGE IS

60

45%

55% FEMALE MEMBERS

56%

AVERAGE AGE IS

63

OF MEMBERS LIVE WITHIN FIVE KILOMETRES OF THE MAIN CLUB

WE CELEBRATE OUR LIFE MEMBERS

#41 Robert Vincent

#50

#401

#413

Kay Kelly

Mark Cowgill

Harold Becker

#2210 James Buckley

#7256 Terry O’Loughlin

#23766 Pat Collins

WE THANK OUR TIN SHED MEMBERS

#26 Kenneth Williams

#39 Ernest Robson

#259 John O’Connor

#349 Victor Lamb

#353 Jack McCahill

#832 William Weller

#1093 Allan Burgmann

#1356 Keith Williams

#1483 William Morgan

#1546 Douglas Crellin

#1699 Cecil Creswick

#1836 John Baron OAM

#2555 Alexander Farrugia

Tin Shed members are our foundation members to whom we are forever grateful for being a part of the creation of the Blacktown Workers Club Group. Each year we honour our Tin Shed members with the Tin Shed lunch – our chance to say “Thank You” to those that made this all possible.

Tin Shed members, The late Noel Beggs, Allan Burgmann, John O’Connor, Ernest Robson, William Weller

Blacktown Workers Club Group emerged from the extended winter Covid-19 lockdown with a brandnew Grand Foyer and Walkway, as well as two new restaurants and two new bars.

The opening was celebrated with a ceremony on Monday 6th December. Dignitaries in attendance included Michelle Rowlands MP, Hugh Dermott MP and Stephen Bali MP.

The ceremony commenced with a Welcome to Country by Erin Wilkins and a wonderful performance by the Nulungu Dreaming Dancers.

Speeches were made by Morgan Stewart, Group Chief Executive Officer of Blacktown Workers Club Group, James Boyd, Executive Chairman of Paynter Dixon, the commercial builders responsible for the project, as well as Kay Kelly, President of Blacktown Workers Club Group.

Kay Kelly said, “As a not-for-profit organisation, redevelopments like this demonstrates a commitment by the Board of Directors to our members that we will

GRAND FOYER AND WALKWAY

reinvest in their club and provide them with better facilities to use and enjoy.”

The construction works were predominantly carried out during the lockdown, in a Covid safe manner, keeping hundreds of local trades and workers employed during a difficult time for the Blacktown LGA and residents of Western Sydney in particular.

The new Eucalyptus Dining restaurant was also opened with an official launch dinner on Monday 13th December. Dignitaries in attendance included Mayor Tony Bleasdale OAM, Deputy Mayor Julie Griffiths, and Stephen Bali MP.

Speeches were made by Mayor Tony Bleasdale, and again by Morgan Stewart, James Boyd and Kay Kelly.

The invited guests enjoyed a delicious menu created by Executive Chef, Kiran Arora, included favourites from Eucalyptus Dining such as the Ricotta and Spinach Tortellini, Crumbed Lamb Cutlet and Lemon Myrtle Barramundi.

Our friendly staff always made our entrance at Workers Blacktown feel welcoming and special, now we have an open, light and friendly entrance and foyer to match. Walk straight off the pedestrian crossing from the carpark into the venue, with our new reception counter to the left, and a grand walkway beyond. Now that’s how you make a first impression.

EUCALYPTUS DINING

Eucalyptus Dining offers friendly service, great value for money, quality fresh food and above all, a warm and welcoming space to help you create lasting memories. The contemporary restaurant is your destination for a great dining experience. The extensive menu features something for everyone, from light meals to club classics, succulent seafood and meaty mains that embrace Australiana with fresh options to delight.

PROGRESS

MANGO TANGO THAI

Mango Tango Thai offers a premium experience, value for money and authentic Thai flavours. The fresh ingredients are prepared into delightful dishes on-site by talented Thai chefs who use family recipes handed down through past generations. The exceptional service and colourful food presentation will be as memorable as the delicious flavours that will stimulate your tastebuds with very bite. Add a tropical cocktail or Thai beer to complete your meal.

THE SHED

The Shed at Workers Blacktown is your local sports bar with more. More betting facilities, more screens, more beer, more mates and more action. Pull up a chair around the bar and taste one of the many beers on tap, settle into one of the lounge chairs for a long afternoon of sport or grab a tasty snack from the bar menu. The Shed is sure to become your local hangout.

REDWOOD

Redwood offers premium spirits, shaken, stirred, and transformed into cocktails that will have your tastebuds dancing well before the DJ set starts. Also on offer is a selection of premium beers, wines, and bubbles, as well as tasty treats to satisfy all hungers. Whether it’s an after-work catch up, a pre-dinner palate cleanser or a post-show refresher, Redwood is sure to take your night to another level.

ACTING AGAINST THE RISE

How many people do you think you have met in your life so far? 7,000 people? More?

What if I said a third of the women and girls you have met have experienced family and/or domestic violence one way or another?

What if I said that you most likely know who the perpetrator was?

What if I said, it has gotten worse?

The Blacktown LGA has the highest rate of domestic violence in New South Wales and from July 2019 to June 2020, The North West Sydney Women’s Domestic Violence Court Advocacy Service aided a staggering 6,541 cases, with the vast majority associated to Covid-19 related financial and emotional stress.

Blacktown Workers Club Group (BWCG), who over the past seven years has worked to break the chain, to put a STOP to Domestic Violence by working with local schools, local organisations, communities, health centres and services has now taken a giant leap to put a halt to the current rise in domestic violence in the Blacktown LGA.

Across the next five years, the BWCG will be donating $500,000 to local community groups and with domestic and family violence such a complex issue with significant impact on the social cultural and economic fabric of the Blacktown community, Blacktown Women’s and Girls Health Centre is one of the first to receive the critical funding.

2020 saw one of the highest domestic violence spikes Blacktown Women’s and Girl’s Health Centre (BWGHC) has ever experienced, providing services on over 2,376 occasions from January to December, a 34% increase on the previous year, putting strain on resources to cover the concerning rise. The centre gets a critical boost in funding from Blacktown Workers Club Group, to provide emergency overnight accommodation to over 7,500 women and children in unsafe circumstances.

BWGHC CEO, Jhan Leach explains, “2020 was a really Covid challenging year for us as the COVID lockdowns sadly meant a big spike in cases. We have been calling on the government to release funds for a long time and so this donation is going to make a huge difference to women in crisis and for us to keep up with the

distressing rise. It will allow us to provide a year’s worth emergency accommodation, essential supplies and, case management counselling and support through their court cases. We’re so thankful to Blacktown Workers Club Group who have their heart in right place; their local community.”

$30,000 has been donated to Jhan’s team at BWGHC, meaning that they can continue providing overnight accommodation and travel to those needing to flee home, in addition to emergency back packs which include essential items such as necessary toiletries for women and toys, nappies, bottles and formula for children and babies. Those in crisis are also provided with a shopping voucher to ensure they can keep themselves and children fed and watered in what is an incredibly distressing time.

The funding comes after years of calling on the government for additional support to help what is seen as Western Sydney’s “community cancer.” Jhan adds, “I have over 20 years’ experience in the domestic violence support sector and although we’ve worked so hard, it appears to be getting worse. We need the government to release funds that we so desperately need and that is why the donation from Blacktown Worker’s Club Group is so greatly appreciated; it gives us the ability to do something very important that we wouldn’t otherwise be able to do.”

The BWGHC were not the only ones to see a spike in throughout the pandemic, Harman Foundation who also provide a women’s shelter and support services for saw a 700% increase in their incoming calls for their 24/7 domestic violence helpline.

Superintendent Steve Egginton, BWCG Group CEO Morgan Stewart, Member for Blacktown Stephen Bali MP

Harinder Kaur, co-Founder of the Harman Foundation says “receiving the $15,000 donation from the Blacktown Workers Club Group has enabled us to enhance the technology, quality and accountability. All our phone calls are recorded now, we previously didn’t have that technology infrastructure and with this we can really help those who really need our help.”

The Blacktown Workers Club Group also has extended their reach to organisations that are implementing preventative measures to bring domestic violence to a halt.

Top Blokes run mentoring programs with teenage boys in high school in Western Sydney. This program strengthens the mental health and emotional resilience of teenage boys. Across two terms, young males in high schools participate in weekly interactive workshops covering: risk taking and peer pressure, mental health, respectful relationships, online behaviour and consequences (including sexting, pornography and cyber bullying), alcohol and drugs and anger management.

The $10,757 donation to Top Blokes will fund and support 24 Quakers Hill High School male students in the Top Blokes Program for equivalent to a full year.

Kay Kelly, BWCG President says, “Blacktown Workers has always recognised how significant this issue is and will be contributing $500,000 per year over the next five years to support local organisations in the fight against it. These groups are at the frontline providing education to reduce domestic and family violence, and to support those directly affected.”

Not only are we supporting these local organisations monetarily, but we are also raising awareness through

the power of social media by telling the organisations’ stories, by providing our social media followers with helplines and assisting them with finding the right help.

We are here to encourage communities and individuals to speak out against violence and abuse and to empower people to work together to prevent Domestic Violence.

Harinder Kaur, BWCG President Kay Kelly, Deputy Mayor Julie Griffiths and Mayor Tony Bleasdale with guests.

BYSA

AN INTRODUCTION THAT CHANGED IT ALL.

For decades young people have turned to Blacktown Youth Services Association, also known as BYSA, in times of need. There are many success stories of young people who turned to BYSA in crisis, and went on to find their purpose, including becoming Youth Leaders and in turn, assisting other youth in need. They are endeavouring to continue their 36-year legacy of providing support to youth aged 12 to 24 years within the Blacktown Local Government Area in the face of a dire lack of funding.

This is how Stephen Bali MP, Member of Blacktown introduced BYSA to the Blacktown Workers Club Group (BWCG) in 2020.

Blacktown Youth Service Association (BYSA) was established in 1986 for youths needing guidance and assistance to find their purpose and positively transform their lives. The youths that are welcomed into the humble abode come from disadvantaged situations such as domestic violence, abuse, neglect and some experience homelessness. BYSA has been a safety net that catches young people as they fall through the cracks of society by early intervention to change the trajectory of their lives.

The journey began with a ClubGRANT of $4,000 for food and hygiene packs to assist the young people who are often in a situation with no access to these essentials.

Word quickly spread to the BWCG Staff, who were swift in their response to helping the youth in our community get through Christmas. The Staff gathered and donated non-perishable food items, hygiene products and mobile phones. Not only that, BWCG Staff chose to donate their Christmas raffle earnings of $2,800 to BYSA. Through the lockdown a BWCG staff member even handknitted scarves to keep the young people warm through winter and put hygiene packs together.

Further donations from members from a “spare change” drive exceeded $1,600, whereby the Club had donation boxes for BYSA at every point of sale.

2021 emerged and BYSA confirmed with the Club that they had missed out on major government funding they desperately needed to stay afloat. They had only several months before their financial situation threatened

closure, there and then the BWCG Board of Directors committed $60,000 cash donation ($10,000 per month for six months).

The Management and Staff of BWCG were even more motivated to get BYSA back on their feet! This sparked the first of two major fundraisers for the youth service association. The three-day BYSA Outdoor Cinema Fundraiser was launched which coincided with Blacktown City Council’s Youth Week.

The live music for the night was arranged by BYSA, featuring many young people who had found their passion for music through BYSA’s program of Creative Media. Artists included Lil Spacely, Sir Pedro65, MXTI, John Lusunzi, Atticus featuring Caitlin Stevens, DJ Phowz and DJ Fin$. MCs were MC Jas and MC Lui. Most importantly, the event ran smoothly with great work of the BYSA volunteer squad, a group of Youth Leaders and young people.

Delicious food was served up by BlackBear BBQ and Dipping Dots, with rides and games for the kids.

Kay Kelly, BWCG President says, “As a community club group that operates two major venues in Blacktown, it is imperative to us to give back to the communities in which we operate. BYSA is an integral part in ensuring the youth of Blacktown have a place to turn to in times of crisis, creating a better environment for all of us.”

The fundraiser generated an extra $35,000 in funding for BYSA, meaning that the support from the BWCG had exceeded $100,000.

Winter was drawing near, and with that a lot of young people, including those who seek refuge at BYSA are in fact cold and without a home or a place to sleep.

BWCG staff member Andrew Quigg

The reality is that there are youth in Blacktown’s local government area sleeping rough every night.

In a show of support and to raise awareness, Management and Staff from the BWCG, led by Group CEO, Morgan Stewart, chose to sleep rough with a goal of raising over $30,000.

Blacktown Workers Club Group’s “CEO and CO Winter Sleep Out” took place in June 2021.

Group CEO, Morgan Stewart, who had participated in similar fundraisers in the past, wanted to embrace the cause of the winter sleep out, but keep it local to support the community in which two of the clubs in the Group operate.

“Homelessness is an issue currently affecting the Blacktown area and when the Workers team decide to make a difference, we want to see the impact in our local community. There are no more deserving recipients than BYSA – an organisation on the frontlines of youth in crisis and experiencing homelessness,” says Morgan.

The Board of Directors of the Blacktown Workers Club Group donated $10,000 to the fundraiser, part of their ongoing support towards BYSA. Their efforts were more than just writing a cheque however, with long-serving President Kay Kelly showing her unwavering support to the cause and the team, by spending the night sleeping rough.

Major support for the fundraiser also came from the Payce Foundation, part of Paynter Dixon, the organisation currently undertaking the redevelopment

of the club at 55 Campbell Street. They followed their $20,000 sponsorship of the BYSA Outdoor Cinema with another $10,000 to support the “CEO and CO Winter Sleep Out”.

The “CEO and CO Winter Sleep Out” generated an extra $33,235 in funding for BYSA, meaning that the support from the BWCG has now exceeded $135,000.

The relationship between BYSA and the Blacktown Workers Club Group continues with the Club providing work experience in the form of music, young aspiring music producers and DJs held a BYSA led event at Workers Blacktown’s newly formed late night bar, Redwood.

The BWCG are continually looking at ways to help the youth of Blacktown, not just monetarily but in ways of experience by including the youth of Blacktown and surrounds to participate in various community activities and projects.

Alison Brown, Alison Becroft, Morgan Stewart, James Boyd, Dominic Sullivan and Mark Robson

Terry O’Loughlin, Morgan Stewart, George Vella, Kay Kelly, Stephen Bali MP, Alison Becroft, Natalie Chiappazzo and Mayor Tony Bleasdale with youths from BYSA

A WELCOMING TOUCH OF COLOUR

What some would see as just another carpark, only few would see as a blank canvas and Danielle RG is one of them.

Danielle is a community artist from Lalor Park, who has worked with the Lalor Park community for over a decade with her volunteer work with Common Groundz Community Café.

Common Groundz Community Café, is a not-for-profit social hub for the local community and a place of retreat for those in need.

Opened in 2008 as a direct response to growing social dislocation and disadvantage in Lalor Park, the Café, its staff and volunteers, committed to serving the needs of the local area by bridging community through engagements and events, and committing to projects and partnerships under its mission all while serving quality food and coffee. Through this, the Creative Groundz Studio was formed and the face of Blacktown City began to change.

Common Groundz Studio is a free community arts development program held twice a week at Lalor Park Community Centre and this is where you will find Danielle. When Danielle is not stitching together ‘Stitches Collection Therapy Dolls’ known as “Comfort Buddies” which are to be used as a tool for children and youth in therapy to open up dialog regarding abuse, mental illness and or other trauma, she can be found with a paint brush in hand, creating art.

As you drive through Lalor Park and surrounds you will most likely see one of Danielle’s murals. Over 12 years she has painted places such as the Lalor Park Library, local shopping precincts, café and schools. In her words she “beautifies the environment” with the help of the local schools and organisations, it has allowed her to help people in need by bringing art into their lives.

Since starting the relationship in 2008, the Blacktown Workers Club Group has had the privilege to support and donate over $170,000 to Danielle RG and the team at the Common Groundz and Creative Groundz Studio.

It was an easy decision to make, when Blacktown Workers Club Group wanted to bring a welcoming touch of colour to the Workers Blacktown carpark, to brighten the day for our patrons as it was the first thing they see when they arrive at our venue.

The partnership with Danielle was called into action, as who better to bring colour into what was a blank, dull canvas.

Danielle was quick to accept, and the works began and is set to continue over the next year.

In the stairwell leading to the Club, Danielle’s historical

homage to the Blacktown Workers Club Group’s humble beginnings came to light as she painted a fun whimsical piece which included portraits of members from 1955 and paid homage to the “Old Tin Shed” – where the Blacktown Workers Club Group began. It also includes the lyrics to the Club Song from a record album that was launched in 1977 entitled ‘The Blacktown Song (The Old Tin Shed)’ which is all about mateship, standing proud and tall and raising a glass to where it all started.

The butterfly was painted to represent the transformation the BWCG has taken and will be taking in the future. From opening new restaurants, bars and renovating our venues to evolving into a bigger and better business for our members.

Danielle has also brought all the colours to our elevator shaft walls located in the middle of the carpark. The garden theme mural was inspired by the beautiful colours and designs of the Canna Lily plant. The striking colours on a grey background are magical. In this artwork you will see the Aboriginal symbol of a campsite/water hole which represents the Workers Club as a place to meet. The girl behind the flowers represents the First Nations custodians of Blacktown.

These murals are set to not only bring colour but to tell a story, to pay homage and to bring history into those who see them. Each and everyday we have over 1,500 patrons walk through our carpark, it is important to the Club that these people whether it be our members, guests or staff, see these paintings as it is a reminder of where it all began.

“A smile on our patrons faces as they walk into our Club is worth more to us than anything we can imagine; I believe these murals contribute in making that happen” – Kay Kelly, BWCG President.

WORKERS SPORTS VACCINATION HUB

While the Blacktown Workers Club Group venues were shutdown for our usual activities of delivering our members and guests a range of food, beverage and entertainment wrapped up with a dose of superior customer service, our Sports Club opened its doors with a new purpose.

During a time when Blacktown was designated as a venue of concern and its residents experienced heavy lockdown restrictions, the Blacktown community rallied together and began to break records for vaccination rates, despite no mass vaccination hubs being located nearby.

Part of this was thanks to the Blacktown Vaccination Outreach Program, through NSW Health and along with driving force, Stephen Bali MP. Blacktown Workers Club Group was honoured to be selected to take part in the program.

Workers Sports was transformed into a vaccination hub for a NSW Health Pfizer vaccination team for 10 days through September and October. The management and operations team of BWCG and Workers Sports donated time to the cause, assisting with marketing, booking in vaccinations and operating the hub within the required Covid-19 safe regulations.

Over the initial four days, the team assisted NSW Health in providing Pfizer vaccinations to 400 residents of the Blacktown community, aged 16 years and up. It was extremely rewarding for the team. They came away with stories of vulnerable residents that hadn’t had the opportunity to access the vaccine before, now able to have it in a comfortable, safe environment of their local club.

Those four days of first dose vaccinations were then followed by the schedule second dose a few weeks later. Workers Sports were then invited again to open for another set of dates, which saw the venue closed for half a day during the first week of reopen.

The Workers Sports Vaccination Hub is an example of the Blacktown Workers Club Group stepping up during times of crisis to assist those in our local community, to improve quality of life, and to provide leadership and connection.

Executive Manager of People & Culture Shelley Fletcher and Customer Service Manager John Filipec

OUR SPORTING BODIES

Blacktown Workers Club Group owns and operates one of Australia’s largest privately owned sporting complexes at Workers Sports, along with more sporting facilities at Workers Blacktown and Workers Hubertus.

Our sporting facilities include:

• Rugby league fields with stadium seating

• Soccer / cricket fields with stadium seating

• Lawn bowling greens

• Pistol shooting range

• Table tennis

• Baseball fields

• Snooker

• Darts

• Indoor bowls

• Tennis courts

• Rifle range

• Lake for miniature boats

OUR COMMITMENT

Blacktown Workers Club Group prides itself on accuracy and transparency in terms of our corporate governance and good social responsibility. Therefore, we have published our Corporate Social Responsibility (CSR) policy, which is available to our members and guests via our website.

Our CSR policy refers to our responsibilities toward the community that we are part of and our environment.

WHAT IS CORPORATE SOCIAL RESPONSIBILITY?

Our Corporate Social Responsibility policy outlines our efforts to demonstrate good corporate citizenship. We define our corporate social responsibility to cover the following major policy areas:

1. Community Engagement

2. Harm Minimisation (including Responsible Conduct of Gambling)

3. Environmental Sustainability

4. Work Health Safety (WHS)

5. Corporate Governance

OUR COMMUNITY ENGAGEMENT

Blacktown Workers Club Group will actively seek out community partnerships and support community programs which have a direct link to the following key priorities including Sport, Community Health and Active Lifestyles; Mental Health; Youth Development and Engagement; Education and Employment; Environmental Sustainability; Multicultural and Indigenous Engagement; as well as Aged Care and Disability Support

OUR HARM MINIMISATION

Blacktown Workers Club Group have a long-standing history of Gambling Harm Minimisation programs and procedures that goes beyond current legislative requirements. These initiatives we have undertaken include BetSafe Program; Employee Access Program; Voluntary Pre-Commitment; IGT Gaming System, and Circle Solutions.

OUR ENVIRONMENTAL SUSTAINABILITY

Blacktown Workers Club Group is committed to sustainable practices across all facets of the business. Some of the introduced measures include Co-Mingle Recycling; Lawn Fertilisation; Solar Power; LED Lighting; Pulpmaster; EP&T Edge Monitoring System; Aquacell Clearwater Treatment System; as well as Team Eco Connect.

OUR WORK, HEALTH & SAFETY (WHS)

Blacktown Workers Club Group is committed to achieving high standards of compliance around WHS practices and procedures. Our Work, Health and Safety Policy is available via our website.

OUR CORPORATE GOVERNANCE

Blacktown Workers Club Group is committed to a professional level of corporate responsibility throughout the business and across a range of key areas. Sound corporate governance means that Blacktown Workers Club Group maintains high standards of ethical, environmental, and social performance. We conduct our business in a responsible and sustainable way and operate by a framework of regulations, relationship, systems, and processes.

DIRECTORS’ REPORT

The Directors present their report together with the financial statements of Blacktown Workers Club Limited (the company) for the year ended 31 December 2021.

DIRECTORS

The Directors of the company in office at any time during or since the end of the financial year are:

Kay Kelly

Jack Miller

Terry O’Loughlin

Gary Callaghan

George Vella

Ange Humphries

Murray Searle

Brett Fielding (appointed 18 April 2021)

Paul Hayes (appointed 18 April 2021)

Robert Vincent (resigned 18 April 2021)

James Buckley (resigned 18 April 2021)

INFORMATION ON DIRECTORS

Kay Kelly – President

Life Member. Club member since 1976. Club Director since 1995. Current President of Blacktown Workers Club Group. Board Representative on Site Committee for Sporting Precinct and Project Committee for Independent Living Units Development. Member of all sub-Committees. Club delegate for Federation of Workers Clubs Holiday units. Director/Founder of successful Club Promotion Company since 1986, which ceased trading on 31/01/2022.

Jack Miller - Senior Vice President

Club Member since 1976. Current Senior Vice President of Blacktown Workers Club Limited. Club Director 20102012, 2015 (appointed 29-Mar-2015) – present. Passionate about sporting bodies and Club business. 30 years’ management experience. Delegate to Sister City Committee at Blacktown City Council. Club-Grants Delegate. Member of Blacktown City Lions Club. Blacktown resident since 1975. Now retired.

Terry O’Loughlin - Junior Vice President

Life Member. Club Member since 1969. Club Director since 1994. Current Junior Vice President of Blacktown Workers Club Limited. Member of all sub-committees. Delegate to and member of the Executive of Federation of Workers Clubs Holiday units. House and Field Committee Chairman. Life Member of the BWC Golf Club. Now retired.

Gary Callaghan - Treasurer

Club Member since 1999. Club Director since 2012. Life Member of Blacktown Rugby League Football Club. Strong advocate for the continued growth of Sport in Clubs, Community and of Junior Rugby League since 2005. Trustee for Media Superannuation Fund. Member of the Audit, Risk & Compliance Committee. Member of the ClubsNSW Club Directors Institute.

DIRECTORS’ REPORT INFORMATION

George Vella

ON DIRECTORS (CONTINUED)

Member of Blacktown Workers Club for over 34 years. Lived and worked in the Blacktown District since 1959. Managing Director of Breakaway Travel since 1977. Served in Committees ranging from Social Sporting Clubs and Businessman Associations. Sponsor of Sporting Clubs and Local Charities.

Ange Humphries MAICD

JP

Proud Director of BWC since 2017. Councillor on Parramatta City Council (elected). ClubsNSW Digital Advisory Committee (DAC) since 2018. Member of the BWCG of Companies Project Control Group (PCG). Passionate about the Club having strong and robust corporate governance and ensuring that Club members facilities and the future of the Club is strong. NSW Justice of the Peace. Member of the Australian Institute of Company Directors (AICD). Panellist and head adjudicator for debating, poetry and public speaking across NSW. Member of the Club Directors Institute (CDI). Graduate of the Financial Governance for Club Directors program. Patron of the North Rocks Art and Creative gallery. Responsible Service of Alcohol Accreditation and Responsible Gaming Accreditation.

Murray Searle

Club Member since 2014. Blacktown Workers Group Director since years, current Managing Director of Hospitality/ Consultancy companies, resident of Blacktown 55 years. Member of Risk & Audit Committee. Motivated to the growth and success of our great club.

Brett Fielding

JP

59 years Blacktown resident, 38 years Club Membership. Justice of the Peace. Semi-Retired partner in a legal company and previous Citizen of the Year Finalist. Strong community wellbeing interests and has helped raise over $250k for charity. Member of the Club Directors Institute.

Paul Hayes

Joined the club in 1989 and lived in Blacktown for over 30 years. Paul has worked over 42 years in the communications and construction industries on major projects. Proud member and supporter of many sporting groups. Life member and President of Workers Men’s Golf Club. Member of the Club Directors Institute. Successfully completing Finance for Club Boards and Director Foundation & Management Collaboration courses.

DIRECTORS’ REPORT

DIRECTORS’ MEETINGS

The number of committee meetings the club’s Board of Directors (the Board) held during the year ended 31 December 2021 and the number of committee meetings attended by each director were:

* Other meetings include committee meetings to which not all directors are eligible to attend.

DIRECTORS’ REPORT MEMBERSHIP

The company is a company limited by guarantee and is without share capital. The number of members as at 31 December 2021 and the comparison with last year is as follows:

MEMBERS’ LIMITED LIABILITY

In accordance with the Constitution of the company, every member of the company undertakes to contribute an amount limited to $2 per member in the event of the winding up of the company during the time that he or she is a member or within one year thereafter. The total liability in the event of winding up is $94,462 (2020: $100,470).

OPERATING RESULT

The table below shows a reconciliation of Blacktown Workers Club Limited earnings before interest, income tax, depreciation, amortisation, gains and impairment losses. This is referred to as EBITDA.

DIRECTORS’ REPORT

OBJECTIVES

The objectives for which the company is established are to provide for members and for members’ guests a social and sporting Club with all the usual facilities of a Club, to look after the members in every possible way by providing service, comfort, entertainment, good food and a wide range of facilities to cater for every age group, and to give the community a significant proportion of the Club’s profits in support of various charities and community organisations.

Short term

• Maintain membership numbers and increase attendance at all premises

• Improve the experience of members using the Club facilities

• Improve profitability and efficiency of Club operations

• Increase cash reserves of the Club

• Maintain level of community support funding

Long term

• Diversify income streams

• Maintain financial stability of the Club

• Ensure facilities continue to cater for members’ needs

• Increase efficiency of energy consumption

STRATEGY FOR ACHIEVING THE OBJECTIVES

• Research on members’ preferences for facilities and services

• Review promotional activity conducted in the Club

• Evaluate operational procedures and staff training

• Install monitoring equipment and solar energy generation plant

• Investigate alternatives for producing income from non-traditional sources

PRINCIPAL ACTIVITIES

The principal activities of the company during the course of the financial year consisted of the conduct and promotion of licensed social and sporting Clubs, and the provision of sporting and recreation facilities to members of the company.

HOW THESE ACTIVITIES ASSIST IN ACHIEVING THE OBJECTIVES

The principal activities of the company contributed to achieving the objectives by providing a stable base of operations. This ensured the financial position of the company remained stable and generated funds to meet the demands of the company and maintain high levels of service to members and guests.

DIRECTORS’ REPORT PERFORMANCE MEASUREMENT

AND KEY PERFORMANCE INDICATORS

The financial performance of the Club is measured against the budget set and benchmark data from the Club industry. Some of the criteria reported on are:

• Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA)

• Per Capita Spend

• Gross Profit Margins

• Expense Ratios and Analysis

• Cash Flow

Non-financial performance is assessed by a variety of measures including:

• Mystery shoppers

• Members’ feedback

• Staff turnover

• Comparison with industry wide initiatives

• Market research

STATE OF AFFAIRS

Due to the impact of Covid-19, and the governments mandatory shutdown of Club’s between June 26 and mid October 2021, the Club did not trade during this period. This has had a significant impact on the Club’s results for the year. Whilst the Club has been receiving JobSaver to subsidise staff wages, the loss of revenue has also impacted Club cashflow. In the opinion of the Directors there were no other significant changes in the state of affairs of the Company that occurred during the financial year under review.

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 36.

Signed in accordance with a resolution of the Directors. Dated at Blacktown this 22nd day of February 2022.

Kay Kelly President

Tel: +61 2 9251 4100

Fax: +61 2 9240 9821 www.bdo.com.au

Level 11, 1 Margaret St

Sydney NSW 2000 Australia

DECLARATION OF INDEPENDENCE BY CLAYTON EVELEIGH TO THE DIRECTORS OF BLACKTOWN WORKERS CLUB LIMITED

As lead auditor of Blacktown Workers Club Limited for the year ended 31 December 2021, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

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

Clayton Eveleigh Director

BDO Audit Pty Ltd

Sydney

22 February 2022

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

INDEPENDENT AUDITOR’S REPORT

To the members of Blacktown Workers Club Limited

REPORT ON THE AUDIT OF THE FINANCIAL REPORT

Opinion

We have audited the financial report of Blacktown Workers Club Limited (the Company), which comprises the statement of financial position as at 31 December 2021, the statement of profit or loss and other comprehensive income, the statement of changes in members’ funds and the statement of cash flows for the year then ended, and notes to the financial report, including a summary of significant accounting policies, and the directors’ declaration.

In our opinion the accompanying financial report of Blacktown Workers Club Limited, is in accordance with the Corporations Act 2001, including:

i. Giving a true and fair view of the Company’s financial position as at 31 December 2021 and of its financial performance for the year ended on that date; and

ii. Complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Company in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The directors are responsible for the other information. The other information obtained at the date of this auditor’s report is information included in the Directors’ report but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – 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 gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the Financial Report

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

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at: http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf

This description forms part of our auditor’s report.

BDO Audit Pty Ltd

Clayton Eveleigh Director

22 February 2022

DIRECTORS’ DECLARATION

The Directors of Blacktown Workers Club Limited declare that:

a. In the Directors’ opinion the financial statements and notes set out on pages 40 to 61, are in accordance with the Corporations Act 2001, including:

i. Giving a true and fair view of the company’s financial position as at 31 December 2021 and of its performance, for the financial year ended on that date; and

ii. Complying with Australian Accounting Standards – Reduced Disclosure Requirements and Corporations Regulations 2001

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.

Signed in accordance with a resolution of the Directors.

Dated at Blacktown this 22nd day of February 2022.

Kay Kelly President

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Year Ended 31 December 2021

The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes set out on pages 44 to 61.

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021

The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes set out on pages 44 to 61.

STATEMENT OF CHANGES IN MEMBERS’ FUNDS

For the Year Ended 31 December 2021

The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes set out on pages 44 to 61.

STATEMENT OF CASH FLOWS

Note 2021 $ 2020 $

The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes set out on pages 44 to 61.

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2021 ABOUT THIS REPORT

Blacktown Workers Club Limited is a company limited by guarantee, incorporated and domiciled in Australia and is a non-for-profit entity for the purposes of preparing the financial statements. The financial statements are for Blacktown Workers Club Limited as a standalone legal entity.

The financial statements were approved for issue by the Directors on 22 February 2022.

The financial statements are general purpose financial statements which:

• Have been prepared in accordance with the requirements of the Corporations Act 2001 and Australia Accounting Standards – Reduced Disclosure Requirements of the Australia Accounting Standards Board;

• Have been prepared under the historical cost convention;

• Are presented in Australian dollars;

• Where necessary comparative information has been restated to conform with changes in presentation in the current year;

• Adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are relevant to the operations of the Company and effective for reporting periods beginning on or after 1 January 2021; and

• Have been prepared on a going concern basis.

Standards and Interpretations issued but not yet effective

AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities

This standard is applicable to annual reporting periods beginning on or after 1 November 2021. AASB 1060 provides a new Tier 2 reporting framework with simplified disclosures that are based on the requirements of Australian Accounting Standards for SMEs. Given that the company already prepares financial statements under the reduced disclosure requirements there is not likely to be an impact on the company’s financial statements on adoption of this standard.

Critical accounting judgements, estimates and assumptions

In the process of applying the company’s accounting policies, management has made a number of judgements and applied estimates of future events. Judgements and estimates that are material to the financial statements include:

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

1. REVENUE AND OTHER INCOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

1. REVENUE AND OTHER INCOME (CONTINUED)

Revenue Recognition

Revenues are recognised at fair value of the consideration received or receivable net of the amount of goods and services tax (GST) payable to the taxation authority. Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues.

Sale of Goods

Revenue from the sale of goods comprises of revenue earned from the provision of food, beverage and other goods and is recognised (net of rebates, returns, discounts and other allowances) at a point in time when the performance obligation is satisfied that is on delivery of goods to the customer.

Rendering of Services

Revenue from rendering services comprises revenue from gaming facilities together with other services to members and other patrons of the club and is recognised at a point in time when the services are provided..

Interest Revenue

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets is the rate inherent in the instrument.

Rent Revenue

Rent revenue is recognised on a straight-line basis over the lease term. Lease incentives granted are recognised as part of the rental revenue. Contingent rentals are recognised as income in the period when earned.

Other Income

Other revenue is recognised when it is received or when the right to receive payment is established.

Government grants

During the year, the company received $1,192,845 from JobSaver support payments from the Australian Government, to support the maintenance of the employee headcount. These have been recognised as government grants in the financial statements and recorded as other income over the periods in which the related employee benefits are recognised as an expense.

Goods and Services Tax (‘GST’) refund received

During the prior year, the company undertook a comprehensive GST review of its operations. This review identified $347,948 of overpaid GST for the period 1 January 2016 to 31 December 2020. $252,976 was refunded in cash during the year, with $94,972 being received by an offset into the ATO integrated account.

Sale of non-current assets

The gain or loss on disposal of property, plant and equipment is calculated as the difference between the carrying amount of the asset at the time of disposal and the net proceeds on disposal (including incidental costs) and is recognised as other income at the date control of the asset passes to the buyer.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

2. EXPENSES

Profit before income tax including the following specific expenses:

Significant judgements

i. Estimation of useful lives of assets

The company determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

3. INCOME TAX

a. Income Tax Expense

The Income Tax Assessment Act, 1997 (amended) provides that under the concept of mutuality Clubs are only liable for income tax on income derived from non-members and from outside entities.

The amount set aside for income tax in the Statement of Profit or Loss and Other Comprehensive Income has been calculated as follows:

(b) Current tax assets

(c) Deferred tax assets

The balance comprises temporary differences attributable to:

or

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

3. INCOME TAX (CONTINUED)

Recognition and Measurement

The income tax expense or benefit for the period is the tax payable on that 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 the adjustment recognised for prior periods, where applicable.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entity’s which intend to settle the claim simultaneously.

Mutuality Principle

The company calculates its income in accordance with the mutuality principle which excludes from income, any amounts of subscriptions and contributions from members, and payments received from members for particular services provided by the Club or association, e.g. poker machines, bar and dining room service in the case of social Clubs. The Commissioner of Taxation accepts this method of calculating income as appropriate for recognised Clubs and associations.

Amendments to the Income Tax Assessment Act 1997 ensure social Clubs continue not to be taxed on receipts from contributions and payments received from members.

4. FINANCIAL ASSETS

Recognition and Measurement

The company holds an investment in Clubs4Fun Pty Ltd, held for the purpose of capital appreciation and future access to software currently being developed by Clubs4Fun Pty Ltd. This investment has been initially measured at fair value.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

5. PROPERTY, PLANT AND EQUIPMENT

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

5. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Valuation

An independent valuation by Global Valuation Services Pty Limited of the company’s properties being the land and buildings was carried out on 30 November 2020 on the basis of open market value for existing use resulted in a valuation of $166,600,000.

As the properties are recorded at cost the valuation has not been brought to account. The directors do not believe that there has been a material movement in the fair value since the valuation.

Reconciliations

Movements in Carrying Amounts

Movements in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year are set out below:

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

5. PROPERTY,

PLANT AND EQUIPMENT (CONTINUED)

The land holdings of Blacktown Workers Club Limited are classified as either core or non-core properties, as listed below:

Core Properties

• Workers Blacktown Club premises, air-bridge and airspace at 55 Campbell Street, Blacktown

• Multi-storey car park at Colo Lane, Blacktown

• Workers Sports Club premises and car park and sporting facilities at 170 Reservoir Road, Blacktown excluding part of the land comprised in certificate of title 201/880404 held as non-core property per page 53

• Hubertus Club premises at Adams Road, Luddenham

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

5. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Non-core Properties

• Sporting Fields at Walters Road, Blacktown

• Open carpark at 40-44 Campbell Street, Blacktown

• 34 Campbell Street, Blacktown

• 52 Campbell Street, Blacktown

• Part of the land comprised in certificate of title 201/880404 known as 170 Reservoir Road Blacktown NSW

Recognition and measurement

All 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 company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the profit or loss during the financial period in which they are incurred.

Useful lives are estimated as follows:

Buildings

40 years

Plant and Equipment 5-15 years

Poker Machines 4-5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each Statement of Financial Position date.

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.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the profit or loss.

Capital works in progress are the cost incurred to date for capital projects that are underway at reporting date. Capital works in progress are not depreciated until they are ready for use and allocated to the appropriate asset category.

Impairment of assets

Non-financial assets are reviewed 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.

Recoverable amount is the higher of an asset’s fair value less costs to sell and value-in-use. The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

6. INTANGIBLE ASSETS

Licences

The amount represents the costs incurred in acquiring licences at certain holiday units in Sussex Inlet, Fingal Bay and Urunga.

Recognition and Measurement

Poker Machine Entitlements

Poker machine entitlements are considered to be intangible assets with an indefinite life as there is no set term for holding the entitlements. As a result the entitlements are not subject to amortisation. Instead, poker machine entitlements are tested for impairment annually and are carried at cost less accumulated impairment losses. Poker machine entitlements are not considered to have an active market, hence the fair value is calculated using the value in use method based on management’s 5 year forecasts.

Licences to occupy holiday units

Licences held by the company are considered to be intangible assets with an indefinite life as there is no set term to the contractual agreement. As a result the licences are not subject to amortisation. Instead the licences are tested for impairment annually and are carried at cost less accumulated impairment losses.

Significant judgements

i. Recovery of intangible assets

Impairment of poker machine entitlements and licenses to occupy holiday units is recognised based on a value in use calculation and is measured at the present value of the estimated future cash inflows available to the company from the use of these licenses. In determining the present value of the cash inflows, assumptions regarding growth rates and appropriate discount factors have been applied to the cash flows.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

7. TRADE AND OTHER PAYABLES

Recognition and Measurement

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

8. EMPLOYEE BENEFITS

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:

Significant judgements

Long service leave provision

The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect to all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

8. EMPLOYEE BENEFITS (CONTINUED)

Recognition and measurement

Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave are recognised in other payables with respect to employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable.

Long service leave

The provision for employee benefits relating to long service leave represents the present value of the estimated future cash outflows to be made resulting from employees’ services provided to reporting date.

The provision is calculated using expected future increases in wage and salary rates including related on-costs and expected settlement dates based on turnover history and is discounted using the market yields on national government bonds at reporting date which most closely match the terms of maturity with the expected timing of cash flows. The unwinding of the discount is treated as long service leave expense.

Superannuation plan

The company contributes to several defined contribution superannuation plans. Contributions are recognised as an expense as they are made. The company has no legal or constructive obligation to fund any deficit.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

9. PROVISIONS

Recognition and measurement

The valuation of the mortality fund liability was performed by Professional Financial Solutions Pty Ltd as at 31 December 2020. The Fund’s liability is calculated for the death benefit of an average of 15 years discounted at 2%. The Fund is a closed fund. Per the charter, a valuation is required every 5 years. The current portion of the liability relates to estimated payouts within 12 months from the balance date.

Significant judgements

i. Mortality fund provision

A mortality fund provision is recognised based on the estimated future cash outflows to members of the mortality fund. The provision is based on the maximum amount payable on the death of a member. The maximum amount payable is determined by the company’s constitution. In determining the present value of the liability estimates are used to determine investment returns, estimates of mortality rates and lapse rates.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

10. INCOME RECEIVED IN ADVANCE

Membership

Income received in advance from membership represents the company’s obligation to transfer membership services to members and is recognised when a customer pays consideration, or when the company recognises a receivable to reflect its unconditional right to consideration (whichever is earlier) before the company has transferred the services to the member.

Customer loyalty program

The company operates a loyalty reward program where customers accumulated points for dollars spent. The reward points are recognised as a separately identifiable component of the initial sale transaction, by allocating the fair value of the consideration received between the reward points and the other components of the sale, such that the reward points are recognised at their fair value. Revenue from the reward points is recognised when the points are redeemed. The amount of revenue is based on the number of points redeemed relative to the total number expected to be redeemed.

11. COMMITMENTS

Capital Expenditure Commitments

Capital expenditure commitments are comprised of ongoing contracted projects pertaining to refurbishments to the Main Club and site plans for the Hubertus Country Club.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

12. KEY MANAGEMENT PERSONNEL DETAILS

a. Directors

The following persons were non-executive Directors of the company during the financial year:

Kay Kelly

Jack Miller

Terry O’Loughlin

Gary Callaghan

George Vella

Ange Humphries

Murray Searle

Brett Fielding (appointed 18 April 2021)

Paul Hayes (appointed 18 April 2021)

Robert Vincent (resigned 18 April 2021)

James Buckley (resigned 18 April 2021)

b. Other key management personnel

The following persons also had authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly during the 2021 financial year:

Name Position

Morgan Stewart

John Mizzi

Phillip Bragg

Paresh Patel

Shelley Fletcher

Alison Brown

Group Chief Executive Officer / Company Secretary

Executive Manager, Finance (appointed on 12 July 2021)

Executive Manager, Finance (appointed 27 January 2021) (resigned on 30 April 2021)

Executive Manager, Finance & Commercial (resigned on 22 January 2021)

Executive Manager, People & Culture

Executive Manager, Marketing & Communications

c. Key management personnel compensation

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

13. RELATED PARTIES

Key Management Personnel

Disclosures relating to key management personnel are set out in note 12.

Directors’ transactions with the company

The value of the transactions during the year with Directors and their Director related entities were as follows:

From time to time Directors of the company may purchase goods from the company or participate in other Club activities. These purchases and participations are on the same terms and conditions as those entered into by any other member of the Club.

Apart from the details disclosed in this note, no Director has entered into a material contract with the company since the end of the previous financial year and there were no material contracts involving Directors’ interests subsisting at year end.

14. COMPANY DETAILS

The Club is incorporated and domiciled in Australia as a company limited by guarantee. In accordance with the Constitution of the company, every member of the company undertakes to contribute an amount limited to $2 per member in the event of the winding up of the company during the time that he is a member or within one year thereafter. At 31 December 2021 there were 47,231 members.

The registered office of the company is 55 Campbell Street, Blacktown NSW 2148.

15. EVENTS SUBSEQUENT TO REPORTING DATE

There are 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 company, the results of those operations or the state of affairs of the company in future financial years.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2021

16. SUMMARY OF OTHER SIGNIFICANT ACCOUNTING POLICIES

a. Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with 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.

b. Goods and services tax

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part the expense.

Receivables and payables in the Statement of Financial Position are shown inclusive of GST.

The net amount of GST recoverable from, or payable to, the Australian Taxation Office is included as a current asset or liability in the Statement of Financial Position.

Cash flows are included in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the Australian Taxation Office.

c. Trade and other receivables

Trade debtors and other receivables represent the principal amounts due at reporting date plus accrued interest and less, where applicable, any unearned income and provisions for doubtful accounts, including expected credit losses, as per AASB 9.

d. Inventories

Inventories are measured at the lower of cost and net realisable value. Costs are assigned on the basis of weighted average costs.

e. Fair value estimation

The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes.

The fair value of financial instruments traded in active markets such as trading and available-for-sale securities is based on quoted market prices at the Statement of Financial Position date. The quoted market price used for financial assets held by the company is the current bid price; the appropriate quoted market price for financial liabilities is the current ask price.