FINANCIALS

(g) Employee Benefits

Notes To The Financial Statements For The Year Ended 31 October 2022

Notes To The Financial Statements For The Year Ended 31 Octover 2022

Provision is made for the entity’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liabi lity is settled.

Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows t o be made for those benefits. Contributions are made by the company to an employee superannuation fund and are charged as expenses when incurred.

(h) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at -call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. These are subject to an insignificant risk of changes in value.

(i) Finance Costs

Finance costs are recognised as an expense in the period in which they are incurred.

(j) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recover able 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 of an item of the expense.

Receivables and payables in the statement of financial position are net of GST and the overall GST position is remitted to th e Australian Taxation Office and recognised as a separate balance

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and finan cing activities, which are disclosed as operating cash flows.

(k) Income Tax

No provision for income tax has been raised as the entity is exempt income tax under Division 50 of the Income Tax Assessment Act 1997.

(l) Provisions

Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

(m) Comparative Figures

Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.

(n) Trade and Other Payables

Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services receiv ed by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

(o) Critical Accounting Estimates and Judgements

As at 31 October 2022, an independent valuation was performed on the freehold land and buildings at Valentine Sports Park. This valuation was conducted by Colliers International. The valuation was based on the fair value less cost to sell.

The key assumptions and estimates used in the valuation approach include:

- Comparable property market evidence

- Demand for land in the area

- Rate per square metre of developable site area

The potential effect of an increase or decrease in the rate per square metre of developable site area of $10 would have the e ffect of increasing or decreasing the fair value by $0.9 million respectively. The valuation has been prepared by an external valuer based on the information t hat is available at 31 October 2022.

(p) NAB Business Markets Loan Facility

The NAB Business Markets Loan facility has been extended to 30 May, 2026. The facility limit reduces by $500,000 on the 31st of October each year. The interest rate applicable on funds drawn on the loan is Floating Rate of 6.06% as at 31 October 2022.

The current facility limit is $6,500,000 as at 31 October 2022 and was unused in this financial year.

(q) Contingent Liability

From time to time Football NSW is subject to legal claims. At this point in time, management do not believe any exposure woul d be material and therefore no provision has been raised.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOVER 2022

NOTE 2: REVENUE AND OTHER INCOME

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOVER 2022 -

NOTE 3: EXPENSES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOVER 2022

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

NOTE 4:

NOTE

NOTE held-to-maturity and held-for-trading are held to generate income through the receipt of distributions and capital gains.

Notes To The Financial Statements For The Year Ended 31 October 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOVER 2022

NOTE

The accounting policy for property plant and equipment is disclosed in Note 1(d)

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the cur rent financial year.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOVER 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022