Panthers Football Annual Report 2015

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Sponsors 2015

4

Sponsors QI Media Summary

5

REPORTS AND REVIEWS Executive General Manager’s Report

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CONTENTS

2015 SPONSORS

COMPANY PROFILE Life Members

9

Stadium Consumption

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Membership Statistics

11

Rugby League Academy

13

ANNUAL FINANCIAL REPORT 2015 Board Of Directors

17

Directors’ Report

18

Auditor’s Independance Declaration

21

Statement of Profit or Loss and Other Comprehensive Income

22

Statement of Financial Position

23

Statement of Changes in Equity

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Statement of Cash Flows

24

Notes to the Financial Statements

25

Directors’ Declaration

35

Independant Auditor’s Report

36

Penrith District Junior Rugby League

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CORPORATE INFORMATION ACN 003 908 503

REGISTERED OFFICE Mulgoa Road, Penrith NSW 2750

COMPANY SECRETARY W. Wilson

BANKERS

DIRECTORS B. Fletcher - appointed Chairman 29 July 2015 D. O’Neill

- appointed Deputy Chairman 29 July 2015

G. Alexander D. Merrick I. Hicks

- appointed 29 July 2015

D. Feltis

- resigned 29 July 2015

J. Hiatt

- resigned 29 July 2015

ANZ

AUDITORS Ernst & Young

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SPONSORS 2015 Major Partner & Sponsor of Junior League

Sleeve Partner

Stadium Naming Rights Partner

Shorts Sponsors

Lower Back Sponsor

Apparel Partner

P R O P E R T Y

G R O U P

Legal Partner

Executive Partners

lawyers Major Sponsors of the Panthers on the Prowl

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


2013 QI Media Value

2014 QI Media Value

2015 QI Media Value

$4,197,739

$8,303,062

$8,735,168

5%

-

-

$5,048,462

-

$1,645,956

$4,049,970

$5,025,793

24%

$1,547,248

$4,242,069

$4,678,453

10%

-

$1,730,089*

$2,494,960

24%

-

$656,193*

$1,408,530

115%

$428,677

$457,898

$519,162

13%

$143,257

$416,991

$371,630

11%

YoY Change

SPONSORS QI MEDIA SUMMARY

Sponsor

$28,773,020

TOTAL QI MEDIA VALUE (ALL SPONSORS)

40%

$3,856,631

JERSEY SLEVE MOST VALUBLE ASSET

25%

$18,561,399 DEDICATED TV MOST VALUBLE MEDIA TYPE

42%

$1,267,150

ROUND 5 VS COWBOYS MOST VALUBLE GAME

P R O P E R T Y

G R O U P

*Refers to 2014 partners, Sportingbet and Literacy for Life

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EXECUTIVE GENERAL MANAGER’S REPORT

PHIL GOULD AM The 2015 Rugby League season was indeed a difficult one for the Penrith Panthers. However, overall, the club still experienced a steady progression towards our ultimate goals. Our junior representative teams again performed admirably. The under 16’s Harold Matthews team reached the semi-finals, whilst the SG Ball side was unlucky to lose in the preliminary final in very wet conditions to the eventually National Champions Cronulla. That game could have gone either way. The highlight of the year was undoubtedly the Premiership success in the National Youth Competition. This is the second time in three years the Panthers have won this prestigious National competition. Congratulations go to our young players. Coach Cameron Ciraldo and his staff did an outstanding job with this squad. The further the season progressed, the more they improved. By finals time there was an air of confidence about these lads doing the job and they completed the task in grand style. Special congratulations must also go to our Recruitment Managers Jim Jones and Mark Hughes who played vital roles in putting together this successful squad. Our NSW Cup team had another highly successful season, finishing in equal first position on the ladder at the end of the premiership rounds, despite the fact this squad was heavily affected by injuries all season and was

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never really at any time at full strength. Head Coach Garth Brennan and his staff are to be commended on a tremendous job in achieving outstanding results under very difficult circumstances. It should also be mentioned that Coach Brennan unselfishly sacrificed his team’s finals chances by allowing several under 20’s players to go back to the NYC to bolster that team’s premiership prospects. At the end of the day, we will always be judged by the performance of the NRL team. Unfortunately the 2015 squad never really got going at any stage of the season. After a huge injury toll in 2014, followed by almost 80% of the squad undergoing surgeries during the off season, the team started 2015 very underdone. As a result, we saw an even larger number of serious injuries eventuate during the course of this season. The team was never at full strength at any stage of the year. Despite being competitive in most of the games played, the side managed only 9 wins and finished in 11th position overall. The season was by no means a disaster however, when your club is put under such intense pressure it certainly reveals areas of your operations that need improvement. Despite it being a losing year, I can assure you we learned a lot during the process. At the end of the 2015 season the decision was made to appoint a new Head Coach to the Panthers football operations.

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Our new Head Coach for 2016 and beyond will be Anthony Griffin, who brings to the Panthers a wealth of coaching experience from his time at high profile clubs like the Brisbane Broncos and Melbourne Storm. We welcome Anthony and his family to Panthers. I would like to take this opportunity to thank all our tremendous staff in Rugby League from both the football and administrative sides of the business. We have the best staff in all of the NRL. In particular I would like to make special mention of the contributions made by two outstanding young men; former Chief Operating Officer of Rugby League Justin Pascoe, and former Panthers Group Head of Marketing Anthony Frantzis. Our club is all the richer for the work they have done.

program ensures the future of our team in the NRL competition. My personal thanks too must go to Panthers Group CEO Warren Wilson for his support, leadership, mentorship and friendship. He has been a vital part of the recovery of this club in recent years and the promise our club is now showing towards the future.

EXECUTIVE GENERAL MANAGER’S REPORT

At this point I’m sure you will join with me in congratulating and thanking our former Head Coach Ivan Cleary for the outstanding contribution he made to our club during his 4 year tenure. Ivan came to Panthers at a difficult time in our club’s history and was able to establish systems and culture that will serve the club well for many years to come. We wish Ivan, his wife Rebecca and his children, all the very best for their future.

Thanks again to our wonderful sponsors and members. Without you we are not a club. You make it all worthwhile. The 2015 season, whilst difficult, confirmed to me yet again the tremendous potential our club possesses, and the enormous opportunities in front of us over the next few seasons. See you at the football in 2016.

Kind regards, PHIL GOULD AM Executive General Manager Rugby League

I would like to thank Chairman Brian Fletcher and his Panthers Board for their ongoing support of our Rugby League program. Without their financial backing and overall love of Rugby League, our team could never hope to be even mildly competitive. The commitment that Panthers has made to the future of the Rugby League

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Prior to Keith Dobson • 1966 Herbert Dengate • Bill Johnston • Harry Richardson • David Fitzgerald • Gordon Roberts • Rocky Davis • Alf Maiden •

1954 1955 1963 1964 1964 1964 1974 1976 1976 1976 1977 1977 1979 1979 1980 1980 1980 1981 1983 1984 1984 1984 1985 1985 1986 1987

Jack Reddan • Merv Cartwright • Noel East • Ken Ausburn • Norrie Brown • Edward Cullen • Tom O’Connor • Max Connors Lou Brown • Ron Partridge • Murray Clarke • Jock McKechnie • Roger Cowan OAM Harry Slaughter John Hewett • Tim Sheens Frederick Cunliffe OAM Leo Trevena • Barry Hubbard Walter (Wally) Ward • Keith French Jack Harris William George McKillop Davies • Norman Hancock • Keith Rhind OAM Moyston May •

1987 1988 1989 1989 1989 1991 1992 1992 1994 1994 1995 1995 1996 1996 1997 1998 2001 2002 2002 2004 2006 2006 2007 2008 2009 2011 2013 2013 2014 2014 2014 2015 2015 2015

Barry Walsh OAM Len Manuel • Ron Mulock AO •

LIFE MEMBERS

PDRLFC LIFE MEMBERS Bruce Welladsen • Don Courts Leo Armstrong • Vern Mychael • Royce Simmons Donald Ellks Raymond Wiggins Terry Heidtmann • Don Feltis OAM Geoffrey James John Farragher OAM Leigh Mawhood • John Cartwright Greg Alexander Mick Kelly • Ross Henry Sinclair William Asher (Bill) • Terence Hancock Patrick Lawford • Tony Ferguson Arthur Reilly Lou Zivanovic Norm Southern Brad Waugh Sue McNeill Alan Mair Brad Izzard Steve Carter John Hiatt OAM Ken Wolffe Phil Gould AM • Deceased

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STADIUM CONSUMPTION

12,192

Mt Franklin Waters Purchased

9,996 Hot Chips Purchased

9,160 Meat Pies Purchased

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


2015

20,086 Active Members

2014

16,436

22.2%

Active Members

MOST ATTENDED GAME OF THE SEASON:

MEMBERSHIP STATISTICS

Vs

18,814

Panthers v Bulldogs

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


The Panthers Group is delighted to announce construction work has commenced on the Panthers Rugby League Academy – a world-class centre of excellence located between the iconic leagues club and the Nepean River in Penrith. The $21 million facility is designed to provide a premium training and development environment for both senior and junior players. The Panthers Rugby League Academy will boast expansive education facilities, team rooms, state-of-theart AV rooms, a fully-equipped gym, medical facilities and recreational spaces. Due to be completed by March 2016, the main academy building will be flanked by two full-size training fields and establish Penrith Panthers as an eminent force in the development of current and future rugby league players.

RUGBY LEAGUE ACADEMY

MAJOR ANNOUNCEMENT OF 2015 “The Academy will be among the best in the country and cements Panthers’ commitment to being one of the preeminent sporting organisations in Australia,” CEO Warren Wilson AM said. Panthers Executive General Manager of rugby league Phil Gould AM said the facility will play a vital role in developing the next generation of rugby league stars. “It’s the most significant investment this club has made in rugby league in its history,” he said. “This facility will be a source of inspiration and aspiration for all young players, not only in the Penrith district, but in country areas as well.” Mr Wilson and Mr Gould were joined by The Hon. Stuart Ayres MP, Fiona Scott MP, Tanya Davies MP, Panthers club director Greg Alexander, and Penrith Panthers players Bryce Cartwright and Reagan Campbell-Gillard in a ceremonial ‘turning of the soil’ in June 2015.

The Panthers Group is extraordinarily proud to create a facility which will harness and cultivate the immense rugby league talent of the Penrith region.

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


ANNUAL FINANCIAL REPORT 2015 PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


BOARD OF DIRECTORS

BOARD OF DIRECTORS From Left to Right

DENNIS MERRICK FCPA/JP Director for 8 years. Certified Practising Accountant (Retired). Principal in accounting firms in Penrith for over 40 years. Over 30 years’ experience in administration of sporting bodies. Life Member of Lower Mountains Junior Rugby League club. Qualified Rugby League Coach and Referee. Accredited official with Swimming Australia. Swimming Life member of a local club and district association. Panthers member since 1973. Chairman of the Finance and Audit Sub-committee, and the Constitution Sub-committee. Member of the SubJudiciary Sub-committee.

IAN HICKS Managing Director - Hix Group Pty Ltd, a local business that employs approximately 70 local people. Has sponsored & is a passionate supporter of Panthers for a number of years as a Corporate Sponsor. Director Western Sydney Business Centre and Director- Penrith CBD Corp. A Panthers member for more than 32 years looking forward to representing the members and helping Panthers to be the biggest and best club in Australia.

DAVID O’NEILL

DEPUTY CHAIRMAN (APPOINTED DEPUTY CHAIRMAN 29.7.15) Director for 3 years. Managing Director of ABCOE Distributors, Penrith. Panthers sponsor since 2008. Current Director of Panthers on the Prowl. As a passionate Panthers supporter, he would like to repay Panthers with his time and energy in focusing on continuing growth of the Panthers Group.

GREG ALEXANDER Director for 13 years. Involved with football in Penrith area for 40 years. Penrith’s “Rookie of the Year” in 1984. Won the prestigious Dally M Player of the Year in 1985. Played City Origin, State of Origin and for Australia. Captained Penrith’s first Premiership win in 1991. Sports Commentator on Fox Sports.

BRIAN FLETCHER

CHAIRMAN (APPOINTED CHAIRMAN 29.7.15) Director for 5 years. CEO and Life Member of Hawkesbury Race Club Limited. Deputy Chairman of the Provincial Racing Association of NSW. Life Member of Coonamble Race Club. Chairman of the Foundation for Disabled Sportsmen and Sportswomen and Chairman for Panthers on the Prowl. Victor Chang Foundation Ambassador.

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DIRECTORS’ REPORT

DONALD FELTIS

OAM JP

JOHN HIATT

OAM JP

(RESIGNED: 29.7.15)

(RESIGNED: 29.7.15)

Director for 14 years. Chairman since 2008. Lifelong resident of Penrith. Compliance and Legal Co-ordinator to Penrith Junior League. Member of Sub- Judiciary, Constitution and Executive Sub-committees. Delegate to NRL, NSWRL and Clubs NSW. Life Member of Panthers, Penrith Junior League, NSW Rugby League, NSW Junior Rugby League and NSW Police Association. Chairman of Foundation for Disabled Sportsmen and Sportswomen. Chairman of Panthers on the Prowl. Extensive experience in business management including 29 years In Rugby League administration.

Director 13 years. Retired Magistrate, Solicitor. Member of the Executive. Member of the Judiciary, Clubs Grants and Constitution Sub-committees. Life Member of Panthers and the Hawkesbury Race Club Limited.

Your directors submit their report for the year ended 31 October 2015.

DIRECTORS All directors are current members of the Penrith District Rugby League Football Club Limited and were in office for this entire period unless otherwise stated. The names and details of the directors of the entity in office during the financial year and until the date of this report are as follows:

DIVIDENDS The Football Club is limited by guarantee and is prevented by its constitution from paying any dividends.

OPERATING AND FINANCIAL REVIEW

PRINCIPAL ACTIVITIES

Revenue from ordinary activities for the year decreased by $808,000 or 3% to $25,253,000 (2014: $26,061,000). This was mainly due to: • an increase in operational revenue of $1,207,000 or 11% to $12,207,000 (2014: $11,000,000) related largely to the increase in sponsorship, gate receipts and merchandise; • an increase in interest income from related parties of $645,000 or 26% to $3,127,000 (2014: $2,482,000) and an increase in grants received from the NRL of

The principal activities of the Football Club during the year were: • promotion of the game of rugby league football; • provision of facilities for sport and recreation; • sponsorship activities; and • advertising and promotion activities. There have been no significant changes in the nature of these activities during the year.

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Operating results for the year The net deficit after tax of the Football Club for the year ended 31 October 2015 was $1,928,000 (2014:$780,000).

EMPLOYEES The Football Club employed 179 employees as at 31 October 2015 (2014: 195).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There have been no significant changes in the state of affairs during the year.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE There have been no significant events occurring after the reporting date which may affect either the Football Club’s operations or results of those operations or the Football Club’s state of affairs.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS

ENVIRONMENTAL REGULATION AND PERFORMANCE The Football Club is not subject to any particular or significant environmental regulation.

INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS During the financial year, the parent entity, Penrith Rugby League Club Limited, held an insurance policy for the benefit of the directors and officers. In accordance with commercial practice, the insurance policy prohibits disclosure of the terms of the policy, including the nature of the liability insured against and the amount of the premium.

INDEMNIFICATION OF AUDITORS

DIRECTORS’ REPORT

$320,000 or 4% to $7,530,000 (2014: $7,210,000); and • this is offset by a decrease to trust income earned by $3,842,000 or 84% to $706,000 (2014: $4,548,000)

To the extent permitted by law, the Football Club has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young during or since the financial year.

Likely developments in the operations of the Football Club and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Football Club.

DIRECTORS’ MEETINGS Number of meetings attended

Number of meetings held:

Number of meetings held whilst in office

The number of meetings of directors held during the year and the number of meetings attended by each director were as follows:

12

Number of meetings attended: D Feltis OAM JP - resigned 29 July 2015

9

8

J Hiatt OAM JP - resigned 29 July 2015

9

8

B Fletcher

12

11

D O’Neill

12

12

G Alexander

12

11

D Merrick FCPA | JP

12

12

I Hicks - appointed 29 July 2015

3

3

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DIRECTORS’ REPORT

DIRECTORS’ BENEFITS The directors were remunerated for their performance of their duties as common directors of Penrith Rugby League Club Limited and Penrith District Rugby League Football Club Limited.

ROUNDING The amounts contained in this report and in the financial report have been rounded to the nearest $1,000 (where rounding is applicable and where noted ($’000)) under the option available to the Football Club under ASIC Class Order 98/0100. The Football Club is an entity to which the Class Order applies.

AUDITOR INDEPENDENCE AND NON AUDIT SERVICES The directors received an independence declaration from the auditor, Ernst & Young. A copy has been included on page 21 of the report. The directors are satisfied that the nature and scope of non audit services has not compromised the auditor’s independence.

Signed in accordance with a resolution of the directors.

BRIAN FLETCHER Director

Penrith, 27 January 2016

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Ernst & Young Australia Pty Limited 680 GeorgeOperations Street 680 George Street Sydney NSW 2000 Australia Sydney NSWGPO 2000 BoxAustralia 2646 Sydney NSW 2001 GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 Fax: 5555 +61 2 9248 5959 Fax: +61 2 9248 5959 ey.com/au ey.com/au

As lead auditor for the audit of Penrith Rugby League Club Limited for the financial year ended 31 October 2015, I declare to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

AUDITOR’S INDEPENDENCE DECLARATION

Auditor’s Independence Declaration to the Directors of Penrith Rugby League Club Limited Ernst & Young Australia Operations Pty Limited Tel: +61 2 9248 5555

Auditor’s theofDirectors Penrith DistricttoRugby b) no Independence contraventions ofDeclaration any applicableto code professionalofconduct in relation the audit. Auditor’s Independence Declaration to the Directors of Rugby League Football Club Limited Declaration to the Directors of PenrithPenrith Auditor’s Independence Rugby This declaration is in Club respectLimited of Penrith Rugby League Club and the entities it controlled during the League League Club Limited financial year.

As lead auditor for the audit of Penrith District Rugby League Football Club Limited for the financial As auditor forIthe audittoofthe Penrith Rugby League Club Limited for thehave financial year ended 31 year ended 31 lead October declare best of myClub knowledge there As lead auditor for the2015, audit of Penrith Rugby League Limitedand for belief, the financial yearbeen: ended 31

October 2015, I declare to the best of my knowledge and belief, there have been: October 2015, I declare to the best of my knowledge and belief, there have been: Ernst & Young a) no contraventions of the auditor independence the Corporations 2001 a) no contraventions of the auditor requirements independenceofrequirements of theAct Corporations Act 2001 in a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and in relation to the audit; and relation to the audit; and b) no contraventions of any applicable code of professional conduct in relation to the audit. no contraventions any applicable of professional conduct in relation the audit. b) nob)contraventions of anyofapplicable code code of professional conduct in relation to thetoaudit. Daniel Cunningham This declaration is in respect of Penrith Rugby League Club and the entities it controlled during the This declaration is year. in respect of Penrith Rugby League Club and the entities it controlled during the Partner financial financial year. 27 January 2016

Ernst & Young Ernst & Young

Daniel Cunningham Daniel Cunningham Partner Partner 27 January 2016 27 January 2016

A member firm of Ernst & Young Global Limited Ernst & Young Australia Operations Pty Limited ABN 59 160 755 055 Liability limited by a scheme approved under Professional Standards Legislation

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ANNUAL FINANCIAL REPORT

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2015

Notes

2015 $’000

2014 $’000

4

25,253

26,061

(1,676)

(1,392)

(16,569)

(16,641)

(1,236)

(1,030)

(46)

(28)

Advertising and promotion

(343)

(335)

Artists and entertainment expenses

(448)

(488)

-

(252)

Insurance expense

(243)

(242)

Repairs and maintenance expense

(686)

(651)

(1,862)

(1,331)

Rent and rates expense

(154)

(143)

Electricity expenses

(164)

(200)

(2,253)

(2,033)

Medical expenses

(752)

(899)

Training expense

(494)

(529)

Junior development

(225)

(623)

(30)

(24)

(1,928)

(780)

-

-

(1,928)

(780)

-

-

(1,928)

(780)

Income from operations Raw materials and consumables used Salaries and employee benefits expense Depreciation Bad and doubtful debts

5

Net loss on disposal of property, plant and equipment

Other expenses

Sponsorship expense

Finance costs Deficit before income tax Income tax expense Deficit from operations after income tax Other comprehensive income Total comprehensive loss for the year

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


AS AT 31 OCTOBER 2015

2015 $’000

2014 $’000

805 1,706 264 407

790 1,032 191 157

3,182

2,170

61,305 12,167 -

64,143 12,958 30

Total non-current assets

73,472

77,131

Total assets

76,654

79,301

10 11 12

1,058 341 488 1,887

887 382 1,332 2,601

11

66

71

66

71

1,953

2,672

Equity Retained earnings

74,701

76,629

Total equity

74,701

76,629

Total equity and liabilities

76,654

79,301

Notes Assets Current assets Cash Trade and other receivables Inventories Prepayments

6 7

Total current assets Non-current assets Receivables Property, plant and equipment Intangible assets

8 9

Liabilities and equity Current liabilities Other payables Employee benefit liabilities Deferred revenue Total current liabilities Non-current liabilities Employee benefit liabilities Total non-current liabilities Total liabilities

ANNUAL FINANCIAL REPORT

STATEMENT OF FINANCIAL POSITION

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

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ANNUAL FINANCIAL REPORT

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2015 Retained earnings $’000

Total equity $’000

At 1 November 2014

76,629

76,629

Deficit for the year

(1,928)

(1,928)

-

-

Total comprehensive loss for the year

(1,928)

(1,928)

At 31 October 2015

74,701

74,701

At 1 November 2013

77,409

77,409

(780)

(780)

-

-

(780)

(780)

76,629

76,629

Other comprehensive income

Deficit for the year Other comprehensive income Total comprehensive loss for the year At 31 October 2014 The above statement of changes in equity should be read in conjunction with the accompanying notes.

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 OCTOBER 2015 2015 $’000

2014 $’000

16,842

16,079

(27,426)

(27,031)

7,530

7,210

(30)

(24)

(3,084)

(3,766)

(445)

(1,044)

-

(30)

(445)

(1,074)

3,544

65,593

-

(60,133)

Net cash flows from financing activities

3,544

5,460

Net increase in cash and cash equivalents

15

620

Cash and cash equivalents at 1 November

790

170

805

790

Note Operating activities Receipts from customers Payments to suppliers and employees Receipt from grants Interest paid Net cash flows used in operating activities Investing activities Purchase of property, plant and equipment Purchase of intangible assets Net cash flows used in investing activities Financing activities Advances from related parties Repayments of borrowings – related parties

Cash and cash equivalents at 31 October

6

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

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PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


FOR THE YEAR ENDED 31 OCTOBER 2015 1. CORPORATE INFORMATION

those of the previous financial year.

The financial report of Penrith District Rugby League Football Club Limited (the “Football Club”) for the year ended 31 October 2015 was authorised for issue in accordance with a resolution of the directors on 27 January 2016.

The new and amended Australian Accounting Standards and AASB Interpretations that apply for the first time in 2014/2015 do not impact the financial statements of the Football Club.

Penrith District Rugby League Football Club Limited is a company limited by guarantee that is incorporated and domiciled in Penrith, Australia. The directors have determined that the Football Club is a not-for-profit entity.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards - Reduced Disclosure Requirements and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report has been prepared on a historical cost basis. The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($000) unless otherwise stated. (b) Statement of compliance The financial statements of the Football Club are tier 2 general purpose financial statements which have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements (AASB – RDRs) (including Australian Interpretations) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The financial statements also comply with Australian Accounting Standards which contain requirements specific to not-for-profit entities, including standards AASB 116 Property, Plant and Equipment, AASB 136 Impairment of Assets, AASB 1004 Contributions and AASB 1054 Australian Additional Disclosures. (c) Changes in accounting policies, new and amended standards and interpretations The accounting policies adopted are consistent with

(d) Current vs non-current classification The Football Club presents assets and liabilities in the statement of financial position based on current/noncurrent classification. An asset is current when it is: • Expected to be realised or intended to be sold or consumed in the Football Club’s normal operating cycle • Held primarily for the purpose of trading • Expected to be realised within twelve months after the reporting period, or • Cash or a cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period The Football Club classifies all other assets as noncurrent. A liability is current when: • It is expected to be settled in the Football Club’s normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve months after the reporting period, or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

The Football Club classifies all other liabilities as noncurrent. (e) Cash Cash in the statement of financial position comprises cash at bank and in hand. The main treasury function of the Football Club is operated on a central basis and is controlled by the parent entity. For the purposes of the statement of cash flows, all cash received or paid by the parent entity on behalf of the Football Club has been included in the statement of cash flows. The ‘advances from related parties’ represents the net effect of transactions conducted through the central treasury function. (f) Trade and other receivables Trade receivables, which generally have 7, 14 or 30day terms, are recognised initially at fair value and

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NOTES TO THE FINANCIAL STATEMENTS

subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectible amounts. An allowance for doubtful debts is made when there is objective evidence that the Football Club will not be able to collect the debts. Bad debts are written off when identified. Loan receivables from related parties are classified as loans and receivables and carried at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the loans are derecognised or impaired, as well as through the amortisation process. (g) Inventories Inventories are valued at the lower of cost and net realisable value. Costs have been assigned to inventory quantities on hand at reporting date using the weighted average basis. Cost comprises invoiced cost plus freight and handling charges. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs necessary to make the sale. (h) Property, plant and equipment (i) Cost and valuation Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. (ii) Capital Work in Progress Costs incurred which are related to capital projects are carried forward and capitalised where future benefits are expected, beyond any reasonable doubt, to exceed these costs. (iii) Depreciation Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Land is not depreciated. 2015

2014

Plant and equipment

3-5 years

3-5 years

Leased improvement

expected lease term

expected lease term

3-5 years

3-5 years

Motor vehicles

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement

26

of profit or loss and other comprehensive income when the asset is derecognised. The residual values, useful lives and method of depreciation of property, plant and equipment are reviewed at each financial year and adjusted prospectively, if appropriate. (i) Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Operating lease payments are recognised as a rent and rates expenses in the statement of profit or loss and other comprehensive income on a straight-line basis over the lease term. (j) Intangibles Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Website development has an indefinite useful life and is reviewed for impairment annually. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss and other comprehensive income when the asset is derecognised. (k) Trade and other payables Trade payables and other payables are carried at amortised cost and represent liabilities for goods and

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Payables to related parties are carried at the principal amount. Interest, if charged, is recognised as an expense on an accrual basis. (l) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset (i.e. an asset that necessarily takes a substantial period of time to get ready for its intended use or sale) are capitalised as part of the cost of that asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Football Club does not currently hold qualifying assets but, if it did, the borrowing costs directly associated with this asset would be capitalised (including any other associated costs directly attributable to the borrowing and temporary investment income earned on the borrowing). (m) Provisions and employee benefit liabilities General Provisions are recognised when the Football Club has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Football Club expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss and other comprehensive income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risk specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as finance cost. (i) Wages, salaries, and sick leave Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave which are expected to be settled within 12 months of the reporting date are recognised in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are

settled. Expenses for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable. (ii) Long service leave and annual leave The Football Club does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date. The Football Club recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. (n) Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Football Club and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Football Club has concluded that it is acting as a principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognised.

NOTES TO THE FINANCIAL STATEMENTS

services provided to the Football Club prior to the end of the financial year that are unpaid and arise when the Football Club becomes obliged to make future payments in respect of the purchase of these goods and services.

Merchandise Sales Revenue is taken to account when the control of the goods has passed to the buyer. Sponsorship Income Revenue is taken to account in the period to which the sponsorship relates. Grant Income Revenue is taken to account in the period in which all the attached conditions have been complied with, the Football Club has control of the grant monies (the right to receive the grant) and it is probable that the economic benefits comprising the grant will flow to the Football Club. Trust Income Revenue is taken to account when the control of the right to receive the distribution has passed to the Football Club.

PENRITHPANTHERS.COM.AU

27


NOTES TO THE FINANCIAL STATEMENTS

(o) Taxes Income tax The Football Club is exempt from income tax under Section 50-45 of the Income Tax Assessment Act (1997). Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except: • When the GST incurred on a purchase of goods and services is not payable to or recoverable from the taxation authority, in which case the GST is recognised as part of the revenue or the expense item or as part of the cost of acquisition of the asset or as part of the expense item as applicable.

In assessing value in use, the Football Club has used depreciated replacement cost since the Football Club is a not-for-profit entity where the future economic benefits of its assets are not primarily dependent on the ability of the assets to generate net cash inflows and the Football Club would, if deprived of the asset, replace its remaining future economic benefits. Impairment losses are recognised in those expense categories consistent with the function of the impaired asset period.

(p) Distributions Distributions from a trust of which the Football Club is a beneficiary are taken to income when the distribution is made.

An assessment is also made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss and other comprehensive income. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

(q) Comparative figures Where necessary, comparative figures have been reclassified to conform with changes in presentation in the current year.

3. SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

• Receivables and payables, which are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows.

(r) Impairment of non-current assets The Football Club assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Football Club makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Football Club’s assets and the asset’s value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset

28

or cash-generating unit (CGU) exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount.

The preparation of the Football Club’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Impairment of non-financial assets An impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions, conducted

at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Football Club is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes.

4. INCOME FROM OPERATIONS 2015 $’000

2014 $’000

Revenue from sponsorship

6,699

5,912

Revenue from catering and beverages

1,375

1,436

Revenue from functions and banquets

229

214

Revenue from gate receipts

2,307

2,093

Revenue from merchandise sales

1,597

1,345

12,207

11,000

457

-

706

4,548

Interest received from related parties

3,127

2,482

Other revenue

1,226

821

NRL grant

7,530

7,210

Total other income

13,046

15,061

Total income from operations

25,253

26,061

Revenue/income from continuing operations (a) Revenues from operating activities

Total revenue from operating activities

NOTES TO THE FINANCIAL STATEMENTS

below. The Football Club based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Football Club. Such changes are reflected in the assumptions when they occur.

(b) Other income Rental income Trust income - other related party (i)

(i) Mulgoa Land Trust (No 1) This trust owns land and buildings from which it derives rents. Each year the trust distributes its income to the discretionary beneficiary which is Penrith District Rugby League Football Club Limited. Distribution made to Penrith District Rugby League Football Club Limited for the year ended 31 October 2015 was $706,000 (2014: $4,548,000).

PENRITHPANTHERS.COM.AU

29


NOTES TO THE FINANCIAL STATEMENTS

5. EXPENSES

2015 $’000

2014 $’000

14,473

14,547

997

979

1,099

1,115

16,569

16,641

2015 $’000

2014 $’000

805

790

805

790

2015 $’000

2014 $’000

1,094

733

(6)

(1)

1,088

732

Sundry debtors

396

19

Other receivables

222

281

1,706

1,032

At 1 November

1

1

Charge for the year

5

28

Amounts written off

-

(28)

At 31 October

6

1

Receivables due from related party

61,305

64,143

Carrying amount of non-current receivables

61,305

64,143

Salaries and employee benefits expense Wages and salaries Defined contribution plan expense Payroll and FBT tax Total salaries and employee benefits expense

6. CASH

Cash at bank and in hand

7. TRADE AND OTHER RECEIVABLES

Current Trade debtors Provision for doubtful debts

Carrying amount of trade and other receivables Credit sales are on 7, 14 or 30 days terms. Other debtors represent loans to players and are ordinarily recouped from their salaries. Provision for doubtful debts Movements in the provision for doubtful debts were as follows:

Non-current

Terms and conditions of the receivables are disclosed in Note 14.

30

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


2015 $’000

2014 $’000

At cost

575

575

Net carrying amount

575

575

2,720

2,693

(1,584)

(1,548)

1,136

1,145

At cost

1,701

1,615

Accumulated depreciation

(927) (529)

Land

Buildings At cost Accumulated depreciation Net carrying amount Plant and equipment

Net carrying amount

774

1,086

16,128

15,662

(6,496)

(5,707)

Leasehold improvement At cost Accumulated depreciation Net carrying amount

9,632 9,955

Motor vehicles 107

108

(85)

(71)

22

37

At cost

28

160

Net carrying amount

28 160

At cost Accumulated depreciation Net carrying amount

NOTES TO THE FINANCIAL STATEMENTS

8. PROPERTY, PLANT AND EQUIPMENT

Work in progress

Total property, plant and equipment 21,259

20,813

Accumulated depreciation

(9,092)

(7,855)

Net carrying amount

12,167

12,958

Carrying amount at the beginning of the year

575

575

Balance at the end of the year - Net carrying amount

575

575

1,145

1,139

27

43

Depreciation charge for the year

(36)

(37)

Balance at the end of the year - Net carrying amount

1,136

1,145

At cost

Reconciliation of carrying amounts at the beginning and end of the year Land

Buildings Carrying amount at the beginning of the year Additions

PENRITHPANTHERS.COM.AU

31


NOTES TO THE FINANCIAL STATEMENTS

Plant and equipment 1,086

706

85

586

(397)

(206)

774

1,086

9,955

10,693

Additions

333

230

Disposals

-

(206)

Transfers from work in progress

132

-

Depreciation charge for the year

(788)

(762)

Balance at the end of the year - Net carrying amount

9,632

9,955

37

83

Additions

-

25

Disposals

-

(46)

(15)

(25)

22

37

160

-

-

160

(132)

-

28

160

12,958

13,196

Additions

445

1,044

Disposals

-

(252)

(1,236)

(1,030)

Balance at the end of the year - Net carrying amount

12,167

12,958

9. INTANGIBLE ASSETS

2015 $’000

2014 $’000

Cost (gross carrying amount)

-

30

Net carrying amount

-

30

30

-

-

30

Carrying amount at the beginning of the year Additions Depreciation charge for the year Balance at the end of the year - Net carrying amount Leasehold improvement Carrying amount at the beginning of the year

Motor vehicles Carrying amount at the beginning of the year

Depreciation charge for the year Balance at the end of the year - Net carrying amount Work in progress Carrying amount at the beginning of the year Additions Transfers to leasehold improvement Balance at the end of the year - Net carrying amount Total property, plant and equipment Carrying amount at the beginning of the year

Depreciation charge for the year

Website development

Reconciliation of carrying amount at beginning and end of the period Website development Carrying amount at the beginning of the year Additions Impairment Balance at the end of the year - Net carrying amount

32

(30) - 30

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


2015 $’000

2014 $’000

Trade creditors

669

342

Other creditors and accruals

260

487

Goods and services tax

129

58

Carrying amount of other payables

1,058

887

11. EMPLOYEE BENEFIT LIABILITIES

2015 $’000

2014 $’000

287

335

54

47

341

382

66

71

66

71

Current

Current Annual leave Long service leave

Long service leave

Superannuation Commitments All employees are entitled to varying levels of benefits on retirement, disability or death. The superannuation plans provide accumulated benefits. Employees contribute to the plans at various percentages of their wages and salaries. The Football Club also contributes to the plans, generally at the rate of twice the employees’ contributions. Contributions by the Football Club of up to 9.50% of employees’ wages and salaries are legally enforceable. The Football Club contributions for the year ended 31 October 2015 amounted to $995,830 (2014: $979,433).

12. DEFERRED REVENUE

Current

2015 $’000

2014 $’000

488

1,332

398

683

-

167

90

377

-

105

488

1,332

NOTES TO THE FINANCIAL STATEMENTS

10. OTHER PAYABLES

Including: Grants revenue (received in advance) Sponsorship revenue (received in advance) Membership income in advance Rental revenue

13. CONTINGENT LIABILITIES AND COMMITMENTS (a) Operating Lease Commitments - Football Club as lessee The Football Club has entered into a lease with Penrith City Council over the stadium located at Mulgoa Road, Penrith. The non-cancellable lease has a remaining term of 11 years. The lease includes a clause to enable upward revision of the base rental charge on an annual basis according to prevailing market conditions

PENRITHPANTHERS.COM.AU

33


NOTES TO THE FINANCIAL STATEMENTS

Future minimum rentals payable under non-cancellable operating leases as at 31 October are as follows:

2015 $’000

2014 $’000

75

75

After one year but not more than five years

300

300

After more than five years

615

690

Total minimum lease payments

990

1,065

2015 $’000

2014 $’000

60,599

64,143

706

-

706

4,548

3,127

2,482

Within one year

(b) There are no capital commitments (2014: none). (c) There are no contingent liabilities (2014: none).

14. RELATED PARTY DISCLOSURES a) The immediate and ultimate parent entity is Penrith Rugby League Club Limited. b) Transactions with related parties

(i) Amounts receivable at reporting date Ultimate parent entity Penrith Rugby League Club Limited Loans between related parties are charged at 6.00% per annum and have no fixed maturity date. Other related entity Mulgoa Land Trust (No.1) Mulgoa Land Trust (No.1) owns land and buildings from which it derives rents. Each year the Trust distributes its income to the discretionary beneficiary Penrith District Rugby League Football Club Limited. (ii) Distributions received Mulgoa Land Trust (No.1) Mulgoa Land Trust (No.1) owns land and buildings from which it derives rents. Each year the Trust distributes its income to the discretionary beneficiary Penrith District Rugby League Football Club Limited. (iii) Provision of accounting and administrative assistance from controlling entity Accounting and administrative assistance provided by the controlling entity is free of charge (iv) Interest received Interest received on intercompany loans

15. MEMBERS’ GUARANTEE Pursuant to the Memorandum of Association, every member has undertaken, in the event of a deficiency on winding up, to contribute an amount not exceeding $5 (2014: $5). At 31 October 2015, such guarantees aggregated $415,230 (2014: $370,585).

34

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015


Key management personnel compensation:

Total compensation

2015 $’000

2014 $’000

1,171

941

17. EVENTS AFTER THE REPORTING DATE There have been no significant events occurring after the reporting date which may affect either the Football Club’s operations or results of those operations or the Football Club’s state of affairs.

DIRECTORS’ DECLARATION In accordance with a resolution of the trustees of Penrith District Rugby League Football Club Limited, I state that: In the opinion of the directors: (a) The financial statements and notes of Penrith District Rugby League Football Club Limited for the financial year ended 31 October 2015 are in accordance with the Corporations Act 2001, including:

DIRECTORS’ DECLARATION

16. KEY MANAGEMENT PERSONNEL

(i) giving a true and fair view of the Football Club’s financial position as at 31 October 2015 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001; (b) There are reasonable grounds to believe that the Football Club will be able to pay its debts as and when they become due and payable.

On behalf of the Board

BRIAN FLETCHER Director

Penrith, 27 January 2016

PENRITHPANTHERS.COM.AU

35


INDEPENDENT AUDITOR’S REPORT

Ernst & Young 680 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent auditor’s report to the members of Penrith District Rugby League Football Club Limited We have audited the accompanying financial report of Penrith District Rugby League Football Club Limited, which comprises the statement of financial position as at 31 October 2015, the statement of comprehensive income, the statement of changes in equity and the statement of

IndependentErnstauditor's report to the members of Penrith Rugby League & Young Tel: +61 2 9248 5555 680 George Street Fax: +61 2 9248 5959 Sydney NSW 2000 Australia ey.com/au Club Limited GPO Box 2646 Sydney NSW 2001

cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Directors’ responsibility for the financial report

The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal controls as the directors determine

We have audited the accompanying financial report of Penrith Rugby League Club Limited, which comprises the consolidated statement of financial position as at 31 October 2015, the consolidated Auditor’s responsibility statement of comprehensive income, the consolidated statement of changes in equity and the Independent auditor's report to the members of Penrith Rugby League Our responsibility to express anof opinion the financial onended, our audit.notes We conducted our audit in accordance consolidatedisstatement cashon flows for thereport yearbased then comprising a summary ofwith Australian Club Limited Auditing Standards. Those standards require thatother we comply with relevant ethical requirements relating to audit engagements significant accounting policies and explanatory information, and the directors' declarationand ofplan theand perform the audit toentity obtain reasonable assurance whether the the financial report is from material consolidated comprising the about company and entities it free controlled at misstatement. the year's end or from We have accompanying financialyear. report of Penrith Rugby League Club Limited, which time toaudited time the during the financial An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures are necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

comprises the consolidated statement of financial position as at 31 October 2015, the consolidated

selected depend on the auditor’sincome, judgment, the assessment of the risks in of equity material misstatement of the financial report, whether due to statement of comprehensive theincluding consolidated statement of changes and the

Directors' responsibility theauditor financial report fraud or error. Instatement making those riskflows assessments, the considers internal controls relevant to consolidated of cash forfor the year then ended, notes comprising a summary ofthe entity’s preparation of the financial report significant accounting policies explanatory information, and the directors' declaration the that gives a true and of fair the view, butand not other for the purpose of expressing opinion on the effectiveness ofofthe entity’s internalthat controls. An audit The directors company are responsible for an the preparation of the financial report gives a also consolidated entity comprising the company and the entities it controlled at the year's end or from time to time during the financial year.

includes evaluating appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well true and fair the view in accordance with Australian Accounting Standards – Reduced Disclosure asRequirements evaluating the overall presentation of the financial report. and the Corporations Act 2001

and for such internal controls as the directors determine

Directors' responsibility the financial report are necessary to enablefor the preparation of the financial report that is free from material misstatement,

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. The directors of the areerror. responsible for the preparation of the financial report that gives a whether due tocompany fraud or

true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Independence

Requirements and the Corporations Act 2001 and for such internal controls as the directors determine

Inare conducting our audit we have complied with the independence requirements of the Corporations Act 2001. We have given to the directors of Auditor's Opinion necessary toresponsibility enable the preparation of the financial report that is free from material misstatement, the company written whether duea to fraudAuditor’s or error. Independence Declaration, a copy of which is included in the financial report.

In our opinion the is financial report of Penrith Leaguereport Club Limited is our in accordance with the our Our responsibility to express an opinion on Rugby the financial based on audit. We conducted

Corporations Act 2001, Opinion audit in accordance with including: Australian Auditing Standards. Those standards require that we comply with Auditor's responsibility

InOur our responsibility opinion ethical the financial report ofanPenrith District Rugby League Football Club is inWe accordance with the Corporations Actto 2001, including: relevant relating to audit engagements and plan and perform the audit obtain is torequirements express opinion on the financial report based onLimited our audit. conducted our audit in accordance Australian Auditing Those standards require thatfrom we comply with misstatement. (a) giving awith true and fair viewStandards. of the financial position the consolidated entity at 31 October reasonable assurance about whether report isof free material

(a) giving aethical true and fair view of the financial position of Penrith District Ruby Football Clubtoatobtain 31 October 2015 and of its performance for relevant requirements relating to audit engagements and plan andLeague perform the audit

2015 and of its performance for the year ended on that date; and An involves performing procedures to obtain audit evidence about the amounts and disclosures (b) auditcomplying with Australian Accounting Standards – Reduced Disclosure Requirements and thein (b) complying with report. Australian Accounting Standards –audit Reduced Disclosure Requirements and Corporations An audit involves performing procedures to obtain evidence about thethe amounts andthe disclosures in Regulations Corporations Regulations 2001. the financial The procedures selected depend on auditor's judgment, including2001. the the financial report. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. assessment of the risks of material misstatement of the financial report, whether due to fraud or error. Inmaking making those risk assessments, auditor considers internal controls In those risk assessments, the auditorthe considers internal controls relevant to the entity's relevant to the entity's preparation and fair presentation of the financial report in order to design audit procedures that are preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting of theused entity's internal controls. An audit also includes evaluating the of accounting policies and the reasonableness of accounting estimates made by the directors, as wellappropriateness as policies the used andpresentation the reasonableness accounting estimates made by the directors, as well as evaluating overall of the financialof report. Ernst & Young evaluating the overall presentation of the financial report. reasonable assurance about the year ended on that date; andwhether the financial report is free from material misstatement.

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

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

Independence our audit opinion.

In conducting our audit we have complied with the independence requirements of the Corporations Act Daniel Cunningham 2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a Partner Independence copy of which is included in the financial report.

Sydney In conducting our audit we have complied with the independence requirements of the Corporations Act 27 January 2016 2001. We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the financial report.

A member firm of Ernst & Young Global Limited Ernst & Young Australia Operations Pty Limited ABN 59 160 755 055 Liability limited by a scheme approved under Professional Standards Legislation

36

PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015 A member firm of Ernst & Young Global Limited


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Emu Plains JRLFC

St. Clair Comets JRLFC

Glenmore Park Brumbies JRLFC

St. Marys JRLFC

Hawkesbury City JRLFC

St. Patricks JRLFC

Katoomba Devils JRLFC

Western City Tigers JRLFC

Lower Mountains Eagles JRLFC

Windsor Wolves JRLFC

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