DI REC TO RS’ REP ORT Your directors submit their report on Parramatta Leagues’ Club Ltd (the “Company”) and the entities it controlled (collectively, the “Group”) for the year ended 31 October 2020.
Operating results for the period The net profit after tax of the Group for the year ended 31 October 2020 was $2,122,865 (2019: $2,269,737).
Directors The names of the Group’s directors in office during the financial year and until the date of this report are set out below. The directors were in office for this entire period, unless otherwise stated. Darren Adam
(Appointed: 5 March 2020)
Gregory Monaghan
(Appointed: 5 March 2020)
Joy Cusack
(Appointed: 5 March 2020)
Mark Jenkins
(Appointed: 5 March 2020)
Max Donnelly
(Resigned: 6 March 2020)
Murugan Thangaraj
(Appointed: 5 March 2020; Resigned: 10 August 2020)
Philip Sim
(Appointed: 5 March 2020)
Richard Foda
(Appointed: 5 March 2020)
Susan Coleman
(Appointed: 27 August 2020)
Significant changes in the state of affairs Impact of the Coronavirus (COVID-19) outbreak The COVID-19 outbreak was declared a pandemic by the World Health Organization in March 2020. Due to COVID-19 pandemic, the business was temporarily shut down during 23 March 2020 to 1 June 2020, and operates under limited capacity as at the date of this report. In addition, the National Rugby League (NRL) competitions were temporarily suspended during March 2020, and resumed in May 2020 with limited attendances. The New South Wales Rugby League (NSWRL) competitions were also cancelled during the financial year ended 31 October 2020. These returned in a much affected way to the business.
No dividends have been paid or declared during the year, nor do the directors recommend the declaration of dividend (2019: $nil).
The outbreak and the response of Governments in dealing with the pandemic is interfering with general activity levels within the community, the economy and the operations of the business. The scale and duration of these developments remain uncertain as at the date of this report however they may have an impact on the future earnings, cash flow and financial condition.
Principal activities
There have been no other significant changes in the state of affairs of the Group during the year.
Dividends
The principal activities of the Group during the course of the financial year consisted of the conduct and promotion of licensed social clubs for members of the club and promotion of rugby league football within the Parramatta district. There were no significant changes in the nature of the Group’s activities during the year. Overall objectives To ensure Parramatta Leagues’ Club Ltd is the most professional and progressive multi-purpose hospitality venue in Greater Western Sydney, by providing excellence in service and amenities for all members; and to foster, encourage, promote and control the development, playing and interests of rugby league football within the area of the geographical boundaries of Parramatta National Rugby League Club Pty Limited, a subsidiary within the Group, as defined from time to time in the by-laws of the league’s governing body.
Significant events after the reporting period The Group’s investment property, 2 Ferris Street, Parramatta NSW 2150, has been entered into a contract of sale subsequent to the financial year end on 4 December 2020. There have been no other significant events occurring after the reporting period which may affect either the Group’s operations or results of those operations or the Group’s state of affairs. Likely developments and expected results Likely developments in the operations of the Group 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 Group. Environmental regulation The Group is not subject to any particular or significant environmental regulation under laws of the Commonwealth or of a State or Territory.
20 | PARRAMATTA LEAGUES CLUB LIMITED
