Wenty Leagues 2022 Annual Report

ANNUAL REPORT 2022

David Mumford

PRESIDENT Ian McCann

VICE PRESIDENT Alan Fowler

Justin Isaacs

Robert Willis

Jody Manson

Adam Cromack

Laurie Capovilla

PRESIDENT’S REPORT

Dear Members

On behalf of the Board of Directors, I am pleased to submit to members for approval the 65th Annual Report for the year ending 31st December 2022 of Wentworthville Leagues Club.

After a slow start to the year, 2022 saw a return to some form of normality with the club producing a solid financial result for the year, after the last two years of impacted trade that were heavily affected by COVID shutdowns. I am very pleased to announce that the club has delivered a record $18m operating profit before tax, generated over $22m in net cash from operations and reduced debt by another $16m. I am sure members would agree, this is an exceptional result in the current climate that we should all be very proud of.

Our balance sheet continues to be robust with total members funds up by another $17m to $151m, placing us in a very strong position for the future viability of our club.

Wenty Leagues remains at the forefront of innovation, passion and vision for what our members want to see from their local club. We are very proud of our long and consistent commitment to our community over many decades and the continuation of that commitment is paramount. As a not-for-profit community organisation, every dollar made is shared back in new and

CEO’S REPORT

For the past two years, I feel all I have reported on has been COVID-19 and the impacts on our business, people and community. Whilst COVID is still in and around the community, we seem to have shifted gears and pivoted from COVID talk to an outlook of high economic challenge, interest rate pressure and rising cost of living expenses – all of this will no doubt be the next wave to impact businesses, people and the community in 2023.

Despite all of this, I am pleased to report that your club has continued to trade strongly and see positive growth across all revenue streams in 2022.

To our Membership - previous results and the results of 2022 would not be possible without your continued support and loyal patronage. Thank you for your ongoing patience and understanding whilst we worked to return to all of our club operations, your favourite activities, entertainment, and promotions to a reflective sense of “normality” for you here at Wenty Leagues.

I am always extremely proud of the club industries commitment to community, outside of the club. At Wenty, we are no different. Our Team have continued to provide meals or donations of goods, to those in need at Parramatta Mission, along with donating supplies to help and assist at times throughout the year, for both Winter and Christmas appeals.

We continued to sponsor a room at Ronald McDonald House and help with donations towards the “Meals from the Heart” program for families who are doing it tough while their young ones are in hospital. We also supported the charities of “The Be Unstoppable Foundation” and “The Sebastian Foundation”, focusing on mental fitness and overall positive mental health. Our team packed 1000 school sandwiches for lunch to ensure empty tummies were full at disadvantaged schools in our local government area, as well as packed 100 special “superhero” themed medical garments, purpose made for sick kids to turn them in to superheros as they prepare for treatment at Westmead Childrens hospital. A majority of this was done outside of our ClubGRANTS community donations and were largely supported by our workplace volunteer program and commitment to supporting our local area and the great work of these charitable organisations.

Here at Wenty we don’t like to sit idle for too long and currently we are investigating and developing what we hope will be some future building works in the not too distant future. The Board and I are looking forward to communicating these exciting next stages of developments to the membership soon. All of this is in the aim of bringing the very best in facilities and offerings to our members. Moving forward with any new projects or building works, overall sustainability will play an integral factor in all our decision making on any new plans, or upgrades to infrastructure.

I wish to acknowledge and thank the Board of Directors for their unwavering support and guidance, not only of myself, but our entire Management and team of staff in 2022. The years of strong fiscal management and corporate governance structures in place ensured we were able to circumnavigate all the challenges thrown at us, and now allow us to look towards a brighter horizon.

A special thank you from me to the Executive Management Team, your assistance, professionalism, and commitment to your roles, continues to assist us in meeting our overall goal to provide a home away from home with exceptional hospitality, to all our members and guests.

We look forward to another successful year ahead.

CHIEF EXECUTIVE OFFICER

OUR COMMUNITY PARTNERSHIPS

SUB CLUB COMMUNITY OUR SPORTING

Wenty Leagues Club has been the heart and soul of a wide variety of both indoor and outdoor sports for over 60 years. Wenty Leagues continues to provide a platform for members and guests to participate, grow, socialise and compete.

Wenty Leagues Club hosts an incredible amount of sporting facilities within it’s grounds, including the outdoor spaces of Ringrose Park, Monty Bennett Oval and our state of the art Bowling Greens, or the inside spaces that include an indoor bowls area, dart board collection, and Snooker and Billiard Tables.

Whether your interests are indoor sports such as Dominos and Squash, the outdoor sports from golf to fishing, or the basis that the Wenty Club was founded upon – Rugby League, we have an option for the community. Read more about all our sporting Sub Clubs below, and if you ever wish to find out more, don’t hesitate to get in contact with our friendly Reception Team who can always point you in the right direction!

The Wenty Leagues Bowling Club covers many different aspects of Lawn Bowls, including the Men, Women, and Juniors. Participating on the bowling greens outside of The Pavilion at Wenty Leagues, the rinks are regularly occupied with players, members, and guests of all ages. To find out more or if you’re interested in play, contact our Bowls Coordinator Cameron Curtis.

Established in 1959, Wenty Leagues Cricket Club is one of the largest in the Western Sydney District. Forming part of the Parramatta District Cricket Association, you will find the Wenty teams competing from Early September through until the end of March. For more information contact Club President and also Wenty Leagues Board Member Justin Isaacs, or Club secretary Louise Frendo.

Establishing themselves in the early 1970’s, the Wenty Leagues Darts Club hold weekly social matches every Friday night, as well as regular competitions throughout the year. Contact Secretary Ian Merry if you want to test your skills out on the dart board!

One of the more adventurous Sub Clubs to call Wenty home is the Wenty Leagues Fishing Club. Small boat weekends, deep sea adventures and regular fishing trips are held throughout the year. If you’re looking to find out more about the fishing club, or wish to meet their members, come along to the Magpie Bar every 2nd Wednesday from 6pm and say hello.

The Wenty Leagues Golf Club are out on the greens every Sunday - rain, hail or shine! Monthly trophy days, a wide variety of courses and subsidized green fees are a few of the many great benefits of becoming a member of the golf club. Contact President Glen Grant for more information today.

Wenty Leagues Goshin Ju-Jitsu is held at the famous Wally Webster Hall at the Ringrose Park precinct and is an open hand self-defense system that aims to teach principles that will enable self-defense through reflex. Contact Secretary Amanda Seck for more information on how to get involved.

Adjacent to the ever-popular Magpie Bar, Indoor Bowls takes place every Wednesday morning and Thursday evening. Comprising of social and competition play, Indoor Bowls is a great and gentle alternative to the classic lawn bowls. Contact long-time serving President Barrie Craig for more information.

Established back in 1963, the Wenty Leagues Netball Club is one of the eldest sporting clubs of Wenty Leagues. With regular season dates ranging from late April to mid-September, you’ll find players, coaches, and volunteers on the courts every Saturday. For more information contact Club President and Wenty Leagues Board Member Jody Manson, or Club secretary Kellie Denning

The Snooker and Billiard Tables have been a famous staple of Wenty Leagues since the 1960’s, and even hosted the World Snooker Championship in 1975! The Wenty side regularly takes it’s place in the Western District Association, and social play is always welcomed on the tables located down in The Magpie Bar.

Autumn of 1964, three dedicated squash teams entered in the Western District competition. Ever since, the Wenty Leagues Squash club has continued to grow – with the current age range of members from mid-20’s to mid-80’s! Contact Secretary

Graeme Mitchell for more information on how to join this great club.

Originally formed by the Wentworthville RSL in 1966, it wasn’t until the year 2000 that the Wentworthville Leagues Swimming Club adopted the great magpie. From October through till March, every Sunday morning you will find the friendly faces of this great club at the Wentworthville Memorial Swim Centre.

Calling the historic Wally Webster Hall home, the Wenty Leagues Table Tennis Club participates in either social or competition play every day of the week. Perfect for players of all skill levels, contact Secretary Eric Lam for more information on how to get involved!

The first official match of the Wenty Dominos Club took place in December of 1981, and the club continued on to be a founding member in the inaugural Western

District Competition that was formed in 1988. Social games take place on Thursday nights from 7pm in The Magpie Sports Bar.

The Wenty District League Football Club has a historic and rich past, producing many former National Rugby League players, including International and State representatives. Calling the magnificent Ringrose Oval home, The Magpies are either playing or training for the majority of the year!

The Wentworthville United Junior Rugby League Club also calls Ringrose Oval home, and plays a great part in bringing junior players up through the ranks, and into senior team sport. Providing a great player pathways system, catch up with secretary John Burns to see how you can get involved!

TABLE TENNIS CLUB

WENTWORTHVILLE LEAGUES CLUB LIMITED

ABN 25 000 244 459

GENERAL PURPOSE (SDS)

FINANCIAL REPORT FOR THE

52 WEEKS ENDED

27 DECEMBER 2022

WENTWORTHVILLE LEAGUES CLUB LIMITED

CONSTITUTIONAL REPORTING FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

2022

Member statement of benefit (Rule 70) $

The apportionment of the annual profit has been appropriated for improvements to the benefit for the members.

Directors Honorariums (Rule 86: Allowance $88,000 + CPI)

Directors expenses

In accordance with the Constitution the total value of directors expenses under Rule 87 (a) - (n) for the year 2022 is $163,000 (2021: $163,145). The actual expenditure for the year of $103,064 (2021: $50,062) is $59,936 or 37% below the amount allocated for the year but an increase of $53,002 above the costs of the prior year which was heavily disrupted by COVID.

immediately before or after a Board or Committee Meeting on the day of that meeting when that meeting corresponds with a normal meal time - Rule 87(g) $13,527 Attending any Club, community or charity function as the representatives of the Club - Rule 87(h)

husband or partner attendance at any Club, community or charity function - Rule 87(i)

and refreshment in one of the Club’s Dining Rooms or the Club’s room(s) - Rule 87(j)

Annual or special functions being - Rule 87(k):

(i) Meal and beverage Annual Sport and Recreation Club Dinner $0

(ii) Meal and beverage Annual Board Dinner $1,554

(iii) Meal and beverage Annual General Meeting $3,151

Meal and beverage at a Special Function held to acknowledge a member’s service or achievement - Rule 87(l) $0

Club attire - Rule 87(m)

All other expenses not specified in clause 87(a)-(m) but otherwise permitted at law - Rule 87(n) $5,940

Aggregate sum of the 6 highest paid officers of the club (Rule 159 (b)(i))

The aggregate sum representing the annual salaries, bonuses and emoluments paid (when taken together) to the 6 highest paid Officers of the club including the CEO $1,727,487

Registered members (Rule 159 (b)(ii))

The number of members registered at the end of the club's financial year (2021: 74,169)

WENTWORTHVILLE LEAGUES CLUB LIMITED DIRECTORS' REPORT FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

The directors present their report together with the financial report of Wentworthville Leagues Club Limited (the Company or the Club) for the 52 weeks ended 27 December 2022.

Directors

The Directors of the Company at any time during or since the end of the financial year are:

Name

Experience, qualifications, special responsibilities, and interest in contracts

I McCANN President Director 16 years including President 14 years. Honorary Life Member, Chairman of Board’s Remuneration Committee and Property Corporate and Investment Committee, Sponsorship Committee and Disciplinary Committee. Vice President of Leagues Club Association. Delegate of member bodies of ClubsNSW and member of Club Directors Institute. Member of Clubs Corporate Governance Working Group, Boards Representative at Sports Council. Member of all Sporting Associations and patron of Darts Club and Cricket Club. Life member of WDRLFC.

Interest in contracts - Nil.

A FOWLER Vice President Director 12 years, Vice President 2 years, Previous Vice President for 2 years (2011-2013). Member of Board’s Audit Risk and Compliance Committee, Remuneration Committee and Sponsorship Committee. Member of Member Bodies of Leagues Club Association and Club Directors Institute. Member of all Sporting Associations.

Interest in contracts - Laing and Simmons Real Estate.

L CAPOVILLA Director Director 34 years. Honorary Life Member, Member of the Board’s Property Corporate and Investment Committee, Sponsorship Committee and Disciplinary Committee, Delegate of WLC 60 years Anniversary Committee, Delegate to Leagues Clubs Association and Member of ClubsNSW and Clubs Directors Institute. 34 years’ service Leagues Club Australia. Member of all Sporting Associations and Patron of Wenty Leagues Golf Club and Life Member of WDRLFC and WUJRLFC.

Interest in contracts - Nil.

A CROMACK Director Director 20 years including past Vice President for 6 years (2013 – 2019). Director Member of Boards Remuneration Committee, Sponsorship Committee and Disciplinary Committee. And Chairman of Audit Risk and Compliance Committee. Member of member bodies of ClubsNSW and Club Directors Institute. Delegate of Leagues Club Association.Alternate at Sports Council. Member of all Sporting Associations, including Life Member of WDRLFC.

Interest in Contract: Platinum Electricians.

J ISAACS Director Director 14 years. Member of Board’s Remuneration Committee and Audit, Risk Director and Compliance Committee, Sponsorship Committee and Disciplinary Committee. Member of member bodies of Leagues Club Association, ClubsNSW and Club Directors Institute. Member of all Sporting Associations including patron of Darts Club and Life member and President of Cricket Club.

Interest in contracts - Wentworthville Leagues Cricket Club.

WENTWORTHVILLE LEAGUES CLUB LIMITED DIRECTORS’ REPORT (CONTINUED)

FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

Name Experience, qualifications, special responsibilities, and interest in contracts

J MANSON Director Director 2 years. Member of Board's Audit, Risk, and Compliance Committee, Sponsorship Committee and Disciplinary Committee. Member of member bodies of Leagues Club Association, ClubsNSW and Club Directors Institute. Member of all Sporting Associations including Life Member and President of Netball Club.

Interest in contracts - Wentworthville Leagues Netball Club.

D MUMFORD Director Director 3 years. Member of Board's Audit Risk and Compliance Committee, Sponsorship Committee and Disciplinary Committee. Member of member bodies of Leagues Club Association, ClubsNSW and Club Directors Institute. Member of all Sporting Associations.

Interest in contracts - Nil.

R WILLIS Director Director 8 years. Vice President of Cricket Club. Member of the Board's Property Corporate and Investment Committee, Sponsorship Committee and Disciplinary Committee. Member of member bodies of Leagues Club Association, ClubsNSW and Club Directors Institute. Sports Council Chairman, Life Member of the Cricket Club and Member of all Sporting Associations.

Interest in contracts - Wentworthville Leagues Cricket Club.

SHORT AND LONG TERM OBJECTIVES

Generate sufficient profits from club operations to be able to promote, support and encourage sport in the Wentworthville district, with a particular emphasis on Rugby League. We strive to be the go-to destination for our community by providing a welcoming and inclusive environment for our members and guests. We prioritise the social, cultural, and recreational well-being of our community, and are dedicated to supporting local initiatives, sports and charities.

STRATEGY FOR ACHIEVING OBJECTIVES

We aim to achieve our objectives by providing a modern and up-to-date venue that offers quality hospitality and entertainment. Our goal is to exceed expectations by providing high quality services, amenities, and entertainment options that cater to a diverse range of preferences and interests that contribute to the betterment of our community.

PRINCIPAL ACTIVITIES

The principal activities of the Company during the course of the financial year were that of a licensed club. The purpose of the club is to promote and encourage the sport in the Wentworthville district, with a particularly focus on Rugby League by providing a modern and up-to-date venue offering quality hospitality and entertainment to members.

ACTIVITIES IN ACHIEVING THE OBJECTIVES

Our primary activities are designed to generate a sufficient financial return to maintain the assets of the club while also promoting and encouraging sports in the Wentworthville district, with a strong emphasis on Rugby League. Additionally, we aim to create, promote, and develop an inclusive environment within the club that fosters good fellowship and social harmony among our members. We believe the club is a hub for our community to come together, enjoy sports and other activities, and socialise in a welcoming and friendly atmosphere and are committed to continuously improving our facilities and services to meet the evolving needs and preferences of our community.

MEASUREMENT OF PERFORMANCE

The entity is measured against a financial budget, a strategic plan and a set of key performance indicators that are assigned to its senior management team. In addition, research is carried out to assess the team's performance with regard to the demographic of the area and our competition.

WENTWORTHVILLE LEAGUES CLUB LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

MEMBERSHIP

The company is limited by guarantee and without share capital. If the company is wound up, Rule 23 of the Constitution states that each member at that time, or within one year afterwards is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. As at 27 December 2022 there are 70,421 (2021: 74,169) current members across the following membership classes:

RESULTS OF OPERATIONS

The profit after tax for the financial period is $16,861,627 (2021: $5,865,972).

“Comparative earnings position” is a non-IFRS measure. A reconciliation to the statutory profit after tax is included in the above table.

WENTWORTHVILLE LEAGUES CLUB LIMITED DIRECTORS' REPORT (CONTINUED)

FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

DIRECTORS' MEETINGS

The following table sets out the number of Director's meetings held and attended during the year. During the financial period, 15 board meetings were held. Under the Board's Charter for its Committee the Directors along with management combine to undertake the responsibilities of the Property Corporate and Investment Committee, Audit Risk and Compliance Committee, Sponsorship Committee, Disciplinary Committee and Remuneration Committee meetings.

The directors have also attended other meetings and functions in fulfilling their duties, inclusive but not limited to industry professional bodies, sporting associations, councils and political representatives functions and sporting club committees throughout the year.

DIRECTORS’ AND EXECUTIVES' REMUNERATION

Remuneration of directors is in accordance with Rule 86 of the Constitution. Details of remuneration provided to directors is as follows:

Ernst & Young

200 George Street

Sydney NSW 2000 Australia

GPO Box 2646 Sydney NSW 2001

Ernst & Young

200 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

Tel: +61 2 9248 5555

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

Auditor’s Independence Declaration to the Directors of Wentworthville Leagues Club Limited

As lead auditor for the audit of the financial report of Wentworthville Leagues Club Limited for the 52 weeks ended 27 December 2022, I declare to the best of my knowledge and belief, there have been :

Auditor’s Independence Declaration to the Directors of Wentworthville Leagues Club Limited

a) no contraventions of the auditor independence requirements of the Corporations Act 200 1 in relation to the audit; and

As lead auditor for the audit of the financial report of Wentworthville Leagues Club Limited for the 52 weeks ended 27 December 2022, I declare to the best of my knowledge and belief, there have been :

b) no contraventions of any applicable code of professional conduct in relation to the audit.

c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

a) no contraventions of the auditor independence requirements of the Corporations Act 200 1 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit

c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

Sydney

11 April 2023

Sydney

11 April 2023

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Daniel Cunningham Partner

Ernst & Young Daniel Cunningham Partner

WENTWORTHVILLE LEAGUES CLUB LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

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

WENTWORTHVILLE LEAGUES CLUB LIMITED STATEMENT OF FINANCIAL POSITION AS AT

27 DECEMBER 2022

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

WENTWORTHVILLE LEAGUES CLUB LIMITED STATEMENT OF CHANGES IN EQUITY FOR 52 WEEKS ENDED 27 DECEMBER 2022

The above statement of changes in equity should be read in conjunction with the accompanying notes.

WENTWORTHVILLE LEAGUES CLUB LIMITED STATEMENT OF CASH FLOWS FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

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

WENTWORTHVILLE

LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

1 Reporting entity

Wentworthville Leagues Club Limited (the Company) is a company limited by guarantee incorporated and domiciled in Australia. The address of the Company's registered office is 50 Smith Street, Wentworthville, NSW, 2145. The financial statements of the Company are as at and for the 52 weeks ended 27 December 2022.

2 Basis of preparation

(a) Statement of compliance

These general purpose financial statements have been prepared in compliance with the requirements of the Corporations Act 2001 and Australian Accounting Standards - Simplified Disclosures. Australian Accounting Standards contain requirements specific to not-for-profit entities, including standards AASB 116 Property, Plant and Equipment, AASB 138 Intangible Assets, AASB 136 Impairment of Assets, AASB 1004 Contributions and AASB 1058 Income for Not-For-Profit Entities.

These financial statements, for the period ended 27 December 2022, are the first financial statements the Club has prepared in accordance with the Australian Accounting Standards - Simplified Disclosures. The adoption of the Australian Accounting Standards - Simplified Disclosures has no significant impact on the financial statements because the Club's previous financial statements were prepared in full compliance with the recognition and measurement requirements of Australian Accounting Standards.

The financial statements were approved by the Board of Directors on 11th of April 2023.

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis, with the exception of some financial instruments which are measured on fair value basis, and component of property, plant and equipment which is measured on revaluation model basis.

The financial report is presented in Australian dollars ($).

(c) Going concern

The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business operations and realisation of assets and settlement of liabilities in the ordinary course of business.

The Company has generated a net profit after tax of $16,861,627 for the 52 weeks ended 27 December 2022 (2021: $5,865,972) and, as at that date, is in a net current liability position of $4,081,350 (2021: $9,661,755) and in a net asset position of $151,342,843 (2021: $133,910,716). During the period, the Company generated cash inflows of $22,008,088 (2021: $14,434,820) from operating activities. The Company also has access to a financing facility with its bank and, as at balance date $18,000,000 of this is yet to be drawn.

The existing loan facility expires on 13 March 2024, cashflow forecasts indicate that the business will be able to meet all of the covenant and repayment terms to this date, however the ongoing financial viability of the entity is dependent upon the continuing financial support of the Secured Lender renewing the loan facility. Based on the experience and recent communication with the lender, where they have indicated that they see no issues with the request to extend the current termination date on the term debt facilities by an additional year, the Directors are of the view the lender will continue to financially support the operations of the Club.

WENTWORTHVILLE LEAGUES CLUB

LIMITED NOTES TO THE

FINANCIAL STATEMENTS

(CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

(c) Going concern (continued)

Based on the above, the Directors consider that the Company will be able to continue to fulfil all obligations as and when they fall due for the foreseeable future, being at least twelve months from the date of approval of these financial statements, and that the Company's financial statements should be prepared on a going concern basis.

(d) Functional and presentation currency

These financial statements are presented in Australian dollars, which is the Company's functional currency.

(e) Use of estimates and judgements

The preparation of financial statements in conformity with AASB requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes:

• Note 11 Intangible assets

• Note 17 Property, plant and equipment - residential property land

• Note 22 Contingencies

(f) Changes in accounting policies, disclosures, standards and interpretations New and amended standards and interpretations

The Company has adopted the following standard in the current period:

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

The Company has consistently applied the newly adopted accounting standard to all periods presented in these financial statements. The above standard did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

Accounting Standards and Interpretations issued but not yet effective

Certain Australian Accounting Standards and Interpretation have recently been issued or amended but are not yet effective and have not been adopted by the Company for the reporting period ended 27 December 2022.

3

Significant

accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Financial instruments

(i) Recognition and initial measurement

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(a) Financial instruments (continued)

(ii) Classification and subsequent measurement

On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income - debt investment: fair value through other comprehensive income - equity investment: or fair value through profit and loss.

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at fair value through profit or loss:

• it is held within a business model whose objective is to hold assets to collect contractual cash flows: and

• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified at amortised cost or fair value through other comprehensive income (FVOCI) as described above are measured at fair value through profit and loss (FVTPL). This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets at fair value through profit and loss

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

Financial assets at amortised cost

These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by any impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

(iii) Derecognition Financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Company enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised.

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR

THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(b) Property, plant and equipment

(i)

Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, except residential property - land which is measured at fair value under the revaluation model.

The increase in an asset class carrying amount as a result of a revaluation is recognised in other comprehensive income and accumulated in equity under the heading of revaluation surplus. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the asset class previously recognised in profit and loss.

Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of the property, plant and equipment and is recognised net in profit or loss.

A gain arising from revaluation is recognised within other comprehensive income. A loss arising from revaluation is recognised within profit or loss to the extent that it exceeds any existing revaluation surplus for the asset.

(ii) Subsequent costs

Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Company. Ongoing repairs and maintenance are expensed as incurred.

(iii) Depreciation

Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use.

Depreciation is calculated to write off the cost of property, plant and equipment less their estimated residual values using the straight-line basis over their estimated useful lives. Depreciation is generally recognised in profit or loss, unless the amount is included in the carrying amount of another asset. Land is not depreciated.

The estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as follows:

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

WENTWORTHVILLE LEAGUES CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(c) Intangible assets

Poker machine entitlements

Poker machine entitlements that are acquired by the Club, which have infinite useful lives, are measured at cost less accumulated impairment losses.

Subsequent expenditure

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred.

Impairment

Poker machine entitlements have indefinite useful lives as they have no expiry date. Accordingly, such intangible assets are not amortised but are systematically tested for impairment at each reporting date (see note 3(e)).

(d) Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is calculated on a weighted-average cost basis, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs necessary to make the sale.

(e) Impairment

Non-derivative financial assets

Financial instruments and contract assets

The Company considers a financial asset to be in default when:

• financial assets measured at amortised cost;

• debt investments measured at fair value through other comprehensive income; and

• contract assets.

The Company measures loss allowances at an amount equal to lifetime expected credit losses. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime expected credit losses.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward- looking information.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Company considers a financial asset to be in default when:

• the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held);

• or the financial asset is more than 90 days past due.

12-month expected credit losses are the portion of credit losses that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).

The maximum period considered when estimating expected credit losses is the maximum contractual period over which the Company is exposed to credit risk.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(e) Impairment (continued)

Non-derivative financial assets (continued)

Measurement of expected credit losses

Credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e.the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). Credit losses are discounted at the effective interest rate of the financial asset.

Presentation of allowance for expected credit losses in the statement of financial position

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at fair value through other comprehensive income, the loss allowance is charged to profit or loss and is recognised in other comprehensive income.

Write-off

The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. The Company expects no significant recovery from the amount written off.

(f) Employee benefits

(i) Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in periods during which services are rendered by employees.

(ii) Other long-term employee benefits

The Company’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods plus related on-costs; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on government bonds that have maturity dates approximating the terms of the Company’s obligations.

(iii) Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(g)

Provisions

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

(h) Revenue Revenue from contracts with customers

Revenue is recognised at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Company identifies the contract with a customer, identifies the performance obligations in the contract, determines the transaction price which takes into account estimates of variable consideration and the time value of money, allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered, and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(h) Revenue(continued)

(i) Goods sold

Revenue from the sale of goods is recognised at the point in time the goods are provided, and payment is collected.

(ii) Rendering of services

Revenue from gaming services is the net difference between gaming wins and losses, and is recognised upon the outcome of the game at the close of business.

(iii) Rental income

Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.

(iv) Dividend and interest revenue

Dividend revenue is recognised on a receivable basis. Interest revenue is recognised on a time proportionate basis that takes into account the effective yield on the financial asset.

(v) Government grant

Government grant is the JobKeeper subsidy income which relates to wages and salaries, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.

(i) Leases

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

 the contract involves the use of an identified asset – this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.

 the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and

 the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare case where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:

 the Company has the right to operate the asset; or

 the Company designed the asset in a way that predetermines how and for what purpose it will be used.

At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

For contracts entered into before, the Company determined whether the arrangement was or contained a lease based on the assessment of whether:

 fulfilment of the arrangement was dependent on the use of a specific asset or assets; and

 the arrangement had conveyed a right to use the asset. An arrangement conveyed the right to use the asset if one of the following was met:

- the purchaser had the ability or right to operate the asset while obtaining or controlling more than an insignificant amount of the output;

- the purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or

- facts and circumstances indicated that it was remote that other parties would take more than an insignificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the current market price per unit of output.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE

FINANCIAL STATEMENTS

(CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(i) Leases (Continued) As a lessee

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date and plus any initial direct costs incurred.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, and the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability comprise the following:

 fixed payments, including in-substance fixed payments.

 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; and

 lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets and lease liabilities separately in the statement of financial position.

(j) Finance income

Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Finance cost on loans and borrowings is recognised in profit or loss using the effective interest method.

(k) Income tax

Tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.

(i) Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR

THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(k) Income tax (continued)

(ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction and that affects neither accounting nor taxable profit or loss.

The measurement of deferred tax reflects the tax consequences that could follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted by the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

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.

(l) Good and services tax

Revenue, 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 taxation authority. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to the Australian Taxation Office (ATO) 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. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

(m) Fair value measurement

When measuring fair value of an asset or liability, the Company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, Either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

3 Significant accounting policies (continued)

(m) Fair value measurement (continued)

The fair value assessment of the freehold land and buildings was carried out as at 27 December 2022 by Global Valuations Services Pty Limited (Certified practicing valuer no. 67391). The Company has elected to revalue only the land component associated with the residential properties, and has recognised buildings under residential properties (buildings) category on a cost model, refer to note 2(e) and 3(b).

The following table details the assets which are measured and disclosed at fair value categorised under the three level hierarchy.

(n) Current versus non-current classification

The Company 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 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. All other assets are classified as non-current

A liability is current when:

 It is expected to be settled in the 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.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities

(o) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of 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 the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

WENTWORTHVILLE LEAGUES CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

7 Tax expense

Numerical reconciliation between tax expense and pre-tax accounting profit

The Income Tax Assessment Act 1997 (amended) provides that under the concept of mutuality, registered 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:

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

8 Cash and cash equivalents

Cash at bank and at call earns interest at floating rates based on daily bank deposit rates.

9 Trade and other receivables

These are poker machine entitlements and are stated at cost less accumulated impairment losses. Poker machine entitlements have an indefinite useful life given they have no expiry date, and accordingly are not amortised but are to be assessed annually for impairment. 12

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

14 Borrowings

The club has access to the following lines of credit:

The loan matures on 13 March 2024 and is subject to quarterly repayments. The interest rate for the relevant interest period is BBSY plus a margin of 1.08% (2021: BBSY plus a margin of 1.08%). Security consists of:

(i) Registered first mortgage by Wentworthville Leagues Club Limited over club premises situated at Wentworthville Leagues Club, Smith Street, Wentworthville, NSW, 2145.

(ii) A first registered equitable mortgage by Wentworthville Leagues Club Limited over the whole of its assets and undertakings including uncalled capital. Registered first mortgage by Wentworthville Leagues Club Limited over 40 properties situated in Wentworthville.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

16 Provisions

The movement during the period was follows:

Linked poker machine jackpot

Poker machine link jackpots is the current balance of available jackpots that accumulate from turnover play on poker machines. These jackpots are returned to players by achieving the required combination for the link jackpot on the machine being played.

Member mortality commitment

Members who joined the club between 1970 and 1989 may have been eligible for a mortality payment. No external fund exists and all commitments are met out of current cash flow. The present value of the mortality commitment reflects management’s estimates based upon similar lapse rates and discount rates to prior year Actuarial valuations.

Rewards bonus points

The best estimate of the commitment to members in relation to unredeemed bonus points is $345,741 (2021:$241,645). Earning rates, lapse rates and terms and conditions shall impact on future estimates.

WENTWORTHVILLE LEAGUES CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

18 Leases

The Company holds an operating lease with Cumberland Council for the use of the Ringrose Oval adjacent to the property.

Future lease payments under the operating lease as at reporting period are as follows:

19 Related party transactions

The directors of the club may from time to time hold a director's role, have membership, life membership or be the patron of the various sport and recreational clubs and football clubs that are governed and controlled by the Leagues Club constitution.

A Director of the Company is the principal of a business that has a contract for the provision of rental management of the residential property portfolio. The contract is on commercial terms. The rental management fees paid in the reporting period were $45,130 (2021: $42,785).

One Director of the Company during the reporting period received honorariums as a Director of the Cricket Club.

From time to time, Directors of the Company may purchase goods and engage in services that are provided by the Company and available to all members. These purchases are on the same terms and conditions as those available to all other members and may be in addition to allowances entitled by the Constitution and approved by the members at the AGM.

Apart from the details disclosed in this note, no Director has entered into any contract with the Company since the end of the previous financial period and there were no contracts involving Directors interests at year end.

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

19 Related party transactions (continued)

Key management personnel compensation

The aggregate compensation made to directors and other members of key management personnel of the company is set out below:

20 Financial reporting period

The Company has always used a 52 week cycle for its reporting. The monthly reporting cycle is grouped by weeks and follows a 5, 4, 4 cycle resulting in uniform days in the relative months across consecutive years. Consequently, the close off day for annual reporting purposes changes every year by a day and two days every leap year. The actual month end date for 2022 is 27 December and the actual close for 2021 was 28 December 2021.

21 Core properties

Pursuant to Section 41J of the Registered Club Amendments Act 2006, the club categorises property as follows:

Core properties held by the Club are:

WENTWORTHVILLE LEAGUES CLUB LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

21 Core properties (continued)

76 Smith Street, Wentworthville NSW 2145

78 Smith Street, Wentworthville NSW 2145

80 Smith Street, Wentworthville NSW 2145

51 Smith Street, Wentworthville NSW 2145

70 Smith Street, Wentworthville NSW 2145

72 Smith Street, Wentworthville NSW 2145

74 Smith Street, Wentworthville NSW 2145

68 Smith Street, Wentworthville NSW 2145

22 Contingent assets and contingent liabilities

The directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.

23 Members guarantee

The Company is limited by guarantee. If the Company is wound up, Rule 23 of the Constitution states that each member at that time, or within one year afterwards is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company. At 27 December 2022 the number of members were 70,421 (2021: 74,169).

24 Auditor’s remuneration

The auditor of Wentworthville Leagues Club Limited is Ernst & Young (Australia) in 2022 and KPMG (Australia) in 2021.

25 Events subsequent to reporting date

There have been no events subsequent to reporting date which would have a material effect on the Company’s financial statements at 27 December 2022.

Ernst & Young

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 Wentworthville Leagues Club Limited

Independent auditor’s report to the members of Wentworthville Leagues Club Limited

Opinion

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 27 December 2022 , the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the 52 weeks then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors ’ declaration.

Opinion

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 27 December 2022 , the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the 52 weeks then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors ’ declaration.

In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001 , including:

In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001 , including:

a. G iving a true and fair view of the Company’s financial position as at 27 December 2022 and of its financial performance for the 52 weeks ended on that date; and

a. G iving a true and fair view of the Company’s financial position as at 27 December 2022 and of its financial performance for the 52 weeks ended on that date; and

b. Complying with Australian Accounting Standards – Simplified Disclosures and the Corporations Regulations 2001

b. Complying with Australian Accounting Standards – Simplified Disclosures 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 auditor independence requirements of 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.

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

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

Information other than the financial report and auditor’s report thereon

The directors are responsible for the other information. The other information is the directors’ report accompanying the financial report.

Information other than the financial report and auditor’s report thereon

The directors are responsible for the other information. The other information is the directors’ report accompanying the financial report.

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

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, 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.

If, based on the work we have performed, 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.

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Auditor’s Independence Declaration to the Directors of Wentworthville Leagues Club Limited

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

As lead auditor for the audit of the financial report of Wentworthville Leagues Club Limited for the 52 weeks ended 27 December 2022, 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 200 1 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit.

c) No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit.

11 April 2023

Ernst & Young Daniel Cunningham Partner Sydney