Wenty Leagues Club Annual Report 2023

ANNUAL REPORT 2023

David Mumford

PRESIDENT Ian McCann

Alan

Rod Pritchard Jody

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 66th Annual Report for the year ending 31st December 2023, of Wentworthville Leagues Club.

I am delighted to announce that the club has delivered another exceptional financial result this year with operating profit before tax of $14m, generating $24m in net cash from operations and reduced debt by $14m. Furthermore, our balance sheet remains robust, with total members funds increasing by $17m to reach $168m.

This places us in a solid position as we embark on our next phase of evolving your Entertainment Hub, with enabling works beginning in January 2024, and the project officially commencing in March 2024. This investment reflects our dedication to creating a modern, vibrant space for our valued members. The works will encompass various aspects of our club, including upgraded lounge areas with additional seating, a larger dance floor and a state-of-the-art stage, allowing us to continue to showcase local talent. Our vision is to create an unparalleled Entertainment Hub that caters to diverse interests and age groups.

As we navigate the ever-evolving hospitality landscape, we recognise the need to embrace technology, enhance member experiences, and foster partnerships to position us well for the future. Along with our engagement with the community, which extends beyond our walls, we are able to contribute to the social fabric of Wentworthville and surrounds.

With the introduction of our community brand, Heart of Wenty, our engagement with the local community remains a cornerstone of our mission. As we enhance our facilities, we also deepen our connections with local organisations, schools, sporting groups and residents.

Our membership base also continues to expand, and we are committed to providing exclusive benefits and personalised services to our members. Over the next 12 months, as we unveil newly renovated spaces, we look forward to welcoming new faces and celebrating with our existing members.

I would also like to advise that our 2024 Annual General Meeting will be held on Sunday 26th May, commencing at 10am, at the club. I look forward to seeing members at this meeting, where the Board of Directors will present on both our strong financial growth and provide updates on our works to evolve your Entertainment Hub.

In closing, I would like to thank my fellow Board Members for their professionalism, continued support and dedication to Wenty Leagues. I also thank the Executive Management team, led by CEO Glenn Kovacs, for their dedication and hard work, along with a warm thank you to all staff, sporting sub clubs and members for your ongoing loyalty.

I look forward to what’s ahead in 2024 and am excited to continue to share in the journey with each of you.

Ian McCann PRESIDENT

CEO’S REPORT

Dear Members,

2023 proved itself to be an incredibly rewarding year for us at Wenty Leagues with many incredible achievements, events and preparation for our renovation rounding out the year.

Our commitment to innovation and growth has led us to embark on a $25 million renovation project, positioning us as a premier entertainment destination in Western Sydney. Our investment in facility upgrades underscores our dedication to providing cutting-edge amenities and delivering an Entertainment Hub that still feels like a home away from home for our members, remaining a dynamic and inclusive space for all.

At Wenty, we pride ourselves on being an industry leader, not only when it comes to the service and offerings we provide, but also in our compliance of guidelines in the regulatory landscape. We take on this responsibility not only for ourselves, but also to meet the expectations of our community and members.

Throughout 2023, Wenty Leagues continued to be a destination for exceptional entertainment by bringing quality performances from a variety of artists to our Starlight Room. Our weekly entertainment lineup also brought a variety of local soloist performers to the club to create a lively atmosphere.

Aside from great entertainment, we also had a host of promotions with great prizes to be won, including a well sought after $10,000 trip to sunny Byron Bay, thanks to Lion. Of course, our regular weekly activities continued to bring our members together with additional themed raffles adding to the fun on special occasions.

Each year our community events are a highlight on our calendar and 2023 proved to be no exception, with members heading out in droves to be a part of our Magpie Family Fun Day and Carols on Ringrose. It is always heartening to see so many community members coming together to create lasting memories with their family and friends.

Stepping into 2024, in what will be another transformative for Wenty Leagues, we continue to evolve and enhance our offerings with our focus remaining on delivering memorable experiences, new and exciting promotions and as always, providing exceptional service.

I wish to thank the Board of Directors for their ongoing support, along with my heartfelt gratitude to our dedicated Management team, staff and members for your passion and helping to make Wenty Leagues truly feel like a home away from home

We look forward to celebrating many more milestones together and thank you for being part of the Wenty Leagues Club family.

EXECUTIVE OFFICER

CHIEF

WENTY & THE COMMUNITY

Community has always been a big part of Wenty Leagues, not only our wonderful community of members who visit us each day, but also our contributions and involvement in our local community, Wentworthville. Over the years we have been fortunate enough to help a number of incredible charity organisations, many of which we have long-standing relationships with.

Our desire is to continue to be involved more in our community and to nurture our existing relationships, while also creating new ones. As much as we strive to be a home away from home for our members, we want to make a positive impact on the lives of those in our local community. With this in mind, Wenty Leagues is pleased to introduce our new community brand, Heart of Wenty.

This branding represents our continued commitment to our community, and our support of organisations and individuals to positively impact the lives of many. Some areas we will strive to support through our community partnerships include:

CHILDREN

Sick and long-term injured children, those that are vulnerable through child poverty and domestic/family violence, initiatives that support children with special needs, schools within the 2145 postcode, including school fundraising and education programs to support learning.

DISABILITIES

Projects to promote inclusion and projects for support services for those living with a disability.

ELDERLY

Programs to increase their health and well-being, connecting elderly with their community, through activities.

DISADVANTAGED ADULTS

Those affected by domestic and family violence, financial hardships, homelessness

OUR COMMUNITY PARTNERSHIPS

COMMUNITY ORGANISATIONS

LITTLE WINGS

Wenty Leagues proudly continued their support for Little Wings for the Childrens Hospital Flight program for the amount of $19,336. Funding in 2023 was able to assist 10 families residing in regional New South Wales, with 16 flights for children to receive vital medical treatment. Treatment included ongoing support for a range of diseases, tumours, trauma and serious birth complications. All of the pilots are volunteers, with many of the Little Wings pilots working for Australian commercial airlines. Funding received by Little Wings allows the organisation to continue to keep their planes in the air, and in some cases getting kids home from hospital in time to spend special occasions with their families, giving families valued time together.

LEARNING LINKS

Learning Links has been a long time community partner of Wenty Leagues and in 2023 we funded projects that were implemented in schools, in the Cumberland LGA, for a total of $80,830.

The Resilient Kids Project which has been created by Learning Links specialist childhood educators and psychologists, adopts a whole-community response. This helps ensure children from Wentworthville Public School, who are at risk from or who have experienced traumatic situations and/or circumstances, like Domestic Violence, are supported through targeted child-centred

interventions including Childhood Resilience and Psychological Support and Teacher and Parent Capacity Building Programs.

The project, Speech Therapy in Schools, empowers children to learn, communicate and thrive. Learning Links Speech Pathologists work at Holroyd High School to support students who have speech, language and communication challenges that are affecting their ability to learn, make friends and reach their full potential. Learning Links Speech Pathologists support up to 32 students with weekly evidence-based therapies to help combat their challenges in a vital stage of their development.

RONALD MCDONALD HOUSE CHARITIES –GREATER WESTERNS SYDNEY

Wenty Leagues has a long-standing partnership with Ronald McDonald House Charities, Greater Western Sydney (RMHC – GWS). In 2023 we were proud to support multiple projects to the amount of $30,000, including Room Sponsorship for a two bedroom apartment for families to stay together with a sick or injured child, when going through a challenging time in their lives. There are 60 rooms in the purposebuilt facility, located next to Westmead Children’s Hospital.

Another initiative in partnership with RMHC – GWS

is Meals with Heart, which gives Wenty Leagues Board & staff the opportunity to volunteer their time to prepare and serve a meal to the residents at the house. RMHC – GWS continually strives to make a positive impact on the health and wellbeing of children with illness and disability, and their families – this includes providing a safe and supportive home for families and a nourishing, home cooked meal that is appreciated by parents and carers after a long day spent beside their child’s hospital bed.

THE TOP BLOKE FOUNDATION

In 2023, Wenty Leagues once again supported Top Blokes Mentoring Program for the amount of $33,770, a project to improve young male mental health across Cumberland. The supported program engaged with 72 young males aged 11-17 who attend schools within the Cumberland LGA.

Qualified youth workers delivered weekly workshops, with the young males being supported to build a toolkit of skills in mental health and wellbeing and social connectedness, in the hope of reducing antisocial behaviours include crime and violence and resilience in coping with mental illness.

BE UNSTOPPABLE FOUNDATION

Funding of $43,542 from Wenty Leagues in 2023 allowed the Be Unstoppable Foundation to implement their programs within Cumberland LGA schools. These programs included Positive Mental Health for adults 12-week Online Workshop Program, Positive Mental Health Program for Big-Kids and Positive Mental Health – 12 Weeks Adults Program. These programs were successfully delivered to 160 year 8 students from Auburn High School and 45 Year 9 Students from Granville South Creative and Performing Arts High School.

SYDNEY CHILDREN’S HOSPITALS FOUNDATION

Sydney Children’s Hospitals Foundation held their Lights for Kids initiative once again in 2023. This initiative sees community members decorate their house with a Christmas display and encourage members of the community who come and see the display, to donate.

In 2023 Wenty Leagues donated $50,000 towards the initiative. The donation was used for a clinical trials program at the Children’s Cancer Research Centre, Westmead with the hope of developing a novel therapy known as CAR T cell therapy for treating children’s sarcoma.

CAR T cell therapy is a highly effective new cancer treatment that uses a patient’s own immune system to attack their cancer cells.

COMMUNITY SNAPSHOT

2023 HIGHLIGHTS

$14m Operating Profit (Before Tax)

70,373 Total Members

CAROLS ON RINGROSE

In reflecting on our 2023 highlights, we think back to the success of our Carols on Ringrose event.

Once more, Ringrose Park turned festive with over 3,000 members of our local community gathering for an fun-filled evening. From captivating performances by talented local bands and artists to our headline acts, The Wiggles’ own Dorothy the Dinosaur and the charming Todd McKenney, the atmosphere was joyous. The grand finale, marked by a spectacular fireworks display, left a lasting impression on all who attended.

Together with the unwavering support of our dedicated volunteers and the Wenty Family, we proudly raised an impressive $12,500 for our charity partners, Youth off the Streets

1.3m Total Visitation

$168m Total Member Funds

PERFECT PLATE

One moment that stands out prominently among the rest in 2023, was the excitement of winning the ‘Most Votes: Large Club’ award in the ClubsNSW Perfect Plate competition.

This award serves as a testament to the unwavering support and enthusiasm of our beloved Wenty community, whose overwhelming votes helped us to win.

The award also showcased the dedication and talent of our exceptional Chef team and staff, whose tireless efforts ensured that our dish exceeded the expectations of all who tasted it. Their commitment to excellence and passion for delivering exceptional dining experiences are truly commendable.

WHAT WE OFFER

GET TO KNOW YOUR

At Wenty Leagues our mission is to be a ‘home away from home’ for our members. Thinking of home, feelings of comfort, socialising and good food come to mind – all of which we strive to deliver at Wenty.

Each of our offerings serves up a relaxing environment, perfect for a catch up with friends or a celebration to remember. Have a read of exactly what you can expect to find when you come to Wenty.

The Plaza is our casual dining precinct, where each of our four dining outlets and bar offers a unique and memorable experience.

Indulge in a hearty helping of mouth-watering signature steaks, crumbed lamb cutlets and golden fried chicken schnitzel, as well as a raft of Wenty favourites.

For lovers of authentic stone-baked pizza, Pizza Mama is your go-to destination. From classic favourites to gourmet creations, each pizza is lovingly handcrafted to ensure a mouthwatering experience with every slice.

Dive into a world of sweetness at Crave Desserts, where gelato drizzled with glorious toppings and a delectable assortment of cakes await. Indulge your sweet tooth and treat yourself to a divine dessert experience.

Transport your taste buds to the bustling streets of Asia at Red Panda Noodles. From aromatic stir-fries to exquisite noodle dishes, immerse yourself in the exotic flavours and vibrant aromas of Asian cuisine.

A temporary relocation of the beloved Wenty Café, The Café is the perfect place for members to unwind and savour delicious food and beverages. While our existing facilities undergo a comprehensive enhancement, The Café continues to serve up all your favourite Wenty classic dishes and introduce new favourites to tantalize your taste buds.

Looking to catch all of your sport action LIVE AND LOUD? Magpie Sports Bar is the place for you. The ultimate destination to catch all the action, with state-of-the-art screens and a lively atmosphere, cheer on your favourite teams while enjoying a cold beverage and tasty bites.

Planning a special celebration or corporate event? Look no further than Wenty Events. Our versatile function space on Level 1 is the perfect venue for weddings, birthdays, conferences, and more. Let us help you create unforgettable memories in a stylish and sophisticated setting.

We are ready to welcome you to Wenty, your home away from home.

DEVELOPMENT OF WENTY

1959

Land purchased

1962

Wenty Leagues official opening

Plans initiated & executed for lounge area, Bowling Greens & new Bistro

1990’s

Directors $10m plan comes to life making Wenty “industry leaders”

2010

Approval for new main entrance off Great Western Highway received

2012

New car park built

2014

Starlight Auditorium refurbished

2018

Undercover Bowling Greens, multi-deck car park & GWH entry finished 1969 - 1971

2020

CHAR Restaurant, ENVY Bar & Wenty Events built + COVID struck

2022

Masterplan Stage 2 planning, approval & design

Extensions to building & interior fitout

1980’s

Planning for future

2007

New restaurant Lucido Italian opens & Lawson Bistro refurbished

2011

Foyer refurbished & new kids area built

2013

New grandstand built at Ringrose Oval

2015

Masterplan Strategic Plan begins 1966

2019

The Plaza, Magpie Sports, Foyer & Clubby House finished

2021

COVID continues & club closed for first time since opening

2024

Masterplan Stage 2, Entertainment Hub works commence

YOUR ENTERTAINMENT HUB

At Wenty Leagues we are embarking on an extraordinary transformative renovation to evolve your Entertainment Hub.

You may have started to notice some changes in the club, as we are working to create the ultimate destination for entertainment, leisure and relaxation. The comprehensive renovation will see enhancements to the club’s existing facilities, including:

• Wenty Cafe & Lounge will be undergoing a transformation to expand into a more comfortable and enjoyable space with additional seating, where you can relax, socialise and indulge in food and entertainment offerings.

• Wenty Stage will be rebuilt from scratch, to offer up a firstrate entertainment experience for all patrons, along with a bigger dancefloor, so there will be plenty of room to bust a move.

• As part of our build, we will be prioritising accessibility and inclusivity, enhancing access for mobility and visually impaired individuals, where the Starlight Room becomes more accessible, ensuring that Wenty Leagues remains a community hub for all.

During the project, members and guests can still enjoy all the usual activities in the club and offerings at The Plaza will be unaffected with Chef’s Grill, Pizza Mama, and Red Panda Noodles continuing to delight your taste buds.

The pictures to the right give you a sneak peak of the finished result we are working towards unveiling in mid 2025.

We welcome you to join us on this exciting journey, as we will be providing regular updates of our progress along the way, including exclusive sneak peeks, changes in the club and other special announcements.

To ensure you stay up to date, make sure you opt in to receive email communication and follow us on our social channels –@wentyleagues.

Get ready to experience a new era of entertainment at Wenty Leagues as we evolve your Entertainment Hub into the ultimate destination for entertainment, leisure and relaxation.

COMPLETE IN MID 2025

OUR SUB CLUBS

15 Active Sporting Sub Clubs

$1.1 Million in Total Funding

2,111 Sporting Members

Five Sub Clubs Operating for 60+ Years

6,131 Hours of Competitive Sport Played

768 Live & Loud Sporting Events Shown (Approximately)

34% of staff provided with development opportunities

Launched self-driven career progression program

OUR PRODUCT

200,470 Coffees sold

23,791 Schnitzels made

25,175 Steaks cooked

30,699 Cakes sold

373,559 Schooners sold

66,079 Pizzas handmade & cooked

OUR SOCIALS

41,000 Followers across all social platforms

949 Individual pieces of content posted in

Most popular social campaign

Matildas

2023 World Cup

1.07M Impressions across all social platforms

Followers across

39 different countries

93 Staff members featured across our socials

FINANCIAL SNAPSHOT

FINANCIAL REPORT

WENTWORTHVILLE LEAGUES CLUB LIMITED

ABN 25 000 244 459

GENERAL PURPOSE (SDS) FINANCIAL REPORT

FOR THE 52 WEEKS ENDED 26 DECEMBER 2023

DIRECTORS EXPENSES

In accordance with the Constitution the total value of Directors’ expenses under Rule 87 (a) - (n) for the year 2023 is $169,849 (2022: $163,000). The actual expenditure for the year of $104,519 (2022: $103,064) is $65,330 below the amount allocated for the year but an increase of $1,455 above the costs of the prior year.

DIRECTORS’

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 26 December 2023.

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 17 years including President 15 years. Honorary Life Member of Wentworthville Leagues Club, Chairman of Board’s Remuneration Committee, Audit Risk and Compliance Committee, Sponsorship Committee and Disciplinary Committee. President of Leagues Club Association (2024 – Current), member of Leagues Club Association(17 years of service). 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 Squash Club and Cricket Club. Life member of WDRLFC.

Interest in contracts - Nil.

L CAPOVILLA Director

A CROMACK Director

Director 35 years. Honorary Life Member of Wentworthville Leagues Club, Member of the Board’s Property Corporate and Investment Committee, Sponsorship Committee and Disciplinary Committee. Delegate to Leagues Clubs Association and Member of ClubsNSW and Clubs Directors Institute. 35 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.

Director 21 years including past Vice President for 6 years (2013 – 2019). Honorary Life Member of Wentworthville Leagues Club. Member of Boards Remuneration Committee, Sponsorship Committee and Disciplinary 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 contracts - Platinum Electricians.

A FOWLER Director Director 13 years, previous Vice President (Non-consecutive 2011-2013 & 2021-2023). Member of Board’s Audit Risk and Compliance Committee, Remuneration Committee, Disciplinary 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.

J ISAACS Vice President Director 15 years, Vice President (2023 – Current). Member of Board’s Remuneration Committee and Property Corporate and Investment 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.

J MANSON Director

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 including Life Member and Committee Member of WL Netball Club.

Interest in contracts - Wentworthville Leagues Netball Club.

Director 4 years. Member of 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. Member of all Sporting Associations.

Interest in contracts - Nil.

R PRITCHARD Director (appointed May 2023)

Director 1 year. 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 President of WDRLFC.

Interest in contracts - Wentworthville District Rugby League Football Club.

R WILLIS

Director (retired May 2023)

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 sport in the Wentworthville district, with a particular 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.

DIRECTORS’

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.

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 26 December 2023 there are 70,373 (2022: 70,421) current members across the following membership classes:

The profit after tax for the financial period is $13,976,945 (2022: $16,861,627).

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

DIRECTORS’ MEETINGS

The following table sets out the number of Director’s meetings held and attended during the year. During the financial period, 14 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.

* Appointed May 2023

** Retired May 2023

DIRECTORS’

DIRECTORS’ AND EXECUTIVES’ REMUNERATION (CONTINUED)

Officers of the company

The executive’s remuneration package may contain the key elements of salary, superannuation and long service leave.

In accordance with Rule 159 (b) of the Constitution, the aggregate remuneration representing the annual salaries, bonuses and emoluments provided to the 6 highest paid officers of the company is $1,750,695 (2022: $1,727,487).

Indemnification and insurance of Directors and Officers

During the financial year, the Club 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 amount of the premium.

Indemnification of auditor

To the extent permitted by law, the Club has agreed to indemnify its auditor Ernst & Young (Australia), 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 Ernst & Young (Australia) during or since the financial period.

Significant events after reporting period

Subsequent the period end, the Club entered into a contract for the refurbishment of its premises with a contract value of $21.84 million. There have been no other significant events occurring after the reporting period which may affect either the Company’s operations or results of those operations or the Company’s state of affairs.

AUDITOR’S INDEPENDENCE DECLARATION

The auditor’s independence declaration is included on page 29.

Signed in accordance with a resolution of the directors made pursuant to s298(2) of the Corporations Act 2001.

I McCann Director

Dated 24th April 2024 at Wentworthville

Ernst & Young

200 George Street

Sydney NSW 2000 Australia

Tel: +61 2 9248 5555

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

AUDITOR’S INDEPENDENCE DECLARATION

GPO Box 2646 Sydney NSW 2001

Auditor’s

Independence Declaration to the Directors of Wentworthville Leagues Club Limited

Ernst & Young 200 George Street

Sydney NSW 2000 Australia

Tel: +61 2 9248 5555

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

As lead auditor for the audit of the financial report of Wentworthville Leagues Club Limited for the 52 weeks ended 26 December 2023, I declare to the best of my knowledge and belief, there have been :

GPO Box 2646 Sydney NSW 2001

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

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

b) No contraventions of any applicable code of professional conduct in relation to the audit; and

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

As lead auditor for the audit of the financial report of Wentworthville Leagues Club Limited for the 52 weeks ended 26 December 2023, 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;

b) No contraventions of any applicable code of professional conduct in relation to the audit; and

Ernst & Young

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

Daniel Cunningham Partner

Ernst & Young

Sydney

24 April 2024

Daniel Cunningham Partner

Sydney

24 April 2024

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

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

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

STATEMENT OF CHANGES IN EQUITY

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

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

NOTES TO THE FINANCIAL STATEMENTS

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 26 December 2023.

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.

The financial statements were approved by the Board of Directors on 24th of April 2024.

(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 $13,976,944 for the 52 weeks ended 26 December 2023 (2022: $16,861,627) and, as at that date, is in a net current liability position of $932,404 (2022: $4,081,350) and in a net asset position of $168,144,287 (2022: $151,342,843). During the period, the Company generated cash inflows of $23,740,617 (2022: $22,008,088) from operating activities. The Company also has access to a financing facility with its bank and, as at balance date $22,000,000 of this is yet to be drawn. The existing loan facility expires on 30 April 2025.

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 16 Property, plant and equipment - residential property land

• Note 21 Contingencies

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

New accounting standards and interpretations

During the 52 weeks ended 26 December 2023, the Club has reviewed and adopted all of the new and revised standards and interpretations issued by the Australian Accounting Standards Board ('AASB') that are relevant to its operations and effective for annual reporting periods beginning on or after 28 December 2022. It has been determined by the Club that there is no impact, material or otherwise, of the new and revised standards and interpretations on its business.

Accounting Standards and Interpretations issued but not yet effective

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Club for the 52 week reporting period ended 26 December 2023. The directors have not early adopted any of these new or amended standards or interpretations.

3 Material 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.

(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.

3 Material accounting policies (continued)

(a) Financial instruments (continued)

(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.

(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.

3 Material accounting policies (continued)

(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:

• Buildings including residential property buildings

• Leasehold improvements

• Plant and equipment

• Equipment under finance lease

• Furniture, fixtures and fittings

• Office machines

• Motor vehicles

40 years

11 years

5 - 10 years

3 years

5 - 10 years

3 - 5 years

8 years

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

(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.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 Material accounting policies (continued)

(e) Impairment (continued)

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.

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.

3 Material accounting policies (continued)

(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.

(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.

(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.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 Material accounting policies (continued)

(i)

Leases(continued)

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.

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-ofuse assets and lease liabilities separately in the statement of financial position.

3 Material accounting policies (continued)

(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.

(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.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 Material accounting policies (continued) (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)

The fair value assessment of the residential properties-land was carried out as at 31 December 2023 by Howden Insurance Brokers (Australia) Pty Ltd (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.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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:

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

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.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

The club has access to the following lines of credit:

The loan matures on 30 April 2025 and is subject to quarterly repayments. The interest rate for the relevant interest period is BBSY plus a margin of 1.08% (2022: 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.

The movement during the period was follows:

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 $365,791 (2022: $345,741). Earning rates, lapse rates and terms and conditions shall impact on future estimates.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

16 Property, plant and equipment

At 26 December 2023

At 27 December 2022

Carrying amounts

137,696,906 40,980,000 1,231,602

16,774,840 7,928,713 353,599 22,394 1,017,615

3,317,229

209,322,898

Balance at 26 December 2023

145,544,496

36,945,000

1,357,318

16,775,243 6,766,744 473,503 36,702 1,092,075

1,185,295

208,016,309

29,617,4231,289,021

21,321,520 136,951 1,384,339 50,175 235,790 -

60,665,012

Write off (18,167)(24,740) (4,246,478) (78,284) (184,537) (39,917)-

9,167,811

Depreciation 3,847,007125,716 3,983,375 916,615 211,496 9,142 74,4609,167,811

Depreciation As at 28 December 2022

Balance at 26 December 2023

25,788,5831,188,045 21,584,623 5,928,553 1,357,380 80,950 161,330 -

56,089,464

167,314,329 40,980,000 2,520,623

38,096,360 14,695,457 1,737,938 72,569 1,253,405 3,317,229 269,987,910

277,914 100,713-(378,627) -

Write off (18,750)(24,740) (4,299,354) (78,424) (185,311) (45,083)

Freehold land & buildings (Club premises and Residential Leasehold Plant and Furniture, fixtures & Office Motor Right of Capital work In AUD residential buildings) propertiesland improvements equipment fittings machines vehicles use asset in progress Total

17 Leases

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

(i) Right of use asset

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

18 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 $60,783 (2022: $45,130).

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.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

18 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:

19 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 2023 is 26 December and the actual close for 2022 was 27 December 2022.

20 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:

20 Core properties (continued)

21 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.

22 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 26 December 2023 the number of members were 70,373 (2022: 70,421).

23 Auditor’s remuneration

The auditor of Wentworthville Leagues Club Limited is Ernst & Young (Australia) in 2023 and 2022.

24 Events subsequent to reporting date

Subsequent the period end, the Club entered into a contract for the refurbishment of its premises with a contract value of $21.84 million. There have been no other events subsequent to reporting date which would have a material effect on the Club’s financial statements at 26 December 2023.

DIRECTORS’ DECLARATION

In the opinion of the directors of Wentworthville Leagues Club Limited (the Company):

(a) The financial statements are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of its financial position as at 26 December 2023 and performance for the period ended on that date; and

(ii) complying with Australian Accounting Standards – Simplified Disclosures and the Corporations Regulations 2001.

(b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors.

Ian McCann Director

Dated 24th April 2024 at Wentworthville

Tel:

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

Opinion

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 26 December 2023, 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 material accounting policy information, and the directors ’ declaration.

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

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 26 December 2023, 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 material accounting policy information, and the directors ’ declaration.

a. G iving a true and fair view of the Company’s financial position as at 26 December 2023 and of its financial performance for the 52 weeks ended on that date; and

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

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

a. G iving a true and fair view of the Company’s financial position as at 26 December 2023 and of its financial performance for the 52 weeks ended on that date; and

Basis for opinion

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.

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

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

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

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

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

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

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 o r otherwise appears to be materially misstated.

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

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.

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 o r 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.

Responsibilities of the directors for the financial report

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

Opinion

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

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 – Simplified Disclosures and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Opinion

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 26 December 2023, 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 material accounting policy information, and the directors ’ declaration.

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

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

Auditor’s responsibilities for the audit of the financial report

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 26 December 2023, 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 material accounting policy information, and the directors ’ declaration.

a. G iving a true and fair view of the Company’s financial position as at 26 December 2023 and of its financial performance for the 52 weeks ended on that date; and

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

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

a. G iving a true and fair view of the Company’s financial position as at 26 December 2023 and of its financial performance for the 52 weeks ended on that date; and

Basis for opinion

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

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

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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.

► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opini on. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

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

► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

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

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

► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Information other than the financial report and auditor’s

report thereon

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

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

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 o r otherwise appears to be materially misstated.

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

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.

► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evide nce obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future eve nts or conditions may cause the Company to cease to continue as a going concern.

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

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

► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transa ctions and events in a manner that achieves fair presentation.

Opinion

Independent auditor’s report to the members 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 co ntrol that we identify during our audit.

Opinion

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 26 December 2023, 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 material accounting policy information, and the directors ’ declaration.

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

Ernst & Young

We have audited the financial report of Wentworthville Leagues Club Limited (the Company), which comprises the statement of financial position as at 26 December 2023, the statement of profit or loss comprehensive income, statement of changes in equity and statement of cash flows for the 52 weeks then ended, notes to the financial statements, including material accounting policy information, and the directors ’ declaration.

a. G iving a true and fair view of the Company’s financial position as at 26 December 2023 and of its financial performance for the 52 weeks ended on that date; and

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

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

iving a true and fair view of the Company’s financial position as at 26 December 2023 and of its financial performance for the 52 weeks ended on that date; and

Daniel Cunningham Partner

Basis for opinion

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

Sydney 24 April 2024

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 hav e obtained is sufficient and appropriate to provide a basis for our 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.

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

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

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

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

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

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 o r otherwise appears to be materially misstated.

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

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.

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 o r otherwise appears to be materially misstated.

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

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