Panthers Football Annual Report 2015_WEB_Spreads

PENRITHPANTHERS.COM.AU 1

PENRITHPANTHERS.COM.AU 3

2015 SPONSORS

Sponsors 2015 4

Sponsors QI Media Summary 5

REPORTS AND REVIEWSExecutive General Manager’s Report 6

COMPANY PROFILELife Members 9

Stadium Consumption 10

Membership Statistics 11

Rugby League Academy 13

ANNUAL FINANCIAL REPORT 2015Board Of Directors 17

Directors’ Report 18

Auditor’s Independance Declaration 21

Statement of Profit or Loss and Other Comprehensive Income 22

Statement of Financial Position 23

Statement of Changes in Equity 24

Statement of Cash Flows 24

Notes to the Financial Statements 25

Directors’ Declaration 35

Independant Auditor’s Report 36

Penrith District Junior Rugby League 37

CORPORATE INFORMATION

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ACN003 908 503

REGISTERED OFFICE Mulgoa Road, Penrith NSW 2750

COMPANY SECRETARYW. Wilson

BANKERSANZ

AUDITORSErnst & Young

DIRECTORSB. Fletcher - appointed Chairman 29 July 2015

D. O’Neill - appointed Deputy Chairman 29 July 2015

G. Alexander

D. Merrick

I. Hicks - appointed 29 July 2015

D. Feltis - resigned 29 July 2015

J. Hiatt - resigned 29 July 2015

PENRITHPANTHERS.COM.AU 54 PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015

Sponsor2013 QI

Media Value2014 QI

Media Value2015 QI

Media ValueYoY Change

$4,197,739 $8,303,062 $8,735,168 5%

- - $5,048,462 -

$1,645,956 $4,049,970 $5,025,793 24%

$1,547,248 $4,242,069 $4,678,453 10%

- $1,730,089* $2,494,960 24%

- $656,193* $1,408,530 115%

$428,677 $457,898 $519,162 13%

$143,257 $416,991 $371,630 11%

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Major Partner & Sponsor of Junior League

Executive Partners

Stadium Naming Rights Partner

lawyers

Legal Partner

Sleeve Partner

Shorts Sponsors

P R O P E R T Y G R O U P

Lower Back Sponsor

Major Sponsors of the Panthers on the Prowl

Apparel Partner

P R O P E R T Y G R O U P

$28,773,020TOTAL QI MEDIA VALUE(ALL SPONSORS)

$3,856,631JERSEY SLEVEMOST VALUBLE ASSET

$18,561,399DEDICATED TVMOST VALUBLE MEDIA TYPE

$1,267,150ROUND 5 VS COWBOYS MOST VALUBLE GAME

40%

25%

42%

*Refers to 2014 partners, Sportingbet and Literacy for Life


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The 2015 Rugby League season was indeed a difficult one for the Penrith Panthers. However, overall, the club still experienced a steady progression towards our ultimate goals.

Our junior representative teams again performed admirably. The under 16’s Harold Matthews team reached the semi-finals, whilst the SG Ball side was unlucky to lose in the preliminary final in very wet conditions to the eventually National Champions Cronulla. That game could have gone either way.

The highlight of the year was undoubtedly the Premiership success in the National Youth Competition. This is the second time in three years the Panthers have won this prestigious National competition.

Congratulations go to our young players. Coach Cameron Ciraldo and his staff did an outstanding job with this squad. The further the season progressed, the more they improved. By finals time there was an air of confidence about these lads doing the job and they completed the task in grand style.

Special congratulations must also go to our Recruitment Managers Jim Jones and Mark Hughes who played vital roles in putting together this successful squad.

Our NSW Cup team had another highly successful season, finishing in equal first position on the ladder at the end of the premiership rounds, despite the fact this squad was heavily affected by injuries all season and was

never really at any time at full strength.

Head Coach Garth Brennan and his staff are to be commended on a tremendous job in achieving outstanding results under very difficult circumstances. It should also be mentioned that Coach Brennan unselfishly sacrificed his team’s finals chances by allowing several under 20’s players to go back to the NYC to bolster that team’s premiership prospects.

At the end of the day, we will always be judged by the performance of the NRL team. Unfortunately the 2015 squad never really got going at any stage of the season. After a huge injury toll in 2014, followed by almost 80% of the squad undergoing surgeries during the off season, the team started 2015 very underdone. As a result, we saw an even larger number of serious injuries eventuate during the course of this season. The team was never at full strength at any stage of the year. Despite being competitive in most of the games played, the side managed only 9 wins and finished in 11th position overall.

The season was by no means a disaster however, when your club is put under such intense pressure it certainly reveals areas of your operations that need improvement. Despite it being a losing year, I can assure you we learned a lot during the process.

At the end of the 2015 season the decision was made to appoint a new Head Coach to the Panthers football operations.

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

Our new Head Coach for 2016 and beyond will be Anthony Griffin, who brings to the Panthers a wealth of coaching experience from his time at high profile clubs like the Brisbane Broncos and Melbourne Storm. We welcome Anthony and his family to Panthers.

I would like to take this opportunity to thank all our tremendous staff in Rugby League from both the football and administrative sides of the business. We have the best staff in all of the NRL. In particular I would like to make special mention of the contributions made by two outstanding young men; former Chief Operating Officer of Rugby League Justin Pascoe, and former Panthers Group Head of Marketing Anthony Frantzis. Our club is all the richer for the work they have done.

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

program ensures the future of our team in the NRL competition.

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

Thanks again to our wonderful sponsors and members. Without you we are not a club. You make it all worthwhile.

The 2015 season, whilst difficult, confirmed to me yet again the tremendous potential our club possesses, and the enormous opportunities in front of us over the next few seasons.

See you at the football in 2016.

Kind regards,PHIL GOULD AMExecutive General Manager Rugby League

PHILGOULD AM


LIFE

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SPDRLFCLIFE MEMBERS

Prior to Keith Dobson • 1987 Barry Walsh OAM

1966 Herbert Dengate • 1988 Len Manuel •

Bill Johnston • 1989 Ron Mulock AO •

Harry Richardson • 1989 Bruce Welladsen •

David Fitzgerald • 1989 Don Courts

Gordon Roberts • 1991 Leo Armstrong •

Rocky Davis • 1992 Vern Mychael •

Alf Maiden • 1992 Royce Simmons

1954 Jack Reddan • 1994 Donald Ellks

1955 Merv Cartwright • 1994 Raymond Wiggins

1963 Noel East • 1995 Terry Heidtmann •

1964 Ken Ausburn • 1995 Don Feltis OAM

1964 Norrie Brown • 1996 Geoffrey James

1964 Edward Cullen • 1996 John Farragher OAM

1974 Tom O’Connor • 1997 Leigh Mawhood •

1976 Max Connors 1998 John Cartwright

1976 Lou Brown • 2001 Greg Alexander

1976 Ron Partridge • 2002 Mick Kelly •

1977 Murray Clarke • 2002 Ross Henry Sinclair

1977 Jock McKechnie • 2004 William Asher (Bill) •

1979 Roger Cowan OAM 2006 Terence Hancock

1979 Harry Slaughter 2006 Patrick Lawford •

1980 John Hewett • 2007 Tony Ferguson

1980 Tim Sheens 2008 Arthur Reilly

1980 Frederick Cunliffe OAM 2009 Lou Zivanovic

1981 Leo Trevena • 2011 Norm Southern

1983 Barry Hubbard 2013 Brad Waugh

1984 Walter (Wally) Ward • 2013 Sue McNeill

1984 Keith French 2014 Alan Mair

1984 Jack Harris 2014 Brad Izzard

1985 William George McKillop Davies • 2014 Steve Carter

1985 Norman Hancock • 2015 John Hiatt OAM

1986 Keith Rhind OAM 2015 Ken Wolffe

1987 Moyston May • 2015 Phil Gould AM

• Deceased


• Deceased

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12,192 Mt Franklin Waters Purchased

9,160Meat PiesPurchased

9,996 Hot Chips

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20,086Active Members

16,436Active Members

2015 2014

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MOST ATTENDED GAME OF THE SEASON:

18,814Panthers v Bulldogs


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The Panthers Group is delighted to announce construction work has commenced on the Panthers Rugby League Academy – a world-class centre of excellence located between the iconic leagues club and the Nepean River in Penrith.

The $21 million facility is designed to provide a premium training and development environment for both senior and junior players.

The Panthers Rugby League Academy will boast expansive education facilities, team rooms, state-of-the-art AV rooms, a fully-equipped gym, medical facilities and recreational spaces.

Due to be completed by March 2016, the main academy building will be flanked by two full-size training fields and establish Penrith Panthers as an eminent force in the development of current and future rugby league players.

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

“The Academy will be among the best in the country and cements Panthers’ commitment to being one of the preeminent sporting organisations in Australia,” CEO Warren Wilson AM said.

Panthers Executive General Manager of rugby league Phil Gould AM said the facility will play a vital role in developing the next generation of rugby league stars.“It’s the most significant investment this club has made in rugby league in its history,” he said.

“This facility will be a source of inspiration and aspiration for all young players, not only in the Penrith district, but in country areas as well.”

Mr Wilson and Mr Gould were joined by The Hon. Stuart Ayres MP, Fiona Scott MP, Tanya Davies MP, Panthers club director Greg Alexander, and Penrith Panthers players Bryce Cartwright and Reagan Campbell-Gillard in a ceremonial ‘turning of the soil’ in June 2015.

MAJOR ANNOUNCEMENT OF 2015


ANNUAL FINANCIAL REPORT 2015PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED


From Left to Right

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

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

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

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

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

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DONALD FELTIS OAM JP

(RESIGNED: 29.7.15)Director for 14 years. Chairman since 2008. Lifelong resident of Penrith. Compliance and Legal Co-ordinator to Penrith Junior League. Member of Sub- Judiciary, Constitution and Executive Sub-committees. Delegate to NRL, NSWRL and Clubs NSW. Life Member of Panthers, Penrith Junior League, NSW Rugby League, NSW Junior Rugby League and NSW Police Association. Chairman of Foundation for Disabled Sportsmen and Sportswomen. Chairman of Panthers on the Prowl. Extensive experience in business management including 29 years In Rugby League administration.

JOHN HIATT OAM JP

(RESIGNED: 29.7.15)Director 13 years. Retired Magistrate, Solicitor. Member of the Executive. Member of the Judiciary, Clubs Grants and Constitution Sub-committees. Life Member of Panthers and the Hawkesbury Race Club Limited.

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

PRINCIPAL ACTIVITIESThe principal activities of the Football Club during the year were:• promotion of the game of rugby league football;• provision of facilities for sport and recreation;• sponsorship activities; and• advertising and promotion activities.

There have been no significant changes in the nature of these activities during the year.

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

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

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

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

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

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

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

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

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

ENVIRONMENTAL REGULATIONAND PERFORMANCEThe Football Club is not subject to any particular or significant environmental regulation.

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

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

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Number of meetings held: 12

Number of meetings attended:

D Feltis OAM JP - resigned 29 July 2015 9 8

J Hiatt OAM JP - resigned 29 July 2015 9 8

B Fletcher 12 11

D O’Neill 12 12

G Alexander 12 11

D Merrick FCPA | JP 12 12

I Hicks - appointed 29 July 2015 3 3

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


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

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

Signed in accordance with a resolution of the directors.

BRIAN FLETCHERDirector

Penrith, 27 January 2016

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

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

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

Auditor’s Independence Declaration to the Directors of Penrith Rugby League Club Limited As lead auditor for the audit of Penrith Rugby League Club Limited for the financial year ended 31 October 2015, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit. This declaration is in respect of Penrith Rugby League Club and the entities it controlled during the financial year. Ernst & Young Daniel Cunningham Partner 27 January 2016



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




Auditor’s Independence Declaration to the Directors of Penrith District RugbyLeague Football Club Limited

As lead auditor for the audit of Penrith District Rugby League Football Club Limited for the financial year ended 31 October 2015, 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.



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




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

2015 2014Notes $’000 $’000

Income from operations 4 25,253 26,061

Raw materials and consumables used (1,676) (1,392)

Salaries and employee benefits expense 5 (16,569) (16,641)

Depreciation (1,236) (1,030)

Bad and doubtful debts (46) (28)

Advertising and promotion (343) (335)

Artists and entertainment expenses (448) (488)

Net loss on disposal of property, plant and equipment - (252)

Insurance expense (243) (242)

Repairs and maintenance expense (686) (651)

Other expenses (1,862) (1,331)

Rent and rates expense (154) (143)

Electricity expenses (164) (200)

Sponsorship expense (2,253) (2,033)

Medical expenses (752) (899)

Training expense (494) (529)

Junior development (225) (623)

Finance costs (30) (24)

Deficit before income tax (1,928) (780)

Income tax expense - -

Deficit from operations after income tax (1,928) (780)

Other comprehensive income - -

Total comprehensive loss for the year (1,928) (780)

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

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2015 2014Notes $’000 $’000

AssetsCurrent assetsCash 6 805 790Trade and other receivables 7 1,706 1,032Inventories 264 191Prepayments 407 157

Total current assets 3,182 2,170

Non-current assets

Receivables 61,305 64,143Property, plant and equipment 8 12,167 12,958Intangible assets 9 - 30

Total non-current assets 73,472 77,131

Total assets 76,654 79,301

Liabilities and equityCurrent liabilitiesOther payables 10 1,058 887Employee benefit liabilities 11 341 382Deferred revenue 12 488 1,332

Total current liabilities 1,887 2,601

Non-current liabilitiesEmployee benefit liabilities 11 66 71

Total non-current liabilities 66 71

Total liabilities 1,953 2,672

EquityRetained earnings 74,701 76,629

Total equity 74,701 76,629

Total equity and liabilities 76,654 79,301

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


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T STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 OCTOBER 2015

STATEMENT OF CASHFLOWSFOR THE YEAR ENDED 31 OCTOBER 2015

Retained earnings Total equity$’000 $’000

At 1 November 2014 76,629 76,629

Deficit for the year (1,928) (1,928)


Total comprehensive loss for the year (1,928) (1,928)

At 31 October 2015 74,701 74,701

At 1 November 2013 77,409 77,409

Deficit for the year (780) (780)


Total comprehensive loss for the year (780) (780)

At 31 October 2014 76,629 76,629

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

2015 2014Note $’000 $’000

Operating activities

Receipts from customers 16,842 16,079

Payments to suppliers and employees (27,426) (27,031)

Receipt from grants 7,530 7,210

Interest paid (30) (24)

Net cash flows used in operating activities (3,084) (3,766)

Investing activities

Purchase of property, plant and equipment (445) (1,044)

Purchase of intangible assets - (30)

Net cash flows used in investing activities (445) (1,074)

Financing activities

Advances from related parties 3,544 65,593

Repayments of borrowings – related parties - (60,133)

Net cash flows from financing activities 3,544 5,460

Net increase in cash and cash equivalents 15 620

Cash and cash equivalents at 1 November 790 170

Cash and cash equivalents at 31 October 6 805 790

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

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SNOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 OCTOBER 2015

1. CORPORATE INFORMATIONThe financial report of Penrith District Rugby League Football Club Limited (the “Football Club”) for the year ended 31 October 2015 was authorised for issue in accordance with a resolution of the directors on27 January 2016.

Penrith District Rugby League Football Club Limited is a company limited by guarantee that is incorporated and domiciled in Penrith, Australia.

The directors have determined that the Football Club is a

not-for-profit entity.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of preparationThe financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards - Reduced Disclosure Requirements and other authoritative pronouncements of the Australian Accounting Standards Board. The financial report has been prepared on a historical cost basis.

The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($000) unless otherwise stated.

(b) Statement of complianceThe financial statements of the Football Club are tier 2 general purpose financial statements which have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements (AASB – RDRs) (including Australian Interpretations) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The financial statements also comply with Australian Accounting Standards which contain requirements specific to not-for-profit entities, including standards AASB 116 Property, Plant and Equipment, AASB 136Impairment of Assets, AASB 1004 Contributions and AASB 1054 Australian Additional Disclosures.

(c) Changes in accounting policies, new and amended standards and interpretationsThe accounting policies adopted are consistent with

those of the previous financial year.

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

(d) Current vs non-current classificationThe Football Club presents assets and liabilities in the statement of financial position based on current/non- current classification. An asset is current when it is:• Expected to be realised or intended to be sold or consumed in the Football Club’s normal operating cycle• Held primarily for the purpose of trading• Expected to be realised within twelve months after the reporting period, or• Cash or a cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

The Football Club classifies all other assets as non-current.

A liability is current when:• It is expected to be settled in the Football Club’s normal operating cycle• It is held primarily for the purpose of trading• It is due to be settled within twelve months after the reporting period, or• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The Football Club classifies all other liabilities as non-current.

(e) CashCash in the statement of financial position comprises cash at bank and in hand.

The main treasury function of the Football Club is operated on a central basis and is controlled by the parent entity. For the purposes of the statement of cash flows, all cash received or paid by the parent entity on behalf of the Football Club has been included in the statement of cash flows. The ‘advances from related parties’ represents the net effect of transactions conducted through the central treasury function.

(f) Trade and other receivablesTrade receivables, which generally have 7, 14 or 30-day terms, are recognised initially at fair value and


subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectible amounts.

An allowance for doubtful debts is made when there is objective evidence that the Football Club will not be able to collect the debts. Bad debts are written off when identified.

Loan receivables from related parties are classified as loans and receivables and carried at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the loans are derecognised or impaired, as well as through the amortisation process.

(g) InventoriesInventories are valued at the lower of cost and net realisable value. Costs have been assigned to inventory quantities on hand at reporting date using the weighted average basis. Cost comprises invoiced cost plus freight and handling charges. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs necessary to make the sale.

(h) Property, plant and equipment

(i) Cost and valuationPlant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.

(ii) Capital Work in ProgressCosts incurred which are related to capital projects are carried forward and capitalised where future benefits are expected, beyond any reasonable doubt, to exceed these costs.

(iii) DepreciationDepreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Land is not depreciated.

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

of profit or loss and other comprehensive income when the asset is derecognised.

The residual values, useful lives and method of depreciation of property, plant and equipment are reviewed at each financial year and adjusted prospectively, if appropriate.

(i) LeasesThe determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.

Operating lease payments are recognised as a rent and rates expenses in the statement of profit or loss and other comprehensive income on a straight-line basis over the lease term.

(j) IntangiblesIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed to be either finite or indefinite.

Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

Website development has an indefinite useful life and is reviewed for impairment annually.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss and other comprehensive income when the asset is derecognised.

(k) Trade and other payablesTrade payables and other payables are carried at amortised cost and represent liabilities for goods and

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2015 2014

Plant and equipment 3-5 years 3-5 years

Leased improvement expected

lease term expected

lease term

Motor vehicles 3-5 years 3-5 years

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

Payables to related parties are carried at the principal amount. Interest, if charged, is recognised as an expense on an accrual basis.

(l) Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset (i.e. an asset that necessarily takes a substantial period of time to get ready for its intended use or sale) are capitalised as part of the cost of that asset. All other borrowing costs are expensed in the period they occur.

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Football Club does not currently hold qualifying assets but, if it did, the borrowing costs directly associated with this asset would be capitalised (including any other associated costs directly attributable to the borrowing and temporary investment income earned on the borrowing).

(m) Provisions and employee benefit liabilitiesGeneralProvisions are recognised when the Football Club has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Football Club expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss and other comprehensive income net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risk specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.

(i) Wages, salaries, and sick leaveLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave which are expected to be settled within 12 months of the reporting date are recognised in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are

settled. Expenses for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable.

(ii) Long service leave and annual leaveThe Football Club does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date. The Football Club recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.

(n) Revenue recognitionRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Football Club and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Football Club has concluded that it is acting as a principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognised.

Merchandise SalesRevenue is taken to account when the control of the goods has passed to the buyer.

Sponsorship IncomeRevenue is taken to account in the period to which the sponsorship relates.

Grant IncomeRevenue is taken to account in the period in which all the attached conditions have been complied with, the Football Club has control of the grant monies (the right to receive the grant) and it is probable that the economic benefits comprising the grant will flow to the Football Club.

Trust IncomeRevenue is taken to account when the control of the right to receive the distribution has passed to theFootball Club.

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S (o) TaxesIncome taxThe Football Club is exempt from income tax under Section 50-45 of the Income Tax Assessment Act (1997).

Goods and services tax (GST)Revenues, expenses and assets are recognised net of the amount of GST except:

• When the GST incurred on a purchase of goods and services is not payable to or recoverable from the taxation authority, in which case the GST is recognised as part of the revenue or the expense item or as part of the cost of acquisition of the asset or as part of the expense item as applicable.

• Receivables and payables, which are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows.

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

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

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

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

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

Impairment losses are recognised in those expense categories consistent with the function of the impaired asset period.

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

3. SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMPTIONS

The preparation of the Football Club’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptionsThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described

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

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

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

4. INCOME FROM OPERATIONS2015 2014

$’000 $’000

Revenue/income from continuing operations

(a) Revenues from operating activities

Revenue from sponsorship 6,699 5,912

Revenue from catering and beverages 1,375 1,436

Revenue from functions and banquets 229 214

Revenue from gate receipts 2,307 2,093

Revenue from merchandise sales 1,597 1,345

Total revenue from operating activities 12,207 11,000

(b) Other income

Rental income 457 -

Trust income

- other related party (i) 706 4,548

Interest received from related parties 3,127 2,482

Other revenue 1,226 821

NRL grant 7,530 7,210

Total other income 13,046 15,061

Total income from operations 25,253 26,061

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


5. EXPENSES

6. CASH

7. TRADE AND OTHER RECEIVABLES

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S2015 2014

$’000 $’000

Salaries and employee benefits expense

Wages and salaries 14,473 14,547

Defined contribution plan expense 997 979

Payroll and FBT tax 1,099 1,115

Total salaries and employee benefits expense 16,569 16,641

2015 2014$’000 $’000

Cash at bank and in hand 805 790

805 790

2015 2014$’000 $’000

Current

Trade debtors 1,094 733

Provision for doubtful debts (6) (1)

1,088 732

Sundry debtors 396 19

Other receivables 222 281

Carrying amount of trade and other receivables 1,706 1,032

Credit sales are on 7, 14 or 30 days terms. Other debtors represent loans to players and are ordinarily recouped from their salaries.

Provision for doubtful debts

Movements in the provision for doubtful debts were as follows:

At 1 November 1 1

Charge for the year 5 28

Amounts written off - (28)

At 31 October 6 1

Non-current

Receivables due from related party 61,305 64,143

Carrying amount of non-current receivables 61,305 64,143

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

8. PROPERTY, PLANT AND EQUIPMENT

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2015 2014$’000 $’000

Land

At cost 575 575

Net carrying amount 575 575

Buildings

At cost 2,720 2,693

Accumulated depreciation (1,584) (1,548)

Net carrying amount 1,136 1,145

Plant and equipment

At cost 1,701 1,615

Accumulated depreciation (927) (529)

Net carrying amount 774 1,086

Leasehold improvement

At cost 16,128 15,662



Motor vehicles

At cost 107 108

Accumulated depreciation (85) (71)


Work in progress

At cost 28 160


Total property, plant and equipment

At cost 21,259 20,813



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

Land

Carrying amount at the beginning of the year 575 575

Balance at the end of the year - Net carrying amount 575 575

Buildings

Carrying amount at the beginning of the year 1,145 1,139

Additions 27 43

Depreciation charge for the year (36) (37)

Balance at the end of the year - Net carrying amount 1,136 1,145


Plant and equipment

Carrying amount at the beginning of the year 1,086 706

Additions 85 586


Balance at the end of the year - Net carrying amount 774 1,086

Leasehold improvement


Additions 333 230

Disposals - (206)

Transfers from work in progress 132 -



Motor vehicles

Carrying amount at the beginning of the year 37 83

Additions - 25

Disposals - (46)



Work in progress

Carrying amount at the beginning of the year 160 -

Additions - 160

Transfers to leasehold improvement (132) -


Total property, plant and equipment


Additions 445 1,044

Disposals - (252)

Depreciation charge for the year (1,236) (1,030)


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9. INTANGIBLE ASSETS 2015 2014$’000 $’000

Website development

Cost (gross carrying amount) - 30

Net carrying amount - 30

Reconciliation of carrying amount at beginning and end of the period

Website development

Carrying amount at the beginning of the year 30 -

Additions - 30

Impairment (30)

Balance at the end of the year - Net carrying amount - 30

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S10. OTHER PAYABLES

11. EMPLOYEE BENEFIT LIABILITIES

12. DEFERRED REVENUE

13. CONTINGENT LIABILITIES AND COMMITMENTS

2015 2014$’000 $’000

Current

Trade creditors 669 342

Other creditors and accruals 260 487

Goods and services tax 129 58

Carrying amount of other payables 1,058 887

2015 2014$’000 $’000

Current

Annual leave 287 335

Long service leave 54 47

341 382

Long service leave 66 71

66 71

2015 2014$’000 $’000

Current 488 1,332

Including:

Grants revenue (received in advance) 398 683

Sponsorship revenue (received in advance) - 167

Membership income in advance 90 377

Rental revenue - 105

488 1,332

Superannuation CommitmentsAll employees are entitled to varying levels of benefits on retirement, disability or death. The superannuation plans provide accumulated benefits. Employees contribute to the plans at various percentages of their wages and salaries. The Football Club also contributes to the plans, generally at the rate of twice the employees’ contributions. Contributions by the Football Club of up to 9.50% of employees’ wages and salaries are legally enforceable. The

Football Club contributions for the year ended 31 October 2015 amounted to $995,830 (2014: $979,433).

(a) Operating Lease Commitments - Football Club as lesseeThe Football Club has entered into a lease with Penrith City Council over the stadium located at MulgoaRoad, Penrith.

The non-cancellable lease has a remaining term of 11 years. The lease includes a clause to enable upward revision of

the base rental charge on an annual basis according to prevailing market conditions


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2015 2014$’000 $’000

Within one year 75 75

After one year but not more than five years 300 300

After more than five years 615 690

Total minimum lease payments 990 1,065

2015 2014$’000 $’000

(i) Amounts receivable at reporting date

Ultimate parent entity

Penrith Rugby League Club Limited 60,599 64,143

Loans between related parties are charged at 6.00% per annum and have no fixed maturity date.

Other related entity

Mulgoa Land Trust (No.1) 706 -

Mulgoa Land Trust (No.1) owns land and buildings from which it derives rents. Each year the Trust distributes its income to the discretionary beneficiary Penrith District Rugby League Football Club Limited.

(ii) Distributions received

Mulgoa Land Trust (No.1) 706 4,548

Mulgoa Land Trust (No.1) owns land and buildings from which it derives rents. Each year the Trust distributes its income to the discretionary beneficiary Penrith District Rugby League Football Club Limited.

(iii) Provision of accounting and administrative assistance from controlling entity

Accounting and administrative assistance provided by the controlling entity is free of charge

(iv) Interest received

Interest received on intercompany loans 3,127 2,482

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

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

14. RELATED PARTY DISCLOSURES

15. MEMBERS’ GUARANTEE

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

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

$415,230 (2014: $370,585).

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2015 2014$’000 $’000

Total compensation 1,171 941

16. KEY MANAGEMENT PERSONNEL

17. EVENTS AFTER THE REPORTING DATE

Key management personnel compensation:

There have been no significant events occurring after the reporting date which may affect either theFootball Club’s operations or results of those operations or the Football Club’s state of affairs.

DIRECTORS’ DECLARATION

In accordance with a resolution of the trustees of Penrith District Rugby League Football Club Limited, Istate that:

In the opinion of the directors:

(a) The financial statements and notes of Penrith District Rugby League Football Club Limited for the financial year ended 31 October 2015 are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Football Club’s financial position as at 31 October 2015 and of its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and theCorporations Regulations 2001;

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

On behalf of the Board

BRIAN FLETCHERDirector

Penrith, 27 January 2016



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

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

Independent auditor's report to the members of Penrith Rugby League Club Limited

We have audited the accompanying financial report of Penrith Rugby League Club Limited, which comprises the consolidated statement of financial position as at 31 October 2015, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at the year's end or from time to time during the financial year.

Directors' responsibility for the financial report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor's responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

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

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


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

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

Independent auditor's report to the members of Penrith Rugby League Club Limited

We have audited the accompanying financial report of Penrith Rugby League Club Limited, which comprises the consolidated statement of financial position as at 31 October 2015, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration of the consolidated entity comprising the company and the entities it controlled at the year's end or from time to time during the financial year.

Directors' responsibility for the financial report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor's responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.


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

Independent auditor’s report to the members of Penrith District Rugby League Football Club Limited

We have audited the accompanying financial report of Penrith District Rugby League Football Club Limited, which comprises the statement of

financial position as at 31 October 2015, the statement of comprehensive income, the statement of changes in equity and the statement of

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

directors’ declaration.

Directors’ responsibility for the financial reportThe directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian

Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal controls as the directors determine

are necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian

Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and

perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures

selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to

fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation of the financial report

that gives a true and fair view, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also

includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well

as evaluating the overall presentation of the financial report.


IndependenceIn conducting our audit we have complied with the independence requirements of the Corporations Act 2001. We have given to the directors of

the company a written Auditor’s Independence Declaration, a copy of which is included in the financial report.

OpinionIn our opinion the financial report of Penrith District Rugby League Football Club Limited is in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the financial position of Penrith District Ruby League Football Club at 31 October 2015 and of its performance for

the year ended on that date; and

(b) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.


Opinion In our opinion the financial report of Penrith Rugby League Club Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the financial position of the consolidated entity at 31 October

2015 and of its performance for the year ended on that date; and (b) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the

Corporations Regulations 2001.

Ernst & Young Daniel Cunningham Partner Sydney 27 January 2016

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Minchinbury JetsJRLFC

Blacktown CityJRLFC

PENRITH DISTRICTJUNIOR RUGBY LEAGUE

PCYC Mt. DruittJRLFC

St. PatricksJRLFC

Colyton/Mt. DruitttJRLFC

Blacktown WorkersJRLFC

Riverstone RazorbacksJRLFC

Western City TigersJRLFC

Rooty Hill DragonsJRLFC

Windsor WolvesJRLFC

Penrith WaratahsJRLFC

St. Marys JRLFC

Quakers Hill Destroyers JRLFC

St. Clair CometsJRLFC

Hawkesbury CityJRLFC

Emu Plains JRLFC

Glenmore Park Brumbies JRLFC

Lower Mountains Eagles JRLFC

Brothers JRLFC

Cambridge Park Cranebrook JRLFC

Katoomba DevilsJRLFC

Doonside JRLFC


FEEL, BELIEVE & EXPECTSOMETHING

40 PENRITH DISTRICT RUGBY LEAGUE FOOTBALL CLUB LIMITED ANNUAL REPORT 2015

Documents

Panthers Football Annual Report 2015_WEB_Spreads