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WestHarbourRugbyUnionFootballClubLimited
ABN:11099077497
FinancialReport
FortheYearEnded30September2019
WestHarbourRugbyUnionFootballClubLimited
ABN:11099077497
CONTENTS Page
Directors’Report 1
Auditor’sIndependenceDeclaration 8
StatementofProfitorLossandOtherComprehensive
Income 9
StatementofFinancialPosition 10
StatementofChangesinEquity 11
StatementofCashFlows 12
NotestotheFinancialStatements 13
Directors’Declaration 29
IndependentAuditor’sReport 30
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
1
DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
ThedirectorspresenttheirreportonWestHarbourRugbyFootballClubLimitedfortheyearended30thSeptember
2019.
PrincipalActivities
Theprincipal activityofWestHarbourRugbyFootball Club Limitedduring the yearwas thedevelopmentand
operationofthesportofrugbyunionintheinnerwesternsuburbsofSydney.
Shortandlong-termobjectivesThe company’s short and long-termobjectives are to usemembers’ funds to support the rugby club and the
developmentandoperationofthesportofrugbyintheinnerwesternsuburbsofSydney.
Strategiesforachievingtheobjectives
Toachievetheseobjectives,thecompanyhasadoptedthefollowingstrategies:
i) Theactivepursuitofsponsorshipandfundraisingopportunities;
ii) Involvementinourlocalcommunityandschools;and
iii) Theactivepursuitofgrantfundingfrompublicauthorities
Howprincipalactivitiesassistedinachievingtheobjectives
Theprincipalactivitiesassistedthecompanyinachievingitsobjectivesbyprovidingincentivestopotential
sponsorsandmemberstosupportthecompany.
Thecompanymeasuresitsperformancethroughtheuseofbothquantitativeandqualitativebenchmarks.The
benchmarks areusedby thedirectors to assess the financial sustainability of the company andwhether the
company’sobjectivesarebeingachieved.
Achievementsin2019
As2019ends,welookbackonayearthatwasoftenfraughtwithmanygreatchallengesyetasaClub,wecan
takesolacefromandcelebrateinthemanygreatinitiativeswehaveimplementedandachievementswehave
achieved.WeareexcitedtosaythatwehavesteadiedthePirateshipandhavechartedanewcoursetowards
success.
Withhardwork,perseveranceandtheassistanceofsomeoftheClub’sgreatstalwarts,theClubhasmanaged
to;
• Fieldcompetitiveteamsweekinweekout.
• Win
○ ShuteShieldSpring7sCompetition-OverallChampions
○ WesternSydney7s-BowlChampionsx3
○ Queanbeyan7s-Champions
○ SouthernHighlands7s-Champions
○ NoumeaWomen’s7s-Champions
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
Achievementsin2019(continued)
• Hostthe:
○ 2019CanadaBay7s,
○ 2019NSWJuniorStateChampionships,
○ 2019SuburbanRugbySemiandGrandFinalsand
○ 2019Round3oftheShuteShield’sSpring7s.
• SecuretheoperationalandcoachingservicesofMarkGudmunsonandhisteamfor2020,andoperations
servicesofAmandaBabet.
• Retentionofover80%ofourplayinggroup,aswellastherecruitmentofanumberofexcellentplaying
prospectsforthe2020season.
• Buildingplayerpathwaystosuperrugbyandinternationalrugbyopportunities:
o TianSwanepoelcontractedtotheSharksinSuperRugby.
o TylerFishercontractedtoUtahinMajorLeagueRugbyintheUS.
o 11playersoftheclubrepresentingtheirnationsofbirthattheWorldCupinJapan.
o 3otherplayersrepresentinginternationally.
• StabilisedthefinancialpositionoftheClubbyreducingbudgetexpenditureby30%.
• OperatedastallattheNortonStreetFestivalgivingaway400WestHarbourshowbagsandmerchandise,
increasingtheClub’sbrandexposure.
• ParticipatedbylayingawreathinWestHarbour’snameattheANZACDayDawnserviceinBurwood.
• Hostedan InnerWestRugby forumwith representatives fromNSWRugby, all InnerWest Suburban
RugbyClubsandschools,establishingtheInnerWestRugbyHub.
• Led the development of the InnerWest RugbyHubWorking Committee,which is in the process of
developingandimplementingadistrictwideSchool’sCompetitioncommencingin2020.
• ActivelyrecruitedColtsfor2020.
• Developedaneight-week,WestHarbourJuniorRugbyAcademyProgramwithtwotrialmatchesagainst
therepresentativesquadoftheMaitlandBlacksRugbyClub.
• EmployedHarrisonOrr asWest Harbour’s DevelopmentOfficer. He has commenced school’s-based
developmentprogramsinvariousschoolsinthedistrict.
• HostedafantasticWorldCupRugbyLuncheonwitharangeofguestspeakersincludingWallabyCoach
MichaelCheika,internationalplayersSekopeKepu,StephenHoiles,TonyDalyandDanParks.
• Hostedanumberofsuccessfulclub/playersocialevents.
• Secured the services of Club Ambassadors Emma Tonegato, Scott Sio, Allan Ala’alatoa, Michael
Ala’alatoa,andJackDebreczeni.
• DevelopedmuchneededupdatestotheClub’sPoliciesandProcedures.
• BegandevelopmentofthemostcomprehensiveplayerwelfareprogramintheShuteShield.
• Commenceddraftingaproposalforthedevelopmentofascholarshipprogramthroughamemorandum
ofunderstandingwithamajoruniversity.
• Updatedmanyofoursystemsandprocessesincludinganewmembershipdatabase,PointofSalesystem
andtheClub’stechnologicalinfrastructure.
• Negotiatedwithotherdomesticandinternationalrugbyclubsandfederationstosecurememorandums
ofunderstandingsbetweenusandthemtobuildournetworkcapacity.
• SecuredtheVicePresidencyoftheSydneyRugbyUnionBoard.
• NegotiatedandsignedanewlicenceagreementandDeedofForbearancewithCanadaBayCouncil
until2029.
• Issuedaplayer/membersurveytogainfeedbackonareaswherewecanfocusfurtherimprovement.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
Achievementsin2019(continued)Westillhaveagreatmanychallengestofaceandtaskstocompletetogetthisclubbackwhereitismeantto
be.Thesurveywillprovideuswithsomehonestfeedbackonwherewefallshortinsomeoperationalareas,but
wealreadyunderstandandhavestartedworkonsomeareasofshortfallin2019.Theseareasinclude:
• Presentation,functionalityandtimelinessofourwebsite
• Adequacyandtimelinessofoursocialmediapages
• Gamedayexperiencesforoursponsors,membersandsupporters
• Timelinessandregularityofcommunicationswithourmembershipbase
• Growthofourpayingmembershipbase.
Members’guarantee
WestHarbourRugbyFootballClubLimitedisacompanylimitedbyguarantee.Intheeventof,andforthepurpose
of winding up the company, the amount capable of being called up from eachmember and any person or
associationwhoceasedtobeamemberintheyearpriortowindingup,islimitedto$20.
At30September2019thenumberofmemberswas462.
MattersorcircumstancesarisingaftertheendoftheyearMr.ThomasGamesandMr.SimonGreallywereappointedascompanydirectorson31December2019.
Noothermattersorcircumstanceshavearisensincetheendofthefinancialyearwhichsignificantlyaffectedor
couldsignificantlyaffecttheoperationsofthecompany,theresultsofthoseoperationsorthestateofaffairsof
thecompanyinfuturefinancialyears.
GoingConcern
Asdisclosedinthefinancialstatementsasat30September2019,thecompanyhasrecordedalossof$125,815
(2018:Lossof$35,880).Thecompanyhasasurplusofnetliabilitiesof$105,366(SurplusNetAssets2018:
$20,452).
Thedirectorsbelievethatthecompanyisagoingconcernbasedonseveralfactorsincluding:
• Theappointmentof ahighlyexperienced individuals topositionsasdirectorsof theClub'sboard to
providestableandcapablelongtermstrategicgovernance;
• Thecontinuedsupportofitsmembersandsponsors,includinganegotiatednewsponsorshipagreement
withourmajorpartner,ClubBurwooduntil2022;
• Theactiveengagementofanewcohortofmembersthrougharevisedmembershippackageplanto
attractandmaximisememberandsupporternumbersfromabroaderdemographicreflectingtheClub's
move to Drummoyne Oval for the next two years including Hunters Hill, Drummoyne, Russell Lea,
Balmain,RoselleandFiveDock;
• AfocusontappingintothechangingandvariedethnicdemographicsoftheInnerWestAreathrough
thedevelopmentofMemorandumsofUnderstandingwiththeKoreanandLebaneseRugbyUnions;
• Activerecruitmentofqualityplayersandexcellentplayernumbersforpreseasontraining;
• NegotiatedanewlicenceagreementandDeedofForbearancewithCanadaBayCounciluntil2029;
• SecuredDrummoyneOvalasourhomegroundforthenexttwoyears;• CreationofanActiveSponsorshipCommitteethatisintheprocessofsecuringnewsponsorshipto
furtherincreaseoursponsorshipincomein2020;
• ExpansionoftheClub'ssupporterbaseandexposurethroughhostingRoundOneof2020seasonin
Bathurst;
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
GoingConcern(continued)
• Implementationanddevelopmentofafullyfundedjuniordevelopmentprograms.
• ThedevelopmentandleadershipoftheInnerWestRugbyHubandanewschool'scompetition,the
WangalCup;
• ReturningtothenewlydevelopedConcordOval,whichwillbethebestrugbyfacilityintheShute
Shield;&
• ThecontinuedgrowthandpopularityofclubrugbyinSydneyandtheShuteShieldcompetition.
The financial statements havebeenpreparedon a going concernbasis,which assumes continuity of normal
businessactivitiesandtherealisationofassetsandthesettlementofliabilitiesinthenormalcourseofbusiness.
Thedirectorsareof theopinion theabove requirementswill be satisfiedandaccordinglyhaveprepared the
financialstatementsonagoingconcernbasis.Thefinancialstatementsdonotincludeanyadjustmentsrelating
to the recoverability or classification of recorded asset amounts or classification of liabilities that might be
necessaryshouldthecompanynotbeabletocontinueasagoingconcern.
GeneralInformation
InformationonDirectors
Thenamesofeachpersonwhohasbeenadirectorduringthefinancialyearare:
TomAndrewsQualificationsandexperience:MBAwith12years’seniormanagementandexecutiveexperienceacrossmultiple
industries.CurrentlyholdstheroleofGroupGeneralManagerforMonarch
Hotels.WHRFCplayer2004-present-over200gamesfortheclubacrossgrade
andColts.A.I.VincentTrophywinner2012.
SpecialResponsibilities:President
PhilipMcCreaQualificationsandexperience:BE,PhDElectricalEngineering.Financialmanagement:19yearsasaCEOoftwoIT
companies.FormerITconsultant.
CurrentlyChiefTechnologyOfficerofanAustralianGovernmentAgency,12years
onBoardofWestJuniorsRugbyClub.
RugbyReferee
BoardMember,EllaCommunityCentre,Haberfield
BoardMember,ParaQuadNSW
SpecialResponsibilities:GovernanceStakeholderManagement
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
InformationonDirectors(Continued)
DanielPaton
Qualificationsandexperience:CurrentlytheChiefFinancialOfficeratWestsAshfieldLeaguesClub.
PreviouslyholdingpositionsastheFinancialControllerfortheStarCasinoand
theHeadofFinanceatTicketek.PriortothatheldseniorpositionsforASXTop
50listedcompaniesincludingAGLandAPNNewsandMedia(nowHT&E)and
USmultinationalcompaniesincludingInternationalGamingTechnology(IGT)
andEnron.AppointedtofellowstatusoftheCPAofAustraliain2016andmore
recentlygraduatedfromtheInstituteofCompanyDirectors.
SpecialResponsibilities:Director
JohnAbi-Saab
Qualificationsandexperience:BachelorArts/Education,BachelorLaws,MastersEducationLeadershipwith15
yearsEducation,LawandSportsManagementexperience.Directorof
AdministrationandInternationalRelationsfortheLebaneseRugbyUnion
FederationandrepresentativeontheEXCOofAsiaRugby.
CurrentlysecretaryofInnerWestRugbyHub,andPresidentofPhoenixRugby
Club,anAustralianLebaneseHeritageTeam.VicePresidentSydneyRU
SpecialResponsibilities: VicePresident
StephenJurd
Qualificationsandexperience:SemiRetiredSmallBusinessPerson.BoardmemberofAustralianBattery
AssociationLtdfor30years.FinanceCommitteememberofBreakfastPoint,the
largestprivatecommunityinAustralia.
SpecialResponsibilities: Director
VincentGeeQualificationsandexperience:BachelorofBusiness(NepeanCAE);
GraduateCertificateinPublicSectorManagement;(GriffithUni)
DiplomaProjectManagement.
JusticeofthePeace
QualifiedAssistantReferee.
Retiredafter40YearsasaNSWPublicServanttoSeniorExecutiveServicelevel
acrossMining,LawEnforcement,Taxation,EducationandTransport,primarily
inthedeliveryofITsystems.
PlayedRugbyinthe1970sforStGeorge,Walgett,WesternPlainsandNSW
Country.CoachedWalgettRamsandStGeorgeColtstograndfinals.Returned
toRugbyin2002asCoachofPirates5th/6
thGrade,eventuallymovingtoteam
managerrole.ProudtohavereceivedClubmanoftheYearin2004andin2016.
SpecialResponsibilities: Director
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
InformationonDirectors(Continued)
ChristopherCharlton
Qualificationsandexperience:ManagingDirectorofCharltonsCharteredAccountants,acitybased
professionalservicesfirm,specialisinginsmallbusinesses,taxationconsulting
andcompliance,auditandintegratedcloudaccounting.ChrisisaChartered
Accountant,RegisteredTaxAgent,RegisteredAuditor,Associateofthe
CorporateGovernanceInstituteofAustralia,CompanySecretary,CharteredTax
Advisor,andJP.
Priorexperienceasanon-executivedirectorandChairmanofanASXlisted
company,andvariousboardlevelroleswithinsportingorganisationstodate,
includingvolunteertoumpire,coach,refereetopresident.
Activegolfer,skierandspectatortomanysportsandunderstandsthebenefits
ofparticipationandapplyingcomplimentaryskills,thatadministrativelysupport
accesstoRugbyanditswidercommunityrole.
SpecialResponsibilities: Treasurer
MeetingofDirectorsDuringthefinancialyear,13meetingsofdirectors(includingcommitteesofdirectors)wereheld,attendances
byeachdirectorduringtheyearwereasfollows:
Directors’Meetings
Numbereligibletoattend Numberattended
TomAndrews 13 11
PhilipMcCrea 13 13
ChrisCharlton 11 9
VincentGee 11 9
StephenJurd 11 9
JohnAbi-Saab 11 11
DanielPaton 11 9
LorenOrr(Resigned18February2019) 2 1
SiobhanSeiuli(Resigned18February2019) 2 1
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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DIRECTORS’REPORTFORYEARENDED30SEPTEMBER2019
Auditor’sIndependencedeclaration
Theauditor’sindependencedeclarationinaccordancewithsection307CoftheCorporationsAct2001forthe
yearended30September2019hasbeenreceivedandcanbefoundonpage8ofthefinancialreport.
SignedinaccordancewitharesolutionoftheBoardofDirectors.
Director _______________________________________________
Datedthe dayof 2020
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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AUDITOR’SINDEPENDENCEDECLARATION
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
9
STATEMENTOFPROFITORLOSSANDOTHERCOMPREHENSIVEINCOMEFORTHEYEARENDED30SEPTEMBER2019
Note 2019 2018
$ $
Revenue 2 562,343 1,061,778
EXPENSES
Canteen 33,083 30,422
Merchandise 12,457 33,584
NSWRugbyUnionFee 7,678 2,741
Medical&Physiotherapy 50,474 78,264
SponsorshipExpenses 5,670 19,662
Functions&Events 40,052 32,358
Depreciation&Amortisation 6,965 32,125
PlayerCosts 156,088 163,588
CoachingCosts 51,648 106,547
InsuranceExpense 14,527 18,211
MatchExpenses 63,129 97,898
BankCharges 3,330 9,277
MotorExpenses 42,584 5,048
Printing&Postage 1,446 4,821
ITExpenses 3,283 19,617
StrengthandConditioningCoaching 37,412 38,177
ConsultancyExpenses 20,120 39,556
ClothingExpenses 35,676 82,882
BarPurchases 13,283 25,498
StLuke’sContribution–CityofCanadaBay - 36,364
CorporateMarqueeHire 47 47,594
GymEquipmentHire 22,370 20,410
AccountancyFees 10,000 7,932
Auditor’sRemuneration 15,000 5,000
Subscriptions 4,053 4,653
ImpairmentofGymEquipmentandHigh-PerformanceCentre - 103,007
OtherExpenses 37,783 32,422
TotalExpenses 688,158 1,097,658
(Loss)beforeIncomeTax (125,815) (35,880)
IncomeTaxExpense - -
(Loss)fortheYear (125,815) (35,880)
OthercomprehensiveIncomefortheyear - -
TotalComprehensive(Loss)fortheyear (125,815) (35,880)
Theaccompanyingnotesformpartofthesefinancialstatements.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
10
STATEMENTOFFINANCIALPOSITIONASAT30SEPTEMBER2019
Note 2019 2018
$ $
ASSETS
CURRENTASSETS
Cashandcashequivalents 3 10,904 180,710
Tradeandotherreceivables 4 46,695 34,367
Inventories 43,178 28,170
TOTALCURRENTASSETS 100,777 243,247
NON-CURRENTASSETS
FinancialAssets - 2
Property,plantandequipment 7 35,852 37,817
OtherAssets 6 6,236 3,200
TOTALNON-CURRENTASSETS 42,088 41,019
TOTALASSETS 142,865 284,266
LIABILITIES
CURRENTLIABILITIES
TradeandOtherPayables5 149,996 255,268
TOTALCURRENTLIABILITIES 149,996 255,268
NON-CURRENTLIABILITIES
Tradeandotherpayables 5 98,235 8,549
TOTALNON-CURRENTLIABILITIES 98,235 8,549
TOTALLIABILITIES 248,231 263,817
NET(LIABILITIES)/ASSETS (105,366) 20,449
EQUITY
Reserves 58,561 58,561
Retainedearnings (163,927) (38,112)
TOTALEQUITY (105,366) 20,449
Theaccompanyingnotesformpartofthesefinancialstatements.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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STATEMENTOFCHANGESINEQUITYFORYEARENDED30SEPTEMBER2019
RetainedEarnings
Reserves Total
$ $ $
Balanceat1October2018 (38,112) 58,561 20,449
(Loss)attributabletomembers (125,815) - (125,815)
OthercomprehensiveIncomefortheyear - - -
TotalcomprehensiveIncome/(Loss)fortheyear (125,815) - (125,815)
Balanceat30September2019 (163,927) 58,561 (105,366)
RetainedEarnings
Reserves Total
$ $ $
Balanceat1October2017 (2,232) 58,561 56,329
(Loss)attributabletomembersoftheentity (35,880) - (35,880)
OtherComprehensiveIncomefortheyear - - -
TotalcomprehensiveIncome/(Loss)fortheyear (35,880) - (35,880)
Balanceat30September2018 (38,112) 58,561 20,449
Theaccompanyingnotesfrompartofthesefinancialstatements.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
12
STATEMENTOFCASHFLOWSFORTHEYEARENDED30SEPTEMBER2019
Note 2019 2018
$ $
CASHFLOWSFROMOPERATINGACTIVITIES
ReceiptsfromCustomers 511,099 1,033,470
GrantIncome 27,930 127,346
Paymentstosuppliersandemployees (710,613) (898,239)
InterestPaid - (4,135)
InterestReceived 1,778 139
NetCash(usedin)/providedbyoperatingactivities (169,806) 258,581
CASHFLOWSFROMINVESTINGACTIVITIES
(Purchase)/Proceedsofproperty,plantandequipment - (96,497)
Netcash(usedin)investingactivities - (96,497)
Netincrease/(decrease)incashandcashequivalentsheld (169,806) 162,084
Cashandcashequivalentsatbeginningoftheyear 180,710 18,626
Cashandcashequivalentsatendoffinancialyear 10,904 180,710
Theaccompanyingnotesfrompartofthesefinancialstatements.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
ThefinancialstatementsareforWestHarbourRugbyFootballClubLimitedasanindividualentity, incorporated
anddomiciledinAustralia.WestHarbourRugbyFootballClubLimitedisacompanylimitedbyguarantee.
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES
BasisofPreparation
The financial statementsaregeneralpurpose financial statements thathavebeenprepared inaccordancewith
AustralianAccountingStandards–ReducedDisclosureRequirementsoftheAustralianAccountingStandardsBoard
and the Corporations Act 2001. The company is a not-for-profit entity for financial reporting purposes under
AustralianAccountingStandards.
AustralianAccountingStandardssetoutaccountingpoliciesthattheAASBhasconcludedwouldresultinfinancial
statements containing relevant and reliable information about transactions, events and conditions. Material
accountingpoliciesadoptedinthepreparationofthesefinancialstatementsarepresentedbelowandhavebeen
consistentlyappliedunlessotherwisestated.
Thefinancialstatementshavebeenpreparedonanaccrualsbasisandarebasedonhistoricalcosts,modified,where
applicable,bythemeasurementatfairvalueofselectednon-currentassets,financialassetsandfinancialliabilities.
Theamountspresentedinthefinancialstatementshavebeenroundedtothenearestdollar.
AccountingPolicies
a. Revenue
Revenueismeasuredatthefairvalueoftheconsiderationreceivedorreceivableaftertakingintoaccount
anytradediscounts.Anyconsiderationdeferredistreatedastheprovisionoffinanceandisdiscounted
ata rateof interest that isgenerallyaccepted in themarket for similararrangements. Thedifference
betweentheamountinitiallyrecognisedandtheamountultimatelyreceivedisinterestrevenue.
Governmentandothergrantsarerecognisedwhenthereisareasonableassurancethatthegrantwillbe
received,andallattachedconditionswillbecompliedwith.Whenthegrantrelatestoanexpenseitem,it
is recognised on a systematic basis over the period that the related costs, forwhich it is intended to
compensate,areexpensed.Whenthegrantrelatestoanasset,itisrecognisedasincomeinequalamounts
overtheexpectedusefullifeoftherelatedasset.Specifically,governmentgrantswhoseprimarycondition
isthatthecompanyshouldpurchase,constructorotherwiseacquirenon-currentassetsarerecognisedas
deferredrevenueinthestatementoffinancialpositionandtransferredtoprofitorlossonasystematic
andrationalbasisovertheusefullivesoftherelatedassets.
Whenthecompanyreceivesgrantsofnon-monetaryassets,theassetandgrantarerecordedatnominal
amountsandreleasedtotheprofitorlossovertheexpectedusefullifeoftheasset,basedonthepattern
ofconsumptionofthebenefitsoftheunderlyingassetbyequalannualinstalments.
Donationsandbequestsarerecognisedasrevenuewhenreceived.
Interestrevenueisrecognisedusingtheeffectiveinterestratemethod,whichforfloatingratefinancial
assetsistherateinherentintheinstrument.Dividendrevenueisrecognisedwhentherighttoreceivea
dividendhasbeenestablished.
Revenuefromtherenderingofaserviceisrecogniseduponthedeliveryoftheservicetothecustomers.
Allrevenueisstatednetoftheamountofgoodsandservicestax(GST).
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
b. Property,PlantandEquipment
Each class of property, plant and equipment is carried at cost or fair value as indicated, less, where
applicable,accumulateddepreciationandimpairmentlosses.
Plantandequipment
Plantandequipmentaremeasuredonthecostbasislessdepreciationandimpairmentlosses.
Thecarryingamountofplantandequipmentisreviewedannuallybydirectorstoensureitisnotinexcess
of the recoverableamount fromtheseassets.The recoverableamount isassessedon thebasisof the
expectednetcashflowsthatwillbereceivedfromtheasset’semploymentandsubsequentdisposal.The
expected net cash flows have been discounted to their present values in determining recoverable
amounts.
Plantandequipmentthathavebeencontributedatnocost,orfornominalcost,arevaluedandrecognised
atthefairvalueoftheassetatthedateitisacquired.
Depreciation
Thedepreciableamountofallfixedassets,includingbuildingsandcapitalisedleaseassets,butexcluding
freeholdland,isdepreciatedonastraight-linebasisovertheasset’susefullifetotheentitycommencing
fromthetimetheassetisheldreadyforuse.Leaseholdimprovementsaredepreciatedovertheshorter
ofeithertheunexpiredperiodoftheleaseortheestimatedusefullivesoftheimprovements.
Theassets’residualvaluesandusefullivesarereviewed,andadjustedifappropriate,attheendofeach
reportingperiod.
Eachassetclass’scarryingamountiswrittendownimmediatelytoitsrecoverableamountiftheclass’s
carryingamountisgreaterthanitsestimatedrecoverableamount.
Gainsand lossesondisposalsaredeterminedbycomparingproceedswiththecarryingamount.These
gainsorlossesareincludedinthestatementofcomprehensiveincome.Whenrevaluedassetsaresold,
amountsincludedintherevaluationsurplusrelatingtothatassetaretransferredtoretainedearnings.
c. Leases
Leasesoffixedassets,wheresubstantiallyalltherisksandbenefitsincidentaltotheownershipoftheasset
butnotthelegalownershiparetransferredtotheentity,areclassifiedasfinanceleases.
Financeleasesarecapitalised,recordinganassetandaliabilityequaltothepresentvalueoftheminimum
leasepayments,includinganyguaranteedresidualvalues.
Leasedassetsaredepreciatedonareducingbalancebasisovertheirestimatedusefulliveswhereitislikely
thattheentitywillobtainownershipoftheasset.Leasepaymentsareallocatedbetweenthereductionof
theleaseliabilityandtheleaseinterestexpensefortheperiod.
Leasepaymentsforoperatingleases,wheresubstantiallyalltherisksandbenefitsremainwiththelessor,
arechargedasexpensesonareducingbalancebasisovertheleaseterm.
Leaseincentivesunderoperatingleasesarerecognisedasaliabilityandamortisedonareducingbalance
basisoverthelifeoftheleaseterm.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
d. FinancialInstrumentsCurrentYearInitialrecognitionandmeasurementFinancialassetsandfinancialliabilitiesarerecognisedwhentheentitybecomesapartytothecontractual
provisionstotheinstrument.Forfinancialassets,thisisthedatethattheentitycommitsitselftoeitherthe
purchaseorsaleoftheasset(i.e.tradedateaccountingisadopted).
Financialinstruments(exceptfortradereceivables)areinitiallymeasuredatfairvalueplustransactioncosts,
exceptwheretheinstrumentisclassifiedas“atfairvaluethroughprofitorloss”,inwhichcasetransaction
costsareexpensedtoprofitorlossimmediately.Whereavailable,quotedpricesinanactivemarketareused
todeterminefairvalue.Inothercircumstances,valuationtechniquesareadopted.
Trade receivables are initiallymeasured at the transaction price if the trade receivables do not contain
significantfinancingcomponentorifthepracticalexpedientwasappliedasspecifiedinAASB15:RevenuefromContractswithCustomers.ClassificationandsubsequentmeasurementFinancialliabilitiesFinancialliabilitiesaresubsequentlymeasuredat:
–amortisedcost;or–fairvaluethroughprofitorloss. Afinancialliabilityismeasuredatfairvaluethroughprofitorlossifthefinancialliabilityis: – a contingent consideration of an acquirer in a business combination to which AASB 3: BusinessCombinationsapplies;–heldfortrading;or
–initiallydesignatedasatfairvaluethroughprofitorloss.Allotherfinancialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterest
method.
Theeffectiveinterestmethodisamethodofcalculatingtheamortisedcostofadebtinstrumentandof
allocatinginterestexpenseoverinprofitorlossovertherelevantperiod. Theeffectiveinterestrateistheinternalrateofreturnofthefinancialassetorliability.Thatis,itistherate
thatexactlydiscountstheestimatedfuturecashflowsthroughtheexpectedlifeoftheinstrumenttothenet
carryingamountatinitialrecognition.
Afinancialliabilityisheldfortradingifitis:
–incurredforthepurposeofrepurchasingorrepayinginthenearterm;
–partofaportfoliowherethereisanactualpatternofshort-termprofit-taking;or
–a derivative financial instrument (except for a derivative that is in a financial guarantee contract or a
derivativethatisineffectivehedgingrelationships).
Anygainsorlossesarisingonchangesinfairvaluearerecognisedinprofitorlosstotheextentthattheyare
notpartofadesignatedhedgingrelationship.
Thechangeinfairvalueofthefinancialliabilityattributabletochangesintheissuer’screditriskistakento
othercomprehensiveincomeandisnotsubsequentlyreclassifiedtoprofitorloss.Instead,itistransferred
toretainedearningsuponderecognitionofthefinancialliability.
If taking the change in credit risk in other comprehensive income enlarges or creates an accounting
mismatch, then thesegainsor losses shouldbe taken toprofitor loss rather thanother comprehensive
income.
Afinancialliabilitycannotbereclassified.
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
FinancialassetsFinancialassetsaresubsequentlymeasuredat:
–amortisedcost;
–fairvaluethroughothercomprehensiveincome;or
–fairvaluethroughprofitorloss.
Measurementisonthebasisoftwoprimarycriteria:
–thecontractualcashflowcharacteristicsofthefinancialasset;and
–thebusinessmodelformanagingthefinancialassets.
Afinancialassetthatmeetsthefollowingconditionsissubsequentlymeasuredatamortisedcost:
–thefinancialassetismanagedsolelytocollectcontractualcashflows;and
–thecontractualtermswithinthefinancialassetgiverisetocashflowsthataresolelypaymentsofprincipal
andinterestontheprincipalamountoutstandingonspecifieddates.
A financial asset thatmeets the following conditions is subsequentlymeasured fair value throughother
comprehensiveincome:
–thecontractualtermswithinthefinancialassetgiverisetocashflowsthataresolelypaymentsofprincipal
andinterestontheprincipalamountoutstandingonspecifieddates;and
–thebusinessmodelformanagingthefinancialassetcomprisesbothcontractualcashflowscollectionand
thesellingofthefinancialasset. Bydefault,allotherfinancialassetsthatdonotmeetthemeasurementconditionsofamortisedcostandfair
valuethroughothercomprehensiveincomearesubsequentlymeasuredatfairvaluethroughprofitorloss.
Theentityinitiallydesignatesafinancialinstrumentasmeasuredatfairvaluethroughprofitorlossif:
–iteliminatesorsignificantlyreducesameasurementorrecognitioninconsistency(oftenreferredtoasan
“accountingmismatch”)thatwouldotherwisearisefrommeasuringassetsorliabilitiesorrecognisingthe
gainsandlossesonthemondifferentbases;
–itisinaccordancewiththedocumentedriskmanagementorinvestmentstrategyandinformationabout
thegroupings isdocumentedappropriately, so theperformanceof the financial liability that ispartofa
groupoffinancial liabilitiesorfinancialassetscanbemanagedandevaluatedconsistentlyonafairvalue
basis;and
– it is a hybrid contract that contains anembeddedderivative that significantlymodifies the cash flows
otherwiserequiredbythecontract.
Theinitialdesignationoffinancialinstrumentstomeasureatfairvaluethroughprofitorlossisaone-time
optiononinitialclassificationandisirrevocableuntilthefinancialassetisderecognised. EquityinstrumentsAt initial recognition, as long as the equity instrument is not held for trading or is not a contingent
considerationrecognisedbyanacquirerinabusinesscombinationtowhichAASB3applies,theentitymade
anirrevocableelectiontomeasureanysubsequentchangesinfairvalueoftheequityinstrumentsinother
comprehensiveincome,whilethedividendrevenuereceivedonunderlyingequityinstrumentsinvestment
willstillberecognisedinprofitorloss.
Regularwaypurchasesandsalesoffinancialassetsarerecognisedandderecognisedatsettlementdatein
accordancewiththeentity’saccountingpolicy.
DerecognitionDerecognitionreferstotheremovalofapreviouslyrecognisedfinancialassetorfinancialliabilityfromthe
statementoffinancialposition.
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NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
DerecognitionoffinancialliabilitiesA liability isderecognisedwhen it isextinguished (i.e.when theobligation in thecontract isdischarged,
cancelledorexpires).Anexchangeofanexistingfinancialliabilityforanewonewithsubstantiallymodified
terms,orasubstantialmodificationtothetermsofafinancialliability,istreatedasanextinguishmentof
theexistingliabilityandrecognitionofanewfinancialliability.
Thedifferencebetweenthecarryingamountofthefinancial liabilityderecognisedandtheconsideration
paidandpayable,includinganynon-cashassetstransferredorliabilitiesassumed,isrecognisedinprofitor
loss.
DerecognitionoffinancialassetsAfinancialassetisderecognisedwhentheholder’scontractualrightstoitscashflowsexpires,ortheasset
istransferredinsuchawaythatalltherisksandrewardsofownershiparesubstantiallytransferred.
Allthefollowingcriterianeedtobesatisfiedforthederecognitionofafinancialasset:
–therighttoreceivecashflowsfromtheassethasexpiredorbeentransferred;
–allriskandrewardsofownershipoftheassethavebeensubstantiallytransferred;and
–theentitynolongercontrolstheasset(i.e.hasnopracticalabilitytomakeunilateraldecisiontosellthe
assettoathirdparty).
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s
carryingamountandthesumoftheconsiderationreceivedandreceivableisrecognisedinprofitorloss.
Onderecognitionofadebt instrumentclassifiedas fairvalue throughothercomprehensive income, the
cumulativegainorlosspreviouslyaccumulatedintheinvestmentrevaluationreserveisreclassifiedtoprofit
orloss.
Onderecognitionofaninvestmentinequitywhichtheentityelectedtoclassifyunderfairvaluethrough
other comprehensive income, the cumulative gain or loss previously accumulated in the investments
revaluationreserveisnotreclassifiedtoprofitorloss,butistransferredtoretainedearnings.
Theentityrecognisedalossallowanceforexpectedcreditlosseson:
–financialassetsthataremeasuredatamortisedcostorfairvaluethroughothercomprehensiveincome;
–leasereceivables;
–contractassets(e.g.amountduefromcustomersunderconstructioncontracts);
–loancommitmentsthatarenotmeasuredatfairvaluethroughprofitorloss;and
–financialguaranteecontractsthatarenotmeasuredatfairvaluethroughprofitorloss.
Lossallowanceisnotrecognisedfor:
–financialassetsmeasuredatfairvaluethroughprofitorloss;or
–equityinstrumentsmeasuredatfairvaluethroughothercomprehensiveincome.
Expected credit losses are theprobability-weightedestimateof credit lossesover the expected life of a
financialinstrument.Acreditlossisthedifferencebetweenallcontractualcashflowsthataredueandall
cash flows expected to be received, all discounted at the original effective interest rate of the financial
instrument.
Theentityusedthefollowingapproachestoimpairment,asapplicableunderAASB9:
–thegeneralapproach;
–thesimplifiedapproach;
–thepurchasedororiginatedcredit-impairedapproach;and
–lowcreditriskoperationalsimplification.
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NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
GeneralapproachUnderthegeneralapproach,ateachreportingperiod,theentityassesseswhetherthefinancialinstruments
arecredit-impaired,and:
–ifthecreditriskofthefinancialinstrumenthasincreasedsignificantlysinceinitialrecognition,theentity
measuresthelossallowanceofthefinancialinstrumentsatanamountequaltothelifetimeexpectedcredit
losses;and
– if there is no significant increase in credit risk since initial recognition, the entity measures the loss
allowanceforthatfinancialinstrumentatanamountequalto12-monthexpectedcreditlosses.
SimplifiedapproachThesimplifiedapproachdoesnotrequiretrackingofchangesincreditriskateveryreportingperiod,but
insteadrequirestherecognitionoflifetimeexpectedcreditlossatalltimes.
Thisapproachisapplicableto:
–tradereceivables;and
–leasereceivables.
In measuring the expected credit loss, a provision matrix for trade receivables was used taking into
considerationvariousdatatogettoanexpectedcreditloss(i.e.diversityofitscustomerbase,appropriate
groupingsofitshistoricallossexperience,etc).
Purchasedororiginatedcredit-impairedapproachForfinancialassetsthatareconsideredtobecredit-impaired(notonacquisitionororiginations),theentity
measuredanychangeinitslifetimeexpectedcreditlossasthedifferencebetweentheasset’sgrosscarrying
amountand thepresentvalueofestimated futurecash flowsdiscountedat the financialasset’soriginal
effectiveinterestrate.Anyadjustmentisrecognisedinprofitorlossasanimpairmentgainorloss.
Evidenceofcreditimpairmentincludes:
–significantfinancialdifficultyoftheissuerorborrower;
–abreachofcontract(e.g.defaultorpastdueevent);
–a lenderhasgranted to theborrowera concession,due to theborrower’s financialdifficulty, that the
lenderwouldnototherwiseconsider;
–thelikelihoodthattheborrowerwillenterbankruptcyorotherfinancialreorganisation;and
–thedisappearanceofanactivemarketforthefinancialassetbecauseoffinancialdifficulties.
LowcreditriskoperationalsimplificationapproachIfafinancialassetisdeterminedtohavelowcreditriskattheinitialreportingdate,theentityassumedthat
the credit risk has not increased significantly since initial recognition and, accordingly, can continue to
recognisealossallowanceof12-monthexpectedcreditloss.
Inorder tomake suchadetermination that the financial assethas lowcredit risk, theentity applied its
internalcreditriskratingsorothermethodologiesusingagloballycomparabledefinitionoflowcreditrisk.
Afinancialassetisconsideredtohavelowcreditriskif:
–thereisalowriskofdefaultbytheborrower;
–theborrowerhasastrongcapacitytomeetitscontractualcashflowobligationsinthenearterm;and
–adversechangesineconomicandbusinessconditionsinthelongerterm,may,butnotnecessarily,reduce
theabilityoftheborrowertofulfilitscontractualcashflowobligations.
Afinancialassetisnotconsideredtocarrylowcreditriskmerelyduetoexistenceofcollateral,orbecausea
borrowerhasalowerriskofdefaultthantheriskinherentinthefinancialassets,orrelativetothecreditrisk
ofthejurisdictioninwhichitoperates.
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
RecognitionofexpectedcreditlossesinfinancialstatementsAteachreportingdate,theentityrecognisesthemovementinthelossallowanceasanimpairmentgainor
lossinthestatementofprofitandlossandothercomprehensiveincome.
Thecarryingamountoffinancialassetsmeasuredatamortisedcostincludesthelossallowancerelatingto
thatasset.
Assetsmeasuredatfairvaluethroughothercomprehensiveincomearerecognisedatfairvaluewithchanges
infairvaluerecognisedinothercomprehensiveincome.Theamountinrelationtochangeincreditriskis
transferredfromothercomprehensiveincometoprofitorlossateveryreportingperiod.
Forfinancialassetsthatareunrecognised(e.g.loancommitmentsyettobedrawn,financialguarantees),a
provisionforlossallowanceiscreatedinthestatementoffinancialpositiontorecognisethelossallowance.
FinancialInstrumentsComparativeYearInitialrecognitionandmeasurementFinancialassetsandfinancialliabilitiesarerecognisedwhentheentitybecomesapartytothecontractual
provisionstotheinstrument.Forfinancialassets,thisisequivalenttothedatethatthecompanycommits
itselftoeitherpurchaseorselltheasset(i.e.tradedateaccountingisadopted).Financialinstrumentsare
initiallymeasuredatfairvalueplustransactioncostsexceptwheretheinstrumentisclassified“atfairvalue
throughprofitorloss”inwhichcasetransactioncostsareexpensedtoprofitorlossimmediately.
Classificationandsubsequentmeasurement
Financialinstrumentsaresubsequentlymeasuredatfairvalue,amortisedcostusingtheeffectiveinterest
ratemethodorcost.Fairvaluerepresentstheamountforwhichanassetcouldbeexchanged,oraliability
settled,betweenknowledgeable,willingparties.Whereavailable,quotedpricesinanactivemarketare
usedtodeterminefairvalue.Inothercircumstances,valuationtechniquesareadopted.
Amortisedcostiscalculatedas:
(i) theamountatwhichthefinancialassetorfinancialliabilityismeasuredatinitialrecognition;
(ii) lessprincipalrepayments;
(iii) plusorminusthecumulativeamortisationofthedifference,ifany,betweentheamountinitially
recognisedandthematurityamountcalculatedusingtheeffectiveinterestmethod;and
(iv) lessanyreductionforimpairment.
Theeffective interestmethod isusedtoallocate interest incomeor interestexpenseover therelevant
periodand isequivalent to therate thatexactlydiscountsestimated futurecashpaymentsor receipts
(includingfees,transactioncostsandotherpremiumsordiscounts)throughtheexpectedlife(orwhen
this cannotbe reliablypredicted, the contractual term)of the financial instrument to thenet carrying
amount of the financial asset or financial liability. Revisions to expected future net cash flows will
necessitateanadjustmenttothecarryingvaluewithaconsequentialrecognitionofanincomeorexpense
inprofitorloss.
(i) Financialassetsatfairvaluethroughprofitorloss
Financialassetsareclassifiedat“fairvaluethroughprofitorloss”whentheyareheldfortrading
forthepurposeofshort-termprofit taking,orwheretheyarederivativesnotheldforhedging
purposes,orwhen theyaredesignatedas such toavoidanaccountingmismatchor toenable
performance evaluation where a group of financial assets is managed by key management
personnelonafairvaluebasisinaccordancewithadocumentedriskmanagementorinvestment
strategy.Suchassetsaresubsequentlymeasuredatfairvaluewithchangesincarryingvaluebeing
includedinprofitorloss.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
(ii) Loansandreceivables
Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthat
arenotquotedinanactivemarketandaresubsequentlymeasuredatamortisedcost.Loansand
receivablesareincludedincurrentassets,exceptforthosewhicharenotexpectedtomaturewithin
12monthsaftertheendofthereportingperiod.(Allotherloansandreceivablesareclassifiedas
non-currentassets.)
(iii) Held-to-maturityinvestments
Held-to-maturity investmentsarenon-derivative financialassets thathave fixedmaturitiesand
fixed or determinable payments, and it is the entity’s intention to hold these investments to
maturity.Theyaresubsequentlymeasuredatamortisedcost.
Held-to-maturity investments are included in non-current assets, except for those which are
expectedtomaturewithin12monthsaftertheendofthereportingperiod.(Allotherinvestments
areclassifiedascurrentassets.)
Ifduringtheperiodthecompanysoldorreclassifiedmorethanan insignificantamountof the
held-to-maturityinvestmentsbeforematurity,theentireheld-to-maturityinvestmentscategory
wouldbetaintedandreclassifiedasavailable-for-sale.
(iv) Available-for-salefinancialassets
Available-for-salefinancialassetsarenon-derivativefinancialassetsthatareeithernotcapableof
beingclassifiedintoothercategoriesoffinancialassetsduetotheirnature,ortheyaredesignated
assuchbymanagement.Theycompriseinvestmentsintheequityofotherentitieswherethereis
neither a fixed maturity nor fixed or determinable payments. Such assets are subsequently
measuredatfairvalue.
Available-for-salefinancialassetsareincludedinnon-currentassets,exceptforthosewhichare
expectedtobedisposedofwithin12monthsaftertheendoftheendofthereportingperiod.(All
otherfinancialassetsareclassifiedascurrentassets.)
(v) Financialliabilities
Non-derivativefinancialliabilities(excludingfinancialguarantees)aresubsequentlymeasuredat
amortisedcost.
Fairvalue
Fairvalueisdeterminedbasedoncurrentbidpricesforallquotedinvestments.Valuationtechniquesare
appliedtodeterminethefairvalueforallunlistedsecurities,includingrecentarm’slengthtransactions,
referencetosimilarinstrumentsandoptionpricingmodels.
Impairment
Attheendofeachreportingperiod,theentityassesseswhetherthereisobjectiveevidencethatafinancial
instrumenthasbeenimpaired.Inthecaseofavailable-for-salefinancialinstruments,aprolongeddecline
in thevalueof the instrument isconsideredtodeterminewhether impairmenthasarisen. Impairment
lossesarerecognisedinthestatementofcomprehensiveincome.
Derecognition
Financialassetsarederecognisedwherethecontractualrightstoreceiptofcashflowsexpireortheasset
istransferredtoanotherpartywherebytheentitynolongerhasanysignificantcontinuinginvolvementin
therisksandbenefitsassociatedwiththeasset.Financial liabilitiesarederecognisedwheretherelated
obligationsaredischarged,cancelledorexpired.Thedifferencebetweenthecarryingvalueofthefinancial
liability,whichisextinguishedortransferredtoanotherparty,andthefairvalueofconsiderationpaid,
includingthetransferofnon-cashassetsorliabilitiesassumed,isrecognisedinprofitorloss.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
e. ImpairmentofAssets
Attheendofeachreportingperiod,theentityreviewsthecarryingvaluesofitstangibleandintangible
assets to determinewhether there is any indication that those assets have been impaired. If such an
indicationexists,therecoverableamountoftheasset,beingthehigheroftheasset’sfairvaluelesscosts
tosellandvalueinuse,iscomparedtotheasset’scarryingvalue.Anyexcessoftheasset’scarryingvalue
overitsrecoverableamountisexpensedtothestatementofcomprehensiveincome.
Wherethefutureeconomicbenefitsoftheassetarenotprimarilydependentupontheasset’sabilityto
generatenetcashinflowsandwhentheentitywould,ifdeprivedoftheasset,replaceitsremainingfuture
economicbenefits,valueinuseisdeterminedasthedepreciatedreplacementcostofanasset.
Whereitisnotpossibletoestimatetherecoverableamountofaclassofassets,theentityestimatesthe
recoverableamountofthecash-generatingunittowhichtheclassofassetsbelong.
Whereanimpairmentlossonarevaluedassetisidentified,thisisdebitedagainsttherevaluationsurplus
inrespectofthesameclassofassettotheextentthattheimpairmentlossdoesnotexceedtheamount
intherevaluationsurplusforthatsameclassofasset.
f. EmployeeBenefits
Provision ismade for the company’s liability for employee benefits arising from services rendered by
employeestotheendofthereportingperiod.Employeebenefitsthatareexpectedtobesettledwithin
oneyearhavebeenmeasuredattheamountsexpectedtobepaidwhentheliabilityissettled.Employee
benefitspayablelaterthanoneyearhavebeenmeasuredatthepresentvalueoftheestimatedfuture
cash outflows to be made for those benefits. In determining the liability, consideration is given to
employeewage increasesandtheprobabilitythattheemployeemaynotsatisfyvestingrequirements.
Those cashoutflows are discountedusingmarket yields onnational government bondswith terms to
maturitythatmatchtheexpectedtimingofcashflows.
Contributionsaremadebytheentitytoanemployeesuperannuationfundandarechargedasexpenses
whenincurred.
g. CashandCashEquivalents
Cashandcashequivalentsincludecashonhand,depositsheldatcallwithbanks,othershort-termhighly
liquidinvestmentswithoriginalmaturitiesofthreemonthsorless,andbankoverdrafts.Bankoverdrafts
areshownwithinshort-termborrowingsincurrentliabilitiesonthestatementoffinancialposition.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
h. IncomeTax
NoprovisionforincometaxhasbeenraisedastheInstituteisexemptfromincometaxunderDiv50ofthe
IncomeTaxAssessmentAct1997.
i. Provisions
Provisionsarerecognisedwhentheentityhasalegalorconstructiveobligation,asaresultofpastevents,
forwhichitisprobablethatanoutflowofeconomicbenefitswillresult,andthatoutflowcanbereliably
measured. Provisions recognised represent the best estimate of the amounts required to settle the
obligationattheendofthereportingperiod.
j. ComparativeFigures
Where required by Accounting Standards, comparative figures have been adjusted to conform with
changesinpresentationforthecurrentfinancialyear.
When an entity applies an accounting policy retrospectively, makes a retrospective restatement or
reclassifiesitemsinitsfinancialstatements,astatementoffinancialpositionasatthebeginningofthe
earliestcomparativeperiodmustbedisclosed.
k. TradeandOtherPayables
Tradeandotherpayablesrepresenttheliabilityoutstandingattheendofthereportingperiodforgoods
andservicesreceivedbythecompanyduringthereportingperiodwhichremainunpaid.Thebalanceis
recognised as a current liabilitywith the amounts normally paidwithin 30 days of recognition of the
liability.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE1:SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES(CONT’D)
l. GoingConcern
Asdisclosedinthefinancialstatementsasat30September2019,thecompanyhasrecordedalossof
$125,815(2018:Lossof$35,880).Thecompanyhasasurplusofnetliabilitiesof$105,366(SurplusNet
Assets2018:$20,452).
Thedirectorsbelievethatthecompanyisagoingconcernbasedonseveralfactorsincluding:
• Theappointmentofahighlyexperienced individuals topositionsasdirectorsof theClub's
boardtoprovidestableandcapablelongtermstrategicgovernance;
• Thecontinuedsupportofitsmembersandsponsors,includinganegotiatednewsponsorship
agreementwithourmajorpartner,ClubBurwooduntil2022;
• Theactiveengagementofanewcohortofmembersthrougharevisedmembershippackage
plantoattractandmaximisememberandsupporternumbersfromabroaderdemographic
reflectingtheClub'smovetoDrummoyneOvalforthenexttwoyearsincludingHuntersHill,
Drummoyne,RussellLea,Balmain,RoselleandFiveDock;
• AfocusontappingintothechangingandvariedethnicdemographicsoftheInnerWestArea
throughthedevelopmentofMemorandumsofUnderstandingwiththeKoreanand
LebaneseRugbyUnions;
• Activerecruitmentofqualityplayersandexcellentplayernumbersforpreseasontraining;
• NegotiatedanewlicenceagreementandDeedofForbearancewithCanadaBayCounciluntil
2029;
• SecuredDrummoyneOvalasourhomegroundforthenexttwoyears;• ActiveSponsorshipCommitteethatisintheprocessofsecuringnewsponsorshiptofurther
increaseoursponsorshipincomein2020;
• Expansionof theClub's supporterbaseandexposure throughhostingRoundOneof2020
seasoninBathurst;
• Implementationanddevelopmentoffullyfundedjuniordevelopmentprograms.
• The development and leadership of the Inner West Rugby Hub and a new school's
competition,theWangalCup;
• ReturningtothenewlydevelopedConcordOval,whichwillbethebestrugbyfacilityinthe
ShuteShield;&
• The continued growth and popularity of club rugby in Sydney and the Shute Shield
competition.
Thefinancialstatementshavebeenpreparedonagoingconcernbasis,whichassumescontinuityof
normalbusinessactivitiesandtherealisationofassetsandthesettlementofliabilitiesinthenormal
courseofbusiness.
The directors are of the opinion the above requirements will be satisfied and accordingly have
preparedthefinancialstatementsonagoingconcernbasis.Thefinancialstatementsdonotinclude
any adjustments relating to the recoverability or classification of recorded asset amounts or
classificationofliabilitiesthatmightbenecessaryshouldthecompanynotbeabletocontinueasa
goingconcern.
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE2:REVENUEANDOTHERINCOME
2019 2018
$ $
Revenue
FinanceIncome
InterestandDividendreceived 1,776 139
OtherRevenue
Sponsorship 255,476 478,013
GrantIncome 30,526 116,201
TradingIncome 47,849 15,366
MembershipFees 2,912 25,810
GateTakings 7,325 26,926
BarIncome 51,644 98,486
In-kindsponsorshipandbenefits 53,672 126,017
Gradesubscriptions 9,956 30,856
FunctionsandEvents 31,933 64,645
SundryIncome 69,274 79,319
Totalrevenue 562,343 1,061,778
NOTE3:CASHANDCASHEQUIVALENTS
2019 2018
$ $
Cashatbank 10,904 180,710
10,904 180,710
ReconciliationofCashatBank
Cashattheendofthefinancialyearasshowninthestatementofcash
flows is reconciled to items in the statement of financial position as
follows:
BalanceperStatementofFinancialPosition 10,904 180,710
BalanceperStatementofCashflows 10,904 180,710
Difference - -
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE4:TRADEANDOTHERRECEIVABLES
2019 2018
$ $
CURRENT
Tradereceivables 42,678 34,367
Otherreceivables 4,017 -
46,695 34,367
NOTE5:TRADEANDOTHERPAYABLES
2019 2018
$ $
CURRENT
Tradeandotherpayables 147,400 207,415
IncomeinAdvance - 45,257
DeferredGrantIncome 2,596 2,596
149,996 255,268
NON-CURRENT
Tradeandotherpayables 92,282 -
DeferredGrantIncome 5,953 8,549
98,235 8,549
NOTE6:OTHERASSETS
2019 2018
$ $
CURRENT
RentalBond 6,236 3,200
6,236 3,200
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
MovementsinCarryingamountsofproperty,plantandequipment
NOTE7:PROPERTY,PLANTANDEQUIPMENT
2019 2018
$ $PLANTANDEQUIPMENT
Plant&equipmentatcost 33,460 124,894
AccumulatedDepreciation (9,752) (100,159)
23,708 24,735
FootballGearatcost 44,302 44,302
AccumulatedDepreciation (37,782) (37,782)
6,520 6,520
WestHarborGymEquipment&High-PerformanceCentreAtcost 130,761 130,761
Impairment (103,007) (103,007)
AccumulatedDepreciation (27,754) (27,754)
- -
MotorVehicleatcost 7,500 7,500
AccumulatedDepreciation (1,876) (938)
5,624 6,562
Totalproperty,plantandequipment 35,852 37,817
Plant&Equipment
FootballGear
MotorVehicles Total
$ $ $ $30September2018
Balanceatthebeginningoftheyear 24,735 6,520 6,562 37,817
Additions 5,000 - - 5,000
DepreciationExpense (6,027) - (938) (6,965)
Balanceattheendoftheyear 23,708 6,520 5,624 35,852
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE10:MEMEBERS’GUARANTEE
ThecompanyisincorporatedundertheCorporationAct2001andisacompanylimitedbyguarantee.Ifthecompanyis
woundup,theconstitutionstatesthateachmemberisrequiredtocontributeamaximumof$20towardsmeetingany
outstandingobligationsofthecompany.At30September2019,thenumberofmemberswas462.
NOTE11:KEYMANGEMENTPERSONNELDISCLOSURES
Thetotalremunerationpaidtokeymanagementpersonnelofthecompanyfortheyearended30September2019was$nil
(2018:$nil).
OtherKeymanagementpersonneltransactionsFordetailsofothertransactionswithkeymanagementpersonnel,refertoNote13:RelatedPartyTransactions
NOTE12:CONTINGENCIES
Intheopinionofthedirectors,thecompanydidnothaveanycontingenciesat30September2019(30September2018:
None).
NOTE9:GRANTS
Note 2019 2018
$ $At1October 11,145 -
Receivedduringtheyear 27,930 127,346
ReleasedtoStatementofProfitorLoss (30,526) (116,201)
At30September 8,549 11,145
Current 5 2,596 2,596
Non-Current 5 5,953 8,549
8,549 11,145
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
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NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30SEPTEMBER2019
NOTE13:RELATEDPARTIES
(a) Thecompany’smainrelatedpartiesareasfollows:
KeyManagementpersonnelAnyperson(s)havingauthorityandresponsibilityforplanning,directingandcontrollingtheactivitiesoftheentity,
directly or indirectly, including any director (whether executive or otherwise) of that entity are considered key
managementpersonnel.
Fordetailsofremunerationdisclosuresrelatingtokeymanagementpersonnel,refertoNote11:KeyManagement
PersonnelDisclosures.
OthertransactionswithKMPandtheirrelatedentitiesareshownbelow.
(b) Transactionswithrelatedparties
Therewerenotransactionswithrelatedpartiesduringtheyearended30September2019,otherthanasfollows:
(2018:none).
Mr.ChrisCharlton (DirectorandTreasurer)providedaccountancy services to thecompany,amounting to$10,000 in the
financialyear.Theseserviceswereprovidedunderasponsorshipinkindagreement,withnopaymentsbeingmadebythe
company.
NOTE14:EVENTSOCCURRINGAFTERTHEREPORTINGDATE
Mr.ThomasGamesandMr.SimonGreallywereappointedascompanydirectorson31December2019.
No othermatters or circumstances have arisen since the end of the financial year which significantly affected or could
significantlyaffecttheoperationsofthecompany,theresultsofthoseoperationsorthestateofaffairsofthecompanyin
futurefinancialyears.
NOTE15:COMPANYDETAILS
Theregisteredofficeofthecompanyis:
Level8
261GeorgeSt,
SydneyNSW2000
Theprincipalplaceofbusinessofthecompanyis:
'ConcordOval',
1LoftusStreet,
Concord,2137,NSW
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
29
DIRECTORS’DECLARATION
Thedirectorsoftheentitydeclarethat:
1. ThefinancialstatementsandnotesareinaccordancewithCorporationsAct2001:
a. complywithAustralianAccountingStandards-ReducedDisclosureRequirements;and
b. giveatrueandfairviewofthefinancialpositionasat30September2019andoftheperformanceforthe
yearendedonthatdateoftheentity.
2. Inthedirectors’opinion,therearereasonablegroundstobelievethattheentitywillbeabletopayitsdebtsasand
whentheybecomedueandpayable.
ThisdeclarationissignedinaccordancewitharesolutionoftheBoardofDirectors.
Director
Datedthisdayof2020
WestHarbourRugbyUnionFootballClubLimitedABN:11099077497
30