Moorebank Sports Club LTD

Page 1 of 31 DocId: 7ECJ46841 ACN : 002 081 905
Australian Securities & Electronic Lodgement

Investments Commission Document No. 7ECJ46841
Lodgement date/time: 04-10-2023 11:53:07
Reference Id: 187301076
Form 388
Corporations Act 2001
294, 295, 298-300, 307, 308, 319, 321, 322
Corporations Regulations
1.0.08
Copy of financial statements and reports

Company details
Company name
MOOREBANK SPORTS CLUB LTD

ACN
002 081 905
Reason for lodgement of statement and reports
A public company or a disclosing entity which is not a registered scheme or

prescribed interest undertaking
Dates on which financial
Financial year end date
year ends
30-06-2023
Auditor's report
Were the financial statements audited?

Yes
Is the opinion/conclusion in the report modified? (The opinion/conclusion in
the report is qualified, adverse or disclaimed)
No
Does the report contain an Emphasis of Matter and/or Other Matter
paragraph?
No
Details of current auditor or auditors
Current auditor
Date of appointment 25-10-2020
Name of auditor
BDO AUDIT PTY LTD
Address
BDO AUDIT PTY LTD
LEVEL 11
ASIC Form 388 Ref 187301076

Page 1 of 2
Form 388 - Copy of financial statements and reports

MOOREBANK SPORTS CLUB LTD ACN 002 081 905
1 MARGARET STREET
SYDNEY NSW 2000
Certification
I certify that the attached documents are a true copy of the original reports
required to be lodged under section 319 of the Corporations Act 2001.
Yes
Signature
Select the capacity in which you are lodging the form

Secretary
I certify that the information in this form is true and complete and that I am
lodging these reports as, or on behalf of, the company.
Yes
Authentication
This form has been submitted by

Name Jeffrey GIBBS
Date 04-10-2023
For more help or information

Web www.asic.gov.au
Ask a question? www.asic.gov.au/question
Telephone 1300 300 630
ASIC Form 388 Ref 187301076

Page 2 of 2
________________________________________________________
Moorebank Sports Club Limited

ABN 21 002 081 905
Annual Financial Report

30 June 2023
________________________________________________________

Directors’ Report
The directors present their report together with the financial statements of Moorebank Sports Club
Limited (the company), for the year ended 30 June 2023.
Directors
The directors of the company in office at any time during or since the end of the financial year are:
Name Board Status Period of directorship Qualification(s)

Brenton (Alby) Taylor President Appointed 30 October 2016 Chief Commissioner
MPPA, Dip Law (LPAB), GDLP, GCAM,
GAICD, Legal Practitioner
Nal Wijesekera Vice President Appointed 25 October 2020 Teacher
MEd (RE), BEd
Francis Griffin Treasurer Appointed 30 October 2016 Advanced Public Administration
Craig McNally Director Appointed 25 October 2020 Business Owner, Tradesman
Laurence Willoughby Director Appointed 27 February 2017 Semi-Retired
Robert Fleeton Director Appointed 7 December 1990
Retired
Resigned 21 July 2023
Joseph Murphy Director Elected 30 October 2022
Business Owner
Resigned 26 June 2023
Dennis Errington Director Appointed 30 October 2011
Industrial Sales
Resigned 30 October 2022
Directors’ meetings
The number of meetings of the company’s Board of Directors (the Board) and the number of meetings
attended by each director were:
Number of Number of
Director Meetings Attended Meetings Held *
Brenton (Alby) Taylor 14 17

Nal Wijesekera 17 17
Francis Griffin 17 17
Craig McNally 16 17
Laurence Willoughby 15 17
Robert Fleeton 14 17
Joseph Murphy 6 9
Dennis Errington 6 7
* Number of meetings held during the time the director held office during the year.
Membership
The Company is a company limited by guarantee and is without share capital. The number of members as
at 30 June 2023 and the comparison with last year is as follows:
2023 2022
Ordinary 30,543 29,175

Life 16 18
30,559 29,193
1

Directors’ Report
Members' limited liability
In accordance with the Constitution of the company, every member of the company undertakes to
contribute an amount limited to $20 per member in the event of the winding up of the company during
the time that they are a member or within one year thereafter. The total amount that the members of the
company are liable to contribute if the company is wound up is $611,180 (2022: $583,860).
Operating result
The net profit before tax from continuing operations for the year amounted to $2,286,444 compared with
profit of $1,522,057 for the prior year. This resulted after receiving $nil in government grants (2022:
$331,248) and charging $2,005,671 (2022: $1,981,592) for depreciation and amortisation. The net profit
for the year was $2,194,647 (2022: profit of $1,650,036) which includes a tax expense of $91,797 (2022:
benefit of $127,979).
Objectives
Short term
In the short term the Company’s objectives are to grow revenues through existing revenue streams and
look at potential diversification of income and continue to promote and develop sporting activities and
expand the Club’s offerings. We will continue to provide quality entertainment and social activities for
members to support our principal activities whilst maintaining state of the art facilities and amenities that
serve our many members.
Long term
In the long term the Company’s primary objective is to investigate and implement successful alternate
revenue streams that complement the Club’s core business whilst still maintaining the principal activities.
Strategy for achieving the objectives

The Company will strive to continue to be a market leader in the Licensed Club Industry in the current
offerings provided to members while undertaking due diligence, extensive research and looking at market
demands to determine the viability of any potential alternate revenue streams.
The primary strategies to achieve the Club’s objectives is though sound financial management and the use
of financial ratios and key performance indicators (KPIs) to ensure that organisational business plans,
budgets and cash flows are current, accurate and relevant.
Principal activities
The principal activities of the company during the year have continued to be that of a sporting and
athletic club supported by licensed operations to provide members, their guests and the community with
the amenities and facilities usually associated with a sporting and recreational licensed Club. The Club’s
activities enhance, support and continue to develop and promote a range of sporting and social activities
that have assisted the Club and the broader community. These activities have not been limited to the
provision of sporting infrastructure but also to the development and promotion of a wide range of
activities including all forms of sport for all levels of players. There has been no significant change in the
nature of that activity during the year.
2

Directors’ Report
How these activities assist in achieving the objectives
The principal activities assist in achieving the objectives as they are our core revenues and foundations to
be able to achieve the objectives.
Performance measurement and key performance indicators

The Company measures its success in the following areas:
• Satisfaction of its members and guests

• Success of marketing and promotional events, entertainment and major calendar events
• Financial performance through review of:
- Earnings before interest, tax, depreciation and amortisation
- Revenue
- Wages cost as a percentage of revenues
- Profitability
- Targeted budgets being met
- Business Plan targets achieved
- Financial ratios and KPIs
- Patron visitations
Key Performance Indicators (from continuing operations)

2023 2022
Bar
Gross profit percentage 60.77% 59.41%
Wages to sales percentage 30.53% 29.27%
Wages and salaries – percentage of total revenue 24.47% 21.56%
EBITDA – percentage of revenue 22.84% 26.46%
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act
2001 is set out on page 4.
Signed in accordance with a resolution of the directors.
Dated at Moorebank this 25th of September 2023.
Brenton (Alby) Taylor

President
3
Tel: 61 2 9251 4100 Level 11, 1 Margaret St

Fax: 61 2 9240 9821 Sydney NSW 2000
www.bdo.com.au Australia
DECLARATION OF INDEPENDENCE BY CLAYTON EVELEIGH TO THE DIRECTORS OF MOOREBANK SPORTS

CLUB LIMITED
As lead auditor of Moorebank Sports Club Limited for the year ended 30 June 2023, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation
to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Clayton Eveleigh
Director
BDO Audit Pty Ltd
Sydney, 25 September 2023
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77
050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company
limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under
Professional Standards Legislation.
4
Tel: 61 2 9251 4100 Level 11, 1 Margaret St

Fax: 61 2 9240 9821 Sydney NSW 2000
www.bdo.com.au Australia
INDEPENDENT AUDITOR'S REPORT
To the members of Moorebank Sports Club Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Moorebank Sports Club Limited (the Company), which comprises
the statement of financial position as at 30 June 2023, the statement of profit or loss and other
comprehensive income, the statement of changes in members’ funds and the statement of cash flows for
the year then ended, and notes to the financial report, including a summary of significant accounting
policies, and the directors’ declaration.
In our opinion the accompanying financial report of Moorebank Sports Club Limited, is in accordance with
the Corporations Act 2001, including:
(i) Giving a true and fair view of the Company’s financial position as at 30 June 2023 and of its
financial performance for the year ended on that date; and
(ii) Complying with Australian Accounting Standards – Simplified Disclosures and the Corporations
Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Company in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES
110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are
relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the time
of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Other information
The directors are responsible for the other information. The other information obtained at the date of
this auditor’s report is information included in the Directors Report, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77
050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK
company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved
under Professional Standards Legislation.
5
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards – Simplified Disclosures and the
Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the
preparation of the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing
and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf
This description forms part of our auditor’s report.
BDO Audit Pty Ltd
Clayton Eveleigh
Director
Sydney, 25 September 2023
6

Directors’ Declaration
The directors of Moorebank Sports Club Limited declare that:
(a) In the Directors’ opinion the financial statements and notes set out on pages 8 to 28, are in
accordance with the Corporations Act 2001, including:
(i) Giving a true and fair view of the Company’s financial position as at 30 June 2023 and of its
performance, for the financial year ended on that date; and
(ii) Complying with Australian Accounting Standards – Simplified Disclosures and Corporations
Regulations 2001.
(b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when
they become due and payable.
Signed in accordance with a resolution of the directors made pursuant to section 295(5)(a) of the
Corporations Act 2001.
Dated at Moorebank this 25th day of September 2023.
Brenton (Alby) Taylor

President
7

Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2023
Note 2023 2022

$ $
Revenue and other income

Sale of goods revenue 3,911,537 2,559,146
Rendering of services revenue 14,474,034 10,474,660
Other income 670,734 303,761
Total revenue and other income 1 19,056,305 13,337,567
Expenses
Raw material and consumables used (1,639,334) (1,081,906)
Depreciation and amortisation expenses 2 (2,005,671) (1,981,592)
Employee benefits expense (4,663,849) (2,875,723)
Entertainment, marketing and promotional costs (2,132,247) (1,332,190)
Poker machine licences and taxes (3,559,467) (2,483,427)
Finance costs 2 (60,750) (25,357)
Occupancy expenses (1,417,668) (1,025,319)
Donations and grants paid (334,252) (202,801)
Other expenses (956,623) (807,195)
Total expenses (16,769,861) (11,815,510)
Profit before income tax 2,286,444 1,522,057
Income tax (expense)/benefit 3(a) (91,797) 127,979
Net profit after income tax attributable to members 2,194,647 1,650,036
Other comprehensive income - -
Total comprehensive income for the year attributable

to members 2,194,647 1,650,036
The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes set out on pages 12 to 28.
8

Statement of Financial Position
As at 30 June 2023
Note 2023 2022
ASSETS $ $
Current Assets
Cash and cash equivalents 4 10,419,008 9,676,833
Trade and other receivables 5 112,132 33,750
Inventories 120,142 119,007
Prepayments 304,471 360,787
Total Current Assets 10,955,753 10,190,377
Non-Current Assets
Property, plant and equipment 6 19,730,558 19,844,752
Intangible assets 7 5,328,457 3,977,921
Deferred tax assets 3(b) 78,467 170,264
Total Non-Current Assets 25,137,482 23,992,937
Total Assets 36,093,235 34,183,314
LIABILITIES
Current liabilities
Trade and other payables 8 1,555,061 1,961,055
Employee benefits 9 309,313 221,905
Lease liabilities 10 483,167 513,043
Income received in advance 259,116 203,693
Total Current Liabilities 2,606,657 2,899,696
Non-Current Liabilities
Employee benefits 9 126,805 140,103
Lease liabilities 10 401,163 345,788
Income received in advance 84,508 118,272
Total Non-Current Liabilities 612,476 604,163
Total Liabilities 3,219,133 3,503,859
Net Assets 32,874,102 30,679,455
Members’ Funds
Retained profits 32,874,102 30,679,455
Reserves - -
Total Members’ Funds 32,874,102 30,679,455
The Statement of Financial Position should be read in conjunction with the accompanying notes set out on
pages 12 to 28.
9

Statement of Changes in Members’ Funds
Total
Reserves Retained Members’
Profits Funds
$ $ $
Balance at 1 July 2021 4,834,678 24,194,741 29,029,419
Net profit for the year - 1,650,036 1,650,036
Other comprehensive income for the year, net of

tax - - -
Total comprehensive income for the year - 1,650,036 1,650,036
Transfer of amalgamation reserve to retained

profits (4,834,678) 4,834,678 -
Balance at 30 June 2022 - 30,679,455 30,679,455
Net profit for the year - 2,194,647 2,194,647
Other comprehensive income for the year, net of

tax - - -
Total comprehensive income for the year - 2,194,647 2,194,647
Balance at 30 June 2023 - 32,874,102 32,874,102
The Statement of Changes in Members’ Funds should be read in conjunction with the accompanying notes
set out on pages 12 to 28.
10

Statement of Cash Flows
Note 2023 2022

$ $
Cash Flows from Operating Activities

Receipts from customers (including GST) 20,237,701 14,296,187
Payments to suppliers and employees (including GST) (16,863,727) (10,858,440)
Interest received 199,409 1,873
Rent received 1 402,265 301,888
Finance costs paid 2 (60,750) (25,357)
Government grants - 331,248
Net cash inflow from operating activities 3,914,898 4,047,399
Cash Flows from Investing Activities

Proceeds from sale of property, plant and equipment 66,227 35,972
Payment for property, plant and equipment 6 (1,232,251) (574,541)
Payment for intangible assets 7 (1,350,536) (45,000)
Net cash outflow from investing activities (2,516,560) (583,569)
Cash Flows from Financing Activities

Repayment of lease liabilities (656,163) (295,315)
Net cash outflow from financing activities (656,163) (295,315)
Net increase in cash and cash equivalents 742,175 3,168,515

Cash and cash equivalents at the beginning of the
financial year 9,676,833 6,508,318
Cash and cash equivalents at the end of the

financial year 4 10,419,008 9,676,833
The Statement of Cash Flows should be read in conjunction with the accompanying notes set out on pages
12 to 28.
11

Notes to the Financial Statements
About this report
Moorebank Sports Club Limited is a company limited by guarantee, incorporated and domiciled in
Australia. The financial statements are for Moorebank Sports Club Limited as a standalone legal entity.
The financial statements were approved for issue by the Directors on 25 September 2023.
The financial statements are general purposes financial statements which:

• Have been prepared in accordance with the requirements of the Corporations Act 2001 and Australian
Accounting Standards – Simplified Disclosures issued by the Australia Accounting Standards Board;
• Have been prepared under the historical cost convention;
• Are presented in Australian dollars;
• Where necessary comparative information has been restated to conform with changes in presentation
in the current year; and
• Have been prepared on a going concern basis.
New or amended Accounting Standards and Interpretations adopted
The Company has adopted all new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Any
new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted.
Critical Accounting Judgements, Estimates and Assumptions
In the process of applying the company’s accounting policies, management has made a number of
judgements and applied estimates of future events. Judgements and estimates that are material to the
financial statements include:
Estimation of useful lives of assets Note 6

Intangible assets Note 7
Long service leave liability Note 9
12

2023 2022
$ $
1 Revenue and Other Income
Sale of Goods Revenue
Bar sales 3,582,612 2,510,026

Catering sales - Café 328,925 49,120
3,911,537 2,559,146
Rendering of Services Revenue
Poker machines – net clearances 14,017,054 10,164,083

Members’ subscriptions 122,986 122,504
Commission received 261,995 176,003
Sundry Income 71,999 12,070
14,474,034 10,474,660
Other Income
Interest received 268,469 1,873

Rent received 402,265 301,888
670,734 303,761
Total Revenue and Other Income 19,056,305 13,337,567
Recognition and Measurement

Sale of Goods
Revenue from the sale of goods comprises of revenue earned from the provision of food, beverage
and other goods and is recognised (net of rebates, returns, discounts and other allowances) at a
point in time when the performance obligation is satisfied that is on delivery of goods to the
customer.
Rendering of Services
Revenue from rendering services comprises revenue from gaming facilities together with other
services to members and other patrons of the club and is recognised at a point in time when the
services are provided.
Interest Revenue
Interest revenue is recognised using the effective interest rate method, which, for floating rate
financial assets is the rate inherent in the instrument.
Rental Revenue
Rental revenue from leases is recognised on a straight-line basis over the term of the relevant lease.
Government Grants
Government grants are recognised when there is reasonable assurance that the grant will be
received, and all attached conditions will be complied with. Where the grant relates to an expense
item, it will be recognised over the periods that the related costs are expensed. The company has
chosen to present cash grants relating to JobKeeper net against payroll costs.
13

2023 2022
$ $
2 Expenses
Profit before income tax includes the following
specific expenses:
Finance costs
Other borrowing costs 60,750 25,357
Total Finance costs 60,750 25,357
Depreciation
Buildings 539,035 537,063

Plant and equipment 734,942 680,941
Poker machines 228,528 452,906
Amortisation
Leased assets 503,166 310,682
Total Depreciation and Amortisation 2,005,671 1,981,592
Movements in provision for employee benefits 74,110 5,010
Defined contribution superannuation expense 409,271 271,421
Profit on Disposal – Property, Plant and Equipment (29,078) (10,615)
Finance costs include interest, premiums relating to borrowings, amortisation of ancillary costs
incurred in connection with arrangement of borrowings and borrowing costs.
Finance costs are expensed as incurred unless they relate to qualifying assets. Qualifying assets are
assets, which take more than 12 months to get ready for their intended use or sale. In these
circumstances, finance costs are capitalised to the cost of the assets. Where funds are borrowed
specifically for the acquisition, construction or production of a qualifying asset, the amount of
finance costs capitalised is those incurred in relation to that borrowing, net of any interest earned
on those borrowings. Where funds are borrowed generally, finance costs are capitalised using a
weighted average capitalisation rate.
14

3 Income Tax
(a) Income Tax Expense
The Income Tax Assessment Act, 1997 (amended) provides that under the concept of mutuality
clubs are only liable for income tax on income derived from non-members and from outside entities.
2023 2022
$ $
The amount set aside for income tax in the statement of
financial performance has been calculated as follows:
Net income subject to tax 187,955 -

Utilisation of carried forward tax losses (187,955) -
Current income tax applicable at rate of 25% (2022: 25%) - -

Movement in deferred tax asset 91,797 (127,979)
Income tax expense/(benefit) 91,797 (127,979)
(b) Deferred Tax Assets
The balance comprises temporary differences attributable

to:
Amounts recognised in profit or loss

Employee benefits 30,810 19,299
Fixed assets (13,164) (20,177)
Tax losses 60,821 171,142
Net deferred tax assets 78,467 170,264
Movements:
Opening balance at 1 July 170,264 42,285
(Debited)/Credited to the Statement of Profit or Loss and
Other Comprehensive Income (91,797) 127,979
Closing balance at 30 June 78,467 170,264
15

3 Income Tax (continued)
Mutuality Principle
The company calculates its income in accordance with the mutuality principle which excludes from
income, any amounts of subscriptions and contributions from members, and payments received from
members for particular services provided by the association. The Commissioner of Taxation accepts
this method of calculating income as appropriate for recognised clubs and associations.
Amendments to the Income Tax Assessment Act 1997 ensure associations continue not to be taxed
on receipts from contributions and payments received from members.
The income tax expense or benefit for the period is the tax payable on that period’s taxable income
based on the applicable income tax rate, adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior
periods, where applicable.
Deferred tax assets are recognised for temporary differences at the tax rates expected to apply
when the assets are recovered or liabilities settled, based on those tax rates that are enacted or
substantively enacted, except for:
Deferred tax assets are recognised for deductible temporary differences and tax losses only if it is
probable that future taxable amounts will be available to utilise those temporary differences and
losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed each
reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer
probable that future taxable profits will be available for the carrying amount to be recovered.
Previously unrecognised deferred tax assets are recognised to the extent that it is probable that
there are future taxable profits available to recover the asset.
Deferred tax assets are offset only where there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they
relate to the same taxable authority on either the same taxable entity or different taxable entity’s
which intend to settle the claim simultaneously.
16

4 Cash and Cash Equivalents

Reconciliation of Cash
Cash as at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the
related items in the Statement of Financial Position as follows:
2023 2022
$ $
Cash and cash equivalents 1,559,888 1,696,733

Short term deposits 8,859,120 7,980,100
10,419,008 9,676,833

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions,
other short-term, liquid investments that are readily convertible to known amounts of cash without
significant cost and which are subject to an insignificant risk of changes in value.
5 Trade and Other Receivables
2023 2022
$ $
Accrued income 107,454 33,750

Sundry debtors 4,678 -
112,132 33,750

Trade and other receivables represent the principal amounts due at balance date plus accrued
interest and less, where applicable, any unearned income and impairment allowance.
Under AASB 9 there are new impairment requirements which use an ‘expected credit loss’ (‘ECL’)
model to recognise an allowance. Impairment is measured using a 12-month ECL method unless the
credit risk on a financial asset has increased significantly since initial recognition in which case the
lifetime ECL method is adopted. The expected credit loss estimated by the management using
simplified approach is $Nil (2022: $Nil).
17

2023 2022
$ $
6 Property, Plant and Equipment
Freehold Land
At Cost 5,860,445 5,860,445
Buildings
At Cost 14,518,929 14,524,997
Accumulated Depreciation (6,086,949) (5,552,114)
8,431,980 8,972,883
Total Land and Buildings 14,292,425 14,833,328
Plant and equipment

At cost 6,616,919 6,711,773
Accumulated depreciation (5,147,105) (5,221,012)
1,469,814 1,490,761
Poker Machines
At cost 4,241,905 4,777,589
Accumulated depreciation (4,038,608) (4,402,512)
203,297 375,077
Leased Assets
At capitalised cost 2,403,112 1,738,489
Accumulated depreciation (1,354,811) (883,397)
1,048,301 855,092
Capital Works in Progress

At cost 2,716,721 2,290,494
Total property, plant and equipment net book value 19,730,558 19,844,752
18

6 Property, Plant and Equipment (continued)
Valuation
The independent valuation of the company’s land and buildings was carried out as at 30 June 2023
by Nicholas Brady Valuations (Registered API Member 68548) on the basis of open market value for
existing use resulted in a valuation of land of $15,400,000 and buildings of $13,100,000.
2023 2022
$ $
Reconciliations
Movements in Carrying Amounts
Movements in the carrying amounts for each class of

property, plant and equipment between the beginning
and the end of the current financial year are set out
below:
Buildings
Carrying amount at beginning of year 8,972,883 9,509,946
Additions 5,308 -
Disposals (11,376) -
Depreciation expense (539,035) (537,063)
Disposal depreciation 4,200 -
Carrying amount at end of year 8,431,980 8,972,883
Plant and Equipment

Additions 728,931 215,252
Disposals (823,785) (84,737)
Disposal depreciation 808,849 84,486
19

2023 2022
$ $
Poker Machines
Carrying amount at beginning of year 375,077 658,862
Additions 71,785 194,227
Disposals (607,469) (417,605)
Disposal depreciation 592,432 392,499
Carrying amount at end of year 203,297 375,077
Leased Assets
Carrying amount at beginning of year 855,092 677,013
Additions 696,375 488,761
Disposals (31,752) -
Amortisation expense (503,166) (310,682)
Amortisation on disposal 31,752 -
Carrying amount at end of year 1,048,301 855,092
Capital Works in Progress

Additions 426,227 165,062
Core Property
Moorebank Sports – club site
230 Heathcote Road
Hammondville NSW 2170
Non-Core Property
Lot 1000 in Deposited Plan 1214963 at Gregory Hills
20

The company determines the estimated useful lives and related depreciation and amortisation
charges for its property, plant and equipment. The useful lives could change significantly as a
result of technical innovations or some other event. The depreciation and amortisation charge will
increase where the useful lives are less than previously estimated lives, or technically obsolete or
non-strategic assets that have been abandoned or sold will be written off or written down.
Sale of Property, Plant and Equipment

The gain or loss on disposal is calculated as the difference between the carrying amount of the asset
at the time of disposal and the net proceeds on disposal (including incidental costs) and is
recognised as revenue at the date control of the asset passes to the buyer.
Property, plant and equipment is stated at historical cost less depreciation and accumulated
impairment losses. Historical cost includes expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will
flow to the company and the cost of the item can be measured reliably. All other repairs and
maintenance are charged to the profit or loss during the financial period in which they are incurred.
The depreciable amount of all fixed assets including buildings and capitalised lease assets, but
excluding freehold land, is depreciated using the straight line/ diminishing value methods to
allocate their cost amounts, net of their residual values, over their estimated useful lives, as
follows:
Buildings 5-40 years

Plant & Equipment 3-30 years
Poker Machines 3-4 years
Leased assets 3-5 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
Statement of Financial Position date. An asset’s carrying amount is written down immediately to its
recoverable amount if the asset’s carrying amount is greater than its estimated recoverable
amount.
Capital works in progress are transferred to other categories and depreciated when completed and
ready for use.
Leased Assets
The Company leases plant and equipment under agreements between 2 to 5 years. There are no
options to extend under these lease agreements.
A leased asset is recognised at the commencement date of a lease. The leased asset is measured at
cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease
payments made at or before the commencement date net of any lease incentives received, any
initial direct costs incurred, and, except where included in the cost of inventories, an estimate of
costs expected to be incurred for dismantling and removing the underlying asset, and restoring the
site or asset.
21

Leased Assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the entity expects to obtain
ownership of the leased asset at the end of the lease term, the depreciation is over its estimated
useful life. Leased Assets are subject to impairment or adjusted for any re-measurement of lease
liabilities.
The Company has elected not to recognise a leased asset and corresponding lease liability for short-
term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these
assets are expensed to profit or loss as incurred.
Impairment of Assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the
amount by which the asset's carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset’s fair value less costs to sell and value-in-use. The
value-in-use is the present value of the estimated future cash flows relating to the asset using a pre-
tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets
that do not have independent cash flows are grouped together to form a cash-generating unit.
Key estimate and Judgement: Estimated useful lives of Assets

The company determines the estimated useful lives and related depreciation and amortisation
charges for its property, plant and equipment. The useful lives could change significantly as a result
of technical innovations or some other event. The depreciation and amortisation charge will
increase where the useful lives are less than previously estimated lives, or technically obsolete or
non-strategic assets that have been abandoned or sold will be written off or written down.
7 Intangible Assets
2023 2022
$ $
Poker machine entitlements
At cost 5,328,457 3,977,921
Accumulated amortisation - -
Net carrying value 5,328,457 3,977,921
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous
financial year are set out below:
Poker machine entitlements

Opening net book amount 3,977,921 3,932,921
Additions 1,350,536 45,000
22

7 Intangible Assets (continued)

Poker Machine Entitlements
Poker machine entitlements are considered to be intangible assets with an indefinite life as there is
no set term for holding the entitlements. As a result, the entitlements are not subject to
amortisation. Instead, poker machine entitlements are tested for impairment annually and are
carried at cost less accumulated impairment losses. Poker machine entitlements are not considered
to have an active market; hence the fair value is calculated using the value in use method based on
management's five-year forecasts.
Key estimates and judgements: Impairment of poker machine entitlements
As discussed above, impairment of poker machine entitlements is recognised based on a value in use
calculations and is measured at the present value of the estimated future cash inflows available to
the company from the use of these licenses. In determining the present value of the cash inflows,
growth rates and appropriate discount factors have been considered.
Key assumptions are those to which the recoverable amount of an asset or cash-generating units is
most sensitive.
The following key assumptions were used in the discounted cash flow model for the poker machine
entitlements:
a. 7.00% (2022: 5.00%) pre-tax discount rate

b. 3.00% (2022: 3.00%) per annum projected revenue growth rate
c. 5.00% (2022: 5.00%) per annum increase in operating costs and overheads
Sensitivity
Management believes that reasonable changes in the key assumptions on which the recoverable
amount of gaming division’s poker entitlements is based would not cause the cash-generating units’
carrying amount to exceed its recoverable amount.
23

2023 2022
$ $
8 Trade and Other Payables
Trade payables 596,597 776,539
Goods and Services Tax (GST) payable 124,077 123,126
Other payables and accrued expenses 834,387 1,061,390
1,555,061 1,961,055
These amounts represent liabilities for goods and services provided to the company prior to the end
of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30
days of recognition.
2023 2022
$ $
9 Employee Benefits
Current 309,313 221,905
Non-current 126,805 140,103
The present value of employee benefits not expected to be settled within 12 months of reporting
date have been calculated using the following weighted averages:
Inflation rate 5.60% 5.10%

Discount rate 5.59% 5.46%
Settlement term (years) 6.95yrs 6.50yrs
Superannuation Plans
Contributions
The company is under a legal obligation to contribute 10.5% of each employee’s base salary to a
superannuation fund. This increased to 11% as of 1 July 2023.

Wages, Salaries and Annual Leave
Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be
settled within 12 months of the reporting date are recognised in other payables with respect to
employees’ services up to the reporting date and are measured at the amounts expected to be paid
when the liabilities are settled.
Long Service Leave

The provision for employee benefits relating to long service leave represents the present value of
the estimated future cash outflows to be made resulting from employees’ services provided to
reporting date.
24

9 Employee Benefits (continued)
The provision is calculated using expected future increases in wage and salary rates including
related on-costs and expected settlement dates based on turnover history and is discounted using
the market yields on national government bonds at reporting date which most closely match the
terms of maturity with the expected timing of cash flows. The unwinding of the discount is treated
as long service leave expense.
Superannuation Plan
The company contributes to several defined contribution superannuation plans. Contributions are
recognised as an expense as they are made. The company has no legal or constructive obligation to
fund any deficit.
Key estimate and judgement: Long service leave liability

The liability for long service leave is recognised and measured at the present value of the estimated
future cash flows to be made in respect to all employees at the reporting date. In determining the
present value of the liability, estimates of attrition rates and pay increases through promotion and
inflation have been taken into account.
2023 2022
$ $
10 Lease Liabilities
Current 483,167 513,043
Non-current 401,163 345,788
Recognition and measurement
A lease liability is recognised at the commencement date of a lease. The lease liability is initially
recognised at the present value of the lease payments to be made over the term of the lease,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the Company’s incremental borrowing rate. Lease payments comprise of fixed
payments less any lease incentives receivable, variable lease payments that depend on an index or
a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase
option when the exercise of the option is reasonably certain to occur, and any anticipated
termination penalties. The variable lease payments that do not depend on an index or a rate are
expensed in the period in which they are incurred. Lease liabilities are secured over the rights to
the hire purchase assets recognised in the statement of financial position which will revert to the
lessor if the company defaults.
The carrying amounts of are remeasured if there is a change in the following: future lease payments
arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a
purchase option and termination penalties. When a lease liability is remeasured, an adjustment is
made to the corresponding leased asset, or to profit or loss if the carrying amount of the leased
asset is fully written down.
25

2023 2022
$ $
11 Contingent Liabilities
Bank Guarantees
The company has given the following bank guarantees:
TAB Limited 5,000 5,000
12 Key Management Personnel Details

(a) Directors
The following persons were non-executive directors of the company during the financial year:
Brenton (Alby) Taylor Robert Fleeton – Resigned 21 July 2023

Nal Wijesekera Joseph Murphy – Resigned 26 June 2023
Francis Griffin Dennis Errington – Resigned 30 October 2022
Craig McNally
Laurence Willoughby
(b) Other Key Management Personnel

The following persons also had authority and responsibility for planning, directing and controlling
the activities of the company, directly or indirectly during the financial year:
Name Position
Jeff Gibbs Chief Executive Officer
Troy Crisp Chief Financial Officer
Matthew Cavanagh Chief Operating Officer
Alison Hester People & Culture Manager
(c) Key Management Personnel Compensation

2023 2022
$ $
Benefits and payments made to the Directors and Other

Key Management Personnel named in (b) above 798,703 793,153
(d) Directors’ Transactions with the Company

From time to time, directors of the company, or their director-related entities, may purchase goods
from the company. These purchases are on the same terms and conditions as those entered into by
other company employees or customers and are trivial or domestic in nature.
No director has entered into a material contract with the Company since the end of the previous
financial year and there were no material contracts involving directors’ interests existing at year
end.
26

13 Related Parties
(a) Key Management Personnel
Disclosures relating to key management personnel are set out in Note 12.
(b) Receivable from and payable to related parties

There were no trade receivables from or trade payables to related parties at the current and
previous reporting date.
(c) Director Related Employees

The Company employs relatives of current directors of the club. The terms of employment for the
individuals are in accordance with a normal employee relationship with the Company. The
individuals received no conditions more favourable than those which are reasonable to expect that
they would have received if there had been no relationship with a Director.
14 Company Details
The Club is incorporated and domiciled in Australia as a company limited by guarantee. In
accordance with the Constitution of the company, every member of the company undertakes to
contribute an amount limited to $20 per member in the event of the winding up of the company
during the time that they are a member or within one year thereafter.
At 30 June 2023 there were 30,543 Ordinary Members and 16 Life Members (2022: 29,175 Ordinary
Members and 18 Life Members).
The registered office of the company is:
230 Heathcote Road

HAMMONDVILLE NSW 2170
15 Events Subsequent to Reporting Date

There are no matters or circumstances that have arisen since the end of the financial year that have
significantly affected or may significantly affect the operations of the company, the results of those
operations or the state of affairs of the company in future financial years.
16 Auditors’ Remuneration
During the financial year the following fees were paid or payable for services provided by BDO, the
auditor of the company:
2023 2022
$ $
Audit services
Audit of the financial statements 40,000 35,000
Other services
Financial statement preparation 4,500 4,000
Taxation compliance services 7,700 7,000
52,200 46,000
27

17 Summary of Other Significant Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.
(a) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST),
except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In
these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part
of the expense.
Receivables and payables in the Statement of Financial Position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the Australian Taxation Office is included
as a current asset or liability in the Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross basis, except for the GST
component of investing and financing activities, which are disclosed as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the Australian Taxation Office.
(b) Comparatives
Comparative figures have been adjusted to conform to changes in presentation for the current
financial year.
(c) Customer Loyalty Program

The company operates a loyalty program where customers accumulated points for dollars spent.
The award points are recognised as a separately identifiable component of the initial sale
transaction, by allocating the fair value of the consideration received between the award points and
the other components of the sale that the award points are recognised at their fair value. Revenue
from the award points is recognised when the points are redeemed. The amount of revenue is
based on the number of points redeemed relative to the total number expected to be redeemed.
28

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Page 1 of 31 DocId: 7ECJ46841 ACN : 002 081 905

Australian Securities & Electronic Lodgement

Copy of financial statements and reports

002 081 905

Reason for lodgement of statement and reports

A public company or a disclosing entity which is not a registered scheme or

Were the financial statements audited?

Details of current auditor or auditors

ASIC Form 388 Ref 187301076

Form 388 - Copy of financial statements and reports

Select the capacity in which you are lodging the form

This form has been submitted by

For more help or information

ASIC Form 388 Ref 187301076

Moorebank Sports Club Limited

Annual Financial Report

Moorebank Sports Club Limited

Name Board Status Period of directorship Qualification(s)

Brenton (Alby) Taylor 14 17

Ordinary 30,543 29,175

Moorebank Sports Club Limited

Strategy for achieving the objectives

Moorebank Sports Club Limited

Performance measurement and key performance indicators

• Satisfaction of its members and guests

Key Performance Indicators (from continuing operations)

Wages and salaries – percentage of total revenue 24.47% 21.56%

EBITDA – percentage of revenue 22.84% 26.46%

Auditor’s independence declaration

Signed in accordance with a resolution of the directors.

Dated at Moorebank this 25th of September 2023.

Brenton (Alby) Taylor

Tel: 61 2 9251 4100 Level 11, 1 Margaret St

DECLARATION OF INDEPENDENCE BY CLAYTON EVELEIGH TO THE DIRECTORS OF MOOREBANK SPORTS

BDO Audit Pty Ltd

Sydney, 25 September 2023

Tel: 61 2 9251 4100 Level 11, 1 Margaret St

INDEPENDENT AUDITOR'S REPORT

To the members of Moorebank Sports Club Limited

Report on the Audit of the Financial Report

Basis for opinion

Responsibilities of the directors for the Financial Report

Auditor’s responsibilities for the audit of the Financial Report

This description forms part of our auditor’s report.

BDO Audit Pty Ltd

Sydney, 25 September 2023

Moorebank Sports Club Limited

The directors of Moorebank Sports Club Limited declare that:

Dated at Moorebank this 25th day of September 2023.

Brenton (Alby) Taylor

Moorebank Sports Club Limited

Note 2023 2022

Revenue and other income

Total revenue and other income 1 19,056,305 13,337,567

Total expenses (16,769,861) (11,815,510)

Profit before income tax 2,286,444 1,522,057

Income tax (expense)/benefit 3(a) (91,797) 127,979

Net profit after income tax attributable to members 2,194,647 1,650,036