ANZ STADIUM CLUB ANNUAL REPORT · 2016. 3. 29. · Directors’ report Stadium Australia Club...

ANZ STADIUM CLUB ANNUAL REPORT2015

Club Directory Stadium Australia Club Limited

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STADIUM AUSTRALIA CLUB LIMITED

ABN 52 083 753 637

Registered office

ANZ StadiumLevel 3, Members’ StandEdwin Flack AvenueSydney Olympic Park NSW 2127

Locked Bag 1999Sydney Olympic Park NSW 2127Ph: (612) 8765 2000Fax: (612) 8765 2800www.anzstadium.com.au

Directors

Appointed by Stadium Australia Management Limited (SAM)John Clarke (Chairman), Chairman of SAMDaryl R. Kerry, Managing Director of SAMStephen C. Heytman, Chief Operating Officer & Chief Financial Officer of SAM

Elected by the Members of Stadium Australia Club LimitedSteve Mortimer, OAMBrenton (Alby) TaylorDavid Tierney

Company secretary

Susan Barzda-Ryan

Membership Team

Jennifer Dowd – Manager, ANZ Stadium ClubPenelope Fairhall – Senior Coordinator, Member ServicesArfy Papadam – Supervisor, Member ServicesBrent Copping – Sales Executive, Membership

This financial report covers the financial statements of Stadium Australia Club Limited. The financial report is presented in theAustralian currency.

Stadium Australia Club is a company limited by guarantee, incorporated and domiciled in Australia.

The financial report was authorised for issue by the directors on 23 February 2016. The directors have the power to amend andreissue the financial report.

Directors’ report Stadium Australia Club Limited

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On behalf of my fellow directors of the Stadium Club, I am pleased to present to you the 2015 Club Annual Report.

2015 was another great year at the Stadium as we hosted 51 sporting and entertainment events across four sporting codes – rugbyleague, rugby union, football and AFL, plus some spectacular concerts. During the year, more than 1.6 million fans passed throughthe Stadium turnstiles, including in excess of 150,000 Members and their guests.

ANZ Stadium Members were treated to a year of highlights including the Socceroos’ extra-time win over South Korea to claim theirfirst-ever AFC Asian Cup, visits from English Premier League giants Tottenham Hotspur and Chelsea FC, Bledisloe Cup, State ofOrigin I, and the NRL Grand Final, this time an all-Queensland affair between the Brisbane Broncos and the North QueenslandCowboys, and one that will go down in history as one of the greatest NRL Grand Finals of all time.

Of particular note was when more than 250,000 fans turned out for a Week of Blockbusters at ANZ Stadium which ran in tandemwith Vivid Sydney. The week commenced with the first fixture of the 2015 State of Origin series on 27 May. Just three days later,ANZ Stadium hosted back-to-back visits from Tottenham Hotspur on 30 May and English Premier League Champions Chelsea FCon 2 July, both of whom played A-League finalists Sydney FC. Members and fans were also given the opportunity to witness theteam training sessions of both clubs. These football events were recently recognised for their huge contributions to sport andtourism in Australia at the Australian Event Awards, with the Tottenham Hotspur tour of Sydney winning Australia’s Favourite Event(as chosen by the public), and Chelsea v Sydney FC winning Best Sporting Event.

2016 – A Great Year for Members

While 2015 was another memorable year of sporting highlights, 2016 guarantees not to disappoint with more highly anticipatedevents including:

State of Origin I & III – with two home games in 2016, Laurie Daley’s NSW Blues will be looking to avenge last year’sseries loss to Queensland;

The Bledisloe Cup – the ultimate trans-Tasman battle and the first clash between the Wallabies and All Blacks since the2015 Rugby World Cup Final;

NRL Grand Final – once again the NRL premiers will be crowned at ANZ Stadium.

Members will also have the opportunity to witness the first American Football game on Australian soil since 1999. The CollegeFootball Sydney Cup will be the opening game of the 2016 NCAA College Football Championships between the University ofCalifornia Golden Bears and the University of Hawaii Rainbow Warriors.

ANZ Stadium Members will also be treated to three Sydney Swans blockbusters against AFL powerhouses; Collingwood in March,the Essendon Bombers in May, and Carlton in July.

Members will again be spoilt for choice when it comes to week-in-week out NRL action at ANZ Stadium, with the Rabbitohs,Bulldogs, Wests Tigers, Dragons and the Eels set to play 26 regular season NRL matches (including 21 Sydney derbies) at theStadium in 2016.

Subject to team performance, we once again look forward to finals football, with the Swans and our five NRL teams all committed toplaying home finals at the Stadium.

Members will also be aware that Arsenal will play both Sydney FC and the Western Sydney Wanderers at the Stadium in 2017. Inaddition to these matches, Stadium management is hopeful of securing other football matches in 2016, continuing the run of majorfootball matches held at the Stadium in recent years.

In 2016, Members will continue to have access to an array of Member-only benefits including the Annual Members’ Dinner,exclusive Member restaurants and bars, and reciprocal rights to leading stadiums and venues in Australia and New Zealand.

Stadium Redevelopment

At the time of this report we continue to work with the NSW Government following its September 2015 announcement that it plans toinvest in excess of $1 billion to upgrade Sydney’s major stadiums. As part of this announcement, the Government committed to theredevelopment of ANZ Stadium which will ensure that the Stadium remains Sydney’s major events stadium for the foreseeablefuture. Plans for the redevelopment of the Stadium include reconfiguring the seating bowl to bring fans closer to the action,particularly for the rectangular playing field sports of rugby league, rugby union and football (soccer).


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The Government also announced that it will consider the option of installing a retractable roof to weather-proof all events held at theStadium. Stadium management will ensure that the redevelopment of the Stadium includes significant improvements to StadiumMember facilities.

The September 2015 announcement by the NSW Government also detailed that it was negotiating to acquire the leaseholdmanagement rights to ANZ Stadium and that, subject to acquiring these rights, Government would work towards establishing onegoverning entity for Sydney’s stadia network. Discussions are ongoing with Government regarding the possible acquisition of thesemanagement rights. While, for reasons of confidentiality, I am unable to elaborate on the status of these negotiations, I can assureMembers that a cornerstone of these discussions is the preservation of ANZ Stadium Member rights.

We will continue to keep you updated on issues pertaining to the redevelopment of the Stadium and the possible acquisition of theStadium leasehold management rights as further information becomes available.

Member Director Election

In my capacity as Chairman, I would like to again recognise the contribution of our three Member elected Directors - Steve Mortimer,Alby Taylor and David Tierney. All three have and continue to represent the interests of all Members in their elected capacity. Inote that, in accordance with the Club Constitution, all three elected directors will resign their positions at this year’s AGM, at whichtime an election will be held to select three Member elected directors for a new three-year term. I encourage Steve, Alby and Davidand any other Members to nominate for this challenging and rewarding role.

On behalf of the Board, I thank management and staff of the Stadium for another great year and, in particular, acknowledge theefforts of the Membership team who are dedicated to providing outstanding service to all Members.

Finally, I would like thank you, our loyal ANZ Stadium Members. Your commitment to the Stadium by attending events in such greatnumbers is a key to our continued success and is significant in our ongoing attempts to secure more events for the Stadium.

I look forward to seeing you at the Stadium in 2016.

John ClarkeChairmanSydney, 23 February 2016


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Your directors present their report on Stadium Australia Club Limited (‘the Club’) for the year ended 31 December 2015.

Directors

The following persons were directors of the Club during the whole of the financial year ended 31 December 2015 and up to the dateof this report:

John ClarkeDaryl KerryStephen HeytmanSteve Mortimer, OAMBrenton (Alby) TaylorDavid Tierney

Principal activities

The principal activity of the Club during the period was the maintenance of rights for Platinum and Gold Members to enjoy the use offacilities at ANZ Stadium.

Dividends

There were no dividends declared or paid during the year.

Review of operations

The year ended 31 December 2015 was devoted to the operation of the Club, including:

processing Member event ticketing, car parking and dining requests staffing the Club call centre to respond to Member enquiries receiving Member feedback and improving Member services processing of invoices for the 2016 annual subscriptions to Gold Members processing Platinum membership transferability enquiries the issue of membership cards, including photo identification processing membership transfers

Significant changes in the state of affairs

Other than as disclosed in this report and the financial statements, there has been no significant change in the state of affairs of theClub.

Matters subsequent to the end of the financial year

There were no subsequent events after 31 December 2015.

Likely developments and expected results of operations

In September 2015 the NSW Government announced that it would invest $1 billion in the Sydney stadia network, including ANZStadium over the next decade. The Government also confirmed that it was in negotiations to acquire the leasehold managementrights for Stadium Australia and, should this occur, Government intended to work towards one governing entity for Sydney’s stadianetwork. The timing and scope of the redevelopment of ANZ Stadium and other major stadia in Sydney, plus the possible acquisitionof the ANZ Stadium leasehold management rights and establishment of one governing entity for Sydney’s stadia network isexpected to have an impact on the operations of ANZ Stadium and thus may have an impact on the operations of the Club, theextent of which is unable to be quantified at the date of this report.

Except as noted above, there are no likely developments which are expected to have a material impact on the expected results ofthe operations of the Club in the future.


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Environmental regulation

The Club is not subject to particular environmental regulation under either Commonwealth or State legislation. However, theStadium Australia Group, being Stadium Australia Trust and Stadium Australia Management Limited (SAM), the owner and operatorrespectively of ANZ Stadium, is subject to various environmental regulations. SAM, appointed to manage the operations of theClub, is responsible for ensuring proper procedures are in place at the Stadium to ensure appropriate compliance by all patrons,including Club Members. The Club is not aware of any breach of environmental requirements as they apply to the Club or itsMembers.

Directors’ interests

Directors’ relevant interests in the Club memberships at the date of this report are:

DirectorsMembership

InterestJohn Clarke 2 GoldDaryl Kerry 2 GoldStephen Heytman 2 GoldSteve Mortimer 2 GoldAlby Taylor 1 GoldDavid Tierney 1 Gold

Directors’ meetings

The number of directors’ meetings held by the Club during the year ended 31 December 2015 and the number of meetings attendedby each director were:

DirectorsDirectors’ meetings

attended/heldJohn Clarke 4/4Daryl Kerry 4/4Stephen Heytman 4/4Steve Mortimer 4/4Alby Taylor 4/4David Tierney 4/4

Director’s remuneration

Member appointed directors Steve Mortimer, Alby Taylor and David Tierney each receive director’s fees of $1,000 per annum.Stadium Australia Management Limited appointed directors John Clarke, Daryl Kerry and Stephen Heytman do not receive director’sfees in relation to the Club. However, John Clarke, Daryl Kerry and Stephen Heytman receive other remuneration in their respectiveroles as Chairman, Managing Director and Chief Operating Officer and Chief Financial Officer of Stadium Australia ManagementLimited.

Director’s remuneration is paid by Stadium Australia Management Limited.

Indemnification and insurance of officers

Clause 13 of the Constitution of the Club provides that, to the extent permitted by law, each person who is or has been an officer ofthe Club shall be indemnified against liability incurred by the person in his or her capacity as an officer of the Club unless the liabilityarises out of conduct on the part of the officer which involves a lack of good faith. The Club also indemnifies each person who is orhas been an officer of the Club against liability for costs or expenses incurred by the person in his or her capacity as an officer of theClub in defending civil or criminal proceedings in which judgement is given in favour of the person or the person is acquitted or inconnection with an application in which the Court grants relief to the person under the Corporations Act 2001.

During the year ended 31 December 2015, SAM has, pursuant to the Club Management Agreement under which SAM is appointedto manage the business and operations of the Club, paid a premium for an insurance policy for the benefit of directors, secretariesand executive officers of the Club. In accordance with common practice, the insurance policy prohibits disclosure of the nature ofthe liability covered and the amount of the premium.


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Proceedings on behalf of the company

No person has applied to the court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of thecompany, or to intervene in any proceedings to which the company is a party, for the purpose of taking responsibility on behalf of thecompany for all or part of those proceedings.

No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section 237 of theCorporations Act 2001.

Auditor’s independence declaration

Certain Partners of PricewaterhouseCoopers are Members of the Club. Since the membership rights do not constitute aninvestment or financial interest, there are no independence issues associated with Partners of the firm holding membership rightsunder the requirements of Professional Statement F1 and CLERP9. A copy of the auditor’s independence declaration as requiredunder section 307C of the Corporations Act 2001 is set out on page 7.

Signed in accordance with a resolution of the directors of the Club.


PricewaterhouseCoopers, ABN 52 780 433 757

Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171DX 77 Sydney, AustraliaT +61 2 8266 0000, F +61 2 8266 9999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

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Auditor’s Independence Declaration

As lead auditor for the audit of Stadium Australia Club Limited for the year ended 31 December 2015, I declare that to the best of my

knowledge and belief, there have been:

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

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

This declaration is in respect of Stadium Australia Club Limited during the year.

Stephen Humphries Sydney

Partner 23 February 2016

PricewaterhouseCoopers

Statement of comprehensive income Stadium Australia Club Limited

For the year ended 31 December 2015

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Notes 2015 2014

$ $

Revenue 3 11,275,545 11,145,144

Management fee paid to Stadium Australia Management Limited 1(c) (11,275,545) (11,145,144)

Profit before income tax expense - -

Income tax expense 1(d) - -

Profit for the year - -

Profit for the year from continuing operations attributable to Members ofStadium Australia Club Limited

- -

Other comprehensive income for the year net of tax - -

Total comprehensive income for the year attributable to Members ofStadium Australia Club Limited

- -

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

Statement of financial position Stadium Australia Club Limited

As at 31 December 2015

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Notes 2015 2014

$ $Current assetsReceivables 4 11,591,942 11,597,068

Total current assets 11,591,942 11,597,068

Non-current assetsReceivables 5 2,809,479 3,006,245

Total non-current assets 2,809,479 3,006,245

Total assets 14,401,421 14,603,313

Current liabilitiesPayables 6 317,223 293,542Deferred revenue 7 11,274,719 11,303,526

Total current liabilities 11,591,942 11,597,068

Non-current liabilitiesDeferred revenue 8 2,809,479 3,006,245

Total non-current liabilities 2,809,479 3,006,245

Total liabilities 14,401,421 14,603,313

Net assets - -

Total equity 9 - -

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

Statement of changes in equity Stadium Australia Club Limited


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Attributable to members of Stadium Australia Club Limited

ContributedEquity

RetainedEarnings Total

$ $ $

Balance at 1 January 2014 - - -

Profit for the year - - -

Other comprehensive income - - -

Total comprehensive income for the year - - -

Transactions with Members in their capacity asowners

Dividends provided for or paid - - -

Balance at 31 December 2014 - - -

Attributable to members of Stadium Australia Club Limited

ContributedEquity

RetainedEarnings Total

$ $ $

Balance at 1 January 2015 - - -

Profit for the year - - -

Other comprehensive income - - -

Total comprehensive income for the year - - -

Transactions with Members in their capacity asowners

Dividends provided for or paid - - -

Balance at 31 December 2015 - - -

Statement of cashflows Stadium Australia Club Limited


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Notes 2015 2014

$ $

Cash flow from operating activities

Receipts from Platinum Members’ Bearer Transferability fees 34,212 49,439

Receipts from Members 11,946,905 11,928,666

Management fee paid to SAM (12,177,996) (12,158,988)

Advance to SAM (34,212) (49,439)

Repayment of advance by SAM 231,091 230,322

Net cash (outflow) from operating activities (i) - -

(i) Reconciliation of profit after income tax to net cash outflow from operatingactivities:

Profit for the year - -

Decrease/(Increase) in receivables 201,892 (176,003)

Increase in payables 23,681 46,810

(Decrease)/Increase in deferred revenue (225,573) 129,193

Net cash flow from operating activities - -

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

Notes to the financial statements Stadium Australia Club Limited

31 December 2015

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1. Summary of significant accounting policies

The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have beenconsistently applied to all the periods presented, unless otherwise stated.

a) Basis of preparation

This general purpose financial report has been prepared in accordance with Australian Accounting Standards, interpretationsand other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations andthe Corporations Act 2001.

Compliance with IFRSs

The financial report of Stadium Australia Club Limited also complies with International Financial Reporting Standards (IFRSs) asissued by the International Accounting Standards Board (IASB).

Historical cost convention

These financial statements have been prepared under the historical cost convention.

b) Revenue recognition

(i) Platinum Members’ subscriptions

Platinum Members’ one-off subscriptions received by the Club totalled $5,700,000 in March 1999. This membership amount,payable on 1 January each year, is being brought to account in equal amounts of $183,871 ($5,700,000/31 years) each yearthrough to the period ending 31 December 2030. The balance remaining to be brought to account is included in the balancesheet as a liability - “Deferred revenue - Platinum Members’ subscriptions”, allocated between current and non-current.

(ii) Gold Members’ subscriptions

Gold Members’ subscriptions are receivable from Members annually in advance on 1 January of the relevant year or within 45days of the date of invoice, whichever is the later. In 2015, the pay by the month payment option was introduced whereby aMember can elect to pay their annual subscription in equal monthly installments. Members’ rights are suspended while any ofthe annual subscription remains either unpaid beyond the due date or the Member has not selected the pay by the monthpayment option and, if still outstanding after 6 months of the due date, may be cancelled by the Club. Revenue received orreceivable is recognised on a straight line basis in the year to which it relates as the Club is obliged to provide Members withservices over that period.

(iii) Platinum Member Bearer Transferability Fees

A Platinum Member can elect to access bearer transferability by choosing to pay either a once-off fee of $2,000 including GSTor an annual fee of $216 including GST (2014: $211).

The once-off fee of $2,000 is being brought to account in equal amounts each year through to the period ending 31 December2030. The balance remaining to be brought to account is included in the balance sheet as a liability - “Deferred revenue -Platinum Members’ bearer transferability”, allocated between current and non-current.

The annual fee of $216 (2014: $211) is recognised on a straight line basis in the year to which it relates.

(iv) Other membership revenue

Other membership revenue includes transfer fees, late fees and Member paying guests season pass sales. Transfer fees andlate fees are recognised on receipt of the relevant fee. Member paying guest season pass revenue is recognised on a straightline basis in the year to which it relates.

c) Management fee payable to Stadium Australia Management Limited

On 21 December 1998, the Club entered into the Club Management Agreement with SAM, as contemplated in the original Goldand Platinum Prospectuses, appointing SAM to provide management services to manage the business and operations of theClub (as specified in the Agreement) and any other services SAM agrees to provide to the Club. In return for the provision ofthose management services, the Club is required to pay a management fee as specified in the Club Management Agreement.Costs associated with the business and operation of the Club are borne by SAM in accordance with the Club ManagementAgreement.


31 December 2015

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1. Summary of significant accounting policies (continued)

The management fee payable by the Club in respect of each calendar year is equal to the aggregate of all revenue received bythe Club including annual Gold subscriptions, Platinum Member bearer transferability fees and other income receivable by theClub for the year plus $183,871 (which relates to the Platinum membership amount as described in note 1(b)(i) above).

In accordance with the Club Management Agreement, in relation to Gold Members’ subscriptions and other income includingtransfer fees, late fees and Member paying guest season passes, the management fee is payable by the Club to SAM on amonthly basis, based on the Gold Members’ subscriptions, transfer fees, late fees and Member paying guest season passesreceived during that month. The management fee in relation to the Platinum Members’ subscriptions and bearer transferabilityfees is payable on 1 January each year. The management fee is recognised on a straight line basis in the year in which itrelates as the Club receives management services from SAM over that period.

d) Income tax

No income tax is provided as subscription receipts and other Member revenue of the Club come under the ‘principle of mutuality’and are therefore not liable to income tax.

e) New accounting standards and interpretationsCertain new accounting standards and interpretations have been published that are not mandatory for 31 December 2015reporting periods. The Club’s management has assessed the impact of these new standards and interpretations and do notbelieve they will have a material impact upon the financial statements.

2. Financial risk management

The Club’s exposure to financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate riskand price risk), credit risk and liquidity risk is considered minimal due to the nature of the operations of the Club.

a) Credit risk

The Club’s credit risk is vested with SAM in accordance with the Club Management Agreement. The Club’s credit risk is limitedto credit exposure to outstanding receivables from Club Members.

b) Liquidity risk

All of the Club’s financial assets and liabilities are expected to be settled within one year.

c) Fair value estimation

The carrying value less impairment provision of trade receivables and payables is a reasonable approximation of their fair valuesdue to their short-term nature.


31 December 2015

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3. Members’ revenue

2015 2014

Notes Number $ Number $

Platinum Members’ subscriptions 1(b)(i) 600 183,871 600 183,871

Gold Members’ subscriptions 1(b)(ii), (i) 15,618 10,799,234 15,902 10,684,545

Platinum Member bearer transferability fees 1(b)(iii), (ii) 435 47,220 429 46,451

Other membership revenue 1(b)(iv), (iii) - 245,220 - 230,277

Revenue from continuing operations 11,275,545 11,145,144

(i) Gold Members’ subscriptions

The 2015 Gold Members’ subscriptions fee was $793 including GST (2014 - $775 including GST). A discounted price of $743including GST (2014 - $725 including GST) was offered to all Members who paid by the discount date (mid December). The payby the month option which was offered for the first time in 2015 was $840 including GST. Of the 15,618 (2014 – 15,902) GoldMember’s subscriptions received, 11,001 (2014 – 11,421) were at the discounted rate with 3,678 (2014 – 4,481) at the full rateand 939 electing to pay by the month (2014 – nil).

Gold Member’s subscriptions were not received on 1,582 (2014 – 1,298) of the 17,200 Gold membership rights. These wereheld by SAM following reversion due to non payment of Gold Members subscriptions by Club Members.

(ii) Platinum Member bearer transferability fees

The 2015 Platinum Member bearer transferability fees were $2,000 including GST (2014: $2,000 including GST) for thosePlatinum Members electing to pay the once-off fee or $216 including GST (2014: $211 including GST) for those electing to paythe annual fee. Of the 600 Platinum Members, 347 (2014: 337) have elected to pay the once-off fee while 88 (2014: 92) electedto pay the annual fee.

(iii) Other membership revenue

Includes transfer fees, late fees and other Member related revenue.


31 December 2015

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4. Current assets - Receivables

2015 2014

Notes $ $

Gold Members’ subscriptions (i) 3,489,455 3,228,964

Prepaid management fee 1 (c), (ii) 7,880,076 8,142,469

Advance to Stadium Australia Management Limited (iii) 222,411 225,635

11,591,942 11,597,068


As at 31 December 2015, 3,107 (2014 – 3,628) Gold Members’ subscriptions at the 2016 Gold Members’ subscription fee of$805 (2014 - $793), including GST were outstanding while 1,160 (2014 – 419) Gold Members’ have elected to pay their 2016subscription in 12 monthly installments by electing the pay by the month subscription payment option of $852 (2014 – $840),including GST.

2015 2014

Number $ Number $

Gold Members’ subscriptions – full 3,107 2,501,135 3,628 2,877,004

Gold Members’ subscriptions – pay by the month 1,160 988,320 419 351,960

3,489,455 3,228,964

(ii) Prepaid management fee

In accordance with the Club Management Agreement, a management fee has been paid by the Club to SAM based on 2016Gold Member’s subscriptions and other membership revenue received as at 31 December 2015 as detailed below.

2015 2014

Number $ Number $

Gold Members’ subscriptions – discounted 10,379 7,123,768 10,982 7,417,842

Gold Members’ subscriptions – full 937 685,714 900 648,818

Other membership revenue 70,594 75,809

7,880,076 8,142,469

(iii) Advance to Stadium Australia Management Limited

2015 2014

Number $ Number $

Platinum Members’ subscription 183,871 183,871

Platinum Members’ bearer transferability fees 390 38,540 403 41,764

222,411 225,635


31 December 2015

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4. Current assets - Receivables (continued)

Platinum Members’ subscriptions

At the time of subscribing for the Platinum Package, each package holder paid $9,500 in relation to Members’ subscriptions. Thetotal amount of $5,700,000 was held on behalf of the Platinum subscribers by the Club Trustee, Perpetual Trustee CompanyLimited, and was advanced to SAM. On the formation of Stadium Australia Club Limited and the nomination and acceptance ofPlatinum memberships to the Club, the advance was repaid to the Club Trustee and paid to the Club. The Club advanced theamount to SAM under the Stadium Club Loan Agreement.

As at 31 December 2015, the balance of the advance to SAM was $2,574,193 (2014 - $2,758,064) with $183,871 (refer note1(b) (i)) classified as current and the balance of $2,390,322 (2014 - $2,574,193) classified as non-current.

Platinum Member Bearer Transferability Fees

Platinum Members’ are given the choice to elect to access bearer transferability by electing to pay either a once-off fee of $2,000(2014: $2,000) including GST or an annual fee of $216 (2014: $211) including GST. All funds received net of GST have beenadvanced to SAM in accordance with the Stadium Club Management Agreement.

As of 31 December 2015, 347 Platinum Members’ (2014: 337) had elected to access bearer transferability by paying the once-off fee of $2,000 including GST. The advance to SAM was $449,097 (2014: $460,856) with $29,940 (2014: $28,804) (refer note1 (b) (iii)) classified as current and the balance of $419,157 (2014: $432,052) classified as non-current.

As of 31 December 2015, 43 Platinum Members’ (2014: 66) had elected to access bearer transferability by paying the annualfee of $220 including GST (2014: $216). The advance to SAM was $8,600 (2014: $12,960) with this entire amount (refer note 1(b) (iii) classified as current.

Past due but not impaired

As of 31 December 2015, Gold Members’ subscriptions of $2,501,135 (2014: $2,877,004) were due to be paid by 1 January2016, in accordance with the Club Constitution (note 1(b)(ii)). Accordingly at 31 December 2015, the Club has no past due orimpaired receivables.

As detailed in note 2, the risk in relation to collection of Gold Members’ subscriptions vests with SAM and as such anyimpairment risk also vests with SAM.

5. Non-current assets - Receivables

2015 2014

Note $ $

Platinum Members’ subscription 4 (iii) 2,390,322 2,574,193

Advance to Stadium Australia Management Limited 4 (iii) 419,157 432,052

2,809,479 3,006,245

6. Current liabilities – Payables

2015 2014

$ $

GST payable 317,223 293,542

GST payable comprises GST on 2016 Gold Members’ subscriptions invoiced (received and receivable) plus GST payable on2016 Platinum bearer transferability fees received at 31 December 2015.


31 December 2015

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7. Current liabilities – Deferred revenue

2015 2014

Notes $ $

Gold Members’ subscriptions (i) 10,981,714 11,002,082

Platinum Members’ subscriptions 1(b)(i) 183,871 183,871

Platinum Members’ bearer transferability fees 4 (iii) 38,540 41,764

Other membership revenue 4 (ii) 70,594 75,809

11,274,719 11,303,526


Deferred income represents the 2016 Gold Members’ subscriptions fees invoiced (received or receivable) in advance as detailedbelow.

2015 2014

Notes Number $ Number $

Gold Members’ subscriptions – received 4(ii) 11,316 7,809,482 11,882 8,066,660

Gold Members’ subscriptions – pay by the month 4(i) 1,160 898,473 419 319,964

Gold Members’ subscriptions – receivable 4(i) 3,107 2,273,759 3,628 2,615,458

15,583 10,981,714 15,929 11,002,082

8. Non-current liabilities – Deferred revenue

2015 2014

Notes $ $

Platinum Members’ subscriptions 1(b)(i) 2,390,322 2,574,193

Platinum Members’ bearer transferability fees 4 (iii) 419,157 432,052

2,809,479 3,006,245

9. Limited liabilityThe Club is a company limited by guarantee and, in the event of the Club being wound up, each Club Member undertakes tocontribute to the Club’s debts and liabilities an amount not exceeding $10. As at 31 December 2015, the maximum amount thatwould be contributed is $99,020 (31 December 2014 - $101,960).

10. Financial instrumentsAll assets and liabilities are non-interest bearing. The credit risk on financial assets of the Club which have been recognised on thestatement of financial position is generally the carrying amount.

11. Economic dependencyThe enjoyment of the benefits and facilities of the Club by Members is dependent upon the ongoing viability of the operation of ANZStadium which is owned and managed by the Stadium Australia Trust and Stadium Australia Management Limited respectively(together the Stadium Australia Group (SAG)).

SAG’s ongoing viability also depends on it generating operating revenues, in particular corporate hospitality revenues andmembership subscriptions which, in turn, will depend on the number, type and quality of events held at ANZ Stadium.


31 December 2015

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12. Segment informationThe Club operated in one segment being the Platinum and Gold Members’ use of the facilities at ANZ Stadium and within onegeographic location being New South Wales.

13. Related parties

DirectorsThe following persons were directors of the Club during the financial year:

(i) Chairman

John Clarke

(ii) SAM appointed directors

Daryl KerryStephen Heytman

(iii) Member elected directors

Steve Mortimer, OAMBrenton (Alby) TaylorDavid Tierney

Director’s remunerationMember appointed directors Steve Mortimer, Alby Taylor and David Tierney each receive director’s fees of $1,000 per annum.Stadium Australia Management Limited appointed directors John Clarke, Daryl Kerry and Stephen Heytman do not receive director’sfees in relation to the Club. However John Clarke, Daryl Kerry and Stephen Heytman receive other remuneration in their respectiveroles as Chairman, Managing Director and Chief Operating Officer & Chief Financial Officer of Stadium Australia ManagementLimited.

Director’s remuneration is paid by Stadium Australia Management Limited.

Transactions with director related entities

John Clarke and Daryl Kerry are directors of Stadium Australia Management Limited which is a director related entity to the Club.During the year ended 31 December 2015 the Club paid a management fee, in accordance with the Club Management Agreement,to SAM of $11,275,545 (2014 - $11,145,144).

14. Remuneration of auditorsRemuneration of the auditors is borne by SAM.

Directors’ declaration Stadium Australia Club Limited

31 December 2015

Page 19

Directors’ Declaration on the Financial Statements of Stadium Australia Club Limited

In the directors’ opinion:

(a) the financial statements and notes set out on pages 8 to 18 are in accordance with the Corporations Act 2001, including:

(i) complying with the Accounting Standards, the Corporations Regulations 2001 and other mandatory professionalreporting requirements; and

(ii) giving a true and fair view of Stadium Australia Club’s financial position as at 31 December 2015 and of itsperformance for the financial year ended on that date; and

(b) there are reasonable grounds to believe that Stadium Australia Club Limited will be able to pay its debts as and when theybecome due and payable.

This declaration is made in accordance with a resolution of the directors of Stadium Australia Club Limited.


PricewaterhouseCoopers, ABN 52 780 433 757

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Liability limited by a scheme approved under Professional Standards Legislation.

Page 20

Independent auditor’s report to the members ofStadium Australia Club Limited

Report on the financial report

We have audited the accompanying financial report of Stadium Australia Club Limited (the company), which comprises thestatement of financial position as at 31 December 2015, and the statement of comprehensive income, statement of changesin equity and statement of cash flows for the year ended on that date, a summary of significant accounting policies, otherexplanatory notes and the directors’ declaration.

Directors’ responsibility for the financial report

The directors of the company are responsible for the preparation of the financial report that gives a true and fair view inaccordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as thedirectors determine is necessary to enable the preparation of the financial report that is free from material misstatement,whether due to fraud or error. In Note 1, the directors of the company also state, in accordance with Accounting StandardAASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial ReportingStandards.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordancewith Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirementsrelating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report isfree from material misstatement.

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

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

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s opinion

In our opinion:

(a) the financial report of Stadium Australia 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 31 December 2015 and of itsperformance for the year ended on that date; and

(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) andthe Corporations Regulations 2001; and

(b) the company’s financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

PricewaterhouseCoopers

Stephen Humphries Sydney

Partner 23 February 2016

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