PLC Annual Report 2024

Who we are

In 1947, our story began when Parramatta Eels entered the Sydney Rugby League Competition, and we set out to ignite the spirit of Western Sydney.

Since then, Parramatta Leagues has been at the heart of the community, supporting the mighty Eels and connecting people through their passion for sport, wellbeing and shared pride. It’s part of our legacy and who we are.

But we’re about more than the past. We’re about building a future – one where everyone has a place to belong, to be uplifted, and to create lasting memories.

Over the years, we’ve added new venues to reach even more people across Western Sydney, spreading joy, community connection and creating spaces where happiness thrives. Our strength lies in community, everyone is part of something bigger, sharing in the pride of our region.

We believe in putting people first. It’s about being a beacon for our members and supporters, keeping our club at the forefront of entertainment, connection, and support. We stand by our community in all its forms, backing local causes, supporting grassroots sport, and inspiring pride for the Parramatta Eels. We’re here to ensure that every experience at Parramatta Leagues is built with our people in mind, because their joy is our mission.

We’re about building a strong future, where everyone feels part of the journey. In all we do, we’re building trust—trust in our club, trust in our team, and trust in the bond we share.

That’s why Parramatta Leagues’ Group is the heart of our community.

Meet the board

Sue

President’s report

Our future is brighter than ever as we continue to grow, innovate and deepen our commitment to the communities we serve.

I am proud to share the incredible strides we’ve made and the exciting initiatives we have announced for our record number of 65,000 Clubs’ members in our 65th year, our 33,000 Eels members, our community, and the rich legacy we uphold.

In December we announced the most exciting expansion of our Parramatta home in our long history – Parramatta Live! We plan to transform Parradise with a new Club, an eat street restaurant zone, the long awaited hotel, youth and community facilities for all ages and a live entertainment venue. It’s an ambitious 10 year plan to position us for the next 65 vibrant years!

The Eels world class Centre of Excellence will open early in 2025. Parra Leagues’ was delighted to be able to contribute to the funding and support for this amazing project which lays the foundation for enduring success of our mighty Eels.

In August, we celebrated our 65th birthday with an unforgettable event, the club buzzing with excitement and one lucky member walking away with $75,000! We proudly unveiled the revitalised Dural Club, our newest addition to the Parra family. The launch was a tremendous success, with many of our members there to witness the club’s remarkable transformation. Vikings achieved new visitation records, thanks to General Manager Daniel and his team, who consistently enhance our hospitality and service for our valued patrons. At Parra Leagues’, we opened our brand new bar in Eels Lane, offering a superb new al fresco hospitality and gaming experience for Members.

Our year was, however, certainly not without its challenges. The unsuccessful petition by a small group of members to remove 4 elected Directors, wasted an enormous amount of members’ funds to hold the required Extraordinary General Meeting. The result was a resounding show of support for the elected directors. The Board is determined to prevent such waste in the

Greg Monaghan President Parramatta Leagues’ Group

future by presenting simple changes to the Constitution at the 2025 AGM for members to consider.

While the NRL men’s team didn’t make the finals this year, we eagerly look ahead to the 2025 season with new coach Jason Ryles and some great new signings. We thank outgoing coach Brad Arthur for his record setting term as Coach. We are the better for his time here. Our NRLW team pushed hard for a finals spot, we loved watching them every step of the way.

We contributed $350,000 to Junior Rugby League, covering insurance and referee costs helping keep player registration costs down. In response to the rising cost of living, we also donated an additional $82,000 to ease the financial burden on Parra footy families with multiple children in Junior League. Our support helped create strong participation growth, setting a record for female participation!

We were deeply saddened by the loss of Life Member of both PLC and Eels, Gary Morris and Life Foundation Member Colin Barlow. Their legacies will live on, and we offer our sincere condolences to their families.

Your Directors extend their gratitude to CEO Chris Dimou and his dedicated team, whose vision and hard work have been crucial to our success.

Thank you to PNRL President Sean McElduff, CEO Jim Sarantinos and all the Directors, Players, Coaches and staff of the Eels. The future looks bright on the platform they have laid.

Thank you to all our members and supporters for being a part of this incredible journey as we continue to build a brighter, stronger future together. The best is yet to come!

Greg Monaghan

On behalf of the Directors, Darren Adam, Sue Coleman, Joy Cusack, Richard Foda, Mark Jenkins and Phil Sim

CEO report

“Delivering value to our members is at the core of everything we do.”

Chris Dimou Chief Executive Officer & Company Secretary Parramatta Leagues’ Group

Reflecting on the financial year 2024, the group encountered several challenges and distractions but also achieved significant milestones. Key accomplishments this financial year included a $4.73 million capital investment in Dural Club through rebranding, renovations, repositioning, and relaunching; continued upgrades to Vikings Sports Club across the Bistro and functions, including the installation of solar panels with a total investment of $631,000; and a $5.8 million capital investment for renovations at the main club Parra Leagues, covering the Bistro, Gaming areas, Jacks Cucina, and the Eels Lane outlet. Additionally, considerable effort was dedicated to finalising the PLC Master Plan which includes plans for a new Clubhouse.

As we move forward with lodging the Development Application in 2025, I can provide updates on this visionary project. It will include state-ofthe-art facilities such as a culinary hub offering global dining options, extensive outdoor gathering spaces, a premium hotel, and a dedicated family entertainment venue. Parramatta Live will also feature a 450m² Youth Hub, along with versatile event and conference spaces aimed at establishing Parramatta as a centre for business and culture.

Reflecting on the achievements, the progress we’ve made across the key strategic pillars that have driven our growth and laid a solid foundation for a bright future.

Our people & culture

The service-oriented values that define our culture continue to be fundamental to our success. We’ve continued to invest in our staff and leadership to demonstrate passion, respect, and commitment to our Members and community. This year, we introduced systems such as Employment Hero, that support our staff, allowing them to focus more on delivering exceptional service to our Members. Through ongoing training and development, we ensure our team is equipped to create memorable experiences and lasting connections.

Our financial strength

Financially, we’ve built a solid foundation for the future. Our Balance Sheet remains robust with total assets at $170 million, with a strong growth of $26 million over last year. Total members funds rose from $111.3 million last year to $136 million this year, representing a 22% growth. We continue to be on a zero net-debt position.

Despite renovations at Dural for most of the year, the Clubs reported strong performance with an EBITDA of $ 11.8 million compared to $10.3 million last year and a Net Profit of $4.8 million. The Group EBITDA excluding the Government grant for Eels Centre of Excellence was $10.2 million compared to $11.1 million last year.

224 employed contributing significantly to the economy in the region

8000 training hours

Our member experience

Member welfare is a core aspect of our business, with a particular emphasis on harm minimisation. We provide additional resources and programs dedicated to supporting our members. The cost of living has affected many in our community, and we consistently aim to provide value through promotions, specials, and member-only offers. We have continued to explore new methods of engagement and connection, including events such as the 65th Birthday at PLC, the 55th Birthday celebration at Dural Club, Halloween Parties at Vikings and Family Fun days at Dural. We also continue to honour our heritage through Life and Foundation member events across the group, and hosting the Parramatta Eels Old Boys in Jacks for their annual gathering, as well as supporting the Blue and Gold Alliance. These moments of connection have enriched the Member experience, and we remain committed to finding innovative ways to enhance these experiences in the years ahead.

Our operational excellence

We continue to leverage data, technology, and best practices to enhance the Member experience and improve operational efficiency. The introduction of digital membership has been a great success, making it easier for our Members to engage and work with us. This focus on operational excellence has driven business profitability, stability, and long-term sustainability. Our ongoing efforts to streamline operations ensure that we remain adaptable and well-positioned for future growth.

Our community impact

We are committed to making a positive impact on our local community and have partnered with 80 local community groups. This year, our staff contributed over 550 volunteer hours, underscoring our commitment to social responsibility. We will continue to develop programs that support the community, helping to create lasting change and improve the lives of those around us.

Finally, I express appreciation to Parramatta Leagues’ Group President Greg Monaghan and the PLC Board of Directors for their guidance, support, and dedication to the clubs and community. Thanks to Eels President Sean McElduff, the PNRL Board, and CEO Jim Sarantinos for their dedication. Their teamwork strengthens our partnership with the Parramatta Eels and benefits the community. My hardworking and dedicated leadership team, along with our exceptional employees, strive to ensure every customer interaction is a positive experience. The future of Parramatta Leagues’ Group is bright, and with your continued support, we look forward to building on our success and achieving even greater things in the years to come.

Thank you for being part of our journey.

$24.7M Profit $135M Revenue

64,493 club membership 9553 new members

644,897 club visits

$4.7M investment in Dural Club refurbishment

550 volunteer hours by staff

$2.2M in new outlet at PLC

Parramatta Leagues’ Club

Celebrating 65 years of growth, community & innovation

This year has been a milestone of growth and achievement for Parramatta Leagues’ Club, highlighted by our 65th Anniversary celebrations. We took time to reflect on our history while embracing exciting developments for the future. We celebrated in style with one lucky member winning $75,000!

A major highlight was our participation in the Perfect Plate Awards 2024, where we were proud to announce that our Sticky Pork Belly secured 2nd place in the North Western Metropolitan category. This recognition reflects our ongoing commitment to culinary excellence and the exceptional dining experiences we offer our members.

We’re also excited about the development of a new gaming outlet that will expand our hospitality offerings. This new addition

Dural Club Relaunched brand & new look club

This year, Dural Club underwent a transformative rebrand and renovation, marking a key milestone in our history. Following the amalgamation with Parramatta Leagues’ Club in August 2023, we invested significantly in upgrading the facility to better serve our growing community. The new layout and modern amenities reflect our commitment to providing a space that meets the evolving needs of our members and their families.

The renovated Dural Club now features an open-plan layout, a new bar and café, expanded function rooms, a kids’ play area, and lawn bowls facilities. These upgrades ensure we can offer enhanced amenities for over 8,000 members in the Hills area, bringing the club closer to home for many.

Dural Club has always been a place where members celebrate important milestones,

will elevate the Parramatta Leagues’ Club experience even further.

Another standout for us this year was the relaunch of Jacks Cucina, bringing fine Italian cuisine to the club. With a focus on authentic flavours and high-quality ingredients, Jacks Cucina has quickly become a member favourite, offering a sophisticated dining option in a welcoming atmosphere.

As we look ahead, we remain committed to delivering outstanding value to our members, fostering a vibrant and welcoming environment. We are grateful for the continued support of our members and excited about the opportunities that lie ahead.

Thank you for being an integral part of our journey.

from christenings to birthdays. With these upgrades, we’re excited to also host weddings and other special events, deepening our connection with the community.

In September 2024, we celebrated the grand reopening with a family-friendly event that included food trucks, live music, kids’ activities, and a function showcase, allowing members to experience the new space.

As we look to the future, Dural Club continues to serve as a hub for social connection and community spirit. We’re proud of the transformation and excited to strengthen our bonds with members in the years to come. Thank you for your continued support as we embark on this new chapter.

Vikings Sports Club A year of family fun & community connection

Vikings Sports Club has firmly established itself as the go-to venue for families, offering a wide range of fun, familyfriendly events throughout the year. From Halloween parties and kids’ discos to school holiday activities like slime-making and pizza-making workshops, these events have been a hit with our members, bringing families together for quality time in a relaxed environment.

In response to the rising cost of living, we’ve focused on providing affordable options for families, including bistro specials and dedicated nights where kids eat free.

The Little Vikings Room remains a popular feature, offering a safe and fun space for children while parents enjoy a meal or drink.

We are also proud to support our community, with a strong focus on

grassroots sports. This year, we deepened our partnership with the Carlingford Cougars, providing essential support to their junior rugby league teams. Our commitment to local youth sports ensures that the next generation of athletes has the resources they need to succeed.

In addition to our support for the Cougars, we contributed to the Kids with Cancer Foundation through ClubGRANTS, further demonstrating our dedication to making a positive impact in the community.

As we continue to grow, Vikings Sports Club remains a community hub where family, fun, and support for local initiatives are at the heart of everything we do. We are grateful for the continued support of our members and look forward to making an even greater difference in the years ahead.

Eels CEO report

“We are focused on building stronger engagement with the Eels Community.”

Jim Sarantinos Chief Executive Officer

Parramatta National Rugby League Club Pty Limited

As we reflect on 2024, it’s clear that the year has brought both challenges and opportunities.

A major change this year was the decision to part ways with Head Coach Brad Arthur after 11 years. Brad’s contribution was invaluable, and we wish him and his family all the best.

Following this, we were thrilled to appoint Jason Ryles as our new Head Coach. Jason is focused on resetting our football program, strengthening ties with the community, and fostering an environment where players perform at their best. We are confident that, under Jason’s guidance, the Eels will be strong in 2025.

This year was one of growth for our NRLW program. Under Head Coach Steve Georgallis, the team enjoyed their best regular season to date. I’m pleased to confirm that the core of our NRLW squad will return, with many players committed through 2025 and beyond.

We are also delighted to welcome back James Hardie as our major sponsor starting in 2025. The partnership will support the NRL, NRLW, Elite Pathways, and community initiatives. We look forward to creating another era of success together.

20,000+ Active Kids hours

6000+

Parra Eels Play Schools & holiday program participants

Community connection

Beyond football, we are focused on building stronger engagement with the Eels Community. In 2024, NRL players visited 60 schools in our catchment, in addition to attending Parramatta Junior League Club training sessions. We delivered holiday clinics and worked closely with our community partners including Ronald McDonald House to create unique experiences.

Centre of Excellence & Community facility

We will soon move into our new Centre of Excellence and Community in Kellyville. This transformational project, supported by Parramatta Leagues’ Club and all levels of government, will provide world class facilities for our NRL, NRLW and Elite Pathways programs.

Financial reporting

In 2024, the Football Club achieved a net profit before tax of $21,197,887, which included $23,153,922 in Government Grants relating to the Centre of Excellence and Community Centre which will be a transformational asset for the Club. The Club recorded a small operating loss in 2024 due to strategic investments in Elite Pathways and Women’s Rugby League, costs associated with the transition to a new NRL head coach, NRL player medical retirements, together with costs associated with legacy matters dating back to 2016.

Board changes

As part of governance transition, the PNRL Constitution requires a turnover of external directors by the end of 2025, including Chairman Sean McElduff. Two vacancies have been created, and an external firm is assisting with the appointment of new Directors.

Thank you

We extend our gratitude to Parramatta Leagues’ Group President Greg Monaghan, CEO Chris Dimou, the Board, staff, players, volunteers, sponsors, and all our supporters for their unwavering commitment. We look forward to a successful 2025 together.

Jim Sarantinos

168 schools programs delivered in partnership with the NRL

80+

local schools visited by Eels players (NRL & NRLW)

30,000+

primary school students utilised free cultural educational resources

870+ hours spent in the community (NRL & NRLW)

$15,000+ value back to community through football boot exchange program

$217,000 donated through provision of merchandise, apparel, signed jerseys & game-day experiences

100+

individuals trained in Mental Health First Aid

Football update

Mark O’Neill

General Manager of Football

Parramatta National Rugby League Club Pty Limited

As the dust settles on 2024, there is no doubt the year presented some challenges, but we remain optimistic about the future and the foundation we are building for the 2025 NRL and NRLW campaigns.

NRL

While we faced difficulties, we are excited about the future. A significant change this year was parting ways with Head Coach Brad Arthur, who dedicated 11 years to the club. We sincerely thank him for his hard work and wish him and his family the very best.

After this change, we appointed Jason Ryles as Head Coach. Jason has already made a powerful impact on the team and his leadership is marked by a clear vision for the future. With Jason at the helm along with a refreshed coaching staff, we are confident that the Eels will come back stronger in 2025.

Throughout the season, our football staff and players encountered several challenges, including injuries that sidelined 40% of our Salary Cap. However, this presented

opportunities for several young players to make their NRL debuts, a fantastic achievement for our emerging talent.

Several players were rewarded with representative honours, Mitch Moses for the NSW Origin team and J’maine Hopgood for Queensland. Numerous players including Mitch Moses and Jake Tago represented their countries at the Pacific Championships tournament, while Sean Russell represented Australia in the Prime Minister’s XIII team. A wonderful accomplishment they should all be very proud of.

Retention & recruitment

Our retention and recruitment efforts have been focused on aligning with Jason Ryles’ coaching philosophy. We’ve secured key additions, including Zac Lomax, Isaiah Iongi, Jack Williams, and Josh Addo-Carr. We have also confirmed contract extensions for J’maine Hopgood, Bailey Simonsson, and Brendan Hands. These moves, along with the development of talent from our Elite Pathways programs, put us in a strong position for 2025.

NRLW

The 2024 NRLW season saw a new, energised team led by Steve Georgallis. Our squad delivered their best regular season performance but narrowly missed the Finals. The hard work and belief within the team remain stronger than ever, with new talent emerging such as Rosie Kelly, Rory Owen and Chloe Jackson.

This year also saw the introduction of our Harvey Norman Women’s Premiership team, completing our Eels link from Junior league all the way to NRLW and offering valuable training and game day experiences for female athletes.

Numerous players received well-deserved recognition: Abbi Church won Dally M Fullback of the Year, while Zali Fay claimed Dally M Try of the Year. Rory Owen was awarded the RLPA Rookie of the Year. Several players were selected to represent their countries at the Pacific Championships including cocaptains Mahalia Murphy and Abbi Church for Australia.

Elite pathways

Our 2024 junior representative teams performed well, with three of our four teams reaching the finals. Both our U17 Boys and Girls teams finished in the Top 3 of their regular season.

The main goal of the Elite Pathways program is to develop players for our NRL and NRLW squads, with 4 of the 7 NRL debutants in 2024 coming from our Elite Pathways program. We’ve strengthened our coaching team, adding full-time experienced coaches, many of whom have played at the highest levels. Our program not only focuses on player development, but also emphasises well-being, education, and career growth for over 300 young athletes. With the talent emerging from our district, I’m confident all four teams will continue to build on their success in 2025.

Thank you

On behalf of the Club I’d like to extend our gratitude to the staff, players, parents and volunteers for their tireless efforts throughout the season, as well as our Members and fans for their unwavering support.

“We remain optimistic about the future and the foundation we are building for the 2025 NRL and NRLW campaigns.”

Over 80 community partners Over 36,700 Estimate total recipients of benefits

Over 550 hrs Staff Volunteer Hours across the PLC Group

Supporting Our Community

We’re dedicated to fostering unity, resilience, and belonging through sports, health, and education, delivering lasting benefits across our community.

Community Sports Building Resilience

By supporting junior rugby league & grassroots initiatives, we inspire teamwork, confidence, & camaraderie, creating environments where people thrive. Health & Well-Being Enhancing Lives Our programs & events promote physical & mental health, encouraging active, balanced lifestyles & strengthening community well-being.

Investing in local education opens doors for young people, laying the foundation for lifelong learning & community growth.

Our Staff Community Connect Volunteer Program

Our Community Connect Volunteer Program invites all staff to get involved in making a difference, offering up to a full day of paid leave to volunteer with a variety of community organisations. This initiative reflects our commitment to giving back and creating meaningful connections within our community. Through this program, we’ve proudly supported local charities such as the Parramatta Female Factory, Northcott, Camp Quality, Kids with Cancer Foundation, and Dignity. It’s a chance for every team member to contribute to causes they’re passionate about while strengthening our shared values of unity, care, and community impact.

Our

team rallies together to support Dignity’s Mission

3800 free meals

352 hrs volunteered

$45k investment

Our team is committed to fighting homelessness by supporting Dignity, an organisation that provides safe shelter, nutritious meals, clothing, and education to those in need. Over the past year, our staff prepared and served 3,800 free meals for people experiencing homelessness, contributing 352 volunteer hours and $45,600 in support. Each meal offered comfort, nutrition, and hope, reflecting our compassion and commitment to easing hardships for vulnerable individuals and families.

Our partnership with Dignity goes beyond meals; it represents our dedication to empowering lives and building a safer, stronger future for all. At Parramatta Leagues’ Group, we’re proud to champion this cause, knowing that each effort helps create a lasting impact in our community.

Your team’s fortnightly efforts in preparing nutritious meals help us meet the growing demand for food relief, delivering vital support to those who need it most.

Sherin Fishwick - National Partnerships Manager, Dignity

Our Community: Parramatta Junior Rugby League

We believe in the power of sport to bring people together, foster connections, and build a sense of belonging. That’s why we’re proud to support the Parramatta Junior Rugby League (PJRL), creating opportunities for young players while strengthening our community.

Through our ClubGRANTS funding, we proudly cover vital expenses such as player insurance and referee support, ensuring that PJRL can direct its resources toward initiatives that drive growth, inclusivity, and community engagement. This allows the league to focus on creating opportunities for young players while strengthening the foundation of the sport at the grassroots level.

With over 5,622 players, 360 teams, and 2,100 games officiated by the Parramatta Referees, our support plays a critical role

in the smooth operation of each season. The referees, who are directly supported through our contributions, ensure the fair and safe progression of every match, allowing players and teams to compete with confidence. By helping to cover the costs associated with refereeing, we ensure that the vital role of officials is upheld, supporting the integrity of the game and maintaining a high standard of play across the entire league.

By concentrating resources on local competitions, we’re helping build pathways for aspiring athletes while keeping grassroots participation at the heart of the league’s mission.

We’re proud to stand with PJRL as they use rugby league to unite people, create lasting opportunities, and strengthen the fabric of our community. Together, we’re ensuring a bright future for the game and the players who make it great.

2100 games requiring referees 728 volunteers 5622 players 360 teams

Our Community: Sports

Sport has a unique power to bring people together, transcending differences and uniting us with a shared sense of purpose. It fosters camaraderie, builds lasting friendships, and creates a strong sense of belonging. For us, this is not just a byproduct of sport; it is at the very heart of what we do.

Our purpose is to strengthen the community by providing opportunities for individuals to connect, support one another, and thrive through the game. Whether it’s on the field, in the stands, or through the networks we create, sport has the ability to inspire, uplift, and bind us all together.

This is why we are so passionate about supporting not just grassroots rugby league, but also Wheelchair Sports NSW/ACT, Parramatta District Cricket Club, Parramatta Touch Football Association, Cumberland and North Rocks Physical Culture Clubs, and Parramatta Memorial Swimming Club to name a few. These organisations embody the values of inclusion, empowerment, and connection that we hold so dear.

It’s more than just sport—it’s a vehicle for building community, empowering individuals, and creating lasting memories that enrich our lives and strengthen our bonds. This is the driving force behind our work and the reason we do what we do.

19 clubs

10 sports

“Thanks to Parra Leagues Group’ with your support we are able to put on the Rugby Wheel Chair Challenge and enrich our players lives.”

Deborah Harding - Partnerships & Grants Manager, Wheelchair Sports NSW/ACT

Our Community: Health and Well-Being

Supporting a Healthier, Stronger Community

We are committed to fostering a thriving community by supporting health and well-being initiatives through ClubGRANTS.

By partnering with organisations like Live Life Get Active and Be Unstoppable, we promote active lifestyles and personal empowerment. Programs like Youth Mental Health First Aid with Parramatta National

Empowering

Rugby League equip young people with essential mental health tools, while our contributions to Kids with Cancer, Ronald McDonald House, and Sydney Children’s Hospital Foundation provide vital care for families facing significant health challenges. Together, these efforts enhance lives, build resilience, and create a healthier, more connected community for all.

Our Community: Positive Mental Health Program Success

We are proud to support initiatives that create meaningful change in our community.

In 2024, our partnership with Be Unstoppable enabled the successful delivery of the Positive Mental Health for Adults program, including 12-week Women’s Workshops that empowered participants with tools to enhance their mental health and well-being.

The program’s outcomes were exceptional, with participants reporting increased confidence, improved skills to manage mental health challenges, and a stronger sense of support and resilience. Feedback collected through final surveys reflected a deep appreciation for the program, with many participants sharing inspiring stories of personal growth and empowerment.

This initiative reflects our commitment to making a positive impact in the Parramatta community. By supporting programs like this, we are fostering well-being and strengthening the connections that make our community thrive. Together, we are making a difference.

“Fantastic,

empathetic and knowledgeable speakers. Thank you all (and other participants) for giving me hope, and showing me that there is a way through the pain.”

Be Unstoppable

Our Community: Education Programs

We proudly support education programs that empower young people and foster lifelong learning.

From the Raise Foundation Youth Mentoring Program at Parramatta High School to Road Safety Education’s RYDER program for young drivers, we help build confidence and essential skills. Partnering with the Sebastian Foundation, we’ve funded the Open Parachute mental health program, while initiatives like Learning Links’ speech therapy and the Morris Children’s Fund music therapy help children communicate, learn, and thrive. These programs reflect our commitment to creating brighter futures and stronger communities.

Other Community Programs

We support programs run by organisations like Miracle Babies, Royal Life Saving NSW, and Women’s Housing Connection’s Her Voice, empowering families, promoting safety, and aiding women in need. Initiatives such as Soldier On, the Sydney Special Children’s Christmas Party and Fair Fight Foundation Limited SuperTees foster hope and inclusivity, strengthening our community for a brighter future.

Number of beneficiaries from receiving Community ClubGRANTS

10 programs across 8 organisations

9 programs across 6 organisations

37 programs across 31 organisations

Supporting Our Community: Parramatta Mission

Parramatta Mission’s Christmas Appeal holds a special place in our hearts. Supporting those experiencing homelessness, crisis, and hardship, Parramatta Mission provides essential services and care to our community. Through ClubGRANTS, we contribute to food hampers, while our members and staff generously donate gifts. We’re also proud to support their Christmas party, spreading joy and hope during this special season of giving.

In memoriam

Gary Morris

1943 - 2024

Life Elected Member at Parra Leagues & Parramatta Eels Life Member

Gary made an enormous contribution to both the Eels and the Parramatta Leagues’ Club.

He is one of the select few who was elected Life Member of both organisations. Gary’s initial connection to the club was as part of the footballing staff during the 1980’s, and he contributed at all levels including first grade, pathways and at the junior league as well. He went on to serve on both the Football and Leagues’ Club Boards and gave decades of service to both organisations.

Colin Barlow

1932 – 2024

Life Foundation Member at Parra Leagues

We pay tribute to Colin who was one of the founding members who joined the club when the club house was built in 1959.

Ron Lynch

1960 – 2024

Parramatta Eels Life Member & former Parra Eels player

Ron Lynch made a significant contribution to the Parramatta Eels club as a player, captain, and coach.

Ron Lynch was made a Life Member in 1970 and inducted to the Parramatta Eels Hall of Fame in 2003.

He was awarded the Australian Sports Medal in 2000.

Honour roll

Life Elected Members

Jack Argent *

Stan Simpson *

Spencer O’Neill *

Bob Jones *

Stan Lewis *

Albert Baker *

Peter Leach *

Arthur Drew *

Jack Boyle *

Bill O’Keefe *

Dan Mahoney *

Roy Fisher *

Kevyn Maddocks *

Peter Rogers *

Billy Rayner *

Keith Gillet *

Ron Hilditch

Alan Overton AM OAM *

Frank Sutton *

Frank Keane *

Gary Morris *

Don Ritchie *

Denis W Fitzgerald AM

Joe Joseph *

Peter Miller

Cyril Shean *

Christopher Jurd *

Dr Michael Johnson

Foundation Members

Forever remembered

Jack Anderson *

Richard McGarrigle *

Keith Anson *

Don Mclean *

David Bambrick *

Herbert Mitchell *

Noel Barnes *

James Mulvihill *

George Bosnich *

Stuart Murray *

Ronald Cater *

Colin Oliver *

Brian Catt *

Gillian Partridge *

Basil Cohen *

Ronald Pond *

Patrick Connolly *

Cecil Pratt *

Douglas Duncan *

Henry Reid *

Sidney Eades *

* Deceased member

Norman Rochester *

John Feletti *

Kenneth Spence *

Peter Friend *

Clifford Stevenson *

Thomas Gates OAM *

Ross Stewart *

Roy Gray *

John Styles *

Charles Griffiths *

Ronald Tarrant *

Raymond Hinson *

Wally Webster OAM *

Stanley Ingram *

Allan Weekes *

Frederick Kensitt *

Albert Wiffen *

Daniel Martin *

Alan Williams *

Arthur McBurney *

Cedric Wootton *

Life Foundation Members

Colin Barlow*

Frank McCaffery

Eddie Boulous *

Ronald Mclean *

Raymond Carter

Robert McLeod

Ronald Collyer *

John Miller OAM *

Dennis Cooney *

Gordon Molloy

Allan Cresswell *

Spencer Morey *

Ronald Croghan *

Raymond Newland *

Ronald Dixon *

Ronald Parkes *

William Doolan *

Noel Pickering *

Laurence Doolan *

Reg Prudames *

Ronald Freeman

Ronald Prudames *

Alvin Hartley *

John Purves *

Kevin Hughes *

Norman Simmons

Matthew Johnston *

Ronald Simpson *

Leonard Johnstone *

Bryan Simpson *

John Lyons

Thomas Vernon *

Reg Manning *

Ken Vine *

Maxwell Mayo *

Peter Winch

Directors’ report

Your directors submit their report on Parramatta Leagues’ Club Ltd (the “Company”) and the entities it controlled (collectively, the “Group”) for the year ended 31 October 2024.

Directors

The names of the Company’s directors in office during the financial year and until the date of this report are set out below. The directors were in office for this entire period.

Gregory Monaghan

Darren Adam

Joy Cusack

Mark Jenkins

Philip Sim

Richard Foda

Susan Coleman

Dividends

The Group is limited by guarantee and is prevented by its constitution from paying dividends.

Principal activities

The principal activities of the Group during the course of the financial year consisted of the conduct and promotion of licensed social clubs for members of the club and promotion of rugby league football within the Parramatta district.

There were no significant changes in the nature of the Group’s activities during the year.

Overall objectives

To ensure Parramatta Leagues’ Club Ltd is one of the most professional and progressive multi-purpose hospitality venue in Greater Western Sydney, by providing excellence in service and amenities for all members; and to foster, encourage, promote and control the development, playing and interests of rugby league football within the area of the geographical boundaries of Parramatta National Rugby League Club Pty Limited, a subsidiary within the Group, as defined from time to time in the by-laws of the league’s governing body.

The short term objectives of the Group are to focus on member satisfaction through the refresh of the Clubhouses and new development opportunities, while operating within a robust governance and compliance framework.

Providing excellence in service and amenities for all members; and to foster, encourage, promote and control the development, playing and interests of rugby league football.

The long term objectives of the Group are to:

• Bring together our community and support local causes, sport and the Eels to promote wellbeing happiness and pride;

• Provide a network of premium hospitality, entertainment, sporting and complementary businesses and services for the benefit of our community; and

• Ensure our long term financial viability by the diversification of our business within our catchment area.

The Group measures success by focusing on the following key areas:

• Improved facilities for our members;

• Increasing clubs engaged membership;

• Engaged and well trained employees;

• Focus on governance, risk and compliance initiatives; and

• Sound financial management and performance monitoring.

Operating results for the year

The net profit after tax of the Group for the year ended 31 October 2024 was $24,667,298 (2023: $20,689,972).

Significant changes in the state of affairs

During the year, the directors have decided to liquidate the Company’s subsidiary, Parramatta Power Soccer Pty Ltd (formerly Parramatta Power Soccer Club Limited), which has been dormant since 2006. The liquidation is expected to be completed in 2025.

There were no other significant changes in the state of affairs of the Group during the year.

Significant events after the reporting period

There were no significant events occurring after the reporting period which may affect either the Group ‘s operations or results of those operations or the Group ‘s state of affairs.

Likely developments and expected results

Likely developments in the operations of the Group and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the Group .

Environmental regulation

The Group is not subject to any particular or significant environmental regulation under laws of the Commonwealth or of a State or Territory.

Meetings of directors

The number of meetings of Company’s directors held during the year ended 31 October 2024 and the number of meetings attended by the directors was:

A = Number of meetings attended B = Number of meetings held during the time the directors held office during the period

Committee membership

Governance Committee ceased effective June 2024.

Property Project Control Group Committee commenced in June 2024.

Insurance of directors and officers

During the financial year, Parramatta Leagues’ Club Ltd held a management liability insurance policy under the directors and officers liability cover.

The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the directors and officers in their capacity as officers of the Company, and any other payments arising from liabilities incurred by the directors and officers in connection with such proceedings. This does not include such liabilities that arise from conduct involving a wilful breach of duty by the directors and officers or the improper use by the officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the Company. It is not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to other liabilities.

Indemnification of auditor

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

Membership

The Company is a company limited by guarantee and is without share capital. The number of members as at 31 October 2024 was 64,493 (2023: 63,366).

Members’ limited liability

In accordance with the Constitution of the Company, every member of the Company undertakes to contribute an amount limited to $4 per member in the event of the winding up of the Company during the time that he or she is a member or within one year thereafter.

Auditor’s independence declaration

The directors have received an independence declaration from the auditor of Parramatta Leagues’ Club Ltd . This has been included on page 27.

Ernst & Young (Australia) was appointed as auditor in accordance with Section 327 of the Corporations Act 2001

Signed in accordance with a resolution of the directors.

Gregory Monaghan Director

Sydney 19 December 2024

Auditor’s independence declaration

Auditor’s independence declaration to the directors of Parramatta Leagues Club Limited and its controlled entities

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

As lead auditor for the audit of the financial report of Parramatta Leagues Club Limited for the financial year ended 31 October 202 4, I declare to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;

b.

contraventions

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

Auditor’s independence declaration to the directors of Parramatta Leagues Club Limited and its controlled entities

This declaration is in respect of Parramatta Leagues Club Limited and the entities it controlled during the financial year.

As lead auditor for the audit of the financial report of Parramatta Leagues Club Limited for the financial year ended 31 October 202 4, I declare to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;

Ernst & Young

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

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

This declaration is in respect of Parramatta Leagues Club Limited and the entities it controlled during the financial year.

Daniel Cunningham Partner 19 December 2024

Ernst & Young

Daniel Cunningham Partner

19 December 2024

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 October 2024

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

Consolidated statement of financial position

Consolidated statement of changes in equity

For the year ended 31 October 2024

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

Consolidated statement of cash flows

Notes to the consolidated financial statements

For

the year ended 31 October 2024

1. Corporate information

The consolidated financial statements of Parramatta Leagues’ Club Ltd (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended 31 October 2024 were authorised for issue in accordance with a resolution of the directors on 19 December 2024 . Parramatta Leagues’ Club Ltd is a notfor-profit entity limited by guarantee, incorporated and domiciled in Australia.

The Company’s registered office and principal place of business is 1 Eels Place, Parramatta, NSW 2150.

The nature and operations and principal activities of the Group are described in the directors’ report. Information on Group’s structure is provided in Note 21. Information on other related party relationships of the Group is provided in Note 22.

2. Accounting policies

a. Basis of preparation and statement of compliance

These general purpose consolidated financial statements have been prepared in compliance with the requirements of the Corporations Act 2001 and Australian Accounting Standards - Simplified Disclosures. The Group is a not-for-profit entity for the purposes of preparing these consolidated financial statements.

The consolidated financial statements have been prepared on a historical cost basis and is presented in Australian dollars and all values are rounded to the nearest dollar ($).

b. Changes in accounting policies and disclosures

New and amended standards and interpretations

The new and amended Australian Accounting Standards and Interpretations that apply for the first time in 2024 do not materially impact the consolidated financial statements of the Group.

Accounting Standards and Interpretations issued but not yet effective

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Group for the annual reporting year ended 31 October 2024. The directors have not early adopted any of these new or amended standards or interpretations. The Group intends adopt these new and amended standards and interpretations, if applicable, when they become effective.

c. Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 October 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:

• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)

• Exposure, or rights, to variable returns from its involvement with the investee

• The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

• The contractual arrangement(s) with the other vote holders of the investee

• Rights arising from other contractual arrangements

• The Group’s voting rights and potential voting rights

Notes to the consolidated financial statements

For the year ended 31 october 2024

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets, liabilities and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.

d. Amalgamations

Amalgamations are accounted for in accordance with AASB 3 Business Combinations using the purchase method of accounting. The purchase method of accounting involves assessing the fair value

of the assets and liabilities acquired and the contingent liabilities assumed at the date of amalgamation; gains from amalgamation are recognised as a direct addition to amalgamation reserve within equity and any goodwill arising from amalgamation is brought into account as goodwill on amalgamation if such value is sustainable. Amalgamation-related costs are expensed as incurred and included in general and administrative expense.

e. Current versus non-current classification

The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is:

• Expected to be realised or intended to be sold or consumed in the normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in the normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Group classifies all other liabilities as non-current.

Notes to the consolidated financial statements

For the year ended 31 October 2024

2. Accounting policies (continued)

f. Revenue recognition

The Group is in the business of providing sporting, social and entertainment activities and amenities to their members and guests. Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer.

Revenue is recognised for the major business activities as follows:

i. Sale of goods

Revenue from the sale of goods comprises revenue earned from the provision of food, beverage and other goods and is recognised (net of rebates, returns, discounts and other allowances) at the point of sale or delivery as this corresponds to the transfer of control of the goods.

ii. Rendering of services

Revenue from rendering of services comprises revenue from gaming facilities together with other services to members and other patrons of the club. Revenue from rendering of services is recognised when the services are provided and is measured at the fair value of the consideration received or receivable.

iii. Sponsorship

Revenue from sponsorship is recognised over a period when the Group satisfies a performance obligation by transferring a promised good or service to a customer. Revenue is measured at the fair value of the consideration received or receivable.

iv. Membership income

Revenue from membership subscription and future ticket purchases by the members are deferred as unearned income and are brought to account evenly over the course of the membership period in accordance with contractual performance obligations.

v. Grants income

Government grants received to fund specific programmes arise from an agreement which is enforceable and contains specific performance obligations. Revenue is recognised as income when the performance obligations of the contract are satisfied. Each performance obligation is considered to ensure that the revenue recognition reflects the transfer of a control, there may be some performance obligation where controls transfers at a point in time and others which have continues transfer of control over the life of the contract.

Where control is transferred over time, generally input method of cost is deemed to be the most appropriate method to reflect the transfer of the benefit. Any income received where the performance obligation is not yet satisfied as at reporting date, is recorded as grant in advance.

vi. National Rugby League (“NRL”) distribution grant

Grants from the National Rugby League are recognised as revenue in the period in which the funding relates to the extent that expenditure has been incurred in accordance with the terms and conditions attached to these grants.

vii. Rental income

Revenue from rental receipts is recognised in the period the rental relates to and is recorded in accordance with the rental agreement.

viii. Gate receipts

Revenue from gate takings is recognised when the match takes place or when services are provided.

ix. Interest income

Interest income is recognised using the effective interest rate (EIR) method.

Classification and measurement of revenue

Revenue is recognised over time if:

• the customer simultaneously receives and consumes the benefits as the entity performs,

Notes to the consolidated financial statements

For the year ended 31 october 2024

• the customer controls the asset as the entity creates or enhances it; or

• the seller’s performance does not create an asset for which the seller has an alternative use and there is a right to payment for performance to date.

Where the above criteria are not met, revenue is recognised at a point in time.

Contract balances

Contract assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

Contract liabilities

The Group’s contract liabilities represent membership income in advance. A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.

g. Finance income

Interest income is recorded using the EIR. The EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. Interest income is included in finance income in the consolidated statement of profit or loss and other comprehensive income.

h. Finance costs

Finance costs are expensed in the period in which they occur. Finance costs consist of interest and other costs that the Group incurs and are calculated using the EIR method.

i. Cash and cash equivalents

Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

For the purpose of the consolidated statement of cash flows, cash and cash equivalents include cash as defined above.

j. Trade and other receivables

A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the EIR method.

For trade receivables, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

Notes to the consolidated financial statements

For the year ended 31 October 2024

2. Accounting policies (continued)

k. Inventories

Inventories are valued at the lower of cost and net realisable value.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Costs are assigned on the basis of weighted average costs.

l. Property, plant and equipment

Capital work in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment is stated at historical cost less depreciation. 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 Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to consolidated profit or loss during the reporting period in which they are incurred.

Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements, the shorter lease term as follows:

Land Not depreciated

Buildings 10 to 40 years

Plant and equipment 3 to 10 years

Poker machine 3 to 5 years

Motor vehicles 8 years

Leasehold improvements 20 to 40 years

Capital work in progress Not depreciated

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

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. (Note 2.o).

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the consolidated statement of profit or loss and other comprehensive income.

m. Intangible assets

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

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

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

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or losses when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss and other comprehensive income.

Purchased poker machine entitlements

Purchased poker machine entitlements are not amortised. Instead, purchased poker machine entitlements are tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and are carried at cost less accumulated impairment losses. Poker machine entitlements acquired by way of club amalgamation are, in

Notes to the consolidated financial statements

For the year ended 31 october 2024

accordance with AASB 3 Business Combinations initially brought to account at the date of amalgamation at the fair value at the date; and subsequently accounted for in accordance with the above policy.

n. Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

i. Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

Car park

Motor vehicles

Other equipments

79 years

3 to 4 years

2 to 5 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.o Impairment of assets.

Lease Liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of lowvalue assets

The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on shortterm leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Notes to the consolidated financial statements

For the year ended 31 October 2024

2. Accounting policies (continued)

ii. Group as a lessor

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the consolidated statement of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

o. Impairment of assets

Assets are tested 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. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

p. Investment properties

Investment properties, principally comprising freehold buildings, are held for long-term rental yields and are not occupied by the Group. Investment properties are carried at fair value and are based on the directors’ valuation which in turn is subject to third party verification once every three years. The valuations prepared by the external valuer and directors are based on the information that is available at 31 October 2024 (refer to Note 3).

q. Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

r. Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. After initial recognition, borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the consolidated statement of profit or loss and other comprehensive income. For more information, refer to Note 15.

Borrowings are removed from the consolidated statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.

Borrowing costs are expensed as incurred.

s. Employee benefit liabilities

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits, long service leave and annual leave expected to be settled within 12 months after the end of each reporting period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liability for annual leave is recognised in the provision for employee benefits. All other short-term employee benefit obligations are presented as payables.

Notes to the consolidated financial statements

For the year ended 31 october 2024

Other long-term employee benefit obligations

The liability for long service leave and annual leave which is not expected to be settled within 12 months after the end of the reporting period in which the employees render the related service is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service.

Expected future payments are discounted using market yields at the end of the reporting period on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Superannuation plan

The Group contributes to several defined contribution superannuation plans. Contributions are recognised as an expense as they are made. The Group has no legal or constructive obligation to fund any deficit.

Termination benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or to providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

t.

Taxes

i. Current income tax

The income tax expense or revenue for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

ii. Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;

• In respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

• When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;

• In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are

Notes to the consolidated financial statements

For the year ended 31 October 2024

2. Accounting policies (continued)

recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Parramatta Leagues’ Club Ltd and its wholly owned Australian controlled entities have implemented the tax consolidation legislation. As a consequence, these entities are taxed as a single entity and the deferred tax assets and liabilities of these entities are set off in the consolidated financial statements.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

iii. Tax consolidation legislation

Parramatta Leagues’ Club Ltd and its wholly-owned Australian controlled entities implemented the tax consolidation legislation as of 1 January 2004.

The head entity, Parramatta Leagues’ Club Ltd in the tax consolidated group account

for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated group continues to be a standalone taxpayer in its own right.

iv. Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except:

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

• When receivables and payables are stated with the amount of GST included.

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

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

u. Parent entity financial information

The financial information for the parent entity, Parramatta Leagues’ Club Ltd, is disclosed in Note 25 and has been prepared on the same basis as the consolidated financial statements, except as set out below.

Investments in subsidiaries

Investments in subsidiaries are accounted for at cost less impairment in the financial statements of Parramatta Leagues’ Club Ltd.

Notes to the consolidated financial statements

For the year ended 31 october 2024

3. Significant accounting judgements, estimates and assumptions

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Estimated fair values of investment properties

The Group carries its investment properties at fair value with changes in the fair values recognised in profit or loss. It obtains independent valuations at least once every three years. The fair value of each property is updated by taking into account the most recent independent valuations. Directors valuation of all investment properties has been made as at 31 October 2024. External valuation was made as at 31 October 2023 by RayWhite (Valuations). The key assumptions used in this determination are set out in Note 13.a.

As at 31 October 2022, an independent valuation was performed on all 23 properties. These independent valuations were conducted by Ray White. The valuations were based on the fair value. The critical assumptions adopted in determining the valuations included the impact of the pandemic on the property market and the demand for property in the area, as well as rapidly rising interest rates together

with the associated impact on investment, financial and credit markets. This means that the value may change significantly and unexpectedly over a relatively short period of time.

Provision for expected credit losses of trade receivables and contract assets

The Group uses a provision matrix to calculate expected credit losses (ECLs) for financial assets, specifically trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating, and coverage by letters of credit and other forms of credit insurance).

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables is disclosed in Note 9.

Leases - Estimating the incremental borrowing rate

The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay’, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).

Notes to the consolidated financial statements

For the year ended 31 October 2024

4. Revenue of contracts from customers

Set out below is the disaggregation of the Group’s revenue from contracts with customers:

For the year ended 31 october 2024

Expenses

Notes to the consolidated financial statements

For the year ended 31 October 2024

7. Income tax

The

Notes to the consolidated financial statements

For the year ended 31 october 2024

For the year ended 31 October 2023, the Group has not recognised deferred tax assets in respect of tax losses of $10,073,410 that are available indefinitely for offsetting against future taxable profits.

For the year ended 31 October 2024

8. Cash and cash equivalents

Notes to the consolidated financial statements

For the year ended 31 october 2024

10. Property, plant and equipment

Notes to the consolidated financial statements

For the year ended 31 October 2024

11. Intangible assets

Cost

At 1 November 2023 and 31 October 2024 1,690,000

Accumulated amortisation and impairment

At 1 November 2023 and 31 October 2024 -

Net book value

At 31 October 2024 1,690,000

At 31 October 2023 1,690,000

12. Leases

Group as a lessee

The Group has lease contracts for car park, building, motor vehicles and other equipments used in its operations. Leases of motor vehicles generally have lease terms between 3 and 4 years, while other equipments generally have lease terms of 2 and 5 years. The car park and part of the Group’s premises are situated on land leased from the Parramatta Regional Park Trust. The lease is for a term of 49 years from 5 March 1999 with a 49 year option at its expiration. The lease rental is subject to review annually for CPI and a review every five years.

The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. There are several lease contracts that include extension and termination options and variable lease payments.

The Group also has certain leases of plant and equipment with lease terms of 12 months or less or with low value less than $5,000. The Group applies the ‘shortterm lease’ and ‘lease of low-value assets’ recognition exemptions for these leases.

Notes to the consolidated financial statements

For the year ended 31 october 2024

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

The amount of expense relating to short-term leases and leases of low-value assets recognised in profit or loss during the year ended 31 October 2024 was $ 73,119 (2023: $ 210,183).

Group as a lessor

Some of the investment properties are leased to tenants under long-term operating leases with rentals receivable monthly. Minimum lease payments receivable on leases of investment properties are as follows:

Notes to the consolidated financial statements

For the year ended 31 October 2024

13. Investment properties

a. Valuation basis

As at 31 October 2024, the fair values of the properties are based on directors valuations. 2022 valuations were performed by an accredited independent valuer. The best evidence of fair value is current prices in an active market for similar investment properties. Where such information is not available, the directors consider information from a variety of sources including:

i. current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences

ii. discounted cash flow projections based on reliable estimates of future cash flows

iii. capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from an analysis of market evidence.

b. Non-current assets pledged as security

Refer to Note 15 for information on noncurrent assets pledged as security by the Group.

c. Leasing arrangements

Please refer to Note 12 for details relating to leasing arrangements of the Group as a lessor.

The following are core properties:

• 13 - 15 O’Connell Street, Parramatta NSW 2150

• 35 Quarry Road, Dundas NSW 2117

• 662A Old Northern Rd, Dural NSW 2158

The following are non-core properties:

• 6 - 8 Grose Street, Parramatta NSW 2150

• 2 Eels Place, Parramatta NSW 2150

• 10 - 12 Grose Street, Parramatta NSW 2150

• 50 O’Connell Street, Parramatta NSW 2150 (Ground Floor)

• 3C Trott Street, Parramatta NSW 2150

• Units 1, 2, 3, 4, 5, 8, 9, 10 and 11 at 19 - 21 O’Connell Street, Parramatta NSW 2150

• Units 1, 2, 3, 4 and 5 at 17 O’Connell Street, Parramatta NSW 2150

• Units 3 and 4 at 50 - 52 Ross Street, Parramatta NSW 2150

Notes to the consolidated financial statements

For the year ended 31 october 2024

14. Trade and other payables

15. Borrowings

Secured liabilities and assets pledged as security

The total secured liabilities (current and non-current) are as follows:

- 1,273,583 12,661,126 9,441,618

Notes to the consolidated financial statements

For the year ended 31 October 2024

15. Borrowings (continued)

(i) NAB loan facility

The NAB loan facilities include $5.6 million ($1.8 million drawn) (2023: $10.9 million ($4.5 million drawn)) Corporate Markets Loans funding capital projects, $5.5 million ($0.0 million drawn) (2023: $5.5 million ($0.0 million drawn)), $3.2 million ($0.0 million drawn), $2 million ($0.0 million drawn) (2023: $2.0 million ($0.0 million drawn)) master asset finance facility and $0.4 million ($0.2 million drawn) (2023: $0.4 million ($0.2 million drawn)) in other NAB facilities.

There is also $0.3 million ($0.3 million drawn) (2023: $0.3 million ($0.3 million

drawn)) other non-NAB unsecured facilities. All assets are secured against NAB loan facility.

The terms and conditions of the above facilities are as follows:

NAB loan facilities rate for corporate markets loan were 6.2399% (including 0.90% facility fee) (2023: 5.2000% (including 0.90% facility fee)) at 31 October 2024 with a maturity date of 30 November 2025.

The Group also has undrawn master asset facility of $2 million (2023: $2 million).

16. Employee benefit liabilities

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:

For the year ended 31 october 2024

17. Contract liabilities

18. Reserve

5,315,786

5,315,786

Nature and purpose of reserve

Amalgamation reserve

The amalgamation reserve represents the gain arising on the amalgamation of Dural Country Club Ltd in the current financial year.

Notes to the consolidated financial statements

For the year ended 31 October 2024

19. Commitments and contingencies

a. Capital commitments

Significant capital expenditures contracted for at the end of the reporting period but not recognised as liabilities are as follows:

The Group has committed to a total capital expenditure of $59,753,922 (2023: $58,059,416) for the construction of the Parramatta Eels Centre of Excellence and Community Facility, of which $23,321,022 (2023: $4,140,589) has been paid to date and $1,594,913 (2023: $3,790,112) remains in contingencies and non-contracted project costs. Located at Kellyville Park in North Western Sydney, the new development will provide state of the art facilities for all forms of the game for men and women at the community and elite level and enhances the Eels commitment to grow participation in Rugby League. Expected completion date is 2025.

The centre was made possible due to combined Federal, State and Local Government grants of $ 53,253,922 (2023: $49,560,000) of which $42,153,922 (2023: $18,000,000) has been received to date. The rest of commitment will be self-funded.

The Group has also entered into contracts totalling $889,000 for the repair of the roof and renovation (Eels Lane and Fire system

upgrade) works at the Parramatta Leagues’ Club Ltd and Dural Country Club Ltd venues (2023: $4,932,591).

b. Lease commitments: Group as a lessee

The Group has no lease contracts that have not yet commenced as at 31 October 2024 (2023: none).

c. Contingent liabilities

A claim was lodged against Parramatta National Rugby League Club Pty Limited, a subsidiary of Parramatta Leagues’ Club Ltd, by the Liquidator of a former supplier in May 2021. The directors have obtained legal advice with respect to this matter. After considering the advice, the directors do not believe that Parramatta National Rugby League Club Pty Limited has any further obligations in relation to this matter.

The Group had no other contingent liabilities at 31 October 2024 (2023: none).

Notes to the consolidated financial statements

For the year ended 31 october 2024

d. Remuneration commitments

The Group has entered into contracts with players with respect to subsequent seasons, whereby certain minimum amounts are payable. The minimum amounts payable are as follows:

Within one year 11,777,095 12,538,803

Amounts contracted beyond one year are cancellable under certain conditions and therefore not reflected. Match payments are payable in varying circumstances, in addition to the above amounts.

20. Bank guarantees

The Group maintains a credit facility amounting to $100,000 (2023 : $100,000) with National Australia Bank (NAB), continuing in force until notification in

21. Subsidiaries

writing has been received from the bank. This facility bears a weighted average interest rate of nil% (2023: nil%) and the unused facility is $nil (2023: $nil).

The consolidated financial statements of the Group include the following subsidiaries:

Parramatta National Rugby League Club Pty Limited

Parramatta Power Soccer Pty Ltd (formerly Parramatta Power Soccer Club Limited)*

To compete in the National Rugby League competition and to encourage, promote and control the development, playing and interests of rugby league football.

The Club does not trade and hasn’t had any activity since 2006.

*The directors have decided to liquidate the Company during the year

Notes to the consolidated financial statements

For the year ended 31 October 2024

22. Related party disclosures

a. Board of Directors

During the year, the Company paid the directors an amount of $166,641 (2023: $163,933 ) which includes superannuation as remuneration for services provided in their roles as the Board of Directors.

Apart from the remuneration outlined above, the Company did not enter into any further contract with the Board of Directors, nor were there any transactions entered into between the Company and a related party of the Board of Directors.

b. Key management personnel compensation

Compensation expense of key management personnel amounted to $3,925,483 during the year ended 31 October 2024 (2023: $2,992,760).

The amount includes payments made to key management personnel for the services performed in their capacity as CEO, CFO, COO, CCO, General Manager of Football and Head Coach during the year ended 31 October 2024.

(i) Transactions with key management personnel

From time to time key management personnel of the Company , or their related entities, may sell goods or provide services to the Group. The Group makes these purchases on the same terms and conditions as other non-key management personnel related transactions.

There are no outstanding balances from the above transactions entered into with key management personnel or their related parties.

23. Events after the reporting period

There were no significant events occurring after the reporting period which may affect either the Group’s operations or results of those operations or the Group’s state of affairs.

For the year ended 31 october 2024

24. Auditor’s remuneration

The auditor of Parramatta Leagues’ Club Ltd is Ernst & Young (Australia).

Amounts received or due and receivable by Ernst & Young (Australia) for:

25. Information relating to the Parramatta Leagues’ Club Ltd (the Parent)

Summary financial information The

Consolidated entity disclosure statement

ENTITY NAME

Parramatta Leagues’ Club Ltd

BODY CORPORATE COUNTRY OF INCORPORATION

Body corporate Australia

Parramatta National Rugby League Club Pty Limited Body corporate Australia

Parramatta Power Soccer Pty Ltd (formerly Parramatta Power Soccer Club Limited) Body corporate Australia

BODY CORPORATE % OF SHARE CAPITAL HELD COUNTRY OF TAX RESIDENCE

Directors’ declaration

In accordance with a resolution of the directors of Parramatta Leagues’ Club Ltd, I state that:

In the opinion of the directors:

a. the consolidated financial statements and notes of Parramatta Leagues’ Club Ltd for the financial year ended 31 October 2024 are in accordance with the Corporations Act 2001 , including:

i. giving a true and fair view of the Group’s financial position as at 31 October 2024 and its performance for the year ended on that date; and

On behalf of the board

Gregory Monaghan Director

Sydney 19 December 2024

ii. complying with Australian Accounting Standards - Simplified Disclosures and the Corporations Regulations 2001;

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

c. the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act is true and correct.

Independent auditor’s report

Independent auditor’s report to the members of Parramatta Leagues Club Limited and its subsidiaries

Opinion

Independent auditor’s report to the members of Parramatta Leagues Club Limited and its subsidiaries

Opinion

We have audited the financial report of Parramatta Leagues Club Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 October 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

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

We have audited the financial report of Parramatta Leagues Club Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 October 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

a. G iving a true and fair view of the consolidated financial position as at 31 October 2024 and of its consolidated financial performance for the year ended on that date; and

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

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

a. G iving a true and fair view of the consolidated financial position as at 31 October 2024 and of its consolidated financial performance for the year ended on that date; and

Basis for opinion

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

Basis for opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

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

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

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

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

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

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

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit o r otherwise appears to be materially misstated.

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

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit o r otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Independent auditor’s report

Responsibilities of the directors for the financial report

The directors of the Company are responsible for the preparation of :

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards – Simplified Disclosures and the Corporations Act 2001 ; and

Independent auditor’s report to the members of Parramatta Leagues Club Limited and its subsidiaries

Opinion

• The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001 ; and for such internal control as the directors determine is necessary to enable the preparation of ;

• The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error ; and

We have audited the financial report of Parramatta Leagues Club Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 October 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

• The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

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

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

a. G iving a true and fair view of the consolidated financial position as at 31 October 2024 and of its consolidated financial performance for the year ended on that date; and

Auditor’s responsibilities for the audit of the financial report

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

Basis for opinion

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 le vel 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.

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

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

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

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

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

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

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

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

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

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit o r otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

Independent auditor’s report to the members of Parramatta Leagues Club Limited and its subsidiaries

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

Opinion

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

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

We have audited the financial report of Parramatta Leagues Club Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 October 2024, the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration.

Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

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

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion.

a. G iving a true and fair view of the consolidated financial position as at 31 October 2024 and of its consolidated financial performance for the year ended on that date; and

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Ernst & Young

Basis for opinion

Ernst & Young

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Daniel Cunningham Partner Sydney

19 December 2024

Daniel Cunningham Partner

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

Sydney 19 December 2024

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

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

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

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit o r otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.