Annual Report - Tea Gardens Country Club & · PDF file · 2017-10-30iv. (ii) Carrying out their duties as Directors of the Club ... Reception and Motel Check In area featuring electronic

20172017

2017

Annual Report

TEA GARDENS COUNTRY CLUB LIMITEDABN 30 001 038 660

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NOTICE OF ANNUAL GENERAL MEETING OF TEA GARDENS COUNTRY CLUB LIMITED

(A COMPANY LIMITED BY COMPANY GUARANTEE)

A.B.N. 30 001 038 660

NOTICE IS HEREBY GIVEN THAT the 46th Annual General Meeting of Tea Gardens Country Club Limited (the Club) will be held in the Clubhouse, 2A Yalinbah Street, Tea Gardens, 2324 on Sunday 26th November, 2017 at 9.00am.

The meeting will consider the following:-

BUSINESS:• To confirm the minutes of the previous Annual General Meeting.

• To receive and consider the reports of the Board.

• To deal with any Resolutions recommended by the Board.

• To receive and consider the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, and the report of the Auditor.

• To receive and consider the Detailed Profit and Loss Statement.

• To appoint an auditor or auditors.

• To deal with any business of which due notice may be given.

• To deal with any other business that the meeting may approve of to which due notice has been given.

All business and notices of motion to be dealt with at an Annual General Meeting must be handed to the Secretary at least twenty-one (21) days prior to the date of such meeting.

Questions regarding Finance:Members wishing to ask questions regarding finance at the Annual General Meeting are asked to convey those questions in writing to the General Manager on no later than the 20 November, 2017. This allows staff time to carry out any necessary research to provide more informative answers.

Meeting Procedures for Motions:

• Each resolution must be passed as a whole and may not be amended by motions from the floor of the meeting or dealt with as two or more separate resolutions.

• In order to be passed, an ordinary resolution must receive votes in its favour from not less than a simple majority of those members



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who attend and vote and are entitled to vote at the meeting.

As Ordinary Resolutions recommended by the Board of Directors:

1. THAT the Club provide a reasonable meal and or refreshments to each Director before, after or during each meeting of the Board of Directors.

2. THAT the Directors be reimbursed by the Club for reasonable expenses incurred in the following activities of the Directors on production of invoices, receipts or other proper documentary evidence:

iii. (i) Travelling by either private or public transport to and from any meeting of the Board of Directors or any other meeting of any committee as approved by the Board of Directors from time to time;

iv. (ii) Carrying out their duties as Directors of the Club within the Club or elsewhere as approved by the Board of Directors from time to time including, without limitation, expenses associated with entertainment of guests of the Club and any other promotional activities;

v. (iii) Attending the Annual General Meeting of Clubs NSW or meetings of any other associations or bodies of which the Club is a member, provided such attendance is approved by the Board of Directors from time to time;

vi. (iv) Attending any seminar, lecture, trade display or similar event provided such attendance is approved by the Board of Directors from time to time;

vii. (v) Attending other clubs for the purpose of viewing and assessing facilities and methods of operation provided such attendance is approved by the Board of Directors as being necessary for the benefit of the Club.

3. THAT the Club provide to Directors, or reimburse Directors in respect of Club blazers and associated apparel for use by the Directors when representing the Club.

4. THAT the Club pay or reimburse the reasonable costs of each Director and their spouse attending a Christmas Function.

5. THAT the Club provide or reimburse the reasonable cost of meals and or refreshments to volunteer workers undertaking voluntary work for and on behalf of the Club where such voluntary work is approved by the Board of Directors.

6. THAT the members acknowledge that that the benefits referred to in paragraphs 1 to 5 inclusive above are not available to members but only to those directors or President of the Club.

TEA GARDENS COUNTRY CLUB LIMITED

A.B.N. 30 001 038 660

CLUB EXECUTIVES 2016 / 2017

PRESIDENT T. Munright

VICE PRESIDENT H. Vaughan

HONORARY TREASURER M. Smith

DIRECTORS J. Adam

R. Barry

B. Goode

D. Johnson

K. O’Brien

R. Webster

GENERAL MANAGER W. Gooley



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PRESIDENT’S REPORTMy fellow Members

During the past year, your Board has worked tirelessly to optimise the opportunities to provide a welcoming environment on your behalf. Whilst it is difficult to please everyone, we have tried, and I believe successfully, to deliver a Club environment for all to share.

The Motel has continued to improve its occupancy rate and develop into an asset the Club can rely upon as a viable income stream into the future.

We finalised our payments on the Ticket In - Ticket Out System (TITO) which not only provides convenience to the Gaming experience, but also stocktake and other accounting software.

The Poker Machines have been regularly upgraded with new games and the most popular games, as they come onto the market, thereby enhancing the gaming experience.

Also, a Submission has been put to Council to have the land we own, about 5 acres located behind the Bowling Greens, rezoned to allow us the ability to fill and develop the site when the opportunity to expand the footprint of the Club is needed in the future.

I would like to thank the Board for their unerring support during the year and look forward to the challenges that will no doubt present themselves in the future.

Our General Manager, Warren, has once again gone above and beyond his Job Description during what has been a most demanding year and I thank him for his continued loyalty, support and guidance.

The Club is blessed with wonderful Staff both Front and Back of House who strive to make our experience at the Club both welcoming and enjoyable and I thank them for their collective professionalism.

Most importantly, without you the members the whole effort is irrelevant, so I take this opportunity to thank you, on behalf of the Board and Management, for your continued patronage of the Club and am confident that we can continue to provide a pleasurable experience for you into the future.

Terry Munright JP

President

HONORARY TREASURER’S REPORT

Dear fellow Members

For the financial year ended 30 June 2017 we are disappointed to report a loss of $173,762, ($706 profit in 2016) after noncash items of depreciation of $367,735 ($372,659 in 2016). The Club operated to return a positive cash flow of $339,715, up 21% from last year, which indicates the loss is due to increased expenses and running costs compared to previous years. A substantial amount of our loss, $45,008 is due to a one-off write off of assets to bring our asset schedule up to date and into line with the Board’s Asset Capitalisation Policy. Repairs and Maintenance costs of $163,499, up 36% from last year spent across all areas of the club, greens, motel and carpark also contributed to the outcome. Rising electricity and gas charges of $105,620 (up 21%) also contributed. Wages growth of 3.35% is a reflective of the mandatory 3% annual increase under the existing Enterprise Agreement.

During the year most of our operating areas traded as strongly as last year: motel revenue increased marginally however with a substantially improved bottom line. Raffles were down 15% and Bingo 10% down from last year.

During the year the club made donations of just over $17,000 to sporting clubs, and other worthy causes including Junior League and Junior Soccer, Little Athletics, Clinic Bus, Oncology, Tea Gardens Public School, TG Men’s Shed , HNTG Pre School and HNTG Surf Lifesaving Club to name a few.

The management and Board have taken on strategies recommended by our Auditors to address our current issues including tighter controls on expenses and a moratorium on discretionary spending. The Board is well aware of community expectations vis-a-vis the financial security of our Club and I assure you that we are taking all roads necessary to return to a profitable entity as soon as possible.

Marcia Smith

Honorary Treasurer



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GENERAL MANAGER’S REPORT As I write this report and reflect on the past year it conjures a sea of emotions with the obligatory peaks and troughs of accomplishment and frustration.

We completed a much needed refurbishment and renovation of the Dining and Kitchen precinct and installed a new and more user friendly Reception and Motel Check In area featuring electronic sign in facilities for visitors (peak)-the remainder of the Club badly needs a facelift (trough).

We introduced an a la carte Restaurant offering which was initially met with much fanfare and enthusiasm (peak) - the lustre faded and aficionados quickly tired of the new distraction and pined for the restrained fare of yesteryear (trough).

We repainted and refurbished ten more Motel rooms, pruned,cleared and chipped truckloads of bushfire prone vegetation overhanging the Motel, paved a large entertainment and BBQ area between the two wings of the Motel and have begun clearing the Lantana jungle from behind the pool area (peak)-we still have 12 rooms in original condition, need a new pool fence and Eastern boundary fence, and the driveway is nothing short of atrocious following the heavy autumn rains (trough).

We finally renewed the grass bowling green, with the much appreciated assistance of the volunteer grey army, utilising cuttings of the highly fancied Tiff Dwarf grass from Taree Bowling Club (peak)- a heatwave followed by an autumnal tsunami did its best to ensure that the transplant would be doomed to failure (trough). Thanks to the dedication and determination of our Greenkeepers, Richard and Sean, the grass has survived and hopefully after a renovation this summer we will have a grass green the envy of the District.

In a bid to retain weekend Motel guests within the Club we embarked on a mission to supply weekly free bands on a Saturday night (peak)- many times particularly during winter and for our Sunday afternoon sessions the crowds were poor and did not justify the cost. Next winter will see entertainment cut to alternate weekends with Tribute bands and Karaoke dominating as they seemed the most popular offerings.

As detailed by Mrs Smith, the major contributing factors to our loss this year were a write off of historic capital items from our Asset Register, and investment in improvement of our physical assets to bring them up to a level satisfactory for our Members, guests and visitors (repairs and maintenance). Unfortunately, as I have suggested, there is still significant expenditure to undertake and the above is by no means an unabridged list however further works may need to sit on the backburner for some time whilst we rebuild our financial stocks to keep the bean counters happy.

To move on, both the Club and Motel have remained well patronised this year (apart from a few Judahs who have taken to frequenting other watering holes in protest at our Dining offering. It will be interesting if we see their return in response to our new Caterers or if they remain martyrs to the cause). We have had many multi-night stays from groups

including East Maitland BC, Windang Social Club, Stockton Travellers, Toronto BC, Duke of Wellington Social Club, Lake Cathie Social Club, and the Tea Gardens Reunion to name a few. We also held the Club’s Open Triples, 11 and up Triples, and Police 4s Tournaments which all put bods in beds. My heartfelt thanks to the greenkeepers, Directors, staff and volunteers who help make all these visits and events a success as there is a monumental amount of work that goes on behind the scenes in organising and realising each one. We also held our annual Melbourne Cup, New Years Eve, Chicken Chuckin’, and St Patricks Day Celebrations and you can imagine how busy our Pig Races will be given fair weather. Sue’s Bingo has moved into the 21st Century and appears to have been given a new life with the electronic tablets proving popular and Dawn’s new electronic Trivia is earning more fans each Thursday night. As mentioned by Mr Munright we continue to upgrade our poker machines to endeavour to provide the best gaming experience in town to our members and visitors.

As I recall the members who have passed this year it is with heavy heart that I remember one of our Directors, Kerry O’Brien. Kerry had a great background in the hotel and club management industries and I often consulted him when I had issues to contend with. More often than not he was a great help or if he couldn’t help at least you left having had a laugh. Again to his family my condolences and also to all those who lost loved ones throughout the year.

I wish to sincerely thank the Directors for their input and support throughout the year and to my Staff for their outstanding dedication and loyalty to the Club. Finally, a big thanks as usual to my wife Elaine who has grown weary of the thinly veiled jibes and moved on to greener employment pastures and more convivial surroundings. I will sorely miss the hours of voluntary labour Elaine put into many events, and can only see that her absence will lead to increased end user costs for those events.

Warren Gooley

General Manager



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WOMEN’S BOWLING CLUB PRESIDENT’S REPORT

We now have 59 members a few down from last year as 8 of our members are now Sports Members but we look forward to signing up some more bowlers from Palm Lake Resort next year.

I would like to thank my committee: Karen McPhie Secretary, Lynda Richards Treasurer, Margaret Smith and Deyonne Page Vice Presidents, Match Selectors and Social. Lynda Richards our Publicity Officer and Elizabeth Kelly our new historian.They all do a great job and make my life a lot easier.

We entered 2 Pennant sides this year and although we didn’t bring home a flag we all were quite competitive.

Congratulations go to winners of our Club Championships.Major Singles winner Maynie Roberts, Club Pairs Kayelene Pearson and Robyn Beaumont, Club Triples Bev Rhodes, Wendy Brand and Elizabeth Kelly, Club Fours Karen Green,Lily Smith,Dale Winter and Kayelene Pearson. Minor Singles winner was Elizabeth Kelly after many years of trying.

On writing this we are yet to run our Open Consistency and Novice Consistency.

I am proud to add that Kayelene Pearson and Robyn Beaumont entered the State Champion of Champions Pairs and came in equal 3rd. A great effort by both these players.

We also had Vicki Rankin, Kayelene Pearson and Robyn Beaumont represent our District .Lynne Green was selected as a reserve.Wendy Brand represented us in Annis Young Consistency.

We enjoy playing both Lemon Tree Passage for the Challenge Trophy and Karuah for the Ruth Bowden Trophy. Sadly we lost these trophies this year but hope to win them back when we play them on Home Ground.

I would like to thank all our umpires and our two lady coaches for all their work during this year. We now have 8 Lady Umpires which is great.

The ladies club has two special charities they support. The Mater Hospital and the local Clinic Bus.Many thanks go to our local community for their generous support towards our annual Oncology Day. This year we raised a record $7000.00

I would also like to thank Shayne Reynolds and Lynne Wood from Pelican Pest Control for their ongoing support in particular our annual Versatility Day.

Thank you to our General Manager Warren Gooley and all the Board for their support during the year especially our seafood raffles which are a great fundraiser for our ladies club.

Thank you also to Sean Merrick and Richard Lee our greenkeepers for preparing our greens.

Best wishes to the Men’s Committee and as always I know we shall enjoy working together again this year.

Robyn Webster

President.



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FISHING CLUB PRESIDENTS REPORT

Another good year for TGCC Fishing Club, weather permitting all monthly outings were well attended.

Congratulations to winners of all categories for 2016-17, however results will not be known until our presentation night, 4th November.

Our seafood raffles are our major source of income, I would like to thank TG Country Club for allowing us to run these raffles, to the volunteers who sell the tickets and the members & guests who support us by purchasing those tickets.

This year saw the reintroduction of the Inter Club Fishing Comp between Hawks Nest Golf Club Fishing Club & ourselves, for the Annual Challenge Shield, thanks to some hard work by past president Wal Rhodes. The weekend of the 24 -26 February 2017, saw a large group of men, ladies & juniors from both clubs, with friendly rivalry, weigh in plenty of fish, with a BBQ at our club to celebrate the event. The eventual winners were Hawks Nest Golf Club Fishing Club….congratulations! Hawks Nest will be hosting this event in 2018.

This years Gibber to Gibber Competition was again well supported by the three clubs involved on the 19-21 May 2017. There were some great fish weighed in by all three clubs being HNGC Fishing Club, Bulahdelah Fishing Club & ourselves. TGCC Fishing Club were the winners of the G2G Shield, this included Men’s Overall Points winner – Bill Thrift & Ladies Highest Points winner - Sue Dempsey.

Once again this year we are very happy to be supporting the Ladies Bowls Oncology Day with a donation of $500, as well as a $500 donation to TROGG for research into Prostate Cancer. As usual we were also happy to donate to TG Public School $50 toward their ANZAC Day contribution.

I would like to thank our long serving secretary Sheila McKeough, who stepped down due to ill health, our best wishes and thoughts are with her.

Our AGM this year saw the following Office Bearers elected:-

President – John Vaughan

Vice President – Ian Stewart Dempsey

Treasurer – Heather Vaughan

Secretary – Brad Markham

Club Captain – Brad Markham

Weighmaster – Sean McKeough

Asst Weighmaster – Bill Thrift

Recorder – Sue Dempsey

Looking forward to a great 2017-18 season.

John Vaughan

President

MEN’S BOWLING CLUB PRESIDENT’S REPORT

I have only been President of the Men’s Bowling Club for a short time since the unfortunate passing of our elected President, Kerry O’Brien.

Congratulations to all of our Championship winners for 2017 and a big thank you to all those who competed.

Last year’s Pennant teams were very strong with two divisions reaching playoffs.

Our Wednesday attendance is starting to increase which is a good sign.

Our new committee is endeavouring to build up the Friday Bowls attendances by making it a mixed competition and enabling locals and visitors to participate.

I would like to thank all bowlers for their support for myself and the new committee as we try to organise games and social events for the coming year.

Max Stephens

President



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FINANCIAL STATEMENTS FOR THE YEAR ENDED

30 JUNE 2017

Contents Page

Club Property Declaration 14

Directors’ Report 16

Auditors’ Independence Declaration 21

Statement of Profit or Loss And Other Comprehensive Income 22

Statement of Financial Position 23

Statement of Changes in Equity 24

Statement of Cash Flows 25

Notes to the Financial Statements 26

Directors’ Declaration 37

Auditors’ Report 38

Disclaimer on Other Financial Information 41Detailed Income and Expenditure Statements

Motel Profit and Loss Statement 42

Detailed Profit and Loss Statement 44

SUNDAY BOWLS REPORT Well we had a slow start to Sunday Bowls this year but I would like to thank David Williams and Ray Prigg for all their effort in starting the year off running things for us. It’s not an easy job to get up every Sunday and front up to the club to arrange the bowls.

Special thanks to Beverly Thrift who is still doing a great job and I can’t forget all the diehards who have kept Sunday Bowls going especially Barry Goode and my husband Ron for doing the cooking this year.

Our numbers are down but everyone still seems to enjoy the day and the fellowship. Hopefully next year we can come up with an improved format which will entice some more bowlers along.

Thank you to Sean, Luke and Richard our greenkeepers also for getting the greens ready every Sunday.

Thank you to Warren Gooley and the Board for their support. Sunday Bowlers enjoy their day so hopefully it will continue.

Robyn Webster

Facilitator



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CLUB PROPERTY DECLARATION

Pursuant to Section 41J(2) of the Registered Clubs Act the Directors decare that, for the financial year ended 30

June 2017, the classification of the leasehold land is as follows:

Property Address Current Usage Classification

Lot 2 DP 870920 Yalinbah St Tea Gardens

Club House & Bowling Greens

Core


Motel Core


Block adjacent to Bayview Rd

Non-core

Lot 27 DP 737629 Myall St Tea Gardens

Caretakers Cottage Non-core

Notes to Members

1. Section 41J(2) of the Registered Clubs Act requires the annual report to specify the core property and non-core property of the Tea Gardens Country Club (the Club) as at the end of the financial year to which the report relates.

2. Core property is any real property owned or occupied by the Club that comprises:

(a) the defined premises of the Club; or

(b) any facility provided by the Club for use of its members and their guests; or

(c) any other property declared by a resolution passed by a majority of the members present at a general meeting of Ordinary members of the Club to be core property of the Club.

3. Non-core property is any other property other than that referred to above as core property and any property which is declared by the members at a general meeting of ordinary members of the Club not to be core property.

4. The significance of the distinction between core property and non-core property is that the Club cannot dispose of any core property unless:

(a) the property has been valued by a registered valuer within the meaning of the Valuers Act 2003; and

(b) the disposal has been approved at a general meeting of the ordinary members of the Club at which the majority of the votes cast support the approval; and

(c) any sale is by way of public auction or open tender conducted by an independent real estate agent or auctioneer.

5. These disposal provisions and what constitutes a disposal for the purposes of section 41J are to some extent modified by regulations made under the Registered Clubs Act and by Section 41J itself. For example, the requirements in paragraph 4 above do not apply to;

• Core property that is being leased or licensed for a period not exceeding 10 years on terms that have been the subject of a valuation by a registered valuer; or

• Core property that is leased or licensed to a telecommunications provider for the purposes of a telecommunication tower.

DIRECTORS’ REPORTThe directors present their report on Tea Gardens Country Club Limited for the financial year ended 30 June 2017.

Directors

The names of the Directors in office at any time during, or since the end of the year are:Mr John AdamMr Ross BarryMr Barry GoodeMr Danny JohnsonMr Terry MunrightMr Malcolm MotumMr Kerry O’BrienMrs Marcia SmithMrs Heather VaughanMr Ron Webster

Operating Results

The Company made a loss during the year of $173, 762 (2016 profit: $705).

Principal Activities

The principal activity of Tea Gardens Country Club Limited during the financial year were the operation of the licensed Club known as the Tea Gardens Country Club and the promotion of various sports and recreational pursuits within the local community as dictated by current trends.

No significant changes in the nature of the Company’s activity occurred during the financial year.

Short and Long Term Objectives

Short term objectives

The Company’s short term objectives are to:

1. To diversify income streams to reduce dependence of the Club on



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gaming operations and ensure the Club maintains profitability in all areas of operations;

2. To assist the local community via sponsorships and donations and/or the use of the Club’s facilities;

3. To provide modern facilities; and

4. To promote the club and its facilities.

Long term objectives

The Company’s long term objectives are to:

1. To maintain long term profitability enabling the Club to continue updating Clubhouse facilities and equipment to offer the best possible facilities to the Club’s members and guests;

2. To provide and maintain clubhouse and associated structures in connection with the objectives of the Club and to permit the same and all other property of the Club to be used by its members, guests, and invitees either gratuitously or for payment;

3. To update and maintain the motel to make it the place of choice for accommodation for visitors to the town and in turn increase patronage of the Club and its facilities;

4. To establish and maintain a strong relationship with the local community; and

5. To continue to operate on a not for profit basis, preserving any surpluses for the benefit of members.

Strategies

To achieve these objectives, the Company has adopted the following strategies:

1. The Club maintains a stable level of membership with strong engagement with the local Community;

2. The Board continually monitors membership levels and customer satisfaction and participation in Club promotions and events;

3. The Board strongly supports local charity and sporting organisations;

4. The Board provides a high level of entertainment and promotions for the enjoyment of members and guests;

5. The Board continues to train staff to comply with Government legislation; and

6. The Board continues to upgrade and provide modern amenities for the benefit of members.

Key Performance Measures

The following measures are used within the Company to monitor performance:

The Company measures its own performance through the use of both quantitative and qualitative benchmarks. The benchmarks are used by the Directors to assess the financial sustainability of the

Company and whether the Company’s short and long term objectives are being achieved. The Company measures and monitors performance by comparing actual monthly and year to date results. The Board reviews key performance indicators including membership numbers, gross and net profit margins, and trading results in key income areas such as bar and gaming operations.

Full Memberships: 30 June 2016 - 2,963

Full Memberships: 30 June 2017 - 3,233

Members guarantee

Tea Gardens Country Club Limited is a company limited by guarantee. In the event of, and for the purpose of winding up of the company, the amount capable of being called up from each member and any person or association who ceased to be a member in the year prior to the winding up, is limited to $5 for members that are corporations and $5 for all other members, subject to the provisions of the company’s constitution.

At 30 June 2017 the collective liability of members was $ 16,165 (2016: $14,815).

Other items

Future developments and results

Likely developments in the operations of the Company 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 Company.



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Information on DirectorsMeetings Attended

Year Appointed

Mr John AdamExperience: 12 years on the Board of Tea Gardens Country Club including 1 as President. John managed his own business for over 30 years.

14/14 2003

Mr Ross BarryExperience: Elected in 2016, Ross has completed the Director Foundation and Management Collaboration and Finance for Clubs Director courses. Ross ran his own business for 10 years and worked as anelectrical supervisor with Downer EDI prior to his retirement.

10/10 2016

Mr Barry GoodeExperience: 5 years on the Tea Gardens Country Club Board. Barry has completed the Foundation and Management Collaboration and Finance course for Clubs.

14/14 2012

Mr Danny JohnsonExperience: 5 years on the Board of Tea Gardens Country Club. Danny has completed the Director Foundation and Management Collaboration and Finance for Clubs Directors Course. Danny has over 25 years experience as a Federal Law enforcement Officer.

11/14 2012

Mr Terry MunrightExperience: 8 years on the Board of Tea Gardens Country Club, this is Terry’s first year as President after 4 years as Vice-President. Terry has also been the President of Tea Gardens RSL Sub-Branch for 6 years.

14/14 2008

Mr Malcolm Motum Experience: Malcolm was invited onto the Board after the resignation of Kerry O’Brien in July 2017. Malcolm is semi-retired after spending 34 years in the Australian Army as an aircraft engineer. The Motum family has been in Tea Gardens for four generations.

- -

Mr Kerry O’Brien6 years on the Board of Tea Gardens Country Club. Kerryresigned from the Board in July 2017 due to ongoing ill-health and unfortunately passed away that month.

12/14 2011

Mrs Marcia Smith3 years on the Board of Tea Gardens Country Club as Honorary Treasurer. Marcia has completed the Foundations and Management Collaboration and Finance for Clubs. Marcia has a Certificate IV in Accounting and has worked in AdministrationManagement for over 10 years.

13/14 2014

Mrs Heather Vaughan 4 years on the Board of the Tea Gardens Country Club, the last year as Vice President. Heather has completed the Directors Foundation and Management Collaboration and Finance for Clubs Mandatory Directors’s Course. She is a past employee of the club and has had an association with the club and the community for over 40 years.

13/14 2013

Mr Ron Webster 5 years on the Board of Tea Gardens Country Club. Ron has completed the Directors Foundation and Management Collaboration and Finance for Clubs Course. He was self employed in the transport industry for over 40 years.

11/14 2014

Meetings of directors

During the financial year, 14 meetings of directors (including committees of directors) were held. Attendances by each director during the year were as follows:



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Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Tea Gardens Country Club Limited is a company limited by guarantee. In the event of, and for the purpose of winding up of the company, the amount capable of being called up from each member and any person or association who ceased to be a member in the year prior to the winding up, is limited to $5 for members that are corporations and $5 for all other members, subject to the provisions of the company’s constitution.

At 30 June 2017 the collective liability of members was $ 16,165 (2016: $ 14,815).

Auditors' Independence Declaration

The lead auditor’s independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 30 June 2017 has been received and can be found on page 21 of the financial report. Signed in accordance with a resolution of the Board of Directors:

Director:

Terry Munright

Director:

Mrs Heather Vaughan

Dated 3 October 2017

AUDITORS' INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF TEA GARDENS COUNTRY

CLUB LIMITEDWe declare that, to the best of our knowledge and belief, during the year ended 30 June 2017 there have been:

i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

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

Name of Firm: Countplus National Audits Pty Ltd

Authorised Audit Company

Name of Director:

Steven Watson CA, Director

Address: 1/185 Morgan Street Wagga Wagga NSW 2650




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STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOMEFOR THE YEAR ENDED

30 JUNE 2017

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2017

The accompanying notes form part of these financial statements.The accompanying notes form part of these financial statements.

Note 2017 2016$ $

Revenue 2,852,619 2,688,755

Other income 966,106 1,051,662

Total revenue 4 3,818,725 3,740,417

Administration expenses 110,865 105,401

Advertising 39,646 41,477

Cost of goods sold 6 483,602 452,326

Cleaning and contractors 214,475 202,621

Depreciation and amortisation expense 367,735 372,659

Employee benefits expense 1,216,115 1,124,218

Equipment hire & rental 50,627 46,389

Freight and cartage 11,685 10,557

(Gain)/loss on disposal of non-current asset 45,007 7,413

Insurance expense 71,123 66,435

Interest paid 79,385 91,742

Members amenities 116,691 99,858

Members promotions 71,934 61,724

Members rewards 13,779 26,507

Poker machine expenses 293,890 262,223

Raffle prizes 233,196 226,501

Repairs and maintenance 175,685 134,435

Subscriptions & fees 123,438 123,840

Utilities & rates 142,360 128,274

Other expenses 131,249 155,111

Profit/(Loss) before income tax (173,762) 706

Income tax expense - -

Profit/(Loss) for the year after income tax (173,762) 706

Other comprehensive income - -

Total comprehensive income/(expense) for the year

(173,762) 706

2017 2016Note $ $

ASSETSCURRENT ASSETSCash and cash equivalents 7 177,347 241,977

Trade and other receivables 8 40,980 41,136

Inventories 9 29,367 22,959

Prepayments 12 76,664 31,193

TOTAL CURRENT ASSETS 324,358 337,265

NON-CURRENT ASSETS

Property, plant and equipment 10 5,050,839 5,137,103

Investment property 11 36,379 36,379

TOTAL NON-CURRENT ASSETS 5,087,218 5,173,482

TOTAL ASSETS 5,411,576 5,510,747

LIABILITIESCURRENT LIABILITIESTrade and other payables 13 271,189 219,298

Financial liabilities 14 2,259,345 2,283,106

Employee benefits 15 166,760 163,151

TOTAL CURRENT LIABILITIES 2,697,294 2,665,555

NON-CURRENT LIABILITIESFinancial liabilities 14 117,094 81,351

Employee benefits 15 31,216 24,107

TOTAL NON-CURRENT LIABILITIES 148,310 105,458

TOTAL LIABILITIES 2,845,604 2,771,013

NET ASSETS 2,565,972 2,739,734

EQUITY

Retained earnings 2,565,972 2,739,734

TOTAL EQUITY 2,565,972 2,739,734



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STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2017

The accompanying notes form part of these financial statements.

STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2017


2017Retained Earnings Total

$ $

Balance at 1 July 2016 2,739,734 2,739,734

Profit/(loss) attributable to members for the year

(173,762) (173,762)

Balance at 30 June 2017 2,565,972 2,565,972

2016

Retained Earnings Total$ $

Balance at 1 July 2015 2,739,028 2,739,028

Profit/(loss) attributable to members for the year

706 706

Balance at 30 June 2016 2,739,734 2,739,734

2017 2016

Note $ $

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 3,771,075 3,730,286

Payments to suppliers and employees (3,352,172) (3,358,455)

Interest received 197 635

Interest paid (79,385) (91,742)

Net cash provided by operating activities

339,715 280,724

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property, plant and equipment

(326,479) (227,344)

Proceeds from sale of non-current assets

2,138 21,337

Net cash used in investing activities

(324,341) (206,007)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repayment of borrowings (80,004) (229,993)

Net cash provided by/(used in) financing activities

(80,004) (229,993)

Net increase/(decrease) in cash and cash equivalents held

(64,630) (155,276)

Cash and cash equivalents at beginning of year

241,977 397,253

Cash and cash equivalents at end of financial year

7 177,347 241,977



26 27

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017The financial report covers Tea Gardens Country Club Limited as an individual entity. Tea Gardens Country Club Limited is a not-for-for profit Company limited by guarantee, incorporated and domiciled in Australia.

The functional and presentation currency of Tea Gardens Country Club Limited is Australian dollars.

The financial report was authorised for issue by the Directors on 3 October 2017.

Comparatives are consistent with prior years, unless otherwise stated.

1. BASIS OF PREPARATIONThe financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001.

Statement of ComplianceThe financial statements of the Club comply with Australian Accounting Standards - Reduced Disclosure Requirements (AASB - RDRs) (including Australian Interpretations) adopted by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(a) Income Tax

The company applies the mutuality prinicple to income tax. Currently the company has a carried forward tax loss. The company calculates its income in accordance with the mutuality principle which excludes from income any amount of members income and expenses for services provided to members by the company.

The Commissioner of Taxation accepts this method of calculating income as appropriate for a registeredclub.

(b) Leases

Leases of fixed assets where legal ownership rests with the lessor, but substantially all the risks and benefits incidental to the ownership of the asset have been transferred to the company are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the life of the lease term.

Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.

(c) Revenue and other income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.

All revenue is stated net of the amount of goods and services tax (GST).

Sale of goods

Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods.

Members Subscriptions

Members Subscriptions are treated as income upon receipt, this approach is used as the subscriptions are non-refundable and not regarded as received in advance.

Other income

Other income is recognised on an accruals basis when the Company is entitled to it.

(d) Goods and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position.

Cash flows in the statement of cash flows are included 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 operating cash flows.

(e) Inventories

Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the first-in-first-out basis and is net of any rebates and discounts received. Net realisable value is estimated using the most reliable evidence available at the reporting date and inventory is written down through an obsolescence provision if necessary.

(f) Property, plant and equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment. Items of property, plant and equipment acquired for nil or nominal



28 29

consideration have been recorded at the acquisition date fair value.

Where the cost model is used, the asset is carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price, other directly attributable costs and the initial estimate of the costs of dismantling and restoring the asset, where applicable.

Land and buildings

Land and buildings are measured using the cost model.

Plant and equipment

Plant and equipment are measured using the cost model.

Depreciation

Property, plant and equipment, excluding freehold land, is depreciated on a reducing balance basis over the assets useful life to the Company, commencing when the asset is ready for use. Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of the lease or their estimated useful life.

The depreciation rates used for each class of depreciable asset are shown below:

Fixed asset class Depreciation rate

Buildings 2.5-20%

Plant and Equipment 20-50%

Motor Vehicles 12.5-25%

Improvements 2.5-25%

At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate.

(g) Financial instruments

Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Company becomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Impairment of financial assets

At the end of the reporting period the Company assesses whether there is any objective evidence that a financial asset or group of financial assets is impaired.

(h) Cash and cash equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

(i) Employee benefits

Provision is made for the Company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled.

(j) Provisions

General

Provisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.

(k) Going concern

The financial report has been prepared on a going concern basis, which assumes continuity of normal business activities and realisation of assets and settlement of liabilities in the ordinary course of business. The Company is expecting to generate net profits and positive cashflows in the upcoming year and the Directors have concluded the going concern assumption in the preparation of the current year financial statements is appropriate.

During the year ended 30 June 2017, the Club had a net loss of $173,762, a positive cash flow from operations of $339,715 and working capital deficiency of $2,372,936 (Current Assets less Current Liabilities). The negative working capital balance was mainly due to having a CBA loan balance of $2,259,345. The CBA loan balance is due for a rollover on November 2018. The Club believes that it will have sufficient capital to operate over the next 12 months, however additional funding will be necessary to repay CBA loan balance should the lender call in the loan. Based on the loan facility’s terms and conditions and the projected long-term profitability of the Club, the Directors do not anticipate the Club’s lenders to request payment of these facilities within the next 12 months. In the unlikely event the lenders do recall the debt, the Directors are confident they will be able to source alternative funding.

(l) Adoption of new and revised accounting standards

None of the new or revised accounting standards have had an effect on the presentation of the current and comparative year balances.

3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTSThe directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.

These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information becomes known,then the actual results may differ from the estimates.



30 31

The significant estimates and judgements made have been described below.

Key estimates - impairment of property, plant and equipment

The Company assesses impairment at the end of each reporting period by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.

Key estimates - receivables

The receivables at reporting date have been reviewed to determine whether there is any objective evidence that any of the receivables are impaired. An impairment provision is included for any receivable where the entire balance is not considered collectible. The impairment provision is based on the best information at the reporting date.

4. Revenue And Other IncomeRevenue from continuing operations

2017 2016$ $

Sales revenue- Sale of goods 1,159,095 1,114,406

- Poker machines 1,693,524 1,574,349

Total sales revenue 2,852,619 2,688,755

Interest Received

- Interest received 197 635

Total finance income 197 635

Other revenue- Accommodation 556,531 545,850

- Raffles 132,851 156,680

- Membership subscriptions 17,583 15,764

- Other revenue 23,977 27,844

- Rental income 37,370 43,254

- Keno commissions 66,207 65,378

- TAB Commissions 21,976 21,232

- Green fees 38,636 44,907

- Bingo 41,395 46,474

- Rebates 27,244 31,895

- Profit on sale of non-current assets 2,138 51,749

Total other revenue 965,909 1,051,027

Total Revenue 3,818,725 3,740,417

5. RESULT FOR THE YEAR(a) Expenses

6. COST OF GOODS SOLD

7. CASH AND CASH EQUIVALENTS

8. TRADE AND OTHER RECEIVABLESCURRENT

9. INVENTORIESCURRENT

Depreciation expense 367,735 372,659

Interest Paid 79,385 91,742

Employee benefits expense 1,216,115 1,124,218

2017 2016$ $

Opening Inventory 20,454 20,065

Purchases 490,682 452,715

Less: Closing Inventory (27,534) (20,454)

Total cost of goods sold 483,602 452,326

Cash at bank and in hand 177,347 241,977

Total cash and cash equivalents 177,347 241,977

Trade receivables 19,736 14,960

Other receivables 21,244 26,176Total current trade and other receivables

40,980 41,136

The carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term nature of the balances.

The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial statements.

At net realisable value:Stock on hand - bar 27,534 20,454

Stock on hand - bingo 402 373

Stock on hand - showcase 1,431 2,132

Total current inventories 29,367 22,959



32 33

10. PROPERTY, PLANT AND EQUIPMENTCURRENT

2017 2016$ $

Land & buildingsAt cost 3,964,394 3,961,494

Accumulated depreciation (1,067,432) (983,137)

Total land & buildings 2,896,962 2,978,357

ImprovementsAt cost 1,596,409 1,554,618

Accumulated depreciation (312,615) (286,036)

Total Improvements 1,283,794 1,268,582

Plant and equipmentAt cost 2,650,395 2,864,644

Accumulated depreciation (1,856,337) (2,030,276)

Total plant and equipment 794,058 834,368

Motor vehiclesAt cost 115,136 115,468

Accumulated depreciation (39,111) (59,672)

Total motor vehicles 76,025 55,796

Total property, plant and equipment 5,050,839 5,137,103

11. INVESTMENT PROPERTYCURRENT

2017 2016$ $

Cottage Lot 27 Myall St, Tea Gardens at Cost Land & buildings

36,379 36,379

(a) Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

Year ended 30 June 2017

Land & Buildings Improvements Plant &

equipment Motor

Vehicles Total

$ $ $ $ $Balance at the beginning of year

2,978,357 1,268,582 834,368 55,796 5,137,103

Additions 17,543 49,480 222,183 37,273 326,479Disposals - written down value

(928) (5,266) (30,107) (8,707) (45,008)

Depreciation expense (98,010) (29,002) (232,386) (8,337) (367,735)

Balance at the end of the year

2,896,962 1,283,794 794,058 76,025 5,050,839

12. PREPAYMENTSCURRENT

Prepayments 76,664 31,193

Total other assets 76,664 31,193

13. TRADE AND OTHER PAYABLES

CURRENT

Trade payables 140,938 105,353

GST payable 34,499 42,465

Accrued expense 69,782 55,024

Other payables 25,970 16,456

Total trade and other payables 271,189 219,298

14. FINANCIAL LIABILITIES

CURRENT

Bank loans 2,143,323 2,223,327

Lease liabilities 116,022 59,779

Total current financial liabilities 2,259,345 2,283,106

NON-CURRENTLease liabilities 117,094 81,351

Total non-current financial liabilities 117,094 81,351

The loan facility from Commonwealth Bank Australia is secured by registered mortgages over the freehold property located at:

i. (a) Lots 1-3 DP 870920 Yalinbah St, Tea Gardens, NSW 2324; and

ii. (b) Lot 27 DP 737629 Myall St Tea Gardens, NSW 2324.

As the club has no right to defer settlement and the loan agreement contains an annual review clause, these



34 35

borrowings have been classified as a current liability in accordance with Australian Accounting Standards.

Based on the loan facility’s terms and conditions and the projected long-term profitability of the Club, the Directors do not anticipate the Club’s lenders will request full payment of these facilities within the next 12 months.

In the unlikely event the lenders do recall the debt, the Directors are confident they will be able to source alternative funding.

15. EMPLOYEE BENEFITS

CURRENT

16. LEASING COMMITMENTS

(a) Finance leases

2017 2016$ $

Long service leave 99,211 103,221

Annual Leave 62,248 55,225

Other employee benefits 5,301 4,705

Total current employee benefits 166,760 163,151

NON-CURRENTLong service leave 31,216 24,107

Total non-current employee benefits 31,216 24,107

Minimum lease payments:- not later than one year

66,921 77,233

- between one year and five years

117,094 62,596

Minimum lease payments

184,015 139,829

Finance leases relate to the solar panels, ticketing system, poker machines and phone system.

17. CONTINGENCIESIn the opinion of the Directors, the Company did not have any contingencies at 30 June 2017 (30 June 2016: None).

18. RELATED PARTIES(a) The Company’s related parties is as follows:

Elaine Gooley is currently employed by the club in the Coffee Shop. Elaine is the wife of the Secretary Manager Warren Gooley. Elaine’s wages are based on the award rate for that position.

19. EVENTS AFTER THE END OF THE REPORTING PERIODNo matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.



36 37

The Directors of the Company declare that:

1. The financial statements and notes, as set out on pages 7 to 20, are in accordance with the Corporations Ac 2001 and:

a. comply with Accounting Standards - Reduced Disclosure Requirements; and

b. give a true and fair view of the financial position as at 30 June 2017 and of the performance for the year ended on that date of the Company.

2. In the Directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

Director:

Terry Munright

Director:

Mrs Heather Vaughan


DIRECTORS DECLARATION



38 39

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

OF TEA GARDENS COUNTRY CLUB LIMITED

Report on the Financial Report

Opinion

We have audited the financial report of Tea Gardens Country Club Limited (the Company), which comprises the statement of financial position as at 30 June 2017, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration.

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

i. giving a true and fair view of the Company’s financial position as at 30 June 2017 and of its financial performance for the year ended; and

ii. complying with Australian Accounting Standards 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 (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.

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

Material Uncertainty Related to Going Concern

We draw attention to Note 2(k) in the financial report, which indicates

that the Company incurred a net loss of $173,762 during the year ended 30 June 2017 and, as of that date, the Company’s current liabilities exceeded current assets by $2,372,936. As stated in Note 2(k), these events or conditions, along with other matters as set forth in Note 2(k), indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Directors’ Responsibility for the Financial ReportThe directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

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

Auditor’s ResponsibilityOur objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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 the financial report.

Countplus National Audits Pty LtdAuthorised Audit Company

Steven Watson CADirector




40 41

IndependenceIn conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Tea Gardens Country Club Limited, would be in the same terms if given to the directors as at the time of this auditor’s report.



Name of Director:

Steven Watson CA



DISCLAIMER ON OTHER FINANCIAL INFORMATION

DETAILED INCOME AND EXPENDITURE STATEMENTS


The additional financial data presented on page 42 to 44 is in accordance with the books and records of the Company which have been subjected to the auditing procedures applied in our statutory audit of the Company for the year ended 30 June 2017. It should be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and we give no warranty of accuracy or reliability in respect of the data provided. Neither the firm nor any member or employee of the firm undertakes responsibility in any way whatsoever to any person (other than Tea Gardens Country Club Limited) in respect of such data, including any errors of omissions therein however caused.



Name of Director:

Steven J Watson CA





42 43

The accompanying notes form part of these financial statements. The accompanying notes form part of these financial statements.

2017 2016$ $

Club and MotelSaleSale of goods 1,159,095 1,114,406Poker Machine Revenue 1,693,524 1,574,349Cost of sales (483,602) (452,326)Gross Profit 2,369,017 2,236,429Other IncomeAccomodation 556,531 540,430Membership Subscriptions 17,583 15,764Other Operating Revenue 49,222 49,264Interest Received 197 635Rental Income 37,370 43,254Insurance Recoveries - 9,695Donations 2,000 6,200Keno Commissions 66,207 65,378TAB Commissions 21,976 21,232Bingo 41,395 46,474Green Fees 38,636 44,907Raffles 132,851 156,680Gain on Sale of Non Current Asset 2,138 51,749Total other income 966,106 1,051,662Total income 3,335,123 3,288,091

Less ExpensesAdvertising 39,646 41,477Badge Draw 24,545 21,273Bad Debts - 192Bank Charges 56,852 59,094Cleaning Materials 10,680 11,129Cleaning Contractors 132,570 125,937Complimentary Items 15,734 26,764Computer Expenses 33,130 27,688Courtesy Bus Expenses 13,765 15,930Consulting & Professional Fees 26,255 31,795Commissions & Discounts 32,801 45,046Depreciation 367,735 372,659Donations 15,323 15,073Electricity and Gas 105,620 87,209Equipment Hire 4,264 11,005Entertainment Expenses 87,653 54,319Freight and cartage 11,685 10,557

2017 2016$ $

Fringe benefits tax - (552)

Insurance 96,128 84,046

Interest Paid 79,385 91,742

Linen & Hire 27,650 33,866

Poker Machines Expenses 313,292 268,567

Payroll Tax 21,788 16,770

Postage 2,787 2,803

Members Promotions and Amenities 130,171 134,905

Repairs and maintenance 163,499 119,796

Salaries & Wages 1,035,531 1,001,992

Staff Amenities 5,463 16,900

Printing and stationery 12,099 11,467

Rates and taxes 39,089 47,593

Raffle Prizes 233,196 226,501

Registration fees 12,212 12,302

Subscriptions 7,462 7,292

Superannuation contributions 113,697 106,811

Telephone 8,452 8,493

Travel 7,838 5,087

Uniforms 3,055 1,282

Other Expenses 217,833 133,987

Profit/(loss) of club & motel (173,762) 706

PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 30 JUNE 2017

PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 30 JUNE 2017


44


2017 2016$ $

Motel DivisionIncomeAccommodation 556,531 545,850

Sundry Income 910 856

557,441 546,706Less: Direct expensesAdvertising 14,010 12,507

Borrowing costs 6,344 6,344

Bank fees 50,508 52,750

Cleaning materials 10,680 11,129

Computer expenses 4,572 4,428

Commissions & discounts 32,801 45,046

Complimentary items 15,734 26,764

Depreciation 72,660 82,862

Electricity & gas 28,835 20,965

Fringe benefits - (552)

Equipment hire 365 4,939

Insurance 10,748 10,788

Interest 67,075 70,525

Linen & hire 27,650 33,866

Printing & stationary 1,438 653

Rates & taxes 16,864 20,973

Repairs & maintence 54,403 30,694

Salaries & wages 69,276 91,928

Subscriptions 4,298 4,287

Sundry expenses - 750

Superannuation contributions 7,572 9,673

Telephone expenses 1,971 2,119

497,804 543,438Net profit 59,637 3,268

DETAILED TRADING ACCOUNT


20172017

2017

Annual Report

Fully licensed Club featuring BBQ and Playground areas, 2 Bowling Greens adjacent to

a 30 Room Motel which offers spacious ground floor rooms.

For more information contact the Club on;

Club Ph: (02) 4997 0250Fax: (02) 4997 0236

Restaurant: (02) 4997 0200Email: [email protected]

Visit: www.teagardenscountryclub.com.au

Printnova (02) 4952 7599

Documents

Annual Report - Tea Gardens Country Club & · PDF file · 2017-10-30iv. (ii) Carrying out their duties as Directors of the Club ... Reception and Motel Check In area featuring electronic