BOARD OF DIRECTORS 2018/19...MERIMBULA-IMLAY BOWLING CLUB LTD · ABN 89 001 064 008 2 BOARD OF DIRECTORS 2018/19 (from left): Top Left Hand Corner: Greg Halloran Back Row: Damien Foley

MERIMBULA-IMLAY BOWLING CLUB LTD · ABN 89 001 064 008

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BOARD OF DIRECTORS 2018/19

(from left): Top Left Hand Corner: Greg Halloran Back Row: Damien Foley (CEO), Bill Dejong, Ian Martin (Treasurer), Ricky Holt,

Front Row: Felicity White, Peter Moore (Chairman), Christine Keens (Deputy Chair),


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CHAIRMAN’S REPORT

It is with pleasure that I present my report for the year 2018-19 in which the Board and

Management have continued their work in maintaining high quality facilities as well as working

towards improvements and sustainability for our members.

We have been active in progressing our Master Plan visions which include the development of

our land assets leading to new diverse and sustainable revenue streams. This is linked with our

long term goals in reducing reliance on gaming. We are nearing completion of viability studies

for the construction of apartments and hotel accommodation on our land as well as other future

possible use. If proved to be viable, these exciting plans should cement our long term

sustainability. The Board is planning to present additional updated information to the members

prior to the end of this calendar year.

The Board is currently reviewing the Club’s constitution and will consult members as required

during the process.

On the financial front the club again performed well when considering the current financial

climate. An EBITDA of around $1.4M is a solid result although being down on last year’s record.

We are mindful that we must continue with vigilance and due diligence as we move forward into

the future.

As always we would not be in such a strong position if not for our Management and support staff.

On behalf of the Board I wish to congratulate our CEO Damien Foley, Operations Manager Lerrel

McDonald and all of their dedicated staff who continue to produce fantastic results throughout

all departments of our club. It is no wonder that we are known around the district as the employer

of choice!

Our bowling sections once again had a very solid year with the Men’s Grade 7 Pennant Team

winning us another State Flag. Our Men’s and Woman’s Sections performed well overall in

reaching finals in various Local, District and State events. Well done to all bowlers who were

successful at club and representative levels. Our barefoot bowls and junior academy programs

also continue to boost the profile of bowls at our club.

The Board wishes to thank the BDO, Bowling Sections and their various committees for their

dedication and hard work in advancing their sport throughout the past year.

On behalf of the Board I wish to extend condolences to those members who have lost loved ones

during the year.

In closing I wish to express a big thank you to all of my fellow Board Members for their diligence,

hard work and support and thanks also to our members whose support make this club the great

venue that it is. P.J. Moore Chairman 27th September, 2019


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TREASURER’S REPORT

It is with pleasure that I submit my report on the financial performance of your Club for 2018-2019. The full audited financial statements are contained within the pages of this Annual Report. Results for the period show less profitable results than the 2017/18 trading, recording a profit of $34,137 after tax. The Club incurred major repair costs during the hailstorm of December 2018 resulting in a $112,963.70 claim for 2018/19. An amount of $107,404.60 was recovered from the insurer and reflects under “Other Income”. The gaming revenue showed a 4%, decrease on last year in line with the overall long term negative trends in gaming. It is pleasing to note that the Club’s short term deposits are $1,569,627 at the end of June 2019. The Gym recorded a loss of $13,542.25. The loss is mainly due to repair costs due to hail damage and the amount recovered from insurance is $40,988.56. The electricity consumption for the period between the hail damage and repairs to air conditioning units in the gym, saw a major spike and a claim will be lodged in the 2019/20 financial year to recover the additional consumption due to defective units. I would like to highlight the following major points from this year’s financial statements:

• Operating Profit for 2018/19 was $219 before tax (previous year profit $264,630);

• Operating Profit for 2018/19 was $34,137 after tax (previous year profit of $250,346);

• Operating Profit includes $1,403,431 depreciation (previous year $1,406,764);

• EBITDA for 2018/19 was $1,403,650 or 11.32% (previous year $1,671,394 or 13.36%);

• Net Financial Assets as at 30 June 2019 were $1,478,266 (previous year $1,301,553);

• Net Assets, as per the Balance Sheet, at 30 June 2019 was $15,970,421 (previous year $15,936,285).

During the year, the Club continued to be a major employer in the Bega Valley Shire and paid $5,103,672 in employee related expenses. The Club also provided $127,142 in donations (cash in kind included) to the local community.

In closing I would like to thank the Management Team and Staff for their dedication and diligence and also for their support throughout the year.

I. Martin Treasurer 27th September, 2019

2014/15 Operating Profit (Loss) ($53,445)

Depreciation $1,364,017

2014/15 EBITDA $1,310,572

2015/16 Operating Profit $342,614


2015/16 EBITDA $1,498,691

2016/17 Operating Profit (Loss) ($13,834)


2016/17 EBITDA $1,055,952

2017/18 Operating Profit (Loss) $264,630


2017/18 EBITDA $1,671,394

2018/19 Operating Profit (Loss) $219


2018/19 EBITDA $1,403,650

*(Earnings Before Interest Paid, Tax, Depreciation and Amortisation)


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DIRECTORS’ REPORT

1. Your Directors present their report on the Company for the financial year ended 30th June 2019. 2. The names of the Directors in office at any time during or since the end of the year are:

Ronald James CHRISTIE (until 17 November 2018) William Anthony DEJONG Gregory Thomas HALLORAN Ricky John HOLT Christine KEENS Peter James MOORE Ian MARTIN Felicity Ann WHITE (from 18 November 2018)

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

3. Principal Activities: The principal activities of the Company during the financial year consisted

of the operation and promotion of a licensed club for members of the Company. There were no significant changes to the nature of the activities during the year.

4. Short Term Objectives: To provide high standard hospitality and sporting facilities for members and visitors whilst maintaining a reputation for being the employer of choice in the local hospitality industry.

5. Long Term Objectives Strategies and Reviews: The Club’s vision is to be recognised as the leading provider of leisure, entertainment and community services on the Sapphire Coast. Strategies to achieve this vision:

• Improve the services, facilities and environment so that we are the Club of choice;

• Promote a culture that embraces change, innovation, excellence and modern practices;

• Continue to provide events which are well run and are an enjoyable experience for all;

• Continue to foster strong relationships with all stakeholders to strengthen their support for the Club;

• Maintain a reputation for providing a modern, friendly and safe experience;

• Foster a “customer first” culture amongst all our staff through the provision of outstanding customer service;

• Diversify our revenue base to reduce our reliance on gaming.

Principal Activities linked to objectives: The Principal Activities provided the funding to support the primary objective. Measurement of Performance: The company monitors and measures its performance against several key performance indicators including:

• Gross revenues;

• Gross profit margins;

• Wages as a percentage of revenue;


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DIRECTORS’ REPORT (continued)

• Total costs;

• Net operating profit;

• EBITDA;

• Capital expenditure to EBITDA;

• Current ratio;

• Membership trends.

6. Operating Results: The net profit for the year amounted to $218.55 before tax.

7. Information on Directors: The particulars of the qualifications (i), experience (ii), and special responsibilities (iii) of each Director are as follows:

Ronald James CHRISTIE: (i) Master Butcher for 25 years. Certificate in Horticulture at Burnley College, Melbourne.

Managed Surfside Holiday Apartments for 13 years. Retired. (ii) Committee member of Merimbula Tourist Committee for 12 years. President for 3

years. Accredited Bowls Coach and Umpire 25 years. Bowling Club Match Committee for 15 years and 6 years as Bowls Secretary.

(iii) Elected to the Board in October 2007. Served on the Building and Land Development Committee.

William Anthony DEJONG: (i) Bachelor of Arts (Economics) University of Melbourne. Australian Public Service

Manager in the fields of employment, industrial relations, international labour affairs and regional development.

(ii) Community work in Merimbula, includes Rotary, Imlay House Nursing Home Board, Red Cross Emergency Services and Twyford Hall Committee. Bowling member since 2008 includes service as social bowls duty officer and serving on Men’s Bowls Committee.

(iii) Board member since August 2017. Currently Chair of Planning Committee, member of Finance Audit and Risk Committee and member of Australian Bowling Championships Committee.

Gregory Thomas HALLORAN: (i) Owner/Director Pambula Beach Trail Pty Ltd, Pambula Boarding Kennels, Outasight

Storage for 43 years. (ii) Elected to the Board in November 2015. Currently member of Finance Audit and Risk

Committee, Building and Maintenance Committee and Constitutional Review & Members Disciplinary Committee.

Ricky John HOLT: (i) Owner/Director Jerbam Holdings Pty Ltd Plumbing Business since 1986. Director

Rainbows and Roses Foundation-Helping Children with CF & Autism since 2013. Recipient of B.V.S.C. Community Service Award 2011, Bega Valley Citizen of the year 2017 and Government of N.S.W. Community Service Award 2014.

(ii) Life member of Pambula Panthers AFL, South Coast Master’s AFL and North Albury Hoppers Cricket Club.

(iii) Elected to the Board in November 2015. Currently member of Planning Committee, Building and Maintenance Committee and Australian Bowling Championships Committee.


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Christine KEENS:

(i) Honours Degree in Law (LLB Hons) University of London. Over 25 years’ experience

in legal areas of the Australian Public Service including as Director of Legal Services

in Government Organisations.

(ii) Bowling member of Club Sapphire since 2009. Experience as member of Selection

Committee, Secretary and Vice President of MIWBC and Vice President of Bega Imlay

District Women’s Bowling Association.

(iii) Elected to Board in November 2015. Currently Deputy Chair of Board, Chair of

Constitution Review & Members Disciplinary Committee, member of Planning

Committee, Planning Sub Committee – Strategic Planning, Australian Bowling

Championships Committee and Executive, Board Performance, Education and

Succession Committee.

Ian MARTIN: (i) Leased public aquatic centre in Sydney for 28 years. Liaised with council on future

and present budgets and financial planning. (ii) Life member of Ku-ring-gai Swimming Club, former head swimming coach and

management committee member for 21 years. Past President of Men’s Bowls Club. (iii) Elected to the Board in November 2012. Current Treasurer, Chairman of Finance,

Audit & Risk Committee, Member of Planning Committee, Building & Maintenance Committee and Executive, Board Performance, Education and Succession Committee.

Peter James MOORE: (i) Retired licensed builder, Building Clerk of Works, Works Manager for Commonwealth

War Graves Commission. (ii) Member of MIMBC Social Committee and Publicity Officer (2009/10).

Secretary/Treasurer of MIMBC Management Committee (2011/12). Community Service Director of Rotary Club of Pambula.

(iii) Elected to the Board in November 2012. Currently Chairman of the Board and member of the Executive, Board Performance, Education and Succession Committee.

Felicity Anne WHITE: (i) Retired Nurse, Health Educator and Community Service Director. Previously Senior

Health Educator at Sydney’s Ryde Hunters Hill Hospital, Executive Director – Belconnen Community Service (Canberra) and Counsellor/Manager of Canberra Bushfire Recovery Service.

(ii) Member of MIWBC Management Committee and, Match Committee and 4 years as President of MIWBC.

(iii) Elected to the Board in November 2018. Currently Member of the Strategic Planning and Constitution Review and Member Disciplinary Committees.


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Meetings of Directors: The number of meetings of Directors (including sub-committees) held during the financial year and the meetings attended by each Director were: Director

Board Meetings: Number attended

Number eligible

to attend

Committee Meetings: Number attended

Christie, R.J. 1 5 0 Dejong, W.A. Halloran, G.T.

15 13

15 15

23 14

Holt, R.J. 15 15 11 Keens, C. 14 15 10 Martin, I. 15 15 20 Moore, P.J. 14 15 18 White, F.A. 8 10 2

(i) Auditor’s Independence Declaration: The Auditor’s independence declaration for the year ended 30th June 2019 has been received.

(ii) Members Details and Guarantee: The Company is Limited by Guarantee. If the Company wound up, its Articles of Association state that each member is required to contribute a maximum of $2.00 towards meeting any outstanding obligations of the Company. As at 30th June 2019, the number of members was 8,383.

Signed in accordance with a resolution of the Board of Directors.

P.J. Moore Chairman 27th September, 2019


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DECLARATION OF DIRECTORS

The Directors of the Company declare that:

1. The financial statements and notes for the year ended 30th June, 2019, are in accordance with the Corporations Act 2001 and:

(a) comply with Australian Accounting Standards - Reduced Disclosure Requirements;

and (b) give a true and fair view of the financial position of the Company as at 30 June, 2019,

and its performance for the year ended on that date.

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.

P.J. Moore Chairman 27th September, 2019


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CHIEF EXECUTIVE OFFICER’S REPORT

It’s my pleasure to provide this report to members on behalf of the management team of Club Sapphire. In 2018/19 the Club produced EBITDA of $1.4mill, down from the post de-amalgamation record high of $1.67mill achieved in the previous year. In the seven years since MIBC Ltd de-amalgamated from Tura Beach Country Club annual EBITDA has ranged from a high of $1.67mill to a low of $1.05mill (average of $1.42mill) therefore, the trading performance for 2018/19 could be described as average at best. However, with $1.4mill EBITDA Club Sapphire would still be the envy of many clubs. The operating profit for the year was just $219 ($34,137 after tax), down from $264,630 ($250,346 after tax) in the previous year. In last year’s report I highlighted EBITDA from that year had likely been inflated as a result of the disruption to trade suffered by our neighbor and main competitor, the Merimbula RSL, during their renovation works of that year. Arguably the flip side of that impact was evident in 2018/19 and mainly so in our poker machine trade. After growing by 7% in 2017/18 our gaming revenue contracted 4% in 2018/19. The 4% decline or $247,680, was largely responsible for the overall decline in EBITDA and profit for the year. Gaming revenue accounts for approximately 50% of Club Sapphire’s revenue and the ongoing decline in the local gaming market continues to put pressure on all local Clubs. Each year one or more of the four clubs (Club Sapphire, MRSL, PMGC, TBCC) will have an increase in market share, as was the case for Club Sapphire in 2017/18 and for Merimbula RSL in 2018/19, and conversely one or more will have a decrease, but ultimately the overall market continues to shrink and has done so consistently since 2003/04. Combined gaming revenue of the four local clubs today is less than it was 15 years ago. To have kept pace with inflation it needed to increase by more than 40% during this time. In the past three years the two largest clubs (Club Sapphire and MRSL) have spent approximately $10mill between them on their respective renovations. Even this level of expenditure has not increased the overall gaming market but instead just shifted the share of the existing declining market from one club to another and then back again. The combined gaming revenue of the four local clubs has actually reduced by 2% in this time, whereas to keep pace with inflation it needed to increase by more than 5%. The Lakeview Hotel’s market share has not been considered in the above analysis as these figures are not available. However, given the trend across NSW is for increasing gaming revenue in pubs whilst at the same time it is decreasing in clubs, it may be fair to assume this will be the case in Merimbula. Arguably this is also impacting the local club gaming market. During the year the Club’s catering department produced its second cash profit ($40,290) in recent years. This maintains the significant improvement achieved in 16/17 ($45,284). In previous years the Club had cash losses in catering in the range of $200,000 to $250,000. The turnaround is largely due to strong gross profit (66%) and tight cost control. Special thanks must go to our catering manager Darren Hansen, front of house supervisor Karla Feig, Rockpool Café head chef Voya Jovanovich and their team of dedicated staff for maintaining this outstanding improvement in the financial performance of the catering department. The negative trends in gaming continue to reinforce the need for your club to reduce reliance on poker machines and to diversify further. In line with this, planning and feasibility work continued throughout the year on our land development initiatives. After several years of work, in March 2019 the sub-division of the Club’s land was finally registered. This effectively divides the land into five lots:


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CHIEF EXECUTIVE OFFICER’S REPORT (continued)

• Lot 121, DP 1250503, the clubhouse and carpark site;

• Lot 122, DP 1250503, the vacant development land between the carpark and the new service road;

• Lot 123, DP 1250503, part development and part flood prone vacant land between the new service road and Merimbula Creek;

• 95 Main Street;

• 97 Main Street. During the year, the filling, grassing and servicing of Lot 122 was completed. The Club has now advertised this Lot and is asking for interested parties to express interest in working with the Club to develop this land. The Board has an open mind as to what the eventual ownership model might look like, but it does have a strong preference for the land to remain in Club ownership for the longer term. Geotech surveys were undertaken to establish the most practical development footprint on Lot 123. DA approval has been received and an application for a Construction Certificate to fill the future development pad on this site is currently being prepared. The feasibility analysis relating to the construction of tourist accommodation on Lot 121 continued throughout the year with various locations on the site being considered. In May 2019, the Club agreed on terms with BVSC for the extension of the new service road further to the east through Club land to provide access to 95/97 Main St from the north as well as to the Aldi supermarket site. In return the Club will provide the land to council for the public road reserve.

A large amount of work has also been undertaken on the proposed residential unit development on 95/97 Main St. The Club’s consultants are expected to complete the DA for approximately 40 units in coming months, in readiness for lodgment with BVSC by the end of 2019.

Congratulations to our Annual Staff Awards for Excellence winners for 2018/19, Natthida (Nart) Skeers for Team Leadership, Louise Morrison for Quality Customer Service, Roger Saik for Teamwork, Peter Rees for Community Service and Lizzie Gee for Innovation. Well done and congratulations to all.

Thanks and congratulations must go to staff members who clocked up permanent long service milestones this year, particularly Sally Cowley (25 Years), Peter Rees, Ruth Maher, Mark (China) Bramham and Gilly Worner for 20 years, and seven other loyal staff members all of whom achieved 10 years permanent service during the year. The Club is blessed to have such a great team of experienced employees who really have contributed so significantly to Club Sapphire.

Thank you to all of the Club’s wonderful team of staff, headed by Operations Manager Lerrel McDonald, for your continued dedication and loyalty. Club Sapphire is very fortunate to have a professional and caring team of individuals committed to great customer service. Thank you one and all for your continued contribution to the success of the Club.

Thank you to the Board for your vision and continued support and encouragement of the management team throughout the year.

My thanks to all members for your ongoing support of Club Sapphire. Your patronage is vital to the success of the Club and is greatly appreciated. D.C. Foley Chief Executive Officer 27th September 2019


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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF MERIMBULA-IMLAY BOWLING CLUB LIMITED

Report on the Audit of the Financial Report:

Opinion

We have audited the financial report of Merimbula-Imlay Bowling Club Limited (the Company), which comprises the statement of financial position as at 30 June 2019, the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

In our opinion, the accompanying financial report of Merimbula-Imlay Bowling Limited is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the company’s financial position as at 30 June 2019 and of its financial performance for the year then ended; and

(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements 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 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 Merimbula-Imlay Bowling Club Limited, 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. However, our statutory audit does not cover all details of dissection of financial data.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information comprises the information included in the company’s financial report for the year ended 30 June 2019, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements 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.


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INDEPENDENT AUDITOR’S REPORT (continued)

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

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional skepticism throughout the audit. We also;

- 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 for 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.

- 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.

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

- 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 opinion. 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 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.

Richard C. Parbery F.C.P.A. Registered Company Auditor (1864) 101 Main Street Merimbula NSW 2548 27th September, 2019


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AUDITOR’S INDEPENDENCE DECLARATION

Under Section 307C of the Corporations ACT 2001 to the Directors of Merimbula-Imlay Bowling Club Limited. I declare, that to the best of my knowledge and belief, during the year ended 30th June, 2019, 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.

Richard C. Parbery F.C.P.A Registered Company Auditor (1864) 101 Main Street Merimbula NSW 2548 27th September, 2019


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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30th June 2019

2017/18 2018/19

$ $

12,514,233 Revenue (Note 1g) 12,403,970

(2,079,668) Cost of Sales (2,099,746)

(5,015,161) Employee Expenses (5,103,672)

(1,406,764) Depreciation and Amortisation Expenses (1,403,431)

(489,006) Repairs and Maintenance (581,971)

(123,180) Advertising (106,532)

(243,699) Insurances (244,399)

(85,645) Council Rates and Land Taxes (88,557)

(223,254) Electricity and Gas (268,504)

(19,693) Printing Postage and Stationery (13,652)

(1,192,654) Poker Machine Tax (1,131,300)

(104,343) Bowls Expenses (113,614)

(1,266,536) Other Operating Expenses (1,248,373)

264,630 Profit before income tax 219

(14,284) Income Tax Expense (Note 21 & Note 22) 33,918

250,346 Profit for the year 34,137

Other Comprehensive Income

250,346 Profit attributable to Members of the Company 34,137

STATEMENT OF CHANGES IN EQUITY

For the year ended 30th June, 2019

2017/18 2018/19

$ $

15,685,939 Total equity at the beginning of the financial year 15,936,285

250,346 Operating Profit 34,137

15,936,285 Total equity at the end of the financial year 15,970,422


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STATEMENT OF FINANCIAL POSITION

As At 30th June, 2019

2017/18 2018/19

$ CURRENT ASSETS: $

1,957,800 Cash Assets (Note 3) 2,098,626

42,904 Receivables (Note 3a) 63,254

136,539 Inventories (Note 4) 142,379

656,965 Other (Note 5) 1,096,702

16,364 Loan Tura Beach Country Club Ltd (Note 6b) 0

121,358 Deferred Tax Asset (Note 21) 155,276

(3,802) Income Tax Receivable (Note 20) 4,501

2,928,128 Total Current Assets: 3,560,738

NON - CURRENT ASSETS:

15,185,488 Property Plant and Equipment (Note 6) 14,528,990

15,185,488 Total Non-Current Assets 14,528,990

18,113,616 Total Assets 18,089,728

CURRENT LIABILITIES:

917,114 Payables (Note 7) 901,734

898,663 Provisions (Note 8) 919,682

227,404 Other (Note 9) 195,437

- Provision for Tax (Note 20) -

2,043,181 Total Current Liabilities 2,016,853

NON-CURRENT LIABILITIES:

7,400 Security Deposits 7,400

126,750 Provisions (Note 8) 95,054

134,150 Total Non-Current Liabilities 102,454

2,177,331 Total Liabilities 2,119,307

15,936,285 Net Assets 15,970,421

MEMBERS’ EQUITY:

15,936,285 Retained Profits 15,970,421

15,936,285 Total Members' Equity 15,970,421


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2017/18 $

12,420,197 (10,743,844)

50,637 32,861

STATEMENTS OF CASH FLOWS For the year ended 30th June 2019

CASH FLOW FROM OPERATING ACTIVITIES:

Receipts from Customers Payments to Suppliers and Employees Interest Received Members’ Subscriptions Received

2018/19 $

12,217,776 (11,084,522)

28,631 84,593

56,238 Income Tax Expenses (8,303)

1,816,089 Net Cash Provided by Operating Activities (Note 16b) 1,238,175

CASH FLOW FROM INVESTING ACTIVITIES:

40,231 Proceeds from Sale of Property Plant and Equipment 100,706

(1,249,752) Payment for Property Plant and Equipment (1,209,418)

(1,209,521) Net Cash used in Investing Activities (1,108,712)

28,051 Proceeds from Borrowings 16,364

0 Repayment / Payment of Security Deposit (5000)

28,051 Net Cash used in Borrowing Activities 11,364

634,619 Net Increase (Decrease) in Cash Held 140,827

1,323,181 Cash at beginning of Financial Year 1,957,800

1,957,800 Cash at End of Financial Year (Note 16a) 2,098,627

NOTES TO AND FORMING PART OF THE ACCOUNTS

For the year ended 30th June, 2019 NOTE 1: Summary of Significant Accounting Policies Basis of Preparation: The Merimbula-Imlay Bowling Club Ltd applies Australian Accounting Standards – Reduced Disclosure Requirements as set in AASB 1053: Application of Tiers of Australian Accounting Standards. The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The company is not for profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. The financial statements were authorised for issue on 27th September 2019 by the directors of the company.


18

NOTES TO AND FORMING PART OF THE ACCOUNTS (continued)

Accounting Policies (a) 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 losses. Property: Freehold land and buildings are shown at cost less subsequent depreciation for buildings.

It is the policy of the entity to have an independent valuation every three years by an external independent valuer, with annual appraisals being made by the directors.

Plant and Equipment: Plant and equipment are measured on the cost basis and therefore carried

at cost less accumulated depreciation and any accumulated impairment. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1k) for details of impairment.

Plant and equipment that have been contributed at no cost, or for nominal cost, are valued and

recognised at the fair value of the asset at the date it is acquired. Depreciation: The depreciable amount of all fixed assets, including building and capitalised lease

assets, but excluding freehold land, is depreciated on a straight line basis over their useful lives to the Company commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Building 2.5- 4% Plant and Equipment 10-35% The assets’ residual values and useful lives are reviewed and adjusted if appropriate, at 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. Gains and losses on disposal are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of profit or loss and other comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.

(b) Inventories: Inventories are measured at the lower of cost and net realisable value. (c) Income Tax: Since Merimbula-Imlay Bowling Club Limited de-amalgamated from Tura Beach

Country Club in the 2012 year, it has been determined that the main purpose of the club has changed to a dual activity for the promotion of sport and additional supplementary activities i.e. social activity such as food, beverage, gaming and entertainment.

The Club is now a multiple purpose Club and as such is not eligible for sporting Club income tax exemption. The income tax expenses (revenue) for the year comprises current income tax expenses (income) and deferred tax expenses (income). Current income tax expense charged to profit or loss is the tax payable on taxable income. Current tax liabilities (assets) are measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.


19


Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expenses (income) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss. Except for business combinations, no deferred income tax is recognised from the initial recognition of an asset or liability where there is no effect on accounting or taxable profit or loss. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled and their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability.

Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Where temporary differences exist in relation to investments in subsidiaries, branches, associates and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future. Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where: (a) a legally enforceable right of set-off exists; and (b) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, where it is intended that net settlement or simultaneous realization and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

(d) Comparative Figures: When required by accounting standards, comparative figures have been

adjusted to conform with changes in presentation for the current financial year. (e) Employee Provisions:

Short Term employee provisions: Provision is made for the company’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. Other Long-term employee provisions: Provision is made for employees’ long service leave and annual leave entitlements not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures, and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss as a part of employee benefits expense.


20


The company’s obligations for long-term employee benefits are presented as non-current employee provisions in its statement of financial position, except where the company does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current provisions. Provisions 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. Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.

(f) Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, deposits held at-

call with banks, other short-term highly liquid investments with original maturities of twelve months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

(g) Revenue Recognition: Revenue is measured at the fair value of the consideration received or

receivable. Amounts disclosed as revenue are net of taxes, returns, trade allowances, rebates and amounts collected on behalf of third parties. The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company’s activities as described below. Revenue is recognised for the major business activities as follows:

Sale of Goods: Revenue is taken to account when the control of the goods has passed to the buyer.

Interest: Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument.

Rental Income: Revenue is taken to account in the period to which the rent relates. Subscriptions: Subscriptions for annual membership are recognised in revenue over the

membership year.

2018 REVENUE: 2019 $

$

2,384,561 Bar Sales 2,395,292 6,188,979 Poker Machine Revenue 5,941,300 3,325,574 Catering Sales 3,354,913

167,191 TAB/Keno Revenue 160,603 134,748 Bowls Income 156,425

66,842 Social Subscriptions Income 67,710 12,267,895 12,076,243

OTHER INCOME: 32,861 Interest Revenue 28,631 82,650 Rent Received 72,390 25,504 Telstra Tower Rent 25,950 76,376 Banktech Commission 69,355

7,229 Other Revenue 8,119 Other Revenue Insurance Recovery 107,405

21,718 Gain on Sale of Asset 15,877 ____246,338 ____327,727

12,514,233 12,403,970


21


(h) New and amended accounting standards: The entity has implemented AASB 9: financial Instruments, which has come into effect and is

included in the results. AASB 9: Financial Instruments has been applied using the retrospective method, with comparative amounts restated where appropriate.

(i) Financial Instruments: Financial instruments are recognized initially 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 expenses as incurred)

Financial assets: All recognized financial assets are subsequently in their entirety at either amortised cost or fair

value, depending on the classification of the financial assets. Classification:

On initial recognition, the Company has only ever held financial assets categorized as at “amortised cost” financial assets are mot reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets. Amortised cost: Assets measured at amortised cost are financial assets where:

• The business is to hold assets to collect contractual cash flows; and

• The contractual terms give rise on specified dates to cash flows are solely payments of principal interest on the principal amount outstanding.

The Company’s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the statement of financial position. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest rate method less provisions for impairment.

Interest income, losses and impairment are recognized in profit and loss. Gain or loss on derecognition is recognized in profit or loss.

Impairment of financial assets: Impairment of financial assets is recognized on an expected credit loss (ECL) for financial assets measured at amortised cost. When determining whether the credit risk for financial assets has increased significant since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Company’s historical experience and informed credit assessment and including forward looking information. The Company uses the presumption that an asset which is more that 30 days past due has seen a significant increase in credit risk. The Company uses the presumption that a financial asset is in default when the other party is unlikely to pay its credit obligations to the Company in full, without recourse to the Company to actions such as realizing security (if any is held). Credit losses are measured as the present value of the difference between the cash flows due to the Company in accordance with the contract and the cash flows expected to be received. This is applied using a probability weighted approach.


22


Trade receivables: Impairment of trade receivables have been determined using the simplified approach in AASB 9 which uses an estimation of lifetime expected credit losses. The Company has determined the probability of non-payment of the receivable and multiplied this by the amount of the expected loss arising from default. The amount of the impairment is recorded in a separate allowance account with the loss being recognized in finance expenses. Once the receivable is determined to be uncollectable then the gross carrying amount is written off against the associated allowance. Where the Company renegotiates the terms of trade receivables due from certain customers, the new expected cash flows are discounted at the original effective interest rate and any resulting difference to the carrying value is recognized in profit and loss. Other financial assets measured at amortised cost: Impairment of other financial assets measured at amortised cost are determined using the expected credit, loss model in AASB 9. On initial recognition of the asset, an estimate of the expected credit losses for the next 12 months is recognized. Where the asset has experienced significant increase in credit risk then the lifetime losses are estimated and recognized.

Financial Liabilities: The Company measures all financial liabilities initially at fair value less transaction costs, subsequently financial liabilities are measured at amortised costs using the effective rate method. The financial liabilities of the Company comprise trade payables, bank and other loans and finance lease liabilities. Non-derivative financial liabilities are subsequently measured at amortised cost.

(j) Goods and Services Tax: Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receiveable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the Statement of Financial Position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from or payable to the taxation authority, are presented as operating cash flows.

(k) Impairment of Assets: At each reporting date, the Company reviews the carrying values of its

tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statements.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

(l) Trade Receivables: Trade receivables are recognised initially at fair value and subsequently

measured at amortised cost, less provision for doubtful debts. Trade receivables are due for settlement no more than 30 days from the date of recognition. Collectability of trade debtors is reviewed on an on-going basis. Debts which are known to be uncollectible are written off. A provision for doubtful receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the statement of comprehensive income.


23


When a trade receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

(m) Trade and Other Payables: These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due with 12 months from the reporting date. They are recognised

initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(n) Members’ Subscriptions in Advance: Subscriptions received in advance for the financial year have been carried forward as a current liability.

(o) Retirement Benefit Obligations Defined contribution superannuation benefits. All employees of the company receive defined contribution superannuation entitlements, for which the company pays the fixed superannuation guarantee contribution (currently 9.5% of the employees average ordinary salary) to the employees’ superannuation fund of choice. All contributions in respect of employees’ defined contribution entitlements are recognised as an expense when they become payable. The company’s obligation with respect to employees’ defined contribution entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end of the reporting period. All obligations for unpaid superannuation contributions are measured at the (undiscounted) amounts expected to be paid when the obligation is settled and are presented as current liabilities in the company’s statement of financial position.


24


NOTE 2 - CLASSIFICATION OF INCOME AND EXPENSES BY FUNCTION

FOR THE YEAR ENDED 30TH JUNE 2019:

BAR TRADING

2017/18 2018/19

$

$

2,384,561.19 Bar Sales 2,395,292.04

2,384,561.19 Total Bar Sales

2,395,292.04

102,204.22 Opening Stock 89,222.11

927,734.39 Purchases 958,506.44

1,029,938.61

1,047,728.55

89,222.11 Less Stock on Hand 101,511.52

940,716.50 Cost of Goods Sold

946,217.03

1,443,844.69 Gross Profit

1,449,075.01

LESS EXPENSES:

32,333.58 Depreciation 32,908.06

23,894.08 Insurance 21,300.53

32,885.04 Payroll Tax 33,232.61

32,064.57 Repairs & Maintenance 22,936.69

2,361.56 Requisites 2,687.55

16,983.84 Staff Amenities 25,408.11

11,935.13 Staff Training 2,247.10

63,258.32 Superannuation 69,869.12

1,870.11 Uniforms 299.48

674,016.92 Wages 708,674.27

16,710.13 Waste Disposal 13,370.83

908,313.28 Total Expenses

932,934.35

535,531.41 Net Profit

516,140.66


25




CATERING TRADING

2017/18 2018/19

$

$

3,325,573.64 Sales 3,354,913.07

3,325,573.64 Total Sales

3,354,913.07

45,475.42 Opening Stock 32,523.92

1,122,768.27 Purchases 1,147,080.28

1,168,243.69

1,179,604.20

32,523.92 Less Stock on Hand 32,972.73

1,135,719.77 Cost of Goods Sold

1,146,631.47

2,189,853.87 Gross Profit

2,208,281.60

LESS EXPENSES:

17,820.81 Cleaning 20,004.86

36,597.42 Depreciation Plant and Equipment 34,837.43

31,242.84 Depreciation - Furniture and Fittings 31,719.53

27,221.40 Gas 28,632.33

54,525.38 Insurance 46,513.29

3,848.53 Laundry 3,747.76

18,386.86 Materials not for Resale 22,281.06

80,944.67 Payroll Tax 81,487.53

0 Catering PR & Promo 2,144.90

1,218.60 Printing and Stationery 1,202.68

68,708.18 28,849.75

Repairs and Maintenance Staff Amenities

49,939.51 40,429.68

13,930.02 Staff Training 3,240.70

148,004.28 Superannuation 149,153.95

8,472.81 Uniforms 3,019.14

1,644,875.05 Wages 1,695,477.95

27,763.30 Waste Disposal 20,716.31

2,212,409.90 Total Expenses

2,234,548.61

(22,556.03) Net Loss

(26,267.01)


26




GAMING MACHINE TRADING

2017/18 2018/19

$

$

6,188,978.71 Revenue after Payouts

5,941,299.52

LESS EXPENSES:

400,232.61 Depreciation 382,961.37

11,325.66 Insurance 9,748.44

5.23 Jackpot Provision 11,382.89

26,625.85 Members-Advantage Club 27,162.72

19,001.82 Payroll Tax 18,802.61

200,791.27 Promotions 166,832.23

136,264.47 Repairs and Maintenance 133,943.69

6,186.69 Requisites 3,035.72

5,699.39 Staff Amenities 9,310.71

1,048.62 Staff Training 283.20


1,192,654.05 Supplementary Tax 1,131,299.80

385,870.93 Wages 398,168.10


2,335,754.49

3,764,500.89 Net Profit

3,605,545.03

KENO/TAB TRADING

2017/18 2018/19

$

$

167,190.86 Revenue

160,602.68

LESS EXPENSES:

888.27 Depreciation 830.11

3,279.48 Insurance 2,483.24

4,679.31 10,207.70

Payroll Tax Promotions

4,274.79 7,973.59

16,765.36 Repairs and Maintenance 17,515.13

3,229.60 Requisites 2,542.10

23,159.16 Sky Channel Subscriptions 23,038.20

1,084.14 Staff Training 200.39


95,128.81 Wages 89,544.80


156,769.09

(1,071.27)

Net (Loss) Profit

3,833.59


27




GYMNASIUM

2017/18 2018/19

$

$

69,930.00 Gymnasium Fee

72,389.64

LESS EXPENSES:

33,789.36 Depreciation 34,787.98

2,631.60 3,448.81

Other Expenses Repairs and Maintenance

3,060.47 48,083.44


85,931.89

30,060.23 Net Profit (Loss)

(13,542.25)

BOWLING

2017/18 2018/19

$

$

92,614.92

Tournaments, Barefoot Bowls, Other, Green Fees and Sponsorships

121,491.52

38,143.88 Subscriptions 33,586.66

757.38 Bowls Shop Net Profit (Loss) (5,551.09)

131,516.18

Total Revenue

149,527.09

LESS EXPENSES:

1,710.09 Advertising & Promotions 258.08

9,878.64 Association Fees 190.94

251,409.72 Depreciation - Plant Greens 252,171.94

11,968.26 Greens and Surrounds Maintenance 8,813.84

4,586.73 Insurance 3,994.14

805.35 Motor Vehicles and Equipment 1,049.16

5,194.55 Payroll Tax 4,978.17

966.42 Sections 14,988.95

220.78 Staff Training 370.00


77,044.93 Tournament Expenses 87,272.13

2,760.64 Uniforms and Staff Amenities 2,163.83

105,126.73 Wages 103,848.24


489,753.64

(349,716.97) Net (Loss)

(340,226.55)


28




INCOME SUMMARY

2017/18 2018/19

$

$

535,531.41 Bar Net Profit 516,140.66

(22,556.03) Catering Net Loss (26,267.01)

3,764,500.89 Poker Machine Net Profit 3,605,545.03

(1,071.27) Keno/TAB Net Profit (Loss) 3,833.59

(349,716.97) Bowling Net Loss (340,226.55)

32,861.02 Interest Received 28,631.13

12,720.00 Rent Received 0

30,060.23 Gymnasium Net Profit (Loss) (13,542.25)

66,842.44 Subscriptions - Social Members 67,709.70

109,109.19 Other Income 103,424.59

Other Revenue Insurance Recovery 107,405.00

21,717.92 Gain on Disposal of Asset 15,877.24

4,199,998.83 Total Gross Income

4,068,531.13

LESS EXPENSES:

123,179.90 Advertising 104,129.02

4,500.00 Accounting Fees – Taxation Preparation 4,725.00

48,510.00 Audit Fees 48,510.00

32,490.38 Bank Fees 38,703.12

2,160.13 Car Park / Surrounds Repairs and Maintenance 19,178.77

234,276.20 Cleaning In House 255,689.89

31,274.11 Courtesy Bus Expenses 7,519.60

459,731.09 Depreciation - Building 456,875.57

4,032.28 Depreciation - Courtesy Bus 9,496.59

43,082.96 Depreciation - Furniture and Fittings 41,522.73

113,424.19 Depreciation - Plant Clubhouse 125,319.88

3,858.33 Directors' Expenses 3,203.09

123,161.32 Donations 76,041.76

196,032.37 Electricity 239,871.39

317,442.08 Entertainment 339,149.08

20,711.33 Fringe Benefits 26,369.71

36,000.00 Honoraria 36,000.00

155,342.65 House Repairs and Maintenance 229,032.96

53,916.56 Office Equipment Repairs and Maintenance 53,189.44

138,819.34 Insurance 153,341.96

10,599.20 Land Tax 9,706.97

21,812.51 Legal Fees 2,793.00

22,901.19 Licence Fees - Other 27,761.84

142,445.12 Members Direct Expenses 147,478.49

9,385.85 Motor Vehicle Expenses 8,897.94


29


NOTE 2 – CLASSIFICATION OF INCOME AND EXPENSES BY FUNCTION

FOR THE YEAR ENDED 30TH JUNE 2019

2017/18 2018/19

$ LESS EXPENSES: (continued) $

54,587.08 Payroll Tax 53,276.58

18,474.44 Postage and Stationery 12,449.26

18,677.11 Professional Services 22,978.51

75,045.35 Rates - Council 78,849.93

2,522.10 Recruitment Costs 2,355.36

13,146.08 Residential 15,008.87

4,947.89 Security Services 7,935.47

500.81 Shortages 457.33

49,060.19 Staff and Directors' Training 42,118.70

26,329.39 Subscriptions 24,619.76

4,304.71 Sundry 4,479.58

113,327.37 Superannuation 111,473.18

25,869.26 12,308.34

Telephone Operating Telephone Lease (Note 10)

25,817.52 12,381.00

88,011.91 Uniform and Staff Amenities 67,956.29

279,438.25 Wages - Reception 275,213.72

157,405.39 Wages – Creche, Bus, Maintenance 165,337.26

642,324.42 Wages – Administration 681,096.46


4,068,312.58

264,629.65

Net Profit

218.55

NOTE 3 - CASH:

259,000.00 Change - Cash Float 259,000.00

245,628.98 Westpac Banking Corporation - Secured 246,284.84

14,207.11 Westpac Banking Corporation - Keno 11,060.13 19,736.76 Westpac Banking Corporation - TAB 12,654.92

1,419,227.59 Short Term Investments 1,569,626.63 1,957,800.44 2,098,626.52

NOTE 3a - RECEIVABLES:

7,382.81 Trade Debtors 21,399.56 35,521.71 Debtors - Other 41,854.88 42,904.52 63,254.44

NOTE 4 – INVENTORIES:

89,222.11 Stock on Hand at Cost - Bar 101,511.52 32,523.92 Stock on Hand at Cost - Catering 32,972.73 14,792.55 Stock on Hand at Cost - Bowls Shop 7,894.74

136,538.58 142,378.99


30


NOTE 5 - OTHER

174,208.04 82,757.40

Prepayments Capital Projects in Progress

238,444.64 853,257.43

400,000.00 Road Development Deposit 0

656,965.44 1,096,702.07

The service road has been completed and the Club complied with the contractual obligation to contribute $400,000 toward the cost of the service road. The completion of the road increased the value of Club’s land significantly.

NOTE 6 - PROPERTY, PLANT AND EQUIPMENT - FIXED ASSETS:

209,966.14 Greens - Plant and Equipment 232,226.10 (167,792.64) Less: Provision for Depreciation (162,809.51)

42,173.50 69,416.59

26,147.78 Kitchen - Plant and Equipment 32,095.05 258,039.92 Rockpool Café - Plant and Equipment 286,021.20

(266,895.90) Less: Provision for Depreciation (287,939.47) 17,291.80 30,176.78

3,790.91 Kitchen - Furniture and Fittings 3,790.91

223,055.92 Rockpool Café - Furniture and Fittings 227,833.92 (120,409.42) Less: Provision for Depreciation (136,422.04)

106,437.41 95,202.79

723,573.31 New Bistro - Plant and Equipment 754,684.31


91,839.03 New Bistro - Furniture and Fittings 91,839.03

(91,493.59) Less: Provision for Depreciation (91,548.10) 345.44 290.93

138,430.14 Bistro Enhancement 138,430.14 (85,790.12) Less: Provision for Depreciation (101,089.96)

52,640.02 37,340.18

3,311,523.84 Poker Machines 3,518,176.91 (2,119,445.36) Less: Provision for Depreciation (2,292,014.46)

1,192,078.48 1,226,162.45

378,749.52 Loyalty System 378,749.52


134,788.14 Alfresco Gaming 134,788.14 (51,644.49) Less: Provision for Depreciation (57,034.95)

83,143.65 77,753.19

1,634.55 Keno - Plant and Equipment 1,634.55 (1,634.55) Less: Provision for Depreciation (1,634.55)

0.00 0.00


31


139,625.05 TAB/Sky - Plant and Equipment 141,425.05 (126,124.76) Less: Provision for Depreciation (126,954.87)

13,500.29 14,470.18

297,709.47 Car Park Extension - At cost 297,709.47 297,709.47 297,709.47

1,425,629.55 95/97 Main Street, Merimbula 1,425,629.55 (191,793.46) Less: Provision for Depreciation (194,417.31) 1,233,836.09 1,231,212.24

11,858,095.78 Club House - at Cost 11,992,504.77 (8,332,172.22) Less: Provision for Depreciation (8,549,972.75)

3,525,923.56 3,442,532.02

128,302.50 Poker Machine Licences Shortland 128,302.50 128,302.50 128,302.50

5,626,652.94 Club Extension 5,626,652.94

398,407.74 Land Development/Master Plan 398,407.74 (2,116,623.55) Less: Provision for Depreciation (2,353,074.74)

3,908,437.13 3,671,985.94

1,752,319.86 Club - Plant and Equipment 1,772,151.89 (1,198,196.70) Less: Provision for Depreciation (1,250,878.40)

554,123.16 521,273.49

538,800.30 Bar - Plant and Equipment 548,843.01

(384,138.41) Less: Provision for Depreciation (417,046.47)

154,661.89 131,796.54

657,870.74 Club - Furniture and Fittings 676,601.74


340,121.55 Gymnasium 355,103.42


1,937,399.38 Bowling Greens - at cost 1,951,149.38

(1,795,026.09) Less: Provision for Depreciation (1,843,375.36) 142,373.29 107,774.02

3,326,398.45 Bowling Greens Covered 3,326,398.45 (199,483.14) Less: Provision for Depreciation (399,043.75)

3,126,915.31 2,927,354.70

15,185,487.56 Total Property, Plant and Equipment 114,528,989.55


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NOTE 6a: An independent revaluation of land and buildings was undertaken on 30 June 2018 by a Registered Valuer. The revaluation was undertaken as part of a policy to revalue land and buildings every three years and was based on fair value as part of an ongoing concern basis. The valuation revealed a current market value of $18,460,000. NOTE 6b: TURA BEACH COUNTRY CLUB LOAN INTEREST FREE: Pursuant to the terms of the Deed: The debt to MIBC of $112,205.42 has been settled in full in accordance with the Deed.

NOTE 6c: MOVEMENT 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. Carrying 2018/19: Balance at the Amount Beginning at the End Economic entity: of the Year Additions Disposals Depreciation of the Year Freehold land 1,340,357 - - - 1,340,357 Greens and Car Park 3,566,999 7,932 - 242,092 3,333,839 Buildings 7,346,408 135,909 - 487,220 6,995,097 Licences 128,303 - - - 128,303 Plant and Equipment 2,565,238 687,921 84,829 674,119 2,494,211 Non Core Vacant Land 238,183 - - - 238,183

Total 15,185,488 831,762 84,829 1,403,431 14,528,990

Carrying 2017/18: Balance at the Amount Beginning at the End Economic entity: of the Year Additions Disposals Depreciation of the Year Freehold land 1,341,083 - - 726 1,340,357 Greens and Car Park 3,794,751 14,363 - 242,115 3,566,999 Buildings 7,796,262 50,795 12,855 487,794 7,346,408 Licences 128,303 - - - 128,303 Plant and Equipment 2,640,762 606,264 5,659 676,129 2,565,238 Non Core Vacant Land 238,183 - - - 238,183

Total 15,939,344 671,422 18,514 1,406,764 15,185,488


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NOTE 7 – PAYABLES

2017/18 2018/19 $ $

699,152.30 Trade Creditors 683,615.01 217,961.82 Accrued Charges 218,118.82

917,114.12 901,733.83

NOTE 8 – PROVISIONS

1,044,300.13 Opening Balance as at 1 July 2018 1,025,413.74 432,392.34 Additional Provisions raised during year 363,696.33

(451,278.73) Amounts Used (374,373.78) 1,025,413.74 Closing Balance as at 30th June, 2019 1,014,736.29

Analysis of Employee Provisions

Current: 754,012.03 - Annual & Sick Leave Entitlements 696,074.77 144,651.67 - Long Service Leave Entitlements 223,607.03 898,663.70 Total Current Entitlements 919,681.80

Non-current:

126,750.04 - Long Service Leave Entitlements 95,054.49 126,750.04 Total non-current Entitlements 95,054.49

1,025,413.74 Total Entitlements 1,014,736.29

Employee Provisions: Employee provisions represent amounts accrued for annual leave and long service leave. The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the company does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement. The non-current portion for this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service. NOTE 9 – OTHER:

108,248.89 Subscriptions in Advance 125,131.91 89,932.82 Income In Advance 35,952.11 22,420.89

6,801.29 Provisions for Poker Machine Jackpots CPL Rebate in Advance – Keg Cellar

33,803.78 0

0 Temporary Clearing Account 549.50

227,403.89 195,437.30


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NOTE 10 – OPERATING LEASE COMMITMENTS: Non Cancellable operating leases contracted for but not recognised in the financial statements:

Payable - minimum lease payments: - Not later than one year $8,724 - Later than one year and not later than five years $8,724

$17,448 NOTE 11 – AUDITOR’S REMUNERATION: Amounts due and receivable for audit services total $48,510 plus non audit services of $4,880. NOTE 12 – MEMBERS’ GUARANTEE: The Company is limited by guarantee. If the Company is wound up, the Articles of Association state that each member is required to contribute a maximum of $2.00 each towards meeting any outstanding obligations of the Company. At 30th June 2019, the number of members were 8,383 (30th June 2018 – 8,374). NOTE 13 – RELATED PARTY TRANSACTIONS: Transactions between related parties are on normal commercial terms and conditions, no more favourable than those available to other parties unless otherwise stated. (a) Directors The names of persons who were Directors of the Company at any time during the year are as follows:

Ronald James CHRISTIE William Anthony DEJONG Gregory HALLORAN Ricky John HOLT Christine KEENS Ian MARTIN Peter James MOORE Felicity Ann WHITE

(b) Directors’ Remuneration The Directors did not receive any remuneration from the Company during the year other than

Honorariums and reasonable costs which have been approved at the Annual Meeting. (c) Transactions with Directors and Director related Entities There were no transactions with Directors, other than those at normal commercial terms and

conditions. Note14 - FINANCIAL RISK MANAGEMENT (a) Financial Risk Management The entity’s financial instruments consist mainly of deposits with the bank accounts receivable and payables. The entity relies on this working capital as its source of funds. The totals for each category of financial instruments measured in accordance with AASB 9 as detailed in the accounting policies to these financial statements are as follows:


35


2017/18 Financial Assets 2018/19

$ $

279,572.85 Cash at Bank (Note 3) 269,999.89

1,419,227.59 Short Term Investments (Note 3) 1,569,626.63

259,000.00 Cash on Hand (Note 3) 259,000.00

42,904.52 Receivables (Note 3a) 63,254.44

2,000,704.96 2,161,880.96

Financial Liabilities

699,152.30 Trade Creditors (Note 7) 683,615.01

699,152.30 683,615.01

1,301,552.66 Net Financial Assets 1,478,265.95

Note 15: Fair Value Measurements The company has the following assets, as set out in the table below, that are measured at fair value on a recurring basis after their initial recognition. The company does not subsequently measure any liabilities at fair value on a recurring basis and has no assets or liabilities that are measured at fair value on a non-recurring basis. Recurring fair value measurements: Property, Plant and Equipment

2018 2019 $18,460,000 Freehold Land and Improvements $18,460,000 $2,769,065 Plant and Equipment $2,693,541

For freehold land and buildings, the fair values are based on a directors’ valuation considering an external independent valuation performed in the previous year, which used comparable market data for similar properties. Note 16: NOTES TO STATEMENT OF CASH FLOWS: (a) Reconciliation of Cash: For the purpose of this statement of cash flows, cash includes: (i) cash on hand and at-call deposits with banks or financial institutions, net of bank overdrafts;

and (ii) investments in money market instruments with less than 259 days to maturity. Cash at the end of the year is shown in the balance sheet as:

2017/18 $

2018/19 $

259,000 Cash on Hand 259,000

279,573 At-call Deposits with Financial Institutions 270,000

1,419,227 Short term Investments 1,569,627

1,957,800 Net Assets per Financial Statement 2,098,627


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(b) Reconciliation of Cash Flow from Operations with (Loss) Profit from Ordinary Activities:

2017/18 2018/19 $ $

250,346 Profit (Loss) from Ordinary Activities after Income Tax 34,137 Non-cash Flows From Ordinary Activities

1,406,764 Depreciation 1,403,431

(21,718) (Gain) on Sale Non-Current Assets (15,877)

Changes in Assets and Liabilities

(6,689) (Increase) Decrease in Receivables (19,995) (13,576) (Increase) Decrease in Prepayments (64,237)

27,068 (Increase) Decrease in Inventories (5,840) (16,206) (Increase) Decrease in Other Assets 16,883 105,396 (Decrease) Increase in Trade Creditors (14,988) (1,012) (Decrease) Increase in Accrued Charges 157 34,075 (Decrease) Increase in Income in Advance (53,981) 70,522 (Decrease) Increase in Other Liabilities (42,220)

(18,881) (Decrease) Increase in Provisions 705

1,816,089 Cash Flows from Operations 1,238,175

Note 17 - Key Management Personnel: The Company is run by the Board of Directors. All major business decisions are made by the Board. The day to day business of the Company is run by the employees of the Company. As all major business decisions are made by the Board no key management personnel disclosures are deemed appropriate.

Note 18 - Capital Management: Management controls the capital of the Company to ensure that adequate cash flows are generated to fund its operations and that returns from investments are maximised. Management ensures all the overall risk management strategy is in line with this objective. Management operates under policies approved by the Board of Directors. Informal risk management policies are discussed by the Board on a regular basis. These include credit risk and future cash flow requirements. The Company’s capital consists of financial liabilities, supported by financial assets. Management effectively manages the Company’s capital by assessing the Company’s financial risks and responding to changes in these risks and in the market. These responses may include the consideration of debt levels. There have been no changes to the strategy adopted by management to control the capital of the entity since the previous year. Note 19 - Statement of Operations by Segments: The Company operates in the Licensed Registered Clubs Sector within New South Wales.


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Note 20 – Income Tax Expense:

2018

$ 2019

$

264,630 Operating Profit (Loss)Before Tax 219

(104,986) Less: Members Subscriptions (101,296)

(205,397) Non apportionable (245,630)

11,433 Add: Sections Income (8,028)

1,305,824 Add: Non allowable, non apportionable and part apportionable expenses

1,244,444

1,271,504 Net Assets per Financial Statement 889,709

456,216 Portion Attributable to non members 439,516

189,270 Add: Non apportionable items 133,715

(627,724) Less: Non and part apportionable items (668,305)

17,762 Taxable Income (95,074)

5,329 Tax on taxable income x (27.5%) 0

(1,527) Less Tax Instalment Paid (4501)

3,802 Tax Payable (Tax Refundable) (4,501)

Note 21 – Deferred tax assets and liabilities for each type of temporary difference:

Deferred tax assets

754,012 Provision for Annual Leave & Sick Pay 696,075

271,402 Provisions for Long Service Leave 318,662

48,510 Audit Provision 48,510

71,038 Superannuation 82,022

1,144,962 1,145,269

734,149 Adjustment for member component 579,506

410,813 565,763

Deferred Tax Liabilities

17,517 Debtor – Other 2,277

17,517 2,277


6,285 1,125


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Deferred tax amounts recognised in income tax expense:

2018

$ Deferred tax assets 2019

$

226,204 Provision for Annual Leave & Sick Pay 191,421

81,421 Provisions for Long Service Leave 87,632

14,553 Audit Provision 13,340

21,311 Superannuation 22,556

343,489 314,949


123,243 Total Deferred Tax Asset 155,585

Deferred Tax Liabilities

5,255 Debtor – Other 626

5,255 626

3,370 Adjustment for member component 317

1,885 Total Deferred Tax Liabilities 309

121,358 Net Deferred Tax Asset 155,276

130,313 Opening Balance at 1 July 2018 121,358

121,358 Closing Balance at 30 June 2019 155,276

(8,955) Movement in Deferred Tax for the financial year 33,918

Note 22 - Tax Expense:

The Components of tax (expense)/income comprise:

(5,329) Current Tax 0

(8,955) Deferred Tax 33,918

(14,284) 33,918

Note 23 - Associated entities: There are three associated sports bodies (as recognised under Article 45 of the constitution of the company), managed and controlled by separate committees set up under the conditions inherent in those articles. The income and expenditure of the committees has not been consolidated in the books of account of the company nor have they been part of the company’s audit process. These bodies hold in various bank accounts the following amounts as at 30 June 2019. Merimbula-Imlay Womens’ Bowling Club $55,285.87 Merimbula-Imlay Mens’ Bowling Club $61,826.11 Merimbula-Imlay Indoor Carpet Bowls Club $2,634.12


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Note 24 – Contingent Liabilities:

The Club undertook renovations in the 2007/2008 financial year. At completion of the renovation the builder confirmed in writing and BVSC subsequently certified, that all works were compliant with the Building Code of Australia.

The Club undertook further renovations in the 2016/2017 financial year. During the 2016/2017 renovations, the builder undertaking the works identified some parts of the earlier renovation works which he believed may not have been fully BCA compliant. The Club has since been liaising with the builder who undertook the 2007/2008 works. That company is now subject to a deed of company administration and it looks unlikely the Club and the builder will reach agreement on any rectification works at this point in time. The final scope of any rectification works is currently being assessed by the Club’s consultant and any required works are expected to be undertaken in 2019/20. The cost of those works is yet to be finalised. . Note 25 - COMPANY DETAILS: The registered office of the Company is: Merimbula-Imlay Bowling Club Limited, 119 Main Street, Merimbula NSW 2548. The principal places of business are: Merimbula-Imlay Bowling Club Limited, 119 Main Street, Merimbula NSW 2548. Limited by guarantee unlisted.

CORE AND NON-CORE PROPERTIES

Pursuant to Section 41J(2) of the Registered Clubs Act for the financial year ended 2019: The following properties are core property of the Club:

(i) The Club house, bowling greens and car park currently forming part of Lot 121 Deposited Plan 1250503 Parish of Pambula, County of Auckland, Shire of Bega.

The following are non-core properties:

(ii) The vacant land situated at 22 Sapphire Coast Drive, Merimbula being Lot 122 on Deposited Plan 1250503 Parish of Pambula, County of Auckland, Shire of Bega.

(iii) The vacant land situated at 28 Sapphire Coast Drive, Merimbula being Lot 123 on Deposited Plan 1250503 Parish of Pambula, County of Auckland, Shire of Bega.

(iv) The vacant land situated at 95 Main Street, Merimbula, being Lot 1 on Deposited Plan 521571 Parish of Pambula, County of Auckland, Shire of Bega.

(v) The vacant land situated at 97 Main Street, Merimbula, being Lot 2 on Deposited Plan 521571 Parish of Pambula, County of Auckland, Shire of Bega.


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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 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 are to some extent modified by regulations made under the Registered Clubs Act and by Section 41J itself.

CURRENT LIFE MEMBERS AS AT 30 JUNE 2019

I.Stroud – 2003, R. Caterson – 2012, R. Christie – 2017, B. Kennedy – 2017

CLUB PATRON R. Caterson


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DONATIONS FOR 2018/19

Organisations supported throughout the year included:

Alliance Francaise de la Cote de Saphir Alzheimers Australia NSW Bega Heritage Motor Club Inc Bega Valley Homeless & Housing Solutions Forum Bega Valley Motorcycle Expo Bega Valley Shire Business Forum Bega Valley Shire Council – Library Bega Valley Suicide Prevention Action Network Bermagui & District Lions Club Ltd Bermagui Preschool Bermagui Surf Life Saving Club Cancer Council NSW Cancer Patients Foundation Candelo A.H. & D.F. Association Candelo Karate Dojo Inc Chronic Pain Australia Connection Plus Merimbula CWA of NSW Far South Coast Group Dementia Australia Down South Jazz Club Eden Community Access Centre Inc Emergency Services Golf Day Fadiss Ltd T/as Family Drug Support Far South Coast Lego Users Group fLiNG Physical Theatre Inc From Little Things Environment Park From Little Things Parklands Girls Guides Association of NSW Imlay House Nursing Home Auxiliary Leukaemia Foundation Lions Club of Pambula-Merimbula Inc. Little Wings Ltd Lumen Christi Catholic College Men of League Foundation Ltd. Merimbula & District Arts Group Merimbula Astronomy Group Merimbula Basketball Merimbula Big Game & Lake Angling Club Merimbula Chamber of Commerce Merimbula Cricket Club Merimbula Diggers Australian Rules Football Club Merimbula Evening VIEW Club Merimbula Grasshoppers SFC Inc Merimbula Jazz Festival Inc Merimbula Knights Cricket Club Merimbula Pambula Bulldogs Merimbula Pambula Senior RLFC Inc Merimbula Public School P & C Association Merimbula Soccer Club Merimbula Tennis Club Inc


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DONATIONS FOR 2018/19 (continued)

Merimbula Tourism Inc Merimbula Visitor Information Centre Merimbula Water Dragons Open Support Mission Australia Pambula AH & P Society Inc Pambula Merimbula Lions Pambula Public School Pambula Swim Club PCYC Pearls Place Prostate Cancer Foundation of Australia Road Safety Education Ltd. Roadshow Rotary Club of Merimbula Rotary Club of Pambula RSPCA NSW – Sapphire Coast Branch Rural Aid Ltd Rural Womens Conference Sapphire Coast Boardriders Sapphire Coast Concert Band Sapphire Coast Connections Sapphire Coast Historical Vehicle Club Sapphire Coast Horse Trail Rider Club Sapphire Coast Marine Discovery Centre Sapphire Coast Mental Health Carers Support Group Sapphire Coast Music Society Sapphire Coast Netball Association Sapphire Coast Rock ‘n Rodders Sapphire Coast Runners Inc. Sapphire Coast Sporting Car Club Sapphire Coast Turf Club Sapphire Community Projects Sapphire Socratics Sassy Sapphires Red Hat Ladies South Coast Area Schools Lawn Bowls South Coast Area Sports Association Lawn Bowls South Coast Buccaneers Inc South East Arts Southern Women’s Group Inc. St Vincent de Paul Society – Bega St Vincent de Paul Society – Merimbula Streetsmart Australia Tathra Wharf to Waves The Disability Trust Towamba Parents & citizens Ass U3A Sapphire Coast Inc. Writers of the Far South Coast


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Documents

BOARD OF DIRECTORS 2018/19...MERIMBULA-IMLAY BOWLING CLUB LTD · ABN 89 001 064 008 2 BOARD OF DIRECTORS 2018/19 (from left): Top Left Hand Corner: Greg Halloran Back Row: Damien Foley