COOGEE LEGION EX-SERVICE CLUB LIMITEDCOOGEE LEGION EX-SERVICE CLUB LIMITED ABN 24 000 085 263 AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO

COOGEE LEGION EX-SERVICE CLUB LIMITED

ABN 24 000 085 263

FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2013

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COOGEE LEGION EX-SERVICE CLUB LIMITED ABN 24 000 085 263

DIRECTORS’ REPORT

Your directors present their report on the company for the financial year ended 30 June 2013.

DIRECTORS

The names of directors in office at any time during or since the end of the year are:

NAME OCCUPATION YEARS OF EXPERIENCE

DIRECTORSHIP Dean, T.G. (Retired 23 Sep 12) Marketing Manager 9 May, N. (B. Bus) (Retired 23 Sep 12) Transport Operator 1 Sloan, B.L. Retiree 9 Lee, G.F. Plumber 8 Brennan, G. Consultant 4 Piercy, J.J. Sales Manager 4 Murphy, T.M Banker 3 Davison, R. Retiree 2 Chandler, J. (Resigned 9 Aug 12) Manager 2 Carter, M.G Spare Parts Interpreter 2 Lasker, C.A. (Appointed 23 Sep 12) Sales Support 1 Dubos, J. E. (Appointed 23 Sep 12) Rugby Coach 1 Kennedy, S.M. (Appointed 23 Sep 12) Carer 1

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

COMPANY SECRETARY

The person who held the position of company secretary at the end of the financial year was Mr Aidan Reynolds. Mr Reynolds has extensive management experience in the hospitality industry. Mr Reynolds was appointed on 23 May 2011.

PRINCIPAL ACTIVITIES

The principal activity of the company during the financial year was community club operations. There were no other significant changes in the nature of the company’s principal activities during the financial year.

OBJECTIVES

The company’s short-term objectives are to:

– - provide a food and beverage service to members

– - provide a safe and comfortable environment

The company’s long-term objectives are to:

– - ensure the financial viability of the club

– - maintain the club to the best of standards for its members

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DIRECTORS’ REPORT

STRATEGIES

To achieve its stated objectives, the company has adopted the following strategies:

– - marketing to its members

– - providing the best food offering available

– - keeping prices low

– - restructuring operating hours

KEY PERFORMANCE MEASURES

The club measures its own performance through the use of mainly qualitative benchmarks. The benchmarks are used by the directors to assess the financial sustainability of the company and whether the company’s short-term and long-term objectives are being achieved.

OPERATING RESULTS

The loss of the company after providing for income tax amounted to $120,132.

REVIEW OF OPERATIONS

The 2012/13 year after-tax loss was $21,048 worse than the year before. Despite an increase in the club’s bar sales, a decline in its gaming machine profit of $47,142 was a major factor contributing to the above loss. The subdued downturn in business turnover in recent years continues to prevent the club from returning to profitability.

SIGNIFICANT CHANGES IN STATE OF AFFAIRS

No significant changes in the state of affairs of the company occurred during the financial year.

AFTER BALANCE DATE EVENTS

No 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.

FUTURE DEVELOPMENTS

The directors do not expect any developments to occur in the operations of the company which would affect expected results of operations in subsequent financial years.

ENVIRONMENTAL ISSUES

The company’s operations are not subject to significant environmental regulation under the law of the Commonwealth and State.

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DIRECTORS’ REPORT

MEETINGS OF DIRECTORS

During the financial year, 11 meetings of directors (including regular and special) were held. Attendances were:

Directors Special Responsibilities Number

Eligible to

Attend

Number Attended

Dean, T.G. 2 2 May, N. 2 2 Sloan, B.L. Vice-President 11 11 Lee, G.F. 11 10 Brennan, G. 11 8 Piercy, J.J. 11 11 Murphy, T.M. Treasurer 11 11 Lasker, C.A. 9 6 Davison, R. President 11 10 Chandler, J. 1 0 Carter, M.G. Vice-President 11 10 Dubos, J. E. 9 7 Kennedy, S.M. 9 8

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DIRECTORS’ REPORT

INDEMNIFYING OFFICERS OR AUDITOR

During or since the end of the financial year the company has given an indemnity or entered an agreement to indemnify, or paid or agreed to pay insurance premiums as follows:

The company has paid premiums to insure each of the following officers against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the company, other than conduct involving a wilful breach of duty in relation to the company. The amount of the premium was $1,918 for the officers below:

Dean, T.G. May, N. Sloan, B.L. Lee, G.F. Brennan, G. Piercy, J.J. Murphy, T.M. Lasker, C.A. Davison, R. Chandler, J. Carter, M.G. Dubos, J. E. Kennedy, S.M. Reynolds, A.J.

MEMBERS’ LIABILITY

The company has only financial members by classification. Financial members are liable to contribute up to $2 in the event of the wind-up of the company. As at 30 June 2013, there were 4,336 members.

AUDITOR’S INDEPENDENCE DECLARATION

The auditor’s independence declaration for the year ended 30 June 2013 has been received and can be found on the page immediately following the directors’ report.

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

COOGEE, 26 August 2013

Director ___________________________

R. Davison

Director ___________________________

B.L. Sloan

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ABN 24 000 085 263 AUDITOR’S INDEPENDENCE DECLARATION

UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF COOGEE LEGION EX-SERVICE CLUB L IMITED

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2013 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.

WONG & FERGUSSON

Chartered Accountants

G. Wong

Date: 26 August 2013

Address: Suite 909, 99 Bathurst Street SYDNEY NSW 2000

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ABN 24 000 085 263 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


Note 2013

$

2012

$

Revenue 2 2,533,261 2,507,142

Employee benefits expense (828,493) (809,014)

Depreciation expense (327,880) (320,882)

Advertising expense (10,224) (7,754)

Auditor's remuneration - audit & non-audit services (24,000) (24,000)

Directors' honoraria 0 0

Accountancy expense - stocktake (5,850) (5,400)

Finance costs 3 (114,468) (127,295)

Other expenses (1,182,517) (1,153,239)

Profit/(loss) before income tax 39,829 59,558

Income tax expense 4 159,961 158,642

Profit/(loss) attributable to members of the entity (120,132) (99,084)

Profit/(loss) for the year (120,132) (99,084)

Other comprehensive income:

Net gain on revaluation of non-current assets

Other comprehensive income for the year, net of tax

Total comprehensive income for the year (120,132) (99,084)

Total comprehensive income attributable to members of the entity (120,132) (99,084)

The accompanying notes form part of these financial statements.

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ABN 24 000 085 263 STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2013

Note 2013 2012

$ $

CURRENT ASSETS

Cash and cash equivalents 7 123,394 184,282

Trade and other receivables 8 38,623 35,329

Inventories 9 43,191 40,967

TOTAL CURRENT ASSETS 205,208 260,578

NON-CURRENT ASSETS

Property, plant and equipment 10 13,613,089 13,860,424

Deferred tax assets 11 6,952 7,743

TOTAL NON-CURRENT ASSETS 13,620,041 13,868,167

TOTAL ASSETS 13,825,249 14,128,745

CURRENT LIABILITIES

Payables 12 133,106 149,094

Financial Liabilities 13

Current tax liabilities 14 61,916 61,019

Provisions 15 105,350 117,322

TOTAL CURRENT LIABILITIES 300,372 327,435

NON-CURRENT LIABILITIES

Financial Liabilities 13 1,499,848 1,656,149

TOTAL NON-CURRENT LIABILITIES 1,499,848 1,656,149

TOTAL LIABILITIES 1,800,220 1,983,584

NET ASSETS 12,025,029 12,145,161

EQUITY

Reserves 11,041,094 11,041,094

Retained Earnings 983,935 1,104,067

TOTAL EQUITY 12,025,029 12,145,161


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ABN 24 000 085 263 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2013

Note Retained Earnings

Asset Revaluation

Reserve Total

$ $ $

Balance at 1 July 2011 1,203,151 11,041,094 12,244,245

Profit/(loss) attributable to members (99,084) (99,084)

Revaluation increment/(decrement) 1,192,515

Balance at 30 June 2012 1,104,067 11,041,094 12,145,161

Profit/(loss) attributable to members (120,132) (120,132)

Revaluation increment/(decrement)

Balance at 30 June 2013 983,935 11,041,094 12,025,029


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ABN 24 000 085 263 STATEMENT OF CASH FLOWS


2013 2012

$ $

CASH FLOW FROM OPERATING ACTIVITIES

Receipts from customers 4,259,421 4,034,531

Payments to suppliers and employees (3,859,471) (3,507,557)

Interest received 6,377 6,340

Finance costs (114,468) (127,295)

Income tax paid (128,163) (128,916)

Net cash provided by (used in) operating activities

19 163,696 277,103

CASH FLOW FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipment

16,500 7,400

Payment for property, plant and equipment

(84,783) (89,809)

Net cash provided by (used in) investing activities

(68,283) (82,409)

CASH FLOW FROM FINANCING ACTIVITIES

Repayment of borrowings (156,301) (68,256)

Net cash provided by (used in) financing activities

(68,256) (68,256)

Net increase (decrease) in cash held (60,888) 126,438

Cash at beginning of year 184,282 57,844

Cash at end of year 7 123,394 184,282

The accompanying notes form part of these financial statements

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This financial report covers Coogee Legion Ex-service Club Limited as an individual entity. Coogee Legion Ex-service Club Limited is a company limited by guarantee, incorporated and domiciled in Australia

Basis of Preparation

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. The company is a 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 a financial report containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated.

The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

The financial statements were authorised for issue on 26 August 2013 by the directors of the company

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ABN 24 000 085 263 NOTES TO THE FINANCIAL STATEMENTS


The following is a summary of the material accounting policies adopted by the company in the preparation of the financial report.

a. Income Tax

The charge for current income tax expense is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the balance date.

Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity.

Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against which deductible temporary differences can be utilised.

The amount of benefits brought to account or which may be realised in the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation that the economic entity will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law.

b. Inventories

Inventories are measured at the lower of cost and current replacement cost, the company being a not-for-profit entity. Costs are assigned on a first-in first-out basis.

c. Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation.

Property

Freehold land and buildings are measured on the fair value basis, being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction.

Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation reserve in shareholders' equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the income statement. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the income statement and depreciation based on the asset's original cost is transferred from the revaluation reserve to retained earnings.

The revaluation of freehold land and buildings has not taken account of the potential capital gains tax on assets acquired after the introduction of capital gains tax.

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Plant & Equipment

Plant and equipment are measured on the cost basis. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets employment and subsequent disposal. The expected net cash flows have not been discounted to present values in determining recoverable amounts.

The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, are depreciated on a straight line basis over their useful lives to the company commencing from the time the asset is held ready for use.

The depreciation rates used for each class of assets are:

Class of Fixed Asset Depreciation Rate

Buildings 2.5%

Plant and equipment 0–100%

d. Financial Instruments

Recognition and Initial Measurement

Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity becomes a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial assets that are delivered within timeframes established by marketplace convention.

Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified as at fair value through profit or loss. Transaction costs related to instruments classified as at fair value through profit or loss are expensed to profit or loss immediately. Financial instruments are classified and measured as set out below.

Derecognition

Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity is no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expire. The difference between the carrying value of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed is recognised in profit of loss.

Classification and Subsequent Measurement

(i) Financial assets at fair value through profit or loss

Financial assets are classified at fair value through profit of loss when they are held for trading for the purpose of short term profit taking, where they are derivatives not held for hedging purposes, or designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Realised and unrealised gains and losses arising from changes in fair value are included in profit or loss in the period in which they arise.

(ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost using the effective interest rate method.

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(iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the entity’s intention to hold these investments to maturity. They are subsequently measured at amortised cost using the effective interest rate method.

(iv) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either designated as such or that are not classified in any of the other categories. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

(v) Financial Liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate method.

Financial Guarantees

Where material, financial guarantees issued, which requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due, are recognised as a financial liability at fair value on initial recognition. The guarantee is subsequently measured at the higher of the best estimate of the obligation and the amount initially recognised less, when appropriate, cumulative amortisation in accordance with AASB 118 Revenue. Where the entity gives guarantees in exchange for a fee, revenue is recognised under AASB 118.

The fair value of financial guarantee contracts has been assessed using a probability weighted discounted cash flow approach. The probability has been based on:

—the likelihood of the guaranteed party defaulting in a year period;

—the proportion of the exposure that is not expected to be recovered due to the guaranteed party defaulting; and

—the maximum loss exposed if the guaranteed party were to default.

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e. Impairment of Assets

At each reporting date, the entity 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 it recoverable amount is expensed to the income statement.

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

f. Employee Benefits

Provision is made for the company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

g. 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 results and that outflow can be reliably measured.

h. Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.

i. Revenue

Revenue from the sale of goods or services is recognised upon the delivery of goods or services to customers.

Interest revenue is recognised on a receipt basis taking into account the interest rates applicable to the financial assets.

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

j. Finance Costs

Finance costs are recognised in income in the period in which they are incurred.

k. Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

l. Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

m. Change in Accounting Policy

The company has not changed its accounting policy for the year ended 30 June 2013.

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n. New Accounting Standards for Application in Future Pe riods

The AASB has issued a number of new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods, some of which are relevant to the company. The company has decided not to early adopt any of the new and amended pronouncements. The company’s assessment of the new and amended pronouncements that are relevant to the company but applicable in future reporting periods is set out below:

– AASB 9: Financial Instruments (December 2010) and AASB 2010–7: Amendments to Australian Accounting Standards arising from AASB 9 (December 2010).

These Standards are applicable retrospectively and include revised requirements for the classification and measurement of financial instruments, as well as recognition and derecognition requirements for financial instruments.

The key changes made to accounting requirements include:

- simplifying the classifications of financial assets into those carried at amortised cost and those carried at fair value;

- simplifying the requirements for embedded derivatives;

- removing the tainting rules associated with held-to-maturity assets;

- removing the requirements to separate and fair value embedded derivatives for financial assets carried at amortised cost;

- allowing an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. Dividends in respect of these investments that are a return on investment can be recognised in profit or loss and there is no impairment or recycling on disposal of the instrument;

- requiring financial assets to be reclassified where there is a change in an entity’s business model as they are initially classified based on: (a) the objective of the entity’s business model for managing the financial assets; and (b) the characteristics of the contractual cash flows; and

- requiring an entity that chooses to measure a financial liability at fair value to present the portion of the change in its fair value due to changes in the entity’s own credit risk in other comprehensive income, except when that would create an accounting mismatch. If such a mismatch would be created or enlarged, the entity is required to present all changes in fair value (including the effects of changes in the credit risk of the liability) in profit or loss.

These Standards were mandatorily applicable for annual reporting periods commencing on or after 1 January 2013. However, AASB 2012–6: Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures (issued September 2012) defers the mandatory application date of AASB 9 from 1 January 2013 to 1 January 2015. In light of this change to the mandatory effective date, the company is expected to adopt AASB 9 and AASB 2010–7 for the annual reporting period ending 31 December 2015. Although the directors anticipate that the adoption of AASB 9 and AASB 2010–7 may have a significant impact on the company’s financial instruments, it is impracticable at this stage to provide a reasonable estimate of such impact.

– AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010–2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements (applicable for annual reporting periods commencing on or after 1 July 2013).

AASB 1053 establishes a revised differential financial reporting framework consisting of two tiers of financial reporting requirements for those entities preparing general purpose financial statements:

- Tier 1: Australian Accounting Standards; and

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- Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements.

Tier 2 of the framework comprises the recognition, measurement and presentation requirements of Tier 1, but contains significantly fewer disclosure requirements.

Since the company is a not-for-profit private sector entity, it qualifies for the reduced disclosure requirements for Tier 2 entities. It is anticipated that the company will take advantage of Tier 2 reporting at a later date.

– AASB 10: Consolidated Financial Statements, AASB 11: Joint Arrangements, AASB 12: Disclosure of Interests in Other Entities, AASB 127: Separate Financial Statements (August 2011) and AASB 128: Investments in Associates and Joint Ventures (August 2011) (as amended by AASB 2012–10: Amendments to Australian Accounting Standards – Transition Guidance and Other Amendments), and AASB 2011–7: Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards (applicable for annual reporting periods commencing on or after 1 January 2013).

AASB 10 replaces parts of AASB 127: Consolidated and Separated Financial Statements (March 2008, as amended) and Interpretation 112: Consolidation – Special Purpose Entities. AASB 10 provides a revised definition of control and additional application guidance so that a single control model will apply to all investees. This Standard is not expected to significantly impact the company’s financial statements.

AASB 11 replaces AASB 131: Interests in Joint Ventures (July 2004, as amended). AASB 11 requires joint arrangements to be classified as either “joint operations” (where the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities) or “joint ventures” (where the parties that have joint control of the arrangement have rights to the net assets of the arrangement). Joint ventures are required to adopt the equity method of accounting (proportionate consolidation is no longer allowed). This Standard is not expected to significantly impact the company’s financial statements.

AASB 12 contains the disclosure requirements applicable to entities that hold an interest in a subsidiary, joint venture, joint operation or associate. AASB 12 also introduces the concept of a “structured entity”, replacing the “special purpose entity” concept currently used in Interpretation 112, and requires specific disclosures in respect of any investments in unconsolidated structured entities. This Standard will affect disclosures only but is not expected to significantly impact the company’s financial statements.

To facilitate the application of AASBs 10, 11 and 12, revised versions of AASB 127 and AASB 128 have also been issued. These Standards are not expected to significantly impact the company’s financial statements.

– AASB 13: Fair Value Measurement and AASB 2011–8: Amendments to Australian Accounting Standards arising from AASB 13 (applicable for annual reporting periods commencing on or after 1 January 2013).

AASB 13 defines fair value, sets out in a single Standard a framework for measuring fair value, and requires disclosures about fair value measurement.

AASB 13 requires:

- inputs to all fair value measurements to be categorised in accordance with a fair value hierarchy; and

- enhanced disclosures regarding all assets and liabilities (including, but not limited to, financial assets and financial liabilities) to be measured at fair value.

These Standards are expected to result in more detailed fair value disclosures, but are not expected to significantly impact the amounts recognised in the company’s financial statements.

– AASB 119: Employee Benefits (September 2011) and AASB 2011–10: Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) (applicable for annual reporting periods commencing on or after 1 January 2013).

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These Standards introduce a number of changes to accounting and presentation of defined

benefit plans. The company does not have any defined benefit plans and so is not impacted by the amendment.

AASB 119 (September 2011) also includes changes to:

- require only those 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 to be classified as short-term employee benefits. All other employee benefits are to be classified as other long-term employee benefits, post-employment benefits or termination benefits, as appropriate; and

- the accounting for termination benefits that require an entity to recognise an obligation for such benefits at the earlier of:

(i) for an offer that may be withdrawn – when the employee accepts;

(ii) for an offer that cannot be withdrawn – when the offer is communicated to affected employees; and

(iii) where the termination is associated with a restructuring of activities under AASB 137: Provisions, Contingent Liabilities and Contingent Assets and if earlier than the first two conditions – when the related restructuring costs are recognised.

These Standards are not expected to significantly impact the company’s financial statements.

– AASB 2012–2: Amendments to Australian Accounting Standards – Disclosures – Offsetting Financial Assets and Financial Liabilities (applicable for annual reporting periods commencing on or after 1 January 2013).

AASB 2012–2 principally amends AASB 7: Financial Instruments: Disclosures to require entities to include information that will enable users of their financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity’s recognised financial assets and recognised financial liabilities, on the entity’s financial position.

This Standard is not expected to significantly impact the company’s financial statements.

– AASB 2012–3: Amendments to Australian Accounting Standards – Offsetting Financial Assets and Financial Liabilities (applicable for annual reporting periods commencing on or after 1 January 2014).

This Standard adds application guidance to AASB 132: Financial Instruments: Presentation to address potential inconsistencies identified in applying some of the offsetting criteria of AASB 132, including clarifying the meaning of “currently has a legally enforceable right of set-off” and that some gross settlement systems may be considered equivalent to net settlement.


– AASB 2012–5: Amendments to Australian Accounting Standards arising from Annual Improvements 2009–2011 Cycle (applicable for annual reporting periods commencing on or after 1 January 2013).

This Standard amends a number of Australian Accounting Standards as a consequence of the issuance of Annual Improvements to IFRSs 2009–2011 Cycle by the International Accounting Standards Board, including:

- AASB 1: First-time Adoption of Australian Accounting Standards to clarify the requirements in respect of the application of AASB 1 when an entity discontinues and then resumes applying Australian Accounting Standards;

- AASB 101: Presentation of Financial Statements and AASB 134: Interim Financial Reporting to clarify the requirements for presenting comparative information;

- AASB 116: Property, Plant and Equipment to clarify the accounting treatment of spare parts, stand-by equipment and servicing equipment;

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- AASB 132 and Interpretation 2: Members’ Shares in Co-operative Entities and Similar

Instruments to clarify the accounting treatment of any tax effect of a distribution to holders of equity instruments; and

- AASB 134 to facilitate consistency between the measures of total assets and liabilities an entity reports for its segments in its interim and annual financial statements.


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2013 2012

$ $

NOTE 2: REVENUE

Operating activities

- sale of goods & services 2,526,884 2,500,802

- interest 2a 6,377 6,340

Total Revenue 2,533,261 2,507,142

2a Interest from:

- other persons 6,377 6,340

2013 2012

$ $

NOTE 3: PROFIT FROM ORDINARY ACTIVITIES

a. Expenses

Cost of sales 475,603 477,573

Finance costs:

- external 114,468 127,295

Operating lease – storage rental 0 1,800

b. Significant Revenue and Expenses

The following significant revenue and expense items are relevant in explaining the financial performance

Not applicable 0 0

2013 2012

$ $

NOTE 4: INCOME TAX EXPENSE

a. The components of tax expense comprise:

Current tax 159,170 159,308

Deferred tax 791 (666)

159,961 158,642

b. The prima facie tax payable on operating profit is reconciled to the income tax expense as follows:

Prima facie tax payable on profit/(loss) from ordinary activities before income tax at 30%

11,949 17,867

Add: effect of income tax computation under the mutuality principle

148,012 140,775

Income Tax Expense 159,961 158,642

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2013 2012

$ $

NOTE 5: DIRECTORS’ REMUNERATION

Remuneration received or receivable by all directors in connection with the management of the company:

The names of directors who have held office during the financial year, or received remuneration are:

Dean, T.G. (Retired 23 Sep 12)

May, N. (Appointed 25 Sep 11 & retired 23 Sep 12)

Sloan, B.L.

Lee, G.

Cohen, N. (Resigned 10 Aug 11)

Brennan, G.

Herald, J.M. (Retired 25 Sep 11)

Piercy, J.J.

Murphy, T.M.

Lasker, C.A. (Retired 25 Sep 11 & re-appointed 23 Sep 12)

King, G.N. (Retired 25 Sep 11)

Davison, R. (Appointed 25 Sep 11)

Chandler, J. (Appointed 25 Sep 11 & retired 9 Aug 12)

Carter, M.G. (Appointed 25 Sep 11)

Dubos, J. (Appointed 23 Sep 12)

Kennedy, S.M. (Appointed 23 Sep 12)

2013 2012

$ $

NOTE 6: AUDITORS’ REMUNERATION

Remuneration of auditor of the company for:

— auditing the financial report 6,000 6,000

— other services including taxation services 18,000 18,000

24,000 24,000

21



2013 2012

$ $

NOTE 7: CASH AND CASH EQUIVALENTS

Cash at bank 67,614 128,502

Tills & float 50,050 50,050

Deposits at call 5,730 5,730

123,394 184,282

Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the statement of financial position as follows:

Cash 123,394 184,282

2013 2012

$ $

NOTE 8: TRADE AND OTHER RECEIVABLES

Trade debtors 11,671 25,722

Other debtors and prepayments 26,952 9,607

38,623 35,329

All receivables are expected to be settled within their terms and conditions agreed between the company and the customers. No impairment provision has been raised.

2013 2012

$ $

NOTE 9: INVENTORIES

At cost

Liquor stock 43,191 40,967

43,191 40,967

22




2013 2012

$ $

NOTE 10: PROPERTY, PLANT AND EQUIPMENT

Land and Buildings (Core Property)

Freehold land at valuation 8,400,000 8,400,000

8,400,000 8,400,000

Buildings at valuation 4,456,460 4,450,000

Less accumulated depreciation 268,284 134,113

4,188,176 4,315,887

Total Land and Buildings 12,588,176 12,715,887

Plant and equipment - at cost 2,600,436 2,551,851

Less accumulated depreciation 1,575,523 1,407,314

Total Plant and Equipment 1,024,913 1,144,537

Total Property, Plant and Equipment 13,613,089 13,860,424

The land and buildings were revalued at June 2011 by independent valuers. The 2011 valuation was made on the basis of open market value. The revaluation surplus was credited to an asset revaluation reserve in members’ equity. Since then, the property has been subject to directors’ valuation.

No provision for deferred income tax is raised in respect of any potential capital gains tax as the club’s freehold property was acquired prior to the commencement date of the capital gains tax legislation.

23



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

Freehold Land

$ Buildings

$

Plant and Equipment

$ Total

$

8,400,000 4,315,887 1,144,537 13,860,424

6,460 78,323 84,783

(4,237) (4,237)

(134,171) (193,710) (327,881)

Balance at the beginning of year

Additions

Disposals

Revaluation increments/(decrements)

Depreciation expense

Carrying amount at the end of year 8,400,000 4,188,176 1,024,913 13,613,089

2013 2012

$ $

NOTE 11: DEFERRED TAX ASSETS

Deferred tax assets comprise:

Provisions 6,952 7,743

Movements:

Opening balance 7,743 7,077

(Charge)/credit to income statement (791) 666

Closing balance 6,952 7,743

NOTE 12: PAYABLE 2013 2012

$ $

Unsecured liabilities

Trade payables 43,652 51,313

Sundry payables and accrued expenses 89,454 97,781

133,106 149,094

24



2013 2012

$ $

NOTE 13: FINANCIAL LIABILITIES

CURRENT

Bank loan secured

NON-CURRENT

Bank loan secured 1,499,848 1,656,149

1,499,848 1,656,149

a. Total current and non-current 1,499,848 1,656,149

b. The carrying amount of non-current assets pledged as security are:

First mortgage

Freehold land and buildings 12,588,176 12,715,887

c. The bank loan is secured by a registered first mortgage over the freehold properties of the company.

2013 2012

$ $

NOTE 14: CURRENT TAX LIABILITIES

Income tax/(Prepaid income tax) 61,916 61,019

2013 2012

$ $

NOTE 15: PROVISIONS

CURRENT

Employee entitlements 105,350 117,322

Movements:

Opening balance 117,322 107,227

(Charge)/credit to income statement (11,972) 10,095

Closing balance 105,350 117,322

25



FOR THE YEAR ENDED 30 JUNE 2013 2013 2012

$ $

NOTE 16: 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.

Storage Rental

Mr Graham Lee was appointed a director of the company on 25 Sep 2005. Commencing Oct 2010, the company has been paying Mr Lee $50 per week for the use of his garage for storage purposes. For the year ended 30 June 2012, the company paid Mr Lee storage rent totalling $1,800. The storage rent was not subject to GST. No storage rental was paid during the 2012/13 year.

Entertainment Compere

Mrs Christine Lasker was appointed a director of the company on 26 Sep 2010. The company has been paying Mrs Lasker (trading as Starshak Entertainment)$165 per week to compere trivia entertainment on Thursday evenings. For the year ended 30 June 2012, the company paid Mrs Lasker (whilst being a director) a total of $1, 800, GST exclusive.

Mrs Christine Lasker retired from office as director on 25 Sep 11 but was re-appointed on 23 Sep 12. For the year ended 30 June 2013, the company paid Mrs Lasker (whilst being a director) a total of $4,291, GST exclusive.

Directors’ Drinks and Christmas Dinner

All directors and their spouses, as well as guests by invitation, attend the club’s Christmas dinner every year. Commencing the 2012/13 year, the directors are also provided with complimentary drinks when they visit the club for boardmeetings. For those events, the club incurred a total cost of $3,903. For the 2011/12 year, there were no directors’ drinks and the Christmas dinner cost $1,004.

NOTE 17: CONTINGENT LIABILITIES

The company was not a party in any litigation at the end of the financial year.

NOTE 18: MEMBERS’ GUARANTEE

The company is limited by guarantee. If the company is wound up, The company’s constitution states that each member is required to contribute a maximum of $2 each towards any outstanding obligations of the company. As at 30 June 2013, the number of members was 4,336 (2012 4,551).

26




2013 2012

$ $

NOTE 19: CASH FLOW INFORMATION

Reconciliation of Cash Flow from Operations with Profit from Ordinary Activities after Income Tax

Profit/(loss) from ordinary activities after income tax

(120,132) (99,084)

Non-cash flows in profit from ordinary activities

Depreciation 327,881 320,882

(Profit)/loss on disposal of property, plant and equipment

(12,263) (5,662)

Changes in assets and liabilities

(Increase)/Decrease in trade and other debtors

(3,294) 9,362

(Increase)/Decrease in inventories (2,224) (6,042)

(Increase)/Decrease in future tax benefit 791 (666)

Increase/(Decrease) in trade creditors and accruals

(15,988) 23,035

Increase/(Decrease) in employee provisions

(11,972) 10,095

Increase/(Decrease) in income taxes payable

897 25,183

Cash flows from operations 163,696 277,103

27




NOTE 20: FINANCIAL RISK MANAGEMENT

a. Overview

The company’s financial instruments consist mainly of deposits with banks, accounts receivable and payable and loans.

The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows:

Note 2013 2012

$ $

Financial assets

Cash and cash equivalents 7 122,394 184,282

Trade and other receivables 8 38,623 35,329

161,017 219,611

Financial liabilities

Financial liabilities at amortised cost:

— Trade and other payables 12 133,106 149,094

— Borrowings 13 1,499,848 1,656,149

1,632,594 1,805,243

b. Financial Risk Management Policies

The directors’ overall risk management strategy seeks to assist the company in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

Risk management policies are approved and reviewed by the directors on a regular basis. These include the credit risk policies and future cash flow requirements.

The main purpose of non-derivative financial instruments is to raise finance for company operations.

The company does not have any derivative instruments at 30 June 2013.

Specific Financial Risk Exposures and Management

The main risks the company is exposed to through its financial instruments are interest rate risk, liquidity risk and credit risk.

i. Interest rate risk

Interest rate risk is managed using a mixed and floating rate debt. The company minimises interest rate risk exposure by repaying borrowings when surplus cash is available.

ii. Liquidity risk

The company manages liquidity risk by monitoring forecast cash flows.

iii. Credit risk

The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements.

There are no material amounts of collateral held as security at 30 June 2013.

28



The company does not have any material credit risk exposure to any single receivable or group of receivables under financial instruments entered into by the company.

Credit risk is reviewed regularly by the directors. It arises from exposures to customers as well as through deposits with financial institutions.

iv. Foreign currency risk

The company is not exposed to fluctuations in foreign currencies.

v. Price risk

The company is not exposed to any material commodity price risk.

c. Financial Instrument Composition and Maturity Analysis

The table below reflects the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management’s expectations of the settlement period for all other financial instruments.

Total Contractual

Cash Flow Within Year 1 to 5 Years Over 5 Years

2013 2012 2013 2012 2013 2012 2013 2012

$ $ $ $ $ $ $ $

Financial Assets:

Cash and cash equivalents 123,394 184,282 123,394 184,282

Receivables 38,623 35,329 38,623 35,329

162,017 219,611 162,017 219,611

Total Anticipated Inflows:

Financial Liabilities

Payables 133,106 149,094 133,106 149,094

Hire Purchase Liabilities

Bank Loan# 1,499,848 1,656,149 1,499,848 1,656,149

Total Anticipated Outflows: 1,632,954 1,805,243 133,106 149,094 1,499,848 1,656,149

Net Inflow/(Outflow) (1,470,937) (1585,632) 28,911 70,517 (1,499,848) (1,656,149)

# These outflows show the expected repayment of the bank loan on maturity before allowing for refinance proceeds.

29



d. Net Fair Values

The net fair values of listed investments, if any, have been valued at the quoted market bid price at balance date adjusted for transaction costs expected to be incurred. For other assets and other liabilities net fair value approximates their carrying value. No financial assets and financial liabilities are readily traded on organised markets in a standardised form other than listed investments. Financial assets where the carrying amount exceeds net fair values have not been written down as the company intends to hold these assets to maturity.

e. Sensitivity Analysis

The following table illustrates sensitivities to the company’s exposures to changes in interest rates, commodity and equity prices. The table indicates the impact on how profit and equity values reported at balance date would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables.

Profit Equity

Year ended 30 June 2013 $ $

+/– 2% in interest rates on borrowings 28,017 28,017

+/– 2% in interest bearing investments 194 194

Profit Equity

Year ended 30 June 2012 $ $

+/– 2% in interest rates on borrowings 30,937 30,937

+/– 2% in interest bearing investments 541 541

30



NOTE 21: CAPITAL MANAGEMENT Management controls the capital of the entity to ensure that adequate cash

flows are generated to fund its mentoring programs and that returns from investments are maximised within tolerable risk parameters. The directors ensure that the overall risk management strategy is in line with this objective.

Risk management policies are approved and reviewed by the board on a regular basis. These include credit risk policies and future cash flow requirements.

The entity’s capital consists of financial liabilities, supported by financial assets.

Management effectively manages the entity’s capital by assessing the entity’s financial risks and responding to changes in these risks and in the market. These responses may include the consideration of debt levels.

Management’s strategy to control the capital of the entity entails lowering the gearing ratio % over time. The gearing ratios for the years ended 30 June 2013 and 30 June 2012 are as follows:

Note 2013 2012

$ $

Total borrowings 13 1,499,848 1,656,149

Less cash and cash equivalents 7 123,394 184,282

Net debt 1,376,454 1,471,867

Total equity (reserves & retained earnings) 12,025,029 12,145,161

Total capital 13,401,483 13,617,028

Gearing ratio 10% 11%

NOTE 22: COMPANY DETAILS The registered office and principal place of business of the company is:

Coogee Legion Ex-Service Club Limited

200 Arden Street COOGEE NSW 2034

31


ABN 24 000 085 263 DIRECTORS’ DECLARATION

The directors of the company declare that:

1. the accompanying financial statements being the Statement of Profit or Loss and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to and forming part of the financial statements, are in accordance with the Corporations Act 2001:

a. comply with Accounting Standards; and

b. give a true and fair view of the financial position as at 30 June 2013 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.

COOGEE, 26 August 2013

Director ___________________________

R. Davison

Director ___________________________

B.L. Sloan

32

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF COOGEE LEGION EX-SERVICE CLUB LIM ITED

Report on the Financial Report

We have audited the accompanying financial report of Coogee Legion Ex-Service Club Limited (the company),

which comprises the statement of financial position as at 30 June 2013, the statement of profit or loss and other

comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that

date, a summary of significant accounting policies and other explanatory notes and the directors’ declaration.

Directors’ Responsibility for the Financial Report

The directors of the company are responsible for the preparation and fair presentation of the financial report that

gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting

Interpretations) 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in

accordance with Australian Auditing Standards. Those Auditing Standards require that we comply with relevant

ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance

whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks

of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments,

the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report

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 entity’s internal control.

An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as

evaluating the overall presentation of the financial report.

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

opinion.

Auditor’s Opinion

In our opinion:

a. the financial report of Coogee Legion Ex-Service Club 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 2013 and of its

performance for the year ended on that date; and

ii. complying with Australian Accounting Standards (including the Australian Accounting

Interpretations) and the Corporations Regulations 2001; and

b. the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

WONG & FERGUSSON


Date: 26 August 2013 G. Wong


33

COMPILATION REPORT

TO COOGEE LEGION EX-SERVICE CLUB LIMITED

On the basis of the information provided by the directors of Coogee Legion Ex-Service Club Limited, we have compiled, in accordance with APES 315 ‘Compilation of Financial Information’ the special purpose financial report of the client for year ended 30 June 2013 as set out on the Profit and Loss Statement, Detailed Profit and Loss Statement and Schedule to Detailed Profit and Loss Statement.

The directors are solely responsible for the information contained in the special purpose financial report.

The purpose of this special purpose financial report is to provide the club members more detailed information of the financial performance of the club, the club being a not-for-profit entity.

Our procedures use accounting expertise to collect, classify and summarise the financial information which the directors provided into a financial report. Our procedures do not include full verification or validation procedures. Accordingly no assurance is expressed.

To the extent permitted by law, we do not accept liability for any loss or damage which any person other than the company may suffer arising from any negligence on our part. No person should rely on the special purpose financial report without having an audit or review conducted.

The special purpose financial report was prepared exclusively for the benefit of the company. We do not accept responsibility to any other person for the contents of the special purpose financial report.

WONG & FERGUSSON


G. Wong

Date: 26 August 2013


34


PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2013

2013 2012

$ $

Operating profit/(loss) before income tax

39,829 59,558

Income tax attributable to operating result

159,961 158,642

Operating profit/(loss) after income tax (120,132) (99,084)

Retained profits at the beginning of the financial year

1,104,067 1,203,151

Retained profits at the end of the financial year

983,935 1,104,067

These financial statements should be read in conjunction with the attached Compilation Report.

35


DETAILED PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2013

2013 2012

$ $

INCOME

Gross Profit from Bar Trading 711,218 691,186

Net Income from Poker Machines 287,444 334,586

Membership Fees 40,505 40,963

Other Income 100,860 78,658

Interest Received 6,377 6,340

Commissions Received 42,762 39,288

GST Assistance Received 17,180 17,180

Profit on Sale of Plant & Equipment 12,263 5,839

1,218,609 1,214,040

These financial statements should be read in conjunction with the attached

Compilation Report.

36



2013 2012

$ $

EXPENSES

Accountancy Fees – Stocktake 5,850 5,400

Advertising 10,224 7,754

Auditor’s Fees – Audit and non-audit services 24,000 24000

Bank Charges 6,329 4,902

Borrowing Expenses 0 16,360

Club Membership Cards & Members’ Promotion 1,221 1,365

Competition Prizes 88,984 64,499

Consumable Supplies 19,499 25,223


Donations 1,366 600

Bands, Artists and Entertainment 108,737 94,940

Garbage & Cleaning 19,489 6,028

General Expenses 18,378 13,448

GST Expense 37,894 40,970

Interest 114,468 127,295

Insurance 35,419 48,208

Keno Bank Charges & Duties 144 288

Keno Maintenance Charges 119 150

Lease of Air Space 21,283 19,923

Legal Costs 7,210 3,535

Light & Power 69,385 61,093

Loss on Sale of Plant & Equipment 0 177

Mortality Fund 0 400

Poker League 9,431 0

Postage 777 847

Printing & Stationery 23,158 21,820

Provision for Holiday Pay -8,566 -4,785

Provision for Long Service Leave 1,648 6,794

Provision for Personal/Carer Leave -5,054 8,086

Rates & Taxes 26,572 24,253

Registration & Subscriptions 17,528 12,364

Repairs & Maintenance 95,623 113,077

Security 1,855 2,465

Staff Meals & Amenities 3,156 1,263

Staff Training 6,266 5,810

Storage Rent 0 1,800

Superannuation Contributions 66,123 72,039

Telephone 22,950 18,202

Uniforms 3,556 2,095

Wages 708,370 684,175

1,888,332 1,854,804

CLUB OPERATING PROFIT/(LOSS) (669,723) (640,764)

These financial statements should be read in conjunction with the attached Compilation Report

37



2013 2012

$ $

CLUB OPERATING PROFIT/(LOSS) (669,723) (640,764)

Add: Net Rental Income 709,552 700,322

OPERATING PROFIT/(LOSS) before Income Tax 39,829 59,558

These financial statements should be read in conjunction with the attached Compilation Report

38

COOGEE LEGION EX-SERVICE CLUB LIMITED SCHEDULE TO DETAILED PROFIT AND LOSS STATEMENT


2013 2012

Bar Trading Account $ $

SALES 1,186,821 1,168,759

Opening Stock 40,967 34,925

Purchases 477,827 483,615

518,794 518,540

Less Closing Stock 43,191 40,967

475,603 477,573

GROSS PROFIT FROM TRADING 711,218 691,186

Gross Profit Margin 60% 59%

Poker Machine Trading Account

GROSS INCOME after Jackpots & Refills 287,444 334,586

Poker Machine Duty 0 0

287,444 334,586

Property Account

GROSS RENT & OUTGOINGS RECEIVED 839,049 815,529

Insurance 20,968 19,360

Legal Fees 5,530 385

Rates & Taxes 38,451 36,622

Repairs & Maintenance 7,608 3,100

Wages 54,000 52,800


129,497 115,207

NET RENTAL INCOME 709,552 700,322

These financial statements should be read in conjunction with the attached Compilation Report.

Documents

COOGEE LEGION EX-SERVICE CLUB LIMITEDCOOGEE LEGION EX-SERVICE CLUB LIMITED ABN 24 000 085 263 AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO