TENTERFIELD BOWLING CLUB ABN 81 213 011 418 FINANCIAL ...tenterfieldbowlingclub.com.au/wp-content/uploads/2015/12/2015... · $2

TENTERFIELD BOWLING CLUB

ABN 81 213 011 418

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2015

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Directors Name Special

Responsibilities

Period as Director

Mr J Landers President Appointed September 2012

Mr M Petrie Director Appointed September 2013

Mr A Donges Treasurer Appointed September 2012

Ms C Duroux Director Appointed September 2012

Mr G Battersby Director Appointed September 2014

Mrs M Johnston Director Appointed September 2014

Mr K Mooney Director Appointed September 2014

Mr F McKeown Director Appointed September 2014

Resigned November 2014

Ms F Campbell Director Appointed September 2012

Resigned September 2014

Mr R Peters Vice President Appointed September 2012


Ms D Kirkman Director Appointed September 2012Resigned September 2014

Mr A Harvey Director

Number

attendedMr J Landers 13 13

Mr M Petrie 13

Mr A Donges 12

Ms C Duroux 5

Mr G Battersby 8

Mrs M Johnston 9

Mr K Mooney 5

Mr F McKeown 2 2

Ms F Campbell 4 4

Mr R Peters 4 4

Mrs D Kirkman 4 1

Mr A Harvey 1

Board Member since September 2012




Vice President September 2012 to

September 2013


ABN 81 213 011 418

DIRECTORS REPORT



President since September 2012 to

September 2013

Vice President since September 2013

Your directors present their report on the Club for the financial year ended 30 June 2015.

The names of the directors in office at any time during, or since the end of, the year and the period that each director has

been in office:


Qualifications and Experience

During the financial year, 13 meetings of directors (including committees of directors) were held and the attendances by

each director during the year were as follows:

Board Member from September 2014

Directors


4

9

Directors' Meetings

Eligible to

attend


Treasurer since September 2012



Meetings of Directors

13

Appointed September 2013


9


9

13

13


ABN 81 213 011 418

DIRECTORS REPORT


Principal Activities

Short Term Objectives of the Club

The Club has identified the following short term objectives:

The principal activities of the Club are that of a Licensed Club to facilitate the promotion and development of lawn bowls,

to assist other sporting associations, schools, cultural and charity organisations as well as establishing a viable community

partnership with other businesses in Tenterfield.

To provide services to members commensurate with industry needs and regulatory requirements.

Continue to be provided with timely financial reports to assist in making financial decisions

The Club has adopted the followings strategies in order to achieve these short term objectives:

To encourage more members to use the clubs facilities

To reduce club debt

To meet financial viability and accountability requirements

To provide a workplace that is compliant with industry and legislative requirements.

Development of an operational budget and reporting back to such budget

To continue the operation of sport committees to achieve sporting outcomes and promotion of the Club

To grow the Club operations in accordance with member interests.

A loss for the financial year was $107,896 compared to the 2014 profit of $111,968

To continue to comply with industry regulations and legislation

Continue to be provided with timely financial reports to assist in making financial decisions

Performance Measurement

Current debt of the Club for the financial year $391,835, last year $1,671

As of the 30th June the Club had 1,439 members including 7 life members. At $20 per member, the total member

contribution on winding up would be $28,780.

Membership Details

The Club uses the following key performance indicators to measure performance:

The Tenterfield Bowling Club is incorporated under the Corporations Act 2001, and is an entity limited by guarantee. As

such there is no issued capital nor is any member liable for any debts of the Club in the event the Club is wound up.

However at the same time no member is entitled to share in any profits that arise from the operations of the Club.

Cash flow from operating activities for the financial year was $117,974, last year $190,994

In the event of the Club being wound up, any profits or surplus assets are to be transferred to another such like

organisation with similar aims and objectives to this Club. In the event of a winding up the contributions to be made by

members are limited to $20 per member.

Long Term Objectives of the Club

The Club has identified the following long term objectives:

To ensure a sustainable industry

The preparation of budgets to accommodate club infrastructure needs, service delivery, and employment costs, whilst

remaining financially secure.

To continue to be financially secure and viable

The Club has adopted the followings strategies in order to achieve these long term objectives:


ABN 81 213 011 418

DIRECTORS REPORT


Signed in accordance with a resolution of the Board of Directors

Mr J Landers Mr M Petrie

President Director

Dated: 25 August 2015

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is attached

to these financial statements.

Auditors' Independence Declaration

2015 2014

Note $ $

Sales revenue 2 544,724 592,158

Cost of goods sold (257,031) (291,595)

Gross profit 287,694 300,564

Other revenue 2 1,437,278 1,609,803

Total Revenue 1,724,971 1,910,367

Advertising and marketing expenses (118,973) (135,302)

Gaming expenses (106,697) (174,224)

Bowling expenses (28,344) (84,635)

Motel expenses (194,684) (289,890)

Employee benefits expense (603,743) (422,099)

Depreciation expense 3 (208,340) (181,406)

Occupancy expenses (289,263) (235,974)

Administration expenses (157,808) (147,743)

Other expenses (125,014) (127,126)

(Loss)/profit before income tax expense (107,896) 111,968

Income tax expense 1(a) - -

(Loss)/profit after income tax expense (107,896) 111,968

Other comprehensive income for the year, net of tax - -

Total comprehensive (loss)/profit for the year (107,896)$ 111,968$

Total comprehensive (loss)/income attributable to members of the entity (107,896)$ 111,968$

ABN 81 213 011 418

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME



2015 2014

Note $ $

ASSETS

CURRENT ASSETS

Cash and cash equivalents 4 104,474 442,808

Trade and other receivables 5 8,091 5,724

Inventories 6 36,300 26,947

Financial assets 9 5,192 10,287

Other current assets 7 16,176 7,446

TOTAL CURRENT ASSETS 170,233 493,213

NON CURRENT ASSETS

Property, plant and equipment 8 2,810,439 2,155,114

TOTAL NON CURRENT ASSETS 2,810,439 2,155,114

TOTAL ASSETS 2,980,672 2,648,327

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 10 103,662 70,665

Borrowings 11 29,927 1,671

Provisions 12 136,385 124,351

Other liabilities 13 3,565 4,160

TOTAL CURRENT LIABILITIES 273,538 200,847

NON CURRENT LIABILITIES

Borrowings 11 361,908 -

Provisions 12 11,808 5,986

TOTAL NON CURRENT LIABILITIES 373,716 5,986

TOTAL LIABILITIES 647,254 206,833

NET ASSETS 2,333,418$ 2,441,494$

EQUITY

Retained earnings 2,324,734 2,432,630

Travelling bowlers reserve 8,684 8,865

TOTAL EQUITY 2,333,418$ 2,441,494$


ABN 81 213 011 418

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2015

Retained

Earnings

Travelling

Bowlers

Reserve

Retained

EarningsTotal

$ $ $ $

Balance at 30 June 2013 8,099$ 2,320,662$ 2,328,761$

Total comprehensive income for the year - 111,968 111,968

Transfers to reserves - 766 - 766

Balance at 30 June 2014 -$ 8,865$ 2,432,630$ 2,441,494$

Total comprehensive loss for the year - (107,896) (107,896)

Transfers (from) reserves - (180) - (180)

Balance at 30 June 2015 -$ 8,685$ 2,324,734$ 2,333,418$


ABN 81 213 011 418

STATEMENT OF CHANGES IN EQUITY


2015 2014

Note $ $

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from customers 1,942,592 2,201,636

Payments to suppliers and employees (1,836,080) (2,021,184)

Interest received 6,443 13,555

Finance costs (12,707) (3,013)

Net cash provided by operating activities 100,248 190,994

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipment & Insurance Recoveries 32,823 13,091

Transfers from investments 5,095 142,505

Purchase of property, plant and equipment (866,664) (399,238)

Net cash (used in) investing activities (828,746) (243,642)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 420,091 -

Repayment of borrowings (29,927) (1,239)

Net cash provided by/(used in) financing activities 390,164 (1,239)

Net (decrease) in cash held (338,334) (53,887)

Cash at the beginning of the financial year 442,808 496,695

Cash at the end of the financial year 4 (a) 104,474$ 442,808$


ABN 81 213 011 418

STATEMENT OF CASH FLOWS


Note 1: Statement of Significant Accounting Policies

Basis of Preparation

(c) Property, Plant and Equipment

The following significant accounting policies have been adopted in the preparation and presentation of the financial report:

The financial statements cover Tenterfield Bowling Club as an individual entity. Tenterfield Bowling Club is a public companylimited by guarantee, incorporated and domiciled in Australia.

Accounting Policies

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requiresmanagement to exercise its judgement in the process of applying the company's accounting policies.

The financial statements were authorised for issue on 25 August 2015 by the directors of the company.

No provision for income tax has been raised as the entity is exempt from paying income tax under Div 50 of the Income TaxAssessment Act 1997.

Inventory is recorded on a first in first out (FIFO) basis. Inventories are measured at the lower of cost and net realisable value.

(a) Income Tax

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards -Reduced Disclosure Requirements and Interpretations issued by the Australian Accounting Standards Board ('AASB') and theCorporations Act 2001, as appropriate for not-for-profit oriented entities.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies havebeen consistently applied to all the years presented, unless otherwise stated.

(b) Inventories


ABN 81 213 011 418

NOTES TO THE FINANCIAL STATEMENTS


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

Property

The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based onhistorical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assetsand financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.

Freehold land and buildings are shown at cost less depreciation and impairment losses.



ABN 81 213 011 418



Class of Fixed Asset Depreciation Rate

Land Improvements 3.0%Bowling Greens & Additions 2.5% to 10%Club House & Additions 2.5% to 12.5%Bar Plant & Equipment 5% to 100%Gaming Machines 20% to 33.3%Plant & Equipment 2.5% to 100%Gaming Facilities 2.5% to 20%Office Equipment 2.5% to 100%Motel & Motel Plant & Equipment 2.5% to 100%Restaurant Plant & Equipment 10% to 50%

Financial instruments are initially measured at fair value plus transaction costs, except where the instrument is classified as 'fairvalue through profit and loss' in which case transactions costs are expensed to the statement of profit or loss and othercomprehensive income immediately.

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

An assets' carrying amount is written down immediately to its recoverable amount if the assets' carrying amount is greater thanits estimated recoverable amount.

The depreciable amount of all fixed assets including building and capitalised leased assets, but excluding freehold land, isdepreciated on a diminishing value basis over their useful lives to the Club commencing from the time the asset is held readyfor use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimateduseful lives of the improvements.

(d) Financial Instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to theinstrument. For financial assets, this is equivalent to the date that the Club commits itself to either purchase or sell the asset(i.e. trade date accounting is adopted).

Depreciation

Plant and Equipment

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses areincluded in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluationreserve relating to that asset are transferred to retained earnings.

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

Plant and equipment are measured on the cost basis less depreciation and impairment losses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverableamount from these assets. The recoverable amount is assessed on the basis of expected net cash flows which will be receivedfrom the assets employment and subsequent disposal. The expected net cash flows have been discounted to their presentvalues in determining the recoverable amounts.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it isprobable that future economic benefits associated with the item will flow to the company and the cost of the item can bemeasured reliably. All other repairs and maintenance are charged to the statement of profit or loss and other comprehensiveincome during the financial period in which they are incurred.



ABN 81 213 011 418



Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments,and it is the Club's intention to held these investment to maturity. They are subsequently measured at amortised cost. Gains orlosses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an activemarket and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through theamortisation process and when the financial asset is derecognised.

Classification and subsequent measurement

Financial instruments are subsequently measured at fair value, amortised cost using the effective interest rate or cost. Fairvalue represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willingparties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuationtechniques are adopted.

Fair value

Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determinethe fair value for all unlisted securities, including recent arm’s length transactions.

(ii) Held-to-maturity investments

(iii) Financial liabilities

Non-derivative financial liabilities, other than financial guarantees are subsequently measured at amortised cost. Gains orlosses are recognised through the statement of profit or loss and other comprehensive income through the amortisationprocess and when the financial liability is recognised.

Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition lessprincipal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference betweenthat initial amount and the maturity amount calculated using the effective interest method.

Impairment

At the end of each reporting period, the company assesses whether there is objective evidence that a financial instrument hasbeen impaired. In the case of available-for sale financial instruments, a significant or prolonged decline in the value of theinstrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the statement ofprofit or loss and other comprehensive income.

(i) Loans and receivables

The effective interest rate method is used to allocate interest income or interest expense over the relevant period and isequivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs andother premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contract terms) throughthe expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carryingamount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment tothe carrying value with a consequential recognition of an income or expense in the statement of profit or loss and othercomprehensive income.



ABN 81 213 011 418



Impairment testing is performed annually for intangible assets with indefinite lives.

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

Derecognition

(e) Impairment of Assets

(f) Employee Benefits

Financial assets are derecognised where the contractual rights to receipt of cash flows expire or the asset is transferred toanother party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated withthe asset. Financial liabilities are derecognised where the related obligations are discharged, cancelled or expire. The differencebetween the carrying value of the financial liability extinguished or transferred to another party and the fair value ofconsideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in the statement of profit orloss and other comprehensive income.

At the end of each reporting period, the company assesses whether there is any indication that an asset may be impaired. Theassessment will include considering external sources of information and internal sources of information. If such an indicationexists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of theasset's fair value less costs to sell and value in use to the asset's carrying value. Any excess of the asset's carrying value of itsrecoverable amount is expensed to the statement of profit or loss and other comprehensive income.

Short-term employee benefits

Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settledwithin 12 months of the reporting date are recognised in current liabilities in respect of employees' services up to the reportingdate and are measured at the amounts expected to be paid when the liabilities are settled.

Other long-term employee benefits

The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date arerecognised in non-current liabilities, provided there is an unconditional right to defer settlement of the liability. The liability ismeasured as the present value of expected future payments to be made in respect of services provided by employees up to thereporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels,experience of employee departures and periods of service. Expected future payments are discounted using market yields at thereporting date on national government or commercial bonds with terms to maturity and currency that match, as closely aspossible, the estimated future cash outflows.



ABN 81 213 011 418



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

(j) Revenue

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

Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reportingperiod.

Revenue form the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks andrewards of ownership of the goods and the cessation of all involvements in those goods.

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

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

(i) Trade and Other Payables

(g) Provisions

(k) Goods and Services Tax

(h) Cash and Cash Equivalents

Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services receivedby the Club during the reporting period, which remain unpaid. The balance is recognised as a current liability with the amountsnormally paid within 30 days of recognition of the liability.

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

(l) Comparative Figures

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activitieswhich are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customersor payments to suppliers.

Commitments and contingencies are disclosed on a gross basis.

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is notrecoverable from the Australian Taxation Office (ATO). in this case it is recognised as part of the cost of the acquisition of theasset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in thestatement of financial position.



ABN 81 213 011 418



(o) New, revised or amending Accounting Standards and Interpretations adopted

The company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by theAustralian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been earlyadopted.

(n) Leases

Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantialperiod of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets aresubstantially ready for their intended use or sale.

All other borrowing costs are recognised as an expense in the period in which they are incurred.

Leased assets are depreciated on a straight line basis over their estimated useful lives where it is likely that the company willobtain ownership of the asset or over the term of the lease.

(m) Borrowing Costs

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

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legalownership that are transferred to the company are classified as finance leases.

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

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

Note 2015 2014

$ $

Note 2: Revenue

Sales of goods 544,724 592,158

Total sales 544,724 592,158

Other activities:

Interest received from other persons 6,443 13,555

Poker machine income 790,028 948,153

TAB and Keno income 61,231 60,370

Bowling Income 26,358 26,133

Motel operations 394,936 352,896

Rebates & Subsidies 17,164 15,978

Raffles & Vouchers 52,696 63,984

Membership subscriptions 6,645 6,640

Sponsorships and donations 2,702 4,693

Profit on sale of fixed assets 30,005 24,090

Other revenue 49,072 93,311

Total revenue from other activities 1,437,278 1,609,803

Total revenue 1,982,002$ 2,201,961$

Note 3: Expenses

Depreciation expense 208,340$ 181,406$

Note 4: Cash and Cash Equivalents

Cash on hand 65,470 71,556

Cash at bank 39,004 371,252

104,474$ 442,808$

(a) Reconciliation of cash and cash equivalents

Cash and cash equivalents 104,474 442,808

104,474$ 442,808$

Note 5: Trade and Other Receivables

CURRENT

Sundry receivables 4,866 -

Trade receivables 3,225 5,724

8,091$ 5,724$

Note 6: Inventories

CURRENT

Stock on hand 36,300 26,947

36,300$ 26,947$


ABN 81 213 011 418



Cash and cash equivalents at the end of the financial year as shown in the statement

of cash flows is reconciled to items in the statement of financial position as follows:

Note 2015 2014

$ $


ABN 81 213 011 418



Note 7: Other Assets

CURRENT

Prepayments 16,176 7,446

16,176$ 7,446$

Note 8: Property, Plant & Equipment

Land and Buildings (at cost)

Land & Improvements 128,914 128,914

Less Accumulated Depreciation (17,659) (15,776)

111,255 113,138

Bowling Greens 150,000 150,000

Less: Accumulated depreciation (55,316) (52,388)

94,684 97,612

Bowling Green Additions 30,484 30,484


23,638 25,215

Bowling Green Sheds 34,470 34,470

Less Accumulated Depreciation (11,916) (11,263)

22,554 23,207

Club House 459,659 459,659


313,577 321,618

Club House Additions 797,425 225,493


775,220 215,836

Car Park 18,369 18,369


14,213 14,561

Motel 986,883 986,883


665,504 690,716

Capital Works in Progress - 57,627

Total Land and Buildings 2,020,644 1,559,530

Note 2015 2014

$ $


ABN 81 213 011 418



Plant, Equipment & Fittings (at cost)

Bar Plant & Equipment 232,898 224,770


55,897 62,003

Gaming Machines 717,669 688,427


253,380 131,564

Plant & Machinery 874,719 814,577


347,889 341,972

Gaming Facilities 150,624 77,872


80,954 10,862

Office Equipment 49,049 49,059


14,695 21,643

Motel Plant & Equipment 28,880 28,880


9,890 15,480

Restaurant Plant & Equipment 40,133 21,619


27,090 12,060

Total Plant, Equipment and Fittings 789,795 595,585

Total Property, Plant and Equipment 2,810,439$ 2,155,114$

(a) Movements in carrying amounts

Land and

Buildings

Plant and

Equipment Total

Balance at the beginning of the year 1,559,530 595,585 2,155,115

Additions 514,304 352,360 866,664

Disposals - (3,000) (3,000)

Depreciation expense (53,190) (155,150) (208,340)

Carrying amount at the end of the year 2,020,644$ 789,795$ 2,810,439$

Movements in carrying amount for each class of property, plant and equipment between the beginning and the end of the current finan

Note 2015 2014

$ $


ABN 81 213 011 418



Note 9: Financial Assets

Held to maturity financial assets 5,192 10,287

5,192$ 10,287$

(a) Held-to-maturity financial assets comprise:

- term deposits 5,192 10,287

5,192$ 10,287$

Note 10: Trade and Other Payables

CURRENT

Unsecured liabilities;

Trade payables 87,592 53,023

Sundry payables and accrued expenses 16,070 17,643

103,662$ 70,665$

Note 11: Borrowings

CURRENT

Secured liabilities:

Bank loan 29,927 1,671

29,927 1,671

NON-CURRENT

Secured liabilities:

Bank loan 361,908 -

361,908 -

Total Borrowings 391,835$ 1,671$

Bank loan 391,835 1,671

391,835$ 1,671$

Note 12: Provisions

Current 136,385 124,351

Non-current 11,808 5,986

148,193$ 130,337$

Provision for employee benefits

A provision has been recognised for employee entitlements relating to annual, long service and personal leave. In calculating the

present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on

historical data. The measurement and recognition criteria relating to employee benefits has been included in note 1 to this report.

The bank loan is secured by the Club.

Held-to-maturity assets comprise term deposits with financial

institutions. There are fixed rate returns upon maturity of these

assets.

(a) Total current and non-current secured liabilities:

Note 2015 2014

$ $

Note 13: Other Liabilities

CURRENT

Other liabilities - 600

Subscriptions received in advance 3,565 3,560

3,565$ 4,160$

Note 14: Events After the End of the Reporting Period

Note 15: Related Party Transactions

Key management personnel compensation 109,997$ 104,912$

Transactions with related parties were:

M Jones 418$ 1,491$

G Campbell - provided the club with dairy products 529$ 10,963$

Gil Battersby - Plumbing 504$ -$

TDG Business Services Pty Ltd - contracted to perform accountancy assistance 37,825$ 48,635$

Note 16: Going Concern

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 financialyears.

The financial statements have been prepared on a going concern basis, which assumes that the company will be able tocontinue their trading activities. The company has recognised a loss after income tax of $107,896 and positive net operatingcash flows of $100,248 for the year ended 30 June 2015 and as at that date, current liabilities exceed current assets by$70,300.

The company is in a net current liability position largely due to the level of employee provisions owing which would only requirerepayment in total if the company was to cease trading which is not their intention.

In the unlikely event that the above results in a negative outcome, then the going concern basis may not be appropriate. Noallowance for such circumstances has been made in the financial report.

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.


ABN 81 213 011 418



The totals of remuneration paid to key management personnel (KMP) during the year are as follows:

Related Parties

Other Related Parties

1.

2.

3.

On behalf of the directors

Mr J Landers Mr M Petrie

President Director

Dated: 25 August 2015


ABN 81 213 011 418

DIRECTORS' DECLARATION


The attached financial statements and notes thereto comply with the Corporations Act 2001, the Australian Accounting

Standards - Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional

reporting requirements;

In the directors' opinion

The attached financial statements and notes thereto give a true and fair view of the company's financial position as at 30

June 2015 and of its performance for the financial year ended on that date; and

There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due

and payable.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

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28 August 2015

2015 2014

$ $

Bar Trading

Sales 544,724 592,158

Cost of goods sold (257,031) (291,595)

Bar net profit 287,694$ 300,564$

Gross profit percentage to sales 52.81% 50.76%

Poker Machine Income

Gaming Income 790,028 948,153

Less: Gaming expenses (123,886) (151,073)

Poker Machines net profit 666,142$ 797,080$

Keno

Keno Income 45,650 43,306

Keno gross profit 45,650$ 43,306$

TAB

TAB Income 15,581 17,064

Less: TAB expenses (36,722) (23,151)

Net (loss) (21,141)$ (6,087)$

Motel

Motel Sales 394,936 352,896

Less: Direct expenses (292,853) (289,890)

Net profit 102,082$ 63,006$

Bowling Income

Bowling Income 26,358 26,133

Less: Bowls expenses (87,460) (84,635)

Net (loss) (61,102)$ (58,502)$


ABN 81 213 011 418

DETAILED TRADING STATEMENTS


2015 2014

$ $

Income

Net profit/(loss) from trading:Bar net profit 287,694 300,564

Poker Machines net profit 666,142 797,080

Keno gross profit 45,650 43,306

TAB net loss (21,141) (6,087)

Motel 102,082 63,006

Bowls loss (61,102) (58,502)

Interest received 6,443 13,555

Alphy and Bingo 13,481 15,363

ATM Commission 9,379 4,913

Insurance Recoveries - 47,061

Membership subscriptions 6,645 6,640

Raffles & Vouchers 52,696 63,984

Rebates & Subsidies 17,164 15,978

Vending Machine Commissions 2,702 4,693

Profit on sale of assets 30,005 24,090

Sundry income 26,212 25,975

Total Income 1,184,051 1,361,618

Expenditure

Administration Expenses

Accounting Fees 37,903 44,214

Audit Fees 8,915 18,710

Bank charges 6,943 6,141

Computer support 13,265 16,998

Consultants 3,037 1,950

Directors' expenses 3,197 4,440

Honorariums 1,500 2,000

Legal Fees 27,567 6,610

Licences & Subscriptions 12,144 4,624

Other administration expenses 20,039 13,074

Postage, Printing & Stationery 7,820 6,278

Sundry 1,053 8,111Telephone 14,424 14,594

157,808 147,743

Advertising & Marketing Expenses

Advertising 75,731 76,505

Donations & Sponsorships 21,565 13,663

Entertainment 21,676 45,133

118,973 135,302

Employee Benefits Expenses

Provision expense - annual leave 2,871 (14,656)

Provision expense - long service leave 11,299 (15,094)

Provision expense - sick leave (2,980) (5,754)

Superannuation 47,090 52,934

Wages 321,487 391,855Workers Compensation Insurance 12,781 12,814

392,548 422,099


ABN 81 213 011 418


DETAILED INCOME AND EXPENDITURE STATEMENT

2015 2014

$ $


ABN 81 213 011 418


DETAILED INCOME AND EXPENDITURE STATEMENT

Occupancy Expenses

Cleaning contract 90,228 43,959

Cleaning materials 7,711 7,028

Electricity 52,561 58,312

Gas 7,153 5,865

Insurance 39,093 41,859

Members Amenities 10,389 4,509

Members Draw 11,312 9,261

Membership Expenses 510 660

Rates 22,145 23,603

Repairs and maintenance 37,690 35,316

Security 10,472 5,602

289,263 235,974

Other Expenses

Sundry expenses 1,863 1,293

Freight 9,948 7,701

Raffle Expenses 68,364 68,159

Alphy & Bingo Expenses 27,851 25,163

Staff Amenities & Training 5,091 11,915

Vouchers Redeemed 11,898 12,896

125,015 127,126

Depreciation 208,340 181,406

Total Expenditure 1,291,947 1,249,650

(Loss)/profit before Income Tax Expense (107,897)$ 111,968$

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