URANA BOWLING CLUB LTD. · 2016. 7. 12. · Thanks also to Harry for the Friday raffles and Mark for his Kitchen, outdoor help and being the best “carpet shampooer” going. I would

President Vice President

P.M.. BOURKE A.M. STAKELUM

Honorary Treasurer Honorary Secretary

D.G. RHODES R.M. EMERY

Directors

A. MANSELL and N.M.A. BOURKE

Dear Fellow Members, You are hereby requested to attend the Annual General Meeting of the Urana Bowling Club Limited to be held in the clubhouse, William Street, Urana on Wednesday 27th July 2016 at 7pm. Nominations are called to fill the following positions on the Board of Management: Chairperson, two [2] Deputy Chairpersons, Honorary Treasurer and up to five [5] other Directors. Nominations close with the Secretary on Tuesday 5th July 2016. (Nomination forms available at the Club, or on request) Please also note: This year the Auditor’ s Report, Director’s Report and Balance Sheet will be included on the Club’s website, (urana.bowls.com.au). However, hard copy will be provided on request. Yours faithfully, R.M. EMERY Honorary Secretary

BUSINESS

1. CONFIRMATION OF MINUTES. 2. APOLOGIES. 3. CHAIRMAN’S REPORT. 4. PRESENTATION OF BALANCE SHEET & TRADING ACCOUNTS AND AUDITORS REPORT. 5. HONORARIUM – PRESIDENTS ALLOWANCE. 6. GENERAL BUSINESS: 7. ELECTION OF DIRECTORS: Chairperson, Two [2] Deputy Chairpersons, Honorary Treasurer

and up to five [5] other Directors. 8. APPOINTMENT OF AUDITOR

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URANA BOWLING CLUB LTD.

__________________________ ABN 91 001 017 410 ________________________

PRESIDENT'S REPORT for 2015/2016

Dear Fellow Members

Well another financial year done and dusted , with lots of pain for a little gain, and we are still here !

Our net profit of $25,646 looks great on the balance sheet, mainly brought about by reducing our Poker

machines from six to four with the sale of two entitlements. We also replaced four aging machines with late

models and one being new.

Catering

This has proved to be a very significant and successful initiative in our efforts to keep our Club in the Black.

Apart from the regular monthly meals, our volunteers along with Joan, also catered for many other functions ,

including the monthly Shire lunches, a considerable effort throughout the past twelve months.

Bowls

Throughout the year there were various tournaments and fun days for charity, that brought many visitors and

was a great help socially as well as the financial running of the Club. The Club introduced the inaugural “Bernie

Hemphill” memorial Bowls Day, which was hugely successful.

The Club struggled to field a side each week for the Albury & District Pennants and joined Rand to keep our

flag flying. An attempt will be made to field our own team for the coming year.

A special thanks to Peter Driscoll and Mick Dunnett for their input for running the bowling operations of the

Club, with the help of the bowls committee.

Tennis

The Tennis Club maintained their popularity with another good season, and once again winning the Burraja and

District Association Shield.

Honorary Life Memberships

Congratulations to both Aileen Stakelum and Joan Field who were granted Honorary Life membership for their

long and meritorious contribution to the Club.

Other Items

On the Auditors advice it was resolved to change our accounting system to web based “Xero”. A new PC and

Modem was purchased to accommodate this change.

During the year the Club applied and was granted approval for children (accompanied by parents) to be

permitted in the Bar area.

A large Keno win at the Club for a member of $32,000.

Presentation to Helen Widdup for retirement after 40 years, at a well-attended Club Christmas party.

Bishop Rob’s “The Visit” in December was an outstanding success.

Both the Bowling Green and Tennis Courts rejuvenated.

Plans are now underway to celebrate the Club’s 60th

Anniversary in September 2016, with an invitation

extended to the State president of the RNSWBA.

In closing I would like to thank the Board and especially Ralph Emery and Gaye Rhodes for their work as

Secretary and Treasurer.

Thanks also to Harry for the Friday raffles and Mark for his Kitchen, outdoor help and being the best “carpet

shampooer” going.

I would also like to take this opportunity to thank the many other volunteers in the kitchen and the Bar, along

with our dedicated staff Joan, Toni , and Helen (now retired).

Exciting news: Two new Voluntary Bar Steward characters coming shortly !

In closing, on behalf of the committee, I would like to thank, our members and many volunteers , for their

continued and much needed support , to ensure this very important venue is here for us all to enjoy in the future.

Yours sincerely,

Patrick Bourke

PRESIDENT.

URANA BOWLING CLUB LIMITED

ABN 91 001 017 410

URANA BOWLING CLUB LIMITEDABN: 91 001 017 410

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL, 2016


CONTENTSFOR THE YEAR ENDED 30 APRIL, 2016

Page

1256789

101617

Financial StatementsClub Property DeclarationDirectors' ReportAuditors Independence Declaration under Section 307C of the Corporations Act 2001 Statement of Profit or Loss and Other Comprehensive IncomeStatement of Financial PositionStatement of Changes in EquityStatement of Cash FlowsNotes to the Financial StatementsDirectors' DeclarationIndependent Audit ReportDisclaimerDetailed Profit and Loss Statement

1920


CLUB PROPERTY DECLARATION

Pursuant to Section 41J(2) of the Registered Clubs Act the Directors declare that, for the financial year ended 30April 2016, the classification of the leasehold land is as follows:

Property Address Current Usage Classification

Lots A,B,C and 1 of 14-24 William Street URANA NSW 2645 Clubhouse & facilities Core

Notes to Members

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

2. Core property is any real property owned or occupied by the Club that comprises:(a) the defined premises of the Club; or(b) any facility provided by the Club for use of its members and their guests; or(c) any other property declared by a resolution passed by a majority of the members present at a

general meeting of Ordinary members of the Club to be core property of the Club.

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

4. The significance of the distinction between core property and non-core property is that the Club cannot dispose of any core property unless:(a) the property has been valued by a registered valuer within the meaning of the Valuers Act 2003;

and(b) the disposal has been approved at a general meeting of the ordinary members of the Club at

which the majority of the votes cast support the approval; and(c) any sale is by way of public auction or open tender conducted by an independent real estate

agent or auctioneer.

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

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

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

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URANA BOWLING CLUB LIMITED ABN: 91 001 017 410

DIRECTORS' REPORT30 APRIL, 2016

The directors present their report on Urana Bowling Club Limited for the financial year ended 30 April, 2016.

Directors

The names of the directors in office at any time during, or since the end of, the year are:Names Position Appointed/Resigned

Ralph Munro Emery Honorary SecretaryWilliam Ian Coghill Director Resigned 29th July 2015Kevin James O'Farrell Chairman Resigned 29th July 2015Aileen Mary Stakelum Deputy ChairpersonDiane Gaye Rhodes TreasurerAlan Francis Mansell DirectorLisa Gaye Rhodes Director Resigned 29th July 2015Patrick Michael Bourke Chairman Appointed 29th July 2015Natascha Maria AlexandraBourke Director Appointed 29th July 2015

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

Principal activities The principal activity of Urana Bowling Club Limited during the financial year was to operate and promote the licensed bowling club for the members of the club.

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

Short term objectives

The Company's short term objectives are to:

Support the local community;

Maintain goodwill and fellowship; and

Promote bowls.

Long term objectives

The Company's long term objectives are to:

Establish and maintain strong relationships with the local community;

Be sustainable and strive for continuous improvement so as to offer the best possible outcomes forthe Club's members and guests; and

Replace the synthetic greens when required.

Strategy for achieving the objectives

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

• Improve the Club facilities and strive for additional efficiencies; and

• Provide a wide range of entertainment for the local community.

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Performance measures

To measure the Company's performance, the Club compares their performance against qualitative andquantitative benchmarks to assess financial sustainability of the Company and to ensure that the the Club's short-term and long-term objects are being met.

Information on directors

The names of each person who has been a director during the year and to the date of this report are:Ralph Munro Emery Retired. 42 years service on the Board.William Ian Coghill Farmer. 17 years service on the Board.Kevin James O'Farrell Retired. 4 years service on the Board.Aileen Mary Stakelum Retired. 4 years service on the Board.Diane Gaye Rhodes Retired. 6 years service on the Board.Alan Francis Mansell Mechanic. 3 years service on the Board.Lisa Gaye Rhodes Shop Assistant. 2 years service on the Board.Patrick Michael Bourke Store Manager. Less than 1 year service on the Board.Natascha Maria Alexandra Bourke Home duties. Less than 1 year service on the Board.

Members guarantee

Urana Bowling Club Limited is a company limited by guarantee. In the event of, and for the purpose of winding up of the company, the amount capable of being called up from each members and any person or association who ceased to be a member in the year prior to the winding up, is limited to $ 2 each, subject to the provisions of the company's constitution.

At 30 April, 2016 the collective liability of members was $ 330 (2015: $ 340).

Operating results

The profit of the Company amounted to $ 25,646 (2015: $ 2,837).

Meetings of directors

During the financial year, 13 meetings of directors were held. Attendances by each director during the year were as follows:

Numbereligible to

attendNumberattended

Ralph Munro Emery 13 13William Ian Coghill 4 -Kevin James O'Farrell 4 2Aileen Mary Stakelum 13 13Diane Gaye Rhodes 13 13Alan Francis Mansell 13 11Lisa Gaye Rhodes 4 4Patrick Michael Bourke 10 9Natascha Maria Alexandra Bourke 10 8

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Indemnification and insurance of officers and auditors

During or since the end of the the financial year, the Company has given an indemnity to enter an agreement toindemnify, or paid or agreed to pay insurance premiums to insure against each of the directors against liabilitiesfor costs and expenses incurred by them in defending any legal proceedings arising out of their conduct whileacting in the capacity of director of the company, other than conduct involving a wilful breach of duty in relationto the Company.

Auditor's independence declaration

The auditor's independence declaration in accordance with section 307C of the Corporations Act 2001 for theyear ended 30 April, 2016 has been received and can be found on page 5 of the financial report.

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

Director: ............................................................... Director: ................................................................

Dated this 2nd day of July 2016

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Patrick BourkeAileen Stakelum

AUDITORS INDEPENDENCE DECLARATION UNDER SECTION 307C OF THECORPORATIONS ACT 2001 TO THE DIRECTORS OF URANA BOWLING CLUB

LIMITED

I declare that, to the best of my knowledge and belief, during the year ended 30 April 2016, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 inrelation to the audit; and

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

Countplus National AuditsAuthorised Audit Company1/185 Morgan Street, WAGGA WAGGA NSW 2650

___________________________________

Steven J Watson CA

Dated this this 2nd day of July 2016

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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 APRIL, 2016

Note2016

$2015

$Revenue 3 267,828 248,120Purchases (66,552) (72,600)Employee benefits expenses (60,035) (65,407)Occupancy expenses (31,809) (30,041)Depreciation and amortisation expenses 7 (30,549) (17,865)Member and raffle expenses (11,621) (12,378)Catering expenses (10,493) (6,998)Auditors' remuneration (9,652) (6,380)Provision for employee entitlements movement (5,213) 2,019Repairs and maintenance (5,763) (3,925)Changes in inventory (2,149) (1,712)Other expenses (8,346) (29,996)

Profit for the year 25,646 2,837

Total comprehensive income for the year 25,646 2,837

The accompanying notes form part of these financial statements.6


STATEMENT OF FINANCIAL POSITION30 APRIL, 2016

Note2016

$2015

$

ASSETSCURRENT ASSETSCash and cash equivalents 5 95,010 81,871Trade and other receivables 6 240 32Inventories 5,823 7,972TOTAL CURRENT ASSETS 101,073 89,875NON-CURRENT ASSETSProperty, plant and equipment 7 275,977 255,510TOTAL NON-CURRENT ASSETS 275,977 255,510TOTAL ASSETS 377,050 345,385

LIABILITIESCURRENT LIABILITIESTrade and other payables 8 6,345 5,539Employee benefits 9 39,399 34,187TOTAL CURRENT LIABILITIES 45,744 39,726 TOTAL LIABILITIES 45,744 39,726NET ASSETS 331,306 305,659

EQUITYRetained earnings 331,306 305,659

331,306 305,659TOTAL EQUITY 331,306 305,659



STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 APRIL, 2016

RetainedEarnings

$Total

$Balance at 1 May 2014 302,821 302,821Profit attributable to members 2,838 2,838

Balance at 30 April 2015 305,659 305,659Profit attributable to members 25,647 25,647

Balance at 30 April 2016 331,306 331,306



STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 APRIL, 2016

Note2016

$2015

$

CASH FLOWS FROM OPERATING ACTIVITIES:Receipts from customers 219,972 248,943Payments to suppliers and employees (205,615) (227,954)Interest received 1,781 1,190Net cash provided by/(used in) operating activities 10 16,138 22,179

CASH FLOWS FROM INVESTING ACTIVITIES:Proceeds from sale of plant and equipment 22,370 -Payment for intangible asset 26,001 -Purchase of non-current assets (51,370) -Net cash used by investing activities (2,999) -

CASH FLOWS FROM FINANCING ACTIVITIES:

Net increase/(decrease) in cash and cash equivalentsheld 13,139 22,179Cash and cash equivalents at beginning of year 81,871 59,692Cash and cash equivalents at end of financial year 5 95,010 81,871



NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 APRIL, 2016

The financial report covers Urana Bowling Club Limited as an individual entity. Urana Bowling Club Limited is

a Company limited by guarantee, incorporated and domiciled in Australia. The functional and presentation

currency of Urana Bowling Club Limited is Australian dollars. The financial report was authorised for issue by

the Directors on 2 July 2016. Comparatives are consistent with prior years, unless otherwise stated.

1 Basis of Preparation

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

2 Summary of Significant Accounting Policies

(a) Revenue and other income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable thateconomic benefits associated with the transaction will flow to the Company and specific criteria relating tothe type of revenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net ofreturns, discounts and rebates.

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

Sale of goods

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

Subscriptions

Revenue from the provision of membership subscriptions is recognised on a straight line basis over the financial year.

(b) Goods and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payable are stated inclusive of GST.

The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position.

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

(c) Inventories

Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the first-in-first-out basis and is net of any rebates and discounts received. Uncertainty regarding the balance arose as a result of the directors not originally stating inventories at the lower of cost and net realisable value. As a result an amount of $595 was required to write the inventories down to their net realisable value.

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(d) Property, plant and equipment

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

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

Land and buildings

Land and buildings are measured using the cost model.

Plant and equipment

Plant and equipment are measured using the cost model.

Depreciation

Property, plant and equipment, excluding freehold land, is depreciated on a reducing balance basis overthe assets useful life to the Company, commencing when the asset is ready for use.

(e) Financial instruments

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

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

Financial Assets

Financial assets are divided into the following categories which are described in detail below:

trade receivables; and

held-to-maturity investments.

Financial assets are assigned to the different categories on initial recognition, depending on thecharacteristics of the instrument and its purpose. A financial instrument’s category is relevant to the way it ismeasured and whether any resulting income and expenses are recognised in profit or loss or in othercomprehensive income.

Trade receivables

Trade receivables are non-derivative financial assets with fixed or determinable payments that are notquoted in an active market. They arise principally through the provision of goods and services to customersbut also incorporate other types of contractual monetary assets.

After initial recognition these are measured at amortised cost using the effective interest method, lessprovision for impairment. Any change in their value is recognised in profit or loss.

Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments andfixed maturity. Investments are classified as held-to-maturity if it is the intention of the Company'smanagement to hold them until maturity.

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Held-to-maturity investments are subsequently measured at amortised cost using the effective interestmethod, with revenue recognised on an effective yield basis. In addition, if there is objective evidence thatthe investment has been impaired, the financial asset is measured at the present value of estimated cashflows. Any changes to the carrying amount of the investment are recognised in profit or loss.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or otherfinancial liabilities depending on the purpose for which the liability was acquired. Although the Companyuses derivative financial instruments in economic hedges of currency and interest rate risk, it does not hedgeaccount for these transactions.

The Company‘s financial liabilities include borrowings, trade and other payables (including finance leaseliabilities), which are measured at amortised cost using the effective interest rate method.

(f) Cash and cash equivalents

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

(g) Employee benefits

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

Employee benefits expected to be settled more than one year after the end of the reporting period havebeen measured at the present value of the estimated future cash outflows to be made for those benefits. Indetermining the liability, consideration is given to employee wage increases and the probability that theemployee may satisfy vesting requirements. Cashflows are discounted using market yields on high qualitycorporate bond rates incorporating bonds rated AAA or AA by credit agencies, with terms to maturity thatmatch the expected timing of cashflows. Changes in the measurement of the liability are recognised in profitor loss.

3 Revenue and Other Income 2016

$2015

$

Sales revenue- sale of goods 111,479 111,342

Finance income- interest received 1,781 1,190

Other revenue- Donations 3,406 43,348- Member subscriptions 4,058 5,365- Poker machine takings (net) 50,186 46,199- Other trading revenue 96,918 40,676

154,568 135,588

Total Revenue 267,828 248,120

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2016$

2015$

65,247 63,38830,549 17,865

22,016 -(22,016) -

6,807 6,31527,402 15,25860,801 60,298

95,010 81,871

240 32

240 32

486,169 486,169(266,171) (255,094)

219,998 231,075

267,763 268,193(211,784) (243,758)

55,979 24,435

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4 Result for the Year

The result for the year includes the following specific expenses:

Other expenses:Employee benefits expenseDepreciation expense

(a) Revenue and other income

Net gain/ (loss) on disposal of non-current assets as at 30 April 2016

Property, plant and equipmentProceeds on disposalDisposals at cost

5 Cash and Cash Equivalents Cash on handBank balancesTerm deposits

Total cash at bank and in hand

6 Trade and Other Receivables CURRENTTrade receivables

Total current trade and other receivables

7 Property, plant and equipment BUILDINGSAt costAccumulated depreciation

Total buildings

PLANT AND EQUIPMENTAt costAccumulated depreciation

Total plant and equipment

Total property, plant and equipment 275,977 255,510



(a) Movements in Carrying Amounts

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

Buildings$

Plant andEquipment

$Total

$

231,075 24,435 255,510- 51,370 51,370- (300) (300)

(11,077) (19,526) (30,603)

Year ended 30 April 2016 Balance at the beginning of year AdditionsDisposals (at written down value)Depreciation expense

Balance at the end of the year 219,998 55,979 275,977

2016$

2015$

2,132 5,539522 -

3,691 -

6,345 5,539

16,819 15,753

8 Trade and Other Payables

CURRENTUnsecured liabilitiesTrade payablesGST payableOther payables

9 Employee Benefits Current liabilitiesLong service leaveAnnual leave

22,580 18,434

39,399 34,187

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2016$

2015$

25,647 2,837

10 Cash Flow Information

(a) Reconciliation of result for the year to cashflows from operating activities

Reconciliation of net income to net cash provided by operating activities: Profit for the yearNon-cash flows in profit:

- depreciation 30,549 17,865- net (gain)/loss on disposal of property, plant and equipment (48,016) -

Changes in assets and liabilities- (increase)/decrease in trade and other receivables (208) 301- (increase)/decrease in inventories 2,149 1,712- increase/(decrease) in trade and other payables 805 1,482- increase/(decrease) in employee benefits 5,212 (2,020)

Cashflow from operations 16,138 22,179

11 Key Management Personnel Disclosures

During the financial year, there were 10 key management personnel being the Directors of the Club and the Manager. The total remuneration paid to the key management personnel of Urana Bowling Club Limited during the year was between $0 and $150,000.

12 Related Parties

(a) The Company's main related parties are as follows:

(i) Key management personnel:

Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity are considered key management personnel.

For details of remuneration disclosures relating to key management personnel, refer to Note 12: Key Management Personnel Disclosures.

Other transactions with KMP and their related entities are shown below.

Patrick Bourke, director of the Company, provided greenskeeping and grounds supplies during the year to the value of $70.

13 Events Occurring After the Reporting Date

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.

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DIRECTORS' DECLARATIONThe directors of the Company declare that:

1. The financial statements and notes, as set out on pages 6 to 15, are in accordance with the Corporations Act2001 and:

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

b. give a true and fair view of the financial position as at 30 April, 2016 and of the performance for the yearended 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 itsdebts as and when they become due and payable.

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

Director ................................................................................................................................................

Director ................................................................................................................................................


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Patrick Bourke

Aileen Stakelum


INDEPENDENT AUDIT REPORT TO THE MEMBERS OF URANA BOWLING CLUBLIMITED

Report on the Financial Report

We have audited the accompanying financial report of Urana Bowling Club Limited, which comprises the statement of financial position as at 30 April, 2016, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration.

Directors' Responsibility for the Financial Report

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

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 standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about 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 judgement, 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 Company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. 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 unqualified audit opinion.

Independence

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

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INDEPENDENT AUDIT REPORT TO THE MEMBERS OF URANA BOWLING CLUB LIMITED

Audit Opinion

In our opinion the financial report of Urana Bowling Club Limited is in accordance with the Corporations Act 2001, including:

(a) giving a true and fair view of the Company’s financial position as at 30 April 2016 and of its performance for the year ended on that date; and

(b) complying with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations 2001.

Emphasis of Matter

We draw attention to Note 1 (c) to the financial statements which describes the uncertainty related to inventories.

Without qualifying our opinion we note the directors may not have stated the inventories at the lower of cost and net realisable value, constituting a departure from Australian Accounting Standards. The Company's records indicate that the directors did not originally state the inventories at the lower of cost and net realisable value and an amount of $595 was required to write the inventories down to their net realisable value.

Countplus National AuditsAuthorised Audit Company1/185 Morgan St, WAGGA WAGGA NSW 2650

___________________________________

Steven J Watson CA


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DISCLAIMER

The additional financial data presented on pages 20 to 21 is in accordance with the books and records of the Company which have been subjected to the auditing procedures applied in our statutory audit of the Company for the year ended 30 April, 2016. It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and we give no warranty of accuracy or reliability in respect of the data provided. Neither the firm nor any member or employee of the firm undertakes responsibility in any way whatsoever to any person (other than Urana Bowling Club Limited) in respect of such data, including any errors of omissions therein however caused.

Countplus National Audits Pty LtdAuthorised Audit Company1/185 Morgan Street, WAGGA WAGGA NSW 2650

_____________________________________

Steven J Watson CA


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DETAILED PROFIT AND LOSS STATEMENT

2016$

2015$

SALES111,479 111,342

111,479 111,342

7,972 9,68466,552 72,600(5,823) (7,972)

68,701 74,312

42,778 37,030

8,089 9,0166,405 5,9993,406 43,348

50,186 46,19925,080 16,820

4,058 5,3651,781 1,1904,157 4,550

48,016 -

Sales

Cost of salesOpening stockPurchasesClosing stock

Cost of goods sold

Gross profit

OTHER INCOME

Sales revenue CompetitionsClub KenoDonationsProfit from Poker Machines Catering Income Member Subscriptions Interest ReceivedPoker Machine Rebate Proceeds on Sale of Asset Sundry Income 5,171 4,291

156,349 136,778

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DETAILED PROFIT AND LOSS STATEMENT

2,599 2,870724 645

9,652 6,38010,493 6,99813,269 12,12330,549 17,865

3,400 2,8635,763 3,9251,100 21,673

55,234 58,70510,770 12,973

1,212 1,8629,384 10,363

5,213 (2,019)4,800 6,7021,677 1,4372,237 2,0154,487 2,146

918 1,445

173,481 170,971

EXPENSESAffiliation FeesCleaningAuditor's RemunerationCatering ExpensesInsuranceDepreciationRatesRepairs and maintenance DonationsWagesElectricity and HeatingKeno ExpensesMember AmenitiesChange in Provision for Employee EntitlementsSuperannuationTelephoneTrophiesOther ExpensesBank Charges

Net profit / (loss) 25,646 2,837

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Documents

URANA BOWLING CLUB LTD. · 2016. 7. 12. · Thanks also to Harry for the Friday raffles and Mark for his Kitchen, outdoor help and being the best “carpet shampooer” going. I would