Bellingen R.S.L. Country Club Limited NOTICE OF ANNUAL GENERAL MEETING

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1 Bellingen R.S.L. Country Club Limited Trading as Bellingen Golf Club A.B.N NOTICE OF ANNUAL GENERAL MEETING NOTICE is hereby given that the Annual General Meeting of Bellingen R.S.L Country Club Limited trading as Bellingen Golf Club will be held at the Company s premises, 1172 Waterfall Way, Bellingen at 6.30pm on Tuesday 1 May The business of the meeting will include: 1. To confirm the Minutes of the previous Annual General Meeting held on Monday 1 May To receive the President s Report 3. To receive and consider the Directors Report and Financial Statements for the year ended 31 December 2017 and the Auditor s Report. If members have any questions in regards to these reports they should be lodged with the office 7 days prior to the Annual General Meeting to enable an accurate response. 4. To elect the Board of Directors for To reconfirm the Club s Constitution 6. To receive any items of general business brought forward in accordance with the Company s Articles of Association The Annual Report and Financial Statements for 2017 will be available from Monday 16 April You will be able to access an electronic copy on the Club s Internet Site, or collect a hard copy from the administration office. If you require a copy posted, please contact the Club s administration Office. 1

2 Presidents Report The Club has had a progressive and very successful year. I would like to thank Club Manager Kellie Lee for all the changes that have been made to help the Club get into its current position. Thanks also goes to the bar and administration team for their hard work and commitment to the Club and the greens staff of Bruce and Errol for the great job they have done in improving the course to the great condition that it is in. My thanks also continue to the numerous volunteers who also contribute to the Club; Jan McCabe for weekly bingo, Gary Bryant for Friday night raffles and karaoke, course volunteers Dave Goodwin, Greg Hawke, Paul Warman, Peter Lawrence and John Molloy and all the other volunteers too numerous to mention for the countless hours you contribute. Craig Warman and the In The Rough Bistro Team also require a thank you. Having a successful restaurant has contributed positively to our improved performance and this is a crucial partnership for the Club. We look forward to reconvening the Golf Committee this year and forming a strong golfing leadership team to progress with building an improved golfing culture and assisting Bruce with decisions on improving our course and competitions. Our greatest contribution comes from our members who patronise the Club regularly. Without your participation we would not have been able to achieve the great results that we have this last year has been a year of change and hard decision making for the better. We continue to be committed to the construction of the bowling green and will be making grant application wherever possible. I look forward to working with you all for a successful 2018/2019. Maurice Tate, President Manager s report I am really pleased at the results that the management team, with support of all the staff, has been able to achieve this year. In past years a position was taken that the Club could not afford a Secretary Manager. The financial results that have been achieved in 2017 with a management position in place has proved that we cannot afford to not have a manager saw a continuation of implementations of strategies to target recommendations and ongoing considerations from previous years Auditors reports. We saw a success in the reduction of the Club s net liability related to employee leave entitlements and this is continuing in The sale of three poker machine entitlements has allowed the Club to make some asset and infrastructure improvements with the purchase and upgrade of five poker machines, the installation of the grease arrestor and lease of new machinery for the golf course. These improvements have increased income, reduced expenses and increased efficiency 2

3 all contributing to a potentially strengthened financial position for Some criticism was given regarding the sale of the poker machine entitlements; however the significantly increased gaming income after the sale of the entitlements is proof that the three entitlements were surplus to demand. A focus operationally for 2018 is an improvement of the culture of the Club and increased member participation. The attendance at our AGM in the past few years indicates that we have lost some engagement with our member and we need to improve this. Crucial to this success will be input from our members. We need our members to tell us what they want to see happening at their Club both socially and golfing, and we need significantly improved attendance in these activities. I am committed to continuing the great improvements that our leadership team has made over the last three years. A Club is only as strong as its volunteers and member participation. If we could duplicate the volunteer efforts and participation that one sixth of our members currently provide the potential for our club, I believe is limitless. Kellie Lee - Club Manager 3

4 DIRECTORS REPORT Your directors present their report on the company for the financial year ended 31 December Information on Directors The names of each person who has been a director during the year and to the date of this report are: Nick Jenkins Ruth Hall Appointed 01-May-17 Special responsibilities Treasurer Scott Hulbert Appointed Resigned 01-May Nov-17 Stan McMaster Stephen Glyde Maurice Tate Special responsibilities President Jayden Taylor Appointed Jamie Burley 01-May-17 Tom Munnelly 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 Bellingen RSL Country Club Ltd during the financial year was the operation of a licensed golf club. No significant changes in the nature of the entity's activity occurred during the financial year. Short Term Objectives The company's short term objectives are: To provide modern and up to date facilities for members and visitors. Long Term Objectives The company's long term objectives are: To be a viable community provider of sporting and recreational facilities to members and visitors. Strategy for Achieving the Objectives To achieve these objectives, the company has adopted the following strategies: to continue to expand the sporting facilities offered to members and visitors since the merger with Bellingen Bowling and Sporting Club. continuing to provide an excellent country golf course and recreational facilities for members and visitors. Performance Measures The company measures its own performance by monitoring poker machine revenue, bar trading and membership facilities, on both an ad hoc basis and also formally at regular board meetings. Members Guarantee Bellingen RSL Country Club Ltd is a company limited by guarantee. In the event of, and for the purpose of winding up of the company, the amount capable of being called up from each member and any person or association who ceased to be a member in the year prior to the winding up, is limited to $2, subject to the provisions of the company's constitution. At 31 December 2017 the collective liability of members was $1,698 (2016: $1,568) During the financial year, 9 meetings of directors were held. Attendances by each director during the year were as follows: Directors' Meetings Number eligible to attend Number attended Nick Jenkins 6 5 Scott Hulbert 4 2 Stephen Glyde 9 7 Jayden Taylor 6 5 Jamie Burley 9 7 Ruth Hall 9 8 Stan McMaster 9 8 Maurice Tate 9 9 Tom Munnelly 9 7 4

5 DIRECTORS REPORT 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 year. Honorariums No honorariums were paid during the financial year. Auditor's independence declaration The auditor's independence declaration for the year ended 31 December 2017 has been received and can be found on page 3 of the financial report. Signed in accordance with a resolution of the Board of Directors: Ruth Hall Director:... Director:... Jamie Burley Dated 7 / April 2018 /

6 AUDITOR S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF BELLINGEN RSL COUNTRY CLUB LIMITED In relation to our audit of the financial report of Bellingen RSL Country Club Limited for the year ended 31 December 2017, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. HQB Chartered Accountants James Davis Partner in HQB Chartered Accountants Park Avenue Coffs Harbour Dated: The information contained in this document may be confidential, is not financial product advice and may also be subject to legal professional privilege. Liability is limited by a scheme approved under the Professional Standards Legislation. If you are not the intended recipient, any use, disclosure or copying of this document is unauthorised. If you have received this document in error, please notify us by or telephone. 6

7 DIRECTORS' DECLARATION The directors of the company declare that: the financial statements and notes, as set out in pages 5 to 22, are in accordance with the Corporations Act 2001, and: (a) comply with Australian Accounting Standards; and (b) give a true and fair view of the financial position as at 31 December 2017 and of the performance for the year ended on that date of the company; in the directors opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors. Director Ruth Hall Director Jamie Burley Dated: / 7 April 2018/

8 STATEMENT OF COMPREHENSIVE INCOME Note $ $ Sales revenue 946, ,550 Cost of sales (599,236) (614,667) Gross profit 346, ,883 Other income 2 41,333 33,430 Marketing expense (2,822) (8,010) Occupancy expense (94,173) (80,370) Administrative & other expenses (121,837) (131,680) Depreciation expense (88,653) (86,823) Finance costs (23,071) (22,424) Profit / (Loss) before income tax expense 57,610 (55,994) Income tax expense - - Net Profit/(Loss) 57,610 (55,994) Other comprehensive income for the year, net of tax - - Total comprehensive income for the year 57,610 (55,994) 8

9 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER Note $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 3 85,673 34,450 Trade and other receivables 4 18,725 16,876 Inventories 5 11,932 15,500 Other assets 6 6,073 6,579 TOTAL CURRENT ASSETS 122,403 73,405 NON CURRENT ASSETS Financial assets 7 119, ,515 Property, plant and equipment 8 1,393,428 1,396,633 Intangible assets 9 373, ,500 TOTAL NON CURRENT ASSETS 1,885,974 1,769,648 TOTAL ASSETS 2,008,377 1,843,053 LIABILITIES CURRENT LIABILITIES Trade and other payables 10 79,773 79,461 Borrowings , ,737 Provisions 12 53,689 64,293 TOTAL CURRENT LIABILITIES 297, ,491 NON CURRENT LIABILITIES Borrowings 11 11,390 45,870 Provisions 12 5,390 3,171 Deferred tax liabilities , ,552 TOTAL NON CURRENT LIABILITIES 172, ,593 TOTAL LIABILITIES 470, ,084 NET ASSETS 1,538,110 1,402,969 EQUITY Reserves 967, ,380 Retained Earnings/Profit 570, ,589 TOTAL EQUITY 1,538,110 1,402,969 9

10 STATEMENT OF CHANGES IN EQUITY Retained Asset Revaluation Earnings Surplus (a) Total $ $ $ Balance at 1 January , ,756 1,462,471 Loss attributable to members of the entity (55,994) - (55,994) Increase in carried forward losses available - 4,624 4,624 Prior period error (see note 5) (8,132) - (8,132) Balance at 31 December , ,380 1,402,969 Add: Profit attributable to members of the entity 57,610-57,610 Decrease in carried forward losses available - (39,297) (39,297) Poker machine revaluation, less sales - 116, ,828 Balance at 31 December , ,911 1,538,110 (a) Asset Revaluation Surplus The asset revaluation surplus records revaluations of non-current assets. 10

11 STATEMENT OF CASH FLOWS Note $ $ CASH FLOWS FROM OPERATING ACTIVITIES: Receipts from customers 1,003, ,677 Payments to suppliers and employees (902,838) (879,946) Interest received 2,745 3,109 Interest paid (23,071) (22,424) Net cash provided by operating activities 18 80,189 19,416 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in financial assets (2,703) 4,392 Purchase of property, plant and equipment (95,219) (20,840) Proceeds from sale of intangible assets 70,000 - Net cash used by investing activities (27,922) (16,448) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings 74,448 - Repayment of borrowings (51,681) (25,564) Net cash provided by (used in) financing activities 22,767 (25,564) Net increase/(decrease) in cash and cash equivalents held 75,034 (22,596) Cash and cash equivalents at beginning of year (57,219) (34,623) Cash and cash equivalents at end of financial year 3 17,815 (57,219) 11

12 NOTES TO THE FINANCIAL STATEMENTS The financial statements are for Bellingen RSL Country Club Ltd as an individual entity, incorporated and domiciled in Australia. Bellingen RSL Country Club Ltd is a company limited by guarantee. Note 1: Summary of Significant Accounting Policies (a) Basis of preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non current assets, financial assets and financial liabilities. Going concern considerations As at 31 December 2017, current liabilities of the Company exceed current assets by $175,232. Cash flow has shown some improvement as a result of making a profit this year of $57,610, with the total bank position a positive balance of $17,815 (2016: negative balance $(57,219)). Management were able to improve on patronage this year, increasing year end members from 784 to 849 members. Some mitigating factors have been identified: - Of the net current liabilities quoted above, $53,689 relates to employee leave liabilities. Although current, if the club continues to trade, these liabilities are unlikely to be paid simultaneously. - The Company delivered positive cash flows of $80,189 from operating activities for the year which is a significant improvement on $19,416 in the prior year. - During the year, some positive changes have been made which have helped. Management increased the prices of alcohol, which appears to have improved profitability without significantly impacting the quantity of sales. - Some assets, most notably a portion of poker machines and poker machine licences could be sold without affecting the ability of the Company to continue trading. After balancing the factors above, management and the board of directors believe that the Company can continue to trade, and pay its debts as and when they fall due; however as at 31 December 2017 there is material uncertainty, despite an improved performance this year, as to whether the company can continue as a going concern and therefore the company may be unable to realise its assets and discharge its liabilities in the normal course of business or for the balances disclosed in the financial report. (b) Comparative figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. When the Company applies an accounting policy retrospectively, makes a material retrospective restatement or reclassifies items in its financial statements, a statement of financial position as at the beginning of the earliest comparative period will be presented. (c) Inventories Inventories are measured at the lower of cost and net realisable value. 12

13 NOTES TO THE FINANCIAL STATEMENTS Note 1: Summary of Significant Accounting Policies (continued) (d) Property, plant and equipment Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction), based on periodic valuations by external independent valuers, less subsequent depreciation for buildings. Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation reserve in equity. Decreases that offset previous increases of the same asset are charged against this reserve directly in equity; all other decreases are charged to the statement of comprehensive income. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Freehold land and buildings that have been contributed at no cost, or for nominal cost, are valued and recognised at the fair value of the asset at the date it is acquired. Plant and equipment Each class of property, plant and equipment is carried at cost less, where applicable, accumulated depreciation and any impairment losses. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down immediately to the estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present. Subsequent costs are included in the asset s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are recognised as expenses in profit or loss in the financial period in which they are incurred. Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated on a diminishing value basis over the asset's useful life to the Company commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. Land is not depreciated. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Buildings 2% - 2.5% Plant and Equipment 9% - 67% (e) Financial instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the instrument. For financial assets, this is the equivalent to the date that the Company commits itself to either the purchase or sale of the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. 13

14 NOTES TO THE FINANCIAL STATEMENTS Note 1: Summary of Significant Accounting Policies (continued) (e) Financial instruments (continued) Classification and subsequent measurement Financial instruments are subsequently measured at fair value or amortised cost using the effective interest rate method. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties in an arm's length transaction. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted. Amortised cost is calculated as: (i) Loans and receivables - the amount at which the financial asset or financial liability is measured at initial recognition; - less principal repayments; - plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and - less any reduction for impairment. The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss. The classification of financial instruments depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition and at the end of each reporting period for held to maturity assets. 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. Loans and receivables are included in current assets, except for those which are not expected to mature within 12 months after the end of the reporting period. (ii) 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 Company's intention to hold these investments to maturity. They are subsequently measured at amortised cost. Held to maturity investments are included in non current assets, except for those which are expected to be realised within 12 months after the end of the reporting period, which will be classified as current assets. If during the period the Company sold or reclassified more than an insignificant amount of the held to maturity investments before maturity, the entire held to maturity investments category would be tainted and reclassified as available for sale. (iii) Financial liabilities Non derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate method. Fees payable on the establishment of loan facilities are recognised as transaction costs of the loan. 14

15 NOTES TO THE FINANCIAL STATEMENTS Note 1: Summary of Significant Accounting Policies (continued) (e) Financial instruments (continued) Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Fair value Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm's length transactions, reference to similar instruments and option pricing models. Impairment Objective evidence that a financial asset is impaired includes default by a debtor, evidence that the debtor is likely to enter bankruptcy or adverse economic conditions in the stock exchange. At the end of each reporting period, the Company assesses whether there is objective evidence that a financial asset has been impaired through the occurrence of a loss event. In the case of available for sale financial instruments, a significant or prolonged decline in the value of the instrument is considered to indicate that an impairment has arisen. Impairment losses are recognised through an allowance account for loans and receivables through profit and loss. Where a subsequent event causes the amount of the impairment loss to decrease (e.g. payment received), the reduction in the allowance account (provision for impairment of receivables) is taken through profit and loss. However, any reversal in the value of an impaired available-for-sale asset is taken through other comprehensive income rather than profit and loss. 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 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 expired. 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 or loss. When available for sale investments are sold, the accumulated fair value adjustments recognised in other comprehensive income are reclassified to profit or loss. (f) Impairment of non financial assets At the end of each reporting year, the Company reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Value in use is either the discounted cash flows relating to the asset or depreciated replacement cost if the criteria in AASB 136 'Impairment of Assets' are met. Any excess of the asset's carrying value over its recoverable amount is expensed to the statement of comprehensive income. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. Where the future economic benefits of the asset are not primarily dependent upon the asset's ability to generate net cash inflows and when the Company would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Impairment losses recognised in respect of CGU's are allocated first to reduce the carrying amount of goodwill to nil and then to the other assets in the unit in proportion to their carrying amount. 15

16 NOTES TO THE FINANCIAL STATEMENTS Note 1: Summary of Significant Accounting Policies (continued) (f) Impairment of non financial assets (continued) Assets, other than goodwill that have an allocated impairment loss are reviewed for reversal indicators at the end of each reporting period. After recognition of an impairment loss, the amortisation charge for the asset is adjusted in future periods to allocate the asset's revised carrying amount on a systematic basis over its remaining useful life. Impairment losses are recognised as an expense immediately, unless the relevant asset is property, plant and equipment held at fair value (other than investment property carried at a revalued amount) in which case the impairment loss is treated as a revaluation decrease as described in the accounting policy for property, plant and equipment. (g) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less which are convertible to a known amount of cash and subject to an insignificant risk of change in value, and bank overdrafts. Bank overdrafts are shown within short term borrowings in current liabilities on the statement of financial position. (h) Provision for Employee Benefits Provision for employee benefits represents amounts accrued for annual leave and long service leave. The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the Company does not expect the full amount of long service leave balances to be settled within the next 12 months. The non-current portion for this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken and the likely value of that leave when it is taken is based upon historical data. (i) Trade and other payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the Company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability. (j) Income tax The Company uses the mutuality principle to calculate income tax. Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that taxable profit will be available against which the deferred tax asset can be utilised. (k) Revenue and other income Sale of goods Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods. 16

17 NOTES TO THE FINANCIAL STATEMENTS Note 1: Summary of Significant Accounting Policies (continued) (k) Revenue and other income (continued) Interest revenue Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. (l) 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. (m) Critical accounting estimates and judgments The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company. Key estimates impairment of plant and equipment The Company assesses impairment at the end of the reporting year by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value in use calculations which incorporate various key assumptions. Key estimates fair value of land and buildings The Company carries its land and buildings at fair value with changes in the fair value recognised in revaluation reserve. Independent valuations are obtained at least triennially and at the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account the most recent valuations and movements in the market. (n) Rounding of amounts to the nearest dollar Bellingen RSL Country Clud Club Limited is an entity of the kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 and in accordance with that instrument amounts in the Directors' Report and Financial Report have been rounded off to the nearest dollar. 17

18 NOTES TO THE FINANCIAL STATEMENTS Note 2: Other revenue $ $ Interest received 2,745 3,109 Membership fees 8,406 6,291 Other 30,182 24,030 Note 3: Cash and cash equivalents 41,333 33,430 Cash on hand 25,000 22,000 Cash at bank 60,673 12,450 Reconciliation of cash and cash equivalents 85,673 34,450 Cash 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: Cash and cash equivalents 85,673 34,450 Bank overdraft (67,858) (91,669) Balance as per Statement of Cash Flows 17,815 (57,219) Note 4: Trade and other receivables CURRENT Trade receivables 8,822 9,756 Other receivables 9,903 7,120 Note 5: Inventories CURRENT 18,725 16,876 At cost: 11,932 15,500 11,932 15,500 18

19 NOTES TO THE FINANCIAL STATEMENTS Note 6: Other assets $ $ Prepayments 6,073 6,579 Total other assets 6,073 6,579 Note 7: Financial assets NON-CURRENT Term deposits 119, ,515 Total financial assets 119, ,515 Note 8: Property, plant & equipment LAND AND BUILDINGS Freehold land At fair value 425, ,000 Total land 425, ,000 Building At fair value 743, ,000 Accumulated depreciation (45,308) (26,733) Total buildings 697, ,267 Total land and buildings 1,122,692 1,141,267 PLANT AND EQUIPMENT Plant and equipment At cost 612, ,514 Accumulated depreciation (508,794) (578,939) Total plant and equipment 103, ,575 Poker machines At cost 551, ,536 Accumulated depreciation (384,490) (392,745) Total poker machines 166, ,791 Total plant, equipment and poker machines 270, ,366 Total property, plant and equipment 1,393,428 1,396,633 19

20 NOTES TO THE FINANCIAL STATEMENTS Note 8: Property, plant and equipment (continued) (a) Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Land Buildings Plant and Equipment Poker Machines Total $ $ $ $ $ 2017 Balance at the beginning of year 425, , , ,791 1,396,633 Additions ,609 70,610 95,219 Disposals - - (5,409) (4,362) (9,771) Depreciation Expense - (18,575) (25,991) (44,087) (88,653) Balance at 31 December , , , ,952 1,393, Balance at the beginning of year 425, , , ,586 1,464,170 Additions ,840-20,840 Disposals - - (1,554) - (1,554) Depreciation Expense - (26,733) (24,295) (35,795) (86,823) Balance at 31 December , , , ,791 1,396,633 Note 9: Intangible assets $ $ Poker machine entitlements 373, ,500 Total intangible assets 373, ,500 Note 10: Trade and other payables CURRENT Unsecured liabilities: Trade payables 35,063 35,354 Amounts received in advance 7,120 7,124 Other payables 37,590 36,983 Total trade and other payables 79,773 79,461 20

21 NOTES TO THE FINANCIAL STATEMENTS Note 11: Borrowings $ $ CURRENT Secured liabilities: Bank overdraft 67,858 91,669 Equipment finance 95,052 31,109 Other loans 1,263 7,959 Total current borrowings 164, ,737 NON CURRENT Secured liabilities: Equipment finance 11,390 45,870 Total non current borrowings 11,390 45,870 Note 12: Provisions Analysis of total provisions CURRENT Employee entitlements 53,689 64,293 53,689 64,293 NON CURRENT Employee entitlements 5,390 3,171 5,390 3,171 Total provisions 59,079 67,464 21

22 NOTES TO THE FINANCIAL STATEMENTS Note 13: Deferred tax liability 2017 Opening Balance Charged to P&L Charged Directly to Other Comprehensive Income Change in Corporate Tax Rate Closing Balance $ $ $ $ $ Poker Machine Entitlements 76,950 (21,000) 56,048 (9,333) 102,665 Land & Buildings 225, , ,368 Employee Entitlements (20,239) 2,515-1,477 (16,247) Carried Forward Tax Losses (165,289) - 17,443 10,912 (136,934) 116,552 (18,485) 73,491 (15,706) 155,852 Note 14: Financial risk management The main risks Bellingen RSL Country Club Ltd is exposed to through its financial instruments are credit risk, liquidity risk and market risk consisting of interest rate risk. The Company's financial instruments consist mainly of deposits with banks, short term investments, accounts receivable and payable, loans and bank overdrafts. The totals for each category of financial instrument, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: Note $ $ Financial assets Cash and cash equivalents 3 85,673 34,450 Loans and receivables 4 18,725 16,876 Term Deposits 7 119, ,515 Total financial assets 223, ,841 Financial liabilities Financial liabilities at amortised cost Trade and other payables 10 79,773 79,461 Borrowings , ,607 Total financial liabilities 255, ,068 Financial risk management policies The Board of Directors has overall responsibility for the establishment of Bellingen RSL Country Club Ltd financial risk management framework. The company's overall risk management strategy is to assist the company in meeting its financial targets whilst minimising potential adverse effects on financial performance. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and Bellingen RSL Country Club Ltd s activities. Mitigation strategies for specific risks faced are described below: (a) Credit risk Exposure to credit risk relating to financial assets arises from the potential non performance by counterparties of contract obligations that could lead to a financial loss and arises principally from Bellingen RSL Country Club Ltd receivables. It is Bellingen RSL Country Club Ltd policy that all customers who wish to trade on credit terms undergo a credit assessment process which takes into account the customer s financial position, past experience and other factors. Amounts past due and other significant exposures are then monitored regularly. 22

23 NOTES TO THE FINANCIAL STATEMENTS 14. Financial risk management (continued) (a) Credit risk (continued) Credit risk exposures The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period, excluding the value of any collateral or other security held, is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the Statement of Financial Position. The Company has no significant concentration of credit risk with any single counterparty or group of counterparties. Details with respect to credit risk of trade and other receivables are provided in Note 4. Trade and other receivables that are neither past due nor impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed at Note 4. Credit risk related to balances with banks and other financial institutions is managed by a policy requiring that surplus funds are only invested with counterparties with a Standard and Poor s rating of at least AA. The following table provides information regarding credit risk relating to cash and money market securities based on Standard & Poor s counter party credit ratings $ $ Cash and cash equivalents and term deposits AA rated 6,337 1,227 Unrated 194, , , ,965 (b) Liquidity risk Liquidity risk arises from the possibility that Bellingen RSL Country Club Ltd might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Company manages this risk through the following mechanisms: - monitoring undrawn credit facilities; - obtaining funding from a variety of sources; - maintaining a reputable credit profile; - managing credit risk related to financial assets; - only investing surplus cash with major financial institutions; and - comparing the maturity profile of financial liabilities with the realisation profile of financial assets. The available funds to the Company are discussed in note 3. The tables below reflect an undiscounted contractual maturity analysis for financial liabilities. Financial guarantee liabilities are treated as payable on demand since Bellingen RSL Country Club Ltd has no control over the timing of any potential settlement of the liabilities. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates and does not reflect management's expectations that banking facilities will be rolled forward. The amounts disclosed in the table are the undiscounted contracted cash flows and therefore the balances in the table may not equal the balances in the statement of financial position due to the effect of discounting. Financial liability maturity analysis - Non-derivative Within 1 Year 1 to 5 Years Total $ $ $ $ $ $ Financial liabilities due for payment Interest bearing loans 164, ,737 11,390 45, , ,607 Trade and other payables (excluding estimated annual leave) 79,773 79, ,773 79,461 Total contractual outflows 243, ,198 11,390 45, , ,068 23

24 NOTES TO THE FINANCIAL STATEMENTS 14. Financial risk management (continued) (b) Liquidity risk (continued) The timing of expected outflows is not expected to be materially different from contracted cash flows. (c) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. i. Interest rate risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period, whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The company is also exposed to earnings volatility on floating rate investments. Sensitivity analysis The following sensitivity analysis is based on the interest rate risk exposures in existence at the end of the reporting period. An increase of 100 basis points or a decrease of 50 basis points would have increased/(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that other variables are held constant (36) 72 (36) (396) 792 (396) The movements in profit are due to higher/(lower) interest income on cash balances, less overdraft balances. Note that all other borrowings are fixed rate, therefore not included in this analysis. The net exposure at the end of the reporting period is representative of what Bellingen RSL Country Club Ltd was and is expecting to be exposed to at the end of the next twelve months. The sensitivity analysis is performed on the same basis as in Net fair values Fair value estimation 100 basis points increase Profit 50 basis points decrease 100 basis points increase 50 basis points decrease The fair values of financial assets and financial liabilities are presented in the following table and can be compared to their carrying values as presented in the Statement of Financial Position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm s length transaction. Fair values derived may be based on information that is estimated or subject to judgment, where changes in assumptions may have a material impact on the amounts estimated. Areas of judgment and the assumptions have been detailed below. Where possible, valuation information used to calculate fair value is extracted from the market, with more reliable information available from markets that are actively traded. In this regard, fair values for listed securities are obtained from quoted market bid prices. Where securities are unlisted and no market quotes are available, fair value is obtained using discounted cash flow analysis and other valuation techniques commonly used by market participants. Equity Net Carrying Net Carrying Value Net Fair value Value Net Fair value $ $ $ $ Financial assets Cash and cash equivalents 85,673 85,673 34,450 34,450 Trade and other receivables 18,725 18,725 16,876 16,876 Term deposits 119, , , ,515 Total financial assets 223, , , ,841 Financial liabilities Trade and other payables 79,773 79,773 79,461 79,461 Other financial liabilities 175, , , ,607 Total financial liabilities 255, , , ,068 24

25 NOTES TO THE FINANCIAL STATEMENTS Note 15: Members' Guarantee The Company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, the constitution states that each member is required to contribute a maximum of $2 each towards meeting any outstandings and obligations of the company. At 31 December 2017 the number of members was 849 (2016: 784). Note 16: Capital Management Management controls the capital of the Company in order to ensure that adequate cash flows are generated to fund golf, bar and function activities. There are no externally imposed capital requirements. Management effectively manage the Company capital by assessing the company's financial risks and responding to changes in these risks and in the market. These responses may include debt levels. There have been no changes in the strategy adopted by management to control the capital of the company since the previous year. Note 17: Reserves (a) Asset revaluation reserve The asset revaluation reserve records realised gains on revaluation of property, plant and equipment recorded at fair value. Poker machine entitlements were valued at market value as at 31 December Note 18: Cash Flow Information (a) Reconciliation of result for the year to cash flows from operating activities $ $ Reconciliation of net income to net cash provided by operating activities: Profit/(loss) for the year 57,610 (55,994) Cash flows excluded from profit attributable to operating activities Non cash flows in profit: depreciation 88,653 86,823 net (gain)/loss on disposal of property, plant and equipment 9,771 1,554 net (gain)/loss on disposal of intangible assets (70,000) - inventory adjustment - (8,132) Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries: (increase)/decrease in trade and other receivables (1,849) (8,648) (increase)/decrease in prepayments 506 (312) (increase)/decrease in inventories 3,568 11,331 increase/(decrease) in trade and other payables 313 (10,400) increase/(decrease) in provisions (8,383) 3,194 80,189 19,416 Note 19: Company Details The registered office of and principal place of business of the Company is: Bellingen RSL Country Club Ltd Hyde St Bellingen NSW

26 Report on the Audit of the Financial Report Opinion INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF BELLINGEN RSL COUNTRY CLUB LIMITED We have audited the accompanying financial report of Bellingen RSL Country Club Limited ( the Company ), which comprises the statement of financial position as at 31 December 2017, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors declaration. In our opinion, the accompanying financial report is in accordance with the Corporations Act 2001, including: a) giving a true and fair view of the financial position of the Company as at 31 December 2017, and of its financial performance and its cash flows for the year then ended b) complying with Australian Accounting Standards and the Corporations Regulations Basis for Opinion 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 few from material misstatement. Our responsibilities under those standards are further described in the Auditor s Responsibility section of our report. We are independent of the Company in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter Without qualifying our audit opinion, we draw attention to Note 1(a) in the financial report, which indicates that although the company achieved an operating profit during the year ended 31 December 2017, as of that date, the company s current liabilities exceeded its current assets by $175,232. These conditions, along with the other matters as set forth in Note 1(a), indicate the existence of a material uncertainty which may cast significant doubt about the company s ability to continue as a going concern. Directors Responsibility for the Financial Report The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and the Corporations Act 2001, and for such internal control as management determines is necessary to enable the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error. The information contained in this document may be confidential, is not financial product advice and may also be subject to legal professional privilege. Liability is limited by a scheme approved under the Professional Standards Legislation. If you are not the intended recipient, any use, disclosure or copying of this document is unauthorised. If you have received this document in error, please notify us by or telephone. 26

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