Palm Beach-Currumbin Rugby Union Club Inc. ABN Annual Financial Report 30 September 2015

Transcription

1 ABN This report contains 22 pages Palm Beach Currumbin Rugby Union Club Inc

2 CONTENTS Committee s Report...2 Independent Audit Report To The Members Of...3 Declaration By Management Committee...5 Statement Of Comprehensive Income...6 Statement Of Changes In Equity...7 Statement Of Financial Position...8 Statement Of Cash Flows...9 Notes To The Financial Statements For The Year Ended Disclaimer Detailed Income Statement

3 Committee s Report Your committee members submit the financial report of the Palm Beach Currumbin Rugby Union Club Inc. for the financial year ended. Committee Members The names of committee members throughout the year and at the date of this report are: Committee: Ken Jarvis, Brent Roberton, Greg Williams, Neil Taylor, Russell McKay, Steve Moore These committee members have been in office since 20 January 2014 to the date of this report unless otherwise stated. Principal Activities The principal activities of the association during the year have continued to be that of a licensed social club. There have been no significant changes in the nature of these activities during the year. Operating Result The 2015 Profit amounted to $71,787, 2014 $43,689 The financial report was authorised for issue by the Committee of Management on the same date as this report. Signed in accordance with a resolution of the Members of the Committee.. President. Secretary Dated this day of

4 Independent audit report to the members of Report on the Financial Report I have audited the attached financial report, being a special purpose financial report comprising the statement by members of the committee, income statement, statement of changes in equity, statement of financial position, statement of cash flows and notes to the Financial Statements for the year ended of Committee s Responsibility for the Financial Report The committee of the association are responsible for the preparation and fair presentation of the financial report and has determined that the accounting policies used and described in Note 1 to the financial statements, which form part of the financial report, are appropriate to meet the requirements of the Associations Incorporations Act Queensland and are appropriate to meet the needs of the members. The committee s responsibility also includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s Responsibility My responsibility is to express an opinion on the financial report based on my audit. No opinion is expressed as to whether the accounting policies used, as described in Note 1, are appropriate to meet the needs of the members. I conducted my audit in accordance with Australian Auditing Standards. These Auditing Standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the association s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report. The financial report has been prepared for the purpose of fulfilling the committee s financial reporting under the Associations Incorporations Act 1981of Queensland. I disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it related to any person other than the members, or for any purpose other than that for which it was prepared. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. 3

5 Independent audit report to the members of Qualification As there is a varied source of fundraising within the club, from gate takings, raffles and other various activities, it is deemed impracticable to establish control over the collection and dissection of such funds, prior to entry into the financial records. Accordingly, as the evidence available to me regarding revenue from this source, is limited, my audit procedures had to be restricted to the amounts as recorded in the financial records. I am therefore unable to express an opinion on whether these amounts are complete. Independence It conducting my audit, I have complied with the independence requirements of the Australian professional ethical pronouncements. Audit Opinion In my opinion, except for the possible effects of the above qualification, the financial report presents fairly, in accordance with the accounting policies described in Note 1 to the financial statements, the financial position of as at and the results of its operations for the year then ended. Brian W Chapman Chartered Accountant Gold Coast

6 Declaration by Management Committee The Members of the Committee of Palm Beach Currumbin Rugby Union Club Inc. declare that: In the opinion of the Committee the financial statements and notes set out on pages 6 to 15 are in accordance with the Associations Incorporation Act Queensland 1981 including 1. Giving a true and fair view of the association s financial position as at and of its performance, for the financial year ended on that date, and 2. Complying with the Associations Incorporation Act Queensland 1981 There are reasonable grounds to believe that Palm Beach Currumbin Rugby Union Club Inc. will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Committee President Treasurer Dated at this day of

7 Statement of Comprehensive Income For the year ended Revenue from continuing operations $ $ Revenue from rendering of services 993, ,818 Interest received 4, Other revenue from ordinary activities 294, ,957 Toal revenue from continuing operations 1,292,424 1,094,354 Expenses Cost of goods 262, ,776 Employee expenses 296, ,685 Poker machine tax 53,560 30,885 Interest 1,430 1,503 Expenses from ordinary activities 592, ,371 1,206,814 1,033,220 Earnings before borrowing costs,tax, depreciation and amortisation 85,610 61,134 depreciation 13,823 17,445 Profit from ordinary activities before related income tax expense 71,787 43,689 Income tax relating to ordinary activities 0 0 Total comprehensive income for the year 71,787 43,689 The income statement is to be read in conjunction with the notes to the financial statements set out on pages 10 to 15. 6

8 Statement of Changes in Equity For the year ended Retained Earnings Asset Revaluation Total Reserve $ $ $ Balance as at 1st Ocober , ,984 1,160,425 Profit attributable to members 71, ,787 Balance at 852, ,984 1,232,212 The statement of changes in equity is to be read in conjunction with the notes to the financial statements set out on pages10 to 15. 7

9 Statement of Financial Position As at Note $ $ Current assets Cash and cash equivables 4 168, ,168 Trade and other receivables 5 3,630 6,799 Inventories 6 12,087 7,613 Financial assets 5,379 0 Other 7 63,459 12,463 Total current assets 252, ,043 Non-current assets Property, Plant and Equipment 8 1,132,874 1,072,994 Total Non-Current Assets 1,132,874 1,072,994 Total Assets 1,385,597 1,264,037 Current Liabilities Trade and other payables 9 80,009 71,041 Financial Liabilities 10 19,052 8,745 Employees Entitlements 10,095 8,693 Other 11 44,229 15,133 Total Current Liabilities 153, ,612 Total liabilities 153, ,612 Net Assets 1,232,212 1,160,425 Member's funds Retained Profits 1,232,212 1,160,425 The statement of financial position is to be read in conjunction with the notes to the financial statements set out on pages 10 to 15 8

10 Statement of cash flows For the year ended CASH FLOWS FROM OPERATING ACTIVITIES Note $ $ Cash receipts in the course of operations 1,290,862 1,087,492 Cash payments in the course of operations (1,222,818) (959,658) Interest received 4,731 1,503 Net cash provided by operating activities 15(ii) 72, ,337 CASHFLOWS FROM INVESTING ACTIVITIES Payments for investments (5,379) 0 Payments for property, plant & equipment (73,703) (19,473) Net cash used in investing activities (79,082) (19,473) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 10,307 0 Repayment of borrowings 0 (5,242) Net cash provided by (used in) financing activities 10,307 (5,242) Net increase/(decrease) in cash held 4, ,622 Cash at the beginning of year 164,168 59,546 Cash at the end of the year 15(i) 168, ,168 The statement of cash flows is to be read in conjunction with the notes to the financial statements set out on pages 10 to 15 9

11 Notes to the financial statements For the year ended 1 Statement of significant accounting policies This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporations Act. The Committee has determined that the association is not a reporting entity. Basis of preparation These are special purpose financial statements that have been prepared for the purpose of complying with the Associations Incorporation Act Queensland. The committee have determined that the accounting policies adopted are appropriate to meet the needs of the users. The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values, or except where specifically stated, current valuations of non-current assets. The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report. (a) Income Tax The committee advises that the Palm Beach-Currumbin Rugby Union Club Inc does not incur a liability for income tax, due to an exemption under the Income Tax Act. (b) Fixed Assets Leasehold improvements by the club are not subject to depreciation. Office equipment, plants, motor vehicles and fixtures and fittings are carried at cost less, where applicable, any accumulated depreciation. The depreciable amount of all fixed assets are depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use. (c) Leases Leases of fixed assets, where substantially all the risk and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to the entity, are classified as finance leases. 10

12 Notes to the financial statements For the year ended (continued) 1 Statement of significant accounting policies (continued) (c) Leases (continued) Finance leases are capitalised recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present values of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the interest expense for that period. Leased assets are depreciated on a straight line basis over the shorter of their estimated useful lives or over the term of the lease. Lease/hire payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the period in which they occurred. (d) Employee Benefits Provision is made for the association s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. (e) 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 Taxation Office. In these circumstances the GST is recognised as part of the cost of the acquisition of the asset or as part of an item of expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST. 11

13 Notes to the financial statements For the year ended (continued) Operating Revenue & Expenses $ $ (a) Revenue from operating activities Revenue - operating activities 1,287,693 1,093,775 Interest - other parties 4, ,292,424 1,094,354 (b) Operating profit Operating profit has been arrived at, after charging/(crediting) the following: Amounts set aside to provide for: Depreciation - plant and equipment 13,823 17,445 3 Auditor's remuneration Audit and review of the financial reports Brian W Chapman - 6,500 6,500 4 Cash and cash equivalents Cash on Hand 24,476 20,413 Cash at Bank 143, , , ,168 12

14 Notes to the financial statements For the year ended (continued) Receivables $ $ Current Debtors (provision for doubtful debts nil (2014 : nil) 3,630 6,799 6 Inventories Finished goods - at cost 12,087 7,613 7 Other assets Current Prepayments 13,459 12,463 Accrued income 50, ,459 12,463 8 Property, Plant & Equipment Leasehold Property,Plant and Equipment - at cost 1,615,210 1,549,257 Less: Accumulated Depreciation (490,086) (476,263) Total Property, Plant & Equipment - at net book value 1,125,124 1,072,994 Capital Works in Progress 7, ,132,874 1,072,994 13

15 Notes to the financial statements For the year ended (continued) 9 Trade and other payables $ $ Trade Creditors 52,640 33,707 Other Creditors and Accruals 27,369 37,334 80,009 71, Financial Liabilities Current Other 19,052 8,745 19,052 8, Other Current Link Jackpots 44,229 15,133 44,229 15, Segment reporting The Club operates in one industry in Palm Beach-Currumbin, Queensland the principal activity being that of a licensed social club. 14

16 Notes to the financial statements For the year ended (continued) 13 Notes to the statement of cash flows (1) Reconciliation of cash For the purposes of the statement of cash flows, cash includes cash on hand and at bank and short term deposits at call, net of outstanding bank overdrafts. Cash as at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows: Note $ $ Cash assets 4 168, , , ,168 (ii) Reconciliation of operating profit after income tax to net cash provided by operating activities $ $ Operating surplus/(loss) after income tax 71,787 43,689 Add/(less) non-cash items and financing activities Depreciation and amortisation 13,823 17,445 Net cash provided by operating activities before change in assets and liabilities 85,610 61,134 Change in assets and liabilities during the financial period (Increase)/decrease in receivables 3,169 (5,359) (Increase)/decrease in Provisions 30,498 14,218 (Increase)/decrease in other assets (55,470) 55,807 (Increase)/decrease in trade creditors and accruals 8,968 3,537 Net cash provided by operating activities 72, ,337 15

17 Disclaimer The additional financial data presented on pages is in accordance with the books and records of Palm Beach Currumbin Rugby Union Club Inc. which have been subjected to the auditing procedures applied in my statutory audit of the company for the year ended. It will be appreciated that my statutory audit did not cover all details of the additional financial data. Accordingly, I do not express an opinion on such financial data and no warranty of accuracy or reliability is given. In accordance with my Firm policy, I advise that neither the Firm nor any member or employee of the Firm undertakes responsibility arising in any way whatsoever to any person (other than the Association) in respect of such data, including any errors or omissions therein, arising through negligence or otherwise however caused. Brian W Chapman Gold Coast

18 Detailed income statement For the year ended $ $ Bar Trading 373, ,337 Bistro Trading - Loss (1,427) (524) Gaming Trading 217, ,349 Keno Trading - Loss 4,010 (3,596) Memberships 6,220 6,245 Auction Receipts ,955 Commissions 14,704 3,221 Functions-Club 58,495 6,990 Grants 53,600 36,686 Insurance Recoveries 1,683 2,252 Interest Received 4, Sundry Income 3,650 3,558 Total Net Income 736, ,052 Deduct Administration & Overhead Expenses 614, ,162 Operating Profit/(Loss) before Rugby Union operations 121,746 57,890 Add Net Income/(Loss) - Rugby Unions Operations (49,959) (14,201) NET PROFIT FOR YEAR 71,787 43,689 17

19 Detailed income statement For the year ended BAR TRADING ACCOUNT $ $ Sales Liquor 644, ,325 Deduct Cost of sales 262, ,959 GROSS TRADING PROFIT 382, ,366 EXPENSES Consumables 3,048 1,759 Freight 2,244 4,610 Gas 3,476 3,660 TOTAL EXPENSES 8,768 10,029 NET INCOME - BAR TRADING 373, ,337 BISTRO TRADING ACCOUNT Sales 0 0 Deduct Cost of sales GROSS TRADING PROFIT (752) (427) EXPENSES Consumables TOTAL EXPENSES NET LOSS - BISTRO TRADING (1,427) (524) 18

20 Detailed income statement For the year ended GAMING TRADING ACCOUNT $ $ Net Income 348, ,493 EXPENSES Gaming Tax 53,560 30,885 Maintenance & Monitoring 33,938 29,734 Provision for Linked Jackpots 29,096 5,525 Rental - Poker Machines 15,250 0 TOTAL EXPENSES 131,844 66,144 NET INCOME - GAMING TRADING 217, ,349 KENO TRADING ACCOUNT Commission 13,484 6,147 EXPENSES Connection Fees 9,474 9,620 Stationery Other 0 10 TOTAL EXPENSES 9,474 9,743 NET LOSS-KENO TRADING 4,010 (3,596) 19

21 Detailed income statement For the year ended ADMINISTRATION & OVERHEAD EXPENSES $ $ Administration Expenses 34,892 30,983 Advertising & Promotion 14,719 16,240 Audit Fees - 6,500 6,500 Bank Charges 3,643 3,135 Cable TV 28,254 21,527 Cleaning & waste removal 26,020 26,535 Depreciation 13,823 17,445 Electricity 28,396 26,544 Entertainment 7,026 7,185 Float discrepancy 49 0 Functions -Club 43,511 8,366 Gas 952 2,262 General Expenses 5, Gratuities 7,157 0 Insurance 12,643 18,998 Interest 1,430 1,503 Licences & registration fees 3,763 4,260 Merchandise 4,045 12,218 Motor vehicle expenses 12,996 4,501 Postage Printing & stationery 1,960 2,626 Provision for employees entitlements 1,402 8,693 Rates 13, Rent 3,667 5,434 Repairs & Maintenance 23,105 13,525 Security 5,747 3,494 Staff Amenities Staff Training Superannuation 24,942 20,889 Telephone 6,352 7,148 Uniforms Wages 268, ,712 Workcover insurance 2,671 4,084 Other expenses 5, TOTAL EXPENSES 614, ,162 20

22 Detailed income statement For the year ended RUGBY UNION OPERATIONS INCOME $ $ Donations 0 3,842 Fundraising 9,061 28,974 Player Subscriptions 34,845 42,922 Raffles 8,298 15,803 Sales - Gear 3,489 2,320 Special Events - Including U14 Tour 19,326 24,233 Sponsorships 67,335 50,809 TOTAL INCOME 142, ,903 EXPENSES Advertising Annual Dinner 0 68 Affiliation Fees - Seniors & Juniors 31,809 12,976 Coaching & Training Fees 5,958 1,091 Donations 763 9,255 Electricity 14,308 17,860 Fundraising Expenses - Raffles & Functions 13,339 27,763 G/O EOY Expenses 2,508 15,635 Insurance 4,729 6,458 Medical & Strapper Expenses 7,649 4,422 Motor Vehicle Expenses Player Expenses 14,648 11,306 Repairs & Maintenance - Fields 2, Referee Fees 3,195 3,517 Special Events 1,424 7,274 Team U&G prior year correction 0 33,160 Team Uniforms - Senior & Junior 36,178 18,493 Touring Costs - U14 20,000 3,779 CARRIED FORWARD 160, ,978 21

23 Detailed income statement For the year ended RUGBY UNION OPERATIONS (Continued) $ $ BROUGHT FORWARD 160, ,978 Recruitment expenses 12,089 0 Travel Expenses 1,249 0 Sponsorship expenses 10,912 4,209 Trophies 4,859 3,191 Other Expenses 2, TOTAL EXPENSES 192, ,104 NET INCOME/(LOSS) FROM OPERATIONS (49,959) (14,201) 22