(A Company Limited by Guarantee) CONCISE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
CHAIRMANS REPORT On behalf of the Board of Directors, I submit your Annual Report for year ended 30 June, 2016. This financial year, the Club recorded a net operating loss of 62,079, with a recorded cash profit for the year of 184,834. Our bar trading profit showed a strong increase on last year of 14.49%, our keno profit increased 0.11%, however our gaming profit showed a decrease on last year of 2.81%. At the date of the writing of this Chairman s report, I am pleased to announce that the Club is now debt free. The Club purchased a 61kW solar installation last June at a cost of over 82,000, this has now been fully paid for. This investment has saved the Club over 18,000 in electricity costs over the last 12 months, and is providing over 40% of our daytime energy. This year, the Club proudly celebrated its 75 th anniversary. From humble beginnings on the original site on the banks of the Nepean River to the Club it is today, we shared our milestone with the community. Promotions were held for 75 days leading up to our major event, our Family Fun Day. This saw young and old alike join us to celebrate, with a free luncheon, jumping castles, a petting zoo, entertainment, a major raffle and more. Thank you to those that joined in the celebrations. In the next few months, you will notice major activity on our back green. This activity is due to Penrith Council requiring to place a drainage pipeline through the green as part of a major project to improve drainage through the CBD. We will be attempting to minimize disruption to our bowlers during this period. A special event was held in February, the Club s inaugural Staff Recognition luncheon. This saw six awards being presented. Congratulations to Craig Colman for achieving 25 years of service with the Club, Barry Wood for 20 years, and Julie Cullen, Shaun Williams, Carl Healey and Taylor Miles for all having over 10 years of service. Well done to this dedicated group. Your Board are dedicated to continuing our reputation of a safe, welcoming, friendly and comfortable environment, that is accessible to not only for our bowling members, but to the community as a whole. We pride ourselves on also supporting groups that provide valuable assistance to the community at large. Over 5,557 was raised at our Charity Bowls Day and donated to Penrith PCYC for different projects. Through the Clubgrants scheme, over 5,000 was donated to Penrith Cricket Club for equipment, 1,000 was donated to Nepean Volunteer Services, and over 1,000 to Nepean Puffers & Wheezers. This was on top of the numerous in-kind donations to various groups during the year. Congratulations to the Ladies and Mens Club Members for your participation and success on the greens. Thank you also to the tireless work of the Committees and volunteers involved in the running of it all. It is testament to you all that we now have the largest number of bowlers in the Sydney Metro area here at our Club. Thank you to Julie, Shaun and the rest of our wonderful Staff that are the face of our Club and provide such warm, excellent service, and to our Greenkeepers for maintaining the best greens in the district. I would also like to thank my colleagues on the Board for your continued support. To our Members, we appreciate your continued patronage whether it is facilitating the Club to bask in the comfortable surroundings, watch the new 88 television, enjoy the free wifi, participate in promotions, enjoy a cold beverage, dine in and enjoy one of the delicious meals that Cee Cees have on offer, or all of the above. See you around the Club. Bill Allen Chairman 20th September 2016
DIRECTORS REPORT Your directors present their report on the company for the financial year ended 30 June 2016. The names of the directors in office at any time during the financial year or since the end of the financial year are: DIRECTORS Meetings Meetings Attended Held Qualification Appointed William Dennis ALLEN 13 13 Retired 01.09.1996 Terrence John SIMMONS 10 13 Retired 08.09.2002 Brian Edward BRAINWOOD 12 13 Company Director 19.09.2005 Neville George IRELAND 13 13 Retired 20.03.2013 Steven Neville PHILP 12 13 Retired 24.04.2015 Robert Frederick TAYLOR 13 13 Retired 19.05.2015 Daniel James LATTY - - Real Estate Agent 24.06.2016 Sandra Lynette GIBSON 2 4 Resigned 19.10.2015 The directors have been in office since the start of the financial year to date of this report unless otherwise stated. Experience on the Board of Directors is shown as continuity of service since last elected. RESULT The loss of the company for the financial year after providing for income tax amounted to 62,079, (2015: Profit 17,089). REVIEW OF OPERATIONS A review of the operations of the company during the financial year and the results of those operations found that: Movements in significant items of revenue and expense were as follows: 2016 2015 Increase (Decrease) % Poker Machine Trading Profit 880,536 906,076 (25,440) (2.81) Bar Trading Profit 249,864 218,223 31,641 14.49 Keno Trading Profit 36,589 36,548 41 0.11 Other Income 139,177 147,189 8,012 (5.44) Interest Received 29 69 (40) (57.97) Commission Received 9,963 7,959 2,004 25.17 Administration Expenses 1,378,237 1,298,975 79,262 6.10 No significant changes in the company s state of affairs occurred during the financial year. ACTIVITIES The principal activities of the company during the financial year were as a Licensed Club in the promotion of the game of Bowls and allied activities. No significant change in the nature of these activities occurred during the year.
MEMBERSHIP The club is a Company Limited by Guarantee and without a Share Capital and the liability of members of the Licensed Club is limited to an amount not exceeding twenty (20.00) dollars towards the payments of debts and liabilities in the event of winding up. The number of members at 30 June 2016 was: Bowling: 330 Life : 6 Non-Bowling: 2749 Junior: 4 EVENTS SUBSEQUENT TO BALANCE 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 entity, the result of those operations, or the state of affairs of the entity in future financial years. The company s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory. DIRECTORS INTEREST Since the end of the previous financial year no Director of the Company has received or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or receivable by Directors shown in the accounts) by reason of a contract made by the Company or a related corporation with a Director or with a firm of which the Director is a Member, or with an entity in which the Director has a substantial interest. DIRECTORS INDEMNITY Directors indemnity premiums have been provided for and paid during the year for Directors and Officers Liability. The insurance is in respect of legal liability for damages and legal costs arising from claims made by reason of any omission or acts (other than dishonesty) by them, whilst acting in their individual or collective capacity as Directors or Officers. The Directors have not included details of the nature of the liabilities covered or the amount of the premium paid in respect of the Directors and Officers Liability and legal expense insurance contracts, as such disclosure is prohibited under the terms of the contracts. AUDITOR S INDEPENDENCE DECLARATION A copy of the auditors' independence declaration as required under section 307C of the Corporations Act 2001 has been received. Signed in accordance with a resolution of the Board of Directors: Director: William Dennis ALLEN Director: Brian Edward BRAINWOOD Dated this 20th September 2016
INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2016 2016 2015 Revenue 2,383,927 2,401,539 Changes in inventories of finished goods and work in progress (3,054) (3,325) Raw material and consumables used (503,312 (491,568) Advertising expenses (15,381) (16,080) Auditors remuneration (10,087) (9,080) Bad and doubtful debt expenses - - Depreciation and amortisation expenses (260,734) (275,211) Loss on Disposal of Assets (2,828) - Directors expenses (12,513) (11,271) Employee benefits expenses (736,604) (702,185) Finance costs (3,295) (3,317) Other expenses (898,198) (872,413) (Loss) Profit before income tax (62,076) 17,089 Retained earnings at the beginning of the financial year 2,309,808 2,292,719 Retained earnings at the end of the financial year 2,247,729 2,309,808
BALANCE SHEET AS AT 30 JUNE 2016 2016 2015 Current Assets Cash Assets 135,589 168,988 Inventories 29,822 32,876 Other Assets 18,161 34,555 Total Current Assets 183,572 236,419 Non-Current Assets Property, plant and equipment 2,465,416 2,540,745 Total Non-Current Assets 2,465,416 2,540,745 TOTAL ASSETS 2,648,988 2,777,164 Current Liabilities Payables 113,084 165,817 Financial Liabilities 20,000 50,000 Provisions 238,444 224,370 Other Liabilities 17,832 21,682 Total Current Liabilities 389,360 461,869 Non-Current Liabilities Financial Liabilities - - Provisions 11,899 5,487 Total Non Current Liabilities 11,899 5,487 TOTAL LIABILITIES 401,259 467,356 NET ASSETS 2,247,729 2,309,808 MEMBERSHIP FUNDS Retained Earnings 2,247,729 2,309,808 TOTAL EQUITY 2,247,729 2,309,808
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016 Cash Flow from Operating Activities 2016 2015 Receipts from customers and members 2,600,457 2,641,617 Payments to suppliers and employees (2,412,357) (2,380,584) Interest received 29 69 Interest and other costs of finance paid (2,295) (3,317) Net cash provided by operating activities 184,834 257,785 Cash Flow from Investing Activities Proceeds from sale of plant and equipment 2,335 3,182 Payment for property, plant and equipment (190,568) (253,142) Net cash (used in) investing activities (188,233) (249,960) Cash Flows from Financing Activities Proceeds from Borrowings - - Repayment of Borrowings (30,000) (30,000 Net Cash Provided by (used in) Financing Activities (30,000) (30,000) Net Increase / (Decrease) in Cash Held (33,399) (22,175) Cash at beginning of year 168,988 191,163 Cash at end of year 135,589 168,988 The accompanying notes form part of these financial statements.
NOTES TO THE CONCISE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2016 1: Basis for Preparation of the Concise Financial Report The concise financial report has been prepared in accordance with Accounting Standard AASB 1039: Concise Financial Reports. The financial statements, specific disclosures and other information included in the concise financial report are derived from and are consistent with the full financial report of Penrith Bowling and Recreation Club Ltd. The concise financial report cannot be expected to provide as detailed an understanding of the financial performance, financial position and financing and investing of the Penrith Bowling and Recreation Club Ltd as the full financial report. Any member, free of charge on request, can obtain a copy of the full financial report from the Secretary of the Club. The accounting policies are consistent with those of the previous financial year. 2: Operating Revenue Operating Activities: 2016 2015 Club Trading Revenue Sales Revenue Bar Sales 1,094,933 1,059,134 Poker Machine Net Income 1,100,408 1,150,640 Keno Commission 36,589 36,548 Other Operating Revenue Commission 9,963 7,959 Functions 16,717 14,187 Interest Income 29 69 Members Subscriptions 11,922 13,765 Raffle Receipts 87,039 86,015 Recoveries 3,455 5,310 Rebates 19,872 27,912 Sundry Income 3,000-3: Segmental Information 2,383,927 2,401,539 The Club, located at the corner of Woodriff and Derby Streets, Penrith, NSW provides members and their guests with the amenities and facilities associated with licensed clubs.
BOARD S DECLARATION We, William Allen and Brian Brainwood of Penrith Bowling and Recreation Club Ltd, do hereby declare that the concise financial report for the year ended 30 June 2016. 1. complies with Accounting Standard AASB 1039: Concise Financial Reports; and 2. has been derived from and is consistent with the full financial report of Penrith Bowling and Recreation Club Ltd. The declaration is made in accordance with a resolution of the Board and is signed for and on behalf of the Board by: ------------------------------- W.D. Allen Chairman ------------------------------- B.E. Brainwood Honorary Treasurer Date 20 th September 2016
AUDITOR S REPORT TO THE MEMBERS Scope We have audited the concise financial report of Penrith Bowling and Recreation Club Ltd for the financial year ended 30 June 2016 in order to express an opinion on them to the members of the Company. Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance as to whether the concise financial report is free of material misstatement. We have also performed an independent audit of the full financial report of the Penrith Bowling and Recreation Club Ltd for the year ended 30 June 2016 Our audit report on the full financial report was signed on 20th September 2016, and was not subject to any qualification. Our procedures in respect of the audit of the concise financial report included testing that the information in the concise financial report is consistent with the full financial report, and examination, on a test basis, of evidence supporting the amounts, discussion and analysis and other disclosures which were not directly derived from the full financial report. These procedures have been undertaken to form an opinion as to whether, in all material respects, the concise financial report is presented fairly in accordance with Accounting Standard AASB 1039: Concise Financial Reports. The audit opinion expressed in this report has been formed on the above basis. Audit opinion In our opinion, the concise financial report of Penrith Bowling and Recreation Club Ltd complies with Accounting Standard AASB 1039: Concise Financial Reports. ROSS FOWLER & CO CHARTERED ACCOUNTANTS Ross Fowler Registered Company Auditor Date: 20 th September 2016 11 Tindale Street, Penrith NSW 2750 Liability limited by a scheme approved under Professional Standards Legislation
Company Information Chairman: William Dennis Allen Honorary Treasurer: Brian Brainwood Directors: Terry Simmons, Neville Ireland, Stephen Philp, Robert Frederick Taylor and Daniel Latty. Bankers: Auditor: National Australia Bank Ross Fowler & Co Address: Cnr Woodriff and Derby Streets, Penrith, NSW, 2750 Phone: 02 4721 2515 Fax: 02 4721 8358 Email: info@penrithbowling.com.au