DIRECTORS' REPORT Your Directors present their report on the Company for the year ended 30 June 2017. DIRECTORS. The names of directors in office at any time during or since the end of the year are: Years on Board Qualifications Special Responsibilities Number of Directors Meetings (whilst a director) Held Attended R Key 9 Retired President 12 12 J Rouvray 2 Retired Treasurer 12 12 K Walden 4 Retired Director 12 12 L Konz 3 Retired Director 12 11 P Hetherington 2 Retired Director - Resigned 16/10/16 3 3 C Wales 3 Retired Director - Resigned 16/10/16 3 3 J Bailey 1 Retired Director - Resigned 16/10/16 3 2 R Turner 1 Retired Director - Appointed 16/10/16 9 8 P Hood 1 Retired Director - Appointed 16/10/16 9 9 P Vyner 1 Retired Director - Appointed 8/11/16 8 8 Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. COMPANY SECRETARY. On the 5th June 2015, Mr R Key was appointed company secretary and has held that position until the end of the financial year. Principal Activities & Strategies The principal activities of the company during the financial year were to provide facilities for the game of bowls and to provide facilities to members and their guests. The entity's short-term objectives are to: - continue to maintain Clubhouse facilities and bowling greens for the enjoyment of members. The long-term objectives are to: - be sustainable by achieving profits from activities and maintaining and improving facilities. To achieve these objectives, the entity has adopted the following strategies: - the entity strives to continue attracting members and their guests to support Club activities. 1
DIRECTORS' REPORT (Cont) The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the entity. At 30 June 2017, the total amount that members of the company are liable to contribute if the company is wound up is $1,790 (2016: $1,566). Auditor's Independence Declaration The lead auditor's independence declaration for the year ended 30 June 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: Director: Dated: 12 September 2017 2
AUDITOR'S INDEPENDENCE DECLARATION I declare that, to the best of my knowledge and belief, during the year ended 30 June 2017 there have been: i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and ii) Name of Firm: no contraventions of any applicable code of professional conduct in relation to the review. Brosie Martin Name of Partner: Brian Brosie (Registration No. 1472) Date: 12 September 2017 Address: 131 Marius Street TAMWORTH NSW 2340 3
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017 Note 2017 2016 Revenue 2 653,493 696,696 Cost of Goods Sold (187,906) (206,190) Employee Benefits Expense (139,326) (183,584) Depreciation 3 (35,100) (37,367) Other Expenses (294,288) (251,039) Profit(Loss ) before income tax (3,127) 18,516 Income tax expense - - Profit (Loss) for the year (3,127) 18,516 Other comprehensive income for the year Gain on revaluation of intangibles 30,000 120,000 Gain on revaluation of property 591,613 - Total other comprehensive income for the year 621,613 120,000 Total comprehensive income for the year 618,486 138,516 Total comprehensive income attributable to members of the entity 618,486 138,516 The accompanying notes form part of these financial statements 4
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017 Note 2017 2016 CURRENT ASSETS Cash and cash equivalents 6 114,309 143,334 Inventories 7 13,647 13,660 Other assets 8-4,515 TOTAL CURRENT ASSETS 127,956 161,509 NON-CURRENT ASSETS Property, plant & equipment 9 913,876 348,982 Intangible Assets 10 150,000 120,000 TOTAL NON-CURRENT ASSETS 1,063,876 468,982 TOTAL ASSETS 1,191,832 630,491 CURRENT LIABILITIES Trade and other payables 11 35,753 87,594 Borrowings 12-1,564 Provisions 13 935 4,675 TOTAL CURRENT LIABILITIES 36,688 93,833 TOTAL LIABILITIES 36,688 93,833 NET ASSETS 1,155,144 536,658 EQUITY Reserves 4 790,398 168,785 Retained profits 5 364,746 367,873 TOTAL EQUITY 1,155,144 536,658 The accompanying notes form part of these financial statements 5
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2017 Asset Retained Revaluation Total Earnings Reserve Balance at 1 July 2015 349,357 48,785 398,142 Comprehensive income Profit for the year 18,516-18,516 Other comprehensive income Gains on revaluation of intangibles - 120,000 120,000 Total comprehensive income attributable to members of the entity for the year 18,516 120,000 138,516 Balance at 30 June 2016 367,873 168,785 536,658 Comprehensive income Profit for the year (3,127) - (3,127) Other comprehensive income Gains on revaluation of intangibles - 30,000 30,000 Gains on revaluation of property - 591,613 591,613 Total comprehensive income attributable to members of the entity for the year (3,127) 621,613 618,486 Balance at 30 June 2017 364,746 790,398 1,155,144 The asset revaluation reserve records revaluations of non-current assets. The accompanying notes form part of these financial statements 6
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2017 Cash Flows from Operating Activities Note 2017 2016 Receipts from Customers 663,989 721,587 Interest Received 370 - Payments to Suppliers & Employees (677,517) (652,301) Interest Paid (654) (1,788) Net Cash (Used In) Operating Activities (13,812) 67,498 Cash Flows from Investing Activities Proceeds from sale of Property, Plant & Equipment - 42,909 Payment for Property, Plant & Equipment (13,649) - Net Cash (Used In) Investing Activities (13,649) 42,909 Cash Flows from Financing Activities Repayment of Loans (1,564) (18,767) Net Cash Provided By Financing Activities (1,564) (18,767) Net decrease in Cash Held (29,025) 91,640 Cash at Beginning of Financial Year 143,334 51,694 Cash at End of Financial Year 6 114,309 143,334 The accompanying notes form part of these financial statements 7
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 The financial statements are for Tamworth City Bowling Club Limited as an individual entity, incorporated and domiciled in Australia. Tamworth City Bowling Club Limited is a company limited by guarantee. 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation Tamworth City Bowling Club Ltd applies Australian Accounting Standards - Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards. The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. The company is a not for profit entity for reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. The financial statements were authorised for issue on 12 September 2017 by the directors of the company. Accounting Policies (a) Revenue Trading revenue represents revenue earned from the club's trading activities. It includes poker machine takings, bar sales, catering takings, member subscriptions and commission received etc. It is recognised as the income is earned. Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. All revenue is stated net of the amount of goods and services tax (b) Inventories Inventories held for sale are measured at the lower of cost and net realisable value. Inventories acquired at no cost or for nominal consideration are valued at the current replacement cost as at the date of acquisition. (c) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value, as indicated, less, where applicable, accumulated depreciation and any impairment losses. Property Buildings, greens and fencing have been brought to account at independent valuation (2017), less where applicable, any accumulated depreciation. All property held by the Club is core property. 8
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) Plant and Equipment Plant and equipment are measured on a cost basis less accumulated depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis of expected net cash flows which will be received from the asset's employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts. Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, is depreciated on a straight line basis over the asset's useful life to the entity commencing from the time the asset is held ready for use. Depreciation rates used for each class of asset are as follows: Clubhouse, Greens & Fences Plant & Equipment Poker Machines Furniture & Equipment 1.5% (Prime Cost) 10% (Prime Cost) 15% (Prime Cost) 10% (Prime Cost) The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Each asset class's carrying amount is written down immediately to its recoverable amount if the class's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to retained earnings. (d) Impairment of Assets At the end of each reporting period, 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 higher of the asset's fair value less costs to sell and value in use, is compared to the assets carrying value. Any excess of the assets carrying value over its recoverable amount is expensed to the statement of comprehensive income. Impairment testing is performed annually for intangible assets with indefinite lives. (e) Employee Benefits Short-term employee benefits Provision is made for the company's obligation for short term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligations are settled. The company's obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as a part of current trade and other payables in the statement of financial position. 9
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017(Cont) Other long-term employee benefits The company classifies employee's long service leave and annual leave as other long-term employee benefits as they are not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Provision is made for the company's obligation for other long-term employee benefits, which are measured at the present value of the expected future payments to be made to employees. Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss classified under employee benefits expense. The company's obligation for long-term employee benefits are presented as non-current liabilities in its statement of financial position, except where the company does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current liabilities. (f) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call and other short-term highly liquid investments with original maturities of twelve months or less. (g) Goods and Services Tax 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 (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, payable to, the ATO is included in other payables in the statement of financial position Cash flows are presented on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers. (h) Income Tax No provision for income tax has been raised as the company is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997. (i) Intangibles Poker Machine Entitlements Poker machine entitlements are initially recognised at fair value. The entitlements have an indefinite useful life given they have no expiry date, and accordingly are not amortised. (j) Provisions Provisions are recognised when the entity has a legal and constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. 10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) (k) Comparative Figures Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year. (l) 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. (m) Critical Accounting Estimates and Judgements 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 (i) Valuation of poker machine entitlements The poker machine entitlements were valued by the directors and brought to account in the current financial year. The valuation was based on the fair value of the entitlements less costs of disposal. The critical assumption adopted in determining the valuation included but was not limited to the value of proceeds received in a recent sale of poker machine entitlements. Leased Clubhouse & Greens Land on which the Clubhouse & Greens are constructed is owned by the Department of Primary Industries Catchments and Lands. The Company currently pays an annual fee to the Department of Primary Industries Catchments and Lands for it's perpetual lease on the land. 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) 2017 2016 2 Revenue Operating activities Sale of Goods 433,438 476,007 Poker Machine Revenue 84,668 73,463 Interest 370 0 Other Revenue 135,017 147,226 653,493 696,696 3 Profit/(Loss)from ordinary activities Profit/(loss) from ordinary activities before income tax expense has been determined after: Expenses: Cost of sales 187,906 206,190 Depreciation 35,100 37,367 Remuneration of Auditor Reviewing Accounts 3,000 4,500 Other Services 3,000 4,000 6,000 8,500 4 Reserves Asset Revaluation Reserve 790,398 168,785 5 Retained Profits Retained Profits at the beginning of the financial year 367,873 349,357 Net Profit/(Loss) for the year (3,127) 18,516 Retained Profits at the end of the financial year 364,746 367,873 6 Cash Assets (Current) Cash on hand 16,987 18,326 Cash at Bank 7,675 37,916 Cash at Credit Union 89,647 87,092 114,309 143,334 12
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) 2017 2016 7 Inventories (Current) Trading Stock - at Cost 12,687 11,280 Bowling Attire - at Cost 960 2,380 13,647 13,660 8 Other Assets (Current) Prepayments - 4,515 9 Property, Plant and Equipment (Non-Current) Leasehold Assets Clubhouse, Greens & Fences at Valuation (2017) - Core Property 785,000 - Clubhouse, Greens & Fences at Cost - Core Property - 326,417 Accumulated Depreciation - (124,277) Total Leasehold Assets 785,000 202,140 Plant, Equipment, Furniture & Fittings Poker Machines at Cost 148,238 148,238 Accumulated Depreciation (108,242) (95,019) 39,996 53,219 Bar Plant & Equipment at Cost 97,478 101,978 Accumulated Depreciation (65,592) (61,619) 31,886 40,359 Greens Plant & Equipment at Cost 64,731 64,109 Accumulated Depreciation (40,559) (37,961) 24,172 26,148 House Plant at Cost 113,119 101,517 Accumulated Depreciation (81,381) (75,684) 31,738 25,833 Office Equipment at Cost 3,474 3,474 Accumulated Depreciation (2,390) (2,191) 1,084 1,283 Total Plant & Equipment 128,876 146,842 Total Property, Plant and Equipment 913,876 348,982 13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) 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. Plant and Poker Furniture Buildings Equipment Machines and Fittings Total Balance at beginning of year 202,140 66,507 53,219 27,116 348,982 Additions - 1,096-12,554 13,650 Disposals (1,261) (3,296) - (712) (5,269) Depreciation Expense (7,492) (8,249) (13,223) (6,136) (35,100) Revaluation 591,613 - - - 591,613 Carrying amount at end of year 785,000 56,058 39,996 32,822 913,876 Asset Revaluations The buildings, greens and fencing were independently valued at 30 May 2017 by Preston Rowe Paterson Tamworth Pty Ltd. The revaluation increment of $591,613 being recognised in the revaluation surplus for the year ended 30 June 2017. 2017 2016 10 Intangible Assets (Non-Current) Poker Machine Entitlements - At Fair Value 150,000 120,000 The Club has 10 poker machine entitlements. The entitlements have an indefinite useful life given they have no expiry date, and accordingly are not amortised. 11 Trade and Other Payables (Current) Trade Creditors and Accruals 24,317 25,069 Deferred income 4,786 28,391 Other Current Payables - GST 6,650 34,134 35,753 87,594 Financial liabilities classified as trade and other payables Trade and other payables: - total current 35,753 87,594 - total non-current - - 35,753 87,594 Less deferred income (4,786) (28,391) 14 30,967 59,203
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) 2017 2016 12 Borrowings Current Aristocrat Loan - 1,564 13 Provisions CURRENT Provision for employee benefits: annual leave 935 4,675 Employee Benefits Total Analysis of total provisions Opening balance as at 1 July 2016 4,675 4,675 Additional provisions raised during year 1,723 1,723 Amount used 5,463 5,463 Balance as at 30 June 2017 935 935 Provision for Employee Benefits Provision for employee benefits represents amount 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 entitlement that have vested due to employees having completed the required period of service. Based on past experience, the company does not expect the full annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement. 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. 15
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 (Cont) 14 Financial Risk Management The company's financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable. The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: Note 2017 2016 Financial Assets Cash and Cash Equivalents 6 114,309 143,334 Total Financial Assets 114,309 143,334 Financial Liabilities Trade and other payables 10 30,967 59,203 Total Financial Liabilities 30,967 59,203 15 Events after the Reporting Period The directors are not aware of any significant events since the end of the reporting period. 16 Other Related Party Transactions There were no other transactions with related parties other than expense reimbursements to directors than those stated. 17 Entity Details The registered office and principal place of business of the Company is: Tamworth City Bowling Club Ltd Napier Street Tamworth NSW 2340 18 Members' Guarantee The entity is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute to a maximum of $2 each towards meeting any outstanding obligations of the entity. At 30 June 2017, the number of members was 895. 16
The directors of the company declare that: TAMWORTH CITY BOWLING CLUB LIMITED DIRECTORS' DECLARATION 1 The financial statements and notes, as set out on pages 4 to 16, are in accordance with the Corporations Act 2001 and: (a) (b) comply with Australian Accounting Standards - Reduced Disclosure Requirements; and give a true and fair view of the financial position as at the 30 June 2017 and of the performance for the year ended 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 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: Dated: 12 September 2017 17
INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF TAMWORTH CITY BOWLING CLUB LIMITED Report on the Financial Report We have reviewed the accompanying financial statements of Tamworth City Bowling Club Ltd for the financial year ended 30 June 2017 as set out on pages 4 to 17. Director's Responsibility for the Financial Report The directors of the company are responsible for the preparation and fair presentation 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 is free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express a conclusion on the financial statements based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2415 Review of a Financial Report - Company Limited by Guarantee, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the company's financial position as at 30 June 2017 and its performance for the year then ended on that date; and complying with the Australian Accounting Standards and Corporations Regulations 2001. ASRE 2415 requires that we comply with the ethical requirements relevant to the review of the financial report. A review of a financial report consists of making enquiries, primarily of persons responsible for financial and accountin matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Accounting Standards and consequently does not enable us to obtain assuranc that we would become aware of all significant matters that might be identified during an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, as set out on page 4 of the financial statements would be in the same terms if provided to the directors as at the date of this auditor's report. Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the financial report of Tamworth City Bowling Club Ltd is not in accordance with the Corporations Act 2001 including: a. giving a true and fair view of the company's financial position as at 30 June 2017 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. Name of Firm: BROSIE MARTIN Name of Partner: Brian J Brosie (Registration No: 1472) Address: 131 Marius Street, Tamworth NSW 2340 Date: 12 September 2017 18
COMPILATION REPORT TO TAMWORTH CITY BOWLING CLUB LIMITED Scope On the basis of information provided by the directors of Tamworth City Bowling Club Ltd, we have compiled in accordance with APES 315: Compilation of Financial Information the following special purpose financial report of Tamworth City Bowling Club Ltd comprising Trading and Profit and Loss Statements for the year ended 30 June 2017. The specific purpose for which the special purpose financial report has been prepared is for the confidential use of the directors and members. Accounting Standards and other mandatory professional reporting requirements have not been adopted in the preparation of the special purpose financial report. The directors are solely responsible for the information contained in the special purpose financial report and have determined that the accounting policies used are consistent with the financial reporting requirements of Tamworth City Bowling Club Ltd's constitution and are appropriate to meet the needs of the directors and members of the company. Our procedures use accounting expertise to collect, classify and summarise the financial information, which the directors provided into a financial report. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed. To the extent permitted by law, we do not accept liability for any loss or damage which any person, other than the company, may suffer arising from any negligence on our part. No person should rely on the special purpose financial report without having an audit or review conducted. The special purpose financial report was compiled exclusively for the benefit of the directors and members of the company and the purpose identified above. We do not accept responsibility to any other person for the contents of the special purpose financial report. Name of Firm: Brosie Martin Barnett Name of Partner: Address: Robert Taggart 131 Marius Street, TAMWORTH NSW 2340 Dated: 12 September 2017 19
Profit & Loss Statement - Bar Trading Supplementary information to the Accounts for the year ended 30 June 2017 2017 2016 Sales 433,438 476,007 Less Cost of Goods Sold Opening Stock 11,280 11,471 Freight 1,082 2,898 Purchases 188,231 203,101 200,593 217,470 Closing Stock (12,687) (11,280) 187,906 206,190 Gross Profit 245,532 269,817 Gross Profit % 56.6% 56.7% Operating Expenses Wages - Barpersons 137,603 152,296 137,603 152,296 OPERATING PROFIT 107,929 117,521 20
Profit & Loss Statement - Club Gaming Supplementary information to the Accounts for the year ended 30 June 2017 2017 2016 Income Poker Machine Net Revenue 84,668 73,463 GST Subsidy 8,532 7,548 Club Keno - Commission Received 8,608 9,026 101,808 90,037 Operating Expenses Finance Charges 200 2,401 Repairs & Analysis 9,809 9,593 10,009 11,994 OPERATING PROFIT 91,799 78,043 21
Profit & Loss Statement - Bowling Supplementary information to the Accounts for the year ended 30 June 2017 2017 2016 Income Green & Competition Fees 38,120 43,128 38,120 43,128 Operating Expenses Greens Wages - 27,840 Greens - Contract 43,200 - Repairs & Maintenance 30,022 33,027 Bowls Promotion 6,989 7,014 80,211 67,881 OPERATING LOSS (42,091) (24,753) 22
Profit & Loss Statement - Administration Supplementary information to the Accounts for the year ended 30 June 2017 2017 2016 Income Grant Income 25,000 - Hire of Hall & Kitchen 13,077 11,414 Raffles & Fund Raising 3,046 11,174 Subscriptions 11,017 10,175 Sundry Income 24,383 15,495 Insurance Proceeds 3,234 - Interest Received 370 - Profit on Disposal of Assets - 39,266 Total Income 80,127 87,524 Operating Expenses Auditors' Remuneration 6,000 8,500 Advertising 1,688 1,825 Bookkeeping 12,000 11,674 Cleaning 22,515 21,058 Computer Expenses 1,682 1,362 Depreciation 35,100 37,367 Electricity & Gas 28,055 31,134 General Expenses 11,855 10,290 Insurance 19,094 19,296 Interest 654 1,788 Lease - Land 18,168 17,308 Leave Provisions 1,723 3,448 Legal Fees 1,136 - Loss on Disposal of Assets 5,268 - Members Amenities & Entertainment 6,410 9,695 Postage, Printing & Stationery 3,100 2,011 Rates 21,295 20,057 Repairs & Maintenance 14,800 8,847 Security Costs 1,724 1,313 Sponsorship - 410 Staff Training 270 127 Subscriptions & Affiliations 5,448 5,958 Superannuation 14,979 17,942 Telephone 4,773 5,095 Waste Removal 3,154 3,314 Total Expenses 240,891 239,819 ADMINISTRATION LOSS (160,764) (152,295) PROFIT & LOSS SUMMARY Bar Trading 107,929 117,521 Club Gaming 91,799 78,043 Bowling (42,091) (24,753) Administration (160,764) (152,295) NET PROFIT/(LOSS) FOR THE YEAR (3,127) 18,516 The accompanying notes form part of these financial statements 23