Page 1


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

Office Bearers 2014-2015 Chairman Garry Bugden JP Vice Chairman Wil Gardner, Vic Watkins Directors Steve Kennedy, Jim Preece, John Farrell, Beverley White, Ray Pensch Chief Executive Officer Grant Walden Dip. Hospitality

NOTICE TO ALL LIFE OR FINANCIAL BOWLING MEMBERS OF THE 2015 ANNUAL GENERAL MEETING NOTICE is hereby given that the ANNUAL GENERAL MEETING of PARK BEACH BOWLING CLUB LIMITED will be held in the CLUB ROOMS, 60 OCEAN PARADE, PARK BEACH, COFFS HARBOUR New South Wales ON SUNDAY 27th September 2015 commencing at 9am. AGENDA:

1. Apologies 2. Confirmation of Minutes 3. Business Arising from Minutes 4. To receive the Director’s Report and Statement by Directors 5. To receive and consider the Financial Report & Auditor’s Report for the twelve months ended 30th June 2015. 6. To consider and if thought fit approve honorariums for the current Board of Directors 7. To consider First, Second and Third Resolutions conferring benefits on members 8. To consider the Special Resolution set out in the Notice of Special Resolution, sent to members. 9. To transact any General Business that may be brought forward in accordance with the constitution of Park Beach Bowling Club Limited For and on behalf of the Board of Directors,

Grant Walden Dip. Hospitality CHIEF EXECUTIVE OFFICER

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

1


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTICE OF RESOLUTIONS TO BE CONSIDERED AT THE ANNUAL GENERAL MEETING NOTICE is hereby given that at the Annual General Meeting of PARK BEACH BOWLING CLUB LIMITED to be held on 27th September, 2015 commencing at 9am at the premises of the Club at Ocean Parade, Coffs Harbour, the members will be asked to consider and if thought fit pass the following resolutions. FIRST RESOLUTION That pursuant to the Registered Clubs Act: a. The members hereby approve and agree to expenditure by the Club until the next Annual General Meeting of the Club for the following activities of directors: (i) The reasonable cost of a meal and beverage for each Director immediately before or immediately after a Board or Committee Meeting on the day of that meeting when that meeting corresponds with a normal mealtime. (ii) Reasonable expenses incurred by Directors in travelling to and from Director’s Meetings or other duly constituted committee meetings as approved by the Board from time to time on production of invoices, receipts or other proper documentary evidence of such expenditure. (iii) Reasonable expenses incurred by Directors in relation to such other duties including entertainment of special guests to the Club and other promotional activities performed by Directors which activities and expenses there from are approved by the Board before payment is made on production of receipts, invoices or other proper documentary evidence of such expenditure. b. The members acknowledge that the benefits in paragraph (a) above are not available to members generally but only for those who are Directors of the Club. SECOND RESOLUTION That pursuant to the Registered Clubs Act: a. Members hereby approve and agree to expenditure by the Club for the professional development and education of Directors until the next Annual General Meeting and being: (i) The reasonable cost of Directors attending at the Registered Clubs Associations Annual General Meeting. (ii) The Board may determine the reasonable cost of Directors attending seminars, lectures, trade displays and other similar events as from time to time. (iii) The reasonable cost of Directors attending other Registered Clubs for the purpose of viewing and assessing their facilities and methods of operation provided such attendances are approved by the Board as being necessary for the betterment of the Club. b. The members acknowledge that the benefits in paragraph (a) above are not available to members generally but only for those who are Directors of the Club. THIRD RESOLUTION a. That the members hereby approve the provision of reasonable refreshments and light snacks to members who are players, officials or in working bees and who have, in the opinion of the Board contributed to the promotion, restoration or maintenance of the Club. b. Members should note that any member who contributes or participates in any activity to which the Board considers this resolution shall apply, should be entitled to enjoy the benefit.

2

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTICE OF RESOLUTIONS TO BE CONSIDERED AT THE ANNUAL GENERAL MEETING (continued)

NOTES TO MEMBERS These notes are to be read in conjunction with the proposed Resolutions:

FIRST, SECOND & THIRD RESOLUTION 1. The First Resolution is to have the members at the General Meeting approve reasonable expenditure by the Club in relation to duties performed by the Club’s Directors. 2. The Second Resolution is to have the members at the General Meeting approve reasonable expenditure by the Club for Directors to attend seminars, lectures, trade displays and other similar events including the Registered Clubs Association of New South Wales Annual General Meeting and to visit other clubs to enable the Club’s governing body to be kept abreast of current trends and developments which may have significant bearing on the nature and way in which the Club conducts its business. 3. Each of the resolutions must be passed as a whole and cannot be amended from motions from the floor of the meeting or divided into two or more separate resolutions. 4. To be passed each ordinary resolution must receive votes in its favour from not less than a simple majority of those members, who being entitled to do so, vote in person at the meeting. By direction of the Board of Directors G. Walden Dip. Hospitality Chief Executive Officer

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

3


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

CHAIRMAN’S REPORT On behalf of the Board of Directors, It is with great pleasure that I present to you the Annual Report for Park Beach Bowling Club Ltd in 2014/15. The last financial year has been very profitable for our club with the weather being very kind and providing a great experience for all on our greens. This along with numerous improvements brought many visitors to the Club during the past twelve months and this is reflected in the final result. The Club recorded a profit for the year of $82,844 and this is attributed to a growth in income generated in various areas of the club. Due to this result the Club has achieved an EBITDARD of 19% and with the industry standard of 15% it shows the Club is running strong with growth and improved income. During the year the Club has continued to repay its debt with the bank and held an operating cash flow of $745,410 compared to $488,380 in 2013/14 and $422,722 in 2012/13. Over the past twelve months the Club has provided more comfort for the members with renovations to the Poker Machine area and the continued recovering of furniture throughout the lounge areas. The Club also installed Solar Panels which has helped reduce the Club’s electricity account and reduce the impact on greenhouse gases. The Club hosted our Premier Event the Park Beach Bowls Club Open Singles in July 2014, with the Winner, Rowan Brassey from Cabramatta. While this year, 2015, in a highly tested final which saw five of the quarter finalists under the age of twenty five. The title went to Mason Lewis from Merrylands, a definite up and coming bowler at only the age of eighteen; and the runner up was Corey Wedlock, previous local (Urunga) and now from Engadine, only nineteen; both these bowlers proved that our game has a long way to go and is well supported with these newer bowlers showing how well they can compete. This event was supported by our loyal sponsors who throughout the years have dedicated there time and finances to help the Club provide not only this event but the many others during the year. Some of these sponsors include the following locals Pacific Property Management, Drovers Meats, BP Mini Mart, Coffs Harbour Yacht Club, All Office & Business, Crowe Horwath, Tahitian Holiday Apartments, Watson’s Caravans, Toleman & Co Showcase Jewellers, plus the many Scoreboard sponsors (over twenty five) of these currently help the Club. National Organisations that for many years have supported the Club didn’t falter again this year and I would like to thank Aristocrat, Lion Nathan, IGT, Ainsworth, Konami, Treasury Wines, Austereo, and new sponsors Hennessy Coffee (who also provided a great coffee experience during the Tournament), Mid Coast Gaming (local distributors of Hennessy Coffee and suppliers of technical services to the Club) and Taylor Bowls (who through the help of Ken Katon provide the players and visitors with a wonderful opportunity to have access to various items from the Taylor range and provided two sets of bowls, bags and other items as prises as raffle items for the tournament). I would also like to thank the Members, their Guests and the many Visitors that come to enjoy the facilities here at Park Beach Bowling Club without you the Club would not exist as it does. Thank you President Bev White and your committee of the Park Beach Women’s Bowling Club for all your dedication to supporting Park Beach Bowling Club Ltd, it is much appreciated. Congratulations to the Park Beach Men’s Bowling Club, who nearly made it to the state finals in the Number One’s and Three’s Pennants this year, your dedication to the sport and the way you continue to play hard through every round is especially noted and the way all of the bowlers support the Club is well appreciated. President Jim Gorman and his committee, thank you for supporting the Club throughout the year, representing the Club on many occasions both here and away takes dedication and I thank you for yours. 4

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

CHAIRMAN’S REPORT (continued) I would then like to thank my fellow Board members, who through a challenging year, have supported the Club and provided their time and knowledge to move the Club forward and provide better services and facilities for members and guests. To the Management and Staff of Park Beach Bowling Club, what a wonderful crew of dedicated individuals you are, I would personally like to thank you for all your hard work and the quality of service you have provided to all that enter the Club. I would also like to thank our CEO Grant Walden for the time and effort he has provided to the Club as he steers the Club further forward and continues to provide our Members and their Guests with even better facilities. The achievement of this year’s results has been through the team’s hard work and diligence working towards a common goal. The Caterer’s, Grant Wilson and Matt Carter, along with their Staff have served the Patrons of Park Beach Bowling Club for many years now and treated all that enter the Club with good service and great food. The Club is a large supporter of the Coffs Region and proudly provide funds and services for many a needy cause. Firstly with the association between the local Clubs in the community and the division of funds through the Club GRANTS program the Park Beach Bowling Club has been able to provide assistance to the following – Refugee youth Camp, Boambee East Neighbourhood Centre, St Vincent de Paul Sawtell, Woolgoolga Neighbourhood Centre, Coffs Harbour Women’s Health Centre, Coffs Harbour RRISK Student Knowledge Program, Coffs Harbour St John’s Ambulance, Adele Dundas Rehabilitation Service, Coffs Harbour Special Needs Support Group and Coffs Harbour Volunteers. The Club has also supported the following – Westpac Life Saver Rescue Helicopter, Camp Quality, Prostate Cancer Research Foundation, Starlight Children’s Foundation, Family & Community Training & Support Inc., Bishop Druitt College, Coast Out, The Colts Cricket Club, Disabled Bowling Assistance, Coffs Coast Dragon Boat Club, Coffs Harbour Rotary, Pacific Lions Club, Quota Club, Coffs Harbour Race Club, House with No Steps, Pink Silks (Breast Cancer Research), Tigers Soccer Club, Coffs Harbour Caravan & Camping Club, Coffs Embroidery Club, Coffs Chess Club, Coffs Harbour Game Fishing Club, Coffs Harbour Basketball, Park Beach Travellers and Coffs Harbour Yacht Club. As we move into the coming financial year the Board and I look forward to working with the Management and Staff of the Club preparing for all the challenges as they present themselves. I am proud to be the Chairman of Park Beach Bowling Club Ltd, proud of all the members that grace the doors every day, and I look forward to ensuring the Club is profitable and viable for the future. I look forward to seeing all Members, Guests and Visitors during the coming year around the Club. Garry Bugden

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

5


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

CHIEF EXECUTIVE OFFICER’S REPORT 2014/15 It is with a great deal of pride that I present my report to the members of Park Beach Bowling Club Ltd for 2014/2015. The Club has traded extremely well during the past twelve months returning a Profit of $82,844 for the year which after a profit the previous year of $21,799 and losses the previous two years to that. I am very thankful that the Coffs Harbour weather turned it on during the past year and provided a Winter Wonderland of Warmth. This has helped keep tourists to stay and enjoy the delightful Coffs Coast and Park Beach Bowling Club. In reviewing the figures for the year I can happily report that the Club has provided exceptional service from our friendly staff resulting in continual patronage from all. Management and our team of staff, along with the Board, have worked extremely hard to present the Club in condition it now stands as we move further forward to provide a comfortable environment for all that enter through the doors. During the year the Club has provided renovations to the Poker Machine Room, the newly constructed and extremely well patronised Sports Lounge, installed a Solar System of 244 panels harnessing up to 60kW of power and still achieved an operating cash flow of $745,410. The combined efforts of the Club’s Operational Team worked hard to achieve the above result in a relative slow growth market plus the tragic situation of two well established Clubs in the area closing thus waning less confidence within the region. Without the effort of the Management and Administration team of Brett Wellard – Gaming & Beverage Manager, Kelly Walcot – Administration & Events Manager, Vickie Sellings – Accounts Co-Ordinator and Emma Evans – Functions Co-Ordinator; the Club would have been unable to provide a positive result. I am proud to present an EBITDARD of 19% in the current economic situation is a testament to the abilities of all our staff (Industry Standard of 15% is set as a Benchmark for Club’s to achieve)[EBITDARD is the acronym for Earnings Before Interest, Taxes, Depreciation, Amortization, Rent and Donations]. The Club finishes with the following figures – Bar Sales - $1,364,399 – net profit of $370,706 up $38,917 on 2013/14 Bottle Shop Sales - $138,232 – net profit of $8,093 up $40 on 2013/14 Poker Machines - net profit $1,571,355 up $50,071 on 2013/14 Keno – net profit $26,829 up $9,706 on 2013/14 TAB – a loss of $44,236 which is a lesser loss of $5,312 on 2013/14 To include these figures along with other forms of income we result in a figure of $2,318,922 which is up on 2013/14 by $153,462. The Club has recorded a profit of $82,844 when last year the profit was $21,799 and the loss in 2012/13 was $61,376. Electricity for 2014/15 was one of the largest outlays for the Club and although it decreased during the year, down by $27,033, to $177,329 for the year, compared to $204,362 in 2012/13. I have just implemented another strategy to further reduce our utility costs and look forward to a better performance in the coming months. The Club has continued to meet its loan repayments with the NAB bank and is looking towards a bright future. Profit prior to Depreciation is $600,584 which shows how profitable a business Park Beach Bowling Club Ltd is along with the increasing cash flow.

6

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

CHIEF EXECUTIVE OFFICER’S REPORT 2014/15 (continued) Since coming to the Club in 2013 the Board have proved to me their determination to make the Club a viable and profitable venue for many years to come and their willingness to work alongside my team and guide the Club in the right direction for the future is nothing but inspiring, I look forward to many years of success as we continue to entrench the Club’s name as THE venue on the Coffs Coast for both members and visitors. The Staff, who all work as a team are a glory to work with, their efforts to treat all their fellow workers the same makes it a pleasure to come to work. When you compare being with these people for such a long time together, on such a regular basis, they feel like family (probably better than some). Several of the Staff have now been here for a long time some surpassing ten or more years; which in the industry is not heard of, this defines Park Beach Bowling Club Ltd as THE employer in a very transient style of career choice. A very Big thank you to all staff for your efforts and remember all staff deserve your thanks and respect as well, for the effort they provide every day. To the various other volunteers and helpers that continue to assist throughout the Club, I thank you. Thank you to Noel Condon, Mike Lee and the various persons on the Match Committee’s for the organising the many Bowls events throughout the year, I look forward to the plans for 2015/16. Rick Southam, thank you, and your team for keeping the bowling greens and the grounds of the Club in pristine condition, no other ground staff take so much pride in their job. I would also like to extend my many thanks to President Jim Gorman, President Bev White and their teams of weary warriors on their respective committees for their tireless work. To our Caterer’s, Grant Wilson and Matt Carter, and your team of staff thank you for providing such quality service and extraordinary meals at all times; a great feat in such a challenging market, I would like to wish you success in your new endeavours. Lastly I would to once again thank all our Members, their Guests and our many, many visitors for their patronage. I look forward to many years of continuing to provide all of you with a welcoming and friendly place to meet. Grant Walden Dip Hosp. Chief Executive Officer

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

7


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH MEN’S BOWLING CLUB NOTICE TO ALL FINANCIAL MALE BOWLING MEMBERS 2015 ANNUAL GENERAL MEETING Notice is hereby given that the ANNUAL GENERAL MEETING of PARK BEACH MEN’S BOWLING CLUB will be held in the CLUB ROOMS, OCEAN PARADE, COFFS HARBOUR NSW on SUNDAY 27th SEPTEMBER 2015 immediately following the Annual General Meeting of Club Limited AGENDA:

1. Apologies 2. Confirmation of minutes of Annual General Meeting held on 28th September 2014 3. Business arising from previous minutes 4. President’s report 5. Declaration of ballot for the 2015/2016 committee of management and selectors 6. To transact any general business that may be brought forward in accordance with the constitution of Park Beach Men’s Bowling Club AS A FINANCIAL MEMBER OF PARK BEACH MEN’S BOWLING CLUB YOU ARE ENTITLED TO ATTEND AND VOTE PLEASE NOTE THAT THE BALLOT FOR THE ELECTION OF THE MANAGEMENT COMMITTEE AND THE SELECTORS SHALL TAKE PLACE AT THE CLUB DURING THE WEEK FROM Saturday 19th September 2015 to Friday 24th September 2015 Session Times are as follows Saturday 19th September – 3.30pm – 5.30pm Tuesday 22nd September – 3.30pm – 5.30pm Thursday 24th September – 3.30pm – 5.30pm Friday 25th September – 4pm – 6pm Scrutineer for the Ballot – John Purdy

PBMBC CHAMPIONSHIP RESULTS FOR 2014 MAJOR SINGLES: Winner: Rick Southam Runnes Up: Quinton Dalrymple

MAJOR PAIRS: Winners: Phil Brown, Quinton Dalrymple Runners Up: Phil Toy, Laurie Morris

MAJOR TRIPLES: Winners: J Forbes, M Wilson Daley Runners Up: J Bennett, R Oakley, V Watkins

MAJOR FOURS: Winners: J Long, S Kennedy, R Oakley, V Watkins Runners Up: G Power, M Benham, R Harris G Colman

MINOR SINGLES: Winner: Tom Blow Runner Up: B Jacquin

MINOR PAIRS: Winners: B Pitt, P Smith Runners Up: G Inwood, T Blow

TYRO SINGLES: Winner: G Inwood Runner Up: T Clark

MIXED PAIRS: Winners: J Slater, R Palmer Runners Up: K Monks, M Wilson

MIXED FOURS: Winners: J Neal, C Kershaw, B Neal, K Bonney Runners Up: P Gordon, T Gordon, K Monks, J Monks

MAJOR/MINOR PAIRS: Winners: R Pensch, J Bennett Runners Up: G Duffey, A Dorington

8

BOWLER OF THE YEAR: Q Dalrymple

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH MEN’S BOWLING CLUB OFFICE BEARERS President J. Gorman

Vice Presidents G. Colman, John Farrell

Bowls Secretary N. Condon Committee-Men R. Shephard, R. Harris, N. Bowes Selectors T. Kadwell, R. Cutmore, P. Baehnk, R. Harris

PRESIDENT’S REPORT Another year has passed no doubt far too quickly for some of us. Thank you for giving me the honour of being your President. With West Coffs Bowling Club closing down member participation have grown on Tuesday, Thursday and Friday morning very popular using three greens each week. To all our West Coffs bowlers a big welcome to Park Beach Bowls Club as you have all fitted in really well. Visitor numbers have also been up this year. All Pennant teams were very competitive and represented our club with pride. The No 1’s and No 3’s winning district but were defeated at Zone play-offs. The Open singles just completed was a great success. Thanks to the hard work put in by Noel Condon who did a great job, and his committee of workers Mike Lee, John Farrell, Vic Watkins, Neil Bowes, Jim Phillips, Graeme Colman, Brenden Neal, Tony Boulton, Rummy Cutmore, Jim Preece and Ray Pensch and his crew for putting chairs out each day. To my hard working committee thank you for your dedication. Special thanks to the cheese, biscuits and raffle man Ray Shephard. To Keith and Vern Scullin for their help with raffles during Open singles. To all the umpires and markers thanks for looking after the open singles players. Thanks to the ladies club led by Bev White and congratulations on your success during the past year and we welcome new President Leonie Loadsman and her committee. Also doing a great job for PBBC the mixed bowlers led by Hugh Betts and committee. This year 138 bowlers turned up for the visitor versus local annual event. Visitors have won 10 years in a row (we let them win). Will be back next year. To Chairman Gary Bugden and Board of Directors thanks for your support and a big thanks also goes to administration staff, reception and the bar staff. The best led by our CEO Grant Walden who is great to work with. To greenkeeper Rick and staff we thank for the maintenance of greens and gardens as they are the best. To bistro staff led by Matt and Grant who keep giving us great meals thank you. J. Gorman

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

9


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH WOMEN’S BOWLING CLUB OFFICE BEARERS 2014/2015 President B. White Vice Presidents S. Betts, J. Woodford Secretary H. Hardwick Treasurer J. Keogh Chairperson Match M. Owen Chairperson of Selection S. Hancock Life Members I. Donkin, B. Lawry Patron V. Scullin

PRESIDENT’S REPORT It is with pleasure and an Honour I give my report as President for 2014/2015. Firstly I would like to say thank you to all the committee, social workers and helpers for their donated time and support in helping make PBWBC the successful Club that it is today. Congratulations to all the Ladies who entered Pennants winning Grades 2-4 &5, to our club championship winners (see below), to the District Winners winning the Singles- Triples-Fours and Seniors also a very big Congratulations to V Maher, A White & M Owen winning the District triples and heading off to Foster to play in the Sate play off well done to all. To all our social bowling Ladies who keep the home fire burning on a Wednesdays while others are away THANK YOU ALL. It was very sad to see the closure of West Coffs but Park Beach have been so lucky to have so many lovely ladies join our club and make Park Beach so much better for this and always welcomes everyone. I wish to say a special thank you to CEO Grant Walden, to President Jim Gorman and the Men’s Committee, Chairman Gary Bugden and the Directors of the Board thank you for all the support you have given to the ladies club, it is important for all to support each other for a strong future, also thank you to the Office staff, Bar staff, Bistro and Greenkeepers who are always willing to assist when required. It has been a great pleasure and honor in representing PBWBC as your President for the past three years and now look forward to representing all Members as a Director on the Board. I wish President Leonie Loadsman and all her Committee the very best for the future. Thank You All Bev White – President

10

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH WOMEN’S BOWLING CLUB CHAMPIONSHIP RESULTS WINNERS 2014

RUNNERS UP 2014

Major Singles J. Monks

J. Slater

Major Pairs J. Monks , J. Brown

M. Owen, J. Slater

Major Triples V. Maher, A. White, M. Owen

I. Robinson, R. DeMeio, J. Pearce

Major Fours C. Mills, S. Stirling, M. Owen, J. Slater

D. Hargraves, J. Parker, Y. Schmidt, G. Edwards

WINNERS 2015

RUNNERS UP 2015

Major Singles J. Monks

I.Donkin

Major Pairs D. Peake, R. Riley

M. Owen, J. Slater

Major Triples S. Striling, I. Algood, J. Slater

J. Keogh, C. Northcote, M. Owen

Major Fours J. Brown, C. Dodds, I. Donkin, J. Monks

R. Demeio, J. Long, R. Lincoln, R. Riley

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

11


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DIRECTOR’S DIRECTORS' REPORT REPORT FOR THE YEAR ENDED 30 JUNE 2015 FOR THE YEAR ENDED 30 JUNE 2015

Your directors present their report on the company for the financial year ended 30 June 2015. Principal Activities The company's principal activities are the operation of a registered club for the promotion and conduct of the game of lawn bowls and other such sports, games, amusements, entertainments, pastimes and recreation activities (both indoor and outdoor) as the Club may deem expedient. These principal activities assist in achieving the short term and long term objectives of the company by:  providing sporting facilities for the members and the community.  providing entertainment, dining, gaming and social facilities for members and the community.  providing turnover, cash flow and profit to meet the financial objectives of the company. Short Term and Long Term Objectives of the Company The company has identified the following short term objectives:  to reduce debt ahead of borrowing terms by making repayments beyond agreed obligations where possible.  to provide enhanced and refurbished facilities to members and their guests.  to promote and encourage participation in the game of lawn bowls. The company has identified the following long term objectives:  to meet the industry benchmark for financial performance of a 15% EBITDARD (Earnings Before Interest, Tax, Depreciation, Amortisation, Rent and Donations).  to ensure the supply of facilities to members is maintained in accordance with demand. Strategies The company has adopted the followings strategies in order to achieve these objectives:  the preparation of an annual budget and cash flow projections and the regular review of the company performance against the budget by management and directors.  the formulation and adoption of a refurbishment plan for identified facilities.  the inclusion of non-bowling members in charity bowls days, corporate and private functions and bowls tournaments.  the close monitoring of expenses to ensure that no costs are incurred which are not offset by corresponding revenues.  the introduction of a strategic plan for expansion, diversification and maintenance by the building and renovation committee to ensure facilities provided are in line with member needs. Performance Measurement The company uses the following key performance indicators to measure performance:  tournament participation numbers are monitored and prize money set to ensure tournaments generate additional sources of revenue.  EBITDARD at the industry benchmark was achieved (19.1% achieved in 2015 compared to the industry benchmark of 15%).  Cash flow from operating activities for the financial year was $745,410 (2014: $488,380).  Profit, after income tax expense, for the financial year was $82,844 compared to the 2014 profit of $21,799.  Membership for the financial year was 4,423 compared to a prior year of 3,873.  Performance of both the Men's Bowling Club and Women's Bowling Club in state events.

12

1 ANNUAL REPORT YEAR ENDED 30 JUNEPage 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DIRECTOR’S REPORT FOR THE YEAR ENDED 30 JUNE 2015

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2015 Directors Information

The names of the directors in office at any time during, or since the end of, the year and the period that each director has been in office: Director's Name

Special Responsibilities

Period as Director

Garry Bugden

Chairman Building and Renovation Committee

Appointed 15 August 1999

Victor Watkins

Deputy Chairman Contract Committee Marketing and Promotion Committee

Appointed 28 September 2008

Wilfred Gardner

Deputy Chairman Marketing and Promotion Committee

Appointed 28 July 1998

John Farrell

Director Building and Renovation Committee

Appointed 30 September 2012

Retired Motor Dealer Principal, Small Business Owner and Clay Target State Executive

Steven Kennedy

Director Fixtures and Furnishings Committee

Appointed 30 September 2012

Semi retired Previously director with other companies.

James Preece

Director

Appointed 30 September 2012

Retired Company Manager and Director 20 years President Wentworth Falls Country Club 8 years

Michael Lee

Director

Appointed 12 October 2014

Retired Business Owner Director of PBBC 1 year Previous Motel and Service Station Owner Previous Director of Legacy

Beverley White

Director Fixtures and Furnishings Committee

Appointed 12 October 2014

Retired 2IC of Human Resources and Supervisor of Banking Office for Myer Director of PBBC 1 year Past President of PBWBC for 3 years

Reinhold Pensch

Director Contract Committee Building and Renovation Committee

Appointed 30 September 2012 Resigned 12 October 2014 Appointed 24 June 2015

Retired Building Contractor, Developer, Investor and Company Director Previously director of various sporting clubs

Raymond Shephard

Director Marketing and Promotion Committee

Appointed 28 September 2008 Resigned 12 October 2014

Owner/Operator Hairdressing Salon 28 years Industrial Mixer 18 years Club Member 11 years Director 7 years

Leon Loadsman

Director

Appointed 30 September 2012 Resigned 29 April 2015

Retired Hotelier 28 years, Holiday Apartment Owner 10 years. Previously director and deputy chairman

Qualifications and Experience Certificate of Small Business Trade Certificate Club Member 43 years, Life Member Small Business Owner 32 years Club member 27 years Director 13 years Paramedic Club member 22 years Director 17 years

Page 2 ANNUAL REPORT YEAR ENDED 30 JUNE 2015

13


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DIRECTOR’S DIRECTORS' REPORT REPORT FOR THE YEAR ENDED 30 JUNE 2015 FOR THE YEAR ENDED 30 JUNE 2015 Meetings of Directors During the financial year, 16 meetings of directors (including 2 special meetings) were held and the attendances by each director during the year were as follows:

Garry Bugden Victor Watkins Wilfred Gardner John Farrell Steven Kennedy James Preece Michael Lee Beverley White Reinhold Pensch Raymond Shephard Leon Loadsman

Ordinary Meetings Eligible to Number attend attended 14 14 14 14 14 14 11 11 4 3 10

Special Meetings Eligible to Number attend attended 2 2 2 2 2 2 1 1 1 1 2

12 13 14 13 9 12 10 9 4 3 9

1 2 2 2 2 2 1 1

-

1 2

Membership Details The Park Beach Bowling Club Ltd is a public company limited by guarantee and no shares or options are issued. If the company is wound up, the constitution states that each member is required to contribute a maximum of $1 each towards meeting any outstanding obligations of the company.

Membership Class

Number of Members

Individual Members Contribution on winding up of Company

Total Members Contribution on winding up of Company

8

$1

$8

317

$1

$ 317

Associate Members

2

$1

$2

Junior Bowling

-

$1 $

-

Life Members Bowling Members

Social Members

4,096

$1

$ 4,096

Total

4,423

$1

$ 4,423

Auditors' Independence Declaration A copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is attached to these financial statements. Signed in accordance with a resolution of the Board of Directors

Garry Bugden Chairman

Victor Watkins Deputy Chairman

Dated: 26 August 2015

14

3 ANNUAL REPORT YEAR ENDED 30 JUNEPage 2015




PARK BEACH BOWLING CLUB LTD   

    ABN 38 305 258 723   

    Crowe Horwath Central North  ABN 91 680 058 554   Member Crowe Horwath International    107 West High Street  Coffs Harbour NSW 2450 Australia   PO Box 8   Coffs Harbour NSW 2450 Australia      Tel  02 6653 0850        Fax 02 6651 4301   www.crowehorwath.com.au AUDITORS’ INDEPENDENCE DECLARATION     UNDER SECTION 307C OF THE CORPORATION ACT 2001       TO THE DIRECTORS OF       AUDITORS' INDEPENDENCE DECLARATION     BOWLING CLUB LTD ACT 2001 UNDER SECTIONPARK 307CBEACH OF THE CORPORATION 723           ABN 38  305258 TO THE DIRECTORS OF                        BEACH BOWLING CLUB LTD         PARK       723    ABN 38 305 258    the best of my knowledge and belief, I declare to    that,  during the financial year to 30 June  2015   there  have been:        of the auditor independence requirements as set out in the  (i) no contraventions  Act         Corporations 2001 in relation to the audit; and                   (ii) no contraventions of any applicable code of professional conduct in relation to the  audit.                                          CROWE HORWATH CENTRAL NORTH                                                     Leah J Russell   Registered Company (ASIC RAN 299077)            Auditor     107 High  West   Street               COFFS HARBOUR NSW 2450              th   Dated: 26 August 2015                                                                 

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

15


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE30 2015 FOR THE YEAR ENDED JUNE 2015 2015 2015 $ $

2014 2014 $ $

3

1,502,631 (620,977)

1,438,973 (635,172)

3 3

2,273,554 841,438 (141,534) (201,075) (517,700) (1,154,291) (100,555) (358,042) (465,075) (347,585) (299,083) (328,822)

Note

Note Sales revenue Cost of goods sold

881,654

Gross profit Gaming revenue Other revenue Administration expenses Advertising and promotional expenses Depreciation expense Employee benefits expense Finance costs Members amenities and entertainment Occupancy expenses Poker machine taxes Sporting clubs expenses Other expenses Profit before income tax expense Income tax expense

1(a)

Profit after income tax expense Other comprehensive income for the year, net of tax Total comprehensive income for the year

$

The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements.

16

ANNUAL REPORT YEAR ENDED 30 JUNE Page 20155

803,801 2,195,269 642,409 (102,537) (151,494) (492,525) (1,049,835) (96,725) (333,279) (495,448) (330,844) (296,027) (270,966)

82,884 -

21,799 -

82,884

21,799

-

-

82,884

$

21,799


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015

2015 2015 $ $

Note

Note

2014 2014 $ $

ASSETS CURRENT ASSETS 114,967 20,287 67,251 101,383

71,838 35,408 40,663 136,024

303,888

283,933

5,893,951 990,000

5,076,826 990,000

TOTAL NON CURRENT ASSETS

6,883,951

6,066,826

TOTAL ASSETS

7,187,839

6,350,759

536,588 411,803 137,108 206,781

267,930 1,318,575 95,975 130,434

1,292,280

1,812,914

1,380,181 29,379

111,463 23,267

Cash and cash equivalents Trade and other receivables Inventories Other current assets

5 6 7 8

TOTAL CURRENT ASSETS NON CURRENT ASSETS Property, plant and equipment Intangible assets

9 10

LIABILITIES CURRENT LIABILITIES Trade and other payables Borrowings Provisions Other liabilities

11 12 13 14

TOTAL CURRENT LIABILITIES NON CURRENT LIABILITIES Borrowings Provisions

12 13

TOTAL NON CURRENT LIABILITIES

1,409,560

134,730

TOTAL LIABILITIES

2,701,840

1,947,644

NET ASSETS

$

4,485,999

$

4,485,999

$

4,403,115

$

4,403,115

EQUITY 4,485,999

Retained earnings TOTAL EQUITY

4,403,115

The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements. Page 6 REPORT YEAR ENDED ANNUAL

30 JUNE 2015

17


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

STATEMENT OF CHANGES IN EQUITY STATEMENT OF CHANGES FOR THE YEAR ENDED 30 JUNE 2015IN EQUITY FOR THE YEAR ENDED 30 JUNE 2015

Retained Earnings 2015 $ $

Note Balance at 1 July 2013

4,381,316

4,381,316

21,799 -

21,799 -

Profit after Income Tax Expense Total other comprehensive income for the year Balance at 30 June 2014

4,403,115

Profit after Income Tax Expense Total other comprehensive income for the year

$

82,884 -

Balance at 30 June 2015

$

4,485,999

The accompanying notes form part financial statements The accompanying notes form partof of these these financial statements. 18

Total 2014 $$

Page 7

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

4,403,115 82,884 -

$

4,485,999


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

STATEMENT OF CASH STATEMENT OF CASH FLOWSFLOWS FOR THE YEAR ENDED 30 JUNE30 2015 FOR THE YEAR ENDED JUNE 2015 2015 2015 $ $

Note

Note

2014 2014 $ $

CASH FLOWS FROM OPERATING ACTIVITIES 82,884

21,799

517,700 (46,382)

492,525 (9,408)

15,121 (26,588) 213 34,428 44,442 47,245 76,347

(29,908) 13,981 123 (88,563) 30,133 20,529 37,169

Profit from ordinary activities after income tax expense Adjustments for: Non cash flows in profit from ordinary activities: Depreciation and amortisation (Profit)/Loss on sale of fixed assets Changes in Assets and Liabilities: (Increase)/decrease in trade and other receivables (Increase)/decrease in inventories (Increase)/decrease in accrued income (Increase)/decrease in prepaid expenses Increase/(decrease) in creditors and accruals Increase/(decrease) in provisions Increase/(decrease) in other liabilities Income tax paid

-

1 (a)

-

745,410

Net cash provided by operating activities

488,380

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment

68,756 (1,132,983)

51,346 (574,958)

Net cash used in investing activities

(1,064,227)

(523,612)

503,625 (177,067)

483,076 (516,817)

326,558

(33,741)

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings Repayment of borrowings Net cash provided by/(used in) financing activities Net increase (decrease) in cash held Cash at the beginning of the financial year Cash at the end of the financial year

5 (a)

$

7,741

(68,973)

71,838

140,811

79,579

$

71,838

The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements. Page 8 REPORT YEAR ENDED ANNUAL

30 JUNE 2015

19


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS PARK BEACH BOWLING CLUB LTD FOR YEAR ABN 38THE 305 258 723 ENDED 30 JUNE 2015 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 Note 1: Statement of Significant Accounting Policies Basis of Preparation The financial statements cover Park Beach Bowling Club Ltd as an individual entity. Park Beach Bowling Club Ltd is a public company limited by guarantee, incorporated and domiciled in Australia. These general purpose financial statements have been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for not-for-profit oriented entities. 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 the 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 preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 1 (n). The financial statements were authorised for issue, in accordance with a resolution of directors, on 26 August 2015. Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) Revenue Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. 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 involvements in those goods. Revenue from the provision of services is recognised at the time of service delivery. Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. All revenue is stated net of the amount of goods and services tax (GST). (b) Income Tax The directors of the company consider that the company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997. (c) Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchange or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled with 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. (d) 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, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

20

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 (e) Trade and Other Receivables Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method, less any provision for impairment. Refer to Note 1(h) for further discussion on the determination of impairment losses. (f) Inventories Inventories are measured at the lower of cost and net realisable value on the first in first out method. (g) Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are shown at cost less depreciation and impairment losses. Plant and Equipment Plant and equipment are measured on the cost basis less 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 these assets. The recoverable amount is assessed on the basis of expected net cash flows which will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining the recoverable amounts. Subsequent costs are included in the asset始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 charged to the statement of comprehensive income during the financial period in which they are incurred. Depreciation The depreciable amount of all fixed assets including building and capitalised leased assets, but excluding freehold land, is depreciated on a straight-line basis over their useful lives 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. The depreciation rates used for each class of depreciable asset are: Class of Fixed Asset Buildings and Improvements Plant & Equipment, Furniture & Fittings

Depreciation Rate 2.5% 12.5 - 30%

The assets始 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An assets' carrying amount is written down immediately to its recoverable amount if the assets' carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing 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 reserve relating to that asset are transferred to retained earnings.

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

21


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS PARK BEACH BOWLING CLUB LTD FOR YEAR ABN 38THE 305 258 723 ENDED 30 JUNE 2015 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 (h) Intangibles Poker Machine Entitlements The poker machine entitlements shown in the accounts represent licences purchased by the club. The company holds other poker machine entitlements that have a market value. If the company were to be wound up or the number of entitlements were in excess of requirements then the poker machine entitlements would be able to be sold at the prevailing market price. Poker machine entitlements are intangible assets classified with an indefinite life. The intangible asset is subject to annual impairment testing to the higher of fair value less related costs to sell and value in use. (i) Impairment of Assets At the end of each reporting period, the company assesses whether there is any indication that an asset may be impaired. The assessment will include considering external sources of information and internal sources of information. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use to the asset's carrying value. Any excess of the asset's carrying value of 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 receivable amount of the cash-generating unit to which the asset belongs. Impairment testing is performed annually for intangible assets with indefinite lives. (j) 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. (k) Borrowings Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. (l) Employee Benefits Provision is made for the company始s liability for employee benefits arising from services rendered by employees to the end of the reporting period. 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. 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. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. (m) 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 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.

22

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

(n) Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Estimation of useful lives of assets The company determines the estimated useful lives and related depreciation and amortisation charges for its property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. Impairment of indefinite life intangible assets The company assesses impairment of indefinite life intangible assets at each reporting date by evaluating conditions specific to the company and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions. Employee benefits provision As discussed in note 1 (l), the liability for employee benefits expected to be settled more than 12 months from the reporting date are recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account. (o) New, revised or amending Accounting Standards and Interpretations adopted The company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. There were no new stanards this year that had a significant impact on the company. Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. (p) Going Concern The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue their trading activities. The company has recognised a profit after income tax of $82,884 and positive net operating cash flows of $745,410 for the year ended 30 June 2015 and as at that date, current liabilities exceed current assets by $990,582. The Company始s ability to continue as a going concern is dependent on a number of factors including the ability of the company to perform in line with budgets and cash flow projections. The Company is currently reviewing their operations to determine any possible cost efficiencies and alternative trading operations. The Company is also reliant upon the availability and continuation of finance facilities. The Directors have determined that the going concern assumption is appropriate for the preparation of the financial statements, however, These conditions indicate the existence of material uncertainty that may cast significant doubt about the company's ability to 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.

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

23


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 305 258 723 PARK38BEACH BOWLING CLUB LTD ABN 38 305 258 723 NOTES TO THE FINANCIAL STATEMENTS NOTES TOYEAR THE ENDED FINANCIAL STATEMENTS FOR THE 30 JUNE 2015 FOR THE YEAR ENDED 30 JUNE 2015 Note 2: Accounting Policies, Changes in Accounting Estimates and Errors Note 2: Accounting Policies, Changes in Accounting Estimates and Errors During the 2015 reporting process, a number of accounts have been reclassified based upon the nature of the balances in order improve accuracy of disclosures. items were to be a based material error, these balances Duringtothe 2015 the reporting process, a numberThese of accounts haveconsidered been reclassified upon theaccordingly nature of the balances in were in accordance AASB 108 Accounting Policies, Changes intoAccounting Estimates and Errors, the prior period order adjusted to improve the accuracywith of disclosures. These items were considered be a material error, accordingly these balances accounts have in been restated.with What follows the result ofPolicies, the restatement. were adjusted accordance AASB 108isAccounting Changes in Accounting Estimates and Errors, the prior period accounts have been restated. What follows is the result of the restatement. Original Effect of Restated Original Effect Restated 2014 Restatement 2014 Original Effectofof Restated 2014 Restatement 2014 $ $ $ 2014 Restatement 2014 $$ $$ $$ STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION CURRENT LIABILITIES CURRENT LIABILITIES Trade and other payables 265,131 2,799 267,930 Provisions 153,809 (57,834) 95,975 Trade and other payables 265,131 2,799 267,930 Other liabilities 75,399 55,035 130,434 Provisions 153,809 (57,834) 95,975 Other liabilities 75,399 55,035 130,434 TOTAL CURRENT LIABILITIES 1,812,914 1,812,914 TOTAL CURRENT LIABILITIES 1,812,914 1,812,914 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Gaming revenue 2,195,269 2,195,269 Other revenue 2,605,708 (1,963,299) 642,409 Gaming revenue 2,195,269 2,195,269 Administration (102,537) (102,537) Other revenue expenses 2,605,708 (1,963,299) 642,409 Advertising andexpenses promotional expenses (132,169) (19,325) (151,494) Administration (102,537) (102,537) Members and entertainment (333,279) (333,279) Advertisingamenities and promotional expenses (132,169) (19,325) (151,494) Occupancy expensesand entertainment (495,448) (495,448) Members amenities (333,279) (333,279) Poker machine taxes (330,844) (330,844) Occupancy expenses (495,448) (495,448) Sporting expenses (296,027) (296,027) Poker machine taxes (330,844) (330,844) Other expenses (1,616,456) 1,345,490 (270,966) Sporting expenses (296,027) (296,027) Other expenses (1,616,456) 1,345,490 (270,966) Profit before income tax expense 21,799 21,799 Profit before income tax expense 21,799 21,799 Income tax expense Income tax expense $ 21,799 $ $ 21,799 Profit after income tax expense $ 21,799 $ $ 21,799 Profit after income tax expense 2015 2014 2014 2013 Note Note $ $ 2015 2014 $ $ Note $ $ Note 3: Revenue Note 3: Revenue Sales revenue: Sales 1,364,399 1,260,178 Barrevenue: trading 1,364,399 1,260,178 Bar trading 138,232 178,795 Bottle shop trading 138,232 178,795 Bottle shop trading 1,502,631 1,438,973 Gaming revenue: 1,502,631 1,438,973 2,273,554 2,195,269 Net poker machine income Gaming revenue: 2,273,554 2,195,269 Net poker machine income Other revenue: 144,755 30,551 Bowls carnival Other revenue: 879 1,605 Interestcarnival received from other persons 144,755 30,551 Bowls 192,591 200,229 Inner clubs 879 1,605 Interest received from other persons 57,643 50,287 Keno clubs commissions 192,591 200,229 Inner 107,705 100,896 Members amenities and entertainment 57,643 50,287 Keno commissions 22,474 32,682 Membership subscriptions 107,705 100,896 Members amenities and entertainment 46,382 9,408 Profit on salesubscriptions of fixed assets 22,474 32,682 Membership 244,924 193,358 Sundry 46,382 9,408 Profit onincome sale of fixed assets TAB commissions 24,085 23,393 244,924 193,358 Sundry income TAB commissions 24,085 23,393 841,438 642,409 841,438 642,409 Total revenue $ 4,617,623 $ 4,276,651 Total revenue $ 4,617,623 $ 4,276,651

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

24

ANNUAL REPORT YEAR ENDED 30 JUNE 2015 Page 13


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 2015 FOR THE YEAR ENDED 30 JUNE30 2015 2015 2015 $ $

Note

Note

2014 2014 $ $

Note 4: Profit for the Year (a) Significant expenses Advertising and promotional expenses Cleaning Electricity Insurance Members amenities and entertainment Outdoor maintenance Provision for employee entitlements Repairs and maintenance Salary and wages Superannuation

180,575 111,243 177,329 65,261 334,585 137,688 100,257 184,894 900,924 112,857

132,169 114,300 204,362 63,516 309,168 140,773 84,931 170,896 851,602 73,192

20,000 2,500

20,000 2,500

57,620 57,347

49,620 22,218

(b) Auditor's remuneration - audit of the financial statements - other services Note 5: Cash and Cash Equivalents Cash on hand Cash at bank $

114,967

$

71,838

(a) Reconciliation of cash and cash equivalents Cash and cash equivalents 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 Bank overdraft

114,967 (35,388)

12 $

79,579

71,838 $

71,838

Note 6: Trade and Other Receivables CURRENT 20,287

Trade receivables $

20,287

35,408 $

35,408

Note 7: Inventories CURRENT Stock on Hand, at cost: 55,019 3,707 521 8,004

Bar Bottle shop Functions Merchandise $

67,251

35,134 5,105 424 $

40,663

Note 8: Other Assets 101,383

Accrued income Prepayments $

101,383

213 135,811 $

Page 14 REPORT YEAR ENDED 30 JUNE 2015 ANNUAL

136,024

25


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED FOR THE YEAR ENDED 30 JUNE 30 2015JUNE 2015 Note

Note

2015 2015 $ $

2014 2014 $ $

700,000 350,000

700,000 350,000

1,050,000

1,050,000

5,164,218 (2,527,837)

4,992,365 (2,396,666)

2,636,381

2,595,699

Note 9: Property, Plant & Equipment Land and Buildings (at cost) Freehold land Clubhouse land Residential land Buildings Less: Accumulated depreciation Improvements Less: Accumulated depreciation Greens Less: Accumulated depreciation Total Land and Buildings

268,243 (143,260)

265,659 (124,967)

124,983

140,692

425,980 (234,455)

425,803 (219,700)

191,525

206,103

4,002,889

3,992,494

4,221,622 (2,786,000)

4,111,128 (3,224,164)

Plant and Equipment (at cost) Plant and Equipment Less: Accumulated depreciation

1,435,622 Leased Plant and Equipment Less: Accumulated depreciation

886,964

626,834 (171,394)

292,434 (95,066)

455,440

197,368

-

-

1,891,062

Total Plant and Equipment $

Total Property, Plant and Equipment (a) Movements in carrying amounts

Land and Land and Buildings Buildings $ $

Balance at the beginning of the year Additions Disposals Depreciation expense $

4,002,889

$

Plant and& Plant Equipment Equipment $$

3,992,494 174,614 (164,219)

Carrying amount at the end of the year

5,893,951

1,084,332

Total Total $ $

1,084,332 1,182,585 (22,374) (353,481) $

1,891,062

5,076,826

5,076,826 1,357,199 (22,374) (517,700) $

5,893,951

(b) Leasehold improvements have been capitalised and are being depreciated over the term of the lease. (b) There is a registered mortgage over all properties owned by the company as well as a registered equitable mortgage over the assets of the club including working capital. (c) An independent valuation of the land and buildings of the company was undertaken by Registered Valuer, Paul Stevens of PM Valuations in June 2014. The estimated valuation of the land and buildings of the company was estimated to be $5,785,000. (d) No impairment has been recognised in respect of plant and equipment.

26

Page 15

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 2015 FOR THE YEAR ENDED 30 JUNE30 2015 2015 2015 $ $

Note

Note

2014 2014 $ $

Note 10: Intangible Assets 990,000

Poker machine entitlements (at cost) $

990,000

990,000 $

990,000

Poker Machine Entitlements Poker machine entitlements are assessed as having an indefinite useful life. The measurement and recognition criteria is outlined in Note 1 to the financial report. Poker machine entitlements have been impairment tested using calculations of the higher of fair value, less costs to realise, and value in use. The directors believe that the carrying amount of poker machine entitlements are not impaired and annual impairment testing will be conducted at 30 June 2016. Note 11: Trade and Other Payables CURRENT Unsecured liabilities; 269,869 224,216 42,503

Trade payables Capital works creditors - poker machines Sundry payables and accrued expenses $

536,588

227,050 40,880 $

Page 16 REPORT YEAR ENDED 30 JUNE 2015 ANNUAL

267,930

27


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED FOR THE YEAR ENDED 30 JUNE 30 2015JUNE 2015 Note

Note

2015 2015 $ $

2014 2014 $ $

8,124

8,166

35,388 162,000 70,468 135,823

1,202,323 44,128 63,958

411,803

1,318,575

1,114,323 100,650 165,208

74,379 37,084

1,380,181

111,463

Note 12: Borrowings CURRENT Unsecured liabilities: Credit cards Secured liabilities: Bank overdraft Bank loans Hire purchase facility Lease liability NON-CURRENT Secured liabilities: Bank loans Hire purchase facility Lease liability $

Total Borrowings

1,791,984

$

1,430,038

(a) Total current and non-current secured liabilities: 35,388 1,276,323 171,118 301,031

Bank overdraft Bank loan Hire purchase facility Lease liability $

1,783,860

1,202,323 118,507 101,042 $

1,421,872

(b) The unused portion of approved finance facilities are: 438,126 98,469 99,178 11,876

Asset finance facility Bank overdraft Bank bill facility Credit cards $

647,649

507,511 122,750 321,678 11,834 $

963,773

(c) The carrying amounts of non-current assets pledged as security are: 4,002,889 202,505

First mortgage over freehold land and buildings Mortgage debenture as a fixed and floating charge over company assets $

4,205,394

3,992,494 147,909 $

4,140,403

(d) The bank debt is secured by a first registered mortgage over certain freehold properties owned by the company and a floating charge over the cash and trade receivables of the company. The bank loan facility expires on 30 September 2018. Financial covenants imposed by the bank require a financial charges ratio of $2:$1. The finance facilities are subject to an annual review. The company believe that they have complied with the contract terms and are not in breach of any financial or reporting covenants. Accordingly, the company does not believe that there is cause to cancel any of the facilities in place.

28

Page 17

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED FOR THE YEAR ENDED 30 JUNE 30 2015JUNE 2015 Note

Note

2015 2015 $ $

2014 2014 $ $

95,841 41,267

61,818 34,157

Note 13: Provisions CURRENT Provision for annual leave Provision for long service leave $

137,108

$

95,975

NON-CURRENT 29,379

Provision for long service leave

(a) Aggregate employee benefits liability

23,267

$

29,379

$

23,267

$

166,487

$

119,242

Provision for employee benefits A provision has been recognised for employee entitlements relating to annual and long service leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits has been included in Note 1 to this report. Note 14: Other Liabilities CURRENT 38,614 168,167

Subscriptions received in advance Other income in advance $

206,781

26,689 103,745 $

130,434

Note 15: Capital and Leasing Commitments (a) Finance Lease Commitments Payable - minimum lease payments: - not later than 12 months

135,823

- between 12 months and five years

165,208

Minimum lease payments

12 (a)

$

301,031

63,958 37,084 $

101,042

The company has entered into a number of licence agreements to purchase Electronic Gaming Machines, over varying terms of 2 -3 years each. (b) Capital Expenditure Commitments Capital expenditure commitments contracted for: -

Solar Panels $

-

83,903 $

83,903

As at 30 June 2015, the company had not engaged in any capital commitments.

Page 18

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

29


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED FOR THE YEAR ENDED 30 JUNE 30 2015JUNE 2015 2015 2015 $ $

Note

Note

2014 2014 $ $

Note 16: Events After the End of the Reporting Period No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years. Note 17: Financial Risk Management The company's financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable and leases. 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: Financial assets 114,967 20,287

5 6

Cash and cash equivalents Loans and receivables

$

135,254

71,838 35,408 $

107,246

Financial liabilities Financial liabilities at amortised cost: Trade and other payables Borrowings

536,588 1,791,984

11 12 $

2,328,572

267,930 1,430,038 $

1,697,968

$

236,275

Note 18: Related Party Transactions Key Management Personnel The totals of remuneration paid to key management personnel (KMP) during the year are as follows: $

Key management personnel compensation

228,340

Other Related Parties Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. There are no identified transactions with other related parties. Note 19: Company Details The club is incorporated and domiciled in Australia as a company limited by guarantee. The registered office and principal place of business is: Park Beach Bowling Club Ltd Ocean Parade COFFS HARBOUR NSW 2450

30

Page 19

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

DIRECTORS' DECLARATION FOR THE YEAR ENDED 30 JUNE 2015

The directors of the company declare that: 1.

the attached financial statements and notes comply with the Corporations Act 2001, the Australian Accounting Standards Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional reporting requirements;

2.

the attached financial statements and notes give a true and fair view of the company's financial position as at 30 June 2015 and of its performance for the financial year ended on that date; and

3.

there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors by:

Garry Bugden Director

Victor Watkins Director

Dated: 26 August 2015

ANNUAL REPORT YEAR ENDED 30 JUNE 2015 Page 20

31




PARK BEACH BOWLING CLUB LTD   

    ABN 38 305 258 723  Crowe Horwath Central North  ABN 91 680 058 554  Member Crowe Horwath International

 107 West High Street   Coffs Harbour NSW 2450 Australia   PO Box 8  Coffs Harbour NSW 2450 Australia   INDEPENDENT AUDITORS' REPORT   Tel 02 6653 0850 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF  Fax 02 6651 4301   TO THEBOWLING MEMBERS OF PARK BEACH CLUB LTD   www.crowehorwath.com.au   PARK BEACH BOWLING CLUB LTD       ABN38 38 305 305 258 ABN 258723 723          Report on the financial report          report       We have audited the accompanying financial of Park Beach Bowling Club Ltd, which comprises  the statement of     financial position as at 30 June 2015, the statement of profit or loss and other comprehensive income, statement of changes in equity and statements of cash flows for the year then                           accounting policies and otherexplanatory ended, notes comprising a  summary of significant               declaration.         information, and the directors'       Directors’ responsibility for the financial report        The directors of the company are responsible for the preparation of the financial report that gives a     true  and fair view in accordance with Australian Accounting Standards – Reduced Disclosure    Requirements and the Corporations Act 2001 and for such internal control as the directors determine   report    is necessary to enable the preparation of the financial that is free from material misstatement,           whether due to fraud or error.                   Auditor’s responsibility      Ourresponsibility is to express an opinion on the financial report based on our audit. We conducted  our  audit in accordance with Australian Auditing Standards. Those standards require that we comply    with ethical requirements to audit engagements and plan and perform the audit to  relevant     relating           obtain reasonable assurance about whether financial report is free from material misstatement.       the      An audit involves performing procedures to obtain audit evidence about the amounts and disclosures  in the financial report. The procedures selected depend on the auditor's judgement, including the assessment of risks of material misstatement of the financial report, whether due to fraud or error. In   those  risk assessments, the auditor considers internal control relevant to the entity's making               preparation of the financial report that gives a true and fair view in order to design audit procedures              that appropriate in the circumstances, but not for the purpose of expressing an opinion on the  are  effectiveness of the internal control. An audit  also includes evaluating the appropriateness of    entity's         accounting policies used and the reasonableness of accounting estimates made by the directors, as   well evaluating the overall presentation of the  financial report.  as                               We believe the audit we have obtained is sufficient and appropriate to provide that   evidence        a basis for our audit opinion.        Independence    In conducting our audit, we have complied with the independence requirements of the Corporations   confirm  Act 2001. We that the independence declaration required by the Corporations Act 2001, which  been has provided to the directors of Park Beach Bowling Club Ltd, would be in the same terms if   to the  directors  given as at the time of this auditors' report.                                             

32

 

ANNUAL REPORT YEAR ENDED 30 JUNE 2015




PARK BEACH BOWLING CLUB LTD   

    ABN 38 305 258 723  Crowe Horwath Central North  ABN 91 680 058 554  Member Crowe Horwath International

 107 West High Street   Coffs Harbour NSW 2450 Australia   PO Box 8  Coffs Harbour NSW 2450 Australia   INDEPENDENT AUDITORS' REPORT   Tel 02 6653 0850 TO THE MEMBERS INDEPENDENT AUDITORS’ OF REPORT  Fax 02 6651 4301   PARK BEACH CLUB LTD TO THEBOWLING MEMBERS OF  www.crowehorwath.com.au    PARK BEACH BOWLING CLUB LTD       ABN38 38305 305 258 ABN 258 723 723          Audit Opinion      Club Ltd is in  accordance with the In our opinion the financial report Park  Beach Bowling     of    Corporations Act     2001, including:              (a) giving true and fair view of the company's position as at  30 June 2015 and of its              a     financial                   performance for the year ended on that date; and       (b) complying with Australian Accounting Standards Reduced Disclosure Requirements as  described 2001.  in Note 1 and the Corporations Regulations        Going Concern   of Matter: Inherent Uncertainty regarding Emphasis           qualifying Without our audit opinion, we draw attention to  Note 1(p) in the financial report, which         discloses that the company incurred an operating profit of $82,884 and positive net operating cash  flows of $745,410 for the year 2015, and at that date the current      ended 30 June      liabilities  exceeded the  current assets by $990,582. These conditions, along with other matters set out in Note 1 (p),  indicate the existence of material uncertainty that may cast significant doubt about the company's     ability to 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.                                                    CROWE HORWATH CENTRAL NORTH                                                                 Leah J Russell              Registered Company Auditor (ASIC RAN 299077)   107 West High Street     HARBOUR   COFFS NSW 2450   th   Dated: 26 August 2015                                                         

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

33




PARK BEACH BOWLING CLUB LTD   

    ABN 38 305 258 723  Crowe Horwath Central North  ABN 91 680 058 554  Member Crowe Horwath International

 107 West High Street   Coffs Harbour NSW 2450 Australia   PO Box 8  Coffs Harbour NSW 2450 Australia   DISCLAIMER   Tel 02 6653 0850 INDEPENDENT AUDITORS’ OF REPORT TO THE MEMBERS  Fax 02 6651 4301   TO THEBOWLING MEMBERS OF PARK BEACH CLUB LTD   www.crowehorwath.com.au   PARK BEACH BOWLING CLUB LTD       ABN38 38305 305 258 ABN 258 723 723         The additional financial data presented on pages 24 - 27 is in accordance with the books and records  of the  company   which have been subjected to the auditing procedures applied in our statutory audit of       that  our  statutory   audit the  company for the financial year ended 30 June 2015. It will be appreciated  did not all details of the additional financial data. Accordingly, we do not express an opinion on  cover   such financial and we give no warranty of accuracy reliability in respect of the data provided.       data  or        responsibility    Neither the  firm nor  any  member or employee of  the firm undertakes any way           in    person       in  including whatsoever to any (other than Park Beach Bowling Club Ltd) respect  of  such data,   anyerrors   of omissions therein however caused.                                    CROWE HORWATH CENTRAL NORTH                                                            Leah J Russell   Registered Company Auditor (ASIC RAN 299077)   107  West High Street  HARBOUR   COFFS NSW 2450                            th   Dated: 26 August 2015                                                                                                                                 

34

 

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DETAILED TRADING STATEMENTS DETAILED TRADING STATEMENTS FOR THE YEAR ENDED FOR THE YEAR ENDED 30 JUNE 30 2015JUNE 2015 Note Bar Sales Cost of goods sold

2015 2015 $ $

2014 2014 $ $

1,364,399 (529,748)

1,260,178 (504,148)

834,651

756,030

34,704 24,593 373,554 31,094

21,546 17,618 354,883 1,566 28,628

Gross Profit Less: Direct expenses Provision for employee entitlements Repairs and maintenance Salaries and wages Staff training and amenities Superannuation

463,945

Total direct expenses Net operating profit from bar trading

$

370,706

$

347,410

424,241 $

331,789

$

311,788

23,296

Depreciation Net profit from bar trading

20,001

Bottle Shop Sales Cost of goods sold Gross Profit

138,232 (91,229)

178,795 (131,024)

47,003

47,771

2,136 31,456 5,318

3,061 33,683 2,974

Less: Direct expenses Provision for employee entitlements Salaries and wages Superannuation

38,910

Total direct expenses Net profit from bottleshop trading

$

8,093

39,718 $

8,053

Poker Machines Poker machine receipts Poker machine payouts GST expenses GST rebate Total poker machine income

7,579,725 (5,100,257) (223,094) 17,180

6,704,978 (4,314,020) (212,869) 17,180

2,273,554

2,195,269

30,128 20,500 32,777 347,585 6,647 19,936 66,074 160,475 18,077

25,166 19,325 31,856 330,844 6,806 24,948 56,594 163,619 14,827

Less: Direct expenses Advertising and promotions Club grants Data monitoring fees Poker machine duty Postage, printing and stationery Provision for employee entitlements Repairs and maintenance Salaries and wages Superannuation

702,199

Total direct expenses Net operating profit from poker machines

$

1,571,355

$

1,346,208

673,985 $

1,521,284

$

1,359,152

225,147

Depreciation Net profit from poker machines

162,132

This statement is to be read in conjunction with the attached disclaimer.

This statement is to be read in conjunction with the attached disclaimer. Page 24 ANNUAL REPORT YEAR ENDED 30 JUNE 2015

35


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DETAILED TRADING STATEMENTS DETAILED TRADING STATEMENTS FOR THE YEAR ENDED 30 JUNE30 2015 FOR THE YEAR ENDED JUNE 2015 2015 2015 $ $

Note Keno

2014 2014 $ $

Keno commission

57,643

50,287

Total commissions received

57,643

50,287

Postage, printing and stationery Promotions Provision for employee entitlements Repairs and maintenance Salaries and wages Superannuation

1,041 2,143 1,237 5,060 19,503 1,830

916 2,976 3,772 23,409 2,091

Total direct expenses

30,814

33,164

Less: Direct expenses

$

Net operating profit from Keno trading

26,829

$

17,123

$

16,566

882

Depreciation $

Net profit from Keno trading

25,947

557

TAB TAB commission

24,085

23,393

285 3,026 6,988 (430) 9,074 21,580 23,457 1,987 2,354

282 1,711 6,759 2,976 9,207 23,409 24,111 2,132 2,354

Less: Direct expenses Bank charges Postage, printing and stationery Promotions Provision for employee entitlements Repairs and maintenance Salaries and wages Sky channel Superannuation Leasing Charges

68,321

Total direct expenses Net operating loss from TAB trading

$

(44,236)

$

(47,616)

(49,548)

$

(52,063)

3,380

Depreciation Net loss from TAB trading

This statement is to be read in conjunction with the attached disclaimer. 36

72,941 $

ANNUAL REPORTThis YEAR ENDED 30read JUNE 2015 with the attached disclaimer. statement is to be in conjunction Page 25

2,515


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DETAILED INCOME AND EXPENDITURE DETAILED INCOME AND EXPENDITURE STATEMENT STATEMENT FOR THE YEAR ENDED 30 JUNE30 2015 FOR THE YEAR ENDED JUNE 2015 Note Income Net profit/(loss) from trading: Bar Bottleshop Poker Machines Keno TAB Bistro rental income Bowls carnival income Bowls shop rental income Commissions Interest received Members amenities and entertainment Membership subscriptions Profit/(loss) on sale of fixed asset Sundry income Venue hire Total Income

2015 2015 $ $

2014 2014 $ $

370,706 8,093 1,571,355 26,829 (44,236)

331,789 8,053 1,521,284 17,123 (49,548)

95,527 144,755 1,773 32,516 879 107,705 22,474 46,382 71,863 43,245

91,812 30,551 7,091 28,949 1,605 100,896 32,682 9,408 41,680 23,826

2,499,866

2,197,201

Expenditure Advertising Bad and doubtful debts Bank charges Bowls carnival expenses Cash discrepancies Cleaning Computer expenses Director's expenses Donations Electricity Freight and cartage Gas Insurance Interest paid Members amenities and entertainment Payroll tax Postage, printing and stationery Professional fees - accountancy fees Professional fees - auditors' remuneration Professional fees - legal expenses Provision for employee entitlements Rates Repairs and maintenance Salaries and wages Security Staff amenities Staff training and amenities Subscriptions Sundry expenses Superannuation Telephone Uniforms Total Expenditure Profit from operations

141,316 379 6,463 77,988 1,271 111,243 33,220 15,535 303 177,329 394 16,924 65,261 100,555 334,585 17,640 29,473 20,026 22,500 803 42,674 46,430 80,093 294,356 47,888 5,043 17,570 6,279 9,022 54,551 13,135 2,541

100,244 (229) 5,995 32,799 978 114,300 25,881 7,861 1,388 204,362 265 16,282 63,516 96,725 309,168 12,344 19,594 10,150 22,500 442 29,424 54,771 83,705 252,599 42,217 5,235 20,965 6,073 8,837 22,540 10,343 5,805

1,792,790

1,587,079

707,076

610,122

This statement is to be read in conjunction with the attached disclaimer. This statement is to be read in conjunctionREPORT with the attached ANNUAL YEARdisclaimer. ENDED Page 26

30 JUNE 2015

37


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

PARK BEACH BOWLING CLUB LTD ABN 38 305 258 723

DETAILED INCOME AND EXPENDITURE STATEMENT DETAILED INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 30 JUNE30 2015 FOR THE YEAR ENDED JUNE 2015 2015 2015 $ $

Note Other Expenses

137,688 192,591 161,395

Outdoor maintenance Inner clubs income Inner clubs expenses Total Other Expenses

140,773 200,229 155,254

106,492 $

Profit before Depreciation

600,584

95,798 $

517,700

Depreciation $

Profit before Income Tax Expense

82,884

Earnings before Interest, Tax, Depreciation, Amortisation, Rent and Donations

$

701,442 19.1%

EBITDARD %

This statement is to be read in conjunction with the attached disclaimer. ANNUAL REPORTThis YEAR ENDED 30read JUNE 2015 with the attached disclaimer. statement is to be in conjunction Page 27

514,324 492,525

$

100,555 517,700 303

Interest Income tax expense Depreciation Amortisation Rent Donations

38

2014 2014 $ $

21,799 96,725 492,525 1,388

$

612,437 16.3%


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTES ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. .............................................................................................................................................................................................................

ANNUAL REPORT YEAR ENDED 30 JUNE 2015

39


PARK BEACH BOWLING CLUB LTD

ABN 38 305 258 723

NOTES ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. ............................................................................................................................................................................................................. .............................................................................................................................................................................................................

40

ANNUAL REPORT YEAR ENDED 30 JUNE 2015


Park Beach Bowls Club Annual Report  

Park Beach Bowls Club Annual Report 2014 - 2015

Read more
Read more
Similar to
Popular now
Just for you