Page 1


WESTS’ BOARD OF DIRECTORS 2015-2016

PRESIDENT’S REPORT

Dear members

WESTS’ BOARD OF DIRECTORS

2015 - 2016

It is my pleasure to present to the club’s annual report for the financial year ending 30 June 2016. This report is to be considered at the Annual General Meeting (AGM) to be held on Tuesday 29 November 2016 at Wests, Phillip Street commencing at 6.30pm. As I write this report the rains have started, yet again. Chaffey Dam has now reached 95% capacity and I believe it is safe to say the drought has finally broken. The year has again been a busy one for the board and management and certainly proved to be a year of challenges and opportunities. Club trading has again been very good and has produced a terrific result. This year’s results again include a combined result from Wests and Wests’ Diggers. Our combined clubs recorded an operating profit of $3.590 million before provisions and finance costs, which is an outstanding result. Combined club poker machine profits of $12.279 million were achieved. The Wests group had a net turnover of $20.925 million in the last financial year, a wages bill of $5.450 million, purchases of food and beverages of $2.501 million, repairs and maintenance of $389,875, poker machine and payroll tax of $2.773 million and payments made to members and guests as gaming prizes, amenities, entertainment and promotions of $49.316 million. Club treasurer Max Sharpe has done an excellent job in controlling the finances and with the combined support of our bankers Westpac, the Wests group has achieved solid financial growth this year. I know all members will agree that this year’s results are one that we can all be proud of. The vision and experience of CEO Rod Laing and leadership of our specialist managers has been instrumental in the clubs achievements for 2015/16. I would also like to take the opportunity to congratulate Rod, who was recently awarded the Noel Park Award for services in business and the community at the 2016 Quality Business Awards. Rod is well respected throughout clubland and this award is well deserved.

HONORARY LIFE MEMBERS + Edward Harrison + Augustus Yates + Edward Harrison + Augustus Yates + John Hinkelbein John Hinkelbein + Albert+ Lee + Albert Lee + John Meincke + John Meincke + Ken Chillingworth + Ken Chillingworth + Jack Bradley + Jack Bradley Norm Young + Norm+Young + Jack Whitmore + Jack Whitmore + Adrian Solomons + Adrian Solomons

+ HONORARY Pat McKinnon LIFE MEMBERS

+ Joan Chillingworth

++S.H Allen + Joan Chillingworth John McClelland Pat(Lee) McKinnon + S.H (Lee) Allen John McClelland + John Kelly + Jack McGilvray + John Kelly + Jack McGilvray + M. McKinnon Max Sharpe + M. McKinnon Max Sharpe + L. Bettison Rod Laing + L. Bettison Rod Laing ++Stan StanCole Cole DennisDennis Gross Gross ++Len Alice Edmunds LenWalters Walters Alice Edmunds + Reg Cognet Ken Thompson + Reg Cognet Ken Thompson Nita Blake Nita Blake + Dennis Condon + Dennis Condon + Member Deceased + Member Deceased

The finishing touches are now being finalised for the group’s Indigenous Employment Strategy. Our vision is simple, an equal opportunity for all to develop and grow their careers. The Mercure Tamworth, Wests new hotel and member of the AccorHotels Group, is scheduled to open in late December. Prior to opening all members will have the opportunity to inspect and view the entire hotel operation at a special open day. Members will also have a chance to be one of the hotels first guests to stay overnight by winning a free night’s stay. I encourage all members to stay tuned and visit our clubs for further details on how you can be a part of history.

Eileen Smyth Deputy CEO

Graham Menzies Customer Services Manager

Chris Hardy Member Services Manager

The amalgamation between Wests Entertainment Group and Tamworth Tennis Club has been an unexpected drawn out process. The Tennis Club is located on Crown Land and while the amalgamation sees a like business replaced by a same like business, Crown Land has insisted a new lease be negotiated. It is hoped that by our AGM a result has been determined and Wests Entertainment Group can save the Tennis Club from becoming just another statistic in the all too common demise of small clubs in NSW.

Geoff Shanley Technical Services Manager

Kate Clarke Customer Services Manager

Carolyn Stier Entertainment & Sporting Events Manager

The board has also called for expressions of interest in the provision of audit services to the group. The tender is for a term of three years and as at the closing date, a total of 17 tenders were received.

Keith Clark Administrative Services Manager

Leesa Peck Functions & Events Manager

Michelle Bullock Executive Assistant

Therese Brodbeck Employee Relations Manager

Amanda Logan Promotions & Marketing Manager

WESTS ENTERTAINMENT GROUP MANAGEMENT WESTS ENTERTAINMENT GROUP MANAGEMENT

2

I also want to thank the entire Wests group team for their contributions, the board is most grateful for your continued commitment to achieving customer service excellence.

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

This year’s AGM will also see a new board composition of five (5) elected directors who also have the capacity to appoint up to two (2) directors if they wish to do so. Long-serving director, Dennis Gross is retiring from the board and will not be standing for re-election. I wish Dennis and his wife, Helen all the best for the future and thank Dennis for his huge contribution to the group. In September, the board made the difficult decision to withdraw all senior rugby league sponsorship to football clubs, Group 4 and Group 4 Referees Association. The board will continue to support all junior rugby league clubs. The board wants to send a clear message to all rugby league clubs. They must implement a culture change and anti-social behavior must be stamped out of the game and around the grounds. The Wests Entertainment Group brand remains one of the most recognised brands in the North West. The brand has a huge community reputation and one that the community, be it individuals or sporting groups, are proud to be associated with. Our brand is our asset. It reflects trust and our community identity. The use of our brand must be protected by the board. The group plays a major role in financially supporting your community. This year was no exception as we supported a total of 135 individuals, community groups and sporting bodies. We are firm believers of being involved in the community in which we do business. To my fellow board members, thank you for the co-operation that you have extended to me throughout the year. Sadly, a year does not pass without the loss of someone near and dear to us. The club extends its deepest sympathies to our members who have lost loved ones this year. I would like to pay tribute to Lawrence (Jock) Hardcastle who passed away last December. Jock was a former director here at Wests serving some 16 years on the board, my condolences to Jock’s family – he is sadly missed. Finally, we are continuing our commitment to enhancing member value. As our industry environment becomes more competitive, Wests Entertainment Group will be introducing a new member loyalty program early next year. This new expanded program is exclusive to members and will involve many local and national retailers. For more information keep an eye out for the ENJOY magazine. In closing, I thank you for your support and patronage. It’s your loyalty that has seen our clubs continue to thrive and prosper. The board and I welcome your comments, suggestions or concerns. You may contact çus by either mail or email at info@tamworthwests.com.au I look forward to seeing you at the Annual General Meeting.

John McClelland President

The board is conducting this process to ensure that capability and accountability responsibilities are met and good corporate governance achieved. I should also point out that this process does not reflect on any negatives with our current auditors, Forsyths. I would like to thank them for their service and advice over the past six (6) years. The process of appointing the club’s auditor will be approved by members attending the AGM. WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

3


CHIEF EXECUTIVE OFFICER’S REPORT Dear members

On behalf of our board of directors, management and staff, I thank you for your continued patronage and loyalty to our clubs. As another financial year comes to an end, it is my pleasure to submit the 55th annual report and balance sheets for the year ending 30 June 2016. The 2016 financial report highlights a positive result for the Wests Entertainment Group. At a time when our industry faced considerable headwinds, including increased and more diverse competition, we are proud of our results. Financially, the group has recorded an operating profit of $3.590 million before provisions and finance costs and a net profit of $1.065 million. This year, Wests’ has achieved an operating profit of $2.842 million before provisions and finance costs, while Diggers realised an amazing operating profit of $748,094. Last June, I racked up 30 years of employment here at Wests. It has been an incredible journey and I am very grateful for the amazing opportunity that I have to work in such a rewarding industry. An industry that is highly respected for supporting local communities. I was extremely humbled to receive the Noel Park Award at the recent 2016 Quality Business Awards. The late Noel Park served as Member for Tamworth between 1973 and 1991 and was a man well respected by his community. To be bestowed this award was a great honour and one I hope I can live up to. On the night, I paid tribute to my family and their support and to the Wests board for their belief in me. After 30 years, the boards respect and friendship is something that I value highly. I also said that my achievements come from teamwork and they could not be achieved as an individual. The team I refer to is the managers and staff of Wests Entertainment Group. This is also their award as they too have committed to the hard yards as we stand side-by-side united in a common goal.

TREASURER’S REPORT

Our ongoing commitment to provide better facilities and promotions will continue. Two new outdoor areas will open in 2017. The Terrace, located outside Legends Lounge, will provide members with a great alfresco experience and an area for smoking as well as catering for non-smokers. Featuring Tamworth’s largest outdoor TV screen, The Terrace will be ideal for sporting telecasts and pop-up food stalls including our own craft burger concept, Burgerman. Located alongside Banjos Restaurant, The Patio will feature an outdoor eating experience and a children’s play area guaranteeing a pleasant experience for the whole family. A full review of our food operations will ensure that new and exciting food offerings will be available in the coming year. It is also hoped that stage 2 of our hotel project will commence in late 2017. This will see the building of a 360 capacity function centre complete with an outdoor function area that will be ideal for wedding ceremonies and trade functions. Again may I express my sincere thanks to the board, led by John McClelland, for their ongoing support. It has certainly been a busy year, one that has dealt with many changes. But without constant change no organisation can hope to meet the needs of the majority and be sustainable in the long-term. Finally, my thanks to all members for their support and friendship over the past 12 months. The Wests Entertainment Group is much more than bricks and mortar. Our club is about people and I am very grateful for your support. I trust you will see that this report confirms the commitment of the Wests Entertainment Group to its members and the wider community. I look forward to seeing you at the Annual General Meeting on Tuesday 29 November 2016.

As I have stated in the past, our people make the difference. Talented committed team members and managers are a very important part of the equation – we are blessed to have this team. I would also like to thank Eileen Smyth and Michelle Bullock for their behind-the-scenes support. Every day we strive to be financially successful through great people consistently delivering exceptional service in an inviting atmosphere, making every member loyal. Everything we do starts with people – from the 160 team members to almost 21,000 members, who our team members provide outstanding professional service to. This is why we strive to provide meaningful and rewarding employment. For many of our team members, the group is their first employer. For some a casual job is the start of a career path to management in the hospitality industry. Our team members span five generations – Matures, Baby Boomers, Generation X, Millennials and Centennials. We have a social responsibility to our team members and this is why we have introduced our Indigenous Employment Strategy – an equal opportunity for all. The financial year 2015/16 was a great year for Wests Entertainment Group, but there’s more work ahead. The opening of our new hotel in late December will see an additional 22 people employed with the group.

Rod Laing Chief Executive Officer

2015 - 2016

TREASURER’S REPORT Dear members

Dear members On behalf of the Board of Directors it is once again my pleasure to submit the Annual Financial Reports for the On ending behalf of of Directors it is once again my year thethe 30 Board June 2016. pleasure to submit the Annual Financial Reports for the The 12-month period has resulted in the Wests year ending the 30 June 2016. Entertainment Group recording a net profit after provisions and finance costshas of $1.065 million. The 12-month period resulted in the Wests Entertainment Group recording a after West Tamworth League Club (Wests) net madeprofit a profit provisions and finance costs of $1.065 million. before provisions and finance costs of $2.8 million and Wests profitLeague was $748,094. WestDiggers Tamworth Club (Wests) made a profit

beforefor provisions and finance ofthis $2.8year million and Income the Group was $20.9 costs million which Wests Diggerscompared profit wasto$748,094. was up 2.69% last year. Expenses for the Group before provisions and finance costs at $17.3 Income for the Group was $20.9 million this year which million were down $734. was up 2.69% compared to last year. Expenses for the The profitbefore increase before provisions and costs financeatcosts Group provisions and finance $17.3 from $3.040 in 2014/2015 to $3.590 million in million weremillion down $734. 2015/2016 was in part due to increases in revenue of The profitand increase beforeoperating provisionsresults and finance costs $548,837 improved at Wests from $3.040 million in 2014/2015 to $3.590 million in Diggers whereby the profit was up 46.61%. 2015/2016 was in part due to increases in revenue of Wests Diggers is now standing on its own and making $548,837 and improved operating results at Wests a substantial contribution to the Group overall profit Diggers whereby the profit was up 46.61%. result. I am confident that if we amalgamate with the Tamworth TennisisClub apply on theits same new a Wests Diggers nowand standing ownTLC andand making equipment it will do thetosame. substantialthat contribution the Group overall profit result. I am confident that ifPrecinct we amalgamate The Scully Regional Sporting project iswith nowthe Tamworth Tennis Club and apply the same TLC and new complete and our management team is endeavouring equipment that it will do the same. to attract high profile games to utilise this great facility. AllThe we Scully have to do is keep payingPrecinct the $37,100 monthly Regional Sporting project is now instalment for the next eight years. The current balance complete and our management team is endeavouring ontothe loanhigh is $2.966 will have the attract profilemillion.You games to utilise thisnoticed great facility. Hotel project andthe I am told itmonthly is on All we have is to well do isunder keep way paying $37,100 time and on for budget. To date at the 1stcurrent October we instalment the next eightasyears. The balance have drawn $8 million of our approved facility of $16 on the loan is $2.966 million. million. Our interest cost for this past financial year is will have noticed project is well under upYou approximately $300k the on Hotel last year. When our loan I amwe toldcan it isexpect on time on budget. date isway fullyand drawn an and interest cost forTothis st have drawn $8 our as at the 1 October current financial year ofwe approximately $1 million million.ofWe will continuefacility to meet normal until thefor approved of this $16from million. Ourtrading interest cost Hotel income producing. this is past financial year is up approximately $300k on last year. When our loana is fully drawn we report can expect I will again be delivering detailed financial at an Annual interest cost Meeting for this on current financial year of our General Tuesday 29 November approximately million. the We report will continue meet this 2016. Questions $1 regarding will betoaccepted from normal trading until the Hotel is income from the floor on the night however, it would be producing. appreciated if any questions could be put in writing and

West Tamworth

Wests

League Club

Diggers

Combined

Last Year

Income Sales

3,832,316

2,288,255

6,120,571

6,257,750

Rendering Services

9,541,561

2,737,664

12,279,225

11,851,006

Other Income

2,010,561

514,840

2,525,401

2,267,604

15,384,438

5,540,759

20,925,197

20,376,360

Expenses Cost of Goods Sold

1,623,282

878,083

2,501,365

2,540,647

Operating Expenses

8,174,636

2,971,187

11,145,823

11,212,721

Other Expenses

1,893,997

663,460

2,557,457

2,490,373

850,156

279,935

1,130,091

1,091,729

12,542,071

4,792,665

17,334,736

17,335,470

2,842,367

748,094

3,590,461

3,040,890

Admin & Overhead Expenses

Profit before provisions and Finance costs

Source: Company management accounts

submitted to the club Secretary, Rod Laing no later than at I will again be delivering a detailed financial report Monday 21 November 2016. our Annual General Meeting on Tuesday 29 November

2016. Questions regarding the report will be accepted from the floor on the night however, it would be appreciated if any questions could be put in writing and Max Sharpe to the club Secretary, Rod Laing no later than submitted Treasurer Monday 21 November 2016.

Max Sharpe Treasurer

Once the Tamworth Tennis Club amalgamation is granted, this operation will also see further staff employed. Over time this property will continue to evolve as we add a new dining option along with a general refurbishment.

4

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

5


DIRECTORS REPORT

2015 - 2016

DIRECTORS’ REPORT

During theoffinancial year, 44 meetings of directors (including committees of directors) were held. Meetings Directors Attendances by each director during the year were as follows: During the financial year, 44 meetings of directors (including committees of directors) were held. Sponsorship Membership Attendances by each director during the year were as follows: Finance Committee Directors' Meetings Committee Committee Meetings Meetings Meetings Sponsorship Membership Finance Committee Directors' Committee Committee Eligible Meetings Number Eligible Number Eligible Number Eligible Number Meetings Meetings Meetings to attend attended to attend attended to attend attended to attend attended

DIRECTORS The names of the directors in office at any time during, or since the end of, the year are: Names John McClelland Terry Psarakis Maxwell Sharpe Robert Both Alice Edmunds Dennis Gross Chris Watson

Position President Vice President Treasurer Director Director Director Director

John McClelland

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. COMPANY SECRETARY Mr Rodney John Laing held the position of the company secretary at the end of the financial year. PRINCIPAL ACTIVITIES The principal activities of West Tamworth League Club Limited during the financial year were:  

Meetings of Directors

Operating a Licensed Club including the activities of liquor, gaming, catering, sports, community; and Providing facilities for members.

No significant change in the nature of these activities occurred during the year. OBJECTIVES AND STRATEGIES Objectives The short-term objectives of the Company are capital improvements to facilities and the enhancement of the customer experience through products and services. The Company strives as a matter of priority to be a responsible provider of products within the community. The long-term objectives of the Company are to provide facilities and entertainment for its members and support to the wider community through provision of amenities for sport and recreation. The Company assists in the promotion of rugby league and through its memorandum of amalgamation supports the traditions of the RSL movement. Strategies The strategies to meet these objectives are centred on maintenance of existing operations with the development of new enhanced facilities and amenities.

Terry Psarakis John McClelland Maxwell Sharpe Terry Psarakis Robert Both Maxwell Sharpe Alice Edmunds Robert Both Dennis Gross Alice Edmunds Chris Watson Dennis Gross

Eligible 12 to attend

12 12 12 12 12 12 12 12 12 12 12 12

Number 11 attended

12 11 12 12 12 12 12 12 12 12 11 12

Eligible to attend

11 11 11 11 11 -

Number attended

11 11 11 11 7 -

Eligible 12 to attend

12 12 12 12 12

Number 12 attended

12 12 12 12 12

Eligible to attend

1 1 1 1 -

Number attended

1 1 1 1 -

Tender Committee Meetings Tender Committee Eligible Number Meetings

to attend

attended

Eligible 8 to attend

Number 8 attended

8 8 8 8 8 -

5 8 8 5 8 -

Chris Watson 12 11 11 Committees 7 - formally meet - any matters - were discussed The Neighbourhood, Compliance, Finance and Sports did not during-the year and and resolved in the general directors meetings. The Neighbourhood, Compliance, Finance and Sports Committees did not formally meet during the year and any matters were discussed Incorporation Guarantee and resolved inand theMember's general directors meetings. The club is incorporated under the Corporations Act 2001 as a company limited by guarantee. If the club is wound up, the Guarantee constitution states that each member is required to contribute a maximum of $4 towards meeting any Incorporation and Member's outstanding obligations of the club. At 30 June 2016 the number of members (2015: 20,640). The club is incorporated under the Corporations Act 2001 as a company limitedwas by 20,661 guarantee. If the club is wound up, the constitution states that each member is required to contribute a maximum of $4 towards meeting any Auditor's Independence outstanding obligations ofDeclaration the club. At 30 June 2016 the number of members was 20,661 (2015: 20,640). A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out at page 8. Auditor's Independence Declaration Non-Core Property A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out at page 8. Non-core property is disclosed in Note 24. Non-Core Property Non-core property is disclosed in Note 24. Signed in accordance with a resolution of the Board of Directors: Signed in accordance with a resolution of the Board of Directors:

Core activities were the consistent provision of service and entertainment to the membership and community support. Performance Measures The Company regularly measures its performance through budgetary control and individual KPI’s placed on projects or areas of operations. Monthly the Club benchmarks its performance including earnings before interest, tax, depreciation and amortisation (EBITDA) against other Clubs through Astute BI.

AUDITOR’S

DIRECTOR INFORMATION Name

6

Position

Qualifications

Experience

Special Responsibilities

John McClelland

President

Retired

30 years as Director

Membership Committee, Compliance Committee, Tender Committee

Terry Psarakis

Vice President

Accountant

6 years as Director

Finance Committee, Tender Committee

Maxwell Sharpe

Treasurer

Company Director

22 years as Director

Membership Committee, Finance Committee, Sponsorship Committee, Tender Committee

Robert Both

Director

Retired

18 years as Director

Sponsorship Committee, Compliance Committee, Neighbourhood Committee

Alice Edmunds

Director

Retired

11 years as Director

Neighbourhood Committee

Dennis Gross

Director

Retired

11 years as Director

Membership Committee, Sponsorship Committee, Sports Committee

Chris Watson

Director

Business Owner/Operator

2 years as Director

Sponsorship Committee

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

Director John McClelland Dated 28 September 2016 Director John McClelland Dated 28 September 2016 INDEPENDENCE DECLARATION

Director Maxwell Sharpe Director Maxwell Sharpe

AUDITOR’S INDEPENDENCE DECLARATION

Auditors Independence Declaration under Section 307C of the Corporations Act 2001 AUDITOR’S INDEPENDENCE DECLARATION I declare that, to the best of my knowledge and belief, during the year ended 30 June 2016 there have been: Auditors Independence Declaration under Section 307C of the Corporations Act 2001 (i) no contraventions of the auditor and independence requirements as set the Corporations Act 2001 in relation to the I declare that, to the best of my knowledge belief, during the year ended 30out Junein2016 there have been: audit; and (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the (ii) no contraventions of any applicable code of professional conduct in relation to the audit. audit; and (ii)

no contraventions of any applicable code of professional conduct in relation to the audit. Paul Cornall Principal 28 September Paul Cornall 2016 Principal 92 St, 2016 28 Rusden September Armidale NSW 2350 P 2 6773 92+61 Rusden St,8400 fArmidale +61 2 6772 9957 NSW 2350 e P armidale@forsyths.com.au +61 2 6773 8400 935 296 22 fABN +6124 2 6772 9957 e armidale@forsyths.com.au ABN 24 935 296 22 WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

7


STATEMENT OF OF PROFIT OR LOSS OTHER COMPREHENSIVE INCOME STATEMENT PROFIT ORAND LOSS AND OTHER COMPREHENSIVE INCOME For the Year Ended 30 June 2016

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Note For the Year Ended 30 June 2016 Sales revenue Cost of sales Gross profit Sales revenue Other Cost ofincome sales Marketing expenses Gross profit Occupancy costs Other income Administrative expenses Marketing expenses Entertainment costs Occupancy costs Operating costs Administrative expenses Other expenses Entertainment costs Finance costs Operating costs Other Profitexpenses before income tax Income tax expense Finance costs

2 Note 3

2016 $

2015 $

2016 20,375,668 2015 20,830,384 $ (4,964,945) $ (4,943,042) 15,865,439 20,830,384 94,814 (4,964,945) (1,473,612) 15,865,439 (195,307) 94,814 (2,495,243) (1,473,612) (862,338) (195,307) (7,222,125) (2,495,243) (2,048,491) (862,338) (598,023) (7,222,125) (2,048,491) 1,065114 (598,023)-

15,432,626 20,375,668 15,585 (4,943,042) (1,604,524) 15,432,626 (191,076) 15,585 (2,522,768) (1,604,524) (797,333) (191,076) (7,401,274) (2,522,768) (1,814,596) (797,333) (217,816) (7,401,274) (1,814,596) 898,824 (217,816)-

1,065114 1,065,114 -

898,824 -

Other comprehensive income

1,065,114 1,065,114 -

898,824 898,824 -

STATEMENT OF FINANCIAL POSITION Total comprehensive income for the year

1,065,114

898,824

Profit before for the income year tax Income tax expense

Other comprehensive income Profit for the year Total comprehensive income for the year

For the year ended 30 June 2016

2 2 3 2

4 4

STATEMENT OF OF FINANCIAL POSITION STATEMENT FINANCIAL POSITION

Note

Cash and cash equivalents ASSETS Trade and other receivables Current assets Inventories Cash and cash equivalents Other assets Trade and otherassets receivables Total current Inventories Other assets

Note 7 8 9 7 10 8 9 10

ASSETS For the year ended 30 June 2016 Current assets

Non-current assets Total current assets

Property, plant and equipment Intangible assets

11 12

Intangible assets

11 12

Non-current assetsassets Total non-current Property, plant and equipment TOTAL ASSETS Total non-current assets LIABILITIES TOTAL ASSETS Current liabilities

Trade and other payables LIABILITIES Borrowings & Lease liabilities Current Employeeliabilities benefits Trade and otherliabilities payables Total current Borrowings & Lease liabilities Employee benefits

13 14 15 13 14 15

Borrowings & Lease liabilities

14

Non-current liabilities Total current liabilities

Total non-current liabilities Non-current liabilities TOTAL LIABILITIES Borrowings & Lease liabilities

Total non-current liabilities NET ASSETS TOTAL LIABILITIES EQUITY

NET ASSETS Reserves

Retained earnings EQUITY Reserves TOTAL EQUITY Retained earnings TOTAL EQUITY

14

2016 $ 2016 $

2015 $

4,883,867 112,922 204,916 4,883,867 227,991 112,922 5,429,696 204,916 227,991 5,429,696 34,283,471 792,812 35,076,283 34,283,471 40,505,979 792,812 35,076,283 40,505,979

2015 $ 3,278,231 87,875 197,557 3,278,231 237,253 87,875 3,800,916 197,557 237,253 3,800,916 30,305,464 709,818 31,015,282 30,305,464 34,816,198 709,818 31,015,282 34,816,198

1,897,349 303,078 1,236,267 1,897,349 3,436,694 303,078 1,236,267 3,436,694 10,214,872 10,214,872 13,651,566 10,214,872 10,214,872 26,854,413 13,651,566

1,796,199 338,923 1,321,714 1,796,199 3,456,836 338,923 1,321,714 3,456,836 5,570,063 5,570,063 9,026,899 5,570,063 5,570,063 25,789,299 9,026,899

26,854,413 6,459,878 20,394,535

25,789,299 6,459,878 19,329,421

6,459,878 26,854,413 20,394,535

6,459,878 25,789,299 19,329,421

26,854,413

25,789,299

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

9


STATEMENT OF OF CHANGES IN EQUITY STATEMENT CHANGES IN EQUITY

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 30 June 2016

STATEMENT OF CHANGES IN EQUITY

1. Summary of Significant Accounting Policies

20162016 For the Year Ended 30 June

(a) General information The financial statements are for West Tamworth League Club Limited as an individual entity, incorporated and domiciled in Australia. West Tamworth League Club Limited is a Company limited by guarantee.

Retained Earnings

Asset Revaluation Reserve Asset

Total

Retained $ Earnings 19,329,421

Revaluation $ Reserve 6,459,878

$6,459,878 6,459,878 -

$ Total 25,789,299

$ 1,065,114 25,789,299 26,854,413 1,065,114

20,394,535

6,459,878

26,854,413

Retained Earnings

Asset Revaluation Reserve Asset

Total

2016

Balance at 1 July 2015 Profit for the year Balance at 1 July 2015

Balance at 30 June 2016 Profit for the year

Balance at 30 June 2016 2015

$ 1,065,114 19,329,421 20,394,535 1,065,114

2015

(c)

Revenue

$ Retained Earnings 18,430,597 898,824$

Revaluation $ Reserve 6,459,878

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks and rewards of ownership of the goods and the cessation of all involvement in those goods.

$-

$ Total 24,890,475 898,824$

Balance at 1 July 2014 Balance at 30 June 2015 Profit for the year

18,430,597 19,329,421 898,824

6,459,878 6,459,878 -

24,890,475 25,789,299 898,824

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

Balance at 30 June 2015

19,329,421

6,459,878

25,789,299

All revenue is stated net of the amount of goods and services tax (GST).

Balance at 1 July 2014 Profit for the year

STATEMENT OF CASHFLOWS

For the Year Ended 30 June 2016

Note

Cash from operating activities: Receipts from customers Cash from operating activities: Payments to suppliers and employees Interest Receiptsreceived from customers Finance costs Payments to suppliers and employees Interest received Net cash provided by (used in) operating activities Finance costs

Net cash provided by (used in) operating activities Cash flows from investing activities:

Note

20 20

2015 $ 22,076,514 (19,205,061) 15,585 22,076,514 (217,816) (19,205,061)

94,814 2,551,405 (598,023)

15,585 2,669,222 (217,816)

Current and deferred income tax expense/ (income) is charged or credited directly to equity instead of the profit or loss when the tax relates to items that are credited or charged directly to equity.

2,551,405

2,669,222

Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.

233,078 (6,446,414)

(235,031) (5,554,733) (5,444,750)

(6,213,336) (6,446,414)

(5,554,733) 4,674,940 (65,976)

(6,213,336) 5,843,010 (293,514)

Net cash used by financing activities

Proceeds of drawdowns of loans Payment of finance lease liabilities

4,674,940 4,608,964 (65,976)

5,843,010 5,549,496 (293,514)

Net cash used by financing activities Net cash increase (decreases) in cash and cash equivalents

4,608,964 1,605,636 3,278,231

5,549,496 2,005,382 1,272,849

Net cash (used by) investing activities

Payment to acquire property, plant and equipment

Cashcash flows fromby) financing activities: Net (used investing activities Proceeds of drawdowns of loans Payment of finance lease liabilities Cash flows from financing activities:

Cash and cash equivalents at beginning of year

The income tax expense (revenue) for the year comprises current income tax expense/ (income) and deferred tax expense/ (income).

2016 $ 22,885,871 (19,831,257) 94,814 22,885,871 (598,023) (19,831,257)

233,078

Proceeds to from sale of plant and equipment Payment acquire property, plant and equipment Payment to acquire intangible assets

Income taxes

2015 $

125,048

Cash flows from investing Payment to acquire intangibleactivities: assets

Net (decreases) in cash and cash equivalents Cashcash and increase cash equivalents at end of year

7

1,605,636 4,883,867 3,278,231

2,005,382 3,278,231 1,272,849

Cash and cash equivalents at end of year

7

4,883,867

3,278,231

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

Grants are recognised at their fair value when it is received.

2016 $

(235,031) 125,048 (5,444,750)

Proceeds from sale of plant and equipment

Cash and cash equivalents at beginning of year

Interest revenue is recognised on a proportional basis taking into account the interest rate applicable to the financial assets.

(d)

For the Year Ended 30 June 2016 STATEMENT OF OF CASHFLOWS STATEMENT CASHFLOWS

10

(b) Basis of preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of these financial statements are presented below. They have been consistently applied unless otherwise stated. The financial statements have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

The Income Tax Act 1997 (as amended) provides that under the concept of member mutuality, clubs are only liable for income tax derived from non-members. Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities/ (assets) are therefore measured at the amounts expected to be paid to/ (recovered from) the relevant taxation authority. Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses.

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at reporting date. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. (e) Leases Finance leases Finance leases are capitalised, recording an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values. Leased assets are depreciated on a straight-line basis over their estimated useful lives. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. (f) 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. (g) Inventories Inventories are measured at the lower of cost and net realisable value. WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

11


(h)

(l)

Property, plant and equipment

Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land and buildings are shown at their cost less, where applicable, any accumulated depreciation and impairment losses. Plant and equipment Plant and equipment are measured on the cost basis. 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 of plant and equipment for not-for-profit entities is the current replacement cost discounted to current asset condition. Depreciation The depreciable amount of all fixed assets including buildings but excluding freehold land, is depreciated on a straight line basis over the asset's useful life to the Company commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Buildings and Improvements: Plant and Equipment: Furniture, Fixtures and Fittings: Poker Machines: Motor Vehicles: Office Equipment:

1.0% 10.0 - 20.0% 7.5 - 15.0% 27.0% 23.0% 10.0 - 30.0%

Borrowing Costs

Borrowing costs are recognised in the income statement in the period in which they are incurred. (m) 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. (n)

Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of 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. (o)

Comparatives

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (p)

Critical accounting estimates and judgments

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and based on current trends and economic data, obtained both externally and within the company.

(i)

Key estimates - impairment of plant and equipment

Intangible assets

Poker Machine Entitlements The company, as a result of state legislation, received for no cost, poker machine entitlements for those machines it held at the time the legislation was enacted. These entitlements can be sold should the company decide to reduce or cease its poker machine activities. The company has not recorded these initial poker machine entitlements in the financial statements as there was no fair value on acquisition of these entitlements. The company has subsequently acquired a number of poker machine entitlements which were recognised at cost upon acquisition. Poker machine entitlements are considered to have an indefinite life and as a result entitlements acquired and capitalised since the legislation was enacted have not been amortised. Poker machine entitlements are tested for impairment annually or more frequently if events or changes in circumstances indicate that might be impaired, and are carried at cost less accumulated impairment losses. Software Software is recorded at cost. Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. Software is considered to have an estimated useful life of three years.

The Company assesses impairment at the end of the reporting year by evaluating conditions specific to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions. Key estimates - 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 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. (q)

Adoption of new and revised accounting standards

During the current year, the Company adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory.

Amortisation

(r)

Amortisation is based on the cost of an asset less its residual value.

The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates for future reporting periods. The company has decided against early adoption of these standards as none of the changes are expected to have a material effect on the company.

Amortisation is recognised in the Statement of Profit or Loss and Other Comprehensive Income on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

New accounting standards for application in future periods

(j) Financial Instruments Recognition and Initial Measurement Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. Classification and Subsequent Measurement Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost using the effective interest rate method. Financial liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation. (k) Employee benefits Provision is made for the Company's liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at present value of the estimated future cash outflows to be made for those benefits.

12

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

13


2. Revenue

6. Auditors’ Remuneration 2016

2015

$

$

Sales revenue - Bar - Sales

2,773,351

2,823,033

- Catering Sales

3,045,173

3,102,925

302,047

331,790

12,313,585

11,885,366

- Gaming Commissions

106,253

102,769

- Bingo & Raffle Income

559,781

543,217

- Concert Ticket Sales

527,124

448,055

- Keno Income

213,012

203,749

- Other Income

848,655

785,571

141,403 20,830,384

149,193 20,375,668

- Bottle Shop Sales - Poker Machines - net clearances

- Membership Subscriptions Total Revenue

Remuneration of the auditor of the Company for: - auditing the financial statements - taxation services

94,814

2016

2015

$

$

598,023

217,816

Expenses Total interest paid/ (discount received) banks and lease entities Cost of Sales

4,964,945

4,943,042

Depreciation and amortisation

1,520,485

1,372,851

4. Income tax expense The prima facie tax on profit from ordinary activities before income tax is reconciled to the income tax as follows: 2016 $ Prima facie tax payable on profit from ordinary activities before income tax at 30% (2015: 30%)

Cash on hand Cash at bank Short-term bank deposits

319,533

2015 $ 269,647

Cash at the end of the financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows: Cash and cash equivalents

42,182 13,168 55,350

2016 $ 512,676 218,263 4,152,928 4,883,867

2015 $ 541,303 57,367 2,679,561 3,278,231

2016 $

2015 $

4,883,867

3,278,231

4,883,867

3,278,231

2016 $

2015 $

87,557 25,365

87,875 -

112,922

87,875

2016 $ 69,327 9,442 919 7,869

2015 $ 40,362 3,917 320 43,276

87,557

87,875

2016 $

2015 $

204,916

197,557

204,916

197,557

2016 $

2015 $

227,991 227,991

237,253 237,253

8. Trade and other receivables

CURRENT Trade receivables Accrued revenue

Aged analysis The ageing analysis of receivables is as follows:

Add: Tax effect of: - Principal of Mutuality adjustment and permanent differences - Adjustment for unrecognised losses Income tax attributable to entity

(399,416) 79,883 -

(421,245) 151,598 -

The company has unrealised tax losses of $1,195,185 (2015: $1,115,302) at a tax rate of 30%. No deferred tax asset has been taken up, as it is not probable that these losses will be utilised in future years. 5. Key Management Personnel Compensation

0-30 days 31-60 days 61-90 days (past due not impaired) 91+ days (past due not impaired) No provision for impairment was required for 2016 or 2015. 9. Inventories

Key management personnel include the Chief Executive Officer/Company Secretary, Deputy Chief Executive Officer, Operations Manager and Director's honorarium. Short-term benefits $

Post-employment benefit $

Total $

389,041

43,177

432,218

415,360

49,554

464,914

CURRENT At Cost Finished goods 10. Other Assets

CURRENT Prepayments

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

42,943 13,267 56,210

7. Cash and cash equivalents

15,585

3. Profit for the year

14

2015 $

Reconciliation of Cash

Other revenue: - Interest - cash at bank

2016 Total compensation 2015 Total compensation

2016 $

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

15


11. Property, plant and equipment

13. Trade and other payables 2016 $

LAND AND BUILDINGS Freehold land At cost Total Land

1,000,000 1,000,000

2015 $ 1,000,000 1,000,000

Building At cost Accumulated depreciation

30,193,898 (2,211,553)

26,872,115 (1,959,184)

Total buildings

27,982,345

24,912,931

Total land and buildings

28,982,345

25,912,931

Plant and equipment At cost Accumulated depreciation Total plant and equipment

15,494,427 (10,316,071) 5,178,356

14,148,571 (9,897,907) 4,250,664

Computer equipment Under lease Accumulated amortisation Total computer equipment

184,206 (184,206) -

184,206 (165,107) 19,099

Total property, plant and equipment

122,770 5,301,126

122,770 4,392,533

34,283,471

30,305,464

Movements in Carrying Amounts Movement in the carrying amount for each class of property, plant and equipment between the beginning and the end of the current financial year

Land $ 1,000,000

Additions

-

Disposals - written down value

-

Depreciation expense

-

Carrying amount at the end of year

1,000,000

Buildings $ 24,912,931

Plant and Equipment $ 4,250,664

3,321,783

2,122,968

-

-

(98,295)

-

-

(98,295)

(19,099)

-

(1,368,449)

(252,369)

(1,096,981)

27,982,345

5,178,356

Computer equipment $ 19,099

Crockery, Glass & Linen $ 122,770

-

Total $ 30,305,464 5,444,751

122,770

34,283,471

2016 $

2015 $

727,717 (727,717) -

727,717 (575,679) 152,038

792,812 792,812

557,780 709,818

12. Intangible assets

Computer software Cost Accumulated amortisation and impairment Net carrying value Poker Machines Entitlements Cost Total Intangibles

16

14. Borrowings and Lease Liability CURRENT Secured liabilities Finance lease and hire purchase obligations Bank loan - secured

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

Note 17

NON-CURRENT Secured liabilities Finance lease and hire purchase obligations Bank loan - secured (a)

Crockery, Glass & Linen At cost Total plant and equipment

Balance at the beginning of year

CURRENT Unsecured liabilities Trade payables Membership income in advance Other payables Revenue in advance

Total current and non-current secured liabilities

Bank loans Finance lease and hire purchase obligations (b)

2016 $

2015 $

1,249,961 153,484 395,639 98,265

1,128,297 149,137 482,297 36,468

1,897,349

1,796,199

2016 $

2015 $

303,078

65,976 272,947

303,078

338,923

2016 $

2015 $

10,214,872

5,570,063

10,214,872

5,570,063

2016 $ 10,517,950 -

2015 $ 5,843,010 65,976

10,517,950

5,908,986

2016 $ 28,982,345

2015 $ 25,912,931

28,982,345

25,912,931

2016 $

2015 $

612,729 623,538

616,834 704,880

The carrying amounts of non-current assets pledged as security are:

First mortgage over freehold land and buildings

15. Employee Benefits CURRENT Provision for long service leave Annual leave entitlements

1,236,267 1,321,714 16. Reserves Asset Revaluation Reserve The asset revaluation reserve records historical revaluations of non-current assets. When the Company adopted revised Accounting Standards it chose to treat previously revalued land and buildings as being deemed cost and has not performed any subsequent revaluations. 17. Capital and Leasing Commitments Finance Lease commitments Payable - minimum lease payments - no later than 12 months Minimum lease payments Present value of minimum lease payments

1(e)

2016 $

2015 $

-

65,976 65,976

-

65,976

The hire purchase is secured over the assets acquired with the hire purchase agreement.

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

17


18. Financial Instruments Financial Risk Management Policies The Company's financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable and bank loans. The main purpose of those financial instruments is to raise finance for the company's operations. The Board's overall risk management strategy seeks to meet the Company's financial targets, whilst minimising potential adverse effects on financial performance. The Board is focused on debt repayment and interest expense reduction as well as maintaining healthy cash reserves and borrowing capacity. The Company does not have any derivative instruments at 30 June 2016.

19. Capital Management Management controls the capital of the Company to ensure that adequate cash flows are generated to fund its operations and that returns from investments are maximised. The Company's capital consists of financial assets and liabilities. Management effectively managed the company's capital by assessing the Company's financial risks and responding to changes in these risks. Responses may include the consideration of debt levels and maintaining adequate cash reserves. There has been no change in the capital management strategy of the Company since the previous year. 20. Cash Flow Information (a) Reconciliation of Cash Flow from Operations with Profit after Income Tax 2016 $ 1,065,114

2015 $ 898,824

Non-cash flows in profit Depreciation and amortisation Net (gain)/loss on disposal of property, plant and equipment

1,520,485 (26,753)

1,372,851 11,394

Changes in assets and liabilities (Increase)/decrease in trade and term receivables (Increase)/decrease in prepayments (Increase)/decrease in inventories Increase/(decrease) in trade payables and accruals Increase/(decrease) in provisions Cash flow from operations

(25,047) 9,262 (7,359) 101,150 (85,447) 2,551,405

(6,802) (41,435) 14,306 337,566 82,518 2,669,222

The Company's main financial risks relate to credit, liquidity and interest rates discussed below. (a) Credit risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements. The profile of the Club's credit risk at 30 June 2016 was as follows: Percentage of sundry (unsecured) receivables - Current - Past due

2016

2015

79.18% 20.82%

50.38% 49.62%

Although the Company has a portion of receivables past due, the Company does not consider there to be sufficient risk of collection of these receivables to require a doubtful debts provision. The Company does not have any material credit risk exposure to any single receivable or group of receivables. (b) Interest rate risk Financial instrument composition and maturity analysis The Company's exposure to interest rate risk, which is the risk that a financial instruments value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities, is as follows: Weighted Average Effective Interest Rate

Floating Interest Rate

2016 2015 % % Financial Assets Cash and cash equivalents Receivables

2.67

1.45

-

-

Total Financial Assets

Non-Interest Bearing

2016 $

2015 $

2016 $

2015 $

2015 $

4,372,191

2,736,928

511,676

541,303

4,883,867

3,278,231

-

-

112,922

87,875

112,922

87,875

4,372,191

2,736,928

624,598

629,178

4,996,789

3,366,106

Financial Liabilities: 6.34

4.93

10,517,950

5,843,010

-

-

10,517,950

5,843,010

Trade and sundry payables

-

-

-

-

1,897,349

1,796,199

1,897,349

1,796,199

Lease liabilities

-

2.00

-

65,976

-

-

-

65,976

Bank loans

Total Financial Liabilities

(b) Credit Standby Arrangement and Loan Facilities The Company has unused bank lending facilities amounting to $2,049,909. Interest rates are variable. 21. Contingent Liabilities and Contingent Assets In the opinion of the Directors, the Company did not have any contingencies at 30 June 2016 (30 June 2015: None).

Total

2016 $

Profit for the year Cash flows excluded from profit attributable to operating activities

22. Events after the end of the Reporting Period The financial statements was authorised for issue on 28 September 2016 by the Board of Directors. 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. 23. Related party transactions Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. 24. Core and Non-core property Core property is defined as any real property owned by the company that comprises the defined premises of the club or any facility provided by the club for the use of its members and their guests. Pursuant to section 41J of the Registered Clubs Act 1976 the following properties are considered core property of West Tamworth League Club Limited: 1) Wests Diggers Club, Lot 1 DP 1142453, 4 Kable Avenue, Tamworth NSW 2340.

10,517,950

5,908,986

1,897,349

1,796,199

12,415,299

7,705,185

(c) Liquidity risk The company manages liquidity risk by monitoring forecast cash flows and ensuring that adequate unutilised borrowing facilities are maintained. Further, the company maintains significant cash on hand and at bank to manage day to day operations.

2) West Tamworth League Club, Lot 2 DP815862, 58 Phillip Street, West Tamworth NSW 2340. The company does not hold any non-core property as at 30 June 2016 or 2015.

(d) Net fair values The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the statement of financial position and in the notes to the financial statements. (e) Sensitivity Analysis Interest rate risk The Company has not performed a sensitivity analysis relating to its exposure to interest rate risk at balance date as the directors do not believe the sensitivity analysis is material.

18

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

19


INDEPENDENT AUDIT REPORT

25. Company Details Registered office

Report on the Financial Statements We have audited the accompanying financial statements of West Tamworth League Club Limited, which comprises the statement of financial position as at 30 June 2016, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration.

25. Company Details The registered office of the company is: Registered office West Tamworth League Club Limited 56 Phillip Street The registered office of the company is: Tamworth, NSW 2340 West Tamworth League Club Limited 56 Phillip place Streetof business Principal Tamworth, NSW 2340 The principal places of business are: West Tamworth Club Limited Principal place ofLeague business 58 Phillip Street The principal places of business are: Tamworth, NSW 2340 West Tamworth League Club Limited and 58 Phillip Street Wests Diggers Tamworth, NSW 2340 4 Kable Avenue and Tamworth, NSW 2340 Wests Diggers 4 Kable Avenue DIRECTORS DECLARATION Tamworth, NSW 2340

Directors' Responsibility for the Financial Statements The directors of the Company are responsible for the preparation of the financial statements that give a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards. Auditor’s Responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

The directors of DECLARATION the Company declare that: DIRECTORS

DIRECTORS DECLARATION

1. The financial statements and notes, as set out on pages 8 to 21, are in accordance with the Corporations Act 2001 and: The directors of the Company declare that: (a) comply with Accounting Standards and the Corporations Regulations 2001; and 1. The financial statements and notes, as set out on pages 8 to 21, are in accordance with the Corporations Act 2001 and: (b) give a true and fair view of the financial position as at 30 June 2016 and of the performance for the year ended on that date of the Company. (a) comply with Accounting Standards and the Corporations Regulations 2001; and (b) a trueopinion, and fair there view of the financial position 30 June 2016 of the will performance ended onwhen that 2. In thegive directors are reasonable groundsas toat believe that theand Company be able tofor paythe itsyear debts as and date of the Company. they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors. 2. In the directors opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors.

John McClelland Director

Maxwell Sharpe Director

John McClelland Dated 28 September 2016 Director

Maxwell Sharpe Director

Dated 28 September 2016

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of West Tamworth League Club Limited, would be in the same terms if given to the directors as at the time of this auditor’s report. Auditor’s Opinion In our opinion: (a) the financial statements of West Tamworth League Club Limited are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the company’s financial position as at 30 June 2016 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and (b) the financial statements also complies with International Financial Reporting Standards as disclosed in Note 1.

Paul Cornall Principal 28 September 2016 92 Rusden Street, Armidale NSW 2350 P +61 2 6773 8400 f +61 2 6772 9957 e armidale@forsyths.com.au ABN 24 935 296 22

20

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

WESTS & WESTS’ DIGGERS ANNUAL REPORT 2015 - 2016

21


2016 Board Election 2016 Board Election

Notice of AGM

2016 BOARD ELECTION - GROUP 1

THE ANNUAL GENERAL MEETING OF WEST TAMWORTH LEAGUE CLUB LIMITED ABN 26 001 037 832 Will be held at the club premises 58 Phillip Street, West Tamworth Tuesday 29 November 2016 at 6.30pm The Directors’ Report, Auditor’s Report and Financial Report can be viewed in PDF format on the club’s website www.wtlc.com.au or on written request to the Chief Executive Officer – Company Secretary. 1. 2. 3.

PROCEDURAL MATTERS Only FULL FEE, PENSIONER, TAMWORTH RSL, HONORARY LIFE and GOLD LIFE MEMBERS are eligible to attend and vote. Under the Registered Clubs Act: (a) members who are employees of the club are not entitled to vote; and (b) proxy voting is prohibited. To be passed, an ORDINARY RESOLUTION requires votes from a simple majority of members who being eligible to do so vote in person on the Ordinary Resolution at the meeting.

AGENDA The following business will be dealt with at the meeting: 1.

APOLOGIES.

2.

CONFIRMATION of the Minutes of the previous Annual General Meeting held Monday 30 November 2015.

3.

REPORTS: To lay the Directors’ Report, Auditors’ Report and Financial Report for the year ended 30 June 2016 before the meeting.

4.

FIRST ORDINARY RESOLUTION: That the members hereby approve that the club’s board of directors shall be entitled to receive the following benefits for the twelve (12) month period preceding the 2017 Annual General Meeting and the members further acknowledge that these benefits are only available to those members who are elected to the club’s board of directors: (i) reasonable meals and refreshments for each director at board or committee meetings. (ii) reasonable costs or expenses of attending functions whilst representing the club (with partners where appropriate) or in relation to such other duties including entertainment of special guests of the club and other promotional activities as may be approved from time to time by the board. (iii) reasonable costs or expenses in relation to the professional development and education of directors, including (but not limited to):  attending meetings of associations of which the club is a member or directors are members;  attending conferences, seminars, lectures, trade displays, organised study tours, fact finding tours and other similar events (whether held within Australia or overseas) as may be determined by the board from time to time;  attending other registered clubs or gaming venues for the purpose of observing their facilities and methods of operation;  attending conferences and training sessions in relation to director’s roles and responsibilities under the Registered Clubs Act 1976, the Corporations Act 2001 and any other relevant legislation. (iv) provision of a blazer and associated apparel. (v) provision of specially reserved parking spaces at the club.

5.

Voting Dates & Times Voting Dates & Times

SECOND ORDINARY RESOLUTION: That the members hereby approve payment of the following honorariums to the club’s board of directors for services as a director for the twelve (12) month period preceding the 2016 Annual General Meeting: President $5000 Treasurer $3000 Directors $2000 each Such honorariums to be paid on a pro-rata basis if the president, treasurer or a director only holds office for part of the term.

6.

DECLARATION OF DIRECTORS.

7.

ELECTION OF OFFICE BEARERS.

8.

BALLOT PAPERS: To approve the ballot papers be destroyed after one month of this Annual General Meeting.

9.

GENERAL BUSINESS (of which due notice has been given) that may be brought before the meeting in accordance with the rules of the club. DATED: 28 September 2016 BY Direction of the Board

Rod Laing Chief Executive Officer – Company Secretary

Meet the Meet the Candidates Candidates

Mick SCHMIEDEL Heavily in the Tamworth sporting Mickinvolved SCHMIEDEL

RSL a lifemember memberfor of 11 Wests Entertainment Group.ofI Has Club beenand a board years and a life member am volunteer Tamworth Base Hospital in the ICU Unit,I RSL aClub and a at lifethe member of Wests Entertainment Group. also a volunteer with the Cancer of am a volunteer at the Tamworth Base Hospital in theCouncil ICU Unit, NSW. I am also involved with War Widows also a volunteer with the Cancer Council of and Women’s Social NSW.with I amLegacy also involved with WarClub. Widows SocialSwimming Club. Iand amwith the Legacy patronWomen’s of Tamworth Club a life member of NSW Stroke I am and the patron of Tamworth Swimming Association. I am interested in all our Club and a life member of NSW Stroke sporting bodies and I am very committed Association. I am interested in all our to our two clubs thevery needs of our sporting bodies andand I am committed members. to our two clubs and the needs of our members.

community sincein moving to thesporting region Heavily involved the Tamworth in 1992, I first played for West Tamworth community since moving to the region Robins West Tamworth Cricket Club. I in 1992,and I first played for West Tamworth have participated in many sports, stillI Robins and West Tamworth Cricketand Club. play am heavily involved in sport to have and participated in many sports, and still this day. I am president of Oxley Diggers play and am heavily involved in sport to RLFC and Group 4 Rugby League. Progressing player this day. I am president of from Oxley aDiggers into administrator in sport, I nowProgressing feel ready tofrom step ainto the RLFCanand Group 4 Rugby League. player corporate world. into an administrator in sport, I now feel ready to step into the corporate The Westsworld. Entertainment Group is a successful corporation with a committed contribution regional sporting The Wests Entertainment Group istoa the successful corporation community. I feel my contribution experience as to a player and administrator with a committed the regional sporting would be a valuable asset to the board. community. I feel my experience as a player and administrator would be asport valuable to the board. Although is myasset passion and would be a focus point as board member, aware the Group is a community with Although sport Iisam my passion and would be a focusclub, point as aboard widemember, range ofIsocial economic members and interests. will am aware the Group is a community club, Iwith look at range the continual of the Group and and interests. its interaction a wide of socialgrowth economic members I will with all areas of the community. I am prepared listen and look at the continual growth of the Group and itstointeraction learn. with all areas of the community. I am prepared to listen and learn.

born in Tamworth July Thompson, 1944. I have been My name 13 is Ken born in involved with West Tamworth Leagues Tamworth 13 July 1944. I have been Club sincewith 1955.West I helped Ken Chillingworth involved Tamworth Leagues watering 200I odd trees planted around Club sincethe 1955. helped Ken Chillingworth the fence line. Then I moved into the cellar, watering the 200 odd trees planted around bar, supervisor and then became secretary the fence line. Then I moved into the cellar, manager. I played bar, football with the years) supervisor and Red thenRobins became(10 secretary winning 8 premierships. I coached Manilla in 1970. Made the manager. I played football with the Red Robins (10 years) NSW side and then I got selected to play for Australia in the winning 8 premierships. I coached Manilla in 1970. Made World Cupand in England, hadselected to pull out through injury. Went to NSW side then I got to play for Australia in the Wollongong 1971 to coach won injury. 3 premierships World Cup ininEngland, had toCorrimal pull out and through Went to in 6 years. inRetired Leagues in Wollongong 1971 tofrom coachthe Corrimal and as wona 3supervisor premierships December in 6 years.2013. Retired from the Leagues as a supervisor in December 2013.

and have 2ischildren, Natalie 24 & James 20. My name Terry Psarakis. Married to Karen Iand have lived in Tamworth for over 53 years. have 2 children, Natalie 24 & James 20.I am self-employed with my I have lived in Tamworth forown overaccounting 53 years. I practice which I have operated for over am self-employed with my own accounting 13 years. I am a Registered Tax Agent and practice which I have operated for over Fellow of Institute of Public Accountants. 13 years. I am a Registered Tax Agent and I hold various sporting positions: Fellow of Institute of Public Accountants. •I hold Chairman of Central Northern various sporting positions:Cricket Zone • Board Member of Northern Inland Academy Chairman of Central Northern Cricket Zone of Sport •• Board Board Member Member of of Country NorthernCricket InlandNSW Academy of Sport I• am a Life Member of NIAS,Cricket Northern Board Member of Country NSWInland Cricket (North West Cricket Association and (North South I am aCC), Life Tamworth Member ofDistrict NIAS, Northern Inland Cricket Tamworth West CC), CC. Tamworth District Cricket Association and South Tamworth CC.

Alice EDMUNDS Has been EDMUNDS a board member for 11 years and a life member of Alice

Ken THOMPSON My is Ken Thompson, Kenname THOMPSON

Terry PSARAKIS My name isPSARAKIS Terry Psarakis. Married to Karen Terry

ANY ENQUIRIES CONCERNING THIS ELECTION SHOULD BE DIRECTED TO THE RETURNING OFFICER, MARKTHIS SLACK-SMITH OF FORSYTHS - 6763 0100 ANY ENQUIRIES CONCERNING ELECTION SHOULD BE DIRECTED TO THE RETURNING OFFICER, MARK SLACK-SMITH OF FORSYTHS - 6763 0100


Wests Entertainment Group Annual Report 2016  
Wests Entertainment Group Annual Report 2016  
Advertisement