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Chairman’s Report

It gives me great pleasure to present the 110th Annual Report of the Yarraville Club for the year ended 30th June 2016. The year in review showed a consolidation in the Club’s operating performance – a continuation in profitability and cash flow stability. The Club posted an operating profit of $155,671. Earnings before depreciation, interest, taxes and amortization (EBITDA) was $1,374,461.00 ($1.179,000 in 2015) The Club has reaped the benefits from the Board’s continued practice of undertaking strategic planning. The Board comprising myself (Chairman), Domenic Kennedy (Vice Chairman), Aaron Mahoney (Director) and Ryan Ebert (Director) with Chris Byrne (General Manager) is currently undertaking a ten year master plan to redesign the foot print of the Club and future proof it and align it with the local community. At each alternative board meeting, along with normal board matters - the Board engages in mini strategic planning meetings to best utilize the existing foot print of the Club and to engage the local community. It is only with a community centric focus that the Club will survive long term. At present, we have drafted plans to utilise the two blocks of land at the rear of the Club. The intention is to build an outdoor alfresco area that allows the local community and existing members to engage socially in a modern facility that is in keeping with the times. The Board is currently in the process of undertaking a feasibility study to ensure that the key areas of the first stage of the master plan are addressed. To name a few, we want to ensure that the design is appropriate, (to this end, we will undertake focus groups to appraise the look and feel of the design.), the costings for the build are quantified, the funding is secured for the build and that a business plan is developed to ascertain future operating cash flows. Once stage one is completed, subject to the above caveat, the Board will move on to the second stage which is the relocation of the function room and the expansion of the car park. Stage three will involve the reworking of the internals of the Club. It is important to understand that the Board have a vision for the Club and is working to make staged changes over a 10 year period. I wish to thank the Board, Chris Byrne, Rita Looke and Kate Barron for their continued support and hard work. It’s a great time to be a member of the club. Let’s get together and bring about the future for the Club. Yours faithfully,

John C. Papazisis


Manager’s Report

On behalf of our Board of Directors, management and staff, I thank you for your continued patronage and loyalty to your club. As another financial year comes to an end, it is my pleasure to submit the 110th Annual Report for the year ended June 30, 2016. Financially, we have reported another great result. An operating profit (EBDITDA) of $1.374 million before provisions and finance costs and a net profit of $155,671 was realised. This year’s achievements included the opening of our refurbished gaming room in January and the modernisation and upgrade of the Club Foyer. Both of these projects have been received well and we have received a lot of positive feedback from members. Early next year, we propose to undertake some minor upgrade works to the Atrium area to create a new member’s lounge area that will provide much needed additional seating areas. Success is only achieved through great people and great relationships. Our Board, led by John Papazisis and our management team led by Kate Barron have worked cohesively to develop a relationship of trust and partnership allowing us to align on the key priorities to drive business performance. I am proud of our teamwork at the Yarraville Club and fully recognise it is the great work and teamwork of staff that happens throughout our Club that allows us to continue to succeed. As I have stated in the past, ‘our people make the difference’. I know that talented, committed team members and managers are a very important part of the equation – we are blessed to have this team. Our focus as always, is still looking after our members, and your club and the community that we serve. As I write this report, our Board are currently reviewing our Strategic Plan and are discussing expansion and renovation works to the Club that will include a new outdoor alfresco area as well as a remodelled and modernised members bar area. Once completed, these changes will add a new dimension to the Club and will be a major step forward in modernising of the Club facilities. Finally, my thanks to all members for their support and friendship over the past 12 months. The Yarraville Club is much more than bricks and mortar. Our Club is all about the people and I am very grateful for your support. I trust you will see that this report confirms the commitment of the Yarraville Club to its members and the wider community. I look forward to seeing you at the Annual General Meeting on Sunday, 27th November, 2016 at 11am. Yours sincerely,

Christopher J. Byrne


2016 – Our Year In Review “Community Snapshot 2016” Yarraville Club continues its commitment to supporting the Community by providing sponsorships, donations and providing the Club as a facility for local community groups to meet and hold fund-raising events. Functions & Fundraising Support Following on from last year’s success, the Yarraville Club was once again involved with the SeddonYarraville Community Pitch, which gives local community groups the chance to pitch for financial support from the local businesses and organisations. The event was held in our function room which provided a great backdrop and a fantastic night was had by all involved. Overall, community groups received $21,500 in financial donations from the local business community with Yarraville Club contributing $5,000. As a follow on from the Community Pitch event, Yarraville Community Centre invited the Club to come and spend a morning at their Blackwood Street Neighbourhood Community Garden. The need for an automated irrigations system was discussed, and the Club provided additional funds to help the Centre obtain this before the coming summer. A few of the other organisations that we have helped during the year include:

Rotary Yarraville

Run For Hope 2016

Tomorrow Foundation

Anglicare

Footscray West Primary School

Yarraville Community Kindergarten

Wembley Primary School

Local Aged Care Facilities

Sporting Club Support

We continue our sponsorships of local Sporting Clubs again this year, which has assisted them with their end of season functions, presentation nights, and fund-raising events.


Some of these clubs include:

Western Region Football League (WRFL) Footscray Hockey Club Yarraville Club Golf Club Yarraville Snooker & Billiards Club Australian Billiards Council Yarraville Seddon Eagles Football Club

General Community Support

The Yarraville Club has been hosting Community Group catch-ups and training sessions which allows these groups to be able to meet up in a comfortable and safe environment. Zumba Classes, U3A Computer Training, Barefoot Investor Groups and Young Mums Clubs are some of the groups that the Club has hosted recently. The Community Bus has also been utilised by groups for outings and get-togethers, and this is a fantastic way to help out educational and social activities get out and about for the enjoyment of schools and seniors groups. On Fridays and Saturday nights, our Members continue to utilise the Bus for pick-ups and drops offs after nights out enjoying the Club’s facilities.

Members Community Benefits

Yarraville Club Members and their guests enjoy special occasions put on by the Club during the year. This year we have successfully hosted a Australia Day BBQ, Grand Final Day BBQ, Cup Day BBQ, as well as the on-going prizes and giveaways that happen through-out the year. We will continue to provide these events for our Members, and hope that you enjoy the amenities and events provided to you as a Member for many years to come.

Events & Entertainment

The local Community and beyond are treated to a huge mix of entertainment and events at the Yarraville Club through-out the year. We have grown our shows and events to cater for a wider demographic including the Kid’s School Holidays Programme, which has introduced new young mums to the Club and has seen an increase in Membership due to these events. We continue providing entertainment including:


Morning Melodies

School Holiday Programme 3 times a year

Halloween Face Painting

Yarraville Live & Yarraville Laughs Shows

Yarraville Club Sub Clubs & Groups

We continue our support of local sub-groups by accommodating them to use our facilities. This is a great way to help these community groups continue to catch-up and socialise with each other. These groups include Indoor Bowls, Euchre, Children’s Chess, U3A Computer Training for Seniors, and the Snooker & Billiards Association.

As part of the Yarraville Club charter to ensure we remain relevant to the community we represent, we continue to support local community groups through in-kind and financial sponsorship and donations and by also making Club meeting facilities available. For the year ended 30th June, 2016, the Yarraville Club proudly donated over $250,000 to local community groups.


YARRAVILLE CLUB INC.


BOARD OF DIRECTORS REPORT

Your Board of Directors present their report on the Financial Report for the year ended 30 June 2016. BOARD OF DIRECTORS The names of the Directors throughout the year and at the date of this report are: Mr John Papazisis - Chairman Mr Dominic Kennedy - Vice Chairman Mr Aaron Mahoney - Director Mr Ryan Ebert - Director PRINCIPAL ACTIVITIES The principal continuing activities during the year consisted of : Providing sporting and recreational facilities and services to members and their guests.

SIGNIFICANT CHANGE IN OPERATIONS No significant change in the nature of these activities occurred during the year. OPERATING RESULT

2016 $

Comprehensive Result for the Period

155,671

BOARD OF DIRECTORS BENEFITS Since the end of the previous financial year, no Director has received or become entitled to receive a benefit other than: (a) a benefit included in the aggregate amount of emoluments received or due and receivable by Directors shown in the accounts; or (b) the fixed salary of a full time employee of the entity of a related corporation by reason of a contract by the entity or a related corporation with the Director or with a firm that has a substantial financial interest.

In accordance with a resolution of the Board of Directors.

…………………………………………….. Mr John Papazisis (Chairman)

……………………………………………….. Mr Dominic Kennedy (Vice Chairman)

2015 $ 145,376


YARRAVILLE CLUB INC. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016

Note

Revenue Revenue from Operating Activities Revenue from Non-Operating Activities

(2) (2a) (2b)

Expenses

(3)

Cost of Sales Employee Expenses Finance Costs Operational Expenses

(3a) (3b) (3c) (3d)

Net Result Before Capital & Specific Items Capital & Specific Items Depreciation & Amortisation Expense

(4) (4a)

2016 $

2015 $

4,787,608 87,932

4,310,520 39,208

(405,323) (801,230) (275,360) (2,237,781)

(384,211) (807,163) (339,445) (1,870,208)

1,155,846

948,701

(994,666)

(919,241)

161,180

29,460

(5,509)

(3,271)

155,671

26,189

-

119,187

155,671

145,376

Net Result Before Income Tax

Income Tax Expense

Net Result for the Period After Income Tax Expense Other Comprehensive Income Net Fair Value Revaluation on Non Financial Assets

(2c)

Comprehensive Result for the Period

The accompanying notes form part of these financial statements


YARRAVILLE CLUB INC. STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016

Note

2016 $

2015 $

(6) (7)

305,700 18,820 46,097 2,015

329,730 49,594 38,104 41,435

372,632

458,863

2,471,971 11,219,133 2,578,784 53,709 231,407

2,465,000 9,990,585 2,745,411 52,632 236,916

TOTAL NON-CURRENT ASSETS

16,555,004

15,490,544

TOTAL ASSETS

16,927,636

15,949,407

399,340 35,295 624,143 727,951

370,869 33,606 473,289 632,071

1,786,729

1,509,835

14,464 4,678,069 171,283

12,492 3,521,359 784,301

4,863,816

4,318,152

CURRENT ASSETS Cash & Cash Equivalents Trade & Other Receivables Inventories Other Assets

(7a)

TOTAL CURRENT ASSETS NON-CURRENT ASSETS Investment Properties Property, Plant & Equipment Intangible Assets Other Financial Assets Deferred Tax Asset

CURRENT LIABILITIES Trade & Other Payables Employee Benefits Monies in Trust Interest Bearing Liabilities Other Financial Liabilities

(8) (9) (10) (11) (5)

(12) (13) (14) (15)

TOTAL CURRENT LIABILITIES NON CURRENT LIABILITIES Employee Benefits Interest Bearing Liabilities Other Financial Liabilities

TOTAL NON CURRENT LIABILITIES

(13) (14) (15)


TOTAL LIABILITIES

NET ASSETS EQUITY Reserves Retained Earnings

TOTAL EQUITY Contingent Assets & Liabilities Commitments to Expenditure

6,650,545

5,827,987

10,277,091

10,121,420

6,592,136 3,684,955

6,592,136 3,529,284

10,277,091

10,121,420

(16) (17)

The accompanying notes form part of these financial statements


YARRAVILLE CLUB INC. STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2016

Retained Earnings $

Asset Revaluation Reserve

Asset Revaluation Reserve

(Land)

( Buildings &Site (Improvements)

$

$

TOTAL $

1,053,636

10,121,420

2016 Balance at beginning of year

3,529,284

5,538,500

Net Result for Year

155,671

-

-

155,671

Other Comprehensive Income

-

-

-

-

Revaluation Increment/(Decrement)

-

-

-

-

Transfer from/to Reserve

-

-

-

-

Balance at end of year

3,684,955

5,538,500

Retained Earnings $

Asset Revaluation Reserve (Land) $

1,053,636

10,277,091

Revaluation Reserve ( Buildings &Site (Improvements)

TOTAL $

$

2015 Balance at beginning of year

3,383,908

5,058,500

98,000

Net Result for Year

145,376

-

-

145,376

Other Comprehensive Income

-

-

-

-

Revaluation Increment/(Decrement)

-

-

Transfer from/to Reserve

-

480,000

Balance at end of year

3,529,284

5,538,500

955,636

1,053,636

The accompanying notes form part of these financial statements

8,540,408

1,435,636

10,121,420


YARRAVILLE CLUB INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2016

Note

2016

2015

$

$

CASH FLOW FROM OPERATING ACTIVITIES Receipts From Gaming

3,954,325

3,562,285

Receipts From Customers & Members

1,461,199

1,309,546

1,205

1,594

Finance Costs Paid

(258,712)

(322,797)

Payments for Employees

(797,669)

(824,373)

(2,771,503)

(2,532,464)

(275,578)

(251,277)

1,313,267

942,514

(1,077)

(12,720)

Payment for Property, Plant and Equipment

(2,126,746)

(383,847)

NET CASH INFLOW/(OUTFLOW) FROM INVESTING

(2,127,823)

(396,567)

Repayment of Gaming Entitlements

(613,018)

(583,191)

Net Proceeds/(Repayments) of Borrowings

1,424,506

77,936

811,488

(505,255)

Interest Received

Other Payments GST Received Paid to ATO

NET CASH INFLOW/(OUTFLOW) FROM OPERATING

(19b)

ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Payment for Other Financial Assets

ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES

NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES

NET INCREASE/(DECREASE) IN CASH HELD Cash and Cash Equivalents at Beginning of Period

CASH AND CASH EQUIVALENTS AT END OF PERIOD

(19a)

The accompanying notes form part of these financial statements

(3,068)

40,692

158,897

118,205

155,829

158,897


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016 NOTE 1 : STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial statements cover Yarraville Club Inc. as an individual entity. Yarraville Club Inc. is an association incorporated in Victoria and operating pursuant to the Associations Incorporation Reform Act 2012. Basis of preparation The financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the Associations Incorporation Reform Act 2012. The Association is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions to which they apply. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. The financial statements, except for cash flow information, have been prepared on an accrual 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. (a)

Reporting Entity Report The report includes all the controlled activities of The Yarraville Club Inc.

(b)

Rounding of Amounts All amounts shown in the financial statements are expressed to the nearest $1.

(c)

Cash and Cash Equivalents Cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of 3 months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the Statement of Financial Position. For the Statement of Cash Flows presentation purposes, cash and cash equivalents includes bank overdrafts, which are included as current borrowings in the Statement of Financial Position.

(d)

Receivables Receivables and other debtors include amounts due from members as well as receivables from customers for goods sold 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 non-current assets. Receivables are initially recognised at fair value and subsequently measured at amortised cost, using the effective interest rate method, less any provision for impairment.

(e)

Inventories Inventories include goods and other property held either for sale or distribution at no or nominal cost in the ordinary course of business operations. It includes land held for sale and excludes depreciable assets. Inventories held for distribution are measured at cost, adjusted for any loss of service potential. All other inventories including land held for sale, are measured at the lower of cost and net realisable value. Bases used in assessing loss of service potential for inventories held for distribution include current replacement cost and technical or functional obsolescence. Technical obsolescence occurs when an item still functions for some or all obsolescence occurs when of the tasks it was originally acquired to do, but no longer matches existing technologies. Functional obsolescence occurs when an item no


Cost for all other inventory is measured on the basis of weighted average cost. Inventories acquired for no cost or nominal considerations are measured at current replacement cost at the date of acquisition. (f)

Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the Association becomes a party to the contractual provisions to the instrument, For financial assets, this is the equivalent to the date that the Association commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted). Financial instrument are initially measured at fair value plus transaction costs except where the instrument is classified 'At fair value through profit or loss', in which case transaction costs are expensed to profit or loss. Classification and subsequent measurement Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost. Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference between the initial amount and the maturity amount calculated using the effective interest method. The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that discounts estimated future cash payments or receipts over the expected life of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future cash flows will necessitate an adjustment to the carrying amount with a consequential recognition of income or expense in profit or loss. Loans and receivables Loans and receivables are financial instrument assets with fixed and determinable payments that are not quoted on an active market. These assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial measurement, loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Loans and receivables category includes cash and deposits, term deposits with maturity greater than three months, trade receivables, loans and other receivables, but not statutory receivables. Available-for-sale financial assets Available-for-sale financial assets are those designated as available-for-sale or not classified in any other category of financial instrument asset. Such assets are initially recognised at fair value. Gains and losses arising from changes in fair value are recognised directly in equity until the investment is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net result for the period.

(g)

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable, any accumulated depreciation and impairment losses. Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than the estimated recoverable amount, the carrying amount is written down to the estimated recoverable amount. A formal assessment of recoverable amount is made when impairment indicators are present. The cost of fixed assets constructed by the Association includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads.

Subsequent costs are included in the asset'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 Association and the cost of the item can be measured reliably. All


other repairs and maintenance are recognised in the profit or loss during the financial period in which they are incurred. (h)

Fair Value of Assets and Liabilities The Association measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending on the requirements of the applicable Accounting Standard. Fair value is the price the Association would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e. unforced) transaction between independent, knowledgeable and willing market participants at the measurement date. As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. To the extent possible, market information is extracted from the principal market for the asset (i.e. the market with the greatest volume and level of activity for the asset or liability). In the absence of such a market, information is extracted from the most advantageous market available to the entity at the reporting date (i.e. The market maximises the receipts from the sale of the asset or minimises the payment made to transfer the liability, after taking into account transaction costs and transport costs). For non-financial assets, the fair value measurement also takes into account a market participant's ability to use the asset in its highest and best use, or sell it to another market participant that would use the asset in its highest and best use. The fair value of liabilities and the Association's own equity instruments (excluding those related to share-based payments arrangements may be valued, where there is no observable market price in relation to the transfer of an identical or similar financial instrument, by reference to observable market information where identical or similar instruments are held as assets. Where the information is not available, other valuation techniques are adopted and, where significant, are detailed in the respective note to the financial ststaments.

(i)

Depreciation The depreciable amount of all fixed assets, including buildings and capitalised lease assets, is depreciated on a straight-line basis over the asset's useful life commencing from the time the asset is available for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful life of the improvements. The following table indicates the depreciation rates of non current assets on which the depreciation charges are based.

Buildings Site Improvements Plant & Equipment Office Equipmnet

(j)

2016 2.5% to 40% 2.5% to 40% 5% to 30% 5% to 30%

2015 2.5% to 40% 2.5% to 40% 5% to 30% 5% to 30%

Impairment of Assets At the end of each reporting period, the Association assesses whether there is any indication that an asset may be impaired. The assessment will consider both external 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 cost of disposal and value-in-use, to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is immediately recognised in profit or loss. Where the future economic benefits of the asset are not primarily dependent upon the asset's ability to generate net cash inflows and when the Association would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset. Where it is not possible to estimate the recoverable amount of an individual asset, the Association estimates the recoverable amount of the cash-generating unit to which the asset belongs.


Where an impairment loss on a revalued asset is identified, this is recognised against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that class of asset. (k)

Comparative Figures Where necessary comparative figures have been reclassified to facilitate comparisons.

(l)

Payables Payables represent the liability outstanding at the end of the reporting period for goods and services received by the Association during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

(m)

Provisions Provisions are recognised when the Association has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

(n)

Goods & Services Tax Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the Statement of Financial Position. Cash flows are represented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.

(o)

Employee Benefits Short-term employee benefits Provision is made for the Association's obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages and salaries. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. The Association's obligations for short-term employee benefits such as wages and salaries are recognised as a part of the current trade and other payables in the Statement of Financial Position. Other long-term employee benefits Provision is made for employees' annual leave entitlements not expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service. Other long-term employee benefits are measured at the present value of the expected future payments to be made to employees. Expected future payments are measured at present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures, and are discounted at rates determined by reference to end-of-reporting-period market yields or Government bonds that have maturity dates approximating the terms of the obligations. Any remeasurements of other long-term employee benefit obligations due to changes in assumptions are recognised in profit or loss in the periods in which the exchanges occur. The Association's obligations for long-term employee benefits are presented as non-current provision in the Statement of Financial Position, except where the Association does not have an unconditional right to defer settlement for at least 12 months after the reporting date, in which case the obligations are present as current provisions. On-Costs Employee benefit on-costs, such as superannuation and workers compensation are recognised together with the provisions for employee benefits.


Superannuation Contributions to contribution superannuation plans are expensed when incurred. (p)

Leases Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to the Association are classified as finance leases. Finance leases are capitalised by recording an asset and a liability at the lower of the amount equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the Association will obtain ownership of the asset or ownership over the term of the lease. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.

(q)

Borrowings All borrowings are initially recognised at fair value on the consideration received, less directly attributable transaction costs. The measurement basis subsequent to initial recognition depends on, whether the Association has categorised its borrowings as either, financial liabilities designated at fair value through profit and loss, or financial liabilities at amortised cost. Any difference between the initial recognised amount and the redemption value being recognised in net result over the period of the interest bearing liability using the effective interest rate method.

(r)

Income Recognition Revenue is recognised in accordance with AASB 118 Revenue. Income is recognised as revenue to the extent it is earned. Unearned income at reporting date is reported as income in advance. Amounts disclosed as revenue are, where applicable, net of returns, allowances and duties and taxes. Gaming Income derived from electronic Gaming Machines is recognised when the cash is received. Food Income derived for the provision of meals is recognised when the cash is received. Memberships Membership income is recognised when the cash is received. Interest Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial asset. Dividend Revenue Dividend revenue is recognise on the date the shares are quoted ex-dividend and, if not received at the end of the reporting period, is reflected in the Statement of Financial Position as a receivable at net market value. Other Income Other income is recognised as revenue when the cash is received.


(s)

Income Tax The Association calculates its liability to tax by applying the Mutuality Principle. The charge for the current income tax expenses is based on the profit for the year adjusted for any non-assessable or disallowed items. It is calculated using the applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax liabilities and assets are therefore measured at the amounts expected to be paid or (recovered from) the relevant taxation authority. In accordance with the Commissioner of Taxation Tax Determination (TD 1999/38), all income from gaming machines, Keno, TAB and vending machines has been included as fully assessable income. Likewise, expenditure incurred in relation to these income activities has been included as fully deductible expenditure in accordance with Australian Taxation guidelines. All other income and expenses have been included in accordance with the Principle of Mutuality and other appropriate Australian Taxation legislation. 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. 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 the tax rates enacted or substantially 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.

(t)

Property, Plant & Equipment Revaluation Reserve The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets.

(u)

New Accounting Standards for Application in Future Periods The AASB has issued a number of new and amended Accounting Standards that have mandatory application dates for future reporting periods, some of which are relevant to the Association. The Association has decided not to early adopt any of the new and amended pronouncements. The Association's assessment of the new and amended pronouncements that are relevant to the Association but applicable in future reporting periods is set out below:

Standard / Interpretation AASB 9 Financial Instruments

Summary

The key changes include simplified requirements for the classification and measurement of financial assets, a new hedging accounting model and a revised impairment loss model to recognise impairment losses earlier, as opposed to the current approach that recognises impairment only when incurred.

Applicable for reporting periods beginning on 1 January, 2018

Impact on the Associations Annual Statements The assessment has identified that the financial impact of available for sale (AFS) assets will now be reported through other comprehensive income (OCI) and no longer recycled to the profit and loss. While the preliminary assessment has not identified any material impact arising from AASB 9, it will continue to be monitored and assessed.


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note

2016

2015

2. REVENUE 2a. Revenue from Operating Activities Bar, Food & Gaming Income Bar Income Food Income Function Income Gaming Revenue Keno Commission TAB Wagering Commission Other Sales & Commissions ATM Rebates Commissions Memberships Other Income Raffles

Sub-Total Revenue from Operating Activities 2b. Revenue from Non-Operating Activities Other Income Insurance and Wage Recoveries Interest Discounts Received Rental Income Sundry Income Sub-Total Revenue from Non-Operating Activities

922,388 133,086 3,594,841 8,095 61,613 4,720,023

829,476 97,143 2,925 3,238,441 8,492 67,903 4,244,380

22,388 13,372 27,131 901 3,793 67,585

21,318 21,235 17,524 387 5,676 66,140

4,787,608

4,310,520

1,205 41,000 29,054 16,673 87,932

108 1,594 34,834 2,672 39,208

2c. Other Comprehensive Income Net Fair Value Revaluation on Non-Financial Assets Gain/(Loss) on Revaluation of Investment Properties Valuation Increment on: 14 and 16 York Street, Yarraville VIC 3013 5 and 11 Sandford Grove, Yarraville VIC 3013 Total Gain/(Loss) on Revaluation of Investment Properties Total Revenue

(8)

-

119,187

-

119,187

4,875,540

4,468,915


3. EXPENSES 3a. COST OF SALES Bar Food

323,495 81,828

302,656 81,555

TOTAL COST OF SALES

405,323

384,211

Salaries & Wages Superannuation, Work Cover and Payroll Tax Contract Labour Other Staff Costs

686,379 93,267 643 20,941

670,422 97,894 5,035 33,812

TOTAL EMPLOYEE EXPENSES

801,230

807,163

Bank Charges Interest Leases Other Finance Charges

7,834 218,615 32,263 16,648

17,159 230,313 74,938 17,035

TOTAL FINANCE COSTS

275,360

339,445

37,486 17,333 9,000 15,107 226,979 97,598 15,920 167,187 107,317 25,883 294,169 36,188 87,540 40,589 150,521 1,328,817

36,000 30,270 9,000 14,590 185,077 56,048 7,719 116,736 153,363 16,629 229,927 23,794 13,748 58,205 70,674 1,021,780

3b. EMPLOYEE EXPENSES

3c. FINANCE COSTS

3d. OPERATIONAL EXPENSES Administration Expenses Accountancy Other Services Audit Fees Computer Expenses Consultancy & Management Fees Convention Expenses Professional Fees Donations & Sponsorships Functions & Entertainment Bar Consumables Advertising, Marketing & Promotion Licences & Subscriptions Loss on Disposal of Assets Postage, Printing & Stationery Other Administration Expenses


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note

Occupancy Expenses Cleaning & Waste Disposal Insurances Light Heating & Power Rates & Taxes Repairs & Maintenance Security Telephone & Internet

Note

Gaming Consumables & Supplies Gaming Expenses TAB and Keno: Kiosk & Consumables Charges Raffle Expenses Sky Channel/Foxtel Other Expenses Rental Property Expenses

TOTAL OPERATIONAL EXPENSES

2016 $

2015 $

91,426 45,136 128,216 102,192 94,166 72,336 30,881 564,353

97,060 38,203 122,505 76,478 113,471 59,175 26,657 533,549

2016 $

2015 $

4,294 218,538 20,369 446 62,667 306,314

18,652 201,849 22,267 250 61,408 304,426

38,297 38,297

10,453 10,453

2,237,781

1,870,208


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note

2016 $

2015 $

4. CAPITAL & SPECIFIC ITEMS 4a. DEPRECIATION & AMORTISATION Buildings Site Improvements Plant & Equipment Electronic Gaming Machines Office Equipment Motor Vehicle Amortisation - Leased Assets Amortisation - Intangible Assets

171,259 10,152 99,004 215,023 8,024 2,560 110,065 378,579

135,125 10,320 95,228 211,272 8,878 3,218 91,648 363,552

TOTAL DEPRECIATION & AMORTISATION

994,666

919,241

5. DEFERRED TAX ASSET Net Deferred Tax (Asset)/Liability at Beginning Income Tax Expense Adjustments Net Deferred Tax (Asset)/Liability at End of Period

(236,916) 5,509 (231,407)

(240,187) 3,271 (236,916)

6. CASH & CASH EQUIVALENTS Cash on Hand Cash at Bank

187,150 118,550

149,662 180,068

TOTAL CASH & CASH EQUIVALENTS

305,700

329,730

305,700 -

329,730 -

305,700

329,730

Represented By: Operational Funds Monies in Trust TOTAL CASH & CASH EQUIVALENTS

(19)


7. TRADE & OTHER RECEIVABLES Trade Debtors Operator Commission Receivable

28,518 (9,698)

26,187 23,407

TOTAL TRADE & OTHER RECEIVABLES

18,820

49,594

Loans to Employees Set Up Costs - Café Project Set Up Costs - YVC Investments Ltd, an Associated entity

1,190 825

20,000 20,390 1,045

TOTAL TRADE & OTHER RECEIVABLES

2,015

41,435

7a. OTHER ASSETS


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note 8. INVESTMENT PROPERTIES Balance at Beginning of Period Additions Disposals of Property Held for Resale Revaluation Increment/(Decrement) Balance at End of Period TOTAL INVESTMENT PROPERTIES

(2c)

2016 $

2015 $

2,465,000 6,971 2,471,971

2,345,813 119,187 2,465,000

2,471,971

2,465,000

Investment Properties located at:

14 York Street, Yarraville VIC 3013 5 Sandford Grove, Yarraville VIC 3013

16 York Street, Yarraville VIC 3013 11 Sandford Grove, Yarraville VIC 3013

Investment Properties were revalued by PPE Valuations Pty Ltd, Certified Practising Valuers, at 30 June 2015, to Fair Value, using Market Value.

9. PROPERTY, PLANT AND EQUIPMENT Land, Buildings & Site Improvements Land at Valuation 2015 Land at Valuation 2016 - 7 Sandford Grove Buildings at Cost 7 Sandford Grove Additions - 7 Sandford Grove Gaming Room Renovations less Accumulated Depreciation

Buildings at Valuation 2015 less Accumulated Depreciation

Site Improvements at Valuation 2015 less Accumulated Depreciation

Works in Progress - Buildings Total Land, Buildings & Site Improvements

5,705,000 295,000

5,705,000 -

470,321 4,509 113,589 (11,359) 577,060

-

6,395,000 (3,996,900) 2,398,100

6,395,000 (3,837,000) 2,558,000

305,000 (218,152) 86,848

305,000 (208,000) 97,000

16,385

2,000

9,078,393

8,362,000

Land, Building and Site Improvements were revalued by PPE Valuations Pty Ltd, Certified Practising Valuers, at 30 June 2015 to Fair Value, using Market Value. Land was valued by the Directors at 30 June 2016. Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.


Note

2016 $

2015 $

Plant & Equipment at Cost less Accumulated Depreciation

2,413,550 (1,934,998) 478,552

2,294,895 (1,835,994) 458,901

Office Equipment at Cost less Accumulated Depreciation

146,252 (125,194) 21,058

141,833 (117,170) 24,663

Electronic Gaming Machines less Accumulated Depreciation

1,070,594 (466,246) 604,348

1,145,834 (424,485) 721,349

Motor Vehicle - Courtesy Buses less Accumulated Depreciation

54,113 (8,310) 45,803

26,313 (5,750) 20,563

1,149,761

1,225,476

1,237,299 (246,320) 990,979

539,364 (136,255) 403,109

990,979

403,109

TOTAL PROPERTY, PLANT AND EQUIPMENT

11,219,133

9,990,585

TOTAL PROPERTY, PLANT, EQUIPMENT & INVESTMENT PROPERTIES

13,691,104

12,455,585

Total Plant & Equipment Leased Assets Plant & Equipment at Cost less Accumulated Amortisation

Total Leased Assets


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS AS AT 30 JUNE 2016

9. PROPERTY, PLANT & EQUIPMENT Reconciliation of carrying values of all asset classes at the beginning and end of the current and prior year is set out below

Land

Buildings

Work in Progress

Motor

Leased

Equipment

Electronic Gaming Machines

Office

Improvements

Site

Plant &

Equipment

Vehicles

Assets

Total

$

$

$

$

$

$

$

$

$

$

5,225,000

1,756,635

67,037

-

459,752

849,151

29,002

23,781

465,813

8,469,837

Additions

-

9,037

12,100

2,000

108,125

83,470

4,539

-

28,944

248,215

Disposals

-

-

-

-

(13,748)

-

-

-

-

(13,748)

Amortisation/Depreciation

-

(135,125)

(10,320)

-

(95,228)

(211,272)

(8,878)

(3,218)

(91,648)

(555,689)

Reclassifications

-

-

-

-

-

-

-

-

-

-

Revaluation Increment/(Decrement)

480,000

927,453

28,183

-

-

-

-

-

-

1,435,636

Balance at 30 June 2015

5,705,000

2,558,000

97,000

2,000

458,901

721,349

24,663

20,563

403,109

9,990,585

Additions

295,000

588,419

-

14,385

118,655

185,562

4,419

27,800

697,935

1,932,175

Disposals

-

-

-

-

-

(87,540)

-

-

-

(87,540)

Amortisation/Depreciation

-

(171,259)

(10,152)

-

(99,004)

(215,023)

(8,024)

(2,560)

(110,065)

(616,087)

Reclassifications

-

-

-

-

-

-

-

-

-

-

Revaluation Increment/(Decrement)

-

-

-

-

-

-

-

-

-

-

Balance at 30 June 2016

6,000,000

2,975,160

86,848

16,385

478,552

604,348

21,058

45,803

990,979

11,219,133

Balance at 1 July 2014


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note

2016 $

2015 $

10. INTANGIBLE ASSETS

EGM Entitlements less accumulated Amortisation

3,999,800 (1,423,791) 2,576,009

3,771,200 (1,045,212) 2,725,988

Capitalised Borrowing Costs

2,775

19,423

TOTAL INTANGIBLE ASSETS

2,578,784

2,745,411

The Club purchased gaming machine entitlements for 78 Machines in 2009/10, via the Victoria State Governments Governments 'pre auction club offer' and a subsequent auction process. These entitlements took effect from 16 August 2012 and are for a ten year period. Additional gaming machine entitlements were purchased during 2014/15 and 2015/16 to increase the number of EGMs in the premises. Borrowing costs associated with the finance restructure of the club have been capitalised and amortised over a five year period. 11. OTHER FINANCIAL ASSETS

Term Deposit (Bank Guarantee - Westpac)

53,709

52,632

TOTAL OTHER FINANCIAL ASSETS

53,709

52,632

Trade Creditors Amounts Payable to ATO State Gaming Tax Payable Payroll Liabilities Accrued Expenses

194,918 89,315 75,557 9,283 30,267

166,597 85,597 86,636 3,426 28,613

TOTAL TRADE & OTHER PAYABLES

399,340

370,869

12. TRADE & OTHER PAYABLES


13. EMPLOYEE BENEFITS Current Annual Leave Unconditional Long Service Leave Entitlements Non Current Conditional Long Service Leave Entitlements

TOTAL EMPLOYEE BENEFITS

14. INTEREST BEARING LIABILITIES Current - Bank Overdraft - Bank Loan - Finance Leases Non Current - Bank Loan - Finance Leases

TOTAL INTEREST BEARING LIABILITIES

35,295 35,295

30,277 3,329 33,606

14,464 14,464

12,492 12,492

49,759

46,098

149,871 120,249 354,023 624,143

170,833 40,972 261,484 473,289

4,304,986 373,083 4,678,069

3,305,184 216,175 3,521,359

5,302,212

3,994,648

The Bank Overdraft and Bank Loan are secured by registered first mortgage over the Land and Building assets of the Club as well as the Club's Investment Properties. Finance Leases have a general lien over the EGM's of the Club.


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note

2016 $

2015 $

15. OTHER FINANCIAL LIABILITIES

Current EGM Entitlements Liability

727,951

632,071

727,951

632,071

171,283

784,301

171,283

784,301

899,234

1,416,372

Non Current EGM Entitlements Liability

TOTAL OTHER FINANCIAL LIABILITIES

The 'EGM entitlements liability' represents the balance owing by the Club at 30 June, for gaming machine entitlements. This is repayable via quarterly instalments. This is in agreement with the offer from the Victorian State Government.

16. CONTINGENT ASSETS & LIABILITIES

2016 $

2015 $

At balance date, the Club had the following bank guarantee facilities in place:

Tabcorp - TAB Security Deposit Westpac - Overdraft Facility

5,000

5,000

48,709

47,632

53,709

52,632

The Committee of Management was not aware of any other contingent asset or liability as at 30 June 2016. 17. COMMITMENTS TO EXPENDITURE As at balance date, Yarraville Club Inc. had no contracted Capital commitments. As at balance date, Yarraville Club Inc. had no other contracted loan or lease commitments, other than those disclosed at Note 14. 18. EVENTS OCCURRING AFTER BALANCE DATE There were no events occurring after 30 June, that would materially effect the Financial Statements at balance date.


YARRAVILLE CLUB INC. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Note

2016 $

2015 $

19a. RECONCILIATION OF CASH For the purpose of the Statement of Cash Flows, cash assets includes cash on hand, in banks and investments. Cash at the end of the year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:

Cash & Cash Equivalents - Operational Funds Bank Overdraft

305,700 (149,871)

329,730 (170,833)

155,829

158,897

155,671

145,376

1,011,314 -

935,889 (119,187)

87,540 (41,000)

13,748 -

(Increase)/decrease in Other Assets

39,420

-

(Increase)/decrease in Trade & Other Receivables

30,774

28,280

(Increase)/decrease in Inventories

(7,993)

10,356

Increase/(decrease) in Trade & Other Payables

28,471

(58,009)

Increase/(decrease) in Employee Benefits

3,561

(17,210)

Increase/(decrease) in Tax Liabilities

5,509

3,271

1,313,267

942,514

TOTAL CASH

(6) (13)

19b. CASH FLOW INFORMATION

Comprehensive Result for the Period Depreciation & Amortisation Net Increment Net (Profit) Loss on Disposal of Assets Discounts Received

NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES


20. RELATED PARTY DISCLOSURES The following Committee of Management served on the Committee during the financial year ended 30 June, 2016: Mr John Papazisis – Chairman Mr Dominic Kennedy - Vice Chairman Mr Aaron Mahoney – Director Mr. Ryan Ebert – Director The Club 'AATech Pty Ltd.' $ 9,680 ($9,782 in 2014/15) *, for services provided during the year of which Mr. Aaron Mahoney has a beneficial interest. The Club paid 'Ink Creative' $26,197 ($29,678 in 2014/15) * for services provided during the year of which Mr. Dominic Kennedy has a beneficial interest. The Club paid 'Yarra Tax' $30,800 ($6,600 in 2014/15) * for goods and services provided during the year of which Mr. John Papazisis has a beneficial interest. The Club paid Ryan Ebert and Ebert Enterprises $10,045 ($20,000 in 2014/15) * for services provided during the year of which Mr. Ryan Ebert has a beneficial interest In addition to the disclosures above, it is noted that Office Bearers of the Club during the course of the Club's operations for the year, incurred Club expenditures, which are paid upon satisfying the Club's operational standards, with appropriate documentation. * Amounts may be inclusive of GST paid.


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

21.

FINANCIAL INSTRUMENTS

(b) Liquidity Risk Liquidity risk arises from the possibility that the Yarraville Club Inc. might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. Yarraville Club Inc. manages this risk through the following mechanisms:

-

preparing forward-looking cash flow analysis in relation to its operational, investing and financing activities; and

-

only investing surplus cash with major financial institutions.

The table below discloses the contractual maturity analysis for the Yarraville Club Inc.'s financial liabilities. Financial liability and financial assets maturity analysis Within 1 year 2016 2015

1 to 5 years 2016 2015

Over 5 years 2016 2015

Total 2016

2015

Financial Liabilities due for payment Trade & Other Payables

310,025

285272

-

-

-

-

310,025

285,272

Interest Bearing Liabilities

624,143

473,289

4,678,069

3,521,359

-

-

5,302,212

3,994,648

Other Financial Liabilities

727,951

632,071

171,283

784,301

-

-

899,234

1,416,372

Total Contractual Outflows

1,662,119

1,390,632

4,849,352

4,305,660

-

-

6,511,471

5,696,292

Total Expected Outflows

1,662,119

1,390,632

4,849,352

4,305,660

-

-

6,511,471

5,696,292

118,550

180,068

-

-

-

-

118,550

180,068

18,820

49,594

-

-

-

-

18,820

49,594

137,370

229,662

-

-

-

-

137,370

229,662

(1,524,749)

(1,160,970)

(4,849,352)

(4,305,660)

-

-

(6,374,101)

(5,466,630)

Financial assets – Cash Flow Realisable Cash at Bank Trade & Other Receivables Total anticipated inflows

Net (outflow)/inflow on financial instruments

(c) Market Risk (i) Interest rate risk The financial assets of the Yarraville Club Inc. are not exposed to any significant interest rate risk since cash balances are maintained at various fixed interest rates. Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest bearing financial assets and liabilities


21.

FINANCIAL INSTRUMENTS (Continued)

The interest rate exposure on the debt portfolio is managed by appropriate budgeting strategies and by managing in accordance with target maturity profiles.

(ii) Price risk Price risk relates to the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes In market prices. Yarraville Club Inc. is exposed to insignificant foreign currency risk and other price risks. Net Fair Values Fair value estimation The fair values of financial assets and liabilities are presented in the following table and can be compared to their carrying Values as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. Differences between fair values and carrying values of financial instruments with fixed interest rates are due to the change in discount rates being applied by the market since their initial recognition by the association. Most of these instruments which re carried at amortised cost (i.e. trade receivables, loan liabilities) are to be held until maturity and therefore the net fair value figures calculated bear little relevance to the association. Net Fair Value Carrying Amount 2016 $

Net Fair Value 2016 $

Carrying Amount 2015 $

Net Fair Value 2015 $

Financial Assets Cash at Bank Trade & Other Receivables

118,550 18,820

118,550 18,820

180,068 49,594

180,068 49,594

Total Financial Assets

137,370

137,370

229,662

229,662

310,025 5,302,212

310,025 5,302,212

285,272 3,994,648

285,272 3,994,648

899,234

899,234

1,416,372

1,416,372

6,511,471

6,511,471

5,696,292

5,696,292

Financial Liabilities Trade & Other Payables Interest Bearing Liabilities Other Financial Liabilities Total Financial Liabilities .


Sensitivity analysis The following table illustrates sensitivities to the association's exposure to changes in interest rates. The table indicates the impact on how profit at the end of the reporting period would have been affected by changes in the relevant risk variable that management considers reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables. - A parallel shift of + 1% and -2% in market interest rates (AUD). Profit $

Equity $

Year ended 30 June 2016 +1% in interest rates (51,837)

(51,837)

103,673

103,673

(38,146)

(38,146)

76,292

76,292

-2% in interest rates

Year ended 30 June 2015 +1% in interest rates -2% in interest rates

No sensitivity analysis has been performed on foreign exchange risk as the association is not exposed to foreign currency fluctuations.


YARRAVILLE CLUB INC. ANNUAL STATEMENTS GIVE TRUE AND FAIR VIEW OF FINANCIAL POSITION AND PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2016

We,

John Papazisis, and Dominic Kennedy being members of the Yarraville Club Inc, certify that

The Statements attached to this certificate give a true and fair view of the financial position and performance of the Yarraville Club Inc. during and at the end of the financial year for the association ending on 30 June 2016.

…………………………………………………. CHAIRMAN – John Papazisis

…………………………………………………. VICE CHAIRMAN – Dominic Kennedy

Dated this 20th day of October, 2016.


YC-Annual Report 2016  
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