2018 annual report - club tocumwal

TOCUMWAL GOLF AND BOWLS CLUB LIMITED 84 001 088 302

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2018 ANNUAL REPORT

CLUB CONTACT DETAILS: Phone: 03 5874 9111

Fax: 03 5874 2486 Postal Address: PO Box 93, Tocumwal NSW 2714

Email: [email protected] Website: www.Clubtocumwal.com


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OFFICE BEARERS & DIRECTORS 2017 - 2018

President: Christopher O’Connell

Vice President: Helen Bowman

Treasurer: Raymond Bailey

Golf Captain: Michael Keen

Bowls Captain: Helen Bowman

Directors: Douglas Perrett

Adam Purtill Philip Nunn

Phillip Dungan

Life Members: Colin Allen

Judith Baguley Donald Baguley Ronald Haley Jeffrey Harris Allan Jones

James Milgate Christopher Philpot

Alan Seamer Graeme Sharp Alan Whiteside

Chief Executive Officer: Craig Smith

Club Auditor: Xerri Evans


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BUSINESS Tocumwal Golf & Bowls Club Limited

ABN 84 001 088 302

NOTICE OF MEETING Notice is hereby given that the Forty Sixth (46) Annual General Meeting will be held in the Club premise, 42 Barooga Road at 6.00pm on Monday 12th November 2018.

ORDINARY BUSINESS 1. Apologies 2. To receive the Minutes of the Forty Fifth (45) Annual General Meeting held on Tuesday 24th

October 2017. 3. To receive and consider the Directors’ Report, Profit or Loss and Other Comprehensive

Income for the year ended 30th June 2018, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows as at that date and the Auditors’ Report thereon.

4. Ordinary Resolutions 1. Approval of expenditure incurred by Members of the Board of Directors in carrying out their functions

2. Approval of Honorariums for (i) Club President (ii) Bowls Captain (iii) Golf Captain 5. Declaration of Ballot for Office Bearers and Directors. 6. Any other business for which due and proper notice has been given.

MEMBERS PLEASE NOTE: Members are requested to advise the Chief Executive Officer in writing seven (7) days prior to the date of the Annual General Meeting (Tuesday 5th November 2018 at 5.00pm) of any questions relating to the financial accounts that is not contained in the annual report. Requested information will be extracted from the records and provided to the members at the Annual General Meeting.

FIRST ORDINARY RESOLUTION

That the members hereby approve expenditure by the Club until the next Annual General Meeting of the Club for the following:

1. The reasonable costs of directors attending seminars, lectures and other educational activities as determined by the Board from time to time.

2. The reasonable costs (including travel and accommodation expenses) of directors attending meetings, conferences and trade shows conducted by Clubs NSW, the Club Managers Association and such other conferences and trade shows as determined by the Board from time to time.

3. The reasonable cost of directors attending any other registered Club for the purpose of viewing and assessing its facilities as determined by the Board as being necessary for the benefit of the Club.

4. The reasonable cost of directors (and their spouses/partners if required) attending any Club, community or charity function as the representatives of the Club and authorised by the Board to do so.

5. The reimbursement of reasonable out of pocket expenses incurred by directors travelling to and from Board meetings or other duly constituted meetings of any committee of the Board.

6. The reimbursement of reasonable out of pocket expenses incurred by directors either within the Club or elsewhere in relation to such other duties including entertainment of special guests of the Club and other promotional activities approved by the Board on production of documentary evidence of such expenditure.

7. The reasonable cost of Club Uniform being provided to directors as required.


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8. The provision of designated car parking spaces for directors in the Club’s car park.

9. The members acknowledge that these benefits are not available for members generally but are only for those who are directors of the Club.

Notes to Members on First Ordinary Resolution

1. The First Ordinary Resolution is to have the members in general meeting approve expenditure by the Club for directors to attend seminars, lectures, trade displays and other similar events to be kept abreast of current trends and developments which may have a significant bearing on the Club and for other out of pocket expenses.

Included in the First Ordinary Resolution is the cost of directors attending functions as representatives of the Club and, if required, the costs of their spouses/partners also attending those functions.

Procedural Matters

1. To be passed, the First Ordinary Resolution must receive votes from not less than a majority of those members who being eligible to do so vote in person on the First Ordinary Resolution at the meeting.

2 The Registered Clubs Act provides that:

members who are employees of the Club are not entitled to vote; and proxy voting is prohibited.

SECOND ORDINARY RESOLUTION

That the members hereby approve expenditure by the Club on honorariums to the value of $1,000.00 per annum for the President & Club Captains.

The members acknowledge that these benefits are not available for members generally but are only for those who are directors of the Club.

Notes to Members on Second Ordinary Resolution

1. The Second Ordinary Resolution is to have the members in general meeting approve expenditure by the Club on honorariums for the President and Club Captains.

2. The honorarium is intended as a gesture of appreciation to the President & Club Captains for which include attending Board meetings committee meetings, and other director’s duties as required.

Procedural Matters

To be passed, the Second Ordinary Resolution must receive votes from not less than a majority of those members who being eligible to do so vote in person on the Second Ordinary Resolution at the meeting.

The Registered Clubs Act provides that members who are employees of the Club are not entitled to vote; and proxy voting is prohibited.


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CLUB PROPERTY REPORT

Pursuant to Section 41J (2) of the Registered Clubs Act for the financial year ended 30 June 2018 (a) The following properties are core property of the Club;

(i) 42 Barooga Rd Tocumwal NSW 2714 Parish Tocumwal Lots 1 & 2 DP 1096569, Lot 1 DP728913, Lot 14 DP738067, Lot 1 DP738098, Lot 228 DP 752296, WS049422 Easement DP 1027814

118.80HA Tocumwal Golf Club

(b) The following properties are non-core property of the Club;

(i) There are no listed non-core properties.

Notes to Members 1. Section 41J(2) of the Registered Clubs Act requires the annual report to specify the core property

and non-core property of the Club as at the end of the financial year to which the report relates. 2. Core property is any real property owned or occupied by the Club that comprises: (a) the defined premises of the Club; or (b) any facility provided by the Club for use of its members and their guests; or (c) any other property declared by a resolution passed by a majority of the members present at a general meeting of Ordinary members of the Club to be core property of the Club. 3. Non-core property is any real property owned or occupied by the Club that: (a) does not fall within the definition of core property; or (b) is declared by a resolution passed by a majority of the members present at a general meeting of

Ordinary members of the Club to be non-core property. 4. The significance of the distinction between core property and non-core property is that the Club

cannot dispose of any core property unless: (a) The property has been valued by a registered valuer within the meaning of the Valuers Act 2003;

and (b) The disposal has been approved at a general meeting of the ordinary members of the Club at

which the majority of the votes cast support the approval; and (c) Any sale is by way of public auction or open tender conducted by an independent real estate

agent or auctioneer. 5. These disposal provisions (and what constitutes a disposal for the purposes of section 41J) are

to some extent modified by regulations made under the Registered Clubs Act and by Section 41J itself. For example, the requirements in paragraph 4 above, amongst other things, do not apply to:

• Core property that is being leased or licensed for a period not exceeding 10 years on terms that have been the subject of a valuation by a registered valuer; or

• Core property that is leased or licensed to a telecommunications provider for the purposes of a telecommunication tower.

6. Non-core property is not subject to the limitations referred to in paragraphs 4 and 5 above and can be disposed of without the Club having to following the procedure referred to in paragraph 4 above.


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CONTENTS

Directors’ Report 7

Directors’ Operational Report 11

Club Grants 13

Business Partners and Sponsors 14

Auditors’ Independence Declaration 15

Statement of Profit and Loss and other Comprehensive Income 16

Statement of Financial Position 17

Statement of Changes in Equity 18

Statement of Cash Flows 19

Notes to Financial Statements 20

Directors Declaration 44

Auditors’ Report 45


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DIRECTORS’ REPORT

The directors present their report on the Company for the financial year ended 30 June 2018. Information on Directors

The names of each person who has been a director during the year and to the date of this report are: Mr. Christopher John O'Connell

Position: President

Qualifications: Key management roles in Metropolitan & Regional Free to Air Television Company for 20 years, Retired. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.

Time Served: Board member serving 8 years

Special Responsibilities: Member of Finance and Master Plan Committees

Mr. Phillip Leonard Dungan

Position: Director

Qualifications: Information Technology Programmer, Sales & Business owner for 30 years. Retired. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.


Special Responsibilities: Member of Sponsorship, Marketing & Communications Committees.

Mr. Raymond John Bailey

Position: Treasurer

Qualifications: Accounting teacher, Accountant for 16 years and I.T. Consultant for 20 years. Retired.


Special Responsibilities: Member of Finance committee.

Mr. David Charles Hansen

Position: Director

Qualifications:: Managing Director of Financial Planning Practice for 20 years. Retired. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.

Time Served: Retired 06/06/2018

Special Responsibilities:

Mr. Douglas Ronald Perrett

Position: Director

Qualifications: Golf Club Management 25 years. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.


Special Responsibilities: Member of General Golf, Master Plan and Finance Committees.

Mr. Adam Norman Purtill

Position: Director

Qualifications: Director of accounting firm for 11 Years, qualified CPA Accountant for 15 Years, Registered Company Auditor for 6 Years. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.


Special Responsibilities: Member of Finance Committee.

Mrs. Roslyn Ann Seymour

Position: Director

Qualifications: Accounts Clerk for 20 years. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.




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DIRECTORS’ REPORTS (cont.)

Mr. Michael Francis Keen

Position: Golf Captain

Qualifications: Manager at Label Companies for 38 years, Secretary Manager of Golf & Country Clubs for 12 years, Captain of GVDGA for 13 years. Retired. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.


Special Responsibilities: Member of the Sports and General Golf committee.

Mrs. Pamela May Van Huizen

Position: Bowls Captain

Qualifications: Office Manager & Personal Assistant, former Director of Bowls Victoria for 3 years. Retired. Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.



Mrs. Helen Margaret Bowman

Position: Vice President/Bowls Captain

Qualifications: Owner and operator of a Car Sales Company for over 30 years. Board member between 1997-2010, Club President 2000-2003 and Life Member of Mornington Golf Club . Successfully completed Director foundation and Management Collaboration Course and Finance for Club Boards Course.

Time Served: Appointed 24/10/2017


Mr. Phillip Haydn Nunn

Position: Director

Qualifications: Director of Luminous biz development Pty Ltd, former CEO of Geelong Football Club, former member of the Institute of Chartered Accountants.

Time Served: Appointed 06/06/2018

Special Responsibilities: Member of the Marketing & Communications Committees.

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Meeting of Directors During the financial year, 12 meetings of Directors were held. Attendees by each director were as follows: Eligible to Attend Number Attended

C O'Connell 12 11

P Dungan 12 10

R Bailey 12 7

D Hansen 12 10

D Perrett 12 11

A Purtill 12 11

R Seymour 3 2

M Keen 12 12

P Van Huizen 8 7

H Bowman 9 8

P Nunn 1 1


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DIRECTORS’ REPORTS (cont.) The loss of the Company after providing for income tax amounted to ($5,651) following an operating deficit of ($76,494) in 2017. Significant Changes in the State of Affairs There have been no significant changes in the state of affairs of the Company during the year.

Principal Activities The principal activity of the entity during the financial year was: A registered Club (NSW) providing facilities and amenities to its members: - Encourage and support golf and bowling activities in the Tocumwal district; - Provide members and their guests, a social and sporting Club with all the appropriate facilities needed. No significant change in the nature of the Company's activity occurred during the financial year. The entities short term objectives are to: - Maintain the community facilities and Club environment - Promote sporting and social activities for members and guests - Provide a high level of customer service

The entity’s long term objectives are to: - To be proactive to the members and community needs and expectations - Improve and enhance the Clubs financial position and performance. - Be recognised as a leading corporate citizen with high social values facilities Review of Operations The Tocumwal Golf and Bowls Club had a year of consolidation following an amalgamation with the Tocumwal Bowling Club Limited in 2015. Whilst the Club produced a loss for the financial year cash flow from operations was still positive.

Events After the Reporting Date No further 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.

The number of Members registered in the Register of Members at 30 June 2018 is as follows;

2018 2017

Golf & Bowls Members 33 36

Golf Members 270 266

Bowls Members 65 68

5 Year Members 14 14

Country Members 385 412

Social Members 1,865 1,511

Junior Members 22 24

Life Members 11 11

Total Members 2,665 2,342


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DIRECTORS’ REPORTS (cont.) Future Developments and Results Likely development in the operation of the economic entity are to upgrade the Clubs equipment and facilities. Environmental Issues The Company's operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory of Australia.

Indemnification and Insurance of Officers and Auditors

The Club has agreed to indemnify all Directors of the Club and certain Executive Officers against all liabilities to another person (other than the Club or a related body corporate) that may arise from their position as Directors or Executive Officers of the Club and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. The policy agreement stipulates that the Club will meet the relevant liability. The premium paid in respect of this policy is part of a combined premium for a comprehensive suite of insurance products held by the Club. Auditors' Independence Declaration

The lead auditors' independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 30 June 2018 has been received and can be found on page 15.

Signed in accordance with a resolution of the Board of Directors:


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DIRECTORS’ OPERATIONAL REPORT

Last year your Board indicated that the 2018 FY would be one of continued project advancement as well as driving efficiencies, targeting growth strategies and looking at the bigger picture to identify changes in the business sector the impact on our business model. The Club has managed to prevent further deterioration in its financial position during the year ended 30 June 2018. It is in a slightly stronger liquidity position, despite recording an annual trading deficit from trading activities which amounted to $242,320. ($78,197 in 2017) This deficit was offset by the sale of gaming entitlements, which reduced the Club’s allocation of machines from 80 to 71. The Club netted $236,669 from this transaction, which led to the end deficit (Comprehensive income attributable to members of the entity) of $5,651 ($76,494 in 2017). The Club’s holdings of cash increased from that held at 30 June 2017 by $238,655 despite the trading deficit, and despite reducing its borrowings by $167,659 and spending $184,709 on property, plant and equipment. Total annual revenue was $6,363,977 a decline from the previous year by $58,713. Including depreciation charges ($438,576, $414,781 in 2017) annual expenditures amounted to $5,105,513 ($4,932,118 in 2017) an increase of 3.52%. Wages and salaries increased by approximately $2,000 from the previous year, but there were substantial increases in Payroll Tax and Work Cover charges, leading to employment costs being $37,507 higher than in 2017. Departmental Trading Summaries Bar 6% Revenue increase $79,375 COGS 0.5% increase. From 39.7% to 40.2% the Club’s benchmark is set at 39%. Nett Profit decreased by 9 % ($32,662) This was attributable to wage costs for reducing liability in leave provisions. Gaming 11% reduction in the total department revenue of ($209,789) Gaming income along with the changes in bingo income were the main contributors, offset by increases in specialty raffles. Costs were offset by Bingo cost savings as well as reduction in wage hours which are recorded in above bar. The standard 35% journal adopted in 2017 provides for even allocations including bar/gaming wage reductions Catering 2.4% increase in revenue $28,589 Realized predominantly through functions and events which increased some $40,280 whilst general trading reduced ($11,364) This would indicate a slide in general restaurant trade however some proportion of that may be related to improved reporting and coding of functions. COGS decrease by 1% to 43% in comparison with the previous year at 44% Wages reduced 3%($17,751) Golf Course/package Income With changes in accounting this department should be looked at in combination with Package income. Combining revenues results in a reduction of total revenue by ($7087)


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DIRECTORS’ OPERATIONAL REPORT (cont.) Golf income continues to abate as the trend and pressures on the sport continue and the pie continues to shrink. However, the Club has stabilised Golf packages in 2018 and projections are

for increases in 2019 though we are mindful that the days of stay are continuing factors to watch. Pro Shop 7% increase in revenue of $50,050 19% increase in net profit of $32,310 Nett contribution $198,621 COGS increased 3%, from 52% in 2017 to 55% 2018. This was due predominantly to trials of sales and specials which resulted in some indicators that can be used moving forward Wage reduction 3% $($5,035.00)

Bowls 20% increase in revenue $7,557 from $36,615 to $44,172 Excludes sponsorship of events. Excluding depreciation of $26,799, as 2017 had partial depreciation charges, a $15,943 contribution in cash terms to the bottom line is the second-year result. With Depreciation charges the bowls activities nets a loss of ($10,856). Other income Total Reduction of $7408 exc gaming entitlement sales. This set of revenues depends on one off items such as sales of assets, training subsidies and other items that vary from year to year. Notably the main operational revenue drop is in ATM commission an amount of $3,042 and this would be a sign of today’s technology, such as pay wave with less dependency on cash. Administration Expenses In real terms costs have been reduced or held at the same levels. Fixed services such as waste collection have increased. Power is the largest contributor to cost. However, this is a national pricing issue as the Club has reduced its KW usage by 1000kw. Wages have reduced by 4.6%, $20,880 Cleaning wages have reduced 6.5% $8416 Total Administration costs have increased $15,426 of which the power increase contributes to $48,990 of that. We continue to focus on our strengths and the measures we use to quantify improvements in a tight market. Overall membership has shown fair growth with sport membership remaining stable and social members improving by almost 300. This focus on what we do well will continue as we look to address the bigger issues that face our business.

Events to engage locals and attract tourist have been well supported and the introduction of new major golf events and bowling opportunities have been embraced by members and visitors alike. Your Board would like to take this opportunity to thanks all those members who have given their time on committees, as a part of Dad’s Army or through other avenues. It is their tireless efforts that helped the Club present itself in the best possible light. It would also like to thank the CEO, Craig Smith and all his operational team for the wonderful job they have done throughout the year. As you will be aware Craig is leaving us for greener pastures. The board and staff wish him and Tracey well and thank him for his contribution

Board of Directors Tocumwal Golf and Bowls Club Ltd.


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VISION STATEMENT

Tocumwal Golf & Bowls Club is driven to uphold the identity, new direction, social fabric and historical foundations of our region.

MISSION STATEMENT

To provide an environment where members, guests and their families can enjoy each other’s Company on both the sporting facilities and in the Clubhouse.

To provide facilities of the highest quality and deliver a superior standard of customer service.

CLUB GRANTS

For the information of Members, the Tocumwal Golf & Bowls Club has supported many local community groups and individuals through the Club Grants Scheme (formally CDSE - Community Development and Support Expenditure Scheme). This year the contribution was $20,778 for Club Grants Year 1st September 2017 – 31st August 2018.

COMMUNITY SUPPORT AND CLUB GRANT RECIPIENTS

Tocumwal Community Care

Cobram Yarrawonga Legacy support group

Wild Hogs in Lycra

Tocumwal Race Club

Tocumwal Rural Fire Brigade

Lions Club of Tocumwal

Tocumwal Mother’s day Classic

Cancer Council of Victoria

Providing All Living Support (PALS)

Tocumwal Hospital Auxiliary

Motor Neurone Disease Australia (MND)

Berrigan Tidy Towns and Conservation Group

Yarroweyah Football Club

Tocumwal Cricket Club

Tocumwal Football/Netball Club

Tocumwal Public School

Tocumwal Recreation Reserve

Murray Valley Cricket Umpires Association

Murray Valley Cricket Association

Finley High School

Tocumwal RSL

Lions Club Moorabbin

Tocumwal Sacred Hearts School


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BUSINESS PARTNERS & SPONSORS

Board of Directors, Management and Staff of the Tocumwal Golf & Bowls Club, wish to thank the following sponsors, both major and associated, who have shown generous support to many events at the Club throughout the year. Your assistance is greatly appreciated and is vital to the success of these events, and the Tocumwal Golf & Bowls Club looks forward to your continued support.

Crawfords Fairway View Motor Inn

March's IGA Plus Liquor Tocumwal Barooga Sports Club

Darryl Twitt Motor Group Boomerang Way Tourist Park

Tocumwal Golf Resort & Early Settlers Southern Riverina News

Garnaut Private Wealth Airport Corporate SmartPark

Strathmerton Drilling Pty Ltd Cobram Panel Works

Stubbs & Wallace Pty Ltd Rich Glen Olive Oil

C.I.F and Cobram Poolside Tocumwal Pavilion

Augusta Golf Cars Monichino Wines

Tocumwal Accounting Artavilla Emporium

Haynes Butchery Kelly’s Grains

Mark 11 Automotive Barooga Service Centre

Taylor & Whitty Solicitors Cobram Mitre 10

C.I.F and Cobram Poolside Tocumwal K&A Foods

Foreshore Committee Emerald Grains

Dawes & Vary Riordan Lawyers Berriquin Funerals

Ken Muston Automotive Finley Flooring Xtra

Pace Electrics Redgum Photos & Computers

Bushlands on the Murray Holiday Park Wilson Stockfeed

Global Accreditation Services Dean Laws Signs

Bushlands Coffee Shop


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STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2018

2018 2017

Note $ $

Income

Revenue 5 4,916,725 4,946,622

Cost of sales 6 (1,590,784) (1,568,769)

Gross profit 3,325,941 3,377,853

Other income 5 1,447,252 1,476,068

Total Income 4,773,193 4,853,891

Expenditure

Administration expenses 6 (286,790) (304,446)

Auditors Remuneration fees 6 (26,235) (17,500)

Depreciation expenses 6 (438,576) (414,781)

Employment expenses 6 (2,911,875) (2,874,368)

Finance costs 6 (92,161) (92,351)

Occupancy expenses 6 (215,180) (158,168)

Operational expenses 6 (325,455) (403,803)

Other expenses (719,241) (666,701)

Revaluation of Plant and Equipment

Total Expenses 5,015,513 4,932,118

Surplus/ (deficit) for year (242,320) (78,197)

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss:

Net changes in fair value of Available for sale financial assets

Items that may be reclassified subsequently to profit or loss:

Sale of intangible assets – Poker Machine Entitlements 236,669

Members Equity Tocumwal Bowling Club Limited 1,703

Total other comprehensive income

Total comprehensive income for the year 236,669 1,703

Total comprehensive income attributable to members of the entity (5,651) (76,494)


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STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

2018 2017

Note $ $

ASSETS

CURRENT ASSETS

Cash and cash equivalents 7 474,145 235,490

Trade and other receivables 8 22,218 16,040

Inventories 9 208,667 181,259

Other Assets 10 37,765 57,964 TOTAL CURRENT ASSETS 742,795 490,753

NON-CURRENT ASSETS

Property, plant and equipment 11 8,722,450 9,003,640

TOTAL NON-CURRENT ASSETS 8,722,450 9,003,640

TOTAL ASSETS 9,465,245 9,494,393

LIABILITIES

CURRENT LIABILITIES

Trade and Other Payables 12 654,906 564,116

Borrowings 13 633,817 748,446

Provision for Long Service Leave - Current 14 1,070 955

Provision for Holiday Pay - Current 14 224,069 212,250

TOTAL CURRENT LIABILITIES 1,513,862 1,525,767

NON-CURRENT LIABILITIES

Borrowings 13 495,637 521,844

Provision for Long Service Leave - Non Current 14 105,784 91,169

TOTAL NON-CURRENT LIABILITIES 601,421 613,013

TOTAL LIABILITIES 2,115,283 2,138,780

NET ASSETS 7,349,962 7,355,613

EQUITY

Reserves 1,516,779 1,516,779

Retained earnings 5,833,183 5,838,834

TOTAL EQUITY 7,349,962 7,355,613


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STATEMENT OF CHANGES IN EQUITY


Retained Earnings

Asset Revaluation

Reserve Total

$ $ $

Balance at 1st July 2016 5,915,328 1,516,779 7,432,107

Profit Attributable to members of the entity (78,196) (78,196)


Members Equity Tocumwal Bowls Club Ltd 1,702 1,702

Total Comprehensive Income for the period (76,494) 0 (76,494)

Balance at 1st July 2017

Profit Attributable to members of the entity (242,320) (242,320)


Sale of Gaming Machine Entitlements 236,669 236,669

Total Comprehensive Income for the period (5,651) 0 (5,651)

Balance at 30th June 2018 5,833,183 1,516,779 7,349,962


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STATEMENT OF CASH FLOWS


2018 2017

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from customers 7,017,460 6,991,262

Payments to suppliers and employees (6,265,078) (6,319,422)

GST Paid (416,643) (271,583)

Commissions Received 59,640 71,053

Interest received 307 1,210

Fuel Tax Credit 18,684 18,464

Interest and other Finance Costs (92,161) (93,436)

Net cash from operating activities 19 322,029 397,548

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipment 242,169 12,164

Payments for property, plant and equipment (157,884) (1,068,464)

Net cash used in investing activities 84,285 (1,056,300)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings 590,350 478,205

Repayment of borrowings (758,009) (439,611)

Net cash used in financing activities (167,659) 38,594

Net increase in cash held 238,655 (620,158)

Cash at beginning of financial year 235,490 855,648

Cash at end of financial year 7 474,145 235,490


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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018

1 Nature of operations

The Tocumwal Golf and Bowls Club Limited is primarily involved in the management of a licensed

Social Club with associated sporting facilities and social activities provided for its members.

2 General information and statement of compliance

The general purpose financial statements of the Company have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board. A statement of compliance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) cannot be made due to the Group applying not-for-profit specific requirements contained in the Australian Accounting Standards.

Tocumwal Golf and Bowls Club Limited is a Public Company limited by guarantee incorporated and domiciled in Australia. The address of its registered office and its principal place of business is Tocumwal-Barooga Rd, Tocumwal NSW.

The financial statements were authorised for issue on the 17th September 2018 by the directors of the Company.

3 Changes in accounting policies

3.1 New and revised standards that are effective for these financial statement

A number of new and revised standards became effective for the first time to annual periods beginning on or after 1 July 2017. Information on the more significant standard(s) is presented below AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses AASB 2016-1 amends AASB 112 Income Taxes to clarify how to account for deferred tax assets related to debt instruments measured at fair value, particularly where changes in the market interest rate decrease the fair value of a debt instrument below cost. AASB 2016-1 is applicable to annual reporting periods beginning on or after 1 January 2017. The adoption of these standards has not had a material impact on the Group. AASB 2016-2 Amendments to Australian Accounting Standards – Disclosure Initiative: Amendments to AASB 107 AASB 2016-2 amends AASB 107 Statement of Cash Flows to require entities preparing financial statements in accordance with Tier 1 reporting requirements to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. AASB 2016-2 is applicable to annual reporting periods beginning on or after 1 January 2017. AASB 2016-4 Amendments to Australian Accounting Standards – Recoverable Amount of Non-Cash Generating Specialised Assets of Not-for-Profit Entities This Standard amends AASB 136 Impairment of Assets to remove references to depreciated replacement cost as a measure of value in use for not-for-profit entities; and clarify that the recoverable amount of primarily non-cash-generating assets of not-for-profit entities, which are typically specialised in nature and held for continuing use of their service capacity, is expected to be materially the same as fair value determined under AASB 13 Fair Value Measurement, with the consequence that: AASB 136 does not apply to such assets that are regularly revalued to fair value under the revaluation model in AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets; and AASB 136 applies to such assets accounted for under the cost model in AASB 116 and AASB 138 AASB 2016-4 is applicable to annual reporting periods beginning on or after 1 January 2017. The adoption of these standards has not had a material impact on the Group.


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NOTES TO THE FINANCIAL STATEMENTS


4 Summary of accounting policies

4.1 Overall consideration

The significant accounting policies that have been used in the preparation of these financial statements are summarised below.

The financial statements have been prepared using the measurement bases specified by Australian Accounting Standards for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies below.

4.2 Revenue and Other Income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company and specific criteria relating to the type of revenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.

Sale of goods

Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods.

Interest revenue

Interest revenue is recognised using the effective interest rate method.

Rendering of services

Revenue in relation to rendering of services is recognised depends on whether the outcome of the services can be measured reliably. If this is the case, then the stage of completion of the services is used to determine the appropriate level of revenue to be recognised in the period. If the outcome cannot be reliably measured then revenue is recognised to the extent of expenses recognised that are recoverable.

Other income

Other income is recognised on an accruals basis when the Company is entitled to it.

Government Grants

If conditions are attached to a grant which must be satisfied before the Company is eligible to receive the contribution, recognition of the grant as revenue is deferred until those conditions are satisfied

Where a grant is received on the condition that specified services are delivered, to the grantor, this is considered a reciprocal transaction. Revenue is recognised as services are performed and at year end until the service is delivered.


22



Revenue from a non-reciprocal grant that is not subject to conditions is recognised when the Company obtains control of the funds, economic benefits are probable and the amount can be measured reliably. Where a grant may be required to be repaid if certain conditions are not satisfied, a liability is recognised at year end to the extent that conditions remain unsatisfied.

Where the Company receives a non-reciprocal contribution of an asset from a government or other party for no or nominal consideration, the asset is recognised at fair value and a corresponding amount of revenue is recognised.

4.3 Property, Plant and Equipment

Classes of property, plant and equipment are measured using the revaluation model.

Assets measured using the revaluation model are carried at fair value at the revaluation date less any subsequent accumulated depreciation and impairment losses. Revaluations are performed whenever there is a material movement in the value of an asset under the revaluation model.

Increases in the carrying amount arising on revaluation of land and buildings are credited to a revaluation reserve in equity. Decreases that offset previous increases of the same asset are recognised against fair value reserves directly in equity; all other decreases are recognised in profit or loss.

Depreciation

The depreciable amount of all property, plant and equipment, except for freehold land is depreciated on an appropriate method as determined by Management.

Assets held under a finance lease and leasehold improvements are depreciated over the shorter of the term of the lease and the assets useful life.

The depreciation rates used for each class of depreciable asset are shown below: Fixed Asset Class Depreciation Rate

Buildings 0 – 2.5%

Plant & Equipment 3 - 30%

At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate.

When an assets is disposed, the gain or loss is calculated by comparing proceeds received with its carrying amount and is taken to profit or loss.


23



4.4 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 Company, are classified as finance leases.

Finance leases are capitalised by recording an asset and a liability at the lower of the amounts 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 that period.

Leased assets are depreciated over their estimated useful lives where it is likely that the Company will obtain ownership of the asset or over the term of the lease.

4.5 Financial Instruments

Financial instruments are recognised initially using trade date accounting, i.e. on the date that Company becomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Financial Assets

Financial assets are divided into the following categories which are described in detail below: - loans and receivables; - financial assets at fair value through profit or loss; - available-for-sale financial assets; and - held-to-maturity investments.

Financial assets are assigned to the different categories on initial recognition, depending on the characteristics of the instrument and its purpose. A financial instrument's category is relevant to the way it is measured and whether any resulting income and expenses are recognised in profit or loss or in other comprehensive income.

All income and expenses relating to financial assets are recognised in the statement of comprehensive income in the 'finance income' or 'finance costs' line item respectively.


24



Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers but also incorporate other types of contractual monetary assets.

After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in profit or loss.

The Company's trade and most other receivables fall into this category of financial instruments. Discounting is omitted where the effect of discounting is considered immaterial.

Significant receivables are considered for impairment on an individual asset basis when they are past due at the reporting date or when objective evidence is received that a specific counterparty will default.

The amount of the impairment is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable.

For trade receivables, impairment provisions are recorded in a separate allowance account with the loss being recognised in profit or loss. When confirmation has been received that the amount is not collectable, the gross carrying value of the asset is written off against the associated impairment provision.

Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

In some circumstances, the Company renegotiates repayment terms with customers which may lead to changes in the timing of the payments, the Company does not necessarily consider the balance to be impaired, however assessment is made on a case-by-case basis.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include financial assets: - acquired principally for the purpose of selling in the near future

- designated by the entity to be carried at fair value through profit or loss upon initial recognition or

- which are derivatives not qualifying for hedge accounting.

Assets included within this category are carried in the statement of financial position at fair value with changes in fair value recognised in finance income or expenses in profit or loss.


25



Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity. Investments are classified as held-to-maturity if it is the intention of the Company's management to hold them until maturity.

Held-to-maturity investments are subsequently measured at amortised cost using the effective interest method, with revenue recognised on an effective yield basis. In addition, if there is objective evidence that the investment has been impaired, the financial asset is measured at the present value of estimated cash flows. Any changes to the carrying amount of the investment are recognised in profit or loss.

Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that do not qualify for inclusion in any of the other categories of financial assets. The Company's available-for-sale financial assets include listed securities.

Purchases and sales of available-for-sale investments are recognised on settlement date.

All other available-for-sale financial assets are measured at fair value, with subsequent changes in value recognised in other comprehensive income.

Gains and losses arising from financial instruments classified as available-for-sale are only recognised in profit or loss when they are sold or when the investment is impaired.

In the case of impairment or sale, any gain or loss previously recognised in equity is transferred to the profit or loss.

Losses recognised in prior period income statements resulting from the impairment of debt securities are reversed through the income statement, if the subsequent increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss.

Financial liabilities

Financial liabilities are recognised when the Company becomes a party to the contractual agreements of the instrument. All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included in the income statement line items "finance costs" or "finance income".

Financial liabilities are classified as either financial liabilities 'at fair value through profit or loss' or other financial liabilities depending on the purpose for which the liability was acquired.

The Company's financial liabilities include borrowings, trade and other payables (including finance lease liabilities), which are measured at amortised cost using the effective interest rate method.


26



Impairment of financial assets

At the end of each reporting period, the Company assesses whether there is any objective evidence that a financial asset has been impaired.

Financial assets at amortised cost

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate.

Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairment losses on financial assets at amortised cost are taken directly to the asset.

Available-for-sale financial assets

A significant or prolonged decline in value of an available-for-sale asset below its cost is objective evidence of impairment, in this case, the cumulative loss that has been recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment. Any subsequent increase in the value of the asset is taken directly to other comprehensive income.

4.6 Impairment of Non-Financial Assets

At the end of each reporting period the Company determines whether there is an evidence of an impairment indicator for non-financial assets.

Where this indicator exists the recoverable amount of the asset is estimated.

Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated.

The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.

Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss.

Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill.


27



4.7 Employee Benefits

Provision is made for the Company's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled.

Employee benefits expected to be settled more than twelve months after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Cash flows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows. Changes in the measurement of the liability are recognised in profit or loss.

Employee benefits are presented as current liabilities in the statement of financial position if the Company does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date regardless of the classification of the liability for measurement purposes under AASB 119.

4.8 Provisions

Provisions are recognised when the Company 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 are measured at the present value of management's best estimate of the outflow required to settle the obligation at the end of the reporting year. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the unwinding of the discount is taken to finance costs in the statement of other comprehensive income.

4.9 Cash and Cash Equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

4.10 Gaming Machine License

The directors consider that an active market does not currently exist for gaming licenses in this region and the dollar value of poker machine licenses to the Club in an open and unbiased market is not able to be determined. Any gaming licenses received as part of a business combination are not allocated at value.

Any gaming licenses separately acquired are stated at cost or deemed cost less accumulated amortization.


28



4.11 Water License

The license has an indefinite useful life and accordingly will be tested for impairment on an annual basis.

The water license is measured at revaluation less any accumulated impairment losses.

4.12 Borrowing Costs

All borrowing costs are recognised as an expense in the period in which they are incurred.

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset.

All other borrowing costs are recognised as an expense in the period in which they are incurred.

4.13 Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payables are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the statement of financial position.

Cash flows in the statement of cash flows are included on a gross basis and the GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the taxation authority are classified as operating cash flows.

4.14 Comparative Amounts

No changes to comparative’s have been affected

Where a change in comparatives has also affected the opening retained earnings previously presented in a comparative period, an opening statement of financial position at the earliest date of the comparative period has been presented.

4.15 Critical Accounting Estimates and Judgments

The directors make estimates and judgments during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.


29



These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates.

The significant estimates and judgements made have been described below. Key estimates - Key estimates - Impairment

The Plant, Machinery, Equipment, Furniture and Contents were independently inspected and valued on 12 January 2015 by Preston, Rowe and Paterson of SYDNEY NSW 2000. The valuation was based on the fair value which is the amount for which the asset could be exchanged between knowledgeable, willing parties in an arms-length transaction. The valuation resulted in a revaluation decrement amount of $491,859. The Board determined to recognise this revaluation in the accounts to 30th June 2016. The Land, Improvements and Buildings were independently inspected and valued on 12 January 2015 with a valuation date of 30 June 2015 by Preston, Rowe & Paterson of SYDNEY NSW 2000. The valuation was based on the fair value which is the amount for which the asset could be exchanged between knowledgeable, willing parties in an arms-length transaction. The critical assumptions adopted in determining the valuation included the location of the land and buildings, the current demand for land and buildings in the area and recent sales data for similar properties. The valuation resulted in a revaluation increment of $1,254,210. The Board determined to recognise this revaluation in the accounts to 30th June 2016.

Key judgments - Provision for impairment of receivables

Included in trade and other receivables at 30 June 2018 is a provision for impairment for services performed by the Tocumwal Golf Club and Bowls Club during the current financial year amounting to $354.

4.16 Economic Dependence

The Tocumwal Golf and Bowls Club Limited is dependent on the poker machine income for a large percentage of its revenue used to operate the business. At the date of this report the Board of Directors has no reason to believe the poker machine income will not continue to support the Club. However, with the decline in poker machine income, the Directors will continue to monitor all aspects of the Club's business to ensure a strong financial future.

4.17 Valuations

Valuations were undertaken in January 2015. Effects of the revaluation of all Plant & Equipment, Land, Buildings and Improvements have been included in the 2016 comparative accounts.

4.18 Asset Capitalisation

Asset purchases above $500 are capitalised and depreciated. Assets below $500 are written off as an expense.


30



4.19 Business Amalgamations (Combinations)

Where amalgamations occur between two Clubs, the assets and liabilities are recognized at fair value from the date that control commences. Subject to terms of any amalgamations a non-reciprocal transfer of the net assets is treated as revenue within the Clubs income statement.

4.19 New Accounting Standards for Application in Future Periods

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

- AASB 9: Financial Instruments and associated Amending Standards (applicable for annual reporting periods commencing on or after 1 January 2018).

The Standard will be applicable retrospectively (subject to the provisions on hedge accounting outlined below) and includes revised requirements for the classification and measurement of financial instruments, revised recognition and derecognition requirements for financial instruments, and simplified requirements for hedge accounting.

The key changes that may affect the Company on initial application include certain simplifications to the classification of financial assets, simplifications to the accounting of embedded derivatives, upfront accounting for unexpected credit loss, and the irrevocable election to recognise gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. AASB 9 also introduces a new model for hedge accounting that will allow greater flexibility in the ability to hedge risk, particularly with respect to the hedges of non-financial items. Should the Company elect to change its hedge accounting policies in line with the new hedge accounting requirements of AASB 9, the application of such accounting would be largely prospective.

Although the directors anticipate that the adoption of AASB 9 may have an impact on the Company's financial instruments, it is impracticable at this stage to provide a reasonable estimate of such impact.

AASB 16: Leases (applicable for annual reporting periods commencing on or after 1 January 2019). The new standard does away with the current operating/finance lease distinction, requiring entities to recognize all leases, except short term (less than 12 Months) and low value leases, on balance sheet.

Although the directors anticipate that the adoption of AASB 16 may have an impact on the Company's financial statements, it is impracticable at this stage to provide a reasonable estimate of such impact.


31



2018 2017

$ $

5 Revenue and Other Income

Revenue

Sales revenue:

Sale of goods 3,213,820 3,037,701

Poker Machine Proceeds 1,702,905 1,908,921

Other revenue:

Interest received 307 1,226

Other revenue 1,446,945 1,474,842

1,447,252 1,476,068

Total revenue 6,363,977 6,422,690

Interest revenue from:

Interest Received 307 1,226

Total interest revenue on financial assets not at fair value through profit or loss

307

1,226

Other revenue from:

Revenue

Commissions 18,480 21,391

Profit on sale of assets 3,108 12,164

Grants and Rebates 1,364 -

Insurance Recoveries 18,104

Fuel Tax Credit 18,684 18,464

Other Income 14,729 10,053

Keno Commission 27,646 38,880

Room & Equipment Hire 2,617 13,

3,400

TAB Commission 13,335 10,781

Sundry Gaming Revenue 131,172 126,264

Subscriptions 248,910 232,919

Competition/Tournament/Levies 308,952 265,821

Bowls Income 44,172 36,615

Green Fees 509,689 530,219

Golf Packages 104,087 149,767

Total other revenue 1,446,945 1,474,842


32



2018 2017

$ $

6 Profit for the year

Profit before income tax from continuing operations includes the following specific expenses:

Expenses

Cost of sales 1,590,784 1,568,769

Depreciation of property, plant and equipment 438,576 414,781

Auditors Remuneration - Fees 26,235 17,500

2,055,595 2,001,050

Administration Expenses

Affiliation Fees 58,538 60,109

Commission - 349

Consultants Fees 26,030 26,232

Donations 11,811 13,318

Members Amenities 123,876 131,786

Insurance 60,001 66,745

License Fee 6,534 5,907 286,790 304,446

Employment Expenses

Payroll Tax 104,025 97,224

Superannuation 218,403 212,574

Workers Compensation 79,626 49,692

Wages 2,463,852 2,461,755

Contract Wages Kitchen 170 145

Staff Amenities 35,528 38,730

Staff Training 3,321 5,964

Uniforms 6,950 8,284 2,911,875 2,874,368


33



2018 2017

$ $

Finance Costs

Bank Charges 26,194 30,068

Interest & Finance Costs 65,967 62,283

Total finance costs 92,161 92,351

Occupancy Expenses

Electricity & Gas 194,678 136,238

Telephone & Postage 20,502 21,930 215,180 158,168

Operational Expenses

Advertising & Promotion 48,708 51,892

Adams St Bowls Facility - 30,344

Cleaning 15,991 15,223

Computer Consumables 34,952 34,686

Entertainment 37,029 32,289

General Expenses 50 528

Honorarium Payments 500 3,000

Hire of Plant 7,597 10,954

Legal Costs - 2,340

Motor Vehicle Expenses 14,338 17,443

Printing & Stationery 27,781 36,003

Rates 18,518 18,503

Repairs & Maintenance 93,773 131,759

Service Contracts 20,779 16,579

Travelling Expenses 5,439 2,260 325,455 403,803


34



2018 2017

$ $

7 Cash and Cash Equivalents

Cash in Hand

Cash Floats 100,000 100,000

Cash On Hand - Hoppers - 1,292

100,000 101,292

Cash at Bank

CBA - Business Account 123,144 108,504

CBA Business Online Saver 245,361 7,809

CBA TAB Trust Account 4,900 4,990

CBA Amalgamation Account 740 860

Bendigo Bank Community Account - 12,035

374,145 134,198

Total Cash and Equivalents 474,145 235,490

8 Trade and Other Receivables

Current

Trade Debtors 18,289 14,639

Less Provision for Doubtful Debts (354) (2,810)

17,935 11,829

EziDebit 4,283 4,211

22,218 16,040

The Company does not hold any financial assets with terms that have been renegotiated, but which would otherwise be past due or impaired.

A doubtful debts provision has been recognised amounting to $354 which has been offset against

trade receivables.

The carrying value of trade receivables is considered a reasonable approximation of fair value due

to the short term nature of the balances.


35



2018 2017

$ $

9 Inventories Current

Stock on Hand - at Cost 208,667 181,259

208,667 181,259

10 Other Non-Financial Assets

Current

Debtor - Diesel Fuel Rebate 609 893

Prepayments 37,156 57,071

37,765 57,964

11 Property, Plant and Equipment

LAND AND BUILDINGS

Freehold land at:

At Valuation 1,340,675 1,298,465

1,340,675 1,298,465

Buildings at:

At Valuation 4,491,247 4,488,280

Less accumulated depreciation (321,528) (215,838)

4,169,719 4,272,442

Total Land and Buildings 5,510,394 5,570,907

PLANT AND EQUIPMENT

Plant and Equipment:

At Valuation 2,793,837 2,726,260

Accumulated depreciation (1,049,537) (788,083)

1,744,300 1,938,177

Other Non-Current Assets

Bowling Green Development 705,239 705,239

Less accumulated depreciation (29,032) (2,233)

Water Projects at Valuation 136,949 136,950

Water Entitlements at Valuation 654,600 654,600

1,467,756 1,494,556

Total Plant and Equipment 3,212,056 3,432,733

Total Property, Plant and Equipment 8,722,450 9,003,640


36



Movements in Carrying Amounts of Property, Plant and Equipment

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

Land

Buildings at valuation

Plant and Equipment &

MV

Water

Water Project /Bowling Green

Total

$ $ $ $ $ $

Balance at 1st July 2016 1,265,000 4,295,687 1,704,465 654,600 749,732 8,669,484

Additions 83,734 222,686 442,517 748,937

Disposals

Reallocation of plant 33,466 316,595 (350,061) 0

Revaluation increments/(decrements)

Depreciation expense (106,979) (305,569) (2,233) (414,781)

Carrying amount at 30th June 2017

1,298,466

4,272,442

1,938,177

654,600

839,955 9,003,640

Balance at 1st July 2017 1,298,466 4,272,442 1,938,177 654,600 839,955 9,003,640

Additions 42,209 2,967 139,533 184,709

Disposals (27,323) (27,323)

Internal Transfer

Revaluation increments/(decrements)

Depreciation expense (105,690) (306,087) (26,799) (438,576)

Carrying amount at 30th June 2018

1,340,675

4,169,719

1,744,300

654,600

813,156 8,722,450


37



2018 2017

$ $

12 Trade and Other Payables Current

Trade Creditors 349,080 281,476

Poker Machine Tax 48,478 69,011

Poker Machine Jackpots 4,294 13,418

Income in Advance 144,480 151,690

Payroll Tax Payable 6,578 6,126

Net GST Payable 17,609 10,269

Superannuation Payable 74,992 16,459

Members Cards 9,145 9,408

5 Year Memberships - 6,137

CBA Credit Card 250 122

654,906 564,116


38



2018 2017

$ $

13 Borrowings Current

Loan Accounts

De Lage Landen P/L – Course Equipment 67,037 67,037

Unexpired Interest -De Lage Landen P/L (6,760) (10,087)

Aristocrat Interest Free Loan - Gaming Machine 8,480 -

CBA Term Loan 144,000 196,253

Community & Members 395,000 470,000

Aristocrat – Lightning Poker Machines 27,298 27,298

Unexpired Interest – Aristocrat (1,238) (2,055)

Total current borrowings 633,817 748,446

Non-Current

Loan Community & Members - 325,000

Term Loan Account

De Lage Landen P/L – Course Equipment 89,382 156,419

Unexpired Interest -De Lage Landen P/L (3,502) (10,262)

CBA Term Loan 385,130 -

Aristocrat – Lightning Poker Machines 25,022 52,320

Unexpired Interest – Aristocrat (395) (1,633)

Total non-current borrowings 495,637 521,844

Total borrowings 1,129,454 1,270,290

The Commonwealth Bank of Australia holds Registered first mortgages over the real property,

water rights and other assets of the Company.

A contingent liability comprised of a $50,000 auto pay facility and a $5,000 security deposit guarantee exists with the Commonwealth Bank of Australia.

14 Provisions

Provision for Holiday Pay - Current 224,069 212,250

Provision for Long Service Leave - Current 1,070 955

Provision for Long Service Leave - Non Current 105,784 91,169

330,923 304,374

Total provisions 330,923 304,374


39



2018 2017

$ $

Analysis of Total Provisions

Current 225,139 213,205

Non-current 105,784 91,169

330,923 304,374

16 Member's Guarantee

The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $2.00 each towards meeting any outstanding and obligations of the entity. At 30 June 2018 the number of members was 2,665.

17 Events After the Reporting Period

There are no after balance date events that would impact on the Club other than those already disclosed in this report.

18 Key Management Personnel Remuneration of Key Personnel Short-term employee benefits

Total Compensation 518,905 491,765

518,905 491,765

Post-employment benefits

Total Compensation 102,117 104,887

102,117 104,887

Total compensation 621,022 596,652

Key Personnel

Craig Smith - General Manager

Ben Lucas - Course Manager

Theresa Rootsey - Operations Manager

Hazel McDiarmid- Kitchen Manager

Rodney Booth - Director of Golf


40



2018 2017

$ $

19 Cash Flow Information

Reconciliation of Cash Flow from Operations with Profit after Income Tax (5,651) (76,494)

Non-cash flows in profit

Depreciation 438,576 414,781

Net gain on disposal of property, plant and equipment (3,108) (12,164)

Net loss on disposal of property, plant and equipment 24,928 -

Sale of intangible assets (236,669) -

Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries

(Increase)/decrease in inventories (27,408) (36,919)

(Increase)/decrease in other assets 20,199 16,754

(Increase)/decrease in trade and other receivables (6,177) 21,040

Increase/(decrease) in trade and other payables 90,790 48,848

Increase/(decrease) in other liabilities 26,549 21,702

322,029 397,548

20 Financial Risk Management

The Company's financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable, loans to and from subsidiaries, bills and leases.

The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements are as follows:

Financial Risk Management Policies

The directors' overall risk management strategy seeks to assist the Company in meeting its financial targets, whilst minimising potential adverse effects on financial performance.

Risk management policies are approved and reviewed by the Board of Directors on a regular basis. These included the credit risk policies and future cash flow requirements.

The main purpose of non-derivative financial instruments is to raise finance for Company operations. The Company does not have any derivative instruments at 30 June 2018.


41



2018 2017

$ $

Specific Financial Risk Exposures and Management

Interest rate risk

The entity's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on those financial assets and financial liabilities, is as follows;

$ $

Floating Rate Instruments

Cash at bank 374,145 134,198

Trade and Other Receivables 22,218 16,040

Cash on Hand 100,000 101.292

Total floating rate financial assets 496,363 251,530

Liquidity Risk

The entity manages liquidity risk by monitoring forecast cash flows and utilising cash reserves.

2018 Weighted

Average Effective

Interest Rate

Fixed Interest Rate Maturing

Total

Within 1 Year 1 to 5 Years

Over 5 Years

% $ $ $ $

Financial assets - cash flows realisable

Cash and cash equivalents 1 322,000 331,660 356,000 1,009,660

Total anticipated inflows

Financial liabilities due for payment

Bank Loan Secured and Community Loans 5 (246,815) (236,059) 0 482,874

Total expected outflows

Net (outflow)/inflow on financial instruments 75,185 95,601 356,000 526,786


42



2017 Weighted Average Effective

Interest Rate

Fixed Interest Rate Maturing

Total

Within 1 Year 1 to 5 Years Over 5 Years

% $ $ $ $

Financial assets - cash flows realisable

Cash and cash equivalents 1 557,643 569,353 616,193 1,743,189

Total anticipated inflows

Financial liabilities due for payment

Bank loan secured 5 (333,386) (333,386) (540,518) (1,207,290)

Total expected outflows

Net (outflow)/inflow on financial instruments 224,257 235,967 75,675 535,899

21 Related Party Transactions

Transactions between related parties are on normal commercial terms and conditions. These terms and conditions are no more favourable than those available to other parties unless otherwise stated.

Transactions with related parties:

Loans Directors and members of the entity have lent unsecured funds to the entity at commercial rates of interest. No director or member has received any additional benefit from these loans.

Accountancy Adam Purtill a director of Stubbs Wallace Pty Ltd who are the Club’s accountant. His Company Stubbs Wallace Pty Ltd has been remunerated for those services. (2017/18 $22,649) (2016/17 $22,940)

22 Commitments

As at 30 June 2018 the total of the Clubs linked progressive Poker Machine Jackpots not paid was $4,294

23 Contingent Liabilities Public Liability Claims

As at the date of this report, the Club has no unresolved Public Liability Claims.


43



24 Company Details

TOCUMWAL GOLF AND BOWLS CLUB LIMITED

The principal place of business is:

Tocumwal/ Barooga Road, Tocumwal NSW 2714

25 Segment Reporting

The Club operates in one business and geographical segment, being in gaming and sporting sectors, providing social facilities to members.


44

DIRECTORS’ DECLARATION

1. In the opinion of the Directors of the Tocumwal Golf and Bowls Club Limited:

a The financial statements and notes of Tocumwal Golf and Bowls Club Limited are in accordance

with the Corporations Act 2001, including:

(i) Giving a true and fair of its financial position as at 30 June 2018 and of its performance for the financial year ended on that date, and

(ii) Complying with Australian Accounting Standards – Reduced Disclosure Requirements (including

the Australian Accounting Interpretations) and the Corporations Regulations 2001; and

b There are reasonable grounds to believe that Tocumwal and Bowls Golf Club Limited will be able

to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the directors:


45

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF TOCUMWAL GOLF & BOWLS CLUB LTD

Report on the Financial Report

We have audited the accompanying financial report of the Tocumwal Golf & Bowls Club Ltd, which comprises the statement of financial position as at 30 June 2018, 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, other explanatory information and the directors' declaration.

Directors' Responsibility for the Financial Report

The directors of the Tocumwal Golf & Bowls Club Ltd are responsible for the preparation of the financial report that gives 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 a financial report that gives a true and fair view, and is free from material misstatement, whether due to fraud or error.

In Note 2, 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. The accounts have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.

Auditor's Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements, and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, 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 report that gives 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 report.

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 Tocumwal Golf & Bowls Club Ltd, would be in the same terms if given to the directors as at the time of this auditor's report.


46


47

NOTES

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TOCUMWAL GOLF & BOWLS CLUB LTD

Income and Expenditure Statement for Period 01/07/2017 to 30/06/2018

Last Year This Year

48

TOCUMWAL GOLF CLUB LTD

REVENUE

1,207,610.06 BAR 1,286,985.42 2,084,846.91 POKER MACHINES & GAMING 1,875,057.65 1,153,550.48 CATERING 1,182,139.58 1,028,958.41 GOLF COURSE 1,067,550.69

149,766.79 GOLF PACKAGES 104,087.08 66,697.62 OTHER INCOME 295,958.31

694,644.96 PRO SHOP 744,694.76

36,615.06 BOWLS 44,172.61

6,422,690.29 TOTAL REVENUE 6,600,646.10

EXPENSES

876,275.32 BAR 988,313.04 988,951.11 POKER MACHINES & GAMING 883,553.49

1,203,752.50 CATERING 1,200,573.20 957,117.56 GOLF COURSE 1,034,917.51 59,802.56 GOLF PACKAGES 60,607.21

1,821,804.70 ADMINISTRATION EXPENSES 1,837,230.80 528,333.32 PRO SHOP 546,073.43

64,849.92 BOWLS 55,028.67

(6,500,886.99) TOTAL EXPENSES (6,606,297.35)

TRADING SUMMARY

331,334.74 BAR 298,672.38 1,095,895.80 POKER MACHINES & GAMING 991,504.16

(50,202.02) CATERING (18,433.62) 71,840.85 GOLF COURSE 32,633.18 89,964.23 GOLF PACKAGES 43,479.87 66,697.62 OTHER INCOME 295,958.31

(1,821,804.70) ADMINISTRATION EXPENSES (1,837,230.80) 166,311.64 PRO SHOP 198,621.33

(28,234.86) BOWLS (10,856.06)

(78,196.70) TOTAL PROFIT/(LOSS) (5,651.25)



Last Year This Year

49

BAR

Income

1,204,366.85 Bar Sales 1,285,546.81 3,201.39 Bar Sales (Functions) 1,438.61

41.82 Bar (Variance) -

1,207,610.06 Total Income 1,286,985.42

Cost of Goods Sold

758,352.67 Opening Stock - Bar 780,898.50 479,474.81 Purchases - Bar 497,935.78

(772,511.32) Closing Stock - Bar (781,043.45) 5,411.77 Freight Costs 9,943.42 5,163.96 Bar Expenses 4,995.71

4,078.37 BOC Gas 4,596.49

479,970.26 Cost of Goods Sold 517,326.45

727,639.80 Gross Profit 769,658.97

Expenses

344,018.24 Salaries & Wages - Bar 400,062.35 31,808.97 Superannuation - Bar 38,929.15 13,270.17 Payroll Tax - Bar 18,051.02

7,207.68 Workers Compensation - Bar 13,944.07

(396,305.06) Total Expenses (470,986.59)

331,334.74 Profit/(Loss) - Bar 298,672.38



Last Year This Year

50

POKER MACHINES & GAMING

Income

- Misc - Promotions (200 Club, Calcutta) 3,095.45 8,514.82 Specialty Raffle 35,978.28 2,508.85 Bowls Raffle 5,356.82

1,908,921.26 Poker Machine Net Income 1,702,905.38 38,879.64 Commission - Keno 27,645.61 10,781.43 Commission - TAB 13,334.52 16,608.18 Bingo Raffles 6,532.90 22,479.11 Bingo Pen & Book Sales 10,737.78 58,973.62 Market Night Raffle 52,290.91

17,180.00 OSR GST Rebate 17,180.00

2,084,846.91 Total Income 1,875,057.65

Expenses

124,930.68 Depreciation 115,922.45 2,618.22 Keno Expenses 2,563.04

18,314.23 TAB Expenses 18,135.27 16,439.28 Pay TV Expenses 16,458.20

282,997.02 Poker Machine Tax 223,172.50 61,561.42 Poker Machine Maintenance 52,842.31 43,073.53 Poker Machine Data Monitoring 43,369.14

7,645.47 Promotions - Members Draw 6,027.28 36,684.28 Promotions - Bus Subsidies 33,086.78 51,119.76 Promotions - Market Night Raffle 58,632.19 59,602.17 Promotions - Bingo Prizes 25,809.65

- Promotions - Bingo Raffles 672.63

857.00

Promotions - Misc Purchases - Bingo Pens

4,698.45

1,116.00 Purchases - Bingo Books 900.00 8,356.42 Security - Armaguard 6,151.56

234,363.76 Salaries & Wages - Gaming 213,773.83 4,519.54 Specialty Raffle Expenses 29,280.79

20,525.82 Superannuation - Gaming 17,763.53 9,349.40 Payroll Tax - Gaming 8,159.26

4,877.11 Workers Compensation - Gaming 6,134.63

(988,951.11) Total Expenses (883,553.49)

1,095,895.80 Profit/(Loss) - Gaming 991,504.16



Last Year This Year

51

CATERING

Income

1,063,888.60 Catering Sales 1,052,524.93 89,334.61 Catering Sales (Functions) 129,614.65

327.27 Catering Sales (unclaimed vouchers) -

1,153,550.48 Total Income 1,182,139.58

Cost of Goods Sold

276,339.25 Opening Stock - Catering 316,873.08 511,952.32 Purchases - Catering 515,265.06

(278,282.93) Closing Stock - Catering (313,999.62)

- Freight 825.94


643,541.84 Gross Profit

Expenses

663,175.12

5,045.47 Function Expenses 4,798.73 16,457.61 Kitchen Expenses 14,722.17

588,497.74 Salaries & Wages - Catering 358,840.24 - Salaries & Wages - Front of House 210,661.05

145.00 Contract Wages 169.75 48,401.96 Superannuation - Catering 49,622.38 23,642.24 Payroll Tax - Catering 24,305.56 12,357.91 Workers Compensation - Catering 18,488.86

(804.07) Reimbursement Workers Comp -

(693,743.86) Total Expenses (681,608.74)

(50,202.02) Profit/(Loss) - Catering (18,433.62)



Last Year This Year

52

GOLF COURSE

Income

6,817.92 Membership - 5 Year 6,137.19 1,035.40 Membership-Junior 1,128.71

132,117.80 Membership - Full/Admin/Joining Fee 143,538.40 19,972.31 Membership - Social 17,532.18 72,975.43 Membership - Country 80,573.21

8,008.69 Levy Fees - Motorised Golf Vehicles 7,722.65 15,637.64 Levy Fees - Cart Shed 14,813.54

530,218.94 Green Fees 509,688.76 47.27 Golf Pro Cart Fee -

107,367.78 Competition Fees 137,316.45 - Challenge Bowl- Tournament Fees 879.54

5,246.36 River Belt Open- Tournament Fees 4,318.18 10,990.90 VET Tournament Fees 14,221.82 19,572.72 Easter Tournament Fees 18,800.02

- Doug Bachli Event 5,830.92 7,508.29 Winter Tournament Fees 7,155.44 6,313.18 Spring Tournament Fees 7,409.09 4,953.18 Cup Week Tournament Fees 1,551.82 6,063.82 Summer Tournament Fees 6,154.54

763.64 Trainee Pro Am Tournament Fees 200.00 3,999.60 Betty Senior Tournament Fees 3,779.00 6,409.18 Twilight Golf 9,006.36

508.19 Junior Development - 48,819.26 Sponsorship 49,585.47

8,500.89 2 Person Ambrose 10,081.93 - Tocumwal Open 5,372.72

1,840.91 Sundry Income 1,250.00 1,545.47 Car Parking 2,545.48 1,723.64 Holden Scramble (1,270.00)

- Mixed Championships 2,227.27

1,028,958.41 Total Income 1,067,550.69

Expenses

12,090.00 Course Development -

13,229.63 Interest Toro Loan 10,086.77 41,537.70 Fuel 44,230.82 10,523.01 Promotions - Golf 9,606.09

- Purchases - Water 3,519.02 7,060.76 Water Charges 6,092.21

30,393.74 Repairs & Maintenance - Irrigation 27,603.51 114,460.87 Repairs & Maintenance - Chemicals 118,409.56

6,317.00 Repairs & Maintenance - Signs & Flags 2,358.05 51,555.87 Repairs & Maintenance - Plant 36,562.59 38,463.35 Repairs & Maintenance - Course Works 38,038.45

4,609.03 Repairs & Maintenance - Other 3,834.41 24,906.05 Trophies 59,655.90 55,455.87 Power 82,180.32

1,085.00 Borrow Costs Toro Loan -

459,667.53 Salaries & Wages - Golf Course 497,307.33 15,325.78 Sponsorship 14,662.63 41,246.77 Superannuation - Golf Course 43,275.40 19,164.91 Payroll Tax - Golf Course 21,226.68

10,024.69 Workers Compensation - Golf Course 16,267.77

(957,117.56) Total Expenses (1,034,917.51)

71,840.85 Profit/(Loss) - Golf Course 32,633.18



Last Year This Year

53

Pro Shop

Income

98,626.28 Clothing/Hardware/Access - Pro Shop 137,111.42 45,241.28 SPARE (Hardware) 51,734.27 80,884.99 SPARE (Accessories) 86,610.77

135,086.10 Food / Drinks - Pro Shop 136,913.66 - Driving Range - Pro Shop 1,576.36

9,627.40 Other Income - Pro Shop 7,513.23

369,466.05 Total Income 421,459.71

Cost of Goods Sold

1,085,157.65 Opening Stock - Pro Shop 1,376,396.62 211,973.93 Purchases - Pro Shop 264,714.69

(1,105,974.02) Closing Stock - Pro Shop (1,406,532.52) - Freight Costs - Pro Shop 530.62


178,308.49 Gross Profit

Other Income Pro Shop

186,350.30

290,475.71 Cart Hire - Pro Shop 309,505.41 16,598.92 Driving Range - Pro Shop 13,729.64

18,104.28 Insurance Recoveries -

325,178.91 Total Other Income Pro Shop 323,235.05

Expenses

(342.40) Prizes/Trophies - Pro Shop 172.73 10,341.89 Fuel for Carts - Pro Shop 10,508.70 18,000.00 Interest - Golf Carts 18,000.00 32,655.44 Depreciation - Pro Shop 33,325.80 25,138.79 Repair & Maintenance Building - Pro Shop 404.54

9,516.48 Repair & Maintenance Equip-Pro Shop 10,726.84 1,687.11 Uniforms - Pro Shop -

209,747.23 Salaries & Wages - Pro Shop 204,574.14 17,687.92 Superannuation - Pro shop 17,825.32

8,383.71 Payroll Tax - Pro Shop 8,710.03

4,359.59 Workers Compensation - Pro Shop 6,715.92

(337,175.76) Total Expenses (310,964.02)

166,311.64 Profit / (Loss) - Pro Shop 198,621.33



Last Year This Year

54

Bowls

Income

4,994.94 Bowls Sundry Income 280.00 - Bowls (Functions) 181.82

7,654.73 Bowls Green Fees 1,078.07 5,146.00 Social Bowls 26,008.52

- Bowls Power Rebate (91.20) 9,718.48 Bowls Membership 10,446.33 1,590.91 Bowls Sponsorship 945.46

294.55 Bowls Apparel 1,640.89 7,215.45 Bowls Tournament Income 1,355.45

- Bowls Winter Tournament 900.00 - Bowls Melbourne Cup Tournament 1,018.18 - Bowls 55 & Over 409.09

36,615.06 Total Income 44,172.61

36,615.06 Gross Profit 44,172.61

Expenses

30,343.48 Adams Street -

2,195.85 Social Bowls Expenses 8,229.55 3,117.82 Bowls Tournament Expenses 4,686.38 3,374.37 Bowls Trophy Expenses 1,442.73 4,879.08 Bowls Subs & Affiliations 5,572.50

11,335.25 Bowls Wages 1,352.29 370.65 Repairs & Maintenance - Surrounds 4,546.52

- Bowls Catering Expenses 214.10 300.00 Bowls Pennant Expenses 566.00

1,665.13 Bowls Sundry Expense 613.57 2,777.00 Bowls Apparel 172.18

- Bowls Association Fees 416.00 - Bowls Tea/Coffee 296.34

2,258.03 Bowls Equipment 121.39

2,233.26 Bowls Depreciation 26,799.12

(64,849.92) Total Expenses (55,028.67)

(28,234.86) Profit / (Loss) - Bowls (10,856.06)



Last Year This Year

55

GOLF PACKAGES

Income

92,582.46 Golf Package Revenue 46,892.06

57,184.33 Golf Package Accommodation Commission 57,195.02

149,766.79 Total Income 104,087.08

Expenses

215.46

Golf Package -Accommodation Golf Package - Other Expenses

0.02

51,659.10 Golf Package -Wages 51,848.29 4,796.61 Golf Packages- Superannuation 4,862.67 2,062.08 Golf Packages-Payroll Tax 2,209.71

1,069.31 Golf Packages-Workcover 1,686.52

(59,802.56) Total Expenses (60,607.21)

89,964.23 Profit/(Loss) - Golf Packages 43,479.87



Last Year This Year

56

OTHER INCOME

18,020.98 Commission - ATM 14,978.91 509.07 Commission - Cigarette Sales 713.18

2,798.37 Commission - Vending Machines 2,788.00 150.00 Entertainment Income -

25.38 Float (Variance) -

18,464.00 Fuel Tax Rebates 18,684.00 - Grants & Rebates 1,363.64

1,210.52 Interest Received 306.67 14.93 ATO Interest Received -

12,163.66 Profit on Sale of Assets 3,108.00 - Poker Machine Entitlement sale 236,669.24

63.09 Pay Phone -

3,400.02 Room & Equipment Hire 2,617.29 - Staff Training Subsidies 8,500.00

9,877.60 Sundry Income 6,229.38

66,697.62 Total Other Income 295,958.31



Last Year This Year

57

ADMINISTRATION EXPENSES

33,078.78 Advertising - General 32,403.36 995.00 Advertising - Radio/TV -

2,873.63 Asset Purchases <$1000 1,532.28 40,440.00 Audit & Accounting Fees 46,825.00 30,068.16 Bank Fees 26,193.77

1,309.05 CDI (Club Directors) -

34,685.71 Computer Maintenance 34,952.62 349.16 Commissions/Amex,Dinners Cards -

3,292.64 Consultancy Fees 5,439.80 254,962.06 Depreciation 262,529.04 12,369.18 Donations - Club Grants 11,800.98

948.55 Donations - General 10.00 123,693.19 Electricity 172,683.83 32,289.09 Entertainment Expenses 37,028.56

5,121.40 Equipment Hire 3,441.10 5,831.99 Equipment Rental 4,155.60

598.60 Freight & Couriers 436.22 12,544.78 Gas 21,994.39

528.00 General Expenses 50.91 66,744.86 Insurance - General 60,001.38

543.81 Insurance - Motor Vehicles -

31,053.39 Interest Expense 37,879.96 15,223.43 Laundry/Cleaning Materials/Chemicals 15,991.22

2,340.00 Legal Expenses -

5,907.44 License Fees 6,533.86 (14,821.63) Long Service Leave Adjustment -

- Loss on Sale of Assets 24,929.84 131,786.24 Members Amenities 123,875.83 10,951.09 Motor Vehicles Registrations 8,195.47

5,706.22 Motor Vehicle Maintenance 6,142.66 242.25 Motor Vehicle Fuel -

3,000.00 Honorarium Payments 500.00 36,003.12 Printing & Stationery 27,781.48

4,728.49 Postage 5,245.87 7,294.56 Promotions 6,698.60

14,971.02 Rates - Council 13,884.83 3,531.69 Rates - Water 4,633.65

68,058.69 Repairs & Maintenance - Clubhouse 47,548.46 425.70 Repairs & Maintenance - Pro Shop 497.61

25,374.80 Rubbish Removal 28,516.68 16,579.71 Service Contracts 20,779.43 60,108.66 Subscriptions 58,537.59 17,201.73 Telephone Expenses 15,256.35

2,259.62 Travel & Accommodation 5,438.61 - Staff Amenities - Staff Meals 75.28

35,373.52 Staff Amenities 33,347.04 6,596.91 Staff Amenities - Staff Uniforms 6,950.08 1,372.93 Staff Amenities - Staff Beverages -

1,983.70 Staff Amenities - Other 2,105.61 5,964.34 Staff Training 3,321.17

415,784.95 Salaries & Wages - Administration 395,970.19



Last Year This Year

58

(78,196.70) TOTAL PROFIT/(LOSS) (5,651.25)

-

Salaries & Wages - Paid Parental Leave (8,427.66)

37,088.35 Superannuation - Administration 36,022.16 16,510.18 Payroll Tax - Administration 16,619.18

8,469.12 Workers Compensation - Administration 12,736.76 42,660.47 Salaries & Wages - AL/LSL Accrual 26,548.53

118,842.78 Salaries & Wages - Cleaning 111,341.60 11,017.41 Superannuation - Cleaning 10,102.76

4,841.45 Payroll Tax - Cleaning 4,743.46 2,130.34 Workers Compensation - Cleaning 3,651.76 1,285.80 Variance - (POS) 1,900.14

688.59 Variance - (Float) (124.10)

1,821,804.70 Total Administration Expenses 1,837,230.80

2018 annual report - club tocumwal

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