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Ocean Shores Country Club - Annual Report 2013-14 | 1

ANNUAL REPORT2013-2014


ABN: 84 000 724 676

Financial Report For The Year Ended30 June 2014CONTENTS

Directors' Report

Auditor's Independence Declaration

Income Statement

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Directors' Declaration

Independent Audit Report

Ocean Shores Country Club Ltd

Annual Report For The Year Ended 30 June 2014

Notice of Annual Meeting��3

Membership ��4

Chairman’s Report ��5

General Manager’s Report ��6

Treasurer’s Report ��7

Mens Golf Report ��9

Ladies Golf Report��10

Men’s Veteran Golf Report �� 11

Women’s Bowls Report ��12

Men’s Bowls Report ��14


NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 45th Annual General Meeting of Members will be held in the main lounge at the Clubhouse, Orana Road Ocean Shores NSW 2483 at 9am on Sunday 19th October 2014. Agenda 1. Declare the 45th Annual General Meeting open. 2. Attendance Roll 3. Apologies Ordinary Business 4. To receive and consider the minutes of the 44th Annual General Meeting held

on Sunday 27th October 2013. 5. To receive and consider the reports of the Directors and Auditors for the year

ended 30 June 2014. 6. To receive and consider the Financial Statements as at 30 June 2014 for the

year ended on that date. (Any questions in regard to the contents of these reports are to be submitted in writing to the General Manager seven days prior to the AGM to enable a well-informed response to be made at the meeting)

7. To consider and approve benefits received by Directors and Committees “Pursuant to Section 10(6) of the Registered Clubs Act 1976”. To repay out of pocket expenses reasonably incurred by any member of the Board in the course of carrying out his or her duties for the Club provided that they are approved by the Board.

8. The members hereby approve and agree to the provision of a limited number of reserved car spaces in the Club’s car park.

9. To deal with any other business for which due notice has been given. 10. To consider and approve benefits received by members who are accepted

into the membership Category of “Special Veterans” for the membership year 2014-2015.

11. To elect the Board of Directors for 2014-2015 in accordance with the Clubs Constitution.

Members please note point(s) 7, 8 and 10: that members acknowledge that

the above benefits are not available to members generally but only for those that are specified in the above resolutions.

By order of the Board of Directors Andrew Spice, JP General Manager September 11, 2014


MEMBERSHIP The membership as at 30 June 2014

2013 2014 Life Member 1 1 Male Golf 265 258 Female Golf 53 49 Male Bowls 65 69 Female Bowls 30 38 Male Golf & Bowls 41 39 Special Veteran Golfer (Male & Female) 38 42 Special Vet Golf /Bowls (Male & Female) 9 8 Ordinary (Male & Female) 11 9 Male Country Golf 24 36 Female Country Golf 4 5 Female Golf & Bowls 4 2 Social (Male & Female) 2095 2151 Country Golf/Bowler (Male & Female) 0 1 Leave of Absence 0 0 Colt Golfers 7 11 Colt Golfer/Bowler 0 0 Mid Week Golfer (Male & Female) 114 127 Mid Week Golfer/Bowler (Male & Female) 15 13 Sub Total 2776 2859 Golfer Junior (Male & Female) 15 10 Golfer Cadet (Male & Female) 4 7 Junior Golfer/Bowler (Male & Female) 1 1 Cadet Golfer/Bowler (Male & Female) 0 0 Junior Bowls (Male & Female) 1 1 Cadet Bowler 1 1 Total 2798 2879


CHAIRMAN’S REPORT On behalf of the Board of Directors, I am pleased to report on the Club’s operations and activities for the 2013/14 year. For a change the year was a relatively dry one and although Golf and Bowls operations did not improve markedly, all other areas, excluding House and Administration, saw increased profits. The club recorded a pleasing operating profit of $138,293. The Board and Management continue to investigate ways of cutting costs to reduce expenditure, however our facilities need to be maintained, making this a difficult task. The Board has received the recommendations of an energy efficiency audit. Following the audit, management is continually investigating where energy can be saved, setting benchmarks and initiating energy saving projects. Through our membership of the Office of Environment and Heritage Sustainability Advantage Program, we are learning how we can become more efficient in our use of lighting, air conditioning, heating, ventilation and refrigeration. Management and Directors have during the year undertaken various courses and modules to reach our goal of optimum energy efficiency. Staff are also being trained to be energy aware. Also from July 1, 2013, new Directors are required to undertake mandatory Director training within twelve (12) months of their appointment. All Directors will be subject to ongoing compliance requirements involving course and conference attendance, online subjects including Industry best practice, responsible service of alcohol, finance and resource development. This is a Government requirement with legislation to be phased in over three (3) years. I am pleased to report our Directors have fulfilled their obligations. I thank all the members who served on S.I.G. committees, with the Goonies, or in any other capacity. Your assistance has been invaluable. To our General Manager, Andrew, and his friendly and efficient staff, I convey the Board’s appreciation for your efforts and dedication over the past year. Finally, I would like to thank my fellow Directors for their support, and the manner in which they undertook their individual duties. It has again been a pleasure to be Chairman of such an efficient and professional Board. Peter Tornaros Chairman


GENERAL MANAGER’S REPORT It is with a great deal of pleasure that I am able to report a profit of $138,293 for the year ending 30 June 2014, a vast improvement on last year’s trading. Again the past year has seen good growth in Golf, Bowls & Social memberships, which is very pleasing and contrary to membership trends of the industry. None of the above can be achieved without the commitment and dedication of our Management Team and staff, thank you for your loyalty and courteous service you deliver to our members and guests. I also wish to acknowledge the continuing efforts by the Board of Directors who at all times have ensured that the Club remains financially viable and provides for its members. To the Club Chairman Peter Tornaros and the Board of Directors thank you for your support, commitment and hard work throughout the year. We are fortunate to have such a dedicated team of volunteers who lighten the work load. There are too many to name individually, but a big thank you to our many volunteers group, for your contributions over the year. Without your valuable input the club would not be where it is today. I would like to congratulate the various golf and bowls winners. Also thank you to those who represented the Club in Pennants, I am sure you all performed admirably. Many thanks to our caterer, Dino and his staff for the professional service and top quality food they provide through Meraki Bistro. It is pleasing that we continue to receive favorable reports on the service provided by Meraki Bistro. To you, the Club is here for members to enjoy and I thank you for your support during the past year. I encourage members to continue to participate in Club activities and enjoy the wonderful facilities the Club has to offer. Andrew Spice, JP General Manager


TREASURER’S REPORT

2014

2013

OPERATING PROFIT $ 138,293

$ 29,114 DEPRECIATION $ 260,650

$ 268,750

LOSS ON DISPOSAL OF ASSETS $ -

$ -

2014

2013

CONTRIBUTION AREAS Actual

Actual BAR $283,825

$257,816

POKER MACHINES $761,712

$629,581 KENO $44,936

$33,770

GOLF -$48,507

-$55,963 BOWLS -$21,119

-$19,940

HOUSE -$539,356

-$493,175 ADMIN -$379,424

-$34,637

TAB -$8,518

-$5,258 HWH $16,546

$6,691

PRO SHOP $24,756

$11,115 MGC $760

$4,895

LGC -$436

$1,136 MVGC $901

$1,176

WBC $1,061

$2,539 MBC $1,155

$1,101

Total $138,293

$29,114

This was a very good result with the Club’s financial position improving on last year. However for the Club’s future to remain financially sound, the Board and Management must proceed with caution when preparing the operation budget and capital expenditure for the years ahead. Most areas of the Club performed near to or better than the budget forecast which was an excellent result. CAPITAL EXPENDITURE

CAPITAL EXPENDITURE Solar System $ 85,268

Lot 1 Wirree Drive $ 46,483 Courtesy Bus $ 39,765 Roof Reinforcements for Solar $ 21,477 Air Conditioning $ 18,364 Round House Block Development $ 17,315 Roads Golf Course $ 16,897


Chemical & Fuel Storage Golf Course $ 13,065 Ice Machine $ 11,500 Capital Works In Progress $ 3,575 Note Counter & Coin Scales $ 3,500 Office Computer x 2 & Phone Station $ 3,399 E-Score $ 2,873 Pool Pumps and Cleaner $ 2,561 Web Site $ 2,273 Artificial Plants $ 2,270 Bunker Pump $ 2,000 Junior Bowls Equipment $ 1,180 Hire Pull Buggies $ 969 Office Desk x 2 $ 765 IPad $ 478

Total $ 295,977 The Club made several unbudgeted capital purchases during the financial year. The Board felt that these items were too important for the future of the Club not to proceed with, of these the three major purchases were:-

1. The instillation of a solar electricity system. This has resulted in a significant reduction to the Club’s monthly electricity account, with early indications showing the system will have paid for itself within three years.

2. A new bus was purchased for the Club as the maintenance costs associated with keeping the previous bus operating had become excessive and the timing coincided with a more aggressive marketing/promotional strategy for the Club.

3. The purchase of Lot 1 Wirree Drive, Ocean Shores (vacant land adjacent to the 10th fairway), at what was considered to be a reasonable price the Club gained control over the future of this parcel of land.

I would like to thank the Finance Committee Les, Bob and Tom for their assistance. The General Manager, Andrew, and the office staff Trish, Anna and Amee, thank you for your help throughout the year. The Club staff, both outdoor and in house, you perform your duties in a professional and pleasant manner. The members, I would like to thank you for continuing to support your club. Anne Slater Treasurer


MEN’S GOLF REPORT

Men’s golf continued along a similar path to 2013. We experienced some great weather, which saw a lot more competition and social golf played during the year. One of our premier events, the Ocean Shores Cup is gaining wide recognition and continuing to grow. Our aim for this event is attract golfers from other clubs and showcase our course and facilities and it was great to see golfers from as far as Armidale and Brisbane play in this year’s event. The committee’s decision last year to change the format of the Club Championships and have a seeded match-play draw did not prove as popular as we expected. As such, the format has gone back to its original format of 4 rounds of stroke play. As with any decision, we can’t please everyone. The structure of this year’s Australia Day event will also be reviewed and, without burdening next year’s committee with a decision, it looks likely that the format will be changed from a 3-day to a 2-day event. This has been driven by the lack of people entering the 3-day event. With everyone’s busy lifestyles, most find it very difficult to devote 3 days over a holiday weekend to play golf. If this change is made, hopefully we will see an increase in participation and enjoyment of the event. Last year’s Presentation Night was a great event with some great entertainment. Presentation Night is always popular and this year’s event is not far away and it promises to be a great evening once again. The three course meal and drinks are, as always, subsidised by Men’s Golf, so make sure you come along, organise a table with some friends and enjoy a great night out. The committee received some feedback this year in relation to the running of the game of golf. The members of the committee devote a lot of time and do a lot of work behind the scenes to make golf competitions a successful and enjoyable experience for our members. All the current committee members work full-time, so we are always looking for new ideas and assistance from members who want to contribute towards the running of Men’s Golf. Please consider putting your name up for nomination at this year’s Men’s Golf AGM and help continue the great work done by past committees. To finish up my report I’d like to thank those who play their part in making the game golf at Ocean Shores a truly enjoyable experience. Firstly, to my fellow committee members who volunteer their time and contribute their opinions and great ideas. To our superintendent, Shane and his staff – the course is in mint condition and the improvements you are making to those previously unsightly areas are tremendous. Congratulations and thank you for the great work you do. To Chris and the staff in the Pro-shop, whose support and commitment never goes unnoticed. To our General Manager, Andrew, his staff and all the Board members for their valuable assistance during the year. And last, but certainly not least, I would like to thank our sponsors, the goonies and all the other volunteers and SIG members. My best wishes to you all for the coming year, both on and off the course. Stuart Brady President


LADIES GOLF REPORT

This has been a successful year for the Ladies Golf Club, as the weather has been perfect and the course in great condition. We had 2 pennant teams this year and the second division won the Northern Zone, but unfortunately was beaten in the final. Well done girls. The foursomes championship was won by Jacki Gray and Val Marsh. Popular winners of the Shootout were Gaye O’Donnell and Michelle Murray. Congratulations to all. We were successful in winning the Chincogan Roller again this year, which was played at Mullumbimby. The Championships will be played in September and our current Champion Jacki Gray will be hard to beat. We also have to contest the Os/Mur Shield, which will be played at Ocean Shores in October. We have some new members and we hope that they are enjoying their golf at Ocean Shores. A special thankyou to Chris for his Wednesday morning clinics – he has certainly tried to improve our golf. We appreciate your effort!! Sadly we lost our Patron, Jane Fry, and the original” entertainment” organiser, Hazel Sorrel, this year. I would like to take this opportunity to thank Shane and his team and, of course, the Goonies. The golf course has never looked so good and is a credit to all their hard work. Also a big thankyou to Andrew, Trish, Anna and Amee, to Col (nothing is too much trouble) Warner, to Chris, Trevor, Brad and Jacki in the Pro shop, to the lovely Chris in the HWH and to the Bar staff. A special thankyou to my hard working committee and to the Sponsors, who have supported us throughout the year. Sheila Brady President


MEN’S VETERANS GOLF REPORT

Well another year has gone and really we have had some great golfing weather. The field sizes continue to be strong and I thank our members for their continued support. We welcome our new members and of course miss those who are no longer playing with us. Our presentations are fairly well attended but are getting harder to manage with the increase in field sizes; however we still try and persist and ask players to try and co-operate by playing the game as quickly as they can. The Open Day this year was well attended and we were blessed with great weather, again the lunch, provided by the restaurant, was well commented on by members and visitors. Numbers were down slightly on last year and may be as a result of an increasing number of “Weeks of Golf” being held in our region. While on the subject, I must thank Chris Graham and the staff from the Pro Shop and Office for their help in running the day. It certainly made our life a lot easier…well done team. Results from the day gave us a morning winner Rodney Wade from Ocean Shores with 42 points and Paul Mc Cann from Byron won the afternoon field with 41 points. I also thank my Committee, Graeme Llewellyn (Capt.), Tony Cornell (V/Capt), Ted Carroll (V/Pres) and Bill Nichols (Secretary Treasurer) for the hard work they have put in over the year. I must also mention Tony Berry for the help he gave us to run the Open Day. I thank also the Country Club staff especially the girls in the office and Col, the Goonies, the Greens staff and Halfway House staff for their help and co-operation. To our patron and Vet’s Life members Hank Gould and Ian Homfray I extend my thanks for their contributions. To all those that have helped us over the year and who I haven’t mentioned…thank you also. Finally to any members or prospective new members who are considering a game. You are all welcome to join us for what we hope is the fun day of the week with a good bunch of blokes. Results of our 2013 Championship were: Vet’s Champion: Ian Smith Best Nett Fred Henry Division A: Peter Moyle Gross and Dick Hanks Nett Division B: John Bartlett Gross and Bryan Spruce Nett Division C: Stewart Carey Gross and Gordon de La Garde Nett Match Play: Mick Short and Runner up John Maddock Tony Dahl President


WOMENS BOWLS REPORT As usual the year has gone very quickly and been very busy. We had two teams in Pennant grades, two and four, and while we didn’t win the District we were very competitive, well done and better luck next year. We entered several teams in District events, with Barbara Sprengal getting to the semi-final and Barbara Sprengel, Lyn McGowan and Karen Gallard runner up in Triples. The District started The Versatile Sixes this year which was very popular with many entries. Joy Maree’s team did very well with a good win and some nice prize money. Golfer Bowler day was good fun but not a lot of entries, we need to promote this event a bit more and encourage more entries. Club Championships are well under way with Barbara Sprengal winning the major singles and Margaret Hosie winning the minor singles. Glenys Johnston, Margaret Hosie, Maxine Farquhar, and Coral Timewell winning the fours, well done girls, all other events are in progress. Our Seahorse Triples and Gala Days were well attended with the weather being very kind to us and of course Dino’s lunches are always a big hit. Running two friendships days in September proved very successful with members bringing friends and family and of course food, we hope to run more of these as requested by the visitors. The school children’s sports day of bowls this term has seen more children taking part and they are all keen and competitive. Thanks to our many helpers both men and women. Sandcrabs on the third Sunday of the month hasn’t been well attended, but the weather hasn’t been too good this year. Visits on Sundays, from social bowling groups, continue with our club being a popular venue. It is difficult to get a lot of support from our bowlers especially the men but thanks to Danny we are now able to host the Gold Coast teachers. Coral Timewell has sold her house and moved North, we wish her good luck we will miss her and her work on the Match Committee. Maureen and Bob James have also sold their house and are moving on. They will be greatly missed as they have put so much of their time into the bowls for the last eight or nine years. They are both national umpires and Maureen is also a Coach and Secretary of Women’s Bowls and has been involved in District work, we will miss them both and do wish them all the best. Thank you to all the sponsors they are really great and we must try and support their businesses.


Troy has done well as our greenkeeper, the gardens have never looked better. Must also thank all the administration staff, bar staff and kitchen staff. Special thank you to Col as he is willing to do extra for us thanks heaps Thank you to Match and Social committee and to Pam as Treasurer of ladies bowls. Maureen Bertoli does great table decorations and cooks great scones. Must once again thank Maureen James for all her help and encouragement and wish her well. Judith Williams President


MEN’S BOWLS REPORT

As our Men’s Bowling Club rolls through 2014 we reflect on the year that has just passed (quickly). This was the year that the Ocean Shores bowlers rose to the competitive side of bowls and excelled with outstanding results, but more of that later. Our membership remains steady with good numbers at our regular competitions. The Club Championships are competitive and well attended. Our committee works well together to try and ensure everyone is happy and enjoys their bowls day. The Twilight bowls, during the summer months, as a weekly event was a huge drawcard for our social bowlers. Dave Whitney and Lochie Johnston turned it on again with a terrific fun night of bowls. We welcome new green keeper Troy Makin, a born and bred local. Troy did his apprenticeship at our clubs and brings his experience to our bowling greens and surrounds. As a bonus Troy is one of the gun bowlers in the state. On the competitive side of bowls, namely the Pennants and interclub Championships, our results were outstanding. Competing against bigger clubs, our No 3 Pennants side won against the best District sides to progress to the Zone finals. The Zone includes Clarence, Richmond, Tweed and Byron districts. The 3’s won well and progressed to the state finals in Sydney. The District v Zone Club Championships involve 4 divisions, namely singles, pairs, triples and 4’s. Our triples and 4’s teams won their way through the District and Zone finals. So they are off to Sydney also. Massive kudos and congratulations to our humble Pennants and Championship sides and good luck in Sydney. Our fundraising activities have been well supported. Bob James and his small crew of helpers as well as the golfing Goonies have been a big help when asked to work around the greens. And finally I thank our hard-core, regular Monday bowlers for their support. We’d like to think that we are a welcoming friendly club and as such would encourage new members. We look forward to enjoying another good year at our Club. Mick Haines President


OCEAN SHORES COUNTRY CLUB LTD

ABN: 84 000 724 676

Financial Report For The Year Ended30 June 2014


ABN: 84 000 724 676

Financial Report For The Year Ended30 June 2014CONTENTS

Directors' Report

Auditor's Independence Declaration

Income Statement

Statement of Comprehensive Income

Statement of Financial Position

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Directors' Declaration

Independent Audit Report

Ocean Shores Country Club Ltd

Directors’ Report ��17

Auditor’s Independence Declaration ��20

Income Statement ��21

Statement of Comprehensive Income ��22

Statement of Financial Position ��23

Statement of Changes in Equity ��24

Statement of Cash Flows ��25

Notes to the Financial Statements��26

Directors’ Declaration ��36

Independent Audit Report ��37


The Company Secretary is Andrew Spice�Company Secretary

• Ensure ongoing profitability of the company to secure its financial future; and• Promote the sporting and social operations of the company

• Provide the best possible hospitality services to members and to the local community;

• Enhance members and visitors Golf and Bowls experience;• Maintain and / or modernise the Club’s premises and facilities;

Short-term and Long-term Objectives

• Grow the company’s operations.

Key Performance Measures

Principal ActivitiesThe principal activity of the company during the financial year was:

The company's short term objectives are to:

•The principal activities of the entity during the financial year were the provision of social and sporting facilities and those of a registered club. There were no other significant changes in the nature of the entity’s principal activities during the financial year.

• Increase the participation level of Club members through promoting the sporting and social operations of the company;• Maintain a financially healthy business;• Plan for the future development and expansion of the Club and facilities; and

• Further develop the Club's financial strategies

• The preparation of an annual budget for financial performance. Management and directors regularly review the company performance against the budget� • Marketing the Club and its facilities• Create and maintain a safe and family friendly club environment.

• Comparisons to industry and budgeted performances

• Operating profits• Golf Course & Bowling Green usage

The company uses the following key performance indicators to measure performance:

• Staff Cost• Gross Profit margins

The company's long term objectives are to:

To achieve its stated objectives, the company has adopted the following strategies:Strategies

OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676

DIRECTORS' REPORT

Directors

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

Leslie HoffmanNicholas Comer appointed (27/10/2013)

Robert James retired (27/10/2013)

Anne Slater

The names of each person who has been a director during the year and to the date of this report are:

Your directors present this report on the company for the financial year ended 30 June 2014�

Peter Tornaros

Danny Taylor appointed (27/10/2013)Ian WingadRobert Baxter retired (27/10/2013)

Anthony DahlJohn Maddock

Peter Moyle retired (27/10/2013)



DIRECTORS' REPORT

————

————

————

————

————

————

————

————

————

————

———— Operations Committee

Director/Golf RepresentativeSelf-employed Tiler

Golf Representative/DirectorRetired Business Owner Member of Board since 21/09/2003Chairman Golf Management Committee, Marketing & Sponsorship Committee

House & Social Committee, Operations CommitteeMember of Board since 26/10/2008, retired 27/10/2013Retired Real Estate AgentDirector

Member of Board since 25/10/2009, retired 27/10/2013

Director

Golf Management Committee, Marketing & Sponsorship Committee, Asset Management Committee

DirectorBusiness Owner- Floor Covering & InstallationsMember of Board since 21/10/2012

Retired Banker/Small Business OwnerMember of Board since 23/09/2007Chairperson Finance Committee, Asset Management Committee

Director/Treasurer

Director

Member of Board since 27/10/2013

Special Responsibilities

Retired Public Servant/Business Owner

Ex-officio all Committees

Chairman

Director since 21/09/2003

Retired Journalist/Editor Daily TelegraphDirector since 24/09/2006Chairman Asset Management Committee, Finance Committee, Bowls Management Committee

Deputy Chairman

Consultant Member of Board since 24/10/2010Chairman Marketing & Sponsorship Committee


Qualifications

DirectorMaintenance Ganger Local Council

ExperienceSpecial Responsibilities

Robert James

Experience Member of Board since 27/10/2013Chairman Bowls Management Committee, Marketing & Sponsorship Committee

Robert Baxter

Experience

Bowls RepresentativeRetired Deputy Principal Member of Board since 03/11/2006, retired 27/10/2013Chairman Bowls Management Committee, Finance Committee

Asset Management Committee

Air Traffic Controller/Hospitality Business Owner

Peter Moyle

QualificationsExperienceSpecial Responsibilities


Qualifications

Qualifications

Qualifications

Experience


Ian Wingad

Leslie Hoffman

Qualifications

QualificationsExperience



Experience

John MaddockQualificationsExperience

ExperienceSpecial Responsibilities

QualificationsNicholas Comer

Information on Directors

Danny Taylor

Anne SlaterQualifications

QualificationsExperienceSpecial Responsibilities

Peter Tornaros


Anthony Dahl

Experience



DIRECTORS' REPORT

Number Number Number NumberHeld Attended Held Attended 12 12 3 3 12 11 3 2 8 8 1 -

12 8 3 2 12 10 3 3 12 12 3 2 8 5 1 1

12 12 3 2 4 4 2 2 4 4 2 1 4 4 2 1

11th September 2014

Board Special BoardMeetings Meetings

Dated this

The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee� If the company is wound up, the constitution states that each member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the company� At 30 June 2014, the total amount that members of the company are liable to contribute if the company is wound up is $5,758 (2013: $5,596)�

day of

The Directors consider the Club's defined premises and all of its facilities to be Core Property� The directors do not consider the Club to have Non-Core Property�

(c) any other property declared, by resolution passed by a majority of the members present at a general meeting of the ordinary members of the club, not to be core property of the Club�

Non-core property is defined as meaning any real property owned or occupied by the Club that is not core property�

Core – Non Core Property as required under Section 41J of The Registered Clubs Act

Section 41J of the Act defines core property as meaning 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

Robert Baxter

Anthony DahlJohn Maddock

Meetings of Directors

During the financial year, 15 meetings of directors were held� Attendances by each director were as follows:

Leslie HoffmanPeter Tornaros

Nicholas Comer

Robert JamesPeter Moyle

Anne SlaterDanny TaylorIan Wingad

Peter Tornaros

This directors’ report is signed in accordance with a resolution of the Board of Directors.

Director

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the year ended 30 June 2014 has been received and can be found on page 20.


(i)

(ii)


AUDITOR’S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF OCEAN SHORES COUNTRY CLUB LTD

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2014 there have been no contraventions of:

the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

any applicable code of professional conduct in relation to the audit�

Watson & Fenton Chartered AccountantsName of Firm

Name of Partner

Date 10/09/2014

Barry Dunnett

Address 39 Wharf Street

Tweed Heads NSW 2485


Note 2014 2013$ $

Revenue 2 3,877,024 3,572,422 Other income 2 3,318 - Employee benefits expense 3(a) (1,335,652) (1,237,988)Depreciation and amortisation expense 3(a) (260,650) (268,750)Interest expense 3(a) (1,925) (14,206)Cost of sales 3(a) (823,868) (789,165)Other expenses 3(b) (1,319,954) (1,233,198)Profit/(loss) before income tax 138,293 29,115 Income tax expense 1(j) - - Profit/(loss) for the year 138,293 29,115

The accompanying notes form part of these financial statements�


STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2014


2014 2013$ $

Profit/(loss) for the year 138,293 29,115 Other comprehensive income for the year - - Total comprehensive income for the year 138,293 29,115



STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014


Note 2014 2013$ $

ASSETSCurrent assetsCash and cash equivalents 4 347,200 233,171 Trade and other receivables 5 63,595 5,415 Inventories 6 138,117 141,330 Other current assets 7 25,703 22,099 Total current assets 574,615 402,015

Non-current assetsProperty, plant and equipment 8 2,478,679 2,439,936 Total non-current assets 2,478,679 2,439,936

TOTAL ASSETS 3,053,294 2,841,951

LIABILITIESCurrent liabilitiesTrade and other payables 9 537,646 467,445 Borrowings 10 10,584 17,234 Employee provisions 11 139,952 126,523 Total current liabilities 688,182 611,202

Non-current liabilitiesBorrowings 10 500 11,084 Employee provisions 11 20,923 14,267 Total non-current liabilities 21,423 25,351

TOTAL LIABILITIES 709,605 636,553

NET ASSETS 2,343,689 2,205,398

EQUITYRetained earnings 2,314,637 2,176,346 Reserves 29,052 29,052 TOTAL EQUITY 2,343,689 2,205,398



STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014


RetainedSurplus

Capital Profits Reserve Total

$ $ $ 2,147,231 29,052 2,176,283

29,113 29,113 29,113 - 29,113

2,176,344 29,052 2,205,396 2,176,344 29,052 2,205,396

138,293 138,293 138,293 - 138,293

2,314,637 29,052 2,343,689


Total comprehensive income attributable to the entity

Balance at 30 June 2014


STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014

Profit/(loss) for the year

Profit/(loss) for the year

Balance at 1 July 2012

Balance at 30 June 2013

Comprehensive Income

Comprehensive IncomeBalance at 1 July 2013

Total comprehensive income attributable to the entity


Note 2014 2013$ $

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from members and Club patrons 4,293,146 3,933,955 Payments to suppliers, employees and the ATO (3,865,338) (3,595,798)Interest received 1,455 3,223 Interest paid (1,925) (14,206)Net cash generated from operating activities 427,338 327,174

CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of property, plant and equipment 9,091 - Payment for property, plant and equipment (305,166) (263,767)Net cash from/(used in) investing activities (296,075) (263,767)

CASH FLOWS FROM FINANCING ACTIVITIESRepayment of finance lease liabilities (17,234) (25,052)Repayment of borrowings - (299,500)Net cash generated by/(used in) financing activities (17,234) (324,552)

Net increase/(decrease) in cash held 114,029 (261,145)Cash on hand at beginning of financial year 233,171 494,316 Cash on hand at end of financial year 4 347,200 233,171



STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2014


−

−

−

−

(a)Gaming subsidies are recognised in the period receipted, which aligns with the timeframe the poker machines are patronised�

Donations and bequests are recognised as revenue when received�

Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument�

Sponsorship revenue is recognised upon invoice to the sponsor; this amount is determined in accordance with the amount pledged and the timing with which the agreed pledge will flow to the Company�

Revenue from promotional rebates are recognised in the period they are earned, per the negotiated contracts�

Revenue from raffles is derived from ticket sales and is recognised in the period the raffle is drawn�

Commission revenue derived from patronising the ATM, Keno and TAB facilities provided, are recognised in the period it is earned�

Revenue from beverage sales is recognised when beverage is acquired by patrons�

Revenue from gaming is derived from poker machines and is recognised 'net' of payouts to players�

Revenue from competition and green fees are recognised when the golf course is used by playing patrons for such purposes� The receipt of fees and playing of golf usually occurs in the same timeframe�

Revenue from green fees is recognised in the period the bowling green is used by playing patrons for such purposes� The receipt of fees and playing of bowls usually occurs in the same timeframe�

Revenue from membership subscriptions are recognised upon receipt� However, those received in advance for future years are deferred until those timeframes are reached and are recognised, in the meanwhile, as a liability in the statement of financial position� Revenue from members subscriptions is aligned with the period the members utilise the facilities provided and paid for�

Consequently, the Company has also early adopted the following reduced disclosure (Tier 2) standards:AASB 2011–2: Amendments to Australian Accounting Standards arising from the Trans-TasmanConvergence Project – Reduced Disclosure Requirements which incorporates Tier 2 disclosure requirements for amendments made to AASB 101: Presentation of Financial Statements and AASB 1054: Australian Additional Disclosures;

AASB 2012-1: Amendments to Australian Accounting Standards – Fair Value Measurement – Reduced Disclosure Requirements which contains the Tier 2 disclosure requirements for AASB 13: Fair Value Measurement; and

AASB 2012–7: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements as it relates to the full-disclosure (Tier 1) standards that are mandatorily applicable for not-for-profit entities for the year ending 31 December 2013�

AASB 2011-11: Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements which contains the Tier 2 disclosure requirements for AASB 119: Employee Benefits (September 2011);

Accounting Policies

Revenue

Basis of Preparation

Ocean Shores Country Club Ltd has elected to early adopt the Australian Accounting Standards – Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements�

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 � The company is a not-for-profit entity for 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� Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated�

The financial statements were authorised for issue on 11 September 2014 by the directors of the company�

The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities� The amounts presented in the financial statements have been rounded to the nearest dollar�

Summary of Significant Accounting PoliciesNote 1


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014




(b)

(c)

Depreciation Rate

(d)

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

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

Inventories are measured at the lower of cost and current replacement cost�

Inventories acquired at no cost or for nominal consideration are measured at the current replacement cost as at the date of acquisition�

The entity applies the cost model as its accounting policy to property, plant and equipment�

Freehold land is shown at cost�

Buildings are shown at cost less accumulated depreciation and any accumulated impairment losses�

Finance leases are capitalised, recognising an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values�

Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the entity will obtain ownership of the asset� Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period�

Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised 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�

Buildings 2�5 - 5%

Leased plant and equipment 20 - 25%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount� These gains or losses are recognised in profit or loss in the period in which they arise�

LeasesLeases 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 entity, are classified as finance leases�

Plant and equipment 10 - 34%

Class of Fixed Asset

Property, Plant and Equipment

Freehold Property

Inventories

Plant and EquipmentPlant 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 its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset� A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(f) for details of impairment)�

Plant and equipment that have been contributed at no cost, or for nominal cost, are valued and recognised at the fair value of the asset at the date it is acquired�

DepreciationThe depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding freehold land, is depreciated on a straight-line basis over the asset's useful life to the entity commencing from the time the asset is held ready for use�

The depreciation rates used for each class of depreciable assets are:




(e)

Impairment

Derecognition

(f)

(g)

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the company’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.

Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument� For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i�e� trade date accounting is adopted)�

Employee Benefits

Provision is made for the Company’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave� Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled�

The Company’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as a part of current trade and other payables in the statement of financial position�

Short-term employee benefits

Other long-term employee benefitsThe Company classifies employees’ long service leave and annual leave entitlements as other long-term employee benefits as they are not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Provision is made for the Company’s obligation for other long-term employee benefits, of which long service leave is measured at the 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 market yields at the end of the reporting period on government bonds that have maturity dates approximating the terms of the obligations� Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss classified under employee benefit expense�

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 entity 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�

(iii) Financial liabilitiesNon-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost�

Financial assets are derecognised where the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset� Financial liabilities are derecognised when the related obligations are discharged, cancelled or have expired� The difference between the carrying amount of the financial liability, which is extinguished or transferred to another party, and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss�

Classification and Subsequent Measurement

Financial instruments are subsequently measured at fair value (refer to Note 1(q)), amortised cost using the effective interest method, or cost� Where available, quoted prices in an active market are used to determine fair value� In other circumstances, valuation techniques are adopted�

Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are recognised immediately as expenses in profit or loss.

Financial Instruments

Initial Recognition and Measurement

Impairment of AssetsAt the end of each reporting period, the entity assesses whether there is any indication that an asset may be impaired� If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss�

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

(i) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost�

(ii) Held-to-maturity investments




(h) Cash and Cash Equivalents

(i) Goods and Services Tax (GST)

(j) Income Tax

(k) Intangibles

(l) Provisions

(m) Comparative Figures

(n) Trade and Other Payables

(o) Critical Accounting Estimates and Judgments

Cash flows are presented 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�

The entity has self-assessed and has deemed itself as exempt from income tax under Div 50 of the Income Tax Assessment Act 1997� Accordingly, no provision for income tax has been raised�

Defined contribution superannuation benefits

The Company’s obligations for long-term employee benefits are presented as non-current liabilities in its statement of financial position, except where the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting date, in which case the obligations are presented as current liabilities�

Assessments are made on the probability of staff taking long service leave� This took into account history with the Club itself and characterisation of the Club industry� Staff with four years service were assessed at 49%, seven years at 75% and 9 years and beyond 100%�

Retirement benefit obligations

All employees of the Company receive defined contribution superannuation entitlements, for which the Company pays the fixed superannuation guarantee contribution (currently 9.25% of the employee’s average ordinary salary) to the employee’s superannuation fund of choice. All contributions in respect of employees’ defined contribution entitlements are recognised as an expense when they become payable. The Company’s obligation with respect to employees’ defined contribution entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end of the reporting period� All obligations for unpaid superannuation guarantee contributions are measured at the (undiscounted) amounts expected to be paid when the obligation is settled and are presented as current liabilities in the Company’s statement of financial position.

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�

Trade and other payables represent the liabilities for goods and services received by the company during the reporting period that remain unpaid at the end of the reporting period� The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability�

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

Assessments are made on the useful lives of fixed assets� Depreciation rates are set accordingly�

Software

Key Estimates

Software is initially recognised at cost� It has a finite life and is carried at cost less any accumulated amortisation and impairment losses� Software has an estimated useful life of between one and three years� It is assessed annually for impairment�

Provisions are recognised when the entity 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 reporting period�

Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year�

Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts� Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position�

Depreciation

Long Service Leave Entitlement




(p) Fringe benefits tax (FBT)

(q) Economic Dependence

2014 2013Revenue $ $Revenue from government grants and operating activities

— 17,190 17,180 — 900,605 741,527 — 1,262,084 1,196,291 — 834,981 794,196 — 152,477 131,153 — 427,569 397,976 — 73,658 83,982 — 89,914 68,572 — 67,199 68,068 — 49,892 70,254

3,875,569 3,569,199 Other revenue

— 1,455 3,223 1,455 3,223

Total revenue 3,877,024 3,572,422

Other income— 3,318 -

Total other income 3,318 -

3,880,342 3,572,422

(a)

Note 2014 2013$ $

(a)Employee benefits expense:

— 1,335,652 1,237,988

— 3(b) 100,277 85,163 Total employee benefits expense 1,435,929 1,323,151

The entity self assesses its liability for fringe benefits tax on an annual basis�

Interest received

Ocean Shores Country Club Ltd is dependent on the members and club patrons for the majority of its revenue used to operate the business� At the date of this report the Board of Directors has no reason to believe they will not continue to support Ocean Shores Country Club Ltd�

Raffles (house)

Government subsidy

Golf

GamingBar (beverage)

Total revenue and other income

Expenses

Employee on-costs expenses

Gain on disposal of property, plant and equipment

TAB, Keno and ATM commissionBowling

In previous years wastage and vending machine revenue was 'allocated to bar (beverage) revenue in full� These items are now grouped with the respective departments, in the same way as its reported internally� The effect is not material� Comparatives have been restated accordingly�

Note 3

Expenses

Employee benefits expense including contributions to defined contribution superannuation funds

Note 2 Revenue and Other Income

Other

Pro-shop Halfway House




Depreciation and amortisation:— 77,944 75,624 — 161,378 171,802 — 21,328 21,324

Total depreciation and amortisation 260,650 268,750

Finance costs:— 1,925 14,206

— 567,085 555,337 — 182,109 165,989 — 74,674 67,839

823,868 789,165

(b) Note— Repairs and Maintenance 150,113 131,426 — Operating lease rentals 114,603 121,688 — Prizes 113,311 99,375 — Employee on costs 3(a) 100,277 85,163 — Electricity & gas 89,313 107,553 — Raffle & members draw expenses 72,784 66,021 — Advertising & promotions 70,880 69,748 — Fertilisers, sand and chemicals 70,695 63,203 — Fuel and other vehicle costs 39,862 42,107 — Insurance 34,366 38,445 — Members amenities 31,008 28,891 — Affiliation fees 28,779 27,833 — Rates and water 27,871 21,427 — Security 22,673 20,898 — Mid week packages-lunches 20,376 19,104 — TAB Sky television 19,506 18,599 — Printing and stationery 18,262 24,837 — Central Monitoring expenses 16,632 16,160 — Entertainment 15,997 19,474 — Cleaning supplies 10,543 7,450 — Computer expenses 8,255 7,324 — Legal expenses 914 2,715 — Other operating expenses 242,934 193,757

1,319,954 1,233,198

2014 2013$ $

CURRENTCash float 82,591 91,678

4,673 4,793 5,469 5,972

104,012 50,728 150,455 80,000

14 347,200 233,171

347,200 233,171

Halfway House

Total cash and cash equivalents as stated in the statement of financial position

Interest expense on financial liabilities

buildings

Pro-shop - sale of goods

Cost of salesBar

Other

Total cash and cash equivalents as stated in the cash flow statement

leased assets

TAB AccountKeno Account

On Line Saver

Cash and Cash EquivalentsNote 4

Business Management Account

plant and equipment




Note 2014 2013$ $

CURRENTOther receivables 63,595 5,415 Total current trade and other receivables 14 63,595 5,415

2014 2013$ $

CURRENTAt cost

39,584 43,437 87,411 86,964 11,122 10,929

138,117 141,330

2014 2013$ $

Prepayments 25,703 22,099 25,703 22,099

2014 2013$ $

LAND AND BUILDINGSFreehold land:

472,216 408,418 Total land 472,216 408,418

Buildings:— 1,809,637 1,779,675 — (586,114) (508,170)

Total buildings 1,223,523 1,271,505

Total land and buildings 1,695,739 1,679,923

PLANT AND EQUIPMENTPlant and equipment:

— 2,584,390 2,539,298 — (1,824,792) (1,818,108)

759,598 721,190 Leased assets:

— 85,312 85,312 — (67,817) (46,489)

17,495 38,823

— 5,847 -

Total plant & equipment and CWIP 782,940 760,013

Total property, plant and equipment 2,478,679 2,439,936

At costLess accumulated depreciation

Trade and Other Receivables

At costLess accumulated depreciation

At cost Less accumulated depreciation

Note 8 Property, Plant and Equipment

At cost

Capital Works in Progress (CWIP):At cost

Inventories

Beverage stock

Note 6

Note 7 Other Current Assets

Golf course consumablesPro-shop stock

Note 5




Movements in Carrying Amounts

Land $

Buildings$

Plant and Equipment

$

Leased Assets

$

Capital Works in Progress

$Total

$

Balance at the beginning of the year 408,418 1,271,505 721,190 38,823 - 2,439,936 Additions at cost 63,798 29,962 205,560 - 5,847 305,167 Disposals - - (5,774) - - (5,774)Depreciation expense - (77,944) (161,378) (21,328) - (260,650)Carrying amount at the end of the year 472,216 1,223,523 759,598 17,495 5,847 2,478,679

2014 2013Note $ $

CURRENTTrade payables 65,759 84,405 Deferred income 262,005 235,535

54,126 53,436 97,806 47,867 38,420 33,865 17,362 11,138

2,168 1,199 537,646 467,445

2014$

2013$

Trade and other payables— Total current 537,646 467,445

537,646 467,445 Less deferred income (262,005) (235,535)Financial liabilities as trade and other payables 14 275,641 231,910

2014 2013$ $

CURRENT 10,584 17,234 10,584 17,234

NON-CURRENT- 10,584

10(a) 500 500 500 11,084

14 11,084 28,318

Financial liabilities at amortised cost classified as trade and other payables

Instalment arrangement

BorrowingsNote 10

Instalment arrangement

2014

Bank Loan

Golf points accruedSponsorships payableSpecial Interest Groups and sundries

Trade Payable and Other Payables

Accrued expenses

Note 9

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

GST payable (and tax reconciliation account)




(a)

CURRENT 2014 2013Short-term Employee Benefits $ $

Opening balance at 1 July 2013 126,523 126,762 Additional provisions raised during year 89,735 79,664 Amounts used (76,306) (79,903)Balance at 30 June 2014 139,952 126,523

NON-CURRENTLong-term Employee Benefits

Opening balance at 1 July 2013 14,267 25,516 Additional provisions raised during year 6,656 - Amounts used - (11,249)Balance at 30 June 2014 20,923 14,267

2014 2013Analysis of Employee Provisions $ $

139,952 126,523 20,923 14,267

160,875 140,790

(a) Lease Commitments

(b) Capital Commitments 2014 2013$ $

- 82,000

Lease commitments, both financial and operating at 30 June 2014 amount to $347,492 of which $189,973 is due within 12 months and the balance within 5 years�Such lease commitments include course equipment $71,488, golf carts $104,496, poker machines and the office photocopier�

Employee ProvisionsNote 11

Non-current

The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service� Based on past experience the company does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months� However, these amounts must be classified as current liabilities since the company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement�

Capital and Leasing Commitments

Current

Provision for Employee BenefitsProvision for employee benefits represents amounts accrued for annual leave and long service leave�

A provision has been recognised for employee entitlements relating to long service leave� In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data� The measurement and recognition criteria relating to employee benefits has been included in Note 1 of financial statements�

Note 12

FacilityThe loan has a 'redraw facility' where funds can be redrawn up to the original amount of $300,000, should the Board so choose�

Details and securityA Better Business loan was concluded with Commonwealth Bank of Australia ('CBA') in May 2012, as a consequence of the renovations to the clubhouse� This loan has since been settled� The Board has chosen to leave this loan 'open' with a very small balance�Security provided was a First Registered Mortgage over non residential real estate property located at 113A Orana Rd Ocean Shores NSW 2483�

Bank Loan




a. Key Management Personnel

2014 2013$ $

Key Management Personnel Compensation 172,782 166,044

b. Other Related Parties

Note2014

$2013

$Financial assetsCash and cash equivalents 4 347,200 233,171 Trade and other receivables 5 63,595 5,415 Total financial assets 410,795 238,586

Financial liabilitiesFinancial liabilities at amortised cost— trade and other payables 9 275,641 231,910 — borrowings 10 11,084 28,318

Total financial liabilities 286,725 260,228

Financial Risk ManagementNote 14

The carrying amounts 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:

The company’s financial instruments consist mainly of deposits with banks, local money market instruments, receivables and payables, and instalment arrangement�

Entity Details

Other related parties include close family members of Key Management Personnel, and entities that are controlled or jointly controlled by those Key Management Personnel individually or collectively with their close family members�

Related Party TransactionsNote 13

Ocean Shores NSW 2483

The registered office of the entity is:Ocean Shores Country Club Ltd

Ocean Shores Country Club LtdThe principal place of business is:

The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee� If the entity is wound up, the constitution states that each member is required to contribute a maximum of $2 each towards meeting any outstandings and obligations of the entity� At 30 June 2014 the number of members was 2879�

Members' Guarantee

Note 15

Note 16

Orana RoadOcean Shores NSW 2483

Orana Road

The totals of remuneration paid to key management personnel (KMP) of the company during the year are as follows:

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

During the year staff (family of key management) earned wages of $24,764 which includes superannuation�

Any person(s) having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly, including any director (whether executive or otherwise) is considered key management personnel�


1�

(a)

(b)

2� In the directors’ opinion there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable�

September 2014Dated this 11th

Director

day of

Peter Tornaros


DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Ocean Shores Country Club Ltd, the directors of the company declare that:

comply with Australian Accounting Standards - Reduced Disclosure Requirements; and

give a true and fair view of the financial position of the company as at 30 June 2014 and its performance for the year ended on that date�

The financial statements and notes are in accordance with the Corporations Act 2001 and:

The directors have determined that the company is a reporting entity that does not have public accountability as defined in AASB 1053: Application of Tiers of Australian Accounting Standards and that these general purpose financial statements should be prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements�


(i)

(ii)

Matters Relating to the Electronic Publication of the Audited Financial Report

giving a true and fair view of the company's financial position as at 30 June 2014 and of its performance for the year ended on that date; andcomplying with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations 2001�

Other matters

This auditor’s report relates to the financial report of Ocean Shores Country Club Ltd for the year ended 30 June 2014 included onOcean Shores Country Club Ltd website� The Club's directors are responsible for the integrity of Ocean Shores Country Club Ltdwebsite� We have not been engaged to report on the integrity of the Ocean Shores Country Club Ltd website� The auditor’s reportrefers only to the subject matter described above� It does not provide an opinion on any other information which may have beenhyperlinked to/from these statements� If users of the financial report are concerned with the inherent risks arising from publicationon a website, they are advised to refer to the hard copy of the audited financial report to confirm the information contained in thiswebsite version of the financial report�

Report on the Financial Report


INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OFOCEAN SHORES COUNTRY CLUB LTD

In our opinion, the financial report of Ocean Shores Country Club Ltd is in accordance with Corporations Act 2001, including:

The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error�

We have audited the accompanying financial report of Ocean Shores Country Club Ltd, which comprises the statement of financial position as at 30 June 2014, the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration.

Opinion

Directors' Responsibility for the Financial Report

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 judgment, 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 entity’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�

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 Ocean Shores Country Club Ltd, would be in the same terms if given to the directors as at the time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion�


Name of Firm Watson and Fenton Chartered Accountants

Auditor's signature:

Address:Tweed HeadsNSW 2485

Dated this 12th day of September 2014

39 Wharf Street

Barry Dunnett


OCEAN SHORES COUNTRY CLUB LTD SUPPORTS

Ocean Shores Soccer Club Ocean Shores Public School Ocean Shores Netball Club Ocean Shores Garden Club

Ocean Shores Art Expo Festival of the Imagination Ocean Public School

Brunswick Heads RSL Sub Branch Brunswick Valley Woodchop Brunswick Valley View Club

Brunswick Junior Surf Life Saving Club Brunswick Heads Marine Rescue

Brunswick Heads Simple Pleasures Photography Competition Mullumbimby Junior Rugby League Club Mullumbimby Senior Rugby League Club

Mullumbimby Hockey Club Mullumbimby Brunswick Heads Cricket Club

Mullumbimby Hospital Auxiliary Mullumbimby High School Chrysalis Program

Walter Eliza Institute of Cancer Animal Welfare League

Accommodation Network Lions Club

Probus Quota Club Rotary Club

St Vincent De Paul Byron Relay for Life

RACQ Careflight Helicopter Rescue Westpac Rescue Helicopter Service

Breast Cancer Institute Far North Coast Legacy

Byron Shire Respite Service CrabbesFest Short Film Festival

annual report - ocean shores country club low res.pdf · - annual report 2013-14 | 1. ... statement...

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