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PACIFIC PALMS BOWLING CLUB LIMITED

IA COMPANY LIMITED BY GUARANTEEl

A. B. N. 99546586347

FINANCIAL ACCOUNTS AND REPORTS

FOR THE YEAR ENDED 30TH JUNE, 2018

PACIFIC PALMS BOWLING CLUB LIMITED(A COMPANY LIMITED BY GUARANTEE)A. B. N. 99546586347DIRECTORS' REPORT

Your Directors present their report on the Company for the financial year ended 30'' June, 2018.

DIRECTORS

The names of Directors in office at anytime during or since the end of the year are:D. P. Fitzgerald, R. Reid, M. L. Fitzgeratd, B. F. Baker, K. A Royle, S. R. Hunt and M. J. Collins.

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

PRINCIPAL ACTIVITIES

The principal activity of the Company during the year was that of conducting a licensed Bowling Cluband maintaining bowling greens and clubhouse for members. No significant change in the nature ofthose activities has occurred during the year.

SHORT TERM OBJECTIVES

The Company's short-term objectives include:. To provide all the facilities to establish a lawn bowls club at Smiths Lake, Pacific Palms;. To encourage bowling and other recreation in the Pacific Palms District and to build and maintain

bowling greens, club house and other social, sporting and recreational amenities;. Maintain and enhance profitability in all areas of operations;. To assist the Smiths Lake and Pacific Palms communities through the use of the clubhouse and

adjoining facilities as well as the provision of donations and sponsorships;

LONG TERM OBJECTIVES

The Company's long-term objectives include:. To provide all the facilities to establish a lawn bowls club at Smiths Lake, Pacific Palms;. To encourage bowling and other recreation in the Pacific Palms District and to build and maintain

bowling greens, club house and other social, sporting and recreational amenities;. Maintain and enhance long term profitability in all areas of operations and use the funds

generated to expand and update the clubhouse, bowling green and adjoining facilities;. To maintain and expand the membership for both bowling and non bowling members;. Maintain modern and up to date bar, bistro and gaining facilities for the benefit of members and

their guests including the provision of keno and tab terminals;. To maintain strong community ties in the Smiths Lake and Pacific Palms communities.

MEASUREMENT OF PERFORMANCE

The Company measures its performance by reviewing financial results compared to the prior year forbar, bistro and gaining operations. It reviews financial results compared to budget as set by the Board ofDirectors and management as well as monitoring gross profit margins, poker machine analysis reportsand the net profit of the Company. These reviews are performed monthly by the board of Directors andmanagement.

OPERATING RESULTS

The profitforthe yearwas $12571 [2017: Profit $19243].Income tax expense in respect of the current, prior and deferred years is $Nil [2017: $Nil]Depreciation and amortisation charged for the year was $18489012017: $1750161.

DIRECTORS' REPORT CONTINUED

REVIEW OF OPERATIONS

The Directors report a profit for the year of $12571, a slight decrease in profit of $6672 when comparedto the 2017 profit of $1 9243. Turnover from trading activities increased $87096 when compared to the2017 year. Bar sales increased by $39734, while poker machine clearances also increased by $47362,turnover on poker machines continued to increase throughout the 2017 year, the result of theintroduction of "ticket in, ticket out" (TITO) in 2016. The retention rate which had declined in the 2017year did reverse in the 2018 year and clearances as a result increased overall for the year. The grossprofit percentage for the bar decreased by I. 609'0 as not all price increases were passed on to patrons.

The Clubhouse trading profit overall increased by $50872 when compared to 2017. The bar tradingprofit increase of $6422 coupled with the increase in poker machine trading profit of $46459 offset theincrease in bistro trading loss of $2009. Overall the Club passed on members discounts of $765,9during the year.

The increase in trading profit was matched by an increase in other income of $1 I 524. The mainincrease being sundry income $13666 as the Club began a new supply agreement with Toohey's in July2017 which included an increase in per litre rebate and promotion rates. Other increases were recordedin catering rent $2409, Tab Commission $1886 and Keno Commission $1563. Decreases were recordedin green fees $2912 as the green was out for 3 months, insurance recoveries $8.32. It is worth notingthat the 2017 results included a net profit on sale of fixed assets of $2,367 compared to $1 960 in thecurrent year.

2018 20.7

$ $Bar Sales 8793/9 839585

Poker Machines (Net of Jackpots & Payouts) 782640 735278Bistro Sales

Overall expenses increased by $85885 when compared to the 2017 year. Employee Benefits Expenseincreased by $37275 compared to 2017, as a change in pay rates from the 1'' July 2017 handed downby the Australian Fair Pay Commission coupled with an increase in employee provisions of $8040contributed to this increase. Bar wages as a percentage of revenue Increased by 0.93% to 29.99%.Superannuation increased by $4377 due to the increase in wages overall.

Other major expense increases included depreciation $9874, members discounts $1748 as revenueincreased and the Board supported the new caterer, electricity $4058 as rates increased, advertising &promotions $5698, green materials $6704 and insurance $3239. These increases were offset bydecreases in courtesy bus $10085, director's expenses $1832, entertainment $3042, and kenoitabmaintenance $3130.

The cash flow generated by operating activities during the year of $208578 combined with existing cashholdings of $1396,7 has enabled the club to fund net plant and equipment purchases of $98623.

Directors and Management are thankful for the continued support of the Men's Bowling Club and thelocal community who have contributed to this result. The Board are hopeful that the Women's BowlingClub will be re-established in the future.

MEMBERS GUARANTEE

In accordance with the Constitution of the Company every member of the Company undertakes tocontribute an amount limited to $2 per member in the event of the winding up of the Company during thetime that he/she is a member or within one year thereafter. At the date of this report there are I290members (2017: I285 members).


AUDITORS INDEPENDENCE DECLARATIONA copy of the Auditors independence declaration as re uired under S t' 30 CAct 2001 is set out on page 5.

DIRECTORS' MEETINGS

The number of Directors' meetings (including special meetings and meetin s of commite f D'and number of meetings attended by each of the Directors of the Coin an d th f' :

Directors

MeetingsNo. of

MeetingsAttended*

11

10

12

11

10

11

11

Director

D. P. FitzgeraldR. Reid

M. L. FitzgeraldB. F. Baker

K. A. RoyleS. R. Hunt

M. J. Collins

Reflects the number of meetings attended during the time the Directo h IdReflects the number of meetings held during the time the Director h Id ff'

All current Directors have signed a statutory declaration of disclosures as th b -I

During the year the following Directors were granted a leave of absen :B*R. Baker - 2 months from December 2017.

DIRECTORS QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBIL

D. P. Fitzgerald Retired TradesmanPresidentCurrent Director

of the Corporations

No.

MeetingsHeld**

13

13

13

13

13

13

13

R. Reid

M. L. Fitzgerald

B. F. Baker

Subcontractor (Concreter/Carpentry)Vice PresidentCurrent Director

Retired Legal Office ManagerTreasurerCurrent Director

Retired Executive AssistantFormer DirectorCurrent Director


DIRECTORS QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES CONTINUED

K. A. Royle

S. R. Hunt

M. J. Collins

Retired Spray Painter/ Sand BlasterFormer DirectorCurrent Director

Retired He ary Vehicle ContractorCurrent Director

Retired Office Accountant/Office AdministrationCurrent Director

Signed at Pacific Palms this 19'' Day of August, 2018 by D. P Fitzgerald and R. Reid on behalf ofBoard and in accordance with a Resolution passed by the Directors

^,.

^...

ROSS EIARRISONBEus. CA

HARRISON, MAIN & MCARTHl. JRACCOUNTANTS, TAX AGENT'S AND AUDITORS

I declare that, to the best of my knowledge and belief, during the year ended 30'' June 2018, there havebeen

AUDITOR'S INDEPENDENCE DECLARATIONUNDER SECTION 307C OF THE CORPORATIONS ACT 2001

To THE DIRECTORS OF PACIFIC PALMS BOWLING CLUB LIMITED

(i) No contraventions of the auditor independence requirements as set out in the CorporationsAct 2001 in relation to the audit; and

No contravention of any applicable code of professional conduct in relation to the audi(ii)

ANDREW Met*. RTHURB. Fin Admin CA

A. B. N. 70 470 802504

ROD NORTHEYDip. Bus, PNA F1iA JP

HARRISON, MAIN & MCARTHURANDREW MCARTHUR - CAPARTNERREGISTERED COMPANY AUDITOR

I2-16 Wallis Street, Forster

,9th August, 20.8

P. 0. Box 143, Forstet, NSW 2428 0 1st Floor, Forster Tower, 12 -16 Wallis Street, Forster NSW 2428Phone: (02) 65547955 Fax: (02) 65554216 . E ail: acer@hmm. comau

Liability limited by ascheme approved underProfessional Sumdaads

COVE. DrE. G. Uric. Legislation

-^,.

To The Members

Pacific Palms Bowling Club Limited

ROSS HARMSONB. Bus. CA

Opinion

1-1ARRISON, MAIN & MCAR'I'HURACCOUNTANTS, TAX AGENTS AND AUDITORS

We have audited the accompanying financial report of Pacific Palms Bowling Club Limited, whichcomprises the Statement of Financial Position as at 30'' June 2018, the Statement of Profit or Loss andOther Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for theyear then ended, and notes to the financial statements, including a summary of significant AccountingPolicies and the Directors' Declaration as set out on pages 9 to 28.

In our opinion the financial report of Pacific Palms Bowling Club Limited is in accordance with theCorporations Act 2001, including:

a) Giving a true and fair view of the Company's financial position as at 30'' June, 2018 and ofperformance for the year ended on that date; and

by Complying with Australian Accounting Standards - Reduced Disclosure Requirements(including the Australian Accounting interpretations) and the Corporations Regulations 2001.

Basis for Our Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities underthose standards are further described in the Auditor's Responsibilities for the Audit of the FinancialReport section of our report. We are independent of the Company in accordance with the auditorindependence requirements of the Corporations Act 2001 and the ethical requirements of theAccounting Professional and Ethical Standards Board's APES I I O Code of Ethics for Proit^ssionalAccountants (the Code) that are relevant to our audit of the financial report in Australia. We have alsofulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporatibns Act 2001, which has beengiven to the Directors of the Company, would be in the same terms if given to the Directors as at thetime of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.

ANDREW MCARTHtIRB. Fin Admin, CA

INDEPENDENT AUDITORS' REPORT

A B. N 70 470 802504

ROD NOR, .fir, YDip. Bus, PNA F11A JP

Information Other than the Financial Report and Auditor's Report Thereon

The Directors are responsible for the other information. The other information comprises the informationincluded in the Company's Annual Report for the year ended 30'' June 2018 but does not include thefinancial report and our auditor's report thereon.

P. 0. Box 143, POTSter* NSW 2428. 1st Floor* Foister Tower, 12 -16 Wallis Street, ForSIGr NSW 2428Phone: (02) 65547955 Fax: (02) 65554216 . E atI: acct@hmm. comau

Liability limited by ascheme approved underProfessional Standaads

;^51.9"c Legislation

Our opinion on the financial report does not cover the other information and according I we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and,in doing so, consider whether the other information is material Iy inconsistent with the financial re on orour knowledge obtained in the audit or otherwise appears to be material Iy misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The Directors of the Company are responsible for the preparation of the financial report that ives a trueand fair view in accordance with Australian Accounting Standards and the Corporatibns Act 2001 and forsuch internal control as the Directors determine is necessary to enable the preparation of the financialreport that gives a true and fair view and is free from material misstatement, whether due to fraud or

In preparing the financial report, the Directors are responsible for assessing the ability of the Coinpanto continue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless the Directors either intend to Iiqiiidate the Coinpan or tocease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is freefrom material misstatement, whether due to fraud or error, and to issue an auditor's report that includesour opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with the Australian Auditing Standards will always detect a materialmisstatement when it exists, Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate, they could reasonably be expected to influence the economic decisionsof users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professionaljudgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraudor error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control;Obtain an understanding of internal control relevant to the audit in order to desi n auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company's internal control,

. Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Directors;Conclude on the appropriateness of the Directors' use of the going concern basis of accountinand, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company's ability to continue as agoing concern. If we conclude that a material uncertainty exists, we are required to draw attentionin our auditor's report to the related disclosures in the financial report or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained upto the date of our auditor's report, However, future events or conditions may cause the Coin anto cease to continue as a going concern;

e rro r.

.

.

.

Evaluate the overall presentation, structure and content of the financial re ort, i I d ' thdisclosures, and whether the financial report represents the underI in transactions d ta manner that achieves fair presentation.

We communicate with the Directors regarding, among other matters, the Ianned dthe audit and significant audit findings, including any significant deficiencies in int I t I hidentify during our audit.

We also provide the Directors with a statement that we have coin lied with rel t th' Iregarding independence, and to communicate with them all relationshi s and oth tt hreasonably be thought to bear on our independence, and where applicable, related f d

From the matters communicated with the Directors, we determine those in tt th tsignificance in the audit of the financial report of the current period and are th f th kmatters. We describe these matters in our auditor's report unless law or I t'disclosure about the matter or when, in extremely rare circumstances, we deter th tshould not be communicated in our report because the adverse conse uenc f dreasonably be expected to outvveigh the public interest benefits of such communication.

I, ^

HARRISON, MAIN & MCARTHURANDREW MCARTHUR - CAPARTNER

REGISTERED COMPANY AUDITOR

, 2-, 6 Wallis Street, Forster

I9th August, 20,8

^..

PACIFIC PALMS BOWLING CLUB LIMITEDA COMPANY LIMITED BY GUARANTEE

A. B. N. 99546586347DIRECTORS' DECLARATION

The Directors of Pacific Palms Bowling Club Limited, declare that:

I. The financial statements and notes, as set out on pages I O to 28 are in accordance with theCorporations Act 2001 and:

(a) comply with Australian Accounting Standards; and

(b) give a true and fair view of the financial position as at 30'' June, 2018 and of theperformance for the year ended on that date of the Company.

In the Directors' opinion there are reasonable grounds to believe that the Company will be able topay its debts as and when they become due and payable.

2.

Signed at Pacific Palms this I 9'' Day of August, 2018 by D. P. Fitzgerald and R.Board and in accordance with a Resolution passed by the Directors.

I. .

..

.

.

..

Reid on behalf of the

PACIFIC PALMS BOWLING CLUB LIMITEDIA COMPANY LIMITED BY GUARANTEE)A. B. N. 99546586347STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30TH June. 2018

Revenue

ProfiU(Loss) on Disposal of Fixed Assets

Changes in Inventories of Finished Goods

Employee Benefits Expense

Depreciation & Amortisation Expense

Finance Costs

Other Expenses

Profitl(Loss) Before Income Tax

Income Tax Expense

Profit/(Loss) for the Year

Other Comprehensive Income After Income Tax:

Net Gain On Revaluation of Non-Current Assets

Other Comprehensive Income for the Year, Net of Tax

Total Comprehensive Income for the Year

Total Comprehensive Income Atin butable toMembers of the Entity

Note

2

2018

$

3

1885517

3

20.7

$

1786897

1960

(4/1 735)

(588644)

(184890)

(243)

(689394)

12571

3

3

3

2,367

(379626)

(55,369)

(, 75016)

(11)

(682999)

19243

I(c)

The Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunctionwith the notes to and forming part of the accounts set out on pages 14 to 28

1257, 19243

12571

1257,

19243

19243


A. B. N. 99546586347

STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30'H June 20.8

Balance at 1st July, 2016

Retrospective Adjustment UponChange in Accounting Policy

Transfers to and From Reserves

Transfers to and From Retained Profits

Total Other Comprehensive Income for the Year

Prow(Loss) AtIn but able to the Company

Balance at 30th June, 20.7

Balance at 1st July, 20.7

Retrospective Adjustment UponChange in Accounting Policy

Transfers to and From Reserves

Transfers to and From Retained Profits

Total Other Comprehensive Income for the Year

Profit/(Loss) Aimbutable to the Company

Balance at 30th June, 20.8

Retained

Earnings$

1146903

Note

Asset

Revaluation

Reserve

$

19243

1,66146

1166/46

The Statement of Changes in Equity is to be read in conjunction with the notes to andforming part of the accounts set out on pages 14 to 28

12571

I 1787/7

PACIFIC PALMS BOWLING CLUB LIMITED(A COMPANY LIMITED BY GUARANTEE)A. B. N. 99546586347STATEMENT OF FINANCIAL POSITION As AT 30TH June 20.8

ASSETS

CURRENT ASSETS

Cash & Cash EquivalentsTrade & Other ReceivablesInventoriesOther Assets

TOTAL CURRENT ASSETS

NON-CURRENT ASSETSTrade & Other Receivables

Property, Plant & EquipmentIntangible Assets

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIESCURRENT LIABILITIES

Trade & Other PayablesBorrowingsShort Term ProvisionsOther Liabilities

TOTAL CURRENT LIABILITIES

NON-CURRENT LIABILITIES

BorrowingsLong Term ProvisionsOther Liabilities

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

Note

4

5

6

7

20.8

$

249572

42915

2771527274

20.7

$

5

8

9

347476

I396174979730309

52360

N ET Ass ETs

5000

1098717

62145

EQUITYReservesRetained Profits

TOTAL EQUITY

272083

1,65862

10

11

12

13

5000II 70911

74260

I5,3338

I2501 71

The Statement of Financial Position is to be read in conjunction with the notes to andforming part of the accounts set out on pages 14 to 28

12

21,935

1522254

68.99

13899

11

12

13

294033

2424/7

6,349

13644

3025210336

317410

40588

33462,

290629636

I 1787/7

38698

1,78717

356.08

, I66.46

11 787.7

11 66146

1166/46


A. B. N. 99546586347STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30TH June. 20.8

CASH FLOW FROM OPERATING ACTIVITIES

Receipts from CustomersInterest Received

Payments to Suppliers and EmployeesFinance Costs

Net Cash Generated from Operating Activities

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from Sale of Properly, Plant & EquipmentPayment for Intangible AssetsPayment for Property, Plant & Equipment

Net Cash used in Investing Activities

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from BorrowingsRepayment of BorrowingsProceeds from Hire Purchase

Repayment Hire PurchaseBond Received

Net Cash used in Financing Activities

Net Increasel(Decrease) in Cash Held

Cash and Cash Equivalents at 1st July 2017

Cash and Cash Equivalents at 30'' June 2008

Note2018

$

2084057

1/6

(, 875352)(243)

20.7

$

198721,

169

(, 775187)(11)

208578

7320

(, 05943)

(98623)

2/2/82

31005

(262556)

(23,551)

The Statement of Cash Flows is to be read in conjunction with the notes to andforming part of the accounts set out on pages 14 to 28

13

4(a)

109955

1396/7

249572

(, 9369)

I58986

I39617


A. B. N. 99546586347NOTES To THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30T' June 20.8

The financial statements are for Pacific Palms Bowling Club Limited as an individu I C ,incorporated and domiciled in Australia. Pacific Palms Bowling Club Limited is a C I'guarantee.

NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The financial statements are general purpose financial statements that have b d 'accordance with Australian Accounting Standards - Reduced Disclosure Re uir t d hCorporations Act 2001. The Company is a not-for-profit entity for financial re oninAustralian Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has c I d d Idin financial statements containing relevant and reliable information about transaction , te dconditions. Material accounting policies adopted in the preparation of the financial st t tpresented below and have been consistently applied unless otherwise stated.

The financial statements, except for the cash flow information, have been re a d thbasis and are based on historical costs, modified, where applicable, b the me a t t f 'selected nori-current assets (if applicable), financial assets and financial liabilities (if a Iicable). Theamounts presented in the financial statements have been rounded to the nearest doll

The financial statements were authorised for issue on the I 9thCompany.

Accounting Policies

a) Inventories

b)

Inventories are measured at the lower of cost and net realisable value.

Property, Plant & EquipmentProperty, plant and equipment are carried at cost or at fair value, less, wher I' bl ,accumulated depreciation and impairment losses. The carrying amount of ro ert , I t dequipment is reviewed annually by the Directors to ensure it is not in excess of the r blamount from these assets. The recoverable amount is assessed on the basis of th f ' I fthe assets less cost to sell or the depreciable replacement cost of these assets.

The cost of fixed assets constructed within the Company includes the cost f t I , d'labour and borrowing costs. Subsequent costs are included in the asset's car trecognised as a separate asset, as appropriate, only when it is probable that future econbenefits associated with the item will flow to the Coinpan and the c t f th tmeasured reliably. All other repairs and maintenance are char ed to th St t t fComprehensive Income during the financial period in which they are incurred.

August 2018 by the Directors of the

Depreciation

The depreciable amount of all fixed assets including buildings, and leaseh Id 'excluding freehold land, are depreciated on a straight line and/or diminishi I btheir useful lives to the Company, commencing from the time the asset is held d fLeasehold improvements are depreciated over the shorter of either the unex d ' d flease or the estimated useful lives of the improvements.

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

Class of Fixed AssetBuildingsPlant and EquipmentLeasehold ImprovementsBowling GreensCar Parks etc

Greens Irrigation Equipment

The assets' residual values and useful lives arebalance date.

An asset's carrying amount is written down immediately to its recoverable amount f th 'carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with thThese gains and losses are included in the Statement of Comprehensive IncomIncome Tax

In accordance with Section 50.45 of the Income Tax Assessment Act, the C h bnotified by the Australian Taxation Office that its income is not sub'ect to inc t

Employee entitlementsShort Term Employee BenefitsProvision is made for the Company's obligation for short term em to ee ben f't . Sh rtemployee benefits are benefits that are expected to be settled wholl within 12 th ftend of the annual reporting period in which the employees render the related s , I d'wages, salaries and annual leave. Short term employee benefits are me d t h(undiscounted) amount expected to be paid when the obligation is settled.

The Company's obligation for short term employee benefits is reco nised as art f 'the Statement of Financial Position.

Long Term Employee BenefitsThe Company classifies employees' long service leave and certain annual Iea t'tllong-term employee benefits as they are not expected to be settled wholl within 12 th ftthe end of the annual reporting period in which the emplo ees render th I t dProvision is made for the Company's obligation for long term em 10 ee benef't , h' hmeasured at the present value of the expected future payments to be mad t Iincluding future wage and salary levels and on costs. The movement in th' ' 'recognised on the profit or loss under employee benefits expense.

The Company's obligation for long term employee benefits is reco nised as rt fprovisions in the Statement of Financial Position unless the Coin an cannot def ttl fI2 months then they are classified as current provision.

Depreciation Rate2,59'0 ~ 5%

7.5% - 409',4-5%4%

2.5-10%10%

reviewed and adjusted, if appropriate, at each

Contributions are made by the Company to employee superannuation funds and charged as anexpense when incurred.

Revenue

Revenue from the sale of goods is recognised upon delivery of goods to customers. Interestrevenue is recognised using the effective interest rate method, which for floating rate financialassets is the rate inherent in the instrument. Dividend revenue is recognised when the right toreceive a dividend has been established. Revenue from the rendering of a service is recognisedupon the delivery of the service to the customer.

Grant revenue is recognised in the Statement of Comprehensive Income when the Coinpanobtains control of the grant and it is probable that the economic benefits gained from the grant wiflow to the Company and the amount of the grant can be measured reliably. If conditions areattached to the grant which must be satisfied before it is eligible to receive the contribution, therecognition of the grant as revenue will be deferred until those conditions are satisfied.

When grant revenue is received and the Company incurs an obligation to deliver economic valuedirectly back to the contributor, this is considered a reciprocal transaction and the grant revenueis recognised in the Statement of Financial Position as a liability until the service has beendelivered to the contributor, otherwise the grant is recognised as income on receipt.

The Company receives non-reciprocal contributions of assets from the government and otherparties for zero or nominal value. These assets are recognised at fair value on the date ofacquisition in the Statement of Financial Position, with a corresponding amount of incomerecognised in the Statement of Comprehensive Income.

Revenue is recognised net of the amount of goods and services tax (GST)

Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Taxation Office. In thesecircumstances the GST is recognised as part of the cost of acquisition of the asset or as part ofan item of the expense. Receivables and payables in the Statement of Financial Position areshown inclusive of GST.

Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GSTcomponent of investing and financing activities, which are disclosed as operating cash flows.

IntangiblesComputer software is recorded at cost. Software has a finite life and is carried at cost less anaccumulated amortisation and impairment losses. It is being written off over the useful life of thesoftware to the Company.

LeasesIRental AgreementsLeases of fixed assets, where substantially all the risks and benefits incidental to the ownership ofthe asset, but, not the legal ownership, are transferred to the Company are classified as financeleases.

Finance lease are capitalised, recording an asset and a liability equal to the present value of theminimum lease payments, including any guaranteed residual values.

Leased assets are depreciated on a straight-line basis over their estimated useful lives where it islikely that the entity will obtain ownership of the asset. Lease payments are allocated betweenthe 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 withthe lessor, are charged as expenses in the periods in which they are incurred.

In accordance AASB : I I6 Property Plant and Equipment, any rectification clauses in o eratinleases will be recognised and measured in accordance with AASB I 37: Provisions, Contin entLiabilities and Contingent Assets, only if the probable outflow is not remote and can be reliablmeasured.

Sub Clubs

The Directors had previously determined that the Sub Clubs namely Pacific Palms Men's BowlinClub, Pacific Palms Women's Bowling Club, Pacific Palms Fishing Club are se arate Clubs intheir own right and as a result their trading results and net assets have not been incorporated intothe Main Clubs figures. The treatment of these clubs is currently under review and the in a beincorporated into the main club figures in the ensuing financial year.

Impairment of Assets

At the end of each reporting period, the Company reviews the carrying values of its tangible andintangible assets to determine whether there is any indication that those assets have beenimpaired. If such an indication exists, the recoverable amount of the asset, being the hi her ofthe asset's fair value less costs to sell and value in use or the depreciable replacement cost, iscompared to the asset's carrying value. Any excess of the asset's carrying value over itsrecoverable amount is expensed to the Statement of Comprehensive Income.

Where the future economic benefits of the asset are not primarily dependent u on the asset'sability to generate net cash inflows and when the entity would, if deprived of the asset, re lace itsremaining future economic benefits, value in use is determined as the depreciated replacementcost of an asset.

Where it is not possible to estimate the recoverable amount of an asset class, the Coin anestimates the recoverable amount of the cash generating unit to which the class of assets belon

Where an impairment loss on a revalued asset is identified, this is debited against the revaluationreserve in respect to the same class of asset to the extent that the impairment loss does notexceed the amount in the revaluation reserve for that same class of asset.

Impairment testing is performed annually for intangible assets with indefinite lives

Financial Instruments

Initial Recognition and MeasurementFinancial assets and financial liabilities are recognised when the Company becomes a art tothe contractual provisions of the instrument. For financial assets, this is equivalent to the datethat the Company commits itself to either purchase or sell the asset (i. e. trade date accounting isadopted).

Financial instruments are initially measured at fair value plus transaction costs except where theinstrument is classified 'at fair value through profit and loss' in which case transaction costs areexpensed to profit or loss immediately.

Classification & Subsequent Measurement

Financial instruments are subsequently measured at either fair value, am onised cost using theeffective interest rate method or cost, Fair value represents the amounts for which an asset couldbe exchanged or a liability settled, between knowledgeable, willing parties. Where availablequoted prices in an active market are used to determine fair value. In other circumstances,valuation techniques are adopted. '

Amortised cost is calculated as:

I. The amount at which the financial asset or liability is measured at initial recognition;ii. Less principal repayments;iii. Plus or minus the cumulative amortisation of the difference, if any, between the amount

initially recognised and the maturity amount calculated using the effective interest ratemethod;

Iv. Less any reduction for impairment.

The effective interest rate method is used to allocate interest income or interest expense over therelevant period and is equivalent to the rate that exactly discounts estimated future cashpayments or receipts through the expected life of the financial instrument to the net carryingamount of the financial asset or financial liability. Revisions to expected future net cash flows willnecessitate an adjustment to the carrying value with a consequential recognition of an income orexpense in profit or loss.

Loans & Receivables

Loans and receivables are non-derivative financial assets with fixed or determinable paymentsthat are not quoted in an active market and are subsequently measured at am onised cost.

Loans and receivables are included in current assets, except for those which are not expected tomature within I2 months after reporting date these are included in nori-current assets.

Held to Maturity InvestmentsHeld to Maturity Investments are non-derivative financial assets that have fixed maturities andfixed or determinable payments and it is the Company's intention to hold these investments tomaturity. They are subsequently measured at am ortised cost.

Held to Maturity Investments are included in non-current assets, except for those which areexpected to mature within a2 months after reporting date, these are included in current assets.

Financial Liabilities

Nori-derivative financial liabilities (excluding financial guarantees) are subsequently measured atam onised cost.

ImpairmentAt the end of each reporting period, the Company assesses whether there is objective evidencethat a financial instrument has been impaired. Impairment losses are recognised in theStatement of Comprehensive Income.

DerecognitionFinancial assets are derecognised where the contractual rights to receipt of cash flows expires orthe asset is transferred to another party whereby the Company no longer has any significantcontinuing involvement in the risks and benefits associated with the asset. Financial liabilities arederecognised where the related obligations are either discharged, cancelled or expire. Thedifference between the carrying value of the financial liability extinguished or transferred toanother party and the fair value of consideration paid, including the transfer of non-cash assets orliabilities assumed is recognised in the profit and loss.

Provisions

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

Comparative FiguresWhen required by Accounting Standards, comparative figures have been ad'usted t fchanges in presentation for the current financial year.

When the Company applies an accounting policy retrospectiveIy, makes retros ectiverestate merit or reclassifies items in its financial statements, a Statement of Financial POSit'at the beginning of the earliest comparative period must be disclosed.

Critical Accounting Estimates and JudgementsThe Directors evaluate estimates and judgements incorporated into the financial r rt b dhistorical knowledge and best available current information. Estimates assume a blexpectation of future events and are based on current trends and economic data, obtain d b thexternalIy and with the Company.

Key Estimates - ImpairmentThe Company assesses impairment at each reporting date by evaluatin conditions s 'f' tthe Company that may lead to impairment of assets. Where an jin airment tri er ' t , threcoverable amount of the asset is determined. Value in use calculations erformed in arecoverable amounts incorporate a number of key estimates.

New and Revised Standards that are Effective for these Financial StatementsAn assessment of Accounting Standards and Interpretations issued by the AASB that ar t tinaridatorily applicable to the Company and their potential impact on the Coin an when d t din future periods is discussed below:

AASB 9: Financial Instruments (December 20.4) and associated Amendin Standards(applicable for annual reporting periods commencing on or after 1'' January 2018)These Standards will be applicable retrospective Iy and include revised re uireme t f thclassification and measurement of financial instruments, revised recognition and derec 't'requirements for financial instruments.

The key changes that may affect the Company on initial application of AASB 9 and assoc' t dAmending Standards include certain simplifications to the classification of finan I t , faccounting for expected credit loss and the irrevocable election to recognise ains and Iinvestments in equity instruments that are held for trading in other comprehensive income.

Although the Directors anticipate that the adoption of AASB 9 will jin act the C ' f'statements, it is impracticable at this stage to provide a reasonable estimate of such jin t.

AASB 16: Leases (applicable to annual reporting periods beginning on or after , Janua2019) ry

When effective, this Standard will replace the current accountin re uirement I' blleases in AASB I I7: Leases and related Interpretations, AASB I6 introduces a si I Iaccounting model that eliminates the requirement for leases to be classified as o eratinfinance leases.

The main changes introduced by the new Standard include:. recognition of a right-to-use asset and liability for all leases (excluding short-term leases with

less than 12 months of tenure and leases relating to low-value assets);. depreciation of right-to-use assets in line with AASB 116: Propert , Plant and E ui t '

profit or loss and unwinding of the liability in principal and interest coin orients;. variable lease payments that depend on an index or a rate are included in the i 't' I

measurement of the lease liability using the index or rate at the commencement date;

by applying a practical expedient, a lessee is permitted to elect not to se arate non-Icomponents and instead account for all components as a lease; andadd't' Id' I 'additional disclosure requirements.

The transitional provisions of AASB I6 allow a lessee to either retros ectivel a I th Stto comparatives in line with AASB I 08: Accounting Policies, Chan es in Account' E t' tand Errors or recognise the cumulative effect of retrospective application as an ad'ustin t topening equity on the date of initial application.

Although the Directors anticipate that the adoption of AASB 16 will jin act th C 'financial statements, it is impracticable at this stage to provide a reasonable estimate f himpact

NOTE 2 - REVENUE

Operating RevenueTurnover from Trading ActivitiesNori Operating RevenueATM Rebate

Caterer Rent ReceivedCourtesy Bus ContributionsCoffee Machine

Members SubscriptionsCommissions ReceivedTelephone ReceiptsBingo and Raffle Ticket SalesGreen FeesInterest Received

Bowls SponsorshipSundry Income

TOTAL REVENUE

NOTE 3 - PROFIT/ Loss FOR YEARa) ExpensesChanges in Inventories of Finished GoodsBarBistro

Note

Depreciation and AmortisationProperty, Plant & EquipmentIntangibles

20.8

$

Finance CostsInterest Paid

1661959

Employee BenefitsEmployee EntitlementsSalaries & Wages

2029,6509

6112547

10627

44924

20.7

$

1574863

196594500

326

3122

94344,700

I073381393

1.61509

27293

1885/17

1068604305

169

2002,759

4/1 735

1786897

41,735

17277512/15

379626

184890

379626

I6290 I

'21/5

243

8040

580604

1750 16

588644

11

13/7053819955,369

Employee BenefitsContributions to Defined Contribution Super Funds

Rental Expense on Operating LeasesMinimum lease payments

by Significant Revenue and ExpensesGain on Disposal of Non Current AssetsLoss on Disposal of Non Current Assets

NOTE 4 - CASH & CASH EQUIVALENTSCash on HandCash at Bank

(a) Reconciliation of CashCash at the end of the financial year as shown in the Statement of Cash Flows is reconciled toItems in the Statement of Financial Position as follows:

Cash and Cash EquivalentsBank Overdrafts

Note

NOTE 5 - TRADE & OTHER RECEIVABLESCurrentTrade ReceivablesProvision for Impairment

20.8

$

Other ReceivablesAccrued IncomeGST Receivable

54327

Nori-Current

Bonds & Security Deposits Paid

(a) Financial assets classified as loans and receivables

2017

$

16/87

4(a), 19

7320

(5360)

Trade & Other Receivables- Current- Non-Current

49950

16006

67430182142

NOTE 6 .INVENTORIES

249572

Finished Goods - Bar StockFinished Goods - Bistro Stock

25779

(4412)

NOTE 7- OTHER ASSETS

90220

49397

Prepayments

249572

1396/7

249572

5(a)

I39617

800

5(a)

1396/7

800

7771

398030364

42915

150

150

68442059

40744

5000

19

49797

42915

5000

5000

47915

27715

49797

5000

27715

54797

27274

30309

30309

52360

NOTE 8 - PROPERTY PLANT & EQUIPMENT

Year Ended 30th June, 20.8Land, Buildings & ImprovementsBowling GreenPlant & Equipment & FurnishingsIrrigation EquipmentWork In Progress

Year Ended 30th June, 20,7Land, Buildings & ImprovementsBowling GreenPlant & Equipment & FurnishingsIrrigation EquipmentWork In Progress

Cost

$

Movement in Carrying Amount of Property, Plant & Equipment2018

Property,Plant &

Equipment$

I 17,602

90896

I2766/55473698.9

2603668

AGCum

Dep'n$

ACcum

Impair'tLoss

$

Opening Written Down ValueAdd : Additions

Less: DisposalsLess: DepreciationAdd: Revaluation IncrementLess: Revaluation Decrement

558498

89499

80967847276

Cost

$

WrittenDownValue

$

150495,

I I 7,602

9089612637,3

547367879

2588826

Closing Written Down Value

ACcum

Dep'n$

CORE ASSETS OF THE CLUB

The current Directors disclose under the provisions of the Registered Clubs Act that the core assets fthe Club are the Clubhouse at Smiths Lake including bowling green and car ark.

NOTE 9 - INTANGIBLE ASSETS

6131 041397

4669377460

9819

I0987/7

ACcum

Impair'tLoss

523492

856857669364,802

WrittenDownValue

$

14,7915

30th June, 2018Computer SoftwarePoker Machine Entitlements

6481 I O

52'I I

496777129347879

II 7091 I

II7091,105943

(5362)(, 72775)

20.7

Property,Plant &

Equipment$

I0987/7

1080875

262556

(9619)(, 6290, )

Cost

$

II 70911

ACcumAmort'n/

Impair't$

609003333694236

Written

Down

Value

$

3209,

32091

28809

33336

62145

30th June, 20.7Computer SoftwarePoker Machine Entitlements

Movement in Carrying Amount of Intangible Assets

Opening Written Down ValueAdd: Additions

Less: DisposalsLess: AmortisationAdd: Revaluation IncrementLess: Revaluation Decrement

Closing Written Down Value

NOTE 10 - TRADE & OTHER PAYABLESCurrent

Trade PayablesIncome in Advance

Accrued ExpensesGST Payable

Cost

$

60900

33336

ACcum

Amort'n/

Impair't$

19976

(a) Financial Liabilities at am ortised cost classified as trade and other payables

211 935Trade & Other Payables- Current

- Non-Current

Less Income In Advance

Financial Liabilities as Trade & Other Payables

NOTE I I - BORROWINGS

94236

Written

Down

Value

40924

33336

19976

20.8

$74260

Current

Bank Overdraft - WestpacFinance Lease Liabilities

74260

(, 21.5)

Non-Current


Total Borrowings

20.7

$86375

02/45

to(a)

(12/15)

133090

3060848237

74260

21,935

166004

30949

45464

19

I I (b) & (c)11(b)

21,935

2424/7

2,1935

2424/7

I I (b) & (c)11(b)

19

2424/7

2424/7

a) Total current and non-current secured liabilities:


by The carrying amount of current and non-current assets pledged as securit are:Buildings and Plant & Equipment 109871Floating Charge:

Cash & Cash Equivalents 249572Trade & Other Receivables 47915Inventories 277.5Other Current Assets 27274Intangible Assets 62145

c) Securities Giveni. The bank debt is secured by:

. Registered Mortgage over the property at Macwood Road Smiths Lake and aregistered equitable mortgage over all assets and undertakings of the club includingoodwill and uncalled capital and called but unpaid capital;

Covenants imposed by the bank are as follows:. Annual audited financial statements provided within I 20 days of end of finan I

year;

Note

d) The Company currently has undrawn facilities as follows:

Facility


2018

NOTE ,2 - PROVISIONS

2017

$

Opening Balance at 1st July 2017Additional provisions raised during yearAmounts used

Balance at 30th June 2018

11 709.1

Analysis of Total Provisions

I5,3338

I3961754797

303095236074260

CurrentAnnual Leave

Long Service Leave

1522254

FacilityLimit

$150000

Annual LeaveP rov' n

$

AmountDrawn

$

4077,

1980,

(, 8208

Long ServiceLeave Prov'n

$

Undrawn

Facility$

150000

42364

496409904

3457

Note

Total

$

56087

20.8

$

9041,

29705

2,665

42364

25835

9845f

68199

20.7

$

4077,

2057861349

Nori-Current

Long Service Leave

Provision for Lonq Service Leave

A provision has been recognised for employee entitlements relating to long service leave, In calculatingthe present value of future cash flows in respect of long service leave, the probability of long serviceleave being taken is based on historical data. The measurement and recognition criteria relating toemployee benefits have been included in Note I(d) of the financial statements.

NOTE 13 - OTHER LIABILITIESCurrent

Subscriptions in AdvanceFunds Held in Trust - Junior & Women's Bowlers

Nori-Current

Subscriptions in AdvanceFunds Held in Trust - Junior & Women's Bowlers

NOTE 14 - CONTINGENT LIABILITIES & ASSETS

Note

Contingent Liability - Members Super DrawThe Club has a contingent liability at the 30'' June 2018 being its contribution to the super draw which is$1000.

Contingent Liability - Poker Machine JackpotsThe Club has a contingent liability at the 30'' June 2018 being the payment of poker machine jackpotsupon the decommissioning of a machine. The payment of the jackpot being contingent upon thedecommissioned machine not being replaced or the jackpot not being transferred to another machine.The potential liability is $9857.

Contingent Asset - Promotional FundThe club has only one contingent asset at the 30'' June 2018 being the maintenance of a promotionalfund by Toohey's under the current trading agreement. Under the agreement between the Club andToohey's an amount is set aside based on the litres purchased by the Club to be used on promotionalactivity agreed to by both parties. The maintenance of the fund is contingent upon a valid tradingagreement between the Club and Toohey's remaining in place.

20.8

$

30252

20.7

$

29062

NOTE I5 - LEASING & CAPITAL COMMITMENTS

Operating Lease Commitments

6964

6935

13899

Point of Sale System & PhotocopierThe Club entered into agreements on the 19'' January 2015 and the 11'' February 2015 for a 5 yearperiod with Sharp Finance, to lease a point of sale system and associated software as well as a digitalcolour photocopier. The annual rental is detailed below.

Sky Channel & FoxtelThe Club entered into an agreement to subscribe to Sky Channel as part of providing Tab facilities at theclub and Foxtel for the benefit of members and guests, The annual subscriptions are detailed below.

10336

6709

6935

10336

13644

9636

9636

Keno

The Club entered into an agreement to provide Keno facilities for the benefit of members d t .The annual subscription is detailed below.

The Club's annual rental liabilities are as follows:

Not Later Than I2 monthsLater Than I2 months butNot Later Than 2 yearsLater Than 2 years butNot Later Than 5 yearsLater Than 5 Years

Capital CommitmentsThe Club has one material capital commitments at the 30'' June 2018 beln the u rad f th Cl b'PA system. Total cost of the upgrade is $17185.

NOTE 16 - SUPERANNUATION COMMITMENTThe Company is committed to paying superannuation for all employees who fall within the am bit of thSuperannuation Guarantee Legislation. Contributions are calculated as a ercenta e of em 10 e 'ordinary wages under the definition of ordinary time's earnings under the modern award.

NOTE 17 - KEY MANAGEMENT PERSONNEL COMPENSATIONAt the 30t' June, 2018 the Company had 12 current and no former key inaria ement erso I ' I d'Directors of the Company,

Compensation Paid to Key Management Personnel (Directors)No remuneration has been paid to the Directors of the club except for the reimbursement of aexpenses incurred on behalf of the Club,

Compensation Paid to Key Management Personnel (Excluding Directors)

LongTerm

Benefits

$

Keno

$1529

Till

System$

1,976

Photo-

Copier$

SkyChannel

$17040

Foxtel

$16500

20,8

Total Compensation

20.7

Total Compensation

Total

$47045

NOTE 18 - RELATED PARTY TRANSACTIONSTransactions between related parties are on normal commercial terms and conditions no in orfavourable than those available to other parties unless otherwise stated.

Transactions with related parties:

a) Close Family Member of Current Key Management PersonnelA husband of one of the current key management personnel, Mr Stuait A ar rovided e ui meritand repair work to the club. Total compensation received during the year was $1891.

ShortTerm

Benefits

$

Post

EmployBenefits

$

308450

294546

29303

27981

49233

TOTAL

$

43331

386986

365858

by Close Family Member of Current Key Management PersonnelA son of one of the current key management personnel, Mr Ryan Agar is employed by the Club.Total compensation received during the yearwas $1617, .

c) Close Family Member of Current Key Management PersonnelA grandson of one of the current key management personnel, Mr Corey Fitzgerald is employedby the Club, Total compensation received during the year was $42125.

NOTE 19 - FINANCIAL RISK MANAGEMENT

The Company's financial instruments consist mainly of deposits with banks, accounts receivable andpayable and borrowings from financial and non-financial institutions.

The Company does not have any derivative instruments at the 30'' June, 2018.

The totals for each category of financial instruments, measured in accordance with AASB I 39 asdetailed in the accounting policies to these financial statements, are as follows:

Financial Assets

Cash & Cash EquivalentsLoans & Receivables

Total Financial AssetsFinancial LiabilitiesFinancial liabilities at am onised cost

Trade & Other PayablesBorrowings

Total Financial Liabilities

Net Fair Values

Fair Value Estimation

The fair values of financial assets and financial liabilities are presented in the table at the beginning ofNote I9 and can be compared to their carrying value as presented in the Statement of FinancialPosition. Fair value is determined in accordance with the accounting policy at Note I (k) in the FinancialStatements and Notes.

20.8

CarryingValue

$Note

The fair values disclosed in the table at the beginning of Note I9 have been determined on the followingmethodologies:

(i) Cash and cash equivalents, trade and other receivables and trade and other payables are shortterm instruments in nature whose carrying value is equivalent to fair value.

(ii) Borrowings fair values are determined using discounted cash flow model incorporating currentcommercial borrowing rates. The fair values of fixed rate bank debt will not differ material Iy totheir carrying value.

4

5(a)

2018

Net Fair

Value

$

249572

47915

10(a)It

297487

20.7

CarryingValue

$

249572

47915

Financial Instruments Measured at fair Value

There are no financial instruments that need to be recognised at fair value in the Statement of FinancialPosition using the fair value hierarchy as outlined In AASB 7.

21,935

297487

21,935

20.7

Net FairValue

$

I396.754797

21,935

I944.4

21,935

I3961754797

2424/7

I944.4

2424/7

2424/7

2424f 7

NOTE 20 - EVENTS SUBSEQUENT To THE END OF THE REPORTING PERIOD

Events After Balance Date

No matters or circumstances have arisen since the end of the financial year which significantty affectedor may significantly affect the operations of the Company, the results of those operations, or the state ofaffairs of the Company in future financial years except for:

I, The Board is currently obtaining quotations and reviewing options for the upgrade and/orreplacement of the bistro coolroom and club switchboard to ensure ongoing compliance withcouncil regulations. The Board has recently applied for a grant of $60000 to assist in financing theworks. If the grant is unsuccessful the Board has resolved to replace the coolroom shelving at acost of $1 0000 and update the club switchboard at a cost of $20000.

Future DevelopmentsThe Board is currently investigating a future extension of the Clubhouse at the western end of theexisting facilities encompassing some of the existing carpark. Preliminary plans for this potential futureextension are currently being drawn up, at which time a survey of members will be undertaken to allowcomment on the preliminary plans, Apart from this it is proposed to continue Company operations in asimilar manner to the past financial year, with focus being on reduction of the Club's expenditure and theundertaking of improvements, wherever possible and within the constraints of available funds.

NOTE 21 - ENTITY DETAILS

I he registered office and principal place of business of the Company is:Pacific Palms Bowling Club LtdLot 58 Macwood RoadSMITHS LAKE NSW 2428

NOTE 22 - MEMBERS GUARANTEE

The Company is incorporated under the Corporations Act 2001 and is a Company Limited byGuarantee. In accordance with the Constitution of the Company every member of the Companyundertakes to contribute an amount limited to $2 per member in the event of the winding up of theCompany during the time that he/she is a member or within one year thereafter. At the date of thisreport there are I 290 members (2017: I285 members).

^,...^.

ROSS usRRISONB. Bus. CA

Our Auditors Report dated I 9'' August, 2018 on the financial report of Pacific Palms Bowling ClubLimited for the year ended 30th June 2018, namely the Directors Declaration, the Statement of FinancialPosition as at 30'' June 2018, the Statement of Profit or Loss and Other Comprehensive Income, theStatement of Changes in Equity, the Statement of Cash Flows and notes to and forming part of theaccounts for the year ended on that date, presented on pages 9 to 28, does not relate to the additionalfinancial information presented hereinafter.

AUDITORS REPORT ON ADDITIONAL FINANCIAL INFORMATION

RRISON, MAIN & MCART1-11.1RCOUNTAN'I'S, TAX AGENTS AND AUDITORS

This additional information presented in the following statements on pages 30 to 33, namely the BarTrading Account, Bistro Trading Account, Poker Machine Trading Account and Detailed Profit and LossAccounts have been prepared from the accounting records of the Company and we do not express anopinion thereon.

FOR THE YEAR ENDED 30TH JUNE. 20,8

ANDREW MCARTHl. IRB Fin Admin CA

A. B. N. 70 470 802504

ROD NORTlmYDip. Bus, PNA, FFIA, JP

,/I"-,. 7/1L.

HARRISON, MAIN & MCARTHURANDREW MCARTHUR . CAPARTNER

REGISTERED COMPANY AUDITOR

, I

I2-16 Wallis Street, Forster

,9th August, 20.8

P. 0. Box 143, ForSIGr, NSW 2428 0 ISI Floor, ForSIer Tower, 12 -16 Wallis Street, Forster NSW 2428

Phone: (02) 65547955 Fax: (02) 65554216 . ^I!?11: accl@hmm. coin. au

Liabili, y Iimiied by ascheme approved underProfessional Standaads

cow. ."erui", Legislation

PACIFIC PALMS BOWLING CLUB LTDA. B. N. 99546586347

(A COMPANY LIMITED BY GUARANTEE)TRADING ACCOUNT FOR THE YEAR ENDED 30th June 20.8

20.7

$

839,585

28,462380,833

640

409,93530,309

TRADING ACCOUNT

379,626

BAR TRADING ACCOUNTSales

459,959

LESS COST OF SALESOpening StockPurchases BarFreight

Closing Stock

255

8,854

71,719516556

81,900

154,789'.) GROSS PROFIT (53.18%)

Direct ExpensesConsumablesDepreciation PlantMembers DiscountsBar ReplacementsReplacement Glasses

378,059

2018

$

BAR TRADING PROFIT

BISTRO TRADING ACCOUNT

879,319

Sales

LESS COST OF SALES

30,309408,982

159

Opening StockPurchases BistroFreight

439,45027,715

12,1663,052

Closing Stock

411,735

467,584

15,218

(0.00%) GROSS PROFIT (0.00%)

Q^^Consumables

Depreciation PlantGas

Members DiscountsKitchen Replacements

15,218)

596

8,99272,615

261639

83.1 03

384,481

BISTRO TRADING PROFIT

These uriaudited Trading Statements are 10 be read in conjunction with the disclaim r 29.

I3,3233,904

17,227

17,227)

30


(A COMPANY LIMITED BY GUARANTEE)TRADING ACCOUNT FOR THE YEAR ENDED 30th June 20.8

20.7

$

735,278

74,23212,249

13,556

^.!^!^9L82,857

POKER MACHINE TRADING ACCOUNTPoker Machine Net Clearances

^i^DepreciationLicence Fees

Poker Machine DutyServicing & AnalysisGST Adjustment

652,421

1,015,262

POKER MACHINE TRADING PROFIT

TOTAL TRADING PROFIT

2018

$

782,640

73,41413,257

14,269(17,180)83,760

698,880

1,066,134

These uriaudited Trading Statements are to be read in conjunction with the disclaim 29.

31

PACIFIC PALMS BOWLING CLUB LTD

A. B. N. 99546586347

(A COMPANY LIMITED BY GUARANTEE)PROFIT & Loss ACCOUNT FOR THE YEAR ENDED 30th June 20.8

2017

$

1,015,26219,6593,122

106,86041,700

326

13,4034,305

169

4,500200

9,434

INCOME

Trading Profit - Bar, Bislro & Poker MachinesATM RebateCoffee Machine

CompetitionsCommission Received

Courtesy Bus ContributionsInsurance RecoveryGreens FeesInterest Received

Catering Rent ReceivedSponsorship - BowlsSubscriptionsTraining SubsidySundry IncomeTelephone Receipts

8,356

1,227,296

16,50059,92212,115

1,46943,6003,667

139,0473,7241,200

20,10379,815

7,6012,705

669

40,5558,165

717

3,2424,514

57,59837,326

11

TOTAL INCOME

EXPENSES

2018

$

Audit & Accounting - ExternalAdvertising & PromotionsAmortisation IntangiblesBad Debts

Bank ChargesCleaning Labor & MatehalsCoffee Machine ExpensesCompetitionsComputer Software/InternetConsultants

Courtesy BusDepreciationDirectors ExpensesDonations & SponsorshipsEFTPOS Fees & ChargesElectricityEntertainment & FunctionsFloral Tributes & Welfare

Fringe Benefits TaxGreen Maintenance - Materials

Greens Maintenance - LabourInsuranceInterest - Bank

Interest - OtherKeno & Tab Maintenance

Legal CostsLicenses, Registrations & PermitsPayroll TaxMedical ExpensesPostage, Printing & StationaryProvision for Annual, Sick & Long Service LeaveRates, Water Rates & Water

Rent - ATM, Till System & PhotocopierRepairs & MaintenanceRepairs & Maintenance - LabourSecuritySky ChannelStaff Training

1,066,13420,291

2,547107,33844,924

611

5,271

1,3931.6

6,909

1,509I0,627

10,4411,918

2,552

22,022

1,289,692

517

9,58113,1709,230

16,00623,771

14

38,223

17,930446

15,50065,62012,115

1,49547,393

3,030136,494

2,356

These uriaudited Trading Statements are to be read in conjunction wilh the disclaimer on page 29.

I0,01890,369

5,7694,280

913

44,6135,123

352

11,21874,173

40,565243

7,311

2,316

687

7,9438,040

11,378I6.18725,955

32

36,82817,110

734


(A COMPANY LIMITED BY GUARANTEE)PROFIT & Loss ACCOUNT FOR THE YEAR ENDED 30th June 20.8

20.7

$

4,58915,99049,950

2,2591,2546,0085,181

15

444,698I I, 4/2

EXPENSES Cont'd

StocktakingSubscriptionsSubscriptions - AUStarSuperannuation - StaffSundriesStaff Meals

Staff ClothingTelephoneTravelling ExpensesUnders & Overs

Wages & SalariesWaste & Effluent Removal

1,229,420

(2,124)

TOTALEXPENSES

4,412

OPERATING PROFIT

NON-OPERATING INCOME & EXPENSES

21,367

2018

$

Nori. Operatinq IncomeProfit on Sale of Fixed Assets

19,243

I, 146,903

Nori. Operatinq ExpensesLoss On Sale Fixed Assets

Valuation Expenses

4,95716,29854,327

1,930732

4,7355,034

170

473,09511,675

1.166,146

1.166,146

OPERATING PROFITi(Loss) ANDEXTRAORDINARY ITEMS

RETAINED PROFIT AT THE BEGINNING OF YEAR

PROFIT AVAILABLE FOR APPROPRIATION

1,279,081

RETAINED PROFITS AT THE END OF YEAR

10,611

7,320

5,360

1,960

12,571

1,166,146

These uriaudited Trading Statements are to be read in conjunction with the disclaimer on page 29.

33

1,178,717

1,178,717

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