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Coolah Sporting Club LimitedABN 36 001 053 256
Financial Statements
For the Year Ended 30 June 2017
Coolah Sporting Club Limited ABN 36 001 053 256
For the Year Ended 30 June 2017
CONTENTS
Page
Financial Statements Directors' Report 1 Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 5 Statement of Profit or Loss and Other Comprehensive Income 6 Statement of Financial Position 7 Statement of Changes in Equity 8 Statement of Cash Flows 9 Notes to the Financial Statements 10 Directors' Declaration 19 Independent Audit Report 20 Detailed Profit and Loss Account 22
Coolah Sporting Club Limited ABN 36 001 053 256
Directors' Report
For the Year Ended 30 June 2017
1
Your directors present their report, together with the financial statements of the Company, for the financial year ended 30 June 2017.
Directors
The names of each person who has been a director during the year and to the date of this report are:
Names Position Appointed/Resigned
Robert Baker Director 09/09/2012
Steve Billett Director 09/09/2012
Mal McMaster Director 23/10/2011
Randolf Rindfleish Director 09/09/2012
Kelvin Clark Director 24/10/2010
Shaun Rowlands Director 25/9/2016
Mick McLeod Director 25/9/2016
John Hearnden Director 25/9/2016
Richard Gardiner Director 27/9/2015 - 25/9/2016
Terry Bailey Director 27/9/2015 - 25/9/2016
Thomas Atkinson Director 27/9/2015 - 25/9/2016
Steven Beasley Director 27/9/2015 - 25/9/2016
David Sheridan Director 27/9/2015 - 3/8/2016
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Principal Activities
The principal activities of Coolah Sporting Club Limited during the financial year were the provision of lawn bowls, golf and entertainment events for members and their guests.
No significant change in the nature of these activities occurred during the year.
Objectives and Strategies
Objectives
The Company's short term objectives are to remain viable and to provide ongoing sporting services to the community of Coolah.
The Company's long term objectives are to continue to provide the community of Coolah with a profitable Sporting Club and to carry out improvements and maintenance to the Clubhouse and surrounds with minimal debt being incurred.
Coolah Sporting Club Limited ABN 36 001 053 256
Directors' Report
For the Year Ended 30 June 2017
Objectives and Strategies
2
Strategies
To achieve the above objectives, the Company has adopted the following strategies:
• Ensuring expenditure is kept to a minimum;
• Directors continuing to take on tasks to alleviate the employee wages and contract labour costs; and
• Controlling stock levels and adjusting prices to ensure products are sold at a profit and within sales margins.
Performance Measures
The Company measures its performance in terms of financial surpluses, positive cash flow from operations, level of membership and club visitation.
Property classification
Members are advised that in accordance with section 41j (2) of the Registered Clubs Act, the board has determined the property classification as follows
"Core" Property - 7 Goddard Street, Coolah 2843 Lot 126 in DP 705218 Lot 1 in DP 160798 Golf Course Lot 1 in DP 164027 Golf Course Lot 3 in DP 1098120 Golf Course "Non-Core" Property 12 Goddard Street, Coolah 2843 Lot 1 in DP 159963 25-27 Binnia Street, Coolah 2843 Lot 5 in DP 979105
Information on Directors Robert Baker Director
Qualifications Plant Operator
Steven Billet Director
Qualifications Business Owner
Mal McMaster Director
Qualifications Farmer
Randolph Rindfleish Director
Qualifications Accountant
Coolah Sporting Club Limited ABN 36 001 053 256
Directors' Report
For the Year Ended 30 June 2017
Information on Directors
3
Shaun Rowlands Director
Qualifications Primary Teacher
Mick McLeod Director
Qualifications Teacher
Kelvin Clarke Director
Qualifications Farmer
John Hearnden Director
Qualifications Bus Driver
Richard Gardiner Director
Qualifications Retired
Terry Bailey Director
Qualifications General Assistant
Thomas Atkinson Director
Qualifications Essential Energy Linesman
Steven Beasley Director
Qualifications Shearer
David Sheridan Director
Qualifications Retired
Coolah Sporting Club Limited ABN 36 001 053 256
Directors' Report
For the Year Ended 30 June 2017
Meetings of directors
During the financial year, 11 meetings of directors were held. Attendances by each director during the year were as follows:
Directors' Meetings
Number eligible to attend Number attended
Robert Baker 11 11
Steve Billett 11 10
Mal McMaster 11 8 Randolf Rindfleish 11 9 Kelvin Clark 11 5 Shaun Rowlands 9 8 Mick McLeod 9 5 John Hearnden 9 9 Richard Gardiner 2 -
Terry Bailey 2 2 Thomas Atkinson 2 2 Steven Beasley 2 - David Sheridan 1 1
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Incorporation and Member's Guarantee
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 $1 each towards meeting any outstanding obligations of the Company. At 30 June 2017 the collective liability of members was $565 (2016: $595).
Auditor's independence declaration
The auditor's independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 30 June 2017 has been received and can be found on page 5 of the financial report.
Signed in accordance with a resolution of the Board of Directors:
Director:
Dated 24 September 2017
Director:
4
Coolah Sporting Club Limited ABN 36 001 053 256
Auditor's Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Coolah Sporting Club Limited
5
Knowledge with integrity
Liability limited by a scheme approved under the Professional Standards Legislation
A R M I D A L E | C O O N A B A R A B R A N | G U N N E D A H | N A R R A B R I | T A M W O R T H
Armidale 92 Rusden Street PO Box 114 Armidale NSW 2350 p +61 2 6773 8400 f +61 2 6772 9957 e [email protected] ABN 24 935 296 225
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2017 there have been:
(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
(ii) no contraventions of any applicable code of professional conduct in relation to the audit.
Geoffrey W Allen Partner
24 September 2017 Armidale NSW 2350
Coolah Sporting Club Limited ABN 36 001 053 256
Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2017
The accompanying notes form part of these financial statements. 6
Note2017
$ 2016
$
Revenue 2 519,863 545,252
Other income 2 30,459 1,108
Cost of goods sold (113,578) (124,108)
Employee benefits expense 3 (202,998) (196,133)
Depreciation and amortisation expense 3 (46,826) (52,527)
Other expenses (215,747) (211,133)
Surplus(Deficit)for the year (28,827) (37,541)
Other comprehensive income for the year - -
Total comprehensive income for the year (28,827) (37,541)
Coolah Sporting Club Limited ABN 36 001 053 256
Statement of Financial Position
As At 30 June 2017
The accompanying notes form part of these financial statements. 7
Note2017
$ 2016
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 4 132,385 107,669
Inventories 5 29,372 19,952
TOTAL CURRENT ASSETS 161,757 127,621
NON-CURRENT ASSETS
Property, plant and equipment 6 573,909 617,167
TOTAL NON-CURRENT ASSETS 573,909 617,167
TOTAL ASSETS 735,666 744,788
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 7 43,878 27,971
Employee Benefits 8 13,663 9,865
TOTAL CURRENT LIABILITIES 57,541 37,836
TOTAL LIABILITIES 57,541 37,836
NET ASSETS 678,125 706,952
EQUITY
Retained surplus 678,125 706,952
TOTAL EQUITY 678,125 706,952
Coolah Sporting Club Limited ABN 36 001 053 256
Statement of Changes in Equity
For the Year Ended 30 June 2017
The accompanying notes form part of these financial statements. 8
2017
Retained surplus
$ Total
$
Balance at 1 July 2016 706,952 706,952
Surplus/(deficit) for the year (28,827) (28,827)
Balance at 30 June 2017 678,125 678,125
2016
Retained surplus
$ Total
$
Balance at 1 July 2015 744,493 744,493
Surplus/(deficit) for the year (37,541) (37,541)
Balance at 30 June 2016 706,952 706,952
Coolah Sporting Club Limited ABN 36 001 053 256
Statement of Cash Flows
For the Year Ended 30 June 2017
The accompanying notes form part of these financial statements. 9
Note2017
$ 2016
$
CASH FROM OPERATING ACTIVITIES:
Receipts from customers 573,807 599,992
Payments to suppliers and employees (575,975) (592,392)
Interest received 452 977
Net cash provided by (used in) operating activities 9 (1,716) 8,577
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (3,568) (51,485)
Net cash used by investing activities (3,568) (51,485)
OTHER ACTIVITIES:
Profit on sale of poker machine entitlements not previously recognised 30,000 -
Net cash used by other activities 30,000 -
Net cash increase (decreases) in cash and cash equivalents 24,716 (42,908)
Cash and cash equivalents at beginning of year 107,669 150,577
Cash and cash equivalents at end of financial year 4 132,385 107,669
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
10
The financial statements are for Coolah Sporting Club Limited as an individual entity, incorporated and domiciled in Australia. Coolah Sporting Club Limited is a Company limited by guarantee.
1 Summary of Significant Accounting Policies
Basis of Preparation
The directors have prepared the financial statements on the basis that the Company is a non-reporting entity because there are no users dependent on general purpose financial statements. These financial statements are therefore special purpose financial statements that have been prepared in order to meet the requirements of the Corporations Act 2001. The company is a not-for-profit entity for the financial reporting purposes under Australian Accounting Standards.
The financial statements have been prepared in accordance with the recognition and measurement requirements of the Australian Accounting Standards and Accounting Interpretations, and the disclosure requirements of AASB 101 Presentation of Financial Statements, AASB 107 Statement of Cash Flows, and AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors and AASB 1054 Australian Additional Disclosures.
The financial statements have been prepared on an accruals basis and are based on historical costs unless otherwise stated in notes.
(a) Revenue and Other Income
Revenue from the sale of goods is recognised upon delivery of the goods to customers.
Revenue from the rendering of services is recognised upon the delivery of the services to customers.
Revenue from commissions is recognised upon receipt.
Interest revenue is recognised on a proportional basis, taking into account the interest rates applicable to the financial assets.
All revenue is stated net of the amount of goods and services tax (GST).
(b) Income Tax
No provision for income tax has been raised as the Company is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997.
(c) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.
(d) Inventories
Inventories are measured at the lower of cost and current replacement cost.
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
1 Summary of Significant Accounting Policies
11
(e) Property, Plant and Equipment
Property, plant and equipment are carried at cost, independent or directors' valuation. All assets excluding freehold land, are depreciated over their useful lives to the Company.
Plant and equipment
Plant and equipment are measured on the cost basis less depreciation and impairment losses.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount for not for profit entities is current replacement cost discounted to current asset condition.
Depreciation
The depreciable amount of all fixed assets including buildings but excluding freehold land, is depreciated on a straight-line basis over the asset's useful life to the Company commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset Depreciation Rate
Buildings 2.5%
Plant, fixtures and fittings 7% - 100%
Greens Equipment 5% - 20%
Poker Machines 9% - 27%
Improvements 17% - 25%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the statement of profit or loss and other comprehensive income in the period in which they arise.
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
1 Summary of Significant Accounting Policies
12
(f) Impairment of Assets
At the end of each reporting period, the Company reviews the carrying values of its tangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and discounted replacement value, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the statement of profit or loss and other comprehensive income.
(g) Trade and Other Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the Company during the reporting period which remain unpaid. The balance is recognised as a current liability.
(h) Employee Benefits
Provision is made for the Company's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.
Long service entitlements are recognised on a proportional basis after five years of employment.
Contributions are made by the Company to an employee superannuation fund and are charged as expenses when incurred.
(i) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as current asset or current liability in the statement of financial position.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
(j) Poker Machine Entitlements
The company, as a result of State Legislation, received for no cost, poker machine entitlements. These entitlements can be sold should the company decide to reduce or cease its poker machine activities. The company has not recorded the poker machine entitlements in the financial report as there was no fair value on acquisition of these entitlements and no active market to assess fair value.
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
1 Summary of Significant Accounting Policies
13
(k) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
(l) Critical Accounting Estimates and Judgments
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.
Key estimates - Impairment
The Company assesses impairment at the end of the reporting period by evaluating conditions specific to the Company that may be indicative of impairment triggers. Where an impairment trigger exists, the recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions. In assessing recoverable amounts the directors have applied the specific sections of the standards applicable to not-for-profit entities in Australia.
(m) Adoption of New and Revised Accounting Standards
During the current year the Company adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory.
(n) New Accounting Standards for Application in Future Periods
The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates for future reporting periods. The Company has decided against early adoption of these standards as none of the changes are expected to have a material effect on the Company.
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
14
2 Revenue
2017 $
2016 $
Revenue
- Bar sales 263,019 264,499
- Net poker machine takings 133,412 149,760
- Interest received 452 977
- Rental income 15,395 12,127
- Other trading income 107,585 117,889
Total Revenue 519,863 545,252
2017 $
2016 $
Other Income
- Insurance Recoveries 459 1,108
- net gain on sale of Poker Machine entitlements not previously recognised 30,000 -
30,459 1,108
3 Surplus/(deficit) for the Year
Surplus/ (deficit) for the year includes the following charges:
2017 $
2016 $
Depreciation of property, plant and equipment 46,826 52,527 Employee benefits expense 202,998 196,133
Remuneration of auditor
- Auditing the financial report 13,000 12,800
- other services 8,939 2,860
21,939 15,660
4 Cash and Cash Equivalents
2017 $
2016 $
Cash on hand 35,663 30,710
Cash at bank 96,722 76,959
132,385 107,669
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
4 Cash and Cash Equivalents
15
Unused Bank Overdraft Facility
The Company had unused, unsecured overdraft facilities at 30 June 2016 of $20,000.
5 Inventories
2017 $
2016 $
At cost
Stock on hand 29,372 19,952
29,372 19,952
6 Property, Plant and Equipment
2017 $
2016 $
Land
25 Binnia Street - at cost 43,521 43,521
12 Goddard Street - at cost 59,410 59,410
Freehold land- at cost 178,312 178,312
Freehold land 'golf course' - at fair value 118,000 118,000
Total land 399,243 399,243
Buildings
Club house improvements- at cost 114,977 111,409
Accumulated depreciation (28,680) (24,802)
Total buildings 86,297 86,607
Plant, fixtures and fittings
At cost 448,324 448,324
Accumulated depreciation (361,601) (318,927)
Total plant, fixtures and fittings 86,723 129,397
Greens equipment
At cost 5,487 5,487
Accumulated depreciation (3,841) (3,567)
Total greens equipment 1,646 1,920
Total property, plant and equipment 573,909 617,167
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
6 Property, Plant and Equipment
16
Movements in Carrying Amounts
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:
Land - at cost$
Buildings and improvements
$
Plant and Equipment
$
Greens Equipment
$ Total
$
Balance at the beginning of year 399,243 86,607 129,397 1,920 617,167
Additions - 3,568 - - 3,568
Depreciation expense - (3,878) (42,674) (274) (46,826)
Balance at 30 June 2017 399,243 86,297 86,723 1,646 573,909
Balance at 30 June 2016
Balance at the beginning of year 399,243 57,357 159,415 2,194 618,209
Additions - 32,174 19,311 - 51,485
Depreciation expense - (2,924) (49,329) (274) (52,527)
Balance at 30 June 2016 399,243 86,607 129,397 1,920 617,167
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
17
7 Trade and Other Payables
2017 $
2016 $
Unsecured liabilities
Trade payables 30,851 18,094
GST/PAYG payable 4,027 3,213
Memberships in advance 4,000 1,664
Members loan 5,000 5,000
43,878 27,971
8 Employee Benefits
2017 $
2016 $
CURRENT
Employee benefits 13,663 9,865
13,663 9,865
9 Cash Flow Information
Reconciliation of Cash Flow from Operations with Profit for the year
2017 $
2016 $
Profit/(Loss) for the year (28,827) (37,541)
Profit on sale of poker machine entitlements not previously recognised (30,000) -
Non-cash flows in profit
- Depreciation 46,826 52,527
Changes in assets and liabilities
- (Increase)/decrease in trade and term receivables - 71
- (Increase)/decrease in inventories (9,420) (3,098)
- Increase/(decrease) in trade payables and accruals 15,907 (1,315)
- Increase/(decrease) in employee benefits 3,798 (2,067)
Cashflow from operations (1,716) 8,577
10 Economic Dependency
The Company is economically dependent on holding a licence to sell liquor and operate gaming machines to continue as a going concern.
Coolah Sporting Club Limited ABN 36 001 053 256
Notes to the Financial Statements
For the Year Ended 30 June 2017
18
11 Contingent Liabilities and Contingent Assets
In the opinion of the Directors, the Company did not have any contingencies at 30 June 2017 (30 June 2016: Nil).
12 Events after the end of the Reporting Period
No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.
13 Company Details
The registered office and principal place of business of the company is:
Coolah Sporting Club Limited
7 Goddard Street
Coolah NSW 2843
Coolah Sporting Club Limited ABN 36 001 053 256
Directors' Declaration
The directors have determined that the Company is not a reporting entity and that these special purpose financial statements should be prepared in accordance with the accounting policies described in Note 1 of the financial statements.
The directors of the Company declare that:
1. The financial statements and notes, as set out on pages 6 to 18, are in accordance with the Corporations Act 2001 and:
(a) comply with Australian Accounting Standards as stated in Note 1; and
(b) ~;· •. a a true and fair view of the financial position as at 30 June 2017 and of the performance for the year ended on that date of is in accordance with the accounting policy described in Note 1 of the financial statements.
2. In the directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Director
Dated 24 September 2017
20
Knowledge with integrity
Liability limited by a scheme approved under the Professional Standards Legislation
A R M I D A L E | C O O N A B A R A B R A N | G U N N E D A H | N A R R A B R I | T A M W O R T H
Coolah Sporting Club Limited Independent Audit Report to the members of Coolah Sporting Club Limited
Report on the Audit of the Financial Report
Opinion
We have audited the accompanying financial report, being a special purpose financial report of Coolah Sporting Club Limited (the Company), which comprises the statement of financial position as at 30 June 2017, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Company's financial position as at 30 June 2017 and of its financial performance for the year ended; and
(ii) complying with Australian Accounting Standards to the extent described in Note 1 and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, 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 opinion.
Emphasis of Matter - Basis of Accounting
We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors' financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Armidale 92 Rusden Street PO Box 114 Armidale NSW 2350 p +61 2 6773 8400 f +61 2 6772 9957 e [email protected] ABN 24 935 296 225
21
Responsibilities of Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The directors' responsibility also includes such internal control as the directors determine necessary to enable the preparation of a financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have 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 free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement 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 decisions of users taken on the basis of the financial report.
Forsyths
Geoffrey W Allen Principal
Location 24 September 2017
Coolah Sporting Club Limited ABN 36 001 053 256
For the Year Ended 30 June 2017
22
Detailed Profit and Loss Account
2017 $
2016 $
BAR TRADING ACCOUNT
Sales 263,019 264,499
Cost of goods sold (113,578) (124,108)
Gross profit 149,441 140,391
Gross profit (%) 56.82% 53.08%
POKER MACHINE TRADING ACCOUNT
Net Poker Machine takings 133,412 149,760
Gaming Tax rebate 12,678 15,162
Total Poker Machine income 146,090 164,922
Less: Direct expenses
Poker machine expenses (15,506) (14,437)
Net Poker Machine income 130,584 150,485
RENTAL INCOME
Rent Received 15,395 12,127
OTHER INCOME
Profit on sale of Poker Machine entitlements not previously recognised 30,000 -
Competition and green fees 33,745 38,919
Interest received 452 977
Keno commission 3,757 3,398
Catering, raffles & bingo 33,471 30,191
Sponsorship & Donations 50 7,550
Sundry income 4,993 4,524
Government subsidies and rebates 1,092 679
Insurance recoveries 459 1,108
Mens golf revenue 4,704 2,277
ATM Commission 3,495 2,355
Total Other income 116,218 91,978
MEMBERSHIP SUBSCRIPTIONS
Membership fees 9,600 12,834
Total Net Income 421,238 407,815
The above Detailed Profit and Loss Account does not form part the audited financial report.
Coolah Sporting Club Limited ABN 36 001 053 256
For the Year Ended 30 June 2017
23
Detailed Profit and Loss Account
2017 $
2016 $
Less: Expenses
Accounting 8,939 2,860
Advertising 3,858 3,875
Affiliation fees 7,476 8,022
Auditing the financial report 13,000 12,800
Bad debts - 117
Bank charges 1,095 1,398
Catering Purchases 3,910 5,962
Club members draw 3,520 3,000
Club Prizes - golf/bowls/club 25,111 24,147
Depreciation 46,826 52,527
Donation & Sponsorships 4,793 5,825
Electricity and water 17,919 24,664
Entertainment 2,541 1,972
Expenses Golf/Bowls 18,476 26,386
Fuel 4,083 1,867
Freight and cartage 192 -
Gas - Restaurant 280 1,064
Insurance 27,627 23,503
Legal & professional fees 4,501 1,673
Leave provisions 3,798 (2,067)
Other employee costs 736 102
Printing and stationery 1,737 2,628
Rates and taxes 18,932 18,480
Repairs and maintenance 21,237 17,216
Restaurant expenses 100 -
Salaries 181,865 171,877
Security costs 3,622 1,818
Software expenses 2,514 2,135
Staff amenities 532 1,085
Subscriptions 233 249
Superannuation contributions 16,599 26,221
Telephone and fax 3,725 3,763
Uniforms 288 187
(450,065) (445,356)
Net profit for the year (28,827) (37,541)
The above Detailed Profit and Loss Account does not form part the audited financial report.