GOULBURN WORKERS CLUB LIMITED
ABN 67 001 003 596
THIRTY FIFTH ANNUAL GENERAL MEETING
(since incorporation)
Notice is hereby given that the Thirty Fifth Annual General Meeting of the Goulburn Workers Club Limited will be held on the 4th November, 2007 commencing at 10.00am. The meeting will be held in the McKell Lounge at the Club, McKell Place, Goulburn, New South Wales.
AGENDA
To confirm the minutes of the Thirty Fourth Annual General Meeting held on the 5th November, 2006.
To receive and consider:
Presidents Report.
Trading, Profit and Loss Accounts for the year ended 30th June, 2007.
Balance Sheet for year ended 30th June, 2007.
Special Business of which due notice has been received.
FIRST RESOLUTION
That approval is given to the provision of the following benefits to the Directors of the Club in respect to their services as members of the Board of Directors:
A Club uniform which includes jacket, trousers, shirt and tie as required.
Cost to cover attendance at conferences and any relevant training courses so they may carry out their duties and responsibilities as directors.
The reasonable cost of meal and beverages for each Director or Senior Management Officer at an appropriate time before or after a Board or Committee Meeting and which is incurred on the day of that Meeting. Reasonable expenses incurred by a Director either within the Club or elsewhere in relation to the duties of a Director, including the entertainment of special guests of the Club in relation to Club business and such other promotional activities as may be approved by the Board. Reasonable expenditure of food and refreshments for Directors and Senior Management Officers in entertaining guests of the Club in the Club dining rooms, where such expenditure is reasonable and properly incurred in the course of that Director’s or Senior Management Officer’s Club duties.
Note to Members
The above resolution ensures that the Club comply with Corporations Law and the Registered Clubs Act.
SECOND RESOLUTION
That the President be paid an honourarium of $194.00 per week in respect of his services as President of the Club, such sum to be paid weekly in arrears.
THIRD RESOLUTION
That each of the Directors be paid an honourarium of $80.00 per month, such sum to be in respect of their services as a member of the Board and to reimburse them their out of pocket expenses in attending such meetings and this is payable quarterly in arrears.
Peter J Walker
Chief Executive Officer
By direction of the Board
Dated 2nd October 2007
Questions Regarding Finance.
Members wishing to ask questions regarding finance at the Annual General Meeting are asked to convey those questions in writing to the Chief Executive Officer by Monday 29th October, 2007. This allows staff time to carry out the necessary research.
P J Walker
Chief Executive Officer
PRESIDENT’S REPORT.
It is my pleasure in presenting my Annual Report to all our members. It is again through the effort and dedication of our Board, Management and Staff and you the Members that the Club has again had another successful year. The Club can report an increase in net profits this year of $42,000 prior to the adjustment for the link jackpot provisions, despite again seeing an increase in poker machine tax this year amounting to $214,000. I am very pleased to report however, that $290,000 has been given back to the community of Goulburn under the CDSE program.
The new legislation prohibiting indoor smoking in Clubs took effect in July of this year and while we have seen a small initial downturn in revenue, any long term effects are yet to be assessed. I’m sure that, as in the past, this is an adjustment we will become accustomed to, and with our most recent and comprehensive renovation well underway, there is something new and exciting for all of our members to enjoy. Three of the new outdoor areas have been finished with the final area now very close to completion.
I would like to take this opportunity to thank all our inner Sports Clubs on their performance over the past 12 months. To all those who have lost a loved one through the year, I offer my deepest sympathy.
In February of this year we were pleased to welcome our new catering team Steve Walker and Deborah Gabelle, and I would like to thank them and their staff for their contribution to our members and facilities.
In conclusion I would like to thank my fellow Board Members for their co-operation and dedication to this Club – it again has been great working with you. To Peter Walker and his staff a big thanks goes to you for the way you have carried out the day to day operation of our Club. Also thank you to Penny and Priscilla for your support. I would like to welcome all our new members, and thank very much all our members for their loyalty and support. I look forward to seeing you in your Club in the near future.
Tony Dawson,
PRESIDENT.
CHIEF EXECUTIVE OFFICER’S REPORT.
Firstly I would like to acknowledge the success of all the sporting groups that were triumphant or competed in finals over the last 12 months in and around the Goulburn District. Be it League, Union, Cycling, Hockey, Cricket, Aussie Rules or Soccer, it makes the Workers Club proud to be associated with those clubs and the many other groups we support.
Looking at the developments around the Club it is pleasing to see the success of the Indoor Sports Centre and with the soon to be completed outdoor areas, it gives the Club a new prospective to both dining and outdoor entertainment.
My Board has been conscious of the needs of supporting groups in our community like – The Crescent School; Challenge Foundation; Goulburn Base Hospital; Anglicare – and many others. We have also been very active with support to schools in and around the Goulburn area.
On a financial note it is pleasing to show the profit that we have in these trying times, an increase on last year of $42,000 prior to the gaming link adjustment. With the ever increasing burden of tax increases we have had to monitor closely the areas that we now support and look forward to reciprocal support from those groups. As we move into what I believe to be a year of change and challenges we need to consolidate our position in our industry.
With the ongoing guidance of President Tony and the Directors as well as the management team and staff we have at your Club, I’m sure we will all rise to the challenge. To all the staff from cleaners, outdoor, bar and gaming, your efforts are greatly appreciated.
To our "new" caterers Steve and Deb, the transition has been done well and your staff have been going very well - keep it up.
Finally, to the members, thank you for your loyalty and support and at times words of wisdom. We all try to listen and do the best for the continued growth of "YOUR" Club.
To my wife Cath and son Tom - thanks for your patience and support.
Peter Walker,
CHIEF EXECUTIVE OFFICER.
Grant Business Management.
As a consultant for The Goulburn Workers Club I am pleased to report the nett profit of the club reflects the continuing trend of increasing revenues and providing for members amenities.
Overall revenues increased by 3.5% and operating expenses by 2.4%.
The main source of revenue for the year was the poker machines with nett income of $3,909,401, which is an increase of $95,560 over the previous year after allowing for $110,649 in unpaid progressive jackpots. Bar turnover increased by 2.0%.
For the period 1 September 2005 to 31 August 2006 the profit attributable to gaming was $3,841,079 and a total of $288,907 ($293,499 financial year to 30 June 2007) was applied to Community Development & Support Expenditure (CDSE).
Members funds have increased by $360,025 after allowing for $1,141,831 in depreciation for the year.
The Goulburn Workers Club remitted taxes totalling $2,383,820 to state and federal governments for the year. Of this $1,457,191 was paid to the NSW State Government.
Ray Grant ANIA
Grant Business Management
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2007
The Directors present their report together with the Balance Sheet as at 30 June 2007 and supporting financial statements for the year ended that date and in accordance with a resolution of Directors report as follows:
DIRECTORS
The names of the Directors of the Goulburn Workers’ Club Limited ("the Club") during the whole financial year and until the date of this report (except as otherwise noted) are as follows:
|
A Dawson – President |
G McAleer |
|
|
|
|
|
B Dell – Senior Vice President |
T McEachan |
|
|
|
|
|
|
|
|
B Bugden – Junior Vice President |
R Pollack |
|
|
|
|
|
|
|
|
B Hollands |
W Sharwood |
|
|
|
|
|
|
|
|
M Humphries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY SECRETARY
The company secretary at the end of the financial year was Mr Peter Walker. Mr Walker has worked for the Goulburn Workers Club for the past 6 years, performing management roles in the hospitality industry. Mr Walker was appointed company secretary on 15 March 2002.
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2007 (Continued)
PRINCIPAL ACTIVITIES
The nature of operations and principal activities of the Club during the financial year remained unchanged and were the provision of social, cultural, sporting and entertainment for the welfare of members.
The club is incorporated as a company limited by guarantee in NSW, Australia, having its registered office and principal place of business at McKell Place, Goulburn, NSW.
RESULTS
The surplus for the year was $360,025 (2006: $428,083).
REVIEW OF OPERATIONS
The Club’s surplus for the year was $360,025 compared to $428,083 in the previous financial year.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There have been no significant changes during the year in the state of affairs of the Club.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
At the date of this report there does not exist any matter or circumstance that has arisen since the end of the financial year that has or may significantly affect the operations of the Club.
DIVIDENDS
The Club is a company limited by guarantee and accordingly no shares, debentures or options have been issued by the Club and no dividends have been recommended or paid since the commencement of the financial year.
DIRECTORS’ BENEFITS
Since the end of the previous financial year, no director has received or become entitled to receive a benefit, other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors shown in the accounts or the fixed salary of a full-time employee of the company, by reason of a contract made by the company or a related corporation with the Director or with a firm of which he is a member or with a company in which he has a substantial financial interest.
During the year, the Club paid $4,620 (2006: $7,848) to insure the Directors and Officers of the Club. The liabilities insured against include costs and expenses that may be incurred in defending civil or criminal proceedings that may be brought against the officers and Directors of the Club in their capacity as officers and Directors of the Club.
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2007 (Continued)
It is also noted that;
There were no occasions where Directors reported a material personal interest in a matter relating to the Club’s affairs;
There were no occasions where Directors or top executives reported a financial interest in a hotel in NSW;
There were no grants made out to an affiliated body of the Club in the past 12 months;
No employees or Directors undertook overseas travel on behalf of the Club during the year;
No loans were granted to Directors or employees at any stage during the year;
No close relatives of Directors or top executives received, or became entitled to receive any remuneration during the year;
There was no contract negotiated or renewed with any top executives during the year;
There was no Controlled Contract approved by the Board and forwarded to the Director of Liquor and Gaming;
Total profits made from gaming for the 12 months ending 30 June 2007 were $3,909,401;
The total amount applied to community development and support during the twelve months to June 2007 was $293,499;
There were no legal settlements made with any members of the board or any employees during the year;
There were no legal fees paid on behalf of the board or any employees during the year, and;
No gifts from affiliates or contractors of the Club were received with a total value in excess of $500.
CONSULTANTS USED BY THE CLUB
During the financial year the Club used a number of consultants, the following received in excess of $30,000:
Visionads Pty Ltd received $40,640 (2006: $39,540).
Visionads provided analysis and advice on the operations of the Club’s poker machines as well as market research, data management and information technology services. Visionads provided a facilitator at Board and management workshops and assisted the Club to develop, implement and monitor policies and procedures in a range of areas, with a focus on food safety. The above fees also include travelling costs and out of pocket expenses.
Grant Business Management: $53,326 (2006: $51,790).
Grant Business Management provided data processing, bookkeeping, financial accounting and management accounting services.
Grant Business Management provided monthly Profit and Loss Statements for each section of the Club, monthly Balance Sheets, bank reconciliations, management accounts for executives and the board and preparation of documents and financial records for the annual audit. Business Activity Statements and quarterly bank financial data is also provided.
The fee includes attendance at meetings.
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2007 (Continued)
DIRECTORS’ ATTENDANCE AT MEETINGS
Board Meetings
The Club held 12 board meetings during the year ended 30 June 2007. The number of meetings attended by each Director while in office were:
|
|
Number of meetings held while in office |
Number of meetings attended |
|
A Dawson |
12 |
12 |
|
B Dell |
12 |
8 |
|
R Pollack |
12 |
10 |
|
B Bugden |
12 |
12 |
|
B Hollands (resigned 15/1/07) |
7 |
4 |
|
M Humphries |
12 |
12 |
|
G McAleer |
12 |
11 |
|
T McEachan |
12 |
10 |
|
W Sharwood |
12 |
12 |
Finance Meetings
The Club held 12 finance subcommittee meetings during the year ended 30 June 2007. The number of meetings attended by each Director while in office were:
|
|
Number of meetings held while in office |
|
Number of Meetings attended |
|
A Dawson |
11 |
|
11 |
|
B Dell |
11 |
|
7 |
|
R Pollack |
11 |
|
10 |
|
B Bugden |
11 |
|
11 |
|
B Hollands (resigned 15/1/07) |
6 |
|
5 |
|
M Humphries |
11 |
|
11 |
|
G McAleer |
11 |
|
10 |
|
T McEachan |
11 |
|
9 |
|
W Sharwood |
11 |
|
11 |
Sundry sub-committees who held meetings at various times throughout the year:
Executive Committee: A Dawson, B Bugden, B Dell, G McAleer, T McEachan
Building Committee: A Dawson, B Bugden, G McAleer, M Humphries, W Sharwood,
House Committee: A Dawson, B Dell, G McAleer, T McEachan, W Sharwood
Arena Committee: B Bugden, B Dell, R Pollack, W Sharwood
Gaming/Finance Committee: A Dawson, B Bugden, B Dell, M
Humphries, G McAleer,
W Sharwood,
Sports Council Delegates: B Bugden, B Dell, R Pollack
Poker Machine Committee: A Dawson, B Bugden, W Sharwood, Reserve B Dell
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2007 (Continued)
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 follows this Directors’ Report.
On behalf of the Board
AUDITOR’S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
TO THE DIRECTORS OF
GOULBURN WORKERS’ CLUB LIMITED
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2007 there have been:
no contraventions of the independence requirements of the Corporations Act in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
Duesburys Nexia R C Scott
Canberra, 25th September 2007 Partner
BALANCE SHEET
AS AT 30 JUNE 2007
|
Notes |
|
2007 $ |
|
2006 $ |
|
||||||||
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
3 |
|
|
|
270,057 |
|
|
|
|
152,894 |
|
||
|
Trade and other receivables |
4 |
|
|
|
75,369 |
|
|
|
|
82,196 |
|
||
|
Inventories |
5 |
|
|
|
123,880 |
|
|
|
|
118,506 |
|
||
|
Other current assets |
6 |
|
|
|
140,507 |
|
|
|
|
187,241 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL CURRENT ASSETS |
|
|
|
|
609,813 |
|
|
|
|
540,837 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
||
|
Property, plant and equipment |
7 |
|
|
|
13,210,939 |
|
|
|
|
12,955,097 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL NON CURRENT ASSETS |
|
|
|
|
13,210,939 |
|
|
|
|
12,955,097 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL ASSETS |
|
|
|
|
13,820,752 |
|
|
|
|
13,495,934 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
||
|
Trade and other payables |
8 |
|
|
|
671,095 |
|
|
|
|
723,986 |
|
||
|
Provisions |
9 |
|
|
|
295,801 |
|
|
|
|
257,392 |
|
||
|
Financial liabilities |
10 |
|
|
|
1,874,622 |
|
|
|
|
1,988,154 |
|
||
|
Other current liabilities |
11 |
|
|
|
141,279 |
|
|
|
|
23,605 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL CURRENT LIABILITIES |
|
|
|
|
2,982,797 |
|
|
|
|
2,993,137 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
||
|
Financial liabilities |
10 |
|
|
|
- |
|
|
|
|
24,867 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL NON-CURRENT LIABILITIES |
|
|
|
|
- |
|
|
|
|
24,867 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL LIABILITIES |
|
|
|
|
2,982,797 |
|
|
|
|
3,018,004 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NET ASSETS |
|
|
$ |
|
10,837,955 |
|
|
$ |
|
10,477,930 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
||
|
Reserves |
|
|
|
|
2,768,601 |
|
|
|
|
2,768,601 |
|
||
|
Retained surpluses |
|
|
|
|
8,069,354 |
|
|
|
|
7,709,329 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL EQUITY |
|
|
$ |
|
10,837,955 |
|
|
$ |
|
10,477,930 |
|
||
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
|
Notes |
|
2007 $ |
|
2006 $ |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Poker machine clearances |
|
|
|
|
6,566,014 |
|
|
|
|
6,156,863 |
|
||||
|
Bar sales |
|
|
|
|
2,862,763 |
|
|
|
|
2,879,572 |
|
||||
|
Bottle shop sales |
|
|
|
|
419,397 |
|
|
|
|
464,622 |
|
||||
|
TAB |
|
|
|
|
17,449 |
|
|
|
|
20,562 |
|
||||
|
Interest received |
|
|
|
|
7,305 |
|
|
|
|
13,040 |
|
||||
|
Other revenue |
|
|
|
|
468,786 |
|
|
|
|
470,637 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total revenue |
|
|
|
|
10,341,714 |
|
|
|
|
10,005,296 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gain on the sale of fixed assets |
|
|
|
|
25,510 |
|
|
|
|
22,900 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
(53,326 |
) |
|
|
|
(51,790 |
) |
||||
|
|
|
|
|
(206,486 |
) |
|
|
|
(183,073 |
) |
||||
|
Auditors’ remuneration |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Audit of the financial report |
|
|
|
|
(23,250 |
) |
|
|
|
(18,625 |
) |
||||
|
Provision of other services – IFRS advice |
|
|
|
|
(2,150 |
) |
|
|
|
- |
|
||||
|
Bar cost of sales |
|
|
|
|
(1,136,550 |
) |
|
|
|
(1,115,369 |
) |
||||
|
Borrowing cost expense |
|
|
|
|
(147,458 |
) |
|
|
|
(156,384 |
) |
||||
|
Bottle shop cost of sales |
|
|
|
|
(349,190 |
) |
|
|
|
(395,490 |
) |
||||
|
|
|
|
|
(63,933 |
) |
|
|
|
(142,069 |
) |
||||
|
Depreciation and amortisation |
|
|
|
|
(1,141,831 |
) |
|
|
|
(1,097,326 |
) |
||||
|
|
|
|
|
(231,645 |
) |
|
|
|
(212,775 |
) |
||||
|
Employee costs |
|
|
|
|
(2,345,595 |
) |
|
|
(2,207,397 |
) |
|||||
|
|
|
|
|
(169,159 |
) |
|
|
|
(150,659 |
) |
||||
|
|
|
|
|
(179,265 |
) |
|
|
|
(174,402 |
) |
||||
|
|
|
|
|
(242,083 |
) |
|
|
|
(236,949 |
) |
||||
|
Poker machine tax |
|
|
|
|
(1,354,076 |
) |
|
|
|
(1,140,402 |
) |
||||
|
Promotional expenses |
|
|
|
|
(834,076 |
) |
|
|
|
(842,879 |
) |
||||
|
|
|
|
|
(335,804 |
) |
|
|
|
(417,166 |
) |
||||
|
|
|
|
|
(175,999 |
) |
|
|
|
(204,688 |
) |
||||
|
Other expenses from ordinary activities |
|
|
|
|
(904,674 |
) |
|
|
|
(852,670 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
(9,896,550 |
) |
|
|
|
(9,600,113 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Surplus before tax and unpaid progressive jackpots |
|
|
|
|
470,647 |
|
|
|
|
428,083 |
|
||||
|
11 |
|
|
|
110,649 |
|
|
|
|
- |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Surplus before income tax expense |
|
|
|
|
360,025 |
|
|
|
|
428,083 |
|
||||
|
Income tax expense |
1(a) |
|
|
|
- |
|
|
|
|
- |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net surplus |
|
|
|
$ |
360,025 |
|
|
|
$ |
428,083 |
|
||||
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2007
|
Notes |
|
2007 $ |
|
2006 $ |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Asset revaluation reserve |
2,768,601 |
2,768,601 |
|||||||||||||
|
Retained surpluses |
|
|
|
|
8,069,354 |
|
|
|
|
7,709,329 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
TOTAL EQUITY |
|
|
$ |
|
10,837,955 |
|
|
$ |
|
10,477,930 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Movements during the year were: |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(a) Asset revaluation reserve |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Opening balance |
|
|
|
2,768,601 |
|
|
|
|
2,768,601 |
|
|||||
|
Net movement |
|
|
|
- |
|
|
|
|
- |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Closing balance |
|
$ |
|
2,768,601 |
|
|
$ |
|
2,768,601 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(b) Retained surpluses |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Opening balance |
|
|
|
7,709,329 |
|
|
|
|
7,281,246 |
|
|||||
|
Net surplus |
|
|
|
360,025 |
|
|
|
|
428,083 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Closing balance |
|
$ |
|
8,069,354 |
|
|
$ |
|
7,709,329 |
|
|||||
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
|
Notes |
|
2007 $ |
|
2006 $ |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Receipts from members, guests and others |
|
|
|
|
11,433,930 |
|
|
|
|
10,963,649 |
|
|||||||
|
Interest received |
|
|
|
|
7,305 |
|
|
|
|
13,040 |
|
|||||||
|
Interest paid |
|
|
|
|
(147,458 |
) |
|
|
|
(156,384 |
) |
|||||||
|
Payments to suppliers and employees |
|
|
|
|
(9,666,052 |
) |
|
|
|
(9,407,011 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net cash provided by operating activities |
14(b) |
|
|
|
1,627,725 |
|
|
|
|
1,413,294 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Payments for property, plant and equipment |
|
|
|
|
(1,372,163 |
) |
|
|
|
(1,523,531 |
) |
|||||||
|
Proceeds from disposal of property, plant and equipment |
|
|
|
|
- |
|
|
|
|
- |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net cash used in investing activities |
|
|
|
|
(1,372,163 |
) |
|
|
|
(1,523,531 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Receipts from borrowings |
|
|
|
|
- |
|
|
|
|
- |
|
|||||||
|
Lease and hire purchase payments |
|
|
|
|
(36,073 |
) |
|
|
|
(14,337 |
) |
|||||||
|
Repayment of borrowings |
|
|
|
|
(102,326 |
) |
|
|
|
(42,166 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net cash provided by financing activities |
|
|
|
|
(138,399 |
) |
|
|
|
(56,503 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net increase/(decrease) in cash held |
|
|
|
|
117,163 |
|
|
|
|
(166,740 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cash at the beginning of the financial year |
|
|
|
|
152,894 |
|
|
|
|
319,634 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cash at the end of the financial year |
14(a) |
|
$ |
|
270,057 |
|
|
$ |
|
152,894 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.
Goulburn Workers’ Club Ltd (the Club) is a company limited by shares, incorporated and domiciled in Australia. The financial report covers the Club as an individual entity.
The financial report of the Club complies with all Australian equivalents to International Financial Reporting Standards (AIFRS) in their entirety.
The following is a summary of the material accounting policies adopted in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
Basis of Preparation
Reporting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been applied.
Accounting Policies
(a) Income Tax
The Club is exempt from income taxation under the relevant provisions of the Income Tax Assessment Act 1997.
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost includes direct materials, direct labour and an appropriate portion of variable and fixed overheads. Overheads are applied on the basis of normal operating capacity. Costs are assigned on the basis of weighted average costs.
(c) Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable any accumulated depreciation and impairment losses.
Where a revaluation has been performed, any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.
(c) Property, Plant and Equipment (cont’d)
The carrying amount of property, plant and equipment is reviewed at each balance sheet date to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.
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.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Club and the cost of the item can be measured reliably. All other costs (eg. repairs and maintenance) are charged to the income statement during the financial period in which they are incurred.
Increases in the carrying amount arising on revaluation of assets are credited to a revaluation reserve in shareholder’s equity. Decreases that offset previous increases of the same asset are charged against fair value reserves directly in equity; all other decreases are charged to the income statement.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.
Depreciation
The depreciable amounts of all fixed assets including capitalised leased assets are depreciated on either a straight line or diminishing value basis over their estimated useful lives to the entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
(d) Leases
Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership, are transferred to the entity are classified as finance leases.
Finance leases are capitalised, recording an asset and a liability at the lower of the amounts equal to the fair value of the leased asset or the present value of the minimum lease payments, including any guaranteed residual. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.
Leased assets are depreciated over their estimated useful lives.
(d) Leases (cont’d)
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.
Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.
(e) Financial Instruments
Recognition
Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below.
Financial assets at fair value through profit and loss
A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management and within the requirements of AASB 139: Recognition and Measurement of Financial Instruments. Gains and losses arising from changes in the fair value of these assets are included in the income statement in the period in which they arise.
Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments and are stated at amortised cost using the effective interest rate method.
Held-to-maturity investments
These investments have fixed maturities, and it is the intention to hold these investments to maturity. Any held-to-maturity investments held are stated at amortised cost using the effective interest rate method.
Available-for-sale financial assets
Available-for-sale financial assets include any financial assets not included in the above categories. Available-for-sale financial assets are reflected at fair value. Unrealised gains and losses arising from changes in fair value are taken directly to equity.
Financial liabilities
Financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.
(e) Financial Instruments (cont’d)
Fair Value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arms length transactions, reference to similar instruments and option pricing models.
Impairment
At each reporting date, an assessment is made of whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the income statement.
(f) Impairment of Assets
At each reporting date, the Club reviews the carrying values of its tangible and intangible 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 value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.
Where it is not possible to estimate the recoverable amount of an individual asset, the recoverable amount of the cash generating unit (CGU) to which the asset belongs is estimated.
(g) Employee Benefits
Provision is made for the liability for employee benefits arising from services rendered by employees to balance date. The benefits expected to be settled within one year to employees for their entitlements have been measured at the amounts expected to be paid including on-costs and are disclosed as current liabilities. Employee benefits payable later than one year are measured at the present value of the estimated future cash outflows to be made in respect of those benefits. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon historical data.
(h) Provisions
Provisions are recognised when the Club has a legal or constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will result and that the outflow can be reliably measured.
(i) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short term highly liquid investment with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short term borrowings in current liabilities on the balance sheet.
(j) Revenue
Revenue from poker machine clearances is the amount of monies collected from the poker machine, net of the amount paid out as winnings to customers.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
Income from grant funding is recognised as the relevant grant funding requirements are satisfied Grant funding received but not yet recognised as revenue is deferred to the balance sheet as income in advance.
All revenue is stated 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 the amount of GST incurred is not recoverable from the Australian Taxation 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.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
(l) Comparatives
Where required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments incorporated into the financial report 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 Club.
The directors do not believe that there were any key estimates or key judgements used in the development of the financial report that give rise to a significant risk of material adjustment in the future.
NOTE 2 COMPANY LIMITED BY GUARANTEE
The liability of members is limited. Every member of the Club undertakes to contribute to the assets of the Club in the event of the same being wound up during the time that he or she is a member or within one year afterwards for the payment of the debts and liabilities of the Club contracted before the time at which he/she ceases to be a member and of the costs, charges and expenses of winding up the same and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not exceeding twenty dollars.
|
|
|
2007 $ |
|
2006 $ |
|
|||||||
|
NOTE 3 CASH AND CASH EQUIVALENTS |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cash at bank |
|
|
|
50,286 |
|
|
|
|
(65,830 |
) |
||
|
Cash on hand |
|
|
|
219,771 |
|
|
|
|
218,724 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
$ |
|
270,057 |
|
|
$ |
|
152,894 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NOTE 4 TRADE AND OTHER RECEIVABLES |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Debtors |
|
|
|
35,232 |
|
|
|
|
36,711 |
|
||
|
Input tax credits recoverable |
|
|
|
40,137 |
|
|
|
|
45,485 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
$ |
|
75,369 |
|
|
$ |
|
82,196 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NOTE 5 INVENTORIES |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Stock on hand |
|
$ |
|
123,880 |
|
|
$ |
|
118,506 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
NOTE 6 OTHER CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Accrued income |
|
|
|
5,000 |
|
|
|
|
5,000 |
|
||
|
Prepayments |
|
|
|
135,507 |
|
|
|
|
182,241 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
$ |
|
140,507 |
|
|
$ |
|
187,241 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Freehold land - at cost |
|
|
|
1,406,294 |
|
|
|
|
1,406,294 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Buildings - at cost |
|
|
|
8,104,125 |
|
|
|
|
8,104,125 |
|
||
|
Less accumulated depreciation |
|
|
|
(2,252,143 |
) |
|
|
|
(2,066,425 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
5,851,982 |
|
|
|
|
6,037,700 |
|
||
|
|
|
2007 $ |
|
2006 $ |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Motor vehicles - at cost |
|
|
|
116,709 |
|
|
|
|
62,091 |
|
|||||
|
Less accumulated depreciation |
|
|
|
(50,257 |
) |
|
|
|
(30,123 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
66,452 |
|
|
|
|
31,968 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Motor vehicle under lease |
|
|
|
- |
|
|
|
|
55,464 |
|
|||||
|
Less accumulated amortisation |
|
|
|
- |
|
|
|
|
(24,958 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
- |
|
|
|
|
30,506 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Freehold improvements - at cost |
|
|
|
5,717,550 |
|
|
|
|
4,854,102 |
|
|||||
|
Less accumulated depreciation |
|
|
|
(1,224,612 |
) |
|
|
|
(912,889 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
4,492,938 |
|
|
|
|
3,941,213 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Poker machines - at cost |
|
|
|
3,050,340 |
|
|
|
|
2,700,264 |
|
|||||
|
Less accumulated depreciation |
|
|
|
(2,590,031 |
) |
|
|
|
(2,240,621 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
460,309 |
|
|
|
|
459,643 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Plant, furniture and equipment - at cost |
|
|
|
3,399,903 |
|
|
|
|
3,243,463 |
|
|||||
|
Less accumulated depreciation |
|
|
|
(2,713,850 |
) |
|
|
|
(2,444,665 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
686,053 |
|
|
|
|
798,798 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Plant and equipment under lease |
|
|
|
27,440 |
|
|
|
|
27,440 |
|
|||||
|
Less accumulated depreciation |
|
|
|
(20,690 |
) |
|
|
|
(18,626 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
6,750 |
|
|
|
|
8,814 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Poker machine entitlements - at cost |
|
|
|
240,161 |
|
|
|
|
240,161 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
$ |
|
13,210,939 |
|
|
$ |
|
12,955,097 |
|
|||||
The asset categories freehold land, buildings and freehold improvements have a combined carrying value of $11,751,214 (2006: $11,122,307). Having regard to the Club’s trading performance and an independent valuation of the land and buildings, the Directors believe that the carrying value of the land and buildings at 30 June 2007 is fair and does not exceed the approximate market value of the land and buildings at 30 June 2007. The estimated combined valuation as at 7 March 2006 for 236-238 Auburn Street, McKell Place Goulburn, and 135 Hume Street Goulburn is $21,350,000.
NOTE 7 PROPERTY, PLANT AND EQUIPMENT (CONT’D)
The Club currently has 110 (2006: 110) poker machines. Due to changes in the Gaming Machines Act 2001 (the Act), each of these poker machines has an entitlement granted by the Liquor Administration Board. These entitlements to hold poker machines can be traded between clubs and therefore have a value. Based on recent trading of poker machine entitlements, the Directors consider each entitlement to have a sale value of around $16,000. 100 of the Club’s entitlements with a sale value of approximately $1,600,000 pre-date the Act and were granted free of charge and accordingly have not been recognised on the Balance Sheet. A further 10 entitlements result from purchasing 15 entitlements and forfeiting 5 entitlements as required by the Act. The purchase price of these purchased entitlements has been capitalised and is disclosed above as "Poker machine entitlements – at cost".
|
|
|
|
|
|
|
|
|
|
Movements in Carrying Amounts |
Balance at the beginning of the year |
Additions |
Disposals |
Revaluation increments/ (decrements) |
Transfer in/(out) |
Depreciation/amortisation expense |
Carrying amount at the end of the year |
|
|
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|
Freehold land at cost |
1,406,294 |
- |
- |
- |
- |
- |
1,406,294 |
|
Buildings at cost |
6,037,700 |
- |
- |
- |
- |
(185,718) |
5,851,982 |
|
Motor vehicles at cost |
31,968 |
54,618 |
- |
- |
- |
(20,134) |
66,452 |
|
Motor vehicles under lease |
30,506 |
- |
(26,909) |
- |
- |
(3,597) |
- |
|
Freehold improvements at cost |
3,941,213 |
863,448 |
- |
- |
- |
(311,723) |
4,492,938 |
|
Poker machines at cost |
459,643 |
377,330 |
(27,254) |
- |
- |
(349,410) |
460,309 |
|
Plant, furniture and equipment at cost |
798,798 |
156,440 |
- |
- |
- |
(269,185) |
686,053 |
|
Plant, furniture and equipment under lease |
8,814 |
- |
- |
- |
- |
(2,064) |
6,750 |
|
Poker machine entitlements at cost |
240,161 |
- |
- |
- |
- |
- |
240,161 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
12,955,097 |
1,451,836 |
(54,163) |
- |
- |
(1,141,831) |
13,210,939 |
|
Class of Asset |
Rate |
Depreciation/ Amortisation method |
|
Buildings – at cost |
2.5% |
Straight line |
|
Motor vehicles – at cost |
22.5% |
Straight line |
|
Motor vehicles – under lease |
22.5% |
Straight line |
|
Freehold improvements – at cost |
2.5% - 7% (Generally 2.5%) |
Straight line |
|
Poker machines – at cost |
27% - 40% |
Straight line |
|
Property, furniture and equipment – at cost |
7% - 40% |
Straight line |
|
Property, furniture and equipment – under lease |
20% - 33% |
Straight line |
|
|
|
2007 $ |
|
2006 $ |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Trade creditors and accruals |
|
|
|
546,778 |
|
|
|
|
602,743 |
|
||||
|
Unredeemed beer futures |
|
|
|
34,897 |
|
|
|
|
27,841 |
|
||||
|
GST collected and payable |
|
|
|
89,420 |
|
|
|
|
93,402 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
$ |
|
671,095 |
|
|
$ |
|
723,986 |
|
||||
|
|
|
2007 $ |
|
2006 $ |
|
||||||||||
|
NOTE 9 PROVISIONS |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CURRENT |
|
|
|
|
|
|
|
|
|
|
|||||
|
Provision for annual leave |
|
|
|
107,183 |
|
|
|
|
101,471 |
|
|||||
|
Provision for long service leave |
|
|
|
179,318 |
|
|
|
|
150,621 |
|
|||||
|
Provision for members lucky draw |
|
|
|
9,300 |
|
|
|
|
5,300 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
$ |
|
295,801 |
|
|
$ |
|
257,392 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Lease liability |
|
|
|
- |
|
|
|
|
11,206 |
|
|||||
|
Bank loans (secured) |
|
|
|
1,874,622 |
|
|
|
|
1,976,948 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
$ |
|
1,874,622 |
|
|
$ |
|
1,988,154 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Lease liability |
|
$ |
|
- |
|
|
$ |
|
24,867 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
The secured bank loans are comprised of:
a bill facility of $472,222 with a fixed interest rate of 7.04% maturing in July 2007;
a bill facility of $542,400 with a fixed interest rate of 7.13% maturing in September 2007;
a bill facility of $600,000 with a fixed interest rate of 7.11% maturing in August 2007;and,
a bill facility of $260,000 with a fixed interest rate of 7.11% maturing in August 2007.
The secured bank loans with the Commonwealth Bank are secured by way of registered mortgages over the Club’s land and buildings. In addition, the bank holds an equitable mortgage and floating charge over the stock, plant and equipment and debtors of the Club.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions in advance |
|
|
|
30,630 |
|
|
|
|
23,605 |
|
|
|
|
|
110,649 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
141,279 |
|
|
$ |
|
23,605 |
|
Unpaid progressive jackpots represents the value of linked jackpots unpaid at year end. Unpaid progressive jackpots have previously been immaterial and were not recognised as a liability, and were previously expensed as jackpots were paid.
|
|
|
2007 $ |
|
2006 $ |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Capital commitments |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Payable |
|
|
|
|
|
|
|
|
|
|
|
|||
|
- not later than 1 year |
|
|
|
|
1,276,354 |
|
|
|
|
- |
|
|||
|
- later than 1 year but not later than 5 years |
|
|
|
|
- |
|
|
|
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total capital commitments |
|
|
$ |
|
1,276,354 |
|
|
$ |
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Represented by |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Current liability |
|
|
|
|
1,276,354 |
|
|
|
|
- |
|
|||
|
Non current liability |
|
|
|
|
- |
|
|
|
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
$ |
|
1,276,354 |
|
|
$ |
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Finance lease commitments |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Payable |
|
|
|
|
|
|
|
|
|
|
|
|||
|
- not later than 1 year |
|
|
|
|
- |
|
|
|
|
13,854 |
|
|||
|
- later than 1 year but not later than 5 years |
|
|
|
|
- |
|
|
|
|
24,980 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Minimum lease and hire purchase payments |
|
|
|
|
- |
|
|
|
|
38,834 |
|
|||
|
Less future finance charges |
|
|
|
|
- |
|
|
|
|
(2,761 |
) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total finance lease liabilities |
|
|
$ |
|
- |
|
|
$ |
|
36,073 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Represented by |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Current liability |
|
|
|
|
- |
|
|
|
|
11,206 |
|
|||
|
Non current liability |
|
|
|
|
- |
|
|
|
|
24,867 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
$ |
|
- |
|
|
$ |
|
36,073 |
|
|||
NOTE 13 FINANCIAL INSTRUMENTS
|
|
(a) Terms, Conditions and Accounting Policies |
|
|
The accounting policies and terms and conditions of each class of financial asset, financial liability and equity instrument at the balance date are consistent with those regularly adopted by businesses in Australia. |
|
|
(b) Financial Risk Management |
|
|
The financial instruments consist mainly of deposits with banks, short term investments and accounts receivable and payable. The entity does not trade or speculate in derivatives.
The main purpose of the financial instruments is to raise funds for normal activities and invest excess funds in an appropriate manner. |
|
|
(i) Financial risks and risk management |
|
|
The main risks the entity is exposed to through its financial instruments are liquidity risk, credit risk and interest rate risk. |
|
|
Liquidity risk |
|
|
The liquidity risk is managed by monitoring forecast cash flows and ensuring that adequate short term funds are maintained. |
|
|
Foreign currency risk |
|
|
The entity is not exposed to fluctuations in foreign currencies. |
|
|
Credit risk |
|
|
The maximum exposure to credit risk at balance date in respect of recognised financial assets, excluding the value of any collateral or other security, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the balance sheet and notes to the financial statements. This risk is monitored and managed by management reviewing financial assets and ensuring collections are made on a timely basis and that unacceptable concentrations of credit risk are avoided. |
|
|
Price risk |
|
|
The entity is not exposed to any material commodity price risk. |
|
|
Interest rate risk |
|
|
The entity’s exposure to interest rate risk is managed by the entity reviewing the interest rate profile, current interest rates and the market outlook, and taking action as necessary to ensure that risk levels are maintained at a satisfactory level. The entity’s exposure to interest rate risk and the effective weighted average interest rate for each class of financial assets and financial liabilities is set out below: |
NOTE 13 FINANCIAL INSTRUMENTS (CONT’D)
|
|
Floating Interest Rate |
Fixed Interest Rate (<1 year) |
Fixed Interest Rate (1 to 8 years) |
Non Interest Bearing |
Total |
|||||
|
|
2007 $ |
2006 $ |
2007 $ |
2006 $ |
2007 $ |
2006 $ |
2007 $ |
2006 $ |
2007 $ |
2006 $ |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
50,286 |
(65,830) |
- |
- |
- |
- |
219,771 |
218,724 |
270,057 |
152,894 |
|
Trade and other receivables |
- |
- |
- |
- |
- |
- |
35,232 |
36,711 |
35,232 |
36,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,286 |
(65,830) |
- |
- |
- |
- |
255,003 |
255,435 |
305,289 |
189,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate |
2.60% |
8.89% |
- |
- |
- |
- |
n/a |
n/a |
|
|
|
|
Floating Interest Rate |
Fixed Interest Rate (<1 year) |
Fixed Interest Rate (1 to 8 years) |
Non Interest Bearing |
Total |
||||||
|
|
2007 $ |
2006 $ |
2007 $ |
2006 $ |
2007 $ |
2006 $ |
2007 $ |
2006 $ |
2007 $ |
2006 $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables |
- |
- |
- |
- |
- |
- |
546,778 |
. 602,743 |
546,778 |
602,743 |
|
|
Lease liabilities |
- |
- |
- |
11,206 |
- |
24,867 |
- |
- |
- |
36,073 |
|
|
Secured loans |
- |
- |
1,874,622 |
1,976,948 |
- |
- |
- |
- |
1,874,622 |
1,976,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
1,874,622 |
1,988,154 |
- |
24,867 |
546,778 |
602,743 |
2,421,400 |
2,615,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate |
- |
- |
7.10% |
6.68% |
- |
8.36% |
n/a |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial liabilities |
$(2,116,111) |
$(2,426,159) |
|||||||||
|
(c) Net Fair Values |
|
|
|
Financial assets and financial liabilities are carried at their net fair value at balance date. The carrying value of financial assets and financial liabilities approximate their net fair value due to their short term maturity or market interest rate. No financial assets or financial liabilities are traded on organised markets in standardised form. |
|
|
(d) Credit Standby Arrangements |
|
The club has an overdraft facility with a limit of $100,000 (2006: $100,000). At 30 June 2007, the unused portion was $100,000 (2006: $19,187). The club also has a bill facility with a limit of $1,000,000 (2006:1,000,000). At 30 June 2007, the unused portion was $140,000 (2006: $140,000). |
NOTE 14 CASH FLOW INFORMATION
(a) Reconciliation of Cash
For the purpose of this statement of cash flows, cash includes cash on hand, cash at bank, at call deposits with banks or financial institutions, net of bank overdrafts.
