Draft 2017 Coolah Sporting CLub Linited Financial … Coolah Sporting Club Limited... · Robert...

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


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


Directors' Report


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.


Directors' Report


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


Directors' Report


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


Directors' Report


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


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


Statement of Profit or Loss and Other Comprehensive Income


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)


Statement of Financial Position

As At 30 June 2017


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


Statement of Changes in Equity



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


Statement of Cash Flows



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


Notes to the Financial Statements


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.





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.





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.





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.




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




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


Total plant, fixtures and fittings 86,723 129,397

Greens equipment

At cost 5,487 5,487


Total greens equipment 1,646 1,920

Total property, plant and equipment 573,909 617,167




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




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.




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


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

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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



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.



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.

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