annual report 2014 - 2015 - ocean shores country club report 30 june 2015.pdf · poly welder &...
TRANSCRIPT
Contents
Notice of Annual Meeting 3
Membership 4
Chairman’s Report 5
General Manager’s Report 6
Treasurer’s Report 7
Golf Report 9
Bowls Report 10
Audited Financials 11
ABN: 84 000 724 676
Financial Report for the year ended 30 June 2015
Annual Report 2014-2015 | 3
Notice of Annual General Meeting
Notice is hereby given that the 46th Annual General Meeting of Members will be held in the Pacific Room at the Clubhouse, Orana Road Ocean Shores NSW 2483 at 10am on Sunday 18th October 2015.
Agenda 1. Declare the 46th Annual General Meeting open.
2. Attendance Roll
3. Apologies
Ordinary Business4. To receive and consider the minutes of the 45th Annual General Meeting held on Sunday 19th
October 2014.
5. To receive and consider the reports of the Directors and Auditors for the year ended 30 June 2015.
6. To receive and consider the Financial Statements as at 30 June 2015 for the year ended on that date. (Any questions in regard to the contents of these reports are to be submitted in writing to the General Manager seven days prior to the AGM to enable a well-informed response to be made at the meeting)
7. To consider and approve benefits received by Directors and Committees “Pursuant to Section 10(6) of the Registered Clubs Act 1976”. To repay out of pocket expenses reasonably incurred by any member of the Board in the course of carrying out his or her duties for the Club provided that they are approved by the Board.
8. The members hereby approve and agree to the provision of a limited number of reserved car spaces in the Club’s car park.
9. To deal with any other business for which due notice has been given.
10. To consider and approve benefits received by members who are accepted into the membership Category of “Special Veterans” for the membership year 2015-2016.
11. To elect the Board of Directors for 2015-2016 in accordance with the Clubs Constitution.
Members please note point(s) 7, 8 and 10: that members acknowledge that the above benefits are not available to members generally but only for those that are specified in the above resolutions.
By order of the Board of Directors
Andrew Spice, JPGeneral ManagerSeptember 14, 2015
4 | Annual Report 2014-2015
ANNUAL REPORT 2014-2015
MembershipThe membership as at 30 June 2015
2014 2015
Life Member 1 1
Male Golf 258 247
Female Golf 49 53
Male Bowls 69 62
Female Bowls 38 34
Male Golf & Bowls 39 38
Female Golf & Bowls 2 2
Special Veteran Golfer (Male & Female)
42 28
Special Vet Golf /Bowls (Male & Female) 8 8
Ordinary (Male & Female) 9 8
Male Country Golf 36 31
Female Country Golf 5 6
Social (Male & Female) 2151 2366
Country Golf/Bowler (Male & Female) 1 0
Leave of Absence 0 0
Colt Golfers 11 8
Colt Golfer/Bowler 0 2
Mid Week Golfer (Male & Female) 127 127
Mid Week Golfer/Bowler (Male & Female) 13 14
Remote Golf (Male/Female) 0 8
Sub Total 2859 3043Golfer Junior (Male & Female) 10 6
Golfer Cadet (Male & Female) 7 10
Junior Golfer/Bowler (Male & Female) 1 0
Cadet Golfer/Bowler (Male & Female) 0 0
Junior Bowls (Male & Female) 1 1
Cadet Bowler 1 0
Total 2879 3060
Annual Report 2014-2015 | 5
Chairman’s Report
On behalf of the Board of Directors, I am pleased to report on the Club’s operations and activities for the 2014/15 year. The club recorded an operating profit of $103,227. This is considered a good result especially when the kitchen renovations increased depreciation by $35,893 from $260,650 in 2013/14 to $296,543 in 2014/15.
Management and the Board are continually investigating where savings can be made, together with making the club more environmentally friendly. Our efforts in becoming more energy efficient by installing solar panels, upgrading refrigeration and air conditioning, and installing LED lighting saw the Office of Environment and Heritage upgrade the club to a Bronze Partner. Management, staff and Directors have again undertaken various courses and modules to reach our goal of optimum energy efficiency. Our project for next year involves improving our waste management by organised recycling, composting and subsequently establishing our own herb gardens and planting a variety of lemon and lime trees.
Our major project for the 2015/16 Financial Year is the construction of a front deck. Work is expected to commence in February, 2016 and will hopefully be completed by Easter. Final Plans will be displayed in the clubhouse in the near future.
I thank all the members who served on S.I.Gs and Board Sub Committees, with the Goonies, or in any other capacity. Your assistance has been invaluable.
To our General Manager, Andrew, and his friendly and efficient staff, I convey the Board’s appreciation for your efforts and dedication over the past year.
Thank you to my fellow Directors for their support, and the manner in which they undertook their individual duties. It has again been a pleasure to be Chairman of such a dedicated, efficient and professional Board.
Finally, I acknowledge our members, for your continued support of the club and our sporting facilities.
Peter Tornaros
Chairman
6 | Annual Report 2014-2015
ANNUAL REPORT 2014-2015
General Manager’s Report
It is with pleasure that I submit the General Manager’s Report for the year ended 30 June 2015. Your Club achieved a trading profit for the year ended 30 June 2015 of $103,227. This compares to a profit of $138,293 achieved for 2014.
The Board and Management continue to closely monitor the Club’s income and expenditure, having regard to ongoing operational requirements including maintenance and provision of facilities.
The Club has maintained the strong commitment and support of the Local Community through ongoing sponsorship and donations. During the year ended 30 June 2015 your Club gave financial support to the organisations listed inside the back cover of the annual report, combined with the donation of complimentary vouchers and products for use in fundraising.
We continue to strive toward a more family friendly venue whilst meeting our obligations with respect to providing Golf & Bowls facilities. Our Annual Family Fun Day has helped growth in social membership and we are seeing the subsequent support from social members. Our Golf and Bowls Memberships remain steady and weather permitting usage in these areas is growing and well supported by members.
Your Directors continue to attend seminars and undertake training, putting them in a good position with the Mandatory Director Training requirements under legislation.
On behalf of the Management and Staff I thank the Directors for their ongoing support throughout the year.
The Ocean Shores Country Club Staff show good team work in attending to the daily needs of members and Guests, and I look forward to us working together in continuing this over the years ahead.
We are fortunate to have such a dedicated team of volunteers, there are far too many to name individually, but a big thank you to our many volunteers for your contributions over the year.
I would like to congratulate the various golf and bowls winners. Also thank you to those who represented the Club in Pennants, I am sure you all performed admirably.
Our contract caterers have supplied notice that they are moving on. Many thanks to Dino & Kate, and their staff for the professional service and top quality food they provide through Meraki Bistro. We wish them all the best with their new venture.
Members make a Club and I thank you, our members, for your support and ongoing patronage.
Andrew Spice, JP
General Manager
Annual Report 2014-2015 | 7
Treasurer’s ReportThe operating profit for this year was a good result taking into account the increased depreciation figure. This figure will continue to increase in the coming years, due to the capital works program the club has in place. However the timing for these works will be adjusted as required, as was necessary this year with the renovation of the kitchen being moved forward.
2015 2014
Operating Profit 103,227 138,293
Depreciation 296,543 260,650
Disposal of Assets -11,943 -5,774
Contribution Areas 2015 2014
Bar 266,130 283,825
Poker Machines 750,546 761,710
KENO 55,098 44,937
Golf 16,987 -48,508
Bowls -35,900 -21,117
House -583,517 -539,356
Administration -397,909 -379,423
TAB -6,839 -8,516
Halfway House 12,856 16,546
Pro Shop 21,089 24,757
Men's Golf 2,374 760
Ladies Golf - 893 -437
Men's Veteran Golf 3,389 902
Women's Bowls 1,894 1,060
Men's Bowls -2,077 1,152
Capital Expenditure 2014/15
Irrigation Stage 2 77,097
Golf Course Utility 10,264
Poly Welder & Scrapper 6,350
Site Office & Staff Amenities Golf Course 13,467
Fire Extinguisher Fuel & Chemical Storage Area 570
Fertilizer Spreader 850
8 | Annual Report 2014-2015
ANNUAL REPORT 2014-2015
The club is in a strong financial position. Looking forward it is important the Board and Management take into account the club’s demographics and community requirements when introducing future member services.
I would like to thank the following:-
The members of the Finance Committee, Trish, Shane, Troy, Chris, Col and Andrew.
The goonies for the contribution they make to the club.
The Board members and staff who are part of Sustainability Advantage, the club is seeing financial and environmental benefits from your efforts.
The General Manager Andrew and the office staff Trish, Alison and Angela.
The outdoor, in house, pro shop and HWH staff thank you.
As always, the members, thank you for your support, without which this great club could not exist.
Anne Slater
Treasurer
Capital Expenditure Continued 2014/15
Aerator Irrigation Pump 2,207
Stihl Blower 454
Polisher Roller-Top Green 6,000
Artificial Plants 1,260
CCTV 1,994
Directors & Management Board 954
Pie Warmer 455
Fire Alarm Buggy Shed 5,041
Advertising Stands 950
Photocopier 15,420
Website and TV Commercials 5,208
Coffee Machine 690
Pro Shop & Breezeway Carpet 6,530
Pro Shop & Sunset Room Blinds 4,580
BBQ 635
Kitchen & Loading Dock Storage Area 196,841
Poker Machines 20,990
Online Bowls Booking System 3,182
Sub Total 381,989
Annual Report 2014-2015 | 9
Golf Management Committee Report
Over the last year our golf course has continued to improve in both appearance and playability with the ongoing conversion to couch fairways, reconstruction of the bunkers to assist drainage and tee upgrading. The irrigation replacement program will see the 12th hole completed in this year’s budget together with improvement work to the buggy paths.
We have just taken possession of a new fleet of machinery as part of our four year leasing arrangement and a new office and lunchroom for our ground staff.
The Golf Management Committee, who are responsible for the overall administration of golf, has worked well together this year and I thank them for their hard work and diligence.
The Men’s Committee decided to resign mid-year, however the Ladies and Veterans Committees continued, as always, to run smoothly under great leadership and in a friendly environment.
I would like to thank and congratulate all of our staff for their professionalism and the friendly manner in which they carry out their duties.
Ian Wingad
Chairman
10 | Annual Report 2014-2015
ANNUAL REPORT 2014-2015
Bowls Management Committee Report
This year saw the advent of the Bowls Management Committee and the appointment of Chris Graham as our Sports Manager. The Committee in conjunction with Chris has been working towards improving the organisation and participation in bowls.
Bowlers have had a successful year on the Greens with our Men’s Division 2 and Division 6 teams making the State Pennant Finals and Graeme Condie winning the District Champion of Champions Singles. Also Glenys Johnston, Lyn McGowran and Barbara Sprengel won the Women’s District Triples.
The new irrigation system has been installed on the Top Green and the area beautified with new gardens, seating and returfing.
The Men’s and Women’s SIG Committees again worked tirelessly to ensure all our members and visiting bowlers were well catered for. Your efforts are greatly appreciated.
Lastly, thank you to Troy for the vast improvement in our Greens. Also thank you to Shane and the rest of the Greens staff for their efforts in assisting over the year.
Danny Taylor
Chairman
OCEAN SHORES COUNTRY CLUB LTD
ABN: 84 000 724 676
Financial Report For The Year Ended30 June 2015
Annual Report 2014-2015 | 11
OCEAN SHORES COUNTRY CLUB LTD
ABN: 84 000 724 676
Financial Report For The Year Ended30 June 2015
12 | Annual Report 2014-2015
ABN: 84 000 724 676
Financial Report For The Year Ended30 June 2015CONTENTS Page
Directors' Report 1
Auditor's Independence Declaration 4
Statement of Profit or Loss 5
Statement of 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 20
Independent Auditor's Report 21
Ocean Shores Country Club Ltd
Annual Report 2014-2015 | 13
Key Performance Measures
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
DIRECTORS' REPORT
Directors
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Leslie HoffmanNicholas Comer
Anne Slater
The names of each person who has been a Director during the year and to the date of this report are:
Anthony DahlJohn Maddock
Danny TaylorIan Wingad
Your Directors present this report on the company for the financial year ended 30 June 2015.
• The principal activities of the entity during the financial year were the provision of social and sporting facilities and those of a registered club. There were no other significant changes in the nature of the entity’s principal activities during the financial year.
The company's long-term objectives are to:
Principal Activities
Short-term and Long-term Objectives
The principal activity of the company during the financial year was:
The company's short-term objectives are to:
• Provide the best possible hospitality services to members and to the local community;
• Enhance members and visitors Golf and Bowls experience;• Maintain and / or modernise the Club’s premises and facilities;
• Increase the participation level of Club members through promoting the sporting and social operations of the company;• Maintain a financially healthy business;
Peter Tornaros
The Company Secretary is Andrew Spice.Company Secretary
• Ensure ongoing profitability of the company to secure its financial future; and• Promote the sporting and social operations of the company
• Plan for the future development and expansion of the Club and facilities; and• Grow the company’s operations.
• Further develop the Club's financial strategies
• The preparation of an annual budget for financial performance. Management and Directors regularly review the company performance against the budget. • Marketing the Club and its facilities• Create and maintain a safe and family friendly club environment.
• Comparisons to industry and budgeted performances
• Operating profits• Golf Course & Bowling Green usage
The company uses the following key performance indicators to measure performance:
• Staff Cost• Gross Profit margins
To achieve its stated objectives, the company has adopted the following strategies:Strategies
1
14 | Annual Report 2014-2015
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
DIRECTORS' REPORT
————
————
————
————
————
————
————
————
Experience
Danny Taylor
Member of Board since 21/09/2003Chairman Golf Management Committee, Marketing & Sponsorship Committee
Ian Wingad
Special Responsibilities
Qualifications
Experience
Special Responsibilities
John MaddockQualificationsExperience
Anne Slater
Experience
Experience
Qualifications
Anthony DahlQualifications
ExperienceSpecial Responsibilities
ExperienceSpecial Responsibilities
Special Responsibilities
Nicholas Comer
Qualifications
Special Responsibilities
Qualifications
Qualifications
Special Responsibilities
Peter Tornaros
Information on Directors
ExperienceSpecial Responsibilities
Leslie Hoffman
Qualifications Retired Public Servant/Business Owner
Ex-officio all Committees
Chairman
Director since 21/09/2003
Retired Journalist/Editor Daily TelegraphDirector since 24/09/2006Chairman Asset Management Committee, Bowls Management Committee
Deputy Chairman
Asset Management Committee
Air Traffic Controller/Hospitality Business Owner Director
Member of Board since 27/10/2013
Consultant Member of Board since 24/10/2010Chairman Marketing & Sponsorship Committee
Director
Golf Management Committee, Marketing & Sponsorship Committee, Asset Management Committee
DirectorBusiness Owner- Floor Covering & InstallationsMember of Board since 21/10/2012
Retired Banker/Small Business OwnerMember of Board since 23/09/2007Chairperson Finance Committee, Asset Management Committee
Treasurer
Bowls DirectorMaintenance Ganger Local CouncilMember of Board since 27/10/2013Chairman Bowls Management Committee, Marketing & Sponsorship Committee
Golf DirectorRetired Business Owner
2
Annual Report 2014-2015 | 15
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
DIRECTORS' REPORT
Number Number Number NumberHeld Attended Held Attended
12 12 1 112 11 1 1
12 10 1 1 12 9 1 - 12 10 1 1 12 12 1 1 12 6 1 - 12 11 1 -
14th September 2015Dated this
The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, the constitution states that each member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the company. At 30 June 2015, the total amount that members of the company are liable to contribute if the company is wound up is $6,120 (2014: $5,758).
day of
Peter Tornaros
Signed in accordance with a resolution of the Board of Directors.
Director
The lead auditor’s independence declaration for the year ended 30 June 2015 has been received and can be found on page 4 of the financial report.
Auditor’s Independence Declaration
Non-core property is defined as meaning any real property owned or occupied by the Club that is not core property.
Core – Non Core Property as required under Section 41J of The Registered Clubs Act
Section 41J of the Act defines core property as meaning any real property owned or occupied by the Club that comprises:-(a) the defined premises of the club, or(b) any facility provided by the club for use of its members and their guests’ or
The Directors consider the Club's defined premises and all of its facilities to be Core Property. The Directors do not consider the Club to have Non-Core Property.
(c) any other property declared, by resolution passed by a majority of the members present at a general meeting of the ordinary members of the club, not to be core property of the Club.
Meetings of Directors
During the financial year,13 meetings of Directors were held. Attendances by each Director were as follows:
Peter TornarosLeslie HoffmanNicholas Comer
Board Special BoardMeetings Meetings
John MaddockAnthony Dahl
Danny TaylorIan Wingad
Anne Slater
3
16 | Annual Report 2014-2015
(i)
(ii)
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
AUDITOR’S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF OCEAN SHORES COUNTRY CLUB LTD
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2015 there have been no contraventions of:
the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
Name of Firm Watson & Fenton Chartered Accountants
Name of Partner Barry Dunnett
Date 11/09/2015
Address 39 Wharf Street
Tweed Heads NSW 2485
4
Annual Report 2014-2015 | 17
(i)
(ii)
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
AUDITOR’S INDEPENDENCE DECLARATION UNDER S 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF OCEAN SHORES COUNTRY CLUB LTD
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2015 there have been no contraventions of:
the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
any applicable code of professional conduct in relation to the audit.
Name of Firm Watson & Fenton Chartered Accountants
Name of Partner Barry Dunnett
Date 11/09/2015
Address 39 Wharf Street
Tweed Heads NSW 2485
4
Note 2015 2014$ $
Revenue 2 3,925,227 3,877,024 Other income 2 3,283 3,318 Employee benefits expense 3(a) (1,425,171) (1,335,652)Depreciation and amortisation expense 3(a) (296,543) (260,650)Interest expense 3(a) (2,496) (1,925)Cost of sales 3(a) (855,551) (823,868)Other expenses 3(b) (1,245,522) (1,319,954)Profit/(loss) before income tax 103,227 138,293 Income tax expense 1(i) - - Profit/(loss) for the year 103,227 138,293
The accompanying notes form part of these financial statements.
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2015
5
18 | Annual Report 2014-2015
2015 2014$ $
Profit/(loss) for the year 103,227 138,293 Other comprehensive income for the year - - Total comprehensive income for the year 103,227 138,293
The accompanying notes form part of these financial statements.
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2015
6
Annual Report 2014-2015 | 19
Note 2015 2014$ $
ASSETSCurrent AssetsCash and cash equivalents 4 349,544 347,200 Trade and other receivables 14,851 63,595 Inventories 143,725 138,117 Prepayments 26,455 25,703 Total current assets 534,575 574,615
Non-current assetsProperty, plant and equipment 5 2,721,915 2,478,679 Total non-current assets 2,721,915 2,478,679
TOTAL ASSETS 3,256,490 3,053,294
LIABILITIESCurrent liabilitiesTrade and other payables 6 532,943 537,646 Borrowings 7 56,657 10,584 Provisions 8 155,107 139,952 Total current liabilities 744,707 688,182
Non-current liabilitiesBorrowings 7 35,014 500 Provisions 8 29,851 20,923 Total non-current liabilities 64,865 21,423
TOTAL LIABILITIES 809,572 709,605
NET ASSETS 2,446,918 2,343,689
EQUITYRetained earnings 2,417,866 2,314,637 Reserves 29,052 29,052 TOTAL EQUITY 2,446,918 2,343,689
The accompanying notes form part of these financial statements.
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015
7
20 | Annual Report 2014-2015
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Annual Report 2014-2015 | 21
Note 2015 2014$ $
CASH FLOWS FROM OPERATING ACTIVITIESReceipts from members and patrons 4,269,535 4,293,146 Payments to suppliers, employees and ATO (3,811,673) (3,865,338)Interest received 2,977 1,455 Interest paid (2,496) (1,925)Net cash generated from operating activities 458,343 427,338
CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of property, plant and equipment 15,136 9,091 Payment for property, plant and equipment (551,722) (305,166)Net cash from/(used in) investing activities (536,586) (296,075)
CASH FLOWS FROM FINANCING ACTIVITIESRepayment of borrowings (10,584) (17,234)Proceeds from borrowings 91,171 - Net cash generated by/(used in) financing activities 80,587 (17,234)
Net increase in cash held 2,344 114,029 Cash on hand at beginning of financial year 347,200 233,171 Cash on hand at end of financial year 4 349,544 347,200
The accompanying notes form part of these financial statements.
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2015
9
22 | Annual Report 2014-2015
(a)
(b)
All revenue is stated net of the amount of goods and services tax (GST).
Freehold land is shown at cost.
Buildings are shown at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of buildings is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses recognised in profit and loss.
Property, Plant and Equipment
Gaming subsidies are recognised in the period receipted, which aligns with the timeframe the poker machines are patronised.
Donations and bequests are recognised as revenue when received.
Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument.
Sponsorship revenue is recognised upon invoice to the sponsor; this amount is determined in accordance with the amount pledged and the timing with which the agreed pledge will flow to the Company.
Revenue from promotional rebates are recognised in the period they are earned, per the negotiated contracts.
Revenue from raffles is derived from ticket sales and is recognised in the period the raffle is drawn.
Commission revenue derived from patronising the ATM, Keno and TAB facilities provided, are recognised in the period it is earned.
Revenue from beverage sales is recognised when beverage is acquired by patrons.
Revenue from gaming is derived from poker machines and is recognised 'net' of payouts to players.
Revenue from competition and green fees are recognised when the golf course is used by playing patrons for such purposes. The receipt of fees and playing of golf usually occurs in the same timeframe.
Revenue from green fees is recognised in the period the bowling green is used by playing patrons for such purposes. The receipt of fees and playing of bowls usually occurs in the same timeframe.
Revenue from membership subscriptions are recognised upon receipt. However, those received in advance for future years are deferred until those timeframes are reached and are recognised, in the meanwhile, as a liability in the statement of financial position. Revenue from members subscriptions is aligned with the period the members utilise the facilities provided and paid for.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
The entity applies the cost model as its accounting policy to property, plant and equipment.
Freehold Property
The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar.
Summary of Significant Accounting PoliciesNote 1
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
The financial statements were authorised for issue on 14 September 2015 by the directors of the company.
Basis of Preparation
Ocean Shores Country Club Ltd applies Australian Accounting Standards – Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 . The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.
Accounting Policies
Revenue
10
Annual Report 2014-2015 | 23
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
Depreciation Rate
(c)
(d)
Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted).
Finance leases are capitalised, recognising an asset and a liability equal to the present value of the minimum lease payments, including any guaranteed residual values.
20 - 25%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
The depreciation rates used for each class of depreciable assets are:
Class of Fixed AssetBuildings 2.5 - 5%
The depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding freehold land, is depreciated on a straight-line basis over the asset's useful life to the entity commencing from the time the asset is held ready for use.
(i) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost.
(ii) Held-to-maturity investments
LeasesLeases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to the entity, are classified as finance leases.
Plant and equipment 7.5 - 34%
Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are recognised immediately as expenses in profit or loss.
Plant and EquipmentPlant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses are recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present (refer to Note 1(e) for details of impairment).
Plant and equipment that have been contributed at no cost, or for nominal cost, are valued and recognised at the fair value of the asset at the date it is acquired.
Depreciation
Classification and Subsequent Measurement
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are recognised in profit or loss in the period in which they arise.
Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely that the entity will obtain ownership of the asset. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.
Financial Instruments
Initial Recognition and Measurement
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term.
Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term.
Leased plant and equipment
Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the company’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.
Financial instruments are subsequently measured at fair value, amortised cost using the effective interest method, or cost.
11
24 | Annual Report 2014-2015
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
Impairment
Derecognition
(e)
(f)
(g) Cash and Cash EquivalentsCash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.
Short-term employee benefits
Other long-term employee benefits
All employees of the company receive defined contribution superannuation entitlements, for which the company pays the fixed superannuation guarantee contribution (revised from 9.25% to 9.5% with effect from 1 July 2014) to the employee’s superannuation fund of choice. All contributions in respect of employees’ defined contribution entitlements are recognised as an expense when they become payable. The company’s obligation with respect to employees’ defined contribution entitlements is limited to its obligation for any unpaid superannuation guarantee contributions at the end of the reporting period. All obligations for unpaid superannuation guarantee contributions are measured at the (undiscounted) amounts expected to be paid when the obligation is settled and are presented as current liabilities in the company’s statement of financial position.
Retirement benefit obligations
The company classifies employees’ long service leave and annual leave entitlements as other long-term employee benefits as they are not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. Provision is made for the company’s obligation for other long-term employee benefits, which are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures, and are discounted at rates determined by reference to market yields at the end of the reporting period on government bonds that have maturity dates that approximate the terms of the obligations. Upon the remeasurement of obligations for other long-term employee benefits, the net change in the obligation is recognised in profit or loss classified under employee benefits expense.
Impairment of Assets
Financial assets are derecognised where the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability, which is extinguished or transferred to another party, and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.
The Company’s obligations for long-term employee benefits are presented as non-current liabilities in its statement of financial position, except where the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting date, in which case the obligations are presented as current liabilities.
Defined contribution superannuation benefits
At the end of each reporting period, the entity assesses whether there is any indication that an asset may be impaired. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is recognised immediately in profit or loss.
Employee Benefits
Provision is made for the Company’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service, including wages, salaries and sick leave. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled.
The Company’s obligations for short-term employee benefits such as wages, salaries and sick leave are recognised as a part of current trade and other payables in the statement of financial position.
Where it is not possible to estimate the recoverable amount of an individual asset, the entity estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(iii) Financial liabilitiesNon-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost.
At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset has been impaired.
12
Annual Report 2014-2015 | 25
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
(h) Goods and Services Tax (GST)
(i) Income Tax
(j) Provisions
(k) Comparative Figures
(l) Trade and Other Payables
(m) Critical Accounting Estimates and Judgements
(n) Economic Dependence
Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of reporting period.
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.
Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.
The directors evaluate estimates and judgements 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.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.
Long Service Leave EntitlementsAssessments are made on the probability of staff taking long service leave. This took into account history with the Club itself and characterisation of the Club industry. Staff with four years services were assessed at 49%, seven years at 75% and 9 years and beyond that at 100%.
Ocean Shores Country Club Ltd is dependent on the members and its patrons for the majority of its revenue used to operate the business. At the date of this report the Board of Directors has no reason to believe the members will not continue to support Ocean Shores Country Club Ltd.
DepreciationAssessments are made on the useful lives of fixed assets. Depreciation rates are set accordingly.
No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997 .
Trade and other payables represent the liabilities for goods and services received by the company during the reporting period that remain unpaid at the end of the reporting period. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
Key Estimates
13
26 | Annual Report 2014-2015
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
2015 2014Revenue $ $Revenue from government grants and operating activities
— Government subsidy 17,180 17,190 — Bar (beverage) 1,318,531 1,262,084 — Golf 859,046 834,981 — Gaming 847,193 900,605 — Pro-shop 431,936 427,569 — Halfway House 148,673 152,477 — TAB, Keno and ATM commission 103,347 89,914 — Bowling 68,889 73,658 — Raffles (house) 62,559 67,199 — 64,896 49,892
3,922,250 3,875,569 Other revenue
— 2,977 1,455 2,977 1,455
Total revenue 3,925,227 3,877,024
Other income— 3,283 3,318
Total other income 3,283 3,318
3,928,510 3,880,342
Note 2015 2014$ $
(a)Employee benefits expense:
— 1,425,171 1,335,652
— 3(b) 94,079 100,277 Total employee benefits expense 1,519,250 1,435,929
Depreciation and amortisation:— 79,591 77,944 — 196,748 161,378 — 20,204 21,328
Total depreciation and amortisation 296,543 260,650
Finance costs:— 2,496 1,925
— 591,908 567,085 — 190,141 182,109 — 73,502 74,674
855,551 823,868
Interest received
Cost of sales
Plant and equipment
Interest expense on financial liabilities
Buildings
Expenses
Leased assets
Note 3
Revenue and Other Income
Other
Pro-shop - sale of goodsBar
Halfway House
Employee on-costs expenses
Gain on disposal of property, plant and equipment
Total revenue and other income
Expenses
Employee benefits expense including contributions to defined contribution superannuation funds
Note 2
14
Annual Report 2014-2015 | 27
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
(b) Note— Repairs and Maintenance 135,874 150,113 — Operating lease rentals 113,800 114,603 — Prizes 104,497 113,311 — Employee on costs 3(a) 94,079 100,277 — Advertising & promotions 87,342 70,880 — Electricity & gas 81,656 89,313 — Fertilisers, sand and chemicals 73,190 70,695 — Raffle & members draw expenses 60,684 72,784 — Fuel and other vehicle costs 40,242 39,862 — Insurance 34,757 34,366 — Rates and water 29,748 27,871 — Members amenities 29,436 31,008 — Affiliation fees 26,967 28,779 — Entertainment 23,740 15,997 — Security 22,943 22,673 — Mid week packages-lunches 21,354 20,376 — TAB Sky television 18,525 19,506 — Printing and stationery 18,522 18,262 — Central Monitoring expenses 17,109 16,632 — Cleaning supplies 10,843 10,543 — Computer expenses 8,715 8,255 — Legal expenses 1,825 914 — Other operating expenses 189,674 242,934
1,245,522 1,319,954
2015 2014$ $
CURRENTCash float 93,437 82,591
4,346 4,673 2,590 5,469
49,171 104,012 200,000 150,455
13 349,544 347,200
Total cash and cash equivalents as stated in the cash flow statement 349,544 347,200
2015 2014$ $
LAND AND BUILDINGSFreehold land:
— At cost 472,216 472,216 Total land 472,216 472,216
Buildings:— At cost 1,978,626 1,809,637 — Less accumulated depreciation (649,797) (586,114)
Total buildings 1,328,829 1,223,523
Total land and buildings 1,801,045 1,695,739
Property, Plant and EquipmentNote 5
Other
Cash and Cash Equivalents
TAB AccountKeno Account
On Line SaverBusiness Management Account
Note 4
Total cash and cash equivalents as stated in the statement of financial position
15
28 | Annual Report 2014-2015
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
PLANT AND EQUIPMENTPlant and equipment:
— At cost 2,634,163 2,584,390 — Less accumulated depreciation (1,872,059) (1,824,792)
762,104 759,598 Leased assets:
— At cost 313,257 85,312 — Less accumulated depreciation (161,586) (67,817)
151,671 17,495
— 7,095 5,847
Total plant & equipment and CWIP 920,870 782,940
Total property, plant & equipment 2,721,915 2,478,679
Movements in Carrying Amounts
Land$
Buildings$
Plant and Equipment
$
Leased Assets
$
Capital Works in Progress
$Total
$
Balance at the beginning of the year 472,216 1,223,523 759,598 17,495 5,847 2,478,679 Additions at cost - 196,841 199,253 154,380 1,248 551,722 Disposals - (11,943) - - - (11,943)Depreciation expense - (79,591) (196,748) (20,204) - (296,543)Carrying amount at the end of the year 472,216 1,328,830 762,103 151,671 7,095 2,721,915
2015 2014Note $ $
CURRENTTrade payables 102,692 65,759 Deferred income 258,489 262,005
59,616 54,126 48,638 97,806 41,205 38,420 22,303 17,362
- 2,168 6(a) 532,943 537,646
2015$
2014$
(a) Financial liabilities at amortised cost classified as trade and other payables Trade and other payables:
— Total current 532,943 537,646 532,943 537,646
Less deferred income (258,489) (262,005)Financial liabilities as trade and other payables 13 274,454 275,641
Sponsorships payableSpecial Interest Groups and sundries
2015
Trade and Other Payables
Golf points accrued
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:
GST payable (and tax reconciliation account)
Note 6
Accrued expenses
At costCAPITAL WORKS IN PROGRESS (CWIP):
16
Annual Report 2014-2015 | 29
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
2015 2014Note $ $
CURRENTInstalment arrangements (poker machines) 56,657 10,584
56,657 10,584
NON-CURRENT 34,514 -
7(a) 500 500 35,014 500
TOTAL BORROWINGS 13 91,671 11,084
(a)
(b)
2015 2014CURRENT $ $
122,484 107,184 32,623 32,768
155,107 139,952 NON-CURRENT
29,851 20,923 29,851 20,923
184,958 160,875
Analysis of total provisions:Employee Benefits 160,875 101,033 (76,950)
184,958
Note 8
BorrowingsNote 7
Balance at 30 June 2015
Employee Provisions
Bank Loan
Opening balance at 1 July 2014
Amounts usedAdditional provisions raised during year
Instalment arrangements (poker machines)
Provisions
The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the company does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement.
Employee provisions represents amounts accrued for annual leave and long service leave.
The non-current portion for this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service.
Provision for employee benefits: annual leave
Details and securityA Better Business loan was concluded with Commonwealth Bank of Australia ('CBA') in May 2012, as a consequence of the renovations to the clubhouse. This loan has since been settled. The Board has chosen to leave this loan 'open' with a very small balance.Security provided was a First Registered Mortgage over non residential real estate property located at 113A Orana Rd Ocean Shores NSW 2483.
Bank Loan
FacilityThe loan has a 'redraw facility' where funds can be redrawn up to the original amount of $100,000, should the Board so choose.
Provision for employee benefits: long service leave
Instalment arrangementsVarious gaming suppliers have granted the company between 1 and 3 year, interest free, instalment arrangements to acquire poker machines. The arrangements are secured to the extent that the poker machines remain the property of the various gaming suppliers until the final instalment has been paid.
Provision for employee benefits: long service leave
17
30 | Annual Report 2014-2015
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
(a) Lease Commitments
—
a. Key Management Personnel
2015 2014$ $
Key management personnel compensation 171,574 172,782
b. Other Related Parties
2015 2014$ $
Profit after income tax 103,227 138,293 Non-cash flows:Depreciation and amortisation expense 296,543 260,650 Gains on disposal of property, plant and equipment (15,136) (3,318)Loss on disposal of property, plant and equipment 11,944 Changes in assets and liabilities:(Increase)/decrease in accounts receivable and other debtors 3,135 23,171 Increase/(decrease) in accounts payable and other payables 40,905 (11,151)Increase/(decrease) in employee provisions 24,084 20,084 (Increase)/decrease in inventories on hand (5,607) 3,213 (Increase)/decrease in prepayments (752) (3,604)
458,343 427,338
The Board have approved and accepted four new financial arrangements for the next Golf Course Machinery Fleet.(1) An Operating Lease over 60 months with a total value of $171,850 (incl GST) and a monthly repayment of $2,666.39.(2) A Lease over 60 months with a total value of $62,340 (incl GST) and a monthly repayment of $1,146.44.(3) A Lease over 36 months with a total value of $100,920 (incl GST) and a monthly repayment of $2,965.01.(4) A Lease over 60 months with a total value of $79,540 (incl GST) and a monthly repayment of $1,260.85.
Other related parties include close family members of Key Management Personnel, and entities that are controlled or jointly controlled by those Key Management Personnel individually or collectively with their close family members.
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other persons unless otherwise stated.
During the year staff (family of key management) earned wages of $31,428 which includes superannuation.
Note 12
Note 11 Related Party Transactions
Events After the Reporting PeriodNote 10
The directors are not aware of any significant events since the end of the reporting period, other than the following:
Cash Flow Information
Capital and Leasing Commitments
Reconciliation of Cash Flow from Operating Activities with Current Year Surplus
Lease commitments, at 30 June 2015, amount to $93,288 of which $60,210 is due within 12 months and the balance within 5 years.Such lease commitments include golf course equipment and golf carts.
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. The measurement and recognition criteria for employee benefits have been discussed in Note 1(f).
The existing operating lease in regards to the golf course equipment, which incurs a monthly repayment of $5,954, expires on 23 September 2015. The abovementioned leases replace and enhance this.
We draw your attention to Note 10.
The totals of remuneration paid to key management personnel (KMP) of the company during the year are as follows:
Note 9
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the company directly or indirectly, including any director (whether executive or otherwise) is considered key management personnel.
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Annual Report 2014-2015 | 31
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015
Note2015
$2014
$Financial assetsCash and cash equivalents 4 349,544 347,200 Trade and other receivables - 63,595 Total financial assets 349,544 410,795
Financial liabilitiesFinancial liabilities at amortised cost:— trade and other payables 6(a) 274,454 275,641 — borrowings 7 91,671 11,084
Total financial liabilities 366,125 286,725
The principal place of business is:
Note 14 Entity Details
Ocean Shores NSW 2483
Ocean Shores NSW 2483
The registered office of the entity is:Ocean Shores Country Club Ltd
Financial Risk ManagementNote 13
The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows:
The company’s financial instruments consist mainly of deposits with banks, local money market instruments, receivables and payables, and instalment arrangement.
Orana Road
Ocean Shores Country Club Ltd
The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $2 each towards meeting any outstandings and obligations of the entity. At 30 June 2015 the number of members was 3,060.
Note 15
Orana Road
Members' Guarantee
19
32 | Annual Report 2014-2015
1.
(a)
(b)
2. In the directors’ opinion there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable.
September 2015Dated this 14th
Director
day of
Peter Tornaros
This declaration is made in accordance with a resolution of the Board of Directors.
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
DIRECTORS’ DECLARATION
In accordance with a resolution of the directors of Ocean Shores Country Club Ltd, the directors declare that:
comply with Australian Accounting Standards - Reduced Disclosure Requirements; and
give a true and fair view of the financial position of the company as at 30 June 2015 and of its performance for the year ended on that date.
The financial statements and notes, as set out on pages 5 to 19, are in accordance with the Corporations Act 2001 and:
The directors have determined that the company is a reporting entity that does not have public accountability as defined in AASB 1053: Application of Tiers of Australian Accounting Standards and that these general purpose financial statements should be prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements.
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Annual Report 2014-2015 | 33
(i)
(ii)
Matters Relating to the Electronic Publication of the Audited Financial Report
giving a true and fair view of the company's financial position as at 30 June 2015 and of its performance for the year ended on that date; andcomplying with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations 2001.
Other matters
This auditor’s report relates to the financial report of Ocean Shores Country Club Ltd for the year ended 30 June 2015 included onOcean Shores Country Club Ltd's website. The Club's directors are responsible for the integrity of Ocean Shores Country ClubLtd’s website. We have not been engaged to report on the integrity of the Ocean Shores Country Club Ltd’s website. Theauditor’s report refers only to the subject matter described above. It does not provide an opinion on any other information whichmay have been hyperlinked to/from these statements. If users of the financial report are concerned with the inherent risks arisingfrom publication on a website, they are advised to refer to the hard copy of the audited financial report to confirm the informationcontained in this website version of the financial report.
Report on the Financial Report
OCEAN SHORES COUNTRY CLUB LTDABN: 84 000 724 676
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OFOCEAN SHORES COUNTRY CLUB LTD
In our opinion, the financial report of Ocean Shores Country Club Ltd is in accordance with Corporations Act 2001, including:
The directors of the company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
We have audited the accompanying financial report of Ocean Shores Country Club Ltd, which comprises the statement of financial position as at 30 June 2015, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration.
Opinion
Directors' Responsibility for the Financial Report
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Ocean Shores Country Club Ltd, would be in the same terms if given to the directors as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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34 | Annual Report 2014-2015
Name of Firm Watson and Fenton Chartered Accountants
Auditor's signature:Barry Dunnett
Address:Tweed HeadsNSW 2485
Dated this 15th day of September 2015
39 Wharf Street
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Annual Report 2014-2015 | 35
Supports:Ocean Shores Soccer ClubOcean Shores Public SchoolOcean Shores Netball ClubOcean Shores Garden ClubOcean Shores Art ExpoFestival of the Imagination Ocean Public SchoolBrunswick Heads RSL Sub BranchBrunswick Valley WoodchopBrunswick Valley View ClubBrunswick Heads Junior Surf Life Saving Club Brunswick Heads Senior Surf Life Saving ClubBrunswick Heads Simple Pleasures Photography CompetitionMullumbimby Junior Rugby League ClubMullumbimby Senior Rugby League Club Mullumbimby Hockey ClubMullumbimby Brunswick Heads Cricket ClubMullumbimby Hospital Auxiliary Mullumbimby High School Chrysalis ProgramWalter Eliza Institute of CancerAnimal Welfare LeagueAccommodation NetworkBreast Cancer InstituteLions ClubProbusQuota ClubRotary ClubSt Vincent De PaulNorth Byron Shire Business ChamberFar North Coast LegacyByron Shire Respite ServiceThe Pocket Public SchoolLittle WingsCancer CouncilGuides Dogs Association The Stroke FoundationHouse With No Steps
Orana Rd, Ocean Shores NSW 2483Phone 02 6680 1008 | Email [email protected]
www.oceanshorescc.com.au