gloucester soldiers club limited abn 51 000 946 047...gloucester soldiers club limited abn 51 000...

GLOUCESTER SOLDIERS CLUB LIMITED ABN 51 000 946 047

CONCISE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2016

The financial statements and other specific disclosures are an extract of, and have been derived from the full financial report of Gloucester Soldiers Club Limited for the financial year. Other information included in the concise financial report is consistent with the company’s full report. The concise financial report does not and cannot be expected to, provide as full an understanding of the financial performance, financial position and financing and investing activities of the company as the full financial report. A copy of the company’s 30 June 2016 Annual Financial Report, including the independent audit report ,is available to members, and will be sent to members without charge upon request to the Club’s secretary manager.

DIRECTORS’ REPORT

The directors present their report together with the financial report of Gloucester Soldiers Club Limited for the financial year ended 30 June 2016 and the auditor’s report thereon. Directors The names of directors in office at the time this report was prepared are: Gail Ellis Director-Appointed 28 September 2003 Marie Germon Director-Appointed 22 September 2013 Wayne Groves Director-Appointed 28 September 2014 Michael Cornall Director-Appointed 23 September 2007 Neil Cohen Director-Appointed 27 September 2009 Allan Smith Director-Appointed 20 September 2015 Company Secretary Mr Anthony Hughes was appointed company secretary on 17 March 2003. He is the Secretary Manager for the Club. Mr Hughes has management experience in his previous positions with other Clubs.


DIRECTORS REPORT

Principal Activities The principle activities of the company during the year to 30 June 2016 was the provision of a sporting and social club for members. There were no significant changes in the nature of the activities of the Company during the year. Review & Results of Operations The Company continued to operate the Gloucester Soldiers Club during the year ended 30 June 2016. The operating profit of the Company after providing for income tax amounted to $31974.00. Dividends As the Company is a company limited by guarantee it is prohibited by its constitution from paying dividends. State of Affairs In the opinion of the Directors there were no significant changes in the state of affairs of the Company that occurred during the financial year under review. After Balance Day Events No matter or circumstance has 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 subsequent years. Future Developments The prime motivation of the Director is to improve the operating results and to improve the facilities available to members. Indemnifying and Insurance of Officers and Auditor During or since the end of the financial year the Company has not given an indemnity or entered an agreement to indemnify any person who is or has been an officer or auditor of the Company. The Company has paid premiums to insure officers of the Company against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director or officer of the Company other than conduct involving a wilful breach of duty in relation to the Company. Provisions of the policy prohibit disclosures of details of the policy. Auditor’s Independence Declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out below. Signed in accordance with a resolution of the Board of Directors. M Cornall Neil Cohen Director Director


Future Developments The prime motivation of the Director is to improve the operating results and to improve the facilities available to members. Indemnifying and Insurance of Officers and Auditor During or since the end of the financial year the Company has not given an indemnity or entered an agreement to indemnify any person who is or has been an officer or auditor of the Company. The Company has paid premiums to insure officers of the Company against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while act-ing in the capacity of director or officer of the Company other than conduct involving a wilful breach of duty in relation to the Company. Provisions of the policy prohibit disclosures of details of the poli-cy. Auditor’s Independence Declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out below. Signed in accordance with a resolution of the Board of Directors. M Cornall Neil Cohen Director Director Dated this 12th Day September 2016

Liability limited by scheme approved under Professional Standards Legislation


DISCUSSION & ANALYSIS OF THE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Income Statement Revenue increased by 0.6% Bar Sales decreased by 4% while gaming and competitions increased by 3.5% compared with the previous year. Bar gross profit percentage decreased by 1.3% while all other revenue decreased by 19.8% from $43472 to $34856 Expenditure Overall expenditure decreased by 2.9% Depreciation decreased from $93843(2015) to $80090(2016). However leasing costs increased from $42728(2015) to $51109(2016) this increase arising from the hire of new poker machines. Repairs and maintenance expenses increased by $5480 while all other expenses moved slightly up or down resulting in the increase noted above. The company incurred a profit of $31974 for the year Balance Sheet Assets reduced by $12727 liabilities decreased by $44701 resulting in an overall increase of $31974 in net assets. Statement of Cash Flows An analysis of this statement reveals that all activities of the Company were financed internally. No new borrowings were required. The Company is still in a healthy financial situation, able to pay its debts as and when they fall due.


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

NOTE 1: BASIS OF PREPARATION OF THE CONCISE FINANCIAL REPORT The concise financial report is an extract of the full financial report for the year ended 30 June 2016. The concise financial report has been prepared in accordance with Australian Accounting Standard AASB 1039: Concise Financial Reports, and the Corporations Act 2001. The financial report is presented in Australian dollars and has been prepared on an accruals basis and is based on historical costs. Cost is based on the fair values of the consideration given in exchange for assets. A full description of the accounting policies adopted by the Company may be found in the Company’s full financial report. The accounting policies have been consistently applied, unless otherwise stated. The financial report was approved by the Directors on 12th September 2016. Estimates and Judgments The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.


DIRECTORS’ DECLARATION

The directors of Gloucester Soldiers Club Limited declare that the concise financial report of Gloucester Soldiers Club Limited for the financial year ended 30 June 2016, (a) comply with Accounting Standard AASB 1039: Concise Financial Reports; and (b) is an extract from the full financial report of Gloucester Soldiers Club Limited. This declaration is made in accordance with a resolution of the Board of Directors. M Cornall Neil Cohen Director Director Dated this 12th Day of September 2016


INDEPENDENT AUDIT REPORT

Directors’ Responsibility for the Concise Financial Report The Company’s directors are responsible for the preparation and fair presentation of the concise financial report in accordance with Australian Accounting Standard AASB 1039 Concise Financial Reports. This responsibility includes establishing and maintaining internal control relevant to the preparation of the concise financial report, selecting and applying the appropriate accounting poli-cies, and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility My responsibility is to express an opinion on the concise financial report based on my audit. My audit has been conducted in accordance with Australian Auditing Standards. Those standards require that I comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves procedures to obtain audit evidence about amounts and disclosures in the concise financial report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the concise financial report, whether due to fraud or error. In making those risks assessments, the auditor considers internal control relevant to the company prep-aration and fair presentation of the concise financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effec-tiveness of the company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by directors, as well as evaluating the overall presentation of the financial report. My procedures in respect of the audit of the concise financial report included testing that the information in the concise financial report is consistent with the full financial report and examination, on a test basis, of evidence supporting the amounts, discussions and analysis, and other disclosures which were not directly derived from the full financial report. The procedures have been undertaken to form an opinion whether, in all material aspects, the concise financial report is presented fairly in accordance with Australian Accounting Standard AASB1039. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Independence In conducting my audit, I have complied with the independence requirements of the Corporations Act 2001. I confirm that the independence declaration required by the Corporations Act 2001, provided to the directors of Gloucester Soldiers Club Limited on 4 September 2015, has not changed as at the date of providing my audit opinion. Gloucester Tax & Accounting Pty Ltd 43 King Street Gloucester NSW 2422 Dated this 12th Day of September 2016

Liability limited by a scheme approved under Professional Standards Legislation


SECRETARY MANAGERS REPORT 2015/2016

We have had a good turnaround in profit this year going from a deficit of $21,000.00 to a profit of over $31,000.00. We have tried to cut costs as much as possible and will need to keep doing this. We also need to look at our pricing as we have had several price increases from our suppliers without adjusting our bar prices. Thanks to the Board for the support they have given to Brian and myself over the last 12 months. We have a challenging time over the last few months with Ray & Barb away for three months and Brian having issues with his health. Brian is recovering well and back helping around the club. In the last few days our long standing Chairman and member George Monro passed away. In my time in Gloucester, George has always been there for my family and I and we will miss him very much. George was also a great servant and friend of the Gloucester Soldiers Club and he has left a large gap in our club. Our condolences to those members who have lost family members this year and to those on the sick list we wish you a speedy recovery. We would like to change our voting system and stop having postal ballots as these are very costly. The Board recommend that we have a one week window to vote leading into the AGM. If you feel that you have something to contribute or new ideas please do not hesitate to make an appointment with me and we can discuss these further. Regards, Anthony Hughes Secretary Manager

GLOUCESTER SOLDIERS CLUB LTD

ANNUAL REPORT

FOR THE YEAR ENDED

30TH JUNE 2016

gloucester soldiers club limited abn 51 000 946 047...gloucester soldiers club limited abn 51 000...

Documents