BERMAGUI COUNTRY CLUB LIMITED (A Company Limited by ... · The insurance cover was, “replace like for like”, therefore to upgrade the ramp the Club paid an additional $12,500

BERMAGUI COUNTRY CLUB LIMITED ABN: 69 001 027 916

(A Company Limited by Guarantee)

FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2020

CONTENTS

PAGE NO

President's Report 2 Building & Development Report 3 - 4 Appendix A:

- Financial Statements 1 – 33


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PRESIDENTS ANNUAL REPORT

It is my duty to present to you the annual report and financial statement for the 12 months ending 31 March 2020. The annual statement shows a profit of $14,621 (2019 - deficit of $239,000).

I stated last year that we had an extraordinary year, well; I’m not even sure how to describe our last financial year. I think many of us wonder what happened to the early months of 2020!

Bill Beaumont and Ray Stevens left the Board last AGM after many years of hard work, making way for our 2 new Board members, Peter Schmidt and Gerald Wright. Both these members have financial management experience and along with Carol, Michelle and Robbie have been working to improve our financial reporting for easier analysis and forecasting. The Board now have the luxury of spending their time on planning new strategies for our Club to become financially secure and sustainable into the future.

Before last Christmas we had so many new initiatives planned. We know we have to minimise our costs and at the same time use what we have to attract more visitation and income. Our jumping castle and family friendly take away food area was to be a winner over the busy Christmas holidays. We held negotiations with the Bermagui Netball Club, hoping more diverse use of the Club facilities would help lift our profile in the Community. The success of the Growers Market at the front of the Club has proved quite an attraction.

We have negotiated with a local company to install solar panels on the roof which has already proved to be a big money saver, the savings will have the panels paid for in 3 years.

The green staff have been reduced to 5 employees and a volunteer programme has helped to carry out some of the extra workload. Thank you to those of you who give your time, keeping the golf course and outdoor areas in great condition.

I don’t need to remind you of all the chaos and worry the bush fires brought to our town in the New Year. The Clubhouse became a safe haven for so many during that time. Hundreds of people were able to stay in safety as we provided food and space to sleep. Our generator kept everyone cool and gave respite from the smokey air outside. Robbie, our staff and members who helped with the care and organisation were wonderful and deserve many thanks. So, away went our summer holiday revenue, along with most businesses in town. Our Clubhouse was also used as the Fire Service command centre and food service for many firies staying in Bermagui.

Director, Derek Quinto, who has served on the Board for 10 years suffered significant damage to his property in Cobargo and because of the recovery effort needed, he was forced to resign from his position with the Board. We all wish him well and thank him for his work with us and his exceptional dedication to the tree management on the golf course.

Since the fires we had a small opening period followed by the Corona virus shutdown. At the time of writing this report we are still unable to trade. Some generous donations, our insurance returns and Government grants along with the reimbursement of the cost of hosting the Command Centre have helped us pay our accounts to this point.

To those who suffered the loss of their homes or other assets around their properties I offer condolences on behalf of the Board, Management, Staff and Members. Best wishes for a speedy recovery to normal life.

I would also like to mention, sadly, that our staff member, Tracie Linden passed away earlier last year. We all miss her happy personality very much. She loved this Club and we hope to do her proud by continuing on with the same enthusiastic spirit.

We will be back as a fully functioning Club, providing the facilities you enjoy. Thank you for your cooperation during the limited club usage over the last few months.

Lesley Ashton President


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BUILDING & DEVELOPMENT ANNUAL REPORT – 2019-2020

It is so refreshing to start the financial year without the burdening debt of the past 15 to 20 years. The Joint Venture, NAB and Crown Lands debts that impeded any future progress, are behind us.

The purchase of the “Club House Land” (Incomplete Purchase) from Crown Lands was a milestone considering BCC had paid an annual rental since 1971.

The land now forms part of our Fixed Assets.

Members are well aware the Club House is in need of urgent repairs and a face-lift.

Kitchen Floor

Urgent repairs to the kitchen floor were necessary to conform to OH&S and ensure the kitchen was able to continue to operate.

Floor repairs, plumbing, electrical and floor sealing cost $31,934.00.

Roof Repairs.

The gutters on the roof are in need of urgent replacement, to stop leakage of water into a number of areas within the club. However, due to the bushfires, floods and Covid-19 virus, repairs have been delayed until April 2020. Quote $54,402

Power Expenses.

Past electricity costs have been approx. $10 to 12K plus per month.

To offset these costs, the BOM, after consultation with members and review of three Quotes, agreed to install a 99.7kwp DC Solar System which would provide an overall reduction in grid purchased electricity of 30%. A saving of approx. $3,333.00/month in electricity costs.

The cost of installation was $122,000.00 and included a $59,440.00 Government subsidy.

It is envisaged that, the savings in electricity costs will pay for the loan in approximately three to four years.

Also, a more power efficient compressors which service the cool rooms and fridges were upgraded, at a cost of $3,291.82.

This has also assisted in decreasing electricity usage.

Disability Ramp

Due to an unfortunate incident on the disabled ramp at the front of the club, repairs were necessary to widen and extend the ramp to enable increased manoeuvrability by disabled persons on their scooters.

The insurance cover was, “replace like for like”, therefore to upgrade the ramp the Club paid an additional $12,500.

Outdoor Family Area.

At the front of the restaurant on the grass bowls area, an outdoor seating area comprising of tables with benches for members and guests to sit, while having a drink or eating a meal. This also provides an area for parents to supervise their children playing on the Inflatable Play Obstacle Course to be located on the grass area.

The cost of this project $12,920.00 was to encourage members, families and visitors during the “busy season” to purchase takeaway/lunchtime $10 special meals at the BCC.

Unfortunately, due to the disastrous bushfires and Covid-19 virus the inflatable has been delayed and is in storage.

The takeaway and $10 lunchtime specials did prove a success for the short time they were available.


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BUILDING & DEVELOPMENT REPORT – 2019-2020 (Continued) Golf Carts.

The Ezy-Go Golf Cart Fleet was traded, in exchange for Yamaha Golf Carts.

The difference in the trade in price being $17,710.00.

Bega Valley Shire Council to Purchase Land Holding Treated Effluent Tanks on BCC Land.

Negotiation have been held with BVSC in-relation to the Council purchasing BCC land where the two holding Treated Effluent Tanks are located. Again, talks have been influenced by the Covid 19 Virus.

Change of Lighting in the Clubhouse.

Improvement of lighting in the Club is an ongoing process.

Not only has lighting in and around the Club been markedly improved but is another means of reducing our power cost.

Overall, including the above, the repairs and maintenance for the financial year has been $210,956.00.

Roy Davies OAM Vice President

Bermagui Country Club Limited A.B.N 69 001 027 916

APPENDIX A - Financial Statements

Contents For the Year Ended 31 March 2020

Page

Financial Statements Directors' Report 2 Auditors 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 25 Independent Audit Report 26 Supplementary Information - Revenue and Divisional Trading Accounts 28


Directors' Report 31 March 2020

2

The directors present their report on Bermagui Country Club Limited for the financial year ended 31 March 2020.

1. General information

Information on directors The names of each person who has been a director during the year and to the date of this report are: Lesley ASHTON

Qualifications Retired Teacher

Date of Appointment 4 July 2008

Special responsibilities President

Roy DAVIES, OAM

Qualifications Retired Senior Executive Victorian Regional Health Service

Date of Appointment 30 June 2013

Fran VERCOE

Qualifications Retired Registered Nurse / Midwife Unit Manager

Date of Appointment 26 June 2016

Carol CARMODY

Qualifications Retired Motel Proprietor, Club Secretary Manager, Accountant, JP


Gerald WRIGHT

Qualifications Retired Senior Executive General Insurance & Reinsurance Industry. Retired Director and Joint Owner of Management Consulting Company


Peter SCHMIDT, AFSM

Qualifications Grad Cert Applied Management. Dip Business Management. Accountancy - Retired Regional Director/Senior Exec CFA Vic


Derek QUINTO

Qualifications Small Business Owner


Date of Resignation 28 January 2020

Raymond STEPHENS

Qualifications Retired Cartographer

Date of Appointment 9 October 2015

Date of Resignation 7 July 2019

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 activity of Bermagui Country Club Limited during the financial year was that of a Registered Club and provision of sporting facilities. No significant changes in the nature of the Company's activity occurred during the financial year.



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Short and long term objectives

The Company's short and long term objectives are to provide quality Club and sporting facilities in Bermagui for the benefit of members and guests.

Strategy for achieving the objectives

To achieve these objectives, the Company adopts current licensed club industry practices and strategies to ensure that the short and long term objectives are met.

How principal activities assisted in achieving the objectives

The principal activities assisted the Company in achieving its objectives by providing quality Club and sporting facilities in Bermagui for the benefit of members and guests.

Performance measures

The following measures are used within the Company to monitor performance:

the quality of the service and facilities provided to members; the ability to generate strong cash flows from its operating activities; the trading and overall financial result; and the stability of the balance sheet with respect to the Company’s liquidity.

Members guarantee

Bermagui Country Club Limited is a company limited by guarantee. In the event of, and for the purpose of winding up of the company, the amount capable of being called up from each member and any person who ceased to be a member in the year prior to the winding up is limited to $4 subject to the provisions of the company's constitution.

At 31 March 2020 the collective liability of members was $7,992 (2019: $8,804).

2. Other items

Significant changes in state of affairs

The following significant changes in the state of affairs of the Company occurred during the financial year:

(i) The break out of the COVID 19 virus, the community's response to the break out and associated government regulations in March 2020 have significantly affected the Company's operations. The main operations of the Company being the operation of a licensed Club were shut down by government regulations from 23 March 2020 until early June 2020.

(ii) Bushfires in the region in December 2019 and January 2020 significantly affected the Club's trading during the peak trading season. This resulted in a decrease in operating revenue from the prior year for this period until the COVID 19 breakout however was offset in part by insurance recovery income.



2. Other items

Future developments and results

4

The date for the end of restrictions relating to the COVID 19 virus has not been decided by government authorities. Restrictions that significantly affect Club trading (e.g. social distancing) are expected to be in place for an extended period of time. The financial effect of these disruptions to operations will result in significant declines in operating revenue and operating results however the amount is not known as at the date of this report.

Meetings of directors

During the financial year, 14 meetings of directors were held. Attendances by each director during the year were as follows:

Directors' Meetings

Number eligible to

attend Number attended

Lesley ASHTON 14 14

Roy DAVIES 14 8

Fran VERCOE 14 10

Carol CARMODY 14 13

Gerald WRIGHT 11 10

Peter SCHMIDT 11 10

Derek QUINTO 9 9

Raymond STEPHENS 3 3

Auditor's independence declaration

The lead auditor's independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 31 March 2020 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: ............................................................... Lesley ASHTON

Director: ................................................................ Roy DAVIES

Dated 23 June 2020

Auditors Independence Declaration under Section 307C of the Corporations Act 2001 to the Directors of Bermagui Country Club Limited

5

I declare that, to the best of my knowledge and belief, during the year ended 31 March 2020, 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.

KOTHES Chartered Accountants SIMON BYRNE BERMAGUI Partner 23 June 2020 Registered Company Auditor (#153624)


Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 31 March 2020

The accompanying notes form part of these financial statements. 6

Note2020

$ 2019

$

Revenue 5 3,589,918 3,543,499

Revenue - Other 5 148,650 -

Finance income 6 44,125 1,291

Lease income - rents received 8,628 8,317

Other revenue - profit on sale of poker machine entitlements - 114,000

Other revenue - profit on disposal of fixed assets - 39,212

Cost of sales (765,711) (850,676)

Depreciation and amortisation expense (293,851) (263,660)

Employee benefits expense (1,502,241) (1,633,558)

Finance expenses 6 4,420 (88,826)

Impairment losses on receivables (550) -

Loss on disposal of assets (20,536) -

Electricity and gas (113,847) (137,338)

Consultants and contractors (54,096) (13,383)

Insurance (94,247) (79,755)

Outdoor and sporting club expenses (205,265) (251,743)

Printing, postage & stationary (19,518) (13,571)

Promotions & entertainment expenses (148,680) (137,319)

Poker machine tax (81,872) (37,426)

Rates & rent (26,099) (66,857)

Repairs and maintenance (277,060) (203,005)

Other Expenses (177,547) (168,296)

Surplus / (Deficit) before income tax 14,621 (239,094) Income tax expense 3(a) - -

Surplus / (Deficit) from continuing operations 14,621 (239,094)

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss

Gain on joint venture land sale - 2,332,639

Other comprehensive income for the year, net of tax - 2,332,639

Total comprehensive income for the year 14,621 2,093,545

The Company has initially applied AASB 15 and AASB 1058 using the cumulative effect method and has not restated comparatives. The comparatives have been prepared using AASB 118, AASB 1004 and related interpretations.

The Company has initially applied AASB 16 using the cumulative effect method and has not restated comparatives. The comparatives have been prepared using AASB 117 and related interpretations.


Statement of Financial Position 31 March 2020


Note2020

$ 2019

$

ASSETS

CURRENT ASSETS

Cash and cash equivalents 7 1,064,120 1,235,057

Trade and other receivables 8 124,858 42,610

Inventories - Stock on hand 47,523 49,685

Prepayments 20,101 27,810

TOTAL CURRENT ASSETS 1,256,602 1,355,162

NON-CURRENT ASSETS

Financial assets 20 20

Property, plant and equipment 9 2,311,377 2,266,582

TOTAL NON-CURRENT ASSETS 2,311,397 2,266,602

TOTAL ASSETS 3,567,999 3,621,764

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 10 310,349 638,251

Borrowings 11 75,319 113,164

Provision for poker machine jackpots 22,634 17,296

Employee benefits 13 298,330 274,087

Other liabilities 12 55,601 74,196

TOTAL CURRENT LIABILITIES 762,233 1,116,994

NON-CURRENT LIABILITIES

Borrowings 11 385,127 98,752

TOTAL NON-CURRENT LIABILITIES 385,127 98,752

TOTAL LIABILITIES 1,147,360 1,215,746

NET ASSETS 2,420,639 2,406,018

EQUITY

Retained earnings 88,000 73,379

Land Sale Reserve 2,332,639 2,332,639

TOTAL EQUITY 2,420,639 2,406,018




Statement of Changes in Equity For the Year Ended 31 March 2020


2020

Retained Earnings

$

Land Sale Reserve

$ Total

$

Balance as at 1 April 2019 73,379 2,332,639 2,406,018

Result for the year 14,621 - 14,621

Balance at 31 March 2020 88,000 2,332,639 2,420,639

2019

Retained Earnings

$

Land Sale Reserve

$ Total

$

Balance as at 1 April 2018 312,473 - 312,473

Result for the year (239,094) - (239,094)

Gain on joint venture land sale - 2,332,639 2,332,639

Balance at 31 March 2019 73,379 2,332,639 2,406,018


Statement of Cash Flows For the Year Ended 31 March 2020


Note2020

$ 2019

$

CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 4,029,476 4,251,375

Payments to suppliers and employees (4,111,599) (4,006,583)

Interest received 39,705 1,291

Interest paid - (197,702)

Net cash provided by operating activities (42,418) 48,381

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of property, plant and equipment 29,032 40,000

Proceeds from sale of poker machine entitlements - 114,000

Proceeds from sale of land - 2,463,237

Purchase of property, plant and equipment ** (209,541) (219,583)

Net cash provided by / (used in) investing activities (180,509) 2,397,654

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings 250,000 18,880

Repayment of borrowings ** (198,010) (1,457,059)

Net cash (used in) financing activities 51,990 (1,438,179)

Net increase / (decrease) in cash and cash equivalents held (170,937) 1,007,856

Cash and cash equivalents at beginning of year 1,235,057 227,201

Cash and cash equivalents at end of financial year 7 1,064,120 1,235,057




Notes to the Financial Statements For the Year Ended 31 March 2020

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The company was incorporated on 21 September 1972 (# 001 027 916) under the NSW Companies Act, 1961, NSW. It is registered with the Australian Business Register (Australian Business Number 69 001 027 916) and is registered for Goods & Services Tax purposes. The registered office and principal place of business of the company is Tuross Street, BERMAGUI, NSW, 2546. The financial report was authorised for issue by the Directors on 23 June 2020.

The financial report covers Bermagui Country Club Limited as an individual entity. Bermagui Country Club Limited is a not-for-profit Company limited by guarantee, incorporated and domiciled in Australia.

The functional and presentation currency of Bermagui Country Club Limited is Australian dollars. Comparatives are consistent with prior years, unless otherwise stated.

1 Basis of Preparation

The financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001.

2 Change in Accounting Policy

Revenue from Contracts with Customers - Adoption of AASB 15

The Company has adopted AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities for the first time in the current year with a date of initial application of 1 April 2019.

The Company has applied AASB 15 and AASB 1058 using the cumulative effect method which means the comparative information has not been restated and continues to be reported under AASB 111, AASB 118, AASB 1004 and related interpretations. There were no prior year adjustments on adoption of AASB 15 and AASB 1058 to any account balances, only changes in the presentation in the financial statements.

Changes in presentation

The Company has amended the presentation of the liability for member subscriptions received in advance which has been transferred from Trade and Other Payables to Other Liabilities.

Leases - Adoption of AASB 16

The Company has adopted AASB 16 Leases using the modified retrospective (cumulative catch-up) method from 1 April 2019 and therefore the comparative information for the year ended 31 March 2019 has not been restated and has been prepared in accordance with AASB 117 Leases and associated Accounting Interpretations. There has been no impact from the adoption of AASB 16 Leases.



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3 Summary of Significant Accounting Policies

(a) Income Tax

The Company is a Not for Profit Entity with a main objective of providing quality sporting facilities in Bermagui NSW. The Board has reviewed its income tax status and have assessed the Company to be exempt from income tax under section 50-45 of the Income Tax Assessment Act, 1997 (Cth). Consequently, no provision for taxation has been made in the financial statements.

(b) Revenue and other income

For comparative year

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company and specific criteria relating to the type of revenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.

Donations

Donations and bequests are recognised as revenue when received.

Revenue from contracts with customers

For current year

The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Revenue is recognised by applying a five-step model as follows:

1. Identify the contract with the customer

2. Identify the performance obligations

3. Determine the transaction price

4. Allocate the transaction price to the performance obligations

5. Recognise revenue as and when control of the performance obligations is transferred

Generally the timing of the payment for sale of goods and rendering of services corresponds closely to the timing of satisfaction of the performance obligations, however where there is a difference, it will result in the recognition of a receivable, contract asset or contract liability.

None of the revenue streams of the Company have any significant financing terms as there is less than 12 months between receipt of funds and satisfaction of performance obligations.




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(b) Revenue and other income

Specific revenue streams

The revenue recognition policies for the principal revenue streams of the Company are:

Sales revenue

Sale revenue includes bar sales, poker machine income, catering income, greens income, keno income and TAB income. All of the services and goods for these revenue items are provided to customers at the time of the sale and income is accounted for at that time. If deposits are held for any of these revenue items a liability is booked until the service or goods have been provided to the customer and then for as income.

Membership income

Membership income is received in advance for the period of membership paid for. A liability is booked for membership income received in advance with the income spread over the membership period paid for.

Other income

Other income is recognised on an accruals basis when the Company is entitled to it.

(c) Goods and Services Tax (GST)

Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payable are stated inclusive of GST. Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.

(d) Volunteer services

No amounts are included in the financial statements for services donated by volunteers.

(e) Inventories

Inventories are measured at the lower of cost and net realisable value.




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(f) Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment.

Items of property, plant and equipment acquired for nil or nominal consideration have been recorded at the acquisition date fair value.

Land and buildings

Land and buildings are measured using the cost model.

Plant and equipment

Plant and equipment are measured using the cost model.

Depreciation

Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the assets useful life to the Company, commencing when the asset is ready for use. Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of the lease or their estimated useful life.

The depreciation rates used for each class of depreciable asset are shown below: Fixed asset class Depreciation rate

Buildings 40 years

Plant and Equipment 3 to 15 Years

At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate.




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(g) Financial instruments

Financial instruments are recognised initially on the date that the Company becomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Financial assets

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

Classification

On initial recognition, the Company classifies its financial assets into amortised cost.

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets.

Amortised cost

Assets measured at amortised cost are financial assets where:

the business model is to hold assets to collect contractual cash flows; and

the contractual terms give rise on specified dates to cash flows are solely payments of principal and interest on the principal amount outstanding.

The Company's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the statement of financial position.

Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest rate method less provision for impairment.

Interest income, foreign exchange gains or losses and impairment are recognised in profit or loss. Gain or loss on derecognition is recognised in profit or loss.

Impairment of financial assets

Impairment of financial assets is recognised on an expected credit loss (ECL) basis for financial assets measured at amortised cost

When determining whether the credit risk of a financial assets has increased significant since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Company's historical experience and informed credit assessment and including forward looking information.




Financial assets

15

The Company uses the presumption that an asset which is more than 30 days past due has seen a significant increase in credit risk. The Company uses the presumption that a financial asset is in default when the other party is unlikely to pay its credit obligations to the Company in full, without recourse to the Company to actions such as realising security (if any is held).

Credit losses are measured as the present value of the difference between the cash flows due to the Company in accordance with the contract and the cash flows expected to be received. This is applied using a probability weighted approach.

Trade receivables

Impairment of trade receivables have been determined using the simplified approach in AASB 9 which uses an estimation of lifetime expected credit losses. The Company has determined the probability of non-payment of the receivable and multiplied this by the amount of the expected loss arising from default.

The amount of the impairment is recorded in a separate allowance account with the loss being recognised in finance expense. Once the receivable is determined to be uncollectable then the gross carrying amount is written off against the associated allowance.

Where the Company renegotiates the terms of trade receivables due from certain customers, the new expected cash flows are discounted at the original effective interest rate and any resulting difference to the carrying value is recognised in profit or loss.

Other financial assets measured at amortised cost

Impairment of other financial assets measured at amortised cost are determined using the expected credit loss model in AASB 9. On initial recognition of the asset, an estimate of the expected credit losses for the next 12 months is recognised. Where the asset has experienced significant increase in credit risk then the lifetime losses are estimated and recognised.

Financial liabilities

The Company measures all financial liabilities initially at fair value less transaction costs, subsequently financial liabilities are measured at amortised cost using the effective interest rate method.

The financial liabilities of the Company comprise trade payables, bank and other loans and equipment loans.

(h) Cash and cash equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

(i) Leases

For comparative year

Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that are transferred to the Company are classified as finance leases.




(i) Leases

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Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the life of the lease term.

For current year

At inception of a contract, the Company assesses whether a lease exists - i.e. does the contract convey the right to control the use of an identified asset for a period of time in exchange for consideration.

This involves an assessment of whether:

The contract involves the use of an identified asset - this may be explicitly or implicitly identified within the agreement. If the supplier has a substantive substitution right then there is no identified asset.

The Company has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use.

The Company has the right to direct the use of the asset i.e. decision making rights in relation to changing how and for what purpose the asset is used.

At the lease commencement, the Company recognises a right-of-use asset and associated lease liability for the lease term. The lease term includes extension periods where the Company believes it is reasonably certain that the option will be exercised.

The right-of-use asset is measured using the cost model where cost on initial recognition comprises of the lease liability, initial direct costs, prepaid lease payments, estimated cost of removal and restoration less any lease incentives received.

The right-of-use asset is depreciated over the lease term on a straight line basis and assessed for impairment in accordance with the impairment of assets accounting policy.

The lease liability is initially measured at the present value of the remaining lease payments at the commencement of the lease. The discount rate is the rate implicit in the lease, however where this cannot be readily determined then the Company's incremental borrowing rate is used.

Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. The lease liability is remeasured whether there is a lease modification, change in estimate of the lease term or index upon which the lease payments are based (e.g. CPI) or a change in the Company's assessment of lease term.

Where the lease liability is remeasured, the right-of-use asset is adjusted to reflect the remeasurement or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Exceptions to lease accounting

The Company has elected to apply the exceptions to lease accounting for both short-term leases (i.e. leases with a term of less than or equal to 12 months) and leases of low-value assets. The Company recognises the payments associated with these leases as an expense on a straight-line basis over the lease term.




17

(j) 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 wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits expected to be settled more than one year after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Cashflows are discounted using market yields on high quality corporate bond rates incorporating bonds rated AAA or AA by credit agencies, with terms to maturity that match the expected timing of cashflows. Changes in the measurement of the liability are recognised in profit or loss.

(k) Provisions

Provisions are recognised when the Company 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 the reporting period.

(l) Going concern The accounts have been prepared on a going concern basis which assumes continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. As of 31 March 2020 the Company's current assets exceed its current liabilities by $494,369, the current assets include $822,576 cash held in term deposits. This is defined as 'Net Proceeds from the Sale Proceeds Fund' as per the Company's constitution. Under the constitution this amount is to be held in separate bank or capital accounts with a small percentage allowed to be used in the financial year for general trading expenditure of the Club, provided the purpose of the expenditure is tabled in the annual budget, prepared at each Annual General Meeting.

(m) Adoption of new and revised accounting standards

The Company has adopted all standards which became effective for the first time at 31 March 2020, the adoption of these standards has not caused any material adjustments to the reported financial position, performance or cash flow of the Company or refer to Note 2 for details of the changes due to standards adopted.

4 Critical Accounting Estimates and Judgments

The directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.

These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates.

There are no areas that involve a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements other than those described in the accounting policies.



18

5 Revenue and Other Income

Revenue from continuing operations

2020 $

2019 $

Revenue from contracts with customers (AASB 15)

- Bar sales and rebate 975,225 1,070,477

- Poker machine income 1,192,397 1,051,464

- Outdoor facilities income 310,333 315,201

- Restaurant and function sales 683,650 698,070

- Keno & TAB commission 35,868 50,363

- Raffles 85,553 74,143

- Bingo income 7,171 17,324

- Indoor sub-club fundraising 3,831 2,445

- Subscriptions 191,364 201,320

- Wage subsidies & government grants 48,102 27,181

- Other income 56,424 35,511

3,589,918 3,543,499

Revenue recognised on receipt (not enforceable or no sufficiently specific performance obligations - AASB 1058)

- Insurance recoveries 93,399 -

- Donations 55,251 -

148,650 -

Total Revenue 3,738,568 3,543,499

Disaggregation of revenue from contracts with customers

Revenue from contracts with customers has been disaggregated into revenue recognised at a point in time and over time which is only applicable to membership subscriptions, and the following table shows this breakdown:

2020 $

Timing of revenue recognition

- At a point in time 3,397,984

- Over time - membership subscriptions 191,934

Revenue from contracts with customers 3,589,918



19

6 Finance Income and Expenses

Finance income

2020 $

2019 $

Interest income

- Assets measured at amortised cost - cash at bank 44,125 1,291

Finance expenses

Other finance expenses - interest on borrowings and bank overdraft ** (4,420) 88,826

** An adjustment on the loan to the NSW Lands Department caused the interest expense to be a credit balance for the current financial year.

7 Cash and cash equivalents

Cash at bank and in hand 1,064,120 1,235,057

The above figure is reconciled to cash at the end of the financial year as shown in the statement of cash flows. The above figure includes $822,566 cash held in term deposits. This is defined as 'Net Proceeds from the Sale Proceeds Fund' as per the Company's constitution. Under the constitution this amount is to be held in separate bank or capital accounts with a small percentage allowed to be used in the financial year for general trading expenditure of the Club, provided the purpose of the expenditure is tabled in the annual budget prepared at each Annual General Meeting.

8 Trade and other receivables CURRENT

Trade receivables 124,858 33,910

At cost - 8,700

Total current trade and other receivables 124,858 42,610

The carrying value of trade receivables is considered a reasonable approximation of fair value due to the short-term nature of the balances.

The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable in the financial statements.



20

9 Property, plant and equipment

2020 $

2019 $

LAND AND BUILDINGS - CORE ASSETS

Freehold land

At cost 426,284 426,284

Total Land 426,284 426,284

Buildings

At cost 3,123,881 3,087,846

Accumulated depreciation (2,258,829) (2,173,191)

Total buildings 865,052 914,655

Total land and buildings 1,291,336 1,340,939

PLANT, EQUIPMENT & COURSE

Plant and equipment

At cost 1,114,414 957,761

Accumulated depreciation (911,794) (877,092)

Total plant and equipment 202,620 80,669

Course, courts & greens

At cost 1,230,295 1,230,295


Total course, courts & greens 262,368 294,454

Poker machines

At cost 1,139,184 1,139,184


Total poker machines 229,291 309,008

Course plant and equipment

At cost 914,202 815,556


Total course plant and equipment 325,762 241,512

Total plant, equipment and course 1,020,041 925,643

Total property, plant and equipment 2,311,377 2,266,582

Core Assets All land and buildings of the Company is considered Core Property as per the Registered Clubs Act.

Land Leased The Company has a lease for land (golf course land) with NSW Crown Lands. Lease payments are made annually. The lease is a perpetual lease and therefore has not been accounted for as a lease under AASB 16 Leases.



9 Property, plant and equipment

21

Valuation of Land & Buildings Land and buildings were by an independent valuer on 4th December 2017. This value far exceeded the book value that is carried in the financial statements.

Non-current assets pledged as security Refer to Note 11 for information on non-current assets pledged as security by the Company.

(a) 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 $

Buildings $

Course, courts & greens

$

Plant and equipment

$

Course plant & equipment

$

Poker Machines

$ Total

$

Opening balance 426,284 914,655 294,454 80,669 241,512 309,008 2,266,582

Additions - 36,035 - 156,653 195,526 - 388,214

Disposals - - - - (49,568) - (49,568)

Depreciation - (85,638) (32,086) (34,702) (61,708) (79,717) (293,851)

Balance at the end of the year 426,284 865,052 262,368 202,620 325,762 229,291 2,311,377

10 Trade and other payables

2020

$ 2019

$

Current

Trade payables 162,081 173,251

GST payable 44,829 330,431

Sundry payables and accrued expenses 103,439 134,569

310,349 638,251

Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying value of trade and other payables is considered a reasonable approximation of fair value due to the short-term nature of the balances.

** Income received in advance transferred to Other Liabilities.



22

11 Borrowings

2020 $

2019 $

CURRENT

Unsecured liabilities:

Interest free equipment loan - 18,880

Insurance loan - 5,992

- 24,872

Secured liabilities:

Equipment loans 75,319 66,702

NSW Crown Lands loan - 21,590

Total current borrowings 75,319 113,164

NON-CURRENT

Secured liabilities:

NAB Business loan 190,000 -

Equipment loans 195,127 98,752

Total non-current borrowings 385,127 98,752

Total borrowings 460,446 211,916 Security for Borrowings Borrowings are secured by the following: (i) NAB Bank Loan Secured by term deposit held with the bank. (ii) NSW Crown Lands loan

This loan was finalised during the current financial year. (iii) Equipment Loans

Equipment loans are effectively secured as the rights to the asset revert to the finance company in the event of default.

(iii) A contingent liability which exists is a secured bank guarantee for $5,000 in favour of the TAB in respect of the Club’s TAB facilities.

Financing Facilities The Company at year end had a facility of $250,000 with the National Australia Bank of which $190,000 was used. The loan facility is in place until 30 September 2022. Additionally, the Company has access to a business card facility of $5,000. Defaults and Breaches During the current and prior year, there were no defaults or breaches on any of the loans. If there is any breach of any loan it will be fully transferred to current liabilities.

12 Other Liabilities

CURRENT

Income received in advance 55,601 65,214

Memberships received in advance - 8,982

55,601 74,196

Amounts above included in Trade and Other Payables in prior year.



23

13 Employee Benefits

2020 $

2019 $

Current liabilities

Long service leave 133,798 113,940

Provision for annual leave 164,532 160,147

298,330 274,087

14 Leasing Commitments

Operating leases

Minimum lease payments under non-cancellable operating leases:

- not later than one year 3,276 3,276

- between one year and five years 3,549 6,825

6,825 10,101

An operating lease is in place for a copier which expires in April 2022. As the lease liability is low no lease has been booked under AASB 16 Leases.

15 Members' 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 $4 each towards meeting any outstandings and obligations of the Company. At 31 March 2020 the number of members was 1,998 (2019: 2,201).

16 Key Management Personnel Disclosures

The directors did not receive any remuneration from the company during the year other than reimbursement of out-of-pocket expenses that have been fully substantiated. The Company is run by the Board of Directors. All major business decisions are made by the Board. The day to day business of the Company is run by the employees of the Company. As all major business decisions are made by the Board, no key management personnel disclosures are deemed appropriate.

17 Contingencies

In the opinion of the Directors, the Company did not have any contingencies at 31 March 2020 (31 March 2019: None).



24

18 Related Parties

(a) The Company's main related parties are as follows:

Key management personnel - refer to Note 16.

Other related parties include close family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel or their close family members.

(b) Transactions with related parties

Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

19 Cash Flow Information

Non-cash financing and investing activities

2020 $

2019 $

Acquisition of asset by equipment loan 196,540 -

Less: GST (17,867) -

Net asset purchased 178,673 -

20 Events Occurring After the Reporting Date

The financial report was authorised for issue on 23 June 2020 by the Board of Directors.

The date for the end of restrictions relating to the COVID 19 virus has not been decided by government authorities. Restrictions that significantly affect Club trading (e.g. social distancing) are expected to be in place for an extended period of time. The financial effect of these disruptions to operations will result in significant declines in operating revenue and operating results however the amount is not known as at the date of this report.

Except for the above, no other matters or circumstances have arisen since the end of the financial year which significantly affected or could significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.


Directors' Declaration

25

The directors of the Company declare that: 1. The financial statements and notes, as set out on pages 6 to 24, are in accordance with the Corporations Act 2001 and:

a. comply with Australian Accounting Standards - Reduced Disclosure Requirements; and

b. give a true and fair view of the financial position as at 31 March 2020 and of the performance for the year ended on that date of the Company.

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: ............................................................... Lesley ASHTON

Director: ................................................................ Roy DAVIES

Dated 23 June 2020

Independent Audit Report to the members of Bermagui Country Club Limited

26

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Bermagui Country Club Limited (the Company), which comprises the statement of financial position as at 31 March 2020, 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 31 March 2020 and of its financial performance for the year ended; and

(ii) complying with Australian Accounting Standards - Reduced Disclosure Requirements 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

The restrictions relating to the COVID 19 virus since 23 March 2020 have had a significant effect on the Company's operations. The financial effect of these continuing disruptions to operations has resulted in significant declines in operating revenue after 23 March 2020. The financial report has been prepared on the basis that the company is a going concern however due to the uncertainty of the effects of the ongoing COVID 19 virus disruptions the future financial viability of the company may be significantly affected.

Other Information

The directors are responsible for the other information. The other information obtained at the date of this auditor's report is included in the financial report, (but does not include the financial statements and our auditor’s report thereon). Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 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. 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.

Independent Audit Report to the members of Bermagui Country Club Limited (Continued)

27

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.

As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit 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 Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. KOTHES Chartered Accountants SIMON BYRNE BERMAGUI Partner 23 June 2020 Registered Company Auditor (#153624)

28

Supplementary Information For the Year Ended 31 March 2020

The additional financial data presented on the following pages is in accordance with the books and records of the Company which have been subjected to the auditing procedures applied in our statutory audit of the Company for the year ended 31 March 2020. It will be appreciated that our statutory audit did not cover all details of the additional financial data. Accordingly, we do not express an opinion on such financial data and we give no warranty of accuracy or reliability in respect of the data provided. Neither the firm nor any member or employee of the firm undertakes responsibility in any way whatsoever to any person (other than Bermagui Country Club Limited) in respect of such data, including any errors of omissions therein however caused.

KOTHES Chartered Accountants SIMON BYRNE BERMAGUI Partner 23 June 2020 Registered Company Auditor (#153624)


For the Year Ended 31 March 2020

29

5 Year Summary - Key Figures

2016 2017 2018 2019 2020

Revenue 3,096,230 3,202,890 3,716,735 3,553,107 3,791,321

Bar Sales 1,075,390 1,103,932 1,160,783 1,045,770 952,132

Gross Profit 60% 60% 60% 58% 56%

Poker Machine Net Receipts 1,315,469 1,344,871 1,209,482 1,051,464 1,192,397

Catering Sales -- -- 596,022 698,070 683,650

Outdoor Facilities Income 413,451 447,960 448,411 449,138 430,147

Employee Expenses 1,194,661 1,165,166 1,617,408 1,633,558 1,502,241

Depreciation 242,452 217,117 238,930 263,660 293,851

Net Operating Surplus / (Deficit) (89,857) 31,066 (213,330) (239,094) 14,621

EBITDA 10% 11% 3% (1)% 8%

Net Assets 494,737 525,803 312,473 2,413,072 2,420,639

Detailed Income Statement

2020 $

2019 $

Income Bar trading account 244,736 327,148

Coffee shop trading account 12,744 14,757

Gaming trading account (30,318) (48,665)

Outdoor facilities trading account (176,726) (204,324)

Poker machine trading account 921,907 822,519

Restaurant and functions trading account 53,023 (21,394)

Raffles trading account 13,326 (1,948)

ATM commission 14,984 13,372

Bingo income 7,171 17,324

Commissions 3,360 5,457

Fuel tax rebate 4,551 8,373

Snack machine income 601 573

Trivia income 2,682 4,637

Donations 55,251 -

Government grants 42,738 8,483

Interest 44,125 1,291

Profit on sale of poker machine entitlements - 114,000

Profit on disposal of fixed assets - 39,212

Rental income 8,628 8,317

Indoor sub-club fundraising 3,831 2,445

Subscriptions 71,549 67,383

Sundry revenue 30,247 3,099

Insurance recoveries 93,399 -

Wage subsidies 5,364 18,698

Total income 1,427,173 1,200,757

Less: Expenses Advertising 32,660 28,467

Auditor's remuneration 18,250 17,780

Bad debts 550 -

Bank charges 9,300 9,069

Bingo expenses 5,061 10,682

Conference and staff training expenses 4,796 8,335

Consultants and contractors 54,096 13,383

Depreciation and amortisation 120,340 122,656

Directors costs 840 1,879



Detailed Income Statement

30

2020 $

2019 $

Donations 7,200 4,750

Entertainment - Bands & artists 32,844 30,015

Entertainment - Foxtel 17,980 15,847

Entertainment - Catering & members expenses 37,789 27,356

Entertainment - Club promotions 60,067 59,303

Equipment rental - 3,276

Equipment purchases (under $500) - 338

Insurance 94,247 79,755

Finance costs (4,420) 88,826

Legal costs 8,250 5,362

Licences, permits and fees 2,500 4,768

Electricity and gas 113,847 137,338

Long service leave provision 619 (18,083)

Loss on disposal of fixed assets 20,536 -

Managers expenses - 230

Motor vehicle expenses 13,782 5,907

Payroll tax 25,111 35,909

Printing, postage & stationary 19,518 13,571

Rates & rent 27,583 53,588

Repairs and maintenance 210,956 136,372

Salaries & wages - Administration 153,691 185,891

Salaries & wages - Cleaning 87,779 87,561

Salaries & wages - Club maintenance - 372

Salaries & wages - Doorman 346 -

Salaries & wages - Bus drivers 33,065 38,407

Salaries & wages - Promotions 8,998 17,506

Salaries & wages - Training 1,459 882

Salaries & wages - Dining room 16,900 20,980

Security costs 1,508 2,806

Sponsorship 4,500 2,500

Indoor sub-club expenses 2,001 1,662

Staff uniforms 2,172 360

Subscriptions 12,837 8,436

Superannuation contributions 122,568 133,156

Telephone 9,145 11,361

Trivia expenses 10,573 6,810

Travelling expenses 2,799 482

Unders & overs 2,005 1,931

Vouchers 3,268 -

Water & sewerage charges (1,484) 13,269

Wetlands project expense 4,120 8,800

1,412,552 1,439,851

Surplus / (Deficit) for the year 14,621 (239,094)



31

Detailed trading account

2020 $

2019 $

Bar

Sales revenue

Sales 952,132 1,045,770

Cost of sales

Opening stock 39,907 49,167

Purchases 403,726 420,857

Freight in 2,619 10,048

Closing stock (26,087) (39,907)

Cost of goods sold 420,165 440,165

Gross profit 531,967 605,605

Less: Direct expenses

Wages 285,155 274,994

Gas - 2,195

Replacements, glasses etc. 2,076 1,268

287,231 278,457

Surplus for the year 244,736 327,148

Poker Machines

Income

Net receipts 1,175,217 1,032,011

Poker machine GST rebate 17,180 19,453

1,192,397 1,051,464



Wages 46,057 62,901

Depreciation 79,717 60,936

Poker machine tax 81,872 37,426

Poker machine promotions - 4,798

270,490 228,945




32


2020 $

2019 $

Coffee Shop

Sales revenue

Sales 23,093 24,707

Cost of sales

Purchases 10,349 9,950


Restaurant and Functions

Sales revenue

Restaurant 659,845 672,127

Functions 23,805 25,943

683,650 698,070 Opening stock 9,778 13,125

Purchases 257,699 309,983

Closing stock (12,210) (9,778)

Cost of goods sold 255,267 313,330

Gross profit 428,383 384,740


Wages 372,100 402,384

Replacements 3,260 3,750

375,360 406,134


Gaming

Income

Keno commission 24,052 34,766

TAB commission 11,816 15,597

35,868 50,363


Sky channel 15,650 16,979

TAB wages 24,904 36,154

Keno wages 20,951 31,505

Keno expenses - 5,785

TAB expenses 4,681 8,605

66,186 99,028

(Deficit) for the year (30,318) (48,665)



33


2020 $

2019 $

Outdoor Facilities

Income

Sporting subscriptions 119,815 133,937

Golf cart hire 59,954 65,126

Green & tennis fees 41,983 101,032

Competition fees and collections 159,645 109,218

Outdoor sub club fundraising 20,850 18,400

Sponsorship and promotions 14,720 10,114

Grounds income 13,180 11,311

430,147 449,138


Commission paid 61,235 62,018

Week of Golf (15,870) (3,791)


Wages 309,683 323,099

Depreciation and amortisation 93,794 80,068

Affiliation fees 12,529 9,119

Outdoor sub club expenses 53,568 66,368

PGA prize money 32,553 22,000

606,873 653,462

(Deficit) for the year (176,726) (204,324)

Raffles

Income

Raffle sales 85,553 74,143


Wednesday night raffle expenses 20,182 20,782

Friday night raffle expenses 39,737 41,065

Sunday night raffle expenses 12,308 14,244

72,227 76,091


Documents

BERMAGUI COUNTRY CLUB LIMITED (A Company Limited by ... · The insurance cover was, “replace like for like”, therefore to upgrade the ramp the Club paid an additional $12,500