fs 2014

HUSKISSON BOWLING CLUB LIMITEDA.B.N. 54 001 059 007

FINANCIAL REPORTFOR THE YEAR ENDED

30 JUNE 2014


CONTENTSDirectors' Report 1

Auditor's Report 4

Auditor's Independence Declaration 6

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Financial Statements 11

Directors' Declaration 29

Disclaimer on Additional Financial Information 30

Supplementary Information 30


DIRECTORS' REPORT

Your Directors present their report on the Company for the financial year ended 30 June 2014.

The names of the directors in office at any time during or since the end of the year are:

1 Mr Mark Schofield2 Mr Norman Leslie Parkes3 Mr Sydney Albert Douglas4 Mr Paul Gregory Winchester5 Mr Bruce Urquhart6 Mr Derek Garnett7 Mr Gregory James Williams8 Mr Peter Lack - Appointed 22/09/20139 Mr Henry Croft - Appointed 22/09/201310 Mr Brian Robert Sullivan - Resigned 22/09/2013

Directors have been in office since the start of the financial year to the date of this report unless otherwisestated.

Principal Activities

The principal activities of the Company during the financial year were:

To promote the game of bowls and provide facilities for the playing of the game of bowls and to providemembers with facilities normally offered by licensed clubs.

No significant change in the nature of these activities occurred during the year.

Objectives

The short and long term objectives of the Company are to continue to provide facilities and strengthen theClub's financial position. The strategy for achieving these objectives is to conservatively manage andmonitor the Club's financial position to enable services and facilities for members.

Performance Measurement

The Company uses industry accepted financial and non-financial Key Performance Indicators to monitorperformance.

Income Tax

The Company is exempt from income tax.

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DIRECTORS' REPORT

Membership

The number of members registered in the Register of Members at the 30 June 2014 were as follows :

1,976

Total Members 1,976

The Company is incorporated under the Corporations Act 2001 and is a Company Limited by Guarantee. Ifthe Club is wound up, the constitution states that each member is liable to contribute a maximum of $2 eachtowards meeting any outstanding obligations of the Company. At 30 June 2014 the collective liability ofmembers was $3952, (30 June 2013 $3712).

Directors

Qualifications, Experience and Special Duties of Directors

Mark Schofield Chairman6 years Treasurer Kingswood Bowling Club, 6 months licensee andhonorary secretary KDBC; 3 years director Vincentia Golf Club; 25 yearsexperience with office administration, staff management, budgeting anddealing with public. 7 years with Huskisson Bowling Club.

Norman Parkes TreasurerTreasurer 1996 - current, Treasurer St. Georges Basin Country ClubLimited 1991 - 93, Treasurer Alexandria/Erskineville Bowling Club1980 - 83.

Sydney Douglas DirectorRetired.

Paul Winchester DirectorSelf Employed

Bruce Urquhart DirectorRetired

Derek Garnett DirectorRoof Plumber

Gregory Williams DirectorFitter

Peter Lack DirectorElectrician.

Henry Croft DirectorRetired.

Brian Sullivan DirectorRetired Resigned 22/09/2013

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DIRECTORS' REPORT

Summary of Meeting Attendances :

12 ordinary meetings and 1 special meeting were held during the year.

Number of Number ofMeetings Eligible Meetings

To Attend Attended

Mark Schofield 13 10Norman Parkes 13 13Sydney Douglas 13 8Paul Winchester 13 13Bruce Urquhart 13 13Derek Garnett 13 9Gregory Williams 13 13Peter Lack 10 10Henry Croft 10 9Brian Sullivan 3 3

Auditor's Independence Declaration

The auditor's independence declaration for the year ended 30 June 2014 as required under Section 307c ofthe Corporations Act 2001 is set out on page 6.

Signed in accordance with a resolution of the Board of Directors:

Director: ______________________Mr Mark Schofield

Dated this 25 day of August 2014

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INDEPENDENT AUDIT REPORTTO THE MEMBERS OF


Scope

We have audited the accompanying financial statements of Huskisson Bowling Club Limited being theStatement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity,Statement of Cash Flows, Summary of Significant Accounting Policies, Notes to the Financial Statementsand the Directors Declaration for the financial year ended 30 June 2014.

The Responsibility of the Directors for the Financi al Statements

The Directors of the Company are responsible for the preparation and fair presentation of the financialstatements in accordance with Australian Accounting Standards - Reduced Disclosure Requirements,(including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibilityincludes designing, implementing and maintaining internal controls relevant to the preparation and fairpresentation of the financial statements that are free from material misstatement, whether due to fraud orerror; selecting and applying appropriate accounting policies; and making accounting estimates that arereasonable in the circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted ouraudit in accordance with Australian Auditing Standards. These Auditing Standards require that we complywith relevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable assurance whether the financial statements are free from material misstatement.

An audit involves procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgement, including the assessment of risksof material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity's preparation and fair presentationof the financial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by the Directors, as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act2001. We confirm that the independence declaration required by the Corporations Act 2001, was providedto the Directors of the Company on the same date as at the date of this Independent Audit Report.

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INDEPENDENT AUDIT REPORTTO THE MEMBERS OF


Matters relating to the electronic presentation of the audited financial report

The Auditor's report relates to the financial report of Huskisson Bowling Club Limited for the financial yearended 30 June 2014 included on the Company's website. The Directors are responsible for the integrity ofthe Company's website. We have not been engaged to report on the integrity of the Company's website.The Auditor's Report refers only to the statements named above. It does not provide an opinion on any otherinformation which may have been hyperlinked to/from these statements. If users of this report are concernedwith the inherent risks arising from electronic data communications they are advised to refer to the hardcopy of the audited financial report to confirm the information included in the audited financial reportpresented on this website.

Audit Opinion

In our opinion, the financial statements of Huskisson Bowling Club Limited are in accordance with theCorporations Act 2001, including:

(i) giving a true and fair view of the Company's financial position as at the year ended 30June 2014 and of their performance and cash flows for the year ended on that date;and

(ii) complying with Australian Accounting Standards - Reduced Disclosure Requirements(including Australian Accounting Interpretations).

Booth PartnersCertified Practising Accountants

____________________________Tony Federici

52 Osborne Street, Nowra NSW 2541


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AUDITOR'S INDEPENDENCE DECLARATIONUNDER SECTION 307C OF THE CORPORATIONS ACT 2001

TO THE DIRECTORS OFHUSKISSON BOWLING CLUB LIMITED

A.B.N. 54 001 059 007

I declare that, to the best of my knowledge and belief, during the year ended 30 June2014, there have been :

i) no contraventions of the auditor independence requirements as set out in theCorporations Act 2001 in relation to the audit; and

ii) no contraventions of any applicable code of professional conduct in relation tothe audit.

Booth Partners

Certified Practising Accountants

Tony Federici



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STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 JUNE 2014

2014 2013Note $ $

Revenue 3 1,637,240 1,640,195

Cost of Sales (269,839) (279,865)

Gross Profit 1,367,401 1,360,330

Other Income 3 - -Bar Operating Expenses (196,027) (206,440)Poker Machine Operating Expenses (31,271) (33,406)Keno & TAB Operating Expenses (11,563) (8,358)Mini Golf Course Expenses (19,037) (22,023)Depreciaton & Amortisation Expense (183,995) (180,417)Sporting Subsidies & Donations (191,582) (196,687)Occupancy Expenses (198,232) (196,252)Administration, Security Wages and Wage on Costs (209,674) (207,139)Promotion & Entertainment Expense (144,849) (148,285)Other Expenses from ordinary activities (177,951) (182,549)

Profit (Loss) before income tax 4 3,220 (21,226)

Income tax expense - -

Profit (loss) attributable to members of theCompany 15 3,220 (21,226)

Other Comprehensive Income

Revaluation of Club Land and Buildings at 30 June 2013 16 - 681,966

Other Comprehensive Income for the Year, Net of Tax - 681,966

Total Comprehensive Income for the Year 3,220 660,740

The accompanying notes form part of these financial statements.

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STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2014

2014 2013Note $ $

CURRENT ASSETSCash and cash equivalents 6 524,359 566,446Trade and other receivables 7 4,218 5,358Inventories 8 53,782 48,452Other current assets 9 2,344 1,000TOTAL CURRENT ASSETS 584,703 621,256

NON-CURRENT ASSETSProperty, plant and equipment 10 3,217,790 3,112,258Intangible assets 11 88,051 88,051TOTAL NON-CURRENT ASSETS 3,305,841 3,200,309TOTAL ASSETS 3,890,544 3,821,565

CURRENT LIABILITIESTrade and other payables 12 70,481 76,957Borrowings 13 66,578 39,408Short term provisions 17 58,511 50,700Other current liabilities 14 6,407 13,315TOTAL CURRENT LIABILITIES 201,977 180,380

NON-CURRENT LIABILITIESBorrowings 13 75,060 29,988Long term provisions 17 23,718 24,628TOTAL NON-CURRENT LIABILITIES 98,778 54,616TOTAL LIABILITIES 300,755 234,996NET ASSETS 3,589,789 3,586,569

EQUITYReserves 16 681,966 681,966Retained earnings 15 2,907,823 2,904,603TOTAL EQUITY 3,589,789 3,586,569


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STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2014

RetainedProfits Reserves Total

Balance at 01 July, 2012 2,925,829 - 2,925,829

Profit attributable to members of the Company (21,226) (21,226)

Asset Revaluation 681,966 681,966

Balance at 30 June, 2013 2,904,603 681,966 3,586,569

Balance at 01 July, 2013 2,904,603 681,966 3,586,569

Profit attributable to members of the Company 3,220 3,220

Balance at 30 June, 2014 2,907,823 681,966 3,589,789


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STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2014

2014 2013$ $

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers 1,619,451 1,630,251Payments to suppliers and employees (1,460,941) (1,469,604)Interest received 12,430 16,341Net cash provided by (used in) operating activities 170,940 176,988

CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of property, plant and equipment 10,000 -Payments for property, plant and equipment (295,270) (111,205)Net cash provided by (used in) investing activities (285,270) (111,205)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from borrowings 158,480 63,504Repayment of borrowings (86,238) (54,668)Net cash provided by (used in) financing activities 72,242 8,836

Net increase (decrease) in cash held (42,088) 74,619Cash at beginning of financial year 566,446 491,827Cash at end of year 6 524,358 566,446


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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2014

1 Corporate Information

The Financial Statements of Huskisson Bowling Club Limited, (the Company) for the year ended 30June 2014 were authorised for issue in accordance with a resolution of the Board of Directors on 25of August 2014.

2 Statement of Significant Accounting Policies

Basis of PreparationHuskisson Bowling Club Limited, (the Company) has elected to early adopt the AustralianAccounting Standards - Reduced Disclosure Requirements as set out in AASB 1053: Application ofTiers of Australian Accounting Standards and AASB 2010-2: Amendments to Australian AccountingStandards arising from Reduced Disclosure Requirements.

Accordingly, the Company has also early adopted AASB 2011-2: Amendments to AustralianAccounting Standards arising from the Trans-Tasman Convergence Project - Reduced DisclosureRequirements and AASB 2012-7: Amendments to Australian Accounting Standards arising fromReduced Disclosure Requirements in respect of AASB 2011-9: Amendments to AustralianAccounting Standards - Presentation of Items of Other Comprehensive Income.

The financial statements are general purpose financial statements that have been prepared inaccordance with the requirements of the Australian Accounting Standards - Reduced DisclosureRequirements of the Australian Accounting Standards Board and the Corporations Act 2001. TheCompany is a not-for-profit entity for financial reporting purposes under Australian AccountingStandards.

Australian Accounting Standards set out accounting policies that the AASB has concluded wouldresult in the financial statements containing relevant and reliable information about transactions,events and conditions to which they apply. Material accounting policies adopted in the preparationof these financial statements are presented below. They have been consistently applied unlessotherwise stated.

The financial statements, except for cash flow information, have been prepared on an accrual basisand are based on historical costs, modified, where applicable, by the measurement at fair value ofselected non-current assets, financial assets and financial liabilities. The amounts presented in thefinancial statements have been rounded to the nearest dollar.

Income Tax

No provision for income tax has been raised as the Company is considered exempt from income taxunder section 50-45 of the Income Tax Assessment Act 1997.

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Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-termhighly liquid investments with original maturities of three months or less, and bank overdrafts. Bankoverdrafts are shown within short-term borrowings in current liabilities on the Statement of FinancialPosition.

Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated less, whereapplicable, any accumulated depreciation and impairment losses.

Property

Freehold land and buildings are measured on the fair value basis, being the amount for which anasset could be exchanged between knowledgeable willing parties in an arm's length transaction. Itis the policy of the Company to have an independent valuation with sufficient regularity so as thecarrying value does not differ materially from the market value. Annual appraisals are made by theDirectors. The Company's freehold land and buildings were revalued on 18 February 2013 with thatvaluation being adopted on 30 June 2013. The valuation was conducted by Walsh and MonaghanPty Limited by Stephen Adlington, AAPI Registered Practising Valuer No 14796.

Plant and Equipment

Plant and equipment is measured on the cost basis less depreciation and impairment losses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not inexcess of the recoverable amount from these assets. The recoverable amount is assessed on thebasis of the expected net cash flows that will be received from the assets' employment andsubsequent disposal. The expected net cash flows have not been discounted to present values indetermining the recoverable amount.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, asappropriate, only when it is probable that future economic benefits associated with the item will flowto the company and the cost of the item can be measured reliably. All other repairs andmaintenance are charged to the Statement of Comprehensive Income during the financial period inwhich they are incurred.

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An asset's carrying amount is written down immediately to its recoverable amount if the asset'scarrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount.These gains or losses are included in the Statement of Comprehensive Income. When revaluedassets are sold, amounts included in the revaluation reserve relating to that asset are transferred toretained earnings.

Intangibles

Poker machine entitlements purchased are valued at purchase price, and are not considered to bedepreciable assets. The carrying amount of the assets are reviewed annually by the Directors toensure that they are not in excess of the recoverable amount from those assets.

Financial Instruments

Initial recognition and Measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to thecontractual provisions to the instrument. For financial assets, this is equivalent to the date that theCompany commits itself to either purchase or sell the asset (i.e. trade date accounting adopted).

Financial instruments are initially measured at fair value plus transaction costs except where theinstrument is classified 'at fair value through profit or loss' in which case transaction costs areexpensed to profit or loss immediately.

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Classification and Subsequent Measurement

Financial instruments are subsequently measured at either fair value, amortised cost using theeffective interest rate method or cost. Fair value represents the amount for which an asset could beexchanged or a liability settled, between knowledgeable, willing parties. Where available, pricesquoted in an active market are used to determine fair value. In other circumstances, valuationtechniques are adopted.

Amortised cost is calculated as:

(i) the amount at which the financial asset or financial liability is measured at initial recognition;(ii) less principal repayments;(iii) plus or minus the cumulative amortisation of the difference, if any, between the amount

initially recognised and the maturity amount calculated using the effective interest ratemethod; and

(iv) less any reduction for impairment

The effective interest rate method is used to allocate interest income or interest expense over therelevant period and is equivalent to the rate that exactly discounts estimated future cash paymentsor receipts (including fees, transaction costs and other premiums or discounts) through theexpected life (or when this cannot be reliably predicted, the contractual term) of the financialinstrument to the net carrying amount of the financial asset or financial liability. Revisions toexpected future net cash flows will necessitate an adjustment to the carrying value with aconsequential recognition of income or an expense in profit or loss.

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(i) Financial assets at fair value through profit or loss

Financial assets are classified at 'fair value through profit or loss' when they are either held fortrading for the purpose of short term profit taking, derivatives not held for hedging purposes, orwhen they are designated as such to avoid an accounting mismatch or to enable performanceevaluation where a group of financial assets is managed by key management personnel on a fairvalue basis in accordance with a documented risk management or investment strategy. Suchassets are subsequently measured at fair value with changes in carrying value being included inprofit or loss.

(ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments thatare not quoted in an active market and are subsequently measured at amortised cost.

(iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixedor determinable payments, and it is the Company's intention to hold these investments to maturity.They are subsequently measured at amortised cost.

(iv) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either not capable ofbeing classified into other categories of financial assets due to their nature, or they are designatedas such by management. They compromise investments in the equity of other entities where thereis neither a fixed maturity nor fixed or determinable payments.

(v) Financial Liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured atamortised cost.

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Impairment

At each reporting date, the Company assesses whether there is objective evidence that a financialinstrument has been impaired. In the case of available-for-sale financial instruments, a prolongeddecline in the value of the instrument is considered to determine whether an impairment has arisen.Impairment losses are recognised in the Statement of Comprehensive Income.

In the case of available-for-sale financial assets, a significant or prolonged decline in the marketvalue of the instrument is considered to constitute a loss event. Impairment losses are recognisedin the profit or loss immediately. Also, any cumulative decline in fair value previously recognised inother comprehensive income is reclassified to profit or loss at this point.When the terms of financial assets that would otherwise have been past due or impaired have beenrenegotiated, the Company recognises the impairment for such financial assets by taking intoaccount the original terms as if the terms have not been renegotiated so that the loss events thathave occurred are duly considered

When the terms of financial assets that would otherwise have been past due or impaired have beenrenegotiated, the Company recognises the impairment for such financial assets by taking intoaccount the original terms as if the terms have not been renegotiated so that the loss events thathave occurred are duly considered.

Derecognition

Financial assets are derecognised where the contractual rights to receipt of cash flows expires orthe asset is transferred to another party whereby the entity no longer has any significant continuinginvolvement in the risks and benefits associated with the asset. Financial liabilities arederecognised where the related obligations are either discharged, cancelled or expire. Thedifference between the carrying value of the financial liability extinguished or transferred to anotherparty and the fair value of consideration paid, including the transfer of non-cash assets or liabilitiesassumed, is recognised in profit or loss.

Impairment of Assets

At each reporting date, the Company reviews the carrying values of its tangible and intangibleassets to determine whether there is any indication that those assets have been impaired. If suchan indication exists, the recoverable amount of the asset, being the higher of the asset's fair valueless costs to sell and value in use, is compared to the assets carrying value. Any excess of theassets carrying value over its recoverable amount is expensed to the Statement of ComprehensiveIncome.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

Where it is not possible to estimate the recoverable amount of an individual asset, the Companyestimates the recoverable amount of the cash-generating unit to which the asset belongs.

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Where an impairment loss on a revalued asset is identified, this is debited against the revaluationsurplus in respect of the same class of asset to the extent that the impairment loss does not exceedthe amount in the revaluation surplus for that same class of asset.

Trade and Other Payables

Trade and other payables represent the liability outstanding at the end of the reporting period forgoods and services received by the Company during the reporting period which remain unpaid. Thebalance is recognised as a current liability with the amounts normally paid within 30 days ofrecognition of the liability.

Provisions

Short term employee benefits

Provision is made for the Company's obligation for short-term employee benefits. Short-termemployee benefits are benefits (other than termination benefits) that are expected to be settledwholly within 12 months after the end of the annual reporting period in which the employee renderedthe related service, including wages, salaries and sick leave. Short-term employee benefits aremeasured at the (undiscounted) amounts expected to be paid when the obligation is settled.

The Company's obligations for short-term employee benefits, such as provision for annual leave,are recognised as a part of current trade and other payables in the Statement of Financial Position.

Other long-term employee benefits

The Company classifies employee's long service leave and annual leave entitlements as otherlong-term employee benefits as they are not expected to be settled wholly within 12 months afterthe end of the annual reporting period in which the employees render the related service. Provisionis made for the Company's obligation for other long-term employee benefits, which are measured atthe present value of the expected future payments to be made to employees. Expected futurepayments incorporate anticipated future wage and salary levels, durations of service and employeedepartures, and are discounted at rates determined by reference to market yields at the end of thereporting period on government bonds that have maturity dates that approximate the terms of theobligations. Upon the remeasurement of obligations for other long-term employee benefits, the netchange in the obligation is recognised in profit or loss classified under employee benefits expense.

The Company's obligations for long-term employee benefits are presented as non-current liabilitiesin the Statement of Financial Position, except where the Company does not have an unconditionalright to defer settlement for at least 12 months after the end of the reporting period, in which casethe obligations are presented as current liabilities

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Provisions

Provisions are recognised when the Company has a legal or constructive obligation, as a result ofpast events, for which it is probable that an outflow of economic benefits will result and that outflowcan be reliably measured. Provisions recognised represent the best estimate of the amountsrequired to settle the obligation at the end of the reporting period.

Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances,the GST is recognised as part of the cost of acquisition of the asset or as part of an item of theexpense. Receivables and payables in the Statement of Financial Position are shown inclusive ofGST.

Cash flows are presented on a gross basis, except for the GST component of investing andfinancing activities which are disclosed as operating cash flows.

Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking intoaccount any trade discounts and volume rebates allowed. For this purpose, deferred considerationis not discounted to present values when recognising revenue.

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to thetransfer of significant risks and rewards of ownership of the goods and cessation of all involvementin those goods.

Interest revenue is recognised on a proportional basis taking into account the interest ratesapplicable to the financial assets.

Revenue recognition relating to the provision of services is determined with reference to the stageof completion of the transaction at reporting date and where outcome of the contract can beestimated reliably. Stage of completion is determined with reference to the services performed todate as a percentage of total anticipated services to be performed. Where the outcome cannot beestimated reliably, revenue is recognised only to the extent that related expenditure is recoverable.

Revenue from the provision of membership subscriptions is recognised on a straight line basis overthe financial year to which the membership relates.

Donations and bequests are recognised as revenue when received.

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Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production that necessarilytake a substantial period of time to prepare for their intended use or sale, are added to the cost ofthose assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in the Income Statement in the period in which they areincurred.

Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform tochanges in presentation for the current financial year.

Critical Accounting Estimates and Judgments

The Directors evaluate estimates and judgements incorporated into the financial report based onhistorical knowledge and best available current information. Estimates assume a reasonableexpectation of future events and are based on current trends and economic data, obtained bothexternally and within the Company.

Key estimates - Impairment

The company assesses impairment at each reporting date by evaluating conditions specific to thecompany that may lead to impairment of assets. Where an impairment trigger exists, therecoverable amount of the asset is determined. Value-in-use calculations performed in assessingrecoverable amounts incorporate a number of key estimates.

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2014 2013$ $

3 Revenue

Operating activitiesBar Sales 609,539 620,912Poker Machine Income 733,619 718,171Green Fees 25,902 24,022Mini Golf Course Income 36,347 45,326Subscriptions 19,268 14,675Sundry Income 27,935 34,212Bingo Income 28,967 29,576Chook Board - 7,167Advertising & Sponsorship 19,649 15,285Kitchen Rent 29,309 24,509Meat Market Income 54,444 50,674TAB and Keno Commissions 35,574 39,325Interest Received 16,687 16,341

1,637,240 1,640,195

4 Profit before Income Tax

Profit before income tax expense has been determinedafter charging the following expenses:

Cost of sales 269,839 279,865

Depreciation of non-current assets

Depreciation expense 183,995 180,417

Auditors' RemunerationAudit Services 7,650 7,570Other Services 4,740 4,658

Total Auditors' Remuneration 12,390 12,228

No other benefits were received.

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2014 2013$ $

5 Key Management Personnel Compensation

Directors' Remuneration

Honoraria and Expenses paid or payable to directorsof the Company by the Company and any relatedparties 5,300 5,200

Key Management Personnel Remuneration

Total Remuneration 50,157 51,213

50,157 51,213

6 Cash and Cash Equivalents

CurrentCash on Hand 50,000 57,716ATM - Cash on Hand 25,000 25,000National Australia Bank - General Account 95,744 90,742National Australia Bank - Keno Account 2,000 2,000National Australia Bank - Cash Management Account 64,010 16,304National Australia Bank - TAB Account 2,500 2,500National Australia Bank - Fixed Term Deposit 285,105 372,184

524,359 566,446Reconciliation of cashCash at the end of the financial year as shown in theStatement of Cash Flows is reconciled to the relateditems in the Statement of Comprehensive Income asfollows:

Cash and cash equivalents 524,359 566,446

524,359 566,446

7 Trade and Other Receivables

CurrentSundry Debtors 4,219 5,359

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2014 2013$ $

8 Inventories

CurrentStores on Hand 23,607 18,881Glasses on Hand 1,843 1,782Stock on Hand 28,332 27,789

53,782 48,452

9 Other Current Assets

CurrentPrepayments 2,344 1,000

10 Property, Plant and Equipment

Land and BuildingsLand, at Revaluation 30 June 2013 650,000 650,000Buildings & Extensions, at Revaluation 30 June 2013 1,779,277 1,700,000Less: Accumulated Depreciation (42,956) -Bowling Greens & Car Parks, at Revaluation 30 June2013 440,000 440,000Less: Accumulated Depreciation (11,000) -

2,815,321 2,790,000

Mini Golf Course, at Revaluation 30 June 2013 60,000 60,000Less: Accumulated Depreciation (1,500) -

58,500 60,000

Total Land and Buildings 2,873,821 2,850,000

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2014 2013$ $

Plant and EquipmentMotor Vehicles at Cost 96,145 96,145Less: Accumulated Depreciation (86,008) (82,689)

10,137 13,456

Plant and Equipment - at cost 609,346 624,308Less Accumulated Depreciation (522,874) (526,709)

86,472 97,599

Poker Machines 874,150 855,823Less: Accumulated Depreciation (655,430) (719,784)

218,720 136,039

Furniture, Fittings & Carpets 195,824 217,403Less: Accumulated Depreciation (167,184) (202,239)

28,640 15,164

Total Plant and Equipment 343,969 262,258Total Property, Plant and Equipment 3,217,790 3,112,258

All of the land owned by the club is located at 336Huskisson Road, Huskisson NSW 2540 and isconsidered 'Core Property' (as defined in theRegistered Club Act 1976).

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2014 2013$ $

Movements in Carrying Amounts

Movements in carrying amount foreach class of property, plant andequipment between the beginningand the end of the current financialyear

FreeholdLand Buildings

Plant andEquipment Total

$ $ $ $ $ $

Balance at 1 July 2012 1,005,191 1,206,505 287,808 - - 2,499,504

Additions - 2,393 108,812 - - 111,205

Disposals - - (7,853) - - (7,853)

Revalutionincrements/(decrements) (355,191) 1,037,157 - - - 681,966

Depreciation expense - (46,055) (126,509) - - (172,564)

Balance at 30 June, 2013 650,000 2,200,000 262,258 - - 3,112,258

Balance at 1 July 2013 650,000 2,200,000 262,258 - - 3,112,258

Additions - 79,277 215,993 - - 295,270

Disposals - - (5,743) - - (5,743)

Depreciation expense - (55,456) (128,539) - - (183,995)

Carrying amount at 30June 2014 650,000 2,223,821 343,969 - - 3,217,790

11 Intangible Assets

Poker Machine Entitlements, at cost 88,051 88,05188,051 88,051

12 Trade and Other Payables

CurrentTrade Creditors & Accruals 57,659 54,799GST Liability 12,822 22,158

70,481 76,957

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2014 2013$ $

Financial liabilities at amortised cost classified astrade and other payables

Trade and other payables:- Total current 70,481 76,957- Total non-current - -

70,481 76,957Less:Non Financial Liabilities - -

Financial liabilities as trade and other payables 70,481 76,957

13 Financial Liabilities

CurrentKonami 1,250 -Aristocrat Finance #1 - 18,240Aristocrat Finance #2 21,168 21,168Aristocrat # 3 44,160 -

66,578 39,408

Non-CurrentAristocrat Finance #2 8,820 29,988Aristocrat # 3 66,240 -

75,060 29,988

Aristocrate Finance #2 relates to the purchase of 2poker machines during 2013 and is for a period ofthree years. Aristocrat Finance #3 relates to thepurchase of 5 poker machines during 2014 and is for aperiod of three years. Konami Finance relates to thepurchase of 2 poker machines during 2014 and is for aperiod of 12 months.

14 Other Liabilities

CurrentSubscriptions in Advance 6,407 13,315

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2014 2013$ $

15 Retained Earnings

Retained earnings at the beginning of the financialyear 2,904,603 2,925,829Net profit (Net loss) attributable to members of thecompany 3,220 (21,226)Retained earnings at the end of the financial year 2,907,823 2,904,603

16 Reserves

Asset Revaluation Reserve 681,966 681,966

17 Provisions

CurrentProvision for Holiday Pay 47,149 39,140Provision for Long Service Leave 11,362 11,560

58,511 50,700

Non-CurrentProvision for Long Service Leave 23,718 24,628

Aggregate Employee Benefit Liability 82,229 75,328

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2014 2013$ $

18 Cash Flow Information

Reconciliation of cash flow from operations withprofit after income taxProfit (loss) after income tax 3,220 (21,226)

Non-cash flows in profit :Profit on sale of non-current assets (4,258) -Loss on sale of non-current assets - 7,853Depreciation 183,995 172,564

Changes in assets and liabilities :(Increase) Decrease in current inventories (5,330) 7,559(Increase) Decrease in current receivables 1,140 6,423(Increase) Decrease in prepayments (1,344) (69)Increase (Decrease) in sundry creditors (6,477) (8,654)Increase (Decrease) in current provisions 6,902 12,564Increase (Decrease) in income in advance (6,908) (26)Cash flows from operations 170,940 176,988

19 Financial Risk Management

The Company's financial instruments consist mainly ofdeposits with banks, accounts receivable and payable,and leases.

The carrying amounts for each category of financialinstruments, measured in accordance with AASB 139as detailed in the accounting policies to these financialstatements, are as follows:

Financial AssetsCash and cash equivalents 524,359 566,446Loans and receivables 4,219 5,359Total Financial Assets 528,578 571,805

Financial LiabilitiesFinancial Liabilities at amortised cost- Trade and other payables 70,481 76,957- Borrowings 141,638 69,396Total Financial Liabilities 212,119 146,353

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2014 2013$ $

20 Company Limited by Guarantee

Huskisson Bowling Club Limited is a Company limited by guarantee with the liability of memberslimited to the amount of $2 as set out in the Company's Memorandum and Articles of Association.

21 Company Details

The registered office of the company is:

Huskisson Bowling Club Limited

336 Huskisson Road Huskisson NSW 2540

The principal place of business is:

336 Huskisson Road Huskisson NSW 2540

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DIRECTORS' DECLARATION

The Directors of the Company declare that:

1. The financial statements and notes are in accordance with the Corporations Act 2001:

(a) comply with Accounting Standards and the Corporations Regulations 2001; and

(b) give a true and fair view of the financial position as at 30 June 2014 and of the performance forthe year ended on that date of the Company.

2. In the Directors' opinion there are reasonable grounds to believe that the Company will be ableto 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: ____________________________Mr Mark Schofield


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DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION

The additional information on the proceeding pages is in accordance with the books and records ofHuskisson Bowling Club Limited which have been subjected to the auditing procedures applied in thestatutory audit of the company for the year ended 30 June 2014. It will be appreciated that thestatutory audit did not cover all details of the additional financial information. Accordingly, we do notexpress an opinion on such financial information and no warranty of accuracy or reliability is given.

In accordance with our firm policy, we advise that neither the firm nor any member or employee ofthe firm undertakes responsibility arising in any way whatsoever to any person (other than thecompany) in respect of such information, including any errors or omissions therein, arising throughnegligence or otherwise however caused.

Booth Partners

Certified Practising Accountants

Tony Federici



Page 30

fs 2014

Documents

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financial statements

financial reportfor

theclubs financial position

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company limited

directors reportyour

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