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Fairy Meadow Bowls & Recreation Club Limited

ABN: 86 001 028 360 Financial Statements For the Year Ended 30 June 2019


ABN: 86 001 028 360

Financial Statements

For the Year Ended 30 June 2019

Contents

Page

President’s Report i

Treasurer’s Report ii

Lady President’s Report iii

Directors' Report 1

Auditor's Independence Declaration

Financial Report 4

Statement of Profit or Loss and Other Comprehensive Income 5

Balance Sheet 6

Statement of Changes in Equity 7

Statement of Cash Flows 8

Notes to the Financial Statements 9

Directors' Declaration 29

Independent Auditor's Report 30

Disclaimer 33

Women’s Bowling Club Account 34

Social Fishing Club Account 36

Road Runners Account 37


ABN: 86 001 028 360

President’s Report

30 June 2019

i.

I would like to present my report as President for the year ending 2019. There have been a few notable things happen in the Club this year. The biggest one I believe is that our ladies Pennant side won the District Pennant and then went on to play for the State Pennant at Kingscliff. Congratulations ladies, on a job well done and for the way you represented our Club. Next I would like to thank our new kitchen staff for the great job they are doing. The food is excellent and the service matches. We have also finished the renovations for now which included the bar, gaming, carpet and furniture. Sandra deserves a huge pat on the back for the finished product as it looks fantastic. Our men’s Pennant teams went fairly well as we made the #2 playoffs and were beaten in the semi‐final by the eventual winners, Windang. Our #7s only just missed out on the playoffs with our #4s being competitive. Unfortunately, the Club has continued to struggle financially, even though renovations were completed in December 2018. The expected increase in trade after the renovations and the change of caterers has not been as expected, although we continue to promote the Club. Other options to promote the Club are being investigated such as the purchase of a courtesy bus. An expression of interest for amalgamation with a Parent Club had been advertised, to which we received no response. An application was also made with another local Club for amalgamation which was unsuccessful, therefore we will continue to work toward the future and do everything in our power to ensure a future for the Club. I would like to thank all of our staff including Bar, Greenkeeping and Administration for your ongoing support to Sandra and myself throughout this trying year. I would also like to thank our Secretary Manager, Sandra Pegg for the great job she has done over the last year for without her support to myself and the Board, this Club would be closed. I would like to take this opportunity to thank the Board of Directors for the past 2 years as they have not been easy and some hard decisions had to be made. They were strong and made the tough calls for the good of the Club. Sadly some of them will not be back for the next 2 years as it is very time consuming but they can hold their heads high, as this Club would not have survived if they were not prepared to make the hard decisions. I would like to thank our generous sponsors for their financial support throughout the year and I look forward to ongoing relationships with them. Most importantly, I would like to thank the Members of our Club for their support, for without it we would not be able to call ourselves the FRIENDLY CLUB. I also would like to thank the Members who have volunteered and donated their time throughout the year, for without their support we would have struggled. A huge thanks from me. Sadly my last point is to convey my deepest sympathy to all the families of Members who have passed away during the year. Gordon Lester President


ABN: 86 001 028 360

Treasurer’s Report

30 June 2019

ii.

I present to the members of Fairy Meadow Bowls & Recreation Club my 2019 Treasurer's Report.

The 2019 year has once again been a difficult year. The trading position of the club has once again

deteriorated, in both our bar and gaming revenue streams. The issues surrounding our dining room/catering

(which appears now to have been resolved), the effect of the closure of the club around the middle of the

2018 year and the period that renovations were being undertaken have impacted on the club's operations.

The Statement of Profit or Loss for the year ended 30 June 2019 has recorded a net loss of $(435,662). This figure includes a "one‐off" on the disposal of assets of $79,882. Our net cash flows from trading operations resulted in a outflows of $(272,327).

The Financial Statements have been subject to an independent audit by Daley Audit, who have given an

unqualified audit opinion. I would like to thank Stephen Milgate and his associated staff for their assistance

throughout the year.

Whilst Daley Audit have given an unqualified report, they have raised concerns, as to the club continuing to

operate as a "going concern". It is clear that the last two (2) years have been challenging and unless there is

improvement in our financial operations in the next six (6)/twelve (12) months, some difficult decisions will

have to be made.

I would like to thank Sandra, our Secretary Manager, my fellow Board Members (both continuing and retiring)

and staff for their efforts and assistance over the last year.

Finally, I would like to thank our loyal members who continue to patronise and support the club. With your

continued support, it is hoped we can move forward in a positive way.

Fred Apolloni

Treasurer


ABN: 86 001 028 360

Lady President’s Report

30 June 2019

iii.

This is my 3rd year as your President and it has been a pleasure to represent all our ladies. Unfortunately, the State say I cannot stand this year and we did not receive a nomination for this position, which is disappointing.

I would like to thank all the ladies who have helped with the running of our Club, Secretary Sandra Lane, VP’s Margaret Walton and Helen Barlow. Treasurer Angela Knowles. Committee Ilsa Stettin and Joan Winter, Bowls Organiser Mary Bulman with Selectors Lois and Beryl. To Patron Val Latter, thank you for your support.

We have had some resignations this year and as long time members, it is sad to lose these ladies. They are Judy Davidson, Betty Jackson, Jean Seymour, Gwen Snow and Nell Southam. Our special thoughts are with you all. We also had two transfers, Sharon Dumbleton and Sue Wilmott. Welcome to our new members, Leslie Sullivan and Margot Naylor.

I am so proud of our Pennant players. Their achievements this year are outstanding. Best of luck in the play‐offs at Cabarita ladies. Thank you to everyone who is supporting our fundraising to get 10 ladies up there. Also Helen Barlow and Margaret Walton who donated our Mothers’ Day raffle and Sandra Lane who made and donated a crochet rug and cushion. To Club Ltd, Road Runners and the people who have given us monetary donations, we are so grateful. Also, thank you Donna and Joy for your help.

To Margaret Brown for our lovely sandwiches, the Bistro for our special day meals, Greenkeeper Rick and bar staff, thank you for looking after us every week.

To President Gordon, CEO Sandra and Board Members, thank you for your support. To our playing and non‐playing members, thank you for your continued support.

Margaret Hayman

Fairy Meadow Women’s Bowling Club.

33.

Disclaimer

The additional financial data presented on pages 34 ‐ 37 was compiled by the Fairy Meadow Bowls & Recreation Club Ltd (“the Company”). This data has not been subjected to the auditing procedures applied in our statutory audit of the Company for the year ended 30 June 2019. 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 in respect of such data, including any errors of omissions therein however caused.

Daley Audit

12 September 2019

Liability limited by a Scheme approved under Professional Standards Legislation


ABN: 86 001 028 360

34.

FAIRY MEADOW WOMEN’S BOWLING CLUB ACCOUNT FOR THE YEAR ENDED 30 JUNE 2019

2019

$ 2018

$

BALANCE SHEET

CURRENT ASSETS

Operating Account 3,632 7,637

Investments 5,953 5,830

TOTAL ASSETS 9,585 13,467

REPRESENTED BY:‐

ACCUMULATED FUNDS

Balance at Start of Year 13,467 15,040

Surplus/(Loss) for the Year (3,882) (1,573)

Balance at End of Year 9,585 13,467


ABN: 86 001 028 360

35.

FAIRY MEADOW WOMEN’S BOWLING CLUB ACCOUNT FOR THE YEAR ENDED 30 JUNE 2019

2019

$ 2018

$

DETAILED INCOME STATEMENT

INCOME

Members Fees 2,941 3,060

Competition Fees 6,700 6,987

Competition Fees Special Events ‐ 244

Donations 50 66

Goods for Resale 5 20

Fundraisings 3,436 1,204

Interest Received 123 172

Carnivals, Trophies & Sundries 3,770 4,300

Reimbursement – FMBRC Limited 227 170

17,252 16,223

EXPENDITURE

Affiliation & Registration 4,095 4,241

Catering 4,365 4,874

Committee Expenses 487 669

Donations & Gifts 157 1,529

Raffle Prizes 290 180

Green Fees 60 465

Transport 7,006 155

Trophies 1,110 1,440

Carnivals & Sundries 3,564 3,243

Presentation Expenses ‐ 1,000

21,134 17,796

Loss for the Year (3,882) (1,573)


ABN: 86 001 028 360

36.

SOCIAL FISHING CLUB ACCOUNT FOR THE YEAR ENDED 30 JUNE 2019

2019

$ 2018

$

BALANCE SHEET

CURRENT ASSETS

Cash on Hand 375 478

Cash at Bank ‐ IMB Account 525 47

900 525

REPRESENTED BY:‐

ACCUMULATED FUNDS

Balance at beginning of year 525 1,553

Surplus/(Loss) for the Year 375 (1,028)

Balance at end of year 900 525


INCOME

Raffles 5,975 4,240

5,975 4,240

EXPENDITURE

Raffle Prizes 5,600 5,078

Raffle Tickets ‐ 190

5,600 5,268

Surplus/(Loss) for the Year 375 (1,028)


ABN: 86 001 028 360

37.

ROAD RUNNERS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2019

2019

$ 2018

$

BALANCE SHEET

CURRENT ASSETS

Cash on Hand 533 422

Cash at Bank ‐ IMB Account 3,331 3,731

3,884 4,153

REPRESENTED BY:‐

ACCUMULATED FUNDS

Balance at Start of Year 4,153 3,855

Surplus/(Loss) for the Year (269) 298

Balance at End of Year 3,884 4,153


INCOME

Membership Fees 150 415

Competition Fees 325 835

Donations ‐ 960

Travel Fares 140 ‐

Raffles 356 456

Sales ‐ shirts 268 895

1,239 3,561

EXPENDITURE

AGM Expenses 75 ‐

Bank Charges ‐ 2

Bus Hire 580 ‐

Dinners 580 526

Donations 100 ‐

Prizes 173 334

Green Fees ‐ 256

Purchases – Shirts ‐ 2,145

1,508 3,263

Surplus/(Loss) for the Year (269) 298

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