55th Annual Report & Financial StatementsYear ended 31st December 2014

DUNDAS SPORTS & RECREATION CLUB

SPORT DINING ENTERTAINMENT BAR

PROUD SPONSORS OF

DUNDAS SHAMROCKS RLFC

DUNDAS UNITED SOCCER CLUB

DUNDAS CENTRAL NETBALL CLUB

VIKINGS CRICKET CLUB

A.C.N. 000 337 048

DUNDAS SPORTS &RECREATION CLUB LTD

ACN 000 337 048

FIFTY FIFTH ANNUAL REPORT

AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2014

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ContentsOffice Bearers for the Year Ended 31 Dec 2014 ..................................................................... 2 

Notice of Annual General Meeting ........................................................................................... 3 

Secretary Managers Report ......................................................................................................... 6 

Presidents Report ............................................................................................................................. 7 

Treasurers Report ............................................................................................................................. 8 

Men’s Bowls Report ......................................................................................................................... 9 

Club Championships 2014 ............................................................................................................ 9 

Ladies Bowls Report ...................................................................................................................... 10 

Directors’ Report ............................................................................................................................ 12 

Statement of Comprehensive Income ................................................................................... 15 

Statement of Financial Position ................................................................................................. 16 

Statement of Changes in Equity ............................................................................................... 16 

Statement of Cash Flows ............................................................................................................. 17 

Notes To and Forming Part of the Accounts ......................................................................... 18 

Statement by Directors ................................................................................................................ 24 

Independent Auditor’s Report to Members .......................................................................... 25 

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DUNDAS SPORTS & RECREATION CLUB LTD Office Bearers for the Year Ended 31 Dec 2014

President G. Hann

Vice President

S. Ritzrow

Treasurer D. Drewitt-Smith

Directors

M. Glennan, J. Leo, A. Johnson, K. McCarthy

Welfare Officer K. McCarthy

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Notice of Annual General Meeting

NOTICE is hereby given that the Fifty Fifth Annual General Meeting of Dundas Sports and Recreation Club Ltd will be held at the Club’s premises, 9 Elder Road, Dundas, on Sunday 3 May 2015 at 10am

AGENDA

1. Welcome

2. Apologies

3. Departed Members

4. To receive and confirm the minutes of the Fifty Fourth Annual General Meeting held on 18 May 2014

5. Business arising from the minutes

6. To receive, consider and adopt the Reports of The President and Directors

7. To receive, consider and adopt the Balance Sheet as at 31st December 2014 and the Income and Expenditure Account for the year then ended together with the Report of the Treasurer thereon.

8. To receive, consider and adopt the Auditor’s report

9. Motions

10. Life Membership Nominations

i. Mrs Pam Osborne – Membership No 391 Nominated By: Ms Tania Suapopo (1078) Seconded By: Ms Alannah Moles (1129)

The Board of Directors have approved these nominations.

11. To elect, in accordance with the provisions of the Articles of Association:

(i) An Honorary Bowls Co-ordinator (ii) Welfare Officer

(iii) Four (4) Selectors for the Men’s Bowling Club

(iv) Four (4) Committee members for the Match and Games Committee

12. General Business

DUNDAS SPORTS & RECREATION CLUB LIMITED (Incorporating Cumberland Builders Bowling Club)

ABN 56 041 010 533 ACN 000 337 04

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NB: Nominations for all positions in Item 10 will close on Sunday 26t April 2015 at close of business. Return to the Secretary in the Club office.

The Term of office for the Four (4) Selectors as outlined in Clause 2.13(y) of the By Laws.

The Term of office for the Four (4) Match and Games Committee as outlined in Clause 2.13(z) of the By Laws will commence on the day of the election being 3 May 2015.

Financial Report

A detailed report is available from the Club during Office Hours.

Any questions concerning the Financial Statements for the year ended 31st December 2014 require notice in writing to the Secretary seven (7) days prior to the meeting this being 27 April 2015.

Notice of Ordinary Resolutions

Notice is hereby given that at the Annual General Meeting of the Club, members will be asked to consider, and if thought fit, pass the following resolutions which are proposed as Ordinary Resolutions:

1. First Ordinary Resolution; that, until the next Annual General Meeting, the members hereby authorise, in accordance with provisions of the Corporations Law and the Registered Clubs Act, the payment from the Club’s funds of a total sum not exceeding Forty Thousand Dollars ($40,000.00) as honorariums and out of pocket expenses arising from the Directors Services as members of The Club’s Board, such sum being appropriated amongst the Members of The Board as follows:

a. As to the President $4680.00 (Honorarium)

b. As to the Vice President $1200.00 (Honorarium)

c. As to the Treasurer $2400.00 (Honorarium)

d. As to each of the Directors (4) $ 3600.00 (Honorarium) ($75 per month each)

e. As to the Welfare Officer $1000.00 (Out of Pocket Expenses)

f. As to the Bowls Committee a. Bowls Co-ordinator $6660.00 (Honorarium)

b. Assistant Bowls Co-ordinator $1200.00 (Honorarium)

The Bowls Committee distribution of funds is to be decided by The Board.

g. As to the Bowls Coach $ 100.00 (per newly accredited bowler who becomes a full bowling member of Dundas Sports)

The President, Vice President, Treasurer and Directors are also allocated Four Hundred and Thirty Dollars ($430.00) per annum on Out of Pocket Expenses.

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2. Second Ordinary Resolution; that until the next Annual General Meeting, the members hereby approve and agree, that pursuant to The Corporations Law and The Registered Clubs Act, to the expenditure by the Club of a sum not exceeding Twenty Five Thousand ($25000.00) Dollars for the Professional Development and Education of any Director, Club Manager and/or for such other Authorised Employees of the Club as the Board shall, by resolution, approve where such sum is a. Applied in or towards the reasonable cost of food, travel,

accommodation, registration fees or subscriptions incurred in attending Seminars, Lectures, Trade Displays and other similar events including the Clubs NSW Quarterly and Annual General Meeting and to visit other clubs to enable the Club’s governing body to be kept abreast of current trends and developments which may have a significant bearing on the nature and way in which the Club conducts its business.

b. Approved by resolution of The Board as being reasonably incurred for the betterment of the club.

Procedural Matters

1. To be passed, the Special Resolution must receive votes from not less than three quarters of those members who being eligible to do so vote in person on the Special Resolution at the meeting.

2. The Registered Clubs Act provides that: a. Members who are Employees of the Club are not entitled to vote; and b. Proxy Voting is prohibited

Dated: 17 March 2015 By direction of the Board Tracey Aria Secretary Manager

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Secretary Managers Report During the last twelve (12) months the Board and I have worked hard to ensure long term sustainability of our Club. This included minor renovations within the club, including painting and updating some of the areas. We are currently in the planning process of more changes to our Club including a Kids Play Area, and a long overdue over haul of the outside verandah. There will be more changes happening as from the 6 July 2015 the Smoke-Free Environment Act 2000 come into play and makes a number of outdoor public places, smoke free. We are working hard to work out suitable solutions for the new rulings, as these areas include out verandah. Our club was lucky to obtain a Community Building Partnership grant which is to assist the club with the kids play area, and in turn will bring in more families to enjoy our facilities like we do. To the Board led by G. Hann, thank you for the past year and I look forward to the next. The role of a Director is vast and more complicated than ever before, with the constant changes in the Club Industry. It is almost compulsory for Directors to attend industry meetings to stay up to date with all the changes. To Ernie and Staff in the Ponds Brassiere, thank you for providing quality food and service. To David our Green Keeper and Staff a big thank you to you for maintaining our Greens for our Bowlers to be able to go and enjoy themselves. To my Staff a sincere thank you for making our club and enjoyable place for our members and guests to come and enjoy themselves. I would like wish John Sleiman and family a Happy Retirement and enjoy your Sea Change. To the ever helpful volunteers, who make themselves available for raffles, bbqs and running around the club doing odd jobs for me, your efforts are not forgotten and the Board of Directors, Staff, members and I appreciate the time you spend here in the club helping out. My report would not be complete without a special thanks to our Sponsors. Your continued support is greatly appreciated. Last but not least, thank you to all of our members and guests who continue to support us throughout the good times and the bad. I look forward to seeing you in 2015 and remember that if you ever want to see me about anything, just knock on my door. Tracey Aria Secretary Manager

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Presidents Report To Our Valued Members How quick has the year passed, it seems I have only just finished writing my last year's report. The Board and Senior Management have continued to be proactive in pursuing opportunities for further progression, and despite several challenges we are looking to the future. We are currently working on our master plan, which will incorporate current and future “Clubs NSW” legislations. Once again we are looking outside the square for a point of difference, which we are hoping will be on display in the next few weeks for your perusal. To our Bowlers Congratulations to everyone involved in the game of lawn bowls, whether its representative, barefoot or "Bombers survival", we have had some exceptional achievements in both men's and ladies, but most importantly we must celebrate the friendships, fun and sportsmanship the game of bowls brings to our community. We all thank David and Matt for producing our greens and surrounds to a premium-and ascetically pleasing high standard - keep up the good work on and off the greens. To our Staff To all staff working for Dundas Sports, may I on behalf of the Board of Directors thank you for your efforts, we need to strive and continue high standards to ensure our members and visitors enjoy our current and future facilities. To our Community Our Vision The Club is committed to the wellbeing of the Dundas community and provides the best venue for social and business gatherings in a comfortable and productive environment. Dundas Sports and Recreation Club are proud sponsors of the following local community sporting organisations: Viking Cricket Club Dundas Shamrocks – JRLFC Dundas United Recreation Club Dundas Central Netball Club To our Volunteers Without your outstanding and exceptional efforts many events would not have been as successful, please keep it up, as we have some exciting events ahead, please keep an eye on our website. To my Board of Directors, thank you for your commitment and countless hours apart from special meetings, the hours exhausted from your families – huge effort. To all members who have lost love ones during the year, from all of us from Dundas Sports we send our deepest sympathies. In closing if we all work together success will follow, Dundas Sports is the future. Come see us soon. Gerry Hann

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Treasurers Report The 2014 financial year for the Dundas Sports and Recreational Club was a great improvement from the previous year. Our earnings before depreciation and financing expense, $98,500 (2013 loss $59,300) and after depreciation and financing expense the Club income for the year was a loss of $19,211. The bar profit was down $18,000 from the previous year however, our poker machine profit was up $153,000. This profit included $95,000 poker machine revenue, savings of $10,000 in repair and maintenance and $46,000 savings in promotions. The Club operating expenses $1,066,000 was slightly down from the previous year and I expect this to increase slightly in 2015, as we continue to improve the club. $100,000 was spent in refurbishing the Club and this included painting, new chairs/lounges, display boards and consulting fees as well as a new servery and carpet for The Ponds restaurant. By changing suppliers and or contracts we have been able make savings in security $13,000, electricity and gas $10,000, catering $7,000, waste $5,000, cleaning $3,000 and telephone $2,000. The Club has a line of credit with Bankwest of $300,000 and as of 31 December 2014 it has a loan balance of $231,635 that is an increase of $31,413 from the previous year. The club is meeting all creditor payments within 30 days. I would like to thank Tracey Aria and staff for the management of Dundas Sports Club. Thanks to John Sleiman who assisted Tracey with the accounts. I wish John all the best in his retirement to the Gold Coast in early 2015. I wish all our bowlers the very best for the 2015 Pennant season. I believe the club will return to profit in 2015 financial year with our commitment to provide a venue that has atmosphere, entertainment, good food and great bowling greens. To all our members and sponsors a big thank you for supporting Dundas Sports Club. David Drewitt-Smith Treasurer

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Men’s Bowls Report With another year behind us and looking forward to 2015. From all of our Bowling Members, a big thank you goes out to our sponsors, Karen from Lady Anne Funerals, Peter from Pernod Ricard, Craig from Consolidated Poker Machines, WJ Plumbing, LAN Installations, Turner Townsend, Timeho Pty Ltd, Dexion and Mike Doheny. Without their support we would have no tournaments. Congratulations to all the winners of our Club Championships and to the runners up, there is always next year. Our 2014 Pennant season we did not win a flag, but all of our bowlers gave it their best shot. Thank you to all who helped throughout 2014. Match and Games Committee, Selectors, Umpires, Coaches, Green Keepers, BBQ Cooks, Management and Staff a big thank you. It was pleasing to see some of our younger members take up the sport of bowls, good luck in your bowls career. A quote: By Ned London, Past President R.N.S.W.B.A “Bowls is an old man’s game that young men play” Kevin McCarthy Bowls Coordinator

Club Championships 2014

Event Winners Runners Up

Major Singles J. Leo M. Ingersoll

Major Pairs J. Loader, M. Ingersoll M. Saltmarsh, J. Leo

Major Triples D. Martin, P. Arane, M. Ingersoll C. Sburlati, R. Campbell, S. Wooster

Major Fours D.Carr, D.Slapp, D. Odbert, T. Paul

C. White, M.Doheny, B.Austin, D. Scholtz

Senior Singles D. Hodge R. Campbell

Minor Singles L. Wahbe J. McCartney

Minor Pairs G. Cox, B. Austin B. Cooke, G. Douglas

Handicap Singles J. Leo S. Wooster

Handicap Pairs D. Roach, P. Osborne J. McLean, D. Martin

Novice Singles E. Young C. Sburlati

Major/Minor Pairs G. Douglas, S. Wooster D. Martin, M. Saltmarsh

Mixed Pairs J. Morgan, S. Wooster T. Suapopo, B. Austin

Mixed Fours K. Leo, J. Saltmarsh, M. Saltmarsh, J. Leo

B. Mitchell, J. Morgan, I. Morgan, S. Wooster

Most Improved Player C. Sburlati

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Ladies Bowls Report I have great pleasure in presenting our Ladies Club Report. Congratulations to our new committee. President: Pam Osborne Vice President: Tania Suapopo Hon secretary/Treasurer Julie Rapson Match Committee: Joanne McKennall Welfare/Publicity Officer: Brenda Mitchell Delegates to M.D.W.B.A: Joanne McKennall, Pam Osborne (Deputy) My sincere compliments ladies for your input, also working together keeping our Club standards well known in and out of our club. Champion Results 2014: Congratulations to our Club Champions an Award Winners. Winners Runners Up Major Singles J. McKennall A. Moles Major Pairs J. Rapson, J. McKennall J. Morgan, L. Paul Major Triples A. Moles, T. Suapopo, J. McKennall J. Saltmarsh, K. Leo, L. Paul Major Fours B. Mitchell, T. Suapopo, J. Rapson, J.

McKennall A. Moles, J. Morgan, K. Leo, L. Paul

Minor Singles J. Saltmarsh J. McCossen Novice Singles T. Suaopopo L. McLean Lisa Osborn, our extended thank you for your continued help and sponsorship to our club. Susan Salt, thank you for your help and generosity. Secretary Manager Tracey Aria, on behalf of myself and ladies D.S.W.B.C, a special thank you for your help and support on many matters, you excelled, greatly appreciated. A special thanks when we have needed umpires goes to Phil Arane, Kathryn Leo & Jim McCartney. Pennant season has started for 2015, good bowling to our men’s grades competing. Grades 2, 3 & 6, we support you all. Welcome to our new lady bowlers, Joy McCrossen, Pam Lonnan, Mary Wahbe and Debbie White, enjoy your new venture. Men’s bowls coordinator, Kevin McCarthy, thank you for your help to our ladies when needed, keeping our events running smoothly. A special thank you to The Ponds Brasserie, Ernie and his Merry Staff, to the Bar Staff, Green Keeper, Ladies and Gentlemen my extended thanks to all for your courtesy and assistance to myself and our ladies, also I would like to include Susan for her input and concern. Dundas Sports Ladies have represented in lots of Tournaments and Carnival Days in and around our areas. I congratulate all at these special events. Good Luck and Good Bowling in your ventures.

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On behalf of myself and the Ladies Club, I wish to thank President Gerard and the Board of Directors for their support and cooperation throughout the year. “Thought of the day” Yesterday is experience, Tomorrow is hope, Today is getting from one to the other as best we can Pam Osborne President Dundas Sports Women’s Bowling Club

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DUNDAS SPORTS & RECREATION CLUB LTD Directors’ Report

Your directors present their Annual Financial Report on the Club for the financial year ended 31 December 2014. Directors The names of the Directors in office at any time during or since the end of the financial year are: G Hann, D Drewitt-Smith, S Ritzrow J Leo, K McCarthy, M Glennan, A Johnson (both elected at AGM), D Odbert, P Arane (both resigned at AGM 2014). The Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Principle Activity The principal activity of the Company during the year was registered club. No significant change in the nature of that activity occurred during the year. Results The deficit from operations of the company for the year, after providing for tax was $19,211 (2013 $178,755 deficit). Dividends No dividends are payable being a registered club. The Company was incorporated on the 20th September 1960 as a company limited by guarantee under the Corporations Act 2001 and as such does not have a share capital. In the event of the company being wound up, the constitution of the Club states that each member is required to contribute a maximum of $2. Review of Operation Poker Machine Trading increased by approximately $100,000 back to levels similar to 2012 whilst Bar Trading has remained stable during the financial year. Most expenditures have remained constant with no significant variations. Significant Changes in State of Affairs No significant changes in the state of affairs of the Company occurred during the year. Likely Developments and Expected Results of Operation There are no likely developments that will significantly affect the expected result. A return to profitability is expected in 2015. Environmental Issues The Company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth, State or Territory

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Information on Directors

Name No of Years Director Role Qualification

G Hann 3 President Facilities Manager D Drewitt-Smith 8 Treasurer Finance Manager S Ritzrow 3 Vice President Operations Leader K McCarthy 8 Retired J Leo 3 Curator M Glennan 1 Sales Representative A Johnson 1 Advertising Manager D Odbert 7 Telecommunications P Arane 1 Sales Representative All Directors are full members of the club. Meetings of Directors During the financial year 12 monthly meetings of the Directors were held, as well as many special meetings. Attendances of the monthly meetings were as follows:-

Name Attended Eligible G Hann 11 11 D Drewitt-Smith 11 11 S Ritzrow 11 11 K McCarthy 8 11 J Leo 10 11 M Glennan 6 7 A Johnson 5 7 D Odbert 3 4 P Arane 4 4 Indemnifying Officers The Company has not, during the or since the financial year, in respect of any person who is or has been an officer or auditor of the Company or of a related body corporate:

(i) indemnified or made any relevant agreement for indemnify against a liability including costs and expenses in successfully defending legal proceedings; or

(ii) paid or agreed to pay a premium in respect of a contract insuring against a liability for the costs or expenses to defend legal proceedings;

with the exception of the payment of a premium to insure the Directors against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the Company, other than wilful breach of duty in relation to the Company. Proceedings On Behalf Of the Company No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. An employee of a contractor to the club is seeking damages for alleged discrimination, to which the Club is defending. The Company was not a party to any such proceedings during the year

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Auditors Independence Statement The Auditors Independence Statement under section 307C of The Corporations Act 2001 is attached and forms part of this statement. Signed in accordance with a resolution of the directors. G Hann D Drewitt-Smith Director Director Dundas 24 February 2015 Auditors Independence Declaration Under s 307C of the Corporations Act 2001 To the Directors of Dundas Sports & Recreation Club I declare that, to the best of my knowledge and belief, during the financial year ended 31 December 2014 there have been:

a. No contraventions of the auditors independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

b. No contraventions of any applicable code of professional conduct in relation

to the audit. Stephen Sproats Registered Company Auditor 24 February 2015 Chartered Accountant

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DUNDAS SPORTS AND RECREATION CLUB LIMITED

Statement of Comprehensive Income For The Year Ended 31 December 2014

2014 2013 Revenues from Normal Activities 1,997,700 1,908,359 Cost of Goods Sold 365,759 370,815 Poker Machine Expenses 110,252 156,181 Employee Benefit Expense 409,037 410,060 Members Expenses 17,466 25,236 Insurances 65,738 70,445 Entertaining 137,858 148,274 Raffles 116,501 87,061 Utilities 95,395 110,340 Repairs & Maintenance 64,221 69,947 Greens Contractor 66,901 72,349 Men’s Bowl 54,586 58,971 Security 25,699 38,366 Advertising 33,266 30,599 Cleaning 46,396 49,445 TAB 30,639 29,892 Other expenses 259,491 239,715 Total Expenditure 1,899,205 1,967,696 Earnings before Depreciation and Financing costs 98,495 (59,337) Financing Expenses 20,426 17,638 Depreciation 97,280 101,780 Profit (Loss) From Operations (19,211) (178,755) Proceeds from Poker Machine Licence - 150,000 Income Tax Expense - - Profit (Loss) from operations after tax (19,211) (28,755) TOTAL COMPREHENSIVE INCOME FOR THE YEAR (LOSS) $(19,211) $(28,755)

The accompanying notes form part of these accounts

Statement of Changes in Equity FOR THE YEAR ENDED 31 DECEMBER 2014

Asset ReserveRetained profits Total Balance at 31 December 2012 2,478,759 1,522,274 4,001,033 Total Comprehensive income for 2013 year - (28,755) (28,755) Balance at 31 December 2013 2,478,759 1,493,519 3,972,278 Total Comprehensive income for 2014 year - (19,211) (19,211) MEMBERS EQUITY AT 31 DECEMBER 2014 $2,478,759 $1,474,308 $3,953,067

The accompanying notes for part of these accounts.

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DUNDAS SPORTS AND RECREATION CLUB LIMITED

Statement of Financial Position AS AT 31 DECEMBER 2014

CURRENT ASSETS NOTE 2014 2013

633,86 508,49 4 hsaC 314,92 209,32 5 selbavieceR 078,92 228,12 6 seirotnevnI

TOTAL CURRENT ASSETS 140,529 127,619 NON-CURRENT ASSETS Property, plant and equipment 7 4,181,432 4,202,050 TOTAL NON-CURRENT ASSET 4,181,432 4,202,050 TOTAL ASSETS 4,321,961 4,329,669 CURRENT LIABILITIES Creditors and borrowings 8 85,675 114,929

042,24 485,15 9 snoisivorPTOTAL CURRENT LIABILITIES 137,259 157,169 NON-CURRENT LIABILITIES Creditors and borrowings 231,635 200,222 TOTAL NON CURRENT LIABILITIES 231,635 200,222 TOTAL LIABILITIES 368,894 357,391 NET ASSETS 872,279,3$ 760,359,3$ MEMBERS EQUITY

- - latipaC erahS 957,874,2 957,874,2 01 sevreseR 915,394,1 803,474,1 stiforp deniateR

MEMBERS EQUITY 872,279,3$ 760,359,3$ The accompanying notes for part of these accounts.

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DUNDAS SPORTS AND RECREATION CLUB LIMITED

Statement of Cash Flows For The Year Ended 31 December 2014

CASH FLOW FROM OPERATIONS Notes 2014 2013 Receipts from customers 1,996,938 1,907,096 Payments to Suppliers & Employers (1,905,556)(1,936,335) Interest Received 762 1,263 Interest Paid (20,426) (17,638) NET CASH INFLOWS FROM OPERATIONS $71,718 $(45,614) CASH FLOWS FROM INVESTING Proceeds from Poker Machine Licence - 150,000 Payments for Property, Plant & Equipment (76,662) (112,492) NET CASH OUTFLOWS FROM INVESTING (76,662) 37,508 CASH FLOWS FROM FINANCING Proceeds (Repayments) of Hire Purchase Loan - (14,233) Proceeds (Repayments) of Secured Loan 31,413 26,078 NET CASH INFLOW FROM FINANCING 31,413 11,845 NET INCREASE (DECREASE) IN CASH HELD 26,469 3,739 Cash at beginning of year 68,336 64,597 CASH AT END OF FINANCIAL YEAR $ 94,805 $68,336

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DUNDAS SPORTS AND RECREATION CLUB LIMITED

Notes To and Forming Part of the Accounts

For The Period Year 31 December 2014

Summary of Significant Accounting Policies These financial statements are for Dundas Sports & Recreation Club Ltd as an individual entity, a company limited by Guarantee, incorporated & domiciled in Australia. (a) Basis of Preparation Dundas Sports & Recreation Club Ltd has elected to adopt the pronouncements of AASB 1053: Application of Tiers of Australian Accounting Standards & AASB 2014: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements to the Annual Reporting period beginning 1 January 2014. The financial statement is a general purpose financial statement that has been prepared in accordance Accounting Standards, other pronouncements of the Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board & the Corporations Act 2001. Australian Accounting Standards set out Accounting policies that the AASB has concluded would result in financial statements containing relevant & reliable information about transaction, events & conditions. Material accounting policies adopted in the preparation of theses financial statements are presented below and have been consistently applied, unless otherwise stated The financial statement has been prepared on an accruals basis and is based on historical costs, modified where applicable by the measurement at fair value of selected non-current assets, financial assets & financial liabilities. The consideration given in exchange for assets. (b) Taxation No taxation has been provided as the club is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997 (c) Going Concern The company has recorded an operating loss$19,211 (2013 $178,755). There is a surplus of working capital of $3,270 (2013 $29,550deficit). Future viability of the club and its ability to continue as a going concern and meet it debts as and when they fall due is dependent upon the generation of future operating surpluses and ongoing support of the members, bank and creditors. The directors are confident of future surpluses and obtaining this support and have accordingly prepared the financial statement on a going concern basis.

(d) Depreciation Depreciation is calculated on a straight line basis so as to write off the cost of each item of Plant & Equipment over its expected useful life. Depreciation rates used for each class of depreciable assets are: Freehold Buildings 2.5%- 4% Plant & Equipment, Fixtures & Fittings 2.5%- 20% Poker Machines 15.0%- 20%

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(e) Stock On Hand Stocks are valued at the lower of cost or net realisable value. Cost assigned are based on the first in first out basis. (f) Long Service Leave and Holiday pay The amount expected to be paid to employees under the award of their pro rata entitlement to long service leave and holiday pay is accrued annually at current pay rates. (g) Financial Period

The accounts relate to the 12 month financial period from 1 January 2014 to 31 December 2014.

The comparatives relate to the 12 month period from 1 January 2013 to 31 December 2013.

(h) Land & Buildings The company’s properties are classified as either Core or Non-Core property. Core

property is property occupied by the clubs licensed premises. The club can only dispose of the premise by a resolution passed by the majority of members, but does not apply to non-core land (ie investment properties). All the Club land is considered to be Core Property

Freehold land & building are shown at their fair value based on periodic valuations by

external valuers, less subsequent depreciation for buildings. In periods when the freehold land & buildings are not subject to independent valuations, the Directors review the valuations to ensure the carrying value is not materially different to the fair value. Any changes to the valuation of the land & buildings are recognised in other comprehensive income and accumulated in the revaluation reserve. (i) Plant & Equipment Plant & Equipment are measured on an original cost basis less accumulated depreciation and impairment losses 2. Revenue Bar Sales 866,638 881,524 Poker Machine Takings 826,503 731,773 Men’s Bowls 45,530 52,539 Members Subscriptions 16,395 14,283

OSR Gaming 17,180 17,180 Trophies and raffles 69,947 61,868 Functions 20,290 10,255 Rent received 18,001 17,477 Keno 38,450 40,323 Commission 20,122 22,716 Sundry income 10,953 29,262 Interest 762 1,263 TAB 10,002 15,822 Restaurant Rent 27,600 10,261 Ladies Bowls Income 9,327 1,813

$1,997,700 $1,908,359

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3. Operating Profit Operating profit has been determined after crediting and charging the following specific items: Credits 2014 2013 Depreciation Poker Machines 32,685 37,601 Other 64,595 64,179 Interest Paid Other Persons 20,426 17,638 Provisions Annual Leave 7,466 7,730 Long Service Leave 1,879 2,384

4. Cash Cash on Hand 35,250 35,250 Cash at Bank 59,555 33,086 $94,805 $68,336 5. Receivables Current 2014 2013 Sundry debtors 7,500 15,723 Security Deposit 5,000 5,000 Prepayments 11,402 8,690 $23,902 $29,413 6. Inventories Current Stock on hand $21,822 $29,870 7. PROPERTY, PLANT & EQUIPMENT Freehold land - at valuation 9 Elder Road, Dundas 1,700,000 1,700,000 Buildings - at valuation 9 Elder Road, Dundas 1,500,000 1,500,000 The property at 9 Elder Road is considered Core property as it the Clubs

licensed premises location. An independent valuation was made by Colliers International on 9 August 2004

(after the partial sale of the adjacent blocks) and based on that valuation the Directors have made the above valuations of the Club’s buildings and freehold of No 9 Elder Road Dundas.

Poker machines, at cost 1,424,211 1,424,211 Accumulated depreciation (1,293,470)(1,260,785) 130,741 163,426 Plant & equipment at cost 463,100 457,480 Accumulated depreciation (362,750) (338,365)

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100,350 119,115 Furniture & Fittings, at cost 736,784 715,395 Accumulated depreciation (660,268) (642,406) 76,516 72,989 Greens equipment, at cost 75,170 75,170 Accumulated depreciation (77,900) (77,083) 3,270 4,087 Bowls lighting, at cost 3,937 3,937

Crockery and cutlery at valuation 7,000 7,000 Loose tools at valuation 1,000 1,000 Club Improvement – at cost 760,119 710,465 Accumulated Depreciation (101,501) (79,969) 658,618 630,496 $4,181,432 $4,202,050 8. Creditors and Borrowing Current 2014 2013 Trade creditors 81,021 109,325 Subscriptions in advance 4,654 5,604 Hire Purchase Loan - - $85,675 $114,929 Non-Current Mortgage 12 231,635 200,222 $231,635 $200,222 9. Provisions Current Provisions for annual leave 40,103 32,637 Provisions for long service leave 11,482 9,603 $51,585 $42,240 10. (a) Asset Realisation Reserve 312,645 312,645

(b) Asset Revaluation Reserve.

2,166,114 2,166,114 $2,478,759 $2,478,759

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11. Remuneration of Auditor Amounts received, or due and receivable by the auditor of the Company for: Audit of Company’s Accounts 10,250 9,000 Other Services - - $ 10,250 $ 9,000 12. Mortgage/Borrowings The Club has a registered mortgage over the freehold at 9 Elders Road, Dundas

with Bankwest. The line of Credit has a limit of $300,000 and a balance of $231,635 at 31 December 2014 (2013 $200,222) and $68,365 (2013 $99,778) being the unused portion

13. Directors Remuneration The Directors who held office during the year ended 31 December 2014 were:

G Hann, D Drewitt-Smith, S Ritzrow, J Leo, K McCarthy, M Glennan, P Johnson, D Odbert, & P Arane

Honorarium were paid to the following - Officers 2014 2013 President 2,730 4,035 Vice-President 700 700 Treasurer 1,400 1,400 Directors 1,575 2,025 Bowls Co-Coordinator 5,063 7,035 Bowls Coach 400 861

14. CONTINGENT LIABILITIES (a) As a result of a resolution passed by the board of Directors in June, 1973

establishing a Mortality Fund for members whose relatives are entitled to these benefits. During the year payments to relatives of members were made which have been shown under the heading in the schedule of expenditure for the Club. The total liability is not ascertainable. The Directors are of the opinion that there are any remaining members with this entitlement

(b) Under the Company’s Memorandum and Articles of Association each

member, in the event of the Company being wound up, undertakes to contribute, up to the time of his membership or within one year afterwards, an amount no exceeding two dollars ($2), the total of which is not ascertainable.

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15. Reconciliation of Operating Profit after Tax to Net Cash Flows from

Operations 2014 2013 Operating Profit (Loss) After Income Tax (19,211) (178,755) Depreciation - Poker Machines 32,685 37,601 Depreciation - Other 64,595 64,179 (Increase)/Decrease - Debtors 8,223 5,905 (Increase)/Decrease – Security Deposit - - (Increase)/Decrease - Prepayments (2,712) 2,971 (Increase)/Decrease - Stock 8,048 (2,310) (Decrease)/Increase - Creditors (28,304) 13,841 (Decrease)/Increase - Annual Leave Provision 7,466 7,730 (Decrease)/Increase - Long Service Leave Provision 1,879 2,384 (Decrease)/Increase - Subscriptions in Advance (950) 840

$71,718 $45,614

16. Matter Subsequent To the End Of The Financial Year At the date of this report there are no matters or circumstances which have arisen since 31 December 2014 that has significantly affected or may significantly affect: (a) The company’s operations; (b) The results of those operations; or (c) The company’s state of affairs, in financial year subsequent to 31 December 2014. 17. Company Details The registered office and principal place of business is 9 Elder Road Dundas 18. Financial Risk Management The Club’s financial instrument consists mainly of deposits with banks, local money market instruments, short term investments, accounts receivables & payable, bank loans & leases.

The totals for ach category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements are as follows:

FINANCIAL ASSETS Cash 4 94,805 68,336 Receivables 5 23,902 29,413

$118,707 $97,749

FINANCIAL LIABILITIES Line of Credit 231,635 200,222

Trade & Other Payables 81,021 109,282

$312,656 $309,504

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DUNDAS SPORTS AND RECREATION CLUB LIMITED

Statement by Directors The Directors of the Company declare that:

1. The financial statements and notes as attached are in accordance with the Companies Act 2001

(a) Comply with Accounting Standards – Reduced Disclosure

Requirements: and (b) give a true and fair view of the financial position as at 31 December

2014 and of the performance the year ended 31 December 2014 of the Company.

2. In the Directors opinions there are reasonable grounds to believe that the

Company will be able to meet its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors G Hann D Drewitt-Smith Director Director Dundas 24 February 2015

Registered Company Auditor 25

DUNDAS SPORTS AND RECREATION CLUB LIMITED

Independent Auditor’s Report to Members I have audited the accompanying financial report of Dundas Sports & Recreation Club Ltd which comprises the Statement of Financial Position as at 31 December 2014, and the Statement of Comprehensive Income, Statement of Changes in Equity and Cash Flow Statement for the year ended on that date, a Summary of Significant Accounting policies and the Directors’ Declaration of the company for the year ended 31 December 2014.

Responsibility for the Financial Report The Directors of the Company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards – Reduced Disclosures Requirements (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control relevant as the Directors determine is necessary to enable the preparation of the financial report that is free of material misstatement, whether due to fraud or error. Auditors Responsibility My responsibility is to express an opinion on the financial report based upon my audit. I conducted my audit in accordance with Australian Auditing Standards. Those auditing standards require that I comply with relevant ethical requirements relating to the audit engagement and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. I believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for my audit opinion. Independence In conducting my audit, I have complied with the independence requirements of the Corporations Act 2001 Auditor’s Opinion In my opinion the financial report of Dundas Sports & Recreation Club Ltd is in accordance with the Corporations Act 2001, including:

a. giving a true and fair view of the company’s financial position as at 31 December 2014 and of its performance for the year then ended on that date: and

b. complying with Australian Accounting Standards – Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Corporations Regulations 2001.

Stephen A Sproats Dural Chartered Accountant 24 February 2015

TRADING HOURS

COME IN AND ENJOY DUNDAS’ MOST RELAXED, FRIENDLY AND INFORMAL DINING VENUE AT

THE PONDS BRASSERIE.

5% MEMBER DISCOUNT

DUNDAS SPORTS & RECREATION CLUB LTD

ACN 000 337 048

9 Elder Rd, Dundas NSW 2117P: 02 9638 5900 F: 02 9898 0735

info@dundassports.com.au

dundassports.com.au