2019 ANNUAL REPORT - SS&A Albury Annual Report... · 4 SS&A | 2019 ANNUAL REPORT SS&A | 2019 ANNUAL REPORT 5 WE CELEBRATE OUR LIFE MEMBERS Bert Braddy 1951 Eric Foley 1952 Clarrie

SS&A | 2019 ANNUAL REPORT 1

2019ANNUALREPORT

2 SS&A | 2019 ANNUAL REPORT SS&A | 2019 ANNUAL REPORT

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IN THIS REPORTHistory of SS&A.........................................................................................2

About SS&A Albury .................................................................................2

About This Report ...................................................................................2

Our Values...................................................................................................3

Membership ..............................................................................................4

Our Staff ......................................................................................................5

Social Dining & Bar Redevelopment ................................................6

Community Sports Sponsorship .......................................................8

Community Program Contributions ............................................. 10

Executives' Report ................................................................................ 16

Financial Statements ........................................................................... 17


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HISTORY SS&A ALBURY The origins of the Albury Sailors, Soldiers and Airmen’s Club Ltd may be traced back to the Albury and District War Services Hall Appeal Committee. This group of World War I diggers, service groups and parents of men serving in World War II set out in 1944 to raise 14,000 pounds for a Services Memorial Hall.

After the war ended, the Memorial Hall Fund was far short of its target. Also, different attitudes prevailed when the boys came home. Instead of a memorial hall, the idea of a licensed club gained favour.

This was to be not merely for RSL men who had served overseas, but for many ex-servicemen who had not left Australia.

Using the Memorial Hall Fund, the RSL bought the buildings at 611 Dean Street, which had been a service rest room throughout the war and up to February 1946. SS&A was formally opened in October 1946 and was registered under the Liquor Act in 1947. In 1954, the club bought land in Olive Street and a new club headquarters, independent of the RSL, was opened there in July 1960.

Source - SS&A Club: A History, by Howard C. Jones, 1994

ABOUT SS&A ALBURY Today, SS&A Albury is a premium entertainment venue in the heart of the Albury CBD. The venue has two restaurants catering for small to large groups. Social Dining & Bar features your favourite club classics including succulent steaks, schnitzels and burgers as well as an extensive kid’s menu and enclosed kid’s play area. Zhúzi Asian Restaurant offers authentic Asian flavours in traditional dishes that are sure to please.

The venue features three bars, each with their own identity, creating three distinct destinations in the one place. The Studio boasts the best free live entertainment on Friday and Saturday nights; enjoy the Aurum Lounge for an upmarket experience; while The Locker Room is the region’s best sports bar with giant screens and betting facilities.

With an outdoor courtyard, plenty of convenient parking plus conferencing and function facilities available, SS&A Albury is the place for Albury Wodonga locals and visitors to eat, drink and play.

ABOUT THIS REPORTThe 2019 Annual Report provides a comprehensive account of the venue’s performance from 1 June 2018 to 31 May 2019. The report is presented as a commitment to transparent financial reporting, good corporate governance and clear strategic planning for future sustainability.

The Annual Report demonstrates initiatives undertaken throughout the 2018/19 period to strive toward our mission to be regional Australia’s best entertainment experience, to maintain our brand identity as a community-orientated hospitality venue and to deliver on our customer first promise.

Finally, this publication reflects our commitment to improving member equity, to serving our community and to enhancing the working life of our employees.

OUR MISSIONTo be regional Australia’s best entertainment experience.

OUR BRAND• We are a community focused

entertainment venue

• We provide a welcoming service that is driven by continuous improvement

• We promise to listen and strive to deliver a memorable customer experience

OUR VALUES C.O.A.C.H.Our VALUES are who we are as a business and what we aspire to be. Every day there is an opportunity to C.O.A.C.H. and live up to our core values.

Customer First

Own It

Anzac Spirit

Champion

Have Fun

OUR VALUES


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WE CELEBRATE OUR LIFE MEMBERSBert Braddy 1951

Eric Foley 1952

Clarrie Bowring 1952

Doug Milham 1973

Merv Burke 1978

Jack Phillips 1978

Ted Easton 1978

Roy Maloney 1982

George Spurr 1982

Col Fraser 1984

Eric Shields 1987

Des Flynn 1987

Fred Scott 1987

Pat Cain 1997

Paul Packham 2006

Graham Garvie 2016

Pat Flynn 2018

MEMBERSHIP STAFF BENEFITS

STAFF STATISTICSSTATS

Number of guests entering the club:

143,920 Total Membership 2019

23,922

Value of FREE Meat Raffles given away:

$5,000

Money spent on local bands:

$160,000

Gaming Jackpots won:

$1,324,041.68Members

Cash Draws won:

$138,095

15%off purchases

SS&A staff discounts at local suppliers

TEAM DRY HARDBreaking the mould for staff in a hospitality venue, 13 brave SS&A staff members took on the Dry July challenge. They jumped on the wagon, ditched the juice, went booze free or however you put it, the challenge was NO alcohol for the entire month of July.

Not only did these brave souls find the physical benefit of not drinking for a month (the jury is still out on their mental well being by August 1st) they also managed to do something special for some other people.

The Dry July team or ‘Team Dry Hard’ as they call themselves raised money via donations from friends and businesses supporting their efforts. The end result a massive $3869.35 raised as a group and donated to help provide invaluable services to cancer patients, their families and carers – whether it’s a lift to a life-saving appointment, guidance from a specialist nurse, connection to an informative voice, access to therapy programs or a bed close to treatment.

$101,502Expenditure on staff training

FREEgym

Tea, coffee or soft drink on work days

FOOD PURCHASES

HEALTH DISCOUNTS FREEBIES

Staff memberstook part31

alcohol free days

$3,869.35 Fundsraised

135Number of staff

we employ

Staff breakdown

78|57Female Male

Landslide Raffled prizes: 561

Toy Raffle Prizes: 180

Money spent with 187 local suppliers:

$4,600,000

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6 SS&A | 2019 ANNUAL REPORT

SOCIAL DINING & BAR REDEVELOPMENTSocial Dining & Bar was developed to provide a modern food and dining experience that would allow our talented chefs the opportunity for outstanding signature dishes combined with traditional favourites. The Social name was developed around the atmosphere the new precinct sought to achieve. A welcoming friendly space that encourages interaction among friends and families, through our facilities, service, and food. To witness this ambition in practicality you only need see how families interact with the space around the kids play room or how friends gather for a coffee around the gas fire in the café.

The process of redeveloping the former bistro to the Social Dining & Bar took over eight months of construction for all stages to be complete and open for members and guests. The timing of development to selected areas was staged to lessen the disruption. The Café opened in September while works continued in the former bistro area, reopening in December as Social Dining. The reception of members and guests for Social has been overwhelmingly positive, not only in opinion, but also in visitation. Since the full opening of Social Dining & Bar in December food sales have increased by 37%.

The development of the new precinct further underlines the SS&A philosophy and commitment to continual reinvestment back into facility for the benefits of members and guests.

Social Dining & Bar 6 months trade: December 2018 – May 2019

6,039Number of desserts

7,745Number of entrees

8,932Number of kids meals

55,509Number of meals

9,600Number of

Specials sold



SS&A EXTENDS SUPPORT OF O&M FOOTBALL NETBALL The SS&A has committed to naming rights sponsorship of the SS&A Ovens and Murray Football Netball League through to 2021, taking the partnership to 21 years.

SS&A Ovens and Murray Football Netball League Chairman David Sinclair says the board is thrilled the partnership will continue for another three years.

“It’s one of the longest and richest football sponsorships in regional Victoria and possibly Australia,” David said.

“It’s outstanding what the SS&A have done for Ovens and Murray footy and netball across that period. We like to think we’re a progressive and extremely professional organisation and we couldn’t implement the programs and provide the level of services we do to our clubs if not for the partnership with the SS&A.

“There’s a number of programs that we invest in and are only able to do it because of the sponsorship of the SS&A such as Sports Chaplaincy Australia.

“This is available for all ten clubs and was used by Corowa in 2018, so if there is a tragedy at any club, it allows them to tap into the service and get someone into their club to speak to the footballers and netballers.”

Another program supported by the sponsorship dollars is the Head Smart Concussion Program.

“At the beginning of the season, clubs take players through concussion testing, which establishes a baseline, so if the players do get into a situation and cop a head knock, clubs are able to measure players against that baseline testing,” David said.

Sponsorship dollars also go towards upgrading insurance coverage for players from Gold to Platinum, subsidising costs of football and netball Interleague games, Hall of Fame events each year, and the upcoming Team of the Century event in March.

“These are events that really are an investment in honouring the league’s history and we wouldn’t be able to do it, if not for the SS&A’s sponsorship,” David said.

Lavington Panthers Football Netball

Club

Murray UnitedFootball Club

Murray MastersFootball Club

St Pats Football Club

Tallangatta FootballNetball Club

Wodonga Jets All Abilities Football

Team

Brocklesby-Burrumbuttock

Football and Netball Club


COMMUNITY SPORTS SPONSORSHIP


FUNDING BOOST FOR ALBURY BASKETBALL ASSOCIATIONAlbury Basketball Association has secured a three year sponsorship deal from the SS&A, designed to make basketball more easily accessible and attractive to kids wanting to play the sport.

Chairman of the Albury Basketball Association, Stephen Gibbs says the $20,000 sponsorship agreement for the next three years will provide a major boost to the expansion of programs, especially encouraging junior participation.

“We want to make basketball the number one choice for kids in sport in the area,” Stephen said.

“We already have a great relationship with Albury City Council which attracts around 1500 players at the Lauren Jackson Stadium and run a series of other programs, but this funding allows us to branch out into the community and primary and secondary schools and be more visible.

“We also want to continue to develop and improve our referees and coaches and create elite pathways for our kids.”

Securing the support of the SS&A is considered vital in the Association’s growth and long term plans.

“We’re just over the moon and thrilled that one of the biggest clubs and supporters of sport in the region has identified us to come on board and partner with,” Mr Gibbs said.

“It reaffirms that we’re headed in the right direction. We don’t want to be seen as a basketball association stuck out at the stadium that just runs competitions. The funding gives us a chance to expand, develop programs that encourages participation for all, and become even more community focussed.”

SS&A Chief Executive Officer, Gerard Darmody says the SS&A is pleased to form a long term partnership with the Albury Basketball Association.

“We recognise the important role sport plays in developing healthy, engaged children in our community,” Mr Darmody said.

“We’re particularly pleased to support the broader programs Albury Basketball Association and their volunteers are looking to develop and grow over the next few years to further encourage participation and elite pathways for young players.”

COMMUNITY PROGRAM CONTRIBUTIONS



BOYS TO THE BUSH CONTINUES TO INSPIRE

From borrowing ‘dad’s’ fishing gear and swags and equipment, an outdoor program to support disengaged boys inspired by three Albury school teachers, has made tremendous inroads, giving hope and inspiration to young people.

One of the co-founders of the not-for-profit Boys to the Bush program, Richard Leahy says an idea between the three teachers (Adam Demamiel and Tim Sanson) started from humble beginnings.

“We’d been doing bits and pieces through our schools, but could see the greater need for camps, especially in our local community,” Richard said.

“We’ve been getting camps filled pretty easily. We’ve run 14 camps in the past 12 months, we’ve also got a Board now, and the impact we’re having on boys has really blown us away.”

Boys to the Bush is about getting disengaged boys in the great outdoors - fishing, yabbying, canoeing, sheep work, mechanics while exploring and making genuine connections.

“The program is based on our fathers and the positive role models we had growing up. It’s what the three of us did, and what I do now with my young bloke of a weekend.

“We know how lucky we were and now we’re trying to replicate that for some young blokes who probably don’t have positive role models in their lives.”

Richard says it’s rewarding to see the connections that happen when boys are away from technology and surrounding themselves with positive influences.

“What we do is real, it’s not this fictitious sort of stuff on video games, phones and electronics, it’s making real connections and it’s so interesting to see the boys and how they change when you take those things away.

“In terms of the boys and the impact we see with them, it floors us. We get a bit emotional. You think you’ve seen or heard it all, but you haven’t. Some of the boys and the background they’ve come from.”

Through support of community minded organisations like the SS&A, which funded the costs of a camp, Boys to the Bush continues to expand.

“The local support blows you away,” Richard said.

“You live in a community and don’t realise how generous it is, particularly the SS&A where we had a camp fully funded and I’ve seen a couple of young local kids who came on that camp, who haven’t had many positive experiences in their lives – they can’t wait to come back.”

The program is also offering leadership opportunities for the boys to aspire to.

“We’ve had some boys on several camps now and we’d like to get some of these boys when they’re 16 or 17 to become leaders in our camp, we’d love that as a pathway,” Richard said.

“When you mention it to some of the boys, their eyes light up - for them to even been shown that they have that capacity.”

While Boys to the Bush is run by the teachers on weekends and during holidays, it’s a program they’d like to see expand.

“It’s changing lives, it’s as simple as that. We’re getting to them at a critical age and we’re pretty proud of what we’ve done and we just want to do it more.”

$70,000 EQUIPMENT DONATION FOR ALBURY WODONGA HEALTHEquipment used in critical times to ensure the quality and integrity of forensic examinations has been purchased thanks to a $70,000 donation from the SS&A.

A new, state-of-the art colposcope replaces a very large and outdated piece of equipment that captures magnification and photographic documentation during medical examinations.

Kelley Latta, Counselling Services Coordinator, Albury Community Health says the forensic process offers a host of challenges.

“For a child who has experienced trauma and abuse, the process of undergoing a forensic examination is often difficult and quite intimidating,” Ms Latta said.

“A forensic process needs to be conducted in a highly clinical environment which causes some challenges in making the space relaxed and child friendly. Contributing to these challenges has been using a dated colposcope that is a large piece of equipment, and can often look quiet scary to a child.”

This new piece of equipment is used only during critical times where children and young people have disclosed, someone has witnessed or police have investigated and substantiated that a child has been abused.

“If Albury Wodonga Health did not have this piece of equipment, victims of abuse would be required to travel to either Melbourne, Wagga, Canberra or Sydney for forensic examinations,” Ms Latta explained.

“Transporting victims of abuse away from their home, family and social networks is obviously not ideal and in many cases would add to their trauma. Also given the time sensitivity around forensic examination many opportunities of capturing evidence would be missed.

“I am extremely grateful to the SS&A it’s CEO, board and executives for committing such a generous grant to Albury Wodonga Health.

“My particular thanks is around the members involved being open to hearing about, considering, discussing, and supporting the issue of child abuse, this issue can be confronting and at times challenging for people.

“It is important that our community is educated, aware and willing to act to protect our children and young people against abuse of all types including sexual abuse,” Ms Latta said.


SPREADING SOME MUCH NEEDED TOUGH LOVE

After leading a life of drug dealing and addiction for 26 years, the founder of Australia’s strictest rehabilitation centre and advocate for social change, Peter Lyndon-James shared his advice and knowledge to vulnerable families in Albury Wodonga.

His ‘Tough Love’ seminar, supported by SS&A and AlburyCity was designed to help anyone who knows someone caught up in addiction, but has no idea how to help.

Peter explained how families can bring a person to the point of making a decision to seek help.

“I equip families with knowledge about what they need to do, because many of the things they’re doing are actually enabling and making the problem worse,” Peter said.

“They’re hurting their children, but can’t see it, especially with methamphetamines, it’s the most evil drug because of the chemicals and the damage it does to the brain.

“No matter what drugs they’re on, cannabis, heroin, methamphetamine, cocaine or even prescription medication, there are warning signs.”

Peter spent 26 years in and out of prison, both using and dealing drugs but found a way to ‘get out’ and now makes it a mission to help others, including running a rehabilitation centre Shalom House.

He says the drug epidemic is ruining lives and families like never before.

“People are smoking methamphetamine today like they were cannabis 25 years ago. It’s an evil drug and wipes out four generations. It separates mums and dads, brothers and sisters, grandparents.

It’s the most destructive drug I’ve ever seen in my experience. It’s worse than heroin, worse than anything and it’s right around Australia, filling our prison systems, putting pressure on our hospitals.”

Peter shared some challenging conversations, but also delivered some strategies for individuals and families caught up in addiction during his visit. social

DINING & BAR A S I A N R E S TA U R A N T



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EXECUTIVE REPORT

It is our please to present the Annual Report of the Albury Sailors, Solders & Airmen’s Club Ltd for the Financial Year ending 31st May 2019.

The Board and Management teams ongoing business focus has been directed towards several key areas. These include:

• Financial Stability

• Improved & Updated Members Facilities

• Debt Reduction

• Revenue Growth

This strategy has seen the SS&A Club record a Net Profit of $1,989,672 for the Year (2018: $1,503,593).

This outcome was achieved whilst we were able to redevelop our ageing Kitchen infrastructure and launch Social Dining & Bar in December 2018.

Once again, we are proud to partner with a number of Community & Sporting organisations and provide financial support so they can continue their good work across the Albury Wodonga community. These groups include:

• Albury Wodonga Regional Food Share • Bluearth Active Schools Program

• Albury RSL • Albury Legacy

• Children Ward’s (Albury Base Hospital) • Fight MND

• Boys to the Bush • Upper Murray Family Care

We would like to thank our entire membership base for their continued support over the past year. Without your ongoing patronage the SS&A would not be able to achieve our strategic goals and financial results.

Once again thanks to our Board of Directors whose continued support and guidance plays a major part in the ongoing success of the business.

We are enormously proud of our staff at the SS&A. They have dedicated a huge amount of physical and emotional energy throughout the year to ensure we deliver a high level of customer service experiences to our Members & Guests. They continually strive to deliver upon our agreed behaviours’ & values and take ownership for when things don’t go to plan, all whilst displaying the ANZAC spirit of teamwork, mateship, endurance, respect and honesty.

Eddie Dunlop Gerard DarmodyPresident CEO

Contents

Directors’ report .............................................................................................................. 2

Directors’ declaration ...................................................................................................6

Statement of Profit or Loss and Other Comprehensive Income .........7

Statement of Financial Position ..............................................................................8

Statement of Changes in Equity .............................................................................9

Statement of Cash Flows .........................................................................................10

Notes to and forming part of the financial statements ..........................11

Independent auditor's report to the members ..........................................24

The Albury Sailors, Soldiers and Airmen’s Club Ltd

ACN 001 042 397

Financial StatementsFor the year ended 31 May 2019


3

DIRECTORS’ REPORT

Your directors present the financial statements of The Albury Sailors, Soldiers

and Airmen’s Club Ltd (the Company) for the year ended 31 May 2019.

Directors

The names of the directors in office at any time during or since the end of the financial year are:E. Dunlop - President M. Chapman – Vice President

Board Member since 27 October 2010Company Director at Dunlop Drilling

Board Member since 31 October 2012Retired school principal

J. Walpole OAM M. Leman – Vice President

Board Member since 27 October 2010Retired Army Major

Board Member since 27 October 2010Catering and Hotel Services Manager at Albury Wodonga Private Hospital

C. Darts M. Ashcroft

Board Member since 27 October 2010Retired serviceman

Board Member since 31 October 2012Insurance representative at Elders Insurance

M. Fowler M. Dando

Board Member since 27 October 2010Retired serviceman in the Australian Defence Force

Board Member since 29 October 2014 Retired Army Major

M. Randall

Board Member since 29 October 2014 Partnership Manager Border Cafe

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

Company secretary

The Company’s secretary is Mr Gerard Darmody, who was appointed on 29 February 2017. Mr Darmody is the Company’s Chief Executive Officer.

Principal activities

The principal activities of the Company during the year were management of licensed social club facilities with associated sporting activities for members of the club.

Review of operations

The operating profit of the club for the year before income tax was $1,989,672 (2018: $1,503,593). Income tax expense is nil (2018: nil).

Short term and long term objectives

The Club’s short term objectives are to provide for members and guests a safe environment and to continue to provide members and guests the best service possible.

In the long term, the company has adopted the following strategies:

• To become financially secure;

• To grow the club operations in accordance with members interests; and

• To trade profitably to enable updating of amenities and guarantee future growth.

Events subsequent to reporting date

There has not arisen in the period between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the Directors of the Club, to affect significantly the operations of the Club, the results of those operations, or the state of affairs of the Club, in future financial years.

Meetings of directors

The number of meetings of the Company’s directors held during the year ended 31 May 2019, and the numbers of meetings attended by each director were:

Number ofMeetings Attended

Number ofMeetings Held*

E. Dunlop 11 13

M. Fowler 10 13

M. Leman 12 13

J. Walpole 11 13

C. Darts 10 13

M. Ashcroft 13 13

M. Chapman 12 13

M. Dando 11 13

M. Randall 11 13

* reflects the number of meetings held during the time the director held office during the year.

Member Liability

The Company is incorporated as a Company limited by guarantee. In accordance with the Memorandum of Association of the Company, every member of the Company undertakes to contribute an amount limited to $1 per member in the event of winding up the Company during the time he or she is a member or within one year thereafter. The number of members at 31 May 2019 was 23,922 (2018: 23,748).

Core and Non-core Property

In accordance with Section 41 of the Registered Clubs Act 1976, core property of a registered club means any real property owned or occupied by the club that comprises:

a. the defined premises of the club, or

b. any facility provided by the club for the use of its members and their guests, or

c. any other property declared, by a resolution passed by a majority of the members present at a general meeting of the ordinary members of the club, to be core property of the club, but does not include any property referred to in paragraphs (a) - (b) that is declared, by a resolution passed by a majority of the members present at a general meeting of the ordinary members of the club, not to be core property of the club.

The following is a breakdown of the club’s core and non-core real property:

Core Real Property

570-580 Olive Street, Albury (main club, with the exception of car park, refer below).

Non-core Real Property

Lot 2 in Deposited Plan 1090460(land comprising Olive Street car park).

DIRECTORS’ REPORT


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Auditor’s independence

The lead auditor’s independence declaration for the year ended 31 May 2019 has been received and can be found on page 6 of the financial report.

This report is signed in accordance with a resolution of the directors.

Vice President Vice President Michael Chapman Mark Leman

Albury27 August 2019

DIRECTORS’ REPORT

Auditors’ Independence Declaration

As lead auditor for the audit of The Albury Sailors, Soldiers and Airmen’s Club Ltd for the year ended 31 May 2019, I declare that, to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of 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..

Johnsons MMEChartered Accountants

Stephen Clarke AlburyDirector 27 August 2019

DIRECTORS’ REPORT


7

The directors declare that the financial statements and notes set out on pages 7 to 23:

a. comply with Accounting Standards – Reduced Disclosure Requirements, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

b. b) give a true and fair view of the Company’s financial position as at 31 May 2019 and of its performance, as represented by the results of its operations and its cash flows, for the financial year ended on that date.

In the director’s opinion:

c. the financial statements and notes are in accordance with the Corporations Act 2001; and

d. b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors.

Vice President

Michael Chapman

Vice PresidentMark Leman

Albury27 August 2019

DIRECTORS’ DECLARATION

Note 2019 2018

$ $

Revenue from Sale of Goods 7,039,616 6,778,747

Revenue from rendering of services 18,527,860 16,681,888

25,567,476 23,460,635

Other Revenue 2 352,433 310,909

Cost of goods sold 3 2,489,521 2,564,326

Employee related expense 6,920,778 6,585,619

Poker machines taxes & monitoring fees 4,384,620 3,955,721

Advertising, promotion and marketing expense 3,331,132 3,030,759

Depreciation and amortisation 3 2,527,142 2,049,264

Utilities and Rent 1,089,647 971,705

Repairs and maintenance 553,059 480,052

Security expenses 485,732 456,998

Professional fees 262,642 264,730

Finance costs 3 185,697 205,777

IT and communications 337,240 482,337

Insurance 194,928 162,229

Gifts and donations 337,912 360,343

Borrowing costs 42,530 44,843

Travel and accommodation 27,831 19,028

Other expenses 759,826 634,220

Profit before income tax 1,989,672 1,503,593

Income tax expense 1(b),4 - -

Net Profit for the year 1,989,672 1,503,593

Other Comprehensive Income

Items that will not be reclassified subsequently to profit or loss:

- Revaluation of land (580,000) -

Total Comprehensive Result for the year 1,409,672 1,503,593

The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


9

The above statement of financial position should be read in conjunction with the accompanying notes.

Note 2019 2018

$ $

ASSETS

Current Assets

Cash and cash equivalents 5 658,866 695,535

Trade and other receivables 6 217,424 128,251

Inventories 7 242,896 237,202

Other 8 120,976 119,406

Total Current Assets 1,240,162 1,180,394

Non-Current Assets

Other financial assets 206 206

Property, plant and equipment 9 31,691,740 29,978,773

Intangible assets 10 4,769 5,299

Total Non-Current Assets 31,696,715 29,984,278

Total Assets 32,936,877 31,164,672

LIABILITIES

Current Liabilities

Trade and other payables 11 1,900,122 1,682,750

Borrowings 12 1,406,345 1,760,283

Provisions 13 729,720 632,092

Other liabilities 14 262,868 169,449

Total Current Liabilities 4,299,055 4,244,574

Non-current liabilities

Borrowings 15 3,036,003 2,729,637

Provisions 16 48,045 46,359

Total Non-Current Liabilities 3,084,048 2,775,996

Total Liabilities 7,383,103 7,020,570

NET ASSETS 25,553,774 24,144,102

EQUITY

Revaluation Reserve 3,370,000 3,950,000

Retained earnings 22,183,774 20,194,102

TOTAL EQUITY 25,553,774 24,144,102

STATEMENT OF FINANCIAL POSITION STATEMENT OF CHANGES IN EQUITY

NoteRetained

ProfitsRevaluation

Reserve Total

Balance at 1 June 2017 18,690,509 3,950,000 22,640,509

Net profit for the year 1,503,593 - 1,503,593

Balance at 31 May 2018 20,194,102 3,950,000 24,144,102

Net profit for the year Other comprehensive income - Decrement from revaluation of land

1,989,672 -

-

(580,000)

1,989,672

(580,000)

Balance at 31 May 2019 22,183,774 3,370,000 25,553,774

The above statement of changes in equity should be read in conjunction with the accompanying notes.


11

STATEMENT OF CASH FLOWS

Note 2019 2018

$ $

Cash Flows from Operating Activities

Receipts from members and customers 25,809,432 23,652,215

Payments to suppliers and employees (20,765,399) (19,924,959)

5,044,033 3,727,256

Interest paid (228,227) (250,620)

Interest received 745 -

Taxes paid (8,525) 14,757

Net cash inflow/(outflow) from operating activities 4,808,026 3,491,393

Cash Flows from Investing Activities

Payments for property, plant and equipment 9 (5,157,597) (3,532,464)

Proceeds from the sale of property, plant and equipment 360,474 140,882

Net cash inflow/(outflow) from investing activities (4,797,123) (3,391,582)

Cash flows from Financing Activities

Proceeds from borrowings 2,117,727 914,696

Repayment of borrowings (2,165,299) (856,054)

Net cash inflow/(outflow) from financing activities (47,572) 58,642

Net Increase/(Decrease) in Cash Held (36,669) 158,453

Cash at the beginning of the financial year 695,535 537,082

Cash at the End of the Financial Year 5 658,866 695,535

The above statement of cash flows should be read in conjunction with the accompanying notes.

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The Albury Sailors, Soldiers and Airmen’s Club Ltd applies Australian Accounting Standards – Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards.

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements of the Australian Accounting Standards Board (AASB), and the Corporations Act 2001. The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.

The principal accounting policies adopted in the presentation of the financial statements are set out below. These policies have been consistently applied to both years presented, unless otherwise stated.

The financial statement, except for cash flow information, have been prepared on an accruals basis and are based on historical costs, modified where applicable, by the measurement at fair value of land and buildings.

Under Australian Accounting Standards, there are requirements that apply specifically to not-for-profit entities that are not consistent with International Financial Reporting Standards (IFRS) requirements. The company has analysed its purpose, objectives and operating philosophy and determined that it does not have profit generation as a prime objective. Consequently, where appropriate the Company has elected to apply options and exemptions within the accounting standards which are applicable to not-for-profit entities.

Comparative information has been reclassified where appropriate to enhance comparability.

Accounting policies

(a) Revenue

All revenue is stated net of the amount of goods and services tax (GST.

(i) Sale of goods and services

Revenue from the sale of food, beverage and other goods is recognised upon delivery of goods to customers.

Revenue from gaming and other services rendered is recognised upon delivery of the service to customer.

(ii) Membership revenue

Membership revenue is brought to account on a progressive basis over the period in which members are able to enjoy the use of the Company’s facilities. Any subscriptions received in advance are brought to account as a liability (refer note 14).

(iii) Interest

Interest revenue is recognised on an accrual basis taking into account applicable interest rates.

(b) Income Tax

Income tax comprises current tax and deferred tax. Income tax expense is recognised in the profit or loss of the club except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

The mutuality principle has been applied to the income tax calculation of the Club. The Club has applied a non-member apportionment rate for the 2019 financial year of 16.07% (2018: actual 19.63%).

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS


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NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill, and the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(c) Borrowing Costs

Borrowing costs are recognised as expenses in the period in which they are incurred.

(d) Maintenance & Repairs

Maintenance, repair costs and minor renewals are charged as expenses as incurred.

(e) Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand and other short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash which are subject to an insignificant risk of changes in value.

(f) Trade and Other Receivables

All trade receivables initially recorded at fair value and subsequently measured at cost using the effective interest method, less any provision for impairment. Refer not 1(l).

(g) Inventories

Inventory is stated at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

(h) Property, Plant & Equipment All plant and equipment is stated at cost less depreciation and impairment losses. Cost is measured as the fair value of the assets given up, liabilities undertaken at the date of acquisition plus incidental costs directly attributable to the acquisition. The purchase method of accounting is used for all acquisitions of assets.Land and buildings are shown at fair value, based on periodic, at least every 3 years, valuations by external independent valuers, less subsequent depreciation and impairment for buildings. The valuations are undertaken more frequently if there is a material change in the fair value relative to the carrying amount. Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Increases in the carrying amount arising on revaluation of land and buildings are credited in other comprehensive income through to the revaluation surplus reserve in equity. Any revaluation that results in a decrement is initially taken in other comprehensive income through to the revaluation surplus reserve to the extent of any previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit or loss.Depreciation is recognised in the statement of profit or loss and other comprehensive income on a diminishing value basis over the estimated useful lives of each part of an item of property, plant and equipment, with the exception of buildings for which depreciation is recognised on a straight line basis. Land is not depreciated. All assets purchased from 1 June 2012 have the straight line method of depreciation applied to them.



The estimated useful lives for the current and comparative periods are as follows::

2019 2018

Buildings 3% 3%

Plant and equipment 3-20% 3-20%

Motor vehicles 33% 33%

Computers 20% 20%

Gaming machines 20-30% 20-30%

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in the statement of profit or loss and other comprehensive income.

(i) Employee Benefits

(i) Short-term employee benefits

A provision is made for the Company’s obligation for short-term employee benefits. Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service, including wages and salaries. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. The Company’s obligations for short-term employee benefits such as wages and salaries are recognised as part of current trade and other payables in the statement of financial position.

(ii) Other long-term employee benefits The Company classifies employees’ long service leave and annual leave entitlements as other long-term employee benefits as they are not expected to be settled wholly within 12 months after the

end of the annual reporting period in which the employees render the related service. Provision is made for the Company’s obligation for other long-term employee benefits, which are measured at the present value of the expected future payments to be made to employees. Expected future payments incorporate anticipated future wage and salary levels, durations of service and employee departures, and discounted at rates determined by reference to market yields at the end of the reporting period on high quality corporate bonds that have maturity dates that approximate the terms of the obligations. Upon the re-measurement of obligations for other long-term employee benefits, the net change 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 liabilities in its statement of financial position, except where the entity does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are presented as current liabilities.

(j) Intangible Assets

Other Intangible Assets - Software

Software acquired is measured at cost less accumulated amortisation.

Amortisation

Amortisation is recognised in the statement of profit or loss and other comprehensive income on a diminishing value basis over the estimated useful lives of intangible assets.

The estimated useful lives for the current and comparative periods are as follows:

• Software 6 years



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(k) Trade and Other Payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year and which are unpaid. These amounts are unsecured and usually paid within 30 days of recognition.

(l) Impairment of Assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets fair value, less cost to sell and value in use.

(m) Critical Accounting Estimates

The directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data obtained both internally and externally.

Key Estimates

The company assesses impairment at each reporting date by evaluating conditions specific to the company that may lead to impairment. Where evidence of impairment exists, the recoverable amount of the asset is determined. The calculations performed in assessing recoverable amounts incorporate a number of estimates. No impairment has been recognised for the year ended 31 May 2019..

(n) Borrowings

Borrowings are carried at their principal amounts, which is not materially different to the present value of future cash flows associated with servicing the debt. Any interest payable on borrowings is accrued over the period it becomes due and is recorded as part of other creditors.

(o) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount 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 expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

(p) Fair Value

The Company measures some of its assets on a recurring basis. Fair value is the price the Company would receive to sell an asset in an orderly transaction between independent, knowledgeable and will market participants at the measurement date. As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset. The fair values of assets that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data.

To the extent possible, market information is extracted from the principal market for the asset. In the absence of such a market, market information is extracted from the most advantageous market available to the Company at the end of the reporting period. For non-financial assets, the fair value measurement also takes into account a market participant's ability to use the asset in its highest and best use or to sell it to another market participant that would use the asset in its highest and best use.



(q) New Accounting Standards and interpretations

The Company has adopted AASB 9 with a date of initial application of 1 June 2018. As a result the Company has changed its financial instruments accounting policies as detailed in this note. The company applies AASB 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for contracted receivables. While this represents a change in accounting policy from the former AASB 139 incurred loss approach, there has been no impact on the company’s opening and closing loss allowance for trade and other receivables.

As at 31 May 2019 the following standards that are relevant and applicable to the Company, had been issued but were not mandatory for the year ending 31 May 2019. The Company has not and does not intend to adopt these standards early.

AASB 15 - Revenue from Contracts with Customers, applicable for financial reporting periods beginning on or after 1 January 2019. The core principle of AASB 15 requires an entity to recognise revenue when the entity satisfies a performance obligation by transferring a promised good or service to a customer. This standard not expected to have a material impact on the Company.

AASB 16 – Lease, applicable for financial reporting periods beginning on or after 1 January 2019. The key changes introduced by AASB 16 include the recognition of operating leases (which are currently not recognised) on balance sheet. The assessment has indicated that most operating leases, with the exception of short term and low value leases will come on to the balance sheet and will be recognised as right of use assets with a corresponding lease liability. In the operating statement, the operating lease expense will be replaced by depreciation expense of the asset and an interest charge. This standard not expected to have a material impact on the Company..

NOTE 2. REVENUE

2019 2018Other Revenue $ $

Members subscriptions 119,304 117,077

Interest 745 -

Rent 45,625 45,720

Profit on sale of assets 122,503 60,935

Sundry 64,256 87,177

352,433 310,909

Note 3. Profit

Net gains and expenses Profit before income tax expense includes the following expenses:

Expenses

Cost of goods sold

- Bar 1,312,235 1,355,768

- Catering 1,177,286 1,208,558

2,489,521 2,564,326

Depreciation and amortisation

- Buildings 784,841 576,481

- Plant and equipment

1,741,772 1,472,057

- Amortisation of software

530 726

2,527,142 2,049,264

Finance costs 185,697 205,777

Buildings revaluation decrement

74,071 -

Movement in provisions 99,314 193,077



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Note 4. Income tax expense

2019 2018$ $

Reconciliation of income tax expense to prima facie tax payable

Profit before income tax 1,989,672 1,503,593

Prima facie tax payable on current year surplus before income tax 30% (2018: 30%)

596,902 451,078

Add/(Less) tax effect of:

- Non-deductible expenses/ non-assessable income 227,565 198,962

- Exempt Income – Non Taxable member income (753,626) (600,936)

- Tax Losses recouped (70,841) (49,104)

Income tax expense - -

Deferred tax balances

No deferred tax balances have been recognised in the financial statements on the basis that a conservative approach has been taken in relation to the probability that they will be utilised in the future.

As at 31 May 2019 the Club had unrecognised carry forward tax losses of $138,154 (2018: $210,544).

Note 5. Current assets – Cash and Cash Equivalents

Cash at bank 216,617 244,035

Cash on hand 442,249 451,500

658,866 695,535

Note 6. Current assets – Trade and Other Receivables

Trade debtors 185,404 86,899

Other 32,020 41,352

217,424 128,251

All debtors are considered collectible.


2019 2018

$ $

Note 7. Current assets – Inventories

Bar stocks 137,127 136,075

Catering stocks 42,306 58,951

Promotion stocks 63,463 42,176

242,896 237,202

Note 8. Current assets – Other

Prepayments 120,976 119,406

Note 9. Non-current assets – Property, Plant and Equipment

Land and buildings

Land – at fair value 7,720,000 8,300,000

Buildings – at fair value 17,810,000 2,318,659

– at cost - 20,560,086

Less: Accumulated depreciation - (7,328,350)

17,810,000 15,550,395

Total Land and Buildings 25,530,000 23,850,395

Plant and equipment

Plant and Equipment – at cost 19,391,846 19,777,967

Less: Accumulated Depreciation (13,273,891) (15,143,395)

6,117,955 4,634,572

Capital works in progress 43,785 1,493,806

Total Property, Plant and Equipment 31,691,740 29,978,773

Freehold land and buildings in Olive Street Albury were independently valued by Daniel Hogg AAPI, MRICS, Certified Practising Valuer of Preston Rowe Paterson Albury Wodonga as at 30 June 2019. Land was valued using the market approach and buildings were valued using the depreciated replacement cost approach.



19


Movements in carrying amounts:

Land Buildings Plant and equipment

Capital works in progress

Total

WDV 1 June 2017 8,300,000 15,549,841 4,717,292 25,974 28,593,107

Additions - 571,400 1,493,232 1,467,832 3,532,464

Disposals - (48,167) (50,092) - (98,259)

Transfers - 53,802 (53,802) - -

Depreciation - (576,481) (1,472,058) - (2,048,539)

WDV 31 May 2018 8,300,000 15,550,395 4,634,572 1,493,806 29,978,773

Additions - 45,972 2,562,366 2,549,259 5,157,597

Disposals - - (237,971) (25,975) (263,946)

Transfers - 3,072,545 900,760 (3,973,305) -

Revaluation (580,000) (74,071) - - (654,071)

Depreciation - (784,841) (1,741,772) - (2,526,613)

WDV 31 May 2019 7,720,000 17,810,000 6,117,955 43,785 31,691,740

Note 10. Non-current assets – Intangible Assets

2019 2018

$ $

Software 4,769 5,299

Note 11. Current liabilities – Trade and Other Payables

2019 2018

$ $

Trade creditors 476,265 560,841

Accrued expenses 1,423,857 1,121,909

1,900,122 1,682,750

Note 12. Current liabilities – Borrowings

Business market loans 600,000 1,421,601

Hire purchase liabilities - 158,922

Gaming Machine Licence Commitment 806,345 179,760

1,406,345 1,760,283

Security:

(i) NAB business loans are secured by registered mortgage debenture over the assets and income of the Club and transfer of the liquor licence.

(ii) Hire purchase leases and equipment loans are secured against the relevant asset subject to finance.

Note 13. Current liabilities – Provisions

Employee Entitlements - Annual Leave 377,456 330,992

Employee Entitlements - Long Service Leave 249,942 204,422

Points Redemption 7,022 38,967

Bingo Cash 16,385 -

Link Jackpots 78,915 57,711

729,720 632,092

Note 14. Current liabilities – Other liabilities

Unearned revenue - Membership subscriptions 199,132 123,529

Unearned revenue - Car parking lease 29,518 16,107

Unearned revenue - Stored Value Cards 17,551 13,146

Unearned revenue - Beverage Rebate 16,667 16,667

262,868 169,449

Note 15. Non-current liabilities – Borrowings

Business Markets Loans 2,019,606 2,574,935

Gaming Machine Licence Commitment 1,016,397 154,702

3,036,003 2,729,637

Security: Refer note 12.

Note 16. Non-current liabilities – Provisions

Employee Entitlements – Long Service Leave 48,045 46,359



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Note 17. Related party transactions

(a) Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company either directly or indirectly. The key management personnel of the company comprise the directors and executives who are responsible for the financial and operational management of the company..

2019 2018

Compensation paid to key management personnel of the company was as follows:

$ $

Short-term employee benefits 329,981 299,482

Past employment benefits 44,729 31,754

374,710 331,236

(b) Transactions with related parties

Other related parties include close family members of key management personnel and entities controlled or jointly controlled by these key management personnel individually or collectively with those close family members. Director Mr M. Randall was a Partnership Manager at Border Cafe during the 2019 financial year. Border Cafe have provided professional services to the Albury Sailors, Soldiers and Airmen’s Club Ltd during the year. This engagement was based on normal commercial terms and conditions and the aggregate amount paid to Border Cafe for services was $6,380 (2018: Nil).

Note 18. Financial Risk Management

The company’s financial instruments consist mainly of deposits with banks, accounts receivable and payable, and leases. The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed in the accounting policies to these financial statements, are as follows:

(i) Financial Assets at amortised cost

Cash on hand 5 658,866 695,535

Trade and other receivables 6 208,899 128,251

Total Financial Assets 867,765 823,786

(ii) Financial Liabilities

Trade and other payables 11 1,900,122 1,682,750

Borrowings 12,15 4,442,348 4,489,920

Total Financial Liabilities 6,342,470 6,172,670


Note 19. Commitments

2019 2018

$ $

Operating Lease Commitments

Commitments in relation to operating leases that are payable as follows:

- Not later than 1 year 29,604 -- Between 1 year and 5 years 46,873 41,118

76,477 41,118

Hire Purchase Commitments

Commitments in relation to hire purchases payments as follows:- Not later than 1 year 806,345 344,659- Between 1 year and 5 years 1,016,397 152,299Less finance charges - (3,574)

1,822,742 493,384Represented by:Current (note 12) 806,345 338,682Non-current (note 15) 1,016,397 154,702

1,822,742 493,384

Capital Commitments

Commitments in relation to capital expenditure on the renovation of the Club’s bistro/café facilities are as follows:- Not later than 1 year 86,909 2,737,654

Note 20. Financing Arrangements

Finance Facilities Available

Bank overdraft 500,000 500,000Business market loans 7,700,000 8,150,000Master finance lease facility 2,500,000 2,500,000Business visa facility 30,000 24,000

10,730,000 11,174,000

Finance Facilities Used

Bank overdraft - –Business market loans 2,619,606 3,996,536Master finance lease facility - 156,027Business visa facility 12,090 3,884

2,631,696 4,156,447

Finance Facilities Unused

Bank overdraft 500,000 500,000Business market loans 5,080,394 4,153,464Master finance lease facility 2,500,000 2,343,973Business visa facility 17,910 20,116

8,098,304 7,017,553



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Note 21. Group Entities

Ultimate parent Company

The ultimate parent company is the Albury Sailors, Soldiers and Airmen’s Club Ltd

Country of incorporation Ownership interest 2019 2018

Olive Street Management Group Pty Ltd* Australia 100% 100%

Tourism Information Solutions Pty Ltd* Australia 100% 100%

These companies have not been consolidated into the financial statement on the basis they did not trade and there are no transactions to consolidate.

Note 22. Events Occurring after Reporting Date

There were no significant events occurring after the reporting date likely to impact the affairs of the Company in future.

Note 23. Contingencies

Contingent Asset

The Company owns 375 gaming machine entitlements acquired at no cost. These gaming machine entitlements are a tradable commodity within the NSW licensed club industry. However, the value of these gaming machine entitlement have not been recognised as an intangible asset in the statement of financial position on the basis that their value cannot be reliably measured and an active market does not exist.

Contingent liability

The Company has provided a bank guarantee to the value of $155,000 in favour of the LAB/ TAB in relation to its liquor and TAB operations.

Note 24. Fair Value Measurements

The Company has the following assets that are measured at fair value on a recurring basis after initial recognition. The Company does not subsequently measure any liabilities at fair value on a recurring basis and has no assets or liabilities that are measured at fair value on a non-recurring basis.

The company selects a valuation technique that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and relevant data primarily depends on the specific characteristics of the asset being measured. The valuation techniques selected by the entity are consistent with one or more of the following valuation approaches:

• the market approach, which uses prices and other relevant information generated by market transactions for identical or similar assets;

• the cost approach, which reflects the current replacement cost of an asset at its current service capacity.


Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when pricing the asset, including assumptions about risks. When selecting a valuation technique, the Company gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly available information on actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the asset are considered observable, whereas inputs for which market data is not available and therefore are developed using the best information available about such assumptions are considered unobservable..

2019 2018

$ $

Assets

Land (i) 7,720,000 8,300,000

Buildings (i) 17,810,000 15,550,395

25,530,000 23,850,395

The fair value of freehold land and buildings is based on an external independent valuation performed in June 2019 using the market approach for land and depreciated replacement cost approach for buildings.



25

Opinion

We have audited the financial statements, being general purpose financial statements – reduced disclosure requirements, of The Albury Sailors, Soldiers and Airmen’s Club Ltd (the Company), which comprises the statement of financial position at 31 May 2019, and the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes to the financial statements, including a summary of accounting policies and other explanatory notes and the directors’ declaration.

In our opinion, the accompanying financial statements of the Company are in accordance with the Corporations Act 2001, including:

a. giving a true and fair view of the Company’s financial position as at 31 May 2019 and of its performance for the year ended on that date; and

b. complying with Australian Accounting Standards - reduced disclosure requirements and the Corporations Regulations 2001.

Basis of Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial statements in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.

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

Information Other than the Financial Report and Auditor’s Report

The directors of the Company are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 31 May 2019, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALBURY SAILORS, SOLDIERS AND AIRMEN’S CLUB LTD

Independent auditor’s report to the members (continued)

Directors’ Responsibility for the Financial Statements

The directors of the Company are responsible for the preparation of the financial statements that give a true and fair view in accordance with Australian Accounting Standards – reduced disclosure requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial statements that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/Home.aspx. This description forms part of our auditor’s report.

Johnsons MME Chartered Accountants

Stephen Clarke AlburyDirector 28 August 2019

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ALBURY SAILORS,

SOLDIERS AND AIRMEN’S CLUB LTD


THE ALBURY SAILORS, SOLDIERS & AIRMEN’S CLUBBoard of Directors as at 31st May 2019

THE ALBURY SAILORS, SOLDIERS & AIRMEN’S CLUB LIMITED570 - 582 Olive St Albury NSW 2640Ph: 02 6041 2222 Fax: 02 6041 2015

Email: [email protected]: www.ssaclub.com.au

Eddie DunlopPRESIDENT

Mick FowlerDIRECTOR

Mark LemanVICE PRESIDENT

Michael ChapmanVICE PRESIDENT

Mick RandallDIRECTOR

John Walpole OAMDIRECTOR

Gerard DarmodyCHIEF EXECUTIVE OFFICER

Colin DartsDIRECTOR

Mark DandoDIRECTOR

Murray AshcroftDIRECTOR

Documents

2019 ANNUAL REPORT - SS&A Albury Annual Report... · 4 SS&A | 2019 ANNUAL REPORT SS&A | 2019 ANNUAL REPORT 5 WE CELEBRATE OUR LIFE MEMBERS Bert Braddy 1951 Eric Foley 1952 Clarrie