Brian W Chapman

Palm Beach-Currumbin Rugby Union Club Inc.
ABN 99 010 380 473
Annual Financial Report
30 September 2013
This report contains 22 pages
Palm Beach Currumbin Rugby Union Club Inc

Brian W Chapman

Palm Beach-Currumbin Rugby Union Club Inc
Annual Financial Report
30 September 2013

Contents

Committee’s Report 2

Independent Audit Report To The Members Of Palm Beach-Currumbin Rugby Union Club Inc. 3

Declaration By Management Committee 5

Statement Of Comprehensive Income 6

Statement Of Changes In Equity 7

Statement Of Financial Position 8

Statement Of Cash Flows 9

Notes To The Financial Statements For The Year Ended 30 September 2013 10

Disclaimer 16

Detailed Income Statement 17

Committee’s Report

Your committee members submit the financial report of the Palm Beach – Currumbin Rugby Union Club Inc for the financial year ended 30 September 2013.

Committee Members

The names of committee members throughout the year and at the date of this report are:

Committee: Geoff Turner, Ken Caldow (Resigned), Dennis Dean, Ian Rowbotham, John Lockery, Neil Taylor (Resigned),Craig Beazley, Michael Howard

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

Principal Activities

The principal activities of the association during the year have continued to be that of a licensed social club.

There have been no significant changes in the nature of these activities during the year.

Operating Result

The 2013 Loss amounted to $79,570 (Profit 2012: $64,605)

The financial report was authorised for issue by the Committee of Management on the same date as this report.

Signed in accordance with a resolution of the Members of the Committee.

……………………………………………. …………………………………………….

President Secretary

Dated this day of 2013

Independent audit reportto the members of Palm Beach-Currumbin Rugby Union Club Inc.

Report on the Financial Report

I have audited the attached financial report, being a special purpose financial report comprising the statement by members of the committee, income statement , statement of changes in equity, statement of financial position, statement of cash flows and notes to the Financial Statements for the year ended 30 September 2013 of Palm Beach-Currumbin Rugby Union Club Inc.

Committee’s Responsibility for the Financial Report

The committee of the association are responsible for the preparation and fair presentation of the financial report and has determined that the accounting policies used and described in Note 1 to the financial statements, which form part of the financial report, are appropriate to meet the requirements of the Associations Incorporations Act Queensland and are appropriate to meet the needs of the members.

The committee’s responsibility also includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

My responsibility is to express an opinion on the financial report based on my audit. No opinion is expressed as to whether the accounting policies used, as described in Note 1, are appropriate to meet the needs of the members. I conducted my audit in accordance with Australian Auditing Standards. These Auditing Standards require that I comply with relevant ethical requirements relating to audit engagements 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 judgment, including the assessment of the 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 association’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 association’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the committee, as well as evaluating the overall presentation of the financial report.

The financial report has been prepared for the purpose of fulfilling the committee’s financial reporting under the Associations Incorporations Act 1981of Queensland. I disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it related to any person other than the members, or for any purpose other that that for which it was prepared.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Independent audit reportto the members of Palm Beach-Currumbin Rugby Union Club Inc.

Qualification

As there is a varied source of fundraising within the club, from gate takings, raffles and other various activities, it is deemed impracticable to establish control over the collection and dissection of such funds, prior to entry into the financial records. Accordingly, as the evidence available to me regarding revenue from this source, is limited, my audit procedures had to be restricted to the amounts as recorded in the financial records. I am there unable to express an opinion on whether these amounts are complete.

Independence

It conducting my audit, I have complied with the independence requirements of the Australian professional ethical pronouncements.

Audit Opinion

In my opinion, except for the above qualification, the financial report presents fairly , in accordance with the accounting policies described in Note 1 to the financial statements, the financial position of Palm Beach-Currumbin Rugby Union Club Inc as at 30 September 2013 and the results of its operations for the year then ended.

Brian W Chapman

Chartered Accountant

Gold Coast 2013

Declaration by Management Committee

The Members of the Committee of Palm Beach – Currumbin Rugby Union Club Inc declare that:

In the opinion of the Committee the financial statements and notes set out on pages 6 to 15 are in accordance with the Associations Incorporation Act Queensland 1981 including

1. Giving a true and fair view of the association’s financial position as at 30 September 2013 and of its performance, for the financial year ended on that date, and

2. Complying with the Associations Incorporation Act Queensland 1981

There are reasonable grounds to believe that Palm Beach – Currumbin Rugby Union Club Inc will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Committee

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President Treasurer

Dated at this day of 2013

Statement of Comprehensive Income

For the year ended 30 September 2013

The income statement is to be read in conjunction with the notes to the financial statements set out on pages 10 to 15.

Statement of Changes in Equity

For the year ended 30 September 2013

The statement of changes in equity is to be read in conjunction with the notes to the financial statements set out on pages10 to 15.

Statement of Financial Position

As at 30 September 2013

The statement of financial position is to be read in conjunction with the notes to the financial statements set out on pages 10 to 15

Statement of cash flows

For the year ended 30 September 2013

The statement of cash flows is to be read in conjunction with the notes to the financial statements set out on pages 10 to 15

Notes to the financial statementsFor the year ended 30 September 2013

1 Statement of significant accounting policies

This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporations Act. The Committee has determined that the association is not a reporting entity.

Basis of preparation

These are special purpose financial statements that have been prepared for the purpose of complying with the Associations Incorporation Act Queensland. The committee have determined that the accounting policies adopted are appropriate to meet the needs of the users.

The financial report has been prepared on an accruals basis and is based on historic costs and does not take into account changing money values, or except where specifically stated, current valuations of non-current assets.

The following specific accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of this financial report.

(a) Income Tax

The committee advises that the Palm Beach-Currumbin Rugby Union Club Inc does not incur a liability for income tax, due to an exemption under the Income Tax Act.

(b) Fixed Assets

Leasehold improvements by the club are not subject to depreciation. Office equipment, plants, motor vehicles and fixtures and fittings are carried at cost less, where applicable, any accumulated depreciation.

The depreciable amount of all fixed assets are depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use.

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

Notes to the financial statementsFor the year ended 30 September 2013 (cont)

1 Statement of significant accounting policies (cont)

(c) Leases (cont)

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

Leased assets are depreciated on a straight line basis over the shorter of their estimated useful lives or over the term of the lease.

Lease/hire payments under operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the period in which they occurred.

(d) Employee Benefits

Provision is made for the association’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

(e) 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 Taxation Office. In these circumstances the GST is recognised as part of the cost of the 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.

Notes to the financial statementsFor the year ended 30 September 2013 (continued)

14 Segment reporting

The Club operates in one industry in Palm Beach-Currumbin, Queensland the principal activity being that of a licensed social club.

Notes to the financial statementsFor the year ended 30 September 2013 (continued)

15 Notes to the statement of cash flows

(1) Reconciliation of cash

For the purposes of the statement of cash flows, cash includes cash on hand and at bank and short term deposits at call, net of outstanding bank overdrafts. Cash as at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows:

Disclaimer

The additional financial data presented on pages 17-22 is in accordance with the books and records of Palm Beach Currumbin Rugby Union Club Inc which have been subjected to the auditing procedures applied in my statutory audit of the company for the year ended 30 September 2013. It will be appreciated that my statutory audit did not cover all details of the additional financial data. Accordingly, I do not express an opinion on such financial data and no warranty of accuracy or reliability is given.

In accordance with my Firm policy, I advise that neither the Firm nor any member or employee of the Firm undertakes responsibility arising in any way whatsoever to any person (other than the Company) in respect of such data, including any errors or omissions therein, arising through negligence or otherwise however caused.

Brian W Chapman

Gold Coast 2013

Detailed income statement