The Treasurer’s Report
This Financial Report has come around quickly,
Operating
with the financial year shortened to eight months in
the prior year, which has been due to good cost
accordance with the Notice of Resolution passed
management. The Club was also fortunate to be
by members at the 2012 Annual General Meeting.
compensated for the cost of a weather event
This will make comparative analysis of operating
during the year.
results more difficult, however Directors have
provided unaudited eight month comparatives on
the Statement of Comprehensive Income to assist
members reading of these accounts.
THE YEAR THAT WAS
The Club has reported a Net Profit for the eight
month period of $392,176 compared to $398,332
in the prior financial year. The Net Debt reported
in 2012/13 was $671,303 and this has reversed to
a Net Cash position of $641,743 in the current
reporting period. It is pleasing to report that the
debt reduction strategy is on track.
Statement Of Comprehensive Income
I shall preface my remarks comparing the eight
month period to March 2014 with the comparative
Expenses
decreased
$15,759
over
Non Operating Income was $55,735 down on last
period. The Club was not able to attract as many
new members this year, with the resulting financial
impact clearly felt. Net Interest cost reduced by
$35,844 reflecting the lower debt held during the
period.
Statement Of Financial Position
With the change in financial year to March, the
Financial Position report of the Club has been
impacted by two primary factors.
Firstly, the Club is more active at this time of year,
which has translated into higher Trade and Other
Receivables of $46,345. Stocks have decreased
$63,775 as the Golf Centre worked hard to offer
services and reduce floor stock, with a number of
eight month period in 2013.
retail bargains.
The Operating Surplus for the year was $170,523
Secondly, the return to 12 month subscriptions
which was $122,353 higher than last period.
resulted in higher cash collections at the close of the
Operating Income increased $106,594. Subscription
in Trust higher, while Trade Payables are higher with
revenue received was higher, although from a lower
member base. House trading income increased
$69,629 with catering activity a pleasing contributor,
and testament to the value of the new Clubhouse
and service provided by our staff.
Golf Income decreased $31,600. This was primarily
due to lower trading in the Golf Centre and green
period. This has driven Deferred Income and Amounts
larger GST collections on those subscriptions.
Cash and Investments at March are a healthy
$1,641,743
offset
by
the
$1,000,000
during the period.
Capital Expenditure
trend.
10
Course equipment
$61,236
Clubhouse/Admin
$27,725
Total
fee activity, which did not continue their prior year
Member
Debenture. Peak Net Debt reached $1,324,000
$88,961