Annual Report v1 | Page 30

Notes to the Financial Statements
For the Eight Months Ended 31 March 2014

4. Golf Operations and Golf Centre Income Statement

Eight Months Ended 31 March 2014
Twelve Months Ended 31 July 2013

Golf
Golf
Golf
Golf

Operations
Centre
Total
Operations
Centre
Total

$
$
$
$
$
$
Income
Retail Sales
-
300,147
300,147
- 474,632
474,632
Hire Equipment
-
47,812
47,812
- 53,210
53,210
Tuition Fees
-
37,707
37,707
- 62,346
62,346
Green Fees
133,465
- 133,465
193,812
- 193,812
Competition Fees
86,241
-
86,241
128,067
- 128,067
Club Storage Fees
- 33,548
33,548
- 45,807
45,807
Other Income
1,131
12,434
13,565
2,619
13,674
62,100

220,837 431,648
652,485
324,498 649,669
974,167

Less Expenses
Retail Cost of Goods Sold
- (217,985) (217,985)
- (313,804) (313,804)
Hire Equipment Costs
-
(6,108)
(6,108)
- (18,422)
(18,422)
Tuition Expenses
- (29,933)
(29,933)
- (49,850)
(49,850)
Cost of Trophies
(58,377)
- (58,377)
(86,786)
- (86,786)
Pennant Expenses
(13,517)
- (13,517)
(25,056)
- (25,056)
Score Card Printing and Stationary
(15,162)
- (15,162)
(17,290)
-
(17,290)
Payroll Expenses
(70,000) (126,754) (196,754)
(99,998) (190,545) (290,543)
Depreciation Expenses
- (15,883)
(15,883)
-
(24,021)
(24,021)
General Expenses
(5,747)
(28,500)
(34,247)
(8,621)
(43,487)
(52,108)

(162,803) (425,163) (587,966)
(237,751) (640,129) (877,880)

Net Income / (Loss)
58,034
6,485
64,519
86,747
9,540
96,287

5. Net Interest

Interest Received
Interest Paid

28

Eight Months Ended Twelve Months Ended
31 March 2014
31 July 2013
$
$
2,614
320
(63,650)
(143,907)
(61,036)
(143,587)