BEVERLEY PARK GOLF CLUB. AnnualReport

Transcription

1 PARK GOLF CLUB AnnualReport 2015 / 2016

2 Office Bearers 2015/16 Contents F R A N K B AT E S JOHN MARRIOTT D A N I E L S I E LY WA R R E N E M M E R I C K P R ES I D E N T VIC E PR ESIDEN T T REASURER CAPTAIN OFFICE BEARERS 2 ANNUAL REPORT AGENDA AGM 4 PRESIDENT S REPORT 8 TREASURER S REPORT CAPTAIN S REPORT KEN GARDNER RENNICK ARNOLD P H I L L B AT E S A M PAT R T I C I A W I L S O N V I C E CA PTA I N DIR ECTOR DIRECTOR DIRECTOR WOMEN S GOLF SUB-COMMITTEE REPORT DIRECTORS REPORT AUDITOR S INDEPENDENCE DECLARATION PETER DONCAS JASON REES GREG GREEN DANIEL METCALF D I R E CTOR OPERATIONS MA NAGER P ROFESSIONAL COURSE SUP ERINTE N D E N T SAX SORENSEN C R M I C H A E L P L AT T N I C K VA R R A R I S M P V I C M A LO U F R E T U R N I N G OF F I C ER C LU B PATRON CLUB PAT RON W ELFARE OFFI CE R Women s Golf Sub-Committee LU C Y A L L E R PRESIDENT LU C I E C O N R OY VICE PRESIDENT PAT R I C I A W I L S O N CAPTAIN CAROL MCDONALD VICE CAPTAIN MARGARET WILSON SECRETARY CAROL MCDONALD HANDICAP MANAGER N O L E N E G I B A LOW TREASURER NORMA HANSEN COMMITTEE JENNIFER STIBBARD COMMITTEE SUE GARDINER COMMITTEE W W W. B P G C. C O M. A U STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION 24 STATEMENT OF CHANGES IN EQUITY 25 STATEMENT OF CASH FLOWS 25 NOTES TO THE FINANCIAL STATEMENTS 26 DIRECTORS DECLARATION INDEPENDENT AUDITOR S REPORT PROFIT & LOSS STATEMENT 44 HONOUR BOARD

3 Annual Report Agenda AGM NOTICE IS HEREBY GIVEN THAT THE SEVENTY FIFTH ANNUAL GENERAL MEETING OF PARK GOLF CLUB LIMITED WILL BE HELD IN THE CLUBHOUSE AT 87A JUBILEE AVE, PARK ON WEDNESDAY 24 AUGUST 2016 COMMENCING AT 7.00PM Agenda 1 Apologies 2 Adoption of the Minutes of the 74th Annual General Meeting held on Wednesday 26 August Correspondence 4 Treasurer s & Auditor s Report and consideration of Financial Statements 5 Other Reports 6 Resolutions 6.1 Ordinary Resolutions Ordinary Resolutions Explanatory Notes Each Ordinary Resolution must be passed as a whole and cannot be amended by motions from the floor of the meeting or divided into two or more separate resolutions. To be passed an Ordinary Resolution must receive votes in favour from not less than a simple majority of the Members who, being entitled to do so, vote in person at the meeting. 1. First Ordinary Resolutions First Ordinary Resolutions Explanatory Notes The purpose of the First Ordinary Resolution is to meet the disclosure requirements of Corporations Law and the Registered Clubs Act. It relates to expenditure shown under Club s Annual Accounts under various headings in previous years and approved by the Members when the annual accounts have been adopted. The adoptions of this Ordinary Resolution by Members will confirm and set an upper limit on the amount to be expended. First Ordinary Resolution That Pursuant to the Registered Clubs Act; (a) The Members hereby approve expenditure by the Club in a sum not exceeding $30,000 over the following twelve (12) months for the following expenses subject to approval by the Board of Directors. i. Expenses involved in sponsorship of Club representation Annual expenses for Children s Christmas Party Expenses incurred at Induction meetings for new members Sponsorship of Sporting Events and Charity Days deemed by the Directors to be of benefit to the Club and/or the Community Expenses incurred in cadet programme ii. iii. iv. Reasonable expenses incurred by Directors in travelling by either private or public transport, to and from Directors or other duly constituted Committee Meetings, either within the Club or elsewhere as approved by the Board on production of documentary evidence of such expenditure. The cost of food and beverage for each Director at a reasonable time before or after a Board or Committee Meeting, on the day of that Meeting. Reasonable expenses incurred by Directors either within the Club or elsewhere in relation to such other duties including entertainment of special guests of the Club and other promotional activities approved by the Board on production of documentary evidence of such expenditure. (b) The members acknowledge that the benefits in Paragraph (a) above are not available to Members generally, but for those who are Directors of the Club and those Members directly involved in the above activities. 2. Second Ordinary Resolution Second Ordinary Resolution Explanatory Notes The purpose of the Second Ordinary Resolution is again to meet the disclosure requirements of Corporations Law and the Registered Club Act. It relates to expenditure by the Club for the professional development and education of Directors as well as ensuring that Directors keep up-to-date with current Club industry development and that the Club is represent ted by selected Directors at various meeting of Associations of which the Club is a member. The adoption of this Ordinary Resolution by members will confirm and set an upper limit on the amount to be expended. Second Ordinary Resolution That pursuant to the Registered Clubs Act; (a) The Members hereby approve expenditure by the Club in a sum not exceeding $8,000 for the professional development and education of Directors over the following twelve (12) months, including; i. The reasonable cost of Directors attending Meetings of Associations of which the Club is a member. ii. iii. iv. The reasonable cost of Directors attending Seminars, Lectures, Trade Displays and other similar events as may be determined by the Board from time to time. The reasonable cost of Directors attending other Clubs for the purpose of observing their facilities and methods of operation. Attendance at functions with spouses, where appropriate and required, to represent the Club. (b) The members acknowledge that the benefits in Paragraph (a) above are not available to Members generally, but for those who are Directors of the Club 4 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 5

4 Annual Report Agenda AGM 7 Special Resolution Special Resolution Explanatory Notes Each Special Resolution must be passed as a whole and cannot be amended by motions from the floor of the meeting or divided into two or more separate resolutions. To be passed a Special resolution must receive votes in favour from at least seventy five per cent (75%) of the Members who, being entitled to do so, vote in person at the meeting Special Resolution That the Beverley Park Golf Club Limited Constitution as of 15th August 2015 be amended as follows; Rule 11.1 f) Page 7 Life Member to include (seventy five percent 75%) and should now read - Life Members are Members who have rendered outstanding service to the Club and have been elected as such by a Special Resolution carried by a majority of seventy five percent (75%) of those Members present and voting at an Annual General Meeting or a majority of seventy five percent (75%) of those Members who voted on the Special Resolution if the ballot is conducted by post, following the submission to that meeting or in that postal ballot of a recommendation from the Board. Rule 29.7 Page 21 Rule 30.6 replaced with Rule 29.6 and should now read - If, after all nominations for the vacant position or positions have been received in accordance with Rule 29.6 and there are more nominees than positions to be filled, then an election for the remaining positions shall be held by ballot at the AGM. Rule 30 Page delete and should now read - If it is necessary to hold a ballot for any position in accordance with Rule 29.5, the ballot shall be conducted in accordance with the following procedure: Rule 30 E ii - Page 22 delete the words signed by the voter and it should now read be placed in a postage paid envelope supplied by the Club upon which the name and membership number of the voter shall be written. Rule 38 Page 27 delete 38.1 in B and replace with 38A deleted and should now read - For the purposes of Rule 38.A: Rule 38 Page 27 delete 38.1 in C and replace with 38A - deleted and should now read A resolution passed in accordance with Rule 38.1 must be included in the minute book. Rule 42.F Page 30 - should now read Any meeting called under Rule 42.D or 42.E Rule 42.G Page 30 delete 42.F and replace with 42.E should now read To call a meeting under Rule 42.D or 42.E, the Members requesting the meeting may ask the Club for a copy of the Register of Members and the Club must give to Members the copy of the Register without charge. Rule 57 Page B remove and in either case is taken to have been received on the day it was posted and now should read - A notice sent by post: I. if sent to an address in Australia, may be sent by ordinary post; and II. if sent to an address outside Australia, must be sent by airmail: and in either case is taken to be received within normal postal delivery period at the time of posting. 8 Declaration of the result of Special Resolution Life Membership for Margaret Wilson, Member No Declaration of the result of Special Resolution Life Membership for Gregory Boyd, Member No Declaration of the results for the 2016/17 election of Treasurer, Vice-Captain, Director by the Returning Officer. 11 Resolution for Nomination and acceptance for the appointment of 2016/17 Returning Officer 12 Resolution for Nomination and acceptance or the appointment of 2016/17 Welfare Officer/s 13 Resolution for the Nomination of Honorary Membership/s 14 Recommendations to the Board of Directors By Resolution and Direction of the Board of Directors Jason Rees Senior Manager Note: Any financial member of the Club eligible to attend and vote at the Annual General Meeting who requires clarification on any matter pertaining to the financial statements contained herein, please forward your questions in writing to the Senior Manager no later than one week prior to the AGM. A response to your letter to be addressed at the 75th AGM. 6 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 7

5 President s Report 2015/16 IT HAS BEEN A YEAR OF TWO HALVES FOR THE CLUB, YOUR BOARD OF DIRECTORS AND MANAGEMENT. The first six, saw the completion of the Clubhouse interior upgrade, appointment of new caterers, design of a composite temporary eighteen hole Golf Course after it was confirmed by Kogarah City Council that the commencement of the Beverley Park Channel and Stage 1 Master Plan project would commence in the first week of November The significant impact from this project on the Club s daily operations and trading across all areas placed the Club in a tenuous position and the Board into a mode of survival. The Board and Management set out with a constructive agenda in that included:- Upgrade the Clubhouse interior design and facilities Preparations for the commencement of the BP Channel Diversion & Stage 1 project Catering - Appointment of new caterers 75th Anniversary Celebration Program of Events Development & production of 75th Anniversary Book by a select Committee Increase in Junior Golf & Pathway membership development Appointment of a part time Marketing and Advertising Manager Advertising - Course and Clubhouse Increase revenue Increase Website & Social media activities Review of the Club s constitution and future management strategies Improved informative and open relations with members through direct dialogue, the weekly PARk News and from time to time From the Boardroom notes Strategies to increase all categories of membership Increase school participation in the Junior Development Program Securing Corporate participation and sponsorship funding Major Projects Clubhouse Interior and Course Development Both these projects were a MUST in this financial year. The majority of Clubhouse works were funded by a settlement from our insurers and a top up from club funds, after the Clubhouse was flooded in October The Beverley Park Channel Project, incorporating the Stage 1 works of the Master Plan funded by the NSW Government s Department of Environment and Kogarah City Council to the amount of $1.3 million needed to commence in 2015 as per the requirements of Kogarah City Council. Clubhouse Interior The Board approved a scope of works on the advice of various honorary consultants in regards to upgrading the clubhouse with the view to attract more general patronage and provide the Club with a much needed facelift that Members rightly deserved and to be proud of. The majority of the work has been completed in the main clubhouse proper, restaurant and entrances. There is more work planned for the locker room areas when funds become available. Beverley Park Diversion Channel and stage one (1) of Course Master Plan In April 2015, Warren Emmerick, Daniel Metcalfe and myself as appointed Club representatives continued our roles in a proactive manner to have Kogarah City Council commence the Beverley Park Channel Diversion Project incorporating Stage 1 of the Course Master Plan in August With James Wilcher already the appointed Course Architect and after tender documents were prepared and agreed upon between the Council and Club, tender documents were issued and six (6) contractors responded. Flemming Golf were appointed the course builders mid- September, unfortunately this lengthy statute process resulted in the builders commencing work in the first week of November 2015, a disappointing late start. Once underway Club and Council representatives, the course architect and builders attended project meetings weekly. Whilst there were some but not many variations to the scope of works, the completion date did not meet our expectations of early April, with 25 rain delay days claimed by the builder, it is anticipated their finish date will be sometime in May This will impact on the subsequent final course preparations by the course staff for an opening, initially in April and now later in PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 9

6 President s Report 2015/16 Loss of Members and Revenue Whilst the Board budgeted for the loss of approximately 40 members over and above our normal ten percent (10%) annual attrition rate, the overall loss of 150 plus members not renewing in September November 2015, has had a major impact on the Club s revenue, and a knock on effect to the Green Fees, Cart Fees, Restaurant, Bar, Corporate & Charity days and in particular the Pro Shop trading. Other clubs have endured similar negatives, unfortunately this brings to the fore that golf is an individual s sport to some members, and the words Club loyalty becomes fragile when projects like the above two (2) are undertaken for the betterment of the members and the Club s future sustainability, and some people leave because of short term inconvenience. All the Board of Directors hope that come subscription time later in the year, the Club is in a position to express its gratitude to the loyal members who renewed between September and November Course Management, Competitions & Memberships I praise the efforts of Captain, Warren (Wedge) Emmerick and Daniel Metcalfe for designing the 18 hole temporary layout on two-thirds of the remaining course. This effort also was praised by Course Architect, James Wilcher. The Match & Course Team personnel led by Warren with Ken Gardner, John Marriott, Patricia Wilson, Daniel Metcalfe and Greg Green who continue to give their varied time, dedication and experience to ensure that Members and visitors are presented with the right competition formats, challenges, decisions and general golf competition facilities to enjoy. Warren, congratulations on your Life membership appointment in 2015, well rewarded for a long term and dedicated effort. I must thank Director Patricia Wilson heading up the Junior Development and Pathway Membership team consisting of Rennick Arnold, Head Professional Greg Green and Stuart Balderson for their time, initiative and personal training and qualifications that they had to meet to manage and progress the Junior Development program. Patricia has also continued to develop the Pathways Membership program with great success. Daniel Metcalfe well done in your role as the appointed Project Superintendent for the Beverley Park Channel and Stage 1 Project, outstanding effort to date and to you and the course staff who continue to provide the best possible track to play on every day I echo the accolades of the Captain on behalf of the Board of Directors, Members and public congratulations for your dedicated efforts, a job well done. Professional & Pro Shop Head Professional Greg Green has had a down turn in trade since the commencement of the Government s Beverley Park Channel Project. The Pro shop and staff are regarded as the face of golf for all golfers visiting The PARk and we always encourage first class service from this service for the Members and visitors. Your patronage in the Pro-Shop for your golfing needs would be appreciated. Greg has a hitting bay to cater for indoor club fitting, lessons and to trial demo clubs for Members and visitors. Need a lesson, discuss this with Greg and book in at the Pro Shop. Clubhouse Operations The appointed caterer s Manny and Tim Kallimanis departed after a short stint in club catering. They left us on New Year s Eve, following a major downturn in trade mainly directed to the course project. The following week the current Chef, Yianni and his wife Helen, took over the catering operations, renamed the restaurant The Beverley at The PARk and haven t looked back. Yianni and Helen have encouraged and embraced the requirements of members and various groups. The appointed restaurant wait Staff, bring a professional and fresh approach to table service and we wish the entire team continued success providing an excellent fare. The Bar Staff have provided a platform of good service and product. Dave, Sudeep, Tony & Craig you have proved to be a valuable team over the past twelve months and I am sure the Members and visitors, like the Directors, appreciate your efforts. Thursday Trivia Night, a recommendation by Rennick Arnold and embraced by the Board continues to grow in numbers and appears to have cemented its position on the weekly calendar of events The Board continues to hold varied social events for Members, family and friends throughout the year and include, bi monthly entertainment, Christmas in July, Easter, Mother s Day, Father s Day Functions, and State of Origin, and the occasional fundraising function. Thanks to Peter Doncas, Director Clubhouse Activities, Jason Rees, Sue Pennie, Phill Bates AM, Sam Nelson, Kerry North, Brendan Bull and Paul Byrnes for their support in this area. Champions, Pennant Team, Major Events & Awards Congratulations to all Members who either achieved Champion status or won Board events and to the Club representatives, managers and caddies on your efforts as ambassadors for The PARk. Thanks to Representative Director, John Marriott for overseeing this facet of club operations. Congratulations to Geoff Street on your Life Membership appointment. To all the above, we salute you. 10 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 11

7 President s Report 2015/16 Treasurer s Report 2015/16 Tributes The Director s and Member s condolences are extended to the families and friends of Members who have passed on during this year. To those Members who have suffered illnesses and are on the mend we trust that you are back on the fairways or in the clubhouse real soon. The efforts of Phill Bates AM Director of Sponsorship, Special Events & Media had his portfolio tasks lightened with the appointment of Sam Nelson as the Club s part time Sponsorship and Marketing manager, We thank you for your efforts and our sponsors of our Course Signage, Events, Clubhouse, trophy donors and those Members who sponsored an event, the Club is most grateful. Club sponsors are highlighted on the back page of your Annual Report, please support them. Club members who have unselfishly dedicated their time, expertise, professional advice and or products free of charge to assist the Board of Directors, Management and the Club in general, you are wonderful assets to this Golf Club and we thank you for being so. Many thanks to the Vets group, permanent social clubs, Kogarah Bay, Beverley Park, Kogarah RSL, St. George Ladies, Beverley Birdies and WPT group, Your continued patronage, co-operation and camaraderie at BPGC is well recognised and we look forward to your continued presence at the Club. The Women s Golf Sub-Committee thank you for all their efforts throughout the year, once again your dedication and support is most appreciated. I trust your golfing and administration expectations continue on a smooth journey in the coming year. Senior Manager Jason Rees, Administration Services Manager Sue Pennie your efforts in responding to the Board, WGSC, Course Staff and Pro Shop requirements is greatly appreciated whilst managing all facets of the club and serving the Members and public on a daily basis. The Club is fortunate to have a Treasurer like Dan Siely with his financial guidance and sound decision making that judiciously supports the pathways taken by the Board, Management and Course Superintendent in this tough year as indicated in the Auditor s financial report. Thank you for your invaluable professional input. I thank the Members for adopting the Club s new Constitution and the Triennial term for election of Directors, a modern platform for stable management for the future of Beverley Park Golf Club. As a proud and passionate President and with the Board of Directors we will continue to work on current and new projects for the betterment of the Club s future. I am especially proud of the diligent efforts by the Board and Management this year who, have performed under extremely tough financial circumstances that are predicted to continue into the next financial year. To all, thank you for you patronage, enjoy your golf and life. Yours sincerely Frank R. Bates President 12 PARK GOLF CLUB ANNUAL REPORT How quickly the tide turns!!!! Members will recall that in Year Ending 2015 we received an Insurance Claim refund for $79K during Year Ending 2016 this was expensed hence the actual trading loss is $193K, which of course, without saying is a major disappointment. As advised in last year s report, we had planned to give the interior of the club an uplift which has been expensed in this year s trading at a cost of approximately $100K hence the trading loss is approximately $93K which equates to an overall downturn of $193K compared to last year s trading. This downturn can be directly attributed to the works on the course as over 150 members did not renew their membership equating to $100K of lost revenue just in subscription fees, plus the flow on affect is seen in course fees which are down by $100K, golf cart hire down by $25K, added to this the public patronage that has significantly abandoned the course also. However, we still have an 18 hole course, we still have an operating wellpresented clubhouse, so it s rather disappointing that so many members decided not to renew but I do acknowledge and appreciate that the vast majority of members that have stayed and supported the club during these inconvenient times. Due to this trading loss there is current pressure on our cash flow hence we have ceased all unnecessary spending, but not at the detriment of the course, so that it s always maintained to the best possible standard. Once we are financially back on track, we will endeavour to update some of our ageing furniture and fittings. Again during this year we have had a change of caterers, whilst very inconvenient at the time, it appears that Yianni & Helen are proving to be very popular with our members and guests, they do appreciate the steady increase in patronage. A few incentives were introduced during the year to increase revenue and patronage being weekly Trivia and Sunday afternoon entertainment, both have been well received and have an increasing and good following, if you haven t enjoyed one or the other yet, don t wait too long. We have been able to ensure our running costs are fairly static over the 12 month period, but it s that damn revenue, we only need a weekend of rain and overnight the reduced revenue is noticeable. Lastly we must acknowledge the work of our staff, from Jason Rees and Sue Pennie in the office, Daniel Metcalfe and his team on the course plus the unflappable bar staff, all of them have the best interest of the club in the forefront. The Club has challenging months ahead, I m sure once the course reopens on 24th September it will increase our Golf Club s appeal to the golfing fraternity and the overall flow on to our daily operations and with the support of our members, we will return to a profitable situation. Yours sincerely Dan Siely Treasurer FINANCIAL YEAR ENDED 2012 LOSS OF $144K FINANCIAL YEAR ENDED 2013 LOSS OF $111K FINANCIAL YEAR ENDED 2014 LOSS OF $139K FINANCIAL YEAR ENDED 2015 PROFIT OF $179K FINANCIAL YEAR ENDED 2016 LOSS OF $272K ANNUAL REPORT PARK GOLF CLUB 13

8 Captain s Report 2015/16 WITH MY FIFTH AND MOST CHALLENGING YEAR WINDING DOWN I CONTINUE TO BE EXTREMELY MOTIVATED & PROUD TO BE REPRESENTING YOU AS CAPTAIN OF PARK GOLF CLUB. This year has been extremely challenging in particular the development of the course with the Kogarah Council Creek Program. Match & Course Committee To Vice Captain & Handicapper, Ken Gardner who provides a balanced approach coupled with his rules knowledge has proven to be a huge asset to the committee. It is with regret that the club will be losing Ken & his wife Carol mid way through 2016 due to retirement, on behalf of the Board and the members we wish them a very long & happy retirement. To Patricia Wilson, John Marriott, Daniel Metcalf & Greg Green who with Ken make up this committee my sincere thanks & appreciation to you all for your contributions, knowledge & continued support. Course Staff Course Superintendent Daniel Metcalfe supported by his staff Andy Dicker, Blake Fitzgerald, Hussein Hammoud, Archie Stewardson, Sam Naylor & Ryan Parkes (6 months). This has been an extremely difficult year for Daniel what with major course development, bad weather & staff turnover. Given these challenges Daniel continues to produce a challenging somewhat shorten course allowing members & guests the opportunity to still play an18 hole layout. Women s Golf Committee President Lucy Aller, Captain Patricia Wilson and Vice-Captain Carol McDonald along with the rest of the committee must be congratulated for their time and commitment given to administer women s golf in the club. Members who give up their time and effort on any committee do not receive the recognition they deserve so ladies congratulations & thank you for your efforts. Club Professional Greg Green, and his staff Stuart Balderston their continued assistance to Match & Committee and the Club have been once again been exceptional during the past year. Members should be extremely proud and honoured that Greg & the boy s are at the forefront of our operations. 14 PARK GOLF CLUB ANNUAL REPORT Office Management Operations Manager, Jason Rees & Administration Manager, Sue Pennie what can I say their commitment & dedication to the club coupled with the help & support they give myself continues to be simple outstanding. With their nothing is ever too much trouble attitude really helps to make it a very easy & enjoyable working relationship. Match & Course Projects: Beverley Park Creek Program Since November 15 we all have been watching with interest the progression of the $1.3M Kogarah City Council Creek Program assisted by James Wilcher from Golf by Design, Fleming Golf (course construction) supported by BPGC Course Superintendent Daniel Metcalf, Club President President Frank Bates and Club Captain Warren Emmerick. The project is driven by the Council s requirement to alleviate the potential of flooding to residents on the western side (Ferry Avenue) the golf course. Summary of development: Divert the canal across Moore Park (opposite the 10th hole) under Ferry Ave down the course existing halfway down the 12th fairway. Construct a 2 lakes one behind the new 2nd green with the other between new 3rd fairway and the existing 7th fairway. Holes 8, 10 & 11 completely revamped including loss of existing greens. Hole 9 required fairway shaping & contouring. Construct new 1st hole Par 4 Construct new 2nd hole Par 3 Construct new 3rd hole Par 5 Construct new 8th hole Par 3 Existing 9th green has been temporarily turned into our putting / chipping green. Construct new putting green on the existing 10th tee. 75th Anniversary of Beverley Park Golf Club Last year in my report I briefly mentioned about plans for the club s 75th anniversary celebrations. By the time this report is published the Club s 75th Anniversary Dinner at Doltone House - Sylvannia Waters would have been held along with the Reunion Weekend of Golf. Communications The Park Newsletter has grown from the M&C monthly newsletter to become the Board s main voice and a very popular weekly newsletter. The Board is committed to providing member s important & informative up to date news & events and look forward to keeping the members informed. ANNUAL REPORT PARK GOLF CLUB 15

9 Captain s Report 2015/16 Women s Golf Sub Committee Report 2015/16 Volunteers Our again our trusty duo of Greg Boyd & Geoff Eade who continue to give up their Monday mornings over the past 4 years assisting our course staff by carrying out time consuming duties. All members should be extremely grateful to Greg & Geoff for their continued enthusiasm and dedication to help beautify our course. Congratulations To all those winners of Club Championships & Major Events during the past 12 months congratulations in achieving a little piece of Club history, a full list of all winners is published further on in this annual report. All club pennant teams require players and managers to give up their time to represent the Club, on behalf of the Board I would like to thankyou for representing the club with pride and distinction. Thank you This year the club secured Allclear Leafguard Australia as sponsors of our score card this was achieved through the generosity of club members Patricia & Kevin Wilson. Also to the following members who through their continued generosity & sponsorship support major golfing events such as: Peter Doncas (Winter Real Estate Carlton) St George Trophy Troy Phillips (First Point Mortgage & Finance) Major Pennant Team Michael Loizou (Capital Investments) Masters Pennant Team Members really enjoy and appreciate the opportunity to play for donated trophies throughout the year, on behalf of the Board and the Trophy Winner s we thank the following (in calendar order) for very kind and generous support: Sax Sorenson / Kogarah Bay Social Club / Gail & Jim Barnett / Marist Brothers Old Boy s / Mudgee Trippers / Naga s Group / Australian Wine Cellar Racks & GJ Wire (Mark Grant & Stephen Popplewell) / Ken Gardner, Carol Gardner & George Gauci, Helen Gauci / Brendan Bull & Craig Cobb & Daryl Parker. In conclusion, later this year with the opening of the new course I encourage all members to embrace and spread the positive word. With all golf clubs struggling for the almighty dollar we need your help & assistance and together we can drive the Park forward. This year has been a milestone for Beverley Park celebrating 75 years as a Golf Club. The Ladies also celebrate their formation on 8th July, 1941 with Anniversary Day on 5th July, 2016 in conjunction with Tee Up for Breast Cancer Research. Unfortunately due to rain this event has been rescheduled for 16th August. In 2015 we had great success with our Beverley Park Ladies winning the Women s Weekend Pennant and Bronze 2 Interclub Pennant for the second consecutive year. We squared with Kogarah in the Monomeeth Salver and also the Massey Park Shield. Early this year our ladies again won the Women s Weekend Pennant and Bronze 2 won the Runner-up Trophy. Congratulations and thanks to all those who participated in our Interclub events. Congratulations to all our Champions and Winners of our major events. Our ladies worked tirelessly for our Charity Day and Club Members were very generous in enabling us to present a cheque for $4, to Calvary Hospital for purchase of specific items to assist in patient care. Daniel and his staff have done a wonderful job in maintaining our course. We now look forward to the new Beverley Park Course upon completion of work. Many thanks to our very efficient office personnel, Jason Rees and Sue Pennie, who are always ready to assist when requested. Also much appreciated are our new caterers, Helen and Yianni. Doing a superb job of looking after us in the Pro shop are Greg Green and Stuart many thanks. Above all I wish to commend our Women s Committee Members for their dedication and hard work during the year. Yours sincerely Lucy Aller Women s Golf Sub-Committee Yours sincerely Warren Emmerick Captain 16 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 17

10 Financial Statements 2016 Beverley Park Golf Club Limited Directors Report ABN: Your directors present their report on the company for the financial year ended 31 March Contents PARK GOLF CLUB LIMITED ABN: Financial Report for the year ended 31 March 2016 DIRECTORS REPORT 19 AUDITOR S INDEPENDENCE DECLARATION 22 STATEMENT OF COMPREHENSIVE INCOME 23 STATEMENT OF FINANCIAL POSITION 24 STATEMENT OF CHANGES IN EQUITY 25 STATEMENT OF CASH FLOWS 25 NOTES TO THE FINANCIAL STATEMENTS 26 DIRECTORS DECLARATION 40 INDEPENDENT AUDITOR S REPORT 41 DEPARTMENTAL TRADING, PROFIT AND LOSS STATEMENT 44 Directors The following directors have been in office for the entire financial year unless otherwise stated below and attended the recorded board meetings Name of Director Title and any special responsibilities Total number of Directors' meetings attended Total number of Directors' meetings Whilst in Office F. Bates President J. Marriott Vice President D. Siely Treasurer W. Emmerick Captain K. Gardner Vice Captain R. Arnold Director P. Bates AM Director P. Doncas Director P. Wilson Director Number of Directors meetings 13 Information on Directors Name of Director Qualifications Experience Frank Bates Business Development Manager - President Beverley Park Golf Club Limited 6 years - Hospitality & Commercial - Director Beverley Park Golf Club Limited 13 years John Marriott Retired - Vice President Beverley Park Golf Club Limited - Director / Vice Captain 9 years Dan Siely Finance & Administration Manager - Treasurer Beverley Park Golf Club Limited - Director 3 years Warren Emmerick Retired - Captain Beverley Park Golf Club Limited 5 years - Director 12 years Ken Gardner Business Owner - Vice Captain Beverley Park Golf Club Limited - Director 2 years Rennick Arnold Retired - Director Beverley Park Golf Club Limited - Director 2 years Phil Bates AM Peter Doncas Patricia Wilson Sports Entrepreneur, Business Owner, Sports Administrator 49 years, Charity Fundraiser Licenced Rea Estate Agent. Owner Winter Real Estate Carlton Owner of AllClear Leafguard & Gutter Sydney West - Director Beverley Park Golf Club Limited - Director / Special Events 2 years - Director Beverley Park Golf Club Limited - Director 4 years - Vice Lady Captain Beverley Park Golf Club Limited - Director 2 years Objectives The objectives of the company are to provide various forms of entertainment to members and guests through the supply of various sporting and non -sporting facilities generally provided by golf and licensed clubs. ANNUAL REPORT PARK GOLF CLUB 19

11 Directors Report Short Term Objectives - Increase membership numbers and use of club facilities - Maintain cash flows - Maintain a well presented golf course - Promote and enhance Junior golf Long Term Objectives - Stabilising income streams of the club - Maintain club financial stability Auditor's Independence Declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 22. Signed in accordance with a resolution of the Board of Directors: Strategy for achieving the objectives - Review and adjustment of membership categories - Obtained membership feedback through survey - Ongoing review of operation procedures Principal Activities The principal activities of the company during the financial year were Licensed Golf Club. Director: F. Bates How these activities assist in achieving the objectives Positive cash flow from the principal activities were utilised to maintain service delivery levels to members and guests in what has been a difficult year. Director: D. Siely Dated this 28th day of June 2016 Performance measurement and key performance indicators The financial performance of the club is reviewed monthly against budget. The following criteria are reviewed as they underpin the operations of the club - Gross profit from trading - Divisional net profit - Course usage - Cash flows from operations Non financial performance is measured using a variety of measures including - Member feedback - Average round time Members' limited liability The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up the constitution states that each member is required to contribute a maximum of $1.00 towards meeting any outstanding obligations of the entity. At 31 March 2016 the total amount that members of the company are liable to contribute if the company is wound up is $ PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 21

12 Auditor s Independence Declaration Statement of Comprehensive Income FOR THE YEAR ENDED 31 MARCH 2016 Note Revenue 2 2,152,646 2,485,728 AUDITOR'S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF PARK GOLF CLUB LIMITED I declare that, to the best of my knowledge and belief, during the year ended 31 March 2016 there have been: (i) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and Cost of Sales 4 (262,069) (309,067) Advertising expenses (14,402) (17,799) Auditor's remuneration 3 (20,000) (19,675) Depreciation and amortisation expenses 4 (143,396) (139,953) Employee benefits expenses (782,914) (771,423) Finance costs 4 (8,742) (11,606) Lease expenses (93,546) (91,601) Other expenses (1,099,142) (945,241) (Loss) Profit before income tax 4 (271,565) 179,363 Income tax expense - - (Loss) Profit after income tax (271,565) 179,363 (ii) no contraventions of any applicable code of professional conduct in relation to the audit. Maher Partners Assurance Pty Limited Taren Point Dated this 28th day of June PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 23

13 Statement of Financial Position Statement of Changes in Equity AS AT 31 MARCH 2016 FOR THE YEAR ENDED 31 MARCH 2016 Note Note Retained Earnings Total ASSETS CURRENT ASSETS Cash and cash equivalents 5 298, ,904 Trade and other receivables 6 22,921 19,427 Inventories 7 48,406 45,961 Other current assets 8 33,580 34,294 TOTAL CURRENT ASSETS 402, ,586 NON-CURRENT ASSETS Property, plant and equipment 9 542, ,737 TOTAL NON-CURRENT ASSETS 542, ,737 TOTAL ASSETS 945,906 1,305,323 LIABILITIES CURRENT LIABILITIES Trade and Other Payables , ,953 Borrowings 11 53,522 58,060 Provisions 12 71,044 68,087 Other current liabilities , ,304 TOTAL CURRENT LIABILITIES 531, ,404 NON-CURRENT LIABILITIES Borrowings 11 49, ,315 Provisions 12 58,903 55,184 Other non-current liabilities 13 25,605 30,656 TOTAL NON-CURRENT LIABILITIES 133, ,155 TOTAL LIABILITIES 665, ,559 NET ASSETS 280, ,764 EQUITY Retained earnings , ,764 TOTAL EQUITY 280, ,764 Balance at 1 April , ,401 Profit (Loss) attributable to members 179, ,363 Balance at 31 March , ,764 Profit (Loss) attributable to members (271,565) (271,565) Balance at 31 March , ,199 Statement of Cash Flows FOR THE YEAR ENDED 31 MARCH 2016 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 2,092,738 2,509,037 Payments to suppliers and employees (2,247,676) (2,149,756) Interest received 6,952 8,231 Net cash provided by (used in) operating activities 18 (147,986) 367,512 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (124,600) (132,026) Net cash used in investing activities (124,600) (132,026) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 25, ,096 Repayment of borrowings (98,300) (65,594) Net cash provided by (used in) financing activities (73,260) 64,502 Net increase (decrease) in cash held (345,846) 299,988 Cash at beginning of financial year 643, ,916 Cash at end of financial year 5 298, , PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 25

14 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH Statement of Significant Accounting Policies The financial statements cover Beverley Park Golf Club Limited as an individual entity. Beverley Park Golf Club Limited is a company limited by guarantee, incorporated and domiciled in Australia. Basis of Preparation 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 The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements, except for the 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 selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. The financial statements were authorised for issue on 28 June 2016 by the directors of the company. Accounting Policies Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Going Concern The financial statements have been prepared on a going concern basis which assumes continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. As at 31st March 2016, current liabilities of $536,932 exceed current assets of $396,546 by $140,386. For the year ended 31st March 2016, the Company incurred a loss of $279,220 and a cash flow deficit from operations of $147,986. If the Company continues to generate losses in this vicinity, this may cast significant doubt on the Company's ability to continue as a going concern. The material uncertainties which exist are a result of the ongoing works associated with the Beverley Park Natural Channel Diversion Project which has significantly impacted the operations and trading results of the course and clubhouse. The construction work is expected to be completed by May 2016 with the course expected to return to full operation by October The ability of the Company to meet its obligations as and when they fall due is dependent upon: - the Company's ability to derive sufficient cash surpluses from its core trading activities and return to profitability once the course construction work is completed; - low external debt levels to be maintained; and - a rent-free period of 12 months for the lease of the Beverley Park Golf Course (excluding the Clubhouse component) which was granted by Kogarah Council on 26 April Based on these factors, the directors are satisfied that the going concern assumption is appropriate and have not adjusted the financial report in relation to this uncertainty. Should the Company be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities at amounts different from those currently stated in the financial statements. Income Tax The company is considered to be exempt from income tax under Section of the Income Tax Assessment Act, being a non-profit organisation, not carried on for the purpose of profit or gain to its individual members and which was established for the encouragement of a game or sport. Accordingly, no account for income tax has been taken in these financial statements. Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis. Property, Plant and Equipment Classes of property, plant and equipment are measured using the cost model. Asset are carried at cost less any accumulated depreciation and any impairment losses. Costs include purchase price, other directly attributable costs and the initial estimate of the costs of dismantling and restoring the asset, where applicable. Land and buildings Land and buildings are measured using the cost model. 26 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 27

15 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2016 Plant and equipment Plant and equipment are measured using the cost model. Depreciation The depreciable amount of all property, plant and equipment, except for freehold land is depreciated on a straight line method from the date that management determine that the asset is available for use. Assets held under a finance lease and leasehold improvements are depreciated over the shorter of the term of the lease and the assets useful life. The depreciation rates used for each class of depreciable asset are shown below: Fixed Asset Class Depreciation Rate Leasehold Improvements % Plant & Equipment % At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate. Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to the company, are classified as finance leases. Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for that period. Leased assets are depreciated over their estimated useful lives where it is likely that the company will obtain ownership of the asset or over the term of the lease. Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred. The lease is not recognised in the statement of financial position. Lease incentives under operating leases are recognised as a liability and amortised over the life of the lease term. Employee Benefits Provision is made for the company's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Contributions are made by the company to an employee superannuation fund and are charged as expenses when incurred. Provisions Provisions are recognised when the company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the present value of management's best estimate of the outflow required to settle the obligation at the end of the reporting year. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the unwinding of the discount is taken to finance costs in the statement of other comprehensive income. Cash and Cash Equivalents Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Bank overdrafts also form part of cash equivalents for the purpose of the statement of cash flows and are presented within current liabilities on the statement of financial position. Revenue Revenue from the sale of goods is recognised upon the delivery of goods to customers. Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets. Dividend revenue is recognised when the right to receive a dividend has been established. Revenue from the rendering of a service is recognised upon the delivery of the service to the customers. All revenue is stated net of the amount of goods and services tax (GST). 28 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 29

16 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2016 Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. All other borrowing costs are recognised as an expense in the period in which they are incurred. 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 the expense. Receivables and payables in the Balance Sheet are shown inclusive of GST. Trade and Other Payables Trade and other payables represent the liabilities at the end of the reporting period for goods and services received by the company that remain unpaid. Trade payables are recognised at their transaction price. Trade payables are obligations on the basis of normal credit terms. 2 Revenue and Other Income Revenue Sales revenue: Sale of goods 610, ,741 Rendering of services: Poker Machine Takings & Gaming Revenue 172, ,350 Course and Membership Fees 1,268,574 1,456,214 2,050,763 2,345,305 Other revenue: Interest received 6,952 8,231 Other revenue 94, , , ,423 Total revenue 2,152,646 2,485,728 Interest revenue from: Interest Received 6,952 8,231 Total interest revenue on financial assets 6,952 8,231 Other revenue from: Other Income 72,046 28,936 Advertising & sponsorship income 19,455 19,000 Phone, Confectionery & Cigarette Commissions 3,430 4,838 Insurance Proceeds - 79,418 Total other revenue 94, ,192 3 Auditor's Remuneration Auditor's Remuneration Audit & Review of Financial Reports 12,500 12,500 Other Services 7,500 7,175 20,000 19,675 4 Profit Expenses Cost of sales 262, , PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 31

17 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2016 HP / Leasing Charges - Course 8,742 11,606 Depreciation - Poker Machines 7,238 4,484 Depreciation - Course equipment & improvements 57,205 49,963 Depreciation - Golf Carts 14,929 21,130 Depreciation - Buildings 35,028 33,455 Depreciation - Furniture Fittings & Office Equipment 28,996 30,921 Depreciation of property, plant and equipment 143, ,953 Rental expense on operating leases Lease charges - Course 70,569 67,025 Rates & Taxes (KMC) 18,535 18,628 Lease - clubhouse 22,977 24,576 5 Cash and Cash Equivalents Current Cash on Hand 34,225 34,652 Deposit at Call 87,397 88,363 Cash at Bank - Womens' Golf Sub Committee 2,186 1,868 Cash at Bank - St George Bank 28,647 32,522 Cash at Bank - Port Macquarie A/c 4,018 2,935 Cash at Bank - Express Saver A/c 110, ,072 Cash at Bank - Business Access A/c 30,942 93, , ,904 6 Trade and Other Receivables Current Receivables 22,921 19,427 7 Inventories Current At cost: Stock on Hand - Bar 31,630 35,604 Stock on Hand - Course Materials 16,776 10,357 48,406 45,961 8 Other Non-Financial Assets Current Prepayments 33,580 34,294 9 Property, Plant and Equipment LAND AND BUILDINGS Buildings & Course Improvements - at cost 1,700,182 1,688,561 Less accumulated depreciation (1,459,857) (1,401,317) 240, ,244 Total Land and Buildings 240, ,244 PLANT AND EQUIPMENT Plant and Equipment: At cost 2,919,070 2,821,091 Accumulated depreciation (2,616,454) (2,546,598) 302, ,493 Total Plant and Equipment 302, ,493 Total Property, Plant and Equipment 542, ,737 Movements in Carrying Amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year. Leasehold Improvements Plant & Equipment Total $ Balance at 1 April , , ,664 Additions - 132, ,026 Depreciation expense (56,967) (82,986) (139,953) Balance at 31 March , , ,737 Additions 11, , ,600 Depreciation expense (58,540) (84,856) (143,396) Carrying amount at 31 March , , , PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 33

18 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH Trade and Other Payables Current Trade Creditors & Accruals 179, ,953 Financial liabilities at amortised cost classified as trade and other payables Trade and other payables: - Total current 179, ,953 - Total non-current , ,953 Less Other payables (84,633) (81,315) Financial liabilities as trade and other payables 94, , Borrowings 13 Other Liabilities Current Income in Advance 29,907 17,429 Subscriptions in Advance 198, , , ,304 Non Current Subscriptions in Advance 25,605 30, Retained Earnings Retained earnings at the beginning of the financial year 551, ,401 (Net loss) Net profit attributable to members of the company (271,565) 179,363 Retained earnings at the end of the financial year 280, ,764 Current Hire Purchase Liability 58,435 66,452 Less: Unexpired Hire Purchase Liability (4,913) (8,392) 53,522 58,060 Non-Current Hire Purchase Liability 53, ,730 Less: Unexpired Hire Purchase Liability (3,807) (7,415) 49, , Provisions Provision for Annual Leave 71,044 68,087 Provision for Long Service Leave 58,903 55,184 Total provisions 129, ,271 Analysis of Total Provisions Current 71,044 68,087 Non-current 58,903 55, , , Capital Hire Purchase (HP) and Leasing Commitments Finance HP/Lease Commitments Payable: Not later than one year 58,435 66,452 Later than one year but not later than two years 25,087 73,750 Later than two years but not later than five years 27,930 41,979 Minimum lease payments 111, ,181 Less future finance charges (8,720) (15,807) Total HP/lease liability 102, ,374 Operating Lease Commitments Non-cancellable operating leases contracted for but not capitalised in the financial statements: Payable: Not later than one year 98,647 95,773 Later than one year but not later than two years 101,606 98,647 Later than two years but not later than than five years 295, ,054 Later than five years - 82,651 Total operating lease liability 495, , PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 35

19 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH Key Management Personnel The totals of remuneration paid to key management personnel (KMP) of the company during the year are as follows: Key management personnel remuneration 373, , Related Party Transactions Transactions between related parties are on normal commercial terms and conditions. These terms and conditions are no more favourable than those available to other parties unless otherwise stated. Transactions with related parties: Travis Bates the son of Director Frank Bates was engaged to complete clubhouse renovations. 46, Cash Flow Information a) Reconciliation of cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows: Cash on Hand 34,225 34,652 Deposit at Call 87,397 88,363 Cash at Bank - Womens' Golf Sub Committee 2,186 1,868 Cash at Bank - St George Bank 28,647 32,522 Cash at Bank - Port Macquarie A/c 4,018 2,935 Cash at Bank - Express Saver A/c 110, ,072 Cash at Bank - Business Access A/c 30,942 93, , ,904 b) Reconciliation of Cashflow from Operations with profit after Income Tax Operating profit (loss) after income tax (271,565) 179,363 Non-cash flows in profit: Depreciation 143, ,953 Charges to provisions 6,676 2,825 Financing flows in operating profits 9,618 11,606 Changes in assets and liabilities, net of the effects of purchase and disposals of subsidiaries (Increase) Decrease in current inventories 3,974 (9,084) (Increase) Decrease in current receivables (3,494) 12,654 (Increase) Decrease in prepayments Increase (Decrease) in trade creditors (11,528) 11,309 Increase (Decrease) in income in advance (18,122) 18,349 (140,331) 367, PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 37

20 Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH Financial Risk Management The company's financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payable. The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements are as follows: Note Financial Assets Cash and cash equivalents 5 298, ,904 Loans and receivables 6 22,921 19,427 Total Financial Assets 320, ,331 Financial Liabilities Trade and other payables 10 94, ,953 HP / Lease liabilities , ,375 Total Financial Liabilities 197, ,328 The net fair value is equivalent to the carrying amount unless otherwise stated. 21 Disclosure Requirements under Section 41J of the Registered Clubs Act Core and Non Core Property Section 41J of the Act defines core property as meaning 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 use of its members and their guests' or (c) any other property declared, by 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. Non-core property is defined as meaning any real property owned or occupied by the Club that is not core property. The Directors consider the Club's defined premises of Beverley Park Golf Club Limited, 87a Jubilee Avenue, Beverley Park to be core Property. The Directors consider the club has no non-core property. 20 Company Details The registered office of the company is: Beverley Park Golf Club Limited, 87a Jubilee Avenue, Beverley Park. The principal place of business is: Beverley Park Golf Club Limited, 87a Jubilee Avenue, Beverley Park The principal activities of the company are Licensed Golf Club. 38 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 39

21 Directors Declaration Independent Auditor s Report TO THE MEMBERS OF PARK GOLF CLUB LIMITED The directors of the company declare that: 1. The financial statements and notes, as set out on pages 23 to 39, are in accordance with the Corporations Act 2001: (a) (b) comply with Accounting Standards and the Corporations Regulations 2001; and give a true and fair view of the financial position as at 31 March 2016 and of its performance as represented by the results of its operations and its cash flows for the year ended on that date of the company. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK GOLF CLUB LIMITED ABN: In the directors' opinion 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 Board of Directors. Report on the Financial Report I have audited the accompanying financial report of Beverley Park Golf Club Limited which comprises the statement of financial position as at 31 March 2016 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors' declaration. Directors' Responsibility for the Financial Report Director: F. Bates The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act This responsibility includes designing, implementing and maintaining internal control 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 Director: D. Siely Dated this 28th day of June 2016 My responsibility is to express an opinion on the financial report based on my audit. I conducted my audit in accordance with Australian Auditing Standards. These Auditing Standards require that I comply with 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 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 our audit opinion. 40 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 41

22 Independent Auditor s Report INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK GOLF CLUB LIMITED ABN: INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK GOLF CLUB LIMITED ABN: Independence In conducting my audit, I have complied with the independence requirements of the Corporations Act I confirm that the independence declaration required by the Corporations Act 2001, provided to the directors of Beverley Park Golf Club Limited on 28th June 2016, would be in the same terms if provided to the directors as at the date of this auditor's report. Auditor's Opinion In my opinion: (a) the financial report of Beverley Park Golf Club Limited is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the company's financial position as at 31 March 2016 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations Emphasis of Matter In performing our review of the Club's going concern assessment, we believe that material uncertainties exist which may cast significant doubt upon the Club's ability to continue as a going concern. Those uncertainties relate to the ongoing works associated with the Beverley Park Natural Channel Diversion Project which has significantly impacted the operations of the club and course and has contributed to a significant loss of revenue and members in the current year. The ability of the Club to continue as a going concern and meet its obligations as and when they fall due is contingent upon the Club's ability to derive sufficient cash surpluses from core trading activities and return to profitability once the course construction work is completed. If the Club is unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities at amounts different from those currently stated in the financial statements. Maher Partners Assurance Pty Limited Taren Point Dated this 28th day of June PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 43

23 Profit and Loss Statement FOR THE YEAR ENDED 31 MARCH 2016 EXPENSES Advertising 14,402 17,799 Auditor's Remuneration 20,000 19,675 Bank Fees & Government Charges 3,186 4,279 Bathrooms & Lockers 7,236 7,413 Cleaning & waste removal 54,479 54,459 Competitions 93,661 97,539 Depreciation - Buildings 35,028 33,455 Depreciation - Furniture Fittings & Office Equipment 28,996 30,921 Donations 3,276 3,446 Electricity 50,746 63,719 Entertainment,Functions & Meetings 52,447 (8,613) Foxtel subscription 21,016 20,403 General Expenses 2,900 1,489 Insurance 28,700 29,702 Lease - clubhouse 22,977 24,576 Legal Costs 2,020 - Kitchen Expenses 19,657 15,454 Printing, Postages & Stationery 31,605 26,943 Raffles 49,825 45,569 Rates & Taxes 7,005 7,162 Repairs & Maintenance 129,363 81,603 Representation 11,121 14,624 Salaries & Wages 182, ,786 Other Employment Expenses 33,141 20,134 Security & fire prevention 14,132 11,075 Staff Training & Uniforms Subscriptions 7,363 8,895 Telephone 9,503 10,384 Travelling Expenses 8,106 4, , ,707 (Loss) Profit from ordinary activities before income tax (271,565) 179,363 BAR TRADING ACCOUNT POKER MACHINE REVENUE ACCOUNT Bar Sales 582, ,303 Less: Cost of Goods Sold Opening Inventory 35,604 30,764 Purchases 248, ,989 Closing Inventory (31,631) (35,604) 252, ,149 Gross Profit from Trading 329, ,154 Less: Direct Costs Indirect Supplies 13,715 11,970 Promotional Expenses 6,551 2,288 Cleaning Materials 3,900 4,321 Repairs & Maintenance 22,853 5,371 Stocktaking 4,320 4,320 Other Employment Expenses 23,038 19,529 Wages 176, , , ,642 Net Profit from Trading 79, ,512 Net Poker Machine Takings 150, ,698 Less: Direct Costs Depreciation - Poker Machines 7,238 4,484 Supplementary Tax & Fees (9,741) (21,325) TAB Fees - Central monitoring 9,961 9,682 Repairs & Maintenance 10,313 7,995 Licence Fees 3,528 24,696 21,299 25,532 Net Profit from Trading 128, , PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 45

24 Profit and Loss Statement FOR THE YEAR ENDED 31 MARCH 2016 COURSE INCOME & EXPENDITURE ACCOUNT Green Fees 663, ,470 Water Levies 11, , ,470 Less: Direct Costs Repairs & Maintenance 132, ,669 Depreciation - Course equipment & improvements 57,205 49,963 Insurance 41,182 46,309 Light & Power 4,166 4,198 Lease charges - Course 70,569 67,025 Promotions, Printing & Stationery 4,741 1,438 Professional's Costs 66,945 64,085 Water 94,678 66,833 HP / Leasing Charges - Course 8,742 11,606 Rates & Taxes (KMC) 18,535 18,628 Other Employment Expenses 36,580 41,785 Telephone 3,135 2,569 Wages 318, , , ,930 Net Loss from Trading (182,623) (39,460) KENO REVENUE ACCOUNT Commissions Received 9,142 9,627 Less: Direct Costs Printing & Stationery Repairs & Maintenance 1,551 1,967 1,716 2,295 Net Profit from Trading 7,426 7,332 GOLF CART INCOME & EXPENDITURE ACCOUNT Cart Hire 99, ,686 Less: Direct Costs Depreciation - Golf Carts 14,929 21,130 Commission 25,841 24,736 Repairs & Maintenance 5,952 3,675 46,722 49,541 Net Profit from Trading 52,979 74,145 TAB TRADING ACCOUNT Commissions Received 6,819 6,025 Sky Channel Rebate 6,100 6,000 12,919 12,025 Less: Direct Costs Terminal Expenses 7,950 7,800 Sky Channel 17,987 18,782 Repairs & Maintenance ,277 26,658 Net Loss from Trading (13,358) (14,633) 46 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 47

25 Profit and Loss Statement FOR THE YEAR ENDED 31 MARCH 2016 CAFE TRADING ACCOUNT Cafe Takings 27, ,438 Less: Cost of Goods Sold Purchases 9,384 64,918 Gross Profit from Trading 18,199 66,520 Less: Direct Costs Repairs & Maintenance 364 2,871 Other Employment Expenses 992 4,956 Wages 10,824 62,166 12,180 69,993 Net Profit (Loss) from Trading 6,019 (3,473) 48 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 49

26 Honour Board 2015/16 April 2015 June 2015 ST GEORGE TROPHY STEPHEN DORAN MEN'S MONTHLY - A GRADE MARK INSKIP MEN'S MONTHLY - A GRADE JON SHAW MEN'S MONTHLY - B GRADE ANTHONY O'SULLIVAN MEN'S MONTHLY - B GRADE JESSE AGOSTINHO MEN'S MONTHLY - C GRADE GILBERT BRAID MEN'S MONTHLY - C GRADE DANIEL NEWELL JUNIOR CHAMPIONSHIPS NICOLA MAJKIC WOMENS MEDAL DIV 1 PAULA CHALMERS FOUNDATION MEMBERS PAUL KEEGAN & LUKE CAREY WOMENS MEDAL DIV 2 CAROL GARDNER WOMENS MEDAL DIV 1 LINDA ROLFE WOMENS MEDAL DIV 3 CAROL RILEY WOMENS MEDAL DIV 2 CAROL GARDNER WOMEN'S MEDAL - WEEKEND PATRICIA WILSON WOMENS MEDAL DIV 3 MARILYN KINCHIN EASTER BOWL PAUL HOLMES & ANNE TOY WOMEN'S MEDAL - WEEKEND MICHELLE KING CUSICK SHIELD PHILLIP BARNES & CHERYL MCENEARNEY WINTER PLATE PHILLIP BARNES & CHERYL MCENEARNEY May 2015 July 2015 MEN'S MONTHLY - A GRADE JON SHAW MEN'S MONTHLY - A GRADE ALLEN CHEN MEN'S MONTHLY - B GRADE BRUCE JONES MEN'S MONTHLY - B GRADE CRAIG BOTTING MEN'S MONTHLY - C GRADE BRENT CONNORS MEN'S MONTHLY - C GRADE GEORGE PARDI BPGC HANDICAP ELIAS KOUKOS WOMENS MEDAL DIV 1 CHERYL MCENEARNEY WOMENS MEDAL DIV 1 SANDY CHAPPLE WOMENS MEDAL DIV 2 ROBYNE YEOMANS WOMENS MEDAL DIV 2 DEANNE BRITTON WOMENS MEDAL DIV 3 ANNE TOY WOMENS MEDAL DIV 3 ROBYN YEOMANS WOMENS MEDAL WEEKEND PATRICIA WILSON WOMEN'S MEDAL - WEEKEND SIMONE GOLIK CLUB FOURSOMES CHAMPIONSHIPS RICK BONHAM & PAUL KEEGAN DIV 1 FOURSOMES PATRICIA WILSON & MARISSA DYET B GRADE FOURSOMES CHAMPIONSHIPS ANDREW OATES & GARY CLIFFORD DIV 2 FOURSOMES DEANNE BRATTON & LINDA QUATTROMANI C GRADE FOURSOMES CHAMPIONSHIPS DAN SIELY & CLAUDE VELLA DIV 3 FOURSOMES ROBYN WHITEHEAD & DI COOK MIXED FOURSOMES CHAMPIONSHIPS WARREN EMMERICK & CAROL MCDONALD 50 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 51

27 Honour Board 2015/16 August 2015 October 2015 MEN'S MONTHLY - A GRADE BRUCE ELLIOTT MEN'S MONTHLY - A GRADE BRAD COBB MEN'S MONTHLY - B GRADE CHRIS HAMMOND MEN'S MONTHLY - B GRADE AARON PAYNE MEN'S MONTHLY - C GRADE NIKOLA MAJKIC MEN'S MONTHLY - C GRADE DAVID TAYLOR GOLD MEDAL MEN GEORGE PARDI CLUB CHAMPION STEPHEN COGHLAN J.H.MOSTYN SHIELD NIKOLA MAJKIC & GRAHAM COLE B GRADE CHAMPION THOMAS MARTIN 2B KNOCKOUT CHERYL MCENEARNEY & BARBARA FOY C GRADE CHAMPION DAVID TAYLOR WOMENS MEDAL WEEKEND CAROL MCDONALD DIV 1 CLUB CHAMPION MARISSA DYET DIV 2 CHAMPION SUSANNE OAKES September 2015 DIV 3 CHAMPION SENIOR CLUB CHAMPION SENIOR B CHAMPION LESLEY RICKETTS KEVIN RAE STEVE POPPLEWELL MEN'S MONTHLY - A GRADE MEN'S MONTHLY - B GRADE STEVE PORTER BRETT HAMMOND SENIOR C CHAMPION DARBY & JOAN HERMAN RAJU NOT PLAYED MEN'S MONTHLY - C GRADE DAVID MULLINS JUBILEE SALVER BARBARA FOY GOLD MEDAL WOMEN SANDY CHAPPLE 52 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 53

28 Honour Board 2015/16 November 2015 January 2016 MEN'S MONTHLY - A GRADE BRETT JOHNSON MEN'S MONTHLY - A GRADE PAUL HIGGINS MEN'S MONTHLY - B GRADE SPIRO PATAPIS MEN'S MONTHLY - B GRADE RAY DYMOCK MEN'S MONTHLY - C GRADE GEOFF GLYNN MEN'S MONTHLY - C GRADE JOHN SOLOMANS GEOFF SHARPE TROPHY GEOFF GLYNN COCK O WALK PAUL KEEGAN & JOSH KEEGAN LES "STUMPY" TURNER CENTENARY CUP RAY DYMOCK & TREVOT HODKINSON CLOSE CUP RICK BONHAM December 2015 February 2016 MEN'S MONTHLY - A GRADE MATTHEW MILLAR MEN'S MONTHLY - A GRADE RICK BONHAM MEN'S MONTHLY - B GRADE CHRIS MASON MEN'S MONTHLY - B GRADE CHRIS HAMMOMD MEN'S MONTHLY - C GRADE GEORGE PARDI MEN'S MONTHLY - C GRADE PETER BOOTH ALLAN DOC FRASER TROPHY SCOTT WILLIAMS BILL MCWILLIAM TROPHY - MEN PHILLIP BARNES BILL MCWILLIAM TROPHY - WOMEN CHRIS NEWMAN WOMENS MEDAL DIV 1 HELEN GAUCI WOMENS MEDAL DIV 2 SUE PARKER WOMENS MEDAL DIV 3 MARILYN KINCHIN WOMEN'S MEDAL - WEEKEND PATRICIA WILSON March 2016 MEN'S MONTHLY - A GRADE THOMAS MARTIN MEN'S MONTHLY - B GRADE LEIGH TORNEY MEN'S MONTHLY - C GRADE JOHN BROCKEL WOMENS MEDAL DIV 1 SANDY CHAPPLE WOMENS MEDAL DIV 2 GAIL BARNETT WOMENS MEDAL DIV 3 PATRICIA IBISTER WOMEN'S MEDAL - WEEKEND MICHELLE KING 54 PARK GOLF CLUB ANNUAL REPORT ANNUAL REPORT PARK GOLF CLUB 55

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