ANNUAL REPORT
2017
2017
GRANGE GOLF CLUB YEAR IN REVIEW
$165K PROFIT
126 NEW MEMBERS
SOLAR PANELS
585
$36K SAVING
LED LIGHTS INSTALLATION
17.8 AVERAGE
56.7
HANDICAP AT
AVERAGE MEMBER AGE
OUR CLUB
80,665
25,033
27,857
BEERS SOLD
COFFEES SOLD
SANDWICHES SOLD
3
$700K LADIES SANDERSON CUP TEAM MADE HISTORY BY WINNING THREE PREMIERSHIPS IN A ROW
DEBT REDUCTION
ANNUAL REPORT 2017
Office Bearers & Committees Office Bearers – 2016 / 2017 President Bruno Battistella Vice-President Graeme Hand Captain Rick Kinnear
Committee
Course Graeme Hand (Ch) Below are the names of the Club Malcolm Coleman Committee together with a list of Rick Kinnear the number of meetings held and David Lang the number attended by each Damian Minchenberg during the term of office during the Kris Tapp^ financial year. Richard James* Meetings Meetings Barry Linke* Eligible attended Robert Vincekovic* to attend
Vice-Captain David Lang Committee Craig Coleman Malcolm Coleman Deb Middleton Damian Minchenberg Belinda Singleton Nicolle Rantanen John Thomas General Manager Barry Linke Course Superintendent Richard James Finance Manager Robert Vincekovic Professional Warren Mercer
Mr B Battistella Mr C Coleman Mr M Coleman Mr G Hand Mr R Kinnear Mr D Lang Mrs D Middleton Mr D Minchenberg Ms N Rantanen Ms B Singleton Mr J Thomas
11 11 11 11 11 11 11 11 11 11 11
10 11 11 9 11 9 9 9 11 8 11
Sub Committees – 2016 / 2017 Finance Bruno Battistella (Ch) Graeme Hand Nicolle Rantanen Robert Vincekovic* Barry Linke* Josh Fitzpatrick* Membership John Thomas (Ch) Malcolm Coleman Deb Middleton Barry Linke* Robert Vincekovic* Josh Fitzpatrick*
House Nicolle Rantanen (Ch) Damian Minchenberg Belinda Singleton Ann Coats^ Robert Vincekovic* Dani Caruso* Terrisa Na* David Clay* Match Rick Kinnear (Ch) Craig Coleman David Lang John Thomas Kris Tapp^ Barry Linke* Robert Vincekovic* Erin Burgess* Ladies Ann Coats (President) Kris Tapp (Captain) Jody Kardachi (Vice-President) Jan Hinkly (Vice-Captain) Colette Sharpe Elizabeth Warhurst Sue Watson Trudi McNamara Junior Development Craig Coleman (Ch) Deb Middleton Belinda Singleton Warren Mercer* Josh Fitzpatrick* Erin Burgess* Jamie Smith* Golf SA Representative Rick Kinnear Deb Middleton
2017 Sanderson Cup Winning Team
4
President is ex-officio on all Sub Committees ^ Lady President and Lady Captain attend by invitation * Staff Members
ANNUAL REPORT 2017
President’s Report Introduction It is with great pride and pleasure that I present this report, my third, as President of The Grange Golf Club. After an exceptional year in 2015/16, where the Club hosted the 2016 Women’s Australian Open and the major upgrade of the men’s and ladies locker rooms were completed, the 2016/17 year has been a little less exciting. It has been a year of consolidation with a focus on improving all aspects of the facilities and courses. A summary of the major achievements in the past year is as follows: • The Club recorded a healthy net profit of $164,000 for the year, once again a solid financial year for the Club. • A reduction in debt of approximately $704,000 which contributes significantly to our Strategic Plan of being debt free in the year 2020. • Another very successful year for membership with 126 new members being welcomed to the Club. • Another successful Pennant Season for The Grange Golf Club by our men’s, ladies and junior teams, in particular our Ladies A1 and Cleek teams who both won their respective divisions.
Course Our playing surfaces throughout both courses have been very good during the year, with the warm weather through the summer months stimulating good growth that allowed us to produce fine and well defined couch playing surfaces. The greens on both courses have performed well during the year, providing good putting surfaces for the duration with very little incidence of pest or disease issues. Our maintenance programs across all areas assisted us in providing these quality surfaces, as did the major course renovations undertaken
in September. The renovations included coring and topdressing of greens, and either verti mowing or scarifying and coring the fairways, tees and surrounds.
to all our other teams; Ladies A2, Ladies A4, Hickory Stick, Junior Sharp Cup, Junior Div 2 and McMillian Shield who also played incredible golf this season.
The ground staff have had a busy winter period, with Bentgrass collar replacement carried out as a couch removal tool and bunker drainage works being undertaken during June and July. We replaced the soil profile and turf on the collars of the 8th, 13th and 15th East greens, which was followed by similar works on the 8th and 14th West greens. Bunker drainage, including underground pumps to remove the collected water was installed on the 8th and 13th East, with the front bunker on the 15th East also drained.
Congratulations also to Jean Foo who in her second year as the Sanderson Cup Team Captain won the Tony Mazzone Medal for 2017. Jean’s hard work and excellent sportsmanship did not go unnoticed!
The use of exposed aggregate concrete paths was extended onto the West course to match those on the East course, with both the 8th tee path and the path from 1st green exit to the 2nd tee concreted. These paths have integrated into the course well, and add to the level of presentation and tidiness of these holes. The upgrading of the West irrigation control system has also continued during this year, with the installation of a satellite and associated wiring on the 9th West. These upgrades have improved the system greatly, assisting our control over the scheduling and application of our water.
Match What a year it has been for The Grange Golf Club Pennant teams with Grange bringing home the Sanderson Cup (Ladies A1) and the Ladies Cleek Stick. The Bonnar Cup team had a good start to the season and came home strongly to make the final but were beaten by Glenelg in a very close encounter. It was a year of re-building for our Simpson and Bonnar Cup teams and I am certain we will be very competitive again next year. Congratulations
The members took to the course in August to play for the title of 2016 Club Champion. Ella Adams took home the ladies trophy after a good match against Jin-Young Yun, while Matt Lisk and Colin Coleman had the Members cheering as their match came up the 36th hole all square. Both Matt and Colin played incredible golf, however Matt’s putt on the final hole gave him victory. Vardon and Major Trophy winners • • • • • • • •
Golf SA Junior Open January – Nick Thompson & Jin-Young Yun The Vines – Ella Adams Tanunda Pines – Colin Coleman Blackwood – Nick Thompson West Lakes – Ella Adams The Grange – Matt Lisk & Ella Adams Royal Adelaide – Jin Young-Yun SSSSA State Championship – Amelia Whinney
State Selections • • •
Australian Men’s Interstate Series - Matt Lisk & Andrew Nakone Jr Australian Women’s Interstate Series – Ella Adams, Jin-Young Yun & Caitlin Roberts Australian Girl’s Interstate Series – Ella Adams, Jin-Young Yun & Amelia Whinney (Reserve)
5
ANNUAL REPORT 2017
President’s Report Ladies 2016/17 has been a great year to say the least. The exceptional win by the Grange Sanderson Cup Pennant Team defeating Glenelg at Royal Adelaide, to make it three years in a row, was history making. Congratulations must also go to the Cleek 1 team who won for the first time in Grange history. A thoroughly committed effort and a well-deserved win. As always, special appreciation of thanks must go to the managers, caddies, spectators and families for all of their support each week. The ladies had a busy schedule with multiple challenge events and the new exchange days. Thank you to all the ladies who participated in these events. In addition, the Ladies Opening Day and five gala days were held this year. These days begin with an enjoyable round of golf followed by the opportunity to socialise and share lunch together. It is the mission of the Ladies SubCommittee to work to provide a challenging, competitive and happy golf experience for all lady members, and these days certainly reinforce that goal. Thanks to our generous lady members who raised $2,277 at the annual Christmas and Opening Day raffles for the Mary Potter Hospice and donated hundreds of Christmas gifts to Vinnies to be distributed to children in the Port Adelaide area.
We would also like to welcome the new lady members who joined in the last financial year and look forward to another enjoyable golfing season ahead.
House I am pleased to report a combined hospitality operating surplus of $192,217 for the financial year ended 30th June 2017. Although down on last year, mainly due to the high income generated from the Women’s Australian Open, the result remains strong given the reduced number of corporate golf and wedding functions held throughout the year. During the year we welcomed a new kitchen team headed by Chef David Clay and Sous Chef Erika Dowd with the product coming out of the kitchen some of the best food in Adelaide. Together with Dani Caruso, Mel Eblen and the hospitality team we believe we meet our overall objective for hospitality which is to provide friendly and professional service which regularly exceeds the expectations of Members and guests. The popularity of the relaxed dining experience at Grilled @ Grange continues to grow with a 19.6% increase in patronage this year. We welcomed an average of 67 patrons each night the Grill operated and have had fantastic feedback from all Members and visitors about the
2017 Ladies Cleek 1 Winning Team
6
quality of food and service. Recently we added a Hentley Farm wine dinner which complemented the three wine lunches hosted by d’Arenberg, Serafino and St Hallett. These events continue to be a drawcard each year with seats generally selling out before our chef has a chance to finalise a delicious menu. Thank you to the 640 Members and guests who supported these events, purchased wines and helped make each day a huge success. I have been informed that the Club has already secured the next three wineries, so stay tuned to our website for more information. Once again I would like to thank all the wineries as without their support these events would not be possible. The upstairs foyer has recently been renovated with the installation of new Honour Boards installed and new Committee and Past Presidents photographs. The end result is a much brighter foyer with a more modern look complementing other areas within the clubhouse. The Beeston Lounge Honour Boards are also being renewed to bring equality to both male and female events and provide a consistent modern look throughout the clubhouse. The Committee of The Grange Golf Club remain focused on their primary hospitality objective of providing members with exceptional service coupled with food and beverage of the highest quality at a reasonable cost. We regularly receive positive comments regarding all of our hospitality services and I encourage all Members to utilise the facilities and enjoy a meal from the new Grilled @ Grange menu at some stage.
ANNUAL REPORT 2017
President’s Report Membership At the conclusion of the 2016/17 financial year I am delighted to announce that once again we have exceeded expectations and have inducted 126 new members to the Club. This is an astounding 46 more than budget and a great reflection on our position within the golfing community. Speaking with new members it is clear to me that they are drawn to join Grange over rival Clubs due to the outstanding facilities and excellent value for money they receive here. Being the only Tier 1 Club in the state that is able to offer its members two championship courses provides our Club with a huge competitive advantage. Furthermore, the warm welcome and sense of community new members feel when joining the Club is something that we should all be proud of. During the year the Membership Sub-Committee has worked on a major review of our reciprocal club list in an effort to maintain and attract reciprocal club relationships of the highest calibre. As a part of this review, unfortunately ties with some clubs have had to be cut in order to make way for clubs which the Committee believe to be of a more comparable standard to
Grange. This major review, which was undertaken to ensure that our members are offered the best available golfing experience when travelling, is nearing completion and it will be exciting to share the results with our members in the coming months. At the conclusion of the membership year The Grange Golf Club had 2092 members. This consisted of 1652 playing members, of which 101 were junior members, and 440 non-playing, social or special honorary members. The Gym @ Grange continues to go from strength to strength attracting vital income to the Club. As of 30th June 2017, there were 158 gym subscribers. Speaking with Gym Operator, Dennis Simbol, we believe that we are approaching maximum membership capacity. Member amenity remains of utmost importance at our Club and Management and Committee will continue to monitor playing numbers to ensure that every member that seeks a round, is able to book one. We are also delighted to welcome all of the Club’s newest members, we are positive you will enjoy the experience at The Grange.
Category – Playing Rights
15/16
16/17
Category 1 – 7 Day
784
770
Category 2 – 6 Day
418
416
Category 3 – 5 Day
299
326
Category 4 – Cadet & Junior Under 21
63
77
Category 4 – Intermediate 21 & Under 26
27
24
Category 5 – Absent / Non-Playing
362
360
Category 5 – Absent / Non-Playing Under 26 18
18
Category 6 – Corporate
11
11
Category 7 – Fully paid
15
13
Category 8 – Social & Special Honorary
56
62
Other – Ambassador, Professional & Life
6
15
Total
2059
2092
Total Playing
1623
1652
Total Non-Playing
436
440
Golf Development It has been another busy year for the juniors of Grange with Saturday and Sunday Clinics, School Holiday Clinics, team building social activities, McMillan Shield, Sharp Cup and Division 2 Pennants, Port Augusta/Whyalla and Maitland trips and The Grange Junior Open. The IWS/SAIGC/Grange Charity Golf Day was once again a huge success with players helping to raise $27,625 which was donated to The Grange Junior Development Fund. The Junior Development Program continues to grow. This program aims to develop juniors into highly proficient amateurs and consists of six levels from beginner to elite involving a variety of experts/ professionals providing support, guidance and structure to golfers under the age of 25. To all our Juniors, we wish you a very positive and productive year.
Finance The financial year ending 30 June 2017 proved to be very successful yet again for The Grange Golf Club with a net profit of $164,193. This positive result further enhances the Club and combined with a debt reduction of $704,111 and induction of 126 new members during the year
7
ANNUAL REPORT 2017
President’s Report places the Club in a strong financial position for the future and on track with our 2020 Strategic Plan. Our ‘Destination 2020 – Vision and Strategy’ plan has been in place now for 12 months and it outlines a clear achievable goal of being debt free in the year 2020. This year was one of debt reduction and we achieved our first year target by reducing our debt by $704,111. The Club debt at 30 June 2017 stood at $4.02 Million and following all subscription payments was further reduced in July to a manageable $3.16 Million. Committee and management are committed to reducing the debt over the next three years as we continue towards the goals detailed in the Club’s strategic plan. General capital replacement continued in 2016/17 as per our usual program for mowers, course machinery and golf carts. Golf carts have regularly come under high demand and therefore the decision was made to increase our fleet from 36 to 40 golf carts. This additional $35,300 investment will benefit a number of golfers requiring carts in peak periods. Other items of note include cart paths on the West Course easing pressure on high traffic areas. The new scorecard system has been a welcome addition reducing card printing costs and with every card being scanned to our server creating faster and more accurate competition and handicap management. The major project for 2016/17 was an electrical upgrade. In July 2016 a 99.84kW solar power system was installed to help assist with the Club’s ever-increasing power costs. At $107,319 the capital purchase has proved to be very beneficial with the system producing approximately 140,000kWh and saving the Club $36,000 in the year. All the power created was used and therefore no power was input back to the grid. At this rate the payback period will be less than 3 years. The Club
8
is in the process of investigating another 100kW solar system with an expectation of it being installed towards the end of 2017. In addition to solar power we undertook an LED lighting replacement program. The changeover included 585 lights at a total cost of $49,803. This is expected to save the Club more than $20,000 per year. The new lights have been in place since Christmas so we will have a better understanding next year of the annual savings. Some key observations were made this year from our operating results. Major input areas for the year ended 30 June 2017 are summarised below and compared to the previous financial year: •
•
•
•
•
Electricity savings due to the solar panels and LED lighting were evident with the expense down $30,150. This is a great result for the Club given that power rates also increased 19.5% during the year. Marketing expenses returned to normal this year at $58,959, a reduction of $41,013 from the Women’s Australian Open year. Entrance Fees contributed $223,680 in this financial year. Contemporary membership was again popular with 28 members taking up this option as well as 26 new junior members joining the Club. The additional subscription income from contemporary memberships assisted with the $66,573 surplus on the subscription budget. Locker Rental income increased $10,287 or 79% on last year following the completion of the new locker rooms. The increased locker usage and many positive comments have been pleasing given the large investment in the first-class facilities. Clubhouse wages have increased by $99,354 since last year however this is offset by the $66,471 saving in
•
cleaning. During the year the Club decided to employ its own in-house cleaners giving us additional cleaning hours throughout the day to keep the facility clean and tidy at all times. The course marshal wages were also included in clubhouse wages and made up a portion of the variance from last year. The introduction of a marshal has been very effective speeding up play on competition days. The Junior Development Reserve Fund increased this year by $6,614 to $107,678. Junior golf expenses totalled $21,011 but were offset by junior donations of $27,625 thanks to The Grange and SAIGC Golf Day.
The Gym @ Grange continues to be a solid income earner for the Club whilst MSK @ Grange have also been extremely busy and recently introduced a full-time massage therapist on site in addition to their chiropractic, physiotherapy and acupuncture services. The income from the gym and consulting room facilities totalled $53,067 and, given that the only outgoing is a little electricity, this is an excellent return. The facilities continue to be popular with current members as well as being a major draw card for potential members looking to join the Club. Overall it was a very pleasing year in which we returned a healthy profit of $164,193, reduced our debt by $704,111 and completed three years straight of net positive membership numbers. We expect the outcome of the coming year to be at a similar high level and with a comparable budget we expect another profitable year and reduction in debt for 2017/18. The future financial position of our Club is extremely secure and we thank all Members for their continued patronage of the Club’s facilities.
ANNUAL REPORT 2017
President’s Report Pro Shop A big thankyou to all the Pro Shop Staff, and to all the Members and visitors that support The Pro Shop @ Grange. This past year has seen the coaching staff at Grange increase to 8 coaches and the introduction and growth of more swing and club fitting technology to help improve our Members’ golf.
•
•
With 8 coaches, Radar, Pressure plate, Biomechanical vest, High speed video, Ultrasound Putt lab and even something that measures your thoughts before, during and after your swing; surely something will fix that swing and get you back on track. The Pro Shop @ Grange has the largest variety and range of any Golf Club Pro Shop in SA. Special thanks go to Warren Mercer and his team for their welcoming and friendly service and for sponsoring Club events. We greatly appreciate this support and realise how fortunate we are to have a Pro Shop that is the envy of so many other clubs.
Acknowledgements We are privileged at The Grange to have the high quality of staff that we do. From Management to Administration, Hospitality to Green Keeping, they continue to do an excellent job to ensure the high standards set by the Club are met with pride, enthusiasm and attention to detail. Their role is to provide Members of the Club, as well as guests and visitors, with the best possible experience a Club can offer, and they do that so well. In particular however, I would like to acknowledge and thank the following staff for their contribution and commitment towards the betterment of The Grange Golf Club: •
Barry Linke, the General Manager. His dedication to the Club is unquestionable and his experience and exceptional
•
•
knowledge are a valuable asset to both myself and the Committee. The Administration and Finance team are led by Robert Vincekovic and he, along with the team behind the front office counter, do a wonderful job in keeping the Administration side of the Club in order . Richard James, the former Course Superintendent who has recently left The Grange Golf Club and to whom we owe a great deal of respect and gratitude for his 10 years of service, along with his green keeping staff, have done an excellent job, often in very trying conditions, to present our two courses at the highest possible standard for the enjoyment of our Members and guests of the Club. Dani Caruso, along with the hospitality staff, provide service second-to-none to the Members and guests of the Club. Head Chef, David Clay, along with his kitchen staff have certainly brought some exciting variety to the restaurant and bistro.
To each and every one of my Committee Members I extend my deepest gratitude for their support, guidance and assistance over the past twelve months. We are fortunate to have such a hardworking and passionate Committee who play such an integral part in the efficient running of The Grange Golf Club. They have not only made my job as President easier but made this position an extremely rewarding one. To the Club Captain, Rick Kinnear, for coordinating a great golfing programme over the past year, I sincerely thank for his tireless efforts and ongoing support. Rick steps down this year after not only 4 years as Captain of The Grange Golf Club but also 2 years as Vice Captain and a total of 9 years on
Committee. Rick, your enthusiasm and eloquence, particularly at twilight events, will be missed by all. On behalf of myself, the Committee and Members of The Grange Golf Club I extend a very sincere thank you for your contribution to the Club over the past 9 years.
Thank you to the Lady President, Ann Coats, the Lady Captain, Kris Tapp and the entire Ladies SubCommittee for their enthusiasm, dedication and tireless efforts they provide for the benefit of our Lady members. It is very much appreciated by all. On behalf of all Members I also acknowledge the ongoing efforts of our Tuesday volunteer group. A huge thank you must go to this group of passionate members who give their time for the betterment of The Grange Golf Club. 2016/17 has been another fabulous year for The Grange Golf Club and I take this opportunity to thank each and every Member for their support, encouragement and advice. I am proud to be a member and President of this great Club and look forward to working with you in the future to make The Grange the premier golfing facility in South Australia, providing the best possible experience for its members.
Bruno Battistella President
9
ANNUAL REPORT 2017
Mens Club Events & Named Trophies 16/17 2016
2017
CLUB CHAMPIONSHIP – F McLachlan and P LeMessurier Trophy
Matt Lisk
Colin Coleman
CLUB CHAMPIONSHIP - B Grade Cup
Stephen Fairs
Chey Pearce
CLUB CHAMPIONSHIP - C Grade Cup
Darb Munro
Paul Sutcliffe
CLUB CHAMPIONSHIP – A Grade Plate
Shane Amor
Alex Siegmund
CLUB CHAMPIONSHIP – B Grade Plate
Michael Siegmund
Dylan Nankivell
CLUB CHAMPIONSHIP – C Grade Plate
Franco Ucci
Vinod Kumar
CLUB STROKE CHAMPIONSHIP – Eric Fitzroy Memorial Trophy
Colin Coleman
Colin Coleman
CLUB FOURSOMES CHAMPIONSHIP
Matt Lisk &
Jay Gilbertson &
Justin Crowder
Matt Wilson
Jack Hylton &
Minh Le &
Scott Thiele
March Nguyen
John Grinter & Ian Ross
Ian Ross & John Grinter
CLUB FOURSOMES B Grade CLUB FOURSOMES C Grade CLUB FOURSOMES SENIORS
Barry Wilhelm &
Jung Na &
Kym Linke
Steve Wohling
CLUB MIXED FOURSOMES CHAMPIONSHIP – Arunta Cup and Milton and Merle Hatwell Trophies
Jack Hylton & Fran Hylton
-
GEORGE HOWARD MEMORIAL TROPHY
Dung Tran
Daniel Murdoch
CLUB JUNIOR CHAMPIONSHIP
Jamie Smith
-
RG THOMAS TROPHY
Colin Coleman
-
K ROBINSON TROPHY
Matt Lisk
-
TERRY MARTIN TROPHY
Colin Coleman
-
CLUB VETERANS CHAMPIONSHIP - C R Angel Trophy SUMMER CUP
Doug Jones &
Gary Dodd &
Mark Richards
Rod Smith
WINTER CUP
-
-
PRESIDENTS PLATE and TROPHY
Gregg Klopp
-
CAPTAINS PLATE and TROPHY
Ben Griffiths
-
CHAMPION OF CHAMPIONS – Dalton Cup
Will Somerfield
Matt Lisk
ANZAC CUP
Trevor Oliver
Bill Winslow
A W IRVINE TROPHY
Steve Wohling
-
KERRY MCGORM MEDAL
David Lang
-
GRANGE AMATEUR OPEN – J Custance Memorial Trophy
Matt Lisk
Matt Lisk
COMMONWEALTH BANK PLATE and TROPHY
Douglas Callow
Douglas Callow
PAUL BACKHOUSE MEMORIAL ROSEBOWL – Grange Junior Vardon
Lachlan Barker
Kyle Hayter
RYDE PARRAMATTA CUP
Alex Siegmund
Mark Corser
9 HOLE TWILIGHT EVENT – Ray and Mollie Scudds Trophy
Ann Prime & Michael Whyborn
Ann Evans & Dylan Nankivell
POZZA CUP
William Davis
-
DRYSDALE PLATE – Parent and Child Event
Chey & Dean Pearce
-
SA POLICE CLUB PLATE AND TROPHY
Brad Weston
-
CW ROBINSON MEMORIAL TROPHY
Mark Griffiths
Gerry Papadopoulos
DAVE & JESS MCNALLY MEMORIAL TROPHY
Spencer & Judy Knowles
Susan & Jesse Moore
MIDWEEK SUMMER CUP
Steve Findlay & Ross Batchelor
John Shannahan & Mark Richards
MIDWEEK WINTER CUP
David Smith & Gary O’Neill
-
HASELGROVE WINES MIXED SERIES
-
-
10
ANNUAL REPORT 2017
Ladies Club Events & Named Trophies 16/17 2016
2017
CLUB CHAMPION
Ella Adams
Louise Glennon
B Grade Cup
Julie Webber
Jackie Bradford
C Grade Cup
Jude Carling-Sacharias
Anne Evans
A Grade Plate
Millie Whinney
Nadine Hill
B Grade Plate
Gaye Stephens
Merryl Robinson
C Grade Plate
Dawn Sparrow
Anne Flaherty
VETERAN’S SALVER
Jill Kennare
Christine Martin
VETERANS PLATE
Anne Evans
Colette Sharpe
JEAN MCNICOL ROSE BOWL
Ella Adams
-
LADIES FOURSOMES A Grade
Kristalle Blum & Cassidy Evreniadis
Sue Hedley & Louise Glennon
LADIES FOURSOMES B Grade
Lucy Petherick & Deb Underwood
Lucy Petherick & Deb Underwood
LADIES FOURSOMES C Grade
Anne Evans & Jacky Wiles
Dara Melanson & Jude Carling-Sacharias
VETERAN’S CUP
Carmel Giles
JOYCE MORLEY MEDAL
Alison Jones
PRESIDENT’S HANDICAP FOURSOMES
Carolyn Daniels & Virginia Lee
CAPTAIN’S HANDICAP FOURSOMES
Claire Ouslinis & Sue Bremert
LAUREL WREATH
Stephanie Wiltshire
Jackie Bradford
SHYLIE RYMILL FOURSOMES WEST
Rem King & Dianne Rewell
Kristine Tapp & Sandra Furnell
SHYLIE RYMILL FOURSOMES EAST
Julie Webber & Deb Underwood
Anne Moschou & Fiona Dunstone
MIXED CANADIAN FOURSOMES
Nicolle Rantanen & Paul Corrick
Nicolle Rantanen & Paul Corrick
GRANGE SALVER
Ella Adams
Ella Adams
JUNIOR GIRLS CHAMPION
Ella Adams
LADIES MOST IMPROVED
Millie Whinney
ARETA TAYLOR MEMORIAL TROPHY
Peter Crawford & Margaret Anderson
INTERNATIONAL BOWL (GOLF SA) SILVER EAST TUESDAY
Helen Sanderson
-
SILVER WEST TUESDAY
Deb Underwood
Louise Dearing
BRONZE EAST TUESDAY
Margie Matthews
Belinda Singleton
BRONZE WEST TUESDAY
Trish Morrison
Tricia Anderson
SILVER EAST SATURDAY
Sue Hedley
Lauryn Weatherall
SILVER WEST SATURDAY
Lauryn Weatherall
Sue Bremert
BRONZE EAST SATURDAY
Carmel Giles
Joy Prior
BRONZE WEST SATURDAY
Janet Wundersitz
Gayle Peacock
11
Financial Report For the Year Ended 30 June 2017 Committee Report
14
Statement by the Members of the Committee
15
Statement of Comprehensive Income
16
Statement of Financial Position
17
Statement of Changes in Equity
18
Statement of Cash Flows
19
Notes to the Financial Statements
20
ANNUAL REPORT 2017
Financial Report For the Year Ended 30 June 2017 Committee Report Your Committee Members submit the financial report of The Grange Golf Club Incorporated (“the Club”) for the financial year ended 30 June 2017. The names of Committee Members throughout the year and at the date of this report are: Mr Bruno Battistella Mr Graeme Hand Mr Rick Kinnear Mr David Lang Mr George Carapetis Mr Craig Coleman Mr Malcolm Coleman Mrs Deb Middleton Mr Damian Minchenberg Ms Nicolle Rantanen Ms Belinda Singleton Prof John Thomas
President Vice President Captain Vice Captain Member (vacated September 2016) Member Member Member Member Member Member (elected September 2016) Member
Principal Activities The principal activities of The Grange Golf Club Inc. during the financial year were the provision of recreational golfing facilities. Significant Changes No significant change in the nature of these activities occurred during the year. Operating Result The net surplus / (deficit) for the year amounted to a surplus of $164,193 (2016: $101,828). Matters subsequent to the end of the Financial Year No matter or circumstance has arisen since the end of the year which significantly affected or may significantly affect operations of the Club, results of those operations or the state of affairs of the Club in subsequent years. Benefits received by Committee Members In accordance with section 35(5) of the Associations Incorporation Act, 1985, the Committee of the Club, hereby states that during the year ended 30 June 2017: (a)
(b)
- no Committee Member; or - no firm of which the Committee Member is a member; or - no entity in which the Committee Member has a substantial financial interest, no officer of the Club has received directly or indirectly from the Club any payment or other benefit of pecuniary value.
Signed in accordance with a resolution of the members of the Committee.
Bruno Battistella President Signed at The Grange Golf Club this 22nd August 2017
14
Graeme Hand Vice-President
ANNUAL REPORT 2017
Statement by the Members of the Committee In the opinion of the Committee, the Financial Report as set out on pages 14 to 29: 1.
Presents fairly the ďŹ nancial position of The Grange Golf Club Incorporated as at 30 June 2017 and its performance for the year ended on that date in accordance with Australian Accounting Standards (including Australian Accounting Interpretations), mandatory professional reporting requirements and other authoritative pronouncements of the Australian Accounting Standards Board.
2.
At the date of this statement, there are reasonable grounds to believe that The Grange Golf Club Incorporated will be able to pay its debts as and when they fall due.
This statements is made in accordance with a resolution of the Committee and is signed for and on behalf of the Committee by:
Bruno Battistella President
Graeme Hand Vice-President
Signed at The Grange Golf Club this 22nd August 2017
15
ANNUAL REPORT 2017
Statement of Comprehensive Income For the Year Ended 30 June 2017 Note
2017
2016
$
$
Revenue Membership
2
Entrance Fees
4,167,362
3,842,438
223,680
294,760
Golfing Activities
3
781,448
813,308
House Trading
4
192,217
304,052
Other Income
5
83,012
86,301
5,447,719
5,340,859
Total Revenue
Expenditure Course
6
2,703,930
2,700,181
Clubhouse
7
757,701
648,892
191,289
204,591
Finance Costs Administration
8
1,242,391
1,272,411
Golfing Activities
9
388,215
412,956
5,283,526
5,239,031
164,193
101,828
-
-
164,193
101,828
Total Expenditure Net Surplus / (Deficit) Other Comprehensive Income
Total Comprehensive Income
The accompanying notes form part of these financial statements.
16
ANNUAL REPORT 2017
Statement of Financial Position For the Year Ended 30 June 2017 Note
2017
2016
$
$
ASSETS CURRENT ASSETS Cash and cash equivalents
10
479,145
486,533
Trade and other receivables
11
147,331
190,139
Inventories
12
97,798
96,029
Other assets
13
118,779
109,810
843,053
882,511
TOTAL CURRENT ASSETS NON-CURRENT ASSETS Trade and other receivables
11
118,962
124,608
Property, plant and equipment
14
15,387,422
15,723,538
TOTAL NON-CURRENT ASSETS
15,506,384
15,848,146
TOTAL ASSETS
16,349,437
16,730,657
594,037
621,504
LIABILITIES CURRENT LIABILITIES Trade and other payables
15
Borrowings
16
1,800,000
-
Amounts received in advance
17
2,280,810
2,120,970
Short-term provisions
18
515,767
497,255
5,190,614
3,239,729
2,706,015
5,217,515
27,570
12,368
TOTAL NON-CURRENT LIABILITIES
2,733,585
5,229,883
TOTAL LIABILITIES
7,924,199
8,469,612
NET ASSETS
8,425,238
8,261,045
8,317,560
8,159,981
107,678
101,064
8,425,238
8,261,045
TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Borrowings
Long-term provisions
18
EQUITY Retained earnings Reserves TOTAL EQUITY
The accompanying notes form part of these financial statements.
17
ANNUAL REPORT 2017
Statement of Changes in Equity For the Year Ended 30 June 2017
Junior Development Note
Retained Earnings
Reserve
Total
$
$
$
Balance at 1 June 2015
8,159,217
-
8,159,217
Transfer in Reserves
(101,064)
101,064
-
101,828
-
101,828
Balance at 30 June 2016
8,159,981
101,064
8,261,045
Balance at 1 July 2016
8,159,981
101,064
8,261,045
(6,614)
6,614
-
164,193
-
164,193
8,317,560
107,678
8,425,238
Operating Result for the Year
Transfer in Reserves Operating Result for the Year Balance at 30 June 2017
1q
The accompanying notes form part of these financial statements.
18
ANNUAL REPORT 2017
Statement of Cash Flows For the Year Ended 30 June 2017
Note
2017
2016
$
$
8,438,738
8,400,775
(6,879,127)
(6,804,628)
(191,289)
(204,591)
1,368,322
1,391,556
34,626
26,545
Payments for property, plant and equipment
(698,836)
(2,007,730)
Net cash provided by / (used in) investing activities
(664,210)
(1,981,185)
Net receipt/(repayment) of external borrowings
(1,000,000)
1,300,000
Net receipt/(repayment) of member borrowings
288,500
(633,000)
(711,500)
667,000
(7,388)
77,371
486,533
409,162
479,145
486,533
CASH FLOWS FROM OPERATING ACTIVITIES Membership and other receipts Payments to suppliers and employees Interest paid Net cash provided by / (used in) operating activities
23
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of property, plant and equipment
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by / (used in) financing activities Net increase / (decrease) in cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year
10
The accompanying notes form part of these financial statements.
19
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements cover The Grange Golf Club Incorporated (“the Club”) as an individual entity, an association incorporated in South Australia under the Associations Incorporation Act (SA) 1985. 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 Associations Incorporation Act (SA) 1985. Australian Accounting Standards set out accounting policies that the Australian Accounting Standards Board (AASB) has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions to which they apply. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated. The following is a summary of the material accounting policies adopted by the Club in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. Accounting Policies a)
Income Tax The Club is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.
b)
Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on the basis of first in first out.
c)
Property, Plant & Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Property Freehold land is shown at cost. Building assets are shown at cost less any accumulated depreciation and impairment losses. Plant and equipment Plant and equipment is measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by the Committee to ensure that it is not in excess of the recoverable amount from these assets. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Club and the cost of the item can be measured reliably. Depreciation The depreciable amount of all fixed assets, including buildings and capitalised lease assets, is depreciated on a straight-line basis over the asset’s useful life commencing from the time the asset is held ready for use. The depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Plant, Equipment & Furniture Buildings Course
Depreciation Rate 5 % – 40 % 2 % – 15 % 2 % – 10 %
The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period.
20
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 d)
Financial Instruments Initial recognition and measurement Financial instruments are initially measured at cost, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below. Classification and subsequent measurement Amortised cost is calculated as the amount at which the financial asset or financial liability is measured at initial recognition less principal repayments and any reduction for impairment. Loans and receivables - Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised. Impairment A financial asset (or a group of financial assets) is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events (a “loss event”) having occurred, which has an impact on the estimated future cash flows of the financial asset(s). In the case of financial assets carried at amortised cost, loss events may include: indications that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments. When terms of financial assets that would otherwise have been past due or impaired are renegotiated, the Club recognises the impairment for such financial assets by taking into account the original terms as if they have not been renegotiated so that the loss events that have occurred are duly considered. De-recognition Financial assets are derecognised when the contractual right to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset.
e)
Impairment of Assets At the end of each reporting period, the Club assesses whether there is any indication that an asset may be impaired. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, to the asset’s carrying amount.
f)
Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.
g)
Accounts Receivable and Other Debtors Accounts receivable and other debtors include amounts due from members as well as amounts receivable from customers for goods sold in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.
h)
Revenue and Other Income Annual subscriptions are recognised in the subscription year to which they relate with amounts received prior to 30 June being recorded as unearned income at year end. Entrance fees are recognised at the time the member joins the Club. Club levies (bar & dining) charged to members, but unused at the year end, are absorbed into general revenue.
21
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 i)
Membership Borrowing Scheme Membership Borrowings (Investment Scheme) are long term borrowings which will automatically be renewed for a 12 month period on 1 July each year unless advised otherwise by the investor no later than 30 June prior. The Club retains the right to repay these borrowings at its discretion at any time. The interest paid was 3.35% for the period ended 30 June 2017. Interest is paid quarterly in arrears, unless alternative payments were requested.
j)
Borrowing Costs All borrowing costs are recognised as expenses in the period in which they are incurred.
k)
Employee Benefits Provision is made for the Club’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. 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. 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. The provision for employee entitlements to long service leave is accrued based on a percentage related to the employees’ years of service as per the policy adopted by Committee. An accrual of 25% is raised after 4 years of service, 50% after 5 years, 75% after 6 years and 100% after 7 years. Upon reaching 7 years’ service the calculation is based on the accrued hours multiplied by the employees’ pay rate. Historically long service leave has been taken upon termination and therefore on costs are not included.
l)
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 (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable.
m)
Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
n)
Accounts Payable and Other Payables Accounts payable and other payables represent the liabilities outstanding at the end of the reporting period for goods and services received by the Club during the reporting period that remain unpaid. Amounts normally paid within 30 days of recognition of the liability.
o)
Critical Accounting Estimates and Judgments The Committee Members evaluate estimates and judgments incorporated into the financial report 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 externally and within the Club.
p)
New and Amended Accounting Policies Adopted by the Entity The AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods and which the entity has decided not to early adopt. The entity does not expect these requirements to have any material effect on the Club’s financial statement.
q)
Reserves – Junior Development Fund The Club Committee resolved in June 2016 to establish and recognise a reserve account called Junior Development Reserve Fund. The purpose of this reserve is to ensure that sufficient funds are set aside for use in funding the development of junior golfers at the Club. This is treated as an equity reserve and has no impact on the financial performance or position of the Club.
22
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 2: MEMBERSHIP Subscription Fees
2017 $ 3,938,427
2016 $ 3,638,141
Gym membership fees
39,431
33,178
Locker rental fees
23,277
12,990
Buggy storage fees
66,323
66,662
Interest and direct debit fees
99,904
91,467
4,167,362
3,842,438
Green fees
419,647
448,964
Competition fees
186,397
186,234
Motorised cart fees
175,404
178,110
781,448
813,308
Bar
230,817
261,390
Catering
(17,369)
65,510
213,448
326,900
(21,231)
(22,848)
192,217
304,052
Fundraising income
27,625
36,500
Rental income
33,593
32,634
Sundry income
21,794
17,167
83,012
86,301
1,297,222
1,346,905
Depreciation
600,971
598,420
Loss / (Profit) on disposal of assets
(11,998)
(2,211)
Chemicals, fertiliser and seed
210,271
199,292
Electricity
159,999
157,144
Machinery repairs, fuel and registration
125,854
131,052
Course maintenance
270,742
228,080
50,869
41,499
2,703,930
2,700,181
NOTE 3: GOLFING ACTIVITIES
NOTE 4: HOUSE TRADING (NET)
Less Depreciation
NOTE 5: OTHER INCOME
NOTE 6: COURSE Wages and related costs
Water service maintenance
23
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 7: CLUBHOUSE Wages and related costs
2017 $ 108,282
2016 $ 8,928
Depreciation
300,094
223,514
Repairs and maintenance
127,644
74,405
Electricity and gas
67,198
100,203
Cleaning
45,214
111,685
109,269
130,157
757,701
648,892
Audit services
13,227
12,850
Bank fees
52,122
47,140
Computer maintenance
53,426
44,815
6,711
4,051
34,503
32,405
8,397
13,960
Insurance
37,335
38,895
Legal fees
1,527
11,851
58,959
99,972
184,473
171,941
1,967
2,790
Security
21,831
19,842
Stationery, printing and postage
68,419
62,486
Sundry expenses
37,886
32,706
Telephone
36,432
35,562
625,176
641,145
1,242,391
1,272,411
Clubhouse supplies and laundry
NOTE 8: ADMINISTRATION
Consulting fees Depreciation Loss / (Profit) on disposal of non-course assets
Marketing activities Rates and taxes Repairs and maintenance
Wages and related costs
NOTE 9: GOLFING ACTIVITIES Motorised carts
24
-
Repairs and maintenance
12,723
10,705
-
Depreciation
47,128
41,985
Junior golf and pennant
49,389
99,215
Professional fees
115,974
101,003
Competitions
163,001
160,048
388,215
412,956
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 10: CASH AND CASH EQUIVALENTS
Note
2017
2016
$
$
Cash at bank and on hand
479,145
486,533
Short term bank deposits
-
-
479,145
486,533
124,349
181,355
22,982
8,784
147,331
190,139
118,962
124,608
118,962
124,608
Bar
51,365
49,063
Catering
19,236
17,053
Other
27,197
29,913
97,798
96,029
118,779
109,810
118,779
109,810
24 Effective interest rate on short-term bank deposits was 0.6% (2016: 0.95%) NOTE 11: TRADE AND OTHER RECEIVABLES CURRENT Subscriptions receivable Other receivables NON-CURRENT Subscriptions receivable
NOTE 12: INVENTORY
NOTE 13: OTHER CURRENT ASSETS Prepayments
NOTE 14: PROPERTY, PLANT AND EQUIPMENT 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: Freehold Land
Buildings
Course Construction
Course Irrigation
$
$
$
$
$
2,153,451
5,236,662
3,559,736
3,200,243
1,091,817
481,629
-
15,723,538
Additions
-
157,123
18,818
58,389
385,097
63,509
15,900
698,836
Disposals
-
-
-
-
(29,833)
(1,192)
-
(31,025)
Depreciation expense
-
(258,835)
(132,806)
(246,025)
(270,576)
(95,685)
-
(1,003,927)
2,153,451
5,134,950
3,445,748
3,012,607
1,176,505
448,261
15,900
15,387,422
Balance at 1 July 2016
Carrying amount at
Plant & Furniture & Equipment Fittings $
WIP
Total
$
$
30 June 2017
25
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 14: PROPERTY, PLANT AND EQUIPMENT (CONT)
2017
2016
$
$
Freehold land At cost
2,153,451
2,153,451
2,153,451
2,153,451
8,428,152
8,287,748
(3,293,202)
(3,051,086)
5,134,950
5,236,662
4,651,742
4,632,924
(1,205,994)
(1,073,188)
3,445,748
3,559,736
5,689,369
5,630,980
(2,676,762)
(2,430,737)
3,012,607
3,200,243
3,189,168
3,110,827
(2,012,663)
(2,019,010)
1,176,505
1,091,817
1,746,658
1,794,421
(1,298,397)
(1,312,792)
448,261
481,629
15,900
-
15,900
-
15,387,422
15,723,538
Deposits – weddings and trade days
26,500
44,686
Member top ups – house accounts
27,160
25,244
Trade payables
420,785
466,063
Accrued expenses
110,982
85,511
Total trade and other payables
585,427
621,504
Buildings At cost Less Accumulated depreciation Course construction At cost Less Accumulated depreciation Course irrigation At cost Less Accumulated depreciation Plant and equipment At cost Less Accumulated depreciation Furniture and equipment At cost Less Accumulated depreciation WIP Capital works in progress
Total property, plant and equipment
NOTE 15: TRADE AND OTHER PAYABLES Current
26
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 16: BORROWINGS
Note
2017
2016
$
$
Current 1,800,000
-
1,800,000
-
-
2,800,000
2,706,015
2,417,515
2,706,015
5,217,515
2,280,810
2,120,970
2,280,810
2,120,970
Provision for annual leave
298,022
287,941
Provision for long service leave
217,745
209,314
515,767
497,255
27,570
12,368
27,570
12,368
584,831
577,773
-
-
584,831
577,773
Loan – CBA Non-Current Loan – CBA Membership Borrowings th
Maturity of Loan – CBA is 28 February 2018.
NOTE 17: AMOUNTS RECEIVED IN ADVANCE 2017/18 Membership subscriptions
NOTE 18: PROVISIONS Current
Non-Current Provision for long service leave
NOTE 19: RELATED PARTY TRANSACTIONS Key Management Personnel Short term employee benefits Post-employment benefits
Any person having authority and responsibility for the planning, directing and controlling of activities of the Club, directly or indirectly, including its Committee members, is considered key management personnel. Other related parties include immediate family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel individually or collectively with their immediate family members. Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other persons unless otherwise stated.
NOTE 20: CAPITAL AND LEASING COMMITMENTS There were no capital or leasing commitments as at 30 June 2017.
27
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 21: CONTINGENT LIABILITIES AND CONTINGENT ASSETS There were no contingent liabilities or assets to be reported. NOTE 22: EVENTS AFTER THE REPORTING PERIOD There were no events subsequent to 30 June 2017 that need to be disclosed in the financial statements. NOTE 23: CASH FLOW INFORMATION
Note
2017 $
2016 $
Reconciliation of cash flow from operations with operating surplus / deficit: Net Surplus
164,193
101,828
1,003,927
919,172
(3,601)
11,749
Non-cash items in operating surplus -
Depreciation and asset impairment
-
Net (gain) / loss on disposal of property, plant and equipment
Changes in assets and liabilities -
(Increase) / decrease in trade and other receivables
48,454
73,102
-
(Increase) / decrease in inventory
(1,769)
(3,821)
-
(Increase) / decrease in other assets
(8,969)
(3,122)
-
Increase / (decrease) in trade and other payables
132,373
199,361
-
Increase / (decrease) in provisions
33,714
93,287
1,368,322
1,391,556
Cash flow from operations NOTE 24: FINANCIAL RISK MANAGEMENT
The Club's financial instruments consist mainly of deposits with banks, short-term investments, accounts receivable and payable, short term bank bill financing and investments from members. 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: Financial assets Cash and cash equivalents
10
479,145
486,533
Loans and receivables
11
266,293
314,747
745,438
801,280
Total financial assets Financial liabilities Financial liabilities at amortised cost: –
Trade and other payables
15
531,767
621,504
–
borrowings
16
4,506,015
5,217,515
5,037,782
5,839,019
Total financial liabilities
28
ANNUAL REPORT 2017
Notes to the Financial Statements For the Year Ended 30 June 2017 NOTE 24: FINANCIAL RISK MANAGEMENT (CONT) Bank Loan Facility The Commonwealth Bank (CBA) loan facility balance at 30 June 2017 was $1.8 Million. The total facility available is $5.75 Million. The maturity date of the CBA facility is 28 th February 2018. In line with the Club’s Long Term Financial Plan, it is expected that this facility will be refinanced over the medium term. Financial Risk Management Policies Market, liquidity and credit risk arise in the normal course of the Club’s business. The overall financial risk management strategy is to seek to ensure the Club is able to fund its business plans, whilst minimising potential adverse effects on financial performance. The Committee’s overall risk management strategy seeks to assist the Club in meeting its financial targets, while minimising potential adverse effects on financial performance. Risk management policies are approved and reviewed by the Committee on a regular basis. These include the credit risk policies and future cash flow requirements. Specific Financial Risk Exposures and Management There have been no substantive changes in the types of risks the Club is exposed to, how these risks arise, the Committee’s objectives, policies and processes or managing or measuring the risks from the previous period. (a) Market risk Interest rate risk Interest rate risk on cash and short-term deposits is not considered to be a material risk due to the short term nature of the Club’s financial instruments. (b) Credit risk All cash funds are held with high credit quality financial institutions and are denominated in Australian dollars. The risk on receivables which has been recognised on the Statement of Financial Position is generally the carrying amount, net of Provision for Impairment. The credit quality of trade receivables on past due or impaired receivables is deemed good considering past history of collections. (c) Liquidity Risk The Club manages liquidity risk by continuously preparing and monitoring forecast and actual cash flows in relation to its operational, investing and financing activities, obtaining funding from a variety of sources, maintaining a reputable credit profile and only investing surplus cash with major financial institutions.
NOTE 25: CLUB’S DETAILS The registered office and principal place of business of the Club is: The Grange Golf Club Incorporated White Sands Drive GRANGE SA 5022 ABN: 66 149 441 368
29
ANNUAL REPORT 2017
Auditors Report For the Year Ended 30 June 2017
,1'(3(1'(17 $8',725¶S REPORT TO THE MEMBERS OF THE GRANGE GOLF CLUB INCORPORATED REPORT ON THE AUDIT OF THE FINANCIAL REPORT 2SLQLRQ We have audited the financial report of The Grange Golf Club Inc. (the Association), which comprises the statement of financial position as at 30 June 2017, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the certification by members of the Committee on the annual statements giving a true and fair view of the financial position and performance of the Association. In our opinion, the accompanying financial report of The Grange Golf Club Inc. is in accordance with the Associations Incorporation Act 1985 (SA), including: (i)
giving a true and fair view of the AVVRFLDWLRQ¶V ILQDQFLDO SRVLWLRQ DV DW -XQH DQG RI LWV financial performance for the year then ended; and
(ii)
that the financial records kept by the Association are such as to enable financial statements to be prepared in accordance with Australian Accounting Standards.
%DVLV IRU 2SLQLRQ 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 Report section of our report. We are independent of the Association in accordance with the ethical UHTXLUHPHQWV RI WKH $FFRXQWLQJ 3URIHVVLRQDO DQG (WKLFDO 6WDQGDUGV %RDUG¶V $3(6 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ,QIRUPDWLRQ 2WKHU WKDQ WKH )LQDQFLDO 5HSRUW DQG $XGLWRU¶V 5HSRUW 7KHUHRQ The committee of the Association is responsible for the other information. The other information comprises the information included in the AVVRFLDWLRQ¶V DQQXDO UHSRUW IRU WKH \HDU HQGHG -XQH 2017, but does not include the financial report and oXU DXGLWRU¶V UHSRUW WKHUHRQ 2XU RSLQLRQ RQ WKH financial report 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 report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report 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. 5HVSRQVLELOLWLHV RI WKH &RPPLWWHH IRU WKH )LQDQFLDO 5HSRUW The committee of the Association is responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Associations Incorporation Act 1985 (SA), and for such internal control as the committee determines is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the committee is responsible for assessing the ability of the Association to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the committee either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so. Office: 214 Melbourne Street North Adelaide SA 5006
All Correspondence: PO Box 755 North Adelaide SA 5006 Liability limited by a scheme approved under Professional Standards Legislation
30
7 (08) 8267 4777 F: (08) 8239 0895 ( admin@deannewbery.com.au
ANNUAL REPORT 2017
Auditors Report For the Year Ended 30 June 2017
$XGLWRUÂśV 5HVSRQVLELOLWLHV IRU WKH $XGLW RI WKH )LQDQFLDO 5HSRUW Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fUDXG RU HUURU DQG WR LVVXH DQ DXGLWRUÂśV UHSRUW WKDW 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Âą
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit 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 AVVRFLDWLRQÂśV LQWHUQDO FRQWURO
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the committee.
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&RQFOXGH RQ WKH DSSURSULDWHQHVV RI WKH FRPPLWWHHÂśV XVH RI WKH JRLQJ FRQFHUQ EDVLV RI accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the AVVRFLDWLRQÂśV DELOLW\ WR continue as a going concern. If we conclude that a material uncertainty exists, we are required to GUDZ DWWHQWLRQ LQ RXU DXGLWRUÂśV UHSRUW WR WKH UHlated disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit HYLGHQFH REWDLQHG XS WR WKH GDWH RI RXU DXGLWRUÂśV UHSRUW +RZHYHU IXWXUH HYHQts or conditions may cause the Association to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. DEAN NEWBERY & PARTNERS CHARTERED ACCOUNTANTS
SAMANTHA ALLARD PARTNER Signed on the 28th day of August 2017, At 214 Melbourne Street, North Adelaide, South Australia 5006.
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ANNUAL REPORT 2017
House Trading Statement For the Year Ended 30 June 2017 Bar
Sales Less: Cost of Goods Sold
2017
2016
2017
2016
$
$
$
$
1,052,326 372,797
1,112,447 363,066
1,133,126 493,205
1,220,169 520,530
Gross Profit
679,529
708,961
639,921
699,639
Gross Profit Percentage
64.57%
63.73%
56.47%
57.34%
EXPENDITURE Computer Maintenance Depreciation Marketing Member Birthday Vouchers Repairs & Maintenance Supplies & Laundry Wages & Related Costs
68 3,047 11,552 13,190 11,114 431,327
1,720 6,828 6,045 11,368 440,860
397 18,184 11,552 9,023 16,753 48,456 589,648
21,129 6,828 9,001 9,766 49,471 576,594
Total Operating Expenses
470,298
466,821
694,013
672,789
Net Operating Surplus(Deficit)
209,231
242,140
(54,092)
26,850
18,539
17,531
18,539
17,531
227,770
259,671
(35,553)
44,381
Add: Unexpended Levies NET SURPLUS
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Catering
ANNUAL REPORT 2017
Summary of Last 5 Years 2017 Number of Members
2016
2092
Subscription Rate (exc GST)
2015
2059
2014
2061
2013
2053
2089
$2,773
$2,616
$2,492
$2,378
$2,211
5.3 21 4.7
5.3 20 3.7
5.3 20 4.7
5.3 19 4.7
5.3 18 4.7
8,434
8,273
8,159
7,943
7,810
Staff (including trainees and apprentice staff) - Administration (Full-Time only) - Course (Full-Time Equivalent) - Bar & Catering (Full-Time only)
0HPEHUV )XQG V DW (QG RI <HDU ¶V
33
The Grange Golf Club Inc White Sands Drive Grange, South Australia PO Box 7462, West Lakes SA 5021 Tel 08 8355 7100 Fax 08 8355 7199 info@grangegolf.com.au www.grangegolf.com.au