FINANCE The period ended 31st March 2021 saw our first 12-month financial year for the club’s new reporting period in-line with our membership year. It is the second period of reporting that includes extensive changes made due to Accounting Standard changes. 2019/2020 was a 15-month reporting period, with the Constitutional changes around financial year timing being transitioned, which makes close comparison between years difficult. This comparison is further impacted by the impact of the COVID-19 pandemic on the 2020/2021 financial results. The period ended the 31st March 2021 reported an operating profit of $286,017. Total equity increased to $11,536,141. The club’s cash position increased by $467,509, with $917,391 available at period end. Cash flow generated from operating activities was used to fund the club’s capital expenditure programs for the year and assist with debt reduction. Total net income for the period was
$3,769,879, with total expenditure for the year at $3,483,862. The loan facility remains at $2,200,000 with $10,000 drawn down at balance date. The club entered into a new lease agreement and a new chattel mortgage agreement for Toro course equipment. Overall, the club’s total debt level decreased by $1,116,976 to $557,139. Capital expenditure for the year was $455,045, with a key project undertaken this year being the internal clubhouse renovations, with the forced COVID-19 closure allowing an opportunity to renovate the upstairs bathrooms and replace carpet throughout the building. The bar and bistro was also refurbished with new cabinetry and equipment in the bistro kitchen and the addition of a Yoder Smoker to enhance our hospitality offerings. Administration saw several PCs replaced, the construction of a new website and the purchase of a new photocopier. Course added a new ute to their fleet and other equipment including the Pro-Core & Rake-o-vac.
Membership income continued to positively increase on prior years with $2,841,666 reported for the period. Subscription income increased 5.2% over the prior period, driven by the strong interest from new Members joining the club. A total of $361,964 was invoiced for entrance fees in 2020/2021. After adjustments were applied to allow for changes to entrance fee reporting (introduced in 2019/2020), the reportable amount for the 2020/2021 year was $171,200, with an increase of $190,944 to the liability account to be applied over future years. Golf operations revenue was impacted heavily due to COVID-19, reporting a $99,284 surplus for the period. The course was completely closed to visitors from late March 2020 through to the end of June 2021. On 1st July, Members’ guests were allowed back on the course in a very restricted capacity, with this being eased as the year went on. Green fees generated from corporate golf days and group bookings was 36% of total green
Members teeing off on the 17th Photo: David Brand
2020/21 Annual Report
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