annual report - woodlands golf · 2015. 12. 24. · the tree logic report of 2010 identified over...

Years

2014ANNUALREPORT

CONTENTS

1. BOARDPROFILES

2. CAPTAIN’SREPORT

5. PRESIDENT’SREPORT

6. TREASURER’SREPORT

10. MEMBERSHIP

12. WOMENMEMBERS

15. MAJOREVENTWINNERS

16. GOLFSUB‐COMMITTEE

18. SOCIALSUB‐COMMITTEE19. HERITAGESUB‐COMMITTEE20. WOODLANDSFOUNDATION

22. CORPORATEGOVERNANCE

24. BOARD’SSTATUTORYREPORT

26. BOARDDECLARATION

27. FINANCIALSTATEMENTS&ACCOMPANYINGNOTES

39. INDEPENDENTAUDITREPORT

41. SEGMENTALFINANCIALREPORT

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BOARDPROFILES

M. Fothergill

President Joined Board August 2013

Retired

L. J. Brown

Captain Joined Board October 2007

Chartered Accountant

P.D. Tessier

Joined Board June 2009 (retired from Board Nov 2013)

Advertising Executive

J. Etherington

Honorary Treasurer Joined Board November 2010

Chartered Accountant

G.G. MacMillan

Joined Board November 2011 (retired from Board Nov 2013)

Associate Planning Director

G.M. Tansey

Joined Board November 2011 Regional Executive

R.Deegan

Joined Board November 2009 Company Director

J.L. Horton

Joined Board November 2010 Retired

M. Doutch

Joined Board June 2014 Company Director

R. J. Gribusts

Joined Board October 2006 (resigned from Board May 2014)

Local Government Officer

S. Hobbs

Joined Board November 2013 Retired

J. Carroll

Joined Board June 2014 Consultant/Chartered Accountant

G. Powerlett

Joined Board November 2013 (resigned from Board May 2014)

Company Director

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CAPTAIN’SREPORTOVERVIEWTheclubhasnowcompletedit’scentenaryyearwithallcelebrationsbeingasuccess.Thisyear’sAnnualGeneralmeetingwillbethe100thmeeting,whichisamemorableachievement.Thereisnodoubtthegolfindustryissufferingwithmorethan50%ofgolfcoursesrecordinglossesanddecliningmembership.Thistrendwillcontinueandsomeclubswillbeforcedtocloseoramalgamate.ThereforeitisimportantthatWoodlandsremainastrongandvibrantclubtobethepreferredclubofchoice.Thetreasurerwillreportindetailyearendresultsbutinsummary,theclubreportedalossfortheyearof$248,152. This resulted after the deduction of depreciation (a non cash item) of $486,699. Earningsbeforedepreciationwere$238,547.Itisdisappointingtohaverecordedalosshoweverbudgetstepsareinplacetoturnthisaroundwithcostreductionmeasuresandimprovedtrading.The2014/15budgetisaimedatachievingaprofitandiscurrentlyoncoursetoachievesuch.COURSEThereisalwaysmuchconjectureaboutthemanagementofthecourseandtheenvirons.Therehavebeenmanydiscussionsrelatingtotreemanagementandthefactthatanumberoftreeshavebeenremoved.Thetreelogicreportof2010identifiedover400treesthatneededeitherremovalorattentioninsomeway.Thetreesthathavebeenremovedweredonesoforsafetyreasons,wrongspeciesorwereplantedinwrongareas.Wehavea3yearprogramoftreemaintenancethataddresstheissuesandhavecompletedthefirstyear.Therehavebeenmanyhundredsoftreesplantedaroundthecourseandbearinmindthereareover10,000treesonthecourse.Duringtheyeartherehavebeenconsiderablecourseworkscompletedincludingbutnotlimitedto:

1st–revegetationofthetreelinebetweenthefairwayand2ndtees,deadtreeremovalattherearofthegreenandrevegetate

3rdgreen–re‐profileandreplacewithMcKenziebentgrassincludingreshapingtheleftfairwayandrightshortofthegreenincludingbunkerdrainageandrevegetationtotheleftofthegreen

7thfairway–prunedencroachingtreelineontherightofthefairway 8th–re‐contouringoftherearofthegreenimprovingplayabilityandconstructionofanew

pathwayattherearofthegreentothe9thtee 10thgreen–re‐profileandreplacewithMcKenziebentgrass,reshapingandgrassingthe

surroundswithfescue,extendthefairwayontherightandpruningandupliftingofCoastalteatree

11th‐Revegetationofthesandywasteareablendingintothe12carry 16th–Constructedanewpathwayaroundthegreensidebunkerandtothe19thteesforcarts

andrevegetatetherearofthegreensidebunkerincludingreconstructedbunkertongue 19thConstructionofanewfescueturfnursery

Asnotedpreviouslythemajorproblemswiththeoldgreensisthehighlevelofthatchthathasbeenbuiltupovermanyyears.Whatispleasingisthatduringtheyearwewereabletoreplacetwogreensbeingthe10thand3rd.The3rdgreenwasconstructedwithfinancialassistancefromtheWoodlandsFoundationforwhichwearemostgrateful.Whenlookingatthegreenreplacementprogramwearemostfortunatetohaveagreatassetinthe19thholetobringintoplay.AlsotherehavecontinueddevelopmentandestablishmentoftheSantaanaintothefairways,thegrowinginofallnewgreensandsurroundsandthedevelopmentofabiologicalprogram(composttea’s)thatisprovingtobeverysuccessfulwiththereductionintheuseoffungicides.What has been extremely disappointing is the continued lack of care for the course. Far too manymembersdonotseetheneedtorepairpitchmarksordivots.Thequestionis,isthislackofeducationorpureignorance.Allmemberstakeresponsibilityforthecoursecare“respectforfellowmembers”.

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MEMBERSHIP

Thereisnodoubtthelifebloodofaprivateclubismembershipandmaintainingnumbers.Attheendoftheyearwehadatotalof1,200memberscomparedwith1,150lastyear.Inthecurrentclimatethisisanexcellentresultandfullcreditmustbegivetothemembershipsub‐committeeledbyMartinFothergillwhohaveinitiatedanumberofcampaignstoattractnewmembers,themostnotablebeingthefamilymembership.Whilstouroverallnumbershaveincreasedthishasnotbeenreflectedinanincreaseinsubscriptionrevenue,howevergoingforwardtheimprovedmembershippositionwillreflectpositively.Wemustcontinuetostrivetoattractnewmembersandourbestambassadorsarethecurrentmembers.ToallthosenewmembersthathavejoinedduringtheyearIwishyoumanyyearsofenjoyablegolfandfriendshipsatWoodlands.

STRATEGICPLAN

OurStrategicPlanfor2014‐2017wascompletedattheendoflastyear.IntheplanthereareanumberofstrategicpillarswiththekeyonesbeingTheCourse,Golf,Membership,Finance,Social,Communication&ServiceandGovernance.AtthecentreoftheplanisourcorevaluesbeingRespect,Excellence,Fellowshipand Transparency, termed the “Woodlands Way”. There have been many advances in the desiredoutcomes and key initiatives which are monitored by each sub‐committee including the StrategicPlanningGroup.Thereisnodoubttheplanisaroadmapforthefuture.MERGEROPTIONSTheStrategicPlanstatedoneofthe2017desiredoutcomeswastofullyexploreallmergeropportunitiesandpartnerships.WiththatinmindandnotingdecliningmembershipandfinancialconstraintstheBoardhasmovedtoseekopportunities.Therehavebeenanumberofpartnershipdiscussionswithotherclubswhichrelatesolelytoachievingcostsavings,howeverthesehavenotbeenprogressedtoanysatisfactoryoutcome.AnopportunitywaspresentedtousbyRossdaleGolfClubwhosuggestedtheymaybepreparedtosellsomeoftheirlandandcreateamergedentitywithusandPattersonRiverGolfClub.Unfortunately Rossdale have recently indicated they will not be proceeding at this time. We willendeavourtocontinuedialogueandseekalternatives.

MANAGEMENTANDSTAFF

Ourthanksgotoourentiremanagementteam.AspecialmentionmustbemadeofourretiringGeneralManagerJohnStampwhohasmadeanenormouscontributiontothecluboverthepast7years.HehasencouragedanddevelopedamanagementteamwhichwithhisguidancehasseentheappointmentoftheassistantmanagerRichardTullbergtotheGeneralManagerpositionandNicoleTaylorelevatedtothepositionofManagerFinanceandAdministration.Johnhasalsoworkedcloselywiththecoursestaffindevelopingthevegetationplan.WemustnotforgetJohnwasinstrumentalinoverseeingthedevelopmentoftheclubhouse.WeallwishJohnwellforthefuture.RichardTullbergandNicoleTaylorhaveworkedtirelesslythroughouttheyearandarenowrelishinginthemostseniorpositionsintheclubmanagement.OurCourseSuperintendent,RodTatt,assistedby JamesNewellandKateGeorge(seniorhorticulturist)andtheentirecoursestaffhavedoneanexcellent jobwiththeoverallpresentationofthecoursegivenbudgetrestraints.Theireffortsonandaroundthecoursehavebeenoutstanding.Itisashamethatwewillbe losing Rod Tatt but am sure a suitable replacement will be appointed, one who understands theintrinsicvaluesofthecourse. Onceagainthefoodandbeverageteamprovidedahighstandardofservicetomembersandguests.Theireffortsgolargelyunnoticedasmanyfunctionsoccuroutsidenormalmemberattendancetimes.

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Ournewdirector of golf Jason Simmons came to us in January fromRoyalMelbourne andhashad animmediateimpactwithnewideasandafriendlyapproachwhichhasseenavastimprovementinmemberservices.TheotherGolfServiceCentrestaffarealsoatthecoalfaceandhavedoneanoutstandingjob.

BOARDOurpresidentMartinFothergilldeservesspecialmention.Hestepped intoadifficultroleandhasbeenoutstanding.Hismanagementofmembershipandcommunicationshavebeenfirstclass.Hehastakenonmuchresponsibilityandhasbeenamajorguidance inclubaffairs.My thanks foryour time,effortandenthusiasm.Iwish toalsomakea specialmentionof ourTreasurer JohnEtheringtonwho is steppingdownat theAGM. He has done an outstanding job over the past 3 years. His knowledge and experience has beenextremelyhelpfulinguidingthefinancialaffairsoftheclub.The Board has seen somemovements during the year with the retirement of Ray Gribusts and GaryPowerlett.Iwishtothankthemfortheircontributiontotheclub.Atthisyear’sAGMwewillalsoseetheretirement of Judy Horton and having served on the ladies committee has contributed an enormousamountoftimeandeffortandthankherforhercontribution.IalsoexpressmyappreciationtotheotherBoardmembers inRobDeegan, GordonTansey, SharonHobbs,MichaelDoutch and James Carroll, thelattertwobeingelectedtofillcasualvacancies.GOLF

ToallmajoreventswinnersduringtheyearandparticularlytoourclubchampionsMattLedgerandTamaraSingham.Thepennantteamshadanindifferentyear.Themen’sseniorteamwasrelegatedtodivisiontwowhilstthecoltsretainedtheirpositionindivisiontwo.Thewomen’sdivisiononeteamandthematchplayteambothretainedtheirpositionshavingplayedverycompetitivelythroughtheseason.ThejuniorpennantmustnotbeforgottenastheseyoungplayersbeingguidedandcoachedbySteveHorstmannwerenotjustfineyoungambassadorsoftheclubbuttheyalsohighlightedtheexcellenceofthejuniordevelopmentprogram.ManagedbyStevetheteamsofyoungplayerswillresultintheclubcontinuingtoproduceyoungplayersthatcancompeteatahigherlevel.Specialthankstoallthepennantmanagersspecifically,MichaelO’Brien,SteveHorstmann,KayMahlookandHelenPearce.MentionmustalsobemadeofourteachingprofessionalsinSteveHorstmannandEthanCowdenwhoarebothexcellentteachersandgainpraisefrommanymembers.APPRECIATIONMythanksgototheladiesthatservedontheWomen’sCouncil.TheWomen’sCaptainKayMahlookandWomen’sPresidentTriciaMcCormackledanenthusiasticanddedicatedteamthatensuredthewomen’seventsandsocialactivitiesransmoothly.TothemanyothervolunteersthatassistedtheClubinsomanydifferentwaysduringtheyear,includingpennant caddies, working beemembers, centenary volunteers and those that providedmoral supportthankyou.TheHeritageGroup,TheWoodlandsFoundationTrusteesandthemanymembersthatservedon committees your efforts do not go unnoticed and on behalf of all the members I thank you mostsincerely.LindsayBrownCaptain

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PRESIDENT’SREPORTOverthelast12monthsourgreatClubhasrespondedwelltothechallengesthegolfingindustryhasbeenbringingus.Whilstwehearandreadaboutmanyclubsclosing,losingmoneyandhighmemberattritionrateswehavebeenproactiveinourapproachtomeetthesechallengesandmanyofthekeyinitiativesofourStrategicPlanhavehelpedustoachievethese.SUBCOMMITTEE’SThroughtheintroductionandexpansionofthevarioussub‐committeeswehavebeenabletocalluponthetalentsofawidercrosssectionofourmembersandwethankthemfortheirsupportandinput.Wehaveseenover170newmembersjoinWoodlandsoverthelast12months,whichisagreatresult.WhilstthefamilyandformermembershipinitiativecertainlyhelpedtobolsterthisnumberitisstillpleasingtoreportthatwehaveseenmanynewmembersjoiningthroughgeneralenquiriesandalsoweshouldnotlosesightthatwearegeneratingnewmembersthroughotherareassuchasgueststhatareattendingourgreatsocialeventsandsuchpromotionsasGiveGolfaGo.Ourkeyambassadorsareofcourseyoutheexistingmembersopleasekeepupthegoodwork.Whatagreatsocialcalendarwehavehadthislastyear.Wehaveseenalargeincreaseinattendanceatmanyfunctions.SomeneweventshavetakenplacesuchastheverysuccessfulCasualFridayNightDinners,theverywellsupportedNineandDineshavebeenagreatsuccessandwehaveenjoyedmanyothereventsthroughouttheyear.Welldonetosocialteamandthankyouforyoursupport.CommunicationaroundtheClubIfeelhasimprovedbybeingmoretransparentandinclusiveandthishasbeendeliveredthroughvariouscommunicationmethods.WehavetriedtoensurethatmembershavebeenkeptuptodateastohowtheClubisprogressingandwhatplanswehaveinplace.Thishasbeencommunicatedviathewebsite,emails,informationeveningsandthegoodoldfashionedpaperbasedinformationonournoticeboards.WehaveseenGolfServicesandtheGolfSubCommitteeworkingproactivelytogethertodeliveramuchimprovedservicecentre.Wehavearetailstrategy/offeringthatisdeliveringaservicethatyouthemembersshouldexpectandamuchmorerefinedanddefinedgolfingexperience.VOLUNTEER’SWhetheritisregularworkoutonthecourse,specialworkingparties,supportingthesub‐committees,Women’sCouncil,Foundation,Heritage,Pennantandmanymore,thankyouverymuch.Wereallycouldnotworkaswellaswedowithoutyou.STAFFWhenindustrychangesitquiteoftenbringsadifferentapproachastothewaywewillmeetthechallengesahead.WehaveanewmanagementteaminplacewithRichardTullbergandNicoleTaylorheadinguptheoperations;JasonSimmonsasDirectorofGolfismakingadifference;areplacementCourseSuperintendentissoontobeinplace.WewillalsobebolsteringtheteamwithaSalesandMarketingpersontobemoreproactiveintheareasofmembershiprecruitment,corporatefunctions,localbusinessparticipationandgeneraluseofourfacilities.Thiswillbeachievedbyactivedirectmarketingandtheuseofsocialmedia.Thankyoutoallthemanagementandstafffortheirserviceandsupportoverthelast12months.THEFUTUREInterestingtimesaheadforourClubandtheindustryasawhole.WeneedtosecurethelongtermfutureoftheClubbybeingproactiveinhowweapproachthechangingmarketofreducedmembership.WeneedtoensurethatwearerunningacosteffectiveClubthatoffersthebestpossiblevaluetoourmembership.SuccessfulclubswillbethosethatareactiveinfindinglongtermsolutionsandIamconfidentWoodlandswillachievethis.

MartinFothergill

President

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TREASURER’SREPORT

2014 2013 Difference %

REVENUE $ $

Membership 2,450,813 2,498,859 (48,046) 1.9-

Trading 2,018,780 1,846,362 172,418 9.3

Finance/Other 347,261 400,358 (53,097) 13.3-

4,816,854 4,745,579 71,275 1.5

EXPENDITURE

Membership 3,253,474 3,050,407 203,067 6.7

Trading 1,537,797 1,354,781 183,016 13.5

Finance/Other 273,735 338,414 (64,679) 19.1-

5,065,006 4,743,602 321,404 6.8

SURPLUS/(DEFICIT)

Membership (802,661) (551,548) (251,113) 45.5

Trading 480,983 491,581 (10,598) 2.2-

Finance/Other 73,526 61,944 11,582 18.7

(248,152) 1,977 (250,129)

SUMMARY OF OPERATING PERFORMANCE

TheresultsoftheClub’sthreeareasofoperationsaresummarisedaboveandthecomponentsofthesebalancesaredetailedinthesegmentalfinancialreportatpage44oftheAnnualReport.Thefollowingcommentsaremadeinrespecttothefinancialperformanceoftheseareas.MembershipThe$48,046(1.9%)declineinmembershipincomefromthepreviousyearisrepresentedbya$35,236(1.7%)decreaseinannualsubscriptionincome,reflectingtheattritionratesandmemberstransferringtocheapermembershipcategoriesmorethanoffsettingthe5%increaseinsubscriptionratesanda$26,994(21.9%)reductioninentrancefeesduetomanynewmembersnotbeingrequiredtopayanentrancefeeundertheCentenaryMembershipinitiative.Thesedecreaseswerepartiallyoffsetbyanincreaseof$14,184(4%)inmembershipservicesincome,representedbya$13,081(15%)increaseinlessonsandclinicstuitionincome.The$203,067(6.7%)increaseinmembershipexpenditurefromthepreviousyearisprimarilyrepresentedbya$129,553(18%)increaseinadministrationandgeneralexpenses.Themajoritemscontributingtothisincreasewerewagesandsalaries$69,795(16.4%)andoneoffcostsincurredinrespecttothestrategicplanof$29,994andthecentenarycelebrationsof$22,885.Inadditiongolfserviceswagesandsalariesandtuitionexpensesincreasedby$45,157(16.7%)reflectingchangestogolfservicesstaffing.Theabovedecreasesinmembershipincomeandincreasesinmemberexpenditureresultedina$251,113(45.5%)increaseinthedeficitfrommembershipactivitiesto$802,661.AmajorpriorityoftheBoardhasbeentoreversethistrend.AsaconsequenceoftheexcellentworkdonebyMartinFothergillandhisMembershipCommitteeweareforecastingforthefirsttimeinthreeyearsanincreaseinmembershipandentrancefeeincomeinthe2014/15year.InadditionadetailedreviewofexpenditurebytheFinance,GolfandCourseCommitteeshasidentifiedafurtherbudgetedreductionof$103,000(3.2%)inmembershipexpenditureinthe2014/15year.TheaboveinitiativeshavebeenfundamentaltotheClubbudgetingforasmalloverallsurplusin2014/15.

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TradingTheClub’soveralltradingrevenueincreasedby$172,418(9.3%)withrevenueincreasinginalltradingoperations(greenfees$13,632(4.6%),foodandbeverage$135,742(10.3%)andgolfretail$23,044(9.7%)).TheincreasedfoodandbeveragerevenuereflectedtheClub’scentenaryactivitiesandtheincreasedmember’sfunctionsandRobDeeganandhisSocialCommitteearetobecomplimentedfortheircontinuinginitiativesinpromotingthesememberactivities.TheincreasedgolfretailrevenuehasoccurredsincetheappointmentofJasonSimmonsasDirectorofGolfandreflectstheincreasedserviceandproductofferingsnowbeingprovidedtomembersbyJasonandhisteam.Whilefoodandbeveragemarginswerelargelyunchangedfromtheprioryear,houseexpensesincreasedby$86,300(12.2%).Thiswasaresultofincreasedstaffnumbersusedatthecentenaryandmemberfunctions.Theprofitmarginongolfretailsalesalsoreducedfrom30.8%to24.3%,reflectingthesellingofslowmovingsockatreducedmargins.Despitetheincreaseintradingrevenuetherewasasmall$10,598(2.2%)reductionintheoveralltradingmargin.In2014/15seniormanagementwillbeworkingdiligentlytoimprovemarginsandstaffefficienciesinfoodandbeverageandtheBoardisconfidentthatourgolfretailsalesandmarginsimprove.Theseinitiativesshouldresultinstrongandimprovedtradingresultsin2014/15.FinanceandOtherTheClub’ssurplusfromfinanceandotheractivitiesincreasedby$11,582(18.7%)to$73,526.Thisincreasewastheresultofthereducednetinterestexpenseof$40,352(13%)duetolowerinterestratesandrepaymentofdebt,offsetbya$17,194(5.2%)reductioninincomefromthebuildinglevy.FUTUREOPERATINGOUTLOOKThe2013/14financialyearwasalwaysgoingtobeachallengingonefortheClubaswegrappledwiththeneedtostabilisereducingmembershipincome,improveourtradingresultsandjudiciouslyreduceourexpenditures.ThroughthevariousinitiativesoftheMembership,Social,Golf,CourseandFinanceCommitteeswehavemadegoodprogressinalltheseareas.AspreviouslyadvisedattheMay2014MembersInformationNight,wearebudgetingtomakea$52,000surplusin2014/15whichrepresentsasignificantturnaroundfromthe2013/14result.HowevertheBoardisconfidentthatwithacontinuationofthemomentumandinitiativesgeneratedfollowingcompletionoftheClub’s2014–2017StrategicPlan,thatthisturnaroundcanbeachieved.Thisissupportedbyourresultsforthethreemonthsto30thSeptember2014whichareinlinewiththe2014/15budget.

2014 2013 Difference %

ASSETS

Cash at Bank and on Deposit 375,038 810,321 (435,283) (53.7)

Current and Financial Assets 342,308 361,624 (19,316) (5.3)

Course, Plant and Equipment 8,867,588 9,336,927 (469,339) (5.0)

9,584,934 10,508,872 (923,938)

LIABILITIES

Financial Liabilities and Provisions 520,380 453,789 66,591 14.7

Subscription in Advance 431,646 774,024 (342,378) (44.2)

Bank Debt 3,200,000 3,600,000 (400,000) (11.1)

Members Interest Bearing Deposits 950,000 950,000 -

5,102,026 5,777,813 (675,787)

NET ASSETS 4,482,907 4,731,059 (248,152) (5.2)

FINANCIAL POSITION

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FINANCIALPOSITIONDuringtheyeartheClubreduceditsdebtlevelsby$400,000withcashreservesreducingby$435,283to$375,038.Fixedassetbookvaluesdecreasedby$469,333reflectingdepreciationinexcessofcapitalexpenditure.Thesubscriptionsinadvanceliabilitydecreasedby$342,378,reflectingmembersdeferringtheirpaymentof2014/15subscriptionsuntilJuly2014.WhilethefinancialpositionoftheClubissoundintheshortterm,areturntotheoperatingsurplusasbudgetedforinthe2014/15andachievingcontinuingsurplusesiscriticaltotheClub’sfinancialstrengthinthemediumterm.

2014 2013

CASH INFLOWS FROM OPERATIONS

(Loss )/ Profit from Operations -248,152 1977

Depreciation 486,699 507919

Changes in Working Capital -227,430 -118702

11,117 391194

CASH (OUTFLOWS) FROM INVESTING ACTIVITIES

Capital Expenditure -29,418 -139662

19th Hole Donations 5,779 36081

Proceeds from Fixed Asset Sales 18000

-23,639 -85581

CASH (OUTFLOWS) FROM FINANCING ACTIVITIES

Proceeds from Borrowings 22035

Repayment of Borrowings -422,760 -520924

-422,760 -520924

TOTAL INCREASE/(DECREASE) IN CASH FUNDS -435282 -215310

SUMMARY OF CASH FLOWS

CASHFLOWSTheClub’scashreservesdecreasedby$435,283comparedtoadecreaseincashreservesintheprioryearof$205,310.ThisdecreasewasprimarilyduetothepaymentoftheSeptember2013bankdebtinstalmentof$400,000,withtheClubachievingasmallcashsurplusof$11,117fromoperations.Atthe30thJune2014theClubis$700,000infrontofitsBankrepaymentschedule.GiventhecurrentmergertalkswithRossdaleandPattersonRiver,theBoarddecidedtoreducetheSeptember2014bankdebtinstalmentfrom$400,000to$200,000,pendingtheoutcomesofthosediscussions.TheClub’scashreservesremainsoundwithavailablecashat30thSeptember2014being$1.1million.FINANCESUBCOMMITTEE.TheFinanceCommitteeofJohnEtherington(Chairman),LindsayBrown,MartinFothergill,JamesCarroll,ShaneCrockettandSeelanSinghammetfourtimesduringtheyear.InadditiontomonitoringtheongoingfinancialperformanceoftheClub,theCommitteealsoassessedtheClub’sprogressinachievingthekey2014‐2015FinancialPillarinitiativesasdetailedinthe2014‐2017StrategicPlan.IwouldliketoacknowledgeandthanktheCommitteemembersfortheirassistanceandsupportthroughouttheyear.

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THANKSIwouldliketoformallyrecordmyappreciationoftheeffortsandsupportofthefinanceandadministrationstaff(NicoleTaylor,NadineMargheriti,GeorgiaCareyandLouiseCooper),inthesmoothdaytodayrunningoftheofficeandattendingtotheClub’sfinancialaffairs.WiththedepartureofJohnStamp,NicoleTaylorhasbeenrequiredtotakeonadditionalfinancialandmanagementresponsibilitieswhichshehasdonemostcapably.SheistobecongratulatedonherwelldeservedpromotiontoManagerFinanceandAdministration.FinallyIwouldliketothankJohnStampforhissupportandexpertiseinmaintainingstrongfinancialcontrolsandprocessesduringhistimeasGeneralManagerandwishRichardTullbergeverysuccessinhisnewrole.JohnEtheringtonHon.Treasurer

3rdgreenrenovation

10thgreenrenovation

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MEMBERSHIP

NEWMEMBERSWewouldliketowelcomethefollowingnewandformermemberstotheClub:

MarcusAmon MichaelConstable SusanHetherington WarrenMcLaren BeauScharenguivelRhysAndrew CharlieConstable RobertHetherington JohnMcLauchlan MadisonScharenguivelMilesAndrew DeanCowden AndrewHobbs AnitaMcLauchlan WilliamSchwarzenbergBrianAndrews WendyCoxhead JeffreyHogg ChristopherMcNicol MatthewShanksWayneArthurs MargaretCroker SamHolland TonyMerrick AryanSharmaDouglasAshman JackDalton LachlanHolman BenMillgate GregorySkeltonStuartBaker SamuelDalton AnthonyHolman AndrewMirams MelvynSooAlistairBarkhouse AmelieDart‐Fagan MitchellHumbert StevenMorris PatriciaSooStevenBaron RodneyDavey NarelleHumbert AnthonyMurphy AnthonyStavridisNicholasBez LeighDeagan SarahHunter AndrewNicoll DavidStevensonLucasBigwood NedDoran RodneyHutson DavidNicoll GeraldStutterdJosephBishop LukeDowney JamesInglis PaulO'Brien DanielStutterdBronwynBishop FionaDoyle RichardIronmonger StephenO'Connor SteveSullivanPamellaBoyd AlanDrummond RobertIronmonger MaxwellOldham DouglasThompsonMichaelBozikis MarkDunn DamonJacobs HelenO'Sullivan NicholasThorburnGeorgeBozikis ZacharyDworkis KobeJacobs MichellePaez‐Kirkland ChristopherThorpeAngeBozikis PaulEagling SeanJencik PaulParakilas MarciaTrebilcockNickBrennan HelenEagling ShuhanJia JanPersson RenaeTroupPaulBrown GlennEdbrooke TimJohns JillPettit IainTroupJudithBruce TomEdwards DamonKelly ChristopherPettit JimTzivakisWilliamBurgess NeilEvison GuyKerr MurrayPitts CameronVorrathChristopherBurgess MarkFautley PeterLane MarikaPluta SineadVorrathPaulBurke ChristineFraser MichaelLenarduzzi LeannePodesta AdamWaitesThomasBurn NancyFuller EvanLeonard EnioPozzebon DavidWalshAndrewByrns BodieGardner ZaineLeonard AedanPragnell StephenWardThomasCameron KatrinaGaskell MatthewLewin StevenPragnell StephanieWeeAidanCarroll VirginiaGaskell JohnLisica RhysPresnell TimothyWeeCarterGrangeHomesP/L LizbethGilchrist DeborahMaddison KirkPresnell ColleenWennMatthewCauchi SimonGilding BrendenMair BrendanRees FraserWiknerJohnCauchi SandraGirvan TerryMartin MarkReimann LukeWilkinsonTrentChamberlain ChristopherGraham JudithMatulick IreneRichardson BrettWillmottJackChamberlain BrettHampton TrevorMcCann DamianRies KuanWongSeanChamberlain CharlesHarley SandraMcCann StephenRies SimonWoolleyPhillipChamberlain RobertHarris AlexanderMcDonald RollspackP/L DavidYoungSabinoChoi CameronHaynes GraemeMcDougall GeorgeRowlands OwenYoungMargaretClemens IanHeath BrendonMcEniry TrudyRundle CameronClemens MatthewHecker JonathonMcEniry JonathonSalvage DanielColeman SamuelHecker WendyMcEniry SvendSamild MargotConroy MatthewHerman PatrickMcEniry PamelaSaul

Membership Category

Ordinary 330 333 24 20 354 353

Provisional 0 0 0 0 0 0

Intermediate 118 112 110 100 228 212

Intermediate Ordinary 0 0 0 0 0 0

Weekday 1 1 2 3 3 4

Junior 38 22 2 2 40 24

Member U35 (18-20) 8 11 1 2 9 13

Member U35 (21-24) 17 22 2 2 19 24

Member U35 (25-29) 41 36 2 2 43 38

Member U35 (30-34) 41 51 2 1 43 52

Non Playing/Absentee 197 170 37 38 234 208

Incapacitated 3 4 0 0 3 4

Country 64 62 5 6 69 68

Life & Senior 44 51 19 20 63 71

Honorary Life 3 3 0 1 3 4

Honorary 7 6 3 2 10 8

Social 26 20 38 33 64 53

Business 11 11 1 0 12 11

Corporate 3 2 0 0 3 2

Temporary 0 1 0 0 0 1

Total 952 918 248 232 1200 1150

Male Members 2014 Male Members 2013 Lady Members 2014 Lady Members 2013 Total Members 2014 Total Members 2013

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MEMBERSHIPCONT.

OBITUARYItiswithregretthatwerecordthepassingofthefollowingmembersduringtheyear:

PegCritchley–Aged99JohnDawe–Aged85JamesDickie–Aged73MaxEiseM.B.E–Aged98JackFisher–Aged86

JimGabriel – Aged86BethRitchie–Aged82KevinSheedy–Aged83MarjStevenson–Aged82FrankWardJr–Aged52

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WOMENMEMBERSFromtheWomen’sPresident TheWomen’sCouncilatWoodlandshavebeenanamazingteamtoworkwiththroughout2014;weseemedtohavehadaneventeveryfewweeksthroughouttheyearandeveryonewasrunsuccessfully.TheCouncilconsistsofKayMahlook,HelenPearce,SueGollings,HelenNorton,RobynCashion,SueClarkeandJoEdwards.ThesewomenhavearrivedattheclubveryearlybeforeeacheventandhavespentmanyhoursensuringthateveryfunctionsuchasthehostingofPennant,Interclub,FridayMatchplay,twoGuestDays,ourWoodlandsBowlandtheAnnualOpenDayallrunsmoothly.ThemajorityofeventsrunbytheWomen’sCouncilthisyearinvolvedtheuseofthediningroomwhereourchefParteekSharmaandhisteaminthekitchenprovidedstunningmealsthatwerealwayscommentedonbyallvisitorsandmembersalike.TheFrontofHousestaffleadbySeanKeenanalsodeserveourthanksfortheefficientandfriendlymannertheyservedallmealsandofcoursetheProShopstaffwhooftenhavetoregistermanyvisitorsandcheckresultsinashorttimeframeforallthesespecialevents.ThisyearweworkedwithSteveHorstmannandEthanCowdentointroducetheProgramsetupbyGolfVictoriacalled“GiveGolfAGo”whichhasresultedinseveralnewfemalemembersjoiningandlearningtoplaythischallenginggame.TheseclinicscontinuetoattractnewwomenandtheyaremadetofeelwelcomebytheWomen’sCouncilandmemberssuchasLouiseSimpsonwhohasbeenverygenerouswithhertimesupportingthesenewplayers.WefarewellthreemembersofourCouncilattheendoftheyear,HelenPearce,HelenNortonandJoEdwards.HelenPearcehasbeenmanagerofInterclub,MatchplayandassistanttoKayinmanagingPennant.HelenhasalsoruntheBowlseventsforthelasttwoyearsandhasshownherwonderfulorganisationalskillsinmanagingbookingsheetsfortheCouncileachweekandisalwaysavailabletoassistinanyarearequiredattheclub.HelenNortonhadahugejobasmanagerofcon‐currenteventswhichrequiredthecheckingofallcardseachweekaswellastheroleofTreasurerfortwoyears.HelenhasalsobeengenerouswithhertimeandskillsinprovidingbeautifulsucculentsforthelockerroomaswellasalargeonetorafflefortheOpenDay.JoEdwardsissteppingdownasTreasurerbecauseofanincreasingworkloadinvolvingherfamilybutwearedelightedtohearthatsheisstayingonaspartoftheSocialCommitteeandhelpingruntheverysuccessfulNineandDineprogram.JodidawonderfuljobsellingraffleticketseachweekandthesealongwithourOpenDayinSeptembermeantwewereabletogivetheMotorNeuroneDiseaseAssociation$11,000alongwiththeWoodlandsFoundationatotalof$3,675whichwasthegreenfeesfromthisverysuccessfulday.SpecialthanksmustalsogototheadministrationstaffLouiseCooperandGeorgiaCareyfortheefficientand professional manner in ensuring that all events ran smoothly. Also thanks to our new ManagerRichardTullbergandheadofFinanceNicoleTaylorwhoalongwiththeBoardarealwaystheretosupportusinourevents. TriciaMcCormackWomen’sPresident

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FromtheWomen’sCaptain Thewomen’snormalprogramofevents,playedonWednesdays,MondaysandSaturdays,includesmorethan60specialevents.ThenumberofwomenplayersseemstobefallingsoitisimportantthatweattractnewwomentotheClubandhelpthemfeelcomfortableinthefield.AclinicdaywasconductedinOctober2013whereover30womenreceivedadayofinstructionfromfourprofessionals.Anewmembers’daywasheldinMayforover20newwomentoplaywiththeCouncilandtomeeteachother.Ourmembershave also competedoutside the club, contesting clubBowls, Golf Victoria events and social exchanges,suchasourannualgamewithFlinders.SoonWoodlandswilltraveltoGrangeGCinAdelaideforateamchallenge. Atthebeginningof2014weexperiencedtheintroductionofSlopeandGAHandicaps.Howthissystemaffects thewomen’sevents in theclub is stillbeingworked through.At least theSlopesystemenablescompetitionstobeheldfromdifferentsetsoftees.Theestablishmentthisyearofourshortcourse,withJadetees,allowsthenewergolferstogainhandicapsoffashortercourse,andenjoytheirgolfmoreuntiltheirskillsimproveenoughtotackletheredtees.Wehaveevenintroducedanewevent–TheJadeTeeChampionship–whichshouldbegreatfunforeveryone.The Open Championship held in February was affected by extremely hot weather. Congratulations toTamara Singham who defeated Angela Dunn to win her first Club Championship. Tricia McCormack,JilanneDeeganandEricaJoneswontheMinor,C‐GradeandVeterans’Championshipsrespectively.Inthe2014PennantandMatchPlayCompetitionsWoodlandsfinishedcreditablyin6thand5thpositions.Avoidingrelegationcanbealmostasexcitingascontending for the topspot.Twenty twoplayerswereusedduringtheseason.BothteamsrepresentedWoodlandswithenthusiasmandallplayersenjoyedthechallengestogether.Manythankstothecaddies,andtoHelenPearce,ManageroftheMatchPlayteam.

Women’sMetropolitanPennantTeam Women’sMetropolitanMatchplayTeamDivision1 Division2

KayMahlook(Captain&Manager) HelenPearce(Manager)KerryArthurs MarnieArmstrongAngelaDunn KerryArthursJacquiFlinn JanCriswickJacquFurlong VickyDavey

CourtneyHaddon AngelaDunnBridgetHill JessieJiaJessieJia EricaJonesEricaJones KayMahlook

NadineMartin LynMerrickIndiaMatthews IndiaMatthewsMarikaPluta BevManallack

TamaraSingham KateMertaKathySmith BelindaPittsJulienneSoo MarikaPluta

INTERCLUBTheInterclubteamscompetitionisalsoveryimportantforClubmemberswithagreatteamspiritshownbythe15orsoSquadMembers.WoodlandsfinishedsecondtoCommonwealthinoursectionandcanbeveryproudofsuchagoodresult.HelenPearcewasagaintheenthusiasticanddiligentManager,assistedbyRobynCashion.IwouldliketothanktheWomen’sCouncil fortheirhardworkandsupport.Theyareagreatteamandthey know that I could not possibly do the job of Captain without them. On our big days – hostingPennant,hostingMatchPlay,theWoodlandsBowlandOpenDay– it isallhandsondeckfrom7amtillstumps.IthankthemallandhopethattheyenjoythecamaraderieofworkingonCouncil.

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Tricia McCormack is an amazing Women’s President, who not only fulfils her role with grace andefficiency, but she leads us all in dotting the i’s and crossing the t’s to make sure each event runssmoothly. Inaddition toherworkasWomen’sPresident,Tricia serveson theMembershipCommitteeand the Social Committee. Everyone should realise the huge amount of extra time she has given toinitiatingandco‐ordinatingfiveseriesofclinicsforbeginnerwomenundertheGive‐Golf‐a‐Goprogram.Thisprogram,with its follow‐up9hole games, has attractednewwomen to theClub, hashelpednewmembers to improve their golf and has created an environment to make new women players feelcomfortableandwelcomeatWoodlands. KayMahlookWomen’sCaptain

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MAJOREVENTWINNERSWecongratulatethefollowingMajorEventWinnersfrom2013/2014

MEN’SClubChampionship MattLedger

MinorChampionship GregHolman

CGradeChampionship BillRowley

JuniorChampionship DaleCrothers

SeniorChampionship MichaelMeneghini

BertClayTrophy MattLedger

BroomhallShield AaronCousins

J.R.LovettShield PercTowan

MayfieldTrophy DaleCrothers

WoodlandsShield MichaelMeneghini

AutumnTrophy RichardHerman

BlackThursday

LesSzabo,FrankCusmano,GrahamRoutandGeoffShields

Captains’Putter SteveMokryj

CatanachCup FrankPalinkas

ColinSimpsonTrophy ErnWerner

CountFonsecaTrophy BarryHibbert&RobertAddison

CrowBrothersTrophy BillRowley&WayneFox

DiggersCup BasilTierney

G.H.RogersShield WayneHirt

GressonCup&GaskellTrophy PaulMcKenna&BenMyers

M.C.PeelerScratchEvent MattLedger

MurrowoodShield FrankCusmano

NormAllenTrophy SteveMokryj

PercMorlingShield Su‐YongOh

PhilHoganTrophy CraigGreen

PrendergastTrophy TonyMacGeorge

President’sCup Mike&JoelDoutch

RichardsonBrothersTrophy SamHolland

S.H.WittTrophy FredJamieson

SpringTrophy PeterMeehan

StarMedallist MichaelMeneghini

SweeneyCup CliveO’Brien

MIXED

HarryGreenSalver Jo&TonyEdwards

HonoraryLifeMembersTrophy Kathy&MikeSmith,MargHolland&LyndonKennedy

LeonardHermanShield LeighWolany&JohnHobbs

MaxEiseTrophy LeighWolany&JohnHobbs

NewtonFamilyTrophy Kathy&MikeSmith

StillwellCup KayMahlook&GraemeGrant

TheWoodlandsFamilyTrophy Theresa&MartinFothergill

WOMEN’S

ClubChampionship TamaraSingham

MinorChampionship TriciaMcCormack

CGradeChampionship JilanneDeegan

VeteransChampionship EricaJones

HelenAmptCup EricaJones(2013)

GwenBalhornCup KayMahlook(2013)

JanBlandTrophy CarolVorrath

Captains’Cup TriciaMcCormack

DorisChambersFoursomes CourtneyHaddon&MargHolland

ColombieCup KarenKay

Grandmother’sTrophy AnneGreig

AliceLordingShield SueClarke&AnnRichardson(2013)

HelenLeonardCup ClaireSatchell(2013)

KayMahlookCup TamaraSingham(2013)

LinMyersCup JacquiFlinn

LinMyersSalver TriciaMcCormack

NanMooreTrophy HilaryMitchell

NineHolesStablefordCup LornaWalker(2013)

OlympicCup BevManallack(2013)

Presidents’PuttingCup KayMahlook(2013)

MollieRobbiePuttingCup MelindaThomas(2013)

MargaretRobertsonTrophy SueKerr(2013)

RodgersonTrophy“A” MargHolland(2013)

RodgersonTrophy“B” VenoraSmith(2013)

YonniRossTrophy LouiseSimpson(2013)

StablefordCup HilaryKahn(2013)

DorisStricklandMemorialFoursomes

CarolVorrath&SueKerr(2013)

SuperVeterans’Trophy LizCarter(2013))

ElsieWoodcockTrophy KarenKay&TamaraSingham

LoisWoodwardCup TheresaFothergill(2013)

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GOLFSUB‐COMMITTEE

Men’sandMixedGolfingProgramWoodlandshasanexcellentandwellbalancedgolfingprogramplayedovervaryingcompetitionformats.Inadditionto daily competitions of Stroke, Par and Stableford, the Club provides members with excellent opportunity toparticipateformajorcompetitions.AkeybenefitofmembershipatWoodlands for competitivegolfers is theopportunity to compete foranumberofMajorandTraditionalEvents.TheeventformatsandnumberofMajorandTraditionaleventsplayedduringayearcan sometimes place timing difficulties on scheduling events away from public holidays, pennant and coursemaintenance programs, etc. As part of a recent review to ease the pressure on scheduling events the followingchangeshavebeenmade:Club:54holeStrokeplaywithleading4qualifyingformatchplay.To6handicapBGrade:36holesStrokeplaywithleading4qualifyingformatchplay.Finalstobe36holes.7‐12handicapCGrade:36holesStrokeplaywithleading4qualifyingformatchplay13‐18handicapDGrade:36holesStrokeplaywithleading4(nett)qualifyingforhandicapmatchplaytoplayfortheWoodlandsShield19‐36handicapSenior:36holesStrokeplaywithleading4qualifyingformatchplaytoplayfortheNoelWatsonTrophyJunior:36holesStrokeplaywithleading4qualifyingformatchplaytoplayfortheMayfieldTrophyCountFonsecaTrophy:4pairsonlytoqualify&playinFebruary,March,AprilCaptains’Putter:StartearlierinyearPhilHoganTrophy:StartMay/JunePresident’sCup:StartearlierinyearAllmembersarestronglyencouragedtoparticipateincompetitionsplayedduringtheyearandhopefullyexperiencethejoythatcomeswithcompetinginandwinningamajorevent.JuniorGolfThe Club continues to strongly promote the development of junior golf and a number of juniors are activelyparticipatinginOpencompetitions.TheClubandthejuniorgolfdevelopmentgroupmanagedbySteveHorstmannwillcontinuetopromotejuniorgolfinan effort to encourage juniors into the game of golf. This year we encouraged sub juniors to play on Sundayafternoons with members rostered to supervise them on course. The members have endeavoured to promoteetiquette,coursecareandtheenjoymentofplayinggolf.Thankyoutoallmemberswhohavevolunteeredtheirtimeenablingthesuccessoftheprogramme.PennantTheClubwasrepresentedbythefollowingplayersintheGolfVictoriaPennantCompetitions.Seniors: Colts:ChrisWinkler© NickRamanathan©MattLedger DaleCrothersMattRixon JackDeftereos‐BrennanDarrenStafrace JamesFiddlerGraemeMcDougall AdamHesterJackDeftereos‐Brennan ScottMcKinnonDaleCrothers TaylorPope BrettColetta BryceRichardsonLachlanWhiteside MattRixonCornelisRibbe BrandonKay JeremyTing LachlanWhiteside MikiMatsumoto Manager: Manager:MikeO’Brien SteveHorstmann

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Juniors:Team1MikiMatsumotoJackDeftereos‐BrennanLachlanWhitesideJeremyTingHamishOakleyThomasMolinaroKelsonNguyenJamesMcLarenTeam2ThomasMolinaroJamesMcLarenAyaFujiwaraCoreyBurlLachlanBuschBenSmithBryceRadfordJamesCurtisThomasCurtisZacFatourosManagersonthedayThomasTingMikeSmithSeelanSingham2013/2014MonthlyMedals,Tankards&JuniorMedalsPleasegotowebsitelink,Events>BoardEvents>Mensforfulllistoftheseresults.Thankyoutomemberswhohavesupportedalllevelsofpennantasmanagersandcaddies–withoutyourcontinuedsupportandencouragementourteamswouldnotenjoythecamaraderiethatexistswithinourclub.Thankyoutothemembersofboththegolfandjuniorsubcommitteesandofcoursetoallstaffforyourtimeandsupportthroughouttheyear.SharonHobbsConvenor

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SOCIALSUB‐COMMITTEE Hopefullyin2013/2014wemetandexceededtheexpectationofmemberswiththevarietyandnumberofgolf‐socialevents,familyandmembersocialfunctions–Nine&Dines,SundayGolfBuffets,WoodlandsFamilyTrophyDay,NewMembersDay,Mother’sDayLuncheon,CasualFridayFamilyDinners,Degustation/WineDinner,MelbourneCupDay,KidsXmasPartyandXmasontheTerraceOurNine&Dineswereafantasticsuccessoverthesummermonths,atotalofteninallwithnumbersoneachnightexceeding100players.OurNine&DineTeamshouldbecongratulatedfortheirenthusiasminputtingtogetheraprogramofthemednightsandgreatprizes–lotsoffunandplentyoflaughs.WhatagreatwaytoshowcaseourClubtothemanyguestsandpotentialnewmemberswhoattended.WoodlandsFamilyTrophyandDinnerwasagreatsuccesswith60+familyteamscompetingwonbyafatherandsonteam–AndrewandJohnHobbs.DoesitgetanybetterthantowinaBoardeventwithoneofyourfamily‐wearelookingtohavea100+in2015.NewMembersDay‐A4BBBshotgunstartwithaBBQlunchontheTerrace‐agreatwayofwelcomingnewmemberstoourClubwhohavejoinedoverthepastyear.OurCasualFridayFamilyDinnershavebecomeanongoingsuccessstorywithupto170+members,kidsandguestsenjoyingafunandrelaxedevening.WhatbetterwaytoshowcasethetalentsofourHeadChefandhisTeamthanaDegustation/WineDinnerAgreatnightwashadbyall.MelbourneCup2013–whataterrificday–muffinsonarrival,golfandafabulous4courselunchtoppeditoffandtherewereplentyofwinners.AndtocloseouttheyearKidsXmasPartyagainwewereblessedwithgreatweather–lotsoffunforthekids,parentsandgrandparents.PlusXmasontheTerrace–agreattimetocatchupwithfriends,thebestTapasandyoucandancethenightaway.Manythankstoallourmemberswhohavesupportedthemanygolf/socialfunctions,itismuchappreciated.Don’tforgettoletushaveyourideasforfuturefunctions.AspecialthankstotheFoodandBeverageteam–wehaveallenjoyedyourgreatfoodandservice.LastlytoourhardworkingSocialSub‐Committee–manythanksforyourcommitment.

RobDeeganConvenor

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HERITAGESUB‐COMMITTEE The Heritage Groupmeetsmonthly on the 3rd Tuesday at 9.30am to continue with on‐going work ofcollatingvariousmemorabilia, that isdonatedor found, relating to thehistoryofWoodlandsGolfClub(formallyMordiallocGolfClubFoundedin1913).OurfilingsystemintheheritageroomcoversnumerouscategoriesoftheClub(eg.Administration,Land&Buildings,Course,Events,People&Publications),whereithasbeensimplifiedtofindanyitemthatisrequired.Ourdisplaysandphotographs/paintingsetc,aroundtheclubhouseallowmembersandvisitorstoseeourcollectionoftrophy’sandmemorabiliafromtheearlyyears.OurCentenarylastyearwasasuccessfuleventincorporatingourhistoricaldisplaysfrom1913onwards,andtheBoardandmanagementoftheClubaretobeheartilycongratulated.Ialsowishtothankeveryonewho assisted me with the various displays and to Paul Burgess who arranged a rolling slideshow ofmemorabilia which was greatly appreciated. The radio play of the formation of the Club, which wasorganisedbyafriendofMarjConstable,wasquiteaninnovationandenjoyedbyallwholistenedtoit.ACentenaryBookwillbepublishednextyearandwillbeavailable toanyonewhowishes topurchasethis,asitwillbeaworthymementoofourfirst100yearsofexistence.Ourgratefulthankstothemanymembers(pastorpresent)andfamilieswhohavecontributedsokindlywithitemsforWoodlandshistory,whichmakesourworksosatisfyingandworthwhile.Ourlibraryhostsagreatrangeofgolfingbookswhichcanbereadatthecluborborrowed(receptionwillnotedetailsofbookandmembers).Wewelcomeanymemberstojoinuswhoareinterestedinourclubshistory,ortoassistuswhenanextrapairofhandsisrequired.(Groupmembers–BillAtherton,GaryPowerlett, JimDowling, JohnSweeney,MarjConstable,AdrianCostigan,StanKeltie,LouiseCooper).Iwish toconveymy thanks toallpersonswhohaveassistedme thisyear,whichhasbeenbusy,butatrulyrewardingtime.Toourretireesthisyear–PaulBurgess,DavidQuinandPeterMaddox,thankyouforallyourmanyhoursandcontributionstothegroup–youwillbemissed.

KarenKayConvenor

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WOODLANDSFOUNDATIONTheBoardofTrusteesoftheWoodlandsFoundationmetatregularintervalsinthelastfinancialyearandarepleasedtoreportthecurrentfinancialsituation.Donationsmaybemadedirectly to theWoodlandsFoundation foraccumulationanddistributionby theBoardofTrustees.Thisstreamdoesnotattractataxdeduction. TheWoodlandsFoundationTrust2014AnnualReportTheWoodlandsFoundationTrustisabletoreportanotherexcitingandprofitableyear.Weareindebtedto ourmemberswho have once again supported our two special events. These events are now beingtimetabledinouryearlyfixture,andwilltakeplacelateMayandlateAugusteachyear.TheeventinMayattractsoutsidegolfersandisadvertisedwidely,bringingotherstoourwonderfulcourse.Thisevent isalsosupportedbyourmembers.TheFoundationisalsoindebtedtotheWoodlandsWomenCouncilfortheircontinuingsupportindonatingthegreenfee’sfromtheircharitydayeachyear.TheeventinlateAugustispurelyforourmembersandisgatheringmomentumasthemembersrealisethemanywaysinwhichtheFoundationisabletosupportthe‘greens’project,andwillcontinuetodoso,togetherwithotherworthwhileprojects.Last year’s report gave special mention to two of the Foundation’s founding members, Mrs MarjorieStevensonandMrBasilTierney.Itiswithgreatsadnessthatwerecordtheirdeathsduringtheyear.TheywillbegreatlymissedbyboththeFoundationandtheClub.

2014 2013$ $

CURRENT ASSETSCheques on Hand - - ANZ V2 Plus Account 31,935 35,012 Accounts Receivable 5,076 10,000 ANZ Bank Term Deposit due - - TOTAL CURRENT ASSETS 37,011 45,012

NON-CURRENT ASSETSANZ Shares at Market Value 16,037 13,032 BHP Billiton Shares at Market Value 23,694 20,704 Westpac Shares at Market Value 46,585 37,313 AMP Shares @ Market Value 15,423 11,794 TOTAL NON-CURRENT ASSETS 101,739 82,843

TOTAL ASSETS 138,750 127,855

CURRENT LIABILITIESAmount Owing for ANZ Shares - - TOTAL CURRENT LIABILITIES - -

TOTAL LIABILITIES - -

NET ASSETS 138,750 127,855

TRUST FUNDSContribution by Settlor 200 200 Beneficiary Account 138,550 127,655

TOTAL TRUST FUNDS 138,750 127,855

THE WOODLAND FOUNDATION PTY LTD

ABN 88 318 904 500BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2014

TRUSTEE FOR THE WOODLANDS FOUNDATION TRUST

2014 2013$ $

REVENUE Foundation Golf Day profits (May 2013) 5,419 6,741 Foundation Golf Day Raffle July 2013 3,649 - Foundation Golf Day July 2013 4,546 Donations 530 10,175 Donations - Women's Council 3,600 3,660 Interest - ANZ V2 Account 498 529 Dividends Received 4,805 4,064 Unrealised Gains - Share Values 14,942 13,798

TOTAL REVENUE 37,989 38,967

LESS EXPENSESASIC Annual Return 486 - Printing Foundation brochures 608 -

TOTAL EXPENSES 1,094 -

NET PROFIT/(LOSS) 36,895 38,967

Woodlands Golf Club

Opening Balance 1st July 127,655 88,688 Income Allocation 36,895 38,967

164,550 127,655

Less Contribution to 10th Green 25000Less Contribution to Glass Doors 1000

Closing Balance 30th June 138,550 127,655

PROFIT & LOSS STATEMENT

BENEFICIARY ACCOUNT

FOR THE YEAR ENDING 30 JUNE 2014

THE WOODLAND FOUNDATION PTY LTDTRUSTEE FOR THE WOODLANDS FOUNDATION TRUST

ABN 88 318 904 500

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Wearedelighted towelcomeMr JohnSweeney,MrGeevaRamanathan (PastPresidentofWoodlands)andMrJimCashionasTrustees.Tomy fellow trustees,MrBill Atherton,Mrs Carol Vorrath,Mr PeterMaddox andCaptainMr LindsayBrownIsayabig‘thankyou’foryourenergy,driveandabundanceofgreatideasthatconstantlyenlivenourFoundationmeetingsandevents.LeeWillsChairpersonTheWoodlandsFoundationTrust

ASFDONATIONSThe Boardwould like to thank theMemberswho have donated via the Australian Sports Foundationwhominclude:Memberswhoareinterestedcanobtainataxdeduction.DonationsshouldbemadethroughtheAustralianSportsFoundationspecifyingoneofthethreeregisteredprojects:

CourseDevelopment(Including19thCentenaryHole) WoodlandsAcademyofGolf(FacilitiesandPrograms/JuniorDevelopment)

MrLeslieDickson MrGraemeRobertsMrTerryEdwards MrLeighandMrsVickiRowlandsMrPeterJames MrBryanSolleyMrBrianO’Flaherty MrBasilTierney

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CORPORATEGOVERNANCETheBoardofWoodlandsGolfClub ischargedwiththeresponsibilityofensuringcorporategovernancewithrespecttobusinesspracticesoftheClub.BoardCompositionandTermofOfficeTheBoardiscomprisedofnineindependentmembers,includingthreeOfficers–Captain,PresidentandHonoraryTreasurerwhoareknownastheExecutive.EachOfficeriselectedforaoneyeartermandhalfoftheBoardiselectedeverytwoyears.Anymember(excludingJunior,Temporary,BusinessandCorporate)mayofferhim/herselfforelectiontoOfficeorBoard.Inseekingpotentialcandidates,theBoardlooksforabroadandcomplementaryrangeofskills and experience to aid it in fulfilling its responsibilities and in developing the Club’s strategicpriorities.BoardResponsibilityTheBoardmeetsonamonthlybasis fromFebruary toNovember,withoccasional additionalmeetingswherenecessary.TheGeneralManagerattendsallBoardmeetings.TheBoardisresponsiblefor:CompliancewiththeCorporationsLaw,theMemorandumofAssociationandtheArticlesofAssociation;EnsuringmanagementoftheClubconsistentlystrivestomeetthegoalsandobjectivesoftheClub;DevelopingandapprovingthestrategicdirectionoftheClub;AssistingManagementinestablishingandachievinggoals;Reviewingandapprovingannualbudgetsandcapitalexpenditure;Monitoringfinancialperformanceagainstbudget;Ensuringeffectivepoliciesandproceduresaredevelopedandreviewed;andApprovingmembershipapplicationsandcategorytransfers.MembersoftheBoardarerequiredtoconfirmtheireligibilitytoactasDirectorsatthecommencementofeachBoardmeeting.Sub‐CommitteesThe Club has established Sub‐Committees to act as a liaison between the Board and operationalperformance. The Sub‐Committees meet as required and act in an advisory capacity makingrecommendations to the Board on issues pertinent to their respective areas of expertise. Each Sub‐Committee is chaired by a member of the Board (with the exception of the Women’s Council andWoodlands Foundation), and othermembers are co‐opted as required. Relevant staffmembers attendSub‐CommitteemeetingsastheManagementliaison.Sub‐Committeesactiveduringthefinancialyearendedon30June2014were:Executive Chairman: L.J.BrownMembers: J.Etherington,M.FothergillFinanceConvenor: J.EtheringtonMembers: L.J.Brown,J.Carroll,S.Crockett,M.Fothergill,S.SinghamCourseConvenor: L.J.BrownMembers: M.Doutch,M.Fothergill,R.J.Gribusts,K.Mahlook,J.Porter,D.StafraceGolfConvenor: S.R.HobbsMembers: L.J.Brown,M.Doutch,J.L.Horton,K.Mahlook,G.McMillan,G.Powerlett,M.SmithJuniorDevelopmentConvenor: S.R.HobbsMembers: K.Mahlook,C.Richardson,M.Smith,S.Horstmann

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MembershipConvenor: M.FothergillMembers: L.J.Brown,R.M.Deegan,J.L.Horton,,K.Clarke,T.Edwards,B.Hibbert,P.Maddox,

T.McCormack,L.Pavone,B.Pitts,L.Simpson,G.Tansey,SocialConvenor: R.M.DeeganMembers: J.Cashion,W.Ford,J.L.Horton,T.McCormack,G.M.TanseyStrategicPlanningConvenor: L.J.BrownMembers: J.Compton,J.Etherington,M.Fothergill,S.R.Hobbs,G.McMillan,S.McCormack,T.RijsCommunicationandServiceConvenor: M.FothergillWomen’sCouncilCaptain: K.MahlookPresident: T.McCormackSecretary: S.GollingsMembers: R.Cashion,S.Clarke,J.Edwards,H.Norton,H.C.PearceWoodlandsFoundationChairman: L.E.WillsMembers: W.L.Atherton,L.J.Brown,P.Maddox,C.Vorrath CaptainandGeneralManagerTheCaptain is responsible for leading theBoardandensuring that theBoardandSub‐Committeesareeffectivelyandefficientlymanaged.TheGeneralManagerisresponsiblefortheimplementationofapprovedstrategiesandpoliciesaswellastheeffectivemanagementofstaff.CorporateReportingTheHonoraryTreasurerandtheCaptainannuallymakethefollowingrepresentationtotheBoard:ThatthefinancialstatementsarecompleteandpresentatrueandfairviewofthefinancialpositionandoperatingresultoftheClub;ThattheycomplywiththeCorporationsLawandAccountingStandards;That there is reasonable grounds to believe that theClub can pay its debts as andwhen they becomepayable.TheAuditor’sreportispresentedtomembersintheAnnualReport.ConflictsofInterestBoardmembersarerequiredtocomplywithallrelevantsectionsoftheCorporationsAct2001,wherebyconflictsofinterest(realorapparent)mustbedeclaredtotheBoard.BoardmembersareprohibitedbytheArticlesinhavinganinterestinanycontractorproposedcontractwiththeClub.RemunerationandPerformanceAppraisalofStaffSalariesandotherbenefits of seniormanagement are approvedby theBoard. Seniormanagement aresubjecttoaformalannualperformanceappraisalbytheExecutiveand/orSubCommitteeConvenors.

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BOARD’SSTATUTORYREPORTInaccordancewithaResolutionoftheBoardpassedon27August2014,theBoardsubmitstheirReportfortheyearended30June2014.

1. TheMembersoftheBoardofWoodlandsGolfClubatanytimeduringorsincetheendoftheyearare:QualificationsandSpecialResponsibilities

L.J.BROWNCharteredAccountant

Captain,Executive,Course,Finance,GolfandStrategicPlanning

M.FOTHERGILLRetired

President,Executive,Communication&Service,Finance,MembershipandStrategicPlanning(AppointedAug2013)

J.ETHERINGTONCharteredAccountant

HonoraryTreasurer,Executive,FinanceandStrategicPlanning

J.CARROLLConsultant/CharteredAccountant

Finance(AppointedJune2014)

R.DEEGANCompanyDirector

MembershipandSocial

M.DOUTCHCompanyDirector

CourseandGolf(AppointedJune2014)

R.J.GRIBUSTSLocalGovernmentOfficer

Course(ResignedMay2014)

S.R.HOBBSRetired

Golf,JuniorDevelopmentandStrategicPlanning(ElectedNov2013)

J.L.HORTONRetired

Golf,MembershipandSocial

G.G.MACMILLANAssociatePlanningDirector

GolfandStrategicPlanning(RetiredNov2013)

G.POWERLETTCompanyDirector

Golf(ElectedNov2013,ResignedMay2014)

G.M.TANSEYRegionalExecutive

MembershipandSocial

P.D.TESSIERAdvertisingExecutive

Communication&Service(RetiredNov2013)

MembersoftheBoardhavebeeninofficesincethestartofthefinancialyeartodateofthisreportunlessotherwisestated

2. Thefollowingpersonheldthepositionofentitysecretaryattheendofthefinancialyear:MrJohnEtherington–CharteredAccountant.MrEtheringtonhasbeenontheBoardsince2010,havingbeenelectedHonoraryTreasurer

3. Theprincipal activities of the Club during the financial yearwere to provide amenities for its

membersbywayofgolfandclubhousefacilitiesandtherewerenosignificantchangesinthoseactivitiesduringtheyear.

4. ThedeficitoftheClubforthefinancialyearwas($248,152).

5. A detailed review of the Club’s operations during the year is contained in the Captain’s and

Treasurer’sReports.

6. Nosignificantchangesintheentitysstateofaffairsoccurredduringthefinancialyear.

25

7. Therewerenomajorcapitalexpenditurepurchasesduringthe2013‐14financialyear.

8. DuringthefinancialyeartheClubpaidapremiumof$3,267toinsureeachBoardmemberagainst

liabilityforcostsandexpensesincurredbythemindefendinganylegalproceedingsarisingoutoftheirconductwhileactinginthecapacityofaBoardmemberoftheClub,otherthanconductinvolvingwilfulbreachofdutyinrelationtotheClub.

9. No person has applied for leave of the Court to bring proceedings on behalf of the Club or

interveneinanyproceedingstowhichtheClubisapartyforthepurposeoftakingresponsibilityonbehalfoftheClubforalloranypartofthoseproceedings.

10. Noindemnitieshavebeengivenorinsurancepremiumspaidduringtheyearorsincetheendof

thefinancialyear,foranypersonwhoisorhasbeenanauditoroftheClub.

11. The Club’s operations are in accordance with any particular and significant environmentalregulationunderalawoftheCommonwealthorStateorTerritory.

12. TheAuditor’s IndependenceDeclarationunder307CofTheCorporationsAct2001, isenclosed

andformspartoftheBoard’sStatutoryReportfortheyearended30June2014.

13. Boardmeetingsheldduringthefinancialyearwereasfollows:

MeetingsAttended

MeetingsHeldDuring

TermL.J.Brown 9 10M.Fothergill 10 10J.Etherington 10 10J.Carroll 1 1R.Deegan 9 10M.Doutch 1 1R.J.Gribusts 5 8S.R.Hobbs 7 7J.L.Horton 8 10G.G.MacMillan 3 3G.Powerlett 4 6G.M.Tansey 9 10P.D.Tessier 3 3

SignedforandonbehalfoftheBoard: L.J.BROWN J.ETHERINGTON Captain HonoraryTreasurerDated: 27August2014

26

BOARDDECLARATIONTheBoardoftheClubDECLARESTHAT:

1. The financial statements and notes, being the Statement of Financial Position, Statement ofComprehensive Income, Statement of Cash Flows, Statement of Changes in Equity andaccompanyingnotesareinaccordancewiththeCorporationsAct2001,and:

(i) complywithAccountingStandardsandwiththeCorporationsRegulations2001;and(ii) give a true and fair view of the financial position as at 30 June 2014 and of the

performancefortheyearendedonthatdate,oftheClub.

2. IntheBoard’sopiniontherearereasonablegroundstobelievethattheClubwillbeabletopayitsdebtsasandwhentheybecomedueandpayable.

Thisdeclaration ismade inaccordancewitharesolutionof theBoardand issigned forandonbehalfoftheBoardby:

L.J.BROWN J.ETHERINGTON Captain HonoraryTreasurer Dated: 27August2014

27

WOODLANDSGOLFCLUBA.B.N.98004119822A.C.N.004119822

Note 2014 2013

$ $

REVENUE FROM ORDINARY ACTIVITIES

Revenue from Operating Activities 2 4,778,617 4,671,439

Revenue from Non-Operating Activities 2 38,237 74,140

TOTAL REVENUE FROM ORDINARY ACTIVITIES 4,816,854 4,745,579

EXPENSES FROM ORDINARY ACTIVITIES

Expenses from Operating Activities

Cost of Goods Sold 742,221 645,505

House Expenses 795,576 709,276

Golf Services Expenses 499,885 437,912

Clubhouse Expenses 511,604 502,097

Administration Expenses 847,970 718,417

Course Expenses 1,394,016 1,391,981

Donation to the Woodlands Foundation - 7,000

4,791,272 4,412,188

PROFIT FROM ORDINARY ACTIVITES BEFORE INTEREST 25,582 333,391

INTEREST EXPENSE 3 273,735 331,414

PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE INCOME TAX EXPENSE 2,3 (248,152) 1,977

Income Tax Relating to Ordinary Activities 1(b) - -

NET PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER INCOME TAX EXPENSE (248,152) 1,977

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO MEMBERS OF THE ENTITY (248,152) 1,977

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2014

The accompanying notes form part of these financial statements

28


Note 2014 2013

$ $

CURRENT ASSETS

Cash and Equivalents 4 375,038 810,321

Trade and Other Receivables 5 133,895 131,422

Inventories 6 127,358 146,686

Other 7 33,246 32,462

TOTAL CURRENT ASSETS 669,537 1,120,891

NON-CURRENT ASSETS

Property, Plant and Equipment 8,9 8,867,588 9,336,927

Trade Receivables 5 47,809 51,054

TOTAL NON-CURRENT ASSETS 8,915,397 9,387,981

TOTAL ASSETS 9,584,934 10,508,872

CURRENT LIABILITIES

Trade and Other Payables 10 294,140 225,129

Borrowings 11 1,158,009 422,760

Provisions 12 192,790 182,525

Other 13 431,646 774,024

TOTAL CURRENT LIABILITIES 2,076,585 1,604,438

NON-CURRENT LIABILITIES

Borrowings 14 3,007,345 4,165,354

Provisions 15 18,096 8,021

TOTAL NON-CURRENT LIABILITIES 3,025,441 4,173,375

TOTAL LIABILITIES 5,102,026 5,777,813

NET ASSETS 4,482,907 4,731,059

MEMBERS' FUNDS

Accumulated Funds 22 4,482,907 4,731,059

TOTAL MEMBERS' FUNDS 4,482,907 4,731,059

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2014


29


Note 2014 2013

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from Club Operations 4,783,874 4,795,196

Payments to Suppliers and Employees (4,191,907) (3,947,430)

Change in Fees in Advance (342,378) (199,614)

Interest Paid (Net) (263,672) (305,037)

Other Income 25,200 26,045

NET CASH PROVIDED BY OPERATING ACTIVITIES 21(b) 11,117 369,159

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for Property, Plant and Equipment: (26,000) (100,720)

Work In Progress (3,418) (38,942)

19th Hole Donations 5,779 36,081

Proceeds from Sale of Plant and Equipment - 18,000

NET CASH USED IN INVESTING ACTIVITIES (23,639) (85,581)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from Borrowings - 22,035

Repayment of Borrowings (422,760) (520,924)

NET CASH FROM FINANCING ACTIVITIES (422,760) (498,889)

NET INCREASE/(DECREASE) IN CASH HELD (435,282) (215,311)

CASH AT THE BEGINNING OF THE FINANCIAL YEAR 810,321 1,025,631

CASH AT END OF THE FINANCIAL YEAR 21(a) 375,038 810,321

STATEMENT OF CASH FLOWS



30


Retained Earnings Total

$ $

Balance at 1 July 2012 4,729,082 4,729,082

Profit attributable to the entity 1,977 1,977

Balance at 30 June 2013 4,731,059 4,731,059

Profit attributable to the entity (248,152) (248,152)

Balance at 30 June 2014 4,482,907 4,482,907

STATEMENT OF CHANGES IN EQUITY



31

NotestotheFinancialStatementsfortheyearended30June2014

1. StatementofSignificantAccountingPoliciesThe financial report isa generalpurpose report thathasbeenprepared inaccordancewithAustralianAccounting Standards (including Australian Accounting Interpretations) of the Australian AccountingStandardsBoardandtheCorporationsAct2001.The financial report is for the entityWoodlandsGolfClub as an individual entity.TheWoodlandsGolfClubisacompanylimitedbyguarantee,incorporatedanddomiciledinAustralia.(a) BasisofPreparationThefinancialreporthasbeenpreparedonanaccrualsbasisandisbasedonhistoricalcostsanddoesnottake into account changing money values or, except where stated, current valuations of non‐currentassets.Costisbasedonthefairvaluesoftheconsiderationgiveninexchangeforassets.The following isasummaryof thematerialaccountingpoliciesadoptedbytheWoodlandsGolfClub inpreparation of the financial report. The accounting policies have been consistently applied, unlessotherwisestated.(b) IncomeTaxTheClub’sprofitsareexempt from incometaxunderSection50‐45of the IncomeTaxAssessmentAct1997.(c)Property,PlantandEquipmentProperty, plant and equipment is brought to account at cost less any accumulated depreciation andimpairmentlosses.Allfixedassetsexcludingfreeholdlandaredepreciatedonprimecostbasisovertheirrespectiveusefuleconomic lives.Thecarryingamountsofnon‐currentassetsarereviewedannually todetermine whether they are in excess of their recoverable amount at balance date. The recoverableamountisassessedonthebasisoftheexpectednetcashflowswhichwillbereceivedfromitscontinueduse and subsequent disposal. In assessing recoverable amounts the relevant cash flowshavenot beendiscountedtotheirpresentvalue.Specificdonationsreceivedtopurchasefixedassetsareoffsetagainstthecostofthoseassets.(d) DepreciationThe depreciable amount of all fixed assets including buildings, but excluding freehold land, aredepreciatedona straight linebasisover their estimateduseful lives to theClubcommencing fromthetimetheassetisheldreadyforuse.Thedepreciationratesusedforeachclassofassetforthecurrentandpreviousyearareasfollows:CLASSOFFIXEDASSET DEPRECIATIONRATEBuildings 2.00%to10.00%PlantandEquipment 5.00%to33.33%FurnitureandFittings 5.00%to20.00%MotorVehicle 10.00%(e) InventoriesInventoriesarevaluedatthelowerofcost,ornetrealisablevalue.

NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED30JUNE2014

32

(f) EmployeeEntitlementsWagesandEmployeeEntitlementsWage costs include employee entitlements to wages and annual leave. Wage costs also incorporatestatutory charges including fringe benefits tax, payroll tax, workcover premium, training as well asuniformcosts.ProvisionismadefortheClub’sliabilityforemployeeentitlementsexpectedtobesettledwithinoneyear,togetherwithentitlementsarisingfromsalariesandwagesandannualleavewhichwillbesettledafteroneyear,measuredattheirnominalamounts.Otheremployeeentitlementspayablelaterthan one year have beenmeasured at their present value of the estimated future cash outflows to bemadeforthoseentitlements.Longserviceleavehasbeenmeasuredbasedontheliabilityexpectedtobeincurredforemployeeswithmorethanfiveyearsserviceasatbalancedate.Employeeswithsevenyearsofcontinuousservicearedisclosedasacurrentliability,whilethoseemployeeswithbetweenfiveandsixyearsofcontinuousservicearedisclosedasanon‐currentliability.Provisionsincludeon‐costsofpayrolltax,superannuationandworkcover.SuperannuationContributionsaremadebytheClubtoemployeesuperannuationfundsandarechargedwhenexpensesareincurred.(g) CashFor thepurposesof theStatementofCashFlows,cash includes cashonhandandat calldepositswithbanksorfinancialinstitutions,investmentsinmoneymarketinstrumentsmaturinglessthantwomonths,netofbankoverdrafts. (h) RevenueMembers annual subscriptions are billed twomonths in advance and are recognised in the period towhichthesubscriptionsrelate.Entrance fee income isrecognisedat the timemembershipcommences.Revenue from rendering of a service is recognised upon delivery of the service to the members orexternal customers. Interest revenue is recognisedwhen earned taking into account the interest ratesapplicabletothefinancialassets.(i) GoodsandServicesTax(GST)Revenues,expensesandassetsarerecognisednetoftheamountofGST,exceptwheretheamountofGSTincurred is not recoverable from the Australian Taxation Office. In these circumstances, the GST isrecognisedaspartofthecostoftheacquisitionoftheassetoraspartofanitemofexpense.ReceivablesandpayablesintheBalanceSheetareshowninclusiveofGST.

(j) ImpairmentofAssetsAt each reporting date, the Club reviews the carrying values of its tangible and intangible assets todetermine whether there is an indication that those assets have been impaired. If such an indicationexists,therecoverableamountoftheasset,beingthehigheroftheasset’sfairvaluelesscoststosellandvalue inuse, iscomparedtotheasset’scarryingvalue.Anyexcessof theasset’scarryingvalueover itsrecoverableamountisexpensedtotheIncomeStatement.


33


2013 2014$ $

2. REVENUE FROM ORDINARY ACTIVITIESIncluded in the Operating Profit/(Loss) are the following items of Operating Revenue:

Membership 2,450,813 2,498,859

Trading 2,018,780 1,846,362

Building Levy 309,024 326,218

4,778,617 4,671,439

Non-Operating ActivitiesProfit on Sale of Assets - 18,000 Interest 13,037 30,095 Woodlands Foundation Donation 25,000 - Other 200 26,045

38,237 74,140

Total Revenue from Ordinary Activities 4,816,854 4,745,579

3. PROFIT/(LOSS) FROM ORDINARY ACTIVITIESProfit/(Loss) from Ordinary Activities before Income Tax Expense has been determined after the inclusion of the following charges:

Auditor's Remuneration 12,850 10,810

Depreciation - Buildings, Plant and Equipment and Motor Vehicles 486,699 507,918

Provision for Annual Leave 3,356 5,514

Provision for Long Service Leave 16,984 10,958

Operating Lease Rentals 156,144 155,038

HP Charges 3,609 3,340

Bad Debts - -

Member Deposit Interest Paid 57,000 63,482

Clubhouse Funding Interest Paid 216,735 267,932

4. CASH AND EQUIVALENTS

Cash on Hand 5,672 5,672

Cast at Bank - ANZ Cheque Account 212,458 351,317

Cash at Bank - ANZ Online Saver Account 155,088 451,416

Ladies' Charity Account 1,821 1,916

Term Deposits - -

375,038 810,321

5. TRADE AND OTHER RECEIVABLES

Member Debtors - Current 93,380 90,215

Member Debtors - Non Current 47,809 51,054

Sundry Debtors 40,515 41,207

181,704 182,476

6. INVENTORIES

Bar 57,436 59,368

Golf Shop 69,921 87,318

127,358 146,686

7. OTHER CURRENT ASSETS

Prepayments 33,056 31,637

Accrued Interest 190 825

33,246 32,462

34


2014 2013

$ $

8. PROPERTY, PLANT AND EQUIPMENT

Land, Buildings and Improvements

At Cost 10,840,699 10,762,888

Less Accumulated Depreciation 2,548,741 2,169,898

8,291,958 8,592,990

Plant and Equipment

At Cost 1,448,838 1,429,349

Less Accumulated Depreciation 1,175,044 1,091,395

273,794 337,954

Furniture and Fittings

At Cost 406,081 406,081

Less Accumulated Depreciation 142,404 124,929

263,677 281,152

Motor Vehicles

At Cost 120,726 120,726

Less Accumulated Depreciation 82,568 76,292

38,158 44,434

Work in Progress

At Cost - 80,397

Less Accumulated Depreciation - -

- 80,397

TOTAL PROPERTY, PLANT AND EQUIPMENT 8,867,588 9,336,928

9. RECONCILIATIONSReconciliation of the carrying amount for each class of property, plant and equipment between the beginning and the end of the current financial year are set out below:

Land, Buildings and Improvements

Carrying amount at beginning of the year 8,592,989 8,907,375

Additions 5,775 64,683

Transfers 77,816 15,000

Donations (5,779) -

Depreciation (378,843) (394,069)

8,291,957 8,592,989

Plant and Equipment

Carrying amount at beginning of the year 337,954 419,666


Disposals/Writeoffs (262) -

Depreciation (84,104) (90,975)

273,794 337,954

Furniture and Fittings


Additions - 700


263,677 281,152

35


2014 2013

$ $

9. RECONCILIATIONS (cont.)Reconciliation of the carrying amount for each class of property, plant and equipment between the beginning and the end of the current financial year are set out below:

Motor Vehicles


Additions - 26,075


38,158 44,434

Work in Progress



Transfers (77,816) (15,000)

Disposals/Writeoffs (6,000) -

Donations - (36,081)

- 80,397

Total Property, Plant and Equipment

Carrying amount at beginning of the year 9,336,927 9,741,265

Additions 29,399 139,662

Disposals/Writeoffs (6,262) -

Donations (5,779) (36,081)

Depreciation (486,699) (507,919)

8,867,588 9,336,927

Asset Revaluations

There were no asset revaluations conducted throughout the 2013/2014 financial year

10. TRADE AND OTHER PAYABLES

Trade Creditors and Accruals 231,565 166,380

Ball and Trophy Credits 62,575 58,749

294,140 225,129

11. CURRENT BORROWINGS

ANZ Commercial Bill - Current Liability 400,000 400,000

Member Interest Bearing Deposits 750,000 -

Hire Purchase 8,009 22,760

1,158,009 422,760

12. CURRENT PROVISIONS

Provision for Annual Leave 158,149 154,793 Provision for Long Service Leave 34,641 27,732

192,790 182,525 13. OTHER CURRENT LIABILITIES

Subscriptions and Fees Received in Advance 431,646 774,024

14. NON-CURRENT BORROWINGS

ANZ Commercial Bill - Non Current Liability 2,800,000 3,200,000

Member Interest Bearing Deposits 200,000 950,000

Hire Purchase 7,345 15,354

3,007,345 4,165,354

15. NON-CURRENT PROVISIONS

Provision for Long Service Leave 18,096 8,021

18,096 8,021

36


2014 2013

$ $

16. COMPANY LIMITED BY GUARANTEE

The Club is a company limited by guarantee. Pursuant to the Memorandum of Association, the liability of members is limited, whereby in the event of the Club being wound up, every Member undertakes to contribute an amount not exceeding $12.60.

17. RELATED PARTIES

The Board members in office during the financial year were:

L.J.Brown S. Hobbs (elected November 2013)

J. Carroll (appointed June 2014) J.L. Horton R.Deegan G.G.MacMillan (retired November 2013)

M. Doutch (appointed June 2014) G. Powerlett (elected Nov 2013; resigned May 2014)

J. Etherington G.M.Tansey

R. J. Gribusts (resigned May 2014) P.D. Tessier (retired November 2013)

M. Fothergill (appointed August 2013)

All members of the Board are acting in an honorary capacity and do not receive any remuneration or other benefits, with the exception of those Directors whose related entities have advanced Member Interest Bearing Deposits of $200,000 on terms and conditions available to all members

18. FINANCING ARRANGEMENTS

The Club has an overdraft facility with a limit of: 75,000 75,000

Unused Facility at Balance Date 75,000 75,000

The Club has a Commercial Bill Line of Credit with a limit of: 4,500,000 4,500,000

Unused Facility at Balance Date 1,300,000 900,000

The ANZ Bank holds a Registered 1st Mortgage and debenture charge over the assets of the Club as security for these facilities.

The Club holds Member Interest Bearing Deposits to the value of: 950,000 950,000

19. CAPITAL AND LEASING COMMITMENTS

Operating Lease Commitments

The Club currently holds a non-cancellable operating lease contracted for but not capitalised in the financial statements.

Payable - Photocopier

- not later than 1 year 2,032 4,620

- later than 1 year but not later than 5 years - 2,032

2,032 6,652

Commencing July 2011, the Club entered into a course equipment Master Rental Agreement with De Lage Landen Pty Ltd for a term of 60 months

Payable

- not later than 1 year 167,139 164,219

- later than 1 year but not later than 5 years 215,648 267,252

382,786 431,471

20. SEGMENT REPORTING

The Club operates as a golf club in Australia.

37


2014 2013

$ $

21. CASH FLOW INFORMATION

(a) Reconciliation of CashCash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:

Cash includes:

Cash on Hand 5,672 5,672

Cash at Bank and at Call 369,366 804,649

375,038 810,321 (b) Reconciliation of Cash Flow from Operations with Profit/(Loss) from Ordinary Activities after Income Tax

Profit from Ordinary Activities after Income Tax (248,152) 1,977

Depreciation 486,699 507,918

(Profit)/Loss on Disposal of Assets - (18,000)

Change in Assets and Liabilities

(Increase)/Decrease in Assets

Receivables 6,772 127,841

Prepayments (1,419) (3,500)

Inventories 19,328 23,973

Other Current Assets 635 (378)

(Decrease)/Increase in Liabilities

Trade Creditors 65,280 (94,982)

Subscriptions and Levies Received in Advance (342,378) (199,614)

Ladies Charity Account (95) (584)

Ball and Tropy credits 4,107 8,037

Provision for Employee Entitlements 20,340 16,472

11,117 369,160

22. ACCUMULATED FUNDS

Accumulated Funds at Beginning of the Financial Year 4,731,059 4,729,082

Net Profit attributable to members of the company ( 248,152) 1,977

Accumulated Funds at End of Financial Year 4,482,907 4,731,059

38


23. FINANCIAL INSTRUMENTS

(a) Interest Rate Risk

The Club manages its interest rate risk through a combination of borrowings with a fixed interest rate and a capped variable rate

For the year ended 30 June 2014Less Than One

YearOne to Five

Years Total

Weighted Average

Note $ $ $ Interest Rate

Interest Bearing Financial Assets:

Cash at Bank Variable Rates 4 155,088 155,088 2.25%

Non Interest Bearing Financial Assets:

Cash on Hand and at Bank 4 219,950 219,950

Trade and Other Receivables 5 133,895 47,809 181,704

Interest Bearing Financial Liabilities

Bank Debt Fixed Rates 11,14 200,000 1,400,000 1,600,000 7.84%

Bank Debt Variable Rates 11,14 200,000 1,400,000 1,600,000 5.54%

Member Deposits Fixed Rates 14 750,000 200,000 950,000 6.00%

Hire Purchase Fixed Rates 11,14 8,009 7,345 15,354 7.50%

Non Interest Financial Liabilities


For the year ended 30 June 2013Less Than One

YearOne to Five

Years Total

Weighted Average

Note $ $ $ Interest Rate

Interest Bearing Financial Assets:

Cash at Bank Variable Rates 4 451,416 451,416 2.25%

Non Interest Bearing Financial Assets:

Cash on Hand and at Bank 4 358,905 358,905

Trade and Other Receivables 5 131,422 51,054 182,476

Interest Bearing Financial Liabilities

Bank Debt Fixed Rates 11,14 200,000 1,600,000 1,800,000 8.08%

Bank Debt Variable Rates 11,14 200,000 1,600,000 1,800,000 5.94%

Member Deposits Fixed Rates 14 950,000 950,000 6.00%

Hire Purchase Fixed Rates 11,14 22,760 15,354 38,114 7.50%

Non Interest Financial Liabilities


(b) Credit and Liquidity Risk 24. COMPANY DETAILS

The Club does not have any material credit risk exposure to any single debtor. The Club's liquidity risk is minimised through the receipt of subscriptions in advance

The registered office of the Club is Woodlands Golf Club, White Street, Mordialloc, Victoria 3195.

The principal place of business is Woodlands Golf Club, White Street, Mordialloc, Victoria 3195.

39

Auditor’sIndependenceDeclarationUnderSection307CoftheCorporationsAct2001

TOTHEBOARDOFWOODLANDSGOLFCLUBIdeclarethat,tothebestofmyknowledgeandbeliefthatduringtheyearended30June2014therehasbeen:

(i) nocontraventionsof theauditor independencerequirementsassetout intheCorporationsAct2001inrelationtotheaudit;and

(ii) nocontraventionsofanyapplicablecodeofprofessionalconductinrelationtotheaudit. MORTON,WATSON&YOUNG KerpalSHarnam CharteredAccountants Partner 51RobinsonStreet DandenongVictoria3175 Dated:

IndependentAuditReporttotheMembersofWoodlandsGolfClubReportontheFinancialReportWehave audited the accompanying financial statements ofWoodlandsGolf Club,which comprises thestatementoffinancialpositionasat30June2014,andthestatementofcomprehensiveincome,statementofchangesinequityandstatementofcashflowsfortheyearendedonthatdate,asummaryofsignificantaccounting policies and other explanatory notes and the Board’s declaration of Woodlands Golf Clubduringthefinancialyear.Boards’ResponsibilityfortheFinancialReportTheBoardofWoodlandsGolfClubisresponsibleforthepreparationandfairpresentationofthefinancialreport in accordance with Australian Accounting Standards (including the Australian AccountingInterpretations)andtheCorporationsAct2001.Thisresponsibilityincludesdesigning,implementingandmaintaininginternalcontrolsrelevanttothepreparationandfairpresentationofthefinancialreportthatis free frommaterialmisstatementwhether due to fraud or error; selecting and applying appropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstances.Auditor’sResponsibilityOurresponsibilityistoexpressanopiniononthefinancialreportbasedonouraudit.Weconductedouraudit in accordance with Australian Auditing Standards. These Auditing Standards require that wecomplywithrelevantethicalrequirementsrelatingtoauditengagementsandplanandperformtheaudittoobtainreasonableassurancewhetherthefinancialreportisfreefrommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresinthefinancialreport.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentof the risksofmaterialmisstatementof the financial report,whetherdue to fraudor error. Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationandfairpresentation of the financial report in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’sinternalcontrol.AnauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebytheBoard,aswellasevaluatingtheoverallpresentationofthefinancialreport.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.

40

IndependenceInconductingouraudit,wehavecompliedwiththeindependencerequirementsoftheCorporationsAct2001.WeconfirmthattheindependencedeclarationrequiredbytheCorporationsAct2001,providedtotheBoardofWoodlandsGolfClub,wouldbeinthesametermsifprovidedtotheBoardasatthedateofthisauditor’sreport. Auditor’sOpinionIn our opinion, the financial report presents fairly, in all material respects, the financial position ofWoodlandsGolfClubasof30June2014,anditsfinancialperformanceandcashflowsfortheyearthenendedinaccordancewiththeCorporationsAct2001andtheAustralianAccountingStandards(includingAustralianAccountingInterpretations). MORTON,WATSON&YOUNG KerpalSHarnam CharteredAccountants Partner 51RobinsonStreet DandenongVictoria3175 Dated:

41

SEGMENTALFINANCIALREPORT FORTHEYEARENDEDJUNE2014

Membership Trading Finance Other Total

REVENUEAnnual Subscriptions 1,982,030 1,982,030 Entrance Fees 96,083 96,083 Membership Services 372,700 372,700 Green Fees 309,441 309,441 Food and Beverage 1,447,695 1,447,695 Golf Retail 261,644 261,644 Building Levy 309,024 309,024 Other Income 38,237 38,237

2,450,813 2,018,780 347,261 4,816,854 EXPENSESAdministration and General 847,970 847,970 Clubhouse 511,604 511,604 Course Maintenance 1,394,016 1,394,016 Golf Services 499,885 499,885 Food and Beverage 543,928 543,928 House Expenses 795,576 795,576 Golf Retail 198,293 198,293 Interest Paid 273,735 273,735 Donation to Woodlands Foundation -

3,253,474 1,537,797 273,735 5,065,007

NET SURPLUS/(DEFICIT) (802,661) 480,983 73,526 (248,152)

Membership Trading Finance Other Total

REVENUEAnnual Subscriptions 2,017,266 2,017,266 Entrance Fees 123,077 123,077 Membership Services 358,516 358,516 Green Fees 295,809 295,809 Food and Beverage 1,311,953 1,311,953 Golf Retail 238,600 238,600 Building Levy 326,218 326,218 Other Income 74,140 74,140

2,498,859 1,846,362 400,358 4,745,579 EXPENSESAdministration and General 718,417 718,417 Clubhouse 502,097 502,097 Course Maintenance 1,391,981 1,391,981 Golf Services 437,912 437,912 Food and Beverage 480,163 480,163 House Expenses 709,276 709,276 Golf Retail 165,342 165,342 Interest Paid 331,414 331,414 Donation to Woodlands Foundation 7,000 7,000

3,050,407 1,354,781 338,414 4,743,602

NET SURPLUS/(DEFICIT) (551,548) 491,581 61,944 1,977

YEAR ENDED 30TH JUNE 2013

YEAR ENDED 30TH JUNE 2014

42

Woodlands Golf Club A.B.N. 98 004 119 822

109 White Street, Mordialloc, Victoria 3195, Australia

Ph: +61 3 9580 3455 Fax: +61 3 9587 3136

Email: [email protected] Web: www.woodlandsgolf.com.au

annual report - woodlands golf · 2015. 12. 24. · the tree logic report of 2010 identified over...

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