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Staples Street, Shoalhaven Heads NSW 2535 Telephone (02) 4448 8683 – Fax (02) 4448 7725

All correspondence to: PO Box 50, Shoalhaven Heads NSW 2535 SHOALHAVEN HEADS GOLF CLUB LIMITED

ABN 76 003 000 217

SHOALHAVEN HEADS GOLF CLUB LIMITED

ANNUAL GENERAL MEETING REPORT

2014

Email: [email protected] Web address: www.theheadsgolf.com.au

�e HeadsSHOALHAVEN HEADS GOLF CLUB LTD

Staples Street, Shoalhaven Heads NSW 2535Telephone: (02) 4448 8683 • Fax: (02) 4448 7725


ABN 76 003 000 217

Staples Street, Shoalhaven Heads NSW 2535 Telephone (02) 4448 8683 – Fax (02) 4448 7725


ABN 76 003 000 217


ANNUAL GENERAL MEETING REPORT

2014

Email: [email protected] Web address: www.theheadsgolf.com.au

SHOALHAVEN HEADS GOLF CLUB LTD 2015 SPONSORS

PATRON

John Greenaway

Gold Sponsors

Mountain View Resort Parrish Plumbing

Turfco

Silver Sponsors

Manildra Ray Vincent Homes

Bronze Sponsors

Ace Gutters Berry Smash Repairs

Coastal Palms Heads Hotel

Heads Pharmacy Macey Insurance Ray White Berry

Shoalhaven Heads Tourist Park Southern Business Machines

South Coast Building Consultants Tooheys

Wray Owen Funerals

Club Supporters

A & D Tree Services All Creatures Vet Clinic

First National Shoalhaven Heads Shoalhaven Auto

Shoalhaven Heads Bowling Club


THE ANNUAL GENERAL MEETING WILL BE HELD IN THE CLUB HOUSE ON WEDNESDAY 25TH MARCH 2015 AT 7.00 PM

AGENDA

1. Apologies. 2. Receive and consider the annual financial report of the Club for the year ended 31st

December 2014, the accompanying Directors’ Report and Auditors’ Report.

3. Presidents’ Report. 4. Treasurers’ Report.

5. Captain’s Report. 6. Election of Officers and Executive Committee pursuant to the operation of the

Triennial Rule as provided for in Schedule 4 of the Registered Act.

7. Any other business that may be brought forward in accordance with the Corporations Act 2001.

On behalf of the Board Gail Wilson Honorary Secretary

PRESIDENT’S REPORT 2014

When I took over the Presidency from Terry last year I knew I had big shoes to fill. I wanted to ensure that all the tremendous work he, along with other Club members such as David Lamb, was not undone. I believe it was my responsibility as President to provide the Board, and the Club in general, with short and long-‐term objectives so that we, as a Club, could continue to grow. Pleasingly, I can report that many of the short-‐term objectives set by the Board for the last twelve months have been achieved. The upgrading of the irrigation on the southern end of the course was completed on schedule. Ably led by project manager Paul Davies and supported by Lee Maddinson and Parrish Plumbing who installed the main line, Jim Kovacs and Bruce Warfe who did much of the electrical work, plus too many other volunteers to name individually, the work was done efficiently and punctually. To the credit of this team the impact to golfers on the course at this time was minimal. As Treasurer Mark Henning will indicate in his report, the Club has now reduced its bank debt to zero. Mark has been instrumental in ensuring we have kept to our budget, and I on behalf of the Club members, want to personally thank him for this fantastic result. This year, the Board implemented the ‘ownership of a hole’ initiative. Although we had a few teething problems in ensuring we meet the requirements of Council’s vegetation management plan I believe this has been an outstanding success. The course has never looked better and the hard work of the ‘owners’ has helped to take some of the workload off the greens staff and enabled them to undertake other tasks on the course. Whilst discussing the course the upgrading of the cart paths began this year. Led by Pat Herrick this work has been done by another team of volunteers. It has culminated in a notable improvement to the quality of the paths they have worked on. This will be an ongoing project over the next few years. Also completed this year was the extension to the greens shed to accommodate additional carts purchased by Greg Collins, as well as providing additional room for greens equipment. A big thank-‐you to Pat Herrick, Fobsy Marshall, Arthur Laidlaw, Gary Salway and Doc Davies for their hard work in completing this project. Additionally, the carport kindly donated by Col and Connie Parrish has recently been erected at the front of the greens shed. This will help give the Pro Shop staff some relief from inclement weather, as well as some protection from wayward golf balls. A big thank you to John Cummins for painting the carport prior to its erection. In the Clubhouse, work has been done this year on upgrading the Club’s website. I would like to acknowledge the fantastic work done by Di Knoll in this regard. If you haven’t visited our website I strongly urge you to do so. It is regularly updated and includes golf results. Another pleasing aspect of this year has seen the reintroduction of junior golf clinics under the tutelage of Harry and Pauline Delany. We currently have 45 junior members, some as young as 5. It is great to see some of them enjoying a couple of hours of fun activities with Harry and Pauline every week. It would be tremendous if a few more adult members could avail themselves in helping out our juniors. They are our future!

Also this year, the Board decided there was a need for a Publicity Officer. Felicity Percival, has taken on that role, and done so brilliantly. The fact that we now have a regular newsletter going out to members is something I wanted to see happen. I want all Club members to be aware of what is happening at their Club. Hopefully, this will develop even further this coming year. During the course of this next year the Board will be looking at upgrading aspects of the Clubhouse. Member Rob Willdig has done a marvelous job in preparing a 5 – 10 year master plan for our Clubhouse. The first phase involves putting a new roof on parts of the Clubhouse. Not only will it improve the Club’s aesthetics, but also more importantly eliminate the many leaks that eventuate when we have heavy downpours of rain. Also in the pipelines (no pun intended) is the replacement of the pump adjacent to the 13th fairway to make course irrigation more efficient, as well as hopefully upgrading the electricity capacity to the Club. My first year as President has been challenging but very rewarding. I would personally like to thank all those members who have supported and helped me during that time. In particular, I must acknowledge the Pro shop team ably led by Greg Collins who continues to bring additional ideas and events to our Club. The Pro shop is obviously the ‘first port of call’ for many of our members and visiting golfers. The friendly and cordial manner of the Pro shop team certainly makes everyone feel welcome to the Club. The greens staff, which under the guidance of Tony Orford is producing a quality golf course that simply gets better and better, have done a fantastic job this year. On behalf of the many golfers who take to the course I thank you for your hard work and dedication in ensuring we are consistently being recognized as one of the best golf courses on the South Coast. I also want to thank all our wonderful volunteers. Although there are far too many of you to name individually, I would like to acknowledge the work of Bob Cookson and his team who clean the beer lines every Monday morning, our Bush care team led by Noel Schneider, the team of Vi Duffy, Celia Hendry, Chris Davies and David Wilson who count and organize the banking every day, our handymen -‐ Gordon Howes, Kevin Huckel and Garry Hoare, our quartermaster Greg Montgomery, the volunteers who man the bar every day of the week and the members of the various committees who oversee various aspects of the Club. Without your hard work, commitment and dedication this Club would not be as successful as it is. I would also like to thank our Ladies Golf and Veterans Golf committees for their great support to the Club. Clearly you are a vital part of the Club’s success. Finally, I would like to thank all the members of the Board for your support but in particular Gail Wilson who has done a sterling job as Secretary, and Terry Lillie and Cec Montgomery who have given me advice and support throughout the year. I only hope that my second year of tenure sees the Club grow even more to the point where we are regarded as the best ( in all respects) Golf Club on the South Coast of NSW. Rob Russell

TREASURER’S REPORT 2014

The overall result for the year ended 31st December 2014 was a profit of $104,445. This result includes a grant for our irrigation works of $25,000, so the underlying result is approximately $79,000. The prior year’s result was $61,542. Once more the result is a solid outcome and it reflects the excellent controls in place to operate in keeping with the club’s financial capabilities.

Cash is king, and again the club generated a significant “free cash flow”, most of which has been used to continue paying down debts such as the bank loan, course designer costs and provisions associated with the Jerrinja road issue. Debt was again reduced during the year and as at 31/12/14 the Clubs bank loan was down to $15,000. The loan will be fully paid out in January 2015. Aside from operational leases, no other debt exists.

Listed below are a number of comments associated with the years trading –

Income

• Bar trading profit was $126k, or similar to last year. • Green Fees were $303k, up 5% on the prior year. • Membership subscriptions income was $191k, up 5% on the prior year. • A grant totaling $25k was received from the NSW government for the Irrigation upgrade • Total Income from normal trading amounted to $729k or 7% higher than the previous year.

Expenditure

• Course maintenance expenditure excluding both wages and depreciation totaled $94k. This is up 5% on the previous year; however, it is a good result as costs continue to be minimized due to the assistance from volunteer workers coupled with the many things our employees do to reduce repair and routine costs.

• Interest charges were $6k, down from $11k in the previous year, a 45% reduction. This charge includes leasing of machinery but the reduction reflects the continued repayment of the bank loan.

• Wages are 30% higher than the previous year due to the employment of an additional apprentice green keeper.

• Electricity and Gas expenditure was $24k, for the second year running lower than the previous year due to an improved contract with our electricity provider.

• Insurance charges totaled $26k, which is also lower than previous years as we refined our premium.

• Pro Shop retainer and commission paid was $61k, up 6% due to increased green and competition revenue on which commission is paid. The Pro Shop is a critical player in generating the extra revenue so this is a win / win situation.

• Total expenditure excluding depreciation is $568k or 5% higher than the previous year predominantly due to the additional expenses associated with course upkeep.

Balance Sheet

• Current Assets are up $14k due to higher cash on hand offset by a lower amount of prepayments.

• Current and Non-‐Current Liabilities fell again and are $59k lower than the prior period as a result of the re-‐payment of large liabilities such as the course designers costs and the bank loan. These repayments are offset by an increase in liabilities associated with additional course machinery leasing as we continue upgrading equipment for the greens staff.

• The club’s only bank loan was reduced from $60k to $15k. It will be fully paid out in January 2015

• Overall the Total Equity (value) of the golf club increased by $104k.

The 2015 budget forecasts another solid profit and a healthy cash flow, although once more approximately 75% of the cash generated is already committed. The funds will be applied to a variety of areas such as the final bank loan repayment, clubhouse improvements, a new irrigation pump and pump shed, a defibrillator and other course improvements. Excluding the course machinery leases, the Club will be debt free from the end of January 2015 and the Board plans on keeping this as the status quo.

Mark Henning

CPA and Hon Treasurer.

CAPTAIN’S REPORT 2014 The progression of this Club continues to go ahead in leaps and bounds with the cart paths progressing well thanks to Pat Herrick and his crew. The modifications to the first green were a great effort by the greens staff and a plethora of volunteers. The end result is a green with a substantial number of pin placements available. Thanks for a job well done! I also want to thank the Vets for their financial support, as well as the many voluntary hours spent by a substantial number of them at the Club. Visitors are astounded at how far we have progressed as a consequence of member support and an enthusiastic greens staff. Thanks also to our Bush care crew under the guidance of Noel Schneider and to Ian Asbury and the Vincentia High students. You all do a fantastic job! On the golfing side of things, congratulations to Mark Johnston in winning another Club Championship and the Golf Illawarra Open series. Ian Asbury also had some strong performances in this series. The Pennants season has started and all our teams are battling away at the moment, and hopefully we will have teams in the finals again this year. Our Shoalhaven Shield team is also progressing well at the moment. I would also like to acknowledge the Pro shop team for your efforts in coordinating all of the Club’s golf events. Finally, congratulations to all our trophy winners: Club Champion Mark Johnston Runner up Gary Roche A Grade Net winner Harry Delany A Grade Net runner up Paul Bramley B Grade Champion James Eagle B Grade runner up Michael Cox B Grade Net winner Bob Nagle B Grade Net runner up Paul Hawker C Grade Champion Cooper Maddinson C Grade Runner up Pat Herrick C Grade Net winner David Cawthorn C Grade Net runner up Tony Langley




C.E.O. REPORT 2014

It has been an interesting year for me after being at the helm for over 13 years, but I must say that my replacement, Rob Russell, has done a great job in his first year as President of our club. It is good to see that the volunteers continue to support our club, for as you know, volunteers are our life blood and must continue for many years to come. I would like to thank Kevin Huckel who is always there if we need a job done around our great club and of course our resident electrician, Kenny Smith, who has left us for greener pastures. He also was available at the drop of a hat, I’m sure we all miss him as much as I do. The main issue I have been focused on is resolving the ownership issue related to the block owned by the Jerrinja Land Council at the entrance of our club. First and foremost, the land was granted to them some years ago and is gazetted as a building block and they own it. We have received $30,000 from Council and $32,000 from the N.S.W. Government to build around this block; however, that is not quite as easy as it appears, so we are looking for other ways to solve the problem. Recent discussions with representatives of Jerrinja have involved:

1. Working with the Crown to facilitate a swap of the land we occupy with a block of land in Scott Street on the corner of Booner Avenue. To achieve this I have been talking to Gareth Ward who in turn is trying to get the Minister for Crown Land down to assess the situation

2. Negotiating a formal lease, which will have a get out clause if and when the land swap occurs.

Terry Lillie CEO

PRO SHOP REPORT 2014

It has been another big year of golf at the club with participation and total rounds of golf continuing to increase. A major contributor towards this is the condition of the course that is presented to us on a daily basis. To Tony, Brendan, Troy and Lachlan and all of the volunteers who help on the course congratulations on a job well done. Keep up the good work! To all participants who turn up week in week out across a variety of events from social play to competitions it is great to have you around and keep up the golfing. This year with numbers increasing demand for carts also increased. In September we took possession of another 5 carts to extend our fleet to 20 which meant we needed to expand the sheds to accommodate them. A number of volunteers were brilliant in making this happen and from Greg and Jo we would like to thank John (Fobsy) Marshall, Pat Herrick, Arthur Laidlaw, Gary Salway, Doc Davies, Bruce Warfe and the many others for your assistance. Already with extra carts available we can accommodate larger social groups, which has been evident in recent months with many new groups not only playing of a weekend but through the week as well. I would also like to acknowledge the wonderful work of all the volunteers at the club; you really do make this club something special and a club that is one of a kind. The success of Shoalhaven Heads is heavily reliant on your continued support and everyone should be congratulated on your efforts thus far. To the outgoing Board of Directors it has been excellent working with you this last year and I hope the new Board can continue on the good work from where you left off. That can also be said of the Vets and Ladies committees. You have done a fantastic job this last year! On to my staff in the Pro shop and most importantly a big thank you to my wife Jo for keeping me on the straight and narrow. With Jo and I welcoming our first child Rory this year, Jo hasn’t been seen as often in the shop; however, there is plenty of work done by her behind the scenes. With Jo looking after the little fella we needed help in the shop. An opportunity arose where a good friend and club member was looking for a change of scenery and as a result Danny Wenborn started with us in April. Danny has fitted in nicely and has been exceptional help to Jo and I, and we look forward to him continuing with us for a long time to come. Obviously I also have to mention Cec Montgomery who since retiring has continued helping me out a couple of days a week. His assistance is greatly appreciated and his services from within the shop and at Board level are certainly contributing towards the further progression of the club. Jo and I also look forward to having Cec around with us for quite a few years yet. Last but not least I would like to welcome and thank a new sponsor for the Summer Teams Competition. Since its inception Kitchens And Bathrooms Rock has been the major sponsor; however, this year they stepped aside and Col Waller from The Heads Hotel was welcomed aboard as the naming sponsor of the event. Our local pub already sponsors a number of events at the club and Col’s additional contribution to the teams competition is greatly appreciated. We would also like to thank Phil Guy from South Coast Building Consultants for his sponsorship of the weekly prizes. Greg Collins Club Professional











VETERAN GOLFER’S REPORT 2014

Over the past year our regular Thursday competition has received strong patronage from our members, together with a healthy number of visitors from the surrounding district. There has been a good influx of younger players joining our ranks.

Once again our club had the privilege of hosting Day 1 of The Mid South Coast Veterans’ Week of Golf on 9th February 2015, with 141 players participating and enjoying our magnificent course. There were many compliments bestowed on our course and many comments as to our unique club. The day was a great success, due to the efforts of our willing band of volunteers, encouraged by our Captain David Wilson. We look forward to being a major part of this event once again in 2016.

Due to the rotational system in place, and not owing to the fact that our club succeeded with a clean sweep in all grades of the 2014 Interclub Championship, we will not be hosting this event for 2015.

To honour this special achievement the winners are listed below:

A Grade Scratch : “Bluey” Everest A Grade Nett: Harry Delany B Grade Scratch: Bob McDowell B Grade Nett: Gordon Howes C Grade Scratch: Ken Nash C Grade Nett : Peter Corkill

Hearty Congratulations to the Vets. Championships Winners for 2014:

A Grade: Gross: David Lamb B Grade: Gross: Terry Moylan Nett: Paul Hawker Nett: Bob McDowell C Grade: Gross: Peter Corkill Nett: Robert Sunderland On behalf of the Committee and all members, I would like to thank our Professional, Greg Collins, his wife Jo and their cheerful team of Danny and Cec for their patience and continued assistance throughout the year.

Thanks also to Tony and the ground staff for the presentation of our course, giving us something to be very proud of.

I take this opportunity of thanking Club President Rob Russell and the Board members for their continued support.

Special thanks indeed to all of our volunteers who assist with the mowing of the course and in a myriad of ways around the clubhouse.

Finally, thank you to the Vet’s committee for their ongoing contribution and assistance.

Greg Montgomery

Veteran’s President.













Greg Montgomery














Greg Montgomery


GREENKEEPER’S REPORT 2014 Well it’s that time again with another year of development progress complete at the club. With the course essentially complete and only minor developments still to be done we shifted our focus from building holes to projects that will help improve the quality of the course.

The biggest project we undertook during this last year was to replace and install the main irrigation line from the 14th green to the 10th green. This was a major task that involved laying over 500 metres of main pipeline, and installing in excess of 40 solenoid and decoders boxes to service the off shoot sprinklers.

This project, which cost in excess of $50,000, was aided by a $25,000 grant we gained through a successful Sport and Recreation submission. The work done by Parrish Plumbing and the contribution from the greens staff along with many volunteers not only kept the cost down, but also ensured the job was done professionally and as quickly as possible. To everyone who helped us achieve this we are extremely grateful. In particular, I would like to acknowledge the fantastic work done by Project Manager Paul Davies. Also this year we undertook the reshaping of the 1st green. Once again a tribe of volunteers helped us to achieve this with minimal disruption to golfers. The end result is we now have a green with a larger number of pin placement options. Similar works for the 6th green is proposed for later this year and the 8th green may possibly be modified in 2016. I would like to thank all of the volunteers who assist with a wide variety of tasks on the course. Without naming people specifically (as you know who you are) the course would not look like it is without your help. The greens staff is extremely grateful and we hope your assistance continues in the future. A couple of people who I must thank individually for their efforts are Garry Hoare for making sure our machinery continues to work after we break them, and also to Paul Davies for his work on the computerized irrigation system. This has been a mammoth task and will continue to be for some time. With out your help there is no doubt the course would not look like it does today. This year the Club has purchased a new roughs mower. At a cost of around $22,000 it has made a huge difference in helping to keep the rough playable for the members. Towards the end of this year we will be looking to buy a newer, or even brand new, fairway mower. Last but not least I would like to thank my staff that help make everything possible. Congratulations to Brendan and his wife Sheridan on the birth of their first child Isaac. Troy has now completed his TAFE studies and has one more year of on the job training, whilst Lachlan is now entering his 2nd year with us. Thanks boys!! Tony Orford Greenkeeper



















HOUSE REPORT 2014 The Clubhouse has had another good year. Following your game there is no better place to enjoy your playing partner’s company either inside the Club or out on the verandah. There has been no major work carried out this year; however, there are some projects planned for the near future. The first of these will be to install an egress door on the northern wall of the Clubhouse. Other projects involve structural alterations to the roof to eradicate leaks in the Pro shop when we have heavy rain, modify the entrance to the Clubhouse and increase the floor area in the Pro shop. By the time you read this report it is hoped that a new caterer will be operating following the resignation of Rob Shilton who has been our caterer for the last twelve months. A big thank you must go to our volunteers who provide our members with a competent and friendly service, which brings a great camaraderie to the Club. Bob Cookson Chairman House Committee

LADIES REPORT 2014 The ladies have had another busy year with their fund raising. Our main charity day, which raises proceeds for the Shack, raised $2,500 this year. This went towards the purchase of new bunk beds. I would like to thank Simon Rudd from Shoalhaven Heads First National Real Estate for being our main sponsor for the day. Without this sort of support from local businesses our charity days would not be the success they are. I also want to thank Tony and the ground staff, and all our wonderful volunteers who mow the course or work behind the bar. Without you all giving up your time our club would not be what it is today. Congratulations to our club champions this year: Div1: Peta Griffin Div 2: Janice Wood Div 3: Pat Rae Foursome Champions: Sue McGilvray and Michelle Smith This year’s contributions to the clubhouse consisted of the purchase of a new pie oven, a new grill plate, 100 Soup Bowls, 2 new saucepans and 6 Serving spoons. We also donated $1700 towards the painting of the clubhouse. The total value of these purchases was approximately $3500, which is a significant amount for our ladies to contribute. I would also like to thank all the ladies on committee for a job well done as with out you we could not do this. On a sadder note one of our lady foundation members has passed away Glenda Bosely. We extend our condolences to her family. Glenda always had a welcoming smile and the prettiest golf clubs I have ever seen. It was a pleasure to play golf with her. Connie Parrish Ladies President

The activities they undertake include:

• Mowing the fairways and the roughs• Clearing lantana and creating environmental areas around the course• Propagating and planting plants and shrubs• Filling divots on tee boxes• Collecting rubbish around the course• Whipper snipping around bunkers and greens• Building cart paths and other course additions• Running the bar in the Clubhouse• Extending and renovating aspects of the Clubhouse

This past year the Board has seen small bands of volunteers taking responsibility for a specific hole on the course.

The work undertaken by these small bands of volunteers included:

• Planting shrubs and small gardens around the tee box area• Removing Parramatta grass and other noxious weeds from the fairway• Trimming overhanging branches that encroach on the hole between tee and green• Removing fallen branches that have fallen on the fairways and roughs of the hole.

If you are interested in forming a small working party, and willing to beautify a particular hole on the course, speak to Tony Orford or any of the Greens staff or a Board Director who will be happy to listen to your plans.

One of the key ingredients of the success of our Golf Club is our volunteer base.As you are all aware, our volunteers carry out a variety of activities each and every week throughout the year.

SHOALHAVEN HEADS GOLF CLUB LIMITEDA.B.N. 76 003 000 217

FINANCIAL REPORTFOR THE YEAR ENDED

31 DECEMBER 2014


CONTENTSDirectors' Report 1

Independent Audit Report 5

Auditor's Independence Declaration 7

Statement of Profit or Loss & Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Financial Statements 12

Directors' Declaration 29

Disclaimer on Additional Financial Information 30

Supplementary Information 31


DIRECTORS' REPORT

Your directors present their report on the company for the financial year ended 31 December 2014.

Principal Activities

The principal activities of the company during the financial year were:

To provide and maintain a golf club.

No significant change in the nature of these activities occurred during the year.

Objectives & Strategies

The short and long term objectives of the company are to provide club facilities to members and guests.

The strategy for achieving these objectives is to conservatively manage and monitor the company's financialposition, and ensure that member facilities are kept at the highest of standards.

Performance Measurement

The company uses industry accepted financial and non-financial KPI's to monitor performance.

No dividends have been paid or declared since the start of the financial year.

Membership

The number of members registered in the Register of Members at 31 December 2014 were as follows:

Playing 486

Life 13

Social 119

Total Members 618 695

The company is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If thecompany is wound up, the states that each member is liable to contribute a maximum of $2 each towardsmeeting any outstanding obligations of the entity. At 31 December 2014 the collective liability of memberswas $1,236 (31 December 2013: $1,390).

Directors

The names of the directors in office at any time during or since the end of the year are:

Robert Russell President

Qualifications, experience, and special duties:Board Member 2013-2014

Page 1


DIRECTORS' REPORT

Cec Montgomery Vice President

Appointed 26/03/2014

Qualifications, experience, and special duties:Board Member 2014Banker for 32 yearsOwned and operated own business for 16 yearsBoard member for 8 various golf clubs

Mark Henning Treasurer


Garry Hoare Captain


Gail Wilson Secretary


Qualifications, experience, and special duties:Board Member 2014Secretary for 20 years

Gregory Montgomery Director


John Marshall Director


Connie Parish Director


Qualifications, experience, and special duties:Board Member 2014Site Secretary current empolymentPesident of Woman's Golf Club 2 years

Harry Delany Director


Qualifications, experience, and special duties:Board Member 2014Antill Golf Club board member for 2 years

Page 2


DIRECTORS' REPORT

Terence Lillie Former President

Term completed 26/03/2014

Qualifications, experience, and special duties:Board Member 2000-2014Owned and operated printing company for 20 yearsRotary International / Paul Harris Fellow

David Lamb Former Secretary


Qualifications, experience, and special duties:Board Member 1987-2013Dental Surgeon (Univ. Sydney), President 1987-2000President Bomaderry Chamber of Commerce 1984-1989Secretary 2001-2013

Ian Winlaw Former DirectorTerm completed 26/03/2014


Elisabeth Dick Former Director



Directors have been in office since the start of the financial year to the date of this report unless otherwisestated.

Page 3


DIRECTORS' REPORT

Summary of Meeting Attendances:

12 ordinary meetings and 2 special meetings were held during the year.

Number of Number ofMeetings Eligible Meetings

To Attend Attended

Robert Russell 14 14Cec Montgomery 10 10Mark Henning 14 13Garry Hoare 14 12Gail Wilson 10 10Gregory Montgomery 14 11John Marshall 14 12Connie Parish 10 9Harry Delany 10 5Terence Lillie 4 4David Lamb 4 4Ian Winlaw 4 3Elisabeth Dick 4 1

Auditor's Independence Declaration

The lead auditor's independence declaration for the year ended 31 December 2014 has been received andcan be found on page 7 of the financial report.

Signed in accordance with a resolution of the Board of Directors:

Director: ______________________Mr Robert Russell

Dated

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INDEPENDENT AUDIT REPORTTO THE MEMBERS OF


Scope

We have audited the accompanying financial statements of Shoalhaven Heads Golf Club Limited being thestatement of profit or loss and comprehensive income, statement of financial position, statement of changesin equity, statement of cash flows, a summary of significant accounting policies and other explanatory notesand the directors' declaration for the financial year ended 31 December 2014.

The company's directors are responsible for the preparation and fair presentation of the financial statementsin accordance with Australian Accounting Standards (including the Australian Accounting Interpretations)and the Corporations Act 2001. This responsibility includes designing, implementing and maintaininginternal controls relevant to the preparation and fair presentation of the financial statements that are freefrom material misstatement, whether due to fraud or error; selecting and applying appropriate accountingpolicies; and making accounting estimates that are reasonable in the circumstances.

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted ouraudit in accordance with Australian Auditing Standards. These auditing standards require that we complywith relevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable assurance whether the financial statements are free from material misstatement.

An audit involves procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgement, including the assessment of risksof material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity's preparation and fair presentationof the financial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonableness ofaccounting estimates made by the directors, as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act2001. We confirm that the independence declaration required by the Corporations Act 2001, provided to thedirectors of the company on , would be in the same terms if provided to the directors as at the date of thisauditor's report.

Matters relating to the electronic presentation of the audited financial report

The auditor's report relates to the financial report of Shoalhaven Heads Golf Club Limited for the financialyear ended 31 December 2014 included on the company's website. The directors are responsible for theintegrity of the company's website. We have not been engaged to report on the integrity of the company'swebsite. The auditor's report refers only to the statements named above. It does not provide an opinion onany other information which may have been hyperlinked to/from these statements. If users of this report areconcerned with the inherent risks arising from electronic data communications they are advised to refer tothe hard copy of the audited financial report to confirm the information included in the audited financial reportpresented on this website.

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INDEPENDENT AUDIT REPORTTO THE MEMBERS OF


Audit Opinion

In our opinion, the financial statements of Shoalhaven Heads Golf Club Limited are in accordance with theCorporations Act 2001, including:

(i) giving a true and fair view of the company's financial position as at the year ended 31December 2014 and of their performance and cash flows for the year ended on thatdate; and

(ii) complying with Australian Accounting Standards (including Australian AccountingInterpretations).

Booth PartnersCertified Practising Accountants

____________________________David Murphy, CA

52 Osborne Street, Nowra NSW 2541

Dated

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AUDITOR'S INDEPENDENCE DECLARATIONUNDER SECTION 307C OF THE CORPORATIONS ACT 2001

TO THE DIRECTORS OFSHOALHAVEN HEADS GOLF CLUB LIMITED

A.B.N. 76 003 000 217

I declare that, to the best of my knowledge and belief, during the year ended 31December 2014, there have been no contraventions of:

i) the auditor independence requirements as set out in the Corporations Act2001 in relation to the audit; and

ii) any applicable code of professional conduct in relation to the audit.

Booth Partners

Certified Practising Accountants

David Murphy, CA


Dated

Page 7


STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOM EFOR THE YEAR ENDED 31 DECEMBER 2014

2014 2013Note $ $

Revenue 2 213,144 215,948

Other income 2 628,325 559,225

Cost of sales (87,471) (91,953)

Administration expenses (16,900) (16,870)

Depreciation expenses (81,150) (81,498)

Employment expenses (195,984) (158,460)

Golf expenses (226,021) (207,503)

Interest expenses (6,254) (10,751)

Occupancy expenses (49,631) (74,761)

Other expenses (73,613) (71,835)

Profit before income tax 3 104,445 61,542

Income tax expense - -Profit (loss) attributable to members of thecompany 13 104,445 61,542

Other comprehensive income

Other comprehensive income - -Total comprehensive income (loss) attributable tomembers of the company 104,445 61,542

The accompanying notes form part of these financial statements.

Page 8


STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER 2014

2014 2013Note $ $

CURRENT ASSETSCash and cash equivalents 4 155,783 115,031Trade and other receivables 5 2,536 2,502Inventories 6 14,383 15,469Other current assets 7 11,977 37,969TOTAL CURRENT ASSETS 184,679 170,971

NON-CURRENT ASSETSProperty, plant and equipment 8 1,258,650 1,227,355TOTAL NON-CURRENT ASSETS 1,258,650 1,227,355TOTAL ASSETS 1,443,329 1,398,326

CURRENT LIABILITIESTrade and other payables 9 49,730 99,752Borrowings 10 51,742 79,746Short term provisions 11 45,120 26,170Other current liabilities 12 160,428 164,703TOTAL CURRENT LIABILITIES 307,020 370,371

NON-CURRENT LIABILITIESBorrowings 10 46,620 33,828Long term provisions 11 - 8,883TOTAL NON-CURRENT LIABILITIES 46,620 42,711TOTAL LIABILITIES 353,640 413,082NET ASSETS 1,089,689 985,244

EQUITYRetained earnings 13 1,089,689 985,244TOTAL EQUITY 1,089,689 985,244


Page 9


STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2014

Retained Profits

Balance at 1 January 2013 923,702

Profit (loss) for the year 61,542

Other comprehensive income for the year -

Total comprehensive income attributable to members of the entity 61,542

Balance at 31 December 2013 985,244

Balance at 1 January 2014 985,244

Profit (loss) for the year 104,445

Other comprehensive income for the year -

Total comprehensive income attributable to members of the entity 104,445

Balance at 31 December 2014 1,089,689


Page 10


STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014

2014 2013Note $ $

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers 788,277 791,414Payments to suppliers and employees (650,263) (654,277)Grants received 42,000 38,700Interest received 2,838 801Interest expense (11,404) (12,867)Net cash provided by (used in) operating activities 171,448 163,771

CASH FLOWS FROM INVESTING ACTIVITIESProceeds from sale of property, plant and equipment 3,636 -Payments for property, plant and equipment (63,988) (25,075)Net cash provided by (used in) investing activities (60,352) (25,075)

CASH FLOWS FROM FINANCING ACTIVITIESRepayment of borrowings (70,344) (83,002)Net cash provided by (used in) financing activities (70,344) (83,002)

Net increase (decrease) in cash held 40,752 55,694Cash at beginning of financial year 115,031 59,337Cash at end of year 4 155,783 115,031


Page 11


NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2014

1 Summary of Significant Accounting Policies

Basis of PreparationShoalhaven Heads Golf Club Limited applies Australian Accounting Standards - ReducedDisclosure Requirements as set out in AASB 1053: Application of Tiers to Australian AccountingStandards and AASB2010-2: Amendments to Australian Accounting Standards arising fromReduced Disclosure Requirements.

The financial statements are general purpose financial statements that have been prepared inaccordance with the requirements of the Australian Accounting Standards - Reduced DisclosureRequirements of the Australian Accounting Standards Board and the Corporations Act 2001. Thecompany is a not-for-profit entity for financial reporting purposes under Australian AccountingStandards.

Australian Accounting Standards set out accounting policies that the AASB has concluded wouldresult in the financial statements containing relevant and reliable information about transactions,events and conditions to which they apply. Material accounting policies adopted in the preparationof these financial statements are presented below. They have been consistently applied unlessotherwise stated.

The financial statements, except for cash flow information, have been prepared on an accrual basisand are based on historical costs, modified, where applicable, by the measurement at fair value ofselected non-current assets, financial assets and financial liabilities. The amounts presented in thefinancial statements have been rounded to the nearest dollar.

The financial statements of Shoalhaven Heads Golf Club Limited for the year ended 31 December2014 were authorised for issue in accordance with a resolution of the directors on .

Page 12



Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking intoaccount any trade discounts and volume rebates allowed. For this purpose, deferred considerationis not discounted to present values when recognising revenue.

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to thetransfer of significant risks and rewards of ownership of the goods and cessation of all involvementin those goods.

Grant revenue is recognised in the statement of comprehensive income when the entity obtainscontrol of the grant and it is probable that the economic benefits gained from the grant will flow tothe entity and the amount of the grant can be measured reliably.

If conditions are attached to the grant which must be satisfied before it is eligible to receive thecontribution, the recognition of the grant as revenue will be deferred until those conditions aresatisfied.

Donations and bequests are recognised as revenue when received.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-termhighly liquid investments with original maturities of three months or less, and bank overdrafts. Bankoverdrafts are shown within short term borrowings in current liabilities on the balance sheet.

Inventories

Inventories are measured at the lower of cost and net realisable value. Costs are assigned on afirst-in first-out basis.

Stores are valued at cost.

Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated less, whereapplicable, any accumulated depreciation and impairment losses.

Property

Freehold land and buildings are measured at cost less depreciation. It is the policy of the entity tohave annual appraisals by the directors to ensure the carrying amount is not in excess of therecoverable amount from those assets.

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Plant and Equipment

Plant and equipment is measured on the cost basis less depreciation and impairment losses.

In the event the carrying amount of plant and equipment is greater than its estimated recoverableamount, the carrying amount is written down immediately to its estimated recoverable amount andimpairment losses are recognised. A formal assessment of recoverable amount is made whenimpairment indicators are present.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, asappropriate, only when it is probable that future economic benefits associated with the item will flowto the company and the cost of the item can be measured reliably. All other repairs andmaintenance are charged to the statement of comprehensive income during the financial period inwhich they are incurred.

The depreciation rates used for each class of depreciable asset are:

Class of Fixed Asset Depreciation RateBuilding at Cost 2.5%Course Improvements at Cost 2.5%Plant and Equipment 7.5 - 20%Kitchen Equipment 10 - 20%Furniture and Fittings 20%Course Equipment 10 - 20%

The asset's residual values and useful lives are reviewed, and adjusted if appropriate, at the end ofeach reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset'scarrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount.These gains or losses are included in the statement of comprehensive income. When revaluedassets are sold, amounts included in the revaluation reserve relating to that asset are transferred toretained earnings.

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Financial Instruments

Initial Recognition and Measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to thecontractual provisions to the instrument. For financial assets, this is equivalent to the date that thecompany commits itself to either purchase or sell the asset (i.e. trade date accounting adopted).

Financial instruments are initially measured at fair value plus transactions costs except where theinstrument is classified 'at fair value through profit or loss', in which case transaction costs areexpensed to profit or loss immediately.

Classification and Subsequent Measurement

Financial instruments are subsequently measured at fair value, amortised cost using the effectiveinterest rate method, or cost. Fair value represents the amount for which an asset could beexchanged or a liability settled, between knowledgeable, willing parties. Where available, pricesquoted in an active market are used to determine fair value. In other circumstances, valuationtechniques are adopted.

Amortised cost is the amount at which the financial asset or financial liability is measured at initialrecognition less principal repayments and any reduction for impairment, and adjusted for anycumulative amortisation of the difference between that initial amount and the maturity amountcalculated using the effective interest method.

The effective interest method is used to allocate interest income or interest expense over therelevant period and is equivalent to the rate that exactly discounts estimated future cash paymentsor receipts (including fees, transaction costs and other premiums or discounts) through theexpected life (or when this cannot be reliably predicted, the contractual term) of the financialinstrument to the net carrying amount of the financial asset or financial liability. Revisions toexpected future net cash flows will necessitate an adjustment to the carrying amount with aconsequential recognition of an income or expense item in profit or loss.

(i) Financial assets at fair value through profit or loss

Financial assets are classified as 'fair value through profit or loss' when they are held fortrading for the purpose of short term profit taking, derivatives not held for hedging purposes,or when they are designated as such to avoid an accounting mismatch or to enableperformance evaluation where a group of financial assets is managed by key managementpersonnel on a fair value basis in accordance with a documented risk management orinvestment strategy. Such assets are subsequently measured at fair value with changes incarrying amount being included in profit or loss.

Page 15



(ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinablepayments that are not quoted in an active market and are subsequently measured atamortised cost. Gains or losses are recognised in profit or loss through the amortisationprocess and when the financial asset is derecognised.

(iii) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets that have fixed maturitiesand fixed or determinable payments, and it is the company's intention to hold theseinvestments to maturity. They are subsequently measured at amortised cost. Gains or lossesare recognised in profit or loss through the amortisation process and when the financial assetis derecognised.

(iv) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either notcapable of being classified into other categories of financial assets due to their nature, or theyare designated as such by management. They comprise investments in the equity of otherentities where there is neither a fixed maturity nor fixed or determinable payments.

They are subsequently measured at fair value with changes in such fair value (i.e. gains orlosses) recognised in other comprehensive income (except for impairment losses and foreignexchange gains and losses). When the financial asset is derecognised, the cumulative gainor loss pertaining to that asset previously recognised in other comprehensive income isreclassified into profit or loss.

Available-for-sale financial assets are classified as current assets when they are expected tobe sold within 12 months after the end of the reporting period. All other available-for-salefinancial assets are classified as non-current assets.

(i) Financial liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequentlymeasured at amortised cost. Gains or losses are recognised in profit or loss through theamortisation process and when the financial liability is derecognised.

Impairment

At the end of each reporting period, the company assesses whether there is objective evidence thata financial instrument has been impaired. In the case of available-for-sale financial instruments, aprolonged decline in the value of the instrument is considered to determine whether an impairmenthas arisen. Impairment losses are immediately recognised in profit or loss. Also, any cumulativedecline in fair value previously recognised in other comprehensive income is reclassified to profit orloss at this point.

Page 16



In the case of available-for-sale financial assets, a significant or prolonged decline in the marketvalue of the instrument is considered to constitute a loss event. Impairment losses are recognised inprofit or loss immediately. Also, any cumulative decline in fair value previously recognised in othercomprehensive income is reclassified to profit or loss at this point.

In the case of financial assets carried at amortised cost, loss events may include: indications thatthe debtors or a group of debtors are experiencing significant financial difficulty, default ordelinquency in interest or principal payments; indications that they will enter bankruptcy or otherfinancial reorganisation; and changes in arrears or economic conditions that correlate with defaults.

For financial assets carried at amortised cost (including loans and receivables), a separateallowance account is used to reduce the carrying amount of financial assets impaired by creditlosses. After having taken all possible measures of recovery, if management establishes that thecarrying amount cannot be recovered by any means, at that point the written off amounts arecharged to the allowance account of the carrying amount of impaired financial assets is reduceddirectly if no impairment amount was previously recognised in the allowance accounts.

When the terms of financial assets that would otherwise have been past due or impaired have beenrenegotiated, the company recognised the impairment for such financial assets by taking intoaccount the original terms as if the terms have not been renegotiated so that the loss events thathave occurred are duly considered.

Derecognition

Financial assets are derecognised when the contractual rights to receipt of cash flows expires or theasset is transferred to another party whereby the entity no longer has any significant continuinginvolvement in the risks and benefits associated with the asset. Financial liabilities are derecognisedwhere the related obligations are either discharged, cancelled or expire. The difference between thecarrying amount of the financial liability extinguished or transferred to another party and the fairvalue of consideration paid, including the transfer of non-cash assets or liabilities assumed, isrecognised in profit or loss.

Impairment of Assets

At each reporting date, the company reviews the carrying values of its tangible and intangibleassets to determine whether there is any indication that those assets have been impaired. If suchan indication exists, the recoverable amount of the asset, being the higher of the asset's fair valueless costs to sell and value in use, is compared to the asset's carrying value. Any excess of theasset's carrying value over its recoverable amount is expensed to the income statement, unless theasset is carried at a revalued amount in accordance with another standard. Any impairment loss ofa revalued asset is treated as a revaluation decrease in accordance with that other standard.

Where it is not possible to estimate the recoverable amount of an individual asset, the companyestimates the recoverable amount of the cash-generating unit to which the asset belongs.

Impairment testing is performed annually for goodwill and intangible assets with indefinite lives.

Page 17



Trade and Other Payables

Trade and other payables represent the liability outstanding at the end of the reporting period forgoods and services received by the company during the reporting period which remain unpaid. Thebalance is recognised as a current liability with the amounts normally paid within 30 days ofrecognition of the liability.

Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances,the GST is recognised as part of the cost of acquisition of the asset or as part of an item of theexpense. Receivables and payables in the statement of financial position are shown inclusive ofGST.

Cash flows are presented on a gross basis, except for the GST component of investing andfinancing activities which are disclosed as operating cash flows.

Income Tax

The company is exempt from income tax under section 50-45 of the Income Tax Assessment Act1997.

Employee Benefits

Short term employee benefits

Provision is made for the company's obligation for short-term employee benefits. Short-termemployee benefits are benefits (other than termination benefits) that are expected to be settledwholly within 12 months after the end of the annual reporting period in which the employees renderthe related service, including wages, salaries and sick leave. Short-term employee benefits aremeasured at the (undiscounted) amounts expected to be paid when the obligation is settled.

The company's obligations for short-term employee benefits such as wages, salaries and sick leaveare recognised as a part of current trade and other payables in the statement of financial position.

Page 18



Other long-term employee benefits

The company classifies employee's long service leave and annual leave entitlements as otherlong-term employee benefits as they are not expected to be settled wholly within 12 months afterthe end of the annual reporting period in which the employees render the related service. Provisionis made for the company's obligation for other long-term employee benefits, which are measured atthe present value of the expected future payments to be made to employees. Expected futurepayments incorporate anticipated future wage and salary levels, durations of service and employeedepartures, and are discounted at rates determined by reference to market yields at the end of thereporting period on government bonds that have maturity dates that approximate the terms of theobligations. Upon the remeasurement of obligations for other long-term employee benefits, the netchange in the obligation is recognised in profit or loss classified under employee benefits expense.

The company's obligations for long-term employee benefits are presented as non-current liabilitiesin the statement of financial position, except where the company does not have an unconditionalright to defer settlement for at least 12 months after the end of the reporting period, in which casethe obligations are presented as current liabilities.

Provisions

Provisions are recognised when the company has a legal or constructive obligation, as a result ofpast events, for which it is probable that an outflow of economic benefits will result and that outflowcan be reliably measured. Provisions recognised represent the best estimate of the amountsrequired to settle the obligation at the end of the reporting period.

Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production that necessarilytake a substantial period of time to prepare for their intended use or sale, are added to the cost ofthose assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in the income statement in the period in which they areincurred.

Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform tochanges in presentation for the current financial year.

Critical Accounting Estimates and Judgments

The directors evaluate estimates and judgments incorporated into the financial report based onhistorical knowledge and best available current information.

Page 19



Estimates assume a reasonable expectation of future events and are based on current trends andeconomic data, obtained both externally and within the Company.

Key estimates - Impairment

The company assesses impairment at each reporting date by evaluating conditions specific to thecompany that may lead to impairment of assets. Where an impairment trigger exists, therecoverable amount of the asset is determined. Value-in-use calculations performed in assessingrecoverable amounts incorporate a number of key estimates.

Page 20



2014 2013$ $

2 Revenue

Operating activitiesTrading Revenue 213,144 215,948Interest 2,838 801Advertising, Signs and Sponsorship 24,955 22,405Apprenticeship Grant 17,000 6,700Community Grant 25,000 -Competition Fees 36,659 35,082Donations 11,013 5,455Fundraising 6,091 5,186Green Fees 302,957 288,831Subscriptions & Nominations 191,405 182,438Sundry Income 10,407 12,327

841,469 775,173

3 Profit from Ordinary Activities

Profit from ordinary activities before income taxexpense has been determined after:

Expenses:Cost of sales 87,471 91,953

Depreciation of non-current assets

Depreciation 81,150 81,499

Auditor's Remuneration

Audit Fees 7,000 6,800Total Auditor's Remuneration 7,000 6,800

No other benefits were received.

4 Cash and Cash Equivalents

CurrentCash on Hand 11,832 10,995National Australia Bank - Current Account 51,324 45,405NAB Business Card 200 280National Australia Bank Maximizer 92,427 58,351

155,783 115,031

Page 21



2014 2013$ $

Reconciliation of cashCash at the end of the financial year as shown in thestatement of cash flows is reconciled to the relateditems in the balance sheet as follows:

Cash and cash equivalents 155,783 115,031

155,783 115,031

5 Trade and Other Receivables

CurrentTrade Debtors 2,536 2,502

6 Inventories

CurrentStock on Hand - Other 5,914 9,505Stock on Hand - Bar 8,469 5,964

14,383 15,469

7 Other Current Assets

CurrentPrepayments 11,977 37,969

8 Property, Plant and Equipment

Land and BuildingsBuilding at Cost 214,410 214,095Less: Accumulated Depreciation (86,103) (74,456)

128,307 139,639

Course Improvements at Cost 1,020,317 962,619Less: Accumulated Depreciation (230,882) (208,279)

789,435 754,340

Total Land and Buildings 917,742 893,979

Page 22



2014 2013$ $

Plant and EquipmentPlant & Equipment at Cost 213,296 210,957Less: Accumulated Depreciation (172,269) (162,617)

41,027 48,340

Kitchen Equipment at Cost 6,234 6,234Less: Accumulated Depreciation (3,672) (3,129)

2,562 3,105

Furniture & Fittings, at Cost 10,603 10,603Less: Accumulated Depreciation (8,636) (7,323)

1,967 3,280

Course Equipment, at Cost 444,608 405,313Less: Accumulated Depreciation (149,256) (126,662)

295,352 278,651

Total Plant and Equipment 340,908 333,376Total Property, Plant and Equipment 1,258,650 1,227,355

All of the land and buildings leased by the club arelocated at Staples Street Shoalhaven Heads and areconsidered 'Core Property' (as defined in theRegistered Club Act 1976).

During the 2014 financial year the Club purchased$56,978 (2013: $42,980) of fixed assets under hirepurchase arrangements. These acquisitions do notform part of the Statement of Cash Flows.

Page 23



2014 2013$ $

Movements in Carrying Amounts

Movements in carrying amount for each class of property, plant and equipment between thebeginning and the end of the financial year:

CarryingValue

CarryingValue

1 Jan 2014 Additions Disposals Depreciation 31 Dec 2014Building at Cost 139,639 314 - (11,646) 128,307Course Improvements atCost 754,340 57,698 - (22,603) 789,435Plant and Equipment 48,340 2,339 - (9,652) 41,027Kitchen Equipment 3,105 - - (543) 2,562Furniture and Fittings 3,280 - - (1,313) 1,967Course Equipment 278,651 55,435 (3,341) (35,393) 295,352

1,227,355 115,786 (3,341) (81,150) 1,258,650

9 Trade and Other Payables

CurrentSundry Creditors 43,325 91,893Voluntary Workers 815 -GST Liability 5,590 7,859

49,730 99,752

Financial liabilities at amortised cost classified astrade and other payables

Trade and other payables:- Total current 49,730 99,752- Total non-current - -

49,730 99,752

Less:GST (5,590) (7,859)

Financial liabilities as trade and other payables 44,140 91,893

Page 24



2014 2013$ $

10 Borrowings

CurrentHire Purchase Liability 41,510 23,193Less: Unexpired Interest (4,768) (3,447)Loans - NAB 15,000 60,000

Total current borrowings 51,742 79,746

Non-CurrentHire Purchase Liability 49,737 36,418Less Unexpired Interest (3,117) (2,590)

Total non-current borrowings 46,620 33,828

Total borrowings 98,362 113,574

National Australia Bank holds the following security onthe bank loan facility and the hire purchase loans:a. Registered Mortgage Debenture over the Club'sassets.

11 Provisions

CurrentProvision for Holiday Pay 34,305 26,170Provision for Long Service Leave 10,815 -

45,120 26,170

Non-CurrentProvision for Long Service Leave - 8,883

Aggregate Employee Benefit Liability 45,120 35,053

Page 25



2014 2013$ $

12 Other Liabilities

CurrentIncome In Advance 62,000 62,000Subscriptions in Advance 79,346 80,612Sponsorship In Advance 19,082 22,091

160,428 164,703

13 Retained Earnings

Retained earnings at the beginning of the financialyear 985,244 923,702Net profit attributable to members of the company 104,445 61,542Retained earnings at the end of the financial year 1,089,689 985,244

14 Capital and Leasing Commitments

Finance Lease CommitmentsPayable - minimum lease paymentsNot later than 12 months 41,510 23,193Between 12 months and five years 49,737 36,418Minimum lease payments 91,247 59,611Less future finance charges (7,885) (6,037)Present value of minimum lease payments 83,362 53,574

Page 26



2014 2013$ $

15 Contingent Liabilities

Estimates of the potential financial effect of contingentliabilities that may become payable:

Contingent LiabilitiesCouncil DonationShoalhaven City Council granted $30,000 to the Clubin November 2011. This money is to be used toimprove the access to the Club's premises. If thismoney is not used for this purpose by 7 November2015 it must be repaid to the council. 30,000 30,000

NSW Trade & InvestmentNSW Trade & Investment granted $32,000 to the Clubin October 2013 for the purpose of building a newaccess road. The grant must be refunded to the extentthat it exceeds 50% of the total cost of the road. 32,000 32,000

16 Key Management PersonnelCompensation

Total Compensation - -

17 Related Party Transactions

Transactions between related parties are on normal commercial terms and conditions. These termsand conditions are no more favourable than those available to other parties unless otherwise stated.

Page 27



2014 2013$ $

18 Financial Risk Management

The company's financial instruments consist mainly ofdeposits with banks, accounts receivable and payable,and leases.

The carrying amounts for each category of financialinstruments, measured in accordance with AASB 139as detailed in the accounting policies to these financialstatements, are as follows:

Financial AssetsCash and cash equivalents 155,783 115,031Loans and receivables 2,536 2,502Total Financial Assets 158,319 117,533

Financial LiabilitiesFinancial Liabilities at amortised cost- Trade and other payables 44,140 91,893- Borrowings 98,362 113,574Total Financial Liabilities 142,502 205,467

Page 28


DIRECTORS' DECLARATION

The directors of the company declare that:

1. The financial statements and notes are in accordance with the Corporations Act 2001:

(a) comply with Australian Accounting Standards - Reduced Disclosure Requirements; and

(b) give a true and fair view of the financial position of the company as at 31 December 2014 andof its performance for the year ended on that date.

2. In the directors' opinion there are reasonable grounds to believe that the company will be ableto pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the board of directors.

Director: ____________________________Mr Robert Russell

Dated

Page 29


DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION

The additional information on the following pages is in accordance with the books and records ofShoalhaven Heads Golf Club Limited which have been subjected to the auditing procedures appliedin the audit of the company for the year ended 31 December 2014. It will be appreciated that theaudit did not cover all details of the additional financial information. Accordingly, we do not expressan opinion on such financial information and no warranty of accuracy or reliability is given.

In accordance with our firm policy, we advise that neither the firm nor any member or employee ofthe firm undertakes responsibility arising in any way whatsoever to any person (other than thecompany) in respect of such information, including any errors or omissions therein, arising throughnegligence or otherwise however caused.

Booth Partners

Certified Practising Accountants

David Murphy, CA


Dated

Page 30


SUPPLEMENTARY INFORMATIONDEPARTMENTAL PROFIT AND LOSS STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2014

2014 2013Note $ $

Bar Trading

Refreshment Sales 213,144 215,948213,144 215,948

LESS: COST OF GOODS SOLDOpening Stock 5,964 5,282Closing Stock (8,469) (5,964)Purchases 89,976 92,635

87,471 91,953

GROSS PROFIT FROM TRADING 125,673 123,995


These statements should be read in conjunction with the attached disclaimer of Booth Partners.

Page 31




2014 2013Note $ $

INCOME

Bar Trading 125,673 123,995

Advertising, Signs and Sponsorship 24,955 22,405

Apprenticeship Grant 17,000 6,700

Community Grant 25,000 -

Competition Fees 36,659 35,082

Donations 11,013 5,455

Fundraising 6,091 5,186

Green Fees 302,957 288,831

Interest Income 2,838 801

Subscriptions & Nominations 191,405 182,438

Sundry Income 19 10,407 12,327

753,998 683,220

LESS : EXPENDITURE

Advertising 5,707 4,771

Affiliation Fees 16,954 13,445

Audit Fees 7,000 6,800

Bank Charges 6,380 3,804

Bookkeeper 9,900 10,070

Cleaning 6,300 3,500

Commission Paid 61,245 57,958

Depreciation 81,150 81,498

Electricity & Gas 24,435 30,220

Fuel & Oil 14,410 11,978

Holiday Pay Provision 12,285 15,278

Insurance 25,887 28,446

Interest Paid 6,254 10,751

Leasing Charges 3,302 1,871

Licensing Fees 404 43



Page 32




2014 2013Note $ $

Long Service Leave Expense 1,933 1,745

Members Expenses 4,634 7,064

Minor Equipment Purchases 1,645 1,784

Postage 583 883

Printing & Stationery 8,819 7,649

Prizes - Golf Balls & Trophies 33,904 29,844

Rates & Taxes 3,948 3,999

Rent 14,948 37,042

Repairs & Maintenance 93,816 89,340

Security Costs 885 1,225

Staff Training & Welfare 6,301 6,903

Subscriptions 1,037 996

Sundry Expenses 1,079 194

Superannuation Contributions 14,962 11,521

Telephone 5,759 5,869

Tool Replacement 375 684

Unders and Overs 483 (15)

Uniforms 252 463

Volunteers 5,317 4,254

Wages 160,251 122,550

Waste Disposal 4,413 3,931

Water 2,596 3,320

649,553 621,678

OPERATING PROFIT 104,445 61,542



Page 33


NOTES TO THE SUPPLEMENTARY INFORMATIONFOR THE YEAR ENDED 31 DECEMBER 2014

2014 2013$ $

19 Sundry Income

Coffee Machine 1,719 1,846

Corporate Day 4,505 6,755

Fuel Tax Rebate 3,397 2,816

Kitchen Rent 236 655

Other Income 295 -

Photocopying 255 255

10,407 12,327



Page 34

staples street, shoalhaven heads nsw 2535 ˜e heads€¦ · staples street, shoalhaven heads nsw...

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