1. Annual General Meeting NOTICE OF THE ANNUAL GENERAL MEETING NOTICE TO MEMBERS The AGM will be held on Tuesday 9 th April 2019 at 7.30 pm at Cooma Ex Services Club. The financial report will be available on the Cooma Golf Club website: http://www.coomagolfclub.com.au/ Your attendance would be greatly appreciated to show support for the club and enable the election of office bearers for the coming year. Please consider nominating for positions on the Board of Directors. Positions vacant include Treasurer, Secretary, Vice President and Captain. Nomination forms are available at the club. 2. Member Subscription Invoices and Payment Options Your subscription invoice for the upcoming year (covering the period 1 April 2019 to 31 March 2020) is enclosed herewith. It would greatly assist the Club s cash flow if payment of the full or half amount of annual subscription could be made by 30 April 2019. Payment for cart shed rental and other charges need to be paid in full by the same date. Payment for the balance of your subscription is required by 30 October 2019. As detailed on the invoice, payment can be made by direct deposit, credit card, cheque, cash or instalment plan. Just a reminder to members that if you wish to pay your subscriptions off in instalments, we offer a payment option through Pay As You Golf. This allows you to choose from either a fortnightly or monthly payment option. This is a low cost and stress free payment alternative and you can choose to pay your instalments by direct debit or credit card. One simple registration form and no invasive credit assessment process. For more information, please contact the office or see Pay As You Golf s website: https://www.payasyougolf.com.au/ Secretary, Cooma Golf Club Stephen Young
COOMA GOLF CLUB LIMITED MINUTES OF THE ANNUAL GENERAL MEETING Held on Tuesday 10 April 2018 Meeting held at Ex-Services Club at 7.30pm. President Georg Froeschl in the chair. Attendance: 47 members in attendance as per register attached to official minutes. Apologies: 7 members tendered their apologies. 1. Confirmation of Minutes of AGM 11th April 2017 Moved by: B. Searl Seconded by: S. Allen That the minutes of the previous meeting be accepted Carried. Business arising from previous minutes: Nil 2. Presentation of reports. 2.1 President s report Georg Froeschl s report is included in the Annual Report: A disappointing year as the club is facing serious trading issues Thanks to all Board Members, especially Gaye Wilson and Simon Allen, both stepping down Thanks to Ben Neilson, course super intendant, for all his work 2017 operations: harsh winter, participation down by 6%, 40 fewer members, money in the bank down (reserve funds used for irrigation upgrade, replacement mower). Therefore, a grant is now a focus. Replacing the main water tank with improved irrigation capacity via the dam was achieved. But nature was not cooperative! Direction: to provide a viable quality golf course and a licenced club to members and guests and to promote sporting activities through charitable and economic contribution to the region. The potential is there! The means: grants, a robust business model, financial controls, increase in membership fees. School programmes, coaching, golf tourism, conference and seminar functions are vital. Support: advertising package to suit local businesses; consider our club for functions, encourage family, friends to join; assist the club with essential maintenance. Thank you to all members Moved G. Froeschl Seconded B. Searl Carried
COOMA GOLF CLUB LIMITED MINUTES OF THE ANNUAL GENERAL MEETING (continued) 2.2 Captain s report Brian Searl spoke to his report. Report is attached to AGM minutes: Thank you to everyone who has helped, especially Gaye Wilson and Norm Marshall, manager of pennant teams. Results presented: o Club Champion: Kim Howard Grade Winners: A Grade: Peter Devereux B Grade: Bob Ashcroft C Grade: Kerry Blencowe Junior: Hunter Caldwell Open 4BBB Champions: Andrew Blair & Adam Robinson Open Champion: Adam Robinson Short Course Scratch winner: Mark Rainsford Net winner: Phil Patricks The trial of a 2 person Ambrose over the Short Course was successful. Sundays over winter 2018: trial novelty events which will be open to nonmembers. Moved B. Searl, Seconded S. Allen Carried 2.3 Lady President s report Gaye Wilson spoke to her report. Report is attached to AGM minutes: Saddened to hear that Elsie Egan, life member, died. Results presented: Club Champion: Gaye Wilson o A Grade: Rulie Steinfort o B Grade: Jenny O Byrne o Net winner: Rulie Steinfort Foursomes Champions: Yvonne Barnes & Helen Crawford Amy Martin Shield net champions: Carolyn & Jenny O Byrne Successful Cooma Ladies Open with players from around the district; winner: S. Donohoe, Narooma. Pennant competition cancelled due to lack of opposition teams. Thank you to: Ladies Committee and members Thank you to Board of Directors Thank you to trophy donors and sponsors Thank you to Course Superintendent Ben Neilson Moved G. Wilson, Seconded V. Leitch Carried
COOMA GOLF CLUB LIMITED MINUTES OF THE ANNUAL GENERAL MEETING (continued) 3. Treasurer s report Simon Allen spoke to his report. Report is attached to AGM minutes: Attention was drawn to key aspects: Bar profit down by 5,000. Cleaning costs down as we did not have a cleaner for part of the year. Electricity and gas costs are up, although with new pump we had a saving of 22% in our energy consumption. Repairs and maintenance for club house are down but course maintenance is up. Subs income is down. He then spoke to his report: Situation is bleak. Very little reserve cash: we can manage for current year, then either close our doors or go into debt. Although costs are minimised, there are costs which can t be reduced, eg staff wages, course maintenance. All trend lines show a downward slope: fall in membership, thus competition profit, bar sales are falling. To survive, implement some/all of the recommendations on page 20 of Annual Report. Too few people have been doing too much. Need energetic, entrepreneurial people with assistants. Moved S. Allen, Seconded B. Searl That the financial report be accepted. Carried. Discussion: Seek a valuation on the property: this determines our ability to borrow. We then become a non-going concern rather than be bankrupt. Grants: better to obtain a grant rather than borrow. 4. NOTICE OF MOTIONS. 4.1 It is moved Simon Allen, seconded Gaye Wilson That Clause 43 of the Articles be deleted and replaced by: The company must appoint an auditor to audit the annual financial report of the Club where there is a requirement to meet the needs of the Corporations Law. Where an auditor is appointed the audited financial statements should be presented to the Annual General Meeting. Carried unanimously
COOMA GOLF CLUB LIMITED MINUTES OF THE ANNUAL GENERAL MEETING (continued) 5. Election of Office Bearers. Dr S. Allen took the chair for the election of the new Board of Directors. The following were then elected: PRESIDENT Mr G Froeschl proposed G. Wilson, V. Leitch VICE PRESIDENT - CAPTAIN Mr R. Smith proposed F. McKnight, seconded R. Hill SECRETARY Mr S. Young proposed J. Harris, seconded D. Goggin TREASURER Mr N. Venables proposed-g.wilson, seconded S. Allen BOARD MEMBERS Mr D. Minehan proposed G. Froeschl seconded F. McKnight Mr M. Rainsford proposed S. Smith, seconded M. Introna Mr S. Smith proposed M. Rainsford, seconded D. Goggin Mr K. Howard. proposed R. Smith, seconded G. Froeschl Mr K Blencowe proposed M. Rainsford, seconded M. Introna Congratulations to those elected. But it was stressed that sub-committees are necessary and helpful. Incoming President Mr G Froeschl took over the chair. 6. General Business 1. A reminder re the Cottontails Cup (May 6). 2. Pay-as-you-golf: allows a member to pay subs on a monthly basis. 3. The membership in general doesn t know what s going on: can the 1 Golf notices be updated? 4. The President expressed that he would like to see one big monthly event and a super quarterly event. 5. Help required for Ladies Open BBQ on 22 nd April. Help offered! 6. Council has a donation form. Mr G Froeschl declared the meeting closed at 9.15 pm.
COOMA GOLF CLUB LIMITED PRESIDENT S REPORT On behalf of the General Committee, it is my pleasure to present the Annual Report for the year ended 31 December 2018. Membership numbers and participation rates continue to decline. Revenue was marginally improved, generally due to several exceptional events and the success of Friday afternoon golf. Expenses were contained, although it should be recognised expenses were constrained in the previous year as well out of necessity. The Club s financial position continues to be the main concern. Presenting value membership for a diverse group provided only by volunteers is challenging. There was a noticeable turn-around last year in cash flow due to the magnificent contribution of certain individuals. In particular, our Treasurer, Neil Venables has done a fantastic job in what was his first year and Team Rainsford, ably assisted by Donna and Sean Smith lead made many of the years events that meant so much to our Members and the Club s position. Thank you to our greenkeeper, Ben Neilson who, once again has given us as much as we can hope for on the course from one person, an army of volunteers and as little capital as we can afford to give. As is the case in most years, the weather determined the overall presentation and quality season by season. 2018 OPERATIONS Winter and overall Sunday participation in 2018 was down by over 500 member-rounds (down 300 in 2017) and there were 14 fewer members (down 40 in 2017). Revenue was slightly higher mainly due to the events mentioned above. Money in the bank was down following an irrigation upgrade in 2016 and replacement of a fairway mower. Debt is attributed only to course infrastructure, plant and equipment which is a large investment for any golf club. Maintaining and upgrading infrastructure will remain a challenge for the club financially. We were successful with two related grants to plant trees and this may open other opportunities going forward. A second grant was obtained for Clubhouse solar which is now operational. A third grant was also received during this year for Clubhouse maintenance to the roof, gutters and external painting and some internal painting. This work is yet to be finalised. DIRECTION We are developing a five year Strategic Plan we hope to share in draft with Members for comment before finalising this in the coming months. This achieves a few objectives, firstly it sets out a realistic plan for the future of the Club, assist future Boards on a steady course of action and is considered an essential tool if we are to be successful in any significant grants in the future. As previously stated, the budget required for the scale of maintenance and infrastructure upgrades needed for the course and clubhouse is not achievable on the size of the present Club membership and financial resources.
COOMA GOLF CLUB LIMITED PRESIDENT S REPORT (continued) DIRECTION (continued) Your General Committee are committed to finding achievable solutions. Strategies we adopted in the previous year include the following: Pursue significant grants for facility maintenance, upgrades and improvement Plan, adopt and implement a robust business model, regular and special club events and pursue the regional tourism, corporate and event market opportunities as the Club facilities improve in line with new demand for the Clubs new services Vigorous financial controls to ensure the Club remains viable Pursue new and innovative advertising and sponsorship arrangements The Board are building long term beneficial relationships with significant local, state and federal government stakeholders for the Club to recover, become sustainable and fill a renewed, improved and recognised role within our community. We must actively explore and pursue other sources of revenue for the club through school programs and coaching, golf tourism, conference and seminar functions and events. By doing so we improve our services and level of engagement within our community. The degree to which we achieve these goals from a volunteer Committee, many of whom work full time, is a function of YOUR contribution. Please, if you have something to contribute and even a little time, join the General Committee or one of the many sub-committees. Please also consider the club for your next function and work events, support our event days, participate in one or more additional rounds of golf every month, and encourage your friends and family to participate in golf or consider joining the club. THANK YOU Volunteers give up many hours of their time and contribute more than most would be aware. Together they have a huge effect on what is presented to members, day in and day out. Whether it is in the House, Match, Course or the many other behind-the-scenes roles, their donation of time and quiet determination are what drive the club s small successes. There are many, and yet never enough of you. Thank you. I would also like to thank our members for your support and the many local businesses who support our Club in so many ways. Thank you to all the members who have shown their support over the year to myself, our Board members and the Club. Whilst each year has its successes and learning, more often I am delighted by the positive attitude towards the Club generally and the positive suggestions being raised to help us custodians for future generations. Yours sincerely, Georg Froeschl President Cooma Golf Club Ltd
Financial Statements
Contents Financial Statements Directors' Report 1 Directors' Declaration 7 Statement of Profit or Loss and Other 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 Detailed Profit or Loss Statement 23 Compilation Report 25 Page
Directors' Report 31 December 2018 The directors present their report on for the financial year ended 31 December 2018. 1. General information Directors The names of the directors in office at any time during, or since the end of, the year are: Names Position Appointed/Resigned S Allen Resigned 10 April 2018 K Blencowe Appointed 10 April 2018 G Froeschl President K Howard Appointed 10 April 2018 D Minehan M Rainsford Appointed 10 April 2018 B Searl Resigned 10 April 2018 R Smith Captain Appointed 10 April 2018 S Smith Appointed 10 April 2018 N Venables Treasurer Appointed 10 April 2018 G Wilson Resigned 10 April 2018 S Young Secretary Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Information on directors The names of each person who has been a director during the year and to the date of this report are: S Allen Qualifications Experience B.Sc. (Eng), Ph.D. Served on the Board of Directors of Cooma Golf Club for 10 years. K Blencowe Experience Served on the Board of Directors of Cooma Golf Club for 1 year. G Froeschl Qualifications Experience Grad Dip Bus Served on the Board of Directors of Cooma Golf Club for 5 years. K Howard Experience Served on the Board of Directors of Cooma Golf Club for 1 year. 1
Directors' Report 31 December 2018 1. General information Information on directors D Minehan Experience Served on the Board of Directors of Cooma Golf Club for 4 years. M Rainsford Experience Served on the Board of Directors of Cooma Golf Club for 1 year. B Searl Experience Served on the Board of Directors of Cooma Golf Club for 3 years with a 1 year break. R Smith Experience Served on the Board of Directors of Cooma Golf Club for 1 year, Served as Captain of the Cooma Golf Club in 2016 / 2017. S Smith Experience Served on the Board of Directors of Cooma Golf Club for 1 year. N Venables Experience Served as Treasurer on the Board of Directors of Cooma Golf Club for 1 year. G Wilson Qualifications Experience B.A., Dip Ed., Dip MLT Served on the Board of Directors of Cooma Golf Club for 10 years with a one year break. Served on Ladies Committee for 13 years. Current President of the Ladies Committee. S Young Qualifications Experience BA 4 years previous experience as President on Golf Club Boards. Served on the Board of Directors of Cooma Golf Club for 2 years but previously served for 2 years as a director. Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. 2
Directors' Report 31 December 2018 1. General information Principal activities The principal activities of during the financial year were: to promote sporting activities with the Club, and to promote the activities of a registered Club. No significant changes in the nature of the company's activity occurred during the financial year. Short term objectives The club's short term objectives are to: provide the best possible golf course and clubhouse facilities to members, encourage new members in a supportive and inclusive environment, and remain financially viable to achieve these objectives. Long term objectives The club's long term objectives are to: provide a viable quality golf course and a Licensed Club to members and guests, and promote sporting activities through charitable and economic contribution to the region. Strategy for achieving the objectives The club recognises that within the community it provides much more than golf. The social and health contribution of sporting clubs in general and in this case, golf, is well documented. The charitable and economic contribution of Cooma Golf Club is also proudly acknowledged within our community. Beyond the simple use of volunteer membership labour to achieve the stated short-term objectives, the club must actively explore and pursue other sources of revenue for Club and school programs as well as coaching, golf tourism, conference and seminar functions and events. 3
Directors' Report 31 December 2018 1. General information Strategy for achieving the objectives To achieve these stated long-term objectives the club will adopt the following strategies: pursue significant grants for facility maintenance, upgrades and improvement; plan, adopt and implement a robust business model by attracting and retaining quality management and staff to provide the programs, regular and special club events and pursue the regional tourism, corporate and event market opportunities as the club facilities improve in line with new demand for the club's new services; implement vigorous financial controls to ensure the club remains viable; pursue new and innovative advertising and sponsorship arrangements; and introduce a necessary overall increase in membership fees. How principal activities assisted in achieving the objectives The main focus for the board in 2018 was the pursuit of government grants to help provide funding for various critical maintenance issues at the Cooma Golf Club. The Board has been successful in being granted funding for two projects. The Golf Club was successful in getting a grant through the community building fund for the maintenance and refurbishment of the Club house. The Golf Club was also successful in getting a grant from the BOCO wind farm for solar panels on the Club house roof, which should ease electricity costs for the Golf Club. The board is also eager to get funding for replacement of some the ageing irrigation pipes on the golf course. This is an ongoing concern. A reduction in electricity cost was achieved by pumping from the Murrumbidgee water source in off-peak periods only. Greater efficiencies were achieved in on-course irrigation and overall more irrigation was possible. Some of these gains were offset by increases in electricity prices. A "Water Sinking Fund" was established in 2016 to fund the course improvement through a levy on green and competition fees. This fund is expected to continue for several more years. Performance measures The club measures and monitors financial performance by placing importance on profit before depreciation and profit after depreciation. Focus is also placed on cash flow performance and the club's ability to pay debts on time. 4
Directors' Report 31 December 2018 1. General information Members' guarantee is a company limited by guarantee. In the event of, and for the purpose of winding up of the club, the amount capable of being called up from each member and any person or association who ceased to be a member in the year prior to the winding up, is limited to 4 for members that are corporations and 4 for all other members, subject to the provisions of the company's constitution. At 31 December 2018 the collective liability of members was 4 (2017: 4). 2. Operating results and review of operations for the year Review of operations A review of the operations of the company during the financial year and the results of those operations show the club once again faced serious trading challenges. Whilst disappointing to report a loss in the current year, the result before depreciation would have been a profit of 18,346. Membership numbers and participation rates continue to decline. Revenue was marginally improved, generally due to several exceptional events and the success of Friday afternoon golf. Expenses were contained, although it should be recognised expenses were constrained in the previous year as well out of necessity. We were successful with two related grants to plant trees and this may open other opportunities going forward. A second grant was obtained for Clubhouse solar which is now operational. A third grant was also received during this year for Clubhouse maintenance to the roof, gutters and external painting and some internal painting. This work is yet to be finalised. Winter and overall Sunday participation in 2018 was down by over 500 member-rounds (down 300 in 2017) and there were 14 fewer members (down 40 in 2017). Revenue was slightly higher mainly due to the events mentioned above. It should be noted that the club does own all the land on which the course, clubhouse and other improvements are located without encumbrance. Debt where it exists, is attributed only to course infrastructure, plant and equipment which is a large investment for any golf club. This is not a change in circumstances for this club. Indeed, a past lack of planning regarding infrastructure improvement, no doubt due to lack of funds, will remain a challenge for the club financially. Maintaining and upgrading infrastructure will remain a challenge for the club financially. Operating results The profit/(loss) of the company after providing for income tax amounted to (9,682) (2017: (24,979)). 5
Directors' Report 31 December 2018 Meetings of directors During the financial year, 12 meetings of directors (including committees of directors) were held. Attendances by each director during the year were as follows: Directors' Meetings Number eligible to attend Number attended S Allen 4 4 K Blencowe 8 7 G Froeschl 12 10 K Howard 8 6 D Minehan 12 10 M Rainsford 8 6 B Searl 4 4 R Smith 8 4 S Smith 8 5 N Venables 8 7 G Wilson 4 4 S Young 12 11 Signed in accordance with a resolution of the Board of Directors: Director:... G Froeschl Director:... N Venables Dated 29 March 2019 6
Directors' Declaration The directors of the company declare that: 1. The financial statements and notes, as set out on pages 8 to 22, are in accordance with the Corporations Act 2001 and: a. comply with Australian Accounting Standards - Reduced Disclosure Requirements; and b. give a true and fair view of the financial position as at 31 December 2018 and of the performance for the year ended on that date of the company. 2. In the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the board of directors. Director... G Froeschl Director... N Venables Dated 29 March 2019 7
Statement of Profit or Loss and Other Comprehensive Income Note 2018 2017 Revenue 3 241,403 226,319 Other income 3-4,848 Profit / (loss) on disposal of property, plant and equipment (515) 3,636 Cost of goods sold - Bar (17,250) (18,032) Affiliation fees (7,812) (7,500) Catering and coffee machine expenses (8,693) (7,686) Clubhouse, greens, maintenance and occupancy costs (83,439) (90,884) Contract greenkeeping fees (60,000) (65,000) Depreciation 8(a) (28,028) (24,581) Employee costs (3,378) (3,102) Golf shop expenses (3,460) (5,907) Interest paid (2,097) (754) Other expenses (14,185) (16,291) Prizes and trophies (22,228) (20,045) Profit / (loss) for the year (9,682) (24,979) Total comprehensive income for the year (9,682) (24,979) 8
Statement of Financial Position 31 December 2018 Note 2018 2017 ASSETS CURRENT ASSETS Cash and cash equivalents 4 60,429 39,413 Trade and other receivables 5 1,990 3,450 Inventories 6 3,887 5,115 Other assets 7 9,466 10,332 TOTAL CURRENT ASSETS 75,772 58,310 NON-CURRENT ASSETS Property, plant and equipment 8 851,326 878,597 TOTAL NON-CURRENT ASSETS 851,326 878,597 TOTAL ASSETS 927,098 936,907 LIABILITIES CURRENT LIABILITIES Trade and other payables 9 51,334 41,504 Borrowings 10 9,622 9,957 TOTAL CURRENT LIABILITIES 60,956 51,461 NON-CURRENT LIABILITIES Borrowings 10 16,926 26,548 TOTAL NON-CURRENT LIABILITIES 16,926 26,548 TOTAL LIABILITIES 77,882 78,009 NET ASSETS 849,216 858,898 EQUITY Reserves 520,628 520,628 Retained earnings 328,588 338,270 TOTAL EQUITY 849,216 858,898 9
Statement of Changes in Equity 2018 Retained earnings Capital profits reserve Asset revaluation surplus Balance at 1 January 2018 338,270 122,628 398,000 858,898 Profit / (loss) attributable to members (9,682) - - (9,682) Balance at 31 December 2018 328,588 122,628 398,000 849,216 Total 2017 Retained earnings Capital profits reserve Asset revaluation surplus Balance at 1 January 2017 363,249 122,628 398,000 883,877 Profit / (loss) attributable to members (24,979) - - (24,979) Balance at 31 December 2017 338,270 122,628 398,000 858,898 Total 10
Statement of Cash Flows Note 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Receipts from customers 182,897 169,466 Members subscriptions 75,527 76,118 Payments to suppliers (224,192) (243,852) Interest received 111 180 Interest paid (2,097) (754) Net cash provided by/(used in) operating activities 15 32,246 1,158 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of plant and equipment - 3,636 Proceeds from sale of water licences - 4,848 Purchase of property, plant and equipment 8(a) (1,272) (56,430) Net cash provided by/(used in) investing activities (1,272) (47,946) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings - 27,000 Repayment of borrowings (9,958) (5,416) Net cash provided by/(used in) financing activities (9,958) 21,584 Net increase/(decrease) in cash and cash equivalents held 21,016 (25,204) Cash and cash equivalents at beginning of year 39,413 64,617 Cash and cash equivalents at end of financial year 4(a) 60,429 39,413 11
Notes to the Financial Statements The financial report covers as an individual entity. is a not-for-profit company limited by guarantee, incorporated and domiciled in Australia. The functional and presentation currency of is Australian dollars. Comparatives are consistent with prior years, unless otherwise stated. 1 Basis of preparation The financial statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001. The financial statements have been prepared on an accruals basis and are based on historical costs. Significant accounting policies adopted in the preparation of these financial statements are presented below and are consistent with prior reporting periods unless otherwise stated. 2 Summary of significant accounting policies (a) Income tax The company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997. (b) Revenue and other income Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. Sale of goods Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods. 12
Notes to the Financial Statements 2 Summary of significant accounting policies (b) Revenue and other income Rendering of services Revenue in relation to rendering of services is recognised on delivery of the service. Subscriptions Revenue from the provision of membership subscriptions is recognised on a straight line basis over the financial year. Gain on disposal of non-current assets When a non-current asset is disposed, the gain or loss is calculated by comparing proceeds received with its carrying amount and is taken to profit or loss. Interest income Interest is recognised using the effective interest method. Other income Other income is recognised on an accruals basis when the company is entitled to it. (c) Goods and services tax (GST) Revenue, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of GST. Cash flows in the statement of cash flows are included on a gross basis and the GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. (d) Inventories Inventories are measured at the lower of cost and net realisable value. 13
Notes to the Financial Statements 2 Summary of significant accounting policies (e) Property, plant and equipment Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment. Depreciation Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the assets useful life to the company, commencing when the asset is ready for use. The depreciation rates used for each class of depreciable asset are shown below: Fixed asset class Depreciation rate Buildings 1.5% - 25% Plant and equipment 10% - 66.67% Furniture, fixtures and fittings 4.5% - 50% At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate. (f) Financial instruments Financial instruments are recognised initially using trade date accounting, i.e. on the date that the company becomes party to the contractual provisions of the instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred). Financial assets Financial assets Financial assets are comprised of trade and other receivables. Trade and other receivables measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in profit or loss. Financial liabilities The club s financial liabilities include borrowings, trade and other payables, which are measured at amortised cost using the effective interest rate method. 14
Notes to the Financial Statements 2 Summary of significant accounting policies (f) Financial instruments Impairment of financial assets At the end of the reporting period the company assesses whether there is any objective evidence that a financial asset or group of financial assets is impaired. Financial assets at amortised cost If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate. Impairment on receivables is reduced through the use of an allowance accounts, all other impairment losses on financial assets at amortised cost are taken directly to the asset. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss. (g) Cash and cash equivalents Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. 15
Notes to the Financial Statements 3 Revenue and other income 2018 2017-100 Club and raffles 231 852 - Advertising income 909 2,818 - Bar income 34,612 33,559 - Catering income 9,111 7,282 - Coffee machine income 3,669 3,126 - Competition fees - Water sinking fund 6,664 6,435 - Competition fees and major tournaments 75,242 55,723 - Donations and fundraising 5,967 7,667 - Golf shop income 4,679 5,677 - Green fees 16,087 17,169 - Hire of carts 6,291 7,827 - Interest income 111 180 - Member subscriptions 69,514 70,669 - Rental income 4,518 5,545 - Water licence lease 1,209 604 - Water sales 2,589 1,186 241,403 226,319 Other income - net gain on disposal of intangible assets - 4,848-4,848 4 Cash and cash equivalents Cash on hand 500 500 Cash at bank 59,929 38,913 60,429 39,413 (a) Reconciliation of cash Cash and cash equivalents reported in the statement of cash flows are reconciled to the equivalent items in the statement of financial position as follows: Cash and cash equivalents 60,429 39,413 60,429 39,413 16
Notes to the Financial Statements 5 Trade and other receivables 2018 2017 CURRENT Trade receivables 1,990 3,450 1,990 3,450 6 Inventories CURRENT At cost: Stock on hand 3,887 5,115 3,887 5,115 7 Other assets CURRENT Prepayments 9,466 10,332 9,466 10,332 17
Notes to the Financial Statements 8 Property, plant and equipment LAND AND BUILDINGS 2018 2017 Land At directors' valuation 395,200 395,200 Total land 395,200 395,200 Buildings At directors' valuation 662,058 662,694 Accumulated depreciation (276,985) (266,149) Total buildings 385,073 396,545 Total land and buildings 780,273 791,745 PLANT AND EQUIPMENT Plant and equipment At cost 271,310 300,928 Accumulated depreciation (215,481) (228,460) Total plant and equipment 55,829 72,468 Furniture, fixtures and fittings At cost 50,709 78,950 Accumulated depreciation (35,485) (64,566) Total furniture, fixtures and fittings 15,224 14,384 Total plant and equipment 71,053 86,852 851,326 878,597 The land and buildings were last revalued by the directors in 2001. In each year the directors have considered the carrying value of the land and buildings in order to ensure the carrying value does not exceed estimated net market value. 18
Notes to the Financial Statements 8 Property, plant and equipment (a) Movements in carrying amounts Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year: Land and buildings Plant and equipment Furniture, fixtures and fittings Total Year ended 31 December 2018 Balance at the beginning of the year 791,745 72,468 14,384 878,597 Additions - - 1,273 1,273 Disposals (34) (219) (263) (516) Depreciation expense (11,438) (16,420) (170) (28,028) Balance at the end of the year 780,273 55,829 15,224 851,326 Year ended 31 December 2017 Balance at the beginning of the year 774,528 57,632 14,588 846,748 Additions 28,248 28,182-56,430 Depreciation expense (11,031) (13,346) (204) (24,581) Balance at the end of the year 791,745 72,468 14,384 878,597 19
Notes to the Financial Statements 9 Trade and other payables 2018 2017 CURRENT Trade payables 19,274 13,931 Memberships received in advance 19,571 20,509 Income received in advance 9,995 4,658 Unpresented vouchers 2,496 2,405 51,334 41,504 10 Borrowings CURRENT Secured liabilities: Chattel mortgage loan 9,622 9,957 9,622 9,957 NON-CURRENT Secured liabilities: Chattel mortgage loan 16,926 26,548 16,926 26,548 Total borrowings 26,548 36,505 11 Reserves (a) Asset revaluation surplus The asset revaluation surplus records realised gains on sale of non-current assets. (b) Capital profits reserve The capital profits reserve records profits previously made on the disposal of major property, plant and equipment. The capital profits reserve held represents the amounts received on insurance over and above the carrying value of the assets when the clubhouse was destroyed by fire. 20
Notes to the Financial Statements 12 Key management personnel remuneration There was no remuneration paid to key management personnel of the company for the year ended 31 December 2018. 13 Related parties (a) The company's main related parties are as follows: Key management personnel - refer to Note 12. Other related parties include close family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel or their close family members. (b) Transactions with related parties Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. No transactions occurred with related parties for the year ended 31 December 2018 (31 December 2017:None) other than in their normal capacity as members. 14 Contingencies In the opinion of the directors, the company did not have any contingencies at 31 December 2018 (31 December 2017:None). 21
Notes to the Financial Statements 15 Cash flow information (a) Reconciliation of result for the year to cashflows from operating activities Reconciliation of net income to net cash provided by operating activities: 2018 2017 Net loss/income for the period (9,682) (24,979) Cash flows excluded from profit attributable to operating activities Non-cash flows in profit: - depreciation 28,028 24,581 - net loss / (gain) on disposal of property, plant and equipment 515 (3,636) - net gain on disposal of water licences - (4,848) Changes in assets and liabilities: - (increase)/decrease in trade and other receivables 1,460 (1,410) - (increase)/decrease in prepayments 865 (2,175) - (increase)/decrease in inventories 1,228 3,443 - increase/(decrease) in trade and other payables 9,832 10,182 Cashflows from operations 32,246 1,158 16 Events after the end of the reporting period No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in future financial years. 17 Statutory information The registered office and principal place of business of the company is: Dry Plains Road COOMA NSW 2630 22
Profit and Loss Account Detailed Profit or Loss Statement 2018 2017 Sales Bar sales 34,612 33,559 Total sales 34,612 33,559 Cost of sales 17,250 18,032 Gross Profit 17,362 15,527 Less: Expenses Accounting and audit fees 5,200 5,200 Advertising 792 236 Affilation fees 7,812 7,500 Bank charges 911 1,436 Cash under/overs 214 (394) Catering expenses 7,453 6,284 Cleaning 494 709 Coffee machine expenses 1,240 1,402 Computer expenses 360 354 Contract greenkeeping fees 60,000 65,000 Depreciation 28,028 24,581 Donations 100 115 Electricity and gas 28,509 26,206 Golf shop expenses 3,460 5,907 Insurance 13,248 11,825 Interest paid 2,097 754 Permits, licences and fees 1,594 2,646 Printing and stationery 1,130 2,444 Prize vouchers 12,325 13,780 Pumped water charges 1,487 - Rates 1,853 1,873 Repairs and maintenance - Clubhouse 2,018 1,419 Repairs and maintenance - Course and equipment 35,831 48,853 Security costs 617 845 Staff training 818 - Subscriptions 607 360 Telephone 2,067 2,075 Tournaments and trophies 9,903 6,265 Wages 2,560 3,102 Waste disposal 593 975 233,320 241,750 23
Profit and Loss Account Detailed Profit or Loss Statement 2018 2017 Other operating income/expenses: 100 Club and raffles 231 852 Advertising income 909 2,818 Catering income 9,111 7,282 Coffee machine income 3,669 3,126 Competition fees and major tournaments 75,242 55,723 Competition fees - Water sinking fund 6,664 6,435 Donations 3,807 7,667 Fundraising 2,160 - Golf shop income 4,679 5,677 Green fees 16,087 17,169 Hire of carts 6,291 7,827 Interest income 111 180 Member subscriptions 69,514 70,669 Net (loss) / gain on disposal of property, plant and equipment (515) 3,636 Profit on disposal of intangible assets - 4,848 Rental income 4,518 5,545 Water licence lease 1,209 604 Water sales 2,589 1,186 206,276 201,244 Loss for the year (9,682) (24,979) 24
Compilation Report 31 December 2018 COMPILATION REPORT TO COOMA GOLF CLUB LIMITED We have compiled the accompanying general purpose financial statements of, which comprise the statement of financial position as at 31 December 2018, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, a summary of significant accounting policies and other explanatory notes. These have been prepared in accordance with the Australian Accounting Standards - Reduced Disclosure Requirements. The Responsibility of the Directors The directors of are solely responsible for the information contained in the general purpose financial statements and the reliability, accuracy and completeness of the information. Our Responsibility On the basis of the information provided by the directors we have compiled the accompanying general purpose financial statements in accordance with the financial reporting framework and APES 315 Compilation of Financial Information. We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with Australian Accounting Standards. We have complied with the relevant ethical requirements of APES 110 Code of Ethics for Professional Accountants. Assurance Disclaimer Since a compilation engagement is not an assurance engagement, we are not required to verify the reliability, accuracy or completeness of the information provided to us by management to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on these financial statements. The general purpose financial statements were compiled for the benefit of the directors who are responsible for the reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents of the general purpose financial statements. Julie Schofield Director Boyce Chartered Accountants Cooma Dated 29 March 2019 25