Cabramatta Golf Club Limited

CABRAMATTA GOLF CLUB LIMITED ANNUAL REPORT 2012 ABN 75 000 060 355 CABRAMATTA GOLF CLUB LIMITED ANNUAL REPORT 2012
ABN 75 000 060 355
Treasurer’s Report
The result for the year ended 31 March 2012, was a Operating Profit of $104,635. The
final result was a little disappointing, as profits mid year, indicated an operating profit in
excess of $200,000. However, for the second year in succession, extreme wet weather
had a significant effect on Competition fees, Green fees, Bar trading and Poker machine
revenues. Combined with the additional costs associated with maintaining the Golf Course
to acceptable standards, profit levels were severely affected during the summer months.
Comparative financial figures for the last 3 years indicate:-
2011/12 2010/11 2009/10
$ $
Total Revenues 3,351,213 3,335,762 3,209,231
Expenses 2,946,240 2,956,194 2,871,744
Operating Profit 104,635 88,818 49,074
Profit – Bar Trading 198,575 205,256 190,340
Poker Machine 912,374 908,219 870,083
Members Funds 12,661,752 12,557,117 12,415,041
Despite the weather setbacks over the past 2 years, we continue to trade profitably, slightly
increasing gross revenues, whilst reducing expenditure.
A recent survey conducted by HLB Mann Judd (Chartered Accountants), on 60 Sydney
Metropolitan Golf Clubs for the 2011 year, reported that nearly 75% of all golf clubs surveyed,
failed to report a Surplus during the last year.
These results indicate a worrying trend of reduced memberships, reduced non-member
participation, and increased costs of providing golf course facilities.
Based on our results, it is a credit to all our members, the clubs employees, and the Directors,
for all their hard work, which has allowed our club, to be the envy of many rival clubs. Despite
the results, we must continue to be prudent in keeping a rein on all expenditures.
In the past 12 months, major Capital Expenditures were:-
$
30 Yamaha Golf Carts 204,000
3 x Poker Machines 90,146
Ford Ranger – Motor Vehicle 39,909
All of these were paid from current cash flows, with no borrowings.
We now have a Strategic Plan in place for the next 3 years, with details of projected Financial
Statements and Capital Expenditures.
It has been a difficult 12 months, although pleasant, and it is a honour to be the Treasurer of
Cabramatta Golf Club. Again I thank all the members, the Staff, and fellow Board Members
for the current year, and look forward to the next 12 months.
Giulio POMPONIO
TReASuReR
29 May 2012
Membership
Members Associates
Full Playing 537 80
Junior 37 13
Week Day Members 88 -
Cadets - -
Country 4 1
Life Member 9 2
Honorary 9 7
Social 705 -
General Managers Report
As always it is an absolute privilege to give Club members my thoughts on the financial
year just completed.
All things considered the profit of $104,635 is a very satisfying result. The constant wet
weather caused major disruption to competition income, social green fees, motorized cart
hire and the flow on to bar sales and other Clubhouse activity. If not for the poor weather a
profit of $150,000 to $200,000 could have easily been achieved. It was not only the amount
of wet days that we encountered but the actual days that it rained , namely Wednesday’s,
Saturday’s & Sunday’s our big income day’s.
I was taught years ago that “you can only play with the cards that you are dealt”, so
enough on the rain and what I have been told are “excuses”, we will accept the $104,635
profit and continue to ensure that our Club is financially secure in what are very tough
times not only in the Club Industry but especially in the Golf Club Industry. I am currently
surveying Annual Reports of similar Golf Clubs to ours, unfortunately I am hearing some
horror stories out there for many of our neighboring or similar Clubs, to most there is no
simple fix and I do not know what their future holds.
I do know that the hard decisions made by our Board of Directors three or four years ago
to extend and renovate has halted a rapidly declining turnover in both bar and gaming.
These decisions not only satisfied State Government changes regarding smoking but have
now given us a solid base to move ahead to produce the necessary turnover required to
maintain a golf course of our standard.
I will leave the breakdown of the “financials” to Treasurer Giulio and similarly I will leave
“match and greens” to Captain John.
I must however talk of my huge satisfaction of our Golf Course at the moment. The
improvement in the past six months has been most noticeable and I can only dream of
what condition we will be in given another twelve months under Course Superintendant
Steve Kazurinsky. To Steve and his hard working team well done, it is very pleasing to hear
the many positives comments from long term members and also visitors playing our course
for the very first time.
8 All questions relating to the Financial Statements should be in writing to the General Manager no later than 7 days prior to the Annual Meeting.
All questions relating to the Financial Statements should be in writing to the General Manager no later than 7 days prior to the Annual Meeting. 9