2011/12 Report - Canterbury Tennis

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WILDING PARK FOUNDATION INCORPORATED ANNUAL REPORT & FINANCIAL STATEMENTS FOR YEAR ENDING 30 APRIL 2012 The last 12 months can only be described as difficult. As a consequence of the earthquake on 22 nd February 2011, Wilding Park suffered major damage. While that occurred in the previous financial year, the full effects of the damage were not clearly known as at last balance date on 30 April 2011. Since that time, there has been a tremendous amount of work carried out on Wilding Park by a large number of people. Unfortunately however, progress during the year has not been as fast as the Board initially hoped because it has become apparent as matters have progressed, that the issues surrounding Wilding Park are numerous and complex and that significant deliberation is required before decisions are made as to the future of the complex. During the year, there has been significant investigative work carried out on the Park. Geotechnical Reports have been obtained on the land quality. The reports show that the land quality is extremely poor. That poor land quality makes repair of buildings expensive and in the case of the outdoor courts, reinstatement or replacement, problematic. Most of the buildings at the Park have also been seriously damaged. It appears that the administration building and adjoining indoor court complex are able to be repaired although at significant cost. However, these buildings are well insured and the repair cost is significantly less than the insurance cover. The other buildings, namely the outdoor wooden stands, the memorial stand and the catering building have all suffered major damage and the cost to repair those buildings is either in excess of or close to their insured value. Resolution of the insurance claims in respect of the buildings were still unresolved as at balance date and is still progressing as at the date of this report. The Foundation also had insurance cover of $25,000.00 per court over 30 outdoor courts. Payment has been received from the insurers. Decisions are still to be made as to the future of Wilding Park. Since balance date, there has been consultation with the local clubs to advise them of progress and the possible options available. That consultation process will continue until decisions are made about the future of Wilding Park. In that regard, the Board, in conjunction with the Board of TCRI have considered three possible scenarios. These are:- (a) Stay at Wilding Park and reinstate the whole facility. That does not seem a likely outcome given the poor ground conditions and the uninsurable risk which would arise in the replacement of outdoor courts. (b) Relocate the entire facility to a new location. That option is still under investigation. It is fair to say that it involves substantial cost and the potential for there to be a significant loss of value from the realization of Wilding Park assets. (c) Repair the administration building and indoor centre at Wilding Park but establish a new satellite playing facility of a minimum of 16 new courts and a new location. Again, consideration of this alternative is still being undertaken. The effects of the earthquake have been substantial. Those effects not only relate to the playing of tennis but also to the finances of the Foundation. Because of the low quality land which comprises the Park, it has become apparent that the previous book values for the land and various fixed assets were overstated. There has accordingly been a significant right-down in the accounts in some of the fixed assets to reflect the new reality in which we now find ourselves. Those right-downs are simply a consequence of the availability of more information about the land which underlies Wilding Park and the potential reinstatement costs of various facilities. 55
** There has been a huge amount of work by a number of people during the year. I would like to record the appreciation and thanks of the Board to Neil Prior who became the CEO of TCRI at the beginning of the year and became heavily immersed in earthquake recovery work for the Foundation. His contribution has been immense. I would also like to thank the time spent by the members of both Boards and in particular, Peter Maciaszek, the Chairman of TCRI. He has spent a huge amount of time on Foundation matters in addition to his responsibilities of TCRI. A number of members of the tennis community have also volunteered their services and I would like to record our thanks to Richard Dalman, Marty Searle, Graham McDonald, Tim Howe for their time and expertise. Mention must also be made of Arrow International, our project managers who have provided excellent service and whose expertise has been much appreciated. Lindsay North Chairman Wilding Park Foundation Incorporated 56 *****
Page 2 and 3: TENNIS CANTERBURY REGION INCORPORAT
Page 4 and 5: TENNIS CANTERBURY REGION INCORPORAT
Page 6 and 7: CEO’s REPORT It is my pleasure an
Page 8 and 9: GOVERNANCE I believe that our sport
Page 10 and 11: I NTERCLUB RESULTS 2011-2012 SENIOR
Page 12 and 13: JUNIOR CANTERBURY JUNIOR WINTER TOU
Page 14 and 15: NATIONAL EVENTS JUNIOR 2012 SLAZENG
Page 16 and 17: CANTERBURY SENIOR RANKING LIST 2011
Page 18 and 19: A WARDS Grand Prix The winners of t
Page 20 and 21: JUNIOR DEVELOPMENT PROGRAMMES SCHOO
Page 22 and 23: Peter has continued this rich vein
Page 24 and 25: ADMINISTRATOR OF THE YEAR ASB GRAND
Page 26 and 27: Senior Men Senior Women Division 1
Page 28 and 29: CANTERBURY CHAMPIONSHIP WINNERS Men
Page 30 and 31: PAST OFFICERS President Management
Page 32: Wilding Park Foundation CONSOLIDATE

2011/12 Report - Canterbury Tennis

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