NEW ZEALAND GOLF Annual Report and Statement

Transcription

2014
NEW ZEALAND GOLF
Annual Report and
Statement of Accounts
New Zealand Golf
2014 Annual Report and Financial Statements
1
VALUE OF GOLF
The game of golf provides
unique and lifelong
enrichment.
CONTENTS
Tolan Henderson - Onewhero Golf Club
THANKS
We are extremely lucky and privileged
to have some of the most dedicated
people working and volunteering
within the golf sector throughout New
Zealand. Our District Associations, golf
clubs and industry partners continue
to tackle the multitude of challenges
facing the game and do so with an
abundance of energy and passion.
We understand that the health of the
game is reliant on the thousands of
great employees, board members,
committee members and volunteers
who work tirelessly to ensure that the
game of golf is supported well and
achieves growth.
The team at New Zealand Golf would
like to sincerely thank all of the people
who make up the golf community.
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We know how much work and effort
goes into creating a quality golf
experience that will not only keep
existing golfers coming back but will
attract new people into the game.
We would also like to offer a special
thank you to the friends and families
of everyone who works within the
game because we know the level of
commitment and sacrifice that is
needed to ensure the future of golf is a
bright one.
Thank you all for another great year
and we look forward to working
alongside you in 2015.
Office Bearers ..............................................................................................................................................................................
5
Annual General Meeting ......................................................................................................................................................5
Hall of Fame .............................................................................................................................................................................5
President’s Report ...................................................................................................................................................................6
Chairman’s Report ..................................................................................................................................................................8
2014 District Membership ................................................................................................................................................. 16
High Performance ...................................................................................................................................................................
18
18
2014 New Zealand Golf Tournament Winners ................................................................................................
2014 International Amateur Success .............................................................................................................19
2014 International Professional Success .......................................................................................................19
20
2014 Major Championship Performances .................................... ..................................................................
2014 New Zealand Amateur Team Performances .....................................................................................21
Auditor’s Report .......................................................................................................................................................................22
Financial Statements ........................................................................................................................................................... 25
Statement of Financial Performance .............................................................................................................25
Statement of Movements in Equity .................................................................................................................26
Statement of Financial Position .......................................................................................................................27
Statement of Cashflow .......................................................................................................................................28
Notes to the Financial Statements ...................................................................................................................................30
1. Statement of Accounting Policies ..............................................................................................................30
2. Affiliation Fees .................................................................................................................................................. 32
3. Interest Revenue ..............................................................................................................................................32
4. New Zealand Men’s Open .............................................................................................................................32
5. Sundry Income .................................................................................................................................................33
6. Net Surplus / (Deficit) for the Year ..............................................................................................................33
7. New Zealand Golf Services ...........................................................................................................................33
8. Elite Development and Events .....................................................................................................................34
9. Golf Development ............................................................................................................................................34
10. Junior Golf .......................................................................................................................................................35
35
11. New Zealand Golf Mutual Assistance Plan ...............................................................................................
12. Cash and Bank Balances ............................................................................................................................. 36
13. Investments ..................................................................................................................................................... 36
14. Trade and Other Receivables .....................................................................................................................36
15. Inventories ........................................................................................................................................................36
16. Loan Receivable ............................................................................................................................................. 37
17. Trade and Other Payables ........................................................................................................................... 37
18. Provisions .........................................................................................................................................................37
19. Employee Benefits Payable ........................................................................................................................ 37
20. Sir Bob Charles Scholarship .......................................................................................................................38
21. Property, Plant and Equipment ..................................................................................................................38
22. Intangible Assets ............................................................................................................................................39
23. Investment in Associate ..............................................................................................................................39
41
24. Commitments and Contingencies .............................................................................................................
25. Related Party Transactions ..........................................................................................................................41
26. Going Concern ...............................................................................................................................................41
42
27. Events After Reporting Date .........................................................................................................................
28. Net Cash Flow from Operating Activities ...............................................................................................42
Volunteers at
Nelson Golf Club
New Zealand Amateur
Championship
OFFICE BEARERS
Patron
Life Members
Rt Hon Sir Tom Gault, KNZM
Mike Alexander
Alison Bojesen-Trepka
Roger Brennand
Sue Bunt, MNZM
Betty Cameron
Flora Catto
Sir Bob Charles, ONZ, KNZM, CBE
Robin Dailey
Barry Forrest
Rt Hon Sir Tom Gault, KNZM
Noreen Hamilton
Patsy Hankins
Philip Hassall
Peter Joyce
Trevor Malloch, QSM
Alex Mercer
Frank Nobilo, CNZM
Joan Puckey
Peg Sargent
Tim Treacy
Goldie Wardell
Jean Whitehead
Neil Woodbury
President
Philip Hassall
Board of Directors
Paul Fyfe (Chairman)
Michael Smith (Deputy Chairman)
Murray Ward (Deputy Chairman)
Eileen Bateup
Mike Howard
Adrienne Greenwood
Brent Robinson (January – April 2014)
Anna Shires
Chief Executive
Dean Murphy
IGF Women’s Chairman
Patsy Hankins
ANNUAL GENERAL MEETING
Notice is hereby given that the 2015 Annual General Meeting of New Zealand Golf Inc will be held at
the Quality Hotel, 20 Gladstone Road, Parnell, Auckland on Wednesday 29 April 2015 commencing
at 9:00am.
1. Welcome and Apologies.
2. Confirmation of Minutes of New Zealand
Golf Incorporated Annual General Meeting
23 April 2014.
3. Matters arising from New Zealand Golf Inc
Annual General Meeting 23 April 2014.
4. 2014 Annual Report.
5. 2014 Financial Report.
6. Adoption of New Zealand Golf Annual
Report.
7. Appointment of Auditor.
8. Confirmation of Levies for 2015.
9. General Business.
HALL OF FAME
Sir Bob Charles ONZ, KNZM, CBE
(27 November 2010)
Oliver Hollis
(25 March 2012)
Michael Campbell ONZM
(27 November 2010)
Stuart Jones
(25 March 2012)
New Zealand Golf
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golf with the New Zealand Women’s Open
at Clearwater. This was followed by running
the world’s most unique New Zealand Open
in Queenstown, over two courses and in a
pro-am format which was a real success. Our
thanks to Michael Hill Tournaments Limited
for their tireless work to bring the Men’s Open
tournament to life. It is greatly appreciated.
The 2015 New Zealand Men’s Open will be
further developed with increased prize money
and TV coverage.
Lydia Ko was again the standout on the
international stage as she climbed the world
rankings and continued to establish herself as
a world class performer. Three further LPGA
titles in addition to winning the season long
points race were highlights in a year of simply
stunning achievements.
PRESIDENT’S REPORT
New Zealand Golf President
Philip Hassall
New Zealand Golf will remember 2014 as a year
when our new strategic direction came to life.
After acknowledging for some time there was
a need to show more support to the grass roots
of the game, I’m pleased to report that we have
made significant progress in this area during
2014.
As a first and important step, this year we
reached agreement with our member District
Associations on what we called the “Way
Forward Guiding Principles” document.
In these challenging times it is important that
we work together with our District Associations
to improve the health of our sport. The “Way
Forward Guiding Principles” will help us
navigate the path ahead in a united manner.
I’m pleased to note, that after some initial push
back, all District Associations are full supporters
of the new strategic direction the organisation
is taking with many adopting it as their own
strategy.
In another significant step, the organisation
enhanced relationships and progressed formal
agreements with nine golfing organisations to
align and support New Zealand Golf’s strategic
outcomes. These included the PGA, First Tee,
SNAG, New Zealand Maori Golf Association,
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From a local New Zealand perspective,
perhaps the biggest achievement for Lydia
was being awarded the supreme Halberg
Award in February. This acknowledged her
as New Zealand’s finest sportsperson in 2013
– a stunning achievement for a real golfing
superstar.
Eagles, Nomads, Golf Managers Association,
Golf Course Superintendents Association and
Cheeky9.
In the men’s pro ranks there was great success
to toast as well. Both Danny Lee and Tim
Wilkinson competed well on the PGA Tour and
will be joined by Steve Alker in 2015. It will be
wonderful to follow these three New Zealanders
on the world’s biggest tour.
We do acknowledge the year in review has
again been challenging for many in the golfing
sector. The Board and management have
worked tirelessly throughout 2014 and their
efforts are acknowledged with many thanks.
In the amateur ranks our players again
competed well in Australia and further afield
however our results in Japan at the World
Amateur Team Championship were short of our
expectations.
The core strategies of New Zealand Golf are
to grow and support the game and we made
significant progress in these areas in 2014.
We acknowledge the Pupuke Golf Club and the
Port Chalmers Golf Club which celebrated their
centenaries in 2014. We congratulate these clubs
for reaching this marvellous milestone and
acknowledge their contribution to golf and the
community over the past 100 years.
Under these strategic priorities many new
initiatives were established in 2013 to address
some of the issues we face. We built depth
to our strategic plan by publishing the world
class Community Golf Plan; a document
that articulates how we can join together as a
golfing sector to grow golf in the grass roots
communities around the country. We continued
the LOVE Golf campaign to improve the way
New Zealanders think about the game of golf
and drive participation and we launched an
initiative to attract casual golfers to become part
of the golfing family.
On the playing side of the game, we started the
year with a wonderful showcase of women’s
change is not always embraced, however when
this group looks back on the achievements of
the organisation over the past 12 months, it
should feel very pleased for the advancements it
has made.
Finally I would like to offer my sincere thanks
and appreciation to the membership for
allowing me to be President over this past year.
The role of President is one that is always a
privilege and something that I never take for
granted.
I look forward to a successful 2015 where we
can continue to work together to grow and
support the game we love.
Philip Hassall
President
New Zealand Golf Incorporated
Sadly, life member Barry Forrest passed away
in April 2014. Barry was a long-time servant
of the game and will be missed by the golfing
community of Timaru where he made such a
big contribution. We extend our sympathy to
the Forrest family and all other members of the
golfing family who lost loved ones in 2014.
I would also like to acknowledge and thank
New Zealand Golf Chairman Paul Fyfe for his
leadership of our organisation in the past 12
months and the dedication and achievements
of the Board. Making progress is never easy and
New Zealand Golf
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3. Success of the LOVE Golf Campaign to
improve the perception of golf nationwide.
4. Lydia Ko goes pro announcement wins
the Sport and Recreation Award for
Innovative Excellence and placed third in
TV commercial of the Year.
5. Launch of the Casual Golf Programme to
attract more casual golfers into the game.
6. The world’s most unique Open
championship was established in
Queenstown, over two courses and in a
pro-am format which was a real success.
This followed the hugely successful staging
of the ISPS Handa New Zealand Women’s
Open Championship in Christchurch.
7. Continued progress with the PGA of New
Zealand to align our organisations in a
closer manner in the future.
8. Enhanced relationships and formal
agreements with 7 golfing organisations
to align and support New Zealand Golf’s
Strategic outcomes. These included
the PGA, First Tee, SNAG, New Zealand
Maori Golf Association, Golf Managers
Association, Golf Course Superintendents
Association and Cheeky 9.
9. New Zealand Golf Handicap System
review process completed and changes
implemented.
Strategic Direction
CHAIRMAN’S REPORT
New Zealand Golf Chairman
Paul Fyfe
During 2014 we spent a considerable amount of time working on the implementation of our new
strategic plan. This presented a new focus for the organisation, however I am pleased to report that
this is now well established and we are already seeing the benefits of our new approach albeit there
is much more work to do.
Our
MISSION
VISION
of golf
VALUE
of golf
STRATEGIC
priorities
Golf is NZ’s
favourite
pastime.
The game of
golf provides
unique &
lifelong
enrichment.
Growing the
game of golf.
To grow the
love of golf.
Annual Review
On behalf of the Board it is my pleasure to report on the activities of New Zealand Golf Inc. during
2014. Our progress in 2014 has been very pleasing; especially as the golfing sector is faced with so
many challenges.
Supporting the
game of golf.
2014 Achievements
On the Course
1. Lydia Ko is the youngest ever winner of
the LPGA Rookie of the Year Award – (also
Halberg Award winner in 2014 (Supreme
Award and Sportswoman of the Year)).
7. Steven Alker wins the Cleveland Open on
the Web.Com Tour in an 11-hole playoff and
secures his card for the PGA Tour.
STRATEGIC OBJECTIVES
2. Mark Brown shoots 59 at the Tauranga Golf
Club – round two of the Carrus Open –
receives global media attention.
8. Great local champions on the Charles Tour
(Doug Holloway, Joshua Geary, Ryan Fox,
Mark Brown, Ryan Chisnall) National events
(Joshua Munn, Luke Toomey and Chantelle
Cassidy).
1. Increased participation.
2. Increased new club membership and
existing member retention.
3. Tae Koh wins the Australian Amateur
Championship – the first New Zealander in
22 years since Michael Campbell in 1992.
9. James Beale comes of age to win the
Canadian Amateur and the Pacific
Northwest Amateur.
4. Junior amateur titles – Alanna Campbell
and Bailey Smith begin the year in style in
Australia.
5. Danny Lee, Steven Alker and Tim Wilkinson
on the PGA Tour in 2014/15 – best Kiwi
presence in 11 years, Lee finishes third in
Mexico.
6. Ryan Fox wins the Western Australian Open
on the PGA Tour of Australasia, Daniel
Pearce wins the Vanuatu Open.
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Off the Course
1. Implementation of a comprehensive
strategic plan for the future that outlines the
twin priorities of growing and supporting
the game.
2. Establishment of a world-class Community
Golf Plan that was acknowledged by the
R&A as world leading. Their support of this
project amounts to $450,000 over three
years.
Growing the game of golf
Growing the Game of Golf
Supporting the Game of Golf
1. Improved club capability & financial health.
2. An increased number of career & education
opportunities for a growing number of
PGA professionals, golf industry trained
professionals and volunteers.
1. Increased Participation.
2. An
Increased
new
cluband
membership
3.
increased
profile
positive and
existing
member
retention.
perception of the game.
3. More
An increased
profileon
and
4.
kiwis winning
thepositive
world stage.
perception of the game.
4. More kiwis winning on the world stage.
Supporting
the game
of golf support
3.
A redeveloped
administration
structure
that
is
appropriately
1. Improved club capability and meeting
financial
the
needs
of
the
game.
health.
4.
history, legacy
& tradition
2. An
An enhanced
increased number
of career
and
of the game.
DESIRED OUTCOMES
1. Strong golf clubs & healthy golf
communities;
2. Competitive success at all levels;
3. An industry that offers well remunerated
careers & is recognised for its economic
contribution.
New Zealand Golf
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2014 Financial Performance
From a financial perspective, the business
faced another difficult year. Our targeted
profit for the year was $77,000 and while the
business achieved an operating surplus of
$47,552 prior to depreciation and amortisation,
after accounting for these costs the deficit
sits at $51,190. Securing appropriate levels of
sustainable revenue remains the core challenge
however this is set against a background
of declining traditional membership levies,
reducing charitable trust income and a very
tough commercial sponsorship market. The
fact that our affiliation levies have remained at
the same rate for nine years now is a matter we
may well have to address in the coming year.
Currently, 47% of our income is derived from
affiliation levies leaving 53% to be raised by the
business. As reported last year, the demand for
delivery of services increases each year and
we will need to find new ways to increase our
revenue if we are to deliver on the ambitions set
out in our strategic plan.
Administration Structure
In association with our member District
Associations, the Board concluded a major
project to review the national administration for
golf that had the broad goals of establishing:
A unified and common strategy among all
administration bodies working in golf;
Greater efficiencies and collaboration; and
Increased delivery of services to grass roots golf
clubs.
Thanks to the help and leadership of a
subcommittee led by Max Walker of Canterbury
Golf, I am pleased to report that we reached
agreement on a range of guiding principles for
the future of our joint administration of the sport
in New Zealand. A critical part of these guiding
principles is the need for a close working
relationship between New Zealand Golf, our
District Associations and our clubs. This is an
important focus moving forward.
From a national governance perspective, the
alignment process with the PGA of New Zealand
continues to be worked on diligently by both
parties. We will determine the most appropriate
way forward with the support of our District
Associations in the coming financial year.
Industry Partnerships
In addition to our member District Associations,
New Zealand Golf continues to work closely
with our friends across the golfing sector.
I’m pleased to report we have very close
relationships with the PGA of New Zealand,
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the Golf Managers Association, SNAG, The
First Tee, the New Zealand Golf Course
Superintendents Association and the New
Zealand Maori Golf Association to name just a
few. These organisations all have agreements
with New Zealand Golf to work towards the
goals as set out in our strategic plan and I
would like to acknowledge the work they have
done throughout the year. A key future work
stream is to engage with the regional sports
trusts around the country to assist the grass
roots growth and support of our game. We look
forward to continuing our work with all of these
organisations in 2015.
International Relationships
An important part of our role as leaders of the
game in New Zealand is to foster beneficial
relationships with international golfing
organisations. We take our role as part of the
worldwide community of golf seriously and
feel that increased collaboration and sharing
of ideas with our international peers provides
benefits for our game here in New Zealand. Our
relationships remain very close with the R&A,
APGC, IGF, Augusta National and Golf Australia
in particular and we look forward to further
collaboration with these bodies in the future.
In particular I would like to acknowledge the
R&A for their very generous support of New
Zealand Golf’s new grass roots initiatives. The
investment received from the R&A will assist
us greatly as we strive to grow and support the
game in New Zealand.
New Initiatives - Growing &
Supporting the Game
Following the publishing of our new strategic
plan, this year we have launched a number of
new initiatives to bring this plan to life. Under
the twin priorities of growing and supporting
the game, the new initiatives launched are also
a reflection of our increased allocation of budget
to the community and grass roots segments of
the game.
We continued the LOVE Golf campaign to
improve the way New Zealanders think about
the game of golf and drive participation and we
launched an initiative to register casual golfers
on our national database. The later initiative is
particularly important as we strive to connect
with the growing casual segment of the market
and encourage them to become part of the
golfing family.
From a knowledge perspective, we engaged in
some key pieces of research this year which
provided very valuable information on the
perception of golf and also the nature of the
volunteer and remunerated workforce across
the golf sector. This information will be valuable
for us to assess on a yearly basis to understand
the progress we are making.
To deliver increased services to the grass roots
of the game, this year we established two
new roles in the Community Golf team. In
partnership with District Associations, these
roles provide a direct service link to golf clubs
and are charged with helping clubs improve
their planning processes business management.
We are extremely encouraged by the progress
these appointments have made in over nine
months in 2014. We look forward to seeing their
impact grow in 2015.
To build on these themes, a national educational
seminar series was held throughout the country
that provided business learning opportunities
for club representatives. This is an area of work
we will look to expand in 2015 as the education
framework we have been working on comes
to life through the Golf Managers Association
and the Diploma of Golf Management through
Auckland Business College.
Perhaps the biggest achievement this year
however has been adding depth to our strategic
plan by publishing the world class Community
Golf Plan; a document that articulates how we
can join together as a golfing sector to grow
golf in the grass roots communities around
the country. This plan has been incredibly well
received and endorsed from all parts of the
sector. The R&A has additionally identified this
piece of work as world leading.
Golf Operations
changes were subsequently introduced in
2014. Our thanks go to DotGolf who, as our
national service provider and partner delivers
an excellent service to the game of golf. Alan
McCracken and his team provide New Zealand
Golf with a constantly evolving product that is
world class and the envy of many international
golfing organisations.
National Championships
National championships remain an integral
part of our operations and we were pleased to
present 28 national events throughout 2014.
Once again in 2014 the number of entries into
national events increased.
New Zealand Golf runs a wide variety of national
championships which also include teams
championships the TORO Interprovincials and
Men’s and Women’s Masters. We acknowledge
and thank Denise Langdon and PaR NZ who
run a range of New Zealand Golf participation
events. These events are popular tournaments
on the New Zealand Golf calendar and well
attended every year.
The Charles Tour continues to grow in
significance and in 2014 we welcomed another
host venue in the Akarana Golf Club. While
the weather hampered the first Akarana Open
reducing the championship to 54 holes, we are
looking forward to a longstanding relationship
with the club.
Hosting a national championship is a large
commitment for a club and its members and
we give our thanks to those clubs which have
generously provided their courses as host
venues. We also give our sincere thanks to those
many volunteers who gave their valuable time
to ensure our championships ran efficiently.
Club Membership
This year we have again experienced a
membership decline in line with previous years
and consistent with worldwide trends. Given the
decline remains steady at around 2% per annum,
we do need to accept that the behaviours and
preferences of participants are changing. The
majority of golf participants now engage with
the game outside of the club membership
structure and although this provides challenges
for us, we must embrace these participants they
are the future of our game. This is a key priority
for the business moving forward.
High Performance
As New Zealand Golf’s focus has broadened in
recent times into the Community Golf area, the
budget for our High Performance programmes
has reduced significantly. The national teams
and squads that represent New Zealand abroad,
and of course those players who move through
to the professional ranks to contend on the
world stage, are a great source of pride and
inspiration for the players who aspire to follow
in their footsteps and for the weekend warrior
alike.
National Handicapping System
In late 2013 the organisation embarked on an
extensive handicap system review process. Over
240 Golf Clubs and nearly 10,000 members
replied to the survey and the proposed
The role and relevance of our High Performance
programme continues in these changing
times as High Performance remains the face
of participation. To truly get a sense of this we
need only to reflect back to the Rugby World
Cup of 2011 and more recently the Cricket World
New Zealand Golf
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Cup. Success at the highest level supports the
growth of the game, sponsorship opportunities
within the game and of course player
development itself.
The highlights of 2014 continue to come from
one Lydia Ko. Her performances continue to
belie her young age as she goes from strength
to strength with her year ending win and
capturing of the race to CME Globe signalling
what is still to come.
Espirito Santo Team
Munchin Keh,
Julianne Alvarez
& Zoe Brake
Eisenhower Team
Tae Koh,
Joshua Munn
& Vaughn McCall
On the amateur scene 2014 was a ‘worlds year’
with this iteration of the men’s and women’s
event being held in Japan. The host club for
both the Eisenhower Trophy and Espirito Santo
Trophy was the picturesque Karuizawa Resort
just outside of Tokyo. The depth of talent of both
the men’s and women’s events was evident
through the magnificent performances of the
winning teams and those who challenged them.
Unfortunately the New Zealand women’s team
fell off the pace early and struggled to get back
into the competition, finishing 34th.
The men’s team performance of 15 under
par would have once upon a time seen them
contend for the title or at least a place inside the
top 10. No longer, the incredible 38 under par
total of the USA secured them the trophy and
left the New Zealand team fighting for a top 20
placing, ultimately just missing out and tying
for 22nd. The international amateur scene
has certainly become highly competitive with
most countries developing their own systems
to support these young players as they progress
their talents. The most noticeable attribute of
the winning teams is their fearless approach to
their play coupled with the skill to execute the
shots required, something our own programme
will continue to strive to instil.
While the feats of Lydia Ko have been well
published and her many wins celebrated, 2014
also saw Steven Alker, Josh Geary, Gareth
Paterson, Ryan Fox and Simon Owen win
professional titles on the professional stage.
Danny Lee and Tim Wilkinson retained their
PGA Tour cards in 2014 for the 2015 season
while Steve Alker overcame his 2013 near miss
to gain his 2015 PGA Tour Card, a fantastic
achievement by these three players to reach the
big show.
James Beale’s two international victories
warrant an individual mention as this young
amateur player will now have the opportunity
to play a PGA Tour event in 2015. His win in
the Pacific Northwest Amateur in July firmly
signalled his abilities but his win at the Canadian
Amateur in August cemented them. He rose
to be the number one ranked New Zealand
amateur player on the World Amateur Golf
Rankings in 2014 and now looks forward to the
challenge of playing the 2015 Canadian Open,
July 20-26th at the Glen Abbey Golf Club.
Most encouragingly was the three young
players in 2014 who stole the show in Australia
capturing three separate Australian junior
titles. Bailey Smith, Alanna Campbell and
Henry Spring all showed the emerging junior
talent throughout New Zealand that anything is
possible with some hard work, determination
and self-belief.
To further refine our programme, a review of
High Performance activity will be undertaken
in 2015. The goal of this process is to further
improve the philosophies and practices that
make up our programme. We will compare
ourselves with leading international countries
and seek the assistance and expertise with
High Performance Sport New Zealand to review
the best way forward for our programmes. We
do wish to ensure this aspect of our business
continues to operate in a manner that makes
best use of the resources we have available and
achieves results we can all be proud of.
New Zealand Golf would like to offer our thanks
to Srixon, Cobra Puma Golf and Golf Distributors
as key supporters of the High Performance
programme.
Our sincere thanks also go to our men’s and
women’s national selectors Anne Seed and Lisa
Herbert, John Spraggs, Michael Barltrop and
Rod Patterson. We also thank those who have
volunteered their time to manage teams this
year including Jay Carter, Reon Sayer, Aaron
Walsh, Brent Paterson, Karen de Lautour and
Libby Steele.
ISPS Handa New Zealand Women’s Open
hosted by Christchurch
The stunning Clearwater Golf Club again played
host to the ISPS Handa New Zealand Women’s
Open. With co-sanctioning again with the
Ladies European Tour and the Australasian
Ladies Professional Golf Tour, a stellar field was
assembled which in turn attracted huge galleries
of spectators with many thousands watching
our own Lydia Ko.
Our thanks go to the Christchurch City Council
and our title sponsor ISPS Handa. The event
would not run as well without their generous
support.
A special mention and thanks also to Bob Tuohy
and his team at TA Golf. Bob is a close friend of
New Zealand Golf
13
New Zealand Golf and does an exceptional job
for us in staging our Women’s Open.
The Board Chair and CEO are ex officio on all
Board subcommittees.
New Zealand Open Championship
In partnership with Michael Hill Tournaments
Limited, we were delighted this year to return to
Queenstown and host the world’s most unique
Open Championship, played with a concurrent
Pro-Am format and over two fantastic venues
(The Hills and Millbrook). The production and
staging of the event was world class and of
significant importance, the financial risk and
operational workload is now removed from New
Zealand Golf.
International Appointments:
Our sincere thanks to the MHTL team led by
John Hart and Michael Glading. Our Open
Championship could not be in better hands and
we thank you for the tireless enthusiasm and
passion you continue to bring to the event.
Staff
The Board extends its considerable appreciation
and thanks to the New Zealand Golf staff, led
by Chief Executive Dean Murphy. The staff of
New Zealand Golf is a relatively small team
considering the scope of the work before them
and we are very fortunate to have the services of
such fine and dedicated people for which we are
grateful.
New Zealand Golf Board &
Management
The Board of New Zealand Golf is a voluntary
Board and I am grateful for the time and
expertise they provide to New Zealand Golf at
Board and subcommittee level. Each member
of the Board is passionate about the game of
golf and brings a great variety of knowledge and
experience to the governance of our sport.
During 2014 we welcomed Anna Shires and
Mike Howard to the Board however regrettably,
Brent Robinson left the Board after two
years in order to focus on new employment
opportunities. Brent’s contribution to the Board
as a Director was outstanding and we wish him
well in his future endeavours.
Board Subcommittees
The Board has a number of subcommittees and
I wish to record my thanks for the Directors who
have added these extra responsibilities to their
Director duties:
•
Open Championships:
Michael Smith (Chair), Paul Fyfe,
Mike Howard
•
Audit and Risk:
Anna Shires (Chair), Michael Smith,
Adrienne Greenwood, Philip Hassall
•
High Performance:
Murray Ward (Chair), Eileen Bateup,
Adrienne Greenwood
•
PGA Alignment Project:
Philip Hassall, Murray Ward, Paul Fyfe,
Michael Smith
•
DotGolf Directors:
Murray Ward (Chair), Eileen Bateup
14
•
•
•
International Golf Federation
Administration Women’s Chair:
Patsy Hankins
Asia Pacific Golf Confederation Executive
Committee member:
Philip Hassall
R&A Rules and Amateur Status
Committee:
Dave Mangan
Looking Forward
While New Zealand Golf has made good
progress in 2014 there remains much work to
do. Our new strategic direction provides the
road map forward however we are conscious a
great deal of dedicated hard work will need to
be undertaken in order to achieve the targets we
have set ourselves. Improving the health of our
sport is vital to us all and there is much work we
need to do in the future if we are to build on our
success in this area.
Golf is a sport that has a proud history and fine
traditions. While remaining conscious of this
legacy, we do need to look ahead differently
if we are to succeed. The world outside is
changing at a rapid pace and we must ensure
that the rate of change within the golf sector
keeps pace. We have a wonderful network of
clubs and assets around the country and it is
our responsibility to do our best to safeguard the
future of the sport in New Zealand.
Omaha Beach
Golf Club
As a final note, we offer our thanks to the
community of golf for their contribution to the
game. Most people who contribute to the game
of golf in our District Associations and Clubs do
so on a voluntary basis and for this we offer our
sincere thanks and appreciation.
Paul Fyfe
Chairman
New Zealand Golf Incorporated
New Zealand Golf
15
TOTAL CLUB
TOTAL ALL WOMEN
Summer Women
Junior Women
Secondary Women
Nine Hole Women
Full Playing Women
8,953
198 1,229
69
547
200
11,196
2,311
545
330
22
107
7
3,322
14,518
27
4,703
349
281
46
404
247
6,030
2,054
900
250
33
116
144
3,497
9,527
HAWKES BAY
POVERTY BAY
WOMEN
17
2,354
131
96
38
144
182
2,945
911
201
47
25
27
45
1,256
4,201
MANAWATU/
WANGANUI
22
3,610
306
158
73
263
150
4,560
735
349
56
31
55
24
1,250
5,810
NORTH
HARBOUR
22
6,675
237
356
40
410
73
7,791
1,464
517
105
16
94
29
2,225
10,016
NORTHLAND
22
3,534
209
223
50
294
84
4,394
987
328
68
21
61
37
1,502
5,896
POVERTY BAY/
EAST COAST
22
613
41
35
12
59
20
780
-
-
-
-
-
-
-
780
TARANAKI
22
2,358
135
157
69
318
118
3,155
563
303
26
29
54
13
988
4,143
WAIKATO
22
6,589
290
1,091
111
538
261
8,880
1,155
431
230
37
72
29
1,954
10,834
WELLINGTON
22
7,490
311
521
132
526
453
9,433
1,919
453
133
49
100
63
2,717
12,150
640 3,503 1,788 59,164 12,099 4,027 1,245
263
686
391 18,711
77,875
MEMBERS
26
BAY OF PLENTY
Allocation
Life Women
AUCKLAND
District
Life Men
Summer Men
TOTAL ALL MEN
Taupo Golf Club
Junior Men
Secondary Men
Nine Hole Men
Full Playing Men
Total No of Clubs
2014 DISTRICT MEMBERSHIP
NORTH ISLAND
Total
North Island
224 46,879 2,207 4,147
SOUTH ISLAND
AORANGI
SOUTH
CANTERBURY
20
2,264
96
112
39
130
47
2,688
920
268
42
25
27
16
1,298
3,986
Notes to 2014 District Membership:
•
Numbers for 2014 have been extracted from the DotGolf system and classifications are correct
at the time of data extracted (March 01, 2015).
•
In some districts, the Men’s and Women’s sections of golf clubs belong to different District
Associations.
CANTERBURY
38
7,515
223
420
100
496
286
9,040
1,735
473
102
42
90
85
2,527
11,567
OTAGO
48
5,737
114
605
103
495
78
7,132
1,731
328
156
52
75
33
2,375
9,507
SOUTHLAND
25
1,870
33
153
58
97
78
2,289
357
72
41
26
16
18
530
2,819
TASMAN
56
188
103
3,236
810
215
43
39
33
29
1,169
4,405
592 24,385
5,553
1,356
384
184
241
181
7,899
32,284
996 4,909 2,380 83,549 17,652 5,383 1,629
447
927
572 26,610 110,159
25
2,559
193
137
Total
South Island
156
19,945
659
1,427
2014 TOTAL
389 66,824 2,866 5,574
2013 Total
389 68,548 2,963 4,750 1,001 5,393 2,462
85,117 18,163 5,688 1,393
452
849
567
27,112
112,229
2012 Total
389 70,549 3,026 4,882 1,014 5,880 2,383 87,734 19,066 5,769 1,458
466
918
525 28,202
115,936
2011 Total
393
2010 Total
397 75,039 3,240 3,561 1,083 6,921 2,634 92,478 21,122 6,450
2009 Total
393 75,092
72,197 2,997 3,925 1,041
2,931 3,303
Change
2013 v 2014
- 1,724
Percentage
Change
2013 v 2014
- 2.5% - 3.3%
16
356 1,406
- 97
824
6,171 2,247 88,578 19,894 5,930 1,242
978 7,146 2,045
-5
17.3% - 0.5%
- 484
55
993
505
29,019
117,597
1,141
486
974
569
30,742
123,220
91,495 21,927 6,522 1,109
384
983
323
31,248
122,743
-5
78
5
- 502
- 2,070
- 2.8% - 5.4% 16.9% - 1.1% -9.2%
0.9%
- 1.9%
- 1.84%
- 82
- 1,568
- 9% - 3.3%
- 1.8%
- 511
- 305
236
Since 2006 the Women’s District membership figures have been incorrectly recorded under the
previous New Zealand Golf Men’s District Associations, instead of under the previous Women’s
Golf New Zealand District Association.
The above Women’s District figures for 2014 are correctly recorded for each District Association.
•
Previously recorded membership totals for 2012 and 2013 exclude Life Members. Previously
recorded membership totals for 2009, 2010 and 2011 excluded secondary members.
Membership totals for 2014 and all previous years have been corrected and include all
membership categories.
New Zealand Golf
17
HIGH PERFORMANCE
2014 New Zealand Golf Tournament Winners
DATE & VENUE
WINNER
NORTH ISLAND UNDER 19
CHAMPIONSHIP
17 – 19 January
Charlie Hillier (Te Puke Golf Club)
Venue: Hamilton Golf Club
Jocelynn Katu (Aviation Golf Club)
ISPS HANDA NEW ZEALAND
WOMEN’S OPEN
Venue: Clearwater Golf Club
NEW ZEALAND MEN’S
FOURSOMES CHAMPIONSHIPS
LAWNMASTER CLASSIC
CHARLES TOUR
NEW ZEALAND MEN’S SENIOR
CHAMPIONSHIP
SOUTH ISLAND STROKE PLAY
CHAMPIONSHIP
NEW ZEALAND WOMEN’S
SENIOR MATCH PLAY
NEW ZEALAND MEN’S OPEN
NEW ZEALAND STROKE PLAY
CHAMPIONSHIP
NEW ZEALAND WOMEN’S AUTUMN
FOURSOMES
WOMEN’S MASTERS
RECREATIONAL SERVICES
AKARANA OPEN - CHARLES TOUR
COBRA PUMA NEW ZEALAND
AMATEUR CHAMPIONSHIP
31 January – 2 February
Mi Hyang Lee (Korea)
7 February
Compton Pikari (Te Awamutu Golf Club)
Venue: Mt Maunganui Golf Club
Bailey Smith (Mt Maunganui Golf Club)
12 – 15 February
Doug Holloway
Venue: Manawatu Golf Club
Munchin Keh (Titirangi Golf Club)
13 – 15 February
Venue: Manawatu Golf Club
Michael Barltrop (Royal Auckland Golf Club)
22 – 23 February
Ryan Chisnall (Greenacres Golf Club)
Venue: St Clair Golf Club
Brooke Hamilton (Maungakiekie Golf Club)
25 - 27 February
Venue: Springfield Golf Club
27 February – 2 March
Venue: The Hills Golf Club & Millbrook Golf Club
Brigit Holford (The Grange Golf Club)
Dimitri Papadatos (Australia)
20 – 23 March
Luke Toomey (Lochiel Golf Club)
Venue: Hastings Golf Club
Katsu Minami (Japan)
25 – 28 March
Karen Devlin & Patricia Hollows
Venue: Cromwell Golf Club
(North Otago Golf Club)
6 – 8 April
Venue: Springfield Golf Club
Southland
17 – 20 April
Josh Geary
Venue: Akarana Golf Club
Caroline Bon
23 – 27 April
Josh Munn (Manawatu Golf Club)
Venue: Nelson Golf Club
Chantelle Cassidy (Cambridge Golf Club)
SOUTH ISLAND UNDER 19
CHAMPIONSHIP
30 April – 2 May
Ha Bin Su (Waitemata Golf Club)
Venue: Muriwai Golf Club
Brooke Hamilton (Maungakiekie Golf Club)
ASK METRO MURIWAI OPEN
CHARLES TOUR
1 - 4 May
Ryan Fox
Venue: Muriwai Golf Club
Munchin Keh (Titirangi Golf Club)
5 June
Venue: Matamata Golf Club
Jocelynn Katu (Aviation Golf Club)
NEW ZEALAND WOMEN’S FOURSOMES
SRIXON NEW ZEALAND SECONDARY
SCHOOLS FINAL
SRIXON NEW ZEALAND MEN’S UNDER
19’S
SRIXON NEW ZEALAND WOMEN’S
UNDER 19’S
CARRUS OPEN
CHARLES TOUR
JOHN JONES STEELE
HAREWOOD OPEN - CHARLES TOUR
NEW ZEALAND MIXED FOURSOMES
DINERS CLUB FREYBERG MASTERS
NEW ZEALAND MID AMATEUR
18
1 September
Venue: Taupo Golf Club
3 – 5 September
3 – 5 September
Massey High School (North Harbour)
VICTORIAN JUNIOR MASTERS
SOUTH AUSTRALIAN JUNIOR
AMATEUR
AUSTRALIAN AMATEUR
CHAMPIONSHIP
SANCTUARY COVE TROPHY
Jenna Hunter
24 – 27 October
Ryan Chisnall (Greenacres Golf Club)
Venue: Harewood Golf Club
28 – 29 October
Brittney Dryland & Johnny Tynan
(Titirangi Golf Club)
Jean Guest (Weedons Golf Club)
Gwen Heffernan (Greendale Golf Club)
2 – 6 December
Waikato
Venue: Hamilton Golf Club
9 – 13 December
Auckland
Venue: Lochiel Golf Club
DATE & VENUE
6 – 8 January
Venue: Waverley Golf Club, New Zealand
PLAYER
POSITION
Alanna Campbell
1st
Bailey Smith
1st
Tae Koh
Champion
New Zealand
Winner
James Beale
Champion
James Beale
1st
Henry Spring
1st
6 – 7 January
Venue: Kooyonga Golf Club & North
Adelaide Golf Club, Australia
14 – 19 January
Venue: The Grange Golf Club, Australia
18 - 19 February
Venue: Muriwai Golf Club, New Zealand
7 – 13 July
PACIFIC NORTHWEST AMATEUR
Venue: Palouse Ridge Golf Club,
United States of America
CANADIAN AMATEUR
CHAMPIONSHIP
4 – 8 August
Venue: Elmhurst Golf Club &
Southwood Golf Club, Canada
8 – 10 December
BOYS’ & GIRLS’ QLD AMATEUR
Venue: Virginia Golf Club &
Nudgee Golf Club, Australia
2014 New Zealand Amateur Team
Performances
EVENT
DATE & VENUE
9 – 11 April
Venue: Saujana Golf & Country Club,
Malaysia
Brydie Hodge (Levin Golf Club)
Venue: Tauranga Golf Club
3 – 7 November
EVENT
QUEEN SIRIKIT CUP
Mark Brown
24 – 27 November
Venue: Weedons Golf Club
2014 International Amateur Success
Taylor Gill (Bay of Islands Golf Club)
25 – 28 September
Venue: Waitangi Golf Club
WOMEN’S INTERPROVINCIAL
Bay of Plenty
Venue: Invercargill Golf Club
NEW ZEALAND VETERANS HANDICAP
FOURSOMES
TORO MEN’S INTERPROVINCIAL
EVENT
15 – 16 November
SBS INVITATIONAL
PLAYER
Munchin Keh, Wenyung Keh &
Julianne Alvarez
ESPIRITO SANTO WORLD
TEAMS CHAMPIONSHIP
3 – 6 September
Munchin Keh, Julianne Alvarez
Venue: Karuizawa Golf Club, Japan
& Zoe Beth Drake
EISENHOWER WORLD TEAMS
CHAMPIONSHIP
11 – 14 September
Tae Koh, Josh Munn &
Venue: Karuizawa Golf Club, Japan
Vaughn McCall
POSITION
10th
34th
T22nd
Northland
11 – 12 November
Mark Boulton (Australia )
Venue: Wairakei Golf Club
Kathy Olsen (Maraenui Golf Club)
New Zealand Golf
19
2014 International Professional Success
EVENT
ISPS NEW ZEALAND
WOMEN’S OPEN
VICTORIAN PGA
CHAMPIONSHIP
WOMEN’S AUSTRALIAN OPEN
DATE & VENUE
31 January – 2 February
Venue: Clearwater Golf Club, New Zealand
6 – 9 February
Venue: Huntingdale Golf Club, Australia
13 – 16 February
Venue: Victoria Golf Club, Australia
PLAYER
2014 Major Championship Performances
POSITION
Lydia Ko
2nd
Gareth Paddison
1st
EVENT
KRAFT NABISCO
CHAMPIONSHIP
Venue: Trump International Golf Club,
Lydia Ko
U.S. WOMEN’S OPEN
Danny Lee
2nd
WOMEN’S BRITISH OPEN
Lydia Ko
T2nd
SOUTH PACIFIC
PAPUA NEW GUINEA OPEN
24 – 27 April
Venue: Lake Merced Golf Club,
WOMEN’S BRITISH OPEN
Lydia Ko
1st
WEGMAN’S LPGA
CHAMPIONSHIP
EVIAN CHAMPIONSHIP
8 – 11 May
Venue: Royal Port Moresby Golf Club,
T29th
Venue: Pinehurst Resort,
Steven Alker
MC
Venue: Pinehurst Resort,
Lydia Ko
T15th
Lydia Ko
T29th
Catheryn Bristow
MC
Lydia Ko
3rd
Lydia Ko
T8th
SWINGING SKIRTS LPGA
CLASSIC
Lydia Ko
19 – 22 June
T3rd
20 – 23 March
Venue: Wildfire Golf Club,
POSITION
Puerto Rico
JTBC FOUNDERS CUP
3 – 6 April
Venue: Mission Hills Golf Club, China
PLAYER
12 – 15 June
U.S. OPEN
6 – 9 March
PUERTO RICO OPEN
DATE & VENUE
Jared Pender
2nd
Steven Alker
1st
Lydia Ko
T2nd
Josh Geary
1st
Lydia Ko
1st
Steven Alker
2nd
10 – 13 July
Venue: Royal Birkdale Golf Club, England
10 – 13 July
Venue: Royal Birkdale Golf Club, England
14 – 17 August
Venue: Monroe Golf Club,
11 - 14 November
Venue: Evian Resort Golf Club, France
Papua New Guinea
8 – 11 June
CLEVELAND OPEN
Venue: Lakewood Country Club,
27 – 29 June
ARKANSAS CHAMPIONSHIP
Venue: Pinnacle Country Club,
CITY OF MACKAY OPEN
16 - 19 July
Venue: Mackay Golf Club, Australia
17 - 20 July
MARATHON CLASSIC
Venue: Highland Meadows Golf Club,
17 - 20 July
ALBERTSON BOISE OPEN
Venue: Hillcrest Country Club,
ISPS Handa NZ
Women’s Open
Lydia Ko
14 – 17 August
LPGA CHAMPIONSHIP
Venue: Monroe Golf Club,
Lydia Ko
3rd
Luke Toomey
T2nd
Ryan Fox
1st
Lydia Ko
3rd
Simon Owen
1st
Josh Geary
2nd
Danny Lee
3rd
Lydia Ko
1st
SOUTH PACIFIC OPEN
WEST AUSTRALIAN OPEN
LPGA TAIWAN CHAMPIONSHIP
AUSTRALIAN SENIORS PGA
CHAMPIONSHIP
NEW SOUTH WALES OPEN
OHL CLASSIC AT MAYAKOBA
CME GROUP TOUR
CHAMPIONSHIP
20
11 – 14 September
Venue: Tina Golf Club, New Caledonia
16 – 10 October
Venue: Cottesloe Golf Club, Australia
30 October – 2 November
Venue: Miramar Golf Club, Taipei
30 October – 2 November
Venue: Richmond Golf Club, Australia
13 – 16 November
Venue: Castle Hill Country Club, Australia
16 – 19 November
Venue: El Camaleon Golf Club, Mexico
20 – 23 November
Venue: Tiburon Golf Club,
New Zealand Golf
21
AUDITOR’S REPORT
Opinion
In our opinion the financial statements on pages 25 to 42:
Independent auditor’s report
To the members of New Zealand Golf Incorporated
Report on the financial statements
We have audited the accompanying financial statements of New Zealand Golf Incorporated
(''the incorporated society'') on pages 25 to 42. The financial statements comprise the statement
of financial position as at 31 December 2014, the statements of financial performance,
movements in equity and cash flows for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Board's responsibility for the financial statements
The board is responsible for the preparation of financial statements in accordance with generally
accepted accounting practice in New Zealand that give a true and fair view of the matters to
which they relate, and for such internal control as the board determines is necessary to enable
the preparation of financial statements that are free from material misstatement whether due to
fraud or error.
•
comply with generally accepted accounting practice in New Zealand;
•
give a true and fair view of the financial position of the incorporated society as at 31
December 2014 and of its financial performance and cash flows for the year then ended.
Other matter
The financial statements of New Zealand Golf Incorporated, for the year ended 31 December
2013, were audited by another auditor who expressed an unmodified opinion on those
statements on 2 April 2014.
Report on other legal and regulatory requirements
In accordance with the requirements of sections 16(1)(d) and 16(1)(e) of the Financial
Reporting Act 1993, we report that:
•
we have obtained all the information and explanations that we have required; and
•
in our opinion, proper accounting records have been kept by New Zealand Golf
Incorporated as far as appears from our examination of those records.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing (New Zealand).
Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
17 April 2015
Auckland
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the incorporated society’s preparation of the financial
statements that give a true and fair view of the matters to which they relate in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the incorporated society's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates, as well as evaluating the presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Subject to certain restrictions, partners and employees of our firm may also deal with the
incorporated society on normal terms within the ordinary course of trading activities of the
business of the incorporated society. These matters have not impaired our independence as
auditor of the incorporated society. The firm has no other relationship with, or interest in, the
incorporated society.
22
New Zealand Golf
23
FINANCIAL STATEMENTS
Statement of Financial Performance
FOR THE YEAR ENDED 31 DECEMBER 2014
NOTES
2014 $
2013 $
2
2,403,987
2,454,882
765,000
821,217
64,065
67,524
REVENUE
Affiliation Fees
Government Grants
Interest Revenue
3
MAP Subscriptions
201,140
224,733
Sponsorship & Grants
483,448
649,992
R&A Grant
New Zealand Men’s Open - Revenue
Sundry Income
Share of Associate Surplus
177,532
8,000
4
5,900
-
5
525,690
478,200
23
121,843
40,000
4,748,605
4,744,548
3,067,071
TOTAL REVENUE
EXPENSES
Junior Golf
New Zealand Golf Services
7
3,235,117
New Zealand Men’s Open - Expenses
4
211,683
13,637
11,241
13,976
New Zealand Women’s Open - Expenses
Elite Development & Events
8
824,738
947,546
Golf Development
9
32,077
14,403
Junior Golf
10
223,025
403,026
Mutual Assistance Plan
11
163,172
154,220
Depreciation
63,612
68,923
Amortisation
35,130
7,331
4,799,795
4,690,133
(51,190)
54,415
(51,190)
54,415
NZG Accumulated Funds
(51,190)
54,415
TOTAL ALLOCATIONS
(51,190)
54,415
TOTAL EXPENSES
NET OPERATING SURPLUS / (DEFICIT) FOR THE YEAR
6
NET SURPLUS/ (DEFICIT) FOR YEAR
ALLOCATED AS FOLLOWS
New Zealand Golf
25
Statement of Financial Position
Munchin Keh
AS AT 31 DECEMBER 2014
NOTES
EQUITY
2014 $
2013 $
1,610,737
1,661,927
296,454
426,512
CURRENT ASSETS
Cash and Bank Balances
12
Investments
13
594,346
870,965
Trade and Other Receivables
14
699,856
614,618
Inventories
15
32,434
39,887
Loan Receivable - Current
16
119,690
119,690
37,517
15,203
1,780,297
2,086,875
217,771
378,092
31,903
23,524
GST Receivable
TOTAL CURRENT ASSETS
CURRENT LIABILITIES
Trade and Other Payables
17
PAYE Payable
Provisions
18
26,500
26,500
Employee Benefits Payable
19
124,657
104,141
Income in Advance
30,799
65,326
148,868
158,884
222,467
222,467
TOTAL CURRENT LIABILITIES
802,965
978,934
WORKING CAPITAL
977,332
1,107,941
16
116,146
235,836
Property, Plant & Equipment
21
176,781
102,155
Intangible Assets
22
127,414
74,524
Investment Associate
23
213,064
141,471
633,405
553,986
1,610,737
1,661,927
Player Trusts
Sir Bob Charles Scholarship
Statement of Movements in Equity
Equity at start of the year
Net operating surplus / (deficit) for the year
TOTAL EQUITY AT END OF THE YEAR
NOTES
20
NON CURRENT ASSETS
Loan Receivable - Non-Current
2014 $
2013 $
1,661,927
1,607,512
(51,190)
54,415
1,610,737
1,661,927
TOTAL NON CURRENT ASSETS
NET ASSETS
New Zealand Golf Chairman
Paul Fyfe
15th April 2015
26
New Zealand Golf
27
Statement of Cashflow
NOTES
2014 $
2013 $
4,412,860
4,649,833
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from Operations
Interest Received
Payments to Suppliers and Employees
Net GST (Paid) / Received
NET CASH INFLOW / (OUTFLOW) FROM
OPERATING ACTIVITIES
28
42,450
36,992
(4,713,665)
(4,307,323)
(22,314)
93,191
(280,669)
472,693
50,250
50,249
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends Received - Associate
Payments made for Purchase of Property, Plant & Equipment
(138,237)
(10,835)
(38,019)
(60,000)
(126,006)
(20,586)
-
-
TOTAL NET CASH INFLOW / (OUTFLOW)
(406,675)
452,107
Opening Cash and Bank Balances and Investments Balance
1,297,477
845,370
890,800
1,297,477
Payments made for Purchase of Intangibles
INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
FINANCING ACTIVITIES
CLOSING CASH AND BANK BALANCES
AND INVESTMENTS BALANCE
The accompanying notes form part of and are to be read in conjunction with these financial
statements.
LOVE Golf Shoot
Lydia Ko &
Israel Dagg
28
New Zealand Golf
29
NOTES TO THE FINANCIAL
STATEMENTS
d)Receivables
1. Statement of Accounting Policies
e) Inventories
Basis of Preparation
New Zealand Golf (Inc) (the “Organisation”) is
an incorporated society registered under the
Incorporated Societies Act 1908.
The financial statements comprise statements
of: financial performance; movements in equity;
statement of financial position; statement of
cashflows; accounting policies; the notes to
these financial statements.
The financial statements have been prepared in
accordance with generally accepted accounting
practice in New Zealand. They comply with
approved Financial Reporting Standards (FRSs)
and Statements of Standard Accounting Practice
(SSAPs) as appropriate for entities that qualify for
and apply differential reporting concessions.
From 1 April 2014, the new Financial Reporting
Act 2013 ( “FRA 2013”) has come into force
replacing the Financial Reporting Act 1993,
this is effective for entities reporting under
the Charities Act 2005 with reporting periods
beginning on or after 1 April 2015. This will be
effective for the organisations 31 December 2016
year end.
For New Zealand Golf (Inc), a registered charity
with the Charities Commission, there will be
statutory financial reporting obligations which
require preparation of financial statements in
accordance with the prescribed accounting
standards by the External Reporting Board (XRB)
- a new suite of accounting standards for notfor-profit public benefit entities (NFP PBEs).
Charities which meet the definition of ‘large’
(defined as having expenses in excess of $ 30
million) will be in Tier 1 (full reporting) of the NZ
PBE Accounting Standards Framework, while
those with operating expenditure between $2
million to $30 million will be in Tier 2 (reduced
disclosures regime). Based on the current
expenditure, New Zealand Golf (Inc) would be a
Tier 2 reporting entity.
Differential Reporting
The Organisation qualifies for differential
reporting as it is not publicly accountable and
is not large as defined in the Framework for
30
Differential Reporting. All available differential
reporting exemptions allowed under the
framework for differential reporting have been
adopted except for:
• FRS 9 – Information to be disclosed in the
financial statements, where some additional
disclosures have been made.
• FRS 3 – Accounting for Property, Plant and
Equipment, where the Organisation has not
opted to align depreciation rates with those
set by the Inland Revenue Department of
New Zealand.
• FRS 10 - Statement of Cash Flows, where the
Organisation has opted to present a cash flow
statement.
Measurement Base
The measurement base adopted is historical
cost, except for financial instruments which are
initially recognised at fair value
Specific Accounting Policies
a) Investment in Associate
Associates are entities in which the
Organisation, either directly or indirectly, has
a significant but not controlling interest. The
Associate’s results are included in the statement
of financial performance, using the equity
method. The investment in the Associate is
carried in the Organisation’s statement of
financial position at cost plus acquisition change
in the Organisation’s share of net assets in the
Associate, less any impairment value.
b) Cash and bank balances
Cash and bank balances are short-term, highly
liquid investments that are readily convertible to
known amounts of cash and which are subject
to an insignificant risk of changes in value, with
original maturity dates less than 90 days. Cash
and bank balances with original maturities that
exceed 90 days are recognised as investments.
c)Investments
Investments are stated at cost less impairment.
Receivables are stated at estimated realisable
value after providing against debts where
collection is doubtful. Bad debts are written off
in the period which they are identified.
Inventories are stated at the lower of cost and the
net realisable value. Cost is based on the firstin first-out principle and includes expenditure
incurred in acquiring the inventories and
bringing them to their existing location.
f) Property, Plant & Equipment
Items of property, plant and equipment are
initially recorded at cost and depreciated in
note g). Initial cost includes the purchase
consideration, or fair value in the case of
donated assets and those costs directly
attributable to bringing the asset to the location
and condition for its intended use.
Any subsequent expenditure that increases
the economic benefits derived from an asset
is capitalised. Expenditure on repairs and
maintenance that does not increase the
economic benefits of an asset is expensed in the
period it is incurred.
Items of property, plant and equipment are
written down immediately if impairment in
the value of the asset causes its recoverable
amount to fall below its carrying amount. The
impairment is recognised in the statement of
financial performance.
Where an item of property, plant and equipment
is disposed of, the gain or loss recognised in the
statement of financial performance is calculated
at the difference between the net sale price
and the carrying amount of the asset. Any
revaluation surplus is reduced or increased by
the amount applicable to that item.
g) Depreciation
10 years
4 years
SL
SL
i) Taxation
New Zealand Golf is exempt from tax due to its
status as an amateur sports promoter under the
current tax legislation.
j) Goods and Services Tax (GST)
The financial statements have been prepared on
a GST exclusive basis, except accounts receivable
and accounts payable which are stated inclusive
of GST.
k) Provisions
Provisions are recognised when the
Organisation has a present obligation (legal
or constructive) as a result of a past event,
it is probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation and a reliable estimate
can be made as to the amount of the obligation.
l) Revenue
Revenue is recognised to the extent that it is
probable that the economic benefits will flow to
the Organisation and the revenue can be reliably
measured. Revenue is measured at the fair value
of the consideration received or receivable, net
of GST and discounts. The following specific
recognition criteria must be met before revenue
is recognised:
Government Grants, Grants &
Sponsorship
Government Grants, Grants & Sponsorship
received are recognised as revenue when
they are received, unless there are contractual
conditions attached that remain to be fulfilled, or
if any are received in advance.
Interest
Depreciation of property, plant and equipment
is calculated on a straight-line basis (SL) as
indicated below.
Leasehold Improvements
Office Equipment
IT Equipment
Tournament Equipment
Trademarks
Websites
10 years
4 years
4 years
4 years
SL
SL
SL
SL
h) Intangible Assets
Intangible assets are stated at cost less
accumulated amortisation. Intangible assets are
amortised as outlined below.
Interest revenue is recognised as it accrues,
using the effective interest method.
m)Impairment
The carrying value of each asset is assessed
for indicators of impairment at reporting date.
Where the estimated recoverable amount of
the asset is less that its carrying amount, the
asset is written down. The recoverable amount
of an asset is the higher of its fair value less
cost to sell, and value in use. Any impairment
loss is recognised in the statement of financial
performance.
New Zealand Golf
31
n)Leases
Leases or hire purchase contracts where the
Organisation assumes substantially all the risks
and rewards of ownership are classified as
finance leases. All other leases are classified as
operating leases.
Operating Leases
Operating lease payments are recognised
as an expense in the statement of financial
performance on a straight-line basis over the
lease term. Any lease incentives are recognised
as a liability. The aggregate benefit of incentives
is recognised as a reduction of rental expense
on a straight-line basis except where another
systematic basis is more representative of the
time pattern in which economic benefits from
the leased asset are consumed.
5. Sundry Income
SUNDRY INCOME
2014 $
2013 $
Tournament Income
151,130
152,867
Sponsor Goods in Kind
-
9,547
102,213
69,643
Website Income
66,574
115,015
Donations
50,072
51,541
Miscellaneous Income
107,701
31,587
NZGN Directors Fee
48,000
48,000
525,690
478,200
o) Changes in Accounting Policies
New Zealand Racing Board
There have been no changes in accounting
policies in 2013.
TOTAL REVENUE
2. Affiliation Fees
AFFILIATION FEES
6. Net Surplus / (Deficit) for the Year
2014 $
2013 $
Gross Affiliation Fee
2,689,161
2,774,934
Less: GST
(350,760)
(361,948)
(2,338,401)
(2,412,986)
Summer Member Fees
38,086
36,787
“LOVE Golf” Registration Fees
27,500
5,109
2,403,987
2,454,882
93,536
96,519
TOTAL REVENUE
NUMBER OF FULL PLAYING MEMBERS*
*Number of Full Playing Members (excludes life, junior and secondary members). For full affiliated
membership details please refer to page 16 of the Annual Report.
NET SURPLUS / (DEFICIT) FOR THE YEAR
2014 $
2013 $
17,850
22,207
-
8,742
Net Surplus / (Deficit) is arrived at after charging the following expenses:
Fees Paid to Independent Auditor (KPMG - Auckland), (Prior year: BDO)
Audit of Annual Financial Statements
Monthly Reporting Assistance
Depreciation
2,990
2,990
22,167
27,669
IT Equipment
15,436
24,372
23,019
13,892
6,378
3,581
28,751
3,750
118,318
123,303
2014 $
2013 $
886,664
848,196
1,317,434
1,192,554
528,750
535,000
Marketing and Promotion
347,717
338,910
Turf Culture
154,552
152,411
3,235,117
3,067,071
Office Furniture and Fittings
Amortisation
3. Interest Revenue
Trademarks
Websites
INTEREST REVENUE
2014 $
2013 $
Interest - Investments
49,455
46,762
Interest - Loan Receivable
14,610
20,762
64,065
67,524
TOTAL REVENUE
4. New Zealand Men’s Open
The Organisation currently contracts a third party service provider to stage, manage and underwrite
the New Zealand Men’s Open. The Organisation contributes $200,000 towards the staging and
management of the event (2013: Nil).
Minimum Lease Payments
Operating Lease
7. New Zealand Golf Services
NEW ZEALAND GOLF SERVICES
Administration
Salaries
Slope Handicap Network
TOTAL EXPENDITURE
32
New Zealand Golf
33
8. Elite Development and Events
ELITE DEVELOPMENT AND EVENTS
Clothing
Coaching
International Events
International Junior Events
2014 $
2013 $
3,890
2,154
20,218
28,791
201,458
215,211
22,561
3,641
278,773
344,881
National Junior Events
35,385
34,961
Sports Science Support
11,180
16,524
Sponsor Goods in Kind
-
9,547
215,347
244,909
Tournament Assistance
21,869
33,224
Selectors Expenses
14,057
13,703
824,738
947,546
GOLF DEVELOPMENT
2014 $
2013 $
Golf Development
32,077
14,403
TOTAL EXPENDITURE
32,077
14,403
National Events
High Performance Programme
TOTAL EXPENDITURE
Toro Women’s
Interprovincial
Championship
Winners
Auckland
9. Golf Development
10. Junior Golf
JUNIOR GOLF
Sir Bob Charles Scholarship - expenses
District Junior Network Delivery
Promotion
Junior Golf Events
School Programmes
GDM Training and Uniforms
Coach Education
Toro Men’s
Interprovincial
Championship
Winners
Waikato
TOTAL EXPENDITURE
2014 $
2013 $
4,500
4,500
125,000
296,875
-
2,044
42,516
38,022
1,730
530
1,000
7,262
48,279
53,793
223,025
403,026
11. New Zealand Golf Mutual Assistance Plan
NZG MUTUAL ASSISTANCE PLAN
2014 $
2013 $
Administration and Insurance
46,500
46,500
-
-
District Associations Assistance Grants
NZG Management Fee
Mutual Assistance Payments
TOTAL EXPENDITURE
2,431
278
114,241
107,442
163,172
154,220
The Mutual Assistance Plan is available to all members. The Plan provides insurance from a ‘A+’
rated insurance provider. It is a cover that provides compensation to members for damage to golf
equipment that is outside the scope of cover provided by household or personal effects insurance.
Its coverage includes All Risks and Public or Third Party Liability (subject to conditions of policy).
34
New Zealand Golf
35
12. Cash and Bank Balances
CASH AND BANK BALANCES
Westpac - Bank Balances
Westpac - Players Trust
Petty Cash
CARRYING VALUE
16. Loan Receivable
2014 $
2013 $
272,981
Current
119,690
119,690
153,331
Non-current
116,146
235,836
200
200
235,836
355,526
296,454
426,512
2013 $
Westpac - Term Deposit
594,346
870,965
TOTAL CARRYING VALUE
594,346
870,965
Westpac term deposit balances are unsecured and accrue interest between 4.10% - 4.50%pa (2013:
3.75%pa - 4.10%pa). Maturity periods range from 6 - 12 months (2013: 6-12 months).
14. Trade and Other Receivables
2014 $
2013 $
Trade Receivables
494,031
378,720
Other Receivables
18,496
11,491
(835)
(835)
Prepayements
CARRYING VALUE
TRADE AND OTHER PAYABLES
2014 $
2013 $
Trade Payables
210,421
370,197
7,350
7,895
217,771
378,092
2014 $
2013 $
26,500
26,500
-
-
26,500
26,500
Accrued Expenses
18.Provisions
PROVISIONS
NZG Mutual Assistance Plan Claim Provision
Carrying Value at Beginning of Year
389,376
188,164
225,242
CARRYING VALUE AT END OF YEAR
699,856
614,618
The provision represents the amount that is estimated that would represent claims relating to the
current year in the unlikely event the NZG Mutual Assistance Scheme (refer note 11) was wound up.
19. Employee Benefits Payable
2013 $
9,939
21,264
Merchandise
22,495
18,623
32,434
39,887
36
17. Trade and Other Payables
511,692
2014 $
Stock on hand
The Organisation was one of two full members of another incorporated society, New Zealand
Sports Turf Institute Incorporated (“NZSTI”). In December 2010 NZSTI sold its business to Premium
Power Limited (subsequently renamed to New Zealand Sports Turf Institute Limited). The
Organisation has received a contractual right to free turf culture services from NZSTI for a period of
5 years as consideration for the transaction (in lieu of cash), beginning April 2011.
Reduction in provision
15.Inventories
INVENTORIES
The Organisation has therefore recognised a loan receivable and gain to profit or loss, measured at
the net present value of the fair value of the services to be received, discounted at a market rate
of 5%.
2014 $
Allowance for impairment
2013 $
91,446
13.Investments
TRADE AND OTHER RECEIVABLES
2014 $
204,808
Westpac Players Trust account is separate unsecured bank account administered by the
Organisation, which accrues interest at 3.25%pa (2013: 0.75%pa). The account is used to reimburse
amateur players for specific travel and tournament fee costs. The money is effectively held in trust
by the Organisation for these players.
INVESTMENTS
LOAN RECEIVABLE
EMPLOYEE BENEFITS PAYABLE
2014 $
2013 $
Accrued Wages
30,402
20,115
Holiday Pay
94,255
84,026
124,657
104,141
New Zealand Golf
37
Waitakere
Golf Club
22. Intangible Assets
INTANGIBLE ASSETS
2014 $
2013 $
Trademarks
Original Cost
54,266
35,810
(23,914)
(17,536)
Original Cost
129,563
60,000
Accumulated Amortisation
(32,501)
(3,750)
127,414
74,524
Accumulated Amortisation
Websites
Trademarks under the control of the Organisation include:
• New Zealand Golf Incorporated; and
• Junior Tiger
23. Investment in Associate
20.Sir Bob Charles Scholarship
In November 2001 the Organisation paid $140,000 to acquire 500 shares, representing 50% of the
issued shares of New Zealand Golf Network Ltd (‘NZGN’). In December 2001, NZGN issued a further
50,000 shares, of which the Organisation acquired 25,000 for the consideration of $1.00 per share;
15,000 shares remain unpaid and uncalled.
The Sir Bob Charles Scholarship has been accounted for as a separate liability account. These funds
are invested on behalf of Sir Bob Charles where the Organisation can only use the interest for
Scholarship payments.
In October 2012 the shareholders of NZGN resolved to reduce the number of shares on issue to
20,000, of which now the Organisation holds 10,000, thereby cancelling 15,500 shares that the
organisation owned.
To maximise interest revenue from the funds, the funds are invested in high interest term deposits
with New Zealand registered banks - refer note 13.
NZGN’s primary business is the operation of the Slope Handicap system on behalf of the
Organisation and the development of golf management system software. NZGN has a balance date
of 31 March and the entity is not audited. The Directors of New Zealand Golf Network are not aware
of any significant events or transactions since NZGN’s balance date.
21. Property, Plant and Equipment
RESULTS OF NZGN
ACCUMULATED
CARRYING
DEPRECIATION $
VALUE $
29,896
(11,046)
18,850
Office Furniture
256,812
(224,240)
32,572
Investment in Associate
IT Equipment
235,882
(213,410)
22,472
Carrying Value at Beginning of Year
271,108
(168,221)
102,887
PROPERTY, PLANT AND EQUIPMENT
COST $
2014
793,698
(616,917)
176,781
2013
29,896
(8,056)
21,840
Office Furniture
226,626
(202,073)
24,553
IT Equipment
229,218
(197,974)
31,244
169,720
(145,202)
24,518
655,460
(533,305)
102,155
38
2014 $
2013 $
Share of Operating Surplus Before Income Tax
169,226
55,555
Income Tax
(47,383)
(15,555)
SHARE OF NET SURPLUS
121,843
40,000
141,471
151,720
Share of Recognised Surplus
121,843
40,000
Dividend Paid
(50,249)
(50,249)
CARRYING VALUE AT END OF YEAR
213,065
141,471
New Zealand Golf
39
24. Commitments and Contingencies
INTANGIBLE ASSETS
2014 $
2013 $
Operating Lease Commitments
Lease commitments under non-cancellable operating leases are as follows:
Current
68,006
108,812
Non Current
67,709
69,786
135,715
178,598
TOTAL OPERATING LEASE COMMITMENT
Capital Commitments
The Organisation has agreed to pay NZGN a handicap maintenance fee of $41,667 (excl. GST) per
month, and a website maintenance fee of $6,250 (excl. GST) per month.
Contingencies
There are no contingencies as at reporting date (2013: $nil).
25. Related Party Transactions
Board Members E Bateup and M Ward represent the Organisation on the Board of New Zealand Golf
Network Ltd (‘NZGN’) on a voluntary basis.
•
The Organisation received a Directors’ fee from New Zealand Golf Network (‘NZGN’) in 2014 of
$48,000 (2013: $48,000).
•
The Organisation paid New Zealand Golf Network Ltd (‘NZGN’) a service fee to maintain and
operate the Slope Handicap Network system in 2014 of $528,750 (2013: $535,000).
•
The Organisation received a donation from New Zealand Golf Network Ltd (‘NZGN’) in 2014 of
$50,000 (2013: $50,000).
26. Going Concern
A Heads of Agreement was entered into by the Organisation and the New Zealand Professional Golf
Association (PGA) on 23 April 2013. The intention of this agreement was to create a whole of golf
strategic framework and investigate any alignment or integration opportunities.
An Establishment Committee is tasked to recommend the approach to potential alignment or
integration of the NZPGA and the Organisation, and to oversee any change process necessary. The
outcome of this process is yet to be finalised, however the Directors believe the outcome will not
affect the going concern assumption of the Organisation as a continuing entity. The Directors have
continued to adopt the going concern assumption of the New Zealand Golf Inc. for the year ended
31 December 2014.
Hastings
Golf Club
40
New Zealand Golf
41
27. Events After Reporting Date
Commercial Partners
There were no material events after reporting date (2013: nil).
28. Net Cash Flow from Operating Activities
NET CASH FLOW FROM OPERATING ACTIVITIES
Surplus / (Deficit) for the Period
2014 $
2013 $
(51,190)
54,415
Interest - Loan Receivable
(14,610)
(20,762)
Share of Associate Surplus
(121,843)
(40,000)
Depreciation
63,612
68,923
Amortisation
35,130
7,331
Non Cash and Non Operating Items
Allowance for Impairment
Bad Debt Written Off
Non-cash Services Received - Turf Culture
Funding Partners
-
-
6,879
5,134
133,978
134,944
Provision - Reversal
-
-
Loss on Disposal
-
-
103,147
155,570
(122,316)
(62,287)
37,078
3,796
TOTAL NON CASH AND NON OPERATING ITEMS
Official Suppliers
Movement in Working Capital Items
Reduction / (Increase) in Trade and Other Receivables
Reduction / (Increase) in Prepayments
Reduction / (Increase) in Inventories
Reduction / (Increase) in GST Receivable
Reduction / (Increase) in Trade and Other Payables and PAYE Payable*
Reduction / (Increase) in Income in Advance
Reduction / (Increase) in Employee Benefits Payable
7,453
27,504
(22,314)
93,191
(208,500)
(18,460)
(34,526)
65,326
20,516
1,817
(10,016)
116,239
-
(1,338)
NET MOVEMENTS IN WORKING CAPITAL ITEMS
(332,625)
262,708
NET CASH FLOW FROM OPERATING ACTIVITIES
(280,667)
472,693
Reduction / (Increase) in Players Trusts
Reduction / (Increase) in Sir Bob Charles Scholarship
Associate Partners
*Excludes Payables relating to Investing Activities
Community Partners
42
THE VALUE OF GOLF
The Game of Golf Provides Unique and
Lifelong Enrichment.
VISION
Golf is New Zealand’s Favourite Pastime.
MISSION
To Grow the Love of Golf.
www.golf.co.nz
[email protected]
Tel +64 (0)9 485 3230
Fax +64 (0)9 486 6745
Volunteers at the
Waitangi Golf Club
44

NEW ZEALAND GOLF Annual Report and Statement

Transcription

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