THBC LTD - Tweed Head Bowls Club

Transcription

THBC LTD
ANNUAL REPORT
FOR THE PERIOD 1 JULY 2014 TO 30 JUNE 2015
2015
2015INREVIEW
Highlights FutureProo ing
The THBC Ltd Board and Management are commi ed to responsible financial management of members funds and as a result have delivered a profit in excess of $1 million, the first me in over two decades. Our Club is on track to stay viable well into the future. September 2014 saw the comple on of the much an cipated nineteen21 restaurant and bar which provides our Members with the finest quality food and an ambience to match. This li le gem con nues to be a favoured dining des na on in the Tweed. Experience
MoreforOur
Members
Our Members are the founda on of our great Club and this year we have set out to oﬀer an array of fun and entertaining ac vi es for our Members to enjoy. Whether it be relaxing to free live music, a ending a Blue Room dinner or winning some fantas c prizes, there is fun to be had at THBC . 1 Success
2015 witnessed the Tweed Heads Bowls Club comeback, with our teams and individual players taking out tles at local and na onal levels. It has been a me of renewed performance at the Club and the success of our Bowlers will con nue well into 2016. Our success also rests with our reless volunteers, Commi ees, in the Matchbox, on and around the Greens . HISTORY
For the first me in the Club’s history we welcomed Families and Visitors onto the outdoor greens to par cipate in Barefoot Bowls. Our goal is to build an inclusive community Club where everyone is welcome. Sustainability
In the last financial year the Club invested $1 million into upgrading 30 year old plant and equipment. Improved energy eﬃciencies have reduced maintenance costs which are being redirected into a Solar Panel System for future energy savings. 2 2014-2015 BOARD OF DIRECTORS
Left to Right: Peter Goldsmith, Roger Bell, Sam Ramsay, Wendy Wilson, John Rayward (Chairman), Leigh
Tynan, Clive Weston, John Mann, Ian Irvine (Deputy Chairman)
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of the Tweed Heads Bowls Club Ltd is to be held in the
Club’s Winner Lounge, Florence Street, NSW on Sunday 8 November 2015 at 10:00am AEDT.
Agenda
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Welcome and Opening of Meeting.
Apologies.
Confirm minutes of Annual General Meeting held on Sunday 19th October 2014 (copies available from Club’s front reception).
Business arising from minutes.
Chairman’s report.
General Manager’s report.
Receive, consider and adopt the Financial Statements of the Company for the year ended 30 June 2015, and the reports by
directors and auditors thereon.
Returning Officer to declare all positions vacant
Ballot for Directors.
Declaration of result for ballot of Directors.
Triennial Rule as set out in the Schedule 4 of the Registered Clubs Act.
Ballot for Chairman
Declaration of result for ballot of Chairman
Ballot for Deputy Chairman
Declaration of result for ballot of Deputy Chairman
Presentation of badges to past Board members.
Presentation of badges to new Board members.
Ordinary resolutions.
Special resolutions.
Nominations for Life Membership.
General Business
THBC Ltd Annual Report 2014-2015 1
Chairman’s
Report
“On behalf of the Board of
Directors, I am pleased to
present my report for 20142015. Our Club has enjoyed a
great deal of success, and still
faces many challenges. I will
highlight what I believe is of
importance.”
Financially, I can announce that the Club made a net profit of $1,260,138 for the 2015 Financial Year.
This is an increase of $345,000 above last year. Profit before depreciation was $2,984,822. What is
so pleasing about this result is that all the key indicators of financial performance are trending in the
right direction. Management and staff are to be congratulated on their efforts in delivering such a
wonderful result.
Cash on hand and funds on investment totalled $6,209,516. This is another good result, when you
consider the capital expenditure that has been outlaid in improving our Club. The Plant Room 5
upgrade did not leave much change out of $1 Million, but we are now seeing improved operational
efficiency in this area, and realising energy savings.
Strategic Planning
As a Board we continue to focus on where we want to see our great Club in 5 to 10 years.
Our financial benchmarks are continually monitored to ensure that we maximize our revenue
opportunities, while also closely managing expenditure. Continued success in this area will assist in
our long term viability.
It is due to being financially responsible that the Board is in a position to consider how to move
forward with regards to the Master Plan. There are a number of significant factors to consider and
all due diligence is being undertaken to make effective decisions regarding car parking and our noncore property.
The 1921 Restaurant & Bar was completed in September 2014 and has proved very successful. The
Board is conscious of the need to make improvements to The Brasserie and the overall dining
experience at THBC. Some exciting developments are planned for 2016 which will provide our
members with an array of quality yet affordable dining choices and an ambience to match.
The Board believes it is important to make responsible decisions so that our members can continue
to receive the many benefits they enjoy at their Club. In relation to our Bowls events, the Board has
been monitoring and evaluating prestigious events over the past two years to analyse and determine
the financial impact during the events. Following much discussion on the detailed analysis of the
2015 events, it has been determined that it is no longer viable to sustain the financial losses
associated with the Prestige Open Mixed Singles and the Silver Nugget. It is with some regret that
these two events have been cancelled, however it also presents an opportunity to reinvigorate our
Bowls calendar and to look at different ways we can continue to be a prestigious bowls Club.
ClubGRANTS
Via the ClubGRANTS Scheme we continue to support many non-profit organizations and to provide
assistance to our Community.
Our contribution this year was $ 558,000, which includes in-kind community support and bowls cost.
Membership
The sport of Lawn Bowls continues to suffer a decrease in membership and a lot of financial stress in
delivering the game to smaller Clubs. Our Club is not immune to this downturn and the decrease in
numbers and the increasing age of participants remains a concern.
Director, Peter Goldsmith and his band of volunteers continue to promote our Club and Bowls
membership at the local shopping centres and this remains an important avenue in attracting new
members. Our Bowls Department considers ways to attract more juniors to the Club and is working
with local schools to attract younger players to the sport. We also hope that the introduction of
Barefoot Bowls and Corporate style competitions will attract more members to our Club.
Bowls
We have certainly enjoyed a great year in relation to our Club’s competitive achievements. It’s been
a year of celebration and renewed pride and we look forward to 2016.
A highlight of course was our Ladies taking home the Gold Super Challenge and the Men being very
competitive and only narrowly missing out, what a fantastic time for Bowls at our great Club.
We have fielded very competitive Pennant teams this year with four of our five Men’s divisions
reaching the finals with victory in Division 7 and Runner Up in Division 3. The Ladies also fielded 6
divisions, winning the flag in Division 4 and Runner Up in Division 1, 2, 3 what a great effort.
The Ladies 4 Champions Wendy Wilson, Kristy Thatcher, Barbara Makin, and Leigh Rayward enjoyed
success at District Champion of Champions. Finally I reserve a special congratulations to Wendy
Wilson who was awarded ‘District Player of the Year’ a wonderful achievement.
Sympathy
On behalf of the Board of Directors, I extend my sympathy to the family and friends of our members
who passed away in the last 12 months. We wish a speedy recovery to all those who are currently ill.
Conclusion
The last 12 months have been a great success for our Club, and I again express my thanks to my
fellow Board members, Management, and Staff for their valuable contribution.
We continue to face a number of challenges, but look forward to embracing them, and keeping our
Club strong well into the future.
Good, Better, Best!
Mr John Rayward
Chairman of the Board
General Manager’s
Report
“This last year, our Club has
continued to focus on
initiatives that will best
serve our membership and
community with a particular
focus on growing members
funds while remaining
relevant to our members.”
It gives me great pleasure to present the Annual Report to members for the year ended 30 June
2015.
Our trading profit of $1,260,138 is the Clubs largest profit since 1991 (excludes “abnormal items”).
This result is very pleasing and I would like to sincerely thank all our amazing staff for their continued
commitment to our members and guests.
Major Projects being planned or considered during the next 12 months include:
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Completion of our Air Conditioning and Plant Room upgrades
Installation of a Solar Photovoltaic system
Upgrade to The Brasserie and Café areas
Future and best use of non-core property
Additional car parking
CCTV upgrade
In regards to The Brasserie we are very aware that this area requires an upgrade and the Board and
Management are committed to this project as we see this as an opportunity to modernise this
precinct while offering a broader range of foods with a fresher ambience. Our operations and
catering teams are working hard to ensure that we deliver this new offer to our members during this
financial year. I encourage you all to “try it” once completed as we believe the ambience, food and
service will complement our already successful nineteen21 restaurant and provide a positive dining
experience for you.
Car parking at our Club is not ideal and we understand that a strategy around additional car parking
is essential, especially with a major upgrade to the Tweed Hospital planned for the near future. The
Board and Management will continue to work through what is the best use for our non-core
property which will include looking at all options for both parcels of land.
The Board and Management have continued to introduce new initiatives while ensuring that
decisions are made for the overall benefit of the Club and its members. It is essential to not only
“think” but “act” strategically while always adhering to our fiduciary and community responsibilities.
We will continue to look at opportunities which will assist in advancing the business but also
improve the entertainment experience for our members and guests.
At the 2014 AGM our new Constitution was approved by the members and one of the significant
changes was the introduction of the triennial rule for elections to the Board. At this year’s AGM,
after the Board is elected there will be a “drawing of the lots” which will determine the term that
each elected Director receives and then each year from 2016 three Directors will be up for reelection. We firmly believe the introduction of triennial elections is best practice as it allows for the
majority of the nine Directors to remain on the Board each year which assists with strategy, major
projects, risk management and more importantly business continuity.
Congratulations to all our bowlers for a successful bowls season where positive results in pennants
and super challenge were delivered. Our Club Championships are always hotly contested and I
would like to acknowledge all our members who participated and of course all our winners.
Bowls continues to be an integral part of our focus and we will continue to introduce new initiatives
to attract people to the sport, with a particular focus on growing membership and overall
participation through an offer of traditional (pennants, super challenge, club championships) and
non-traditional bowls (barefoot bowls, corporate challenges, junior programs and fun days).
We are fortunate to have so many volunteers who play an important part in our overall bowls
operations and I would like to thank them for their efforts and also both the men’s and ladies
committees for their contribution during the past twelve months.
Thank you to our Board of Directors for their overall support of our staff and for their continued
commitment to representing our members through professional and responsible decision making.
Again, I wish to express my sincere gratitude to our management team, staff and members for their
contribution towards this year’s success.
Onwards and Upwards!
Mr Gerard Robinson
General Manager
Membership Statistics
for the year ending 30 June 2015
Category
Associate
Number
3
Bowling A Ladies
230
Bowling A Men
348
Bowling B
78
Junior Bowlers
15
Life
5
Social
18,994
Total
19,673
THMBC Committee
Report
Tweed Heads Mens Bowls Club 2014-2015 Office Bearers
Patrons
Ray Carter, Paul Chircop
President
Jim Croghan
Secretary
Gary Hewitt
Treasurer
Paul Price
Assistant Secretary
Russell Luland
Assistant Treasurer
Richard Mills
Publicity Officer
Bernie Fletcher
Match Committee
Norman Bradbrook, Ray Carter, Robert Carnes,
George Hardwood, Bob Maxwell, Colin Whyte
Life Members
Ray Carter, Paul Chircop, Peter Howell, Vince Leather
Senior Vice President
Norman Hoffmann
Junior Vice President
Grahame Nobbs
Games Director
Allan Nimmo
Assistant Games Director
Greg Ash
Welfare Officer
Jack Blagbrough
Assistant Welfare Officer
Tony Govett
GCTDBA Delegates
Jim Croghan, Norman Hoffman
President’s Report – Jim Croghan
I look back at the past year and wonder where it has gone. When I joined this
great club I never had any thought of being on the committee however I started
selling raffle tickets and the rest is history.
We had a few changes to our committee during the year because of personal
and health reasons which made it hard for us and as such I would like to thank
my committee for their support during the year. I would also like to thank the
new members who came into the positions that had to be filled, it has been a
hard job for them as they had to start from scratch and all have done a good job.
I would also like to thank General Manager Gerard Robinson and his assistant Yvette Chambers for
their assistance as well as Chairman John Rayward and his Board Members who also offered
assistance while we were filling the vacant positions on our committee. I would like to mention Brad
Whittaker and Chris Goodman and staff for our great meals and afternoon teas. Last but not least I
thank Paul Girdler and Kristy Thatcher who also have been a great help, as well as Greenkeeper John
Wyper and his staff who have done an excellent job on our greens, they would have to be the best in
the district.
On the bowling front 2015 has been a pretty good year. We witnessed the Mens Gold Super
Challenge team just falling short in the finals. We had 4 out of 5 competing teams reach the divisions
in the Pennant finals in their respective divisions. Division 7 won their final in great style after going
through the season not losing a game which was a top effort. Divisions 1, 3 and 6 reached the finals,
with Division 3 side going down at the last end, whilst Division 1 were beaten in a great game
between South Tweed in the semi-final. Division 6 were beaten in a close semi-final going down by
two shots. Well done to all players who played during the season and better bowling next year.
The change on Tuesday to mixed bowls has been successful because everyone has the choice what
they play. Saturday Jackpot sponsored by Alden Automotive has proved popular and Sunday jackpot
continues to be self-sufficient and going well.
Congratulations to all winners of the Club Championships and to all of our Bowlers who competed in
those events.
I look forward to being your President for the year ahead.
Treasurer’s Report – Paul Price
After a very busy year and lots of changes in and about the club, our bowls side of the club keeps
bowling along with competitions, carnivals and a good amount of visitors and we have emerged
fairly well. The financial position for the year is good and under budget.
We are under budget by $ 1,919.00. The total Social Bowlers through the Men's Club were 18,839
which is 2,249 less than last year. This appears to be the trend nowadays with bowls participation
decreasing, however the Board and the committee are working hard to try and correct this trend.
The raffle account as at 30th June 2015 was $6,821.07 after extra prize money, Christmas fare,
donations, special prizes and mother’s day presents. Our wrong bias tins of $886.60 and $291.95
total $1,178.55 thank you bowlers for your wrong biases and your generosity throughout the year.
This amount was made up to $1,550 which was donated to the Tweed Hospital Ladies Auxiliary.
My thanks go to Assistant Treasurer, Richard Mills for the manner in which he has carried out his
duties, also to sellers Kim Stephenson, John Moon, David Nelson and Jeff Walters for their help
throughout the year. Special thanks to Ross Bailey and our financial staff, and also many thanks
Alden Automotive for their generous support throughout the year, which was much appreciated by
all.
Secretary’s Report – Gary Hewitt
Having only been in the position for 6 months it has been a huge learning curve for me as it has been
something way outside my comfort zone. However I have received lots of support and I would like to
thank President Jim Croghan for all his help and backing, and to my able Assistant Russell Luland a
huge thanks for helping me deal with the workload that we have.
To the other members of the committee thank you, it is a pleasure to work with you all. Special
thanks go to Yvette Chambers in the Main Office for all her help and advice this year, not sure what I
would do without her. To all the other staff, thank you.
Membership this year stands at 371 Full Members and 14 juniors. At the moment membership
seems to be relatively stable however the need to keep working on attracting new bowlers is
paramount to the clubs success. There are new initiatives in place this year to help in this, such as
Barefoot bowls and Twilight bowls to name a couple.
There were 56 New Bowlers joining this year and it has been a pleasure welcoming them to the club,
however unfortunately we have had to say a sad farewell to some of our illustrious Friends who
have passed away. I know you all would have enjoyed the bowls and friendship with these special
people.
Last of all I would just like to thank all the members of the Club for their friendship and support and
for their help in keeping THBC at the high level it is.
Games Directors Report – Allan Nimmo
At the THMBC we currently run 14 Championship events. This will now increase to 16 with the
introduction of two new events. These are the Indoor Mixed Pairs and the Senior 3x3 pairs. My
thanks go to Greg Ash for looking after the day to day running of these Championships.
There will be no change to the Entry Fee for these events in 2016.
This year we have run 5 one day Carnivals. To date they have had a mixed response in terms of the
numbers participating. The Committee and the Bowls Coordinator will come up with a solution that
meets the needs of all bowlers.
The operation of the Match Box for 5 days a week requires the commitment of at least 10 people. I
would like to thank all those volunteers that have assisted in the past year. However we are always
looking for people to help in this area. Please see me at any time if you can assist.
Finally I would like to thank the Committee, Paul and Kristy and all bowlers for their help and
support through the year.
Tweed Heads Mens Bowls Club 2014-2015 Club Championship Results
WINNERS
Simon Bailey
Simon Bailey, Barbara Makin,
Brendan Wilson, Wendy Wilson
Jack Blagbrough, Tony Houghton,
Mario Matteucci
Jon Bosisto
Simon Bailey, Brendan Wilson
Greg Ash, Abdul Latuf Karim, Allan Nimmo
Simon Bailey, Abdul Latuf Karim,
Steve Ross, Brendan Wilson
Greg Ash
Paul Girdler, Abdul Latif Karim
Simon Baily, David Taylor, Brendan Wilson
Ron Gurr
John Griffiths, Gary Hewitt, George
Kendall
RUNNERS UP
Mixed Singles
Mixed Fours
Senior Triples 2014
Open Singles
Open Pairs
Open Triples
Open Fours
Open Indoor Singles
Open Indoor Pairs
Open Indoor Triples
Senior Singles
Senior Triples 2015
Brendan Wilson
Greg Ash, Ken Calvert, Joan Lyon,
Delame Woods
Jim Croghan, Laurie Rae, Max Reiter
Steve Ross
Steve Goodman, Steve Ross
Jon Bosisto, Mike Nash, Jason Neville
Peter Goldsmith, Les Rootsey, John Matchett,
Allan Nimmo
Jon Bosisto
Greg Ash, Max Jaffray
Russell Luland, Leigh Tynan, Bill Penny
Gary Hewitt
Laurie Rae, Ernie Robins, Roy Nuttall
THLBC Committee
Report
Tweed Heads Ladies Bowls Club 2014-2015 Office Bearers
Patrons
Esme Carter, Mary Anne Cumming, Diana Cunnington
President
Lesley-Ann French
Secretary
Lorraine Robins
Treasurer
Fran Martin
Assistant Secretary
Carolyn Davis
Assistant Treasurer
Stephanie Goldsmith
Publicity Officer
Gail Gorgenyi
Providore
Marjorie Croghan
Match Committee
Jill Hoffmann, Shirley Ruston, Jan Matchett, Shirley
Ganter, Adrianne Nash
Life Members
Margaret Heydt
Senior Vice President
Norma Bell
Junior Vice President
Barbara Whyte
Games Director
Judy Pearce
Assistant Games Director
Roslyn Ash
Welfare Officer
Maureen Blagbrough
Assistant Welfare Officer
Bette Cooper
Assistant Providore
Marion Daily
GCTDBA Delegates
Lesley-Ann French, Lorraine Robins
President’s Report – Lesley Ann French
I am writing my 2014/2015 report as President of our wonderful Ladies’ Club.
Firstly I would like to congratulate all bowlers who participated in our Club
Championships. To those who won these events well done and to the bowlers
who participated in all District Events and were successful congratulations. Firstly
I would like to thank our Chairman, Mr John Rayward and the Board Members.
Thank you to Gerard and Yvette for the time, support and help given to me
throughout the year. To Paul and Kristy thank you for your support. To President
Jim Croghan and his Committee, it has been nice working with you. Thanks to Johnny Wyper and his
crew for giving us the best greens on the Coast. A special thank you to Chris Goodman, Brad
Whittaker and their catering staff for the wonderful meals you always provide in such a professional
manner. Chris you are a gem, always smiling, with never a cross word, also Tracy who is with us on
Ladies’ Day, you are a treasure. Thanks to our Providores, Marj and Marion and your helpers on our
special days, the tables and room are always a delight to see, you never disappoint. To Jean and the
concert ladies, what can I say? Brilliant, funny, hilarious! Then Maureen, such a lady, your fillers
always brings a laugh. The raffle ladies, Norah and Marlene, who are there every week, and also our
reserves who will come in at a moment’s notice, thank you. Also a very special thank you to all the
ladies who make and donate the wonderful items for the raffles, and those who work on the Trading
Table, without you we would not be able to donate to the various charities, subsidise our bus trips
and provide extras for our special days. To Maureen, our Welfare Officer, and her assistant, Bette
Cooper, you do a wonderful job. I know how draining this can be. Thank you Gail for your work on
Publicity, and the many wonderful photos you have taken, and also for Margaret for helping out
when needed. The wonderful Golden Oldies/Indoor Ladies, Jeanette and Gwen thank you for your
organization. It is lovely to see you still bowling – Go girls Go. Spinners – thanks to Gladys and
Nanette, also our other ladies who helped at times. Pennant Selectors Marie, Delmae, Wendy, Betty
and Val, thank you for a job well done. To my Committee Ladies, thank you all for your support and
encouragement throughout the year. What can I say about my senior vice Norma, a rock who has
given me so much support and encouragement, thank you. Last but not least thank you to you my
wonderful ladies. It has been a pleasure to have been your President. I will miss not going out to
speak to you each week. I wish a speedy recovery to our ladies who are not well and to our Bowlers
who have passed on, we will miss you. God bless. I would like to take this opportunity to wish
incoming President Norma and her Committee a very successful year.
Treasurer’s Report – Fran Martin
This is my first report as Treasurer. Thank you ladies for the support you give to our weekly raffles
both in donations and buying raffle tickets, it has as always been very generous. We have been able
to continue donating to the Tweed Heads Hospital and Tweed Heads Ambulance, a sum of $1500.00
each, plus two $500.00 donations, one to “Zonta” and also “You Have a Friend”.
We would like to thank Mr Johnny Veen whose continued generosity for our Cancer day is very
much appreciated. Thank you to the Men’s club for your generous support on our special mixed
days. We had an enjoyable bus/boat trip with Star Cruises along the Brisbane River in late
September 2014, and a luncheon trip to Summerland House Farm in April this year.
A special thank you to our ticket sellers Norah and Marlene who turn up week after week and also to
our reserves that come in to help at a moment’s notice. Our trading table total for the year was
$978.70 and spinners $695.45. Our investment account of $10,363.55 was renewed in February
2015 at a rate of 3.22% and will mature in February 2016. We started the year with $12,214.52 and
finished with $9,490.94.
To the Board, Management and Staff, thank you for your assistance throughout the year. To my
assistant Stephanie and Committee ladies thanks for your support this year. To our retiring President
Lesley, best wishes for the future. Welcome to our incoming President Norma and her Committee.
Secretary’s Report – Lorraine Robins
I wish to thank all members for their support and friendship during this year as your Secretary. It has
been a very busy year with many proposed changes such as the proposed new THLBC Constitution.
To my very competent Assistant Secretary, Carolyn Davis, who has been a rock to work with, I thank
her very much. This year has not gone by without our share of tragedy and illnesses, so to all
members who have been in this position my thoughts have been with you and it is during these
times the caring nature of our members come to the fore. Our most recent loss of Lil Smart at 104
was one of those sad occasions. But there have also been many enjoyable times as well that will
stay in our memories.
Our 2014-15 pennant season did not produce a winning flag, however Divisions 1, 2, 3 and 4 were
Runner up. Well done ladies. Here’s hoping for a successful 2015 season. A warm welcome to our
new members throughout the year, I hope you have many enjoyable times at this great Club. A fond
farewell to the members who have left for many various reasons. Because of the age bracket a lot
of us find we are in, a number of our Bowling A members went to Bowling B membership. It is very
pleasing to see them remain an active part of the Ladies Club. Credit for this must go to Jeanette
Melville, Gwen Darcy and all their helpers to organise the “Golden Oldies” and they have very special
lollies every week.
Thank you to the outgoing President and Executive for all the work done during the year, it has been
busy but rewarding. To the incoming President, Executive and committees for 2015-2016 best
wishes for a very successful year. Good Health and Good Bowling to all.
Games Directors Report – Judy Pearce
It is with great pleasure that I present my report for 2014-15 year. Once again I have thoroughly
enjoyed my work as Games Director this year. Thank you to my Assistant Games Director Roslyn Ash
for the work she has put in this year it has been wonderful year working with you.
It has been another successful year with championships and many of our ladies entering both
outdoor and indoor events. Congratulations to all those that have won championships this year.
Now is the time to start setting your goals for next year. Congratulations to all the ladies that were
successful in reaching the Champion of Champions being Leigh Rayward, Barbra Makin, Kristy
Thatcher and Wendy Wilson also winning the fours at District level. Barbra Makin made the 2
Disciplines whilst Wendy made the three Disciplines well done ladies. The GCTDLBA District Pairs
was won by Kristy Thatcher and Wendy Wilson well done girls. Winners of the GCTDLBA Senior Fours
were: Joy Oswald, Alice Plowright, Alison Ebsworth, Di Cunnington.
To my Match Committee thank you to all for a great job. To our Umpires, Markers, Coaches,
Providores and Staff members thank you one and all for your time you have given us in your various
ways it is a credit to our club and greatly appreciated by all bowlers
Tweed Heads Ladies Bowls Club 2014-2015 Club Championship Results
WINNERS
Wendy Wilson
Barbara Makin, Wendy Wilson
Helen Bosisto, Cathy Thatcher,
Kristy Thatcher
Barbara Makin, Leigh Rayward,
Kristy Thatcher, Wendy Wilson
Marion Daily
Gladys Evans, Nanette Wise
Marjorie Crane, Joan Lyon, Nerida Sayer
Barbara Makin
Leigh Rayward, Wendy Wilson
Christine Cragg, Karen Figura,
Frances Hewitt
Open Singles
Open Pairs
Open Triples
Open Fours
B Grade Singles
B Grade Pairs
B Grade Triples
Senior Singles
Open Indoor Pairs
Open Indoor Triples
RUNNERS UP
Kristy Thatcher
Rosemarie Calverley, Lorraine Robins
Margaret Dare, Patricia Griffiths,
Valerie Moore.
Di Cunnington, Alison Ebsworth,
Rosely Griffith, Val Young
Anka Vermeulen
Margaret Benson, Carmel Keane
Doris Buchanan, Gail Gorgenyi, Lyn Rogers
Diane Duncan
Barbara Makin, Ellen Joselin
Barbara Makin, Leigh Rayward,
Wendy Wilson
Directors’ Report
For the year ended 30 June 2015
Your directors present their report of the Tweed Heads Bowls Club Limited (‘the Club’) for the financial year
ended 30 June 2015.
Directors
Names
Mr J Rayward
Mr I Irvine
Mr R Bell
Mr P Goldsmith
Mr J Mann
Mr S Ramsay
Mr L Tynan
Mr C Weston
Mrs W Wilson
Occupation/Qualifications
Finance Manager
Retired School Principal
Retired Managing Director
Retired Managing Director
Retired Self Employed
Retired Production Manager
Retired Senior Public Servant
Business Owner
Retired Self Employed
Position
Chairman
Deputy Chairman
Director
Director
Director
Director
Director
Director
Director
Years as Club Director
5
5
2
2
8
2
2
3
2
Board of Directors Meetings
During the financial year, 12 meetings of directors and 30 special meetings were held. Attendances by each
director during the year were as follows:
Names
Position
Appointed
Mr J Rayward
Mr I Irvine
Mr R Bell
Mr P Goldsmith
Mr J Mann
Mr S Ramsay
Mr L Tynan
Mr C Weston
Mrs W Wilson
Chairman
Deputy Chairman
Director
Director
Director
Director
Director
Director
Director
19 October 2015
19 October 2015
19 October 2015
19 October 2015
19 October 2015
19 October 2015
19 October 2015
19 October 2015
19 October 2015
Directors Meetings
Special Meetings
Eligible to
attend
Eligible to
attend
12
12
12
12
12
12
12
12
12
Number
attended
12
11
12
11
11
12
10
11
9
30
20
14
22
11
17
9
8
15
Number
attended
24
20
14
22
11
17
9
8
15
*Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
2014-2015 Committees and Liaison Directors
Committee
Audit and Compliance
Constitution
Special Projects (Formerly Major Projects)
ClubGRANTS Liaison Director
Bowls and Sports Committees:
Sports
Bowls Foundation
Committee
R Bell (Chair), P Goldsmith, J Mann, C Weston, J Rayward
I Irvine (Chair), R Bell, P Goldsmith, W Wilson, J Rayward
L Tynan (Chair), J Mann, S Ramsay, C Weston, J Rayward
J Mann
I Irvine (Chair), P Goldsmith, S Ramsay, W Wilson, J Rayward, J Croghan, N
Hoffman, L French, N Bell
J Rayward (Chair), S Ramsay, M Cumming, M Jaffray
*J Rayward is ex-officio on all committees. Under Corporate Governance requirements meeting statistics for Audit and Compliance
Committee meetings are required to be kept.
Company secretary
The following person held the position of Club secretary at the end of the financial year:
- Gerard Robinson
Principal activities
The principal activities of Tweed Heads Bowls Club Ltd during the financial year was to encourage and
promote the participation of men and women in the sport of bowls and to provide for members and
member's guests a sporting and social club with the usual facilities of a Registered Club.
No significant changes in the nature of the Club's activity occurred during the financial year.
Operating results
The Club earned a profit of $1,260,138 (2014: $915,108).
The Operating Profit before depreciation was $2,984,822 (2014: $2,460,333)
In the current financial year the operating revenue of the Club totalled $20,512,126 representing an
increase in revenue of $30,989 (0.15%) on the prior financial year.
Total expenditure for the year was $19,251,988 which was a decrease of $314,041 on the prior financial
year.
The number of full time equivalent employees at the end of the financial year was 87 (2014: 89).
Core and Non Core Property
The Directors have resolved that the premises of the main club and the land it occupies is deemed to be
'core property' for the purposes of section 41J of the Registered Clubs Act. The Club has the following non
core property located at 58 64 Wharf Street, Tweed Heads, NSW and the corner of Brett and Powell
Street, Tweed Heads, NSW.
Short and Long Term Objectives
The Club has established short and long term objectives as outlined in the Club's strategic and business
plan which is reviewed on an annual basis. These objectives are both financial and non financial and are
aimed towards providing a comfortable and secure environment to its members that continues to meet
their needs.
Short term, long term and perpetual objectives include:
• continuous improvement in customer service
• increase membership, patronage and services provided to members
• diversify income streams
• become leaders in providing community benefits
• continually improve corporate governance practices
• become leaders in the promotion of the sports of bowls
• implement the club's strategic building master plan including construction of an independent senior
living unit complex
Significant changes in state of affairs
There have been no significant changes in the state of affairs of the Club during the year
After balance date events
No matters or circumstances have arisen since the end of the financial year which significantly affected or
may significantly affect the operations of the Club, the results of those operations or the state of affairs of
the Club in future financial years.
Future developments and results
Likely developments in the operations of the Club and the expected results of those operations in future
financial years have not been included in this report as the inclusion of such information is likely to result
in unreasonable prejudice to the Club.
Environmental issues
The Club's operations are not regulated by any significant environmental regulations under a law of the
Commonwealth or of a state or territory of Australia.
Director Benefits
During or since the end of the financial year no director of the Club has received or become entitled to
receive any benefit by reason of a contract made by the Club or with a firm of which a director is a
member, or with an entity in which a director has a substantial interest.
Indemnification and insurance of officers and auditors
The club has not, during or since the financial year, in respect of any person who is or has been an officer
or auditor of the club or of a related body corporate:
(i)
indemnified or made any relevant agreement for indemnifying against a liability including
costs and expenses in successfully defending legal proceedings; or
(ii)
paid or agree to pay a premium in respect of a contract insuring against a liability for costs or
expenses to defend legal proceedings;
With the exception of the payment of a premium to insure the directors against liabilities for costs and
expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in
the capacity of director of the club, other than wilful breach of duty in relation to the Club.
Auditor's independence declaration
The lead auditor's independence declaration in accordance with section 307C of the Corporations Act
2001, for the year ended 30 June 2015 has been received and can be found on page 6 of the financial
report.
Signed in accordance with a resolution of the Board of Directors:
Director: ...............................................................
Date: 07.09.2015
Director: ................................................................
Date: 07.09.2015
Tweed Heads
Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2015
Note
2015
$
2014
$
Revenue
2
Changes in inventories
3
(18,567)
(25,348)
Raw materials and consumables used
3
(2,792,859)
(2,834,725)
Employee benefits expense
(6,500,169)
(6,682,625)
Depreciation and amortisation expense
(1,724,684)
(1,545,225)
Advertising, entertainment and promotions
(2,054,384)
(2,271,187)
Bowls expenses
20,512,126
20,481,137
(673,643)
(615,406)
Gaming expenses
(2,959,629)
(2,916,213)
Occupancy expenses
(1,828,836)
(1,985,204)
(494,725)
(423,491)
Other expenses
Consulting and professional fees
Insurance expense
Finance costs
Profit before income tax
Income tax expense
Profit for the year
3
1(d)
(44,946)
(65,056)
(153,956)
(195,512)
(5,590)
(6,037)
1,260,138
-
915,108
-
1,260,138
915,108
-
-
1,260,138
915,108
Other comprehensive income
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
Statement of Changes in Equity
Retained
Earnings $
Balance at 1 July 2014
Profit for the year
30,375,501
30,375,501
1,260,138
1,260,138
Other comprehensive income for the year
Balance at 30 June 2015
Total $
31,635,639
Retained
Earnings $
Balance at 1 July 2013
Profit for the year
Other comprehensive income for the year
Balance at 30 June 2014
31,635,639
Total $
29,460,393
29,460,393
915,108
915,108
-
-
30,375,501
30,375,501
Statement of Financial Position
As at 30 June 2015
Note
2015 $
2014 $
ASSETS
CURRENT ASSETS
Cash and cash equivalents
4
2,944,607
2,468,467
Trade and other receivables
6
83,082
104,168
Inventories
7
215,780
234,747
Financial assets
5
3,264,909
2,894,150
Other assets
8
258,986
218,983
6,767,364
5,920,515
27,839,976
27,334,266
TOTAL NON-CURRENT ASSETS
27,839,976
27,334,266
TOTAL ASSETS
34,607,340
33,254,781
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
9
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
10
1,870,746
1,707,509
Borrowings
12
149,887
132,274
Employee benefits
11
715,031
773,391
2,735,664
2,613,174
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
10
125,655
44,560
Borrowings
12
11,438
125,669
Employee benefits
11
98,944
95,877
TOTAL NON-CURRENT LIABILITIES
236,037
266,106
2,971,701
2,879,280
31,635,639
30,375,501
Retained earnings
31,635,639
30,375,501
TOTAL EQUITY
31,635,639
30,373,501
TOTAL LIABILITIES
NET ASSETS
EQUITY
Statement of Cash Flows
Note
2015 $
2014 $
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers
Payments to suppliers and employees
Interest received
Finance costs
Net cash provided by/(used in) operating activities
14
21,150,130
21,092,732
(18,130,654)
(19,124,319)
150,273
135,958
(5,590)
(6,037)
3,164,159
2,098,334
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of property, plant and equipment
Purchase of property, plant and equipment
Net movement in financial assets (term deposits)
Net cash used by investing activities
28,473
43,206
(2,178,367)
(1,518,004)
(370,759)
(380,828)
(2,520,653)
(1,855,626)
(167,366)
(254,128)
(167,366)
(254,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of borrowings
Net cash used by financing activities
Net increase/(decrease) in cash and cash equivalents held
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of financial year
1
4
476,140
(11,420)
2,468,467
2,479,887
2,944,607
2,468,467
Summary of Significant Accounting Policies
(a)
General Information
The financial statements are general purpose financial statements that have been prepared in accordance
with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001. The
financial report covers Tweed Heads Bowls Club Ltd as an individual entity. Tweed Heads Bowls Club Ltd is a
Club limited by guarantee, incorporated and domiciled in Australia. The liability of members is limited to the
amount set out in the Club's Constitution. The amount of the guarantee is limited to such an amount as may
be required not to exceed two dollars ($2.00). The guarantee is not capable of being called up except for the
purpose of winding up the Club.
The Club has adopted AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2
Amendments to Australian Accounting Standards.
The financial report has been authorised for issue by the directors on .
(b)
Basis of Preparation
The financial report has been prepared on an accruals basis and is based on historical costs modified, where
applicable, by the measurement at fair value of selected non-current assets, financial assets and financial
liabilities.
(c)
Comparatives
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year.
(d)
Income Taxes
Tweed Heads Bowls Club Ltd is exempt from paying income tax pursuant to Section 50-45 of the Income Tax
Assessment Act 1997. Accordingly, no provision for income tax is required.
(e)
Revenue
Revenue is recognised to the extent that it is probable that the economic benefit will flow to the entity and
the revenue can be reliably measured.
Revenue from the sale of goods is recognised upon the delivery of goods to customers (net of returns,
discounts and allowances). Membership subscriptions income is recognised as income in the year to which it
relates. Revenue from the rendering of services is recognised upon the delivery of the service to the
customers.
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of
calculating the amortised cost of a financial asset and allocating the interest income over the relevant period
using the effective interest rate. The effective rate discounts estimated future receipts through the expected
life of the financial asset to the net carrying amount of the financial asset.
All revenue is stated net of the amount of goods and services tax (GST).
(f)
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly
liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are
shown within short-term borrowings in current liabilities on the statement of financial position.
(g)
Inventories
Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a weighted
average basis.
(h)
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated less, where applicable,
any accumulated depreciation and impairment losses.
Property
Freehold land and buildings are measured on a cost basis, being the amount for which an asset could be
exchanged between knowledgeable willing parties in an arm's length transaction.
Plant and equipment
Plant and equipment are measured on the cost basis less depreciation and impairment losses.
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding
freehold land, is depreciated on a straight-line basis over the asset's useful life to the Club commencing from
the time the asset is held ready for use.
Depreciation rates
The depreciation rates used for each class of depreciable assets are:
Class of Fixed Asset
Buildings and Improvements
Poker Machines
Motor Vehicles
Plant and Equipment
1.5% - 20%
10% - 33%
15% - 33%
5% - 25%
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet
date.
Impairment
The carrying values of property, plant and equipment are reviewed for impairment at each reporting date,
with the recoverable amount being estimated when events or changes in circumstances indicate that the
carrying amount may be impaired.
The recoverable amount of property, plant and equipment is the higher of the fair value less the costs to sell
and value in use. In assessing value in use, the estimated future cash flows are discounted to their present
values using a discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset. An impairment exists when the carrying value of an asset or cash generating unit exceeds
its estimated recoverable amount. The asset or cash generating unit is then written down to its recoverable
amount. Losses relating to impairment to assets are accounted for in the statement of profit or Loss and
Other Comprehensive Income of the Club upon recognition.
(i)
Financial Instruments
Recognition and Initial Measurement
Financial instruments, incorporating financial assets and financial liabilities, are recognised when the Club
becomes a party to the contractual provisions of the instruments. Trade date accounting is adopted for
financial assets that are delivered within timeframes established by marketplace convention.
Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the
related contractual rights or obligations exist. Subsequent to initial recognition these instruments are
measured as set out below.
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is
transferred to another party whereby the entity no longer has any significant continuing involvement in the
risks and benefits associated with the asset. Financial liabilities are derecognised where the related
obligations are either discharged, cancelled or expire. The difference between the carrying value of the
financial liability extinguished or transferred to another party and the fair value of consideration paid,
including the transfer of non-cash assets or liabilities assumed is recognised in profit or loss.
Classification and Subsequent Measurement
Financial Assets
Financial assets are divided into the following categories which are described in detail below:

loans and receivables; and

held-to-maturity investments.
Financial assets are assigned to the different categories on initial recognition, depending on the
characteristics of the instrument and its purpose. A financial instrument’s category is relevant to the
way it is measured and whether any resulting income and expenses are recognised in profit or loss or
in other comprehensive income.
All income and expenses relating to financial assets are recognised in the statement of profit or loss
and other comprehensive income in the ‘finance income’ or ‘finance costs’ line item respectively.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise principally through the provision of goods and services
to customers but also incorporate other types of contractual monetary assets.
After initial recognition these are measured at amortised cost using the effective interest method, less
provision for impairment. Any change in their value is recognised in profit or loss.
The Club’s trade and most other receivables fall into this category of financial instruments.
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments
and fixed maturity. Investments are classified as held-to-maturity if it is the intention of the Club's
management to hold them until maturity.
Held-to-maturity investments are subsequently measured at amortised cost using the effective
interest method, with revenue recognised on an effective yield basis. In addition, if there is objective
evidence that the investment has been impaired, the financial asset is measured at the present value
of estimated cash flows. Any changes to the carrying amount of the investment are recognised in
profit or loss.
Financial liabilities
Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or
other financial liabilities depending on the purpose for which the liability was acquired. Financial
liabilities are recognised when the Club becomes a party to the contractual arrangements of the
instrument. All interest-related charges and, if applicable, changes in an instrument's fair value that
are reported in profit are loss are included in the statement of profit or loss and other comprehensive
income line item '"finance costs".
The Club's financial liabilities include trade and other payables (including finance lease liabilities),
which are measured at amortised cost using the effective interest rate method.
Fair value
Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are
applied to determine fair value for all unlisted securities, including recent arm's length transactions, reference
to similar instruments and option pricing models.
Impairment
At each reporting date, the Club assesses whether there is objective evidence that a financial instrument has
been impaired. Impairment losses are recognised in the statement of profit or loss and other comprehensive
income.
(j)
Employee Benefits
Provision is made for the Club's liability for employee benefits arising from services rendered by employees to
the end of the reporting period. Employee benefits that are expected to be wholly settled within one year
have been measured at the amounts expected to be paid when the liability is settled, plus related on-cost.
Employee benefits expected to be settled more than twelve months after the end of the reporting period
have been measured at the present value of the estimated future cash outflows to be made for those
benefits. In determining the liability, consideration is given to employee wage increases and the probability
that the employee will satisfy vesting requirements. Cashflows are discounted using market yields on national
corporate bonds with terms to maturity that match the expected timing of cashflows. Changes in the
measurement of the liability are recognised in profit or loss.
Employee benefits are presented as current liabilities in the statement of financial position if the Club does
not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting
date regardless of the classification of the liability for measurement purposes under AASB 119.
(k)
Leases
Finance leases
Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset,
but not the legal ownership that are transferred to the Club are classified as finance leases.
Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the
fair value of the leased property or the present value of the minimum lease payments, including any
guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the
lease interest expense for the period.
Leased assets are depreciated on a straight-line basis or diminishing value basis over their estimated useful
lives where it is likely that the Club will obtain ownership of the asset or over the term of the lease.
Operating leases
Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor,
are charged as expenses in the periods in which they are incurred.
(l)
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised
as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in
the statement of financial position are shown inclusive of GST.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of
investing and financing activities, which are disclosed as operating cash flows. Commitments and
contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
(m)
Critical Accounting Estimates and Judgments
The directors evaluate estimates and judgments incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future
events and based on current trends and economic data, obtained both externally and within the Club.
Key estimates - Impairment
The Club assesses impairment at each reporting date by evaluating conditions specific to the Club that may
lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset is
determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number of
key estimates. The Directors resolved there were no indicators of impairment at the date of signing the
financial statements.
Key estimates - income tax exemption status
The Directors of the Club have self assessed their ongoing exemption from income tax at balance date, as a
sporting Club in accordance with Section 50-45 of the Income Tax Assessment Act 1997.
Key estimates - Property, plant and equipment residual values and useful lives
The Club determines the estimated useful lives and related depreciation and amortisation charges for it's
property, plant and equipment. The useful lives could change significantly as a result of technical innovations
or some other event. The depreciation and amortisation charge will increase where the useful lives are less
than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or
sold will be written off or written down.
Key estimates - Provision for employee benefits
The liability for long service leave employee entitlements is recognised and measured at the present value of
the estimated future cash flows to be made in respect of all employees at the reporting date. In determining
the present value of the liability, estimates of attrition rates and pay increases through promotion and
inflation have been taken into account.
(n)
Adoption of New and Revised Accounting Standards
During the current year, the Club adopted all of the new and revised Australian Accounting Standards and
Interpretations applicable to its operations which became mandatory
2
Revenue
2015 $
2014 $
Revenue from operating activities
- Entertainment activities
12,582,676
12,478,776
- Catering activities
4,713,549
4,702,671
- Bar and bottle shop activities
2,520,564
2,597,360
- Bowls income
318,771
343,272
- Social membership, commissions and other services
181,527
191,711
20,317,087
150,273
20,313,790
135,958
35,014
30,646
9,752
743
195,039
167,347
20,512,126
20,481,137
2015 $
2014 $
- Interest Revenue
- Rental Revenue
- Profit / (loss) on sale of asset
Total revenue from continuing operations
3
Expenses
Finance Costs
Interest paid
5,590
6,037
2,792,859
2,834,725
18,567
25,348
2,811,426
2,860,073
Changes in inventories
Total Costs of sales
4
Cash and Cash Equivalents
2015 $
Cash on hand
Cash at bank
(a)
(b)
5
551,806
554,824
2,392,801
1,913,643
2,944,607
2,468,467
Cash at Bank and on Hand
Cash on hand is non interest bearing. Cash at bank earns interest at floating rates based on daily bank deposit rates
Term deposits
Term deposits taken out by the club with a maturity of more than three months are classified as a Financial Asset in Note 5.
Financial Assets
2015 $
Term deposits with maturities longer than 3 months
6
2014 $
3,264,909
2014 $
2,894,150
Trade and Other Receivables
2015 $
2014 $
Trade receivables
39,374
71,908
Interest receivable
43,708
32,260
83,082
104,168
7
Inventories
2015 $
2014 $
CURRENT
At Cost:
Raw materials and consumables
Finished goods
8
80,478
85,551
135,302
149,196
215,780
234,747
Other Assets
2015 $
2014 $
CURRENT
Prepayments
9
258,986
218,983
Property, plant and equipment
2015 $
2014 $
LAND AND BUILDINGS
Freehold land at cost
Buildings and improvements at cost
4, 025,366
4,025,366
30,663,534
29,430,718
(10,691,862)
(10,286,298)
19,971,672
23,997,038
19,144,420
23,169,786
Leased assets at cost
-
31,813
Less accumulated depreciation
-
(20,570)
Plant and equipment at cost
12,209,541
11,243
13,084,829
(8,910,376)
(9,864,469)
3,299,165
59,889
3,220,360
19,544
(24,577)
(19,544)
35,312
-
508,461
932,877
3,842,938
4,164,480
27,839,976
27,334,266
Total land and buildings
PLANT AND EQUIPMENT
Motor vehicles at cost
Capital works in progress
Capital Works in Progress
Total plant and equipment
Total property, plant and equipment
(a)
Movements in Carrying Amounts
Land
$
Buildings
$
4,025,366 19,144,420
Plant and
Equipment Lease Assets
$
$
Capital
Works in
Progress
$
3,220,360
11,243
932,877 27,334,266
Total
$
Opening balance
Additions
Disposals
-
6,731
776,265
-
1,466,119
2,249,115
-
-
(14)
(11,123)
(7,584)
(18,721)
- 1,523,550
359,401
-
-
(1,882,951)
Transfers
- (703,029)
(1,021,535)
(120)
-
(1,724,684)
Depreciation expense
4,025,366 19,971,672
3,334,477
-
508,461 27,839,976
Closing Balance
10
Trade and Other Payables
2015 $
2014 $
CURRENT
Trade payables
Membership subscriptions in advance
1,837,518
1,633,371
33,228
74,138
1,870,746
1,707,509
125,655
44,560
NON-CURRENT
Membership subscriptions in advance
11
Employee Benefits
2015 $
2014 $
CURRENT
Employee Benefits (Current)
NON-CURRENT
Employee Benefits (Non-Current)
12
715,031
773,391
98,944
95,877
Borrowings
2015 $
2014 $
CURRENT
Secured liabilities:
Finance lease obligation
149,887
132,274
11,438
125,669
161,325
257,943
NON-CURRENT
Secured liabilities:
Finance lease obligation
Total borrowings
Finance lease obligations
13
Capital and Leasing Commitments
2015 $
(a)
2014 $
Finance Leases
Minimum lease payments:
- not later than one year
154,793
136,896
12,410
129,605
Minimum lease payments
Less: finance changes
167,203
(5,878)
266,501
(8,558)
Present value of minimum lease payments
161,325
257,943
- between one year and five years
Finance leases are in place for motor vehicle and poker machine assets and normally have a term between 1 and 3 years.
(b)
Operating Leases
The club has not entered into operating lease agreements for the financial year ended 30 June 2015.
(c)
Contracted Commitments
At reporting date the Club has entered into nil contracts for capital expenditure (2014: $976,221)
which have not been provided for in the financial statements. The amounts are payable:
Contracted commitments for:
Plant room refurbishment works
-
840,000
Sails restaurant and level one refurbishment works
-
136,221
-
976,221
14
Cash Flow Information
2015 $
2014 $
(a) Reconciliation of Cash Flow from Operations with Profit after Income Tax
Profit for the year
1,260,138
915,108
1,724,684
1,545,225
(9,752)
(743)
-
(64,230)
Non-cash flows in profit:
Depreciation
(Profit)/Loss on sale of property, plant and equipment
Acquisition of poker machines at nil consideration
Changes in assets and liabilities:
(Increase)/decrease in trade and other receivables
(Increase)/decrease in other assets
(Increase)/decrease in inventories
21,086
(38,270)
(41,970)
(143,393)
18,832
25,348
Increase/(decrease) in trade and other payables
246,434
(56,555)
Increase/(decrease) in provisions
(55,293)
(84,156)
3,164,159
2,098,334
Net Cash provided by operating activities
(b)
Non-cash financing and investing activities
During the financial year the Club acquired property, plant and equipment via trade in to the amount
of $70,748 (2014: $42,000). This amount has been excluded from the cashflow statement as a non
cash investing activity.
(c)
Contracted Commitments
Overdraft facility
Amount utilised
60,000
-
60,000
-
60,000
60,000
15
Key Management Personnel Compensation
(a)
Key Management Personnel
Names and positions held of key management personnel in office at any time during the financial year
are:
Key Management Personnel
Position
Mr J Rayward
Chairman
Mr I Irvine
Deputy Chairman
Mr R Bell
Director
Mr P Goldsmith
Director
Mr J Mann
Director
Mr S Ramsay
Director
Mr L Tynan
Director
Mr C Weston
Director
Mrs W Wilson
Director
Mr G Robinson
General Manager
Mr B Whittaker
Executive Chef
Mr R Bailey
Finance Manager
Ms T Hill
Operations Manager
Mr G James
Facilities Manager
Total fees payable, or otherwise made available in respect of the financial year, to all directors of the Tweed Heads Bowls
Club for the year ended 30 June 2015 was $30,000 (2014: $30,000).
(b)
Key Management Personnel Compensation
Salaries $
Non cash
benefits $
Superannuation $
Total $
2015 Total compensation
661,437
21,729
84,362
767,528
2014 Total compensation
639,691
21,032
78,359
739,082
16
Related party transactions
Transactions between related parties are on normal commercial terms and conditions no more favourable than those
available to other parties unless otherwise stated.
There were no payments to directors or related party with the exception of honorariums noted in Note 14(a).
17
Financial instruments
(a) Financial Risk Management
The Club's financial instruments consist mainly of deposits with banks, short-term investments such as term
deposits, accounts receivable and payable and finance leases
(b) Financial Instruments
The main risks the Club is exposed to through its financial instruments are interest rate risk, credit risk and
liquidity risk.
(c) Interest rate risk
Interest rate risk is managed by reviewing the maturing of term deposits and cash management accounts and prevailing
instrument rates on these cash deposits.
(d)
Credit risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised
financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement
of financial position and noted to the financial statements.
The Club does not have any material credit risk exposure to any single receivable or group of receivables under financial
instruments entered into by the Club.
(e)
Liquidity risk
Liquidity risk is the risk that the Club will not be able to meet its financial obligations as they fall due. The Club manages
liquidity risk by managing cashflow forecasts on a monthly basis. The Club has also implemented a 5 year capital
replacement policy which incorporates the capital cashflow requirements of the Club. The current policy is to have all
capital infrastructure funded by way of internal cash generation, opposed to the use of debt. The Board's policy is to
maintain excess funds in term deposits or high interest bank accounts.
(f)
Net Fair Values
The fair values of financial assets and financial liabilities are presented in the following table and can be
compared to their carrying values as presented in the statement of financial position. Fair values are those
amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties
in an arm's length transaction.
2015
Net Carrying
Value $
Financial assets
Cash and cash equivalents
2,944,607
2014
Net Fair value $
2,944,607
Net Carrying
Value $
2,468,467
Net Fair value $
2,468,467
Held-to-maturity
Trade and other receivables
83,082
83,082
104,168
104,168
Term deposits (Financial assets)
3,264,909
3,264,909
2,894,150
2,894,150
Total financial assets
6,292,598
6,292,598
5,466,785
5,466,785
2,000,612
2,000,612
1,754,178
1,754,178
161,325
161,325
257,943
257,943
2,161,937
2,161,937
2,012,121
2,012,121
Financial liabilities
Financial liabilities at amortised cost
Lease liabilities (Financial liabilities)
Total financial liabilities
(g) Financial instrument composition and maturity analysis
The Club's exposure to interest rate risk, which is the risk that a financial instruments value will fluctuate as a
result of changes in market interest rates and the effective weighted average interest rates on classes of
financial assets and financial liabilities, is as follows:
Weighted Average
Floating Interest
Effective Interest
Rate
Rate
Maturing within 1
Year
Maturing 1 to 5
Years
Non-interest
Bearing
Total
2015
%
2014
%
2015
$
2015
$
2014
$
2015
$
2014
$
2015
$
2014
$
2015
$
Cash and cash equivalents 1.31
1.88
2,392,801 1,913,643 -
-
-
-
551,806
554,824 2,944,607 2,468,467
Short term deposits
3.30
3.65
-
-
3,264,909 2,894,150 -
-
-
-
Receivables
-
-
-
-
-
-
-
83,082
104,168 83,082
2,392,801 1,913,643 3,264,909 2,894,150 -
-
634,888
658,992 6,292,598 5,466,785
-
1,841,729 1,635,480 1,841,729 1,635,480
2014
$
2014
$
Financial Assets:
Total Financial Assets
-
3,264,909 2,894,150
104,168
Financial Liabilities:
Trade and other payables -
-
- -
-
-
Hire purchase liabilities
1.11
- -
149,887
132,274 11,438 125,669 -
- -
149,887
132,274 11,438 125,669 1,841,729 1,635,480 2,003,054 1,893,423
1.63
Total Financial Liabilities
-
-
161,325
257,943
Interest rate risk sensitivity analysis
At 30 June 2015, the effect on profit and equity as a result of changes in the interest rate, with all other
variables remaining constant would be as follows:
Change in profit
- Increase in interest rate by 1%
- Decrease in interest rate by 0.5%
Change in equity
- Increase in interest rate by 1%
- Decrease in interest rate by 0.5%
54,964
45,499
(27,482)
(22,749)
54,964
45,499
(27,482)
(22,749)
18
Contingent Liabilities and Contingent Assets
In the opinion of the Directors, the Club did not have any contingencies at 30 June 2015 (30 June 2014:None).
The Club is a company limited by guarantee. If the Club is wound up, the Articles of Association state that each
member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of the Club.
19
Events after the Balance Sheet Date
The financial report was authorised for issue on by the Board of Directors.
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Club, the results of those operations or the state of affairs of the Club in
future financial years.
20
Company Details
Bankers:
Westpac Banking Corporation
Minjungbal Drive
THBC Ltd Registered Office:
Florence Street
Tweed Heads NSW 2485
Auditors:
PKF Lawler Partners Pty Ltd
Chartered Accountants
Tweed Heads South NSW 2486
p 07 5506 3488
p 07 5536 3800 | f 07 5536 5150
w www.thbc.com.au
763 Hunter Street, Newcastle West NSW 2302
p 02 4962 2688 | f 02 4962 3245
Directors Declaration
The directors of the Club declare that:
1.
2.
the financial statements and notes for the year ended 30 June 2015 are in accordance with the Corporations Act 2001
and:
a.
comply with Accounting Standards, which, as stated in accounting policy note 1 to the financial statements,
constitutes explicit and unreserved compliance with International Financial Reporting Standards (IFRS); and
b.
give a true and fair view of the financial position and performance of the Club;
In the directors' opinion, there are reasonable grounds to believe that the Club 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 ..................................................................
Director ..................................................................
Tweed Heads
Dated this 7th day of September 2015
COMMUNITY
NOTICE OF ANNUAL GENERAL MEETING
Community Donations for the year ended 30 June
2015 was $558,000
Each year the Club has the privilege of donating much needed resources
to local community organizations. The Tweed Heads Bowls Club continues
to actively participate as an important stakeholder for the future
prosperity of our community.
3
ABN 85 001 055 901
Cnr Wharf and Florence Street
PO Box 167
Tweed Heads NSW 2485
P +61 7 5536 3800 F +61 7 5536 5150
E [email protected]
www.thbc.com.au

THBC LTD - Tweed Head Bowls Club

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