PRESIDENTS REPORT                  2009.

The past year has again been a demanding year for the Club having endured significant challenges that have tested our resilience on a number of fronts, but prudent management of these issues has preserved the Clubs’ position which is a great improvement on the previous year despite the fact the reporting of a loss. This outcome was achieved with some difficulty and the Board will be taking further steps to ensure the Club trades well, provides a suitable venue and enjoyment for its Members.

 

The challenging environment is expected to continue over the next 12 months and the Board continues to advance additional initiatives to improve The Clubs’ balance sheet and cash flow position. 

These include:  

Continuing to pursue savings of wages without compromising the Clubs business activities

Execution of strategic review outcomes and recommendations once identified. 

Maintaining our market position and to strengthen the balance sheet and help minimize the impact of market forces. 

 The option of raising new equity if required, as part of a wider capital strategy.

Maintaining and improving our course is no easy task, particularly in view of our financial restraints. Nathan Ball, our Course Superintendent, and his staff have done a great job presenting our Course in a very acceptable state.   Many improvements have been made and are being noticed by Members alike.  They are continually called upon to operate in adverse conditions and their efforts cannot be faulted for which the Members are extremely grateful. 

During the previous year some of the older machinery was replaced and this has placed the Club in a better position with its finances due to better work practices and very little breakdowns meaning cost savings in repairs and maintenance on our plant.

The Clubhouse, although almost fifty years old, has been maintained in an presentable condition with several improvements being carried out which the Members would be aware of when utilising the premises. 

Again our sponsors have continued to support the Club and we thank them all for their support throughout the year especially for the annual Pro-Am which was again a very successful event in the Clubs calendar.  The success and achievements of the Springwood Country Club were only possible because of the generosity of the Club’s sponsors and the commitment of the staff, volunteers and contracted service providers and the Board. 

The net result for 2008/09 was a loss of $15,940, this compared to a loss of $60,990 in 2007/08.

There was an increase of 1% in total income, made up of increases in operation income (3%) and bar income (7%) partly offset by a decrease in gaming income (9%). Cost of sales increased by 7% leaving gross profit in line with last year. 

 Our four main sources of income showed differing results for the year :-

     Poker Machine Income        2007  $313,476

                                               2008  $327,236

                                               2009  $274,564

Despite being a disappointing result, the Board has undertaken steps to improve this area of our business and we look forward to improvements for the ensuing year.

     Bar Profit                           2007  $106,154

                                              2008    $84,470

                                              2009  $115,251

Bar Trading in particular showed better returns by implementing better practices and this has been encouraging.

     Subscriptions                     2007  $239,000

                                              2008  $272,000

                                              2009  $293,402

The result of Members subscriptions is very reassuring to the Board, knowing that members are very happy with the results being achieved, especially on the course.

     Green Fee Income             2007  $176,000

                                             2008  $172,228

                                             2009  $172,662

Visitor income has remained steady over the past few years and with the various course improvements over the past couple of years we are hopeful of maintaining or even increasing our market share. 

Total expenses for the year were down 3% on last year with substantial savings on employment (2%) and repairs and maintenance (21%) expenses. Unfortunately, there were big increases in non-discretionary charges including electricity (10%), water rates (60%), land rates (39%) and rubbish removal (53%). Depreciation and amortisation expense increased by $10,000 due to increases in capital expenditure.

Our cash position decreased by $29,200 over the previous year, mainly due to expenditure on capital equipment. Going forward it will be necessary to monitor this position and make sure that any future expenditure is in line with our trading surplus. 

The Club was again fortunate to have so many Members who unselfishly gave their time, energy and enthusiasm and their efforts and commitment are acknowledged.

There are some Members who are unaware of the contributions these generous people give to the Club and we would be poorer without their continuing support.

On behalf of all Club members we extend its thanks and appreciation to all of those people without whom the Club could not function. 

To those who have lost love ones and dear friends throughout the year, the  Club extends its sincere sympathies.

Finally, I would like to take this opportunity to thank all Directors of the Board for their assistance and diligence during the year.

R.L. Blakemore

President

  

Captain’s Report 2008/2009

Another year at Springwood Country Club rolls by and it still continues to retain the title of the ‘First and Friendliest’ Club in the Mountains.  However, I am of the opinion that it can now add the title of being equal to the best Course in the Mountains as well.  As a result of the untiring efforts of our Greenkeeper Superintendent Nathan Ball, together with staff David, Tony and Scott and Gavin, who, with the untiring efforts of the new thinking Course Committee team, ably led by Mark Hogan, have performed wonders with the course and greens and surroundsl. Also, never forgetting our volunteers, who have again performed such special tasks in beautifying garden beds, erecting stone walls, weeding and many other tasks. Bearing in mind that the lateral thinking group of Board Members steered by an astute President, Bob Blakemore, have endorsed the expenditure of Members’ funds for these course improvements when needed, whilst keeping a close eye on the purse strings. All in all a great team effort all round.  Take a bow gentlemen you should be more than pleased with your untiring efforts.

I was very fortunate to have a Match Committee who displayed so much experience in its ranks and I am grateful for their support..  To my Vice Captain, Tony Busch, for his thoroughness in organising and help with major competitions including assisting the evergreen Dave Garland, who never ceases to amaze with his efficiency at the scoreboard etc.  Gordon Lynch for providing time sheets for various competitions.  Bruce Gibson for his expedient logging of score cards to Golf Link to ensure members are up to date with their current handicaps, Joe Moore, Phil French, Ted Hobson and last but not least our Lady Captain, Fran Blakemore.  I sincerely thank you all for your attendance at meetings and whenever required, as well as your sound advice and assistance.

Special thanks to Mal Geldard for his kind efforts looking after the Pennant sides with the BBQ when required, all players were most grateful.

The Championship results for 2008/2009 are as follows:

Club Champion                                                  Evan Brawn

Runner Up                                                         John Glasheen

‘B’ Grade Champion                                           Kelvin Thoms

‘C’ Grade Champion                                           Andrew Hunt

Junior Champion                                                James Edge

Veteran Champion                                             Gordon Lynch

Men’s Foursomes Champions                             Evan Brawn/Alex Edge

‘B Grade Men’s Foursomes                                Peter Tennant/Simon McDonald

Mixed Foursomes Champions                             Brett Jackson/Carol Jackson

‘A’ Grade Matchplay Champion                           James Edge

‘B’ Grade Matchplay Champion                           George McGovern

‘C’ Grade Matchplay Champion                           Stuart Gibson

Gold Medal                                                        Josh Devrell

Lawrie Graham Memorial Shield                          Tony Busch 

Our Pennant Teams once again performed quite well in the Blue Mountains District Association and the Sydney Masters Competition.  The Masters team going down to Wentworth Falls in a play off.  The Seniors, although decimated by the withdrawal of several key players, acquitted themselves admirably, as did the ‘A’ Reserve Team.  However, the two Kortum Shield teams from Springwood fought out the final at Springwood.  With the team led by Lyle Berry and comprising Cameron Blakemore, John Manning, Norm Martin, Ben Hurst, Tony Rock, Geoff McGovern, Darren Moalem, being victorious. 

The Super Seniors were defeated narrowly by Castle Hill by the narrowest of margins.  Thanks to Tony Busch, BMDGA/Super Senior Pennants organiser and Bob Blakemore, Sydney Masters Pennant division organiser.

Thank you to all the players in all teams and on behalf of the members, thanks for your time and effort.

One must not forget the many Sponsors, who support the Club throughout the year.  We are indebted and grateful to them, as it is through their generous backing that our Club continues to prosper successfully.

At the forefront, it is Charles Tarbey of Century 21 Real Estate, our Major Sponsor, we thank for his generous support, particularly our annual Pro Am year after year.  To our hole Sponsors and Nearest the Pins, your generosity is much appreciated by both the Club and members.

Thanks to Joe Moore and his staff who are always ready to assist the players and conducting the   popular School Holiday Clinics that many school children attend and enjoy.

To our diligent Secretary Manager, Gary Considine, Office Staff, Christine Curtis and Maureen Thompson, thank you for all your help and assistance during the year, to the Bar and house staff thank you for your efforts.

In conclusion, I would personally like to thank the Board Members, especially Bob Blakemore for his encouragement and support when I needed it.  Not forgetting the members of the Club who I always found to be friendly, tolerant and understanding.  I have found it to be a very interesting year with many situations arising that needed attention.  I hope I have been of assistance to the Club and the Members during the performance of my duties as Captain as I gave it the best of my limited experience and one can do no more than that.  Thank you all for the opportunity to carry out this role.

Alan Stanton

Club Captain

Squash Club Report 2009

It has been another successful year for the Squash Club. The in-house Tuesday night social comp is going from strength to strength, and the standard has never been better. Our financial contribution to the Country Club is ever-increasing, with membership fees, court hire and bar receipts totalling around $15,000 per annum! As well, the Squash Club paid for renovations to the courts: re-sanding the floors, re-painting the walls, re-marking the court lines, and installing new electrical circuitry and strip heaters for those colder winter nights. The enthusiasm of our members is fantastic, with more works planned for this year, and it makes the Club a great place to be.

On Monday afternoons, Greg Barton has been running a juniors program from 4 till 5.30pm. Thanks for helping to develop the game, Greg. Already two of those players are playing and subbing in the Tuesday Night comp, and their youth is forcing the older players to find new tricks to remain competitive. Club Champions for 2008 were: Matt White (A-grade), Tim Toohey (B-grade), Clive Swatton (C-grade) and Lindsay Ashby (D-grade). A place on the Honour Board is the distinction most keenly sought by members of the Club.

Our Friday night and Sunday night practice sessions are dragging players (and thus new members) from far afield. In other areas, thanks are due to Nick Bowman (Treasurer), Saskia Hayes (for publicising pennant results in The Gazette), Lindsay Ashby and Magda Cawthorne (Providores).

In the Spring 2008 Pennants, we had three teams, and in Autumn 2009 (just concluded), we had two teams representing the Club, with the Division 6 Team taking the title in a thrilling encounter at Northmead. Congratulations to the team of Barry Beauvais, Dean Richards, Terry McDonald, Clive Swatton and Rob Burke. Next comp we will be doing battle with three teams again. Our thanks to the Country Club for providing us with the courts and assisting by keeping the courts and change rooms clean. The other teams find that their trip to Springwood is more than compensated for by our hospitality and friendly social nature. A few times the visitors have brought their golf clubs and we've played a round of golf with them in the afternoon before dining at the Club and hitting the courts that night! We try to live up to the Country Club's motto 'First and Friendliest Club in the Mountains'.


Tim Toohey
Squash Club Captain

 

SPRINGWOOD COUNTRY CLUB LIMITED

A.B.N. 84 000 169 826 

ANNUAL CONCISE FINANCIAL REPORT

FOR THE YEAR ENDED 30 JUNE 2009

CONTENTS                                                                                                             PAGE 

Directors’ Report                                                                                                           1-3

Lead Auditor’s Independence Declaration                                                                  4

Income Statement                                                                                                             5 

Balance Sheet                                                                                                                    6

Cash Flow Statement                                                                                                        7

Statement of Changes in Equity                                                                                     8

Notes to the Financial Statements                                                                                 9

Directors’ Declaration                                                                                                     10

Independent Audit Report to the Members                                                                11 

This concise report has been derived from the full financial report of the year ended 30 June 2009.  The full financial report and auditor’s report is available to members on request, free of charge from the company’s premises at Hawkesbury Road, Springwood.  The concise financial report cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of Springwood Country Club Limited as the full financial report.


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

DIRECTORS’ REPORT

The directors submit their financial report for the year ended 30 June 2009.

Directors

The names of the directors in office at the date of this report are:

                                                Occupation                                        Appointment Date

Robert Blakemore                     Retired                                     Appointed 23 October 2005

Grahame Stanford                     Accountant                               Appointed 14 October 2007

Mark Hogan                             Builder                                      Appointed 14 October 2007

Phillip French                            Sales Executive                         Appointed 12 October 2008

Ian Crawford                            Businessman                             Appointed 12 October 2008

Ben Renneberg                         Publican                                    Appointed 12 October 2008

Daniel Westaway                      Plumber                                    Appointed 12 October 2008

Darryn Moalem                         Electrician                                 Appointed 12 October 2008

Alan Stanton                             Retired                                     Appointed 12 October 2008

David Limbach, Allan Keith, Malcolm Geldard, John Glasheen, Robert Bradley and Steve Hogan resigned as directors on 12th October 2008.

Company Secretary

Gary Considine has been Secretary and General Manger throughout the financial year.

Principal Activities

The principal activities of the company during the financial year were the operation of a licensed club and golf course. No significant change in the nature of these activities occurred during the year.

Results and Dividends

The net loss after income tax amounted to $15,940 (2008– net loss $60,990).  The company is limited by guarantee and is prohibited from paying dividends.

Review of Operations

Trading level gaming and membership subscriptions increased during the year, offset by a reduction in gaming revenues. Expenditure has been consistent with the prior year.


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

DIRECTORS’ REPORT (continued)

Meeting of Directors

Director

Full Meeting of Directors

Number of meetings held during the year

13

Number of meetings attended by:

 

Robert Blakemore

12

Grahame Stanford

10

Mark Hogan

10

David Limbach – 3 meetings held while a director

3

Allan Keith - 3 meetings held while a director

2

Malcolm Geldard – 3 meetings held while a director

1

John Glasheen - 3 meetings held while a director

2

Robert Bradley – 3 meetings held while a director

2

Steve Hogan - 3 meetings held while a director

0

Phillip French - 10 meetings held while a director

7

Ian Crawford - 10 meetings held while a director

9

Ben Renneberg - 10 meetings held while a director

10

Daniel Westaway – 10 meetings held while a director

10

Darryn Moalem - 10 meetings held while a director

7

Alan Stanton - 10 meetings held while a director

10

Insurance of Directors and Officers

During the financial year the company paid a premium to insure certain officers of the company. The officers of the company covered include the Directors and Secretary Manager.  The liabilities covered include costs incurred in defending civil or criminal proceedings that may be brought against officers in their capacity as officers of the company. Disclosure of the premium amount and nature of liabilities covered is prohibited by a confidentiality clause in the policy.

Except for the above, the company has not, during or since the end of the financial year, in respect of any person who is or has been an officer or auditor of the company or of a related body corporate: indemnified or made any relevant agreement for indemnifying against a liability, including costs and expenses in successfully defending legal proceedings; or paid or agreed to pay a premium in respect of a contract insuring against a liability for the costs or expenses to defend legal proceedings.

Environmental Regulation

The company is subject to significant environmental regulation in respect to its land development.  Planning approvals are required for the clearing of land for development under the New South Wales Environmental Planning and Assessment Act 1979.


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

DIRECTORS’ REPORT (continued)

Capital Commitments

The company has no capital commitments as at 30 June 2009.

Future Developments

Disclosure of information in relation to likely developments in the operations of the company and the expected results of operations have not been included in this report because the directors believe it would be likely to result in unreasonable prejudice to the company.

Matters subsequent to end of the financial year

No matter or circumstance has arisen since 30 June 2009, that has significantly affected, or may significantly affect.

(a)      the company’s operations in future financial years; or

(b)      the result of those operations in future financial years; or

(c)      the company’s state of affairs in future financial years.

Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

The lead auditor’s independence declaration is set out on the following page and forms part of the Directors’ Report for the financial year ended 30 June 2009.

Signed in accordance with a resolution of the Board of Directors:

Director            ...........................................................

                        Robert Blakemore

Director            ...........................................................

                        Grahame Stanford

DATED           26th August 2009 at Springwood 

 


 

CHARTERED ACCOUNTANTS

A.B.N. 55 704 784 107

The Board of Directors

Springwood Country Club Limited

PO Box 94

SPRINGWOOD NSW 2777

Dear Sirs

Lead Auditor’s Independence Declaration to the Directors of

Springwood Country Club Limited

In relation to our audit of the financial report of Springwood Country Club Limited for the year ended 30 June 2009, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

 

 

 

 

V J RYAN & CO                                                                    Level 5

Chartered Accountants                                                          255 George Street

                                                                                                         SYDNEY  NSW  2000

 

 

 

Peter Denis Wyer                                                                  

Partner                                                                                   

Date: 26th August 2009


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

 

INCOME STATEMENT

 

FOR THE YEAR ENDED 30 JUNE 2009

                                                                                                                            2009                2008

                                                                                                                                $                      $  

 

 

Revenue                                                                                                             1,618,773          1,604,332

Finance Costs                                                                                                      (11,885)            (11,588)

Cost of Goods Sold                                                                                           (257,373)          (240,527)

Depreciation & Amortisation                                                                           (136,874)          (127,201)

Employee Expenses                                                                                            (548,747)          (567,010)

Repairs & Maintenance                                                                                       (96,172)          (121,721)

Other Expenses                                                                                                    (583,662)          (597,275)

 

Loss before Income Tax                                                                                     (15,940)            (60,990)

 

Income Tax Expense                                                                                                    -                       -

                                                                                                                                                           

Loss for the Period                                                                                            (15,940)            (60,990)

 

 

Discussion and Analysis of Income Statement

Key points to note are:

 

  1. Revenue increased by $14,441 (0.90%)
  2. Bar sales increased by $34,521 (6.93%)
  3. Poker Machine net revenue decreased by $52,692 (15.30%)
  4. Visitors Green Fees increased by $434 (0.25%)
  5. Administration Expenses increased by $23,527 (4.19%)
  6. Course Expenditure decreased by $19,713 (6.35%)
  7. Clubhouse Expenses decreased by $27,777 (16.67%)

 

 


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

BALANCE SHEET

AS AT 30 JUNE 2009

                                                                                                                            2009                2008

                                                                                                                                $                      $    

Current Assets

Cash and Cash Equivalents                                                                           172,863             202,063

Trade and Other Receivables                                                                             3,653                1,061

Inventories                                                                                                          25,229               24,862

Other                                                                                                                     13,897               16,125

Total Current Assets                                                                                       215,642             244,111

                                                                                                                                                            

Non-Current Assets

Property, Plant and Equipment                                                                        505,220             581,368

Total Non-Current Assets                                                                               505,220             581,368

Total Assets                                                                                                        720,861             825,479

 

Current Liabilities

Trade and Other Payables                                                                                  78,379               82,203

Provisions                                                                                                             72,211               90,232

Interest Bearing Loans & Borrowings                                                             42,450               40,934

Other                                                                                                                      85,020             112,395

Total Current Liabilities                                                                                  278,060             325,764

 

Non-Current Liabilities

Interest Bearing Loans & Borrowings                                                               49,663               90,637

 

Total Non-Current Liabilities                                                                            49,663               90,637

Total Liabilities                                                                  327,723             416,401

 

Net Assets                                                                          393,138             409,078

Equity

Members’ Funds                                                                                                          -                       -

Retained Earnings                                                              393,138             409,078

 

Total Equity                                                                                                      393,138             409,078

 

Discussion and Analysis of Balance Sheet

 

1.       Assets: Current assets decreased as a result of a reduction in other assets. Non-Current assets decreased as depreciation and amortisation exceeded additions.

2.       Liabilities: Liabilities have decreased due to the decrease in Members’ Subscriptions in Advance from 2008.


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2009

                                                                                                                                2009                2008

                                                                                                                                   $                         $  

Cash Flows from Operating Activities

Receipts from Members & Visitors                                 1,583,408          1,569,458

Interest Received                                                                 6,185                8,157

Interest Paid                                                                     (11,885)            (11,588)

Payments to Suppliers & Employees                            (1,506,723)        (1,506,306

Net Cash Provided by (Used in)                                                                                                            

Operating Activities                                                           70,985               59,721

Cash Flows from Investing Activities

Payment for Property, Plant & Equipment                                                      (60,727)            (29,130)

Proceeds from disposal of Property, Plant & Equipment                                                 -         8,101

Net Cash Provided by (Used in) Investing Activities                                  (60,727)            (21,029)

Cash Flows from Financing Activities

Finance Lease Principal Repayments                                                              (39,458)            (42,527)

Net Cash Provided by (Used in)                                                                                                            

Financing Activities                                                                                            (39,458)            (42,527)

Net Increase / (Decrease) in Cash Held                                                         (29,200)              (3,835)

Cash and Cash Equivalents at Beginning of Financial Year                      202,063             205,898

Cash and Cash Equivalents at End of

Financial Year                                                                                                     172,863             202,063

Discussion and Analysis of Cash Flow Statement

1.       Receipts from Members & Visitors increased $13,950.


 

SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2009

                                                                            Members’   Reserves        Retained           Total

                                                                            Funds                                   Earnings           Equity

                                                                                $                      $                       $                     $  

At 1 July 2007                                                       -                         -               470,068             470,068

(Loss) for the year                                                   -                         -             (60,990)            (60,990)

At 30 June 2008                                                    -                         -               409,078             409,078

(Loss) for the year                                                   -                         -             (15,940)            (15,940)

At 30 June 2009                                                    -                         -               393,138             393,138

 


 

SPRINGWOOD COUNTRY CLUB LIMITED

A.B.N. 84 000 169 826

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2009

This concise financial report relates to Springwood Country Club Limited for the year ended 30 June 2009.  The accounting policies adopted are consistent with those of the previous year.

NOTE 1

SALES REVENUE                                                                                                 2009                        2008

                                                                                                                           $                               $

Sales revenue included in revenue from ordinary activities:                           1,618,773                 1,604,332

NOTE 2

FULL FINANCIAL REPORT

Further financial information can be obtained from the full financial report this is available, free of charge, on request from the company’s premises at Hawkesbury Road, Springwood.


 
SPRINGWOOD COUNTRY CLUB LIMITED

(A Company limited by Guarantee)

ABN 84 000 169 826

DIRECTORS’ DECLARATION

The directors declare that in their opinion, the concise financial report for the year ended 30 June 2009 as set out on pages 5 to 9 complies with Accounting Standard AASB 1039: Concise Financial Reports.

The financial statements and specific disclosures included in this concise financial report have been derived from the full financial report for the year ended 30 June 2009.

The concise financial report cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the company as the full financial report, which as indicated in Note 2 are available on request.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:

Director            ...........................................................

                        Robert Blakemore

Director            ...........................................................

                        Grahame Stanford

DATED           26th August 2008 at Springwood  

 

INDEPENDENT AUDIT REPORT

TO THE MEMBERS OF

SPRINGWOOD COUNTRY CLUB LIMITED

A.B.N. 84 000 169 826 

SCOPE

The concise financial report and directors’ responsibility

The concise financial report of Springwood Country Club Limited (the company) comprises the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement, discussion and analysis, Accompanying Notes and the Directors' Declaration for the financial year ended 30 June 2009 as set out on pages 5 to 10. The Company’s directors are responsible for the preparation and presentation of the concise financial report in accordance with Accounting Standard AASB 1039: Concise Financial Reports.

Audit Approach

We have performed an independent audit of the concise financial report in order to express an opinion on it to the members of the company. Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance as to whether the concise financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgment, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected. 

We have also performed an independent audit of the full financial report of the Company for the financial year ended 30 June 2009.  Our audit report on the full financial report was signed on 26th August 2009, and was not subject to any qualification.

Our procedures in respect of the audit of the concise financial report included testing that the information included in it is consistent with the full financial report, and examination, on a test basis, of evidence supporting the amounts, discussion and analysis and other disclosures which were not directly derived from the full financial report. These procedures have been undertaken to form an opinion as to whether the concise financial report complies with Australian Accounting Standard AASB 1039: Concise Financial Reports in that, in all material respects, it is presented fairly in accordance with that standard.

The audit opinion expressed in this report has been formed on the above basis.

Audit Opinion

In our opinion, the concise financial report of the company complies with Australian Accounting Standard AASB1039: Concise Financial Reports.

Independence

In conducting our audit, we followed applicable independence guidelines of Australian professional ethical announcements and the Corporations Act 2001.

V J RYAN & CO                                                                            Level 5

Chartered Accountants                                                                 255 George Street

                                                                                                   SYDNEY  NSW  2000

Partner: Peter Denis Wyer

Dated at Sydney

 

IMPORTANT INFORMATION FOR CLUB MEMBERS

 

                THE REPORTING PERIOD FOR THE Springwood Country Club Limited is 30/06/2009

1                 IMPORTANT NOTES

1.1.1            The Registered Clubs Act 1976 defines a TOP EXECUTIVE as being one of the five highest paid employees of the club at each separate premises of the club.

2              DISCLOSURE OF INTERESTS OF DIRECTORS IN CONTRACTS WITH THE CLUB – SECTION 41C

2.1           Club members may inspect the original of these disclosures and declarations by making   written application to the Secretary.

2.2        The Registered Clubs Act 1976 requires DIRECTORS who have a material personal interest in matters that relate to the affairs of the club to declare the interest at a board meeting and the club to display the declaration on the club’s notice board.

2.3           A contract is any commercial arrangement whether written or not.

2.4           In the reporting period there were  9  occasions when DIRECTORS reported a material personal interest in a matter relating to the club’s affairs.

        Mark Hogan                         $22,713                 Carpentry Service @ normal commercial terms

        Ian Crawford                        $     297                  Goods @ normal commercial terms

        John Glasheen                     $  8,525                 Equipment @ normal commercial terms

3           FINANCIAL INTERESTS IN HOTELS – SECTION 41D

3.1        Club members may inspect the original of these disclosures and declarations by making a m     

             written application to the Secretary.

3.2        In the reporting period there were  0  occasions when DIRECTORS reported a financial interest in a

             hotel in NSW.

3.3           In the reporting period there were  occasions when TOP EXECUTIVES reported a financial   

             interest in a hotel in NSW.

4          GIFTS TO DIRECTORS AND STAFF – SECTION 41D

4.1          Club members may inspect the original of these disclosures and declarations by making a  written application to the Secretary.

4.2        An affiliated body of the club includes subsidiary clubs, and any body which the club made a grant to   

             within the previous 12 months.

4.3           A gift includes money, hospitality, or discounts.

4.4           A gift valued at more than $500 must be disclosed; gifts from CONTRACTORS must be disclosed if         

             they total more than $500 from an individual contractor in the reporting period.

4.5          Directors

4.5.1        In the reporting period there were   occasions when DIRECTORS of the club reported receiving gifts from  AFFILIATED BODIES.

4.5.2        In the reporting period there were  occasions when DIRECTORS of the club reported receiving gifts from CONTRACTORS.

4.6          Top Executives and Employees

4.6.1        In the reporting period there were  occasions when TOP EXECUTIVES of the club reported receiving gifts from AFFILIATED BODIES.

4.6.2        In the reporting period there were  occasions when EMPLOYEES of the club receiving gifts from CONTRACTORS.

4.7          Value of Gifts

4.7.1        The total value of all gifts that DIRECTORS and TOP EXECUTIVES received from AFFILIATED BODIES in the reporting period is    $0

4.7.2        The total value of all gifts that DIRECTORS and EMPLOYEES received from CONTRACTORS in the reporting period is    $0

5              TOP EXECUTIVES – S.41H (1)(b)

5.1           The number of club TOP EXECUTIVES whose total remuneration for the reporting period falls within each successive $10,000 band commencing at $100,000:

5.2        

6              OVERSEAS TRAVEL – S.41H (1)©

6.1           In the reporting period the club incurred the follow8ing costs for the overseas travel of DIRECTORS and EMPLOYEES:

6.2

7              LOANS TO STAFF – S.41h (1)(d)

7.1           The Registered Clubs Act 1976 requires the club to report loans to EMPLOYEES of $1,000 or more.

7.2           In the reporting period, the club made the following loans to EMPLOYEES:

8              CONTRACTS APPROVED BY BOARD – S.41H(1)(e)

8.1           During the reporting period the Board approved   0   contracts relating to the remuneration of the club’s TOP EXECUTIVES. 

8.2                 The Registered Clubs Act 1976 defines a Controlled Contract as being a club contract:

8.2.1       > in which a DIRECTOR or TOP EXECUTIVE has a pecuniary interest, or

8.2.2       > for provision of professional advice relating to the following, a.) significant change to

                  management structure or governance of the club; b.) significant change to the financial 

    management of the club; c.) disposal of land; and d.) the amalgamation of the club.

8.3           During the reporting period   0   controlled contracts were approved by the Board and forwarded to  

             the Director of Liquor and Gaming of which:

8.4.1           0   such contracts related to contracts in which a DIRECTOR or TOP EXECUTIVE has a pecuniary 

                     Interest.

8.4.2           0   such contracts related to the provision of professional advice.  These contracts fall into the  

                     following advice categories:        

8.4.3                    0    Significant change to the management structure or governance of the club.

8.4.4.                   0    Significant changes to the financial management of the club.

8.4.5                 0    Disposal of club land.

8.4.6                    0    Amalgamation of the club.

9                     EMPLOYEES RELATED TO DIRECTORS AND TOP EXECUTIVES – S.41H (1)(f)

9.1                 A CLOSE RELATIVE is defined in section 41B of the Registered Clubs Act 1976 and includes the

immediate family.

9.2                 In the reporting period, the club employed the following persons who were a close relative of a

DIRECTOR OR TOP EXECUTIVE of the club.

9.3           Name of Close Relative                       Related to                              Total remuneration paid to Close Relative

                Margaret Keith                                     Allan Keith                            $4,441

10                 PAYMENTS TO CONSULTANTS – S.41H(1)g) and (h)

10.1         During the reporting period there were   0   instances where the club engaged a consultant

10.2.        The total costs paid by the club to consultants in the reporting period was    $0

10.3         Which included the following instances when consultants were paid $30,000 or more.

11                 DETAILS OF SETTLEMENTS PAID BY THE CLUB – S.41H (1)(-i)

11.1         In the reporting period the club made   0   legal settlements with either a director or club employee.  Being

11.1.1                      0              with a director of the club.

11.1.2                      0              with  a club employee.

11.2         The total value of all legal settlements was    $0

11.3         The total legal costs paid by the club for such settlements was    $0

12                 LEGAL FEES PAID BY THE CLUB – S41H (1)(j)

12.1         In the reporting period, there were   0   instances when the club paid legal fees for DIRECTORS AND EMPLOYEES  This included:

12.1.1                      0              instances for DIRECTORS AND

12.1.2                      0              instances for EMPLOYEES

12.2         In reporting period the club paid a total of      $0           being for legal fees paid for DIRECTORS and EMPLOYEES. 

13                 GAMING MACHINE PROFIT – S.41H (1)(k)

13.1              gaming machine profit and the gaming machine tax period are defined in the Gaming Machine Tax Act 2001.

13.2              In the most recent gaming machine tax period, the total profit from gaming machines was $277,690

14                 AMOUNT PAID TO COMMUNITY DEVELOPMENT – S.41H (1)(i)

14.1              Clubs earning in excess of $1,000,000 p.a. in gaming machine profit can apply part of such profit to community development and support.

14.2              In the reporting period the Club applied     $0                to community development and support.

 


 

                                                        For the Information of Members and their Guests

Home   
Contents  About Us   Course   Amenities   Pro-Shop   Bookings    What's On

Home    Contents   About Us    Course   Amenities   Pro-Shop   Bookings    What's On