2012 financial reports - northbridge tennis€¦ · the principal activities of northbridge tennis...

Northbridge Tennis Club ABN 000 050 402

ABN 35 000 050 402

(A Company Limited by Guarantee)

Financial Reports – 30 September 2012 1

FINANCIAL REPORTS

FOR THE YEAR ENDED 30 September 2012

CONTENTS PAGE

� DIRECTORY 2

� DIRECTOR’S REPORT 3 – 5

� STATEMENT OF FINANCIAL PERFORMANCE 6 - 7

� STATEMENT OF FINANCIAL POSITION 8

� STATEMENT OF CHANGES IN EQUITY 9

� STATEMENT OF CASH FLOWS 10 - 11

� NOTES TO FINANCIAL STATEMENTS 12 - 16

� CHARTS – Performance Indicators 17 - 19

ABN 35 000 050 402

44 Lower Bligh Street, Northbridge, NSW, 2063


ABN 35 000 050 402



DIRECTORY

AS AT 30 SEPTEMBER, 2012

Address 44 Lower Bligh Street

Northbridge NSW 2063

Annual Review Reviewer Ray Gittins, FCA

29 Austin Street Illawong NSW 2234

Bankers � Westpac Banking

Corporation � ING Limited

Executive Clive Wilkinson Director, President Michael Hall Director, Senior Vice

President Rohan Allison Director, Treasurer,

Secretary John Freak Director Ray Holland Director Barry Shaw Director Gordon Waygood Director Selectors Robert Lemon, Chairman

Stuart Gleeson Gordon Waygood Justin Wood

Tuesday (morning) Barry Shaw Wednesday (afternoon) John Freak Thursday (afternoon) Gordon Waygood Tennis Coach John Coverley Club Curator Tony Dupont-Brown Title Deeds For safe custody, held by: Surry Partners, Lawyers

Level 1, 483 Riley Street, Surry Hills NSW 2010

(02) 9318 6400 Established 1926


ABN 35 000 050 402



DIRECTOR’S REPORT

(Northbridge Tennis Club is a company limited by guarantee and does not have a Share Capital) Your Directors submit the Company’s Financial Accounts for the year ended 30 September 2012.

Directors

The names of the Directors in office at the date of this Report, together with particulars of their qualifications, experience and special responsibilities are set out below: Rohan George Allison Born 28.01.51 Mt Gravatt, QLD, Accountant NTC Director since 2010, Treasurer & Secretary since 2010 John Amed Freak Born 13.08.1942 Adelaide SA, Marketing NTC Director since 2009 Michael Francis Hall Born 16.05.1961 Sydney, NSW, Manager NTC Director since 2010, Vice-President since 2010 Raymond Leo Holland Born 16.09.1939 Sydney NSW, Accountant NTC Director since 2006 Barry Richard Shaw Born 01.05.1941 Parkes, NSW, Manager NTC Director since 2010 Gordon David Waygood Born 18.12.1940 Bondi NSW, Chemist NTC Director since 2009 Clive Raymond Wilkinson Born 01.04.1957 Cowplain England, Consultant NTC Director since 2008, President since 2010

Meetings of Directors

During the financial year to the date of the AGM, five meetings of directors were held. The number of meetings attended by each director is shown below: Attended Rohan George Allison 5 John Amed Freak 5 Michael Francis Hall 5 Raymond Leo Holland 5 Barry Richard Shaw 5 Gordon David Waygood 4 Clive Raymond Wilkinson 5

There were no changes to Directors during the year.


ABN 35 000 050 402



DIRECTOR’S REPORT

(Continued)

Principal Activities

The principal activities of Northbridge Tennis Club (NTC) during the financial year were the encouragement and promotion of the game of tennis, including management of the Northbridge Tennis Courts and Clubhouse. No significant changes in the nature of these activities occurred during the year.

Operating Profit (Loss)

The operating profit of the company, after abnormal and extraordinary items, was $10,306 (2011 Profit $6,121). No dividends were paid and no dividends are recommended as prohibited by the Constitution of the Company. The Company is exempt from income tax and, during this financial year, was not registered for GST.

Review of Operations

A review of the operations of the company during the financial year and the results of those operations are set out in the President’s Report. No significant changes in the state of affairs of the company occurred during the year, not otherwise disclosed in this report. No matters or circumstances have arisen since the end of the financial year, which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in financial years subsequent to the financial year ended 30 September 2012.

Reporting Reform and Annual Review

Commencing June 2010 the Federal Government introduced changes which enable reduced financial reporting requirements for Australian companies. The changes extend to the financial reports lodged with the Australian Securities & Investments Commission (ASIC). NTC, as a small company limited by guarantee (and up to $250,000 revenue), meets the test to enable the introduction of reduced reporting.

Unless directed by a member of ASIC, NTC is not obligated to:

• prepare a financial report or have it audited • prepare directors’ report and declaration • notify members of annual reports At the meeting held 12 November 2011, the Directors resolved that from the year ended 30 September 2011 to: (a) adopt the reduced reporting requirement; but (b) continue transparent disclosure through the preparation and distribution to members of the:

• financial report – in the same historical format; and • director’s report.

(c) further, authorise the Treasurer to notify ASIC that the Company will be not filing annual financial reports (ASIC Compliance Section notified by email on 18 November 2011).


ABN 35 000 050 402



DIRECTOR’S REPORT

(Continued) In regard to an audit of the financial report, the Directors resolved at a meeting held 19 March 2011 to: • not appoint a Registered Auditor; • accept the resignation of Ray Gittins as Auditor; and • accept the proposed scope of limited Annual Review and the appointment of Ray Gittins as

Annual Review Reviewer for the financial year 2010-11 at an agreed fee for service of $550, including GST. The amount of the fee to be reviewed after two years. The Annual Review Report is to be made available to members.

Indemnifying Officer or Annual Review Reviewer

The Company has not, during or since the financial year, in respect of any person who is or has been an officer or annual review reviewer or of the company or 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.

Directors Interests

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors shown in the accounts, or the fixed salary of a full-time employee of the company) by reason of a contract made by the company or a related corporation with the Director or with a firm of which a director is a member, or an entity in which a director has a substantial financial interest.

Signed in accordance with a resolution of the Board of Directors and dated this 27 day of November 2012.

Director Clive R. Wilkinson Director Michael F. Hall


ABN 35 000 050 402



STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2012

2012 2011

Note $ $

INCOME

Subscriptions:

Ordinary 14,213 12,936

Associates 3,593 2,917

Junior / Student 0 0

Joining Fees 568 909

TOTAL SUBSCRIPTIONS AND JOINING FEES 18,374 16,762

Visitors Fees 822 777

Court Lettings:

Permanent hirers 12,901 13,545

Casual hirers 8,402 7,341

Coaching hire – ‘JC Tennis’ 5,750 4,000

Refreshments 2,411 2,730

Interest Received 3,686 3,457

Sponsorship 294 0

Old Ball Sales 207 264

Social Function 152 0

Donations 441 341

Sundry Stock Sales 0 35

GST Net Benefit Saving (Non-Registration) 3,578 3,214

TOTAL INCOME 57,018 52,466

EXPENSES 1 46,712 46,345

PROFIT (LOSS) FOR YEAR 11 10,306 6,121

ABNORMAL ITEMS 0 0

PROFIT (LOSS) FOR YEAR

AFTER ABNORMAL EXPENSES 10,306 6,121

Retained income (accumulated loss)

at the beginning of the year 109,746 103,625

RETAINED INCOME (ACCUMULATED LOSS)

AT END OF YEAR 120,052 109,746


ABN 35 000 050 402



STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2012

2012 2011

NOTE 1 - EXPENSES $ $

Accounting Software 326 281

Advertising for Lettings 59 236

Affiliation - Tennis NSW 1,377 385

Annual Review 500 500

Australian Securities Commission 43 150

Ball Purchases 1,031 1,362

Bank Charges 103 127

Club Championship - Prizes, Trophies, Boards 867 1,055

Clubhouse Consumables 461 134

Competition & Registration Fees 306 211

Curator's Fees 14,004 14,004

Depreciation 6,445 8,837

Discount to Hirers for Payment in Advance 0 241

Electricity 811 629

Gifts - Appreciation 23 0

Insurance 2,947 4,008

Keys purchased 20 0

Maintenance - Clubhouse 196 152

Maintenance - Courts and Surrounds 1,442 2,673

Printing, Postage and Stationery 290 70

Provision for Court Refurbishment 3,265 253

Provision for Painting Clubhouse 1,982 1,051

Rates:

Council 5,775 5,597

Water 1,712 1,563

Refreshments:

Drinks 1,461 1,671

Afternoon Tea 568 709

Social Events 698 334

Sundry Expenses 0 112

TOTAL EXPENSES 46,712 46,345


ABN 35 000 050 402



STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2012

2012 2011

Note $ $

CURRENT ASSETS

Cash 3 91,597 67,089

Receivables 4 3,559 841

Prepaid Insurance 5 2,203 2,725

Stock 6 673 1,001

TOTAL CURRENT ASSETS 98,032 71,656

NON-CURRENT ASSETS

Property, Plant and Equipment 7 92,247 98,439

TOTAL NON-CURRENT ASSETS 92,247 98,439

TOTAL ASSETS 190,279 170,095

CURRENT LIABILITIES

Creditors and Accruals 8 3,682 974

Income in Advance 9 6,175 562

TOTAL CURRENT LIABILITIES 9,857 1,536

NON-CURRENT LIABILITIES

Provisions 10 60,370 58,813

TOTAL NON-CURRENT LIABILITIES 60,370 58,813

TOTAL LIABILITIES 70,227 60,349

NET ASSETS 120,052 109,746

ACCUMULATED FUNDS 109,746 103,625 Retained income (Accumulated loss) 10,306 6,121

BALANCE AT END OF YEAR 120,052 109,746


ABN 35 000 050 402



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2012

2012 2011

$ $

TOTAL EQUITY AT BEGINNING OF FINANCIAL YEAR 109,746 103,625

Gain / (Loss) on property revaluation 0 0

Net Income recognised directly in equity 109,746 103,625

Net result for the period 10,306 6,121

Total recognised income and expense for the period 10,306 6,121

TOTAL EQUITY FOR THE FINANCIAL YEAR 120,052 109,746


ABN 35 000 050 402



STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2012

2012 2011

$ $

CASH FLOWS FROM OPERATING ACTIVITIES A

Receipts from Members / Public 53,332 48,168

Operating Payments made (32,255) (49,283)

Interest Received 3,686 3,457

Net Cash Inflow from Operating Activities 24,763 2,342

CASH FLOWS FROM INVESTING ACTIVITIES B

Movement/(Acquisition) of Fixed Assets 255 1,797

Disposal of Fixed Assets (510) (1,699)

Net Cash Inflow/(Outflow) from Investing Activities (255) 98

CASH FLOWS FROM FINANCING ACTIVITIES C 0 0

Net Cash Inflow from Financing Activities 0 0

Net Increase/(Decrease) in Cash Held (A+B+C) 24,508 2,440

Cash at the beginning of the Financial Year 67,089 64,649

Cash at the End of the Financial Year 91,597 67,089


ABN 35 000 050 402



STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2012 (continued)

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES

2012 2011

$ $

TO OPERATING PROFIT (LOSS)

Profit (Loss) after Abnormal Items 10,306 6,121

Adjustment for non-cash items

Depreciation 6,445 8,837

Provisions 1,558 1,304

8,003 10,141

Deduct: Changes in Operating Assets and Liabilities

(Increase) / Decrease in Receivables (2,717) (841)

(Increase) / Decrease in Prepayments 522 (1,076)

(Increase) / Decrease in Stock on Hand 328 106

(Decrease) / Increase in Creditors 2,708 (1,488) (Decrease) / Increase in Income in Advance 5,613 (10,621)

6,454 (13,920)

NET CASH FLOW FROM OPERATING ACTIVITIES 24,763 2,342


ABN 35 000 050 402



NOTES TO AND FORMING PART OF THE FINANCIAL

STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2012

NOTE 2 – STATEMENT OF ACCOUNTING POLICIES These financial statements are a special purpose financial report prepared in order to satisfy the account preparation requirements of the Corporations Law and for distribution to members in accordance with the entities constitution. The directors have determined that the company is not a reporting entity as defined in Statement of Accounting Concepts 1: Definition of the Reporting Entity, and therefore there is no requirement to apply Accounting Standards and other mandatory professional reporting requirements in the preparation and presentation of these statements. The statements have been prepared in accordance with the requirements of the following accounting standards and mandatory professional reporting requirements. AASB 1001: Accounting Policies – Disclosure AASB 1018: Statement of Financial Performance AASB 1021: Depreciation AASB 1025: Application of the Reporting Entity Concept and other Amendments AASB 1026: Statement of Cash Flows No other Accounting Standards or other mandatory professional reporting requirements have been intentionally applied. The statements are also prepared from the records of the Company. They are based on historic costs and do not take into account changing money values or, except where specifically stated current values of non-current assets. Significant accounting policies that have been involved in the preparation and presentation of the accounts are as follows. (a) Income Tax

No provision has been made for income tax as the club is exempted under section 50-45 of the Income Tax Assessment Act, 1997.

(b) Goods and Services Tax The club was initially registered for GST on the 1

st July 2000 and, as the Company’s

annual turnover is less than $150,000, it can be cancelled or reinstated with the Australian Tax Office prior to the commencement of each financial period. GST was cancelled on the 30

th September 2008, in anticipation of reduced capital

works. All income and expenditure continues to be recorded with a GST component, for account comparison purposes, but not remitted.

(c) Non-current Assets Non-current Assets are included at cost and are depreciated over their expected useful lives commencing from the time the asset is held ready for use.

(d) Employee Benefits The Company has no Employees other than a contracted court curator.


ABN 35 000 050 402



NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS


2012 2011

NOTE 3 - CASH $ $

Cash at Bank: -

Cash on hand – Bar Tin 34 0

Westpac – Cheque Operating Account 873 (1,415)

ING Direct - Business Optimiser: Interest Bearing 90,690 68,504

91,597 67,089

2012 2011

NOTE 4 - RECEIVABLES $ $

Sundry Debtors & Prepayments

Willoughby City Council – ‘Small’ Grant Program 2,255 0

Tennis NSW – Adult Player Registration 1,304 0

Court Hire Fees – Permanent & Casual 0 831

Visitor Fees 0 10

3,559 841

2012 2011

NOTE 5 - INSURANCE PREPAID $ $

Commercial Risk Sports Property Insurance 2,057 2,061

Members Liability - Tennis NSW 0 525

Worker's Compensation - Allianz 146 139

2,203 2,725

2012 2011

NOTE 6 - STOCK $ $

Tennis Balls – 153 balls (2011: 113) on hand 321 295

Refreshment Stock - drinks 342 706

Club Keys 10 0

673 1,001


ABN 35 000 050 402





NOTE 7 - PROPERTY, PLANT AND EQUIPMENT

SUMMARY Provision for

2012 Cost Depreciation W.D.V.

Furniture and Fittings 19,173 17,385 1,788

Equipment 15,761 13,470 2,291

Freehold property - at cost 30,913 0 30,913

Buildings 47,882 13,538 34,344

Tennis Courts (see below & Note) 125,237 102,326 22,911

238,966 146,719 92,247

Tennis Courts Provision for

Cost Depreciation W.D.V.

Court 1 - Sub Base 1994 18,500 18,500 0

Court 1 - Synthetic Grass 2008 17,311 11,116 6,195

Court 1 - Fence 2008 20,909 4,695 16,214

Court 1 - Net Posts 2008 647 145 502

Court 2 - Sub Base 1990 18,000 18,000 0

Court 2 - Synthetic Grass 2002 13,900 13,900 0

Court 2 - Wire Gate 2002 750 750 0

Court 3 - Sub Base 1996 18,500 18,500 0

Court 3 - Synthetic Grass 2004 16,720 16,720 0

125,237 102,326 22,911

Provision for

2011 Cost Depreciation W.D.V.

Furniture and Fittings 19,173 16,796 2,377

Equipment 16,017 13,179 2,838

Freehold property - at cost 30,913 0 30,913

Buildings 47,882 12,123 35,759

Tennis Courts 125,237 98,685 26,552

239,222 140,783 98,439

The book or carrying value of the freehold property is well below its realisable value.

However, the Directors do not consider that a valuation of the property is justified or would have

any impact on the operation of the club. Therefore, the freehold property will continue to be carried

in the financial statements at cost.


ABN 35 000 050 402





2012 2011

NOTE 8 – CREDITORS $ $

Accrued Annual Review Fees 550 550

Grant Program ‘Small’ accrued income - Willoughby City Council 2,255 0

Sponsorship - Critique Private Clients 667 0

Critique Private - overpayment 100 0

Other – ASIC Fee, Water Rates, Electricity Charge, Afternoon Tea 110 0

Affiliation Fee - Tennis NSW 0 424

3,682 974

2012 2011

NOTE 9 - INCOME IN ADVANCE $ $ Club Members - Ordinary 3,060 0 Club Members - Associate 1,360 0 Permanent Court Hirers 1,755 562

6,175 562

2012 2011

NOTE 10 - PROVISIONS $ $

In addition to Depreciation, provision is made for the inflationary movement of costs to maintain the courts, fences, and after consideration of recent costs / quotes, after taking account of the expected - (a) useful life of the court's surface and fencing (b) future costs associated with replacement of those components

- Court Surfaces 8,663 5,398 - Court Fencing 41,308 41,308 - Painting Clubhouse 10,399 12,107

60,370 58,813

2012 2011

NOTE 11 - OPERATING PROFIT $ $

The operating profit / (loss) is arrived at after -

(a) charging the following specific items:

Depreciation of Plant and Equipment 6,445 8,837

Provision for Court Refurbishment - Surfaces (current) 3,265 1,485

Provision for Court Refurbishment - Fences, Netposts (current) 0 (1,232)

Provision for repainting Clubhouse (current) 1,982 1,051

Annual Review of Financial Report 500 500

(b) crediting the following specific items:

Interest Income - ING Bank 3,686 3,457


ABN 35 000 050 402





NOTE 12 - REMUNERATION OF DIRECTORS

All Directors act in an honorary capacity and do not receive an honorarium.

The names of the Directors who have held office during the financial year are: Allison, Rohan George

Treasurer /Secretary

Appointed

Freak, John Amed Appointed

Hall, Michael Francis V. President Appointed

Holland, Raymond Leo Appointed

Shaw, Barry Richard Appointed

Waygood, Gordon David Appointed

Wilkinson, Clive Raymond President Appointed

2012 2011

NOTE 13 - CLASSIFICATION OF MEMBERS

To the date of the Annual General Meeting:

Life Members 7 7

Ordinary Members 46 46

Ordinary - Leave of Absence 3 2

Associate Members 23 22

Associate - Leave of Absence 3 2

Junior / Student Members 0 0

TOTAL NUMBER OF MEMBERS 82 79

NOTE 14 - MEMBER'S GUARANTEE

The Company is limited by guarantee. If the Company is wound up,

the Constitution of the Company states that each member is required to contribute

a maximum of $2 each towards meeting any outstanding obligations of the Company.

At 30 September, 2012 the number of members was 80 (2011: 79 members).


ABN 35 000 050 402



CHARTS - Performance Indicators


ABN 35 000 050 402



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