2012 Financial Reports - Northbridge Tennis€¦ · The principal activities of Northbridge Tennis...
Transcript of 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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 2
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 3
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.
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 4
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).
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 5
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 6
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 7
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 8
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 9
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 10
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 11
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 12
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.
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 13
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2012
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 14
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2012
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.
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 15
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2012
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
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 16
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2012
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).
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 17
CHARTS - Performance Indicators
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 18
Northbridge Tennis Club ABN 000 050 402
ABN 35 000 050 402
(A Company Limited by Guarantee)
Financial Reports – 30 September 2012 19