Dear Members of Burleigh Golf Club,
The Board is pleased to present the 2018 Annual Report, available at this link.
The Club recorded a net profit after interest and depreciation of $128.4K for the FY18 year (FY17 – $39.8K profit) on total revenues of $3.271M (FY17 – $3.075M), growth of 6.3%. It is also pleasing to note that the results were close to the budget set for the year with revenue marginally up by $18.8K but Net Profit down by $23.0K (15.2%) on the budget. Overheads totalled $2.557M for FY18 compared to the budget of $2.525M. The adverse variance of $32K can be largely explained by the take up of a provision for long service leave of $47.4K which was not budgeted but which was deemed necessary given the employment tenure of certain employees.
Prepaid membership subscriptions into FY19 are down 9.3% to $1.043M; however, this is more a normalising of a very strong prior year. We are still budgeting for a profit of over $100,000 in FY19 so the Club is well positioned for the year ahead before consideration of the RetireAustralia Development.
Over the year Competition Fees grew by 9.7% or $44.8K. Combined Green Fees and Social Group Fees dropped by 7.0% or $22.6K as more tee times are dedicated to Members’ golf, rather than social golf. This trend should continue. Total Match income grew by 2.3%.
The debt that has been with the club for the last decade is on the verge of being paid out and the Club’s requirement for such large visitor numbers will decrease.
