The Board is pleased to present the 2019 Annual Report available at this link.
To gain a full appreciation of the Club’s financial position, please read the Treasurer’s Report from page 8 of the Annual Report.
In the 2018/19 financial year, the Club made a Net Profit from Trading (excluding the Land Lease Premium and investment income) of $96,588 (FY18 $128,371). Adding back the depreciation expense of $207,247 provides a “cash generated” figure of $303,835 (FY18 $340,874). This is after interest & line fees relating to the Commercial Bill facility.
Ignoring the timing of subscription income, the EBITDA of the Club (Earnings Before Interest Taxation, Depreciation and Amortisation) for FY19 was $311,783; (FY18 $389,280).
Revenue growth (xxcluding LLF income and investments) for 2019 was at 1.94% for the year, to $3,334,496. Prepaid membership subscriptions into FY20 are down 3.2% to $1,010,978; however, this is a function of more members moving to membership payment plans. We are still budgeting for a profit in FY20 so the Club is well positioned for the year ahead.
Over the year Total Match Income hit a new high of $847.6K, up $27.2K or 3.3%, and more tee times have been dedicated to Members’ golf, rather than social play. This trend should continue.
As you will see in the Membership Report, the year finished with strong membership numbers. These figures reduced somewhat through renewals into FY20 but have been replenished from the Waiting List of 88 applicants into the new membership year.
- The club is now debt-free and clear of the Commercial Bill debt that has restricted the business for the last decade;
- 2018/19 is the 4th consecutive year of Net Profit for the Club;
- Our membership position remains stable and strong, and we have ensured existing members are able to book into competition timesheets as expected;
- The new greenkeepers shed was completed on time and on budget by Clarke’s Design & Construct. This facility will service our staff and course for years to come;
- The 19th hole is complete and provides a suitable hole for play during course improvement works, and;
- The installation of the new course irrigation system is nearing completion;
Over the last 10 years the club has paid over $1,128,000 in interest on the Commercial Bill. This is in addition to the principal reduction of $180,000 required annually, which the Club has not always had available. This anchor on the Club’s finances is now lifted.