2021 Financial Report
Treasurer Report from AGM 4 Dec 2021
Welcome everyone. Once again the Club has held its own throughout this financial year. The bottom line is up on last years; but we had some significant donations come in for the water project, so, taking that into account, we probably have a similar result as last year. Thanks to all for making sure their subs are paid on time, it is a big help when trying to keep track of where they are at. NZ Golf have set their levies, they’ve gone up slightly, and we haven’t had any information from Tasman yet.
Now looking through the accounts summary, I’ll make just a few comments on each category:
INCOME: There was no significant increase in membership numbers or subs, but green fees and bar income went up as people holiday at home because of Covid. The playing fees show an increase, but that is because there was no Golden Bay Open last year. The sponsorship and fundraising total is up thanks to the before mentioned donations to the water project.
During the year there were 2 major projects, the irrigation the main one and overall cost was around $32k, but that was partially funded by $10,000 worth of donations by way of both water tanks and cash, from four very generous members of the club. (Frank Byrne, John and Christine Crocker, Brian Win, and John & Meryll Solly). The other project was the security alarm system upgrade, which cost in the region of $7000.
EXPENDITURE: Most areas have increased slightly, as you would expect. In the general expenses, increases include the greens contract as per usual, and sundry other irrigation costs. I should point out here that all of the main costs for the water project have been moved into assets, so they are not showing on the ‘course expenses’ in the final accounts.
Also included in general costs are R&M to the clubhouse - up to $11.6k this year from $4.5 last year – this was includes repairs to the clubhouse window seals, hot water cylinder repair, and upgrades to the lighting. Plant and machinery also had some costly repairs, larger amounts being $2k on a John Deere mower, and $4.2k repairs to a Toro gang mower, which is now in very good condition and I’m told will probably last another 20 years. Firewood is down because there hasn’t been time to split it yet, and it should bring in around $2k which covers the cost of cutting the trees down.
Admin costs, which included interest, went down slightly because the Loan from John Deere finance was repaid during the year.
THE BOTTOM LINE: After depreciation, net profit is showing at $14.8k, but we need to note that the donations are part of this, so the actual profit for the year is reduced by that amount and is therefore about the same as last years.
To sum up, I will be supporting an increase in the subs this year; reasons being we need to at least cover annual inflation, which the CPI report for the last 12 months shows at a fairly hefty 4.9%. We must cover increased costs, and our bank balances have reduced by $20k.This coming financial year a possible new project would be to upgrade our security camera system at a cost of around $4k, and there will no doubt be other things that come up. Therefore I believe an increase on each category is required, we just need to decide on a percentage.
S Meredith