57th
Annual Report & Notice of
Annual General Meeting
For the year end 30th
June, 2013
Office Bearers & Directors
President: G. RYAN
Vice President: D. BISHOP
Captain: L. KEENAN
Vice Captain: S. TOLAND
Treasurer: A. SMITH
Directors:
W. HOBBS, G. MALOUF, B. MORRISON & D. SMITH
Secretary Manager: A. ROSILLO
Auditor: BRYAN RUSH & CO
Notice is hereby given of the 57th ANNUAL GENERAL MEETING of
the MASSEY PARK GOLF CLUB LIMITED to be held on Tuesday
22nd October 2013, commencing at 7.30pm.
Page 2
AGENDA
1
2
3
4
a.
(I)
(II)
(III)
(IV)
b.
5 MOTION:
6
7
8
NOTE: Proxy voting is not permitted under the Registered Clubs Act.
The members approve to elect Mr Robert Bolt, a Full Playing member, for Life
Membership of Massey Park Golf Club.
Confirmation of Minutes of the 56th Annual General Meeting.
To receive the President’s Report.
To receive the Treasurer’s Report and duly audited statement of accounts for the
year ended 30th June 2013 together with the report of the Auditor thereon.
Secretary Manager
To appoint John Lukas Honorary Solicitor for ensuing year.
To transact other business as may be lawfully brought forward.
For and on behalf of the Board of Directors.
ANTHONY ROSILLO
The attendance of Directors at seminars, lectures, trade
displays, organised study tours, fact-finding tours and other
similar events as may be determined by the Board from time
to time.
The attendance of Directors at functions with spouses where
appropriate and required to represent the Club.
MOTION:
The members hereby approve expenditure by the Club in a sum of, not
exceeding $15,000.00 over the following twelve months for the
following, subject to approval by the Board of Directors.
The attendance of Directors at meetings of Clubs NSW or
other associations or organisations of which the Club is a
member or which have similar aims or functions.
Election of officers (other than the Patron) and other Members of the Board.
The cost of meals and beverages for each Director
immediately before or after a Board or Committee Meeting.
The Members acknowledge that the benefits in paragraph (a) above
are not available to Members generally but only for those who are
Directors of the Club.
Page 3
President’s Report
On behalf of the Board of Directors, I can advise the club recorded a break even result for the year
ended 30/6/13. This is a reasonable result in another difficult year for clubs, particularly golf clubs. Our
operating profit was $5,234. The bar and poker machines have traded well. Income from the pro shop
was down slightly which is mainly due to the spate of wet weather in the early part of the financial year.
We continue to closely monitor expenses and improve efficiencies. Our net cash surplus after
operations was $110,238 and EBITDA was $230,228 in the positive.
We have continued to carefully manage the club’s finances to ensure we achieve that fine balance
between the need to generate a trading surplus whilst maintaining bar prices and subscriptions at
reasonable levels. From a cash flow perspective, the result was quite good, considering we operate on
very fine margins. Positive cash flow is important to ensure a healthy bank balance and the funds to
continually maintain and upgrade facilities for members. Total capital expenditure, including purchase
of new equipment such as poker machines, and renovations was $111,400. As at balance date our
cash reserves total $389k of which approx. $100k is required for working capital. Please refer to the
financial statements and Treasurer’s report in the annual report for full particulars.
Upgrades to clubhouse facilities, excluding poker machine replacements, include the new TITO (ticket
in ticket out) system for redemption of poker machine credits. This has been well received and an
improvement in efficiencies as well as player enjoyment. The practice nets were built and the
advertising sign near the driveway installed. We are about to commence some new works and
refurbishments including replacement of the roof on the verandah and lining of the ceiling, together with
new lighting and a general upgrade. Other upgrades planned for the near future are also under
consideration.
At the time of writing this report, we are in the midst of completing the member survey. The response to
date has been very good with over 300 members already completing the survey. We will compile and
carefully analyse the results and try to implement the member’s preferences where possible. Obviously
capital costs and available funds play an important role in this decision process. This is the first time the
club has undertaken of survey of this nature and you feedback is valued. Thanks to all who have or will
complete.
The pro shop has now been operating under the management of the Club for five years and another
major milestone was the renewal of our arrangement with council for a further 5 years. Council are very
happy with the way the club has improved and managed the pro shop and we are confident of
continuing a long term and mutually beneficial relationship. The pro shop has again contributed good
cash flow through merchandise sales and cart hire to supplement the licensed club operations. The Pro
Shop will continue to be an integral part of the Club, which assists with providing a much more co-
ordinated approach to the management of the course and club. Our club professional Dan Mitchell has
been with us for over 12 months now and I must say he has done an excellent job, together with his
“sidekick” Tony Starbuck and the rest of the good natured staff in the shop. Dan has also worked hard
to promote junior golf and has a squad of kids who are keen and showing some talent. We will be
entering another encourage shield team this year with a second team not far away. We then hope to
progress these young golfers through the junior ranks. Dan also provides a full coaching service.
Members are encouraged to utilise the services of the pro shop staff and support the club by
purchasing you golf supplies from our pro shop.
The course remains in great condition. Our thanks again go to the course supervisor Aaron, and his
small but hard-working group of staff. We have a very good relationship with Council and thank Council
Managers, particularly Peter Sheehan, for their support and for allowing our input. The lines of
communication remain in place with regular meetings held with Board and Council representatives and
the Course Supervisor.
Page 4
Our golfing membership base remains strong and we regularly take in new members to replace those
who have not renewed. We have a relatively good renewal rate when compared to some other golf
clubs. New member intakes will be monitored in line with available playing times on the weekend time
sheets. A strong membership base is essential to the on going viability of the Club.
We have organised some great functions throughout the year, including our regular Melbourne Cup
Day and other events. We will be organising more of these events and encourage all members to
support the functions and bring along family and friends. You are guaranteed a good time at Massey.
Congratulations to all those members who participated in major golf events, championships and club
pennants throughout the year. Particular congratulations to those who won events and will be picking
up trophies on presentation night. Also, support of most grades of pennants is a great achievement for
a small club, with all levels of golfers being able to participate.
Very sadly, we had the passing of Fran Elliot, a long term member of staff and the Massey Park family.
She will always be fondly remembered and her photo will remain above the member’s bar she tendered
for all those years.
Thanks again to our caterer Herman who has been operating the catering and kitchen since October
2011. Herman provides quality and well-priced food for members and guests. He and his staff can
provide a full range of catering from casual dining to large functions and I encourage all members to
utilise his services. Our aim is to provide quality catering with a range of options at acceptable prices for
members and guests.
I wish to thank my fellow board members and directors for their continued hard work and the long hours
they voluntarily put into the management of your club. Also thanks to our small but dedicated army of
volunteers who assist with other events such as market night and our charity golf days.
Finally, I would like to thank our General Manager, Tony Rosillo and his hard working assistant Johanne
for their efforts. Management of a small club with limited staff resources is always difficult. Our bar
supervisors Lynda and Adrian have been well supported by our other loyal and friendly staff and
continue to provide excellent service.
Please continue to support your club and participate in functions and events as much as possible.
Good golfing.
Garry Ryan - President
Page 5
Treasurer’s Report
INTRODUCTION:
In our 57th
year of operation the Club has recorded a net profit of $50 for the financial year ended
30/6/13. Net profit excluding depreciation was $225,044. Net profit recorded is down on last year but
nevertheless is a profit in what has been another difficult year for many clubs. A brief analysis of each
segment of operations follows.
POKER MACHINES:
Poker machine profits after payment of jackpots and expenses was $426,414. This is down $13,419 on
last year but includes an extra $20,475 in depreciation. Poker machines have performed relatively well
which is attributed to our policy of continually upgrading machines to maintain player appeal, the
introduction to TITO and events such as poker tournaments which bring visitors and social members
into the club. Profit from poker machines remains one of our main sources of income but competition
from hotels and other gaming venues has had an impact on small clubs like ours.
BAR TRADING:
Bar sales for the year total $672,447 with a net profit of $132,270 recorded. Gross Profit to Sales
margin was 58.10% against target of 57.50%. Net profit was up $36,616 on last year. Our bar prices
remain very reasonable in comparison to other clubs and hotels in the area. All the bar staff continue to
provide us with quality drinks and good service. Their efforts are appreciated.
PRO-SHOP TRADING:
Income from the pro-shop which includes gross profit from trading, carts hire and commissions was
$378,902. After expenses and wages, the pro-shop contributed a net profit of $9,692 to the Club.
EBITDA was $32,701. Thanks to all the pro-shop staff for their friendly service and welcome to Daniel
as our club professional.
SUBS & OTHER INCOME:
Total member’s subscriptions, joining fees and other income were $289,518 which is down $9,151 on
last year. This includes interest earned on deposits $12,510. Member’s subscriptions for the year were
$221,140 which is $15,251 less than last year. We will endeavour to induct new members to replace
those who have not renewed and ensure membership numbers remain at appropriate levels.
TAB & KENO COMMISSIONS:
Net Profit from Keno commission earnings were $5,207 and TAB commissions / Net profit was $7,653
but this year the result is effected by TAB lease charges of $7,818. Whilst these areas do not generate
significant income, they provide additional facilities for members.
GOLF:
The cost of running golf competitions, pennants etc. was $91,028 which is $2,439 more than last year.
Included in costs are golf affiliation fees paid to Golf NSW $31,267, Council fee for our block time
(separate to green fees) $37,240 and pennant expenses $19,977. As a golf club, promotion of golf is
our primary objective and we are pleased to have been able to enter various grades of pennants, as we
have in past years. We operate on a user pays system with Council and the bulk of competition fees
paid by member relate to green fees paid to Council.
Page 6
PROMOTIONS:
Total promotions costs for the year were $136,176 which is up $15,456 on last year. Badge draw
payouts were $14,209 and entertainment costs were $30,740. The other increase in promotions costs
relate to the increase in poker tournaments at a total cost of $62,060(+$10,972) . Our analysis reveals
that the poker players contribute significantly to poker machine income and is the main reason our
poker machine income has held up quite well. All promotions costs are very closely monitored.
OPERATIONAL EXPENSES / ADMINISTRATION:
Total administration and operating expenses were $625,816 which is down $9,835 on last year. Costs
are being closely monitored and compared to budget on a monthly basis. We are completing a full
review of expenses and will cut costs wherever possible without impacting on service or amenities
provided.
BALANCE SHEET:
The Club remains in a sound financial position with a surplus of assets over liabilities (member’s funds)
of $1,346,416. Our cash position remains strong and at balance date we had cash / bank reserves
$389,533. This includes a working capital requirement of approx $100,000.
SUMMARY:
Trading in the current economic climate continues to prove difficult, and whilst the net profit of $50 is
down on last year, it is a good result in the circumstances. Spending is down as people in general
tighten their belts. The competition for the gaming dollar is strong with hotels upgrading facilities and
larger clubs offering incentives.
I wish to thank my fellow Directors for all their hard work over the past year. A significant amount of
work goes into the management of the club, especially a small club like “Massey” with limited
resources. Thanks also to Barry Peterson who has again made a significant contribution to the financial
management of the club in attending to internal accounting matters. This has also resulted in a
substantial cost saving
The efforts of all our staff are greatly appreciated. General Manager Tony Rosillo, Administration
Manager Johanne in the office, Bar staff Lynda, Adrian and all the bar and pro-shop staff, who have all
worked hard over the past year.
The continued support of all members is appreciated.
Alan Smith - Treasurer
Page 7
Captain’s Report
Well another great year has gone by at Massey Park, with lots of things going on everywhere. We have
2 holes that have been remodelled and are looking great we hope to have the 10th hole in play in a few
weeks and the club itself has done really well.
Thank you again to Aaron and all the boys on the greens staff, they have managed to keep the course
looking good considering all the indifferent weather we have been subject to this year well done.
Thank you, once again to Canada Bay Council and their representatives for their support and allowing
us the input we have in many things that happen on the course. To Garry Ryan, Dave Bishop and
Daniel Mitchell thanks for their help at these meetings.
To Daniel, Tony, Ken, John & Peter and all the people who have put in a great job in the pro shop once
again thank you for all your help. To Daniel and his helpers well done with the junior programme we
have a few young promising golfers coming along thank you.
This year our representative teams have had a bit of an up and down year, but thank you to all those
who have taken part in representing our club in such a friendly and sportsman like manner without you
all it would not be possible.
Our Major Pennants side had another had another great year again narrowly missing out on the finals,
thank you to all the caddies and Julie and Judy who put in time helping out each Sunday.
A very special mention and a big thank you has to go out to Robert Bolt the manager for many years.
He has devoted 50yrs to the representative teams at the club thank you for your time and devotion to
this club Bob.
To the Women's President, Captain and Committee thank you for your support throughout the year.
Again as this report is being written all of our Major Championships are in full swing, I want to wish
everyone the best of luck and congratulations to those people who manage to prevail and win.
To all the Board Event winners we have already well done and congratulations.
Many thanks to the boys on the Golf Committee for their help and support Steve, Bill, Brett and Daryl
thank you once again. To the rest of the Board thank you for your help during the year.
To Tony and Johanne a big thank you again for your help and support so that it makes my job so much
easier. Thank You Both.
To all the members thank you for your ongoing support this year.
Happy golfing to you all.
Larry Keenan - Captain
Page 8
Secretary Manager’s Report
The year has once again been extremely challenging from every point of view and I am pleased to
report that the club continues to sustain satisfactory results in all areas of operation at a time when a lot
of small clubs are doing it relatively tough.
As detailed in the Treasurer’s Report, the club has basically broken even this year and although the
profit was minimal our cash trading position has been strong and this should hold us in good stead for
the proposed work that is to be carried out in the not to distant future.
The member’s survey is in the process of being analysed and subject to member feedback as well as
final costing there are a number of projects earmarked for the near future. Finding the balance between
what we want, what we need and what is most beneficial to the business in the immediate and long
term future is of the upmost importance.
In the coming months we will see further improvements to the golf course with the 10th
fairway coming
into play as well as additional drainage work to be done on the 4th
fairway. In addition the 500MegL
water tank will provide a sustainable water supply, particularly to tees and greens.
We try to be progressive and the installation of TITO (Ticket in Ticket Out) technology in the gaming
area, the installation of practice nets and the electronic sign in the main driveway are examples of this.
We continue to develop the club web site and on-line member services with further use of social media
tools to keep members abreast of happenings at the club. I encourage members to engage through
these mediums as much as possible.
The club has also undertaken some sustainability initiative, such as installing sensor lighting in low
traffic areas of the club as well as changing fluros and down lights to energy saving LEDs. We have
also reviewed and improved our recycling processes. The Club has joined a sustainability alliance and
will continue to look at ways to improving energy consumption and sustainability.
Daniel Mitchell has been with us over 12 months now and he is to be commended for the manner in
which he manages Pro-shop operations. We have focused on trying to develop junior golf and this year
we will once again enter a team in the Encourage Shield competition as well as conduct a variety of
junior clinics. Trainee professional Tony Starbuck is in his second year of traineeship and we are very
pleased with his commitment to his work and development. Both Daniel and Tony are assisted by the
experienced Ken Dukes as well as John Murphy and Peter Foote. All in all a great team looking after
member’s golfing needs.
The year has been generally satisfying and obviously this would not have been possible without
significant and sometimes thankless contributions from many people. Firstly I would like to thank the
Board of Directors for their support and guidance throughout the year. Special thanks to Barry Peterson
for his assistance to Johanne and myself in the office. Thanks to both the Women’s & Men’s Golf
Committees for their cooperation, they have continued to serve the golfing membership in an effort to
maximise the enjoyment that members get out of their golf.
A big thanks also to those who volunteer to assist with the management of representative teams as well
as their work behind the scenes. I would also like to thanks all those other volunteers including all the
ticket sellers for their help on market nights. In the catering department, Herman and his staff
endeavour to cater to member’s needs with their food and service and I ask all members to keep them
in mind for all your catering needs.
The staff deserves acknowledgement for their commitment to the provision of quality and friendly
service. Lynda Lester and Adrian Breen lead the team behind the bar and as always Johanne
Staplefeldt’s tireless efforts deserve recognition and her willingness to work beyond the call of duty is
very much appreciated. I would like to make mention of the passing of Fran Elliot this year. She served
the club for many years and she won’t be easily forgotten.
So, we look to the future and what will certainly be another challenging year. On behalf of the staff, I
wish all members and their families well and trust that you are satisfied with the result that the
incumbent Board of Directors has been able to present to you this year.
Tony Rosillo - Secretary Manager
Page 9
WINNER RUNNER UP
CLUB CHAMPION T. Wand M. Saroufim
A RESERVE J. McKimm A. Di Bagio
B GRADE S. Kelly (Shane) W. McPherson
C GRADE W. Hobbs A. Pentony
SENIOR CHAMPIONSHIP R. O'Keefe P. Mansell
VET’S CHAMPIONSHIP T. Wand S. Little
JUNIOR CHAMPIONSHIP M. Kotsakis -
FOURSOMES CHAMPIONSHIP B. Smith & S. Fitzpatrick &
C. Smith M. Saroufim
B GRADE J. Leedham & M. Kotsakis &
A. Smee L. Gilder
C GRADE P. Willis & R. Keighran &
C. Allardice K. Nichols
MIXED FOURSOMES S. Little & C. Smith &
Y. Little K. Morrison
COCK O’ WALK B. Morrison & S. Twomey &
G. McFarlane R. Twomey
MASSEY PARK CUP S. Fitzpatrick M. Saroufim
L.R. MORGAN SHIELD L Rogers A. Rosillo
SUMMER SINGLES J. Carrington K. Nichols
GOLD MEDALS
A Grade T.B.C.
B Grade T.B.C.
C Grade T.B.C.
DAVE RAMSAY MEMORIAL TROPHY T.B.C
MATCH PLAY CHAMPIONSHIPS
A GRADE F. Tierney M. Saroufim
A RESERVE J. McKimm R. Forrest
B GRADE A. Smee W. McPherson
C GRADE R. Keighran M. Sgaramella
MEN’S RESULTS 2012 - 2013
The following is a list of current Championship Winners as at July 1st
2013
Page 10
WINNER RUNNER UP
CLUB CHAMPION M. Oman U. Wood
BRONZE DIV I B.Waters E.McMaster
BRONZE DIV II S.Scarr B.Waters
FOURSOMES U. Wood & H Winning &
T Unwin S Scarr
VETERAN’S CHAMPIONSHIP H. Winning B. Ashton
SENIOR CHAMPSIONSHIP
CHICK O’ WALK - Weekend W. Morrision & E. McMaster
B. Waters B. Broadbent
CHICK O’ WALK – Mid week L. Pentony & W. Morrision &
L. Elks B. Waters
MASSEY PARK SHIELD L. Pentony,
D. Connellan &
S. Scarr - Massey Park GC
WOMEN’S RESULTS 2012 - 2013
no competition
Page 11
Women’s President & Captain Report
The Women’s Committee maintained some key role committee members and gained a new Treasurer,
Handicapper and ancillary positions. The fresh approach and fine tuning of some events has led to a
more consistent administrative year.
Our Grade and Interclub Pennants, Western District Shield and Bronze II had a number of new faces
representing the Club and although overall we had a mixed season there were many close individual
matches. The teams enjoyed the opportunity to play at a number of different courses continually
challenging their skills and temperament. The experience gained will we are see Massey Park improve
across all Pennants competitions next year.
We have welcomed a number of new players to the Club and look forward to them playing regularly and
participating in our representative teams.
Congratulations to our Club Champion Megan Oman and to all our other major event winners and
runners up for providing a number of exciting contests.
One of the highlights of the year was to see members of our own club taking out the Massey Park Shield
in April. In a close contest and winning on a count back, the team of Dawn Connellan, Lucy Pentony and
Sharon Scarr were outstanding.
In May, the social committee was responsible for organizing another successful weekend away, this time
to the Hunter Valley. In fantastic winter weather the women enjoyed games at the Hunter Valley Resort
and a challenging day at The Vintage Golf Club. These fun weekends have provided many lasting
memories.
Our annual Charity Gala Day in July was once again very successful with just on 100 players
participating. In the second year of support for the McGrath Foundation, just over $7000 was raised with
the aim to provide every family affected by breast cancer with a specially trained nurse. The generosity of
our local businesses and the valuable contributions from our members in terms of providing donations of
cakes, prizes for our raffles and auction, ensures this day is an ongoing success. The shotgun start has
been a favorable inclusion in the way this event is conducted, strengthening the visitor participation in this
event. There were glowing comments on the luncheon provided by Herman and his team. For these
reasons a huge thank you is extended to everyone for making it such a success.
Our newsletter, ‘Divots’ continues to be a high quality publication, keeping members informed about
events and news. We have liaised with the office to have photos of our Women’s events and winners
posted on the website and to this extent we are achieving this goal.
Once again we thank Secretary Manager, Tony Rosillo and Johanne Stapelfeldt for their continued
support. We have enjoyed a good rapport with Daniel Mitchell and his Proshop team, particularly for their
assistance during the Gala Day and special events.
The Women’s Committee has continued to work well with Club President, Garry Ryan, Club Captain,
Larry Keenan and the Board of Directors. We wish to thank all of you for your continued support of
women’s golf and look forward to working with you in 2014.
Kerri McDonald Menna Davies
President Captain
Page 12
Your directors present their report on the company for the financial year ended 30 June 2013.
DIRECTORS
The names of the directors in office at any time during or since the end of the financial year are:
Name Qualifications Position
G Ryan Bank Manager President
D Bishop TAFE Teacher Vice President
L Keenan Truck Driver Captain
A Smith Manager Treasurer
G Malouf Company Director Director
W Hobbs Library Manager Director
B Morrison Company Director Director
S Toland Retired Vice Captain
D Sandquest Resigned Oct 12
D Smith Elected Oct 2012
MEETINGS OF DIRECTORS
During the financial year, 12 meetings of directors were held. Attendances were:
Directors
G Ryan
D Bishop
L Keenan
A Smith
G Malouf
W Hobbs
B Morrison
S Toland
D Sandquest
D Smith
Directors have been in office since the start of the financial year to the date of this report unless otherwise
stated.
The principal activity of the company during the financial year was to provide the facilities of a licensed
club to the members and visitors and to promote sporting activities.
The clubs short term objectives are to:
i) provide the best possible golf course and clubhouse facilities to members.
ii) encourage new membership.
iii) remain financially viable to achieve the above objectives.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
DIRECTORS' REPORT
12
12
10
No. Attended
Directors' Meetings
12
10
12
10
9
11
12
No. Eligible To Attend
12
12
12
12
9 7
12
3
10
3
Page 13
The clubs long term objectives are to:
i) establish and maintain membership that foster the game of golf; and
ii) be sustainable and strive for continuous improvement so as to offer the
best possible golfing and social amenities to member.
to achieve these objectives, the club has adopted the following strategies:
i) the Board strives to attract and retain quality management and staff who are committed to
providing high standards of service levels to the members. The Board believes that attracting
and retaining quality staff will assist with the success of the club in both the short and long term.
ii) maintain rigorous control over the clubs finances to ensure the club remains viable and
is able to continually upgrade the course and clubhouse for the benefit of members and
encourage new membership.
iii) the Board is committed to meet consistent standards of governance, best practice and
provide clear expectations of professional accountabilities and responsibilities to all members.
PERFORMANCE MEASUREMENT AND KEY PERFORMANCE INDICATOR
The financial performance of the club is measured against the budget set and benchmark data for the club
industry. Some of the criteria reported on are:
Earnings before Interest, Taxation, Depreciation, Amortisation, Rent and Donations (EBITDARD)
Gross Profit Margins
Expense Ratios and Analysis
Cash Flow
Non financial performance is assessed by a variety of measures including:
Members' feedback
Staff Turnover
Comparison with industry wide initiatives
Market research
The club is incorporated under the Corporations Act 2001 and is a club limited by guarantee. If the club
is wound up, the constitution states that each member is required to contribute a maximum of $2.00 towards
meeting any outstanding obligations of the club. At 30 June 2013 the collective liability of members was
$2,266 (2012: $2,544).
AUDITORS' INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATION ACT 2001
A copy of the Auditor's Independence Declaration follows this Directors Report.
Signed in accordance with a resolution of the Board of Directors:
G Ryan A SmithDirector Director
Date: 13th September 2013
Page 14
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2013 there have
been:
(i) no contraventions of the auditor independence requirements as set out in the Corporations Act
2001 in relation to the audit; and
(ii) no contraventions of any applicable code of professional conduct in relation to the audit.
BRYAN RUSH & COMPANY
Chartered Accountants
David Conroy
Principal
Date: 13th September 2013
TO THE DIRECTORS OF MASSEY PARK GOLF CLUB LIMITED
AUDITOR'S INDEPENDENCE DECLARATION
UNDER SECTION 307C OF THE CORPORATIONS ACT 2001
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
Page 15
NOTE 2013 2012
$ $
Revenue
Sale of goods 1,269,598 1,185,204
- Rendering of services 813,457 820,491
Other revenue 54,954 83,356
Total revenue 2 2,138,009 2,089,051
Expenses
Cost of sales (294,213) (278,531)
Employee benefits expense (645,915) (636,701)
Entertainment, marketing and promotional costs (163,561) (144,133)
Golfing & members expenses (137,030) (126,790)
Property & insurance expenses (233,643) (227,717)
Other expenses from ordinary activities (438,603) (436,097)
(1,912,965) (1,849,969)
Depreciation and amortisation expense 3 (224,994) (204,530)
Finance costs 3 - -
Profit/(Loss) before income tax 50 34,552
Income tax expense - -
Other Comprehensive Income - -
Total Comprehensive Income for the Year 50 34,552
A.B.N. 96 000 186 005
MASSEY PARK GOLF CLUB LIMITED
FOR THE YEAR ENDED 30 JUNE 2013
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Net profit/(loss) 34,552 50
Earnings before depreciation, amortisation expense and finance
costs 225,044 239,082
Page 16
NOTE 2013 2012
$ $
CURRENT ASSETS
Cash and cash equivalents 13(a) 389,533 440,103
Trade and other receivables 4 17,067 12,336
Inventories 5 71,835 75,250
TOTAL CURRENT ASSETS 478,435 527,689
NON CURRENT ASSETS
Property, Plant and Equipment 6 1,231,571 1,339,299
TOTAL NON-CURRENT ASSETS 1,231,571 1,339,299
TOTAL ASSETS 1,710,006 1,866,988
CURRENT LIABILITIES
Trade and other payables 7 217,151 314,805
Short term provisions 8 123,635 126,105
Financial Liabilities 9 22,804 56,617
TOTAL CURRENT LIABILITIES 363,590 497,527
NON CURRENT LIABILITIES
Financial Liabilities 9 - 23,095
TOTAL NON-CURRENT LIABILITIES - 23,095
TOTAL LIABILITIES 363,590 520,622
NET ASSETS 1,346,416 1,346,366
MEMBERS' FUNDS
Reserves 169,082 169,082
Retained Earnings 10 1,177,334 1,177,284
TOTAL MEMBERS' FUNDS 1,346,416 1,346,366
- -
MASSEY PARK GOLF CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2013
A.B.N. 96 000 186 005
Page 17
RESERVES REATAINED TOTAL
EARNINGS
Balance at 1 July 2011 169,082 1,142,732 1,311,814
Total Comprehensive Income for the year - 34,552 34,552
Balance at 30 June 2012 169,082 1,177,284 1,346,366
Total Comprehensive Income for the year - 50 50
Balance at 30 June 2013 169,082 1,177,334 1,346,416
MASSEY PARK GOLF CLUB LIMITED
STATEMENT OF CHANGES IN MEMBERS' FUNDS
FOR THE YEAR ENDED 30 JUNE 2013
A.B.N. 96 000 186 005
Page 18
NOTE 2013 2012
$ $
CASH FLOW FROM OPERATING ACTIVITIES
Receipts from customers 2,343,806 2,276,454
Payments to suppliers and employees (2,246,078) (1,954,054)
Interest received 12,510 17,986
Interest paid - -
Net cash provided by (used in) operating activities 13 110,238 340,386
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from Sale of Equipment 7,500 -
Payment for Property, Plant & Equipment 6 (111,400) (360,639)
Net cash provided by (used in) investing activities (103,900) (360,639)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds of Borrowings - 69,794
Repayment of Borrowings (56,908) (80,040)
Net cash provided by (used in) financing activities (56,908) (10,246)
Net increase/(decrease) in cash held (50,570) (30,499)
Cash at Beginning of Year 440,103 470,602
Cash at End of Year 13 389,533 440,103
MASSEY PARK GOLF CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2013
A.B.N. 96 000 186 005
Page 19
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Basis for Preparation
and the Corporations Act 2001.
have been consistently applied unless otherwise stated.
based on historical costs, modified where applicable by the measurement at fair value of selected non-current
assets, financial assets and financial liabilities.
The financial statements were authorised for issue on 13th September 2013 by the directors of the company.
Accounting Policies
Inventories
Inventories consist of bar & proshop stock and are measured on a first in first
out basis, at the lower of cost and net realisable value.
Property, Plant and Equipment
Each class of property plant and equipment is carried at cost or fair value less, where applicable, any
accumulated depreciation.
Property
Leasehold Improvements are measured at cost.
Plant and equipment
Plant and equipment is measured on the cost basis.
The carrying amount of plant and equipment is reviewed annually by the directors to ensure it is not in
excess of the recoverable amount from those assets. The recoverable amount is assessed on the basis
of the expected net cash flows which will be received from the assets employment and subsequent
disposal. The expected net cash flows have not been discounted to present values
in determining recoverable amounts.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
The financial statements are for Massey Park Golf Club Limited as an individual entity, incorporated and
The financial statements are general purpose financial statements that have been prepared in accordance
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in
The financial statements except for the cash flow information, have been prepared on an accruals basis and are
domiciled in Australia. Massey Park Golf Club Limited is a company limited by guarantee.
with Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting Standards Board
Massey Park Club Limited has elected to early adopt the pronouncements AASB 1053: Application of Tiers
of Australian Accounting Standards and AASB 2010-2: Amendments to Australian Accounting Standards
arising from Reduced Disclosure Requirements.
financial statements containing relevant and reliable information about transactions, events and conditions.
Material accounting policies adopted in the preparation of these financial statements are presented below and
Page 20
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised leased assets, but
excluding freehold land, are depreciated over their estimated useful lives to the company commencing
from the time the asset is held ready for use.
The depreciation rates and useful lives used for each class of depreciable assets are:
Class of fixed asset
Clubhouse Improvements
Plant & Equipment
Impairment
The carrying amounts of the Company's assets, other than investment property and inventories are
reviewed at each balance sheet date to determine whether there is any indication of impairment. If any
such indication exists, the asset is written down to its recoverable amount.
An impairment loss is recognised whenever the carrying amount of an set or its cash-generating unit
exceeds its recoverable amount. Impairment losses are recognised in the statement of comprehensive income,
unless an asset has previously been revalued, in which case the impairment loss is recognised as a reversal to the
extent of that previous revaluation with any excess recognised through profit or loss.
Leases
Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the
asset, but not the legal ownership, are transferred to the company are classified as finance leases.
Finance leases are capitalised, recording an asset and a liability equal to the present value of the
minimum lease payments, including any guaranteed residual values. Leased assets are depreciated on
a straight line basis over their estimated useful lives where it is likely that the company will obtain
ownership of the asset. Lease payments are allocated between the reduction of the lease liability
and the lease interest expense for the period.
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor,
are charged as expenses in the periods in which they are incurred.
Recognition and initial measurement
Financial instruments, incorporating financial assets and financial liabilities, are recognised when the entity
becomes a party to the contractual provisions of the instrument. Trade date accounting is adopted for financial
assets that are delivered within timeframes established by marketplace convention.
MASSEY PARK GOLF CLUB LIMITED
Financial Instruments
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Depreciation rate/useful lives
20 Years
2-25 Years
Page 21
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Financial Instruments (Cont)
Financial instruments are initially measured at fair value plus transactions costs where the instrument is not
classified as at fair value through profit or loss. Transaction costs related to instruments classified as at
fair value through profit or loss are expensed to profit or loss immediately. Financial instruments are classified
and measured as set out below.
Derecognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset
is transferred to another party whereby the entity no longer has any significant continuing involvement in the
risks and benefits associated with the asset. Financial liabilities are derecognised where the related
obligations are either discharged, cancelled or expire. The difference between the carrying value of the
financial liability extinguished or transferred to another party and the fair value of consideration paid,
including the transfer of non-cash assets or liabilities assumed is recognised in profit or loss.
Classification and subsequent measurement
1) Financial assets at fair value through profit or loss
Financial assets are classified at fair value through profit or loss when they are held for trading for the
purpose of short term profit taking, where they are derivatives not held for hedging purposes, or designated
as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial
assets is managed by key management personnel on a fair value basis in accordance with a documented
risk management or investment strategy. Realised and unrealised gains an losses arising from changes in
fair value are included in profit or loss in the period in which they arise.
2) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market and are subsequently measured at amortised cost using the effective interest
rate method.
3) Held to maturity investments
Held to maturity investments are non-derivative financial assets with fixed maturities and fixed or
determinable payments, and it is the entity's intention to hold these investments to maturity. They are
subsequently measured at amortised cost using the effective interest rate method.
4) Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that either designated as such or that
are not classified in any of the other categories. They comprise investments in the equity of other entities
where there is neither a fixed maturity nor fixed or determinable payments.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Page 22
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Financial Instruments (Cont)
5) Financial liabilities
Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised
cost using the effective interest rate method.
Financial guarantees
Where material, financial guarantees issued, which requires the issuer to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due, are
recognised as a financial liabilty at fair value on initial recognition. The guarantee is subsequently measured
at the higher of the best estimate of the obligation and the amount initially recognised less, when appropriate,
cumulative amortisation in accordance with AASB 118 Revenue. When the entity gives guarantees in
exchange for a fee, revenue is recognised under AASB 118.
Employee Benefits
Provision is made for the company's liability for employee entitlements arising from services rendered
by employees to balance date. Long Service Leave is accrued in respect of employees with more than
5 years' service with the company. Employee entitlements together with entitlements arising from wages
and salaries, annual leave and sick leave have been measured at amounts expected to be paid when the
liabilities are settled plus related on-costs and have been allocated between current and non current
liabilities.
As the company has relatively few employees with service more than 5 years, the adoption of the basis
for long service is believed to produce a result which is not materially different from the present value
method prescribed by AASB 119: Employee Benefits.
Contributions are made by the company to an employee superannuation fund and are charged as expenses
when incurred.
Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, cash includes cash on hand and at call deposits with
banks of financial institutions, investments in money market instruments maturing within less than three
months from the date of acquisition and net of bank overdrafts.
Revenue
Revenue from sale of goods is recognised upon the delivery of goods to customers.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
Interest revenue is recognised on a time proportional basis taking into account the interest rates
applicable to the financial assets.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Page 23
NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue (Cont)
Subscription revenue is recognised on a time proportional basis over the period to which it relates. The
unearned revenue shown in the financial statements will be brought to account over the time period to
which it relates.
Other revenue is recognised when the right to receive the revenue has been established.
All revenue is stated net of the amount of goods and services tax (GST).
Comparative Figures
Where required by Accounting Standards comparative figures have been adjusted to conform with
changes in presentation for the current financial year.
Trade and Other Payables
These amounts represent liabilities for goods and services provided to the Club prior to the end of the
financial year and which are unpaid. These amounts are unsecured and are usually paid within 30 days
of recognition.
Income Tax
No provision has been made for income tax as the company is exempt under s 50-45 of the income tax
assessment act (1997), providing it continues as a sporting club predominantly encouraging and promoting
the sport of golf for recreation purposes. Accordingly tax effect accounting has not been adopted by the
company.
Critical Accounting Estimates and Judgements
The directors evaluate estimates and judgements incorporated into the financial report based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future
events and are based on current trends and economic data, obtained both externally and within the group.
Key Estimates - Impairment
The company assesses impairement at each reporting date by evaluating conditions specific to the company that
may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of the asset
is determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number
of key estimates.
Key Judgements - Provision for Impairment of Receivables
No provision for impairment of receivables has been made at the end of the financial year.
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
MASSEY PARK GOLF CLUB LIMITED
Page 24
Note 2013 2012
$ $
NOTE 2: REVENUE
Revenue from operating activities
- Membership Subscriptions 221,140 236,391
- Joining Fees 20,700 18,727
- Poker machine income 571,617 565,373
- Pro Shop Trading Income 378,902 397,532
- Hire of Equipment 144,862 129,558
- Golf Trading Income 46,002 38,200
- Bar & function sales 699,832 619,914
- Commissions Received 34,800 29,516
- Miscellaneous income 12,878 14,035
2,130,733 2,049,246
Revenue from outside the operating activities
- Interest revenue 12,510 17,986
- Profit/(Loss) from sale of non-current assets (5,234) 18,274
- Rental income - 3,545
7,276 39,805
Total Revenue 2,138,009 2,089,051
NOTE 3: PROFIT FROM ORDINARY ACTIVITIES
Profit (losses) from ordinary activities before income tax
expenses (income tax revenue) has been determined after:
(a) Expenses:
Borrowing costs:
-Banks - -
Total borrowing costs - -
Depreciation of non-current assets:
-Land & Buildings 52,913 51,631
-Plant & Equipment 172,081 152,899
Total Depreciation 224,994 204,530
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Page 25
Note 2013 2012
$ $
NOTE 3: PROFIT FROM ORDINARY ACTIVITIES
(continued)
Remuneration of the auditors for:
-audit services 9,250 8,900
Bar trading expenses 294,213 278,531
Depreciation & amortisation expense 224,994 204,530
Employee benefits expense 645,915 636,701
Poker Machine Expenses 30,265 31,077
Entertainment, marketing and promotional costs 163,561 144,133
Golfing & members expenses 137,030 126,790
Property & insurance expenses 233,643 227,717
Other expenses 408,338 405,020 Total 2,137,959 2,054,499
(b) Revenue and Net Gains:
Net gain on disposal of property, plant and equipment - 18,274
Key Performance Indicators % %
Bar
Gross profit percentage 58.10 55.66
Wages to sales percentage 37.41 38.22
Total wages - percentage of total revenue 30.21 30.47
EBITDA percentage (before gains and losses on disposal of
property, plant and equipment) 10.53 11.44
NOTE 4: TRADE AND OTHER RECEIVABLES
CURRENT
Trade receivables 17,067 12,336
17,067 12,336
NOTE 5: INVENTORIES
CURRENT
Stock - Bar 30,025 28,790
Stock - Pro Shop 41,810 46,460
71,835 75,250
A.B.N. 96 000 186 005
MASSEY PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Page 26
Note 2013 2012
$ $
NOTE 6: PROPERTY, PLANT AND EQUIPMENT
Leasehold Improvements
Clubhouse Improvements - at cost 1,100,476 1,100,476
less accumulated depreciation (497,746) (444,833)
Total Leasehold Improvements 602,730 655,643
Plant & Equipment
Plant & Equipment - at cost 1,646,617 1,560,212
less accumulated depreciation (1,017,776) (876,556)
Total Plant & Equipment 628,841 683,656
Total property, plant and equipment 1,231,571 1,339,299
(a) Movements in Carrying Amounts
Movement is the carrying amounts for each class of property, plant and equipment between the
beginning and the end of the current financial year.
Leasehold Improvements Plant and Equipment Total
$ $ $
2011
Balance at the 655,643 683,656 1,339,299 beginning of the year
Additions - 111,400 111,400
Disposals and assetswritten off - 5,866 5,866
Depreciation expense (52,913) (172,081) (224,994)
Carrying amount at 602,730 628,841 1,231,571 end of year
MASSEY PARK GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
A.B.N. 96 000 186 005
FOR THE YEAR ENDED 30 JUNE 2013
Page 27
Note 2013 2012
$ $
NOTE 7: TRADE AND OTHER PAYABLES
CURRENT
Trade payables and accrued expenses 102,321 230,738
Revenue received in advance 114,830 84,067
217,151 314,805
NOTE 8: PROVISIONS
CURRENT
Employment benefits 123,635 126,105
NON-CURRENT
Employment benefits - -
(a) Aggregate employee benefits liability 123,635 126,105
NOTE 9: FINANCIAL LIABILITIES
CURRENT
Lease Poker Machines 22,804 56,617
NON CURRENT
Lease Poker Machines - 23,095
TOTAL 22,804 79,712
NOTE 10: MEMBERS FUNDS
Retained earnings at the beginning of the financial year 1,177,284 1,142,732
Net profit/(loss) attributable to members of the entity 50 34,552
Retained earnings at the end of the financial year 1,177,334 1,177,284
NOTE 11: EVENTS SUBSEQUENT TO REPORTING DATE
From 30 June 2013 to the date of this report, there has been no subsequent event that would have a material
effect on the financial position of the company except as disclosed in these financial statements.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Page 28
Note 2013 2012
$ $
NOTE 12: KEY MANAGEMENT PERSONNEL DISCLOSURES
The following were key management personnel of the Company at any time during the reporting period,
and unless otherwise indicated were directors for the entire period:
Non-executive directors Executive
G Ryan A Rosillo
D Bishop J Stapelfeldt
L Keenan D Mitchell
A Smith
G Malouf
W Hobbs
B Morrison
S Toland
D Sandquest
D Smith
Transactions with key management personnel
No remuneration was paid or is payable by the company to any directors of Massey Park Golf Club Limited.
The Club purchased on normal commercial terms laminated glass provided by a business owned by
a director, Mr Brett Morrison amounting to $435.
- Unless otherwise stated, transactions with related parties are on normal commercial terms and conditions
no more favourable than those available to other parties.
- There were no other transactions with any of the directors during the year.
Lauren Rosillo was employed as casual office staff. Earnings for the year amounted to $4,092.
The key management personnel compensations included in "Employee Benefits Expense" as follows:
Short-term employee benefits 261,177 265,058
Other long term benefits 3,079 4,015
264,256 269,073
Apart from the details disclosed in this note, no director has entered into a material contract with the
Company or the Company since the end of the previous financial year and there were no material
contracts involving directors' interests existing at year-end.
From time to time, directors of the Company, or their director-related entities, may purchase goods from
the company. These purchases are on the same terms and conditions as those entered into by other
Company employees or customers and are trivial or domestic in nature.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
FOR THE YEAR ENDED 30 JUNE 2013
NOTES TO THE FINANCIAL STATEMENTS
Page 29
Note 2013 2012
$ $
NOTE 13: CASH FLOW INFORMATION
(a) Reconciliation of cash
Cash at the end of the financial year as shown in the
Cash Flow Statement is reconciled to the related items in
the Balance Sheet as follows:
Cash on hand 45,000 45,000
At call deposits with financial institutions 344,533 395,103
389,533 440,103
(b) Reconciliation of cash flow from operations with profit
from ordinary activities after income tax
Profit from ordinary activities after income tax 50 34,552
Non-cash flows in profit from ordinary activities
Depreciation 224,994 202,746
Net (gain) / loss on disposal of property, plant and equipment (13,366) 2,510
Changes in assets and liabilities
(Increase)/decrease in trade and other receivables (4,731) 3,533
(Increase)/decrease in inventories 3,415 (842)
Increase/(decrease) in trade and other payables (97,654) 90,294
Increase/(decrease) in provisions (2,470) 7,593
Cash flow from operations 110,238 340,386
FOR THE YEAR ENDED 30 JUNE 2013
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
Page 30
NOTE 14: MEMBERS' GUARANTEE
The company is limited by guarantee. If the company is wound up, the Constitution states that each
member is required to contribute a maximum of $2 each towards meeting any outstanding obligations of
the company.
NOTE 15: COMPANY DETAILS
The registered office of the company is:
Massey Park Golf Club Limited
Ian Parade
Concord
NSW Australia
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013
Page 31
The directors of the company declare that:
1. The financial statements and notes, as set out on pages 16 to 31 are in accordance with the
Corporations Act 2001.
(a) comply with Australian Accounting Standards; and
(b) give a true and fair view of the financial position as at 30 June 2013 and of the performance
for the financial year ended on that date of the company.
2. In the directors' opinion there are reasonable grounds to believe that the company will be able
to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
G Ryan A Smith
Director Director
Date: 13th September 2013
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
DIRECTORS' DECLARATION
Page 32
Report on the Financial Report
We have audited the accompanying financial report of Massy Park Golf Club Limited, which comprises the
statement of financial position as at 30 June 2013, and the statement of profit or loss and other comprehensive
income and the changes in equity and statement od cash flows for the year ended on that date, a summary of
significant accounting policies and other explanatory notes and the directors' declaration of the company.
Directors' Responsibility for the Financial Report.
The directors of the company are responsible for the preparation and fair presentation of the financial report in
accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the
Corporations Act 2001, and for such internal control as the Directors determine is necessary to enable the
preparation of the financial report that is free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our
audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply
with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain
reasonable assurance whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial report. The procedures selected depend on the auditor's judgment, including the assessment
of the risks of material misstatement of the financial report, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the financial report in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation
of the financial report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Independence
In conducting our Audit, we have compiled with the independence requirements of the Corporations Act 2001.
Auditor's Opinion
In our opinion:
the financial report of Massey Park Golf Club Limited is in accordance with the Corporations
Act 2001 including:
i. giving a true and fair view of the company's financial position as at 30 June 2013 and
performance for the year ended on that date; and
ii. complying with Australian Accounting Standards (including Australian Accounting
Interpretations) and the Corporations Regulations 2001.
BRYAN RUSH & CO
D. R. Conroy
154 Elizabeth Street, Sydney NSW 2000 Date: 13th September 2013
TO THE MEMBERS OF MASSEY PARK GOLF CLUB LIMITED
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
INDEPENDENT AUDITOR'S REPORT
Page 33
Core and Non Core Property
Section 41J of the Registered Clubs Act 1976 requires the club to disclose its core and non-core
property as defined in the annual report. The Club's core property comprises the defined Leasehold
Improvements and clubhouse facilities situated at Ian Parade, Concord, NSW. The Club owns no
non-core property.
MASSEY PARK GOLF CLUB LIMITED
A.B.N. 96 000 186 005
Page 34