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Annual Report 2013-2014
Financial Report for the Year Ended 31 August 2014
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
NOTE 11: MEMBERS’ FUNDS 2014 2013
$ $
Accumulated funds at the beginning of the period
Total comprehensive profit/(loss) attributable to member 5,326,777 5,196,944
Accumulated funds at the end of the period 25,626 129,833
5,352,403 5,326,777
NOTE 12: LEASING COMMITMENTS 2014 2013
$ $
Operating Lease Commitments
Non-cancellable operating leases contracted for 36,998 37,863
but not capitalised in the financial statements 83,381 27,674
Payable – minimum lease payments: 120,379 65,537
– not later than 12 months
– between 12 months and five years
The lease is mainly on the motorised carts for golf operations and allows for subletting to
members and guests. Capital Finance Australia Limited holds a charge over those
motorised carts under the leasing arrangement. .
NOTE 13: CONTINGENT LIABILITIES AND COMMITMENTS
There were no contingent liabilities or commitment as at 31 August 2014 (2013: Nil).
NOTE 14: EVENTS AFTER THE REPORTING PERIOD
There were no matters of circumstances have arisen since 31 August 2014 that has
significantly affected or may significantly affect the operation, results of the operations or
state of affairs of the Club.
NOTE 15: FINANCIAL RISK MANAGEMENT
The association’s financial instruments consist mainly of deposits with banks, accounts
receivable and payable, and leases.
The totals for each category of financial instruments, measured in accordance with AASB
139 as detailed in the accounting policies to these financial statements, are as follows:
Note 2014 2013
$ $
Financial assets
Cash and cash equivalents 5 412,839 682,095
Loans and receivables 6 184,205 235,377
Total financial assets 597,044 917,472
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Financial Report for the Year Ended 31 August 2014
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
NOTE 11: MEMBERS’ FUNDS 2014 2013
$ $
Accumulated funds at the beginning of the period
Total comprehensive profit/(loss) attributable to member 5,326,777 5,196,944
Accumulated funds at the end of the period 25,626 129,833
5,352,403 5,326,777
NOTE 12: LEASING COMMITMENTS 2014 2013
$ $
Operating Lease Commitments
Non-cancellable operating leases contracted for 36,998 37,863
but not capitalised in the financial statements 83,381 27,674
Payable – minimum lease payments: 120,379 65,537
– not later than 12 months
– between 12 months and five years
The lease is mainly on the motorised carts for golf operations and allows for subletting to
members and guests. Capital Finance Australia Limited holds a charge over those
motorised carts under the leasing arrangement. .
NOTE 13: CONTINGENT LIABILITIES AND COMMITMENTS
There were no contingent liabilities or commitment as at 31 August 2014 (2013: Nil).
NOTE 14: EVENTS AFTER THE REPORTING PERIOD
There were no matters of circumstances have arisen since 31 August 2014 that has
significantly affected or may significantly affect the operation, results of the operations or
state of affairs of the Club.
NOTE 15: FINANCIAL RISK MANAGEMENT
The association’s financial instruments consist mainly of deposits with banks, accounts
receivable and payable, and leases.
The totals for each category of financial instruments, measured in accordance with AASB
139 as detailed in the accounting policies to these financial statements, are as follows:
Note 2014 2013
$ $
Financial assets
Cash and cash equivalents 5 412,839 682,095
Loans and receivables 6 184,205 235,377
Total financial assets 597,044 917,472
6_0700 Page 14 of 22
