annual report 2014 - Tattersall`s Club

Transcription

A N N UA L R E P O RT 2 0 1 4
2015 SIGNAT U R E EV EN TS
Sky Racing Tattersall’s Tiara at the Tattersall’s Tiara Race Day, Saturday 21 June 2014
In 2015, Tattersall’s celebrates 150 years of racing, friendship and history. The Club will host an exciting program of
signature events to mark the occasion including:
• President’s Gala Dinner with the Queensland Pops Orchestra, Saturday 28 March
• 11th Annual Black Tie Boxing Evening, Friday 10 April
• Tattersall’s Art Tour to Stanthorpe, Saturday 23 and Sunday 24 May
• Members’ Week, Tuesday 9 until Saturday 13 June
• Members’ Sesquicentennial Mid Year Ball, Saturday 13 June
• Tattersall's Club Tiara Race Day, celebrating 150 years of the Tattersall's Cup, at the Gold Coast Turf Club,
Saturday 20 June
• 26th Tattersall’s Club Landscape Art Prize, Monday 31 August until Friday 4 September
• Opera in the Park, Sunday 11 October
• Melbourne Cup Luncheon, Tuesday 3 November
Further information regarding the above celebrations can be found on the Club website
www.tattersallsclub.com.au.
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Ta t t e r s a l l ’ s C l u b A n n u a l R e p o r t 2 0 1 4
2015 EVENTS CALENDAR
FEBRUARY
Tuesday 24
What is ‘Club 200’?
Thursday 26
Black Tie Boxing Evening Tickets - Country Release
Saturday 28
Tattersall’s Race Day
MARCH Monday 2Black Tie Boxing Evening Tickets General Release
Saturday 7Tattersall’s Corporate Suite at
Queensland Reds
Thursday 12
Pere Labat Rhum Degustation Dinner
Saturday 14Tattersall’s Corporate Suite at
Queensland Reds
Sunday 15
Sunday Carvery
Tuesday 17Tattersall’s Club AGM
St Patrick’s Day
Saturday 28President’s Gala Dinner with the
Queensland Pops Orchestra
APRIL
Friday 3
Good Friday
Monday 6
Easter Monday
Friday 10
11th Black Tie Boxing Evening
Wednesday 15
Mother and Daughter High Tea
Saturday 18
Seasonal Degustation Dinner
Tuesday 21
New Members’ Evening
Friday 24
Anzac Day Luncheon
Saturday 25
Anzac Day - Post Service Breakfast
at Tattersall’s Club
MAY
Tuesday 5
An Evening With Event
Sunday 10Mother’s Day Breakfast
Mother’s Day Lunch
Wednesday 13Torbreck Winemakers Dinner with
Greg McGill
Saturday 23Tattersall’s Regional Art Tour of
Stanthorpe
Sunday 24Tattersall’s Regional Art Tour of
Stanthorpe
Sunday Carvery
Wednesday 27
State of Origin Game 1
JUNE
Friday 5
Stradbroke Handicap Calcutta Dinner
Saturday 6Festa della Repubblica Italian
Degustation
Monday 8
Queen’s Birthday Public Holiday
Tuesday 9
Members’ Week
Wednesday 10
Members’ Week
Thursday 11
Members’ Week
Friday 12
Members’ Week
Saturday 13Members’ Week - Members’
Sesquicentennial Mid Year Ball
Wednesday 17
Saturday 20Tattersall’s Club Tiara Race Day
(Gold Coast Turf Club)
JULY
Tuesday 7
Sportsman’s Grill Night
Wednesday 8
Tuesday 14Bastille Day Flavours of France
Degustation
Sunday 19
Sunday Carvery
Friday 24Christmas in July Dinner Dance
Wine Trip to Hunter Valley through
Tattersall’s Cellar
Saturday 25Wine Trip to Hunter Valley through
Sunday 26Wine Trip to Hunter Valley through
AUGUST
Tuesday 4Members’ Dining Room 76th Birthday
Friday 7
Town and Country Drinks
Wednesday 12Royal Queensland Show Public Holiday
(Brisbane Area Only)
Wednesday 19
Senior Members’ Luncheon
Thursday 20
Mollydooker Winemakers Dinner
Monday 31Art Prize Week
Senior Members’ Voting Morning Tea
SEPTEMBER
Tuesday 1Art Prize Week
Art Prize High Tea
Wednesday 2Art Prize Week
Art Prize Cocktail Party and Awards
Evening
Thursday 3
Art Prize Week
Art Prize Winners’ Breakfast
Friday 4
Art Prize Week
Tattersall’s Ladies Charity Luncheon
Tattersall’s Sponsors Luncheon
Jazz in the Art
Sunday 6
Father’s Day Carvery Luncheon
Thursday 10Soumah Winemakers Dinner with Brett
Butcher
Tuesday 15
Tattersall’s Racing Club AGM
Tuesday 22
OCTOBER
Sunday 4
Champagne Wine Dinner
Monday 5
Labour Day Public Holiday
Sunday 11
Opera in the Park
Tuesday 13
New Members’ Evening
Thursday 15
Fiesta Nacional de Espana
Degustation Dinner
Tuesday 20
Father and Daughter Dinner
NOVEMBER
Monday 2
Tuesday 3
Thursday 10
Tuesday 17
Friday 27
DECEMBER
Tuesday 1
Friday 4
Friday 11
Wednesday 16
Friday 18
Friday 25
Melbourne Cup Calcutta Dinner
Melbourne Cup Luncheon
‘Club 200’ Exclusive Event
Christmas Dinner Dance
President’s Shout
Christmas Day Luncheon
Members are advised the event dates provided in the above calendar are subject to change. For the latest information
visit www.tattersallsclub.com.au.
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OFFICE BEARERS
Mr Des Whybird
President
Mr Allan Paterson
Mr Michael Cassidy
Vice President
Mr Rick Sivyer
Mr Stuart
Waddington
Treasurer
Mr Michael Alcorn
Mr Stuart Fraser
Mr Ernie Ward
Mr Scott McAlpine
Mr Michael
Paramor AM
Mr Dale St George
Chief Executive
he following are the Sub-Committees of the general Committee. The President and Vice President
T
are ex officio Members of each.
EXECUTIVE/REMUNERATION
PROPERTY
FINANCE
Mr Des Whybird (Chairman), Mr Michael Cassidy, Mr Stuart Waddington
Mr Allan Paterson (Chairman), Mr Michael Paramor AM, Mr Michael Alcorn
Mr Stuart Waddington (Chairman), Mr Stuart Fraser, Mr Rick Sivyer
HOUSE, MEMBERSHIP AND
COMMUNICATIONS
Mr Michael Paramor AM (Chairman), Mr Ernie Ward, Mr Scott McAlpine
HERITAGE
Mr Michael Cassidy (Chairman), Mr Michael Alcorn, Mr Rick Sivyer
RACING
RULES
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Mr Scott McAlpine (Chairman), Mr Des Whybird, Mr Stuart Fraser, Mr Ernie Ward
Mr Des Whybird (Chairman), Mr Michael Cassidy, Mr Stuart Waddington
BUSINESS
Notice of Annual General Meeting
The Annual General Meeting of Members will be held in the Club premises, 215 Queen Street
Brisbane, at 5.30pm on Tuesday 17 March 2015.
Business:
1. To receive the Annual Report, Statement of Financial Position, Statement of Comprehensive
Income, Statement of Changes in Equity, Statement of Cash Flows and Auditors Report for the
year ended 31 December 2014.
2. Pursuant to Rule 13, elect as President, Mr D.R. Whybird for 2015/2016.
3. Pursuant to Rule 13, elect as Vice President, Mr M.F. Cassidy for 2015/2016.
4. Pursuant to Rule 13, elect as Committeemen Mr M.G. Alcorn, Mr M.F Paramor AM,
Mr A.N. Paterson and Mr R.J. Sivyer.
5. Pursuant to Rule 53, elect Messrs Grant Thornton Audit Pty Ltd as Auditor for 2015/2016.
6. General Business
Admission to the Annual General Meeting is by Membership Card. Only Financial Members may
attend.
By order of the Committee.
Dale St George
Chief Executive
19 February 2015
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PRESIDENT’S REPORT
As our Club enters an historic year
to celebrate 150 years of racing,
friendship and history, we are
approaching the midpoint of our
2012 – 2017 Strategic Plan, and it is
pleasing to report on the significant
progress of the past year.
Membership
Our Membership has responded very positively to the
quarterly incentive draws over the past two years, and we
are confident of achieving our target Membership Cap
of 5,200 in the first quarter of 2015. Accordingly, we have
announced that our Membership will be closed as of
Tuesday 31 March 2015.
We will thus re-establish the waiting list to join Tattersall’s
Club, which will be actively managed to retain our
Membership Cap, with reviews each six months to admit
new Members. This is a milestone achievement of which
all Members can be justifiably proud, and it reflects the
enduring traditions of our Club and the fine facilities
which are on offer.
Recognition and thanks are due to the House and
Membership Sub-Committee, chaired by Michael
Paramor, for their efforts to achieve this objective.
Member Services
The successful delivery of services to our Members
is dependent on our extremely dedicated staff, who
welcome us and make us feel “at home”. Our Chief
Executive, Dale St George, joined us in late September
last year, and, with his impressive career in the hospitality
industry, has soon shown his dedication to further
improving the Club Member experience. Initiatives
underway include:
•Staff development with a focus on service to
Members;
•The implementation of the recommendations from
the Food and Beverage Review including a substantial
upgrade to our kitchen;
•The establishment of regional chapters for our
Country Members with Cairns and Rockhampton
underway; and
•Further engagement with our wide range of
Subsidiary Clubs to support their activities, and we
acknowledge the efforts and hard work of all the
Subsidiary Club Committees.
Financial Sustainability
The Club’s operations have performed reasonably in a
somewhat challenging year, noting there are several areas
where performance can be improved. With the assistance
of revenue from our Arcade, and other tenancies, and the
continuing low interest rate environment, the Club has
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generated a profit of $1,328,059 (including a $226,384
non-cash adjustment).
This outcome is essential to meet our obligations for
loan repayments and capital expenditure to preserve
our Club’s heritage and the facilities enjoyed by our
Members:
•The Club’s total debt has been reduced by $1,360,413
during 2014, and now stands at $16.1 million ($15.3
million bank loan and $780,000 related party loan
with Tattersall’s Racing Club) and
•Capital expenditure total of $824,590 has enabled
us to carry out the essential replacement of the air
conditioning plant, the steam room and other
critical works.
Year on year, the cash position for the Club has decreased
by a net $14,887. The detailed financial statements
are included in this report. Our new Treasurer, Stuart
Waddington, is to be thanked for his efforts since joining
the Committee, together with our Financial Controller,
David Vojinov.
Property
Our Heritage premises, as well as the new component
constructed in the 1990s, which are absolutely world
class, require significant ongoing maintenance and
capital expenditure. Repairs and maintenance amounted
to $513,143 for the year. Significant works during 2014
included:
•Switchboard upgrade in both the Healy Room, and
Accommodation on Level 4;
•Chiller replacement on Level 4;
•Completion of the second air-conditioning unit,
servicing Doree and Vodafone;
•The carpet replacement on the North Balcony,
Committee Room, stairs leading down to the
Members’ Bar, Administration and O’Duffy Library;
•Full kitchen upgrade;
•Duct cleaning of air-conditioning units in the
Members’ Bar, Administration, O’Duffy Library,
Healy Room and Function Centre;
•Lighting upgrades in Concierge;
•Repairs to credenzas in Accommodation (project
ongoing);
•Curtain cleaning;
•Vinyl repairs in the main kitchen;
•Painting in Concierge, Level 1 and 2 lift foyers and
Function Centre corridors;
•Refurbishment of 18 floor and 38 bedside lamps in
Accommodation;
•
Timberwork around Club revitalised;
•Concierge desk installation including phone, power
and data connection upgrades;
•Internal office moves completed with
Accommodation and Reception now located at
Concierge;
•Painting related to storm damage was conducted
including the Health Centre and pool, North
Balcony, Billiards Room, West Balcony, Members’
Dining Room and both the Edward and Queen Street
awnings;
•Marble floor strip and polish in Concierge, Level 1
and Level 2, including lifts;
•Carpet cleaning completed throughout the Club; and
•General cleaning of Club including mirrors, glass,
brass, timberwork and minor paint works.
The Arcade has seen significant changes in 2014, most
noticeably being the establishment of Marchetti Cafe
which graces the central portion of the Arcade and has
received much favourable comment.
The tireless efforts of our long serving Property SubCommittee Chair, Allan Paterson, are commendable, and
the Club is extremely well served by our Property and
Facilities Manager, David Nott.
Community Engagement
Tattersall’s Club is a notable landmark in the heart of
the City of Brisbane, and we take pride as a community
spirited organisation in presenting our premises in the
finest condition possible. In particular, Club Members are
rightfully proud of our heritage listed premises, which are
open to the public each year for escorted tours during
Brisbane Open House.
Many of our Subsidiary Clubs have selected their own
charities which are well supported each year, including
our Bowlers, Cricketers and Golfers. Our Subsidiary
Clubs conduct many events at community club facilities
across our region, which provides valuable support
to those other organisations including thoroughbred
racing Clubs. It was particularly pleasing this year to
see 20 Members raise $1,000 at the inaugural lunch of
our Cairns Chapter, and we acknowledge Club Member
Marshall Betzel for this initiative.
Many of the Club events held during the year
incorporate fundraising, and below is a list of some of the
organisations which have benefitted from the generosity
of our Club Members:
•Youngcare;
Epliepsy Queensland; and
•
St Vincent’s Hospital Brisbane.
Our support to the arts community through the
Tattersall’s Club Landscape Art Prize over 25 years, as well
as other organisations, is endorsed by our Members. We
recognise our role in the greater community, and whilst
we exist primarily for the support of our Members, we
understand our obligations to provide support to others.
Sponsors
Tattersall’s has strong relationships with its sponsors and
appreciates their loyalty and generosity. The Committee
wishes to recognise the support of Sky Racing, Carlton
and United Breweries, Centenary Classic Mercedes-Benz,
Singapore Airlines, Hardy Brothers Jewellers, Travel
Associates, ALH Group, Southbank Insurance Brokers,
IPG Connect, Black and White Cabs and Parnell Partners
Group Australia. Their contributions enrich our Member
life at the Club and I encourage you to support the above
businesses where possible.
Subsidiary Clubs
The Sub Clubs are integral to Tattersall’s Club, and
provide a wide range of activities for Members to relax
and enjoy each others company. As mentioned previously,
the Committee sees fit to provide ongoing support to
the Sub Clubs, and in return, the Sub Clubs are able
to support the many initiatives and events held by
Tattersall’s Club.
Congratulations are due to all the hardworking Members
of the various Sub Club Committees. In particular, the
reports by each Sub Club are recommended reading for
all Club Members.
Highlights of 2014
Last year was another very successful year for the
Club, and whilst it is difficult to choose from the many
achievements, the following events resounded:
•Black Tie Boxing maintains its popularity, and the
Committee has endeavoured to ensure more Club
Members can attend this event in 2015;
•Our racing calendar was well supported, with Club
Members in particular enjoying the facilities at
Doomben Racecourse;
•The 25th Tattersall’s Club Landscape Art Prize, won
by 2014 Archibald Prize winner Fiona Lowry, along
with the inaugural art tour to Sydney and the Blue
Mountains;
•The Tattersall’s Golf Tour to Cairns and Port Douglas,
helping to launch the Cairns Chapter;
•
Hear and Say;
•
Gallipoli Medical Research Foundation;
•
Lord Mayor’s Community Trust;
•
Mayor of Cairns Christmas Appeal;
•Movember;
•
•A strong year of Sportsman’s Grill Nights featuring
Max Walker, Gordon Bray and Mark Ella;
•The 75th anniversary of our magnificent Art Deco
Members’ Dining Room in August 2014;
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•The establishment of the Tattersall’s Shooters Club,
through the efforts of Club Member, Liam O’Brien;
(circa 30 per cent) from our Arcade tenancy rentals. Few
other Clubs can rely on such support.
•The Melbourne Cup Calcutta and the superb
celebrations within the Club on Melbourne Cup Day;
Particularly in this time of low interest rates, it is
important that we continue to reduce our debt, and 2015
looks likely to see even further declines in interest rates
before they pick up again in 2016 and beyond. From the
bank loan amount of $27.8 million in 1997 (when the
new section of Tattersall’s was completed), our current
bank loan balance now stands at approximately $15.3
million. We remain on track to decrease our level of debt
to a forecasted amount of $3.15 million by April 2020.
•The establishment of our Heritage Volunteers group,
and the amazing work done by this team of Club
Members, with particular thanks to Vice President,
Michael Cassidy, and Club Member, Michael O’Shea;
and
•The launch of Tattersall’s new Club website and
first Member portal, providing Members with the
opportunity to view finances and update details
from home.
Outlook for 2015
Our Chief Executive, Dale St George, has developed a
detailed Business Plan for 2015, which has been approved
by the Committee. This includes a very special calendar
of events with some gala occasions to celebrate the 150th
anniversary of the first Tattersall’s Cup, held in 1865.
With the Membership Cap in place, it is vital that the
Club remains relevant to the times and continues to
attract new Members who will continue our traditions
of friendship and maintain our long association with
thoroughbred racing.
As indicated previously in the past year, a review and
update of our Rules has commenced. The spirit of the
current Rules will be sustained, with the aim being to
modernise the Rules format and provide greater clarity.
A program of extensive consultation and Member
engagement will be announced in due course.
We thank all Club Members for their continued support,
and look forward enthusiastically to celebrating in
accordance with our motto – Amicitia Vita Est.
Des Whybird
President
Treasurer’s Report
Club Members will be very pleased
to hear that the Club’s 2014 trading
and financial performance was
again strong, despite ongoing
challenges presented by the
prevailing economy.
The Club made an operating profit
of $1,328,059 (including a non-cash
amount of $226,384) on turnover
of $14 million. This enabled the Club to strengthen its
balance sheet by reducing its debts and paying for a
program of maintaining/improving our most precious
physical asset – our iconic Heritage listed building. We
can be thankful for the strong contribution to revenue
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It is noted that the $780,000 related party loan with
Tattersall’s Racing Club is being repaid at the rate of
$50,000 p.a as per the agreement.
This strategy, and the decisions made by your Committee
and management team, will assure the ongoing strength
of our Club to deliver benefits to Members and our
community. We will also, where appropriate, be in a
strong position to consider new opportunities as they
might arise.
COMPARISON OF MAJOR REVENUE STREAMS
REVENUE
2014
2013
% CHANGE
FOOD AND BEVERAGE
4,602,891
4,780,535
-3.72%
MEMBERSHIP
SUBSCRIPTIONS
2,672,726
2,647,415
0.96%
PROPERTY
4,388,365
4,117,622
6.58%
ACCOMMODATION
636,553
637,553
-0.16%
HEALTH CENTRE
294,494
296,985
-0.84%
65,251
132,501
-50.75%
12,660,280
12,612,611
0.38%
OTHER
TOTAL REVENUE
Tattersall’s 150th celebrations year gives cause to reflect
on the fiscal responsibility that has been passed on from
Committee to Committee and Treasurer to Treasurer.
The visionary and courageous decisions taken by the
Committeemen in the 1990’s has enabled Tattersall’s to
grow into its current fortunate position. It is viewed with
some envy by most other Clubs and should certainly be
viewed with pride by our Members.
Thanks and acknowledgment are made to our Chief
Executive, Dale St George, and our Financial Controller,
David Vojinov, as we remain on track in delivering value
to Club Members and continue our strong financial
performance.
Stuart Waddington
Treasurer
Membership
Membership at the end of 2014 was 5,092.
Membership by Various Categories:
Ordinary Members
2,013
Country Members
689
Long Term Members
538
Senior Members
334
Senior Members 2006+
489
Elder Members
331
Interstate Members
125
Overseas Members
289
Life Members
17
Bookmaking Members
5
Suspended Members
149
Corporate Members
1
Honorary Members
106
Junior Members
6
Total
5,092
The Club congratulates the following gentlemen who will become Senior Members in 2015:
Mr Myles R Ashby
Mr Peter G Forrest
Mr Ian D McLeod
Mr James P Barbeler
Dr John G Fraser
Mr Donald N Mobbs
Mr Dennis W Beitz
Mr Ewan D Gardam
Mr John R Morris
Mr John N Bridle
Mr John G Gardiner
Mr Andrew J Muir OAM
Mr Phillip W Browning
Mr Leo T Harris
Mr Donald Neill
Dr John M Campbell AM KSJ
Mr Bruce M Hatcher
Mr A David Ogilvie
Mr David H Christy
Mr K Paul Heenan
Mr Ian R Revie
His Hon Mr Wayne L Cochrane
Mr John A Hourigan
Mr Trevor J Rowlinson
Mr Peter R Crommelin
Dr Michael J Kennedy
Mr Neil G Sanders
Mr John K De Groot
Dr Ronald V Kerr
Mr Noel J Saunders
Mr K John Down
Mr Kenneth R Laffey
Mr Michael E Sexton
Mr Terence M Drapes
Dr Michael W Lanigan
Mr Peter F Sharp
Mr David J Matthews
Dr William Layton
Mr Arthur J Watt
The Club congratulates the following Members who received honours and awards in 2014:
The Honourable Justice Robert W Gotterson AO
Dr Peter T Myers AM
Dr Stewart F Routledge AO
Mr Geoffrey W Pie AM
Mr Robert W Kelly AM
Mr Richard W Magnus OAM
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TATTERSALL’S SUBSIDIARY
CLUB’S REPORTS
TATTERSALL’S BACKSEATERS
CRICKET CLUB
2014 Office Bearers
President
Tim Woolley
Tattersall’s Backseaters Cricket Club has enjoyed another
active year in 2014.
Games Director
Michael Needham
The highlight was the traditional game against the
Queensland Schoolboys U 13 XI, an annual game that
dates back to the Ray Lindwall era of the 1950’s. A 20:20
game was played at Souths Cricket Grounds where
Tattersall’s bowled first and chased 107 to win in the 19th
over, retaining the Joe Raymond Trophy. The schoolboys
were presented with their Queensland caps during the
innings break and were provided with funding to assist
their participation in their upcoming interstate carnival.
Treasurer
Wayne Duncan
Secretary
Mitch Acres
Handicapper
Leo Thomsen
Committee
Ray Garske, Robert Day and
Joe Frendo
The annual internal game “Captains XI “ vs “Presidents
XI” was a 35:35 game played in March at Brisbane Boys
College. The short boundaries brought up many 4’s and
6’s making for a competitive run chase of 220 resulting in
a narrow win to the “Presidents XI”.
Tattersall’s Backseaters once again prevailed in the
Gold Coast Masters and also won a close match against
Brookfield United at their local oval.
The Backseaters Club has an exciting schedule of matches
scheduled in 2015 and looks forward to welcoming the
participation of existing and new Members.
Andrew Deane
President
TATTERSALL’S BILLIARDS AND
SNOOKER CLUB
Tattersall’s Billiards and Snooker Club has experienced
another good year, starting with a successful tour to Hong
Kong.
The annual QBSA league series saw Tattersall’s reach the
finals play off in the Grade C division. The Snooker Club
was also triumphant in the annual Tri-Club series against
the Queensland Club and Brisbane Club.
In 2015, the Snooker Club will to travel to Singapore and
Bangkok, with the possible addition of Hong Kong for
the International Rugby Sevens.
The Snooker Club appreciates the ongoing support from
Tattersall’s Club, in particular staff member Malcolm
Bramley, and looks forward to another great year under
the leadership of new President, Michael Needham.
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2014 Trophy Winners
Club Snooker Champion
Winner – Jim Wicks
Runner-up – Ernie Ward
Snooker Championship “B”
Winner – Eric Oxenford
Runner-up –
Warwick Oxenford
Snooker Singles Handicap
Winner – Mitch Acres
Runner-up –
Michael Needham
Snooker Pairs Handicap
Winners – Robert Gauld
and Ross McTaggart
Runner-up –
Geoff Dixon and
Wayne Duncan
Billiards Handicap
Winner – Lance Baker
Runner-up – Jim Wicks
Tim Woolley
President
TATTERSALL’S BOWLS CLUB
Tattersall’s Bowls Club extends its thanks to the ongoing
contributions from its Committee, and in particular,
Craig Francis (Secretary) and Brian Bennetts (Selector
and Publicity Officer) for their ongoing commitment to
the Club.
During 2014, the Club welcomed new Member Will
Charlton and saw the departure of Bernie Carroll from the
Committee. Tattersall’s Bowls remembers Robin Just and
Life Members Ted Mannion and Keith (Nappy) Arnold.
The annual Australian Turf Bowls Carnival, hosted
by Victorian Tattersall’s Bowls Club, saw Brisbane
represented by 18 male and 10 female bowlers despite the
unfortunate wash out of the match. The 2015 carnival is
scheduled for Sunday 12 until Thursday 16 April
in Bendigo.
On Thursday 11 September, the Bowls Club held its
Annual Charity Day at St. Lucia Bowls Club, resulting in
a profit of $4,189, and the Club presented $2,000 to each
of its nominated charities – St. Vincent’s Hospital (Mt.
Olivet Hospital) and Montrose Access. Tattersall’s Bowls
would like to thank St. Lucia Bowls Club, its President
and Members who supported the day, and also the
sponsors for their generous donations.
The final of the Meiklejohn Pairs, at St. Lucia Bowls Club,
saw Wayne Homan and Michael Dymnycz claim victory
over runners-up Garry Ryan and Brian Bennetts.
Tattersall’s Bowls capped off the year with the annual
Christmas Lunch at Tattersall’s Club in November.
Thank you to Carolyn Arkinstall and Judy Watts who
assisted the Club during 2014, along with Cheryn Lomas
and Brian Bennetts.
And finally, thank you to the Members and partners who
have supported the Club’s away games. Tattersall’s Bowls
looks forward to seeing existing and new supporters
participating in the 2015 events calendar.
President
Ern Wood
Games Director
Brian Bennetts
Committee
Craig Francis, Ken Leitch and
Dean Merlo
Ern Wood
President
thank Michael Needham, Tim Woolley, Ray Garske and
Rob Day for facilitating the tournaments.
In August, the Colts Club ventured out to Belmont for a
successful day under the guidance of the more seasoned
Shooting Club Members.
The Colts Committee has developed an events calendar
for 2015 that builds upon the successful events of the first
year of operations. The major event on the Colts calendar
for 2015 will be the first inaugural Colts Charity Ball in
November, providing the Colts with an ideal opportunity
to share their Club with friends and family whilst raising
money for charitable causes.
The Colts AGM will be held in April and a new
Committee will be elected.
The Colts Committee for 2014 was:
President
Michael Zivcic
Vice President
Mark Heiser
Secretary
Ivan Orola
Treasurer
Michael Ayres
Committee
Sam Purcell, Luke Sherwin and
Drew Sherwin
Michael Zivcic
President
TATTERSALL’S GOLF CLUB
TATTERSALL’S COLTS CLUB
In 2014, Tattersall’s saw the revival of a younger Members
interest group, known as the ‘Colts’ Club. The purpose
of Colts is to provide a forum for younger Members
to engage with each other, as well as Tattersall’s Club
more broadly, through a range of activities which are of
particular interest to younger gentlemen. At the end of
2014, Colts had 88 registered Members.
The re-introduction of a breakfast series proved popular
with speakers including Comet Ridge Chief Executive
Officer Tor McCaul, Bruce Heiser of Heiser Gallery, Mr
Wyatt Roy MP, The Honourable Bob Katter MP and Lord
Mayor Graham Quirk.
The Colts Club engaged in a diamonds masterclass with
Karl Schwantes, Tattersall’s Member and the Managing
Director of Xennox Diamonds and held the inaugural
Colts Cellarmaster tasting night alongside facilitator and
Tattersall’s Cellarmaster, Stacy Holmes. Colts give a special
thank you to Mathew Carter and Stacy Holmes for sharing
their wine knowledge and facilitating the evening.
The Colts held two snooker tournaments during 2014
at the Club. Special mention must go to Tom Percy and
Nick Dwyer who respectively won the first and second
Colts snooker tournaments. The Colts would also like to
Tattersall’s Golf Club extends its thanks to its Members
and guests for their ongoing support in 2014. Again
the friendship and success of Tattersall’s Golf Club was
expressed in the increased numbers participating in
the 25 games played on 21 South East Queensland golf
courses. The Golf Club thanks the Members and staff of
these courses in allowing us to enjoy their facilities and
hospitality.
The year saw the introduction of the computerised golf
link scoring system, placing the Club on the same level as
most Member Golf Clubs. Special thanks needs to go to
‘Club Man of the Year’, Dennis Roel, for the many hours
spent implementing the scoring system and Peter Symons
for his three years as Club Captain.
The Committee for 2015 is:
President
Barry Aaskov
Captain
Peter Hyland
Vice Captain
Ross Anderson
Hon. Secretary
Michael Cassidy
Committee
Eric Oxenford, Robert Gauld and
Michael Dunn
Life Members
Leo Thomsen and Eric Oxenford
11
The sponsorship of golf days in 2014 was outstanding with
great trophy support from individual Members. A special
thank you to the major sponsors including:
The year 2015 is expected to be even bigger than the
last with 25 games scheduled plus a special trip to Middle
Ridge Golf Club in Toowoomba.
• Centenary Classic Mercedes-Benz (Ernie Ward)
The Golf Club welcomes Members and friends with GA
handicaps to all of our games throughout the year to
enjoy the competitive friendship of Tattersall’s Golf Club
• Reliable Printing (Dennis Roel)
• Tony Barlow Menswear (Derek Barlow)
• Golf World (Dennis Brosnan)
• McFarlane Jewellers (Ian McFarlane)
• Robert’s Menswear (Robert Gauld)
• Brisbane Bulk Meats (Ray Nalder)
• National Australia Bank (David Brett)
The numbers for the AGM, Presentation and Awards
Dinner on Wednesday 3 December were strong and all
enjoyed a fine night.
Tattersall’s Golf enjoyed over 60 winners of single and
4BBB competitions throughout the year, many of these
being held for the first time. Trophy winners for 2014
were:
Barry Aaskov
President
TATTERSALL’S MOTORCYCLE CLUB
A big thank you to TMC and TOMC’s Committee for
their continued support and enthusiasm.
The year 2014 has been a very positive year in
respect to the retention and growth of the Club’s
Membership along with social activities in and outside
of Tattersall’s Club.
TMC exists and grows through Members who share a rich
passion for motorcycles and motorsport and facilitates a
platform to enable Members to enjoy their passion as an
extension of their commitment to Tattersall’s Club.
President’s Cup 2014
Paul McLaughlin and Jack
Andersen
Woodrow Cup
Geoff Mallan
Jim Watson Memorial
Trophy
Pat Dixon and Paul Bennett
Tattersall’s (Gilbey) Cup
Jim Vernon
Memorial Day Trophy
Ray Nalder
Mug of Mugs
David Brett
The Claimers Cup
Peter Hyland and Michael
Dunn
Bob Templeton Shield
Chris Mansfield and Jack
Andersen
Robert’s Menswear (best net
36 holes Club Champ)
David Brett
TMC Members contribute an annual fee that funds the
annual TMC embroidered polo shirt, TMC branded
leather key ring, and certain social outings. Independent
business sponsorship and involvement in TMC also provides
Members with purchasing discounts across many fronts.
Best Single Stableford Player
Ray Nalder
As a Sub Club, TMC enjoys an ongoing transparent
relationship with Tattersall’s Club on all matters.
Port Douglas Trophy
Jack Andersen
The Oscar
Ray Nalder
A Grade Champion
Warwick Oxenford (14th
Year)
B Grade Champion
Jack Andersen
C Grade Champion
John Conroy
The annual trip to Port Douglas was a great success and
the Golf Club looks forward to retuning in 2015.
The first Tattersall’s Golf Club and North Queensland
Club challenge was held over two separate weekends in
Brisbane and Townsville and all involved are looking
forward to participating again in 2015.
12
TMC prides itself on value adding to Tattersall’s
Club with an ethical, professional, and well balanced
profile. Introducing new Members to Tattersall’s Club
through our extensive guest and affiliate lists remains
a key priority.
In 2015 TMC will celebrate eight years strong and see
the invitation to be involved in business and community
continually increasing.
TMC would like to sincerely thank the Tattersall’s
Committee for their ongoing suppor. Also a special
thanks once again to all the team at Tattersall’s for
providing exemplary service and attention to detail.
It is pleasing to see our Sub Clubs offering unique
interests and benefits to all Members, further
strengthening our Tattersall’s Club as Australia’s Premier
Private Club.
Edward Profke
President
TATTERSALL’S RACQUETEERS CLUB
TATTERSALL’S ROWING CLUB
Milestones abounded the Racqueteers in 2014 including
45 years of existence and 21 years of Presidency plus
personal milestones for Members including Reg
Kempnich’s 80th birthday and Frank Walters 90th
birthday, ensuring him as the Club’s most grown up
Member. Tattersall’s Racqueteers remembers Graeme
Maher and Lennie Goeldner.
Tattersall’s Rowing Club extends its sincere thanks to
Club Captain, Bill Bridgeford, Treasurer, Peter Schmidt,
and Committee Members, Kim Forrest-Winchester, Greg
Clarke and Katherine Lambros for their contributions
to the organisation and direction of the Club’s activities
in 2014. An enormous debt of gratitude is also owed to
Rebecca Webber and Sophie Palin of Doboy Cold Stores,
whose effective management of the Club’s administration
must be applauded.
This year has been one of consolidation, with healthy
Thursday attendances throughout the year. This level of
support has also carried over to the monthly lunches, and
other social functions including Christmas in July and the
annual Trophy Night dinner.
Darby Munro and erstwhile Racqueteer John Rogers
deserve a big thank you for their organisation of two
successful Friday lunches. Don Griffin has fulfilled the
promise and capitalised on the rapid development in his
game by taking out the Ron Hambleton Singles.
Rick Rylands has held over the Regis Cup Open Singles
Championship since 2009.
The Peter Geraghty Memorial Doubles Championship
produced the most memorable final in the Club’s history,
with Jon Hogan and Warren Porter securing the win.
Another Life Member, Brad Grinstead, was the worthy
recipient of the Norm Katter crystal racquet trophy for
the Member best exemplifying the Racqueteers spirit on
and off the court.
In the hope that they will have learned their lessons and
will perform better next year, the existing Committee
Members have had their sentences extended for a further
year.
The Committee is:
President
Adrian Symons
Secretary
Bob Gardner
Treasurer
Ron Woodhouse
Court Captain Kos Psaltis
The Racqueteers meet every Thursday afternoon from
1.30pm at Morningside Tennis Centre and welcome all
Tattersall’s Members to come down for a hit.
Adrian Symons
President
Once again, the Rowing Club finished the year in the
black, with a modest balance showing in the Club’s
bank account.
The number of regular rowers peaked at 27 in 2014.
The Learn to Row Program is a vital aspect of any
Rowing Club’s endeavours and the Rowing Club will
continue to negotiate and ensure the availability of
equipment for participants.
Building on the successes of 2013, rowers embarked on
a very full regatta program for 2014. The racing season
with the Pine Rivers Regatta, featuring events for Single
Scull, Double Scull and Pairs, only. The Brisbane and
GPS Regatta followed. The Queensland Masters’ Regatta
was then held in early April in Rockhampton and was
followed by a small contingent of rowers heading down
to country Victoria to compete in the Australian Masters’
Regatta, at Ballarat. The 2014 Brisbane Winter Racing
Series commenced in May and concluded in June.
Special thanks must be extended to Bill O’Chee,
Katherine Lambros and Kathy Phillips for giving their
time and sharing their many years of rowing experience
with others in the Club, throughout the year. The Rowing
Club is very fortunate, indeed to have had access to
coaches of their calibre working to develop the skills of
our Members.
Tattersall’s Rowing expresses its thanks to all those
who proudly wore the Tattersall’s Zootie in 2014. The
enthusiasm and support shown by the Committee
of Tattersall’s Club Brisbane for the endeavours of
the Rowing Sub Club, throughout 2014 must also be
acknowledged.
David O’Brien
President
13
TATTERSALL’S SHOOTERS CLUB
Tattersall’s Shooters’ inaugural year as a Sub Club has
been nothing short of a resounding success.
For the calendar year 2014 the Club can report the following:
• 116 registered Sub Club Members;
•Over 130 entries into range registers in Brisbane gun
Clubs;
•Just under 40 enrolments in weapons safety courses;
and
• In excess of 1,700 rounds of spent ammunition.
In 2014 the Shooters conducted seven events of various
shooting disciplines, which have provided an opportunity
for shooters of all skill levels to safely participate and
enjoy a quality, safe time with friends and family. The
Sub Club Committee was buoyed by the presence of
many families at the events. The year concluded with a
presentation evening and dinner held at Tattersall’s Club
where the Shooters hosted Members of the Queensland
Military Rifle Club Committee.
The trophies and winners of the Annual Shoot are as
follows:
Thank you to all Club Members who have supported
us this year, in particular the Tattersall’s Shooters Club
Committee of Michael Vail, Conor O’Brien, Carl Hilton
and Mark Luxford.
Tattersall’s Shooters urges all Members with even a vague
interest in learning about firearms in a safe environment
to get involved. The Club has enjoyed 100 per cent
satisfaction and 2015 will be even more enjoyable.
See you at the Club or on the range.
Liam R. O’Brien
President
TATTERSALL’S WALKERS CLUB
Tattersall’s Walkers has had a successful fifth year as a
Sub Club and its seventh year of walking. The number
of interested Members keeps growing with 44 Members
and 34 Associates registered. During the year the group
walked every Saturday with two walks planned on some
days resulting in 62 walks. There has been an average of
19 walkers per weekend during the season and 15 per
walk throughout the year. The walkers comprised of 78
interested walkers incuding Club Members, their partners
and guests. The Honeyeater and Slaughter Falls Tracks
at Mt Coot-tha have remained the regular venue on
Saturday mornings with coffee at the café.
The Michael and Loretta Vail
Perpetual Trophy for Best
Aggregate Target Pistol
Michael Vail Best Male Target
Pistol – Michael Vail
Ladies Target Pistol
Debbie Robinson
The O’Brien Family
Perpetual Trophy
Best Male Target Rifle –
Rod Andersen
Best Ladies Target Rifle –
Kristen Robinson
The Honourable R. C (Bob)
Katter Snr. Memorial Trophy
for Best Male Clay Pigeon
Shooter
Pending shoot-off between
Conor O’Brien and Peter
Finch
President’s Perpetual Plate
for Best Aggregate Male
Shooter
Peter Finch
Club Man of the Year
For the Member who best
expressed the values of
friendship, safety and
commitment
John Monteath
The year concluded with a walk along the Moreton Bay
foreshore. This was followed by a picnic in the park.
While this was the end of year event, those available kept
walking at Mt Coot-tha during the festive season.
Encouragement Award
John O’Reilly
Plans are well under way for another year of walking every
Saturday somewhere in South East Queensland in 2015
including, after the success of the Dorrigo weekend, more
trips to destinations in Queensland and New South Wales.
Looking forward to what will be achieved in 2015 is very
exciting. A very special event on Sunday 24 May at “Talgai”
Homestead, Allora has already been confirmed and thanks
must go to the generosity of the Nioa family for assisting the
Club’s efforts to take Tattersall’s to the country.
14
The total distance covered in 2014 was over 500 kilometres.
The year opened with a second successful series of
evening walks along the riverside walkway. During the
year the group returned to some former walks and
explored some new opportunities including venues along
South East Queensland’s creeks and trails in State Forests,
Conservation Parks, National Parks and in Brisbane
and Ipswich City. There were four weekend trips away
to Girraween, Caloundra, Stradbroke Island and a long
weekend venture further afield in Northern New South
Wales to Dorrigo National Park.
Alan Ernst
President
TATTERSALL’S WINE CLUB
Tattersall’s Wine Club celebrated its 25th anniversary
in September and continues to offer its Members the
enjoyment of food and wine, happy fellowship and
exposure to a wide variety of wines and winemakers. The
Wine Club currently has over 300 Members.
During 2014 Wine Club Members enjoyed functions
that included wine from Witches Falls, Hentley Farm,
Leconfield, Sevenhill Cellars, The Lane Vineyard and
events such as the yearly AGM, Black Tie Dinner, a
luncheon at Eve’s on the River and an intimate gathering
with Geoff Merrill.
Last year the Wine Club acquired temperature controlled
cabinets in which to store the Club’s wine.
During the year, Wine Club activities have been handled
by an enthusiastic Committee who have all made
generous contributions of their time, including President
Ian McLeod, Vice President Peter Dittmer, Secretary
James Noble, Treasurer John Woodhouse, Cellarmaster
Chris Elliott, Committee Members Lou Carter, Hal Davis,
Mark Hogan, John Rowell and Geoff Veal.
Tattersall’s Wine Club encourages Club Members to
consider joining the Wine Club and look forward to
seeing you at the next event.
Ian McLeod
President
15
COMMITTEE MEETINGS
There were 12 Ordinary monthly meetings and one additional meeting held during 2014. Mr RJ Lette resigned from the
Committee with effect 25 March 2014 and Mr DR Whybird and Mr MF Cassidy were elected President and Vice President
respectively. Mr SJ Waddington was elected to the Committee under the Rules of Tattersall’s Club.
Attendances at these meetings were as follows:
Meeting
Committee Member
Attendances
President
(until 2014 AGM)
Mr RJ Lette
3
President
(elected 2014 AGM)
Mr DR Whybird
12
(Leave of Absence 1 meeting)
Vice President
(until 2014 AGM)
Vice President
(elected 2014 AGM)
Mr MF Cassidy
Honorary Treasurer
(until 2014 AGM)
Mr SDJ Fraser
11
(Leave of Absence 2 meetings)
7
Committee
(post 2014 AGM)
Honorary Treasurer
(elected 2014 AGM)
Mr SJ Waddington
8
Committee
Mr MG Alcorn
13
Mr SC McAlpine
13
Mr MF Paramor AM
12
Mr AN Paterson
11
Mr RJ Sivyer
12
Mr EH Ward
13
It is noted that on most occasions when Committeemen could not physically attend a meeting and were granted Leave of
Absence, those Committeemen did connect by telephone to the meeting.
16
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2014
Note
ASSETS
20142013
$$
CURRENT ASSETS
Cash and cash equivalents
19a
3,210,128 3,225,015
Trade and other receivables
6
685,805 780,972
Inventories
8
387,402 317,004
Other assets
9
607,955 610,188
TOTAL CURRENT ASSETS
4,891,290 4,933,179
NON CURRENT ASSETS
Other assets
9
566,994 307,789
Property, plant and equipment
10
44,798,832 44,675,635
Intangible assets
11
111,555 77,959
TOTAL NON CURRENT ASSETS
45,477,381 45,061,383
TOTAL ASSETS
50,368,671 49,994,562
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
12
1,406,897 1,076,422
Short term borrowings
13
1,572,129 1,521,677
Short term provisions
14
578,769 526,251
Other current liabilities
15
1,467,976 1,451,240
TOTAL CURRENT LIABILITIES
5,025,771 4,575,590
NON CURRENT LIABILITIES
Long term borrowings
13
14,506,312 15,917,177
Long term provisions
14
143,016 136,282
TOTAL NON CURRENT LIABILITIES
14,649,328 16,053,459
TOTAL LIABILITIES
19,675,099 20,629,049
NET ASSETS
30,693,572 29,365,513
MEMBERS’ FUNDS
Retained earnings
30,693,572 29,365,513
TOTAL MEMBERS’ FUNDS
30,693,572 29,365,513
The accompanying notes form part of these financial statements
17
STATEMENT OF COMPREHENSIVE INCOME
Note
20142013
$$
Sales revenue
2a
5,533,938 5,715,073
Cost of sales
3a
5,306,765 5,366,999
Club gross profit
227,173 348,074
Other income
2b
7,126,341 6,897,538
7,353,514 7,245,612
Marketing expenses
595,640 459,494
Occupancy expenses
485,530 495,339
Administrative and other expenses
4,098,841 4,142,739
Finance costs
3b
845,444 998,045
6,025,455 6,095,617
Profit/(loss) before income tax expense
1,328,059 1,149,995
Income tax expense/(benefit)
5
-
Profit/(loss) after income tax expense
1,328,059 1,149,995
Other comprehensive income
-
Total comprehensive income attributable to Members
1,328,059 1,149,995
STATEMENT OF CHANGES IN EQUITY
Retained
EarningsTotal
$$
Balance 1 January 2013
28,215,518 28,215,518
Total comprehensive income for the year
1,149,995 1,149,995
Balance 31 December 2013
29,365,513 29,365,513
Total comprehensive income for the year
1,328,059 1,328,059
Balance 31 December 2014
30,693,572
30,693,572
18
STATEMENT OF CASH FLOWS
Note
20142013
$$
CASH FLOW FROM OPERATING ACTIVITIES
Receipts from Members, Guests and Tenants
13,989,056 15,118,710
Payments to suppliers and employees
(10,934,045)
(12,296,742)
Interest received
130 440
Finance costs
(845,444)
(998,045)
Net Cash provided by / (used in) Operating Activities
19b
2,209,697 1,824,363
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(824,590)
(316,621)
Purchase of intangible assets
(39,580)
(12,118)
Net Cash provided by / (used in) Investing Activities
(864,170)
(328,739)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of borrowings
(1,360,414)
(1,346,365)
Net Cash provided by / (used in) Financing Activities
(1,360,414)
(1,346,365)
Net increase / (decrease) in cash held
(14,887)
149,259
Cash and cash equivalents at the beginning of the financial year
3,225,015 3,075,756
Cash and cash equivalents at the end of the financial year
19a
3,210,128 3,225,015
19
NOTES TO THE FINANCIAL STATEMENTS
1. S
UMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Tattersall’s Club is a not-for-profit entity run for the
benefit of its Members.
The financial report is a general purpose financial
report that has been prepared in accordance with
Accounting Standards, including Australian Accounting
Interpretations and other authoritative pronouncements
of the Australian Accounting Standards Board.
The financial report is presented in Australian Dollars,
which is also the functional currency of the Club.
The financial report complies with all Australian
equivalents to International Financial Reporting
Standards (IFRS).
The Club has applied the relief available to it under
ASIC Class Order 98/100 and accordingly, amounts in
the financial statements and annual report, have been
rounded off to the nearest dollar.
The following is a summary of the material accounting
policies adopted in the preparation of the financial
report. The accounting policies have been consistently
applied unless otherwise stated.
Basis of Preparation
The financial report has been prepared on an accruals
basis and is based on historical costs. The fair value basis
of accounting has been applied to selected assets and
liabilities where applicable.
(a) Income Tax
Tax effect accounting principles have been adopted,
whereby income tax expense has been calculated on
pre-tax accounting profits after adjustments for nonassessable or disallowed items. The tax effect of timing
differences, which occur when items are included or
allowed for income tax purposes in a period different to
that for accounting, have not been taken to account as
their realisation is not considered to be more likely than
not.
The mutuality principal provides that where the principal
aim of a Club is to provide and improve the facilities to
its Members, any revenues or expenses generated as a
result of transactions with members are excluded from
the Club’s assessable income or allowable deductions for
income tax purposes.
(b) Trade Receivables
Trade receivables, which generally have 30 to 90
day terms, are recognised initially at fair value and
subsequently measured at amortised cost using the
effective interest method, less an allowance for any
uncollectable amounts.
Collectability of trade receivables is reviewed on an
ongoing basis. An allowance for doubtful debts is made
when there is objective evidence that the full amount is
no longer probable of being collected. Bad debts are
written off when identified.
20
(c) Trade and Other Payables
Trade and other payables are unsecured and carried at
amortised cost. They represent liabilities for goods and
services provided to the Club prior to the end of the
financial year that are unpaid and arise when the Club
becomes obliged to make future payments in respect of
the purchase of these goods and services.
(d) Inventories
Inventories are measured at the lower of cost and net
realisable value. Costs are assigned to inventory on hand
and valued on an average cost basis.
(e) Property, Plant and Equipment
Property, plant and equipment are brought to account
at cost, less, where applicable, any accumulated
depreciation and impairment losses. The carrying
amount of property, plant and equipment is reviewed
annually by the Committee to ensure it is not in excess
of the recoverable amount from these assets. The
recoverable amount of the Club’s property is assessed by
reference to current depreciated replacement cost.
Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits
associated with the item will flow to the Club and the
cost of the item can be measured reliably. All other
repairs and maintenance are charged to the statement
of comprehensive income during the financial period in
which they are incurred.
The gain or loss on disposal of all fixed assets is
determined as the difference between the carrying
amount of the asset at the time of disposal and the
proceeds of disposal, and is included in operating profit
before income tax.
The assets’ residual values and useful lives are reviewed,
and adjusted if appropriate, at each balance sheet
date.
An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Depreciation
The depreciable amount of all fixed assets including
buildings, but excluding freehold land and paintings
and antiques (which have appreciated over time), is
depreciated over their useful lives on a straight-line basis
commencing from the time the asset is held ready for
use.
The depreciation rates used for each class of depreciable
assets are:
Class of Asset
Depreciation Rate
Buildings
2%
Paintings & Antiques 0%
Plant & Equipment
10% - 33%
1. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (cont’d)
(f) Intangible Assets
Intangible assets are initially recognised at cost and
are subsequently measured at cost less amortisation
and any impairment. The gains or losses recognised
in profit or loss arising from derecognition of an
intangible asset is measured as the difference between
net disposal proceeds and the carrying amount of the
intangible asset. The method and useful lives of finite
life intangibles are reviewed annually. Changes in the
expected pattern of consumption or useful life are
accounted for prospectively by changing the amortisation
method or period.
Software
Significant costs associated with software are capitalised
and amortised on a straight-line basis over the period
of their expected benefit, being their finite life of 10
years.
(g) Employee Benefits
Provision is made for the Club’s liability for employee
benefits arising from services rendered by employees at
balance date. Employee benefits expected to be settled
within one year have been measured at the amounts
expected to be paid plus related on-costs. Employee
benefits payable later than one year have been measured
at the present value of the expected future cash outflows
to be made for those benefits.
(h) Cash and Cash Equivalents
Cash comprises cash on hand and demand deposits.
Cash equivalents are short term, highly liquid
investments that are readily convertible to known
amounts of cash and which are subject to an insignificant
risk of changes in value.
Bank overdrafts are shown within short-term borrowings
in current liabilities on the statement of financial
position.
(i) Revenue
Revenue from the sale of goods is recognised upon
the delivery of goods to customers. Revenue from the
rendering of services is recognised on delivery of the
service to the customer.
Interest revenue is recognised on a proportional basis
taking into account the interest rates applicable to the
financial asset.
Membership subscription revenue and Health Centre
membership revenue are recognised on a proportional
basis over the subscription period.
Property income is recognised on a straight line basis
over the life of the lease, taking into account annual
increases as well as any rent free period.
All revenue is stated net of the amount of goods and
services tax (GST).
(j) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the
amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Taxation Office.
In these circumstances the GST is recognised as part of
the cost of acquisition of the asset or as a part of an item
of expense. Receivables and payables in the statement of
financial position are shown inclusive of GST.
Cash flows are presented in the statement of cash flows
on a gross basis, except for the GST component of
investing and financing activities, which are disclosed as
operating cash flows.
(k) Impairment of Assets
At each reporting date the Club reviews the carrying
values of its assets to determine whether there is any
indication that those assets have been impaired. If such
an indication exists, the recoverable amount of the asset,
being the higher of the asset’s fair value less costs to
sell and value in use, is compared to the asset’s carrying
value. Any excess of the asset’s carrying value over its
recoverable amount is expensed to the statement of
comprehensive income.
Where it is not possible to estimate the recoverable
amount of an individual asset, the Club estimates the
recoverable amount of the cash generating unit to which
the asset belongs.
(l) Provisions
Provisions are recognised when the Club has a legal or
constructive obligation, as a result of past events, for
which it is probable that an outflow of economic benefits
will result and that outflow can be reliably measured. (m) Leases
Leases of fixed assets where substantially all the risks and
benefits incidental to the ownership of the asset, but not
the legal ownership that are transferred to entities in the
economic entity are classified as finance leases.
Finance leases are capitalised by recording an asset and
a liability at the lower of the amounts equal to the fair
value of the leased property or the present value of the
minimum lease payments, including any guaranteed
residual values. Lease payments are allocated between
the reduction of the lease liability and the lease interest
expense for the period.
Finance leased assets are depreciated on a straight-line
basis over their estimated useful lives where it is likely
that the economic entity will obtain ownership of the
asset or over the term of the lease.
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.
Lease incentives granted to tenants under operating
leases are recognised and amortised on a straight-line
basis over the life of the lease term.
21
1. S
UMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (cont’d)
(n) Finance Costs
Finance costs relate to the loans obtained for the
expansion of the Club. Refer to Note 21 Financial
Instruments for further details.
Finance costs are recognised in the statement of
comprehensive income in the period in which they are
incurred.
(o) Financial Instruments
Recognition
Financial instruments are initially measured at cost on
trade date, which includes transaction costs, when the
related contractual rights or obligations exist. Subsequent
to initial recognition these instruments are measured as
set out below.
Financial Assets
Financial Assets include cash and cash equivalents and
trade receivables. Trade receivables are non-derivative
financial instruments that are not quoted in an active
market. They are stated at cost less provision for doubtful
debts.
Financial Liabilities
Non-derivative financial liabilities are recognised at cost,
comprising original debt less principal payments.
by evaluating conditions specific to the Club 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
The Club assesses impairment at each reporting date
by evaluating conditions specific to the Club that
may lead to impairment of receivables. The level of
provision is assessed by taking into account the recent
sales experience, the ageing of receivables, historical
collection rates and specific knowledge of the individual
debtors’ financial position.
(r) Segment Reporting
A business segment is a distinguishable component of the
Club that is engaged in providing products or services
that are subject to risks and returns that are different
to those of other business segments. A geographical
segment is a distinguishable component of the Club that
is engaged in providing products or services within a
particular economic environment and is subject to risks
and returns that are different than those of segments
operating in other economic environments.
Fair Value
The carrying value of financial assets and financial
liabilities approximates fair value. Refer to Note 21(c).
Impairment
At each reporting date, the Club assesses whether there
is objective evidence that a financial instrument has
been impaired. In the case of available-for-sale financial
instruments, a prolonged decline in the value of the
instrument is considered to determine whether an
impairment has arisen. Impairment losses are recognised
in the statement of comprehensive income.
(p) Comparative Figures
When required by Accounting Standards, comparative
figures have been adjusted to conform to changes in
presentation for the current financial year.
(q) Critical Estimates and Judgements
The Committee evaluates estimates and judgements
incorporated into the financial report based on historical
knowledge and best available information. Estimates
assume a reasonable expectation to future events and
are based on current trends and economic data obtained
both externally and within the Club.
Key estimates - Impairment
The Club assesses impairment at each reporting date
22
2. REVENUE
Note
20142013
$$
(a) Sales revenue
- Cellar and Wine Room
193,020 158,249
- Bar and catering
4,409,871 4,622,286
- Accommodation
636,553 637,553
- Health Centre
294,494 296,985
5,533,938 5,715,073
(b) Other income
- Members’ subscriptions
2,548,921 2,524,188
- Members’ entrance fees
123,805 123,227
- Property income
4,388,365 4,117,622
- Interest received
130 440
- Race club administration charge
18
65,120 108,840
- Donation gym equipment -
24,641
- Gain/(Loss) on disposal of fixed assets
-
(1,420)
7,126,341 6,897,538
12,660,279 12,612,611
3. PROFIT FROM ORDINARY ACTIVITIES
(a) Cost of sales
- Cellar and Wine Room
282,314 239,746
- Bar and catering
4,510,120 4,603,081
- Accommodation
209,770 226,616
- Health Centre
304,561 297,556
5,306,765 5,366,999
(b) Expenses
Finance costs
- Related parties
18
78,488 83,363
- External parties
766,956 914,682
845,444 998,045
Amortisation and depreciation expense
- Buildings
10a
546,443 524,534
- Plant and equipment
10a
154,950 112,591
- Intangible assets
11a
5,984 16,171
707,377 653,296
Bad and doubtful debts expense
29,003 24,000
Rental expense on operating leases
54,261 42,937
Employee benefits expense *
- Short term employee benefits
4,333,094 4,275,147
- Post employment benefits
394,099 387,275
- Long term employee benefits
58,896 52,717
4,786,089 4,715,139
*On the statement of comprehensive income, employee benefits expense is split according to its nature between cost of
sales, occupancy expenses, marketing expenses and administration expenses.
23
4. SEGMENT REPORTING
Primary Reporting — Business Segments
Food & Beverage
Membership Subs
Property
Accommodation
Health Centre
Other
Total
201420132014 20132014 20132014 201320142013 2014201320142013
$$$ $$ $$ $$$ $$$$
REVENUE
External sales
4,602,891
4,780,535
2,672,726
2,647,415
4,388,365
4,117,622636,553 637,553294,494296,985 65,251132,501
12,660,280
12,612,611
RESULT
Segment result
(204,475) (78,195)2,672,726 2,647,4154,074,220 3,556,746 426,783 410,937 (10,067) (571)
-
-6,959,1876,536,332
Unallocated expenses net
of unallocated revenue
--- -- -- ---
(5,631,128)
(5,386,337)
(5,631,128)
(5,386,337)
Operating profit
1,328,059
1,149,995
Tax-- Net profit
1,328,059
1,149,995
OTHER INFORMATION
Assets
Segment assets
419,038
342,511- -- -- -
3,204
3,443 --
422,242
345,954
Unallocated assets
--- -- -- ---
49,946,429
49,648,608
49,946,429
49,648,608
Total assets
50,368,671
49,994,562
Liabilities
Segment liabilities
8,105
6,2051,093,712 989,393 346,900 330,010
-
- 11,868 116,164
-
-1,460,5851,441,772
Unallocated liabilities
-
-
-
-
-
-
-
-
-
- 18,214,514 19,187,277 18,214,514 19,187,277
Total liabilities
19,675,099
20,629,049
OTHER
Depreciation and amortisation
of
amorti
14,931
15,903
-
-
-
-
-
-
-
-
692,446 637,393 707,377 653,296
segment assets
Capital expenditure
-
-
-
-
-
-
-
-
-
-
824,590
316,621
824,590
316,621
Significant other non-cash segment expenses
-
-
-
-
-
-
-
-
-
-
(818)
(3,040)
(818)
(3,040)
(a) Business and Geographical Segments
(i) Business Segments
The Club operates the following business segments:
Food & Beverage
This segment includes all food and beverage operations throughout the Club, including the Members’ Dining Room,
Members’ Bar, Healy Room, Cellar and Wine Room and Functions.
Membership Subscriptions
This segment incorporates the income derived from Membership subscriptions and entrance fees.
Property
This segment incorporates the tenancy operations in the Tattersall’s Arcade.
Accommodation
This segment incorporates the four star short-term accommodation rooms.
Health Centre
This segment incorporates the gymnasium and pool facilities.
Other
This is the residual segment incorporating all other aspects of the Club’s operations which cannot be classified into the
above mentioned segments.
(ii) Geographical Segments
Tattersall’s Club operates in one geographical segment, being Brisbane, Queensland, Australia.
24
20142013
$$
5. INCOME TAX
The prima facie income tax expense on pre-tax accounting income reconciles to the income tax expense in the accounts
as follows:
Profit / (loss) before income tax expense
1,328,059 1,149,995
Prima facie tax payable on profit before income tax expense at 30% (2013:30%)
398,417 344,999
Under /(Over) provision in respect of prior years
(8,984)
89,688
Add:
Tax effect of:
i) timing differences including mutuality adjustments
(142,541)
(58,700)
ii) benefit of prior period tax losses not brought to account and other items
(246,892)
(375,987)
Income tax expense attributable to profit / (loss)
-
The benefit of tax losses not brought to account at 30%
2,225,780 2,472,672
6. TRADE AND OTHER RECEIVABLES
Trade and other receivables (a)
783,861 864,290
Less provision for impairment of receivables
(98,056)
(89,343)
685,805 774,947
Receivable from related party
-
6,025
685,805 780,972
(a) Trade receivable aged balances at year end are as follows
Current
404,952 510,156
30 Day
184,166 167,078
60 Day
21,825 16,382
90+ Day
57,707 72,488
add back Prepaid debtor account balances held for future consumption
668,650 115,211 766,104
98,186
783,861 864,290
7. LEASE RECEIVABLES
Receivable - minimum operating lease receipts
Not later than 12 months
4,215,009 3,617,003
Between 12 months and five years
9,931,850 9,001,381
Greater than five years
1,030,100 1,554,600
15,176,959 14,172,984
The Club derives income from leases with tenants of the Tattersall’s Arcade. The tenancy terms are for periods between
three and 12 years. Lease rentals are generally subject to annual reviews based on movements in market rates, movements
in CPI or fixed increases. A number of leases have options for additional rental periods of between three and five years.
Further detailed information regarding individual leases has not been provided due to commercial confidentiality.
inventories
25
Note
20142013
$$
8. INVENTORIES
Food inventories
37,198 42,627
Beverage inventories
334,220 257,339
Other inventories
15,984 17,038
387,402 317,004
Inventories recognised as an expense for the year ended 31 December 2014 totalled $1,227,435 (2013: $1,212,907).
This expense has been included in the cost of sales line item in the Statement of Comprehensive Income.
Inventory write-downs recognised as an expense totalled $28,228 (2013: $21,820).
9. OTHER ASSETS
Current
Prepayments
598,060 567,472
Accrued income
9,895 42,716
607,955 610,188
Non Current
Accrued income - Investment Properties
566,994 307,789
566,994 307,789
10. PROPERTY, PLANT & EQUIPMENT
Freehold land
At cost
23,138,870 23,138,870
Total Land
23,138,870 23,138,870
Buildings
At cost
29,214,610 29,185,015
Accumulated depreciation
(9,299,838)
(8,753,395)
Total Buildings
19,914,772 20,431,620
Total Land & Buildings
43,053,642 43,570,490
Plant and Equipment
At cost
3,148,781 3,067,737
(2,216,891)
(2,427,088)
Total Plant and Equipment
931,890 640,649
Paintings and Antiques
At cost
479,496 464,496
Work in Progress
At cost
333,804 TOTAL PROPERTY, PLANT & EQUIPMENT
26
44,798,832 44,675,635
10. PROPERTY, PLANT & EQUIPMENT (cont.)
a) Movements In Carrying Amounts
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and end of the
current financial year:
Freehold Land
Buildings
Paintings and
Paintings and
Work in
Total
Equipment
Antiques
Progress
2014:
$
$
$
$
$
$
Balance at the
beginning of the year
23,138,870
20,431,620
640,649
464,496
-
44,675,635
Additions
-
29,595
446,191
15,000
333,804
824,590
Disposals
-
-
-
-
-
Revaluation
increments/
(decrements)
-
-
-
-
-
-
Depreciation expense
-
(546,443)
(154,950)
-
-
(701,393)
Carrying amount at the
23,138,870
19,914,772
931,890
479,496
333,804
44,798,832
end of the year
Movement in the carrying amounts for each class of property, plant and equipment for the year ended 31 December 2013:
Freehold Land
Buildings
Paintings and
Equipment
2013:
Paintings and
Antiques
Work in
Progress
Total
$
$
$
$
$
$
23,138,870
20,760,612
623,941
449,495
-
44,972,918
Additions
-
195,542
130,719
15,001
-
341,262
Disposals
-
-
(1,420)
-
-
(1,420)
Revaluation
increments/
(decrements)
-
-
-
-
-
-
-
(524,534)
(112,591)
-
-
(637,125)
Balance at the
beginning of the year
Carrying amount at the
23,138,870
20,431,620
640,649
464,496
44,675,635
end of the year
b) Property, plant and equipment pledged as security for liabilities
Freehold land with a carrying amount of $23,138,870 (2013: $23,138,870) and buildings with a carrying amount of
$19,914,772 (2013: $20,431,620) are subject to a first charge as disclosed in Note 13b.
Note
20142013
$$
11. INTANGIBLE ASSETS
Computer Software
At cost
135,513 95,933
(23,958)
(17,974)
TOTAL INTANGIBLE ASSETS
111,555 77,959
a) Movements In Carrying Amounts
Movement in the carrying amounts for each class of intangible assets between the beginning and end of the current
financial year:
27
11. TANGIBLE ASSETS (cont.)
Computer Software$
Balance at the beginning of the year
77,959
Additions
39,580
Disposals
Revaluation increments/(decrements)
(5,984)
Carrying amount at the end of the year
111,555
Note
20142013
$$
12. TRADE AND OTHER PAYABLES
CURRENT
Trade payables (a)
1,198,571 500,989
Goods and services tax
24,684 320,963
Other payables and accruals (b)
168,255 254,470
Payable to related party
15,387 1,406,897 1,076,422
(a) Trade payables are non-interest bearing and are normally settled on 30 day terms. (b) Other payables are non trade payables and non-interest bearing.
13. BORROWINGS
CURRENT
Secured liabilities:
Bank loan
21b
1,522,129 1,471,677
Unsecured liabilities:
Loans from related parties
21b
50,000 50,000
1,572,129 1,521,677
NON CURRENT
Secured liabilities:
Bank loan - Fixed
21b
8,161,264 8,000,000
Bank loan - Floating
21b
5,615,048 7,137,177
13,776,312 15,137,177
Unsecured liabilities:
Loans from related parties
21b
730,000 780,000
14,506,312 15,917,177
(a) The total of current and non-current secured liabilities
Bank loan
15,298,441 16,608,854
(b) The carrying amounts of non-current assets pledged as security are:
First Mortgage - Freehold land and buildings.
10
43,053,642 43,570,490
(c) The carrying amount of the Club’s current and non-current borrowings approximate their fair value.
28
Note20142013
$$
14. PROVISIONS
CURRENT
Loyalty points
88,113 88,931
Fringe Benefits Tax
(4,363)
(2,181)
Employee entitlements:
Annual leave
302,962 275,976
Long service leave
192,057 163,525
578,769 526,251
NON CURRENT
Employee entitlements:
Long service leave
143,016 136,282
Aggregate employee entitlements liability
638,035 575,783
Number of employees at year end
120 122
Loyalty Points Employee Entitlements Total
$
$
$
Opening Balance 1 January 2014
88,931 575,782 664,713
Additional provision
30,000 352,864 382,864
Amounts used
(30,818)
(290,611)
(321,429)
Closing Balance 31 December 2014
88,113 638,035 726,148
Provision for Loyalty Points
A provision for loyalty points accrued by Members has been recognised on the basis of the estimated average cost of
providing goods and services for which the loyalty points may be redeemed.
Provision for Employee Entitlements
A provision has been recognised for employee entitlements relating to annual and long service leave, the probability of
long service leave being taken is based upon historical data. The measurement and recognition criteria for employee
benefits has been included in Note 1(g).
20142013
$$
15. OTHER CURRENT LIABILITIES
Health Centre subscriptions in advance
11,868 116,164
Membership subscriptions in advance
1,093,711 989,392
Other income in advance
15,497 15,674
Rentals in advance
346,900 330,010
1,467,976 1,451,240
29
16. KEY MANAGEMENT PERSONNEL COMPENSATION
Committee
The following Committee members were in office during 2014:
Mr R J Lette (President) - till 25 March 2014
Mr D R Whybird (President) - elected 25 March 2014
Mr D R Whybird (Vice President) - till 25 March 2014
Mr M F Cassidy (Vice President) - elected 25 March 2014
Mr S D J Fraser (Treasurer) - till 25 March 2014
Mr S D J Fraser - post 25 March 2014
Mr S J Waddington (Treasurer) - elected 25 March 2014
Mr M G Alcorn
Mr S C McAlpine
Mr A N Paterson
Mr R J Sivyer
Mr E H Ward
Mr M F Paramor AM
No emoluments were paid to members of the Committee or their associates for their services as Committeemen during
the financial year.
Executive
The following Executives held positions with the Club during 2014:
Mr D St George (Chief Executive Officer) - commenced 26 September 2014
Mr R A Parrott CSC (Chief Executive Officer) - resigned 23 September 2014
Mr D M Vojinov (Financial Controller)
Mr M J Carter (Operations Manager)
Mr J J Cauldwell (Membership Liaison)
Ms J Alexander (Marketing and Communications Manager)
Mr D J Nott (Property and Facilities Manager)
Mr M Abbate (Health Centre Manager)
Mr D J Oke (Executive Chef)
20142013
$$
Executive Compensation
Short term employee benefits
867,590 859,472
Post employment benefits
82,421 79,889
Long term employee benefits
14,662 14,525
964,673 953,886
17. REMUNERATION OF AUDITOR
Amounts received by the auditor from Tattersall’s Club
(a) Auditing the financial report of Tattersall’s Club
36,418 35,550
36,418 35,550
18. RELATED PARTY TRANSACTIONS
Administration fee charged to Tattersall’s Racing Club Inc.
65,120 108,840
Annual sponsorship paid to Tattersall’s Racing Club Inc.
90,000 90,000
Sponsorship fee paid to Tattersall’s Racing Club Inc.
15,000 10,000
Trade amounts (payable)/receivable from Tattersall’s Racing Club Inc.
(15,386)
6,025
Total unsecured borrowings from Tattersall’s Racing Club Inc.
780,000 830,000
Interest paid on above at 9.75% per annum (2013: 9.75%)
78,488 83,363
Transactions between related parties are on normal commercial terms and conditions no more favourable than those
available to other parties unless otherwise stated.
By means of a Sponsorship Agreement between the two Clubs, no fees are incurred by any Tattersall’s Club Member
for Membership of the Racing Club.between the two Clubs, no fees are incurred by any Tattersall’s Club Member for
Membership of the Racing Club.
30
Note
20142013
$$
19. CASH FLOW INFORMATION
(a) Reconciliation of Cash
For the purposes of the statement of cash flows, cash includes cash on hand and in banks and investments in money
market instruments net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of
cash flows is reconciled to the related balance sheet items in the statement of financial position as follows:
Cash on hand/at bank
360,128 125,015
Cash in offset facility
2,850,000 3,100,000
3,210,128 3,225,015
(b) Reconciliation of net cash provided by operating activities to operating profit after income tax
Operating profit/(loss) after income tax
1,328,059 1,149,995
Depreciation and amortisation
707,377 653,296
Gain/(Loss) on disposal of fixed assets
-
1,420
Donated gym equipment
-
(24,641)
(Increase)/decrease in:
- Current receivables
106,168 74,952
- Inventories
(70,398)
17,194
- Other current assets
(250,947)
(7,810)
Increase/(decrease) in:
- Current trade creditors
697,582 (53,961)
- Current trade accruals
(87,853)
(103,869)
- Other income in advance
(177)
(10,842)
- Rent in advance
16,890 36,023
- Subscriptions in advance
23 18,911
- Goods and services tax payable
(296,279)
14,551
- Provision for annual leave and long service leave
62,252 64,485
- Provision for loyalty points
(818)
(3,040)
- Provision for Fringe Benefits Tax
(2,182)
(2,301)
Net cash provided by operating activities
2,209,697 1,824,363
20. COMMITMENTS AND CONTINGENCIES
a) Finance Lease Commitments
The Club has not entered into any finance leases.
b) Operating Lease Commitments
Non-cancellable operating leases contracted for but not capitalised in the financial statements:
Payable — minimum lease payments Not later than 12 months
53,224 42,831
Between 12 months and five years
96,005 87,681
149,229 130,512
The Club has entered into operating lease agreements for the provision of office equipment and Health Centre
equipment. The lease terms are between four and five years and lease payments are fixed for the term of the lease.
c) Property Plant and Equipment Commitments
At 31 December 2014 the Club had entered into contractual obligations for various refurbishment and repair projects
costing $51,000 (2013: $126,839).
d) Future Refurbishments
In accordance with Corporate Governance protocols, and under the guidelines established by the National Health and
Safety Commission’s Guide to the Control of Asbestos Hazards in Buildings and Structures,the Committee commissioned
the development of an Asbestos Management Plan to identify, evaluate and control any hazards posed by in situ asbestos
in the building.
No high risk areas or situations were identified during the course of the last audit in 2014.
31
21. FINANCIAL INSTRUMENTS
(a) Financial Risk Management
The Club’s financial instruments consist of deposits with banks, local money market instruments, loans from related
parties, and loans from external parties.
The main purpose of non-derivative financial instruments is to raise finance for Club operations.
The Club does not have any derivative instruments at 31 December 2014.
(i) Treasury Risk Management
A Finance Sub Committee consisting of the Treasurer, selected Committeemen, the Chief Executive Officer and Financial
Controller meet on a regular basis to analyse interest rate exposure and to evaluate treasury management strategies in the
context of the most recent economic conditions and forecasts.The Committee’s overall risk management strategy seeks to
assist the association in meeting its financial targets, whilst minimising potential adverse effects on financial performance.
The Finance Sub Committee operates under policies approved by the senior committee members. Risk management
policies are approved and reviewed by the committee on a regular basis. These include the use of credit risk policies and
future cash flow requirements.
(i) Financial Risks
The main risks the Club is exposed to through its financial instruments are interest rate risk, liquidity risk and credit risk.
Interest Rate Risk
Interest rate risk is managed with a mixture of fixed and floating rate debt. At 31 December 2014 approximately 60% of
Club debt is fixed. For further information refer to Note 21b.
Foreign Currency Risk
The Club is not exposed to fluctuations in foreign currencies.
Liquidity Risk
The Club manages liquidity risk by monitoring forecast cash flows.
Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to
recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the
statement of financial position and notes to the financial statements. There are no material amounts of collateral held as security as at 31 December 2014.
Credit risk is managed and reviewed regularly by the Finance Committee. It arises from exposures to customers and
deposits with financial institutions.
The Finance Committee monitors credit risk by actively assessing the rating quality and liquidity of counter parties:
- only banks and financial institutions with an ‘A’ rating are utilised;
- all potential members are rated for credit worthiness taking into account their particular circumstance and financial
standing; and
- customers that do not meet the Club’s strict credit policies may only purchase in cash or using recognised credit cards.
At year end the Club does not have any material credit risk exposure to any single receivable or group of receivables
under financial instruments entered into by the Club.
The Club is not exposed to any material commodity price risk.
The trade receivable balances at 31 December 2014 and 31 December 2013 do not include any counterparties with
external credit ratings. Customers are assessed for credit worthiness using the criteria detailed above.
32
(b) Financial Instrument Composition and Maturity Analysis
The table below reflects the undiscounted contractual settlement terms for financial instruments of a fixed period of
maturity, as well as management’s expectations.
Weighted Average Effective
Floating Interest Rate
Fixed Interest Rate
Maturing within 1 yr
2014
2013
2014
2013
2014
2013
%
%
$
$
$
$
0.01
0.01
3,210,128
3,225,015
-
-
Receivables
-
-
-
-
-
Total financial assets
-
-
3,210,128
3,225,015
-
-
Bank loan secured
5.44
5.51
5,615,048
7,137,177
1,522,129
1,471,677
Related party loan
9.75
9.75
-
-
50,000
50,000
Financial Assets
-
-
-
-
-
-
Total financial liabilities
-
-
5,615,048
7,137,177
1,572,129
1,521,677
Fixed Interest Rate
Maturing within 2-5 yrs
Fixed Interest Rate
Maturing after 5 years
Non Interest Bearing
Total
2014
2013
2014
2013
2014
2013
2014
2013
%
%
$
$
$
$
$
$
-
-
-
-
-
-
3,210,128
3,225,015
Receivables
-
-
-
-
685,805
780,972
685,805
780,972
Total financial assets
-
-
-
-
685,805
780,972
3,895,933
4,005,987
Bank loan secured
8,161,264
8,000,000
-
-
-
-
15,298,441
16,608,854
Related party loan
200,000
200,000
530,000
580,000
-
-
8,361,264
8,200,000
Financial Assets
Total financial liabilities
530,000
580,000
-
-
780,000
830,000
1,406,897
1,076,422
1,406,897
1,076,422
1,406,897
1,076,422
17,485,338
18,515,276
Trade and other payables are expected to be paid as follows:
2014
2013
$
$
Less than 6 months 1,406,897 1,076,422
1,406,897 1,076,422
The related party loan of $780,000 from Tattersall’s Racing Club Inc. has no set date for repayment. This loan bears
interest at a fixed rate of 9.75% per annum. A principal repayment of $50,000 is scheduled to be paid in June 2015.
Refer to Notes 13 and 18. Bank loans and guarantees are secured by first registered mortgage over the Club’s land and
buildings.
33
(c) Net Fair Values
The net fair values of assets and liabilities approximates their carrying value. No financial assets and financial liabilities
are readily traded on organised markets in standardised form other than listed investments.
The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the
statement of financial position and in the notes to the financial statements.
Sensitivity analysis
Interest rate risk
The Club has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. This sensitivity
analysis demonstrates the effect on current year results and equity which could result from a change in this risk.
As at 31 December 2014, the effect on profit and equity as a result of changes in the interest rate, with all other variables
remaining constant would be as follows:
Bank Loan
2014
2013
$$
- Increase in interest rate by 2%
112,301
142,744
- Decrease in interest rate by 2% (112,301) (142,744)
Change in equity
- Increase in interest rate by 2%
112,301 142,744 - Decrease in interest rate by 2% (112,301) (142,744)
This sensitivity analysis has been performed on the assumption that all other variables remain unchanged. No sensitivity analysis has been performed on foreign currency risk as the Club is not exposed to foreign currency
fluctuations.
22. ACCOUNTING POLICY AMENDMENTS
The AASB has issued new, revised and amended Standards and Interpretations that have mandatory application
dates for future reporting periods and which the Club has decided not to early adopt. A discussion of those future
requirements and their impact on the Club is as follows:
• AASB 9: Financial Instruments (applicable for annual reporting periods commencing on or after 1 January 2018).
•AASB 15: Revenue from Contracts with Customers (applicable for annual reporting periods commencing on or after
1 July 2017).
•AASB 2014-1: Amendments to Australian Accounting Standards - Part A: Annual Improvements 2010-2012 and 20112013 Cycles. (applicable for annual reporting periods commencing on or after 1 July 2014).
•AASB 2014-1: Amendments to Australian Accounting Standards - Part B: Defined Benefit Plans: Employee Contributions
Amendments to AASB 119. (applicable for annual reporting periods commencing on or after 1 July 2014).
•AASB 2014-1: Amendments to Australian Accounting Standards - Part C: Materiality. (applicable for annual
reporting periods commencing on or after 1 July 2014).
•AASB 2014-1: Amendments to Australian Accounting Standards - Part D: Consequential Amendments arising from
AASB 14. (applicable for annual reporting periods commencing on or after 1 January 2016).
•AASB 2014-1: Amendments to Australian Accounting Standards - Part E: Financial Instruments. (applicable for
annual reporting periods commencing on or after 1 January 2015).
•AASB 2014-4: Amendments to Australian Accounting Standards - Clarification of Acceptable Methods of
Depreciation and Amortisation. (applicable for annual reporting periods commencing on or after 1 January 2016).
•AASB 2014-5: Amendments to Australian Accounting Standards arising from AASB 15. (applicable for annual
reporting periods commencing on or after 1 January 2017).
The Club does not anticipate early adoption of any of the above reporting requirements and does not expect them to
have any material effect on the Club’s financial statements.
34
23. EVENTS AFTER BALANCE SHEET DATE
There have been no material events which have occurred after the reporting date.
24. CLUB DETAILS
The principal place of business of Tattersall’s Club is
Tattersall’s Club
215 Queen Street
Brisbane Qld 4000
DECLARATION BY THE COMMITTEE
The Committee declare that:
1.
The financial statements and notes as set out on pages 15 to 33:
a.comply with Accounting Standards, including Australian Accounting interpretations and other
authoritative pronouncements of the Australian Accounting Standards Board; and
b.give a true and fair view of the financial position as at 31 December 2014 and of the performance for
the year ended on that date.
2.In the Committee’s opinion there are reasonable grounds to believe that the Club 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 Committee and is signed for and on behalf of the
Committee by:
D R Whybird
S J Waddington
President Treasurer
Signed at Brisbane, 19 February 2015.
35
Independent Auditor’s Report To the Members of Tattersall’s Club
We have audited the accompanying financial report of Tattersall’s Club (the “Club”), which comprises the statement of
financial position as at 31 December 2014, and the statement of comprehensive income, statement of changes in equity
and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and
other explanatory information to the financial report and the statement by the Committee.
Responsibility of the Committee for the financial report
The Committee of Management of the Club is responsible for the preparation and fair presentation of the financial
report in accordance with Australian Accounting Standards. This responsibility includes such internal controls as the
Committee of Management determine are necessary to enable the preparation of the financial report to be free from
material misstatement, whether due to fraud or error. The Committee of Management also state, in the notes to the
financial report, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, the financial
statements and notes, comply with International Financial Reporting Standards.
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 which require us to 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 judgement, 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 Club’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 Club’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
Committee of Management, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Independence
In conducting our audit, we have complied with the applicable independence requirements of the Accounting
Professional and Ethical Standards Board.
Auditor’s Opinion
In our opinion,
a the financial report of Tattersall’s Club
ipresents fairly, in all material respects, the Club’s financial position as at 31 December 2014 and of its performance
and cash flows for the year then ended; and
ii complies with Australian Accounting Standards and relevant legislation; and
b the financial report also complies with International Financial Reporting Standards as disclosed in the notes to the
financial statements.
GRANT THORNTON AUDIT PTY LTD
Chartered Accountants
CDJ Smith
Partner - Audit & Assurance
Brisbane, 19 February 2015
36
2014 AT TATTERSALL’S CLUB
March - Tattersall’s Race Day
February - Sportsman’s Grill Night with Mark Ella
April - Anzac Day Luncheon
April - 10th Black Tie Boxing Evening
June - State of Origin Game Two
June - Kilikanoon Masterclass and Dinner
June - Tattersall’s Tiara Race Day
June - An Evening with The Governor of Queensland
July - Christmas in July
July - Tattersall’s Race Day
July - A Mixed Evening on the G20 Australia 2014
37
2014 AT TATTERSALL’S CLUB
August - A Night with James Morrison
July - Tattersall’s Family Carvery
September - Tattersall’s Club Landscape Art Prize
September - Tattersall’s Club Ladies Charity Luncheon
October - Father and Daughter Dinner with
Nicole Livingstone OAM
November Tattersall’s Celebration Season Race Day
November - Sportsman’s Grill Night with Max Walker AM
November - Melbourne Cup Luncheon
38
December - Tattersall’s Arcade VIP Evening
39
2 1 5 Q U E E N S T R E E T, B R I S B A N E Q L D 4 0 0 0
GPO BOX 124, BRISBANE 4001
TELEPHONE: (07) 3331 8888
FACSIMILE: (07) 3221 3913
EMAIL: admin@tattersallsclub.com
WEBSITE: www.tattersallsclub.com.au

annual report 2014 - Tattersall`s Club

Transcription

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