Annual Report

and

Notice of Annual General Meeting

Annual Report

Notice is hereby given that the 68th Annual General Meeting of the Paraparaumu Beach Golf

Club Inc. will be held at the clubhouse

at 7pm on Tuesday 19th April 2016

AGENDA

1. Confirmation of the minutes of the 67th Annual General Meeting held Tuesday

21st April 2015.

2. Adoption of the Annual Report and Statement of Accounts for the year ended

31 December 2015.

3. Election of Officers.

4. To appoint an auditor for the year.

5. Approval of the 2016 Budget.

6. Receiving the statement of accounts from the Paraparaumu Beach Golf Foundation

7. Notices of Motion

8. General Business

The Management Committee

Paraparaumu Beach Golf Club

CLUB OFFICERS

President

Paul De Bernardo

Management Committee

Ray Foss (Chairman)

Norrey Simmons

Murray Armstrong

David Buck

Glen Mitchell (Men’s Captain)

Jenny Mackay (Ladies’ Captain)

Men’s Golf Committee

Frank Borren

Scott Coan

Ray Jones

Adam Lawlor

Malcolm Robertson

Women’s Golf Committee

Margaret Homer

Mary McCulloch

Alex Walker

Andrea Mark

Linda Brooks

Prue Oxley

Elizabeth Welsh

Naomi Radburn

Carol Dring

Peta Rogers

Liz Sutherland

General Manager

Leo Barber

Auditor

Dennis Blank

PRESIDENT’S REPORT I am very pleased to be able to report that Paraparaumu Beach Golf Club enjoyed what can

again be described as a successful year during 2015. The key contributing factors were the

ongoing quality and reputation of our golf course, membership growth, a positive trading surplus,

some clubhouse improvements and most importantly the participation and support of our

members.

During 2015 two major undertakings were completed; the installation of a new clubhouse facade

and the harvesting of the pine plantation, both achieving successful outcomes.

The installation of new aluminium doors and windows on the front façade was a relatively major

undertaking as the majority of the funds for the project were raised by member contributions and it

was heartening to see the enthusiasm with which our members responded to the “Pane in the

Glass” campaign. There is no doubt that the finished product has not only enhanced the

clubhouse appearance, both internally and externally, but also improved access onto the outside

deck. Murray Armstrong was the key driver for the fund raising and installation work, as well as

numerous other maintenance works around the clubhouse during the year, and we are very

grateful for his expertise and commitment.

As part of the documented policy, established several years ago, to restore our course to a true

links layout it was identified that the number of non-indigenous trees around the course detracted

from the traditional links appearance; the most significant being the pine plantation in the centre

of the course. Several expert opinions confirmed that the plantation was never going to be a major

long term asset due to quality of the trees and so the Management Committee took the decision

to harvest the plantation. With a worst possible outcome being a break even situation, due to

fluctuating log prices, the final result of a net return in the order of $15,000 was a pleasing outcome

with the bonus being the very much improved appearance and view of the course. Remaining

work to recover and sell the firewood, tidy up the debris and regrow fescue on the dunes is

ongoing.

We are very appreciative of our member’s patience and understanding during the tree harvesting

operations.

Working cooperatively, our Manager and Management Committee produced another trading

surplus which enabled further reduction of our debt and the continuing planned replacement of

course machinery.

Whilst all staff and contractors contributed to a successful outcome for the year, our greens team

are to be particularly commended for their commitment to the vision to restore the “links” nature of

our course, originally envisioned back in 1949 by the designer Alex Russell.

On the golfing front, which after all is what we are here for, we thank our golf committees for an

enjoyable and well run golf program. Glen Mitchell and Jenny Mackay and their respective

committee’s contributions, with Ricky Scammell’s assistance, were significant in terms of both

commitment and enthusiasm. The organisation and integration of casual play, organised club

events, interclub play, representative fixtures, corporate days and the all-important green fee

visitors is difficult and time consuming and often taken for granted.

During 2015 we saw the continuing results of our junior program whereby several of our juniors

achieved representative honours and Cameron Elers and Emma Hayward won their respective

club championship titles. Congratulations to Cameron and Emma and all other trophy winners

during the year. Our interclub teams performed strongly during the year and we can again be

confident of a strong showing in 2016 as our teams are strengthened by developing juniors.

As always a sincere thanks to our many club members, to whom we are deeply indebted, for the

time and expertise they voluntarily provide to help with various tasks and works around the course

and in the clubhouse and office, and without which we would find it so much more difficult to

make ends meet. Your input is greatly appreciated.

Paul De Bernardo

President

CHAIRMAN’S REPORT

Introduction:

It is my pleasure to present the 2015 report on behalf of the Club Management. I also take

this opportunity to thank The Management Committee and the General Manager for their

support during another successful year for The Club. We provided a trading surplus which

further enhanced our financial position and provided a good basis for 2016. I again thank

those who have provided Financial, Legal, Insurance and General Business support and

advice, it is appreciated.

To all Staff and the many volunteers I say thank you for your input and efforts – they are

valued and assist greatly with our overall favourable performance.

Thanks to all members for their tolerance regarding Green Fee Players. This source

provided $160,000 for the year and again was approximately 20% of our total income

lessening the overall burden on members.

My thanks also go to Brian Chapman, our Secretary/Treasurer for his tireless efforts. His

input to our operation is outstanding.

Financial Summary.

The 2015 financial year resulted in a trading surplus of $78,000.

Subscription revenue was down 1.5% on 2014 although by the end of 2015 our year on

year “Full Playing Equivalents” were 2% up meaning we have started 2016 with a stronger

base.

Green fee income achieved budget and was 4% better than 2014.

Corporate income/Course Hire and Sponsorship was up 25% on 2014. This was largely due

to the hosting of the NZ Strokeplay Championship but we have also maintained a strong

stable of local businesses that support our club for which we are thankful. We continue to

ask members to repay this loyalty by considering these valued sponsors when making your

purchasing decisions.

Overall debt was reduced by a further 2%. This has now reduced 44% since 2007.

Net Income from the Bar was $47,000 and met budget whilst also allowing for the

purchase of a new glass washer and glassware.

The cost of providing Golf Services was $20,000 – a 25% improvement on the previous year

with improved shop trading. The continuing improvement in this category reinforces the

original decision to take this operation “inhouse”.

Under “House expenses”, we incurred $57,000 worth of costs for the replacement of the

clubhouse windows and new carpet (expensed but awaiting installation at a suitable

time). This was offset by $49,000 worth of donations (listed under sundry income) with the

remainder falling inside budgeted R&M.

Course expenses although marginally up on the previous year were $16,000 under budget.

Administration costs were 3% less than 2014 and $5,000 better than budget.

Profit from 2015 will be allocated to Debt Reduction and Capital Expenditure.

Gaming grant income for Operating Costs was $28,930 and although not realised in our

2015 accounts, we have recently secured $55,000 worth of funding towards the purchase

of $116,000 worth of course machinery. Our sincere thanks go to the Infinity Foundation,

Four Winds, Lion Foundation and New Zealand Community Trust for their generous

contribution towards assisting our club.

Conclusion:

This was another good year for our Club with a positive trading surplus of $78,000,

membership finishing slightly better than 2014 against a New Zealand wide trend of

decline and the valuable injection of an increased greenfee take.

We made significant improvements to the clubhouse with the replacement of the window

frontage and soon to be installed flooring. We thank all those members who contributed

so generously to the “Pane in the Glass” fundraising campaign enabling us to undertake

this necessary work.

We are also fortunate to have a small team that have rectified some deferred

maintenance on our clubrooms. My thanks to Murray Armstrong and his team – it is

appreciated.

On course, the removal of the pine plantation signalled an important milestone in the

restoration of our course back to its true links origins and further enhanced our reputation

as one of the finest links courses in the Southern Hemisphere.

Our golf committees have been active and have once again delivered a program which

has seen increased participation and interest.

The Junior Academy is beginning to bear fruit with the retention of the Watt Cup and

many of these players filtering through into our interclub teams and our championships.

Most importantly however is the visibility of younger members around the club which is

encouraging.

The financial position of Our Club is trending in a positive direction but we have not yet

reached our goal. Additional membership is clearly the tool that will make the most

difference and I ask that members take every opportunity to introduce potential members

and invite Green Fee Players to increase our revenue.

Kapiti is in an exciting period of growth with the construction of a new roading corridor

that has seen many new families settle in the area - several filtering through into our

membership ranks. In time this will not only link our wider Kapiti Coast community but

provide easier access to the Wellington market.

My thanks go to The Management Committee and General Manager for their support

during 2015. History will show we had good results but, 2016 is a new year and we look

forward to the opportunities it will provide.

Ray Foss

Chairman

MEN’S CLUB CAPTAIN’S REPORT

It gives me great pleasure to present the Men’s Captains Annual Report for 2015 which, on

behalf of the Men’s Committee, again provides the opportunity to record not only the

significant playing achievements made by members of the club, but also to reflect on

other notable achievements or developments made to our playing program during the

year.

Our Men’s Club Champion for 2015 was Cameron Elers who at 20 years of age became

one of our youngest ever champions. Only one year previously Cam was the Captain of

our winning Watt Cup team (U19) and completing his first year playing Men’s Interclub for

Paraparaumu Beach. Cam is a very promising young golfer and we wish him every

success as his passion for the game develops and the inevitable opportunities for higher

honours become available to him.

Our Intermediate and Junior Champions were Mike Moloney and Glen Mitchell

respectively and our U19 Champion for 2015 was Cooper Wattam.

Frank Borren was selected for national honours on two occasions including leading the

New Zealand Seniors Team to victory in the Asia Pacific Seniors Championship held in

Qingdao (China) against opposition from strong golfing countries including Japan,

Australia, China, the Philippines and South Korea.

At a district level Brady Bernard represented Wellington at Senior level for the first time

making 4 appearances and Cooper Wattam and Brady both represented Wellington at

U19 level.

We continued our 2014 success in the Wellington Golf Men’s Interclub competition by

retaining the Schroder Cup, which is the premier trophy for the 18 hole Interclub

competition and our Juniors also retained the Watt Cup which is the premier U19 trophy

for the Wellington district. These were both significant back-to back wins and all players

and team management are to be congratulated.

During the year our playing program saw the introduction of some new tournaments and

variations from previous years including the Tommys 9x5 Ambrose, the HMC Kapiti Holden

Scramble Ambrose (which is the major fund raiser for our Junior Golf Academy) and an

expanded format for the Men’s Shoot Out Competition.

In an endeavour to bring our Men’s and Ladies programs together we introduced the

concept of a combined Club Finals Day which with some further fine tuning will hopefully

deliver on the promise to make Club Finals Day a major fixture of the club calendar that

will be supported by all members, both players and spectators alike.

In March we successfully hosted the NZ Amateur Stroke Play Championship which was

notable by the Men’s Championship being won by Toshiki Ishitoku from Japan and the

Ladies Championship being won by 18 year old Julianne Alvarez (from Manor Park) who in

the process broke our Ladies course record. Julianne is a secondary member of our club

and is coached by our own Teaching Professional Kevin Smith who is also the Coach of

our Junior Academy players.

In April one of our most iconic golfing sons, John Durry (1936-2006), was recognised as a

Wellington Sporting Legend at the Wellington Sports Person of the Year Awards. John won

four NZ Championships and represented New Zealand on eight occasions including four

Eisenhower Cups. The event was attended by a number of members including his wife

Shirley, their daughter and other members of the Durry family.

The highlight of the club calendar for many of our men is the annual Captain vs President

weekend including the dinner for which this year we were honoured to have former All

Blacks Captain Andy Leslie as our guest speaker.

In October we received a visit from a large contingent of visitors from our Australian

reciprocal club the Castle Hill Country Club (Sydney NSW). This was a wonderful example

of reciprocity where members of both clubs were able to compete against each other on

the golf course and enjoy each other’s hospitality.

The annual McKenzie-Russell Challenge between Titirangi and our Club was this year

contested at Titirangi where unfortunately we were unable to repeat our success at home

in 2014 where we won the trophy for the first time.

Our Junior Academy has flourished under the direction of Junior Convenor Ray Jones who

along with a number of volunteer helpers needs to be congratulated for building an

exciting pipeline of young golfers who will inevitably serve the club well in years to come.

In finishing, a personal highlight was the opportunity in August to play the Old Course at St

Andrews in Scotland. Notwithstanding the eye watering “bucket list” nature of playing the

course and visiting the R&A headquarters, the visit reinforced my appreciation of our own

course and how lucky we are to be playing at Paraparaumu Beach which by comparison

with St Andrews is deservedly recognised as one of the best golf courses in the world.

We do have a layout that is genuinely world class and the care and attention to its

upkeep made by our ground staff and volunteer members is a real credit to them all and

to whom I would like to pass on my sincere thanks for the contribution they make to our

ongoing enjoyment.

Glen Mitchell

Men’s Captain

WOMEN’S CLUB CAPTAIN’S REPORT

It is with pleasure that I present my report for 2015.

It was another great year for our women’s club with the continuance of the previous

year’s highlights and an added increase in playing numbers. Our ladies’ committee had

hoped to entice more players to enter our championships but discovered that an

increasing number of our ladies are very happy playing social golf. We are going to need

to consider that when setting our golf programmes in the coming years.

Having mentioned the above I don’t want to detract from this year’s championship which

saw two very promising golfers play off for our senior championship. Emma and Glennie

Hayward have represented our Club at district level this year and both have exciting

futures ahead of them. On our finals day Emma who was three down after eighteen,

played extremely well in the first nine after lunch going on to win 3/2. In the bronze

championship Mary McCulloch played very steady golf to prevail over Prue Oxley. Emma

and Mary represented Paraparaumu Beach in the champion of champions at Miramar on

Sunday 22nd November and finished runners up in the team competition. Well done Emma

and Mary.

Our annual match with Levin was well supported again this year and we retained the

Mackay/Sterne shield in October.

Earlier this year our team of Emma, Sally and Andrea won the Teams Challenge Rosebowl

at Otaki which was played in conjunction with the WGI Women’s 18 hole championship.

This was a great achievement by our team.

Our Interclub teams had average seasons and appears that Paraparaumu Beach along

with other clubs are struggling to field teams in all divisions. However, I do wish to

acknowledge at this time the superb efforts of our Interclub Captain’s ensuring that we

had a team available for each match. To Linda, Sue W, Carol D, Margie and Kim you all

did a grand job which was appreciated by us all.

To our sponsors must go a huge vote of thanks for supporting us again in 2015. With the

continued support of Finman Services, Great Seas B & B and our life member Barbara Gill,

we ensured that we were able to provide top class prizes for our scheduled events. Big

thanks to Hayward Greig Architecture for the sponsorship of our Lansdowne shirts.

There are so many people to thank for making our Club such a great club. Nancy Aburn -

your contribution to our gardens is much appreciated by us all. Helen Potter we simply

love the flowers you provide on a regular basis. Our thanks to the caterer, bar staff and

other club employees who assisted us throughout the year. There are so many of you who

make donations week in and week out mostly anonymously which we thank you for. To

this year’s committee of Prue, Andrea, Mary Mac, Linda, Sue, Carol, Margie, Naomi and

Liz go my thanks for a magnificent effort. Sue has decided to stand down but it’s great to

see that the rest of this year’s committee are back again in 2016. A particular extra big

thanks to Prue Oxley who has helped in so many ways this year ensuring that we have

achieved our goals for 2015.

Jenny Mackay

Women’s Club Captain

WEDNESDAY MEN'S REPORT

It is with much pleasure that I report on another successful year for the Wednesday Men's

Group.

Although participation was very marginally down on the previous year we continued to

enjoy a weekly program that offered a mix of traditional events combined with a number

of novel team based formats scheduled on the last week of every month which proved

popular. Regrettably with challenges for numbers at each end of our age spectrum, we

had to merge the over 80’s and the under 60’s age group matchplay competitions into a

simplified over and under 70’s grouping. 6 days were lost to weather, the same as 2014.

We were once again joined by our female counterparts, both the 18 hole and 9 hole

membership groups, on two occasions for mixed competition. The first in February was an

Ambrose day using a mixture of coloured tees and was played for the Barry Ngan Trophy.

The second day in October was a team event playing from the red tees. Both days were

well received.

Our final event in our program featured the traditional Turkey Stakes competition. For the

third year in a row the leading qualifying four were able to maintain their form into the

playoff. The winning team comprising Errol Bruce, John Barton, Kevin Gatfield and Ray

Jones, were all first time winners. Corran Crispe, the Owner/Manager of local radio station

Beach FM, gave a short address and presented the trophies to the Championship winners.

In March we celebrated our 50th Jubilee, marking the milestone from when the

Wednesday golfing group was formally commenced. In what was a real highlight of the

year the format began with over 50 players participating in a stableford competition

before the numbers swelled to 75 for lunch. Amid much reminiscing by past and present

players, Brian Kelly, Alistair McLachlan and Dennis Copps recanted their early playing

days, precious memories and engaged the guests with their stories about the numerous

great characters from the past. Harrie Keene, our oldest player and Life Member cut the

celebratory cake.

I would like to acknowledge the assistance we received from those who gave generously

to sponsor the NTP's on the par three holes; Kapiti Cakes & Bakery, Parkwood Retirement

Village, Fuller Tools and Alko Garden Care. The contribution of Chrysalis Catering is also

appreciated.

I also wish to acknowledge the help provided during the year from the Golf Shop, the

Admin team, the Bar Staff and the Caterers. Their contributions are invaluable and greatly

assist the smooth running of the weekly events.

We congratulate all our Trophy winners that are listed elsewhere in this report.

Although the numbers of men playing each week remain a challenge, the “family” spirit

remains as competitive and friendly as ever and I look forward to another successful year

in 2016.

Brian Chapman

Convenor

JUNIOR CONVENORS’ REPORT

PBGC Junior Golf is alive and well. Our coaching programme that we have in place is

paying dividends, especially at our top level. We had over 40 Junior golfers involved in

coaching during 2015 with 11 in our elite squad. Of those we had 8 selected in the

wellington academy with a further 2 from our development squad also gaining selection.

Our top highlight for 2015 was the naming of Brady Bernard, Cooper Wattam Emma and

Glennie Hayward for selection in the Wellington Senior and Junior teams.

PBGC also won the inaugural “Captains Cup”, a tri-series between Napier, Manawatu

and PBGC over three legs. And on top of this we also won the Kapiti McDonald's Junior

Golf Series Cup for 2015, an event played between the four Kapiti Coast golf clubs.

Our second biggest highlight for 2015 was the winning of the Watt Cup for the second

year in a row and how we now have tough competition for places in this team.

Our regular main tournament of the year was again our own PBGC Junior Open, in

association with Capital City Ford and the Wellington Eagles Society. Our own Brady

Bernard won the event on a countback from Cameron Harlock and Jack Clout. Over 70

juniors from around New Zealand entered with Alec Prentice continuing the fine tradition

of winning the shield for the best stableford score from among the PBGC Juniors.

Big congratulations to Cameron Elers and Emma Hayward, both in their last year of the

junior academy, winning their respective senior club championships, a huge feat and well

received by all who know these two fine young golfers.

Our awards for 2015 were aligned with the awards at the Club’s Finals Day, which was well

received by all the juniors. Brady Bernard was awarded “player of the year”, Cooper

Wattam “Watt Cup & Interclub player of the year”, as well as the “U19 Junior Club

Champion”, Trelise Wattam “Most improved player of the year” and Alec Prentice “Rookie

of the year”. On top of this Cooper was also named the Wellington Eagles Junior Golfer of

the Year.

It was also great to see Caerwyn Ross win the national Junior Tiger Tournament and a trip

to America to play in the world Finals, a great achievement.

Thanks to all the voluntary coaches and a big shout out to Kevin Smith, without whom our

coaching programme wouldn’t be where it is today.

And lastly our major sponsors, a big thank you to Tommy’s Real Estate and HMC Kapiti.

Ray Jones

Junior Golf Convenor

MEMBERSHIP

As at 31 December 2013 2014 2015

Full Playing Men 257 258 271

Full Playing Sponsors 26 20 21

Transferable Sponsors 5 5 5

Senior Men 29 22 14

Nine Hole Men 27 26 26

Full Playing Women 49 51 52

Senior Women 10 10 10

Nine Hole Women 52 55 52

Junior Under 19 46 63 56

Junior Under 25 6 9 12

Intermediate Under 28 9 6 10

Intermediate Under 30 13 13 13

Seasonal Members 29 22 31

Restricted Members 32 29 29

Non Playing 26 32 31

Life Men 4 4 4

Life Women 3 4 4

Total Membership 592 619 641

2015 TROPHY WINNERS

Opening Day Foursomes W Lowery F Foster

I Jensen Y Jackson

Frank Vickerman Memorial Cup C Levesque

Simester Challenge Mugs Not Held

Glassfit Pairs P Whittleston J McQuaid

Standfast Quaich K Flanagan T Gibbons

Stronach Paterson Putter S Prentice

Pulley Cup R Wilson

Kapiti Cup E Young

Foundation Cup G Bancroft B Hartridge

Mac-Gor Shield Not Held

Founders’ Trophy M Moloney Founders Plate R Jones Sam Frankpitt Cup B Hartridge Alick Loveridge Memorial Salver B Smith Masters Runner Up R Peters Masters Champion K Flanagan

Junior B Stroke Play Champion G Aitken Junior B Championship Plate A Bould Junior B Championship Runner Up N Wiggen Junior B Champion M McHugh Cymru Trophy D Reynolds Junior Championship Plate M Simeonoff Junior Championship Runner Up P McLean Junior Champion G Mitchell Intermediate Stroke Play Champ K Flanagan Intermediate Championship Plate J Mooney Intermediate Championship Runner Up M Lawton Intermediate Champion M Moloney Sen. Stroke Play Champ M Taylor Open Championship Plate F Borren Open Championship Runner Up J Borren Open Champion C Elers Monthly Medal - Feb M Webber P Green Monthly Medal – March R Fitzgerald D Rossen Monthly Medal - April B Cattermole C Packer Monthly Medal - May B Smith A Bould Monthly Medal - June Not held Monthly Medal - July M Taylor N Wiggen Monthly Medal - August P Thomson G Mitchell Monthly Medal - Sept Manu Webber J Stewart Monthly Medal - Oct S Brigden S Elers Monthly Medal - Nov M Webber J Worthington Shootout R Scammell Closing Day D Allan H Allan P Rogers R Jaeger

2015 TROPHY WINNERS Continued

Silver Champion Emma Hayward

Silver Champion Runner Up Glennie Hayward

Bronze Champion Mary McCulloch

Bronze Champion Runner Up Prue Oxley

Captains Trophy Donated by L Daniel Top Qual Silver

Captains Trophy Donated by L Howell Top Qual Bronze

LGU Medal Silver Yvonne Jackson

LGU Medal Bronze Lynne Bancroft

Killalea Cup Heather Allan

Doris Hamilton Roberts Liz Sutherland & Jenny Mackay

Ernestine Hunter Andrea Mark

Veterans Cup

Beekman Eclectic Andrea Mark

Pauline Field Trophy Grandmothers Judy Colling

Dorothy Paterson Trophy Yvonne Jackson

Jean Southward Trophy Carol Dring

Eulalie Whyte Trophy Andrea Mark

WWG Home Pennants Kate Wilson

Marjorie Prince Trophy Joan Miles

Nancy MacCormick Memorial Foursomes Jenny Mackay & Margie Homer

Coronation Medal Carol Dring

Aotearoa Cup Carol Dring

Veterans Over 70 Robin Goring

Birdie tree Silver

Birdie tree Bronze

Christine Shum

Mary McCulloch

Fawthorpe Senior Veterans Trophy

Ria Erskine Most Improved Michelle Quinn

9 Hole Shoot Out Corrie McCardle

Wednesday 9 Hole Club Champion

Wednesday 9 Hole Stableford Jean Trang & Shona Thomson

Wednesday 9 Hole Putting Champion Jan Cox

Wednesday 9 Hole Eclectic Paula Thomson

2015 TROPHY WINNERS Continued

Wednesday Men’s Major Competitions

Competition Trophy Winner Runner Up

Open Championship Hurley/Rigg R McNay R Jones

Over 80’s Championship OBE N/A N/A

Over 70’s Championship Plaque & Putter D Smith B Ngan

Under 70’s Championship Veterans R Scammell S Griffin

Monthly Stableford Fred Chapman B Chapman R Jones

Pairs Championship Ryde Paramatta GC B Jones D Hooper-Smith

& B Richmond & F McCarthy Eclectic D. Aitchison Tankard R McNay D Aitchison

Opening Day Top Qualifiers Ian Ewen A Erskine & A Gilchrist

Putting Championship Sel Marsden Putter D Buck Ambrose Pairs Day Barry Ngan Trophy D Buck, B Newton

M Webber & B Muir

Contribution to Club & Course The Windmill Clubman Doug Smith

Turkey Stakes George Mott Shield E Bruce, J Barton, K Gatfield & R Jones

PARAPARAUMU BEACH GOLF CLUB INCORPORATED Financial Statements

Year Ended 31 December 2015

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INDEPENDENT AUDITOR’s REPORT

To the Members of the Paraparaumu Beach Golf Club Inc.

I have audited the financial statements of the Paraparaumu Beach Golf Club Inc. (the “Club”) which comprise a

statement of financial position as at 31 December 2015, and the statement of financial performance, the statement of

movements in equity for the year then ended, and the significant accounting policies and other explanatory notes.

The Responsibility of the Club’s Management Committee for the Financial Statements:

The Club’s Management Committee is responsible for the preparation and fair presentation of these financial

statements in accordance with generally accepted accounting practice in New Zealand and for such internal control as

the Club’s Management Committee determine is necessary to enable the presentation of financial statements that are

free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities:

My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in

accordance with the International Standards on Auditing (New Zealand). Those standards require that I comply with

ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of

material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments,

the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial

statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the

appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the

overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Apart from my capacity as auditor, I have no other relationship with, or interests in, the Club.

Opinion:

In my opinion the financial statements present fairly, in all material respects, the financial position of the Club as at 31

December 2015, and its financial performance for the year then ended in accordance with generally accepted

accounting practice in New Zealand.

Dennis Blank CA

17 March 2016

Waikanae

Paraparaumu Beach Golf Club Inc.Statement of Financial PositionAs at 31 December 2015

Note 2015 2014

CURRENT ASSETSBank Accounts 4 335,060 395,229Cash Floats 2,700 2,700Accounts Receivable 24,241 18,435Prepayments 29,025 0Stock on Hand 5 80,096 90,909Total Current Assets 471,122 507,273

NON-CURRENT ASSETS 6Clubhouse Plant & Equipment 112,800 100,583Course Plant & Equipment 270,690 314,039Land & Buildings 4,371,289 4,415,345Total Non-Current Assets 4,754,779 4,829,967TOTAL ASSETS 5,225,901 5,337,240

CURRENT LIABILITIESSubscriptions in Advance 242,128 237,797Other Income in Advance 70,548 25,978Accounts Payable 116,593 71,015Provision for Holiday Pay 36,681 31,693Members Accounts 19,594 19,210BNZ Equipment Loans 485 5,871Total Current Liabilities 486,029 391,564

NON-CURRENT LIABILITIESBNZ Term Loans (Secured) 3 280,000 280,000BNZ Equipment Loans 10 24,579 0Clubhouse Deposits (Unsecured) 42,000 51,000Clubhouse Deposits Interest Free (Unsecured) 24,000 21,000Members Loan (Unsecured) 230,000 432,000Total Non-Current Liabilities 600,579 784,000TOTAL LIABILITIES 1,086,608 1,175,564NET ASSETS 4,139,293 4,161,676

Represented by;Members Funds per Statement of Movement in Equity 4,139,293 4,161,676

Board of Management:_________________________ General Manager:_____________________

Date 17 March 2016 Date 17 March 2016

This statement is to be read with accompanying notes

Paraparaumu Beach Golf Club Inc.Statement of Movement in EquityFor The Year Ended 31st December 2015

2015 2014

Members Funds at the Beginning of the Year 4,161,676 4,159,320

Net Profit (Deficit) for the Year -22,383 3,882

Prior Year Adjustment 0 -1,526

Members Funds at the End of the Year 4,139,293 4,161,676

This statement is to be read with accompanying notes

Paraparaumu Beach Golf Club Inc.Statement of the Trading AccountsFor the Year ended 31 December 2015

Golf Shop 2015 2014$ $

Sales 147,412 153,837

Less Cost of SalesOpening Stock 57,104 54,395 Purchases 84,186 104,738

141,290 159,133 Less Closing Stock 50,495 57,104

90,795 102,029

Gross Profit 56,617 51,808

Bar 2015 2014$ $

Sales 193,927 179,215

Less Cost of SalesOpening Stock 11,713 10,198 Purchases 81,560 83,053

93,273 93,251 Less Closing Stock 8,426 11,713

84,847 81,538

Gross Profit 109,080 97,677

This statement is to be read with accompanying notes

Paraparaumu Beach Golf Club Inc.Statement of Financial Performance As at 31 December 2015

Note 2015 2014Gross Revenue $ $Subscriptions 525,061 532,558Green Fees 159,706 154,820Corporate Income, Course Hire, Sponsorship 42,980 34,023Bar Trading (Gross Profit) 109,080 97,677Shop Trading (Gross Profit) 56,618 51,808Equipment Hire 31,563 32,503Gaming Trust Grants (Revenue) 9 28,930 47,032Interest Received 8,831 6,703Sundry and Other 84,312 34,950Total Revenue 1,047,081 992,074

Less Operating ExpenditureAdministrationEmployee Costs 144,312 142,712Rates 16,692 14,497Golf Association Levies 25,691 25,514Rebates on Clubhouse Deposits 2,160 3,240Insurance & ACC Levies 35,768 52,874Interest 23,394 23,161Audit & Accounting Fees 3,950 4,485Marketing & Promotion 5,757 4,263Office Equipment & Consumables 7,079 7,195Services 24,152 23,669Other 35,969 33,630Total Administration Expenses 324,924 335,240

CourseEmployee Costs 226,431 218,432Course Maintenance 54,969 65,804Equipment Maintenance 29,194 14,913Fuels and Lubricants 14,317 19,238Other 13,477 15,391Total Course Expenditure 338,388 333,778

HouseRepairs & Maintenance 70,234 20,912Employee Costs 22,682 21,402Laundry,Cleaning, Rubbish Collection 14,504 14,185Electricity & Gas 14,007 15,737Other 13,679 12,324Total House Expenditure 135,106 84,560

BarEmployee Costs 47,139 39,696Other 15,149 5,942Total Bar Expenditure 62,288 45,638

Golf ServicesEmployee Costs 107,052 108,914Other 1,322 2,711Total Golf Services 108,374 111,625Total Operating Expenditure 969,080 910,841Net Operating Profit 78,001 81,233

Less Depreciation 100,386 96,849Less Disposal of Assets -2 45,502Plus Gaming Grants Capital 9 0 65,000Nett Profit (Loss) Transferred to Members Funds 22,383- 3,882

This statement is to be read with accompanying notes

Paraparaumu Beach Golf Club Inc.

Notes to and Forming Part of the Financial Statements

For The Year Ended 31 December 2015

1. STATEMENT OF ACCOUNTING POLICIES

Reporting Entity

The financial statements presented here are for the Paraparaumu Beach Golf Club Incorporated and the

not for profit entity is a golf club provider based in Paraparaumu. For reporting purposes the Club is a

Public Benefit Entity. The constitution requires the financial statements to be prepared and audited. The

financial statements are a general purpose financial report and have been prepared according to generally

accepted accounting principles. The Club is incorporated under the Incorporated Societies Act 1908.

Measurement Basis

The measurement basis is that of historical cost with the exception of land and buildings which are

recorded at valuation.

Differential Reporting

In terms of the Framework for Differential Reporting an entity is exempted from certain requirements of

the Financial Reporting Standards if it satisfies the criteria laid down in the Framework; such an entity is

called a qualifying entity. The Club is not subject to the Financial Reporting Act 1993 and is not publicly

accountable and not large as defined in the Framework for Differential Reporting.

2. PARTICULAR ACCOUNTING POLICIES

i. Accounts Receivable

Accounts Receivable are stated at net realisable value.

ii. Stock

Stock is stated at the lower of cost, using a first in first out basis, and net realisable value. Some stock is

subject to retention of title cause.

iii. Fixed Assets

Fixed Assets are recorded at cost or valuation less accumulated depreciation.

iv. Depreciation

Depreciation is calculated using the rates permitted under the Income Tax Act 2007 and subsequent

amendments.

v. Goods and Services Tax

These financial statements have been prepared on a GST exclusive basis of accounting. The Balance Sheet

Accounts Receivable and Accounts Payable amounts are inclusive of GST.

vi. Changes in Accounting Policies

There have been no changes in Accounting Policies from the prior year. All policies have been applied in a

consistent way from the prior year.

vii. Comparative Figures

The comparative year figures cover a twelve month period.

3. BANK OF NEW ZEALAND LTD – TERM LOAN

Secured by registered mortgage over property situated at 334-376 Kapiti Road, Paraparaumu Beach at an

interest rate of 6.13%

4. BANK ACCOUNTS

2015 2014

$ $

BNZ Cheque Account 36,860 66,861

BNZ Account 271,860 126,113

ANZ Members Repayment Account 26,340 87,255

ANZ Term Deposit 0 115,000

$335,060 $395,229

5. STOCK ON HAND

2015 2014

$ $

Bar 8,426 12,786

Greens 21,175 21,019

Golf Shop 50,495 57,104

$80,096 $90,909

6. FIXED ASSETS: DEPRECIATION/LOSS ON DISPOSAL

December 2015

Clubhouse

Plant &

Equipment

Course

Plant &

Equipment

Land &

Buildings

$ $ $

Original Cost 380,334 650,690 1,187,983

Add Revaluations (Note 2) - - 3,866,949

380,334 650,690 5,054,932

Less Accumulated Depreciation (279,754) (336,652) (591,814)

Net Book Value at 1/1/15 100,580 314,038 4,415,118

Net Additions during year 25,189 0 0

Depreciation & Losses during year (12,972) (43,358) (44,056)

Net Book Value at 31/12/15 $112,797 $270,680 $4,371,289

December 2014

Clubhouse

Plant &

Equipment

Course

Plant &

Equipment

Land &

Buildings

$ $ $

Original Cost 386,543 1,011,149 1,187,983

Add Revaluations (Note 2) - - 3,866,949

386,543 1,011,149 5,054,932

Less Accumulated Depreciation (277,147) (708,501) (593,711)

Net Book Value at 1/1/14 109,396 302,648 4,461,221

Net Additions during year 3,188 105,540 -

Depreciation & Losses during year (12,001) (94,149) (45,876)

Net Book Value at 31/12/14 $100,583 $314,039 $4,415,345

Depreciation Rates are as follows:

Building and Club Rooms 2.5-4%

Clubhouse Plant & Equipment 4-20%

Course Plant & Equipment 7-50%

7. DONATED SERVICES

The work of the Club is dependent on the voluntary services of many members. Because of the difficulty of

determining their value with reliability donated services are not included in the financial accounts.

8. VALUATION OF LAND AND BUILDINGS

Land is recorded at Quotable Value Limited’s valuation dated 1st August 2005. Buildings are recorded at

market valuation per report dated December 2001, varied by subsequent additions and disposals.

On 22 January 2008 a more current valuation was obtained from Robertson Valuation Ltd. Land was valued

at $10,000,000 and Buildings at $2,200,000. The increased value has not been included in the financial

statements and the net book value of Land and Buildings at 31st December 2015 is $4,371,289.

9. GAMING TRUST GRANTS

Grants that are provided for the purpose of obtaining capital equipment are separated from the grants to

be used for operational expenses.

10. BNZ EQUIPMENT LOANS

The BNZ Equipment Loans carry an interest rate of 7.71% and a maturity date of June 2019.

11. CONTINGENT LIABILITIES

There are no contingent liabilities at balance date.

12. CAPITAL COMMITMENTS

There are no large amounts of funds committed to capital for the ensuing year.

13. RELATED PARTY TRANSACTIONS

There are no significant related party transactions for the year ended 31 December 2015.

Paraparaumu Beach

Golf Club

Would like to thank and acknowledge the following sponsors

Special thanks to