Roodepoort country club annual general meeting 10 april 2013
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ROODEPOORT COUNTRY CLUB ANNUAL GENERAL MEETING 10 APRIL 2013. Chairman's Report in respect of the 2012 financial year. Stated Objectives listed at 2012 AGM.

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ROODEPOORT COUNTRY CLUB ANNUAL GENERAL MEETING 10 APRIL 2013

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Roodepoort country club annual general meeting 10 april 2013

ROODEPOORT COUNTRY CLUB

ANNUAL GENERAL MEETING

10 APRIL 2013


Roodepoort country club annual general meeting 10 april 2013

Chairman's Report in respect of the 2012 financial year


Stated objectives listed at 2012 agm

Stated Objectives listed at 2012 AGM

To build on the platform created and ensure that we move to a solvent and profitable financial position in order to build reserves and ensure sustainability well into the future.

To ensure that the governance and control practices at RCC are robust and transferable

To ensure long term and sustainable membership growth and this may mean needing to completely revamp the product offering that RCC offers


Stated objectives listed at 2012 agm1

Stated Objectives listed at 2012 AGM

  • We need to become an environmentally friendly club and need to develop a practical plan in this regard

  • By the time my terms ends I want to have developed sound succession planning within the Executive Committee to ensure a smooth transition and in doing so provide the maximum opportunity for my successor to improve rather than mark time on the platforms which have been built.


Key highlights

Key Highlights

Club returned to profitability for the first time since the 2005/6 financial year


Annual profit loss over past 12 years

Annual Profit/Loss over past 12 years


Key highlights1

Key Highlights

Club returned to profitability for the first time since the 2005/6 financial year

Record year for golf rounds

Significant improvements in golf course

Stabalisedthe declining trends in membership

Establishment of a sound and robust management and efficient operational structures

Resolution of the SARS arrears

Improvements to the clubhouse and introduction of additional facilities to members

Rebrand of the RCC Name and Logo

Introduction of the half yearly results presentation


Roodepoort country club annual general meeting 10 april 2013

Stats


Rcc employees

RCC employees


Membership

Membership


Membership continued

Membership (continued)


Membership continued1

Membership (continued)

294

WDO


Corporate membership 2012

Corporate membership 2012

Canon

Deswick

Vega

D&A

R434 650

Toshka

Labournet

Rawson

Mercedes

Benz

PDTSA

Lexus


Roodepoort country club annual general meeting 10 april 2013

GOLF ROUNDS


2012 rounds of golf members

2012 ROUNDS OF GOLF (members)


2012 rounds of golf visitors other

2012 ROUNDS OF GOLF (visitors & other)


2012 rounds of golf

2012 ROUNDS OF GOLF


Rands per round

Rands per round


Income and rounds y o y

Income and Rounds Y-o-Y

Rounds up 26%

Golf revenue up 34%


Club communication

Club communication

During 2012 the club communicated in various ways with it’s members

10 newsletters

8 newsflashes

80 emails regarding Friday evenings

60 sms reminders re club activities

12 new newsflashes about golf and club activities (from October β€˜12)

Upgrade to the website

Half yearly results Presentation


Roodepoort country club annual general meeting 10 april 2013

DECO

Food and Beverage outsourcing


Roodepoort country club annual general meeting 10 april 2013

DECO


Key projects

Key Projects

  • Golf Course

  • Clubhouse

  • Driving Range

  • Additional income Streams

  • Membership Growth

  • Environmental plan

  • RCC product

  • Brand/Logo

  • 5 Star Golf Experience

  • Security

  • Strategic Plan


Business imperatives and challenges

Business Imperatives and Challenges

Cash Flow

Solvency

SARS

Utilities

Lease

Ensure that these aspects are completely resolved in 2013


Strategic intent

Strategic Intent

The strategy for the next 5 years is to consolidate the business and build reserves that total R5.25m

Driving this will require a shift from being a Committee led organisation to a Professionally driven one

Ruimsig Country Club will professionally drive at achieving a sustainable future for its members and its stakeholders


Thanks

Thanks

Club Management

Sports Committees

Product Committee

Finance Committee

Executive Committee

You the members


Roodepoort country club annual general meeting 10 april 2013

ANNUAL FINANCIAL STATEMENTS


Independent auditors report

Independent auditors’ report

  • Qualified audit opinion

    • Cash sales

      • similar to most cash intensive businesses

      • additional controls put in place

      • continuous attempts to address this risk and audit opinion

    • Fixed asset revaluation

      • historical fixed asset revaluation

      • revaluation not in terms of International Financial Reporting Standards (IFRS)

  • Emphasis of matter

    • Liabilities exceed assets

    • Utilities Account


Statement of comprehensive income

Statement of Comprehensive Income

Net sale of goods - 1 155 295

Rendering of services 10 400 556 8 198 157

Rental income (Cart hire, Deco hire) 1 509 197 1 128 278

27%


Statement of comprehensive income1

Statement of Comprehensive Income

Incl is Deco outsourcing (excl rent) and insurance claims


Statement of comprehensive income2

Statement of Comprehensive Income

  • Administration and management fees 994 620 524 260

  • Employee cost 3 612 4154 501 658

  • 4 607 035 5 025 918

  • Auditors remuneration 84 883 80 217

  • Cleaning and consumables 101 818 82 285

  • Credit card merchant cost 127 121105 329

  • Entertainment 58 342 23 365

  • Golf course expenditure

  • Maintenance 1 174 760 716 574

  • Petrol and oil 434 003310 095

  • Golf outsourcing 806 305 278 526

  • Utilities 991 516 845 147

Even with other work performed, cost contained

Increased credit card payments for golf

Directly attributable to the record number of rounds

12 months vs 5 months


Statement of comprehensive income3

Statement of Comprehensive Income

R85k City of Johannesburg


Statement of comprehensive income4

Statement of Comprehensive Income

You would need to replace assets at some stage


Statement of financial position

Statement of Financial Position


Statement of financial position1

Statement of Financial Position


Statement of financial position2

Statement of Financial Position


Statement of financial position3

Statement of Financial Position


Statement of financial position4

Statement of Financial Position

Trade receivables 402 386 206 330

PMG invoiced R198k at yearend


Statement of financial position5

Statement of Financial Position

Opening cash balance 960 095 (404 329)

Net cash from operating activities(126 690) (707 747)

Net cash from investing activities(176 924) 164 086

(mainly net asset purchases)

Net cash from financing activities (10 976) 1 908 087

(mainly special memberships) ________ ________

Cash movement for the year (314 590) 1 364 426

Cash at end of year 645 504960 097


Statement of financial position6

Statement of Financial Position

Special memberships 1 521 107 1 957 383

Less short-term portion (incl in other liabilities) (422 205) (401 754)

This amount written to income over time


Statement of financial position7

Statement of Financial Position

Confirmation of earlier comment on yearend cash balance

VAT account 100% settled in January 2013

Trade payables 518 206 566 069

Memberships received in advance 345 963 929 344 VAT 661 436 797 150

City of Johannesburg 3 055 7362 287 265

Water and electricity 41 573 124 217

Club funds 212 169 183 756

Auditor’s emphasis of matter


Statement of financial position8

Revaluation reserve completely amortised

+

Continued annual surpluses

=

Equity figure to turn into credit balance

Statement of Financial Position


Roodepoort country club annual general meeting 10 april 2013

LOOKING BEYOND 2012


Membership1

Membership


Membership continued2

Membership (continued)


Membership continued3

Membership (continued)

WDO

R129,860pm

300

WDO


Corporate membership 2013

Corporate membership 2013

Shimandzu

BIZ 2 IT

Sautech

Canon

Deswick

Vega

D&A

R434 650

+

R158 272

R434 650

Toshka

Labournet

Rawson

Mercedes

Benz

PDTSA

Lexus

Grubb

Route

Konica

Minolta


Rands per round1

Rands per round


Ytd 2013 indicators

YTD 2013 indicators

  • Golf rounds up 6%

  • 100% on target with 2013 budget

  • Golf revenue up 21% from 2012


Roodepoort country club annual general meeting 10 april 2013

Thank You


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