To All Life Members, Senior Members, Full Members, Full Conditional Members and Six Day Members, NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING of the GOLD COAST BURLEIGH GOLF CLUB LIMITED will be held in the CLUBHOUSE of the GOLD COAST BURLEIGH GOLF CLUB, Cnr Albion & Bardon Avenue, Miami, Queensland on MONDAY 14 October 2024 at 6:00 P.M.
Dear Fellow Burleigh Golf Club Members,
As Burleigh Golf Club enters its 75th year, it is important to take the time to appreciate how far we have come in recent years, and to extend thanks to all those members who have contributed to our wonderful facility. As I play golf at various courses through the year I’m always interested in the quality of their course and clubhouse facilities, and the accompanying presentation and feel of the venue. Burleigh can rightly hold its head high when comparing both the course quality and our clubhouse presentation and atmosphere. Financially we are in a satisfactory position, however we still have areas to improve so that over time we do not resemble some of the more tired and less well-resourced clubs we all visit from time to time.
This year we engaged professional services to produce a sinking fund forecast which provides guidance to the Board on exactly how much expenditure will be required over the coming years to maintain the clubhouse and buildings on the course. Pleasingly, our existing Sinking Fund is not too far behind the current balance recommendation, and the Board is committed to maintaining and indexing these cash allocations over the coming years.
Next year we plan to undertake the same ‘sinking fund’ exercise but extend the application of it to the long-term upkeep of the course. As you have seen over the last few years, it requires considerable periodic investment to maintain the quality of our course. One example is the irrigation system. It had a cost in 2018 of $1.17M and has an estimated life span of 30 years. In order to replace the system in 30 years we need to set aside $39,000 each and every year, indexed in line with annual building cost inflation rates. Likewise, we need to ensure that we provision sufficient funds for the future to allow replacement of greens, bunkers, tee boxes, boundary fences and protective netting. None of which last forever. This is all aimed at ensuring that Burleigh Golf Club remains a quality golf course in the long term.
The number of rounds of golf played on the course increased from 69,258 in FY23 to 72,246 in FY24 (62,319 in FY22). This increase in golf bookings is accompanied by improvements in Match, Bar and Catering sales.
Our number of golfing members also increased from 1,276 at 30 June 2023, to 1,362 this year. This increase assisted to grow membership subscriptions from $1,481.3K to $1,675.1K this year, with an additional $131.4K received in entrance fees compared to $113.5K in FY23.
Rainfall increased from 1,010mm last year, to 1,335 this year, with 65% received over the 3 months November to January 2024. My compliments go to Superintendent Darryl Edwards and his team for dedicating themselves to the course recovery over this period, and for the outstanding presentation of the course since those storms, especially during the period of our Club Championships, Pro Am, and Burleigh Cup.
This year we continue to invest in infrastructure and improvements at the Club and the course, with Greens Expenditure increased by 14.8% to $1.462M, with an additional $328K in course capital improvement projects, and $43K in capital projects around the clubhouse.
Details of the financial results for the 2023/24 year will be in the Treasurer’s Report within the 2024 Annual Report. I encourage you to read this document in full when the Annual Report is completed.
The 2024 Annual Report will provide you with a full understanding of the Club’s current financial position, however at the end of FY24:
- The Club remains debt-free, aside from a few operating leases and chattel mortgages on equipment.
- The LLF had a balance of just over $2.910M as at 30/06/2024.
- The Sinking Fund has a balance of $397,377.
- The Club had $1.412M available in its trading bank account heading into FY25 and,
- The Club currently has a full membership and over 580 applicants waiting to join.
Through 2023/24 the investment returns generated by financial markets grew the balance of the Club’s LLF by $178.5K and will enable to Board to use $100,000 from the LLF this year, in accordance with Article 104A.
The 2024 Annual Report will include details on the Land Lease Fund and its various financial investments, and a presentation on the Club’s finances will be provided at the 2024 Annual General Meeting.
Should you have any questions on the Annual Report, please email these to Ian Cottle, General Manager of Burleigh Golf Club at manager@burleighgolfclub.com.au
Any correspondence received will be tabled for the Board’s information and action where necessary.
Kind regards,
Michael McMullen
President – Burleigh Golf Club
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The business to be transacted at the 2024 Annual General Meeting: –
- Reading of the Notice convening the meeting.
- Confirmation of the Minutes of the Annual General Meeting of the Gold Coast Burleigh Golf Club Limited held on Monday 9 October 2023.
- Consideration and Adoption of the Annual Report for the year ended 30 June 2024, and the reports by the Directors and Auditor therein.
- Consideration and Adoption of the Financial Statements and Balance Sheet for year ended 30 June 2024.
- Presentation of a Report by the Board on Annual Subscriptions as determined by the Board under Article 41.
- Declaration of the result of the ballot (if required) for the Election of Officers of the Board of Directors to hold office for the ensuing year.
- Election of the Club Auditor.
- General Business.
Any general business that may be brought forward in accordance with the Club’s Articles of Association.
Any Member who wishes to ask a question at the AGM which would require specific data from the accounting records of the Club is requested to give details of the information required in writing to the Club’s Office by noon on Monday 7 October 2024 so that the answer may be given in full at the AGM.
By Order of the Board of Directors