The Country Club has declined several times to meet with Friends of Vincentia Golf Club Inc. representatives to discuss in depth the financial performance of Vincentia.
We believe key indicators in the Tully Heard Report have been miscalculated and therefore misrepresent the financial performance.
The miscalculated indicators fell well below industry standards and became the basis for several options within the Report and another option by the Club when it was presented to members.
It is not enough to just say, ‘You’re wrong and we’re right.’ We have re-calculated and compared the indicators within the original table format. The differences are stark.
The following table strictly uses only information within the Annual and Quarterly Financial Reports of the Club, and we believe shows a truer and fairer picture.
Noting:
EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation
Adjusted EBITDA % is now nearer to industry standards, and near or above the minimum levels required by the Club’s Memorandum of Understanding.
Adjusted EBITDA % was the key indicator used for options within the Report and by the Club
All Vincentia financial information supplied by the Club and used by Tully Heard is unaudited
Tully Heard (p. 56) incorrectly connects the Vincentia financial information with the Club's audited Financial Statements.
There are numerous inconsistencies within the Tully Heard Financial Performance Analysis.
From 2021 Vincentia wages ceased being accounted from an 'actual’ basis to an ‘apportioned basis’.
Vincentia wages doubled from 2020 to 2023.
From 2020 to 2023 the Club received Grants and Subsidies of over $2.5m. Less than $100K was allocated to Vincentia.
Though the effect of COVID was noted in the original Report it didn’t rate a mention in the Addendum. Neither the original Report nor the Addendum mention the effect of bushfires and flood (2019 to 2023).
Analysis undertaken and written by:
Phil Kennedy BA Acc FCPA (ex) Registered Tax Agent
Noel Burke MBCS (ex)
Rosalie Wood BSc PMI PMP (ex)
Graeme Thompson BBus CPA