It currently seems likely we will reach a significant annual revenue milestone at the very beginning of next financial year, if not at the end of our current financial year. When "total revenue as recorded in the income and expenditure statement (i.e. gross receipts) for a financial year is more than $250,000 (excluding GST) or current assets are more than $500,000" we become a Tier 1 incorporated association - and this has some significant impacts on our financial and regulatory reporting requirements.
In brief we will need:
- To demonstrate our accounting practices align with relevant Australian Accounting Standards
- To have our financial statements and supporting records independently audited.
You can read about the Tier 1 status and accompanying requirements on the NSW Department of Fair Trading website.
To ensure we are prepared for this transition the Committee is moving to obtain an independent review of our accounting practices and related advice from an appropriate accounting and auditing firm in time to put any changes in place before the next financial year.
During April Annegrete and Marita entered a bridge competition and received a Bridge Shop voucher as winners! Fortunately for our library, they decided to donate the voucher to our Peninsula Bridge Library.
We have purchased 2 copies each of Demystifying Defense and A Second Book of Bridge Problems. Both publications are by Patrick O’Connor. These books will be of particular interest to those attending the Defence lessons this month. Look out for them at the library.
Thank you Annegrete and Marita.
In the third week of May the President spoke to members about where we were in our research into suitable premises options for when our current lease expires in April 2021, and about priorities the Committee had unanimously determined to ensure the club was in a financially better shape in order to increase confidence of achieving a good premises outcome.
The Committee has set a goal of extending our current reserves of about $350,000 to more than $500,000 when our lease expires in under three years, without compromising the quality of bridge that we enjoy. To achieve this our intent is to increase our normal annual increase in our reserves from its recent levels of around $10,000 to more like $40-50,000 each year by reviewing our costs and, if possible, identifying new income sources such as fundraising and sponsorship of events or other costs.
International players Liam Milne and Susan Humphries were our guest experts fpr our May Swiss Pairs. They led the PBI at 5 workshop on "When to respond 'light'", and then followed with a pre-session talk on guidelines when low-level doubles would logically be for penalties. The workshop was well received with a number of players from North Shore making the journey to hear them speak. It will be interesting to see how many light responses appear at the club.
The Swiss Pairs showed some interesting - read difficult - boards. The first board at our table had the following bidding: 4H (5D) 5H (6D) P P 6H X All pass - down one when 6D makes. In fact 7D makes when played by the other hand but fails on an unlikely spade lead and ruff. Needless to say Cath Whiddon and I were on the wrong side of this board playing against Susan and Liam.
Derrick Browne was our guest expert at the Swiss Pairs on 24 April. His pre-session talk on the "Power of the Closed Hand" was very well received, and a number of players were seen trying to practice the deception technique during the night. Join us for the next Swiss Pairs on 22 May when international players Liam Milne and Susan Humphries will be our guest experts. The pre-session talk will address how to distinguish the doubles partner intended as penalties from those intended as takeout.
The winners on the night were David Farmer and Catherine Whiddon, ahead of Peter Clarke and Hans van Weeren, and Marieta Borthwick and Annegrete Kolding.
Nine tables played on the night which was directed by in-house directors Alan Davies and David Farmer.
Members may not be aware of the KEORIDE transport option available for those living on the Northern Beaches north of Narrabeen.
This option was introduced as part of the B-Line service, and provides on-demand transport between your home and the nearest B-Line bus stop. There is of course a B-Line bus stop right outside the bridge club.
Member Julie Daniels writes:
The committee asks, in the best interests of all members of the club, that members do not attend the club when they are ill and contagious. We want to minimize the risk of others catching the flu and other diseases via coughs, sneezes and through touching the cards and boards that others will also touch.
All members are encouraged to wash their hands and do whatever they can to minimise these risks.
And if you are ill and miserable at home, do ensure that your bridge friends know so that they can keep in contact.
Peninsula participated in Bridge for Brains today and we all had a great day with lots of delicious food and a good bridge game. We offered the 3 rookie tables the choice to join the main game but they preferred to stay where they were so they sat on the side and played 3 rounds of 7 boards.
Thanks very much to Sue Riley and Gayle King for organising and co-ordinating the day and thanks to all those who contributed to the raffles, bought lots of tickets and brought food for the fantastic afternoon tea.
Check your results at http://www.nationwidepairs.com.au/bridge_for_brains.html
