2010 Annual Report

2010

annual report PROGRESSIVE | PROUD | CHALLENGING

our mission

our goals

To provide members with a quality golf course and facilities, a friendly environment and the opportunity to enjoy their golf.

To ensure the Club’s financial strength to meet it’s short, medium and long term goals without calls on members

our vision

To develop an environmentally sustainable golf course distinguished from other championship courses by unique characteristics and recognised as among the best in Australia

To be recognised by members and the golfing community as providing the best overall package of golf course, service and facilities in South Australia and ranked among the best in Australia

To provide outstanding value and service to members and guests To foster a sense of belonging and pride amongst members and improve the profile and reputation of the Club To promote the enjoyment of golf and the enhancement of skill through a competition program which meets the needs and expectations of members of all skill levels and interests

2010 Annual Report |

| 2010 Annual Report

office bearers

CAPTAIN

Mr Jim Johnson

VICE CAPTAIN

Mr Anthony Martin

PRESIDENT

Mr Geoff Gitsham

VICE PRESIDENTS

Mrs Helen McMutrie

Mr John Rawson

COMMITTEE OF MANAGEMENT

Mr Gavan Fox

Mr David Gillespie

Mr Bett Jarrad

Mr Sam Koukourou

Mrs Kay Nyland

Mr Gerry O’Brien

GENERAL MANAGER

Mr David Brand

committee attendance

Attendance at Committee of Management meetings for the year ended 31 December 2010 Paul R. McGrath (term completed March 2010) *

9

Jim Johnson

10

Gavan M. Fox

10

Anthony J. Martin

10

David P. Gillespie

9

Gerry P. O’Brien

10

Sam Koukourou

11

Kay Nyland

11

Brett D. Jarrad (elected March 2010)

5

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2010. * The outgoing Captain is permitted to attend Committee of Management meetings in an ex-officio capacity, for a period of 12 months.

2010 Annual Report |

| 2010 Annual Report

membership status Membership numbers as at 31 December 2010 Category

Male

Female

2010

2009

2008

2007

2006

2005

Life

2

3

5

3

3

3

3

3

Full

680

80

760

748

711

698

710

720

53

14

67

53

55

55

55

54

137

64

201

272

326

315

332

313

Intermediate

46

7

53

41

42

49

53

67

Weekday

92

64

156

140

63

70

77

77

Veteran

3

1

4

4

6

5

3

6

58

5

63

44

28

35

43

48

1

1

2

0

0

0

0

0

87

9

96

88

99

85

102

101

Temporary

8

1

9

9

7

9

8

8

Corporate

1

0

1

3

5

7

5

6

Honorary

16

0

16

16

16

18

18

19

Non Playing

16

12

28

29

28

25

23

21

Social

77

2

79

67

114

120

137

175

Honorary Social

3

0

3

3

3

3

3

3

PGA Member

1

2

3

3

0

0

0

0

Try Golf

0

26

26

16

0

0

0

0

19

0

19

7

0

0

0

0

1,274

282

1,556

1,546

1,506

1,497

1,572

1,621

Company Provisional

Junior Junior Country Country

Casual (PAYP) TOTAL

2010 Annual Report |

| 2010 Annual Report

outstanding performances

National Team Selections Jordan Sherratt - Eisenhower Cup Team Jordan Sherratt - Sir Michael Bonallack Trophy Team

State Team Selections Women’s State Team - Josie Hodge Men’s State Team - Jordan Sherratt Junior Team - Michael Ratajewski, Elysia Yap, Christine Beasley, Mitchell Taht, Lachlan Booth

Amateur Events Jordan Sherratt - Master of the Amateurs Golf SA Country Championship - Deb Christie Women’s Bronze Foursomes - Wendy Vaughan & Jill Gehling Women’s Champion of Champions - Deb Christie Mt Lofty Women’s Vardon - Josie Hodge Mt Lofty Junior Vardon - Michael Ratajewski Riverside Women’s Vardon - Josie Hodge Rosemary Reeves Junior Vardon (Grange) - Elysia Yap Liz Pitcher Business Women’s Championship - Ele Davies josie hodge

Runners Up: Women’s Grade 1 Pennant Heather Whitford (Non Playing Captain), Jill Hodge, Josie Hodge, Cathy Symons, Christine Trimmer, Sophie James, Jess Burns, Deb Christie, Jan Dale-Harris

Runners Up: Junior Pennant Paul Duregon (Manager), Will Carman, Sam Hynes, Michael Ratajewski, Jenny Lee, Jordan Williams, Henry Duregon, Sam Raschella

Holes in One

mitchell taht

Liam Stain......................................................................................................... 16th Hole Jan Dale-Harris.................................................................................................. 3rd Hole Trent Kotz.......................................................................................................... 16th Hole Peter Hansberry..............................................................................................14th Hole James Brown.......................................................................................1st Hole (Temp.)

Rita Northcote.................................................................................................11th Hole Scott Williams..................................................................................................14th Hole Michael Gage..................................................................................................... 3rd Hole James Brown....................................................................................................11th Hole Tom Rundle.......................................................................................................14th Hole Geoff Cotton....................................................................................................14th Hole Wendy Greig.....................................................................................................14th Hole Wendy Greig.....................................................................................................11th Hole Paul Evison........................................................................................................11th Hole Braeden Kelly.................................................................................................. 16th Hole Mark Trenwith..................................................................................................14th Hole Darcy Economos............................................................................................... 3rd Hole

2010 Annual Report |

| 2010 Annual Report

club championship & trophy winners Event

Winner

Runner Up

Men’s Club Championship

Moe Nagi

Matthew McGowan

Women’s Club Championship

Cathy Symons

Elise Dignan

RF Stevens Trophy

Anthony Olsen

Campbell Rawson

Men’s B Grade Championship

Simon Stewart

Jon Oatey

Men’s C Grade Championship

Don Tucker

Phil Miller

Women’s B Grade Championship

Imelda Lynch

Barb Heald

Women’s C Grade Championship

Morreen Barter

Judy Cullen

Men’s A Grade Plate

Justin Dolman

Bob Loveday

Men’s B Grade Plate

Todd Entwistle

Michael Maguire

Men’s C Grade Plate

Richard Sheridan

Greg Mennie

Boy’s Club Championship

Lachlan Booth

Moe Nagi

Girl’s Club Championship

Jenny Lee

Elysia Yap

Men’s Senior Championship

Colin Wright

David Allen

Jimmy McLachlan Trophy

Ben McBride

Simon Connelly

Men’s Foursomes Championship

Andrew Grzybowski & David Brand

Sam Hynes & Sam Raschella

Women’s Foursomes Championship

Ele Davies & Ruth Martin

Wendy Greig & Jan Dale-Harris

Men’s A Grade Foursomes

Paul McGrath & Chris Pudney

Andrew Grzybowski & David Brand

Men’s B Grade Foursomes

Tony Martin & Andrew Hodge

Glenn Sterrey & Steve Gentle

Men’s C Grade Foursomes

Phil Maunder & Paul Evison

Patric Alderman & Bevan Roberts

Women’s B Grade Foursomes Championship

Janet Fleer & Pam Hobbs

Jill Gehling & Wendy Vaughan

Women’s C Grade Foursomes Championship

Liz Kelton & Marie Winter

Gail Carey & Sue Milte

Mixed Foursomes Championship

Ian & Cathy Symons

Chris Whitford & Jayne Staridas

Rhonda Watson Brooch (Gross)

KOOYONGA: Ebony Heard, Emma Ash, Jill Trenorden

Rhonda Watson Brooch (Net)

ROYAL ADELAIDE: Caitlin Roberts, Jill McEwin, Juliet Hugo

Brian Ferris Memorial Trophy

Alex Hendrick (Grange)

Charles Shaw (Kooyonga)

Eric Scovell Trophy

Anthony Murdaca (Grange)

Ben Stowe (Royal Adelaide)

Women’s Vardon

Ebony Heard (Kooyonga)

Sarah King (Royal Adelaide)

Owen Whitford Trophy

Ian & Cathy Symons

Mark & Janet Fleer

Lance Begg Trophy

Simon Stewart & Marg Gordon

Winter Pinehurst Foursomes Trophy

Gavan & Karin Fox

Don Harris Memorial Trophy

Gavan & Karin Fox

Patron’s Cup

Jordan Sherratt

Event

Winner

Event

Winner

Governor’s Cup

Aiden Zammit (Willunga)

Glenelg Trophy (Juniors)

Henry Duregon

Senior Cup

Peter Appleton

Boy’s Handicap Matchplay

Braeden Kelly

Anzac Trophy

Kym Smith

Rawson Memorial

Terry Crowhurst

Captain’s Trophy

Barry Lawrie

Don Watson Memorial

Peter T. Carey

President’s Trophy

Bernie Manser & Grant Edwards

Frank Collins Memorial

Ian Brooks

Glenelg Trophy

Grant Edwards

AH Smerdon Memorial

Modge Brown

Sam Percival Trophy

David Allen

Steve McKee Memorial

Daniel Mather

Milo Sprod Trophy

Ray Taylor

Summer Cup

John Noble

Norm Omond Medals

A: Mark McDonald

Harold Wright Memorial

Brett McMillan

B: Steve Deally

Men’s Winter Matchplay

Chris Pudney

C: Ian Daebeler

Brian Bashford Memorial

Adrian Bartlett

Junior Winter Matchplay

Jenny Lee

Women’s Event

Winner

Women’s Event

Winner

President’s Foursomes

Jill Hodge & Ruth Martin

Shyllie Rymill Foursomes

Cathy Symons & Janet Fleer

Captain’s Trophy

Jill Hodge

Consistency Cup

Jan Dale-Harris

Laurel Wreath

Kay Nyland

Aggregate Par Trophy

Jill Gehling

International Bowl

Silver: Cathy Symons

Veteran’s Handicap

Heather Whitford

Bronze: Robin Hayball

Veteran’s Handicap Gross

Jane Nelson

Ron Wood Trophy

Kristy Morrison

Veteran’s Handicap Net

Helen Mesnil

Club Medal 1

Cathy Johnson

JM Sims Trophy

A Grade: Nuala Oades

Club Medal 2

Not Played

B Grade: Joyce Thomas

Club Medal 3

Sandy Dolman

C Grade: Heather Whitford

Caddy Trophy

Cathy Symons

Past Committee Trophy

Elise Dignan

Grandmothers Trophy

Ele Davies

Most Improved Handicap

Kristy Morrison

Putting Trophy

Carolyn Shanahan

Jacka Trophy

Jan Dale-Harris

Wallace Stroke

Wendy Greig

Saturday Championship

Net: Cathy Symons

Parfection Prize

Cathy Symons

Ella Cole Trophy

Jacqueline Walter

Essex Stroke

Silver: Jill Hodge Bronze: Kerry Larsen

Matchplay: Jenny Lee

2010 Annual Report |

10 | 2010 Annual Report

office bearers 1927 - 2010 Year

Captain

Vice-Captain

Year

Captain

Vice-Captain

1927 A.J. Roberts

President

S. Jackman

F.G. Hicks

1969 N.E. Bagshaw

President

J.A. Manning

J.R. Alderman

1928 A.J. Roberts

S. Jackman

F.G. Hicks

1970 N.E. Bagshaw

J.R. Alderman

J.D. Omond

1929 A.J. Roberts

S. Jackman

F.G. Hicks

1971 N.E. Bagshaw

J.R. Alderman

J.D. Omond

1930 A.J. Roberts

S. Jackman

F.G. Hicks

1972 N.E. Bagshaw

J.D. Omond

M.C.E. Summers

1931 A.J. Roberts

F.G. Hicks

John Hill

1973 N.E. Bagshaw

J.D. Omond

M.C.E. Summers

1932 Not Appointed

F.G. Hicks

John Hill

1974 N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1933 W. Fisk

John Hill

G. McLeay

1975 N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1934 W. Fisk

John Hill

G. McLeay

1976 F.G. Collins

R.B. Bennett

G.A. Hodgson

1935 W. Fisk

J.E. Ashton

G. McLeay

1977 F.G. Collins

R.B. Bennett

G.A. Hodgson

1936 W. Fisk

J.E. Ashton

G. McLeay

1978 F.G. Collins

G.A. Hodgson

H.T. Slade

1937 W. Fisk

K.C. Crookall

Dr. A.H. Guymer

1979 F.G. Collins

G.A. Hodgson

H.T. Slade

1938 W. Fisk

Dr. A.H. Guymer

Dr. C.B. Maddern

1980 F.G. Collins

H.T. Slade

B.J. Manser

1939 Frank Smith

Dr. A.H. Guymer

J.E. McKee

1981 F.G. Collins

H.T. Slade

B.J. Manser

1940 Frank Smith

J.E. McKee

V.M. Thomas

1982 F.G. Collins

B.J. Manser

J.E.O. Handford

1941 Frank Smith

V.M. Thomas

W.B. Holt

1983 F.G. Collins

B.J. Manser

J.E.O. Handford

1942 Frank Smith

V.M. Thomas

W.B. Holt

1984 R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1943 Frank Smith

V.M. Thomas

W.B. Holt

1985 R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1944 Baden Pattinson

V.M. Thomas

W.B. Holt

1986 R.B. Bennett

G.D. Gitsham

A.K. Whitford

1945 Baden Pattinson

W.B. Holt

A.C. Brooke

1987 R.B. Bennett

G.D. Gitsham

A.K. Whitford

1946 Baden Pattinson

W.B. Holt

A.C. Brooke

1988 R.B. Bennett

A.K. Whitford

D.N. Barton

1947 W. Allen

E.Caradoc Ashton

S.N. McKee

1989 R.B. Bennett

A.K. Whitford

D.N. Barton

1948 H.H. Handby

E.Caradoc Ashton

S.N. McKee

1990 R.B. Bennett

D.N. Barton

J.L. Waddy

1949 H.H. Handby

E.Caradoc Ashton

S.N. McKee

1991 R.B. Bennett

D.N. Barton

J.L. Waddy

1950 C.H. Fidock

S.N. McKee

F.G. Collins

1992 R.B. Bennett

J.L. Waddy

J.R. Giles

1951 C.H. Fidock

S.N. McKee

F.G. Collins

1993 R.B. Bennett

J.L. Waddy

J.R. Giles

1952 C.H. Fidock

F.G. Collins

S.D. Harris

1994 D.N. Barton

J.R. Giles

J.A. Rawson

1953 C.W. Anderson

F.G. Collins

S.D. Harris

1995 D.N. Barton

J.R. Giles

J.A. Rawson

1954 C.W. Anderson

S.D. Harris

D.M. Watson

1996 D.N. Barton

J.A. Rawson

I.P. Symons

1955 C.W. Anderson

S.D. Harris

D.M. Watson

1997 D.N. Barton

J.A. Rawson

I.P. Symons

1956 C.W. Anderson

S.D. Harris

D.M. Watson

1998 D.N. Barton

I.P. Symons

D.M. Lindsay

1957 C.W. Anderson

D.M. Watson

C.M. Wood

1999 J.L. Waddy

I.P. Symons

D.M. Lindsay

1958 C.W. Anderson

D.M. Watson

C.M. Wood

2000 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1959 C.W. Anderson

D.M. Watson

C.M. Wood

2001 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1960 W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2002 J.L. Waddy

C.R. Whitford

P.J. Norman

1961 W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2003

C.R. Whitford

P.J. Norman

1962 W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2004 B.J. Manser

P.J. Norman

I.R. Brooks

1963 W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2005 B.J. Manser

P.J. Norman

I.R. Brooks

1964 N.E. Bagshaw

N.E. Bagshaw

P.T. Morton

2006 B.J. Manser

I.R. Brooks

P.R. McGrath

1965 N.E. Bagshaw

P.T. Morton

J.A. Butler

2007 B.J. Manser

I.R. Brooks

P.R. McGrath

1966 N.E. Bagshaw

P.T. Morton

J.A. Butler

2008 B.J. Manser

P.R. McGrath

N.J. Johnson

1967 N.E. Bagshaw

J.A. Butler

J.A. Manning

2009 G.D. Gitsham

P.R. McGrath

N.J. Johnson

1968 N.E. Bagshaw

J.A. Butler

J.A. Manning

2010 G.D. Gitsham

N.J. Johnson

A.J. Martin

J.L. Waddy

committee members 1927 - 2010 Name

Years

Name

Years

Name

Years

Name

Years

Alderman, J.R.

24

Gillespie, D.P.

3

Mallen, L.

3

Reade, T.C.

6

Allen, W.S.

16

Gillman, J.F.

1

Manning, J.A.

7

Sando, H.H.

3

Ashton, E.C.

11

Gitsham, G.D.

6

Manser, B.J.

12

Sands, R.G.

3

Ashton, J.E.

16

Goldsworthy, J.S.

2

Marshall, A.K.

1

Sauerbier, L.C.

3

Bagshaw, N.E.

11

Guy, G.R.

3

Martin, A.J.

5

Skinner, L.P.

Barton, D.N.

13

Guymer, Dr. A.H.

3

Martin, S.G.

2

Slade, H.T.

Bennett, R.B.

9

Handford, J.E.O.

10

Mausolf, N.

6

Stanhope, B.H.

1

Bishop, W.P.

6

Harris, S.D.

12

McCarter, L.

5

Stevens, G.B.

5

Briscoe, P.C.A.

5 11

11

Hartford, B.B.

1

McCarthy, K.J.

6

Stevens, R.F.

8

Brooke, A.C.

6

Hendry, J.M.

2

McFarlane, A.

3

Still, J.A.

4

Brooks, I.R.

10

Hewett, L.P.

2

McFarlane, K.B.

3

Stone, J.C.

3

Brooks, L.A.

1

Hicks, F.G.

5

McGlasson, A.

6

Summers, M.C.E.

20

Burgen, O.T.

3

Hill, J.

5

McGrath, P.R.

8

Symons, I.P.

10

Butler, J.A.

Thomas, V.M.

6

Thompson, G.R.

4

11

Hodgson, G.A.

13

McKee, J.E.

5

Campbell, K.S.

3

Hodgson, J.W.

1

McKee, S.N.

12

Chamberlain, R.R.

1

Holt, W.B.

9

McLeay, G.

2

Trabilsie, F.J.

7

Chapple, G.B.

3

Hull, S.C.

2

McLuckie, R.

3

Truscott, R.W.

1

Collins, F.G.

21

Humphries, W.G.

5

McMutrie, H.

6

Vivian, A.B.

5

Connelly, P.F.

3

Jackman, A.J.

2

Merrett, A.F.

6

Walsh, T.I.

6

Crookall, K.C.

2

Jackman, J.W.

1

Morton, P.T.

23

Warburton, C.

9

Cudmore, D.C.

2

Jackman, S.

4

Nelson, R.A.

2

Watson, D.M.

21

Dale, M.E.

9

Jarrad, B.

1

Newton, R.

4

Watson, E.J.

1

Darling, A.E.

12

Johnson, A.C.M.

7

Norman, P.J.

9

Weston, G.W.

3

Dignan, J.A.

1

Johnson, N.J.

5

Nyland, K.

2

Wheatley, J.A.

9

3

Johnson, W.G.

2

O’Brien, G.P.

3

Whitford, A.K.

12

Kenny, J.P.

1

Omond, J.D.

21

Whitford, C.R.

10

Ellers, L.G. English, R.J.

10

Ferris, B.T.

4

Kimber, A.W.

4

Palmer, J.S.

4

Wood, C.M.

11

Flehr, B.E.

4

Koukourou, S.

5

Percival, S.T.P.

1

Wood, L.M.

4

Follett, R.M.

7

Lacey, E.H.

2

Phillips, D.W.

2

Wood, W.C.

2

Foster, G.C.

1

Lewis, F.A.

24

Phillips, M.B.

14

Woolcott, E.S.

3

Fox, G.M.

4

Lindsay, D.M.

8

Price, W.D.

1

Wright, H.F.

6

Frances, I.K.

2

Maddern, Dr. C.B.

1

Pritchard, W.A.

2

Young, W.D.

2

Freeman, R.E.N.

3

Maddern, J.P.

5

Rawson, J.A.

11

10

Mahoney, W.J.

5

Rawson, K.A.

16

2010 Annual Report |

11

Giles, J.R.

12 | 2010 Annual Report

captain’s report •

A period of consolidation and improved financial performance

•

Course enhancement program creating outstanding playing conditions

•

Focus on member services and club facility utilisation

•

Initial ASR program phase completed

•

Overhaul of food and beverage operations and improved service to members

•

Refurbishment of Pro Shop and Golfers Bar

•

Debt reduction plan implemented and land tax burden removed

•

Junior Development expanding with junior members doubling in 2 years

•

New corporate image, branding, website, Facebook Page and more

Throughout 2010, signs were showing of a strong recovery after several challenging and busy years, generating a sense of optimism and excitement around the Club.

Whilst the previous two years have seen much change for the Club, 2010 was to prove an important period of consolidation and capitalisation of the work carried out by previous Committees and Club management.

Increased interest in membership throughout the latter part of 2009 flowed through into 2010 with an influx of new members, all eager to make use of the outstanding member facilities now offered by the Club.

Jim Johnson CAPTAIN

Clubhouse utilisation grew dramatically throughout 2010 with a significant increase in revenue through our hospitality operations. This had been a major focal point for the

Committee of Management in 2010, as the need to make use of our multimillion dollar clubhouse refurbishment increased. However, the Committee’s attention was not only focused on this one area of the business. Continuing the flexibility and affordability mantra seen in previous years saw many new initiatives in membership, marketing, service levels and presentation.

A restructure of the Food & Beverage operations resulting from member focus group feedback in the latter part of 2010, has delivered more choice, better options, greater flexibility and more importantly, a renewed interest in our offering.

The golf course continued to improve throughout 2010. Many members have commented that the course was in the best condition they had ever seen, and it continues to go from strength to strength.

2010 Annual Report |

13

14 | 2010 Annual Report

January New policy introduced enabling Full female members to play before 10:00am on Saturday during hot weather.

Titleist/Footjoy sign on as sponsors of the Club’s hugely popular Junior Shootout tournament.

Mark Tan commences in the role of Membership & Golf Operations Manager, having come from Kooyonga Golf Club in a similar role.

Successful fairway renovation trial carried out on the 4th hole, including heavy scarifying, coring and topdressing.

Friday Night Twilight events introduced, including the $500 Lucky Member Draw Jackpot.

February Interim agreement reached between the Club and Golf Education Australia allowing the establishment of a temporary administration building, and using the Club as the home base for students.

The Club’s Annual Quiz Night, raising money for Junior Golf, successfully held with almost 130 members enjoying the competitive atmosphere.

Inaugural Captain’s Lunch held with guest speaker, Geoff Merrill.

Fairway renovation works carried out on 4th & 5th fairways, with additional drainage work installed to approach bunkers on 5th hole.

Work commences on Pro Shop refurbishment, with a temporary shop set up in the Golfers Foyer for two weeks.

Golf Education Australia set up their temporary accommodation - “The Tour Hut” at the eastern end of the Bonython Avenue car park.

The Pro Shop refurbishment was completed in March and boasts flat screen TV’s, colour schemes and finishings to match the locker rooms

In March, the biennial Australian Golf Digest Top 100 Golf Course Rankings were released, with Glenelg Golf Club improving by one place, from 46 to 45. Whilst the improvement seemed insignificant to some, when comparing the fortunes of other local golf courses, our position in the rankings is commendable. We have a program to ensure that more judges get to play the course which we hope will lead to the higher ranking that it deserves.

In April, the Club hosted the leading male and female amateur golfers from around Australia for the Golf SA Classic and received rave reviews from players, officials and spectators. Amazingly, for five days straight, amateur golf received full page coverage in the local media, assisting the Club’s growing reputation as one of the very best in Australia.

The Club’s growing reputation as a leader in Junior Development took a massive leap forward in 2010. By the end of the year, the Club boasted 65 junior members, many of which were active participants in our junior development program. By comparison, in 2008 only 28 junior members called Glenelg home. Many of our junior members had outstanding years, representing the State and winning various events around the State.

Further improvements were completed to our clubhouse in 2010, with the Golfers Bar and Pro Shop refurbished to meet similar high standards now found in other areas of the complex.

The Pro Shop refurbishment was completed in March and boasts flat screen TV’s, colour schemes and finishings to match the locker rooms, and stands pride of place as the first point of call for all golfing visitors to Glenelg.

Many of our members have been following the fight in respect to our land tax imposition over a number of years now. Other clubs have not had to incur this large financial impost.

Despite having our objection initially rejected by Revenue SA, we recently received the news from the Acting State Treasurer advising that the Club’s objection, on behalf of the Company, against the assessment of land tax for the 2009/2010 financial year, had been granted. This has resulted in a refund of monies previously paid that should result in a potential saving to the Club of around $250,000. We are still awaiting confirmation in respect to future years from Revenue SA and are hopeful we will succeed.

At the 82nd Annual General Meeting, John Handford and Jan Wheatley were nominated for Life Membership.

Both members served the Club for many years as volunteers, players and officials, and were most deserved candidates for this highly regarded position.

An era ended for the Club in July when our long-standing and respected

March Pro Shop refurbishment work completed by Pinnacle Shopfitters.

The Golfers Bar refurbishment was completed in May, with a new glycol beer system, chilled keg room, full height fridges and a wine display

House Manager, Martyn Kinsman, retired from the role. Martyn has been plagued by health problems for the last two years, and sadly was unable to return to the role he loved so much.

For almost 30 years, Martyn provided that extra level of old-fashioned service to members and guests from behind the bar, and his extensive knowledge of quality wines and the wine industry will be sorely missed.

Martyn remains an Honorary Member, and we hope to see him at the Club on many occasions in the future.

The ASR wetland project continued to mature throughout 2010. Minor structural and operational issues continued to be monitored and corrected during the final 12 months of the two year defects liability and maintenance period. In September/October, a semi-automatic drainage system was installed to assist with ongoing carp removal and maintenance procedures. We anticipate draining the wetland every year to remove European Carp, ensuring the wetland operates efficiently and effectively for the years to come. Every three to four years, maintenance will also be carried out to remove excess build up of silt in the system.

In early 2011, the Club will take control of this important asset, which should deliver sustainable and cost

effective irrigation water well into the future. Various mechanical and electrical problems with the Club’s four operational bores reinforced the importance of not relying on one source of irrigation water, so discussions continued with SA Water in regards to access to the GAP pipeline, which supplies Class A effluent water to various customers between the Glenelg Wastewater Treatment Plant and the Adelaide CBD. Whilst the ASR wetland system should deliver sufficient quality and quantities of irrigation water, we cannot become complacent and must continue to investigate alternative options.

In April, we launched our new corporate image, with modern, stylish brochures, publications and new website aimed at promoting the Club to new members and clients. It also provides another level of service for members and guests. Members started receiving regular e-Newsletters later in the year and we have more than doubled our member email base from about 400 to just over 900 at last count. We encourage all members to provide their email addresses to the Club. This has enhanced our image and will be important in our future initiatives in driving the corporate dollar and attracting new members.

The Club’s initial objection to the payment of Land Tax is rejected by Revenue SA, and a further objection lodged with the State Treasurer.

Paul Duregon (PASA Building) and Michael Noble (MC Noble Building Designers) are engaged to design and manage the proposed Golfers Bar & Keg Room refurbishment.

Jan Wheatley and John Handford approved as Life Members.

Glenelg climbs one spot, from 46 to 45, in the 2010 Australian Golf Digest Top 100 Golf Courses

April Glenelg hosts the inaugural Golf SA Classic & Rene Erichsen amateur events Changes made to various Membership policies including the introduction of a “Former Members Rejoining” policy, and extending the age limit of Intermediate membership from 23 to 25.

13th Beach Junior Trip held, involving eight members of the Junior Pennant squad.

New Club website is launched, offering greater level of service for members and guests. Facebook site also goes live.

May Golf SA Pennant season begins, with the Women’s Grade 1 & Junior Pennant sides eventually going down in the finals.

Golfers Bar refurbishment completed, on time and within budget.

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16 | 2010 Annual Report

Finance •

An operating profit in 2010 turnaround from a loss in 2009

•

Debt reduction program implemented

•

Land tax burden eliminated

•

Improvement in Hospitality operating revenues and profit

Following an operating loss in 2009 it is very pleasing to report a successful turnaround result for the Club, with an operating profit of $80,460 for the year ended 31 December 2010, with total Equity increasing to $4,112,951.

The Club’s cash position decreased from 2009, with $167,527 available at 31 December 2010 as opposed to $371,874, due primarily to our debt reduction strategy.

With strong and committed efforts to gain a reprieve from the burden of land tax, we were rewarded with the news that a land tax exemption had been granted for the 2009/2010 year.

It is expected that this exemption will continue, and will be reviewed on an annual basis by Revenue SA. A note has been included in the annual accounts to reflect this position.

In 2010 an Infrastructure Levy was introduced. This levy was set in place to support a debt reduction plan that was commenced at the same time the Club removed the Water Levy and Land Tax Levy. The purpose of this levy is to continually reduce our debt by approximately $300,000 per annum over the next 8 -10 years.

It is worth noting that our improved financial result was achieved with less reliance on Entrance Fees. The Committee of Management took a more flexible view and allowed the payment of Entrance Fees over time and introduced an instalment plan.

In respect to the MFS Premium Income Fund Investment, from a pure accounting viewpoint, it has again been necessary to reduce the balance in 2010 by $83,500. This has had a direct result in reducing operating profit from $163,960 to $80,460. It should also be noted the Club has changed its accounting approach to the investment, as advised by our auditors, from a Net Asset

Backing value to the latest share price value. This was advised as a result of increased trading evidence.

The fund managers did pay a small dividend during the year and it should also be noted when property market conditions improve so should our likelihood of redemption.

Finance costs continue to have a significant impact on our operating expenses via our loan interest cost.

The Committee of Management is of the view that monies required to finance and maintain our course machinery can be accomplished better by utilizing some cash and also borrowing for specific items. This allows costs to be shared amongst current and future members, rather than the burden being placed on current members by way of “calls”.

A full year of Clubhouse availability has led to a significant improvement in our Hospitality Operations contribution to the bottom line. Profit reported by Bar increased to $118,264, an increase of $93,095 over 2009, and Catering increased to $149,105, an increase of $49,917 over 2009. The Club still maintains its position as a popular venue for functions, with 26% of bar revenue and 67% of catering revenue coming from these. There has been considerable work done in improving this area of our operations. We have contracted the services of an outside consultant to help make improvements to the Club’s quality service offering.

This program has been designed to be continuous throughout 2011 and 2012.

Additional changes and improvements to membership structures and a continued focus on marketing to increase member benefits and clubhouse utilization should ensure sound results going forward during 2011.

June Winter course refurbishment works commence, including the planting of 230 pine trees, extensive revegetation and bunker reconstruction work Valuer General adjusts land valuation of golf course property, reducing it from $7.2m to $4.85m.

US Open Breakfast & Golf Day was a massive success, with 60 members and guests enjoying breakfast before a full field competed in the Ambrose competition.

Food & Beverage Focus Group meetings held with small member groups.

July New server & other various IT upgrades undertaken.

Karen Steindorf commences six months maternity leave.

Captain’s Lunch held with almost 130 attendees enjoying the couch interview with Mark Ricciuto.

New course ratings carried out by Golf SA officials.

August Peter Foreman resigns from Course Foreman role and is replaced by James McDonald.

A Cocktail Party held to welcome new members who had joined the Club over the last six months.

Fiona Nairn engaged to review the Club’s Hospitality operations.

Spanish Theme Night held, with excellent attendance, and everyone enjoying the menu.

2010 Annual Report |

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18 | 2010 Annual Report

Golf Course •

Course condition outstanding

•

Bunker enhancement program implemented

•

Landscaping program implemented

Efforts continued in 2010 on consolidating recent redevelopment works and concentrating on the presentation and condition of the golf course.

Turf quality has improved dramatically over the last two years, with fairways and greens in the best condition we have seen in many years. However, thatch issues had been causing some concern, resulting in dry fairways and unhealthy growing condition for our couch fairways.

As a result, a trial was carried out on a portion of the 4th fairway to alleviate these thatch issues and promote healthy growth. Trials were successful and the remaining portion of the 4th and the 5th fairways were completely renovated in March. In September, the remaining fairways were renovated, resulting in significantly healthier fairways, lush growth and improved irrigation effectiveness.

Course staff focussed attention on refurbishing our much admired, riveted edge bunkering in 2010. Faces were rebuilt, bases levelled out and access points redesigned to assist player access into some deeper bunkers. While more work is required, comments received in the latter part of the year indicated that our bunkers were playing more consistently than ever before.

Minor reconstruction work took place on some bunkers with the most obvious change being the rebuild of the fairway bunker on the left-hand side of the 18th hole. This bunker now blends aesthetically with the bunkers on the right-hand side in the distance and poses a strategic threat to players from the tee, even more so than before.

Extensive revegetation work took place in 2010. Many areas deemed “out of play” were heavily planted with native vegetation and once mature will add another stunning visual element to our golf course.

Further plantings were carried out along the entrance road, carrying on works commenced in 2009. Minor earthworks around the western car park were completed and bollards installed to restrict parking and car access along the entrance road. Work on the entrance road redevelopment will continue in 2011 and beyond.

Approximately 230 new pine trees were planted in an effort to retain the dominant pine tree characteristic of the golf course. This continues to prove a difficult task as the young seedlings struggle to develop into larger pine trees. Ironically, hundreds of pine trees, growing naturally from pinechip mulched areas, have started to grow in various areas across the

golf course, and appear to be full of vigour.

Our irrigation replacement program continued in 2010, with new installations on the 1st, 3rd and 8th holes, and a new main line constructed along the right-hand side of the practice fairway. We continue to see improved irrigation efficiency as the replacement work continues, with up to 30% savings in irrigation water usage.

The Friends of the Course program was reintroduced this year, with a small army of volunteers prepared to get their hands dirty with revegetation work and general tidying of the golf course. The program will continue every second month, and members are encouraged to volunteer if it is of some interest to you.

Our golf course now presents itself, both visually and condition wise, as one of the very best in the state and the country. Members are encouraged to keep spreading the word and inviting family, friends and colleagues to experience what all members get to experience on a weekly basis.

Turf quality has improved dramatically over the last two years, with fairways and greens in the best condition we have seen in many years.

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One of the key focuses for the Committee of Management in 2010 was clubhouse utilisation.

Many strategies were introduced to encourage members to make use of our outstanding facilities and generate an atmosphere where members would be proud to bring family and friends.

Various social activities were held throughout the year, including another successful Quiz Night in February, Wednesday and Friday night twilights, lucky member draws, a rock and roll night and wine and food theme nights.

Our Quiz Night was a resounding success, with almost 140 members challenging each other in a fun, relaxed atmosphere.

The event raised nearly $2,500 for Junior Golf.

Member Focus •

Revamped food and beverage service

•

Focus on improved staff service

•

Relaxed dress code in the Clubhouse

•

More member events on and off course

•

New branding with revised website, Facebook page and marketing collateral

Our Quiz Night was a resounding success, with almost 140 members challenging each other in a fun, relaxed atmosphere. The event raised nearly $2,500 for Junior Golf. The US Open Breakfast & Golf Day held in June attracted a full field, with 60 players enjoying an early morning breakfast whilst watching the US Open action on the clubhouse big screen TV’s.

In September, over 150 members, family and friends enjoyed a Father’s Day Lunch at the Club. The “Kids Corner” was the most popular spot in the Dining Room, with Finding Nemo on TV and plenty of toys to keep the kids entertained. In fact, we have it on good authority that it was not only the kids enjoying Finding Nemo!

Women’s golf was another area of focus for the Club in 2010, with changes made to full female playing rights, including the introduction of a hot weather policy on Saturdays. Another successful Women’s Try Golf Program was held with around 90 participants. An additional “Proficiency Program” was held offering more

In summary, the Club has made progress in the following Membership & Member Focus areas: 1.

Member functions – quiz, rock and theme nights, golf centric events such as the US Open Breakfast.

2.

Special member calendar events such as the Father’s and Mother’s Day Luncheons.

.

New member initiates such as Women’s Try Golf (over 400 participants since inception).

.

New member and existing member benefits such as gift packs, key rings, etc.

5.

New member categories, for example to retain 18-30 age groups and encouragement of junior members.

.

New food and wine service offering with an outside consultant appointed and reported areas of improvement, resulting in wine and food nights, new menus and chef team.

.

New branding and enhanced communication with a new look website with a more member friendly use and a much improved online communication system.

.

Embarked on enhancing our reciprocal club arrangements both interstate and overseas.

September Annual Spring course renovations work takes place, including the refurbishment of all fairways.

Italian Theme Night and Yalumba Wine Dinner held.

Executive Chef, Craig Jeffery, resigns from three-year role.

October advanced coaching for women who had previously participated in a Try Golf program.

As at 31st December 2010, 26 women were Try Golf members, with another 10 or so choosing to upgrade to other membership categories. The success of the Try Golf programs has been due to the excellent work carried out by the Women’s sub-committee, and we thank them for their efforts.

All new members joining the Club in 2010 received a special gift pack from the Club. Introduced this year, new members were lucky enough to receive a bottle of the Glenelg Golf Club Shiraz, jelly beans, a towel and cap, drink bottle and wine cooler bag, all branded in the Club’s colours and logo. Existing members have not been overlooked, with a special Glenelg Golf Club key ring given out to members upon renewal of their membership.

Changes were made to various membership policies during the year.

In an effort to retain members in the 18 to 30 age bracket, changes were made to the age limit for Intermediate members, extending it from 23 to 25.

Retaining 18 to 30 year old members has been found to increase the likelihood of that person remaining a member of the Club for life and as such, strategies will continue to be reviewed in this area.

Keen interest from some former members wanting to rejoin the Club saw the Committee of Management develop a policy to manage this issue. As a result, three members rejoined the Club in 2010 that otherwise may not have without this policy.

South Coast Junior Trip held, with biggest contingent ever - 21 junior members.

The Club’s new website was launched in April offering members with a greater level of service and providing a more effective communication tool. The new website now offers members the opportunity to list their business on a directory for members, search for member contact numbers, look up account balances, check results and read about the happenings around the Club. The website has fully functional timesheet capabilities and we expect to make use of this feature on a limited basis in 2011.

Popular Winery Challenge was another great success, with two full fields, AM & PM.

To keep up with the social media revolution, the Club introduced its own Facebook page and it has become an effective tool for communication, particularly with the younger members.

For members interested, visit www. facebook.com/glenelggolf The majority of this work has been developed and implemented by the Marketing and Member Focus SubCommittee. They are to be thanked and congratulated for their important contribution to the Club.

Matt Chapman appointed Head Chef.

Club Foursomes Championship held with another strong field.

Lachlan Booth wins Boy’s Junior Championship, Jenny Lee wins Girl’s Junior Championship

November 18th Fairway bunker rebuilt.

Captain’s Lunch held, with Wayne Jackson as guest speaker.

Inaugural Brian Bashford Memorial Trophy held on Wednesday’s throughout the month.

Record fields compete in the Club Championship events.

Friends of the Course program reintroduced with a small army of volunteers helping out.

New Bistro Menu introduced.

December Christmas Ambrose event held.

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22 | 2010 Annual Report

Clubhouse utilisation grew dramatically throughout 2010 with a significant increase in revenue through our hospitality operations.

This had been a major focal point for the Committee of Management in 2010, as the need to make use of our multi-million dollar clubhouse refurbishment increased.

Clubhouse Operations •

Strong financial performance

•

2010 profit doubled over previous year

•

Wide range of new events and initiatives implemented

•

Complete review of food and beverage operations

Food and Beverage was a major focus for the Club in 2010 with significant changes occurring during the year. The importance of continual improvement moved focus from the golf course to the clubhouse in order to deliver an outstanding level of service for members and guests.

Strong performances continued financially for Bar and Catering, with a combined profit for the year of $267,369, more than doubling the 2009 result. A full year of trade in our refurbished clubhouse played a significant role in this result. Function business remained strong with a large increase in the number of conferences held in our new Conference Facility.

Popularity as a wedding venue remains high, with 46 wedding receptions held in 2010.

A number of new initiatives were introduced in 2010, focussing on clubhouse utilisation. The first of our Captain’s Lunches was held in February with Club member and winemaker, Geoff Merrill, as guest speaker. Almost 100 attendees enjoyed a light-hearted look at the wine industry, and found the event most enjoyable. As a result many returned for subsequent Captain’s Lunches in July and November, with guest speakers Mark Ricciuto and Wayne Jackson. Almost 130 people attended the November luncheon.

In July, member and hotelier, Fiona Nairn, was engaged to review the Club’s Food & Beverage operations and provide recommendations on how we could continue to improve our services to members and guests. A focus group study by our Marketing & Communications Officer, Emma Bishop, provided a starting point for the review, identifying a number of areas where the Club could improve its products and encourage better utilisation by members.

During the review process, a number of different member functions were held, including wine dinners and theme nights. These events proved popular and allowed members to get a “taste of things to come”. As the twilight season progressed from October, there was a trend towards a bistro style dining experience, which has since proved to be very popular amongst members.

One key outcome from the Food and Beverage review was the development of a new Bistro Menu, offering greater choice, more flexibility, and longer opening times for members.

Refinements have been ongoing and an updated Bistro Menu will be launched in March 2011.

Chef, and promoted Richard Narria from a casual role to Second Chef.

Alastair and Stephanie Gibson also joined the chef team along with Ben Fulton, who continues to provide valuable support in the kitchen.

Our Clubhouse Operations Manager, Karen Steindorf (nee Fry) continued to work hard for the first half of 2010 before going on maternity leave in July. In her absence, our Bar Manager, Phil Day, took on Karen’s role whilst continuing to deliver a high level of service behind the bar.

The annual Winery Challenge was another great success, with both morning and afternoon fields booked out. Phil and his team are to be congratulated on another great event.

Various other functions were held throughout the year and supported well by members and guests, with Wednesday and Friday night bistro dining growing in popularity, and lunch time bookings also starting to grow.

During the review process, our Executive Chef and Second Chef left the Club. With their resignations, we welcomed Matt Chapman as Senior

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Golf Operations •

Member surveys undertaken on timesheets and slow play

•

Plan implemented to address slow play

•

New pennant strategy plan implemented

•

New handicap system introduced

The Club’s match programme continued to grow in 2010 with high participation rates for Club Championship events, the introduction of new events and a huge growth in Junior membership.

In January, our popular Junior Shootout event was held, with Titleist/ Footjoy on board as an event sponsor.

The event attracted 37 pairs (74 players) making it one of the largest junior events in South Australia.

The popularity of the Pairs & Partners events continued to grow in 2010 with up to 50 pairs competing in the regular events held on some Sundays and most public holidays. Jim and Chris Sullivan continued their great work coordinating the events and promoting them amongst the membership base.

In April, Golf Australia introduced the first round of changes to the Australian Handicapping System.

Further changes were introduced throughout the year, and members have slowly adapted to the new handicap calculation techniques. In tandem with the introduction of the new handicapping system was the Course Rating review which saw Glenelg receive its new Men’s and Women’s course ratings in September.

In total, seven different courses have been rated (4 men’s and 3 women’s) in preparation for the introduction of the “slope” handicapping system in 2012.

Also in April, the Club hosted the inaugural Golf SA Classic and Rene Erichsen events. These two events form part of Golf Australia’s national selection event schedule with the best amateurs from around Australia competing in the 72 hole stroke event.

Brad Moules, (McCracken and Royal

Adelaide), and Jessica Speechley (Lake Karrinyup) took out their respective events.

Slow play continues to be the bane of golf worldwide. The Committee of Management has recognised this and has been very active in initiating ‘Ready Golf” in an effort to make members more aware and encouraging them to speed up. A course marshal will be employed in the new year together with ensuring the course is more ‘playable’. Slow play must be significantly reduced so that member rounds become more enjoyable.

Although not directly related, the time sheet debate was raised again with increasing numbers being seen on the golf course. As a result, the Committee of Management surveyed all members on the issue, with approximately 80% of the respondents preferring to maintain the status quo.

Specific issues surrounding peak times were identified in the survey and these are currently being addressed by the Committee of Management.

The Golf SA Pennant season saw Glenelg reach the finals of both Junior Pennant and the Women’s Grade 1 competition, but go down in close matches. The Bonnar Cup and Women’s Grade 2 teams narrowly missed the finals whilst the Simpson Cup team is in transition. A new Pennant Strategic Plan has been put in place to ensure the Club returns to success in the future.

Other initiatives introduced included a knockout matchplay competition over winter months with Chris Pudney the eventual winner. A summer tournament commenced in November and will conclude in March

2011. The Glenelg Patron’s Cup was reintroduced in May and saw some of SA’s best amateurs up against local Professionals in a 36 hole strokeplay event.

Club Championship events were well attended again in 2010, with another record field of 28 pairs competing in the Club Foursomes Championship & Handicap Events. A massive Saturday field of 246 players competed in the first round of the B, C & Senior Championship qualifying rounds, with numbers reducing to around 200 for the second round.

Moe Nagi took out the Men’s Club Championship, defeating Matt McGowan in a closely fought match.

In the Women’s Club Championship, Cathy Symons took out her sixth title, defeating Elise Dignan in the final.

Lachlan Booth collected the Boy’s Championship whilst Jenny Lee won the Girl’s Championship. The Men’s Club Championships culminated with a Trophy Presentation Dinner that night, with almost 130 members enjoying the evening.

Glenelg players made their mark on the amateur scene in 2010 with a number of members taking out Vardon events and being selected in State teams. Josie Hodge was selected in the State women’s team whilst Jordan Sherratt made the men’s team. Jordan also made National selection - named as reserve for the Eisenhower Cup

team and representing Australia in the Sir Michael Bonallack Trophy in India. Jordan took out the Master of the Amateurs event at Yarra Yarra Golf Club in January. Michael Ratajewski, Elysia Yap, Christine Beasley, Mitchell Taht and Lachlan Booth all represented SA in Junior events in 2010.

The Club’s commitment to elite level golf continued in 2010 with further commercial arrangements developed with Golf Education Australia, which saw 15 students enrolled in the program and based at Glenelg. The Club also provided its facility to assist Golf SA with state squad training throughout the year.

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The popular South Coast Junior Trip was held in the October School Holidays with a large contingent totalling 21 junior members attending.

Golf was played at Victor Harbor, McCracken and Links Lady Bay, with the Captain hosting dinner at his place during the three-day trip.

Junior Golf •

Junior member numbers doubled

•

Junior Development Program enhanced

•

Several local and interstate trips undertaken

Our Junior Development Program continued to gather strength in 2010 with a massive jump in junior membership numbers and participation rates. By the end of the year, the Club had 65 junior members, many of which were actively involved in the program.

In April, 8 juniors from the Club’s pennant squad were selected to attend a five-day Junior Trip to our reciprocal club, 13th Beach on the Bellarine Peninsula in Victoria. With the assistance of Gliderol via the Gliderol Bus, the group had the opportunity to play five rounds of golf, in various formats, and bond as a group in the lead up to the pennant season.

The Club joined forces with Golf SA to deliver a series of junior clinics to students from Marymount College during the year. Our Trainee Professional, Adrian Wickstein, assisted in the running of these clinics, and it is hoped that some of the students will eventually be ready to join the Club, further bolstering our growing female contingent of junior girls.

The Winter Junior Matchplay trophy was again tightly contested, and in October, the Club Junior Championships were hotly contested with one of the biggest fields for many years. A BBQ for parents and juniors was held after the qualifying rounds and attended by about 50 people, generating a great atmosphere in the clubhouse.

The popular South Coast Junior Trip was held in the October School Holidays with a large contingent totalling 21 junior members attending.

Golf was played at Victor Harbor, McCracken and Links Lady Bay, with the Captain hosting dinner at his place during the three-day trip.

The participation rate of Glenelg juniors competing in local, State and National events increased sharply during 2010. Funding through the Glenelg Golf Club Foundation was used to assist in entering events and has encouraged others to compete, who otherwise may not have done so.

The experience gained through these events will be invaluable for players in the future.

The Club has an outstanding crop of juniors now and the ongoing success of the Junior Development Program could not happen without a committed group of parents and volunteers, who offer their time to assist with the running of various events. In particular, the Junior Development working group must be thanked for their hard work. Paul Duregon has been the driving force, and together with his hard working team and many parents, put significant time and energy into assisting with the program. Ron Wood and his staff, in particular Adrian Wickstein and Sam Hughes, and our Administration Staff, have provided outstanding support throughout the year.

Foundation The Glenelg Golf Club Foundation is pivotal in the growth of our Junior Development Program. Funding for the program comes exclusively from donations, fund raising activities and events associated with the Foundation.

In 2010, over $27,000 was spent on activities associated with the Junior Development Program. This was a significant increase from previous years, but directly relative to the increase in Junior membership numbers.

Our major fund raising activity, the Glenelg Golf Club Foundation Golf Day, was not held in 2010, nor was it held in the two years prior. This resulted in a downturn in funds raised through the Foundation. Having said that, over $15,000 was raised in 2010 through various other events, fundraising activities and through donations by members.

Work commenced in 2010 on the formation of the Heritage Fund, a fund raising arm aimed at raising capital funds to assist the Club’s long term financial sustainability. It is planned to launch the Heritage Fund in 2011.

Summary of Foundation Activities

Summary of Club Champions for 2010 Men’s Club Champion Moe Nagi Women’s Club Champion Cathy Symons Boy’s Club Champion Lachlan Booth

INCOME Member Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,492.95 Quiz Night. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,245.45 Captain’s Lunch Raffles . . . . . . . . . . . . . . . . . . . . . . . $2,422.73 Magain Real Estate Golf Day Raffle. . . . . . . . . . . . . . . $473.64 Entertainment Book Sales . . . . . . . . . . . . . . . . . . . . . . . . $19.09 Wednesday Afternoon Men’s Group Donation. . . . . . $136.36 Christmas Ambrose Raffle. . . . . . . . . . . . . . . . . . . . . $1,445.45

Girl’s Club Champion Jenny Lee Men’s Foursomes Champions Andrew Grzybowski & David Brand Women’s Foursomes Champions Ele Davies & Ruth Martin

Foundation Day Sponsorship. . . . . . . . . . . . . . . . . . . $6,000.00 TOTAL INCOME . . . . . . . . . . . . . . . . . . . . . $15,235.67 EXPENSES Victor Harbor Junior Trip . . . . . . . . . . . . . . . . . . . . . . $4,454.56 13th Beach Junior Trip. . . . . . . . . . . . . . . . . . . . . . . . . . $3,179.91

Mixed Foursomes Champions Ian & Cathy Symons Men’s Senior Champion Colin Wright

Entry Fees for Junior Events . . . . . . . . . . . . . . . . . . . . $2,941.79 Coaching Clinics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,346.69 Individual Golf Lessons. . . . . . . . . . . . . . . . . . . . . . . . $4,545.45 Junior Trial Membership Vouchers. . . . . . . . . . . . . . . . $280.02 Range Membership Offer (One for one). . . . . . . . . . $2,000.00 Junior Events - Associated Expenses. . . . . . . . . . . . . . $120.45 Catering Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $702.94 TOTAL EXPENSES. . . . . . . . . . . . . . . . . . . . . $27,571.81

Current Balance (Junior Fund) $17,050.16 2010 Annual Report |

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Staff, Committee, Members & Supporters Staff movements and changes formed a large part of the Club’s operations in 2010, yet the Club continued to operate smoothly and efficiently.

Obituary Into the silence, we regret the loss of the following members in 2010 and extend our deepest sympathy to relatives and friends.

•

Rob Atkins

•

Kym Holmes

•

David Pollock

•

John Dignan

•

Chris Vella

•

Peter Filmer

•

Monica Jarrad

•

John Howard

•

Trevor Ellis

•

Mark Kain

•

Peter Astill

•

Adrienne Jericho

•

Helen Harris

•

Ern Saunders

In January, the Club recruited Mark Tan from Kooyonga Golf Club to take on the important role of Membership & Golf Operations Manager. Mark’s previous experience and skills suited the position perfectly and he took on the role with great excitement. The good news was short lived however, when changes at Mt Osmond Golf Club saw the position of General Manager become vacant and Mark successful in securing the role.

Mark’s departure in May left a large hole in our Administration team, but it has been capably covered by Kerry Crossman and Cathy Symons in their roles with the team. Emma Bishop has continued to deliver outstanding marketing strategies and member communications for the Club in her role as Marketing & Communications Officer, whilst Carly Clough continues to diligently control our finances as Finance & Administration Manager. As a group, the Administration team have continued to deliver an excellent level of service for members and guests, as well as providing assistance to other departments within the Club.

Changes to our Hospitality team were significant in 2010. Karen Steindorf took six months maternity leave in

July, leaving our Bar Manager, Phil Day, to take on the responsibility of the day-to-day operations of the clubhouse. Lucie Pudovkin was appointed to the role of Functions Coordinator in November. With the departure of our Executive and Second Chefs in November, Matt Chapman was appointed to the Head Chef role.

He was joined by Richard Narria, and between them, they form a formidable kitchen partnership. Husband and wife team, Alastair and Stephanie Gibson joined the kitchen team in December and provided a consistent and steadying influence for the Hospitality team.

The Course Maintenance team was not immune to change in 2010, with a number of staff moving on and new staff joining the group. Former professional golfer and Simpson Cup player, Ben Hallam, joined the Course Maintenance team, replacing Patrick Casey. Peter Foreman resigned from the role of Course Foreman mid-year, taking up a new position at AAMI Stadium. He was replaced by James McDonald, who had been employed by the Club in the role of Irrigation Coordinator. James’ promotion to Assistant Course Operations Manager provides valuable assistance to Graham Stevens, who continues to deliver as Course Operations Manager.

Daryl Sellar provided outstanding consultancy services throughout 2010,

As a group, the Administration team have continued to deliver an excellent level of service for members and guests, as well as providing assistance to other departments within the Club.

and with Daryl, Graham and James, we have passionate and committed leaders that is reflected in the standard of the course preparation.

Ron Wood and his staff continue to provide an excellent level of service for members and guests in the Pro Shop.

Sam Hughes and Adrian Wickstein maintained their active involvement in the Club’s Junior Development Program, with Sam completing his traineeship at the end of the year.

Ron’s involvement as manager of the Simpson Cup pennant team was invaluable.

The Club is also very fortunate to have a committed and personable General Manager. David Brand’s contribution to the Club has been excellent and he continues to add significantly to the overall success of the Club. He works long hours and is growing in stature as a General Manager among the Group One clubs. On behalf of the Committee of Management and the Club, I thank him for his tireless efforts.

Committee Our Club, like many clubs, is fortunate to have members willing to volunteer their time over the years to act as Committee members. Interest in positions on the Committee of Management was high last year. The

ballot was tightly contested in 2010 with three members nominating for two positions on the Committee of Management. Amazingly, only four votes separated first, second and third, with Gavan Fox being reappointed and Brett Jarrad joining the team.

At the Annual General Meeting, Paul McGrath completed his two-year term as Captain. Paul continued on the Committee in his ex-officio role and provided valuable input at meetings.

In 2010, the Committee of Management reintroduced a subcommittee structure to replace the portfolio structure used over the last few years. This has resulted in many of the programs and initiatives contained in this report.

Supporters

member mail-outs and the many other duties essential to support the operation of the Club throughout the year.

I am sure all members are very appreciative of the valuable and essential contribution by all volunteers to the operation of our Club and we sincerely thank them for their help. I urge other members to become more involved with the Club’s activities. From personal experience I can assure you the time spent is both enjoyable and rewarding.

2010 was a year of many achievements for the Club.

We have an unparalleled mix of course, facilities and member services, complemented by a friendly and active membership.

The Club is all about its members and I congratulate everyone for making Glenelg such an outstanding place to be a member.

The Committee of Management is striving to continually improve all aspects of the Club to ensure we maintain our status as one of the great golf clubs in Australia.

At Glenelg we are very fortunate to have such a committed and capable Committee of Management. On behalf of the Club, I thank them for their support to the Club and to me over the past year.

One of the very noticeable attributes of our Club is the numerous members who readily volunteer their time and experience to assist with managing Pennant Teams, refereeing, performing maintenance duties, coaching, marshalling, starting, assisting with

Jim Johnson Captain

2010 Annual Report |

29

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2010 Note NET INCOME Membership Subscriptions Entrance Fees Land Tax Levies Water Levy Infrastructure Levy Match Competition Fees Locker Fees Green Fees Cart Hire Motorised Buggy Storage Affiliation Fees Trophies Professional Retainer Other Match Expenses Bar Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Replacements and Repairs Other Expenses Depreciation Catering Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries and Associated Costs Laundry Replacements and Repairs Cleaning Materials Stationery and Advertising Other Expenses Depreciation Other Income Catering Levy forfeited Interest Received Phone Tower Government Grant Miscellaneous

TOTAL NET INCOME

The accompanying notes form part of these accounts

Consolidated 2010 2009 $ $

2010 $

Golf Club 2009 $

1,841,259 249,963 (159) (112) 313,009 2,403,960

1,771,328 431,652 217,740 147,950 2,568,670

1,841,259 249,963 (159) (112) 313,009 2,403,960

1,771,328 431,652 217,740 147,950 2,568,670

49,137 12,982 312,264 53,192 2,545 (609) (54,629) (45,000) (89,676) 240,206

48,606 12,253 267,651 46,620 2,909 (1,263) (47,119) (45,000) (89,383) 195,274

49,137 12,982 312,264 53,192 2,545 (609) (54,629) (45,000) (89,676) 240,206

48,606 12,253 267,651 46,620 2,909 (1,263) (47,119) (45,000) (89,383) 195,274

828,319 (312,506) 515,813

703,214 (268,367) 434,847

828,319 (312,506) 515,813

703,214 (268,367) 434,847

(358,656) (4,761) (29,694) (4,438) 118,264

(370,853) (8,640) (25,901) (4,284) 25,169

(358,656) (4,761) (29,694) (4,438) 118,264

(370,853) (8,640) (25,901) (4,284) 25,169

995,831 (320,095) 675,736

827,749 (269,179) 558,570

995,831 (320,095) 675,736

827,749 (269,179) 558,570

(455,262) (20,040) (8,112) (3,579) (9,424) (18,879) (11,335) 149,105

(388,290) (17,856) (4,004) (4,159) (6,537) (27,699) (10,837) 99,188

(455,262) (20,040) (8,112) (3,579) (9,424) (18,879) (11,335) 149,105

(388,290) (17,856) (4,004) (4,159) (6,537) (27,699) (10,837) 99,188

47,134 234 40,054 66,835 154,257

52,678 151 38,147 15,977 106,953

47,134 234 40,054 66,835 154,257

52,678 151 38,147 15,977 106,953

3,065,792

2,995,254

3,065,792

2,995,254

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2010 Note

Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

EXPENDITURE Administration and Support Services Salaries and Associated Costs Audit Fees Advertising Depreciation Finance Costs Bank Charges & Merchant Fees Insurance Postage, Printing and Stationery Telephone Council Rates Land Tax Legal and Consulting Travel and Accommodation Computer Consumables and Maintenance Other Administration Expenses

406,594 8,250 39,754 39,300 210,639 36,184 37,793 32,166 15,015 30,079 (127,788) 10,513 227 24,437 65,468 828,631

Course Salaries and Associated Costs Maintenance Redevelopment Refurbishment Irrigation Landscape Maintenance RIVAP Machinery Other Expenses Depreciation House Laundry Repairs and Maintenance Contract Cleaning Light, Power and Water Other House Expenses Depreciation Other Expenses (Profit)/Loss on Sale of Fixed Asset Impairment of Financial Asset

TOTAL EXPENDITURE NET SURPLUS / (DEFICIT) Other Comprehensive Income

4(a)

336,724 7,000 21,685 34,774 194,064 27,443 29,959 22,415 18,073 46,235 249,492 22,617 1,374 18,631 64,193 1,094,679

406,594 8,250 39,754 39,300 210,639 36,184 37,793 32,166 15,015 30,079 (127,788) 10,513 227 24,437 65,468 828,631

336,724 7,000 21,685 34,774 194,064 27,443 29,959 22,415 18,073 46,235 249,492 22,617 1,374 18,631 64,193 1,094,679

772,211 310,098 219 20,639 25,757 5,801 61,908 29,652 389,351 1,615,636

751,234 347,309 6,283 15,623 29,067 42,965 1,280 64,826 21,428 362,911 1,642,926

772,211 310,098 219 20,639 25,757 5,801 61,908 29,652 389,351 1,615,636

751,234 347,309 6,283 15,623 29,067 42,965 1,280 64,826 21,428 362,911 1,642,926

10,567 53,368 93,338 77,574 29,584 204,383 468,814

6,860 20,873 67,641 74,631 21,184 193,190 384,379

10,567 53,368 93,338 77,574 29,584 204,383 468,814

6,860 20,873 67,641 74,631 21,184 193,190 384,379

(11,249) 83,500 72,251

3,236 150,000 153,236

(11,249) 83,500 72,251

3,236 150,000 153,236

2,985,332

3,275,220

2,985,332

3,275,220

80,460

(279,966)

80,460

(279,966)

-

-

-

-

TOTAL COMPREHENSIVE INCOME FOR YEAR

80,460

(279,966)

80,460

(279,966)

ATTRIBUTABLE TO EQUITY

80,460

(279,966)

80,460

(279,966)

The accompanying notes form part of these accounts

2010 Annual Report |

31

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2010 Note

Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

CURRENT ASSETS 2 3

167,527 233,541 23,399 123,366 547,833

371,874 145,747 23,834 114,786 656,241

167,527 233,541 23,399 123,366 547,833

371,874 145,747 23,834 114,786 656,241

4 5

16,500 7,827,422 7,843,922

100,000 7,986,600 8,086,600

625,933 7,198,721 7,824,654

709,436 7,357,896 8,067,332

8,391,755

8,742,841

8,372,487

8,723,573

239,956 138,791 2,511,762 358,045

640,401 145,995 14,290 334,406

239,893 138,791 2,511,762 358,045

640,338 145,995 14,290 334,406

3,248,554

1,135,092

3,248,491

1,135,029

92,424 937,826

116,690 3,458,568

92,424 937,826

116,690 3,458,568

Total Non-Current Liabilities

1,030,250

3,575,258

1,030,250

3,575,258

TOTAL LIABILITIES

4,278,804

4,710,350

4,278,741

4,710,287

NET ASSETS

4,112,951

4,032,491

4,093,746

4,013,286

Retained Earnings Outside Equity Interests in controlled entity

4,084,704 28,247

4,004,244 28,247

4,093,746 -

4,013,286 -

TOTAL EQUITY

4,112,951

4,032,491

4,093,746

4,013,286

Cash & Cash Equivalents Trade & Other Receivables Other Current Assets Inventories Total Current Assets NON-CURRENT ASSETS Financial Assets Property, Plant and Equipment Total Non-Current Assets TOTAL ASSETS CURRENT LIABILITIES Trade & Other Payables Short-Term Provisions Short-Term Borrowings Other Current Liabilities

6 7a 8a 10

Total Current Liabilities NON-CURRENT LIABILITIES Long-Term Provisions Long-Term Borrowings

7b 8b

EQUITY

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2010 Retained Earnings $

Reserves

Total

$

$

Consolidated Entity Balance at 1 January 2010 Profit attributable to members of controlling entity

4,004,244

Balance at 31 December 2010

4,084,704

28,247

4,112,951

Balance at 1 January 2010 Profit attributable to members of controlling entity

4,013,286

-

4,013,286

80,460

-

80,460

Balance at 31 December 2010

4,093,746

-

4,093,746

Balance at 1 January 2009 Profit attributable to members of controlling entity

4,284,210

28,247

4,312,457

Balance at 31 December 2009

4,004,244

28,247

4,032,491

Balance at 1 January 2009 Profit attributable to members of controlling entity

4,293,252

-

4,293,252

Balance at 31 December 2009

4,013,286

80,460

28,247 -

4,032,491 80,460

Controlling Entity

Year End 2009 Consolidated Entity

(279,966)

-

(279,966)

Year End 2009 Controlling Entity

(279,966)

-

(279,966) 4,013,286

The accompanying notes form part of these accounts

2010 Annual Report |

33

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2010 Note

Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

CASH FLOWS FROM OPERATING ACTIVITIES 1,824,150 2,316,166 430,120 (4,216,748) (210,639)

Bar and Catering Sales Subscriptions and Entrance Fees Green Fees and Competition Fees Payments to Suppliers and Employees Interest Paid Donations, Fundraising and Other Sundry Receipts NET CASH INFLOW FROM OPERATING ACTIVITIES

11

1,530,963 2,633,502 378,039 (3,869,697) (194,064)

1,824,150 2,316,166 430,120 (4,216,748) (210,639)

1,530,963 2,633,502 378,039 (3,869,697) (194,064)

154,257

106,953

154,257

106,953

297,306

585,696

297,306

585,696

CASH FLOWS FROM INVESTING ACTIVITIES Payments for Property, Plant and Equipment Proceeds from Sale of Property, Plant and Equipment Conversion of cash deposit to equity in investment

(509,292) 30,909 -

(2,170,127) 1,190 -

(509,292) 30,909 -

(2,170,127) 1,190 -

NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES

(478,383)

(2,168,937)

(478,383)

(2,168,937)

(63,852) 340,582 (300,000) -

(14,290) 750,000 -

(63,852) 340,582 (300,000) -

(14,290) 750,000 -

(23,270)

735,710

(23,270)

735,710

(204,347)

(847,531)

(204,347)

(847,531)

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Borrowing Additional Lease Established Loan Facility Debentures Repaid NET CASH PROVIDED INFLOW (OUTFLOW) FROM FINANCING ACTIVITIES

NET INCREASE / (DECREASE) IN CASH HELD Cash at Beginning of Year Cash at End of Year

The accompanying notes form part of these accounts

2

371,874

1,219,405

371,874

1,219,405

167,527

371,874

167,527

371,874

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the requirements of the Associations Incorporations Act of South Australia.

The financial report covers the consolidated entity of Glenelg Golf Club Inc as the individual controlling entity and the controlled entity, Glenelg Golf Links Limited.

The financial report of Glenelg Golf Club Inc and the controlled entity and Glenelg Golf Club Inc as an individual controlling entity comply with all Australian equivalents to International Financial Reporting Standards (IFRS) in their entirety except where compliance is not mandatory for non-corporate entities.

The following is a summary of the material accounting policies adopted by the consolidated entity in preparation of the financial report. The accounting policies have been consistently applied unless otherwise stated.

The financial report has been prepared on an accrual basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. Unless otherwise stated, the accounting policies adopted are consistent with those of the previous year.

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2010 reporting periods. The consolidated entity's assessment is that there will be no impact from these new standards and interpretations. a)

Principles of Consolidation The Club controls the share capital of Glenelg Golf Links Limited. The consolidated accounts incorporated the assets and liabilities of Glenelg Golf Links Limited as at 31 December 2010 and the results of the Company for the period then ended. The effects of all transactions between the Club and the Company are eliminated in full. Outside equity interests in the results and group equity are shown separately in the consolidated profit and loss account and balance sheet respectively.

The cost of acquiring shares in Glenelg Golf Links Limited have been accounted for as an interest in the land owned by that company and reflected accordingly.

b)

Financial Instruments Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist. Subsequent to initial recognition these instruments are measured as set out below: Available-for-sale financial assets Available-for-sale financial assets include any financial assets that are not considered to be "loans and receivables" or held for selling in the short term.

Available-for-sale financial assets are reflected at fair value. Where fair value cannot be reliably estimated, the asset is stated at its initial cost. Unreliased gains and losses arising from changes in fair value are taken directly to equity.

Financial Liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

2010 Annual Report |

35

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES c)

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses.

Property Freehold land is shown at cost. Building is shown at cost less any accumulated depreciation and impairment losses.

Plant and Equipment The depreciable amount of all fixed assets including building, but excluding freehold land, is depreciated on a straight line basis over their useful lives to the consolidated entity commencing from the time the asset is held ready for use. The depreciation rates for each class of depreciable assets are based on the following estimated useful lives, expressed in years: Category Administration furniture and fittings Bar plant and equipment Catering plant and equipment Clubhouse Building Clubhouse Other Course buildings House plant and equipment Motor vehicles Office equipment Course plant and equipment Entrance Road

d)

Useful Lives 5-11 8-11 7-11 40-50 7-11 4-25 8-11 4-5 5-7.5 4-11 15

Impairment of Assets At each reporting date, the Committee reviews the carrying values of its assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value.

Any excess of the asset's carrying value over its recoverable amount is expensed to the income statement.

Where it is not possible to determine the recoverable amount of an individual asset, the Committee estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES e)

Employee Benefits Provision is made for the association's liability for employee benefits arising from services rendered by employees to balance date. Employee entitlements expected to be settled within one year together with entitlements arising from wages and salaries, annual leave and long service leave which will be settled after one year, have been measured at their nominal amount. Other employee entitlements payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those entitlements.

f)

Subscription Income Members subscriptions are included as income in the year the invoice is raised. Subscription year is from April of the current year to March of the following year. Any subscription fees invoiced for the quarter of January to March of the following year is recognised as income of the current year. This has been treated consistently from year to year.

g)

Income Tax The Club is exempt from Income Tax in accordance with Section 50-5 of the Income Tax Assessment Act, 1997.

h)

Inventories Inventories are measured at the lower of cost and net realisable value.

i))

Course Redevelopment Expenditure Expenditure incurred on redevelopment of the course is charged to operating profit as incurred.

j)

Construction - Work In Progress Construction work in progress is stated at the aggregate of contract costs incurred to date.

k)

Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

Bank overdrafts are shown within short-term borrowings in current liabilities on the balance sheet.

l)

Comparative Figures When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

2010 Annual Report |

37

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 Note

Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

NOTE 2 - CASH & CASH EQUIVALENTS Cash at Bank Cash on Hand

156,302 11,225 167,527

361,070 10,804 371,874

156,302 11,225 167,527

361,070 10,804 371,874

The effective interest rate on short-term bank deposits was 9.11% (2009: 7.3%); these deposits have an average maturity of 20 days.

Reconciliation of Cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the balance sheet as follows: Cash & Cash Equivalents

167,527

371,874

167,527

371,874

8,757 161,947 62,837 233,541

15,696 61,956 68,095 145,747

8,757 161,947 62,837 233,541

15,696 61,956 68,095 145,747

100,000 (83,500) -

250,000 (150,000) -

608,328 100,000 (83,500) 1,105

608,328 250,000 (150,000) 1,108

16,500

100,000

625,933

709,436

NOTE 3 - TRADE & OTHER RECEIVABLES Subscription Debtors Sundry Debtors GST Input Tax Credits

NOTE 4 - FINANCIAL ASSETS Available for sale financial assets comprise of: Shares - Glenelg Golf Links Ltd Units - Premium Income Fund Provision for Impairment - Premium Income Fund Loan - Glenelg Golf Links Ltd Total Financial Assets (a)

The Club has an investment in the Premium Income Fund, which is a managed investment scheme managed by Wellington Capital.

The investment amount has been impaired by a further $83,500 ($150,000 in 2009), this fund is now listed and therefore the carrying value has been reduced to reflect current share price.

The amount of the impairment has been based on the latest available share sale price of $0.07.

The Fund paid a cash disbursement of $2,500 in 2010 of 1 cent per unit, which has been included in miscellaneous income as part of the Statement of Comprehensive Income.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 Note

Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT 628,704

628,704

Clubhouse Less Accumulated Depreciation

6,017,221 (904,945) 5,112,276

5,863,928 (726,779) 5,137,149

6,017,221 (904,945) 5,112,276

5,863,928 (726,779) 5,137,149

Clubhouse Plant and Equipment Less Accumulated Depreciation

254,423 (215,087) 39,336

249,870 (190,957) 58,913

254,423 (215,087) 39,336

249,870 (190,957) 58,913

Course Buildings Less Accumulated Depreciation

202,141 (114,021) 88,120

196,306 (92,688) 103,618

202,141 (114,021) 88,120

196,306 (92,688) 103,618

Administration Plant and Equipment Less Accumulated Depreciation

232,356 (206,684) 25,672

212,936 (189,038) 23,898

232,356 (206,684) 25,672

212,936 (189,038) 23,898

Bar Plant and Equipment Less Accumulated Depreciation

162,729 (153,150) 9,579

161,584 (148,711) 12,873

162,729 (153,150) 9,579

161,584 (148,711) 12,873

Catering Plant and Equipment Less Accumulated Depreciation

223,129 (192,114) 31,015

220,563 (182,367) 38,196

223,129 (192,114) 31,015

220,563 (182,367) 38,196

Motor Vehicles Less Accumulated Depreciation

131,573 (90,116) 41,457

131,573 (68,461) 63,112

131,573 (90,116) 41,457

131,573 (68,461) 63,112

Course Plant and Equipment Less Accumulated Depreciation

3,745,415 (1,996,370) 1,749,045

3,573,734 (1,774,568) 1,799,166

3,732,202 (1,983,154) 1,749,048

3,560,521 (1,761,355) 1,799,166

Entrance Road Less Accumulated Depreciation

265,676 (163,886) 101,790

265,104 (144,625) 120,479

265,676 (163,886) 101,790

265,104 (144,625) 120,479

Capital Improvements Less Accumulated Depreciation

1,163 (735) 428

1,163 (671) 492

1,163 (735) 428

1,163 (671) 492

Freehold land

TOTAL PROPERTY, PLANT AND EQUIPMENT

7,827,422

7,986,600

-

7,198,721

-

7,357,896

2010 Annual Report |

39

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 5 - PROPERTY, PLANT AND EQUIPMENT (CONT.) b)

Movement in Carrying amount Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year.

Golf Club Carrying amounts at 1 January 2010

Clubhouse Clubhouse Plant & Equipment Course Buildings Administration Plant & Equipment Bar & Plant Equipment Catering Plant & Equipment Motor Vehicles Course Plant & Equipment Entrance Road Capital Improvements Work In Progress

5,137,149 58,913 103,618 23,898 12,873 38,196 63,112 1,799,166 120,479 492 7,357,896

Additions

153,292 6,588 5,834 19,420 1,145 3,966 318,476 572 509,293

Disposals

(2,035) (1,400) (146,796) (150,231)

Work in Progress

-

Depreciation

(178,165) (26,153) (21,332) (17,646) (4,439) (11,336) (21,655) (348,756) (19,261) (64) (648,807)

Write Back of Accumulated Depreciation

Carrying amount at 31 December 2010

2,023 1,589 126,958 130,570

5,112,276 39,336 88,120 25,672 9,579 31,015 41,457 1,749,048 101,790 428 7,198,721

Write Back of Accumulated Depreciation

Carrying amount at 31 December 2010

2,023 1,589 126,958 130,570

628,704 5,112,276 39,336 88,120 25,672 9,579 31,015 41,457 1,749,045 101,790 428 7,827,422

Consolidated Entity Carrying amounts at 1 January 2010

Freehold Land Clubhouse Clubhouse Plant & Equipment Course Buildings Administration Plant & Equipment Bar & Plant Equipment Catering Plant & Equipment Motor Vehicles Course Plant & Equipment Entrance Road Capital Improvements Work In Progress

c)

628,704 5,137,149 58,913 103,618 23,898 12,873 38,196 63,112 1,799,166 120,479 492 7,986,600

Additions

153,292 6,588 5,834 19,420 1,145 3,966 318,476 572 509,293

Disposals

(2,035) (1,400) (146,796) (150,231)

Impairment Losses Total impairment loss recognised in the income statement during the year is nil.

Work in Progress

-

Depreciation

(178,165) (26,153) (21,332) (17,646) (4,439) (11,336) (21,655) (348,759) (19,261) (64) (648,810)

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

NOTE 6 - TRADE & OTHER PAYABLES 159,107 80,849 239,956

Trade Creditors Other Creditors

436,506 203,895 640,401

159,107 80,786 239,893

436,506 203,832 640,338

An exemption of the 2009/2010 Land Tax Levy has been received and a reversal of the 2009/2010 Land Tax accrual ($127,780) that was included in the 2009 Annual Accounts is incorporated into these accounts. No accrual for 2010/2011 Land Tax year has been raised.

NOTE 7 - PROVISIONS (a)

SHORT-TERM PROVISIONS

Annual Leave Opening Balance Additional Provisions Raised Amounts Used

(b)

145,995 85,369 (92,573) 138,791

122,250 90,964 (67,219) 145,995

145,995 85,369 (92,573) 138,791

122,250 90,964 (67,219) 145,995

116,690 21,390 (45,656) 92,424

115,704 11,915 (10,929) 116,690

116,690 21,390 (45,656) 92,424

115,704 11,915 (10,929) 116,690

LONG-TERM PROVISIONS

Long Service Leave Opening Balance Additional Provisions Raised Amounts Used

NOTE 8 - BORROWINGS (a)

SHORT-TERM BORROWINGS

Bank Loan Hire Purchase

(b)

2,400,000 111,762 2,511,762

14,290 14,290

2,400,000 111,762 2,511,762

14,290 14,290

750,000 186,826 1,000 937,826

3,450,000 7,568 1,000 3,458,568

750,000 186,826 1,000 937,826

3,450,000 7,568 1,000 3,458,568

LONG-TERM BORROWINGS

Bank loan Hire Purchase Debentures

The Club has a loan facility of $3,450,000 which are secured by registered mortgages over land owned by Glenelg Golf Links Limited.

At 31 December 2010, $3,150,000 of the Club's facility was utilised. $1,200,000 of the loan facilities is offset for interest purposes by the balance held in the Club's transaction account.

Which means the interest on the $1,200,000 is only payable once the balance on hand falls below $1,200,000.

While it is noted that some of the Club's debt has become payable within the next 12 months, it is intended that a portion of this debt facility will be rolled into new facilities which will be payable at future dates.

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41

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 Consolidated 2010 2009 $ $

Golf Club 2010 $

2009 $

NOTE 9 - CAPITAL & LEASING COMMITMENTS Hire Purchase Lease Commitments Payable - minimum lease payments not later than 12 months between 12 months & 5 years greater than 5 years Minimum Lease Payments

127,558 215,052 342,610

Less future finance charges

(44,022)

(3,538)

(44,022)

(3,538)

Present Value of minimum lease payments

298,588

21,858

298,588

21,858

29,050 11,945 128,834 22,715 32,487 31,400 82,587 19,027 358,045

56,764 10,905 95,601 16,893 33,453 23,767 68,553 28,470 334,406

29,050 11,945 128,834 22,715 32,487 31,400 82,587 19,027 358,045

56,764 10,905 95,601 16,893 33,453 23,767 68,553 28,470 334,406

80,460

(279,966)

80,460

(279,966)

648,807 83,500 (31,470) (11,249)

605,993 150,000 24,731 3,236

648,807 83,500 (31,470) (11,249)

605,993 150,000 24,731 3,236

(87,794) -

64,832 20

(87,794) -

64,832 20

(376,806) 435 (8,580)

12,165 (7,222) 11,907

(376,806) 435 (8,580)

12,165 (7,222) 11,907

297,303

585,696

297,303

585,696

16,615 8,781 25,396

127,558 215,052 342,610

16,615 8,781 25,396

NOTE 10 - OTHER CURRENT LIABILITIES Catering Deposits Green Fee Deposits Catering levy unabsorbed Wallet account Trophy account PAYG Tax Sundry GST Payable Foundation Government Grant

NOTE 11 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES PROFIT FROM ORDINARY ACTIVITIES Non cash flows in profit from ordinary activities Depreciation Impairment of Financial Asset Provision for Employee Benefits (Profit)/Loss on Sale of Non Current Assets Changes in Assets and Liabilities (Increase)/Decrease in Debtors Movement in Loans to Glenelg Golf Links Increase/(Decrease) in Trade Creditors and Accrued Expenses (Increase)/Decrease in Prepayments (Increase)/Decrease in Stock NET CASH INFLOW FROM OPERATING ACTIVITIES

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 12 - FINANCIAL INSTRUMENTS (a)

Interest Rate Risk The club's exposure to interest rate risk, which is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates and the effective weighted average on those financial assets and liabilities, is as follows: Weighted Average Effective Interest Rate 2010 2009 % % Financial Assets Cash at Bank Cash on Deposit

Financial Liabilities Borrowings

9.11

7.7

Floating Interest Rate 2010 $

7.3

7.05

Within 1 Year 2010 2009 $ $

2009 $

156,302 156,302

-

Fixed Interest Rate Maturing

361,070 361,070 -

-

1 to 5 Years 2010 2009 $ $

-

-

-

-

-

-

2,511,762 2,511,762

14,290 14,290

937,826 937,826

3,458,568 3,458,568

While it is noted that some of the Club's debt has become payable within the next 12 months, it is intended that a portion of this debt facility will be rolled into new facilities which will be payable at future dates. (b)

Credit Risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets is the carrying amount, net of any provisions for doubtful debts, as disclosed in the Balance Sheet and notes to the financial statements.

(c)

Net Fair Values The aggregate net fair values and carrying amounts of financial assets and financial liabilities are not materially different from those disclosed in the Balance Sheet and in the notes to and forming part of the accounts.

(d)

The Club has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivity analysis demonstrates the effect on the current year results and equity which could result from a change in these risks.

At 31 December 2010, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant would be as follows: Consolidated Golf Club 2010 2009 2010 2009 $ $ $ $ Change in Profit Increase in the interest rate by 2% $ (65,865) $ (62,000) $ (65,865) $ (62,000) Decrease in the interest rate by 2% $ 65,865 $ 62,000 $ 65,865 $ 62,000 Change in Equity Increase in the interest rate by 2% Decrease in the interest rate by 2%

$ $

(65,865) $ 65,865 $

(62,000) $ 62,000 $

(65,865) $ 65,865 $

(62,000) 62,000

NOTE 13 - AUDITOR'S REMUNERATION Remuneration of the auditor of the parent entity for: Auditing & Reviewing the financial report

8,000 8,000

7,250 7,250

8,000 8,000

7,250 7,250

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43

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 14 - RELATED PARTIES (a)

The Club paid rent of $3 to Glenelg Golf Links Limited in which it has a majority shareholding, for use of the Golf Course (2009 - $20).

(b)

The names of the persons who were officers of the Glenelg Golf Club Incorporated at any time during the year ended 31 December 2010 are as follows: Jim Johnson Anthony J. Martin Sam Koukourou Gavan M. Fox Brett D. Jarrad David P. Gillespie Gerard P. O'Brien Kay Nyland

(Captain) (Vice Captain)

elected March 2010 re-elected March 2010

During the financial year no Committee members received either directly or indirectly as a member of a firm or body corporate any payments as a result of contracts or transactions with the Club.

NOTE 15 - CONTINGENT LIABILITIES The Club's objection to the land tax assessment for 2009/10 was upheld and therefore no expense or accrual has been recognised in relation to 2010/11 land tax. The Club understands that Revenue SA intends to review the eligibility for an exemption from land tax at the end of each financial year. If this review is unfavourable, then the Club may again be assessed for land tax, which is estimated at approximately $80,000 for the 6 months to 31 December 2010.

NOTE 16 - AFTER BALANCE DATE EVENTS No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the entity, the results of those operations, or the state of affairs of the entity in future financial years.

NOTE 17 - ASSOCIATION DETAILS The principal place of business of the association is James Melrose Road, Novar Gardens.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2010 NOTE 18 - CAPITAL EXPENDITURE COMMITMENTS $ Capital expenditure commitments contracted for: Plant & Equipment Purchases Capital expenditure projects Payable: not later than 12 months between 12 months and five years greater than 5 years

-

The committee members control the capital of the club in order to maintain a good debt-to-equity ratio and to ensure that the club can fund its operations to continue as a going concern.

The club's debt and capital includes financial liablities, supported by financial assets.

There are no externally imposed capital requirements.

The committee members effectively manage the club's capital by assessing the club's financial risks and adjusting its capital structure in response to changes in these risks and in the market. The responses include the management of debt levels.

There have been no changes in the strategy adopted by management to control the capital of the club since the prior year. This strategy is to ensure that there is sufficient cash to meet trade and sundry payables and borrowings.

2010

2009

NOTE 19 - CONTROLLED ENTITIES Country of Incorporation Parent Entity Glenelg Golf Club Inc Subsidiary Glenelg Golf Links Ltd

Percentage owned (%)*

Australia Australia

62

62

*percentage of voting power in proportion to ownership

2010 Annual Report |

45

GLENELG GOLF CLUB INCORPORATED STATEMENT BY COMMITTEE

In the opinion of the Committee of Glenelg Golf Club Incorporated: (a)

The attached consolidated statements of Glenelg Golf Club Incorporated, comprising the balance sheet, income statement, statement of changes in equity, statement of cash flows and notes to the financial statements for the year ended 31 December 2010 are, in our opinion, properly drawn up so as to give a true and fair view of the state of affairs of the Club and the consolidated entity as at 31 December 2010, and of their results for the year then ended.

(b)

At the date of this statement there are reasonable grounds to believe that the Club will be able to pay its debts as and when they fall due.

The accounts have been made out in accordance with applicable Accounting Standards.

In accordance with section 35(5) of the Associations Incorporations Act, 1985, the Committee of Glenelg Golf Club Incorporated hereby states that during the financial year ended 31 December 2010: (a)

(i) (ii) (iii)

no officer of the association; no firm of which an officer is a member; and no body corporate in which an officer has a substantial financial interest;

has or become entitled to receive a benefit as a result of a contract between the officer, firm or body corporate and the association. (b)

no officer of the association has received directly or indirectly from the association any payment or other benefit of a pecuniary value.

This report is made in accordance with a resolution of the committee and signed by two Members of the Committee.

Dated this 22nd day of February, 2011.

JIM JOHNSON Captain

TONY MARTIN Vice Captain

2010 Annual Report |

47

James Melrose Road NOVAR GARDENS SA 5040 Phone: (08) 8295 3793 Fax: (08) 8294 8894 www.glenelggolf.com reception@glenelggolf.com