2014 Annual Report

2014 Annual Report PROUD | PROGRESSIVE | CHALLENGING

GLENELG GOLF CLUB INCORPORATED | ABN 94 199 789 857

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 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 develop an environmentally sustainable golf course distinguished from other championship courses by unique characteristics and recognised as 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

2014 Annual Report |

3

Office Bearers

4 | 2014 Annual Report

CAPTAIN

Mr Gavan Fox

VICE CAPTAIN

Mr Paul Duregon

PRESIDENT

Mr Geoff Gitsham

VICE PRESIDENTS

Mrs Helen McMutrie

Mr John Rawson

COMMITTEE OF MANAGEMENT

Mr Michael Adair

Mr Brett Jarrad

Mrs Kay Nyland

Mr John Ranaldo

Mr Bevan Roberts

Mr Greg Rundle

GENERAL MANAGER

Mr David Brand

Committee Attendance

Attendance at Committee of Management meetings for the year ended 31 December 2014 Anthony J. Martin (term completed March 2014) *

3

Gavan M. Fox (Captain, elected March 2014)

11

Paul B. Duregon (Vice Captain, elected March 2014)

12

Michael S. Adair (elected March 2014)

7

Brett D. Jarrad

6

Sam Koukourou (resigned March 2014)

2

Kay Nyland John Ranaldo (elected March 2014) Bevan Roberts Greg C. Rundle (re-elected March 2014)

11 5 10 8

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2014. * The outgoing Captain is permitted to attend Committee of Management meetings in an ex-officio capacity, for a period of 12 months.

2014 Annual Report |

5

6 | 2014 Annual Report

Captain’s Report It gives my great pleasure to present the 2014 Captain’s Report to members of Glenelg Golf Club.

The year started on a positive note with Golf Australia Magazine again passing accolades about our golf course in their biennial Top 100 Australian golf courses, with Glenelg one of the only courses to rise up the rankings to 28th position. A fitting recognition of the quality of our challenging golf course, which continues to be presented in outstanding condition, day in, day out.

Accolades continued throughout 2014 with the Club named “Best Golf Club” at the Clubs SA Awards night and “Best Club Reception Venue” at the ABIA Awards night.

Financially, 2014 was a very strong year with the Club posting a net operating profit of $142,882, driven by record food and beverage sales, both through our burgeoning function business and

our increasingly popular Pinehill Bistro operations.

The Club won a third straight Women’s Grade 1 pennant and our Bonnar Cup team also tasted victory, their first since 2008.

An aggressive capital improvement program, supported by strong cash flows, saw the Club’s ageing irrigation pumps replaced, refurbishments undertaken to the kitchen, improvements made to the driving range and the construction of a new practice putting green, among many other projects.

Membership continues to be steady with new initiatives introduced during the year and revenue being maintained at sustainable levels. However, it remains the most challenging part of the Club’s operations and we are continuing to work on new strategies in this important area.

Australia with our highly respected team of teaching professionals always available to help improve our golf game so that we can continue to enjoy our rounds with friends and family.

I hope you enjoy reading about the activities of the Club in 2014, and I look forward to seeing many of you on our wonderful golf course in the coming year.

Gavan Fox CAPTAIN

Our golf operations department continues to provide service second to none in

2014 Annual Report |

7

2014 was a very strong year with the Club posting a net operating profit of $142,882, driven by record food and beverage sales, both through our burgeoning function business and our increasingly popular Pinehill Bistro operations.

Finance The Club posted a net profit of $142,882 for the year ended 31st December 2014, compared with $19,845 in 2013. Total equity increased to $4,344,714 and the Club’s cash position also increased by $76,801 with $354,041 available as at 31st December 2014.

For the second consecutive year, the Club was able to exceed its debt reduction program with a further $350,000 reduced off the Club’s loan facilities and $53,296 used to reduce operating debt associated with hire purchases and lease agreements.

The replacement of the Club’s ageing ute and the acquisition of six motorised golf carts in late December saw an additional $75,501 in leases established. When accounting for this, the Club reduced its total debt level by $327,795 to $2,103,502.

An aggressive capital expenditure program saw $519,299 spent on property, plant and equipment, compared to $245,391 in 2013. Strong cash flow supported the capital improvement program with $901,647 in cash generated from operating activities (compared with $703,332 in 2013).

8 | 2014 Annual Report

A key capital expenditure project for 2014 was the replacement of the main irrigation pump set, which had been identified as a high priority item and will now put the Club in good stead for its future irrigation requirements.

Other important capital projects undertaken included the installation of a CCTV system, the installation of synthetic turf on the driving range and the refurbishment of the kitchen.

Membership revenue was positive for the second consecutive year, despite another reduction in FME numbers. Subscription revenue totalled $1,882,576, an increase of 2.7% over 2013 figures. FME numbers as at 31st December 2014 were 931.8 compared with 967.8 in 2013 - a membership retention rate of 96.3%. This FME reduction was reflected in revenue received from the Infrastructure Levy of $282,507 (down from $291,248 in 2013), all of which was allocated to the Club’s debt reduction program.

Entrance fee revenue was $224,964, which was on budget for the year, although down 7.5% on 2013 figures.

Total green fee revenue for 2014 was slightly down on 2013 figures, with general green fee income up 8.7%.

However, this was offset by a 10.2% drop in corporate golf day revenue.

Bar and catering produced the best result in the Club’s history, posting a combined profit of $339,372. Catering posted the strongest improvement with a net profit of $115,648 against a 2013 profit of $39,757. Revenue increased by 16.2% to $1,369,538, whilst bar sales grew to $1,033,832 – an increase of 12.8%.

Bar reported a wage percentage of 36.3% for 2014 matching the results of 2013.

COGS percentage was 36.7% which was a 0.7% improvement over 2013.

Strong function sales and increased bistro sales saw catering post a COGS percentage of 37.8% with salaries and associated costs totalling $644,579, or 47.1% of total revenue.

Overall, total net income increased by 4.5% to $3,209,259.

Total expenditure grew by only 0.5% in 2014, much of which was influenced by a 37.6% reduction (or $55,719) in finance costs as the Club continues its

debt reduction program. Administration expenses increased only 1.2% to $912,066, again helped by reduced finance costs.

Golf course expenses increased marginally during the year, with salaries and associated costs increasing by 2.5% and maintenance costs growing from $179,402 in 2013 to $196,527 (or 9.5%). A substantial program of course enhancement works saw costs more than double from $22,261 to $53,985 whilst depreciation costs reduced significantly as various property, plant and equipment values were written down.

No material changes were seen in House expenditure during the year with only a minor increase in costs of 0.5% reported.

Trade and other payables were unusually high for the year end with a number of signficant invoices received late in December. As a result, trade and other creditors totalled $431,200 compared with $284,705 in 2013. Changes to the reporting of current and non-current liabilities was due to the Club’s finance arrangements maturing in January 2015.

No material changes to the Club’s Premium Investment Fund (PIF) composition and carrying value were noted, however a capital return payment of $2,500 from Asset Resolution Ltd (ARL) was received during the year, thus reducing the value of the PIF from $16,500 to $14,000.

2014 Annual Report |

9

Golf Course Our golf course continues to improve year after year with accolades flowing in regularly from members, guests and industry experts.

Throughout 2014, our focus remained on conditioning and presentation, although a number of major course enhancement projects were undertaken to ensure our Club continues to meet the expectations of an active membership base.

During winter, works commenced on a long awaited upgrade to the Club’s driving range. Limited space, increased activity and ongoing shade issues had led to reduced turf quality on the range, particularly during winter months. The upgrade included the installation of 30 metres of synthetic turf with other

10 | 2014 Annual Report

associated works undertaken to improve access around the gazebo area. The synthetic turf has proven to be popular and will ensure we continue to offer a world-class facility all-year round.

Another significant project undertaken was the construction of an additional practice putting green, taking advantage of unutilised land to the south west of the practice chipping green. Some minor works were also undertaken on the chipping green surrounds and bunkering to improve the facility. The new green now allows for uninterrupted access to a practice putting area at the same time as clinics are being conducted, or when areas need to be taken out of play for maintenance or recovery. This work has

also significantly enhanced the visual appeal of this area.

Our ongoing bunker refurbishment program saw works carried out on the 8th greenside bunker complex and the fairway bunkering on the right hand side of the 15th. These works were completed in accordance with the Club’s course enhancement plan, which aims to continually review and improve our wonderful golf course while preserving its distinctive character, and improve maintenance efficiency where possible.

An area of the golf course seeing significant improvement in 2014 was the 11th tee complex. The demolition of the old brick hut, a new one-way loop path and the realignment of the tee has seen a

dramatic change to this area and, as the native plantings and pine trees establish, the transformation to this tee complex will be quite stunning.

The Club’s irrigation pump set was replaced during 2014 after more than 20 years of service. The system had been identified for replacement a few years ago following major servicing. The new system, which allows for more efficient operation, was installed at a total cost of $150k and now provides certainty and security for the golf course irrigation system, hopefully for another 20 or more years.

Ongoing legislative and environmental compliance issues relating to the Club’s ageing maintenance facility saw further works undertaken to ensure the Club met its legal obligations in this area. A working group was established early in

the year to investigate site options for a new, or upgraded, maintenance facility - a necessity for the Club in future years.

A number of sites were investigated by the group, considering issues relating to space, visual impact on the golf course, access, impact on adjacent residential properties and costs. A decision is yet to be made and the working group continues to review options available.

Increasing traffic on our golf course, and the associated growth in motorised cart traffic by an active, but ageing membership base, saw a blue line rule introduced to assist in the management of traffic and wear and tear on and around greens. The introduction of this rule followed feedback from members during a series of workshops for cart users and has proved to be extremely effective. Further strategies will be introduced in 2015 in an

effort to improve access for golf carts and to minimise the damaging effect of this traffic on the golf course.

There is no doubt our golf course remains the best presented and maintained in South Australia. This continual improvement is a credit to the strong planning and management processes of our course maintenance team, led by Course Superintendent, Daryl Sellar, and the strong desire of the Committee of Management to ensure that our most important asset continues to be presented in the best possible condition all year round.

2014 Annual Report |

11

Membership & Marketing Strong membership was a key focus for the Committee of Management in 2014 with new policies and procedures introduced to offer more flexibility for existing members and to ensure we continue to attract new members to our Club.

Whilst numbers continue to reduce, membership revenue increased for the second consecutive year and we saw a steady stream of new members join the Club across a range of membership categories.

Membership categories were restructured late in the year to meet the changing trends of existing and prospective members, whilst still maintaining the traditions of the game and protecting the integrity of the Glenelg Golf Club brand.

New categories included Pinehill, Twilight and Introductory memberships, catering for a variety of different lifestyles and offering affordable alternatives for people wanting to join a golf club. We have seen early success in attracting new members

Whilst membership numbers continue to reduce, revenue increased for the second consecutive year and we saw a steady stream of new members join the Club across a range of membership categories.

12 | 2014 Annual Report

and we look forward to welcoming even more new members to the Club throughout 2015.

Corporate membership was also a key focus in 2014. Almost $70k in new revenue was generated through various corporate memberships and partnerships with local businesses, with this figure expected to climb to over $100k in 2015. Some key corporate memberships established included Schweppes, Adelaide Casino, Mitsubishi Electric, John Lewis Foodservice, Metcash, Bridgestone, Adelaide Central Electric, Lion Co, Starr Rubber & Plastics, OzRoll, CMI Toyota, Securatrak and LAI Industries.

Our pennant sponsors, Anvers Wines, McGrath Real Estate, SA Safe Supplies and the Watermark Hotel continued their support during the year and our partnership with the Adelaide Football Club continues to grow stronger every year.

On the administrative side, an online payment facility was introduced early in the year along with a minor upgrade to the Club’s website. Subscription renewal notices were sent electronically for the first time along with the distribution of other communications such as the Annual Report and Members Handbook. Cost savings through email distribution allowed our financial resources to be redirected to important marketing collateral used to promote our growing food and beverage operations.

Our “50-Year Club” saw new inductees Cathy Symons, Brenton Green, Geoffrey Cock and Richard Bowering, taking total current membership in this exclusive group to 62.

At the Annual General Meeting in March, SA Golf Industry Hall of Fame inductee, Bob Tuohy, was honoured with Life membership of the Club. Bob had an outstanding playing record in his formative years at Glenelg and has contributed greatly over many years with

his considered advice and proven valuable initiatives. The honour was unanimously supported by the members.

The Club continues to see its brand awareness and reputation grow within the golf industry. The Four Reds concept, bringing Adelaide’s four major clubs together to attract interstate and overseas visitors, grew considerably during 2014 and is now delivering a steady stream of revenue for the Club.

Promotions through Foxtel’s The Golf Show, Golf Australia Magazine and Australian Golf Digest saw Glenelg feature prominently and, according to a number of reports, the best golf course offering amongst the four main clubs.

Our growing reputation and the great work being undertaken by the Committee of Management and staff was highlighted late in 2014 with two key awards presented to the Club - the Clubs SA “Golf Club of the Year” and the South Australian Bridal Industry’s “Best Club Reception Venue”.

2014 Annual Report |

13

Function numbers in 2014 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

TOTAL

2013

Weddings

3

2

4

4

1

1

0

3

0

5

5

2

30

18

Functions

5

7

8

8

7

8

8

17

16

8

11

14

117

102

Conferences

12

9

21

14

35

19

21

15

13

13

8

6

186

187

Golf Days

0

2

8

5

5

5

1

0

1

3

5

3

38

39

14 | 2014 Annual Report

2014 saw the the best ever food and beverage result for the Club, posting a combined profit of $339,732. The result shows the continued strength and growing popularity of both our function and bistro businesses.

Clubhouse Operations Our food and beverage operation forms an important part of the Club’s financial performance, and this was no more obvious than in 2014 with the department posting a combined profit of $339,372.

This result was the best ever posted by the Club and shows the continued strength and growing popularity of both the function and bistro businesses.

The Club continued to grow its function business in 2014 with 30 wedding receptions held during the year, compared with 18 in 2013. A growing trend during the year was the hosting of wedding ceremonies in addition to receptions, generating further revenue for the Club.

In total, the Club hosted 371 external functions, up on our 2013 figure of 346. Conference numbers were on par with the previous year at 186, including many repeat customers who continue to return to the Club year in, year out.

The installation of an AV system in the boardroom saw an increase in smaller conferences and business meetings hosted by the Club – a niche market we are hoping to develop more in future years. Another 117 functions were also held throughout 2014, up on 2013 bookings.

Our Pinehill Bistro remains a popular choice for members and local residents with Thursday and Friday evening dinners proving to be a highlight. Numbers averaged well over 50 people week in, week out, and with the introduction of

happy hours on Friday evenings and our resident pianist, Jack Stremple, creating a unique and relaxing atmosphere, we are seeing our numbers continue to grow.

Breakfast continues to attract regular patrons, particularly during the warmer months. Whilst Sunday mornings see the most traffic, Saturdays are also proving to be a popular alternative. Where else would you want to enjoy a weekend breakfast with family and friends than on the balcony overlooking our stunning golf course?

Our Head Chef, Matt Chapman, and his expert culinary team have maintained outstanding quality and consistency in menu offerings across a wide range of dining styles throughout the year and there is no doubt this has contributed to the strong growth seen in 2014.

To support the burgeoning Pinehill Bistro business, our main kitchen received a timely refurbishment in June which saw the addition of a pizza oven and other infrastructure. Pizzas were added to the menu in July, closely followed in August by the introduction of Friday Pizza Nights, replacing the popular Fish ’n’ Chip Night.

Pizzas have since become a popular choice for golfers and diners alike and we look forward to further expanding the pizza menu in 2015.

Member functions were well attended during the year with more than 160 people attending our Captain’s Lunches

held in July and November. Guest speaker for the July lunch was Raymond Spencer, chair of the State’s Economic Development Board, whilst Adelaide Football Club chairman, Rob Chapman and new Chief Executive Officer, Andrew Fagan, were special guests in November.

Mother’s Day saw over 90 members and guests enjoy breakfast, with an additional 150 people attending a special three-course luncheon at the Club. A new event, the Food, Wine & Jazz Night, was held in July to rave reviews from more than 120 members who enjoyed a variety of wine tastings complemented by quality food and jazz music provided by members of the Westminster College jazz band. Our annual Winery Challenge was another huge success for the Club, raising over $7,000 for Kidney Kids SA, whilst the Let it Be Beatles concert in November attracted a small crowd of 70 members and guests.

Our hospitality team, led by Clubhouse Operations Manager, Martin Ardill, has worked tirelessly throughout 2014 to deliver on our promise to members of providing the best clubhouse facility in South Australia. The record financial result seen, and the ongoing growth of our food and beverage operations, indicates that the Club is delivering on this promise and we look forward to further improving this service for members and guests in 2015 and beyond.

2014 Annual Report |

15

Golf Operations During 2014, the Club’s match program underwent a number of changes designed to accommodate an increasingly active membership base. Competition numbers grew significantly on popular days such as Wednesdays and Saturdays, placing increased pressure on tee time availability.

Online booking sheets remained a hot topic for discussion in 2014. Increasing playing numbers and round times, and subsequent feedback from members, resulted in booking sheets being trialled on Wednesdays during the winter months and on Tuesday mornings during the summer holiday period. The success of these trials, and the acceptance by a majority of members, led the Committee of Management to make a strategic decision in early 2015 to introduce online booking sheets on a permanent basis.

In January, a new handicapping system was introduced by Golf Australia which saw the daily handicap of players change

16 | 2014 Annual Report

depending on the slope rating of the golf course they played each day. It also allowed for players to hit off from different tees in the same competition, adding further variety to the daily competition.

Our women’s try golf programs continue to introduce new female golfers to the game. A number of clinics were held throughout 2014 including shorter, rolling style clinics designed for smaller participant groups. These clinics proved successful for the Club with a number of participants joining the Club following the conclusion of each program.

The Club had a very successful Golf SA Pennant season in 2014, taking out the women’s Grade 1 title for the third consecutive year and the men’s Bonnar Cup for the first time since 2008. Our Simpson Cup, Women’s Grade 2, Junior and Cleek Stick sides failed to make the finals, but performed admirably during

the season. Solid individual performances saw Leigh Attenborough take out the men’s Pennant Player of the Year award, Elysia Yap claim the women’s trophy and youngster, Jackson Kalz, collect the inaugural Bob McLuckie Trophy as junior pennant player of the year. The Club entered a team into the Golf SA Senior Pennant competition for the first time with the side reaching the semi-finals.

Club events were once again well supported with record entries received for most championship events during the year. Campbell Rawson defended his men’s Club Championship title whilst Jenny Lee took out the women’s Club Championship. At the age of 13, Liam Kennewell became one of our youngest Boys’ Junior Champions and Matilda Wheare had a successful 2014 claiming both the Girls’ Junior Championship and Women’s Open Championship, whilst also being a member of Glenelg’s winning

Rhonda Watson Brooch and Women’s Grade 1 teams. Title defences were the name of the game in 2014, with Geoff and Leigh Attenborough successfully defending their Tuohy Trophy title in August and Campbell Rawson and Elysia Yap claiming their second consecutive Mixed Foursomes trophy together.

Annual events such as the Christmas Ambrose and US Open Ambrose were again well supported and popular amongst players along with other novelty events such as Night Golf. A new Pairs & Partners Event, the Burgandy Trophy, was played on the October long weekend, in line with the Club’s objective to provide variety and fun in the social and golfing calendar. Played as a two-ball aggregate event, players were entitled to use a “Burgandy” (or mulligan) on their tee shot. The event was generously supported by 1927 Founder’s Society member, Owen Burgan, who kindly provided drinks and nibbles for players during the prize presentations.

Our commitment to supporting our State and National golfing bodies continued in 2014 with the Club hosting the Golf SA Classic for the fifth year in succession. The event was played in April and received rave reviews from players, officials and visitors alike with the golf course once again presented in immaculate condition. Glenelg’s support of this event over the last five years has seen it grow in reputation to become one of the most popular amateur events on the national tour.

Our hosting commitment concluded in 2014 with the event moving to Royal Adelaide Golf Club in 2015.

2014 Annual Report |

17

Junior Golf Junior golf remained an important strategy for the Club in 2014 and our highly regarded junior development program, managed by our golf operations team, continues to provide the necessary framework for training and skills development.

clinics fully subscribed, some with more than 30 juniors attending the regular Sunday and Wednesday clinics. Many of the participants are still under the age of 10, so we look forward to them joining the Club in the next few years as they further develop their skills.

Junior membership numbers remain low, however we are starting to see our juniors develop into quality young golfers under the guidance of our world-class team of teaching professionals, including national and state coach, Gareth Jones, and Adrian Wickstein, who himself has come through Glenelg’s junior program.

A key initiative introduced by the golf operations team during 2014 was the three-tiered junior high performance program. Designed to offer specific levels of training depending on skills and experience, the program has proved to be extremely beneficial and popular with players.

Our tier 1 and 2 juniors had the experience of a lifetime in November visiting Melbourne for the Australian Masters at Metropolitan Golf Club. The four day trip saw golf played at The Dunes Golf Links, Kingswood and Huntingdale golf clubs, as well as two days at the Masters event where they had a once in a lifetime opportunity to meet with the 2013 US Masters champion, Adam Scott.

Interest in our Junior Tigers Golf Program grew significantly in 2014 with most

As a result, we saw a number of our juniors selected in either State or

Our junior golfers and elite players remain under the expert tutelage of a very

18 | 2014 Annual Report

development squads during 2014 including Matilda Wheare, Lachlan Barker, Will Starkey, Ben Layton, Jackson Kalz, Liam Kennewell, and brothers, Aaron and Jack Buchanan.

capable golf operations team, lead by our head professional, Shane Robinson.

Shane’s experience and knowledge, coupled with the technical skills of our highly qualified teaching professionals, have formed a formidable team of coaches and mentors for our players.

This is further enhanced by the Club’s commitment to both the Junior Golf & Elite Player Development program, and the newly established Ambassador High Performance Program to be rolled out in 2015.

2014 Annual Report |

19

Foundation & Heritage Fund The Glenelg Golf Club Foundation is pivotal in the growth of our juniors and elite golfers through our Junior Golf & Elite Player Development Fund. Funding for the program comes exclusively from donations, fundraising activities and events associated with the Foundation.

In 2014, $28,659.08 was spent on activities associated with these programs. This was a significant increase from previous years, but directly relative to the increase in activity as our junior members continue to develop into quality young players as a direct result of the program.

Our major fundraising activity, the Glenelg Golf Club Foundation Golf Day, was held in August raising just over $26,000. Glenelg football legend, Graham Cornes, was guest speaker at the Foundation Dinner attended by over 170 members and guests. This day would not be a success without the support of our sponsors and, whilst the list is too long to cover here, we would like to thank all of them for their generous support of the event.

Strong support from the newly established “Bay Coterie Group” saw $7,000 in donations for the Foundation’s Infrastructure Development Fund, whilst no new activity was seen in the Club’s Heritage Fund during 2014.

Summary of Foundation activities for 2014 Junior Golf & Elite Player Development Fund INCOME Member donations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350.00 Foundation golf day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $26,270.92 Quiz night. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,363.14 Captain’s Lunch raffles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,035.27 Burgandy Trophy donations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $277.27 Miscellaneous income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $72.73 TOTAL INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . $32,369.33 EXPENSES Junior lessons. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,799.11 Tournament entry fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,978.22 Travel expenses for tournaments. . . . . . . . . . . . . . . . . . . . . . $4,315.31 Junior Tigers & High Performance clinics. . . . . . . . . . . . . . . $6,272.73 Junior High Performance squad trip . . . . . . . . . . . . . . . . . . . $8,293.71 TOTAL EXPENSES. . . . . . . . . . . . . . . . . . . . . . . . . $28,659.08

Current Balance - $38,480.63 (Junior Golf & Elite Player Development Fund) Infrastructure Development Fund INCOME Member Donations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $64.85 The Bay Coterie Group Donations. . . . . . . . . . . . . . . . . . . . . . $7,000.00

Current Balance - $8,474.75 (Infrastructure Development Fund)

20 | 2014 Annual Report

Summary of Heritage Fund activities for 2014 Opening balance:.................................................................................................... $22,084.00 Interest earned:..............................................................................................................$515.00

HERITAGE FUND BALANCE:.......................................... $22,599.00 as at 31st December 2014

Heritage Fund Members

Securing the Club for Members both now and in the future.

1927 Founders’ Society Sapphire Member OWEN BURGAN (2012)

Heritage Society Members NOEL TAPLIN (2012) JOHN MADDERN AM (2013) GEOFF GITSHAM (2013) GLENELG GOLF LINKS SHAREHOLDERS (2013)

2014 Annual Report |

21

Committee, Staff & Supporters Your Committee of Management continues to work diligently and professionally to balance the needs of a wide ranging membership base.

Considerable hours are put in by your representatives to ensure the Club maintains a strong financial position and preserves its position as one of the premium private golf clubs in South Australia.

At the Annual General Meeting in March, our outgoing Captain, Tony Martin, concluded his eight year commitment to the Club, leaving it in a very strong financial position. Tony’s contributions during his tenure saw significant changes across many areas and we thank him for his time and the energy devoted to improving our great Club.

Sam Koukourou resigned from the Committee of Management in March,

22 | 2014 Annual Report

also following eight years of dedicated service. His contribution was invaluable, particularly on major projects including the clubhouse redevelopment and ASR wetland construction.

Michael Adair and John Ranaldo joined the Committee of Management in 2014, bringing significant experience in finance, marketing and business acumen. Greg Rundle was re-elected following a one year appointment in 2013, also bringing valuable financial experience to the group. All three have proved very capable representatives and will continue to add value to the Club’s performance in coming years, along with the incumbents, Kay Nyland, Brett Jarrad, Bevan Roberts, and Vice Captain, Paul Duregon.

Our women’s sub-committee again managed a busy match program for our female members under the guidance of

Captain, Heather Waddy, whose twoyear term concluded in October. Cathy Johnson took over the reins at their General Meeting, and I am sure will continue the great work seen over the last few years.

Once again, without the support and assistance received from a very long list of members, volunteers and sponsors, it would not be possible for the Club to operate effectively. It is impossible to individually thank everyone for their support, so I thank all who have, in some way, contributed their time, resources or services to the Club during 2014. You are all too valuable to ignore, but certainly worth your weight in gold.

Our hospitality team delivered an outstanding level of service to members and guests, returning record profits for the Club through a strong function and

bistro business. Martin Ardill continues to grow in his role as Clubhouse Operations Manager, with Events Manager, Lynn Kschammer, and Bar Manager, Phil Day, providing valuable support. As mentioned earlier, our Head Chef, Matt Chapman, and his expert culinary team have also contributed greatly to the growing reputation of our food and beverage operations.

The Club lost a valuable asset in December when our Membership & Marketing Manager, Anthony Olsen, resigned to take up a new role. Anthony was with the Club for just over three years and played an active role in developing a number of alternative revenue streams for the Club through corporate and networking opportunities. We wish Anthony the best of luck in his new role and thank him for his contributions. As always, Carly Clough continues to provide timely and accurate financial reporting for the Club, and she is ably supported by the Administration team of Cathy Symons and Kerry Crossman.

Our course maintenance team worked diligently throughout 2014 to keep our golf course presented in immaculate condition all year round. Course Superintendent, Daryl Sellar, and his highly skilled team have again done a superb job to present a course of which we can all be proud. Our reputation and ranking grows every year, and this is a credit to our team and their dedication to their jobs.

Our golf operations team, led by Head Professional and Director of Golf Operations, Shane Robinson, has worked tirelessly to provide members with a seamless front-of-house service. Shane’s team, including wife Sue, Matt Hickman, Gareth Jones, Adrian Wickstein and Sarah King continue to provide members and guests with friendly and expert advice, and are capably assisted by casuals including Club members, Elysia Yap and Braeden Kelly.

As our Club grows busier, our team of employees continues to perform beyond expectations. We have a dynamic team of highly skilled and experienced workers being capably led under the stewardship of General Manager, David Brand, and the results are clearly showing.

I thank everybody for their contributions, commitment and dedication to our great Club and I look forward to sharing more time with members on our wonderful golf course in the future.

2014 Annual Report |

23

Membership Status Membership numbers as at 31st December 2014 Category

Male

Female

2014

2013

2012

2011

2010

2009

Life

2

3

5

5

5

5

5

3

Full

488

58

546

574

609

639

725

713

Full Paid

29

0

29

29

34

34

35

35

Company

49

6

55

54

53

52

53

53

Provisional

111

40

151

167

177

208

201

272

Intermediate

37

4

41

44

45

50

53

41

Six Day

60

37

97

91

73

54

0

0

115

60

175

170

163

158

156

140

4

1

5

9

10

8

4

4

18

4

22

22

26

46

63

44

0

0

0

0

1

1

2

0

Country

70

6

76

89

99

93

96

88

Corporate

18

0

18

13

12

2

1

3

Temporary

12

3

15

16

17

34

9

9

Casual

17

3

20

25

31

22

19

7

Introductory

6

0

6

0

0

0

0

0

Try Golf

0

20

20

15

26

26

26

16

Twilight

1

0

1

0

0

0

0

0

Social

47

2

49

55

62

60

79

67

Non-Playing/Pinehill

18

10

28

21

21

26

28

29

2

2

4

4

4

4

3

3

16

0

16

15

16

17

16

16

1

0

1

1

2

3

3

3

1,121

259

1,380

1,419

1,489

1,542

1,577

1,546

Weekday Veteran Junior Junior Country

PGA Member Honorary Honorary Social TOTAL

24 | 2014 Annual Report

50 Year Club 50 YEAR CLUB

Glenelg Golf Club has a rich tradition and history, much of which derives from the support and loyalty of our members. We believe it is important to recognise our long-standing members who have given so much to our Club over the many years of their membership.

Below is a list of current members who have been with Glenelg Golf Club for over 50 years. We thank them for their ongoing loyalty and support and welcome them into the “50 Year Club”.

70+ 60+

Maddern AM, John Cant, Donald Diercks, Les Faehse, Brian Omond OAM, Doug Shea, Elliott Steadman, Peter Taplin, Noel

Godwin, Helen Lynas, Maxine Pitcher, Elizabeth Sanderson, Pauline Watson OAM, Rhonda

50+

Barton, Bill Bowering, Richard Brown, Modge Chapple, Geoff Cook, Jonathan Cock, Geoff Dewar, Colin Dibben, John Dobson, Michael Drew, Peter Ellis, Chris Follett, Rod Gitsham, Geoff Green, Brenton Hallion, Geoff Handford, John Harris, Charles Jenkins, Malcolm Jervis, David Jolley, Robert Jordan, Alec Lahiff, David Lindsay, David Manser, Bernie McDonald, Peter McEntee, John McInerney, Pat McKee, Stephen McMutrie, Rod Mestrov, Tom Nicholls, Robert Nunn, Dennis Stanbury, Dennis Tamblyn, David Thompson, Gary Tully, John Watt, Colin Wheatley, Peter Whitford, Chris Whitford, Tony

McCann, Margaret Moore, Avis Nelson, Jane Oldfield, Marcia Symons, Cathy Waddy, Betty Wheatley, Janice

Obituary It is with sadness that we acknowledge the following members who passed away during 2014: •

Bruce Tidswell

•

John Lamprill

•

Max Phillips

•

John Brus

•

Maggie Stewart

•

Graham Johns

•

Terry Slattery

•

David Marlin

May they rest in peace.

We extend our deepest sympathy to relatives and friends.

2014 Annual Report |

25

Office Bearers Year

President

1927-2014 Captain

Vice-Captain

Year

1927 A.J. Roberts

S. Jackman

F.G. Hicks

1928 A.J. Roberts

S. Jackman

F.G. Hicks

1929 A.J. Roberts

S. Jackman

1930 A.J. Roberts

S. Jackman

1931 A.J. Roberts 1932 Not Appointed

Captain

Vice-Captain

1971 N.E. Bagshaw

J.R. Alderman

J.D. Omond

1972 N.E. Bagshaw

J.D. Omond

M.C.E. Summers

F.G. Hicks

1973 N.E. Bagshaw

J.D. Omond

M.C.E. Summers

F.G. Hicks

1974 N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

F.G. Hicks

John Hill

1975 N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

F.G. Hicks

John Hill

1976 F.G. Collins

R.B. Bennett

G.A. Hodgson

1933 W. Fisk

John Hill

G. McLeay

1977 F.G. Collins

R.B. Bennett

G.A. Hodgson

1934 W. Fisk

John Hill

G. McLeay

1978 F.G. Collins

G.A. Hodgson

H.T. Slade

1935 W. Fisk

J.E. Ashton

G. McLeay

1979 F.G. Collins

G.A. Hodgson

H.T. Slade

1936 W. Fisk

J.E. Ashton

G. McLeay

1980 F.G. Collins

H.T. Slade

B.J. Manser

1937 W. Fisk

K.C. Crookall

Dr. A.H. Guymer

1981 F.G. Collins

H.T. Slade

B.J. Manser

1938 W. Fisk

Dr. A.H. Guymer

Dr. C.B. Maddern

1982 F.G. Collins

B.J. Manser

J.E.O. Handford

1939 Frank Smith

Dr. A.H. Guymer

J.E. McKee

1983 F.G. Collins

B.J. Manser

J.E.O. Handford

1940 Frank Smith

J.E. McKee

V.M. Thomas

1984 R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1941 Frank Smith

V.M. Thomas

W.B. Holt

1985 R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1942 Frank Smith

V.M. Thomas

W.B. Holt

1986 R.B. Bennett

G.D. Gitsham

A.K. Whitford

1943 Frank Smith

V.M. Thomas

W.B. Holt

1987 R.B. Bennett

G.D. Gitsham

A.K. Whitford

1944 Baden Pattinson

V.M. Thomas

W.B. Holt

1988 R.B. Bennett

A.K. Whitford

D.N. Barton

1945 Baden Pattinson

W.B. Holt

A.C. Brooke

1989 R.B. Bennett

A.K. Whitford

D.N. Barton

1946 Baden Pattinson

W.B. Holt

A.C. Brooke

1990 R.B. Bennett

D.N. Barton

J.L. Waddy

1947 W. Allen

E.Caradoc Ashton

S.N. McKee

1991 R.B. Bennett

D.N. Barton

J.L. Waddy

1948 H.H. Handby

E.Caradoc Ashton

S.N. McKee

1992 R.B. Bennett

J.L. Waddy

J.R. Giles

1949 H.H. Handby

E.Caradoc Ashton

S.N. McKee

1993 R.B. Bennett

J.L. Waddy

J.R. Giles

1950 C.H. Fidock

S.N. McKee

F.G. Collins

1994 D.N. Barton

J.R. Giles

J.A. Rawson

1951 C.H. Fidock

S.N. McKee

F.G. Collins

1995 D.N. Barton

J.R. Giles

J.A. Rawson

1952 C.H. Fidock

F.G. Collins

S.D. Harris

1996 D.N. Barton

J.A. Rawson

I.P. Symons

1953 C.W. Anderson

F.G. Collins

S.D. Harris

1997 D.N. Barton

J.A. Rawson

I.P. Symons

1954 C.W. Anderson

S.D. Harris

D.M. Watson

1998 D.N. Barton

I.P. Symons

D.M. Lindsay

1955 C.W. Anderson

S.D. Harris

D.M. Watson

1999 J.L. Waddy

I.P. Symons

D.M. Lindsay

1956 C.W. Anderson

S.D. Harris

D.M. Watson

2000 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1957 C.W. Anderson

D.M. Watson

C.M. Wood

2001 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1958 C.W. Anderson

D.M. Watson

C.M. Wood

2002 J.L. Waddy

C.R. Whitford

P.J. Norman

1959 C.W. Anderson

D.M. Watson

C.M. Wood

2003

C.R. Whitford

P.J. Norman

1960 W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2004 B.J. Manser

P.J. Norman

I.R. Brooks

1961 W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2005 B.J. Manser

P.J. Norman

I.R. Brooks

1962 W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2006 B.J. Manser

I.R. Brooks

P.R. McGrath

1963 W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2007 B.J. Manser

I.R. Brooks

P.R. McGrath

1964 N.E. Bagshaw

N.E. Bagshaw

P.T. Morton

2008 B.J. Manser

P.R. McGrath

N.J. Johnson

1965 N.E. Bagshaw

P.T. Morton

J.A. Butler

2009 G.D. Gitsham

P.R. McGrath

N.J. Johnson

1966 N.E. Bagshaw

P.T. Morton

J.A. Butler

2010

G.D. Gitsham

N.J. Johnson

A.J. Martin

1967 N.E. Bagshaw

J.A. Butler

J.A. Manning

2011

G.D. Gitsham

N.J. Johnson

A.J. Martin

1968 N.E. Bagshaw

J.A. Butler

J.A. Manning

2012 G.D. Gitsham

A.J. Martin

G.M. Fox

1969 N.E. Bagshaw

J.A. Manning

J.R. Alderman

2013 G.D. Gitsham

A.J. Martin

G.M. Fox

1970 N.E. Bagshaw

J.R. Alderman

J.D. Omond

2014 G.D. Gitsham

G.M. Fox

P.B. Duregon

26 | 2014 Annual Report

President

J.L. Waddy

Committee Members 1927-2014 Name Adair, M.S.

Years

Name

Years

Name

Years

Name

Years

1

Hartford, B.B.

1

Merrett, A.F.

6

Whitford, A.K.

12

Alderman, J.R.

24

Hendry, J.M.

2

Morton, P.T.

23

Whitford, C.R.

10

Allen, W.S.

16

Hewett, L.P.

2

Nelson, R.A.

2

Wood, C.M.

11

Ashton, E.C.

11

Hicks, F.G.

5

Newton, R.

4

Wood, L.M.

4

Ashton, J.E.

16

Hill, J.

Bagshaw, N.E.

11

Hodgson, G.A.

5 13

Norman, P.J.

9

Wood, W.C.

2

Nyland, K.

6

Woolcott, E.S.

3

Barton, D.N.

13

Hodgson, J.W.

1

O’Brien, G.P.

6

Wright, H.F.

6

Bennett, R.B.

9

Holt, W.B.

9

Omond, J.D.

21

Young, W.D.

2

Bishop, W.P.

6

Hull, S.C.

2

Palmer, J.S.

4

Briscoe, P.C.A.

Humphries, W.G.

5

Percival, S.T.P.

1

Brooke, A.C.

11 6

Jackman, A.J.

2

Phillips, D.W.

2

Brooks, I.R.

10

Jackman, J.W.

1

Phillips, M.B.

14

Brooks, L.A.

1

Jackman, S.

4

Price, W.D.

1

Burgen, O.T.

3

Jarrad, B.

5

Pritchard, W.A.

2

Butler, J.A.

11

Johnson, A.C.M.

7

Ranaldo, J

1

Campbell, K.S.

3

Johnson, N.J.

6

Rawson, J.A.

11

Chamberlain, R.R.

1

Johnson, W.G.

2

Rawson, K.A.

16

Chapple, G.B.

3

Kenny, J.P.

1

Reade, T.C.

6

Collins, F.G.

21

Kimber, A.W.

4

Roberts, B.M.

2

Connelly, P.F.

3

Koukourou, S.

8

Rundle, G.C.

2

Crookall, K.C.

2

Lacey, E.H.

2

Sando, H.H.

3

Cudmore, D.C.

2

Lewis, F.A.

24

Sands, R.G.

3

9

Lindsay, D.M.

8

Sauerbier, L.C.

3

Maddern, Dr. C.B.

1

Skinner, L.P.

5

Dale, M.E. Darling, A.E.

12

Dignan, J.A.

1

Maddern, J.P.

5

Slade, H.T.

Duregon, P.B.

4

Mahoney, W.J.

5

Stanhope, B.H.

1

3

Mallen, L.

3

Stevens, G.B.

5

Manning, J.A.

7

Stevens, R.F.

8

Still, J.A.

4

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

10

Ferris, B.T.

4

Manser, B.J.

Flehr, B.E.

4

Marshall, A.K.

1

Stone, J.C.F.

Follett, R.M.

7

Martin, A.J.

8

Summers, M.C.E.

20

Foster, G.C.

1

Martin, S.G.

2

Symons, I.P.

10

Fox, G.M.

8

Mausolf, N.

6

Thomas, V.M.

6

Frances, I.K.

2

McCarter, L.

5

Thompson, G.R.

4

Freeman, R.E.N.

3

McCarthy, K.J.

6

Trabilsie, F.J.

7

10

Giles, J.R.

12

11

3

McFarlane, A.

3

Truscott, R.W.

1

Gillespie, D.P.

3

McFarlane, K.B.

3

Vivian, A.B.

5

Gillman, J.F.

1

McGlasson, A.

6

Waddy, J.L.

6

Gitsham, G.D.

6

McGrath, P.R.

8

Walsh, T.I.

6

Goldsworthy, J.S.

2

McKee, J.E.

5

Warburton, C.

9

Guy, G.R.

3

McKee, S.N.

12

Watson, D.M.

21

Guymer, Dr. A.H.

3

McLeay, G.

2

Watson, E.J.

1

Handford, J.E.O.

10

McLuckie, R.

3

Weston, G.W.

3

Harris, S.D.

12

McMutrie, H.

6

Wheatley, J.A.

9

2014 Annual Report |

27

Jenny Lee (left) had an amazing 2014, representing Australia in the World Junior Girls Championship, among other winning performances.

Lachlan Barker (below) was selected in the SA Junior Boy’s State team and won the Flagstaff Hill Junior Vardon.

Performances of Note in 2014 State Team Selections Australian Team (World Junior Girls Championship) - Jenny Lee Women’s State Team - Jenny Lee, Elysia Yap Girls’ State Team - Matilda Wheare Boys’ State Team - Lachlan Barker Golf SA High Performance Program (Tier 1) - Lachlan Barker, Josh Hayes, Matilda Wheare Golf SA High Performance Program (Tier 2) - Aaron Buchanan, Jack Buchanan, Jackson Kalz, Liam Kennewell, Ben Layton, Will Starkey Men’s & Junior Boys’ Interstate Series Coach - Gareth Jones SA Primary Schools Team - Jack Buchanan

Amateur Events SA Women’s Country Champion - Deb Christie SA Women’s Strokeplay Champion - Jenny Lee The Vines Women’s Vardon - Elysia Yap Fleurieu Women’s Vardon - Elysia Yap Flagstaff Hill Women’s Vardon - Elysia Yap Flagstaff Hill Junior Vardon - Lachlan Barker Blackwood Women’s Vardon - Jenny Lee Glenelg Women’s Vardon - Jenny Lee Kooyonga Women’s Vardon - Jenny Lee Royal Adelaide Women’s Vardon - Jenny Lee Lake Macquarie Amateur Champion - Jenny Lee Golf SA Foursomes Champions - Jenny Lee & Kristalle Blum The Grange Women’s Vardon - Jenny Lee Victorian Amateur Quarter-Finalists - Josh Hayes & Jenny Lee SA Secondary Schools State Champion - Liam Kennewell SA Secondary Schools Metro Champion - Jackson Kalz SA Primary Schools Champion - Jack Buchanan

28 | 2014 Annual Report

Josh Hayes (above) reached the quarter finals of the Victorian Amateur and is a member of Golf SA’s Tier 1 High Performance Program squad.

Jack Buchanan (left) won the SA Primary Schools Championship and represented SA in the SA Primary Schools State team.

Jackson Kalz (below) won the SA Secondary Schools Metropolitan Championship and was runner up behind fellow Glenelg junior, Liam Kennewell, in the SA Secondary Schools State Championship.

Women’s Grade 1 Pennant Winners Heather Waddy (Team Manager), Jess Burns, Sarah Griffiths, Jill Hodge, Jenny Lee, Matilda Wheare & Elysia Yap

Men’s Bonnar Cup Winners Wayne Humphries (Team Manager), Martin Ardill, James Bridgen, James Brown, Braeden Kelly, Ben Magi, James McDonald, Mat Mudford, John Noble, Sam Raschella & Will Starkey

Holes in One James Brown (January)........................................................................ 16th Hole Peter Hooper (January).........................................................................11th Hole Bill Ferguson (February)..........................................................................3rd Hole Sid Kookana (February).........................................................................11th Hole Gerry Ramsay (February).....................................................................11th Hole Sam Raschella (March)............................................................................3rd Hole Steven Wild (March)...............................................................................11th Hole Brenton Watson (May)..........................................................................11th Hole

Trevor King (May)................................................................................... 16th Hole Christine Sullivan (May)....................................................................... 16th Hole Steve Wray (June)................................................................................... 16th Hole Annette Rieniets (July)......................................................................... 16th Hole Brenton MacDonald (August)............................................................11th Hole Don Shipway (September).................................................................. 16th Hole Brian Nash (November)...........................................................................3rd Hole

2014 Annual Report |

29

Club Championship & Club Trophy Winners Event

Winner

Runner Up

Men’s Club Championship

Campbell Rawson

Leigh Attenborough

Women’s Club Championship

Jenny Lee

Elysia Yap

RF Stevens Trophy

Connor Chant

Will Starkey

Men’s B Grade Championship

Mark Carn

Glenn Sterrey

Men’s C Grade Championship

Anton Clovicko

Ian Mather

Women’s B Grade Championship

Barbara Deed

Janet Fleer

Women’s C Grade Championship

Glenys Bartlett

Carmel Fairweather

Men’s A Grade Plate

Sid Kookana

Martin Ardill

Men’s B Grade Plate

Troy Perriam

Phil Miller

Men’s C Grade Plate

Mitchell Ward

Morrie Croucher

Boys’ Club Championship

Liam Kennewell

Jackson Kalz

Girls’ Club Championship

Matilda Wheare

Hyoyi Pyun

Men’s Senior Championship

Andrew Nash

Colin Wright

Jimmy McLachlan Trophy

Connor Chant

Josh Hayes

Women’s Open Championship

Matilda Wheare

Elysia Yap

Men’s Foursomes Championship

Henry Duregon & Sam Raschella

Women’s Foursomes Championship

Jan Dale-Harris & Jill Hodge

Men’s A Grade Foursomes

Chris Burns & Mark Dignan

Men’s B Grade Foursomes

Mitchell Ward & David Welling

Men’s C Grade Foursomes

Harry Larsen & Dusan Nenadovic

Women’s B Grade Foursomes Championship

Ros Henderson & Ros Osborn

Women’s C Grade Foursomes Championship

Marie O’Halloran & Libby Trim

Mixed Foursomes Championship

Campbell Rawson & Elysia Yap

Rhonda Watson Brooch (Gross)

GLENELG: Jenny Lee, Elysia Yap, Matilda Wheare

Rhonda Watson Brooch (Net)

NARACOORTE: Di McCully, Jane Allen, Helen Cox

Brian Ferris Memorial Trophy

Jack Williams (The Grange)

Heath Riches (Kooyonga)

Eric Scovell Trophy

Ben Tucker (The Grange)

Will Starkey (Glenelg)

Women’s Vardon

Jenny Lee (Glenelg)

Elysia Yap (Glenelg)

Owen Whitford Trophy

Neil & Lorry Brown (Blackwood)

Mark & Janet Fleer (Glenelg)

Lance Begg Trophy

Leigh Attenborough & Jess Burns

Winter Pinehurst Foursomes Trophy

Lee & Emma Cole

Don Harris Memorial Trophy

Bruce & Eyvonne Du-Rieu

Tuohy Trophy

Geoff & Leigh Attenborough

Burgandy Trophy

Brenton & Jackson Kalz

30 | 2014 Annual Report

Men’s Event

Winner

Men’s Event

Winner

Governor’s Cup

Jason Blucher (Police Golf Club)

Glenelg Trophy (Juniors)

Austin Baker

Senior Cup

Chris James

Boys’ Handicap Matchplay

Mitchell Ward

Anzac Trophy

David Marshall

Rawson Memorial

Chris Manser

Captain’s Trophy

Michael Maguire

Don Watson Memorial

Michael Cirson

President’s Trophy

Michael Adair & Michael Maguire

Frank Collins Memorial

Todd Entwistle

Glenelg Trophy

Justin Dolman

AH Smerdon Memorial

Mark Hall

Sam Percival Trophy

Mark Fleer

Steve McKee Memorial

Mark Domingo

Milo Sprod Trophy

Ian Mather

Summer Cup

Jon Oatey

Reg Sands Starter’s Trophy

Alan Turner

Harold Wright Memorial

Campbell Rawson

Norm Omond Medals

A Grade: Heath Prettejohn

Men’s Winter Matchplay

Jackson Kalz

B Grade: Chris Manser

Men’s Summer Matchplay

Peter Farmer

C Grade: Michael Haynes

Brian Bashford Memorial

Connor Chant

Women’s Event

Winner

Women’s Event

Winner

President’s Foursomes

Imelda Lynch & Jill Gehling

Shylie Rymill Foursomes

Kay Nyland & Janet Fleer

Captain’s Trophy

Jane Nelson

Consistency Cup

Peggy Lau-Flux

Laurel Wreath

Nancy Craigie

Aggregate Par Trophy

Libby Neuling

International Bowl

Silver: Joy Giles

Veterans’ Handicap

Cheryl Franzi

Bronze: Chris Sullivan

Veterans’ Handicap Gross

Ros Osborn

Shane Robinson Trophy

Pat Aitken

Veterans’ Handicap Net

Cheryl Franzi

Club Medal 1

Jane Nelson

Essex Stroke

Silver: Sandy Dolman

Club Medal 2

Jill Hage

Club Medal 3

Jan Dale-Harris

Extreme Veterans Trophy

Helen Godwin

Club Medal 4

Jane Nelson

Most Improved Handicap

Lyn Gould

Caddy Trophy

Jayne Staridas

Jacka Trophy

Past Committee Trophy

Jill Gehling

Turkey Gobbler

Grandmothers’ Trophy

Ann Colmer

Joanne Sims Trophy

Putting Trophy

Sandy Dolman

B Grade: Ros Henderson

Wallace Stroke

Wendy Greig

C Grade: Lyn Gould

Parfection Prize

Louise Pike

Ella Cole Trophy

Matilda Wheare

Bronze: Cheryl Franzi

Nancy Bartlett A Grade: Joy Green

2014 Annual Report |

31

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014 Note 2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

1,882,576 224,964 282,507 54,258 15,963 2,460,268

1,833,332 243,360 291,248 52,204 16,184 2,436,328

NET INCOME Membership Subscriptions Entrance Fees Infrastructure Levy Bag & Buggy Storage Locker Fees Golf Operations Competition Fees Green Fees Cart Hire Range Income Affiliation Fees Trophies Professional Retainer Depreciation Other Golf Operations 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 Miscellaneous

TOTAL NET INCOME

The accompanying notes form part of these accounts

1,882,576 224,964 282,507 54,258 15,963 2,460,268

1,833,332 243,360 291,248 52,204 16,184 2,436,328

67,436 364,427 75,291 36,241 (1,353) (46,680) (117,876) (29,878) (126,414) 221,194

68,247 367,543 69,486 35,034 2,785 (49,537) (115,008) (26,955) (107,771) 243,824

67,436 364,427 75,291 36,241 (1,353) (46,680) (117,876) (29,878) (126,414) 221,194

68,247 367,543 69,486 35,034 2,785 (49,537) (115,008) (26,955) (107,771) 243,824

1,033,832 (379,575) 654,257

916,112 (342,780) 573,332

1,033,832 (379,575) 654,257

916,112 (342,780) 573,332

(375,131) (15,501) (34,492) (5,409) 223,724

(332,169) (3,470) (36,177) (6,097) 195,419

(375,131) (15,501) (34,492) (5,409) 223,724

(332,169) (3,470) (36,177) (6,097) 195,419

1,369,538 (518,051) 851,487

1,178,562 (452,470) 726,092

1,369,538 (518,051) 851,487

1,178,562 (452,470) 726,092

(644,579) (27,762) (13,471) (5,452) (5,812) (20,459) (18,304) 115,648

(589,978) (23,654) (10,188) (6,049) (7,004) (38,042) (11,420) 39,757

(644,579) (27,762) (13,471) (5,452) (5,812) (20,459) (18,304) 115,648

(589,978) (23,654) (10,188) (6,049) (7,004) (38,042) (11,420) 39,757

81,131 10,131 48,686 48,477 188,425

60,118 14,252 46,367 33,206 153,943

81,131 10,131 48,686 48,477 188,425

60,118 14,252 46,367 33,206 153,943

3,209,259

3,069,271

3,209,259

3,069,271

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014 Note 2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

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 Legal and Consulting Travel and Accommodation Computer Consumables and Maintenance Other Administration Expenses Course Salaries and Associated Costs Maintenance Power Enhancement Irrigation Landscape Maintenance RIVAP Machinery ASR Expenses 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

4a

436,761 9,225 55,021 23,618 92,327 57,316 38,858 29,364 15,355 44,232 525 37,822 71,642 912,066

404,646 8,875 58,490 19,816 148,046 60,448 38,593 27,621 14,567 42,210 2,300 4,434 31,666 39,271 900,983

436,761 9,225 55,021 23,618 92,327 57,316 38,858 29,364 15,355 44,232 525 37,822 71,642 912,066

404,646 8,875 58,490 19,816 148,046 60,448 38,593 27,621 14,567 42,210 2,300 4,434 31,666 39,271 900,983

842,343 196,527 60,213 53,985 19,849 15,284 400 73,779 17,527 93,577 308,780 1,682,264

821,390 179,402 73,644 22,261 20,430 17,612 510 70,917 22,590 77,775 369,880 1,676,411

842,343 196,527 60,213 53,985 19,849 15,284 400 73,779 17,527 93,577 308,780 1,682,264

821,390 179,402 73,644 22,261 20,430 17,612 510 70,917 22,590 77,775 369,880 1,676,411

10,216 45,901 91,210 109,084 35,525 196,708 488,644

10,873 48,305 89,430 104,024 33,110 200,300 486,042

10,216 45,901 91,210 109,084 35,525 196,708 488,644

10,873 48,305 89,430 104,024 33,110 200,300 486,042

(16,597) (16,597)

(14,010) (14,010)

(16,597) (16,597)

(14,010) (14,010)

3,066,377

3,049,426

3,066,377

3,049,426

142,882

19,845

142,882

19,845

-

-

-

-

TOTAL COMPREHENSIVE INCOME FOR YEAR

142,882

19,845

142,882

19,845

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY

142,882

19,845

142,882

19,845

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014 Note 2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

CURRENT ASSETS 2 3

354,041 180,132 81,406 138,290 753,869

274,740 161,060 87,693 132,353 655,846

354,041 180,132 81,406 138,290 753,869

274,740 161,060 87,693 132,353 655,846

4 5

14,000 7,015,533 7,029,533

16,500 7,084,585 7,101,085

623,433 6,386,832 7,010,265

625,933 6,455,884 7,081,817

7,783,402

7,756,931

7,764,134

7,737,663

431,200 181,594 551,156 552,451

284,705 163,687 900,433 534,905

431,137 181,594 551,156 552,451

284,642 163,687 900,433 534,905

1,716,401

1,883,730

1,716,338

1,883,667

169,941 1,552,346

140,505 1,530,864

169,941 1,552,346

140,505 1,530,864

Total Non-Current Liabilities

1,722,287

1,671,369

1,722,287

1,671,369

TOTAL LIABILITIES

3,438,688

3,555,099

3,438,625

3,555,036

NET ASSETS

4,344,714

4,201,832

4,325,509

4,182,627

Retained Earnings Outside Equity Interests in controlled entity

4,316,467 28,247

4,173,585 28,247

4,325,509 -

4,182,627 -

TOTAL EQUITY

4,344,714

4,201,832

4,325,509

4,182,627

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 2014 Retained Earnings $

Outside Equity Interest $

Total $

Consolidated Entity Balance at 1 January 2014 Profit attributable to members of controlling entity

4,173,585 142,882

28,247 -

4,201,832 142,882

Balance at 31 December 2014

4,316,467

28,247

4,344,714

Balance at 1 January 2014 Profit attributable to members of controlling entity

4,182,627 142,882

-

4,182,627 142,882

Balance at 31 December 2014

4,325,509

-

4,325,509

Balance at 1 January 2013 Profit attributable to members of controlling entity

4,153,740 19,845

28,247 -

4,181,987 19,845

Balance at 31 December 2013

4,173,585

28,247

4,201,832

Balance at 1 January 2013 Profit attributable to members ofcontrolling entity

4,162,782 19,845

-

4,162,782 19,845

Balance at 31 December 2013

4,182,627

-

4,182,627

Controlling Entity

Year End 2013 Consolidated Entity

Year End 2013 Controlling Entity

The accompanying notes form part of these accounts

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014 Note 2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

2,403,370 2,441,196 543,395 (4,582,412) (92,327) 188,425

2,094,674 2,404,624 540,310 (4,342,173) (148,046) 153,943

CASH FLOWS FROM OPERATING ACTIVITIES 2,403,370 2,441,196 543,395 (4,582,412) (92,327) 188,425

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

2,094,674 2,404,624 540,310 (4,342,173) (148,046) 153,943

901,647

703,332

901,647

703,332

Payments for Property, Plant and Equipment Proceeds from Sale of Property, Plant and Equipment Return of Capital from ARL

(519,299) 22,248 -

(245,391) 21,089 -

(519,299) 22,248 2,500

(245,391) 21,089 -

NET CASH (OUTFLOW) FROM INVESTING ACTIVITIES

(497,051)

(224,302)

(494,551)

(224,302)

Repayment of Borrowing Additional Lease Established Repayment of Bank Loan Debentures Repaid

(53,296) 75,501 (350,000) -

(94,190) 46,500 (350,000) -

(53,296) 75,501 (350,000) -

(94,190) 46,500 (350,000) -

NET CASH PROVIDED INFLOW (OUTFLOW) FROM FINANCING ACTIVITIES

(327,795)

(397,690)

(327,795)

(397,690)

76,801

81,340

79,301

81,340

274,740

193,400

274,740

193,400

351,541

274,740

354,041

274,740

11

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS 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

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 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 2014 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 2014 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. Unrealised 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.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 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 of Management 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 of Management 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 2014 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.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 Note 2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

NOTE 2 - CASH & CASH EQUIVALENTS Cash at Bank Cash on Hand Heritage Fund - Bank Account

320,152 11,290 22,599 354,041

238,456 14,200 22,084 274,740

320,152 11,290 22,599 354,041

238,456 14,200 22,084 274,740

The effective interest rate on short-term bank deposits was 7.26% (2013: 7.26%); 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

354,041

274,740

354,041

274,740

35,144 52,928 92,060 180,132

41,786 57,034 62,240 161,060

35,144 52,928 92,060 180,132

41,786 57,034 62,240 161,060

14,000 14,000

16,500 16,500

608,328 14,000 1,105 623,433

608,328 16,500 1,105 625,933

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 Premium Income Fund Loan - Glenelg Golf Links Ltd Total Financial Assets (a)

The Club has an investment in the following: 250,000 units in the Premium Income Fund, which is a managed investment scheme managed by Wellington Capital; and 250,000 shares in Asset Resolution Limited.

Whilst the Premium Income Fund is listed, the shares in ARL are not, so an exact carrying value is not available, so there has been no adjustment for impairment ($150,000 in 2009, $83,500 in 2010, nil in 2011, nil in 2012, nil in 2013).

A Capital Return Payment of $2,500 from Asset Resolution Limited was received during the 2014 year.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 Note 2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT 628,704

628,704

6,017,068 (1,565,500) 4,451,568

6,017,068 (1,404,458) 4,612,610

6,017,068 (1,565,500) 4,451,568

6,017,068 (1,404,458) 4,612,610

Clubhouse Plant and Equipment Less Accumulated Depreciation

396,156 (314,426) 81,730

363,757 (278,797) 84,960

396,156 (314,426) 81,730

363,757 (278,797) 84,960

Course Buildings Less Accumulated Depreciation

393,260 (225,944) 167,316

366,919 (194,816) 172,103

393,260 (225,944) 167,316

366,919 (194,816) 172,103

Administration Plant and Equipment Less Accumulated Depreciation

301,615 (272,879) 28,736

279,151 (249,260) 29,891

301,615 (272,879) 28,736

279,151 (249,260) 29,891

Bar Plant and Equipment Less Accumulated Depreciation

153,902 (135,699) 18,203

149,742 (130,292) 19,450

153,902 (135,699) 18,203

149,742 (130,292) 19,450

Catering Plant and Equipment Less Accumulated Depreciation

337,037 (243,566) 93,471

272,669 (225,261) 47,408

337,037 (243,566) 93,471

272,669 (225,261) 47,408

Golf Carts Less Accumulated Depreciation

140,730 (40,190) 100,540

131,033 (55,689) 75,344

140,730 (40,190) 100,540

131,033 (55,689) 75,344

Course Plant and Equipment Less Accumulated Depreciation

4,394,142 (3,046,072) 1,348,070

4,254,961 (2,915,016) 1,339,945

4,380,929 (3,032,856) 1,348,073

4,241,748 (2,901,800) 1,339,948

Entrance Road Less Accumulated Depreciation

273,697 (224,604) 49,093

273,697 (215,313) 58,384

273,697 (224,604) 49,093

273,697 (215,313) 58,384

Capital Improvements Less Accumulated Depreciation

1,163 (918) 245

1,163 (881) 282

1,163 (918) 245

1,163 (881) 282

Range Assets Less Accumulated Depreciation

78,032 (30,175) 47,857

35,821 (20,317) 15,504

78,032 (30,175) 47,857

35,821 (20,317) 15,504

Freehold land Clubhouse Less Accumulated Depreciation

TOTAL PROPERTY, PLANT AND EQUIPMENT

7,015,533

7,084,585

-

6,386,832

-

6,455,884

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 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 2014

Clubhouse Clubhouse Plant & Equipment Course Buildings Administration Plant & Equipment Bar & Plant Equipment Catering Plant & Equipment Golf Carts Course Plant & Equipment Entrance Road Range Assets Capital Improvements

4,612,610 84,960 172,103 29,891 19,450 47,408 75,344 1,339,948 58,384 15,504 282 6,455,884

Additions

32,399 26,341 22,463 4,160 64,368 45,218 276,488 47,862 519,299

Disposals

(35,521) (129,158) (13,800) (178,479)

Depreciation

(161,042) (35,629) (31,128) (23,618) (5,407) (18,305) (20,022) (268,363) (9,291) (9,858) (37) (582,700)

Write Back of Accumulated Depreciation

35,521 129,158 8,149 172,828

Carrying amount at 31 December 2014

4,451,568 81,730 167,316 28,736 18,203 93,471 100,540 1,348,073 49,093 47,857 245 6,386,832

Consolidated Entity Carrying amounts at 1 January 2014

Freehold Land Clubhouse Clubhouse Plant & Equipment Course Buildings Administration Plant & Equipment Bar & Plant Equipment Catering Plant & Equipment Golf Carts Course Plant & Equipment Entrance Road Range Assets Capital Improvements

c)

628,704 4,612,610 84,960 172,103 29,891 19,450 47,408 75,344 1,339,945 58,384 15,504 282 7,084,585

Additions

32,399 26,341 22,463 4,160 64,368 45,218 276,488 47,862 519,299

Disposals

(35,521) (129,158) (13,800) (178,479)

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

Depreciation

(161,042) (35,629) (31,128) (23,618) (5,407) (18,305) (20,022) (268,363) (9,291) (9,858) (37) (582,700)

Write Back of Accumulated Depreciation

-

35,521 129,158 8,149 172,828

Carrying amount at 31 December 2014

628,704 4,451,568 81,730 167,316 28,736 18,203 93,471 100,540 1,348,070 49,093 47,857 245 7,015,533

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

NOTE 6 - TRADE & OTHER PAYABLES Trade Creditors Other Creditors

336,176 95,024 431,200

200,552 84,153 284,705

336,176 94,961 431,137

200,552 84,090 284,642

163,687 75,069 (57,162) 181,594

149,217 69,016 (54,546) 163,687

163,687 75,069 (57,162) 181,594

149,217 69,016 (54,546) 163,687

140,505 34,994 (5,558) 169,941

116,438 30,855 (6,788) 140,505

140,505 34,994 (5,558) 169,941

116,438 30,855 (6,788) 140,505

500,000 51,156 551,156

850,000 50,433 900,433

500,000 51,156 551,156

850,000 50,433 900,433

1,500,000 51,346 1,000 1,552,346

1,500,000 29,864 1,000 1,530,864

1,500,000 51,346 1,000 1,552,346

1,500,000 29,864 1,000 1,530,864

NOTE 7 - PROVISIONS (a)

SHORT-TERM PROVISIONS

Annual Leave Opening Balance Additional Provisions Raised Amounts Used

(b)

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)

LONG-TERM BORROWINGS

Bank loan Hire Purchase Debentures

The Club has a loan facility of $2,700,000 which is secured by registered mortgages over land owned by Glenelg Golf Links Limited.

At 31 December 2014, $2,000,000 of the Club's facility was utilised ($2,350,000 in 2013).

While it is noted that some of the Club's debt has become payable within the next 12 months, a portion of this debt facility was renewed on 19.12.14 for a further three years. $1,200,000 of the loan facilities is offset for interest purposes by the balance held in the Club's transaction account. This means the interest on the $1,200,000 is only payable once the balance on hand falls below $1,200,000.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

2014 $

Consolidated 2013 $

Golf Club 2014 $

2013 $

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

56,561 55,701 112,262

57,072 33,488 90,560

56,561 55,701 112,262

57,072 33,488 90,560

Less Future Finance Charges Present Value of Minimum Lease Payments

(9,760) 102,502

(10,263) 80,297

(9,760) 102,502

(10,263) 80,297

Operating Lease Commitment - Toro Equipment Payable - minimum lease payments not later than 12 months between 12 months & 5 years Minimum Lease Payments

64,029 179,871 243,899

33,285 100,427 133,712

64,029 179,871 243,899

33,285 100,427 133,712

41,150 21,822 218,021 29,720 26,037 27,949 118,197 46,956 22,599 552,451

66,700 16,492 203,265 26,759 27,087 33,169 103,144 36,205 22,084 534,905

41,150 21,822 218,021 29,720 26,037 27,949 118,197 46,956 22,599 552,451

66,700 16,492 203,265 26,759 27,087 33,169 103,144 36,205 22,084 534,905

PROFIT FROM ORDINARY ACTIVITIES

142,882

19,845

142,882

19,845

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

582,700 47,343 (16,597)

634,476 38,537 (14,010)

582,700 47,343 (16,597)

634,476 38,537 (14,010)

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

(19,072) 164,041 6,287 (5,937)

(31,704) 54,505 2,780 (1,097)

(19,072) 164,041 6,287 (5,937)

(31,704) 54,505 2,780 (1,097)

901,647

703,332

901,647

703,332

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

NOTE 11 - RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT FROM OPERATING ACTIVITIES

NET CASH INFLOW FROM OPERATING ACTIVITIES

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 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 2014 2013 % % Financial Assets Cash at Bank Cash on Deposit

Financial Liabilities Borrowings

7.26

4.45

Floating Interest Rate

7.26

4.45

Fixed Interest Rate Maturing Within 1 Year 2014 2013 $ $

2014 $

2013 $

320,152 320,152

238,456 238,456 -

-

-

1 to 5 Years 2014 2013 $ $

-

-

-

-

-

-

551,156 551,156

900,433 900,433

1,552,346 1,552,346

1,530,864 1,530,864

While it is noted that some of the Club's debt has become payable within the next 12 months, a portion of this debt facility was renewed on 19.12.14 for a further three years. (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 2014, 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 2014 2013 2014 2013 $ $ $ $ Change in Profit Increase in the interest rate by 2% $ (42,070) $ (48,626) $ (42,070) $ (48,626) Decrease in the interest rate by 2% $ 42,070 $ 48,626 $ 42,070 $ 48,626 Change in Equity Increase in the interest rate by 2% Decrease in the interest rate by 2%

$ $

(42,070) $ 42,070 $

(48,626) $ 48,626 $

(42,070) $ 42,070 $

(48,626) 48,626

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

9,150 9,150

8,875 8,875

9,150 9,150

8,875 8,875

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 NOTE 14 - RELATED PARTIES (a)

The Club paid rent of $0 to Glenelg Golf Links Limited in which it has a majority shareholding, for use of the Golf Course (2013 - $0).

(b)

The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the year ended 31 December 2014 are as follows: Gavan M. Fox Paul B. Duregon Brett D. Jarrad Kay Nyland John Ranaldo Bevan Roberts Greg C. Rundle Michael S. Adair Sam Koukourou Anthony J. Martin

(Captain) Elected March 2014 (Vice Captain) Elected March 2014

Elected March 2014 Elected March 2014 Elected March 2014 Resigned March 2014 Term completed March 2014

During the year the following related party transactions occurred: 1

Paul Duregon's company received payments under normal commercial conditions for maintenance works performed

by PASA Building sub-contractors.

NOTE 15 - CONTINGENT LIABILITIES The Club's objection to the land tax assessment for 2013/14 was upheld and therefore no expense or accrual has been recognised in relation to 2014/15 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.

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 20-118 James Melrose Road, Novar Gardens.

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 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.

2014

2013

NOTE 19 - CONTROLLED ENTITIES Country of Incorporation Parent Entity Glenelg Golf Club Inc Subsidiary Glenelg Golf Links Ltd *percentage of voting power in proportion to ownership

Percentage owned (%)*

Australia Australia

62

62

GLENELG GOLF CLUB INCORPORATED STATEMENT BY COMMITTEE

In the opinion of the Committee of Management 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 2014 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 2014, 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 2014: 1.

Paul Duregon's company received payments under normal commercial conditions for maintenance works performed by PASA Building sub-contractors.

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

Dated this 27th day of January, 2015.

GAVAN FOX Captain

BEVAN ROBERTS Chair of Finance

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