2016 Annual Report

2016

ANNUAL REPORT PROUD | PROGRESSIVE | CHALLENGING GLENELG GOLF CLUB INCORPORATED | ABN 94 199 789 857

Front & back covers: The sun sets across the front nine on a balmy summer’s evening. (Image: David Brand)

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 its 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.

2016 Annual Report

1

OFFICE BEARERS COMMITTEE OF MANAGEMENT

CAPTAIN Paul Duregon

VICE CAPTAIN Bevan Roberts

COMMITTEE Michael Adair

COMMITTEE Paul Grosvenor

COMMITTEE Phillip Maunder

COMMITTEE Kay Nyland

COMMITTEE John Ranaldo

COMMITTEE Greg Rundle

PRESIDENT:

Helen McMutrie

VICE PRESIDENTS:

John Rawson Ian Symons

KEY MANAGEMENT PERSONNEL

2

GENERAL MANAGER:

David Brand

COURSE SUPERINTENDENT:

Daryl Sellar

HEAD PROFESSIONAL:

Shane Robinson

Glenelg Golf Club Incorporated

ABN 94 199 789 857

COMMITTEE MEETING ATTENDANCE Attendance at Committee of Management meetings for the year ended 31 December 2016 Gavan M. Fox * (term concluded March 2016)

3

Paul B. Duregon

11

Bevan M. Roberts

11

Michael S. Adair

9

Paul J. Grosvenor (elected March 2016)

8

Phillip J. Maunder ** (elected March 2016)

8

Kay Nyland

11

John Ranaldo

10

Greg C. Rundle

10

A total of twelve (12) Committee of Management meetings were held for the year ended 31 December 2016. * The outgoing Captain is permitted to attend Committee of Management meetings in an ex-officio capacity for a period of 12 months. ** Brett D. Jarrad resigned from the Committee of Management in January 2016 and Phillip J. Maunder was appointed to a Casual vacancy at the January 2016 Committee of Management meeting.

2016 Annual Report

3

2016

CAPTAIN’S REPORT It is a privilege to be able to present the 2016 Captain’s Report to members of Glenelg Golf Club – my first year as Captain of this great Club.

CAPTAIN Paul Duregon

It was an honour to be elected as Captain at the Annual General Meeting in March, following in the footsteps of former custodians of our Club. I hope my stewardship in this role can continue the great work of those before me, and I look forward to working with your elected Committee of Management representatives over the next year as we further develop and enhance the member services and experiences offered here at Glenelg.

I believe our Club is uniquely positioned to adapt to the everchanging trends within the golf industry. We continue to provide flexibility and affordability for our members and our modern, progressive outlook perfectly suits the needs of the market place. Our food and beverage operation is the envy of most golf clubs in Australia,

4

Glenelg Golf Club Incorporated

ABN 94 199 789 857

as is our unrivalled Golf Operations team which includes some of the very best golf coaches available.

Our financial position remains strong. Debt reduction continues to be a focus for the Committee of Management, with the need for ongoing investment in our facilities and infrastructure also high on our agenda.

We are lucky to have a loyal membership base who act as great ambassadors for our Club. In recent years, many of the Club’s newest members have joined because of the involvement of family, friends and work colleagues. This engenders a community feel within the Club and is one of the key driving forces behind the casual, relaxed and friendly atmosphere experienced by members and guests.

I hope you enjoy reading about the activities of the Club in 2016, and I look forward to seeing many of you on our world class golf course in the coming year.

FINANCE The year ended 31st December 2016 reported a modest operating surplus of $3,354 after an impairment of $9,975 was applied following a write down of the Club’s Premium Investment Fund.

Total equity increased to $4,392,108 whilst the Club’s cash position decreased by $138,605 with $147,617 available at year end. Cash flow generated from operating activities of $416,715 was used to fund the Club’s debt reduction and capital expenditure programs for the year.

With increased expenditure limiting cash flow, $200,000 was used to reduce the Club’s loan facilities to $1,500,000. Since the

Club’s debt reduction program was introduced in 2010, a total of $1,950,000 has been repaid – a solid performance through challenging financial conditions.

A further $35,621 was used to reduce operating debt associated with hire purchases and lease agreements, with new leases established to upgrade the Club’s motorised golf cart fleet totalling $92,447. When accounting for this, the Club reduced its total borrowings by $143,174 to $1,609,172.

Several key projects were undertaken, or commenced, during 2016, with capital expenditure totalling $418,375 for the year. The need to invest back into our facilities and infrastructure saw a vital

upgrade to driving range netting, golf course maintenance fleet upgrades, the construction of a 19th hole to help facilitate future course works, such as bunker refurbishments and irrigation upgrades, the completion of landscaping around the western car park and 1st tee entry statements, and a commitment to upgrade the eastern balcony area of the clubhouse with weather protection. Other minor projects saw improvements to clubhouse plant and equipment, and the installation of a new server in readiness for future upgrades to the Club’s Point of Sale and Golf Competition Management systems.

2016 Annual Report

5

Operationally, total net income grew by 1.8% to $3,230,054 in 2016.

revenue grew 3.2% to $429,279 with cart hire increasing by 14.9% to $114,834.

Membership revenue was positive for a fourth consecutive year, despite another anticipated reduction in FME numbers.

Subscription revenue totalled $1,981,663, an increase of 2.2% over 2015 figures. FME numbers as at 31st December 2016 were 879.5 compared with 892.7 in 2015 - a membership retention rate of 98.5%. Entrance Fee revenue totalled $197,003, an increase of 2.9% over 2015 figures.

Food and beverage remains an important contributor to the Club’s overall financial performance.

Revenue generated by bar and catering departments in 2016 totalled $2,493,916, almost on par with total revenues generated through membership activities.

Bar revenue of $1,058,093 was slightly shy of 2015 figures whilst catering revenue grew 3.8% to $1,435,823.

The Club’s golf operations reported strong revenue of $619,063, an increase of 4.3% on the back of growing golf course activity indicated by increases in competition fee, cart hire and green fee revenue. Green fee

6

Despite reduced revenue for the year, bar posted a net profit of $204,322 – a slight improvement on 2015 figures – whilst catering posted a net profit of $77,256, down nearly 22% on 2015 results.

A lack of wedding revenue in the first half of 2016 contributed to

Glenelg Golf Club Incorporated

ABN 94 199 789 857

reduced profit results, although a strong finish to the year gave the Club its strongest indication yet that our food and beverage operation, whilst highly regarded, remains reliant upon a successful wedding and function market.

Total expenditure for the year grew 3.2% to $3,226,700, with much of the increase attributed to a more aggressive marketing campaign, increased golf course maintenance costs and house expenses. Administration expenses increased 1.9% to $905,848, including $105,486 for marketing and communications as we continued to develop new, and improve upon existing, revenue streams. Golf course expenditure totalled $1,802,978 for the year - an increase of 2.9% - as we continued work on maintaining

and improving the condition of the golf course.

Trade and other payables for the year end totalled $315,549 compared with $540,439 in 2015.

A final Capital Return payment of $1,775 was received during the 2016 year upon the winding up of the Wellington Premium Income Fund and, thus, the Club no longer holds units in this fund. Due to this, it was determined that a full impairment of these assets totalling $9,975 be recorded in 2016. The Club continues to hold 1,250 shares in Asset Resolution Limited.

GOLF COURSE Every year, it seems our golf course gets better and better, indicated through regular positive feedback from visiting golfers, accolades from the media and golf industry experts, and results from our member satisfaction surveys.

Glenelg’s standing in Australia climbed once again during 2016, improving three places to 25th in Golf Australia Magazine’s Top 100 Golf Course rankings. The move saw the Club leapfrog Kooyonga, effectively recognising Glenelg as the second best golf course in South Australia behind Royal Adelaide. Australian Golf Digest rated Glenelg 39th – no change from its 2014 ranking – but was an effective improvement of one position with new entry, Cape Wickham, being included in the 2016 rankings.

Minimal works were undertaken in the first half of 2016 as the Club continued its focus on golf course maintenance, enhancements and minor improvements.

A Casuarina tree removal program was introduced due to the danger these trees pose to golfers with roots encroaching into playing surfaces, not to mention compromising turf quality. Pockets of Casuarinas

were removed on the RHS of the 7th green, adjacent the 10th carry, on the LHS of the 12th fairway and adjacent the 4th fairway. Other stands of Casuarinas have been earmarked for removal in 2017.

In some instances, new pine tree plantings have been introduced and, in other situations, vistas have been left open to enjoy the views across our magnificent golf course.

Our bunker refurbishment program continued in 2016 with works undertaken on a number of bunkers to improve entry and exit points, minimise sand drift and improve playability. Key changes made were the redesign of rear greenside bunkers on the 5th green and the installation of a synthetic revetting product for trial purposes on the 4th and 13th holes. New sand types were also trialled to provide more consistency for bunker surfaces with some positive results.

Landscaping was completed around the redeveloped western car park, and the entry statement around the 1st tee and starters box was significantly enhanced through the removal of Casuarina

trees, new landscaping and paving works.

The second half of 2016 saw a focus on major projects including the development of a 19th hole and the installation of new protective netting on the driving range.

The importance of spare holes has become much more evident in recent years with increasing player numbers making regular course maintenance works more difficult to schedule. The development of the 19th hole, in a previously unused area of the golf course, will offer the flexibility of being able to use a high quality hole that fits easily into the flow of the golf course and provide our course maintenance team with the opportunity to undertake future irrigation upgrades, bunker refurbishment works and regular course maintenance without any undue interruption to members.

The experience for members is markedly better, and savings through more efficient course maintenance work practices helps the Club logistically and financially.

2016 Annual Report

7

Work on the 19th hole commenced in September and has already proven to be a popular talking point amongst members and a significant enhancement to that area of the golf course.

We remain proudly committed to developing a course that embraces sustainability, and strives to be recognised as a world leader in sustainable course management.

In 2016, 256ML of treated stormwater flowed through our ASR wetland and was injected into the underlying aquifers. As a guide, the Club’s total annual irrigation consumption is approximately 200ML.

CLUBHOUSE, FOOD & BEVERAGE As mentioned earlier, our food and beverage operation plays a key role in the financial success of the Club.

Over recent years, the Club has built a loyal support base of members, guests and local residents making use of the facilities offered through our Pinehill Bistro business, as well as continuing our successful and profitable conference, function and wedding operations.

Accolades were again received during 2016 with the Club being awarded the Clubs SA Best Dining Award for the second consecutive year. The award is a deserved endorsement of the work undertaken by our highly skilled culinary team and the quality of the

food offered through our Pinehill Bistro.

A number of new marketing initiatives were introduced in 2016 including a “Kids Eat Free” offering on Wednesday nights – a good fit for the family friendly, relaxed culture offered by our Club. Thursday nights saw the introduction of live music, complementing a similar ambiance provided on Friday nights by our resident pianist.

Whilst wedding numbers decreased from 26 to 20, revenue from other functions grew by 26%

Our general bar and bistro operations generated just over $1.4m in revenue in 2016, an increase of 1.6% over 2015. Bistro and snack food sales saw the biggest increase of 6.8% whilst we saw a 3.0% decrease in general bar sales during the year.

A number of Club events were held during the year, including two popular Captain’s Lunches – with Adelaide United and DiGiorgio Family Wines in May, and with Adelaide Football Club coach, Don Pyke, and Tomich Wines in December. Both events were a great success and were another perfect opportunity to demonstrate the quality catering offerings our Club provides through its function and wedding business.

Our function business again was a major contributor to the Club’s financial performance with 400 functions, conferences, weddings and golf days held during 2016.

Wedding numbers decreased from 26 to 20, leading to an obvious decline in profitability. Recent

General bar & bistro revenue grew 1.6% in 2016, including a 6.8% increase through Pinehill Bistro

Adelaide Crows coach, Don Pyke, was guest speaker at the December Captain’s Lunch

FUNCTION NUMBERS Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2016

2015

2014

Weddings

-

-

4

2

-

2

-

3

-

4

4

1

20

26

30

Functions

7

5

8

15

12

13

20

14

18

19

16

26

173

113

117

11

16

13

17

13

15

11

17

13

19

21

4

170

250

186

-

1

4

5

3

3

1

2

1

5

8

4

37

35

38

Conferences Golf Days

8

Glenelg Golf Club Incorporated

ABN 94 199 789 857

changes in the industry have seen wineries become a more popular alternative for wedding receptions – a trend experienced by all golf clubs across Adelaide.

However, a targeted marketing campaign through social media and the hosting of a Bridal Open Day during the year has seen an uptake in 2018 and 2019 bookings with five weddings already booked for January 2018, compared to none in January and February 2016.

Despite a downturn in wedding numbers, we saw a significant spike in function numbers in 2016.

The ability to book functions on Saturday nights, when weddings were once popular, allowed the Club to take advantage of the burgeoning functions and events market. Revenue from external functions grew 26% over the previous year to more than $410k, and whilst not as profitable as weddings, the increase in revenue certainly contributed to the overall profit of our food and beverage operations.

MEMBERSHIP & GOLF Membership interest remains strong at our Club with a retention rate of 98.5% in 2016. This interest has been driven by a focus on providing members with a highquality golf course and food and beverage operation, plus the unique family friendly, casual and relaxed atmosphere.

In an industry that has seen club membership numbers drop to some of the lowest levels ever experienced, our Club continues to provide an adaptive mix of options and flexibility to ensure we retain our current members and attract new ones.

Several membership changes were made in 2016 including a new Community membership, designed to engage residents in our local area. Recognising the importance

of the local defence industry, a Defence Force membership option was introduced offering the flexibility required by transient personnel who may be stationed in Adelaide for a temporary posting.

The success of new categories introduced in 2015 saw the Committee of Management review quotas and close new applications for Pinehill, Twilight and Introductory memberships – a sign of the changing trends within the industry that need to be carefully managed by clubs at all levels.

Strategic alignments with new and existing corporate partners were again forged during the year, including a new partnership with the Adelaide United Football Club. Along with the ongoing and successful Adelaide Football Club partnership, our Club now has a unique foothold into the strong corporate relationships of these major sporting clubs, and we are starting to see the benefits with more than $150k in revenue being generated directly and indirectly through these relationships.

A new partnership with the Little Heroes Foundation was established in late 2016 which will see the charity organisation use Glenelg Golf Club as a base for several of their fundraising events each year.

Former Crows player and Little Heroes ambassador, Tony Modra, has also offered to take on an Ambassadorial role to promote the Club within media and social circles, as has co-captain of the Adelaide Football Club’s women’s team, Erin Phillips.

Golf Australia’s Golf Month campaign in October again generated strong interest and awareness of golf in South Australia, and the Club used this opportunity to run a radio advertising campaign with Triple M. A large spike in membership and function enquiries followed and, thus, further radio advertising campaigns are being considered in 2017.

Lachlan Barker claimed his first Men’s Club Championship title

Elysia Yap won back-to-back Women’s Club Championship titles

Teenage siblings, Marcus & Shakira-Ann Kuys, took out the Golf SA Mixed Foursomes Championship

Karrie Webb hosted a short game clinic for members during the Women’s Australian Open

2016 Annual Report

9

On the golfing front, there were many success stories during 2016.

In July, the Club claimed its first Simpson Cup in 13 years, defeating The Grange in a tightly fought contest at Glenelg. Our Sharp Cup junior pennant team was also successful in a dominant season but, unfortunately, the Club was unable to claim a men’s clean sweep with the Bonnar Cup side going down to The Grange in their final. Our women’s teams had strong seasons but were unable to collect any pennant titles for the Club.

In recognition of the quality, consistency and all-round playability of our golf course, Glenelg was called upon by Golf SA, with only three days’ notice, to host the major pennant finals after days of wet weather had left Royal

Adelaide’s course unplayable.

Our course maintenance team stepped up and presented the course in an amazing condition despite continued poor weather in the days leading up to the final. A special thank you also to members for their last-minute understanding.

year in style, taking out his first Club Championship.

Glenelg’s members performed beyond expectations as our junior golf and elite player development programs continue to grow, with several remarkable achievements throughout 2016.

Elysia Yap had another strong year, claiming her second consecutive Club Championship title and represented SA in the Women’s State team, along with Charley Jacobs and Sarah Crocker. Other state representatives during 2016 included Jackson Kalz and Ben Layton (SA Boys’ State team), Sam Earl and Ben Layton (SA Men’s State team), and Charley Jacobs and Emma Sutton (SA Girls’ State team).

17-year old golfing prodigy Lachlan Barker claimed the Malaysian Amateur Championship in July, took out the Golf SA Men’s and Junior Vardon trophies, was captain of the winning SA Junior Boys’ State team and was a member of the SA Men’s State team. He finished the

Teenage siblings, Marcus and Shakira Kuys, took out the Golf SA Mixed Foursomes championship, played in conjunction with the Owen Whitford Trophy qualifying rounds in December, whilst Brodie Whitbread and Charley Jacobs claimed their respective Golf SA

Glenelg claimed its first Simpson Cup title in 13 years, defeating The Grange at Glenelg in July

10

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Glenelg dominated the Sharp Cup competition, winning the pennant in convincing style at The Grange in July

Country Junior Championship titles.

A full list of other notable performances during 2016 is provided later in this report.

We are lucky to have what is arguably the best Golf Operations team in Australia. As a group, the team has developed world’s best practice training programs for the Club’s pennant and junior high performance squads, as well as being readily available to provide regular coaching and tuition for members. Our women’s try golf programs and junior programs are a benchmark, not only in this state, but around the country and the team continues to strive for excellence to build a stronger Club for future generations.

A new par 61 “Orange” course was introduced during 2016 for use as an alternative shorter course option, and for use by the Golf Operations team with our Junior Tigers program and Women’s Try Golf clinics. We encourage members to pick up a scorecard from the Pro Shop and challenge themselves on this tricky layout.

Team Japan once again made use of the Club’s world-class facilities during several training camps throughout 2016. Their polite, professional and friendly presence has been noted by many members during visits and we look forward to forging a closer relationship with Japan Golf in future years.

was played at The Grange Golf Club in February, and will remain in the state for at least three years. Whilst Glenelg has not been included on the roster of host clubs at this stage, due mainly to the limited space available around our course, the Club was included in all events in the lead up to and during the tournament with several members participating as volunteers or caddies. Karrie Webb hosted a short-game clinic for members prior to the tournament, with all funds raised going to the Fiona Pike Skin Cancer Awareness campaign.

In a major coup for South Australia, the Women’s Australian Open

2016 Annual Report

11

FOUNDATION & HERITAGE FUND The Glenelg Golf Club Foundation is committed to supporting, promoting and encouraging participation in golf through a variety of projects that stimulate development and growth, especially amongst our junior members.

The success of the Club’s Junior Golf and Elite Player Development Program reached new heights in 2016, with a substantial spike in activity amongst our junior members. Our junior membership numbers are at a six year high, including one of the largest contingents of active female junior golfers in the state.

A new initiative from our Golf Operations team saw more than

40 juniors attending the Junior Development Golf Day, with coaching and golf followed by a casual BBQ in the clubhouse with parents and friends.

More than $55k was spent on tournament entry fees, travel expense subsidies, individual lessons, Junior Tigers and High Performance clinics and the Junior HP Squad trip to Melbourne for the World Cup of Golf.

Sadly, though, the success of our program has also become its biggest threat. With only $39k raised through fundraising activities and member donations in 2016, a review of the program’s entitlements has become inevitable. Whilst our annual Glenelg Golf Club Foundation Day in October raised more than $20k for the program, our fundraising

activities are falling well short of targets and, without a substantial increase in fundraising support to ensure it remains sustainable into the future, it will be necessary to scale back the program.

During the year, a brief was put together by the Committee of Management to upgrade the 10th Tee Gazebo as a key project of the Glenelg Golf Club Foundation.

Initial plans were provided by architects, and discussions continue to finalise details of the project which will provide members the opportunity to make a tax-deductible donation and receive recognition of their contribution within the new building.

We encourage members to continue to support the Glenelg Golf Club Foundation through

The first Junior Development Golf Day was held in January with over 30 juniors in attendance

12

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Phillip Pinnell (centre) celebrated his 100th birthday with a game of golf with playing partners Les Diercks (left) and Bob Gilfillan (right)

ongoing fundraising initiatives and other activities to ensure we can continue to provide our members with the best development programs in Australia, and to continue to develop and improve our infrastructure and facilities.

No new activity was seen in the Club’s Heritage Fund during 2016.

OUR PEOPLE As Captain of this great Club, it is an honour to be able to work with some of the best people in the industry.

Your Committee of Management worked diligently through 2016 to help deliver what we believe to be the best overall package of golf course, service and facilities in South Australia. Some hard

decisions were made by the group, sometimes thanklessly, but the group never waivers from its commitment to the Club.

Vice Captain, Bevan Roberts, has provided valuable counsel to me and the group and I am sure will prove to be a strong leader in coming years. John Ranaldo and Greg Rundle continue to provide sound financial leadership on the Finance, Course & Strategy subcommittee, whilst Kay Nyland and Michael Adair have contributed many hours to the Member & Golf Services sub-committee. We welcomed Paul Grosvenor and Phil Maunder to the Committee of Management at the Annual General Meeting in March and both have proved to be outstanding additions to the group. A strategic planning session held in November

allowed the group to map out plans for the next 5-10 years and, as a group, we look forward to delivering on these plans in due course.

Our Women’s Sub-Committee again oversaw a busy program for our female members under the guidance of outgoing Women’s Captain, Cathy Johnson, new Captain, Sue Tuohy, and Vice Captain, Sue Raggatt. Liz Kelton and Cheryl Franzi continue their outstanding work managing a packed women’s social program as President and Vice President respectively, ably assisted by fellow Women’s Sub-Committee member, Joy Green. Several changes were introduced in 2016 which saw the Golf Operations team take on a greater role in the management of women’s golf events, and

2016 Annual Report

13

this process has been positively supported by the women’s subcommittee.

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 member mailouts and the many other duties essential to support the operation of the Club. We do not have enough space to mention all by name, so I take this opportunity to thank you all for your support throughout 2016.

Our team of hard working and dedicated staff has provided me with great support in my first year in the role.

Our team, led by our General Manager David Brand, and supported by senior management heads including Daryl Sellar (Course Superintendent), John Lanica (House Manager) and Shane Robinson (Head Professional), continue to provide service to members and guests that is second to none in SA. I believe we have the very best team available to run our great Club.

In Administration, we have a very loyal group of employees, some of whom have been with the Club for many years. Carly Clough continues to provide accurate and professional financial and administrative oversight with support from office staff, Kerry Crossman and Cathy Symons.

James Hampel quietly goes about delivering a polished member support service and drives corporate and sponsorship dollars through the front doors of the Club.

Our golf course maintenance team does a remarkable job. Every year, budgetary pressures are placed on to what is our single biggest expenditure department and, every year, the team is able

14

to deliver a golf course that has improved markedly from the previous year. The team, led by Course Superintendent, Daryl Sellar, and Course Operations Manager, Graham Stevens, never cease to amaze, arguably presenting the best maintained and presented golf course in South Australia, all-year round.

As mentioned previously, our Club is highly reliant on a strong food and beverage operation to provide financial stability, and our team manages to deliver a range of services from 200 person functions to three person conferences to twilight bistro dinners, where 120 main meals can be served in the space of two hours. And on each of these occasions, the quality of the food and service rarely falters. We are lucky to have a dedicated team of hospitality and culinary experts, led by House Manager, John Lanica, our Events Manager, Lynn Kschammer, who is responsible for managing the 400 plus events held throughout the year, Bar Manager, Phil Day and Head Chef, Matt Chapman. They are supported by a myriad of additional full and part time staff that form part of our Club community.

Shane Robinson has put together a formidable Golf Operations team during his tenure at Glenelg and it gives me pleasure to confirm that the Club has renewed Shane’s contract for a further 5-year period commencing from 2017.

His coaching team, with leading PGA professionals Gareth Jones and Adrian Wickstein, and ALPG professional, Sarah King, also offers a service second to none in Australia. During the year, PGA professional, Sam Hughes, joined the team as Pro Shop Manager, replacing Matt Hickman in this important member service role.

As Captain, I have had the pleasure of playing with and meeting a broad range of members and, everyday, I hear new and interesting stories. One special

Glenelg Golf Club Incorporated

ABN 94 199 789 857

occasion in 2016 saw Phillip Pinnell celebrate his 100th birthday at the golf club. To still be playing at that age is a remarkable achievement and made even more amazing by the fact that his playing partners, Les Diercks and Bob Gilfillan, are not far behind. In fact, Les Diercks will celebrate his 100th birthday in early 2017. I also had the pleasure of hosting the 50 Year Club luncheon in September – an event that recognises the Club’s longest serving members. Patricia Duguid was the latest member to join this exclusive group.

Sadly, we also lost several long serving and popular members during the year. Former Captain, Doug Omond OAM, passed away in 2016, and we also said goodbye to Ray Taylor, Glenn Todman, Bob McCracken and Richard Jones.

CONCLUSION As mentioned from the outset, I feel privileged to be a small part of such a fantastic Club. The people who make up our Club – the members, the volunteers, the staff – all come together to create a fulfilling and friendly environment that is unique to the industry. Many visitors to our Club remark on this unique aspect and those within the industry readily report on it within social and media circles.

As Captain, I take my role as a Club custodian very seriously, even though my time in the role only makes up a very short period of the Club’s 90 year history. With our 90th Birthday celebrations taking place during 2017, it will be a great honour to be able to share this historic occasion with all members of the Club.

Glenelg Golf Club

FOUNDATION Building a stronger Club for future generations

JUNIOR GOLF & ELITE PLAYER DEVELOPMENT FUND ACTIVITIES 2016

2015

$

$

Our Junior HP squad travelled to Melbourne in November for the World Cup of Golf

INCOME Saturday Competition donations

4,691

3,273

Captain’s Lunch raffles

7,356

2,959

0

441

Saturday BBQs Member donations

2,108

1,625

Foundation Golf Day

21,765

20,592

Miscellaneous fundraising Golf Australia donation TOTAL INCOME

513

835

3,000

0

39,433

29,725

Glenelg now has one of the largest contingents of active female juniors in Adelaide

EXPENDITURE 489

0

Golf SA squad entry fees

1,982

1,277

Individual junior lessons

18,546

10,050

Tournament entry fees

13,025

7,484

Tournament travel expense subsidies

Junior Development Golf Day

12,953

6,377

Junior Tigers & High Performance clinics

4,182

4,818

Junior High Performance squad trip

5,126

6,271

56,303

36,277

51

37

TOTAL EXPENDITURE Junior members as at 31 December

The Glenelg Golf Club Foundation Golf Day raised more than $20k for junior golf

JUNIOR GOLF & ELITE PLAYER DEVELOPMENT FUND BALANCE:

$15,066.00 INFRASTRUCTURE DEVELOPMENT FUND BALANCE:

$8,474.00

Our Golf Operations team continued their expert tutelage in various junior clinics during the year

No actvity in 2016

2016 Annual Report

15

MEMBERSHIP STATUS For the year ending 31 December 2016

Category

Male

Female

2016

2015

2014

2013

2012

2011

Life

2

2

4

4

5

5

5

5

Full

434

54

488

505

546

574

609

639

Full Paid

26

0

26

26

29

29

34

34

Company

48

6

54

54

55

54

53

52

Provisional

111

41

152

154

151

167

177

208

Intermediate

30

2

32

44

41

44

45

50

Six Day

58

39

97

105

97

91

73

54

125

48

173

169

175

170

163

158

1

0

1

4

5

9

10

8

41

10

51

37

22

22

26

46

0

0

0

0

0

0

1

1

Country

79

6

85

80

76

89

99

93

Corporate

46

1

47

45

18

13

12

2

Temporary

12

5

17

16

15

16

17

34

Casual

16

1

17

20

20

25

31

22

Introductory

17

0

17

19

6

0

0

0

Try Golf

0

28

28

19

20

15

26

26

Twilight

17

2

19

7

1

0

0

0

Social

32

0

32

33

49

55

62

60

Non-Playing/Pinehill

57

16

73

48

28

21

21

26

2

2

4

4

4

4

4

4

16

0

16

16

16

15

16

17

1

0

1

1

1

1

2

3

1,171

263

1,434

1,410

1,380

1,419

1,489

1,542

879.5

892.7

931.8

967.8

1014.2

1066.2

Weekday Veteran Junior Junior Country

PGA Member Honorary Honorary Social TOTAL

Full Member Equivalent Numbers (FMEs)

16

Glenelg Golf Club Incorporated

ABN 94 199 789 857

HERITAGE FUND SUMMARY OF ACTIVITIES Opening balance:.......................................$22,955.00 Interest earned:................................................ $224.00

HERITAGE FUND BALANCE:

$23,179.00

HERITAGE FUND MEMBERS

as at 31 December 2016

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

1927 Founders’ Society Sapphire Member

Heritage Society Members

OWEN BURGAN (2012)

JOHN MADDERN AM (2013)

NOEL TAPLIN (2012) GEOFF GITSHAM (2013) GLENELG GOLF LINKS SHAREHOLDERS (2013)

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.

50 YEAR CLUB

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”.

60+ 50+

Cant, Donald

Lynas, Maxine

Shea, Elliott

Taplin, Noel

Diercks, Les

Pitcher, Elizabeth

Steadman, Peter

Watson OAM, Rhonda

Faehse, Brian

Sanderson, Pauline

Barton, Bill

Gitsham, Geoff

McCann, Margaret

Thompson, Gary

Bowering, Richard

Grealy, Leon

McDonald, Peter

Tully, John

Brown, Modge

Green, Brenton

McEntee, John

Waddy, Betty

Chapple, Geoff

Hallion, Geoff

McKee, Stephen

Watt, Colin

Cook, Jonathan

Handford, John

McMutrie, Rod

Webster, Graham

Cock, Geoff

Harris, Charles

Mestrov, Tom

Wheatley, Janice

Dewar, Colin

Jenkins, Malcolm

Nelson, Jane

Wheatley, Peter

Dibben, John

Jervis, David

Nicholls, Robert

Whitford, Chris

Dobson, Michael

Jolley, Robert

Nunn, Dennis

Whitford, Dennis

Drew, Peter

Jordan, Alec

Oldfield, Marcia

Whitford, Tony

Duguid, Patricia

Lahiff, David

Stanbury, Dennis

Ellis, Chris

Lindsay, David

Symons, Cathy

Follett, Rod

Manser, Bernie

Tamblyn, David

2016 Annual Report

17

OFFICE BEARERS 1927-2016 Year

President

Captain

Vice-Captain

Year

President

Captain

Vice-Captain

1927

A.J. Roberts

S. Jackman

F.G. Hicks

1972

N.E. Bagshaw

J.D. Omond

M.C.E. Summers

1928

A.J. Roberts

S. Jackman

F.G. Hicks

1973

N.E. Bagshaw

J.D. Omond

M.C.E. Summers

1929

A.J. Roberts

S. Jackman

F.G. Hicks

1974

N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1930

A.J. Roberts

S. Jackman

F.G. Hicks

1975

N.E. Bagshaw

M.C.E. Summers

R.B. Bennett

1931

A.J. Roberts

F.G. Hicks

John Hill

1976

F.G. Collins

R.B. Bennett

G.A. Hodgson

1932

Not Appointed

F.G. Hicks

John Hill

1977

F.G. Collins

R.B. Bennett

G.A. Hodgson

1933

W. Fisk

John Hill

G. McLeay

1978

F.G. Collins

G.A. Hodgson

H.T. Slade

1934

W. Fisk

John Hill

G. McLeay

1979

F.G. Collins

G.A. Hodgson

H.T. Slade

1935

W. Fisk

J.E. Ashton

G. McLeay

1980

F.G. Collins

H.T. Slade

B.J. Manser

1936

W. Fisk

J.E. Ashton

G. McLeay

1981

F.G. Collins

H.T. Slade

B.J. Manser

1937

W. Fisk

K.C. Crookall

Dr. A.H. Guymer

1982

F.G. Collins

B.J. Manser

J.E.O. Handford

1938

W. Fisk

Dr. A.H. Guymer

Dr. C.B. Maddern

1983

F.G. Collins

B.J. Manser

J.E.O. Handford

1939

Frank Smith

Dr. A.H. Guymer

J.E. McKee

1984

R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1940

Frank Smith

J.E. McKee

V.M. Thomas

1985

R.B. Bennett

J.E.O. Handford

G.D. Gitsham

1941

Frank Smith

V.M. Thomas

W.B. Holt

1986

R.B. Bennett

G.D. Gitsham

A.K. Whitford

1942

Frank Smith

V.M. Thomas

W.B. Holt

1987

R.B. Bennett

G.D. Gitsham

A.K. Whitford

1943

Frank Smith

V.M. Thomas

W.B. Holt

1988

R.B. Bennett

A.K. Whitford

D.N. Barton

1944

Baden Pattinson

V.M. Thomas

W.B. Holt

1989

R.B. Bennett

A.K. Whitford

D.N. Barton

1945

Baden Pattinson

W.B. Holt

A.C. Brooke

1990

R.B. Bennett

D.N. Barton

J.L. Waddy

1946

Baden Pattinson

W.B. Holt

A.C. Brooke

1991

R.B. Bennett

D.N. Barton

J.L. Waddy

1947

W. Allen

E.Caradoc Ashton

S.N. McKee

1992

R.B. Bennett

J.L. Waddy

J.R. Giles

1948

H.H. Handby

E.Caradoc Ashton

S.N. McKee

1993

R.B. Bennett

J.L. Waddy

J.R. Giles

1949

H.H. Handby

E.Caradoc Ashton

S.N. McKee

1994

D.N. Barton

J.R. Giles

J.A. Rawson

1950

C.H. Fidock

S.N. McKee

F.G. Collins

1995

D.N. Barton

J.R. Giles

J.A. Rawson

1951

C.H. Fidock

S.N. McKee

F.G. Collins

1996

D.N. Barton

J.A. Rawson

I.P. Symons

1952

C.H. Fidock

F.G. Collins

S.D. Harris

1997

D.N. Barton

J.A. Rawson

I.P. Symons

1953

C.W. Anderson

F.G. Collins

S.D. Harris

1998

D.N. Barton

I.P. Symons

D.M. Lindsay

1954

C.W. Anderson

S.D. Harris

D.M. Watson

1999

J.L. Waddy

I.P. Symons

D.M. Lindsay

1955

C.W. Anderson

S.D. Harris

D.M. Watson

2000 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1956

C.W. Anderson

S.D. Harris

D.M. Watson

2001 J.L. Waddy

D.M. Lindsay

C.R. Whitford

1957

C.W. Anderson

D.M. Watson

C.M. Wood

2002 J.L. Waddy

C.R. Whitford

P.J. Norman

1958

C.W. Anderson

D.M. Watson

C.M. Wood

2003

C.R. Whitford

P.J. Norman

1959

C.W. Anderson

D.M. Watson

C.M. Wood

2004 B.J. Manser

P.J. Norman

I.R. Brooks

1960

W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2005 B.J. Manser

P.J. Norman

I.R. Brooks

1961

W.J. Parkinson

C.M. Wood

N.E. Bagshaw

2006 B.J. Manser

I.R. Brooks

P.R. McGrath

1962

W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2007 B.J. Manser

I.R. Brooks

P.R. McGrath

1963

W.J. Parkinson

N.E. Bagshaw

P.T. Morton

2008 B.J. Manser

P.R. McGrath

N.J. Johnson

1964

N.E. Bagshaw

N.E. Bagshaw

P.T. Morton

2009 G.D. Gitsham

P.R. McGrath

N.J. Johnson

1965

N.E. Bagshaw

P.T. Morton

J.A. Butler

2010

G.D. Gitsham

N.J. Johnson

A.J. Martin

1966

N.E. Bagshaw

P.T. Morton

J.A. Butler

2011

G.D. Gitsham

N.J. Johnson

A.J. Martin

1967

N.E. Bagshaw

J.A. Butler

J.A. Manning

2012

G.D. Gitsham

A.J. Martin

G.M. Fox

1968

N.E. Bagshaw

J.A. Butler

J.A. Manning

2013

G.D. Gitsham

A.J. Martin

G.M. Fox

1969

N.E. Bagshaw

J.A. Manning

J.R. Alderman

2014

G.D. Gitsham

G.M. Fox

P.B. Duregon

1970

N.E. Bagshaw

J.R. Alderman

J.D. Omond

2015

H. McMutrie

G.M. Fox

P.B. Duregon

1971

N.E. Bagshaw

J.R. Alderman

J.D. Omond

2016

H. McMutrie

P.B. Duregon

B. Roberts

J.L. Waddy

COMMITTEE MEMBERS 1927-2016 Name Adair, M.S.

Yrs 3

Name

Yrs

Name

Yrs

Name

Yrs

Grosvenor, P.J.

1

McCarthy, K.J.

6

Summers, M.C.E.

20

Alderman, J.R.

24

Guy, G.R.

3

McFarlane, A.

3

Symons, I.P.

10

Allen, W.S.

16

Guymer, Dr. A.H.

3

McFarlane, K.B.

3

Thomas, V.M.

6

Ashton, E.C.

11

Handford, J.E.O.

10

McGlasson, A.

6

Thompson, G.R.

4

Ashton, J.E.

16

Harris, S.D.

12

McGrath, P.R.

8

Trabilsie, F.J.

7

Bagshaw, N.E.

11

Hartford, B.B.

McKee, J.E.

5

Truscott, R.W.

1

Barton, D.N.

13

Hendry, J.M.

2

McKee, S.N.

12

Vivian, A.B.

5

Bennett, R.B.

9

Hewett, L.P.

2

McLeay, G.

2

Waddy, J.L.

6

6

Hicks, F.G.

5

McLuckie, R.

3

Walsh, T.I.

6

Hill, J.

5

McMutrie, H.

6

Warburton, C.

9

Bishop, W.P. Briscoe, P.C.A.

11

1

Brooke, A.C.

6

Hodgson, G.A.

13

Merrett, A.F.

6

Watson, D.M.

21

Brooks, I.R.

10

Hodgson, J.W.

1

Morton, P.T.

23

Watson, E.J.

1

Brooks, L.A.

1

Holt, W.B.

9

Nelson, R.A.

2

Weston, G.W.

3

Burgen, O.T.

3

Hull, S.C.

2

Newton, R.

4

Wheatley, J.A.

9

Butler, J.A.

Humphries, W.G.

5

Norman, P.J.

10

Whitford, A.K.

12

Campbell, K.S.

3

Jackman, A.J.

2

Nyland, K.

8

Whitford, C.R.

10

Chamberlain, R.R.

1

Jackman, J.W.

1

O’Brien, G.P.

6

Wood, C.M.

11

Chapple, G.B. Collins, F.G.

11

3 21

Jackman, S.

4

Omond, J.D.

21

Wood, L.M.

4

Jarrad, B.

6

Palmer, J.S.

4

Wood, W.C.

2

Connelly, P.F.

3

Johnson, A.C.M.

7

Percival, S.T.P.

1

Woolcott, E.S.

3

Crookall, K.C.

2

Johnson, N.J.

6

Phillips, D.W.

2

Wright, H.F.

6

14

Young, W.D.

2

Cudmore, D.C.

2

Johnson, W.G.

2

Phillips, M.B.

Dale, M.E.

9

Kenny, J.P.

1

Price, W.D.

1

Darling, A.E.

12

Kimber, A.W.

4

Pritchard, W.A.

2

Dignan, J.A.

1

Koukourou, S.

8

Ranaldo, J

3

Duregon, P.B.

6

Lacey, E.H.

2

Rawson, J.A.

11

Ellers, L.G.

3

Lewis, F.A.

24

Rawson, K.A.

16

English, R.J.

10

Lindsay, D.M.

8

Reade, T.C.

6

Ferris, B.T.

4

Maddern, Dr. C.B.

1

Roberts, B.M.

5

Flehr, B.E.

4

Maddern, J.P.

5

Rundle, G.C.

4

Follett, R.M.

7

Mahoney, W.J.

5

Sando, H.H.

3

Foster, G.C.

1

Mallen, L.

3

Sands, R.G.

3

Fox, G.M.

9

Manning, J.A.

7

Sauerbier, L.C.

3

Frances, I.K.

2

Manser, B.J.

Skinner, L.P.

5

3

Freeman, R.E.N.

12

Marshall, A.K.

1

Slade, H.T.

10

Martin, A.J.

8

Stanhope, B.H.

1

Gillespie, D.P.

3

Martin, S.G.

2

Stevens, G.B.

5

Gillman, J.F.

1

Maunder, P.J.

1

Stevens, R.F.

8

Gitsham, G.D.

6

Mausolf, N.

6

Still, J.A.

4

Goldsworthy, J.S.

2

McCarter, L.

5

Stone, J.C.F.

3

Giles, J.R.

11

2016 Annual Report

19

CLUB CHAMPIONSHIPS & CLUB TROPHY WINNERS For the year ending 31 December 2016

20

Event

Winner

Runner Up

Men’s Club Championship

Lachlan Barker

Colin Coleman

Women’s Club Championship

Elysia Yap

Charley Jacobs

RF Stevens Trophy

Lachlan Barker

Anthony Olsen

Men’s B Grade Championship

Ralph Faithfull

Ian Gardner

Men’s C Grade Championship

Tony Myatt

Mark Footner

Women’s B Grade Championship

Juliet Culley

Ros Osborn

Women’s C Grade Championship

Emily Hong

Heather Whitford

Men’s A Grade Plate

Brian Welsh

Adam Rice

Men’s B Grade Plate

Peter Grosvenor

Michael Maguire

Men’s C Grade Plate

Morrie Croucher

Jimmy Lambos

Boys’ Club Championship

Jackson Kalz

Jacob Rillotta

Girls’ Club Championship

Charley Jacobs

Yike Ma

Men’s Senior Championship

Andrew Nash

John Keogh

Jimmy McLachlan Memorial Trophy

Sam Earl

Jackson Kalz

Women’s Open Championship

Sarah Crocker

Jill Hodge

Men’s Foursomes Championship

Henry Duregon & Josh Hodgson

Women’s Foursomes Championship

Louise Pike & Cathy Symons

Men’s A Grade Foursomes

Andrew Hodge & Tony Martin

Men’s B Grade Foursomes

Grant Baum & Bob Schmidt

Men’s C Grade Foursomes

Harry Larsen & John Jeffery

Women’s B Grade Foursome

Margaret Davis & Sandy Dolman

Women’s C Grade Foursome

Gail Carey & Margaret Harris

Mixed Foursomes Championship

Marcus Kuys & Shakira-Ann Kuys

Rhonda Watson Brooch (Gross)

GLENELG: Charley Jacobs, Matilda Wheare & Elysia Yap

Rhonda Watson Brooch (Net)

FLAGSTAFF HILL: Katherine De Silva, Heather Shekle & Lynette Tobin

Brian Ferris Memorial Trophy

Matthew Lisk (The Grange)

Colin Coleman

Eric Scovell Junior Vardon Trophy

Liam Kennewell

Frank Vucic

Glenelg Women’s Vardon

Cassidy Evreniadis (The Grange)

Elysia Yap

Owen Whitford Trophy

Neil & Lorry Brown

Marcus Kuys & Shakira-Ann Kuys

Lance Begg Trophy

Greg Cox & Grant Bromley

Winter Pinehurst Foursomes Trophy

David Brand & Cathy Symons

Don Harris Memorial Trophy

Mark Hall & Joy Green

Tuohy Trophy

Graham Earl & Sam Earl

Glenelg Golf Club Incorporated

ABN 94 199 789 857

Men’s Event

Winner

Men’s Event

Winner

Governor’s Cup

Peter Manson (Marion Park)

Glenelg Trophy (Juniors)

Aaron Buchanan

Senior Cup

Wayne Burgan

Boys’ Handicap Matchplay

Darcy Burns

Anzac Memorial Trophy

David Lindsay

Rawson Memorial

Gary Thompson

Captain’s Trophy

Peter Carey

Don Watson Memorial

Michael Gage

President’s Trophy

Graham Baillie & Grant Cullen

Frank Collins Memorial

Richard Sheridan

Glenelg Trophy

Deane Harris

AH Smerdon Memorial

Michael Bishop

Sam Percival Trophy

Steven Shippey

Steve McKee Memorial

Harry Clarke

Milo Sprod Trophy

Chris James

Summer Cup

Mark Meeke

Reg Sands Starter’s Trophy Matt Sturgeon

Harold Wright Memorial

Greg Cox

Norm Omond Medals

A Grade: Dale Penny

Men’s Matchplay Trophy

Harry Burner

B Grade: Adam Rice

Brian Bashford Memorial

Neil Day

Women’s Event

Winner

C Grade: Modge Brown

Women’s Event

Winner

President’s Foursomes

Ros Henderson & Sue Smallacombe

Captain’s Trophy

Fiona Eblen

Shylie Rymill Foursomes

Nuala Oades & Marie Winter

Laurel Wreath

Christina Larsen

Consistency Cup

Jill Gehling

International Bowl

Silver: Cathy Symons

Par Aggregate Trophy

Fiona Eblen

Bronze: Joyce Thomas

Veterans’ Handicap

Jan Jeffery

Shane Robinson Trophy

Ruth Martin

Veterans’ Handicap Net

Helen McMutrie

Club Medal 1

Jill Hodge

Veterans’ Handicap Gross

Kay Nyland

Club Medal 2

Jill Hodge

Essex Stroke

Silver: Susan Raggatt

Caddy & Managers’ Trophy

Fiona Eblen

Past Committee Trophy

Anne Marks

Extreme Veterans’ Trophy

Morreen Barter

Grandmothers’ Trophy

Ruth Martin

Most Improved Handicap

Jill McDonald

Putting Trophy

Jill Hodge

Jacka Trophy

Wendy Greig

Wallace Stroke

Rebecca Hughes

Turkey Gobbler

Chris Croucher, Ros Osborn

Parfection Prize

Cathy Symons

Joanne Sims Trophy

A Grade: Anne Marks

Anne Smerdon Trophy

Matilda Wheare

B Grade: Marie Winter

Ella Cole Trophy

Yike Ma

C Grade: Julia Stone

Bronze: Nuala Oades

Holes In One Elysia Yap (Jan) - 3rd Hole

Joy Giles (Apr) - 11th Hole

Nick Smith (Aug) - 3rd Hole

Simon Mestrov (Jan) - 14th Hole

Trent Kotz (May) - 3rd Hole

Julia Stone (Nov) - 11th Hole

Cathy Symons (Jan) - 14th Hole

Lee Newton (Jun) - 3rd Hole

John Burkett (Nov) - 3rd Hole

Sally White (Feb) - 16th Hole

Doug Thom (Jul) - 11th Hole

Louise Pike (Nov) - 14th Hole

Will Papatolis (Feb) - 16th Hole

Don Buick (Jul) - 16th Hole

Stephen Lavis (Dec) - 14th Hole

Josh Hayes (Apr) - 14th Hole

Andy Humphries (Aug) - 3rd Hole

Grant Goodier (Dec) - 14th Hole

2016 Annual Report

21

PERFORMANCES OF NOTE For the year ending 31 December 2016

PENNANT CHAMPIONS SIMPSON CUP: Anthony Olsen (Captain), Lachlan Barker, James Bridgen, Henry Duregon, Sam Earl, Ben Hallam, Josh Hayes, Andy Humphries, Jackson Kalz, Ben Layton, Brodie Whitbread SHARP CUP: Aaron Buchanan, Harry Burner, Harry Edwards, Liam Kennewell, Marcus Kuys, Jacob Rillotta, Jack Tanner, Frank Vucic

STATE REPRESENTATION Boys’ State Team: Lachlan Barker (Captain), Jackons Kalz, Ben Layton Girls’ State Team: Charley Jacobs, Emma Sutton Men’s State Team: Lachlan Barker, Sam Earl, Ben Layton Women’s State Team: Sarah Crocker, Charley Jacobs, Elysia Yap

Lachlan Barker 2016 Malaysian Amateur Champion

Border Challenge Team: Brodie Whitbread, Jack Tanner, Frank Vucic Cudmore Cheney Challenge: Charley Jacobs, Shakira-Ann Kuys Secondary Schools Team: Charley Jacobs, Jackson Kalz, Frank Vucic

STATE HIGH PERFORMANCE SQUADS Tier 1: Lachlan Barker, Sam Burton, Jackson Kalz, Ben Layton Tier 2: Aaron Buchanan, Jack Buchanan, Harry Burner, Charley Jacobs, Marcus Kuys, Jacob Rillotta, Emma Sutton, Jack Tanner Tier 3/Talent ID: Darcy Burns, Holly Burns, Harry Edwards, Kane Hyams, Mitch Ward

Brodie Whitbread & Charley Jacobs 2016 Golf SA Country Junior Champions

INDIVIDUAL PERFORMANCES 2016 Malaysian Amateur Champion: Lachlan Barker Golf SA Junior Open (Mt Osmond & Flagstaff Hill): Frank Vucic The Vines Men’s Vardon: Lachlan Barker Flagstaff Hill Men’s Vardon: Sam Earl Blackwood Men’s Vardon: Sam Burton Sandy Creek Men’s Vardon: Sam Earl Srixon International Junior Classsic Boys Under 18: Ben Layton West Lakes Boys’ Vardon: Jack Buchanan Golf SA Junior Boys’ Sand Greens: Brodie Whitbread Golf SA Junior Girls’ Sand Greens: Charley Jacobs Secondary Schools Girls’ State Champion: Charley Jacobs Glenelg Boys’ Vardon: Liam Kennewell Kooyonga Men’s Vardon: Frank Vucic The Grange Boys’ Vardon: Lachlan Barker Royal Adelaide Men’s Vardon: Lachlan Barker Golf SA Country Boys’ Junior Champion: Brodie Whitbread Golf SA Country Girls’ Junior Champion: Charley Jacobs Rhonda Watson Brooch: Glenelg (Charley Jacobs, Matilda Wheare, Elysia Yap) Thaxted Park Men’s Vardon: Sam Burton Thaxted Park Boys’ Vardon: Liam Kennewell Mount Osmond Boys’ Vardon: Jackson Kalz Golf SA Mixed Foursomes Champions: Marcus & Shakira-Ann Kuys Golf SA Junior Boys’ Open (Tea Tree Gully & The Grange): Jackson Kalz Golf SA Junior Girls’ Open (Tea Tree Gully & The Grange): Charley Jacobs Golf SA Men’s Vardon Trophy: Lachlan Barker Golf SA Junior Vardon Trophy: Lachlan Barker

Liam Kennewell 2016 Eric Scovell Trophy - Glenelg Junior Vardon

Matilda Wheare, Elysia Yap, Charley Jacobs 2016 Rhonda Watson Brooch

22

Glenelg Golf Club Incorporated

ABN 94 199 789 857

2016

FINANCIAL REPORTS GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY ABN 94 199 789 857

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2016 Note 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 (Pro Shop) Professional Retainer (Golf Operations) Professional Service Fees/Commissions Depreciation Other Golf Operations Expenses Bar Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries & Associated Costs Replacements & Repairs Other Expenses Depreciation Catering Sales Less Cost of Goods Sold Gross Profit Less Expenditure Salaries & Associated Costs Laundry Replacements & Repairs Cleaning Materials Stationery & Advertising Other Expenses Depreciation Other Income Catering Levy forfeited Interest Recieved Phone Tower Miscellaneous

TOTAL NET INCOME

24

2016 Financial Reports The accompanying notes form part of these accounts

Consolidated 2016 2015 $ $

1,981,663 197,003 263,364 62,264 15,904 2,520,198

1,938,190 191,526 268,787 55,680 16,942 2,471,125

Golf Club 2016 $

1,981,663 197,003 263,364 62,264 15,904 2,520,198

2015 $

1,938,190 191,526 268,787 55,680 16,942 2,471,125

74,950 429,279 114,834 0 (1,829) (52,664) (45,900) (71,400) (68,470) (45,718) (81,000) 252,082

71,565 415,896 99,930 5,001 1,303 (51,420) (45,900) (71,400) (64,300) (37,503) (79,878) 243,294

74,950 429,279 114,834 0 (1,829) (52,664) (45,900) (71,400) (68,470) (45,718) (81,000) 252,082

71,565 415,896 99,930 5,001 1,303 (51,420) (45,900) (71,400) (64,300) (37,503) (79,878) 243,294

1,058,093 (371,909) 686,184

1,063,445 (376,826) 686,619

1,058,093 (371,909) 686,184

1,063,445 (376,826) 686,619

(441,345) (5,129) (33,086) (2,302) 204,322

(435,747) (5,817) (38,694) (4,677) 201,684

(441,345) (5,129) (33,086) (2,302) 204,322

(435,747) (5,817) (38,694) (4,677) 201,684

1,435,823 (550,145) 885,678

1,382,940 (527,547) 855,393

1,435,823 (550,145) 885,678

1,382,940 (527,547) 855,393

(713,160) (25,139) (14,133) (3,375) (3,674) (25,268) (23,403) 77,526

(655,265) (31,914) (11,632) (7,404) (7,596) (19,962) (22,679) 98,941

(713,160) (25,139) (14,133) (3,375) (3,674) (25,268) (23,403) 77,526

(655,265) (31,914) (11,632) (7,404) (7,596) (19,962) (22,679) 98,941

67,275 3,611 53,676 51,364 175,926

72,069 5,208 51,120 28,539 156,936

67,275 3,611 53,676 51,364 175,926

72,069 5,208 51,120 28,539 156,936

3,230,054

3,171,980

3,230,054

3,171,980

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2016 Note EXPENDITURE Administration & Support Services Salaries & Associated Costs Audit Fees Marketing & Communications Depreciation Finance Costs Bank Charges & Merchant Fees Insurance Postage, Printing & Stationery Telephone Council Rates Legal & Consulting Travel & Accommodation Computer Consumables & Maintenance Other Administration Expenses Golf Course Salaries & Associated Costs Maintenance Power Course Enhancement Works Irrigation Landscape Maintenance Machinery ASR Expenses Other Golf Course Expenses Depreciation Clubhouse Laundry & Linen Repairs & Maintenance Contract Cleaning Light, Power & Water Other Clubhouse Expenses Depreciation Other Expenses (Proft) / Loss on Sale of Fixed Assets Impairment of Financial Asset

4a

TOTAL EXPENDITURE

Consolidated 2016 2015 $ $

2016 $

2015 $

429,497 9,650 105,486 18,172 37,028 54,549 34,410 21,545 15,062 47,256 0 0 43,233 89,960 905,848

443,554 9,300 83,870 22,634 47,137 50,293 38,787 18,972 13,554 45,438 2,210 2,302 39,745 70,844 888,640

429,497 9,650 105,486 18,172 37,028 54,549 34,410 21,545 15,062 47,256 0 0 43,233 89,960 905,848

443,554 9,300 83,870 22,634 47,137 50,293 38,787 18,972 13,554 45,438 2,210 2,302 39,745 70,844 888,640

968,992 166,167 63,353 27,658 17,828 33,726 64,843 15,890 152,345 292,176 1,802,978

923,414 199,830 58,225 32,329 19,632 4,876 60,809 16,835 126,853 310,108 1,752,911

968,992 166,167 63,353 27,658 17,828 33,726 64,843 15,890 152,345 292,176 1,802,978

923,414 199,830 58,225 32,329 19,632 4,876 60,809 16,835 126,853 310,108 1,752,911

11,790 55,888 112,568 104,322 41,788 193,010 519,366

12,425 53,402 107,058 108,360 38,703 185,941 505,889

11,790 55,888 112,568 104,322 41,788 193,010 519,366

12,425 53,402 107,058 108,360 38,703 185,941 505,889

(11,467) 9,975 (1,492)

Golf Club

(19,500) 0 (19,500)

(11,467) 9,975 (1,492)

(19,500) 0 (19,500)

3,226,700

3,127,940

3,226,700

3,127,940

3,354

44,040

3,354

44,040

0

0

0

0

TOTAL COMPREHENSIVE INCOME FOR YEAR

3,354

44,040

3,354

44,040

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY

3,354

44,040

3,354

44,040

NET SURPLUS / (DEFICIT) Other Comprehensive Income

2016 Financial Reports The accompanying notes form part of these accounts

25

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 Note

Consolidated 2016 2015 $ $

2016 $

Golf Club 2015 $

2 3

147,617 202,075 77,950 125,793 553,435

286,222 166,853 92,278 125,136 670,489

147,617 202,075 77,950 125,793 553,435

286,222 166,853 92,278 125,136 670,489

4 5

0 6,748,217 6,748,217

11,750 6,898,660 6,910,410

639,433 6,089,516 6,728,949

621,183 6,269,959 6,891,142

7,301,652

7,580,899

7,282,384

7,561,631

6 7a 8a 10

315,549 220,733 551,620 546,336 1,634,238

540,439 197,691 729,042 518,888 1,986,060

315,486 220,733 551,620 546,336 1,634,175

540,376 197,691 729,042 518,888 1,985,997

7b 8b

217,754 1,057,552 1,275,306

182,781 1,023,304 1,206,085

217,754 1,057,552 1,275,306

182,781 1,023,304 1,206,085

TOTAL LIABILITIES

2,909,544

3,192,145

2,909,481

3,192,082

NET ASSETS

4,392,108

4,388,754

4,372,903

4,369,549

Retained Earnings Outside Equity Interests in Controlled Entity

4,363,861 28,247

4,360,507 28,247

4,372,903 0

4,369,549 0

TOTAL EQUITY

4,392,108

4,388,754

4,372,903

4,369,549

CURRENT ASSETS Cash & Cash Equivalents Trade & Other Receivables Other Current Assets Inventories

NON-CURRENT ASSETS Financial Assets Property, Plant & Equipment

TOTAL ASSETS CURRENT LIABILITIES Trade & Other Payables Short-Term Provisions Short-Term Borrowings Other Current Liabilities

NON-CURRENT LIABILITIES Long-Term Provisions Long-Term Borrowings

EQUITY

26

2016 Financial Reports 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 2016 Retained Earnings $

Outside Equity Interest $

Total $

Consolidated Entity Balance at 1 January 2016 Profit attributable to members of controlling entity

4,360,507 3,354

28,247 0

4,388,754 3,354

Balance at 31 December 2016

4,363,861

28,247

4,392,108

Balance at 1 January 2016 Profit attributable to members of controlling entity

4,369,549 3,354

0 0

4,369,549 3,354

Balance at 31 December 2016

4,372,903

0

4,372,903

Balance at 1 January 2015 Profit attributable to members of controlling entity

4,316,467 44,040

28,247 0

4,344,714 44,040

Balance at 31 December 2015

4,360,507

28,247

4,388,754

Balance at 1 January 2015 Profit attributable to members of controlling entity

4,325,509 44,040

0 0

4,325,509 44,040

Balance at 31 December 2015

4,369,549

0

4,369,549

Controlling Entity

YEAR END 2015 Consolidated Entity

Controlling Entity

2016 Financial Reports The accompanying notes form part of these accounts

27

GLENELG GOLF CLUB INCORPORATED AND CONTROLLED ENTITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2016 Note

Consolidated 2016 2015 $ $

Golf Club 2016 $

2015 $

CASH FLOWS FROM OPERATING ACTIVITIES 2,493,916 2,484,976 619,063 (5,320,138) (37,028) 175,926

Bar & Catering Sales Subscriptions & Entrance Fees Green Fees & Competition Fees Payments to Suppliers & Employees Interest Paid Donations, Fundraising & Other Sundry Receipts Net Cash Inflow from Operating Activities

2,446,385 2,484,404 592,392 (4,904,721) (47,137) 156,936

2,493,916 2,484,976 619,063 (5,320,138) (37,028) 175,926

2,446,385 2,484,404 592,392 (4,904,721) (47,137) 156,936

416,715

728,259

416,715

728,259

Payments for Property, Plant & Equipment Proceeds from Sale of Property, Plant & Equipment Glenelg Golf Links Ltd Share Purchase Return of Capital from ARL

(418,375) 34,454 (30,000) 1,775

(466,672) 19,500 0 2,250

(418,375) 34,454 (30,000) 1,775

(466,672) 19,500 0 2,250

Net Cash (Outflow) from Investing Activities

(412,146)

(444,922)

(412,146)

(444,922)

(35,621) 92,447 (200,000) 0

(51,156) 0 (300,000) 0

(35,621) 92,447 (200,000) 0

(51,156) 0 (300,000) 0

Net Cash Provided Inflow / (Outflow) from Financing Activities

(143,174)

(351,156)

(143,174)

(351,156)

Net Increase / (Decrease) in Cash Held

(138,605)

(67,819)

(138,605)

(67,819)

Cash at Beginning of Year

286,222

354,041

286,222

354,041

147,617

286,222

147,617

286,222

11

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Borrowings Additional Leases Established Repayment of Bank Loans Debentures Repaid

Cash at End of Year

28

2016 Financial Reports 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 2016

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 2016 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 2016 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.

2016 Financial Reports

29

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

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.

30

2016 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

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.

2016 Financial Reports

31

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

Note

Consolidated 2016 2015 $ $

2016 $

Golf Club 2015 $

113,177 11,261 23,179 147,617

113,177 11,261 23,179 147,617

250,442 12,825 22,955 286,222

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

250,442 12,825 22,955 286,222

The effective interest rate on short-term bank deposits was 6.62% (2015: 6.76%); 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

147,617

286,222

147,617

286,222

34,121 82,507 85,447 202,075

12,599 59,034 95,220 166,853

34,121 82,507 85,447 202,075

12,599 59,034 95,220 166,853

638,328 9,975 (9,975) 1,105 639,433

608,328 11,750 0 1,105 621,183

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 Provision for Impairment - Premium Income Fund Loan - Glenelg Golf Links Ltd

0 9,975 (9,975) 0 0

0 11,750 0 0 11,750

(a) The Club has an investment in the following:

32

The Club has 1,250 shares in Asset Resolution Limited which was listed on the National Stock Exchange (NSX) on 28 November 2016. The trading value at 31 December 2016 was $2.05 per share.

A final Capital Return payment of $1,775 ($2,250 in 2015) was received during the 2016 year upon the winding up of the Wellington Premium Income Fund. The Club no longer holds units in this fund (2015: 250,000 units).

Due to the winding up of the Wellington Premium Income Fund and the immaterial value of the Asset Resolution Limited investment, it has been determined that a full impairment of these assets will be recorded in 2016 ($9,975).

2016 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

Note

Consolidated 2016 2015 $ $

Golf Club 2016 $

2015 $

NOTE 5 - PROPERTY, PLANT & EQUIPMENT Freehold Land*

658,704

628,704

0

0

Clubhouse Less Accumulated Depreciation

6,037,667 (1,853,069) 4,184,598

6,037,667 (1,709,450) 4,328,217

6,037,667 (1,853,069) 4,184,598

6,037,667 (1,709,450) 4,328,217

Clubhouse Plant & Equipment Less Accumulated Depreciation

560,703 (405,748) 154,955

464,109 (356,384) 107,725

560,703 (405,748) 154,955

464,109 (356,384) 107,725

Course Buildings Less Accumulated Depreciation

394,929 (277,512) 117,417

393,260 (253,548) 139,712

394,929 (277,512) 117,417

393,260 (253,548) 139,712

Administration Plant & Equipment Less Accumulated Depreciation

340,161 (313,682) 26,479

315,622 (295,513) 20,109

340,161 (313,682) 26,479

315,622 (295,513) 20,109

Bar Plant & Equipment Less Accumulated Depreciation

162,084 (143,736) 18,348

153,902 (140,376) 13,526

162,084 (143,736) 18,348

153,902 (140,376) 13,526

Catering Plant & Equipment Less Accumulated Depreciation

364,791 (289,645) 75,146

347,168 (266,244) 80,924

364,791 (289,645) 75,146

347,168 (266,244) 80,924

Golf Carts Less Accumulated Depreciation

151,319 (56,767) 94,552

140,730 (66,873) 73,857

151,319 (56,767) 94,552

140,730 (66,873) 73,857

Course Plant & Equipment Less Accumulated Depreciation

4,248,752 (3,320,494) 928,258

4,277,035 (3,153,374) 1,123,661

4,235,539 (3,307,278) 928,261

4,263,822 (3,140,158) 1,123,664

Entrance Road & Car Parks Less Accumulated Depreciation

564,632 (253,806) 310,826

547,058 (232,247) 314,811

564,632 (253,806) 310,826

547,058 (232,247) 314,811

Capital Improvements Less Accumulated Depreciation

1,163 (977) 186

1,163 (950) 213

1,163 (977) 186

1,163 (950) 213

Range Assets Less Accumulated Depreciation

236,166 (57,148) 178,748

108,199 (40,998) 67,201

236,166 (57,418) 178,748

108,199 (40,998) 67,201

TOTAL PROPERTY, PLANT & EQUIPMENT

6,748,217

6,898,660

6,089,516

6,269,959

2016 Financial Reports

33

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

NOTE 5 - PROPERTY, PLANT & EQUIPMENT b)

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

Carrying amount at 1 January 2016

Depreciation

Write Back of Accumulated Depreciation

Carrying amount at 31 December 2016

Additions

Disposals

4,328,217

0

0

(143,619)

0

4,184,598

Clubhouse Plant & Equipment

107,725

96,594

Course Buildings

139,712

1,669

0

(49,364)

0

154,955

0

(23,964)

0

117,417

Administration Plant & Equipment

20,109

Bar Plant & Equipment

13,526

24,539

0

(18,169)

0

26,479

8,182

0

(3,360)

0

18,348

Golf Club Clubhouse

Catering Plant & Equipment

80,924

17,623

0

(23,401)

0

75,146

Golf Carts

73,857

67,680

(57,091)

(29,296)

39,402

94,552

Course Plant & Equipment

1,123,664

56,547

(84,830)

(246,652)

79,532

928,261

Entrance Road & Car Parks

314,811

17,574

0

(21,559)

0

310,826

67,201

127,967

0

(16,420)

0

178,748

213

0

0

(27)

0

186

418,375 (141,921)

(575,831)

118,934

6,089,516

Range Assets Capital Improvements

6,269,959 Consolidated Entity Freehold Land*

628,704

30,000

0

0

0

658,704

4,328,217

0

0

(143,619)

0

4,184,598

Clubhouse Plant & Equipment

107,725

96,594

0

(49,364)

0

154,955

Course Buildings

139,712

1,669

0

(23,964)

0

117,417

Administration Plant & Equipment

20,109

24,539

0

(18,169)

0

26,479

Bar Plant & Equipment

13,526

8,182

0

(3,360)

0

18,348

Clubhouse

Catering Plant & Equipment

80,924

17,623

0

(23,401)

0

75,146

Golf Carts

73,857

67,680

(57,091)

(29,296)

39,402

94,552

Course Plant & Equipment

1,123,661

56,547

(84,830)

(246,652)

79,532

928,258

Entrance Road & Car Parks

314,811

17,574

0

(21,559)

0

310,826

67,201

127,967

0

(16,420)

0

178,748

213

0

0

(27)

0

186

448,375 (141,921)

(575,831)

118,934

6,748,217

Range Assets Capital Improvements

6,898,660

* The Freehold Land as at 31 December 2016 is recorded at a carry forward value from prior years. The increase in value in this reporting period is as a result of the purchase of equity in Glenelg Golf Links Limited which owns the land on which the golf course is situated. c)

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

34

2016 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

Note

Consolidated 2016 2015 $ $

2016 $

Golf Club 2015 $

204,672 110,877 315,549

158,627 381,812 540,439

204,672 110,814 315,486

158,627 381,749 540,376

197,691 112,437 (89,395) 220,733

181,594 104,770 (88,673) 197,691

197,691 112,437 (89,395) 220,733

181,594 104,770 (88,673) 197,691

182,781 39,985 (5,012) 217,754

169,941 32,568 (19,728) 182,781

182,781 39,985 (5,012) 217,754

169,941 32,568 (19,728) 182,781

500,000 51,620 551,620

700,000 29,042 729,042

500,000 51,620 551,620

700,000 29,042 729,042

1,000,000 56,552 1,000 1,057,552

1,000,000 22,304 1,000 1,023,304

1,000,000 56,552 1,000 1,057,552

1,000,000 22,304 1,000 1,023,304

NOTE 6 - TRADE & OTHER PAYABLES Trade Creditors Other Creditors

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 Purchases b) Long-Term Borrowings Bank Loan Hire Purchases Debentures

The Club has a loan facility of $2,200,000 which is secured by registered mortgages over land owned by Glenelg Golf Links Limited. At 31 December 2016, $1,500,000 of the Club’s facility was utilised ($1,700,000 in 2015). $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.

2016 Financial Reports

35

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

Note

Consolidated 2016 2015 $ $

2016 $

Golf Club

51,620 56,552 0 108,172

51,620 56,552 0 108,172

2015 $

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 Less Future Finance Charges Present Value of Minimum Lease Payments Operating Lease Commitment - Toro Equipment Payable - minimum lease payments not later than 12 months between 12 months & 5 years Minimum Lease Payments

29,042 22,304 0 51,346

(8,479) 99,693

(4,354) 46,992

(8,479) 99,693

29,042 22,304 0 51,346 (4,354) 46,992

123,589 296,140 419,729

102,179 252,547 354,726

123,589 296,140 419,729

102,179 252,547 354,726

53,400 12,392 197,209 37,696 32,044 30,161 0 136,715 23,540 23,179 546,336

43,850 10,716 189,646 41,921 23,785 29,989 0 115,972 40,054 22,955 518,888

53,400 12,392 197,209 37,696 32,044 30,161 0 136,715 23,540 23,179 546,336

43,850 10,716 189,646 41,921 23,785 29,989 0 115,972 40,054 22,955 518,888

44,040

3,354

44,040

NOTE 10 - OTHER CURRENT LIABILITIES Catering Deposits Green Fee Deposits Catering Levy unabsorbed Wallet Account Trophy Account PAYG Tax Sundry GST Payable Glenelg Golf Club Foundation Heritage Fund

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 & Liabilities (Increase) / Decrease in Debtors Movements in Loans to Glenelg Golf Links Ltd Increase / (Decrease) in Trade Creditors & Accrued Expenses

(Increase) / Decrease in Prepayments (Increase) / Decrease in Stock Net Cash Inflow from Operating Activities

36

2016 Financial Reports

3,354

575,831 9,975 58,015 (11,467)

583,545 0 28,937 (19.500)

575,831 9,975 58,015 (11,467)

583,545 0 28,937 (19.500)

(35,222) 0 (197,442) 14,328 (657)

13,279 0 75,676 (10,872) 13,154

(35,222) 0 (197,442) 14,328 (657)

13,279 0 75,676 (10,872) 13,154

416,715

728,259

416,715

728,259

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

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

Financial Assets Cash at Bank Cash on Deposit

Financial Liabilities Borrowings

b)

Fixed Interest Rate Maturing Within 1 Year 1 to 5 Years

Floating Interest Rate

2016 %

2015 %

2016 $

2015 $

2016 $

6.62

6.76

113,177 0 113,177

250,442 0 250,442

1.67

2.12

0 0

2015 $

0 0 0

2016 $

2015 $

0 0 0

0 0 0

0 0 0

0 551,620 0 551,620

729,042 1,057,552 1,023,304 729,042 1,057,552 1,023,304

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 2016, 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 2016 2015 $ $

2016 $

Golf Club

Change in Profit Increase in the interest rate by 2% Decrease in the interest rate by 2%

(32,183) 32,183

(35,027) 35,027

(32,183) 32,183

(35,027) 35,027

Change in Equity Increase in the interest rate by 2% Decrease in the interest rate by 2%

(32,183) 32,183

(35,027) 35,027

(32,183) 32,183

(35,027) 35,027

9,600 9,600

9,300 9,300

9,600 9,600

9,300 9,300

2015 $

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

2016 Financial Reports

37

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

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 (2015 - $0).

b)

The names of the persons who were officers of Glenelg Golf Club Incorporated at any time during the year ended 31 December 2016 are as follows: Paul B. Duregon (Captain) Bevan M. Roberts (Vice-Captain) Michael S. Adair Kay Nyland John Ranaldo Greg C. Rundle Paul J. Grosvenor Phillip J. Maunder Gavan M. Fox Brett D. Jarrad

Elected March 2016 Elected March 2016

Elected March 2016 Elected March 2016 Term completed March 2016 Resigned January 2016

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 2015/16 was upheld and therefore no expense or accrual has been recognised in relation to 2016/17 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.

38

2016 Financial Reports

GLENELG GOLF CLUB INCORPORATED NOTES TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2016

NOTE 18 - CAPITAL EXPENDITURE COMMITMENTS Capital expenditure commitments contracted for: $ Plant & Equipment Purchases Capital Expenditure Projects

0 78,000 78,000

Payable: not later than 12 months between 12 months & five years greater than five years

78,000 0 0 78,000

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.

NOTE 19 - CONTROLLED ENTITIES 2016 Country of Incorporation Parent Entity Glenelg Golf Club Incorporated

Australia

Subsidiary Glenelg Golf Links Limited

Australia

2015

Percentage Owned (%) *

63

62

* percentage of voting power in proportion to ownership

2016 Financial Reports

39

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 2016 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 2016, 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 2016: 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 28th day of February, 2017

PAUL DUREGON Captain

40

2016 Financial Reports

BEVAN ROBERTS Vice-Captain

Bentleys SA Audit Partnership Level 2 139 Frome Street Adelaide SA 5000 GPO Box 939 Adelaide SA 5001 ABN 43 877 091 903 T +61 8 8372 7900 F +61 8 8372 7999 admin@adel.bentleys.com.au bentleys.com.au

Independent Audit Report to the members of Glenelg Golf Club Inc. Opinion We have audited the financial report of Glenelg Golf Club Inc. and the consolidated entity, which comprises the statement of financial position as at 31 December 2016, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, accompanying notes to the financial statements and the statement by the members of the committee. The consolidated entity comprises both the Club and the company it controlled during the year.

In our opinion, the financial report of Glenelg Golf Club Inc. presents fairly in accordance with Australian Accounting Standards, the Association Incorporations Act of South Australia and other mandatory professional reporting requirements in Australia, the financial position of the Glenelg Golf Club Inc. and the consolidated entity as at 31 December 2016 and the results of their operations and cash flows for the financial year then ended.

Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.

We are independent of the Club in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

A member of Bentleys, an association of independent accounting firms in Australia. The member firms of the Bentleys association are affiliated only and not in partnership. Liability limited by a scheme approved under Professional Standards Legislation. A member of Kreston International. A global network of independent accounting firms.

Committee's responsibility for the financial report The Committee of the Club is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Association Incorporations Act 1985 (SA). This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

In preparing the financial report, management is responsible for assessing the Club’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Club or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Club’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/Home.aspx. This description forms part of our auditor’s report.

Bentleys SA Audit Partnership

DAVID FRANCIS PARTNER

Dated this 28th day of February 2017

Like us on Facebook www.facebook.com/glenelggolf

Follow us on Twitter @glenelggolf

20-118 James Melrose Road NOVAR GARDENS SA 5040 PO Box 220 GLENELG SA 5045 Phone: (08) 8350 3200 Fax: (08) 8294 8894 www.glenelggolf.com reception@glenelggolf.com

YouTube Channel www.youtube.com/user/glenelggolf